Full text of Commercial and Financial Chronicle : January 31, 1920, Vol. 110, No. 2849

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finattrml

The

ommattH
I N C L U D I N G
B ank &

Q u o ta tio n

S e c tio n

R a ilw a y &

R a ilw a y

E a r n in g s

S e c tio n

B a n k e rs’ C o n v e n tio n

V O L .

S A T U R D A Y ,

110.

J A N U A R Y

31,

T e r m s o f S u b s c r ip tio n — P a y a b le in A d v a n c e

For Ono Year.....................................................................................................$!<>00 C h i c a g o .....................
For Six Months.................................................................................................. 000 C i n c i n n a t i ________

European Subscription (including postage)......................................... lo oo C l e v e l a n d -------------

European Subscription six months (including postage)............................... 7 7 5 D e t r o i t ........................
Canadian Subscription (including postage).................................................. $ H 60 M i l w a u k e e ----------NOTICE.—On account o f tho fluctuations In the rates o f exchange, I n d i a n a p o l i s ______
remittances for European subscriptions and advertisements must be made C o l u m b u s _________
T o l e d o ____________
In Now York funds.
P e o r i a ..................... ..
Subscription Includes following Supplements—
G ran d R a p id s ...
B ank and Quotation (monthly) I railw ay and I ndustrial (semi-annually)
D a y t o n ____________
RAILWAY E arninos (monthly)
E lectric R ailway (semt-annually)
E v a n s v i l l e ________
State and city (semi-annually) |B ankers’ Convention (yearly)
S p r in g fie ld , I I I . . .

P u b lish ed e v ery S a tu r d a y m orn ing b y W I L L I A M B . D A N A C O M P A N Y .
J aco b S eibert J r ., P resid en t and T re asu rer; A rn o ld O . D a n a , V ic e -P re sid e n t an d
S e c re ta ry .
A d d rossos o f b o th , O ffico o f th e C o m p a n y .

CLEARING HOUSE RETURNS.

T h e follo w in g tn b le, m a d e u p b y teleg ra p h , A c . , in d ica tes th a t th e (o ta l b a n k
clea rin gs o f all the clea rin g houses o f the U n itod S ta tes fo r the w eek ending t o d a y
hnvo boon <8.183,086,430, ag a in st 88,747,807,976 la st w eek a n d 80,600,330,417
the corresp on d in g w o^k Inst y ea r.

—

1919.

1920.

31.

Per
C en t.

Now York.............................................. <3,814,396,488
491,349 012
379,490.009
283,104.776
203,677,832
138,179,308
125,256 608
124,881,894
*80,744,442
67,590,018
70,313,138

<3,053,325,586
422,187.064
311,809,492
251,268,409
154,205,115
120,895,958
10j 107,495
92,517,889
,341,784
03,877,871
62,340,226

+ 24.9
+ 16.4
+ 21.7
+ 12.7
+32.0
+ 8.1
+ 22.6
+35.0
+ 44.0
+5.8
+22.4

<5,793,989,075
1,037,024,892

<4,702,996,889
865,008,412

+ 23.2
+ 20.0

Eleven cities, five days....................
Ail oltles, one day........ .........................
Total all cities for week....................
* P a r t ly e s t im a te d .
T h o fu ll d e t a ils fo r th o
W o c a n n o t fu r n is h th o rn
a t noon on S a tu rd a y , an d
a ll c a s e s e s t im a t e d , a s w e
D e ta ile d fig u r e s fo r th o

<6,831,613,967
1,351,471,463

<5,568,005.301
1,122,325,116

+22.7
+ 20.4

<8,183,085,430 1 <0,690,330,417 1 +22.3

w e e k c o v e r e d b y th e a b o v e w ill b e g iv e n n e x t S a t u r d a y .
t o d a y , c le a r in g s b e in g m a d e u p b y t h e c le a r in g h o u se s
h e n c e In t h e a b o v e t h e l a s t d a y o f t h e w e e k h a s t o b e in
g o to p re s s F r i d a y n ig h t.
w c o k e n d i n g J a n . 2 4 f o l l o w : ___________________________________
W eek e n d in g Ja n u a r y 24 .

Clearings

«t—
1020.

N o w Y o r k ..........
P h i l a d e l p h i a ........
P i t t s b u r g h ..........
B a l t i m o r e ______
B u f f a l o ...............
W a s h i n g t o n ........
A l b a n y ........... .
R o c h c s t e i ...........
S c r a n t o n .............
S y r a c u s e .............

Heading.............

W i l m i n g t o n ........
W l l k o s - I l a r r s ___
W h e e l i n g ...........
T r o n t o n .............
L a n c a s t e r ...........
Y o r k ..................
E r i e ....................
C h o s t c r ...............
B i n g h a m t o n ____
G r o e n s b u r g ........
A l t o o n a __ ____
M o n t c l a i r ...........
T o ta l M id d le ..

$
S
4.747.830,237 3,703,379,054
484,390,178 392,910,470
137,904,703
107,340,880
81,321,718
87,018,859
22,027,175
43,070,840
16,249,628
13,848,677
4,643,070
5,617,345
7.221,736
10,613,022
4,258,972
5.123,619
4,080,531
3,700,000
1,879,048
2,894,305
3,753,874
3,140,029
2.271,024
3,000,897
4,339,600
5,400, 00
2,356,383
3,200,007
1,727,788
2,797,252
1,452,213 . 1,125,882
1,765,434
2,258,188
1,727,790
1,572,200
1,123,200
844,500
1,000,000
805,558
1,(160.0110
708,104
493,437
400.400
6,001,962,983 4,454,002,381

B o s t o n ...............
P r o v l d o n c e _____
H a r t f o r d .............
N o w H a v o n ........
S p r l n g f l o l d ..........
P o r t l a n d ........... .....
W o r c e s t e r ................
F a ll U l v o r ..........
N o w Bodford----H o l y o k e .............
L o w e l l .................
B a n g o r ...............

400,885,452
14,844,400
0,288,700
0,890,539
5,009,761

New p in g .

T ota l

1010.

I n c . or
D ec.

%

+ 0 .3
+ 24.7

209,510,201
9,801,500
7,878,374
4,718,500
3,626,622
2.500,000
3,011,812
1,482,672
1.097,149
903.473
1,087,958
404,938

+ 2 6 .6

248,990,884

247,289,204

1,002,454
703,849

458,181,062

362,281,307

1,00 1,000




1917.

S

215,805,574
9,178,600
6,604,608
5,700,000
3,110,007
2,150,000
2,877,592
1,010,068
1,536,649
764,001
1,005,576
648,209

+ 2 5 .6
+ 34.7
+ 3 8 .2
+ 43.7
+ 40.6

2,100,000

1918.

<
+ 20.2 3,095,523,826 3,139,635,725
+ 23.3 310,575,622 281,593,932
+ 21.4
81,257,373
77,018,208
36,841,933
42,137,170
+ 7.0
17,060,196
16,410,147
+ 03.0
+ 17.3
11,357,483
8,999,927
5,171,969
+ 21.0
4,130,590
6,181,141
+ 45.6
5,203,704
3,225,217
+ 20.3
3,353,650
3,014,178
+ 10.3
3,345.550
2,531,405
1,974,774
+ 54.0
3,070,603
+ 19.3
2,480.449
1,980,509
2,004,310
+ 32.1
3,609,426
+ 24.5
3,430,287
2,093,240
+ 35.8
2,095,617
2,150,871
+ 61.9
2,204,316
1,027,184
1.075.507
+ 29.0
1,517,574
1,618,645
+ 28.7
1,549,649
+ 0.9
1,182,001
8:io,soo
• 820,600
+ 33.0
352,039
600,000
+ 15.5
600,000
669,713
+ 31.6
577,927
522.678
— 6.7
+ 25.7 3,585,058,701 3,609,585,930

323,082,002
11.023,500
0,720,008
4,790,004
3,859,836
2,215,063
3,067,897
1,724,000
1,835,584
844,792
099,835
012,748

4,004,170
2,501,730
2,180,002

,

+ 8.4

+ 25.5
+ 48.5
+ 18.8

+ 18.1

C ity

S e c tio n

N O . 2849

1920

W e ek e n d in g Ja n u a r y 2 4 .

19 2 0 .

T e r m s o f A d v e r tis in g — P e r In c h S p a c e

and

C le a r in g s a t—

PU BLISH ED W E E K L Y .

Transient mattei per inch space (14 agate lines).................................... $4 20
Discount on contract matter—
12 consecutivo insertions 10% discount; 26 consecutive insertions
16% discount; 52 consecntivo insertions 20% discount.
Buslnoss Cards, twelve months (62 times) per iucli.............................. 176 00
Chicago Office—39 South La Sallo Street, Telephone Majestic7396.
L ondon Office—Edwards <fc Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t, P in o nnd D c p o y ste r S ts., N ow Y o r k .

S ta te

S e c tio n

e

fox
(g

C le a r in g s
R e t u r n s b y T e le g r a p h .
W e e k e n d in g J a n u a ry

E l e c t r i c R a i l w a y S e c tio *

In d u s tr ia l S e c tio n

Y o u n g s t o w n _____
F o r t W a y n e ______
L e x i n g t o n ..................
A k r o n ______________
R o c k f o r d ------------S o u t h B e n d ______
C a n t o n ........................
Q u i n c y _________ _
S p r i n g f i e l d , O ___
B l o o m i n g t o n _____
M a n s f i e l d _________
D e c a t u r .....................
Ja c k s o n v ille , 1 1 1 . .
D a n v i l l e --------------L i m a . . . __ ________
L a n s i n g ___________
O w e n s b o r o ________
A n n A r b o r ...............
A d r i a n . . . ___ . . .

19 19 .

In c . or
D ec.

19 17 .

S
6 2 4 ,7 6 5 , 6 8 8
7 1 ,3 5 5 ,6 2 9
12 7 ,2 4 4 .10 7
12 1,0 0 0 ,0 0 0
2 8 ,6 0 8 0 1 1
17 ,3 6 1,0 0 0
13 .10 1,5 0 0
1 5 ,8 8 0 ,1 4 6
5 ,3 6 3 , 9 9 8
6 ,3 8 7 8 7 0
5 ,0 9 6 ,8 3 9
4 , 6 0 4 ,8 5 9
2 ,5 14 ,9 9 3
5 ,4 2 9 ,117
1,< 7 2 , 4 1 9
2 , 0 0 0 ,0 0 0
1 1 ,9 5 9 ,0 0 0
1,8 5 0 ,0 0 0
1,4 0 0 ,0 9 0
4 ,4 0 0 ,0 0 0
1,8 6 8 ,2 2 2
1,9 3 5 ,0 8 0
1,5 7 1,3 4 8
1 ,2 5 0 ,0 0 0
1,4 7 5 ,8 5 3
6 0 7 ,10 6
6 7 5 ,0 0 0
1,0 9 8 ,9 6 6
1 ,7 1 6 ,6 9 5
1,5 0 0 ,0 0 0
4 5 0 ,0 0
2 2 5 ,0 0 0

S
5 18 ,9 9 6 ,5 2 8
6 1 ,5 0 2 ,9 1 9
9 2 ,18 1,4 3 9
7 5 ,0 0 0 . 0 0 0
2 9 ,0 0 8 ,9 8 2
14 ,13 3 .0 0 0
10 ,5 0 2 .9 0 0
11 ,2 3 0 .4 5 3
5 ,10 6 ,0 3 2
5 .12 9 .9 8 0
4 ,2 4 1,0 11
3 ,7 4 4 .2 5 1
1,8 5 2 ,3 2 5
3 ,7 2 7 ,8 8 9
1,9 19 ,9 8 0
1,9 4 5 ,0 0 0
0 ,1 11,0 0 0
1,6 4 1,5 5 0
1,12 4 ,0 17
2 ,8 2 1,2 8 5
1,3 0 6 ,6 3 7
1,3 3 4 ,6 9 9
1,4 9 0 ,18 7
1,1 5 0 ,0 0 0
1,10 6 ,9 4 3
5 8 4 ,4 7 2
5 3 9 ,3 0 5
9 2 2 .13 2
9 8 8 ,6 0 0
1,7 3 7 ,0 7 3
2 8 1,0 15
12 3 ,2 14

%
+ 20.4
+ 16.0
+ 27.2
+61.3
—04
+ 22.8
+ 24.8
+ 41 4
+38
+ 24.3
+ 20.1
+ 23.0
+ 35.7
+ 40.8
— 12.9
+2.8
+ 95.7
+ 12.7
+ 24.6
+ 56.0
+43.0
+ 45.0
+5.4
+ 8.7
+ 33.3
— 13.2
+25.2
+ 19.1
+ 73.6
— 13.7
+(.0.1
+82.8

4 3 6 ,8 5 8 ,3 7 2
4 4 ,6 8 2 ,8 8 4
7 0 ,6 3 7 ,6 3 0
4 9 ,3 14 .3 2 1
2 3 ,9 0 6 .3 2 3
11 ,12 3 ,0 0 0
9 ,1 6 3 ,5 0 0
9 ,2 2 5 ,8 9 6
4 ,5 1 0 ,8 9 2
4 ,4 1 9 ,2 3 5
2 ,9 5 3 ,4 8 1
2 ,9 8 8 ,0 8 5
1,5 4 8 ,2 7 4
3 ,1 3 9 ,3 6 3
1,0 5 1 ,4 1 2
1 ,0 8 2 ,6 7 1
6 , 4 3 6 ,0 0 0
1,6 0 1.5 9 5
9 4 9 ,3 0 7
2 ,9 7 7 ,3 2 9
1,110 ,4 3 2
1,17 3 ,5 9 3
9 3 7 ,3 6 0
1,0 4 0 ,6 2 9
7 9 2 ,3 4 2
4 5 7 ,7 5 4
4 6 0 ,16 9
7 15 ,0 0 0
7 8 0 ,7 4 1
5 5 0 ,9 9 7
2 5 8 ,5 5 3
7 2 .7 9 3

4 5 0 ,2 2 1,9 9 6
3 9 ,8 9 2 ,4 7 7
5 7 ,8 6 8 ,9 19
4 9 ,7 9 3 .1 0 0
2 0 .7 2 9 ,4 0 4
1 2 ,5 9 9 .3 5 8
9 ,8 0 6 ,3 0 0
11 ,6 2 7 .8 6 5
4 ,0 0 0 ,0 0 0
4 ,13 6 ,2 6 6
3 ,7 3 7 ,2 8 1
2 ,4 3 7 ,8 2 8
1,7 8 8 ,2 7 8
3 ,2 3 6 ,6 9 5
1,7 5 1,8 1 4
1,13 0 .5 2 8
6 ,0 7 2 ,0 0 0
1 ,2 3 3 ,4 0 2
8 3 0 .0 0 0
3 ,2 6 9 ,11 8
8 8 8 ,5 2 3
1 ,1 0 0 ,4 7 4
9 6 8 ,4 0 7
8 6 5 ,7 4 6
6 8 6 ,2 7 5
3 5 5 ,1 4 9
4 8 4 .6 6 4
6 5 0 .0 0 0
1.0 6 9 ,16 2
1,0 4 7 ,9 2 4
2 6 1,0 1 5
6 4 ,12 6

T o t . M id W e st. 1 ,0 8 6 ,13 3 ,6 3 6

8 6 3 ,6 4 4 .8 3 9

+ 2 5 .8

6 9 5 ,8 2 9 ,9 3 3

6 9 3 ,6 9 4 ,1 8 4

S a n F r a n c i s c o ___
L o s A n g e l e s ............
S e a t t l e ----------------P o r t l a n d ___________
S a lt L a k e C i t y . . .
S p o k a n e ___________
T a c o m a ___________
O a k l a n d ___________
S a c r a m e n t o ............
S a n D i e g o ...............
S t o c k t o n .....................
F r e s n o ____________
P a s a d e n a ------------S a n J o s e __________
Y a k i m a ___________
R e n o ............... ..........
L o n g B e a c h ______

16 3 ,7 3 5 ,9 6 3
6 3 ,1 6 4 ,0 0 0
4 0 ,5 8 3 ,0 5 7
3 1,0 7 8 ,4 3 1
18 ,2 3 1,7 0 7
13 ,2 4 1,8 5 8
5 ,0 0 1 ,2 1 2
1 0 ,14 9 ,2 5 0
6 ,8 8 4 ,4 9 3
2 ,8 0 3 ,4 4 3
0 ,4 3 9 ,9 0 0
5 ,1 5 3 ,6 4 0
2 ,18 4 ,5 13
2 ,0 3 0 ,0 7 7
1,5 9 4 ,0 5 5
8 5 0 ,12 8
2 ,8 6 1,8 4 5

13 2 ,7 3 2 ,2 0 5
3 3 .8 19 ,0 0 0
3 6 ,0 5 3 ,6 0 8
2 6 ,8 5 7 ,7 2 2
1 5 ,2 0 0 ,0 0 0
7 ,5 0 1 ,7 0 0
4 ,2 4 4 ,9 4 2
7 ,6 2 6 ,8 9 2
4 ,4 5 4 ,2 3 1
2 ,0 3 5 ,9 0 3
1,9 0 2 ,9 6 0
2 ,7 3 5 ,2 6 3
1,14 3 ,5 5 9
8 5 4 ,9 3 6
8 5 0 ,5 0 8
5 0 0 ,3 4 6
1,112 ,6 2 3

+ 2 3 .4

8 7 2 6 4 ,0 0 1
2 8 ,19 4 .0 0 0
2 7 ,3 7 8 ,1 0 2
10 ,7 3 8 ,7 15
1 1 ,7 5 3 ,3 1 5
6 ,0 8 1 ,4 0 9
3 ,6 2 8 ,4 6 2
5 ,0 0 0 ,8 8 1
3 ,3 9 3 ,3 9 9
2 ,10 6 ,5 0 6
1,8 9 1,0 3 8
2 ,10 7 ,18 4
8 3 6 ,2 2 1
8 0 9 ,12 6
5 4 2 ,0S9
5 2 5 ,0 0 0
7 8 2 ,7 3 6

7 9 ,3 0 8 ,9 8 4
3 0 ,7 3 4 ,0 0 0
1 7 ,5 8 5 ,2 4 6
13 ,3 8 3 ,8 4 2
12 ,1 13 ,13 2
5 ,0 0 4 ,6 6 7
2 ,2 5 2 ,5 5 9
4 ,5 1 6 ,5 4 6
3 ,1 9 7 ,5 1 2
2 ,4 8 3 .8 0 4
1,4 8 1,6 8 3
1,3 9 5 ,7 0 6
1,2 4 1 ,4 1 1
7 3 3 ,0 6 2
4 6 6 ,4 7 6
5 0 0 ,0 0 0
6 14 ,9 9 9

T o ta l P a c ific ..

3 7 9 ,9 8 7 ,5 7 2

2 7 9 , 7 4 6 ,4 0 4

+ 35.8

1 9 7 .9 3 2 ,1 8 4

1 7 6 ,0 1 7 ,2 4 0

+ 29.0
+ 11.6
+ 11.6
+ 12.3
+ 27.5
—3.3
+ 34.3
+ 77.8
—48.1
+ 11.1
+ 23.6
+ 13.6
+ 23.9
+ 5.2
+1.4
+ 67.3
+ 53.8
+ 3.0
+ 7.0
+ 17.2
+ 35.0
+27.6
+ 20.3

19 7 ,7 8 7 .6 8 5
2 9 ,7 6 7 ,3 6 2
4 8 ,4 3 1 ,9 8 3
14 .0 8 3 ,9 9 8
19 ,8 6 9 ,5 5 1
1 6 ,4 3 6 ,3 7 5
7 ,5 3 2 ,6 0 4
7 ,2 3 2 ,3 16
4 ,4 0 5 ,9 8 1
7 ,9 0 2 ,4 9 3
3 ,7 7 4 .2 3 8
3 ,4 2 6 ,4 7 5
1,6 9 8 ,2 0 4
2 ,2 4 9 ,4 3 7
1,7 2 4 ,2 8 2
7 3 9 ,9 9 8
6 1 2 ,4 6 1
1 7 6 7 667
1,0 0 9 ,6 2 7
7 8 6 ,9 8 0
1,10 2 ,6 9 5
5 16 .6 6 7

12 7 ,3 8 6 ,7 4 1
2 4 ,7 8 0 ,4 4 2
3 0 ,8 4 7 ,6 9 7
1 1 .9 5 5 ,7 3 7
13 ,4 19 ,0 7 2
13 ,17 4 ,2 8 3
6 ,2 8 0 ,2 18
6 ,3 5 8 ,6 5 2
4 ,4 8 6 ,3 5 3
4 ,9 7 2 ,3 15
2 ,9 8 7 ,4 3 4
2 ,6 7 3 ,5 16
1,7 0 2 .6 4 8
1,9 5 2 ,18 8
1,6 4 3 ,2 7 8
8 5 8 ,0 2 8
5 2 0 .3 9 0
1,4 0 2 ,7 4 0
6 7 9 ,4 0 0
5 9 8 ,9 5 0
7 3 0 .7 7 1
3 6 4 .3 9 1

3 7 2 ,9 4 8 ,9 7 9

3 5 9 ,7 9 3 ,6 4 4

14 1 ,2 6 5 ,0 0 3
6 2 ,5 4 7 ,14 7
17 ,0 7 1 ,5 6 1
16 ,3 0 0 ,0 0 0

1 2 0 ,7 7 8 ,0 1 5
3 1 ,8 3 8 ,9 2 4
3 1,2 18 ,5 5 2
16 ,0 0 0 ,0 0 0
5 ,8 2 7 ,0 9 1
3 1,9 3 9 ,6 6 9
3 4 ,3 5 3 ,2 8 2
10 ,7 0 8 ,4 7 9
1 0 ,3 5 9 ,9 5 8
6 ,2 6 4 ,7 8 0
< ,19 5 ,2 5 6
4 ,7 0 3 ,7 9 5
3 ,2 17 ,2 1 7
3 ,3 0 5 ,8 8 7
3 ,6 6 4 ,4 0 8
1,0 9 8 ,0 7 6
2 ,2 2 8 ,13 3
5 ,3 9 1 ,9 9 8
3 ,0 5 8 ,7 6 6
2 ,2 0 8 ,0 2 5
1,2 7 1,2 8 8
3 ,7 0 3 ,7 0 1
4 ,0 0 0 ,0 0 0
10 ,9 9 4 ,3 0 5
2 2 1,0 9 2
7 6 9 ,2 4 6
6 ,2 5 9 ,6 6 2
1,2 6 6 ,2 19

K a n s a s C i t y ______
M i n n e a p o l i s ______
O m a h a ____________
S t . P a u l .....................
D e n v e r ........................
S t . J o s e p h ________
D e s M o i n e s ............
W i c h i t a .....................
D u l u t h ____________
S i o u x C i t y ...............
L i n c o l n ____________
T o p e k a .................. ..
C e d a r R a p i d s ___
W a t e r l o o _________
H e l e n a ........................
C o lo r a d o S p r in g s
P u e b l o ............ ...........
F a r g o ...........................
A b e r d e e n ..................
F r e m o n t __________
B i l l i n g s ........................
H a s t i n g s .....................

2 5 5 ,2 2 1 ,0 4 2
4 3 ,4 1 5 ,3 4 8
6 5 ,6 5 3 ,2 7 0
18 ,6 7 1,3 6 0
2 2 ,3 4 2 ,9 9 9
2 1 ,8 4 2 ,0 6 2
12 ,1 19 ,9 3 5
1 5 ,5 8 9 ,5 1 2
6 ,3 4 9 ,3 7 7
1 2 ,4 2 0 ,0 0 0
4 ,0 8 2 ,5 0 6
3 ,7 4 0 ,1 0 6
2 ,5 9 7 ,19 4
1,7 6 9 ,2 0 0
2 ,0 9 6 .4 2 1
1 , 0 7 7 .8 6 6
9 5 8 ,5 15
2 ,9 5 0 ,0 0 0
1 ,5 5 9 ,1 1 1
8 0 5 ,10 5
1,4 5 8 ,7 11
7 3 5 ,0 0 2

19 7 ,8 4 1,6 15
3 8 ,9 18 ,8 4 7
5 8 ,8 4 0 ,5 6 5
16 6 32 885
17 ,5 2 1 .2 5 5
2 2 ,5 7 8 ,8 6 3
9 ,0 2 7 , 6 7 2
8 ,7 6 9 ,2 4 5
11 ,7 7 5 ,8 7 3
1 1 ,18 3 ,2 6 0
4 ,0 3 2 ,0 8 2
3 ,2 9 0 ,5 2 5
2 ,0 9 0 ,2 7 6
1,6 8 2 ,4 0 1
2 ,0 6 8 ,1 0 6
6 8 6 ,4 8 3
6 2 3 ,0 2 7
2 ,8 6 5 ,7 10
1,4 5 7 ,8 2 5
6 8 7 ,6 9 7
1,0 8 0 .4 5 9
5 7 6 ,4 3 1

T o ta l o th . W est

4 9 8 , 3 6 6 ,6 4 2

4 14 ,2 4 3 ,10 8

S t . L o u i s ..................
N e w O r l e a n s ------L o u i s v i l l e ..................
H o u s t o n --------- --—
G a l v e s t o n ------------R i c h m o n d ----------A t l a n t a ____________
M e m p h i s ..................
F o r t W o r t h .............
S a v a n n a h ------------N a s h v l l l o ..................
N o r f o l k ----------------B i r m i n g h a m ------A u g u s t a ............ —
J a c k s o n v i l l e --------M a c o n ___ ________
C h a r l e s t o n ...............
O k l a h o m a ...............
L i t t l e R o c k .............
K n o x v i l l e - - . _____
M o b ilo - - - - - - - - C h a t t a n o o g a ------A u s t i n _____________
D a l l a s ...........................
V i c k s b u r g . . ............
J a c k s o n __________
T u l s a ...........................
M u s k o g e e ------------S h r e v e p o r t -----------

17 7 ,9 1 1.2 12
7 6 ,2 0 8 ,0 2 5
16 ,6 0 6 ,0 4 1
3 2 ,3 4 5 ,2 7 2
10 ,0 0 0 ,0 0 0
7 1 .6 1 3 ,7 7 1
7 5 ,0 5 6 ,4 2 4
3 4 ,0 0 0 ,0 0
2 1 ,6 2 2 ,15 4
1 2 ,1 6 2 ,2 5 7
2 3 ,8 4 3 ,4 4 2
13 ,3 0 3 ,9 6 1
19 ,2 0 1.5 3 5
6 ,3 5 3 ,9 3 4
1 2 ,0 9 4 ,1 2 5
6 ,( 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
13 ,3 0 5 ,2 6 6
12 ,6 9 1,9 11
3 ,1 9 0 ,5 3 0
2 / 9 1 .3 0 2
6 ,0 0 0 ,0 0 0
4 ,5 0 0 ,0 0 0
4 3 ,8 3 4 ,9 3 9
5 5 4 ,3 8 0
9 8 9 ,8 11
12 ,4 1 7 ,7 7 8
5 ,2 7 0 ,7 4 4
5 ,4 7 4 ,3 6 6

1 5 0 ,5 5 4 .3 0 1
6 2 ,8 1 0 ,3 1 6
2 7 ,4 2 9 ,6 8 2
17 ,3 4 4 .0 5 8
4 ,8 7 9 ,9 9 9
5 0 ,0 18 ,0 8 5
5 5 ,8 6 1 ,5 6 0
19 ,15 0 ,7 10
1 5 ,1 0 2 ,4 17
6 ,4 6 3 ,4 4 8
15 ,0 8 9 ,0 9 8
8 ,4 0 0 , 4 0 7
1 2 ,4 2 5 ,7 4 6
2 ,7 5 0 ,3 5 2
7 ,8 9 7 ,5 6 3 .
2 ,2 0 0 ,0 0 0
3 ,5 0 0 ,0 0 0
9 ,5 9 0 ,3 4 5
4 ,7 0 2 ,9 8 2
2 ,2 7 9 ,12 0
1,9 0 7 ,2 17
4 ,8 4 0 ,3 0 3
0 ,2 0 2 ,7 0 9
2 7 ,0 1 0 ,2 3 5
5 2 4 ,6 2 3
6 2 1,4 8 3
1 0 ,5 3 8 ,6 6 1
3 ,5 4 1,116
2 ,6 3 4 ,2 8 3

T o t a l S o u th e rn

7 2 3 ,2 6 1. DO

5 4 3 ,0 8 7 ,4 1 0

T o t a l a l l ________ 8 , 7 4 7 , 8 8 7 , 9 7 5 6 , 9 1 7 , 8 9 5 , 4 3 8
O u t s id e N . Y . . 4 ,0 0 0 ,0 6 7 ,7 3 8 3 , 1 5 4 , 5 1 6 , 3 8 4

+ 101.6
+ 12.6
+ 15 .7
+ 19 .9
+ 7 5 .1
+ 17 .8
+ 3 3 .1
+ 3 2 .1
+ 3 7 .7
+ 2 2 8 .1
+ 8 8 .4
+ 9 1.0
+ 13 7 .5
+ 8 7 .4
+ 7 0 .0

+ 13.6
+ 21.3
—39.6
+ 86.5
+ 104.9
+ 41.5
+ 34.4
+ 77.5
+ 43.2
+ 88.2
+ 68.0
+ 67.2
+ 64.5
+ 130.3
+ 51.9
+ 127.3
+ 42.9
+ 3 8 .6

+ 166.5
+ 40.4
+ 37.0
+ 2 3 .8

—27.5
+02.3
+ 5.7
+ 59.3
+ 17.8
+ 49.0
+ 107.8
+ 3 3 .2

6,000,000

4 1,7 0 2 ,6 2 6
5 1,0 1 3 ,8 4 7
1 2 ,3 3 5 ,5 3 9
15 ,5 4 8 ,8 8 5
7 .12 9 ,2 8 7
10 ,4 8 4 .9 6 7
6 ,7 10 .8 4 2
4 ,6 6 4 ,9 0 1
3 ,5 9 3 ,0 0 4
4 ,9 3 3 ,4 2 3

2,100,000,

3 ,0 4 7 ,6 1 2 !
8 ,8 3 2 ,8 6 2 ;
4 ,4 4 4 ,4 2 2 .
2 ,4 16 ,5 0 0 ;
1,6 4 4 ,13 4
4 ,2 6 1 ,8 1 2 |

6,000,000

2 0 ,2 9 5 .5 8 6 !
5 9 2 ,6 7 9 .
5 2 2 ,2 0 8 :
6 ,6 4 6 ,0 5 3 :
2 ,6 3 9 ;8 5 5
2 ,2 9 6 ,3 0 4
4 6 6 ,9 4 1,0 5 9

3 3 2 .4 0 8 .0 2 9

+ 2 0 .5 6 ,5 5 7 ,7 0 1.7 4 0 5 .3 19 ,1 0 2 .2 0 5
+ 2 6 .8 2 , 4 6 2 , 1 7 7 , 9 1 4 3 , 1 7 9 , 4 7 0 , 4 8 0

394:

THE CHRONICLE
THE FINANCIAL SITUATION.

[V o l . 1 1 0 .

The net result of all these various operations was
that the New York Reserve Bank’s cash reserve to
deposit and note liabilities was again sharply reduced,
falling to 393^%. Another item in the Clearing
House return furnishes proof positive that the
Clearing House banks did enlarge their borrowings
at the central institution. We have reference to the
item termed “ Bills payable, rediscounts, acceptances
and other liabilities.” This item last Saturday stood
at $1,025,152,000, against $1,016,926,000 Jan. 17
and only $995,578,000 Jan. 10. Thus it is difficult
to discern any real improvement, either in the situa­
tion of the Clearing House banks or that of the New
York Federal Reserve Bank. And the same remark
applies to the Federal Reserve banking system as a
whole, as portrayed by the figures of the twelve
Reserve banks combined.
Here also there was
a further reduction in the percentage of cash
reserves— which suggests why there is talk of reviv­
ing the Money Committe again.

The Federal Reserve Bank statements to be issued
to-day will be awaited with no little anxiety for the
purpose of ascertaining what has been the effect of
the policy of advancing the discount rate on commer­
cial paper to 6 % . Also there will be deep interest
to know how the action in again establishing differen­
tials in favor of war obligations is working out'
whether the result has been to induce new borrowing
on this class of paper. That the money situation
remains tense, and even acute, is evident from the
renewed spurt in call loan rates on the Stock Exchange
the present week. A high point of 10% was reached
on each of the first three days of the week, while on
Thursday there was a jump to 18% and on Friday
to 20% , even the renewal rate on the latter day
being reported at 12% .
It may be that these extreme rates simply reflect
the course of the banks in at once restricting their
borrowing and curtailing their loans, in which case
the monetary tension would have to be regarded as
At the beginning of the week the plan agreed upon
part of a curative process which may be expected by the Allies for lifting the blockade against Russia
speedily to work its own corrective. Should it, and for the resumption of trade with the non-Soviet
however, happen that notwithstanding these high sections of that country still appeared to be regarded
rates and with the Federal Reserve banks charging with misgivings, particularly in Paris and London.
full 6% to the member banks for rediscounts of com­ In a cablegram from the former centre to the New
mercial paper, the bill holdings of the Federal Reserve York “ Times” it was even asserted that “ the Allied
banks had nevertheless increased and perhaps also program of lifting the Russian blockade without
the volume of Federal Reserve notes was again ex­ having dealings with the Soviet Government appears
panding, after having shown substantial contraction now impossible of realization.” Representatives in
in previous weeks, the occasion would be fraught with Paris of the Russian Co-operative Societies were said
fresh ground for anxiety, indicating that the curative to have admitted that they had not been able “ to
process had not yet got effectively under way.
get the consent of Lcnine and Trotzky to the trading
Last Saturday’s New York Clearing House return, plan, an agreement which they had told the Supreme
as well as the Federal Reserve statements issued at Council they could get immediately.” A further
New York and Washington, were not altogether explanation of the situation was presented by the
assuring. The Clearing House banks showed a correspondent who said that “ these Russians now
decrease in their credit balance with the Federal admit that although they gave the Allies to under­
] Reserve Bank in amount of $30,427,000, and there stand that commercial relations could be resumed
was at the same time a reduction of $44,067,000 in with the Co-operatives without dealing with the
the aggregate of outstanding loans. Both these are Soviets, there is, as a matter of fact, in the organiza­
changes which, standing by themselves, might be tion o f each of the Co-operatives a Commissaire of
viewed with satisfaction as indicating at once curtail­ the Soviet Government.”
ment in the granting of accommodation to cus­
Apparently representatives of American manufac­
tomers and reduced borrowing by the Clearing House turers and business organizations are more confident
members at the central institution. As a matter as to the desirability and feasibility of beginning
of fact, however, the bill holdings of the New York trade with Soviet Russia than are the British or
Federal Reserve Bank actually increased again French. A week ago to-day a conference was held
running up from $920,605,000 to $964,075,000. in Washington at which 45 concerns were repre­
Moreover, the whole of the increase, and more too, sented, and at which it was claimed that a decision
represented further borrowing on war obligations, was reached “ to demand a statement from the State
the total of which increased during the week Department in the matter of the initiation of Ameri­
nearly $63,000,000. The truth is, notwithstanding can trade with the Russian Soviet Government.”
the reduction by the Clearing House banks of A new’ organization to be known as the “ American
their credit balance with the Federal Reserve Commission to Promote Trade” was formed. A
Bank, their borrowing from that institution committee was appointed to seek a conference with
would seem to have increased, permitting only one Secretary of State Lansing last Monday. A call
inference, namely that their reserves with the central was issued also “ for a larger conference of American
institution shrank materially in face of larger bor­ export, import and financial interests to be held in
rowing than before. The increase in the bill holdings New York Feb. 3.” Emerson P. Jennings of the
of the New York Federal Reserve Bank would not Lehigh Machine Co. of Lehighton, Pa., who pre­
be altogether conclusive on this point, inasmuch as sided at the Washington conference, was quoted as
having said: “ This is a movement of manufacturers,
the Reserve Bank substantially reduced its own
importers and exporters representing the first or­
draft on the other Reserve banks, as is evident from
ganized attempt of American business interests to
the circumstance that its contingent liability as en­
make a demand on the officials of this country to
dorser on bills rediscounted with other Federal Re­
permit the shipment of American goods into Russian
serve banks, which the previous Saturday was reported ports, or to ascertain why such trade relations are
no less than $79,500,000, last Saturday was down to not permitted.” He claimed to have been informed
$43,700,000.
that the men at the conference “ represented approxi-




Jan . 31 1920.]

THE CHRONICLE

mately $100,000,000 worth of orders placed with the
Russian Soviet Government; that they were inter­
ested in getting trade and had no concern over the
form or forms of Government in Russia.
On Wednesday morning it became known through
Washington advices that Ludwig C. Martens, who
styles himself “ Soviet Ambassador,” had presented
the day before to the sub-committee of the Senate
Foreign Relations Committee a list of 941 American
firms which he claimed “ had signified a desire to do
business with Soviet Russia.” In a London cable­
gram D r. Plovtieff, the woman who is at the head of
the Amalgamated Russian and Siberian Co-opera­
tive Union, was quoted as asserting that “ the or­
ganization is ready to aecept a credit of $5,000,000
offered by the American Government as soon as the
blockade has been lifted and expects an immediate
extension of trade with Russia.”
The text of the Supreme Council’s note to repre­
sentatives of the Russian Co-operative Union re­
garding the lifting of the blockade against Russia,
was made public in Paris on M onday. It enters
considerably into details, and in a general way
provides for trading on a bartering basis. That
Lenine would make trouble for the Allies if they
attempted to carry out their plan, was indicated by a
cablegram from Paris Tuesday morning, in which
appeared the following excerpt from the “ Journal
des Debats:” “ By an official radiogram the LenineTrotzky Government has just declared to the Allies
that it will not authorize the resumption of com­
mercial relations, except after the conclusion of an
armistice, and that if this general armistice is not
concluded, all ships belonging to the Entente which
are at the present time in Russian parts will be
sunk.”
Premier Lloyd George was reported in London
advices to have caused to be issued a few days ago
a statement in which it was declared that “ there is no
truth in reports that the British War Minister, Wins­
ton Spencer Churchill, and the General Staff advo­
cate sending troops to the Caucasus or any other
part of Russia.” Last week it was definitely reported
that such'a plan had been decided upon. The Russian
situation appeared to have been further complicated
by the announcement through a telegram from Joseph
H. Ray, former American Consul at Irkutsk, saying
that “ Colonel Blunt and seven other American
engineers, Miss Ford, Captain Charette and several
other members of the American Red Cross, and an
entire Polish army, composed of former prisoners,
have been captured by the Bolsheviki at Kluchinskaya.”
A special correspondent of the New York “ Times,”
in a cablegram made public here yesterday morning,
asserted that “ the Allies are gradually approaching
recognition of the Soviet Government of Russia,”
and added that “ there seems to be developing under
the surface a weakening of the drastic stand against
the Soviets.”
Regret was expressed over the announcement
from Berlin M onday afternoon that Matthias Erzberger, German Minister of Finance, had been shot
“ while leaving the Criminal Courts Building, after
a hearing in the Helfferich libel suit.” Only one
of the shots fired was said to have entered the body




395

of the Minister. That one struck him in the shoul­
der. The name of the assailant is Oltwig von
Hirschfield, a former cadet officer. He was ar­
rested and was quoted as having alleged that “ he
considered Erzberger dangerous to the Empire.”
That night Wilhelmstrasse was said to have been
“ barricaded and under the guard of numerous
troops.” These precautions, it was added, were
“ stimulated by rumors that the Monarchists would
attempt an insurrection on the eve of the former
Emperor’s birthday” (the next day, Tuesday). The
explanation was offered in the cable advices that the
suit of Minister Erzberger against former Vice­
Chancellor Helfferich is “ for libel, based on repeated
public statements against the Finance Minister by
Helfferich.” In a cablegram from Berlin Tuesday
afternoon it was said that indignation had been ex­
pressed over the attempt upon Herr Erzberger s
life, and that a proclamation had been issued in
which it was characterized “ as a criminal excess of
political warfare.” An X -ray examination of ^the
wound on Tuesday disclosed the fact that “ the
bullet splintered part of Herr Erzberger’s shoulder
blade, where it is firmly lodged.” The wound was
said to be “ extremely painful, with much bleeding,
and that while the patient had no fever he was
“ very weak.” The specialist who was in attendance
was reported to have expressed the opinion that
“ the removal of the bullet is inadvisable at present.
In a cablegram from Berlin Thursday morning it was
made known that the “ Lokal Anzeiger” had pub­
lished a statement on Wednesday which said, among
other things, that “ the condition of Minister Erz­
berger is very critical.” It was added that cardiac
trouble has developed, accompanied by violent
pain.” Yesterday morning’s advices from Berlin
stated that while he was in no immediate danger,
the patient was extremely weak.
As noted briefly in our last week’s issue, the
Holland Government refused the demand of the
Allies to give up the former Kaiser. In a cablegram
from Paris last Sunday it was stated that “ the Com­
mittee of Ambassadors to-morrow will discuss Hol­
land’s refusal to give up the former Kaiser.” It was
stated that “ the French diplomats are waiting for
England to make the next m ove,” and it was also
added that “ their greatest concern in Holland’s reply
is that invalidation of one clause of the Versailles
Treaty may damage other clauses, notably those
providing for German payments to France.
In a
special cablegram from The Hague to the New York
“ Times” the same day the assertion was madethat
‘the Netherlands Government’s refusal to deliver up
the ex-Kaiser can be considered as the vote of the
Dutch people, for even those who would be only too
glad to see Wilhelm Hohenzollern leave the country—
and they are many— consider that the Government
would have violated Holland’s laws in acceding to
the Allies’ demand for extradition.”
The initial meeting of the Council of Ambassadors
was held in Paris Monday morning. According to
advices from that centre “ thereply to the refusal of
the Dutch Government to comply with the demand
of the Allies for the surrender of former Emperor
William of Germany, was the first subject taken up.”
The dispatches further stated that “ it was decided
that the French legal experts should go into all the
aspects of the case and prepare the reply, which
probably will be submitted to the Council at the

396

THE CHRONICLE

beginning of next w e e k /' It was reported that
Premier Millerand presided and that American
Ambassador Wallace was present. In another cable­
gram the assertion was made that M r. Wallace “ took
no part in the discussion of the affair of the Kaiser,
but was an interested listener, and will report the
situation in full to W ashington.”

[Vol. 110.

of the whole subject and the referring of it to Par­
liamentary discussion.”

Frank Hodges, a leader of one of the organizations
of British miners, in the course of a meeting held in
London on Thursday by the Miners’ Federation,
hinted that Great Britain might become involved
in a national strike “ in our progress toward the uni­
The labor situation in Europe, as in this country, fication of the present wage system in the coal fields,
continues to attract much attention. Berlin re and our struggle for national ownership of the col­
ported on M onday that “ Germany’s manufacturing lieries.”
program is endangered anew by the insistence of the
coal miners upon a six-hour day, for which they intend
The reply of the Jugo-Slavs to the Allied ultimatum
to stand out in the negotiations to be held next regarding the Adriatic question was received in Paris
month.” It was said also that “ the Government Wednesday afternoon. According to the advices
will take the stand that the demand for a six-hour “ it amounts to a virtual refusal of the compromise
day intrinsically is just, but that until it is adopted offered by the Italians.” It was understood that it
by other countries, particularly England, its intro­ “ suggests a new basis of compromise along the lines
duction into Germany would be a severe blow to of President Wilson’s proposal.” The text of the
German industries.” It was gratifying to note the Jugo-Slav reply has been made public. It asks
announcement in a Berlin cablegram Wednesday definitely for “ modifications imposed by the neces­
morning that “ a conference held in Westphalia of sity of arranging peace in the Adriatic.” The
the delegates of the Christian Miners Union, which “ Giornale d’ Italia,” a newspaper in Rome, com­
has a membership of 100,000 workers, adopted a menting on the Adriatic situation, said that “ friendly
resolution opposing at present the introduction of a relations with Jugo-Slavs are desirable, but they do
six-hour working shift, in view of the prevailing not go so far as to call for a sacrifice of national inter­
economic conditions.” At Tuesday’s session
ests in the Adriatic.” A member of the Italian
Paris of the International Labor Organization, Peace Delegation was quoted in Paris as saying that
Carl Rudolph Legien, President of the German
we do not want war, but the Jugo-Slavs have tried
Federation of Trades Unions, delivered an address our patience to the limit. We are ready for war, if
in which he said: “ I had intended to make reserva­ that is the only solution. We have made many
tions relative to the eight-hour day concerning miners concessions, more than any other nation, and now
in Germany, who are demanding a six-hour period, it is a question of accept or fight.” Continuing, he
but I have refrained. Coal is a vital question to the said that “ the Pact of London exists and neither
world at present, and if a six-hour day cannot be France nor England can question its validity.”
granted without decreasing production I am against
Announcement was made in a cablegram from
it.”
According to a cablegram from Leipsic, the Rome that “ forces of Gabrielle d’Annunzio have
Communist Miners Union “ has declared a strike seized the steamship Taranto, on the way to Albania,
in the Lugan and Oelsnitz coal regions in Saxony, with supplies and 2,000,000 lire in money, and are
because the demand made for a six-hour day and a unloading her at Fiume.” The cablegram further
grant of 1,000 marks extra had been rejected.” It stated that “ the Taranto was met by ships in d’An­
was said also that 75% of the miners were on strike.
nunzio’s command and forced to change her course,
The lockout of employees in Spain is reported to heading into Fiume harbor.” According to the
have been ended.
dispatch also, “ the poet explained that he needed
On Tuesday in Paris Albert Thomas, French the two million lire to pay his troops.”
labor leader, was elected Director-General of the
International Labor Organization. It was noted
Apparently the sixth Italian loan will be a real
that “ this action ratifies the provisional nomination of success. In a cablegram to the New York “ Sun”
M r. Thomas for the office made at the Labor Con­ Thursday, the Minister of the Treasury Schnazer was
ference in Washington last N ovem ber.”
quoted as saying that “ despite the unrest and the
inconveniences caused by the all-absorbing Adriatic
Hope was entertained at the beginning of the week question and the postal, telegraph and railroad
that the strike of railway workers in Italy would end strikes, already we have reached 12,000,000,000 lire,
Soon. It was made known in Rome dispatches that
figure which is double our largest figure during
volunteers were “ responding to the call to check the the war.”
railway strike.” The Minister of Transport was
reported to have informed the Railway Syndicate
From Paris came the announcement last Saturday
that he was “ ready to raise the representation of the that everything was in preparation to make Danzig
railwaymen on the Board of Administration from
a free city on Feb. 8 under the aegis of the League
two to four, promising also to devise a system of of Nations.” The Interallied Council was to begin
voting which would insure that the votes of these functioning on that day. It was stated, however,
representatives, even if they were in the minority, that “ Danzig itself undergoes little change by this
will be felt.” The Minister, according to the ad­ transformation of Government,” and the corre­
vices, “ promised to study the possibility of granting spondent added that “ all German institutions which
other requests of the men.” Word came from the have been continuing their activities up to the present
Italian capital Thursday morning that the general will remain.” Economically the assertion was made
strike had been ended. Although the exact terms that “ already Danzig is beginning to feel the effect
of the settlement had not been made public when the of Allied occupation. The Polish mark which last
dispatch was filed, it was said to be understood that week was quoted at 37 pfennigs, is to-day quoted
they “ involved granting of immediate consideration at 75. The German mark, too, is expected to ap-




Jan . 31 1920.]

THE CHRONICLE

preciate on the Danzig Bourse.” On M onday a
cablegram dated Saturday Jan. 24 was received from
Berlin stating that “ German preparations for the
evacuation of Danzig had as one feature a final
parade of the German troops this morning.” Accord­
ing to dispatches received in the German capital
from Danzig, “ the parade was held under an en­
thusiastic popular demonstration, with the German
colors on the flagstaffs of the various buildings at
half-mast.” The belief was expressed in Danzig
advices at that time that “ the occupation of the city
by the Allies, set for Feb. 8, is likely to be delayed
for several days.” In the Berlin cablegram already
mentioned it was made known also that “ German
troops have begun the evacuation of Upper Silesia,
in accordance with the terms of the Peace Treaty,
which require that the movement begin within 15
days after its ratification.” Through a dispatch
from Copenhagen it Was reported that Flensburg,
Schleswig, had been evacuated by the last Ger­
man troops.
American Ambassador Wallace was said to have
announced in Paris on M onday that “ the United
States has decided to accept a mandate for the
Republic of Armenia.” According to Washington
advices this announcement reported to have been
made by Ambassador Wallace was “ premature,” it
being added that “ the Administration is getting all
possible light from Ambassador Wallace, but its
policy has not yet been settled.”
In a special cablegram from Berlin to the New
York “ Times” yesterday the interesting assertion
was made that “ when Germany appears in and
before the League of Nations for a readjustment of
her affairs, she will ask for a union with Austria.”
The opinion was also expressed that “ Germany
probably will be a member of the League very soon,
as reports from Paris and London indicate.” What
the political leaders in Hungary may have in mind
for that country seems to have been expressed by
Premier Iluzzar at a women’s gathering in Buda­
pest on Thuesday, when he was reported to have
said that “ Hungary will be a Monarchy and the
new king will be chosen immediatel
after the
Naional Assembly convenes.”
In cablegrams from London the reports have been
persistent that the Lloyd George Ministry is likely
to be overthrown within the next few months. In
fact, the Premier himself was reported in the course
of a conversation with a member of the French
Chamber of Deputies, when the Premier was in
Paris recently, to have predicted his own political
downfall, following that of Premier Orlando of Italy
and Premier Clemcnceau of France. Lloyd George
is said to have observed, “ Yes, in six months it will
be my turn.” In a London cablegram to the New
York “ Sun” on Tuesday the opinion was expressed
that the Premier was planning to turn away from
war issues and endeavoring to strengthen his position
politically by giving his attention to and by intro­
ducing peace issues instead. Together with the
announcement on Wednesday morning of the resig­
nation of George Nicoll Barnes, Minister without
Portfolio in the Lloyd George Cabinet, came the
statement that “ the significance of his resignation
lies in the fact that it is the final withdrawal of labor
from the Coalition Cabinet’ ” It was predicted at




397

the same time that the Food Ministry would come
to an end within a few months and that the Food
Comptroller, George Ii. Roberts, would follow M r.
Barnes out of the Cabinet. There were said to be
rumors in circulation in London that the present
Cabinet would be reconstructed. In a cablegram
from that centre to the New York “ Sun” Wednesday
the correspondent asserted that “ during a Cabinet
Council David Lloyd George outlined his.plans to
continue Coalition with a program more liberal than
former Premier Asquith’s definition of Liberalism,
and stopping only short of an outright Socialistic
and Labor Party basis.” The “ Sun” correspondent
claimed to have obtained from a close friend of the
Premier “ an outline of the program for which Lloyd
George will ask soon the support of all the elements
now in the Coalition, pleading that it is not political
so much as patriotic.” The following was said to
be the outline: First, a system of profit sharing in­
stead of nationalization; second, the perfection of
old age, unemployment and other government in­
surance; third, Ireland.
Former Premier Herbert Ii. Asquith apparently
is giving the present Prime Minister of England con­
siderable cause for anxiety. According to the
London advices not a little mystery has attached to
his political activities of late. This much is known:
He is a candidate for the House of Commons from
Paisley, Scotland. In a recent speech there he was
quoted as having characterized the Coalition G ov­
ernment as “ one of the experiments and advantures,”
and to have called for “ a reduction of the national
expenditure.” It became known here yesterday
morning that J. A. D . Mackean had been nominated
by the local Unionist Party of London and, it was
reported that he had been endorsed by the Coalition
group “ as former Premier Asquith’s Government
opponent in the Paisley Parliamentary election.”
It was gratifying to note in London cablegrams of
the last two or three days that apparently the leading
financial authorities of Great Britain have come to a
realization of the fact that had been apparent for a
long time to outside observers, namely that recon­
struction in Great Britain and a restoration of some­
thing like normal conditions can be accomplished in
a comprehensive way only by cutting down greatly
extravagance and increasing production proportion­
ately. The “ Pall Mall Gazette” stressed this idea
in a leading article a few days since. Reginald
McKenna, former Chancellor of the Exchequer, and
now head of the London Joint City & Midland Bank,
in an address to its stockholders on the occasion of the
annual meeting last Thursday, gave expression to
the same idea. He was reported to have said that
“ the only condition on which we shall be able to
check the rise in prices is that our annual expendi­
ture shall be brought within the compass of our
revenue. In the State, as in domestic finance, we
must learn to make both ends meet.” Continuing,
he said, “ this is not a plea for additional taxation,
but it is a plea for economy in expenditure. It is a
plea for such ruthless cutting down or postponing of
all financial outlay by the State as will reduce the
expenditure to a figure less than our tax revenue;
for by such methods only can we hope to restrict the
issue of currency, check the rise in prices, restore
foreign exchange and re-establish London in her old
position as the financial centre and free gold market
of the world.” London advices yesterday morning

39$

THE CHRONICLE

stated also that the Chancellor of the Exchequer hac
asked “ some of the leading financial experts of the
city to discuss with him the foreign exchange prob­
lems.”
British Treasury returns for the week ended Jan.
24 indicate that income continues to exceed the outgo,
the week’s financing having resulted in a further
gain in Exchequer balances of £175,000. The
week’s expenditures totaled £36,425,000 (against
£29,263,000 for the week ending Jan. 17), while the
total outflow, including Treasury bills, other debt,
advances repaid, and other items, totaled £194,138,­
000, against £145,775,000 last week. Receipts from
all sources amounted to £194,313,000, comparing
with £146,574,000. Of this total revenues con­
tributed £48,915,000, against £39,228,000 a week
ago, savings certificates £1,250,000, against £1,­
450,000 and the Funding Loan £2,500,000, against
nothing the previous week. Victory bonds brought
in £9,200,000. From advances a total of £21,500,000
was received, in comparison with £24,000,000 the
preceding week. New issues of Treasury bills
showed a substantial increase, amounting to £110.­
948,000, against £80,346,000 last week. Repay­
ments, however, were still larger, so that Treasury
bills outstanding showed a further contraction to
£1,119,861,000, which compares with £1,130,951,000
a week ago. Temporary advances were also reduced,
from £215,074,000 last week to £204,430,000. The
total floating debt is now reported at £1,324,291,000.
The Exchequer balance now stands at £4,805,000.
Last week it stood at £4,630,000.
N o change has been noted in official discount
rates at leading European centres from 5 % in Paris,
Berlin, Vienna and Copenhagen; 5 ^ % in Switzer­
land, 6 % in London, Sweden, Norway and Petrograd, and 4 ^ % in Holland. Besides the advance
in its discount rate from 5 % to 6 % by the Bank of
Bengal last week, dispatches from Bombay this
week (Jan. 29) announced an increase also from
5 % to 6 % by the Bank of Bombay. In London
the private bank rate continues to be quoted at 4J4%
for sixty days and 5 ^ % for ninety days. Money
on call in London remains as heretofore at 3% @ 4 % .
So far as we have been able to ascertain, no reports
have been received by cable of discount rates at
other centres.
Another substantial increase in gold holdings was
shown by the Bank of England in its latest state­
ment, namely £3,127,089. This brings the Bank’s
stock of gold on hand up to £99,933,801, which com­
pares with £80,737,413 in 1919 and £58,606,952 held
the year previous. Total reserve was expanded only
£2,964,000, note circulation having increased £163,­
000. The proportion of reserve to liabilities showed
a further expansion to 19.40%, which compares with
16.77% last week and 20.13% a year ago. Deposits
were all down, public deposits declining £1,356,000,
other deposits £5,185,000 and Government securities
£5,474,000. Loans (other securities) were contracted
£4,058,000. Note circulation, with the increase of
£163,000, now stands at £88,257,000, against £69,­
340,135 a year ago and £45,896,295 in 1918. Re­
serves aggregate £30,126,000. A year ago the total
was £29,847,278 and in 1918 £31,160,657. A total
of £80,349,000 is reported for loans, in comparison
with £80,436,946 in the corresponding week of 1919




[Vol . no.

and £91,889,588 the year previous. Clearings through
the London banks continue to expand and the week’s
total was £768,870,000. This compares with £741,­
540,000 a week ago and £452,500,000 last year. We
append a tabular statement of comparisons for the
different items of the Bank of England stated for a
series of years:
BANK OP ENGLAND’S COMPARATIVE STATEMENT.
1016.
1919.
1918.
1920.
1917.
J a n . 28.
J an . 30.
F eb . 2.
J a n . 29.
J a n . 31.
£
£
£
£
£
Circulation_______ 88,257,000 69,340,135 46,890,295 39,001,075 34,199,420
Public deposits.. . . . 20,116.000 26,012,804 38,230,917 44,704,140 68,245,625
Other deposits........ 135,150,000 121,602,442 122,044,208 108,777,340 98,683,710
Governm’t securities 62,083,000 55,892,744 55,875,051 100,373,392 32,838,601
Other securities___ 80,349,000 80,436,940 91,880,688 35,727,351 105,140,129
Reserve notes & coin 30,126,000 29,847,278 31,160,657 35,513,037 30,038,550
Coin and bullion... 99,933,801 80,737,413 58,600,952 50,664,712 52,087,970
Proportion of reserve
23.55%
20.13%
10.63%
to liabilities........
19.37%
19.40%
5%
5%
Bank rate_______ _
6%
5%
6H%

The Bank of France reports a further small gain of
285,000 francs in its gold item this week. The Bank’s
aggregate gold holdings, therefore, now amount to
5,580,193,952 francs, comparing with 5,504,975,369
francs last year and with 5,362,206,915 francs
the year before; of these amounts, 1,978,278,416
francs were held abroad in 1920 and 2,037,108,484
francs in both 1919 and 1918.
During the week
bills discounted were augmented to the extent of
182,871,848 francs while general deposits gained
126,624,135 francs. Silver, on the other hand, fell
off 1,148,562 francs, and advances were reduced
12,923,868 francs and Treasury deposits decreased
3,874,186 francs. A further contraction of 96,924,­
910 francs occurred in note circulation, bringing the
total outstanding down to 37,582,499,001 francs.
This contrasts with 31,983,027,510 francs last year
and with 23,534,338,050 francs in 1918. On July
30 1914, just prior to the outbreak of war, the
amount outstanding was only 6,683,184,785 francs.
Comparisons of the various items in this week’s
return, with the statement of last week and corre­
sponding dates in 1919 and 1918, are as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
Changes
---------------------- Status as o f ---------------------fo r W eek .
J a n . 20 1920. J an . 30 1919. J a n . 31 1918.
Cold H oldings —
F ra n cs.
F ra n cs.
F ra n cs.
F ran cs.
In France............... Inc.
285,000 3,601,915,630 3,467,860,884 3,325,098,430
Abroad...................
No change
1,978,278,416 2,037,108,484 2,037,108,484
Total..................Inc.
285,000
5,580,193,952 5,504,975,309 5,302,200,915
Silver....................Dec. 1,148,502
255,200,809
310,145,828 248,492,000
Bills discounted___ Inc.182,871,848 1,885,517,092 1,252,300,545 1.015,682,870
Advances...............Dec. 12,923,808
1,522,450,121 1,209,978,809 1,214,237,114
Note circulation..-Dec.90,924,910 37,682.499,001 31,083,027,510 23,534,338,050
Treasury deposits..Dec. 3,874,186
41,380,838
50,007,330
23,550,173
General deposits__ Inc. 120,624,135 3,130,077,044 2,015,405.802 2,951,800,306

In its statement as of Jan. 15 the Imperial Bank
of Germany made a somewhat unusual showing.
There was a decline in coin and bullion of 4,254,000
marks and a falling off of 60,372,000 marks in lia­
bilities. As against this, all other items were in­
creased. Gold increased 351,000 marks, Treasury
certificates 25,612,000 marks, notes of other banks
904.000 marks. Bills discounted registered the
substantial gain of 180,920,000 marks, while deposits
were augmented 441,610,000 marks. Securities ex­
panded 203,335,000 marks, advances 12,705,000
marks, investments 12,604,000 marks and circulation
50.588.000 marks. The German Bank’s gold hold­
ings now stand at 1,089,268,000 marks. This com­
pares with 2,257,180,000 marks in 1919 and 2 ,4 0 5 ­
920,000 marks in 1918. Note circulation has reached
a total of 35,683,571,000 marks, as against 22,526,­
380,000 marks last year and 11,043,940,000 marks
in 1918.

Jan . 31 1920.]

THE CHRONICLE

Last week's statement of New York Clearing
House banks and trust companies, issued on Satur­
day, was about as expected. Loans were further
contracted— $44,067,000. Net demand deposits were
reduced $73,270,000, to $4,167,634,000 (Government
deposits of $156,535,000 deducted), while net time
deposits increased, nominally, $266,000, to $263,694,­
000. Among the more important changes was a
reduction in reserves of member banks in the Federal
Reserve Bank of $30,427,000, to $544,353,000,
and cash in own vaults of members of the Federal
Reserve Bank was reduced $642,000, toc$99,113,000
(not counted as reserve). Reserves in own vaults
of State Banks and trust companies increased $345,­
000, to $11,616,000, but reserves in other depositories
of State banks and trust companies declined $281,000,
to $11,468,000. Aggregate reserves, largely as a
result of the falling off in member bank reserves,
were lowered $30,363,000, and now stand at $ ‘ 67,­
437,000. There was a decline in reserve require­
ments of $9,498,940; hence the loss in surplus was
cut to $20,864,060, though this brought down the
total of excess reserves above legal requirements to
$13,363,750. The figures here given for surplus
are on the basis of 13% legal reserves for member
banks of the Federal Reserve system, but do not
include cash in vault amounting to $99,113,000 held
by these banks on Saturday last. The bank state­
ment will be found in greater detail in a subsequent
section of the “ Chronicle.”
There were indications at the close of last week
that the call money market at this centre would be
higher again this week. The actual quotations from
day to day fully justified predictions that such would
be the case. Nearly all week the rates were suffi­
ciently high to seem absolutely prohibitive to specu­
lation in stocks. Strange to say the stock market
ruled firm nevertheless and often was actually strong.
There were brief periods during which the most active
issues declined from a point or two to several points,
but subsequent rallies were the rule. The market
was spoken of as being almost altogether professional,
but optimistic observers maintained that traders who
were operating on the “ short” side were selling to
rich individuals and institutions and that, therefore,
a day of reckoning for the traders was sure to come.
In years gone by such rates as prevailed for call
money this week would have brought about severe
declines in stocks. Time money was even firmer
than in previous weeks and it was generally reported
that lenders demanded payment at maturity of time
loans except in special cases and where small amounts
were involved. Although the financial institutions
appear to be carrying out the recommendations of the
Federal Reserve Board with respect to restricting
the making of so-called “ non-essential” loans (what­
ever they may be, for no one in authority has care­
fully defined what they are), there appeared to be
ample funds for the financing of the flotation of new
securities. As for many months back, the issuing
houses reported that they were very well taken. It
is understood that one such firm which has recently
offered two good sized issues sold nearly all of each
in small lots, apparently to investors, the largest
amount taken by any one individual being 15 bonds.
As yet there appears to be little change in the general
monetary situation. As we have frequently sug­
gested in recent weeks, there cannot be much change
without liquidation and without curtailment in lines




399

of activity other than those of Wall Street and other
centres in which there are substantial operations in
securities. The changes in the New York bank
statement from week to week mean very little with
respect to the monetary position of this country as a
whole. At the moment it looks as though the ex­
tending of financial aid to Europe on a large scale
was further removed than ever. If nothing is done
along this line on a big scale, the absence of action
should be a factor in the money market in more ways
than one.
Wfl
As to detailed money rates, loans on call this week
covered a range of 7 @ 2 0 % for both mixed collateral
loans and all-industrials, without differentiation, as
against 6 @ 8 % a week ago. On M onday the high
was 10% , the low 7% and this was also the renewal
basis. Tuesday and Wednesday the range was
8 @ 1 0 % , with renewals negotiated on each day at 8 % .
A sharp advance was recorded on Thursday when
the quotation shot up to 18% , while 10% was the
minimum and ruling quotation. On Friday the
maximum moved up to 20% , while the low was 12%
and 12% for renewals. In time money the situa­
tion remains unchanged, and if anything funds were
in even lighter supply, so that towards the end of
the week rates were again advanced, with mixed
collateral loans, nominally, at 8 % bid, against
7 @ 7 )^ % , and all-industrial money at 83^ @ 9% ,
against 8 @ 8}4% a week ago.__At these figures,
however, practically no business is being done and
the market is at a complete standstill, with trading
confined to a few renewals.
Mercantile paper has ruled quiet and featureless,
with quotations still at 6% for sixty and ninety days’
endorsed bills receivable and six months’ names of
choice character. Names not so well known still
require 6 @ 6 3 4 % . Trading was light, with most of
the large local and out of town institutions tempor­
arily out of the market.
We give below the table of Federal Reserve discount
rates as revised in accordance with the new schedule
established during the past week. The table as we pre­
sent it this week has been prepared for us by the Fed­
eral Reserve Board, which notes that the rates are
practically uniform for all the banks except Dallas.
Recommendations for rate changes are, it is stated,
expected from the latter, and will be acted upon by the
Federal Reserve Board without delay. The following
are the prevailing rates for the various classes of
paper at the different Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE RANKS
IN EFFECT JANUARY 29 1920.

Federal
Reserve
Bank o f —

A gricu ltu r­
D iscounted bills m aturing w ithin 90
days ( including m em ber banks' 15- Bankers'
Trade
al and live­
dag collateral notes) secured by — Acceptances Acceptances stock paper
m aturing
discounted m aturing
91 to 180
T reasury
Liberty
w ithin
Otherw ise for m em ber
da ys.
certificates bonds and
banks.
90 days.
secured
o f indebt­
and
Victory
ed n ess.
n otes.
unsecured.

Boston____
New York-.
Philadelphia
Cleveland —
Richmond
A tlanta____
Chicago___
St. Louis__
Minneapolis.
Kansas City.
Dallas..........
San Francisco

4H
4H
4H
4H
4H
4H
4A
4M
4H
4A
4A
4A

5A
514
5A
5A
5A
5A
5A
5A
5A
5A
5
5A

a

6
6
6
0
6
6
6
6
6
5

6

5
5
5
5
5
5

5
5
5
5
5

6
S
6
6
6
6
6
6
5A
6
5
6

6
6
6
6
6
6
6
6
6
6
5A

6

N o te .—Rate on

paper secured by War Finance Corporation bonds 1% higher than
the rate on commercial paper shown In column 3 ol figures above.

Banks’ and bankers’ acceptances were slightly
higher for the eligible bills, with the undertone ex­
ceptionally firm. Very little business is passing.
According to most authorities, no improvement in

400

THE CHRONICLE

[V o l . 1 1 0 .

activity need be looked for under the present mone­ a restoration of exchange levels, although the over­
tary stringency. Demand loans for bankers' accep­ whelming majority of opinion still appears to be that
tances continue to be quoted at 5 % . Quotations the true remedy for present conditions must be found
in detail are as follows:
in a curtailment of imports and a material increase
.
------------Spot D elivery ------------ D elivery
of production. So far as can be learned, no further
N in ety
Sixty
Thirty
’H th ln
D a y s.
D a y s.
D a y s.
30 D a ys.
progress has been made regarding either the Edge
Eligible bills of member banks_______ 5 } i @ 5 H
5)4@5J4 5
0
bid
Eligible bills of non-member banks___ 5 % @ 5 M
5J4@5)4
6 bid Act or any other remedial measures for the stabiliza­
Ineligible bills.......................................6 ®5H 6>4@6
6)4 @5)4
6 bid tion of the exchange situation, and while some auth­
orities believe it will be best to allow matters to re­
Spectacular weakness has again been the outstand­ adjust themselves naturally, many others feel that
ing feature of dealings in sterling exchange, and the the time has come for official action of some sort, if
week’s operations resulted in a further loss of 11 cents a serious financial crisis in European affairs is to be
in the pound, carrying the quotation for demand bills avoided.
down to a new low record of 3 49, or below the
Referring to quotations in greater detail, sterling
3.50 mark set by certain market observers some time exchange on Saturday of last week sustained another
ago as the probable limit for the downward move­ severe break and prices relapsed to 3 6 1 % @ 3 62%
ment. Cable transfers at one time touched 3.49% for demand, 3 6 2 % @ 3 63 for cable transfers and
while bankers’ sixty day bills were quoted at 3 46% , 3 5 8 % @ 3 59% for sixty days; heavy selling of com­
with commercial long and short bills all proportion­ mercial bills against shipments of cotton and food­
ately affected. The improvement noted at the close stuffs was mainly responsible for the renewed weak­
of last week proved of brief duration, for with the ness. On Monday London banks again appeared in
resumption of business on M onday London banks the market as sellers and prices were forced down to
re-entered the market as heavy sellers of sterling and another new low record; demand broke to 3 5 9 % @
as this was the signal for a fresh outpouring of com­ 3 60% and sixty days 3 5 5 % @ 3 57. Further low
mercial offerings by local interests, prices broke records were registered on Tuesday and under heavy
precipitately, inducing what at times approached a local selling pressure and lower quotations from
state of chaos in the foreign exchange market. Late abroad there was a new slump to 3 55@ 3 57% for
in the week covering of speculative shorts brought demand, 3 5 5 % @ 3 58 for cable transfers and
about a partial recovery, though at the close prices 3 5 2 % @ 3 54% for sixty days; an added adverse
again sagged and final quotations were not far from influence was the unfavorable political developments
the lowest of the week. Bankers refuse to offer any at Washington, presaging a continuation of the delay
opinions as to whether the bottom has at last been in settlement of the treaty controversy, and trading
reached or whether a further depreciation in values was nervous and spotty. Wednesday’s market was
must be looked for.
irregular— declines being followed at intervals by
This latest collapse has caused some uneasiness and partial rallies, though the net result of the day’s
proven a source of considerable surprise to many operations was another loss of 3c., with demand
who had held stoutly to the belief that further im­ down to 3 4 9 % @ 3 53% , cable transfers to 3 5 0 @
portant recessions in rates were unlikely in view of 3 54 and sixty days 3 4 6 % @ 3 50% . Covering of
the improvement in Great Britain’s financial posi­ shorts brought about a slight rally on Thursday and
tion, the passage of the Edge Act and the action of prices recovered to 3 5 0 % @ 3 53 for demand,
the War Finance Corporation in extending credits 3 5 1 % @ 3 53% for cable transfers and 3 4 7 % @
to finance exports of foodstuffs and other necessaries 3 50% for sixty days. Friday’s market was quieter
to the needier nations of Europe. International but irregular and again weak, with demand lower at
bankers and financiers when interviewed upon the 3 49@ 3 50% , cable transfers 3 4 9 % @ 3 51% and
subject showed a broad divergence of opinion, some sixty days 3 4 6 % @ 3 48. Closing quotations were
maintaining that the loan contraction policy adopted 3 47% for sixty days, 3 50 for demand and 3 51%
by the Federal Reserve Board has brought about a for cable transfers. Commercial sight bills finished
sharp curtailment of the private commercial credits at 3 49% , sixty days at 3 46% , ninety days 3 44% ,
by means of which a large part of our export trade documents for payment (sixty days) 3 45% and
is being financed, thus forcing extensive selling of seven-day grain bills 3 49. Cotton and grain
bills in the open market to cover the huge shipments for payment closed at 3 49% . Gold engagements
of cotton and foodstuffs now going forward, while this week were 85,300,000 gold coin for ship­
others hold the view that the immediate cause of ment to South America, 8400,000 for Mexico
the heavy break in sterling has been the unloading and 824,000 for Canada, a total of 85,724,000. A
of securities in enormous volume on the London consignment of gold amounting to 83,000,000 arrived
market by French interests eager to obtain sterling this week on the SS. Rotterdam, presumably from
credits for the purpose of making remittance here Rotterdam, and intended for the Guaranty Trust Co.
in payment of American exports into France. Francs of this city.
this week touched levels lower even than those
recorded after the Franco-Prussian W ar, while sterling
Conditions in the Continental exchanges have
in Paris established a new low of 47.05, against a closely paralleled those prevailing in sterling and the
normal parity of 25.22% , and dollars were quoted at week has been one of sensational and epoch-marking
13.37, against 5.18% , the pre-war par value. It is declines, bringing rates at nearly all of the former
alleged that the publication of France’s foreign trade belligerent centres down to levels utterly without
figures for the first eleven months of 1919, showing precedent in the annals of commercial history. Gera huge debit against that country, of over 19 billion .man exchange again suffered severely, at one time
francs, exercised a highly depressing influence on declining to 1.01 for checks, which is *a loss of 37
market sentiment there. In London a disposition points from last week’s extreme low and about
has been shown in some circles to criticise the G ov­ 734 points from the level established with the resump­
ernment’s inactivity in the matter of attempting tion of business a few months ago. However, toward




Jan . 31 1920.]

THE CHRONICLE

401

the close of the week speculation in marks— a feature and 15.60 for cable remittances. A week ago the
long absent— was resumed and transactions of from close was 14.02 and 14.00 .
I , 000,000 to 5,000,000 marks in single lots were In the neutral exchanges, although trading was at
reported, with the result that final quotations showed no time active, the trend was towards distinctly
recoveries of from 30 to 35 points. Austrian kronen lower levels and heavy losses were registered in all
continue to share in the downward movement but to currencies, excepting Dutch guilders and Swiss francs,
a lesser extent. In this currency there was an addi­ which were both well maintained throughout. It is
tional loss of 2 points, bringing the rate to 00.29, learned that the first Chamber of the Dutch Parlia­
with the final figure 00.33. Lire sagged off to the ment has adopted the bill authorizing a forced loan
phenomenal figure of 15.62, a loss of 148 points for of 450,000,000 florins, which passed the second Cham­
the week, while French francs broke to 13.37— 131 ber Jan. 8. Scandinavian rates were again under
points down. In the later dealings a more or less pressure and fresh losses of from 75 to 85 points were
substantial rally took place, carrying quotations sustained in remittances on Stockholm, Christiania
back from 3 to 15 points, though at the close fresh and Copenhagen, carrying these currencies to new
recessions were noted and lire finished at the lowest. low levels. Spanish pesetas also ruled weak, with
In every case voluminous offerings of bills on a dull another new low point of 18.35 for checks.
Bankers’ sight on Amsterdam, after an advance to
and inactive market were mainly responsible for the
39% , reacted slightly and closed at 38% , against
collapse in prices.
A feature which attracted some attention was the 37% ; cable transfers at 38% , against 37% ; commer­
conspicuous weakness in Belgian francs which at one cial sight bills at 38 1-16, against 37 5-16, and com­
time broke to 14.02 for Antwerp checks. This is a mercial sixty days at 37 11-16, against 37 1-16 on
net loss for the week of 190 points, and 73 points Friday of last week. Swiss francs, which were also
lower than the French franc. Inquiry in the finan­ strong and higher early in the week, lost ground, fin­
cial district failed to reveal any tangible reason for ishing at 5 69 for bankers’ sight bills and 5 67 for cable
the remarkable decline in this currency, since Bel­ transfers. A week ago the close was 5 55 and 5 53.
gium’s position is concededly a favorable one. N ot­ Copenhagen checks closed at 15.95 and cable transfers
withstanding the striking success of the Belgian loan, 16.10, against 16.85 and 17.00. Checks on Sweden
very little expectation is entertained by bankers here finished at 19.40 and cable transfers 19.50, against
that other foreign loans on an important scale are 20.30 and 20.45, while checks on Norway closed at
likely to be attempted for some little time to come. 17.45 and cable transfers 17.60, against 18.50 and
Recent unfavorable developments in both the ex­ 18.65. Final quotations on Spanish pesetas were
change and money markets are given as a sufficient 18.25 for checks and 18.35 for cable remittances,
reason for the checking of further operations in this in contrast with 18.50 and 18.65 the week
direction. Some interest was shown in the announce­ previous.
As to South American quotations, very little change
ment that negotiations undertaken some time pre­
is
noted, although actual rates were easier, with the
viously for the extension of the financial and commer­
check
rate on Argentina at 43.00 and cable transfers
cial agreement entered upon by the French Govern­
ment and a committee of Spanish financiers last year 43.15, against 43.15 and 43.30 last week. For
have at last been successfully concluded and that Brazil the rate for checks has not been changed from
under the new arrangement France is to obtain 27% and cable transfers 27.50. Chilian exchange is
advances totaling 425,000,000 pesetas, which will firmer, at 22.00, against 21.40, while Peru is now
be paid in monthly installments of 35,000,000, com­ at 5.00@ 5.05, against 4.80@ 4.85.
Far Eastern rates are as follows: Hong Kong,
mencing with March next. In view of the unfavor­
99@100,
against 94@ 94% ; Shanghai, 163@ 163% ,
able position of international exchange, it has been
arranged that payments will not begin before March against 159@160; Yokohama, 4 9 % @ 5 1 , against
1921. It is further stated that Spanish bankers are 4 9 % @ 4 9 % ; Manila, 473^@48, against 4 9 % @ 4 9 % ;
making preparations for an additional loan to France Singapore, 47@ 49, against 5 0 @ 50% ; Bombay,
of 160,000,000 pesetas, while other new commercial 43 @ 4 3 % , against 4 2 % @ 4 3 , and Calcutta, 43 @
43% , against 42% @ 43.
credits are said to be pending.
The official London check rate in Paris closed at
The New York Clearing House banks, in their
46.28, comparing with 43.48 a week ago. In New
York sight bills on the French centre finished at operations with interior banking institutions, have
13.26, against 11.94; cable transfers 13.24, against gained $5,895,000 net in cash as a result of the
I I . 92; commercial sight at 13.33, against 11.97, and currency movements for the week ending Jan. 30.
commercial sixty days at 13.35, against 12.05 last Their receipts from the interior have aggregated
week. Belgian francs closed at 13.57 for checks and $9,442,000, while the shipments have reached $3,­
13.55 for cable transfers, in comparison with 12.00 547,000. Adding the Sub-Treasury and Federal
and 11.98 on Friday of the preceding week. The Reserve operations and the gold exports and im­
closing range for rcichmarks was 1.18 for checks and ports, which together occasioned a loss of $105,­
1.20 for cable remittances, as against 1.40 and 1.42 335,000, the combined result of the flow of money
last week. Austrian kronen finished at 00.33 for into and out of the New York banks for the week
checks and 00.35 for cable transfers. Last week the appears to have been a loss of $99,440,000, as
close was 00.35 and 00.37. Exchange on Czecho­ follows:
slovakia, which moved in sympathy with the other
N et C h an ge in
O ut o f
In to
IV e ci e n d in g J a n u a r y 3 0 .
B a n k H o ld in g s .
B an ks.
B an ks.
exchanges, registered sharp declines and closed at
$ 3 ,6 4 7 ,0 0 0 G a in $ 5 ,8 9 5 ,0 0 0
1.40 for checks, against 1.65; Bucharest was weak S u b T r e a s u r y a n d F e d . R e s e r v e o p e r ­ $ 9 ,4 4 2 ,0 0 0
vtut
1 2 4 , 4 0 8 , 0 0 0 T -o ss 1 0 5 , 3 3 5 . 0 0 0
19 ,0 7 3 ,0 0 0
a t i o n s a n d g o ld e x p o r t s a n d I m p o r t e
also at 1.85, against 2.30; but Poland ruled firmer at
$ 2 8 , 5 1 5 , 0 0 0 $ 1 2 7 , 9 6 5 , 0 0 0 L o s s $ 9 9 , 4 4 0 ,0 0 0
T o t a l .....................................................................
90, against 80, while Finland showed
distinct
The
following
table
indicates
the amount of bullion
strength, closing at 4.10, against 2.85. Closing
in
the
principal
European
banks:
quotations for lire were 15.62 for bankers’ sight bills




402

THE CHRONICLE
J a n . 2 9 19 2 0 .

Ja n . 30 19 19 .

B a n k s o f—
G o ld .

* S ilv e r .

£
£
E n g l a n d . . 9 9 ,9 3 3 ,8 0 1
F r a n c e a . . 1 4 4 ,0 7 0 ,6 2 1 1 0 ,2 0 0 ,0 0 0
G e r m a n y . 5 4 ,4 4 9 ,8 0 0
9 2 6 ,3 5 0
R u s s ia
12 9 ,6 5 0 ,0 0 0 1 2 .3 7 5 .0 0 0
A u s - H u n .c 10 .9 4 4 .0 0 0
2 .3 6 9 .0 0 0
S p a i n _____ 9 7 . 9 3 1 . 0 0 0 2 5 . 2 5 8 . 0 0 0
I t a l y ______ 3 2 . 2 0 0 . 0 0 0
3 .0 0 6 .0 0 0
N e t h e r l’ d s. 5 2 .6 5 7 .0 0 0
6 4 7 .0 0 0
N a t . B e l . h 10 .6 5 7 .0 0 0
1.0 7 8 .0 0 0
S w l t z ’ la n d . 2 0 .6 7 8 .0 0 0
3 .2 6 1 .0 0 0
S w e d e n ___ 1 5 . 6 1 4 . 0 0 0
D e n m a r k . 12 .6 0 5 .0 0 0
18 4 .0 0 0
N o r w a y __
8 ,1 3 8 ,0 0 0
»*«SI
T o t a l w e e k 6 8 9 ,5 3 4 ,2 2 2 5 9 ,3 0 4 ,3 5 0
P r p v tro n l- 6 8 6 , 3 8 9 . 2 8 3 5 9 . 4 4 1 , 0 0 0

T o t a l.

G o ld .

£
£
9 9 ,9 3 3 ,8 0 1 8 0 ,7 3 7 ,4 1 3
15 4 ,2 7 6 ,6 2 1 13 8 ,7 1 4 ,6 7 5
5 5 ,3 7 6 ,1 5 0 11 2 .7 7 0 .0 0 0
14 2 .0 2 5 .0 0 0 12 9 .6 5 0 .0 0 0
1 3 . 3 1 3 . 0 0 0 11 ,0 0 8 ,0 0 0
12 3 .18 9 .0 0 0 8 9 .14 0 .0 0 0
3 5 .2 0 6 .0 0 0 3 7 .0 7 1.0 0 0
5 3 .3 0 4 .0 0 0 5 7 .0 3 3 .0 0 0
1 1 .7 3 5 .0 0 0 15 .3 8 0 .0 0 0
2 3 .9 3 9 .0 0 0 16 .5 4 2 .0 0 0
1 5 .6 1 4 .0 0 0 15 .8 5 8 .0 0 0
1 2 .7 8 9 .0 0 0 10 .8 1 2 .0 0 0
8 ,1 3 8 ,0 0 0
6 ,7 2 0 ,0 0 0
7 4 8 ,8 3 8 ,5 7 2 7 2 1,4 3 6 ,0 8 8
7 4 5 ,8 3 0 ,2 8 3 7 1 9 .2 7 1 ,9 9 2

|

S ilv e r .

T o t a l.

£
8 0 ,7 3 7 ,4 13
15 1,3 5 4 ,6 7 5
113 ,7 7 2 ,4 6 0
1 4 2 .0 2 5 .0 0 0
13 .2 9 7 .0 0 0
1 1 4 .8 0 6 .0 0 0
4 0 .0 7 1.0 0 0
5 7 .7 6 1.0 0 0
1 5 . 9 8 0 .0 0 0
18 .9 7 1.0 0 0
1 5 .8 5 8 .0 0 0
1 3 5 ,0 0 0 10 .9 4 7 .0 0 0
6 ,7 2 0 ,0 0 0
£

12 .6 4 0 .0 0 0
1,0 0 2 ,4 6 0
12 .3 7 5 .0 0 0
2 . 2 8 9 .0 0 0
2 5 . 6 6 6 .0 0 0
3 ,0 0 0 ,0 0 0
7 2 8 .0 0 0
6 0 0 .0 0 0
2 .4 2 9 .0 0 0

6 0 .8 6 4 .4 6 0 7 8 2 , 3 0 0 , 5 4 8
6 0 . 8 2 0 .4 6 0 7 8 0 ,0 9 2 , 4 5 2

h a G o ld h o ld in g s o f tlie B a n k o f T r a n c e t h i s y e a r a r e e x c lu s iv e o f £ 7 9 , 1 3 1 , 1 3 7
h e ld a b r o a d .
* N o fig u r e s r e p o r te d s in c e O c to b e r 2 9 1 9 1 7 .
d F lg u r e s fo r 1 9 1 8 a re th o se g iv e n b y “ B r it is h B o a r d o f T r a d e J o u r n a l” fo r D e c . 7
19 17 .
h F ig u r e s fo r 1 9 1 8 a re th o se o f A u g u s t 6 1 9 1 4 .

THE ‘ ‘HERALD” AND THE “ SUN.”

.
Announcement that the New York “ Herald,”
with its evening edition, the “ T elegram /’ has been
bought by M r. Frank A. Munsey and will be amal­
gamated with the New York “ Sun,” also purchased
by him a few years ago from its older owners, is a
curious incident in the vicissitudes of daily journal­
ism. It is more striking than many of such incidents,
because of the fact that both these newspapers,
whose individual identity is thus to disappear, have
for more than a generation been closely associated
with names and personalities which are among the
traditions of the American press.
The mere fact of an amalgamation of two daily
newspapers became a commonplace in America long
ago— so long ago that the composite names which
the amalgamated publications assumed have them­
selves in many cases become a journalistic tradition.
The Louisville “ Courier-Journal,” the St. Louis
“ Globe-Dem ocrat,” the Memphis “ News-Scimitar,”
the Chicago “ Record-Herald,” the Charleston “ News
& Courier,” grew to be better known in some cases
under their new double titles than the separate
newspapers which were united into the one had been.
The fact that such amalgamations were so common
proved that the idea of retaining a good part of one
newspaper’s reading constituency, even when it was
absorbed into another newspaper, was not illusory.
Yet the transaction was in some ways a curious one.
There are no trade secrets in a successful daily news­
paper. Its sales are not made possible through
offering what it has at concessions in price or at
prices below its competitors. Its readers are held
to t only because they find in it what they want,
and one might therefore imagine that the merging
of one daily paper’s identity into that of another
would itself stand in the way of transfer of its clien­
tage. The success of the successful amalgamations
of the sort can be accounted for, perhaps, much as
the purchase of one doctor’s practice by another
physician is explained. The seller has in such a
transaction no power to transfer his patients; but the
fact of the sale and of his own retirement from the
field accomplishes at least two things— it removes
a competitor, and it hands over to the purchaser
that tangible asset known in the business world as
“ good will,” which in point of fact exists in medical
and publishing circles as actually as it does in trade
and industry.
But the case of the “ Herald” and the ‘Sun” is
somewhat unusual. The elder Bennett, who founded
the New York “ Herald” in 1835 was a notable in­
dividuality. He was undoubtedly the pioneer of
systematic news-gathering in the United States, and
he pushed the systematic collecting of news as far as



[V o l . 1 1 0 .

was humanly possible in that day. The story, long
current in newspaper circles, of his being flogged in
the street by the indignant subject of a personal
news item, and rushing instantly into the “ Herald”
office to write up and publish the account of the
assault, is probably apocryphal; but it testifies to
the belief of Bennett’s contemporaries in his indomit­
able resolution to let no news escape his paper. Cer­
tainly it is true that during many decades the New
York “ Herald” was the American newspaper best
known in the United States outside of New York,
and in the world outside of the United States.
With all its occasional vagaries (older New Yorkers
will remember its news story of the seventies, to the
extent of two full newspaper pages, of the escape of
the wild animals from Central Park) the “ Herald”
was also in its prime by far the greatest of all purvey­
ors of cabled news from Europe. It was the younger
Bennett and the “ Herald” who conceived the idea
of sending Stanley into Central Africa in search of
Livingstone, and, who in collaboration with a London
daily newspaper, paid the expenses of that celebrated
journey.
The association of Charles A. Dana with the “ Sun”
won for that newspaper an equally lasting tradition '
in American journalism. Nothing could have con­
trasted more absolutely than did Dana’s ideas and
methods in journalism and those of Bennett, except
for the single fact that both were determined to get
all the news at whatever cost. T o the elder Bennett
a newspaper editorial was a rather superfluous part
of the daily newspaper; to Dana it was the heart of
the whole enterprise. Whereas, with the “ Herald”
of those days, the guiding spirit of the publication
had its place in the news columns, extending only
incidentally from there to the editorial page, with
the “ Sun” of Dana’s day the criterion of trenchant,
picturesque and brilliant writing emanated from the
editorial page as a centre, spreading thence to the
columns of news and correspondence. The whole
machinery of the newspaper was governed by the
personality of the forceful writer who was its editorin-chief.
Both newspapers fell upon other days, and had the
hardship of outliving much of their former prestige.
Yet their traditions continued to surround each of
them, and that is what gives point to the New York­
er’s curiosity as to just what will be the outcome of
Mr. Munsey’s amalgamation of them. From at
least one point of view, it might be said that the
combination of two newspapers into one (or in this
case of four into two, since each has had an evening
edition) is not an unnatural recognition of the
economic conditions of daily journalism. The im­
mense expense of the newspaper business at the pres­
ent day; the constant shortage of the very paper on
which the newspapers are printed; the limitations of
profit, in these times of rising cost for salaries and
materials, in an enterprise which can make no great
increase in its own price— these might be said to
warrant, at least in theory, mergers or amalgama­
tions, as the economic solution, when circumstances
favor.
______________________

THE OUTCOME OF THE LONG DEBATE.
Quite apart from what may be the final form of the
decision of the Senate upon the Peace Treaty, or
what may prove to be the actual working of the
League of Nations, certain definite and wide-reach­
ing results have been attained.

Jan . 31 1920.]

THE CHRONICLE

Thus far attention has been fixed upon the harm
that has been clone by the long delay. It has often
seemed a personal controversy rather than a debate
in the interest of truth. Passion has been aroused,
unworthy motives have been charged, our fair fame
has certainly suffered much in the eyes of the world
and the people have become thoroughly tired of the
whole affair. Any decision that would have per­
mitted the proclamation of peace at the end of the
year and allowed the country to resume its normal
life, would have been heartily welcomed by a muchbewildered and a good deal disgusted and not a little
humiliated public.
Nevertheless, after the American fashion, a val­
uable educational process has gone on and much has
been learned that has permanent value. It is quite
worth while to attempt to call attention to some of
this that may not be at once recognized.
For instance, the doctrine of the supreme au­
thority of the State which has been the basis of the
entire German development of the last half century
and which had come to be largely accepted in other
lands, and made the substance of some academic
teaching has been thoroughly descredited, if not
entirely repudiated. Power has passed into the
the hands of the people, and the heads of the Govern­
ment, however they may be created, or by whatever
name they may be known, must henceforth give
account of themselves to the people whom they
represent rather than govern. The way in which
the most weighty decisions of the President of the
United States in lines that were supposed to be in
full accord with the desires of the people, were care­
fully reviewed and sharply antagonized and sub­
mitted to thorough revision, until the country
through its chosen representatives could be assured
that they expressed exactly the wishes of the citizens,
cannot fail to have wide effect in Europe. No
Kaiser, however self-important, can hereafter an­
nounce himself as the vicegerent of God with any
hope of being so accepted.
On the other hand no State, however marked its
individuality, or however great its power and wealth,
or ancient its history, can be judged as if it were a
personality. For example, it can have no religion.
It may be a Mahomedan or a Buddhist or a Christ­
ian State according as its inhabitants are predomi­
nantly one or the other, but the State, as not a per­
son, has no religion, and it is coming to be univer­
sally recognized that it cannot rightly enforce any
religious tenets, or in fact be held obedient to any
moral code. Its leaders may, and must, be so judged
but not the State. The State is a creation of its
inhabitants, who, obedient to an inherent universal
instinct, have organized themselves in what we know
as human society, with all its varied institutions for
their common protection and advancement. With­
out this aid man would promptly relapse into sav­
agery. The State therefore may be regarded as in
the plan of God an agency or implement for making
possible the existence on earth of all races and peo­
ples, each free to develop according to its special
needs.
As a matter of fact “ the State” does not exist,
any more than does “ the Church” as the Christian
Commonwealth. Individual States exist, as do in­
dividual Christian groups organized as churches.
They are each representative of the people who
compose them, and will disappear when they pass
on into the larger relation. The State will merge,




403

with the Church, into the kingdom of the redeemed.
What, then, is the particular State to which we
as citizens belong? It is primarily a trustee. It is
called into being to secure a continuous existence for
what a given community has learned to value as its
peculiar inheritance and possession, all that is most
worth preserving in its labors, its experiences, its
products, its affections, its memories and its tradi­
tions. These constitute the precious legacy passed
on from generation to generation. To this trust the
State must be true. It cannot be abandoned, it
cannot be refused.
Individuals may do what they will with their own.
Not so a trustee. The one test for him is protection
at any price of the interest of the heirs. The inheri­
tance must be defended against all comers. The
welfare of the wards of the trust, the coming children
of the nation, is the supreme function. That wel­
fare includes, of course, the well-being, the preser­
vation and the development of their entire inheri­
tance, mental, moral, spiritual, no less than material;
for the State is in the largest sense the servant of God.
Because the relation is a fiduciary one, the State
has no right to create new and unrecognized obliga­
tions for its wards. It can move only so far and so
fast as its creators, the citizens, are at any given
time prepared to go. It can develop the trust, it
may not introduce strange elements. Its function
will always lie in opening the eyes and the minds of its
people to what is contained within it. In this way, in
recognizing the germinant properties of the trust,
every rightly organized community shows progress; it
advances in the attainment of its higher self.
This explains why the advance of humanity has
been so slow. The State cannot enforce civilization
upon its own citizens or upon others. For eleven
hundred years,from the first Constantine to the last,
the Christian Empire was as despotic as the pagan.
In the French Revolution the free-will of the indi­
vidual was subjected to the unbridled power of the
State. Though “ the Puritan story is the story of the
slow but noble triumph of all that is finest in the
English temper,” it would be as unreasonable to
speak of the Puritans of the 17th century as “ demo­
cratic” as it would be to class them as Prohibitionists
or “ woman suffragists.” The thing was unknown in
any such sense as it is to-day. John Cotton said in
1644 that democracy was “ the meanest and the
worst of all forms of government.” He meant by it
mob rule, or at best the rule of the ignorant.
The discussion in the Senate, whether this was
intended or not, has made it clear that the State is
bound to exercise its trust in relation to other and
similar trusts, that is, to other States. As the
contents of the national trusts together compose the
sum of humanity’s social possessions, no State can
canton itself off or withdraw from mutual obligations.
The world is one. In defending its own trust each
State is bound to do its part in protecting other
States, for it holds something in trust for them as
they do for it, in the common stock of human well­
being. Here lies true internationalism. Any State
that attempts to capture another’s inheritance can
only succeed by destroying in greater or lesser degree
what is the peculiar possession of that other people.
It becomes so far the tyrannis, the destroyer of the
life of a people.
However the particular question be decided to -d a y ,
in one form or another a League of Nations becomes
mevitable at that stage of human development when

404

THE CHRONICLE

men discover that no man lives to himself, and when
no right-minded man will choose to live by the de­
struction of others.
We are to-day much nearer than we were a short
while ago to seeing that ‘ ‘the surrender of the sov­
ereignty” of a great State is, like the assumption of
the marriage tie, entry into a higher and more fruit­
ful relation, one that cannot be avoided without
blighting the future of the race.
This is the re­
sponsibility which the Senate of the United States
faces to-day, and which cannot be shifted or escaped.

THE SOLUTION OF THE RAILROAD PROBLEM
— FAITH IN THE PEOPLE.
The conferees of the two Houses of Congress on
the Railroad Bill are still at loggerheads and daylight
on the railroad problem, for which the whole com­
munity is yearning, seems as far off as ever. To-day
is the last day of January, and thus one of the two
months before the proclaimed date of return of these
ravished and partly-ruined properties to their owners
has slipped off, day by day, while the interminable
controversy that has been going on for more than a
full year has continued to claim prominence before
men’s eyes and apparently in their conversation and
thoughts. But are we not ourselves to blame for the
way things continue to drag in face of an urgent
need? We have bled the roads, in the name of
regulation; we have consented to and abetted in­
crease of their expenses; we have permitted a long
line of surrenders to the employees, in the name and
for the sake of peace when “ there is no peace” ; we
have acted as if our only concern was to have trains
run and as if some undiscoverable monopolists who
own them would be forced to operate under any
conditions. W e, the American people, have made
our own troubles in the work of transportation.
Calling for a little more sleep, a little more slumber,
we have refused to be disturbed by questions we
lazily chose to consider lay “ between the roads” and
the men; we have drifted, have yielded vicariously,
have dodged, and have gone on drifting.
We must accept the situation we have permitted.
The roads were weakened by maltreatment, and we
looked on idly. They were seized, needlessly and
unhappily, and we consented. They have been fur­
ther bled under the seizure, and we have permitted
that. Now we must lie in the bed we have made.
The difficulties of the situation are as undeniable as
the gravity of it. N o sound mind can underrate
either, or confidently produce a scheme which will
not involve both problems and sacrifices. We must
face and address ourselves to both. We must take
the most just and wisest line, at no matter what
present burden, since strict honesty and broad treat­
ment will in the long run prove the most progressive
and the least burdensome. On the financial side of
the subject, Vice-President Sisson of the Guaranty
Trust said justly on M onday night that the really
vital question is “ not what the railroads are entitled
to, but what the public is entitled to ,” by which we
assume him to mean that the public owns the roads
and when the public acts best for itself it will act
best for its properties. The roads, he said, “ must
be allowed to earn enough to provide” the adequate
service which is essential to the continued prosperity
of the country. At every standpoint we are brought
back to the question of rates, he said, and the chief
danger is in failure of the public to so measure the
subject as to prevent “ a solution in whole or in part




[Vol. 110.

opposed to the general welfare to be worked out
under the pressure of selfish interests.” Our roads,
he added, “ should be taken out of the field of ex­
ploitation into that of sound economics; they present
a business problem to a business pepole.”
The roads must come out of depletion first, and
then they must grow. They must be supported,
clumsily and wastefully, by taxation, or by private
capital, and that is conditioned on restoration of
credit; no problem of mathematics could be plainer
or more immovable. This is our own remark, not
Mr. Sisson’s, although we deem it in accord with his.
The “ selfish interests” are so loud and so aggressive
that they leave no doubt of their identity. The
Plumb plan itself lies lurking, scotched but not
quite killed, since it was not met by the blast of
public indignation which should have shriveled it.
The brotherhoods do not want the roads returned;
they were bold enough to tell us they would not
permit return, they still hope to interpose another
term of delay, and now they are reported as ready to
make another push for “ higher wages and a final
adjustment of working conditions before March 1.”
There is something both pathetic and encouraging
in the appeal of Senator Cummins to the Bar on
Wednesday night, to “ pray for us every night,”
if his listeners have any faith in the divine guidance.
“ We need every spiritual guidance the people of the
United States can obtain (said he) and even then wo
may not come to the right path.” The encourage­
ment is in the recognition of the serious difficulties
in the problem, in the sense of human fallibility, and
in the desire to find the right path. If history teaches
anything, it is that this attitude of seeking is the
surest warrant of finding, and nothing is so needed
now as that the American people recognize the prob­
lem as their own and seek the right path in the only
direction which leads towards it, the direction of
combined economic sense and the sense of honor.
Perhaps it may help the Senator to caution him
against being too sure that the real problem is “ in
the impossibility of giving some roads enough with­
out giving others too much.” It is not quite a ques­
tion of “ giving,” and although inequalities of profit
are a bugbear of to-day they are a part of life and
will last as long as merit and service are not uniform.
On the financial side of the problem of returning the
roads, it is wise not to overstress a lack of uniformity
which prevails in everything else.
On the other part of the problem, dealing with labor,
this is a campaign year, and it would be a barren
counsel of perfection to say that the deep importance
of the next nine months should not be taken into
account; legislators will balance this in their calcu­
lations, not only because they are human but because
to take no thought about it would not be duty. Yet
(as the second piece of counsel) beware of yielding
too much for the labor vote. To start with, that
vote always trades upon its solidity, but there is no
satisfactory evidence that the solidity exists as
claimed; even in strikes, where individual conduct
cannot be concealed and independence is held a
punishable offense, there is almost invariably some of it
in desire and often some in action, defying the orders
from the centre; when men act individually, as in
the voting booth, it would be foolish to believe the
assertion that they will all obey orders.
In the next place, even if the railway unions do
stand together as one and are able to keep the mighty
Gompers as their ally (or, as he would put it, to keep

J a n . 31 1920.]

THE CHRONICLE

themselves as his) the number of them all is greatly
overrated; it is the leaders’ cue to have it so. At the
most, organized labor is only a small fraction of the
voting population. Further, a vote is only one,
arithmetically, and a thousand tied in a bunch and
virtually cast by a central boss are no more in the
count than any other thousand cast for one ticket;
organization may be over-feared. Our campaigns
have given many surprises, when vociferation and
parades and preliminary canvasses and positive
declarations and even the trend of the betting have
determined it all in advance and then the silent vote
has turned the scale another way.
Recall that epigram of Chief Stone of the Engineers’
brotherhood, that “ receivers’ cash is as good as any.”
He has never disavowed it, yet he should have
publicly professed repentence long ago, for in its
brutal disregard of everything but self it might have
been uttered by Robert Kidd. Apathetic though
we still seem, is it not possible that the American
people hold another view of receivers’ cash and have
had enough of the selfishness which would clutch
everything in sight and cares not what befalls the
rest, a selfishness too blind to even see that it would
destroy its own sources of sustenance too? If we
have really lost our sense of cause and effect as well
as our sense of honor, we might better go the full
length without struggle, and take the Reds as our
leaders instead of deporting them.
Excessive caution is sometimes the sure warrant
of defeat, and the courage which believes and dares
may be the warrant of triumph. So the best counsel
for Senator Cummins and the others who really seek
the right path is to seek it sincerely and not have too
much fear of consequences. D o not mistake noise
for strength, or even for numbers. Have faith in the
substantial qualities of the American people, although
they arc slow in manifesting them. D o not be sure
the people are not thinking quietly and rightly,
although only the blatherskites and the brazenly
selfish are talking. Have courage to take the line
of wisdom and honor, and to believe that the right
path must lead to the right place.

THE

FEDERAL TRADE COMMISSION
THE FARMERS.

AND

In a more reasonable manner than Chairman Colver
adopts for the same purpose, Mr. Thompson of the
Federal Trade Commission attempts to explain and
justify that body. Speaking on Monday to the
Inter-Mountain Farmers’ Association in Denver,
he paid a brief tribute to the value and the personal
attractiveness of cultivating the soil, and said that
numbers in farming do not alone suffice to assure
a country’s safety; “ farmers must also be informed,
they will be so considered when they have a know­
ledge of their government.” So he undertook to
show how the Commission helps farmers, in that it
“ deals daily with the subject of distribution and dis­
tribution affects costs.” In a figure of speech, he
told the farmers that the Commission “ sees the world
of business as a great river of trade” (which it surely
is) and the part of the Commission “ is to keep that
river free from obstructions such as will tend towards
monopoly.” At one time, this figurative stream
“ freezes up, that is the time of unproductiveness;”
in the flood period “ over-production predominates
and the channel must be cleared or the banks will
be submerged . . . it is for removing this work and




405

the removing of the snags and sandbars in the streams
of trade that the Commission was created.”
In buying farm machinery, for instance, “ if the
channel has not been kept free the cost will be greater
to you,” he tells the farmers, and if they qannot move
their crops “ there is some obstruction to be cleared,”
unless there is some abnormal condition such as
tremendous crops abroad. So, after this appeal to
class self-interest, he proceeds to quite plausibly
explain how the Commission is at once a channelclearer and a smoother of all the roads of distribution.
It is an umpire, and as such of course cannot “ inflict
penalties for every infraction of the rules.” Only
real menace to the public interest can be considered
in unfair practices; “ it is the difficulty of determining
when the public is affected that causes the members
of the Commission to stay up nights.”
M r. Thompson repeats the Commission delusion
(expressed in a bill already mentioned) that “ there
are many who would like to see a governmental insti­
tution that will become their father confessor, their
physician, their advising counsel, and their pro­
tector;” but he thinks many industries now begin to
understand the wise and kindly purpose better, and
so he wants to explain how the scheme works. He
discovers as one of its greatest obstacles the complete
monopoly given for a term of years by our patent laws,
and it is quite true that all the outcry against mon­
opoly has not yet been able to raise an appreciable
demand for a material change in this one exceptional
scheme, authorized originally in the constitution
itself, on the belief that monopoly may sometimes be
of net public advantage.
A few rare men are born pioneers and discoverers;
no patent scheme can unduly reward them, and the
lack of any would not prevent them; outside of those
and their work an improvement perfected to-day by
A might have been perfected next week by B, so that
mere priority in date is not necessarily such an over­
whelming merit as to leave B without some just
deserts. Yet priority is the only available rule, and
the monopoly must be complete or the stimulus
would be lessened. So there is no moral wrong
(although Mr. Thompson seems to see some) in
threatening or bringing infringement suits, or in sueing
many individual infringers, or in sueing in a number
of jurisdictions, or in using every vantage which law
practice admits.
Mr. Thompson quotes the chairman of the legis­
lative committee of the Inventors’ Guild as saying
that “ it is well known that modern trade combina­
tions tend strongly towards constancy of processes
and products and by their very nature are opposed
to new processes and new products originated by
independent inventors . . . and consequently tend
to discourage independent inventive thought.” This
seems too broad a generalization, yet it is true that
when a producer gets control of a patent on an im­
provement in his line he will treat it, as he treats any
other property, according to his view of his own
probable advantage. Withholding a patent from
use may be for the present advantage of the owner
and not for the present advantage of the public; in
this there may be a present public loss, and the ques­
tion which Mr. Thompson raises is a fair one (on
which he perceives no doubt) whether this country
ought not to follow England in requiring a patent
owner to either work the patent within a reasonable
term, satisfactorily show that this cannot be done, or
stand aside and allow others to work it. It is not

406

THE CHRONICLE

certain but that the present absolute right “ to make,
use, and vend” ought to be qualified by limiting fur­
ther the term during which this right is both exclu­
sive and optional. It is a question of the net public
welfare, and of nothing else.
M r. Thompson refers anew to the trade in worth­
less securities and advocates “ a Blue Sky law, properly
drawn, and wisely administered,” applying alike to
all associations or corporations. It should require
filing information, “ it must be in action as nearly
automatic as possible and must relieve the public
official who administers it of discretionary powers.”
The bill of Congressman Taylor of Colorado can be
amended, he thinks, to meet these requirements.
Has it occurred to M r. Thompson and M r. Colver,
we wonder, to ask themselves why explaining and
justifying the Commission to which they belong
appears necessary of late; is it that signs of public
weariness appear ? Apology seems to be M r. Colver’s
part particularly, and whenever he thinks of the pack­
ing business he sees red and cannot contain himself;
from M r. Thompson we might expect better, arguing
from his address in December to the life insurance
men. In all he said to the farmers about “ distribu­
tion” he is entirely right, for, except that the farmer
comes nearest to being able to subsist independently
of others after a fashion, nobody has larger concern
than he in transportation. So we regret that Mr.
Thompson failed to see and use an opportunity by
appealing to the farmers, alike on the score of self­
interest and real justice, to understand the plight of
the railroads and come unmistakably to their rescue.
He might have warned them against all attempt to
attach them to the Brotherhoods and to the Plumb
plan of piracy. He might have warned them against
all sectional and “ class” appeals and divisions. He
mighc have cautioned them against being influenced
by or even giving heed to the current oratory against
“ capital,” and if he had woven in some sensible
observations on the blind arrogance of labor in these
trying times he would have touched a responsive
chord.
M ay we remind him that although lost opportuni­
ties never return, new ones can always be discovered
by keeping watch for them?

THE HERCULEAN TASK OF RIGHTING ALL
THE WRONGS.
In a recent article a “ practical” man, mentioned
as a Presidential possibility, stresses the political
duty of preserving in the United States the “ equality
of opportunity.” In his view of economics this is
a fundamental of our industrial progress. Each
man must have his chance, in a fair and open field.
Strangely enough, if we turn these words around we
obtain an expression of what many regard as the
“ new movement,” namely, “ the opportunity of
equality.” Each man must have his share, and in­
dustry, society, or government must give it to him.
The contrast is complete. And as we range from
one extreme to the other we cover the entire field of
politico-economic discussion. If it were possible
to give to each man actual equality of opportunity,
perfection must still wait on the man. On the other
hand if it were possible to give to each man the
opportunity of equality, perfection must presuppose
the capacity of natural environment, to satisfy
human desire and its susceptibility to equal division
by some power outside of man, and independent of
his will and wish.




[V o l . 1 1 0 .

As a people, then, we are not prepared now to
usher in the Millenium. Why we seemingly attempt
it in theory, in the confusion of the wake of a worldwar, ought of itself to give us pause. Often we say
“ oh!— there are so many ways of looking at things.”
And, sometimes, we think if we could all “ see alike,”
every difficulty would vanish. But do we give due
weight to the fact that these “ things” are infinite
in variety? We teach our children that old golden
maxim: “ Where there’s a will there’s a w ay.” But
is there a way? In our conscious, or it may be
unconscious, egotism do we really consider both
sides of this herculean task we have set for ourselves
(at what many must believe an inopportune time)
of righting all the wrongs? It is our purpose here,
if we can, to sketch in, broadly, a few of the condi­
tions and causes we overlook. But before we do so
we would suggest that if there is a spiritual and a
material world in which we live, it may be possible
to mould the spiritual, much easier and to more
purpose, than to change the material.
Let us go directly to the centre of “ things” — the
relations of labor and capital, so-called. We would
have harmony between the two in effort, and unity
in purpose. And to the end that results shall be
equally divided. Here enter, shall we say, a thous­
and theories. We divide human effort into these
categories: Production, distribution and consump­
tion. Again we seem almost to cover the whole by
agriculture, manufacture, transportation. Now the
end is— equality in all things for every man— a child
born into the world entitled (though there are, per­
haps, to be no titles) to an equal share of all that is
and is to be. And we proceed to theorize, discuss,
and even legislate, accordingly. Now is it not plain
that before such harmonious relations as desired
(and as are in fact imperative) between production,
distribution and consumption can exist, neither must
make a greater call on the sum of human effort than
the other? Not only must the total population be
perfectly adjusted to these three divisions, but the
divisions must be perfectly (equably) adjusted to
each other.
Now, while perfection does not exist on earth, the
functioning of these divisions of effort or “ labor,”
(labor in this analysis being inclusive of stored-up
labor or capital) compels them to assume certain re­
lations which we term “ natural.” They pull and
push each other (the cog in one wheel pressing on
the cog in another and turning it)— the mainspring
being what you will, need or acquisition; and the motive
likewise, either sustenance, power, or pleasure.
1he
result is a form of equilibrium, a condition of life,
a civilization. It is, as far as the individual is con­
cerned, the “ equality of opportunity,” every man
(if free) having his chanee. It is not the opportunity
of equality— and never can be, while liberty lives
and progress obtains. But in tearing this mechanism
apart and putting it together again we are apt to
become the tinker who leaves a wheel out. And it
must also be true that when we attack this continuing
process of advancing life with social theory and arti­
ficial law (not conformable but arbitrary) we tend
to destroy whatever of equilibrium already naturally
exists.
Look at some of the conditions to be overcome.
We will suppose equality of ability, energy and in­
tent already existent in the individual man.
Pro­
duction must be made to fit itself exactly, in all lines,
to consumption and trade. Distribution must serve

J a n . 31 1920.]

THE CHRONICLE

407

equally well both consumption and production. he himself throws into the air, only crawling into a
And consumption, dependent as it is on production hole and pulling the hole after him )? The parts
and distribution, must not require of either more (crafts) are now at war with the whole (one “ big
than its share, and must pull upon all kinds of effort union” ). But labor (active and stored-up), is
with an exact and proportionate power. And all unrelated (not fitted) to either population or en­
this in a changing population in process of develop­ vironment, but is in process of adjustment by natural
ment. What do we discover? A vast agriculture development. Talk about an international sanhedrin,
in an alluvial interior valley— a huge manufacture on sitting at Geneva or Brussels, or in the skies for that
the narrow fringe of the Atlantic seaboard— gradually matter, pronouncing perfection on “ human relations’*
stretching northwestward across the Alleghenies in a and “ better living conditions,” for humanity as a
natural endeavor to avoid waste and supply at the whole, is about as bombastic and vain as asking
least cost the most of human need. Wages, being God why He made man and the earth, “ anyway.”
the result of the functioning of labor (including
Owlish adepts of modern reform, sublimated vis­
stored-up) cannot inure equally or even equably to ionaries of world-unity and world-democracy, leger­
either the division of industry or to the individual demain leaders of laborers who don’t want to work,
consumer, until the process of development is com­ call it reaction to believe that any natural law exists
plete, and waste in effort is eliminated.
that is worthy of respect. They seem to scorn the
In current discussion of the proper relations of very uplift they preach, the divine purpose running
labor and capital, in an endeavor to find a means of through creation giving man dominion by adjusting
equable distribution of the proceeds by theoretical, himself to the beneficenses of his endowment. They
arbitrary, artificial, wage-scales, price-fixing anc. start from perfection (of their own conjuring) and
profit-sharing, we utterly ignore the tremendous work backward and downward. They can grow a
factor of the distribution of population. We ignore mango tree in a minute, in the arid sands of their
the law of “ diminishing returns,” whether it be the own thought. Strangers to the philosophy of poise,
relation of the machine to the man or the man to analysis, judgment, the crystal-gazers of collective
the acre. We have congested manufacture in one bargaining, they can anticipate a hundred years of
portion of a given territory (over which political future industrial growth by a single “ strike.” Of
government extends, constituting a nation) and waste­ what use to talk of a final possible equilibrium be­
ful though as yet expansive agriculture in another. tween factory and farm (when they shall feed each
Transportation (the chain between the two) extend­ other without conflict or waste) the All-American
ing irregularly under the unifying demands of both, Labor-Farmer Union will do the trick now and save
not yet adequately fitted to either.
time. The industrial Hercules is on the job. The
Consider our great cities— New York City, if you only changeless thing in a changing world is the
will. Can there by any doubt that they are a heavy inordinate egotism of the man who was born to set
tax upon human effort— that they do not pay their the world right, and do it before he dies.
way in that sum total of necessary production pro­
portioned to the whole population. How much THE ELEMENT OF ETHICS IN ECONOMICS.
of the effort of this six millions goes into manufacture
Writing of a new edition of “ The Little Flowers of
which actually (or potentially) exchanges equably St. Francis,” which has recently appeared from the
with agriculture, and how much is wasted (as to the house of Dutton & C o., Archbishop Hayes of New
whole) by the necessity of serving each other in York says:
wasteful or non-productive ways? It is true cities
“ If America were to grow in spiritual power in
of size pay a large part of taxation— but even this proportion to her material and educational develop­
only renders them less proportionately productive, ment, the supremacy of the American ideal in gov­
within the sense of our present meaning. Yet a ernment and the salvation of American institutions
few thousand longshoremen on the dividing line would be guaranteed.”
between domestic and foreign trade by means of
The Archbishop finds a partial parallel between
unions undertake arbitrarily in an imaginary scheme the times when this good man worked and wrought
of “ right relations” to fix a “ living wage” — regardless and our own. “ Then as now ,” he writes, “ civiliza­
of all the laws of push and pull imbedded in and tion was strangely stirred. A world impulse with
operating through all processes and progression in 3roader, deeper and larger ambitions gripped the
the whole of industry !
souls of men. . . .
A new independence seemed to
If now these are factors in the finality we term dawn on mankind. Feudalism came to an end and
civilization (our established relations whatever they serfdom was passing forever. Magna Charta was
may be) is it not •apparent first, that artificial regu­ signed in 1215 by King John in the presence of the
lation, direction or control of any small part, without mitred Langton and of many barons who had seen
first redistributing population and relating it pro­ service in the crusades. Parliament convened regu­
portionately and perfectly to need (sustenance), larly and the plain people began to send their own
environment (means), and progress (continuous representatives to sit therein. The great digest of
operation) is merely introducing a factitious ele­ the English common law by Brocton appeared, the
ment that retards and disorders whatever of equable basis of jurisprudence in English-speaking countries
relations (justice) may exist under the natural law, ever since. Charters of basic liberties were granted
which operates because it is written in the constitu­ in France by King (Saint) Louis I X ., and in Spain
tion of things, and discloses the divine purpose that by King (Saint) Ferdinand III. . . .” It was at
‘ ‘all things work together for good?”
this time, seven hundred years ago, there came “ the
Further, is it not apparent that all efforts, experi­ .iving portrayal of humility, poverty and simplicity
mental either of society or government, to bring sud­ in Francis,” whom the Archbishop tenderly describes:
denly into existence the Millenial opportunity of “ Francis builds a little hut; rings sweet-toned bells
equality, arc against the operation of the equality of to call men to heavenly things; preaches to the
opportunity— (man in his effort to climb’ a ropeladde* flowers, birds, and fishes; sees in the sun, the moon,




408

THE CHRONICLE

and stars his brothers, and finds ‘sermons in stones
and good in everything.’ . . . True child of
nature and of grace.”
When we seek to uncover this “ parallel,” on our
own part, we may summon a hope but we do not
reach a conviction. It is true that a crusade for
humanity has been carried overseas to triumph. It
may be that there are dawning new visions of human
liberty, but we find them obscured and confused.
And it may be there is on the horizon a spiritual
awakening. But where is the leader who preaches
the uplifting power and the “ sweet reasonableness”
of “ humility, poverty and simplicity” ? We know
that one division (of many denominations) of the
Church which follows the lowly Nazarene, is prepar­
ing to put forth a great effort to redeem the world—
this new world that lives in so many minds. But do
we find a St. Francis at the head of it?— rather we
find a mighty effort put forth to raise an enormous
fund to carry on the work and a sort of unionization
of sects for power. We do not say this deprecatingly.
Concerted movements of this kind are freighted with
much good, and without ample financial means they
could pot be carried to success. But are we not in
danger of becoming the slaves of unionization?— we
do not depend upon the shining spirit of the single­
handed Clerist St. Francis to “ draw all men,” but
we seemingly plan for a new war, not the coercion of
force, but the coercion of opinion. Yet there is in
these words “ humility, poverty and simplicity” a
lesson in ethics which, we believe, may be made
applicable to our economics, and show us the way.
Let us plunge boldly into this subject by using
the “ profiteer” as in illustration. Has the individual
any ethical relation to our industrialism? We say,
of course, he has— especially if he be an employer—
in this event he must be “ humane,” must consider
employees as men not machines— or further must
not make a commodity of labor, and must grant
better “ living conditions.” If on the other hand we
likewise say he must be willing to earn his wages,
must consider the fortunes of the plant, must be
willing to come in touch with the employer in “ man
to man” fashion. And if he be of that clerical,
professional or agricultural class, who is “ consumer,”
then he must be willing to buy for economy’s sake,
and to live frugally, exercising thrift. What then—
society, government, craft, as factors to control in­
dustrial relations and compel “ equality” — a hundred
and one schemes— but practically every one of them
depending upon some form of “ unionization” and
the use of large amounts of money. Yet if every man
were to heed the spiritual call of his own soul to
adopt the life of St. Francis, how many of these
economic ills would disappear!
We do not mean literally— but spiritually. We
know already what we ought to do to be “ humane.”
Conscience is not dead in man. If God and the
Church were blotted out we would still know how
mean a man is who overcharges a mother for milk for
her sick babe. We do not need any union to tell
an employee he ought to look out for the interest
of his employer. And if exorbitant wages are a part
of the high cost of living we know at which door to
lay the complaint. The trouble is we say: “ Every­
body is doing it.” We believe we must advance price
to “ hold our own,” and there is a modicum of the
truth of necessity in this. We are perhaps fearful
of taxing power on the part of governments, even
more fearful of the proletariat and his Soviets, syndi­




[V o l . 110.

calism and communism, so we spend to-day, for to­
morrow property may die. But do we need a Christ
or a St. Francis to tell us that if we were all patrioti­
cally bent on the sacrifice to “ humility, poverty and
simplicity” our inequalities, ills, quarrels, and troubles
would largely disappear. And those who see and
will not heed cannot escape a share of responsibility
if any child walks barefoot in these winter snows.
The problem of industry cannot escape its indi­
vidualistic character. But the man must be regener­
ated. He must so live that others seeing will follow.
He must not wait for the other fellow to do, he must
do himself. Here is the opportunity for a spiritual
enthusiasm that would sweep the world to peace,
prosperity, and plenty. If it is a dream, so is worlddemocracy a dream. We are too willing to shirk
personal responsibility. And this is one accompany­
ing fault of representative systems and governments.
The representative feels called upon to gain some
advantage for his constituency and to sacrifice no
interest or right. And in this he may not be blamed
— but the true responsibility is but the more thrown
back on the individual. Is it not true, that we do
not need a “ high level” more, or as much as, a “ low
level” ? If a wave of spiritual effort to put down
prices were to grip the people of this country, every
man doing his part, would they not come down,
despite profiteer, unionization, or governemntal
endeavor ?
•
Yet we have learned discussion over the influence
of money, of strikes, of profiteering, of government
debt and waste, of personal extravagance and riotous
living. If as alleged production as a whole is within
ten per cent of normal now, a general sacrifice upon
the part of one hundred millions of ten per cent
would make plenty for all. But we leave this to
the Church to institute, or to the government to
induce or compel. Nothing however can stand
against the condemnation of public opinion— nothing
can withstand the slow irresistible power of many in
and through and by means of the one. “ Simplicity”
— it is not only beautiful but powerful. “ Poverty,”
it is not only chastening and inspiring, but it is soul­
awakening— not the actual poverty of want and lack
of commercial power— but the poverty of false
standards, selfish aims and fruitless endeavors.
“ Humility,” not the cringing before place or poten­
tate, but the lowly living that is willing to do its
best in its local field and does not yearn to be a hero
of the world. ______________________

SECRETARY OF TREASURY GLASS ON FUNDING OF
LOANS TO EUROPE.
On Jan. 28 whon Secrotary of the Treasury Carter Glass
appeared bofore tho House W ays and Moans Committoo to
present President Wilson’s appeal in bohalf of tho starving
peoples of Austria, Poland and Armonia, discussion was
had relativo to tho principal and interost of tho $10,00 0,0 00,­
000 loaned by the United Statos to the Allies. Secrotary
Glass is reported as stating that ho thought tho Troasury
had authority to fund tho loans and intorost, but addod that,
if tho Committee doubted this, it should rocommond that
Congress confer tho authority. IIo said an elastic policy
as to tho collection of tho intorost and principal was neces­
sary, because some European countries might bo able to
meet their obligations soonor than othors. In stating on
Jan. 24 that a virtual agreement had boon roachod by tho
House W ays and Moans Committeo to givo tho Secrotary
of the Treasury a froe hand in funding the intorost on tho
war loans of the Unitod Statos to foreign nations, tho Now
York “ Sun” in Washington advices also said:
Tho committee is a unit in approving tho stand taken by Secretary Glass
that tho Allies should not bo compelled to meet tho Intorost payments on
tho loans which amount to $450,000,000 annually, but that this should bo
funded by the Treasury until Europe Is back on Its foot again, representa­
tive Fordnoy (M ich.), chairman of the committoo, announcod to-day.

409

THE CHRONICLE

Jan . 31 1920.]

CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1919
Continuing the practice begun by us fifteen years ago, we furnish below a record of the highest and
lowest prices for each month of 1919 for all the leading stocks and bonds dealt in on the Chicago Stock
Exchange. In the compilation of the figures, which are based entirely on sale transactions, we have used
the reports of the dealings as given in the Chicago Stock Exchange official list each day, and in our range
we make no distinction between sales in small lots and sales in large lots.
For record of previous years, see “ Chronicle” of Feb. 1 1919, page 410; Jan. 26 1918, page 333; Feb. 3
1917, page 399; Jan. 29 1916, page 380; Jan. 30 1915, page 349; Jan. 31 1914, page 347; Jan. 25 1913,
page 244; Jan. 27 1912, page 256; Jan. 28 1911, page 234; Jan. 29 1910, page 276; Feb. 6 1909, page 348;
Jan. 25 1908, page 205; Jan. 19 1907, page 138; Jan. 20 1906, page 135, and Jan.21 1905, page 198.
O c to b e r
S ep tem b er
N ovem ber D ecem ber
June
A ugust
A p ril
M ay
J u ly
F ebru a ry
Ja n u ary
M a rch
L o w H ig h L o w H ig h L o w H ig h L o w H ig h L o w H ig h L o w H ig h L o w H ig h L o w H ig h L o w H ig h L o w H ig h L o w H l gh L o w H i g h

BO N DS
R A IL R O A D AND
M ISCE LLAN EO U S BO N DS

...................
81

4si Scries “ B ” .................... 1927

103

102

................... 1007S 10212 102l2 103*4
94
93i 2 95
8978 92l2

91

10 1

84
90*4 82
47U
49*4 40
7S<2 79
81

C h ic a g o C ity R ailw ay 5 s . .1927 80
C h ic a g o C ity & C on R ys 5s 1927 45
C h ic a g o R a ilw a ys 5s______ 1927 80

10214 102*4
94 102i2

92i2 IOUs 9212 100*8

10012 101*8 10 1
B o o th Fisheries S F D 6 s ..1926

83*4 83*4 82>2 83

87U 8714

88
88
100?8 1007s
100i« 10012 100 i8 10018

49
49l 2 47
27*4 28

8 OI2 83
47
77

78
41
48
78*4 72

78
45
74

4912 45

49*4 42

44

75
41l2
72
55
40

77
44*2
76l4
63
40

39
40
96
____1923
C h ic a g o96*3
T e le97
p h o n96U
e 5s 9078 96
96*8 98*4
96Vi 96
88
88
C h ic a g o lln Sta 1st M 4 ^ 8 .1 9 6 3
C om m on w E d ison 5s______ 1943 'o il's 95is 93
9412 93
9312 93U 93*8 9212 93 '8
92
92l8
90
C om m on w ea lth E lec 5s___1943 90
92
92
92
C u d a h y Rack 1st M g 5s___1946 92
98.9099.20 93.2098.50 98.5098.50
93
L ib erty L oa n 2d 4 s__ 1927-1942 92 93.30 90.9493.10 93
L ib erty L oa n 1st 4 ^ 8 ._ 1932-47 94.9295.80 94.8094.80
93.3293.32
L ib erty L oa n 2 d 4 J 4 s . . . 1927-42 94.5094.50 93.8494.00
94.3095.90 93.7095.50 9445095.10
94
93 93.50 94
L ib erty L oa n 4th 4 > is ____1938 93.9495.50 93.5094.90 93.20 94
M etrop W S id e Elev 1st 4 s . 1938
54*4 ...................
E x ten sion g 4s___________ 1938 50>g 501j 50ls 5578 50 <8 55*s 50
r ili^ I in ic y

79
45U
74%
59
38

8512 85i2 85

N orth w estern Elevated 5s. 1941
I*eo G as I.t & C ref gold 5s. 1947
C h ic G as I. & C 1st 5 s ...1 9 3 7
P u b Scrv C o 1st ref g 5 s ___1956
S o u th Side Elevated 4)4* ..192 4
Sw ift & C o 1st S F G 5 s ____ 1944
W ilson & C o 1st 6s ................1941

83
77

83
78'2

87U
79l 2
90
90lg

871*
79*4
OOig
9312

77

85

88

87i2
7912
96
98’ 2

87i2 87>2 8712 87*8
77
79>2
96'2 957s 9*614 96
987s
9S'2 98*4 99

77'g 7714
85
85

94

94

92

93*2 9212 92*8

74
44>2
73l 2
55
40

79>2
55
74*8
6012
55

74*4
48 14
73l 2
581.J
47>2

7912
55
7612
0012
48<2

J... ,Ji
*
B o o th Fisheries n e w _______ (*)
P r e f e r r e d _________________100
P

f

1

290
125
101

280

295

10078101*4 10 1

102

285

120

2 H4 19*4 25
8 U 2 8 H 2 83

18U 2212 18
77
8212 79

C lilc C lty & C o n R y pt sh c o m (* )
P referred __________________(*)
C h ic a g o Elev R y c o n im o n ..I 0 0

12

70

'2

78

Sis 10>2

92

*4

8i2
2

1
9i 8

2

*8 1
6 I2 10

*8

7

02

00

6OI2 05

35
37
38
7
812 7
2
1*4
1*4

C h ic a g o T it le & T r u s t _____ 100 178

185

178

63

35
9

7U

2
'2

1
>2

180

C om m on w ea lth E d is o n ... . 100 11312 117*2 110*4 114
C on su m ers C o c o m m o n ____100
P r e f e r r e d ............................... 100

180

66
714
U4

5

Cudah.v P a ck in g C o c o m .. . 100 102

14

104 100 103 102
3I2
X.
*8

Dpero & C o p r o f____________ 100 05*4 97
D iam ond M a t c h . . ..................100 108*4 111

95
109

97
115

8

109

05
185

310

69
87
75
95

100

72

09

09

110

>2

*8

5

7

*4
»2

1*

11512 110

1 12

U 0 l 2 1 12

V*i

87
87
S*4 9*s

87

8*8

11712 12314 110

98l2 97*4 100
115 11U2 115

98
113

H askell & Barker Car C o I n c 10
H olln iid -A m crlcu n S u g a r____10

300

290

310

325

12 1

120

120

120

120

120

120

132
89

124
87

128

126

138

130

88

86

119
85

22 l 2 2414 18
8 U 2 82*4 SO

22*4

88

89

89

11

121 '

212

205

109
03
80*4
87s
912

87*i

120

115

IOOI4 100
117 115

85

88

82
87

( * ) N o par v a lu e .




208

200

113 107
05
05
S7>4
90
13l< 10*4

82

205

105's 102

1714 19
77*8 80V
22

10
77
55
89
27

88
101*2 *1*1 * 1 1

6512 00

56

58

56

58

03

661'

03

701'

88

345

86

1037 102 1037s
99>2 991?
47
49
1714
19U 12
77
731.4 70
0012 60
6S>s
89
88
90
27
33
33
88
96l2 99
12
11*4 1214

47
42

65
59
72
57V

05*2
59
75
57l 2

325 340
114*4 11414
109U 124
80
80

102
48*
11*4
72
62
08
31

I 1 2 is
5*2*'
14
79is
74

88
3p

12 * *1*2*12

250 254
20
27*8
97
97's
93*s 93*8

258 273
2012 27
97
981'
98>2 981?

121

105
120

103

101
115

...................

200

205 215 215 220
4412 40
44*2 45
98
98
95
97<2
107»2 H U ? 100 110
6412 00

97
110

117

1001? 1 10 1 ' 10712 113

103l2 100
122 114

85
84'2 92
83
85
88 I2 88

111

1214
11

19

10

105

38V 48V 44
93
981,1 97*1
10 1 100
117*4 114 122 118

100

45
9,812
103*i
124
3S14

88
8 OI2 831' 98
88
84
85'2 79
93
83 100
89

91
93*8
1001?
113

21*8

19
15
102
79

77

40V

1121? 113 113
0312 031?
17
21*4 1714
11
1412 12U
78
75
78
80

7*3
2C3

12V

100

M U ' 102

37

12*4 10*4 13
73

1214 14

100

101V 100

111

102

75
6712 7U 2 70
6912 69*4 *67*

200

IIOI2 108 110 107 111
65
90
88 V 90*2 90
90
12*8 11'8 121.1 107s 14

100'2 100>2

19
21*s
1 U2 15*4

102
Illin ois B r ic k ............................. 100

...................

120

99l 2 99>2
SO
85

45
42

66

07>2 69
78
86

38
6412 7 h 2 71i2 85
5 U2 54*4 54l2 55l2 55U 02
79
7812 87
72
7712 77
74
771« 68
75
110 110
IO8 I2 IO8 I2

87*4

*3

209

IIOI2 122

95U 9612 90
IIOI2 11312 113

*6 *
74
35

94U 95l 2

270 309
20V 2412
97
97
981' 9812
50
5014
*,
1
>2 1
1'8 2
1
1'8
>2 1
*4 2
*4
5
91?
912
1
1
>2
7
18
8
l
2
18
13*4
15*4
8
V
11
1012
1
U2
2
2
1
1
2
3
3
3
2
4
5
7
4*2 5
6
17U
0
171?
* 0"
72
781? *771*2 *9*2 ' 89 11312 102 115 102 107
78>2 82
82
20
20
40
40
35
40
35
0
7
6V
0
6*8 4
7
10*4 6*4 8
0
10*4
1
V
1
78 ' 78
1
4
34 U 2 3
*8
*8 1
*8. 4
*8
12

210

81

1 12

65l4 78*2

>2
812

50*4 50
50
42
45V 52
84
8212 83

13412 120
88
90

110

90
*9V| *1*312 IOI2 15
111 114

10>8
5

97i 2
70 *67% '0*8*12
48
36i2 41
63*4 68V
65
37% 4312
*4*0* 32l2 30

96's 96’ 4 ...................

100 >8 10014
24
83

971? 97i 2
05
47
50
73
65
5512
35*
44

87*.|
73
73
75
92*4 9414 92>2 93*4 9212 93*8 9314 937g 9378 94
98
97l 2 9712
99V
100*8 100 100
9912 99*2 99

104*4 102*8 103*8 9812 105V 102

102

81V 82

101*4 109U
10 2 U 1 10
io i* 8 102*14 103 2 109is
101*8 10912
101V 109*4

9012 90]8 90*8 90's 90’ s 87

...................

74
74
4912 4912
03*4 66*4 5U2 5412
310 325 300 300 290

123* 132 125
89*4 901' 89

185

.

H artm an C o r p o r a t io n _____ 100
I la rt, S c h n ff & Murx, c o m . .100

7
5

12

64
I 8 U 2 183

11U2 115
81

64*4 70

"* 8 4

f

78
8I4

90

22

23
73

T ir

" u

C h ic a g o P n eu m a tic T o o l . . .100
C h ic a g o R ys Part C t f S cries 1_

.......

302

19*4 24l4 20*s 24*4 21
78
81
79
811' 79
1912 19>2 23
73

97l 2
76
52l2 50*
73 ' 2 72*8
53
57
40>s

96*8 96*8 ...................

9.313 90

^ ^

12

75
47*4
73
57

94.6094.50
50>2 50l2 50
5412 54l 2 53l 2 53l 2
451*2 5*3'2 45'2 45<2 45>2
45M 46i4
84
66
88
88 i2

8712 87
87*2 ...................
77
96*8 90*s 97*8 97l 2 9814
99*8 IOU4
9978 99*4 100

2721j 290 2747s 30012
125 125 120 125
111 10712 119 113 135
8612 86
92
86 I2 85
45
45
100>2 IO2I4 10078 105 10314 105
99
99
9914 99*4

283
116
166 ’ 1*1 2 * 105
857S 861' 85
46*2 4012

298
120
114

96*8 97

931.1 92

R A IL R O A D AND
M ISCELLAN EO US ST O C K S
A d v a n ce R u m cly p r e fe r r e d .100
A m erican R a d ia to r ________ 100
P r e f e r r e d _________________100
A m erican S h ip b u ild in g ____100
P r e f e r r e d _________________100
A m erica n S traw B oa rd ____100
A rm ou r & C o p r e fe rr e d ____100

102

9414

90*4 97

70

77
83

102*8 102*8
102*4 10218 1021 ? 102
10 1 10 1

80i2
46l2
77*2
59*4
42*8

5s

93

103

102 i 2 102 i 2
................... 10218 10314

280

1412

100
10012

44V 45
95
9712

100

100'2

120

125

10 1

10 1

82

99

88 I2 100*4

89
97
113!4 115

17V 18V
13>2 17*8

102

102

7712 85
87
87
260 262

410

THE CHRONICLE

[Vol . 110.

CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1919— Concluded.
R A IL R O A D A N D M IS C E L ­
L A N E O U S S T O C K S ( C o n c l .)

K a n s a s C it y L i g h t & P o w . .(* ]
P r e fe r r e d c e r t i f i c a t e s ____ (*]
K a n s a s C i t y R y c o m c t f s _______
P r e fe r r e d c e r t i f i c a t e s ____ (*)
K c n n c c c t t C o p p e r __________[* )
L i b b y (W I ) ................................ _ . 1 (
L in d s a y L i g h t _________________ 10
M id d le W e s t U t i l it i e s c o m . . 100
P r e f e r r e d __________________ 100
M ic h ig a n W e s t p r e f .......................

Ja n u a ry
Low

19*4
I 3 i2
101.1
2 4 i2
50

H ig h

2312
14U
lO li
25
5 3 i2

F eb ru a ry
Low

H ig h

M a rch
Low
H ig h

19i2 25
9U 16

233* 307*
13*2 16

24
25
5 0 i2 5 2 i 2

49

50**2

A p r il

113
121" 121 ' 121

4512
89
192
300
102

113
122

49
4 6 l2 52
9 2 l2 88
92
92
88
90
300 3 0 0 3 0 0
10212 101 103

121

35

35

52

52

28*4
16
9U
25
50

34
22
1012
37
64

30
19U
9
34
59

3234 29*2 33
22
18*2 25
934
8
10*2
40
36
38
65
60
64

122l2 118

3 5 i2
121

Low

H ig h

3 6 l2 51
120

120

2 9 l2 321*
45
54

S w if t I n t e r n a t i o n a l .................... 15
T e m to r P rod C & F ’ A ” . . . ( * )
T h o m p s o n , J R , c o m m o n ___ 25

411* 47U

U n io n C a r b id e & C a r b o n ___ 10 55U 58U
R i g h t s A __________ _______________
U
3 i2
R i g h t s B _________________ ______
3
31*
U n it e d P a p e r B o a r d c o m ___ 100
1734 217*
P r e f e r r e d ___________________100
U S S t e e l c o m m o n ___________100
94* 94 "
W a h l C o . . . ...................... ............( * )
W a r d (M o n t g o m e r y ) & C o p r e f . 108 112
W h e n is s u e d . . . . .
20
W e s t e r n S t o n e _______________100
W ils o n & C o c o m m o n _______ ( * ) : : : : : : : :
P r e f e r r e d ___________________100
R i g h t s _____________ __________ _
W r lg le y J r c o m m o n . ............... .2 5
( * ) N o par v a lu e .

180
120
92

S9l2 92

175
120
91
9912

43
121

H ig h

47*2
130

187l2
122
105
113

29
50

31U
5634

Ju ly
Low

H ig h

A u gu st
Low

4634

46

49

47*2 4984

91

9412

91

99*2

96

S e p te m b e r
O cto b er
N ovem ber
D ecem ber
H ig h L o w
H ig h L o w
H ig h L o w
H ig h L o w
H ig h

27*2 31*2 23*4 29
2613
15
1912 12
16
111*
97* 10*4
8*2
9*2
8*2
34
36*2 3 0
35
31
50
61
53
68*4 51
55
55
40U 51
44
50
44

29
10
8*2
32
52

27
30U 28*2 31»s
934 113.,
7*2
93*
8*4
8*2
7*s
8*2
25
25
25
28
52
54*2 4 8
71*2

30
40
3*2
11
283*
213*
012
8*2
20
40

48

44*2 53

41*2 49U

..................... 120 122 123 124
20
25
17
207* ’ 17**2 *2*2*4
5*8
51*
4.1*
45*
0*2
6*2
51
52*2 4212 48
43
47
90
90
87
90
8 5 * 8*7*4 8 5
90
94
95
90
90
99
99U
270 295 260* 2*7*2*’ 250 250 245 200
99 10034 99 100
99 100
98*2 993.,
15
20
29
31
30
313* 30*2 35*2
29U 32
50
61
50
40
51*2 4 6
45*2 65

185 212
197 207 204 214
199
120*2 120*2
109 140
137 141
140 165U 165
102U 104
102*2 102*2 100*2 103

45

49*8

10934 102

64

47

213
165

2 00
118
104
102

50

51

1163* 102*2 113

108

S6 U

63

61U

67

66U

71*4

107
1441* 1223* 148 130U
211* 13*2 203.i 13
61
50*2 69
50*2
49
35
39*4 357* 39
34
3834 36
4 33.1 417*
107 10734 107*2 10834 I O S 4 10834 109 109 109
683* 7 3 i2 69** 753* 74
857* 77
84
78
84
80

3U
20
65

412
2134
65

4
19

5
20

5U
10U

612
21

19*2 247*

29
70

21

11212 108*2 112

105

21
24*2
6412 6412

24
64

2534

973* 973*
110

112

4U
5
67*4 71
95
99

110*2 112
5
5U
6912 85
98U 100

11012 112
4*4

81
99

110

111

109

1012
7*2 10*4
6
86
8312 90*2 89
1 0U 2 1 00** 102U 102

IN

[By A. C. A LLYN , Vice-President Elston & Co.]

Nineteen-Nineteen has seen an extremely rapid
development of the Chicago market, which is begin­
ning to take its place among the large financial
centres as an extremely important factor in the
financial business. During the year this market
has absorbed issues of bonds of a size heretofore
unheard of. The Chicago dealers and financial
institutions have demonstrated their ability to
handle and successfully market any financing that
may originate in the Middle Western territory.
It is safe to say that Chicago as a market and Chicago
financial institutions during the year 1919 have
come out of the provincial stage and have become
distributors of securities in a national way.
Original issues have not been confined, so far as this
market is concerned, to any group or groups of
financial houses. Practically every house of issue
on the Street has been well supplied and kept busy
in taking care of the financial interests and refinancing
plans of our Middle West industries, and the year
just past shows a greater improvement in the class
of business, the size of the issues handled and the
character of distribution than any other twelve­
month period in the history of the investment
business in Chicago.
This year has seen a material improvement in the
financial condition and in the earnings of the various
public utility issues popular in this market during
the past ten years. While this class of security is
still suffering from the very onerous conditions ex­

6*2
98
106

6
95
09

9
103*2
104

107

6
7
82*2 95
99 100

1212 49

23*2 25
08
68

24
68

19U 30
108 109

23
108

38
50
5*4
15U
29
31*2
9*2
10**
20
43**

123 125 120 126
17 3* 21U 17** 18*2

*35* 42*3*
80
85
83
87
250 250
96
98

30
346*
50
74
52*4 58
203*2 204*2 225 215 232
120 118 :2 0
110*2 119
165
100 250 230 250
102 100 102 102 103
28
311t
41
43
52
5 U 2 59
48*2 57
*8
*8
128*2 125*2 1( 3-4 144*2 185
37
43

106
123l2 143
13634 1497* 131 139
13612 148
129U 138** 118
6*4
7*2
6*4
734
53*
7*2 2 0 U
4 1 l2 4712 46U 6634 55J2 627* 55
637* 64U 6212 56*2 62
547*

THE CORPORATION BOND MARKET
CHICAGO DURING 1919.




Low

31*
312
3 i2
8
6
734
493* 50
55U 51*2 53U
48U 51*2 4 8
89
95
9 U 2 96
88
94
89
93
90
92
92
9534 92
93
90
94
3 0 0 30212 2 9 0 3 0 0 2 8 5 300*2 275 3 0 0
1 0U 2 103
102 103 110 0 105
100*8 103

R o o t & V a n D e r « o o r t _______ (* )
S e a r s - R o c b u c k , c o m m o n ___ 100 170 18612 16812 1761* 171
P r e f e r r e d ___________________100 119 120
120 121
120
S h a w W W c o m m o n _________ (•)
8 6 I3 93
91
92 >2 90
P r e f e r r e d ___ ______ __________ (* ) 100 100
101U 101U
S t a n d a r d G a s & E l e c t r i c ____ 50
P r e f e r r e d ____________________50
R i g h t s __________________________
S t e w a r t W a r n e r S p e e d c o m . 100 7912 90U 8312 93
N e w w h e n i s s u e d _________ (*)
S t u d c b a k e r C o r p o r a t i o n ___ 100
S w if t & C o m p a n y ___________ 100 1157* 126
11712 124

Ju n e

H ig h

33
N a t io n a l B i s c u i t p r e f e r r e d . 100
N a t io n a l C a r b o n p r e f ( n e w ) ___
N a t io n a l L e a t h e r ____________ 10
N o r t h A m e r ic a n P u lp & P a p e r
P a g e W o v e n W ir e F e n c e c o m . 20
P e o p le ’ s G a s L t & C o k e ____ 100
P u b S e r v ic e o f N o r 111, c o m . 100
P r e f e r r e d ___________________100
Q u a k e r O a t s C o _____________ 100
P r e f e r r e d ___________________100
R i g h t s .................................................

M ay

Low

3
32
80
85
250
94

3
38U
80
90
255
96

27*2 30*2
51
61
52
55
215 232
117 118
250 270
*201*2 *28*4
40*4 4212
4734 50>*
149* 1*50*
35*2 41*2

142 13212 140*2 130U 139
22*2 20*2 23
65*2 523* 62
*521* *62**2
50*2 4 8 ’ * 49
46*2 49*2
4334 41U 44
40*i 51*4
110
745* 7734
84
*753* *8*2*4 74
78

2 734
68
40
112

0
8*2
6
5
81
8 8 ** 84
89
99*2 100*. 99 100
1
212
74*2 80
7012 89

23

27

22
05

37*2 55*2 43*2
110 1121* 112
37*2
4
*75* 1*00* 75
90 100
97*4
82

85U

80

29
05*2
49U
116
1534
6
81
99
8 3 t2

isting in 1917 and 1918, the companies are rapidly
returning to more normal conditions. While some
of the transportation companies are still in difficulties,
on the whole 1919 has seen a decided improvement in
the public utility situation. Although the public is
not fully cognizant of this situation as yet, we have
seen some material improvement in the market for
issues of this class. While rates continue high and
on short-term issues the 7% coupon rate is still in
evidence, it is much easier for the bond houses to
raise the funds necessary for the successful prosecu­
tion of the public utility business, and as the im­
proving condition of these companies becomes
better known to the investing public it is safe to
predict that the demonstrated worth of this class of
security will cause a return of popular attention to
bonds of gas and electric companies.
The most noticeable development in the invest­
ment business in the past year has come in industrial
financing. Chicago has never before seen as active
and as broad an interest in issues of this character
as existed during the year past. Many millions of
mortgage bonds and hotes of Middle West industrial
companies have been successfully floated in this
market, and the increase in popularity of sound
financing of this kind speaks well for the future of
industrial note and bond issues in the Chicago
market.
The year 1919 has seen the very rapid develop­
ment of industrial preferred stock financing, and the
demand for financing of this character among indus­
trial companies has assumed enormous proportions.
It is a source of gratification to all of the security
houses that issues of this character have been put

Jan . 31 1920.]

THE CHRONICLE

out on a much more conservative basis and with
greater safeguards to the investor than was customary
or thought necessary during former periods of indus­
trial financing when preferred stocks were popular.
It is certain that the industrial preferred stocks put
out during the year 1919, as a class, will well with­
stand any financial depression which may come when
the readjustment period arrives. Whereas, in former
years, when securities of this character were popular,
it was customary to put out preferred stocks with
asset values only slightly in excess of the par amount
of preferred securities, very few preferred stock issues
have been put out in the market we have been
through which have not shown materially better
than 200% of assets and have not shown a very
fair percentage of net quick assets behind the securi­
ties issued.
The conservative practices at present followed in
the issuance of preferred stocks have lent stability
to the issues and bred confidence in the minds of the
public which preferred stocks have never before
enjoyed. As a consequence it seems a safe prediction
that the present preferred stock, which is a develop­
ment of the old-fashioned preference security that
had preference only as to dividends and assets and
no protective features, is here to stay in industrial
finance. The experience of the last twenty-five
years has pointed the way to restrictions on preferred
stock issues and the necessity of an adequate assets
statement and earnings over a long period of years
sufficient to take care of preferred stock dividends
many times over, so that the present day industrial
preferred stock is not the sort of security which the
investor of past years has been acquainted with.
It has established its place in the financial world
and unless the industrial boom causes a let-down in
the high standard now maintained, we can count
on an increasing popularity of securities of this class.
There has been a broadening during the past year
in a class of securities heretofore neglected by a
majority of investment houses. The Illinois taxexempt preferred stock has come into a prominence
and a position in the market much broader than it
has heretofore enjoyed, and there has sprung up a
decided clientele throughout the State that has in­
sisted upon securities of this class. We have had
numerous extremely successful offerings of this
character and, practically without exception, they
have been well received. As the advantages of
tax-exempt stocks in the hands of residents in this
State become more generally known this market
will continue to broaden, it may be, to the exclusion
of the general market preferred stock, and it is
becoming apparent that the financing of local indus­
trial companies will, in large measure, in the future
be done through the issuance of this class of security.
It is well to comment on the issuance of the junior
preferred stocks, a number of which have been put
out in this market, which bear an abnormally high
rate of interest and in addition participate in the
earnings of the corporations with the common stock.
There have been half a dozen issues of this character
in the past year, and, while they have assumed no
particular position in the market, they are appealing
strongly to high-rate investors who desire some
element of participation in the earnings of the issuing
corporation and are probably here to stay. They
represent a distinct development in what may be
termed equity financing, and it is to be hoped that
their position in the market will be established and




411

that they will become the recognized means of such
financing.
The increasing quantity of industrial securities,
together with the necessity for preferred stock
financing among companies of this class, has caused
the formation of securities companies by many of
our large financial institutions. These corporations
are largely owned by the banks in this territory, and
are a more or less natural development of the boom
in industrial securities and will greatly improve the
standing of these securities of the public, as this class
of business has never before been popular with large
and conservative banking institutions. The offering
and recommendation of industrial preferred and other
stocks by these powerful companies owned and closely
identified with our largest banks will tend to fix the
stability and reputation of this class of issues.
We, in the investment business, may safely look
to 1920 for a continuation of the prosperity and
success enjoyed by our business in 1919. The year
to come will probably see a large development of the
new business that has appeared in the last twelve
months and we can look for great activity in all
securities markets.
MUNICIPAL BONDS IN 1919.
[By STAGY C. MOSSER. of Bolger, Mossor & Willaman, Chicago.]

The year 1919 brought a revival of business in
municipal bonds, which was in marked contrast
to the depression of the two previous years, the
latter caused, of course, by the large issues of Liberty
bonds and the severe restrictions placed upon the
emission of municipal and other bonds by the Capital
Issues Committee. During the year there were
more municipal bonds issued throughout the country
than in any previous year in the history of the busi­
ness, and in spite of the fact that many sources of
buying were entirely cut off, the large output was
absorbed— many of them in new channels— and the
demand was so strong that prices advanced during
the first half of the year to a price level approximat­
ing normal. The later months of the year showed
a slackening in demand, due probably to the unusual
calls for money in business channels and for foreign
loans, so that prices were reduced somewhat.
The issuance of municipal bonds was stimulated
greatly by the urgent call for carrying on public
improvements to help business and provide immediate
employment for .returning soldiers, and for labor
thrown temporarily out of employment by the sudden
end of the war and of war-time industries. In such
emergencies, the first call seems to be to the cities
and other public corporations. So in the beginning
of 1919, public leaders and industrial leaders, from
President Wilson down, appealed to officials every­
where to start public improvements. Inasmuch as
public officials had been forced to abandon much
needed work on account of the war, they were quick
to respond, and in order to supply funds to pay for
such improvements, they immediately began placing
municipal issues on the market. One of the prime
requirements of the country was, and still is, good
roads— the war served to emphasize the value and
great need of them. Impetus was given to this
improvement at once, and, while exact figures are
not available to show the percentage, it is safe to say
that the majority of municipal issues of the year 1919
were for the purpose of road improvement. In the
matter of all improvements, it was soon found that
pre-war estimates must be enlarged owing to the

4 12

THE CHRONICLE

[Vol. 110.

greatly increased cost. This, of course, meant a
As an illustration in figures, here are the total
larger bond issue for each improvement planned, anc municipal loans for the year 1915 to 1919 inclu­
helped swell the total. It is easy, therefore, to see sive, as given by the “ Commercial and Financial
why the volume of municipal issues has increased so C h r o n i c l e , , :
much.
1919.
1918.
1917.
1916.
1915.
Municipal
$
$
$
$
$
We are more surprised to find that the demand has loans(U.S.)667,535,812 296,525.460 451,278,762 4 5 7 , 1 4 0 , 9 5 3 498,557,993
kept up with the supply. During the first half of the
It is well to bear in mind, in considering figures,
year the Victory Liberty Loan was floated— the that the buying power of the country has enlarged
last of the great Government issues— and, of course, greatly during the war and that a greater surplus
everything had togivew aytothisfinancing. It shoulc. of funds is available for investment. In fact, the
be remembered also that the Fourth Liberty Loan, total amount of municipal bonds, being less than
placed during the latter part of 1918, was the largest three-quarters of a billion dollars, sounds much
Government issue floated, and that payment for smaller to all of us now since we have become accus­
the same was extended well into the year 1919. tomed to talk of from three to six billion dollar issues
Hence surplus funds were decreased in the first half of Liberty bonds, all of which were absorbed rapidly.
of the year.
As these Liberty bonds become lodged in more per­
Another situation operating against the marketing manent hands there will undoubtedly be larger buy­
of municipal obligations was the fact that many people ing power for municipal bonds, and the market should
who had purchased Liberty bonds on installment and be even more satisfactory in 1920 than in 1919.
on full payment, found it necessary or desirable to
throw them onto the market, thus depressing the
BANKING IN CHICAGO IN 1919.
market value of all Liberty bonds to a point where
In reviewing banking in Chicago for the year 1919
they came in direct competition with municipal issues.
the following table showing the capital, the dividend
It is well known that many institutions and savings
rate, the book value, the deposits, and the high and
banks, which in normal times were large purchasers
low prices in 1919 of the shares of the different Chi­
of municipal issues, have devoted their surplus during
cago banks and trust companies will be of interest.
the year 1919 to the accumulation of Liberty bonds
These figures have been compiled for us by John
on most favorable terms.
Burnham & Co. of Chicago.
Of the large army of new investors educated during
D iv id e n d R a le B o o k
D e p o s i t s o n ------1 0 1 9 -----N a t io n a l B a n k s —
C a p U a l.
R e g u la r . E x t r a . V a l. D e c . 3 1 1 0 1 0 . H ig h . L o w .
the Liberty loan campaigns, while some of them have
A t l a s E x c h a n g e ........................
S 2 0 0 .0 0 0
4%
..
115
J9 0 4 .2 8 0
115
115
taken to the purchase of municipal issues, the major­ A u s t i n N a t i o n a l ........................
10 0 ,0 0 0
5
__ 1 3 1
1,2 18 ,12 4
12 5
10 4
o n a l...
5 0 ,0 0 0
0
1% 14 0
1,2 18 ,0 3 3
18 0
17 5
ity have found that Liberty bonds are so cheap that HC aolwu mm ea tn vNl l al et i oNnaatl i------------3 0 0 ,0 0 0
6
..
14 8
3 ,1 5 2 ,7 9 7
250 15 0
2 0 0 ,0 0 0
10
..
249
3 ,8 2 8 ,0 7 2
20 0 240
they have merely added to their holdings of this C i t y N a t i o n a l o f E v a n s t ’ n
C o n t ’ l A C o m m 'l N a t ’ l . .
2 1 ,5 0 0 ,0 0 0
14
..
223
3 3 8 ,2 0 7 ,0 3 3
3 18 273
unquestioned security. Municipal bonds available C o r n E x c h a n g e ........................ 5 ,0 0 0 ,0 0 0
10
4 301
7 8 ,7 0 7 ,0 5 0
570 397
1,0 0 0 ,0 0 0
10
2 15 1
8 ,1 7 0 ,2 2 7
290 220
D r o v e r s N a t i o n a l .....................
as security for postal savings deposits were much in
F i r s t N a t i o n a l ........................... 1 0 . 0 0 0 , 0 0 0
20
. . 300
2 18 ,4 4 0 ,0 9 1
402 450
demand a few years ago, but this want has been filled F i r s t N a t . o f E n g l e w o o d .
15 0 ,0 0 0
12
10
200
5 ,0 0 1,0 4 5
.....................
F o rt D e a rb o rn N a t io n a l..
5 ,0 0 0 ,0 0 0
8
..
15 1
3 0 ,5 5 3 ,0 3 5
2 3 5 200
too by Liberty bonds.
10 0 ,0 0 0
0
4 14 8
2 ,10 8 ,3 0 0
1 7 5 17 0
I r v i n g P a r k N a t i o n a l ------5 0 ,0 0 0
8
2 10 8
9 0 9 ,18 0
18 5 17 6
It is quite clear from the above that a very re­ J e f f e r s o n P a r k ...........................
L a w n d a l e N a t i o n a l ...............
5 0 ,0 0 0 N o t re p o r te d
. ..
4 ,12 1 ,1 8 0
.....................
stricted market has had the burden of taking a very L l v o S t o c k E x c h a n g e N a t . 1 , 2 5 0 , 0 0 0
12
..
18 1
9 , 03 9 ,3 9 0
205 2 5 7
2 0 0 ,0 0 0
3
. . lio
8 3 3 ,9 9 4
13 5 12 5
large output of municipal issues. Of course, the NM autti uo na la lNHaat ni oknoafl .....................
R e p u b lic
2 , 0 0 0 ,0 0 0
8
..
17 3
1 9 , 142,310
19 0 17 0
8
..
10 4
2 3 ,0 12 ,2 3 7
18 3 10 0
big factor has been the individual buyer whose in­ N a t i o n a l C i t y B a n k ............ 2 ,0 0 0 ,0 0 0
N a tio n a l P ro d u c e B a n k . .
0 0 0 ,0 0 0
0
1 13 0
4 ,8 4 0 ,5 0 9
10 9 15 4
come is such that the income tax reduces his revenue R a v e n s w o o d N a t i o n a l . . . 5 0 , 0 0 0 N o n o
. . 12 9
4 8 1,14 7
12 0 10 5
5 0 ,0 0 0
0
. . 12 9
9 5 0 ,0 9 5
17 5 17 0
on taxable bonds to a point where it is much less than RWoagsehrisn gP taornk PN aartki o nN aal t------’l . .
2 0 0 ,0 0 0
10
. . 13 5
5 ,3 5 2 ,2 4 2
275 225
W
e
s
t
S
i
d
e
N
a
t
i
o
n
a
l
B
a
n
k
.
2
0
0
,0
0
0
0
2
1
1
5
1
,
7
1
0
,
1
9
0
1
0 0 10 4
he can get from municipal issues which are exempt
S ta te B a n k s —
from the tax. This has meant among many dealers A u s t i n S t a l e B a n k .................. 2 0 0 , 0 0 0
1 0 % ...j
13 9
4 ,2 0 5 ,0 5 0
2 15
2 15
10 0 ,0 0 0
.................. ........
2 13
1,8 2 8 ,1 8 1
a development of a new market and the securing of A v e n u e S t a t e , O a r . P a r k . .
C a lu m e t T r u s t * S a v i n g s .
10 0 ,0 0 0
8
13 3
0 4 5 ifl5 5
2 1 0 15 0
new customers. How well they have done the work C a p i t o l S t a t e B a n k ............... 2 0 0 , 0 0 0 0 _______ 1 1 4
1,5 2 5 ,4 2 5
115 1 0 7
C e n tra l M fg . D is tr ic t B k .
4 0 0 .0 0 0
0
15 0
4 ,5 0 8 ,7 7 8
2 5 0 19 4
is attested by the large volume of municipal loans C e n t r a l T r u s t C o . o f 1 1 1 . . 6 , 0 0 0 , 0 0 0
10
1 4 2 5 5 ,4 9 7 ,6 8 8
2 1 7 10 0
2 5 0 ,0 0 0
0 _____
13 4
2 ,7 5 0 ,5 7 2
1 1 0 10 3
placed on the market, and at comparatively low C e n t u r y T r u s t * S a v i n g s .
C h i c a g o C i t y B a n k ...............
5 0 0 ,0 0 0
12
4
2 16
5 ,10 7 30 2
.....................
rates of interest compared with the rates being paid C h i c a g o M o r r i s P l a n ............. 1 , 0 0 0 , 0 0 0 4 _______ 1 1 8
7 7 3 ,3 9 8
93
94
1,0 0 0 ,0 0 0
0
1 14 5
10 ,4 5 9 ,0 14
14 9 14 0
by many corporations and by foreign borrowers. CC hl tilczacgnos TS trautseto Cf Lo a...................
k e V Ie w
2 5 0 ,0 0 0
4
2 13 0
2 ,8 12 ,9 2 0
1 5 0 14 0
10 0 ,0 0 0
1 2 : _____
2 10
1,7 4 7 ,1 0 3
2 10 2 10
There seems to be a big field for educating the private C i t i z e n s T r u s t * S a v i n g s .
C i t y S t a t e B a n k ........................
10 0 ,0 0 0
8
113
3 2 7 ,5 8 8
18 0 16 5
investor in municipal bonds. Few of them realize C o l u m b i a S t a t o S a v i n g s . .
1 0 0 , 0 0 0 ............................... 1 2 0
3 8 0 ,7 17
.
1 0 0 , 0 0 0 ______
_____
118
1 0 2 ,9 1 5
.
that their net income would be greater from high- C o m m o n w e a l t h S t a t e . ___
C o n t’l A C o m m ’l T r . & S .
5 ,0 0 0 ,0 0 0
_____
_____
___
0 7 ,111 ,4 7 0
3 18
273
class municipal issues yielding from 4% % to 5}4% C o s m o p o l i t a n S t a t e ................ 2 0 0 . 0 0 0
.4
1 12 5
1 ,5 9 5 ,7 0 1
12 5
12 5
5 0 3 ,6 5 3
12 0
116
free from income tax, than from corporation issues, DC reapwo fsoi trodr sS St at at et e S Ba av ni nk g. s. ... 320000, ,000000 N o n1 e0 N o n e2 1101 27
4 ,4 4 2 ,0 5 0
17 5
15 0
10 0 ,0 0 0
llfl
2 5 0 ,0 1 4
which many of them have purchased, yielding 6% to D o u g l a s P a r k .............................
D r e x e l S t a t e B a n k ...............
3 5 0 ,0 0 0
7
1 15 9
5 ,3 5 4 ,8 5 7
17 0 1 0 1
7% but which are subject to income tax. The heavy D r o v e r s T r u s t & S a v i n g s .
2 5 0 ,0 0 0
12
4 244
5 ,7 4 4 ,2 3 7
3 16 3 15
E n g le w o o d S t a t e B a n k . . .
2 0 0 ,0 0 0
8
13 5
3 ,0 9 0 ,1 3 4
18 0 17 0
income tax developed by the war was thought by E v a n s t o n T r u s t & S a v i n g s
10 0 .0 0 0
4
12 0
9 8 3 ,5 17
1 3 5 12 0
many to be only temporary, and especially early F i r s , T r u s t A S a v i n g s ------- 5 ,0 0 0 ,0 0 0 ......................................... 7 3 , 0 7 1 . 5 1 4 4 9 2 4 5 0
F o r e m a n B r o t h e r s ..................
1,5 0 0 ,0 0 0 N o t re p o r te d
15 4
2 0 ,19 0 ,2 4 5
in 1919, many investors considered the tax would be F o r t D e a r b o r n T r u s t . . . ' .
5 0 0 ,0 0 0
0
17 0
7 ,0 4 4 ,0 8 4
2 2 0 19 0
F r a n k l i n T r u s t ...........................
3 0 0 ,0 0 0
8
2 18 3
2 ,9 5 3 ,2 9 0
20 0 17 6
reduced by the present Congress. This view, how­ F u l l e r t o n - S o u t h p o r t ............. 2 0 0 , 0 0 0
4
2 12 8
1,3 2 8 ,5 13
1 1 8 10 7
2 0 0 ,0 0 0
0
2 13 0
2 .0 2 9 ,0 5 8
17 0 12 8
ever, has not been confirmed by action of Congress G a r f i e l d P a r k S t a t e S a v . .
G r e a t L i k e s T r u s t C o ------3 . 0 0 0 .0 0 0
12 0
5 .7 1 0 .0 7 7
or by the outlook of the Treasury Department, and G r c e n e b a u m S o n s .................. 1 , 5 0 0 , 0 0 0
10
5 10 8
19 ,15 8 ,7 6 5
3 0 0 280
a v ..
2 0 0 ,0 0 0
8
1 14 8
1,10 5 ,9 7 4
10 0 1 5 1
we now seem to be in for a reasonably long period of HG ua lasrtaend t eSet rTe re ut sSt t aAt eS............
2 0 0 ,0 0 0
0
3 12 8
1,5 0 3 ,0 3 2
13 5 12 5
12
1 1 200
2 5 .4 0 2 ,7 4 0
585 507
high taxation, the burden of which appears likely to H a r r i s T r u s t A S a v i n g s . . 2 , 0 0 0 ,0 0 0
H i l l S t a t e B a n k ........................
2 0 0 ,0 0 0 N o n o N o n e
12 0
1,2 7 2 ,4 9 3
13 0 13 0
fall heaviest upon the individual with the large income. H o m e B a n k A T r u s t C o . . 3 0 0 , 0 0 0
10
2
14 5
4 ,2 2 5 ,5 5 0
19 2
10 5
5 0 ,0 0 0
8
2
110
0 4 4 ,4 2 9
10 0
13 0
He is therefore a good subject for education in muni­ H u m b o l d t S t a t o B a n k . . .
H yd e P a rk S ta te B a n k ...
2 0 0 ,0 0 0
8
2
15 2
2 ,0 0 2 ,0 5 6
10 0 16 0
cipal bonds, and municipal houses have many tutors I l l i n o i s T r u s t A S a v i n g s . . 5 ,0 0 0 ,0 0 0
10
4
303
1 1 3 ,18 4 .0 8 3
405 397
I m m e l S t a t o B a n k ..................
10 0 ,0 0 0
...........................
Ill
6 13 ,12 1
.....................
working on him.
I n d e p e n d e n c e S t a t e ...............
2 0 0 ,0 0 0
0
2
118
2 ,0 7 8 ,7 6 0
200
13 5




____________

........................

.........................

14 0

D iv id e n d R a le . B o o k
S ta t e B a n k s (C o n c lu d e d ) .

C a p ita l.

R e g u la r . E x t r a

K a s p e r S t a t e B a n k ________

$ 5 0 0 ,0 0 0

12

IC o n w o o d T r u s t & S a v i n g s

2 0 0 ,0 0 0

12

. . . .

V a l.

10 0 ,0 0 0

_____

. .. .

K r a u s o S t a t e B a n k ________

2 0 0 ,0 0 0

L a k e S t a t e B a n k . . ________

3 0 0 .0 0 0

10
_____

. .. .
_____

15 8
12 4

K im b a ll T r u s t & S a v in g s .

8

D e p o s it s
- — 1 9 1 9 -----19 19 . H ig h . L o w .
$ 9 ,6 9 7 ,0 6 4
285
290

D ec. 3 1

19 5
221
112

275

275

—

. ..

3 ,8 0 3 ,5 4 8
2 ,4 2 9 ,2 8 6

---

. ..

3 5 7 ,7 9 3

. ..

____

9 8 4 ,7 0 5

L a k e V ie w S t a t o B a n k —

2 0 0 ,0 0 0

5

_____

10 9

2 ,3 9 6 ,3 9 5

110

10 8

L a k e V ie w T r u s t A S a v . .

4 0 0 ,0 0 0

6

2

16 6

6 ,2 7 7 ,0 2 2

19 0

ISO

L a w n d a l e S t a t o B a n k _____

2 0 0 ,0 0 0

8

2

224

2 ,9 4 3 ,13 7

260

240

L ib e r t y T r u s t & S a v i n g s ..

2 5 0 ,0 0 0

0

2

14 7

4 ,7 7 2 ,5 0 6

19 5

19 5

L i n c o l n S t a t o B a n k ............ ..

2 0 0 ,0 0 0

6

1

112

1,9 5 7 ,6 5 0

110

90

L in c o ln T r u s t & S a v i n g s .

2 0 0 ,0 0 0

6

1

12 5

1 ,6 5 7 ,9 0 6

14 0

12 5

L ogan Squ are T ru st & S a v

2 0 0 ,0 0 0

6

_____

116

1,5 9 0 ,2 0 5

12 0

110

M a d is o n A K c d z lo S t a t e . .

2 0 0 ,0 0 0

0

_____

14 5

2 .7 6 2 ,6 5 4

250

200

M a rk o t T r u s t & S a v in g s ..

2 0 0 ,0 0 0

6

_____

12 4

1,4 3 8 ,7 6 3

114 12 110

_____

115

. . . .

M a rq u e tte P a r k S ta to B k .

10 0 ,0 0 0

M e c h a n ic s A T r a d e r s S t a t e

2 0 0 ,0 0 0

6

—

—

1

14 0

2 ,3 2 6 ,8 8 0

3 0 5 ,5 5 4

13 9

13 0

M erc h a n ts L o a n A T r u s t .

5 , 0 0 0 ,0 0 0

16

4

305

7 6 ,9 4 9 ,4 6 0

600

395

M e r c a n tile T r u s t & S a v . .

2 5 0 ,0 0 0

2

15 7

4 ,7 3 1.0 2 7

17 5

16 5

M e t r o p o lit a n S t a t e B a n k .

10 0 ,0 0 0

8
_____

_____

12 0

2 3 2 ,0 19

—

—

M ic h ig a n A v o . T r u s t C o . .

2 0 0 ,0 0 0

8

. .. .

14 4

3 ,0 9 7 ,6 12

13 0

10 5

M id - C ity T r u s t & S a v in g s

5 0 0 ,0 0 0

14 7

8 ,0 8 5 ,8 6 2

10 0 ,0 0 0

10
___

2

M ilw a u k e e I r v in g S t a t e . .

_____

110

12 2 ,4 2 0

250
—

—

2

15 4

4 ,1 4 0 ,6 1 8

2 10

_____

13 6
12 5

5 ,2 7 8 ,5 5 3

110

10 2

2 ,5 4 8 ,4 0 9

12 5

10 5

_____

291

3 9 ,13 3 ,2 5 1

325

260

16 8

1 2 ,7 7 9 ,3 13

260

225

10

3
_____

N one

_____

10 8

9 4 1,7 3 3

10 5

95

3

12 ,8 6 8 ,0 2 8

305

305

2

18 1
19 2

12 ,4 8 6 ,3 7 7

282

282

_____

12 2

1 ,4 6 2 ,0 2 3

115

_____

12 8

1,8 8 9 .9 3 9

15 0

115

_____

220

4 ,0 6 2 ,2 6 2

200

200

3 ,8 5 9 ,5 2 7

8

N o e l S t a t e __________________

3 0 0 ,0 0 0

N o r t h A v e n u e S t a t e ______

2 0 0 ,0 0 0

7

N o r t h S ld o S t a t e S a v i n g s .

2 0 0 ,0 0 0

6

_____

N o r t h e r n T r u s t C o ________

2 , 0 0 0 ,0 0 0

10
12

O a k P a r k T r u s t & S a v in g s

0 0 0 ,0 0 0
2 0 0 ,0 0 0

O gden A von u o S ta te B a n k

2 0 0 ,0 0 0

P e o p le s S t o c k Y a r d s S t a t e

5 0 0 ,0 0 0

12

P e o p le s T r u s t & S a v i n g s . .

5 0 0 ,0 0 0

12

P h i l l i p s S t a t e B a n k ________

2 0 0 ,0 0 0

0

N o rth w e ste rn

T r u s t ______

16 5

1 ,5 7 0 ,6 1 0

250

240

240

95

P i o n e e r S t a t e S a v i n g s -------

2 0 0 ,0 0 0

P u llm a n T r u s t & S a v i n g s .

3 0 0 ,0 0 0

12

R e l i a n c e S t a t e B a n k ______

2 0 0 ,0 0 0
2 0 0 ,0 0 0

6

2
_____

115

R o s e la n d S t a t o S a v i n g s . .

14 6

1,7 6 2 ,8 4 1

14 0

2 0 0 ,0 0 0

_____

16 0
___

3 ,8 6 0 ,8 8 1

300
—

—

6 ,0 0 2 ,9 0 1
5 ,5 2 3 ,9 1 2

335

300

6

16 0

16 0
12 5
275

S e c o n d N o r t h w c s t ’n S t a t e

10 0 ,0 0 0

12
_____

S e c u r it y B a n k o f C h ic a g o

4 0 0 ,0 0 0

14

_____

S h e r id a n T r u s t & S a v in g s

2 0 0 ,0 0 0

_____

S e c o n d S e c u r i t y B a u k -------

2 0 0 ,0 0 0

8
_____

261
15 2

_____

. ..

3 ,3 7 0 ,4 5 1

. ..

. ..

10 th S tr e e t S ta t o B a n k —

10 0 ,0 0 0

_____

. . . .

110

3 3 1 ,5 5 9

. ..

. ..

12 0
202

6 ,13 9 ,5 3 0

S c h lff & C o . S ta t o B a n k . .

0 3 d A H a ls te d S ta t o S a v .

2 0 0 ,0 0 0

0

S o . C h ic a g o S a v in g s B a n k

3 0 0 ,0 0 0

8

S o u th S h o re S ta to B a n k ..

10 0 ,0 0 0

S o u t h S l d o S t a t e .....................

2 0 0 ,0 0 0

S o - W e s t S t a t o B a n k .............

2 0 0 ,0 0 0

.....
10
4

_____

2

112

. .. .

3 5 1 ,8 3 5

1,0 7 3 ,3 0 4
2 5 5 ,2 4 0

225

12 0

(Etovmxt gxrjexxts atxxl

19 0

118

260

235

. ..

. ..

_____

16 5

4 ,9 10 ,4 18

200

16 0

1

12 5

1,4 9 0 ,0 8 4

12 5

112
13 5

S o -W cst T r u s t & S a v in g s .

2 0 0 ,0 0 0

6

2

119

2 ,6 2 0 ,3 2 5

17 5

S ta n d a r d T r u s t A S a v in g s

1,0 0 0 ,0 0 0

6

_____

16 0

6 , 9 6 0 ,6 6 6

17 5

16 5

S t a t e B a n k o f C h i c a g o ___

1,5 0 0 ,0 0 0

20

5

401

3 3 ,8 7 2 ,2 7 3

460

425

E v a n s t o n ............. ...................

3 0 0 ,0 0 0

12

. .. .

2 16

5 ,10 1 ,13 9

325

S t a t e B k . o f W e st P u llm a n

10 0 ,0 0 0

6

H

15 0

8 5 1 ,17 8

...

260
___

CONTINUED OFFERING OF FRENCH TREASURY
BILLS.
Another block of French Treasury bills was dis­
posed of by J. P . Morgan & C o. this week. They were
again disposed of on a discount basis of 6 % , the figure to
which the rate was advanced some time ago. The bills in
this week’s offering are dated Jan. 30.

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 dis­
count basis of 6 % , the same as in other recent weeks. The
bills in this week’s offering are dated Jan. 26.

8

. .. .

FINAL FIGURES OF SUBSCRIPTIONS TO C A N A D IA N
VICTORY LOAN OF 1919.
Subscriptions of $682,032,215 to the Canadian Victory
Loan are shown, it is announced, in the final figures made
public at Toronto on Jan. 19. The ea'rlier total, as indicated
in our issue of N o v . 22 1919, page 1931, was $673,199,790.
The number of subscribers to the 1919 loan is 830,602; in
the case of the 1918 loan (second Vivtory Loan) a total of
$695,390,250 was subscribed by 1,104,287 subscribers.
The following are the subscriptions to the two loans, by
Provinces, as given in the Montreal “ Gazette” of Jan. 30:
P r o v in c e .

British Columbia___
A lb erta _____________
Saskatchewan --------M anitoba___________
Ontario------------------Quebec______________
Now Brunswick_____
Nova S c o tia ..--------Prince Edward Island
Totals

S ta to B a n k A T ru st C o . o f

S t a t e C o m m e r c ia l A S a v . .

10 0 ,0 0 0

S to c k m en s T r u s t A S a v . .

2 0 0 ,0 0 0

15 0

6 6 9 ,0 0 6

17 8

17 8

14 7

1,0 8 1 ,1 6 9

14 0

14 0

425

400
110
___

S to c k Y a r d s S a v in g s B a n k

3 0 0 ,0 0 0

10

. .. .

208

5 ,2 5 3 ,4 3 7

S to n y Isla n d T r u s t A S a v .

2 0 0 ,0 0 0

114
___

1,0 13 .6 4 1

12 0

10 0 ,0 0 0

N one
_____

... .

2 0 t h S t r e e t S t a t e B a n k ___

...

U n io n B a n k o f C h i c a g o . .

5 0 0 ,0 0 0

6

. . . . . .
3 ,9 6 4 , 2 4 9

. .. .
_____

1,5 0 0 ,0 0 0

8

_____

U n i t e d S t a t e B a n k ________

2 0 0 ,0 0 0

6

U n i v e r s a l S t a t o B a n k _____

2 0 0 ,0 0 0

N one
_____

. .. .
_____

U n i v e r s i t y S t a t e B a n k ___

2 0 0 ,0 0 0

_____

12 5

13 1
249

3 7 ,0 0 8 ,2 0 0

15 0
325

12 5

1,0 8 6 ,8 5 8

12 0

115

119

1,6 3 7 ,8 2 5

...

. ..
...

116

3 4 0 ,2 0 1

. ..

discussions

18 5

6

U n i o n T r u s t C o .................. ..

413

THE CHRONICLE

J a n . 31 1920.]

325

W e s t E n g lo w o o d - A s h la n d .

2 5 0 ,0 0 0

8

4

13 3

2 ,3 6 0 ,3 2 2

17 5

15 0

W e s t S ld o T r u s t A S a v . . .

4 0 0 ,0 0 0

12

3

15 1

8 ,9 4 7 , 7 8 9

325

300

W e s t T o w n S t a t e ..................
W o o d ln w n T r u s t A S a v . .

2 0 0 ,0 0 0

0

2 ,2 5 1,10 6

12 5

12 5

10

... .
_____

13 7

2 5 0 ,0 0 0

19 0

4 ,5 8 1,6 4 1

250

250

W l c r s u m a S t a t e B a n k _____

2 0 0 ,0 0 0

5

_____

117

2 ,19 4 ,5 6 9

14 0

12 5

VOLUME OF BUSINESS ON THE CHICAGO
STOCK EXCHANGE.
The year 1919 was one of greatly increased activity
on the Chicago Stock Exchange. As measured by
the volume of transactions in stocks, the year sur­
passed all past records. The dealings aggregated
6,811,885 shares, or more than double the best pre^
vious year, namely 1899, when the transactions
amounted to 3,300,385 shares. As compared with
the years immediately preceding, dealings increased
three to nine times, the sales in 1918 having been
only 1,955,151 shares, in 1917 only 1,696,428 shares,
in 1916 1,611,317 shares, in 1915 but 715,567 shares,
and in 1914 no more than 385,783 shares.

19 18 .
$36,633,900
18,979,260
26,072,450
44,030,700
336,065,350
180,363,450
17.002.550
33 .2 2 1.5 5 0
3 ,0 11,0 5 0

19 19 .
$ 3 6 ,4 11,9 15
17.178 .900
2 1,7 12 ,6 5 0
41,642,200
355,739,050
16 2 ,0 32 ,150
15,635,050
28.521.900
3,158,400

$695,390,250 $6 82,032,215

CHANGE I N TRADING I N C A N A D IA N VICTORY
BONDS ON C A N A D IA N EXCHANGES.
W ith regard to an agreement entered into on Jan. 21 by
the Bond Dealers’ Association of Canada and members of
the Montreal, Toronto and Winnipeg Stock Exchanges,
providing for a change in the method of trading in Canadian
Victory bonds (effective at once) the Toronto “ Globe” of
Jan. 22 said:
This arrangement, which was urged by the Dominion Government, pro­
vides that the selling of Victory bonds of the five Issues of 19 17 and 19 18
will bo in the hands of the Market Committee, an organization representing
tho bond dealers, and that the buying and soiling will be at a fixed price,
with a view to stabilization and securing a wider and better market. The
change does not apply to tho 6% issues of war bonds, which are not
sufficiently large in quantity to require support of this kind.
The complete arrangement provides that, while brokers do not deal in
Victory bonds between themselves, but rather with the Market Committee,
tho bonds will still bo quoted on the Stock Exchange sheets and an effort
will be made to record the sales daily. However, as several Western cities
will have local organizations for marketing purposes, the volume of war
bonds passing through Toronto brokers’ hands will likely diminish and
1ikowiso make a poorer showing as to volume of business done on the Ex­
change .
.
Prices for the Victory bonds under the new arrangement were decided
upon by tho Market Committee late yesterday [Jan. 21] and wired to
dealers in time for use when business opens to-day [Jan. 22]. The following
statement was given out by the Committee, of which M r. G. II. Wood is
Chairman and M r. R . A . Daly, Secretary:
“ Under an arrangement entered into by the Bond Dealers’ Association o^
Canada and tho members of the Toronto, Montreal and Winnipeg Stock
Exchanges all maturities of 19 17 and 1918 Victory loans aro now placed
under the control of tho Market Committee, along with tho 1919 issue, and
trading under tho auspices of tho Committee will commence this morning.
“ This is a resumption of the plan which was so successful following
the 19 17 and 1918 Victory loans. The bonds now listed on tho Exchanges
will continue to be quoted there, and the records of transactions will appear
* “ The recent improvement in tho market values of tho 19 17 and 1918
Victory loans has no doubt been in anticipation of this step being taken."

S A L E S FOR S E R IE S OF Y E A R S .
N O . S h a res.

1919. .........0,811,885
1918. .........1,955,161
1917. .........1,090,428
1910- .........1,011,317
1915- ......... 715,507
1914. ......... 385,783
1913. .........1,001,417
1912. .........1,174,931
1911. .........1,040.008
1910- ......... 894,302
1909- _____ 1,023,405
1908. ....... - 829,216
1907. ......... 805,984
1900. .........1,234,537
1905- .........1,544,048
1904. .........1,251,177




B on d s.

$5,232,150
4,590,020
9,012,400
11,889,400
0,237,000
9,085,500
9,391,000
13,757,000
14,752,000
7,347,000
14,800,000
15,259,000
4,400,200
5,858,050
9,550,500
5,432,700

N o . S h a res.

1903. .........1.024,002
1902. .........1,350,558
1901. .........1,877,883
1900- .........1,424,252
1899. .........3,300,385
1898. .........1,845,313
1897. ......... 987,772
1890- .........1,720,400
1895- .........1,386,657
1894. .........1,653,947
1893- .........1,157,701
1892- .........1,175,031
1891. ......... 710,000
1890. .........1,097,000
1889. ......... 160,100

B on d s.

$3,364,160
8,967,100
9,338,700
8,735,900
12,483.650
9,856,800
6,575.000
4,853,950
8,382,500
10,213.500
6,575,650
14,198,000
9,435,000
18,368,000
18,530,000

PRESIDENT WILSON’S APPEAL TO CONGRESS FOR
CREDITS I N BEHALF OF POLAND , AUSTRIA
A N D ARM ENIA.
A further appeal to Congress for authority to supply
credits in behalf of Poland, Austria and Armenia for the
purpose of making available food exports to relieve the
starving populations of those countries was made by Presi­
dent Wilson on Jan. 28 through Secretary of tho Treasury
Glass. Several previous communications which Secretary
Glass had addressed to Congress in the matter have already
been given in these columns— one to Representative Fordney
of the House W ays and Means Committee having appeared

414

THE CHRONICLE

in our issue of D ec. 27 , page 2402, and a still later one to
M r . Fordney setting out the specific needs of Poland, Aus­
tria and Armenia, having been given in these columns
Jan. 17, page 210. President W ilson’s letter of this week
was submitted to the committee by Secretary Glass without
comment. The letter said:

[V o l . 110

DR. T EJ AD A , OF BOLIVIA, ON PLAN FOR FINANCIAL
A I D TO EUROPE THROUGH R EP A YM E N T OF
LATIN-AMERIC AN OBLIGATIONS.

D r. Jose Luis Tejada of Bolivia outlined before the Pan­
American Financial Congress on Jan. 23 the plan for the
extension of financial aid to Europe by tho United States
With considerable regret I have noticed from the press that Congress is
delaying the granting of authority for the extension of prompt and gen­ through repayment of Latin American obligations held in
erous relief to the stricken portion of Europe, the urgency and importance Europe. Such a plan, he said would not only aid Europe
of which, especially in respect to Poland, Austria and Armenia, you have but would materially help Latin America.
Former Secre­
fully explained to the Ways and Means Committee. It is unthinkable to
me that we should withhold from those people who are in such mental tary of the Treasury William G . M cA d oo, he said, in his
and physical distress the assistance which can be rendered by making address to the Congress, had made clear that the United
available on credit a small portion of our exportable surplus of food which
States must make loans to Europe and that the Latin A m ­
would alleviate the situation.
While I am sure that you must have explained fully to the Ways and erican financiers placed great confidence in the superior in­
Means Committee the appalling situation in. those parts of Europe, where telligence and experience of M r . M cA d oo.
They knew
men, women and children are now dying of starvation and the urgent
necessity for prompt assistance, I beg of you that you make another appeal him, said M r . Tojada, and recognized in him the founder of
to Congress. I am informed that through the published reports of hearings that phase of Pan-Americanism which had taken form in
before the Ways and Means Committee the Congress has now been fur­ this Congress. Latin America, he said, agreed that the
nished with incontrovertible facts showing the necessity for immediate
United States must help Europe as all the economic prob­
affirmative action.
This prosperous republic ought not to bear any part of the responsibility lems of the world hinge on the reconstruction of Europe,
for the moral and material chaos that must result from an unwillingness on but that direct loans were not now practicable. The situa­
our part to aid those less fortunate than ourselves. We cannot, merely
to husband a small proportion of our surplus, permit the happening of this tion was hampered, he continued, by the problem of ex­
great castrophe.
change. D r. Tejada said:
The dollar is not of less value although its buying power may have been
Further reference to the consideration of the matter by
affected by the high cost of living. But other money has lost value in
the committee is made in another item.
comparison with the dollar. We must normalize exchange by production,

INTEREST OWED BY EUROPE ON U. S. LOANS.
Accrued interest, totaling approximately $325,000,000
is owed by European countries on loans granted by the
United States, according to a table submitted by the Treas­
ury Department to the House W a ys and Means Com ­
mittee on Jan. 2 9 . The amount of interest owed by the
various countries is given as follows:
Great Britain, $144,440,837.
France, $94,021,749.
Italy, $54,256,589.
Russia, $16,832,662.
Belgium, $11,465,278.
Czecho-Slovakia, $1,667,083.
Serbia, $917,299.
Roumania, $609,873.
Liberia, $548.
Total, $324,211,918.
•

economy and export and also bo credit. One is a matter of time and the
other one of finance, capital granted as credit, is only time loaned to the
debtor.
All Latin America has been financed by Europe. As debtors wo hear
the moral obligations to return the savings of Europe when slio needs them.
If the United States decided to grant help to Europe, lot her do it by allow­
ing Latin America to pay its obligations to European countries.
This method would allow Latin America to take advantage of tho con­
dition of exchango and would work no harm to Europe as tho exchange
situation must be adjusted beforo her reconstruction can begin. And no
advantage would accrue to Europe by keeping her South American securities
because they will not be worth more later. On tho other hand there would
bo created a market for European securities as tho South American countries,
in paying their obligations would buy the money of thoso countries, thus
tending to stabilize exchange.
If you thus allow Latin America to pay her debts with economy tho re­
sults of that economy you may bo assured will bo Invested In the construc­
tion of railroads and development of other Industries.
Dr. Tojada recommended that tho banking interests of tho United Scates
study this proposal for new Latin American loans.

RECOMMENDATIONS OF P A N A M ERIC AN CONGRESS
FINANCIAL RELIEF FOR EUROPE THROUGH
REPAYM ENT OF L A T IN AMERICAN
OBLIGATIONS.
SECRETARY GLASS ON$TREASUKY$DEPARTMENT’S
The recommendations for extension of trade and financial
A T T IT U D E TOWARD FOREIGN SECURITY ISSUES.

The views of the Treasury Department regarding the
floating of foreign securities in the United States were in­
dicated in a statement issued by Secretary of the Treasury
Carter Glass on Jan. 23 in which he said that the attitude
of the Department since the war had been favorable to the
issue of such securities in our markets, but that the effort
for their sale must be to “ procure the investment in them
of new savings and not to dislodge United States Govern­
ment securities by inducing holders to sell or exchange
them .” The statement of Secretary Glass follows:
During the war the Capital Issues Committee undertook to determine
whether it was compatible with the national interest that certain issues
should bo made. The work of that committee came to an end shortly
after the armistice.
During the war, including that portion of the post-armistice period
during which the United States Government was financing the require­
ments of the Allies, the Treasury was unwilling that their governments
should compete with it by the issue of securities in our markets. Latterly,
the attitude of the Treasury has been favorable to the issue, under proper
safeguards, in our markets of sound investment securities of foreign Govern­
ments, and of States, municipalities and private borrowers, when emanat­
ing from those countries with which tho International Exchange is favorable
to the United States, and it may be assumed without inquiry that the
Treasury does not object to such issues. But tho effort must be to sell the
securities, and procure the investment in them of new savings, and not
to dislodge United States Government securities by Inducing the holders
to sell and exchange them.
The principal need of most of the countries of Europe is for capital here,
rather than for bank credit. B y maintaining doubtless necessary embar­
goes on the export of gold, the principal countries of Europe prevent their
people from making payment in cash of their international debit balance,
thus necessitating the settlement of that balanco by investment of Ameri­
can capital in Europe. In the position of most of tho European exchanges
resulting from these gold embargoes, even transactions which under normal
conditions would bo regarded as self-liquidating and therefore appro­
priately to be financed by means of bank credit, will not readily be liqui­
dated in dollars. The requirement of Europe for credit, therefore, should
be met by the sale of capital issues to Investors rather than by tho manu­
facture of bank credit which could only result in unhealthy inflation of
our own domestic credit structure.
Neither the Capital Issues Committee nor tho Treasury has ever under­
taken to authorize, approve, or pass upon the merits of any issue of securi­
ties whatever, whether of private companies, municipalities, states or gov­
ernments, and the fact that any such issue was not objected to must not
in any case be construed as carrying authorization, approval or recom­
mendation. The use of the name of the United States Government or of
any department of the Government in connectionjwlth the issue of any such
securities is unauthorized.




relations between the United States and Latin America, as
crystalized in the resolutions adopted on Jan. 23 by the
Second Pan American Financial Congress included study of
a plan to give financial aid to Europo by loans from the
United States to Latin America, the proceeds to be used
to pay the debts of the Latin American countries to Europo.
Adoption of the metric system, unification of rates and tax­
ation, extension of the system of commercial attaches, the
protection of trade marks and copyrights and better trans­
portation, postal and telegraph facilities also were recom­
mended. It was likewise recommended that the name of
the International High Commission bo changed to “ The
Inter-American High Commission,” to better indicate its
constituency and sphere of work. The Second Pan-Ameri­
can Conference opened in Washington on Jan. 19, and
Secretary of the Treasury Carter Glass, in closing the con­
gress on the 23rd, expressed his thanks both to the foreign
delegates and to the American business mon gathered to
meet them. “ The congress, I fool sure, has accentuated
the sentiment of common purpose and strengthened the
bopds of co-operation between tho American republics,”
said Secretary Glass. “ It has tended to improve the rela­
tions of cordiality and affection and to unite thorn in service
to each other, to humanity and to tho world.” W hon the
report of the resolutions committee was submitted for ap­
proval, all the countries present voted in the affirmative
but the delegations of Bolivia, Brazil and Venezuela noted
reservations, dealing for the most part with amplications of
certain sections of recommending changos in wording:

Tho eighteen recommendations of tho committee were as follows:
1. That tho namo of tho International High Commission bo changed to
"The Inter-American Illgh Commission,” the better to indicate its con­
stituency and sphere of work.
2. That the report of the transportation committco, recommending in­
creased freight and passenger ocean sorvlco to South America bo trans­
mitted to tho U. S. Shipping Board for consideatlon and action that tho
recommendations dealing with railroad transportation, postal and telograph facilities be sent to tho Intor-Amerlcan High Commission for action.
3. That tho legislation of certain States of this country bo so modified
as to permit operation of branches of Latin American banks within their
jurisdiction, under proper regulation, so as to secure equality or treatment.
4. That the Inter-American High Commission study possibility of so-

Jan . 31 1920.]

THE CHRONICLE

415

curing uniformity and equality of treatment In laws regulating foreign cor­ remembered with gratitude by posterity.”
Secretary Lan­
porations In Latin America.
sing also said in part:
5. That there be developed increased use of acceptances for the purpose
When tho First Financial Conforonco assembled hero in 19 15 its chief
of financial transaction involving import and export of goods. The hope
Is expressed that the United States will offer a widening market for long time purposo was tho consideration of tho abnormal financial conditions which
prevailed In this hemisphere as tho direct result of the European War.
Latin American securities.
6 . That the Inter-American High Commission be asked to further estab­ With tho trade routes Interrupted and profitable markets closed, with com­
mercial
systems disorganized and credits threatened, it was a fortunate
lishment of an International gold fund, which plan already has been adopted
circumstance that tho financiers of the Republics of America assembled to
by sovoral South American republics.
7. That the Intor-Amerlcan High Commission bring to tho notice of the exchange opinions and to seek means for overcoming tho difficulties which
American governments tho desirability of adopting a uniform law on the had so suddenly arisen.
Tho Conference of 19 15 marked a distinct advance in the development of
subject of chocks.
8 . That tho Inter-American High Commission bo asked to study tho best constructive Pan-Americanism. It was the translation of the Pan-Ameri­
method of avoiding simultaneous double taxation of Individuals and cor­ can spirit of helpfulness and mutuality into practical effort, standing out
in bold contrast with the hatreds and antagonisms engendered by the
porations in Latin American countries.
9. That tho American countries which havo not dono so ratify tho con­ dreadful struggle across tho seas.
As the American nations came together in thoso early days of the great
vention adopted by tho International American Congress at Buenos Aires
In 1910 for establishment of an international bureau at Havana for regis­ war, it is fitting that with the closo of that conflict, when an exhausted
world is groping amidst tho ruins of past prosperity to find foundations on
tration of trade marks.
10. That American countries which havo not done so ratify the conven­ which to rebuild its shattered fortunes, that our Republics should again
assemble in conference to consider tho financial and economic problems of
tion adopted at Buenos Aires In 19 10 concerning patents and copyrights.
1 1 . That tho Webb law be amended to permit American companies, tho new era and to devise ways and adjusting our lives and intercourse
importing or dealing in raw materials produced abroad, to form under proper to new conditions in harmony with the impelling spirit of Pan-Americansim.
It is ovident to all that tho war and its wasto of life and treasure have
government regulations organizations enabling such companies to compete
on terms of equality with companies of other countries associated for the profoundly influenced tho relation of the Americas to world affairs. It
would bo folly to cherish the illusion that the cruel years of Europe’s agony
conduct of such business.
12. That tho commercial attache system be extended with appropriate have not affected the peace, prosperity and progross of tho American na­
training for all branches of the foreign service as a means of developing tions. Wo cannot avoid the now responsibilities to ono another and to the
world. We ought not to avoid them, even if we could. And I but echo
commercial relations.
13 . That a simultaneous census be taken by all American countries at tho united voice of tho Americas when I declare that wo will tako up the
burden thrust upon us and with confidence press forward to the hotter days
least overy ten years, observing uniformity of statistics.
14. That tho metric system of weights and measures be universally em­ which lie in the future.
I feel certain that as a rasult of your deliberations tho Republics of America
ployed and until such time as that Is dono, articles marked by the standards
will draw more closely tho bonds which already unite them and strengthen
used In the United States also be marked according to the metric system.
15 . That tho plan of arbitration of commercial disputes in effect between that spirit of mutual sympathy and helpfulness which is tho very soul of
tho Bolsa do Commorcio of Buenos Aires and the Chamber of Commerce Pan-Americanism. Tho material accomplishments should bo great but
In giving to them your earnest thought remember that a greater and more
of tho United States be adopted by all the American countries.
16. That tho Inter-American High Commission be asked to study the enduring benefit to mankind will bo attained through tho spiritual Unity
creation of an Inter-American Tribunal for tho adjustment of questions manifested in your councils. Thus inspired and directed you cannot fail
of a commercial or financial nature Involving two or more American coun­ In the task which you aro about to undertake.
tries and tho determination of such questions by law and equity.
17 . That the Importation of raw materials Into any country shall not be
prevented by prohibitive duties.
18. That tho banking Interests of the United States study tho possi­
bility of financial relief to Europe by repaying Latin American obligations
held in Europe by means of new loans granted in the United States to the
respective Latin American countries.
William G . M cA doo, formerly Secretary of the Treasury,

W. G. McADOO A T PAN -AMERICAN CONFERENCE
URGES A I D TO EUROPE.

THIRTY NATIO NS TO BE REPRESENTED A T CONVEN­
TION OF NATIONAL FOREIGN TRADE COUNCIL.
James A . Farrell, Chairman of the National Foreign Trade
Council, an organization composed of 75 of the leading
American merchants and manufacturers engaged in foreign
trade, announces that thirty foreign nations representing
Contral and South America, Canada, Australasia and the
Far East, will havo trade advisors at the Seventh National
Foreign Trade Convention to be held at San Francisco
M a y 12-15 1920, for the purposo of supplying first hand
information in regard to the markets of their respective
countries. The departure of the Council this year in
extending an invitation to foreign countries to be represented
by special trado advisors is expected to result in a notable
attendance of foreign traders from all over the world. Re­
ports already received from chambers of commerce abroad
indicato that many foreign merchants will take advantage of
this opportunity to meot in personal consultation with leaders
of Amorican business. American firms having representa­
tives in foreign fields have boon requested to have their
foreign representatives time their visits to this country in
order to tako advantage of the convention.
In commenting upon tho presence of the foreign trado
advisors, O. K . Davis, Secretary of the National Foreign
Trado Council, announces that ton trade advisors are being
allotted to eaoh one of the foreign nations whose commercial
roprosontativos havo been invited to the convention. These
special advisors will be chosen by trade organizations in
their respective countries. M r. Davis continued:
Thoso foreign trade advisors will bo thoruoghly representative of tho inter­
national commerce of their respective countries. They will be at San
Francisco for tho purposo of supplying first hand Information In regard to
tho markets of their respective countries. They will not be official Govern­
ment representatives, but commercial delegates in tho true sense of tho
word.
Tho Sovcnth National Foreign Trado Convention will be a gathering
of representatives of all phases of tho international commerco of tho United
States. Delegates will attend from all parts of the country, and the oppor­
tunity of acquiring foreign trado Information will, this year, bo an excep­
tional ono, if only through tho prcsenco of trade advisors from the various
foreign nations.

SECRETARY LANSING’S REMARKS BEFORE P AN­
AMERICAN CONFERENCE.
Tho opening of the Pan-American Financial Congress on
Jan. 19 was marked by an address by Secretary of State
Robert Lansing, in which he stated that if “ wo demonstrate
in our international intercourse that tho American policy is
guided by a spirit of helpfulness rather than by national
selfishnoss, wo shall mako a contribution to world progress
and to civilization which will bear its present reward and be




presided at the session of the Pan-American Financial Con­
ference held on Jan. 21, and in an address to tho gathering,
he referred to Europe’s need of our materials, declaring
that “ we, the American Republics, aro partners in responsi­
bility and should co-operate in a great enterprise” ; we
must, “ to the extent of our ability,” he contended, “ aid
Europe promptly, generously and on sound economic lines.”
In part he also said:
A colossal war has been won and the substance as well as the shadow
of autocratic governments has been obliterated from tho leading nations o'
tho world. We face great duties and responsibilities for tho future, not
alono domestic in their character but international in their rango and
Importance. Tho whole world has reached a stage where inter-dependence
of nations Is now clearly manifest and must bo recognized in future political
and economic policy.
During those past five years the Latin-American republics and the United
States havo of necessity been drawn more closely together. We know each
other better than we over did before because wo have had moro to do with
each other than wo ever had before. Our export trado to Latin-America
has increased from $99,0 0,000 in 19 15 to $400,000,000 in 19 19, and our
imports from Latin-America have increased from $261,000,000 in 19 15 to
$568,000,000 in 1919. This remarkable growth has resulted in considerable
measuro from tho dislocation of Latin-American-European commerce, but
it has resulted to a largo oxtent also from tho practical work of the First
Pan-American Financial Conference and tho International High Commis- *
sion, which was created by that conference to carry out tho program of the
conference.
In public flnanco we havo since 19 15 liquidated in part our indebtedness
to European belligerents and wo have extended credits to thorn during
the war to cover thoir needs for military goods. In tho monetary field the
States of North and South America havo accumulated largo holdings of
gold, and as a rasult are in a better position now than over before to astablish
thoir finances on a gold basis. In banking, tho exchange rates of tho
Amorican republics aro at a premium with respect to Europo, because of the
great excess of exports. To encourage our mutual banking transactions
tho financial institutions of tho United States have sot up almost sixty
branches in tho other American republics, a number far exceeding those
established on any other continent. Your Latin-American banks, located
In 3 1 different cities, have made connections with some of tho strongest
banks in tho United States. Tho Pan-American nations, therefore, have
additional facilities for transacting foreign trade, and tho dollar draft is a
new instrument in our commerco with each other. The Federal Reserve
system, which at the tlmo of our 19 15 meeting was timidly fooling its way, is
now organized so as to bo ablo to foster the commerce of tho American
republics.
The financing of public improvements has been aided by our bankers to
some extent, notwithstanding tho grave times when Europe was drawing
heavily on tho credit resources of tho United States. The bonds of several
governments (Argentina and Panama) and of several cities (Rio do Janeiro
and Sao Paulo) havo been placed in tho United States investment market.
Some of your private enterprises (Central Railroad of Argentina and Bra­
zilian Light & Traction) havo obtained funds in our market when Europe
could not respond. Your commercial bills of credit have found a ready
market In tho United States. Our Federal Reserve banks had, according
to recent figures, over $300,000,000 of acceptances In its portfolios, of which
South American drafts formed a goodly fraction, whereas at the time of our
meeting in 19 15 thero was no American acceptance market. Tho last five
years’ developments havo facilitated direct banking and exchange between
tho American republics.
In our tariff relations tho United States had, prior to the first meeting
of tho Pan-American Financial Conference, put on its free list your great
staples— wool, hides, leather, boof, cereals and coffee, and the great trado
In theso commodities was due in no small measure to the removal of tho
restrictions on imports into the United States.

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Owing to the subordination of commercial to military requirements, ships
were put into the trans-Atlantic service during the war, and our merchant
marine was unable to servo you adequately. Progress in this direction Is
the subject of earnest consideration of the United States Shipping Board.
The full possibilities of the Panama Canal in increasing intercourse between
the two Americas and between them and the rest of the world— all on a basis
of equality— could not be realized during the war. Only with the restora­
tion of normal conditions of trade will the profound influence and value
of the canal be apparent.

F. A . VANDERLIP BEFORE PAN-AMERICAN CONFER­
ENCE URGES CHANGE I N STATE B A N K L A W S TO
ALLOW UNITE D STATES BRANCHES OF
SOUTH AMERICAN BANKS.
There is a strong feeling among certain delegations to the
Pan-American Financial Congress that Latin-Ameriean
financial institutions are discriminated against by many of
our State banking laws, according to Frank A . Vanderlip,
Chairman of the Argentine group of the Congress. In a
statement on Jan. 20 M r . Vanderlip declared that it was the
concensus of opinion among the American members of his
group that in the interests of fairness, State banking laws
should be so amended as to permit the opening of American
branches at least by the Government banks of South America.
M r . Vanderlip said:
Although American banking houses are opening branches all over the
world, our State banking laws make it impossible for the Latin-Amerlcan
institutions to open branches in this country and compete with us on our
own ground. These laws were formulated before American banks had
invaded the foreign field and had the effect of securing our banks from
competition for deposits from foreign institutions.
This situation was discussed to-day in the Argentine group and It was
.the goneral opinion of tho American members that tho Interest of fairness
demanded readjustment so that at least tho Government institutions such
as the Bank of tho Nation of Argentina might be permitted to open branches
in our financial centres and compete for deposits.
This is not a metter for Federal legislation but lies entirely with certain
of the States.

MEXICO ON GOLD BASIS, ACCORDING TO STATE­
M E N T A T P A N - A M E R I C A N FINANCIAL
CONFERENCE.
A t the Pan-American Financial Conference in Washington
last week, Enrique Martinez Sobral of Mexico, at the request
of American members of the Mexican group, outlined the
economic situation of that country. He laid emphasis on
the fact that Mexico now was firmly established on a gold
basis and that it had approximately $100,000,000 gold in
circulation. In fact, ho said, gold was the only medium of
exchange as even the fractional silver currency, issued to
facilitate commercial transactions, had been withdrawn from
circulation because of hoarding induced by the high price of
silver. H e declared that in tho last three years, tho de­
preciated Mexican paper currency which had fallen at times
as low as one-tenth of one cent on the peso in comparison
with the dollar had been successfully retired. “ A country,”
he said, “ which has passed through such an ordeal as Mexico
and which can so rebuild its finances is worthy of confidence.
Mexico is making a strong effort to repay investments and
to do the best it can in spite of the lack of foreign capital.”
It must be borne in mind, he said, that the world war re­
duced the amount of capital for foreign investment and that
Mexico has had five or six years of internal war, but that
Mexico was picking up and returning to normal. He said
tho gold production of 1918 was 25,000 kilograms, as com­
pared with 8,000 kilograms in 1914 and now was about the
same as it was ten years ago. She produced 2,000,000
kilograms of silver in 1918, as compared with 800,000 in
1914. Reports show imports of 164,000,000 pesos and
exports of 365,000,000 pesos in 1918 and the larger part of
this trade was with the United States.

GU ATEMALA CONSIDERING N E W B A N K I N ACCORD
WITH PAN-AMERICAN PRINCIPLES.
Dr. Virgilio Rodriguez Beteta, of the Guatemalan delega­
tion, in addressing the Pan-American conference last week,
stated that Guatemala was studying the establishment of a
new bank with the co-operation of capital in accord with
Pan-American principles to safeguard the issues of paper
money by preventing fluctuations. After exchange had
been stabilized, he said, the new bank would assist six banks
now established in Guatemala to resume operations endeavor­
ing to have several of them merged into single a land bank
for development of agriculture. This plan was designed to
meet the needs of Guatemala to handle tho domestic debt,
amortize the foreign debt and establish a gold standard.
The natural resources of Guatemala he said were the guar­
antees of tho success of this program.




[ V o l . 1 10.

L A T IN -A M E R IC A N FINANCIAL MATTERS DIS­
CUSSED A T PAN-AMERICAN CONFERENCE.
Aside from some of the financial matters which oame up
for discussion at the Pan-American Financial Conference,
and to which we allude to-day under separate headings, we
take occasion here to refer to some of the other financial
features of the Conference.
The Americans on the Bolivian committee recommended
a loan of $5,000,000 to complete railroad construction.
From the Haitian delegation came a statement that “ in­
ternal conditions have been greatly improved since the
coming of the United States into the Haitian national
situation.”
D r. Florencio Aragon y Etchart of Uruguay made a com­
prehensive outline of the import and export taxes as a moans
of securing revenue and the adoption of a gold standard.
He declared that exchango rates had little effect on Uru­
guayan currency as the people of the country roalizod that it
was fully and perfectly guaranteed by the reserves.
D r. Zuberbuhler declared that the extension of foreign
trade should be on a permanent and stable basis as sound
commercial ties can exist only when the buyer and seller
fully understand each other’s needs, which understanding
can come only by daily intercourse. “ There is no greater
stimulus to foreign trade,” he said, “ than the influx of
foreign capital,” and instanced the trade between Argentina
and Great Britain, saying that the latter country had made
investments in South America exceeding 800,000,000 pounds
and that these investments havo become wholly identified
with the econmoic life of Argentina.
“ M arkets,” he continued, “ acquired as a result of ab­
normal conditions can only be kept whon the needs of the
consumer are studied and mot. Goods are bought not
necessarily because they are cheaper in price but more
especially because the needs and tastes of the buyer are
consulted. This has been well appreciated by the European
nations. The capture of a market merely as a dumping
ground for excess production only tends to awakon distrust,
so difficult always to eradicate.” H e doclarod he was sure
American trade will win in South America through the
reliability of its products and tho good faith of its business
men.
Victor V . Robles of tho Chilean delegation addressed the
Congress on the productivity and commercial possibilities of
Chile. After outlining the nitrate coal mining and agri­
cultural situation of his country he doclared that Chile
presented a safe field for investment, that there had not
been a revolution for seventy years and had a public debt
of but 32 ,000,000 pounds. He closed by inviting American
business men to go to Chile and aid in its development
urging them especially to invest capital in the development of
railroads and public utilities.
D r. Carlos Sampaio, Chairman of tho Brazilian delega­
tion, addressed the Congress on the problems of Brazil as
a debtor nation. After outlining the offeot of tho war on
Brazil, he declared that Latin America was the proper fiold
for North American enterprise. He said:
I can declaro that tho program of tho Brazilian Government is to reduce
public expense, improve tho fiscal system, realize tho equilibrium of tho
budget, contract loans exclusively for reproductive purposes, reorganize
the banking system to give moro elasticity to tho currency and abandon
once for all the practico of issuing inconvertible currency.
B y so doing wo will gradually effect a sano basis of our monetary system
and the improvement of our finances. Our purposo will bo to increase
production and reduce imports, to stabilize exchange, pay interest on loans
and fill the gaps left by deficits.
Tho prosperity of a nation is rolatod to its capacity for production uepending upon land, capital and labor. Tho land we have In rich abundance.
We have not as yet explored two-thirds of It and it will bo for us to follow
the example of tho great American who discovered tho Itoosovolt ltlvcr
in northern Brazil. Of capital wo havo not enough and are obliged to look
to other countries. Our man power is not sufficient, but men will come to
us if only to get away from tho muddled conditions of Europe.
What wo wish to seo now is Americans at work in Brazil with their own
money as tho Chicago packers are now developing our meat industry and as
the smelters are trying to do with iron ore and manganese.

EXPORT QUOTATIONS STANDARDIZED.
The results of a conference on the standardization of
export quotations and American export practices, partici­
pated in by the nine great foroign trade organizations of tho
United States, are contained in a statement now being
circulated by tho National Foroign Trado Council, undor
whose auspices the meeting was held. Tho statement says:
As the most certain means of insuring unmistakable clarity in terms
and conditions of sale, tho conference voted to recommend to manufacturers
and exporters that all use of abbreviated forms of oxport price quotations
bo abandoned, and that such terms be wrltton out in full.
Tho conference recognized, howover, that this recommendation is not
likely to be accepted generally at once; and therefore, In tho hope of effecting

Jan . 31 1920.]

THE CHRONICLE

a simplification and standardization of American practice, it adopted
detailed definitions of tho abbreviated forms in more common and general
use In tho export trado.
Manufacturers and exporters arc urged to bear in mind that the confusion
and controversies which have arisen have sprung in part from tho use of an
excessive number of abbreviated forms with substantially similar meanngs, as well as from tho use of abbreviations in a sense different rfom their
original moaning, or in an application not originally givon them and
different from tho sense or application understood by foreign buyers.
In simplified and standardized practice lies the best hope o f reducing
confusion and avoiding controversy.
Misunderstandings can best bo avoided if tho seller will formulate a
written statement of tho general conditions under which his sales are to
bo mado, and will see that tho foreign buyer possesses these terms of sale
wlion considering a quotation. The items which may bo included in such
a statement, deal with: delivery, delays, partial shipments, shipping in­
structions, inspec’ ion, claims, damage and payment. If all contingencies
aro thus covered by carefully considered conditions o f sale, disputes will
largely bo prevented.

It is pointed out that in an export quotation tho term
“ F .O .B . (named port)” requires tho seller to plaeo his
goods on board the ocoan vessel at tho port named. In
order to avoid confusion, howover, tho conference recom­
mends that this tor n bo discarded, and that tho term
“ F .O .B . Vessel (named port)” be used instead. Other
recommendations of the conference deal with weight quota­
tions, carload-lot quotations, insurance practice and consular
charges. The conclusions of the conference will be given
wido distribution in the United States and throughout
foroign countries. It is expected that these recommenda­
tions will in duo time receive tho sanction of legal authority.
Copios of tho definitions and recommendations can bo
obtained from tho National Foreign Trade Council, Chamber
of Commorco of tho U . S. A ., National Association of
Manufacturers, American Manufacturers’ Export Associa­
tion, Philadelphia Commercial M useum , American Ex­
porters’ and Importers’ Association, Chamber of Commerce
of tho Stato of N . Y . , N . Y . Produce Exchange, and N . Y .
Merchants’ Association.

TREASURY DEPARTMENT’ S ATTITUDE TOWARD
INTERNATIONAL CONFERENCE ON CREDIT
SITUATION — SECRETARY GLASS ON
FINANCIAL A ID TO EUROPE.
A lottor in which ho dwells at length upon tho attitudo of
tho United States toward tho financing of the requirements
of Europo and in which is furnished tho views of tho Troasury
on tho memorial transmitted to the Government, suggesting
tho calling of an international conference looking to tho
adjustment of tho credit situation, has been addressed by
Secretary of tho Treasury Carter Glass to Homer L . Fergu­
son, President of tho Chamber of Commerco of tho United
States. Tho momorial, as presented to the U . S. Govern­
ment, was printed in our issuo of Saturday last, pago 310.
According to Secrotary Glass tho momorial circulated in
Europo “ contains some passages, omitted in tho Amorican
momorial, which apparently advocato further Governmental
assistance and also request tho respective Governments to
dosignato roprosontativos to attend tho proposed conference
which would givo it an official character.” Secretary Glass
makes known that “ tho Treasury has not looked with favor
upon cortain features of tho momorial nor upon tho proposed
conference, boing apprehonsivo lest the memorial and such
conforonco should servo to cause confusion and revive hopes
(which I am certain aro doomed to disappointment) that the
Amorican pooplo through their Government will bo called
upon to assumo tho burden of Europo by United States
loans.” Tho United States could not, if it would, he de­
clares, "assume tho burdens of all tho earth.” It cannot,
ho continues, “ undertake to finance tho requirements of
Europo bocauso it cannot shapo tho fiscal policies of tho
Governments of Europo.” Tho Government of tho United
States, ho further says, “ cannot tax tho American people
to meot tho deficiencies arising from tho failure of the Gov­
ernments of Europo to balance their budgets, nor can tho
Government of tho United States tax tho Amorican people to
subsidizo tho business of our exporters.” It is unthinkable,
says Secretary Glass, that tho people of tho United States
should undortako to remedy the inequalities of exchango.
“ Tho romodydor tho situation,” ho observes, “ is to be found
not in tho manufacture of bank credit in tho United States
for tho movomont of exports, a process which already has
proceeded too far, but in tho movement of goods, of invest­
ment securities and, in default of goods or securities, then
in gold from Europo, and in order that such securities may
bo absorbed by investors our pooplo must consume less;
tlioy must work and savo.” Secrotary Glass asserts that
“ there is no moro logical or practical stop toward solving then-




417

own reconstruction problems than for tho Allies to give value
to their indemnity claims against Germany by reducing those
claims to a determinate amount which Germany m ay be
reasonably expected to pay, and then for Germany to issue
obligations for such amount and bo set free to work it o u t.”
He also contends that “ if the peoples and Governments of
Europe live within their incomes, increase their production
as much as possible and limit their imports to actual neces­
sities, foreign credits to cover adverse balances would most
probably bo supplied by privato investors and the domand to
resort to such impracticable methods as government loans
and bank credits would cease. Tho letter in full follows:
J a n u a r y 28 1920.
— 1 havo tho honor to acknowledge receipt of tho letter of Jan. 22
1920, signed by yourself, and Messrs. A. C. Bedford, John II. Fahey and
Harry A. Wheeler, to whom, as a committee designated by the Chamber of
Commerco of tho United States, was referred a communication transmitt­
ing a memorandum signed by forty-four prominent American citizens, ad­
dressed to tho United States Government, tho Itaparations Commission and
tho Chamber of Commerco of the United States, recommending that the
Chambor of Commorco of tho Unitod States designate representatives of
commerco and finance to meet with those of other countries for the purpose
of examining the situation as set out in tho communication and recommend­
ing such action as may bo advisable.
In compliance with your request for an expression of opinion from the
Treasurery in respect to the observations and recommendations contained
in the memorandum, I may first stato that tho views and policy of the
Treasury in rospect to tho International financial situation aro set forth in
the enclosed extract from my annual report (pago 12 to 14, inclusive).
With much that is contained in tho memorial tho Treasury is in hearty
accord. Concerning the need of Increased production and decreased con­
sumption, tho peed of balancing governmental budgots and taking effective
measures to doflato currency and credit, concerning tho need of prompt
and proper determinations by tho Reparations Commission, which will
make possible tho resumption of industrial life in Germany and tho restora­
tion of trado with Germany, there can bo no doubt.
Tho people of tho United States aro being called upon, by taxes and
otherwise, not only to meet tho Government’s expenditures, but to reduce
the war debt. So far as tho countries of Europo are concerned, the adoption
of similar policies is a matter for tho governments of those countries and for
tho Reparations Commission.
In an effort to alleviate tho siuation tho United States Government has
done all that was considered advisable and practicable. Since the armis"
tico wo have extended to foroign governments tho following financia 1
assistance:
S ir

Direct advances_______________________________________ $2,380,891,179.65
Funds mado available to those Governments through tho
purchase of their currency to cover our oxpendituros in
E u r o p o _____________________________________________
736,481,586.76
Army and other governmental supplies sold on credit
686,000,000.00
(approximately) ____________________________________
Relief (approximately)________________________________
100,000,000.00
Unpaid accrued interests up to Jan. 1 1920 on Allied Gov­
324,211,922.00
ernment obligations--------------------------------------------------T o ta l..................................................................................... $4,226,584,688.41
The Treasury is opposed to further Governmental aid boyond that out­
lined in my annual report and in my recent communication to tho Ways and
Means Committee of Congress, with respect to tho extension of interest of
Allied Government obligations hold by tho Government of the United
States and to the supplying of relief to certain portions of Europe.
Tho Governments of tho world must now get out of banking and trado.
Loans of Government to Government not only involve additional taxos or
borrowings by tho lending Government, with tho inflation attendant thereon,
but also a continuance by tho borrowing Government of control over private
activities, which only postpones sound solutions of the problems.
Tho Treasury is opposed to governmental control over foreign trado and
finance and even more opposed to privato control. It is convinced that the
credits roquired for the economical restoration and revival of trado must be
supplied through private channels; that as a necessary contribution to that
end the Governments of the world must assist in tho restoration of confi­
dence, stability, and freedom of commerce by tho adoption of sound fiscal
policies, and that tho Reparations Commission must adopt promptly a just
and constructive policy.
Tho memorial which was simultaneously circulated in Europo differs in
its scopo and character from tho ono presented in tho United States. The
Europoan momorial contains some passages, omitted in the American
momorial, which apparently advocato further governmental financial assist­
ance and also request the respective Governments to designate representa­
tives to attend tho proposod conference, which would givo it an official
character.
The Treasury has not looked with favor upon certain features of the
memorial, nor upon the proposed conforonco, being apprehonsivo lest tho
momorial and such a conforonco should servo to cause confusion and revive
hopos (which, I am certain, aro doomed to disappointment) that the
American peoplo, tlirougli their Government, will bo called upon to assume
the burden of Europo by Unitod States Government loans. Such matters
as tho suggestion of further governmental loans by tho United States, tho
cancellation of some or all of tho obligations of European governments hold
by tho United States Government (as contemplated by a passage contained
in tho European memorial, but omitted from tho American memorial), and
tho deferring of obligations of foreign Governments held by the United
States to liens created in favor of loans liercaftor mado for reconstruction
purposes aro clearly not appropriate for consideration in such a conference
as is contemplated by tho memorial.
Tho existing world-wido inflation of currency, credit and prices is a consoquonce of tho fact that for a poriod of four or five'years the peoples of this
earth have boon consuming and destroying moro than they havo produced
and saved, and against the wealth so destroyed tho warring nations have
boon issuing currency and evidonco of indebtedness. Tho consequence of
tho world's greatest war is profound and inescapable. It has affected, all
tho nations of the civilized world, those who participated actively in the
war and tlioso who did not. Tho inflation exists in the neutral countries of
Europo and in the Orient. It exists where there was no war debt, where the
war debt was badly handled, and to some degree where tho war debt was
well handled.
Tho problems to tho cure of which tho distinguished gentlemen are direct­
ing their attention havo been tho subject in ono form or another of daily

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study of the Treasury Department since the outbreak o f the war and espe­
cially since the signing o f the armistice. These problems have at all times
been complex and difficult, and simple solutions have never been possible
because they involve some factors which are not susceptible of solution by
any comprehensive plan. The process o f healing the wounds inflicted by
the war must necessarily be slow and painful, Involving as it does not only
physical restoration o f industry and agriculture, but as well the restoration
to habits o f industry of masses of men accustomed by the war to unsettle­
ment. We must necessarily, and to a great extent, depend upon and encourago the independent activity and resourcefulness of each person affected
to repair his own fortunes, with the assistance of his business connections
in other countries, and also upon each individual to return to a normal life
of industry and economy.
From the moment of the cessation of hostilities the Treasury of the United
States has pursued a policy of looking toward the resotration as promptly
as possible o f normal conditions, the removal o f governmental control and
interference and the restoration o f individual initiative and free competition
in business. It has insisted upon strict economy in governmental expendi­
ture and upon the maintenance of taxes at a level which, with the salvage of
war materials and supplies, &c., will insure the prompt retirement of the
resulting debt o f the United States and the establishment o f a fund adequate
for the retirement o f the funded debt in the course o f a generation. The
Treasury long since, with the co-operation of the Federal Reserve Board,
removed the embargo on the export of gold, thus enabling American citizens,
and, indeed, the nations o f the world, to the extent that they find credit
here, to finance purchases throughout the world in cash.
Rightly or wrongly, a different policy has been pursued in Europe.
European Governments have maintained, since the cessation o f hostilities,
embargoes upon the export of gold. The rectification o f the exchanges now
adverse to Europe lies primarily in the hands o f European Governments.
The normal methods o f meeting an adverse international balance is to ship
gold. The refusal to ship gold prevents the rectification of an adverse
exchange. The need o f gold embargoes lies in the expended currency and
credit structure of Europe. Relief would be found in disarmament, re­
sumption o f industrial life and activity, the imposition of adequate taxes
and the issue o f adequate domestic loans.
The American people should not, in my opinion, be called upon to fi­
nance, and would not, in my opinion, respond to a demand that they finance
the requirements o f Europe in so far as they result from the failure to take
these necessary steps for the rehabilitation o f credit.
Such things as international bond issues, international guarantees, and
International measures for the stabilization pf exchange aro utterly imprac­
ticable so long as there exist inequalities o f taxation and domestic financial
policies in the various countries involved; and when those inequalities no
longer exist such devices will be unnecessary.
It is unthinkable that the people of a country which has been called upon
to submit to so drastic a program of taxation as that adopted by the United
States, which called for financing from current taxes a full one-third of the
war expenditures, including loans to the Allies, should undertake to remedy
the inequalities o f exchange resulting from a less drastic policy o f domestic
taxation adopted by the other Governments of the world. The remedy
for the situation is to be found not in the manufacture of bank credit in tho
United States for tho movement o f exports, a process which has already
for the situation is to be found not in the manufacture of bank credit in the
United States for the movement of exports, a process which ha? already
proceeded too far, but in the movement of goods, o f investment securities,
and in default o f goods or securities then of gold, into this country from
Europe; and in order that such securities may be absorbed by investors our
people must consume less and save.
Tho United States could not, if it would, assume the burdens o f all tho
earth. It cannot undertake to financo tho requirements of Europe, because
it cannot shape the fiscal policies o f the Governments o f Europe. Tho
Government o f tho United States cannot tax tho American peoplo to meet
tho deficiencies arising from the failure o f the Governments o f Europo to
balance their budgets, not can the Government o f the United States tax
tho American people to subsidize the business of our exporters. It cannot
do so by direct measures o f taxation, nor can it look with composuro upon
the manufacture o f bank credit to finance our exports when the require­
ments of Europe aro for working capital rather than for bank credits.
Lamemtablo as would be the effects upon our industrial lifo and upon
Europo itself of the continued maintenance of an exchange barrier against
tho importation into Europe of commodities from the United States, this
country cannot continue to extend credits on a sufficient scale to cover our
present swollen trade balance against Europe, while paying cash (gold and
silver) to the countries o f Central and South America and the Far East,
with which it has an adverse balance on its own and international account.
The consequence of the maintenance by Europe of this barrier will be to
force tho United States to do business with those countries with wfcich it is
able to do business on a cash basis. The only other policy which the United
States could adopt would be the policy of re-establishing embargoes on gold
and silver and o f inflating its own currency to the same extent that the
currencies o f Europe are inflated with a view to lowering its exchange to a
parity with theirs. This would involve taxing the whole people for tho
benefit o f our exporters and the benefit of Europe and submitting to havo
imposed on the United States domestic financial policies adopted by
Europe but quite contrary to those heretofore adopted by tho United States.
It would mean a world-wide inflation, the abandonment o f the gold stand­
ard. and ultimately, chaos.
I f the peoples in Governments of Europe live within their incomes, in­
crease thoir production as much as posiblo and limit their imports to actual
necessities, foreign credits to cover adverse balances would most probably
be supplied by private Investors and the demand to resort to such impractic­
able methods as government loans and bank credits would cease.
Thero is no more logical or practical step towards solving their own recon­
struction problems than for the Allies to give value to their Indemnity claims
against Germany by reducing those claims to a determinate amount which
Germany may be reasonably expected to pay, and then for Germany to Issue
obligations for such amount and be set free to work it out. This would
Increase Germany's capacity to pay, restore confidence and improve the
trade and commerce o f the world. The maintenance o f claims which cannot
be paid causes apprehension and serves no useful purpose.
Private investors can only make loans to tho extent o f their savings in
excess of domestic capital requirements, and then will only make them to
the extent that they have confidence in tho securities or obligations offered.
The adoption o f the measures indicated should add to the confidence of tho
private investor.
I f the Chamber o f Commerce o f the United States considers it advisable
and desirable to designate representatives to attend an unofficial conference,
the Treasury does not desire to offer any objection, provided the scope and
character and limitations o f such a conference as well as the Impossibility
.o f United States Government action are clearly understood.
Cordially yours,




CA R TE R GLASS.

[V o l . 1 1 0 .

•

SECRETARY OF THE TREASURY GLASS URGES A N E W
CREDITS I N BEHALF OF STARVING NATIONS—
OPPOSITION BY REPRESENTATIVE MON DELL.
In appearing before the House W ays and Means Com ­
mittee on Jan. 29 to urge the enactment of legislation whereby
an appropriation would be made for the relief of the starving
peoples of Austria, Poland and Armenia, Secretary of the
Troasury Glass stated that the suggested fund of $150,000,000
might be reduced to the extent of $25,000,000. In his
communication' to Representative Fordney earlier in the
month (Jan. 7) calling attention to “ the dire need of the
people of these countries for immediate relief,” Secretary
Glass recommended that legislation be adopted under which
the United States Grain Corporation would be empowered
“ to purchase, sell and deliver food and relief supplies for
Europe up to the amount of $150,000,000 and that for the
supplies so furnished credit m ay be extended by the Grain
Corporation.”
In his presentments to the Committee on
the 29th, Secretary Glass stated that tho decision to cut the
credit to the extent of $25,000,000 had been reached in a
conference with Herbert Hoover. Assistant Secretary N or­
man Davis is said to have told the Committee the reduction
was made possible by Great Britain definitely agreeing to
provide the ships for transporting the food. H e added that
Argentina and Canada had “ signified a willingness” to
participate, estimating $10,000,000 would bo provided by
them. The account of what Secretary Glass had to say in
his remarks before the Committee, as given in the N g a v York
“ Tim es” of yesterday (Jan. 30 ), is quoted in part herewith:
Immediate financial aid for tho relief of these countries cannot bo ex­
pected o f England, but Secretary Glass said that tho British had promised to
transport the grain free of charge and that this would bo a great saving and
would afford not only prompt transportation but greater relief as thero
would be no expense deducted from the appropriation for transportation.
Unless these people are fed, their distress relieved to allay rosontment,
they will rebel against all Government, and all efforts to got them to return
to production and peace will have been in vain, M r. Glass informed the
committee.
“ Tho United States Treasury docs not desire to spend money unneces­
sarily. "VVo cannot perpetually deal in billions. But tho authorization of
this food relief is not only a humanitarian thing to do, it is the safe thing
to do, even if we do not get a cent back.”
“ Then why not give the money outright— why ask thoso bankrupt peoples
to give security for it ? ” asked Representative Garner of Texas.
“ It would not bo a good policy to take that course,” replied M r. Olass.
‘England, Franco, Canada and Argentina are willing to help in this relief
work if we can get it started under a comprehensive plan. Wo should move:
for tho situation is menacing.
"Tho portion of the starving peoplo wo could feed with the $50,000,000
would bo so small that it would but incite tho other starving- peope to
revolt against all government.
“ Then, while this appropriation is asked ostensibly to feed tho starving
peoplo, Its real purpose is to attempt to stabilize the Government,” asked
Representative Garner.
“ In part, that is correct,” replied Secretary Glass. “ But this does not
lnvolvo an appropriation. The Grain Corporation has the money, of
which $50,000,000 is profits it mado in grain.”
Secretary Glass said that Mr. Hoover had estimated that 1,000,000
barrels of flour and 50,000 tons of fat would be required in these countries
until they can help themselvos after tho next harvest.

It was stated on the 29th that tho Committee would report
a bill providing for the necessary relief of the stricken coun­
tries. Last week the Steering Committee had directed the
W a ys and M eans Committee not to report the ponding bill.
It was then stated that it was understood that should the
plan of $150,000,000 be rejected, a compromise would bo
made, carrying $50,000,000, the total profits mado by the
Grain Corporation during the war, which would be granted
as a loan.
On Jan. 24 opposition to the $150,000,000 credit was
voiced by Representative Mondell, Republican loader, in
replying to charges by Representative Kitchin, form or
Democratic leader, that tho Republican Steering Committee
had blocked the relief bill beforo tho W ays and Means Com ­
mittee. Representative Mondell is quoted as saying:
" I think conditions must be frightful over thero, from all wo have heard,
but not all the sob stories that you hear are true. Wo practically gavo
Franco several hundred million dollars’ worth of good foodstuffs loft tlioro
at tho signing of tho armistice.
"Tho condition of starvation docs not prevail generally in Austria, but tho
condition In Vienna is in the main duo to tho fact that Franco insisted that
Austria should bo dismembered to tho last aero and that thon Gorman
Austria should not be allowed to join Germany.
"W o aro not responsible for that condition. If Austria, what Is loft of her,
wero to-day a part of Germany, I havo no doubt that tho German peoplo,
their neighbors and kinsmen, speaking the samo language, would provide
for them. But Franco said no, and tho Allies agreed.
"Whatever the conditions may bo tho responsibility Is not primarily ours;
and France, war-torn as she is, might spare at least a littlo of tho army
foodstuffs we left with her in order to take care of theso peoplo just across
tho hills from her border, whoso present condition Is largely due to tho
fact that she insisted that thoy should remain as an Independent government.
Tho other day when I said I doubted that we ought tospond $15,000,000
In addition to the $60,000,000 wo had already spent for airplanes this year,
a member said:
“ ‘ Well, England has spont $360,000,000.’
*‘ I said: ‘ M y dear friend, If thero was any rag o f truth in that old gag,
then wo ought to pass a resolution through tho IIouso of Representatives

THE CHRONICLE

.Jan . 31 1920.]

insisting that England pay the interest on what she owes us. If England
can afford to pay $350,000,000, or S150.000.000 or S100,000.000. for air­
planes, then sho ought to pay the interest on her debts to us.’ ”

Herbert Hoover, in urging beforo the House W ays and
Means Com m itteo on Jan. 12 tho relief sought, stated that
because of tho “ enormously improved” conditions abroad the
task of feeding Europe until the harvest on Oct. 1 would not
bo tho burden it was last year. Ho said:
From tho signing o f the armistice until last July 1, tho provisioning o f
Europe cost two and one-half billion dollars,” ho said. "That was a burden
on our Government and tho taxpayers. In one form or another, the United
States Treasury advanced $2,250,000,000 to feed Europe. But this year
Europe will be largely able to feed Itself by exchange of goods, and credits of
$150,000,000 to $200,000,000 from tho United States. In all, the situation
is that of fronting tho echo of tho situation wo had to front last year.”

W hile the $100,000,00 famine fund provided last year
is almost exhausted, approximately $88,000,000 will be
repaid “ within two or three years,” M r. Hoover said. He
declared $12,000,000 had been spent for “ sheer charity” in
feeding undernourished children.
Tho “ Tribune” of Jan. 13 also reported M r. Hoover
as saying:
The Austrian situation is tho worst in all Europe, be need for food
has bccomo so desperato that sho has offered the famous works o f art in her
National Galleries as security, but personally I am opposed to accepting
them. I feel certain that tho United States would not become a pawn­
broker. Austria has no coal and cannot obtain grain in any considerable
quantity bccauso of tho depreciated value of her currency.
Tho political situation in Austria I hesitato to discuss, but it is tho causo
of tlio trouble. Austria has now no hope of being anything more than a
perpetual poorhouse, because all her lands that produce food have been
taken from her. This, I will say, was done without American inspiration.
If this political situation continues and Austria is made a perpetual
mendicant, tho United States should not provide tho charity. Wo should
mako tho loan suggested with full notice that those who undertake to
continue Austria's present status must pay the bill.
Present Austria faces three alternatives— death, migration or a complete
Industrial diversion and reorganization. Iler economic rehabilitation
sooms Impossible after tho way sho was broken up at tho peaco conference
Her present territory will produco enough food for throe months, and sho
now has no factories which might produce products to be exchanged for
food .
>

President W ilson’s letter to Congress urging the extension
of tho reliof to tho stricken nations is given elsewhere in
to-day’s issuo of our paper.

WILL

IT

PAY

TO

FINANCE

AUSTRIA ?

Erod H eld, who wont to Austria early in 1919 for service
with tho Amorican Rolief Administration and later, with
Col. W . D . Causoy, formerly president of the Allied Railway
Mission and now tho American technical advisor to tho
Austrian. Republic, has just returned to America from
Vionna. During tho last three months M r . Held was also
in closo association with Col. C . B . Smith, tho American
representative of tho sub-commission of tho organization
committeo of tho Reparations Commission sitting in Vienna.
In discussing tho plight of Austria on his return, M i . Held
said:
Austria, at tho beginning of 1919, was in desperate straits. At tho
beginning o f 1920 her position is, if posisble, 100% more dangerous.
The Amorican Belief Administration, through foodstuffs delivered to
Austria, has without question kept this country and its peoplo from Bol­
shevism. It has not kept them from being hungry, but it has kept tens
o f thousands from actual starvation. Now these supplies are exhausted;
thoy havo bcon for somo months; only the children aro being fed by Mr.
Hoover’s organization. Moro fatal, however, is tho fact that tho Austrian
$50,000,000 credit is also exhausted, and the Austrian Government has
used up all Its ready resources for the purchase of supplementary supplies
from Serbia, Italy, Czechoslovakia, Poland and Hungary. These r o
sources havo bcon mainly manufactured goods, which havo been exchanged
on a barter-basis. For example, Austria has traded salt for Serbian wheat,
repairs to locomotives for Polish potatoes, and iron for Czechoslovakia s
Now Austria needs financial help and needs it most urgontly. She has
used up all her ready resources o f foreign securities which may havo bcon
available in her treasury and banks. Sho, however, still possesses tho
immense manufacturing city of Vienna (whoso industries havo been abso­
lutely idlo slnco October, 1918, for want of cool and raw material) with
tho man-power in labor and brains of over 2,500,000 peoplo, to say nothing
of the estimated 4,000,000 other peoplo in tho provinces of Austria outside
of Vionna
Sho has immense resources in undeveloped water-power which
after tho initial cost of putting It to work would mako available an immense
supply of power, thus saving lingo quantities o f coal. Tho railroads of
Austria, with ono or two exceptions, aro owned by tho Stato. Tho State
controls various monopolies, of which the tobacco Industry is one of t 10
most important. Among other resources might bo included tho paper
In d u stry, magnoslto d ep osits and iron m in es.
Thus in splto of tho fact that tho Austrian Government is flat on its
back financially, there aro still available considerable resources which could
bo applied as security on loans or credits and which in tho long run would
undoubtedly pay tho investor. All these matters, of course, have been
studied in detail by tho sub-commission of the Reparations Commission
sitting in Vionna, and recommendations made to tho Supremo Council
In Baris as to a logical solution of the dtfflenities not only in Austria but in
all tho now States o f southern and central Europe. Austria, howover. Is
In such desperato straits that sho cannot wait longer for drawn-out proposi­
tions to become effective. Eood and coal aro required at once. Food Is
available at her very door in Serbia, and coal is available at tho opposite
door in Czechoslovakia. In spito of tho fact that tho people in general
of theso neighboring States hate an Austrian with tho hatred equal to that
of an American toward a Prussian, if Austria were ablo to offer sound,
unencumbered valuos for food and coal tho Governments of those countries




419

would not let their prejudices prevent thorn from at least filling to a much
greater percentage tho existing contracts now in effect.
These new States formerly forming a strong economic unit havo been
broken apart and must bo educated to realize that they cannot throttle
each other without damaging tliomsolves. For that reason, through the
foresight and at the instigation of Mr. Hoover, American technical advisors
had been appointed to each of the States now known as Austria, Poland,
Czechoslovakia and Jugo-Slavia. Thoir big job is to reorganize and re­
habilitate tho industries and transportation facilities of these countries.
Their efforts, in view of tho financial disorganization which exists, are
producing admirable results.
To appreciate the extent of the food shortage in Austria, one need only
know that the bread ration is, and has been for tho past year, one pound of
black bread per person per week. Tho coal ration early this winter was set
at 7 kilograms, or about 16 pounds, per family per week for heating and
cooking. About 25% of tho peoplo can bo supplied with this ration with
tho present coal available each week. The rost patronize community soupkitchons and freeze the rost of tho time.
Under theso conditions a break seems inevitable; tho Government grows
weaker every day; in fact, it is powerless, but the masses havo not yet
grasped tho fact. Unless financial aid comes quickly, Bolshevism is in­
evitable, and it will cost tho world a great deal moro to overcome tho effects
of such an unholy regime than immediately and quickly to establish credits,
based on security which would eventually yield adequare rovonuo.
Theso facts havo boon laid beforo the Supremo Council a hundred times in
the most forcible manner, but results havo not been apparent. It is not
that tho Allied powers individually and collectively aro not keenly alive
to tho situation. We Americans who havo watched tho situation go from
bed to worso this past year realize it and so do our friends tho British, the
French and the Italians. Tho French and Italians do not seem to feel
that thoy havo tho power or tho backing to liandlo this Central European
situation. Tho British, liowovor, aro competent to act, and ono need
not observe closely to realize that their agents aro spreading over the
territory of old Austria-Hungary.
While I can offer no concrete ovidenco, it is becoming generally known
that the British aro gradually acquiring moro or less of a controlling inter­
est in every industry and commercial enterprise in central and southern
Europe that has any particular value. This they can do, with exchange
as at present, for almost nothing— even down to ono cent on the dollar
These enterprises, on a pre-war basis, producing say a dividend of 5% ,
might come back to yield 100% to tho British investor. When thoy have
bought up everything thoy require in tho old Central Empiro, I can see
them calling in international bankers, mainly American capital, to reor­
ganize tho finances of theso central countries.
Energetic and disinterested central direction is needed to co-ordinate
tho economic life of tho old Empiro.
Austria is capable of providing
but 10% of its minimum coal requirements. The Supremo Council has
allotted to Czechoslovakia tho task of supplying 75% of tho remainder
of Austria’s minimum requirements. At present only 250,000 tons per
month are being received from Czechoslovakia, whereas tho Council
order calls for a monthly shipment of 750,000 tons. Czechoslovakia
could deliver much more coal to Austria, for instance, if moro cars were
available: at least, that is tho official reason given for non-delivery of coal
as per contract. On tho other hand, mine operators say they could get
sufficient cars for tho delivery of 50,000 tons more of coal per month if
1,600 C zechoslovakia kronen per car wero available to “ persuade” the
proper official to order tho cars loaded. Also, the Serbians could fill their
contracts to deliver food to Austria if tho Jugo-Slav Government had not
inadvertantly loaned out about 150,000,000 Jugo-Slav kronen, at some­
thing like 30% , which tho Austrians had placed with them in foreign values
for the purchase of foodstuffs. When tho time camo for tho Serbian
Government to buy tho grain from their own farmers for the Austrian
contract, no cash was available and tho farmers and tho merchants politely
refused to sell to thoir own Government on credit.
In fact, no contract has been negotiated by two of those new Govern­
ments during tho past year which was carried out anywhere near on time,
or which was completely filled on both sides.
What laws now exist aro not enforced, bccauso thero is nothing to back
them up. If, howover, these countries aro given sound financial backing
thoy will, after a fow years, get back to normal conditions.
But monoy or credit is essential right now. Resources aro available as
security for long-timo loans, and somebody has got to take up this matter
of supplying credit seriously and quickly if the Bel Kun episodo in Hungary
is not to bo repeated in Austria; and if Austria breaks into tho flames of
Bolshevism what is going to happen to tho rost of Central Europe ?

DECENTRALIZATION
OF BANKIN G
RESOURCES
REPORTED BY COMPTROLLER- OF CURRENCY
WILLIAMS.
The wider diffusion of wealth and credit to all sections of
the country is dealt with in a statement made public by
tho Comptroller of tho Currency on Jan. 29, in which, in
dealing with tho growth of tho country’s banking power in
20 years ho presents figures intended to show tho wide
spread distribution of tho wealth of tho country and tho
decentralization of its banking resources. A n increase of
1 ,0 0 0 % or moro in banking resources in sixteen States since
1899, with an increaso of as much as 1 ,3 4 0 % , or $ 1 ,620 ,00 0,­
000 in tho caso of tho national banks in tlio Pacific States
is roported in tho statement of Comptroller Williams, which
wo quote herewith:
A geographical analysis of tho N ov. 17 1919 returns of tho national banks
of tho country, and a comparison of tho present resources of theso banks
with their resources Just twenty years beforo, or say on Sept. 7 1899, not
only furnishes convincing ovidonce of tho stupendous and unprecedented
growth of this country’s banking power, but tho comparison is particularly
significant in another respect, for it emphasizes tho wide-spread distribu­
tion of tho country’s wealth and tho decentralization of its banking resources.
Twenty years ago tho banking power of tho country was mainly concen­
trated in tho East, and tho national banks of tho New England and Eastern
States, comprising 6% of tho territory of tho continental United Statos,
hold about 60% . or to be exact, 59.87% of tho total resources of all tho
national banks of tho country. Since that time tho rosoucres of tho nationa
banks In the Now England and Eastern States havo increased $7,710,­
937.000, or 277%, but tho proportion of the national bank resources in
those States to tho resources of all the national banks is now 46.78% of
tho total instead of 60%

420

THE CHRONICLE

Dig Growth in the Middle West.
In September, 1899, the percentage o f tho total resources o f all national
banks which were held by tho national banks in the Middle Western States
was 25.64% . Since then tho resources o f these banks have Increased
$4,333,390,000 or 363% . The proportion of their resources to the resources
of all tho national banks Is now 24.62%.
Huge Increase, Doth Actual and Comparative, in the South.
In 1899 tho total resources of all the national banks In fourteen Southern
States, Including Oklahoma, were $348,554,000, or 7.50% of tho total
resources of all the national banks. Since that time, tho resources of tho
national banks in these States have Increased $3,097,707,000, or 889%,
and the proportion o f the resources of all the national banks now held In
these Southern States Is 15.35%, against, as above shown, 7.50% twenty
years ago— tho proportion having more than doubled.
Western States Gain 500%.
In 1899 the national banks of eight Western States, including tho Dakotas,
Nebraska, Kansas, Montana, Wyoming, Colordao and New Mexico, had
resources of $204,733,000. Sinco that time the resources of the national
banks in those States have Increased $1,025,668,000, or 500%. Twenty
years ago these banks held 4.40% of the total resources of all banks. The
percentage to-day in the same States is 5.48% o f the whole.
Great Strides on Pacific Coast.
Tho resources o f the national banks in tho Pacific States, including
California, Washington, Oregon, Idaho, Utah, Nevada, Arizona and
Alaska, in September, 1899, amounted to $120,905,000. Since then tho
increase in resources in these States has been $1,620,177,000, or 1340%.
The proportion of tho total resources of all National banks which tho na­
tional banks in the Pacific States held in 1899 was 2.60% . To-day these
banks hold 7.76% o f the total resources of all the national banks of the
country.
In every State in tho union save one the increase in resources of the
national banks sinco 1899 has amounted to moro than 100%— tho excep­
tion being the State o f Rhodo Island, where the increase was only 21.93%,
but although tho resources of the national banks in Rhodo Island actually
declined 15% between 1899 and 1913, they have in tho six years since 1913,
when tho Federal Reserve law was passed, increased 44% .
Leaders in Percentage Gains.
The States whose national banks have shown an increaso since 1899 o f
1,000% or more are, in the order given Oklahoma, 6,537% or $357,722,000;
Nevada, 3,275% or $17,423,000; Arkansas, 1,700% or $79,116,000; Idaho,
1,691% or $79,486,000; California, 1,685% or $1,000,214,000; South Caro­
lina, 1,343% or $139,359,000; North Carolina. 1,255% or $171,402,000
North Dakota, 1,250% or $90,627,000; Wyoming 1,237% or $55,874,000;
South Dakota 1,234% or $103,732,000; Virginia, 1,177% or $396,554,000;
Florida, 1,174% or $102,736,000; Mississippi, 1,125% or $56,018,000;
Georgia, 1.119% or $196,953,000; Arizona, 1,028% or $29,001,000; and
Texas, 1.013% or $869,611,000.
Largest Actual Increases.
Tho twelve States whoso national banks.have shown the greatest actual
increase, in dollars, in resources In tho same period havo been: New York,
$4,358,583,000 or 360%; Pennsylvania, $1,842,502,000 or 305%; Illinois,
$1,217,115,000 or 351%; California, $1,000,214,000 or 1,685%; Texas,
$869,611,000 or 1,013%; Ohio, $743,028,000 or 274%; Missouri, $587,­
418,000 or 370%; Minnesota, $568,115,000 or 731%: Massachusetts.
$515,030,000 or 105%; New Jorsoy, $423,732,000 or 383%; Virginia,
$396,554,000 or 1,177%; and Oklahoma, $357,722,000 or 6,537%.
Remarkable Comparisons.
The resources of the national banks in tho States o f Texas and Oklahoma
aro nearly as great as the total resources of all tho national banks in tho
New England and Eastern States, except Now York State, as thoy stood
twenty years ago.
The resources to-day o f tho national banks in California and Washington
exceed by 136 million dollars the resources of tho Middle Western States
of Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa and
Missouri in 1899.
Tho national banks o f Massachusetts alone hold to-day resources equal
to nearly one-fourth of the resources of all tho national banks in tho United
States in 1899, and tho assets o f tho national banks in Illinois at this timo
amount to moro than one-third o f tho total resources o f all tho national
banks o f the country twenty years ago.
Tho national banks In Virginia, Texas and Oklahoma have to-day greater
assets than the combined resources o f all tho national banks in tho States
of New York, Illinois and California, Including tho metropolitan cities of
New York, Chicago, and San Francisco twenty years ago, and tho national
banks of California to-day have 45% more resources than all tho national
banks in New England in 1899.
The resources of the national banks in Ohio, Indiana, Illinois, Michigan,
Wisconsin, Minnesota and Iowa are greater than tho resources of all tho
national banks in the United States in 1900.
The national banks in the Southern States— adding Maryland, the Distrist of Columbia, Missouri and Oklahoma also— have at this time resources
n excess of thoso held In 1899 by all the national banks in the entire country.

LONDON ATTRIBUTES BREAK I N STERLING
EXCHANGE TO SECURITY SALES IN
FRENCH MARKET.
As to tho severe break which has been witnessed in sterling
exchange, tho “ New York Evening Post” of Jan. 29 published
the following special cable advices from London, indicative
of tho news hold there regarding tho cause therefore:
The immediate cause o f the heavy break in sterling exchango this week
has unquestionably been tho French market’s transactions. Paris has
been selling every conceivable kind of security hero to obtain sterling
credits, tho resultant bills o f exchange being remitted to Now York In pay­
ment for imports into Franco from America.
It is possible also that your own higher money rates and partial restric­
tions on credit may havo aggravated tho situation in sterling. Lombard
Street is apathetic concerning the rise in tho gold premium to 117 shillings
6 pence per ounce, as against 85 shillings normal. Banking circles regard
this as a logical outcomo of the foreign trade position. The “ Daily Express ’
waxes hysterical over America “ bleeding Europo white” through tho ex­
change market, but this is regarded as pure nonsenso, based on tho fallacy
that your people arc profiting by the depreciation in sterling.
When the free market for gold arriving in London was resumed last
September, the American market was looked on as tho principal prospec­
tive buyer; consequently quotations of gold were changed from “ standard




[V o l . 1 1 0 .

bars” to “ fino gold” to accord with tho American systom, and tho price
was adjusted each morning to parity with American exchange. In practice,
howover, your market has been porsistontly outbid by others, notably In­
dia, tho Straits, Spain and South America
India has been the principal
buyer, though South Africa itself has just purchased for colnago purposes.
As regards tho question of currency inflation, notes now outstanding arc
£333,000,000, which is £21,000,000 below tho legal fiduciary maximum of
tho year to date. No violent contraction is planned; but tho law now com­
pels tho Bank, whonover tho maximum is exceeded, to place a corroponding amount of banknotes from the Bank of England's rosorvo in the
currency department. Tho power to accomplish this without violent dis­
turbance is increased through tho present concentration in tho Bank of
England of the private stores of gold previously held by tho English jointstock banks.
____
.

SHIPMENT BY UNIT ED STATES OF SILVER DOLLARS
TO CHINA.
Regarding a shipment of silver dollars to China, W ash­
ington press dispatches on Jan. 20 said:
T o rellovo tho immediate stress of tho exchango situation in China, whero
American gold is at a discount, 300,000 silver dollars havo been shipped
by tho United States to Tientsin for tho payment of troops and local ac­
counts. As tho United States silver dollar is not acceptable as currency
in China, it is proposed to use tho shipment of money as bullion to buy
local currency wherever tho purchasing power of bullion in silver dollars
is greater than tho exchango valuo of United States gold.

BANKERS A T CHICAGO CONFERENCE RECOMMEND
THAT INTEREST RATE ON BALANCES BE
LIMITED TO 2)4% .
Tho discussion in Chicago on Jan. 23 of tho question of
intorost rates paid by member banks on out-of-town doposits
and their relationship to tho discount rates of tho Federal
Reserve banks, resulted in the adoption of a resolution
recommending to banks and trust companies in tho Rosorvo
districts that no rate in oxcoss of 2
bo paid on net and
available daily balances. Tho Chicago mooting, attended
by bankers representing clearing houso associations in tho
twelve Federal Reservo districts, was an outgrowth of tho
Washington conference held on Jan. G at tho instanco of
W . P . G . Harding, Governor of tho Fedoral Rosorvo Board.
As wo noted in our issue of Jan. 10, pago 123, a resolution
was adopted at that conference in which tho opinion was
expressed “ that tho payment of high rates of intorost on bank
or commercial balances is unsound and is bad banking, and
that ovory effort should bo made to avoid such a practico.”
Tho request was mado in tho resolution that a furthor
meeting bo called by tho Foderal Rosorvo Board and Jan. 23
was fixed by tho lattor for tho further discussion of tho
mattor. Following tho Washington conference tho Now
York Clearing Houso Association, as announced in our issuo
of Jan. 17, pago 209, adoptod an amendment to its constitu­
tion fixing the maximum rato of intorost on balances
It is stated that tho action at tho Chicago conforonce was
takon in ordor to conform to tho approval expressed by tho
Fedoral Reserve Board through Govornor Harding of tho
action of tho Now York Clearing Houso in adopting
as its maximum rato. James B . Forgan of tho First National
Bank of Chicago prosidod at last weok’s conference in that
city. In making tho rocommondations tho conference de­
clared:

)4%

at 2) 4% .
2)4%

It is tho opinion of this conference that tho Foderal Reservo Board should
bo freo to establish its rates of discounts without rcferonco to any Clearing
Houso regulations as to tho payment of intorost.
This viow was oxpressed at tho Washington meeting by Govornor Ilardtng, who appoalod to tho bankers not to "make a scramble for deposits.’ *
by advancing interest rates on balancos, and protested against a tendency
to turn deposits into investment funds.

REPRESENTATIVE P L A T T S BILL AFFECTING Q U AL I­
FICATIONS OF DIRECTORS OF NAT IONAL B AN KS.
On Jan. 28 Congressman Platt from tho Committee on
Banking and Curroncy submitted a roport on tho bill to
amend Section 514G of tho Rovised Statutos, rolating to tho
qualifications of directors of national banking associations.
Tho bill requires that at loast throo-fourtlis of tho directors
must havo rosidod in tho Stato, territory or district in which
tho association is locatod or within fifty miles of tho location
of the offico of tho association, for at loast onoyoarimmodiaately preceding tlioir oloction, and must bo residents of such
State or within a fifty-mile territory of tho location of tho
association during their continuance in offico. Tho fiftymilo requirement is offered in lieu of tho twenty-fivo-milo
requirement as an amondmont. Every director must own
in his own right at loast ton sharos of tho capital stock of tho
association of which he is a director, unless tho capital of
the bank shall not oxcood 125,000, in which case ho must own
in his own right at least five sharos of such capital stock.
A n y director who coases to bo tho ownor of tho required
number_ of shares of stock, or who becomos in any othor

431

THE CHRONICLE

J a n . 31 1920.]

manner disqualified, shall thereby vacate his place.
report M r . Platt said:

In his

This section of the National Banking Act as it stands at present requires
that at least three-fourths o f the directors of a national bank must have
lived for at least ono year within the Stato, territory or district in which the
bank is located and must continue in residence therein during their con­
tinuance in offico. A number of cities, however, are located on or near
Stato lines, and it sometimes happens that a manufacturing or business
Centro may bo in ono Stato and the residence centre belonging to the samo
city in another— as at St. Louis and East Saint Louis. There seems no
good reason why residence within fifty miles o f the bank in these days of
good roads and motor cars should not bo allowed. Tlio bank must in any
ovont cliooso directors from among tho business men o f the town whero
iocatod in order to obtain a quorum at its meetings, and tho distanco they
travol to and from business is not material nor is tho fact whether they live
on ono sldo or another of a Stato lino.

This bill is placod on tho calondar and will be reached in
its regular order.

RESOURCES OF STATE BAN KIN G IN STITU TIO N S
___________________ IN U N ITED
STATES. ___________________
According to tho State Bank Section of tho American
Bankers’ Association, thoro aro now in , ho United States
21,028 Stato ohartorod banking institutions including com­
mercial Stato banks, trust companies and savings banks.
Tho total rosourcos of such institutions are §25,965 ,67 5,83 6.

These statistics have been compiled by Secretary and
Treasurer R . N . Sims of the National Association of Super­
visors of State Banks. There aro also in the United States
7,705 national banks with total resources of §20 ,799 ,55 0,00 0.
The total number of banking institutions in the United States
is therefore 28,733 with total resources of §46 ,765 ,22 5,83 6.
M r . Sims, who was formerly Bank Commissioner of Louisi­
ana, and is now Vice-President of the Hibernia Bank & Trust
C o. of Now Orleans, in a letter to us in which the resources
by States of the State institutions aro made available, calls
attention to tho fact that, whilo tho report is made up from
statements of widely different dates, they aro tho latest
that could bo had. The law, ho points out, is not uniform
as to dates of call, and in some States months are required
to compile reports. M r . Sims thinks it reasonable to say
that the statement represents figures that m ay bo fairly
said to average as of June 30 1919, which is the date of the
Comptroller’s statement covering national banks with which
ho makes comparison. Incidentally ho observes that the
State banks aro “ mighty strong in deposits,” and that they
have more largoly increased their resources than havo the
national banks, a fact which his tabulations confirms. The
following is tho statement in full:

AGGREOATE RESOURCES, E T C ., OF ALL BAN KIN G INSTITUTION'S UN DER STATE CONTROL. COM PILED B Y M R . SIMS FROM
STATEM EN TS FURNISHED B Y HEADS OF STATE B A N KIN G DE PA RTM E N TS.
R e p o r t,
D a te o f .

N o. of
I n s t it ’ n s.

S tate—

Alabama___ Sopt. 12 1919
Arizona.........Sopt. 12 1919 .
Arkansas___ Juno 30 1919
C alifornia...S opt. 12 1919
Colorado____Sopt. 12 1919
Connecticut .Juno 30 1919
D olaw aro__ June 30 1919
F lorid a......... Juno 30 1919
Georgia......... Juno 30 1919
Idaho............. Juno 30 1919
Illinois...........Sopt. 12 1919
Indiana_____Juno 30 1919
I o w a ............. Juno 30 1919
K ansas.........Aug. 23 1919
Kentucky. ..S op t. 5 1919
Louisiana ...S o p t. 23 1919
M aine...........Juno 28 1919
M aryland___ rune 30 1919
Massach’ ettsOct. 31 1918
Michigan____ Tune 30 1919
M innesota...Juno 30 1919
Mississippi ..Juno 30 1919
Missouri ....A u g . 28 1919
Montana____Sopt. 12 1919
Nobraska___ Inly 31 1919
N ovada.........Sopt. 12 1919
Now Ilamp_Juno 30 1919
Now Jersey._Juno 30 1919
New Mexico.Juno 30 1919
Now Y ork...Jun o 30 1919
Nor. CarollnaSopt. 12 1919
Nor. Dakota.Sopt. 12 1919
Ohio................Juno 30 1919
O klah om a... May 12 1919
Oregon...........Sopt. 12 1919
Ponnsyl vanlaJuno 2 1919
Rhodo IslandJuno 30 1919
So. Carolina.Sopt. 12 1919
So. Dakota..Juno 30 1919
Tonncssoo...Sopt. 12 1919
Texas............. Juno 30 1919
U ta h ............. Sept. 12 1919
Vermont___ Juno 30 1919
Virginia.........June 30 1919
Washington .June 30 1919
West VirglnlaJuno 30 1919
W isconsin...Juno 30 1919
Wyoming ...S o p t . 12 1919

240
64
386
426
250
150
26
200
624
138
937
781
1,320
1,084
446
221
98
177
484
525
1.148
294
1,447
283
980
23
70
171
70
541
484
714
781
582
179
549
47
343
529
446
907
100
58
295
287
217
798
108

C a p ita l.
$

S u r p lu s .

$
10,847,223
4,600,920
3,317,321
1,653,498
14,061,825
4,825,649
73,435,686
34,608,436
8,428,500
3,269,845
9,978,125
23,303,559
4,107,700
4,720,145
7,370,500
2,418.382
29,263,951 *21,484,885
4,532,630
1,272,740
108,438,730
68,361,742
36,688,350
13,443,775
49,546,550
19,542,226
26,572,475
12,898,606
20,034,260
9,849,230
18,205,660
9,328,395
4,598,400
9,366,694
15,718,913
25,249,688
61.188.946 *127,256,393
43,921,469
27,407,147
30,654,204
12,117,610
10,262,175
5.093,302
57,490,440
36,758.042
11,180,000
3,471,734
24,230.800
7,215.427
1,677,800
413,689
805,000 *12,523,119
28,324,838
32,455,463
2,816,987
805.157
177,167,000 *452,395,314
14,719,847
6,586,868
12,188,500
3,964,558
61,074,104
44,587,274
12,047,850
2,330,204
9,292.750
3,204,231
128.073,559 193,450,470
9,147.975
16,128,671
13,568,966
6,020.285
10,673,400
3,174,290
18,136,823
*10,623,226
38,144,600
10,922,129
7,374,365
2,916,753
2,051,000
6,379.683
17,504,422
9,843,553
14,549,700
4,904,444
14,741,156
8,961.576
26,843,050
9.763,031
2,830.000
959,383

Totals........................... 21,028 1,307,888,588 1,332,891,449
Statoment of Comptroller of
tho Curroncy glvos totals
for all national banks on
Juno 30 1919....................... 7.705
.............................................
Exco&s o f Stato Banking
Institutions____________ 13,323
Increase shown by Stato
banking institutions over
statoment comphod in June
1918 from latest figures
avallablo at that tlmo_____
Increase shown by all nat’l
banks over statement by
Comptroller of tho Curr’cy
for M ay 10 1918................

605

C a p ita l, S u r p lu s
U n d iv . P r o f .

U n d iv id e d
P r o f it s .

115,820,655

L oans and
D is c o u n ts .
s

2,837,792
1,273,913
2,553,479
14.863,788
1.273,489
8,951,577
1.934.784
933,379
"*529',302
24,823,974
4,409,895
11.436,697
4,271,312
2.575,756
4,047.524
6,924.491
4.710,923
‘ i f , 855*371
5.018.147
2.272.254
13,349,335
1.826.785
6,094,943
389,323
*1*0,640*641
240,045
‘ *4,420,412
255,903
16.310,574
1,812,274
2,252,212
44,363,604
4,823,454
3.901.147
4.396.861

18,285,935
6,244,732
21,410,953
122,907,910
12,971,834
42.233.261
10.762,629
10.722.261
50,748,836
6,334,672
201,624,446
54.542.020
80.525,473
43,742,393
32,459,246
31,581,579
19,889,585
45,679,524
188,445,339
83,183,987
47.790.021
17,627,731
107,597,817
16,478,519
37,541.170
2,480,812
13.328.119
71,420,942
3,862,189
629,562,314
25,727,127
16,408,961
121,971,952
16,190,328
14,749,193
365,887,633
30,100,100
23,490,398
18,244,551
28,760.049
54,635,225
11,872,979
12,133,938
30,481,798
22,834,488
27.167,053
42.274.119
4,716,514

71.685,850
86,060,217
31,025,872
46,181,058
93,519,691
109.447.828
652,878,489
1,047,369,571
69,159,155
100,522,846
238,191.027
523,989,869
22,704,334
63,183,498
44,726.169
71,655,228
171,500,212
165,250,456
36,695,049
44,478,129
965,357,321
1,374,156,847
256,630,573
361,244,798
486,767,650
599,879,385
238,723,873
298,452.866
125.780,115
168,575.409
163.580.701
219,720,377
68,342,042
197,239.797
106.587.702
310,669.351
1,668.803,506 1,219,612,153
273.549,853
716.619,574
295,123,127
398,716,061
77,531,407
119,924,968
624,510,884 476,199,715
75,300,971
90,329,795
232,079,567
278,933,026
13,843,045
20,098,880
62,474,052
133.652.617
200,880,078
631,954,315
16,131,622
15,623,948
6,160.114,872 2,347,113.881
143,487,454
179,586,879
110,161,838
136,015.974
612,633,507
990,014,159
96,897,071
122,874,248
72,516.300
111,941,803
651,277.643
1,501.879.706
119.404,491
254,944,488
112,151,892
113,380,096
129,038,349
172,972,091
136,549,467
164.065.618
180,664,412
208,284,856
60,517,860
72,767,554
89,547,889
113,946,897
117,801,998
130,233,225
114,371,409
174.774.828
104,785,858
133,459,029
256,251,165
368,978,640
29,092,166
21,630,360

B o n d s , S tock s,
S e c u r itie s , & c .

S
13,109,462
8,636,168
16,039,378
310,143,986
18,127,928
262,204,353
23,318.476
13,625.471
18,836,908
7,077.055
327,338,256
88,274,072
73.995,728
28,003,403
39,910,103
47,256,148
139,715,412
172,690,319
541,341,705
413,517,952
74.222,412
23,967,039
109,420,141
9,684,577
15,533,879
2,657,828
78,867,406
445.682,070
1,195,725
3.352,286,195
18,498,968
12,720,210
322,982,648
15,344,176
22,291.579
988,283,273
135,787,726
15,487,271
11,893,239
29,570,993
23,679,035
17,968,956
26,793,865
29,971,591
42,819,583
22,754,720
81,115,775
2,879,825

T o ta l
R esou rces.

$
111.185.149
54,157,242
145,180,992
:.,191,943,682
115,792,864
581,715.305
76,141,294
84,014,150
252,347,197
57,030,819
] ,653,196,899
464,579.487
696.565,886
353.143.793
212,532,429
281,518,944
222,829,568
365,983,521
] ,945,828,390
855.170.174
454,341,610
144,552,680
778.935,541
111,718,374
323,148,828
22,743,107
148,471,034
733,900,819
21,459,587
; ’ .316,622,872
226,888,238
155.605.149
: ,161,115,825
150,740,626
131.520.794
: ,975,861,601
287,839,812
157,872,877
194,234,472
221,861,074
288,990,273
98,261,282
127,682,066
177,814,143
209,419,652
166,325,664
422,749,885
34,140,143

‘ '5,568,496
1.581.861
3.703.255
3,073,823
3,320,344
3,464,321
5.668,038
927,131
258,882,641 2.899,662.678 21.632.822.011 12,257,134,526 8.497.523.01125.965.675,836

--------------------

109,304.746

D ep o sits.

22,714.176

Excess Increase o f Stato banking lnstltulons.

2,363,478,000 15,924,865,000

. 20.799,550,000

536.184,677 5,707,957,011

. 5.166.125.836

247,839.577

. 3,690,571.692
. 2,550,550,000
.1,140,021,692

NOnm ^ V o nhave dL cw d odtho cents in tho caso o f tho figures of tho soparato States, which makes the footings of tho columns vary a fow dollars
from the totals givon.
____________________________________________

FEDERAL RESERVE BOARD AND EDGE ACT— TE X T
OF ACT.
■ Tho FodoralfRosorvo'IBoard in its reference to tho Edge
Act in tho January numbor of its “ Bulletin” notos that in
viow of tho continuance of vory high oxports to European
countries, tho action of Congross and the President in defi­
nitely placing tho A ct upon tho statuto books becomes a
matter of moment. Tho Board further says:
It is important to noto that tho measure In tho form in which it has been
enacted calls for action by tho Federal Reserve Board in order to carry
Its terms fully into effect. Tho Board has Jurisdiction of tho proccduro
rolating to tho organization of corporations under tho Act and is also re­
quired to regulate tho conditions under which tho corporations may operato
in numerous important respects, including tho terms and conditions upon




which bills and drafts may bo accepted and those upon which debentures,
honds and promissory notes may bo Issued, while the Board is given genera
authority to determine what powers tho concerns may exercise as incidonta
to tho powers conferred by tho Act or as usually exercised by similar cor­
porations. Whenever an Edge Act corporation receives deposits in tho
United States it is required to carry rcservos in such amount as tho Board
may prescribe, but In no event less than 10% o f thoso deposits. T o the
Board also is assigned tho duty of passing upon applications made by any
such corporation to purchase and hold stock in other corporations organized
under tho terms of tho Edge Act, under the terms of any State law, or under
tho laws of any foreign country. Other functions in connection with tho
eligibility of directors on tho boards of tho now corporations aro Intrusted
to tho Federal Reserve Board, to which tho various corporations aro re­
quired to report and by whose examiners they are to be examined. These
numerous details in connection with tho organization and operation of the
proposed corporations will rcqulro tho issuo of regulations or instructions
designed fully to cover tho points specified In tho law. Such regulations

422

THE CHRONICLE

are already under advisement and the Board expects to make them public
without delay to the end that there may be no further postponement of
action under the terms o f the law by those who desire to take advantage
of its provisions. The question how far the proposed organization will bo
able to furnish effective aid under existing conditions to European countries
is one upon which no definite opinion can be expressed, but which will
depend not only upon tho number and scope o f the new concerns, but also
upon the extent to which investors all over the United States respond to the
offer of debentures to be issued by them.

While we gave the text of the A ct in our issue of D ec. 20,
page 2310, we take occasion to reprint it again herewith,
inasmuch as the hill as previously published by us did not
contain the corrections of clerical errors which appeared in
the conference report (as indicated in our issue of D ec. 27,
page 2401); the House and Senate adopted a concurrent
resolution designed to correct the error in question. The
following is the A ct in its final form:
AN AC T to amend the Act approved December 23 1913, known as the
Federal Reserve Act.
B e i t e n a c te d b y th e S e n a te a n d H o u s e o f R ep re s e n ta tiv e s o f the U n ite d S ta te s
o f A m e r i c a i n C o n g r e s s a s s e m b le d . That the Act approved December 23

1913, known as the Federal Reserve Act, as amended, be further amended
by adding a now section as follows:
BAN KIN G

CORPORATIONS AUTHORIZED TO DO FOREIGN
B A N K IN G BUSINESS.
Sec. 25 (a). Corporations to be organized for the purpose o f engaging in
international or foreign banking or other international or foreign financial
operations, or in banking or other financial operations in a dependency or
insular possession of the United States, either directly or through the agency,
ownership, or control o f local institutions in foreign countries, or in such
dependencies or insular possessions as provided by this section, and to act
when required by the Secretary o f the Treasury as fiscal agents of the
United States, may be formed by any number o f natural persons, not less
in any case than five.
Such persons shall enter into articles o f association which shall specify in
general terms the objects for which the association is formed and may con­
tain any other provisions not inconsistent with law which the association
may see fit to adopt for the regulation o f its business and the conduct of
its affairs.
Such articles o f association shall be signed by all of the persons intending
to participate in the organization o f the corporation and, thereafter, shall bo
forwarded to the Federal Reserve Board and shall be filed and preserved in
its office. The persons signing the said articles of association shall, under
their hands, make an organization certificate which shall specifically state:
First. The name assumed by such corporation, which shall be subject to
the approval of the Federal Reserve Board.
Second. The place or places where its operations are to be carried on.
Third. The place in the United States where its homo office is to be
located.
Fourth. The amount of its capital stock and the number o f shares into
which the same shall be divided.
Fifth. The names and places of business or residence of the persons execut­
ing the certificate and the number of shares to which each has subscribed.
Sixth. The fact that the certificate is made to enable the persons sub­
scribing tho same, and all other persons, firms, companies, and corporations,
who or which may thereafter subscribe to or purchase shares o f tho capital
stock of such corporation, to avail themselves o f the advantages of this
section.
The persons signing the organization certificate shall duly acknowledge
the execution thereof before a judge of some court of record or notary public,
who shall certify thereto under the seal of such court or notary, and there­
after the certificate shall be forwarded to the Federal Reserve Board to be
filed and preserved In its office. Upon duly making and filing articles of
association and an organization certificate, and after the Federal Reservo
Board has approved the same and Issued a permit to begin business the
association shall become and be a body corporate, and as such and in the
name designated therein shall have power to adopt and use a corporate
seal, which may be changed at the pleasure of Its board o f directors; to have
succession for a period of twenty years unless sooner dissolved by the act
of tho shareholders owning two-thirds of the stock or by an Act of Congress
or unless its franchises become forfeited by some violation of law; to
make contracts; to sue and be sued, complain, and defend In any cout of
law or equity; to elect or appoint directors, all o f whom shall be citizens
of the United States; and, by its board o f directors, to appoint such officers
and employees as may be deemed proper, define their authority and duties,
require bonds of them and fix the penalty thereof; dismiss such officers or
employees, or any thereof, at pleasure, and appoint others to fill their
places; to prescribe, by its board of directors, by-laws not inconsistent with
law or with the regulations of the Federal Reserve Board regulating the
manner in which its stock shall be transferred, its directors elected or
appointed, its officers and employees appointed, its property transferred,
and the privileges granted to it by law exercised and enjoyed.
Each corporation so organized shall have power, under such rules and
regulations as the Federal Reserve Board may prescribe:
(a) T o purchase, sell, discount, and negotiate, with or without its en­
dorsement or guaranty, notes, drafts, checks, bills of exchange, acceptances,
including bankers’ acceptances, cablo transfers, and other evidences of in­
debtedness; to purchase and sell, with or without its endorsement or guar­
anty, securities, including tho obligations of the United States or of any
State thereof but not including shares of stock in any corporation except
as herein provided; to accept bills or drafts drawn upon it subject to such
limitations and restrictions as the Federal Reserve Board may impose
to issue letters o f credit; to purchase and sell coin, bullion, and exchango;
to borrow and to lend money; to Issue debentures, bonds, and promissory
notes under such general conditions as to security and such limitations as
the Federal Reserve Board may prescribe, but in no event having liabilities
outstanding thereon at any one time exceeding ten times its capital stock
and surplus; to receive deposits outside of the United States and to receive
only such deposits within tho United States as may be incidental to or for
tho purpose of carrying out transactions in foreign countries or dependencies,
or insular possessions of the United States; and generally to exercise such
powers as are incidental to the powers conferred by this Act or as may bo
usual, in the determination of the Federal Rservo Board, in connection
with the transaction of the business of banking or other finanical operations
in the countries, colonies, dependencies or possessions in which it shall
transact business and not inconsistent with tho powers specifically granted
herein. Nothing contained in this section shall be construed to prohibit
the Federal Reserve Board, under its power to prsecribe rules and regula­
tions, from limiting the aggregate amount o f liabilities of any or all classes
incurred by the corporation and outstanding at any one time. Whenover
.a corporation organized under this section receives deposits In the United




[V ol

no

States authorized by this section, it shall carry reserves in such amounts
as tho Federal Reserve Board may prescribe, but in no event less than
10% of its doposits.
(b) T o establish and maintain for the transaction of its business branches
or agencies in foreign countries, their dependencies or colonies, and in the
dependencies or insular possessions of the United States, at such places as
may be approved by the Federal Reserve Board and under such rules and
regulations as it may prescribe, including countries or dependencies not
specified in the original organization certificate.
(c) With the consent of tho Federal Reserve Board to purchase and hold
stock or other certificates of ownership in any other corporation organized
under the provisions of this section, or under tho laws of any foreign country
or a colony or dependency thereof, or under the laws of any State, depend­
ency or insular possession of tho United States not engaged in tho general
business o f buying or selling goods, wares, merchandise or commodities in
the United States, and not transacting any business in the United States,
except such as in the judgment of the Federal Reserve Board may bo
Incidental to Its international or foreign business. Provided, howover,
That, except with tho approval of the Federal Reservo Board, no corpora­
tion organized hereunder shall Invest in any one corporation an amount in
excess of 10% of its own capital and surplus, oxcopt in a corporation ongaged
in the business of banking, when 15% of its capital and surplus may be
invested; Provided further, That no corporation organized hereunder shall
purchase, own, or hold stock or certificates of ownership In any other
corporation organized hereunder or under tho laws of any State which is in
substantial competition therewith, or which holds stock or certificates of
ownership in corporations which are in substantial competition with the
purchasing corporation.
Nothing contained herein shall prevent corporations organized hereunder
from purchasing and holding stock in any corporation whero such purchase
shall bo necessary to prevent a loss upon a debt previously contracted in
good faith; and stock so purchased or acquired in corporations organized
under this section shall within six months from such purchase be sold or
disposed of at public or private sale unless the timo to so dispose of same is
extended by the Federal Reserve Board.
No corporation organized under this section shall carry on any part of its
business in the United States except such as, in tho judgment of tho Federal
Reserve Board, shall be incidental to its international or foreign business:
And provided further, That except such as is incidental and preliminary to
its organization no such corporation shall oxerclso any of tho powers con­
ferred by this section until it has been duly authorized by the Federal Re­
serve Board to commence business as a corporation organized under tho
provision of this section.
No corporation organized under this section shall engago In commerce
or trado in commodities except as specifically provided in this section,
nor shall It either directly or indirectly control or fix or attempt to control or
fix the price of any such commodities. The charter of any corporation
violating this provision shall bo subject to forfeiture in tho manner herein­
after provided in this section. It shall bo unlawful for any director, officer,
agent, or employee of any such corporation to uso or to conspiro to use tho
credit, tho funds, or the power of the corporation to fix or control the price
of any such commodities, and any such person violating this provision shall
be liable to * fine of not less than SI,000 and not exceeding S5.000 or im­
prisonment not less than one year and not exceeding five years, or both,
in the discretion of the court.
No corporation shall bo organized under tho provisions of this section
with a capital stock of less than $2,000,000, ono-quarter of which must be
paid in before tho corporation may bo authorized to begin business, and
the remainder of tho capital stock of such corporation shall be paid in Install­
ments of at least 10% on the whole amount to which tho corporation shall
be limited as frequently as one installment at tho end of each succeeding
two months from the time of tho commencement of its business operations,
until tho whole of the capital stock shall bo paid in. Tho capital stock of
any such corporation may be Increased at any time, with tho approval of
the Federal Reserve Board by a vote of two-thirds of its shareholders or
by unanimous consent in writing of tho shareholders without a meeting and
without a formal vote, but any such increase of capital shall bo fully paid
in within ninety days after such approval; and may bo reduced in like man­
ner, provided that in no ovont shall it bo less than $2,000,000. No cor­
poration, except as herein provided, shall during the time it shall continue
its operations, withdraw or permit to bo withdrawn, either in tho form of
dividends or otherwise, any portion of its capital. Any National banking
association may invest in the stock of any corporation organized under tho
provisions of this section, but the aggregate amount of stock held in all
corporations engaged in business of the kind described In this section and
in section 25 of the Federal Reserve Act as amended shall not exceed 10%
of the subscribing bank’s capital and surplus.
A majority of tho shares of the capital stock of any such corporation shall
at all times be held and owned by citizens of tho United States, by corpora­
tions tho controlling interest in which is owned by citizens of the United
States, chartered under the laws of tho United States or of a Stato of the
United States, or by firms or companies, tho controlling interest in which
Is owned by citizens of tho United States. Tho provisions of section 8 of
the Act approved October 15 1914, entitled "An Act to supplement ex­
isting laws against unlawful restraints and monopllcs, and for other pur­
poses,” as amended by the Acts of M ay 15 1916, and September 7 1916,
shall bo construed to apply to tho directors, other officers, agents, or em­
ployees o f corporations organized under tho provisions of this section:
Provided, howover, That nothing herein contained shall (1) prohibit any
director or other officer, agent or employco of any member bank, who has
procured tho approval of tho Federal Reservo Board from serving at tho
same time as a director or other officer, agont or employee of any corpora­
tion organized under tho provisions of this section in whoso capital stock
such member bank shall have invested; or (2) prohibit any director or other
officer, agent, or employee of any corporation organized under tho provi­
sions of this section, who has procured tho approval of tho Federal Reservo
Board, from serving at tho samo timo as a director or other officer, agont
or omployee o f any other corporation in whoso capital stock such first
mentioned corporation shall havo invested under tho provisions of this
section.
N o member of the Federal Reserve Board shall bo an officer or director of
any corporation organized under the provisions of this section, or of any
corporation engaged in similar business organized under tho Jaws of any
State, nor hold stock in any such corporation, and before entering upon his
duties as a member of tho Federal Reserve Board ho shall certify under oath
to tho Secretary of the Treasury that ho has complied with this require­
ment.
Shareholders in any corporation organized under tho provisions of this
section shall be liablo for the amount of their unpaid stock subscriptions.
No such corporation shall becomo a member of any Federal Reserve Bank.
Should any corporation organized hcrounder vlolato or fall to comply
with any of the provisions of this section, all of its rights, privileges, and
franchises derived herefrom may thereby bo forfeited. Before any such
corporation shall be declared dissolved, or Its rights, privileges, and fran­
chises forefolted, any noncomplianco with, or violation of such laws shall.

Jan . 3i 1920.]

however, bo determined and adjudged by a court of the United States of
competent jurisdiction. In a suit brought for that purpose in the district
or territory in which tho homo office o f such corporation Is located, which
suit shall bo brought by tho United States at the Instance of the Federal
Rcservo Hoard or tho Attorney General. Upon adjudication of such non­
compliance or violation, each director and officer who participated in, or
assented to, tho Illegal act or acts, shall be liable in his personal or indi­
vidual capacity for all damages which tho said corporation shall have sus­
tained in consequence tlicrof. No dissolution shall take away or impair
any remedy against tho corporation, It stockholders, or officers for any
liability or penalty previously incurred.
Any sucli corporation may go into voluntary liquidation and be closed
by a voto of its shareholders owning two-thirds of its stock.
Whenever tho Federal Iioscrve Hoard shall become satisfied of tho
insolvency of any such corporation, it may appoint a receiver who shall
fake possession of all of tho property and assets o f tho corporation and exerciso tho same rights, privileges, powers, and authority with respect
thereto as aro now exercised by receivers of national banks appointed by
tho Comptroller o f tho Currency of tho United States: Provided, however.
That tho assets of tho corporation subject to tho laws of other countries
or jurisdictions shall bo dealt with in accordance with the terms of such
laws.
Every corporation organized under the provisions of this section shall
hold a meeting of Its stockholders annually upon a dato fixed in its by­
laws, such meeting to bo held at its home office in the United States.
Every such corporation shall keep at its homo office books containing tho
names o f all stockholders thereof, and the names and addresses of tho
members of its board of directors, together wi^h copies of all reports made
by it to tho Federal Reserve Board. Every such corporation shall make
reports to the Federal Uoservo Board at such times and in such form as it
may require; and shall bo subject to examination onco a year and at such
other times as may bo deemed necessary by the Federal Reserve Board
by oxamlnors appointed by tho Federal Reserve Board, the cost of such ex­
aminations, including tho compensation of tho examiners, to be fixed by
tho Federal Rcservo Board and to bo paid by tho corporation examined.
Tho directors of any corporation organized under tho provisions of this
section may, soml-annually, declare a dividend of so much of tho net profits
of tho corporation as they shall judge expedient; but each corporation
shall, boforo tho declaration of a dividend, carry one-tenth of its net profits
of tho preceding half year to its surplus fund until tho same shall amount
to 20% of Its capital stock.
Any corporation organized under tho provisions o f this section shall be
subject to tax by tho Stato within which its homo offico is located in the
samo manner and to the samo extent as other corporations organized undor tho laws of that Stato which aro transacting a similar character of
business. Tho shares o f stock in such corporation shall also bo subject to
tax as tho personal property of tho owners or holders thereof in the samo
manner and to tho samo extent as tho shares of stock in similar State
corporations.
Any corporation organized under tho provisions of this section may at
any tiino within tho two years next previous to tho dato of tho expiration
of its corporate existence, by a voto of tho shareholders owning two-thirds
of its stock, apply to tho Federal Reservo Board for its approval to extend
tho period of its corporate existence for a term of not more than twenty
years, and upon certified approval of tho Federal Reserve Board such
corporation shall Iiavo its corporate existence for such extended period unless
sooner dissolved by tho act of tho shareholders owning two-thirds of its
stock, or by an act of Congress or unless its franchise becomes forfeited
by some violation of law.
Any bank or banking institution principally engaged in a foreign busi­
ness incorporated by special law of any Stato or of tho United States or
organized under tho general laws of any Stato or of tho United States and
having an unimpaired capital sufficient to entitle it to bccomo a corpora­
tion under tho provisions of this section may by tho voto of tho shareholders
owning not less than two-thirds of tho capital stock of such bank or banking
association, with tho approval of tho Federal Rcservo Board, be converted
into a Federal corporation of tho kind authorized by this section with any
naino approved by tho Federal Reserve Board: Provided, however. That
said conversion shall not bo in contravention of tho Stato law. In such
caso tho articles of association and organization certificate may bo executed
by a majority of tho directors of tho bank or banking institution, and tho
certificate shall doclaro that tho owners of at least two-thirds of the capital
stock havo authorized tho directors to make such certificate and to chango
or convert tho bank or banking institution into a Federal corporation.
A majority of tho directors, after executing tho articles of association and
tho organization cortificato, shall havo power to execute .all other papers
and to do whatovor may bo required to make its organization perfect and
complete as a Federal corporation. Tho shares of any such corporation
may contlnuo to bo for tho samo amount each as they were beforo tho con­
version, and tho directors may continuo to bo directors of the corporation
until others aro elected or appointed in accordance with tho provisions of
this section. When tho Fodcral Reserve Board has given to such corpora­
tion a certificate that tho provisions of this section havo been complied
with, such corporation and all its stockholders, officers, and employees, shall
havo tho samo powers and privileges, and shall be subject to tho same duties,
liabilities, and regulations, in all respects, as shall havo been prescribed
by tills section for corporations originally organized hereunder.
Every officer, director, clork, employee, or agent of any corporation
organized under this soction who embezzles, abstracts, or willfully misap­
plies any of tho monoys, funds, credits, securities, evidences of indebtedness
or assets o f any character o f such corporation; or who, without authority
from tho directors, issuos o r puts forth any certificate of deposit, draws
any order or bill of oxchango, makes any acceptance, assigns any note,
bond, dobonturo, draft, bill or oxchango, mortgage, judgment, or decree
or who makes any falso entry in any book, report, or statement of such
corporation with intent, in cither case, to injure or defraud such corporation
or any other company, body politic or corporate or any individual person,
or to decolvo any officer of such corporation, tho Federal Reserve Board, or
any agent or oxamlnor appointed to examine tho affairs of any such corpora­
tion; and every rocolvor of any such corporation and every clerk or employee
of such recoivcr who shall embezzle, abstract, or willfully misapply or wrong­
fully convert to ills own use any monoys, funds, credits, or assets of any
character which may como Into his possession or under his control in the
execution of ills trust or tho performance of tho duties of his employment
and overy such receiver or clork or employee of such receiver who shall,
with Intent to injuro or defraud any person, body politic or corporate, or
to docclvo or mislead tho Federal Roscrvo Board, or any agent or examiner
appointed to oxamino tho affairs of such receiver, shall make any false entry
in any book, roport, or record of any matter connected with tho duties of
such rocoiver; and overy person who with like Intent aids or abets any
officer, director, clerk, omployoo, or agent of any corporation organized
under this section, or receiver or clerk or employee of such receiver as
aforesaid in any violation of tills section, shall upon conviction thereof be
imprisoned for not less than two years nor more than ten years, and may
also bo fined not more than 35,000. In tho discretion o f tho court!




423

THE CHRONICLE

Whoever being connected in any capacity with any corporation organ­
ized under this section represents in any way that tho United States is
liable for tho payment of any bond or other obligation, or the Interest
thereon, issued or incurred by any corporation organized hereunder o.- that
tho United States incurs any liability in respect of any act or omission of
the corporation, shall bo punished by a fine of not more than $10,000 and
by imprisonment for not more than five years.
Approved December 24 1919.

GREAT BRITA IN NOT TO BORROW FROM U. S. TO
RE-LOAN TO OTHER NATIONS.
In a speech made at Birmingham, E n g ., on Jan. 22,
Austen Chamberlain, Chancellor of tho Exchequer is said
to have stated that it is not Groat Britain’s policy to borrow
vast sums in America for tho purpose of lending to other
nations of Europe. Tho cablegrams to the daily press also
quote him to the following effect:
"So long as I am responsible,” ho said, "that will not be a policy which
the Government will think of adopting.”
Mr. Chamberlain expressed tho belief that Great Britain had reached the
maximum of tho national debt and said lie believed tho nation would “ turn
tho corner” during the coming financial year. Then it w'ould bo the Gov­
ernment's businoss to consider funding tho largo existing floating debt,
thus removing from commercial and financial centres tho cloud of anxiety
hanging over them.
Tho Chancellor declared that no expedient, however ingenious, could roliovo tho nation of the necessity for many years of careful economy in na­
tional and personal expenditure or from continued effort to create wealth.

LONDON’S VIEW OF THE INCREASES IN FEDERAL
RESERVE DISCOUNT RATES.
In special cable advices (copyright) from London, Jan.
25, tho New York “ Sun” of Jan. 2b, said:
The banking world of London is unable to fathom tho policy of the United
States Federal Roservo Board in its handling of discount rates. British
banking adheres tenaciously to what it believes to bo tho sound theory that
the bank rato should bo used as an instrument to regulate oxchango rates
and should not bo tampered with in any attempt to regulate tho domestic
money market.
At times when sterling has been at a discount it has been tho practice to
raise the bank rato in order to attract funds to this centro, thereby creating a
demand for sterling bills and bringing tho rato for sterling back to tho normal
level. Conversely, when sterling was above par it was tho practice to lower
tho bank rato so as to allow an outflow of money, causing selling of sterling
Dills and lowering the oxchango rato.
Tho Federal Roservo Board is pursuing exactly tho opposito course. New
York oxchango is at a heavy premium, but tho discount rato is being raised
constantly with an explanation that it is dcsirablo to curtail speculation and
bring about deflation. Tho result of this policy is plainly ovident, as viewed
hero, for the dollars which might seek investment abroad aro staying at
homo, whore they yield tho largest return.
H ig h e r I n t e r e s t : H ig h e r P r ic e s .

Tho theory as to tho efficacy of high interest rates in preventing specula­
tion and causing deflation is seriously disputed hero. Every fraction added
to the interest rates causes an increase in tho cost of production,
which causes higher prices; theso higher prices increaso earnings,
which in turn increaso tho possibilities of largo speculative profits either
by distribution in the shape of dividends on securities or by a favorable
turnover in commodities.
Ultimately, therefore, thoro is no check to speculation because borrowers
aro willing to pay more if they think thoy will obtain a larger profit through
higher prices. This sort of reasoning has led some bankers hero to remark
that the Reserve Board is chasing itself around in a circlo.
A prominent banker hero, who realizes tho difficulty of placing foreign
loans in America because of high money and high incomo taxes, suggested
that tho Reserve Board should roverso its position by fostering tax legisla­
tion by which tho Incomo from foreign investments could be exempted from
tho sur-tux if such a tax reduced the yield below a certain point, say 3 K
or 4 % . Then by pounding money rates down below this figure capital
literally would bo driven from tho United States, dollars would decline
nearer to par, foreigners could afford to uso them to make purchases in
tho United States and tho latter's export trado would bo protected.
A n s w e r to a n O b je c tio n .

might bo objected that this plan would result in increased inflation, be­
cause tho only method to drivo money rates down would be to increase cur­
rency and credit, but as tho increaso in currency and credit would go abroad
there would be no increaso in buying power created at homo and conse­
quently prieos would not riso. This banker realized that such action by
tho Reserve Board would put foreign loans in competition with domestic
tax exempt securities.
“ But would not that bo a good thing?" ho asked. “ It would drivo down
money rates, prices would follow and deflation would begin. If later dollars
fell too low tho bank rate could bo raised and capital would como back,
or better still Congress would vest tho Rcservo Board with power to fix
tho minimum yield of foreign securities and tho Reservo Board then would
lie in possession of a powerful weapon to control tho International money
market.
“ It would havo a two-edged sword; it could hold dollar exchange down if
necessary by raising the tax exempt yield of foreign securities and lowering
the bank rate, or could support dollars when needed by just tho opposite
action.”
^
___
It

GROWTH

OF WORLD PAPER CURRENCY
AND SINCE THE WAR.

DURING

World paper currency has increased 0 0 0 % since tho be­
ginning of tho war, Avhilo tho gold reserve bohind it has in­
creased but 4 0 % . Tho faco valuo of the paper currency of
30 principal countries of tho world aggregated §7,2 50,0 00 ,0 00
in 1914, §40,000,000,000 at tho dato of the Armistice, and
S50,000,000,000 in December 1919, these figures being
exclusive of the §34,000,000,000 of paper issued by tho Bol­
shevik Government. Meantime tho bank deposits and con­
sequent uso of checks as a circulating medium have corres­
pondingly increased and tho world national dobts have grown

424

THE CHRONICLE

from §40,000,000,000 in 1914 to 3260,000,000,000 in 1919.
This is a summarization of a study of world currency and
indebtedness, prepared by O. P . Austen, Statistician of the
National City Bank of New York, and appearing in the
January number of “ The Amoricas” issued by the bank. It
shows in detail the note circulation and gold reserve in each
of the 30 principal countries of the world in July 1914,
November 1918, and December 1919, utilizing the official
figures of the State Banks of the European countries, and
in the case of the United States figures supplied by the Trea­
sury Department, all figures of foreign currency being
transformed into United States dollars as at tho pre-war
face value of the respective currencies.
Tho four Central Powers, Germany, Austria-Hungary,
Turkey and Bulgaria, show an advance in note circulation
from 31,200,000,000 in 1914 to 312,300,000,000 at the close
of the war, and 318,770,000,000 in December 1919, the gold
reserve falling from 3600,000,000 in 1914 to 33 27,000,000 in
1919, the ratio of gold to notes declining from 4 9 .7 % in
1914 to 5 .5 % in November 1918, and 1 .7 % in December
1919. The Allied group of 18 countries (including Russia
up to October 1917) shows notes aggregating 34 ,9 0 0 ,0 0 0 ,0 0 0
in 1914, 325,000,000,000 in November 1918, and 330,00 0,
000,000 in December 1919, their gold reserves 3 3 ,7 6 3 ,0 0 0 ,0 0 0
in 1914, and 35,070,000,000 in 1919, the ratio of gold to
notes declining from 7 6 .6 % in 1914 to 2 0 .9 % in November
1918, and 1 7 .1 % in December 1919. The 8 principal
neutrals named aggregated 31,166,000,000 of tho notes in
1914, and 32,420,000,000 in 1919, their gold reserve incroas
ing from $516,000,000 to 31,450,000,000, and thoir ratio
of gold to notes advancing from 4 4 .3 % in 1914 to 5 9 .9 %
in 1919. In the case of tho United States the figures sup­
plied by tho Treasury Department show note circulation at
$1,056,000,000 in June 1914, $3,643,000,000 in N ovem ber
1918, and $4,051,000,000 in December 1919, the gold resorvo
$1,023,000,000 in 1914, and $2,107,000,000 in 1918, and tho
ratio of gold to notes 9 9 .6 % in 1914, 6 3 .2 % in Novem ber
1918, and 5 2 .3 % in December 1919, thoso figures of notes
being exclusive of the gold and silver certificates which are
considered as “ warehouse receipts” for an equivalent amount
of metal deposited with tho United States Treasury. Th e
statement in condensed form is as follows:
P a p e r C ir c u la tio n a n d C o ld R eserv e i n 1914, 1918 a n d 1919, T r a n s fo r m e d to
U . S . D o lla r s a t N o r m a l (.P r e -W a r ) V a lu e s o f the C u r r e n c ie s o f th e
______________ R es p e c tiv e C o u n tr ie s ( I n M i l l i o n s o f D o l l a r s ) .l
Julu
G old.

Belligerents —
A u s tria H u n g a r y ..
A u s t r a l i a ____________
B e l g i u m ____________
B r a z i l _______________
B u l g a r i a ____________
C a n a d a . . . _________
E g y p t .............................
F i n l a n d _____________
F r a n c e _______________
G e r m a n y __________
G r e a t B r i t a i n e ___
G r e e c e . . ____________
I n d i a ................................
I t a l y ________________
J a p a n _______________
N e w Z e a l a n d ______
P o r t u g a l ____________
R u m a n i a ____________
R u s s i a _______________
S l a m ________________
S o u t b A f r i c a ________
T u r k e y ______________
U n i t e d S t a t e s ______

1914.

N otes

N ovem ber

%

of
gold
to
notes.

G old.

$
%
$
254
404 54.8
53
48 60.4
29
85
__
65a 180 36.7
1251 175 71.4
38
271
32 83.3
12
94
162 58.2
13 60.1
8
24 28.3
7
8
800 1,301 62.0* 605 (
092 43.2
298
021
195
140 134.6
521
39 120.0
47
277
124
220 56.2
174
230a 337 70.0
160
159 60.8
100
330
10 300.0
30
40
6
83 7.3
9
43d 147 28.9
34d
777 e 795 98.3
628 e
12 33.7
4
0
11 340.1
38
43
10
9 177.7
1,023 1,050 99.6 2,199

1918.

D ecem ber

% of
gold
to
N otes notes G old.

S
7,20(
.7
255 33.;

%

52
80
69a
56( 0.1
44
342 3,(
9
123
17
212 3.£
8
5,951 11.2 710.
4,127 15.C 268
2,049 25.0 594
221 125.5 347
330 62.7
1,621 9.8 157
401 82.3 389
30 130.0 39
205 3.5
10
457 7.3 35d
8,930 7.0 330
24 27.3
23 188.2
630
3,643 63.2 2,107

Gross earnings of $35,278,006 for tho year endod D oc. 31
1919, as comparod with $25,314,736 for the provious year,
are roported by tho Federal Resorvo Bank of No\v York in
a statement givon out undor date of Jan. 27. Tho not earn­
ings for the late yoar woro $29,713,176, against $2 2,766,092
for tho calendar year 1918. The gross earnings for tho year
just closed amount to ovor 1 5 7 % of tho paid-in capital,
which on D ec. 31 1919 stood at $22,390,750. Out of tho
earnings of tho late year $1,763,969 was doductod on resorvo
and depreciation account, $1,291,047 was paid in dividends
and $23,964,678 was transferred to tho surplus account,
which latter at tho end of tho year totaled $45,081,933,
as against $8,322,040 on D oc. 31 1918. Anothor of the
deductions from tho earnings of 1919 was $2 ,703,894, repre­
senting tho amount duo to the United States Government
as franchise tax. Tho following is tho comparative profit
and loss account for the past two yoars in detail:
-1919-1918------------Gross earnings___________
$35,278,006
$25,314,730
Expenses—
Operating expensos____ $4,923,232
$2,317,738
Cost o f Federal Reserve
notes and Foderal Re­
serve bank notes____
641,599
5,564,831
362,965
2,680,703
Net earnings________
$29,713,175
$22,634,033
Excess of sundry credits to
profit & loss ovor debits.
10,413
132,059
Total________________
.$29,723,588
$22,706,092
Deduct—
Reserve for tax on Fod’l
Reserve Bank note cir­
culation ....................... $169,514
Depreciation res’vo acct. 325,741
$299,375
General reserve account.
368,682
Appraised value of old
buildings, &c., on bank
site charged o ff______
900,032
1,703,909
803,80$
1,103,176
Deduct dividends paid___
Balance to credit of
profit and loss_____
Applied as follows:
Transferred to surplus
account______________
Reservo for franchise tax
Duo to U. S. Govern­
ment as franchise tax
(paid Jan. 2 1920)____

$27,959,019
1,291,048

$21,002,917
1,195,020

$20,008,571

$20,407,891

23,904,078

7,672,070
12,795,215

2,703,893
$20,008,671

% of
gold
to
N otes. notes.

$
10,099
.5
260 33.1
909
7.5
582
7.0
470
2.0
300 40.9
6.2
301
205
4.0
7,280
9.0
7,501
3.5
2,132 22.9
260 130.3
2,085
7.5
532 73.1
30 112.0
2.0
400
721
4.8
9,450/ 3.5
704
4,051

Grand total___ 4,874 7,275 70.0 7,274 39,545 18.40.849 50,783
R ecap 'tu la ti on .
3,763 1,912 70.0 5,217 24,979 20.95.071 29,591
Central Powers.
595 1,197 49.7
680 12,305 6.5 327 18,771
Total (Belllgeronts) 4,358 0,109 71.3 5,903 37,284 15.8|5,398 48,362
Total (Prln. Nout.) 510 1,160 44.3 1,371 2,261 60.6|l,451 2,421
Grand total___ 4,874 7,275 70.0 7,274 39,545 18.40,849 50,783

52.3
11.2
70.8
39.8
61.1
55.7
34.5
41.8
62.9
50.5
59.9
13.7
17.1
1.7
11.2
59.9
13.7

l European figures are thoso o f great government banks, and do not in­
clude those o f other banks of Lssue.
a Gold and silver,
b Estimated,
c Includes Bank o f England and
"currency notes account." d “ Cash." e Excluding gold held abroad.
/ October 29 1917: does not includo Bolshovik currency, estimated at
334,000,000,000 at tho ond o f 1919. g Exclusive of Turkey, not available.
h Exclusive o f Turkey and Russia, not available,
i Exclusive of hold held
abroad, stated at 3396,100,000. j Exclusive o f gold hold abroad, stated
at $384,900,000. k Includes holdings abroad, not separately stated.
(.Based on reports o f U. S. Director o f M int.




REPORT OF FEDERAL RESERVE B AN K OF NEW YORK
FOR 1919.

1919.

Total (Belligerents 4,358 0,109 71.3 5,903? 37,284 15.8 5.3985 48,302
P rin cip a l N eu tr a ls Argentina______
235
428 54.8
379
494 70.0 394
613
Denmark______
42 47.2
20
51
115 44.4 52
130
Holland________
00
126 52.1
282
439 04.2 256
420
Ja va__________
IS
47 25.8
43
80 65.2
65
110
Norway__ _____
14
33 43.8
33
110 29.7 40
115
Sweden________
28
00 46.2
75
211 35.5 81
194
Spain_________ _
100
378 28.1
434
027 68.6 471
749
Switzerland____
35
52 67.2
74
185 39.7 92
183
Total (Prln.Neut.) 516 1,166 44.3 1,371 2,261 60.0 1,421 2,421
A l l i e s ...................... .

[V o l . 1 1 0 .

$20,407,891

In tho statement of resources Jand liabilities which the
Roservo Bank submits along with tho abovo, tho total re­
serves are shown to have fallon from $672,528,785 on Deo. 31
1918 to $595,355,279 on Doc. 31 1919. Tho following is tho
comparative statement of condition for Deo. 31 1919 and
D ec. 31 1918:
RESOURCES.
R es e r v e s —

Gold with Federal Reserve Agont____
Gold rodemp. fd. for Fed. Ros. notes.
Gold settlement fund________________
Gold b u llion ____________________
Gold coin and certificates________
Gold with foreign agencies_______
Legal tender notes_______________
Silver certificates and c o i n . . . . __
Total reserves_____________

D e c . 31 1919.
$306,750,215 00
to,<
25,000,000
00
14, 976,859 68
91,597,931 24
62,635,827 49
48,194,705 30
43,770,842 00
2,422,808 60

D e c . 31 1918.
$274,392,165 00
25,000,000 00
60,790,455 76
79,101,340 83
179,674,646 70

$595,355,279 21

$672,528,785 14

L o a n s a n d D is c o u n t s —

Bills discounted for momber banks____ $790,803,288 24
Acceptances purchased______________
202,902,609 54
United States bonds_________________
1,300,800 00
United States 1-yoar Treasury not o s .. _______________
United States certfs. o f indebtedness..
8,445,500 00
United States securities hold to socuro
F. R. bank n o te s ...............................
59,276.000 00

43.038,200 00
4,531,976 85

$097,341,455 69
77,676,632 94
1,447,700 00
621,000
00
93.374,500 00
34,955,000

00

Total Investments____________________ $1,062,734,19778 $905,216,288 63
O th er R e s o u r c e s —
Federal Res. notes and other cash____ $132,138,895 83
$97,048,219 95
'ederal Roservo bank notes____________
3,527,00000
751,000 00
Redemption fund Federal Reserve
bank notes------------------------2,900,000 00
1,089,250 00
Items in process of collection___________
194,382,54439 145,736,177 63
Exchanges for Clearing IIouso and
sundry cash Items_______ _________
54,532,017 18
36,401,491 78
Duo from foreign banks______________
1,141,328 31
6,770,374 11
Interest accrued on U. S. bonds______
543,500 33
172,878 27
Deferred charges and propaid oxponsos
164,525 49
150,194 29
Advancos made for Treasurer U. 8.
account expensos Liborty Loan and
War Savings Committee_____________
977,83529
3.023,724 56
Real estato_________
3,094.050 00
2,317.092 39
Total other resources---------------------

$393,401,694 82

$294,001,002 88

Total resources.......................................$2,051,491,171 81 $1,871,806,070 65

THE CHRONICLE

Jan . 31 1920.]
L IA B IL I T IE S .
C a p it a l—

Capital paid in______. . . . ___________
Surplus_____________________________

$22,390,750 00
*45,081,932 63

$20,820,100 00
8,322,040 00

Total capital fund___________ _____

$67,472,682 63

$29,142,140 00

$5,849,025 28
27,569,776 45
755,951,452 59
88,568,032 65
11,655,844 36
72,964,615 44
7,337,079 52
6,170,350 28

$5,705,629
95,976,172
705,062,061
72,173,899
5,382,207
78,986,137
6,934,425
4,998,919

D e p o s it s —

Due to U. S. Governm ent__________
do
Foreign Governments & banks
do momber banks— res’ve balances
do
do
— uncollected funds
do
non-member banks, dep. acct.
do
other F. It. banks— coll’d fds.
do
do — uncollected funds.
Officers’ checks outstanding_________

16
85
27
90
29
26
41
04

$976,066,176 57

S975.219.452 18

Federal Itcsorvo nbtes outstanding— $939,715,955 00
do
bank notes outstanding
58,200,000 00

$819,015,835 00
33,785,000 00

$997,915,955 00

$852,800,835 00

Gross doposits____________________
N o tes—

Total__________ __________________
O th er L ia b ilit ie s —

Depreciation reserve account-----------Gonoral reserve account______________
Unearnod discount and Interest--------Participation certificates Lib. Ln. bds.
Resorvo for franchise tax____________
Duo to U. S. Govt, as franchise tax__
All other liabilities__________________
Total other liabilities
Total liabilities.

$526,621
822,682
2,737,510
20,130

35
42
26
00

$205,880
299,375
1,308,769
34,410
*12,795,214

00
00
89
00
57

2,703,893 63
3,225,519 95
$10,036,357 61

$14,643,649 47

$2,051,491,171 81 $1,871,806,076 65

* $12,795,214 57 shown on Dec. 31 1918 as "Reserve for Franchise tax”
was transferred to surplus account on March 5 1919 after amendment of
the Federal Reserve Act.

OKLAHOMA CITY BRANCH OF FEDERAL RESERVE
BANK OF KANSAS CITY.
The establishment of a branch of tho Kansas City Federal
Resorvo Bank at Oklahoma City was authorized by the Fed­
ora Resorvo Board on D ec. 17, in order, according to the
Board, “ to oxpedito shipments of currency to and from momber
banks in tho State of Oklahoma, and fo provide hotter facili­
ties for intra-Stato clearing checks.” Tho Resorvo Board in
its January “ Bullotin” also had tho following to say regarding
tho Oklahoma City branch:
Tho Hoard has recommended to the Federal Resorvo Bank o f Kansas City
that the by-laws assign as territory for tlio Oklahoma City branch that
portion of tho State of Oklahoma which is not included in tho eloventh
Federal Reservo District. An outlino of tho powers and functions to bo
exorcised by tho branch as recommended by tho Board Is as follows: Tho
branch bank will rocoivo doposits from member banks but will carry no
deposit accounts. All amounts received on deposit will bo transmitted
dally, by tolograph or otherwise, to tho Federal Reservo Bank o f Kansas
City for credit to tho accounts o f tho depositing banks, and each member
bank ln tho territory assigned to tho branch, wherover located, may, at Its
option, mako remittances of currency and checks direct to tho Federal
Resorvo Bank o f Kansas City. Tho branch will carry no Government
doposits, but will redeem Treasury certificates, pay Government checks,
and will close out balances daily with tho head office. The branch will
carry no earning assets; applications for loans or discounts from member
banks and offors for salo of mail transfers, bankers’ acceptances, and bills
o f exchange ellglblo for purchase by the Federal Reserve banks will bo trans­
mitted to tho Federal Roscrvo Bank of Kansas City for final action. Im­
mediate credit, however, may bo given in cases where it becomes necessary
for member banks to rediscount in order to meet clearing-house debit bal­
ances, unexpected deficiencies In reserves, and any other case where quick
arrangements are necessary, all actual rediscounting operations, however,
to bo mado at tho head offlco. Interest being charged from the date tho
notos wero received by tho branch. In cases where notes are secured by
United States obligations, tho branch may, by authority of the Federal
Reserve Bank of Kansas City, hold tho collateral and forward tho notes to
tho parent bank with trust receipts showing tho amount and nature of col­
lateral held. Banks In tho branch bank territory may deal directly with
the parent bank. Tho principal functions to bo exercised by the branch
will bo tho clearing and collection of chocks and tho handling of shipments
o f currency to and from member banks in its territory. Tills plan is the
saiuo as the one which governs tho operations of tho branch banks at Cin­
cinnati, 1'lttsburgh and other cities.

Dorset Cartor, P . C . Dings and L . II. Earhart have beon
appointed directors of tho Oklahoma City branch. M r.
Earhart, it is stated, will also bo Manager. R . O . Wunder­
lich, formorly Manager of tho Oklahoma City Clearing
House, will bo Cashier of tho now Resorvo bank branch at
Oklahoma City.

OPENING OF LOS ANGELES BRANCH OF FEDERAL
RESERVE BANK OF SAN FRANCISCO.
The Los Angelos branch of tho Federal Reserve Bank
opened for business on Jan. 2. Reference to tho approval of
its establishment by tho Federal Reserve Board was mado in
thoso columns Oct. 11, pago 1410. In announcing tho ap­
pointment of tho directors of tho bank, namely I. B . Now
ton, H . M . Robinson, J. F . Sartori, A . J. Waters and Ira
Clerk, tho Fodoral Reserve Board in tho January “ Bullo­
tin” said:
Tho first two gentlemen havo been appointed by tho Federal Reserve
Board, whllo the last threo are the appointees of tho Federal Reserve Bank
o f San Francisco.
1. B. Newton, prominent merchant o f Southern California, was for many
years connected with Harper & Reynolds C o., wholesale and retail hard­
ware dealers o f Los Angeles. Ho recently retired from active business.




435

During tho war ho served on tho Los Angelos sub-committee o f tho Twelfth
District Committee on Capital Issues.
Henry M . Robinson is a well-known citizen of Southern California. War
activities brought him to Washington, where ho served on tho Shipping
Board, at the end o f tho war going to Paris as one of tho Economics Commit­
tee of Fivo assisting the American Peace Delegation. lie was appointed
by tho President as a member of tho Second Industrial Conference, and,
more recently, as a member, representing the public, of the commission to
investigate wages and working conditions in tho coal industry provided for
in tho strlko settlement agreement.
J. F. Sartori is President of the Security Trust & Savings Bank and
President of tho Security National Bank, both of Los Angeles.
A. J. Waters is President of the Citizens National Bank of Los Angeles
and President of tho Los Angeles Clearing House Association.
Ira Clerk is Assistant Deputy Governor of the Federal Reserve Bank of
San Francisco, and has beon appointed active Manager of tho Los Angeles
branch.

The territory of the Los Angeles branch embraces the
following counties in California: Imperial, Inyo, Los Angeles,
Orange, Riverside, San Bernardino, San Diego, Santa Bar­
bara and Ventura; also the following counties in Arizona:
Apache, Coconino, Gila, Marciopa, M ohave, N av ajo , Pinal,
Yavapai and Yum a.

NE W CLASS A DIRECTOR FEDERAL RESERVE BANK
OF CLEVELAND.
Chess Lamborton, Vice-President of tho Lamberton
National Bank of Franklin, and formerly Chairman of
Group 7 of the Pennsylvania Bankers’ Association, has been
elected a Class “ A ” Director of tho Federal Reserve Bank of
Cleveland, succeeding W . S. Rowe, who was ineligible for
re-election. M r . Lamborton took up the duties of his new
office on Jan. 1. R . P . W right was re-elected Class “ B ”
Director of the bank.
,

CHANGES IN BOUNDARIES OF FEDERAL RESERVE
DISTRICTS OF ATLANTA A N D ST. LOUIS.
The following concerning the changes in the boundaries
of tho Federal Reservo Districts of Atlanta (Reserve District
N o . 6) and St. Louis (Reserve District N o . 8) appears in
the January Bulletin of tho Federal Ileservo Board.
By act of Its Legislature tho State of Mississippi has created a now county
under tho title of "Humphreys,’ ' by assigning thereto territory formerly
included partially In each of Sharkey, Yazoo, Washington, Sunflower, and
Holmes counties. Inasmuch as tho newly-created county embraced terri­
tory lying within both the Sixth and tho Eighth Federal Reserve Districts,
the Federal Reserve Board on Doc. 12 reviewed the territorial boundaries
of the two Federal Reserve districts and ordered that all of the territory
lying within Humphreys County bo assignee to tho Eighth Federal Reserve
District. The board further defined tho northern boundary of tho Sixth
Federal Reserve District ln tho State of Mississippi as the northern bound­
ary lines of the counties of Iss quena, Sharkey, Yazoo, Madison, Leake,
Neshoba, and Kemper, after the creation of tho new county of Ilumphroys.
______________________________

E.

P. PASSMORE, GOVERNOR OF PHILADELPHIA
FEDERAL RESERVE BANK TO BECOME PRESI­
DENT OF BANK OF NORTH AMERICA.

E . P . Passmoro will retire as governor of the Federal
Resorve Bank of Philadelphia on March 1 to become Presi­
dent of the Bank of North America of Philadelphia. M r.
Passmore before becoming connected with the Foderal Re­
serve Bank had been identified with the Franklin National
Bank of Philadelphia of which he had originally beon assist­
ant cashier, but later advanced to the respective offices of
cashier and vice-president. In the Bank of North America
M r. Passmore will succeed Charles H . Harding.

OFFERING OF TREASURY CERTIFICATES I N
ANTICIPATION OF TAXES.
A now issuo of Treasury Certificates of Indebtedness,
acceptable in payment of taxes, was announced by Secretary
of the Treasury Carter Glass on Jan. 24. Those certifi­
cates (Sories T M -4 , 1920) are dated and boar interest from
Feb. 2 1920, and are payable March 15 1920. They bear
interest at 4 lA % ; tho last previous issue of tax certificates
(T D 1920) boro interest at 4 ^ % .
Treasury Certificates
Series C 1920, maturing Fob. 2 1920; Series D 1920, matur­
ing Fob. 16 1920 and Series T 9 , maturing M arch 15 1920
(with any un-matured coupons attachod) will bo accepted
at par with an adjustment of accrued interest in payment
for Certificates of tho Sories T M 4-1920 now being offered
Tho latter are issued in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The circular issued by Secre­
tary of tho Treasury Glass says in part:
Said certificates shall bo exempt, both as to principal and interest, from
all taxation now or hereafter imposed by tho United States, any State, or
any of the possessions of tho United Statos, or by any local taxing authority
except (a) estate or Inheritance taxes, and (6) graduated additional income
taxos, commonly known as surtaxes, and excess-profits and war-profits taxes,
now or hereafter Imposed by tho United Statos, upon tho income or profits
of Individuals, partnerships, associations, or corporations. Tho interest
on an amount of bonds and certificates authorized by said act approved
Sept. 24 1917, and amendments thereto, tho principal of which does not

4:2 6

THE CHRONICLE

[V o l . 1 1 0 .

exceed in the aggregate $5,000, owned by any individual, partnership, I

association, or corporation, shall bo exempt from the taxes provided for in
clause (6) above.

..

E D W IN
D.

T.
F.

,

M E R E D IT H
N A M E D
TO
SUCCEED
H O U S T O N A S S E C R E T A R Y OF

Certificates o f this sories will be accepted at par, with an adjustment of |
. n r > r n i T f ' VTTTtli'
accrued interest, during such time and under such rules and regulations
.
A u K l L U u l UKL.
^
as shall be prescribed or approved by the Secretary of the Treasury, In
"ho appointment of Edwin T . Moreditll as Secretary of
payment of income and profits taxes payable at the maturity of the corti- Agriculture was sont to the Senato by President Wilson on
ficates. The certificates o f this series do not bear the circulation privilege.
t0>, 0 7
a /ti% „ i _
i *
i
The right is reserved to reject any subscription and to allot less than the " an ’
M r ‘ M e r e d it h h a s 1)0011 n a m o d t o s u c c e e d D a v id
amount of certificates applied for and to close the subscriptions at any time G . H o u s t o n , wllO as n o t e d in t h e p r e c o d in g a r t ic le , lia s b e e n
without notice. Payment at par and accrued interest for certificates c h o s e n t o s u c c e e d C a r te r G la s s a s S e c r e t a r y o f tlio T r e a s u r y
allotted must be made on or before Feb. 2 1920, or on later allotment. After tit
„ uo
. , „
.
,,
j
allotment and upon payment Federal Reserve Banks may issue interim
• M e r e d it h IS th o e d it o r o f
S u c c e s s fu l h a r m in g ,
and
receipts ponding delivery of the definitive certificates. Any qualified de- b e fo r e e s t a b lis h in g t h a t p a p o r w a s p u b lis h e r o f tllO “ F a r m e r s ’

'40mak°Paymentby cr^ ltfo[ f f f 1catf allotted

Tribune.”

Ho is President of tho Associated Advertising

to it for itself and its customers up to any amount for which it shall be quaili
c
1 1
1•
i
„ .,
h
fied in excess o f existing deposits, when so notified by tho Federal Reserve I '-'HlDS Ol txIO W o r ld , cl d ir e c t o r o f tllO (yliiCtlgO I 6 d 6 fn l R o s o r v o
Bank of its district. Treasury certificates o f indebtedness of Series C 1920, Bank and Was one Of tllO excess profits advisors of tllO Treasmaturing February 2 1920, Series D 1920, maturing Feb. 16 1920, and Series u r v D p m r lm p n t m n n in tm l in 10 17
Tin w o o olon ..
T9, maturing March 15 1920 (with any unmatured coupons attached), will UIT d e p a r t m e n t , a p p o in t e d in 1 9 1 7 .
H o w a s a ls o a m o m b o r
bo accepted at par with an adjustment o f accrued interest in payment for el th e g r o u p r e p r e s e n tin g th e p u b lic a t tllO in d u s tr ia l COnfei’any certificates of the Series TM 4— 1920, now offered which shall bo sub- e n c e la st O c t o b e r .
I ll a s t a t e m e n t issu e d a t M ia m i, F la . o n

SCT s t [ Z Z de ^ Z t e United States. Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotment in full
in tho order of the receipt of applica ions up to amounts Indicated by tho
Secretary of the Treasury to tho Federal Reserve Banks of tho respective
D A V ID

F.

HOUSTON

GLASS

A S

N A M E D

SECRETARY

TO

OF

SUCCEED

THE

M r . Meredith said OHO o f his first undertakings as
dead Of the Agriculture Dopartmont WOllld be to work Ollt
some method of getting crops to markot “ without too much
lost motion ”
I

CARTER

FRANK

TREASURY.

THE
N iW

D avid F . Houston was namod by President Wilson on
Jan. 27 as successor to Carter Glass as Secretary of the Treasury. The resignation of Secretary Glass was announced
on N o v . 18, and, as stated in our issue of N o v . 22 (page

r0H K

SUN

A N D

HERALD.

F f“ k A ’ M uns»y . Prominent newspaper and magazine
publ1,8 ,ler’,
Jan. 24 Ins intention of merging,
° a F?,b ’ ‘ * ° .‘.'.T,0
York morning new spapers-the
Sl,n and the Herald - t h o latter of which ho recently

1938), followed the tender to him of the seat of United States cU ^ ’.lUC^.',
.
,
... .
„ ml
„
Senator Thomas S. M artin of Virginia, who died on N o v . 12. L Tl b o ‘l tle
,‘,he ° ombl? ed papor ;V,U b,°i
1 ho, Sun, a“ d
M r . Glass has postponed taking Ms seat in tho Senate until
Y . Herald
M r Munsey on Jan 14 purchased the
his successor as Secretary qualified for tho latter post.Herald , the N . Y . Evening Telegrami and thei European
M r , H ouston, who has been chosen by President Wilson as
the new Secretary of tho Treasury, has been Secretary of
Agriculture since tho beginning of President Wilson’s first

ed,t,on ot tho Hcra' d ’ p1 bllllhed at, P an s’ A1 ° f tbose
? apors 'vor1
° »eT>'rod by Inn, from the estate of the late
Jomes Gordon Bennett, whoso father was the founder of tho

term. M r . Houston assisted in the organization of the
Federal Reserve system, and was also identified with tho
organization of tho Federal Farm Loan Board. Russell C .
Leffingwell, Assistant Secretary of tho Treasury, h a d been
looked upon as tho one likely to succeed M r. Glass as See-

,® ra '
...
.
„ , , . _ -cr
■ r,
,,
M r -M u n sey ,s the owner also of t w N . Y . "E vem n g S u u ,"
Baltlmoro N " wa „ a"> 1 Periodicals bearing lus name
l h ? announeemont of tho amalgamation of the ‘ Sun’
f“ d
Herald and the reasons therefor, appeared in tho

retary, and tho fact that he was finally eliminated as a candii

■

d a t e IS sa id
grounds.
SECRETARY

,

to

i

v

,

have been

GLASS




op

W AR N S

,

.,.

to

UK

HTTOU
LU 1

on

A G A IN S T

TAT
1

A v iiip
lAA. Lt)

aUer PaPer Jan-

....

o p p o s itio n

T o th e R e a d e r s o f th e N e w

p o llt ic a

FURTHER

° ,vs

0 0W3>

Y o r k H e r a ld :

Beginning with next Sunday’s issuo of tho "Herald” (Fob. 1) tho Now
York “ Sun” and tho Now York “ Herald” will appear In combination as
ono newspaper. Tho title of tho combined papor will bo "The Sun and

tv

TP
11

t

a tt at i /

JNLW

I

Now York Herald ”

^

,

^ am fully conscious that this announconiciit will como as a groat shock
to many of you, most of you, In fact, who have clung faithfully to tho “ HerL I B E R T Y B O N D I S S U E I S TO B E A V O I D E D .
aid', while other New York newspapers have been more vigorously handled,
( j ' „ i t ,
m
___ •
,
, .
, have boon bettor nourished and, as a consequence, liavo steadily forged
Secretary of tho Treasury Glass in a recent statement ahoad of th0 old loader in circulation and in earnings.
dealing with the condition of the Treasury Department,
But, in spite of this fact, you liavo novor wavered in your allegiance to
cautioned against the entrance of Congress “ upon new field tho ‘ herald.” The reason for this, i assume, is that tho "Herald” has
„e. i ___ „ _______ i •,___ , , ___
. ,
„
.
„ never lost its atmosphero of refinement. A newspaper reflects tho soul of
of large expenditure,
Ol against a furthor reduction Of the man who owns it and puts himself Into It. Mr. Bennett was a man of
taxes, if a new Liberty Loan issuo is to bo avoided. W o quote good breeding, a man of refined contacts, a man of the world.
what he had to say herewith in the statement, as made public
The “ Herald” has covered as no olhor American newspaper lias over
t.
in.
covered the doings of the social world, dramatic world, musical world and
dan. i z .
world of sports. Its sporting news has had a poculiar "Herald” flavor.
It will no doubt be recalled that on Sept. 8, in announcing an issue of more refined in themo and in handling than such news in other newspapers,
tax certificates, I made certain statements concerning tho Government’s
Because of tlieso outstanding characteristics, tho “ Herald" has been an
financial position and prospects for tho balance o f tho calendar year, and extraordinary favorite with women readers overywhero— women of oducasaid that the turn o f tho tide had como. Now that tho figures at the year’ s tion, position and refined taste, in later years tho "Herald” has lacked
end are in hand it appears that my most sanguino expectations have been manly vigor, it has depended largoly on its specialties, whereas it should
more than realized. On tho basis o f Treasury daily statements tho Govern- have added to theso specialties more of tho strength of tho vigorous mornment s gross debt on Aug. 30 1019was------------------------ $26,596,701,648 01 ing newspaper of to-day. It had theso vigorous qualities in big measure
On Dec. 31 it amounted to................ .................. .............. 25,837,078,807 38 in its early days, and they were stll outstanding characteristics of tho
------ -------------------- "Herald" when its groat editor and owner, tho lato James Gordon Bennett,
a reduction o f------------------------------------------------------------$759,622,840 63 I was in his prime, his journalistic vision then stretching out to tho fartherIts floating debt (unmatured) treasury certificates o f
most parts of tho world.
indebtedness) on Aug. 30 was---------------------------------- $4,201,139,050 39
Without his hand to guide it, without his genius to vitalize it, without his
3,578,485,800 37 generous purso to finance it, it has given placo in tho raco for supremacy
On Dec. 31 it amounted t o ._ ------------------------------------,
— ----------------------But in spite of all this tho prestige and power and world fame of tho Now
a reduction o f ------------------------------------------------------------- 3 622,653,250 02 York “ Herald" remain undlmmed. Tlioy aro an asset of inestimable valuo.
Tlio portion o f tho floating debt requiring to bo refunded
No newspaper can bo groat without them.
(so-called loan cortif.cates
) onAug. 30 amounted to $2,012,387,500 00
t wanf
tell you, you staunch friends of tho "Herald,” that I was no
On Doc. 31 it amounted to -------------------------------------------- 1 ,326,661,000 00 less unhappy than perhaps you are to-day when my analysis of tho situation
----- --------------------- I In tho “ Herald” office convinced mo that it wliould be combined with
a reduction o f— -------------------------------------------------------$685,726,500 00 tho "Sun.” I had hoped it might wisely bo continued as an independent
The loan certificates outstanding on Dec. 31 were of Issues maturing entity. If i had yielded to sentiment and prido l should have entered upon
Jan. 2, Jan. 15, Fob. 2 and Feb. 16 1920, and have been or will bo paid 'ho fight so to continue it.
.
from cash on,hand Dec. 31 and from the proceeds oi the sale of tax certifiBur prido has no placo in economics. To liavo continued the "Herald”
cates thereafter issued, thus consummating the Treasury’s plan for financing as an independent entity would liavo been In opposition to all the laws o f
tho unfunded portion of the war debt in such a way as to avoid any largo I economics, all tho laws of sound business,
funding operations.
I
[ts printing plant is archaic and worn to tho breaking point. There Is
As to the futuro it may bo stated positively that unless Congress should I no machinery there of any practical valuo. A now equipment could not bo
enter upon new fields of large expenditure not included in tho Treasury's installed under a year and a half, and then at a cost of a million dollars
estimates or should mako a reduction in tho amount of taxes in addition to and more.
tho reduction made a year ago upon the recommendation of Secretary I The “ Sun” does not need the “ Herald’ln combination, but tho "Herald"
M cAdoo from about $6,000,000,000 to about $4,000,000,000, we may look needs tho “ Sun.” The “ Sun” lias a wo dorful mechanical equipment,
forward confidently to tho retirement of tho floating debt out of the taxes
enormous in size and thoroughly representative of tho very lastword In
provided by existing law and miscellaneous receipts coming within the
printing machinery. Tho "Sun” has acres of floor spaco for its printing
general head of war salvage (although further issues of tax certificates in plant, for its editorial rooms and for its offices— a magnificently equipped
diminishing amounts will be necessary from time to time in tho intervals I newspaper shop in all particulars.
between income and profits tax installment payments), and to tho gradual
Tho “ Herald” not only has no printing machinery, but has no home, or
reduction of the funded war debt through tho operations of tho Liberty will have no homo in another fifteen months. Tho ground lease on which
Loan Bond Purchase Iuind and Sinking Fund already created by law. On tho "Herald” building rests terminates at the end of April next year, and
tho other hand, should Congress embark upon now fields of largo expenditure I then the "Herald” building wll become tho property of the owners of tho
or further reduce taxes, it will, as I have already indicated, bo clearly
ground.
necessary to revise the Treasury s plans and call upon tho country to finance
While tho *‘Sun” Is In an impregnaby strong position and does not need
the resulting deficit by the issue of a new Liberty Loan.
• the "Herald" In combination, yet it cannot help bonefltinglfrom taking
u

v" p i ? x r t i p tt
q
A T I jA U l 1 U K L o

due

on tlio "Herald" atmosphoro, the “ Ilorald" circulation and the “ Herald’ ’
prostige. The "Herald,” on the other hand, will benefit enormously from
combining with tho “ Sun." It will have the advantage o f tho “ Sun’s"
flno organization and of tho “ Sun’s” great mechanical equipment. More­
over, it will got from tho “ Sun” tho vigor and energy and initiative that
tho “ Herald” has lacked In recent years. It will get, too, as great a measure
o f prestigo as it gives, for the “ Sun’s” reputation for cleverness, for earnest­
ness, for courage mounts quite as big in tho aggregate as the far-famed
reputation of tho New York “ Ilorald.” Together, in one entity, those
two newspapers ought to mako one very groat newspaper.
Tho foregoing tells you why I am amalgamating tho “ Sun” and the
“ Herald.” It is a long statement, but tho occasion merits it; it is your
right to havo this statement.
One word more and I havo done. Tho New York "Herald.” your
"Herald,” is not going to die. M y purchase of tho "Herald” and this
merging bring it back to its own again, bring it back to the days of its youth,
when it was a very groat forco in our nation.
FR AN K A. M UNSEY.

M r . Munsoy on the same date published in the “ Sun”
tho following:
T o

th e

ren d ers

o f

T he

Su n :

Hero wo aro again in on another consolidation, and this time somo con­
solidation. Three and a half years ago, immediately following my pur­
chase o f tho “ Sun,” it took over the New York “ Press” and consolidated it
with itself.
Now it is tho Now York “ Herald” that is coming in with us, a newspaper
whoso prestigo is as wido as tho world. Beginning with next Sunday’s
issue, Fob. 1, tho “ Sun” and the New York “ Herald” will bo combined
in one newspaper. The title of tho amalgamated paper will bo “ Tho Sun
and New York Herald.”
Tho “ Sun” is tho oldest morning newspaper in New York. It was
founded In 1833. The "Herald” is tho next oldest morning newspaper in
Now York. It was founded two years later, or in 1835. Each of these
newspapers has played a great part in American journalism. Each was a
pioneer on different lines.
Together tlioy overturned and revolutionized American journalism and
wore tho pathfinders and pacemakers of our present day journalism. Each
has bullded bigger in its special field than any other American newspaper.
Tho success of tho amalgamation of the “ Sun" and the New York “ Press"
Is an outstanding record in tho history of American journalism. Tho
success o f tho amalgamation of tho “ Sun” and the New York- “ Herald”
ought to bo immeasurably greater.
Those two newspapers aro of tho samo world, the world o f intellect and
law and order, and each nowspaper has something to bring to the other that
will mako tho amalgamated papers better than either has ever been on its
own.
FR A N K A. M UNSEY.

Announcement of tho purchase by M r . Munsey of the
“ Ilorald” and tho other papers from the Bennett estate
appoarod in tho “ Ilorald” on Jan. 15 in this statement:
T o

th e R e n d e r s o f th e N e w

Y o rk

H e r a ld :

The Now York “ Herald" has passed into tho hands o f Mr. Frank A.
Munsoy, who has purchased all of tho publishing Interests of the late James
Gordon llennett, consisting of tho New York “ Herald,” tho “ Evening
Telegram” and tho Paris edition of tho Now York “ Herald.” Mr. Munsoy
will toll you In duo time of his plans for theso newspapers.
RODM AN W AN A M A K E R ,
GU ARAN TY TRUST CO M PA N Y,
Executors of tho estate of James Gordon Bennett

M r. Munsey is a Republican and for many years was a
supporter of tho lato Theodoro Roosevelt.

had been filed by 124 railroads for compensation amounting
in all to $92,318,789, and that of these claims 35 have been
allowed in part, totaling $7,493,619, 67 have been denied,
totaling $45,686,277, and 8 have been withdrawn, totaling
$553,754, leaving still pending 14 claims totaling $9,324,288.
M r . Underwood also reported that 13 railroads with claims
in addition to their standard return, aggregating $11,037,360,
have applied for tho appointment of boards of referees under
the provision of the Federal control act, that one of these
petitions has been dismissed, and in one an agreement has
been reached. N o decisions havo been rendered in the re­
mainder, although hearings have been held in six additional
cases.
M r . Underwood described in detail litigation affecting the
railroads under Government control during 1919, and re­
viewed various rate questions in which the Railroad Admini­
stration has been concerned.
Gratifying progress in avoiding loss and damage claims
on tho railroads and in promptly settling such claims pre­
sented Avas outlined by M r . Underwood in his description of
the work of the Claims and Property Protection Section of
his division. He pointed out that for all railroads under
Federal control the number of unsettled claims on hand
had decreased from 806,707 on April 1 1919, to 465,722 on
N o v . 1 1919, or a decrease of 340,985 in seven months. Dur­
ing tho same period there were 2,439,692 of such claims pre­
sented, while 2,780,677 were disposed of. The number of
unsettled loss and damage claims more than four months
old also was reduced from 363,476 on April 1 1919, to 148,683
on N o v . 1 1919, or a reduction of 214,793 in soven months.
In connection with fraudulent claims, M r . Underwood re­
ported that tho claims of 51 individuals, firms, and corpora­
tions have been investigated, indictments have been secured
in 5 cases, 29 are under further investigation, and 17 have
beon found not to be fraudulent. M r. Underwood said:
Following tho established custom of tho Railroad Administration to
minimize as well as prevent loss and damage, it was considered advisable
to investigate the methods employed by all railroads under Federal control
in tho handling and dispositi n of over, damaged, refused, and unclaimed
freight, to establish proper precautionary efforts to conserve the value of
such freight to the owners and railroads. In April, 1919, investigations
were instituted, and up to tho present time havo been completed on 9
railroads, and it has developed that in many cases individuals, firms, an
corporations disposing of this class of freight for tho railroads did not mak
proper returns. Criminal prosecutions aro in progress in various cities
and thus far recovery has beon secured to the railroads of about $137,000
Tho completion of theso investigations on all Federal controlled railroad
will bring about a noticeablo improvement in tho practices of the individua
railroads in the handling, recording and disposition of this class of freight
IV Y

L.

LEE
OF

TWO

H U N D RED

A N D

T H IR T Y -T W O

C O M P E N S A T IO N

CONTRA CTS E X E C U T E D B E T W E E N G O V E R N M E N T
A N D

R AILR O A D S.

Compensation contracts between tho Government and
railroad corporations covering 232 railroads for the use of
tho properties during Government control bad been mado
as of Jan. 1 1920, and the annual compensation to railroad
companies involved in completed contracts was $717,153,­
182 10, or 7 1 % of tho total annual rental of $917,000,000
paid by tho Government to the companies. These contracts
included two contracts with lump-sum payments of $129,­
734 80, tho remainder providing for annual rentals. Tho
status of the contract situation growing out of Federal con­
trol of railroads was contained in tho annual report for tho
year 1919 of E . Marvin Underwood, general counsel of the
Division of Law of the Railroad Administration, to Walker
D . Hines, Director General of Railroads, mado public on
Jan. 27. M r . Underwood added that negotiations with
railroad corporations as to many additional compensation
contracts aro being actively pushed. lie also pointed out
that in addition to tho so-called standard contracts covered
above there havo been 133 so-called co-operative contracts
oxecutod botwoon tho Railroad Administration and smaller
railroads, mostly so-called short-line railroads. “ It is
appropriate to state,” said M r . Underwood in connection
with tho standard contracts, “ that tho actual negotiations
between tho Railroad Administration and tho companies
has progressed satisfactorily and as rapidly as could be ex­
pected in view of the difficult questions of fact to bo deter­
mined in each caso and tho high degree of caro and accuracy
required. Practically all the larger systems of transporta­
tion and a great many of tho smaller ones have executed com­
pensation contracts.”
Referring to claims of companies for special compensation
in addition to tho “ standard roturn” provided for in the
Fedoral control act, M r . Underwood stated that such claims




437

THE CHRONICLE

Jan . 31 1920.]

ON
M E N

NEED
TO

OF

A T T R A C T IN G

R AILR O A D

BEST

TYPE

IN D U S T R Y .

Ivy L . Leo, of the Association of Railway Executives, and
formerly assistant to tho president of tho Pennsylvania R R .
speaking before the People’s Institute at Cooper Union on
Jan. 27 stated that the return of the railroads to private
management on March 1 will be of supreme importance in
enabling tho companies once again to restore tho esprit de
corps of their personnel. M r . Leo notes that tho country
“ is thoroughly sick of Government operation of our rail­
roads, not alone because the quality of the service has fallen
off, but becauso there is an evident deterioration in the
moralo and efficiency of tho railroad organizations and a
steady inereaso in expense altogether out of lino with the
natural increase in costs of labor and materials and with the
amount of business handled.” M r . Lee also said in part:
For fifty years, up to about 15 years ago, tho railroad business offered
one of tho most attractive opportunities to able American young men.
That is why we had the best railroad system in tho world, paying tho high­
est wages and tho highest taxes in proportion to capitalization, yet doing
business for the lowest rates of freight of any groat railroad system in the
world.
To-day the attacks upon tho men to whom the railroads pay substantial
salaries, the hampering restrictions and interference of regulating bodies,
mako the young men feel that the railroad business offers no chance for the
display of brains and the best qualities of the successful business man.
It is supremely important to attract the capital necessary to do tho rail­
road business, but if that capital is to be economically administered and
tho public is to be served adequately, tho railroad business— our groatost
American industry— must continue to attract the very best type of American
brains.
To bring that about it is essential that the American people understand
tho unique contribution to tho welfare of tho country mado by an efficient
railroad officer.
It is important that the people should manifest their belief that in tho
most lionorablo and attractive of American businesses adequate rewards
should bo mado available to men capable of administering railroad property
economically and in tho public interest.
In other words, tho supremo need is tho restoration of public faith in
those who run our railroads. Wo have a new generation of railroad man­
agers in office to-day— most of them men of high patriotism and imbued
with a sense of fidelity to public interest. It is high time that wo stop
giving so much attention to criticism of railroad abuses in tho past .land
whilo making impossible similar abuses in the future, concentrate ouriat­
tention on getting behind and supporting with our faith and our praise

438

THE CHRONICLE

the railroad men on 'whom we must depend if our commerce in the future
Is to have the facilities necessary for the life o f the country.
The railroad business is at the moment at an absolute standstill. It
took 18 years to complete the Pennsylvania Railroad terminal at Now York,
but no great railroad Improvements are being projected to-day. Yet com­
merce is going forward at an amazing pace.
In 1919 only 686 miles o f new railroad lines were built, whereas the
operation o f 689 miles o f lines was actually abandoned.
In other words, Jan. 1 1920 was the first New Year’s day In the history
of railroading in this country on which there was actually less miles o f rail­
road operating than there was on the New Year’s day o f the preceding year.
Tho building o f railroad equipment is likewise at a standstill. Since
1901 the year in which tho smallest number o f freight cars were ordered for
the railways o f the United States was in 1908 when 62,669 were ordered.
In the year 1919 the number o f freight cars ordered was only 22,062.
Between tho years 1901 and 1919 the number o f passenger cars ordered
for the railways o f tho United States was never less than 1,124 and ranged
as high as 4,514 in 1909. In 1918, however, only 131 passenger cars were
ordered and 1919 only 292.
The ordering o f new locomotives is on a similarly low scale. The smallest
number o f locomotives ever ordered in any year since 1901 was 1,182
the largest number was 6,265. The number o f locomotives built in the
United States in 1919 for service In the United States was 2,055.
In other words, with the country growing by leaps and bounds, with
opportunities for commercial advancement undreamed of, we nevertheless
find ourselves on tho threshold o f return to private ownership with our
railroad business, both in its equipment, its personnel and its plans for tho
future, in a condition o f virtual sterility and stagnation.
Th dead hand of the Government has been upon a business absolutely
esse tial to the progress and future o f this nation.
Nothing is more vital at this moment than that the people o f the United
States mako their Congress understand that public sentiment is strongly
behind tho movement for constructive railroad legislation.
And further than that, it is o f equal importance that the public make it
clear to the railroad personnel o f the United Stats that the people o f this
country are determined that when the railroads are returned to private
management, able and efficient railroad service shall be supported and
backed with absolute public faith and enthusiasm.

CRANFORD

(N .

J .)

C IV IC

BOARD

ON

TH E

R AILR O A D

PROBLEM.

The Cranford (N . J.) Civic Board, after carefully con­
sidering the many questions attendant upon the railroad
problem, has expressed its conclusions in a resolution which
while not attempting to suggest the details of a complete
working plan, sets forth the fundamentals which in its opin­
ion if moulded into legislative form by Congress would
enable the railroads to stabilize their credit. The board
believes that the perpetuation and development of our rail­
roads can only be accomplished by keeping faith with the
investors in railroad securities.
The following is the resolution of the board:
R esolv ed — F i r s t , That this Board earnestly favors private ownership and
operation as contradistinguished from Government ownership and opera­
tion, and looks with approval upon the proclamation of tho President
returning the roads to their owners on March 1st, thus affording an op­
portunity for Congress, in the meantime, to enact proper protective legis­
lation.
S e c o n d , That Congress, in the proposed legislation, should provide for the
protection o f the railroads during the transition period by the continuance
o f the standard roturn until a proper rate structure can be established, and
by proper funding for a definite period, o f say, ten years, of the obligations
Incurred by the carriers during Federal control, at the instanco, or with
the approval o f the Director General, for additions and betterments. No
attempt should be made to strip the carriers o f quick assets, in order to
pay this capital indebtedness to the Government. It is in the interest of
the public that the carriers should not be required to resume with empty
treasuries their transportation duties, on the efficiency o f which the public
Is absolutely dependent.
T h ir d , That a rule o f rate making should be declared In the statute which
will give assurance to prospective investors that the revenues under average
conditions will be adequate to make their investment safe. These rovonues
should be sufficient to provide for tho expenses o f operation. Including
taxes and the cost o f labor, a fair return on the property already being used
for tho public service, and enough additional to give the roads proper credit
to obtain the capital needed to keep their facilities and service up to tho
requirements o f commerce.
F o u r th , That this board unqualifiedly condemns the novel doctrine now
suggested o f depriving any carrier o f a part o f its oarnings at lawful rates.
It regards such a proposal as a menace to the security of all property, and
as opening the door to a socialization o f our Government. It earnestly
protests against the adoption o f this dangerous principle.

T R IA L

OF

S O C IA L IST

D E N IE D

SEATS

ASSE M B LYM E N
IN

N E W

YORK

W HO

WERE

STATE

L E G IS L A T U R E .

The trial of five members of the Socialist Party who were
suspended from the N ew York State Assembly at its opening
session on Jan. 7 began on Jan. 20 before the Assembly
Judiciary Committee.
The charges against the Socialists were predicated on evi­
dence obtained by the Lusk Legislative Committee (which
for some time past has been investigating radical activities
and propaganda in New Y ork), and the indictment against
them was drawn up by Charles D . Newton, State Attorney
General, as counsel to the Lusk Committee.
The charges were embraced in a resolution offered on Jan. 7
by Assemblyman Simon L. Adler, of Rochester, majority
leader. Only six votes were recorded against the measure,
four of them being cast by Socialists and the other two by




[V o l . 1 1 0 .

Assemblymen J. Fairfax McLaughlin and William Evans,
Democrats, both of the Bronx, N ew York.
The five Socialists expelled from the Assembly are August
Claessens, representing the 17th Assembly District of M a n ­
hattan; Louis W aldm an, of the 8th Assembly District,
Manhattan; Charles Solomon, of the 23d Assembly District,
Brooklyn; Samuel A . D eW itt, of the 3d Assembly District,
the Bronx, and Samuel Orr, of the 4th Assembly District,
the Bronx.
•
W hen the trial opened at Albany Charles Evans Hughes
and the members of a committee appointed by the Bar Asso­
ciation of the City of N ew York to appear at the trial to
“ safeguard the interests of representative government”
were excluded from participation except as counsel for the
suspended Socialists. The same day tho committee returned
to N ew York.
The first session closed after Morris Hillquit, chief counsel
for the Socialists, had made and argued his final motion.
This urged that the proceedings and the charges against his
clients be dismissed. It also questioned the legality of their
suspension and set forth that the charges against the five,
even if proved, were not sufficient to warrant their suspen­
sion or expulsion. Warning was voiced by M r. Hillquit
that oppression of men for political beliefs had led to revo­
lution in Russia and Germany.
Louis M . M artin, Chairman of the committee who pre­
sided, turned down the objection of M r. Ilillquit, who ques­
tioned the right of the Judiciary Committee to sit as judgos
and jurors in the trial because of alleged bias and hostility
toward the suspended members.
“ You stand hero,” said M r . Hillquit, “ not as judges, but
as accusers. Let us feel, let the people of the State feel,
that these men are not having a mock trial.”
The statement of the case against the five Socialists, road
by Chairman M artin, asserted that information had come
to the Assembly that the five suspended members had morely
protended loyalty in order to be elected and that their real
intent and purpose was to overthrow the Government, by
peaceful measures if possible, but by force if necessary.
The trial continued Jan. 21 and 22 with John B . Stanchfield and Martin W . Littleton, prominent lawyers, arguing
in support of the Assembly’s action and Morris Hillquit and
others defending the suspended members. Evidence was
presented by the prosecuting attorneys in the form of litera­
ture which was intended to prove that the dootrinos of the
Socialist Party aro radical and revolutionary.
Important evidence was given to tho Judiciary Committee
on Jan. 28 by George R . Lunn, M ayor of Scheneotady, now
a Domocrat, but who in 1911 and again in 1915 was elected
on the Socialist ticket. He ran on tho samo tiokot in 1913
but was defeated. H e broke with the Socialists in 1915,
when the party leaders sought to control his actions as
M ayor, particularly in connection with appointments, and
was elected M ayor last year on the Democratic ticket.
M ayor Lunn, according to the press advices, testified that
in 1911 representatives of the Socialist local in Sohenectady
made him sign, the night before election, a blank form o '
resignation to be used in case he failod to oboy the ordors
of the party leader. H e refused to sign such a blank in
1915, was disciplined thereafter and left the party.
M ayor Lunn while on the stand registered his opposition
to the method employed by the Assembly in sooking to
purge itself of the Socialist members and later the samo day
made public this statement:
M y antagonism to tho Socialist Party and its tin-American tactics does
not blind mo to tho fact that the proceeding Initiated by Speaker Sweet
was not only arbitrary but violative or tho fundamental principles or
constitutional government.
,
I believe in true Americanism and not In that hysterical Amorlcanlsm
which would rouse men to vengeance oven whero the crime was not violence
of action but variance of opinion.
This is a time when wo must think clearly and consistently. Faith in our
institut ons must not be threatened by allowing even legislators to do vio­
lence to the principles of our institutions. I Is Tar more important that
wo be true to ourselves and tho principles for which this groat nation
stands than that wo permit vengeance against a minority simple because
thoy aggravate and irritate by their critical attitude.
Wo must deal resolutely with any who are genuine enemies o f this de­
mocracy and who peradvonture seek its violent overt' row. But n our
eagerness to accomplish this result wo should bo equally determined that
tho process for tho free expression of opinion, however critical, should not
be do troyed. Safeguarding the rights of minorities Is absolutely essential
in order to proservo intact tho rights of tho majority. The tyranny of the
many over tho few is no less banal than tho tyranny of a group over a
mass of men.
Many of the indictments brought against our industrial order by tho So­
cialists aro true, but their method for improvement is hopolessly muddled.
It seems to me, therefore, that agitation against grievances is host mot by
removing the cause of the griovanco.
Regarding this procedure, I am heartily in accord with tho commondable
attitude taken by Mr. Hughes and tho Now York City Bar Association,
as well as the attltudo of tho Now York Stato Bar Association.

THE CHRONICLE

Jan . 31 1920.]

Notice of tho trial was ordered to bo served on the five
Socialists on Jan. 14 by the Judiciary Committee. In this
notice tho trial was referred to as an “ investigation,” and
when this fact was called to tho attention of Speaker Sweet,
Chairman Martin and others connected with the prosecution
tlioy insisted that tho proceeding was not a trial but an in­
vestigation as stated in notice to appear. This notice
road as follows:
S ta te

o f N ew
th e

Y o rk ,

A s s e m b ly

A s s e m b ly

o f th e

S ta te

C h a m b er,
o f

N ew

in

th e

Y o rk

W a U lm a n , A u g u s t C la e s s c n s , S a m u e l A .
S o lo m o n to r e t a in

th e ir s e a ts in

s a id

as

m a ster
to

th e

o f th e

in v e s t ig a t io n

Q u a lific a t io n s

by

o f L o u is

D e w itt , S a m u e l O rr a n d

C h a r le s

body.

— Please tako notice that pursuant to a resolution adopted by tho
Assemb y of tho State of Now York on Jan. 7 1920, a certified copy of which
you aro herewith served, tho Judiciary Committeo of tho Assembly of tho
Stato of Now York will begin tho investigation of your qualifications and
eligibility to a scat in tho Assembly Chamber, Capitol Building, Albany,
N. Y ., on Jan. 20 1920 at 11 a. m.
Tako further notice that tho Judiciary Committeo o f tho Assembly has
formulated rules of procedure for such investigation, a copy of which is also
herewith served upon you.
Yours.
T1IE JU D IC IA R Y COM M ITTE E OE THE ASSEMBLY.
By LOUIS M . M A R T IN . C h a i r m a n .
Dated Jan. 14 1920.
S ir :

Chairman Martin of tho Judiciary Committee outlined
at the beginning of tho proceedings tho charges upon which
tho trial would bo based. Ho said:
Information camo to tho Assembly through various channels that the
men mentioned in tills proceeding were members of a party or society whoso
platform of principles and whoso doctrines as advocated to-day called for
and demanded the complete destruction of our form o f government by the
fomentation of industrial unrest, tho bringing into play of force and vlolenco
and direct action by the mass, that tho men here mentioned, affiliated with
that party or society, havo subscribed to and a vorated such principles
and aro in favor o f tho absoluto substitution of minority for majority rulo,
that tlioy aro in hearty accord and sympathy with tho Soviet Government
as it exists in Russia to-day and they havo declared their solidarity therewith.
It is claimed, among other things, that in 1917, when our country was
at war with Germany and summoned the strength o f tho people to that
groat strugglo, tho party or society to which these men belong and to whoso
program they havo subscribed, in open convention, and with calculated
deliberation, denounced tho war as criminal, its purposes capitalistic, its
motlvo profiteering, and pledged every man in that party to oppose tho
war and all tho means adopted by tho Government for carrying on the war
In every posslbe way; that tho men herein named by voice and vote, in
public and In privato, opposed every measure intended to aid tho prosecu­
tion of tho war to a successful conclusion and gave aid and comfort to t Ho
enomy.
It Is claimed also that in August 1919, after tho schemes and program
of tho Russian Soviet Government were fully known and their practices
and principles fully revealed, the Socialist Party of America, of which those
men are members, in deliberative convention declared their allegiance to
and solidarity with such Russian Soviet Government; that they secured
their nomination and procured their election under tho pretense to the
people that they wore merely availing themselves of legally established
means for political representation, which was in truth and in fact (lotto to
disguise and cover tip their truo intent and purposo to overthrow this
Government, peaceably if possible, forcibly if necessary.
Tho claim is made that these men aro w ith others engaged in a largo and
well organized capacity to subvert tho duo administration of law and to
destroy tho right to hold and own property honestly acquired, to weaken
tho family tie, which, they assert, is tho seed of capitalism, to destroy the
influence o f the Church and overturn the whole fabric o f a constitutional
form of government.
Our inquiry will bo conducted with a view' to ascertain and determine
whotlior thoro is truth in such information.

The Hughes Committeo of the New York City Bar Asso­
ciation in a statement and brief submitted to the Judiciary
Committeo on Jan. 20 called upon tho committee to restore
the five Socialists to full membership in the Assembly and
warned that body that tho very evils which it was seeking
to avoid would bo precipitated by the continued suspension.
Mr. Hughes’s statement in behalf of tho Bar Committee,
copies of which wero distributed among tho members of
tho Judiciary Committeo, was as follows:
Wo appoar as a special committeo appointed pursuant to resolution
adopted by tho Association of ttio Bar of tho City of New York at Its annual
meeting hold on Jan. 13 1920.
Wo do not represent tho members under suspension or the Socialist Party,
and wo havo no sympathy with tho aims of that party. We appear solely
as tho representatives of tho Association of tho Bar. and in tho public
Interest, to placo before your committee considerations which we deem to
bo of fundamental importance in this proceeding.
In view of tho gravity of tho questions involved and tho serious consequoncos which may follow any deflection from sound constitutional prac­
tice wo respectfully suggest that tho committee at onco consider the present
status of tills proceeding and tho immediato measures which are required
in tlio light of tiie constitutional rights of these suspended members and
of tho constituencies which they havo boon elected to represent.
Wo boliovo that tho following facts aro undisputed:
1. That tho members under suspension wero duly elected to the Assembly.
2. That when these members appeared with their credentials they wero
admitted to tako tho oath of office and that they severally took such oatii
and wero admitted to tho privileges of tho House.
3. That Having taken tho oath and having boon admitted to all tho privi­
leges o f members of tho Assembly they participated in tho election of tho
Speaker and otherwise) acted as members until their suspension.
4. That, after having taken tho oath and having been admitted as membors of tiie Assembly, tlioy wero suspended and denied the privilego of their
scats without a hearing or opportunity to bo heard.
5. That prior to said suspension thoro was no charge against thoso mem­
bers, and there Is no cliargo ponding against them that they wero not duly
elected, or that they do not possess tho qualifications prescribed by tho
Constitution, or that they aro not of sound mind, or that they havo not
takon tho constitutional oath of office, or that they havo been convicted
of any crime, or that they have committed any overt act constituting a
criminal offense, or that they have been guilty of any violation of law, or




429

that they havo been guilty o f any misconduct while members of this
Assembly.
6. That by reason of their suspension these members have boen denied
all tho privileges of their scats.
7. That by reason of tho suspension of these members there are five
districts of the Stato now in effect without representatives in the Assembly
that there are no vacancies that can be filled by election or otherwise, and
that this denial of representation will continuo as long as this Inquiry lasts,
which may be until the end of tho legislative session.
Wo submit tho following propositions as abundantly supported by reason
and precedent:
1. That tho power of tho Assembly under tho Constitution to bo the
judges of the qualifications of its own members is not an arbitrary power,
but Is to be exercised as a prerogative in accord with tho fundamental
conceptions of due process and tho essential principles of representative
government.
2. That all questions as to tho existence of disqualifications in tho case
of a member-elect are properly presented before he is admitted to member­
ship in the Assembly.
3. That after tho oath has been administered to tho member and ho has
been admitted to tho privileges of the House he cannot bo deprived of those
privileges except by expulsion.
4. That a member cannot bo expelled except upon proper charges and
after duo opportunities to be heard.
5. That after ho has taken the oath of office and has been admitted to
tho privileges of membership in tho IIouso a member cannot be suspended
or denied these privileges ponding inquiry, but only upon being expelled
In case proper chargos havo been sustained after hearing.
C. That when a member-eleco presents himself to tako tho oath of office
ho cannot be denied the privilego of taking it, or after tho oath has been
taken it cannot bo denied adoquacy merely because of any alleged opinion,
stato of mind or intent, claimed to be inconsistent with the oath.
7. That, mindful of tho lessons of history and as a safeguard of political
liberty and representative institutions, it was expressly ordained by the
people in tho Constitution of the State that no other oath, declaration or
test save that set forth in tho Constitution should bo required as a quali­
fication for office of public trust, and tho Assembly has no authority to
establish any in addition to tho proscribed official oath.
8. That it is of tho essence of representative government that no member
shall be expelled from tho Legislature or deprived of the privileges of his seat
merely because of political opinions, or affiliation with a political party,
n tho absence of any proved violation of law on his part or of misconduct
as a member of tho Legislature.
9. That it is essential to tho security of tho community and to tho main­
tenance of law and order that the peaceful means of political expression
through tho ballot box and representatives in legislative assemblies should
not bo denied or constituencies disfranchised becauso of political opinion.
10. That it is of tho essence of tho institutions of liberty that it be recog­
nized that guilt is personal and cannot be attributed to tho holding of opinion
or to mere intent in tho absence of overt acts; that a member elected to the
Assembly is ontitled to tho benefit of the presumption of innocence; and
that a member of tho Assembly duly electod, being of sound mind and pos­
sessing tho qualifications prescribed by the Constitution, cannot properly
bo expelled or denied the privileges of his seat except upon charges duly
laid and upon proof duly taken of personal misconduct as a member of the
Assembly or of the commission by him of some act constituting a violation
of law.
11. AVo deem it important that this vital issue, tho proper decision of
which is essential to tho security of tho republic, should not bo obscured by
tho reception of testimony, statements or declarations as to matters here
or abroad in the at,empt to indict a political party or organization without
first laying proper charges with proper specifications directly connecting
members accused of personal and guilty participation in illegal acts.
AVo, therefore, respectfully urge:
That this committeo at onco report to tho Assembly that there is no ques­
tion properly before tho committee of any disqualification on the part of
these members; that no charges against these members of any constitutional
disqualification or of any misconduct in offico or of any violation of law
on their part have boen properly laid.
AVo also urge that this committeo report:
Tho tho members under suspension should at once bo restored to the
privileges of their seats and that if it is desired to present any charges against
them of any violation of law such charges should bo properly formulated,
and that until such charges properly laid havo been established by proof
after due opportunity to be heard theso members shall enjoy all tho privi­
leges of their seats in recognition of their own rights and of tho rights of
their constituencies.
In support of theso propositions and suggestions we submit a brief
herewith:
CHARLES E. HUGHES,
JOSEPH M . PROSKAUER.
MORGAN .1. 0 :ilR IE N ,
OGDEN L. M ILLS.
LOUIS M ARSHALL,
S p e c ia l C o m m itte e o f th e A s s o c ia t io n o f th e

Bar o f

th e C it y o f N e w

Y o rk .

New York, Jan. 19 1920.

On Jan. 26 there was laid before the Assembly a memorial
from tho Special Committeo of tho Bar Association of the
City of N oav York urging that tho suspension of the five
Socialist members bo rescinded, that tlioy at onco be restored
to their seats, and that they should enjoy all tho privileges of
their seats until thoro had been established by proof any
charges against them of personal misconduct in offico or vio­
lation of laAv. Tho memorial Avas offored in behalf of tho
Socialists by Assemblyman William C. Amos of N oav York,
avIio subsequently Avas ruled out of order by Speaker SAveot
upon objections from majority leador Adlor and others.
On Jan. 14 the five suspended Socialists had sent through
Mr. Hillquit to tho Hughes Committee the following lotter:
I have been asked by the five excluded Socialist members of tho Assembly
and their counsel to convey to you tho assurance of their deep appreciation
of tho action of the Association of the Bar of tho City of New York in desig­
nating you as a special committee in behalf of tiie Bar Association to protect
the principles of representative government which are involved in the
proceedings to unseat the five Socialist members of tho Assembly.
AVo have tho utmost confidence in tho high public spirit and great pro­
fessional ability of the gentlemen composing the committee and shall be
glad to extend to you all facilities at our command to enable you to carry
out tho object for which you have been appointed.

Tho preamble of tho resolution adopted by tho Assembly
Jan. 7, and to which avo referred above, alleged that the five

430

THE CHRONICLE

suspended Assemblymen were members of the Socialist
Party, whose activities in opposition to carrying on the war
“did . . . stamp the said party and all its members with an
inimical attitude to the best interest of the United States
and the State of New York.”
The text of the resolution was as follows:
W h e r e a s , Louts Waldman, August Claessens, Samuel A . DeW itt, Samuel
Orr and Charles Solomon are members o f the Socialist Party of America; and.
W h e r e a s , The said Socialist Party did at its official party convention
held at the city o f Chicago, 111., in the months of August 1919. declare
its adherence and solidarity with the revolutionary forces o f Soviet Russia,
and did pledge itself and its members to the furtherance o f the international
Socialist revolution; and.
W h e r e a s , By such adherence and by such declaration made by the said
party, the said party has indorsed the principles o f the Communist Inter­
national, now being held at Moscow, Russia, which International is pledged
to the forcible and violent overthrow o f all organized Governments now
existing.
W h e r e a s , Section 5 of Article II o f the constitution o f the Socialist Party
of America provides that each member o f the Socialist Party o f America
must subscribe to the following:
‘ ‘In all my political actions while a member o f tho Socialist Party I
agree to be guided by the constitution and platform o f that party” ; and
W h e r e a s , Section 13, subdivision A o f the State constitution of the
Socialist Party o f the State o f New York provides,
‘ ‘A member may be expelled from the party; or may be suspended for
a period not exceeding one year, for the following offenses: For failing or
refusing when elected to public office to abide and carry out such instruc­
tions as he may have received from the dues-paying organization, or as
prescribed by the State or national constitution,” and
W h e r e a s , Such instructions may be given by an executive committee
made up in whole or in part o f aliens or alien enemies owing allegiance to
Governments or organizations inimical to the interests o f the United States
and the people o f the State o f New York, and
W h e r e a s , The national convention of the Socialist Party of America,
held at St. Louis from about April 7 to April 14 1917, did duly adopt reso­
lutions that the only struggle which would justify taking up arms is the
class struggle against economic exploitation and political oppression and
particularly warned “ against the snare and delusion o f so-called defensive
warfare,” and such resolutions further provided "as against the false doc­
trine of national patriotism we uphold the ideal o f international working
class solidarity” ; and
W h e r e a s , The Socialist Party o f America did urge its members to refrain
from taking part in any way, shape or manner in the war and did affirma­
tively urge them to refuse to engage even in the production of munitions of
war and other necessities used in the prosecution o f the said war and did
thereby stamp the said party and all its members with an inimical attitude
to the best interest of the United States and the State o f Now York;
W h e r e a s , As the said Louis Waldman, August Claessens, Samuel A.
DeW itt, Samuel Orr and Charles Solomon, members of the Socialist Party
of America, having been elected upon the platform of the Socialist Party
of America, have thereby susbcribed to its principles and aims and pur­
poses against tho organized government of the United States and the State
of New York, and have been actively associated with and connected with
an organization convicted o f the violation o f the Espionage Act of the
United States; therefore be it
R es o lv ed , That the said Louis Waldman, August Claessens, Samuel A.
DeWitt, Samuel Orr and Charles Solomon, members o f the Socialist Party,
be and hereby are denied seats in this Assembly pending the determination
o f their qualifications and eligibility to their respective seats; and be It
further
R es o lv ed , That the investigation of the qualifications and eligibility to
their respective seats in this Assembly be and it hereby is referred to the
Committee on Judiciary o f the Assembly o f the State o f New York, to be
hereafter appointed, and that the same committee be empowered to adopt
such rules of procedure as in its judgment it deems proper, and that said
committee be further empowered to subpoena and examine witnesses and
documentary evidence, and to report to this body its determination as to
the qualifications and elgibillty o f the said Louis Waldman, August
Claessens, Samuel A. DeWitt, Samuel Orr and Charles Solomon, and each
of them respectively, to a seat in this Assembly.

On Jan. 12, Charles D . Donohue, of New York City,
Democratic leader of the State Assembly, offered a resolution
which would have seated the Socialists “ with full power and
rights until such time as the whole body should sustain the
charges.”
“ That resolution is out of order,” said the Speaker. “ The
proper way to go about it is to make a motion to reconsider
the vote upon which the resolution suspending them was
adopted on Wednesday last. I will entertain such a motion.’ ’
Mr. Donohue, acting on the Speaker’s suggestion, then
made his motion, which, however, was defeated by a vote of
71 to 33. In his remarks on the subject Mr. Donohue
said:
I hold no brief for the Socialist Party. I know that this is a situation
which calls for heroic treatment. But an impression has gone out, about
the State and about the nation, that these mon whom we have indicted,
have been condemned before they were given a hearing, with all that in­
volves. In the interest o f justice, and in the Interest o f representative
Government and o f American institutions, I think that the manly thing
for us to do, if we have acted hastily, is to confess our error and do what
wo can to make up for it.
Their constituencies ought to be represented. While I condemn tho
principles o f Socialism, particularly their insidious doctrines as put forth
broadcast throughout New York City, nevertheless I think they should
be seated during their trial.

[V o l . 110.

by Speaker Sweet. The Speaker on the same date likewise
ruled out a suggestion that the Assembly exclude AttorneyGeneral Charles D. Newton as counsel to the Judiciary
Committee. The suggestion to exclude the Attorney-Gen­
eral was made by Assemblyman J. Fairfax McLoughlin of
Bronx County, a Democrat. He declared that tho Consti­
tution erected a barrier between the executive and legislative
branches of the government and any attempt to overstep
it should be rebuked.
“ This is the sanctuary of the law-making power,” he said,
“ and to us have the people confided the duty of determining
the qualifications of members. I believe that notice should
go forth that no trespassing shall be allowed on this pre­
rogative of the Legislature.”
The action of the Assembly has been the subject of con­
siderable criticism for some time. Peremptory and un­
precedented it has been declared by members of Congress,
ministers and eminent lawyers. Governor Smith and Mayor
Hylan both issued statements voicing their disapproval of
the manner in which the Socialist members were refused
their seats in the Assembly.
The action of the Assembly was condemned in the U. S.
Senate on Jan. 10, by Senators Borah, Republican, Idaho,
and Thomas, Democrat, Colorado. They declared such
action invited violence and lawlessness. Senator Borah
declared the incident was one of the most remarkable in the
history of American politics. If members of a legislative
body could be expelled for their political views, Republicans
or Democrats in Congress could exclude each other from
representation, he declared. “ If you deny men the right to
effectuate their purposes and their plans through tho ballot
box,” said Senator Borah, “you invite them to violonco and
lawlessness.” Senator Borah said there was no better way
socialistic doctrines could be augmented and circulated than
through such methods. Senator Thomas said the Socialists,
if denied their -eats, would be driven to revolutionary
methods. While they have “ delusions,” he said, under the
Federal Constitution, they have a right to express their views.
The following day (Jan. 11), twelve ministers and pastors
of New York City churches signed a protest against the re­
fusal of the Assembly to seat the Socialists on the grounds
that “ such a proposed infringement of representative popular
government is intolerable.”
Cash contributions for the assistance of the suspended
five in their legal fight to retain their seats in the law-making
body were received in large sums, it was said, at the Socialist
Party headquarters. The N. Y . “ Tribune” said: “ Checks
were exhibited bearing the signatures of members of both
of the big political parties and letters of protest against the
undemocratic action of the majority of the Legislature
were declared to represent every shade of political belief.”
Pledges of funds amounting to approximately $27,000
were said to have been made at a conference of representa­
tives of various labor, civic, and social organizations at the
People’s House, Socialist headquarters, in New York, on
Jan. 12, under the auspices of the Socialist Party, to bo used
as a defense fund in the fight to restore the five Assemblymen.
Governor Smith issued a statement in this city on Jan. 10,
setting forth his views on the Assembly’s action, as follows:
Although I am unalterably opposed to the fundamental principles of the
Socialist party, it is inconceivable that a minority party duly constituted
and legally organized should be deprived of its rights to expression so long
as it has honestly, by lawful methods of education and propaganda, suc­
ceeded in obtaining representation, unless the chosen representatives are
unfit as individuals.
It is true that the Assembly has arbitrary power to determine the quali­
fications of its membership, but whero arbitrary powor exists It should bo
exercised with care and discretion because from it thore Is no appeal.
If the majority party at presont in control of the Assombly possesses In­
formation that leads to belief that these mon are hostile to our form of
government and would overthrow it by processes subversive to law and or­
der, the charges should have been presented in duo form to the Legislature
and these men tried by orderly processes.
Meanwhile, presumably Innocent until proven guilty, they should have
been allowed to retain their seats.
Our faith in American democracy Is confirmed not only by its result,
but by Its methods and organs of freo expression. They aro tho safeguards
against revolution. To discard tho method of representative government
leads to the misdeeds of the very extremists wo denounce and serves to
increase the number of enemies of orderly freo government.

Former Governor Martin H. Glynn, in his newspaper,
“ The Times-Union,” on Jan. 10 declared that Speaker
He added that he did not consider it a party issue at all, Sweet and his associates were trying to hide their “astound­
but admitted that he made his motion because members of ing revolutionary and secretive procedure under tho cloak
the Democratic party in New York City decided it was of patriotism.” The paper further said:
This is sickly camouflage. This proceeding was simply a circus stunt
the proper course to take.
to attract attention and provide political capital for Spoakor Swoet and his
On Jan. 19 motions to reseat the five suspended Socialist satellites who run the Assombly. Maybo those Socialists should bo sus­
members of the Assembly, pending the result of their trial, pended, but the public has no proof of this but Swoet’s word, and no man
ever lived big enough and Important enough to have his mero word taken
and to give them an opportunity to debate the action of the as the reason for suspending the duly elected representatives of any portion
Assembly in suspending them, were ruled out of order of the people.




Jan . 31 1920.]

THE CHRONICLE

On Jan. 8, Mayor Hylan of Now York, made this comment
on tlio matter:
X regret that such hasty action was taken in excluding the Socialist mem­
bers of tlio Legislature. Those members were elected by the vote of the
peoplo and should bo extended every possible consideration that tho duly
elected members of tho other political parties aro given.
If after charges wero preferred an investigation mado, and a fair hearing
held it was then found that they were guilty of any act or in any way actively
connected with any organization whoso purposo Is to destroy tho Govern­
ment, then tho action o f tho Legislature would be upheld by tho State and
tho nation.

Tlio Contral Federated Union (a local labor body affiliated
with tho American Federation of Labor) adopted at a meeting
in this city, Jan. 9, by unanimous vote, a resolution reading
as follows:
W h e r e a s , In viow o f tho action taken by tho Legislature of tho State of
Now York in suspending the five Socialist Party Assemblymen for member­
ship In tho Socialist Party, bo it
I teso lv cd , Ily tho Contral Federated Union o f Greater New York and vicin­
ity, representing over 200,000 trado unionists, affiliated with tho American
Federation o f Labor, that this action of tho Legislature bo condemned
vehemently and without any reservations; and be it further
I teso lv cd , That it is tho sense o f this body that such action is a flaming
torch thrown by reckless hands into tho present hysterical fire against all
so-called radical bodies which is spreading, and the structures of labor built
by years o f effort may bo caught ne:.t by its flames. The action taken Is
naked evidence that independent political movements have next to no
chance of getting a foothold against the autocratic attitude of tho existing
party in power. A political party recognized by law has in this case been
outlawed by a majority in the Assembly at one session. Tho unseating of
five Assemblymen is so contrary to all precedents and ideals of our Republic
that it cannot, will not, and must not stand. It is ono more terrible lesson
that tho working peoplo must bo eternally vigilant to hold fast to their
libort es, that they have nothing to expect from tho dominant parties in
power, and only by uniting in one groat industrial and political movement
and by taking over tho Government can they secure for themselves true re­
presentative and industrial democracy: and be it further
Itesolv cd , That the organizations of labor bo called on to give particular at­
tention to tills resolution, and urged to take action in tho matter; and also
Iteso lv cd , That a copy of these resolutions bo given to tho press, mailed to
tho Speaker o f the House, to overy member of tho Assembly, tho Governor
of the Stato, to tho Mayor of this city, and to tho President of tho Board
of Aidormon.

Otkor labor, civic and political organizations went on
record as opposed to tho Assembly’s action.
Tho action of tho Assembly was denounced by tho National
Americanism Commission of tho American Legion. The
commission, in session at Indianapolis Jan. 19, adopted
this resolution:
Slnco tho Amorican Legion stands for tho maintenance of American
Institutions of tho government, wo look with disfavor on overy effort to
overthrow the right of representation or deny to the properly elected repre­
sentatives of tlio people the right to sit in tho bodies to which they have
been olcctod, oxcopt when they have been shown legally disqualified.

In a statement accompanying tho announcement of tho
resolution on Jan. 20 Franklin D’Olicr, National Commander
of tho Legion, declared that tho fundamental principle of
tho American Legion’s program of Americanism is “ fair play
to all who play fair,” and that while tho American Legion
does not and should not stand in tho way of chango of pro­
cedure in government, “ it does and should insist that what­
ever chango is advocated shall be in a lawful and orderly
manner, and shall bo brought about only as provided under
our Amorican institutions.”
.
Resolutions of a similar tenor were adopted by the Now
York Stato Bar Association at its annual sessions hero Jan. 17
by a vote of 131 to 100.
Speaking on Jan. 8 boforo the Humanitarian Leaguo,
Mischa Applobaum, its President, said: “ Having spent tho
last year and a half fighting Bolshevism, I now equally pro­
test against the action of the Assembly in ousting five
members on tho ground that they aro Socialists.” Con­
tinuing tho spoakor said:

431

You are seeking seats in this body. You have been elected on a platform
that is absolutely inimical to the best interests of the State of New York
and of tho United States. That platform is tho doctrine of the Socialist
party and provides that every person elected thereupon subscribes to the
rules and regulations, principles and tactics, of that party. It is not truly
a political party, but is a membership organization admitting within its
ranks aliens, enemy aliens and minors.
Tho constitution of that party in Section 5 provides this; “ In all my
political actions while a member of tho Socialist party I agree to be guided
by the constitution and platform of that party,” and Section 13, Subdivis­
ion F, of the Stato constitution of tho Socialist party provides that a member
whon elected to a public office must "abide by and carry out such instruc­
tions as he may have received from tho duos paying party organization, or
as prescribed by tho stato or national constitution.”
It may be interesting to note that Ludwig C. A. K. Martens, the selfstylod Soviet ambasador, an alien, who ontcred this country as a German in
1916, became a member of the Socialist party upon his entry into this
country and took part in its deliberations.
It is therefore quite evident that you, elected to public office in spite
of your oath of office aro bound to act subject to instructions received from
an executive committee which may be made up in whole or in part of aliens
or alien enemies, owing allegiance to governments or organizations whose
interests may bo diametrically opposed to tho best interests of tho United
States and of tho people of tho State of New York.
At tho time of tho entry of this country into tho war, the national con­
vention of tho Socialist party of America, at St. Louis, during its sessions
from April 7 to April 14 1917, adopted resolutions setting forth the stand
of tho Socialist party toward tho war and urged that tho only struggle which
would justify its members in taking up arms was tho great struggle o f the
working class to freo Itself from economic exploitation and political op­
pression, and in such resolution appoarod the following words;
“ As against tho false doctrines of national patriotism we uphold the ideal
of international working class solidarity.”
Tho manifesto of the Socialist party in convention assembled adopted a
resolution of which tho following is part: “ Wo, tho organized workers of
Russia, in support of tho government of their Soviets, with tho radical
Socialists of Germany, Austria and Hungary and with those socialist or­
ganizations in England, France, Italy and other countries, who, during the
war as after the war, havo remained true to the principles of uncompromis­
ing international socialism. Long live tho international socialist revolu­
tion' tho only hopo of the suffering world.”
And in order that wo may understand what this solidarity means, I
quote from page 16 o f tho manifesto of the Communist International, as
follows:
'
"Civil war is forced on tho laboring classes by their arch-enemies. The
working class must answer blow for blow, if it will not renounce its own
object and its own future, which is at tho same time tho future of all human­
ity.
“ The communist party, far from conjuring up civil war artificially,
rather strives to shorten its duration as much as possible in case it has
become an iron necessity to minimize tho number of its victims and, above
all, to secure victory for tho proletariat.
“ This makes necessary tho disarming of the burgeoisie at tho proper
tiino, tho arming of tho laborers, and tho formation of a communist army
as tho protector of tho rulo of tho proletariat and the invincibility of the
social structure. Such is tho ‘Red’ army of Soviet Russia, which arose to
protect tho achievements o f the working class against every assault from
within or without. The Soviet army is inseparable from tho Soviet state.”
It is overy citizen’s right to his day in court, if this House should adopt a
resolution declaring your seat heroin vacant. Ponding a hearing boforo a
tribunal of this House you will bo given an opportunity to appear before
such tribunal to prove your right to a seat in this legislative body, and upon
tho result of such hearing and tho findings of tho assembly tribunal your
right to participate in tho actions of this body will bo determined.

When tho Speaker concluded, Assemblyman Claessens
(ono of tho Socialists) was about to reply, when Majority
Loader Adler was recognized, and he offered tho resolution
accusing tho Socialists and unseating them ponding trial.
The Socialists returned to their seats while the vote was
taken. Whon the vote was announced several of the Social­
ists, it was said, rose for recognition. Mr. Solomon was first
to speak.
“ I rise to a question of personal privilege,” said Assem­
blyman Solomon. “ You have no rights in this body either
in a seat or on the floor, and you and your four associates
will leavo tho floor of the House,” replied the Speaker.
The Socialists made no effort to leave. Tho Speaker then
called on the sergeant-at-arms to remove them. This was
Wo do not need additional laws. We need enforcement o f laws and a done.
Before leaving Albany (Jan. 7) tho suspended Assembly­
higher grado o f individuals to represent us. It seems to me that construc­
tive policy on tho part o f the Stato and nation in reducing tho high cost of men issued tho following statement:

living and a well defined fixed policy as to the relations between capital and
labor, wherein both would have to comply with tho letter of tho law, will
more than anything else settle tho industrial unrest and prevent our present
policy o f national suicide'.
The jailing o f a few hundred profiteers will disarm the agitator. Agi­
tators and revolutionary leaders usually fail to arouse a fairly contented
set o f people. It might bo well for politicians to heed tho voice o f the people
on their immediate needs, rather than engage In un-American practices
with an eye toward political offices.

On Jan. 20 tho Board of Ahlormon of Now York City
adoptod it resolution offered by Alderman Ifannock (Tho
Bronx) urging tho Assembly to reconsidor its action in sus­
pending tho fivo Socialist members. The vote was 40 to 20,
tho Democrats and Socialists uniting in favor of tho reso­
lution, with tho Republicans opposing.
Adoption by tho Assombly on Jan. 7 of the resolution
unseating tho Socialist members followed a pronouncement
by Tliaddous C. Sweet, tho Speaker. Immediately after
finishing his speech of acceptance Spoakor Sweot directed
tho Sorgoant-at-Arins to arraign the fivo Socialists beforo
tho bar of tho IIouso. Tho Socialists of their own volition
walked into tho well and faced tho Speaker. Speaker Sweet
thou addressed thorn, saying:




Wo regard our exclusion from tho Assembly as organized violence of the
very essenco of democracy— tho sacred right of tho ballot. It is tho denial
of representative government. It is tho shameless establishment o f an
ugly dictatorship— tho dictatorship of naked plutocracy.
Tho whole procedure Is violative of tho fundamental law of tho land as
expressed In tho Constitution and tho deepest traditions of the nation as
voiced in tho Declaration of Independence.
Wo believe in tho accepted methods of the Socialist Party— agitation,
education and organization on tho political and industrial field, and the
organization of tho workers particularly for tho expression of social dis­
satisfaction through their unions and tho ballot-box.
Wo shall continue to counsel a transformation of society In tho direction
of industrial democracy, which can be accomplished only when tho workers
own those things thoir lives depend upon, and wo shall urgo our auditors
and adherents to act in an orderly and legal manner.
It is not at all improbablo that the action of tho Assombly is part of a
movement of organized capital, of which tlio Democratic and Republican
parties aro tho political champions, to discourago tho people with tho
methods afforded by representative government and to provoke tbom to
resort to tho methods of violence. Wo shall do all in our power to oxpose
this conspiracy and defeat its purposo.
While this is a new experience for tho fivo of us it is not at all new in
the history of tho fight for social progress in its essential naturo. Beforo
and since Bismarck, violence of this nature has been employed with com­
plete failure, and the recent history of tho world especially indicates tho
result In this case.
As in tho past the result of such procedure can only be to arouso addi­
tional interest in tho principles which wo represent and stimulate tho

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growth o f the great movement o f which we have the honor to belong. Its
Immediate political effect will be altogether favorable.
We assert that not only was the organic law o f the land disregarded in
our case but the rules o f the Assembly were distorted to accomplish this
lawlessness.
W e summon the American people to save their country from those
usurpers who would make it into a new czardom. ' Eternal vigilance is
the price o f liberty.”
W e have nothing to apologize for as far as our opinions and convictions
are concerned. Wo are all proud to be members o f the Socialls Party.

The five Socialist members arrived in this city the same
day and proceeded to the New York County headquarters
of their party. Members of the city, county and State
committees op the Socialist Party were summoned and after
the incidents of the day had been related to them an Execu­
tive Committee was appointed to formulate a plan of action.
The following day (Jan. 8) the five suspended Socialists
issued a joint statement charging that the Lusk Legislative
Committee brought about their suspension because the
Committee feared an investigation of its affairs. After
declaring that the Lusk Committee, in its raids on radical
headquarters in New York City and up-State, had “ perverted
its mission, exceeded its powers and violated the law,” the
suspended Assemblymen made public a series of questions
which they declared they had prepared to place before the
Assembly in the form of a resolution. The questions implied
that the Lusk Committee co-operated with the British
Secret Service in making raids. Again on Jan. 9 they issued
a statement in which they reiterated charges that papers
seized in a raid on the Russian Soviet Bureau in this city
by the Committee had been turned over to the British
Government. The statement called an answer which had
been made by Senator Lusk, Chairman of the Committee,
to these charges “no answer at all but evasive, non-com­
mittal and contradictory.” The suspended Socialists said
they intended to file these charges before the State Legis­
lature, but were not permitted to do so in view of the vote
to suspend them. They took Senator Lusk to task for failing
to explain certain features of his investigation of Bolshevism
and a trip said to have been made by him to England.
They intimated that papers seized in the raid were turned
over to Great Britain for the purpose of giving British
mercantile interests an advantage over American concerns
“ which have entered into contracts aggregating $100,000,000
with the Soviet Government of Russia.”
Decision to carry their case to the United States Supreme
Court should the Assembly sustain the charges against them
was reached Jan. 13 by the five suspended Socialist Assembly­
men. The decision was announced after the Socialist leaders
had conferred with Morris Hillquit (former Socialist mayor­
alty candidate) and other attorneys who have been employed
by the Socialist Party as counsel.

[Vol . no

or to cling to It amid discouragements due to financial limitations. It 1s
of equal Importance to our future welfare and progress that ablo and aspiring
young men and women should not for similar reasons bo doterred from
devoting their lives to teaching.
“ While this gift is mado for tho general corporate purposes of tho board, I
should cordially Indorso a decision to use tho principal as well as tho income
as promptly and largely as may seem wise for tho purposo of co-operating
with the higher institutions of learning in raising sums specifically devoted
to the increase of teachers’ salaries.
"JOHN D. R O C K E FELLE R .”
The gifts of M r. Rockefeller to tho General Education Board since Its
establishment in 1902 have been as follows:
1902 ..........................................
$1,000,000
1905 ...................................................................... 10,000,000
1907 ...............................................................
11,000,000
1909 ...................- ................................................ 10,000,000
Total.............................................................$32,000,000
The board distributes the interest on the abovo funds currently and is
empowered to distribute tho principal In Its discretion.
In 1919 M r. Rockefeller gavo $20,000,000 to tho board for tho Improve­
ment of medical education, the interest to be distributed currently and the
principal to be distributed within fifty years.
In reference to the present gift Dr. Wallace Buttrick, President of the
General Education Board, makes the following statement:
“ Tho general public is well aware that tho salaries o f instructors in
colleges and universities have not thus far in general been sufficiently In­
creased to meet the increased cost of living. Tho General Education Board
has since the close of the war received applications for aid from colleges and
universities, the sum total of which would practically exhaust tho working
capital of tho Board.
“ An emergency exists. It is urgently necessary to take steps to increase
salaries in order that men in the teaching profession may bo ablo and happy
to remain there, in order that young men and young women who incline
to teaching as a career may not bo deterred from entering tho teaching
profession, and, finally, in order that it may not be necessary to raise tuition
fees and thereby cut off from academic opportunity those who cannot
afford to pay increased tuition.
"A s M r. Rockefeller’s memorandum shows, he recognizes tho urgency of
the present situation and has given this large sum to tho General Education
Board to be used in co-operation with tho institutions for tho purposo of
increasing promptly the funds available for tho paymont of salaries. It has
been the policy of the board to mako contributions to endowment, condi­
tioned upon the raising of additional supplementary sums by the institutions
aided.”
The General Education Board holds its next meeting Feb. 26, and at
that time a policy for the distribution of tho fund will doubtlses bo adopted.
The Board consists of: Frederick T. Gatos, J. D. Rockefeller Jr., Albert
Shaw, Wallace Buttrick, Starr J. Murphy, Edwin A. Aldoman, Harry
Pratt Judson, Wickllffe Roso, Jerome D. Greene, Anson Pholps Stokes,
Abraham Floxner, Georgo E. Vincent, James II. Dillard, Frank E . Spauld­
ing and Charles P. Howland.
Certain officers of the Goneral Education Board aro about to start upon &
trip south, in the course of which they will visit several colloges and uni­
versities which have already mado applications for assistance.
M r. Trevor Arnett, auditor and trusteo of tho University of Chicago, has
boen elected an additional secretary of the General Education Board, and
M r. Arnett will accompany tho other officers on their present trip.

The terms of the $50,000,000 gift to tho Roekofoiler
Foundation were set forth in tho following statement:

The trustees o f the Rockefeller Foundation announco receipt of a gift
from Mr. John D. Rockefeller of $50,000,000.
In transmitting tho gift, Mr. Rockefeller specifically authorizes the
trustees to utilize both principal and income for any of tho corporate pur­
poses of tho Foundation, which as stated in tho charter, aro "to promote
the well-being o f mankind throughout the world.”
While imposing no restriction upon the discretion of tho trustees Mr.
J O H N D . R O C K E F E L L E R G I V E S $100,000,000 FOR T H E Rockefeller in his letter of transmittal expresses special interest "in tho work
being dono throughout the world in combating dlseaso through the Im­
A D V A N C E M E N T OF E D U C A T IO N A N D M E D IC IN E .
provement of medical edqcation, public health administration and scientific
On Dec. 24 John D. Rockefeller gave away another research."
Mr. Rockefeller also alludes to tho recont gift of $20,000,000 to tho goneral
$100,000,000 of his fortune. This sum was divided equally education board to promote medical education in tho United States and
between two of the great institutions founded by him, then adds:
M y attention has boon called to tho needs of somo o f tho medical schools
namely the Rockefeller Foundation, devoted to medical in “Canada,
but as the activities of the general education board aro by its
and scientific reasarch, and the General Education Board. charter limited to tho United States, I understand that gift may not be
The gift of $50,000,000 to the latter was made with the used for Canadian schools. The Canadian pooplo aro our near neighbors.
They aro closely bound to us by ties of race, language and international
recommendation that both principal and interest be used friendship,
and thoy have without stint sacrificed thomselves, their youth
“ as promptly and as largely as may seem wise” in somo plan and their resources, to the end that democracy might be saved and extended.
of increasing the salaries of the teaching staffs of colleges and For these reasons, if your board should see fit to use any part o f this now
gift in promoting medical education in Canada, such action would meet
universities in the United States.
with my cordial approval.”
The gift to the Rockefeller Foundation was made without
This last gift makes the total received by tho Foundation from M r.
restriction, except that Mr. Rockefeller directs the trustees Rockefeller $182,000,000, of which both income and principal wero made
available for appropriation, in 1917-18 $5,000,000 from principal was
to utilize both principal and income for any of the corporate appropriated for war work.
purposes which, as stated in the charter, are “ to promote
With roferonco to tho most recont of Mr. Rockefeller's gifts, Dr. George E.
the well being of mankind throughout the world.” Mr. Vincent, President of tho Foundation, makes this statement:
“ In order to carry out Mr. Rockefeller’s suggestion concerning Canadian
Rockefeller, however, indicated he would be pleased to have •medical
.
schools the trustoes of tho Foundation will bo asked by tho officers
any part of the gift used to promote medical education in to set aside approximately $5,000,000 for tho improvement and development
Canada, and President George E. Vincent in making known of tho leading medical schools of tho Dominion. From this sum appropria­
tions will bo made by tho Foundation to medical schools on condition that
the receipt of the gift announced that the trustees would thoy ralso additional funds from other sources. It Is hoped that $5,000,000
thus employed by the Foundation at this time will give a distinct impetus
be asked to appropriate $5,000,000 for that purpose.
tho development of medical education In Canada.
On Dec. 24 the General Education Board from its offices to "T
h e new gift will also enable the Foundation to oxtoiul work already In
in this city, issued a statement relative to the gift of $50,­ progress in medical education and public health in many parts of tho world.
“ Dr. Wickllffe Rose, general director of the International Health Board
000,000 and embodying an expression of the donor’s views
of the Foundation, and Dr. Richard M . I’ oarco, recently appointed director
as to the use thereof. The statement said:
of a now division of medical education, sailed Dec. 11 for Eitropo to obtain
The General Education Board announces that It has received from John information nbout public health administration and methods o f medical
D . Rockefeller a now and special gift o f 850,000,000 to bo dovoted to co­ education in England and on the Continent.
operating with higher institutions o f learning in increasing the salaries of
“ Goneral W. C. Gorgas Is now devoting himsolf to directing tho efforts set
tho teaching staffs. In transmitting the gift M r. Rockefeller forwarded in motion by the Foundation to oradicato yellow fovor from tho world.
this memorandum:
“ The studios and activities of the International Health Board In tho cure
“ The attention o f tho American public has recently been drawn to tho and prevention of hookworm dlseaso will bo continued. Tho work Is now
urgent and immediate necessity o f providing more adequate salaries to going on in twelve Southern States of this country and In fifteen foreign
members o f the teaching profession. It is of tho highest importance that countries.
those entrusted with the education o f youth and the increase o f knowledge
"T h e International Health Board will also contlnuo Its experiments and
should not be led to abandon their calling by reason o f financial pressure demonstrations in the control of malaria. Experience has shown that at




Jan . 31 1920.]

433

THE CHRONICLE

relatively small oxponso convincing results can bo obtained through co­
operation with public health authorities and with local communities.
“ The Rockefeller Foundation is also financing, through the China Medical
Board, tho development of two large and thoroughly equipped medical col­
leges in China, one nearly completed at Pekin, the other soon to be begun
at Shanghai, and tho development o f other medical work in China.
“ T o promoto higher standards in medicine and public health, interna­
tional fellowships are being granted to approximately 100 students of foreign
countries who aro pursuing courses in many medical centres In tho United
States.”
EStPrlor to tho roceipt o f tho now gift from M r. Rockefeller, it had been esti­
mated that tho income of the Rockefeller Foundation for 1920 would amount
to $6,500,000of .which all but $335,000 had been already appropriated.

AMERICAN RELIEF MON EY RETURNED BY HERBERT
HOOVER I N TREASURY NOTES OF FOREIGN
GOVERNMENTS.
In a preliminary report to Congress on tho work of the
American Relief Administration, Herbert Hoover states that
nearly $88,750,000 of the $100,000,000 fund appropriated
by Congress for relief in Europo will bo returned to the G ov­
ernment. The money is to be returned in the form of Trea­
sury notes from tho various Governments which partici­
pated in the relief work. In his report M r . Hoover says:
Tho expenditures on food shipments aro roughly divided in the following
proportions:
F. O. B. cost o f food and other relief commodities at American ports,
77.37%; transatlantic freight on above, 20.67%: demurrage, 1.10%
handling and transshipment in Europe, .85%.
About 88% of the relief supplies furnished were sold under contract to the
various Governments in tho relief areas. For all such sales these Govern­
ments gave thoir special treasury notes in a form approved by tho United
States Treasury bearing 5% interest, duo Juno 30 1921, to June 30 1924.
It was Impossible to obtain reimbursement in cash because tho currency in
tho countries to which these supplies were sent could not be converted into
forolgn exchange except in comparatively Insignificant amounts.
I givo herewith an approximate list o f tho notes of each Government,
which we expect to turn over to tho United States Treasury:
$57,000,000
P olan d ________
. 6.750.000
Czech o-Slovakia
.
10,000,000
Armenia_______
. 5,000.000
R u ssia ________
, 2,300.000
E sth on ia______
. 3,000,000
L a t v ia ________
.
700,000
Lithuania--------. 4,000,000
F in lan d _______

C h ild r e n 's R e l i e f .

P oland _______________________________________________
C zechoslovakia____________________________________________
Serbia______________________________________________________
Rum ania__________________________________________________
F inlan d........................................... - ................................................
E sth on ia__________________________________________________
Letvia_■_______
Lithuania____________________________________________
R u ssia_____________________________________________________
Various countries— Freight in transporting old clothing by
Red C ross___________________
Various countries— Freight and expense in transporting old
clothing contributed by Commission for Relief of Belgium ..

$5,300,000
2,900,000
900,000
500.000
500.000
600,000
350,000
300,000
100,000
300,000
250,000

T o t a l ..... ........................................... ...... .......... - ...........- .......... ........ $12,000,000
Grand t o ta l__________________________________________________ $100,000,000

PEACE-TIME WAR INDUSTRIES BOARD PROPOSED
BY B. M. BARUCH.
In his report as Chairman of the United States W ar In ­
dustries Board, Bernard M . Baruch urges peace-time in­
dustrial preparedness for war. M r . Baruch specifically
recommended encouragement by the Government of the
mining of essential war minerals, the preservation of skeleton
munition plants and the creation of a skeleton organization
similar to the W ar Industries Board. In proposing a peace­
time W ar Industries Board, M r . Baruch declared that such
an organization was necessary “ in the event of an impending
crisis to make it possible within a few days to create an organ­
ization which immediately would mobilize all of the industries
of the nation and quickly make available for the Govern­
ment all of its resources.” He suggested that the peace­
time organization be centred in the Department of Com ­
merce, with its members working without salary. He also
said:
Every possible effort should bo mado to develop production of manganese,
chrome, tungsten, dyestuff by-products of coal, and all such raw materials
usually imported, but which can bo produced in this country. Above all,
immediate and persistent effort must bo mado to develop production of
nitrogen and its substitutes, not alono for war, but for agricultural purposes.
Under the supervision of tho proper departments of tho Government
some industries must bo given encouragement to maintain a skeleton
organization through which can bo developed tho rapid manufacture of
guns, munitions, airplanes, &c. Somo facilities already developed might
bo kept alive through outright purchase or by small orders for munitions
and airplanos, whilo at all timos thero must bo kept on hand tho necessary
dies, Jigs, and fixtures needed for tho manufacture of munitions.

T o t a l ...............................................................................................$88,750,000
Tho remaining 12% o f tho supplies were donated in assistance to privato
organizations sot up in each country under direction of tho American Relief
Administration for tho purpose o f furnishing food on a charitable basis
to undernourished children. For such supplies it was, o f courso, impossible
to obtain reimbursement. This sorvico has contributed greatly to stabiliz­
ing tho situation In those countries, aside from tho physical benefits to more
than 3,000,000 undernourished children, to whom tho war threatened
Referring to the work of the war-time W ar Industries
sorious and permanent injury. Certainly this service is one for which the
Board, M r . Baruch said that “ not one default was recorded
namo o f America will always bo held in deepest gratitude.
In addition to tho children's relief the American Relief Administration on any demand” made on it by the military establishment,
paid approximately $550,000 for freight and expenditures on old clothing
contributed by tho American Rod Cross and the Commission for Relief in and that “ there was not a slacker to be found among the
M r . Baruch’s report, addressed to President
Belgium, which was transported to the liberated countries and distributed industries.”
without charge. Tho character of this clothing Is so varied and uncertain Wilson, was transmitted by the latter to Congress on D eo. 17.
that It has been found most unwise to attompt any sale on a commercial
basis, and as it goes to tho poorest classes it is a proper subject for charity.
Tho American Relief Administration also expended $550,000 on freight
in transporting from Franco to Poland, Czecho-Slovakia and Esthonia
United States Army bacon, which tho Governments o f these states were
ablo to purchase on a credit from the liquidation board in Franco. This
An answer to tho complaint of tho Federal Trade Com m isis covered by the treasury notes o f those countries.
It should also bo noted that a question remains unsettled with the United
ion charging tho United Typothotae of America and seven
States Shipping Board regarding the froight charges. Tho President and
>f its officers with unfair competition in violation of the A c t
tho board have approved tho policy of fixing theso on a cost basis, but as
yet no reduction has been made in tho tentative rates o f freight, which were
renting tho Commission, was filed by the Typothetao on
originally fixed at considerably above this cost.
Dec. 7 . Reference to tho complaint was mado in our issue
Tho rolief suppllos purchased by tho American Relief Administration
,f N o v . 22, pago 1950. As to the answer thereto, the press
were all of American origin, and none of tho appropriation therefor was
expended outside of tho United States except to some extent for local freight
lispatches from Washington stated:
and handling charges in Europo.
Tho Association waives tho fact that tho complaint of tho Federal Trade
I regret exceedingly that it Is impossible to submit; at tho present time an
Commission was brought against tho former voluntary association, which
itemized statement of tho receipts and expenditures. Although tho com ­
ras not in existence at tho timo of tho filing of the complaint, and avails
modities required for relief shipments wore all purchased prior to July 1
tsolf of tho opportunity to make a full showing of its educational and organ1919, marine workers’ strikes in the port of New York delayed the sailing
zation activities, regardless of tho fact it is a non-profit organization and
of tho last rolief vessels until August 25. It was therefore necessary to
hat tho law creating tho Federal Trado Commission plainly says that the
continue our accounting staff in Europo until those vessels had been un­
Commission may bring complaints against only corporations or associations
loaded thirty days later. The transfer of tho accounting forces and records
:arrying
on business for profit.
from various countries to tho London office for credit required further time,
Tho answer sots forth tho purposes of tho organization, as defined by its
and thence from London to tho United States thero also was serious delay
hartcr, which have governed its practices for tho 37 years of its existence,
by tho strikes In England and finally tho unloading of the records was
t shows that its constitution and charter provonts tho association from
long delayed in Now York by tho longshoremen’s strike.
ittompting to regulate Its membership in tho matter of labor control or
Combination o f the Europoan and American accounts is now in process
irices of printing.
and will bo audited before presentation. Theso delays, together with tho
Tho answer calls attention that tho organization s standard cost-finding
complicated naturo o f tho accounts, make it impossible to present an
:ystom is in entire accord with tho roiterated policy of tho Federal Trade
Itemized statement o f receipts and oxponditures for some little time. At
Commission and other Government departments, and quotes tho President
that timo tho final and completo report will bo filed. The totals will not,
if tho United States, who, in a lotter to tho Fcdoral Trado Commission, said.
I bollovo, vary materially from those given In this report.
_
“ I wish to commend your efforts generally, and in particular your onM r . Iloovor also submits tho following table showing the leavor to assist tho small manufacturer and merchant to hotter his condition
preliminary estimate of expenditures for rolief made by the >y helping him to improvo his cost accounting and bookkeeping mothods.
Tho answer asserts that investigations in hundreds of plants and in
Relief Administration;
lumorous cities provo that tho averago not profit above actual cost in the
A m o u n t.
N a m e o f C o u n tr y to W h i c h S h ip p e d —
irinting industry in 53 cities surveyed is 3.6% .
$56,900,000
P oland ______________________________
Ono of tho charges of tho Fcdoral Trado Commission asserted by the
6.700.000 [Tnitod Typothetao to bo wholly without basis was that this cost ihiding
Ozocho-Slovakia_____________________
10.000,000
Armenia____________________________
system was intended to fix prices. This is denied in tho answer, and a full
2.300.000
E sthonia___________________________
inscription of tho system and its effects set forth.
2.900.000
Lotvla_______________________________
Tho answer further says that tho Commission not only in tho past ap700.000
Lithuania___________________________
jroved this cost finding system, tho approval of which it now seeks to
3.900.000 lisavow, but also that tho Trado Commission had urged tho National
F in lan d _____________________________
4.600.000 \ssociatlon of Employing Lithographers to oxamlno tlio Typothetao system
R u ssia_____- _______________________
md seo if its fundamental principles could not bo applied to thoir industry.
$88,000,000
Total




ANSWER OF UNITED TYPOTHETAE TO FEDERAL
TRADE COMMISSION'S COMPLAINT.

434
IT E M S

THE CHRONICLE
ABOUT

BAN KS,

TRU ST

C O M P A N IE S ,

& c.

N o sales of bank or trust company stocks were mado this
week at the Stock Exchango or at auction.
It was announced on Thursday that the 1920 annual con­
vention of the American Bankers’ Association will be hold in
Washington, D . C ., the week of Oct. 18.
Tho ninth annual convention of the Investment Bankers’
Association of America will be held in Boston on Oct. 11,
12 and 13.

pects to open another
near future.

[Vo l . 110.
branch at Johannesburg in

tho

A t the annual meeting of tho directors of tho Italian Dis­
count and Trust Company on January 28 tho following now
directors were electod: Challen II. Parkor and John J.
Lewis, Vice-Presidents, and Arthur B . Hatohor, Assistant
Vice-Presidont, all of tho Guaranty Trust Company of
Now York. M r . Parker will serve on tho Executive Com ­
mittee of the Company. A t the samo mooting Piotro Rocca
was elected Assistant Secretary. Gaotano Biasutti, Vice­
President and director of tho company, resigned, to assume
the duties of Managing Director of a now banking institution
being formed in Rome. M r. Biasutti sailed for Italy yostorday (January 30 ).

A t a special meeting of the stockholders of the Commoi’cial
Trust Co. of this city on Jan. 20 it was voted to increase tho
capital from $500,000 to $1,000,000. The proposal to in­
crease the membership of the board from 16 to 21 was also
The election of Ralph Dawson, Vice-President of tho Guar­
ratified. A t the directors’ meeting on the same day R. It. anty Trust Company of New York, to tho Board of Directors
M oore was re-elected President; A . J. Norton, F . Finsthwait, of the China Society of America in tho class of 1923, was
D . J. Boylan, G . J. Baumann, E . B . Cooper were elected announced this week, following tho annual mooting of the
Vice-Presidents; F . Finsthwait, Treasurer, and J. G . Hemer- society held on January 26.
ich, Secretary. M r. Boylan is a newly elected officer. C . B.
Tho following appointments woro mado at a mooting of
W ynkoop and E . G . Acheson have been added to tho board. tho Executive Committee of tho Board of Directors of the
M r . Acheson is President of the Graphite C o ., director in Guaranty Trust Company of Now York, on January 26.
the Carborundum C o ., and President of tho Acheson Cor­ Harry Lawton, Manager, Grand Street Office; Otto Paul,
poration. M r. W ynkoop is Vice-President and director of Assistant Treasurer; and Francis A . Fullam, Assistant
the Hamilton Bank N ote C o ., New York, and Treasurer and Secretary.
director of the W yngrove Line, Inc.
A t the first regular meeting of the stockholders of the
French-American Banking Corporation, 67 William Street,
New York, on Jan. 20 the retiring directors were re-elected
as follows:
James S. Alexander, President National Bank o f Commerce in Now York;
Paul Boyer, President Comptoir National D ’Escompto do Paris; Paul
Fuller, Jr., o f Messrs. Coudert Bros., N. Y .; F. Abbot Goodhue, Vice­
President tho First National Bank o f Boston; Maurice Lowandowski,
Manager Comptoir National D ’Escompto do Paris: Edgar Llewellyn,
Manager Comptoir National D’ Escompto de Paris; John E. Kovensky,
Vico-Prosident, National Bank o f Commerce in Now York; Maurice Sil­
vester, President Fronch American Banking Corporation; Stanislas Simon,
Managing Director Banque de l’ lndo Chino, Paris; Harry II. Thayer,
President American Telephone & Telegraph Co.; Daniel G. Wing, Presi­
dent tho First National Bank of Boston; Owen D. Young, Vice-President
Genorll Electric Co.

Elsewhere will bo found the statement at close of business
on D ec. 31 1919. The corporation opened for business on
July 1 1919. During the first three months of operation it
earned expenses, and tho net profits for tho second quarter
amounted to 2 .6 8 % on capital and surplus, or 1 0 .7 2 % per
annum, after writing off all organization expenses, depre­
ciation of furniture and fixtures and reserve for taxes. The
officers for the ensuing year are:
James S. Alexander, Chairman o f tho Board of Directors; Maurice Sil­
vester, President; F. Abbot Goodhue, Vice-President; John E. Kovensky,
Vice-President; Itoger P. Kavanagh, Vice-President; Thomas E. Greon,
Secretary; Arthur Terry, Treasurer.

The board of directors of tho Foreign Trade Banking
Corporation has elected C . M . Sherwood Secretary to suc­
ceed W . T . Law, resigned. M r . Sherwood was for more
than five years with the Chemical National Bank, and for
the past four years with tho National City Bank, New York,
during part of which time ho was their representative in the
Third and Fourth Federal Reserve districts.
Announcement is made by Seward Prosser, President of
the Bankers Trust Company of this city, of tho appointment
of Fred W . Shibley as manager of the Industrial department
of the company.
A t a meeting of the executive committee of the Equitable
Trust Company of New York this weolc Carloton Bunco
was elected Vice-President.
Foreign branches of Tho National City Bank of New York
now number an even fifty, thirty-five of which have been
opened since the beginning of 1919. The newest branch of
the bank is located at Antwerp, Belgium; it was opened on
January 21, according to a cablegram which reached the
bank’s head office hero on January 24, and is the second
National City Branch to bo established in Belgium. The
other Belgian'branch is at Brussels.
The first American bank to be established in South Africa
is the branch of Tho National City Bank of New York, which
opened at Cape Town on January 15, according to a cable­
gram received at the bank’s head office
The bank ex­




Tho stockholders of tho Bank of Unitod Statos of this city
at their special meeting on January 13 approvod tho proposod
increase of $500,000 in tho capital, making it $1,500,000
instead of $1,000,000. Tho now stock will bo issuod to
stockholders at par, $100, on tho basis of ono now sharo for
every two shares now hold. A t tho presont selling price of
tho stock “ rights” on tho now issue aro worth approximately
$66. Tho following woro elected directors at tho annual
meoting: M ax Friedman, I. Gilman, J. L . Hoffman,
Henry Loob, J. S. Marcus, I. L. Phillips, R . Sadousky,
Saul Singor, Stephen Stophano, Goo. L. Storm, Geo. C .
Van Tuyl, Jr., M ax Wionstein and B . K . Marcus.
Charles H . Sabin, President of tho Guaranty Trust Com ­
pany of Now York, announces tho appointment of a M anag­
ing Committee to direct tho administrative work of tho com­
pany’s operations as an aid to tho president, tho chiof
executive head of tho business. Tho appointment of tho
committee was approved at a mooting of tho Exocutivo
Committeo of tho Board of Directors hold on January 22,
and it will undortako its now duties at once. It is announced
that it will bo tho function of this committeo to administor
and co-ordinate tho goneral work of tho company through its
various departments, select and direct its porsonuol, and bo
responsible for working out tho policies of tho prosidont and
directors through tho organization. It will act with full
authority under tho president’s direction. Tho committee
selected consists of five vico-presidonts of tho company,
Albert Broton, W . P . Conway, E . W . Stotson, Harold
Stanloy and F . II. Sisson. Tho mombors of tho committoo
will bo of equal rank and authority. B y the plan adoptod
tho committeo will select a chairman from its own momborsliip each year through tho procoss of rotation, M r. Broton
having been selected as chairman for tho first yoar. It is
believed that this mothod of organization is dosirablo in
order to meet tho rapid growth of tho company, which
now has a staff of 3,800 people operating through four offices
in Now York City and five foroign offices, bosidos numorous
subsidiary and affiliated corporations.
Nathan C . Kingsbury, First Vico-Prosidont of tho Ameri­
can Telephone & Telegraph C o., diod suddonly during tho
night of January 23. M r. Kingsbury was also a director of
tho National City Bank of Now York, the Chaso Socuritios
Corporation and tho Harris Trust & Savings Bank of Chicago
of which ho had formerly boon a Vico-Prosidont.
Ho had
also been a director of othor important organizations. IIo it
was who, as manager, brought tho Michigan Stato Tolophono
Co. up to its splendid position financially. VVhon that com­
pany was takon over by tho Boll C o. ho was brought to
Now York and mado a Vico-Prosidont of tho A . T .
T . Co.
He was fifty-three years of age.

&

Frederick W . Egner, Senior Vico-Prosidont of tho Fidelity
Trust C o. of Newark, diod on Jan. 27 aftor a prolonged ill­
ness. M r . Egner, who was only forty-nino years of ago,

J

an

.

31 1920.]

THE CHRONICLE

was born in Orange, N . J ., and began his banking career
at 14 years of ago in tho Half Dime Savings Bank of Orange,
remaining with that institution until 1891, when ho entered
tho servico of the Fidelity Trust Co. as an assistant book­
keeper in tho safo deposit department. Six months later
ho was transferred to tho banking department as Assistant
Teller and in another six months was promoted to Paying
Teller and lator to Chief Teller. In January 1899 ho was
chosen Secretary and Treasurer of the company and six
years later was made a director. In 1909 M r. Egner was
elocted Third Vice-Prosident, a position created at that
tiino, and subsequently became Senior Vice-Prosidont, the
offico ho occupied at the timo of his death. In addition to
his activities in tho Fidelity Trust C o., M r. Egner was a
diroctor of tho Union County Trust Co. of Elizabeth, the
Now Brunswick Trust C o ., tho Rod Bank Trust C o. and the
Essox County Trust Co. of East Orange, subsidiary com­
panies of tho local institution, lie was also a member of
tho Nowark Board of Trado.
Tho Rochostor Trust & Safo Doposit Company of Rochostor, N . Y . , has increased its capital from $500,000 to
$1,000,000. As announced in our issue of December G a
consolidation has beon entered into between the Fidelity
Trust Company and tho Rochostor Trust & Safo Doposit
Company which has a capital of $500,000. Of tho new $500,­
000 capital of tho Rochester Trust & Safe Doposit C o .,
$300,000 is issued to tho stockholders of tho Fidelity Trust
and $200,000 to tho stockholders of the Rochester Trust &
Safo Doposit Co. in proportion to their rospoctivo holdings at
tho consummation of tho consolidation at $200 per share.
Tho consolidation is now effective and subscription warrants
aro outstanding covering tho additional $200,000 in stock.
Paymont is to bo made on or before Feb. 24 1920.
Tho M utual Bank & Trust Company of Hartford, Conn.,
opened for business on January 21. Arthur H . Cooloy is
President of tho Now Bank; Joseph P . Tuttle, Vice-Presidont
and William Neal is Secrotary and Treasurer. Tho company
has a capital of $300,000 in shares of $100 each; tho stock
was disposed of at $125, giving a paid in surplus of $75',000
oacli. Tho institution is locatod at 90 Pearl Street whoro it
occupies a now banking houso, built especially for its ex­
clusive uso and locatod in tho heart of tho financial district.
Tho building is firoproof and tho vaults aro of tho latest
and strongest typo of construction. It is ono of tho most
attractive banking rooms in tho city. Tho board of directors
in addition to tho officors is as follows:
Edward It. Grier, Vico-Prosident and General Manager o f tho Arrow
Electric Co., Hartford.
Edwin Alsliberg, a prominent shoo and leather dealer, Hartford.
Kenneth S. Adams, of tho firm of Adams, Merrill & Co., stock brokers,
Hartford.
Josoph S. Silver, member of Silver Bros., candy manufacturers, Hartford.
Georgo E. Prentlco, Presdont, Tho G. E. Prentlco M fg. C o., Now
Britain.
Soymour S. Kaslimann, provision dealer, Hartford.
Goo. E. Graves, Secretary of tho G. F. Hcubloin Co., Hartford.
Edward E. Clausson, mechanical engineer, Hartford.
M r. J. Q. Hawley, real cstato and lnsuranco, Hartford.
Ernest A. Hathoway, o f tho firm of Hathoway & Stoano, wholesale
tobacco dealers, Hartford.

Tlioro will bo sovoral additions To^tlio board later.
A t tho annual mooting of tho Boylston National Bank of
Boston on Jan. 13, Guy O. Hunter, Vico-President of tho
Huntor Manufacturing & Commission Co. of Now York and
Kenneth Hutchins, Presidont of tho Konnoth Hutchins C o .,
of Boston, both of whom aro well known in tho cotton and
wool trado, woro elected directors.
Charles Stetson was eloctcd a director of tho Merchants
National Bank of Boston at tho annual meeting of tho ins ti
tution on Jan. 13. During tho year John E . Thayor Jr. and
Charlos B . WiggiiFrosignod as members of tho board.
Arthur II. Sodon, ono of tho oldest directors in point of
sorvico of Tho Commercial National Bank of Boston was
elected Vice-Prosidont of tho institution at its annual meeting
hold recently. Especial interest is attached to M r. Sodon’s
election as Vico-Prosident, as sinco tho promotion of B . B .
Perkins to tho presidency of tho bank ten years ago, Tho
Commercial National has beon Avithout a Vice-Prosidont.
M r . Sodon has boon very activo in tho affairs of tho institu­
tion. Tho institution has capital and surplus of $250,000
oacli; its deposits on Dec. 31 last were $2,051,930, while
resources totaled $4,208,103.




435

Tho Webster & Atlas National Bank of Boston at its
annual meeting on Jan. 13 added the following now members
to its board of directors: Fessenden S. Blanchard, Roger
Ernst and Granville E . Foss.
Tho capital of tho South Philadelphia State Bank of Phila­
delphia is to be increased from $50,000 to $75,000. The
stockholders authorized on Jan. 20 tho issuance of 500 new
shares of stock (par $50), which are to be offered to share­
holders at $55 per sharo, of which $5 per share will bo added
to the surplus, malting tho latter $10,000. The enlarged
capital, wo are advised, will becomo effective within thirty
days.
The stockholders of the Oxford Bank of Philadelphia have
authorized the issuance of new stock to tho amount of
$150,000, the capital thus being raised from $100,000 to
$250,000, and the surplus increased to $5 5,000. Undivided
profits aro now $25,000. The par value of the new stock is
$50 per share, and the selling price is $05. Final payment is
called for by March 15 1920.
John T . Scott Jr. was olected President of the South­
western National Bank of Philadelphia. John M . Dottner
was elected Vice-President, Eugene W alter, Cashier, and
Harry S. Pollock, Assistant Cashier.
A t a special mooting on Jan. 19 the stockholders of the
Rittenhouso Trust Co. of Philadelphia ratified tho proposal
to increase the capital from $250,000, consisting of 5,000
shares of tho par valuo of $50 each, to $500,000, consisting
of 5,000 shares of the par valuo of $100 each. The new stock
is to bo sold at $120 per sharo, $100 going toward capital
and $20 to surplus. Tho increased capital will become effec­
tive March 1 1920.
On Jan. 15 H . B . Reinhardt was appointed Assistant
Cashier of tho Union National Bank of Philadelphia.
Action on tho question of increasing tho capital of the
Safo Doposit & Trust C o. of Baltimore from $000,000 to
$1,200,000 was taken by tho stockholders on Jan. 5. The
now stock is offored to sharoholdors of record Jan. 5 at $100
per sharo. Paymont was called for by Jan. 20. H . M . Leo
who was Secretary of tho institution, has been mado Third
Vice-Presidont of tho company, and Joseph B . Kirby, who
was Assistant Secrotary, has becomo Fourth Vice-President,
Arthur C . Gibson has been made Secrotary, succeeding M r.
Lee.
J. G . Geddes, formerly associated with tho Union Bank of
Canada, has been elected a Vico-President of the First N a­
tional Bank of Cleveland. Two years ago M r . Geddes
retired from tho New York agency of tho Union Bank of
Canada to becomo manager of the now foreign department
of the First National Bank. H e was formerly inspector of
the Eastern Division at Toronto and also manager of several
branch offices of tho bank. It is stated that under M r.
Goddos’s leadership, tho First National Bank has becomo a
.real factor in pioneering tho way for manufacturers, importers
and exporters in its section who aro looking ahead to estab­
lishing sound foreign business relations. In addition to this
phase of foreign department work, tho First National Bank
has, it is said, built up an enviable foreign exchange business
through tho efficient organization with which M r . Goddes
has surrounded himself. William Tonks, Manager of the
First National Bank’s crodit dopartmont, has beon made
Assistant Cashier. M r. Tonks’s is well known for his onergetic and constructive work in connection with tho Crodit
M on’s Association, of which he served as Presidont in 1910­
1917. Charles B . Andorson, who has been in chargo of the
operations of the transit department of tho First National
Bank, has also beon mado an Assistant Cashier.
In the First Trust & Savings Co. of Cleveland these two
promotions aro of moment: Frank L. Frey becomes Assistant
Treasurer and Walter A . Porter, Assistant Secretary. M r.
Frey has a long record of efficient service to his credit both
with tho First Trust & Savings C o. and tho First National
Bank, having come to tho former from tho national bank when
the trust company was first organized. M r. Porter’s pro­
motion expresses merited recognition of good work from one
still young in bank work.

436

THE CHRONICLE

On January 1.6 The Guardian Savings & Trust C o. of
Cleveland, took formal possession of the Rocky River Sav­
ings & Banking Co. of Rocky River, Ohio. A s stated in our
Jan. 3 issue, the Rocky River institution will be operated
as a branch of the Guardian.
C . E . K yle, who has
been made an Assistant Vice-President of The Guardian
Savings & Trust C o ., will continue as Manager of the Rocky
River Branch.

[V o l . 110.

three members of the Board of the First & Old Detroit
National Bank, namely Emory W . Clark, Joseph J. Crowley
and Joseph B . Schlotman.
A t the annual meeting of the stockholders of the National
Bank of Commerce of Detroit the proposed increasing of
the capital of the institution from $1,000,000 to $1*,500,000,
referred to in these columns in our issue of January 3, was
satified. The now stock is to consist of 5,000 shares of the
par value of $100 per sharo and is to be offered to present
stockholders at $180 per share. The $400,000 representing
premium on the shares will bo added to surplus. Stock­
holders of record of March 23 will have the right to subscribe
to the new stock, and the latter will be payable April 1. A t
that date the bank will also transfer $100,000 from undivided
profits, making the capital and surplus each $1,500,000.

A t the annual meeting of the Cosmopolitan Bank & Trust
Com pany of Cincinnati on January 13 a change in the presi­
dency occurred through the control by Vice-President Frank
J. Dorger and his associates. As a result, Edward F . Romer
was succeeded in the presidency by H . W . Hartsough. The
latter comes from Winchester, K y ., where he had been
Cashier of the Winchester Bank, prior to that he was the
organizer and executive officer of the Norwood National
Bank of Norwood, Ohio. Frank J. Dorger was re-elected
Henry S. Henschen has resigned as Vice-President of the
First Vice-President, Charles H . Hess was elected Second
State Bank of Chicago. H e will take an extended vacation
Vice-President, John Meiners was re-elected Secretary and
in Florida and California, it is announced. M r . Henschen,
John Flanagan was re-elected Treasurer. Elmer Johanit is understood, will return to Chicago in a few months and
nigman was re-elected Assistant Treasurer and Secretary.
re-enter business there. M r . Henschen has been actively
Leo J. Meiners was made a new Assistant Secretary &
identified with financial affairs in Chicago for the last thirty
Treasurer.
.
years. He was formerly Cashier of the State Bank. M r .
Henschen was former Swedish Consul in Chicago.
The stockholders of the Merchants National Bank of
Detroit at their recent annual meeting voted to issue 10,000
W ard C . Castle, Walter H . Jacobs, Oliver M . Burton and
shares of new stock to be offered to present shareholders at
$140 a share; $1,000,000 of the proceeds to be added to the George A . Eddy have been elected directors, and R . L .
capital of the institution, raising the same to $2,000,000, Lapham was elected Manager of the bond department of the
and $400,000 to surplus. This latter fund with the addition Standard Trust & Savings Bank, Chicago.
of $100,000 to be transferred from undivided profits will
then amount to $1,000,000. Payment for the new stock
will be called April 15.
A t the directors’ meeting of the First & Old Detroit N a ­
tional Bank of Detroit on Jan. 13 W . A . M cW hinney, an
Assistant Cashier of the institution, was elected a Vice­
President and W . R . Broughton and A . V . McClellan were
appointed additional Assistant Cashiers. A t the annual
meeting of the stockholders of the bank on the same day
four new directors were added to the board, namely John F .
Dodgo, President of Dodge Brothers; W alter P . Chrysler,
Vice-President of the W illys Corporation and W illys Over­
land Corporation; W illiam P . Holliday, Chairman of the
board of the Central Savings Bank, and F . H . Macpherson,
President of the Detroit Sulphite Pulp & Paper Co.
A t their annual meeting on January 14 the stockholders
of the Society for Savings of Detroit approved a recommenda­
tion of the directors that the capital be increased from
$500,000 to $5,000,000. The stockholders also adopted a
resolution indorsing Senate bill N o . 2429, which provides for
the creation of a Federal Home Loan bank system, along
lines somewhat similar to the Federal Reserve Bank system.
The stock of the Home Loan banks is to be held by the build­
ing and loan associations of the district within which it is
situated.
A t the annual meeting of the W ayne County and Home
Savings Bank, Detroit, on January 13 the stookholder.s
approved a recommendation of the directors to increase the
capital of the bank from $3,000,000 to $4,000,000 and surplus
from $4,000,000 to $5,000,000 by the issuance of 10,000
shares (par value $100) of new stock to be offered to present
shareholders at $200 per share. The undivided profits of
the institution amount to about $750,000. The now capital
and surplus will become effective M a y 15th 1920.

The Woodlawn Trust & Savings Bank, Chicago, has been
admitted to membership in the Federal Reserve System.
The bank’s deposits increased $1,230,000 in 1919.
The capital of the North Avenue State Bank of Milwaukee
is to be increased from $100,000 to $200,000. The proposi­
tion was ratified by the stockholders at tho annual mooting
on Jan. 13. A dividend of 7 5 % was paid to stockholders.
W m . F . Coerper was elected President and F . A . Lochner,
Cashier. The additional stock (par $100), is to be sold at
$125 per share. The new capital will become operative
Feb. 14.
A t the instance of John Campbell, who desired to be
relieved of some of the responsibility resting upon him as
President of the Marshall & Ilsley Bank of Milwaukee,
John H . Puelicher was elected to tho Presidency of the bank
at the annual meeting on Jan. 13. M r . Campbell who has
served the institution for forty-five years, will continue in its
management, having been designated as Vice-President.
M r . Puelicher has been associated with the bank since 1893,
when he entered it as assistant discount and collection clerk;
he has served in all capacities from that post to the Presi­
dency. Before his election to the lattor position, he had
been Vice-President and Cashier. Coincident with his
promotion the following changes are also announced: F . X .
Bodden, formerly Assistant Cashier, has beon elected a
Vice-President; J. E . Jones, formerly Assistant Cashier,
elected Cashier; J. H . Daggett has been made Assistant
Cashier and Manager of the bond department; J. C . Moser
and A . B . Nichols, Jr., have become Assistant Cashiers, and
Charles R . Jeske is made Assistant Manager of tho South
Side branch.
The Merchants’ & Farmers’ Stato Bank, of Milwaukee,
of Milwaukee, W is ., has increased its capital stock from
$65,000 to $130,000, the par value of stock being $100 a
share; 5 0 % of the new issuo was givon to tho old stockholders
at par, and the other 5 0 % was issued at $130 per share.
The action of the directors was ratified by the stockholders
of the bank on Oct. 20 1919, and tho entire amount was paid
in on D ec. 31 1919, in order to bo effective on Jan. 1 1920.
The bank commenced business Deo. 3 1910. A t the close
of business D ec. 31 1919, deposits of $1,514,012 wero re­
ported, total resources at that date being given as $1,679,956.
The officers of the bank are: Frank C . Fisher, President;
Edw. J. Kraus, Vice-President; G . G . Fischer, Cashier, and
A . II. Grunewald, Assistant Cashier.

In connection with the working out of the details for the
close affiliation in interests and ownership of the Central
Savings Bank of Detroit and the First & Old Detroit National
Bank (reported in these columns in our issue of A u g. 16) the
directors of the former institution on January 13 elected
W illiam P . Holliday, heretofore the President of the insti­
tution, Chairman of the Board and advanced Harry J. Fox
from Vice-President and Cashier to the Presidency to succeed
M r . Holliday. Other elections were: Lawrence P . Smith
and Leo F . Tim m a, formerly Assistant Cashiers, promoted
to Vice-Presidents; Albert W . Kauffmann, heretofore an
Assistant Cashier to Cashier, and the appointment of Charles
It is planned to change the name of tho First & Security
G . M unn and Arthur F . Papke as Assistant Cashiers. The
directorate of the bank was also enlarged by the addition of National Bank of Minneapolis to tho First National Bank.




The question will be put to the stockholders for ratification
on Fob. 17. The notice to the stockholders says:
A t

th o

S o c u rity

tim o

o f th o

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c o n s o lid a tio n

B a n k , n e a rly

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nam e,

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"T h e

and

th o

F ir s t

&

S e c u r ity N a t io n a l B a n k o f M in n e a p o lis ” w a s a d o p te d fo r w h a t se e m e d
t o b o g o o d b u s in e s s r e a s o n s .
I t is t h e u n a n im o u s o p in io n o f th o b o a r d
o f d ir e c t o r s , a s w o ll a s o f t h e e x e c u t i v e o f f ic e r s o f t h o b a n k a n d t h o s t o c k ­
h o ld e r s

w ith

w hom

It

has

been

p o s s ib le

to

d is c u s s

th o

m a tte r, th a t

th e

c h a n g e In t h o n a m e s h o u ld n o w b o m a d e t o “ F i r s t N a t i o n a l B a n k in M i n n e ­
a p o lis .”

Am ong tho changes which occurred in tho official staff ao
tho annual meeting were tho election of George A . Lyons as
Vice-President; M r. Lyon advances from the post of Cashier;
J. G . B yam , previously Assistant Cashier, and E . E . Black­
ley, Manager of tho Credit Department, have also become
Vico-Presidents; Stanloy H . Bezoier, heretofore Assistant
Cashier, has bccomo Cashier. The following are tho officers
elected at the meeting: F . M . Prince, Chairman of Executive
Committee; F . A . Chamberlain, Chairman Board of Direc­
tors; C . T . Jaffray, President: A . A . Crane, J. S. Pomeroy,
Fred Spafford, If. A . Willoughby, P. J. Leeman, S. T . M c ­
Knight, Georgo A . Lyon, J. G . Byam and E . E . Blackley,
Vico-Presidents; Stanley II. Bezoier, Cashier; J. G . Maclean,
W . A . M eacham , C . B . Brombaeh and K . M . Morrison,
Assistant Cashiors.
Walker Brothors Bankors of Salt Lake City, Utah, an­
nounce tho creation of the office of Chairman of the Board and
tho addition to its official staff of two members. L . II.
Farnsworth, who had beon President, has been chosen to
tho office of Chairman of the Board, and E . O. Howard,
heretofore Vice-Presidont, has become President. The
nowly oloctod members of the official staff are Frank A .
Fishor, Vice-Presidont and Edgar A . Bering, Assistant Cash­
ier. Tho following is tho complete list of officials: L . II.
Farnsworth, Chairman of tho Board; E . O. Howard, Presi­
dent; John II. Walkor and Frank A . Fisher, Vice-Presidents;
II. M . Cliamborlain, Cashier; L . C . Van Voorhis, Asst.
Cashier and Secretary; Edgar A . Boring, Assistant Cashier.
Tho changes, effective Jan. 15, aro made to enable tho
institution to moro promptly and efficiently handle its in­
creased and growing business. In its December 31 state­
ment it roported deposits of $10,472,139 and total assets of
$11,780,475. It has a capital of $500,000; surplus fund
of $100,000 and undivided profits of $144,273.
R . R . Clabaugh, an active Vice-President of the Liberty
Bank of St. Louis, was elected a director on the 12th inst.
An application has been mado for a charter for the M ound
City Trust Company of St. Louis. Tho new organization
is to havo a capital of $200,000 and a surplus of $50,000.
Par valuo of tho stock is $125, and wo are advised that it has
all boon disposed of at that figure. Tho company is to
begin business March 20tli. Tho officers are: N . S.
Magrudor, President; Joseph Dickson, Jr., J. T . Dodds,
Vice-Presidents; John C . Tobin, Secretary and H . C . Avis,
Treasurer.
A t tho annual mooting of tho stockholders of the Bank of
Commorco & Trusts of Richmond, V a ., it was voted to
incroaso tho capital from $250,000 to $500,000. Tho new
stock (par $100) is to bo sold at $200, thus enabling an addi­
tion of $250,000 to tho surplus and increasing it to $500,000.
W . A . Roper who had been Assistant Cashier of the institu­
tion has boon mado Vico-Presidont and Cashier and W . N .
Stroot has bocomo Assistant Cashier.

M r . Farmer will assume his new duties sometime in Febru­
ary. W . P . Smith, formerly Discount Teller of Fourth and
First National bank has also elected Assistant Cashier.
W ith regard to plans whereby the capital will be increased
from $1 ,100,000 to $2,000,000 a letter addressed to the
stockholders by President James E . Caldwell on January 20
says in part:
T h i s w i ll c a l l f o r a n is s u o o f $ 9 0 0 ,0 0 0 o f n o w c a p i t a l , u p o n w h ic h y o u w ill
bo ask ed

Tho promotion of L. W . Hughes from Manager of Bond
Department of tho National City Bank of Memphis, to
Assistant to tho President, occurred at the annual meeting
on January 13th.
G eo. E . Farm or, heretofore Cashier of tho Peoples Bank
of M artin, T en n ., has boon appointed Assistant Cashier of
the Fourth & First National Bank, of Nashville, Tenn.

to

v o te an

ap p ro v al u pon

t h o fo lio - w in g it e m s , v i z . : $ 5 5 0 , 0 0 0

to

b o o ffe re d to sto c k h o ld e r s o n a b a s is o f o n o s h a r e o f th is n o w s t o c k fo r e a c h
tw o s h a r e s o f s t o c k n o w h e ld , t h a t is , fo r o n o s h a r e n o w h e ld y o u w ill h a v e
th o r ig h t to t a k e o n e - h a lf sh a r o o f n e w s t o c k , fo r w h ic h y o u w ill p a y $ 2 0 0
p er sh aro .
I t is a d v i s a b l e t o e x p a n d t h o li s t o f s t o c k h o l d e r s a n d t h e r e b y s e c u r e t h e
a id a n d in flu e n c e o f n o w a n d d e s ir a b le c u s to m e r s , a n d fo r t h a t p u r p o s e y o u
a ro a s k e d t o e x p r e s s y o u r a p p r o v a l fo r $ 3 5 0 ,0 0 0 o f s a id s t o c k t o b e so ld to
th o

F ir s t

S a v in g s

B ank

fo r su c h p u rp o so fro m

and

T ru st

C om pany,

w h ere

it

w ill b e

a v a ila b le

tim o t o tim o a s o c c a s io n m a y a r is e .

F o r th o p u rp o s o o f c a r r y in g o u t t h e a b o v e s u g g e s t io n s , a m e e t in g o f th e
s t o c k h o ld e r s w ill b o h e ld o n F o b . 2 1

19 2 0 .

A t the recent annual meeting of the stockholders of the
Atlanta National Bank of Atlanta, Leo Stillman, formerly
Head Teller of the institution, wras promoted to an Assistant
Cashier and Lloyd Parks, of Parks, Chambers & Hardwick,
was elected a member of the board of directors. The
directors added $250,000 to tho surplus fund of the institu­
tion, making the samo with the addition of undivided profits
$1,580,000. The capital of the institution is $1,000,000.
The present personnel of the bank is as follows: Robert
F . M addox, President; Frank E . Block, James S. Floyd,
Georgo R . Donovan, Thomas J. Peeples, Vice-Presidents;
J. S. Kennedy, Cashier; J. D . Leitner, D . B . Do Saussure,
R . B . Cunningham, James F . Alexander and Leo Stillman,
Assistant Cashiers.
A t the recent annual meeting of tho stockholders of the
Trust C o. of Georgia the old officials were olectod for the
onsuing year and two now directors, namely James E .
Hickey, proprietor of tho Piedmont Hotel, and James W .
Conway, President of tho American Machine Manufacturing
C o ., wore added to the board of directors. A n increase of
$500,000 was made in tho surplus of the institution, raising
the same to $1,500,000, and $100,000 was placed to the credit
of undivided profits. The capital of the Trust C o. of Georgia
is $1,000,000. Ernest Woodruff is President.
The Fourth National Bank of Atlanta at its stockholders’
annual meeting on Jan. 13 re-elected all its officials and
added W . T . Perkorson, tho Cashier of the institution, and
Stewart M cG in ty, Assistant Cashier, to its board of direc­
tors. A resolution was passed.by tho stockholders calling
a meeting for Feb. 24 to consider the proposed doubling
of the capital of, tho bank, thereby making the samo $1,200 ,­
000 by tho issuance of now stock to present shareholders,
share and share alike, at $200 per share, the premium ob­
tained by such salo to be added to surplus account.
A t tho annual meeting tho report presented to the stock­
holders of the bank’s condition as of Jan. 1 1920 showed
deposits on that date of $25,208,265, as compared with
$18,031,912 on Jan. 1 1919, an increase of $7,176,353.
After charging off all doubtful assets and setting aside the
sum of $26,576 13 as additional compensation to employees
and officers, tho net earnings for tho year were $262,793 41,
which sum has been distributed as follows:
D i v i d e n d s ............................................................................................................ .................................. $ 7 2 , 0 0 0 0 0
A d d e d t o u n d i v i d e d p r o f i t s __________________________________________________

6 2 ,3 7 1 4 3

R eservo

4 5 ,0 0 0 0 0

fo r in te re s t

and

t a x e s ____________________________________________

D e p r e c ia tio n —
F u r n i t u r e a n d f i x t u r e s _______________________________________ $ 4 2 , 1 4 1 9 8
F o u rth

A t tho annual meeting of tho Commercial Trust & Savings
Bank of Mem phis, plans to increase tho capital from $350,000
to $000,000 were ratified. A dividend of 5 0 % which is to
bo appliod in paymont of tho now issue, has been declared.
Tho now issuo of stock (par $100) will bo sold at $250 per
share and the increased capital becomes effective January 28.
Leo J. Lovy of Julius Levy & Sons, has beon added to the
directorate of the bank.




437

THE CHRONICLE

Jan . 31 1920.]

N a tio n a l B a n k

B u i l d i n g _________________________ 4 1 , 2 8 0 0 0

8 3 ,4 2 1 98
$ 2 6 2 ,7 9 3 4 1

The resources of the bank on Jan. 1 1920 amounted to
$30,626,034. Bosides tho additional compensation to em­
ployees noted above, a blanket policy of life insurance has
been issued in their behalf, which covers officers and em­
ployees ranging according to service from $500 to $2,000.
It is also announced that to tako caro of the occasional and
temporary needs of the employees there has beon set aside
the sum of $1,500 as a loan fund to bo administered by an
officer and two of tho employees. Incident to service to
the Government during 1919 the bank purchased the sum
of $2,129,350 Victory bonds and distributed tho samo to
2,109 customers. It also purchased during tho year United
States certificates of indebtedness in the sum of $17,675,000,
and on the last day of the year owned $5,990,000 payable
at an early fixed date.

438

THE CHRONICLE

A t the annual meeting of the stockholders of the Fulton
National Bank of Atlanta on Jan. 13 four new Assistant
Cashiers were added to the staff, namely G . C . Evans,
J, M . Selman, F . W . Blalock and J. H . Ewing. The other
officials of the institution are: William J. Blalock, President;
Arthur B . Simms, Bolling H . Jones and Henry B . Kennedy,
Vice-Presidents, and Ryburn G . Clay, Cashier. Langdon
C . Quinn of Atlanta was added to the directorate. A t a
subsequent meeting of the directors it was decided to in­
crease the capital of the bank from $500,000 to $7 50 ,0 00 . A
statement at the close of business Dec. 31 1919 showed
deposits of $6,278,464 51, against $3,738,356 18 for the same
day in 1918, or an increase of 6 8 % .
A t the annual meeting of the stockholders of the Central
Bank & Trust Corporation of Atlanta the following changes
were made in the official staff of the nstitution: W alter T .
Candler and Henry C . Heinz were elected Vice-Presidents;
Carl H . Lewis, heretofore an Assistant Cashier of the bank,
was promoted to the Cashiership and Thomas I. M iller,
former Auditor, was elected Cashier. The personnel of
the institution is now: Asa G . Candler, President; John S.
Owens, A . P . Coles, Walter T . Candler and Henry C . Heinz,
Vice-Presidents; Carl JI. Lewis, Cashier; A . J. S titt, Fonville M cW hirter and Thomas I. Miller, Assistant Cashiers,
and L. II. Parris, Auditor. Henry C . Heinz, II. G . Hastings,
G . F . Willis and Edgar Dunlap were elected members of the
board of trustees of the corporation.
A t the annual meeting of the stockholders of the Lowry
National Bank of Atlanta on Jan. 13 R . C . Honderson was
elected an Assistant Cashier; C . E . Allen was made Manager
of the credit department, and C . II. Everett, Manager of
the savings department. The other officials of the bank,
headed by John E . M urphy, President, wore ro-oloctod.
The following wero added to tho board of directors: R . E .
Hightower of Thomaston, G a ., William Candler of Atlanta
and J. E . Talmadge Jr. of Athens, G a. A t this meeting the
report of the bank showed capital of $ 1 ,000 ,00 0, surplus
$1,000,000, undivided profits $500,952 40, reserves for
taxes and interest $123,000. President M urphy stated that
the year 1919 had been one of the most prosperous in the
history of the bank, its deposits having increased more than
$6,000,000 during the year— from $12,531,922 to $18,638-,708
Tho controlling stock of tho Georgia State Savings Asso­
ciation of Savannah was purchased recently by M ajor Henry
Blun, President of the Liberty Bank & Trust C o. of that city
and associates. N o consolidation of the institutions is to
take place, we understand, nor is there to bo any change at
present in the operation of tho Georgia State Savings Asso­
ciation. The Georgia State Savings Association has a
capital of $325,000 with surplus and undivided profits of
$450,000 and the total resources of the bank as of Sept. 19
last were $5 ,251,903. The Liberty Bank & Trust C o. has
a capital of $300,000, surplus and undivided profits of $473,_
654 and total resources as of D ec. 26 1919 of $ 3 ,441 ,01 6.
George W . Tiedman is President of the Georgia State Sav­
ings Association.
.

[Vol. 110

an Assistant Cashiership, B . Frank Dow, from Auditor to
Assistant Cashier, and S. Young Tyree and Lawson H .
Cooke, Assistant Cashiers. W m . S. Ryland, Vico-Prosidont,
was made Vice-President-Cashior. Tho present official
staff is as follows: W m . II. Palmor, Chairman of tho Board;
Julien H . Hill, President; J. W . Sinton, and It. E . Cunning­
ham, Vice-Presidents; W m . S. Ryland, Vico-ProsidontCashier; Jesse F . W ood, Vice-President; B. Frank Dow,
S. Young Tyree and Lawson H . Cooko, Assistant Cashiors.

The stockholders of the Fodoral Trust C o. of Richmond,
which began business on Sopt. 15, liavo adoptod a resolution
empowering tho directors to increaso tho capital, now $1 00,­
000, in event such a course is doomod advisable. The
authorized capital is $500,000; tho paid-in amount, $9 1,­
887 60; and the amount subscribed, $100,000. Tho officers
of tho company are: T . T . Adam s, President; Hudson Cary,
General Counsel and Vico-Presidont; Charles F . Hayward,
Treasurer; James E . Gallohor, Secretary.
The stockholders of the Union Bank of Richmond, Rich­
mond, V a ., havo authorized tho issuanco of now stock to
tho amount of $280,250, the capital theroby boing increased
from $219,750 to $500,000. Tho present paid-in capital is
$219,750. Tho par valuo of tho stocks is $50 and tho soiling
price of the now issuo is $200 per share. The onlargod capital
of $500,000 will become effective Fob. 15 1920.
A t the annual meeting of tho Whitnoy-Contral National
Bank of New Orleans, on Jan. 13, Loods Eustis was made
Auditor and the following wero mado Assistant Cashiors:
Frank V . Moise, Managor of tho crodit dopartmont, and
John M cG oooy, Managor of tho transit dopartmont; Royal
Bastian has become Managor of tho foroign dopartmont.
J. C . Werner of Monto & C o. has boon oloctod a diroctor
of the bank.
Control of tho Olympia National Bank of Olympia, W a sh .,
was recently purchased for a consideration said to bo in tho
neighborhood of $75,000 by P . M . Troy, tho President of
tho institution, in conjunction with P . C . Allor of Olympia,
Senator E . T . Coman, President of tho Exchango National
Bank of Spokano, and William Iluntloy and E . E . Flood,.
Vico-Prosidents of tho samo institution. In this way a close
affiliation will exist between tho two institutions. Under
tho now regimo M r. Troy remains as President of tho Olympia
National Bank; M r. Allor has bocomo Vico-Prosidont and
Cashier, and Sonator Coman, M r . Iluntloy and M r . Flood,
together with M r. Troy and M r . Allor, havo bocomo mem­
bers of tho board of directors. M r . H . E . Van Arsdalo,
formerly tho Cashior of tho bank, togothor with James M ar­
tin and G . W . Draham, all of Olympia, havo severed their
connection with tho institution. Tho capital of tho Olympia
National Bank is $50,000 with surplus and undivided profits
of $87,000. Tho Exchango National Bank of Spokano has
a capital of $1,000,000 with surplus and undivided profits
of $360,094.

E.
C . Scott, formerly Cashier, has been elected Vice- Tho sixty-fourth annual mooting of tho stockholders of th
Presidont of the Citizons & Southern Bank of M acon, Bank of Toronto was hold in that city on Jan. 14, at which
tho annual report of tho institution for tho fiscal yoar onding
Georgia and A . E . Bird, Jr., has been elected Cashier suc­
N ov. 29 was submitted. Roforonco was mado to this roport
ceeding M r . Scott. M r . Scott was Cashior of tho old Ameri­
in these columns in our Jan. 10 issuo. During tho yoar tho
can National Bank of M acon for many years until that insti­
Bank of Toronto oponod 32 now branchos, making 156
tution was taken over by the Citizons & Southern Bank.
branches now in operation. W . G . Goodorham is President,
Joseph Hondorson, Vico-Prosidont; and Thomas F . H ow,
Following tho annual meeting of stockholders of the Gonoral Managor.
National State & City Bank of Richmond, Jan. 13, tho
newly elected board of directors, formed by tho ro-olection
Cablo advice from London to Frodorick C . Harding, Now
of all members, with the addition of Eugene B . Sydnor,
President of the Richmond D ry Goods C o ., created the York agent of the Anglo-South Amorican Bank, Limited,
office of Chairman of the Board, to which Colonol W m . II. N o. 49 Broadway, announces tho oponing of a branch of tho
bank at Bradford, Yorkshire, England. Bradford is tho
Palmor was elected. Ho has been President of tho bank
contro of tho wool trado of England, and tho now branch of
since 1910, when it was formed by consolidation of the City
tho Anglo will greatly onhanco its sorvico to importers and
Bank of Richmond and the National State Bank. Prior
exporters of that product in all parts of tho world.
to that time, ho had been since 1888 President of tho City
Bank of Richmond. He is the dean of the local banking
fraternity and has been actively engaged in business in
Cablo advices from Pretoria, Transvaal, to R . E . Saunders,
Richmond for more than sixty years. Julien 1,1. Hill, newly Now York agont of tho National Bank of South Africa, L td .,
elected President, startod with the State Bank in 1898, was N o. 10 W all S t., announces tho oponing of a branch of the
made Assistant Cashier in 1904, Cashier of tho National bank at St. Holona, tho Island of St. Holona. This is tho
State & City Bank in 1910, and Vice-President in 1917. first now branoh of any bank to bo established on tho island
Other promotions were Jesse F . W ood , Vice-President from in many years.




THE CHRONICLE

Jan . 31 1920.]

On Jan. 19 the business of hazard Bros. & C o ., London,
was transferred to a private limited company entitled
hazard Bros. & C o ., Limited. The issued capital of the
now company will be £3,375 ,00 0, of which 2-3rds will bo
paid up, leaving £1 ,125 ,00 0 uncalled. The managing
directors of the company will be Sir Robert M . Kindersley,
K . B . E ., Emile Puscli, the lio n . Ilobort Henry Brand,
C . M . G ., and Granville Tyser. The remaining directors
will bo Andre hazard (alternate director David Weill) of
Lazard Froros ot Cio, Paris, and the H on. Clive Pearson of
S. Pearson & Son, Ltd. The now company will maintain
its intimato relations with Lazard Freres ot Cie, Paris, and
Lazard Freres, Now York, and will in all respects continue
the business as hithorto.
In our issuo of Jan. 10, pago 141, we referred to the pro­
posed arrangomont for a fusion of the interests of the London
Joint City & Midland Bank L td ., and of the Clydosdalo
Bank Ltd. The following advices have since come to us:
An

In te r e s tin g

announ cem ent o f a

now

is s u e

o f sh ares

by

th e

London

439
S IL V E R .

T h o m a r k o t h a s k e p t s t e a d y In to n o n o t w it h s t a n d in g t h a t s u p p lie s h a v e
b o o n fa ir ly p le n tifu l.
In

N ow

Y o rk

G o rm an

T h o f a c t t h a t q u o t a t io n s h e ro a r e w e ll b e lo w

n a t u r a lly

F in a n c o

m ilit a te s a g a in s t a n y

M in is t e r h a s Iss u e d

Tho

o rd e r t a k e s e ffe c t im m e d ia te ly .

c o n s u m p t io n

of

s ilv e r

( ta b le w a r e ,

e x c e e d in g a ll p r e v io u s r e c o r d s .
p r o s p e r it y .

It

has

a lw a y s

been

m on to p o sse ss s ilv e r te a p o ts.
v a lu o o f C a n a d ia n
a c q u ire d

10 0

c e n t s in

o f s ilv e r in N e w

Tho

ag reem en t

fo r

a

fu sio n

o f in te re s t s

w ith

w a s o b ta in e d fo r th o c r e a t io n o f 1,5 0 0 ,0 0 0 n e w s h a r e s o f £ 2 .1 0 .0 . e a c h .
I f a ll th o

s h a r e s in

B a n k , 5 0 0 ,0 0 0
t r a n s a c t io n .

th o C ly d o s d a lo

o f th o n e w

B ank

a re

a c q u ire d

s h a r e s w ill b o r e q u ir e d

by

th e

M id la n d

fo r th o p u rp o se o f th is

O f th o b a la n c e It Is p r o p o s e d t o is s u o 5 0 0 ,0 0 0 s h a r e s t o s h a r e ­

h o ld e r s o n th o R e g is t e r o f th o L o n d o n J o i n t C it y & M id la n d B a n k o n M a r c h
1

19 2 0 ,

In

th o

b o th c la s s e s .
w h ic h in

o f on o sh aro

fo r e v e r y

e ig h t e x is t in g

o f t h e ir p r e s e n t m a r k e t v a lu o

to

s h a r e h o ld e r s .

F o llo w in g

th o

( £ 8 .10 .0 )

o ffe rs a s u b s ta n tia l

p re c e d e n t o f th o

la s t

Issu e

of

w ill b o

th o

d is tr ib u te d

p ro

e n title d

th o fr a c t io n s .

exchanged
London

a m o n g s t s h a r e h o ld e r s w h o w o u ld o th e r w is o h a v e

ra ta

fo r

M id la n d
&

B ank

M id la n d

sh ares
B ank

th e

c a p it a l a n d

re se rv e

B ank

fu n d

Is

o f th o

a f t e r th o fo r t h c o m in g is s u e o f s h a r e s

an d

R eserv e

F u n d

o f

T he

London

Jo in t

C it y

&

M id la n d

C a n a d ia n

of

th o

w iv e s

of

w o rk m g-

p o r o u n c e , th o fa c e a n d In tr in s ic
A s 9 4 A m e r ic a n c e n t s c o u ld h a v e

s ilv e r c o in o n

D oc.

11

la s t , a n d

th o p ric e

Tho

la s t

th ree

In d ia n

cu rren cy

re tu rn s

r e c e iv e d

b y

c a b le

g iv e

d e ta ils

in la c s o f r u p e e s a s fo llo w s :
15 .
N o t e s i n c i r c u l a t i o n __________________________ _______ 1 8 0 6 0
S i l v e r c o i n a n d b u l l i o n i n I n d i a __________ .............. 4 5 4 3
S i l v e r c o i n a n d b u l l i o n o u t o f I n d i a ____
G o ld c o in a n d b u llio n in I n d i a .
_____ .............. 2 6 2 9
G o l d c o i n a n d b u l l i o n o u t o f I n d i a _____ _______
935
S e c u r i t i e s ( I n d i a n G o v e r n m e n t ) _________ _______ 1 7 0 3
S e c u r i t i e s ( B r i t i s h G o v e r n m e n t ) _______ _______ 8 2 5 0
D ec.

D ec. 22.

D ec. 3 1.

18 18 8
4454

18 2 9 1
4367

2991
790
17 0 3
8250

2961
10 10
17 0 3
8250

T h e c o in a g e fo r th o w e e k e n d in g 3 1 s t u lt . a m o u n te d to

1 6 la c s o f ru p e e s .

T h o s t o c k In S h a n g h a i o n th o 3 d I n s t , c o n s is t e d o f a b o u t 2 0 ,6 0 0 ,0 0 0 o u n c e s
in s y c o o ,

10 ,8 0 0 ,0 0 0

5 0 0 ,0 0 0

o u n c e s in s y c e e , 1 0 ,8 0 0 ,0 0 0 d o l l a r s a n d 5 ,9 0 0 b a r s o n th o 2 0 t h u l t .

d o lla r s a n d

2 M
7 id .
74 %
74 %
75 %
75%

C ash .

J a n . 2 _______ ..............7 5
"
3 .............. _______ 7 6
“ 5 _____ ..............7 6
“
6 .............. ..............7 6
“
7 _______ ..............7 6

3 ,0 0 0

%
%
%
%
%

d .
d.
d.
d.
d.

b a rs, a s co m p ared

a t 7 s . 9 d . th o t a e l.

w ith

about

17 ,­

Q u o t a tio n s f o r b a r

C ash .
2 M os.
J a n . 8 ..................... . 7 8 d .
7 5 .1 2 5 d .
A v e r a g e ____________7 6 . 8 1 2 d .
7 5 .1 2 5 d .
B a n k r a t o . ________ _________ ............... 6 %
B a r g o l d p o r f i n o o u n c o . . ----------1 1 0 s .
st
end 4
■< * •

o s.

d.
d.
d.
d .

W iT h e q u o t a t io n s t o - d a y f o r c a s h a n d f o r w a r d d e l i v e r y
2 d . a n d 2 % d . a b o v e th o s e fix e d o n th o 3 1 s t u lt .

a re

r e s p e c tiv e ly

W o have also recoivod this week tho circular written under
date of Jan. 19 1920:

a n d th o C o n t in e n t .
0 0 0 in g o ld

I t is r e p o r t e d fr o m N e w Y o r k t h a t $ 7 7 0 ,0 0 0 a n d $ 1 8 0 , ­

h ave been en gaged

Issu e o f

m a d o in g o ld .

S h a res.

on

th o

10 ,9 2 2 ,6 9 7 %

R c s o r v o f u n d ............................................................................. 8 , 4 1 7 , 3 3 5

10 ,9 2 2 ,6 9 7 %

d ay

th o

p ric e s a tt a in e d

W o roprint tho following from tho weekly circular of
Samuol Montagu & C o. of London, written under date of
Jan. 8 1920:
G O LD .
T h o B a n k o f E n g la n d g o ld ro s o rv o a g a in s t it s n o t e Is s u e Is £ 9 0 ,2 9 2 ,0 9 0 ,
T h o g o ld a r r iv in g

fo r sh tp m o n t:
O h in a ,

$ 2 ,4 5 0 ,0 0 0

$ 15 0 ,0 0 0

to

to

2 7 t h o f D o c o m b c r , v a lu o d a s fo llo w s :

I n d ia , $ 5 3 5 ,0 0 0

C en tral

G o ld s h ip m e n ts h a v o b e e n m a d o fro m

to

S o u th

$ 4 0 ,0 0 0

to

or

A m e ric a ,
C o y lo n .

S a n F r a n c is c o b e tw e e n th o 18 t h a n d
$ 3 ,4 1 5 ,0 0 0 to H o n g K o n g , $ 2 ,5 4 5 ,0 0 0

t o S h a n g h a i a n d $ 2 0 0 ,0 0 0 t o S in g a p o r e .




A m e ric a ,

T h o fo llo w in g
sh ip p e d

8 2 % d . fo r c a sh

a re c o r d fo r b o th q u o t a tio n s .

THE ENGLISH GOLD AND SILVER M ARKETS.

been

c u s t o m s d u t ie s in

C h in e s e

o rd er

g o ld , c a m o in t o

p la c e d

in A m e r i c a f o r

T h is o f c o u r s e m ig h t b o s e t o f f a g a in s t th o g o ld

w h ic h

is

r e s p e c tiv e ly .

and

O n th a t

7 9 % d . fo r fo rw a rd

d e liv e r y ,

T o - d a y th e r e w a s a h e a v y fa ll to 7 9 d . a n d

T o - d a y ’s d i f f e r e n c e

b e tw e e n

th o

p ric e s fo r th e

tw o

d e liv e r ie s — 3 % d . — is a ls o a r e c o r d , th o la r g e s t d iffe r e n c e b e fo r e th is w e e k
w as 2 % d . on

th o

13 th

N o v e m b e r la s t.

q u a n t it y o f r e fin a b lo s ilv e r o ffe re d

Tho

c a u s e o f th o u n p re c e d e n te d

h e ro fo r sa le .

T h i s r e fin a b lo s i lv e r is

a lm o s t c e r t a in ly t h e p r o d u c t o f G e r m a n a n d o t h e r c o in — m o lto d d o w n a b r o a d
— s e n t h e re fo r re fin in g a n d r e a liz a t io n .
A
G e r m a n w h o is fo r t u n a te
e n o u g h t o p o s s e s s 2 0 ,0 0 0
b a r s in

h is c o u n t r y

m a r k s in s i lv e r c o in

(a p e r fe c tly le g a l a c t)

can

and

h a v o th e m

s e ll th e m

m e lte d

in to

a s b u llio n .

A t

th o p r e s e n t p r ic e h o w o u ld o b t a in f o r th o s e 2 0 ,0 0 0 m a r k s £ 1 , 1 4 3 , w h ic h a t
t o - d a y ’s e x c h a n g e — 2 0 6
m ark s

in

cu rren cy.

m a rk s to

th o p o u n d s t e r lin g — w o u ld

N o tw ith s ta n d in g

th o

g reat

c a p a c ity

b u y 2 3 5 ,4 5 8

o f th o

London

r e fin e r ie s , it h a s n o t b e e n fo u n d p o s s ib le t o a c c e p t th o lo w g r a d o b a r s a n d
g i v e f in o s i l v e r in e x e h a n g o e x c e p t a f t e r a d e l a y o f s o m o w e e k s .
s c a r c it y o f s p o t s u p p lie s a n d th o h ig h p r e m iu m

th e re fo r.

A

H e n c e th o
c o n s ig n m e n t

o f s ilv e r d o lla r s a n d b a r s v a lu e d a t 10 ,0 0 0 ,0 0 0 t a e ls — e q u a l a t c a s h e x c h a n g e
ra te s

to

about

£ 4 ,0 0 0 ,0 0 0 — h a s a r r i v e d

at

S h a n g h a i.

T h is

p r o b a b ly

is

re c o r d s h ip m e n t o n o n e v e s s e l, a n d in d ic a te s th o e n o rm o u s d e m a n d e m a n ­
a tin g fro m C h in a .
I t w ill b o e x t r e m e ly in te r e s t in g to h e a r w h e th e r a ll
th is h u g e

a m o u n t o f s ilv e r h a s b e e n

ab so rb ed

r e a d ily

o r w h e th e r a la rg o

p r o p o r t io n w i ll r e m a in in t h o v i s ib lo s t o c k s a t S h a n g h a i.
th is a r r iv a l h a d

T h o n o w s o f th is

a d a m p e n in g e ffe c t u p o n th e m a r k e t h e re a n d p ric e s h a v o

fa lle n in c o n s e q u e n c e .

a s h a v in g

A

S IL V E R .

— The “ Directory of Directors in tho City of Now Y ork”
- 1 9 1 9 - 1 9 2 0 edition— has just boon issued. Tho book con­
tains tho namos of somo 35,000 Now York City directors in
various corporations, with an appendix comprising solocted
lists of corporations in banking, insurance, transportation,
manufacturing and othor lines of business, showing their
oxocutivo officers and all directors.
Tho book forms a comprohonsivo directory of tho corporate
interests in Now York C ity. Tho price is sovon dollars and
fifty cents ($7 50) por copy.

Y o rk

In s t.

fr e e ly d e m a n d e d b y C h in a in s e t tle m e n t o f th o b a la n c e o f tr a d e .

75% d .

N ow

A m e ric a

U p to th e 1 2 t h I n s t ., th e m a r k e t sh o w e d e x c e p tio n a l s t r e n g th .

Tho directors of tho London Joint City & Midland Bank,
L td ., roport that tho not profits for tho year ended Dec.
31 last aftor making provision for all bad and doubtful
dobts amount to £3,079,460 which with £675,098 brought
forward makes £3,754,558 for appropriation as follows:
For dividends for tho year 1919 at the rate of 1 8 % por
annum loss Incomo tax, £1,052,503; for salarios and bonus
to members of tho staff with his M ajesty’s forces and bonus
to othor mombors of tho staff, £475,203; for special “ Peace”
bonus to staff, £250,000; to rosorvo for depreciation of war
loans and futuro contingoncios, £1,000,000; to bank promisos redemption fund, £250,000, and to carry forward
£726,852. Tho dividend was at tho samo rate for 1918
with appropriations of £1,839,132, and carry forward
£675,098.

fro m

1s t

£

o n th o m a r k o t h a s b o o n b o u g h t c h ie fly o n I n d ia n a c c o u n t .

S o u th

fo r th o p a y m e n t o f G e rm a n

N ew

a s c o m p a re d w ith th o la s t r e t u r n .

In d ia a n d

a g a in

8 ,4 1 7 ,3 3 5

a re re p o rte d

fo r s h ip m e n t to

o r d e r in G e r m a n y w h ic h p r o h ib it e d d e a lin g w it h g o ld
h as been revo k ed .
T h o a c t — te m p o r a r ily s u s p e n d e d —

p r o v id in g

4 5 ,2 0 0 ,0 0 0

P a i d - u p c a p i t a l ......................................................................

The

P u rc h ases

h a v o b e e n m a d o o n a c c o u n t o f I n d ia , th o S t r a it s S e ttle m e n ts , S o u th A m e ric a

$ 4 ,5 0 0 ,0 0 0 w o r th o f d y e s w a s a c c e p te d o n ly o n c o n d it io n t h a t p a y m e n t w a s

3 8 ,17 8 .9 4 8

a m o u n t s o f g o ld

£ 9 3 ,3 4 0 ,2 4 5 ,

a h e a v y i n c r e a s o o f £ 3 , 0 4 8 , 1 5 5 a s c o m p a r e d w i t h l a s t w e e k ’s r e t u r n .

o p e r a t io n

A u t h o r i z e d c a p i t a l ______________________________ 4 1 , 2 5 0 , 0 0 0

a d o cro n so o f £ 6 ,17 0

.

go ld

T h o B a n k o f E n g la n d g o ld ro s o rv o a g a in s t it s n o t e is s u o is

r e s p e c tiv e ly .
Tho
c o in a t a p r e m iu m

R an k.

S u b s c r i b e d c a p i t a l ............................................................ 3 5 , 6 7 3 , 5 8 5 %

to

a m b itio n

P u rch a se a n d

£

$ 2 0 0 ,0 0 0

been

C o m p le t io n o f
P resen t
A m o u n t.

ongaged

has

d e m a n d fo r g o ld h a s c o n t in u e d g o o d w it h a n u p w a r d t e n d o n c y .

t h a t th o w h o le o f th o s h a r e c a p it a l o f th o C ly d e s d a le

Jo in t C it y

been

w ill c o m p a r e w it h e x is t in g f ig u r e s a p p r o x i m a t e l y a s fo llo w s :
C a p ita l

S ta te s

Y o r k w a s th e n $ 1 3 9 , o b v io u s ly , th e r e w o u ld h a v e b e e n a

m a d o fo r th o d is p o s a l o f s h a r o s r e p r e s e n tin g t h e a g g r e g a t e o f th o fr a c t io n s .
T h o p r o c e e d s In o x c c s s o f £ 5 p e r s h a r e w i l l a f t e r p a y m e n t o f e x p e n s e s b e

A s s u m in g

t h a t th o m a n u fa c tu r in g
U n ite d

sh ares o f

s h a r e s fr a c t io n a l c e r t ific a t e s w ill n o t b o Is s u e d , b u t a r r a n g e m e n t s

to

th o

T h o p r lc o a t w h ic h th o s h a r e s w ill b o o ffe r e d is £ 5 p e r s h a r o ,

v lo w

ad van tago

p r o p o r tio n

The

p r o h ib itio n

p r o fit o n Im p o rtin g a n d m e ltin g d o w n s u c h c o in .

th o

C ly d e s d a le H a n k w a s r a t ifie d u n a n im o u s ly , a n d a t th o s a m e tim e s a n c tio n

in

A t $ 1 34

T h e S h a n g h a i e x c h a n g e is q u o t e d

bank.

I t is s ta te d
& c .)

s ilv e r c o in is e q u a l.

s ilv e r p o r o u n c e s ta n d a r d :

th o

th o

T h is is b u t th o n a t u r a l r e s u lt o f w id e s p r e a d

I I . M c K e n n a in p r e s id in g a t a n e x t r a o r d i n a r y g e n e r a l m e e t in g o f t h e s h a r e ­
of

o r d e r r e s c in d in g

o n u tiliz in g G e r m a n s ilv e r c o in s s t ill f it fo r c ir c u la tio n fo r tr a d e p u r p o s e s .

J o i n t C it y & M id la n d D a n k L im ite d w a s m a d e o n D e c . 3 0 , b y th o R t . H o n .
h o ld e rs

an

th o s e

c o n s id e r a b le s e t b a c k .

L a s t m o n th th o B r it is h

G o v e rn m e n t re co m m e n d ed

th o G o v e r n m e n t o f C h in a t o d is c o n tin u e th o u s e o f s y c e o a n d e s t a b lis h
u n ifo r m

d o lla r

w ith

s u b s id ia r y

s ilv e r

and

copper

c o in s .

Tho

a

C h in e s o

G o v e r n m e n t Is s a id to c o n s id e r th o m o m e n t o p p o r t u n e fo r c u r r e n c y r e fo r m
o n th e s e lin o s .

T h o s t r e n g t h o f th o d e m a n d f o r C h in a is la r g e l y o w in g t o

th o o b je c t io n to n o t e s — w h ic h h a v o g o n o to a h e a v y d is c o u n t .
M in t h a s n o w

c o in e d

ste a d o f s ilv e r.
so m o

y e a rs

w h ic h

p a s t .)

is o n o

and

is s u e d

e ig h t a n d

T h o In d ia n

fo u r a n n a p ie c e s In n ic k e l in ­

( N ic k e l tw o a n d o n o a n n a p ie c e s h a v o b e e n c ir c u la t in g fo r
Tho

s h illin g

e ig h t

and

anna

p ie c e — th o p r e s e n t

tw o p e n c o — is p r o b a b ly

th o

s t e r lin g

v a lu e

m o st h ig h ly

of

v a lu e d

c o in s t r u c k in b a s e m e t a l.
T h e s e n e w p ie c e s w ill n a t u r a lly c a u s e th o s im ila r
d e n o m in a t io n s c o in e d in s i lv e r to d is a p p e a r .
IN D IA N
In

C U R R E N C Y

L acs o f R u pees—

N o t e s i n c i r c u l a t i o n ____________________
S i l v e r c o i n a n d b u l l i o n i n I n d i a ____
S ilv e r c o in a n d b u llio n o u t o f I n d ia
G o l d c o i n a n d b u l l i o n i n I n d i a _____
G o ld c o in a n d b u llio n o u t o f I n d ia
S e c u r i t i e s ( I n d i a n G o v e r n m e n t ) ____
S e c u r itie s ( B r it is h G o v e r n m e n t) . . .
Tho

c o in a g o

d u r in g

th o

w eek

D ec. 3 1.

Ja n . 7.

_____ 1 8 1 8 8
_____ 4 4 5 4

18 2 9 1
4367

18 6 2 1
4257

_____ 2 9 9 1
_____
790
------- 1 7 0 3
------- 8 2 5 0

2961
10 10
17 0 3
8250

3421
943
17 5 0
8250

e n d in g

to

44

la c s o f

1 5 0 ,0 0 0

o u n c o s in s y c e o , $ 9 ,9 0 0 ,0 0 0 , a n d 3 ,3 3 0 b a r s , a s c o m p a r e d w it h a b o u t
T h e S h a n g h a i e x c h a n g e is q u o t e d a t 7 s . 9 d . th e t a e l.

9
10
12
13
14

Q u o ta ­

b a r s ilv e r p e r o u n c o s ta n d a r d :
C ash .

.
.
.
.
.

in s t . c o n s is te d o f a b o u t 2 0 , ­

o u n c e s in s y c e o , $ 1 0 , 8 0 0 , 0 0 0 d o l l a r s a n d 3 ,0 0 0 b a r s o n t h o 3 r d

o f Ja n u a ry .

Ja n
Ja n
Ja n
Ja n
Ja n

10 th

In s t, a m o u n te d

T h o s t o c k in

tio n s fo r

th o

7th

ru p ees.

2 0 ,6 0 0 ,0 0 0

Shanghai on

R E T U R N S .

D ec. 22.

_______
..............
..............
..............
..............

.............. 7 8 %
..............7 9 %
_______ 8 2 %
..............8 2 %
..............8 1 %

d.
d.
d.
d.
d .

T w o M o s. I

C ash .

T w o M o s.

77y<d. J a n .

78% d.
79% d.
79% d.
79d.

1 5 ............................. 7 9 d .
75% d .
A v e r a g e .......................... 8 0 . 5 2 d . 7 8 . 1 0 1 d .
B a n k r a t e _________________________________6 %
B a r g o ld , p o r o u n c o , f i n o ._ 1 1 0 s . 8 d .

T h o q u o t a tio n s t o - d a y fo r c a s h a n d fo r w a r d
I d . a b o v e a n d % d . b e lo w th o s e fix e d a w e e k a g o .

d e liv e r y a ro

r o s p o c tiv o ly

440

THE CHRONICLE

ENGLISH FIN A N C IA L MARKETS—PER CABLE.
The daily closing quotations for securities, &o., at London,
as reported by cable, have been as follows the past week:
_

London,
----------

7/™
J a n nA
. 24.

W e e k e n d i n g J a n . 30—
S a l.
Silver, per oz............. .......d. 8 0 8 1
Gold.peroz______________ _______ 110s.
Consols, 2 A per centa........ _ Holiday 50 H
British, 5 per cents............... Holiday 0 1 A
British, 4 A percents___ :__ Holiday 8 3 A
French Rentes (In Pails), fr.- 59.50
59.70
French War Loan(InParls;,fr. 88.65
88.65

The price of silver in New Yor

Silver In N. Y ., per oz__ cts.132)4

134

T u es.

W ed .

8444
117s.
4944
9144
8344
58.65
88.70

on the same day has been

134

135

13544

13444

IMPORTS AND EXPORTS FOR DECEMBER.
The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for Dec. and from
it and previous statements we have prepared the following:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are In all cases omitted )
MERCHANDISE.
E x p o r ts .

| 1919.
January_____
February____
March______
April.... ........ ..
May________
June...............
July________
August______
September___
October_____
November___
December___

Im p orts.

1918.

3622.553
585.097
603.142
714,800
603,967
928,379
568,688
646,054
596.214
631,619
740,921
681,413

1917.

$504,797
411,362
522,900
500,443
550,925
483,799
507,468
527,014
550,396
501,861
522,236
665,886

| 1919.

$613,325
467,648
553,986
529,928
549,674
573,467
372,758
488,656
454,507
542,101
487,328
600,135

1 1918.

$212,993
235.124
267,596
272,957
328,926
292,916
343,746
307,293
435,449
401,845
424,851
380,710

1917.

$233,942
207,715
242.162
278,981
322,853
260,350
241,878
273,003
261,669
246,765
251,008
210,887

$241,794
199,480
270,257
253,936
280,727
306,623
225,926
267,856
236497
221,227
220^535
227,911

Total_____ $7,921,847 $6,149,087 $3,233,513 $3,904,406 $3,031,213 $2,952,468
GOLD.
E x p o r ts .

1919.

Im p orts.

1918.

January_____
February____
March..........
April..............
May________
June...............
July...............
August______
September___
October.........
November___
December___

S3,396
3,110
3,803
1,770
1,956
82,973
54,673
45,189
29,051
44,149
51,858
46,216

Total..........

3368.144

1917.

S3,746
5,084
2,809
3,560
3,599
• 2,704
7,200
3,277
2,284
2,178
3,048
1,580

1919.

1918.

S2.113
3,945
10,481
6,692
1,080
26,134
1,846
2,490
1,472
4,970
2,397
12,914

S4.404
2,549
1,912
2,746
6,621
31,892
2,597
1,555
2,611
1,470
1,920
1,766

S58.926
103,766
139,499
32,372
62,262
91,339
27,304
18,692
4,172
4,150
2,906
17,066

$41,069 $371,884
SILVER.

$76,534

$62,043

$552,454

E x p o r ts .

1910.

1917.

S20.720
22,068
17,920
16,965
57,698
67,164
69,052
46,049
31,333
11,154
7,223
4,538

Im p o rts.

1918.

1917.

1919.

1918.

1917.

January_____
February____
March............
April...............
May________
June............. .
July...............
August______
September___
October_____
November___
December___

319.615
33,100
23,106
25,077
28,599
12,608
8,262
13,809
12,928
12,270
19,052
30,575

$6,628
6,519
13.432
12,251
46,381
8,566
40,686
20,549
10,340
32,038
7,150
48,306

$5,887
7,694
6,556
4,353
6,272
8,965
5,538
7,504
10,465
6,983
4,789
10,125

$5,576
6,757
8,198
7,067
7,913
7,079
5,528
8,327
7,539
8,722
7,019
9,664

$5,998
4,449
6,963
5,081
7,298
5,351
5,220
7,257
7,172
6,766
5,490
4,330

$3,346
2,478
2,977
2,376
4,741
2,235
3,420
6,681
5.796
5,050
9,086
6,155

Total..........

$239,001

$252,846

$84,131

$89,389

$71,375

$53,341

M e rc h a n d is e .

Ja n ..

Feb..
M ar .
A p r ll.
M ay .
Ju n e .
Ju ly .
Aug .
S e p t.
O c t ..
N ov .
D e o ..

O o ld .

S ilv e r .

19 19 .

19 18 .

19 17 .

19 19 .

19 18 .

19 19 .

3

S

S

3
+ 1,2 8 3
— 835
— 6 ,6 7 8
— 4 ,9 2 2
+ 876
+ 5 6 ,8 3 9
+ 5 2 ,8 2 7
+ 4 2 ,6 9 9
+ 2 7 ,6 7 9
+ 3 9 ,17 9
+ 4 9 ,4 6 1
+ 3 3 ,3 0 2

3
— 658
+ 2 ,5 3 5
+ 898
+ 8 14
— 3 ,0 2 2
— 2 9 ,18 8
+ 4 ,6 0 3
+ 1,7 2 2
— 327
+ 708
+ 1,12 8
— 18 6

3

$

14 ,0 3 9
2 6 ,3 4 3
14 ,9 0 8
18 ,0 10
2 0 ,6 8 6
+ 6 ,5 2 9
+ 2 ,7 3 4
+ 6 ,4 8 2
+ 5 ,3 8 9
+ 3 ,5 4 8
+ 12 ,0 3 3
+ 2 0 ,9 11

+ 630
+ 2 ,0 7 0
+ 6 ,4 6 9
+ 7 ,17 0
+ 3 9 .0 8 3
+ 3 ,2 15
+ 3 5 ,4 6 0
+ 13 ,2 9 2
+ 3 ,1 6 8
+ 2 5 ,2 7 2
+ 1,6 6 0
+ 4 3 ,9 7 6

+ 4 0 9 ,5 6 0
+ 3 4 9 ,9 7 3
+ 3 3 5 .6 4 6
+ 4 4 1,8 4 3
+ 2 7 5 ,0 4 1
+ 6 3 5 ,4 6 3
+ 2 2 4 ,9 4 2
+ 3 3 8 ,7 0 1
+ 16 0 ,7 6 5
+ 2 2 9 ,7 7 4
+ 3 15 ,0 7 0
+ 3 4 0 ,7 0 3

+
+
+
+
+
+
+
+
+
+
+
+

2 7 0 ,8 5 5
2 0 3 ,6 4 7
2 8 0 ,7 3 8
2 2 1,4 8 2
2 2 8 ,0 7 2
2 2 3 ,4 4 9
2 6 5 ,5 9 0
2 5 4 ,0 14
2 8 8 ,7 2 7
2 5 5 ,0 9 6
2 7 1,2 2 8
3 5 4 ,9 9 9

+ 3 7 1,5 3 1
+ 2 6 8 ,16 8
+ 2 8 3 ,7 2 9
+ 2 7 5 ,9 9 2
+ 2 6 8 ,9 4 7
+ 2 6 8 ,8 4 4
+ 14 6 ,8 3 2
+ 2 2 0 ,8 0 1
+ 2 18 ,3 10
+ 3 2 0 ,8 7 4
+ 2 0 6 ,7 9 3
+ 3 7 2 ,18 9

T o t a l + 4 , 0 1 7 , 4 4 1 + 3 , 1 1 7 , 8 7 4 + 3 ,2 8 1 ,0 4 5 + 2 9 1 ,6 1 0

+ Exports.

+
+
+
+
+

19 18 .

— 2 0 ,9 7 3 + 1 4 9 ,6 1 2 + 1 8 1 , 4 7 1

All prices dollars per share.
Banka— N Y
America *___
VmerExeh...
Atlantic____
Battery Park.
Bowery*........
Broadway Cen
Bronx Boro*.
Bronx N at...
Bryant Park*
Butch & Drov
Gent Mero__
Chase................
Ghat <Sc Phen.
Chelsea Exoh*
Chemical_____
Citizens...........
City ...................
Coal A Iron..
Colonial •_____
Columbia*___
Commerce___
Comm’l Ex*.
C om m on­
wealth*...
Continental*.
Corn Exch*..
Cosmop’tan*.
Cuba (Bk of).
East River__
Europe..........
Fifth Avenue*
?lfth......... . .
(first.............
Garfield____
Gotham____
Greenwich
Hanover____
Uarrlman___
Industrial* . .

12

M e r c h a n d ise .

o m it­
ted ).

Ex­
p o rts.

Im ­
p o rts.

E xcess
of
E x p o r ts .

G o ld .

Ex­
p o rts.

Im ­
p orts.

E x cess
of
E x p o r ts

Ex­
p o rts.

5
S
S
S
S
S
$
1919 . 7,021,8473,004,4064,017,441368,144 76,534 201,610230,001
1918 . 6,149,0883,031,2133,117,875 41,069 62,043/20,973 252,846
1917 . 6,233,5132,952,468 3,281,045371,884552,454/180570 84,131
1916 . 6,482,6412,391,6353,091,006155,793685,990/530197[ 70,595
1915 . 3,654,670!1,778,,596il,776,074!
.............. . ................................
..........
„„
31,420451,955/420529;
53,599
1914 ..2,113,624 1,789,2761 324,348 222,610 57,388165,2281 51,603
/Excess ol imports.

Similar totals for six months since
years make the following exhibit:
0

M e r c h a n d ise .

July

Im ­
p orts.

E xcess
of
E x p o r ts

S
f
89,389149,012
71.370181.470
53,341 30,790
32,263 38,332
34,484 19,115
25,059 25,644

1 for

(000«
E x­
p o rts.

Im ­
p o rts.

E xcess
of
E x p o r ts .

Im ­
p o rts.

E x­
p o rts.

$
3
S
$
3
$
3
1919 . 3,863,910 2,293,895 1.570,015 271,130 26,089 245,047! 96,895
1918 . 3.174.861 1,485,209 1,089,652! 19,567 11,919, 7,648 159,069
1917 . 2,945,450 1,399,651 1,545,799 169,349 74,289 95,06 1 45,404
1916 . 3,002,020 1,106,639 1,895,4811 89,387 499,011 /4096241 39,552
1915 . 1.852.862 912,787 940,0751 23,843 307,030 /283187I 28,749
1914 .11,066,781 808,360 258,421 138,6421 26,644 111,998 26,093
/ Excess of Imports.




615

393
435
285
250
455
242
490
200
125
465
135
745
350
330
690
400
210
125
186
200
400
230
375

398
445
290
255
465
246
2T0"

135
480

770*
400
.. ..

425"
I35"
190
500*
240

140
205
150
110
80
90
86
205
116
195
145

B id

A sk .

New York

Bankers Trust 383 387
Central Union 110 460
Columbia___ 355 365
Cominereinl
1 an
v/uiuiuut vim. . 160 100
Empire.......... 290 300
Equitable Tr. 297 302
Farm L A Tr. 445 450
Fidelity
230
Fulton_____ 255 265~
Guaranty Tr. 395 400
Hudson
140
150
Irving Trust. / See Irving
\Nat Bank
Law Tit A Tr 130 135
Lincoln Trust 176
Mercantile Tr 235
etronolltnn
lltuvl
UpifllluUa 295
3'io*
Mutual (West**
Chester)___ 105 125
N Y Life Ins
A Trust___ 740 765
N Y Trust... 605 620
Title Gu A Tr 390 396
U S Mtg A Tr 415 425
United States 876 900
Westchester.. 130 140

155
216
Brooklyn
Brnnklvn
165 UIU
UA1/U TV
11.
120 Franklin
Hamilton
95 IKings County
95 Manufacturers
215 People's
130 |
205
160

Ann
nuu
215

sin
O
IU
255
0*79
700
210
315

9AQ

660
200
305

All prices dollars per
• ' B id
. . . . Lawyers Mtge 120
86 Mtge Bond.. 92
235 Nat Surety.. 213
80 N Y Title A
95
Mortgage.. 143

B id

share.

A sk

Alliance R'lty 80
Amer Surety. 82
Bond A M O . 225
City Investing 75
Preferred.. 85

A sk

125
97
217
150

B id

A sk

Realty Assoc
(Brooklyn). 103
U 8 Casualty. 185
US Title Guar 80
West A Bronx
Title A M O 160

115
200
170

F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T .— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issuod by our
New York Custom House:
M er c h a n d ise M o v e m e n t a t N e w
M on th .

Im p orts.

York.

C u s t o m s R e c e ip ts
at N e w Y o r k .

E x p o r ts .

1918.

1910.

10 10 .

S
$
January . . 85,880,208 88,164,970284,544,534 248,203,724
February . 110,759,849 94,303,099311,376,177 168,713,182
March___ 130,844,316 98,360,412312.904,175 251,326,068
April........ 145,065.157 121,564,091331,394.915 291,719,439
May_____ 17S.233.477 149,434,134 280,404,627 219,019,748
June........ 152,314,929 112,622,329 429,160,600 205,313,909
July.......... 179,457,378 96,101,747 237,532,410 237,731,007
August. . . 163.182,188 122,452,147 264,759,378 209,108,295
September 251,529.881 115,731,018 207,305,960 107,725.054
October . . 214,756,732 105,821,699 324.627,015 182,657,189
November 231,808,185 98,787,677 237,666,749 231,464,051
December. 221,159,962 91,900,882 204,779,114 222.987,820

1018.
$

8,020,387 7.488,651
9,850,349 8,177,780
10,600,101 9.870,168
12,881,216 10.526,071
12,318,060 12,102,731
13,004,223 10,005.910
15,281,139 0,215,233
15,444,278 8,589,023
10.740,034 8,438,132
16,702,158 7.350.250
21.023,909 7.300.251
19,376,716 0.342,630
T otal... 1964992262 1295316605 346651555912665969246i 172,305,5301100,21653 0

Imports and exports of gold and silvor for the 12 months:
C o ld M o v e m e n t a t N e w
M on th .

Im p orts.

1919.
January . .
February .
March___
April........
May_____
June__
July_____
August...
September
October . .
November
December.

$
649,358
529,787
668,246
699,827
506,768
414,262
393,587
1,310.313
287,011
2,683,735
1,230,283
791,436

T otal... 10,164,603

York.

S ilv er — N e w Y o r k .

E x p o r ts.

1918.

1919.

$
1,070,270
993,993
628,514
518,140
660,277
534,406
627,829
688.892
559.988
456,282
513,690
861,071

1018.

3
$
2,517,289
657,940
2,340,310 3,170,387
2,311,250
301,073
1,187,332
223.177
1,422,830 1,302.420
58,870,403
203,500
23,609,186 3,903,713
3,021,003
268,000
5,279,491
737,990
3,080,163 .
381,200
12,110,147
221,832
22,240,193
985,950

Im p orts.

E x p o r ts .

1919.

1919.

$
$
7,038 6,299,043
2,560,942 5.574,010
2,360,039 3,970.092
2,115,201 8,405,101
2,050,017 0,272,817
828,695 1,115,157
1,074,008 1,103,471
1,080,894 1,901,535
1,777,904 2,881,073
2,039.109
549,939
201,913 1,738,094
1,858,730 14,251,086

8.131.352 138,007,057 12,367,7821 20,121,960' 54,163,418

not usually dealt in at the Stock Exchange, were rocontly sold

S ilv e r .
E xcess
of
E x p o r ts

Trust Co’a

Ask

B id

605

A u c tio n Sales.— Among other securities, the following,

C o ld .

E x­
p o rts.

215
120
495
95
168
150
110
900
155
980
240
215
380
825
3S0
185

| Banka
(m pATrad..
ItIrving (trust
certificates)
Liberty_____
Lincoln
155" [Manhattan *.
125 Mech A Met.
160 [Merchants...
155 Mutual*____
45 New Neth*..
_____ [New York Co
480 New York.
330 Paclflo *...........
140 Park...................
595 Prod Exch*..
265 Public................
395 Seaboard _____
Second _.
State*_____. . .
___ 23d W ard*...
244 [Union Exch..
____ United States*
[Wash H’ts*..
225 Westch Ave*.
___ Yorkvlllo *__
605
100
Brooklyn
176 Coney Island*
__ _ First.............
130 Greenpoint__
Hillside*........
165"' Homestead*._
1000 Mechanics’*..
_____ M°ntauk * . . .
225 Nassau_____
National City
835" North Side*..
400 People’s ........
|—

six

M os.
om it­
ted ).

625
300
215
215
425
145
105
150
145
40
220
470
320
130
685
260
390
250
360
210
233
425

Ask
....
315
....
225

N ew Y o rk C ity R ea lty a n d S u rety C om panies.

Totals for merchandise, gold and silver for twelve months:

(0 0 0 *

B id

* Banks marked with a (*) are State banks, t Sale at auotlon or at Stook Ex­
change this week, t Includes one-half share Irving Trust Co t Now stock.
x Ex-dlvldend.
v Ex-rlghts.

— Imports

M os.

. 110

N ew Y o rk C ity B an k s a n d T r u st C om panies.

F r i.

T h u rs.

84>4
8 2 'A
85
116s.6d. 117s.6d 117s.6d
50 X
50
50
01A
01A
91M
83 H
83 A
83 A
59.70
58.75
58.70
88.65
88.70
88.70

l

Com m ercial amlBXiscellatxemts JJLems

26. r—
J a n . 27 T
J—
a n . 28. »—
Jan—
. 29. *
J a n . 30.

T
J~a n .na
M on.
H

[V o

Im ­
p o rts.

E xcess
of
E x p o r ts

$
$
46,800 60,095
36,236 122,833
35,188 10,216
16,851 22,701
18,742 10,007
13,369 12,724

at auction in N ew York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, Now York:
S h a res.

S to c k s .

P e r c en t.

B o n d s.

p e r cen t.

4 Estate of N. Low.................$o lot 33.000 Flatbush Water-Works 1st 6s
70Flatbush Water Works......... 127
1931............................................ 04
15 "New Yorker Staats-Zeltung"
31.000 Estate of N. Low ref. 6s, 1930
310,125 lot
350 lot
166 Mecca Oil................................*26lot
313.000 Sunday Creek Coal coll. 5s,
5,000 Ray Broken Hill Mining,
1944, ctfs. dep.....................
io
31 each................................355lot
333.000 2d Ave. RR. 6% receivers’
200 Int. Traction, 1st pref....... 330 lot
cerUfs, ctfs. dep.................36,000 lot
50 United Gas & Eleo., 1st pref. 7 A

B y Messrs. W ise, Hobbs & Arnold, Boston:
$ per sh .
F i r s t N a t i o n a l B a n k , B o s t o n .6 9 0
F o u r t h - A t la n t lc N a t . B a n k
r i g h t s ____________________________ 2 5
U . S . W o rste d , 2d p r e f - - 8 1 X - « 3 X
M a s s . C o tto n M ills , c x - d lv .

S h a res.

2
30
13
4
10
1
30
4
2

S to c k s.

$ per sh .
G r l n n c l l M f g .....................................2 2 5
C i t y M f g ............................................. 2 2 0 X
S a c o - L o w e ll S h o p s , c o m ., e x <11 v . . ___________________________2 2 5
W a l t e r B a k e r C o . , L t d ________1 3 5
M e r r lm a c C h e m ic a l, $ 5 0 e a c h 9 5
I l c r s c h c l l S p i l l m a n , p r e f ______ 3 5
U n io n T w i s t D r i l l , c o m ., $ 5 e a . 2 7 X
R e g a l S h o e , p r e f e r r e d ___________9 0
A m e r i c a n T r a d i n g _________ $ 3 0 0 l o t

S h a re s.

5
10
5

5
4
loox-mox
20
E v e r e t t M i l l s ______ _____________ 2 2 0
7
W c e t n m o e M i l l s __________________ 1 9 5 X
10
N a u m k c a g S te a m C o t t o n ..2 3 0 - 2 4 0
1,0 0 0
N a s h u a M f g . , c o m m o n ________ 2 6 0 X
D a v i s M i l l s ......................................... 2 7 0

S to c k s.

B y Messrs. R . L . D ay & C o ., Boston:
S to c k s.
$ per sh.
3 7 F o u r t h - A t la n t lc N a tio n a l B a n k
r i g h t s _____. ' .............................. 2 5 H - 2 5 J *
8 0 I n t e r n a t i o n a l T r u s t ____________ 3 3 0 X
7 0 G o s n o ld M ills v . t . , r i g h t s 2 7 X - 2 8 X
1 G r e a t F a l l s M f g .................................2 2 9
1 0 L u d l o w M f g . A s s o c i a t e s ________ 1 5 2
5 N a s h u a M f g . , c o m m o n _________ 2 0 0 1 $
6 3 L u d l o w M f g . A s s o c i a t e s ________ 1 5 2 X
3 0 W ln n s b o r o M ills , p r o f . . 1 0 1 X A d l v .
5 N o r t h a m p t o n S t r e e t U y ________
5

S h a re s.

441

THE CHRONICLE

Jan . 31 1920.]

S to c k s.
$ p er sh .
H o o d R u b b e r , p r o f . , e x - d l v ___ 1 0 1 X
L a w r e n c e G a s , e x - d l v __________ 1 0 0
C a m b r i d g e G a s L i g h t ............1 4 3 - 1 4 3 X
B o s t o n W h a r f .........................................8 6 X
C o l l a t e r a l L o a n C o _______________ 9 8
M e r r lm a e C h e m ic a l, $ 5 0 p a r . . 9 1 X
U . S . E n v e l o p e , c o m m o n ______ 2 3 0 X
E v e r e t t M i l l s ........................................... 2 0 5 X

CHARTERS ISSUED.
Original organizations:
Tho First National Bank of Huntington Park, Cal---------------$50,000
President, Thomas V. Cassidy: Cashier, J. B. Loonls, Jr.
Tho Farmers National Bank of Shenandoah, Iowa__________
100,000
President, O. A. Wenstrand; Cashier, D. A. Wonstrand.
Tho Liberty National Bank of Bowling Green, K y -------------- 125,000
President, Henry II. Denhart; Cashier, It. Claypool.
100,000
Tho First National Bank of Howell, M ich__________________
President, L. E. Howlett; Cashier, Eugene A. Fay.
The Security National Bank of Mobridgo, S. Dak---------------50,000
President, J. J. Murphy; Cashier, G. V. Cunningham.
_____
Conversion of Stato banks:
The First National Bank o f Onida, S. Dak----------------------------25,000
Conversion of tho Farmers Bank of Onida. President,
__________
A. R. McConnell; Cashier, C. II. Gall.

S h a re s.

25
9
39
20
14
1
5
1

T o t a l ............................................................................................
INCREASES OF CA PITA L.

The First National Bank o f Orland, Cal., from $25,000 to $50,000
The American National Bank of Benton Harbor, M ich., from
$100,000 to $200,000.....................- ..............................................
The First National Bank of Monetto, Ark., from $25,000 to
$50,000_________
R on ds.
P ercen t.
The Hugo National Bank, Hugo, Okla., from $100,000 to $200,000
$ 1 , 0 0 0 M In n c a p . G e n . E l e c . 5 8 ,19 3 4 9 3 X
Tho First National Bank of Lanesboro, M inn., from $25,000 to
B y Messrs. Barnes & Lofland, Philadelphia:
$50,000. ......................................................................................
Tho First National Bank o f Samson, Ala., from $50,000 to
ip e r s h .
Shares. Stocks.
$ p er sh. S h a r e s . S l o c k s .
$100,000________ _______ - ..................................- ..........................
5 C o r n E x c h a n g e N a t . B a n k ______3 9 0
3 5 F ra n k fo rd T r u s t, $ 5 0 e a c h _____174
Tho First National Bank of Mount Olivo, N. C ., from $25,000
1 F o u rth S tr e e t N a tio n a l B a n k . . 3 2 0
2 C u m b e rla n d C o . P o w e r * L t . . $ 2 5 lo t
to $5 0,00 0.......................- ....................... ..........................- .........
B on ds.
P e r cen t.
2 0 9 rig h ts to su bscrib e N o rth e rn
Tho First National Bank of Fennimoro, Wis., from $25,000 to
N a tio n a l B a n k a t $ 1 5 0 .......... 2 8 - 3 0 $ 1 , 0 0 0 P h i l a d e l p h i a , C i t y , 3 s . 1 9 2 4 . 9 2
$50.000.................................. ........................- ..................................
$ 1 , 0 0 0 Z o o lo g ic a l S o c . o f P h l l .,l o a n $ 1 0 0
10 0 r ig h ts to su bsc rib e P h ila d e lp h ia
Tho Merchants National Bank of Middletown, N. Y ., from
N a tio n a l B a n k a t $ 2 0 0 _____ 1 5 0 -1 5 8 $ 2 , 0 0 0 L a f a y e t t e A L o g a n s . T r a c .
$100,000 to $200.000........
1 s t 5 s , 1 9 3 0 .................................................... 3 0
3 5 N a t . S ta to B a n k o f C a m d e n .- . 2 4 0
Tho First National Bank of Ashton, Idaho, from $35,000 to
$ 2 ,0 0 0 S o u th e rn T r a c . o f P i t t s . 1 s t
1 0 A ld ln o T r u s t ______ ________________10 0
$50,000.............................
c o l l . 5 s , 1 9 5 0 ................................................. 2 2 X
0 C o m m e r cia l T r u s t ______________ .3 0 9
The Liberty National Bank of South Carolina at Columbia, S. C.,
$ 2 .0 0 0 C o lu m b u s N e w a r k A Z a n c s v .
2 G u a r a n te e T r u s t __________________ 13 3
from $325,000 to $500,000. .....................................- ................. E l e e . R y . g e n . 5 s , 1 9 2 0 . . ................... 2 0 X
1 T io g a T r u s t , $ 5 0 e a c h ___________ 10 2
Tho First National Bank of Durham. N. C ., from $400,000 to
$ 3 ,0 0 0 I n d . C o l. A E a s t . T r a c . g e n .
2 M u tu a l T r u s t ______________________ 3 8
$600.000---------------------- -------------------------------------- -------- - - - - A r e f . 5 s , 1 9 2 0 ...................................... 2 7 M
10 S ec u rity T r u s t , C a m d e n ________ 3 0 0
Tho Bartlesville National Bank, Bartlesville, Okla., from $200.­
$ 1,0 0 0 N e w a rk P a s s . R y . c o n s. 5 s ,
4 P h lla . B o u rse , c o m ., $ 5 0 e a c h .-• 7 X
000 to $300,000. . ------------ ------------------ ----------- - - - - - - - - - - - - 1 9 3 0 .......................................................................... 7 7 X
14 5 1 -3 rig h ts to su bsc rib e A llia n c e
Tho First-Second National Bank of Akron, Ohio, from $700,000
In s u r . C o . a t $ 1 5 ______________6 X - 7 $ 1 , 0 0 0 P h l l a . C o . 1 s t A c o l l . 5 s , ' 4 9 . 1 0 0
to $1.500,000__________________________________________ - - - 0 F ire A s s n . o f P h l la ., $ 5 0 e a c h .3 3 0 -3 3 8 $ 1 , 0 0 0 T w i n F a l l s O a k l y L a n d A
The Citizens National Bank of Wahpeton, N. D .,from $55,000
W a t e r 1 s t 0 s , c t f . o f d e p ............ ........
9X
4 3 U n io n P assen ger R y ______________ 11 0
to $75,000......................... - ..........................................- ................
$ 0 0 0 A m c r . G a s c o n v . 7 s , 1 9 2 8 _____ 9 0
1 0 G e r m a n to w n P assenger R y ______ 8 9
Tho Athens National Bank, Athens, T ex., from $25,000 to $50,000
$ 1 , 0 0 0 U n i t e d G a s A E l . c o l l . 0 s . '4 5 5 7 X
3 13 th A 1 5 th S t s . P a s s . R y ............ 18 5
Tho Clovis National Bank, Clovis, N. M ox., from $25,000 to
$ 1 , 0 0 0 A m . I c e r . e . A g e n . O s. 1 9 4 2 . 9 8 X
2 5 2d A 3d S t s . P a s s . R y .................... 19 0
$50,000_____________
$ 1 , 0 0 0 L e w is t o n A u g . A W a t e r v llle
18 John B . S te ts o n , c o m ....................3 2 5
Tho Lyons National Bank, Lyons, Kan., from $25,000 to $50,000
S t . R y . 1 s t A r e f . 5 s . 1 9 3 7 ................ 1 5
1 0 0 H a rrisb u rg F d y . A M a c h . W k s .,
Tlie Rockford National Bank, Rockford, 111., from $400,000 to
$ 5 0 0 A t l a n . C . G a s 1 s t 5 s , 1 9 0 0 _____5 5 X
1st p r o f . . .............. .. .............
14
$750,000___ _____ ____________________________ - - - - - - - - - - - $ 1,0 0 0 R e a d in g T r a c . 1 s t 0 s, 1 9 3 3 . . 9 0 X
4 5 0 H a r r is b u r g F . A M . W . , 2 d pref 0
The First National Bank of Mount Vernon, Tex., from $o0,000
$ 5 0 0 H e le n a G a s A E le c . l s t C s , 1 9 3 1 7 0
1 0 0 I I . G . F c tt c r o ff................................... 19
to $100,000-.............................. ....................................................Tho Eirtst National Bank of Jackson, Minn., from $35,000 to
$100,000--------------C an a d ia n B an k C learin g s.— Tho clearings for the week Tho Union National Bank of Minot, N. Dak., from $50,000 to
ending Jan. 22 at Canadian cities, in comparison with the
$100,0 00.-----------First National Bank of Chappell, Neb., from $25,000 to
samo wook in 1919, show an increase in the aggregate of The
$50,000____________________________
4 2 ,3 % .
The Central National Bank of Okmulgee, Okla., from $100,000
to $250.000.............................................................. - .............. ........
Tho Citizens National Bank of Fort Gibson, Okla., from $25,000
W eck e n d in g Ja n u a r y 2 2 .
to $50,000.................................. - ..................................................
C le a r In n s a t The Citizens National Bank of Hopo, Ark., from $100,000 to
I n c . or
$250,000.............................................................................................
1920.

Canada—
Montreal ______
T o r o n t o ________
W in n ip eg .............
V a n c o u v e r ..........
O ttaw a..................
C a lg a r y ................

Prince A lbert____

S
143,092,532
99,518,941
45,300,911
14.933,843
8,759,129
8,040,478
0,234,699
0,782,150
2,498,002
4,972,005
4,303,834
3,454,453
3,389,200
3,474,042
1,870,094
1,552,355
734,719
1,049,892
090,420
1,309,324
529,787
527,421
709,955
1,184,290
1,340,710
2,744,393
501,230

T otal Cnnada.

370,904,053

Qucbeo...............

H am ilton .............
V ic to r ia ................
E d m on ton ............
H alifax..................
St. J o h n ________
London....... ..........
R e g in a ..................
S a s k a to o n ............
M ooso Jaw ............
Fort W illiam ____
B randon................
Brantford.............
New Westminster
M edicine H a t__
Peterborough____
Sherbrooke............
K itchener_______

1919.

D ec .

S
%
92,371,914 + 5 5 .5
08,014,191 + 45.0
38,007,009 + 17,3
10,087,103 + 48.0
0,017,782 + 3 2 .4
5,401,248 + 00.1
5,252,014 + 18.7
5,123,784 + 32.4
1,000,212 + 50.0
3,485,723 + 42.7
4,091,505
— 8.3
2,050,008 + 30.0
2,397,100 + 41.4
2,912,294 + 19.3
1,721,723
+ 9.0
1,498,547
+ 3.0
902,209 — 18.0
925,543 + 13.4
521,244 + 32.4
920,934 + 48.8
438,350 + 20.8
380,024 + 38.0
025,000 + 23.2
050,903 + 80.5
081,042 + 97.7
1,092,007 + 151.3
343,478 + 4 0 .0
200,052,211

+ 42.3

1918.

1917.

S
73,551,387
52,030,493
34,023,308
8,527,783
5,800,855
0,010,401
3,000,820
4,612,885
1,577,093
3,416,082
3,022,873
2,058,701
1,930,587
2,529,199
1,524,008
1,007,105
716,074
925,304
557,073
798,423
403,570
423,070
649,023
033,343
524,949

S
08,113,259
49,703.770
31,034,502
0,090,433
5,001,904
4,805,165
3,517,773
4,122,161
1,501,019
2,343,354
2,229,472
1,704,073
1,782,840
2,333,401
1,353,837
1,043,781
715,185
020,099
449,036
689,002
279,450
550,010
480,475
513,385
437,951

212,628,490

129,754,083

N a tio n a l B a n k s.— Tho following information regarding
national banks is from tho office of the Comptroller of the
Curronoy, Troasury Department:
APPLICATIONS FOR CHARTER.
C a p ita l.

For organisation of national banks:
Tlio National Hank of Opelika, Ala_________________________ $125,000
Correspondent: M . M . McCall, Opelika, Ala.
The First National Hank of Gonzales, Cal__________________
50,000
Correspondent, I,. L. Gray, Gonzales, Cal.
The First National Rank of Fort Lupton, Colo_____________
30,000
Correspondent, M. A. Deveroaux, Fort Lupton, Colo.
The First National Dank of Lake Worth, Fla_______________
25,000
Correspondent, .1. W. Means, Lake Worth, Fla.
The First National Hank of Lyons, 111_____________________
25,000
Correspondent, George W. Fry, Lyons, 111.
The Pioneer National Hank of Eureka, Kans______________
25,000
Correspondent, 1). C. Johnson, Eureka, Kans.
The Farmers National Dank of Great Bond, Kans--------------100,000
Correspondent, James W. Clarke, Great Bend, Kans.
The Haymarket National Dank of Boston, Mass___________
200,000
Correspondent, Guy E. Healey, 002 Barristers Hall, Boston,
Mass.
The Citizens National Bank of Owatonna, Minn___________
50,000
Correspondent, Harry II. Buck, Des Moines, Iowa.
The First National Hank of Holey, O k la..------- -----------------25,000
Correspondent, J. I). Nelson, Holey, Okla.
The First National Hank of Carnegie, Okla------------------------25,000
Correspondent, W. H. Putman, Carnegie, Okla.
For conversion of State banks:
_
The First National Dank of Ooyservillc, C a l.------- -------------2o,000
Conversion of Hank of Goyservllle. Correspondent, Hank
of Goyservlllo.
______
The First National Hank of Sobring, Fla___________________
25,000
Conversion of Hank of Sebring. Correspondent, Dank of
Bobring.
___
The First National Hank of Warroad, Minn_________________
25,000
Conversion of Stato Hank of Warroad: correspondent, State
Dank of Warroad.
Total. . __________________________________________________




$755,000

$450,000
A m o u n t.

$25,000
100,000
25,000
100,000
25,000
50,000
25,000
25,000
100,000
15,000
175,000

200,000
100.000
800,000
20,000
25,000
25.000
25,000
350,000
50,000
65,000
50,000
25,000
150,000
25,000
150,000

Total..............................................................................................82,725,000
CHARTERS E X T E N D E D .
,
The First National Bank of Miami, Okla., charter extended until close
o f business Jan. 28 1940.
CHANGE OF T ITL E .
The Merchants' National Bank of Milbank, S. Dak., to "T h o Farmers
A Merchants’ National Bank of Milbank.”
_
The Citizens National Bank of Storm Lake, Iowa, to “ The Citizens First
National Bank of Storm Lake.”
VOLUNTARY LIQUIDATIONS.
„
. ,
C a p ita l.

Tho First National Bank of Centralia, Okla---------.------------------- ...$ 25,0 00
Liquidating agent not stated. Assets taken over by the First
State Bank of Centralia, Okla.
__
The Farmers National Bank of Clinton, Okla------------ ---------------- 25,000
Liquidating agent, J. A. Carlberg. Succeeded by tho Clinton
Stato Bank of Clinton, Okla.
Tho Citizens National Bank of Stamford, Tex------------------- - - - - — 50,000
Liquidating agent. F. E. Morrow. Succeeded by State Bank.
Tho Michigan National Bank of St. Clair Heights, M ich— — -- 50,000
Liquidating agent, Wm. V. M oore. Business taken over by the
Wayne County and Homo Savings Bank.
CONSOLIDATION.
The Union National Bank of Muncle. Ind. (capital $150,000), and
tho Merchants’ National Bank of Muncle, Ind. (capital $225,000)
under charter of the Union National Bank and under tho title of
tho Merchants' National Bank of Muncio, Ind., with capital of_$400,000
CHARTERS R E -E X T E N D E D .
Tho City National Bank of Dallas, Texas, charter ro-oxtondod until close
of business Jan. 28 1940.

D IV ID E N D S .
The following shows all tho dividends announced for tho
futuro by largo or important corporations:

Dividends announced this week are printed in italics.
N am e o f C om pany.

P er
C en t.

W h en
P a y a b le .

B ooks C lo se d .
D a y s In c lu s iv e .

Railroads ( S t e a m ) .
Alabama Great Southern, preferred----- $1.75 Feb. 20 Holders of rco. Jan. 22
Atchison Topeka A Santa Fe, com. (qu.) IX Mar. 1 Holders of rec. Jan. 30a
2X Feb. 2 Holders of reo. Dec. 31a
Mar. 1 Holders of rec. Jan. 17a
2
*$2.07 Jan. 31 •Holders ol rco. Jan. 24
Feb. 16 Holders of rec. Feb. 7a
2
B u f f a l o R o c h e s t e r A P i t t s b u r g h , c o m --------Feb. 16 , Holders of rec. Feb. 7a
3
Feb. 2 Holders of roc. Dec. 31a
IX
Feb. 2 Holders of rec. Jan. 29a
2
tChic. St. Paul Minn. A Omaha, common 2X Feb. 20 Holders of rec. Feb. J2a
3X Feb. 20 Holders of rec. Feb. j2a
C l e v e l a n d A P U t s b r e g . , g u a r . (q u a r
*1X Mar. 1 •Holders of rec. Feb. 10
Mar. 1 •Holders of rec. Feb. 10
*1
Feb. 2 Holders of reo. Deo. 31a
3
Feb. 2 Holders of rec. Jan. 6a
IX
*1X Mar. 1 •Holders of rec. Feb. 6a
Feb. 2 Holders of reo. Jan. 8a
$5
3X Feb. 2 Holders of rec. Jan. 24a
Feb. 2 Jan. 3 to Jan. 28
IX
N o r f o l k A W e s t e r n , c o m m o n ( g u a r .) ------*1X Mar. 19 •Holders of rec. Feb. 28a
Feb. 19 Holders of rec. Jan. 31a
1
Norfolk A Western, adj. pref. (quar.) . .
Feb. 1 Holders of rec. Deo. 31a
IX
*/5c. Feb. 28 •Holders of rec. Feb. 2
Feb. 2 Holders of rec. Jnn.fl9a
tPero Marquctto, prior preference (qu.)
IX
*12.50 Feb. 2 ♦Holders of rco. Jan. 21
Pittsburgh A West Virginia, pref. (quar.) IX Fob. 2t Holders of rec. Feb. 2a
Feb. 12 Holders of rec. Jan. 22a
Reading Company, common (quar.)... <1
Reading Company, first pref. (quar.)... 50o. Mar. 11 Holders of reo. Feb. 20a

443

THE CHRONICLE
Per
C en t.

N am e o f C om pany.

W hen
P a y a b le

B o o k s C lo s e d .
D a y s In c lu s iv e .

Connecticut

R y . <t t t y .,

com .

& p r e f . ( q u .)

1)4
>4

• g lK
IK

D e t r o i t U n i t e d R y . ( q u a r . ) _____________
*2
D u q u e s n e L i g h t C o . p r e f . ( q u a r . ) ___
IK
F a i r m o u n t P a r k P a s s e n g e r R y . , P h i l a _____
$ 1.5 0
M ilw a u k e e E l . R y . A L ig h t , p r e f . ( q u a r .)
1* 4
M o n t r e a l L ig h t , H e a t A P o w . C o n a .( q u .)
IK
M o n t r e a l T r a m w a y s ( q u a r . ) _______________
2 K
P h ila d e lp h ia C o m p a n y , c o m m o n (q u a r .)
75c.
P h i l a d e l p h i a C o . 5 % p r e f e r r e d _________
* $ 1 .2 5
P h i l a d e l p h i a R a p i d I r a n s l t ________________
$ 1 25
P u b lic S e r v i c e I n v e s t m e n t , p r e f . ( q u a r .)
IK
R a il w a y A L ig h t S e c u r itie s , c o m . A p re f.
3
T a m p a E l e c t r i c C o . ( q u a r . ) _____
2K
T w in C it y R a p i d T r a n s i t , M I n n e a p ., c o m
U n i t e d P o w e r < t T r a n s p o r t a t i o n _________

W est P en n

P o w e r C o ., p re f.

W e st P e n n R a ilw a y s , p r e fe r r e d

2 K

* $ 1 .9 5

( q u a r .) ..

IK

( q u a r . ) . '. '.

1)4
1)4
6 2 J4 C .

W e s t P e n n T r a c . A W a t e r P o w ., p f .( q u .)
Y o r k R a i l w a y s , p r e f e r r e d ____________
R an k s.
C o n t i n e n t a l ________________
C o rn E x c h a n g e ( q u a r .) ..
L in c o ln N a t io n a l ( q u a r .) .
P a c i f i c ( q u a r . ) ______ ______
E x t r a __________________ __

3 K
5
2 K
2
2

T r u s t C o m p a n ie s .
F a rm e rs L o a n A T r u s t (q u a r .) .
L i n c o l n ( q u a r . ) ___________________

M is c e lla n e o u s
A l a s k a P a c k e r s A s s o c i a t i o n ( q u a r . ) ______
E x t r a ________________________________________
S p e c ia l ( p a y a b le I n £ I L . 'b o n d s ) ! '! " ! "
A m e r ic a n

B a n k N o te, com m on

( q u a r .) ...

A m e ric a n B e e t S u g a r , co m m o n ( q u a r .) ..
P r e f e r r e d ( q u a r . ) _________________________
A m e ric a n
B rass
(q u a r .)
E x t r a .........................................................
A m e r ic a n

C a r a m e l, p r e f e r r e d '( q u a r ') '. '. '. '.

P r e f e r r e d (a c c o u n t a c c u m . d iv i d e n d s ) I I
A m e r ic a n C h ic le , c o m m o n (q u a r .)
A m e r ic a n C ig a r , c o m m o n ( q u a r .)
A m e r ic a n D r u g g is t S y n d i c a t e ..
A m e r . F o r e ig n T r a d e C o r p ., p r e f. ( q u a r .)
A m e r . G a s a E l e c ., p r e f. ( q u a r .)
A m e r i c a n G l u e , p r e f e r r e d __________ “ ' I I I

*5

1

2
2
12 0
75c.
2
1 M
* 1)4
* 1)4
2
h5

i
♦ 2
40 c
* 1 )4
1 )4

4

A m e r i c a n H i d e <tb L e a t h e r , p r e f . ( q u a r . ) . .

A m e r . L a F r a n c e F i r e E n g ., c o m . ( q u a r .)
A m e ric a n L ig h t & T r a c ., c o m . ( q u a r .) _ .
C o m m o n ( p a y a b le In c o m m o n s to c k )
P r e f e r r e d ( q u a r . ) _____________________
A m e ric a n R a d ia t o r , c o m m o n "(q u a r )
C o m m o n ( e x t r a ) ________________
’
P r e f e r r e d ( q u a r . ) _________ H I 1 1
A m e r . S h ip b u ild in g , c o m . ( q u a r .)
C o m m o n , ( e x t r a ) ___________
P r e fe r re d ( q u a r .)
IIIIIII.
A m e r i c a n S o d a F o u n t a i n C o '. '( q u a r . ) I I I
A m e r. S u m a tra T o b a c c o , oom . (q u a r )
P r e f e r r e d ___________________
A m e r i c a n T e l e g r a p h A C a " b le ’ ( q u a r ) * ”

1K

25c.
2)
f2 K
1)
*3

A r iz o n a S ilv e r M i n e s (m o n th ly )
. '
A s s o c ia t e d D r y G o o d s , f i r s t p r e f . (q u a r I * ’
S e c o n d p r e f e r r e d ( q u a r . ) ___
’ ”

A t la n t ic G u lf A H . 1 . S S . L in e s , c o m ! I
A t la n t ic R e fin in g , p r e f. ( N o . 1)
A t la s P o w d e r, p r e l. ( q u a r .) .l
A u s t in , N ic h o ls A C o ., p r e f. ( q u a r )
B a r n h a r t B r o s . A S p lu d le r —
F i r s t a n d s e c o n d p re fe r r e d ( q u a r .)
B e t h le h e m S t e e l, c o m . A & B ( q u a r )
’
E i g h t p e r c e n t p r e f e r r e d ( q u a r . ) ' . ............

4

*4
1 K
1K

2)4
1 )4
1 )4
2 K

3) 4

* 1 )4
A m e r . W a te r-W o rk s & E le c ., p r e f . (q u a r )
i k
A m e r ic a n W in d o w G la s s M a c h i n e , p r e f ' . . * 3 ) 4
A m e r . Z in c , L e a d A s m e lt
p i . ( q u .)
$ 1.5 0

A m o s k e a g M f g . , c o m m o n ( q u a r .)
P r e f e r r e d ___________________________
A n a n c o n d a C o p p e r M ln ln g fq u a r )

4

$ 1.2 5
$ 2 .2 5
$1

30.
* 1 )4

*1)4

6

* 1)4
IK
IK

IK
K

F e b . 14
F’e b .
2
Feb.
]
Feb. 1 ‘
M ar. ]
Feb.
]
F’ e b .
£
Ja n . 3 1
F’ e b . 1 6
F’ e b .
2
Ja n . 3 1
M ar. ]
Ja n . 3 1
F’ e b .
2
F’ e b .
2
F’ e b . 1 6
F’ e b . 2 0
Ja n . 30
F’ e b .
1
M a r. 15
F e b . 16
Ja n . 3 1

H o ld e r s o f r e c . F e b .
H o ld e r s o f r e c . J a n .
♦ H o ld e r s o f r e c . J a n .
Feb.
1
to
F’ e b .
♦ H o ld e r s o f r e c . F e b .
H o ld e r s o f r e c . J a n .
Ja n . 25
to
F’ e b .
H o ld e r s o f r e c . J a n .
H o ld e r s o f re o . J a n .
H o ld e r s o f r e c . J a n .
H o ld e rs o f r e c . J a n .
♦ H o ld e r s o t r e c . F e b .
H o ld e rs o f r e c . J a n .
H o ld e r s o f r e c . J a n .
H o ld e r s o f r e c . J a n .
H o ld e rs o f r e c . F e b .
H o ld e rs o f r e c . F e b .
♦ H o ld e r s o f r e c . J a n .
H o ld e rs o f r e c . J a n .
H o ld e r s o f r e c . M a r .
H o ld e r s o f r e c . J a n .
H o ld e r s o f re o . J a n .

Feb.
F ’e b .
Feb.
F 'e b .
F’e b .

2
2
1
2
2

H o ld e r s o f re o .
H o ld e rs o f r e c .
H o ld e rs o f r e c .
Ja n . 18
to
Ja n . 18
to

Feb.
F’ e b .

2 ♦ H o ld e r s o f r e c . J a n .
2 H o ld e r s o t r e c . J a n .

6a
15
20
15
15
1
5
20a
31
24
15 a
10
2 1a
15 a
15 a
6a
9
13
21
1
19
2 1a

Ja n . 28
Ja n . 3 1a
Ja n . 29a
F’ e b .
1
Feb.
1

21
24

d F e b .lO
H o ld e r s o f r e c . J a n . 3 1
d F’ e b . 1 0 H o l d e r s o f r e c . J a n . 3 1
dF’ e b . 1 0 H o l d e r s o f r e c . J a n . 3 1
F’ e b . 1 6 H o l d e r s o f r e c . F’ e b .
2a
Ja n . 3 1
H o ld e r s o f r e c . J a n . 1 0 a
A p r.
1 H o ld e r s o f r e c . M a r . 1 3 a
F e b . 14 ♦ H o ld e r s o f re o . J a n . 3 1
F’ e b . 1 4 ♦ H o l d e r s o f r e o . J a n . 3 1
F’ e b . 1 0
H o ld e r s o f r e c . J a n . 3 1
F’ e b . 1 0
H o ld e r s o f r e c . J a n . 3 1
Feb.
2 H o ld e r s o f r e c . J a n . 1 7
F’e b .
2 ♦ H o ld e r s o f r e c . J a n . 1 5
F e b . 28
H o ld e r s o f re o . J a n .
7a
F e b . 1 5 ♦ H o ld e r s o f re o . F e b .
1
Feb.
2 H o ld e rs o f r e c . J a n . 16
Feb.
H o ld e r s o f r e c . J a n . 1 5 a
A p r.
H o ld e r s o f r e c . M a r . 1 3
Feb.
H o ld e r s o f re o . F e b . 1 0
Feb.
2 J a n . 16
to
Ja n . 25
Feb.
2 Ja n . 16
to
Ja n . 25
Feb.
2 J a n . 16
to
Ja n . 25
M a r . 3 1 ♦ H o ld e r s o f r e c . M a r . 2 2
M a r . 3 1 •H o ld e r s o f re c . M a r . 2 2
F e b . 10 •H o ld e r s o f re o . F e b .
7
Feb.
2 H o ld e r s o f re o . J a n . 1 5 a
Feb.
2 H o ld e rs o f r e c . J a n . 1 5 a
Feb.
2 H o ld e r s o f r e c . J a n . 1 5 a
F e b . 16 H o ld e r s o f r e c . F e b .
2
Feb.
2 H o ld e r s o f r e c . J a n . 2 3 a
M a r . 1 H o ld e r s o f r e c . F e b . 14 a
M ar. 1
F e b . 16
H o ld e r s o f r e c . J a n . 3 1 (
M a r . 1 ♦ H o ld e r s o f r e c . F e b . 2 0
Feb.
2 H o ld e r s o f re o . J a n . 2 3 a
Feb.
2 H o ld e r s o f r e c . J a n .
2
Feb.
2 H o ld e r s o f r e c . J a n .
2
F e b . 2 4 H o ld e r s o f r e c . J a n . 1 7 a
F e b . 15
H o ld e rs o f r e c . F e b .
1
M a r . 1 ♦ H o ld e r s o f r e c . F e b .
0
M a r . 1 ♦ H o ld e r s o f re o . F e b .
9
Feb.
H o ld e r s o f re o . D e o . 3 0 a
Feb.
♦ H o ld e r s o f r e c . J a n . 1 5
Feb.
Ja n . 2 1
to
F’ e b .
1
Feb.
Ja n . 25
to
F’ e b .
1

Feb.
1 H o ld e r s o f re o . J a n . 2 6 a
A p r.
1 ‘ H o ld e r s o f r e o . M a r . 1 6 a
A p r.
1 ‘ H o ld e r s o f r e c . M a r . 1 6 a
A p r.
*1K
1 ‘ H o ld e rs o f r e c . M a r . 16 a
B ig e lo w -H a r t fo r d C a r p e t , c o m . (q u a r )
2
Feb.
2 H o ld e r s o f r e c . J a n . 1 6
P r e f e r r e d ( q u a r . ) ______________________
F
e
b
.
1'A
2
H o ld e r s o f r e c . J a n . 1 6
B la c k s to n e V a l. G a s A E le c ., co m (q u )
$1
M a r . 1 H o ld e rs o f re o . F e b . 1 6 a
B o n d <& M o r t g a g e G u a r a n t e e ( q u a r . ) . . . '
4
F e b . 14
H o l d e r s o f r e c . F’ e b .
7
B o r d e n C o m p a n y , c o m m o n ________
Feb.
1 H o ld e rs o f r e c . J a n . 3 1 a
B r i l l ( J . G . ) C o . , p r e f e r r e d ( q u a r . ; ________
Feb.
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Ja n . 23
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B r it is h A m e ric a n C h e m ic a l, co m m o n
25o. F e b .
H o ld e r s o f r e c . J a n . 2 0
P r e f e r r e d __________________________
2
Feb.
H o ld e r s o f r e c . D e c . 3 1
B r o m p t o n P u lp A P a p e r ( q u a r .)
* 1 )4
Feb.
•H o ld e r s o f re c . J a n . 3 1
B r o o k ly n E d is o n C o . ( q u a r .) . .
2
M a r.
H o ld e r s o f r e c . F e b .
6a
B r o w n S h o e , I n c . , p r e f . ( q u a r . I l l ___
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Feb.
H o ld e r s o f r e c . J a n . 20u
B r u n s w lc k - B e lk c - C o lle n d e r , c o m . ( q u ,) _
F e b . 1 5 ♦ H o l d e r s o f r e c . F’ e b .
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5
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* $2
M a r. 15
H o l d e r s o f r e c . F’ e b . 2 1
B u r n s B r o s ., co m m o n ( q u a r . ) I I I I I I
2 )4
F e b . 16
H o l d e r s o f r e c . F 'e b .
2a
P r e f e r r e d ( q u a r J ____________ H I I I
Feb.
I K
H o ld e rs o f r e c . J a n . 2 3
B u t l e r B r o s , ( q u a r . ) ___ _____
Feb.
2 )4
H o ld e r s o f r e c . J a n . 2 1
E x t r a . . . ____________
Feb.
4 )4
H o ld e r s o f r e c . J a n . 2 1
B y - P r o d u c t s C o k e C o r p o r a t io n ( q u a r .)
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F e b . 1 6 H o ld e r s o f r e c . J a n . 3 1
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H o ld e r s o f r e c . J a n . 3 1
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H o ld e r s o f re o . J a n . 3 1
C a n a d ia n C o n v e r te r s ( q u a r .) I I I I I I I I I
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H o ld e r s o f r e c . J a n . 3 1
C a n a d ia n E x p lo s iv e s , c o m m o n Y q u a r .I *
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H o ld e s o f r e c . D e c . 3 1 a
C o m m o n ( e x t r a ) .....................
25
Ja n . 3 1
H o ld e r s o f r e c . D o c . 3 1 a
C a rb o n S te e l, fir s t p r e f e r r e d ! ! I I I I I I I
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M a r . 3 0 H o ld e r s o f r e c . M a r . 2 6 a
S e c o n '’ r r e f e r r e d ________________ I . I I H
6
J u l y 3 0 H o ld e rs o f re c . J u l y 2 6 a
C e d a r R a p i d s M f g , A P o w e r ( q u a r . ) ___
K F e b . 16 H o ld e r s o f r e c . J a n . 3 1
C e n t r a l L e a t h e r , c o m m o n ( q u a r .)
Feb.
2 H o ld e r s o f r e c . J a n .
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C o m m o n ( e x t r a ) __________________H I ” .
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Feb.
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Feb.
H o ld e r s o f r e c . J a n . 1 5 a
C o m m o n a n d p r e f e r r e d ( m o n t h l y ) _____
M a r.
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C o m m o n ( p a y a b le in c o m m o n s t o c k )
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P r e f e r r e d B ( m o n t h l y ) ......................................
M a r.
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C it ie s S e r v ic e , B a n k e r s ’ s h a r e s ( m o n th ly )
4 5 .8
Feb.
H o l d e r s o f r e c . J a n . 15
C le v e la n d A u t o m o b ile , p r e f. ( N o I )
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J a n . 3 1 ♦ H o ld e r s o f re c . J a n ! 2 0
C l e v e l a n d - C l i f f s I r o n ( q u a r . ) ........................
J a n . 2 54 H o l d e r s o f r e c . J a n . 1 5
2 )
C U n c h fie ld C o a l C o r p o r a t io n , c o m m o n ..
e b . 1 4 ♦ H o l d e r s o f r e c . F’ e b .
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9
P r e f e r r e d ( q u a r . ) _________________________
Feb.
1 'H o l d e r s o f r e c . J a n . 2 6
*154
C lu e t t .P e a b o d y A C o .,I n c .,c o m . ( q u a r .)
3
Feb.
2 H o ld e r s o f re o . J a n . 2 1 a
C o l o r a d o F u e l i t I r o n , c o m . ( q u a r . ) ___ _
5
*54 F e b . 2 0 ♦ H o ld e r s o f r e c . F e b .
P r e f e r r e d ( q u a r . ) .......................... .
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5
C o lu m b ia G a s A E le c t r ic ( q u a r . ) .* .'. " .. .'
F eb . 15
IK
H o ld e r s o f r e c . J a n . 3 1 a
C o m m o n w e a l t h E d i s o n ( q u a r . ) ___________ *2
Feb.
2 ♦ H o l d e r s o f r e c . J a n . 15
C o n s o lid a te d C ig a r , p r e f. ( q u a r . ) . . I I I I I
M ar.
IK
H o ld e r s o f r e c . F e b . 1 4 a
C o n s o lid a te d G a s ( N e w Y o r k ; (q u a r )
.
M a r . 1 5 ♦ H o ld e r s o f r e c . F e b . 1 0
*154
C o n s o l i d a t i o n C o a l ( q u a r . ) ____________
Ja n . 3 1
1 )4
H o ld e rs o f re o . J a n . 2 0
C o n s u m e r s C o . ( C h ic a g o ) , p r e f . . . . . I I I I I
F e b . 2 0 ♦ H o l d e r s o f r e c . F’ e b . i o
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F’ e b . 1 6 H o l d e r s o f r e c . F e b .
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9
P r e f e r r e d ( q u a r . ) ___________________ I ____ I
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H o l d e r s o f r e c . F’ e b .
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1 H o ld e r s o f r e c . D e o . 3 1
C o m . ( p a y a b l e In c o m . s t o c k ) ___ I I I / 12)4o F e b .
1 H o ld e r s o f r e c . D e o . 3 1
C r u c i b l e S t e e l , c o m m o n ( q u a r . ) ________
3
Ja n . 3 1
H o ld e rs o f re o . J a n . 1 5 a
C u p e y S u g a r , c o m m o n __________________H I
3
Feb.
1 H o ld e r s o f r e c . J a n . 1 5
P r e f e r r e d __________ _____________
Feb.
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S e v e n p e r cen t p r e fe r r e d

( q u a r . ) . . '. . '. " . '.




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N am e o f Com pany.

Street & Electric Railways
A m e r ic a n R a il w a y s , p r e fe r r e d ( q u a r .) _ _
C a r o lin a P o w e r & L ig h t , c o m . ( q u a r .) _ .
C o m m o n w e a l t h P o w . , R y . <fe L . , p f . ( q u . )

[Vol .

M is c e l l a n e o u s ( C o n t in u e d ) .
C u b a C o m p a n y , p r e f e r r e d __________

D e l a t o u r B e v e r a g e ( N o . 1 ) ______
D e p o s i t o r s ’ O il A G a s ( q u a r .) .
D ia m o n d I c e A C o a l, p r e fe rr e d
D i a m o n d M a t c h ( q u a r . ) ________

D o m i n i o n B r i d g e ( q u a r . ) ______
D o m in io n C o a l, p r e f . ( q u a r . ) .
D o m i n i o n O il ( m o n t h l y ) ______

P r e f e r r e d ( q u a r . ) ..................
lu rh a m H o s ie r y M ills , c o n
C o m m o n A & B ( q u a r .) .
C om m on A & B (e x tra ).
P r e f e r r e d ( q u a r . ) _________
F ir s t a n d sec o n d p re fe rre d

( q u a r .) .

E le o t r lc a l S e c u r it ie s , c o m . ( q u a r .) .
E l g i n N a t i o n a l W a t c h ( q u a r . ) _____
E l k B a s i n P e t r o l e u m ( q u a r . ) ______
E m e r s o n B r a n t ln g h a m , p r e f. (q u a ;
E m e r s o n S h o e , p r e f e r r e d ( q u a r . ) _____
E u r e k a P i p e L i n e ( q u a r . ) __________
F a ir b a n k s C o ., fir s t p re f. ( q u a r .) .
F a j a r d o S u g a r ( q u a r . ) _______________
F a l l R i v e r G a s W o r k s ( q u a r . ) _____
F e d e r a l O il, c o m . ( q u a r .) ( N o . 1)
Com m on
( e x t r a ) .................. .. .............
P r e f e r r e d ( q u a r . ) _____________
F ir e s to n o T ir e A R u b b e r —
S e v e n p e r c e n t p re f ( q u a r .) .
F ir s t M o rtg a g e G u a ra n te e C o .
F ls h e r B o d y C o r p ., c o m m o n (N
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Feb.
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B o o k s C lo s e d .
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H o ld e r s o f re o . D e o . 3 1 o
H o ld e r s o f re o . J a n . 20
♦ H o l d e r s o f r e o . F’ e b .
2
H o l d e r s o f r e c . F ’e b . 1 0
H o ld e r s o f r e c . J a n . 2 0
H o ld e r s o f re o . J a n . 2 6
♦ H o l d e r s o f r e o . F’ e b . 2 8
Ja n . 22
to
Ja n .
1
H o ld e r s o f re o . J a n . 3 1
H o ld e r s o f r e c . J a n . 1 4
H o ld e r s o f r e c . J a n . 1 5
Ja n . 16
to
Feb.
H o ld e r s o f re o . J a n . 2 0 o
H o ld e r s o f re o . J a n . 2 0 a
H o ld e r s o f r e c . J a n . 2 0 a
H o ld e r s o f r e c . M a r . 2 0 a
H o ld e r s o f r e c . M a r . 2 0 a
H o ld e r s o f r e c . J a n . 2 0 a
H o ld e rs o f r e c . A p r .
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H o ld e r s o f re o . M a r . 1
H o ld e rs o f reo . J a n . 1 5
H o ld e rs o f r e c . J a n . 2 8 a
H o ld e r s o f r e c . J a n . 2 0
H o l d e r s o f r e o . F’ e b .
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H o ld e r s o f r e c . J a n . 2 3 a
‘ H o ld e r s o f r e c . J a n . 2 4
■ H o ld e r s o f r e c . J a n . 1 5
H o ld e r s o f re c . J a n . 10 a
H o ld e rs o f re o . J a n . 2 6
H o ld e r s o f r e c . J a n . 1 5
H o ld e rs o f r e c . J n n . 2 0 a
H o ld e rs o f re o . J a n . 1 2
H o ld e r s o f re o . J a n . 2 2 a
H o ld e rs o f re c . J a n . 2 1
H o ld e r s o f re o . J a n . 1 5
H o ld e r s o f re o . J a n . 1 5
H o ld e r s o f r e c . J a n . 2 3 a
H o ld e r s o f r e c . J a n . 2 3 a

Feb . 15
H o ld e r s o f re o . F e b .
6a
F’ e b . 1 5
F’ e b .
2 H o ld e r s o f r e c . J a n . 1 5 a
F’ e b .
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F’ e b .
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H o ld e r s o f r e c . J a n . 2 0
F’ e b .
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G e n e r a l C h e m i c a l , c o m m o n ( q u a r . ) '.
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G e n e ra l C ig a r , co m m o n ( q u a r . ) .. !
F’e b . 2
H o ld e r s o f r e c . J a n . 2 4 a
P r e f e r r e d ( q u a r . ) _______________ ”
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G e n e r a l M o t o r s , c o m m o n ( q u a r .)
F’e b .
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F’ e b . 1 4
E x t r a ................................ ...........................
F’ e b . 1 4
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P r e f e r r e d ( q u a r . ) ................................
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Feb.
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Feb. 1 1
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L i t B r o t h e r s C o r p o r a t i o n ___________. 1 .
60c.
Feb. 20 I
26
E x t r a ____________ _________________________
25o.
Feb. 20 I
26
io e w '8 , I n o . f q u a r . ) _____________________ I I
60o.
Feb.
1
I
L o w e l l E l e c t r i c L i g h t C o r p . ( q u a r . ) ________
Feb.
2
I
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M a n u fa c t u r e d R u b b e r, p r e fe r r e d (q u a r .).
15 c .
Feb.
2 I
M a r t i n - P a r r y C o r p . ( q u a r . ) ( N o . 1 ) _____
60c.
M ar. 1 I
M a s s a c h u s e tt s G a s C o s ., c o m . ( q u a r .) .
Feb.
2 I
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M e r r i t t O i l C o r p o r a t i o n ( q u a r . ) _________
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M i a m i C o p p e r ( q u a r . ) .........................................
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1
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M i d d l e S t a t e s O H ( m o n t h l y ) _____ ________
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10 c . M a r. 1
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M o n t h l y ___________________________________
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Feb. 28 * 1
Midvale Steel A Ordnance (quar.)
$1
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Midwest Refining (quar.)______
$1
■’ e b .
2
I
15 a
Extra_____________________
50c.
■’ e b .
2 I
15 a
Mohawk Mining (quar.)_____________ $ 1 . 5 0 ■’e b . 2 1
13
Montreal Light, Heat A Power (quar.)".”
2
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31
Morris Plan Co., common______
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Mullins Body Corporation (quar.)
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15 a
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Nash Motor, common__________
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1 'e b
1 11
Preferred (quar.)......... ...I I I !
1 II
1 K
1 'e b .
National Acme (quar.)_________
11
8 7 ) 4 c Al a r . 1
National Biscuit, common (quar.)
II
1)4
/ p rll 1 5
Preferred (quar.)__________ ______
II
1 K
1’o b . 28
National Breweries (Canada), pref. (qu!)
2
11
1)4
1 'e b .
17
National Lead, preferred (quar.)_____
II
1)4
Ala r . 1 5
National Leather (No. 1>___________ I
40c 1 e b . 15
II
New York Dock, common___________ I 2 ) 4 I e b . 1 6 H
6a
N ew York S h ipbuilding _________ IIIII ♦ 3 1
Ala r . 1 *11
0
Ohio C ities G as, com , (q u a r .) ............ III! ♦ $ 1
Ala r . 1 * 11
Ontario Steel Products, pref. (quar.)Ill
II
1)4
1 e b . 16
Pref. (account accumulated dividends) h l K 1 e b . 1 6 I I
Pacific Coast C o . , first prei. (quar.)___
1 11
D4
l cb.
Second preferred (quar.)_________ _
1
Feb.
1 II
Pacific Development Corp. (quar.)____
2
I c b . 10
II
Pacific Power A Light, pref. (quar.)___
2 II
IK
1 eb.
Packard Motor Car, com.(quar.)______
II
2 )4
J an. 3 1
Penmans Ltd., common (quar.)_____
II
1)4
F eb . 16
Preferred (quar.)____ ____________
2 II
IK
F cb.
-

..
..

IK
P 2K

$ 2 .6 0

THE CHRONICLE

Jan . 31 1920.J
Per
C en t.

N am e o f Com pany.

W hen
P a y a b le

M is c e lla n e o u s (C o n c lu d e d ) .
P e n n T r a f f i c __________________________________
Feb.
2
3
E x t r a _______________________________________
Feb.
2
I
F e b . 10
P e n n s y l v a n i a C o a l A C o k e ( q u a r . ) _________
$1
P h i l l i p s J o n e s C o r p . , p r e f . ( q u a r . ) ______
Feb.
1
IX
M ar. 1
P l u s . P l a t o G l a s s , c o m m o n ( e x t r a ) _____
6
P r e f e r r e d ( a n n u a l ) _______________________
M a r. 1
12
M ar. 1
P i t t s b u r g h S t e e l , p r e f e r r e d ( q u a r . ) ______
IX
Ia n . 3 1
P l a n t ( T h o m a s G . ) C o ( q u a r . ) ____________
IX
Feb.
2
P o r t l a n d ( O r e .) G a s A C o k e , p r e f . ( q u . )
IX
Ja n . 3 1
*3
P r a i r i e P i p e L i n e ( q u a r . ) ___________________
M a r . 10
P r e s s e d S t e e l C a r , c o m m o n ( q u a r . ) ________
2
M ar. 2
P r e f e r r e d ( q u a r . ) __________________________
IX
Feb.
1
P r i c e B r o s , ( b o n u s ) _________________________
2
F e b . 14
P r o c t e r A G a m b l e , c o m m o n ( q u a r . ) _____
5
n 2 X c . Feb.
1
P r o d u c e r s & R e f i n e r s , c o m ( q u a r . ) ___
P u b lic S e r v . C o . o f N . 1 1 1 ., c o m . ( q u a r .)
Feb.
2
•I X
P r e f e r r e d ( q u a r . ) _________________________
Feb.
2
•I X
F e b . 10
2
P u l l m a n C o m p a n y ( q u a r . ) ............... ................
Feb.
2
P y r c n o M a n u f a c t u r i n g , I n c ________________
2 X
F e b . 28
Q u a k e r O a t s , p r e f e r r e d ( q u a r . ) __________
1X
Feb.
2
I t e p u b l l e I r o n A H t o e l, c o m m o n ( q u a r . ) .
IX
F e b . 10
R lo r d o n P u lp A P a p e r , c o m m o n ( q u a r . ) . .
2 X
M ar. 3 1
P r e f e r r e d ( q u a r . ) .................. .................................
IX
Feb.
1
R u s s e ll M o t o r C u r , c o m . A p r e f. ( q u a r .)
IX
Feb.
2
S t . L a w re n c e F lo u r M ills , c o m . ( q u a r .) ..
IX
1
Feb.
2
C o m m o n ( b o n u s ) _________ ________ _______
Feb.
2
P r e f e r r e d ( q u a r . ) _________________________
IX
Feb.
2
S a n t a C o e lllli i S u g a r C o r p . , c o m . ( q u a r . )
IX
P r e f e r r e d ( q u a r ___________________________
Feb.
2
IX
Feb.
1
S a p u l p a R e f i n i n g ( q u a r . ) ___________________
2 X
M a r. 15
S a v a g e A r m s C o r p o r a t i o n , c o m . ( q u a r . ) ___
IX
5
C o m m o n ( e x t r a ) .......................................................
A p r . 3C
M ar. 15
F i r s t p r e f e r r e d ( q u a r . ) ........................................
IX
M a r. 15
S e c o n d p r e f e n e d ( q u a r . ) ...................................
S a v a n n a h 8 u g a r R e f . C o r p ., p re f. ( q u .) .
Feb.
2
IX
2
S e a r s , R o e b u c k A C o ., c o m m o n ( q u a r .)
F e b . 15
74c F e b . 3
S h e l l T r a n s p o r t A T r a d i n g , o r d i n a r y _____
Feb.
2
S ie r r a P a c if ic E le c t r ic C o ., p r e f . ( q u a r . ) . .
IX
F e b . 10
S lo s s - S lie fflc ld S t e e l * I r o n , c o m . ( q u a r .)
IX
S m i t h ( A . O . ) C o r p , p r e f . ( q u a r . ) ________
F e b . 16
IX
Ja n . 31
S n o w 's F o u n t a i n s , l n o . , p r e f . ( q u a r . ) ___
IX
Feb.
1
S t a f f o r d C o m p a n y , p r e f e r r e d _____________
IX
F e b . 28
S t a n d a r d M i l l i n g , c o m m o n ( q u a r . , ________
2
F e b . 28
P r e f e r r e d ( q u a r . ) __________________________
IX
S t a n d a r d M o to r C o n s tr u c tio n ( q u a r . ) ..
Feb.
2
2 X
M a r. 15
S t a n d a r d O i l ( C a l i f o r n i a ) ( q u a r . ) __________
*2 X
E x t r a .................. ......................................... ...................
M a r. 15
$1
M a r. 15
S t a n d a r d O i l ( I n d i a n a ) ( q u a r . ) ____________ . * 3
M a r. 15
E x t r a ____________ _____________ ______________
*3
M a r. 15
S t a n d a r d O i l ( K a n s a s ) ( q u a r . ) _____________
*3
M a r. 15
E x t r a ............ ................................. .................................
3
F e b . 10
S t a n d a r d S a n i t a r y M f g . , c o m . ( q u a r . ) _____
2
F e b . 10
C o m m o n ( e x t r a ) ____________ ________ _______
2
F e b . 10
P r e f e r r e d ( q u a r . ) _______________ ___________
IX
Feb.
2
S t e e l C o . o f C a n a d a , o r d in a r y ( q u a r . ) ..
IX
Feb.
2
O r d i n a r y ( s p e c i a l ) _______________________
X
Feb.
2
P r e f e r r e d ( q u a r . ) ................................ ................
I X
M ar. 1
S t e r n B r o s . , p r e f . ( q u a r . ) __________________
IX
S t e w a r t M f g . , p r e f e r r e d ( q u a r . ) .....................
2
Feb.
1
F e b . 14
S tc w a r t - W a r n o r S p e e d ., n e w c o m .( N o .1 )
$1
Feb.
7
S u b m a r i n e B o a t C o r p o r a t i o n _____________
50c.
M a r. 1
50o.
S u p e r i o r O il C o r p o r a t i o n ( q u a r . ) . . ............
S u p e r io r S te e l C o r p ., c o m m o n ( q u a r . ) ..
Feb.
2
X
Feb.
2
C o m m o n ( e x t r a ) __________________________
X
F i r s t a n d s e c o n d p r e f e r r e d ( q u a r . ) _____
F e b . 10
2
S w i f t I n t e r n a t i o n a l __________________________ * $ 1 .2 0 F e b . 2 0
F e b . 14
S y m in g to n ( T . I I .) C o ., p re f. ( q u a r .) .
2
T a y lo r - W lia r t o n I r o n * S t e e l, p r e f. (q u .)
Feb.
2
I X
T e x a s C h i e f O i l ( m o n t h l y ) ......................................
F e b . 20
IX
Feb.
2
T e x a s P o w e r A L ig h t, p re fe rr e d ( q u a r .) .
IX
T h o m p s n n - S l a r r e t l C o . , p r e f e r r e d . . ...............
A p r.
1
4
F e b . 10
T o b a c c o P ro d u c ts C o r p ., co m . ( q u a r .) ..
IX
U n io n T a n k C a r ( q u a r . ) ___________________
M a r. 1
IX
U n i t e d C i g a r S t o r e s o f A m e r i c a , c o m _____ ! 1 0
A p r.
1
U n i t e d D r u g , f i r s t p r e f e r r e d ( q u a r . ) _____
Feb.
2
IX
U n i t e d l l e t u l l S t o r e s C o r p . ( N o . 1 ) ____
$3
Feb.
2
Feb.
1
U n ite d V e r d e E x t e n s io n M in in g ( q u a r .)
50c.
U n it e d W ir e A S u p p ly , p r e fe r r e d ( q u a r .) .
Feb.
2
•I X
Feb.
2
S e n i o r p r e f e r r e d ( q u a r . ) ......................................
•I X
U . 8 . P r in tin g & L ith o g r a p h in g —
F i r s t p r e f . ( a c c o u n t u c c u m . d l v s . ) _____ h i x
Feb.
1
U . 8 . R u b b e r , c o m m o n ( q u a r . ) ___ ______
2
Ja n . 3 1
C o m m o n ( p a y a b l e In c o m m o n s t o c k ) . r u x
F e b . 19
F i r s t p r e f e r r e d ( q u a r . ) ......................................
Ja n . 3 1
2
U n i t e d S t a t e s S t e e l C o r p . , c o m . ( q u a r . ) ___
M a r. 30
IX
P r e f e r r e d ( q u a r . ) __________________________
F e b . 28
IX
V a n Itn a ltc C o ., I n c ., 1 s t p re f. ( N o . 1 ) - .
M ar. 1
l x
S e c o n d p r e f e r r e d ( N o . 1 ) . . ___ _____ ____
M ar. 1
V i r g i n i a C a r o l i n a C h e m i c a l , c o m . ( q u .)
Feb.
2
1
W a l t h a m W a t c h , c o m m o n ________________
M ar. 1
•2 X
W n y a g a m a c k P u l p A P a p e r ( q u a r . ) _____
1
M ar.
1
W e st I n d ia S u g a r F in a n c e , c o m . ( q u a r .) .
M ar.
1
15 4
P r e f e r r e d ( q u a r . ) _________________________
2
M a r. 1
W e s t l n g h o u s c A i r B r a k o ( q u a r . ) ............... $ 1 . 7 5 J a n . 3 1
W e s t ln g h o u s e K le e . A M f g . , c o m . ( q u a r .)
Ja n . 3 1
$1
M ar. 1
W h it e ( J . ( ) .) A C o ., I n c . , p r e f . ( q u a r . ) . .
IX
W h it e ( J . O .) E n g i n e e r i n g , p r e f . ( q u a r . ) . .
M a r. 1
15 4
W h it e ( J . a . ) M a n a g e m 'l , p r e f . ( q u a r . ) . .
M a r. 1
15 4
W h i t e M o t o r ( q u a r . ) . . ______ _______________ * $ 1
M ar. 3 1
W llly s O v e r la n d C o . , c o m m o n ( q u a r . ) . .
26o. F e b .
1
W ils o n A C O
c o m . ( q u u r . ) ____ _________
Feb.
2
15 4
F e b . 10
W ir e W h e e l C o r p . p r e f . ( m o n t h l y ) _____
1
W o o l w o r t h ( F , W . ) , c o m m o n ( q u a r . ) ___
2
M a r. 1

B o o k s C lo s e d .
D a y s In c lu s iv e .

H o ld e r s o f r e c . J a n . 1 5 a
H o ld e r s o f rc o . J a n . 1 5 a
H o ld e r s o f r e c . F e b .
6
H o ld e r s o f r e c . J a n . 20
H o ld e rs o f r e c . F e b . 1 2 a
H o ld e r s o f r e c . F e b . 1 2 a
H o ld e r s o f r e c . F e b . 1 4 a
H o ld e r s o f re c . J a n . 1 7
H o ld e r s o f r e c . J a n . 2 2
•H o ld e r s o f rco . D e c . 3 1
H o ld e r s o f r e c . F e b . 18
H o ld e r s o f r e c . F e b . 1 0
H o ld e r s o f r e c . J a n . 26
Ja n . 25
to
Feb . 22
H o ld e rs o f re c . D e c . 3 1 a
•H o ld e r s o f re o . J a n . 1 5
•H o ld e r s o f re o . J a n . 1 5
H o ld e r s o f r e c . J a n . 3 1 a
Ja n . 22
to
Feb.
1
H o ld e rs o f r e c . F e b .
2a
H o ld e rs o f re c . J a n . 1 5
H o ld e r s o f r e c . F e b .
5
H o ld e rs o f r e c . M a r . 2 2
H o ld e rs o f r e c . J a n . 1 5
H o ld e r s o f re c . J a n . 2 4
H o ld e r s o f reo . J a n . 2 4
H o l d e r s 01 r e c . J a n . 2 4
H o ld e rs o f re c . J a n . 2 4 a
H o ld e rs o f r e c . J a n . 2 4 a
Ja n . 22
to
Feb.
I
H o ld e r s o f r e c . M a r
1
H o ld e r s o f r e c . M a r
1
H o ld e r s o f r e c . M a r
1
H o ld e r s o f r e c . M a r
1
H o ld e r s o f r e c . J a n . 1 5
H o ld e r s o f r e c . J a n . 3 1 a
H o ld e rs o f r e c . J a n . 2 7 a
H o ld e r s o f r e c . J a n . 2 7 a
H o ld e r s o f r e c . J a n . 3 0 a
H o ld e rs o f r e c . J a n . 3 1
H o ld e r s o f r e c . J a n . 1 5
J a n . 10
to
J a n . 29
H o l d e r s o f r e c . F’ e b . 1 8
H o ld e r s o f r e c . F e b . 18
H o ld e rs o f re o . J a n .
5
•H o ld e r s o f re c . F e b . 1 4
•H o ld e r s o f r e c . F e b . 14
•H o ld e r s o f r e c . F e b .
2
•H o ld e r s c l r e c . F e b .
2
•H o ld e r s o f r e c . F e b . 2 8 a
H o ld e r s o f r e c . F e b . 2 8 a
H o ld e r s o f r e c . F e b .
5
H o ld e r s o f r e c . F e b .
5
H o ld e r s o f r e c . F e b .
5
H o ld e r s o f r e o . J a n . 1 0
H o ld e rs o f re c . J a n . 1 0
H o ld e rs o f re c . J a n . 10
H o ld e rs o f re c . F e b . 2 0
H o ld e rs o f re o . J a n . 1 5 a
Ja n . 3 1
to
Feb. d5
H o ld e rs o f re o . J a n . 3 1
H o ld e r s o f re o . F e b . 1 7
H o ld e r s o f re c . J a n . 1 5 a
H o ld e r s o f r e c . J a n . 1 5 a
H o ld e rs o f re c . F e b .
2a
•H o ld e r s o f re c . J a n . 20
H o ld e rs o f re o . F e b .
a
Ja n . 25
to
Feb.
l
H o ld e r s o f r e c . F e b .
5
H o ld e r s o f re o . J a n . 2 0
H o ld e r s o f r e c . M a r . 2 0
H o ld e rs o f re o . F e b .
2a
H o ld e r s o f r e c . F e b .
6
H o ld e rs o f re c . M a r . 1 5 a
H o ld e rs o f r e c . J a n . 1 5 a
H o ld e rs o f re c . J a n . 1 5
H o ld e r s o f r e o . J a n .
5a
•H o ld e r s o f r e c . J a n . 2 7
•H o ld e r s o f re c . J a n . 2 7

ix

H o ld e rs
H o ld e r s
H o ld e r s
H o ld e r s
F e b . 28
Feb.
1
H o ld e rs
H o ld e rs
H o ld e rs
•H o ld e r s
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e r s
H o ld e r s
H o ld e r s
♦ H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e rs

of
of
of
of

of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

rec.
re c.
re c.
re c.
to
to
re c .
rec.
re c .
re c.
rec.
rec.
re c .
re c .
reo .
re c.
re c.
rec.
rec.
reo .
re c .
re o .
rec.

Ja n .
Ja n .
Feb.
Ja n .
M ar.
Feb.
Feb.
Feb.
Ja n .
Feb.
Feb.
Feb.
Feb.
D ec.
Ja n .
Feb.
Feb.
Feb.
M ar.
Ja n .
Ja n .
Feb.
Feb

20a
15 a
6a
15 a
1
3
14
14
15 a
20
16
15 a
1 5a
3 1a
2a
14
14
14
17
20a
2 la
2
10 a

* F r o m u n o ffic ia l s o u r c e s , t D e c la r e d s u b je c t to th e a p p r o v a l o f D ir e c to r - G e n e r a l
o f R a ilr o a d s ,
t T h e N e w Y o r k S t o c k E x c h a n g e h a s r u le d t h a t s t o c k w ill n o t b e
q u o te d o x -d tv id e n d o n th is d a to a n d n o t u n til fu rt h e r n o t ic e ,
a T r a n sfe r b o o k s n o t
c lo s e d fo r th is d iv id e n d .
6 L e s s B r it is h In c o m e t a x .
d C o r re c tio n ,
e P a y a b l e In
sto ck .
/ P a y a b l e In c o m m o n s t o c k ,
g P a y a b l e In s c r i p ,
h On account of accum u­
la t e d d iv id e n d s .
< P a y u b l o In L i b e r t y L o a n b o n d s .
* P a y a b l e to h o ld e rs o f re c o rd J a n . 3 1 .
n D e c l a r e d 6 % ( p a r v a l u o $ 1 0 ) , p a y a b l e In q u a r t e r l y I n s t a l l m e n t s .
s D e c la r e d 8 % p a y a b lo 4 % u s a b o v e a n d 4 % S e p t . 3 0 to h o ld e rs o f r e c . S e p t . 2 5 .
x P a y a b lo M a r c h 1 10 2 0 .
s A t ra to o f 8 % p e r a n n u m fro m d a te o f Iss u e , O c t. 6 1 0 1 0 .

B o sto n C learing H ou se B a n k s.— W o givo below a sum­
mary showing tho totals for all the items in tho Boston
Cloaring IIouso wookly statement for a sorios of weeks:
B O ST O N C L E A R IN G

S ta te m e n t o f New Y o rk C ity C learing H ou se B an k s
a n d T r u st C om p an ies.— The following detailed statement
shows tho condition of tho N ew York City Clearing House
members for tho week ending Jan. 24. Tho figures for the
separate banks are tho averages of tho daily results. In the
case of totals, actual figures at end of tho week are also given:
NEW

YO R K

(S ta te d in

C L E A R IN G
H O U SE
M EM B ER S
( .0 0 0 o m i t t e d . )
W eek
e n d in g
Ja n .
24
19 2 0 .

W EEK LY

A v e r a g e ...............

C L E A R IN G

H O U SE

R ET U R N S.
[ ,0 0 0 ] o m i t t e d . )

th o u s a n d s o f d o lla r s — th a t i s , th re e c ip h e r s

N et
C a p it a l. P r o fit s

Loan s,
D is c o u n t ,
In v e s t
m e r its ,
D e c .3 1
N o v .12
A c.

N a t 'l ,
S ta te,
T r .C o s .,N o v .l2

M em b e rs o f
Fed. R es. B an k
$
$
2 ,0 0 0
6 .6 6 C
B k of N Y , N B A
8.2G C
2 ,5 0 0
M a n h a tta n C o .
3 ,3 2 5
3 ,0 0 0
M e rc h a n ts' N at
0 ,0 0 0
1 2 , 10C
M e c h A M e t a ls
7 ,3 0 4
1 ,5 0 0
B a n k o f A m e ric a
N a t i o n a l C i t y . . 2 5 ,0 0 0 5 5 , 8 1 5
9 ,8 6 9
3 ,0 0 0
C h e m ic a l N a t . .
1,0 0 C
1,0 0 0
A t la n tic N a t . . .
14 5
300
N a t B u tc h A D r
5 ,0 0 0
6 ,6 0 8
A m er E xch N at
N a t B k o f C o m m 2 5 ,0 0 0 2 9 , 0 8 5
500
1,15 3
P a c i f i c B a n k ___
0 ,8 7 5
7 ,0 0 0
C h a t h A P h e n lx
3 ,0 0 0 1 9 , 0 5 6
H anover N at . .
3 .5 9 E
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6 9 0 ,7 3 8 ,0 0 0
6 9 8 . 9 3 2 .4 0 0
6 9 8 . 2 8 8 .4 0 0
6 7 3 ,8 7 0 ,7 0 0
7 0 0 .8 4 4 .2 0 0
6 5 6 .6 4 1 .8 0 0
7 2 9 .9 9 9 .10 0
6 6 4 .7 3 6 .8 0 0
7 0 3 .7 7 7 .8 0 0
6 7 1 .1 13 .2 0 0

* T h i s I t e m I n c lu d e s g o l d , s i l v e r , le g a l t e n d e r s , n a t i o n a l b a n k n o t e s a n d F e d e r a l
R e s e r v e n o tes.
,

not in the Clearing House,'1
all

$

$
$
1 0 4 . 7 0 0 .0 0 0
17 9 .3 3 0 .0 0 0
4 ,2 4 5 ,0 0 0 2 ,10 3 ,7 4 0 ,8 0 0 D e c . 1 8 ,5 0 4 ,3 0 0
3 3 1 ,9 0 0
10 ,7 5 0 ,2 0 0 D e c .
1,3 0 0
1,0 1 5 ,6 0 0
2 0 ,8 6 1,6 0 0 D e c . 1,0 0 2 ,0 0 0

In c.
1,7 6 4 ,0 0 0
2 2 0 ,6 8 9 ,6 0 0
D e o . 2 9 ,3 6 2 ,3 0 0 2 ,2 0 7 ,0 3 4 ,5 0 0
3 0 0 , 5 8 7 ,8 0 0
In c.
4 13 ,0 0 0
In c .
0 .3 %
1 7 .3 %

D e c . 3 ,7 9 2 , 0 0 0
D e c . 5 4 ,2 8 4 ,5 0 0
D e c . 5 ,0 3 5 ,4 0 0
D ec.
0 .3 %

th o u s a n d s o f d o lla r s — th a t i s , th re e c ip h e r s

M em b ers o f
F e d 'l R e s . B a n k .
B a tte ry P ark N a t.
M u tu al B a n k ......
N e w N e th e r la n d - .
W R G r a c e A C o ’s
Y o r k v l l l e B a n k ___
F ir s t N a t ’l, J e r C y

$
1.5 0 C
20C
60C
50C
20C
400

$
1,5 16
630
663
1,0 3 8
723
1,3 3 2

T o t a l ..........................

3 ,4 0 0

B a n k o f W ash H ts
C o l o n i a l B a n k _____
In te r n a tio n a l B a n k
N o rth S id e , B k ly n
T o t a l ..........................

C ash
in
V a u lt.

R ese rv e
w ith
Legal
D e p o s i­
to rie s .

A verag e A v e ra g e A v e ra g e
$
$
S

YO RK
10 0 0

C L E A R IN G

o m i t t e d .)

N et
D e­
p o s its .

A vera g e

N a t’l
Bank
C ir c u ­
la t io n .

N et
T im e
D e­
p o s its .

A vera g e A vera g e

1 7 ,8 0 9
12 ,2 0 9
10 ,4 8 8
7 ,4 0 7
12 ,7 4 5
9 ,0 2 4

252
207
229
2C
3 ir
0 17

1,8 5 2
1,7 11
1,3 3 1
1 .3 0 C
1,2 0 9
820

$
12 ,3 0 1
11 ,9 7 6
8 ,5 7 4
0 ,4 6 8
7 ,2 5 2
7 ,0 0 3

83
4 17
17 4
1 , 0 IT
6 ,9 9 2
...............

400

5 ,9 0 5

6 9 ,0 8 2

1,0 3 5

8 ,2 8 3

6 3 ,6 2 8

8 ,6 2 0

699

10 0
000
500
200

440
1,2 17
289
267

3 ,0 2 4
14 ,18 8
7 ,3 8 0
0 ,1 0 8

391
1,4 5 0
870
407

18 9
1,3 7 6
452
370

3 .1 0 7
15 ,3 12
7 .10 8
6 ,9 7 3

4 19
606

_____ _ _

1,4 0 0

2 ,2 14

3 0 ,7 0 0

3 ,1 2 4

2 ,3 9 3

3 1,5 6 0

1,0 2 5

H a m ilto n T r , B k ln
M cch T r , B ayo n n e

500
200

1 ,0 4 8
465

0 ,2 4 4
8 ,3 5 0

593
334

370
202

7 ,6 2 9
3 ,7 4 1

1,14 2
4 ,6 8 3

T o t a l ..........................

700

1,5 13

$

$
19 9

N o t M e m b e r s o f th e
F e d 'l R e s e rv e B a n k

17 ,5 9 4

927

038

11 ,2 7 0

6 ,8 2 5

5 ,5 0 0
G ra n d a g g r e g a t e ..
C o m p a r is o n p r e v lo u s w e e k

0 ,6 3 3 118 ,0 4 2
________j— 2 , 1 1 5

6 ,0 8 0
—47

1 1 ,3 1 4
+ 320

i i 9 0 ,4 5 8
— 1,0 10

1 5 ,4 7 0
+ 10 5

599
+ 14

5 ,5 0 0
5 ,5 0 0
5 ,5 0 0
5 ,5 0 0

9 ,8 3 6 12 0 ,15 7
9 ,8 3 0 1 2 0 ,4 8 6
9 ,8 3 0 ,11 7 ,0 5 0
9 ,8 3 0 ,1 1 7 ,0 1 4

5 ,7 3 3
0 ,2 3 0
0 ,0 2 7
5 ,8 9 2

10 ,9 9 4
1 2 ,0 0 8
11 ,0 0 8
11 ,11 3

9 7 ,4 7 4
9 8 ,9 2 9
9 5 ,7 8 5
9 0 ,2 4 0

15 ,3 7 1
15 ,1 5 4
1 5 ,0 9 1
13 ,9 18

685
580
691
693

G r ’d
G r 'd
G r 'd
G r 'd

ag g r,
ag g r,
ag g r,
ag g r,

Ja n . 17
Ja n . 10
Ja n .
3
D ec. 27

* U . S . d e p o s it s d e d u c t e d , $ 7 2 1 ,0 0 0 .
B i l l s p a y a b le , r e d is c o u n t s , a c c e p t a n c e s a n d o th e r lia b ilit ie s , $ 8 ,3 8 3 ,0 0 0 .
E x c e s s r e s e rv e , $ 4 7 0 ,3 3 0 d e c re a se .

P h ila d elp h ia B an k s.— The Philadelphia Cloaring House
statement for tho week onding Jan. 24 with comparative
figures for tho two weeks preceding, is as follows. Ilosorvo
requirements for mombors of tho Federal Ilosorvo systom
are 1 0 % on demand doposits and 3 % on timo doposits, all
to be kept with tho Fodoral Ilosorvo Bank. “ Cash
in
vaults” is not a part of logal roservo. For trust companies
not mombors of the Federal Roservo systom tho roservo
required is 1 5 % on demand doposits and includes “ Ilosorvo
with legal depositaries” and “ Cash in vaults.”

9

N ew Y o rk C ity S ta te B an ks and T r u st C om p an ies.—
Iu addition to the roturns of “ State banks and trust com­
panies in Now York City
furnished
by tho State Banking Department, tho Department also
presents a statement covering
the institutions of this
class in tho 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 require­
ments of State banking institutions as amonded M a y 22
1917 wore published in tho “ Chronicle” M a y 19 1917 (V .
104, p. 1975). Tho regulations relating to calculating tho
amount of deposits and what deductions are permitted in the
computation of tho reserves were given in the “ Chronicle”
April 4 1914 (V . 98, p. 1045).

7 5 ,6 4 2 , 8 0 0
8 5 4 , 8 7 9 ,5 0 0
13 2 ,8 14 ,3 0 0
2 0 .3 %

D iffe r e n c e s fr o m
p r e v io u s w e e k .

19 2 0 .

T r u s t C o m p a n ie s

IN

R ese rv e in
D e p o s it a r ie s .

S
2 7 ,4 0 0 , 0 0 0
5 0 ,5 2 0 ,1 0 0
7 0 7 ,3 8 7 ,8 0 0 D e c .
7 , 5 6 4 ,0 0 0 I n c .
3 3 ,3 9 7 ,4 0 0 D e c .

J a n . 24

N o t M e m b e r s o f th e
F e d 'l R e s e rv e B a n k

19 .6 5 %

C O M P A N IE S

C IT Y .

S ta te B an k s

B an k s an d T r u st C om panies in N ew Y o rk C ity .— Tho
averages of the Now York City Clearing House banks and
trust companies
with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
RESU LTS OF BA N KS AN D TR U ST
G R EA T ER NEW YO RK .

YO R K

T r u s t C o m p a n ie s .

D iffe r e n c e s fr o m
p r e v io u s w e e k .

L o an s
N et
D is ­
C a p it a l P r o fit s .
C L E A R IN G
co u n ts.
N O N -M E M B E R S
N a t.b k s .N o v . 17 I n v e s t ­
W e e k e n d in g
S ta te b k s N o v l2 m e n ts,
& c.
T r .c o s .N o v . 12
J a n . 2 4 19 2 0 .

L o a n s a n d I n v e s t m e n t s ____________________________________ $ 7 8 9 ,6 6 9 , 8 0 0
D e c $ 12 ,6 5 2 ,3 0 0
S p e c i e . ...........................................................
7 ,7 0 7 ,7 0 0
D oc.
8 4 ,3 0 0
C u r r e n c y a n d b a n k n o t e s . . ..........................................................
17 ,2 9 7 ,8 0 0
D ec.
5 7 7 ,0 0 0
D e p o s its w ith F e d e r a l R e s e r v e B a n k o f N e w Y o r k . .
7 5 ,3 3 1 ,4 0 0
D eo.
5 7 7 ,8 0 0
T o t a l d e p o s i t s . ....................................................................................
8 5 2 ,6 2 6 ,5 0 0
D e c . 18 ,6 0 8 ,3 0 0
D e p o s it s , e lim in a t in g a m o u n t s d u e fr o m r e s e r v e d e ­
p o s it a r ie s , a n d fro m o t h e r b a n k s a n d t r u s t c o m ­
p a n i e s In N . Y . C i t y , e x c h a n g e s a n d U . S . d e p o s i t s 7 8 9 , 2 4 5 , 1 0 0
D e c . 1 1 ,2 0 8 ,4 0 0
R e s e r v e o n d e p o s i t s .............................................
14 0 ,2 9 7 ,7 0 0
D e c . 2 ,6 1 7 ,9 0 0
P e rc en ta g e o f re se rv e , 2 0 1 % .
R ESER V E .
-— — S t a t e B a n k s --------------- T r u s t C o m p a n i e s -----C a s h I n v a u l t s ....................................................$ 2 5 , 1 7 7 , 7 0 0
15 .4 4 %
$ 7 5 ,1 5 9 ,2 0 0
14 .0 7 %
D e p o s i t s In b a n k s a n d t r u s t c o s . . . 1 0 , 2 2 1 , 5 0 0
6 .2 6 %
2 9 ,7 3 9 ,3 0 0
5 .5 8 %
$ 7 0 4 , 8 9 8 ,5 0 0

N EW

R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W
H O U SE.

S U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G H O U SE S T A T E M E N T .

2 1 .7 0 %

IN

N on -M em ber B an k s an d T r u st C om p an ies.— Follow­
ing is tho report made to tho Cloaring House by clearing
non-member institutions which are not included in tho
“ Clearing House Return” on tho following pago:

not in the Clearing House,

.$ 3 5 ,3 9 9 ,2 0 0

J a n . 24

C a p ita l a s o f N o v . 1 2 .
S u r p lu s a s o f N o v . 1 2 .
L o a n s & in v e s tm e n t s .
S p c c l o ...................................
C u rre n c y A b k . n o tes
D e p o s its w ith th e F .
R . Bank of N . Y__
D e p o s i t s .............................
R e s e r v e o n d e p o s it s ..
P . C . re se rv e to d e p ..

13 ,3 6 3 ,7 5 0
5 5 4 ,0 7 3 ,2 5 0
3 4 ,2 2 7 ,8 10
5 6 3 ,5 7 2 ,19 0
5 5 0 ,9 3 1,6 8 0 d e f2 19 2 ,6 8 0
5 4 ,4 7 9 , 0 0 0
5 5 7 ,12 9 ,0 0 0

( F ig u r e s F u r n is h e d b y S ta te B a n k in g D e p a r t m e n t .)
Ja n . 2 1.

C O M P A N IE S

19 2 0 .

S
13 ,19 2 ,3 4 0
d e f 3 3 ,2 4 0
2 0 4 ,6 5 0

Sta te B an k s an d T r u st C om panies N o t in C learing
H o u se .— The State Banking Department reports weekly
figures showing tho condition of State banks and trust
companies in Now York City
as
follows:

C O M B IN E D

TR U ST

W eek e n d ed J a n . 24

* N o t m em b ers o f F e d e ra l R e s e r v e B a n k .
a T h i s I s t h e r e s e r v e r e q u i r e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e b a n k s In
e l u d e s a l s o a m o u n t o f r e s e r v e r e q u i r e d o n n e t t i m e d e p o s i t s , w h ic h w a s n s f o l l o w s :
J a n . 2 4 , $ 6 ,9 8 6 ,8 5 0 ; J a n . 1 7 , $ 6 ,9 4 6 ,7 7 0 ; J a n . 1 0 , $ 6 ,7 1 8 ,7 7 0 ; J a n . 3 , $ 6 ,7 3 4 ,4 3 0 .
b T h i s I s t h e r e s e r v e r e q u i r e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k In
e lu d e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s it s , w h ic h w a s a s fo llo w s :
J a n . 2 4 , $ 6 , 9 8 0 , 2 5 0 ; J a n . 1 7 , $ 6 , 9 9 0 ,6 0 0 : J a n . 1 0 , $ 6 , 6 1 8 , 4 8 0 ; J a n . 3 , $ 6 , 8 1 8 , 7 6 0 .

Total.

AN D

S ta te B a n k s .

S u r p lu s
R eserve.

R ese rv e
R e q u ir e d .

S
S
S
S
5 4 4 ,3 5 3 ,0 0 0 5 4 4 ,3 5 3 .0 0 0 5 3 1 ,1 6 0 ,6 6 0
9 .7 19 .0 0 0
5 .7 9 4 . 0 0 0
1 5 ,5 1 3 ,0 0 0
15 ,5 4 6 ,2 4 0
1.8 9 7 .0 0 0
5 .6 7 4 .0 0 0
7 ,5 7 1,0 0 0
7 ,3 6 6 ,3 5 0
11,6 1 6 ,0 0 0
11 .2 7 1.0 0 0
11 .5 2 2 .0 0 0
1 2 .0 2 8 .0 0 0

BA N K S

b

R ese rv e
in
D e p o s it a r ie s

IF * , en d in g J a n . 2 4 19 2 0 .
1T
19 2 0 .

Ja n . 10

$ 3 4 ,0 7 5 .0
9 4 ,9 16 ,0
7 9 3 ,0 0 4 , 0
3 0 ,0 8 2 , 0
13 3 ,7 0 3 ,0
1 6 2 ,6 6 0 , 0
5 4 0 ,6 3 7 ,0
7 ,9 5 0 ,0
7 0 1,15 3 ,0
2 9 .7 7 9 ,0
5 3 ,7 6 0 .0
2 ,7 18 ,0
1 4 . 3 3 1 ,0
7 0 ,8 0 9 ,0
6 4 ,12 1,0
16 ,0 8 8 ,0

$ 3 4 ,6 7 5 ,0
9 4 ,9 3 0 , 0
7 9 0 ,1 7 0 ,0
2 7 ,7 1 7 ,0
12 8 ,2 0 0 ,0
15 2 ,0 5 7 ,0
5 3 5 .2 0 4 ,0
7 ,0 0 1,0
0 9 4 ,8 0 2 , 0
3 8 ,0 3 7 ,0
5 5 ,8 9 5 ,0
3 ,1 8 8 ,0
1 5 ,0 9 4 .0
7 4 ,7 7 7 ,0
5 4 ,3 7 4 ,0
2 0 ,4 0 3 ,0

Ja n .
M em bers of
F .It .S y s t e m

T w o c i p h e r s (U0) o m i t t e d .

$ 3 0 ,0 7 5 ,0
8 3 ,8 2 5 ,0
7 5 7 ,8 7 0 ,0
2 7 ,9 2 1 ,0
12 5 ,9 9 3 ,0
1 1 1,8 10 ,0
5 13 ,5 3 7 ,0
6 ,4 5 5 ,0
6 6 4 , 8 3 2 ,0
___________
5 4 ,0 0 7 ,0
___________
12 ,7 0 9 ,0
0 0 ,7 16 ,0
5 0 ,0 3 9 ,0
16 ,0 7 7 ,0

C a p i t a l ..............................................
S u r p l u s a n d p r o f i t s _________
L o a n s . d ld C 'tB A I n v e s l i n ’ i s
E x c h a n g e s fo r c l e a r . H o u se
D u e f r o m b a n k a .......................
B a n k d o p o s i t s _______________
I n d i v i d u a l d e p o s i t s _________
T l m o d o p o s i t s .....................—
T o t a l d e p o s i t s _______________
U . S . d e p o s i t s ( n o t In c lu d e d )
R e s 'v e w i t h F e d . R e s . B a n k
R o s 'v r . w i t h l e g a l d e p o s i t 's
C a s h In v a u l t * ______ ________
T o ta l ro s e rv e A ca sh h o ld ..
R e s e r v e r e q u i r e d ----------------E x c e s s r e s . A c a s h In v a u l t .

•C n u

T ru st
Cos

S 4 .C 0 0 .0
10 .8 5 4 ,0
3 4 ,2 13 ,0
0 4 2 ,0
12 ,0
2 5 5 ,0
19 ,7 0 4 ,0
1,7 9 9 ,0
2 1 ,7 5 8 ,0
___ ____ _
. . . . . . . .
2 ,8 5 0 ,0
9 2 0 ,0
3 ,7 7 0 ,0
2 ,9 8 4 ,0
7 9 2 ,0

u i / 1 ill. is n u i c o u n t e d im r o s e r v o f o r

19 2 0 .

T o t a l.

$ 3 4 ,0 7 5 ,0
9 4 ,6 7 9 , 0
7 9 2 ,0 8 3 ,0
2 8 ,5 0 3 ,0
12 0 ,0 0 5 ,0
14 5 ,0 9 5 ,0
6 3 3 ,2 4 1 ,0
8 ,2 5 4 ,0
6 8 0 ,5 9 0 , 0
2 3 ,0 0 0 ,0
5 4 ,0 0 7 .0
2 ,8 5 0 ,0
13 ,6 3 6 ,0
7 0 ,4 9 2 ,0
6 3 ,0 2 3 ,0
16 ,8 0 9 ,0

Federal

R e s e r v e H unk m em b ers.

Member B an k s of th e Federal Reserve System .— Following is the weekly statement issued by tho Fodoral Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were given in tho statement of Deo. 14, 1917, published in the “ Chronicle” Doc. 29 1917, page 2523.
STA TEM EN T

S H O W IN G

P R IN C IP A L

R F .S O U R C E S

AND

SELEC TED

L IA B IL IT Y

C IT IE S

AS

AT

IT E M S O F
C LO SE

Largo withdrawals o f Government deposits in connection with the re­
demption on Jan. 15 o f Treasury certificates and corresponding increases
in other demand deposits are indicated in tho Federal Reserve Hoard’s
weokly statement o f condition on Jan. 16 o f 802 member banks in leading
cities.
United States security holdings were 102.5 millions less than tho week
before as the result o f the following decreases: United States bonds,' 13.4
millions; Victory notes, 10.4 millions, and Treasury certificates, 78.7
millions. War paper on hand, exclusive o f rediscounts, declined 2.3 mil­
lions .though tho member banks in Now York City report an increase under
this head o f 12.5 millions. Loans secured by.stocks and bonds fell off
about 10 millions at all reporting banks and 19.6 millions at tho Now York
City banks. All other loans and investments, exclusive o f rediscounts,
show an increase o f 4.4 millions for all reporting banks and 28.9 millions




OF

M EM BER

BAN KS

B U S IN E S S

JA N

LO CATED
16

IN

CEN TR A L R ESER V E AND O TH ER

I<»20.

for member banks in Now York City. Total loans and investments o^
reporting banks, exclusive of rediscounts— 15,825.5 millions—show a re­
duction for tho weok of 110.5 millions, of which 33.1 millions constitutes
tho share of tho Now York City banks.
During tho week the reporting banks increased the amount of their
collateral notes discounted with the Federal Reserve banks by about 4
millions, and tho amount of customers’ paper rediscounted with the Federal
Reserve banks by about 24 millions. The total volumo of war paper held
under discount for reporting members by tho Federal Reserve banks in­
creased during tho week from 1,088.8 to 1,095.5 millions, whilo tile amount
of discounted commercial paper proper went up from 640.6 to 661.9 mil­
lions.
Net withdrawals, o f Government deposits during tho week aggregated
210.6 millions, the Now York members alone reporting a not reduction

THE CHRONICLE

Jan . 31 1920.]

under this hoad of 113.4 mdllons. Other demand deposits (not), on the
other hand, went up 187.2 millions, substantial Increases under this head
being shown for banks in Federal Reserve cltios, as well as outside those
centres, while tlmo deposits show an increase for the week, o f about 31
millions. Reserve balances with tho Federal Reservo banks increased
1.
T h re e

c ip h e r s

(000)

from 1,406.5 to 1,472.8 millions, tho latter figure being over 75% of the
total reserve deposits carried on Jan. 16 by the Federal Reserve banks.
Cash in vault fell off 33.8 millions, this declino apparently representing to
a largo extent tho amount of Federal Reserve notes returned to the Federal
Reserve banks.

D a ta fo r a ll r e p o r t in g b a n k s In e a c h d is t r ic t .
N e w Y o rk

B o sto n .

o m itt e d .

R l c h m 'd .

C le v e la n d .

P h ila d e l.

112
$48,887
203,507
87,143
327,235

92
$41,841
01,123
24,075
59,105

50
$11,097
29,425
12,400
58,710

40
$13,011
14,148
7,883
43,118

Total U. S. securities.................
Loans and investments, exclusive of
bills rediscounted with F. It.
and other banks;
Loans see. by U. 8. war obllgat’n.
Loans sec. by stocks and bonds.
All other louns and Investments.
Itcsnrvo balances with F. It. Bank.
Cash in vault................................
Not domand deposits....................
Tlmo deposits.................................
Government deposits......................
Bills payablo with F. It. Bank:
Sec. by U. 8. war obligations___

$78,100 $720,772 $111,098 $180,804 $102,751

(000)

S t . L o u i s . M i n n e a p . K a n . C it y

S an F ra n .

D a lla s .

T o t a l.

802
$268,755
623,299
225,871
815,851

04
$34,605
60,709
14,153
54,853

107
$20,893
00,310
43,251
120,521

35
$17,178
14,301
4,604
24,459

35
$7,120
10,688
2,695
15,205

82
$14,239
25,321
6,125
17,581

44
$19,573
18,410
3,876
30,300

$80,489 $244,975

$60,602

$35,708

$03,266

$72,171 $104,380 $1,933,776

$24,440 $96,808
54,420 480,400
355,953 1,411,834
38,394 207,208
68,522
13,898
324,313 1,408,799
124,728 572,795
10,733
39,835

$30,810
159,540
325,049
45,632
10,920
380,204
116,106
12,906

$14,970
32,064
252,505
24,475
9,012
240,542
59,978
5,830

$19,482
75,012
474,723
53,017
15,397
475,014
87,013
3,241

$7,237
33,292
219,120
29,780
10,599
255,665
40,325
2,971

$31,507
139,191
750,566
80,177
29,413
633,004
442,550
13,830

$1,001,954
3,354,026
9,535,787
1,472,755
370,937
1,736,439
2,440,665
423,121

47
$14,015
29,220
7,650
35,598

$41,527
200,709
080,182
88,012
23,487
822,885
131,337
37,898

$522,104
1,502,105
3,392,073
704,190
120,488
5,234,700
408,923
214,881

$89,005
204,224
501,877
05,301
10,050
008,121
23,150
35,180

$80,542
349,029
814,053
97,908
34,554
857,178
334,009
37,820

$37,402
111,854
345,780
38,001
17,997
309,288
99,085
7,990

23,849

329,584

03,419

70,355

40,845

43,920
300

95,473

30,827

11,424
150

24,799
4,991

23,305

31,868
100

795,668
5,001

53,947
39,757

123,479
279,170

79,100
20,087

10,588
36,229

10,009
17,070

3,101
14,223

5,823
100,183

6,557
26,472

1,811
40,513

3,004
42,829

213
4,547

2,123
28,600

299,821
656,286

Bills rediscounted with F. It. Bank:
See. by U. 8. war obligations___
Another......................................

T h re e c ip h e r s

Three ciphers (000) om itted.

C h ic a g o .

A t la n t a .

82
$20,290
30,005
11,350
29,094

Number of reporting banks_______
U. S. bonds to socure circulation__
Other U. S., Incl. Liberty bonds__
U. S. Victory notes_______ _____
U. S. certificates of Indebtedness__

2.

445

D ata fo r fla n k s In Federal R eserve B a n k a n d B r a n ch C itie s a n d All O th e r R e p o r t in g B a n k s.

N ew
o m itt e d .

10.

Ja n .

Number of reporting banks..........
U. 8. bonds to secure circulation.
Other U. 8. bonds, Inch Lib. bds.

Y o rk .
Ja n .

9.

Ja n .

16.

71
$39,190
232,880
70,844
308,547

71
$39,190
238,440
87,320
347,390

50
$1,439
27,085
18,529
52,679

Total U. 8. securities............... $057,407
onus and Investments, oxcl. of
bills rediscounted with F. It.
and other banks:
Loans sec. by U. 8. war obllg. 493,508
Loans sec. by stocks and bonds. 1,344.080
All other loans and Investments 3,023,795
Reserve balances with F. It. bank 000,997
Cash In vault............................... 113,743
Not demand deposits__________ 4,700,405
Tlmo deposits................... ......... 318,949
Government deposits......... ......... 200,980
Bills payablo with F. It. Bank:
Secured by U. 8. war obllgat’ns 293,268

$712,346

$99,732

U. 8. certificates of Indebtedness.

Bills rediscounted with F. It. B’ k:
Secured by U. 8. war obllgat’ns
All other___________________
Ratio of U. 8. war securities and
war paper to total loans and
Investments, per cent.............

A l l F .R . B a n k C it ie s . F . R . B r a n c h C it ie s .

C h ic a g o .

481,088
67,333
1,303,675 388,269
2,994,904 819,645
008,772 145,0S0
38,910
125,979
4,009,929 1,003,732
305,029 202,732
320,304
18,477

Ja n .

9.

Ja n .

16.

9.

Ja n .

Ja n .

270
276
50
$1,439 $101,584 $101,012
27,863 300,733 373,317
19,050 123,025 134,138
49,545 542,554 600,084

10.

191
$70,604
140,100
56,098
177,084

Ja n .

9.

A l l O th er
R e p o r t in g B a n k s .
Ja n .

191
$70,509
141,384
55,727
189,931

16.

335
$96,567
122,406
40,748
96,213

Ja n .

T o t a l.

9.

Ja n .

335
$96,409
122,006
40,482
104,034

16 ’20

802
$268,755
623,299
225,871
815,851

Ja n .

9 ’20.

Ja n .

17’ 19

802
768
$268,650 $202,742
825,595
636,707
230,347
894,649 1,467,026

$97,897 1,127,896 1,209,751 $443,886 $457,011 $301,994 $368,991 $1,933,776 $2,030,353 $2,555,363
69,726
382,557
814,253
141,418
42,130
994,785
258,882
30,088

770,911 771,564 120,708 120,890 104,335 105,810 1,001,954
2,474,487 2,492,170 459,510 401,984 420,029 409,895 3,354,026
5,984,300 5,974,030 1,873,912 1,885,311 1,077,569 1,072,017 9,535,787
1,088,983 1,032,793 208,800 200,708 174,972 107,034 1,472,755
79,731
75,555
83,284
88,640
218,09S 242,330
370,937
8,227,881 8,093,535 1,709,273 1,740,747 1,739,285 1,708,894 11,730,439
1,158,459 1,135,334 742,937 738,311 539,209 530,094 2,440,605
79,308
00,581
33,904
43,891
423,121
328,630 510,480

1,004,264
3,304,049
9,531,358
1,400,535
410,707
11,549,170
2,409,739
633,745

1,182,721
\10135408
/
1,298,874
386,621
10,080,102
1,005,004
058,956

280,359

44,294

45,570

509,786
1,470

496,833
1,419

187,154
3,681

194,335
4,608

98,728
450

98,885
1,150

795,068
5,001

790,053
7,237

119,107
207,881

119,409
240,078

2,411
82,839

2,710
72,518

263,385
530,731

259,907
502,690

18,054
72,281

18,881
73,700

18,382
53,274

19,814
50,898

299,821
050,286

298,602 1 402,730
033,360 1

20.1

20.8

12.0

12.2

17.4

18.0

17.2

17.5

14.8

10.9

14.4 •

\

811,749

17.4

25.1

The Federal Reserve Banks.— Following is the woekly statoment issued by tho Federal Reserve Board on Jan. 23:
Aggregate increases o f 53.4 millions In tho holdings o f war paper and
ether discounts and a further reduction o f 16.4 millions in cash reserves
are indicated In tho Federal Reserve Board's weekly bank statement, issued
as at closo of business on Jan. 23 1920. Federal Reserve note circulation
rIiows a furthor reduction for tho week of 5.7 millions, while net deposits
fell off about 1.1 millions. As a result tho banks’ reservo ratio shows a
further declino from 45.1 to 44.8 per cent.
War paper holdings o f tho banks Increased 34.9 millions, other discounts
on hand went up 18.5 millions, while acceptances show a nominal increase
of 0.1 million. Of tho total o f 1,386.3 millions of war paper held, 629.7
millions, or 45.4% was secured by Liberty bonds; 243.3 millions, or 17.6%,
by Victory notes, and 513.4 millions, orover;.37%, by Treasury certificates,
as against 47.7, 20.9 and 31.4 % o f a total of 1,351.5 millions of war paper
reported tho week before.
A reduction of 42.9 millions Is shown in Treasury certificates holdings,
following the redemption by tho Government o f all temporary certificates

outstanding. Discounted papor held by tho Cleveland, Atlanta, Chicago,
St. Louis and Dallas banks include 89.1 millions of bills discounted for
four other Federal Reserve banks (as against 119.8 millions of such dis­
counts held by 6 banks the week before), whilo acceptance holdings of 6
Reserve banks are inclusive of 48.7 millions of bankers' bills purchased from
New York and Boston banks, as against 48.2 millions the week before.
As against an increaso of 55.8 millions in Government deposits tho banks
show reductions of 84.4 millions In members’ reservo deposits and of 12.7
millions in other deposits. Including foreign Government credits. On the
other hand tho "float” carried by tho Reservo banks shows a decrease for
the week of 40.2 millions with tho result that net deposits work out at 1.1
millions less than tho week before. In addition to a decrease of 5.7 millions
in Federal Reserve note circulation tho banks report also a reduction of 3.6
millions in their liabilities on Federal Reservo bank notes in circulation.
Kxport withdrawals and sales of gold hold abtoad account largely for a
decrease of 17.2 millions in gold reserves.

C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o p B u s i n e s s J a n . 23 1920
Jan. 2 3 1 9 2 0 . Jan. 1 6 1 9 2 0 . Jan . 9
R B SO U RCES.

G o l d o o ln a n d o e r t l f l c u t o s . . .................. .............
G o l d s e t t l e m e n t f u n d . F . R . B o a r d _______
G o l d w i t h f o r e i g n a g e n c i e s _________________

$
2 2 0 .3 4 7 . 0 0 0
4 4 1.4 9 9 .0 0 0
117 .3 2 2 .0 0 0

$
2 12 .119 .0 0 0
4 5 6 .2 0 0 . 0 0 0
12 0 .3 2 3 .0 0 0

19 2 0 . J a n .

$
2 2 0 .3 0 1.0 0 0
3 8 0 .2 6 3 .0 0 0
12 3 .3 2 2 .0 0 0

2

19 2 0 . D e c . 2 6 19 19 . D e c . 19

$
2 3 9 .6 0 9 . 0 0 0
3 6 3 .7 2 3 .0 0 0
1 3 1 .3 2 0 .0 0 0

$
2 2 9 .4 4 5 .0 0 0
3 5 2 .7 8 5 .0 0 0
13 4 .3 2 0 .0 0 0

19 19 . D ee. 12

$
2 4 1.3 2 5 .0 0 0
3 9 9 .9 3 5 .0 0 0
13 7 .7 1 7 .0 0 0

19 19 . D ec.

$
2 4 3 .14 8 .0 0 0
4 0 4 .0 6 6 .0 0 0
1 4 0 .9 1 0 .0 0 0

5

19 19 . J a n . 2 4 19 19 .

$
2 3 4 . 6 2 2 .0 0 0
4 2 8 , 8 1 2 , (KM)
1 3 2 .9 3 5 .0 0 0

$
3 4 3 .6 9 2 .0 0 0
4 8 7 .6 9 8 .0 0 0
5 ,8 2 8 ,0 0 0

7 3 4 . 6 5 2 .0 0 0
7 16 .5 5 0 .0 0 0
7 5 7 ,2 18 ,0 0 0
7 8 8 .1 2 4 .0 0 0
T o t a l g o ld h e ld b y b a n k s ...............................
7 2 3 .8 8 6 .0 0 0
7 7 8 .9 7 7 .0 0 0
7 9 6 .3 6 9 .0 0 0
7 8 8 .7 0 2 .0 0 0
7 7 9 .16 8 .0 0 0
G o l d w i t h F e d e r a l R e s e r v e a g e n t s _________ 1 , 1 2 6 , 2 6 1 , 0 0 0 1 . 1 3 0 . 3 2 0 , 0 0 0 1 , 2 0 9 ,5 0 8 , 0 0 0 1 , 2 0 5 . 5 9 6 , 0 0 0 1 , 2 4 0 . 0 3 2 , 0 0 0 1 . 2 0 1 , 6 5 4 , 0 0 0 1 , 1 8 8 , 3 4 3 , 0 0 0 1 . 1 7 2 , 1 9 1 , 0 0 0 1 , 2 5 5 , 1 9 2 , 0 0 0
1 2 2 .3 6 7 .0 0 0
12 1.8 5 0 .0 0 0
119 .8 2 1.0 0 0
8 8 ,9 0 7 ,0 0 0
G o l d r e d e m p t i o n f u n d ........................................
115 .18 2 .0 0 0
118 .7 0 4 .0 0 0
118 .8 5 0 .0 0 0
12 1.2 2 1 .0 0 0
10 7 .9 7 7 .0 0 0
T o t a l g o ld r o s o r v o s .................................. ............. 2 , 0 2 0 , 6 5 0 , 0 0 0 2 , 0 1 3 , 8 7 8 , 0 0 0 2 . 0 4 1 , 3 7 1 . 0 0 0 2 , 0 6 2 , 6 1 5 , 0 0 0 2 , 0 7 8 ,4 3 2 ,0 0 0 2 , 0 9 5 , 8 1 3 , 0 0 0 2 ,0 9 6 ,2 8 8 , 0 0 0 2 , 0 8 7 ,2 6 4 . 0 0 0 2 , 1 0 1 , 3 1 7 , 0 0 0
5 8 , 6 5 7 ,0 0 0
5 7 ,1 0 4 ,0 0 0
6 4 ,117 ,0 0 0
L e g a l t e n d e r n o t e s , s i l v e r , A c . . .......................
6 6 ,8 3 1.0 0 0
6 7 ,0 7 0 ,0 0 0
6 0 ,7 2 8 ,0 0 0
5 9 ,0 9 8 ,0 0 0
0 1,2 4 6 ,0 0 0
0 0 ,4 0 3 ,0 0 0
T o t a l r e s o r v e u ______________________________ 2 . 0 8 7 .8 9 0 .0 0 0 2 . 1 0 4 . 2 8 1 . 0 0 0 2 . 1 0 2 . 0 9 9 . 0 0 0 2 . 1 2 1 . 2 7 2 . 0 0 0 2 . 1 3 5 . 5 3 6 . 0 0 0 2 . 1 5 4 . 9 1 1 . 0 0 0 2 . 1 6 0 . 4 0 5 . 0 0 0 2 . 1 5 4 . 0 9 5 . 0 0 0 2 . 1 6 8 . 3 8 7 . 0 0 0
B ills d is c o u n te d :
S e c u ro d b y G o v t , w a r o b l i g a t i o n s . . . . . 1.3 8 0 .3 4 8 .0 0 0 1 . 3 5 1 .4 5 4 .0 0 0 1.3 5 2 .0 8 5 .0 0 0 1.4 8 4 .2 6 2 .0 0 0 1 .5 1 0 .3 6 4 .0 0 0 1.4 14 .9 5 0 .0 0 0 1.5 8 8 .4 1 7 .0 0 0 1 . 6 0 3 .3 1 3 .0 0 0 1.4 9 7 .5 0 0 .0 0 0
7 4 6 .9 2 5 .0 0 0
A l l o t h e r ............................................. .. ......................
6 5 0 .9 9 9 .0 0 0
2 6 4 .5 3 3 . 0 0 0
7 2 7 .6 7 0 .0 0 0
6 8 4 .5 1 4 . 0 0 0
5 8 0 .16 2 .0 0 0
5 0 4 . 7 9 5 .0 0 0
7 6 7 .1 10 .0 0 0
7 4 8 .6 11.0 0 0
5 7 4 .6 3 1 .0 0 0
5 8 5 .2 12 .0 0 0
6 4 1.6 5 1.0 0 0
2 8 4 . 5 3 9 .0 0 0
B i l l s b o u g h t . In o p e n m a r k e t ________________
5 7 4 .7 2 2 .0 0 0
5 6 6 .2 6 6 . 0 0 0
6 14 .2 19 .0 0 0
5 7 5 . 7 8 9 .0 0 0
5 7 5 . 0 7 5 .0 0 0
T o t a l b i l l s o n h a n d ___________________ _____ 2 , 7 2 9 , 2 4 7 ,0 0 0 2 , 6 7 6 ,7 4 0 , 0 0 0 2 , 6 5 4 ,4 7 7 . 0 0 0 2 , 8 0 5 , 8 1 8 , 0 0 0 2 ,7 8 0 ,0 9 0 .0 0 0 2 . 5 6 1 . 3 7 8 , 0 0 0 2 , 6 8 0 ,9 8 7 ,0 0 0 2 , 6 2 2 , 3 2 7 , 0 0 0 2 , 0 4 6 , 5 7 2 , 0 0 0
2 6 ,8 3 6 ,0 0 0
2 6 .S 3 4 .0 0 0
2 6 ,8 4 7 , 0 0 0
U . 8 . G o v e r n m e n t b o n d B ............ .. ......................
2 6 ,8 3 6 ,0 0 0
2 8 ,5 7 1,0 0 0
2 7 ,0 3 6 , 0 0 0
2 6 ,8 4 6 , 0 0 0
2 6 ,8 4 8 ,0 0 0
2 7 ,0 3 6 , 0 0 0
6 4 ,0 0 0
U . 8 . V l o t o r y N o t e s ................................................
5 4 ,0 0 0
6 4 ,0 0 0
2 6 4 ,0 0 0
5 4 ,0 0 0
6 4 ,0 0 0
6 4 ,0 0 0
6 4 ,0 0 0
3 4 9 ,0 9 0 ,0 0 0
2 7 3 , 5 0 7 ,0 0 0
2 7 3 ,2 19 ,0 0 0
U . 8 . c e r t i f i c a t e s o f I n d e b t e d n e s s _________
14 7 .3 9 8 ,0 0 0
3 0 2 . 4 0 6 ,0 0 0
3 0 3 ,5 5 8 ,0 0 0
2 8 3 .8 5 3 , 0 0 1 '
3 1 9 ,6 8 4 , 0 0 0
2 7 6 ,7 0 5 , 0 0 0
4 ,0 0 0
T o t a l e a r n i n g a s s e t s _______________________
3 . 0 2 2 . 5 2 4 . 0 0 0 2 . 9 8 3 . 9 8 3 .0 0 0 3 . 1 8 1 . 8 0 8 . 0 0 0 3 .0 8 0 .4 9 5 . 0 0 0 2 . 8 9 1 . 8 3 6 . 0 0 0 2 , 9 8 1 . 0 8 7 , 0 0 0 2 . 9 3 3 , 0 8 2 .0 0 0 2 , 2 2 2 , 5 4 5 , 0 0 0
10 .3 6 9 .0 0 0
10 .4 10 .0 0 0
1 2 .9 8 5 . 0 0 0
B a n k p r e m i s e s ......... ........................... ............. ..........
1 3 . 0 0 2 .0 0 0
8 ,1 0 8 , 0 0 0
10 .4 6 1.0 0 0
1 2 .9 8 6 .0 0 0
1 2 .8 9 6 .0 0 0
10 .4 9 3 .0 0 0
U n o o llc o t e n I t e m s a n d o t b o r d e d u c t i o n s
9 8 3 ,6 2 7 .0 0 0
7 1 6 ,5 8 8 ,0 0 0
f r o m g r o s s d o p o s l t s . .......................................... 1 , 0 2 2 , 6 3 3 , 0 0 0 1 . 1 1 6 . 8 5 2 . 0 0 0 1 . 0 2 1 . 6 9 6 . 0 0 0 1 . 1 7 1 . 7 7 8 . 0 0 0 1 . 0 7 5 . 1 0 0 . 0 0 0 1 . 1 4 0 . 2 2 4 . 0 0 0
9 2 0 .2 0 9 . 0 0 0
13 .13 0 .0 0 0
1 3 .2 5 4 .0 0 0
1 2 .9 6 1.0 0 0
6 ,7 5 2 ,0 0 0
13 .2 3 7 .0 0 0
4 % r e d e m p fu n d a g s t . F . R . b a n k n o te s
12.865.000
13 .3 3 3 .0 0 0
1 2 .6 9 6 . 0 0 0
12 .1 3 0 .0 0 0
5 ,7 3 3 ,0 0 0
8 .2 7 8 ,0 0 0
5 ,2 4 1,0 0 0
10 ,2 7 8 ,0 0 0
8 ,0 6 2 ,0 0 0
5,403,000
11.3 14 .0 0 0
8 ,3 2 8 , 0 0 0
5 ,4 8 3 ,0 0 0
T o t a l r e s o u r c e s ________________ . . . ____. . . 0 , 1 7 1 , 7 4 7 , 0 0 0 0 ,2 7 2 ,4 4 6 , 0 0 0 6 . 1 3 6 . 6 8 3 . 0 0 0 6 .5 0 4 . 0 9 0 . 0 0 0 6 . 3 2 5 . 4 3 2 . 0 0 0 6 . 2 2 4 .6 0 4 . 0 0 0 6 . 1 5 9 . 2 4 1 . 0 0 0 6 . 0 4 1 . 3 9 6 . 0 0 0 5 . 1 3 2 . 6 5 8 . 0 0 0
L IA B ILIT IE S.
8 7 .4 3 3 .0 0 0
8 7 .5 2 9 .0 0 0
8 7 .4 5 1 .0 0 0
8 7 . 0 0 2 .0 0 0
8 7 . 3 3 9 .0 0 0
8 6 .9 7 3 . 0 0 0
8 0 ,8 2 0 , 0 0 0
8 7 .0 4 9 .0 0 0
8 7 .5 8 9 .0 0 0
C a p i t a l p a i d I n ________________________________
12 0 ,12 0 ,0 0 0
8 1.0 8 7 .0 0 0
1 2 0 ,12 0 ,0 0 0
1 2 0 ,12 0 ,0 0 0
S u r p l u s .......................... .. ....................................................
8 1.0 8 7 .0 0 0
8 1.0 8 7 .0 0 0
12 0 ,12 0 ,0 0 0
2 2 ,7 3 8 , 0 0 0
8 1.0 3 7 .0 0 0
3 8 . 9 2 0 .0 0 0
2 7 .7 9 8 . 0 0 0
G o v e r n m e n t deposits_________________________
8 9 .5 0 3 .0 0 0
34.698.000
3 9 . 7 9 8 .0 0 0
14 6 .3 8 1 .0 0 0
7 2 .3 5 7 . 0 0 0
9 0 .4 4 8 .0 0 0
6 4 .4 5 9 .0 0 0
D u e t o m e m b e r s , r e s e r v e a c c o u n t ___ _____ 1 , 8 5 9 , 1 4 9 , 0 0 0 1,943,561,000 1 . 8 5 0 . 2 1 9 . 0 0 0 1 . 9 2 2 . 8 0 0 . 0 0 0 1 . 7 8 6 . 8 7 4 .0 0 0 1 . 7 3 3 . 0 1 3 . 0 0 0 1 . 8 1 7 . 4 0 6 . 0 0 0 1 . 8 3 0 . 0 3 7 . 0 0 0 1 . 6 2 4 . 4 1 5 . 0 0 0
9 4 4 .8 8 4 .0 0 0
7 5 9 .6 5 4 .0 0 0
D e f e r r e d a v a i l a b i l i t y Items_________________ • 7 9 5 ,7 8 2 ,0 0 0
8 4 9 .8 5 4 .0 0 0
7 6 3 ,14 6 .0 0 0
8 4 .8 .6 0 7 .0 0 0
7 17 ,8 5 2 ,0 0 0
5 11.8 9 9 .0 0 0
8 2 2 ,6 8 0 ,0 0 0
1 1 6 .3 0 7 .0 0 0
1 0 3 .4 8 8 .0 0 0
9 6 .4 2 5 . 0 0 0
O th e r d e p o s it s . In c l. f o r . G o v t , c r e d i t s . .
10 7 .8 0 0 .0 0 0
9 5 .0 9 7 .0 0 0
11 3 .4 2 9 .0 0 0
9 7 .6 5 9 .0 0 0
1 0 5 .0 6 9 .0 0 0
9 4 .1 3 3 .0 0 0
T o t a l g r o s s d e p o s i t s . . . __________________

F. R. n o t e s In a u t o s ) c i r c u l a t i o n . . ...............
R b a n k n o t e s In c i r c u l a t i o n — n e t l l a b .
All o t h e r l i a b i l i t i e s ___________________________

V

2 . 8 4 0 .4 7 6 .0 0 0 2 . 9 3 5 . 9 1 3 . 0 0 0 2 . 7 3 7 . 5 8 8 . 0 0 0 3 . 0 2 2 . 9 1 1 . 0 0 0 2 . 7 7 9 . 5 7 0 .0 0 0 2 , 7 5 1 , 1 4 8 , 0 0 0 2 . 7 6 9 . 9 5 1 . 0 0 0 2 , 0 8 1 , 8 2 0 . 0 0 0 2 . 3 9 6 . 1 2 4 . 0 0 0
2 . 8 4 4 .2 2 7 .0 0 0 2 . 8 4 9 . 8 7 9 .0 0 0 2 . 0 1 4 . 3 6 8 . 0 0 0 2 . 9 9 8 .9 9 2 .0 0 0 3 .0 5 7 . 0 4 6 .0 0 0 2 . 9 8 8 , 8 9 4 .0 0 0 2 . 9 0 7 .4 3 5 .0 0 0 2 , 8 8 1 , 3 5 9 , 0 0 0 2 . 4 6 6 . 5 5 6 . 0 0 0
2 5 8 ,5 6 1,0 0 0
2 5 8 ,4 8 2 , 0 0 0
2 6 8 ,4 4 4 ,0 0 0
2 5 9 ,0 9 9 , 0 0 0
2 5 7 . 4 8 0 ,0 0 0
2 5 4 ,8 4 3 ,0 0 0
2 0 1 ,0 3 9 .0 0 0
2 5 9 .9 7 5 ,0 0 0
1 2 6 ,8 10 ,0 0 0
16 ,0 7 3 ,0 0 0
5 0 .4 5 1.0 0 0
6 5 ,3 2 2 ,0 0 0
2 0 , 5 2 3 ,0 0 0
18 ,0 5 7 ,0 0 0
5 2 ,6 7 7 ,0 0 0
2 4 ,4 9 2 , 0 0 0
6 8 ,7 6 1,0 0 0
39,610,000

T o t a l l i a b i l i t i e s ......................................................... 6 , 1 7 1 , 7 4 7 , 0 0 0 8 ,2 7 2 , 4 4 6 . 0 0 0 ' 6 . 1 3 6 . 6 8 3 . 0 0 0 6 ,6 0 4 ,0 9 0 ,0 0 0




6,325,432,000 6 , 2 2 4 ,0 0 4 . 0 0 0 6,169,241,000 4 , 0 4 1 , 3 9 6 . 0 0 0 5,132,658,000

4:46

THE CHRONICLE
J an .

23 1920.

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.............

J an .

16 1920.

Jan.

9 1920.

Jan.

2 1920.

D ec.

[Vol . 110
26 1919.

D ec .

19 1919.

12 1919.

D ec.

D ee .

6 1919. Jan. 24 1919.

43.5%

43.8%

45.4%

42.6%

43 6%

45.6%

44.7%

45.0%

52.9%

44.8%

45.1%

45.4%

43.7%

44.8%

46.8%

46.0%

46.4%

52.3%

51.0%

51.5%

51.5%

49.5%

50.3%

53.2%

62.8%

53.7%

64.1%

*
S
8
*
S
S
9
$
3
3
53.030.000
1-15 days bills bought In open market.. 122.411.000 115.446.000 103.555.000 118.925.000 123.727.000 123.248.000
82.562.000
78.472.000
1-15 days bills discounted___________ 1,328,917,000 1,386,691,000 1,433,979,000 1,477,607,000 1,484,790,000 1,328,059,000 1,490,897,000 1,476,085,000 1,368,754,000
8.523.000
39,889,000
1-15 days U. S. certlf. of Indebtedness..
11.293.000
52.457.000
15.745.000
85,606,000
29.075.000
48,578,000
22.158.000
1-15 days municipal warrants...... ........
16-30 days bills bought In open market.. 116,004",000 1 6 1 , 163 ",555 103,643*,566 1M,217*000 1*00.060*565 106,"219.665 128,987*665 116",662*,566 *72,098*,555
91.787.000
16-30 days bills discounted.................... 217.142.000 172.077.000 150,000,000 238.153.000 244.890.000 134.643.000 116.113.000 125.065.000
3.151.000
16-30 days U. S. certlf. of Indebtedness..
5.136.000
2.574.000
4.865.000
3,000,000
13.242.000
9.221.000
2.072.000
16-30 days municipal warrants________
81-60 days bills bought in open market-- 229457*666 237,365,66'’ 237,367,666 206*.4*0*8*.555 209,278",666 188,830,665 1*87,"068*.565 185,802,666 10*8*,35*3*555
81-60 days bills discounted........... ......... 298.901.000 323.307.000 312.265.000 341.395.000 292.715.000 362.091.000 322.128.000 298.600.000 198.206.000
1 . 0 0 1 .0 0 0
11.850.000
7.797.000
81-60 days U. S. certlf. of Indebtedness..
8.454.000
6.551.000
3.940.000
6.607.000
1 0 .8 6 8 .0 0 0
6.221.000
81-60 days municipal warrants________
61-90 days bills bought In open market.. 108,217’,666 12*1,761,666 130.i57*,665 147,683*656 1*52,147*555 147,969",556 147,624*666 1*2*9,*19*3*666 *5*1*,*058*666
61-90 days bills discounted.................... 288.043.000 196.111.000 160.942.000 153.103.000 152.125.000 151.465.000 191.451.000 189.634.000 175.933.000
15,000
10.715.000
6.289.000
6.600.000
8.326.000
6 . 1 0 0 .0 0 0
61-90 days U. S. certlf. of Indebtedness..
8.630.000
9,029,000
7.989.000
4,000
61-90 days municipal warrants________
Over 90 days bills bought in open market
27.353.000
Over 90 days bills discounted_________
21,'879*666
22.554.666 *2*6,92*9*565 aysM ooo *18,854*,666 *18,827*666 ‘ is , 72 V,666
20,455,666
Over «0 days certlf. of Indebtedness___ 243.368.000 246.203.000 243.243.000 245.888.000 238.242.000 237.658.000 226.659.000 226.793.000 137.859.000
Over 90 days municipal warrants..........
Federal Reserve N otes —
Outstanding________________________ 3,146,156,000 3,177,290,000 3,244,314,000 3,291,342,000 3,292,098,000 3,220,500.000 3,148,740,000 3,108,377,000 2,730,916,000
Held by banks........................................ 301,929,000 327,411,000 329,946,000 292.350,000 234.452,000 231,666,000 241,305,000 227,018,000 264,360,000
D istribu tion bv M a tu rities —

In aotual circulation_______________ 2.844.227.000 2.849.879.000 2.914.368.000 2.998.992.000 3.057.646.000 2.988.894.000 2.907.435.000 2.881.359.000 2.466.556.000
F ed. Res. N otes ( A g en ts A ccou n ts )—
Received from the Comptroller________ 6.172.260.000 6.163.780.000 6.152.300.000 6.124.340.000 6.060.280.000 6,000,260,000 5.929.780.000 5.869.780.000 3.948.640.000
Returned to the Comptroller__________ 2.645.496.000 2.596.262.000 2.549.149.000 2.504.545.000 2,483,069,000 2.454.972.000 2.431.667.000 2.404.841.000 801,809,000
Amount chargeable to Fed. Res. agent 3,526,764,000 3,567,518,000 3,603,151,000 3,619,795,000 3,577,2 i 1,000 3,545,288,000 3,498,113.000 3,464,939,000 3,146,831,000
In hands of Federal Reserve Agent.......... 380,608,000 390,228,000 358,837.000 328,453,000 285,113,000 324,728,000 349,373,000 356,562,000 415,915,000
Issued to Federal Reserve banks_____ 3,146,156,000 3,177,290,000 3,244,314,000 3,291,342,000 3,292,098,000 3,220.560,000 3,148.740,000 3,108,377,000 2,730,916,000
H ow Secured —
By gold coin and certificates__________
246.148.000 242.148.000 248.148.000 244.148.000 244.148.000 244.648.000 244.848.000 249.648.000 241.527.000
By lawful money____________________
By eligible paper____________________ 2,019,895,666 2.6*0.964.556 2,034,806,666 2,0*85,746",555 2.0*52".*0*6a;566 2,018,908,666 1,9*6*0,"3*97*665 1,9*3*6",1*8*6*666 1,47*5*,7*2*4*,666
77,193,000
98,158,000
00,489.000
96,105,000 105.786.000 101.120.000 103.575.000 110,000,000
91,979,000
Gold redemption fund...................... .
With Federal Reserve Board__________ 788.134.000 798.073.000 855.574.000 860,328,000 892.309.000 847.006.000 853.006.000 824.385.000 936.472.000
Total_______ . . . . . ____ ___________ 3,146,156,000 3,177,290,000 3,244,314,000 3,291,342,000 3,292,098,000 3,220,560,000 3,148,740,000 3,108,377,000 2,730,916,000
Eligible paper delivered to F.R. Agent.. 2,667,810,000 2.614.659.000 2.590.549.000 2.730.662,000 2,711,898,000 2,494,03* .000 2,615,646,000 2,536.068,000 1,978,084,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 23 1920
T w o c i p h e r s (0 0 ) o m it t e d .

B o sto n .

R ESO U R C ES.

9

N ew

Y o r lt .

P h ila .

C le v e la n d . R ic h m o n d

A t la n t a .

C h ic a g o .

9

9

S t. L o u is . M in n e a p . K a n .C it g .

D a lla s .

S a n F ra n

T o ta l
9

2 4 ,4 6 3 ,0
8 7 ,7 6 7 ,0
13 ,9 6 1 ,0

S
2 ,8 6 2 ,0
17 ,6 7 5 ,0
5 ,5 14 ,0

S
7 ,2 5 8 ,0
18 ,2 8 9 ,0
3 ,1 6 8 ,0

2 7 8 ,0
3 6 ,3 6 5 ,0
5 ,6 3 1,0

6 ,6 7 6 ,0
10 ,0 8 4 ,0
3 ,0 5 0 ,0

*
12 ,6 8 9 ,0
3 1,15 5 .0
6 ,3 9 6 ,0

3 1,7 0 5 ,0
4 1,7 3 0 ,0
8 ,8 9 4 ,0

3 2 ,8 0 6 ,0 1 2 6 ,1 9 1 ,0
5 7 ,8 3 7 ,0 2 1 4 ,5 0 2 ,0
5 ,9 1 2 ,0
19 ,5 3 1,0

2 6 ,0 5 1,0
5 4 ,3 7 5 ,0
5 ,8 4 4 , 0

2 8 ,7 1 5 ,0
3 5 ,0 2 9 ,0
2 0 0 ,0

4 2 ,2 7 4 ,0
3 6 ,2 6 0 ,0
7 ,1 2 4 ,0

19 ,8 10 ,0
3 2 ,19 4 ,0
2 ,8 9 7 ,0

7 7 0 ,16 8 ,0
4 9 ,1 4 0 ,0
9 3 ,7 9 1,0 1 ,1 2 6 ,2 6 1 ,0
12 1 ,2 2 1 ,0
0 ,8 3 5 ,0

5 4 9 ,9 0 6 ,0 1 3 0 ,6 1 8 , 0 1 9 7 , 0 1 7 , 0
1,0 4 8 ,0
3 1 0 ,0
4 6 ,1 1 1 ,0

8 2 ,3 2 9 ,0
2 2 0 ,0

9 6 ,5 5 5 ,0 3 6 0 ,2 2 4 ,0
1,13 9 ,0
1,7 5 7 ,0

8 0 ,2 7 0 ,0
3 ,1 7 5 ,0

6 3 ,9 4 4 , 0
6 9 ,0

8 5 ,6 5 8 ,0
3 6 1,0

5 4 ,0 0 1 ,0 1 5 2 ,7 0 6 ,0 2 ,0 2 6 ,0 5 0 ,0
0 1,2 4 6 ,0
4 2 5 ,0
1,6 2 7 ,0

5 9 6 ,0 1 7 ,0 13 0 ,9 2 8 ,0 1 9 8 ,0 6 5 ,0

8 2 ,5 4 9 ,0

0 7 , 6 9 4 ,0 3 6 1 , 9 8 1 , 0

8 9 , 4 4 5 ,0

6 4 ,0 13 ,0

8 6 ,0 1 9 ,0

5 6 ,5 2 8 ,0 1 5 3 , 1 9 1 , 0 2 ,0 8 7 ,8 9 6 ,0

9 3 ,4 5 7 ,0
3 9 ,7 3 7 ,0
7 1 ,3 12 ,0

7 5 ,7 6 2 ,0
2 1 ,5 17 ,0
10 ,4 4 9 ,0

8 0 ,7 1 8 ,0 18 4 ,6 9 3 ,0
1 8 ,4 5 1 ,0 12 9 ,6 3 9 ,0
9 ,5 0 3 ,0 8 2 ,9 3 9 ,0

5 4 ,4 2 9 , 0
4 7 ,2 0 1 ,0
12 ,6 1 2 ,0

2 2 ,4 5 1 ,0
4 2 ,2 9 1 ,0
7 ,9 8 4 ,0

3 3 ,8 3 2 ,0
5 7 ,9 8 7 ,0
9 ,5 2 4 ,0

4 5 ,9 4 0 ,0 1 , 3 8 6 , 3 4 8 , 0
4 7 ,3 5 4 ,0
7 0 7 ,11 0 ,0
12 ,2 0 8 ,0
3 0 ,8 10 ,0
6 7 5 ,7 8 0 ,0
0 ,0 9 1,0 1 1 9 , 4 1 8 ,0

9 6 4 ,0 7 5 , 0 2 0 6 , 5 5 9 ,0 2 0 4 , 5 0 6 , 0 1 0 7 , 7 2 8 , 0 1 0 8 , 6 7 2 , 0 3 9 7 , 2 7 1 , 0 1 1 4 , 3 0 2 , 0
1,2 3 5 ,0
1 ,3 8 5 ,0
8 3 3 ,0
1,15 3 ,0
1 ,4 5 7 ,0
3 7 5 ,0
4 ,4 7 7 ,0
10 ,0
5 0 ,0
4 ,0
2 3 ,7 0 7 ,0
12 ,2 6 0 ,0
6 8 ,7 16 ,0 3 1 , 0 9 1 , 0
15 ,6 6 5 ,0
4 0 ,5 13 ,0
1 7 ,7 5 0 ,0

7 2 ,7 2 6 ,0 1 0 1 , 3 4 3 , 0
11 6 ,0
8 ,8 6 8 ,0
1 5 ,8 2 6 ,0

6 5 ,6 5 3 ,0 2 0 2 ,1 6 8 ,0 2 ,7 2 9 ,2 4 7 ,0
2 7 ,0 3 6 ,0
2 ,6 3 2 ,0
3 ,9 6 0 ,0
0 4 ,0
2 7 6 ,7 0 5 ,0
1 2 ,6 6 6 ,0
8 ,3 0 0 ,0

T o t a l e a r n i n g a s s e t s _____________ 2 0 6 , 6 7 4 ,0 1 , 0 3 4 , 2 9 8 , 0 2 3 9 , 0 3 5 , 0 2 2 9 ,0 5 6 ,0 1 2 1 , 2 2 3 , 0 1 2 4 , 7 1 6 , 0 4 4 2 , 2 6 1 , 0 1 3 3 , 2 0 5 , 0
6 4 0 ,0
5 5 3 ,0
5 0 0 ,0
1,0 9 8 ,0
3 ,0 9 4 ,0
4 8 0 ,0
2 ,11 6 ,0
3 5 6 ,0
B a n k p r e m i s e s ______________________
U n c o lle c te d Ite m s a n d o th e r d e ­
7 9 ,0 7 7 ,0 8 5 ,8 6 7 ,0 4 7 ,5 9 9 ,0 1 2 0 ,7 9 6 ,0 7 0 ,5 2 8 ,0
2 3 0 , 0 0 8 ,0 8 1 , 7 2 4 , 0
d u c tio n s fr o m g r o s s d e p o s i t s . . 8 3 ,2 5 7 ,0
5%
r e d e m p t io n
fu n d
a g a in s t
1,12 5 ,0
3 3 5 ,0
1,0 7 2 ,0
2 ,7 5 1,0
1 ,4 7 5 ,0
8 5 9 ,0
1,5 6 8 ,0
4 6 3 ,0
5 0 5 ,0
4 6 9 ,0
4 18 ,0
1,14 3 ,0
3 2 5 ,0
5 6 7 ,0
3 0 5 ,0
4 8 8 ,0
A l l o t h e r r e s o u r c e s . ................................

8 1 ,3 2 2 ,0 1 2 6 ,0 3 7 ,0
4 6 2 ,0
5 15 ,0

7 7 ,9 10 ,0 2 1 7 ,3 6 6 ,0 3 ,0 3 3 , 1 1 2 , 0
10 ,4 9 3 ,0
2 3 1,0
4 4 8 .0

2 2 ,0 2 6 ,0

8 1,5 12 ,0

5 6 ,9 9 9 , 0

3 10 ,0
14 0 ,0

9 4 1,0
4 7 7 ,0

5 6 6 ,0
3 2 6 ,0

9

1,2 8 2 ,0
3 0 ,11 7 ,0
9 ,3 8 6 ,0

S
7 ,9 9 0 ,0
4 9 ,9 3 5 ,0
9 ,6 2 1,0

2 ,5 0 2 ,0
2 3 ,4 5 4 ,0
5 ,7 4 9 ,0

8 .2 S 0 .0
2 0 ,3 0 2 ,0
4 ,2 2 4 ,0

4 0 , 7 8 5 , 0 6 7 , 5 4 6 ,0
7 5 ,0 6 3 ,0 1 2 7 ,9 7 3 ,0
1,4 9 8 ,0
14 ,7 7 0 ,0

T o t a l g o l d r e s e r v e s . ................. ........ 1 6 0 , 4 6 2 , 0
5 ,0 0 4 , 0
L e g a l t e n d e r n o t e s , s i l v e r , & o _____
T o t a l r e s e r v e s ....................... ................. 1 7 1 , 4 6 6 , 0
B i l l s d is c o u n te d : S e c u r e d b y G o v 10 5 ,5 0 2 ,0
4 3 ,2 5 8 ,0
B i l l s b o u g h t In o p e n m a r k e t ( b ) . 3 5 ,4 2 4 ,0

4 8 2 ,7 7 3 ,0 1 5 9 ,3 7 7 ,0
2 7 8 ,5 9 6 ,0 3 9 ,3 5 5 ,0
7 ,8 2 7 ,0
2 0 2 ,7 0 6 ,0

G o l d c o i n a n d c e r t i f i c a t e s . ...............
G o ld S e ttle m e n t F u n d , F . R . B ’d
G o l d w i t h F o r e i g n A g e n c i e s ______

9 ,0 6 4 , 0
5 4 ,8 2 8 , 0
8 ,5 6 5 ,0

S
13 7 ,10 3 ,0
6 1,5 2 8 ,0
4 3 ,0 5 7 ,0

T o t a l g o l d h e l d b y b a n k s ________
G o ld w ith F e d e r a l R e s e r v e a g e n ts
G o l d r e d e m p t i o n f u n d _____________

7 2 ,4 5 7 ,0
7 4 , 2 8 9 ,0
19 ,7 16 ,0

2 4 1,6 8 8 ,0
2 8 3 ,2 18 ,0
2 5 ,0 0 0 ,0

U . S . G o v e r n m e n t b o n d s ...............

18 4 ,2 4 4 ,0
5 3 9 ,0

U . S . c e r t ific a t e s o f In d e b te d n e ss

2 1 ,8 9 1,0

T o t a l r e s o u r c e s _________ _______
L l A tilL

i t

%

8 ,4 8 0 ,0

9

9

2 2 0 ,3 4 7 ,0
4 4 1,4 9 9 ,0
117 ,3 2 2 ,0

6 3 ,2 4 0 ,0 1 ,0 2 2 ,6 3 3 ,0
6 6 5 ,0
3 2 0 ,0

12 ,1 3 0 ,0
5 ,4 8 3 ,0

4 6 4 , 0 5 5 , 0 1 , 8 6 7 , 3 1 1 , 0 4 5 4 , 1 3 1 , 0 5 0 8 , 3 8 1 , 0 2 9 1 , 0 3 2 , 0 2 7 1 , 6 7 3 , 0 9 2 9 ,2 8 9 , 0 2 9 4 , 3 0 2 , 0 1 6 8 , 3 2 6 , 0 2 9 5 ,4 4 8 , 0 1 9 2 , 7 8 0 , 0 4 3 5 , 0 1 3 , 0 6 , 1 7 1 , 7 4 7 , 0

i h a .

4 ,3 9 7 ,0
5 ,8 2 0 ,0
1,6 7 5 ,0
6 0 ,12 4 ,0
7 0 ,2 5 6 ,0
3 ,6 3 5 ,0

7 ,10 5 ,0
8 ,3 5 9 ,0
8 5 4 2 ,0
11 4 ,1 5 4 ,0
D e f e r r e d a v a i l a b i l i t y I t e m s ________ 6 6 , 8 4 8 , 0
6 ,110 ,0
A l l o t h e r d e p o s i t s ___________________

7 , 8 9 9 ,0
2 2 ,3 9 7 ,0
9 ,5 3 3 ,0
4 5 ,0 8 2 ,0
8 ,8 0 5 , 0
9 ,0 8 9 , 0
4 ,5 0 1,0
4 7 ,5 7 1,0
6 ,5 9 5 ,0
7 1 8 , 1 1 6 ,0 1 0 1 ,9 2 5 ,0 13 3 ,5 6 4 ,0
6 4 ,6 4 9 ,0
16 8 ,0 0 7 ,0 7 3 ,8 6 0 ,0
0 ,0 6 8 , 0
4 2 ,8 4 4 , 0
6 ,9 8 7 ,0

T o t a l g r o s s d e p o s i t s _____________ 1 9 5 , 6 5 4 , 0
F . R . n o t e s In a c t u a l c ir c u la t i o n . 2 3 0 ,9 9 9 ,0
F . R . b a n k n o t e s In c ir c u la t io n
— n e t l i a b i l i t y _____________________ 2 0 , 4 8 6 ,0
1,4 5 2 ,0
A l l o t h e r l i a b i l i t i e s ...................................

9 7 6 ,5 3 8 ,0 1 8 7 ,2 7 3 ,0 2 1 0 ,8 7 6 ,0 13 5 ,6 9 0 ,0 1 0 4 ,7 6 1 ,0 3 7 7 , 0 1 3 ,0 1 3 5 ,9 5 8 ,0
7 6 1 ,6 4 3 ,0 2 2 0 ,2 6 1 ,0 2 5 5 ,5 8 7 ,0 1 3 2 ,6 0 7 ,0 14 2 ,7 7 0 ,0 4 8 1 ,5 9 3 ,0 1 3 3 ,8 4 9 ,0

G o v e r n m e n t d e p o s i t s __________ __

5 0 , 9 5 9 ,0
10 ,6 9 2 ,0

2 8 ,10 7 ,0
1,7 8 6 ,0

2 1 ,9 15 ,0
1,3 8 1 ,0

11 ,9 12 ,0
6 0 6 ,0

3 ,4 5 6 ,0
1 2 ,3 7 6 ,0
4 ,6 9 5 ,0
14 ,2 9 2 ,0
3 ,9 9 3 ,0
4 ,9 7 5 ,0
5 5 ,7 4 8 ,0 2 7 1 , 1 3 9 , 0
4 2 ,1 8 3 ,0
9 1,3 2 9 ,0
2 ,8 3 7 ,0
9 ,5 7 0 ,0

1 5 ,4 3 2 ,0
5 5 9 ,0

4 0 ,7 5 0 ,0
3 ,2 6 5 ,0

4 ,0 8 1,0
3 ,7 2 4 ,0
2 ,10 6 ,0
7 2 ,6 9 2 ,0
5 7 ,3 4 1 ,0
3 ,8 19 ,0

15 ,7 8 6 ,0
9 0 4 .0

3 ,1 0 7 ,0
3 ,5 6 9 ,0
1,5 4 3 ,0
5 1 ,8 3 3 ,0
14 ,6 4 8 ,0
2 ,3 6 2 ,0

4 ,0 2 1,0
6 ,116 ,0
1,3 2 5 ,0
9 4 ,9 5 9 , 0
6 4 ,2 15 ,0
3 ,7 1 0 ,0

8 7 ,5 8 9 ,0
3 ,4 1 7 ,0
5 ,8 0 0 ,0
3 ,0 3 0 ,0
7 ,5 3 9 ,0
1 2 0 ,1 2 0 ,0
9 0 ,4 4 8 ,0
2 ,1 0 5 ,0
5 ,5 17 ,0
6 3 ,5 8 8 ,0 1 2 1 , 3 0 7 , 0 1 ,8 5 9 ,1 4 9 ,0
3 5 ,2 0 1,0
4 7 ,18 5 ,0
7 9 5 ,7 8 2 .0
2 ,1 6 7 ,0
9 5 ,0 9 7 ,0
4 ,9 8 8 ,0

7 0 ,3 8 6 ,0 1 6 4 ,2 0 9 ,0 1 0 3 , 1 2 1 , 0 1 7 8 ,9 9 7 ,0 2 ,8 4 0 ,4 7 6 ,0
8 2 , 4 6 8 ,0 1 0 0 , 7 2 8 , 0 7 2 , 5 9 1 , 0 2 2 0 , 1 3 1 , 0 2 , 8 4 4 , 2 2 7 , 0
8 ,1 6 4 ,0
6 3 2 ,0

19 ,4 2 7 ,0
9 4 7 ,0

10 ,0 3 1 ,0
5 9 6 ,0

11 ,8 7 4 ,0
1 ,0 7 2 ,0

2 5 4 ,8 4 3 ,0
2 4 ,4 9 2 ,0

T o t a l l i a b i l i t i e s ...................................... 4 6 4 , 0 5 5 ,0 1 , 8 6 7 , 3 1 1 , 0 4 5 4 , 1 3 1 , 0 5 0 8 , 3 8 1 , 0 2 9 1 , 0 3 2 , 0 2 7 1 , 6 7 3 . 0 9 2 9 ,2 8 9 , 0 2 9 4 , 3 0 2 ,0 1 6 8 , 3 2 6 , 0 2 9 5 ,4 4 8 , 0 1 9 2 , 7 8 0 , 0 4 3 5 , 0 1 3 , 0 0 , 1 7 1 , 7 4 7 , 0
M e m o r a n d a — C o n t in g e n t lia b il lt y .a s e n d o rs e r o n :

D is c o u n t e d p a p e r r e d is c o u n te d
w i t h o t h e r F . R . b a n k s ............
B a n k e r s ’ a c c e p t a n c e s so ld to
o t h e r F . R . b a n k s ____________
( a ) I n c lu d e s b ills d is c o u n te d fo r

4 3 ,7 0 0 ,0
2 3 ,8 19 ,0

. . . . . . . .

3 1,6 9 5 ,0
. . . . . .

___ ____
. . . . . .

10 ,0 0 0 ,0
. . . . . .

2 ,5 0 0 ,0

. . . . . .

. . . . . .

—

. . . . . .

3 ,7 5 0 ,0

. . . . . .

. . . . . .

________

________

—

. . . . . .

. . . . . .

. . . . . .

. . . . . .

1 9 ,5 0 0 ,0

4 7 ,6 7 5 ,0

7 ,4 7 0 ,0

...............

14 ,115 ,0
3 7 6 ,0

4 ,6 3 9 ,0
1,8 3 6 ,0

<8) I n c l u d e s b a n k e r s ’ a c c e p t a n c e s b o u g h t f r o m o t h e r F . R . b a n k s :
W i t h o u t t h e i r e n d o r s e m e n t ___

- ..................

...............

18 ,5 7 4 ,0

................

2 3 ,8 19 ,0
8 0 ,1 4 5 ,0

12 ,0 0 0 ,0
5 ,0 6 5 ,0
99*0,6

8 0 ,1 4 5 ,0

3 ,5 8 0 ,6

2 3 ,8 19 ,0
2 4 ,0 0 6 , 0

STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS JAN. 23 1920.
Tw o cip h er!

(00)

om itted.

Federal Reserve notes:
Received from Comptroller.
Returned to Comptroller...

Boston.

N ew

Y ork.

P h ila .

Cleveland. Richm ond A tlan ta.

Chicago.

St. L ou is. M in n ea p . K a n .C ity.

D a lla s.

San F ra n .

Toted.

*
9
9
*
9
t
9
9
9
S
479.900.0 2,008,720,0 510.780.0 486.240.0 305.860.0 299.800.0 854.120.0 299.600.0 154,080,0 207,300,0 145,980,0 410.080.0 6.172.260.0
202.124.0 992,405,0 252.930.0 185.860.0 138.036.0 100.644.0 313.723.0 121.632.0 59,395,0 91,563,0 61,179,0 130.085.0 2.645.496.0
9

9

9

277,776,0 1,016,315,0 257,850,0 300,380,0 167,824,0 199,156,0 540,397,0 177,968,0 94.685.0 115,737,0 94.801.0 283,875,0 3,526,764,0
35,780,0 110,720,0 29,060,0 31,660,0 31,053,0 51,305,0 25,150,0 22,300,0 10.100.0 8,250,0 17.980.0 7,250,0 380,608,0
1
Issued to F. R. bank, less amt.
returned to F. R. Agent for
redemption:
241.996.0 905.595.0 228.790.0 268.720.0 136,771,0 147,851,0 515.247.0 155.668.0 84.585.0 107,487,0 76,821,0 276.025.0 3.140.156.0
Collat'l security for outst'g notes:
8.831.0
240.148.0
4,000,0 13.052.0
2.500.0
183.740.0
34.025.0
Gold coin and ctfs. on hand...
91,079,0
9,478,0 13*,*1*74*6 13.948.0 2,736,6 3.337.0 8,3*58,6 3,444,0 2,677,0 3,400,0 3.879.0 14,205*6
Gold redemption fund;.......... 13,28*9*,6
46,931,0 19.300.0 32.860.0 19.484.0 79,526,0 788.134.0
0
90,000,0 61,889,0 80,000,0 39,000,0 52.000. 206.144.0
Gold Set’ m't Fund, F. R. B'd. 61,000,0
Ellglble paper, mln’m required 167.707.0 622.377.0 153.727.0 140.747.0 95,041,0 90.014.0. 300.745.0 101.293.0 49.556.0 71.227.0 44.027.0 182.834.0 2.019.895.0
Chargeable to F. R. Agent..
In hands of F. R. Agent.___

Total______________
Amount of eligible paper deliv­
ered to F. R. Agent.................
F. R. Dotes outstanding_______
P. R. notes held by ba n k ...___
F R notes In actual circulation.




241,996,0j 905,595,0 J2 2 8 ,790,0 268,720,0 136,771,0 147,851,ojsiS,247,oj 155,668,0 84,585.0 107,487,0 76,821,0 276,625,0 3,146,156,0
184.244.0
241.996.0
10,997,0

961.953.01182.870.0 196,420,0*104,183,0 107.050.0 396.864,0 114,302,0 58.663.0 101,302,0 05,653,0 104,300,0 2.667.810.0
905.595.0
228,790,0
268,720,0 136,771,0 147.851.0 515.247.0 155,668,0 84.585.0 107,487,0 : 76,821,0 276,025,0, 3.140.150.0
143,952,0, 8,629,0,1 13,133,0, 4,164,0 5,081,0, 33,654,0j 21,819,0 2,117,0 j 6,759,0 4,230,0, 47.494,0 301,929,0

THE CHRONICLE

Jan . 31 1920.]

% m tk tx s f ( l a y e t t e *
Wall Street, Friday Night, Jan. 30 1920.
Railroad and Miscellaneous Stocks.— It would be quite
diffioult to prove what has been the dominant influence in
tho stock market this week. The effect of a day by day
high rato for call loans, reaching 2 0 % to-day, was offset
largely by the Steel Corporation’s quarterly report which
was much less unfavorable than had boon oxpectod, while a
drop in Sterling exchange in this market to below 3.5 0 and
an advance in tho prico of gold in London to a premium of
nearly 4 0 % , has apparently passed unheeded in the security
markots hero. A s thero is no precedent for the existing
international exchange situation the matter is more or less
bewildoring and authorities on both sides of the Atlantic
aro not agreed as to a possible remedy. On Thursday
Storling sold in W all Stroot 3 or 4 points higher than it did
earlier in the week, but droppod back to-day to about the
lowest. Bocauso of this situation tho Bank of England’s
wookly statement, showing a gain of $15,000,000 in gold
and a percentage of reserve up to 1 9 % , attracted more than
usual interest.
In view of tho foregoing it is not surprising that railway
and other investment shares have been unusually quiet
and steady, or that some of the highly speculative issues
liavo fluctuated widoly. It is interesting to note, however,
that several of this group have moved to a higher level, led
by Gonoral Motors and Chandler, both closing 18 points
higher than last weok. Cruciblo is, however, 14 points
higher, Republic I. & S. and Baldwin 8 to 9, Studebaker,
Piorco Arrow and Keystone 5, and Mexican Petroleum,
although over 3 points below the highest, still shows a net
gain of 4 points.
The following sales liavo occurrod this week of shares not
represented in our dotailed list on the pages which follow:
STOCKS.
W e e k e n d in g J a n .

S a le s
fo r
W eek.

30.

R ange fo r W eek .

R a n ge s in ce J a n .

H ig h est.

L o w e s t.

L o w e s t.

1.

H ig h e st.

$ p er sh ore.
$ p e r sh a r e ? p e r s h a r e .
100170K Jan 28 1 7 0 4 Jan 28! 160
Jan 176
Sept
•100 1)0
Jan 20 9 7 4 Jan 27’ 7 6 4 Sept 103
M ay
ill..........................
3,000 13J* Jan 28
2,100 lO jf Jan 30 11
11 1
Apr 13 4 N ov
■100 24
Jan 30 25
Jan 2' ’ 15
Oct 2 4 4 Dec
300100
Jan?29 101
Dee 1 1 1 4 lunc
Jan 2i IlOO
| 27
Api 74 4 July
100 50
Jan 20 60
100 175 Jnn 28 175
Aug
170 J8ept 213
150, U 4 < 4 Jan 28
107
Jan 120
tune
10C 8 Jan 27 8
7|, Jan 1 2 4 M ay
10C 104 Jan 24 104
Sept
1 0 3 4 Jan 110
100 70 Jan 28 79
68
Jan 84 4 N ov
20 100 Jan 29 100
1 0 1 4 Feb 1 0 7 4 Dec
1,800 8 8 Jan 30 90
200 90 M Jan 28 100
9 8 4 b e e 108
Feb
300 9 0 M Jan 30
90
Dec 101
Aug
200 59M Jan 20
60
Oct 100
Feb
4.100 15Ji Jan 30 10
100 122 Jan 30 122
300 80
JnnJ.30 81
1,200 09 Jan 20
200 7 0 H Jan 39 7 0 4 Jan 20; 53
Feb 70
D eo
100 150K Jan 29 1 5 0 4 Jan 29! 1 0 6 4 Jan 170
July
1,300 1IJ4 Jan’ 30 10
Jan 30 10
D oc
D ec 16
3,500 30,4 Jan 27 31
Jan 24i
300 99
Jan 30 99
Jan 30 9 4 4 Jan 1 0 6 4 June
200 1 2 7 4 Jan 29 128 Jan 29 130
Dec
Dee 137
100 3 1 4 Jan 24 3 1 4 Jan 24 25
Mar 43
O ct
700 3 0 4 Jan 30 31
Jan 29 28
D ec 43
N ov
300 5 9 4 Jan 27 00
Jan 27 59
D ec 6 9 4 N o v
200 1 0 3 4 Jan 20 1 0 4 4 Jan 27j
300 08
Jan 29 0 8 4 Jan 29, 6 6 4 D ec 76
July
200 03
Jan 20
Jan 20 94
100 91
Jan 29 91
Jan 29, 9 0 4 Jan 99 4 M ay
an1110 Jan 30 1 1 5 4 Nnv 120
100 110 Jan 30]
Mar
600 230
Jan 28! 132
Jan 24247
O ct
Jan 257
500 193
Jnn 30,190
Jan 28!
100 192 Jan 30192
Jan 30]
200 205 Jan 30205 .............
Jan 30 207
N ov
Jnn 275
3.100 19,4 Jnn 28 21 4 Jan 24
100 110 Jan 28 110 Jnn 28| 110 M ay 121
Feb
20( 101 Jnn 281101 Jan 28 100 N ov 100 N o v

P a r . S h a rer

Am Ilrakc S h A F preflOO
American E x p r e s s ... 100
Am La Franco F E n o p a r
Ann A rbor.................100
Preferred..................100
llaldwln Locom o prof 100
Cent Foundry pref-.lOO
Central H it o f N J . . . 100
Cent A So Am T clcg.100
Chicago A A lton ____100
Cluett, Peabody. preflOO
Continental Insur____25
Cuban-Am Sugar preflOO
Famous Playera-L p r o f..
Gen Chemical p r o f.. . 100
G en Cigar dobon pf 100
Hoincstako M in in g .. 100
Hupp M otor C ar.............
Int M otor T ru ck .n o p a r
1st preferred........... 100
2d preferred........... 100
International S a l t ... 100
Kresgo (8 8) C o _____ 100
I.lggott A M yers rig h ts..
Locw ’s Incorp____n o p a r
Loose-W iles 1st prof. 100
M anatl Sugar________100
M athleson Alkali W ks 50
Maxwell M otor ctfs d cp .
1st prof ctfs dep...........
Nlag Falls Power pf.100
Norfolk A W est prof. 100
l’ cnnoy (J C ) p r e f...1 0 0
Pitts Steel pref........... 100
Sears, Roebuck prof.100
So Porto R ico Sugar. 100
Texas C o subs full p a id ..
Receipts 30% p a i d ...
Tidew ater Oil........... lot
R ig h ts.............................
Underwood pref......... 100
W oyman-IUuton pref 1(10

T R A N S A C T IO N S A T T H E N E W Y O R K ST O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .
W e e k e n d in g
J a n . 30 1920.

Saturday ..................
M o n d a y ....................
T u e sd a y ....................
W ed n esd a y..............
T h u rsd n y..................
F r id a y ......................
T o ta l......................

R a i lr o a d ,
< te„
B on d s.

St o c k s .
S h a res.

P a r V a lu e .

340,800
742,220
057,400
745,750
532,020
62 1,920

$785,000
1,686,000
1.543.000
1.355.000
1.252.000
2,010.600

$31,350,000
60.965.000
59,382,600
66,704,500
45.723.000
4 4351,500

3,545,110 331-1,730,50ol

S a le s at
H e w Y o r k S tock
Exchange.

W e e k e n d in g J a n .

1920.

S ta le , M u n .
dt F o r e ig n
B o n d s.

Untied
S ta tes
B o n d s.

$943,000 $6,300,000
990.000
9.668.000
951.000
9.500.000
893.000
9.099.000
1,154,000 15,680,000
866.000 13,213,100

$8,531,500 $5,803,000 $"3,490,100

30.

1919.

Jan.

|

1 to

1920.

Jan.

|

30.
.1919.

3,515,110
Stooks— N o. s h a r e s ...
2,571,099
19,530,466
11,858,465
Par vnluo........................ $318,7)6,500 $244,585,400 $1,748,702,700 $1,120,755,705
Rank shares, p a r ..........
$4,600
$28,400
B on d s.

G overnm ent bonds__
State, m un., A c., bonds
R R .a n d mlse. b o n d s ..

$ 3,490,100
5,803,000
8,611,500

$37,405,000
17,713,000
7,779,000

$284,300,600
25.355.000
51.469.000

$167,167,500
68.356.000
41.335.000

T otal bonds................11 $77,>21,600 $62,917,000l

$301,124,600

$ 2 7 V 5 « ,5 0 0

D A IL Y T R A N SA C T IO N S A T T H E BOSTON . PH ILA D E LPH IA
B A L T IM O R E E X C H A N G E S.
B oston
W e e k e n d in g
J a n . 30 1920.

S h a re s

P h ila d e lp h ia

B o n d S a le s

S a tu rd a y ................
M on d a y..................
T u esd ay..................
W edn esda y............
T h ursd ay................
F r id a y ....................

13,832
21,318
31,530
13,213
16,380
12,199

$43,750
57,250
59,800
50,050
69,700

T o ta l....................

107,477

$281,550i




1,000

S h a re s

B o n d S a le s

1,584
4,010
7,044
5,580
4,861
4,006

$19,000

27,085

AND

B a lt im o r e
S h a re s

B o n d S a le s

$17,000
18,000
28,700
18.000

26,000

710
1,779
2,276
3,441
4,063
3,707

$196,700

15,976'

$107,700

11,000

21.800
50,350
68,550

11,000

15,000

447

State and Railroad Bonds.— N o sales of State bonds
have been reported at the Board this week.
The general bond market has, on some days, been reported
as firm, but the softness which intervened has prevailed and
the result of the week’s operations as a whole is a lower level
of prices generally. Of a list of 20 notably active issues only
3 are fractionally higher than last week. All others are
lower and several are down more than a point. Among
the latter are some B alt. & Ohios, Rock Island 4s, Inter.
M ets. and Steels. Only a limited number of issues have
been traded in, however, and fluctuations have generally
been narrow and unimportant.
United States Bonds.— Sales of Government bonds at
the Board are limited to $10,000 2s reg. and enormous
transactions in the various Liberty Loan issues.
D a i l y R ec o r d o f L i b e r t y L o a n P r i c e s . J a n .

24

F irst L ib e r ty L oa n
f High 98.96
3 4 s , 15-30year, 1932-47 (L o w .
98.88
1Close 98.88
Total sales In $1,000 units............
189
S e co n d L ib e rty L o a n
f High 90.70
4s, 10-25 year con v, 1942 (L o w .
90.60
1Close 90.70
Total sales In $1,000 units______
38
S e c o n d L ib e rty L o a n
( High 91.86
4s, convertible, 1932-47
(L o w .
91.68
•
(Close 91.68
Total sales In $1,000 units...........
102
T h ir d L ib e r ty L o a n
( High 93.40
4 4 s o f 1928
(L o w .
93.10
(Close 93.40
T otal sales In $1,000 u n its .. . . .
1,737
T h ird L ib e rty L o a n
(H igh 92.34
4 4 s of 1st L L o o n v ,’32-’47(L ow . 92.08
(Close 92.08
Total sales In $1,000 units...........
41
T h ir d L ib e r ty L o a n
( High 91.02
4 4 s o f 2d L L co n v ,’ 27-’42 (Low . 90.80
(Close 90.96
Total sales In $1,000 units............
1,327
F o u rth L ib e r ty L o a n
( High 91.28
4 4 s o f 1933-38
(L o w .
91.06
1Close 91.28
Total sales In $1,000 units............
1,687
F o u rth L ib e rty L o a n
( High
4 4 8 ,1 s t L L 2d conv,'32-47( Low.
____
1Close
-—Total sales In $1,000 units............
V ic to r y L ib e r ty L o a n
( High 98.40
4 4 s conv gold notes,'22-23( Low. 98.30
(Close 98.36
Total sales In $1,000 units______
805
V icto ry L ib e r ty I.o a n
( High •98.40
3 4 s,conv gold notes, ’22-23 (L o w . 98.30
1Close 98.34
T otal sales In $1,000 units............
95

Jan.

26

Jan.

27

99.00
98.82
98.88
311
90.98
90.68
90.70
126
91.68
91.66
91.66
21
93.70
93 20
93.58
2,367
92.30
92.10
92.20
24
91.20
90.92
91.10
2,313
91.50
01.20
91.46
2,528

99.00
98.86
98.86
342
90.80
90.64
90.74
125
91.70
91.66
91.66
56
93.50
93 30
93.36
1,832
92.20
92.06
92.18
39
91.10
90.90
91.06
1,503
91.32
91.08
91.16
3,288

.1.1

....
—

—
98".40
98.30
98.40
1,606
98.38
98.34
98.38
235

98.40
98.30
98.32
1,562
98.38
98.26
98.30

1,022

Jan.

28

Jan.

98.90
98.80
98.80
246
90.84
90.58
90.58
100
91.64
91.30
91.56
68
93.50
93.38
93.46
1,500
92.10
91.86
91.86
172
91.08
90.90
90.98
1,041
91.28
91.14
91.20
1,573
99.96
99.00
99.96
10
98.38
98.18
98.20
2,078
98.34
98.18
98.20
2,318

29

Jan.

30

98.90
98.74
98.80
471
90.68
90.40
90.40
205
91.56
91.50
91.50
29
93.42
93.12
93.32
3,398
91.88
91.64
91.68
113
91.00
90.54
90.64
2,509
91.20
91.00
91.06
3,219

98.92
98.40
98.40
466
90.50
90.30
90.40
254
91.62
91.48
91.50
22
93.30
93.02
93.08
1,652
91.70
91.60
91.66
118
90.70
90.30
90.42
2,042
91.12
90.88
90.90
3,430

....
—

____
—

08.30
98.06
98.06
2,188
98.20
98.06
98.14
3,139

98*14
98.00
98.00
1,700
98.10
98.02
98.10
2,450

Foreign Exchange.— Tho market for storling exchange
broke severely, and prices wero again carried down to the
lowest levels on record. The same is true of Continental
exchange, francs, lire, marks and kronen all establishing
new low points, whilo in the neutrals sonsationsal weakness
detwoped at all but tho Dutch and Swiss oentres. Trading
was largely demoralized.
To-day’s (Friday’s) actual rates for storling oxchange were 3 4 6 4 @ 3 48
for sixty days, 3 49@ 3 5 0 4 for checks and 3 4 9 4 ® 3 5 1 4 for cables.
Commercial on banks, sight, 3 48 4 @ 3 5 0 4 ; sixty days. 3 45@ 3 4 6 4 ,
ninety days, 3 4 3 4 @ 3 4 5 4 . and documents for payment (sixty days);
3 4 4 4 @ 3 46. Cotton for payment, 3 4 8 4 @ 3 5 0 4 . and grain for pay­
ment, 3 4 8 4 @ 3 5 0 4 To-day’s (Friday’s) actual rates for Paris bankers’ francs were 13.37@
13.44 for long and 13.29 + 13 .37 for short. Germany bankers' marks are
not yet quoted for long and short bills. Amsterdam bankers’ guilders were
37 1 1-16 @ 37 13-16 for long and 38 1-16 @ 38 5-16 for short.
Exchange at Paris on London, 46.28 fr.; week’s range, 43.90 ft*, high and
47.05 fr. low.
The range for foreign exchange for the week follows:
S te r lin g A c t u a l —

S ix ty D a y s .

C h ec k s .

C a b le s .

High for tho weok_______________________ 3 5 9 4
3 63
3 62 4
Low for tho week_________ _______________ 3 4 6 4
3 49
3 494
P a r is B a n k e r s' F r a n c s —
High for the week_______________________ 12 .18
12.07
12.05
Low for tho weok_________________________ 13.48
13.37
13 .3 5
G er m a n y B a n k e r s' M a r k s —
High for the week_______________________ _____
1.50
1.52
Low for the week______________________ ______ _ _
1.01
1.02
A m s te r d a m B a n k e r s' G u ild e r s —
High for tho week_______________________
38 15-16
394
394
37 5-16
374
Low for tho week________________________
38
Domestic Exchange.—Chicago, par. St. Louis, 1 5 + 2 5 c . per $1,000
discount. Boston, par. San Francisco, par. Montreal, $ 10 5 per $1,000
premium. Cincinnati, par.

Outside Market.— Trading on tho “ curb” this week was
dull and irregular. Prico movomonts wore without dofinite
trend, though the undertone of the market was hoavy. Oil
shares and some of tho mining issues received most of the
attention. Gilliland Oil com. was ono of tho weakest fea­
tures, dropping from 49 to 4 2 % , with a final recovery to
4 4 % . Guffey-Gillespio Oil com. advanced from 33 to 3 5 % ,
reacted to 33 % and closed to-day at 33 % . Houston Oil
com. lost 1 2 % points to 117. Simms Petroleum, aftor an
early advanco from 54 to 5 6 % , broke to 51 and onds tho week
at 5 1 % . W hite Oil, aftor a gain of about a point to 3 8 % .
weakened to 3 5 % , with the final figure to-day 3 5 % . Carib
Syndicate improved from 4 0 % to 46, sank to 42 and closed
to-day at 4 3 % . Arkansas N a t. Gas com. was firm, moving
up from 26 to 31 and reacting finally to 30. Changes were
generally small on the industrial list. Amor. Safety Razor
improved from 1 2 % ot 1 4 % and closed to-day at 14. Cleve­
land Automobile C o. gained 11 points to 72 and finished to­
day at 71. Goneral Asphalt, aftor a gain of 6 points to 120,
reacted to 1 1 4 % and to-day recovered to 116. U . S. High
Speed Steel & Tool sold up from 3 3 % to 39 and at 3 8 %
finally. Bonds were dull and very little changed.
A complete record of “ curb” market transactions for the
week will be found on pago 457.

44:8

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

TH R EE

PA G ES

Por record o f rales during the week o f stock* usually Inactive, see preceding page
H IG H

AN D

S a tu rd a y
J a n . 24

LOW

SALE

M onday
J a n . 26

P R IC E S — P E R

T uesday
Ja n . 27

S p er sh are
$ p er sh are
$ per
84
84
83
83%
83%
79%
79%
79%
79%
*79
6%
♦ 6%
7
7 % ! _____
*8 9
90%
89%
89%
*89
32%
* 3 1%
3 1%
32
3 1%
*45
45%
45
*44
13
* 13
13 %
14
14
9%
*9
10
10
*9
12 9 % 12 9 %
12 7 % 12 8 %
12 7 %
*54 %
55%
54%
56
55%
*8
*8
8%
8
8%
24
24
24
*23%
23%
36
36%
36
36%
36%
51
5 1%
5 1%
5 1%
5 1%
85
85%
85%
85%
85
118 % 118 % * 1 17
118 % * 1 16
26%
26%
26%
26%
26%
*69 %
70
71
70
*69
59%
*59 %
59%
60%
60%
*59
*45
*45
49
50
45
*63
*63
66
67
♦ 63
_____
22%
22%
*22%
*50 %
*42
*9 3
94
95
94%
*93%
* 17 8
*17 8
18 2
18 2
*17 8
7
*6%
9
7%
*7
*12 %
12 %
12 %
13
12 %
12 %
12 %
12 %
12 %
12 %
19 %
* 19 %
19 %
20
*19 %
13 * S
*13
13 %
14
*13
78
77%
78
78
78
38
37%
38%
38
38%
*7
8%
7
7
*7
*25
30
28
28
*24
88%
89
*8 8 %
90
89%
3 7j
4
3%
3%
4
*12 %
12 %
13
12 %
12 %
16
*15 %
*15 %
18
*15 %
45
46
*44
47
*45
*9
10
*9
10
10
17
*17
17
18 %
17
*43%
43%
43%
43%
42%
io
e
%
10 6
io e %
10 6
10 6 %
♦ 42
*43
46
48
♦ 43
13 %
*13
13 %
13 %
13 %
*70 %
72
*70
72
*70
*8 %
9%
9%
9%
*8%
*12 %
* 12 %
14
13 %
*12
24 %
25
24
24%
25
40
40%
40%
40%
40
*5%
*5%
6%
5*4
*5%
42
42%
*43
45
40%
68% 68%
68%
68%
68%
2
9
*
2
8
28%
28%
*28
*58
70
*57
70
*58
*43%
48
*43%
48
*43%
2
6
%
26%
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• Bid and asked prices: no salea on this day.




5 1%

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Do
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2 d p r e f ...................................5
S t L o u ls -S a n F r a n t r c t f s . . 10 0
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p r e f ..................................... 1 0 0
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Do
p r e f ..................................... 1 0 0
S o u t h e r n P a c i f l o C o _______ 1 0 0
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Do
p r o f ___________________ 1 0 0
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T o l S t L A W tru st r e c e ip ts ..
P re fe r re d c e r t lllc a te s d o p ..
T w i n C i t y R a p i d T r a n s i t . . 10 0
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p r e f .............. ......................1 0 0
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29

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57
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700
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31
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C o l o r a d o A S o u t h e r n ______ 1 0 0
48
D ec 1
45
Feb 4
3 0 0 D e l a w a r e A H u d s o n ________1 0 0
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30C D e n v e r A R i o G r a n d e _____10C
. 1.9 0 C
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p r e f ___________________ 10 C
4 ,5 0 0 E r i e ....................................................... IOC
1,6 0 0
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600
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9 ,2 0 0
I r o n O re p r o p e r t ie s ..W o par
2 0 0 G u l f M o b A N o r t r c t f s ___ 10 0
500
P r e f e r r e d ___________________ 1 0 0
9 0 0 I l l i n o i s C e n t r a l _____________ 1 0 0
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1,8 0 0
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p r e f ___________________ 1 0 0
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200
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p r e f .................. ................ 1 0 0
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200
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1 , 4 0 0 L e h i g h V a l l e y ....... ........................... 5 0
4 0 0 L o u i s v i l l e A N a s h v l l l o _____1 0 0
1 0 0 M a n h a t t a n R y g u a r ............... 1 0 0
1 , 3 0 0 M l n n e a p A S t L ( n e w ) _____1 0 0
10 0 M i n n S t P A S S M ...............1 0 0
1,2 0 0 M is s o u ri K a n s a s A T e x a s . 10 0
300
Do
p r o f .......................... ...........1 0 0
2 ,8 0 0 M i s s o u r i P a c i f l o t r u s t o t f s . 1 0 0
1 ,9 0 0
Do
p r e f t r u s t c t f s ............ 1 0 0
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2 , 5 0 0 N e w Y o r k C e n t r a l __________ 1 0 0
20 0 N Y C h ic a g o A S t L o u i s . . 10 0

W is c o n s in C e n t r a l .................... 1 0 0
I n d u s t r ia l A M is c e lla n e o u s
A d a m s E x p r e s s _____________ 1 0 0
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Do
p r e f . . . . . . . . ................. 1 0 0
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A l is k a Ju n e a u G o ld M ln ’ g 10
A l l l s - C h a l t n e r s M f g ..................1 0 0
Do
p r e f _______ _________ . 1 0 0
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p r e f - . ......... .. ............... . 1 0 0

30

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93

C lo v C ln C h ic A S t L o u i s . . 10 0

700
1 ,5 0 0
200
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700
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13 ,3 0 0
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1,5 0 0
700

*26

30
42%
71
8 2 11%
2
50%
89
95
95

♦ 91
♦ 88

10 0
1,9 0 0

500

33

29%
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p r e l ___________________ 10C
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p r e l ______ ____________ 10C
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p r o ! ___________________ 10C
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90C
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Do
p r e f ..................................... 1 0 0
W h e e lin g A L a k e E r i e l t y .l O O

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94%
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R a ilr o a d s
Pa
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Do
p r e l ___________________ 10 C
B r o o k l y n R a p i d T r a n s i t . . 10 C

800
450
1,6 0 0

30

81
1%
2
50
89
94%
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STO CKS
YO R K STO CK
EX C H A N G E

12

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42%
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81
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81
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S h a re s

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25
63%
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_____
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SHARE, NOT

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A m e r i c a ^ C o t t o n O i l ---------- 1 0 0
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Do
p r e f ___________________1 0 0
A m e r i c a n I c e . . ............ ..............1 0 0
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p r e f ..................................... 1 0 0
A m e r In te r n a tio n a l C o r p . . 10 0
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p r e f ___________________ 1 0 0
A m e r i c a n L o c o m o t i v e ---------1 0 0
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p r e f ___________________ 1 0 0

10 * i
13 %
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N o v lO
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Do
p r o f ___________________ 1 0 0 ’

L ow est

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sh o r t

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M a y 27
81
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12 6 % D e c 1 1
08% M a y 17
49% J a r
5 1 % D e c 16
12
Ju ly l7
6
Ap
7% Ja m :
18 % A p
21
D ec 12
3 0 % M a y 19
34% D o c 12
3 7 % A pi
62% J u ly l7
60% A p i
70
J u l y 17
48% D ec 12
89% M a i
85
N ov2S
10 5
M ay20
12 6
Ju ly
116
D eo 5
13 3
Ja n 17
22% Ja n 2 1
18
Apt
32% J u ly l7
56% Ja n
68
D e c 19
84 Ju n e 0
40
Ja n
65% A u g 2 1
73
Ju ly l7
57
D e c :U
32
F o b 17
26
Feb
54% Ju n o 6
63
Sept 11
74
J u ly 12
19
D ec 13
18
Apr
3 1% M a y 5
58*2 Ju ly 2 4
5H a M ay29
9 1% D eo 1
10 0 % A p r
1 1 0 'M a y 29
17 2 % M a r l8
16 0
Apr
2 17
M ay 7
3% A p r 7
15 % J u l y l 4
2% Ja n
6% F e b 3
24
Ju ly l4
6
Apr
1 2 % D e c .3 0
20% M a y l9
14
Apr
18 % D e o 3 0
33
J u l y 10
23% Ja n
1 3 % D o c 10
23% Ju ly l7
18 % J a n
75% D e c 12
80
Ja n
10 0 % M a y 2 7
3 1% Ja n 2
5 2 % J u l y 10
25% Ja n
7
S o p t2 0
12 % J u ly 2 5
8
M ar
40% Ju ly lS
27
M ar
30
D e c 15
92
Ja n
10 4
M a y lO
85% D cc30
9 % Ju n e 2
4% D oe
3% M n r24
17 % D eo
3 1% Ju u o l2
10
D ec23
2 5 % M a y lO
15 % A p r
13
N ov2S
45
Ja n
40
D o c 13
67
M ay21
7% O ct
14
Ju ly 2 1
7
Fob20
18
Apr
25
M a y lO
13
D e c 16
60% Ju n o 2
53% D eo
4 0 % D ecSO
110
Ja n
12 2 % M a y 17
10 - 1% A u g 19
80
Doo
88
Ja n 2 5
37% D cc23
7% A p r
9% J a n 2 1
24% Ju ly 17
80% Ja n
98% M a y 2 0
70
D e c 10
4% Ja n
16 % J u l y 2 2
4 % F o b lO
0% J a n
25% Ju ly lS
8% Ja n 13
20
Ja n
22% N o v29
38% Ju ly 9
41
Ja n
58% Ju n o 7
37% D ec 15
4% M a y
14
M a r lO
4% D o o 29
17
Apr
60
S o p t2 4
2 8 % A p r lO
07% Ja n
83% Ju n e 0
06% D e c 12
13 % O ct
23% S c p t2 4
3 3 % J u l y 10
65
Ju ly
60% D ec29
40
O ct
63% Ju ly 7
40
N o v l2
27
Apr
4 0 % J u l y 17
25% D oc 12
24% J u ly lS
18 % J a n
10 % N o v 2 8
10 2
Ju n
95
D o c 1 1 1 2 % M a y lO
8 1% Jn n
99% M a y 27
77
D e c 12
4 8 % M a y lO
43% Ju n e
3 9 % D e o 16
33% D ec20
9% M a y
12 % J a n 2 1
62% A p r
70
D CC26
60
M ar27
30
Apr
53% D ec27
39
Apr 7
72
8 c p tl6
44
A p r29
25% Ju n e
2 2 % Jn n
44% Ju n o 9
24
D eo 10
01
Jn n
8 4 % Ju n o 7
75
D ec20
70% Ja n
9 3% Ju n o 6
7 3 % D e c 12
35
Ja n
38% F o b
4
33
D e c 12
35
M nr
3 9 % M a y lO
33% D oc23
9% A p r
27% J u ly l7
10 % J a n 2 1
21
Apr
37
M ay 2
20
D eo 1
19
O ot
23% Ju n e 9
10 % D e c 18
28
O ct
3 7 % Ju n o lO
23
T )cc31
7
Apr
12
Ju ly 2 3
0% D ec27
15 % A p r
2 3% J u ly 17
12
D e c 19
80% Ja n
1 15
Ju n e 2
9 1% N o v 2 9
20% A p r
33
M a y lO
20% D o c l2
67
Ja n
72% M a y 2 7
5 2% D e c 12
14
M ay
70% J u ly 2
27% Ja n 2 1
12 % D e c
25% Ju ly 2 3
11
D oc 17
4
Ju n e
13 % Ju ly 2 9
6
M ay 1
8% M a r
25% Ju ly 2 5
10
M ar 4
32
D oo
00
Ju n o 3
29% D oc30
10 9 % J a n
119 % A u g 8 13 8 % M a y 2 9
09
Ja n
74% M a r 6
03
D o c ll
4% J a n
16 % J u l y 1
7% J a n 9
10 % A p r
34% Ju ly 1
15
Ja n l3
13 % J u l y 2 3
7% D c c l5
38
M a y lO
30% D eo
20% D o c 16
19 % D e o
14
D e o 13
14 % J u l y l 7
10
D eo
9% A p r2 1
30% Ju ly 0
20
Ja n
16
D e c 10
20
Ju ly lt
13
Ja n
17
Fob 3
6 H i Ja n
9
40
Ja n
62% F cb 20
18 % B e p t 2 1
8
Apr
7% M a r 5
17 % A p r
2S% 8 e p t2 3
17
Ja n 3 0
4 1% M a y lO
29% D ec
25
D cc30

02
Ja n 3
84% J a n l 3
84% M a y 7
42% F e b 1 1
*9 8
D e c 10
8 4 % F e b 10
113
J a n 18
39% Ja n 2

A m e r B o s c h M a g n e t o . . N o par
A m e r i c a n C a n ............................. 1 0 0
Do
p r o f ................................ . 1 0 0
A m e ric a n C n r A F o u n d r y . 10 0

PER SH A R E
R a n g e o r P r e v io u s
Year 19 18

PE R a ll A R K
R ange fo a Y ea r 1 9 1 9
O n b a s is o f 10 0 - » A a r * l o t i

} Lees than 100 shares. a Bxdlv and rights, * Bs-dlsldead

64
54
70
113
4%
3%
5 1%
97
113 %
10 3
66
49
10 1%
95
14 3 %
08%
10 7 %
14 8 %
111)
07%
03
14 %
43%
14 2 %
70%
70%
13 3 %
89
98%
117 %
10 9 %

M ay23
Ju ly 7
Ju n o 0
Ju !y l4
J a n 16
J u l y 14
O ct 8
S e p t 10
M ay 1
M a r l5
J u l y 16
O c t 18
O c t2 l
M a y 20
N ov 8
S e p t30
Ju n o lO
N ov 5
Ju ly 11
Ju ly l4
Apr 3
M ar 7
Ju ly 3 1
O c t2 2
Ju n o 6
Ju n o 6
O c t3 1
N ov 7
A p r 16
O ct 7
Ju ly 2

4 7% O o t22
04% Ju n e l2
8 0 % J u l y 10
10 9 % J u l y 1 7

r Pull paid.

42
11
26%
49
1%
1%
17 %
72%
78
89%
3 1%
4 1%
48
18 2

Doo
Ja n
Ja n
Ja n
Apr
Apr
Jn n
Ja n
Ja n
Ja n
M ar
Ju n e
N ov
Sept

H ig h e st
9 p er sh a re

99%
92%
10 %
10 9
62
04%
48%

N ov
N ov
Ju n *
N ov
N ov
N ov
Ja n

17 4 % O ol
02% N o v
11
N ov
32
N ov
64% Sopt
80% N o v
10 7
N ov
13 7
Ja n
32% N ov
88
N ov
75
N ov
82
D eo
40
N ov
70
N ov
27% N o v
55
N ov
48
D eo
1 1 9 % NOV
18 6
Sopt
7
N ov
13 % Ja n
23% N ov
36% N o v
27% N o v
10 0 % N o v
34% N o v
10
M ay
36% D ec
10 6 % N o v
9% Ja n
47% Ja n
24% N o v
69% N o v
11% N o v
25
O ct
05% N o v
12 4 % N o v
10 0 % D e o
16 % N o v
07% N o v
6% N o v
13 % N o v
3 1% N ov
02
N ov
10 % N o v
30% D ee
8 -1% N o v
34
N ov
65
N ov
48
N ov
487* M a y
24% N o v
112 % N o v
10 6
N ov
50% N o v
18 % N o v
04
N ov
50
N ov
68% N o v
40% N o v
82
N ov
96% O ot
39
M ay
40
Ju ly
17 % D eo
33% N o v
26
N ov
40% Ja n
12
N ov
25% N o v
110
N ov
347* N o v
75% N o v
29% D eo
2 1% Ja n
7% A u g
10
Au*
65% Ja n
13 7 % O ot
70% N o v
12
Ju n *
20
M ay
11% Ju ly
44% Ja n
26% J u n e
17 % F e b
32
Ju n *
24% N o v
60
Ju n *
12 % N o v
26
N ov
39 % O ot
80
26%
027*
72%
6%
3%
37
86%
10 0
10 1
36%
42%
84
9 1%

Ja n
N ov
NOV
DOO
N ov
Ju n o
M ay
M ay
O ot
Aug
M ay
|A u g
Fob
M ay

50% M a y

34% Ja n
89% J a n
68% J a n
10 0
Ja n
25
Ja n
78
M ay

116
44%
88

DoO
O ot
D oc

11%
Ja n
60
Ja n
11%
Ja n
38% Ja n
6 1% 8 e p t
27
Ja n
69% J a n
63% Ja n
*95
Ja n

22%
947*
49
( 11
6 0 l|
47*a
92
7 1%
10 2 %

Sept
Aug
O ot
O ct
O ot
D ec
D eo
M ay
D * fl

89
73
10 3

96
N ov
94% O ot
1 1 0 % NOV

M ay
M ay
Sopt

449

New York Stock Record—Continued— Page 2
For r.oord of sale* during tha week of etocke usually Inactive, eee eecond page preceding.
H IG H

AND

S a tu r d a y
J a n . 24

LOW
M ond ay
J a n . 20

S A L E P R IC E S — P E R
T u esd a y
J a n . 27

SHARE

W ed n esd ay
J a n . 28

N O T PER C E N T.
T h u rsd a y
J a n . 29

F r id a y
J a n . 30

S a tes
fo r
th e
W eek

PER SH ARE
R a n g e f o r Y e a r 1919
O n b a s is o f 100 -sAure lo t i

ST O C K S
N EW Y O R K STO C K
EXCHANGE

L ow est

H ig h e s t

PER SH AR E
R a n ge f o r P rev iou s
i < a r 1918
H ig h e s t

$ v e r s h a r e $ p e r sh a re
3 p e r sh a re
In d u e . & M iscell. (C o n i P a r $ p e r sh a r e
$ v e r s h a r t $ v e r s h a r e S p e r sh a re $ v e r sh a re
86
Oct 107 Dec
100 American Snuff------------ .100 101% D eo 17 140 S e p t l 8
100% 100% ♦100ti 110
*106% 115
*100 112 ♦100 112
33% M ay 10
47 July 7
13.300 Am Steol Found tem ctti_33%
4478 45
44*2 447g
45% 40
45
45%
45*4
447* 451* 45
9612
A
u
gl4
91
Dec27
Pref
tem
p
ctfs______
N
o
p
a
r
500
93
93%
93
93
93
93
98
Jan 116 M ay
2,400 American Sugar R e fln ln s .. 100 111% Jau21 148% Oct.29
‘ 133* 13*7*'
130% 1307* 135*2 137% 130 136% ►133 137
♦133" 138
Deo
200 D o pref...........................1 0 0 113% Jan e 119 M ay24 108% M ar 114%
-118 119
118 118
*118 120 118% 118% *118 119 *118 119
120*2
Junel2
60%
Jan 145 M ay
73
Aug21
Amer
Sumatra
T
o
b
a
c
c
o
...*
0
0
8,800
91% 92%
91
92%
92%
91
91% 92*2
91
807* 90*2 90
81
Jan 103 June
100 D o preferred--------------- 100 90% Dec30 100 M a y l2
*91% 93*2
♦91*4 94
*9114 93
91*t 91% *91% 93*2 *91% 94
90% Aug 109% Feb
95
Dec30 108% MarlO
99 100% 13,900 Amer Telephone A T eleg-.lO O
97S* 97%! 97% 977* 97% 98% 98% 98% 98% 99
200 American T o b a c co ________ 100 191% Feb 4 314% Oct24 140*2 Jan 198% Deo
200 200
►250*2 205
*250 270 *250 270
Jan 6
92% Sept 100*2 Deo
93% Dec23 106
D o pref ( n e w ) _________ 100
400
*90*4
97*2
97%
97%
96
96
97*
97% 973* *90
60% M ay
44% Jan
45% J a n l 6 1091s Dec31
150*4 158% 150*2 158% 82.300 Amer W oolen of M aas___..1 0 0
153% 100% 157% 100
149% 154
1471* 151
96% Deo
92
Jan
94% Feb 8 110% June 5
D o p r e f.______ ________ 100
700
105% 105*2 ►104 105*2
104% 104% 105 105*4 *104% 105
*100 105
39% Aug
20% Apr
69
O ct 2
27% Jan 2
Amer
W
riting
Paper
p
r
e
l..l0
0
3,800
55*2
50
50
57
57%
56
50*2 67
68
55% 55l2 50
21% July
29
Julyl4
11
D
ec
11
Jan31
Amer
Zinc
Lead
&
Sm
elt___25
1,900
19*4 19%
*19
20*4
19*2 20*2
19% 20
20
*18
*19 20
63% July
38% D ec
100 D o pref_________________ 25 40 Jan21 65 July24
58*2 58*2
58*2
*50*2 68*2 *55
68*2 *55
*55*2
♦58 00
77% JulylO
69
Dec z74% Oct
54%
Nov29
Anaconda
Copper
M
in
in
g
..50
16,500
61%
61%
01%
0 1 % 02*2 61% 62*2 01*4
01
00*4 01
2*2 NOV
is
D
ec
1
Jan
2
9%
N
o
v
i
7
Assets
Realization----------------10
450
4%
4*8
4*8
*4*8
4*8
•41* 41*
4*2
18% Deo
12 M ay
65% D ec 11
17*4 Jan 0
58% 637g 68*4 59*4 10,000 Associated D ry G ood s------ 100
01*2 61*2 62
64*4
01%
597* 02
63
Deo
82
AUgl4
51
M
ay
61
M
arl9
D
o
1st
preferred_______100
'74
75
*74
75
*74
75
*74
75
*74
*74
75
30% Jan
36% Jan
100 D o 2d preferred______ 100 58*8 Feb 8 80*4 M ay 13
*7412 76
*7412 70
76
75
*74
75
*74*2
*74 70
71
Oct
142 N ov
64
Apr
63
Jan
2
Associated
O
il_____________100
200
119
123
118
118
12 1 12 1
*91 123 *117*2 123 *118 123
97% Jan 120% Feb
92
Feb 8 192% Oct31
5,300 Atl G ulf A W I SS L i n e . . . 100
160 163*4 102 % 165*8
102 164
101% 105
15912 1021*
67% N ov
58
Jan
70% M ay 8
64
Jan29
D o pref________________ 100
1,400
*07
70
*65
70
07%
*05
08
67%
*00
70
60% 68
75% D ec 26
65% D ec 18
67% 68*2 31,200 A T Securities C o r p ._ - .n o p a r
67% 68%
69%
07
OS's 09%
65% C7>* 00*2 08
20% D ec 8
14*2 N o v l9
900 Autosales Corporation___. .6 0
17
17% *16*2 19
17% 17%
17% 17%
*17% 18% *17*2 18s.
35*2 D ec 3
29
Oct25
6
%
pref
temp
ce
r
tlfs
.____50
*29
33%
29
33
*29
33*2
33
*29*2 33*2
*29 33% *29
56*8 Jan 101% M ay
150% Oct22
64%
Jan29
Baldwin
L
ocom
otive
W
ks.100
318.100
110%
121%
117 119% 110*8 118% 116% 117%
111% 1141* 113 118
Deo
85
Jan 110
Jan 2 145 July 7
2,300 Barrett C o (T h e )----------------100 103
129% 129% 129 129% 125*8 128%
120*2 128*4 128*4 130
99% June 107% D ec
110
F e b 10 119 M ay 29
D
o
preferred__________
100
100
♦
___
112
112
109*2 109%
•
___________112
2%
M
a
y
l3
1*4
Jan20
Batopllas
M
ining.
..................
20
600
1% 1% *1% 1%
1%
1%
*1*1 1*2 " i % " i t
1%
1%
45
O c t l6
26 8 ept 22
9,100 Bethlehem M o to rs------ N o p a r
29*4 29%
28% 29
29
30*2
28% 30
20% 27*2 271 * 29
96 M ay
60
D ec
65*2 Jan20 107% July 15
1,000 Bethlehem Steel C o rp ------ 100
95% 95%
94% 94%
94
93
93
94*2
94 M ay
59% N ov
112
Oct23
65%
Jan21
D
o
Class
B
com
m
on
.
.100
97% 98% 117.100
98
99%
90% 98*2 97% 99%
'95*8 9*0%
94 Sept
84
D ec
90
Dec20 108 July 21
D o preferred— ............. 100
100
100 100
Sept30
90*2 Jan 10678 Apr
101%
Jan22
116
D
o
cum
conv
8
%
preflOO
700
113% 113*2 113% 113% 113% 114
1131* 113** 113 113
21
Jan
July24
28*2 Sept
II
D
ec
1
25
700 Booth Fisheries---------- N o p a r
13% 13%
13% 13%
13% 13%
*13
13
13*2
*13
13*t
85*2 D ec 18 102 Aug 1
Brooklyn Edison, I n c --------100
*94
97
*94
97*2
93*2 N ov
M
ay29
78
Aug
92
41
D
e
c
l
8
Brooklyn
Union
G
as----------100
400
*52
55
*52
55
55
55
65*4 *52
*54
57
*55
58
74 N ov
62 June
71
Fob 5 112% JulylO
2,400 Brown Shoo, I n c . . . . ---------100
100 10 1
100 1 0 1 % 100 100
100 100
100 100
100 100
98
Apr
95
Jan
101 M a y l4
97
A
u
g
l
8
D
o
preferred___________100
*95
99
*95
99
*97 10 1
*96
99
61% O ct
160
Apr23
108
Feb
115
Dec30
400 Burns Bros________________ 100
107*2 107% 100 % 106%
*105 110
100*4 100*4 107 107 *100 108
12% July
5*g D ec
17
O ct 6
5*8 Feb20
Butte Copper & Zinc v t c . . 5
2.300
9*2
9%
9%
97
8
97S
97
8
9% 10
9% 10
9%
9%
7*2 M ay
18*2 N ov
16
Jan27
39% July30
600 B u tte rlck ---------------------------100
22% 22%
23*2 23%
23% 25
25
25
25
*24
25*2 *24
33% M ay
01% Jan
16% Feb 11
37*2 J u ly ll
4.100 Butte A Superior M in in g .. 10
20*8 20 % 25% 20
27% 277g 27
27
27% 28*2
28*4 28%
5t% M ay27
19%
Dec30
Caddo
Central
Oil
A
R
e
f
..100
1,200
22%
23
♦22*2
22%
22% 227g
23
♦22*4 23%
23*4
22% 23
50 N ov
36% Jan
87*s Dec26
48% Jan 2
12,800 California Packing------ N o p a r
84*2 85
84*4 85%
85
85*2
82
84% 85%
84%
81% 82
247g N ov
12
Jan
56% O ct 20
20% Jan 2
1,900 California Petroleum _____ 100
42
*40
40% 41
41% 41%
41% 41%
42%
39
41*2 42
70*2 Deo
36
Jan
86
% Septl7
64*8
Jan
2
—
............
100
D
o
pref.........
1.100
*71%
72*2
72% 72% *71*2 72*2
72
72%
72% 73
*72% 73*2
71 M ay
61
Dec
80%
Juty24
50%
M
a
rl5
300 Calumet & Arizona M in in g .10
*63% 08
70
04s: 04% ♦04
•03*2 07
047s 05
*03*2 72
92*2 Deo
73
Jan
A u gl9
91% Janl4 101
Case
(J
I)
Thresh
M
pf
ctf.100
400
99*4 99*4
*97 100
99*2 101
73% Feb
54%
Deo
116%
July24
56%
Feb
8
Central
Leather___________
100
11.300
92% 92%
91% 92%
91% 93%
01*8 92*g ‘ 91**4 *93*% 93's 93%
101% Dec 108 N ov
Do
pref_______________ 100 104*2 Jan 7 114 JulylO
300
100 100*2 105 107
107 107
100 108
*104 107 *104 107
39 N ov
29% M ar
31
Jan22
67% J u ly ll
Cerro
do
Pasco
C
o
p
—
N
o
p
a
r
5,200
55
55*2
55% 55%
60
50%
50*2 67%
50
50%
55*4 65%
40*2 N ov
30
Oct
30% A prl2
66*2 N ov 7
900 Certain-Teed P rodu cts.N o p a r
55
55
55
69*2
90 N o v l2 141% N ov 5
Chandler M otor C a r . . .N o p a r
66,100
141*
1*4*4%
130
142%
i35*
13*9*
132%
137*2
123% 120*j 1257g 135
113*2 N ov 3
68 June 7078 June
68
AprlO
Chicago
Pneumatic
T
o
o
l
.
.
100
1,000
94% 94%
94
94
94*2 95
95
95
90
97*2
24% Oct
14% Apr
10% D ec 1 29*4 July 14
7,500 Chile Copper.......................... 25
18*2 18%
18% 18%
187g 19
19
19*
18% 19
187g 187#
47 M ay
31% Dec
60% JulylO
32's Feb 6
3,800 Chino Copper---------------------- - 5
36% 37%
30% 37*2
377g 38*8
37*4 38%
37*4 37*2
37*2 37%
65% N ov
108
Dec29
45
Jan
60%
Feb27
Cluett,
Peabody
&
C
o
-----100
99
*93*2
94
*03
*91
94
*90
95
♦90
95
*90
95
43%
N
ov
7
37*2
Nov28
6.500 Coca C ola_________________ N o p a r
37*2 38
37% 38
37% 37*2
37% 39
307s 37*2
38
37
54 M ay
34% Jan
50 Julyl4
34% Feb 10
5.700 Colorado Fuel A Iron------ 100
40*4 40%
40%
40
41
417g
417g 42
397S 40%
40*4 42
44% D oc
28% M ar
O c t ll
39*4 Feb 1 69
2.700 Columbia Gas A E lec--------100
*60% 62%
62*2 63
03*2 63%
02% 03
03
04*4
*02*8 03
75%
Oct27
50%
O
c
t
l
8
15,100 Columbia G raphophone N o p a r
51% 52
52*2
50
62% 63%
517S 6178 64*4
4978
51
95*2 Oct28
91% Dec29
Do
pref............................ 100
400
91*2
91
92
*91
91
*91
92%
39% July
30
Jan
63% Julyl4
37% Jan 4
450 Com puting-Tab-Recording 100
54
*52
*52% 54
54
*54
65
*64* 54
*54
75 June27
54 A u g l 8
Consolidated Cigar------ N o p a r
700
62
02
60
*59
*59
58
69*2
58*2 *58
50*2
80% Ju lyl 1
z78
Augl5
D
o
preferred---------------100
300
82*2
82%
82
82
*81
82
*80
82
*80
*80
82% July 105% N ov
78% Dcc29 100% Julyl5
5.500 Consolidated Gas (N Y J ..1 0 0
80*2
80
79
79
79%
84
82
80% 81%
82% 82%
13 June
23
O ctl4
7*2 Sept
6% Apr23
3,800 Cons Inter-State Call M g --1 0
18% 19
19
19
18%
18% 19%
18% 18%
18*2 19%
37*2
N
ovl4
30-2
D
ec
16
Consolidated
T
e
x
t
ile
...N
o
p
a
r
4.100
30
30*2
29% 30%
30% 31%
3078 3 0 'i 30%
29% 29%
29
Feb
95
103%
Juno
7
651s
Oct
05%
Feb
10
900 Continental Can, In e......... 100
88
88% 8S% 88
*80% 89%
88*2 89
*80% 89%
Deo
99 July 107
100 D o preferred........ ......... 100 100 % O c t l 8 110 Junel7
102% 102*8
*102 103 *102 103 *102 103
*101 103
15%
Oct20
10
%
Sept
20
Continental
Candy
Corp
N
o
p
a
r
12% 2,300
12
12% 12% 12% 12% 14*2 12
*12
12% 12
12*4
99
Oct22
29% Jan
60*8 N ov
40
Jau21
84*2 85% 45,600 Corn Products R e fin in g .. 100
85% 80%
85% 87
85
80*2
83% 85%
83% 84
D eo
Jan23 109% July26 *90% Jan 104
Do
preferred__________ 100 102
300
102*2 102 % *100 104 *102 103% *102 104
74 % M ay
*103 105*2 101 101
201
Oct23
52
Jan
52*8
Feb
7
Crucible
Steel
of
Am
erica.
100
222 226% 223*2 228 121,700
223 228
213 224% 222 233*2 225 233
80
Jan
91% June
91
Jan 2 105 July 3
D o preferred— ............100
600
99%
99*2
99%
99*2
*99
99*2
09*2 99*2
♦09
99*2
99% 99*2
34 N ov
27% Apr
55
D oc 8
20% Jan27
49*8 50*2 30,000 Cuba Cane Sugar_____ N o p a r
50
51
50% 61%
60% 51*2 50% 61%
50% 51*4
83
Feb
77% D ec
87% D ec 9
69*2 M ar 1
D o preferred__________ 100
2,400
83
83*2
83% 83%
84
84
84
84*2
83% 84
84
84
Jan
130 Aug 162
Oct31
150
Jan 8 410
Cuban-Amerlcan
S
u
g
a
r
...
100
700
*440
475
*440
475
450 450
445 445
435 450
430 430
15 N ov
16%
M
a
y
l2
0
June
10%
Jan31
Dome
M
ines,
L
td
----------------10
800
12% 12%
12% 12% *12% 12% 12% 12% ,12% 12% *12% . . .
22
Jan
31%
N
ov
43
JulylO
23%
D
eo
2
1.100 Elk Horn Coal C orp ------------ 50
24% 24%
25
25
25
25
25
25%
25
25
43% N ov
25*8 25*8
37 M ar
July23
200 D o preferred-----------------50 39 D ec 6 43 June27
*35% 41
41
*35
*35% 42
*35
41
35
35
*35
45
24%
Doc30
300
Emer
8
on-Brantingham-----100
27
27
27
27
27%
*27
27
27
27*2
*27
27% *27
88 D ec 15 10 1 June 26
300
D o p r e fe r r e d ..................100
84*4 84*4
*84
86
80
84% 84*2 *84
*83% 84%
*83*2 80
D ec 2
80 June30 150
15.100 Endlcott-Johnson ..................50
140 140% 139% 142*2 135 138*2 135% 136
137 140
135% 137
1
0 1 Aug2l 107% D ec 2
1.100
D o preferred----------------100
102 1Q2 102% 103
102 102
102 102
103 103
81
D ec 12 123 Julyl7
8,600
Famous
Players
Lasky
N
o
par
81
82
81
79*8
82
80
82
83%
81% 81*2 *82* *83%
16
O ct
D ec
23% Ju lyl5
1
OeclO
200 Federal Mining & Smelting 100
15
14% *10
13% 13% *11
* 10 % 14%
12
12
* 10 % 12
Jan
44*2 O ct
48% Julyl4
L * *15
I,
200 D o
p r e fe r r e d ...10025
33% *31*2 33%
33% 33% *32
31% 32
31
31
*30
31
43 June
173
oct 8
Jan
38*4
8
100
Fisher
B
ody
C
orp
..........
N
o
p
a
r
130
*100
123
123
*100 150 *100 130 *100 130 <►100 130
65
O ct 9
39*8 N o v l3
42*2 43% 15.400 Fisk R u bber............................. 25
42% 43
42*2 43%
41% 42*8
42%
41
41%
41
64% Julyl4
31% Dec29
19,000 Freeport Texas C o ..........N o p a r
26*2 28
27%
20
24% 20%
28
27
28
30%
28
39
Feb
27
25% Oct
15 D ec 1 38% J u ly ll
2,300
Gaston
W
&
W
,
I
n
c
.
.
.
N
o
p
a
r
17*8 17%
10 % 10 % 10 % 17% 17% 17% 17*2 17%
58 June
34
Jan
95% July23
47
Jan 3
700 General Cigar, I n c .............. 100
71
71*2 *70*2 72*2 *70% 71*2 *7012 *71%
71%
*69*2 72
71
127% Jan 158% Oct
Oct20
5,700 General Electric..................... 100 144*2 Feb 2 170
166
165
166
168%
108%
170%
108% 108*2
107% 107% 107% 108
Aug
79,900 General M otors C orp ......... 100 118% Jan21 400*2 N ov 5 106% Jan 164
311% 319
298*2 304*2 298% 314
293% 299
293 303% 299% 305
88
Feb
76% Oct
95 June 3
82
Jan 0
3.100
D o p r e fe r r e d ................ -100
81% 81*2
82*2
81
81
82*2 82
82
82%
81
82
81
94% A p rl4
82*2 Feb 17
9,150
D
o
Debenture
s
t
o
c
k
..
.
100
80
80*2
80% 81
80% 81
80*2 81*8
81
81%
597g Oot
93% Oct29
38
Jan
80*2 81
60*2
Jan
10
18.100
Goodrich
C
o
(B
F
)
..............100
78*4 79%
77*2 78%
78% 79
78% 79%
70% 77%
77% 79
D eo
95% D ec 104
4,800
D o p r e fe r r e d ................1 0 0 102 Aug 7 10912 AprlO
96% 96%
90% 97
97% 97*2 90% 97%
100 100
09% 100
74
Jan
86
Oot
80
Jan 3
47*2 D e c l 6
300 Granby Cons M 8 & P . — 100
*45
50
48
48
49
49
50
*49
60
50
•49
60
53% N o v 26
40% D eo 9
200
Gray
A
D
avis,
I
n
c------------25
45% 45%
45
45
68% N ov
47% Julyl4
38% Jan
32*2 D ec 2
600 Greene Cananca C o p p e r .-100
*35
38
36
36
*30
38
30
36
*3^2 *3*6*"
*35*2 30
68% Dec 111% Apr
49*2 Feb 8 89*g Oct20
5.000 Gulf States Steel tr ctfs.-lO O
78*2 79
77
79%
78*2 82%
79% 80
78
77
77*2 78%
65
D eo
37 M ar
54% Jan 8 100% Dcc26
200 Hartman C orporation......... 100
105% 105%
105 107
■104 105
•10 2 105
104 104 *103 100
49% July
34
Jan
71% Julyl4
40
Feb 6
1.900
Haskol
&
Barker
Car
.
.
.
N
o
par
58
58%
60
60
58% 58%
68 % 69*2 69% 00 % 00 % 00 %
41% Dec
68
% J u ly l 6
58*2
O ct
42*2
Feb
6
5.000
Inspiration
Cons
C
o
p
p
e
r
..
.2
0
56%
50*4
55*2 56%
60% 67%
60
56%
65% 60
60*2 67%
19 June
10
Jan
37% Julyl4
10% Jan 2
700 Internet Agrlcul C o rp ------ 100
20
20*8
_ ___ ____
20%
20*8 20% *19
18% 18% *18% 20
Jan
91% July 14
65 June
38
48
Jan 4
500
D
o
preferred.....................
10Q
81
80
81
81
80
80
79
79
79
78% *70
78
Oct 121 N ov
2.000 Inter Harvester ( n e w ) ------ 100 110*8 Jan21 149% July 7 104
129% 130% 129% 129% 129 129
130 130
128*2 129% 129 130
Oct 114% Deo
D ec 16 120 June23 107
700
D o Preferred, n e w _____ 100 I I I
114 114%
114 114
114 115
. . . . ♦113 114
21 Jan 33
Oct
21% Jan31
67% J u ly ll
42,800
Int
M
ercantile
M
arine-----100
*39%
*4*0%
38% 40
39% 41%
40% 41%
38% 40*2 *39% 41%
128*2
M
ay28
83%
Jan 125*2 N ov
02%
Feb
10
000
Do
preferred.100
96*2 97*2 I I ,
96*2 97%
90*2 07*2
98 b
97% 98%
97
36 N ov
90*2 07*2
27
Jan
33% June20
20% D e c l 6
13.100
International
Nickel
(T
h
o)-2
5
24%
24*2
24*2
24%
24% 25*8
24*2 25
24% 25
24% 24%
2412 Jan
46*2 M ay
82 N ov 5
30*4 Jan 3
84% 85*2 28.400 International Paper............100
83% 85*2
84
85%
84*2 80*2
81% 85%
81% 82%
68
Jan
65*2 Jan
80 July22
02
Janl3
D o stamped pref_______ 100
65 N ov 7
34
D oc 12
Iron
Products
C
orp
—
N
o
par
9,000
60
50*4
60
51%
61%
60
49% 60%
D ec
40*2 N ov
47% 60*2
27
48 M arlS
15
D e cl3
Jewel T ea, In c ____________ 100
M ar 0
88 Apr 97% Jan
"* *166 D o preferred----------------- 100 38% Dec23 91 JulylO
41% 41%
44
24%
Deo
16
Jones
Bros
T
ea
,
In
o----------100
300
*
3
*
0
”
*25%
25% 25% *25% 27
*26* *2*7** ♦25% *3*0 * *20 % 20 %
Jan 105
Oct
Apr22
95
Apr 5 130
50 Kayser (Julius) A C o --------100 105
{I I S
115
Apr
72
Deo
.. 41
68
Jan21 104 N o v 3
5,500 Kelly-Sprlngfleld T ire......... 25
135*2 136
*130 1*3*4*' 133 134% 134 130% 135% 138
110% Oct21
101%
D
eol2
Tem
porary
8
%
preferred
100
200
104
104
*103 105 ♦103*2 104% *103 105 *103 104*2 104 104
35
O ct
24% July
34
Jan24 114% Oct28
500 Kelsey W heel, Ino--------------100
82
*78
85
*78
*78
85
81% 82
85
80
80
*78
41% N ov
29 M ar
43 Ju lyl5
27% N ov29
7,300 K ennecott C oppor------ N o p a r
30% 30%
30% 31
30% 31
30*4 31
30*8 30%
120*s
Julyl4
38%
Dec29
Keystone
T
ire
&
R
u
b
b
e
r
...10
25,800
37% 39%
35%
30
37%
30% 37%
33% 30*4
91% M ay
33% 34%
62% Jan21 107% N ov 1
65*2 Dec
83*2 84% 14,500 Lackawanna-Steel--------------100
84%
85
80%
85% 86
82% 85
83% 85%
90 M ay
82 July
83
Jan21
33
Dec30
Laclede Gas (St L ouis)------ 100
24
Deo
12
Apr
40
Oct21
21
Jan22
900
Lee
Rubber
A
T
ire
-----N
o
par
25% 35%
35
30
33
33
D eo
250% Aug 8 164% Aug 210
D ec
100 Liggett A M yers T o b a c c o ..100 195
203
*195
200
*195
*195
205
.... ....
199* 1*9*9** ♦199 2 10
110 N ov
100*2
June
115
JulylO
107
Jan27
100
D
o
preferred-----------------100
109
*107% 109
108% 108% . . . . ____ *107 109 ♦107 109 *107
27%
Dec31
25*8
Dec23
6.900 Loft Incorporated--------no p a r
22 % 23
23
21
2 1 % 2 1 % 22 % 22 % 23% 22% 23% 23
45% Deo
81 Julyl4
17*2 Jan
40*8 F cb l7
900 Loose-W iles Biscuit tr ctfs.100
67
67
70
07% 09*2 *65
♦05
08
♦65
07
07
67
96
D eo
63
Feb
94
Feb 5 120 June20
.
D o 2d preferred............. 100
120
127 *112 127 *112 126 * 1 12
*114 127 *114 127 ♦ 112
1441s Aug 200 Mai
*300 Lorlllard ( P ) ...........................100 147% A p rlS 245 July23
175
*165
170
170
*170
175
176
*105
172
170
170
•108
98
Jan 110 No*
107
Jan28 116 July29
100
D
o
preferred....................
100
10
*
.
10
*
»oo
* .
*99 109*2
1 1 2 % * ___ 1 10 ♦ 100 1 10
1 Lx-dlvldcnd
n O ld stock.
* Bid and as'ktxl*prices; no sales on this d a y. t Lees than lOO sharcs. | Bx-rlghta. a K »-dlv. and rights.
80% paid,
d ull paid,
$ v e r sh a re

$ v e r sh a r e

S h a res

6

p g - fluctuations in rights eoo second page preceding.




450

New York Stock Record— Concluded— Page 3
Vat

_ H /q g

A N D

S a tu r d a y
J a n 24"

te cord o f sales durian the week o f stocks usually Inactive, sea third page preceding.

LOW SALE PRICES— PER S H A R E , N OT PER CENT.

M ond ay
J a n . 26

S per sh ore

T u esd a y
J a n . 27

W ed n esd a y
J a n . 28

T h u rsd a y
J a n . 29

F r id a y
J a n . 30

Salts
Ih t
W eek

STOCK8
NEW YORK STOCK
EXCHANGE

PER SH AR E

Ranoe/or Y e a r 1919
On hosts of 100-share lots
L ow est

H ty h e s t

PEP. S H A R E
R a n t s t o r P r e v io u s
Year

1918

L ow est

Highest

$ p e r sh a re
$ p e r s h a re S p e r s h a r e $ p e r s h a re S p e r sh a r e S h a r e s Industrlal8cMlsc.(Con.) P a r
% P i t sh a re
$ p e r sh a re
70
a re
*66
70
J per th a n
*60
70
*67
70
*6S
70
69
69*2
200 Mackay Companies_____ 100 63 D ec30 79% Mny27 % 7P0e r shDec
64*8 64
64
64
64
78*2 FSB
64
64
*64 64*8 *64
64% 2,000
Do pref______________ 100 263 June 6 66 Julyll
67 Jan 65 May
*32 33
*32
33
-------Manhattan
Shirt____
____
25
28
Aug
5
"29% 29% 29*2 29% 29% 30
38% Julyl7
*27
1,400
Martin
Parry
Corp___
no par
23 Dec 12 31% Nov 7
31
31
30% 30% 31
31% 31*2
31% 3H.
1,100 Maxwell Motor, Inc......... 100 26% Jan22 61 July28
22*2 Jan 42*2 No*
*58
63
60
60% 59% 59% *58
59
59
500
Do 1st pref__________ 100 50% Jan22 84*2 July28
60 Dec 09% No?
*25*2 29
28
28
*25
500
Do 2d pref___________ 100
124% 125” 120 126
19 May 32% NOV
124% 126*4 125 126% 124% 126% 125" 125*2 2,200 May Department 8tores._100 19*4 Jan 2 46*2 Juno 3
60 Jan 4 131% Oct31
19 May 32% No?
*105% 107 *105*2 106*2 '105% 106*2 105% 106 *105% n o
105% n o
300
Do preferred....... ......... 100 104 Jan 2 110 May 2
194 198
47
Jan 03% Di<
195% 202*4 199 202% 197% 201*4 196 199% 197% 199 81,900
Mexican Petroleum______ 100 162% Jan23 264 Oct22
79 Jan 194 Oct
*100 105
-------Do pref...........................100 99 Dec 17 118% Sept30
87 Jan 107 Dsc
237s 2378 24% 24% 24% 24% 23% 24
800
Miami
Copper____________
5
21 Nov29 32% July 17
'43% 44% 44% 46% 45% 46% 40% 46*2 39% 43
22*4 Doc 33*8 Jan
39% 41
49
49% 49*2 50*2 49*2 50% 49% 50% 49% 49% 49% 49% 99.000 Middle States Oil Corp____ 10 32 Oct 9 71% NovlS
11,700 Midvale Steel AOrdnance.. 50 40*4 Feb 7 62*4 Julyl4
65
65
41 Dec 01 May
*64
66
66
66
*65
69
65 65
*65
69
300 Montana Power_________100 54 Nov28 83 July 29
48
48
64 June 81% Nov
47% 47% 48
48
47% 47% 47% 47% 47% 47% 1,000 Mullins Body________ n o p a r
40 Novl3 63 Oct20
*38
38% 38 38% 38% 38*s 38*s 38*4
38% 1,500 National Acme___________ 60 29*2
38*8 38
Jan 2 43% Julyl2
65% 65% 63*2 65% 66% 67*2 65% 67*4 38*s
26% Jan 33 Ms;
65
65*2 64
65%
3.900 Nat Aniline & Chem vtc.no p a r 45 8ept24 75 Nov
*86*4 88
*87 88
87% 87% 88
88
*87 88
87% 87%
300 Do preferred v t c_____ 100 87 Novl3 91% Oct
*116 120
*118 119
-------- National Biscuit________ 100 107 Aug20 139 Oct
115 115
90 Aug 110% Dei
114% 1*1*4% 114 115
115 115
114 114
500
Do preferred................ 100 112 Dec22 *121 Marl4 106*4
*75
77
Sept 114 Man
*75
76
*75
76
*75 76
*75
76
*75
76 -------- National Cloak A Suit___ 100
Jan22 92 July26
*95 102 *100 102 *100 102
55 Sept 07** Dsc
100 102
100 102
100
101
........Do preferred..... ..........100 103 Dec 1 108% May26 100 Jan 104 Dsc
9% 9%
9% 9%
10% 10% 10
10
10*2 10*2
600 Nat Conduit A Cable. N o p a r
8% Dec30 24% July 15
79*8 80
13 Nov 21% July
81
82
82 82% 81% 82
*81
83
*81
S3
1.400 Nat Enam’g A Stamp’g__ 100 45*8 Feb
88%June 7
*101 103 *101 104 *101 104
37% Jan 54*2 May
100 103
102
*100 102
100
Do pref______________ ICO 93 JanlS 104 May27
80’s 825s 82*2 84% 84% 86% 83*2 85% 83*2 102
88 Nov 99*2 Fsb
83*2
83
84
10,800
National
Lead__________100
64
Jan11
94%
Ocl23
*108 109
43*4 Jan 69% DSC
108 109 *108 110 *108% 109
108*2 108% 108 109
100
Do pref______________ 100 102 Sept
112 Julyl8
*16
16*4 16
99% Mar 105*2 May
16
16% 16% 16% 16*4 16% 16% 16
16% 1.900 Nevada Consol Copper_____ 5 13% Nov28 21% Julyl7
*105*2 108
16*2 Dec 21% May
106-4 110 108% 109% 107% 108% 108 109
108%
109
4.400
New
York
Air
Brake____100
91%
Feb
145% Oct22
*42 47
98** Dec 139 May
*42 47
*42 47
*42 47
*42
*42
47
47
------- New York Dock_________ loo 19*2 Fob
70%
July30
*55 60
18*a
Jan 27 May
55
55
*50 60
*50
60
55*2 55* *55
60
200
Do preferred_________ 100 44% Marl3 75 July29
42 Jan 45*2 Dsc
55*4 56
56*8 56*8 57 57
57
58
57*8 57% 5 % 57% 1.400 North American Co.......... 100 47 Jan11
67 July28
70
37*2
Aug
71
72
67% Nov
72% 72*2 72
72% 71% 71% 71
71% 1.900 Nova Scotia Steel A Coal.. 100 46 Jan30 97 June 2
46% 47
52% Dec 70 Aug
46% 49
48
48
48
48% 47% 47% 47% 473.
7,800 Ohio Cities Gas (The)....... 25 a35% Feb 14 01% JulylO
36% Mar 48 Oot
*48% 49*4 50*t 50*4 *48% 50't *48% 50*2 *48% 5 0
*48%
50
200
Ohio
Fuel
Supply..............25
43 Jan18 55 July25
40 Oct 40*2 June
9*8
9%
~
9*4 9*2
9*4 9%
9*i 9%
9*8 9*4 12,600 Oklahoma Prod A Refining..5 ' 8 Feb
131* May 10
9
9
9*2 9%
9% 9%!
9*4 9*4 *8% 9*
8% 8
1,500 Ontario Silver Mining___100
5*2 Marl8 11% Nov 5
*130 135
4% Jan 13 June
135 135
136 137
138 138 ■136 138
131
137
500 Otis Elevator____________ n o p a 128
r
Novl2 149 Nov 3
36% 3712 36*2 37% 37 38% ,37% 38% 37% 37*2 37
38*8 9.200 Otis Steel________________ n o p a r 34% Decl6 39% Nov 14
*59*2 60*2 597s 60
*60 61
'60
60
CO 60
*59% 61
1.000 Owens Bottle____________ 25 46 Mar 3 74 Oct 17
44 Dec 70*4 Aug
74% 74*2
73% 73%
300 Pacific Development__ _ . _ 70% Decl
80 Oct 18
♦56
58
57 57
*57 59% 56*2 56*2 56
56
*55% 57
1,050 Pacific Gas A Electric___ 100 58% Dec30 76% July24
_____
______
*35 37
37 37
38
38
*36%
38
200
Pacific
Mall
SS..................5
29** Feb 8 42% Julyll
23*2 Jan 40 Dec
41*2 42% 42
42% 42* 42
42% 42*2
1,600 Pacific Teleph ATelcg___ 100 22 Jan21 41 Dcc26
91% 93*8 92% 96
18% Dec 27 Oot
94*2 9512 92% 95*2 92% 93% 91% 93*4 39,800Pan-Am Pet A Trans______ 50 07
Jan21 140*4 Oct22
88% 90
63%
Oct 72*4 Oct
89% 92
91% 92% 91
92% 90*2 91% *901- 92
6.200
Do Class B__________ 50 92% Dec 13 104% Dec 19
♦41% 42*2 42% 431- 43% 44
*42% 43% *43
44
. . . .
. . . .
500 Parish A Bingham........ n o p a r 42 Decl5 47% Nov20
—
_____
32% 33
33 33
32% 33
1,100
Penn-Seaboard
St’l
v
t
c
N o par
27*2 Apr30 68 Julyl8
37
38% 38% 40% 40 41
39% 40*2 39*2 40% 39% 40
5.700 People’s G L A C (Chic)..100 32 Doc30 67 May20
40
39% Jan 61 Nov
40% 40% 41
40% 41% 40% 41% 40*2 40*4 40% 40% 19,500 Philadelphia
Co (Pittsb)__ 50 30 Jan 3 43 Apr 28
21 Apr 35% Oct
66% 68
66% 71
69*4 71% 69 71% 68% 70% 70% 71% 81,800 Pierce-Arrow M Car__ N o p a r
38% Jan22 99 00120
_____
34 Jan 51% Nov
105 105
200
100 101*2 Jan 3 111 Oct20
Do pref.............
18% 19
89% Jan 104 Dee
18% 20% 19% 19% 19
19% 19% 19% 19
19
Pierce
Oil
Corporation____
25
8,000
16
Jan
2
28%
May
9
*93*2
15 Sept 19% Oct
94
94
94% 95
95 95
94%
94%
94*2
95
1.700
Do
pref.......................
100
93 Dec31 105*2 Oct28
62
62% 62
62% 62
62
61% 62% 61
61
60% 61
2 ,300 Pittsburgh Coal of Pa____ 100
46 Feb 3 74% July29
91% 91% *91% 95
42 Jan 58% Fell
*91
95
*90 95
*90
92
*91
92
Do
pref_____________
100
100
85*2
Mar
17
98 May28
*23*2 24% 23*2 23*2 *23% 24% 24 24
79*4 Jan 85% Dee
*23
24
*23*2 24
200 Pond Creek Coal_________10 12% Feb 5 31% Octl8
96% 96% 97
15 Nov 20 Juns
98*: 99 99
98% 99% 98
99 101
98
3,000 Pressed Steel Car_______ 100 *59 Febll 109 Oct20
65% Nov 73 Aug
*102% 105
Do
pref_____________
100
100
Mar
3
106 JulylO
*61
73
93
Apr 100 Aug
*65
73
67% 67% 67% 68
*65
73
*65
73
300 Public ServCorp of N J..100
60 Dec 18 91%Jan 7
114*2 115
86 Oct 109% Mar
115 115
115 116
115% 116
115
*113 114
2.300 Pullman Company______ 100 110 Nov28 132% Julyl7 100%
88*2 89?j 90 90% 89% 91% 90% 90% 87% 115%
Jan 132% Nov
88
90
88%
Punta
Alegre
Sugar_______
50
6.400
61 Apr 4 98% Dec 8
97 98
99 100% 99% 99% 99% 99% 971- 97*2 98*2 99*4 4.400 Railway Steel Spring____ 100
08*2 FoblO 107*2 Nov 5
45% Jan 78*2 Dec
*103*2 107
103*2 107
105 105 *103% 107
106%
106*2
*103%
107
Do
pref.........................100
200
104
Feb
4
112
June
3
21% 213s 21% 21% 21% 21% 21% 21% 21
96 Jan 105*2 Dec
21% 4,500 Ray Consolidated Copper.. 10 19 Mar 4 27% July 17
21% 21
19% Dec 26% May
86 89
88
88
86% 86*2 *86
88
700 Remington Typewriter v 10 100 68 AuglS 105% Oct24
*43
47
*42% 47% 45 46*2 46
46
45
45
45%
Replogle
Steel________
n o par
1.300
45*2
46
Dec30
53%
Dccll
109 113
111% 115% 114% 115% 114% 117% 114 115*2 114% 116% 192.400 Republic Iron A SteelU___ 100
71*2 JanlS 145 Nov 1
*103% 104
103*2 104% 103% 103%
Do pref.........................100 100 Janl3 100** July28 *72% Jan 96 May
100
51% 51% 52 52% 52
53
51% 51% 1,000 Republic Motor Truck.No p a r 44*2 Sept 8 74*2 Nov 1 92% Jan 102** Sept
107 108% 108*4 n o
109% 110% 108% 110
107*4 109
107 107% 76.600 Royal Dutch Co (N Y shares). 84 Aug27 121 Julyl7
15% 15% 15% 15% 15% 15% 15% 15%
900 St Joseph Lead.................... 10
17 July 14
12*2 Decl2
*71* 7*1
71
73
72% 75*2 75
77
75
76
*74" 75
3,900 Savage Arms Corp______ 100
Jan24 94*2 Octl7
61*2 Dec 80% May
18*2 18% 18% 19% 19
19% 19
19% 18% 18% 18% 19% 15,500 Saxon Motor Car Corp___100 63%
6%
Mar21
29
Aug 6
% Aug 18 Nov
224% 224% 225 225 *225 230 *225 230 227 227 *218 230
500 Sears, Roebuck A Co____100 168% Febl3 230% Dec30 133% June 76% Dec
*12% 13
12*4 13
*12% 13
12% 12% *12% 12% 12% 12%
Shattuck
Aria
Copper_____
10
100
10 Febl9 19% July25 *13 Deo 18% Fsb
847s 85*2 84% 86*2 *85% 86% 87
90*i 87*2 89% 87% 88*2 51,100 Shell Transp A Trading___ £2
Dccl2 81% Dcc31
42% 43% 42*2 43% 43*4 44
42% 43% 41% 42% 40% 42*2 78.400 Sinclair Cons Oil Corp N o par 74 Decl2
04% Nov 3
79 82
79*2 82% 80 81% 78 81% 77% 78*?. 278*4 78*2 20.600 Sloss-Sheffleld Steel A Iron 100 41%
46*2
Feb 10 89 Nov 3
39 Jan 71% May
*89 91
*88 95
*88*2 95 *88% 90
*89
95
*88
95
Do
preferred________
100
85
Marll
97%
July 8
81 Feb 93% July
*110 116 *110 116
112 116 116 116 *114 117
100 So Porto Rico Sugar pref.. 1 0 0 __
— 115
107 Jan27 117 Sept 6 102 Jan 110 Nov
141% 141%
140 142
§143 143
520 Standard Milling _______ 100 124
Jan 14 160 OctlS
84 Jan 120 Dee
*85
92
*85
92
...............I *85
92
Do preferred________ 100 85*2 Jan 2 94% Junol2
80 June 89 Jud
72 73*2 72% 76
76% 79% 76% 79%l 76% 78
76% 77% 9,900 Stromberg-Carburot . N o p a r 36% Jan 10 109% Oct 10
99% 102*2 100% 105% 103% 105% 104 106% 103% 105% 105 107 175.600
Studebaker Corp (The) ..100 45% Jan22 151 Oct28
33% Apr 72% Nov
101 101
101 101
Do pref.........................100 92 Jan22 1041* Nov
200
80*2 July 100 Nov
124 125
126 128 127% 130%' 130 133% 131 133% 132*2 134% 6,000
StutzMotor Car of AnuNo p a r 42% Febl4 144% Octl4
37
Oct 65 Dec
48 48
47
49
49 49
48% 49% 48*2 48% 48*2 49
2,600 Superior 8tecl Corp’n_____ 100 32
Jan21 64% June 3
34% Mar 46% May
11% 12% 11% 12
11% 12
11% 11% 11% 11% 11% 11% 4.800 Tenn Copp A C tr ctfs.No par
9%
Dec
1
12% Dec 21 July
198*4 202 201 204% 202 204% 201 20312 200*2 202% 200 203*2 18.300 Texas Company (The)K... 100 184 Jan 2 17% May 5
Oct30 136% Jan 203 Oot
90 91% 90*2 91% 90% 91*2' 91
91% 90*2 90% 90*2 90% 5.600 Tobacco Products Corp.. 100 72% Jan29 345
115 June30
48% Mar 82% Deo
*103*4 105*2 103% 104*8 *103 105*2 *103 104
103% 103% *102 105
200 „ Do
.........................100 97*2 Dec 2 120 June30 *87% Mar 104% Dec
25% 2C*s 26
26% 26% 27
25% 27
25*2 20%
25*4 26 30.400 Transcontinental Oil.. N o p a r 34% Dec30
62
62
62% 62%
62‘.| 62%
62
62% 1.500 Transue A Williams St.A*o p a r 37% Janll
36% Oct 42 May
175 175
100 Underwood Typewriter...100 116 Jon 8
100
Apr 1 1 2 Deo
91*4 91% *91
97
*91
94
*91
94
*91
94
91
91
400
Un
on
Bag
A
Paper
Corp.100
75
Jan
3
65
Jan 80 May
34 34% 33% 34% 34 34% 33% 34% 33*i 33% 32% 33*s 12.600
___
?n,011...... ................710 V a r 34% Dec 15
49
49
49 49
49
49
49 49% 49*2 49% 49% 49*2 2.500 United
Alloy Steel........N o p a r 37% Janll
30% Oct 44% May
143 143
143 143 *142% 143% 142*2 143
142 142 *14112 143
700 United Drug....................... 100 90% Jan 6
69 Juno 90% Dec
*51
52*2 61
51% *51
52% *50*2 51*2 *50% 51% *50
51%
200
Do 1st preferred............ 60 60 July 18
46 Jan 60*2 Nov
Do 2d preferred........... 100 91 Jan28
77 June 86*4 DSC
*192 196
194% 195% 196' 198% 195 199
1941- 196*2 194% 194% " 1,200 Unltod Fruit....................... 100 157 FeblO 215
116% Jan 160% Dee
85*2 88
86% 89% 88% 90% 88% 90% 87*2 89
88
88% 68,500 United Retail Stores . . N o p a r 80*8 Aug21 119% OctU
20% 20*4 21% 22% 23% 23% 2212 23
20% 22
19*2 21
U 8 Cast I Pipe A Fdy_____ 100 14 Janl6 38% Aug 7
6,100
1 1 % Apr
19 May
54
54
54% 54*4 *52% 57
*52*2 57
52% 52% 53% 53% 1.400
Do pref..........................100 42% JanlO
74% July 7
41 Mar 47% Feb
*30 31
30*.< 30% 30*4 30*4 *30 30*4 30 30
*29% 31
1.400 U S Express.........................100 16% Feb 6 32% May24
14% Apr 10 % May
65% 66*8 65% 69% 69% 69% 68 68% 65*4 67% 67 67% 7.600 U S Food Products Corp.. 100 60 Apr 8 91%
Oct 1
IOC 107% 106% 109
108 110 106% 109% 106% 107% 106% 107% 27,600 U S Industrial Alcohol ...100 297% Dec 1 167 May27
*90 Deo 137 May
*102 103% *102 104 *102 103% *102 10?% 1.03 103 *102
104
Do pref.......................... 100 96% Jan 2 111 May 23
100
94 Oct 90 Mai
62% 52*2 52% 53% 53
54
53*4 53*2 51% 52% 51% 51*.
3.800 U 8Realty A Improvement 100 17% Jan 3 50% June 6
8 Mar 26
Oct
123% 125
121*4 127
126*4 128
125% 127% 125% 127% 125% 127*8 38.200 United States Rubbot____ 100 73 Jan21 139% Nov 6
51 Jan 80*2 DSC
114 114
114 114
113% 114
113 114
114% 114% 114% 114% 1.300
Do 1st pref.................. 100
109 Jan20 119% JulylO *95 Jan 110
Dsc
*69
70*2 69% 70*2 ♦70*4 70% *71
72
70*2 70*2 70*2 70*2 1.300 U S Smelting Ref A M ........50 43% Jan21 78*4 Nov25
32% Apr 60% Oct
*4e% 47% *46% 47% *46% 47% *46% 47*8 *46%
47% 47% 47%
100
Do pref...........................50
46 Janl8
50 Mar 2
42% Apr 47% Deo
104% 105% 105% 106% 105*8 106% 106% 107*4 105% 106% 105*4 106 206,700
United
States
Steel
Corp..
100
88*4
FeblO
116%
Julyll
80%
Mnr 1 1 0 % Aug
115 115
115 115% 115 H5% 115*4 115% 115% 115% £113% 113% 5,000
Do pref......................... 100 111% Decl? 117% Julyl7 108 Mar 113% Dec
74*2 75
75*2 76
75% 76% 75% 76% 75
76% 74% 74% 6,200 Utah Copper........................10 65% Feb 7
97*2
JulylO
71%
Dec 93 Oct
9% 9%
9% 10
*10
11
*10% 10% 10
10*8 *9% 10
500 Utah Securities v t 0 ______100
8% Decl6 21% Junell
1 1 Sept
10 % Nov
47% 47% 47 1 47% 47% 48% 48*8 48% 48% 48% 49
53
16,100 Vanadium Corp........... n o p a r 54% Dccl2
02 Dccll
*47 48
65% 66% 67*4 69
68% 72% 70% 72% 69% 71% 13,800 Vlrglnla-Carollna Chem___ 100
61
FoblO
92%
Julyl4
Jan
00*4
Nov
33%
*65 66
111 111
n o n o ■107 111
110% 110%
400
Do pref..........................100
110 Jan 7 116% Oct 7
98 Jan 113% DSC
78*4 78*4
81
87
84% 87
88
91
3.400 Virginia Iron C A C........... 100
54 Mar31 288 Dcc31 50 Jan 73*2 July
*52*2 53
52 52*2 *52 52% 52 52
*51% 53
52
62
600 Wells, Fargo Express_____ 100 51*4 Novl2 79 May23
63% 3opt 83% JaD
86*4 86% 86% 86% 87 87
*86% 87*2 87*2 87*2 87% 88% 1.800 Western Union Telegraph. 100 82 8ept22 92*2 May26
77% Aug 95% Apr
*115 118 ■115 118 *115 118
116 116
115
115 118
700 Westlnghouse Air Brake____ 50 94% Janl5 120 July 7
95 Doc 95 Dee
52% 52% 53 53% 53% 53*2 53*2 54*2 115
53*8 54*8 53% 53% 7,100 Westlnghouso Eleo A Mfg._50
40*2 Jan21
69% June 9
38*g Jan 47** May
59% 60% 59% 61% 61
62% 61*4 62% 61% 61% 61 .62% 9.200 White MotorU____________ 50
45 Jan 3 80 Oct20
36% Jan 49 Nov
28% 29
27% 28% 28% 29*4 28% 29% 28% 29
28*2 29
61,500 Wlllys-Overland (The)_____ 26 23% Jan22
15% Jan 30 Nov
40*4
Juno
2
*88% 90*2
89 89
88% 89
*88*2 90
300
Do pref ( n e w ) ............... 100 87% Jan 7 98% May 9
75 Jan 89*4 Nov
74 75
75
75% 75
75
74*2 75
74*4
74*4
74
74%
1.400 WllsonACo.Ino, v t 0. . N o p a r 66% Jan20 104% July 2
46%
Jan 77% Dec
*97% 99
*95
99
*95 99
*95 98*2 *95
98*2 *95
98
Do preferred............... 100 95% Nov 11 104% JunelO
90*2 Sept 90% Deo
126 126
126 126
126 126
125 125% 124% 124% 123% 124% 2,000 Woolworth (F W )..............100
120 Feb 7 136% Mayl9 110 Mar 108*2 Oot
*113 115% *113 115% *113 115% *113 115% *112% 114 ____
.
.
.
1H
Do pref_______
100 112% Dec20 117% July25 1 1 1
Oct 115 lent
91% 92
92% 93% 92*2 95%I 92% 94% 92*2 93*21 112*2
92*2 93*2 21,100 Worthington P A M v t 0 . . 100
60 Feb 13 117 Oct 7
34 Jan 09 Aug
*___ 92
----- 92
Do pref A...................... 100
88 Jan 9 98*2 Ootl5
86 % Fob 91
Api
*72
74
*72* 74 I '73* 73
300
72*2 73
Do pref B.......................100
66 Jan 3 81 Oct 8
69 Jan 70*2 July
• Bid and asked prices; no sales on tills day. | Lees than 100 shares, tEx-rights,
a Ex-dlv and rights,
s Ex-dlv 1 For fluctuations In rights
BOO p.
P. 447
447
rights soo

*65
*64




Wew York Stock Exchange— Bond Record, Friday, Weekly ana Yearly

451

Jan. 19 09 the Rzchange method oj quoting bonds was changed and prices are now— “ and interest” —except for interest and defaulted bonds.
HONDS
If. Y. STOCK E X C H A N G E
Week ending Jan. 30

L ow

B id

H ig h

Ran §
Y ea r

§3

1919
N o . L ow

H ig h

J

Third I lberty Loan

D 98.40 Sale 98.40

99.00 2025

J I) 01.50 Saif 31 30
M N 90.10 Sale 30 30

91.86
90.98

J

92.31

298 92.50 96.00
848 91.00 96.10

M

S 93.08 Sale 93 02

507 92.80 90.60
10735
93.70 12436 93.26 96.60

J
4th I .L ................1933-*38 A

99.00
D 100 90
O 90.90 Sale 90 88

10 95.42 102.06
99.9)
91.50 15725 91.0., 95.72

J

D 98.00 Sale 93 00

03.10 9939 98.80 100.03

D 91.00

Q
Q

J
J

Q
Q
Q

F
F
N

10 1

Sale 91.50

Sale 99*4 Sept'19
100% Aug ’ If-

105>2 106*4 105% Jan ’ 20
98% M ar’ IP
99 July’ 18

91

A O
rw s
M N

95*4 Sale
72% 73%
90*8 Sale

96 % 1262
7
71
92% 133

95% 97%
93
72
02 % 92%

M B
F A
F
A

6
91%
91 >2 92% 91*g
83% D ec T 9 ____
84*4 87
4
75%
7512 76*4 75%

90*8 100 “
83% 93*4
75
85

95*4
70*4
90*8

Fab *15

66

Sale

M N
F A
F O
F A
tSfoi
r.i

8

35
35
9H 2 Sale 91%
58% Sale 58

35
92%
59

165
7

40
92
55

92*8
93
89
80%
92*8
92%
59%
61
100 %
83

Sale 01%
Sale 87%
Sale 03%
Sale 93%

95%
89%
94*4
94*4

533
531
681
647

94*4
80's
94%
95%

99%
101*4
96%
98%

5
03%
7
on.
1
93
Jan ‘20
8
100
18
100
Jan ’20 ____
3
88%
Jan ’ 20 ____
Jan ’20 ____
100
. 5
28
100
2
79%
Aug *19
Nov* 19
Aug T9

93%
94%
06
98%
99%
98
89189*4
00%
90*8
98%
98*4
81%
08
00%
98%
06*i
106*4

98
98
99%
103%
102%
102%
93*4
93%
93*8
93%
102%
102%
83%
98%
100
99%
99
109*8

94%
87%
94
937

8

93
100
100
99
90
88%
90
89
99%
99
79%
98%
100
98%

J
J

8
J
J
J
J

93*8 Sale
93
91
93
Sale
99 100
99 100
99
99*4
88*2 90
8SI3 Sale
88l2 90
90
99
99*4
09
99*4
79l2 Sale
98
98
98
98
107 109 U

M

8

10712

107% Jan ’20 ____ 106*a 108%

J

J

m

A
J

M
M
M
IK
M
M
M
rtt
M
J
J

e
O
D
8
N
N
N
N
N
N
n

J

A O
A O
Nov
M N
.1950 J I)

Fast Okie D lv lot u 4h. . 1928 iw
J

s
J

Oal-Arln 1st A ref 4H a“ A ” 1962 M 8
MFe Tree A Ph lot a OB— . 1042 M S
J
Ala M id 1st 811 gold 0 0 -.- 192H M
J
J
M
A

D
N
J
J
N
(J
A
Ci
J
J
Q J
A (J

Temporary 10-yr 0b .........1920

J

P June A M D lv let g 8 Ho 1925
P L E A W Va Sys ret 4 h. . 1041
ftouthw D lv 1st gold 3>48-1025
Cent Ohio 111st 0 g 4 H e . . 1030
Cl Lor A W con 1st g 6s. -1932
Ohio ltlver R E 1st g 6 s . . . 193f

M N
M h
J

J

J

M S
A C
J L
A C

T ol A Cln dlv 1st ref 4o A .1959 J
M
IK
AH A West 1st g 4s gu____190^ A
J
A
J
V

J
S
N
C
D
O
L
A

M ti

03

107% Jan ’20

78% Deo ’ 18
52

Q

92's

59

59

74*4

1

50%

68

121
70%
78
79 Jan ’20 ____
23
70
G8 I2 09*4 6912
____
10
G978 Sale 69%
70%
3
68%
68%

75%
76%
68

85%
82
80*4

5112 57*4 53
77

53

Sale

88

90% N o v ’ 18

80>8

67% 79%
66% 77
92%

2
2 73*2
75%
75%
81 Jan '20 ____ 81
95
95 June* 10 . . . .
23 75%
5 76*8
74
75
75
96%
08% June’ 19
92*4 90
8 80
78
78
78
83
1297* Aug T 5
3 68
68% 70
68%
68*4
105
10312 105% 105 Aug *10
90
105 July’ 15
68 81
80*8
37
87 Feb *19
60 59%
64
Salo 63%
65*4
57
107 53%
54 55%
514
82%
Sale
83%
86%
83%

78%
107%

82
51*8
70
87*8
95%
95%
88

87%
78
86%
89*4
95%
90
91%

48
92*4
79
70

68
99
88%
84*a

70%
70 >8 78
05

70
65
70
*87*a
91
90«8
79

80%

66*8 Jan *20
51%
56
71%
Side 70
87% D ec T »
91 Jan ’ 2C
94
93% 95*4 D ec *1?
9078 88 Aug TS

■17%
90*8 95
81%
71 >8 75
IOO1.1
86*8
70
03%
84%
80%

103
85*4
75
95
88
Sale

47%
48*4
91
91
82 Jan ’ 20
73% Jan *2C
100
80%
75
97%
85%
89%

Jan *20
Jan ’2G
N ovTfl
Aug Til
Jan ’ 2C
01

31
89

7
12

81
85
95
88
98%
80

89%
87
82%
80
82%
96%

100
100%
84%
75
97*4
84%
16 92

101
102
90%
82
100%
94%
99%
7411 76%

02%
M obile D lv 1st g 5s______ 1946
0 an t HU A B of Ga coll g As. 1037
O en tof N J gen gold 68..........1987
Registered_____ _____ *1987

J
J
J
J
M N
J
J
Q J

831*
01*4 Jan T 9
91*4
81
81
81% 81 D ec *19
6 100
00*1 100
09*4
100%
09% 09% Jan ’ 20 ____ 100

Vl«4
90
106
102

l

J
N
N

8

P
A
O
D
D
J
J

93
90%
80%
75
83
92
91
75
73*4
73
70
—
78%
64%

66

J
J
M N
M S
Chic A Alton R R ref g 3s. — 1949 A O
J
R a ilw a g 1st lien 3 H a--------1956 J
2d consol gold 4s............198!

Illinois D lv 3 U s .................. 1941
Illinois D lv 48.................... .1941
Joint bonds. S ee Great North
Nebraska Extension 4s— 192:
Registered_____________ 192?
General 4h________________105'
Ohio A E 111 rel A Imp 4s s _. 1955

F
J
J

A
J
J

M N
IK N
It! 8
J
J

1st consol gold 6e_________103 A O
General codsoI 1st 6s _____ 193. M
U H M t g A T r C o ctlss of dep.

90*8 98%
76%
78
76
64
92*8
92*8

F
A
J
J
J
J

J
i
&

Chic Ind A Loulsv— R ef 68.1947
Refunding gold 5s_______ 194/
Ind A Loulsv 1st gu 4e— .1956
Chic Ind A Sou 50-yr 4s____ 1956
Chic L 8 A East 1st 4 H a____ 1969
C h M A StP gen g 4fl ser A_el989

F A
J
J
M S
J
J
J
J
J
J
J
J
J D
J
J

Sinking fund 5a..........1879-1929
Registered.............. 187P-1029
Sinking fund deb 5e______ 1933

J
J
A
F
J
J
J
J
J
J
J
J
J
J
J
J
F

J
J
A
D
D
J
J
J
J

Sale
Salo
80
82*i
____

6.8

68% 65 Jan ’20
88% Sept’ 16

4
71

98%
71% Sale
80 % 80%

17

00 Jan '20
711,
7213
31
83

91
91
91
2
90% 00'a Oot *19 ____
79% Sale 78
81
8
20 % 2 1
20% Jan ’ 20 ____

____

95
67

68
67

54
____
8 1%
G6 %
72
80%
67

Sale
99
85176
71
75

86

Sale

60%
78
57*4
67
67*4
70%
69
96%
....
98
63

98 July’ 19 ____
71% N ov’ 19 . . . .
69 Dee T9

97*4 Feb T 3
32
51
97

M ar’ 17
55%
29
Jan *20 ____
85*4 N o v ’ 19

03 M ay'10
797s Deo ’ I!)
82
82
67
88
Feb 'Ifi
59
f,07s
75
78
673,
59
0G7s
67*1
07 '2
08%
70
71
6 S'2
00'2
97*4 Jan '20
93 O ct ‘ 19

Sale
Sale
Sale
8 ale
Sale
71'.,
Sale
97%
99
Sale
04
Halo 03
99% D eo T9
100% 102 Sept‘ 19
80% 78 Jan *20
77*4 Jan ’ 20
78
97% 96*4 Jan ’ 20
99% Oct T 9
100
90
90
90%
89% 92 O ct T 9
65*4
Sale 65
64
70'* ADr '19
76
70
70
77% 7754 D ec '19
Sale 96%
96%
109 106 Oot T9
169% Apr *16
96%
96%
97
911,
9412
97% 97% Jan '*>
08 M ar’ 19
90%
91% 90%
00
07 N ov *18
101% O ci *16
110 10512 NOV'19
88 Jan *17

72%

73

71's

7212

65

Sale

64*4

66

J D
J
J
F A
M N

6

90%
_

J
J
O

R I Ark A Louis 1st 4 H a .. 1934 M S
Burl C R A N 1st g 5s____1934 A O
O R I F A N W 1st gu 58 — 1921 A
J
J
Consol gold 6 s „ ............1962 IK N
Keok A Des M oines 1st 5s 1922 A O
St Paul A K C Sh L 1st 4H a’41 F A
J D
Cons 6s reduced to 3 H a ..1930 J D
Debenture 5s____________ 103C M 8
J
J
M fc
Cblo T l i i S o Kast 1st 68-.1060 J D
Chic A West Ind gen g 6 s ..f l9 3 2 Q M
J
J
Cln H A D 2d gold 4 H a____ 1937 J
C Find A Ft W 1st gu 4s g 1923 M N
J
D ay A M ich 1st cons 4 Ha 1931 J
Clev Cln Ch A St L gen 4 s . .1995 J D
J
20-ycar deb 4H a................ 1931 J
General 6s Series B ______ 1992 J D
J
Cairo D lv le t gold 4s_____ 103( J
J
Cln W A M D lv 1st g 4e_. 1991 J
St L D lv lBt coll tr g 4b— 109( M N
Spr A Col D lv 1st g 4s____1940 M S
J
W W Val D lv 1st g 4s____1041 J
O I St L A O consol 6s____192t M N
1st gold 4s____________ ft1036 Q F
Q F
J
Cln 8 A Cl cons 1st g 5 a ..1928 J
J
C C C A I gen cons g Gs— 1934 J
A C
O Ind A W 1st pref 5 s . . . 41938 Q J
Peoria A East 1st cons 48.1940 A O
Incom e 4s_____________ 199C Apr
Cleve Short L 1st gu 4 H a .-.1961 A O
Colorado A Sou 1st g 4s------ 1929 F A
Refund A Ext 4 H a............1935 IK N
Ft W A Den C 1st g 6S -..19 21 J D
A C
J
J

1919

N o . L ow

2
93
Anr T 8
Jan T3
22
70
85%
2
Jan ’ 20
Jan T 7 ____ 1
26
75*8
86*4 M ar’ 17
73%
74
64
54
77*8
73%
75 Oct T 9
82*4 M ay T 9 ___
78% D ec T 9
69 Juue’ 19

98%
78
74%
9634
98
87%
87%
65
61
75*8
____
96%
101%

Refunding gold 4s_______ 1934 A

R ange
Y ear

I*

98
100
100%
81
08%
85% 85%
93% 93
92 104%
Sale 75

J
D
D
J
J
A
A
M N
Q
M
M N
M N
A
O
A O
A
A O
A O
IK N
Id
w a
A 0
J
j
J
j
IK s
F A
IK 8
J
J
IK 8
J
J

Des Plaines Val 1st gu 4 Ha ‘ 47
Frem Elk A M o V 1st 6s._ 1933
Man G B A N W 1st 3 H a . 1941
M llw A 8 L 1st gu 3 H 8 ___1041
M il L S A W est 1st g 68— 1021
Ext A imp s f gold 6s— 1921)
Ashland D lv 1st g 6 s . 1026
M ich D lv 1st gold 6a. .1924
M il Spar A N W 1st gu 4s. 1947
St L Pco A N W 1st gu 5h 1948
Chicago Rock Isi A Pac—
R a ilw a y general gold 4 a ... 1988 J

Morris A Ess 1st gu 3H a— 200C
N Y Lack A W 1st 6s......... 1921
Construction 5s----------- 1922
Term A Im provt 4a____ 1923

H ig h

|s

70
75
113 Feb '15
4612 48
47's
4 7 l8
30% 30% 30'2
3 l's

95%
91%
96*4
90%
S7U
80%

98

H ig l

LOO

50
78%
91%

65
93%
99%

70

83%

70
76%
75
82*4
78%
69

85%
91*8
78%
82*4
/8%
69

70'i

70%

45% 53
29*4 40
95% 99%
71*8 76%
80% 86 %
90%
90%
76

21

93*4
80%
83%
36

98 104
71% 80
63% 80
75
78
51
63%
98'J 1031j
35*4 85*4
63
81

60%
76
83%
64

76%

57
07%
54
61%
62
69
56
96*8
93
96
60
99%
99's
88*4
78
95%
99
88
92
63%
09
76
70
95%
101*8

64
84*8
74%
81%
82
85
78%
101
93
99%
74
100
102
89
82
98%
99%
93
92
73%
70%
82*8
78%
101
106

5
1

96%

97*4

1

90

96%

2
20
12

24
24
14
65
42
40
5

10

____
____
____

____
— .
3
8
10
2

105

86

109

63
99%
100% N ov T9
1003a 101
95% 96% 95*8 Jan ’20
99
00
98 101% 100 SODt'l'J
100 104
98 ____ 100% Jan ’20
101% 04
71% 74% 74 D ec '19 ____ 73% 78%
87
91
87 Jan '20
93
98

61*4 Sale
00
93
92%
80
65
62
103

89
70%
66
101%

82
84
•1005s
____ 67
101 102
57*4
75
____
63%
75
80
71%
01*4
C35»
70
*70%

87%
Salo
84
77*4
65
____
100

78%
88% ____
10 1% . . . .
70%
76
53
18
Salo
8534 . . . .
85*4
70
Salo
97
97%
80
68
100
95
92%

• Ifo piico Friday; latest this weak, a O m lm , 4 D u April, t Dm May, 9 Due June, a Due July, ft Dna Aog. « Dua Oat.




93%

Q

Gen’ l gold 3 H e Ser B ____ «1989
General 4 Ha Series C .._ .« 1 9 8 9
Gen A ref Ser A 4 H a____ o2014
Gen ref conv Ser B 6s ___a2014
Convertible 4H a _____ ...1 9 3 2
Permanent 4s____________ 1925
25-year debenture 4e......... 1934
Chic A L Sup D lv g 6s ____ 1021
Chic A M o Rlv D lv 5 a .. . 1926
Chic A P W 1st g 6s ............1921
O M A Puget Bd 1st gu 4a. 1949
Dubuque D lv 1st s f 6s— 1920
Fargo A Sou assum g 6 s . .1924
M llw A Nor 1st ext 4 H a— 1934
Cons extended 4 H a____ 1934
Wls A M inn D lv g 6a..........1921
Wls Valley D lv 1st 6s____ 1920
Chic A N ’weat Ex 4 s ___1886-’ 20
Registered.............1886-1926
General gold 3 H a . . ______ 1987
Registered......... ............ pl937
General 4s_______ _______ 1987
Stamped 4s____________ 1987
General 5s stam ped______ 1987
Sinking fund 6s..........1879-102G

W e e k 's
R a n g e or
L a s t Sale

A sk L ow

B id

M
Cent Vermont 1st gu g 4b—<1021 Q
Cbeea A O fund A lm pt 6b. . 1920 J
IK
r*
General gold 4 H a_______ 1995 M
20-year convertible 4 H a— 193C
3C-year conv secured 5a— 1946
Big Sandy 1st 4s________ 1944
Coal River R y 1st gu 4 a _ .1946
Craig Valley 1st g 5s......... 194(
Potts Creek Br 1st 4s____194(

P r ic e
F r id a y
Jan. 3)

i i

Cent of N J (Concluded)
Am D ock A Im p gu 5s— 1921 j

30

G old dept 4 h nf 1004 . _ , .1964 J D
A 0
M $

OAoada Sou cons gu A 6n._ .19(12
Car Clinch A Ohio 1st 30-yr 5s *3£
0 ntral of G a 1st gold 6s___pl945
Consol gold 5s.................... 1946
10 yr temp scour Os June 192?

87%

88% 91

88' . O ct ’ 111

100

34
9 '%
98%
96*4 108
9514 Sale 95%
120
75
F A X 73>2 Sale 73
1 721?»
72
74% 296
76 Jan *20
189
58
60
J
J t 59%
92% 176
M K
90*8 Sale 90
163
M
N
Sale
90
92*8
90*8
Marseilles (City of) 15-yr 681934

let 00-year gold 4u......... hl948

99%
100%
106%
106%
98%

88>8
88 '* 90

92

.

97%
98
104%
103
98%

Q M

Dominion of Canada 11 Cfl. . . 1921

Oonv gold 4b .

BONDS
N . Y . STOC K E X C H A N G E
Week ending Jan. 30

j

First Liberty Loan

4% s

W e e k 's
R a n g e or
L a s t Sale

P ric e
F rid a y
J a n 30

l i

61
02
90*8 Jan '20
97% Feb T 9
97 M a y ’ 18
89 Oct T 9
68 Jan ’ 20
63
03
105 D ec T9
83% N o v ’ 10
85 Jan '20
118 N o v ’ 10
95 M ay’ 18
67% Juno’ 19
10238 Deo '18
573i
58
90 M a y ’ 17
88 M ar’ l l
81 Jan ’20
63
64
75
75*4
82 N o v ’ PJ
69% D ec ’ IS
61*8
61*8
63*8
63*8
74% Jan T9
84
N o v ’ ie
101 O ct ' 1£
84 O ct *19
82% Sept’ ll]
93% M a y ’ 10
102U Oot '19
70*4 N o v ’ lS

30

69

79%

148

64%

76%

114
____
___

60
00
97%

72
96
97%

____
3

89
89
70%
65
63
71
101 108
82*4 85
87% 97

67%
68
____ 102% 104%
27 52
65

75
82
69%
66%
66%
74%

80
72%
84%
87
SI
70
76%
74%

82%
82%
93
____ 102%
76*4

84
82%
93%
107
76*4

14
15
__
1
1

80

54%
54%
1
18
18
5
8534 Jan ’2C
2
84%
84%
70
72%
33
97 Jan 20 ____

50
12
83
82
72
97

85*4 Sept'19

85

69

70
70%
5
100% Jan ’21
94% NovTE ____
03% 94 Jan *20 . . . .

9 Dae Nov.

70
99*4
94%
92%

60
31
80
80%
81'»
99*4
86*4
73
100%
101
96

• Dae Deo. « Option sale

Wew York bond
\ P e r io d

BONUS
Y. STOC K E X C H A N G E
Week ending Jan 30

I I n te r e s t

453

P ric e
F rid a y
J a n . 30
B id

Delaware Lack & West— C o n c l.
Warren 1st ref gu g 3M »- :
Delaware <fc Hudson—

V

\

I
J
WI f
A
A )
M f

As

____ . . .
90*4
78
82*4
09i8
100

W e e k 's
R ange or
L a st S ale
L ou

H ig h

Record -Continued— Page 2
R a n g*
Y ea r

1919
N o . Lou>

97

8SI4

95*4
791*
102*4




[V o l . n o .

P ric e
F rid a y
J a n . 30
B id

W eek ’*
R a n g e or
L a s t S ale

A sk L ow

H ig h

N o.

7l* i 75
N
71 Jan M O -----M 801* 8 U 4 81*4
8 1 *4!
S
9 >14 100
O
97U D oc M 9 ------ ,
O
113 M ar’ 17 . .
1 U0 I* 32 99*8 102*8
. . '097g " s ilo 99 s
9.S ____ 93 '8 Jan ’ 2 0 ------ 97U 101
J
105 Oct ’ 13
J
J
S —
87u 73 Jan ’20
Leh A N Y 1st guar g 4 s ..
5
s91* 93
9Ji* Sept’ li)
J
921* 931*
8(1
Aug’ 19
80
86
11 q J 7 9 18 . .
72 Jan '20
7218 75
lb J D
721* 80
88 951* 92 Oct '19
!. IY1 S
36 >8 92
85
65
99 '4 Out ’06
li J D
68 Jan
‘
’2 0 ------ 65<4 701*
0514 73
,9 W 8
70
67 |
l! 70
67
81
14 J D
2 0S?8 771*
67
08
17 M N ____ 67
691* Sale
09»* 11 65‘s 77
:9 M 8
96 Jan Mi;
9 in 8
92
Aug' 19 . . . 92
94
15 A *- *____ 92
82
: vi S
86 D e e '19 . . . . ! 80
92
90>8 June 19
2 q J ____ 92
90's 91
72
82
8U* Oot ’ 19 ------ - SH* 881*
7 M s
__ m _
99*4 N ov’ 19 ____1 09>l 108
0 J 1)
5 97 lout*
Silo 100
100
7 M N 100
801* 81*2 bO
13 80U .881*
J
nJ
81U
HI 1« Hunt.* 1 _
1 811* 8 11*
0J J
901* 97
91 Jan ’20 ____ 92 100
1 M N
88
1 M N
98 14 90 Jan '2 j| ----92
94*4
0 J J 100 . . . . 103 Jan ’20 ____ 103 1051*
91lg 100 100 Jan 19;____ I 100 100
2 d gold Hs_____
J
0 J
74
....
791, Jan 19
6 F A
7912 791i
9 9 18 991* 99 is
2 ' 99 IOH4
99 ig
1M 8
7 61
501.1 Sale 1 40's
50U
0 M 8
67
70
15 . 71U 80
Salo 70
76 1*
5 M N
95i* 100 1 9.M* N o v '19 ____ 1 95'* 961*
nJ D
1001
*
1
0
U*
io n * Jan '20
1M S
1 0 H, io n *
73
Sale 73
3 73
73
J
7J
80<g
80'1 Jan ’20 •• -I ; 84*8 95U
84*8 80
5A O
____
82
821, Jan ’ 20
5M s
' 821* 871*
05
631*
05 1
4 1 00
2 J J 64
73
95 Feb ’ 05
2q J
88
95
Oil* 8opt’ l9
fo il* * 9 6 '
7V A
97 x M a y ’ 10 m i
79U
J
5J
9**8 ___ _ 9 8 '4 Dec MU
I F A
; 0 SU 101*8
9 1 '1 93U 931* Jan '20 . . . . . 90U 100
3F A
83>* 85
85*4 N o v ’ 19 . . . . [ 85*4 93
Gen cons gu 60-year 6s . 196; ; A O
63U 09*8 70 Oot M9
70
70
' IVI 8
—
IVI N
....
77
M ar'lO — --H
; M S .... ,
.
.
.
.
1
75 N .v ’ 10,
.... ....
7M s
___
85 Jan ’ 20 . . . . 1
J D
99
10 1 July’ 19 . . .
M inn 8 t Louis 1st 7 s . . ......... 192' f J D
10 1 10 1
071* 09 U
1 A O ----- r 9718 91 Jan ’ 20
1M N
74
80
73
74*8 73*8
3 I* 3,*g
35*4
49
) 1*1 S
3>*8
13 44 Sept’ 19
49
44
>q F
44
45
45 N o v ’ 19
45
sJ J
701,
09 18 7 1 * 4 701*
■J D
80
09
40
41
IW 8
40
40 8
48
35
81
80
80
1 J J 70
89
80
1
93U Deo ’ 19
03 14 97»i
88 N ov’ 19
, M N
88
88
1 I J 88*4 901* 88*8
88*8
861, Oil*
76 ____ 95 D e o ’ 16
1I
1
Missouri Kansas A Texas—
59
Sale 53*8
J D
59*4
09
68
28>8 Sale 2 8 > 8
1F A
29
38
29
, M N ____ 32
22 >8 Deo ’ 19
20>4 30
____
37
3
!
Jan
’20
M S
48
30
____ 37
25 Jan ’20
Trust C o certfs of dep
461*
35
251,
Gen sinking fund 4 M8. . 1936
25ig 20>j 251*
231* 34
25
16
27 July’ 19
8 t Louis D lv 1st ref g 4s. .2001
25
27
30
24
5% secured notes " e x t " '16
69i* Apr ’ 17
Dali A W aco 1st gu g 5 s ..1940 M N
621, Dec ’ 19
48*8 62
53
621*
Kan C ity A Pao 1st g 4 s ..1990 F A
30
25
36 Jan ’ 20
M o K A E 1st gu g 6s ____1942 A O
40
50
05
50
69 O ct ’ 19
M K A Okla 1st guar 6 s ..1942 1*1 N
09
711*
65
M K A T of T 1st gu g 5a 1942
55's Aug’ 19
S
50*8 68
" i s " _ _ _ _ 51 D e o ’ 16
8 her Sh A 80 1st gu g 6 s ..1942
15 —
Texas A Okla 1st gu g 6 s ..1943
38*4 D eo ’ 19
38*4 60
Missouri Paclflo (reorg C o )—
82*8 Sale 81*4
A
1st A refunding 6s 8 er A . . 1965
821*
757, 87*8
901* Sale 901*
on8
A
1st A refunding 6s Ser Ba 1923
90
94*8
A
89
Sale 80
1st A refunding 6s Ser C ..1 9 2 6
80
847g 92
8 661* Salo 601-G o n e r a l4 s ............................1976
5714
64
031*
98>4 97U Doo ’ 19
Missouri Pao 1st cons g 6s . . 1920 M N
97U 100
40-year gold loan 4s............1946 M
85*8 68 Oot *18
3d 7s extended at 4 % ____ 1938 M N *00* —
82 A p r ’ 17
Boonv St L A 8 1st 5s gu_1951 F
100 Feb '13
84U 08 June’ 19
Cent Br U P 1st g 4 s ____1948 J D
68
Pao R of M o 1st ext g 4 s ..1938 F A ■fois - - - . 8018 Deo ’ 19
82
87's 97 ig 89 M ay’ 19
2d extended gold 5s____1938
89
89
HO
0 0 ‘8 89
St I, I r M A S g e n c o n g S s 1931
971*
102 July’ 14
Qen eon stamp gu g 6s . . 1931
73
73*8 73
74
Unified A ref gold 4s ..1 9 2 9
73
821*
Registered....... ........... .1929
80*s Oot ’ 17
671* 68
R lv A O D lv 1st g 4 s . . . 1933 M
08
081*
60
771*
Verdi V I A W 1st g 5 s . . . 1926 M
80 Jan ’20
92
02
100U 101
M ob A Ohio new gold 6s ____ 1927 J
01i8 101 i.s
100U 105U
97
1st ext gold 6s..................... A1927 Q
05*a Jan ’ 20
90
081*
56 "5914 67*8 Jan ’ 20
General gold 4s..................... 1938 M
601, 08
701* 80
761*
701,
M ontgom ery D lv 1st g 68.1947
A
78
01
82
D
8 t Louis D lv 6a__________ 1927
82
Apr’ 19
80*8 87
737g
St L A Cairo guar g 4s____1931
J
741* Jan ’20
73*8 811*
91*8 0SU 061* Jau ’ 2 0 ------ 9 0 * 4 1 0 0
Nashv Chatt A St L 1st 5 s ..1928 A O
__ 104U 1
Jasper Branch 1st g 6 s . . .1923
J
22
Salo 22
N at Kya o f M ex pr lien 4 M s. 1957
J
15 25 ’ 69
22
Guaranteed general 4s____1977
O . . . . 30
23*8 Jan ’ 20
J *20 .
Nat o f M ex prior lion 4M S.1926
96*8 Fed M3
71”
1st oonsol 4s______________ 1951
o
15 Jan ’ 20
027a Sale 62*8
New Orleans Term 1st 4 s . . . 1953
20 02*8 70
J
64*8
051* 90
N O Tex A M oxlco 1st 6 s ...1 9 2 6
D
6 04
93
01
071*
52
112 50
Sale 52
N on-cum Income 5s A ____ 1935 A O
65
C01*
New Y ork Central R R —
Conv deb 6s_____ . . . ____ 1935 M N
02«s Sale 91*8
02*8 78 89*8 1001*
07
Sale 07
Consol 4s Series A ________ 1998
A
O8 I4 28 08>8 78U
12 74
77
771* 77
Ref A Imp 4Ma " A " .......... 2013
771*
86
New Y ork Cent A Hud R lv—
Sale 05*8
00
J
M ortgage 3 Ms___________ 1997
061* 107, 661, 73
66 .____ 061* Deo MO
J
Registered______________1997
061* 71
Debenture gold 4s............1934 M N
7714 Hale
77U
70*8 86
Registered______________ 1934 M N
N o v ’ 18
01
A
59
Lake Shore coll g 3 M s____ 1998
OOI4
SOU 08
01
Registered______________ 1998
A
69
87
60
601*
M ich Cent coll gold 3M S..1998
A "69”
60
60
70
Registered..........................1998
A
M a r’ 17
O
Battle Cr A Stur 1st gu 38-1989
45 ____
J
Beech Creek 1st gu g 4 s . . 1936
83 ____ 82i* ja n ’20
82
82
J
Registered______________1936
95*4 N o v ’ 16
J
2d guar gold 6s .................1936
821S ____ 104 M a y ’ 16
Registered..................... 1936
J
Beech Cr Ext 1st g 3 Ms.61951
O
65 ____
D
Cart A Ad 1st gu g 4s____ 1981 J
72*8____ 49 N o v ’ 16
G ouv A Oswe let gu g 6 s ..1942
D
M ob A M ai 1st gu g 4s___1991
t
751* Jan ’20
75's 80
75's 80
N J Juno R guar 1 st 4s___19*0
A
69*8____ 801* Feb M0
N Y A Harlem g 3 M 9---2000
60 ____ 80 M ay’ 17
General u...i„ 4 Ms.

Ronss A Saratoga 1st 7 s . . 19Den ver A Rio Qrande—
19 62
63*8 Sal
63
6414
J
76U
1st eons g 4 s . . __. . . . . .
67i2 70
70*8 Jan ’2( ---- - 65
761*
Consol gold 4 M s_________ 193b J
- - 70
6xl2
70
701*
j
an
-20
80
Im provement gold 5s____193b J I
43
441 43
44
431, 0012
1st A refunding 5 s . . .......... 1065 F
75 Jan ’20
...
—
Rio Gr Juno 1st gu g 6s . . . 1930
------- 391
6 II 4 Apr Ml I I "
Rio G r Sou 1st gold 4s____1940 J
3*
July’ 17
G uaranteed...................... 1940
63
64
63 4
('3 4
02*8 73<i
R io Gr West 1st gold 4 s .. 1939 j
50 ____ 51*4
51*4
47
60
M tge A coll trust 4s A . .1949 A C
55
78
82 Deo ’ lo"
Del A M ack— 1st lien g 4S.-1996 J E
751* July’ 16
G old 4s............ ..................... 1995
70
77
76 Jan '20
72
84U
D et Rlv Tun Tor Tun 4 M s. . 1961 Ptl T
95 ------- 96*4 Jun e'18
Dul Mlesabe A Nor geu 5s. .1941 J
89*8 92
90's Jan '20
89*4 95
D ul A Iron Range 1st 6s ____ 1937 A C
1051* Mar'Ob
Registered______________193. A C —
72
83
83 June’ 19
81
841*
Dul Sou Shore A Atl g 5 s - . - 1937 J
90
95
89 ig Sept’ 19
89<s 90
Elgin Joliet A East I s t g 6 s ..l9 4 1 VI N
97
98
95U 1007*
Erie 1st oonsol gold 7s______ 1920 M 1 ------- 97
80
82
80 Jan '20
N Y A Erie 1st ext g 4a - . . 1947 /VI N
96's June’ 18
2 d ext gold 6s ____________ 1019 M S
92 Jan ’20
3rd ext gold 4 M s.................1923 M : ------- 92
91*3 92
97 ------- 971, D ee '19
9712 971*
4th ext gold 6s ................. I02i X O
6th ext gold 4s___________ 192b J D - ------------- 94*4 N o v '15
981* A u g '19
98M 981*
N Y L E A W 1st g fd 78..1920 M S . . . . 93
51
51
70'2
Brie 1st cons g 4s p r i o r ... 1996 J
J *51's Sale 51's
8* Deo Mb
Registered..............
1990 J
J ------- . . . .
40
Sale 39
40
39
571*
J
1st oonsol gen lien g 4s. 1990 J
73 June'lb
J ____ 55
Registered___________ 1096 J
79
81
791,
79 *4
775s 83
Penn coll trust gold 4a. 1961 F A
35*8 Sale 33 s
351*
33*4 62
60-year oonv 4s Ser A . .1953 A G
33 8 Sale 331*
3312
52
33
do Series B _________ 1963 A O
3sU Salo 38*4
39M
Gen conv 4s Series 1 ) . . . 1953 A O
35U 55
81 Jan '20
81
961*
Ohio A Erie 1st gold 6s . ..1982 Krt N ------- 81
9 H41106*8 Jan *17
Clev A M ahon Vail g 6s.-19.3i- J
J *91
9(1, Oct ’ 19
9H* 101
Erlo A Jersey 1st s f 6s . . . 1956 J
J ____ 95
J ____ 9134 95 Dec ’ 19
94 101
Genesee River 1st s f 6a . . . 1957 J
1081* Sept’ 19
107 109
Long D ock consol g 6s____1936 A O •____ 103
93
100
103 Jan ’ 18
Coal A R R 1st cur gu 6s . . 1922 H N
D ock A Im pt 1st ext 5s___1943 J
J *91 ____ 1021* July’ 17
85 Jan M8
80*8 85
N Y * Green L gu g 5 s . . .1940 M N
65
N o v ’ 19
J ____ 64
64U 78U
N Y Susa A W 1st ref 5 s . . 1937 J
2d gold 4 M s___________ 1937 F A *____ 53 100U D eo ’Of,
60 June’ 18
General gold 6s ________ 1940 Y A ____ 40
97 D ec ’ 18
Terminal 1st gold 6s . . . 1943 W N
72 ------- 72 N o v ’ 19
72
Mid of N J 1st ext 5 s . . . . 1940 A O
55 Jan ’20
54*8
WUk A East 1st gu g 5 s ..1942 J D ____ 61
231* Jan >17
J
Ev A Ind 1st cons gu g 6 s ..1926 J
98
J ____ 05i2 95U A ug’ 19
Evansv A T H 1st cons 6 s ..1921 J
08 D oc M9
70M
1st general gold 6s _______ 1942 A O
108 N o v ’ l l
M t Vernon 1st gold 6 s . ..192 3 A O —
95 June’ 12
Sull C o Branch 1st g 6 s . . 1930
741* 77*8 80 Jan ’20
76
85
Florida E Coast 1st 4 M ----1 9 5 9 J D
92 auk *10
Fort St U D C o l s t f . r» 8. .1941
60li ------- 5j<8 Jan ’20
601*
56
j
Ft Worth A R io Gr 1st g 43.1928 j
76 Dec ’ lw
78*8
76
G alv Hous A Hen 1st 6s ____1933 A O
9H* Sale 91*2
95>8 253 931* 96*8
J
Great Nor C B A Q coll 4 s ..1921 J
6 94
91*4
9 134
95*8
R eg istered .........................*1921 Q J
2 80U 89
84
Sale 83'8
84
J
1st A ref 4 Ms Series A ____1961 J
79 ____ 9b June’ lb
J
Registered_____________ 1961 J
8 8 'sJ a n ’ 20
8 t Paul M A M an 4s_____ 1933 J J 86 I4 90
80*4 88 >*
105 'x * * i i 104 10812
1st consol g 6s__________ 1933 J J 101 105i2 1051*
118 Apr l;
J
Registered___________ 1933 J
6
90*8 Sale 90*8
90*2
J
Reduced to gold 4 M s. 1933 J
90U 05<8
Registered.................1933 J J ____ ______ 1021* M a y ' li.
81 *8------- 8 3 >4 Jan ’20 ---- - 83
M ont ext 1st gold 4 a . .. 1937 J D
88 *s
80 Sept’ 19 . . . .
80
80
R eg istered ...................1937 J D
77 N ov’ 19 . . . .
77
Pacific ext g u * 4a £ ____ 1940 J J ____ 86
81
.
.
.
.
7514 80
74U O ct '19
E M In n N or D lv 1st g 4 s .. 1948 A O
74U 74U
99 ____ 99
Aug’ 19 . . . .
99
M inn Onion 1st g 6s ......... 1922 J J
99
103 108*8
M ont O 1st gu g 6s ______1937 J J 103 103 1061* Jan ’ 20
13614 M ay’ 0b
J
Registered_____________ 1937 J
91 ____ 91 Jan ’ 20
1st quar gold 6s ..............1937 r j
938* 991*
9314 91U 98 D eo ’ 19
Will A S F 1st gold 6s . . 1938 J D
95*8 98
63
791, 521* D eo ’ 19
Green Bay A W deb ctfs " A " ____ Fob
51
66
8
81*
7*4 8*s
D ebenturectfs ” B ’ ’ ___________ Feb
6*8 157g
69
80
73 O ct ‘ 19
G ulf A S I 1st ref A t g 6 s ..61952 r J
73
821*
681* 71*8 69*8
7H*
j
Hooking Val 1st cons g 4 Ms 1999
68*8 83
73>* Jun e'13
Registered............................ 1999 r J
70*4____ 73i* Oot ’ 18
Col A H V 1st ext g 4s____1948 A O
69*4____ 76*4 Apr M9
70<4 76U
Col A T ol 1st ext 4s............1956 * A
82 N o v ‘ 19
80
Houston Belt A Terra 1st 6s . 1937 l 1 ____ 73
82
82 ____ 83
N ov’ 1 9 Illinois Central 1st gold 43. . 1951 1 J
83
88
92 S e p t'17
Registered............................. 1961 1 J
7
0
1
,------72
D
eo
M9
J
72
76
1 st gold 3 M s . ....................... 1951
84 N o v ’ 16
Registered..............
1951 1 J
73U N o v ‘ 19
Extended 1st gold 3 M s ....1951 A O
73U 7314
Registered_____________ 1961 t O
80 Juiy’09
1st gold 3s s te r lin g ........... 1961 >: g
R e g is t e r e d ......................1951 1 g
72
Collateral trust gold 4 a . .. 1952 A O .7 1
70*8
72 lx
711* 79
R e g is t e r e d .......... ........... 1952 A O
70
72
72*8
72*8
75
8-lU
1st refunding 4s......... ........ 1956 V* N
04 (j 07
09 D e o ’ 1 9 Purchased lines 3 M s_____ 1952
J
69
75
67
68
07
63
L N O A Texas gold 4 s . . . 1953 .f N
67M 77*8
A
N
60
Aug
’
19
66 71'g
Registered..............
1953
917g Sale 9H2
921*
J
16-year seourod 5i*e_____ 1934
891* 97U
O *80 ____ 731*
80
781* 79
Cairo Bridge gold 4s..........1950
____
CO
60 D ec ’ 19 Lltohfleld Dlv 1st gold 38.1951
J
00 61
69 Jan ’20 J ____ 05
Loulsv D lv A Term g 3 Ms 1953
65
731*
J
Registered_____ ________ 1963
A
Middle D lv reg 5s.............. 1921
95 >8------- 02 June’ 16 A ____ 00
68*4 Sept’ 18 Omaha D lv 1st gold 3 s . . . 1951
J
55
02*8 63 Jan '20 St Louis D lv A Term g 3s. 1951
J
65*8 67
G old 3M S— .....................1951
67*8 Deo M9 67*8 68
J
Registered.............. ...1 9 5 1
J ____ 73*8 80*8 N o v ’ 16 Spring! D lv 1st g 3 M s____1951
A
72M ------- 79*2 M a y ’ 19 Western Lines 1st g 4s____1951
793s 791*
A
92 N o v ’ 10 R e g istered .......................1951
D ____ 100
Bellev A Car 1st 6a............1923
17i* M ay’ 10 73 M ar’ 19 Carb A Shaw 1st gold 4 s . . 1932 1 8
73
73
D
90 ------- 93 Jan ’20 Chto St L A N O gold 68. . 1951
88*s 99*4
D
Registered_____________ 1951
95's Feb *19 95>8 95ig
D
641*____ 651* July’ 18 G old 3 M s......................... 1951
D
Registered___________ 1951
D
80
83
Joint 1st ref 68 Series A . 1963
83 >8 Jan '2J .
95
D
091* 72*8 73*4 D ec ’ 19 M em ph D lv 1st g 4 s . . .1951
77
D
Registered......... ...........1951
05 N o v ’ 17 St Louis Sou 1st gu g 4 s ..1931 1 S
74ig ------- 77l2 Aug’ 19 .
771* 79*4
J
ind 111 A Iowa 1st g 4s______ 1950
75*4------- 75U Deo '19 7514 82
[ M ____ 95
1st A Great N or 1st g 6s ____1919
93 N o v ’ 19 .
93
96
D ____ 80
James Frank A Clear 1st 4s. 1959
78 Jan ’20 8 OI4
82
J
56
Salo 56
Kansas City 8 ou 1st gold 88.1950
57's
50 >8 64*8
O
Registered..............................1950
78 Oct '09
J
Ref A Im pt 6s ..............Apr 1950
731*
71
Sale 71
711* 88 1*
Kansas City Term 1st 4 S ...1 9 6 0
J
71*2
70
81
70ij 7 H 4 71
Lake Erie A W est 1st g 6 s . . 1937
J
781, 80
80
SO
821* 00
J ____ 78
2d gold 6a ......................... 1941
30*8 Feb ’ 17 . .
North Ohio 1st guar g 6a . . 1945 A O ------- 90
35 Aug ’ 19 . .
85*8
J
Leh Val N Y 1st gu * 4 M s .. 1940 J
851, 871* 351* Jan ’20 . .
92
Registered......................... 1P40|J
J ____ 80U 78 S«Dt’ 10 . .
78

*No price Friday; latest bid and asked this weak. • Due Jan. 0 Dus Feb.

BONDS
N . Y . STO C K E X C H A N G E
Week ernitng Jan. 30

H ig h

102*8 Feb ’08

971 9078 Jan ’20
90
3 78
Sal
77i,
7^
12 781*
831 h3l2
84
721* Jan '20 . . . .
-----701*
104 102*4 Apr ’ 19 —
102*4

%
K
5i f

0Due June,

h Due July,

):•> «!
)3 St
H A
11 A
!8 . .
13 J
13 (3 J
16 M
15 M
ti Q

n Due Sept,

0Due Oot. 1 Option sole.

Ja n . 31 1920.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 30.

P r ic e
F r id a y
Jan.

30.

W e e k ’s
R a n g e or
L a s t S a le

P
N o.

R ange
Y ear

1919

Low

H ig h

H ig h
B id
A sk Low
N Y Cent 4 H R B H ( C o * ) —
961* 9814
95 ____ 9258 Jan ’20 —
N T * Northern let g 58.1023
78 80
73*2------ 78U Apr T9 —
N Y A P u 1st cona gu g 4H.1903
113
May’
15
103
'8
____
Pino Creek reg guar 6a------ 1932
97*8 99 99*8 July’ 19 ___ 99 99*8
II W A O con 1st ext 6 a .-*1922
77*8
73 ____ 77 Oct T9 __ . 07
Rutland 1st con g 4 ^ a . -.19 41
60 Aug T9 . . . . 60 61*8
___ 78
O g A L Cham 1st gu 4a g . 1948
67 07
67 Feb T9
53 60
Rut-Canada lat gu g 4a. 1949
82*4 85 101 Nov’ 10
St Lawr A Adlr lat g 6a— 1990
103 Nov’ 16
____85
2d gold 6a______________1996
94U------ 93'aJan '2C . . . . 94*3 90
Utica A 131k Rlv gu g 4a-.19 22
74
0934
691*
68i2
6
9
7
*8
Lako Shoro gold 344s-------- 1997
701* 7078
68*2------ 69 Jan ’20
Registered__________
1997
84
90
85
85*4
Debenture gold 4 a ._— 1928
89
8278 35 82
82*8 Salo 82*8
26-year gold 4a---- -------- 1931
841* Nov’19 —
84*4 84*4
Reglatcred___________ 1931
85
.
.
Ka A A G II 1st gu o 58— 1938
93's ____ 1041* Deo T5
M ahon C ’l R R lat 6a------ 1934
103 May’ 17
Pitta A L Erie 2d g 6a . — 01928
102*8____ 130ia Jan '09
Pitta M cK A Y lat gu 68--1932
101 ____ 123*4 Mar* 12
2d guaranteed 6a . -------- 1934
89*4____ 991* Aug *17
Mlohlgan Central 6 a .— --1931
9234 ____ 9812 Nov'18
Registered______________1931
81 84
82 NoV 19
4a ........................................1940
87 Feb '14
74*1 77
Registered_______ .-.1 9 4 0
70*8____ 90 June’OS
J L A 8 lat gold 3M 8— 1951
70*8 7 H4
7 D2 Dec ’ 19
____ 73*4
lat gold 334a----------------- 1962
73*2 85
81
79 8034 80
20-year debenture 4 s . . 1920
78*| 84
79*4
75 78»4 79
N Y Chi A Ht L lat g 4a ..1 9 3 7
85
Nov’
17
Registered_______ . . . . . 1 9 3 7
647g 761s
67*8
67'8 Sale 67'8
Debenture 4a--------------- 1931
70 8H*
72i2
71 721| 71
West Shore lHt 4a guar— 2361
70
70*8
69*2 7834
70
70la
Registered.........................2361
99i| 99«2
97*8____ 9912 Feb '19
N Y C Lines eq tr 6 a ..1919-22
93U 9834 94 la Jan '20
Equip truat 4 ^ 0 — 1919-1925
77
77
76*8 80*4
77 78
N Y Connect 1st gu 4 Hs A . .1953
N Y N H A Hartford—
5H*
50
Nov’
19
53
N on-oonv doben 4 a . . -------1947
61
49 Nov‘ 19
61
N on-conv doben 34$a------ 1947
52
461* 15 Jan '20
N on-conv deben 3440 — — 1054
667s
Dec
*19
46
45
50
|
N on-conv doben 4s----------1955
691a
47
47
47 48
N on-conv doben 4a___. ..1 9 5 6
52
45 47 Dec ’ 19
Couv debenture 3440-------- 1960
10
72
88
70*4 7018
C on y debenture 6s ------------ 1948
60 Oct ’17
Cons R y non-oonv 4a------ 1930
91*2 Jan •12
N on-conv deben 48-------1954
60 July’ 18
N on-conv deben 4s------ 1965
N on-conv dobeD 4 a .. ..1 9 5 5
49 Oct ’ 19
501a
N on-conv deben 4a------ 1956
70
03 34 ____ 68 NOV’ 19
Ilarlcm R -P t Chea lat 48-1954
65 ____ 791* Deo *17
13 A N Y Air Line lat 4 a . . 1955
58
621
8
58
Jan
’20
____
6
3'8
Cont New Eng lat gu 4 s . .1961
Hartford St R y 1st 4a____1930
Housatonlo R cons g 5 a ..1937 M N 80 ___ IOOI2 May’ 15
N 60 ____ 87 July’ 14
N augatuck It It lat 4s------ 1964
801|____ 83 Aug T3
o
N Y Prov A Boston 4 s . . -1942
37's
37 Sale 37
J
N Y W ’ohesAB lat Ber I 4440*46
o
Boston Terminal lat 4 s ...1 9 3 9
80 . . .
J
New England cons 6 s . . -.1 0 4 5
70 Scpt’ 17
61 . . .
J
Consol 4a_____________ 1945 j
38 40
347j Jan ’20
25 30
Provldonoo Secur deb 4 a ..1967 M N
66 ____ 99?a Deo ’ 13
Prov A Springfield lat 68.1922 J J
883*
Feb
’
14
67*8____
Providence Term lat 4a— 1956
741* 741*
74** Dec *19
W A Con East lat 4 H 0 ---1 9 4 3
70
58
60
60
59*8 60
N Y O A W ret lat g 4a------ 01992
921
*
June'12
Registered 15,000 o n l y .-01992
60U 62
60*4 Nov’ 19
____60
General 4 s _ .--------------------1966
49** 691*
53
5012 5278 53
Norfolk Sou lat A ref A 5S..1961
81 8
771» 84 81 Nov‘ 19
N orf A Sou 1st gold 5a----------1941
1017* 109**
10478 ____ 1051* Deo '19
N orf A W est gen gold 6 s------ 1931
122
Nov’
16
103
____
Im provement A oxt g 6S..1934
1061* Aug ’ 19
106*2 108*|
Now River 1st gold 6a------ 1932
76ig 861*
76**
76*4 Sale 75s8
N A W R y l i t conB g 4 a ..1996
79 79
79
Oct
*19
Registered-------------------- 1996
74U 82
75*4
7534 76 7534
D lv ’l lat lion A gen g 4 s . 1944
74 8H*
77*8------ 74 Dec *19
10-25-year conv 4 b--------1032
117U
May’
19
10-20-year conv 4a--------1932
96U 10H*
9634 Dec *19
10-25-year conv 4 H S ---1 0 3 8
10278 Sale 1023s 103
102U 110*4
10-year conv 6s------------ 1929
78*4 86
80
781* gale 78**
Pocah C A C Joint 4a. — 1941
97
98*i Jan *20
97
97*8 - -O O A T lat guar gold 58.1922
74
81
76
76
75>2
77
Solo V A N E lat gu g 4 a .. 1989
Northern Pacific prior Hen rail­
76
751* 86
7558 Sale 75
way A land grant g 4a------ 1997
765g Nov T9
761* 82
R eg istered ........... ........... 1997
527* 017*
53 58
53*8 631* 63'a
General lien gold 3s--------a2047
55
65 Nov’ 19
5714
Registered____________ a2047
90
78
78
79
761*
7,8
R ef A Imp 4440 aer A --------2047
76
76 May’ 191----- 76
70*8 75
St Paul-Duluth D lv g 48.-1996
100*4____ l0 0 7a Jan 20 — 100*8 1041*
St P A N P gen gold 6 a .-.1 9 2 3
99*2 1003a
99*8------ 100'8 Jan ’20
Registered certificates..1923
97
98**
97 Feb T9
91 . .
St Paul A Duluth lat 5a— 1931
76*8 76*8
6 8 's____ 76>8 Oct T9
lat conaol gold 4s------- ..1968
37*2 Deo TO
60 66
Wash Cent lat gold 4s------ 1948
106** 107*8
106*4____ 107 *8 Jan •20
N or Pao Term Co lat g 6 s . .1933
16, 68*2 7978
71
08U Sale 68U
Orogon-Wa8h let A ref 4a...1 9 6 1
84*2 Sept’ 19
841* 88
75 80
Pacific Coast C o lat g 6 I ...1 9 4 6
____92** 100's Feb T 7
Paducah A Ills lot a I 4440--1965
96*8 Apr T 9
953a 95*8
Pennsylvania R R lat g 48..1923
87*8 88
83*4 85 83*8 Jon ’ 20
Conaol gold 4a___. . . . . — 1943
82
891*
83
86
83
Sale
Consol gold 4 s . . _________ 1048
ois*
88*4 90U
90*2 Sale 90**
Conaol 434a_______ . . . — I960
821*
79*2 897s
813S Sale 813s
General 4 34s.................. . ..1 0 0 5
9034
88*4 9734
90's Sale 897s
General 5a_______________ 1968
82** 807a
82*4____ 82*2 D ec T 9
Alleg Val gen guar g 4 s . . . 1942
83i8 ____ 80*2 Sept’ 16
D R R R A U’ ge 1st gu 4s g 1936
821
8
821
8
82*8 87**
82i8
____
Phlla Halt A W 1st g 4 a ..1943
102 Jan ’93
Bodua Bay A Sou lat g 58.1924
Runbury A Lewis lBt g 48.1036
81*2____ 92 Deo *17
U N J R R A Can gen 4 0 -1 9 4 4
Pennsylvania C o—
97 9S**
97*2
97U 08*2 97U
Guar lat gold 4340............ 1021
965s O ct T 9
95% 98
Registered__________...1 9 2 1
72*4____ 87 Feb T7
Guar 3 340 coll truat reg A . 1037
78
78
7lia Jan ’ 20
71*2 75
Guar 334a coll trust aer B.1941
771* 77**
73*8 Jan ’ 20
____ 73
Guar 3 340 trust Otfs C ...1 0 4 2
77
77
------ 72U 77 N o v ’ 19
Guar 3 34« trust ctfa D ...1 0 4 4
83*4 Jan ’ 20
82U 86*4
____83
Guar 16-26-year gold 4 s ..1931
807* 87
80>s
80'a
____81*8
40-year guar 4a ctfa Ser E .1963
8H* 823$
81 ____ 8 H2 O ct TO
Cln Leb A Nor gu 4s g ... 1942
85
88*2
85 Deo T9
83U 87
01 A M ar 1st gu g 4340- — 1936
96U M a y 'Id
87*4 93
01 A P gen gu 434 b 0©r A . 1942
104
D
eo
'16
87*4____
Series B ..............................1942
96*4 Feb T2
Int reduced to 3341— 1942
90is O ct T2
Series C 3340..................... 1048
88U Feb T7
flerlea D 3 340................... 1050
79*8 O ct T 9
79*8 79*8
701*____
Erso A Pitta gu g 3348 B ..1 9 4 0
79*4 79*4
701*____ 79U M ay’ 19
Scries 0 ..............................1940
87
87
87 June’ 19
77'« . . .
G r R A I ex lat gu g 4340-1941
831* 85*4
855a____ 85»4 N ov'19
Ohio Connect lBt gu 4 b . . . 1943
93 M ay'10
973a . . .
Pitta Y A Ash lat cons 58.1927
93*4 Apr T7
86U 02
T ol W V A O gu 4340 A . . 1931
87*a 87*a
86 I4 OH* 87*8 N ov'19
Merles 13 4340__________ 1033
80 ____ 88*8 8opt‘ 17
Series O 4s..........................1942 M S
01*8 941*
90 ------- 90 Jan '20
P O O A S t L gu 4348 A . . 1940 A O
91
91 N ov'19
9234
Merles B guar_____ — 1942 A C ____ 913s
99
June’
17
M
N
Merles O guar...................1042
90*8
Merles D 4s guar________ 1945 M N ____ 90*2 90*2 O ct T 9
90
90 O ct T 9
82
84
Merlea E 334s guar g old . 1949 P A

BONDS
N . Y . ST O C K E X C H A N G E
Week ending Jan. 30.

P r ic e
F rid a y

Jan.
B id

30.

W e e k 's
R ange or
L a s t Sale

A sk L ow

H ig h

R anoe
Y ea r

1919
L ow

H ig h

P . C . C . A St. L (Con.)—
_ _
Series F guar 4s gold— 1953 J ® ____85U 91 SeptT8
88*8 91
_ _ 90*2 90^8 Aug T 9
Series G 4a guar------------1957 M ™
89
91
87*2 88*2 885s J an ’ 20
Series I cona gu 4 44s— 1963 * *
101 102
98 100*4 101 June’ 19
C St L A P lat cons g 5 a ..1932 A O
June’ 17
100
Peoria A Pekin Un lat Oa g ..l 9 2 1 Q F
87 M ar’ 10
2d gold 444b ....................... 61921 M N
22 82*8 90
86U
86
Sale
Pere M arquette lat Ser A 68.1966
6534 721*
71 Jan ’ 20
697a
70
lat Series B 4a..................... I960
45
55
45 N ov'19
J
43'a 45
Philippine R y lat 30-yr a f 4a 1937
09 Jan T 8
9
5
*
i____
O
Pitta Sh A L E lat g 5a..........1940
93*4____ 97*4 D eo '17
J
lat conaol gold 5a_________ 1943
62
78
86*4
80*4
79 T Sale 79U
J
Reading C o gen gold 4 s . . — 1997
78
8 H*
78*4 Jan ’ 20
J
Registered---------------------1997
85
o
79*2 80*4 80 Jaa *20,------ 78
Jersey Central coll g 4 b___1951
J
Atlantic City guar 4 b g ._ _ 1951
691s
68
61
D
ec
T
9
—
J
St Jos A Grand I bI 1st g 4a . .1947
St Louis A San Fran (reorg C o )—
132 53
61
57
Sale
57*2
50U
J
Prior lien Ser A 4s____ ...1 9 5 0
68 I 5 t G6I4 79*8
67*4 Sale 67*2
J
Prior Hen Ser B 5s...............I960
71
601* 113 55
60
Sale 5912
Cum adjust Ser A 6s ____ ftl96t A O
42 I 89 39*8 56
40*8
Oot
41*8
Sale
Incom e Series A 08___
M9Q(
1 10 1 100
1017*
1017s
..
J 100
St Louis A San Fran gen 68.1931 J
9212
2 91
981*
92*2------- 9212
J
General gold 6s _________ 1931 J
M ay'10
J
St L A 8 F R R cons g 4 s . .1096 J
M a y ’ 17
Southw D lv 1st g 6a____ 1947 A O
991* 10314
99*3
99*8
99*8 101
K C Ft 8 A M cona g 0a. 1928 M N
6034
607a 751*
64*2 07*2 6 5 14
K C F t 8 A M R y ref g 48.1936 A O
877a Jan '20
88*8 901*
____ 87
K C A M R A B lat gu 58-1929 A
12 60
74
62
63*8,
62
63
M
St L 8 W lat g 4a bond c t f a . . 1989
63 Sept T 9 ------ 1 57U 63
____ 6178
2d g 4s Income bond Ctfa.Pl989 J
51
51*2
21
49*4
051a
51
12
Sale
Consol gold 4a___. . . -------1932
57ia
6 5612 641*
5678 Salo 5">78
lat terminal A unifying 58.1952
9 ^2 Jan T 4 ------ !
G ray’ s Pt T er 1st gu g 68-1947
68
CO
7
56
571* Sale 571*
8 A A A Pass 1 st gu g 4a------ 1943
60 Jan ’ 2 0 ------ 1 597* 72
68
59
Seaboard Air Line g 48-------- 1950
74
58
00»4 Jan *20
SIU 60
G old 4s stam ped_________ I960
31
5314
38*4
33*4 Sale 38U
Adjustm ent 5a__________ 01949
36
60
45
47.
46 ' Sale
Refunding 4s------------------- 1959
64
80
631* Jan ’ 20
6178 63
Atl Birin 30-yr lat g 4 s ..*1933
76
76
76
Apr
T
9
65
.
.
.
Caro Cent lat con g 4a— 1949
9978 100*4
997* N o v ’ 19
____102
Fla Cent A Pen lat ext 08-1923
101 D eo T 5
____ 104
lat land grant ext g 68— 1930
871* 921*
80
80
Salo 80
Conaol gold 5a------------- 1943
01U 93
93 July T9
84
90
Ga A Ala Ry 1st con 5 s ..01945
88U 941*
88*8
Jan
’20
883s
93
G a Car A N o 1st gu g 58— 1929
95U 90
95U M a y ’ 19
Seaboard A Roan lat 6s_ .1920
Southern Pacific C o 6778 797a
60*2
71
7
0
7
0
i2
D
G old 4s (Cent Pac co ll)— 11949
90
F e b 14 . . 3 3 i
Registered------------------- 11949
90
7 7 1 2 8 7 7a
80*4
79
Salo 7 9
S
20-year conv 4s__. . . . . - . 0 1 9 2 9
10334 2 7 4' 98*4 11 5
103*2 Sale 102*8
D
20-year conv 6s ..................... 1934
31
7278 Salo 7278
7334
72*4 8 3
A
Cent Pac 1st ref gu g 48— 1949
87** S e p t ’ 16
Registered______________1949
10
8534
81
80
Salo 8 0
801*
D
M ort guar gold 3 440—*1929
70
Jan '2 0 . . . .
70*4 8 0
69
71
O
Through St L 1st gu 48.1964
.. ..
1
0
0
O
c
t
*18
8
7
101
N
---------— —
G 1 1 A S A M A P 1st 581931
96*4 J an T 8
89
L92
J
2d exten 6s guar...............1931
95
N o v *18
Gila V G A N 1st gu g 5 a .. 1924
843S --------- 8 5 U J an '2 0 —
841* 925a
N
Hous E A W T l s t g 6s . — 1933
O o t T fl
8 4 3 a _____ 1 0 0
N
1st guar 68 red--------------1933
92
92
9334 92*8 Jan '2 0 . . . .
98*4
J
H A T C 1st g 5s int g u — 1937
93
J an *20 . . . .
91*8 9458
93 *s 9 4
O
Gen gold 4s Int guar------ 1921
94
94
M ar T 9 . . . .
94
90
_____
N
W aco A N W dlv 1st g 6s ’ 30
87*4 87*4
87*4 D e c T 9 —
J
A A N W lat g u g fls ............1941
100*4 O c t T 7
J ______991*
Louisiana W est 1st 0 s . ...1 9 2 1
99*8 995a
99
991* 0841 J an '2 0 . . . .
J
M organ’ s La A T 1st 08— 1920
05*s 951*
947* 9 7
95*2 N o v '1 9 . . . .
O
N o o f Cal guar g 6a----------1938
937S
925s 99*8
93
937a 937a
J
Ore A Cal 1st guar g 5 s ...1 0 2 7
97*8 975a
9 4 * 4 _____
975s J u ly . 19 . . . .
N
80 Pac o f Cal— G u g 6 a . . .1937
92*i 93
921* J u n e'1 9 - - - - 1
9 0 is _____
J
So Pac Coast lBt gu 4s g__1937
71
80*4
7 3 i2
7 3 ia Sale 7 H *
O
San Fran Term l 1st 4a_ — 1950
85
85
S3
_____
85
J u ly ' 19
J
Tex A N O con gold 6 a . . . 1943
74*8 831*
70*a Salo 76*4
7758 ” ” 8 5
J
So Pac R R lat ref 4a......... 1955
16
965a
84
84
84*4 84*8
8 4 78
J
Southern— lat cons g 5a------ 1994
85U Sept T9
85U 85U
J ____ 92
Registered.........................1994
59i 2 §1 50i2 69
5773 Sale 5773
O
D evelop A gen 4a 8 er A — 1956
1 55
68*4
S
5*3*4
56*8 5634 56*4
M ob A Ohio coll tr g 4S— .193H
851* J a n .'20
90*8 91U
81*4 82
J
Mem D lv 1st g 4 H s - 5 s . „ 1996
64
671* 075s Jan ’ 20 . . - 673S 741*
J
St Loula dlv lat g 4a--------1951
927| July’ lS . . _ 927* 93
80
91
D
Ala G t Sou lat cons A 5 a ..1943
2 82*4 88*4
80
SO
7834 80
J
Atl A Chari A L lat A 4448 1944
S6 *a 97*8
87*8 9134 87's Jan '2C . . . .
J
lat 30-year 5a Ser B . . .. 1 9 4 4
74
70
70
Oct
T
9
____
67
J
Atl A Danv lat g 4a----------1948
67*8 811* M ar’ 16
J ____
2d 4s..................................1948
68
68
61 ____ 68 O ct ’ H . . . .
O
Atl A Yad lat g guar 48--1949
92*8 D ec ’ 1£ . . . .
92*8 97
91
93
J
E T Va A G a D lv g 5 a . . .1930
M
88 *s 89*2 8978 Jau ’20 . . . . 8934 97
Cons 1st gold 5 s----------- 1960
95U
92
July’ 19,------ 92
£
80*2 94
E Tenn reorg Hen g 6s ------ 1938
52
52
52 Jan ’ H
471.1 51
O
G a M idland lat 3a.............. 1946
100 10 1
99
99*2 99i* j an *20
J
G a Pac Ry lat g 0a............1922
97*4
100
100
D
oc
T
9
____
9
7
'4
K noxv A Ohio lat g 0 a ...1 9 2 5
9U* O ct TS
85*4 97
M o b A BIr prior Hen g 58.1945 J
65
05
65 Aug T9
____ 60
M ortgage gold 4s----------1945 J
92*8 N o v ’ 19
92^8 95*4
92i2 102
Rich A Dan deb 5a atm pd.1927 A
69
71
01 ----- 69 June’ 10
Rich A Meek 1 st g 5s____ 1948 M
05*8____ 1021* ju n e ’ l l
Virginia M id Ser D 4-5S..1921 M
95 Jan ’ 20
91
96*8
91*8 100
Series E 5s______________1926 M
90*8____ 1041* Deo TO
Series F 5s......................... 1926 IV«
98 July’ 19
91U 93
General 5s--------------------- 1930 IVI N
81*8 Sept’ 18
821a 80
J
V a A So’ w’ n lat gu 6 a ..2003 J
60
60
58
71
62
lat cona 50-year 6a . . 1968 A O
9378 M ar’ 17
95
85is
F
A
W O A W lat cy gu 4a------ 1924
751* Apr T 9
751* 751*
75
J
Spokane Internat lat g 5 s ..1955 J
8Hs 911*
8258 ____ 82 Jan ’ 20
Term Asan of St L lat g 4 44s. 1930 A O
93 Oot T9
93
98*s
86I2 90
lat cons gold 6a--------1894-1944 F A
69
77
691* 72
70l*
70i2
J
Gen refund a f g 4a.............. 1953 J
92
92
92 June’ lU
85*4 91
St L M Bridge Ter g u g 58.1930 A O
821* 93
84 U 843.4 841*
84*8
Texas A Pac 1st gold 5s------ 2000 J D
61
621* 41 Bept’ 18
2nd gold Income 5a----------f2000 Mar
8 H s ____ 86 M a y ’ 18
J
La D lv B L 1st g 58............1931 J
1O012 N o v ’ 04
W M in W A N W lat gu 5al930 F A
83
8312 Jan ’20
92
82
84
J
T ol A Ohio Cent lat gu 5 a .. 1935 J
83
87
84*4 N o v ’ l9
S012
82
O
Western D lv lat g 6a-------- 1935 A
73
70
70 Jan ’20
General gold 5a----------------- 1935 \ I) ____ 80
73 Oct T9
70*2 751*
65
70
K an A M lat gu g 4a......... 1990 A o
871* 961* 87*2 D ec T9
87*2 92 ,
J
2d 20-year 5a...................1927 J
30 1
36 Feb T9
36
J
T ol P A W lat gold 4a............1917 J
741* 76 ]
747a ____ 74*8 Deo T9
J
T o l St L A W pr lien g 3440-1925 J
56
46*8
Jon
*20
42U
44la
47*8
60-year gold 4a....... ............. I960 A o
18*8 M ar’ 10
C oll truat 4a g 8 er A . . . — 1017 ” A ____ 34l2
18
Aug
T8
____
19
Truat co otfs o f deposit-------63
60 7U4 66 Jan *20
T o r Ham A Buff lat g 4 s ..41940 J
83
80*8 855a
85*8 80*8 N o v ‘ 19
Ulster A Del 1st cons g 68— 1928 J
68
Sept’
17
85
1st refunding g 4s................ 1952 A
82U 8978
83*8
“ 8178 Sale 8U*
Union Paclflo lat g 4 a .. . . . . 1 9 4 7 J
8512 OCt T 8
84
Registered------------------------ 1947 J
82
891*
87
“ s o u Sale 86
20-year conv 4a___. . . . . . 1927 J
74»2 831*
70
74U Sale 708
1st A refunding 4s............02008 M
1 0 m 100
10178
1 0 1 1 8 Sale 101*8
10 -year perm secured 68.1928 J
77*4
76l8 86
7714 78U 77*4
Ore R R A N av con g 4 s . . 1946 J
101
991* 1011*
101
Bale 100
Ore Short Line 1st g 0 8 ...1 9 2 2 F
92
9878
9278
921*
92
*a
92*4
1st consol g 5s__________ 1940 J
777S 88
82
82
84
8212
Ouar refund 4s_____ ___1929 J
93
98
91ss 9312 9 l 58 Jan '20
Utah A N or gold 5s____ 1926 J
89 Feb *18
7914 81
1st extended 4 s .. . . . 1 9 3 3 J
783a 80*4
80*4 D eo T 9
Vandalla cons g 4s Ser A — — 1956 F
80*8 June’ 18
____ 81*4
Consols 4s Series B ----------1957 M
35
35
35 M a y ’ 19
Vera Crus A P 1st gu 4440-1934 J

•Ho prlooFriday; latest bid and Mkad. •On. Jaa. (Do* F*b. o DmJune. Jt Duo July * Duo Auk.




453

New York Bond Record— Continued-Page 3

oduo Oot.

vUm Nov. Duo Doo. t Option salo.

454

Week’s

Bid
.48*
V irg in ia n 1st 5a series A ____ 1902 IVI N
82% 84%
W abaa h 1st g o ld 5a__________ 1939 IVI N
88% Sale
2 d g o ld 5a..........._ ............. . . 1 9 3 9 F A
80
84
D e b e n tu r e series B _______ 1939
J
1s t lien e q u ip a fd g 5 s . I I I l 9 2 1
S 98%
1st lien 5 0 -y r g term 4 a . . . 1954
70%
J ....
D e t & C b E x t 1st g 5 a . .
1941
88%
J
D ea M o in e s D lv 1st g 4 a . .1 9 3 9
J _____ 75%
O m D lv la t g 3 H s ................1941
—
65
T o l A C h D lv g 4a________ 1941
s
W a sh T e r m l 1st g u 3 H a ____ 1945
70
72
A
la t 4 0 -y r g u a r 4a...................1945
78
A
W est M a r y la n d la t g 4 s ____ 1952
51
O 50
W e s t N Y A P a la t g 5a____ 1937
91%
J
G en g o ld 4 s . . ................
1943
65%
O 63
I n c o m e 5 s ________________ j»1943 N o v
25
W estern P a o 1st ser A 5s ..1 9 4 6 (VI s
82% Sale
90
92
W h eelin g & L E la t g 5a___ 1926 A O
92
95
W h eel D iv la t g o ld 5a_____ 1928 J J
E x ten A I m p t g o ld 5a_____ 1930 F A
81%
50% 53
R e fu n d in g 4 H a serlea A . .1 9 6 6 M S
R R 1st c o n s o l 4 a .............1949 M S
52% 54%
W in ston -S a lem S B 1st 4 s . .1 9 6 0 J J
66% 76%
69
W la C e n t 5 0 -y r 1st g en 4 a . . . 1949 J
Sale
S u p A D u l d lv & term 1st 4a ’ 36 in N
68% 70

o

S t r e e t R a ilw a y
B r o o k ly n R a p id T ra n g 5 a . .1 9 4 5 A
1st refu n d c o n v g o ld 4a
200 2 J
3 -y r 7 % secu red n o t e s . .* 1 9 2 1 J
C ertifica te s o f d e p o s it _________
C ertifica te s o f d e p o s it s t m p ’ d
B k C it y 1st c o n s 5 s . . 1916-1941 J
B k Q C o A S c o n g u g 5 s . . 1941 M
B k ly n Q C o & S la t 5 s ____ 1941 J
B k ly n U n E l 1st g 4 - 5 3 . .. 1 9 5 0 F
S ta m p ed g u a r 4 -5 s ............1956 F
K in g s C o u n t y E la t g 4 a . .1 9 4 9 V
S ta m p ed g u a r 4 s _______ 1949 F
N a ssa u E leo g u a r g o ld 4 a . 1951 J
C h ic a g o R y s 1st 5 s ...................1927 F
C o n n R y A L 1st A r e f g 4 H s 1951 J
S ta m p ed g u a r 4 H a ........... 1951 J
D e t U n ited 1st co n e g 4 H a . I l 9 3 2 J
F t S m ith L t A T r la t g 5 a . . . 1936 M
H u d A M a n h a t 6a sor A ____ 1957 F
" l 957
A d ju s t In com e 5a___
N Y * J ersey 1st 5 s . _ ” I I l 9 3 2 F
I n t e r b o r o -M e t r o p c o ll 4 H a . 1956 A
C ertifica te s o f D e p o s it
I n te r b o r o R a p T ra n 1st 5 a . . 1966 J
M a n h a t R y (N Y c o n s g 4 s . 1990 A
S ta m p ed ta x -e x e m p t____ 1990 A
M a n ila E lec R y & L t a f 5 s . .1 9 5 3 M
M e tro p o lita n S treet R y —
B w a y 4 7th A v 1st c g 5 a . 1943
C o l * 9 th A v 1st g u g 5 a . . 1993 M
L ex A v * P F l s t g u g 5 3 ..1 9 9 3 M
M e t W ,s E l (C h ic la t g 4 a . . 1938 F
M U w E leo R y A L t c o n s g 5s 1926 F
R e fu n d in g * e x ten 4 H a . 1931
M o n t r e a l T r a m 1st A ref 5s . 1941
N e w O rl R y A L t g en 4 H a . . 1935
N Y M u n lc lp R y 1st a f 5a A . 1966
N Y R y s 1st R E * ref 4s
1942
C ertifica te s o f d e p o s i t ..
..
3 0 -y e a r a d j lue 5a______I I a l9 4 2
C e r tific a te s o f d e p o sit
N Y S ta te R y s 1st c on s 4 H a I l9 6 2
P o r tla n d R y 1st & ref 5 a . .
1930
P o r t ld R y L t & P 1st ref 5 a . 1942
P o r tla n d G e n E le c 1st 5 a . 1935
S t J os R y L II & P 1st g 5 s . . 1937
S t P a u l C it y C a b c o n s g 5s . . 1937
T h ir d A v e 1st ref 4 s ________ I9 6 0
A d j In com e 5a............ . ” " a l9 6 0
T h ir d A v o R y 1st g 5a...........1937
T r l-C I t y R y A L t 1st s f 5 S ..1 9 2 3
U n d erg r o f L o n d o n 4 H a
1933
I n c o m e 6 s ________________ '1 9 4 8
U n ited R y s I n v 5s P itts lss" 1926
U n ited R y s S t L 1st g 4 a . . . 1934
S t L o u is T ra n sit gu 5 s ____ 1924
U n ited R R s San F r s f 4s
1927
U n io n T r (N Y ct fs d ep
E q u lt T r '( N Y Inter c t f s . . .
V a R y & P o w la t & ref 5 a . . . 1934

N

30%
20
45%
42
39
69
—

Sale
29
48%
44*2
42
77
70

gh

1%
1 ' 82%
>
11 ] 87%
2 0 ____ 79
1 8 ____
1 9 ____ 97%
1 9 ____ ! 70%
2 0 ____ 88%
80
Aug 1 2 ____
67
F et 1 9 ____
67
74>2 Oct 1 9 ____
72
70
I
10 , 72 %
82
Aug 1 8 ____
50
f )%
9 47%
92 Jan 2 0 ____
92
63 Jan 2 0 ____
63
36
Oct 1 7 ____
81*2
S
123 79%
9l%
£ %
5 92
100
Feb 1 7 ____
9 0 38 M ar 1 7 ____
50 Jan 2 0 ____ 49%
53% Jan 2 0 ____
52
67% N o v 1 9 ____ 67%
69
6 %
2 63%
70
7
2 67

3012

46%
_____
--------

50
47%
45%

A
J
J
J
J
J

_____
76
-------------_____
28%
25%
6%
6%
51
61
------_____
_____
_____
48
28
84
91
-------55
72%
------_____
28%
24%
24%
--------

95
77
80%
68
50
30%
30%
7%
7%
55%
72%
65%
94
78
80
Sale
30
88%
92%
96%
------Sale
60
65
33
26%
27%
69

N
N
A
J
N
J
J
O
J
O
J
X
J
O
O
j

G a * a n d E l e c t r ic L ig h t
A tla n ta G L C o 1st g 5a____ 1947 J D
B k ly n U n G a s 1st con s g 5 8 .1 9 4 5 M N
C ln cin G a s A E le c la tA r e f 5a 1956 A O
C o lu m b ia G A E la t 5 a . .
1927 J
J
C o lu m b u s G a s 1st g o ld 5 s . . 1932 J
J
C o n s o l G a s c o n v d e b 6a
1920 Q F
C o n s G a s E L A P o f B a lt 5 - y r 5 s ’ 21 M N
D e tr o it C it y G a s g o ld 5 s____ 1923 J
J
D e tr o it E d iso n 1st c o ll tr 5 s . 1933 J
J
1st A ref 5a ser A ________ *1 9 4 0 M S
E q G L N Y 1st c o n s g 5a___ 1932 IH S
G a s A E leo B erg C o 0 g 5 a . . 1949 J D
H a v a n a E le c co n s o l g 5 s _____ 1952 F A
H u d so n C o G a s 1st g 5 s _____ 1949 M N
K a n C it y ( M o G a s 1st g 5 s . 1922 A O
K in g s C o E l L A P g 5 s _______ 1937 A O
P u rch a se m o n e y 6 s _____ 1997 A O
C o n v e r tib le d e b 6 s _______ I 1925 M 8
E d El 111 Bkn 1st c o n g 4 s . l9 3 9 J
J
L a c G a s L o f St L R e f A ex t 5s ’ 34 A O
M ilw a u k e e G a s L 1st 4a____ 1927 M N
N ew a rk C o n G a s g 5a_______ 1948 J
D
N Y G E L H A P g 5 a ....I l9 4 8 J
D
P u rch a se m o n e y g 4 s ____ 1949 F A
E d E lec 111 1st c o n s g 5 8 . . 1995 J
J
NY’ A Q El L A P 1st c o n g 5a. 1930 F A
P a cific G A El C o — C a l G A E —
C o r p u n ify in g A ref 5 s . . .1 9 3 7 M N
P a cific G A E g en A ref 5 a . . 1942 J
J
P a o P o w A L t la t A ref 2 0 -y r
5a In te rn a tio n a l S e r i e s . . . 1930 F A
P a t A Paasalo G A El 5 a . . . 1949 M 8
P e o p G a s A C la t co n s g 6 s . 1943 A O
R e fu n d in g g o ld 5a............... 1947 M S
C h G -L A C o k e 1st gu g 5a 1937 J
J
C o n O C o o f C h l s t g u g 5a 1936 J
J
I n d N a t G a s A O il 3 0 -y r 581936 M N
M u F u el G a s 1st gu g 5 s . .1 9 4 7 M N
P h ila d elp h ia C o c o n v g 5a . . 1922 M N
S ta n d G a s A El c o n v a f 63..1 9 2 6 J
D
S y ra cu se L ig h tin g 1st g 5 S ..1 9 5 1 J D
S y ra cu se L ig h t A P o w e r 5 a . .1 9 5 4 J
J
T r e n to n G A El 1st g 5a____ 1949 M S
U n ion E lec L t A P 1st g 5 s . . 1932 M S
R e fu n d in g A ex ten sion 5 a . 1933 M N
U n ited F u el G as 1st s f O s - . i g s e 'J
J
U ta h P o w e r A L t 1st 5 s ____ 1944 F A
U tica E le c L A P 1st g 5 a . . . 1950 J
J
U tica G as A E lec ref 5 s .......... 1957;J
J
W estch ester L td g o ld 5a____ 1 9 5 0 J
D

46
58
57%
54
96
77
78
61
57
30%
28

6%

7
51
64%
55
90%
95
80
48
29
84

91

73
60
72%
61%
60
29%
26%
26%
70

93 is . . .
103
76
80
73
84?s 9 3 12 93
86
89
85
_____ 85
87
99% 100
99%
_____ 97
98%
_____ 96% 96%
_____ 95
95
85% 891* 87%
_____ 94
94

100

85%
91
92%
84%
99%
98
75%
82%
87
___ 86 104%
81 >4 Sale 81%
6 3 14 64
03%
90
_____ 92%
81
89
96%
853S 89

90%
85
83
91*4 98%
_____ 99%
_____ 80
82
84
_____ 87

87%
81%

88
81%

81%

86

_____ 89
63
67
71
85

87% 88
87
90
8 1 % _____
72% 87%
------- 97%
_____ 97
83
Sale
9 5 % _____
82
88%
82
_____

J

10

91%
98%
89

!

i
I
J
1
.
.
J

J
I
J

J
A
L

97%
70%
88%
67
74%
75%
63
100
63
86%
96
64
65%
76
80
77

30
25
39
37
33
70

28 Jan ! 0 ____
40%
4
8
43>2
4 %.
2
43% Jan
0 ____
70
O ct 9 ____
8 0 M a y 8 ____
9 ____
62
7
62
2
49
9 ____
62
9 ____
28 .
0 ____
69%
6
70%
9 ____
77
9 ____
67

D
S
S

O

H ig h

.

J
O
O
s

A
O

L ow

83

62
Sale
62
Sale
55
60
------- 5 j%
26
28
65
70%
------- 69%
60
SO
67
68
....
68
68 .
57% Sale 57
15% Sale 15%
70
90
90 1
17% Sale 17
17
Sale 17
50% Sale 50
56
58
57%
56% Sale 56%
75

A
A
A
A
J
A
J
J
J
£
A

1919

8884

80
90

76
53
86
79
78%
70

40
59%
59%
49
62
22%
63
70%
77
67
0 . . .10i
J
8 641 52
79 11%

40%
79%
79%
68
62
55
81
88
77
81%
65

9 ____ 1
1 S3
l
40
8 248
8
1
7,
58
9 —

90
14*8
13
43%
54%
65
75

19%
90%
43%
41%
75%
72%
74%
77

50

45%
58
67%

72
68
74

06

90

78*
01
55
27
25%
4%
4%
48%
75
55

79*
61
63
49
45
16%
16%
62
75%
65%

46
25
83
91%
73
00
70
40%

59%
42%
93%
97
73
78
78
55

—
—
-----____
9 ------9 ____
9 ------9 ____
1
) ------22;
15
2
____
—
____
■____
1
80
49
8
40
------- 1
4
____ |
____ |

11

____ i

I
J
J;

____ 1 22
13 22
1 4 «, 22
70

E
8 e p t ’ 15
J a n ‘ 20
J u ly T 9
85
Jun eT9
99%
8 e p t ’ 19
D ec T9
95
89%
F e b ’ 18
F e b ’ 13
85%
S e p t’ 19
D ec T 9
D ec T9
N o v '1 9
A p r ’ 19
75%
82%
D ec T 9
A p r ‘ 17
81%
63%
N o v '1 9
A u g '1 7

36%
36%
36%
79

85
95
93
93
82
90%
87
87
9812 105%
96% 99
94% 96%
94
96%
88% 94
84
87
90
91
92% 92%
84% 94
95 105
90
98

80% 94
59% 74%
92% 100

88% Jan '2 0
80%
82 %

81
80%

96%

82

82

98

100
97
64
80

100
89
75
87%
91
97%
73
98%
88%
82
97%
S3
101
87
88

A p r ’ 19
J u ly ’ 17
A u g ’ 19
Jan '2 0
Jan '2 0
A p r’ 17
M a r ’ 17
M a y ’ 19

88%

91
M a y ’ 17
D eo T 9
O c t ’ 17
O ct'1 9
J u ly ’ 19
N o v ’ 19
84
22
J u n e’ 17
N o v '1 9
O c t ’ 1 9 ____

88

97 101
62
77%
79% 88
75
85%
87%

75
94
96%

73

74%

88%
82
94
81%
95

92

[V
Price
Friday
Jan. 30

Bid

I V lis c o lla n e o u i

Week's
Range or
Last Sale

Asl Low

. 1 10.

o l

Range
Year

‘S ’*3
p

H lg }

1919

No

Low

53
£
Salt 55%
'58
6 55
67%
15% 20
s
16
16
1 12% 35
13
£
17% 14 D e c ’ 10 ____
12
34
9734
hi
83
E
Salt 82%
83*4
2 5 81
88%
89 /g 95% 90
C
F e b ’ lJ
91
A
Sale 91
91
11 89% 97*
77
80
O
7934 Jan ’20
77
83
73
80
.
80 J a n ’ 2( n
75
85%
75
79% 7934
79]
O
2 75% 83
40%
C
79
813| 8 1 %
J
82
12 78% 89
Sale 105
.N 105
106
42 101*2 128
8934 O c t ’ l£
O ------82% 95
O
79% Sale 79%
8 1 % 153 75
9434
86
J
Sale 86
87
3 82
89
93
N
93% 90
93
5 96
98%
N
93
98
96
D e o Tfl
95
98
N _____ 91% 93 D e c T 9
93
90
92% Sale 92%
O
93%
31 92*2 1 0 5 ’ 4
85
J
Sale 84%
9 84
8 5 's
95%
—
J
84% 82 Jan “20
80% 8 8 %
O
83
A p r ’ 14
J
67
2 65
A
Salo 67
67
72
92% 94
J
92% Jan ’ 20
93*4 97
O _____ 10034 101% O c t ’ 19
100% 101%
86*4 90% 88 Jan ’ 20
N
91% 94
82 % Salo 82%
O
83
12 82% 91
85
Salo 85
A
85
4 84% 91%
79
N
68
72
73
3 79
82%
1 112% 155%
J
155*2 M a y ’ 19
65
Sale 65
O
65*2
13 51% 80
N
95%
95*4
21 91
96
J _____ 91% 90% J u ly '1 9
90
95
93
Salo 97%
O
98*8
20l 94% 101
94% Salo 94%
D
95
23 91*8 10134

m a n u fa c t u r in g & I n d u s tr ia l
A m A g rlc C h em la t 0 5 s ____ 1928
C o n v d eb en 5 s ___________1 1924
A m C o t O il d e b e n tu re 5a___ 1931
A m Sm A It 1st 3 0 -y r 5a ser A '4 7
A m T o b a c c o 4 0 -y e a r g 6a___ 1944
G o ld 4a...................................... 1951
A m W r it P a p er s f 7-6a_____ 1939
la t s f 5a c t fs o f d e p o s i t .. .

O
A
N
O
O
A
J

A
F
m
A
A
F
J

M N
F A
O
r A
VI N
VI N

\
s

f

5 a ____ I I I I 1 9 3 4

D e b e n tu r e 5a................I I I I l 952

1st A r e f s f c o n v ser
5a.

a

IH

i 947

.1 9 5 1

1 0-year c o n v d e b 6 s____ *192 4
£ ncla lr O il A R e fin in g —
1st s f 7s 1920 w arrants a tta ch
.
d o w ith o u t w arra nts a tta ch
=
1

98% 99
98%
98%
93% Salo 90%
97%
86*4 89
86% Jan '2 0
84% Salo 84
8434
119
. . . . 119*2 A ilg ’ 19
—
80
87
S o p t ’ 19
82-2 8 3 's 82
82
901$ J u ly ’ 19
_____ 99
I003i D ec T 9
_____ 82% 80*8
80%
95% Salo 95*2
96
75
7 7% 73*2 D c o ’ 18
100% 101
100% Jan ’ 20
100 % 101% 00%
100*1
--------83%
85*2 D e o ’ 19
94% 95% 91% S o p t'1 9
90
_____ 8S% J u ly ’ 19
69
70
70(2 Jan ’20
97
Sale 95%
97
06
N o v ’ 18
79% Sale 79%
82%
100 ___ 99*2 Jan '2 0
------ 86% 86% Jan ’ 20
110
110% 109 s
110%
8 8 % 8 9 14 88%
88%
109*2 Sale 108% * 109%
85*2 86
85%
87
9 6 % _____ 97% Jan '2 0
93
_____ 94
A u g '1 8
90
93
9 2 's Jan '2 0
_____ 99
99
99
100% N o v ’ 19
104% Jan ’20

10
12

9634
98
84
46 84
119
72%
1 83
1
21
I

101
112%
89%
93
119%
80
90%

100 101%
78
87*2
94*2 98%
99% 102
99% 100*2
85% 92%
92% 94

88

88%

70
77
93% 101
14

76% 85%
98
98
85% 90
108 114%
85
95
107% 113%
85
94
95
98

J
l
T 1st A ref 5s series A . . I I I 1947
t
v
C o n v d e b 6 s ......................... e l9 2 4 A
W est E le c tr ic 1st 5s D e c ____ 1922 J
C o a l. I r o n & S t e o l
B eth S teel 1st ex t s f 5 s ____ 1926 J
J
la t A ref 5a g u a r A _______1942 M N
2 0 -y r p m A Im p s f 5 s . . . 1936 J
J
B u ff A Susq Iron s f 5a____ 1932
D
D e b e n tu re 5 s ____________ a 1926
S
C a h a b a C M C o la t g u 6 a . . 1922
D
C o lo F A 1 C o gen s f 5 s ____ 1943
A
C o l In d u s 1st A c o ll 5s g u . ,1 9 3 4
A
C o n s C o a l o f M d I s tA r e f 5 a . 1950
D
E lk H orn C o a l c o n v 6a...........1925
D
Illin ois S teel d e b 4 H a .......... 1940
O
In d ia n a Steel 1st 5 8 ________ 1952
N
J e ff A C lear C A I 2d 5 a . . . I l 9 2 8
D
L a ck a w a n n a Steel 1st g 5 a . . 1923
O
1st co n s 5a series A _______ 1950
S
M id v a le Steol A O c o n v a f 5 s l9 3 6
s
P lea sa n t V al C oa l 1st s f 5 a . 1928
J
P o c a h C o n C o llie r 1st s f 5s . 1957
J
R o p u b I A S 1 0 -3 0 -y r 5s s f.1 9 4 0
o
St L I l o o . M t A P 5s s t m p d . 1955
J
T e n n C o a l 1 A R R gen 5 a . .1 9 5 1 .
J
U S Steel C o r p — [ c o u p ___ <11963 M N
s f 10-6 0 -y ea r 5 s l r e g _____ d l9 6 3 M N
U ta h F u el la t s f 5a.......... ..
1931 M N
V ic to r F u el la t s f 5a................ 1953 J
J
V a Iro n C o a l A C o . e lat g 5s 1949 M S
T e le g r a p h & T e le p h o n e
A m T e le p A T o l c o ll tr 4 s . . .1 9 2 9
C o n v e r tib le 4 s .................... 1936
2 0 -y r c o n v e r t ib le 4 H a _____ 1933
3 0 -y r tem p co ll tr 5 s ............1940
7 -y ea r c o n v e r t ib le 6a______ 1925
C e n t D lst T e l lat 3 0 -y r 5 s . . 1943
C o m m e rcia l C a b le 1st g 4 s . . 2397
R e g is te r e d _____________
.2 3 9 7
C u m b T A T la t A gen 5 s . . . 1937
K e y s to n e T o lo p h o n o 1st 5 s . .1 9 3 5
M ic h S ta te T etop h 1st 5 a . ..1 9 2 4
N Y A N J T e le p h o n e 5a g . . l 9 2 0
N Y T e le p 1st A gen a f 4 H a . 1939
3 0 -y r d eb en a f 6 a ___ F e b 1949
P a cific T e l A T e l la t 5 s ............1937
S ou th B ell T e l A T 1st s f 5 a . 1941
W est U n ion c o ll tr cu r 5 s ___ 1938
F u n d A real cat g 4 H a ___ 1950
M u t U n T e l gu o x t 5a____ 1941
N o rth w e s t T e l gu 4 Ha g _ . 1934

M

S

M S
J
F

A
D
J
J
J
J
A
M N
M N
J
J
J
J
M N
rn N
I
J

97
84%
85
87
92%

Salo
Sale
Sale

84%
73%

85
74
82

73

91
82%
92
96
93%
94

81%

'82*78
Salo
93%
05
Salo

86

02

92(8

98
92
89%
93%
91%

83%
73%
82%
05
82%
91

92
81
90
08%
86%
08%

N o v ‘ 19
91
72
00
99
Jan '2 0
N o v ’ 19
M a r ’ 10
82%

83% 88%
02
96%
70
80%
87
03
04% 101%
97
101%

77%
80
85
81
987g
96
73
68%
Salo 86%
88 98
_____ 85%
_____ 09%
Sale 79%
Salo 93%
Salo! 87-%
84% 84%
87% 86%
70% 79
09 |101%
04

78%
M a y ’ 10
85
83
99%
Jan ’20
N o v ’ 17
J a n ’ 18
85l.|
A p r’ 10
Jan '2 0
09%

50

_____

77%
------85
817g
99
96

Salo
09%
Salo
Salo
Sale
97

03%
93(2
83%

95%
84%
80
93%
00

84%
92
70
90
97%
99*.;
86%
70
82%

82% Sale

85%
08%
80%
93%
87%
81%
867g
70%
-------

97%

84%
85%
93% J u ly ’ 19
917g N o v ’ 19
101 D e c'1 4
85
85
73
73%
83% N o v ’ 19
98
F o b ’ 10
82%
82%

93% 98%
86
107

------ 83

85 %

8-1%

937g
05
85%

82% . . .
91
03
70
Salo
00% 91%
07 % Salo

------

07

80% 01

140

80%

95%
87%,
85%
4'
Jan '2 0 ____
80 I
7
8 o p t ’ 17l____ |
N o v 'IO

86% 86%
70
81

I

70
87%

76% 86
77
80
70% 01
79
04
07% 104%
06
08%

86%

04

81% 02%
08% 08%
78% 01%
94 101%
83% 96%
84
03%
81
04
80
02

• N o prloe F r id a y ; la test b id an d a sk e d , a D u o J a n . 6 D u e A p r il. « D u e M a y . » D o e J u n e. * D u e J u l y . * D u e A u g . . D u e O o t. p D u e N o v . « D u e D e o . . O p t i o n .a le




H lg k

m
M
m
M
J
B o o t h Flaherlea d e b a f 6s ___
A
B ra d en C o p M c o ll t r s f 6 a . .1 9 3 1 F
B u sh T e rm in a l 1st 4a_______1952 A
C o n s o l 5a__________________ 1955 J
B u ild in g s 5s g u a r ta x e x . . I960 A
C h ic C A C o n n R y s a f 5a___ 1927 A
C h ic U n S t a t ’ n 1st g u 4 H a A 1963 J
C h ile C o p p e r 1 0 -y r c o n v 7 s . 1923 M
R ecta (p a rt p a id c o n v 63 ser A A
C o ll tr A c o n v 6a ser A ___ 1932 A
C o m p u t ln g -T a b -R e c s f 6 a . . 1941 J
G ra n b y C on s M S A P c o n 6a A '2 8 IVI
S t a m p e d ___________________ 192s M
G re a t Falla P o w la t s f 5 a . . .1 9 4 0 M
I n t M e rca n M a rin o s f 6s ___ 1941 A
M o n ta n a P o w e r 1st 5a A ___ 1943 J
M o rris A C o la t a f 4 H a ____ 1939 J
M t g e B o n d s ( N Y 4a ser 2 . . 1966 A
1 0 -2 0 -y ea r 5ai erlea 3 ...........1932 J
N Y D o c . 5 0 -y r 1st g 4a____ 1951 F
N ia g a ra F a lls P o w e r 1st 5a .1 9 3 2 J
R e f A gen 6 a....................... a l9 3 2 A
N ia g L o c . A O P o w 1st 5 a . .1 9 5 4 M
N o r S ta tes P o w e r 2 5 -y r 5a A 1941 A
O n ta rio P o w e r N F 1st 5 s . .1 9 4 3 F
O n ta rio T ra n sm ission 5a____ 1945 IVI
P a n -A m P e t A T r ls t c o n v 63 ’ 19-'27 J
P u b S erv C o r p N J g en 5 a . . 1959 A
T en n essee C o p 1st c o n v 63. . 1925 M
W ash W a te r P o w e r la t 5 s . . 1939 J
W ilson A C o la t 2 5 -y r s f 6a . 1941 A
10- y r c o n v s f 6a . . . ............1928 J

la t 2 5 -y e a r

10
9
9
9
J

BONDS
N Y STOCK EXCH AN G E
W eek en d in g J a n . 30

R ange
Y ear

No

Interest
Period

Price
Friday
.Jan. 30

Bold

BONDS
If Y ST O C K E X C H A N G E
W eek en d in g Jan 33

I B onds

New York Bond Record— Concluded— Page 4

BOSTON STOCK EXCHANGE— Stock Record

Jan . 3 1 1920.]

S H A R K P R IC K S — N O T P K R C E N T U M P R IC E S .
S a tu r d a y
J a n . 24

T u esd a y
J a n . 27

M ond ay
J a n . 26

127
127 128
126 130
65
64
64
* 6 4 % ____
*85
87
*85
87
*85
32% 32^4 3212 3312 325s
40
135
*5
*0
*130
*85

____
*5
*6
____
130*2 * 130*2
------ *85

*63
20% 20%
*88
*77*2
*17
43
52

.
- II

II

*04
_
20% 26*8
*85

30
18

*77*2
*17

80
18

43%
52%

43*4
*52

44
53%

W ed n esd a y
J a n . 28

127 *125 126
04
64*4
05%
____ * 8 4 * 4 ____

32*8

40
135

*5
*0

134

05
20%
85%
*77
*17
43%
52

10
61%
30
18%
45
127
71
40*4
25*4
15%
19*8

*15
*51%
29
*17*2
*44%
120
71
47
20
15%
19%
44
44
25%
25*2
*03
05
63*4 *00
73 *___

15*4
15%
52
51%
29%
29
18
18*2
4 5 *2 45
127% 120%
71
71
47
47*8
20
25*8
15%
15%
19*8
19*4
43
44%
25%
25*4
*02
05
03*4
03*4
70
70

h a s t S ale

*32*2
*40

33
44

85

Jan’20
32l2 3212
*40
44

134

L a s t S ale ( %
Jan'20
*0
____
*8
10
*8
10
8
8
____ 130% * ____ 130% 130 130
L a s t S a le f 5
Jan’20
* ____ 96
L a s t S ale 4 9% D ec’ 19
L a s t Sale 03*4 Oct'19
8
Jan’20
____ ____
64
64
*63
05
55
26
26
25*4 26
26
20%
20%
___
____ ____
84
85
85% ____
L a s t Sale 5
D ec’ 19
Jan’20
L a s t S ale 7
*77
80
80
L a s t S ale 6
Ian’20
IS
*17
18
ss
*80
43 % 43% 43*8 43% 43% 44
44
52% 52% ....................
52% 52%
52

15*4 *15% lfl'
52%
62
52
29
29%
29%
18%
18% 18%
47
47% 48
127% 127
127*4
71
71%
71 '2
47%
40*4 47
25*8 ♦25*4
15
15%
15%
19’%
19% 19*4
44% 43*2 44%
25
25*4
25*4
*60
65
05
00
03*4 *01
*
____
74
70

.99
.99
*.95
.90 *.95
.99
74
74
73
74
*72
74
*.40
.75
.75 *.40
*.40
.75
37*2 37%
39
39
39
39*2
*13% 14
*13% 13*4 *13% 14
7
*7
7%
7
*7
7%
.41
.35 *.35
.41
* 35
*.30
390 390
390 390
385 390
30% 31*8
28
28*4
28*2 30',
15% 16%
17
*15
17
*15
40
40%
45
40
45% 40
4
4
4
4
4'%
3*4
11*4 12',
11% 12
1 1*2 12
11*8 14',
14
14'
14% *14
3%
3*.
*3%
*3*2
3 >2 3*2
51
*5
6%
*5
5',
3%
3'.
3*2
*3*2
4
3*2
*% 1
1
*4
*'2
*'2
*43
44
*43% 45 1 *43
44
*80% 81
*80% 81
*80*4 81
35^
35
35 | *34*2 35
*34
4*8
4%
4»j
*4*8
4*8
2 1 *1*8
2
2
*1*8
*1*8
*4
4%
*4
4 % *4
4'
*2%
31
3 % *2*4 31
*2*4
*2%
*2%
3 % *2 % 31
31
5*
*5*8
5*8 , *5%
6*
*5*8
8*
8*8
8*2
81
8%
8%
7
7
7*2
71
7%
*7%
08
08'
*07% 08
*07% 08
*4*4
41
4'
4% 4'
*4%
21% 22
21% 21*
21*2 2U
7*
7*
7*
*7%
*7*2
*7*2
*
*20
24
24
24
*20
80'
80' * -----80% 80'. ♦-----11% III
11% 111
11*2 11'
10*4 171
10
10*
10'
10
.8' )
1
.80
*»4
1
**4
2*
2*
2
2%
2*8
2
30
30
30
*35
37
*35
53
*50
51
51
52
62
01% 02
01
01
60% 00*
*54
65'
54
55'
61
*53
17*4 18* 1
17*4 19
10*4 10*
2
2
1*
*1*8
*1*8
*1*8
*1%
2
2
2
*1'2
*1%
.2 5 *. 18
.3 1
.18
,2(
*.18
5*
5' l
5'
*5
6
57
5*
5
ft
*4*8
4%
21
2*8
2'
2%
*2
*2
1
1'
1'
1 %,
*1
*1
27
2%
3
*2*4
2% 27
9
9'
1)1 1
9%
0%
9
27
2* 1
2*
2*4
2*8
2%
*2%
3
3'
3
*2*4
*2%
2
1*
2
*1*4
*1*4
1*4
22
21
21
*20
*20
*20
U,
n2
**4
1*
**4
**4

S a le sfo r
th e
W eek.
S h a res

125% 125i.t
04
65

____
____
____130%
____ 90

5%
5%
5%
5*4
5%
5%
5*2
5*2
1*4
*1*8
1*4
1*4
1%
1%
♦1*8
*1*8
♦0%
0%
*0%
♦6%
7
*0%
7
0%
98% J8*4
97*8 98%
97*8 )8
97'» 97*4
140 147
*143 145
143 143
145 147
81
81
82
31
*81
81
81
81
10
10
*15*8 10
15
*14% 15
15
.
30
30 v
30
30% *10% 30
8
8%
8
8
8
8
8
8%
*2%
3
2*4
3
*2%
3
*2%
2*4
6
0
*6
0
0
0%
0
6%
57s
5%
0
0
5*4
6*4
0
*5*2
35
35%
34
35%
35
35*4
33% 34
*21%
21
21
21
23
*20
20*4 20%
79
*6.8
79
79
79
*08
*68
*08
153 153
153 154*2
152 152
152 153
3.3%
33
33
33*4 33
33*8
32*4 33%
*79
80
80
81
79
*78
79*4 •79
29
29
29
*28
29
*28
29
*28
40
40
45
45*2 40
45*8 40').
45*4
*21
21
21
23
22% 22%
22
20
*36
.37%
39
*30% 38
37
*37*2 38%
70
70
*75% 77
*75% 77
♦75*4 77
0
578
*5*4
0
5*4
5*4
5*4
*5*4
♦27% 27*4
27%
27% 27%
27
20% 27
10% 10-2 *10% 10%
*10
10% *10
10*2
99
*99 100
99
*100 102 I *99 100
72% 73
72% 73%
72% 72t«
72*2 72%
01
0 1*2 61%
01%
01% 02 ! 01'2 01%
*130 138% *130*1 137*2 130*.i 30*4 i*136%138
5212 60% 51
53
52
51
51
51
48
48% *47*2 48%
47% 48% •47
•47
88
88
37% 87'?
88
88
87*2 88
35%
35
34
34
34
34% 31*8
35*4
.72%
172
172
:72
44
43"% *42
43% 43*4 *43
*42
43
*15
51%
30
*18
*41*4
125*4
71
40%
25*8
15%
19*2
43*4
24
♦00
* _

F r id a y
J a n . 30

T h u rsd a y
J a n . 29

*.85
*72
*.40
*3712
*13%
*7
*.35
395
29*4
*15
40*2

4
12

14%
*3%
*5%
3%
*'2
*43
*80%
*34%
4%
*1*8
*4
*2*4
*2*8
*5*8
8%
*7
67*4
4%
21%
»7%
*19
80%
11%
10 %
*.75
2*8
35
*50
*60%
*53
18
*1*8
* 1'2
*.18

5

5%

2

1
2%
9
2%
*2*4
* 1*4
20 %

**,

.
.
.
.

.
.
-

*5%
5*8
*5%
5*s
*1*8
1%
*1*8
1%
6%
6%
♦6%
6%
98% 9878 98*4 100
147 147
140 146
81
81% ____ ____
*15% 16
♦1512 10
____ 30
____
30
8
8
8
8
2*4 2*4
2*8
2*8
6
0
513
0
*5*4
6
*5*4
6
34% 34%
34
35%
*21
23
*21
23
L a s t Sale 58 Jan '20 153 154%
151 153
33% 33%
33
33%
78
78
*79
81
*28
29
*28
29
44
44
43% 44%
21
21
*21
23
*35*4 37% *35*4 37%
*75
70
*75
76
5 % 5*4 ____ ____
27% 28
27
27*4
10% 10% ____ ____
99
99
99
99
73% 73%
72*8 73%
00
60
60% 01
137 137
137 137
49
49
50
* ___
*47
4.8
*47
48
87% 87%
87% 88
34% 35
34*4 35
172*4 172*4
*43
44%
43*4 43*4
L a s t S ale 95
Jan’20
1578
*15
157g *15
♦51% 52%
51% 51*8
*29
29%
28% 29
18
18
18
18%
*46% 48
*40% 48
127 127*4 125% 127%
71
72
71
71
45^4 4034
46% 4(1*4
25% 25*4
25
25*8
15's 15%
15
15%
19% 19%
19% 19*8
43% 43%
4.3% 43*4
24% 25
24*8 25
L a s t S ale CO
Jan 20
*61
60
*61
66
* ____ 75 *____ 75

STOCKS
BO STON ST O C K
EXCHANGE

R a ilro a d s
86 Boston <fc Albany_________ 100
441 Boston Elevated__________ 100
D o p r e ________________ 100
119 Boston & M aine__________ 100
1 D o p r o f .. ______________100
11 Boston A Providence_____ 100
Boston Subarban E le c ..n o p a r
Do
pref____________ n o pa r
Bost A W ore Elec pre n o p a r
CUlo Juno U y i U S Y ____100
D o pref________________ 100
Fitchburg prof____________ 100
Georgia K y A Eleo stampd.100
D o pref________________ 100
120 M aine Central____________ 100
533 N Y N II A Ila rtlord_____ 100
37 Northern New Ham pshire. 100
Norwich & W orcester p r e f.100
Old C olony..............................100
Rutland pref______________100
3 Vermont A Massachusetts 100
405 West End Street___________ 50
D o pref__________- ____ 50
73

BONDS
S ea N e x t P a g *

R ange fo r Y ea r

H ig h e s t.

116 D oc 16
62 D ec 2
85 D e c3 1
28
Jan30
40 Oct 10
130 8ept22
10C Dec29
3>2 Nov24
21g Nov24
132 Oct 1
84 Fob13
47 N ov 7
9938 M arlS
70 M a rl6
5978 Dec30
25>4 D ec 12
86 Dee19
94
Oct27
X71 D ec 15
15 D e cl8
82
Oct30
38t2Sopt24
47 Sept24

145 Apr 3
80% Apr 5
97 Jan28
38% July29
50 Jan27
168 Jan 6
70c N ov 5
11 Jan l4
30 Feb 7
135 Jan 4
90 JunolO
58
Jan 2
110 June24
78% July29
83 Jan 6
40*4 July29
99% Aug 6
115 Oct29
105 Jan 3
23 M ay27
100 Janl8
50 Apr 3
58 Junel3

M isce lla n e o u s
7 U N ov 8
5 Dec22
660 Am OH Engineering_________ 10
2 A u gl4
55c Jan 2
100 Amer Pneum atic S e r v ic e .. 25
9% A u gl4
212 Apr 8
D o pref_______________ 50
50
95 D cc30 108%May27
3.010 Amer Telep & Toleg----------100
79 F e b 15 152 Nov21
405 Amoskoag M an u factu rin g..
84% Dec 1
7812 Jan 9
D o pref_________________
75
21% N ov
16 D cc30
185 Anglo-Am Com m l C o rp .n o p a r
17i2 Jan21
26 '2 Dec 17
45 Art M etal Construo I n o . . . 10
13% M uyl9
7 Dec
654 Blgheart Prod & R o fg ------ 10
47g NovlO
2% Dec30
1,250 Boston M ex Pet Trustees-----15% M arl7
6 Dec
1,252 Century Steel of Amer In c . 10
fi7sJunel9
4i2 Jan 4
2,150 East Boston Land----------------10
34 N ov25
3U 8 Dec22
2,735 Eastern M anufacturing--------5
6 Jan22
24 Dec 17
25 Eastern 8S Lines Ino_____ 25
79 D ec 17
39 A p r il
D o prof_______________ 100
138 Oct24 172 Jan
246 Edison Electric Ilium ......... 100
38% N ov
23%Oct
2,265 Elder C orporation ____ n o p a r
52% Jan21
93% N ov 6
202 Fairbanks C om pany----------25
38 M ay 17
28 A p ril
6 Gorton-Pow Fisheries_____ 50
64% N ovlO
1,360 Gray A Davis Ino__________ 25 A37 S ept11
312 International Cement Corp
19 Mar20
5812 Oct22
130 Internat Products____ n o p a r
90 Sept 6
75 July 8
D o pref________________ 100
30
9% Feb20
6% Dec 17
440 Island Oil A Trans C o r p .. 10
35 O ct 20
28% N ov 13
336 Libby, M cN eill A L ib b y ...1 0
11 Jan l5
8% Fob 10
35 Loew's Theatres......... ........... 10
99 Mar26
90 Jan 17
91 M cElwaln (W ID 1st prof.100
86 Jan 9
67% NovlO
11 Massachusetts Gas C os___100
71 Janl3
60 D e cl3
D o pref____'___________ 100
255
22 Mergonthaler L in o ty p e ...1 0 0 130 F eb10 149 JunelS
72 Julyl7
47% N ov29
1,00 Mexican Investment I n c .. 10
32is Sept30
54
Oct20
65 Mullins B ody C o r p .- .n o p a r
96 MarlO
83 Sept26
217 New England T elephone. .100
Ohio
Body
A
Blow
er.........
5.415
145 Feb24 199 N ov
115 Pacific M ills........................
55% Oct24
34 Aug21
150 Parish A Bingham C orp .n o p a r
Jan
99% DecS l
93
Plant (Thos G ! pref----------100
16 M a y l5
14 Jan
10 Reece B u tton-H ole----------- 10
69% Oct20
35 July
725 R oot A Van D ervoort Class ‘
35% D ec
30 Dec31
376 Shawmut SS________________ 25
27% N ovlO
15iz Dec24
24 Simms M agneto----------------59% Oct24
32 tg Jun'23
685 Stewart M fg C o rp o ra tio n ..
1.123 Swllt A C o ..............................100 115 Jan30 150 M ay
74% N ov
62% Janl3
436 T orrlngton______________ - 25
65 M ay
44
Janl3
2,331 United Shoo M ach C o rp . . . 25
31
Jan25
25% Oct28
D o pref______________
425
7*4 Jan21
20% Nov
2,11 Ventura Consol Oil Fields. 5
21% JulylO
16 M ayl!)
3,035 W aldorf System Ino______ 10
43
Oct23
28 Aug26
2,484 Waltham W atch __________ 100
25 July24
17 Mar24
9,21 W alworth M anufacturing. 20
83 July 14
15 Fob 14
Warren B ros_______________100
72%M ay
Jan
37
Do
1st prof......... ...........100
80 Julyl6
Jan23
38
Do
2d prof___________ 100

M in in g
2% July 25
.60 Apr22
Adventure Consolidated— 25
*.85
1
91 July29
62% M ar22
47 Ahmoek____________________ 25
*72
75
1% July30
10c
Apr30
Algomah
M
ining.....................25
Jan’20
L a s t Sale %
62 July28
32l2 D ccl3
70j A llou ez____________________ 25
*37
39
*37
39
18 July30
10*4 Feb28
____Arizona Com m ercial----------6
L a s t Sale 13% Jan’20
10% M ayl2
0 N ov24
16 Bingham M ines.................. - 10
*0*4 7% *6*4 7%
90c M a y l4
20o Jan30
100 Butte-Balaklava C o p p e r .. 10
*.30
.40
.40
.40
350 M ar 14 480 Julyl7
Calumet
A
H
ecla___________
25
27
390
390
390 390
12%May 5
36% Dec31
5,723 Carson Hill G old__________ 1
28
28%
27*4 29%
20 July28
12 Mar21
10 C en ten nial_________________ 25
15%
*15
15% *15
62 July28
39
M
ar
5
--------------25
Copper
Range
C
o
498
46
46%
45*4 46
3 *4M a y l 4
2
M
ar
11
872 D a ly -W e s t_________________ 20
4
4
*3*4
4%
14% Oct20
4*4 Feb 13
9,763 D avls-D aly C opper.................10
1178 12
1178 12%
21
Aug 9
8
Feb28
East
Butte
Copper
M
i
n
.
.
.
10
735
14% 14*4
14% 14'.
6*4 July26
l% M a y 9
205 Franklin___________________ 25
37g
37a
*3%
4
9% July28
4 M ay 1
75 Hancock Consolidated------ 25
*5*8
6
*5*2
0
7 *4M ay 21
20c Feb20
170 H e lv e tia ___________________ 25
*3 %
4
*3%
4
2 July 26
60c M ar 8
Indiana M ining.......................25
Jan'20
L a s t Sale *4
65*4 July28
42 AprlO
Island
Creek
C
oa
l------------1
60
*43
44%
4.3% 45*
88
% July 30
78
A
p
rl2
D
o
prof________________
1
46
80% 80% *80% 81
41 July29
24
Jan 2
110 Isle Royalo C op per................ 25
34
34
*34
35';
6'aM ay 9
3%
OctlO
Kerr
Lake_________________
5
300
4%
41.1
*4%
4 ';
2*8 July 31
99o M ar 4
Keweenaw C opper_________ 26
Jan’20
L a s t Salt 1*4
7*8 July28
3 Jan25
200 I.ako Copper C o ___________ 25
4%
4%
*4
41
6% July28
2
AprlO
La
Salle
C
opper.......................26
L a s t S ale 3
Jan 20
4*8 O ct31
2% Apr23
M ason Valley M in e____. . .
5
L a s t S ale 2*8
Jan’ 20
10 July28
4 Fob 7
Mass C on sol________________25
Jan’20
L a s t Salt ,5%
13%June 2
2 Janl3
M
ayflowor-Old
C
olon
y-----25
2,301
8
8U
8
8%
10 July26
2% Feb24
55 M ic h ig a n ______ ______ . . . 25
♦7
712
*7
71
83 July28
49t2 Fob 7
225 M ohaw k____________________25
07^8 0778
68
68
6%July28
1
M
ar
8
New
Aradtan
C
opper--------25
440
♦4
412
4
4%
29% July31
14*4 M ar 5
1,019 New Cornelia C opper-------- 5
2 i l 2 2112
21% 21*
12% July31
6
%
M
ay
2
Now
Idrla
Quicksilver-----5
Last S ale 7*2
Jan 20
28
O ct 4
8 % F e b ll
Now River C om pany......... 100
L a s t Safe! 23% D ec’ 19
87 N ovlO
57*4 M ar 1
100 D o p r e f ___________ - — 100
80% 80%| *80
83
13%
M
ayl2
8>4
Jan
l5
Nlplsslng
M
ines----------------5
801
11% 1U j| 11*4 11*2
Ill
20*8 July23
9 Feb20
980 N orth B utte........................... 15
10% 101 ♦16*8 16^8
17
1*4 July30
25c Apr22
North
L
a
k
e
_______________25
200
*.75
1
*.75
1
1
4% July29
75c M a rl5
2 % 2 % 1,050 OJIbway M ining___________ 25
*2%
2*
2*
52% July28
30% M ar 5
40 Old D om inion C o __________ 25
*34% 351 ♦34i2 35*2
35'
73 July28
45
M
arl7
O
sceola____________________
25
65
*50
51
52
52
53
83 July28
52 Mar22
102 Q u ln o y ____________________ 25
00
60%
01
61
01
76 July29
40 M ar 4
20 St M ary's Mineral L a n d .. 25
*53
55
53
53
55
26% July‘29
13
Jan22
Seneca
Copper
C
o
r
p
...n
o
p
a
r
1,236
1CS4 17*2
17
18
18'
4% July30
1% MarlO
Sha n n on __________________ 10
Jan’20
L a s t Sal 1*4
2
3%Juno 6
40c Jan l3
South Lake---- ---------------------25
Jan’20
L a s t Sal 1%
2
50c
A u gl4
8
c
J
a
n
ll
South
Utah
M
A
8
-----------5
700
*.18
.30
.31
.31 i *.18
l l ' 4Juno 6
4 M ar 8
575 S u p erior___________________ 25
*5
5%
*5
51
5
6
N ov24
1
Mar28
Superior
A
Boston
Copper
10
18,268
5*4
5'8
6%
6'
5*
5>4June 2
1% Dec 16
110 T r in it y ......................................25
2
2
*2
2*is
2
2 % S e p t l7
7 i c DeclO
6
550 Tuolum ne C opper------------1%
1%
*1
U
1
3*sJuno
2
l*
4
M
ay
9
Utah-Apex
M
ining..............
6
34f
2*8
2*8
27g
27
27
12*4 July29
7% J a n l 8
440 Utah C on solidated..
9
9
91
5 July30
114 Jan‘28
Utah
M
etal
A
Tunnel
579
2%
2%
2%
21
2*
4*4 July28
lt 4 M arl3
25
50 V i c t o r ia ...________
*2*4
3
3
3
3
3 July28
60c Jan 9
221 W inona_____________________25
1*4
1*4
1%
I'
2
31 July31
15 M ar 5
W
o
lv
e
r
in
e
...--------------------25
100
*20% 21
20* *20% 22
l%
M ay27
40o
M
a
rl3
W
yand
otte_________________
25
D ec’ 19
L ast ,W c .51
1'

.99
76
.75
39%
14
7%
.41
395
31
15%
47
4
12%
14%
37S
6
3%
1
44%
81
30
4%
2
4%
3%
3 'j
5*s
8*4
7%
07'j
4%
21*.
7*4
24
80'.

*.95
*72

1
73

Tiiaandasked prloea. 0^x-atookdividend. 4Ex-dlvldendandrights. « Assessment paid. * Ex-rights . Ex-d.vidm.o -




1919

Half-paid.

455
R a n a e f o r P r e v io u s
Y e a r 1918.
L o w e s t.

H ig h e s t

122% Apr
37 Jan
91% D oc
19 Jan
27 Feb
160 Apr
60 Deo
10% M ar
25 July
138 July
82% Apr
53
Jan
106 Sept
70
Oct
77%June
27 Feb
84
O ct
95
Jan
z88%Juuo
20 Jan
80 Aug
37 Feb
47 Jan

146 N ov
80 N ot
98 Nov
40 Sept
60 N ov
170 Au#
3 June
16 June
30% Nov
147 Apr
86% Der
65
Jan
116% JaD
81
Feb
88 N ov
46 M ay
95 Nov

100*8 Nov
112% Dec
25
Jan
90
Oot
60 July
62 Apr

2% Mar
15*8 Mar

40 July
4 Sept
90*4 Aug
60% Jan
76
Jan

109% Oo»
92 N ov
82 June

11

*19

Feb

10%M ay
4 Jan
6 N ov
39
Oct
134 June
27%June
27 Aug

Dee

14% Dec
6*4M ay
13
68
186

Mar
Mar
N ot

64% Nov
36 Aus

3% Aug

6*8 Dec

7*4June
88 Sept
*77% Jan
62 June
107 June

10 May
93 Nov
91% Nov
71 N ov
147 N ov

82% July

100% Oct

130

Feb

160 * N ov

91
11

Aug
Jan

100 Feb
13% Mar

27
Oct
102 Aug
45 Jan
38% July
24*4 Aug
6 Jan

41% Nov
140% Aug
66 Dec
48%May
26%May
9 Nov

N ov
Feb
Dec

25 Sept
12% Feb
42 Apr

%Junc
69 Deo
15o July
40% Deo
11 Jan
9 N ov
20o Oct
425 Deo

1*4 Jan
86 Nov
45c M ay
64 Feb
16% Aug
10*4May
48o N ov
470 Dec

10*4Juno
40 Deo
1% Apr
4*4 Deo
8% Mar
3 June
4*4 Deo
15c Mar
40 July
44% Deo
79% Oct
19% Jan
6 Jan
80c Sept
3*4 D eo
2 Jan
2% Dec
3*4 Sept
65c Mar
40c Juno
60% Deo
1% Aug

14% Feb
61% N ov
3 Sept
6% Mar
12 N ov
6 Feb
10% Jan
30c Sept
1 Jan
70 M ay
84 Feb
29 July
6 % Oot
l* 4M ay
8 *4M ay
3% Mar
6 Feb
7
Jan
4% N ov
4% Oct
66 %May
2% July

9*4 Deo
12 |Aug
63% Dec
8 'At Jan
10% Deo
25c Feb
%June
32 Deo
40%June
59 Deo
38 Deo
7 Jan
2*4 Dec
%Sept
10c Deo
4 Fob
1'4 Aug
2% 8ept
73c Deo
l% M ay
7 Deo
1 Doo
1*8 Deo
% N ov
18 Deo
40c M ay

17% Mar
20
Jan
80 Jan
9% Apr
17*sMay
95c Mar
l*s Dec
45% Jan
65
Jan
78 M ay
67
Jan
15*4 De*
5*4 Jan
2 Jan
20c Jan
8% N ov
4*4 Sept
4% Feb
1 % Aus
4% N ov
12 Jan
3 % t Apr
3
Jan
2 Jan
36
Jan
1 lA . M a r

17
9
35

456

THE CHRONICLE

[Vol . 110

Outside Stock Exchanges
Stocks (Concluded)

Par

Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Jan. 24 to Jan. 30 , both inclusive.
Friday
Last W eek’s Range
Sale.
o f P rices.
Price. L ow .
H igh .

Sales
fo r
W eek .

Range fo r Y ear
L ow .

U S Lib Loan 3 %s. 1932-47 .......... 98.64 98.96 $32,850 98.04 Feb 100.64 Oct
1st Lib Loan 43.1932-47 _____ 91.4-1 91.54 5,750 91.64 Jan 95.90 Mar
2cl Lib Loan 4s.. 1927-42
90.2-1 90.44 6,750 90.84 Dec 94 80 June
1st Lib Ln 4%s. 19(2-47
91.04 92.04 7,950 92.84 Dec J6.50
2d Lib Ln 4Ms. 1927-42
89.74 91.18 21,900 91.04 Dec 95.90
3d Lib Ln 4% s........ 1928 _____ 92.84 93.68 32,400 93.14 Dec 96.58 Sept
4th Lib Ln 4 K s-1933-38
90.84 91.56 55,950 91.04 Dec 90.50 Jan
Victory 4%s____1922-23
98.0C 98.46 20,000 98.54 Dec 100.04 Juno
Am Tel & Tel coll 4a.. 1929
Dec 87 H Sept
77H 77H 2.000 77
Convertible 6s____ 1925
99
99 H 4,000 98 X Dec 103H Mar
Atl G A W I S3 L 53..1959 79 X
79
3,000 79
79 X
Dec 94 May
Carson Hill Gold 7a...1923
114 120
10,500 99 H Nov 130
Dec
Cent Vermont 4s........1920
78
8 0 X 25,000
50
Dec 66
Feb
Gt Nor-C B A Q 4s__ 1921
95
95% 4,000 93% Dec 95 H July
Mass Gas 4%s______ 1929
91
91
3,000 89
Dec 94
Mar
Miss Riv Power 5s___ 1951
75
Oct 80 May
75 H 13,000 73
N E Telephone 5s___ 1932
84
84% 9,000 81
Dec 93 H Feb
Swift A Co 1st 5s........1944
92
4,000 92 H Oct 9 -H June
92 X
Ventura Oil conv 7s______
150
Western Tel A Tel 5s.. 1932
84
3 *000 80
84
Dec 91
Mar

Baltimore Stock Exchange.— Record of transactions at
Baltimore Jan. 24 to Jan. 30, both inclusive, compiled from
official sales lists:
Stocks—•

Friday
Last W eek ’s Range
Sale.
o f P rices.
Price. Low .
H igh .

P ar

Alabama C o ___________ 100
Second preferred____ 100
Arundel Corporation____50
Atlantic Petroleum _____ 10
Baltim ore B rick___________
Boston Sand A Gravel, pref
Celestlne Oil v t ............. .......
Central Teresa Sugar, pref.
Commercial Credit_____ 25
Preferred......... ............... 25
Consol Gas, E L A P ..1 0 0
Consolidation C oa l____100
Cosden A C o __________
Preferred........................... 5
D avison C h em ica l..n o par
Elkhorn Coal C orp_____ 50
Preferred_____________ 60
Houston Oil trust c t fs ..l 0 0
Preferred trust ctf3 ..1 0 0
Xndlahoma rights______
K entucky O il_____________
M e r A M in Trans V T . . 100
M onon Valley T ra c......... 25
M t V-W oodberry M ills—
Preferred v t r ............100
Northern C e n tr a l............50
Pennsylv W at A P o w .,1 0 0
United R y A E le c t r ic ...50
Wash Balt A An napolis.50
Preferred______________50
W ayland Oil A G as______ 5
B on d s —
Ala Co gen 6s small bdsl933
Atlan C L (C onn)—
Ctfs 5-20 4s s m a ll.. 1925
Certificates 4s sm all____
Balt Traction 1st 53..1929
Canton C o deben 5 s ..1926
Chicago R y 1st 5s____1927
C ity A Suburb Lst58..1922
Cons G , E L A P 4 % s .l9 3 5
7% notes________________
5% notes_____ __________
Consol Coal conv 6 s . . 1923
D avison Sulphur 6s_______
Elkhorn Coal Corp 6s. 1925
Ga Sou A Fla 53_______1945
Jamison C A C -G C 5s 1930
N or Balt T rac 5s_____ 1942
Pennsyl W A P 5s____1940
United R y A Elec 4 s . . 1949
Incom e 4 s....... ........... 1949

Sales
fo r

90
76
76
39
40
3
3H
2X
2%
00
60
2.70 2.90
10% 10 H
45
45
25
25
100% 101
80
81
8% 9
4%
4X
34H 39
25
20
39
39
125 125
88 H 88 H
6c 10c.
4%
3X
55
56H
10
10

100%
80
m

4%
38 %
25

92
67
78%
13
19
36
4%

78 %
09 %
94
97%
05

67

89

90
56
95%
94%
70
95 X

90
56
95%
94 X
70

1919.

H ig h .

69
Feb 96
Aug
60
Feb 70 Juno
38 H Nov 41% Dec
2
Jan
4H July
4
1H Dec
Dec
44
Apr 63
Nov
1.00 Mar
4.90 July
7H Dec 12 K Oct
40
July 50
Nov
1 25
Dec 20
Feb
99 H Dec 111H May
78
Dec 92 Juno
OH Feb 12H May
4
Jan
5 May
35
Dec 50
July
24H Dec 43
July
39 June 50
July
72 H Jan 172
Dec
72H Jan 101 May
...........
51
Dec
9H July

92
68
79 %
13%
20
36
4%

89

L ow .

5
0
3
9
0
1
3
5

90

2.75
10%

R ange f o r Y ea r

.

71
07
76H
10H
19
35 H

72 H May
10H Aug

Feb 100
Aug
Dec 80
Feb
Dec 88 H May
Dec 20 X Jan
Dec 2 9 X Juno
Feb 38
Apr
Feb
5
Nov

3X

$200

200
100
1,000 97
1.000 97
8,000 63 X
05 X
1,000 9 5 X
78 X 79 X
10,000 77
99% 100
8,000 100
94
94
1,000 95
0 7 X 97%
1,000 96
95X 95X
8,000 95
95
95 X 16,000 95 X
87 X 87% 1,000 88
92
92
1,000 89
95 X 96
6,000 96
8C>X 86 X 6,000 88 X
67
67% 16,000 64
46% 47
15,000 44

Nov
Mar
Dec
Dec
Dec
Nov
Dec
Dec
Aug
Dec
Sept
Apr
Dec
Oct
Dec
Deo

100 X
97 X
79 X
100
85 X

Feb
Oct
Jan
Jan
Jan
l O I X July
99 X June
100% July
96 (-1 May
99% Juno
96
Jan
90 X Mar
100% Jan
91 June
76% Jan
55 X Mar

Philadelphia Stock Exchange.— Rocord of transactions
at I huadelphia Jan. 24 to Jan. 30 , both inclusive, compiled
from official sales lists:
Stocks-

Par

Friday
Sales
Last W eek’ s Range
fo r
Sale.
o f P rices.
W eek .
P rice. Low .
H igh Shares.

Alliance Insurance______ 10
23
23
23
W arrants____________
0
6%
6H
American G as_________ 100
51
51
52
American M illin g______ 10
8H
American Railways pref 100
50
60
American Stores_______
39H 42 H
1st preferred________
92
92
B u ff A Susq Corp v t c . 100
60
60
Cambria Iron___________ 60
39 H 40
Consol Trac o f N J ____ 100
40
40
Elec Storage B a tte r y .. 100 130
127 130H
G iant Port Cem ent____
5
5
Preferred____________
i8H 19
Insurance Co o f N A ____ 10
34
34 H
K eystone Telephone____50
11% 11H u x
Lake Superior C orp ____ 100
20% 20,H 20 H
Lanston M on otyp o____ 100
84 X
S4H 84 X
Lehigh N avigation_____ 50 z62% x 62% 64
Lehigh Valley.....................50
43 .H 43 X
M idvale Steel A O rd____ 60
49 % 49 H
Pa Cent Light A Power
4 2 X 43 X
Pennsyl Salt M fg ________50
75
75 X
Pen nsylvania.....................50
42 X
42
42 H
Philadelphia Co (P itt s )..5 0
40H 41
Pref (cumulative 6 % ).6 0 *35'"
34
35H
Phlla Electric of P a_____ 25
25% 25
25%
Fhila R ap Tran v t r ___60
24 X
24 X 20
Philadelphia T raction___50
61
60H 01
Phlla A W estern________50
0
6
Reading 2d prof_________ 50
35
35
Ton o-B elm ont D evel____1
2% 2 15-16
T onopah M ining_________ 1
2%
2H 2H
Union T raction _________60
36
30
United Cos o f N J _____ 100
185 185
United Gas Im p t________50
54
55
U 3 Steel C orp ora tion .. 100
105 H 107 H




133
643
181
30
14
2,370
20
25
156
30
2,529
129
114
126
05
1,3-10
190
27-i
236
10
100
10
3.606
202
750
1,423
8,214
20
100
50
100
805
180
6
1,353
770

Range fo r Y ear
L ow .

19
43
8
56 H
20H
88
67 X
38H
41H
51H
5
20
25 H
8
17
85
56 H
40H
41
70
40
30
31H
24
23
59
5H
34

1919.
H ig h .

Jan

25

8X

........
75
........
........

1919.

H ig h .

Deo

Dec 74 Juno
Dec 12 H Mar
Dec 69% Jan
Apr 43 X Nov
Aug 96 July
Mar 73 May
Oct 41H Feb
Dec 59
Fob
Jan 153
Oct
Nov
5
Dec
Oct 22
Dec
Jan 36
Nov
Mar 18H July
Jan 25H July
Nov 86 X Nov
Dec
Nov 60H Juno
Jan 61H July

Dec 84 X Feb
Dec 48 X May
Jan 42% July
Jan 37X Apr
Dec 26 X May
Dec 29H Juno
Dec
May
8 May
Dec 39 H May
2 X Dec 3 15-16 May
1H Dec
4 May
33
Dec 41 May
185
Feb 197 H Oct
50H Dec 74H Jan
88 H Feb 115H July

F liday
Sales
Last W eek's Range
fo r
Sale.
o f P rices.
W eek .
Price. L ow .
H igh Shares.

Bonds—
U S Lib Loan 3 Hi
4th Lib L’n 4 Hi
Victory 4% s...
Baldwln Locom Is
Eqult I Gas L 58-

8X

35
75
10H
31

20
120
16
5
10

8X

36
75
10H
31

98.80 98.80 $2,000

........ 91.14 91.52 15,550
98.14 98.38 10,500
........ 09
99
4,000

101
58
90H
100H 100
Gen consol 4s..........2003
71H
Market St Elev 1st 4s. 1955
79
Nat Properties 4-6s___1946
30
do
small............1946
30
Penna RR gen 4H8..1965
82
General 5s_________1968 90
90
Consol 4Hs_______1960 91% 91%
Phlla Co 1st 5s stpd.,1949
100
Cons A coll tr 5s stpd 51
80H
Phlla Electric 1st 5s.. 1966 00 H 90 H
do
small..............1968
01
Pub Serv Corp N J 5a. 1959
66
Reading gen 4 s . ..____1997 SO
70H
Spanlsh-Am Iron 6s.. 1927 __. . . 100H
United Rys Invest 53.1926
73 X
Wnlsbach Co 5s......... 1P30
08 H
West N Y A Pa 1st 5s. 1937
01H
York Railways 1st 5s. 1937
82H

101
1,000
60
17,000
90 X
1,000
101
17,000
71H 2,000
79
1,000
30
9,000
30
600
82
1,000
90 H 16,000
1,000
91 X
100
5,000
80 H 1,000
9 0 X 29,000
91
200
66
2,000
80
12,000
100H 1,000
74
27,000
98 H 7,000
91H 1,000
82 H 1,000

1919.

Range fo r year
Low .
8X

38%
72 H
7
30

H ig h .

Jan
Doc
Apr
Mar
May

98.20 Apr
91.24 Dec
98.70 Dec
99
Doc
101
Dec
58
Dec
89
Dec
100
Nov
69 X Dec
79 H Dec
30
Apr
32
Mar
79 H Dec
89
Dec
89H Dec
99 X Nov
76
Dec
80
Doc
80
Dec
64 H Dec
78
Dec
99 X Nov
62H Jan
95
Jan
94X
Jon
87
Jan

9
48
75
9%
32%

Apr
Jon
Jan
Juno
May

100.26 Nov
95.70 May
100.04 Juno
101
July
104
Apr
74
Aug
95
Aug
102% Jan
80X
Jan
80
Mar
40 May
35
Deo
89X
Jan
98
Jan
90 H Feb
100H Mar
89 May
96 July
97 X Jan
73 Sept
80% Nov
102
Aug
78H July
98H Juno
98H Juno
89 May

Pittsburgh Stock Exchange.— Record of transactions
at Pittsburgh Jan. 24 to Jan. 30, both inclusive, compiled
fpriTYl Applrtl n I nnlAn 1< 4^. .

!•riday
Last W eek’s Range
Sale.
o f P rices.
P rice. L ow .
H igh

Sales
fo r
W eek.
Shares

1.

Range sin ce Jan.
L ow .

H ig h .

50 51H Jan 51H
51H 51H
1 00
15
Jan 15H
15 H 1-H
125 126
310 125
Jan 135
Preferred...................loo
94
94
94
6(
Jan 95
ikansas Nat Gas new.
" 36"
25
31
18,425 24 H Jan 45
Preferred..................
104 105
6 C 104
Jan 110
65% 5.28C 45
54% 49
Jan 65 H
6 fi(
2H 3 H
2 H Jan
3H
Preferred____________ 5
23C
4X
5
4X
4 X Jan
9
35(1
8H
8H
8 H Jan
u x
34
33 H 35 X
4,306 32 X Jan 39
118 118
15 118
Jan 118
Preferred__________ loo
101
50 1 01
101 H
Jnn 1 02
3
3
100
4
2H Jan
Preferred_______ ___ 60
8
137
8H
8
Jan 10H
5,045
2H
1M
2H
1H Jan
2H
112
112
25 110
Jan 112
36
36
37 X
600 36
Jan 45%
68% 58 X 69
485 67 X Jan 61H
5 H OH 16,718
6H
5% Jan
6H
.
15 X 15 H
125 15
Jan 15%
<
29 X 29 X
125 27 H Jan 34
<
780 48 X Jan 51H
49 H 49 H 50
<
40
40
41
708 38
Jan 43
<
1 20
9H 9H
9
Jan 1 0 X
1
5
260
4X
Jan
7H
4X
Preferred___________ 60
13 X 14
280 13 X Jan 10H
I
92
92
140 89 H Jnn 92
180
19c 6,900 180
Jan 25c
I
45o 460
5.000 400 Jun 53o
14
15
2,565 13
15
Jan 15
170
42 160
168 170
Jan 170
Riverside East OH com__ 6
1 00
2H Jan
4
2X
2X
Ross Milling A Milling... 1
4o
f) 0
5.300
So
4o Jan 5o
Union Natural Gas___ 100
125 . 125
125 126
Jan 130
West'houso Air B rake...50 iio“ 114H 117
175 114 H Jan 118H
Wcst'house Elco A M fg.50
300 52 X Jan 55
53 H 64 X
Ronds—
Indep Brewing 6 s____ 1955
55
65
$ 1 ,0 0 0 55
Jan 55
'Pittsb Brewing 6 s____1949 7 5
75
75 X 1 0 ,0 0 0 75
Jan 75 H
Plttsb Coal deb 5s____1931
97 X 97 X
5,000 0 7 X Jan 97 X
Pittsb Junct RR 6 s . . . 1922
100
100
1 0 ,0 0 0
100
Jan 1 0 0
125

~'ix

Jan
Jan
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
Jnn
Jan
Jnn
Jnn
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Jun

Chicago Stock Exchange.— Record of transactions at
Chicago Jan. 24 to Jan. 30, both inclusive, compilod from
official sales lists:
Stocks—

Par

A lb e r t P ick A C o __________10
A m e rica n R a d ia to r _____100
A m c r S h ip b u ild in g _____100
P refe rre d _______________ 100
A r m o u r A C o , p r e f_____100
B e a v c r b o a r d , c o m ______ (*)
B rlscoo M o t C o r p _____% • )
B o o th F is h , c o m ___ now (*)
B u n te B r o s ., c o m m o n ___ 10
B u tle r B r o s _______________ 100
C a s e (J I) P lo w W o r k s . (♦)
F ir st p referred..............
S econ d preferred_____
C h C i t y A C R y p t sh c o m ( * ) .
P refe rre d ________________ (*)
C h ic a g o E le v I t y , p r o f .. 10 0
C h ic P n e u m a tic T o o l . . 100
C o m m o n w -E d ls o n ........... 100
C o n s P o w , p ref_________
C o n t M o t o r s , c o m .............. 10
C u d a h y P ack C o , c o m . 100
D e c k e r (A ) C o h n , I n c . . ( * )
P refe rre d ...... ..................... 100
D e e re A C o , p r e fe r r e d .. 100
D ia m o n d M a t c h ________100
E d m o n d A J o n e s________
E ld e r ........................................
G o d sc h a u x S u g a r , c o m .( * )
G r e a t L ak es D A D _____100
H a r tm a n C o r p ___________ 100
I l a r t , S h a ft A M a r x , p f .1 0 0
IIo lla n d -A m c r S u g a r _____10
H u p p M o t o r _______________ 10
P refe rre d ___________________
Illin ois B r ic k ....................... 100
L ib b y , M c N e il l A L i b b y . 10
L in d sa y L i g h t ____________ 10
M ld d lo W e s t U t il, c o m . 100
P refe rre d ............................ 100
M itc h e ll M o t o r C o _____ (*)
N a tio n a l L e a th e r _________ 2 0

Fridai
Sales
Last W eek's Range
fo r
Sale.
o f P rices.
W eek .
P rice. Low .
H igh Shares

1919.

Range fo r year
L ow .

45
50 H 3,096
350 350
24 275
A pi
114 114
l( 1 00
Fcl
80
80
80%
71 80
Dei
109H 107% 110H 18,576 98 H Aug
51
52
8(
47
Nov
70
71
235 55
Oct
13
13
14
2C
Dec
11X
15
- __ _
255
15H
9 X Jutu
278
278 280
4C 250
Oel
20%
20 H 2 1 %
705 2 0
Oct
97
97
07 H
432 97
Oct
97
OSH OSH
1(1
OSH Oct
.
H
H
355
IX
H Jan
6
0
6H
110
5
Dec
6
0
245
2
Dec
in
04
07H
1 20
60 X Feb
107H I07H 108
86
106
Dec
92
02
25 80 X July
13H lJ% 13 H 5,320 13 H Dec
101
101
103
812 100H Feb
41
41
15 38% Oct
96
90
05
10
Dec
101
101 x
305 78
Apr
123 124 H
101
1 20
June
32
32
32
145 37
Nov
050
33H 33 X
57
56
57
135 55 X Dec
92
92
60 82
Oct
103 105
1,050 82
Oct
115 115.
25 108% Jnn
.....
17
17
60 1 2 % Aug
16
2 ,2 0 0
1 0 % Sept
15H 10
1 02
104
150 77% Dec
80
81
170 78
Nov
27 X
27
28
5,339 19 H Jan
230
7H 7H
0
Dec
20
20
1 10
20
Dec
44
42
40
45 X
210
Dec
43 H 43
43 H
70 33
Apr
15
15
16% 14,434 16% Sept

H ig h .

45

345
138
02
112%

52
74
25
15
309
27 %
08%
08%

Nov
Oct
May
Deo
Deo
July
July

Nov
Oct
Aug
18% Aug
17% Aug
115
118
July
0 0 % Oct
13% Deo
123 May
48% Oct
98
Nov
105 May
125
Deo
40% Oct
2

(10

99

100%

115

21%
17%
103
103
36%
17
40
48
55%
25

Deo
Deo
Deo
Deo
Oct
Deo
Sept
Sept
Oct
AUg
May
Doo
July
Aug

S t o c k * — (C o n c l u d e d )

tr ia a y
L a si
S a le .
P r ic e .

P a r.

Orpheum Circuit, In c------1
People’s Gas Lt A C ok e.100
Pub Scrv of N 111, com . 100
Preferred....................... 100
Quaker Oats C o ...............100 252
9694
Preferred....................... 100
Iteo M otor......... ................10
R cpu b M ot T ruck, com (*)
H oot A Van D c r v o o r t..(* )
22794
116
do (w l ) ................
Standard Gas A E lec.

2594
4094
4194
12594
5294

Tem tor Prod (C A F )—
4994
108
72 M
...........
...........

4394

38
)
Wilson A C o,

494

...........

7994
[ ) ...........
...........
1 ............
f ______
1 ______
7
72
3 ...........
5
67
1 9194

S w i f t A C n 1st r «ft-

W e e k 's R a n g e
o f P r ic e s .
Low .
H ig h .

S a le s
fo r
S h a r e s.

R ange fo r Y e a r

3,070
Dec
10
32
N ov
70
80
N ov
40
83
Sept
20 240
627
Dec
94
420
2794 Dec
42
Sept
44
Dec
20
52
1,560 168 >4 Feb
140 11694 N ov
137 11294 M ay
15,348
100
2694 Dec
175
4094 Dec
Apr
915
45
7,782
3594 N ov
6,296 11594 Jan
10,957
4194 Jan

47
46
51
48
108
108
71
74 94
24
23
68
6894
45
40
39
38
2394 2394
494
494
9894 99
7994 8094

100
4594 Dec
795
Aug
34
Dec
40 108
11,144
Jan
56
75
1794 Jan
235
July
64
4,880
19 94 Sept
4,540
3794 Dec
2,935
Jan
25
4
N ov
65
75
9S0
7494 Sept

2594
4094
45
4194
12594
5194

10794
10894
10794
108
10 9 ^
107 3/
72
70
88
67
9194

10794 $7,000
7,00(
10894
3,201
10994
108
1.00(
1,000
109 M
1073.
1,000
8,000
72
72
10.000
1,000
88
1,050
67
92 *4 12 050

O t h e r O il

____
July
M ay
M ay
July
M ay
O ct
N ov
N ov
N ov
Apr
D ec
____
3194 N ov
N ov
43
O ct
59
N ov
43
14994 M ay
6594 OCt

5594
9594
105
300
105
3594
74
58
232
122
270

5094
5194
108
8594
2994
70
5594
4594

IVccA e n d in g J a n . 30.
P ar.

F rid a y
W e e k 's R a n ge
L ast
o f P r ic e s .
Sale,
H ig h .
P r i c e . L ow .

D ec
D ec
D ec
July
July
July
N ov
D ec

1294 Apr
July
104
O ct
89
10334
109 34
10994
10394
10994

D ec
D ec
D ec
D ec
D ec

Nov
65
63 94 De
Dec
87

84
81
9494

Feb
Jan
Jan

Sw
Te
To
Tr
Ui
Ur
Ui
Hi
U S D istributing c o m ...5 0
U S High S peedSteelA Toolt
U S Light A H eat, oom .rlO
U S Steam ship----------------10
U S T r a n sp o rt.r ------------ 10
M Vlvadou, I n c .r .(n o par)
w arren B r o s .r -------------- 100
W
vy
VV
First preferred.r____ 100

R ange

4,000
194
194
194
194
Acm o C oa l.r....... .......... — 1
8
O K 23,300
894
994
Aotna E xplosives.r(no par)
400
47
47
47 94
47 94
A ir R ed u ction ------ (no par)
3,000
34 94
35
35
37 94
Aluminum M lr s .r .fu o par)
1,300
15
15
13 94
Am alg Tiro S tores.r ------ (t)
10
2,100
10
10
1194
Ain Candy C o,com (n o pni).
12 94
14
1294 1494 30,300
A m cr Safety R a zor, r — 25
1,320
35
35
35
35
Atlantic P r u l t .r ----------- (t)
300
26
2594
26
Austin .Nlchol&ACo coin (t)
400
9194
9094 9094
9094
5,700
4994
5094 5594
5594
8
3,000
______
9 94
894
5.700 rylS
20
18
1994
14.900 ry\ 8
20
18
1994
29
700
30
.
29
4,400
2 94
3
394
294
7,500
4294
4394
4294
4294
68
4,500
61
72
71
6,400
______
1594
15 94 1894
500
2494
25
2494 2594
48
500
49
49 94
32
400
32
32
42
’ 2,700
45
42
19,500 *11094
114
120
116
27,700
3094
33
3294
3094
90
4,300
90
92
9094
30
12,500
32
30
31
1
3,500
1
194
194
3,500
194
194
194
194
2
400
294
t
294
294
10
300
1194 1194
70C
1394
14
14
2,500
16
1494
...........
1594
35
50C
............
35
3794
9994
10f
) ...........
9994 0994
35
10C
35
35
17
90C
17
1894
)
3.40C
194
2
2
294
K a y County G a s .r .
19
1,50C
0 ...........
27
2794
SO
15C
85
84
) .
06
5(
96
)
_ __
96
49
) 5194
5194 52 94 19,10(
7.100
2494
)
2494
2494 25
594
5
594
5 94 18.80C
594
30
1,60(
33
30
> 31
38
80(
) ...........
38
3894
16
30(
) ............
16
1694
16
1,40(
16
17
) ...
National Leath er.r—
41
80C
)
43
47
5 94
0,60(
594
j
594
594
2094
40C
)
2094 21
Nunnally C o, c o in .r —
2.20C
3294
)
...........
36
3394
Ohio B ody A B low er.r.
13,70(
3294
329t
3294 34
Orpheum Circuit c o m . r . i
40
50C
41
)
41
4194
29
2.20C
34
30
0 30
3 94
4 94
594 39.20C
0
494
5,801
194
394
0
294
194
2
0,801
294
294
)
294
7,501
294
394
5 3
294
494
5
5 94 10,651
0
594
201
5194
( ) ...........
5194 52
12
1.30)
( ) ...........
1394
13
20i 1 26
20
26
6,20( 10194
114
107
0 113
30C 110
( ) ........... 11294 113
4
8
l,74i 1
Standard S h lp .r . _.
494
2,00: 1 17
\ ) ...........
17
1794
Suim vocd Rubber 14
7,801
10
)
15
1494
1,40(
694
0 .........
694
694




_

sin ce

Jan.

K

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
Jan
Jan
Jat
Jai
Jar
Jar
Jai
Jar
Jan

16
2 54
1554
61
38 54
354
1294

3K
U K

7494
16
254
16 K
51
39
354
4

494

12 K
21

20

70
494
30
24

70

494
2894
24

2994

100

100

R ig h ts .

IK

81
F orm er S ta n d a rd OH
S u b s id ia r ie s

A
O
S
8
S
U
V

28
362
340
758
430
10494
425

.100
O t h e r O il S t o c k s

Allen O il. r ..........................
A
Alliance Oil A R e f . r --------5
A
A
"
Allie d O ll .r ----------------Alto Gasoline A O il_____ 5
A
A m a lg a m a te d R o y a l t y . r . l
A
Anna
B ell________________1
A
Arkansas
Nat Gas new wl 10
A
Associated
oil o f Texas— 1
A
Bell
P e tro le u m .r_________
B
it
Boono O ll .r _____________ 5
B oston-M cx P e tr o l.r ..
Boston-W yom lng O il.:
Brazos Oil C o r p .r .(n o par)
Burknett Van Cleav O i l .. "
Carlb Syndicate r new w 1
C ircle OH«r ______________
Continental R c f g .r -------- 10
Cosdrn A C o ., c o m .r ____
Cushing Petr Corp com
D o m in io n O ll .r _________ 10
D u q u e sn o O i l _____________
E lk Basin P e t r o l.r _____

Engineers Potrol C o . r . .
Ertel O ll.r --------------------E sm e ra ld a Oil A G a s .r —
F e de ral O i l _____________

Gilliland Oil c o m .r . (nopar)
P r e fe rr e d , r __________ 100
G lcnrock C o l . r . . ......... .1 0
G uffey-Glllesplo O l l . r . . ( t )

1.

194
94
94
72c
30
194
194
594
3-16
294
4394
494
4
0 94
294
2194
6
094
194
94
3 94
44 94
09 94
394
3394
2
94
394
117
IK

9
I n t e r m i t P e t r o l . r _______ £ 1
In v in c ib le O l l . r . .
I s l a n d OH A T r a n s p ------ 10
K i n g P e t r o le u m C o r p . r . .
L i v i n g s t o n O il C o r p . r . .
M a g n a O il A R e f i n i n g . . .
M a n h a tta n O l l . r . ( n o pa r)
M a r a c a i b o OH E x p l o r . r . ( t )
M e r ritt OH C o r p
M e t e x P e t r o l C o r p . r ___
M e t r o p o lit a n P e t r o le u m .
M e x i c a n O il C o r p
M i d w e s t R e f i n i n g _ r _____
M ld w e s t-T e x a s O H . r . .
N o r t h A m e r ic a n O l l . r . .
O h io R a n g e r . r . .
O k la h o m a P ro d A R e f , N
O m a r OH A G a s n c w . .
P e n n o c k O l l . r _________
P h il li p s P e t r o l , c o m . r - f t )
P r o d u c e r s A R e f . r ___ ..10
R e d R o c k O il A G a s . .
R e p u b l i c O il A R e f . r .
R ic k a r d T e x a s C o . r . .
R y a n P e t r o l e u m . r ___
S a lt C r e e k C o n s O i l ________
S a lt C r e e k P r o d . r ________2 5
S e a b o a r d O il A G a s . r _____5
S e q u o y a h O il A R e f ________1
S im m s P e t r o le u m r ( n o p a r )
S k e l ly O il C o . r .....................10
S o u t h e r n O il A T r a n s . r . 10
S o u th S ta te s C o n s C o r p r 1
S p e n c e r P e t r o l C o r p --------10
S t a n t o n O l l . r ............................1
S t e in e r O H C o r p . r . ( n o p a r)
S u p e r io r O il C o r p . ( n o p a r)
T e x a n a OH A R e f . r — j . . 1
T e x a s C h i e f O l l . r ..............10
T e x a s C o m p a n y n e w _____25
T e x a s P a c C oa l A O l l . r . .1 0
T c x a s -R a n g e r P ro d A R . . 1
T e x - K c n O il C o r p . r ----------5
T c x o n O il A L a n d . r ----------1
T r i n i t y O il C o r p . r ------------ 1
T r o p i c a l O l l . r --------------------25
U n it e d T e x P e t r o l . r ---------- 1
V i c t o r i a O l l . r ______________ 10
V u l c a n O l l . r -------------------------- 6
W a y l a n d O il A G a s C o m . 5
W h e l a n O l l . r ..............................
W h it e E a g le O llA R e f r . ( t )
W h i t e O il C o r p . r . ( n o p a r )
W o o d b u r n O il C o r p . r . - ( t )
M in in g S t o c k s —
A la tk a -B r lt C o l M e t a l s .- l
A m e r I lo n d M in C o r p . r . l
A m e r ic a n M l n e s . r --------------- 1
A m c r T in A T u n g s t e n . r . . l
A r iz o n a S i l v e r . r --------- . - - 1
A t l a n t a M l n e s . r ------------------1
B e l o h e r - D I v l d e .r ------------- 1 0 c
B e lch e r E x te n s io n — . . 1 0 c
B ig L e d g e C o p p e r C o . .
'
B o o t h . r _____________________ 1
B o s to n A M o n ta n a D e v . . 5
B u „te A N Y C o p p e r . r .. . l

67 K
594
254
IK

3494
21K
4K

294
166
4K
1

84K
OK
IK

3K
49 94
5
5194
1194
19
15
13

94

37 94
5194
lit)
194
194
94
194
894
494
1
3594
694

S a le s
fo r
W eek.
S h ares

1,000
100
325

1,160

R an ge sin ce J a n .

6454
44
177
K

73 K
14
2K
1594
47
27
2K
3K
3K

10 K
20
70
4K

1,000
100
1,900
1.400

100

300
42,600
200
68,500

28
305
340
764
434
10494
425

200
40
10
60
105
200
30

28K

24
100

3K

OK

1
28
302
335
730
420
10454
425

12.200

500
7,500
5094
2,700
5
594
2,000
7-16 94
51
50 94 93,500
7,500
1194 12
6,400
094
7 94
2,700
194
194
7,000
1794 10 94
8,400
7-10 94
1,300
15
15 94
3,100
1294 1694
2,000
5-10 5-10
1,000
37
40
3,100
5194 53
2,100
102
111
3,215
194
194
2,700
394
3 94
1
194 52,600
9,500
54
94
2,200
20
2194
1 1-10
194 14,000
3,100
194
154
8,300
8
0
2,700
494
494
4,900
1
94
1,200
2294 2294
3594 38 94 12,900
2,500
794
694
49

15,800
1
1
94
1,700
2
2
194
1,400
1 1-16 1 1-16 1 1 - 1 0
94 11,100
94
94
9,100
4
394
394
12,700
194 c 3c
294o
38c 235,750
19c
20c
82.90C
34c
20c
20c
7-10 94 13,100
94
12.20C
0c
5c
60
29.30C
73c
72c
73c
500
94
94

I

Jan
59
Jan
4894 Jan
Jan
Jan
200
Jan
Jan
K
Jan
Jan
78
Jan
1894 Jan
Jan
394 Jan
Jan
Jan
19
Jan
Jan
51
Jan
Jan
39
Jan
394 Jan
Jan
Jan
4
Jan
494 Jan
Jan
1294 Jan
Jan
2494 Jan
Jan
Jan
70
Jan
594 Jan
Jan
Jan
31
Jan
2694 Jan
JJan
Jan
Jan 100

6H

8.800
194
194
2,200
16
1694
11-16 13-16 165.000
200
2
294
9.700
94
9-4
29,400
72c
69 c
800
2894 31
600
2
194
2.500
294
194
20.700
7
594
500
294
294
1 1-16 194 143.000
900
2094 2194
2
294 11,300
8.300
46
41
1,100
594
494
6,800
3 94
494
094 12,200
894
4.300
3
294
2194 2594 29.500
5.500
594
7 94
094 36,800
094
9,760
194
194
4.700
2
194
4.800
94
94
3.500
394
394
9.100
4294 49
2.700
103
90
5.200
394
394
7,010
33
35 94
5.500
2
194
194 69.700
94
3
594 17.000
6.800
3.000
117
12994
81.600
1
IK
300
9
9
10.000
65 K 70
7,900
34
35
30.100
554
OK
5.500
2K
2K
29.500
IK
IK
3.200
OK
7K
1,100
36
34
400
22K
23
20 K 2154 19.700
4.100
4K
4K
10,400
3k
:
6.500
2K
3K
1,800
165
168
5.300
K
K
7.100
4
4K
35.000
K
IK
3,000
5K
OK
1,400
6
7K
1.300
8
8K
10.300
84
8. 8
SK 1 0 K 34.100
4.300
IK
25 2<0
IK
3.500
IK

IK

16

2

1.

H ig h .

Low .

1,600
5.400
4,800
16,800
900
6,270
6,500
700
25,100
3,250

794
7
494

694
7
194

O r d in a r y . r _ _ --------------

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
OK
28
Jan
2894 Jan
Jan
30
394 Jan
4494 Jan
Jan
72
Jan
25
Jan
29
Jan
50
Jan
37
Jan
48
Jan
130
36
Jan
93
Jan
Jan
34
1 7-10 Jan
1 15-16 Jan
294 Jan
13 94 Jan
14
Jan
1694 Jan
43
Jan
Jan
101
Jan
35
Jan
20
294 Jan
Jan
30
Jan
85
Jan
96
Jan
53
25
694 Jan
39
Jan
41
1694 Jan
Jan
18
Jan
50
694 Jan
22*4 Jan
Jan
36
Jan
37
4194 Jan
Jan
34
594 Jan
394 Jan
Jan
3
494 Jan
Jan
6
54 K Jan
13 94 Jan
Jan
26
Jan
111
11394 Jan
494 Jan
1894 Jan
1794 Jan
694 Jan
194
094
49
40
1094
1194
1794
35
27
93
55 K

K

7394
1594
294
1594
48
33 K
3
3K

H ig h .

L ow .

H ig h .

5454 55
47 K 47 94
177
178

B rlt-Am T o b ord b ear . r . .

98 >4 Jan
92'4 Sept --------------------

Safes
w ° T\.
S h a res.

Low .

P r ic e .

Nov
Dec
Oct
Nov
Nov

10094
102 94
102 94
10194
100 %

F rid a y
W e e k 's R a n g e
L a st
o f P r ic e s.
S a le.

H ig h .

Low .

34
4094
78
88
252
9894
2794
52
52
230
117
285
79
26 K
42
48
44 94
128
55

4094
78
88
225
96
2694
51
52
222
116
285

1919.

New York “ Curb” Market.— Below we give a record of
tho transactions in tho outside security market from Jan. 24
to Jan. 30, both inclusive. It covers the week ending
Friday aftornoon. On tho “ Curb” there are no restrictions
whatever. Any socurity may bo dealt in and any one can
moot there and make prices and have them included in the
lists of thoso who make it a businoss to furnish daily records
of tho transactions. Tho possibility that fictitious transac­
tions may creep in, or even that dealings in spurious securi
i • may*l bo
.. ‘ included,
1 J a J should, lhence,
i o l u r always
n T T o Kn
YI171M
tios
bo lrnnf.
kept in
in T
mind
particularly as regards mining shares. In tho circumstances,
ft is out of tho question for anyone to vouch for the absoluto
trustworthiness of this rocord of “ Curb ’ transactions, and

S tock s—

457

THE CHRONICLE

Jan . 31 1920.]

K

Jan
Jan
Jan
Jan
Jan

Jan
Jan

3K

Jan

2K

31
388
345

795
460

10194
435

Jan

1
2094
2
39
4K

IK
OK

OK

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

K

69c
25
194

894
794

Jan
Jan
Jan

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

I 94
1694
15-16
3
194
72c

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
294 Jan
794 Jan
394 Jan
194 Jan
24
Jan
3
Jan
63
Jan

6 94 Jan

Jan
Jan
Jan
Jan
21K Jan
Jan
594 Jan
994 Jan
8t4 Jan
1 94 Jan
194 Jan
294 Jan
1 K Jan
94 Jan
94 Jan
494 Jan
394 Jan
6094 Jan
42 K
Jan 120
Jan
98 K Jan
394 Jan
3 94 Jan
3994 Jam
32 94 Jan
2
Jan
194 Jan
194 Jan
94 Jan
9
Jan
3
36c
Jan
28c
151
Jan
117
1 94 Jan
K
Jan 1094
Jan
9
Jan
71
Jan
65
45
Jan
33
694 Jan
5 94 Jan
294 Jan
2 94 Jan
294 Jan
1k JRn
9
Jan
6
Jan
41
Jan
27
2294 Jan
Jan
19
4 94 Jan
4 94 Jan
494 Jan
274 Jan
494 Jan
2 9< Jan
ISO
Jan
159
Jan
94 Jan
94 Jan
594 Jan
4
Jan
194 Jan
94 Jan
694 Jan
594 Jan
794 Jan
6
994 Jan
8
.
8994 Jan
8094 Jan
1094
Jan
8 94 Jan
194 Jan
1 94 Jan
294 Jan
1K Jan
3
Jan
194 Jan
494 Jan
3 K Jan
23
Jan
5394 Jan
Jan
47
594 Jan
Jan
5
94 Jan
5-16 Jan
7394 Jan
Jan
45
1394 Jan
1194 Jan
794 Jan
694 Jan
1 94 Jan
Jan
1
20 K
Jan
1794 Jan
H
Jan
Jan
7-16
1594 Jan
Jan
15
17
Jan
1594 Jan
7-16 Jan
5-16 Jan
4794 Jan
Jan
37
5994 Jan
Jan
50
Jan
Jan 111
101
194 Jan
1 94 Jan
394
Jan
Jan
394
194 Jan
94 Jan
1
Jan
*4 Jan
2394 Jan
1094 Jan
194 Jan
Jan
1
*294 Jan
194 Jan
994 Jan
6 94 Jan
4 94 Jan
4 54 Jan
1
Jan
Jan
94
24
Jan
2294 Jan
*50
Jan
35 94 Jan
894 Jan
Jan
694
894
2 >4

Jan
Jan

94 Jan
194 Jan
Jan
1
7-16 Jan
194 Jan
194c Jar
Jan
15c
Ja
20c
7-16Jar
4 94 c Jan
Ja’'
70c
54 J.i n

494
1094
3
3994
10

194 Jan
294 Jan
1 1-16 Jan
94 Jan
6?4i Ja
32
3 .-C
40c
o n
U
74C
94

Ja
Jan
'a n

4a
Jan

Jftn

458

THE CHRONICLE
N e w

M in in g ( C o n c lu d e d ) P a r .
Caledonia M in ing_______
Canada C opper C o, L t d . .
Candalarla S llv e r.r .
Carson H ill G o ld .r
Cash B o y C onsol_________
Consol Arizona Sm elt____
Consol Copper M in es____
Consol Virginia Silver____
Cresson Con G old M & M .
D e Beers Cons M ines, Ltd
D ivid e Extension_________
E l Salvador Silver M in r
Eureka Croesus M l n . r . . .
Eureka H o ll y .r ____
F orty-nine M in in g , r
G adsden.r_________________
G olden G ate E xplor’n . r . . 5
G oldfield Consol’d _____ 10
G oldfield D evel . r ____10 c
G oldfield M e r g e r .r .
G old Zone D iv id e , r
Great B e n d .r _____________
H ecla M in in g__________ §5c
Iron B lo s s o m .r______ " lo r
Jim B u tle r .r _____________l
Jum bo Extension_________ j
K ew a n u s.r____________" I I
K nox D lv ld e .r ______ I 'l o c
Louisiana C onsol_________ l
M aoN am ara Crescent r 1
M aoN am ara M ln in g .r
1
M agm a C h ief, r
M arsh M in ing____________
M ason V alley______ 11111 5
M cK Inley-D arragh S av . , 1
M other L od e, n e w .r ___ 1
M urray-M og M . L td ____ 1
N ational Tin C o r p _ r ...5 0 c
N evada Ophlr M ln .r ..1 0 c
N lplsslng M in es__________ 5
N ixon N evada____
Ophlr Silver M l n o s .r l l ” .
Prince C on s_______
2
R and M ines, L td w 1
R a y Hercules____________ _
R ex Consolidated M i n l l l l
R op er G roup M in ing____ 1
Seneca C opp C o r p . (no par)
Seven M etals M l n .r . .
l
Silver D ollar M . r .......... 1
Sliver K ing o f A r i z o n a ...1
Silver K ing D ivide.
Silver Pick Cons’d . r . .
i
So Am er Gold A P l a t . r . . 10
Standard Silver-Lead____ 1
Success M ining

Tonopah Extension.
Tonopah Mlning.r.
United Eas.ern___
Utah Reserve.r.
Victory Divide, r

N e w

B a n k s

a n d

T ru st

C o m p a n ie s .

Y o r k

C it y

R e a lty a n d

S u r e ty C o m p a n ie s .

See page 447.

Q u o ta tio n s

fo r

S u n d ry

S e c u r itie s

All bond price* are "and Interest” except where marked “ f."

4c
3o
6c
6c
3c
6c
3
2H 3
2H
2H
3H
2H
2H
2X
2X
2H
2H
4
3 15-16 4H
10c
8.Hc 10c
8
8H
IX

7c

IX

m

15c 21c
97c 99o
17-16 2 1-16
2c 2Hc
10Hc 12c
13-10 1H
60
7c

Bonds—
81
96H
96H
95
97H
96 H
98 H

81
96H
95H
94 H
97
95 X
98 H
101
101
85
80H
68
98 H
99H
29
29
93
89

83
96 H
96 H
96
97 K
90 H
99 H
10I H
101
87 X
81H
70
98 %
99 H
32
33
95
90H

Atlantic Fruit deb 7s.rl934
Belgian Govt Ext 6s.rl925
External 6 s.............. 1 9 2 1
Beth Steel 7% notes.r.1922
7% notes.r.............. 1923
O C C & StLR y 0 s .r.1929
Copenhagcn(Clty)5 Hs r’ 4 4
Interboro R T 7s._r.. 1921
Kennec Cop Corp 7s.r .1930
LlggettAMyers Tob 6 sr . ’ 21
Russian Govt 0H s.r..l919
„ S H s.r.................... 1 92 1
Swedish Govt 6 s. J’ne 15’39
8 witzerl’d, Govt of, 5Hs’29

99 H
30 H
30
94
89

t S I S S 'i . r ’ i . B 'S r e 'f l S -

!& £ $ & ? ■

81
68

CURRENT

. M

a

M

U

NOTICES

f i m o f Van Rlnpr
mado o f **° formation o f tho investment banking
firm
mo 1 e v ln
& 9 ° ' at P°?>ver.’ 1Col°- Tho members o f tho now
“ fm are
j o . Van Riper, formerly President o f tho American Trust C o . r
Boottche?
n ^ :^R^
^M - Dayand
“ d Georgo
W alk erP.Van
Riper,
of
rsoettener. P
1 ortor
& Chardr
o., Denver,
Van
Riperformerly
formerly
Assistant Secretary o f tho American Trust Co. o f St. Louis. AH members
firmh'^f|1|
rih™ 1ii1„H°i a£ tlvo jn the business and will resido in Donver. The
ac9Tve l r a X d e p a f [ S t
corporatlon ^curRies and will inaugurate an
f r ~ S S"P t n o « cbst0r bavo favored the ‘ ’Chronicle’ ’ with advance pages
reg^fin^ th»29,,JhunUa c? vcrlng th0 Information most commonly desired
orcan z Lflnnh & hbIJP / V ? * 00 compa?,ie® under the management o f their
oompanies are distinct and independent corporations,
f m h w . h i ts own merits with its own officers and board o f directors
addefPtn thPb h»^om C0U?9 l.us^(l >on,y Cor Its own Purposes. The firm has
a large* or^nlzatiofntS ° f thiS lndependence the Indisputable advantage of
onmW^ A & nnd/K & C ? r T?,c ” 14 }VaU s t - this oity, Montreal and TorTv.l°V,?rV ? f
.ng £ y advertisement on another page, 32,000,000 City of
rv?™nti°’ ,Cariada; Guaranteed 4 H % bonds, issued by the Toronto Harbor
tw ?1|ldSS*<?iier ,i c u?. ®ePf- 1 1953. Theso bonds met with a good recepp * » ^ 7 i 7Ua °iy' when they were publicly offered and are selling rapidly.
an^ interest, yielding 6.10% , payment in United States funds.
See to-day s advertisement for full particulars.
n , ^ P ^ al,SeciITitiPs, Corp2ratlon’ Limited, investment bankers, Montreal,
w c l f f a a special number for tho United States o f their monthly "In ­
Items to demonstrate tho stability and prosperity o f Canadian
business conditions, and also giving Interesting details reg f i j rf P res®ntatiive Canadian corporations with the primary financing
o f which they have been associated.
B
. . — Whitehouse & C o., members Now York Stock Exchango announce
18R
°cf,a Bfrooklyn offieo on January 2fi in the Templo Bar Annex?
i86 Remsen Street, ground floor, with B. P.. Phyfe and Roland Binning
as Managers. Tho main office o f tho company is in tho Trinity Building8
BuildingUlWay’ NeW Y ork’ It; aIso has a Baltimore office in the Koysor




C it y

See page 447.

10c
98c
2
2e
12c

Wilbert Mining.

Y o r k

[Vol. 110

Standard Oil Stock* P e r S tar
RR. Equipments— PerCt B a sis.
Par Bid
A ik
Baltlmoro A Ohio 4He____ 0.30 5.90
Anglo-American Oil new. £1 26 27 Buff Rooh A Pittsburgh 4Hs 6.00
6.70
Atlantic Refining______ 100 1475 1500
Equipment 4s________
6.00 5.70
Preferred___________ 100 113% 114%
Equipment 6s_____ ___
6.00
5.70
Borne-Scrymser Co........100 430 450 Canadian Paclflo 4Hs___
0.40 6 00
Buckeye Pipe Line Co__ 60 *97 99 Caro CUnchfleld A Ohio Ss
0.50 6.00
Chesebrough Mfg new...100 245 205 Central of Georgia 4Hs
6.50 0.00
Preferred new............. 100 107 110 Chesapeake A Ohio___
0.40 6.00
Continental Oil________ 100 525 545
Equipment 5s...........
0.40 6.00
Crescent Pipe Line C o ... 6 0 *31 37 Chicago A Alton 4 Ha..
7.25 0.50
Cumberland Pipe Line. . .100 120 125
Equipment 5s.................
7.25 0.50
Eureka Pipe Line Co___ 100 146 150 Chicago A Eastern 111 5H»7.25
0.50
Galena-Signal Oil 0 0 m ... 100 80 83 Chlo Ind A Loulsv 4He.
0.50 6.00
Preferred old................100 104 108 Ohio St Louis A N O 5s.
0.15
6.75
Preferred new_______ 100 95 99 Chicago A N W 4 H s...
6.95 6.60
Illinois Pipe Line______ 100 172 177 Chicago R I A Pao 4)4*___
0.7 0.00
Indiana Pipe Line Co___ 50 *98 100
Equipment 5s.................
0.751
0.00
International Petroleum. £1 *3601* 68 Colorado A Southern 5*
0.76 0.00
National Transit C o...12.50 •33 34 Erie 6s______________
6.76 0.26
Now York Transit Co__ 100 184 188
Equipment 4HsIHZI
0.75 6.25
Northern Pipe Lin* Co. 100 102 105 Hocking Valley 4%a . . .
0.62 0.00
Ohio Oil Co.......................25 *357 362
Equipment 6s______
0.62 6.00
Penn-Mex Fuel Co_____ 25 •63 67 Illinois Central 5s____
0.00 5.60
Prairie Oil * Gas............ 100 650 600
Equipment 4Hs.............
6.00 5.60
Prairie Pipe Lino............ 100 258 262 Kanawha A Michigan 4H«0.50
0.00
Solar Refining__________100 880 370 Loulsville A Nashville 6a..
5.05 5.60
Southern Pipe Lin* C o.. 100 168 172 Michigan Central 6s__
0.12
5.85
South Penn Oil________ 100 320 330
Equipment 0s________
0.12 6.85
Southwest Pa Ptpo Lines. 100 97 100 Minn St P A S 8 M 4 )4 s...
0.20 6.75
Standard Oil (California). 100 322 325 Missouri Kansas A Texas 5i
7.00 0.00
Standard Oil (Indiana)..1001715 725 Missouri Paclflo 6a_____
7.00 6.00
Standard Oil (Kansas)...100 640 065 Mobile A Ohio 5s..........
0.50 0.00
Standard Oil (Kentucky) 100 435 455
0.50
Equipment
4Hs...........
0.00
Standard OH (Nebraska). 100 515 535 New York Central Lines 5s.. 6.25 6 90
Standard Oil of New Jer.100 750 753
Equipment 4Hs............... 0.25 6.90
Preferred____________100 115 11513 N Y Control RR 4 ijs.......... 6.25 5.90
Standard Oil of New Y’k.100 430 435 N Y Ontario A West 4H s--- 0.50 0.00
Standard OH (Ohio)........100 530 550 Norfolk A Western 4Ho___ 6.95 6.60
Rights___
dlO 12 Pennsylvania RR 4Hu..
5.90 5.60
Preferred . .
110 112
6.90 6.50
4s............. .
Swan A Flnoh................. 100 100 110 St Equipment
7.00 0.00
Louis
Iron
Mt
A
Sou
5s..
Union Tank Car Co___ 100 120 125 St Louis A San Francisco £1 . 7.00 0.00
Vacuum OH___________ 100 420 430
Air Line 5s___
0.90 0.25
Washington OH.............. 10 *35 40 Seaboard
Equipment 4Ha............... 0,90 0.25
Southern Paclflo Co 4H i--- 5 95 5 50
Ordnance Stock *— Per S hare.
Southorn Railway 4Hs........ 0 37 0.00
Aetna Explosives pref.__100 05
Equipment 6s__________ 0.37 6.00
Atlas Powder eommon__ 100 153 158 Toledo A Ohio Central 4«__ 6.65
0.00
Preferred..................... 100 89% 9H3
Babcock A Wilcox_____ 100 120
Bliss (E W) Co common. 60 400
Preferred____________ 5 0 * 60
Canada Fdys A Forgings. 100 190
Tobacco Stock*—Per SB a re.
Carben Steel common__ 100
Par B id. A s k .
1st preferred________ 100 loo
American Cigar oommon.100 125 130
2d preferred_________ 100 71
Preferred..................... 100 83 90
Colt’s Patent Fire Arms
Amer Machine A Fdry__100 10 120
Mfg.......... .................... 2 5 *57
British-Amer Tobao ord..£l 19 20
duPont (E I) de Nemours
Brlt-Am Tobao, hearer..£1 19 20
A Co common_______ 100 373 380 Brlt-Am Tobao, rights____
712
Debenture stock_____ 100 90*2 92 Conley Foil..................... 166 3157U 335
Eastern Steel................... 100 84 89 Johnson Tin Foil A M et.100 10 120
Emrire Steel A Iron com.100 25 30 MaoAndrewa A Forbes.. 100 160 166
Pi eferred____________100 65 70
Preferred..................... loo 90 95
Hercules Powder c o m ...100 222 227 Reynolds (R J) Tobacco-100 540 570
Preferred..................... 100 107«a 109
B Common stock_____ 100 I 15 470
Nlles-Bement-Pond com. 100 107 109
Preferred____________ 1 00 107 109
Preferred..................... 100 95 100 Young (J 8) Co................100 130 140
Phelps-Dodge Corp____ 10© 232 234
Preferred____________
1 00
95 106
Scovlll Manufacturing__ 1001 400 420
Thomas Iron..............
60 *30 35
Winchester Co com____ 100 400
1st preferred________ 1
97 Too'
2nd preferred__________ 67 72
SLort Term Note*— Per C en t.
Woodward Iron_______ 100 42 46 Am Cot Oil 0s 1924..MAS 2 98 98%
Preferred____ _____
80 90 Amer Tel A Tel 0s 1924.FAA 953, 00 %
Public Utllltle*
0% notes 1922..........a AO 06% 96%
Amer Gas A Eleo com___ 50 >125 12612 Anaconda Cop Min ’29.JAJ 95-i.i 90%
Preferred................... 60 *39l2 4013 Canadian Pao 6s 1924.MAS 2 971. 073»
Amer Lt A Trao com___ 100 190 192 Del A Hudson 5s 1920.. FA A 99 99%
Preferred____________100 88 90 Fodcral Sug Rfg its 1921MAN 9712 98
Amer Power A Lt com...100 66 69 Genoral Eleo 0s 1920___ JAJ 99v8 1001,,
72 75 Great North 6s 1920...MAS 0834 9014
___ 10 K C Term Ry 4Hs 1921.JAJ 95 96%
__ . 22
0s Nov 15 1923..MAN 15 9s% 09%
34 35 Laolcdo Gas 7s Jan 1929. . 001| 97%
400 405 LlggettAMyoraTob63’21JAD 90% 99*4
7H; 721j N Y Cent 6s 1920..MAS 15 99l2 99?s
17 20 Penn Co 4Ho 1921..JAD 16 97% 97%
Preferred...................100 94 100 Pub Ser Corp NJ 7s '22.MAS 80 89
Com’w’th Pow Ry A Lt.,100 18 21 Sloss-Shef 8 A I 6s '29 FAA O.3 I4 01
Preferred___________ 100 42 44 Southern Ry 0s 1022... MAS 031,1 91%
Eleo Bond A Share pref.IlOO <f88 92 SwIftACo 0s 1921... FAA 15 09%
99*4
9 Utah Sec Corp 6n'22.MAS 15 801* 87%
Federal Light A Traction.100
0
Preferred..................... 100 40 48
88
Oreat West Pow 5s 1940.JAJ 84
Mississippi Rlv Pow com. 100
9 11
Preferred..................... 100 61 51
In d u stria l
first Mtge 5s 1951...JAJ 74% 70
and M iscella n eou s
Northern Ohio Eleo Corp.(t) *d._. 19 American Brass........... .100 225 228
54 American Chide com___ 100 87 00
Preferred..................... 1 00
North’n States Pow com.100 6 0 ' 03
Preferred..................... 1 00 80 85
Preferred............
100 88 91 American Hardware____ 100 160 155
North Texas Elec Co com 100 79 84 Amor Typefoundors com . 100 44 47
Preferred____________1 00 03 72
Preferred..................... 100 88 02
Pacific Oas A Eleclst pref 100 80 88 Borden’s Cond Milk com. 100 110 118
Puget Sd Tr L A P com.. 100 10% 15
Preferred____________100 95 99
Preferred____________1 00 53 67 Celluloid Company____ 100 147 155
Republic Ry A Light___ 100 15 17 Havana Tobaooo Co___ 100
2
2%
Preferred..................... 100 45 48
Preferred..................... 100 11 lit,
South Calif Edison com .. 100 88 00
1st g 6s June l 1922.-J-D
Preferred..................... 1 00 101 104 Interconttnen Rubb 0 0 m. 100 m13 60
10
Standard Gas A El (Del). 50 *25 27 International Salt______ 100 70 74
Preferred____________ 5 0 «4H% 41%
1st gold 68 1951..........A-O 70 72%
134 2% International Silver prcf.100 *95 98
Tennessee Ry L A P com. 100
Preferred..................... 100
0% 7 Lehigh Valley Coal Sales. 50 *87 90
United Gas A Eleo Corp.100
Royal Baking Pow com..100 140 145
1st preferred_________100 .... S7%
Preferred___________ 100 90 03
2d preferred................100
Manufacturing... 100 If 3 107
United Lt A Rys com___ 100 28 32 Singer
Singer Mfg Ltd ............... £i <J2%| 3
1st preferred________ 100 60 64 Texas Pao Coal A Oil........to '109 112
Western Power oommon.100 21 23 W’housoChurohKerrAGo 100 «60 00
Preferred.................... 100 71 73
Preferred_____ ______ 1 00 n75 85
,* Per 8baro- ®
. d
a'8o Pays accrued dividend, e Now stook.
/Flat price, n Nominal, x Ei-dlvldend. v Ex-rlghts. (t) Without par valuo.

459

THE CHRONICLE

Jan . 31 1920.]

liwestramt

m &

§UvxliwtX |itMXxptic«.

RAILROAD GROSS EARNINGS
Tho following table
the cross
gross earnings of various S T E A M roads froni
from which
regular
o shows tho
---------=
>—— weekly
------ „ or m o n t h l -y., returns
+
first two
two col
columns of figures give tho gross earnings for the latest week or month, and the last t o
oan be obtained. The first
__ for
>r the
Jaa. 1 toMia including the latest week or month.
__.........
oolumns
the earnings
the pTrio^from
period
a re b r o u g h t to g eth er s e p a r a t e ly o n a s u b s e q u e n t p a g e .

Jan. 1

L a te s t G ro s s E a r n in g s .
ROADS.

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

C u rren t
Y ear.

P r e v io u s
Y ear.

Jan. 1

L a te s t G ro s s E a r n in g s .

to L a te s t D a t e .
ROADS.

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

to L a te s t D a t e .

C u rren t
Y ear.

P r e v io u s
Y ear.

$
$
$
303,689 295,614 3,652,666 3,211,550
December
263,756 262,608 2,794,556 2,470,855 Monongahela______
Alabama Sc Vicksb. December
192,988 228,302 1,954.320 2,473,763
243,488 Monongahela Conn- December
243,794
77,411 101,195
Ann Arbor________ 3d wk Jan
82.389 1,157,395 1,212,608
21,881
November
M ontour__________
162369130
179904498
13997068
21,757,402
175171S7
December
Atcb Tonoka & S Fe
Nashv Chatt Sc St L December 1,808,581 1,893,377 20,044,134
8,362
8,478
Gulf Colo Sc S Fo November 2.458.185 1,657,675 19.684,498 17.454,600
4,172
5.025
2d
wk
Jan
NevadaCalOregon
764.258 503,942 5,885,540 5.397.403 Nevada Northern. _ Novomber
1,422.155 2,488,027
Panhandlo Sc S Fo Novomber
239,976
157,842
430,413 469,176 4,961,072 4,703,381 Newburgh & Sou Sh November
Atlanta Birm & A tl. December
149,934 1,152,148 1.318.919
84.898
2,548,440
244.062 265.323 2.778,563
Atlanta Sc West Pt December
195,725 156,966 2,294,549 2,197,315
Orl Great N or. Docombcr
252,714 308,660 4,452,164 4,252,769 Now
549,256 592,053 6,446,802 6,474,717
Atlantic C ity--------- December
New Orl Sc Nor East Decomber
Atlantic Coast Lino. December 6,400,234 5.619.884 63,558,451 56,992,329
182.120 148,079 1,843,017 1,787,889
November
N
O
Texas
Sc
Mexico
Baltimoro Sc Ohio_. December 15745813 15358812 182620016 174191448
123,462 131,914 I , 226,463 1,319.108
Novomber
Beaum S L Sc W
1,645,425
1,864,224
130,948
205,981
Novomber
11 & O Ch Torm__
493,124 380,090 4,999,338 4,041,503
St L Browns Sc M November
521.042 437,616 5,287,299 4,863,222 New
274S9315 310715575 294823035
Bangor & Aroostook December
26856202
December
York
Contral
80,512
93,331
7,517
8,076
Bollofonto Contral __ Novomber
550,014 518,485 5,997,295 5,061.456
Ind Harbor Belt. Novomber
346,345 304,799 3,780,321 3,899,764
841,434 8.915,216 8,570.884
Bolt liy of Chicago. December
803,986
November
Lako
Erie
&
West
68,520,087
499,572 862,812 12,508,699 13,417,564
Bossomer & I. E rie.. December
Michigan Central. December 7,106,153 6,568,886 78,844,385
3,189.968
159.120
148,154 281.725 I ,
66,622,179 65,093,555
6,134,342
Bingham Sc Garfield November
C le v C C & S t L .. November 6,061,071
567,349 I, 397.254
83.311
44,557
268,960 2.653.226 2,546,184
Birmingham South. December
227.737
November
Cincinnati
North.
32,992,272
Boston & Maino— December 6.441.185 5,734,750 72,583,879 69,911,392
Pitts Sc Lako Erie December 2,459,907 2,762,004 28,034,188
974,341
883,486
Buff Koch Sc Pittsb. 3d wk Jan 287,702 324,780
592,701 730,464 8.462.234 9,050,777
Tol & Ohio Cent. November
145,253 189,868 2,157,830 32,249,666
3,957,191 5,472.767
December
486,525
Buffalo & Sus<i
275,226
November
Kanawha
&
Mich
Canadian Nat Rys. 3d wk Jan 1,599,643 1,541,392 5,106,071 4.255.864 N Y Chic & St Louis December 2,125,633 2,505,361 23,475,552 22,656,381
195,282 246,596 2,385.215 2,090.834 N Y N H & lia r tf.. December 9,942,727 8,608,151 106545119 102294211
Oan Pac Linos In Me November
Canadian Pacific— 3d wk Jan 2,837,000 2,919,000 9,339,000 8,696.000 N Y Ont & Western December
841.992 823,999 10,909,515 10,895,005
552,135 495,071 5,970,134 4,811,538 N Y Susq Sc W e st.. December 6,570,897 6,828,688 76,925,599 82,004.034
Caro Clinch & Ohio December
Contral of Georgia.. December 2,104,875 1,902.040 21,696.510 20,692,888 Norfolk & Western. November 6,872,060 7,910,910 70.354,702 75,175.346
Contral B R o f N J — Novomber 3,953.429 3,704,189 40,926,535 41.230,780 Norfolk Southern.. Docember
714,151 666,696 6.591.227 5,753,643
578,853 507,837 6,757,408 6,063,155 Northern Alabama- Novomber
Cent Now England. December
118,763 126,265 1,079.558 1.285.494
511,083 428,997 5.338,421 4,735.740 Northern Pacific— December 8,082,601 10066391 100739353 102908259
Contral Vermont— November
923,396
290,285 279,519 2,798,015 2,696,075
971.424
Charleston Sc W Car Novomber
80,213
88,363
Minn & Internat. November
d ie s & Ohio Lines.. December 5,675,676 7,089,616 71,475,015 73,720,796 NorthwcsternPacific Novomber
623,175 433,634 6,086.414 5,268,093
4,494,024 5,161,110
Chicago Sc Alton— December 2,382,108 2,156,516 25,272.334 24.358.661 Pacific Coast--------- November
457,695
171,826
Chic Burl Sc Quincy November 12796377 13071405 141282136 131533450 Pennsylvania R R . . December 32278827 34292094 378091498 368481751
Chicago & East 111.. December 2,172,123 2,225,996 24,795,180 26,753,092
116,823 135,133 1,603,332 1,436.439
Balt Chos & A tl.. December
Chicago Great Wost December 1,859,495 l ,685.459 22,128,189 19,116,924
74,569 217,308 1,153,261 1,168,339
Cine Lcb Sc North December
9,971.998
I
I
,
277,925
984,968
1,003,315
November
Chic Ind Sc L oulsv..
441.091 596,027 5,633,360 5,917,543
Cumberland Vail. December
321.062 339,178 3.712,479 3,435,784
Chicago Junction. _ December
1,732.058 1,688,243 24,381,973 22,241,156
December
Long
Island_____
Chic JMilw Sc Ht Paul December 12586422 12449937 150370394 134772945
104,367 117,702 1,356,187 1,101,323
M ary’d Del & Va. Docember
Chic & North West- December 11094113 10676199 139589915 127295678
618,798 765,177 8,208,366 7.632.494
N Y Phila & Norf December
161,302 159,282 1,736.078 2.147.466
Chic Peoria Sc Ht L. Doconibcr
132.800 164,582 1,645,768 1,645.592
December
Tol Poor Sc West.
10,599,543
971,020
Chic It 1 & P acific.. December 10151118 8.423.884 111578655 99,869,556
804,141 791,111 I I ,
W Jers & Seashoro December
493.822 423,101 4,536,434 4.065.467 Pennsylvania
Chic R I Sc G uir.. November
8,954,611 106342509 95,530.322­
8,707,716
December
C
o—
7,207,726
Chic Ht I* M Sc Om- December 2,412,131 2,245,994 27.732,018 24,829,981
8,238,636
558,607
660,139
Grand Rap Sc Ind December
135,168 428,762 3,735.700 4,614,462
Chic Terro II Sc S E . November
Pitts C O & St L. Docombcr 8,505,539 7,336,471 93,606,303 87,224,887
343,338 268.712 3,204,570 3,137,152 Peoria & Pekin Un. i lecem ber
1,243,748 1,306,394
Cine Ind Sc Western December
122,602
123.993
Cln N O Sc Tex Pac. Decomber 1.383.521 1,554,886 16,313,685 15,478,641 Pero Marquette___ November 3,404,145 2,865,397 32,370.466 26.265.438
Colo Sc Southern — 3d wk Jan 553,563 465,028 1,514,937 1,258,816 Pcrkiom en________ December
107,005 107,555 1,121,836 1,117,383
835,464 1,472.853
Ft W & Don C ity. Novomber 1.020.521 781,878 10,109.665 7.150.191 Phila Beth Sc N E ._ December
76,015 120,128
93,178 1,266,668 1,040,605 Phila & Reading— December 6,104,259 7,629.262 72,871,823 80,769,563
161,053
Trln Sc Brazos Val November
1,032,503
890,338
90,899
13,614
1,031,741 1,227.382
Colo Sc Wyoming— November
99,409
37,004
Novomber
Pittsb
Sc
Shawmut..
287,834
Cuba Railroad____ November 1,022,351 472,392 12,433,778 I I ,
74,558 1,041,921 l,125,20oo
68,711
Pltts Shaw Sc North November
Delaware & Hudson December 2,880,843 2,601,704 34,749.709 34.789.864 Pittsb Sc West V a .. December
77,342 1,452,608 1,800,14b
141,940
2,377,412 2,637,218
Del Lack Sc Western December 6,307,146 6,009.722 71,824,047 68,740,076 Port Reading.........- Docember
295,202
62.943
959,229
Donv Sc Itlo Grande Novomber 2,829,990 2,935.490 29,850.620 28,482.681 Quincy Om & K C __ November
68,452 1,021,673
105,680
261,471 177,453 2,658,205 1,993,650 Rich Fred Sc Potom. December
Denver Sc Salt Lake November
7.743.234 7,164,371
741,874
635,187
4,027,034
157.931 108,693 1.538,284 1.397.192
Detroit Sc Mackinac November
4,532,783
466,354
Docember
321,632
Wash Southern..
372.774 326,846 3,471,796 3.090.747 R utlan
Detroit Tol Sc Irotit. November
414,748 340,659 4,838,533 4.540.589
d__________ December
1,999,025
203,038 204,228 2,458,39
Dot Sc Tol Shore L . December
233,556 183,523 2,932,822 2.588,577
St Jos & Grand Isl’d December
128,418 119,151 7,961,606 8,978,929 St
Dul Sc Iron R ange.. I leeemlier
6,451,898 71.361,399 63,778.875
November
6,997,915
Louls-San F ran..
Dul Mlssabo & N or. November 1,035.878 1,377,248 19.734,662 21,303,126
95,234 1,487,844 1,050,973
166,291
Ft W Sc Rio Gran. November
202,302
219,347
71,475
70,682
Dul Sou Shore Sc Atl 3d wk Jan
110,748 1,406,477 1.272.408
Novomber
141,124
St
L-S
F
of
Texas
164.122 175,410 1,752,752 1,564,080 St Louis Southwest Docember 1,487,071 1,318,751 13,750,284 13,035,152
Duluth Winn & Pac November
130,393
80,346 1,229,438 1,118,382
East St Louis Conn. December
683.371 520,091 6,140,555 6,037.564
St L S W of Texas November
Elgin Joliet Sc East. December 1,995,302 2.037,562 19,310 380 20 685 048 St Louis Transfer
64,360 1,144,253 1,080,329
December
119,697
El Paso Sc So West. December 1,051,049 1,222,272 12,761,390 14,790,467 San Ant & Aran Pass December
448,305 369.984 4,516,590 4,370,335
Erie itailroad______ i Jecember 8 120 383 8 176,460 91,797,50“ 87.855,400 Seaboard Air L ino.. December 3,687,553 3,609,185 41,183,532 38,923,106
884,406 1,104,758 9,504,852 9,902.470 South Buffalo----- Docember
Chicago Sc E rie.. November
949.683 1.563,095
67,416 125.584
996,519 821,685 10,121,222 8.S4 1,.'22 Southern
Florida East ( ’ oast. December
P acific.. November 15721986 13430018 155044817 139986981
99,156 1,251,651 1,123.137
112,064
3.366,098 4,085.259
Fonda Johns Sc GIov Docombcr
361.920
288,144
Novomber
Arizona
Eastern
19,423,430
150,248 115,582 1,490,639 1,175.197
Ft Smith Sc Western November
Galv Harris Sc S A November 2,083,432 1.652,920 19,624.292
938.122
854.881
65,894
128,115
November
Galvoston Wharf.
IIous Sc Tex Cent Novomber 1,075.362 704,683 8,660,112 8,240,926
690,620 699,505 5,868,355 6,078.974
November
Goorgla Railroad.
2,165.322 I . 891.187
188,205
221,717
November
IIous
E
&
W
T
ox.
998,34“ 1,021.743
90,170
90,367
Decembt r
Georgia & Florida
370.315 344,194 3.766,800 3.973.791
Louisiana W estern November
290.357 256,264 3,136,976 2,104,095
Grd Trk L In Now E November
751,934 798.865 7,085,702 7,511 098
Moga La & Texas November
Grand Trunk S y st.. 3d wk Jan 1,056,381 940,925
687,279 676,170 7.334.275 6,818.626
November
Texas & New Orl.
Gr’d Trunk West December 1,933,576 2,211,029 22,342 06, 19.376,032 Southern Railway. . Docember 12858780 10727373 129787811 126574296
106533738
100661066
Groat North System December 8,089,469 9,848,200
December
970,249 915,858 10,529,739 9,296,634
Ala
Great
South.
271.342 211.219 2,569.342 2,198,939
Gulf Mobilo Sc Nor November
Mobilo & O liio ... December 1,518,453 1,341,075 15,636,714 14,840,901
219.189 182,479 2,496,260 2.548,059
Gulf Sc Ship Island December
421,572 4,374.501 3,694,800
December
440,668
Georgia
Sou
&
Fla
856,710 699,244 11,654,516 13,155,861
Hocking Valley__ December
213.801 195,514 1,864,983 1,519,495
South lty in Miss. December
912,903
Illinois Contral___ November 8,463,829 9,196,390 98.134,460 98,190.217 Spokane Internat.. November
73,542 1,072.680
124,379
Internal Sc Gt N or_. November 1,451,599 1,174,600 13.193.565 12.298,539
618,219 767,075 6,742,561 7.768.436
Portl & Seattle Novomber
69,824 1,511,840 1,259,674 Spok
149.358
1,934,751
2,234,671
Kan City Mex Sc Or December
179.163
December
162,860
Staten Island It T . .
77,131 1,322,209 1,188,656 Tenn
166,143
5,260
9,478
IC C Mex Sc O of Tex December
2.340
3,118
Ala Sc Georgia 3d wk Jan
Kansas City South. December 1,468,744 1,387,027 15,111,997 15,250,406 Tennosseo C entral.. December
199,761 245,094 2,489,537 3,011,812
81,036 127,060 1,495,013 1,281,121 Term R R Assn of St L December
4,002,712 3.882.409
Toxark Sc Ft S in .. December
215,142
412,744
112.122 105,753 1,268,580 1,138,952
Kansas City T erm .. Novomber
363,521 250,284 3,217.134 3.620.589
St L Mer Bridge T December
217,524 199,773 2.474,427 2,104.599 Texas
Lehigh Sc Hud River Novomber
3d wk Jan 684,490 611,058 2,108,118 1,828,617
367,374 334,727 3,981.318 3,989,895 Toledo&StPacific___
Lehigh Sc Now Eng. December
844,063 738,050 8,267,877 8,306,127
L & West. December
December 5,443,231 5.894,043 04,520.898 65,586,769 Ulster & Delaware.
Lehigh V alley__
55,862 1,215,809 1,006,444
90,237
. Docember
Los Ang Sc Salt Lako November 1,623,961 1,208,262 15,704.547 13,247,832 Union Pacific______ December 8,603,326 8,732,532 110819514 98,443,364
282,578
146,071 2,220.760 1,671.651
Louisiana Sc Arkan. December
November 3.480,564 3,044,868 35,099,592 31,089,991
Oregon
Short
Ltno
2,803.668
3,220.197
308,509 288,190
Loulsiana lty & Nav November
Oro-Wash R R & N Novomber 2,595,919 2,141,427 26,200,642 23,922.333
Louisville Sc Nashv. December 9,645.628 9,644,401 107514965 101392792
646.164 7.710.275 7,078,313
593,791
Union ltR (P en n ).. December
253,218 262,761 2,014,103 2,858,463 U
Loulsv Ilend <fc St I December
137,247 113.865 1,140,677 1,289,139
tah
......................... November
10,415,178
17,525,178
Maino Contral_____ December 1,583,312 1,429,413
3,328,329 2,689,104
323,798
294,403
December
Vicks
Shrove
&
Pac.
334.258 328.218 3,603.480 3,181.840 Virginian R R --------- December 1,082,469 887,349 12,075,305 I I , 903,444
Midland Valloy____ Novomber
63,506
37,766
22,377
14.293
3d wk Jan
Mineral R ange..
48,847,085 48,246,411
4,556,981
December
4,622,171
Wabash
R
R
.............
12,028,300
Minneap & St [.mils December 1,101,724 1,067,624 13,384,871
Western Marvland. Decem ber 1,111,643 1,745,627 14,610,409 15,402,351
Minn St P Sc S S M . December 3.651,601 3,905,178 42,661,595 35,995,292 Western Pacific------ November 1,220,182 760,121 12,366.278 10,174.319
80,464 1,011,409 1,246,990 Western lty of Ala. December
77,374
Mississippi Contral December
223,417 245.164 2,546,170 2,558,202
Missouri Kan Sc Tex December 3,011.374 3.036,014 34.272,091 33.230.334 Wheel & Lake Erie December
957,643 951,455 12,600,839 13,592,172
971,199
M o K Sc T Ry of Tox Novomber 2,932,140 3.124.370 31,260.717 30,183,720
249,646 101,801 2,106,374
November
Wichita
Falls
&
N
W
1,309,216
1.439.267
131.244 131,188
M o Sc North Arlcan. November
2,173,895 22,636,222 20,078,207
2,320,573
Novomber
Yazoo
Sc
Miss
Valloy
170,977 124,485 1,517,855 1,783,303
Mo Okla & Gulf___ December
December 8,656,301 8,113.593 93,577.081 89.612,397
Missouri P acific..

AGGREGATE OF GROSS EARNINGS— Weekly and Monthly.
* W e ek ly S u m m a r ie s .

1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d

C u rren t
Y ear.

P r e v io u s
Y ea r.

In crea se or
D ecrea se.

$
S
+741,923
8,110, 510
8,852,433
week Nov
9,193,612 8,065, ,314 + 1,128,268
week Nov
+800,385
7.838,940 7,038, ,555
week Nov
+ 708,200
11,286,692 10,578 ,492
week Nov
+581,204
7,005,482 6,424 ,278
week Dec
+80.388
,309
8,262
8,342.097
week Dec
— 245,183
8.671 ,764
7,426,581
week Dec
11,528,338 10,498 ,450 + 1,029,888
week Dec
+ 743,086
5,894,015 5,151 ,529
week Jan
6,827, 044 + 1,221.646
8,018.690
week Jan
+ 154.716
7,184.286 7.029 ,507
week Jan (13 roads)----* Wo no longer Include Mexican roads in any of our totals.




* M o n t h ly S u m m a r ie s .
M ile a g e .

9.15
13.99
11.37
6.69
9.05
0.97
2.88
9.83
14.42
17.89
2.20

C u r r .Y r .

January . . ..232,655
February . ..232,957
March__ ..226,086
A pril_____ ..232,708
M a y _____ ..233,931
..232,169
Juno
July........... ..226,654
August__ ..233,423
September ..232,772
October__ ..233,192
November .233,032

P rev. Y r

C u rren t
Y ear.

P r e v io u s
Y ear.

In crea se or
D ecrea se.

%

$

S
284,131,201
289,392.150
365,096.335
370,710,999
378,058,163
393,265.898
469,246,733
502,505,334
485,870,475
489,081.358
439,029.989

$
+ 111,420,819
+ 61,656,597
+ 10,676,415
+ 17,986,895
+ 35,132,305
+ 30,769,974
— 14,658,220
— 32,636,656
+ 9.252,922
+ 18,042,496
— 2,593,438

39.22
21.31
2.90
4.85
9.29
7.83
3.13
6.40
1.97
3.87
0.59

233 ,199 395,552.020
233 ,266 351,048,747
225 ,631 375,772.750
2.33 ,251 388,697,891
234 ,339 413,190.468
232 ,682 424.035,872
226 ,934 454,588,513
233 ,203 469,868,678
232 ,349 495,123,397
233 ,136 508,023,854
232 ,911 436,436,551

460

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of January. The table covers 13 roads and shows 2 .2 0 %

[Vol. 110
----- G ro ss

R oads.

C u rren t
Y ear.

E a r n in g s —
P r e v io u s
Y ear.

------ N e t
C u rren t
Y ear.

E a r n in g s -----P r e v io u s
Y ear.

$
$
S
8
Lehigh & Now E n g .b ...D e c
367,374
334,727
80.176
131,404
Jan 1 to Dec 31........... 3,981,318 3,989,895 1,025,201 1.205,774
T h ir d W e e k o f J a n u a r y .
Lehigh V alley.b...............Dec 5.443,231 5,804,043
1920.
1919.
80,967
In crea se. D ecrea se.
352,254
Jan 1 to Dec 31...........64,528,898 65,586,769 5,326,589 8,240,743
S
$
$
8
Louisiana & Arkansas.b.D ec
282,578
146,071
64 233
def 9,605
Ann Arbor____________________
77,414
101,195
23,781
Jan 1 to Dec 31--------- 2,220,760 1,671.651
30,587
211,109
Buffalo Rochester & Pittsburgh.
287,702
324,780
37,078
Canadian National R ys._
Louis I lo n d * St Louis.b.Dec 253,218
262,761
60,859
1,599,643 1,541,392
68,251
63,975
Canadian P a c ific .............
Jan 1 to Dec 31........... 2,914,103 2,858,463
661,209
2,837,000 2,949,000
853,644
112,000
Colorado & Southern__________
553,563
465,028
88,535
Loulsvlllo
&
N
a
s
h
v
.b
..-D
e
c
9,645,628
9,644,401
2,117,627
1,8/8,178
Duluth South Shore & Atlantic.
70,682
71,475
793
Jan 1 to Dec 31........... 107,514,965 101392,792 14,970,827 21,835,820
Grand Trunk o f Canada______
Maine Central-b__. . _ . .D ec l ,583,312 1.429.4J3
73,537 dcf296,144
Grand Trunk Western______
1,056,381
940,925 115,456
5,114
Jan 1 to Dec 31---------17,525,178 16,415,178
385,432
Detroit Grand Haven & M il.
Minneap & St L ou is.b ._D ec 1,101,724 1,067,624 def.348.262
Canada Atlantic___________
15,886
Mineral Range_______________
Jan 1 to Dec 31---------13,384,871 12,028,300
380,350
657,203
14,293
22,377
8,084
Tennesseo Alabama & Georgia.
3,118
2,340
Minn St P & S S M .b ...D e c 3,651,601 3,905,178
537,467 1,346,348
778
Texas & Pacific______________
684,490
611,058
Jan 1 to Dec 31...........42,661,595 35,995,292 8,254,810 6,304,684
73,432
Mississippi C e n tr a l.b ...D e c
77,374
80,464 def58,059 def 17,770
Total (13 roads)__________
7,184,286 7,029,570 336,452 181,736
Jan 1 to Dec 31........... 1,011,409 1,246,990 dof207,418
279,794
154.716
Missouri Kan & T e x .b ._ D e c 3,011,324 3,036,614
396,736
436,214
Jan 1 to Dec 31...........34,272.091 33,230,334 5,081,929 6,083,993
Net Earnings Monthly to Latest Dates.— The table M o Okla & G u lf.b ------- Dec 170.977
124,485 def94,223 def89,011
following shows the gross and net earnings with charges and
Jan 1 to Dec 31........... 1,517,855 1,783,303 def878,430 def.320;908
surplus of S T E A M railroad and industrial companies re
Missouri P acific.b..........Dec 8,656,301 8,113,593
728,852
918,498
Jan
1 to Dec 31........... 93,577,081 89.612,397 10,219,457 16,380,659
ported this week:
Monongahela C on n ec.b-D cc
192,988
228,302
63,667 def.37,590
------ G ro ss E a r n in g s ------ ----- N e t E a m i n g s Jan 1 to Dec 31........... 1,954,320 2,473,703
53,194
266,441
C u rren t
P r e v io u s
C u rren t
P r e v io u s
R oads.
Y ear.
Y ear.
Nashv Chatt & St L .b .- D e c 1,808,581 1,893,377
1 1 2 ,0 2 2
2 9 3 ,8 3 3
Y ear.
Y ear.
S
s
Jan 1 to Dec 31---------20,044,134 217,57,402 1,560,506 4,133,838
S
Alabama * V ic k s b .b ...D e c
263,756
262,608
48,643
35,375 Now Orl & Nor E a s t.b ..D o c
549,256
572,053
26,434
88,575
Jan 1 to Dec 31........... 2,794,556 2,470,855
318,900
425,738
Jan 1 to Doc 31--------- 6.446.802 6.474.717
521.522 1.282,302
Atch Top & Santa F e .b .D e c l7 ,517,187 13,997,068 6,007,294 ------------2,063,295 Now Orl Great N o r .b ...D e c
195,725 156,966
9,446 def62,014
Jan 1 to Dec 31...........179,904,498 162369,130 49,402!254 47!456i75 ^
2.197.315
__
Jan 1 to Dec 31........... 2.294,549
178,213
503,436
Atlanta & West P o in t.b .D e c
244,062
265,323
45,396
90,660 New York C entral.b...D ec26,856,202 27,489,315 5,014,087 5,477,270
Jan 1 to Dec 31______ 2,778,563 2,548,440
710,651
818,085
Jan 1 to Dec 31---------310,715,575 294823,035 61,774,941 62,419,330
Atlanta Birm Sc A tl.b _ ._ D e c
430,413
469,176 def42,979 def57,109
Michigan C entral.b_.D ec 7,106,153 6,568,886 1,592,050 2,119,736
Jan 1 to Dec 31______ 4,961,072 4,703,381 def780,030 def335,02
Jan 1 to Doc 31........... 78,844.385 68,520,087 21,002,571 17,450,014
Atlantic C ity .b ..............D e c
252,714
308,660 dof15,347
56,222
Pitts & Lake E r io .b ...D e c 2,459,907 2,702,004
278,574
474,787
Jan 1 to Doc 31........... 4,452,164 4,252,769 1,023,714 1,351,264
Jan 1 to Dec 31........... 28,034,188 32,992,272 4,032,344 10,627,088
Atlantic Coast L ino.b ..D o c 6,400,234 5.619,882
_ 1,578,384 1.849,020 N Y Chicago & St L .b ..D e c 2,125,633 2,505,361
324,525
758,387
Jan 1 to Dec 31---------- 63,558,451 56i992;329 l6!048r540 14,’329;026
Jan 1 to Dec 31........... 23,475,552 22,656,381 5,157,750 5,166,624
Baltimore Sc O h io.b------D ecl5,745,813 15,358,812
775,674
344,171 N Y N II * H artford.b.D ec 9,912,727 8,608,151 1,240,619 dcf249,826
Jan 1 to Dec 31----------182,620,016 174191,448 12,750,890 13,599,268
Jan 1 to Dec 31............106,515,119 102291,211 14,071,738 14,547,688
Bangor & A roostook.b__Dec 521,042
437,616
8,994
32,049 N Y Ont & W est.b.........Dec 811,992
823,999 def82 810 def 178,705
Jan 1 to Dec 31______ 5,287.299 4,863,222
293,926
623,705
Tan 1 to Dec 31...........10.909,515 10,895,005 1,105,470
920.481
Belt Ry of Chicago, b __ Dec 346,345
304,799
24,410
10,303 Norfolk Southern.b___ Dec
714,151
566,696
160,015 dof27,353
Jan 1 to Dec 31______ 3,780,321 3,899,764
398,451
124,355
Jan 1 to Dec 31--------- 6,591,227 5,753,643
303,081
480,082
Bessemer A Lake E rie.b .D ec
499,572
862,812 def794,363
162,102 Norfolk & W e s t.b ..........Dec 6,570,897 6,828,688
_
519,678_ 1,530,676
Jan 1 to Dec 31--------- 12,508,699 13,417,564 2,056,579 4,250,325
Jan 1 to Dec 31--------- 76.925,599 82,004.034 12,904,313 20,424,737
Birmingham Southern.b.Dec
44,557
83,311
dcf3 061
def5,380 Northern P a cific.b ........ Dec 8,082,601 10,066,391 1,463,079 3,096,765
• Jan 1 to Dec 31...........
567,349 1,397,254
97,770
382,492
Jan 1 to Dec 31................................ 100,739,353 102908,259 24,559,03931,391,957
Boston &; M atae.b.........Dec 6.441.185 5,734,750 def464,845dfl,837,394 Pennsylvania R R .b ----------------------- Dec32,278,827 34.292,09 tdfl ,148,774383,051
Jan 1 to Dec 31--------- 72,583,879 69,911,392 6,560,211 5,480,620
Jan 1 to Dec 31................................378,091,408 368181,751 22,073,03034,583,070
3uffalo Roch & P itts.b .D e c 1,005,819 1,606,733 def303,399
36.367
Balt C h e s& A tl.b
Dec
110,823
135,133
dcf7,344 def25,090
Jan 1 to Dec 31--------- 13,955,591 18,479,058d f l ,073.134
902,450
Jan 1 to Dec 31........... 1,003,332 1,436,439 defl3.170
7,505
Buffalo & S usq.b-------- Dec
145,253
189,868 dof79,335 dof,36,066
Cumberland V alley.b.D ec
441,091
596,027
82,496
190,305
Jan 1 to Dec 31--------- 2,157,830 2,249.606 def416,586 dof 17,928
Jan 1 to Dec 31........... 5,633,360 5,917,543 1,043,437 2,207,037
Canadian P acific.a------- Decl7,025,584 15,750,855 1,682,177 2,811,012
___
Long Islan d.b.............Dec 1,732,058 1.688,243 dof109,387 dofl97,316
Jan 1 to Dec 31--------- 176,929,060 157537.698 46,594,207 48,163,618
Jan 1 to Dec 31--------- 24,381,973 22,241,156
.............. " 3,795,124 5,502,085
Caro C lin ch * O h io .b ...D e c
552,135
495,071
108,373
131,386
M ary’d Del & V a .b -.D e c
104,367
117,702
def5,461 ilef 17,081
Jan 1 to Dec 31--------- 5,970,134 4,811,538 '1,415,252
--------Jan 1 to Dec 3 1 .......... 1,356,187 1,101,323 dof30,469 defl0,437
1.185,977
Central of G e o r g ia .b ...D e c 2,104,875 1,902,040
N Y Phila * N o r f.b -.D c c
618,798
765,177 def67,105
319,787
525.731
154,892
Jan 1 to Dec 31--------- 21,696.510 20.692,888 2,459,946 4,674,711
Jan 1 to Dec 31........... 8,208,366 7,032,494 1,019,391 1,349,061
Central New E ngland.b.D ec
578,853
507,837 def87,043
W Jersey & S eash -b-.D ec
804,141
.
28,611
791,111
d ef181,068 def310,129
Jan 1 to Dec 31--------- 6,757,408 6,063,155
613,236
666,802
Jan 1 to Dec 31--------- 11,971,020 10,59!L543
826,001
193, 683
Chesapeake * O h io .b ...D e c 5,675,676 7,089,616 dof328,034 2,144,013
Tol Peoria & W est.b .D ec
132,800
164,582 _def57,692
4,476
Jan 1 to Dec 31--------- 71,475,015 73,720.796 10,798,542 19,577,795
Jan 1 to Dec 31........... 1,045,708 1,645,592 defl53,639 def22;520
Chicago * A lto n .b ------- Doc 2,382,108 2,156,516
175,930
37,931
Pennsylvania C o .b .. .D c c 8,707,716 8,954,611 def826,730
247,547
Jan 1 to Dec 31...........25,272,334 24,358,661 1,718,623 3,681,232
Jan 1 to Dec 31--------106,342,509 95,530,322 10,863,238 8.980,065
Chicago & East 111.b------Dec 2,172,123 2,225,996
209,109 def275,279
Pitts Cin Chi & St L .b D cc 8,505,539 7,330,471 d f l ,463,756 def347,839
Jan 1 to Dec 31........... 24,795,180 26,753,092
799.180 2,667,531
Jan 1 to Dec 31--------- 93,606.303 87,224,887 2,514,066 8,093,852
Chic * North W estern.b.Dccl 1,094,113 10,676,199 def447,365dfl ,084,401
Grand Rap & I n d .b ..D e c
660,139
558,607 def.38,289 def54,297
Jan 1 to Dec 31........... 139,589,915 127295,678 20,010,528 17,797,106
Jan 1 to Dec 31........... 8,238,636 7,207,726
897,119
732,782
123,993
Chicago Great W e s t.b ..D e c 1,859,494 1,685,459 defl7,554 def86,972 Peoria & Pekin U n ion .b.D ec
122,602 def 12,696
59,690
Jan 1 to Dec 31--------- 22.128.189 19,116,924 2,823.026 1,333,827
Jan 1 to Dec 31______ 1,243,748 1,308,394 d e f131,205 def208,446
Chic M ilw * St P a u l.b ..D e c l2 ,586,422 12,440,937 def458,027 def235,771 Perkiomcn.b
...............Dec
107,005
107,555
60,954
50,069
Jan 1 to Dec 31----------150,370,395 134772,945 11,808,689 11,103,545
Jan 1 to Dec 31...........1,121,836
1,117,383
659,426
530,575
Chic Peoria & St Louis.b.Dec
161,302
159,282 dcfll9,397 dofl45,447 Phila & R eading.b.........Dec 0,104,259 7,629,262
552,043 1,227,280
Jan 1 to Dec 31--------- 1,736,078 2,147,466 def759.101 dof393,697
Jan 1 to Dec 31...........72,871,823 80,769,563 8,263,649 14,880,191
Phila Beth * N E .b ____ Dec
76,015
Chicago R I * P acific.b.D eclO ,151, 1 1 8 8,423,885
1 8 0 , 8 8 0 dof2 2 0 , 2 8 2
120,128
def 1,935 def.32,247
Jan 1 to Dec 31........... 111,578,655 99,869,556 14,555,888 13,770,982
Jan 1 to Dec 31...........
835,464 1,472,853
7,267
222,870
Chic St P Min * O m .b .D e c 2,412,131 2,245,994
205,049
2 8 5 ,0 9 4
Pittsburgh & West V a .b .D e c
141,940
77,342 deflS.OIl dofOO.lOO
Jan 1 to Dec 31........... 27,732,018 24,829,981 4,415,553 3,945,781
Jan 1 to Dec 31........... 1,452,608 1,800,146 dof542,009 dofl25,235
Cine Ind & Western_b_.Dec
343,338
268,712 def48,205 def27,415 Port Reading.!)_________Dec
62,943
295,202 def45,984
123,828
Jan 1 to Doc 31--------- 3,204,570 3,137,152 def385,083 dofl3,911
Jan 1 to Dec 31........... 2,377,412 2,637,218
805,642
............
844,801
Cin N O & Tex P a c .b ...D e c 1,383,521 1,554,886 def56,747
635,187
741,874
325.117 Rich Fred & Potom_b__Doc
207,049
300,937
Jan 1 to Dec 31----------16,313,685 15,478,641
814,590 2,874.601
Jan 1 to Doc 31______ 7,743.234 7,164,371 3,072,497 3,340,160
D elaw are* H u d so n .b ..D e c 2,880,843 2,601,704
173,362 defl20.367
Washington S outh.b.D ec
321,632
460,354
93,238
241,830
Jan 1 to Dec 31--------- 34,749,709 34,789,864 3,078,204 3,436,079
Jan 1 to Dec 31........... 4,532,783 4,027,034 2,027,763 1,952,942
Delaware L a c k * W est. bDec 6,307.146 6,009,722 1,207,721 1,177.904 Rutland, b ..............
Dec 414,718
340,659
13,400 def02,159
Jan 1 to Dec 31........... 4,838,533 4,540,689
Jan 1 to Dec 31........... 71,824,047 68,740.076 15,758,796 18,814,391
303,327
153,408
Det & Tol Shore L in e.b.D ec
203,038
204,228
62,053
114 197 St Joseph & Gr Is l.b ____ Dec 233,556
183,523
def5,521 dof80,146
Jan 1 to Dec 31--------- 2.458,394 1,999,025 1,159,537
901,719
Jan 1 to Dec 31........... 2,932,822 2,588,577
88,389
29,546
Duluth & Iron R an ge.b.D oc
128,418
1,318,751
119,151 defl67.310 dof194,026 St Louis Southwest.!)_D ec 1,487,071
370,707
350,051
Jan 1 to Dec 31______ 7,961,606 8,978,929 3,388,450 4,234,187
Jan 1 to Dec 31...........13,750,284 13,035,152 3,006,528 4,144,364
East St Louis C onn ec.b.D ec
130,393
119,697
80,346 deft,847 dof23,024 St Louis Transfer.b____Dec
64,360
37,812
13,243
Jan 1 to Doc 31........... 1,229,438 1,118.382 dof 131,781
Jan 1 to Doc 31........... 1,144,253 1,080,329
197,147
304,454
173,165
Elgin Joliet & East_b.__Dec 1,995,302 2,037,562
____
766,350
695,059 San Antonio & Ar Pass b Doc 448,305
309,984 def 19,444
7,891
Jan 1 to Dec 31--------- 19,310,380 20,685,048 4,557,857 5,899,772
Jan 1 to Doc 3 1 ..........4,516,590
3,370,334 dof908,964 dof.39,995
El Paso & So W e st.b ___ Dec 1.051,049 1,222,272
328,272
501,831 Seaboard Air L in o.b ____ Dec 3,687,553 3,609,185
55,182
68,071
Jan 1 to Dec 31---------12,761,390 14,790,467 3,874,918 6,161.447
Jan 1 to Dec 31______ 41,183,532 38,923,’ iO0 3.717,715 5,576,313
Erio b ......... ...................... Dec 8,120,383 8,176,460
07,410
125,584 dof27,036
369,431 def 146,519 South B uffalo-b................ Doc
2,205
Jan 1 to Dec 31--------- 91,797,507 87,855,460 3.981,670
Jan 1 to Dec 3 1 ...........
049,683 1,503,095
191,687
78,144
310,394
Florida East C o a s t .b ...D e c
996,519
821,685
296,029
118,014 Southern R ailw ay.b____ Decl2,858,780 10,727,373 2,326,140 2,454,565
Jan 1 to Dec 31______10,121,222 8,841,222 1,860,606 2,098.518
Jan 1 to Dec 31.........129.787,811120,574,296 10,042,999 341703,871
Fonda Johns & Glov_b__Dec
112,064
99,156
Alabama Gt S outh.b.D ec
970,249
915,858
42,685
33.065
285,140
172,262.
Jan 1 to Dec 3 1 .......... 1,251,651 1,123.137
448,251
Jan 1 to Dec 31........... 10.529,739 9,296.034 2,005,962 2,103,120
426,248
Georgia * Florida.b____ Dec
90,367
90,170 def53,823
Ga South & F la .b ------Doc 440,608
421,572
def5,533
35,364
03,769
Jan 1 to Dec 31______
998,345 1,021,743 def388,487 def27,618
Jan 1 to Dec 31........... 4,374,501 3,694.800
252,577
445,263
Grand Trunk W e s t .b ...D e c 1,933,576 2,211,029
........... ..
def88,402
Mobile & O h io.b .........Doc 1,518,453 1,341,075 def 13,018
982,257
90,511
Jan 1 to Dec 31--------- 22,342,065 19,376,032 4,312,660 2,135,980
Jan 1 to Dec 31............15,030,714
14,840,901def406.330
709*729
Great N orthern.b-----------Dec 8,089,469 9,848,200
280,181 dof392.334
South RR In M iss.b ..D e c
213,801
195,544
50,208
52,007
Jan 1 to Dec 31----------106,533,738 100661,066 19.805.720 16,271,497
Jan 1 to Dec 31______ 1,864,983 '1,519,495
—
*"
---------120,707
170,376
Gulf & Ship I s la n d .b ...D e c
249.189
182,479
16,737 defl9,341 Staton Island Rap T r .b .D e c
162,860
179,103 def 15,836
16,026
Jan 1 to Dec 31............ 2,496,260 2.548,059
31,551
5141927
Jan 1 to Dec 31........... 2,234.671 1,934.751
272,435
234,325
Hocking Valley.b ------Dec
856,710
699,244 def70,000 dcf95,869 Tennessee C entral.b____ Dec 199,761
245,094 defl2,190 deft 1,232
Jan 1 to Dec 31-----------11,654,516 13,155,861 1,961,912
~ 2,707,068
a,9VJan 1 to Dec 31........... 2,489,537 3,011,812 def336,928
299,285
Kan City Mex & O r_ b ..D o c
149,358
412,744
69,824 def49,099 def71,745 Term RR Assn of St L b Doc
315,142
92,043
23,366
Jan l to Dec 31--------- 1.511,840
Jan 1 to Doc 31______ 4,002,716 3,882,409
1,259,674 deft93,981 dof.315,007
607,481
689,297
K C Mex & Or of T e x .b .D e c 166,143
St L Mor Bdgo & T b Doc
363,521
77,131 dof.34,220 d. 479,036
250,284
25,581
def28,791
Jan 1 to Dec 31______ 1,322,209 1,188,656 def604,480 def325,000
Jan 1 to Dec 31______ 3,217,134
3,020,589 dof320,285
160,575
Kansas City Southern.b.Dec 1,468,744 1.387,027
434,656
05,248 Tol St L & W est.b_______ Doc 844,063
738,050
172,098
217,408
Jan 1 to Dec 31---------15,111,997 15,250,406
Jan
1 to Dec 31........... 8,207,877 8,300,127 1,322,932 1,881,989
' ~
2,966,042 3,725,405
Toxark & Ft_Smith_ b .D e c
81,036
127,000 def24,572
90,237
72,315 U lster* Delaware.b_____Doc
65,862 def27,647 def27,673
Jan 1 to Dec 31--------- 1,405,013 1,281,*121
311,880
442,563
Jan 1 to Dec 31...........1.215,809
1,000,444 dof88,515
def8,199




Jan . 31 1920.]

THE CHRONICLE
------ G ro s s

R oad s.

C u rren t
Y ear.

E a r n in g s -------------- N e t E a r n in g s -----P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ear.

$
.$
$
8 ,732,532
Union Pacific.b_________ Dec 8,003,326
Jan
1to Dec 3 1 _110 ,8 19 ,514
98,443.364 36,882,835
Union UR ofP o n n .b ...D c c
593,796
646,164 defl62,352
Jan
1to Dec 3 1 . 7,710 ,275
7,0 78,313 def.39,421
294,403
323,798
Vicks Shrovo &P a c .b ___ Dec
4 2,613
Jan
1to Dec 3 1 . 3,323,329
2,689,104
629,945
173,225
887,349
Virginian, b _____________ Dec 1,082,469
Jan 1 to Dec 3 1 ______12,075.305 11,903,444 2,900.304
324,691
W abash.b_______________Dec 4,6 22,171 4,556,981
Jan 1 to Dec 3 1 ...........48,847,085 48,246,411 4,455,348
Western M a ryla n d .b ...D e c 1,11 1,6 4 3 1,745,627 def465,765
18.641
Jan 1 to Dec 3 1 ........... 14,610,409 15,40 2,351
Western R y of A la. b ___ Dec 2 23,4 17
245,164
68,747
Jan 1 to Dec 3 1 ______ 2,546,170 2,558,202
630,582
Whooling St Lako E rie .b.D ec
957,643
9 51,4 55
71,6 53
Jan 1 to Dec 3 1 ........... 12,600,839 13,5 9 2 ,172 1,7 31,30 1
a Net earnings hero given aro after the deduction of taxes,
b Net earnings hero given aro before the deduction of taxos.

461
----- G ro s s

C o m p a n ie s .

C u rren t
Y ear.

E a r n in g s ----P r e v io u s
Y ear.

------N e t
C u rren t

E a r n in g s
Prevx

$
1,4 57,218 2,421,406
Alabama Pow Co In c.a -D cc 302,370
291,772
38,565,554
Jan 1 to Dec 3 1 ______ 3,10 5,582 3,019,730
117 ,7 18 Araer Pow & L t C o .a
Nov 1,585,389 1,263,373
723,172
Dec 1 to Nov 30 .......... 15,902,704 13,423,126
59,741
Southern Canada Power Co,
465,747
L t d . . .............. ............ Dec
5 7,18 5
29,259
23,442
51,091
Oct 1 to Dec 3 1 ..........
164,970
84,205
66,455
144,648
def140,241
2,628,526 Southw Pow & L t C o .a -N o v
646,245
512,043
269,687
184,296
Dec 1 to Nov 30 ______ 6,246,504 5,577,202 2,253,384 2,049,742
814,826
8 ,121,802
a Net earnings here given aro after deducting taxes.
286,759
defl24,095
F ix ed
B a la n c e ,
G ro ss
N e t a ft e r
E a r n in g s .
T a xes.
C h a rg es.
S u r p lu s .
60,566
$
713,464
$
$
ederal
Light
&
Nov
5
1,1
9
2
74,856
348,559
126,048
def37,683
Traction Co
105,646
51,70 7
53,939
306,291
2,326,320
11 mos
567,359
539,470
3.500,571 1,106,829
930,716
559,836
370,880
3,159 ,6 71
F t Worth Power & Nov
13,346
16 5,655
160,130
78,863*
Light Co
12,895
143,607
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
120,677
55,246
12 mos
605,232
157,459
1452,663
1,34 1,6 73
144,383
14 50 ,133
589,923
1,300,954
L a te s t G ro s s E a r n in g s .
J a n . 1 to L a te s t D a te .
Honolulu Rap Tran Dec
13,260
13,098
72.482
26,358
N a m e o f R oad
& Land Co
24,909
13,527
11,3 8 2
65,881
or C om pang.
C u rren t
P r e v io u s
C u r r e n t P r e v io u s
754,620
12
mos
158,467
166,784
325,251
Y ear.
Y ear.
M o n th .
Y ear.
Y ear.
706,676
312,56 7
154,428
158,139
Interborough Rapid Dec
4,668,268 1,583,760 x,659,918 *dcf22,170
$
S
S
3,782,224
Transit
Co
1,214,938
l,509,38U
def224,604
Adirondack El PowCJo November
170$.703 183.538 1,565.276 1,660 ,341
6 mos 19 24,200,226 7,727,489 9,918,785*dfl920,306
Alabama Power C o .. December
302,370 291,772 3,10 5,582 3.019 ,730
18 19,953,159 5,945,434 8,739,865*df2491,132
Atlantlc Shoro R y__ December
184.106
15.951
13,371
17 1 ,773
Bangor Ry & Electric November 102.292
981,900
840 188 Kansas Gas & Elec Nov T 9
80,930
85,491
'266.849
42,659
143,688
Baton Rouge Elec Co November
334 ,127
25,505
210 ,213
35,460
Co
68,643
202,974
39,553
*33,18 3
Blackstone V O & El. November 248.073 235,592 2,384,769 2,209 ,754
778,439
477,884
*306;572
12 mos
2,628,981
^Brazilian Trac, L Sc 1* Novembor /9790000 £7581000 /103335000 £93363 ,000
656,587
384,691
*285,373
2,055,405
oBklyn Ran Tran 8ys June
3260.157 2774.333 17,514.662 15.240 907 North Carolina Pub Dec
26,419
13,206
.1 3 ,2 1 3
84,253
Cape Breton Elec C o. November
528.694
49.235
461 ,830
5 1,6 11
13 ,16 2
13,204
Service Co
68,217
26,366
Cent Miss V El Prop. October
37,261
341.776
277 583
28.327
158,239
13 3 ,12 4
291,363
402,857
12 mos
Chattanooga Ry A Lt November 179 ,331 10 7,118 1,726,951 1,666 ,737
15
7
,310
116,559
363,934
373,869
Cities Service t'o . . . November 1613.081 1821.533 20,219.929 20,474 251
Power Sc Nov
99,906
43,296
*57,250
205,810
Olevo Palnesv & East Novombor
55,068
633.061
51,442
5 11 ,030 Pacific
Light Co
43,428
*35,440
78,708
16 3,128
Colorado Power Co . i Ictober
908.280 1,060 ,971
91,485 109,350
541,442
*510 ,223
12 mos
2,148,458 1,0 10 ,138
(/Columbia Oas & Elec Docombor 13 13 ,11 8 1123.844 12,129,787 11,538 ,772
489,012
*370,076
857.430
1,842,184
Columbus (Gat Kl Co November
133,951 106,271 1,204.018 1,079 ,087
Nov
30,280
*43,480
190,146
7 3 ,7 13
Oom’w'th P, Ry & Lt December 2589,017 2179,221 25,964,900 21,918 ,001 Portland Gas &
28,591
39,483
Coke Co
68,074
164,245
Connecticut Pow C o. November
917 .817
110,957 102,356 1,142,083
352,782
*561,522
12 mos
2,134 ,36 1
Consum Pow (M ich). November 804.655 654,640 7.363.235 5,916 .499
914,234
3 5 1,5 2 1
431,608
783,129
1,749,287
jCumb Co (Mo) P & L Novomber 238.794 276,504 2.505.941 2.940 .500
Dayton Pow .Sc Light. November 297.592 260.472 2,600.048 2.162 929 Texas Power Sc
Nov
137,10 3
53,970
*83,577
35 3,75 5
(/Detroit Edison_____ November 16 15,615 1322.436 14,746,417 12,386 ,39 1
Light Co
54,722
*37,362
294,603
91,493
oDetrolt United Linos Novomber 2203,687 1606,536 22,422,746 17,278 .782
12 mos
3,457,074 1,136,0 25
673,625
*470,429
Duluth-Superior Trac \ ovember 163.032 123,967 1.761.803 f .519 ,812
3,109,057 1,024,852
6 3 7,7 17
*388.175
East St Louis & Sub_ Novombor 359,158 300.551 3,835,973 3,809 031 Third Ave Railway Dec
994,996
226,017 *def78,424
13 1,7 2 1
Eastern Texas E lec.. November
125.1)57
95.50/ 1,263,529 1.020 ,246
System
829,963
112,64
3
220,042
*def95,248
Edison El of Brockton Novembor 102,194
984,322
735 ,708
82.236
6 mos
6,055,444
976,772 1,3 3 0 ,537*def262,119
/ Elec Light & Pow Co November
265.222
207 ,688
27.754
22,475
5,020,913
839,668 1,32 4 ,516xdof 106,591
b El Paso Electric Co . November
146,742 106,506 1,4 19 ,2 17 1.13 5 ,826
Kail River Gas Works Novomber
67,872
691.316
655 ,410
66,537
* After allowing for other Income received.
Federal Light Sc Trac Novomber 348.559 306.291 3.500.571 3,159 071
Fort Wortli Pow Sc I<t Novomber
N et
F i x e d C lig s.
B a la n c e ,
160,130 120,677 1,325,474 1,188 901
G ro s s
Gal v-lions Elec C o ., November 261,090 241,487 2,817,984 2,435 019
E a r n in g s .
& T a xes.
S u r p lu s .
E a r n in g s .
j
a Great West Pow Sys October
420,451 401.070 4,291.378 3.769 346
$
$
S
Harrisburg Railways. October
134.848
94.875 1,316.081 1,071 095 Commonwealth
089.000
404,354
Dec T9 2,589,017 1,093,414
Havana El Ry, L & P November 879.741 690.704 8.476,209 7.406 ,654
Pow, R y Sc Lt Co
233,502
947,987
714,485
T8 2,179 ,221
Haverhill Gas Lt Co Novomber
33,593
305 289
347.062
36,710
12 mos T 9 :25,904,900 10,028,308 8,209,240 2,419,128
Honolulu It T Sc Land December
706 070
751,620
67,159
6 1,9 15
950,903
T 8 :2 1,918,001 8,500,033 7,549,130
Houghton Co El L Co November
404.776
378 ,508 New York Dock Co Dec T9
46,393
42,419
78,294
105,643
87,349
470,522
Houghton Co True Co Novomber
22.838
268,151
290 ,816
24,572
172,384
102,274
70,110
T 8 ’ 447,020
Hudson Sc Manhattan July
470.293 385.024 3.484.836 2.844 ,732
mos
T9
881,816
1,064,559
12
5,203,332
1,946,375
b Illinois T ra ctio n ... November 1343.655 1243,066 13.446,064 12,275 ,726
'18 5,353,949 2,275,120 1,169,829 1,10 5,291
I Interboro Rap Tran November 4280,850 3135,686 42,786,007 36,999 ,648
Doc T9
17 1,5 7 5
135,098
922,441
306,673
Jacksonville Trac Co. September
756.078
682 791 Northern Ohio
8 1 ,6 0 9
97.820
Electric Corp
87,606
710,210
186,439
'IS
274,015
Kansas Gas Sc Elec Co Novombor 266.849 202,974 2.374.261 1,868 ,830
12 mos T9 9,298,550 3 ,11 5 ,3 5 3 2,018,073 1,090,680
30,267
23,663
Keokuk Electric C o .. November
287,141
241 ,251
706,131
T8 7,293,8 11 2.479,768 1,773,637
20,450
206,611
Key West Electric Co November
20,182
181 .704
Lako Shore Elec Ity .. Novombor 218,796 178.819 2,381,308 1,988 ,688
141,140
27,960
26,602
Long Island Electric. July
129 ,487
Louisville Railway . . October
264.074 288,175 2,897.580 3.052 532
FINANCIAL REPORTS
Lowell Electric Corp. Novomber
795 ,480
94,121
94,706
893.045
90.091
12,843
12,301
Manliat l.ldge 3c Line July
81 942
Annual,
&c.,
Reports.— The following is an index to all
oMIlw El Ity A Lt Co November 1413,277 1129,394 13,350,925 10,833 ,107
Mississippi Itlv P C o. November 209,819 185.292 2 .115 .5 7 1 2.020 ,480 annual and other financial reports of steam roads, street
Nashville Ry Sc Light Novembor 287,241 271,939 2,922.812 2,588 987
New England Power November 395.994 33 8 .12 1 3,720.026 3,180 .540 railways and other companies published since D ee. 27.
NewpNAIl Ry, O & E . November 205,670 230,308 2,510.793 1.990 .921
This index, which is given monthly, does not include re­
Now York Dock C o .. Docombor
470,522 447,026 5,203,332 5,353 ,919 ports in to-day’s “ Chronicle.”
N Y A Long Island.. July
264 .870
324,217
55,066
54.255
Full-face figures indicate reports published at length.
N Y Sc North S hore.. July
84 .186
88.619
14,431
16.838
N Y Sc Queens County July
535 ,282
622.443
101,787
91.041
In d u stria l ( Concluded )—
P a g e.
Steam Roads —
P a ge.
New York Railways. July
1077.896 905.830 8.342.663 6.519 .757 Carolina
Cllnchfleld * Ohio R y ____ 77 Glidden Co........................................ 304
Northern Ohio E le c.. December 1922,441 716,210 9,298,550 7,293 ,811
(B.
F.)
Goodrich
Co............
364
Cincinnati
Ind.
&
Western
R
R
.7
7
,
164
North Texas Electric. Novombor 300,245 216,150 3,058,315 2,680 .219 D enver & R io Grande U R ___________ 359 Houston Oil Co........... *2443, 166, 260
112.19 6
30,336
85 ,347
Ocean Electric (L I) . July
39.429
165 Imperial Tobacco Co. of Canada______ 81
Pacific Power Sc light Novomber 205.810 163,128 1,978,080 1,688 ,558 Duluth & Iron Range U R ..............
M lssabo & Northern R y ____ 74 International Motor Truck Corp___ 357
50 1,761
455 .293 Duluth
48,814
Pensacola Electric Co November
45,051
Erie Railroad.......................................... 73 Kentucky A VY. Va. Power Co_____ 266
Plilla Sc Western........ August
400 ,042 Florida
476,825
69,130
59,268
East Coast R y _____ ________ 74 Knox Hot Co___________________ 365
Phlla Rapid Trans Co November 3055.953 2717.881 32.216.93 28.253 423
171
. Susquehanna & W est. R R __ 78 Lancaster Mills, Boston................
Portland Gas Sc C oke. Novomber
190,146 164,245 1.961.128 1,024 ,225 N .E Y
lectric Roads —
Locomobile Co. of America_______ 82
Port (Oro) Ry.I.APOo November 739,971 636.539 7.841,700 6,925 ,386 Chicago
Loew's.
Inc...................
C
ity
Sc Connecting R y ......... 350
266
Puget Sd Tr, Lt. Sc P Novembor 818,260
8,880,192
Republic Ry ,V Lt Co November 575,153 43ff,978 5.593.128 5.027 T96 F t. W ayne Sc N or. Ind. T rac. C o . . 201 Loue Star Gas C o-------------------------- 266
171
Rapid Transit C o . . .*2436 Magnln Sc Co_________
310,487
257 .114 Interborough
Richmond Lt Sc l i l t . . July
53.951
47,903
*2444
Lelilgh Valley Transit C o .......................201 Manntl Sugar Co............
St L Rocky Mt Sc Puc October
392.828 449,085 3.406.343 4,366 .541
Manhattan Shirt Co_______
259
557 .494 New York Railw ays............................. 74 Maxweil
627,100
57,100
Santiago El Lt Sc T r .. October
66,608
Motor Co., Inc_____ *2437, 75
904 .694 Northern Ohio Electric C o ___________ 202 (W. H . i McElwain
128.197 106,444 1,159.363
Savannah Electric Co i )etober
Co.......................266
United
Gas
&
Electric
C
orp
________*2140
472 .471
88,561
602.317
80,718
Socnnd Avenue (Roc) July
W ater Power C o ............*2441 Mcxlcon Eagle Oil Co........................ 358
117.898
22.900
99 ,400 W ashington
16,390
Southern Boulevard.- Juno
Railw ays_______________________ 360 Morgan Llth .graph Co____________ 363
Southern Cal Edison. November 920,790 668,681 9,669,821 7,923 ,581 York
Industrial —
Mortgage Bond Co............
267
200.023
42.028 31,539
Staten island M ldl'd. July
163 ,839 A cm
e W hite Lead Sc Color W o r k s .. 79 National Biscuit Co..............
259
958 ,880
90,807 1.143,590
Tampa Electric C o .. Novembor 115.79 5
National
Surety
Co............................
267
American
Greenhouse
M
fg
.
C
o
_____
301
Tennessee Power___ Novomber
192.825 209.787 1,9,80,353 1.990 ,020 American Ico C o ......................................260 Naumkeag Steam Cotton C o .._____ 366
JtTenn Ity. Lt Sc I* Co Novembor 5 72 ,14 1 564.667 5,787.140 5,539 328 A
m cr. La France Fire Engine C o . . 203 Northern Securities Co.... .................. 26/
T e x a s P o w e r Sc L t C o Novomber
353,755 294,603 3.110 .26 1 2,902 ,367 American
83
M alt Sc Grain C o .............. 301 Pulge-Detrolt Motor Car Co______
994,996 829,963 11,3 9 8 ,5 15 9,865 ,806
Tlilrd Avenue S y s te m . December
Central Light A Power Co____ 268
D D E B Sc B It I t .. Juno
240 805 Am cr. Telephone & Telegraph C o . . 259 Penn
51,366
286.313
50.426
Penn
Seaboard
Steel
Corp________
76
Aikansas
Natural
Oas
C
o
_________
*2411
42dStMA8tNAvRy Juno
799
140.262
879,231
125
160.503
76
Union It yCo(NYO). June
274,226 255.823 1.407,661 1.302 869 Armour & C o ............................................ 358 Pennsylvania Salt Mfg. Co............
Philadelphia Electric Co_____ ______367
Yonkers Railroad.. June
395 598 Atlantic Fruit C o .................................. 80 Phlla.
97.567
479.795
72,552
Suburban
Oas
A
Elec.
Co___
83
Blgheart
Producing
A
Refining
C
o
.
.
109
338 642
N Y City Inter Ry. June
367 300
58.271
68.220
Service Co......... .................... 367
292.776
298 470 Brompton Pulp & Paper C o ______ _ 263 PublicMines,
Belt Line Railway. June
48.577
48,053
Ltd.............................. 83
Third Avenue......... June
848.060 316.629 1.999.917 1.909 852 Brooklyn Edison C o _________________ 263 Rand
Santa
Cecilia
Sugar Corp...... ......... *2438
Bush
Terminal
C
o
___________________
203
Twin c itv Rap Tran. November 1005,155 748,352 10.236.620 8.799 561 Carbon Steel C o .................................. *2438 Southern California
Edison Co........269
862,549 722.956 9,184.508 7.909 .966 Cardcnas-Aracrlcan Sugar C o ......... *2438 Stern Brothers..............................
Virginia Ry A Powor. Docombor
1*2438
1.820.554
2.325
220.080,
October
230
147.060
Wash Balt Sc Annap. .
Swift A Co...............
165
54.888
306,435
Westchester Electric. June
272 214 Central Aguirre Sugar C o ___________ 358 "’lmkln-Detrolt
61.089
Axlp C o.................... 269
445.256
382 .627 Central Sugar C orp ........................... .*2437
34.055
37.567
Youngstown Sc Ohio. Novomber
C oca-C ola C o ________
362 Titusville Forgo Co_______________ 269
a Includes Milwaukee Light, Heat Sc Traction Co. b Includes all sources
Connecticut M ills C o _______________2412 Torbenson Axle Co.......................... 76
Earnings given In nillrols. g Includes constituent or subsidiary companies
Consolidated Gas C o ______ __________ 302 Union Light, Heat A Power Co_____ 368
h Subsidiary companies only, i Lowlston Augusta Sc Watervtlle Street Ry
Consolidated Textile C orp .................*2442 Union Tank Car Co____ __________ 165
earnings, expenses. See... not Included In 1919. k Includes Tennessee Ry.
Consumers Power C o ......... .......... . . . 259 United Paperboard Co.... .................. 260
Light Sc Power Co., the Nashville Ry. Sc Light Co., the Tennessee Power Creamery Package M fg. C o __________ 200 U. S. Smelt., Refg. A Mining C o ..*2446
Co. and the Chattanooga Ry. Sc light Co. I Includes both elevated and Cuban-American Sugar C o .................*2437 Voile Motors Corporation.............. 369
subway linos, i Of Ablngton and Rockland (Mass.).
l ) e Beers Consol. M ines, L t d .358, 303 Vulcan Dctlnnlng Co...... ..................270
D etroit Edison C o ____________ .204, 304 Wayagamack Pulp A Paper Co.,Ltd. 3'>9
Electric Railway and Other Public Utility Net Earn­ Dom inion Bridge C o _________________ 364 White Motor Co.............................*2446
Durham Hosiery M ills....................... *2443 Wichita Union Stock Yards Co..........270
ings.— The following tablo ^ivos the returns of E L E C T R IC Electric
Storage Battery C o .................. 205 Wlsconsln-Mlnnesota Lt. A Pow. Co. 369

railway and other publio utility gross and net earnings with
charges and surplus roported this week:




Firestone Tire A Rubber C o . . ........... 75
General Chemical C o ............................*2443

♦ Found in V. 109.

462

THE CHRONICLE
Denver & Rio Grande RR.

Annual Report— Year ended Dec.

Not

(33d
31 1918—
1919.)
N Secretary J. P . Howland, N ew York, N o v . 1 1919, pre­
sents substantially the following review and statistics collec­
ted through the co-operation of officers and representatives
of the receiver, Alexander R . Baldwin, and officers of the
U . S. Railroad Administration, for the cal. year 1918.
F e d e r a l O p e r a ti o n . — Since Doc. 28 1917 the operation o f the property has
been conducted for the Government by the Director-General o f Railroads.
R e c e i v e r s h i p . — On Jan. 26 1918 the proporty passed into tho hands of a
receiver appointed by the U. S. District Court for the District o f Colorado
(V. 106, p. 498, 929.)
F e d e r a l C o m p e n s a t i o n . — The standard compensation, namely, $8,319,377,
has been certified by the Inter-State Commerce Commission and is based
upon the average annual railway operating income for the three years ended
June 30 1917, as provided in tho Federal Control Act, and is reflected in the
corporate and Federal Income account.
O p e r a tio n . — The total operating revenues o f $31,352,214 represent $12,008
per operated mile o f road.
Freight revenues increased $2,784,618, or 12.7% . There was an increase
o f 234,270 tons in totakof commodities handled, o f which bituminous coal
was the largest contributor.
The average haul per ton o f revenue freight was 151.71 miles, a decrease
o f 0.33 miles, but, attributable to revisions o f tariffs, the average rovonue
per ton mile increased 11%. Passenger revenues increased $186,762, or
3 .9 % . The number o f passengers carried decreased 15.60%. The average
revenue per passenger mile increased 15.5%.
The above increases in average amount received per ton mile and passen­
ger per mile are substantially due to the Railroad Administration increasing
freight tariffs on June 25 1918, and passenger tariffs on June 10 1918.
Operating expenses increased $5,565,046, or 28.2% o f this amount, sub­
stantially $5,100,000 represents increases in wages and $1,800,000 in the
cost o f matreials and supplies.
.
Expenditures for maintenance o f way and structures were $1,775 per
operated mile, or $394 more than previous year. Maintenance of equip­
ment expenses increased $2,855,428, or 55.1% , the larger increases being in
repairs to locomotives and freight cars, which amounted to $1,399,698 and
$1,198,489, respectively. Exclusive o f depreciation, the average expendi­
ture per locomotive equaled $5,868; per passenger train car, $836; per
freight train car, $177.
Transportation expenses increased $2,007,569, or 21.7% , the principal
items being $769,000 for increased cost of fuel and $1,735,000 for increases
in wages. Expenses chargeable to this account consumed 35.92% o f the
operating revenues, against 32.55% last year.
F u n d e d D e b t. — Tho funded debt in the hands o f the public was reduced
$278,000 by purchase o f First & Ref. Mtge. 5% gold bonds for sinking fund.
N e w L i n e s . — 1.90 miles o f standard-gauge track from Standardville to
Rains, Utah, was purchased at a cost o f $58,506, o f which $30,506 was
paid in the current year. This trackage serves an important coal property
operated by the Carbon Fuel Co.
P R o a d a n d E q u ip m e n t . — Expenditures under this account during the year
were; Road, $1,242,857; additions and betterments to equipment, $87,352;
general expenditures, $10,428; total, $1,340,636. The figures represent
charges to road and equipment as reported by the Federal Auditor, but they
have not all been accepted by the receiver and are subject to a final audit.
New 90-lb. rail, requiring 5,276 tons arid replacing lighter rail, was placed
in 37 miles o f track. Approximately 274,000 tie plates and 30,000 rail
anchors were installed. New modern brick freight station with concrete
platforms is under construction (about 98% complete) at Salt Lake C ity
expended to date, $220,000. A coaling station o f 240 tons capacity was in­
stalled at Canon City, Colo.
Extension o f telephone train dispatching system from Denver to Grand
Junction, C o lo ., was completed. The entire main line from Denvor, C o lo.,
to Ogden, Utah, 782 miles, is now equipped for telephone train dispatching.
Extension o f the second main track northward from Eden, C o lo ., 2.84 miles,
was 70% complete Dec. 31 1918.
At Soldier Summit. Utah, a now terminal Is under construction; the work
consists of classification yards, freight and passenger stations, enginohouse,
shops, residences for employees, hotel and coal and watering facilities—
estimated to cost $1,185,000, o f which $635,666 has been charged to road
and equipment during tho current yoar. No new equipment was purchased
during tho year.
U n if i c a t i o n . — On Oct. 1 1918 unification o f the main lines and appur­
tenant facilities o f the Denver & Rio Grando and Atchison Topeka & Santa
Fe railroads, between South Denver and Bragdon, C olo., was made by the
Railroad Administration and connections for this purpose have been con­
structed at Sedalia, Spruce, Fountain and Bragdon. Denver & Rio
Grande’s main line under tho unified operation is used for southbound
movement South Denver to Sedalia, northbound movement Sedalia to
Spruce, southbound movement Spruce to Fountain, and northbound m ove­
ment Fountain to Bragdon. Tho Colorado & Southern R R . as a tenant
o f tho Atchison Topeka & Santa Fe R R ., and the Chicago Rock Island A
Pacific as a tenant o f the Denver & Rio Grando R R ., make use o f tho
unified facilities. Final settlement as to tho road and equipment charges
incurred in the unification, between the Railroad Administration and the
Interested carriers, has not yet been effected.
L e a s e d R a ilw a y . — There was expended $122,166 account o f roadway
betterments on the line o f the Rio Grando Junctoin Ry. C o., consisting
principally o f bank widening, riprapping, elimination o f wooden bridges,
additional side tracks and telephone train dispatching system.
.E q u ita b le T r u s t C o . J u d g m e n t .— On June 14 1917 tho U. S. District Court
for the Southern District o f New York entered judgment against the com­
pany in favor o f tho Equitable Trust C o., trustee o f Tho Western Pacific
R y . C o.’s First Mtge. gold bonds, amounting to $38,270,343 (V. 106, p.
85,188,1126,1688; V. 107, p. 1102,1186), to which has accrued $3,967,363
Interest to Dec. 31 1918. The following amounts have been applied against
the judgment:
Cash................. ................... - ............................................................... $1,367,347
Cash from sale o f Liberty bonds___________ _____ _____________ 3,003,563
Denver & Rio Grande’s equity in 10,000 shares o f the capital
stock o f the Utah Fuel Co. (V. 106, p. 2618, 2559)__________ 3,959,281
leaving a liability judgment o f $33,907,515, as shown in the balance sheet.
By reason of this judgment and the attachment of current cash as of
Jan. 1 1918, and in order to meet maturing interest payments on tho rail­
road's funded debt, the receiver disposed o f certain available securities as
follows: $665,000 Utah Fuel C o.’s 1st M . 5% gold bonds: $527,500 U. S.
Govt. Liberty bonds; $172,650 note o f Western Realty Co.
There appeared in the balance sheet o f the railroad company at tho date
o f the receivership, charges against tho old Western Pacific Ry. Co. prior
to March 5 1915, covering sundry items, for which there aro no means of
collection because o f that company passing through a receivership and
reorganization; this amount— $1,255,231— was written o ff to profit and loss.
R E V E N U E S P E R M I L E O F R O A D A S O F D E C . 31 1916, 1917 A N D
1918, C O M P A R E D W I T H J U N E 30 D A T E S .
G ro s s .
N et.
G ro s s .
N et.
G ro s s .
N et.




_

1918a---$12,008 $2,321 1913b----- $9,571 $2,899 1904b____ $6,858 $2,664
1917a-- - 11,017 3,370 1912b___ 9,126
2,468 1903b____ 7,277 2,807
1916a--- 9,893 4,114 1910b___ 9,273
3,054 1901b------ 7,021 2,580
1916b—- 9,676 3,946 1906b___ 7,948
3,061 1900b____ 6,433 2,422
1 9 1 5 b -- 8,487 2,930 1905b___ 7,038
2,836 1899b____ 5,600 2,142
1914b--- 9,133 2,761.
a Dec. 31 years.
b June 30 years.
R A I L S — B A L L A S T — Y E A R E N D I N G D e c . 31 1918.
(1) R a ils —
M i l e s O w n ed ---------------- W e ig h t p e r Y a r d —
A— S ta n d a rd G a u g e ,
o r L e a s e d . 90- lb .
85- l b . 7 5 -lb . 5 5 -lb . 45, & c .
First track----------------- 1,015.79 215.96
664.86 34.35 92.70
7.92
Additional track-------- 206.91 32.55
171.59
1.33 1.44
B— N a r r . G a u g e - l s t T r 'k 303.30
78.50 224.80
Total tracks----- /1918-2.891.11
248.511,020.22 127.14 552.17 943.07
11917—2,901.29 211.16 1,074.66 117.95 544.66 761.46
(2) B a lla s t —
M i l e s O w n ed — T r a c k M i l e s o f E a ch C la s s o f B a lla st —
A— S ta n d a rd G a u g e — o r L e a s e d . S la g . C in d e r s . G ra v el. T o t a l.E a r t h ,& c .
First track----------------1,015 79 97.02
52.82 221.32 371.16
644.63
72.03 24.54 59.36 155.93
50.98
Additional track------- 206.91
B— N a r r . G a u g e - l s t tr 'k 303.30
_______ 55.30 55.30 248.00
Total tracks.. (1918—2,891.11
169.05 140.45 370.93 680.43 2,210.68
11917--2.901.29 169.67
138.31 325.62 633.60 2,267.69

[VoL.no.

E Q U I P M E N T A S O F D E C . 31 1918, 1917 A N D 1916.
—
,
1918. 1917.1916.1
1918. 1917. 1916.
Locom otives____
572 572 577 Freight c a r s ... 17,230 17,366 16,907
Passenger cars__
425 428 4371Other cars------ 1,077 1,074 1,061
C O M M O D IT IE S C A R R IE D FOR C A L E N D A R Y E A R S .
T on s—
A g r i c u l . A n i m a l s . C o a l, & c .
O re.
F o r e s t. M f r s . , & c .

1918------------796,022
1917............ -750,053
1916.............. 616,075

286,645 6,009,,978 4,986,816
236,087 5,546,,562 4,018,575
248,327 4,787, 140 4,357,373

T R A F F IC S T A T IS T IC S FOR Y E A R S

1918.
Average miles operated________
2,611
Passengers carried____________
1,374,917
Passengers carried one mile___ 183,902,066
Rate per
passenger per
mile__
— ---------2.68 cts.
13,931,509
Rovonue freight carried----------Revenue freight carried1 milo.2,113,550,114
Rato per ton per m ile - -...........
1.166 cts.
Revenue per mile o f ro a d ..........
$12,008

327,056
331,041
265,156

1,524,992
2,814,921
2,546,173
E N D I N G D E C . 31.
1917.
1916.
2,580
2,574
1,628,979
1,417,303
204,250,771 190,679,788
2.32 cts.
2.15 cts.
13,697,239
12,820,244
2,082,531,562 1,875.391,676
1.049 cts.
1.0472 cts.
$11,017
$9,893

I N C O M E A C C O U N T Y E A R E N D E D D E C . 31 1918. C O M P A R E D W I T H
P R E V IO U S Y E A R .
C o r p o r a t 'n
F ed eral
T o ta l
Y ear
I n c . or
Y e a r 1918. Y e a r 1918. Y e a r 1918. Y e a r 1917. D e c . , % .

$
$
$
$
Freight revonue...................... 24,634,502 24,634,502 21,849,883
Passonger revenue. ............... 4,922,280 4,922,280 4,735,517
Mail, express, &C-. ------------ 1,795,432 1,795,432 1,837,738
Total oper. revs.
M a in t.ofw a y A str
Maint. o f equlp’t . .
Traffic
Transportation . . .
Miscell. operations
General
Transp. for Invest.

------------ 31,352,214 31,352,214 28,423,138
________ 4,635,701 4,635,701 3,563,397
________ 8,040,802 8,040,802 5,185,374
264,345
264,345
484,131
___ . . . . 11,260,009 11,260,009 9,252.440
402,680
402,680
899,383
701,392
701,392
869,174
......... C r . 11,453 C r . 11,453 C r . 25,369

%.
+12.74
+3.94
+17.99

+10.31
+30.10
+55.07
— 45.40
+21.70
+0.83
— 19.30
+54.85

Total oper. exp. ------------ 25,293,475 25,293,475 19,728.429 +28.21
Net rev. from op.
........... 6,058,739 6,058,739 8,694,709 — 30.32
Tax accruals--------- -----------1,197,000 1,197,000
1,231,011 — 2.76
Uncollec. revenues. -----------3,213
3.213
1,431 +124.43
Operat’g income.............. .
Joint facility r en t.. ...............
Inc. from lease of
road to U.S.Govt 8,319,377
Dividend incom e.. 1,745,969
Inc. from fund.secs.
108,122
Inc. from unfunded
securities, & c ._ _
55,923
Miscell. rents, &c_
43,331

4,858,526
364,266

4,858,526
364,266

...............
824

8,319,377
1,745.969
108,946

597,915 +192.01
98,264 +10.87

57,564
481,076

113,687
524,208

141,164 — 19.47
204,229 — 132.37

Gross income__ 10,272,722
Hiroof equip’t, A c.
183,579
Joint facility rents. ________
Rent o f leased roads—
To U. S. G ovt.....................
To other cos___
337,246
Int. on funded eebt 4,911,475
Int. on Adjust. M tg.
bonds (7 % )-----700,000
Int. on unfund.debt 2,722,624

5,762,256 16,034,978
208,114
24,535
170,829
170,829

8,697,591
349,597
113,644

+84.36
— 80.72
+50.32

8.319,377
_____
..............

8,319,377
337,246
4,911,475

510,961
4,922,457

—0.22

24

700,000
2,722,648

700,000
1,171

7,462,267
193,752

— 34.89
+88.01

Net income......... 1,417,798d f2,752,609d f1,334,711
Sinking fu n d ..........
132,928
132,928
Renewal fund------494
494

2,099,763 — 163.56
172,420 — 22.90
130,950 — 99.62

Bal., to prof. & loss 1.284,376df2,752,509dfl.468,133

1.796,393 — 181.73

C O M B I N E D A C C O U N T F O R 1918 AS C O M P A R E D W I T H C O R P O R A T E
A C C O U N T FOR P R E V IO U S Y E A R S .
C a le n d a r Y e a r s —
1918.
1917.
1916.
1915.
Average miles operated.
2,611
2,580
2,673
2,576
Gross earnings----- $31,352,214
$28,423,138 $25,464,486 $23,138,797
Net, after taxes, A c_$4,858,526
$7,462,267 $9,461,773 $7,862,900
Othorincomo_____ 2,857,075
1,084,476
1,181,868
1,141,818

Gross incomo_________ $7,715,601 $8,546,743 $10,643,641
Hire of equipment...........1$3,438,838 /
$140,823
Rents, &c.............. ........../
677,700
$623,945
Int. on funded debt___ 4,911,475
4,957,826
4,922,457
Int. on adj. M . bds. (7% )
700,000
700,000
700,000
Sinking & renewal funds
133,422
304,269
303,370
Additions & betterments ________
2,300,000
Balance, surplus.__d ef.$ l,468,133

$1,796,393

$9,004,719
$51,781
598,601
4,983,095
689,471
278,338

$1,757,600

$2,403,431
31.
1918.
1017.
L iabilities—
%
S
Common stock. 38.000,000 38,000,000
Preferred stock. 49,775,070 49,775,070
Bends (See “Ry.
A Ind.” Sec.). 121,624,000 121.802,000
Non-negot. debt
to affil. cos__ __ _____
884,528
Traffic, Ac., bal.
747,043
Acc’ts A wages.
65,287 2.311.003
Miscellaneous . .
53,111
241,000
Int. mat'd unp’d 3,220,718 2.233.003
Interest accrued 1,039,255
1,042,308
Rents accrued..
108,575
51,292
Depos. for track
construction..
240,027
190.123
Eqult. Tr. Co.
Judgment----- 33,907,515
U.S. Gov’tdef'd
liabilities___ 5,155,309
Tax liability.......................
848,991
Accr’d doprcc’n. 3,005,501 3,084,259
Def’d Inc.— Int.
on W. P. 2d
mtge. bonds. . 3,027,844 0,777,844
Sale of Utah Fuel
Co. cap. stock 3,959,281
.............
Other tinadj.llab
244,054
440,558
Add'ns to prop,
thru. IncOmo
and surplus.. 5,585,010 5,585,019
Sink, fund res’ve kl,632,190 1,284,349
309,899
Renewal fund..
370,393
Profit and loss— 11,030,739 11,850,393

CONDENSED GENERAL BALAN CE SH EET DECEM BER

1918
1917.
A ssets —
S
Road & equip’t. 179,592 ,701 178,511,532
Impts. on leased
railway prop.
146 .821
24,655
Sinking funds..
.>196
30,349
Mlse. phys. prop
250 ,897
250.300
Inv. In affil. cos.
Pledged........ b44,023 ,189 44,024,470
Unpledged... c6,847 ,508 11,722,018
Other inv., Ac__
15 ,946
547,980
Cash................. j*2,5S1 ,368 3,207,558
Special deposits.
d44 .075
179,225
Traffic, Ac., bal.
3 ,105
402.300
Agts. & conduc.
304,464
Miscellaneous . .
495, 886 1,564,219
U. S. HR. Adm. 3,519 377
Materlal A supp
2 , 448’,913
Work, fund adv.
9 ,196
39,147
Spec, renew, f’d. »172 ,900
214,899
U. S. Govt, def’d
assets ______ 5,612 258
Western Pao. Ry
163 133 1,337,057
Lessees Rio Gr.
Juno. Ry___
39,724
35,027
Prepaid acc’ts..
30,351
Eqult. Tr. Co.,
trustee, Judg’t 39,518. 001 3,003,563
Other unadj .deb 105, 419
248.803

T otal........... 283,102,298 248,128,041

T otal______283,102,298 248,128,041

a Includes in 1918 sinking funds— 1st & ref. M . book assets, $1,532,196,
less carriers’ own issuo, $1,532,000. b Includes in 1918 stocks (par valuo,
$74,607,500), book valuo, $11,020,274; bonds (par valuo, $25,000,000),
$18,750,000, and notes (par and book valuo), $14,252,915. c Includes in
1918 stocks (par valuo, $9,862,958), book valuo, $1,764,530; bonds (par,
$2,064,000), $1,136,097; notes (par and book valuo), $3,670,454, and ad­
vances (par and book valuo), $276,427. d Includos In 1918 special doposits— book assets, $7,249,075, loss $7,205,000 carriers’ own issuo. e In­
cludos in 1918 special ronowal fund— book assets, $327,900, loss $155,000
carrier’s own issuo. f Includes Wostorn Pacific R y ., viz.: labor, material,
rental, A c., $44,586: receivers’ labor, material, rental, Ac., $44,580, and
depreciation on equipment returned, $18,547. g Including $2,428,124 to
pay bond coupons, k Includos $278,000 par valuo 5% first A rof. bonds
purchased during the year for the sinking fund.
Securities issued or assumed, unpledged, not included in tho abovo total;
in 1918, stocks, $4,130, and bonds, $4,257,000.— V. 110, p. 359.

463

THE CHRONICLE

Jan . 31 1920.]

United States Steel Corporation.
(Results for the Quarter & 12 Months ending Dec. 31 .)

Bethlehem Steel Corporation.
{Preliminary Report for the Fiscal Year ending Dec. 31 1919.)

Tho results of tko operations for the quartor ended D ec. 31
1919, shown bolow, wore givon out on Tuesday following the
regular mooting of tho directors. As for the three preceding
quartors, tho official statement does not itemize reserves set
aside for Fodoral taxes.
Tho rogular quarterly dividends of 1 M % on tho Preferred
and l l i % on tho Common stock wero doclared, tho former
payable Fob. 28 on stock of record Jan. 31 and tho latter
payable March 30 on stock of record Feb. 27.

On Thursday afternoon following tho directors’ meeting
at which the regular dividends were declared (see a subse­
quent pago), tho following preliminary statement for the
calendar year 1919 was given out by Pres. Eugene G . Grace.

31.
1918.
1917.
1916.
1919.
7,379,152
9,381,718 11,547,286
Unfilled orders Doc.31,tons8,205,366
Not earnings (sec text) .a$35,791,302 $36,354,165 $59,384,6948105,917,437
D ed u ct—
Sink, fund on bonds of
subsidiary cos., depre­
8.947,273
9,843,041 7.963,579
ciation and res. funds. 10,729,256
Int. on U. S. Stool Corp.
5,187,162
5.280,137 5.368,970
b on d s_______________ 5,090,100
153,816
189,966
269,951
Prom, on bonds redeem.
251,879
1,969,699
1,845,740
1,728,483
Slnk.fds.U.S. Steel Corp 2,021,771

IN C O M E A C C O U N T FOR T H R E E M O N T H S E N D IN O D E C E M B E R

Total deductions_____ 818,096,006 $16,257,950 $17,158,884 $15,330,983
B alan co_______________ 817,695,296 $20,096,215 $42,225,810 $90,586,454
A d d — Not bal. o f sundry
digs. & receipts, Incl.
adjust. In accts., in­
642,767
1,600,808
124,969
185,694
ventories, &c________
T o t a l ........................... $17,880,990 $20,738,982 $43,826,618 890,711,423
6,304,920
6,304,920
6,304,920
Prof. divs. (1*2%)......... 6,304,920
11,436,807 21,602,857 15,249,076
Common dividends________________ 6,353,782
Per cent_____________
(l> i% )
(2 K % )
(4 X % )
(3% )
Balanco for quarter__ $5,222,288

$2,997,255 $15,918,841 $69,157,427

a N o t e .— Tho not earnings are in all cases reported by tho company after
deducting “ all expenses incident to operations, comprising those for ordinary
repairs and maintenance of plants and interest on bonds of tho sub. cos."
Also In all four quarters in 1918 and 1919 allowances were made for taxes,
prior to stating the earnings, including estimated war income and excess
profits taxes. The amount of tho tax allowances for 1919 is not stated in
tho official report, tho circular merely referring to tho fact that allowances
havo been made for estimated proportion of extraordinary costs, resulting
from war requirements and conditions, o f facilities installed and of in­
ventories o f materials on hand, also estimated taxes (Including Federal
incomo and war excess profits taxes) as well as for ordinary maintenance
and for Interest on bonds o f tho subsidiary companies.” Tho allowances
for war Incomo and oxcess profits taxes amounted for tho first quarter of
1918 to $31,585,198. for the 2d quarter to $90,716,250, for tho 3d quarter
to $101,987,347 [this last item including $56,987,347 for tho then current
quarter on basis of existing tax laws, and $45,000,000 for account o f addi­
tional taxes which it was thought might be chargeable for first nine months
under then proposed legislation), and for the 4th quarter, $50,000,000,
making a total for tho year 1918 of $274,288,795.
N E T E A R N I N G S F O R C A L . Y E A R S (1918 D a ta R ev is e )b y A n n . R e p o r t ) .
1919.
1918.
1917.
1916.
x N e t E a r n in g s —
$
$
$
_ S ___
January............................ 12,240,167 13,176,237 24,437,625 18,794,912
February.......................... 11,883,027 17,313,883 22,870,321 19,196,396
M a r c h ............................. 9,390,190 26,471,304 29,448.072 22,722.316
First quarter...............
April..................................
M a y . ................................
J u n o..................................

33,513,384
11,027,393
10,932,559
12,371,349

56,961,424
20,644,982
21,494,204
20,418.205

76,756,019
27,833,907
30,019,865
30,508,708

60,713,624
25,423,676
27,554,899
28,147.473

Second quartor______
J u l y .................................
August________________
September_____________

34,331,301
13,567,100
14,444,881
12,165,251

62,557,391
15.261,107
14,087,613
13,612,869

88,362,480
23,600,585
24,439,545
22,748,857

81,126.048
25,650,006
29,746,903
30,420,158

Third quarter_______ 40,177,232
O ctob er..............
11,109,586
N ov em b e r.___________ 11,768,914
D ecem ber______________ 12,912,802

42,961,589
13,659,932
11,859.351
11,350,993

70,788,987
21,835,991
19,902,862
17,645,842

85,817,067
35,177.393
36,443,543
34,296,503

Fourth quarter______ 35,791,302 36,870,276 59,384.695 105,917,439
Total for tho y ear.__ 143,813,219 199,350,680 295,292,181 333,574.178
N o t e .— Tlieso amounts may be slightly changed on completion o f audit of
accounts for tho year. The completo annual report will bo submitted at
tho annual meeting in Ajjril 1920 or earlier. Seo footnote " n ” above,
x Shown after deducting Interest on subsidiary companies’ bonds, viz.:
IN T E R E S T C H A R G E S OF S U B S ID IA R Y C O M P A N IE S D E D U C T E D
BEFO RE A R R IV IN G A T N E T E A R N IN G S A S A B O V E .

1919.
$738,506
738,449
738,988
732,882
731,578
724,580
719,894
715,230
715,358
713,472
709,780
722,365

1918.
$726,892
724,867
724,848
739,069
762.202
762,859
755,784
748,047
746,289
745,878
744,730
748,959

1917.
$745,853
745,522
746,977
744,648
742,835
742,738
739,795
739,119
739,397
729,847
727,566
725,842

1916.
$S05,462
796.408
795,226
792,541
790,558
791,918
783,717
780,413
778,535
768,475
768.302
771,358

Total 12 months_____ $8,707,082

$8,930,424

$8,870,139

$9,422,915

January _______________
February ______________
M a r c li________________
April__________________
M a y __________________
Ju n o__________________
J u l y .................................
A ugust________________
Hoptembor_____________
O ctob er_______________
N ovom ber____________
D ecem ber____________

IN C O M E A C C O U N T FOR C A L E N D A R

66,720,059 61,818,303 126.072,616 62,042,448
77,093,160 137,532,377 169,219,565 271,531,730
25,219,677
25,415,095
(5%)

Total dividends........... 50,634,772
Balanco, surplus............. 26,458,358

25,219,677
71,162,350
(14%)

25,219,677
91,494,450
(18%)

25,219.677
44,476,468
(8?i %)

96,382,027 116,714,127 69,696,145
41,150,350 52,505,438 201,835,585

y N o l o .— As to allowances for Federal taxes and other deductions which
havo been made before arriving at net earnings, see footnote to incomo
account for the quarter ended Doc. 31 1919 abovo. The net earnings for
1919, it is stated, may be changed somewhat upon completion o f audit of
accounts for the year.— V. 110, p. 369, 270.




C O M P A R A T IV E R E S U L T S FOR C A L E N D A R

1919.

1918.

YEARS.

1917.

1916.

Gross sales and earnings.281,641,908 448,410,809 298,929,531 216,284,556
Less mfg. cost and oper.
ing & gen. exp. & taxes .246,494,169 394,993,000 247,926,759 156,192,005
Net mfg. profit______ 35,147,749
Other income__________ 2,293,469

53,417,719
3,771,051

51,002,772
2,976,588

60,092,551
1,624,758

Total net earnings... 37,441,218
Interest and discount__ 9,518,206
Depreciation__________ 12,566,152

57,188,770
9,748,013
31,510,366

53.979,360
8,746,982
17,911,641

61,717,309
3,772,556
14,350,786

Net incomo................. 15,356,860 15,930,390 27,320,737
Pref. dividends...........(8% )2,406,4 10 (8)2,397,800 (2)594,480
Pref. dividends ( 7 % ) . . . 1,043,560
1,043,560
1,043,560
Common dividends_____ 1,223,115
1,486,200
2,600,000
(8 )4% )
(10%)
(17M % )
Itatopercent________
Com. “ B ” div_____(8M%)3.678,345 (10)4458,600(7)4)3343950
Bed Cross dividend___
________
________
594,480

43,593,967
-----------1,043,560
4,458,600
(30%)
-----------------------

Balance, surplus.........
— V. 110, p. 361.

38,091.808

7,005,400

6,544,230

19,143,267

British-American Tobacco Co., Ltd.
{Report for Fiscal Year ending Sept. 30 1919.)
Tho report signed by Directors Josoph Hood and A . G .
Jeffress and Secrotary A . M . Rickards, dated London,
Jan. 15 1920, is in brief as follows:
Tho following Interim dividends havo been paid on tho Ordinary shares,
viz., 6% on Jan. 31 1919, 6% on March 31 1919, 6% on Juno 30 1919, and
6% on Sept. 30 1919: and there is now an available balance of £4,912,734
(including amount brought forward per last balanco sheet), out of which
the directors recommend tho distribution, on Jan. 27, of a final dividend
(free of British incomo tax) on tho Ordinary shares of 6% , amounting to
£512,422, and leaving £4,400,312 to bo carried forward.
Tho not profits abovo mentioned do not include tho company s propor­
tion of tho undivided profits of tho Associated Companies which they havo
not thought fit to declare as dividends.
I N C O M E A C C O U N T Y E A R S E N D I N G S E P T . 30.
1915-16.
1917-18.
1916-17.
1918-19.
Net profits aft. charges.x £3,776,508 £3,140,174 £3,105,002 £2,733,361
£225,000
£225,000
£225,000
Pref. dividends ( 5 % ) . . .
£225,000
1,876,296
1,876,296
1,876,296
Ordinary dlv. (3 0 % ).y . 2,156,773
£1,038,879
2,526,700

£1,003,706
1,780,222

£632,065
1,148,157

Total.............................. £4,400,313 £3,565,579
...........
Transferred to spec. res.
Estimated excess profits
560,000
duty to Sept. 1917__

£2,783,928
257,228

£1,780,222
---------

£3,005,579

£2,526,700

Balance, surplus_____£1,394,735
Previous surplus_______ 3,005,578

Profit and loss, su rp .. £4,400,313

..................................
£1,780,222

x After deducting in 1916-17 all charges and oxp. for management, &c.,
and providing for income tax and ost. excess profits duty for the year.
y The dividends on the ordinary shares In 1918-19 include tho fou.’ interim
distributions of 6% each, paid Jan. 31, March 31, June 30 and Sept. 30 1919,
also the final 6% dividend (freo of British income tax) recommended on
Jan. 27 1920, the ordinary shares of 6% making 30% .
B A L A N C E S H E E T S E P T . 30.
1919.

YEARS.

[Preliminary figures for 1918 revised by pamphlet report for that year.)
1919.
1918.
1917.
1916.
$
$
$
$
Total not earns.for yr.y.142,813,219 199.350.680 295,292,181 333.5-74,178
D ed u ct—
Sink, funds, depreciation
and reservo funds____ 45,402,980 40,718,824 50,553,271 39,547,612
Interest........................... 20,509,322 20,891,116 21,256,303 21,602,853
Prem. on bonds rodeom.
933,451
837,816
863,848
1,016,951
For expends, made <Sc to
bo made for additional
property, new plants
55,000.000
and construction_____
________
A d d — Net bal. of sundry
digs. & receipts, lncl.
adjust, in Inventories,
Cr.629,454 Cr.1,600,808 Cr. 124,969
&c., accounts________ C r . 185,694
Total deductions_____
B alan ce_______________
D iv id e n d s o n S tock s —
Preferred (7 % )...............
C om m on ______________
Per cent____________

R e s u lts .— Tho net income of $15,356,860 for tho year represents a profit of
______
5.45% on the volume of business done.
_
R eco rd O r d e r s .— Orders on hand Dec. 31 1919 amounted to $252,449,000.
Tho new business booked during tho year amounted to $204,144,000.
All the plants of tho corporation, both steel and ship, are operating at
practically full capacity, only as affected by an occasional shortage of coal.
The shipbuilding plants have tho capacity of every shipbuilding way defi­
nitely scheduled for 1920, and in somo cases into tho first half of 1921.
Tho orders on tho books in all commercial steel lines are at a maximum
and, in tho belief of the management, are in sufficient quantities to insure
full capacity operation throughout tho year. New business is offering far
in excess of our ability to produce.
A d d it i o n s , d ec .— Tho corporation spent during the year $25,500,000 for
extensions and additions to plant. It will bo the policy o f the manage­
ment to continue improving and extending its properties.
E m p l o y e e s — Good relations between the management and its employees
have Been maintained and forwarded through the operation of the em­
ployees’ representation plan in operation in the plants of tho corporation.
The plan provides recognition for tho employees, individually and collec­
tively, as to all matters pertaining to tho conditions under which their
service is rendered.
, ,
,
, ,,
C o r r e c tio n o f N e w s p a p e r S ta te m e n t .— The report recently in circulation
that the corporation had on its books uncompleted orders for ships alone
amounting to $232,000,000 was erroneous. In tho published report that
figure referred to uncompleted orders instead of, as should have been the
case, to tho value of shipbuilding work completed over a period.
[Speaking of depreciation President Grace said that the corporation had
now charged o ff all its extraordinary war expenditures. It Is understood
there are some Government contracts on which payment is still to bo ad­
justed, so that the actual earnings of tho year may bo larger than indicated
in the preliminary figures, as no prospective earnings havo been included.
— “ New York Times.” ]

A s se tes—

H eal estat & b ld g .
P la n t , m a ch ’ y , & c.
G o o d -w ill,
trade­
m a rk s, &c____
In v . In a ssoc, c o s .*
O th er In vestm en ts
L o a n s, associa ted
com p a n ies, A c .*
M a teria ls & su p p *
D e b t o rs and d e b it
b a l., less reserve*
C a s h ______________

£

4 7 5 ,4 4 8
4 6 0 ,3 5 4
5 0 5 ,1 1 5
8 ,6 9 1 ,0 9 9
154,110
6 ,0 6 7 ,5 2 5
8 ,1 9 7 ,4 9 3
2 ,7 7 2 ,7 1 4
4 ,1 3 6 .9 7 4

1918.

I
£
| L iabilities—
6 7 4 ,8 1 4 1P referred s t o c k ___
4 9 1 ,6 7 5 O rd in a ry s t o c k ___
|C r e d . A c re d . b a ls .
8 7 9 ,0 6 5 H cs. fo r b ld g s ., A c
5 ,2 5 5 ,6 3 0 P re m . on o r d . s h 's .
107,055 R e d e m p . o f c o u p s .
S pecial r e s e rv e ___
5 ,2 7 7 ,9 1 3 G en era l r e s e rv o —
8 ,0 5 4 ,0 4 2 P r o fit and loss b e ­
fo re
d e d u ctin g
fin a l d iv id en d &
3 ,2 2 8 ,8 9 7
excess p r o f . d u t y
2 ,1 0 4 ,3 0 2

T o t a l .................... 3 1 ,4 6 1 ,4 3 2 2 6 ,7 3 3 ,4 0 0

4 .5 0 0 .0 0 0
8,5 0 1 ,9 1 1
9 ,9 1 8 ,5 9 7
5 4 2 ,8 2 2
3 6 7 ,6 6 4
6 0 .7 1 7
1,1 5 6 ,9 8 7
1 .5 0 0 .0 0 0

1918,
f
4 .5 0 0 .0 0 0
6 ,2 5 4 ,3 2 0
9 ,2 1 8 ,2 9 3
4 3 2 ,3 5 7
2 2 6 ,6 6 4
6 3 ,1 8 8
1,1 5 7 ,7 3 9
1 .5 0 0 .0 0 0

4 ,0 1 2 ,7 3 3

3 ,3 8 0 .8 3 8

1919.

£

T o t a l .....................3 1 ,4 6 1 ,4 3 2 2 6 ,7 3 3 ,4 0 0

There is a contingent liability on shares not fully paid, £211,586, and also
for premiums payable on redemption of shares in associated companies
allocated to employees.
* Include assets in enemy countries.— V. 110, p. 362.

Morris & Company.
{Report for Fiscal Year ending Nov. 1 1919.)
President Edward Morris, as of Jan. 1920, says in part:
R e s u lts .— I am sorry to say that tho past year has not been a profitable
oho for our company, tho profits being only $703,642, or 1.25% on capital
invested of $56,025,685, after making our usual reserves for depreciation and
taxes. Tho poor showing that wo havo made in our business this year has
been due to tho agitation against us, the heavy decline in tho price of our
inventory products while under process of manufacture, as wo priced same
at the close of books each month on tho basis of tho market. The low price
of foreign exchange has had a bad effect upon our export business.

464

THE CHRONICLE

Our volumo of sales shows a very satisfactory incroaso compared with tho
B£OVJ»OUS y °ar- Notwithstanding tho increaso, however, our profits were
$3,500,000 less.
R e d u c tio n i n C u r r e n t O b lig a tio n s .— Our current liabilities havo decreased
during tho year about $6,000,000. Wo have boon able to do this becauso
you havo boon satisfied with tho very small disbursements o f dividends
amounting during tho year to only $300,000, but this result was also ac
complished by tho splendid co-operation of our ontiro force in keeping our
products closely sold up, our expenses reduced, and our collections well
followed up.
B o n d s .— Additional bonds of $6,250,000 were issued during tho year
(V. 108, p. 2334) and I am pleased to state that a largo portion of those
woro purchased by our omployees through our profit-sharing plan which
was adopted by our directors during tho year. Tho employees who havo
becomo participators in this plan havo received checks equivalent to 10%
of their subscription, and in view of tho fact that collections were not made
on their subscriptions until September, it has meant a return to them on tho
actual money invested of over 60% per annum.
P r i c e s .— While the prices of all other products have been advancing, ours
aro tho outstanding exceptions, tho wholesale prices on meats being 32%
less than last spring, and we are in this rospoct on a sound pre-war basis,
more so, no doubt, than any other industry. Our inventory is priced at
all times on actual market values.
During tho past year wo havo ad­
vanced wages about 20% .
I N C O M E A C C O U N T F O R Y E A R S E N D I N G N O V . 1.
1918-19.
1917-18.
1916-17.
1915-16.
$3,170,155 $10,02.3,192 $10,358,489 $5,694,58£
3,675,316
634,886
810.588
977,734
$6,845,471 $10,658,078 $11,169,077
575.750
487,500
496.500
2,047,627
1,662,633
1,494,406
3.518.453
4,290.086
3,877,099
300.000
300.000
150,000
10%
10%
5%

Bond interest.
Dividends .
Per cent.
Balance, surplus.

$403,641
BALANCE

1019.

A sse ts—

$

$5,151,071
1.
1919.
L ia bilities —•
5
Capital stock__ 3,000.000
Bonds............... 16,750,000
Bills payable__ 20,971,619
Acc’ts payable &
res’ve for tax. 2,608,893
Interest accrued
2P0.750
Doprec'n reserve 11,182,807
Surplus............. 53,227,506

$2,632,213

SH EET NOV.

1918.

Real est., plant,
&c.................. 34,631.221
Car equipment. 6,786,384
Cash................... 7,485,308
Inventories___ 35,988,999
Investments . . . 8,679.953
Accounts A bills
receivable___ 21,429,710

$3,917,858

$6,672,323
505,50C
1,480,224
1,054,386
1,000,000
3.3 1-3%

$

31,184,710
5,819,337
7,986,368
41,859,506
6,146,088
19,229,342

T otal........... 114,001,575 112.225,351
— V. 110, p. 267.

1918.
S
3,000,000
10,700,000
31,988,054
3,434;214
166,500
10,112,720
52,823,S63

T otal............114,001,575 112,225,351

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Broadway & Seventh Avenue RR.— Deposits Asked .—
The stockholders committee (V. 109, p. 2355) aro requesting tho minority
stockholders to deposit their certificates with the Columbia Trust Co
depositary, 60 Broadway, N . Y . City, on or before Jan. 30 1920.— V. 109,
p. 2355.

California Southern RR .— Extension

Planned.—

[V o l . 110.

9 he principal of and interest accrued upon each bond as of Jan. 1 1920
(less tho $370 per bond heretofore distributed and tho additional $100 per
bond to bo presently distributed) amount to approximately $800 per bond
upon tho $5,072,000 bonds entitled to participate, and it was therefore de­
termined (a) to give 7% Cumulative Preferred stock to tho extent of $800
par value for each bond, which Preferred stock so to bo distributed consti­
tutes the ontiro issuo (b ) to havo tho additional equity in tho properties
represented by an Issue of Common stock of which approximately 75% shall
bo issued pro rata to tho depositors, tho remainder of tho Common stock
to bo reserved in tho treasury for such purposes as may be authorized by
tho voto of a majority of each class of stock. This reservation is made in
order to socuro tho services of Air. Keller for a period of flvo years, in con­
sideration of which ho is to receive, in addition to his annual salary, onefifth of said shares or tho earned proportion thereof, at tho end of each
year of said term.
Tho expenses of tho committeo and its compensation for its fivo years of
servico and in connection with tho organization of tho now company and
tho plan wore approximately $275,000, Including tho organization of tho
now company; of this amount $90,000 has boon fixed as tho compensation
of tho committeo.
N e iv S e c u r itie s A u th o r i z e d a n d I s s u e d b y th e N e w C o . ( N o A I t g e . B o n d s )
(1.) 7% P r e f . ( a . A; d .) s to c k , par $100, cumulative from Jan. 1 1920. Re­

deemable, at option of company, all or part at any time on 90 days’
notico at 105 and dividends. Sinking fund for its redemption, 5 cents
for each ton of coal mined. In case of default in any sinking fund
provision for throe months after written demand by a majority of tho
Preferred stock, or of default on an ontiro yoar’s divklonds, all voting
rights will exclusively vest in the I>rof. stock until all such defaults havo
boon cured. No additional Pref. stock and no mortgago or other lien
(oxcopt purchaso money mortgage or lion) shall bo created without tho
consent of holders of 75% of each class of stock outstanding. Total
issuo, all to bo distributed to depositing bondholders ($800 thereof
per bond)--------------------------- ------------------------------------------------ $4,057,600
(2.) C o m m o n s to ck of no par valuo___________________________ 40,000 shares
To depositing bondholders, six sharos for each bond___ 30,432
Held in tho treasury of now company (see text)_______ 9,568
Tho now stocks and the aforesaid $100 per ($1,000) bond in cash will bo
deliverable at tho Alotropolitan Trust C o., 60 Wall St., N. Y ., on and after
Jan. 29 1920.
Theodoro C. Keller, mombers of tho committee and its counsel, constitute
tho directors of tho now company for tho first year. Seo V. 110, p. 359.

C h ica g 9 Elevated R ys. C oll. T r u s t.—

Fare Rulinq.—

The Illinois P. U. Commission has issued an order retaining tho 8-cent
single cash faro or 2 tickets for 15c. on elevated lines in Chicago. Tho
schedulo provides for a further reduction to 12c. for through tickets to
Evanston and Wilmette. Tho present faro to thoso suburbs is 14c.—
V. 109, p. 2439.

C h icago Surface L in es.—

Decision — Earninqs.—

Judge AlcGoorty in tho Circuit Court recently denied tho motion on bohalf of tho city to enjoin tho .surface lines from charging more than 5 cents
on tho ground of lack of jurisdiction. Tho Court held (hat tho city must
pay 6c. unless a riding favorablo to tho city Is given by (lie Supreme Court
(before which similar proceedings aro ponding) or tho faro Is reduced by tho
P. S. Commission.
Gross earnings for Dec. 1919 were $4,337,571, an Increase of $1,311,521
over 1918; operating exponses were $3,360,904, an Increase of $1,021,052
over Dec. 1918. This leaves, after deducting joint account expenses of
$1.3,810, net receipts total of $962,856, from which $072,110 is further de­
ducted as 5% interest on the purchaso price of the properties. The divisible
receipts are $290,746, of which tho city receives $159,910 as its 55% and tho
companies $1,30,835 as their share. Tho companies’ share Is only $5,941
less than for the month of November, when tho straight 7c. cash faro was
in effect for tho ontiro 30 days.— V. 109, p. 2439.

C ity & S u b u r b a n R y. o f W a s h .—

To Defer Interest.—

Tho company has applied to tho Calif, lilt. Commission for authority to
build an 8-mile extension southwest from its present terminus at Blythe
Riverside. County, Calif. A bond issue of $1.35,000 is contemplated to
financo the project.— V. 109. p. 370; V. 50, p. 482.

President William Ham of tho Washington Ry. & Electric Co. has ettod
tho inability of tho City & Suburban R y., one of the. subsidiary organiza­
tions, to pay tho interest of $4.3,750 on its .First AItge. bonds, which falls
duo on Fob. I, as further proof of tho straits in which the system has round
Itself. The company will havo threo months’ grace (until M ay 1) on tho
payment of this interest charge. Unless the road obtains a straight 7-eont
faro, according to Pros. Ham, tho interest will go unpaid.— V. 109, p. 1700.

bonds has adopted substantially tho following plan undor
which the distribution announced Jan. 24 will take place:

Tho company has announced its intention to begin tho construction o f a
850,000,000 union passenger station at Cloveland early in the present year.
On Doc. 30 tho Cleveland City Council adopted an ordinance which mado
possible the construction of tho now station without tho eo-operalion of
tho Pennsylvania. This requires that work bo begun by March 6 1920,
tho station to bo completed within fivo years and tho lines within tho city
limits to bo electrified in ten years.
According to tho company the New York Central and tho C. C. C. &
St. L. aro officially committed to tho project and it is expected that their
declaration of intention to accept, tho charter granted by the city will bo
filed in tho immediato futuro. Tho Erlo, tho Now York, Chicago A St.
Louis and the Wheeling Sc Lake Erie aro, according to thoso reports, pledged
to accept tho plan and only tho Pennsylvania and tho Baltimore & Ohio
havo failed so far to sanction tho project.— V. 108, p. 378.

Chicago & Eastern Illinois RR.— 5 % Purchase Money
First Lien Coal Bonds.— Plan of Distribution of Securities
Dated Jan. 22 1920.— The protective committee for these

Committeo: George C. Van Tuyl Jr. (Chairman), Frederick II. Kcker
Jerome;J. Hanauer, Arthur B. Leach, William II. Williams and Maurico
Holy-Hutchinson, with Alfred A . Cook as counsel and James F. McNamara.
Wa* 1 St., N. Y. Depositary, Metropolitan Trust Co.,
bO Wall St., N. Y.
I n tr o d u c to r y S ta te m e n t.

■

In May 1913 the railroad company and in Nov. 1914 tho coal properties
covered by tho Coal Mortgage of 1912 were placed in receiver’s hands
There were then outstanding $5,094,000 of tho 5% Coal bonds with Fob.
1915 and subsequent coupons attached. All but .$18,000 of tho Coal bonds
aro represented by tho committeo. To aid in the financing of the coal
properties $125,000 receiver’s certificates wore issued, but subsequently
paid from coal earnings. In March 1916 Theodoro C. Keller of Chicago
was made solo receiver of tho coal properties, and under hfs management
tho coal has been sold in tho main directly to largo consumers and a sub­
stantial good-will has boon thus developed.
Tho Indiana coal properties were sold under foreclosure on Dec. 18 1917
and tho Illinois properties on Doc. 19 1917, and were acquired for tho com­
mittee. 1'ho order confirming the sales provided, as stipulated by the
committeo, that tho deficiency judgmont was not to bo enforced acainst
tho other properties of tho railroad company or gaainst tho railroad com­
pany itsolf. Tho Indiana properties sinco Dec. .31 1918 and tin' Illinois
properties sinco March 31 1919, havo boon oporated by Air. Keller as
agent for tho committee.
A total of 11,306,376 tons of coal were mined from tho properties from
Dec. 1 1914 to March 31 1919, as follows:
..C o a l T o n n ag e—

I llin o is
A lin e s .

I n d ia n a
A lin e s .

T o ta l
T ons.

(1) Under provious receivership, Dec. 1
,o^T14>to March 31 .19,r\----------------------- 2,394,611 1,044,550

3,439,161

to March 31 1919...............- ......................5,839.400 1,410,193

7,249,593

(2 ) U n d er K eller re c e iv e r s h ip , A p ril 1 1916

m
„
8,2.34,011 2,454,743 10,688,754
Tonnage from mines Nos. 1 and 8 under leases to
Deering and Woolloy companies.......................
617,712
617 712
Total tonnage...................................................................................11,306,376
Profits from operations havo aggregated $1,834,710, viz.(a) Under provious receivership, Dec. 1 1914 to March 31 1916
(as per books)------------ ------------------------------------------- ___
$56 991
(0) Under Keller receivership, April I 1916 to March .31 1919
”
(after reserves for depletion and depreciation of property,
liability insurance, &c., and Federal taxes)__________________ $1,777,719
Tho coal industry from April 1 1919 to Dec. 31 1919 has suffered from
strikes, increased costs and car shortages; only approximately 1,000,000
tons of coal were mined from tho properties during this period. Mr.
Keller reports the properties as in excellent operating condition.
Certain parcels of tho coal properties not advantageously located havo
boon sold for $95,758 and somo 455 acres of coal lauds and 12 acres of
surface rights wore purchased for $20,516. Tho committeo at foreclosure
paid $130,331 in cash to the Special Master, along with the deposited
bonds and it has also advanced .$125,000 as working capital sinco its
acquisition o f the properties.
Tho committeo has collected $438 76 per bond, chiefly from Air. Keller’s
operations and from this sourco and tho proceeds of sale of certain personal
property has distributed to tho depositors an aggregate of $370 per bond
and is now prepared to distribute a further $100 per bond.
Tho committeo [on Jan. 21 19201 organized tho Indiana & Illinois Coal
Corporation under tho laws of Delawaro with $4,057,000 of 7% Cumulative
I referred stock and 40,000 shares of Common stock without nominal or
-par value, and has caused tho coal properties and certain cash accounts,
&c., to bo convoyed to tho now company. All operations sinco Doc. .31
1919 aro for its account.




C leveland U n io n Term in als C o .—

C o n n e c tic u t C om p an y .—

To Start New Station .

Zone System a Success.—

In answering opponents of tho zone system the company has submitted
figures to the P. S. Commission which shows that receipts In Doc. 1919
woro $165,297 greater than In Doc. 1918, and the gross for tho first 15 days
of Jan. 1920 was $53,000 moro than tho same days In 1919. As to protests,
tho company said these camo from 16 towns with a population of 75,000,
while 42 with 660,000 in thorn endorsed tho zono system.— V. 110, p . 167.

D etro it U n ited R y .—

City to Vote on Bond Issue.—

Tho Detroit Common Council has decided to submit to voters at tho
election In April a proposal that tho city Issue $15,000,000 bonds, the pro­
ceeds to construct about 200 mi.es of municipal stroot railway lines.—
V. 110, p. 167.
.

Florida E ast C oast R y .—

Annual Income Interest.—

Interest at tho rate of 5% per annum has been declared, payable April 1.
on tho S25,000,000 General Alortgago Incomo 5% 50-year bonds.— V.
110, p. 74.

F ort S m ith L ig h t & T ra c tio n C o .—

Fare Increase.—

Tho Arkansas Corporation Commission has authorized an Increase in tho
faros, effective Jan. 16. The now fares ;ire on tho basis of 6 cents cash 9
tickets for 50 cents and 19 tickets for $1. A report of tho Commission
finding for Increased fares, written by Commissioner T. E. Wood says:
“ The law forbids tho establishment of rates whoso effect will be confiscation
of property of utilities. It lias been shown to tho satisfaction of tho com­
mission that tho existing rates with tho present cost of operation aro in fact
confiscatory. . . After a utility is driven into a position where its credit
is impaired and it can obtain money for operation only at an unreasonable
cost, tho public must sharo tho loss.” — V. 108, p. 2433.

G alv eston H o u sto n & H en d erson R y .—

Federal Contract

Director-Gonoral of Railroads Hines has signed the Federal operating
contract with this company, fixing tho annual compensation at $127,366.
— V. 107, p. 1482.

G eorgia & F lorida R R .—

Court Revokes Sale of Road.—

An order from the court, it is stated, has revoked tho sale of tho road at
niblic auction to satisfy holders of $700,000 receiver’s certificates. Local
justness men, bondholders and residents along tho lino, which runs from
Augusta to Aladison, Fla., agreed to underwrite outstanding certificates.
— V. 109, p. 2439.

H a m ilto n (O hio) B elt R y .—

Federal Contract....-

Director-General of Railroads Ilines has signed tho Federal operating
contract with this company, fixing tho annual compensation at $7,040.
— V. 107, p. 401.

H o u sto n (T ex.) Electric C o .—

Fares.—

Acting under a decision of tho Federal District Court restraining tho city
from interfering with Increases in street car faros beyond tho 5-ccnt maxi­
mum providod for in tho franchise charter under which tho company ope­
rates tho company has increased car fares outside tho 2.8 mile zono to|3

c e n t s , m a k in g th e t o t a l fa r o 8 c e n ts .
T h e c o u r t h e l d . In e f f e c t , t h a t t h o
5 -c o n t fa r e u n d e r p re s e n t c o n d it io n s w a s c o n fis c a t o r y a n d t h a t th o c o m p a n y
w a s w i t h in it s r i g h t s in r a i s i n s s t r e e t c a r f a r e s t o a fig u r o t h a t w o u ld p r o d u c e
a “ f a i r ” r e t u r n o n th o a m o u n t in v e s t e d in t h e s t r e e t c a r s y s t e m ,
t h e c it y
is p r e p a r in g to a p p e a l fr o m th o d o c is io n o f th o F e d e r a l C o u r t a n d e x p e c t s
t o h a v e it s c a s e r e a d y t o p re s e n t t o th o h ig h e r c o u r t w ith in a s h o r t tim e .
V . 10 8 , p. 0 8 3.

Illinois Central RR.— Extension Granted for Acceptance of
Chicago Lake Front Improvement Ordinance .—

C h o C h ic a g o C i t y C o u n c il lia s g r a n t e d th o c o m p a n y u n til F o b . 2 1 t o
a c c e p t t h o S i 1 0 ,0 0 0 ,0 0 0 n o w t e r m i n a l a n d e l e c t r i f i c a t i o n o r d i n a n c e , p r o v i d ­
in g fo r th o C h ic a g o la k e f r o n t t e r m in a l p r o je c t .
T h e o r d in a n c e w a s p a s s e d
in 1 9 1 9 a n d t h e r a i l r o a d w a s g iv e n s i x m o n t h s t o c o n s id e r t lie p l a n , t h o t u n e
lim it e x p ir in g J a n . 2 1 19 2 0 .
T h o c o m p a n y a s k e d t h a t th e o r d in a n c e b e
a m e n d e d to p r o v id e fo r t h e fin a n c in g o f th o im p r o v e m e n t s fo r w h ic h it w ill
p ay.
T h e c it y a n d th o c o m p a n y h a d b e e n u n a b le to a g r e e u p o n t h a t
,U T h e “ R a U w a y R e v i e w " s a y s : “ T h e l a s t o b s t a e l o i n t h e p a t h o f t h e $ 1 1 0 . ­
0 0 0 ,0 0 0 la k e f r o n t im p r o v e m e n t b e t w e e n 1 2 t h S t . a n d J a c k s o n
P ark ,
C h ic a g o , w a s d o n e a w a y w ith o n J a n . 19 a t a c o n fe r e n c e b e tw e e n o ffic ia ls
o f th e Illin o is C e n t r a l R R . a n d re p r e s e n ta t iv e s o f th e c it y .
T h e c o n fe re e s
d e c id e d o n t h e s u b s t a n c e o f a n a m e n d m e n t to t h e o r d in a n c e w h ic h p r o v id e s
f o r t h e f lo a t i n g o f t h e s e c u r it i e s n e c e s s a r y fo r t h e c o lo s s a l e n g in e e r in g t a s k .
T h e c it y a n d th e r a ilr o a d h a v e b e e n a t lo g g e rh e a d s o n th e m a t t e r , a n d a n
a g r e e m e n t w a s d e m a n d e d b y t h e W a r D e p a r t m e n t b e fo r e th e p e r m it w o u ld
b o is s u e d .
F o llo w in g th o c o n fe r e n c e , it w a s d e c id e d to s e n d A t t o r n e y
W a lt e r L . F is h e r to W a sh in g to n to la y th o s itu a tio n b e fo re S e c r e t a r y o f
W a r R a k e r a n d a s s u r e h im t h e r e s e r v a t io n s m a d e b y th e W a r D e p a r t m e n t
a s to th e c o n d it io n s o f th o im p r o v e m e n t w o u ld b e r e s p e c t e d .
I t w ill b e
n e c e s s a r y to o b ta in le g is la t iv e s a n c tio n b e fo re th e c it y c a n a g re e to th e
F e d e r a l d e m a n d s , i t w a s e x p l a i n e d , b u t n o t r o u b l e is e x p e c t e d in o b t a i n i n g
th is.
T h e S o u th P a r k H o a rd , w h ic h is t h e t h ir d p a r t y t o th o a g r e e m e n t ,
h a s a l r e a d y a c q u i e s c e d in t h e F e d e r a l d e m a n d s "
.
nnn
B r l o f l y . t h e o r d i n a n c e p r o v i d e s f o r t h e e x p e n d i t u r e o f a b o u t .$ 1 1 0 . 0 0 0 ,0 0 0
a n d th o e le c t r ific a t io n o f th e I llin o is C e n t r a l R R . , th e c o n s tr u c tio n o f a n
Im m e n s e n o w p a s s e n g e r te r m in a l a t T w e lft h S t r e e t , th e b u ild in g o f a la k e
fr o n t p a r k , a n d th e fo r m a tio n o f a n e w h a r b o r d is t r ic t s o u t h o f G r a n t 1 a r k .
— V .

10 9 , p . 24 39 .

Kansas City Railways.— Car

Trust Certificates Offered.—

Edward B . Smith & C o ., Phila., aro offering on a 0 y2%
basis .$114,000 J. G . Brill Co. “ Birnoy Safety” Equipment
6 % Gold Trust certificates, Trust N o . 5, Series “ A . ”
The bankers stato:
D a t e d J a n . 1 5 19 2 0 : m a tu r in g $ 2 9 ,0 0 0 J u l y 1 5 1 9 2 1 , $ 2 8 ,0 0 0 J a n . 1 5 19 2 2 ,
$ 2 9 ,0 0 0 J u l y 1 5 1 9 2 2 , $ 2 8 ,0 0 0 D e c . 1 5 1 9 2 2 .
R e d . a t 10 0 an d d iv . on a n y
d l v . d a t e , o n 10 d a y s ' n o t i c e , i n o r d e r o f t h o p r i o r i t y o f t h e m a t u r i t y o f
c e r t ific a t e s th e n o u ts ta n d in g .
D iv s . p a y a b le J . & J .
D e n o m . $ 1,0 0 0 (c * ).
F i d e l i t y T r .u s t C o . , P h i l a d e l p h i a , t r u s t e e .
.
^
. .
S c c u r i t g .— S e c u r e d b y a s s i g n m e n t s o l l e a s e s c o v e r i n g 4 0 B i r n o y O n e - M a n
s a f e t y c a r s , f o r w h ic h p u r p o s e m o n e y n o t e s a g g r e g a t in g $ 1 8 7 , 0 8 2 o f t h e
K n n s n s C i t y R y s . C o . , to w h ic h t h e s o c a r s a r o le a s e d , lia v o b e e n d e p o s it e d .
T i lls Issu e o f c e r t ific a t e s r e p r e s e n ts a b o u t 5 0 % o f th o s e llin g p ric e s o f th e s e
c a r s , t h e b a l a n c e h a v i n g b e e n p a id In c a s h a n d b y a n Is s u e o f $ 5 6 ,0 0 0 S e r i e s
“ R " c e r t i f i c a t e s m a t u r i n g I n m o n t h l y I n s t a l l m e n t s f r o m I< c b . 1 5 1 9 2 0 t o
D e c . 1 6 19 2 0 . b o th I n c lu s iv e .
.
.
,
,,, ,
,
T h e n o t e s p le d g e d , t o g e t h e r w ith in t e r e s t a c c r u in g , w ill b e s u ffic ie n t to
e n a b le th o tr u s te e to m e e t w h e n d u o th o p r in c ip a l a n d d iv id e n d s o f th e
S e r ie s " A " c e r t ific a t e s , th o p r in c ip a l o f t h e S e r ie s “ B " c e r t ific a t e s a n d o th e r
c h a r g e s .— V . 1 1 0 , P- 16 7 . 7 8 .

Kettle Valley Ry.— To

Ask for $70,000 Per M ile. —

T h o c o m p a n y w ill a p p l y t o th o P a r l ia m e n t o f C a n a d a a t it s n e x t s e s s io n
f o r a u t h o r i t y t o I n c r e a s e i t s b o n d i n g p o w e r s in r e s p e c t t o t h o p r o p o s e d
b u ild in g o f a b o u t 9 2 a d d i t io n a l m ilo s o f r o a d t o $ 7 0 ,0 0 0 p e r n n lo .— V . 1 0 8
p. 17 2 1.

Lehigh Valley Transit Co.'— Seeks

Higher Fares.'—

T h e c o m p a n y h a s r ile d a p p l i c a t i o n w i t h t h o P e n n s y l v a n i a P . S . C o m ­
m is s io n f o r p e r m is s io n to r a is e z o n e f a r e s fr o m 6 to 7 c e n t s o n a ll b r a n c h e s
o f th o s y s t e m e x c e p t th o P h ila d e lp h ia lin o .— V . 1 1 0 , p . 2 6 1 .

Lincoln (Neb.) Traction Co.— Fare

Increase.—

E f f e c t i v e J a n . 1 t h e N e b r a s k a S t a t o R R . C o m m , a llo w e d th o c o m p a n y
t o I n c r e a s e it s f a r e s f r o m 6 c e n t s t o 7 c e n t s , t h o In c r e a s e T aro t o c o n t in u o
f o r a p e rio d o f 6 m o n th s p e n d in g th o fix in g o f a p e r m a n e n t r a t e .
The
c o m m is s io n o r d e r e d th o c o m p a n y to s e ll 4 t i c k e t s fo r 2 5 c e n t s a n d < c h ild r e n
tic k e ts fo r 2 5 c e n ts.
F a r e s b e tw e e n th o s u b u r b a n to w n s a n d c it y o f L in c o in w e ro In c rc sc d fro m 7 to 8 c e n t s .— V . 10 9 , p . 5 7 7 .

Manhattan & Queens Traction Co.— Court

Decision .—

T h e A p p e lla t e D iv is io n o f th e S u p re m o C o u r t o n J a n . 2 3 s u s ta in e d S u ­
p r e m o C o u r t J u s t i c e E d w a r d R . F i n c h in r e s t r a i n i n g P . S . C o m m i s s i o n e r
L e w is N ix o n a n d R e c e iv e r s W illia m R . R c g g a n d A r t h u r C . H u m e fro m in ­
c r e a s i n g t h e T a r e s c h a r g e d o n t h e c o . ’s l i n e s . T h e o p in io n o f t h e C o u r t w a s
w r it t e n b v J u s t ic e F r a n k O ’ L o u g lilin , a ll o f h is a s s o c ia t e s c o n c u r r in g .
3 ho
c o u r t h o ld t n a t n e it h e r t h e I ’ . S . C o m m is s io n n o r a n y o n o e ls e h a s a u t h o r it y
t o a u t h o r i z e t h o c o m p a n y t o c h a r g o m o r o t h a n a 5 - c c n t f a r e , in v i e w o f t h e
t e r n i R o f i t s a g r e e m e n t w i t h t h e c i t y , a n d t h a t r e l i e f in t h o l i n o o f i n c r e a s e d
fa r e , if n e e d e d , m u st c o m e fro m th o L e g is la tu r e .— V . 10 9 . p . 15 2 7 .

Maryland, Dolaware & Virginia Ry .-To

Purch. Coupons.

H o ld e r s o f th e $ 2 ,0 0 0 ,0 0 0 1 s t M . 5 s o f 19 0 5 d u e F e b . 1 1 9 5 5 , h a v e r e ­
c e iv e d a le t t e r fro m th e P e n n s y lv a n ia R R . C o ., o ffe r in g to p u rc h a s e th e
c o u p o n s d u e F e b . 1 , b u t w ith o u t c o m m it t in g it s e lf a s to Its fu t u r e p o lic y
r e s p e c tin g th e s a m e .
T h e In t e r e s t h a s n o t b e e n e a r n e d Tor m a n y y e a r s a n d
I t Is c o n s id e r e d e s s e n t i a l to r e d u c e t h e p r i n c i p a l o f t h e m o r t g a g e o r t h e
ra to o f In te re st.
A P r o t e c t i v e C o m m i t t e e w ill lo o k o u t fo r th o In te r e s ts o f
t h e 1 s t M . b o n d s .— V . 10 9 , p . 1 8 9 1 .

Milwaukee Electric Ry. & Light Co.— Decision. —

J u d g e F a ir c h ild r e c e n t ly h a n d e d d o w n a r u lin g w h ic h h o ld s t h a t th o
c o m p a n y c a n n o t r u n in t o r u r b a n c a r s in t o th o c it y b e c a u s e it h a s n o f r a n ­
c h is e fo r th is p u r p o s o .
T h o r u lin g s u s t a in s th o c o n t e n tio n o f C it y A t t o r n e y
W illia m s , w h o w a s o rd e re d r e c e n t ly b y th o C o m m o n C o u n c il to fo r c e th e
c o m p a n y e it h e r to t a k e o u t a fr a n c h is o o r c e a s e u s in g th o c it y t r a c k s fo r
In to ru rb a n tr a ffic .
I t Is s t a t e d t h a t i n t o r u r b a n t r a f f i c w ill p r o b a b l y b o
c u t o ff on F o b . 1 . — V . 1 1 0 , p . 2 6 1.

Minneapolis & St. Louis RR.— Federal

Contract.—

D ir e c t o r - G e n e r a l o f R a il r o a d s H in e s h a s s ig n e d th e F e d e r a l o p e r a t in g
c o n t r a c t w ith th is c o m p a n y , r ix ln g th o a n n u a l c o m p e n s a t io n a t $ 2 ,8 1 2 ,0 0 8 .
S e e a n n u a r e p o r t In V . 1 0 9 , p . 7 6 9 .

Mount Mitchell RR.— May

Be Bought.—

A r e p o r t f r o m A s h e v i l l e . N . C . , s a y s t h a t a t e m p o r a r y o r g a n i z a t i o n Is
b e in g fo r m e d w ith th o Id e a o f p u r c h a s in g th e r o a d fr o m l ’ e r le y & C r o c k e t t ,
l u m b e r m e n , a t a p r ic e s a i d t o b o $ 1 6 0 , 0 0 0 , s o t h a t th o lin o m a y b e p r e s e r v e d
a n d o p e r a t e d fo r to u r is t t r a v e l.
M . A . E rs k in o , o f A s h e v ille , a n d N .
B u c k n e r , S e c r e t a r y o f th o A s h o v illo H o a rd o f T r a d o . a r e , r e s p e c t iv e ly ,
t e m p o r a r y c h a ir m a n a n d s e c r e t a r y o f th o c o m m itte e .
T h o lin o Is 2 2 m ile s
lo n g .— V . 10 8 , p . 1 0 6 1 .

Nassau Electric RR., Brooklyn.— Car

Trust Ctfs. Offered.

E d w a r d R . S m it h & G o ., P h il a ., a r e o ffe r in g o n a 6 1 $ % b a s is $ 2 0 8 ,6 0 0
J . G . B r ill C o . " B ir n o y S a f e t y " E q u lp m e n t 6 % G o ld T r u s t c e r t ific a t e s . T r u s t
N o . 4 . S c r i e s " A , ” is s u e d u n d o r t h e “ P h il a d e lp h ia p la n .
T h o s e c e r t if ic a t e s w ill b o Is s u e d b y t h o F i d e l i t y T r u s t C o . , t r u s t e e , a n d
w ill b e s e c u r e d b y a s s ig n m e n t o f a le a s e c o v e r in g 7 3 B ir n o y o n e - m a n s a f e t y
c a r s , fo r w h ic h p u r c h a s e m o n o y n o t e s a g g r e g a t in g $ 3 7 2 ,9 2 6 o t c in d i e y M .
G a r r i s o n , F e d e r a l r e c e i v e r o f t h e N a s s a u E l e c t r i c R R . , B r o o k l y n ( N . > .)
R a p id T r a n s it S y R te m h a v o b e e n d e p o s it e d .
T h e s e c a r s w e re a c q u ire d
u n d e r le a s e b y t h e r e c e iv e r , o n o r d e r o f th o C o u r t , a n d w ith th e a p p r o v a l o f
th e N o w Y o rk
P . 8 . C o m m is s io n .
T h i s is s u e o f c e r t if ic a t e s r e p r e s e n t s
a p p r o x im a t e ly 5 0 % o f th e s e llin g p ric e s o f th e s e c a r s , th e b a la n c e h a v in g
b e e n p a i d In c a s h ( 2 0 % ) , a n d b y a n I s s u e o f $ 1 2 9 , 0 0 0 8 c r i e s
B
c e r t ific a t e s
w h i c h a r o d e f e r r e d In l i e n . — V . 1 0 9 , p . 2 1 7 2 .

Now York Central R R .—

D i r e c t o r s .—

B e rtra m
C u t le r a n d A lb e r t I I . H a r r is h a v o b e e n e le c te d d ir e c t o r s to
s u c c e e d C a r l R . G r a y , r e s ig n e d a n d H o r a c e D . A n d r e w s , d e c e a s e d .— V . 10 9
p. 2357.




465

THE CHRONICLE

Jan . 31 1920.]

N orfolk & W e ste rn R y .—

N ew

P r e s i d e n t .—

N
D M a h r h a s b e e n e le c te d P r e s id e n t t o s u c c e e d L . E . Jo h n s o n w h o w a s
m a d o C h a ir m a n o f th e b o a r d .
M r . M a h e r w a s e l e c t e d a d i r e c t o r t o fill
8, v a c a n c y .
T h e fo llo w in g o ffic e r s w e r e a ls o a p p o in t e d , a ll a s o f M a r c h 1 :
V ic e -P ro s ,
in c h a r g e o f o p e r a t io n , A . C . N e e d l e s ; V ic e - P r o s , in c h a r g e o f t r a f f i c , T . 8 .
D a v a n t ; V ic o - P r e s , in c h a r g e o f p u r c h a s e s , r e a l e s t a t e a n d v a l u a t i o n , C . 8 .
C h u r c h i l l ; V i c e - P r e s . in c h a r g o o f f i n a n c e s , E . I I . A l d e n ; I r e a s u r e r , J o s e p h
B L a c y ; S e c re ta ry & A s s is ta n t T r e a s u re r , I . W . B o o th ; A s sista n t S e c re ta ry ,
L . W . C o x .— V . 10 9 , p . 2 3 5 7 .

N o rth w estern Pacific R R .—

F e d e r a l C o n tr a c t .—

D ir e c t o r - G e n e r a l o f R a il r o a d s H in e s h a s s ig n e d th o F e d e r a l o p e r a t in g
c o n t r a c t w ith th is c o m p a n y , fix in g th o a n n u a l c o m p e n s a t io n a t $ 1 ,3 3 8 ,0 0 0 .
— V.

10 8 .

p.

379.

O km ulgee N orth ern R R .—

S o l d .—

T h e s a le o f th o r o a d fo r a s u m s a id t o b o a b o u t $ 5 0 0 ,0 0 0 b y
in te r e s t s o f K a n s a s C it y to a g r o u p o f O k m u lg e e m e n , h e a d e d b
S r h o c k a n d W . O . S c lio c k , h a s b e e n a n n o u n c e d .
T h e ro ad , ab o u t
lo n g
in c lu d in g 9 m ile s o f t r a c k a g e r ig h t s a n d e x t e n d in g fr o m O
s o u t h t o D e w a r a n d H e n r i e t t a , s e r v e s t h o c o a l a n d o il f ie ld s o f t h o
a n d m a in t a in s b o th fr e ig h t a n d p a s s e n g e r s e r v ic e .
C a p it a l sto c k
o f $ 2 4 2 ,0 0 0 a n d $ 2 4 2 ,0 0 0 F ir s t M t g o . 6 % b o n d s d u o in 1 9 2 1 .

P en n sy lv an ia R R .—
S e e M a r y la n d

D e la w a r e &

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c o n s is ts

C o u p o n s .—

V ir g in ia R R . a b o v e .— V . 10 9 , p . 19 8 7 .

P en n sy lv an ia U tilities S y stem .—

A n n u a l E a r n i n g s .—

R e s u lt s f o r 1 2 m o n t h s e m t in g —
D e c . 3 1 T 9 . O ct. 3 1 T 9 .
G r o s s r e v e n u e ( i n c l u d e s o t h e r i n c o m e ) -------------------------$ 1 , 8 2 7 , 9 2 9 $ 1 , 8 0 3 , 0 2 3
O p e r . e x p ., t a x e s , r e n t a ls a n d in is c e l. d e d u c t io n s o f
E a s t e r n P e n n s y lv a n ia P o w e r C o . & E a s t o n G a s
1,2 7 1,2 4 6
w o r k s ___________________________________________________________ 1 , 2 6 5 , 6 9 4
3 6 ,9 0 0
I n t . o n $ 7 3 8 , 0 0 0 E a s t o n G a s W o r k s b o n d s ( 5 % ) - ----3 6 ,9 0 0
O n $ 3 ,8 8 9 ,5 0 0 P e n n s y lv a n ia U t ilit ie s C o . 1 s t M t g o
19 4 ,4 7 5
19 4 ,4 ,5
b o n d s ( 5 % ) ________ _________ - .................................. - .................. O n $ 1 ,1 5 0 ,0 0 0 P e n n s y lv a n ia U t ilit ie s C o . 6 % 2 d
M t g o . n o t e s . . . ....................................- ...............................................
6 9 .0 0 0

B a l a n c o : s u r p l u s _______________________________________________
$ 2 6 1,8 6 0
$ 3 0 0 ,4 0 2
(In c lu d e s P e n n s y lv a n ia U t ilit ie s C o ., E a s t e r n P e n n s y lv a n ia P o w e r C o .,
a n d E a s t o n G a s W o r k s ) .— V . 10 9 , p . 2 1 7 7 .

P en sacola (F la.) Electric C o .—

R e c e iv e r .—

O n c o m p la in t o f t h e O ld C o l o n y T r u s t C o . , B o s t o n , F e d e r a l J u d g e S h e p ­
p a r d a p p o in t e d J a m e s G . H o lt z c la w r e c e iv e r fo r th o P e n s a c o la S t r e e t R y .
C o.
O ffic ia ls o f th o r o a d d e c la r e d It w a s u n a b le t o o p o r a t o a t p r o fit o n a
5 -c c n t fa re .
T h o c o m p a n y r e c e n t ly o n d e a v o r e d to in c r e a s e fa r e t o 7 c e n t s ,
b u t th o C i t y C o m m is s io n e r s fa ile d to a c t .— V . 1 0 8 . p . 7 9 .

P h ila d e lp h ia R apid T r a n sit C o .—

V o tin g T r u s t E n d s .—

T h e v o t in g t r u s t e e s to r th o s t o c k d e p o s it e d u n d e r a g r e e m e n t d a t e d
F e b . 2 0 1 9 1 1 , a s o x te n d e d F e b . 1 1 9 1 6 , h a v in g d e te r m in e d t h a t it is n o
lo n g e r n e c e s s a r y t o c o n t in u e th o v o t in g t r u s t , h a v o r e s o lv e d t o t e r m in a t e
th e s a m e a t th e c lo s e o f b u s in e s s o n F e b . 1 2 1 9 2 0 , a f t e r w h ic h d a t o n o
v o t in g t r u s t c e r t ific a t e s w ill b e t r a n s fe r r e d .
H o ld e r s a r e r e q u e s te d a s so o n
a f t e r t h a t d a t e a s c o n v e n ie n t , t o d e l i v e r s a i d c e r t i f i c a t e s , d u l y e n d o r s e d in
b la n k o r to th o n a m e s o f t h e v o t in g t r u s t e e s , to F id e lit y T r u s t C o . , 3 2 5
C h e s t n u t S t . , P h il a d e lp h ia , a n d r e c e iv e in e x c h a n g e t h e r e f o r c e r t if ic a t e s o f
* ' l 'n V o i o t a ^ a m o u n t o f E x t e n d e d V o t i n g T r u s t C e r t i f i c a t e s , m a k i n g t h o
t o t a l a m o u n t o f c e r t ific a t e s lis te d o n P h il a . S t o c k E x c li a n g o a t t h is d a t o is
$ 2 5 .18 9 .6 0 0 — V . 10 9 , p . 2 3 5 7 .

P ittsb u r g h R a ilw a ys.—

O v erd u e

C o u p o n s .—

T h e re c e iv e r s a n n o u n c o t h a t in te r e s t o n th e fo llo w in g b o n d s w ill b e p a id
o n p r e s e n ta tio n o f c o u p o n s a t th o F id e lit y T i t le a n d T r u s t C o . ( P it t s b u r g h ,
Pa )’
D u q u e sn o T r a c tio n 1s t M . d u o J u l y 1 19 1 9 ; C e n t r a l T r a c tio n 1 s t
M
d u e J u l y 1 19 19 ; F e d e r a l S t . & P le a s a n t V a lle y P a s se n g e r R a ilw a y G e n .
M b o n d s a n d C o n s o l. M . b o n d s , d u o J u l y 1 1 9 1 9 ; P e r r y S t . R y . C o ., in te r e s t
d u e J u l y 1 1 9 1 9 ; 1 T o y H ill P a s s e n g e r R a i l w a y . A lle g h e n y & B e lle v u e S t . R y . ,
A lle g h e n y S t . R y . b o n d s , in te r e s t , a ll d u e J u l y 1 1 9 1 9 .
T h e f o llo w i n g in t e r e s t , i t is s t a t e d , h a s a ls o b e e n o r d e r e d p a i d , a s f o llo w s :
C it iz e n s T r a c t io n , A p r il a n d O c to b e r; P it t s b u r g h A lle g h e n y A M a n c h e s t e r ,
A p r il a n d O c to b e r;
P it ts b u r g h C a n n o n s b u r g & W a s h in g to n ,
Ja n u a ry ;
P it t s b u r g h T r a c t io n C o ., A p r il a n d O c to b e r; M il l v a l e E t n a &
S h a rp sb u rg
M a y ; G Ic n w o o d H ig h w a y B r id g e , Ju n o .— V . 1 1 0 , p . 2 6 2 ,7 8 .

S t. L o u is-S a n F ran cisco R y . C o .—

B o n d s L isted — E a r n s .

T h e N e w Y o r k S t o c k E x c h a n g e h a s lis te d $ 1 0 ,5 3 6 ,3 0 0 P r io r L ie n M .
b o n d s S e r ie s C a lr e a d y o u t s t a n d in g , w ith a u t h o r it y to a d d o n n o t ic e o f
is s u e a fu r t h e r $ 6 1 , 7 0 0 , m a k in g t h e t o t a l a m o u n t s lis t e d o r a u t h o r iz e d t o
b o lis te d S e r ie s A b o n d s . $ 9 3 ,3 9 8 ,5 0 0 ; S e r ie s B b o n d s , $ 2 5 ,0 0 0 ,0 0 0 , a n d
o f S e r i e s C b o n d s . $ 1 0 ,5 9 8 ,0 0 0 , (s o ld in D e c . 1 9 1 8 , s e e V . 1 0 7 , p . 2 4 7 7 .)
T h e c o m p a n y re p o r ts to th e E x c h a n g e :
“ T h e ‘s t a n d a r d r e t u r n
o f th e
F r is c o S y s t e m h a s b e e n c e r t ifie d b y th o I .- S . C . C o m m is s io n to b o $ 1 3 , ­
3 16 5 7 1.
N o a g re e m e n t, h o w e v e r , h a s a s y e t b e e n re a c h e d w ith th o
U
S R R . A d m in is t r a t io n , a s t o t h e a m o u n t o f c o m p e n s a t io n to w h ic h th o
c o m p a n y is e n t i t le d .
S a id s t a n d a r d r e t u r n p lu s t h o n o n - o p e r a t in g in c o m e
o f th e c o m p a n y fo r th e fis c a l y e a r e n d e d J u n e 3 0 1 9 1 9 e x c e e d e d in te r e s t
c h a r g e s o n th o o u ts ta n d in g P r io r L ie n M o r t g a g e b o n d s (a n d u n d e r ly in g
b o n d s) b y $ 4 ,4 6 8 8 8 4 . a n d w a s a ls o in o x c e s s o f a ll in t e r e s t c h a r g e s , in c lu d ­
in g t lio s o o n t h e u n d e r ly i n g b o n d s , o n a ll o u t s t a n d in g P r i o r L ie n M o r t g a g e
bonds
A d ju s tm e n t M o r tg a g e b o n d s a n d In c o m e M o r tg a g e b o n d s.
Tho
c o m p a n y h a s r e c e n t ly b e e n a d v is e d t h a t th o in c o m e ro c e iv e d b y s a i d
D ir e c to r -G e n e r a l fro m th e o p e r a t io n o f th o F r is c o S y s t e m d u r in g th e c a l­
e n d a r y e a r 1 9 1 9 w a s s u b s t a n t ia lly in o x c e s s o f s a id s t a n d a r d r e t u r n .—
V . 10 9 , p . 8 8 9 .

S a gin a w -B ay C ity R y .— E x t e n s i o n o f $010,000 S a g in a w
V a lle y T r a c tio n C o . 5 %
B o n d s , D u e F e b . 1 1920 f o r T h r e e
Y e a r s at 7 % . — Tho company has sent a circular to tho holders
o tho above bonds which says in part:
T h e a b o v e b o n d s a ro se c u re d b y a fir s t m o rtg a g e o n th o s tre e t ra ilw a y
p r o p e r t y in S a g i n a w , M i c h . , a n d o n a n i n t o r u r b a n lin e e x t e n d in g f r o m
S a g in a w to B a y C it y a lo n g th e w o st s id e o f th o S a g in a w R iv e r .
Tho bonds
w o r e is s u e d 2 0 y e a r s a g o t o t h e a m o u n t o f $ 8 5 0 ,0 0 0 w h ic h a m o u n t h a s
b e e n re d u c e d b y s in k in g fu n d p a y m e n t s to th o a m o u n t n o w o u ts ta n d in g ,
t .e ., $ 6 10 ,0 0 0 d u e F e b . 1 n e x t.
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b v t h e S a g i n a w - B a y C i t v R y . C o . in 1 9 1 0 s u b j e c t t o t h o m o r t g a g e a n d t h a t
c o m p a n y Iss u e d Its o b lig a tio n s fo r th o s in k in g fu n d p a y m e n t s a b o v e r e fe r r e d
to
I t a ls o Iss u e d it s o b lig a tio n s fo r a d d it io n s a n d b o tto r m e n t s to t h e
p r o p e r t y u p o n w h ic h th o S a g in a w V a lle y T r a c t io n C o . b o n d s a r e a f i r s t
m o rtg a g o , to th o a m o u n t o f $ 8 2 1,9 6 9 .
E a r n i n g s . — T h o e a r n in g s o f th o p r o p e r t y o n w h ic h th e s e b o n d s a r e a
f ir s t m o r t g a g e a r o a s fo llo w s :
19 19 .
1 9 1 9 . ( 5 m o s .t o D e c .3 1 ) .
19 18 .
19 17 .
C a l. Y e a r s —
19 16 .
$ 3 6 7 ,9 6 4
$ 5 0 2 ,4 8 7
$ 2 3 9 ,2 7 2
$ 3 6 5 ,8 7 8
G r o s s e a r n in g s — $ 3 7 5 ,4 5 7
3 3 6 ,0 4 2
4 12 .1 6 6
18 1,3 3 4
2 6 f ,6 8 1
O p e r . e x p e n s e s .. 2 3 9 ,9 8 6
13 ,5 9 5
2 5 ,0 8 7
2 2 ,1 5 1
I f ,6 14
T a x e s . . ____________
18 ,0 7 7
$ 4 4 ,3 4 3
$ 9 ,7 7 1
$ 6 5 ,2 3 3
N e t a fte r t a x e s .$ 1 1 7 ,3 9 4
$ 8 0 ,5 8 4
F ares
& c — T h o f a r e s p r i o r t o J u l y 1 6 1 9 1 8 in e f f e c t In S a g i n a w w o r e :
c a s h fa r e s 5 c .; r e g u la r t ic k e t s , 6 fo r 2 5 c .; la b o r a n d s c h o o l t ic k e t s . 8 fo r 2 5 c .
O n J u l y 1 0 1 9 1 8 fa r o w a s in c r e a s e d to a s t r a i g h t 6 c . w it h n o ro d n e e d r a t e
t i c k e t s u n d e r a n o r d in a n c e p a s s e d b y th o C i t y C o u n c il w h ic h o r d in a n c e ,
h o w e v e r w a s r e v o k e d b y a v o t e o f t h e p e o p le M a r c h 5 1 9 1 9 .
O n Ju ly 3 1
1 0 1 9 a n o r d in a n c e p a s s e d b y t h e C i t y C o u n c il p r o v id e d fo r in c re a s e d fa r o s
a s fo llo w s C a s h fa r o , 6 c .; la b o r a n d s c h o o l t ic k e t s , 5 fo r 2 5 c .
T h is
o r d in a n c e w a s a p p r o v e d b y t h o e le c t o r s S e p t . 9 1 9 1 9 a n d t h e c o m p a n y is
a t p r e s e n t o p e r a t in g u n d e r t h o s e r a t e s in c i t y o f S a g i n a w .
S u b s ta n tia lly
a l l c a r s in S a g i n a w a r e n o w b e in g o p e r a t e d o n a o n e - m a n b a s i s .
I n t e r u r b a n F a r e s .— P r i o r t o N o v . 1 1 9 1 9 p a s s e n g e r f a r o o n t h o I n t o r u r b a n
lin e s a v e r a g e d le s s t h a n 2 c . p e r m ile p e r p a s s e n g e r b u t o n t h a t d a t e c o m p a n y
p u t In to e ffe c t a n e w p a s s o n g c r t a r i f f w h ic h a v e r a g e s a b o u t 2 H e . p e r m ile
tie r p a s s e n g e r , t h is I n c r e a s e h a v i n g b e c o m e p o s s ib lo b y t h e e n a c t m e n t o f a
2 H c . p a s s e n g e r m ile la w
d u r in g
th e
19 19
s e s s io n
o f th e M ic h ig a n
f l o r i d * !? * - t e n s i o n .— I t h a s b e e n i m p o s s i b l e t o s e c u r e a n u n d e r w r i t i n g o f t h o
is s u e s o a s t o p a y o f f th o b o n d s in c a s h a t th o p r e s e n t t i m e a n d th o h o ld e r s

466

THE CHRONICLE

t n th A

b( P i l c , S TvaTri° i? - f f e r e T\
fo llo w in g t e r m s o f e x te n s io n s u b je c t
t o t h e a p p r o v a l o f t h e M ic h ig a n P . U . C o m m is s io n :
a p e e m e n t o f e x te n s io n o f t h e m a t u r it y o f t h e b o n d s fo r th r e e
° F e b ;A 19 2 3 b e c o m in g e ffe c t iv e , th e c o m p a n y u n d e r th e te r m s th e ro o f a g rees:
( 1) T o in c r e a s e t h e r a t e o f in te r e s t fr o m 5 %
t o 7 % : (2) to
d e p o s i t $ 7 5 , 0 0 0 in t h r e e i n s t a l l m e n t s in a s i n k i n g f u n d t o b e u s e d t o a c q u i r e
a t n ° n p x c ,e 1e c l i n K 1 0 1 %
a n d in t ., b o n d s s o a c q u ir e d to b o c a n c e le d ;
W
t o p a y a ll in c id e n t a l e x p e n s e s , in c lu d in g t h e M ic h ig a n m o r t g a g e r c c o r d ln l 5 a x ’ 1 “ ° P a y m e n t o f w h ic h w i l l m a k e t h e b o n d s t a x e x e m p t in M i c h i g a n .
I h e e x te n s io n a g r e e m e n t fu r t h e r p r o v id e s t h a t t h e r ig h t s o f t h e b o n d ­
h o ld e r s w ill b e f u lly c o n s e r v e d a n d t h e lie n o f t h e ir b o n d s f u l l y p r e s e r v e d
a s a f i r s t m o r t g a g e lie n .
H o ld e r s o f b o n d s a r e in v it e d t o b e c o m e p a r t ie s t o t h e e x te n s io n a g r e e m e n t
b y d e p o s it in g t h e ir b o n d s , h a v in g f ir s t d e ta c h e d th e F e b . 1 19 2 0 c o u p o n s
1 3 S stl? n , ! a f £ J S e p 9 SL fc & T r u s t C o - B o s t o n , M a s s . , d e p o s i t a r y , o n o r
b e fo re F e b . 1 5 19 2 0 .
T h e F e b . 1 19 2 0 c o u p o n s w ill b o p a id a t m a t u r it y ,
v . lU o , p . 1 2 7 b .

San A n to n io & A ran sas Pass R y .—
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C o n t r a c t .—

Federal

£ ir ^ t o r - G e n e r a l ° f « R s ; H i n e s h a s s i g n e d t h e F e d e r a l o p e r a t i n g c o n t r a c t
t » e c o m p a n y fix in g t h e a n n u a l c o m p e n s a t io n a t $ 4 5 6 ,6 8 4 .— V . 1 0 7
1J8 6 .

w a y s a n d o m n ib u s lin e s , a s w a s d o n o in t h o c a s e o f t h o p r i n c ip a l t r u n k lin e s
ot th e c o u n try .
A c c o r d in g to th o “ M a i l , ” th o d is p a t c h s a y s , th o M in is t r y
J- L ;L n K to a s s u m o th o o p e r a t io n o f th o r a ilr o a d s , b u t n o t th o o m n ib u s e s ,
to r th o re a s o n a s r e p o r t e d t h a t th o g r e a t e r p a r t o f th o e s t im a t e d lo s s fo r
t h o c o m in g y e a r ( £ 1 ,6 0 0 , 0 0 0 , i t is s a i d , o u t o f £ 2 ,6 0 0 ,0 0 0 ) is b e lie v e d to
h o d u e t o b u s - lin e lo s s e s
T h o r e c e n t p r o p o s a l to a s k P a r lia m e n t to d o u b le
tn e s t a t u t o r y m a x im u m f a r e s r e s u lt e d in a g r e a t p o p u la r o u t c r y . [S . B . J o e l
S p e y e r"— V

1 1 0 ’ p ^ lO R 0 ” ’ r e C e n t ,y

a c (l u ir e d

U n ited Verde & P acific R y .—

To

th o

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o f S ir

^ R ° “ l v e r , *P i t ? d ? ri » a y s , ? w p l o p p o s e a n a p p l i c a t i o n f o r a b a n d o n m e n t o n
g r o u n d s t h a t i f g a s o lin o c o a c h e s a r o s u b s t it u t e d fo r th o e le c t r ic c a r s ,
* 1 5 . 0 0 0 a y e a r w ill b o s a v e d a n d th o p r o p e r t y c a n b o p la c e d o n a p a y in g
b a s is .— V . 1 0 9 , p . 5 7 8 .
>

S a n d w ic h W in d so r & A m h erstb u rg Street R y .—
T h e O n ta r io H y d r o - E le c t r ic P o w e r C o m m is s io n h a s a p p r o v e d th o a c q u i-

1 0 9 t h 6 2 2 6 ? a n y S li D e S b y t h ° m u n l c i P a I l t i o s t h r o u g h w h i c h i t r u n s .

Edgar

D i s c o n t i n u e .—

R e c e n t r e p o r ts s t a t e t h a t a p p lic a t io n h a s b e e n m a d e to th o A r iz o n a
S t a t e C o r p o r a t io n C o m m is s io n fo r d is c o n tin u a n c e o f s e r v ic e o n t h is r o a d ,
w h ic h w ill th e n b o s c r a p p e d .— V . 7 0 , p . 1 7 7 .

V ictoria & Sidney R y .—

P o s s ib le D i s t r ib u t io n .—

I n v i o w o f t h o p o s s ib le d i s t r i b u t i o n in r e s p e c t o f t h o 5 % 1 s t M t g e . g o ld
b o n d s , th i h o ld e r s t h e r e o f w h o h a v e n o t a lr e a d y d e p o s it e d th e ir b o n d s a ro
re q u o s te d to c p m m u n lc a to w ith th e In te r n a tio n a l F in a n c ia l S o c io ty . L t d .,
t
1 D a s h w o o d H o u s e , 9 N e w B r o a d S t ., L o n d o n , E .O . 2 , E n g la n d .—
v . 10 5 , p . 1 3 1 1 .

W a sh in g to n (D . C .) Railw ay & E lectric C o.—

S a n d u sk y N orw alk & M an sfield E lectric R y .—
A n a p p lic a t io n h a s b e e n file d b y th e G u a r a n t e e T it lo & T r u s t C o ., P it t s ­
b u r g h , r e q u ir in g O . G . T a y l o r . r e c e iv e r , to a p p e a r b e fo ro th o F e d e r a l C o u r t
C le v e la n d o n F e b . 1 4 a n d e x p la in w h y a n o r d e r o f sa lo o f th e p r o p e r t y
s h o u ld n o t b o g r a n t e d .
I t is s t a t o d t h a t th o m a jo r it y b o n d h o ld e r s d e s ir e
t o s e ll t h e p r o p e r t y a s ju n k .

—-V

[V o l . 110.

E a rn in g s.

P r e s id e n t W . F . H a m
a t t h o a n n u a l m e e t in g o n J a n . 1 7 , s a i d in p a r t :
S in c e 1 9 1 4 g r o s s a n n u a l b u s in e s s h a s in c re a s e d fr o m $ 5 ,0 4 8 ,4 3 5 to $ 9 ,0 0 3 .J i J , or 78 % .
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h o m e a n t im e , h o w e v e r , o p e r a t in g e x p e n s e s , t a x e s a n d
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D u s ln e s s n o w b e in g d o n o t h a n f i v e y e a r s a g o , w e a r o a c t u a l l y e a r n i n g m u c h
s n i a s ‘i r e t u r n u p o n o u r i n v e s t m e n t , w h i c h h a s b e e n i n c r e a s e d s e v e r a l
m illio n d o lla r s d u r in g t h a t p e r io d .
T w o i t e m s a lo n o w ill in d i c a t e t h o t r e m e n d o u s in c r e a s o in o p e r a t in g e x ? eniS« ,s A * W a g M o f c o n d u c t o r s a n d m o t o r m e n i n 1 9 1 4 a m o u n t e d t o $ 5 6 0 , 1 6 3 ;
in 1 9 1 9 t o $ 1 , 4 0 9 , 1 1 3 , a n in c r e a s e o f $ 8 4 8 ,9 4 9 , o r $ 1 5 1 % .
I n 1 9 1 4 w o b u r n e d 9 4 ,2 8 3 t o n s o f c o a l a t a c o s t o f $ 3 1 7 , 4 9 0 .
In 19 19 w o
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s e n t in g a n in c r e a s o o f 2 8 4 % d u r in g th o f i v e y e a r p e r io d .
C o m p a r a t iv e S ta t e m e n t o f E a r n in g s —

San F ran cisco-S a cra m en to R R .— O f fe r i n g o f B o n d s . —
B lyth, W itter & Co. and E . H . Rollins & Sons, San Fran­
cisco, and Harris Trust & Savings Bank, Chicago, are
offering, at prices ranging from 99.76 to 91.83 and interest,
$F.om 6 2 4 % to
according to maturity,
$840,000 First M tge. 6 % gold bonds, dated Jan. 1 1920, due
$42,000 annually Jan. 1 from 1921 to 1940, both inclusive.
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E a s t e r n R y . (s e o p la n in V . 1 0 6 , p . 1 1 2 7 ; V . 1 0 9 , p . 2 7 0 ; V . 1 1 0 , p . 7 8 ) .
T h e r o a d , w h ic h r u n s fr o m 4 0 th S t . a n d S h a ft e r A v o ., O a k la n d , t o th o
S a c r a m e n t o t e r m in a l a t T h ir d a n d I S t s ., t o g e t h e r w it h tw o b r a n c h e s , o n o
e x te n d in g fro m W e st P it t s b u r g to P it t s b u r g , a n d th e o th e r th r o u g h th o S a n
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a n d b r a n c h lin e s , p r a c t ic a lly a ll o f w h ic h is s i t u a t e d o n p r i v a t e r ig h t - o f- w a y .
I n a d d it io n , th e r e a r o a b o u t 1 4 m ile s o f s e c o n d t r a c k , s id in g s , t u r n o u t s , & c .
C o m p a n y o w n s 6 s u b s t a t io n s , w a r e h o u s e s , s h o p s , st o re h o u s e s , o ffic e
b u ild in g s , fr e ig h t s t a t io n s , t ic k e t s t a t io n s , & c .
E q u i p m e n t c o n s is t s o f 34
p t i s s e n g e r c o a c h e s , o f w h ic h 1 8 a r o m o t o r e q u i p p e d , 6 s t e e l l o c o m o t i v e s . 74
tr o fg h t c a r s , 3 c a b o o s e s , a n d 14 c o n s tr u c tio n a n d w o r k c a r s .
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e x c o e d i 5 % o f th o a c tu a l a n d r e a s o n a b le c a s h e x p e n d itu r e s fo r p e r m a n e n t
e x te n s io n s a n d a d d itio n s to th o p r o p e r t y , p r o v id e d , t h a t a n n u a l n e t e a r n ln g s ,
a ft e r d e d u c t in g th o a m o u n t n e c e s s a r y to r e t ir e th o n e x t s e r ia l m a t u r it y
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rig h t o f w a y .
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19 4 6 to 19 6 4 , th o s h o r t e s t , c o v e r in g o n ly
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* T h e p h y s ic a l P r o p e r t y o f t h e c o m p a n y , r e c e n t ly s o ld f o r $ 4 0 0 ,0 0 0 to
O . B . F o x , P r e s , o f th e A lu m in u m O ro C o . o f E a s t S t . L o u is , w a s r e c e n t ly
t u r n e d o v e r to t h e p u r c h a s e r b y W illia m E . T r a u t m a n , r e c e iv e r
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e le C te d P r c s I d c n t t o s u c c e e d

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Toledo Rys. & Light Co.—
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F e d e r a l Ju d g e K illit s o f a n o rd e r p r o v id in g th a t th e B a il- L ig h t c a n n o t a t
a n y t i m e d is c o n t i n u e c a r s e r v i c e w i t h o u t g i v i n g 1 4 d a y s ' n o t ic e in w r it in g
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(2 ) A r r a n g e m e n t b y w h ic h th o S t a t o
S u p r e m e C o u r t w ill g r a n t a h e a r in g , p r o b a b ly n o t la t e r th a n F e b . 1 0 a n d
r e n d e r a d e c is io n b y M a r c h 1 , in t h e c i t y 's t e s t c a s e t o d e t e r m in e t h e r i g h t s
o f m u n ic ip a lit ie s to is s u e g e n e r a l c r e d it b o n d s u n d e r e x is t in g la w s to a c o u lr n
s tre e t r a ilw a y s y s te m s .
( 3 ) D e f e a t in t h e H o u s e o f B e p r e s e n t a t i v e s o f t h e
B r a c h B I 1 . w h ic h w a s in te n d e d t o c o n fe r s p e c ific a lly t h e a u t h o r it y u p o n
— V S J0 °9

SSU C 2 3 5 7 e r a

CrC < t b ° n d s t o b u y o r b u i , d t r a n s p o r t a t i o n s y s t e m s .

Trenton, Bristol & Philadelphia Street R y .—
th o

comPany h a s f i l e d n o t i c e o f a d v a n c e o f f a r e s f r o m
P e n n s y lv a n ia P . S . C o m m is s io n .— V . 10 4 , p . 7 6 6 .

Twin City Rapid Transit.— Common

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6 to 7 c e n ts w ith

Div. Resumed.—

A d iv id e n d o f $ 2 5 0 h a s b e e n d e c la re d o n th o C o m m o n s t o c k p a y a b lo F o b
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Underground Electric Railways of London.__
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r e p r e s e n ta t iv e s h a v e a s k e d th e E n g lis h M in is t r y o f T r a n s p o r t to ta k o o v e r
a n d o p e r a t e t h o c o m p a n y 's l o c a l a n d m e t r o p l o i t a n r o a d s , in c l u d i n g s u b ­




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$ 3 8 16 15
S in k in g fu n d ( P E . P . C o . ) . . . . / / / / / ” / / / / " . : ; ”
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C u m b e r la n d & P e n n s y lv a n ia B y . to su c c e e d C . W . G a llo w a y .— V .1 1 0 ,p .3 6 0 .

IN D U S T R IA L

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M IS C E L L A N E O U S .

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F u rth er

D a t a .—

M e n t i o n w a s m a d e in t h e s e c o l u m n s ( V . 1 1 0 , p . 3 6 0 ) o f t h o o f f e r i n g a t
19 0 a r ld d i v . o f $ 5 0 0 ,0 0 0 8 % C u m . P r o f. ( a . & d .) s t o c k b y a s y n d ic a t e
o f b a n k e r s h e a d e d b y B ic h t e r & C o ., H a r t fo r d , a n d th o C h a s . W . S c r a n to n
C o ., N o w H a v e n .
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D i v . Q .- I < .
N o m o r t g a g e w i t h o u t t h o c o n s e n t o f ■ ).( o f P r o f , s t o c k .
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fu n d to r e t ir e e a c h y e a r 3 % o f th o P r e f. s t o c k a t n o t e x c e e d in g $ 1 1 5 : 2 0 % ,
t j10 s u r p lu s n e t e a r n i n g s a r o t o b e s o t a s i d e u n t il a s p e c i a l r e s e r v e fu n d o f
1 6 % o f t h o o u t s t a n d in g P r e f . s t o c k is f o r m e d , w h ic h r o s e r v o Is t o b o u s e d
f o r p a y m e n t o f P r o f , d i v i d e n d s in t h o e v e n t o f t h o lr n o t b e in g e a r n e d .
D ig e s t o f L e t t e r o f P r e s . V ic t o r M . T y le r , D a te d

N ew

H a v e n , J a n . 16 .

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N o w H a v e n o n a s m a ll s c a lo m a n u f a c t u r i n g m a g n e t w ir e w h ic h w a s u s e d
e x t e n s i v e l y in t h o e l e c t r i c a l b u s i n e s s .
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th o la r g o e n a m o le d w ir e m a n u fa c t u r e r s o f th o c o u n t r y .
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a n d w in d in g s o f e n a m o le d w ir e .
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a p p a r a t u s a n d a ll o th e r d o m e s tic a n d o ffic e e q u ip m e n t a n d fr a c t io n a l h o rso p o w e r m o to rs fo r fa c t o r y a n d in d u s tr ia l u se r s.
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O u t s ta n d in g .
8 % C u m u l a t i v e P r e f . s t o c k ( p a r $ 1 0 0 ) , a u t h . , $ 1 , 5 0 0 , 0 0 0 ................. $ 5 0 0 , 0 0 0
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19 19 .
19 18 .
19 17 .
19 16 .
19 15 .
19 14 .
19 13 .
$ 3 ,4 1 4 ,2 3 7 $ 2 ,2 2 7 ,1 9 8 $ 3 ,2 1 4 ,3 9 9 $ 2 ,0 4 6 ,6 2 8 $ 1 ,2 6 2 ,0 2 3 $ 9 5 4 ,7 5 1 $ 7 9 2 ,2 7 7
, T h o a v e r a g e n o t e a r n in g s o f th o p a s t th ro e y e a r s ( in c l. e s t im a te d n o t e a r n ­
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th o P r e f. d iv id e n d o f 8 % o n $ 5 0 0 ,0 0 0 .
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I v,aJ x i l, y c r :a ? c , a .n n u a l n o t e a r n i n g s w e r e $ 9 5 , 0 0 0 p e r a i m . , t o w h i c h , w i t h
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a r e b e in g a t p r e s e n t
p a id o n th o C o m m o n s t o c k .
F o r t h o y e a r s 1 9 0 9 t o 1 9 1 9 I n c l. th o c o m p a n y
h a s a v e r a g e d c a s h d iv id e n d s o f o v e r 1 0 % p e r a n n . o n c a p . s t k . o u ts ta n d in g .
A s s e t s .— I f th o p r o c e e d s o f t h is is s u o w e r e a v a i l a b l e to th o t r e a s u r y , th is
w o u ld s h o w n o t q u ic k a s s e t s o f a b o u t $ 1 6 1 p e r s h a r e a n d t o t a l n o t a s s e t s
o f a b o u t $ 3 0 0 p e r s h a r e o f th is P r e f. s t o c k .

iio r n e r , L . 8 . u y lc r , Jo h n J . M c lfc o n , N e w
H aven, Conn
H a rp e r, B r is to l, a n d Jo h n E w o n , N o w Y o r k .— V . 1 1 0 , p . 36 0 -

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E d is o n C o ., I n c .
(V . 10 9 , p . 1 6 1 4 , 2 3 6 3 ) .— C o m p a re V . 1 0 9 , > . 2 3 5 8 .

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p a y i f it s h o u ld d e c id e to p u r c h a s o t h e lin e s ( e x c lu s iv e o f p o w e r h o u se s )
o f th e c o m p a n y .
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19 19 .
G r o s s i n c o m e ..............
O p e r a t i n g e x p e n s e s ( i n c l . t a x e s a n d m i s c e l . i t e m s ) ____ 7 , 2 4 2 , 2 9 3
I n t e r e s t .............. .................................................................... ..................................... 1 , 4 6 0 , 3 0 9

S p e c ia l D i v i d e n d —

T h e d ir e c t o r s h a v o d e c la r e d a s p e c ia l d iv id e n d o f $ 2 0 p e r s h a r e o n th o
o u ts ta n d in g c a p it a l s t o c k a n d a d iv id e n d o f $ 2 fro m in s u ra n c e fu n d in te r e s t
in c o m e in a d d i t io n t o t h o r e g u l a r q u a r t e r l y d iv i d e n d o f $ 2 p e r s h a r e , a l l
p a y a b lo F e b . 10 to sto c k h o ld e r s o f re c o rd J a n . 3 1 .
,
T h o fo llo w in g o ffic e r s a n d d ir e c t o r s h a v o b e e n e le c te d : O ffic e rs— H e n r y
E . F o r t m a n n , P r e s .; W illia m T lm s o n , V .- P r e s .; B . 1 . B e n t le y , V .- P r e s .;
A . K . T ic h o n o r , V .- P r e s .: W a lte r D . M o t t s , T r e a s . & S e c . I M rc c to rs— H e n r y
I '. F o r t m a n n , W illia m T lm s o n , B a lf o u r D . A d a m s o n , W . J . H o t c h k is s ,
B . I B e n t le y . F r a n k II. A n d e r s o n , W a rr e n G r e g o r y , A . G . G r iffin , F .» D .
M a d i s o n , C . W . G r i f f i n , C . H. B e n t l e y . — V . 1 0 8 , p . 2 2 4 3 .

A llied P ackers, I n c .—

D i r e c t o r .—

B . E . S a u n d e r s h a s b e e n e le c te d a d ir e c t o r .— V . 1 1 0 , p . 7 9 .

Am erican Brass C o .—

E a r n i n g s .—

C a le n d a r Y e a r s —
19 19 .
N e t p r o f i t s ........................................$ 2 , 8 5 6 , 1 4 0
D i v i d e n d s ........................................
1,8 0 0 ,0 0 0

B ate per cen t------------

B a l a n c e , s u r p l u s ___
— V . 110 , p . 360.

(1 2 % )

19 18 .
$ 3 ,9 9 2 ,2 19
3 ,0 0 0 ,0 0 0

19 17 .
$ 7 ,10 9 ,1 7 7
6 ,6 7 5 ,0 0 0

lO lO .* ™
$ 10 ,9 9 1,6 6 9
3 ,7 5 0 ,0 0 0

$ 9 9 2 ,2 19

$ 4 3 4 ,1 7 7

$ 7 ,2 4 1 ,6 6 9

(2 0 % )

$ 1,0 5 6 ,14 0

A m erican Caram el C o .— 5 %

on

<44^ % )

(2 5% )

A c c u m u l a t i o n s .—

A n e x t r a d lv ld o n d o f 5 % h a s b o o n d e c la r e d o n a c c o u n t o f a c c u m u la t io n s
a lo n g w it h th o r e g u la r q u a r t e r ly d lv ld o n d o f 2 % o n th o P r c L b o th p a y a b lo
F o b . 1 0 to h o ld e r s o f r e c o r d J a n . 3 1 . — V . 1 0 7 , p . 1 8 3 9 .

A m erican F oreign Trade C o r p .-

-D a te s f o r

S u b sc r ip tio n

o f N e w C a p ita l S tock C h a n g e d .—
See T obacco

P r o d u c t s C o r p o r a tio n

b o lo w .-

-V .llio, p.1361.

A m erican H aw aiian SS. C o . —

T o R e d u c e P a r V a l u e .—

The shareholders will voto Feb. 9 on reducing the par value of shares
from $100 to $10 each and increasing the number of shares from 50.000 to
500.000 — V. 108, p. 1012.

A m erican H ide & L eath er C o .—
R e s u lts f o r T h r e e
*N et
M o n th s—
E a r n in g s .

3
1919..................... $550,242
1 9 1 8 ..................
498,017
1917
..........
807,587
1910..........
1,235,337
040,400
1915.....................
0 M o n th s—
1919.................. .$1,907,909
1918
............ 1,312,822
1917..................... 1,350,849
1 9 1 0 -.-..................1,511,424
.... ....................................................................
1915..................
- 1,239,198

a n d S ix
B on d
In te re s t

E a r n i n g s .—

31.

M o n th s e n d in g D e c .
S in k in g
In te re st o n
F u n d .
S . F . B on ds.

a$90,31037.500
37.500
37.500
37.500

50,085
58,830
02,670
08,400

77,790
69.045
65,205
59.475

$1,678,349

-$197,720-

$31,840
103,870
118,970
128,010
....................
140,140

B a la n c e ,
S u r p lu s .

$465,933
333,242
702,212
1,069,962
481,091

982,072
7 5 .0 0 0
15 1,8 8 0
1,026,099
7 5 .0 0 0
13 6 ,7 8 0
1,180,674
7 5 .0 0 0
12 7 ,7 4 0
908,448
7 5 .0 0 0
115 .6 10
* A f t e r c h a r g i n g r e p l a c e m e n t s a n d r o n o w a ls a n d i n t e r e s t o n l o a n s , a n d in
1 9 1 9 r e s e r v e s fo r F e d e r a l in c o m e a n d e x c e s s p r o f i t s t a x e s a n d S t a t o fr a n ­
c h is e t a x .
N o t c u rre n t a sse ts, $ 13 ,7 12 ,7 4 6 .
B o n d s w e ro p a id S e p t. 2 1 9 1 9 .
a I n 1 9 1 9 in c lu d e s d e p r e c ia t io n .
T h o c o m p a n y h a s b e e n p a y in g q u a r t e r ly d iv id e n d s o f 7 % p e r a n n u m o n
Its $ 1 3 ,0 0 0 ,0 0 0 P r e fe r r e d s t o c k s in c e a n d in c lu d in g J a n . 1 9 1 9 , c a llin g fo r
$ 2 2 7 ,5 0 0 p e r q u a r te r.
I n O c t. a n e x t r a d iv id e n d o f 2 % w a s p a id , lo a v in g
a c c u m u la te d P re fe r r e d d iv id e n d s o f 1 1 4 % .

Accumulated Pref. Dividends.— Pros.

Haight, following the

meeting of tho board, stated:
T h e c o m m itte e a p p o in t e d t o c o n s id e r a n d r e p o r t u p o n so m o p la n fo r
fu n d in g o f a c c u m u la te d P r e fe r r e d s t o c k d iv id e n d s a n d a n y r e a d ju s t m e n t o f
c a p i t a l i z a t i o n o f tin t c o m p a n y in c id e n t a l t h e r e t o , r e p o r t e d t h a t t h e y h a d
h a d v a r io u s p la n s u n d e r c o n s id e r a tio n a n d h a d c o n fe r r e d w ith c o u n s e l
i n c l u d i n g s p e c i a l c o u n s e l in N o w J e r s e y , b u t t h a t n o p l a n h a s b e e n a s y e t
d e v is e d w h ic h c o u ld b o le g a lly c a r r ie d o u t a n d w h ic h a t th o s a m o tim e
so o m e d to th o c o m m it t e e fe a s ib lo a n d a p p r o p r ia t e fo r r e c o m m e n d a tio n to
t h e s t o c k h o ld e r s ; t h a t th o c o m m it t e o d id n o t a s y e t a s k t o b o d is c h a r g e e !
fr o m c o n s id e r a tio n o f t h e s u b je c t b u t fe lt c o n s tr a in e d t o r e p o r t t o th o b o a r d
t h a t t h o y w e ro u n a b lo t o re c o m m o n d a n y p la n a t th o p r e s e n t t im o .— V .
10 9 , p . 2 3 5 8 , 2 17 3 .

American Light & Traction Co.— Dividends. —

T h e d ir e c t o r s h a v o d e c la r e d th o r e g u la r q u a r t e r ly c a s h d iv id e n d o f 1 H %
o n P r o f, s t o c k ; a q u a r t e r ly c a s h d iv id e n d o f 2 H % o n C o m m o n s t o c k , a n d
a s t o c k d iv id e n d a t th o r a t o o f 2 X s h a r e s o f C o m m o n s t o c k o n e v e r y 10 0
s h a r e s o f C o m m o n s to c k o u ts ta n d in g , a ll p a y a b le F e b . 2 19 2 0 to s t o c k ­
h o ld e r s o f re c o r d J a n . 1 5 1 9 2 0 .
[T h o s a m o r a t o o f d iv id e n d in c a s h a n d
s t o c k h a s b o o n m a in ta in e d sin c e 1 9 1 0 . — E d .] — V . 1 0 9 , p . 1 8 9 3 .

American Linseed Co.— Stock

Dividend.—

T h e " W a ll S tre o t Jo u r n a l" o f J a n . 2 9 s a y s t h a t th o c o m p a n y
c l a r e a s t o c k d i v i d e n d o n t h o c o m m o n s h a r e s in t h o n o a r f u t u r e , w
ta k e th e s h a p e o f a n Issu e o f 5 % o r 6 % 2 d p r e f. s t o c k , a c c o r d in g
fa m ilia r w ith th o a f f a ir s o f th o c o m p a n y .” — V . 10 9 , p . 18 9 3 , 18 8

American Sumatra Tobacco Co.— To

“ w ill d e ­
h ic h w ill
to th o se
8.

Issue Stock.—

T h e s t o c k h o ld e r s w ill v o t o F e b . 18 o n is s u in g 1 0 ,0 0 0 s h a r e s o f u n is s u e d
c o m m o n s t o c k , p u rc h a s o o f a ll o f th o s h a r e s o f c o m m o n s t o c k o f G r iffin
T o b a c c o C o . a n d is su o 3 0 0 s h a r e s o f u n is s u e d c o m m o n s t o c k to p a y fo r
1 5 0 a c r e s o f a d d it io n a l C o n n e c tic u t to b a c c o la n d .
T h a t p la n is p a r t o f th o
c o m p a n y 's 1 9 2 0 e x p a n s io n p r o g r a m . — V . 1 1 0 , p . 2 6 3 .

American Telephone & Telegraph Co.— Obituary. —

V ic e -P r e s . N . C
K in g s b u r y d ie d s u d d e n ly o n J a n . 2 3 .
H o w a s a ls o a
d ir e c t o r o f th o A m e r ic a n S u g a r R e fin in g C o . a n d a fe w b a n k s .— V . 1 1 0 ,
p. 259.

American Window Glass Machine Co.— 6

Mos. Divs.—

A s e m i- a n n u a l d iv id e n d o f 3 V S % h a s b e o n d e c la r e d o n th e P r e f. s t o c k ,
p a y a b le M a rc h 1 to s to c k o f re c o rd F e b . 2 0 .
P r e v io u s ly th e c o m p a n y h a d b een p a y in g q u a r t e r ly d iv id e n d s o f 1 J 4 %
o n th o P r e fe r r e d .— V . 10 9 . p . 2 2 6 5 .

Amparo Mining Co.— Extra

Dividend.—

A n o x tr a d iv id e n d o f 2 % n a s b e e n d e c la re d a lo n g w ith th o r e g u la r q u a r ­
t e r ly d iv id e n d o r 3 % , b o th p a y a b le F o b . 1 0 to h o ld e r s o f r e c o r d J a n . 3 1 .
In F o b . a n d M a y 1 9 1 9 a n e x tr a o f 1 % w a s p a id .— V . 1 0 7 , p . 1 6 7 1 .

Arlington Mills, Lawrence, Mass..— Annual

Sales.—

C a le n d a r Y e a r s —
19 19 .
19 18 .
19 17 .
S a le s o f m fK . p r o d u c t , r a w m a t e r ia l
b y - p r o d u c t s . A c . . . . - ................................... $ 2 7 . 3 6 8 . 0 0 0 $ 4 8 . 4 7 6 . 3 5 5 $ 3 1 , 2 5 1 . 6 3 6
P r o f i t a n d l o s s , s u r p l u s ___________________
9 ,3 9 9 ,4 7 2
6 .4 8 5 .7 7 2
5 .6 9 6 ,6 5 0
N a t e .— In
1 9 1 8 t h e c o m p a n y o p e r a t e d a n u m b e r o f o u ts id o m ills fo r
G o v e r n m e n t a c c o u n t , t h e r e b y In c r e a s in g s a le s a b n o r m a lly .
E . K e n t S w if t h a s b e e n e le c te d a d ir e c t o r to s u c c e e d G . M . W h it o n ,
r e s ig n e d .
T h o o f f i c e r s a n d o t h e r d i r e c t o r s w e r o r e - e l e c t e d .— V . 1 1 0 , p . 8 0 .

Associated Dry Goods Co.— Dividend

Postponed—

D ir e c to r s o n J a n . 2 9 d e fe r re d a c tio n o n C o m m o n d iv id e n d u n til M a r c h 1 1 .
T h o r e g u l a r q u a r t e r l y d i v i d e n d s o f 1 >4 % o n 1 s t P r e f . a n d I X % o n 2 d
P r o f, w a s d e c la r e d , b o th p a y a b lo M a r c h 1 to s t o c k o f r e c o r d F e b . 9 .— V .
10 8 , p . 10 0 9 .

Associated Welding Cos., Inc.— Organized.—

A s y n d ic a t e , h e a d e d b y J . M . B y r n e A C o . a n d M . J . H o e y A C o . lia s
b e e n fo r m e d to fin a n c e a c o m b in a tio n o f a n u m b e r o f im p o r t a n t e le c tr ic
w e ld in g c o m p a n ie s to b o k n o w n u n d e r th o a b o v e n a m e w ith c a p it a l o f
4 0 0 . 0 0 0 s h a r e s o f C o m m o n s t o c k o f n o p a r v a l u o , o f w h i c h 2 0 0 , 0 0 0 s h a r e 's
w ill b e Iss u e d .
A p u b lic o ffe r in g o f t h o s t o c k Is p la n n e d f o r t h e n e a r fu tU A n n o u n c e m e n t is m a d o t h a t C . I I . F e r r y , V ic e - P r e s i d e n t o f C h ic a g o
M ilw a u k e e A S t . P a u l I t y ., h a s b e e n e le c te d a d ir e c t o r .
In a d d itio n th e
b o a r d i n c l u d e s 10 . J . E a s t m a n . P r e s , o f P a c k a r d M o t o r C a r C o . ; T h e o d o r e
11.
B a n k s , V t e e - P r o s . o f A m e r i c a n lO x c h a n g o N a t i o n a l B a n k ; W illi a m
S c h o n s tr o m , P r o s , o f A s s o c ia t e d W e ld in g C o ., I n c .; J . M . B y r n e o f J . M .
B y r n e A C o ., a n d T . B a rth o f M . J . Ilo c y A C o .

Atlantic Fruit Co.— Trustee.—

G u a r a n t y T r u s t C o . o f N e w Y o r k h a s b e e n a p p o in t e d tr u s te e u n d e r th e
t r u s t a g r e e m e n t d a te d J a n . 1 1 9 2 0 , s e c u r in g a n a u th o r iz e d Iss u e o f $ 2 0 ,­
0 0 0 ,0 0 0 7 %
10 - y e a r S in k in g F u n d G o ld D e b e n tu r e b o n d s .
See V . 110 ,
p . 8 0 . 16 9 . 3 6 1.

Common Stock Sold.

Atlas Tack Co.—
— Hornblower &
Weoks, Now York, havo sold at $36 per sharo 75,000 shares
Common stoek, no par valuo. A u th., 100,000 shares; issued
95.000 shares. N o Pref. stoek or bonds. Bankers state:
C o m p a n y . — T o b o I n c o r p o r a t e d In N e w Y o r k a n d w i ll a c q u i r e t h e e n t ir e
p r o p e r t y , A c . , o f A t l a s T a c k C o . , o f M a s s . , f o r m e d in 1 9 0 0 .
r h o la tte r
r e p r e s e n t s a c o n s o lid a tio n o f s o m e 1 8 m a n u fa c t u r e r s o f t a c k s , r i v e t s , s m a ll
n a i ls , e y e le t s a n d s h o e f in d i n g s , t h e o r i g i n a l p la n h a v i n g b e e n p u t in o p e r a ­
t i o n In 1 8 1 0 .
A ll t h e s e p l a n t s w e r e c o n c e n t r a t e d in o n o p l a n t a t F a i r h a v e n ,
M a s s . , in 1 9 0 1 , w h i c h t o - d a y Is t h o l a r g e s t t a c k p l a n t in t h e w o r l d .
A bout
3 0 % o f th e o u tp u t g o e s to th e sh o e tr a d e .
T h o c o m p a n y p la n s to d e v e lo p
a n a u t o m o b i l e t r a d e in t a c k s a n d n a i l s u s e d in t h o m a n u f a c t u r e o f b o d ie s

N e t e a rn in g s , a ft e r a ll t a x e s , fo r th e p a s t fo u r y e a r s h a v e
a v e r a g e d $ 3 5 6 ,0 0 0 , e q u a l to $ 3 7 5 p e r s h a r o .
E a r n in g s fo r 19 2 0 s h o u ld
c x c r c d S 5 p e r sh « v ro .
P u r p o s e . — -A s u b s t a n t i a l p a r t o f t h o p r o c e e d s w i l l b o u s e d t o I n c r c a s o t h o
p la n t a c c o u n t.
P r e lim in a r y B a la n c e S h e e t a s o f D e c . 3 1 1 9 1 9 .
A sse ts.

L ia b ilit ie s .

$50,000
Current assets__________ $1,650,000 Current liabilities_______
P l a n t .................................................. 1 , 2 0 0 . 0 0 0 Capital and surplus______ 2,900,000
Total (each side)______ $2,950,000
Deferred assets__________
100,000
— V. 78, p. 231.




467

THE CHRONICLE

J a n . 31 1920.]

Bassick Company.— Pref.

Stock Offered.—

B a k e r , A y lln g A C o ., B o s t o n , r e c e n t ly o ffe re d a t 9 7 ^ a n d d iv . to n e t
7 . 1 8 % $ 5 0 0 ,0 0 0 7 % S in k , fu n d , C u m u l. P r e f. s t o c k , p a r $ i 0 0 .
D iv id e n d s
Q .- M .
A n n u a l S in k , fu n d s h a ll p r o v id e fo r r e t ir e m e n t o f t h e P r e f . s t o c k .
C a lla b le a t 10 6 to 1 1 0 a n d d iv s .
C a p it a liz a tio n , P r e f. s t o c k 7 % ( $ 2 ,0 0 0 ,­
0 0 0 a u th o r iz e d ) o u t s t a n d in g , $ 1 ,5 0 9 ,3 0 0 ; C o m m o n s t o c k , $ 3 ,0 3 6 ,4 0 0 .
N o
b ° nd s.
_
_
. . „
.
C o m p a n y .— I n c o r p . i n 1 9 1 6 , c o n s o l i d a t i o n o f ( a ) B u r n s A B a s s i c k C o . o f
B r id g e p o r t , In c o r p . in 1 8 8 3 , m a n u f a c t u r e r s o f fu r n i t u r e a n d a u t o m o b ile
h a r d w a r e a n d g re a s o c u p s ; (b ) U n iv e r s a l C a s t e r A F o u n d r y C o . o f N e w a r k ,
in c o r p . In 1 9 0 3 , m a n u f a c t u r e r s o f c a s t e r s ; a n d ( c ) M . B . S c h e n c k C o . o f
M e r i d e n , i n c o r p . in 1 8 9 9 , a l s o c a s t e r m a n u f a c t u r e r s .
D u rin g th e y e a r o f
1 9 1 8 , th o H e ro n M a n u fa c tu r in g C o . o f U t ic a , N . Y . , m a n u fa c tu r e r s o f
c a ste rs a n d
s p e c ia l s t a m p in g s , w a s a c q u ire d b y p u rc h a s e .
C om pany
m a n u fa c tu r e s s m a ll h a r d w a r e fo r fu r n it u r e a n d a u to m o b ile s , g r e a s e c u p s
fo r a u t o m o b ile s , g a s e n g in e s a n d m a c h in e r y , c a s t e r s fo r e v e r y p u r p o s e , a n d
o p e r a t e s in N e w a r k a m o d e r n g r a y - i r o n c a s t i n g s f o u n d r y .
P la n t s lo c a t e d
a t B r id g e p o r t a n d M e r id e n , C o n n ., N e w a r k , N . J . a n d U t ic a , N . Y .
S a l e s .— G r o s s s a l e s , 1 3 m o n t h s e n d i n g D e c . 3 1
1 9 1 7 , $ 2 ,9 2 5 ,8 3 9 : y e a r
e n d e d D e c . 3 1 1 9 1 8 , $ 3 ,5 7 0 ,6 3 5 ; 1 9 1 9 ( 1 0 m o n th s to O c to b e r 3 1 ) , $ 3 ,2 4 9 ,3 1 0
N o t e a r n in g s f o r th o f i r s t n in o m o n t h s o f 1 9 1 9 . r e a c h e d a t o t a l o f $ 2 8 1 , 8 1 2

Bates Manufacturing Co.— Extra

Dividend.—

T h e d ir e c t o r s d e c la r e d a n e x t r a d iv id e n d o f 5 %
a lo n g w ith th o u s u a l
s e m i- a n n u a l d iv id e n d o f 6 % , b o t h p a y a b lo F e b . 2 t o h o ld e r s o f r e c o r d
Ja n . 23.
I n A u g . 1 9 1 9 a n e x t r a o f 5 % w a s a ls o p a id .— V . 10 9 , p . 5 8 0 .

Belding Paul Corticelli, Ltd.— To

T h o s h a r e h o ld e r s w ill v o t o F e b .
C o r tic e lli, L t d .— V . 10 9 , p . 2 0 7 4 .

4

on

Change Name.—

c h a n g in g

th o

nam e

to

B e ld ln g -

Status.

Bertha Coal Co., Pittsburgh, Pa.—
— In the
handsome memorandum book sent by the company to
friends and customers, President John H . Jones, Chamber of
Commerco B ld g., Pittsburgh, says:
T h o B e r t h a C o a l C o . w a s o r g a n i z e d in 1 9 1 5 a n d s h i p p e d i t s f i r s t c o a l in
S e p t. 19 15 .
S in c o t h o o r g a n i z a t io n o f t h i s c o m p a n y , .Jo h n I I . J o n e s , t h o
I T e s id e n t , h a s o r g a n iz e d a d d it io n a l c o m p a n ie s , w h o s o h is t o r y is g iv e n In
th is b o o k le t .
T h e s o m in e s , a t th o p r e s e n t tim o , h a v o a c o m b in e d p r o ­
d u c t io n fr o m 2 ,5 0 0 ,0 0 0 to n s t o 3 ,0 0 0 ,0 0 0 to n s p e r a n n u m .
W h e n th o m in e s
a r e f u lly e q u ip p e d , t h o y w ill h a v o a c a p a c i t y o f 5 ,0 0 0 ,0 0 0 t o n s p e r y e a r ,
o r w ith a 6 0 % e ffic ie n c y p r o d u c tio n c a p a c it y , b a s e d o n th o c a r s it u a t io n ,
la b o r , A c ., o f 3 ,0 0 0 ,0 0 0 to n s p e r y e a r .
T h e s o c o a l c o m p a n ie s h a v o b e o n fin a n c e d a n d a r o r e p r e s e n t e d o n th o b o a r d
o f d ir e c t o r s , b y la rg o u s e r s o f c o a l.
T h o m in e s b e in g lo c a t e d in d i f f e r e n t
d is t r ic t s , a n d th o f a c t t h a t th o s t o c k h o ld e r s o f th e s o c o m p a n ie s u s e m o r e
th a n te n tim e s t h e a m o u n t o f c o a l m in e d b y t h e d iffe r e n t c o m p a n ie s , m a k e
t h e c o a l c o m p a n ie s s o o r g a n iz e d a n a s s u r e d s u c c e s s .
T h e B e r t h a m in e o f th o B e r t h a C o a l C o . is s it u a t e d a t D in s m o r e , W a s h ­
in g t o n C o u n t y , P a . , a n d is a t th o p r e s e n t t im o p r o d u c in g o n a b a s is o f
3 5 0 ,0 0 0 to n s n o r y e a r , a ll c u t a n d h a u le d b y e le c t r ic it y .
D u rin g th e
c o m in g y e a r t h is m in o w ill b o d e v e lo p e d a n d e q u ip p e d f o r t h o p u r p o s o o f
p r o d u c in g 7 0 0 ,0 0 0 to n s p e r y e a r .
J e a n m in o h a s J u s t b e e n c o m p le t e d a n d is n o w In p o s it io n t o b e g in t h e
s h ip m e n t o f c o m m e r c ia l c o a l.
T h o R a c h e l m i n e , l o c a t e d a t D o w n s , W . V a . , i s in c o u r s o o f d e v e l o p m e n t ,
a n d w h e n f u lly d e v e lo p e d w ill h a v o a d a ily c a p a c it y o f 4 ,0 0 0 t o n s .
Tho
s e a m o f c o a l a t t h is m in o is fr o m 7 to 9 fo o t t h i c k .
T h o c o a l a t th o m in e is
re a c h e d b y th re o s h a ft s 3 6 0 fe e t d e e p .
C a p a c it y a n d L o c a t io n o f M i n e s —
D a il y C a p a c it y .
B e r t h a C o a l C o . , D i n s m o r o , P a _______________ S e o t e x t
J o h n e t t a B r i c k C o . , J o h n o t t a , P a ____________1 0 0 , 0 0 0 b r i c k s
Jo h n e t ta B ric k C o ., Jo h n e t ta , P a .
C o a l..
5 0 0 to n s
V i r g i n v i l l e C o a l C o .— H e l e n M i n o , S m i t h t o n , P a ______________________________________________
600 to n s
C o n s u m e r s ' F u e l C o . ( C o n s o lid a tio n A u g . 2 3 1 9 1 8 ) —
G o u ld M in e , P e t e r s C r e e k B r ., P . R R - .
6 0 0 to n s
E u r e k a M i n o , R a n d a l l , W . V a _____________
2 ,5 0 0 to n s
L o u i s e M i n e , R o c k d a l e , W . V a -----------------. 1 , 6 0 0 t o n s
R a c h e l M i n o , D o w n s , W . V a _______________ b t . 0 0 0 t o n s
C o n s o lid a t e d F u e l C o . ( C o n s o lid a tio n M a y 9 1 9 1 8 ) —
K e l l y M i n o , R a y l a t i d , O h i o _________________
7 0 0 to n s
M a p le H o c k in g M in o , N e ls o n v illo , O h io .
8 0 0 to n s
G o u e h e r M i n o , B r i l l i a n t , O h i o _____________
1,0 0 0 to n s
b U n d e r g o in g d e v e lo p m e n t.

P r e s id e n t .

Jo h n J . Jo n e s
J . E . S te w a rt
J . E . S to w a rt
J.
E .

E . S to w a rt
F . M ille r

Is a a c J . Je n k in s

O th er M in e s o n B e r th a C o a l C o .’s L is t ( T o n n a g e N o t S la t e d ) .
Jim t o w n N o s . 1 , 2 a n d 3 , R a n d a ll, W . V a .; O a k R id g e M in e , O a k d a le ,
P a .; S a llio , B r e v a r d , P a .; J e a n M in o , D in s m o r o , P a .; B u c k e y e , Y e llo w
C r e e k . O .; P lu t o I r o n S p l i n t , W e s t V a . ; L o u ls o N o . 1 0 , B u c k e y e , 0 . ; M a r ­
g a r e t M in o , I ie s h b o n , P a .; A r m c r fo r d M in o , D illt o w n , P a . ; I la r v e M a c k
M in e , S t a r fo r d , P a .
I n a d d it io n to th o a b o v o m in e s , th o c o m p a n y is h a n d lin g a p o r t io n o f th o
to n n a g e fr o m m o ro t h a n 5 0 o t h e r m in e s in th o s a m o d is t r ic t .
C o m p are
V . 10 8 . p . 6 8 6 .

Bethlehem Motors Corp.— New

President.—

I I . F . H a r r is h a s b e o n e le c te d P r e s id e n t t o s u c c e e d A r t h u r T . M u r r a y ,
w h o w a s m a d e C h a ir m a n o f th o b o a r d .
A lla n A . R y a n , H . S . P o t t e r a n d
L . O . S le lg e r r e s ig n e d a s d ir e c t o r s a n d T I. F . H a r r is a n d C . R . F o r d w e ro
e le c te d d ir e c t o r s , o n o p la c o o n t h e b o a r d r e m a in in g v a c a n t .— V . 1 1 0 , p . 2 6 3 .

Bethlehem Steel Corp.— Regular Dividend— New Di­
rector— Preliminary Report for Year 1919.—

T h o d ir e c t o r s o n T h u r s d a y d e c la r e d th o r e g u la r d iv id e n d s o n b o t h t h e
7 and 8%
P r e f e r r e d s t o c k s f o r t h o o n t i r o y e a r , p a y a b l e in f o u r q u a r t e r l y
I n s ta llm e n ts a s fo llo w s :
A p r il 1 to h o ld e r s o f re c o r d M a r c h 1 6 ; J u l y 1 to
h o ld e rs o f re c o r d J u n o 1 5 ; O c t. 1 to h o ld e r s o f r e c o r d S e p t . 1 5 ; J a n . 3 1 9 2 1
to h o ld e rs o f re c o r d D o c . 1 5 1 9 2 0 .
. . .
T h o r e g u la r q u a r t e r ly d iv id o n d o f 1 X % w a s a ls o d e c la r e d o n b o th c la s s e s
o f C o m m o n s t o c k , th o s e b e in g p a y a b lo o n A p r il 1 to h o ld e r s o f r e c o r d M a r c h
16 .
H a ro ld S t a n le y , V ic o -P r c s . o f th o G u a r a n t y T r u s t C o ., h a s b o o n
o lo c t e d a d ir e c t o r .
S e e a ls o p r e lim in a r y s t a t e m e n t fo r 1 9 1 9
u n d er “ R e p o rts
a b o v e .—
V . 110 , p . 3 6 1.

British American Tobacco Co., Ltd.— Capital

Inc., &c.

T h e s h a r e h o ld e r s v o t e d J a n . 2 7 to In c r e a s e t h e c a p it a l fr o m £ 14 ,5 0 0 ,0 0 0
t o £ 2 0 ,0 0 0 ,0 0 0 b y th o c r e a t io n o f 5 .5 0 0 ,0 0 0 a d d i t io n a l o r d i n a r y s h a r e s o f
£ 1 e a c h r a n k in g p a r i p a s s u w ith th o e x is tin g o r d in a r y s h a r e s .
O u t o f th e s a id a d d it io n a l s h a r e s a n d th o o t h e r u n is s u e d o r d in a r y s h a r e s
fo r th e tim e b e in g , th e r e w ill, o n o r a b o u t F e b . 1 0 19 2 0 , b o o ffe r e d to th o
m e m b e rs o f th o r e g is te r o f o r d in a r y s h a r e h o ld e r s o n J a n . 2 8 1 9 2 0 , a n d th e
h o ld e r s o f s h a r e w a r r a n t s to b e a r e r fo r o r d in a r y s h a r e s o n t h e s a m o d a t e ,
n e w s h a r e s in t h o p r o p o r t i o n o f o n o s h a r e f o r e v e r y t w o e x i s t i n g o r d i n a r y
s h a r e s (ig n o r in g s h a r e s w h ie li a r o n o t c o m p le t e m u lt ip le s o f tw o a n d n o t
a llo w in g r e g is te r e d s h a r e s a n d s h a r o w a r r a n t s to b e a r e r to b o a d d e d to g e th e r
fo r th o p u rp o s o o f a c c e p t a n c e ) h e ld b y th e m a t t h e p r ic e o f £ 1 p e r s h a r o ,
p a y a b lo to o n e o f th o b a n k e r s o f th o c o m p a n y In L o n d o n o n th o a c c e p t a n c e
o f th o o ffe r , v i z .: o n A p r il 7 19 2 0 .
T h o n e w s h a r e s w ill r a n k f o r d iv i d e n d a s fr o m A p r il 7 1 9 2 0 o r th o d a t e
o f Issu o o f th o p a r t ic u la r s h a r e s , w h ic h e v e r s h a ll b e la t e r .— V . 1 1 0 , p . 3 6 2 .

Brooklyn Union Gas Co .-Seek

Injunction for Higher Rates.-

T h e c o m p a n y lia s f ile d a b r ie f w it h th o d is t r ic t c o u r t s e e k in g a n a p p lic a t io n
fo r a n in ju n c t io n r e s t r a in in g th o P . S . C o m m is s io n , th o A t t o r n e y - G e n e r a l,
a n d th o D is t r ic t A t t o r n e y fr o m e n fo r c in g th o 8 0 c e n t g a s la w , w h ic h it s a id
w a s u n c o n s titu tio n a l a n d c o n fis c a t o r y .
I t is u n d e r s t o o d t h a t i f a n in ju n c ­
t io n is g r a n t e d t h o c o m p a n y w ill in c r e a s e i t s r a t o t o $ 1 0 5 p e r 1 ,0 0 0 c u . f t . —
V . 110 , p . 362.

B u tler B roth ers.—

Directors.—

T h o fo llo w in g h a v o b e o n e le c te d t o f ill th o s e v e n a d d it io n a l p la c e s c r e a t e d
b y t h o in c r e a s e in t h o n u m b e r o f d ir e c t o r s f r o m e ig h t t o f i f t e e n .
D ir e c to r s
to s e r v e fo r o n o y e a r :
G e o rg e W . G e r la c h , H a ro ld J . L it t le d a lo , Jo s e p h
C . S tu m p f.
T o s e r v o fo r tw o y e a r s :
C h a rle s E . B u tle r , E r n e s t M . W e b e r.
T o se r v e fo r th re e y e a r s :
Jo s e p h I t . B a r r o ll, M a r v in B . P o o l.
O ffic e r s e le c te d a r o a s fo llo w s :
C h a ir m a n o f th e b o a r d , E d w a r d f B .
B u t l e r ; P r e s id e n t , F r a n k S . C u n n i n g h a m ; V ic o - P r c s ., W a lt e r S c o t t ; V ic o P r e s ., J a c o b H . S c h o o n m a k e r ; V ic o - P r c s . A T r e a s ., J o h n R . S c h o fie ld ;
S e c r e t a r y , F r e d I I . C lu tt o n .— V . 1 1 0 , p . 3 6 2 .

468

THE CHRONICLE

Butte Copper & Zinc Co.— Voting

Trust End .—

T h e N e w Y o r k S t o c k E x c h a n g e h a s a u t h o r iz e d t h e lis t in g o n a n d a f t e r
F e b . 1 1 9 2 0 , o f $ 3 ,0 0 0 ,0 0 0 C a p i t a l s t o c k ( p a r v a l u e $ 5 ) , o n i s s u a n c e in
e x c h a n g e fo r o u ts ta n d in g t r u s t c e r t ific a t e s .
T h e V o tin g T r u s t , u n d e r it s
t e r m s , w ill t e r m in a t e F e b . 1 .
T h e m in e c lo s e d e a r ly in J u l y 1 9 1 9 , a n d r e o p e n e d D e c . 2 0 1 9 1 9 . t h e c o p a n y r e p o r t s .— V . 10 8 , p . 10 6 2 .

California Packing Corp.— Income

from Sub. Co.—

- A n o ffic ia l o f th e c o r p o r a tio n s t a t e s t h a t tb 6 r e c e n t e x t r a d iv id e n d s o f
20%
in L i b e r t y b o n d s , $ 2 in c a s h a n d t h e r e g u l a r q u a r t e r l y $ 2 in c a s h
d e c la r e d b y th o A l a s k a P a c k e r s A s s o c ia tio n m o a n s t h a t th e C a lifo r n ia
? £ £ k l n i ? . 9 o rp o rt'} t lo n w in P r o f i t t o t h e e x t e n t o f a b o u t $ 1 , 1 0 0 , 0 0 0 .
A bout
8 0 % o f t h e s t o c k o f t h o A l a s k a P a c k o r s A s s o c ia t i o n is o w n e d b y t h e C a l i ­
fo r n ia P a c k in g C o r p o r a tio n , c o n tro l h a v in g b o o n p u rc h a s e d a b o u t fo u r
y e a r s a g o fo r $ 1 5 6 a s h a r e a n d th o r e m a in in g s m a ll flo a t in g s u p p ly o f s t o c k
i s q u o t e d a t w e ll a b o v e $ 2 0 0 a s h a r o .
T w o y e a rs a g o th e A la sk a P a c k o rs
d e c la r e d a s im ila r e x t r a d iv id e n d a n d in th e m e a n t im e h a s b o o n p a y in g a t
th e ra te o f $8 a sh a re por a n n u m .
S in c o th e C a li fo r n ia P a c k in g C o r p o r a t io n h a s c o n t r o lle d t h e A l a s k a
P a c k e r s , i t s s h a r e in t h o a c c r u e d p r o f i t s o f t h o s u b s i d i a r y h a s b o o n s u f f i c i e n t
to c o v e r th e $ 4 d iv id e n d w h ic h h a s b e e n p a id o n th e c o m m o n s t o c k o f th o
c o m p a n y a n d w h ic h r e c e n t ly w a s in c r e a s e d to $ 6 p e r s h a r o p e r a n n u m .
T h e A l a s k a P a c k e r s is e n g a g e d in t h e p a c k i n g o f c a n n e d s a l m o n in A l a s k a
an d on P u get Soun d.
‘ ‘S a n F r a n c is c o C h r o n ic le ” o f J a n . 2 1 s a id : “ B o n d & G o o d w in , w it h
W illia m S a lo m o n & C o ., a r e h e a d s o f a s y n d ic a t e o f u n d e r w r ite r s w h ic h
w ill ta k e o v e r a ll th e c o m m o n s t o c k o f C a lifo r n ia P a c k in g C o r p o r a tio n n o t
e x c h a n g e d fo r th e p re fe rre d s t o c k o n th e p re fe rre d d a te s o f e x c h a n g e .
The
c o m m o n s t o c k to b o ta k e n o v e r u n d e r th is a r r a n g e m e n t w ill b o w r it t e n
a t $ 7 6 .6 7 a s h a r e .
T h i s a r r a n g e m e n t is m a d e a s m o r e o f a m a t t e r o f in s u r ­
a n c e to t h e c o r p o r a tio n th a n a s a m a t t e r o f p r o fit to th o u n d e r w r ite r s , a s
i t *s e x p e c t e d t h a t t h e a m o u n t o f s t o c k l e f t o v e r w i l l b e s m a l l .
U p to d a te
5 0 % o f th e p r e f. c o n v e r tib le s t o c k h a s b o o n e x c h a n g e d .” — S e e V . 1 1 0 , p .3 6 2 .

Cardenas-American Sugar Co., Inc.— To

T h e s to c k h o ld e r s w ill v o t e
w it h .— V . 10 9 , p . 2 4 3 8 .

Feb.

14

Champion-International

on

d is s o lv in g

Co.,

Preferred Stock Offered.— Hayden,

th e

Dissolve .—
com pany

Lawrence,

fo rth ­

Mass.—

Stone & C o ., New York,
& c., are offering, at 100 and div., to yield 7 % , $650,000
7 % Cum . Conv. Pref. (a. & d.) stock, par $100.
R e d e e m a b le , a ll o r p a r t , o n a n y d iv . d a t e a t 1 1 0 u p o n 3 0 d a y s ’ n o t ic e .
D iv s . Q .- J.
A s i n k i n g f u n d , In to w h ic h t h e r e w i ll b o p a id 1 5 % o f t h e n o t
e a r n in g s fo r 1 9 2 0 , a n d e a c h s u c c e e d in g y e a r , w i l l b o u s e d to r e t ir o th o p r e f.
s t o c k a t n o t e x c e e d in g 1 1 0 .
C o n v e r t ib le in to C o m m o n s t o c k in t h e r a t io
o f o n e sh a r e o f P re fe rre d fo r o n e sh a re o f C o m m o n .

[V o l . 110.

n io n th fr o m a n e a r n in g v ie w p o in t sin c o M a y .
T h ere h as been
a stead y
in c r o a s o in t h o m o n t h l y e a r n i n g s o f C i t i e s S e r v i c e C o . s i n c e m id s u m m e r
a n iSv.t h ‘ k o l.1 t ! o o k i s f c h a t t h i s i n c r e a s e w i l l c o n t l n u o f o r a n i n d e f i n i t e p e r i o d .
1 h o P u b lic U t i l i t y d e p a r t m e n t is s t a r t i n g th o y e a r w it h th o o u t lo o k fo r
t h o b e s t e a r n i n g s in i t s h i s t o r y .
T h e a d v a n c e in t h o m a r k o t p r ic e o f h ig h
g r a d e M i d - C o n t i n e n t o il t o S 3 a b a r r e l w ill r o s u lt in r o n o w e d a c t i v i t i e s in
t h o o il d e p a r t m e n t , a n d i t b e in g g e n e r a l l y b o lio v o d a m o n g o il p r o d u c e r s
t h a t a h ig h e r p ric o m u s t y e t o b t a in .
T h o o u t l o o k in a ll r e s p e c t s in t h o o il
d e p a r t m e n t s e e m s t o b e t h a t 1 9 2 0 w i ll b o t h o b a n n e r y e a r in i t s h i s t o r y
in a ll d iv is io n s .— V . 1 1 0 , p . 3 6 2 .

C leveland Drop Forge C o ., C levelan d .—
C lin to n W r ig h t W ire C o .—

C olu m b ia Gas & Electric C o .—

.
.

$ 6 8 3 ,4 7 7
2 9 6 ,6 2 4

$ 0 16 ,7 4 2
16 7 ,7 5 5

$ 5 ,8 7 9 ,9 0 6
2 ,13 7 ,6 5 4

$ 5 ,5 7 8 ,6 8 3
1,9 6 9 ,6 5 4

, Au u tl
OlU I l l U g S _____ .
L e a s e r e n t a l s , & c __________
F ix e d c h a r g e s (C o lu m b ia
G a s & E le c t r ic C o .) _ _ '

$ 9 8 0 ,10 1
3 4 1,0 9 2

$ 7 8 4 ,4 9 7
2 9 4 ,2 10

$ 8 ,0 17 ,5 6 0
4 ,0 5 7 ,16 4

$ 7 ,5 4 8 ,3 3 7
3 ,6 3 6 ,16 1

O th e r in c o m e .

— V.

110 , p. 362.

6 8 ,8 2 9

6 9 ,4 4 6

7 0 5 ,3 3 9

7 13 ,3 5 0

$ 5 8 0 ,18 0

$ 4 3 0 ,8 4 1

$ 3 ,2 5 5 ,0 5 7

$ 3 ,1 9 8 ,8 2 6

Consolidated Textile Corporation.— Acquisition. —

yio company has announced that it has acquired the eontroll.ng interest
and expects to acquire substantially all of tho stock of the Windsor Print
Works of North Adams, Mass. The prico will bo paid in stock at a valu­
ation of $30 a share. No additional financing will bo necessary. Tho
Windsor Prmt Works was established in 1829. Products consist of printed
and dyed cotton fabrics.— V. 110, p. 264.
1

Continental Motors Corporation.— Annual

Balance surplus

— v a l ia 0 9 , ° p SU2 0 7 5 3 8 9 0 .......................................- $ 1 , 1 9 0 , 5 5 8

d e f.$ 3 1,9 7 9

Cincinnati Gas & Electric Co.— Notes

$ 7 0 5 ,5 7 6

Sold.— J.

&

W.

Seligman & C o. and A . B . Leach & C o ., Inc., New York,
announce the sale at
and in t., by advertisement on
another page, of $1,500,000 7 % 3-year gold notes, dated
D ec. 1 1919, due Dec. 1 1922.

99p$

In te r e s t p a y a b le J . & D .,
o f n o r m a l F e d e r a l in c o m e t a x
$ 1,0 0 0 (c * ).
R e d ., a ll o r p a
o n o r b e fo re D e c . 1 10 2 0 , a t
t h e r e a ft e r , p lu s in t .
C en tral

so f a r a s m a y b e la w fu l, w it h o u t d e d u c t io n
t o t h e e x t e n t o f 2 % in N e w Y o r k .
D enom .
r t , a t a n y t im e o n 3 0 d a y s ’ n o t ic e a t 1 0 1 1 4
1 0 1 on o r b o fo re D e c . 1 1 9 2 1 , a n d a t 1 0 0 14
T r u s t C o ., C in c in n a t i, tr u s te e .

Summary from a Letter of Charles D. Jones, President of Company.
C a p it a liz a t io n —
A u t h o r iz id . O u t s ta n d in g .
l s * & ? e f ’ ( n o 'X 1 s t ) M t g e . 5 s
........................................$ 1 5 , 0 0 0 , 0 0 0 * $ 9 , 4 5 9 , 0 0 0
5 ^ %o 2 ' y t , a r K o I d n o t e s ( d , I ° M a r c h 1 5 1 9 2 0 ) ................
2 .2 2 5 .0 0 0
2 ,2 2 5 .0 0 0
7%
3 - y e a r g o l d n o t e s ( t h i s i s s u e ) . .........................................
2 .0 0 0 ,0 0 0
1.5 0 0 .0 0 0
C a P | t a l s t o c k ..................................................................................................... 3 6 , 0 0 0 . 0 0 0 3 5 . 0 5 6 , 3 0 0

* E x c lu s iv e o f $ 3 ,0 0 0 ,0 0 0 d e p o s it e d a s s e c u r it y fo r th e 6 % 2 - y e a r s e c u r e d
g o ld n o t e s ,
x A r r a n g e m e n ts fo r th e r e fu n d in g o f th e so n o to s h a v e b e o n
c o n su m m a te d .
P r o p e r t y .— O w n s o n e o f th e la r g e s t a n d m o st m o d e rn g e n e ra tin g s t a tio n s
in t h e U n it e d S t a t e s , p r e s e n t in s t a lle d c a p a c i t y 6 0 ,0 0 0 k . w . . u lt i m a t e
c a p a c it y o f 14 0 .0 0 0 k .w ., t o g e th e r w ith d is t r ib u t in g s y s t e m s s u p p ly in g
e le c t r ic it y a n d g a s to C in c in n a t i, O ., a n d a d ja c e n t c o m m u n itie s .
Popu­
la t io n s e r v e d a b o u t 5 0 0 ,0 0 0 .
T h e p r o p e r t ie s a r e o p t r a t e d b y U n io n G a s & E l e c t r ic C o . (a s u b s id ia r y
o f th e C o lu m b ia G a s & E l e c t r ic C o .) u n d e r a 9 9 - y o a r le a s e , d a t e d S e p t . 1
i 9 0 6 , w h ic h p r o v id e s fo r p a y m e n t a s r e n t a l o f a n a m o u n t e q u a l to in te r e s t
a n d s in k in g fu n d c h a r g e s o n its b o n d s a n d d lv id o n d s o f 5 % p .a . o n c a p . s t k .
P u r p o s e .— (a )
T o o b ta in fu n d s fo r t h e c o n s t r u c t io n , in s ta lla t io n a n d
e q u ip m e n t o f a t h i r d e le c t r ic a l g e n e r a t i n g u n it o f 3 0 ,0 0 0 k . w . c a p a c i t y ;
(W t o p a y f o r e x t e n s i o n s a n d I m p r o v e m e n t s t o t h e g a s a n d o l e c t r i c p r o p ­
e r t ie s c a r r ie d o u t d u r in g t h e p a s t y e a r ; a n d (c) t o p r o v id e f o r o t h e r n e c o s e a r y a d d itio n s a n d b e tte r m e n ts .
C o m p a r a t iv e

S ta tem en t o f E a r n in g s

(A s re p o rte d

by

U n io n

G as &

Y ea rs

E n d ed

D ec.

3 1.

E l e c t r i c C o . , le s s e e .)

_
,
19 19 .
19 18 .
19 17 .
19 16 .
G r o s s e a r n i n g s ....................................... $ 8 , 0 2 4 , 1 7 4 $ 7 , 6 7 9 , 7 8 8 $ 7 , 3 7 9 , 7 0 0 $ 6 , 1 7 0 , 3 7 7
N e t ( i n c h o t h e r i n c o m e ) -------- 2 . 8 1 2 , 4 1 1
2 ,3 0 1 ,2 4 3
2 .5 4 8 ,4 10
2 .2 6 2 ,6 2 7
T h e a m o u n t o f c a s n r e n t a l r o c e i v e d f r o m t h e lo s s e e f o r t h e y e a r e n d e d
D e c . 3 1 1 9 1 9 w a s $ 2 ,3 5 8 ,0 2 4 .
T o t a l in t . c h a r g e s , in c h t h is is s u o , $ 7 1 1 , 4 5 0 .
v . 1 1 0 , P« 8 0 .

Cities Service Company.—
R e s u lts f o r

D ecem ber a n d

„
,
G r o s s e a r n i n g s ............................. . . $ 1 , 7
E xpon ses
.....................
I n t o n d e b e n t u r e s --------------P r e f . d i v i d e n d s ...............................

Earnings .—

T w e lv e

to D e c . 3 1 .
1 9 1 9 — 1 2 A fo s .— 1 9 1 8 .
$ 1 9 ,9 7 7 ,5 5 1 $ 2 2 ,2 8 0 ,0 6 7
7 0 3 ,8 3 5
5 2 1,4 8 6
1,9 2 2 .8 6 1
2 7 2 ,5 8 0
4 .2 15 ,2 6 4
4 ,0 3 4 ,2 7 5

M o n th s

1 9 1 9 — D e c .— 1 9 1 8 .
5 7 ,6 2 2 $ 1,8 0 5 ,8 15
6 1.5 8 8
5 4 ,1 4 3
16 8 ,7 7 0
6 0 ,6 5 0
3 7 2 ,5 8 9
3 3 7 ,3 7 9

N e t to co m . s tk . & r e s .. $ 1,15 4 .6 7 5
$ 1,3 5 3 ,6 4 4 $ 1 3 ,1 3 5 ,5 9 0 $ 17 ,4 6 1 ,7 2 8
. o S^ f P r i t l e s 1 ° , h a n d s o f p u b l i c — S e r i e s B
7%
c o n v e r tib le d e b e n tu re s .
$ 8 ,7 7 6 ,8 2 0 ; s e r ie s C
7%
c o n v e r tib le d e b e n tu re s , $ 1 7 ,4 1 7 ,5 0 0 : p re fe rr e d
s t o c k , $ 7 3 ,3 6 3 ,i 2 9 ; p re fe re n c e B s t o c k , $ 2 ,0 0 3 ,8 9 0 ; c o m m o n s t o c k , $ 3 6 ,do

O .2 6 9 .

P r e s id e n t H e n r y L . D o h e r t y s a y s in s u b s t a n c e : T h e c o m p a n y c lo s e d th o
y e a r ^ w it h e a r n in g s s h o w in g g o o d g a in s , D e c e m b e r h a v in g b e o n th o b e s t




Report.—

Y e a r s e n d in g O c t. 3 1 —
1918-19. 1917-18 9 y . i n n s ’ 17
Net profits after mfg.. maint., &c., exp.
J X m o s . 17.
Inch dopros. and ord. taxes.................. $5,125,725 $1,939,785 $1,636,814
Prn£r,aL. u ‘'ysor.vV , . ; t ...................
1.700.000 not shown
240.000
Preferred dividend (7% )...................
206,635
238,282
178,305
Common dividend. .........................(6 ) 4 % ) 944,993(8) 1162,784(3H )217928

T o t a l p r o f i t a n d lo s s s u r p lu s D e c . 3 1

Report.—

p. 264.

E a r n i n g s .—

C o n s o lid a t e d E a r n i n g s f o r D e c e m b e r a n d T w e lv e M o n t h s e n d in g D e c . 3 1 .
~
,
1 9 1 9 — D e c .— 1 9 1 8 .
19 19 — 12 M a s .— 19 18 .
G r o s s e a r n i n g s . . . ----------$ 1 , 3 1 3 , 1 1 8
$ 1,12 3 ,8 4 4 $ 12 ,1 2 9 ,7 8 7 $ 1 1 ,4 5 1 ,8 6 3
O p er. exp en ses a n d ta x e s
6 2 9 ,6 4 1
5 0 7 ,1 0 2
6 ,2 4 9 ,8 8 1
5 ,8 7 3 ,1 8 0

Data from Letter of Pres. Geo. F. Russell, Dated Florence, Jan. 26.

Childs Company.— Annual

M e r g e r — T o R ed . P r e f. S to ck s.

S e e W ic k w ir e S p e n c e r S t e e l C o r p . b e lo w .— V . 1 1 0 ,

C o m p a n y .— I n c o r p . in M a s s . J a n . 1 0 1 9 2 0 , a r e i n c o r p o r a t i o n o f c o m p a n v
o f s a m e n a m e i n c o r p . in M a i n e in 1 9 0 2 .
I s a c o n s o lid a tio n o f th e R u s s e ll
P a p o r C o . , e s t a b li s h e d in 1 8 4 2 , a n d t h o C h a m p io n C a r d & P a p e r C o . .
I n c o r p . in 1 8 8 2 .
C o m p a n y a n d it s p r e d e c e s s o r s a r e a m o n g th o p io n e e r
m a n u f a c t u r e r s o f c o a t e d p a p e r , w h ic h is u s e d in m a k in g b o o k s , m a g a z i n e s
a n d h ig h -g ra d e c a ta lo g u e s .
O w n s tw o m ills , c a p a c it y 1 2 5 to n s o f c o a te d
p a p e r p e r d a y , lo c a t e d a t L a w r e n c e a n d P o p p c r c ll, M a s s .
C a p it a liz a t io n ( $ 2 6 0 ,0 0 0 1s t M t g e . 6 % B o n d s A r e B e in g R e t ir e d I m m e d ia t e ly .)
_
,
.
A u th o riz e d .
Issu e d .
P r e f e r r e d s t o c k 7 % C u m u la t iv e C o n v e r t ib le ( p a r $ 1 0 0 ) . $ 1 ,0 0 0 ,0 0 0 $ 6 5 0 ,0 0 0
C o m m o n s to c k ( p a r $ 1 0 0 1 — ( $ 1,0 0 0 ,0 0 0 h a s b o o n so t
a s i d e f o r c o n v e r s i o n o f P r e f e r r e d ) ......................................... ...
2 ,0 0 0 ,0 0 0
6 5 0 ,0 0 0
P u r p o s e . — (a ) T o p r o v i d e f u n d s f o r t h o p a y m e n t o f t h o b o n d s : (6 ) t o r e t i r o
f l o a t i n g d e b t a n d (c) t o e n a b le c o m p a n y t o m a k e s u b s t a n t i a l a d d i t io n s in it s
m ill e q u ip m e n t.
E a r n i n g s .— T h e a v e r a g e n e t e a r n in g s a v a ila b le fo r d iv id e n d s , a f t e r t a x e s
a n d d e p r e c ia t io n , fo r th o p a s t 16 y e a r s , w e re $ 12 0 ,4 6 6 , o r 1 8 .5 % o n t h e
P re f. sto c k .
T h e n e t e a r n in g s , a v a ila b le fo r d iv id e n d s a ft e r a ll t a x e s a n d
d e p r e c ia t io n , fo r 1 9 1 9 . w e ro $ 1 7 4 , 3 7 1 , o r 2 6 .8 % o n th o P r e fe r r e d s t o c k .
O ffic e r s .— G e o r g e F . R u s s e l l , P r e s . & T r e a s . : E v e r e t t W . B u r d o t t V - P . ;
W illia m T . D o le , S e c . & P u r . A g t .: C h a r le s T . D o le , M g r . o f S a le s .
T h ese
o ffic e r s a r e la r g e h o ld e r s o f th o C o m m o n s t o c k .— V . 7 4 , p . 4 8 0 .

Y e a r e n d in g N o v . 3 0 —
19 18 -19 .
19 17 -18 .
19 16 -17 .
N e t p ro fits
--------------------------------------- $ 1 . 6 5 8 . 0 0 5
$ 1 15 .1 0 0
$ 1 ,2 7 2 .6 5 7
P r e f e r r e d d i v i d e n d s ----------------------- ------------3 0 7 ,0 9 0
3 0 7 ,0 9 0
3 0 7 ,0 9 0
C o m m o n d i v i d e n d s . . . ....................................( 7 % ) 2 6 0 , 3 5 7 ( 3 H ) 1 3 9 , 9 9 8 ( 6 J * ) 2 5 9 . 9 9 1

O r g a n iz e d .—

S e e W y m a n - G o r d o n C o . b e lo w .

...........- - - - - - ........... $2,274,097

$538,719 $1,000,583

1 9 1 9 , $ 3 ,8 2 7 ,6 9 8 .— V .

Cosden & Co., Baltimore.— Plan

110 , p. 363

to Exchange Five of the
Present $5 Shares of Common Stock for One Share of No Par
Value— Listing in N. Y. Proposed .—
The shareholders will vote Feb. 14 on authorizing the Issuo of stock with­
out any nominal nr par value in lieu of certain of tho present outstanding
and authorized Common stock, and to oxehange five shares of the present
outstanding Common stock of tho par value of $5 each, for one sharo of
stock of no par value.
Data from Circular of Jan. 21, Signed, President J. S. Cosden.
Pkan?o will jn no wise affect the proportionate interest which any
stockholder has n the company. Tno Pref. stock will retain its par value
of $5, and sufficient Common stock of the par value ol $5 will bo retained
for the conversion of the Prof, stock, in accordance with Its terms.
Certificates of stock of no par value will be issued in the names in which
tho surrendered certificates stand without payment of any stamp tax.
Application will bo made to list tho now certfs. noon N. Y. stock Exchange.
The proposed amendment to the articles of incorporation provides that
oo£1Ace of an aut,horized Capital stock of $12,000X00 divided into $35,000,^ /L Ci°o mV.n ian,' V '°ufV,000 p.rof - al1 in shares of $5 each, the total auth­
orized Capital stock shall consist of (a) $7,000,000 Prof, stock par $5; (5)
Common stock $2,344,400, par $5; (c) 1,400,000 Common shares of no
par value, these last to bo Issuable by tho company from time to time for
such consideration as may be fixed from time to time by tho board.
Such shares without par value, it is provided, are to be "Common stock
in ail respects equal to the shares of Common stock of par value except
that each share without any nominal or par value shall at all times bo en­
titled to rivo votes for oach one voto of each such sharo of Common stock
ot par value, and each such sharo without nominal or par value shall havo
i i . sanl0, voting right and power In all matters, tho same right to sharo on
distribution of surplus, profits and dividends and on distribution of assets
and to subscribe for now shares of the company as five shares of Common
stock with par value. No such shares without nominal or par valuo shall
bo Issued on a conversion of I’rof. stock, and such Pref. stock shall bo con­
vertible only Into shares of Common stock of tho par value of $5, as heroin
set forth [at rate of $15 of Prof, stock for $5 of Common].
„ ,4ls° Pa™Srapf! 9 of Articlo 4 will read In place of "A sufficient number o.
5eo oo>P0,0,000 s.hares of Common stock," "A sufficient number of said
408,880 shares of Common stock ot tho par value of $5 each."
It is provided that. 93,776 shares of the now stock wphold nnv nominal or
par value shall be reserved for tho exchange of the 468,880 shares of Com­
mon stock or the par value of $5 each, hereinbefore authorized at the
company 8 Transfer Agency fin Baltimore, or elsewhere), on basis of ono
snaro for each five sharos of 85 oach, surrendered and canceled.
(VYe are officially advised that the capitalization as of Jan. 20 1920 was
gs Allows: (a) Common stock, 3,704,874 shares, par 85 each (excluding
7o9,b47 shares held by trustee of mortgago securing Series “ A” and “ Bn
bonds for the conversion of bonds; ( b ) Pref. stock, 7 IS,993 shares, par 85
each; (c) Series “A ” and " B " bonds, 88,204,500, convertible into Com.
stock at rate of 812 75 per sharo; ( r i ) Cosden & Co. 1920 s, 8027.000.
On, e,b* 1 the company will pay a 2 H % stock dividend, which will require
92,441 shares of stock. This will reduce tho conversion price of the bonds
to or about 812 o5— Ed.J— V. 110, p. 303; V. 109. p. 2207, 1990.

Crucible Steel Co. of America, Pittsburgh, Pa.—

To Increase Authorized Common Stock From $25,000,000 to
$75,000,000 With a View to Paying Stock Dividends From
Time to Time for Distribution of Accumulated Surplus .—
stockholders will vote Fob. 16 192°, on Increasing tho authorized
limit of Common stock from $25,000,000 to $75,000,000, with a view to
stock distributions to represent accumulated surplus when and us tho
directors shall deem such distributions conservative. Tho Prof stock will
remain $25,000,000.
Digest of Statement by Chairman H. S. Wilkinson, Jan. 22 1920.
No dividends have been paid until recently on tho Common stock:
While all other established steel companies during this period of pros­
perity wore paying dividends on their Common stock, your management
used tho earnings belonging to tho Common stock for the purposes of further
extensions and accumulating additional working capital.
The present management, after carefully considering tho advisability of
disbursing largo cash dividends to tho Common stockholders or keeping
t*i':,presont surplus In tho business, havo decided to recommend an Incroaso
or tho Common Capital stock by $50,000,000, which Is less than tho amount
of tho surplus belonging to tho Common stock, and to issue to tho Common
stockholders additional shares of Common stock from time to time as tho
Board may elect. By this plan tho largo surplus will bo converted Into
fixed capital subordinate to tho Preferred stock, thus Increasing tho security
and valuo of tho Preferred shares, and giving to tho Common stockholders
additional shares In lieu of a distribution of tho surplus by way of dividends.
A conservative policy will bo adopted In Issuing this stock, In order to guard
tho Interests of tho shareholders.— V. 109, p. 2267.

Offering of Bonds.—J. &

Cuba Cane Sugar Corp.—
W.
Seligman & C o ., Hayden, Stono & C o ., and Halsoy, Stuart
& C o ., New York, are offoring at 100 and int. yielding 7 %
by advertisement on anotkor pago $2 5,000,000 10-yoar 7 %
Convertible Debenture bonds, dated Jan. 1 1920. Due

Jan. 1 1930.

Convertible on and after Jan. 1 1922 (or sooner
if at any time permitted by law) into common stock at $60
por share.
Donom. $1,000, $500 and $100. (c*). Th6se
dobonturo bonds woro very fully described in last week s

“ Chronicle,” p. 3G3.
Dayton Power & Light Co.— Initial Common Dividend .—
A n In itia l d iv id e n d o f 1 % h a s .b e e n d e c la r e d o n t h e C o m m o n s t o c k p a y ­
a b le F ' b . 1 0 to h o ld e r s o f r e c o r d F e b . 2 . — V . 1 1 0 , p . 1 7 0 .

Delatour Beverage Corp.— Initial Dividend .—
A n In itia l d iv id e n d o f 5 % h a s b e e n d e c la r e d o n th e c a p it a l s t o c k , p a y a b le
F o b . 2 0 to h o ld e r s o f r e c o r d F o b . 1 0 . — V . 1 0 9 . p . 5 8 1 .

Detroit Pressed Steel Co.— Bonds Offered.— M cLaughlin,
Bowlah & M cAfeo, Now York and Pittsburgh, and W . G .
Souders & C o ., Now York, Detroit, & c., aro offering, at
prices to net 6 % % to 7 %, according to maturity, $000,000
0 % Serial Purchase Monoy M tg e . bonds. Bankers state:
D a te d D o c. 1 19 19 .
D u e $ 10 0 ,0 0 0 e a c li D e c . 1 1 9 2 1 to 19 2 6 .
D enom .
$ 5 0 0 a n d ? 1,9 0 0 .
In te r e s t p a y a b le J . & I ) .
F r c o o f n o r m a l F e d e r a l in c o m e
ta x .
U n io n T r u s t C o . , D e t r o it , t r u s t e e .
B o n d s a r o a c lo s e d p u r c h a s e
m o n e y n io r tt fa g o o n a ll th o p r o p e r t y , p la n t a n d e q u ip m e n t o f t h e fo r m e r
D e t r o it S h e ll C o ., c o n s e r v a t iv e ly e a lu e d a t $ 9 0 0 ,0 0 0 .
A s s e t s .— T o t a l a s s e t s , in c lu d in g th o p r o p e r t y c o v e r e d b y t h is m o r tg a g e ,
a r e o v e r $ 4 ,7 5 0 ,0 0 0 , a n d n e t q u ic k a s s e ts a r o o v e r $ 1,5 0 0 ,0 0 0 — o r tw ic e
t h e a m o u n t o f t h is b o n d is s u e .
. . . . . .
E a r n i n g s .— T h o e a r n i n g s f o r t h e p a s t f i v e y e a r s h a v e b e e n o v e r e i g h t t i m e s
th e In te re st o n th e se b o n d s.
F o r fu r t h e r p a r t ic u la r s a b o u t th o c o m p a n y
se e V . 10 9 , p . 1 6 1 2 .

Diamond Match Co.— Plans

for financing .—

T h e d ir e c t o r s , i t is u n d e r s t o o d , h a v e p la n s u n d e r c o n s id e r a t io n f o r r a is in g
b e t w e e n $ 2 , 0 0 0 ,0 0 0 a n d $ 3 , 0 0 0 ,0 0 0 n e w c a p i t a l a n d w i l l p r o b a b l y p r e s e n t
tlio m a t t e r to t h e s t o c k h o l d e r s a t th o a n n u a l m e e t in g o n M a r c h 2 5 .—
V . 10 8 , p . 18 2 1 .

Dominion Steel Corp.— To

Start M ill .—

I t is o x p o c t e d t h a t r o ll in g o p e r a t io n s a t t h o n e w $ 5 ,0 0 0 ,0 0 0 s h i p - p ja t o
m ill a t S y d n e y , N . S . , w h ic h h a s b e e n u n d e r c o n s t r u c t io n s in c e J u n e 1 9 1 8
a n d w ill h a v e a c a p a c i t y o f 1 2 ,0 0 0 to n s a m o n t h , w ill c o m m e n c e in F e b ­
r u a r y .— V . 1 1 0 , p . 2 6 4 .

Donnacona Paper Co., Ltd.— Bonds

Sold .—

T h e R o y a l t y S e c u r i t ie s C o r p o r a t io n a n o u t ic e t h a t t h o e n t i r o is s u e
of
F ir s t M o r t g a g e 6 % b o n d s h a v in g b e e n s o ld , a ll o ffe r in g s o f th is s e c u r it y a r e
w ith d ra w n .
Soo V . 10 9 , p . 6 8 0 , 10 8 3 .

Draper Corporation.— Board

Increased .—

T h e b o a rd o f d ir e c t o r s h a s b e e n In c r e a s e d fr o m 8 to 9 m e m b e rs .
F red ­
e r ic k E . F o s t e r h a s b e e n e le c te d th e a d d it io n a l d ir e c t o r .
A ll o t h e r d ir e c t o r s
w e r e r e - e le c t e d .— V . 10 9 , p . 1 5 2 9 .

Eastern Steel Co.— Common

Div. in Liberty Bonds.—

T h o d ir e c t o r s h a v e d e c la r e d a q u a r t e r ly d iv id e n d o f 2 A % o n th e C o m m o n
s t o c k , p a y a b l e In S e c o n d L i b e r t y b o n d s o n A p r i l 1 5 1 9 2 0 t o h o l d e r s o f r e c o r d
A p r il 1 19 2 0 .
I n J a n . 1 9 2 0 t h e C o m m o n d i v . o f 2 H % w a s p a id in t h i r d
L i b e r t y b o n d s a n d in O c t o b e r 1 9 1 9 , in F o u r t h L i b e r t y b o n d s , p r e v i o u s t o
w h i c h t h e q u a r . d i v . w a s p a i d in c a s h . — V . 1 1 0 , p . 3 6 4 .

Elkhart Gas & Fuel Co.— Rates

Increased .—

T h e I n d ia n a I’ . S . C o m m is s io n h a s a u t h o r iz e d t h e c o m p a n y t o c h a r g o
f r o m $1 10 t o 7 5 c . n o t f o r 1 ,0 0 0 c u . f t . o f g a s , d e p e n d e n t o n q u a n t i t y u s e d ,
a n d t o c h a r g o a m o n t h ly m in im u m o f 7 5 c .
T h e o ld r a t e s r a n g e d fr o m $ 1 0 5
t o 6 0 c . , s u b f e c t t o a d i s c o u n t o f 1 0 c . a 1 ,0 0 0 f t . , a n d t h e r e w a s a m o n t h l y
m in im u m o f 5 0 c .— V . 1 0 9 , p . 9 8 4 .

Famous Players Canadian Corp.— Pref.

Stock Offered.—

Royal Securities C orp., L td ., Montreal, are p l a c i n g $4 ,000 ,­
000 8 % Cumulative First Pref. (a. & d.) shares, par $100.
T h e s e s h a r e s w ill b e o f f e r e d p u b l i c l y a t $ 1 0 0 , a n d d i v . , w i t h b o n u s o f
o n e C o m m o n s h a r e w ith e a c h fo u r P r e f. s h a r e s p u rc h a s e d .
P rio r to th e
p u b lic is s u e , R o y a l S e c u r it ie s C o r p . a r e o ffe r in g th o s t o c k to th e ir c lie n ts a t
$ 9 8 5 0 , a n d d iv . to y ie ld 8 . 1 2 % . w ith b o n u s o f o n e C o m m o n s h a r o w ith e a c h
tw o P re f. sh a re s p u rch a se d .
_
.
„
D iv id e n d s c u m u la t iv e T ro m F e b . 1 1 9 2 0 , p a y a b lo q u a r t e r ly .
R e d . a il
o r p a r t o n a n y d iv . d a to a t 10 5 a n d d iv .
D a ta

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of

P res.

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D a te d

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15

19 2 0 .

C o m p a n y .— I s In p r o c o s s o f i n c o r p . in C a n a d a f o r t h o p u r p o s e o f b u i l d i n g
a n d o p e r a t in g , a s w e ll a s a c q u i r in g b y p u r c h a s o o r le a s e , a c h a in o f m o d e r n
m o t io n p ic t u r o t h o a t r e s o f l a r g o s e a t i n g c a p a c i t y in t h o l a r g e r C a n a d i a n
c it ie s fro m c o a s t to c o a s t.
C o r p o r a t io n w ill d is p l a y th o v e r y b e s t m o tio n
p ic t u r e s o b t a in a b le . I n c lu d in g t h e f i r s t r u n film s p r o d u c e d b y t h e F a m o u s
P l a y e r s - L a s k y C o r p . o f N e w Y o r k , o r a n y o f it s s u b s id ia r ie s .
L eases or
c o n t r o l s through s u b s i d i a r y c o m p a n i e s 1 6 o p e r a t i n g p r o p e r t i e s w i t h a t o t a l
s e a t in g c a p a c it y o f 15 ,0 0 0 .
I t Is p r o p o s e d t o i m m e d i a t e l y c a r r y in t o e f f e c t
th e c o n s tr u c tio n o f 7 t h o a t r e s h a v in g a d d itio n a l s e a t in g c a p a c i t y o f 16 ,7 6 8 .
P u r p o s e .— - E n t i r e p r o c e e d s w i ll b o a v a i l a b l e f o r c o n s t r u c t i o n o f a d d i t i o n a l
t h e a t r e s , w h ic h s h o u ld g iv e th o c o r p o r a t io n o p e r a t in g t h e a t r e s w ith s e a t in g
c a p a c i t y o f 3 0 ,0 0 0 b y la t t e r p a r t o f 1 9 2 0 , a n d 4 5 ,0 0 0 b y s p r in g o f 1 9 2 1 .
C a p it a liz a t io n

(N o

b o n d s )—

To be A u th .

T o b e Is s u e d

8 % C u m u la tiv e F ir s t P re fe r re d s h a r e s
_____________ $ 6 , 5 0 0 , 0 0 0
8 % C u m u l a t i v e S e c o n d P r e f e r r e d s h a r e s ------------------- 1 , 0 0 0 , 0 0 0

$ 4 ,0 0 0 ,0 0 0
1,0 0 0 ,0 0 0
C o m m o n s h a r e s ......................................................................... - ............... 7 , 5 0 0 , 0 0 0
7 ,5 0 0 ,0 0 0
T h e $ 1 ,0 0 0 ,0 0 0 S e c o n d P r o f, s h a r e s a r o c o n v e r t ib le in to F ir s t P r e f,
s h a r e s o n ly w h e n n e t e a r n in g s , a v a ila b le fo r P r e f. d iv id e n d s , fo r th e la s t
f i s c a l y e a r , h a v e b e e n In e x c e s s o f t w i c o t h o d i v . r e q u i r e m e n t s o f b o t h
c la s s e s o f P r o f, s h a r e s o u ts ta n d in g , a n d th e n n o t u n til th o r e s e r v e fu n d
r o a c h o s $ 1 ,0 0 0 ,0 0 0 .
,
C o n t r a c t .— F a m o u s P l a y e r s - L a s k y C o r p . , o f N o w \ o r k h a s g r a n t e d t o
t h e C a n a d ia n c o r p o r a t io n a fr a n c h is e w h ic h g iv e s th e m t h e c a ll fo r d is p l a y
in C a n a d a in t h e a t r e s o p e r a t e d b y t h e m f o r f i r s t r u n e x h i b i t i o n o f a l l m o t i o n
p ic t u r e film s m a d e a n d p r o d u c e d b y th o N e w Y o r k c o r p o r a tio n o r a n y o f
it s s u b s id ia r ie s .
T h is fr a n c h is e o x te n d s u n til S e p t . 19 3 9 .
E a r n i n g s .— P r e s e n t n e t e a r n i n g s o f t h e a t r o s a l r e a d y l e a s e d o r c o n t r o l l e d
a p p lic a b le to d iv s . o n F ir s t P r e f. s h a r e s , a ro a t th o r a t e o f $ 2 0 0 ,0 0 0 p . a .
N e t e a r n in g s fo r th o fis c a l y e a r c o m m e n c in g S e p t . 1 1 9 2 0 , a p p lic a b le to
d i v . o n F i r s t P r e f . s h a r e s a r e e s t i m a t e d In e x c e s s o f $ 6 5 0 , 0 0 0 a n d f o r 1 9 2 1
a t n o t le ss th a n $ 1 ,2 0 0 ,0 0 0 .— V . 1 1 0 , p . 3 6 4 .

Famous Players-Lasky Corp.—
T he N ew

469

HE CHRONICLE

.J a n . 3 1 1 9 2 0 . ]

Listing — Earnings .—

Y o r k S t o c k E x c h a n g o h a s a u th o r iz e d th o lis t in g o f $ 10 ,0 0 0 ,0 0 0

8 % C u m u la t iv e C o n v e r t ib le IT e fe r r e d S t o c k a n d a n a d d itio n a l 1 4 ,5 5 2 s h a r e s
o f C o m m o n s t o c k , w ith o u t n o m in a l o r p a r v a lu o , w ith a u t h o r it y t o a d d
9 1 ,0 0 0 s h a r e s o f s a id C o m m o n s t o c k o n o ffic ia l n o t lc o o f is s u a n c e o n c o n ­
v e r s io n o f o u t s t a n d in g P r e fe r r e d s t o c k , m a k in g th o t o t a l a m o u n t s lis te d
a n d a u th o r iz e d t o b e lis te d : (a ) $ 1 0 ,0 0 0 ,0 0 0 C u m u la t iv e C o n v e r t ib le 8 %
P r e f . s t o c k ; (ft) 3 0 5 , 5 5 2 s h a r e s o f C o m m o n s t o c k , w i t h o u t p a r v a l u e .
T h e P r e f e r r e d s t o c k w a s s o ld l a t e r in 1 9 1 9 ( V . 1 0 9 , p . 1 7 0 8 , 2 2 6 7 ) . a n d
t h e p r o c e e d s h a v e b e e n u se d " I n th o e x te n s io n a n d e n la r g e m e n t o f th o
p r o d u c tio n a n d d is t r ib u t io n o f m o tio n p ic t u r e s , th o e r e c t io n o f a m o d e r n
E a s t e r n s t u d i o a t L o n g I s l a n d C i t y , a n d o f a m o d e r n l a b o r a t o r y , a n d in
t h e a c q u i s i t i o n o f t h e a t r o s , in c lu d i n g a c o n t r o lli n g s t o c k I n t e r e s t in t lio
R i v o l i a n d R i a l t o t h e a t r e s In N e w Y o r k C i t y ; a n o w t h e a t r e a n d o f f i c e
b u i l d i n g In t h o c o u r s e o f o r o c t lo n a t S t . L o u i s , M o . ; in t h e a c q u i s i t i o n o f t h o
s t o c k o f S o u t h e r n E n t e r p r is e s a n d o f t h e h o ld in g s o f S . A . L y n c h T h o a t r e s ,
o p e r a t i n g 1 1 5 t h e a t r e s in e l o v o n S o u t h e r n S t a t e s ; in t h o a c q u i s i t i o n o f i n ­
t e r e s t s in t h e a t r e s in L o s A n g e l o s a n d S a n F r a n c i s c o , C a l . , In D e n v e r ,
C o l o . ; Q u i n c y , M a s s . ; D o v e r , N . I I . ; o f t h e a t r e i n t e r e s t s In T e x a s , a n d o f
tlio N o w Y o r k T h e a t r e b u ild in g ( in c lu d in g C r it e r io n T h e a t r e ) , a n d th o
P u tn a m
B u i l d i n g , b o t h In T i m e s S q u a r e , N o w Y o r k C i t y , a n d in t h e
a c q u i s i t i o n o f a n I n t e r e s t In C h a r l e s F r o h m a n , I n c . , o f a n I n t e r e s t in a c i r c u i t
o f 1 8 t h e a t r e s In C a n a d a . "
T h o 1 4 , 5 5 2 s h a r e s o f C o m m o n s t o c k a p p l i e d f o r h a v e b e e n I s s u e d in t h o
a c q u i s i t i o n o f a n in t e r o s t in t h o S t a n l e y C o . o f A m e r i c a , o p e r a t i n g a c h a in
o f t h e a t r e s In P h i l a d e l p h i a , H a r r i s b u r g , A t l a n t i c C i t y a n d a d j a c e n t t e r r i t o r y .




I n th o f ir s t in s ta n c o . 1 8 2 ,0 0 0 s h a r e s o f C o m m o n s t o c k w ill b o s o t a s id o
t o p r o v i d e f o r t h o c o n v e r s i o n n o t o n l y o f t h e $ 1 0 , 0 0 0 ,0 0 0 I r e f . s t o c k n o w
is s u e d , b u t a ls o o f t h e $ 1 0 ,0 0 0 ,0 0 0 o f a u th o r iz e d b u t u n is s u e d P r o f, s t o c k .
E a r n i n g s S t a t e m e n t to N o v . 2 9 1 9 1 9 —
4 8 W e ek s to
6 M o s . to
( F u r n i s h e d t o N . Y. S t o c k E x c h a n g e ) —
N o v. 29
19 . Ju n e 3 0 19 .
G r o s s r o n t a l s a n d s a l e o f f i l m ------------------------------------------$ 2 2 , 8 1 0 , 7 ( 7 N o t s h o w n
S a lo o f in v e s t m e n t s ( $ 4 6 1 ,0 0 0 ) , a c c e s s o r ie s , & c —
1,7 8 5 ,7 2 7
-----------------

G r o s s i n c o m e ...........................................
$ 2 4 ,5 9 6 ,5 0 4 $ 1 3 ,0 7 3 ,9 3 8
O p e r a t i n g a n d g e n e r a l e x p e n s e s --------------------------------------- 2 0 , 5 8 1 , 4 1 7
10 ,5 7 2 ,5 5 3
I n t e r o s t ......................
10 9 .0 7 7
6 2 ,0 4 8
E x t r a o r d i n a r y e x p e n s e s , & c .....................................
6 8 , b 3 1 ........... - - - - - - ­
E x c e s s p r o f i t s t a x ..........................................................................................
2 8 5 ,9 7 3
D i v i d e n d s ............................................
1,0 0 1,8 5 1
3 5 1 ,9 0 3
B a l a n c e , s u r p l u s ______________________________________________ $ 1 , 5 4 9 , 5 5 5
— V . 110 , p. 364.

Freeport Texas Co.— Dividend

$ 1,9 9 6 ,7 8 6

Omitted .—

T lio d ir e c t o r s o n J a n . 2 8 to o k n o a c tio n o n th e d e c la r a tio n o f a d iv id e n d ,
o w in g to th e c o n d it io n o f th e s u lp h u r m a r k e t , d u o t o o v e r p r o d u c t io n d u r in g
tlio c lo s in g m o n t h s o f th o w a r .
In A u g . a n d N o v . 1 9 1 9 q u a r t e r ly d iv id e n d s
o f $ 1 e a c h w e r e p a id a n t i in M a y $ 2 .
P r e s . E . P . S w e n s o n I s s u e d a s t a t e m e n t , s a y i n g in s u b s t a n c o :
W h ereas
in t h e o p in io n o f t h e b o a r d i t is d e s ir a b l e t o s t r e n g t h e n t h o c a s h p o s i t io n o f
th o c o m p a n y , i t is r e s o lv e d t h a t n o a c t io n b o t a k e n o n th o d iv i d e n d a s o f
t h i s d a t e . '*
.
C u r r e n t lia b ilit ie s o f c o m p a n y a s o f th is d a to a ro a p p r o r im a t e d ( e s t i m a t e d ) __________________________________ - - - ________- ...................
$ 1 0 0 ,0 0 0
T h o c u r r e n t a s s e t s a g g r e g a t e $ 4 , 7 1 7 ,5 9 6 , a s fo llo w s :
is h o n h a n d , c a ll lo a n jk a c c o u n t s r e c e i v a b le s u b je c t to a d e d u c ­
t i o n o f $ 1 2 2 , 0 0 0 f o r W i x a s t a x e s d u o F e b . 1 s t - ..............
-----$ 6 4 5 ,0 9 2
S u lp h u r a b o v o g r o u n d p a id fo r a n d fig u r e d a t m a r k e t v a lu e ( 9 0 %
o f w h ic h is s o ld u n d e r c o n t r a c t f o r d e l i v e r y d u r in g 1 9 2 0 - - - - 4 ,0 7 2 ,5 0 4
C o m p a r e o ffic ia l s t a t e m e n t s , V . 10 8 , p . 1 5 0 6 , 1 5 1 7 , 2 6 3 3 .— V . 10 9 ,p . 19 8 4

General American Tank Car Corp.— Offering

ment Trust Certificates

of Equip­

.— Drexel & C o., Phila., and Chas. D .
Barney & C o ., New York and Phila., are offering at a price
to yield 6 .2 5 % , by advertisement on another page, $ 2 ,­
625,000 6 % Equipment Trust Certificates Series 11.
Dated
Jan. 1 1920. Maturing $350,000 each March 1 1922 and
1923, $525,000 March 1 1924 and $700,000 each March 1
1925 and 1926. Tho bankers state:
E a r n i n g s .— F o r s i x m o n t h s e n d e d J u n e
30
1 9 1 9 , n o t e a rn in g s , a ft e r
e s t im a t in g ta x o s , a m o u n te d to $ 1 , 5 0 1 , 4 3 3 , w h ic h is a t t h e r a t e o f a b o u t
10 tim e s th e in te ro s t o n E q u ip m e n t T r u s t C e r t ific a t e s o u ts ta n d in g .
The
e a r n in g s fo r th o la s t s ix m o n th s o f 1 9 1 9 a r e e s t im a te d to b o a t a b o u t th o
s a m e r a t e a s th o s e fo r th o p e rio d e n d in g J u n o 3 0 1 9 1 9 .
„
. . .
T h e c o m p a n y n o w h a s o u t s t a n d in g $ 4 ,0 0 0 ,0 0 6 7 % F ir s t P r e fe r r e d s t o c k ,
$ 1,0 0 0 ,0 0 0 7 % S e c o n d P r e fe r r e d s t o c k , a n d 5 0 ,0 0 0 s h a r e s C o m m o n s t o c k
( n o p a r ) h a v i n g a t o t a l m a r k e t v a l u a t i o n o f o v e r $ 1 2 ,0 0 0 ,0 0 0 .
I 'o r fu ll
d e s c r i p t i o n o f t h i s is s u o s o o l a s t w e e k ’s “ C h r o n i c l e , " p a g e 3 6 4 .

General Asphalt Co.— Exchange

of Stock.—

T h e P h ila d e lp h ia S t o c k E x c h a n g e h a s a d m it t e d to lis t $ 1 8 3 ,0 0 0 a d d it io n a l
C o m m o n s t o c k is s u e d in e x c h a n g o f o r $ 1 2 2 , 0 0 0 P r e f . s t o c k s u r r e n d e r e d a n d
c a n c e le d , m a k in g th o t o t a l a m o u n t o f C o m m o n s t o c k lis t e d $ 1 9 ,4 0 4 ,7 0 0 ,
a n d re d u c in g th o a m o u n t o f P r e f. s t o c k lis t e d to $ 7 .7 3 0 .2 0 0 .— V . 1 1 0 , p . 3 6 4 .

General Baking Co.— Bread

Prices to Go U p .—

A c c o r d in g to a n u m b e r o f b a k e r s w h o a tt e n d e d a c o n fe r e n c e r e c e n t ly w ith
F e d e r a l F o o d A d m in is tr a to r A r t h u r W illia m s a n d U . S . W h e a t D ir e c to r
J u l i u s 1 1 . B a r n e s , h o u s e w iv e s m a y e x p e c t a n im m e d ia te a d v a n c e o f 1 o r 2
c e n t s a lo a f In th o p ric o o f b r e a d d u o t o t h e in c r e a s e d c o s t o f flo u r .— V .
10 9 , p . 2 3 6 0 .

— Bonds Offered

General Gas & Electric Co.
.— Bonbright
& C o ., Now York, recommend for investment this company’s
$4,250,000 6 % Ten-Year Secured Gold bonds. Dated
Sept. 1 1919. Duo Sopt. 1 1929. Bankers state:
R e d e e m a b le a ll o r p a r t a t p a r a n d in t. o n a n y in t. d a to u p o n 3 w o o k s
n o t lc o .
I n t . p a y a b lo M . & S . a t o ffic o o f N e w Y o r k T r u s t C o ., t r u s te e .
N e w Y o r k , w i t h o u t d e d u c t io n f o r F e d e r a l in c o m o t a x n o t in e x c e s s o f 2 % .
P e n n s y lv a n ia S t a t e t a x o f fo u r m ills r e fu n d e d .
D e n o m . $ 1,0 0 0 , $ 5 0 0 ,
$2 5 0 an d $ 10 0 (c*).
A s in k in g fu n d o f 1 %
o f th o a m o u n t o f th e so b o n d s
o u t s t a n d in g is t o b o p a id t o th o t r u s t e o e a c h y e a r b o g in n in g S o p t . 1 1 9 2 0 ,
to p u r c h a s e o r r e d e e m b o n d s a t n o t e x c e e d in g p a r a n d in t e r e s t .
C o m p a n y .— C o n t r o l s t h r o u g h s t o c k o w n e r s h i p 1 0 p u b l i c u t i l i t y o p e r a t i n g
c o m p a n ie s , w h ic h in t u r n , t h r o u g h s t o c k o w n e r s h ip a n d l o n g - t e r m le a s e s
o p e r a t e 2 2 a d d it io n a l p u b lic u t i lit y c o m p a n ie s .
T h e u tilitie s a r e m a in ly
o le c t r ic a n d g a s p r o p e r t i e s , l o c a t e d in P e n n s y l v a n i a , N e w J e r s o y , N o w Y o r k ,
V e r m o n t , N e w H a m p s h ir e a n d O h io , e s t im a t e d p o p u la tio n 1,0 0 0 ,0 0 0 .
P u r p o s e .— T o p r o v id e fo r a c q u is it io n o f s o m e o f th o s e c u r it ie s , in c lu d in g
th o e n tire C o m m o n s t o c k o f M e t r o p o lita n E d is o n C o . fo r liq u id a t in g f lo a t ­
in g d o b t a n d o t h e r c o r p o r a t e p u r p o s e s .
...............................
M a n a g e m e n t .— - A ll t h o p r o p e r t i e s o f t h e c o m p a n i e s c o n t r o l l e d b y t h i s
c o m p a n y a r e o p e ra t e d b y th o W . S . B a r s t o w M a n a g e m e n t A s s o c ia tio n ,
In c ., N e w Y o r k .
F u r t h e r p a r t ic u la r s a n o t h e r w e e k .— V . 10 9 . p . 2 4 4 3 .

General Motors Corporation.— Earnings—Listing of
No Par Value Common Shares, Issuable on and After
May 3, Ten Shares Thereof for Each $100 Common; also New
7 % Debenture Stock.— Tho Now York Stock Exchango has
authorized tho listing on and after Fob. 2 1920 of: (a)
$217,602,400 of tho now 7 % Cumulative debenture stock of
tho par valuo of $100 a sharo (total auth. issuo of $500,000,­
000), on notice of issuance and payment in full; (6) on and
after M a y 3 1920, 15,703,310 shares of Common stock with­
out nominal or par valuo (of a total auth. issuo of 50,000,000
shares); on notice of exchango for outstanding shares of
Common stock of the par valuo of $100 each.
As of Jan. 10 tho company reports in substanco:
T h i s 7 % D e b e n t u r e s t o c k ( V . 1 0 9 , p . 2 0 7 5 ) w i l l b o [ is ] o f f e r e d f o r s u b ­
s c r ip t io n a t p a r to th e h o ld e r s o f t h e P r e fe r r e d a n d D e b e n t u r e s t o c k o f r e c o r d
o n J a n . 9 19 2 0 o n t h e fo llo w in g b a s is : T h o h o ld e r s o f e a c h s h a r e o f P r o f. 6 %
D e b e n tu r e s t o c k o f r e c o r d o n s a id d a to w ill b o o n t itle d to s u b s c r ib e fo r tw o
s h a r e s o f th o 7 % D e b e n tu r e C a p it a l s t o c k a t p a r , a n d to p a y th e r e fo r e it h e r
w h o lly in c a s h o r o n e - h a l f in c a s h a n d t h o b a l a n c e b y s u r r e n d e r i n g P r e f . o r
6 % D o b o n t u r o s t o c k a t p a r [a s s t a t e d in V . 1 1 0 , p . 2 6 5 1 .
“ T h e p ro c e e d s d e r iv e d fr o m th e s u b s c r ip t io n r ig h t s fo r th o 7 % D e b e n tu r e
s t o c k , i f f u l l y e x e r c i s e d , w ill r e s u l t in in c r e a s i n g t h o C o r p o r a t i o n 's a s s e t s b y
a p p r o x i m a t e l y $ 8 5 ,0 0 0 ,0 0 0 , m a k in g t h e c o r p o r a t io n 's t o t a l c a s h a s s e t s
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s a fe e x p a n s io n o f th e b u s in e s s , a n d t o d o v e lo p r e c e n t ly a c q u ir e d a n d e x ­
tr e m e ly p r o fit a b le lin e s , a n d t o m a in t a in c a s h r o s e r v o s s u f f ic ie n t ly la r g o to
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o r s e r v ic e s , o r a s b o n u s e s to e m p lo y e e s o f th o c o r p o r a tio n o r e m p lo y e e s o f
s u b s id ia r y c o m p a n ie s , o r fo r o th e r a s s e t s o r s e c u r itie s , in c lu d in g c a s h ,
n e c e s s a r y o r d e s ir a b le to b e p u r c h a s e d o r a c q u ir e d fr o m tim e t o tim e fo r th e
c o r p o r a tio n : o r a s a d iv id e n d u p o n th o C o m m o n s t o c k .
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th a t n e g o tia tio n s a ro p e n d in g w ith b a n k in g h o u se s fo r t h e s a lo o f a la rg o
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T h o C o m m o n s t o c k w ill b o e x c h a n g e d fo r th o p r e s e n t o u t s t a n d in g C o m ­
m o n s t o c k o n t h e b a s i s o f 10 s h a r e s o f t h o c o m m o n s t o c k w i t h o u t p a r v a l u o
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S a id e x c h a n g o m a y b o m a d e o n a n d a f t e r M a y 3 19 2 0 a t th o o ffic o o f th e
c o r p o r a t io n . 17 6 4 B r o a d w a y , N . Y . , a f t e r w h ic h d a t e n o t r a n s fe r s o f th o
o ld C o m m o n s t o c k w ill b o m a d o , n o r w ill d iv id e n d s b o p a id th e r e o n .

470

THE CHRONICLE

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(See advertising pages.)

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T h e d ir e c t o r s d e c la r e d a n in itia l q u a r t e r ly d iv id e n d o f 5 0 c e n t s a s h a r e o n
t h e c a p it a l s t o c k , p a y a b lo M a r c h 1 1 9 2 0 t o h o ld e r s o f r e c o r d F e b . 1 8 1 9 2 0 .
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S S M S i - n S S S
c o n t r o ls X a t is ffo H o v o d t o b e t h e

S

471

THE CHRONICLE

Jan . 31 1920.]

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