The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
finanrmi
ranirle
VOL.
JANUARY
112
NO. 2898
8 1921
Publlsh.Hl every
1).
DucmbiT.
—
><i-<Tctary
Itliri-'s-
CLEARINGS FOR DECEMBER, SINCE JANUARY
Clearings at
1,
AND
York
lii6.".mO,tiS5
Plttsuurt;b
f'^^ ,090,050
410,SS4,811
187,992,832
20,170,033
78,001,473
51,502,230
23,859,939
19,445,308
11,007,080
13.211.000
12.315.3S8
23,986,692
19,103,337
18.357,202
0,770,681
11.600.100
7.000,986
4.032.200
4,037,536
4,950.875
2.159 495
2,601,921
3,445.502
10,840,503
3,478,813
2,034,682
3,700.000
2.811,546
19,018,573
9,184,742
Baltimore
Buffalo
-.
Albany
WaahlnstuD
Rocbeater
Sorantuu
Syracuse
Readlut;
WUmlnirton
WUkcs-Harre
Wheeling
Harrlsburg
Trenton
Yorfc
Erie
Greensburg
Blnghamton
Cbeater.
Altoona
Franklin
Frederick
Beaver County, Pa.
Lancaster
Norrlstown
Montclalr
Oranges
Hagerstown
Bethlehem
Huntington
Total Middle
Chicago
4.54,901,245
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansvllle
Springfield,
Fort
III
Wayne
Youngstown
Akron
Lexington
Rockford
Canton
Bloomington
Qulncy
Springfield, Ohio
Decatur
South Bend
Jackson
Mansfield
Danville
Lansine
Lima
Jacksonville, lU
Ann Arbor
Owensboro
Flint
Gary
Lorain..
Adrian
New Albany
Paducah
Hamilton
Aurora
Total Middle West.
Kansas City
Minneapolis.
Omaha
St.
Paul
Denver
St.
Joseph
Dee Moines
Sioux City
Wichita
Duluth..
Lincoln
Topeka.
Cedar Rapids
Fargo
Sioux Falls
Helena
Colorado Springs
Pueblo
Waterloo
Aberdeen
BllUngs
Fremont
134,745,797
71,989,000
60,038,500
63,608,500
19,084,233
20,048,607
18,086,581
21,232,810
11,034,881
8,719,020
19,913,352
52,007,000
5,208,078
10,361,917
19,010,110
6,259,677
6,378,721
6,948,517
5,513,370
6,838,091
5,434,435
6,483,337
3,066,625
7,792,000
5,833,614
3,062,046
2,782,744
2,073,556
7,125,465
7,188,909
1,978,210
724,144
642,172
7.752.621
3.044,900
3,882,022
4,578,661,360
744, 511,932
350, 855,863
180 182,112
201 575,035
164, 854,578
49 ,286,010
39 ,338,843
20 ,087,708
47 ,314,280
46 ,809,019
17 ,.341,450
12 ,957,149
,047,984
,510,137
,121,699
,230,098
,164,846
,061,453
,320,174
,750,837
948.384
262,834
Joplln
.317.000
Grand Forks
Iowa City
Lawrence
Lewlstown
Kansas City, Kan...
Oshkosh
Mlnot..
636,600
Total other West.
+ 0.8
—3
5
9.9
1.1
+
—
— 17.5
—28.5
+ 2.6
,,526,203
771.541
600,364
070,968
,169,380
496,618
8,974,397
2.003.067.516
FOR
,572
4,
2 293.015.099
249.344,508
897.109.S44
594.398.278
267.995,988
254,023.897
154,410.276
174.803,372
148.981.702
281.992,700
1,055,360,059
257,279,058
814,462,041
491,927,132
220,014,110
212.712.353
205.922,4.36
Not lnrtude<l
Not included
in total
-10.5 288,761.278 577 274,995.306,800
+ 5.0
205.416.418
,X0.472.S60
139.413.327
75,101 591
63, 370. 000
78,7S8.384
55,124.057
42,483.761
32.191.180
42.854.221
156.086.031
43.105.190
29 071 239
111,043,496
57,170,611
—29.1
+ 24.8
—39
—4.5
+ 1.4
—0.5
-14.3
+ 1.1
3 099,231
—10.0
—9.3
Not Included
Not included
In total
In total
22,,511,810
20,,555,020
10 ,803,056
8 ,873,990
19 ,196,103
49 ,444,000
15 ,839,400
10 ,229,716
20 ,733,405
7 ,830,868
7 ,481,649
8 ,104,551
6 ,797.330
7 ,533,942
7 ,038,308
6 ,.306,502
3 ,944,629
7 ,883,712
5 ,857,931
2 ,959,454
2 ,159,429
5 ,621,0.53
11 ,817,377
5 ,235,545
2 ,223,607
—7.8
—3.6
47.181.8fl8
39.0i;0,276
109,9'<5.297
75,797,582
—0.4
—5.3
32.069, 233,5.35
3.596, 794,020
6,907, 387,037
0,104, 323.703
—0.2
—5.9
1,736, 327.000
941, 938,000
+ 2.3
—10.1
—16.9
—5.5
—19.7
+ 3.3
+
— 7.7
1.7
+ 3.8
+ 5.2
—67.1
+ 1.3
—5.4
—20.1
—14.7
— 14.3
—18.9
—9.2
—22.8
+ 2.8
—6.0
—1.2
—0.4
+ 3.5
+
—28.9
63.1
—39.7
75
010.400
788 ,589.60
281 .528,229
898,673
249 ,491,107
3.52
201
146
108
243
584
111
136
207
,887,296
814.949
99 072.122
55 233,035
32 838,705
31 ,947,723
35 ,001,193
130 .818,577
74 ,124,205
22 ,770,020
14 .170.314
8 ,010, .561
,810,543
,617,269
,693,077
+ 33.4
+ 0.8
+ 5.1
98 831.124
37 ,762,194
49 ,815,825
12,2.52,421
4,702,271
3,581,118
.4
+ 100.1
+ 2.1
—39.9
—18.7
—53.0
—27.7
+ 33.0
—24
2
—30.0
—20
9
—32.4
—30.7
— 16.5
— 11.4
+ 13.4
—23.1
7,731,728 —18.2
8, .504 .952
6,484,785 —1 1 .3
3,206,152 —39 2
2.967,215 —23.8
8,211,980 —23.1
8,475,600 —21.7
—3.0
2,021,531
2.0r0.026
15 2
40.0
5.834.000
3.589.300 + 487
2.947.172
+ 7.5
Not included in total
Not Includpd In tottvl
0.5
9.021.674
—
—
—
40.1.30.490
in
29,685, 973,091
3,130, 811, .303
5,481, 998,825
4, .503 ,622,005
1..528 ,336.807
810 ,109,000
678 145,800
679 ,005,751
260, 439.835
289 ,481.440
226 ,397.083
229 ,011.966
100 ,830.834
110 ,017.514
193 ,740.801
88 ,387,094
83 ,,542,973
79 ,010,807
68 ,7?7.499
74 .163.023
7 .245,687
69 148,320
40 796. ''09
73 283.104
56 .150.962
34 119.085
22 775.223
48.0
2.';
133.959,319
467 ,690.flOr
—27.8
+
— 51.4
30.013..501
35. 3 18. .562
,124..'-v47
890,843
1,011,553,111
235,643,084
241,669,216
100,712,441
161,480,325
82,040.599
48,300,141
55,491,400
65,465,244
35,194,375
22,886,475
18,495,073
11,434,508
14,077,598
16,040,338
73,549,024
47.747.454
33.382.005
,917,000
,.393,762
—26.4
,50.376,700
,605 ,233
.846,998
,397.140
97 ,224,374
97 ,022,708
91 ,059.604
80 ,324,319
9'1 ,495,626
85 .320.244
89 ,161,095
47 ,943,013
—6.1 57,618
I
123 ,490.876
83 ,058.836
239 ,892.113
,022,114
+
— 37.3
—11.0
4,875,695,142
1 1
70,5,';6,795
— 11.3
2,820 410,024
308 286,151
570, 309,080
480, 349,809
134 949,012
70 519,000
65 113,900
70 851,000
22. 954,350
27 .558,735
— 10.4
172,617..?46
1,58.415,815
+ 10.7
+ 21 3
2 ,605,879
4 U2.1C,4
+ 18.0
+ 19.7
+ 14.7
195,008,458
133. .507, 745
246, .393, 962
—7.2
058,619
—3.1
+ 10.2
+ 20.8
1.34.0.57,224
49 642.749
115 745.928
55 566 ..591
21 .540,205
6 ,310.037
8 643.842
92 ,171. .560
?0 .952 837
40 277.810
833,412
.50,015,487,985
11,615, 142.427
4,012 206,419
3,094. 338,415
11,222,743.324
2.206.965,728
3,058,419.886
965. .536, 252
1,630.064,749
894.581,738
557.733,520
544,707.071
647,280,089
378,961,698
274.509.348
1.870. 424.3.50
1,980 044.477
8.30 ,318.768
641 .747.310
503 .551,309
719 .7'i5.924
468 .0.50.391
286 .409.930
174 ,180.439
1 50 .794.214
149 .040.028
178 .970.141
98 .340,186
62 382.894
52 ,079.069
106 .868.016
92 .483.832
OS ,875.652
,'?9 .746.040
43 566 .560
9?. .265.048
85 .425.000
36 .315.220
23 046.515
31 432 258
242 ,791.314
38 602.103
19 556.718
179.348..'l28
130.286.763
160.1'<6..';.34
tot.ll
+
+
+ 26.0
+ 35.5
+ 13.6
+ 10.3
+ 10.8
+ 16.1
+ 8.1
+ 21.9
+ 10.2
+ 14.3
+ 18.9
+ 30.8
+ 1.6
+ 25.1
+ 4.0
+ 23 7
+ 38.0
+ 10.0
+ 16.1
+ 14.4
+ 16.9
+ .34.2
+ 13 4
+ 28.9
+ 17.5
+ 35.2
10.1
14.9
WEEK ENDING JANUARY
January
ending
ITeel-
1
I.
Inc. or
1920.
Dec.
1919.
4,225,083,510 5,737,014,003
489,596,5.53
432,332,659
142,056,950
164,405,712
102„576,910
77,572,527
36,314,222
34,714,584
4,400,000
4,000,000
15,724,683
14,103,271
13,506,906
9.830,2.50
3,909 „531
4.750,642
4,700.000
3.766,810
3.197,410
2.338,512
4.185.171
2,.538, 539
2,084,599
2.400.000
4,523.092
4,085,989
3,435,804
1,179,253
2,088,119
1,703,098
702,300
1,100,000
801,908
3.654,027
1,430,673
2,100,133
1,300,000
1,114,400
1,689,291
858,944
2.100,000
2,000.000
"'2'8V.396
'"55V,944
3,545,539
1,415,260
Not Included
Not Included
4.995.005,506 6.579.408.843
530,439,947
57,490,506
120,231,980
76,607,054
25,360,732
614,981,496
65,5.50,985
1918,
t
231 3 ,500,805,556
414,380, 907
505.758.697
124,6.59, 157
75,058,316
044
80.812,
42,819,127
24.015, .574
20,957,011
5,249,768
4.000, 000
14.288, 574
10,869,317
9.904, 021
8,978,922
3,975. 572
3,678,620
5,177 986
5,875, .508
2„570, 263
2,883,794
3.748, 352
3,309,956
2.000, 000
1,917,247
3,725, 618
3,107.115
—26.3 4,347,516
— 11.7
+ 15.2
—24.4
—4.4
—9.0
— 10.3
—27.2
+
—21.7
19.9
—26.9
—39.4
+ 11.9
—9.7
—6.0
—17.5
—0.6
+ 31
—37.0
—34 .9
2,497,856
'
'2',34b',764
1,148,343
1,821.684
908,807
1,084,400
1,096,682
700,000
1,018,.521
2,003,877
1,000,000
795,100
1,308,7,53
—6.6
752,067
+ 5.0
1,720,249
2,403,596
407,190
""506',98i
—
49.3
in total
in total
—24.1 5,052,343.912 4,003,335,158
—14.4
—12.3
—1.1
—11.5
—13.0
—12.6
—14.0
—9.2
—29.7
—29.3
—14.3
—15.6
—14.4
—19.8
9.500.000
9.432.218
5,916,596
5,401.419
4,026,056
474,074,534
33,437,983
75,581,375
50,838,080
20.309,967
13,581,000
9,146,500
8,417,737
5,196,861
5,080.742
4.264,301
3,881,7,58
3,.569,433
1,927,225
1,369,819
3,797,497
4,347,000
2,497,353
1,900.000
1,609,909
1,100,301
1,210,406
1,605,500
973,454
1,050,000
1,889,278
1.440,408
3,240,119
4,413,000
938,964
1,429,856
2,450,000
1,121,597
1,264,859
1,605,500
822,0.54
""'72b',833
520,000
481,952,2.50
57,881,802
93,599,273
64,033,494]
12,355,900
10,900,907
3,409,031
4,543,158
3,626,117
3,986,094
2,208,513
1,613,074
4.300,000
7,374,000
1,200,000
1,747,099
3,597,993
1,025,298
1,106 751
1,693.302
917.015
1,400,000
1,207,356
715,734
1.300,000
1,150,000
822,797
347,015
1.220,510
—2.8
—15.6
—7.7
—35.0
—29.3
1.173,300
604,356
1,200,000
748,869
909,908
375,000
290,311
—76.2
572,000
810,000
775,000
698,954
437,697
1.291,246
+ 11.3
+ 33.4
+ 5.7
+ 124.51
133,765
200,000
-33.1
65,000
75,000
896.133,030 1,021,476,430
—12.3
806,969,308
736,186,973
145,837,318
63,000,000
33,198,761
34,812,885
241,830,103
48,700,781
58,390,135
22,183,008
21,728.357
15.724.919
11,230,604
9,323,000
13,475,872
6,921,607
4,709,041
3,406,937
2,754.280
2,773,263
—39.7
165,710,752
42,951,187
49,177,746
15,414.498
15.797.219
14,101.733
8,841,369
176,843,849
33.341,661
38,972,468
14,208,484
17.817.929
13.267.933
8.076.305
6.786.017
7.431,738
4,967,752
4,588,975
3,267,136
1,919,405
1,619,265
2,251,039
800,000
681,657
1,752.664
1,.597. 503
1.187,612
668, .568
723,125
—22.4
—12.5
—0.1
—38.1
124
—21.5
—25.2
—
1.7
—3.8
+ 40.3
13,.500,000
—
—17.4
J.
—60.0
—23.5
—10.5
—31.9
—34.4
—5.5
—35.5
—12.5
+ 10.6
+ 8.1
28,.53 1,967
13.9.52.000
8.50,730
1,034,189
900,000
721,000
536,904
426,164
1.110.059
—7.3
+ 7.2
+ 22.2
+ 23.7
+ 15.2
+ 3.5
+ 77.0
+ 1.2
+ 93.7
+ 21.4
—7.5
+ 15.1
—76
+ 11.2
+ 23.5
+ 4.4
—2 9
+ 15 7
—6
.91
—0.2
—12.8
,34.205.3:
82. .595. 099
+ 27.4
+ 22.9
+ 33.4
+ 12.8
+ 8.4
—0.2
—
3
21, .540,692
8,073,998
7.014.617
4. .547.753
8.182.296
8,438,218
4,000 000
2,925,131
1,043,093
1,987,281
1,747,595
700,000
681,2,53
1,084.602
1
,400 000
932,354
500,000
404,928
+ 29.4
+ 56.9
—43 .2
—0.9
—
—37.5
44.9
—51.2
—39.2
+ 21.9
—15.1
—14.2
—
—28.3
40.3
—
.1
7,.502,423
7,229,427
12,207,636
3,165.084
2.637.423
2.107.981
2.890.543
2,229.305
513.122
'
'2,6Vr545
1,245,573
462.,571
505,389
1,005,823
749,274
1,876,197
1,019,913
882,311
634,698
441,908
3.59.086.078
342.370.786
699.5,50
1,207.808
1. 228. 573
+ 12.9
80.435.000
+ 6.2
28,138.854 + 29.1
22.128.609
+ 4,1
34,944.404 —10 1
37, 876.798 + .541
31. .390. 506
+ 23.2
Not Included In total
lncliid(Hl in total
35.169.146
-9 1' 27 790,930,885 23.935,056.15? + 16 1
353253 3751 463.297.258' —23.7
Clearings by Telegraph on page 119. 'Not Included in totals; comparison iuruuiulcle.
2.203.745.475
DANA coMl'AN V
121,520,373
86,000,000
29,114,713
15,454,000
14,370,900
12,000,489
4,937,688
6,423,417
4,232,768
4,725,313
2,508,073
2,010,027
4,500.000
8,925,000
3,000,000
2,285,455
4,018,601
1,506,251
1,685,137
1.735,202
1,421,130
1,600,000
179.380.037
112.714.922
50.740.767
38.962.011
94.743.745
85,277.844
68.905.327
41.234.074
Not
95.746,057
H.
Daim; Bn.slru.si' MaruiKcr, \\illl:ini
Addresu of all. Oinco itl the <Viri>iauy.
(i.
%
%
+ 3.1
+ 13.0
+ 2? 4
+ 12.7
+ 38 .5
22.201.513
30,353.260
34.021.824
+ 15.5
+ 0.4
3 397,199
Clearings continued on page 120.
Herbert D. Selbert.
1921,
Dec.
+ .6
+ 14 4
+ 19.3
+ 29.7
+ 14
+ 25 5
+ 31.4
+ 25.8
+ 7.1
+ 15.4
+ 27.3
+ 5.2
+ 21.3
+ 10.5
+ 8.2
+ 30.6
+ 19 9
+ 14.8
—3.2
10 889,719
,.537,035
Hastings
Rochester
Great Falls*
+
0.2
—8.5
3 ,537,021
2 ,724,039
1
1919.
5S,S. 0,^,5
1.4
536,590
3 970,216
•4
IS20.
1.7
24.952.059,789 27,887,549,242
2.001.481,638
2'J7, 112,255
574,152,024
Cincinnati
Cleveland
Detroit
i.202 ,1'.(7.S03
729 .509,157
410 ,623,718
187 ,534 ,089
•>'2
.055,478
78 ,036,052
53 ,438.010
21 ,709,249
19 ,077,050
14 ,005.092
18 .467.882
12 .004,901
24 ,785,720
10 ,539.571
17 .256.8.54
7 .301,700
10 477,923
5 ,777,728
5 ,232,950
WILLIAM
Week
—% 243 135,013,304 235,802.034,887
—12.5 25 094.090.654 22.094.
+ 15.5 8 982.887.399 7.270.099,489
—
4 896.040,381
343, 440,
ao ,980,934,077 23,979 .866,900
PWIadeliilUa
by
Inc. or
Dec.
1919.
I
New
moriiliuj
Twelte Months.
Inc. or
1930.
Saturday
dent. JiiciibSelbert Jr.; Vlce-l're«l(lent. Arnold
—
THE CHRONICLE
86
THE FINANCIAL SITUATION.
More hopeful views prevail. There are evidences
of improvement in the general situation, and the
tone is distinctly better than for some weeks past.
Labor is yielding to the inevitable, and Avork has
been resumed at a number of idle plants at reduced
wages. In the cotton manufacturing industry the
cut in wages has been quite generally 221/^ %, and
the effect here of the resumption of work has been
to bring a recovery in the price of cotton of fully
two cents a pound for the week. Ketailers, too, by
degrees are falling into line, and some noteworthy
price reductions in clothing and other lines have
marked the ending of the holiday season. The credit
strain is still intense, but here, too, there are indica-
and money, at least at this
centre, is in distinctly better supply. The call money
rate has not deviated from 7% throughout the
week, and a disposition is also growing up to make
loans on time, though only for the shorter maturiThere has been a rise during the week of over
ties.
2% in certain issues of Liberty Loan bonds, and the
rally in the stock market, which was a feature of
tions of
some easing
up,
affairs last week, has
made
additional progress the
present week. Some further small bank failures in
the remoter sections of the United States, and also a
minor bank failure in London, have not served to
obscure the underlying position of strength.
Another favorable development of the week has
been a notable rise in exchange rates on London.
The advance has been over 10 cents per pound sterling, bringing the price for demand bills up to the
highest figure reached since last August. Last but
not least there have been some further satisfactory
earnings statements by the railroads for the month
of November. In illustration we need cite only the
income statement of that typical railroad system,
the Pennsylvania RR. As compared with the corresponding month of the previous year, this system
enlarged the total of its gross revenues for the
huge sum of $22,370,817. Higher operating expenses ate up over $10,000,000 of this increase, but even then there remains a gain in net of
over -112,000,000. In other words, the company in
November 1920 earned $7,020,033 above operating
expenses, while in 1919 it had actually fallen $5,252,217 short of meeting bare operating expenses. Of
course the contrast between the two years is heightened by the fact that in the previous year a strike
had prevailed in the bituminous coal region, but the
most significant feature about the improvement
now recorded is that a point has been reached where
month
!
in the
company is again able to show a substantial
amount of net in excess of the operating expenses
the
in this instance over 7 million dollars
—which
has
not been the case before for many a long month.
The result shows that at last the company has again
succeeded in getting control of its expense accounts.
That is the point towards which all the roads are
aiming and a point that they all are eventually sure
to reach.
Further details concerning the new agreement for
harmonious living between the employees and the
management of the Pennsylvania Railroad System
bear out the encouragement indicated by the announcement of the meeting called to consider it.
For dealing with aU controversial questions arising
or possibly to arise, affecting the operating service,
[Vol. 112.
a "Joint Reviewing Committee" is established, to be
composed, on the side of the management, of two
representatives from each of the four regions of the
system, and on behalf of the men, of their general
chairmen in engine and train service. All votes in
this committee will have equal power, and concurrence of two-thirds will be required on any decision.
This committee will handle all cases except those involving discipline, which must by an obvious necessity be placed on a somewhat different basis; when
such cases come before the committee the two representatives of the management in the region where
the case arises, and also the representatives of the
employees involved in the case, shall not sit during
consideration of the particular case, but may act
as counsel for presenting their respective claims,
the remaining members acting as the board of hearing and decision. This conforms to the ancient rule
that no man is competent to pass upon his own case.
Provision is of course made for taking and hearing
appeals. The committee will meet monthly. Each
general superintendent will meet monthly with the
general chairmen, and the general manager of each
region will likewise meet monthly with them.
This is the outline, and it is said in the news report that, for the first time in the road's history,
the employee will have equal voice and vote with the
management. The details may modify themselves,
as experience tests them; the idea itself is permanent and can only grow in value and influence. It
tends directly to remove the old impression that the
men are mere mannikins. It tends to bring them
into sympathy and into the recognition of a common
interest with the managers.
Long ago, we were told that if "thy brother offend
thee" the case should first be taken up directly and
privately with him; if he would not hear, it might
then be taken up with two or three witnesses and
then, as a last resort, it might go to the church.
There is a story that one man did carry his supposed
grievance to his "brother" in close conformity to this,
and the brother suggested that they begin with
prayer, which he himself offered. When this was
concluded, he asked his caller to state the case, and
the caller hesitated, and said that now he didn't remember exactly and on the whole he thought it was
nothing of any real account.
Is not the moral clear ? Is not this in accord with
human nature? When men come together and sit
down to consider and measure up their grievances,
are not those likely to shrink in apparent magnitude and likely to be composed forthwith?
But
when there comes an outsider, who lives by trouble,
is he not more likely to create or to deepen and magnify apparent grievances and intensify the feeling of
;
than to settle them and to promote concord? Experience has proved this to be so, and
both sides on the line in industrial affairs are drawhostility
ing together, so that presently that old line of separation may become invisible.
How far a distance has been really traversed since
the issue raised by the Big Four in Washington, in
the closing months 'of 1916, when the threat was
made that the country should be put into the status
of a city under seige unless demands were satisfied
We need not anticipate or forecast in detail the reand
sults which will be worked out. It is enough
to get the idea firmly into men's minds
it is much
and the precedent established.
—
—
Jan. 8 1921.]
THE CHRONICLE
Brief reference was made in last week's issue of
the "Clironicle" to Marshal Foch's i-eport on (Ger-
man disarmament, which was
official
87
announcement had been made that "a
con-
lereiue of the Allied Premiers will be held in PariB
presented to the Allied Ambassadors a week ago yesterday. The more
detailed advices received last Saturday stated that
it was granted in the report that "Berlin has met
the requirements regarding the Keichswehr, or regular army, by reducing it to 100,000," but that she
had failed to disarm her citizen police. It was
claimed in the report that the latter "have large
numbers of machine-guns and at least 800,000 rifles,
and the probability is expressed that the number of
According to
rifles actually will reach 1,400,000."
correspondent of the New York "Tribune,"
the Paris
the report said that "Germany has shown an entirely
indifferent spirit toward the disbanding of the citizen police, which are no longer needed, and that
toward the end of January, when Marshal B^och's
report on German disarmament and the question of
(icrman reparations will be considered." According
to a Paris cablegram to the New York "Tribune,"
Senator Medill McCormick, who was passing through
l*aris on his way back to the United States, after a
comprehensive trip through Europe, "is carrying
back with him to America the opinion that France
has no need to fear for her eastern frontier for a
long time to come." He was said to have expressed
Commission, lays particular stress on Germany's secret construction of aeronautical material."
The Paris correspondent of the New York
"Herald" sent word that "the disarmament period
in the Spa protocol expiring at midnight without
compliance by Germany, France has asked for a
conference of Allied Premiers to fix definitely a policy toward Germany, on account of her infraction
of the terms." He added that "it is accepted with-
series
the belief also that
"Germany
is
utterly incapable of
making war for another twenty years."
The Paris correspondent of the New York "Evening Post" said that "when the indemnity experts
of the Allied Powers reconvene at Brussels this
the Allies must remedy this situation." He said also month to resume consideration of what Germany
that Marshal Poch, "in the name of the Allied Con- must pay they will take as a basis of discussion a
trol
out question here that the Powers will accede immediately to the French request and that a conference, wherein France, Great Britain, Belgium and
even Japan will participate will be held next week,
either in Paris or in London."
Under date of Jan. 2, the Paris correspondent of
theNew York "Times" cabled that "France starts the
New Year with a resolution to make Germany pay
and make Germany disarm. The whole foreign policy of her Government will be shaped by those considerations."
Two days later he sent a long dispatch to his paper, in which he said that "above the
flood of ink and semi-official talk flowing about the
question of German disarmament, these three facts
stand out first, the French are not going to occupy
the Ruhr Basin in the immediate future second, the
Allied Premiers will meet in about a week and give
Germany more time to fulfill her Spa promises;
third, the Brussels Reparation Conference, scheduled to reopen on Jan. 10, may be postponed until
after the disarmament question is settled."
The
announcement came from Berlin under date of Jan.
1 that "the German Government has replied to
France's charges that Germany has not fulfilled the
provisions of the Spa agreement. The Berlin Cabinet says France expected Germany to do the impossible under that agreement; that the agreement
was impossible to fulfill in the letter of its execution,
and that Germany has done her best to carry out its
terms." In another cablegram from Berlin to the
New York "Herald" it was claimed that "Dr. George
Escherich, organizer and commander of the Bavarian
civic guards and head of the Bavarian Forestry Department, defies the Allies in so far as yielding to
the demand by France for the disarmament of his
forces."
The correspondent added that "the
strength of the Bavarian Civic Guards has been estimated at about 200,000 officers and men." He also
said that Dr. Escherich observed to him that "my
views on the question of the Civic Guards are too
weU known to make it necessary to repeat them."
In a Paris cablegram dated Jan. 4 it was stated that
:
;
of annuities totaling about 255,000,000,000
gold marks." He said also that the tentative program provides "3,000,000,000 marks annually for the
first five years; 6,000,000,000 marks annually for the
next five years, and 7,000,000,000 marks annually
for the next thirty years." Discussing the matter
further, he explained that "the program also provides for discounts as a reward for advance payments and gives the Reparation Commission some
leeway in making reductions in the rate of increase
for the five-year periods, if convinced Germany cannot meet the full schedule." According to a Paris
cablegram to the New York "Herald," official announcement was made in that city Wednesday afternoon that "Premier Lloyd George of Great Britain
has suggested that the Allied Premiers meet in
Paris on Jan. 19 to consider the German disarmament and reparation question and that France has
accepted the suggestion." It was reported in Paris
that the "French Government would have liked to
have had the meeting of the Premiers fixed for an
earlier date."
In an Associated Press cablegram from Paris
Thursday morning it was stated that "individual
members of the Council of the League of Nations
have been talking informally among themselves on
the advisability of sending a special intermediary
or envoy to Mr. Harding, immediately after his inauguration as President of the United States, to
present the case of the League of Nations and to urge
upon him the difficulties that European countries
would experience in abandoning the present League
and setting up a new form of Association of Nations." It was said also that the "principal ground
for this contention is that the League Covenant is a
part of the Peace Treaty, which gives the League
administration over the Sarre Valley, the Danzig
region and a number of mandates and plebiscites."
According to the dispatch this reported plan on the
part of the Council "has led to a growing conviction
among the principal Allied Powers that the League
should be kept going in some form, but not neces-
now
Finally the dispatch
stated that "confidence is expressed here that if
direct discussion eliminated from the Covenant all
that is objectionable to the United States, the President-elect would not insist on the abandonment of
the organization already at work, which is held to
be bound up with so many important European insarily as
terests."
constituted."
THE CHRONICLE
88
Aunouiiceiuent was made in Paris ou Thursday
that "Sir Eric Drummoud, Secretary-General of the
League of Nations, has called a conference on communications and transit, to be held in Barcelona,
Spain, late in February."
There has been practically the same degree of
uncertainty as to the actual whereabouts of Eamon
de Valera, self-styled "President of the Irish Kepublic," since he was reported a week ago yesterday afternoon to have landed in his native country, as there
was during the last two weeks or so of his stay in
In a special cablegram from
the United States.
Dublin, under date of last Friday, to the New York
"Times," the correspondent said that "it is definitely stated in well-informed circles that De Valera
has not landed in Ireland." In a cablegram the
same evening from London to the Chicago "Tribune"
the assertion was made that "officials of Scotland
Yard and members of the United States Secret Service stated to-night that Eamon de Valera had not
reached Ireland." It was added that "advices from
Ireland said he was not expected there yet." Tim
McNulty, representing the Irish Vigilance Society,
according to an Associated Press dispatch from London the next day, declared that "Eamon de Valera
is in Ireland, where 'he enjoyed his share of the
Christmas goose.' " As against this statement came
one from the London correspondent of the New
York "Tribune," in which he said that the "closest
political friends of Eamon de Valera told the 'Tribune' correspondent in Dublin to-day that De Valera
He added that "this stateis not yet in Ireland."
made as an expression of opinion rather
ment was
than necessarily of fact, because it is evident that
De Valera's exact intentions have been kept secret
from the majority of his most trusted confidants."
Sunday the Dublin correspondent of the New York
"Times" cabled that "my inquiries into the mystery of De Valera's whereabouts lead me to believe
he has actually arrived in Ireland."
That country has not been quiet this week, by any
means. About a week ago it was reported that seven
houses in towns near to Cork, together with their
contents, had been burned by the military, "as a
result of an ambush of the police near Midleton."
On Jan. 4 an official proclamation was issued in
Dublin, extending "the martial law area to Counties
Clare, Waterford, Wexford and Kilkenny and to the
city of Waterford."
The most sensational report regarding the claim
that De Valera had arrived in Ireland came Thursday morning in a cablegram from Dublin to the New
York "Times," in which it was asserted that he had
been invited to London by Premier Lloyd George to
discuss
means
for settling the Irish situation.
The
London correspondent of the Chicago "Tribune" cabled at the same time that "it was stated by the
highest authorities that Eamon de Valera has received an invitation to come to London to confer
with the Prime Minister on the future Government
of Ireland."
He
reiterated his assertion in a cable-
gram yesterday morning and claimed that De Valera's whereabouts are known. The latter is expected to issue a statement or proclamation in the near
future. According to a special London cablegram
to the New York "Tribune" yesterday morning, "Eamon de Valera, ^President of the Irish Kepublic,'
after consultation with Sinn Fein leaders in Dublin,
is said to have decided that the time is not ripe for
jx'ace negotiations.
[Vol. 112.
Dublin advices say that De Va-
lera holds that recognition of Ireland's independ-
ence remains the only basis for peace pourparlers."
Jle added, however, that "it has been made quite
plain in the invitation that secession of Ireland from
the iCmpire will not be tolerated, and that Ulster's
right to separate treatment must be recognized."
The correspondent of the latter paper stated also
that, so far as he could find out, no reply had been
received from De Valera, but that he had been informed "from Ireland that a statement from him is
expected late to-night or to-morrow." [Wednesday
or Thursday.]
The London correspondent of the
New York "Herald" apparently had not received information of this character, inasmuch as he cabled
the same evening that "there is no further talk of
Irish negotiations, but the hope for an Irish peace
is stronger than ever."
He added that he had
learned "from an authoritative quarter that Sinn
P'ein, with or without Eamon de Valera, must make
its own choice.
It must choose between a continuance of the hopeless fight to cut Ireland out of the
British Empire by violence or agree to try to work
under the present Home Rule Act." The correspondent in the British capital of the New York
"Tribune" sent a cablegram to his paper along much
the same lines. He said that "Irish peace prospects,
which were regarded as remote, following the fruitless ending of the negotiations between Premier
Lloyd George and Father O'Flannigan, are steadily
reviving.
In most quarters the return of De Valera is regarded as portending pacific negotiations
rather than as an incitement to renewed resistance."
It was reported in a dispatch from London under
date of Jan. 5 that the Manchester correspondent
of the London "Times" had sent word that De Valera "stayed at least two nights and three days in
Manchester last week on his way to Ireland from
the United States." The correspondent added that
"he arrived in an ordinary train, undisguised and
walked through the streets to keep an appointment
with the leaders of the Manchester Sinn Feiners."
Sir Hamar Greenwood, Chief Secretary for Ireland, in the course of an after-dinner speech in London about a week ago, was quoted as having said
that "within six months two powerful Parliaments
will be working in Ireland for the amicable settlement of a question which has caused much ill-feeling
and misunderstanding between Great Britain and
the United States."
Definite announcement
week ago
was made
in Trieste a
last evening that "the protocol effecting
settlement of the Fiume question" had been signed
during the afternoon. It was stated also that Gabriele d'Annunzio and his Legionaries would leave
Fiume within five days. According to the announcement also, "all terms laid down to the Fiume delegation by General Caviglia were accepted." It was
explained that "these terms included the release of
Legionaries from their oaths of allegiance to the
Regency of the Quarnero, abandonment of the
Islands of Arbe and Veglia in the GuK of Quarnero,
restoration of all prisoners made by the Legionaries,
and the surrender of all arms and munitions appropriated from the Italian army, and that all Legionaries not natives of Fiume should leave within five
days." In a cablegram from Abbazia, Jugo-Slavia,
it was stated that "Dr. Antonio Grossich, former
head of the National Council of Fiume; Rickardo
THE CHRONICLE
Jan. 8 1921.]
Finme, and Captain Hostwenturi,
who was Director of National Defense in the city,
have been constituted the Provisional Government
of Fiume to sign the pact presented by General Caviglia and administer the city's affairs until elections are held." There were persistent rumors in
circulation in Fiume, according to advices received
in Kome, that "the Regency of the State will be
offered to the Duke of Aosta and his heirs by a
plebiscite of the people soon after the situation in
Fiume has become normal." The announcement
came from Trieste Monday morning that exchange
of prisoners taken during the fighting at Fiume was
already under way and that 163 regulars and 100
Legionaries had been returned to Fiume. It was
added that "order is being maintained in the city by
special police, organized by the National Council,
while the Italian Government has offered a special
Gigante,
Mayor
of
should their services be required." The Paris correspondent of the New York
"Tribune" said that, according to reports that had
reached the French capital from various Italian centres, there might be sensational developments as a
result of the signing of the Rapallo Treaty.
According to those reports the negotiations between
Italy, and Jugo-Slavia lasted only about 48 hours.
Queen Helene was said to have been greatly displeased over the terms and to have opposed the
abandonment of her father, King Nicholas of Montenegro. The report stated, furthermore, that "King
Victor Emanuel, who is on very bad terms with
Premier Giolitti, did not dare interfere without overstepping his constitutional rights, and the most he
was able to obtain was an offer of an annuity of
300,000 francs to Nicholas, which so far Nicholas
has refused to accept."
Paris heard also that
D'Annunzio was likely to come to that city to write
his memoirs and become a theatrical producer.
It
was said that he was expected at the end of this
week.
detail
of
soldiers,
In reviewing the situation and outlook in Germany at the beginning of the new year the Associated Press correspondent said that "the feature of
Germany's international relations which is arousing
keen interest on the opening day of the new year is
the prospective early peace with the United States."
Public opinion views the coming of peace as one of
the few agreeable aftermaths of the war." Continuing, he said "Germany enters the new year with a
growing sense of the gravity of her position under
the Treaty of Versailles and of the immensity of the
cost she is called on to pay for a lost World War.
Another prominent manifestation at the opening of
1921 is the steady drift away from political and
economic radicalism, so that no matter how the
treaty is modified in the near future Germany is
resigned to her inevitable lot, and is seeking to meet
it with an intensification of effort and of exploitation throughout her wide field of industries and resources." He declared, furthermore, that "German
prophets of Russian Communism are finding dwindling favor among the rank and file of the German
:
proletariat."
Taking up the financial position of
the country, he said that "Germany enters the new
year with a national debt which will far exceed 200,000,000,000 marks by April 1 next. This sum does
not include amounts she is called on to pay to her
own
subjects in private claims. They will add another 100,000,000,000 marks to the above total. The
89
Government admits a railway, postal and telegraph
marks. It
threatened with
a huge increase in the public payrolls. Its domestic
budgets generally have vacillated so freely in the
course of presentation to the Reichstag that they no
longer offer a tangible basis, but merely analytical
computations."
Naturally the death of Dr. Theobald von Bethniann Ilolhvog, former (ierman Imperial Chancellor,
on New Year's evening, attracted considerable attention. His illness had been brief and the end came
on his estate at Hohenfinow near Berlin. The deceased had apparently been in good health until a
few days before. The dispatches stated that he had
spent Christmas as usual with his family, but that
he contracted a cold which developed into acute
deficit of 20,000,000,000
is
pneumonia.
About mid-week it was reported from Berlin, via
London, that Germany was threatened with extensive railway and industrial strikes. According
to a news agency dispatch from the German capital
received in London, "a large majority of the German railwaymen have voted in favor of a strike."
A cablegram from Berlin to the New York "Herald"
Thursday morning stated that "scattered returns
from a strike vote taken by the German railroad
workers show about 80% majority in favor of the
strike, and about 100% for a rejection of the Government's wage proposal, which, if accepted by the
workers, would mean adding 2,000,000,000 marks a
year to the railroad budget, while if the scale of
wages demanded by the employees should become
effective it would mean an increase of 6,000,000,000
marks." The dispatch stated also that preparations
were being made by the officials of the railroads to
cope with a strike. The correspondent, in explaining the situation further, declared that "at present
the German railroads spend two marks for every
mark they receive, despite the fact that passenger
rates are now 400% and freight rates more than
600% greater than they were in 1913." He said also
that, according to statements
made
at a recent con-
ference between representatives of the Government
and of the railroad employees, these "rates will have
to be doubled." In a cablegram from Berlin yester-
day morning to the New York "Herald" it was
claimed that "a compromise agreement has been
reached by representatives of the Government and
of the German railroad workers." The correspondent said also that "the Government has yielded to
the demands of the workers to the sum of 4,000,000,000 marks a year, and although the settlement requires the formal consent of Dr. Wirth, Minister of
Finance, no doubt is felt in Cabinet circles here that
he will agree to
it."
new Greek Assembly was
King Constantine
held in Athens on Wednesday.
and his family made their first public apThe
first session of the
return from Switzerland.
The King read a message of 400 words, in which he
urged changes in the Greek Constitution, one of
which is the establishment of a Senate. The King
reiterated his assurances that "the army would
guard Greece's new provinces, and that Greece
would endeavor to retain the friendship of the Allies,
which was traditional, and also the good-will of
})earance
since
their
Serbia and Rumania." The Assembly adjourned to
Jan. 24 without official action.
90
THE CHRONICLE
In a review of conditions in France, at the beginning of the 3'car, a special correspondent of the New
York "Times" asserted that "the new year opened
gloomily for France, so far as business and finance
are concerned. The country is in the trough of the
wave of business depression, due primarily to the
difficulty of readjusting the high retail prices to the
big fall in prices of raw materials." From what he
said there has been the same so-called "buyers'
strike" in France that there was in the United
States for some months. In other respects conditions naturally are quite similar. For instance, the
correspondent pointed out that "the purchasing
power of the public is further reduced by increasing
unemployment." With respect to the financial situation he observed that "undoubtedly the blackest
spot in France's budget is the terrific drain of the
[Vol. 112.
ment." The New York "Tribune" correspondent
took quite a different position in a dispatch to his
paper, when he said that "French political circles
are making ready for the clash between French and
British ideals that is to come in Paris on Jan. 19,
when a meeting of the Supreme Council, of utmost
importance to all the world, will be held."
There has been considerable discussion in London
banking circles over a proposal of the Government
to issue "credit bonds to make possible the resumption of trade with impoverished European counIn one dispatch it was said that, while
tries."
"there is no difference of opinion as to the necessity
of some such scheme, the discussion has turned to
the details." Bank managers and directors of insurance companies, while admitting their eagerness to
yearly billions for reparations and pensions. From do all they could to forward the project, "naturally
a practical standpoint little is gained by camouflag- asked what are the risks they are to undertake." It
ing this huge item in the national expenditure as was suggested that many countries in Europe are
'expenses recoverable from Germany.' " He added issuing additional paper money every week, with the
that "it is quite true that Germany pledged herself result that there is a varying value to everything in
to repay it when she signed the Peace Treaty, and those countries. This makes the risk more hazardFrance's allies backed that pledge with their sig- ous. The director of an insurance company sugnatures, but the fact remains that France is paying gested that "the simplest way would be for the
Government to undertake the greater share of the
it now, that she has already so spent upwards of
40,000,000,000 francs since the armistice, and that risk, or, better still, that there should be an interthe annual expenditures on this count, which national guarantee."
The London correspondent of the New York
is
not covered by revenue and is being met
by loans and currency inflation, is not far from the "Tribune" cabled that "the British Foreign Office
equivalent to France's annual income." He pointed is finding itself exceedingly embarrassed by the
out that, on the other hand, "the central factor of a growing hostility of British traders in the Far East
nation's economic life, the balance of trade, is dis- to the Anglo-Japanese alliance, and the surprisingly
tinctly a matter for encouragement." He said that sympathetic attitude assumed by the British domin"in the first eleven months of the past year there ions toward America on the question of anti-Japawas still the wide gap of 11,000,000,000 francs be- nese legislation." He added that the "British Far
tween imports and exports, but the figures for the Eastern traders are now telling the Government
corresponding period of 1919 showed a difference of that the Japanese took advantage of the treaty dur21,000,000,000 francs on the wrong side, so that ing the war, and that as a result British trade has
there has been a gain of 10,000,000,000 francs in suffered heavily in the last five years." He declared,
1920." He added still further that "what is more, furthermore, that "even the proponents of the allithe figures have steadily improved throughout the ance now admit that the agreement must be amended
last year and the last return for the three months if it is to be renewed this year."
indicate that once the period of business stagnation
The "Tribune" correspondent in London, in anis over France ought to be able to raise exports al- other cablegram, said that before Leonid Krassin,
most to the level of imports in 1921." With regard the Bolshevik trade envoy, returns to Moscow Satto the future he said that expert opinion was di- urday [to-day] he will hold two more conferences
with Sir R obert Home, President of the Board of
Trade, on the subject of the Anglo-Russian trade
The present Cabinet in France appears to be agreement." He added that "the British now seem
meeting continued opposition. In a special cable- definitely converted to the idea that the only way to
gram to the New York "Tribune" the assertion was meet the peril of Bolshevism is to do business with its
made that "at next Tuesday's meeting Maurice Ray- advocates." He said also that "although the trading
naud will demand reasons for the Government's agreement may prove to be of little commercial
weakness toward Germany." The correspondent importance, it will have considerable political value,
added that it is possible that the Leygues Ministry as it will silence the labor leaders here who have
will be overthrown because France failed to march been criticizing the Government on this score. When
into Germany on Jan. 1, the date the Spa agreement the Government announces the conclusion of the
expired." He claimed also that "many Frenchmen, negotiations with Russia it will have almost unaniangered by the Government's policy, desired to see mous support from the country, whereas a year ago
Premier Leygues replaced by an active man not all the weight of business interests was against such
afraid of strong measures."
The Paris corre- an agreement with the Bolsheviki." The same day
the New York "Tribune" cabled last the announcement came through the Associated
spondent of
evening that "France is on the eve of an over- Press that "proposals for the formation of a corpothrow of the Ministry." The New York "Times" ration, capitalized at £10,000,000, for the purpose
correspondent at Paris cabled yesterday morning of facilitating trade between Russia and Great Britthat "it has become generally known that at the ain, which, it is understood, has been approved by
coming conference of Premiers, M. Leygues will in all the Government and Leonid Krassin, Russian Soviet
probability agree to the British plan to give more representative, have been announced by the London
time to Germany in which to complete disarma- 'Times'." It was added that "the plans await the
vided.
Jan. 8 1921.]
THE CHRONICLE
action of the Russian branch of the London Chamber
The further statement
of Commerce on Jan. 12."
was made that "the corporation's capital will be
subscribed equally by Russia and Great Britain.
It will buy from and sell directly to British manufacturers and traders at competitive prices, the privilege to be open to all firms, whether members of the
corporation or not."
In a cablegram from London to the New York
"Herald" yesterday morning Sir Robert Home.
President of the British Board of Trade, was quoted
as having announced that Leonid Krassin was returning to Russia "with a trade agreement in his
pocket needing only Soviet approval." Sir Robert
was also reported to have said that he "heartily approved a resumption of trade relations with Russia."
91
£1,394,121,000 in the week preceding.
Last year it stood at £1,349,324,000. The above
comparisons, it should be noted, are in every case
for a period of six days, against the full week of
as against
December 25th.
No
change has been noted in official discount rates
at leading European centres from 5% in Berlin,
Vieima and Switzerland; 5}^% in Belgium; 6% in
Paris, Rome and Madrid; 7% in London, Sweden
and Norway, and 4}/2% in Holland. In London
the private bank rate has declined to 5J^% for sixty
for
days and
for ninety days, against
6^%
G%%
Call
sixty and ninety day bills a week ago.
money in London is also easier, being now quoted at
l)otli
4,1/2%, in
4^%
comparison with
the previous quo-
tation.
Another bank failure in I^ondon was announced
An additional, though small, increase in gold was
Thursday morning. It was that of the British-AmerThe suspension was at- shown by the Bank of England in its weekly stateican Continental Bank.
Note circulation, howtributed in London advices to "the general financial ment, amounting to £17,390.
situation."
It was added that "it is believed the ever, was brought down £1,282,000, so that total
bank advanced money on produce, chiefly Canadian, reserves showed a gain of £1,299,000. As had been
and was unable to realize during the present trade forecast last week, the deposit items were reduced
stagnation." The institution was formerly known as and the result was a recovery in the proportion of
Hannevig's Bank, Ltd. Last September it expanded reserve to HabiUties to 8.83%, in comparison with the
low record figure of 7.30% last week. A year ago
its facilities in the expectation of "increasing busmess
with the Continent and the United States." Accord- it stood at 12}4%- In public deposits there was an
ing to the London dispatches Thursday, "the failure increase of £2,414,000, but other deposits dechned
has not affected the situation here." At the bank it £20,567,000, while Government securities showed a
was claimed that "payments would be made in full." contraction of £18,104,000. Loans (other securities)
An official of the institution was quoted as having were also smaller, decUning £1,299,000. Thready
said that "the failure of a foreign exchange house in
America had placed the bank in its present position."
This assertion was substantiated in the London dispatches yesterday morning. The records show that
the authorized capital of the concern is £2,500,000,
of which £1,242,360 was issued in £5 shares. On these
25 shillings per share or £313,590 was paid up originally, and recently a further call for 15 shillings per
share had been announced to bring the capital up to
needle Street's gold holdings aggregate £128,285,000.
This compares with £91,280,521 in 1920 and £80,520,547 the year before. Reserves now stand at £15,166,000, against £19,382,891 last year and £28,829,527
Loans amount to £84,730^000, in compariin 1919.
son with £96,282,226 a year ago and in 1919 £85,493,-
£131,568,000. Last year the
total was £90,347,630 and the year previous to that
Clearings through the London bariks
£70,141,020.
for the week were £877,193,000, against £523,711,000
Circulation
318.
is
This was, however, never made. DeposThe
a week ago and £785,810,000 last year.
its, according to the last balance sheet of Dec. 31
Bank's minimum discount rate continues to be
1919, totaled only £788,000.
\\''e append
quoted at 7%, the same as hereto! ore.
British Treasury returns for the six days ending a tabular statement of comparisons of the different
with Dec. 31, show that outgo exceeded income by items of the Bank of England returns:
£350,000.
£422,000, bringing the Exchequer balance to £3,011,000, as compared with £3,534,000 in the previous
statement. Expenses for the six-day period aggre
gated £25..93 1,000, as against £20,270,000 for the
seven days ending Dec. 25, with the total outflow,
including repayments of Treasury
bills.
Exchequer
advances, and other items, £126,631,000,
£189,252,000. The aggregate of receipts
from all sources was £126,209,000, against £188,172,000.
Of this amount revenues contributed
£13,154,000, against £20,484,000, savings certificates
£400,000, against £691,000, and advances £57,750,000,
against
Foreign credits
£123,922,000.
brought in £1,400,000, comparing with £3,205,000,
and sundries £100,000, against £150,000. Sales of
Treasury bills were larger, amounting to £52,960,000,
against £38,875,000, but repayments of Treasury
bills were also larger, reaching indeed £71,335,000,
against £50,000,000.
The total of Treasury bills
outstanding is now £1,102,109,000, comparing with
£1,120,324,000, while temporary advances are reported at £305,972,000, against £273772,000.
The
floating debt shows an increase to £1,409,081,000;
bonds,
against
BANK OF ENGLAN D'S COMPARATIVE STATEMENT.
1921.
1920.
1917.
1918.
1919.
Jan. 10.
Jan. 9.
Jan. 8.
Jan. 5.
Jan. 7.
£
£
£
£
£.
Circulation
131 .56^,000 90,347,630 70,141,020 45.703.130 39.016.540
16,718,000 21,463,041 28,163.850 37,898.589 49,529,490
Public deposits
Other deposits
154.986,000 137,296,057 140,187,612 123.633,523 130,248.009
Govt, securities
89.760,000 60,941,000 71,877,244 56.868,170 120,273,560
Other securities
84,730,000 96,282.226 85,493,318 90,661,200 42,584.303
Reserve notes & coin 15.166,000 19,382,891 28,829,527 31.825,536 34,898,022
Coin and bullion... 128.285,060 91,280,521 80,520.547 59,078.666 55.464.562
Proportion of reserve
19.71°
19.40%
17.12';
8.83%
to liabilities
Bank
6%
7%
rate
The Bank
5?
6%
weekly statement reports
a further gain of 378,000 francs in its gold item tliis
week. The Bank's total gold holdings are thus
brought up to 5,500,046,850 francs, comparing with
5,579,159,128 francs last year and with 5,492,298,639
of
France in
5';
its
the year before; of these amounts 1,948,367,056 francs were held abroad in 1921, 1,978,278,416 francs in 1920 and 2,037,108,484 francs in
francs
1919.
decreased
93,000
the other hand, increases were registered
the other items, viz.: Bills discounted, 35,781,-
francs.
in all
During the week
silver
On
000 francs; advances, 20,842,000 francs; Treasury
deposits, 26,783,000 francs, and general deposits,
.
THE CHRONICLE
92
59,005,000 francs. Note circulation registered the
large expansion of 687,905,000 francs, bringing the
This
total outstanding up to 38,589,504,370 Irancs.
contrasts with 38,009,907,190 francs at this time last
year and with''31, 500,849,045 francs in 1919. Just
prior to the outbreak of war in 1914 the amount was
only 6,083,184,785 francs. Comparisons of the
various items in this week's return with the statement of last week and corresponding dates in 1920
and 1919 are as
In Franco
Francs.
Inc.
No
378.000
chanco
Status as of
Jan. 6 1921.
Francs.
3..552. 2 79. 794
1,948.367,056
Jan. 9 1919.
Jan. 8 1920.
Francs.
Francs.
3,600,880.711 3.4.'->.5,190.154
1.978,278,416 2.0.37,108,484
378,000 5,500.64fi.R.')0 5,579,1.50,128 5,492,298,639
317,301,111
264„539,666
266.240,495
93.000
Bills discounted. ..Inc.
35,781.000 3,344,708,298 1,617,166,484 1..523,090, 112
Advance
Inc.
20,842,000 2,222,636,000 1,.5.55,8.32, 329 1,228,374,906
Note circulation -.Inc. 687,995,000 38,589,594,370 38,009,907,190 31,566,849,645
40,628,687
38,368,068
83,3.58,000
Treasury deposits. Inc. 26.7.S3,000
General deposits.. Inc. 59,C05.000 3.577,975,894 3,125,944.699 2,426,052,651
Total
Inc.
Deo.
Silver
The
Imperial
in loans
made
to corporations and business concerns within
the last six months or so to tide them over their
difficulties.
Very little of this money has been paid
back out of earnings or from any other sources. Its
would be a potent factor in the money market.
The investment demand for bonds and stocks continues good, but the offerings of new issues have not
been particularly numerous or large.
release
follows:
Changes
for Week.
Abroad
up
are hundreds of millions of dollars tied
Referring to
DANK OF FRANCE'S COMPARATIVE STATEMENT.
aoU Holdintt—
[Vol. 112.
Bank
of
Germany
in its statement,
issued as of Dec. 23, indicated further drastic changes.
Circulation was again increased heavily, no less
than 1,978,549,000 marks, while total coin and
bulhon fell off 110,000 marks and gold 1,000 marks.
Deposits showed the large falling off of 1,060,877,000
marks. Treasury certificates gained 311,110,000
marks, notes of other banks 744,000 marks and advances 3,803,000 marks. Securities were increased
648,514,000; marks, while liabilities expanded 280,301,000 marks. JbJills ciiscountea were cut 348,295,000 marks, with investments 11,847,000 marks
smaller.
The Bank's stock of gold on hand is
reported at 1,091,559,000 marks. A year ago it
stood at 1,089,500,000 and in 1919 2,262,620,000
marks. The total of note circulation is 64,147,100,000 marks, whichTcompares with 34,126,600,000
in 1919 and 21,124,320,000 a year earlier.
money
rates in detail, call loans this
week have again been "fixed" at 7%. This was the
only rate quoted and was the maximum and minimum
as well as renewal figure on each day from Monday
to Friday, the same as a week ago.
The figure
here given applies to mixed collateral and all-indusloans without differentiation.
trial
Call funds in
round amounts were obtainable, but the situation
continues quiet. For fixed maturities the market
ruled dull and featureless, with offerings as scant as
ever up till Thursday, when freer supplies became
available.
Several interior banks appeared in the
market as lenders and a moderate amount of trading
was done in sixty and ninety day money. For the
longer periods there is no demand whatever, and quoDespite the increase in
offerings, quotations remain the same as last week,
at 7}4@7li% for sixty and ninety days and 7@>7}4%
for four, five and six months' money.
All-industrial
money is still dealt in at about 3^ of 1% above the
tations continue nominal.
rates aforesaid.
Commercial paper rates have not been changed
from 73^@8% for sixty and ninety days' endorsed
bills receivable and six months' names of choice
character, with names not so well known at 8%.
The bulk
8%. Trading,
of the business passing is at
however, was limited as offerings were not large.
Out-of-town institutions continue the principal buyers.
There has been'only a single rate for call money this
week, namely 7%. The supply was abundant all
week in! spite'- of heavy Government withdrawals
during the first^two days. Yesterday considerable
difficulty in loaning day-to-day money was reported.
Another feature of the situation here has been an
increasing tendency on the part of the banks to make
loans for the longer periods, with Liberty bonds as
collateral.
It
is
There have been no changes
Reserve Bank rates.
of rates
now
in effect for the various classes of
lateral notes)
secured by^—
Federal Reserve
Bank
of
—
Treasury
Liberty
certincates of
Boston
.
New York
maintained it is expected that they will prove to
have been the forerunner of still easier money, A
.
Atlanta
Chicago .St. Louis
Minneapolis
Kansas City.
Dallas
San Franc'sco
Philadelphia
Cleveland
Richmond
* 514
and
5%
%
bonds
indebtedness
the decidedly higher quotations were not the result
simply of active speculation. If these levels are
active in mercantile lines says that money in
the business circles in which he moves is regarded as
tight.
The simple fact is that the merchants have
the schedule
Discounted bills maturing
wUhin 90 days iitKluding
member banks' 15-day col- Bankers'
short time, other collateral will be accepted for the
periods.
Close observers of the money market
have been giving special attention to the sharp
man
is
paper
Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JANUARY 7 1921.
same
It is believed that
following
in Federal
at the different
generally believed that, within a
advances in sterling exchange.
The
week
this
Victory
notes
and
5H
5H
member
and
banks
disc'led
for
5H
5H
6
5H
7
7
6
7
7
6
6
6
6
5H
6
5H
5H
6
6
certificates,
7
5Ji
6
6
7
7
7
6
6
%
accep-
paper
tances
maturing maturing
vHlMn 91 to 180
days
90 days
55i
6
6
6
5>^
6
6
6
6
6
5H
Agriculand
tural
7
6
6
5)^
•5^
Trade
unsecured
6
t6
t6
t6
on paper secured by 534
Otherwise
secured
6
t6
t6
t6
t6
t6
acceptances
7
6
7
7
7
6
6
6H
6
6
and 57o on paper secured by
7
6
6
6
4H %
certificates.
rate borne by certificates pledged"as ml'
t Discount rate corresponds with
not marked down prices to the extent that the banks lateral with minimum of 5% In the Interest Philadelphia, Atlanta, Kansas City and
case of
Dallas and 5H% In the case of Cleveland, Richmond, Chicago and San Francisco.
feel that they should do
should have done some
Note. — Rates shown for St. Louis, Kansas City and Dallas are normal rates,
by the
to discounts not in excess
member
fixed
little time ago.
Consequently the banks do not applyingReserve Bank. Rates on of basic lines excessfor each basic linebank subject
are
Federal
discounts in
of the
to a i-i% progressive
intend to make additional loans for the purchase of extended exceeds the Increase for each 25% by which the amount of accommodatlOD
basic line.
new goods until the old stocks are cleared up through
Banks' and bankers' acceptances have been in'good
having been offered at prices at which the people
will buy.
This undoubtedly accounts to a great demand and a fairly large turnover was recorded.
extent for the so-called tight money for mercantile Savings banks were heavy buyers and brokers repurposes. Governor Miller in his message urged the ported inquiries from country banks and individuals.
necessity of reducing the cost of governmental ad- Dealings were said to be oi a more diversified^charministration by paying debts out of earnings.
There acter than for quite some time, a feature regarded Jas
—
THE CHRONICLE
Jan. 8 1921.]
The undertone was
93
American securities held abroad, though general
Demand loans for bankers' ac- trading was not active. There was a further manipreviously current.
ceptances have not been changed from 53^%. This is festation of strength on Tuesday and rates moved up
the open market rate. The posted rate of the Amer- to 3 54(« 3 563^ for demand, 3 543<((a>3 573^ for
Rates cable transfers and 3 49><i(a;3 SIJ^h for sixty days.
ican Acceptance Council continues at 6%.
Wednesday's market was active and excited and as a
in detail /or acceptances in the open market follow:
lielirery
Spot Delivery
result of substantial buying orders, both foreign and
Thirty
uUhln
SlUy
Ninety
Days.
Days.
30 DaysDays.
domestic, prices were rushed up more than 8 cents in
Eligible bills of member banks
6H bll
6M®0H 6M6t.0>J fiHt'O
the highest level
the pound to 3 65^ for demand
EllRlblo bills of non-membor banks
6K®0H 6H^6>4 6ii&ay» 6H bid
8 bid
8@7
8@7
8fe7
inellt'lble bills
in many months; the low was 3 58^, while cable
transfers ranged between 3 593^2 ^"^1 3 66;^'8 and
Developments were almost wholly favorable to sixty days 3 553^^@3 613^; covering of shorts also
sterling exchange this week, and under the stimulus of figured in the rise. Reaction set in on Thursday and,
brisk buying, prices shot up with sensational rapidity, after early strength, there was a reaction.
Losses
touching on Thursday 3.663^ for demand bills, were recorded, mainly on realizing sales in the
a net advance of more than 13 cents in the pound belief that the advance had been overdone; the range
during the week, and the highest point reached since was 3 60@3
6634 for demand, 3 60^(§^3 67 for cable
highly favorable.
firm at levels
—
the middle of last August, when demand for a brief
This compares also with
period sold at 3. 6834
In the
a low figure of 3.42^ early in December.
.
New
and 3 55^@3 61^ for sixty days. On
Friday the market opened strong, receded slightly,
transfers
bat closed
fairly steady,
with
demand ranginc
be-
Year tween 3 623^@3
643^, cable transfers at 3 633/^@
Holiday, the market was exceptionally quiet and 3 65 and sixty days at 3 583^@3 59 >g. Closing
listless, but on Tuesday a vigorous buying movement
quotations were 3 583^ for sixty days, 3 6334 for
was launched which at once sent prices soaring several demand and 3 64 for cable transfers. Commercial
points.
At first this was said to be due to further sight bills finished at 3 62J^, sixty days at 3 573^,
demands for remittance to cover annual disburse- ninety days at 3 52^, documents for payment (sixty
ments. Subsequently, however, rumors began to be days) at 3 57
and seven-day grain bills at 3
J^.
initial
dealings, after celebration of the
61
J^,
that as a result of recent conferences
between the President of the British Board of Trade
and leading bankers and financiers a comprehensive
scheme for the establishment of credit bonds together
circulated
with other proposals designed to rectify foreign exchange, had been formulated, which will shortly
be submitted to the Cabinet and if adopted, will have
the united silpport of the entire British financial
world.
The result was renewed buying on a liberal
scale.
London sent substantially higher quotations
and a number of large international bankers came
into the market as buyers of large quantities of
sterling bills.
Local bankers were also active and
there were evidences of a good deal of speculative
activity, so that trading was at times attended by
considerable excitement.
Wednesday's operations
were probably the most spectacular in quite some
time.
Prices rose steadily until an advance of nearly
7 cents was recorded in the space of a few hours.
This, of course, in part reflected extensive short covering.
Later on, realizing sales brought about a
partial reaction and some of the gain was lost, mainly
on the theory that the rise had been somewhat
overdone, as actual facts did not appear to warrant
so radical an upturn.
Nevertheless, the close was
still well above last week's final figures at 3. 6334
Continued light offerings of commercial bills is
also said to have had much to do with the strengthening of actual market levels.
News that Congress
had passed the resolution providing for the revival
of the War Finance Corporation over President Wilson's veto attracted considerable attention, but
opinions concerning this action were decidedly mixed,
many bankers regarding the move with disfavor. In
any event, it is felt that very little of importance is
to be expected in this direction.
Referring to the day-to-day rates, sterling exchange
on Monday (Saturday was a holiday New Year)
was strong and advances were recorded, to 3 53@
—
53^@3
3 5434 for demand, to 3
55 for cable transfers and to 3 483/2@3 493^ for sixty days; the firmness
was attributed
in part to a
demand
for remit-
tances to cover interest and dividend payments on
Cotton and grain
for
payment
closed
at
3 62 J^.
The week's
gold arrivals included $1,600 000 on the
Finland. $2,400,000 on the Kaiserin Auguste
SS.
Victoria and $5,000,000 on the Lapland, all conIt is stated that some
signed to Kuhn, Loeb & Co.
of the gold on the Kaiserin Auguste Victoria was
rushed to Liverpool from India, and that nearly
$2,000,000 more gold for New York is due at Plymouth during the next fortnight from India.
Continental exchange showed some
and during the greater part of the week
the general market did not move in sympathy with
Trading
in
irregularity
In the leading Continental currencies,
week's performance was repeated; that is,
sterling.
last
francs,
lire
and marks alternately
declined
and
time without important change
however, following the
sensational advance in sterling, exchange on Paris
shot up about 18 points to 6.02. Lire were advanced
to 3.52, a gain of 12 points, while Belgian francs
German
registered a 19-point increase, to 6.32.
in the improvement but to a more
marks shared
moderate extent, gaining 63^ points, to 1.383^.
Austrian kronen, after touching 00.22, recovered to
00.223/^, but again slumped and finished at 00.213/^.
Greek drachma registered an advance of 15 points,
which carried the quotation to 7.50, the highest point
in quite some time, though the close was under this
figure.
No improvement has as yet been reported
in Greek affairs, and a recent dispatch to Washington states that the fate of loans aggregating
$23,000,000 to Greece is now dependent upon
the decision of the United States as to whether
there has been a break in constitutional government
consequent upon the return of Constantine to the
throne of Greece. Great Britain and France are
understood to have repudiated loans promised to
Greece amounting to over $38,000,000, since they
were opposed to the return of the ex-King to the
Greek throne. Thus far, the United States has
loaned $15,000,000 of the $38,000,000 promised.
The understanding here is that Greece is urgently
rallied for a
direction.
in either
On Wednesday,
.
:
:
THE CHRONICLE
94
need of money to keep her armies in Asia Minor
in the field.
Except for Wednesday and portions of
Thursday when considora])le quantities of exchange
changed hands and trading was active and at times
feverish and excited, the market ruled dull with
in
In the
only a light volume of transactions recorded.
final dealings the trend was towards slightly lower
and losses were recorded throughout practically the whole list.
The official London check rate on Paris finished
In New York
at 61.05, against 59.58 a week ago.
sight bills on the French centre closed at 5.963^,
levels,
against 5.863^; cable transfers at 5.973/^, against
5 87H; commercial sight bills at 5.94>2, against
5.84, and commercial sixty days at 5.88J^, against
Final quotations for
5.783/^ the preceding week.
and 6.283^
for cable transfers, comparing with 6.20 and 6.21
Rcichsmarks closed the week at 1.37
a week ago.
Last week
for checks and 1.38 for cable transfers.
the close was 1.35 and 1.36. Austrian kronen
finished at 00.2VA for checks and 00.223/^ for cable
remittances, in comparison with 00.223/^ and 00.233^
For lire the close was 3.463^ for
the week before.
bills and ZAl]/2 for cable transfers.
bankers' sight
This compares with 3.46 and 3.47 the previous
week. Exchange on Czecho-Slovakia, which has
Antwerp francs were
6.273/^ for checks
ruled slightly better during the week,, finished at
[Vol. 112.
though Peru has declined to 4.13 against 4.20 a
week ago.
Far Eastern rates have also shown improvement;
Kong and Shanghai
that is, .so far as the Hong
currencies are concerned.
For
Hong Kong the close
was 58@583^, against 573^^57^; Shanghai, 763^@^
76^, again.st 75^j7o}4', Yokohama was easier,
at 49(0.50, against 50^(?/,.5034; Manila, 453^^45^,
4534(a>45^; Singapore, 42(a^43,
403/2®41; the Indian exchanges were better,
against
against
Bombay
at 27^^283/>, against 26^263^,
Calcutta at 273^^283^, again.st 263^^263^.
finishing
and
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $8,771,015 net in cash as a result of the currency movements for the week ending Jan. 6. Their
receipts from the interior have aggregated §10,087,
015, Avhile the shipments have reached fl,316,000,
as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKI.VG
INSTITUTIONS.
Week ending January
Otuof
Into
Banks.
6.
Banks' interior movement
Gain or Loss
Banks.
to
$1,316,000 Gain
$10,087,015
Banks.
$8,771,015
the Sub-Treasury was taken over by the FedBank on Dec. 6, it is no longer possible
As
eral Reserve
Government operations on
the Clearing House institutions. The Federal Re1.243/^; on Poland at 16^, against 163/^, and on
serve Bank of New York was creditor at the ClearFinland at 3.15, against 3 00 last week. Greek ing House each day as follows
exchange finished at 7.35 for checks and 7.40 for DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
cable remittances.
A week ago the close was 7.30
Aggregate
Saturday,
Monday, Tuesday, Wednesd'y, Thursday, Friday,
and 7.40.
Jan.
Jan. 7.
Jan. 4.
Jan. 5.
Week.
1.14,
against
\.\2]/^;
on Bucharest
1
31,
to
show the
effect of
against
Jan.
1.
Jan. 3.
The
neutral exchanges
moved
sympathy with
some extent with
in
other Continental centres and to
sterling, and although changes in rates were less
marked, substantial advances were recorded in the
Scandinavian rates, in guilders and in wiss francs.
Pesetas were also materially higher for a time, but
close.
Quite an active demand
was reported, particularly for Copenhagen remittances.
Guilders and Swiss francs were also bought
turned weak at the
freely.
Bankers' sight bills on Amsterdam, after touching
32. reacted and finished at 31.81, against 31. 39;
cable transfers 31.93, against 31.453/^; commercial
sight at 31.75, against 31.33, and commercial sixty
days at 31.39, against 30.97 on Friday of a week
ago.
Final quotations for Swiss francs were 15.44
cents per franc for bankers' sight bills and 15.45
for cable remittances, which compares with 15.25
and 15.35 last week. Copenhagen checks closed
at 16.35 and cable transfers
16.45,
against
15.25
and 15.35. Checks on Sweden finished at 20.70
and cable transfers 20.80, against 19.92 and 20.02,
while checks on Norway closed at 16.35 and cable
transfers 16.45, against 15.55 and 15.65 a week ago.
Spanish pesetas finished the week at 13.28 for
checks and 13.30 for cable transfers. This compares
with 13.38 and 13.40 last week.
With regard to South American rates a better undertone has been shown with an advance to 34.373/^
for Argentine checks and 34.50 for cable transfers, in
comparison with 33.123^2 and 33.25 last week. For
Brazil the close was 14.6234 for checks and 14.75 for
cable transfers, as against 14.00 and 14.123^^ the
week previous. ChiHan exchange was also a shade
firmer,
being quoted at
13.98,
against
13.17,
al-
Holiday
for
a.
$
%
S
90,046,670 72,932,932 76.844,143 59,855,340 60,932,562 Ct. 360,611,647
$
S
$
The foregoing heavy credits reflect the huge mass
of checks which come to the New York Reserve Bank,
from all parts of the country, in the operation of
the Federal Reserve System's par collection scheme.
These large credit balances, however, show nothing
as to the results of the Reserve Bank's operations
with the Clearing House institutions. They represent only one side of the account, as checks drawn
upon the Reserve Bank itself are presented directly
to the bank and never go through the Clearing House.
The following
lion in the principal
of bul-
European banks
January 8 1920.
January 6 1921.
—
amount
table indicates the
Banks of
Geld.
Silt^r.
Total.
£
...128 ,285,060
France a . 142,091,192 10,640 000 1.52 ,731,192
Germans'
.54.577,850
288 .300i 54 ,866, If
Aus-Hun.. 10,944.000 2,369 ,000[ 13 ,313.000
Spain
98.246.000 23,313 000 121 ,589,000
Italy
.32.768,000
2.999 ,000, 35 ,767,000
Netlierl d.s
.53,012,000
1.766 000
,778.000
Nat. Bolu. 10.600.000
1.013 000
,673.000
Switz'land 21.716.000
4.863 000
,579,000
England.. 128,285.060
Sweden
Denmark _
Norway ..
15,671,000
12.644.000
8.115,000
145,000
Geld.
surer.
Tctal.
£
91 ,280.521
91,280,52r
144.035,228 10, .560 ,000154 ,595,228
54,490,950
1,048 ,200 55 ,539,150
2,369 .000 13 313,000
10,944,000
97,832.000 25,220 ,000 123 052, ooa
32,200.000
3,006 ,000 35 206,000
53.110.000
547 ,000 53 .657,000
10,656.000
1,057 .000 11 713.000
20,680,000 2,946 ,000, 23 626,000
,671,000 15,630,000
...-I 15 630,000
,789,000 11,787,000
190 ,000 11 977,000
8 141,000
,115,000
8,141,000
Total wc(k 588.7,30.102 47,426.300 636.1.56,402 550,786,699 46.943.200 597,729,899
Prcv. week .588.682,642 47..574.0.50 636.2.56.692 549,862,880 46,726,200596,589,080
a Gold holdings of
held abroad.
tlie
B.'.nk of Frr.nce this
year are exclusive ol £77.934.682
OPPORTUNITIES IN THE ''LEAN" YEARS.
coming years are to witness lower wages
and smaller profits, they are no less golden in opportunity and requiting in the consciousness of success.
Life is a rough stone on which each man may carve
a cameo in his own image. All are familiar with the
If the
celebrated Ingall's sonnet representing Opportunity
knocking once at each man's door. Not so many are fa-
THE CHRONICLE
Jan. 8 1921.]
Maloue poem, in whioli occurs the
thought, "Behold each day I stand and knock," etc.
The prospect of lean years in contrast to fat and unmiliar with
tiie
not or should not be a deterrent to effort and enterprise. As in the individual life, so in
the business life the final judgment will be based on
what each man does with the talents entrusted to
him. There is no doubt that to some opportunities
come in showers, an inscrutable ordering has made
And while men cannot at will, less favored
it so.
men, make opportunities and mould circumstances,
none shall fail who strives to pierce the veil about
him, who plans to overcome handicaps and enlarge
the area of personal effort, who "makes the best of
things" as he finds them in his own single place and
usual ones
is
time.
Out of the complex and unending discussions of
the day a few truths seem now to be generally acThe man who wins in the material
cepted, namely
race of life must depend upon himself, and not upon
fanciful theories of extraneous aid; he must live
:
within an abiding natural law that in his deeper appreciation is beneficent he must fight with "the
stars in their courses" and not against them; he
must conserve mind and strength (not an atom is
wasted in nature), concentrate on the task to which
he settles himself, save his wages and profits and invest them in further processes of production, possess himself of courage, have faith in the divine ordering that, despite wars and their results, all things
work together for good when they follow the divine
law of labor and love, initiate some new form of
commercial or financial service or increase and perfect an old one
and, meeting the years as they come,
keep working and smiling, disarming all adversity
by the soothing consciousness of duty well done.
And these are not abstract things when applied
to business, but concrete. For example, when those
in the "retail trade" sit down in sullen discontent
and wait for some "reaction" that wiU restore former prices and profits, they must often wait in vain.
The very hidden force, the omnipotent law before
which they cringe, cannot heed them as individuals,
or even as a class. And if in the end it shall continue against their hope and wish, as, being outside
their ordering it may do, they have lost one opportunity to conform thereto and are less able to seize
the next opportunity when it comes. Life of whatever character must be an intensive study of the
present. And so the lean years (we use the term
in contrast to those which are unusual in their returns for effort, by reason of some failure in crops,
in credits, or in the unity of constructive endeavor)
are not to be feared. For one thing they have their
compensations in that there is certainly, a stability
in affairs that cannot be predicated in years of excitement and that reckless experiment which accompanies so-called periods of prosperity. When fewer
of the adventurous "take chances" there are fewer
chances surrounding the wiser efforts of those who
—
—
are deliberate
and conservative.
From
this single
standpoint, the present business outlook, reconstruction having been partially accomplished
95
worth and got out of the way preparatory to goods
made under peace conditions and conforming to the
law of "the Ix'st for tlie least cost." The same is true
of goods or labor boiiglit too high. But in order to
do
manufacturer, merchant, farmer, or
wage-earner, must appraise his stock in trade by
the new standards of the lean years. It is a difficult revision to make.
If (juick sales aqd enlarged
sales and small profits be the tendency of the time
each must still seize upon the opportunity which
comes to him individually. Success here is measured
by insight and appraisal. The maker of things must
see the finished product at its worth in the new
conditions and regulate cost of production thereby.
The wage-earner must see the value of labor in the
new condition, and not only conform thereto, but
conserve his earnings that they have fuU power at
the lower prices. To use familiar terms, a lockout or
a strike is simply suicide. And a willful strike may
compel a lockout or shut-down, doubling the calamity and augmenting the waste that some time, somehow, must be replaced.
Now the individual, if he must discover his own
opportunities in the prevailing business conditions
resultant upon universal laws, cannot give his destiny into the keeping of self-constituted orders,
unions, and organisms, that, embracing theoretical
this,
eacii
futures, forbid the individual the free exercise of his
own power
of initiative, development,
and accom-
plishment.
would appear that the makers and distributors
things see more readily into the new relations and
It
of
tendencies than the workers. Capital, to recur to
familiar terms, is more amenable to present conditions than labor. There are yet bodies of workers
who are willing to go on strike to increase wages
when
falling prices
crease.
and profits prevent such
in-
There are others who for a time living in a
paradise of spending, want to continue and
talk revolution in their discontent. And there are
still others who refuse to intensify their application
to the business in hand, drifting with the tide, waiting for the turn. To all such opportunity makes no
appeal. But to the man who will stick closer to
business, who will depend on self, who wiU base
effort on the smaller margin of return, the lean
years will be no less kind than the fat.
fool's
TEE PERSONAL BUDGET FOR
One
1921.
of the favoring auguries for this year is the
evident disposition of the people to turn from spending to saving. Ample facilities are now in existence
The
to render savings active in earning power.
Government continues its Thrift Stamps and War
Savings Stamps, and adds thereto "Treasury Savings Certificates" in denominations of §25, §100 and
§1,000. The savings banks and trust companies of-
which include a withdrawal
privilege under special rules in such amounts as necessity may compel. And with the issues of investment bonds, there seems to be an increa.«;e in the
fer the usual facilities,
number that provide
for a portion in §100 denomimore accessible to the
and the nations, rendering them
knowledge of conditions having opened the eyes, is small saver at the higher rate. These, however, it is
favorable and men may advance, with caution, to proper to suggest, should be obtained only through
the exercise of their full commercial and financial the savings banks, trust companies, and established
powers.
bond houses, by the inexperienced.
Some admonitions as to conduct appear. If there
A newspaper writer, investigating conditions at
is on the markets a residue of inferior war-time
Paterson, N. J., where there are many silk workers
goods, they must be discounted down to their actual idle, and other wage-earners already or likely to be
—
THE CHRONICLE
96
continued increase in the voluuie of savings accounts and in the number of new accounts
opened. Taking tliis as typical of the country, and
adding to it the continued effort on tlie part of retail buyers to curtail exi)(MiKes, and conserve what
remains of the unusual high-wage opportunity, it is
reasonable to believe that those classes hitherto
careless of the outgo are becoming more seriousminded and determined. And it is for this reason
that l*oor Kichard's admonition, "take care of the
pennies and the pounds will take care of themThese
selves" becomes of national importance.
small savings, poured quickly into the hoppers of
idle, finds
Government and banking intermediaries, or bv the more direct route of individual
industrial credit by
purchase of bonds of small denominations, energize
that enterprise which, increasing production, confers upon all the boon of lower prices. Not only
this, but the education of the wage-earner grows
apace, and he learns thereby one way in which the
interests of capital and labor are mutual.
When we recall the last popular loan in France,
which reached the enormous sum, at last accounts,
of 27 billion francs, half of which was paid in in
money, we attain a new hope for the orderly resumption in our own country through frugality, saving
and thrift. These three constitute a triumvirate of
national power we cannot too strongly emphasize.
And each has its place, and an especial place, at the
present time. Frugality is not alone the province
of the poor, nor of the middle class.
It is also a
privilege of the rich. And to the rich it means the
avoidance of ostentation and show, and pride in the
luxurious appointments of life, in favor of a temperate mode, and the purchase of things of use and comfort. When we are told that a major portion of the
diamonds of the world is owned in the United
States, and an undue proportion of this in New
York City, we are apprised of a vast sum of money
which, turned into the manufacture of necessities,
would not only give employment to labor but stabilize investments of the rich.
Frugality, therefore,
should not become a cult, but take on the nature
of a religion. The old idea so often advanced that
the excessive spending of riches for idle and vain
things gives employment to the poor, is untenable in
economics and markedly so in the wake of a war that
has impoverished so heavily a world the same labor
may be procured, the needful production increased,
through the frugal life, returning dividends, which
we might term unearned, to both poor and rich.
And saving has a thousand effectual forms when
carefully studied. The personal budget should start
at the beginning of the year and be rigidly adhered
to throughout. But as the individual lives through
the changing of the months, there will be new ways
appear, and there will follow the satisfaction as
well as profit in exceeding its original estimates.
And not alone is there the personal aspect, but the
opportunity of the person to save in business, whether as employer or employee. Unfortunately, it has
too often been the case that the employee does not
take upon himself as a personal equation this form
of saving. Too much he has had to be ordered merely
to cut down expenses. But if he will look upon his
particular service as a means of saving in the light
of the economic importance of the national saving
he will not only aid one business but all business.
And what an infinite variety there is here when
once it becomes an intensive study, how to turn out
—
[Vol. 112.
more work and better work with his own hands, how
to expedite the movement of his department and increase its output, how to make it groove more closely
with other departments of the same concern, how
to iiiij)ress the cost sheet with his own thought and
planning without becoming officious and an interference.
And
105 millions
Thrift has
dom
in use.
the
sum
of the
manifold efforts of
is incalculable.
own
its
Thrift
Thrift is wisthe consummation. Thrift
The invested dollar, that
special appeal.
is
brings in the harvest.
comes from saving, has its own potentiality. It cannot avoid earnings. Thrift turns the laborer into a
capitalist. And, however small the scale, there is a
new outlook. Suppose all the wages that should
have been earned, in times of idleness enforced or
otherwise, were returning dividends through investments in advancing and increasingly valuable business concerns, how would these permanent returns
compare with the transitory increases secured or
procured through wages? It is through thrift that
man is the architect of his own fortune. One has
said thrift is wise spending. It is more than that.
It is wise investing, for often the frugal personal
needs are conserved, the residue made active in the
marts of trade and in the agencies of commerce and
finance, marks the measure of progress. A frugal,
saving people becomes strong; a thrifty, becomes
triumphant.
Many
are the reflections and the resolves that
come with a new year. True thrift is subjective as
well as objective. Subjectively, thrift waits not on
time or opportunity. In periods of adversity, in
times of dearth or stress, personal thrift becomes not
only imperative, but is itself a form of saving.
Waste steam may be
as
much a tax on industry
as
waste personal effort. Water-power will never compensate for the loss occasioned by the worker who
lays 500 bricks when he should lay 1,500. He who
applies his labor to the increase of profits out of
which may come increase of wages is a thrifty workman. The conservation of resources and effort embodied in thrift tends not only to the unity of industrial progress but to the liberation of toil from
the thraldom of self-made slavery.
SUPREME COURT DECISION REGARDING
LABOR UNIONS AND THE SECONDARY
BOYCOTT.
The highest court in the country has opened the
new year by an important and timely decision upon
the limitations under which labor unions must be
satisfied to remain, in the matter of enforcing their
wishes by the boycott. The issue was. between a
corporation which makes printing presses in Battle
Creek, Mich., and two individual agents and representatives of the International Association of Machinists. Having against the Battle Creek concern
a grievance of the familiar character, namely, refusal to conduct its affairs according to the orders
of the union, a strike was called in August 1913 and
a few of its employees obeyed. But their number
was not large enough to cripple the plant, and its
business continued. So the secondary boycott was
considered necessary and was ordered. As summed
up in the majority opinion of the Court, this boycott
included warning the concern's customers "that it
would be better for them not to purchase presses
of the company or, if they had purchased, that they
would better not try to install them, and threaten;
THE CHRONICLE
Jan. 8 1921.]
97
ing them with loss if they did either." These customers of the plant, or some of them, were also
threatened that sympathetic strikes in other trades
would follow and would affect them. The party that
usually hauled the offending concern's goods was
told he would better cease doing so, or there would
be trouble; the trucking concern and some other
concerns were visited, and their employees were
plied with warnings and threats; repair shops were
told they would have trouble if they continued to do
repair work on the '"Duplex" presses; and various
other means of interfering with the delivering and
even the exhibiting of the offender's presses were
stigate a sympathetic strike in aid of a secondary
used.
Killits of the Federal District
.
This is all familiar. The Battle Creek concern
took up the defense, asking the Federal District
Court the relief of an injunction against these
unincorporated unions. That court dismissed the
complaint, and the Circuit Court of Appeals sustained the dismissal then the press-builders went to
the Supreme Court, which now grants their prayer
;
for
an injunction, by a division
of six to three.
The majority opinion, by Justice Pitney,
pro-
nounces the plaintiff's business "a property right,
entitled to protection against unlawful injury or interference." Unrestrained access to the channels of
inter- State
commerce
is
necessary to the success of
that right, but a widespread combination exists to
which the defendants and the associations they represent are parties, to obstruct such access and trade
thereby the complainant has sustained substantial
damage and
boycott cannot be deemed peaceful and lawful persuasion in essence, it is a threat to inflict damage
upon the inunediate employer, between whom and
his employees no dispute exists, in order to bring
him, against his will, into a concerted plan to inflict
damage upon another employer who is in dispute
with his employees." Certain decisions which he
cited are said by Justice Pitney to settle it that a
restraint "prod\iced by peaceful persuasion is as
;
much within
the prohibition as one accomplished by
force or threats of force."
"Peaceful picketing" was passed upon by Judge
Court ["Chronicle,"
-July 3 last, p. 13] in a very singular case that arose
in Toledo.
Designating, for convenience, the parties by numerals, the unions had no quarrel with No.
1, but, having forbidden No. 2 to do work for the
"bad" No. 3, forbade him to work for No. 1, in order
to complete the stricture upon No. 3. As we then
paraphrased it, it was as if A, an employee, said to
his employer, B, "I like you in all respects, but I will
not let you finish some contract work for C (about
whom I care nothing), if you also do work for that
abominable D." Or, in the, words of the Court, these
men struck "simply and solely because they did not
like
a customer with
whom
their employer
was
do-
ing business ... if the shop committee can direct
the stopping of the employer's business on the
ground that the latter's customer is offensive there
is no limit to its domination over the employer's affairs." Judge Killits also quoted from the late Judge
McPherson that there can no more be such a thing
as "peaceful picketing" than there can be chaste
menaced with irreparable damage in
the future; hence the right to an injunction is clear
"if the threatened loss is due to a violation of the
Sherman Act as amended by the Clayton Act."
vulgarity, or peaceful mobbing.
Justice Pitney quotes the simply-stated yet plain
The dissenting opinion of Justice Brandeis, with
and broadly inclusive opening sentence of the Sher- Justices Holmes and Clarke concurring, holds that
man Act, so often quoted by the "Chronicle": that the course complained of was not malicious, but
"every contract, combination in the form of a trust, rather in self-defense, "an instance of a strike of
is
or otherwise, or conspiracy, in restraint of trade or
commerce among the several States or with foreign
hereby declared to be illegal"; the paragraph concludes by defining as a misdemeanor (and
prescribing penalty therefor) the conduct of "every
person" making any such contract or engaging in
any such combination or conspiracy.
nations,
The
is
unionists, of course, relied
upon parts of the
Clayton Act which they devised and intended as a
screen. Their chief reliance was on Section 20, which
provides that no Federal Court shall grant any injunction in any "dispute concerning terms or conditions of employment," in any case between employers and employees, or between employees, unless an
injunction is "necessary to prevent irreparable injury to property or a property right, of the party
making the application, for which injury there is no
remedy in law," and such property or property
right must be particularly described in the application. The remainder of the section, which was intended to make the screen complete, provides that no
injunction shall forbid quitting employment, or advising or persuading others "by peaceful means" to
do the same, or ceasing to patronize, etc., or "peacefully assembling," or doing various other ordinary
and lawful things. But there is nothing in the
Clayton Act, says Justice Pitney, to justify the use
of either threats or persuasion to bring about strikes
against the complainant, or to interfere with his
trucking work, or to compel his customers to leave
him, with a view to constrain him to submit; "to in-
who have a common
interest to protect themuse of products which part of
selves by preventing
them have tried to prevent making by a strike," and
that it raises the question whether a multitude of
workers may not say that they will not let their
members work in shops where there are strikes. But
this, with all due respect to the minority, does not
appear to be an accurate statement of the issue.
Conduct which may be lawful in one individual, because innocuous, takes quite another aspect when
others join it and raise it to the proportions of a
those
conspiracy.
Damages were asked for in this
plication for that was not pressed
case,
;
it
but the ap-
may
possibly
be renewed later, but at present the matter rests
with the doctrine established (in line with and sustaining that of the Danbury Hatters' case) that an
attempt to coerce a concern which organized labor
finds not subservient to it by seeking to destroy its
business is not within the pale of any law. This is
the more satisfactory because it seems to sustain
the contention of the "Chronicle" that the Sherman
Act applies with the same force to conspiracies
formed in restraint of trade by labor unions as to
any other conspiracies, and that the invoking of that
Act against capital and business and not against
labor has been at once cowardly and foolish. Combinations of men, for punitive and coercive purposes,
are no more admissible under good legal doctrine
and no more consistent with the general welfare
than like combinations of capital; a labor trust is
—
THE CHRONICLE
98
just as hostile as a money trust and should therefore he under the same ban. To have this substantially dechired by the highest tribunal is a good
augury for the return to sanity and hard
i)an.
GOVERNOR'S MESSAGE.
TIIH
The message
of (Jovernor Miller, of this State, is
of considerable and perhaps unusual length, but it
notable lor being very "meaty," containing extensive information and very sound practical advice.
Its keynote is, of course, economy, to be attained
by rigorously cutting down expenditures and the
assuming of new obligations, and by consolidating
State functions to the utmost. In the last fiscal
year there was an excess of 21i/^ millions of receipts
over expenditures; in 1921-22 the estimated resources (including an estimated "surplus" of 13%
millions at the end of next June), are 1421/^ millions.
Does this sound like a Treasury so overflowing as to
discourage parsimony and suggest liberal spending ?
is
Miller
[Vol. 112.
makes no reference
to this, except to include
among bonds
yet to be issued under
authorizations, and to insert in a table of "what may
be termed fixed charges" an item of "debt service, including ^4,950,000 for bonus bonds should the whole
amount authorized be issued." He does not recommend repeal of the bonus law or express any opinion
the
4i>
millions
thereon
;
but as he promises "to deal with other sub-
jects requiring particular attention in subsequent
messages," he may yet do so.
After justly remarking that unnecessary, unwise,
and burdensome taxation is one of the chief causes
of our present economic conditions, "from which
those least able to bear them will suffer most," he
calls for gradual deflation and for gradual retirement of all debts, to be accomplished by production,
industry and thrift. Government, he says, must set
the example, "and must encourage private thrift by
practicing the most rigid public economy I know of
no policy which the State can adopt that will better
promote the general welfare." In his inaugural
if sufficient allowance is made
The Governor doubts
said that "disorder,
extravain the estimate for certain conditions that may un- he had already
favorably affect revenues. He points out that in gance and waste inevitably attend a rapid extension
the last five years the appropriations made have of Government activities; the world is now facing
risen from about 64 to 145^^ millions; the cost of the task of re-establishing order, and our first conthe State Government, as shown by these appropria- cern should be to establish order and to restore
tions, has been mounting almost uninterruptedly for economy in the public administration."
Most true, and most excellently said but? Of
ten years, jumping from about 95% millions in the
all incoming State Executives, this man has the
last to 1451/4 millions for this fiscal year, and the per
capita has similarly grown, the latest being from hardest task. Everybody is in favor of economy
19.22 to 113.79. The net State debt was about 1693^ until a practical application to his own particular
millions at the end of June, but a little over 76% job is proposed. Everybody is in favor of virtue in
millions of bonds "are yet to be issued under author- the abstract, but may draw back when a demand is
made upon him to practice it. Every needless placeizations."
pernicious habit of holder will cling to his job and fight for it; every
The Governor condemns the
authorizing projects and making a small initial ap- graft-gatherer will fight for his opportunity; there
propriation to start them this "enables more proj- will be an unanimous approval of retrenchment and
ects to be started," but also involves larger appro- efficiency, to be applied somewhere else. Governor
priations than can be managed in one year and mort- Miller will need a strong arm, a firm lower jaw, an
gages the future. The salient recommendations for unyielding view of an ideal of public duty, and an
cutting to the bone and reorganizing the State equally unyielding a determination to follow it, intowards a business-like basis are: abolishing un- different to political consequences to himseK or any
necessary offices and creating no new ones no sal- other man. As he himself says, "it becomes apparary increases, although an examination of salaries ent that the task set cannot be accomplished withis suggested and the admission made that possibly a out the most resolute courage, and that any deviafew are underpaid; completing authorized projects tion for personal or political considerations from
before undertaking any new ones basing appropria- what appears to be sound policy will make the task
tions for maintenance upon the present trend of hopeless." As he also said, "we have got to hew to
prices; and, particularly, consolidation of existing the line, let the chips fall where they may the busibureaus. The leading recommendation in the latter ness of the State has grown to such huge proportions
is that the present eight tax-collecting agencies be that there is little room for sentiment and no place
reduced to one, by which alone a million might be whatever for favoritism, personal or political, in the
saved from expenses. All State institutions except ordering of it,"
prisons should be brought under a single control.
The headlines of one morning journal here said on
A special board to make a strict survey of all depart- Thursday that he "shocks" politicians of all sides by
ments is advised the work of the Budget Commit- his drastic proposals. Very likely so and they need
tee has already been of great assistance, says the to be shocked. Can he, and will he, wield the power
Governor, but he desires "a permanent organization to continue the shocking to the results necessary to
with ample power to survey the work of all depart- the public welfare? Time must show. He needs,
ments and not merely to compile estimates but to and he ought to have, the full and the felt support
revise them." Upon this plan he enlarges a little, behind him of every serious-minded and consciendeclaring that it is capable of giving Legislature tious citizen, women ap well as men.
and Executive "the information necessary to enTHE NEGRO, THE CRUCIAL PROBLEM.
able them to promote efficient and economical adNo group of people is more intimately involved
ministration" that a beginning can be made now,
with such information as can be got, and we should in our national life, and none is more imperfectly
be able, next year, with more complete information, understood, than the negro.
to still further reduce expenditures.
While we celebrate the landing of the Mayflower,
But how about the bonus, a matter plainly and un- few remember that this is also the Ter-Centenary of
alterable incompatible with any reform? Governor the arrival of the Dutch man-of-war in August, 1619,
;
—
;
;
;
;
;
;
;
THE CHRONICLE
Jan. 8 1921.]
with 20 Africans, whom they sold into slavery,
though that was contrary to the law, and began the
slavery of negroes in America, which, law or no
law, continued till emancipation in 18G3.
Two tremendous experiences have clashed. The
mind of the American negro awoke, as the result of
the war, to the consciousness of a new opportunity
and a new life for him and simultaneously, 1919,
the first year after the war, was the record year in
What this conjunction
the lynching of negroes.
means is set forth in terms which every American
should read in two books, "The Voice of the Negro," by Prof. Robert T. Kerlin of Virginia, published by Button, and "The Soul of John Brown,"
by the distinguished war correspondent, Stephen
Graham, from the press of Macmillan.
The first is a compilation from the colored press
of America, consisting of more than 300 publications, to show the effect of the lynchings and the
riots upon the minds of the negro population; the
other gives the results of a careful and extended investigation of the conditions throughout the South,
made by an exceptionally sympathetic, outside,
trained and impartial observer.
The results are in striking agreement as to the
gravity of the situation. The attitude of the South
toward the negro, notwithstanding many notable
individual exceptions and the manifestation of unlooked-for powers and capacity for development in
the negro, has not materially changed, with the
result that a condition of strain exists full of peril.
It springs from a sense of injustice and wrong of
constant occurrence in relations, both small and
great, humiliating at once and dangerous, as these
arouse resentment in minds awakened to a new
consciousness of their own power and their newly
recognized rights.
The extent and intensity of this sense of injury
and resentment we shall not attempt to set forth.
It is too serious to treat lightly, or to present in
extensive form for discussion.
For indisputable
testimony as to the facts, and earnest statement of
the impending danger we refer our readers to the
two volumes we have mentioned.
Our immediate desire is to set in order some of
the evidences that we have of the possibilities of the
negro, which he was not believed to possess, and
the denial of which has done so much to create the
feeling toward him which is so hard to overcome.
If we look at him to-day he constitutes some
twelve millions of the population of the United
States.
These form one-seventh of the working
force of the country. Of the three million negro men,
800,000 are farmers, and 1,000,000 farm laborers.
Eighty per cent of the women are in necessary home
and industrial work. The war has turned thousands
of the men into various manufacturing industries
and opened a new era which the labor unions have
recognized in admitting them to membership.
In 1866 the negroes of the United States owned
12,000 houses, operated 20,000 farms, conducted
;
and had |20,000,000
accumulated
wealth. Fifty years later the number of houses had
increased to 600,000, the operated farms to 981,000,
the businesses to 45,000, and the wealth to |1,110,"
000,000.
In 1867, 400 negroes were engaged in 40
lines of business in 1017, negroes were engaged in
200 lines, with ,150,000,000 invested. To-day there
are over 70 sound banks in the hands of capable negro financiers, doing business with their own people.
2.100 businesses,
;
of
99
In 18G6 the valuation of property used for higher
education was $60,000; in 191G it was $21,500,000.
In the same period the valuation of church property
rose from |1,500,000 to $76,000,000.
In literature, art and music they have already ap-
A
painting by a negro hangs
in the Luxembourg Galleries in Paris a negro sculptress has obtained the praise of liodin. Their musical ability aud work are widely recognized, and they
ha\c shown marked ability in literature. Professor
Iverliu has lately published in "The Southern Workman" a series of exquisite poems by negroes, both
men and women. They have some 400 periodicals, of
which 2 are dailies, 12 are magazines, and 300 are
weeklies. Of these, 10 are in New York City, 19 in
Mississippi, 9 in Georgia, 11 in Illinois, 7 in California. These, as published and read far and wide
by negroes, have extraordinary power, constituting
a "fourth estate," and even passing beyond the pulpit as the real voice of the negro.
Here he speaks
out with freedom and sincerity. Fifteen years ago
few homes took a paper. Now the average home has
several.
There is an "Associated Negro Press,"
which secures the papers an established position.
Clubs were organized in the rural districts by the
Department of Agriculture, and have been of great
benefit in raising the standard of living in better
homes and improved conditions. In 1918 there were
1,563 rural women's clubs and 1,962 girls' clubs organized, with a total of 88,000 members. The total
to-day is 103,377 negro club members. These have
led to various co-operative associations, which are
productive and valuable. There are 64 towns and 21
settlements peopled and governed entirely or almost
entirely by negroes, some of them so successful as
to have created the envy of their neighbors.
The
negro's aptitude for organization appears in many
ways and now extends to State and national leagues
and annual conferences, with constructive programs. Despite the fact that 2,000,000 negro children receive but one-fifth as much for their education by the State as the white children, illiteracy
has been steadily reduced, until now it stands at
25%, and of those between the ages of 10 and 20
about 15%. There is less negro illiteracy than there
was among the white people of the United States at
the time of the Civil War, and less than among the
whites of the South 15 years ago. One of the most
remarkable educational developments to be seen in
the country is the 720 Rosenwald schools in Alabama, toward the |1,133,000 cost of which $430,000
was the gift of the colored people.
The fact that the country has to deal with to-day
is the temper and feeling of this great and rising
mass of native American citizens.
400,000 of
them were called to the colors, and 200,000 went
over seas in the late war. They were the successors
of the negroes in our army in every war.
Thirtyfive in each white regiment in the Revolution, 179,000 in the Union Army in the Civil War, and variousl}' in the wars between.
Plattsburgh trained
more than 1,000 negro officers. Four colored regiments won the signal honor of the Croix de Guerre
as regiments, and, while there were a few exceptions which are exploited, as a whole they won flattering commendation, both from our own command
and from the French. One regiment, with 56 officers aud 2,000 men, returned with only 20 of the
original officers and 1,200 men. Not one man had
been taken prisoner, and they had not yielded a foot
peared in high places.
;
:
THE CHRONICLE
100
of {ground
;
while their service on the firing line was
191 days, the maximum of the whole army.
It was inevitable that the war should have immense influence in the thoughts of their people. They
had met the supreme sacrifice; they had learned
what the war meant; they had been accepted in the
service of the nation. What now is to be their position
at
home?
:
They can show thousands
in the profes-
doctors, lawyers, teachers, and
thousands, both men and women, graduates of our
universities, colleges and higher schools. Are they
Is color
still as a race to be distrusted and abused?
sions in civil
iife,
in itself to be a
bar?
Booker Washington was their honored leader,
with his single teaching, "win your way by individual, visible ability and success." Dr. Moton is his
loyal successor but the teaching is defeated by such
occurrences as these, 77 lynchings last year, all but
two in the South, horrid race riots in Washington,
Chicago and Elaine, Ark., 22 negroes lynched in
Georgia last year, and only two even charged with
attacks on white women, and the Koman Catholic
Bishop of Georgia, a Southerner, saying that no
lyncher has ever been punished in that State,
and everywhere mob accusation, however frivolous,
;
at once accepted as justifying death.
Prudence, no less than patriotism,
common
hu-
manity, no less than the religion of Jesus Christ,
never challenged us more loudly. Our readers have
only to call up their own individual feelings toward
the negro if they would see the significance of the
above statements of fact.
THE OUTLOOK FOR RAILROAD SECURITIES.
As 1920 draws to a close, many holders of railroad bonds
and shares are disappointed because these securities are not
A
calm consideration of all the
circumstances, however, warrants the opinion that they
should not feel discouraged, and that, after seven or more
"lean" years, the owners of our railroad securities may look
forward to seven "fair" years or more.
Prices of securities always are influenced by general economic and financial conditions. The "destruction" of "capital" and the "waste" of "labor" in economically unproductive enterprise, during these last years, all the world over,
have naturally increased the cost of capital, as evidenced
by the general rise in the interest rate, which latter, in turn,
has found its expression in comparatively low prices for
fixed interest-bearing securities.
If one considers the enormous issues of Government bonds
some with special tax exemptions and the very large
amount of our securities which European holders had to
sell back to us, for all of which new purchasers had to be
found, it is perhaps to be wondered at that our railroad
bonds did not decline to a larger extent. This decline, of
course, does not imply a corresponding decrease in their
intrinsic value.
The shares of industrial corporations have experienced a
heavy fall in price, partly through forced liquidation and
partly as a reflex of the violent price readjustment of all
—
—
commodities.
Of course railroad shares have been affected by this general liquidation, but, in spite of all this, their holders will
find that they have not declined as much as industrials, and
that, in fact, some are selling at about the same price
or
even higher than a year ago.
The first six or twelve months under resumed private operation of the carriers cannot be taken as a fair criterion
of what results may be obtained under the new conditions.
It is generally admitted that the roads were returned by
the Government to the owners, certainly "under-maintained" and "over-manned," and considerable work will have
to be done to roadbed and equipment to bring them up to
former standards. The general price-readjustment which
has taken place has resulted in a temporary slowing up in
business, which naturally affects the volume of railroad
—
may prove
"a blesHlng in disguise," as It enables the managers of our railroad companies to put their
house in order and to handle business more economically
and to buy necessary material and equipment at lower figures. 'J'he higher rates have only just gone into effect, and
there are still some legal questions to be settled between
But
the State Commissions and the Fefloral authorities.
these are all temporary factors which should not obscure
the main points.
The year 1920 has brought two events of far-reaching importance for railroad security holders, which should have
an increasingly beneficial effect on their properties and on
the prosperity of the country as a whole
Firnt: In spite of attempts at delays, and contrary to
propositions of men like Mr. Plumb, the railroad properties
were promptly returned to their owners by our Government,
in accordance with the overwhelming desire of our people.
For the time being this disposes of Government ownership
and Government operation, and the country is to be congratulated, not only because this would have proved a very
expen.sive undertaking to all taxpayers, but also because it
would have proved extremely dangerous, politically, to our
country at the present time. The owners of railroad securities, in common with all Americans, ought to benefit through
the cessation of Government operation, and it now becomes
their duty, more than ever, to provide efficient and progrestraffic.
sive
management.
This year has also brought the first piece of
constructive legislation affecting railroads that has
been passed by Congress in twenty years, viz., the CummlnsEsch "Transportation Act of 1920." Without fully analyz-
Second:
real
ing the provisions of this measure, four of its main features
may be mentioned
(a) The Transportation Act provides for the adjustment
of labor disputes by creating a "Labor Board" of nine
members, on which not only the employees and the owners,
but also the public, are represented.
(b) It provides for the control of stock and bond issues,
which should stabilize securities and prevent many abuses
of the past, on the part of the managers, which have been
so disastrous to innocent holders.
[By James Speyer of Speyer & Co.]
selling at higher prices.
This
[Vol. 112.
—
(c) It provides that no new lines are to be constructed
without previous approval of the Inter-State Commerce
Commission a provision which must be of great protective
value to the owners of outstanding securities.
(d) It defines, for the first time, what is a "fair and reasonable" rate, by charging the Inter-State Commerce Commission with the duty of fixing rates, so as to provide a
return, equal to 5%%, plus %%, or 6% p.a. on the aggregate value of the roads, taken country-wide or by territories.
This, of course, is not a guarantee on the outstanding securities, but the Inter-State Commerce Commission has already acted under this mandate of the law and has ordered
—
an increase
30%
in rates of
40%
and 25%
in the East,
25%
in the South,
Mountain Pacific groups.
It is estimated that the increase thus granted by the Commission will yield $1,134,000,000, which is about $100,000,000
per annum less than the companies asked. On the other
in the "West,
in the
hand, this return, under these new rates, is estimated to
yield about $180,000,000 more than the "standard return"
granted by the Government while it operated the railroads.
The Inter-State Commerce Commission has based the
above rate increase on an approximate aggregate value of
$18,900,000,000, which is about $1,140,000,000 below the
property investment account or book value of the carriers,
and thus largely disproves the claim of watered stocks. The
task of the Inter-State Commerce Commission will not be
an easy one, because it must estimate, in fixing rates for a
future period, the volume of traffic and the cost of maintenauce and operation, and a great deal will depend on the
judgment and character of the men that compose the Commission. President-elect Harding will probably have an opportunity to appoint three or four members of the Commission, and it is to be hoped that he will select men that wlU
have the necessary qualifications and perform their duties
free of political bias, to the good of the country as a whole.
WTiether the rates as now fixed will produce the return
which the Act says should be produced, remains to be seen,
but one thing is certain for the first time in many years
the managers of our transportation system will not have to
fear, or fight against, a reduction in rates and other harassing and punitive legislation. This is a tremendous advantage for the owners, and should enable the officials of the
companies to devote their whole time and attention to mak-
—
I
THE CHRONICLE
Jan. 8 1921.]
Ing the uiauasoniout "honest, efficient and economical," and
to see to it that capital expenditures are "reasonable." The
Transportation Act particularly provides that the InterState Commerce Conmiisslon should watch the management
and see to it that this be done. How much such careful
management means to the owners and to the
as a whole may i)erhaps best bo Illustrated by the
country
following figures, taken from the recent address of Mr.
and
efficient
Esch:
The Secretary of the bank said this afternoon that the failure of a foreign
exchange house in America had plaiod the bank in ite prttt>eul pobllluu.
So far as be cuuld bee all the depoblturb would be paid in full, the Mecr»The shares
tary stated, and any losses would fall on the shareholders.
are of i5 each, on which llilrty shlUlugs iiave been paid.
The
York "Evening Post" of Jan. 6, in giving the
New
above
said:
The London banking house, formerly known as Hannevig's Bank, Ltd.,
had no connection with liauuevlg Sc Co. here, bankers and shipping brokers
the Utter firm stated, adding that the principal of the Loudon Institution
was one of seven liannevlg brothers of Norway who have gone Into banking
enterprises generally
Another brother Is head of the New York firm.
.
car movement for the
in the United States is equivalent to
2,500,000 freight cars
adding 100.000 cars to the available equipment," and furthermore, "an addition of only one ton per each loaded car
would be iH]uivalent to the addition of 80,000 new cars to
the available supply," and furthermore, "every 1% improvement in the bad-order car situation means an addition
of about 25,000 cars to the available supply." These are
startling figures and point the way to able and conscien-
"An increase
of one mile iH'r
day
in
tious officials.
It is to be hoped that the owners, as well as all those interested in railroad securities, as policy-holders and savings
watch the management of their propbank
than in the past. There is no doubt
erties more closely
that efficient and economical management in transportation, perhaps more than in any other business, not only
depositors, will
will result in greater net return, but will also obviate un-
necessary capital expenditures.
After a little while attempts certainly will be made again,
out of ignorance, or for political and other reasons, to enact
hostile legislation, if not in Congress then in the States.
The passage of the "Transportation Act" in its present form
was no easy matter. A great deal of opposition from various quarters had to be overcome. The result, although not
wholly satisfactory, is largely due to the organization and
concerted efforts of the "National Association of Owners
of Railroad Securities." This Association will continue its
work and will attempt to improve the Transportation Act
where experience will show that it needs strengthening.
The owners of railroad securities owe it to themselves and
to the country as a whole to watch the work of the InterState Commerce Commission, as well as their own officials,
and to guard against hostile and harmful legislation. They
ought to stand up for their rights. In doing so, they will
also render a service to their country, because our transportation companies can fulfill their important task in our
national life furnish proper service to meet the demands
of our increasing commerce and industry only if railroad
credit is maintained and strengthened.
New York, Dec. 29 1920.
—
—
CIPttrrjettt ^trjetits
atiA §iscnssions
^V^^^^^'^^N^^^ii^'^Ai^i^i^^'
TREASURE
CONTINUED OFFERING OF BRITISH
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a discount basis of 6%, the rate which has been in effect for
some time past. The bills in this week's offering are dated
January
_^^_^___^^______^
RATE ON FRENCH TREASURY BILLS CONTINUED
AT 6M%.
3.
The French ninety-day Treasury bills were disposed of
week on a discount basis of 6J^% the figure to which
the rate was advanced March 26; it had previously for
eome time been 6%. The bills in this week's offering are
—
this
dated January
7.
BRITISH-AMERICAN CONTINENTAL BANK OF LONDON SUSPENDS PAYMENTS.
The suspension of payments by the British American
Continental Bank of London was announced as follows in
London cablegi'ams (Associated Press) Jan. 6:
The British-American Continental Bank suspended payment to-day. In
attributed to the general financial situa-
financial circles the suspension is
tion
1 1 is believed the bank advanced money on produce chiefly Canadian
and was unable to realize during the present trade stagnation.
The bank was formerly Hannevig's Bank, Ltd. It moved into larger
.
101
FAILURE ON LIVERPOOL COTTON EXCHANGE
"Financial America" of yesterday (Jan. 6) said:
The failure of J. D. Thomson & (^o. of Liverpool waa announced on
New York Cotton Exchange this morning.
Frank N. Thomson was the New York
Cotton Exchange member of the
firm, having been elected on Dec. 6 1920.
SUBSCRIPTIONS TO FRENCH LOAN
FRANCS.
27
BILLION
the Ilepublir? of France G% National
1920 were furnished to the French Cliaral>er of
Deputies on Dec. 31 by l<"Vederic Francois-Marsal the
French Minister of Finance. According to the cablegrams
The
official figures of
Ijoan of
,
to the daily papers, the subscriptions amounted to 27,000,000,0(K) francs, of which 12,500,000,000 francs were in loan
scrip and 9,100,000,000 francs in fresh money.
Details of
the offering, subscriptions to which were opened on Oct. 20,
30, were given in our issue of Oct. 23,
page 1611.
and closed on Nov.
SWITZERLAND SEEKS $75,000,000 IN NEW YORK
MARKETS.
Regarding discussions looking toward the securing of a
loan of $75,000,(XX) by Switzerland in the local market, the
"Journal of Commerce" of Jan. 7 said.
Preliminary discussions have been begun by the Government of Switzerland with
its fiscal
sufficient
sum
agents here with respect to borrowing in this market a
to provide for the carrying through to completion of Its
$100,000,000 hydro-electric project. The first installment of $25,000,000
was obtained here last July when an issue of twenty-year
sinking fund
bonds was sold by a syndicate headed by Lee, Higglnson
Co., who ar«
the official agents of the Government in the United States. Switzerland 1b
now desirous of obtaining the $75,000,000 through the sale of bonds to
American investors, the offering of the loans probably to be spread over the
8%
&
next year.
The question of a loan was taken up with Lee. Hlgginson & Co., it was
learned yesterday, by G. Plctet, of G. PIctet & Co., of Geneva, during his
recent visit to this country. Mr. Pictet Is the Swiss representative on
the international committee of bankers on Mexico, his mission to the
United States being in part concerned with the work of that organization.
He has only lately returned to Switzerland, and the bankers are expecting
some communication from him in the near future.
Reports were current yesterday that a Swiss Government loan would be
offer«l shortly, but inquiry failed to establish that this was the case.
On
the contrary, on the basis of Information at present to hand, no loan operation appears Imminent, although it is almost certain that Switzerland will
come into the market when conditions are right.
APPROVAL OF DUTCH LOAN
TO
GERMANY
Press advices from the Hague, Dec. 28, reported the
on that day of a Dutch loan of 2(X),000,000 guilders to German}'. The reported ratification
of the loan last July by the First and Second Chamber,
was referred to in our issues of July 10, page 137 and Aug. 7,
page 541. On Dec. 29 a copyright cablegram regarding the
loan was printed as foUows in the New York "Times"
final ratification there
Final ratification of the Netherlands 200,000,000 guilder credit to Gerin exchange for coal and certain foodstuffs, which has been pending
for more than a year, brings a feeling of relief in many quarters of Holland,
where largo private interests are heavily Involved.
The Second Chamber passed the bill hurriedly. It was ratified here and
only German ratification was lacldng for a time. A considerable portion of
the credit was even advanced, but meantime the Germans, who had discovered that they were able to obtain more advantageous credits elsewhere,
had been carrying on divers Intrigues in order to free themselves from the
They even endeavored to persuade the Allied Reparation
contract.
Commission that they were unable to fulfill the Treaty of Versailles, as
well as the coal contract of the Netherlands.
Had the Germans failed to ratify the credit, it Is rumored that one of the
largest and best known banking houses in Holland which, like many others,
here speculated too heavily in raw materials, would have tottered to the
verge of bankruptcy. The vacillating attitude of the Germans in these
negotiations has shaken the faith of even the most pro-German elements in
Holland. The Dutch press has continuously clamored for enlightenment
on the reason for the constant delays.
many
SENATEiPASSES RESOLUTION CALLING FOR INFORMATION REGARDING CLAIMS OF AMERICANS
AGAINST GERMAN GOVERNMENT.
,
premises last September with a view to meeting its increasing business with
the Continent and the United States.
The bank has an authorized capital of £2,500,000. The failure has not
affected the situation here.
All Inquiries at the bank were met with assurances thatlpayment would
be made In full.
B. Macafee Is Chairman of the bank's board of directors, which includes F. E. Powell and G. A. Mowe.
ttM
following resolution, presented by Senator King, was
ado])ted by the Senate on Deo 30:
Resolved, That the Secretary of State be, and he Is hereby, directed to
transmit to the Senate a full and complete statement of all claims and the
amount of each filed with the State Department by American citizen^
Also the names of
against the German Government since August 1914.
the claimants, together with aU facts in possession of the State Department
relating to said claims, the nature and character of the same, and all evidence
bearing upon their validity and merits.
The
'
THE CHRONICLE
102
PLANS FOR FLOATING BIRMINGHAM
IN UNITED STATES.
"Trihuno" is authority
advices from Ijondon, .Jan. 1:
Tiie CliicaRO
f',opyrij:;lil
(ENG.)
LOAN
or mint
for
tho following
At
There
is ncx-d^I to moot oxIstinR commitments.
of raising this In Creat Hritain.
Tho plans imdiT way call for £.'), 000.000 before March 19 1922. It is
stated that the rate of Interest required for an Am(Tican loan Is so high it
would not be considere<l if there were olhe.r means po.sslblo, but it Is felt
that the prosperity of an Industrial city lilte IlirminKham depends on tho
development of cheap power and an adequate housing for the workers.
In those circumstances an American loan, even at high rates, is considered
good finance.
le.nst
£2,.')00.000
little prosi)ect
SOVIET GOLD BARRED BY
U.
S.
is
being su-.c^pU'd
mark" may
sujiijosed in
view of
if it
carries that country's coinage
more import than is generally
the reports which are current that some
possess
Soviet gold here has been bought for account of the Japanese
The f^lty of liiriiilnKham Is contfinplatlriK floatinK a municipal loan of
£5,000.000 In AnnTlcu. At tho samo time lh<; Finance f loinmlttec has
decided to recommend that tho city defer mal<inK any largo extension of tho
electrical works.
This was to cost nearly £2,000,000. when taken In conjunction with the hoiisinK I)roblem.
seems
at war,
[Vol. 112.
TREASURY.
The following regarding the prohibition of the U. S. treasury against Soviet gold, appeared in the New York "Times"
of .Tan. ',i:
The United States Treasury Department ruling, which requires all Government mints to refuse gold of Soviet origin, bars the importation of such
gold from the Scandinavian countries and other European nations in spite
of the fact that the gold may bear only the markings of these other countries,
according to a statement yeaterday by Israel Ludlow President of Ludlow
Syndicate, Inc.. 522 Fifth Avenue.
Mr. Ludlow said yesterday that he has been offered $5,000,000 worth of
gold by a Paris exporting house. The gold bears only the markings of the
Swedish Royal Government Mint and no other markings, he said.
In reply to an inquiry concerning the piu-chase of gold from Soviet sources,
Mr. Ludlow received a letter from R. F. Baker, Director of the Mint, that
"the United States mints and assay offices are required to refuse to accept
all gold known to be of Soviet origin or which on its face or as the result of
investigation appears to be of Soviet origin, no matter by whom tendered."
Thereupon Mr. Ludlow wrote to the Treasury Department on Dec. 30
concerning the offer of the Paris exporting house saying that the Swedish
gold was not offered in trade for any material going to Russia, but simply
as gold. No reply has as yet been received to the second letter.
Oov(!mment.
As was reported in these columns Dec. 2.5, page 2408, the
U. S. Treasury on Dec. 20 announced the suspension of rules
and regulations restricting tho exportation of coin, bullion
and currency to Bolshevik Russia, as well as the restrictions
against dealings or exchange transaxjtions in Russia rubles,
and transfers of credit or exchange transactions with Bolshevik Russia.
IRA NELSON MORRIS REPORTS LARGE SOVIET GOLD
HOLDINGS IN SWEDEN.
Ira Nelson Morris, United States Minister to
who arrived in this country on .Jan. .3 on the Steamer
Sweden,
Lapland
York "Times" of
for a month's visit, is reported in the New
Jan. 4 as stating that there was plenty of Soviet gold in the
Swedish banks in Stockholm. It was in bars and the total
ran into millions of dollars, he added, although the exact
amount was not generally known.
,
On
the same subject the "Times" also, on Jan. 2, had the
follo-\ving to say in special advices from Washington:
Speculators in Russian gold who have imported it into the United States
or are anxiotis to import it in the hope of building up trade with Soviet
Russia are coming to realize that the gold, even when melted into bars, has
no value
in this country.
are refusing to buy or convert any gold which is
of Soviet origin. Unusual precautions are taken.
Persons offering gold
at the mints are required to sign an affidavit swearing that none bears the
Soviet taint.
As a result the Russian gold has no purchasing power in this coimtry and
is of no value, where credit or exchange transactions wiih the so-called
Soviet Government are concerned. It is a drug on the market. A carload
of it wotild be a nuisance rather than an asset to its owner. Banks don't
want it, commercial houses will not exchange commodities for it, because,
while it Is gold, the position taken by the Government makes it worthless
The Government mints
here.
Agents of the Soviet Government and others who would engage in making
fortunes by the Russian gold route, have been endeavoring to obtain assurance that the Government ban wiU be lifted. They have been unable to
obtain any such assurance. In fact they have found that the Ud is down
tight, and so far as the present Administration is concerned, there is no
change contemplated.
Some business interests which did not know how the situation shaped up
have sought information and had no more to say about it. Others, which
are in sympathy with a program to build up trade with Soviet Russia, or are
anxious to enter the gamble, have been more persistent in their efforts to
cause a change of policy. But the Treasury Department is standing firmly
by
its decision.
It is said that there are several millions of Russian gold bearing the Soviet
taint, idle in banks in this country and in the hands of individuals, and that
plans to import many millions more han been made. Some have placed the
amount of gold in Russia in the hands of the Soviet interests at hundreds
of millions of dollars.
V
'
ALLIES TO RELEASE TURKISH GOLD HELD.
In a special copyright cablegram from Paris Jan. 1, the
"Times" had the following to say in its issue of
the 2nd:
The Turkish Government has been informed by the French administrator
of tho Ottoman debt that the Allied Governments are willing on certain
New York
conditions to release 400,000 gold pounds (Turkish) which has been under
sequestration in the Imperial Ottoman Bank since the armistice.
The money is to be used exclusively for the needs of the Turkish Treasury
and expenditure will be under surveillatnce of the Inter-Allied Financial
Control Commission.
The decision of the Allies was taken some weeks ago as a result of a
pressing appeal by the Tiu-kish Government, which declared that it was
absolutely without funds for the pajTnent of civil and military charges.
The salaries for the months of October and November, it was declared,
had not been paid and there was no prospect of paying those for December.
According to dispatches from Constantinople the news of the Allied
action has been received with great satisfaction and has produced a good
impression in official circles and among the business men, and the effect
will be undoubtedly to strengthen the position of the present Constantinople
Government with regard to the Nationalists in Asia Minor.
At the same time as the strengthening of the Constantinople Government
will come an opportunity for those who are anxious for the maintenance
and ratification of the Treaty of Sevres. Improvement in home prestige
and in the Turkish exchange rate which will follow the release of the gold
reserve will give more appearance of reality to the Constantinople Government than it has had in the past year, and in consequence more authority
to its signature of the treaty against which Mustapha Kemal is leading the
Nationalists.
As Turkish gold poimds are equivalent to six pounds of paper money the
actual amount which the Goveriunent will have at its disposal is nearly
2,500,000 pounds.
GREEK GOVERNMENT PAYS WITH UNAUTHORIZED
MONEY.
Advices to the daily papers from Athens Dec. 30, said:
M. Zaimis, the former Premier, has resigned his post as Director of the
National Bank. The Govenrment is paying its current expenses with
200,000,000 drachmas of currency, the issue of which has not been authorized by the international finance control.
,
Raymond
T. Baker, Director of the Mint, verified to-day [Jan. 1) the
was being refused at the mints and assay offices.
can be determined," he said, "that the gold is of Soviet origin,
reports that Russian gold
"Where
it
the mints and assay offices are closed to it. On the other hand the gold of
any friendly country or any other coimtry with which the United States is
not technically at war, is being accepted if it carries that country's coinage
or mint mark."
The situation Is one of importance to business interests which might be
induced to accept Russian gold, if they were not informed as to the Government's stand.
Extreme precautions are being taken to see that no opportunity for profit
is open to those who seek fortunes through the medium of the Soviet gold
A check Is kept on gold exported from Russia and shipments are
route.
followed to their destinations.
No distinction is made between gold shipped direct from Russia, and gold
of Soviet origin, which may be brought here from nations other than Russia.
The mints refuse to recognize, as of any value, gold from Russia over which
there may be the slightest chance of a dispute as to title.
The last check placed on those who would operate in Russian gold brings
If any gold is offered to the mints from a source
into play the affidavit.
which is suspected of having dealings in Russian gold, the persons offering
the gold to the mints are requested to swear that none of the gold bears the
Soviet taint in any degree. Thus any one attempting to deceive the Government would face a charge of perjury.
One high Government
official, in
commenting on the
situation,
had
this
to say:
"I don't think that, under the circumstances, there is any danger of any
one buying up large quantities of Russian gold on a gamble. Banking
institutions and individuals might just as well go into the market and buy
Confederate bills. They are just about as valuable as Russian rubles in
this country at present.
A Russian ruble might make an attractive watch
fob, but otherwise it is worthless."
The statement of the Directors of the Mint quoted above
to the effect tnat "the gold of
any
friendly country or
other country with which the United States
is
any
not technically
EXTENSION OF CUBAN MORATORIUM— GENERAL
CROWDER TO CONFER ON CUBAN CONDITIONS.
The State Department at Washington announced on
Jan. 3 that it had been advised of the extension of the mora^
toriumiin Cuba until Feb. 1. Major-General Enoch H.
Crowder arrived in Cuba this week, having gone there
under instructions from President Wilson to confer with
President Menocal on conditions in Cuba. J. P. Tumulty,
President Wilson's Secretary, in a statement issued on the
3d inst. regarding General Crowder's mission, said:
General Crowderjhas gone to Cuba to confer with President Menocal
regarding conditions in^Cuba. The moratorium and financial crisis in Cuba
continue and the! solution appears more difficult on account of the unA^continuation of the present situation would
settled'iPresidential. election.
prove most! detrimental to the prosperity of Cuba and harmful to the
relations between the United States and Cuba.
As'^this cannot but be a matter" of the' closest concern to this Government,
because of the special^ relations^ existing between the two countries, the
Presidentlhas instructed General Crowder to confer with President Menocal
as to the best means,.of remedying the situation.
Press dispatches from Washington on Jan. 4 regarding
General Crowder's visit 'appearing in the Baltimore "Sun"
said:
Assurances that the Unittd States is not contemplating military intervenCuba were given to-day to the Cuban Minister by Acting Secretary
Davis, it was said at! the^ State', Department.
The Minister, Dr. Carlos'. Manuel de Cespedes, was said to have entered
no protest', from his Government against'ithe sending of Major-General
Crowder Cuba to confer withiPresident Menocal relative to the general
The Minister, after his call, however
situation in!; the island republic.
expressed some slight objection to the action of the American Government,
declaring that neither his attitude nor that of his Government as set forth ^
In that statement th^
in a recent statement by him had been altered.
tion in
THE CHRONICLE
Jan. 8 1921.]
Minister nad asserted there wer« no grounds for the supurvlsion of elections
Secretary Davis discussed with President Wilson the Cuban situation and
the mission of General Crowder just t>efore the Minister called at the department. The Secretary told Ur. Cespedes there was little he could add
to the President's statement relative to the work General C^rowdur is expected to accomplish in Cuba, adding that he had confidence In the ability
of the Cuban authorities and General Crowdur to work out a satisfactory
solution of the present political and financial difflcultie.s.
Minister Cespedes made it clear that his main purpose in calling on Secretary Davis was to obtain more information regarding the sending of an
American to Cuba on a mission of the nature of General Crowder's. but it
is understood that in his discussion of the matter with Mr. Davis be did
not attempt to conceal bis apprehension that the action would be construed
lie was assured that neither lutei^
•8 a step preliminary to intervention,
vention nor the supervision of elections was contemplated, but it was made
plain to him that the United States considered the economic, political and
financial situations bad reached the point in Cul>a where the United States
regarded the situation as one warranting the friendly offer of assistance.
President Menocal's term of office expires May 20. There appears now
a probability that unless special stei>s are taken, the official selection of bis
successor will not be determined by that time and it was asserted in that
event a situation would l>e created that would prove exceedingly embarrassThe congestion of freight on the docks at
ing for both Governments.
Havana, the extension of the moratorium and the demand for money with
which to finance the sugar crop have resulted, it was explained here to-day.
In making the Cuban situation one of unusual interest for American business
concerns.
Secretary Davis Is understood to have pointed out to the Minister after
citing to him the difficulties that have developed that back of it all is the
political tangle, which the United Stales Government believes General
Crowder will be able to untangle.
PROTESTING OF DRAFTS IN CUBA.
of Foreign and Domestic Commeree at
Washington announced on Dec. 21 that it had been advised
that drafts on Cuban houses should be sent to protest within
twenty-four hours after they become due, regardless of the
fact that a moratorium has been declared.
It is added that
under the Cuban law this is necessary, as, if the drafts are
Tho Bureau
not sent to protest the holders
possession of commercial paper
be enforced.
may
find themselves in the
collection cannot
on which
MORATORIUM EXTENDED IN PARAGUAY.
Commerce
Washington stated on
Jan. 3 that, according to a dispatch transmitted by the American Vice-Consul at Asuncion, Paraguay, Dec. 30, the
Government of Paraguay has extended the general moratorium to April 1 1921. The moratorium for the Banco
The Department
of
Mercantile has "been extended to
at
May
16 1921.
8PEYER d CO. GRANT EXTENSION OF TIME FOR
DEPOSITING MEXICAN IRRIGATION 41/2% BONDS.
Speyer & Co. this week gave notice that, a large amount
43^% sinking fund gold bonds of the Caja de Prestamos, principal, interest and sinking fund unconditionally
guaranteed by the Mexican Government, having been deposited under the bondholders' agreement, dated Nov. 18
1920, the time for depositing bonds with the New York Trust
Co. as depositary at its office, 26 Broad Street, New York,
or with its agents, under said agreement, has now been
extended up to and including Jan. 31 1921. Holders were
urged to deposit their bonds without delay in order to enable
the bankers to effectually protect the interests of the bond-
of the
holders.
bonds ("Institu& Development
A.") was made in these columns Nov. 20,
Reference to the
tion for
call for deposit of these
Encouragement
of Agriculture, S.
of Irrigation
Works
p. 1994.
GOLD COINING BY MEXICO.
A copyright cablegram to the New York "Times"
Mexico City Dec. 28
from
said:
The Mexican Government is coining gold, while the coinage of silver has
been reduced to a minim um
At the present time the Government has
251,000,000 pesos in gold in circulation and 50,000,000 in silver. Although
the ratio is five to one, the Government has practically stopped coining
silver and the Mint is busy on gold coins, copper pieces and small change.
Correspondents visited the Mint this morning with the Secretary of the
Treasury, Senor de la Huerta, and saw the plant in fiUl blast coining five,
ten and twenty-peso gold pieces.
The Government is buying all the silver
offered, but Senor de la Huerta stated that few offers bad been made.
The
mining companies prefer to hold their silver, expecting a rise in value.
Local merchants are complaining that a great amount of merchandise
purchased in the United States when prices were high is stUl tied up at the
border.
They expect a reduction in prices in the United States will bring
a flood of goods which will compel the merchants to suffer a losa on the goods
purchased in the last six months.
The local Chamber of Commerce has protested against the project of the
Governor of the Federal District to establish a price-r^rulating board. It
says prices will graduaUy fall, but if forced through this measure to make
abrupt cuts a number of bouses which have re-establlsbed their credit in
the United States after many yeeirs will lose credits, as they are unable to
stand a loss. The Chamber also states that many houses will be forced
Into bankruptcy.
It is imderstood that the Federal Government has ordered the Governor of the Federal District, to study conditions more fully
before making the commission effective.
103
CHANGE IN MEXICO'S SILVER DUTY.
The Now York "Commercial"
of Dec. 29 printed the fol-
lowing dispatch from Mexico City:
ExiMjrt dutlee on a sliding scale based on the price of silver in
have been
New York
by Prwldent Obregon.
Witli silver <iuot»xl below (iO on the New York market, export will be free.
From that figure tin- senile rises to 1 .40 on which a tax of M"', Ik chargeebJe.
A protoflivi' tax on IniiKtris whas decreed also.
d«x,'rc»od
MEXICAN CONGRESS FAILS
TO RELIEVE FINANCIAL
CRISIS.
Under i\w above head, a copyright cablegram from Mexico
City, published in the New York "Tribune" Jan. 2 had the
following to say:
The Mexican Congress formally adjourntxl
Action on the
last night.
credentials submitted by the represontativt-s was rushed through in the last
ininutos of the session, but not a single bill wiis passed.
The standing committe»> to handle routine matters during the recess mu)
elected by the Obregon faction by a safe majority because of the inability
of tho Independents, Socialists and Agrarians to agree on a compromise.
Suggostions offtTod by the minority leaders that each faction have three
members were disapproved by the Government, which insisted that the
Obregon faction put Its own ticket in the field for the entire membership,
whereupon tho Independents split, the majority of them going with the
Obregonistas.
The adjournment
of the Congress leaves Obregon without a budget, but
enjoying special privileges which enable him to enact his own
appropriations and to fix the rate of taxes.
There has been considerable talk regarding a special session to consider
organic l«;gislation, but nothing official is forthcoming.
It is generally
considered probable that Obregon will be forced to call a special session, but
that it is likely that he will wait some time before acting.
Preferential attention in all branches of the Government is being given
Several
to the economic situation, which is rapidly becoming critical.
methods have been suggested to relieve the situation, including a commission to regulate prices.
This does not meet with the approval of business
men, who are desirous of having the situation readjust itself automatically.
This is considered difficult, however, because of the failure of the Congress
to enact a banking law, resulting in the curtailment of all credit transactions.
Measures to temporarily relieve the mining Industry are inoperative so far.
Mining authorities believe these measures will aid the larger companies, but
are ineffective to save the smaller concerns which are not large producers.
Miners, however, have not a bettor method to suggest, believing that Mexico
must suffer along with the general world depression.
he
is stlU
MEXICAN GOVERNMENT RECOGNIZED BY GERMANY
—RECOGNITION BY UNITED STATES.
Under date of Dec. 31 a Mexico City dispatch
York "Herald" said:
in the
New
Formal recognition of the Mexican Government by Germany, signed^ by
President Ebert and Foreign Minister Simons, was given out by the
Foreign Relations Department to-day. The letter of recognition Is effusive
in "most fervent wishes for the prosperity of Mexico, with personal a£sai^
ances of highest regard and friendship."
The same paper also printed the following advices from
Washington Dec. 31:
Further steps here toward recognition of the Obregon Government of
Mexico are regarded as improbable until the joint commission to formulate
an agreement between the two countries, suggested recently by Secretary
Colby, has been created.
LAMONT THINKS MEXICAN SITUATION NOT
SUFFICIENTLY DEVELOPED FOR COMMITTEE
ACTION ON BEHALF OF BONDHOLDERS.
MR.
A statement to the effect that the International Committee
of
Bankers on Mexico has had under consideration the ques-
tion of calling for a deposit of
Mexican Government
securi-
but that it does not feel that the situation in Mexico
has developed sufficiently to make the step desirable at this
juncture, was made pubhc on Jan. 4 by T. W. Lamont, as
ties
,
follows:
Thomas W. Lamont, of J. P. Morgan & Co., Alternate Chairman of the
International Committee of Bankers on Mexico, when asked if it was the
Intention of the Committee to invite a deposit of Mexican securities, said:
"The International Committee has had under consideration the question
of calling for a deposit of Mexican Government securities.
It cloes not
feel, however, that the situation in Mexico has developed sufficiently to
make tliis step desirable at this jimcture. The Committee is observing
the situation ciirefully, and stands prepared to take any steps which may
seem advisable for the interests of holders of ^Iexican Government securiThis announcement is being made simultaneously by the representies.
tatives of the Committee in London, Paris, Amsterdam and Geneva."
DISTURBANCES AMONG MEXICAN BANKS.
Follownng a run on the Paris-Mexico Bank, of Mexico
City, the institution on the 4th failed to open.
The Associated Press advices had the following to say in dispatches of
the 4th regarding the closing of the bank:
The Paris-Mexico Banking Co., with a capital stock of 14 000,000 peaoe.
did not open its doors for business to-day, but a Treasury Department
annoimcement last night said it was expected the institution would resume
operations within a month and liquidate all claims.
Loans of 4.000,000 pesos on cotton. 2,000.000 on sugar and 2.000.000 on
other merchandise, all of which products have decreiised in value within
the last month, were recently made by the bank, and caused a run.
There has been considerable unrest recently In banking circles because of
the low prices of cotton and silver. The Laguna district, in the State of
Coahuila, which grows the bulk of Mexico's cotton crop, bad a large production this year, but within the past two months prices have decreased
almost one-half, making it impossible to ship the cotton at a profit.
On Jan 5 the Department of Commerce at Washington
reported the receipt of the following telegram from Com-
—
THE CHRONICLE
104
iiKTcijil
Attache Carloton Jaoksou, Moxico City, under dato
of Jan. 3:
y Moxico remaina closed to-day: Oovcriiraent and
nlxhl not (<> lu'lr); app.irpntly tho closure Ir the
Amcrlof n iK-wKpiiiKT niinpulKn iih tin- biiuk in H.ikl l<i tx; Holvcnt.
Clu Unnc4trla de
C'lcnrliiK
r«*iull
House
I'urlH
dtx-Ulixl
l.usl
Ciin ourri'iicy iiiid c'xcli.iiinc
In rt'i)ortinK a run
from
.it
'.i"/„
(liKcounl to-<l;iy.
on anolluT
Mi'.xico City Jan.
institution, i)rcss disi)atche8
5 said:
The run on the lianrjuo KrnncalsP du Mcxuiuc. which Ix'Kaii on \tonday,
llundnylH of dopoKltorK crowdc<l the hullding and
conthuKxl yiKtrnl.iy.
When the bank closed its doors
all were paid their deposits in silver coin.
at 1 o'clock yfwterday afternoon more than '.iOO persons were outside attemptlnK to entt<r. .IuIck Lacaud. Manager of the bank, a.ssortod that all
demands would be met. IntlmatlnK that other banking institutions would
Coniu to his assistance.
Under dato
of Jan.
6 the developments were reported as
press dispatches from Mexico City:
Anxiety on the part of the depositors in banks had somewhat abated today, as was indicated by the diminished line In front of the Banque Francalso du Moxlque, which did not open its doors for business Tuesday.
There was also only a mild flurry of depositors before the other banks in
follows in
tlu'
the city.
A Judicial liquidator hiis been appointed for the Mercantile Banking Corporation, which closed Wednesday afternoon. The Mex-lco City newspapers which printed sensational stories concerning the financial situation
several days ago to-day published exhaustive articles in which it was declared there was no rejison for alarm, as all the banking institutions were
The banks were open to-day only throughout the morning, closing
solid.
in the afternoon owing to the church holiday.
Mild panics reflecting the conditions in MexJco City have been reported
from Guadalajara. Vera Oruz and Tamplco.
President Van Zant, of the Mercantile
Bank was
later
solvent and had stopped
Washington press disprotection.
reported as saying that the bank
is
pajinent for its own
patches yesterday (Jan. 7) said:
It was learned at the State Department to-day that the United States
does not plan to take any action to alleviate banking conditions in Mexico.
Advices received at the Department report the closing of several Mexican
banks within the past few days.
PRESIDENT WILSON VETOES RESOLUTION REVIVING
WAR FINANCE CORPORATION— REPASSAGE
OF RESOLUTION.
Despite the veto by President Wilson on
Monday last
(Jan.
3) of the resolution reviving the War Finance Corporation, the
resolution was placed on the statute books this week, the Sen-
ate passing it on the 3d, over the Presidential veto, by a vote
of 53 to 5, while the House on the 4th inst. decided by a vote
of 250 to 66 to override the veto. As reported in these columns
Dee. 25, page 2468, the resolution calling for the revival
of the Corporation was passed by the Senate on Dec. 13,
and in amended form was passed by the House on Dec. 18,
the House amendments having been concurred in by the
Senate on Dec. 20. The resolution it is stated, was not
placed in the President's hands until Dec. 23. In his veto
message President Wilson while declaring himself in sympathy with every sound proposal to promote foreign trade
along sound business lines, expressed himself as "not convinced that the method proposed is wise
or that
the same or larger advantages cannot be secured without
resort to Government intervention."
On the contrary
said the President "I apprehend that the resumption of the
Corporation's activities at this time would exert no beneficial influence on the situation in which improvement is
sought, would raise false hopes among the very people
who would expect most, and would be hurtful to the natural
and orderly processes of business and finance." The President referred to the fact that the Corporation was created
during hostilities for war purposes, and he observed that "for
many months there has been a demand that war agencies
should be abohshed and that there should be less Government interference with business." "I have," he says
"sympathized with this view and believe that it is appheable
to foreign trade as well as to domestic business.
I am
of the opinion that now, more than two years after the
armistice, the nation should resume its usual business
methods and return to its reliance on the initiative, intelligence and abihty of its business leaders and financial inThe following is the veto message in full:
stitutions."
To the Senate of the United States:
...
my
signature, S. J. Res. 212, "Joint resolution
I am returning without
directing the War Finance Coproration to take certain action for the relief
of the present depression In the agricultural sections of the coimtry, and
for other purposes."
The Joint Kesolution directs the revival of the activities of the War
Finance Corporation.
This corporation
is
a Governmental agency.
Its
It was created during
capital stock is owned entirely by the United States.
The temporary powers which It is now prohostilities for war purposes.
posed to revive were conferred in March, 1919, to assist If necessary In the
financing of exports. The general powers of the corporation expire six
months after the termination of the war, and the special powers with respect
to the financing of exports, expire one year after the termination of the war.
While we are technically still In a state of war. It unquestionably was
presumed, when this added power was granted, that peace would have been
formally proclaimed before this time, and that the limitation of one year
would have expired.
[Vol. 112.
In May. 1920. In view of the fact that export trade had not been Interrupted, but had greatly expanded, and that exports were being privately
financed in large volume, the War Finance Corporation, at the request of
the Secretary of the Treasury, and with my approval. BUHi>cnded Iho making
of advances.
This resolution was passed by the Congress, apparently, in view of the
recent sudden and considerable fall In prices, e8i>ecially of agricultural commodities, with the thought that some European countries, to which certain
products were customarily shipped before the war, might again be enabled
to resume their Importation, and that larger masses of domestic exports to
European countries generally might be stimulated, with the resulting enhancement of domestic prices. I am In full sj-mpathy with every sound
proposal to promote foreign trade along sound business lines.
I am not
convinced that the method proposed is wise; that the benefits. If any would
offset the evils which would result, or that the same, or larger, advantages
cannot be secured without resort to Government intervention. On the
contrary, I apprehend that the rcsiunption of the corporation's activities,
at this time would exert no beneficial influence on the situation. In which
Improvement is sought, would raise false hopes among the very people who
would expect most, and would be hurtful to the natural and orderly processes of business and finance.
Large Government credits were extended during the war to certain
European Governments associated with tis in the struggle. These ceased
several months after the armistice, except for commitments already made.
They should not now be resumed, either directly or indirectly. The recent
Brussels conference, composed of experts from many European countries
and from other nations. Itself expressed the opinion that further credits
should not be accorded directly by Governments. I do not believe that
they should be accorded indirectly.
Exports of domestic products have not declined since tne armistice. On
the contrary they have greatly increased. From an aggregate value before the war of less than two and one-half billions of dollars, and of about
six billions the last year of hostilities, they rose in the calendar year 1919 to
more tlian $7,900,(X)0,000, and this figure will probably be exceeded for the
For the first eleven months of last calendar year we exlast calendar year.
ported more than seven and one-half million dollars worth of domestic
merchandise. These have been largely privately financed. The difficulty in the way of still larger exports does not seem to lie so much in the
lack of financial ability here as in Europe's lack of means to make payment.
Her productive energies and the services wtilch she renders have not yet
reached a point where they balance the value of commodities taken from
this nation, and her ability to furnish for additional exports securities which
would feei justified in taking is restricted. The experts of
business me
the Brussels conference reported that "one of the chief obstacles to ttie
granting of credits is the absence in borrowing countries of sufficient seUntil this obstacle is removed it is difcurities for ultimate repayment."
ficult to see how materiaUy larger exports to Europe are to be made even
If exporters, aided or unaided by Government finance, stand ready to do
It is remarkable that Europe is able to make an effective detheir part.
mand for as large a volume of our goods as she is making. It is gratifying
evidence of her recovery and progress toward full production and sounder
.
financial conditions.
Under the law, if the activities of the Corporation were resumed, no direct
advances could be made to producers and. if they could be. they would not
accomplish the objects in view. They would not create demeind for our
products. They could be made only to exporters or to banks engaged in
financing exports, and if they did In some measure stimulate exports they
would probably not have the effect apparently most desired of substantisilly
increasing those of agricultural commodities.
Already, with the larger
volume of exports which Europe is taking from us, she is exercising her option, such as meats, presumably because she herself has become more largely
self-sufficient, or is again providing herself with supplies from distant countries which, with the opening up of shipping since the armistice, have
once more foimd their place in the markets of the world.
It is highly probable that the most unmediate and conspicuous effect of the
resumption of the Corporation's activities would be an effort on the part of
exporters to shift the financing of their operations from ordinary commercial
channels to the Government. This would be unfortunate. It would continue the Government as an active factor in ordinary business operations.
If activities of any considerable magnitude resulted, they would necessitate
the imposition of additional taxes or further borrowing, either through the
War Finance Corporation or by the treastiry. In either case, new burdens
would be laid upon all the people. Further borrowing would, in all likelihood, tap the very sources which might otherwise be available for private
operations, or which the Treasury is now compelled to reach to meet current
obligations of the Government.
There is no question that the borrowing
of the Government should be limited to the minimum requirements, and
that the Government should not be called upon further to finance private
business at public expense. To the extent that Europe is able to furnish
additional securities, private financial institutions here wUl doubtless find
means of givng the necessary accommodation. The way has been opened
for added Intimate efforts to promote foreign trade.
Financial agencies In
aid of exports, privately financed, have already been planned to operate
under the act approved Dec. 24 1919. authorizing the organization of banking corporations to do foreign banking btislness. One corporation has been
organized in the South, and a second of larger scope is in course of development. These agencies may be expected to act as promptly and as liberally
and helpfully as sound business conditions will permit. Through reliance
on such enterprises, rather than through Government Intervention, may we
expect to secure a return to stable business relations. For many monttis
there has been a demand that war agnecies should be abolished, and that
there should be less Government interference with business. I have
sympathized with this view, and believe that it Is applicable to foreign
trade as well as to domestic business. I am of the opinion that now.
more than two years after the armistice, the nation should resume its usual
business methods and return to its reliance on the Initiative, intelligence and
abUity of its business leaders and financial Institutions.
shall not witness an Immediate satisfactory adjustment of domestic
and Intemational trade relations. The burdens of war are not Ufted when
the fighting ceases. One sad thing about war is that it leaves behind it a
legacy of economic Uls and of suffering from which there is no escape. Conditions, however, are Improving both here and abroad.
The difficulties
with which we are now confronted are of smaU consequence in comparison
with those which we have met and overcome. Fuller restoration awaits the
adoption of constructive measures of large consequence. The secure
establishment of a just peace in the world; the cessation of fighting everywhere; the more complete resimiption in Eiu-ope of the normal courses of
Industry; the return of her people to sounder fiscal and banking policies, and
the breaking down within her borders of harmful restrictions.
We
WOODROW
,
WILSON.
The White House, Jan. 3 1921.
In the Senate on the 3rd inst. the President's veto was
sustained by two Democrats Senators Gerry of Rhode
Island and Thomas of Colorado; and three Republicans
—
i,
THE CHRONICLE
Jan. 8 1921.]
Elkins of West Virginia, Keyes of New Hampshire and
Sutherland of West Virginia. Of the 53 Senators voting in
favor of overriding the veto, 29 were Democrats and 24
RepubUcans. Those voting in the House to sustain the
President's veto were 49 Republicans and 17 Democrats,
while the 250 who recorded themselves in the House in favor
of the passage of the resolution over the veto were composed
of 135 Republicans, 114 Democrats and one Prohibitionist.
Senator Underwood in addressing the Senate on the 3d,
following the request by Senator Gronna for immediate consideration of the resolution, said:
do not Intend to delay the Senate at any length In addressiing myself
to the pending question, but I do not think I should let the vote come without a statement of the reason why I intend to vote that the Joint resolution
shall become a law notwithstanding the veto of the President.
When the joint resolution was originally before the Senate I voted in favor
I have not changed my mind as to the advisability of the
of its passage.
measure becoming a law. I realize that the time has come when the great
war endeavors of the Nation should cease and that we should readjust
ourselves to peace conditions and allow business to flow along the usual
channels that direct it in times of peace; but I see nothing harmful in the
joint resolution and I see much that may be of service to the very distressed
condition of the country.
In times of distress and financial danger there are many things that come
before a legislative body that are initially wrong, fundamentally dangerous,
which must be stopped but when an opportunity comes where we may be of
service in carrying the country over a dangerous situation, I think it is wise
on the part of the Government to be responsive to those conditions and
grant that aid as speedily as possible.
I
I have noted the objections stated by the President in his message.
have no point of difference with his expressed desire that war functions
should cease and that we should return to peace conditions. Technically,
we are stiU in a state of war. Technically we can properly pass the Joint
During the period of the war the War Finance Corporation
resolution.
fimctloned properly and successfully in aid of business and in aid of the
Government. There is no reason that I can see why it cannot render aid
to the people of the coxintry as effectively now as it did during the stress of
war. So far as our financial conditions are concerned, we are in a far more
distressed situation today than we were at any period during the war.
It is not unusual, by proper methods along governmental channels, for
the Government of the United States, by the weight of its influence and its
power to aid in the Casing of financial conditions and distressed credit
conditions.
I can recall the time may years ago when a Kepubllcan President of the
United States withdrew from the Treasury tax moneys of the people and
deposit«d them in New York banks in order to prevent financial difficulties
and panic stringencies. Although that action might have been going to the
extreme Umit, it seemed to meet with the approval of the American people.
More than that, I can recall in the hours of the present administration
that the Secretary of the Treasury, through the Federal Reserve System,
placed moneys in the Federal Reserve banks ito be used for the purpose of
loaning to the banks in that system in order that they might mo-ve the crops
to the noarket of their final destination exercising a governmental function
with the power and the credit and the money of the Federal Government
for the purpose of moving the crops to prevent stressed conditions at home.
All that the joint resolution proposes to do is to use the credit of the
Federal Government through recognized governmental agencies too secure
the money to move crops to foreign markets and relieve a distressed conI see no fimdamental reason against the measure if the
ditions at home.
law is carefully and safely administered. There is no danger to the Treasury and no danger to the finnaces of the country. The administration
that is charged with carrying out the terms of the joint resolution is the same
administration that properly and fairly and justly administered the law
but a few months ago in the times of war distress. I see no reason why the
country or the Congress should not expect and properly expect, that the
provisions of the Joint resolution can be and will be administered as safely,
as conservatively, and as satisfactorily as was done a few months ago.
Therefore I think it should become a law notwithstanding the veto of the
President.
I
,
Representative McFadden on Jan. 4 made known the
intention of the House Banking and Currency Commission
following the passage of the resolution calling for the revival
of the War Finances Corporation, to begin hearings on the
6th on further proposals to have the Government finance
the exportation of farm products.
The Philadelphia "Ledger" of Jan. 5 in reporting this said:
The restoration of the War Finance Corporation necessitates the Treasury's borrowing approximately $.3,750,000.
That money will bo used in
facilitating primarily the exportation of surplus farm products in this country providing it is carried out in the spirit designated by the action of
Congress. The hope of the farmers is the development of that trade will
start prices rising again so they may be able to get "cost of production."
The House Banking and Currency Committee now proposes to go thoroughly into further proposals to have the Government furnish millions more
to make possible trade, particularly with those countries in Europe at present under great financial strain.
The plans which have come to light so far include one for utilization of
$800,000,000 of the Government's money for that purjjose and another to
extend to Germany a loan of SI ,000.000.000. The first of those, advanced
by the Farmers' National Council, calls for the reduction of expenditures on
the military and naval establishment to the amount of the money proposed
for the purpose.
As to the passage of the resolution revising the War Finance
Corporation, and other steps which are involved, the New
York "Times" in Washington advices, Jan. 4, said:
This action by Congress is meaningless unless followed up by further
Congress must now provide funds for the Corporation. These
can be obtained in one of two ways either by direct appropriations out of
the Treasury, now facing a deficit at the end of this fiscal year of about
$1.500 000 000 or by the sale of bonds. In the opinion of finance authorities either plan means increased taxation and further holding up of falling
prices now giving way to economic forces.
Critics of the propost on say
that the credits of Europe are absorbed and any further aid given by the
United States Government would be dangerous and probably mean a loss
legislation.
—
to the people.
It is
scribed
pointed out
if
Congress
is
serious in adopting this legislation
by one Republican as "vaudeville carried to the extreme
"
de-
funds
105
Even after this step in Diken
of about $1,000,000,000 must be provided.
the plan must encounter the uucom promising attitu<le of HfcrctiU'y Uouaton.
l(u has said that he will not grant credits because of the siluatiun in Europe.
Undor the present law he Is given discretionary power. If Cougrtss mtsina
to have its way the law originally creating the Corporation must be amended
s<j as to take away these powers which the Secretary Informed Congressional
cuuunittees he Intended to exercise.
Few Republicans are willing to say that Congr««8 Ciin afford to offer a
subsidy to the farmers as they say the tixteiisioii of credits would be. The
declared will be the last move by Congress
stay the falling price of farm eoiuiuoditles.
.Senator Penrose Is opposed to the legislation and those who know his
s(rength «iy that he will be able to kill further niov<« U) vitalize the War
Finance Corporation and pas.s the emergency farm tariff measure.
overriding of the veto It
rush<xl Into hasty action
Is
t<i
The same paper Jan. 5, said:
Passage by the House of the War Finance Corporation rouilution brings
that organization back into being, but in the minds of most local bankers
As a matter of fact, very few
it will not make tlie Corporation function.
of them expect the War Finance Corporation to do much, and if the regulations with regard to advanct* and discounts :ire similar U) thf)se which were
imposed when the institution previously was supposixl to be in active operaThis is the reason there
tion, the bankers feel It will do virtually nothing.
is .so little being said against the action of Congress, for most bankers believe
The Preuident's remarks
the thing to be unsound and vicious In principle.
In returning the resolution to the Senate unsigned yesterday were widely
quoted and with almost universal approval.
REPORT OPPOSING REVIVAL OF WAR FINANCE
CORPORATION TABLED BY NEW YORK
CHAMBER OF COMMERCE.
At Thursday's meeting of the Chamber of Commerce of
the State of New York a report disapproving the proposed
revival of the War Finance Corporation was presented by
Thomas W. Lamont, of J. P. Morgan & Co., as Acting
Chairman of the Chamber';^ Committee on Finance and
Currency. A request by Mr. Lamont that the report be
received and filed brought objection from Eugene Meyer Jr.,
former Managing Director of the War Finance Corporation,
who declared that its acceptance by the Chamber might be
construed to mean that the bankers of New York were unwilling to co-operate in the suc(!essful carrying out of the
resolution passed by Congress this week pro\iding for the
revival of the Corporation.
Mr. Meyer moved that the
report be tabled, and his motion was carried by a vote of
66 to 57. The report stated that "any attempt to revive the
War Finance Corporation, and to instruct it to resume its
operations in a comprehensive manner, would in our judgment, with every respect for the Congress which has expressed
a differing point of view, prove ineffective and unwise."
The reasons leading to these conclusions were set forth at
length; discussing the subject to "frozen" credits the report
said: "The situation of so-called 'frozen' export credits ia
uppermost in the minds of us all; but surely it could not be
the intention of those urging assistance by the War Finance
Corporation that it should take over these 'frozen' loans from
If, on the other
the banks without a bank's guarantee.
instance has to be granted by
hand, the credit in the first
the banks, they could just as well borrow from the Federal
Reserve banks, provided they are not already too heavily
indebted to the latter. In such case it would be distinctly
undesirable that the War Finance Corporation should grant
facilities which the Federal Reserve banks themselves might
have deemed unwise." The folloNAing is the report in full:
To
the
Chamber
of
—
Commerce
The Chamber has requested this Committee to "study and report upon the
problem of how to secure adequate relief, be it through the Oi-dinary channels
of Americain banking or through such extraordinary measures aa may be
warranted In the clrctimstances. for oiu- foreign trade which finds Itself
gravely menaced by prevailing conditions and the collapse of which seriously
affects domestic production, industry and trade, as well as shipping and
banking."
The Chamber has furthermore requested that this Committee "study In
particular the question of whether or not an attempt should be made at
this time to secure relief by taking measures to set into operation the War
Finance Corporation, with such powers as may be sought through Congressional action."
Since this Committee began its sittings the Congress has already, by a
large majority, voted for the resurrection of the War Finance Corporation,
and the bill directing this step is now in the hands of the President for his
approval or disapproval. Therefore, any views that this Committe may
Nevertheless, because of
express are likely to be of only academic interest.
the grave principles involved in the whole question and because your
Committee believes the time not inopportune to review at .some length the
whole commercial and economic situation with which wo find oiu-selves
confronted today, your Committee begs to report as follows
Any attempt to revive the War Finance Corporation, and to instruct it to
resume its operations in a comprehensive manner, would in our jutlgment
with every respect for the Congi-ess which has expressed .a differing point of
view prove ineffective and unwise. The reasons which le<id us to this
conclusion are inherent in the whole situation which we venture to siunmarize as follows
The serious conditions in which American farming, industry, commercee
trade and banking, find themselves at this time have been fully doscribed
in the report of the Committee on Foreign Commerce and the Revenue
It is unnecessary
laws submitted at the Chamber's meeting of Dec. 4th.
for this Committee to reiterate what has already been so fully stated in that
report.
Nor does the Committee feel it necessary to emphasize the fi.-t
that every member of the Chamber must feel deep concern and syniii:ithy
for those suffering trova the prevailing unsettlement of our foreijru and
—
THE CHRONICLE
106
that condltionn an Kravo as at present should
of tho«o ln<llvldual8 and Induetrles afToctod a slronR dosire
for out«ldo rollof.
It In twiually natural that a first Impulse should bo the
wish to comply with such demands. It Is our duty, however, before we
domentic
triule.
call forth in
It Ih naturnJ
many
attompt to suKRost a remedy, to examine carefully the nature of our Ills,
and to be certain that relief, if ffpantod is not likely to prove a more palliative
which in the end may result In Increased loss and lonK<T unsottlemont.
The trouble from which we are stiffwInK today does not affect any parIf
ticular class, nor any particular section nor any particular country.
by chance it boars with particular weight upon the American farmer, still
the American exporter, the wholesaler and the retailor, all feel that they are
In fact, it is not a local trouble, but one that embraces
equally burdened.
the whole world. From that point of view It must be examined.
The world at present does not suffer so much from over-production as
from under-consumptlon in Central and Eastern Europe on the part of
hundreds of millions of i)«)plo. This undCT-consumption Is due partly to
social and iwlitlcal unrest in the countries affected, and partly (we might
add mainly) to the exhaustion of their credit. Millions of people In those
countries are living in conditions of under-nouri.shment and partial or total
idleness.
They need the surplus foodstuffs and the raw materials that are a
drug on the markets of some of the producing countries. But these goods
camiot be moved from whore they are a burden to where they are a necessity
because the purchasing power of the peoples that require them has been
exhausted, and because political, social and economic conditions are such
that these peoples In neetl cannot themselves produce enough to pay. by
ftn exchange of goods, for what they require.
Since the beginning of the war, the United States has sold to Europe and to
the world at large some §18,000,000.000 of goods in excess of what the world
has been able to pay for in goods. During the period that America was in
the war, and in the months immediately ensuing, our Government itself
advanced appro.iumatcly $10,000,000,000 to allied purchasing countries.
After the armistice, and as loans by our Government diminished, we undertook to sell on credit granted through individual loans. This brought about
a corresponding banking expansion with us. and resulted in a floating Indebtedness of Europe to our banks and industries estimated by close students of the subject at upwards of $3,000,000,000. During all this time
inflation proceeded all the world over, moderately in some countries, at a
mad pace in others; and prices rose accordingly to more or less dizzy heights.
The suffering to which all the world was subjected by the abnormal increase
of prices caused an insistent and determined demand that something should
be done to terminate this fatal course and to bring the world back to a more
normal price level. It was clear to every student that an adjustment
could be brought about only by a decrease in wasteful and non-productive
government expenditures: by greater economy on the part of the people;
by more effective production, this last in turn being predicated upon a
proper distribution of raw materials. Neither individuals nor governments
have seemed to heed such call of reason; individuals and governments, it
appears, can learn their lessons only from the hard task-master of economic
pressure and actual suffering.
As the recent Conference at Brussels
brought out, 22 governments are still woridng with annual deficiencies
(locluding extraordinary or non-recurring expenditures) that amount to a
total of $6,107,000,000 calculated at current rates of exchange, or a total
of $22,451,000,000 at the old par of exchange. Even in the United States,
out of our total estimated Federal expenditure for this year 40% is for the
Army and Navy; 6% for pensions and 33% for the service of our war debt;
making almost 80% that we are devoting to piUTJOses of war, past, present
,
and
future.
Political and
economic peace, such as the world hoped to see at the conclusion of the armistice, has not yet been restored, nor have we any aussrance
that it will be established in the near future. It is this fact, more than any
other, that has impressed itself deeply upon the minds of our statesmen, our
business men and our bankers.
It is safe to say that a similar state of mind
exists in the majority of those other countries which, like the United States
must sell on credit at this time if they want to dispose of their surplus
production at all. Government and banking credit in these countries, as
in the United States, has gone approximately as far as it can afford, or
dares, to go, and our private investors will not extend credit in these European countries to a degree adequate to break the deadlock, unless they
see that European governments are determined to bring the Old World
back to such a basis of political and economic peace as will enable European
production again to thrive and thus to usher in a general era of recuperation.
There is no use blinking the fact that the creditor world has reached the
conclusion that the debtor world cannot emerge from its present plight as
long as it Is composed of factions working against one another instead of with
one another; factions still acting towards one another in a spirit of discord,
even though peace between tnem has nominally been restored for eighteen
months. It is only fair to state that the governments of certain countries.
and millions of people of moderate views in others, are working towards
this aim of concord and understanding.
Fxirther, it must freely be admitted
that the difficulties to be overcome after a struggle so intense and so prolonged as the great war are tremendous. But the fact remains that, unless
economic peace is made upon a basis that permits all Europe to live, to
work and produce on a more normal
basis,
our economic problems cannot be
solved without further derangement and suffering.
The large countries of Continental Europe are so closely interwoven one
with another, their strength has been so much sapped by the four years'
struggle and the two years of aftermath, that ruin cannot come to one of
them without at the same time deeply or even fatally affecting others.
It Is a truism that has been expressed in the peace treaty of Versailles and
at every subsequent meeting of the Supreme Economic Council or of international financiers, that Germany's ruin would vitally affect almost all of
her creditors, and that, therefore, as the first step of reconstruction, the
Indemnity question must be solved In a way that will permit Germany to
survive and to fulfill her obligations to the maximum of her ability. The
reiteration of this statement is not a plea for Germany: it is a consideration
closely bearing upon all the nations of the Old World, and also upon all
America's export relations.
Until the Indemnity to be paid by Germany Is determined, and In a
manner that gives to the world confidence that a basis has been found upon
which political and social peace in Europe is reasonably assured and an
era of economic construction Is in sight, there is no solid foundation for
hope that government budgets may come under proper control and that the
depreciation of foreign exchanges may be arrested.
If, on the other hand,
the decline of exchanges is to continue, what is there to warrant our expectation that an artifical increase of credits granted to foreign countries
would do more than postpone the coming of days even more disastrous and
empty of hope for these debtor countries of the world and consequently for
our own foreign trade?
In order to get a clear grasp of the problem involved, it has been necessary
to review the general situation beyond the limits of this Committee's
reference and at considerable length.
Could the operations of any organization .|no matterhowpowerful.be expected to bring relief In thse circumstances? Nobody in this Chamber, we are sure, would, as long as a definite
outlet is not in sight, wish the War Finance Corporation to undertake to
boost the price of our products or to attempt to carry theselstaples in store
,
[Vol. 112.
order to delay their marketing.
Valorization schemes of thin sort
undertaken by governments nave Invariably led to disastrous reeufts.
Even If It were at all practicable to indulge In such a scheme, it would
Involve untold billions; it would call for the freest use of government credit;
It would affect the whole fabric of our security markets, and In Its fln*l
analysis the expense involved would have to be borne by the people of the
United States, be it through direct taxation or through the Indirect effects
of such a gigantic scheme.
We have already heard It tersely expressed that
any present scheme of relief would have to be designed so as to help the
consumer rather than the producer. But Just now the consumer In need
of assistance is represented by the very countries which can buy only on
credit and whose credit Is exhausted.
There Is at present in the United States a strong and healthy determination to bring business back to its natural channels and to eliminate as far
as po.ssible the hurtful influence of government in business.
This sentiment
which expressed itself so forcefully after the armistice and which haa
gained in strength through the subsequent revelations of Inevitable wastefulness and inefficiency in the government administration of large commerical enterprises should. In the opinion of your Committee, not give
way, because of the present disheartening conditions, to a panicky effort to
return to the apron-strings of government. Those suffering especially
at this time .should not be unmindful of what others had to endure, during
the period of rising prices; and they should remember the fact that the more
we avoid artificial measures at this time, the more solid will be the foundation we shall have to rest our future economic life upon.
If the granting of
great credits at this juncture to such foreign communities as seem to be
making little or no progress must be considered as of doubtful wisdom for
the individual, should the government be asked to undertake the same
burden, or should others, by the direct or indirect use of government
money or government credit, be encouraged to embark upon such venture?
Your Committee believes that the War Finance Corporation, if empowered
and requested to resume its operations, would, if conservatively administered, find that in effect it could not go far, as long as it would restrict its
On
transactions to such as would be manifestly in the public Interest.
the other hand the pressure upon the Corporation from special interests
which would naturally wish to utilize quasi-governmental credit for purposes of their own, would be hevay, and it is doubtful whether the government would be able at this juncture to secure the services of enough Independent and expert business men of adequate standard for the gigantic
In
—
—
task in sight.
The situation of so-called "frozen" export credits is uppermost in the
minds of us all; but surely it could not be the intention of those urging
assistance by the War Finance Corporation that it should take over these
"frozen" loans from the banks without a bank's guarantee. If on the
other hand, the credit in the first instance has to he granted by the banks,
they could just as well borrow from the Federal Reserve banks, provided
they are not already too heavily indebted to the latter. In such case It
would be distinctly imdesirable that the War Finance Corporation should
grant facilities which the Federal Reserve banks themselves might have
deemed unwise.
The export situation is in our judgment only a part of the larger one.
It would lead too far, however, to elaborate the point of how far Europe's
inability to buy goods from other producing countries in turn incapacitates
these countries from buying our goods. The Chamber does not need any
further elucidation of this point.
Your Committee though, as stated, more than doubtful as to the wisdom
of the revival, upon an extensive scale, of the operations of the War Finance
Corporation, yet believes that fundamental principle of its original plan to
be sound which contemplates the encouragement of savings on the part of
the small investors, and the gathering in of such scattered investment money
for such financing of our foreign trade, as may be deemed safe, and as may
take the form of long-term credits or foreign securities. For as yet our
investors, partictUarly the small ones, are not sufficiently trained to be
able to place their savings in these foreign fields without expert advice and
reasonable guarantees. With this point in view and in order to encourage
foreign trade and investments of sound character, Congress passed the
so-called "Edge Law," and efforts are being made at this time to organize
corporations of large and small scope, which would exercise some of the
functions originally planned for the War Finance Corporation; distinctly
different, however, in that the affairs of such Edge Corporations would
be in the hands of business men instead of the government.
It is true that the actual operations of these corporations upon a large
scale depend, as we have above indicated, upon the developments in
Europe. But none the less, it would seem highly opportune for them to
organize so as to make potentially available for the world at large the resources of the United States and to place us in a position to cooperate with
other countries which may prove able and willing at the proper time to take
a hand in the work of reconstruction.
It would seem to your Committee that if the law reopening the War
Finance Corporation to operation should become effective, then, as we have
stated, it would be unwise, under present conditions, for it to undertake
operations upon a comprehensive scale which might result In the War
PHnance Corporation and the Edge Corporations competing with one
another in trying to secure the savings of the investor. But we believe
that the War Finance Corporation could exercise a beneficial function If it
could place itself behind such Edge Corporations, whose operations would
be found to be clearly in the public Interest. Your Committee could well
imagine that some plan might be devised by which the War Finance Corporation could cooperate by associating itself with such Edge Corporations
in a way that, within well-defined limits, might give additional protection
to the debenture holders of such Edge Corporations, while the War Finance
Corporation, as a creditor, would rank ahead of the stockholders and
would be drawn upon only after the funds of the stockholders would have
been exhausted. In this manner, an additional security might be created
for the small investor and it might become easier in this way to seciire
from him the large funds that will be required in order to adjust, to some
degree at least, the lop-sided world balance sheet, which is so much in our
favor at this time that it has become a serious obstacle for the rest of the
=• M
world and ourselves to do business together.
Your Committee believes, however, as already stated, that the moment
for successful and extensive operations of this character will not be in sight
until certain important changes, including the settlement of the indemnity
question, have been brought about on the continent of Europe.
If and
when such questions begin to approach a tangible settlement, it may well
be that the United States can serve its own ends better, and incidentally
can render a greater assistance to the world, by considering what steps we
can take to aid the European consumer, by strengthening the credit and
helping to reduce the financial burdens of Continental European countries,
already too heavily indebted to us.
It well may be that some plan, purposed to such ends will prove an impetus to arouse business here from Its
depression much better than the adoption of measures designed in part
to bolster up prices artificially, and to so increase the prices of the goods
that consiuners abroad must buy from us and that we must sell to them,
if the Old World and the New are both to enjoy again a period of economic
peace and prosperity. For, in our judgment, any plan is unwise which
THE CHRONICLE
Jan. 8 1921.]
tends to draw our government further Into the perilous field of private
enterprise and banking, especially when, by embarking upon such a plan
we can see In It no compensating relief to our foreign trade conditions.
Respectfully submitted,
W. LAMONT. Acting Chairman
OTTO T.
THOMAS
BANNARD
HERBERT K. TWITCHELL
PAUL M. WARBURG
JAMES S. ALEXANDER
York, December 30 1920.
JOHN McHUGII, OF FOREIGN TRADE FINANCING
CORPORATION, ON REVIVAL OF WAR
FINANCE CORPORATION.
the revival by Conjjress of tlie War
Finance Corporation, John McHugh, Vico-Presidont of the
Mechanics & Metals National Bank of New York City, and
Chairman of the Committee on Organziation of the Foreign
Trade Financing Corporation, issued the following statement
on Jan. 5:
The thought was clearly expressed at the Chicago conference of bankers,
business men and producers from all over the country, hold last month to
consider means of financing our foreign trade, that even if the Government
undertook the work of lending money or credit drectly or indirectly to
further export trade in the present omorgoncy, it should abandon that
work as soon as private financial machinery was brought into existence an
was ready to compete.
The Chicago conference authorized the formation of the Foreign Trade
Commenting on
Financing Corporation, to provide just such permanent financial machinery
for maintaining and developing America's foreign trade on a nationwide
basis, and serving the interests of all elements in our commercial and agricultural structure.
This machinery cannot be bult up in a day, nor can it be considered as
a "cure-all." It is designed, however, to provide a foundation lacking at
the present moment for the extension of long-time credits to foreign purChasers of American goods, the money for such credits coming, in addition
to funds subscribed for capital of the Foreign Trade Financing Corporation,
from the proceeds of sales of debentures.
The idea in the resumption of activities by the War Finance Corporation
is to have the Corporation function in the way of meeting temporary needs
and emergencies. Its success in such an undertaking may be of benefit
for the time being, but the emergency nature of the undertaking must be
carefully kept in mind.
The move for the resumption of the War Finance
Corporation s activities simply serves to emphasize the necessity of concerted action by our agricultural, manufacturing and financial elements to
bring into existence effective and permanent financial machinery in connection with our foreign trade.
ORGANIZATION OF FOREIGN TRADE FINANCING
CORPORATION PROGRESSING.
Announcement that temporary quarters had been leased
Broadway, this city, by the Executive Committee
Committee on Organization of the Foreign Trade
Financing Corporation was made on Jan. 4, following a
at 66
of the
meeting of the Executive Committee.
ing the organization
A
statement regard-
work issued on that day by the
latter
said:
The Committee on Organization
of the Foreign Trade Financing Corporathrough its Executive Committee and various special conunittees, is
proceeding actively with its work, preliminary to presenting the final plans
for the corporation to the public and calling for subscriptions to its capital
stock.
The crystallization of a definite policy in this respect and of the
scheme of operation of the new institution has progressed successfully.
A carefully thought out plan relative to the matter of stock subscriptions
and designed to reach every element in our commercial organization will
shortly be announced.
This has been developed with the greatest attention
to the section of the resolutions of the Chicago meeting, urging to co-operation of all members of agricultural, manufacturing, financial and labor
interests, throughout the country, and in the firm conviction that every
member of our producing and business organization is connected with the
welfare of our foreign trade.
It has further been developed with the most careful attention to the necessity of making clear the need for an organization of such magnitude in our
present commercial structure. Adequate machinery for the extension of
long-term credits to foreign customers is essential to the future prosecution
of our foreign trade, as a continued foreign trade is vital to our domestic
tion,
welfare.
EUGENE MEYER JR. IN EXPLANATION OF HIS
ACTION A T CHA MBER OF COMMERCE MEE TINGTHINKS WAR FINANCE CORPORATION CAN
QUICKLY FUNCTION.
A statement explaining his action in moving the tabling
of the report presented to the Chamber of Commerce of the
State of New York on Thursday opposing the revival of
the War Finance Corporation was issued as follows on the
6th inst. by Eugene Meyer, Jr., former Managing Director
of the corporation:
At a meeting of the Chamber of Commerce of the State of New York a
report of the Committee on Banking and Currency, containing a discussion
of an adverse character to the resumption of the War Finance Corporation,
was made, and the Chairman of the Committee requested that it be received
and placed on file. I objected to the proceeding and my motion to lay the
report on the table was adopted by a counted vote of the members present.
objections to the report were based upon the following reasons:
1. The matter had been fully discussed during the past two months by
the public and the press throughout the country, and extended hearings on
the subject had been conducted by the Senate Committee on Reconstruction and Production during a recent tour of the country as far West as
Denver and as far South as New Orleans, and the information obtained
from representative merchants and bankers throughout the country had
been found highly favorable to the resumption.
My
2. The Joint ('ommlttues on Agriculture of the House and Senate had
held bearings at which all the poaslble objections had been fully explained
by the Hecrolary of the Treasury?
.'i.
A prolonged discuijslou had been conducted by the House Committee
on Hanking and Currency at whicti the Secretary of the Tnstsury the leader
of the opposition to the measure, had had full op[>ortunity Ui present the
reasons against the proposition and he did. In fact, most ably prtuunt his
.
objocaioris.
Of the Committee on Finance and Currency.
New
107
4. The President of the United States in his veto meaaure had a«&ln set
forth the objections.
5. After full consideration of all the objections, the Congress of the
United States, by a vote of H'.i to 5 in the Senate, and a vote of 250 to 56 in
the IIou.s(^ with full knowledge of the <)i)lnlon of thnir constituuMts all over
the country had overruled the veto of the President and directed the
rwumption of the War Finance Cori)orallon.
I drew attention to llio fact that there were unintentionally mljileadlng
lm|)licatious in the report which, had I
as former managing dire(.'tor of
the War I'Inance Corporation and a mernlior of the ('hamber of Commerce
In good standing
been Invited to discuss, might have been avoided. I
—
—
—
—
maintained that the report had been made without
full
and adequate hear-
ings.
Furthermore, I pointed out that although the Chamber of Commerce
might be regarded primarily as a commercial organization, no member of
the Committee reijresontod either the
commerce
or the Indastry of this
com-
munity, and that in my opinion from extended personal inquiry, the
National leaders of commerce and industry were favorable to the resumption.
In concIiLslon, I stated that In view of the fact that the matter had been
so widely debated and voted by the Congress by such overwhelming majorities, It appeared inadvisable that the Chamber of Commerce of the State
of Now York should let its record stand In such a light as to permit the rest
of the coimtry to draw the inference that New York would not help In the
same way that the Secretary of the Treasury had promised to help to carry
out the law, and as it Is the duty of all good citizens also to help.
The adoption of the report would unfortunately be construed to mean to
the pefjplo of the country as a whole, that the bankers of New York were
unwilling to co-operate In the successful carrying out of the measure which
the country as a whole, rightfully regarded as a constructive and helpful
act at a time of acute commercial, agricultural, and financial depression
and stringency. This, of course, was in no sense to be taken as the Intention of the Committee, it may be assumed.
Reference to the report presented at this week's meeting
Chamber is made in another item.
On the 7th inst., Mr. Meyer issued the following further
statement expressing the view that the War Finance Corpora^
tion could be quickly put into active operation again:
of the
Ever since the resolution directing the resimiption of the activity of the
War
—
Finance Corporation in connection with its authority to lend in aid
of export trade was finally passed by the Congress, press reports have
contained misleading rumors and statements designed to impair the successful operation of the Corporation.
It has been stated that nothing could be done for two months; that a
new appropriation would have to be made; that no business could be done
until the two vacancies on the Board were filled; that good security cannot
be obtained; besides a number of other statements, equally incorrect.
The fact is that the Board of three can transact any business now in the
same way that it always could. Naturally, if more business Is presented
to the Board requiring more work, more members on the Board wlU be
necessary.
No new appropriation Is needed, the fully paid-up capital
stock of the Corporation now being intact and on deposit with the Treastiry
except that part which is still loaned out in connection with advances
previously made during the war and subsequently, or such other part
of the funds as may be invested in Government securities. Funds may be
provided in addition by sale of the Corporation's bonds for which there
would be a good demand.
The Secretary of the Treasury, in reply to inquiries before the Joint
Agriculture Committee of the House and Senate, and before the Banking
and Currency Committee of the House, stated that if the resolution was
passed and if the Congress made mandatory the resumption of the War
Finance Corporation, he would proceed to carry out the mandate to the
best of his ability and in entire good faith.
Some of the press reports
choose to ignore this statement of the Secretary of the Treasury which of
course, should not be questioned.
Resumption of the War Finance Corporation, according to Information
received by me from interior points, has already had an effect in the restoration of confidence in a disturbed situation.
It is to be hoped that a
continuing increase of confidence may result in a restoration of the normal
movement of goods and commodities, thus releasing the vast quantity of
domestic frozen credits.
In spite of the dire predictions as to the effect on the Government bond
market of the passage of the resolution directing the resumption of the
War Finance Corporation, the Government security market has been
absolutely buoyant. Exchange has risen sliarply, and among other reasons
I believe the resumption of the War Finance Corporation has had Its part.
Letters which I have received from all over the country from merchants,
bankers, and railroad officials indicate a general spirit of approval of the
action of the Congress, and an increased hopefulness for the future based
upon an appreciation of the fact that the resumption resolution was passed
as a constructive measure.
Tangible prospects of import export business have come to my notice,
consideration of which is made possible by the resimiption of the War
Finance Corporation. It would be premature, however, to discuss details.
—
NATIONAL ASSOCIATION OF CREDIT MEN
OPPOSED TO REVIVAL OF WAR FINANCE
CORPORATION.
Calling the step taken by Congress in directing the
Secretary of the '^.easury to revive the acti\ities of the
War Finance Corporation a mistake, the Banking and Currency Comnlittee of the National Association of Credit Men
issued (prior to the action of Congress this week) a pro.
nounceement on this subject to be sent to its 33,000
members throughout the country. According to M. T.
Fleisher, of Philadelphia, Chairman of this e-ommittee,
the step taken is an error because such a re\'iA'al would
interrupt the processes of liquidation which have been
going on quite as systematically as could have been ex-
THE CHRONICLE
108
pectod in vi(>w of tlio oxtcnt of tho inflation under whifh
the counlry has been laborinp and which shouhJ continue
until the
pubUc
is
satisfied
tliat'
the liquidation
lias
carried
Substantial buying
prices to a point that assures stability.
will not begin until tliis has taken place, it is contended by
The commit too
the committee.
says;
The revival of Iho War Finance Corporation will mean that the Govern"
ment will have to come into the market again for additional loans, either
In the fonn of bonds which will compote with the existing war bonds, Inevitably resullInK in the dperesslon of the latter still further, or in the fonn
of additional treasury certificates, thus adding to a floating government
debt of already two and one-half billion dollars (and steadily Increasing)
carried principally by the banks, and a main cause of the credit strain on
Indeed, this strain would have long since been
demands of the government.
The revival of the Corporation will mean that one class of our people
are to be favored at the expense of a great majority to give an artificial
prop to prices. Such methods have been tried before, using various forms
of machinery, always, however, with the result that harm Is done and a
costly readjustment from an artificial condition has finally to be made
It is far bettor that all now together meet the facts of liquidation squarely
and get in fit condition as quickly as possible for the recuperative period.
This is not a time for expedients and palliatives. Resort to them can
work no permanent cure, and, indeed, will delay the preparation for a
renewal of business and will work injustice to the great mass of the American
our banking system.
thrown
off except for the
public.
The farms, the factories and the markets have had years of extraordinary
prosperity. They should now be willing to get under the serious task
of getting the country on a sound economic basis and throw off the temptation to resort to artificial assistance which always brings unfairness and
onevenness of favors.
Our representatives at Washington should turn their faces firmly against
all proposals based on government control.
JAMES
B.
FORGAN SAYS CURE FOR WORLD'S
AILMENTS IS WORK.
According to James B. Forgan, Chairman of the Board
Bank of Chicago and the
First Trust & Savings Bank, "there can be no complete
return to normal conditions until many of the manifestations
of the social unrest now existing disappear, and the world
as a whole learns that the only final cure for its ailments is
work." Mr. Forgan's observations are contained in a
statement, made public yesterday (Dee. 31), surveying the
year 1920, and in his concluding remarks he says:
There is no reason whatsoever to despair at the present time. The
of Directors of the First National
world has received a severe shock but not one from which there can be no
recovery. Fundamentally, surface appearances to the contrary notwithstanding, conditions all over the world have shown progress and are
likely to continue to do so.
The year 1921 promises to be a year of steady
though possibly very slow improvement.
He also [says:
The year 1919 was still under the influence of the boom created by the
Great War, while the present year marked a reaction. This reaction set in
during the Spring and it has not run its course even now and is not likely to
do so for a few more months to come. On the whole, it was to be expected,
but in prosperous times business men rarely regard the warnings of those
who point out the weakness of the existing situation but act as if there never
could be a change for the worse. It Is a well known fact that with a lislng
market buying increases and decreases with a falling market.
The
result of all this has been that business failures, which, as I stated last year,
had been few and unimportant for some years, have increased and are likely
to continue to increase. Those undertakings which owed their existence
merely to the artificial stimulus of the war and Intrinsically lacked those
Qualities and attributes necessary for sound and conservative progress are
now paying the penalty for their deficiencies. The failures so far have been
those of the weaker concerns whose absence the business world need not
regret.
The immediate cause of the decline in prices which has brought on the present sharp business depression was undoubtedly due to the action of the
Federal Reserve Banks in increasing their discount rates, but it must always
be noted that without such action we should have had continued inflation,
which unquestionably would have fmally brought on not a busmess depression such as we are now facmg and which in many respects resembles the
one following 1907, but in all probablbty we should have had a catastrophe
such as foUowed the years 1873 and 1893. The danger at present is due
chiefly to the International situation.
Europe it is estimated, owes this
country on open book account roughly four billions of dollars, as a result
of which farmeis, manufacturers, merchants, and bankers are finding it
difficult to liquidate in a manner such as ought to take place at the present
time. The demoralization of the foreign exchange market which I notes
last year is continuing, and there does not appear any immediate prospect
of relief.
An important conference was held in Chicago on December 10 and 11, in
order to establish a corporation -nith a capital of .5100,000,000 to operate
under the so-called Edge Act and thus aid in relieving the situation. While
this conference was on the whole a successful one and there was left no doubt
that the best opinion of the financial community believed that aid should be
extended to the rest of the world in order to rehabilitate international
trade, still it is necessary to warn against undue optimism.
In the first
place, no financial corporation organized in this country will be a panacea
for all the evils now afflicting Europe and some other parts of the world.
There can be no complete return to normal conditions until many of the
manifestations of the social unrest now existing disappear, and the world as
a whole learns that the only final cure for tis
csent ailments is work.
Furthermore, a corporation with a capital of $100,000,000 is not to be organized over night. Careful plans must be dra-\vn up as regards many details and a management which will inspire confidence must be found.
Otherwise neither banks nor other business enterprises will intrust their
funds to such a corporation. It need hardly be pointed out that men
capable of directing an enterprise as huge as the one planned are not easily
found; they are not Ukely to be idle at the present time and among those
seeking new positions.
In our own country crops of nearly all kinds have been unusually large
and good in quality. In fact, the crops have been so large and the rest of
the world has had such difficulty in paying us for what they require of our
rric s of agricultural products havejbeen unduly depressed
,.
[Vol. 112.
and the farmers and cattlemen of the country have been complaining
bitterly and appealing to the banks for aid and assistance.
It Ib to be noted
that on the whole the banks have done all that could be expected of them to
aid this most Important section of the community, but. after all. the
mercantile part of the industrial world has had to t^ke losses, and where the
management has been a safe and sound one proper reserves were set up
during the prosperous years, out of which the present losses are being paid.
Fimdamentally, the farmers are In no different position than manufacturers
and merchants, and where they have been wise and have saved something
out of their large earnings of recent years they are not now In difficulty.
In regard to one of the branches of agricultural production, special efforts,
have been made to save the situation. I rf'fer to the cattle Industry
Breeders of cattle, especially those of our Northwest, have suffered very
greatly In recent years owing to long continued drought, so that if relief were
not extended there would be real danger that the herds would bo depleted to
such an extent that the loss might never be made good certainly not within
any reasonable time. A corporation was therefore formed with headquarters in Chicago which is now extending credit to cattlemen where needed
and deserved.
As last year, the demand for bank credit has remained steady and strong
and discount rates have ruled high. As a result, banks have had an opi>ortunity to make large profits, but these have been somewhat offset by the
business failures to which I have referred.
Banks will serve their own
interest best, and that of the country and of the world, if they continue to
watch the situation closely and wherever possible urge their customers
to liquidate so that credit again may become fluid and be made available
to serve the necessary expansion of production here and abroad.
,
VICE-PRESIDENT-ELECT COOLIDGE ON EVILS OF
CANCELLATIONS.
According to Gov. Calvin CooUdge, Vice-President-elect
United States, the "greatest obstacle to continuing
prosperity is uncertainty." This statement is contained in
a message sent by Governor CooUdge to "The Credit
Monthly," official publication of the National Association
Continuing,
of Credit Men, for use in the January issue.
Governor Coolidge writes: "Uncertainty is always caused by
a lack of confidence. It is felt in every business in the land.
If those who have incurred obligations fail to meet them the
of the
,
result is disastrous.
"The
burden
seeking in this era of deflation to place the
upon the producer by refusing to carry out its
public
of
it
is
not always possible for man to meet his oblione can complain of that. But there seems
to be a great tendency to avoid obUgations that could be
met with a result that is demoralizing to everybody. This is
especially true in the matter of the cancellation of orders.
"If one person is allowed to cancel it means that everyone
must have the same advantage, which throws the entire trade
in confusion and results in a great deal of loss, none of which
would happen probably if such cancelation was not allowed.
Under these conditions there must be, of course, a mutual
adjustment."
bargain
gations.
.
It is
No
SOLDIER BONUS PROPOSAL OPPOSED BY NATIONAL
ASSOCIATION OF CREDIT MEN.
Claiming that any blanket soldier bonus proposal
insult to the sense of loyalty of the able-bodied
is
an
men named
as beneficiaries and as diminishing our ability to care for the
rapidly growing demands to look after the disabled war
veterans, the Banking and Currency Committee of the
National Association of Credit Men has sent the following
message to Congress:
The stress of the times since the signing of the armistice must not diminish
the Nation's affection and gratitude to its defenders. Wherever the service
has resulted in incapacity from wounds or sickness immediate and generous
provision should be made, as an expression of the gratitude of the people.
The economic ills resulting from the world's greatest conflict made
undesirable, in our opinion, the provision of a cash bonus that would further
increase the Nation's financial burdens and retard the restoration of its
commercial and credit health. We must be just as loyal in reconstructing
as we were in defending.
Displaying affection and gratitude in every way
possible without super-imposing burden upon burden that will retard the
Nation's development is sincerely commended.
STILL ANOTHER BANK CLOSED IN NORTH DAKOTA.
The closing of the twenty-eighth North Dakota bank was
reported in the following press dispatch from Bismarck,
N. D., on Jan. 6:
The First State Bank of Crystal Springs, with a capital stock of $10,000
closed its doors today, O. E. Lofthus, State Banking Examiner, announced
this afternoon.
He said shortages and irregularities were reported to have been the cause
of the bank's closing. The total of banks in the Staate recently closed now la
twenty-eight.
The deposits are reported to be in the neighborhood of
$100,000. Our last previous item on the closing of North
Dakota banks appeared in our issue of Saturday last, page 21.
SUSPENSIONS AMONG FINANCIAL INSTITUTIONS.
Advices from Shelton, Conn., state that on Jan. 3 the
Shelton Bank & Trust Co. closed its doors by order of State
Bank Commissioner Everett Sturges. On the same day
the following statement concerning the suspension was
issued
by Deputy Bank Commissioner Bissland:
THE CHRONICLE
Jan. 8 1921.]
Owing to the fact that the baok bad made certain loans not couiildered
to be quick assets by the bank department of the State, and owing to
the further depreciation of securities owned by the bank because of the
market conditions, It has been necessary to place a restraining order on the
bank for the purpose of protecting the depositors. It is hoped that an
arrangement may be made In a few days by which dei>ositors will be iirotected from any loss.
slock some time ago and were carrying
up
109
It
with brokers In this city alau took
their stock.
It was stated most emphatically by representative* of those who have bean
Identified with Replogle Hteel since the company's fornuitluu that the aaUu the concallttd "Insiders" have not disposed of their original stock.
trary, it was said, they have added to their holdings and are at present la
posseaslon of greater amounts than ever before.
recent report by the bank, it is said, showed surplus
and undivided profits of about $48,000 and deposits in the
savings department of $1,289,183. The capital of the
bank is $100,000. W. W. Radehffe is President and Edward W. Kneen, Secretary and Treasurer.
to the price paid for the stock which has been taken
over, the "Wall Street Journal" of Dec. 29 in Boston ad-
On Deo. 24 the brokerage firm of FVisbie & Co. of Hartford,
Conn., filed a voluntary petition in bankruptcy in the U. S.
District Court in New Haven, the liabihtios being given as
$1,302,516 and the assets as $1,283,072. Edward W. Broder has been appointed receiver.
Mr. Broder, it is said, has
stated that the figures given in the schedules were as of a
date a considerable period in ttie past, and that since that
date the New York stock market has continued to decline,
so that the small difference of $19,000 in liabilities over assets
may now be nearly $100,000.
DAVID R FORGAN LOOKS TO NFAV ADMINISTRATION
TO IMPROVE FINANCIAL CONDITIONSREFUNDING OF LIBERTY BONDS.
A
As
vices said:
The price paid by the Rescue Syndicate
in Replogle Steel was $28 per
Every broker carrying the stock, and wishing to be relieved, oould
have obtained this price by 'i«>livery to Kuhn. Ixteb & Co.
share.
Declaring that "the next Administration can and should
do things to improve present financial conditions in the country, David R. Forgan, President of the National City Bank
of Chicago, asserts that:
First, it should refund all the Liberty loan bonds and make them all
exempt from taxation of every kind. That would put them on par. as we
promised our citizens they would remain. We fought this war for the future
generations as well as for ourselves and the future generations should bear
some of the cost
Making the Liberty bonds long-term bonds at say 4 }^ %
should help vastly In improving conditions and restoring public confidence.
Second, it should refund the debts owed by European nations to this country.
They owe us about ten billions In all. All we have for it is their
That
I. O. U.'s, with no definite terms of Interest or time of payment.
was the proper thing to do at the time to loan them money for war purposes, most of which was spent In this country.
I would refund them
through a fifty-year sinking fund, take their bonds and have the United
States guarantee them and sell them here.
This would reduce our National
debt by ten billions and remove one of the biggest items. It would also
help restore exchange between nations, which is one of the greatest needa
.
On
Jan. 3 the People's
Bank
De
Soto, Mo., was closed
pending an examination of the books of the institution bj'
Wilson Seibert, Deputy State Bank Examiner. The Cashier
of the bank, Roscoe B. Jones, committed suicide in St.
Louis on Jan. 2. The capital of the People's Bank is $50,000
and its deposits are estimated at over $600,000.
of
The
,
—
private bank of L. D. Griswoid in the foreign quarter
Boston was closed on Dec. 22 by order of Bank Commissioner J. C. Allen.
The Commissioner announced that the
$50,000 capital of the bank was "practically gone." The
ground on which the place was closed, it was said, was the
(act that it was doing business after the manner of a savings
bank without the necessary license.
Mr. Forgan expressed optimism with regard
panicky condition of this country and declared
Recent advices from Sioux City, la., state that the
Bankers' Finance Co. of that place has failed. The company is capitahzed at $2,000,000.
added
of
The Sheridan County State Bank
Plentywood, Mont.,
was closed recently and C. J. Beiseker, the Cashier of the
institution, is under arrest charged with the alleged making
of false reports to the State Banking Department.
It is
said a shortage of more than $100,000 has been found.
The
capital of the bank is $20,000 with deposits approximating
of
$500,000.
FAILURE OF MORRIS BROS.,
INC.,
of the world to-day.
These suggestions as to remedial measures were made__by
at the tenth anniversary banquet of the Association of Commerce in Peoria, at which gathering tie was
Mr. Forgan
Besides his observations as above,
to the present
it to be largely
a matter of psychology. Stating that it is principally an
industrial panic, due to falling prices in obedience to the inexorable operation of the law of supply and demand, he
the principal speaker.
Thpre is no reason why we should be pessimistic. Nothing ever yet waa
bad as we bad feared it would be, and this is true In this case. I
have no patience with pessimists who are predicting hard times for two or
half so
—
three years that is bosh.
Two or three months is nearer the truth. The
pessimists fail to take Into consideration thepurchaslng power of 105.000,000
weU-fed American people.
AMENDMENTS TO NEW YORK STATE BANKING
LAW RECOMMENDED BY SUPT. McLAUGHLIN.
In his annual report, presented to the Legislature on Jan 5,
State Superintendent of Banks George V. McLaughlin recommends certain amendments to the Banking
Law, reserving his opinion at this time on other proposed
legislation that has been suggested. One of the amendments advocated by the Superintendent proposes the repeal
of the requirement for the examination by the State Department of trust departments of national banks. Commenting
on this and other proposed amendments which meet with hla
approval. Superintendent McLaughlin saj's:
The only legislation which I am prepared to approve or recommend at
OF PORTLAND. New York
On
Dec. 27 the bond house of Morris Bros., Inc., of Portland, Ore., closed its doors following the reported discovery of an apparent deficit of from $300,000 to $500,000 be-
tween the assets and liabilities of the firm. Announcement
had been made on Dec. 23 of the resignation and retirement
of John L. Etheridge, the President of the firm, to take
effect immediately and the taking over of the affairs of the
company by Fred S. Morris, a partner and former President
Upon the discovery of the insolvency of
company by Mr. Morris, a temporary receiver was appointed and a warrant issued for the arrest of Mr. Etheridge on alleged charges of larceny and embezzlement His
arrest in Minneapolis on Dec. 28 followed.
On the same
of the concern.
the
day Fred S. Morris gave out a statement, in which he
made emphatic denial that he was in any way connected
with the firm of Morris Bros., Inc., or that he took over
the holdings of the company in his own right when Mr. Etheridge resigned and left Portland.
REPLOGLE STEEL ''WEAK MARGINAL" STOCK
TAKEN OVER.
Important among the incidents of last week was the arrangements for the taking over a large amount of so-called
"weak marginal accounts" of Replogle Steel, this following
the recent break in the stock, which as noted in these columns Dec. 26, page 2474, prompted the Stock Exchange to
undertake an investigation into dealings in both this stock
and Vanadium Steel. In its account of the arrangments
respecting Replogle Steel stock, the New York "Times" of
Dec. 28 said
One more of the much-discussed 'sore spots" In the stock market situations was eliminated yesterday when J. Leonard Replogle and a group of his
associates took up between 55.000 and 60,000 shares of Replogle Steel stock
ttoux twelve brokerage houses.
At the current price for Replogle Steel, this
would represent a money value of approximately $2,000,000. At the same
time It was learned a number of holders of Replogle Steel, resident at
Johnstown, Pa., Mr. Replogle's former home, who had purchasednthelr
the foUowing:
repeal of that part of Section 39-a of the Banking
Law which requires the Superintendent of Banks to make an examination
once a year of the trust department of national banks. The reason for
this recommendation is that the responsibility for the examination of the
trust departments of national banks lies with the Federal authorities, and
as the national banks are examined by their department as often as State
Institutions, I believe the number is sufficient without further examinatiooa
this
time
(1)
by
I
this
is
recommend a
Department.
The Executive Committee
of the Savings Banks Association of the
State h£is advised me that it is going to propose an amendment to Section
239 of the Banking Law. making railroad equipment issues legal for savings
bank Investment. I approve of the amendment, provided It Is framed In
such a way that adequate safety Is afforded and there Is a reasonable limitation upon the amount of such Investments, so that the new form of Investment wIU not tend to divert funds that would ordinarily go Into bonda
and mortgages.
(3) The Executive Committee of the Savings Bank Association has also
advised me that it has passed a resolution recommending an amendment
to the law, giving savings banks the right, under certain conditions aind
witnin certain limitations, to have branches. I approve of this amendment.
In New York City, at the present time, there is an especial need for such
branch privileges. Inasmuch as there are a number of Important parts of
the city without the facilities offered by a savings bank. If this pri\-ilege
were granted to the savings banks, some of our larger institutions might be
Induced to open a branch fully equipped to render complete service in these
sections.
A new savings bank is not equipped to do this, since its growth la
slow, and, therefore, it is unable to serve the community for a considerable
period of time in the matter of acceptance of applications for loans upon
(2)
bonds and mortgages.
As suggested in the last annual report, in dealing with this subject, any
proposed legislation should provide protection for existing Independent
banks, so that the larger institutions may not be permitted to encroach
upon territory that is being adequately served by such Independent instltutiona.
:
THE CHRONICLE
110
(4) At the pr«Bont time there
recommendlog some loKifllAtlon
under consideration the adytsablUty of
meet the complalnln which are being
made aKalnst unauthorized Individuals who are engaged In the buslnesa
Is
to
of foreign exchange.
Other legislation has been suggested, but at this time
to approve or recommend same.
I
am
not prepared
OPERATION OF THE FEDERAL RESERVE BANKS
DURING 1920.
return of the Federal Reserve Board at Washington, issued last Saturday, is devoted to a review of the
operations of tlie Federal Ileserve banlis for the calendar
year 1920 and we reproduce the same herewith
The weekly
Changes in the condition of the Federal Reserve banks during the year
Just passed reflect to a large extent the changes in the credit policy origrinated about the close of 1919 and continued during the year under review.
Preferential rates on paper secured by Liberty bonds and Victory notes were
abrogated by some Reserve banks and raised by others to a level more
In
nearly approximating the rate level for ordinary commercial paper.
the case of paper secured by Treasury certificates the rates adopted were in
most cases identical with the higher coupon rates fixed by the Government,
thus holding out no inducement to the member banks to carry these securities among their own investments and use them
the Federal Reserve banks, but rather providing a stimulus to place them
The results are seen in the gradual
in the hands of ultimate inTestors.
decrease of the amounts of war paper held during the year by the Reserve
banks. From nearly 1,500 millions at the opening of the year, the holdings
of paper secured by Government war obligations declined to 1,141 millions
on December 30. Of the latter total 188 millions, or 16.5%, were secured
by Treasury certificates, compared with 461.5 millions, or over 31%, held
this decrease corresponding in a general way
at the opening of the year
to the reduction in the amount of certificates held by the member banks.
Much smaller reductions are shown in the Reserve banks' holdings of paper
secured by Liberty bonds and Victory notes, the Dec. 30 total, 953 millions,
being only 70 millions less than the amount reported at the beg^ning of
the year. On the other hand, holdings of other discounted paper, which at
the opening of the year totaled 746.9 millions, show an almost steady
growth, being in excess <rf 1,500 millions at the end of September, and
fluctuating between about 1,500 and 1,600 millions during the last three
months of the year. At the end of the year, out of a total of 2,719.1 millions of discounted bills, about 42% was composed of paper secured by
United States war obligations, ag^ainst 67% of a total of 2,231.2 millions
held on the first Friday of the year.
Early in the year the Federal Reserve banks raised their discount rates on
commercial paper, but the influence of the higher rates is seen in retarding
the progress of borrowings rather than in restricting them.
In fact, total
Federal Reserve bank holdings of discounted bills, 2,231.2 millions at the
beginning of the year, increased by over 300 millions up to the end of
April, and by another 200 millions during the next four months.
The peak
of 2,826.8 millions was reached on November 5, while the total held on
December 30, 2,719.1 millions, is 487.9 millions larger than at the beginning of the year.
as collateral for loans at
—
Holdings of bills purchased in open market show an almost xminterrupted decline for the period under review. From a total of 574.6 millions
at the beginning of the year, a decline to 255.7 millions on December 30 is
shown, the decrease of 318.9 millions being due largely to the increased
demand for this class of bills by savings banks, trust companies, also corporate and individual investors. No appreciable changes are shown in the
amounts and classes of United States bonds held.
Fluctuations in the holdings of Treasury certificates during the year are
largely the result of the issuance by the Government from time to time of
temporary certificates pending collection of funds from depositary institutions.
The largest figures are shown for the four Fridays following the
quarterly income tax dates, when temporary advances to the Government
by the Reserve banks for the redemption of tax certificates were at their
maximum. Total earning assets of the Federal Reserve banks, which stood
at 3,181.8 millions on January 2, reached the high point of 3,422 millions
on October 15, and at the end of the year stood at 3,263 millions, an increase of over 80 millions for the year.
Net deposits of the Reserve banks show a general downward tendency for
the year, the December 30 total of 1,604.2 millions being 280.4 millions below the maximum amount shown for February 27, and 246.9 millions
below the corresponding total at the beginning of the year, decreases in
reserve and net deposits reflecting reductions in demand deposits of
ber banks, especially during the latter part of the year.
mem-
Federal Reserve note circulation, after the usual contraction at the beginning of the year, when a return flow of notes issued during the holiday
season occurs, shows an almost uninterrupted expansion from the minimum
amount of 2,844 millions on January 23 to a maximum of 3,404.9 millions
on Dec. 23. The total of 3,344.7 millions on December 30 marks a reduction of 60.2 millions for the week, but an expansion of 345.7 millions
from the beginning of January, note expansion rather than growth of deposits accompanying the increase in the borrowings of member banks.
Federal Reserve Bank note circulation shows practically steady decline from
259 millions on January 2 to 177 millions on May 14, but since that date
an increase to 217 millions on December 30 is noted.
During the early part of the year Federal Reserve banks lost gold, largely
through export to South America and to the Orient, and on March 26 total
gold holdings were 1,935 millions, marking a reduction of 128 millions
from January 2. Since that time, partly as the result of gold shipments
from England in anticipation of the maturity of the Anglo-French bonds
on October 15, there has been an increase in gold reserves, the total of
2,059.3 millions on December 30 being only 3.3 millions below the total
shown on January 2. During the latter part of the year all the gold held
with foreign agencies, except 3.3 millions held by the Bank of France for
Federal Reserve bank account, was returned to this cotmtry.
Since the
gold held abroad was counted as part of the banks' reser\'es, its transfer
from abroad has had no effect on the reserve ratio. Total cash reserves
show an increase of 127.9 millions, or from 2,121.3 millions on January 2
to 2,249.2 millions on December 30, the larger part of the increase being
due to deposits of silver by the United States Treasury.
Inter-bank discounting showed a considerable increase about the end of
April, when nearly 150 millions of rediscounted bills were carried by the
[Vol. 112.
New York and
Boston,
Cleveland
banks for seven other Reserve banks.
After a slight recession, these operations were remimed on an Increasing
scale early in August, and on October 29 the Boston, Philadelphia and
Cleveland banks reported a maximum for the year of over 247 mllllona of
bills held under discount for eight other Reserve banks.
At the cloaa of
the year total discounts of the above three banks included 115.8 million*
of paper discounted for five other Reserve banks in the South and Middle
West.
During the year the paid-in capital of the Federal Resen'e banka Into 99.8 millions, or by 12.4 millions, corresponding to an
411 millions in capital and surplus of member banka.
creased from 87.4
increase of over
This gain is due
ber banks and to
primarily to increa>ie8 in capitalization of existing mema smaller extent to accessions of new members.
The reserve ratio of the Federal Reserve banks, as a con.se<-iuence of the
changes detailed above. Is higher at the end of the year than at its beginning, the percentage being 45.4 on December 80, compared with 43.7 on
January
the
2.
The
maximum
ratio
was brought up to 44.5% on June 18, and to 46.6%,
on December 17, the Fridays foUowing two of
for the year,
the quarterly income tax dates.
NEW YORK FEDERAL
RESERVE BANK SAYS CREDIT
CONTROL HAS NOT BEEN A T EXPENSE OF CREDIT
ELASTICITY.
In its monthly review of the business situation issued on
Dec. 31, the Federal Reserve Bank of New York, in discussing credit conditions observes that "in a year which
has been marked by the measurable recovery by the Federal
Reserve Bank of the control of credit through discount rates
which in part had been reUnquished to facilitate war finajioing, it seems clear that the recovery of credit control has not
been at the expense of credit elasticity. The higher ratea
.
established,"
it
is
added "indicated the desirability that
no further but they have, at no
inflation should proceed
time prevented the granting, continuing or increasing of
where conditions justified such action." In leading
credit
up
to these remarks the
Bank
says:
In December the fall in the prices of the great raw materials which had
proceeded so fast in the two preceding months showed a tendency to sloir
down. The index maintained by this bank of the prices of twelve such basic
commodities, namely, cotton, hides, hogs, rubber, copper, sugar, wheat}
com, Iron, lead, petroleum and lumber, shows the following monthly decreases, expressed in percentages, since the peak in the middle of May:
May
1%
(after 17th)
---2%
June
3%
July
August
--4%
September...
October
November
December
6%
—14%
13%
(to 27th)
5%
commodities above mentioned are now at or near there prewar prices. The fall has been so abrupt that industries which convert
these materials into the kinds of goods consumers buy, have had little
opportunity for readjustment, and consequently the decline in retail and
even in wholesale prices of manufactured goods has reflected only in part
reduction in wages
the decline in raw material prices. But the 22
which textile mills in the east have generally inaugurated, and which is
spreading gradually to other industries is an indication that we have entered
the usual second phase of post-war readjustment. In this phase, which Is
slower than the first, retaU prices are gradually lowered by means of better
organization and labor-saving machinery, by greater productivity of the
wage earners and by wage reductions corresponding rougtily, but not
always synchronizing, with reductions in actual Uving costs.
With these decreased commodity values it would be natural to expect
The
first six
H%
that the volume of credit required to produce, carry and distribute them
would decrease also. A fall in security values is reflected almost immediBut a fall in commodity prices
ately in the volume of loans on securities.
such as we have experienced as a part of the present world-wide industrial
readjustment, is not so easily or promptly reflected in credit. It is so much
more complex and it involves so many interests and Industries, so much
congestion of commodities and shifting of credit, and so much exercise of
human judgment as to the policies to be pursued, that its reflection in credit
though eventually the reflection does occur, is necessarily slower.
It is most important in such a period that there should be sufficient
elasticity of credit to enable the various interests and industries to mature
and carry out their plans without the fear that the necessary credit facilities
may be lacking. Looking back, it appears that during the early months of
falling prices, referred to above, the volume of credit remained practically
stationary, and that during the later months, when the fall was most acute,
the volume of credit actually increased. Thus, in a year which, from the
point of view of credit, has been marked by the measurable recovery by the
Federal Reserve Bank of the control of credit through discoimt rates which
in part had been relinquished to facilitate war financing, it seems clear that
the recovery of credit control has not been at the expense of credit elasticity.
The higher rates established indicated the desirability that inflation should
proceed no further but they have at no time prevented the granting, continu.ng, or even increasing of credit where conditions justified such action.
FEDERAL RESERVE BANK OF NEW YORK ON MOVEMENT OF FUNDS INCIDENT TO GOVERN-
MENT
OPERATIONS.
Pointing out that the last three months, like the three
months immediately preceding, has been a period of heavy
movements of funds between New York and other parts of
the country, the Federal Reserve Bank of New York, in its
monthly review of business made pubUc'Dec. 31, said:
Owing in part to Government operations, such as the redemption of
certificates of indebtedness and the collection of taxes, and in part to
commercial and agricultural demands upon New York banks, these transfers
have mounted to extraordinary figures. Their movement from one part of
the country to another has been effected through the machinery of the
Federal Reserve system, which has made it possible to meet special demands
developing in one part of the country from the supplies built up in other
sections, thus maintaining the equilibrium of the credit structiire, and
assuring at all times an adequate supply of funds to meet the needs *of
borrowers at steady rates.
THE CHRONICLE
Jan. 8 1921.]
The following summary of these movements, which were very similar to
the movements culminating with the Sept. 15 tax payments, is much like
the form in which the latter were described in the September issue of the
"Review." and will enable those who follow the course of Federal Utsurve
operations to understand future developments around tax collection dates:
1. Deposits of the principal banks in New York City decreased $470,000.000 from Oct. 14 to Dec. 6, on account of Government and commercial
withdrawals.
2. These withdrawals caused a steady drain of gold from the Federal
Reserve Bank of New York to other Federal Reserve banks. For the three
months ended Dec. 17 the loss of gold aggregated $337,000,000.
3. This adverse flow of funds was substantially offset by Government
transfers to New York, by the sale of certificates of Indebtedness by New
York banks to other Federal Reserve banks and by rediscount operations
between Federal Reserve banks.
4. These rediscount operations comprised the following: On Sept. 29
other Federal Reserve banks owed the Federal Reserve Dank of New York
$19,000,000. By Oct. 6 repayment of these loans was completed. On
Oct. 29 the Federal Reserve Bank of New York owed other Federal Reserve
banks $!8. 000.000. By Dec. 15 repayment of these loans was completed.
Between Dec. 8 and 15 the deposits of the principal New York banks
rose $407,000,000, In connection with the following transactions:
1. Certificates of indebtedness were redeemed and paid in this district
In the amount of $344,000,000, which was $124,000,000 more than the
taxes paid.
2. This excess of redemptions over taxes on Dec. 15 necessitated as usual
a loan by this bank to the Government. The amount, $74,000,000, was
gradually repaid and was extinguished on Dec. 28.
3. The banks of the district on Dec. 15 increased their deposits $212,000.000, when they paid for their subscriptions to the new Issues of certificates
by crediting that amount on their books to the account of the Government.
Following this large increase In deposits:
1
The principal banks of New York City reduced their borrowings at the
Federal Reserve bank between Dec. 8 and 16 by $187,000,000.
2. As tax checks were collected and as the banks sold certificates of indebtedness to their customers, deposits began to decline, and in the four
days ended Dec. 20 fell off $132,000,000.
3. Simultaneously the banks began to increase their borrowings at the
Federal Reserve bank, and in the four days ended Dec. 20 such borrowings
rose $112,000,000.
With the withdrawal of deposits resulting from the
latest salef of certificates of indebtedness, the banks are likely to seek still
further accommodation at the Federal Reserve bank.
These transfers of funds had a marked effect on the weekly published
reserve percentages of the Federal Reserve Bank of New York, but if each
movement in or out of this district had not been susceptible of correction
through a movement going in the opposite direction the fluctuations in this
bank's reserve position would have been much greater. Had no such
counter-movements been set in motion the lowest reserve percentage of this
bank in the last thirty days would have been 33.4, and the highest 43
.
FEDERAL RESERVE BANK OF
NEW YORK ON
UN-
EMPLOYMENT.
Some figures regarding unemployment in the Federal
Reserve District of New York are supplied by the Federal
Reserve Bank of New York in its Monthly Review of business
conditions issued Dec. 31, from which we quote as follows:
%
There was an estimated decrease of 6
in the number of persons employed
In industrial establishments in this district between Nov. 20 and Dec. 20.
The number
the spring.
of workers is now about 20% below the maximum reached in
The percentages of decrease each based upon month to month
changes have been as follows:
May.
April.
June.
July.
2%
1%
}4%
The principal
Aug.
Sept.
Oct.
Nov.
Dec.
1H%
2%
2%
6%
6%
decline during December occurred in the metal and kindred
Industries in New York up State cities where many plants have closed down
There were also declines in the number of persons
for indefinite periods.
employed in furniture factories at Jamestown and Syracuse.
Some further reductions are reported among the employees of railroads,
steamship lines and trucking companies. Reductions made by railroads in
this district, where most of the men are employed to maintain equipment
and operate roads, have not been as large as in districts where equipment
is
manufactured.
The
textile
and clothing trades show no groat change from the
last
month
but continue to be the trades most adversely affected. It is estimated
that only 5.000 workers are employed in the men's clothing factories in
New York City whereas normally there are 65.000 workers engaged in this
industry.
Labor difficulties are partly responsible for this situation. In
contrast, factories making women's apparel are now estimated to be employing 40% of the 75,000 workers normally engaged.
There has been little increase in unemployment in Paterson, N. J.,
where only about 10% of those usually engaged in silk mills are working
to-day.
Passaic. N. J., reports further unemployment in the woolen industry.
Reports from a group of large department stores show that in preparation
for the holiday trade, the sales forces were increased during December in
about the same proportion as in previous years. Employment managers
report an abundance of applicants for positions whereas last year there was
a shortage. Local managers of employment bureaus, conducted by the
State Industrial Commission, report an increase in the number of applications and a decrease in the number of positions open throughout the State
and add that workers are now showing a disposition to accept the less desirable positions.
Inquiries made by this bank from local Chambers of Commerce, industrial
bureaus, employment services and individual manufacturers in a number
of cities in New York State outside the metropolitan district, produced
estimates of employment among industrial workers summarized as follows:
Percent
Largest
Employed Employed Decrease
—
Vicinily
Buffalo..
Rochester
Syracuse
Utica
Troy..
Albany
echoes
Number
Nov.
Dec.
Employd
15.
13.
160.000
92.769
65.000
49.550
22.000
18.000
5.300
120.000
75,728
52,500
33,850
19.400
16.000
2.250
107.000
66.500
39,175
28,450
6.300
15.000
1.700
from
De-
Max'm.
crease.
53.000
26.269
25,825
21,100
15,700
3.000
3,600
33.13
28.32
39.73
42.58
71.36
16.67
67.92
35.99
148.494
412,619
264.125
319.728
Rochester include 9.200 clothing factory workers and 5.000
shoe factory workers, and the remainder is made up from those formerly
employed in the building and metal trades, and miscellaneous factory
Total
Those
idle in
111
enterprises.
In Syracuse 100 factorita formerly employing 40.000 peraonaS
have laid off 18.725. Auburn. Fulton, and Oneida, providing employ
mout for 15.000 in the early spring, now employ 10.000.
The depr(«9iion in the knit goods trade has been reflected in Dtlca and
Cohoea, where only about 10% of the maximum number of such workem
now employed. In Troy eight of the nine large collar and shirt factoria)
were closed during December, making Idle 10,000 workers, mostly women
and girls. In Rome. Ilion. Little Fallb. and Herkimer, where about
about 23.500 persons were omploytxl last spring. 8,500 are now Idle.
Thecie flgurea and the more gen<4-al data for the 8tat« as a whole refer
in the main to persons working In industrial entablishmonts who constitute
Other types
in this State about one-third of the wage earning [wpuiatiou.
of workers have been much less affected by the slackening in business
are
activity.
Discussing conditions in the separate lines of business, the
the head of Wool and Woolen Goods, says:
Bank under
'
Wool and iVoolen Goods.
Due
to the continued reluctance of garment manufacturers and buyers
for retail stores to place forward orders for spring merchandise, there has
been a further decline during December in the demand for woolen and
worsted piece goods, accompanied by another decline In prices, ('onsequently the manufacturers have reduced production still further to about
30% of maximum. Nearly half the mlils are closed entirely and most of
the others are running on part time.
Both manufacturers of men's and women's apparel apparently have ample
stocks of piece goods on hand with which to start the spring season and are
not In the market now. They have shown a disposition to accept the losses
already incurred because of declines in values, but hesitate to make further
commitments for fear of another decline.
Nearly all of the woolen manufacturers in New England and this district
have reduced wages 22 H % and union officials have indicated that they
not oppose for the time being. The largest concern in the woolen
industry, however, ha.s not yet reduced wages.
About the only guide to existing prices of finished goods was furnished
by an auction sale in New York of a large amount of goods that had been
held in stock by the mills. These goods were sold at 60 to 75% below the
high prices which ruled a year ago, and somewhat below the estimated
present cost of manufacture even after taking Into consideration the reductions in the price of raw wool and the decreased wages.
The raw wool market remains unchanged from last month. Prices are
quoted about 50% below those of a year ago, but they are nominal Inasmuch
as there have not been sufficient sales on which to base accurate quotations.
Stocks of raw wool in the United States are very large and reixjrts from
Australia. England and South Aiiierica indicate that stocks In those countries also exceed the demands.
Consumption has decreased rapidly since
the mills reduced operations. Wool growers and commission houses in
this coimtry still hold a large percentage of the last domestic clip.
As to conditions in the silk mills, the review says:
The latest survey of activities in Paterson, N. J., where the majority of
the silk mills of this district are located, shows the looms to be working
at about 7 % of their maximum capacity in terms of loom hours as compared
with a reported 9% last month. Factories in New Jersey outside of Paterson report operation at 38% of capacity. On Long Island, in Pennsylvania
and in New England silk centres conditions are similar to those in' New
Jersey outside Paterson. Further reductions in wages were fairly widespread throughout the industry, bringing the general level toTa poiDX,',2S
to 35% below the maximum reached last year. The standard]week used
as a basis for figuring wages was also lengthened in a number of large plants
from 44 to 48 hours.
Retailers have continued to buy sparingly, although further price reFew advance
cessions have been made by jobbers and manufacturers.
orders for spring goods have been placed, and nearly all current sales are for
Immediate delivery. There was little activity in the raw silk market durtng
the month and prices' are practically unchanged.
,
will
.
FEDERAL RESERVE BOARD ON BILL CONTINUING
PRIVILEGE OF LOANING UP TO 20%'0^~TI1bWTY~
BONDS.l
The Federal Reserve Board on Jan.
3 issued a statement
regarding the bill providing for the extension from Deo.
31 1920 to Dec. 31 1921 of the provisions of Section 11 (m)
of the Federal Reserve Ac t rel ative to7t he''rediscount i ng by
member banks of paper up to 20%^ of aj^ member bank's
capital and surplus:
On Dec. 30 1920, Governor Harding of the Federal Reserve Board
appeared by request before the Committee on Banking Eind Currency of the
House of Representatives, to which had been referred the bUl to extend the
provisions of Section 1 1 (m) of the Federal Reserve Act for a further period
During the discussion of the blU it develof one year until Dec. 31 1921.
oped that there was some opposition on the part of the Committoe to 'extending the provisions of the Section without any qualification as to 'the
manner in which the member banlts' customers may have acquired Tthe
United States bonds and notes used as security for the customers' paper
rediscounted by Federal Reserve banks in excess of the limitation of 10%
of the member bank's capital and surplus prescribed in Section 13 upon'the
amount of the paper of any one borrower which a Federal Reserve Bank
may rediscount for any member bank. Accordingly, at the request of the
Committee, the Board submitted a bill which would in effect extend the
provisions of Section 11 (m) until Doc. 31 1921 in so far as is necessary to
authorize the Federal Reserve Board to permit the Federal Reserve banks
to rediscount the paper of any one borrower up to 20% of the member bank's
capital and surplus, provided, tnat such paper in excess of 10% of the member bank's capital and surplus is secured by Liberty bonds or Victory notes
of which the borrower is the original subscriber, or by United States Cei^
tificates of Indebtedness.
This bill was introduced into the House of
Representatives on Dec. 31 1920. by Hon. Louis T. McPadden. Chairman
of the Committee on Banking and Currency.
.
The
text of the bill as introduced Is as follows: ..
to amend Section 11 of the act approved Dec. 23 1913, known as
the Federal Reserve Act. as amended.
"Be it enacted by the Senate and House of Representatives of the United
States of America in Congress Assembled. That Section 11 of the Act approved
"AN ACT
Dec. 23 1913. known as the Federal Reserve Act. as amended, be further
striking out the whole of sub-section (m) and by substituting
therefore a sub-section to read as follows;
'•
'(m) Upon the affirmative vote of not less than five of Its members, the
Federal Reserve Board shall have power ot permit Federal Reserve banks
to discount for any member bank notes, drafts, or bills of exchange bearing
tiie signature or endorsement of any one borrower In excess of the amount
permitted by section nine and section thirteen of this Act. but in no case
amended by
.
—
[
THE CHRONICLE
112
member bank'H capital and surpluR:
Provided however. That alt such noto8, drafts, or bills of exchange discounted for any inonibvr b.-mk In excetM of the amount perinllKKi under
such Ki>ctlonei Khali be nccur«(d by not Icks than a like face amount of bonds
or note.s of the United Rtatos Issued since April twenty-fourth, nineteen
hundrvd and sovontoen. for which tho borrower shall In good faith prior to
Jan. 1 1921, have paid or agrt'e to pay not loss than the full face amount
thereof, or certificates of indebtedness of the United States; Provided
further. That the provisions of this sub-section (rn) shall not be'" operative
after December thirty-first, nineteen hundred and twenty-one.'
bill (lesi^od to similarly oxtond the priviloRo, was passed
to exceed twenty per contuni of tho
A
by the Senate on Dec. 23
as
was indicated
in these
columns
week, page 24. On Jan. 4 the House Committee on
Banking and Currency decided to favorably report the bill
after it had been revised so as to limit tho proposed extension
of time to Oct. 31 1921, instead of Dec. 31 1921.
last
FEDERAL RESERVE BANK ON EXPORT TRADE
AS AFFECTED BY READJUSTMENT PERIOD.
N. Y.
In what
it
has to say relative to foreign trade, the Federal
Reserve Bank of New York, in its
ness refers to the cancellation of
importers, and likewise to the uncertainty as to collections
which is causing American banks to scrutinize more carefully drafts drawn against export shipments, and, it observes,
that the purchase of drafts on some countries where exchange conditions are particularly unsettled has been
practically suspended. jjl, The following are the comments
of the Bank:
Monthly Review of busiorders by many foreign
Export trade continues to reflect the difficulties incident to a period of
price readjustment.
Buyers are reluctant to undertake new commitments
In the fear that prices may decline further.
Commercial relations with
Australasia, the Far East, South Africa and South America have been
particularly affected.
Many foreign importers are seeking to avoid or postpone the loss involved
In carrjing through transactions negotiated at more favorable rates of exchange by canceling orders or requesting the renewal of drafts drawn upon
them. Banks here, in a number of cases, have been requested by both
foreign and domestic customers to cancel their irrevocable letters of credit,
and in some cases the banks have even had to defend their refusal against
legal action.
This uncertainty as to collections is causing American banks to scrutinize more carefully drafts drawn against export shipments, and the purchase
of drafts on some countries where exchange conditions are particularly imsettled, such as Australasia and some countries of South Ajnerica, has been
practicaUy suspended. Insufficiency of Australian funds in London has
caused some banks which normally negotiate their Australian bills through
that centre now to deal directly with Australian concerns with the imderstanding that if remittance from Australia is impossible the exporter will
refund the amount of the draft. Foreign banks doing business with South
Africa which have branches in New York lately have increa-sed the margin
of deposit required against South African bills from 25% to 50%.
One export firm prominent in the markets just mentioned reports that
orders now are about 15 to 20% of their recent volume. Exporters are
advising their customers abroad to purchase as sparingly as possible until
conditions become more settled, and in some cases are recalling their foreign representatives.
'_
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The Federal Reserve Board at Washington announces the
following hst of institutions which were admitted to the
Federal Reserve System in the week ending Dec. 31 1920:
District
No. 4
First Trust
District
& Savings Co.,
Surplus.
Total
Resources.
Cleveland, O. $1,250,000 $1,000,000 $32,817,744
No. 6
Central State
land, Fla
District
Capital.
Bank
No. 7
of Lakeland. Lake-
100,000
—
State Bank of Early, Early, la
Schaller Savings Bank, Schaller, la
40,000
25,000
352,440
20,000
25,000
388,288
390.188
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The Federal Reserve Board has granted permission to the
following institutions to exercise trust powers:
The Manufacturers National Bank of Troy, Troy, N. Y.
The Ashland National Bank, Ashland, Ky.
The Commercial National Bank & Trust Co., Laurel, Miss.
The Swedish- American National Bank, Rockford, 111.
The Waukegan National Bank, Waukegan, 111.
The City National Bank of Battle Creek, Battle Creek, Mich.
The Nebraska City National Bank, Nebraska City, Nebr.
The First National Bank of AJbuquerque, Albuquerque, N. Mex.
PERMANENT FOURTH LIBERTY LOAN BONDS
NOW READY.
In'a circular dated Dec. 31 J. H. Case, Acting Governor
of/J thei Federal Reserve Bank of New York announced
that permanent Fourth Liberty Loan 434% coupon bonds
would bejready for deUverj^ Jan. 5. The circular follows:
FEDERAL RESERVE BANK OF NEW YORK
[Circular
^__^
No. 332, December
31, 1920.)
[Supplementing Circular No. 323, dated Dec. 9 1920.
Permanent Fourth Liberty Loan 4 >^ % Coupon Bond*
Ready for Delivery en and after January 6 1921
Banks. Trust Companies and Savings Banks in the Second Federal
Reserve District:
Due to an advanced supply of permanent Fourth Liberty Loan 4}i%
bonds of all denominations with all future coupons to maturityjattached
7'Ojiall
[Vol. 112.
which we have received from Washington we are prepared to begin making
on and after Wednesday. Jan. 5 1921, In exchange for the temporary bonds of that Issue. Those requests which have come to ua In
nsponse to our CU-cular No. 323, stating that we would receive such temporary bonds in advance of Jan. 15. will have Immediate attention en
Jan. 5, and additional exchanges will be made as and when further requests
deliveries
are received.
The permanent bonds will also be sent, upon application on and after
Jan. 5 to depositaries of public moneys expecting to facilitate such exchanges
by receiving from us deliveries of the permanent Fourth 4>i8 agahist collateral security pledged.
Very truly yours,
U. CASE, Aaing Oovernor.
J.
JOHN BURKE RESIGNS AS TREASURER OF
U.
S.
John Burke retired on Jan. 7 as Treasurer of the United
States to form a co-partnership with Louis Montgomery
Kardos, Jr., to take over and succeed the firm of Kardos &
The
business will be conducted under the firm name of
Burke, with offices at New York, Philadelphia,
Brooklyn, Chicago and Pittsburgh.
Guy F. Allen, Assistant Treasurer of the U. S. has become
Acting Treasurer following Mr. Burke's retirement.
Co.
Kardos
&
SUGAR PRICES AT END OF
1920.
With regard to the sugar prices at the end of the year,
the "Wall Street Journal" had the following to say, in its
issue of Dec. 29 regarding the raw sugar market:
Raw
sugar market Is steady at about 4 5-16 cents, cost and freight, basis
Cubas. A local refiner and an operator bought some 1,550 tons of
Perus in port at prices ranging from 414 cents to 4 1-16 cents, c.i.f.
There is some slackening in the demand for refined sugar. Refiners'
quotations remain unchanged at 7.90 cents to 8 cents. This Is 1 cent to
1.10 cents under the Government controlled price for 1919.
Last year refiners paid the Sugar Equalization Board 7.28 cents for
Cuban sugars. The duty-paid price for raw sugar is now about 5.31 cents,
nearly 2 cents under the price paid by refiners in 1919.
Weather in Cuba is unchanged. It is expected that it will be well into
January before the new crop gets into full swing. Only about 15% as many
centrals are now operating as at this time last year. Many sugar producers
for
are waiting for higher sucrose content to begin grinding.
Stocks of old crop sugar at Cuban ports are down to 193,197 tons, while
stocks of new crop sugar are 13,049 tons. The latter figure compares with
75,771 tons at this time last year.
As
to retain sugar prices, the
same paper
in its
Dec. 29
issue, said:
Retail sugar prices in New York and vicinity vary from 8 to 11 cents, the
former figure being the same as that quoted by some refiners at wholeThe refiners' wholesale quotation carries a 2% discount for cash.
sale.
The Great Atlantic & Pacific Tea Co. stores are selling granulated sugar
In Newark they are selling three
in New York and Brooldyn for 9 cents.
pounds for 25 cents, and in some other places, such as Asbury Park, at 8
cents a pound. Tlxis company is also selling Java sugar, nearly equal in
quality American refined, at 7 cents. This Java sugar has gone through
every refining process, but the bone-char treatment. It was originally
manufactured for sale in markets where the consumers object to the bonechar process on religious or other grounds.
The Park & Tilford stores in New York are selling granulated sugar at
retail at 11 cents.
The Sheffield Farms Co. are selling Java white sugar at
8 cents, but these sales are "cash and carry."
In Brooklyn Daniel Reeves, Inc., is selling granulated at two pounds for
19 cents, loose or in cartons. The H. C. Bohack Co. is selling at two
pounds for 19 cents in cartons, or 9 cents straight, loose. The Federal
Food Stores are selling at 9 cents a pound, loose, or In cartons.
NEW YORK
Wage
PRINTERS
increases ranging
NEW WAGE
INCREASES.
from $2 50 to $5 00 a week,
retroactive to Oct. 1, were granted to approximately 19,000
men and women workers, members of the book and job
printing unions of this city, in an award handed down on
Dec. 24. The award was made by an arbitration board
composed of Dr. George W. Earchway, formerly Dean of
Columbia Law School and now Professor of Penology at the
New Yeark School For Social Work; Dr. William M. Leiserson, Impartial Chairman of the Labor Adjustment Board
of the Rochester Clothing Industry, and Dr. WiUiam F.
Ogburn, Professor of Economics at Barnard College.
The latest increases granted follow a weekly wage increase
of $9 a week allowed earUer in the year
Jan. 30 1920; at
that time the unions had sought an increase of $14 a week
while the employers had offered a $6 a week wage advance.
The agreement of last January gave the men an average of
$45 for a forty-eight hour week, time-and-a-half for over-
—
time and double time for Sundays and hohdays. The scale
to run for three years but contained a provision that a
revision of wages, but not of hours or other conditions, might
be made on Oct. 1 1920, and every six months thereafter if
the cost of Uving and conditions in the industry were found to
warrant a change. The latest demands called for increases
ranging from $12 to $18 a week. The employers offered a
flat increase of $4 a week, but later withdrew their offer, and
declared that no increases should be granted at this time.
On May 24 figures were presented by John P. Mines, President of the York Printing Press Assistants and Feeders'
Union, to show that $2,632 a year was the present "Uving
was
THE CHRONICLE
Jan. 8 1921.]
New York City for a family of fiv(>, a father
and mother and three children. The following table was
ciation,
submitted as follows:
Newman
wafje" level in
Food
$871
629
437
68
69
Clothing
Rent.Light and heat
Household equipment
Miscellaneous
80
96
35
59
23
655 75
S2.632 68
In making the award of Dec. 24 the arbitrators acted separately, and the details were announced as follows in the New
York "Times" of Dec. 25:
In the group arbitrated by Dr. Klrchwey Is Typographical Union No. 6,
with 6,500 members In the book and job trade, who were awarded an Increase
of $5 a week over the present scale of S15. They had demanded $18. The
2.800 members of Press Assistants' Union No. 23. who had demanded $18,
were awarded $4 a week increase, bringing the new scale up to $13 a week.
The piessmeu In Job Pressmen and Feeders Union No. 1, who now receive
$40 a week and had demanded an increase of 40% will get $4 a week increase, while the feeders, who demanded a similar increase, get an advance
of $3. bringing their wages up to $32 a week. There are 1,200 workers in
the union, equally divided between pressmen and feeders.
In Dr. Ogburn's group, the 2,800 members of New York Printing Pressmen's Union No. 51 get an advance of $5 a week over the present scale of
They had asked for 407o. The cutters in Paper Cutters' Union,
$46.
No. 119. who asked for 25% Increase, were awarded $3 50 a week, bringing
The sheet straighteners in the same union get an
the scale up to $45 50.
advance of $3. the new scale being $40 a week. They had asked 25%
Increase.
There are 900 cutters and 600 straighteners. Dr. Ogburn
awarded to the 400 paper handlers in Paper Handlers' Union No. 1, an
advance of $3 a week, the new scale being $38. They had asked for $15
,
Increase.
Dr. Lelrson awarded 200 mailers in Mailers Union No. 6 an Increase of
The 2,100
$3 a week over the present scale of $37. They asked for 30%
bindery women in Bindery Women's Union No. 43 were awarded an Increase
of $2 50 a week, bringing the new scale up to $30 a week. They had asked
for an Increase of $^2.
.
DEVELOPMENTS IN LEXINGTON, KY., TOBACCO
MARKETS INCIDENT TO LOW PRICE OFFERINGS.
The closing of the tobacco markets in Lexington, and other
important markets in Kentucky, in protest against the low
prices for burley offered by buyers, which growers assert
would result in bankruptcy, has been one of the outstanding
events of the week. As to the stoppage of trading the press
advices from Lexington Jan. 4 said:
away from warehouses and storing
of importance closed for at least one
week, the situation in the central Kentucky tobacco region to-night was in
a state of uncertainty. Just what will happen no one would venture to
With farmers hauling
It
in their
their tobacco
bams and every market
forecast.
The Lexington loose leaf market, the largest in the world, closed an hour
after the opening this morning with the announcement that it would reopen
to-morrow. The Tobacco Warehousemen's Association this afternoon announced that the local market wojld.not reopen until Tuesday, Jan. 11, at
the earliest. Delegations from various important markets in the district
visited the Burley Tobacco Growers' Association office here and announced
that other places would follow the lead of Lexington.
Farmers mass meetings in some counties decided to hold the 1920 crop
and cut the 1921 crop. Farmers began hauling their tobacco out of the
Lexington warehouses, in which there were about 7,700,000 pounds when
the sales started yesterday.
Bankers and warehousemen are to meet here Friday to decide on ways and
means of financing growers who do not want to sell. A mass-meeting of
tobacco growers from all parts of the Burley district has been called for
Friday, Jan. 7, at Lexington, to provide ways and means of handling the
1920 crop and to arrange for curtailing the 1921 crop.
The temper of growers was none too good this morning when the Lexington market opened, and when prices offered were even lower than yesterday's the market was closed. Soon afterward Mount Sterling, Winchester
and other markets closed, reports being that cessation of trading at Carlisle
and Maysvllle was due to the threatneing attitude of growers toward
buyers.
At Paris this afternoon several hundred growers from Bourbon County
voted unanimously to hold the 1920 crop and cut out the 1921 crop. Similar
action was taken at Maysville.
At Carlisle following Impassioned speeches by growers and threats against
buyers, during which knives were drawn, the market was closed soon after
the opening. Cooler heads among the hundreds of persons attending the
Growers aisserted that to accept the prices offered
sales prevented trouble.
by buyers meant bankruptcy. Soon after the market closed at Carlisle it
was reported that a crowd of several hundred farmers had started for Paris,
twenty miles distant, with the intention of forcing the closing of the Bourbon
County market
there.
Growers stopped the sale at Maysville on the ground that they refused
to give their tobacco away.
General disorder prevailed. Growers from
four Kentucky counties and two from Ohio crowded around the buyers
cursing and yelling and pushing buyers back. Tobacco that brought from
25 to 35 cents last year sold for 3 and 5 cents today. There were from 3 ,500
to 4,000 tobacco growers from surrounding counties In Maysville and feeling
was running high.
Covington press dispatches of the same date said:
Three hundred tobacco growers of Kenton and adjacent counties stopped
the auction sale of loose leaf tobacco to-day at the Kenton Loose Leaf
Tobacco Warehouse because, they declared, the prices were too low. They
said that they were receiving only from 1 to 35 cents a pound this year, as
against from 75 cents to $1 last year. Sheriff Northcutt and several
deputies went to the scene to preserve order.
The return of their crops by the farmers to storage occurred
along with the closing of the markets in protest against the
low prices. In declaring that his organization would accept
no responsibiUty for the methods resorted to, John W.
Newman, President of the Burely Tobacco Growers' Asso-
113
announced on Jan.
would meet on Jan.
.'>
that the directors of the asso-
to formulate a policy.
Mr.
statement said that the ausociation was
organized to find a remedy "through orderly process," and
that it would not "stand for Iawl<'j<sness."
The press diepatches from Lexington on Jan. F) also said:
ciation
in
(>
his
Reports from minor markets that remained open to-day, in spite of the
closing of the larger places, weie that prices showed a decided improvement
over tnoso in tne larger markets yesterday, whoii bids on the Lexington floon
ranged from $1 to $30 per 100 pounds. Dispatches from Kminenco. Ky..
said that good grades of tobacco brought $35 to $69 per 100 pound* wnen the
wareliouso l)t^gan its sale.
Home growers tried to nalt the sale. It was said,
but those wlio had unsold tobacco on the floor wanted to continue, and the
sale was carried through.
DIspatolies from KIchiuond said that tobacco brought an average of $13 6 S
per 100 pounds there to-day, as against an average of $8 65 yesterday.
The Flumlngsburg market opened, but after a short period was closed
Indefinitely.
As an outgrowth
of
Commerce
market situation the Bank
on Jan. 6 experienced a run,
able to meet.
The account of the
of the tobacco
at Lexington
which, however, it wa.s
day's developments are furnished as follows in the press
advices from Lexington on the 6th:
A
four-hour run on a Lexington bank, together with the starting of a
Grand Jury investigation of rumors that caused the run. and news that
Governor Kdwin P. Morrow had under consideration a series of conferences
to l)ring alx)ut the settlement of the tobacco situation, were the chief devel-
opments in the central Kentucky tobacco district to-day.
County mass-meetings of growers who forced closing of most tobacco
markets in the State early this week when they, refused to accept prices
offered by buyers this afternoon selected delegates to a general massmeeting to be held here to-morrow morning. The meeting is to decide
whether or not tobacco shall bo planted in 1921 and to attempt to devise
means of marketing the 1920 crop at a satisfactory price.
The Bank of Commerce of Lexington was the object of the run to-day,
which for several hours threatened to gain dangerous proportions. Rumors
that the banic had loaned so much money on tobacco that it could not pay
depositors, were alleged to have been responsible.
The rumors reached the ears or the bank officials last night, it was said;
and Cashier F. G. Stilz asked that a Clearing House committee examine the
books. This committee issued a statement to-day that the bank was
thoroughly solvent. Mr. Stilz supplemented this with the statement that
all of the bank's paper was fully secured.
Thi-se statements, together with heavy deposits by business men and
transfers of large sums of cash from other institutions to the threatened
bank, apparently had the effect of quieting the nerves of the frightened
depositors before closing time this afternoon, when withdrawals slackened
considerably.
One bank ordered its correspondent in Cincinnati to fot^vard
$100,000 in cash to the Bank of Commerce at once, it was stated.
The Bank of Commerce in its financial statement of Dec. 31 1920 showed
resources of $3,397,450 97 and deposits of $2,496,695 16; notes and bills
discounted totaled $2,015,486 49.
Investigation of the rim by the Grand Jury was ordered late to-day by
acting Circuit Judge H. C. Stoll. The meeting of growers and persona
interested in the tobacco crop will be held here ^t 10 a. m. to-morrow in
an effort to seek a solution of the tobacco problem. Bankers and warehousemen are scheduled to meet in the afternoon to discuss the question
of what aid they can give the growers.
Dispatches from Louisville to-day stated that Governor Morrow had
imder consideration the question of calling conferences to bring about a
settlement of the tobacco situation. The Governor Lssued a statement
sajnng that the question had been brought before him informally and said
that he had not decided on his course of action.
The Governor's statement said that he did not look for lawlessness such
as that in 1908 when the "night riders terrorized the Kentucky tobacco
districts and that he believed the situation would be adjusted in good time.
Markets throughout the burley tobacco district remained closed to-day
with the exception of a few of the smaller ones which did not close when the
large warehouses suspended sales.
'
Late press advices last night (Jan. 7) from Lexington
stated that no burley tobacco will be grown in Kentucky,
Indiana and Ohio during 1921, and tobacco sales floors will
remain closed, if resolutions passed at yesterday's meeting
of representatives of farmers are carried out.
Huntington, W. Va., dispatches on Jan. 5 had the foUowng to say as to the situation there:
The tobacco situation in Kentucky and adjoining States filled to affect
the Huntington burley market, which opened to-day. Buyers entered Into
spirited bidding at the outset, with the result that opening sales were strong
and prices firm. The fears of growers that the Kentucky situation would
depress the West Virginia market were dispelled when the first sales were
made at good prices.
Warehouse records. Issued to-night, show that more than 200,000 pound
of tobacco were sold on the Initial day of the market, prices ranging from
$3 to $60 a hundred, according to grade. fc..The average price for the day
was $25.14 a hundred.
In Baltimore the situation was outlined as follows in presa
dispatches of the 5th:
Owing to the alleged efforts of the former management of the Maryland
Tobacco Growers' Association to keep up the price of their product, despite
a declining market, it Is said a loss of from $750,000 to $1 ,000.000 will be
borne this year by the southern Maryland tobacco growers because of failure
to dispose of their commodity when they had the opportunity.
With the season for tobacco buying at an end and a comparatively "dead"
market prevailing, there are said to be approximately 10.000 hogsheads of
tobacco stored in the State warehouse here and about 7 ,000 of these belong
to members of the Maryland Tobacco Growers Association.
In addition to the 7,000 hogsheads left over from last year's crop. It la
said there are now from 40,000 to 50.000 hogsheads from this year's
crop stored aw^ay in the barns in southern Maryland.
Lancaster (Pa.) advices of the 5th, said:
The public sales floor of the Tobacco Sales Corporation
closed to-day
Farmers refused to accept bids offered!
after one hoiu- of listless bidding.
the highest for wTapi>ers being 16 cents and the highest for fille rs 3 cento.
About 85% of Lancaster County's tobacco crop
of 1920
Is
stored In sheds.
—
—
:
THE CHRONICLE
114
PROPOSAL FOR TOBACCO EXCHANGE
A
tobaoco oxchant;^ system modolod largely on the lines
Grain Kxflianjji! system and its practiee of trading in
futures would go far to remtuly the unsatisfaetory conditions
now existing in the hurley tobacco field, according to John
R. Mauff, Secretary of the Chicago Board of Trade. Mr.
Mauff was reported as having stated on the 4th:
The highly orRanized grain-markoting system provides an nstantaneoiis
market the year around. The buyers and the sellers of the world are at al
of the
1
times In touch and the result is a stabilization of prices, a narrowing of
and the other benefits which accrue in an open market, where
untrammoled competition assures prices based absolutely on the law of
supply and demand.
Before the Grain Exchange system was developed, grain growers were
confronted with much the same conditions as those in Kentucky today.
In time, I think the troubles of the tobacco growers will compel a marketing
organization comparable to grain exchanges.
The wool industry is headed
that way, and there is a considerable sentiment for arranging for 'trading
n wool futures on open exchanges.
fluctuations,
[Vol. 112.
conditions which affect it, but do not affect domestic business.
The continued high and increasing value of the United States dollar, with the
neccNsary corresponding increase in the Belling price of American goods Ib
foreign countries and the scarcity and occasional complete lack of exchange,
have put a burden upon the export business which has made it extraordinarily difficult to finance and require an excessive amount of capital, difficult in many ca.ses to obtain.
I am, however, optimistic as to tiie future
of our foreign trade and tiie ultimate restoration of new levels in exchange
which, while far from normal, will be reasonably steady and permit the
interchange of goods with foreign countries.
Indeed, a continuation of
our foreign trade is essential, not only to the comfort and welfare of tboae
nations with which we trade, but to our own as weU. It will afford an outlet for our surplus production, greatly increased by the war demands.
It
must be maintained in order to continue the operation of plants which
otherwise would be forced to curtail with inevitable corresponding increase
in unemployment of labor.
Collections.
Outstanding accounts receivable from customers of the United States
Rubber Co. on Nov. 30 1920, show an increase of 36% over Dec. 81 1919,
while the sales for 11 months to Nov. 30 1920 show an increase of 20%
over same period last year.
This would indicate that collections have not
been as good as in normal years.
SUPREME COURT HOLDS SECONDARY BOYCOTT
REVIEW OF RUBBER INDUSTRY FOR YEAR 1920—
OUTLOOK FOR 1921.
U.
The following Review of the Rubber Industry for the
year 1920 and the outlook for 1921 was given to the press
on Dec. 30 by Samuel P. Colt, Chairman of the United States
Rubber Co., for release Jan. 3 1921
In a decision this week in which it holds that a secondary
boycott by organized labor is in violation of the anti-trust
laws, the U. S. Supreme Court submits conclusions which
have an important bearing on the so-called Danbury Hatters
case.
The present week's findings of the Court were given
in an appeal of the Duplex Printing Press Company from the
decision of the U.S. District Court for the Southern District
of New York which had refused to grant an injunction asked
for by the company to restrain Emil J. Deering and WiUiam
Bramley, Business Agents of District 15 of the International
Association of Machinists from continuing a so-called secondary boycott. The U. S. Circuit Court of Appeals had
upheld the District Court. The Supreme Court reverses
the decree of the lower court and remands the case for further
proceedings. The verdict of the Supreme Court was
rendered on Jan. 3 and was concurred in by six Justices,
while three Justices Holmes, Brandeis and Clarke
dissented.
In pointing out that "this decision ranks in
importance with the action of the Supreme Court in convicting the Danbury Hatters' Union of unfair practices, and
is, in fact, an overturning of the contention of organized
labor that the Clayton law exempts labor unions from the
operations of those sections of the Sherman act which had
been held to apply to them in the Danbury hatters' acase.
The New York "Times" of the 4th inst. added:
The Clayton law was enacted subsequent to the Danbiuy hatters' de-
The year 1920 has been an eventful one in the rubber industry along with
the general business of our country. During the first half of the year most
everything was on a high plane of inflation which had been in steadily inThe peak was not reached untU
creasing progress since the armistice.
after the middle of the year, since which time the rubber business has been
on a descending scale and prices of commodities entering into the manufacture of rubber goods have receded more rapidly even than they advanced, so that to-day crude rubber, cotton fabrics and other supplies, are
selling for less than half what they were six months ago and in many instanoes below the cost of production.
The decline in securities has likewise been drastic.
We know from experience that the pendulum swinges too far in each
direction, and I believe that the rubber business, along with other lines,
will gradually reach a healthy plane which will be satisfactory to both
producer and consumer.
Crude Bttbher.
manufacturing in the United States during the last
six months of 1920, together with the fact that Central Europe and Russia
are still in no position to absorb any large quantities of crude rubber, has
produced a surplus of this commodity which has resulted in abnormally low
prices.
Every grade of rubber is to-day selling at figures well under the
The curtailment
of
cost of production.
In the early part of the year just passed, it was generally estimated
that the consumption of crude rubber in the United States alone would
amount to nearly 300,000 tons, and it was the optimism reflected in this
estimate which led many manufacturers to buy forward at prices which,
Just what the actual consumpbased on past precedent, then looked low.
tion of crude rubber in the United States has been during 1920 it is difficult to estimate accurately, but at the maximum it has not exceeded 225,OOe tons.
It is still more difficult to estimate the stocks of crude rubber which will
be carried over. A normal amount in the United States would be perhaps
75,000 tons, whereas there probably was on January 1 1921, in all hands,
from 100,000 to 125,000 tons.
Should prices continue below the cost of production for any length of
time, it wiU necessarily materially decrease the world's production of
crude rubber, and, what will ultimately have even greater effect, it will
almost stop new planting.
The price of crude rubber (first crepe) in 1920 has ranged from 55c.
high to 16 %c. low, the latter being the present price. Before the opening
of rubber plantations in the East, $1 50 was about the average price of
Para rubber, the price of which now is 18 %c.
JBuftfter
Footwear.
In the footwear field, due to the unprecedented war demands, as well
as the extreme weather conditions of last year, the capacity of the industry has been absorbed in 1920 without undue acciunulations of stock,
and it is believed that with even moderately favorable weather conditions,
the volume of business in 1921 will be at least normal.
Mechanical Rubber Goods.
The demand for mechanical rubber goods was excessive during the first
nine months of the year, but the efforts on the part of the industry to reduce inventory has caused a slackening of that particular branch of the
rubber business during the past three months of the year, which condition
will probably continue during the early months of 1921, but it is confidently expected that during the year there will be considerable demand,
caiised by the liquidation that has been going on of visible stocks.
S.
TO BE IN VIOLATION OF ANTI-TRUST LAWS.
—
cisions and the view had been asserted that part of its intent was to relieve
labor organizations of liability under the Sherman act provisions forbidding
combinations in restraint of trade.
In the case just decided by the Supreme Court the agents
had claimed immunity from prosecution
under Section 6 of the Clayton Act, which recites that the
"labor of a human being is not an article or commodity of
Commerce." The opinion of the high court holds that
"there is nothing in the section to exempt such an organization or its members from accountabUity where it or they
depart from its normal and legitimate objects and engage
in an actual combination or conspiracy in restraint of trade.
And by no fair or permissible construction can it be taken as
authorizing any activity otherwise unlawful or enabhng a
normally lawful organization to become a cloak for an illegal
combination or conspiracy in restraint of trade as defined
of the labor union
anti-trust laws."
As to Section 20, regulating the
granting of injunctions and restraining orders, the court says:
"There is nothing here to justify defendants or the organization they represent in using either threats or persuasion
to bring about strikes or a cessation of work on the part of
employees of the complainant's customers or prospective
customers,
and of thereby constraining complainant to 3deld the matter in dispute." To instigate a sympathetic strike in aid of a secondary boycott cannot be deemed
"peaceful and lawful persuasion."
The opinion of the
Supreme Court, dehvered by Justice Pitney was given in
large part in the New York "Times" as follows:
by the
.
Rubber
Tires.
of industry, the automobile manufacturers especially
the curtailment and there was an over-production of pneumatic tires
which, with the necessity for reducing dealers' and manufacturers' stocks,
has demoralized the trade, but not, I think, to the extent generally supThose companies, however, whose principal product is tires (which
posed.
is not the case with the United States Rubber Co.) have suffered most.
We, however, already see some improvement in the tire trade. Those who
take a despondent view of the tire business for 1921, I feel, fail to realize
the large proportion of automobiles that are used for business purposes
and the relatively small number for pleasure. The latter may be largely
curtailed and doubtless will be, but the former are a necessity, and with
the development of our highways now in progress, are bound in my opinion
With the slowing up
felt
to steadily increase.
To meet hard times men may wear their old clothes for several years,
but they cannot run their automobiles or auto trucks on bare wheels, and
I woiild predict
therefore must either abandon them or purchase tires.
that there will be more tires consumed in the year 1921 than there were in
1920 or in any previous year in the history of the world.
Export Businest.
The export business of the country and of the rubber Industry has suffered from the world-wide general depression, as well as from particular
.
.
Supreme Covrt of the United States. No. 45 October Term, 1920. Appeal
from the United States Circilit Court of Appeals for the Second Circuit.
Duplex Printing Press Company, Appellant, vs. Emil J. Deering and
William Bramley, Individually and as Business Agents of District No. 15
of the International Association of
Machinists,
et al.
Jan. 3, 1921.
Justice Pitney delivered the opinion of the court.
This was a suit In equity brought by appellant In the District Court for
the Southern District of New York for an injunction to restrain a course of
conduct carried on by defendants In that district and vicinity in maintaining
a boycott against the products of complainant's factory, in furtherance of a
conspiracy to injure and destroy its good will, trade and business especially
to obstruct auad destroy Its Inter-State trade. There was also a prayer for
damages, but this has not been pressed and calls for no further mention.
Complainant Is a Michigan corporation and manufactures printing presses
at a^factory in Battle Creek. In that State, employing about 200 machinists
Mr.
—
THE CHRONICLE
Jan. 8 1921.]
tn the factory, In addition to fifty office employes, traveling salesmen and
expert machinists or road men who supervise the erection of the presses for
complainant's customers at their various places of business.
The defendants who were brought Into court and answered the bill are
J. Doeriiig and William Bramlcy. sutnl individually and as business
agents and representativosof District No. 15 of the International Association
of Machinists, and Michael T. Neyland, sued lndl\idually and as bu-siuuss
agent and representative of Local Lodge No. 328 of the same association.
The District Council and the lodge are unincorporated as.sociations, having
headquarters in New York City with numerous members roiident in lliat
dty and vicinity. There were averments and proof to show that it was
Impracticable to bring all the members before the Court and that the
named defendants properly represented them, and those named were calked
upon to defend for all pursuant to Equity Hule 38 (226 U. 8. 659). Other
Emll
jurisdictional averments need no particular mejtition.
The District Court on final hearing dismissed the bill, 247 Fed.
Rep. 192;
the Circuit Court of Appeals affirmed its decree. 252 Fed. Rep. 722, and
the present appeal was taken.
In August 1913 (eight months before the filing of the bill) the Interna^
tional Association called a strike at complainant's factoo' in Battle Creek, as
a result of which union madiinists to the number of about eleven in the
factory and three who supervised the erection of presses In the field, left
complainant's employ. But the defection of so small a number did not
materially interfere with the operation of the factory, and sales and shipments In interstate commerce continued.
Warnings and Threats
to
Customers.
of made
up the details of an elaborate program adopted and carried out by defendants and their organizations in and about the
dty of New York as part of a coimtry-wide program adopted by the intei^
The acts complained
national association for the purpose of enforcing a boycott of complainant's
product. The acts embraced the following, with others: Warning castomers that It would be better for them not to purchase or having purcha-sed
not to install presses made by complainant, and tnreatenlng them with loss
should they do so; threatening customers with sympathetic strikes In other
trades; notifying a trucking company usually employed by customers to
haul the presses not to do so, and threatening it with trouble if it should;
Inciting employes of the trucking company and other men employed by
customers of complainant to strike against their respective employers In
order to interfere with the hauling and installation of presses, and thus
bring pressure to bear upon the customers; notifying repair shops not to do
repair work on Duplex presses; coercing imion men by threatening them
with loss of imion cars and with being blacklisted as "scabs" If they assisted
In Installing the presses; threatening an exposition company with a strike
If It permitted complainant's presses to be exhibited, and resorting to a
variety of other modes of preventing the sale of presses of complainant's
manufacture in or about New York City and delivery of them In Interstate
commerce, such as injuring and threatening to Injure complainant's customers and prospective customers and persons concerned in hauling, handling or
Installing the presses.
The Clayton Act, in Section 1, includes the Sherman Act, in a definition
of "anti-trust laws," and, In Section 16 (38 Sta. 737), gives to private
parties a right to relief by Injunction In any court of the United States
against threatened loss or damage by a violation of the anti-trust laws,
under the conditions and principles regulating the granting of such relief
by courts of equity. Evidently this provision was intended to supplement
the Sherman Act, imder which some of the Federal courts had held, as this
court afterward held in Paine Ltimber Company vs. Neal, 244, U. S. 459,
471, that a private party could not maintain a suit for injunction.
That complainant's business of manufacturing printing presses and disposing of them in commerce is a property right, entitled to protection against
unlawful injury or interference; that unrestrained access to the channels of
Inter-State commerce is necessary for the successful conduct of the business;
that a widespread combination exists, to which defendants and the associations represented by them are parties, to hinder and obstruct complainant's
Inter-State trade and commerce by the means that have been indicated,
and that as a result of it complainant has sustained substantial damage to
its inter-State trade, and is threatened with further and irreparable loss and
damage in the future, is proved by clear and undisputed evidence. Hence
the right to an injimction is clear if the threatened loss is due to a violation
of the Sherman Act as amended by the Clayton Act.
Looking first to the former Act, the things declared illegal by its first
Section (26 Sta. 209) is "every contract, combination in the form of trust or
otherwise, or conspiracy, in restraint of trade or commerce among the
The accepted definition of a conseveral States, or with foreign nations."
spiracy is a combination of two or more persons by concerted action to
accomplish a cnminal or unlawful purpose or to accomplish some purpose not in itself criminal or unla^vful by criminal or unlawful means.
Pettibone vs. United States, 148, U. S. 197, 203. If the purpose be unlawful it may not be carried out even by means that otherwise would be
legal, and although the purpose be lawful it may not be carried out by criminal or unlawful means.
(The court then quotes several other decisions which it holds are applicable
and continues:
]
Peaceable and Forcible Methods.
by these decisions that such a restraint produced by peaceable
persuasion is as much within the prohibition as one accomplished by force
or threats of force, and it is not to be justified by the fact that the participants in the combination or conspiracy may have some object beneficial to
themselves or their associates which possibly they might have oeen at
It Is settled
liberty to pursue in the absence of the statute.
the question whether the provisions of the Clayton Act forbade the
grant of any injimction under the circiunstances of the present case the
Circuit Court of Appeals was divided the majority holding that under Section 20, "perhaps in conjunction with Section G," there could be no injuncDefendants seek to
tion.
These sections are set forth in the margin.
derive from them some authority for their conduct.
As to Section 6, it seems to us Us principal importance in this discussion is
for what it does not authorize, and for the limit it sets to the immunity conferred.
The section assumes the normal objects of a labor organization to
be legitimate, and declares that nothing in the anti-trust laws shall be construed to forbid the existence and operation of such organizations or to forbid their members from lawfully carrying out their l^itimate objects, and
that such an organization shall not be held in itself merely because of its
existence and operation to be illegal coml)ination or conspiracy in restraint
of trade.
But there is nothing in the section to exempt such an organization or its members from accountability where it or they depart from its
normal and legitimate objects and engage in an actual combination or conspiracy in restraint of trade. And by no fair or permissible construction
can it be taken as authorizing any activity otherwise unlawful or enabling
normally lawful organization to become a cloak for an illegal combination
or conspiracy in restraint of trade as defined by the anti-trust laws.
Upon
,
—
—
Restrictions
The
on Injunctions.
This regulates the granting
principal reliance is upon Section 20.
of restraining orders and Injimctions by the courts of the United States
,
115
in a designated class of cases, with respect to (A) the terms and couditiona
of ihe relief and the pra<'tlce to be pursuetl, and (B) the character of acta
and in Uie cont'ludiiig wurda
that are to l>e exemptetl from the rtwlraiiit
it declar(« (C) that none of the a<-ts si>eflfiod sliall l>e held U> lje violations
of any law of the United .Stales.
.Ml it« provisions are subject to a genera
qualification respecting the nature of the c<iniroversy and tlie parties
affected.
It is to be a "case between an tanployar and employees, Op
between employers and employees, or l>etwoeu employees, or between
I>ers<iiu> employed and persons set^king employment, involving, or growing
out of. a dihi)ute ciuicerning terms or cxjndltlons of employment."
The first paragraph iiu-rely puts into statutory form familiar rwlriclloua
upon the grani.ng of injunctions already estal)lished and of general applic;*It is but
tion In the eciuity practice of the courW of the United Stau«.
declaratory of the law as it stood before. The s«x-ond paragraph deciaros
that "no such rivitraining order or Injunction" sliall jirohiblt certain conduct
speciri<'<l
manifestly still referring to a "caw tjetweeii an employer and
eiiiployecB
involving, or growing out of a dispute concerning terms or
conditions of employment." as di-slgnatwl In the first paragraph.
It is very clear that the restriction upon the use of the injunction is in
favor only of those conceruixl a.s parties to such a dispute as is described.
The words defining the permitted conduct include i)articular qualifications
consistent with the general one rtupocling the nature of the case and dispute
intended, and the concluding words, "nor shall any of the act* specified in
this paragraph be considered or held to be violations of any law of the United
States, are to be read in the light of the context, and mean only that those
acts are not to be so held when conmilttod by parties concerntxl in "a dis-
—
—
pute concerning terms or conditions of employment." If the quahfying
words are to have any effect, they must operate to confine the restriction
upon the granting of injunctions, and also the relaxation of the provisions of
the anti-trust and other laws of the United States, to parties standing in
proximate relation to a controversy such as is particularly described.
Congress had in mind particular industrial controversies, not a general
class war.
"Terms or conditions of employment" are the only groimdfi of
dispute recognized as adequate to bring into play the exceptions, and it
would do violence to the guarded language employed were the exemption
extended beyond the parties affected in a procimate and substantial, not
merely a sentimental or sympathetic, s«ise by the cause of dispute.
Nor can Section 20 be regarded as bringing in all members of a labor organization as parties to a "dispute concerning terms or conditions of employment" which proximately affects only a few of them, with the result of
conferring upon any and all members no matter how many thousands there
may be nor how remote from the actual conflict those exemptions which
Congress in terms conferred only ujjon parties to the dispute. That would
enlarge by construction the provisions of Section 20, whiclyx)ntaln no mention of labor organizations, so as to product an inconsistency with Section 6,
which deals specifically with the subject and must be deemed to express the
measure and limit of the immimity intended by Congress to be Incident to
mere membership in such an organization.
—
—
Holds Immunity Not General.
The emphasis
placed on the words "lawful" and "lawfully," "peaceful"
and "peacefully," and the references to the dispute and the parties to it,
strongly rebut a legislative Intent to confer a general immunity for conduct
The subject of the
violative of the anti-trust laws, or otherwise unlawful.
boycott is dealt with specifically in the "ceasing to patronize" provision,
and by the clear force of the language employed the exemption is limited to
pressure exerted upon a "party to such dispute" by means of "peaceful
and lawful" influence upon neutrals.
There is nothing here to justify defendants or the organizations they represent in using either threats or persuasion to bring about strikes or a
cessation of work on the part of employes of complainants customers or
prospective customers, or of the trucking company employed by the customers with the object of compeUing such customers to withdraw or refrain from
commercial relations with complainant, and of thereby constraining complainant to yield the matter in dispute. To instigate a sympathetic strike
in aid of a secondwy boycott cannot be deemed "peaceful and lawful"
persuasion. In essence it is a threat to inflict damage upon the immediate
employer, between whom and his employes no dispute exists, in order to
bring him against his will into a concerted plan to infhct damage upon
another employer who is in dispute with his employes.
(The couit then quotes from a statement made in Congress by Mr. Webb,
the spokesman of the House Committee, when the Clayton act was passed,
who declared that it did not sanction the secondary boycott. The decision
continues: )
This was the final word of the House Committee on the subject and was
uttered under such circumstances and with such impressive emphasis that it
is not going too far to say that except for this exposition of the meaning of
the section it would not have been enacted in the form in which it was
reported.
In substantially that form it became law. and since In our
opinion its proper construction is entirely in accord with its purpose as
thus declared, little need be added.
Reaching the conclusion as we do, that complainant has a clear right to an
injunction under the Sherman act as amended by the Clayton act. it becomes unnecessary to consider whether a like result would follow under the
common law or local statutes, there being no suggestion that relief thereimder could be broader than that to which complainant is entitled under the
acts of Congress.
Complainant is entitled to Its costs in this court and in both courts below.
Decree reversed, and the cause remanded to the District Court for
further proceedings in conformity with this opinion.
,
As to the dissenting views the "Times" says:
The dissenting opinion of Justices Holmes, Brandeis and
Clarke, delivered
by Justice Brandeis. makes the contention that the court's decision renders
futile an effort of more than twenty years to place employers and employes
on an equal basis before the law. These three Justices held that the action
of the Intei^National Association was not a secondary boycott but. "an
Instance of a strike of those who have a common interest to protect themselves by preventing use of products which part of them have tried to prevent manufacture of by a strike." The point was made that it was clearly
a case of self-defense.
This contention was supported by citing that manufacturers refused to
The
sell their products to customers employing union labor exclusively.
question is. said Justice Brandeis in the dissenting opinion, whether 60,000
laborers may not say that they would not let their men work on products
manufactured In shops against which the laborers were striking.
LABOR'S
VIEW OF SUPREME COURT DECISION
AGAINST SECONDARY BOYCOTTS.
A
statement in which he declared that the decision of th«
Supreme Court, holding secondary boycotts to be in viola-
was "a blow at the movement for
human freedom and progress" was issued at St. Louis on
tion of the anti-trust laws,
:
THE CHRONICLE
110
4 by Samuel Ooinijors, President of the American
Fodoratioii of Lal)or, as follows:
The Huprenio Court, In rondorlnR Its decision in the case of the Duplex
PrintlnK Prow Company versus the Intcr-Natlonal Association of Machinists, has Joined forciw with the antl-unlon shop movement, the movement
Jan.
to undermine and destroy tno only organizations which the working people
have for their protection.
The decision of the majority Justices fully Justifies the statement attributed by the prew to Justice Brandols In the minority dls-sentlng opinion
that the whole movement of thirty years to place workers and employers on
a basis of equality before the law has been nullified.
I have not read the whole language of the decision, but I have seen sufficient to say that It Is thoroughly In accord with the most ardent wishes of
predatory agreed and should be highly satisfactory to those who exalt
profits and deny the aspirations of humanity.
It Is a blow at the movement for human freedom and progress, I can only
add that the protest of minorities of one day have frequently been the decisions of majorities of the next day.
Frank Morrison, Secretary of the American Federation of
Labor, also took occasion to criticise the Supreme Court
decision in a statement which he issued as follows at Washington on Jan. 5:
States Supreme Court's decision In the Duplex-Machinists'
the result of the efforts of the machinists to improve conditions.
They secured these conditions from three large concerns in the same line
of business as the Duplex, and these concerns called upon the machinists
to place the Duplex upon the same competitive basis.
That company refused, and to hold what they had in the other plants the
machinists struck. The machinists everyivhere aided their fellows, as did
The United
case
Is
—
—
•
MOVEMENT IN SCRANTON
FOR OPEN SHOP.
A
Seranton (Pa.) press dispatch of Jan. 4 stated that the
first move in an effort to gain the open shop in that vicinity
was started on that day when the Manufacturers' Association
of Lackawanna County adopted a resolution against any
kind of a closed shop.
The
dispatches also stated:
It is said that ninety-five concerns of this county are members of the
association and that more than a quorum was present to give unanimous
consent to the resolution.
In declaring for an open shop the manufacturers in the resolution stated
that they want no worker shut out because he holds no imion card and also
that they want no worker shut out because he does hold a union card.
,
MEETING OF ASSOCIATION OF RAILWAY EXECUTIVES—MATTERS DISCUSSED.
member roads
Executives was held in the
of the Association of Railway
board room of the New Haven Railroad in the Grand Central
Terminal yesterday. A formal statement regarding the
proceedings was not issued, but an official of the Association
substance: It may be
gave out the following information
assumed that so far as the Association is concerned, the discussion of the question of submitting labor differences by
member roads to Government adjustment boards is a closed
incident.
He added that it was decided not to agree to such
procedure. A letter setting forth the position of the Association will be sent to Judge R. M. Barton, Chairman of
the United States Railroad Labor Board.
Differences regarding the adjustment of balances between
American and Canadian railroads, by reason of the depreciation of Canadian exchange, were submitted to the Railway
Accounting Officers' Association, which will take the matter
up with the corresponding organization in Canada.
Judge Alfred P. Thom, General Counsel for the Association of Railway Executives, was authorized to do his utmost
to secure the passage by Congress of legislation requiring the
Secretary of the Treasury to make payments on account of
balances due the carriers under Government control, instead
It was stated
of waiting until payment in fuU can be made.
that approximately $400,000,000 is involved in this contro-
An
all-day meeting of about 100 officials of
m
versy.
Arrangements were made for the auditing of accounts between the railroads and the American Railway Express Co.
under the new form of contract.
Howard EUiott, as Chairman of a special committee, presented to Thomas De Witt Cuyler, Chairman of the Association of Railway Executives, a silver salver as a token of
appreciation of his services in that position.
112.
R.W.WOOLLEY RETIRES AS INTER-STATE COMMERCE
COMMISSIONER.
On Dec. 31 Robert W. Woolley retired as a member of the
Inter-State Commerce Commi.ssion.
regret at Commissioner Woolley's
In a letter expressing
withdrawal, President
Wilson, said:
The White House, Washington.
MuDear
Woollcy:
Dec. 14 1920.
—
Thank you very warmly
your etter of the thirteenth. It is a matter
grief to me that you are retiring from your
post.
It has been such a comfort to rely upon your wisdom and your
loyalty, as I have absolutely relied, and I shall carry with me always the
most delightful recollection of our association..
I do not know what you purpose undertaking now. but you may be sure
that my most affectionate friendship will follow you wherever you go and
whatever you do. Your record has been of a sort to enable you to carry
away the proudest recollections. With warmest regards.
of the greatest regret
for
and even
Faithfully yours,
WOODROW WILSON.
While Mr. WooUey hasnot yet made known his plans for
the future, his duties as Chairman of the Board of Referees to
fix the compensation of the Western Pacific Railroad under
Federal control are expected to claim considerable of his
time for some months.
THE ANTHRACITE TRUST DECISIONS.
unionists in other trades.
This movement should be endorsed by every humane person and the
policy of the Duplex should be condemned, but the United States Supreme
Court says that the boycott the workers' only weapon in this case is
illegal and is a violation of the Anti-trust act because it interferes with
Intei^state commerce.
Compared with this position by the Supreme Court is its recent refusal to
The minority opinion in the case
dissolve the United States Steel Trust.
declared that the trust was "organized in plain violation and bold defiance"
of the Anti-trust act, but the court refused to dissolve it because of a "risk
of injury to the public interest, including a material disturbance of and,
it may be, serious detriment to the foreign trade."
The Court's decisions in tne Duplex and the Steel Trust cases speak for
themselves. Tliey support every claim made by organized labor on the
attitude of Federal courts when human rights and dollars are involved.
[Vol
A. M. Sakolski, bond statistician and economic expert,
with the Equitable Trust Co. of this city, has written an
interesting analysis of the anthracite trust decisions, the
latest of
ed
—
—
that in the Lehigh Valley case
was handthe United States Supreme Court on Dec. 6
reproduce the analysis herewith
which
down by
1920.
We
These decisions are an outgrowth of the endeavor of the anthracite railroads to evade the provisions of the "Commodities Clause" of the Hepburn
Act, passed June 29 1906.
The "Commodities Clause" prohibited, from
and after May 1 1908, the transportation by a railroad of any article or
commodity (other than timber and its manufactured products), manufactured, mined or produced by it or \inder its authority.
This worked a severe hardship on the anthracite carriers, who were unable to dispose of
their valuable coal properties without the likelihood of heavy losses before
the law went into effect.
In order to get around this provision, therefore,
the anthracite roads proceeded to organize separate coal companies and
coal sales companies, to take over the mines and to act as selling agents of
the product.
The Government soon entered suit against the anthracite carriers on the g^round that the coal sales companies did not relieve the roads
from the prohibitions of the "Commodities Clause," and therefore the hauling of coal from the mines of these carriers, whether "owned" by "sales
companies" or not, constituted a violation of the Act. The Supreme Court
did not uphold fully the contentions of the Government, and though declaring the Commodities Clause constitutional, held that the ownership of
stock of a railroad company in a mining or coal sales company constituted
merely a legal interest, and that a railroad could not be said to be interested, either directly or indirectly, in the mining of coal merely because it
owned all the capital stock of a coal company which conducted the mining
operations.
(213 U. S., 366-419.)
During the period that the Government was testing the commodities
clause of the Hepburn Act, a suit was being conducted by the Department
of Justice against the principal anthracite carriers on various cotmts of
combination and collusion to control and restrain competition in the transportation and marketing of anthracite coal.
In this proceeding the Government was partially successful, since in its decision of Dec. 16 1912 the
Court ordered the dissolution of the Temple Iron Company, as a corporation designed by the six defendant carriers to prevent the construction and
operation of a competitive independent anthracite road to tidewater through
joint control of the corporation known as the Temple Iron Company. It was
held that by means of the control of the latter company the defendant
carriers were enabled to absorb the output of independent anthracite producers and also to supply the "time, place, and occasion for the expression
of plans or combinations requiring or inviting concert of action."
(226
U.
S.,
352-353.)
As a result of this and the "commodities" decision, the Government began a series of new proceedings against coal railroads on the groimd of violation of the Sherman Anti-Trust Act and not specifically against the violation or invasion of the commodities clause.
The first case against an individual anthracite company decided by the Supreme Court under these
suits was that against the Delaware Lackawanna & Western RR.
The
Lackawanna throughout many years mined directly most of the coal hauled
over its lines.
After the passage of the Hepburn Act it organized a coal
company, contracting with the latter to have any exclusive purchase and
product of the Lackawanna. It also prohibited the coal company from handling the product of independents. The Government in this
suit claimed that this contract not only was a manifest evasion of the
commodities clause, but was decidedly a restraint of trade.
The Court
upheld the contention of the Government and decreed that nothing short of
an entire separation of the transportation and the selling of the coal
would suit the mandate of the law.
In the case against the Reading Company the commodities clause played
a very small part.
Here the combination of the Philadelphia & Reading
Railway, the Philadelphia & Reading Coal & Iron Company, the Central
Railroad of New Jersey, and the Lehigh, Wilkes-Barre Coal Company,
was attacked as a combination In restraint of trade. The Circuit
Court which heard the proceedings directed in large part a dismissal of the
case, but on appeal to the U. S. Supreme Court, decided April 26 1920, the
majority opinion granted in full the demands of the Government.
As in
the Lackawanna case a full and complete separation of the railroad company and of the various coal companies is required.
The most recent case decided by the Supreme Court (Dec. 6 1920) was
directed against the Lehigh Valley Co.
This, decision held that the control
of the coal properties or separately incorporated coal companies by the
Lehigh Valley RR. was in violation of the Anti-Trust Act, and ordered the
entry of a decree dissolving the combination and the redistribution of the
stock, bonds and properties of the coal subsidiaries.
The decision, moreover, declares that the formation of the Lehigh Valley Coal Company and
the Lehigh Valley Sales Company by the railroad company is "a. mere device to evade the commodities clause of the Inter-State Commerce Act, and
sale of the
THE CHRONICLE
Jan. 8 1921.]
therefore void."
Thus Uie Supreme Court has finally set Its etanip of disapproval on the method followed by the anthracite carries in endeavoring
to get around the commodities clause passed in 19U6.
There still remains one important instance of tJie control by an anthracite carrier of a coal mining and coal selling agencies.
The Delaware &
Hudson Company, several years prior to the enactment of the Hepburn
Act had organized and held the capital stock of the Hudson Coal Company.
It had contracted with the latter for the sale at the mines of a
Accordingly, when the commodity clause
large part of its coal output.
was enacted there was no necessity for the Delaware & Hudson Company to
form a new corporation to not violate the law as in the cases of other
Thus, in the suit brought by the Oovernment agaiiist
anthracite carriers.
the Delaware & Hudson Company along with other anthracite carriers contesting the legality of the arrangement whereby the railroad company
would be enabled to move coal mined from other properties, Oie control of
the Hudson Coal Company by the Delaware & Hudson Co. was held not to
constitute a violation of the commodities clause.
Moreover, for a number
of years the Delaware & Hudson Company has been selling its coal at the
mines to other independent coal companies besides the Hudson Coal, the
Accordingly, there may be some leeway here
stock of which it owns.
which will prevent the Government from bringing suit against the Delaware & Hudson Company on the ground of violation of the Anti-Trust Act.
However, in view of the Supreme Court's decision in other anthracite cases,
it is quite pos.sible that some move will be taken to divorce the coal properties of the Delaware & Hudson Co. from its railroad properties.
It should
be borne in mind, however, that the Delaware & Hudson Company was
originally incorporated as a coal mining corporation and, from time to
time has received legislative grant from the State of Pennsylvania to own
and operate coal mines. Its ownership of coal mines, therefore, cannot be
held to have resulted from the endeavor to monopolize or restrain competition in an anthracite industry.
.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No sales of bank or trust company stocks were made at
the Stock Exchange or at auction thiS week.
At a meeting of the board of directors of the Guaranty
Trust Co. on Jan. 5, Wilham C. Potter was elected Chairman
of Board to succeed Alexander J. Hemphill, who died on
Dec. 29. Mr. Potter, who was formerly senior Vice-President of the Guaranty Trust Co., will take up his new duties
He will withdraw from membership in the
about March 1
firm of Guggenheim Brothers and from all executive activities in their enterprises with which he has been connected,
his intention being to devote all of his time to his duties as
Chairman of the Board of the Guaranty Trust Co. The
following account of his hfe and activities is furnished:
.
Mr. Potter was educated as a mining engineer and for 15 years was active
in mining and metallurgical operations and their administration, both in
He was born in Clucago in 1874 and graduated
this country and in Mexico.
from the Massachusetts Institute of Technology in 1897 with a degree of
Bachelor of Science in Mining Engineering. From that time on he followed
his profession of mine operator in New Mexico, Colorado and Montana until
he became General Manager of the Guggenheim Exploration Co. in Mexico
and later General Manager of the American Smelting & Refining Co. for
Mexico and the Southwest. In 1911 he became President of the Intercontinental Rubber Co., and on July 8 1912 was elected a Vice-President
of the Guaranty Trust Co., and continued there until March 15 1916, when
he resigned to become a member of the firm of Guggenheim Brothers. He
continued as a director of the Guaranty Trust Co. and member of its
Executive Committee. During the year 1918 Mr. Potter was called to
Washington and was appointed Chief of the Equipment Division of the
Aviation Corps of the U.S. Army. For his services he was awarded the
Distinguished Service Medal and was recently decorated by the Italian
Goverament as a Commander of the Order of the Crown. In addition
to membership in the firm of Guggenheim Brothers, Mr. Potter is Chairman
of the Board of the Kennecott Cooper Co., President of the Braden Copper
Co. and Vice-President of the Chile Exploration Co., and on the Finance
Committee of the Utah Copper and Nevada Consolidated Copper companies, besides being a director in a
industrial companies.
number
of other mining, steamship
Pierre P. Pasteur has been appointed Assistant
and
Manager
and Joshua G. B. Campbell, Assistant Secretary, at the
Paris office of the Guaranty Trust Co. of New York.
John C. Vedder was
New York
this
week elected Secretary
of the
&
Trust Co. as successor to
Irving L. Roe, who recently resigned on account of iU-health.
Mr. Vedder has been connected with the company for twentyeight years.
A unique and unusual record of service with a
financial institution was made public after a meeting of the
trustees this week.
John Walker, Senior Clerk and Paying
Teller, presented his resignation after fifty-five years of
devoted service. The unusual feature of this long record
Life
Insurance
employ of the New
Walker had served
with distinction as an officer in the Union Army during the
last three years of the Civil War.
The trustees accepted
Mr. Walker's resignation with regret and placed on its
lies in
York
the fact that before entering the
Life Insurance
Trust Co., Mr.
&
records the following resolution:
John Walker, 1st Lieutenant 132d New York Volunteers, resigned
his
commission in
1865 after nearly three years of honorable service in
the Civil War.
month or two later he accepted a position with this
company, and as Jimior Clerk, Senior Clerk, and finally as Paying Teller,
served the company faithfully and loyally during the very unusual period
of fifty-five years.
His wish to enjoy a well-earned leisure causes him to place his resignation
May
A
in
our hands.
The
trustees desire to record upon their minutes this appreciation of Mr.
Walker's devoted service continued through so unusual a number of years.
117
The Columbia Truit Company has
just pubhshed a fourth
"Important Information Concerning OwTiership
Information at the Source Withholding at
Certificates
tlio Source."
Wo are adWsed that the company's friends
engaged in the banking business are welcome to this new
edition in which have been made several important changes
based on latest Treasury Department regulations up to
edition of
Dec.
1
—
—
1920.
The Fulton Trust Company
of this city, in its quarterly
"Investments," dated Deo. 15, in which it submits
as suggestions for investments, a Ust of railroad bonds, says:
circular,
Iteciintly the Bears have been making the prices of stocks and they seem
to bo getting tliem low enough.
The buying power on tlie part of the holders
of securities seems to be exhausted and the inquiry is largely for new issues
at high rates of interest. The logical course of prices would be to rt«pond
to a lower rate of interest, and advance in time, but we are not making any
predictions, as events seem to run differently in each decline.
Under normal conditions when money rates were high In this country
gold would bo imported from abroad, resulting in a relaxation of the tension
in the money market, consequently money would become cheaiier and
business conditions would improve.
At the present time, however, a business depression seems to prevail
throughout the world and the countries of Europe are in greater need of our
assistance than we of theirs.
The situation seema to be well In hand, and
if money accumulates throughout the country owing to the slowing up of
business, it should result after the turn of the year in lower rates, with a
better market for investment securities.
An Important feature that cannot
be lost sight of is that a great amount of money that ordinarily went to Investments, now goes to pay income taxes both Federal and State. In
summaiizing the situation of investments in railroad securities it appean
that with the restoration of the roads to private ownership, and with the
benefit of the higher rates, the railroad situation should show a marked
improvement and their securities increase in value, but it may take time*
We must have patience and remember that the war is practically over, but
not the after effects.
who was accidently shot on Jan. 2 1921, died
Mr. Dick was a veteran of the World War and
his funeral was attended by 100 veterans \\ith whom he
served in France. Mr. Dick had been a member of the
former Stock Exchange firm of Dick Bros. & Co., and at
the time of his deatn was a member of the Cotton Exchange,
He had lately been associated with his father, Frank M.
Julian Dick,
on Jan.
3.
Dick, with the brokerage firm of E. F. Hutton
&
Co.
Stanley A. Russell, head of the Public Utility Department
of Ttie National City Co., of this city, has been elected
an
Assistant Vice-President of that institution.
The condensed statement of condition of the Chatham &
Phenix National Bank of New York at the close of business
Dec. 29 1920, as pubhshed on another page, shows capital,
surplus and undivided profits of over $15,000,000; cash and
exchanges, $33,202,082, and deposits of $136,988,536. The
total resources are over $165,000,000.
A distinctive feature in bank publicity was revealed by
the United States Trust Co. of New York in advertisements
published recently in the form of an i'^em.zed hst of the institution's stock and bond investments, which accompanied
its statement of condition as of Jan. 1 1921.
The list gives
exact descriptions of the various securities held, their rates,
maturity dates, par value owned, book vaiue, price paid
and yield, and a summary showing that the average yield on
the $10,489,780 book value of securities owned by the inPublication of this list, it is commented
stitution is 8.46%.
in the financial district, gives prospective customers or investors in the stock of the institution an opportunity to
judge for themseives the soundness of its investments,
hitherto open only to directors and in some instances to
stockholders.
It is also pointed out that the list of securities owned is likely to be studied with interest by indi\ idual
investors as a guide for the placing of their funds, on the
assumption that their purchases by such an institution is
evidence of confidence in their soundness.
Paul Moore was elected a director of tne Bankers Trust
Co. on Jan. 4. Mr. Moore is a son of Judge William H.
Moore. He began the study of laAv at Northwestern University
and
later transferred to the
New York Law
School,
from which he was graduated, and entered the law firm of
Boardman & Piatt. After several j-ears' practice
Mr. Moore became a member of the firm of Taylor,
O'Brien,
of law,
& Co., of 100 Broadway, and of this firm he is still a
member. When war was declared he went into service and
was commissioned a captain and later a major in the Ordnance Department. Mr. Moore is a director of the Lehigh
Valley Coal Sales Co., an director and member of the
Executive Committee of the Ameircan Can Co., and a director and member of the Executive Committee of the National
Bates
Biscuit Co.
THE CHRONICLE
118
The Colombia Trust Company of
Las ready for free
distribution a Memorandum for Use in the Preparation of
Individual Income Tax Returns, both Federal and State.
One page provides for the various items making up gross
income received or accrued during the taxable year and a
this city,
[Vol. 112.
Robert G. Peace, Assistant Vico-Pre8ldent: ilenry Schneider, Assistant
Vice-President and Treasurer; Edward W. Campbell. Secretary; J. Eustace
UizzoU, Jotin Neville and Edward K. Felsberg, Assistant Secretaries and
Treasurers; Charles G. Tltsworth, Title Officer; Simon P. Northrup, Assistant Title Officer: Francis Lafferty, Solicitor; Daniel L. Campbell, Assistant
Solicitor; Theodore liampson, Herbert R. Jacobus and Leslie G. McDouall,
Assistant Trust Officers; John F. J. Sbeehan, Executive Secretary.
second page for the allowable deductions.
Harold Claus, who had boon associated with the Stock
Exchange firm of Chas. D. Barney & Company, since
September, 1902, and who had served as manager of the firm
He was 39
since April, 1910, died at his homo on Dec. 9.
well known in the financial
years of ago. Mr. Claus was
district.
He had served on one of the committees which
drafted the plane for the organization of the Stock Clearing
At a meeting of the Directors of The Provident Life and
Trust Company of Philadelphia, on Dec. 27 the following
were elected directors: George R. Packard, who fills the
unexpired term of Charles H. Harding, deceased, and
Joseph Wayne, Jr., for the unexpired term of Robert M.
Janney, deceased.
The
Plattsburgh
National
Bank & Trust Company
(capital $100,000) and the City National Bank of Plattsburgh (capital $100,000) have been consolidated under the
Corporation.
<
Kenworthy has been appointed an Associate charter and corporate title of the Plattsburgh National Bank
Manager of the Bond Department of the Equitable Trust & Trust Company with a capital of $250,000. The newly
Co. of New York. Mr. Kenworthy has been tne head of consohdated institution also has a surplus of $250,000,
the Trading Department of the Equitable Bond Depart- making the combined capital and surplus $500,000. The
ment since 1918, and prior to this time held a similar position assets will be about $4,000,000. It is pointed out that the
with Brown Brothers & Co.
increase of $100,000 in the capital stock and surplus of both
banks gives the institution an additional item of safety and
Tne directors of the Textile Banking Co., 50 Union increases its capacity to invest in securities. The consolidaSquare, have elected M. C. Rheinboldt and C. S. Hasbrouck, tion was effected at the close of business Dec. 31, and it
Assistant Treasurers, and W. A. Cunningham, Assistant represents the first banking merger to occur in the city. The
George
Secretary.
of Westbury, N. Y. is increasing
The new capital will
to $50,000.
its capital from $25,000
The additional stock, authorized by
go into effect Jan, 3.
The Bank
of
Westbury
the shareholders on Sept. 9,
share.
was disposed
The Harriman National Bank
of at $125 per $100
declared a
on Jan. 6 and an extra dividend
semi-annual dividend of
on its capital stock of $1,000,000 payable Jan. 7 to
of
stockholders of record Jan. 6. The Bank officials foresee
satisfactory business for the current year, which if not in the
volume of the last few years, nevertheless promises they
tnink to be on a stabilized basis. Uptown banks in general
There are in course
are gratified with local conditions.
of construction and projected in the district between Thirtyfourth and Fifty-ninth Streets which the Harriman National
Bank terms "the new commercial and financial center of
New York" approximately a score of new commercial buildings with an estimated tenant capacity of upwards of fifteen
of
tliis
city
5%
3%
thousand.
A cable dispatch to Joseph McCurrach, New York
Agent for Banco National Ultramarino, announces that a
branch of this institution has been opened in Bombay,
India, making the seventy-first branch of this bank in as
many important world markets.
The Columbia Trust Company
of this city has ready for
a booklet entitled "New York State Personal Income Tax Law" which contains a summary of the
law, followed by the fuU text thereof and extracts from the
With the booklet comes a useful
official regulations.
free distribution
memorandum
his
to aid the individual in the preparation of
Income Tax Return.
The Asia Banking Corporation announced the opening
on Jan. 3 of a branch at Singapore its ninth branch in the
Far East. The other branches are at Shanghai, Hongkong,
Hankow, Peking, Canton, Tientsin, Changsha, and Manila.
—
The FideUty Union Trust Co. of Newark, which has been
formed by the consolidation of the Fidelity Trust Co. and
the Union National Bank, both of Newark, N. J., opened
its doors as successor to the two institutions on Jan. 3 1921,
in the newly enlarged and improved building which the
Union National Bank formerly occupied. The new name
was approved at a meeting of the stockholders on Dec. 29.
As stated in the "Chronicle" of Dec. 11, the consolidated
institution will have a capital, surplus and undivided profits
of approximately $10,000,000, resources of $60,000,000, and
The officers of the new
deposits of more than $50,000,000.
institution are:
Chairmaoi of the Board, William Scheerer; President, tJzal H. McCarter;
Charles H. Imhoff, Vice-President; Edward A. Pruden. Vice-President and
Trust Officer; Jerome Taylor, Vice-President; Paul C. Downing, VicePresident; Frank T. Allen, Vice-President and Publicity Manager; William
O. Pearson, Vice-President; Louis Hood, General Counsel; Edward L.
Arnold, Assistant Vice-President; Oscar H. Merz, Assistant Vice-President;
business of the consohdated institutions is conducted in the
quarters of the Plattsburgh National Bank & Trust Company, the assets of the City National having been transferred to the offices of the former.
According to the "Plattsburgh Daily Press" the consolidation was brought about
largely through the efforts of John F. O'Brien, President of
the City Bank who has devoted much time and energy in
building up the bank of which he is President to a very high
point and who has worked hard to bring these strong financial institutions to the point of pooUng their issues. He
wiU act as Chairman of the Board of Directors of the Platts-
burgh
National
Bank and Trust Company.
John H.
Moffit, President of the Plattsburgh National Bank and
Trust Company will direct the affairs of the consolidated
banks as President. The Board of Directors wiU include
in its numbers some of the most representative men in the
city and county.
C. E. Inman, Cashier of the City Bank,
wiU hold a responsible position with the new bank and
Fred H. Justin, Cashier of the Plattsburgh Bank & Trust
Co. will continue in that position under the consoUdation.
All of the working force of the City Bank will be transferred
to the new institution and will work in conjunction with
those already employed at the Plattsburgh Bank.
Carol H. Deshon has been appointed an Assistant Cashier
Southwark National Bank of Philadelphia.
of the
At a meeting of the directors of the Ninth Title & Trust
Co. of Philadelphia, Jan. 6, Harry Lonsdale of the firm of
F. A. Bockmann & Co., Inc., manufacturers of dress goods,
was elected a director.
At a meeting
of the board of directors of the First National
at Pittsburgh on Dec. 7 1920, Isaac M. Scott was
He 'was formerly President
elected a member of the board.
of the Wheehng Steel & Iron Co. and now holds the Presidency of the Wheehng Steel Corporation.
Bank
The fh'st meeting of the board of directors of the Union
Trust Co. of Cleveland, Ohio, was held on Dec. 31. Out of
a total of 80 members, 72 were present, and these 72 men
represented the entire range of business and financial leaderThe institution (in which are united
ship in the community.
the Citizens Savings & Trust Co., the First National Bank,
the Union Commerce National Bank, the First Trust &
Savings Co., the Broadway Savings & Trust Co. and the
Woodland Avenue Savings & Trust Co.) started business at
the beginning of the new year with nearly 100 officers and
1,300 employees, and it serves a quarter of a miUion deposFollowing the meeting, expressions of the [greatest
itors.
enthusiasm and earnestness were heard from the many
prominent men who left the directors' room. Perhaps the
following from J. R. Nutt, the newly elected President of the
Union Trust Co., is as expressive as any:
Tbis is the greatest thing that ever happened to Cleveland or in Cleveland.
It is going to do more to malte Cleveland known as a big business
centre the world over than any other one thing that could happen. Every
banker and every business and financial man who has occasion to bring to
mind the big leading banks of the country will at once link Cleveland with
THE CHRONICLE
Jan. 8 1921.]
New York and
Chicago as standing In the very forefront, but the blgue»> uf
Is In itself not so significant as the fundamental puriHit>«« uf
the officers and directors of the Union Trust Co. to place the entire facilities
of this great bank at the service of every legitimate business and every firm
this
movement
In this
community
regardless Af the size of the account.
have been compiled in connection with the consohdatioii of the six Cleveland banks
which form the Union Trust Co. For the year I'JIO the
total bank transactions of Cleveland amounted to $14,845,000,000. Of this total the six banks consolidated in the
Union Trust Co. handled 06%. In 1920 these six banks
handled 70% of the total banking transactions of $18,225,000,000. During the past five years the banking transacJohn
tions of all Cleveland banks has increased 340%.
Board of the new company;
Sherwin is Chairman of the
J. H. Wade is Chairman of the Trust Committee, and J. It.
Nutt is President. The following are executive managers:
G. A. Coulton, Senior Vice-President, Chairman; J. R.
Exaus, W. M. Baldwin and C. L. Bradley, Vice-Presidents.
Some very
interestiiifj fi{i:ur(>s
William E. Ward, who, as we stated in our issue of the
"Chronicle" of Dec. 25 1920, resigned as Vice-President of
the Union Commerce National Bank of Cleveland Dec. 6,
was elected a Vice-President of the Cleveland Trust Company of Cleveland at a meeting of the directors of the trust
company on Dec.
23.
Announcement was made on Jan. 1 of the merger of the
National Bank of Commerce (capital $1,000,000) and the
Guardian Trust & Savings Bank
under the name of the Commerce Guardian Trust & Savings
Bank (member Federal Reserve System).
The latter has a capital of $1,400,000, and surplus and
undivided profits of $700,000, for the present, it is stated,
the customers of the National Bank of Commerce and of
the Guardian Trust & Savings Bank will continue to be
served at the respective location of each bank. The officers
of the consohdated institution are S. D. Carr, Chairman of
the Board; R. B. Crane, President; B. H. Cady, 1st VicePres. & Chairman Ex. Committee; W. L. Ross, E. C. Edwards, and G. W. Walbridge, Vice-Presidents; E.G. Kirby,
Vice-Pres. & Trust Officer; W. L. Lamb, Treasurer; H. P.
Caves, Secretary; G. L. Mills and G. E. Wise, Assistant
Secretaries and Treasurers; R. B. Orvis and L. E. Mominee,
Assistant Treasurer; H. C. Dennison, Assistant Secretary;
L. C. Ruth, Credit Manager; W. A. Rowsey, Auditor;
David Jules, Mgr. Foreign Dept.
of Toledo (capital $250,000)
The Directors of the State Bank of Chicago, at their
regular meeting on Jan. 4th, elected Edward L. Jarl and
Paul C. Mellander assistant cashiers. Mr. Jarl has been
connected with the bank since 1911, having served them as
auditor and later as manager of their Savings Department.
He will continue in charge of that department. Mr. Mellander spent fifteen years with the St. Charles (lUinois)
National Bank in various capacities, occupying the position
of assistant cashier before going to the Madison & Kedzie
State Bank of Chicago as an assistant cashier, where he remained two years before joining the official family of the
State
Bank
of Chicago.
In presenting on Dec. 31 to the .stockholders of the First
National Bank of Chicago the 57th annual statement of
that bank and the 17th annual statement of the First Trust
& Savings Bank, James B. Forgan, Chairman of the Board,
said in part:
Early In the year reaction from the abnormal extension of credit caused
by the war was noticeable and It has continued up to the present time. The
result has been a steady pressure on the banks for credit, resulting In Increased loans and decreased commercial and bank deposits.
The statement of the First National Bank as compared with its statement
of a year ago shows an increase in loans of $17,353,712 and a decrease in
deposits of $31 ,293,718.
This change has been partially met by a decrease
of $16,282,924 in the amount of Government securities held by the bank.
The bank's statement reflects the tense situation in regard to commercial
credits but indications are that liquidation is progressing steadily and that a
retvim to more normal conditions may be looked for during the coming year.
In the First Trust and Savings Bank, savings deposits have steadily
Increased throughout the year and now amount to $62,875,151 against
$54,342,641 a year ago and $44,891,531 two years ago. while other deposits
show $24,851,338 against $26,198,983 last year and $23,154,581 two years
ago.
earnings of the First National Bank are $3,346,663 54 as compared
with $2,410,490 02 for the previous year, while the earnings of the First
Trust and Savings Bank are $1,770,025 52 as compared with $1,476,613 20
last year.
The combined operations of the affiliated banks show earnings for the
year of $5,116,689 06 against $3,887,103 22 last year. These profits are
net after provision has been made for depreciation and for all losses realized
or anticipated, including a liberal provision for contingencies as well as for
Federal and local taxes.
The
119
The dividends paid uiuouut to $2,475,000 leuviug burplub earnings for
the yt-ar of $2,641,089 06. Thme combined profits bhow earnings for the
yuar of 13
on the average aggregate capital employed which comparOK
wiih II H''L last year.
On July 1st the capital of the First National Bank wai iuc-retuied from
$1(I.0()(),(H)0 to $12,.'i00,000 by an issue of $2,.W0,000 block to the stutreholdi'rs at par and the capital of the First Trust and Savings Hank was
liKTiiasixl from $,''..Q00,000 U> $(i.2.''.0.00() by an issue of $1.2.W.00<J in the
Kach bank has now a suriilus
furin of a stock dividend to the shareholders.
e(iuul to its capital biisides a sulMtautlal balance in profit and loss account.
The bank has increased its holdings in the. stock of the National Safe
Deposit Company through purchase at par. and now owns 31.648 shares,
or 90.42% of the total issue.
The stock is a much bettw Inveslmeul for
the bank than it is for individual holders: besides It giv<« the bank unliamporctl control of the building, which will be of decided benefit when the
l>ankiiiK offices in the Fort Dearborn building are consolidated with out
The First Trust and Havings Bank
pr<*ient offices about two years hence.
has exercised its option to purchase the Fort Dearborn building at the expiration of ltd lease and is now In poaseaalon of it.
H%
of the stockholders of the Merchants' Ijoan
Trust Co., Chicago, the directors were reelected and the latter re-elected the officers, with the exception that John J. Geddes, formerly Assistant Cashier, was
At the annual meeting
&
elected Cashier, succeeding P. C. Peterson,
who
lias retired
on a pension. William A. Ilutcnison, Auditor and Chief
Clerk, who began with the bank twenty-two years ago as a
messenger, likewise was rewarded by being made an Assistant
Cashier.
Richard T. Crane Jr. resigned as director, due to
the press of other business.
With this exception the same
officers and directors were re-elected.
Yards Savings Bank, Chicago, re-eleoted the directors. The officers were re-elected
and James T. Walsh, Chief Clerk, was elected Assistant
The stockholders
of the Stock
Cashier.
Charles R. Street, President of the PideUty Phoenix
Insurance Company, has been elected director of the Standard Trust & Savings Bank, Chicago.
We pubUsh elsewhere in our issue today the combined statement of condition of the Bank of Italy (head office San
Francisco) as of Dec. 30 1920. In this statement the total
resources of the bank are given as $157,464,685 or, in round
numbers, an increase of $20,500,000 over those of the preceding year. Some of the prominent items in this side of
the statement are total U. S. and other securities $37,199,447
and total cash and due from other banks $17,640,694. On
the habihties side of the statement deposits are given a^
$140,993,240 and total capital surplus and undivided
profits $12,913,240.
When the total resources of the
Bank of Italy and its affiliated institutions the latter being
owned and controlled through its Stockholders AuxiHary
Corporation are combined the aggregate is in excess of
$180,000,000. At the December meeting of our directors
a semi-annual dividend was declared at the rate of 12% per
annum, which is an increase of 2% over the last dividend.
The annual meeting of the stockholders of the Bank will be
held on Jan. 19 1921, at which time officers and directors
will be elected for the ensuing year.
—
—
On Dec. 7 the Standard Bank of Canada of Toronto,
announced plans to put out a new issue of $5(X),000 of stock,
thereby increasing the paid up capital of the bank from
$3,500,000 to $4,000,000. The stock will be offered to
stockholders of record on Jan. 8, on the basis of one share of
stock to every 7 shares now held. The price at which the
new stock will be disposed of will be $175 per share.
Clearings by Telegraph
—
Sales of Stocks, Bonds, &c.
subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
—The
Clearings— Reluma bv TeUgravh.
Week ending January 8.
Per
New York
Cliicaso
Ptilladelphia
.
Boston
Kansas City
...
.
St. Louis
Sau Franclsoo
Pittsburgh
Detroit
Baltimore
New Orleans
.
Eleven cities. 5 days
Other cities. 5 days
Total
AU
all cities,
ciUea, 1
Total
5 days
day
all cities Jor
week
.
.
Cent.
1921.
.
.
1920.
$4,874,037,304
591,726.625
463,772,827
346,101.916
161.746.297
157.888.467
152,000,000
175,475,511
89,600,000
92,598,871
55,514,696
$4,643,481,712
579.745.650
422.2S4.359
350.522.706
234.602.812
153.195.242
143,196,233
133.789.934
85.098.023
76.584.159
86,776,374
— 38.3
$7,100,362,514
1,145,968,471
$6,909,277,204
1.345,214,208
—14.9
S8.306 ,330,985
1.399.984,761
$8,254,491,412
1.564.625.621
— lO.S
$9,706,315,746
»9. 819. 117.033
—1.2
-1-5.0
-t-2.l
-t-9.8
—1.3
—31.1
-1-3.1
-»-6.1
-t-31.2
-t-5.2
-(-20.9
-(-3.6
-(-0.6
-
.
.
THE CHRONICLE
120
[Vol. 112.
BANK CLEARINGS—CONTINUED FROM PAGE
CUarings
at
Tioelct
December.
—
Wuk endino
MotUhi.
Inc. or
Inc. or
1U20.
1919.
1919.
1920.
Dec.
,54 1.005, 8.15
65,407, 800
47.054,(115
Iliutfiird
New Huvcn
25,507.005
21.H77.040
12.000.000
SprlUKfli'ld
I'ortliiiid
Worccst cr
Fall Hlver
New Bedford..
Lowell
1.927.680,074
74,897,900
41.909,409
27.48H,351
22.0s:t.,S7-l
13,578,925
21,307,805
14,710,400
l'J,24H.7«5
7,3«5,7«U
6, 942, .342
4,806,014
11.7.50,287
—20
—20
+
18,816.778,696
696.799.000
531.038.823
326.577.290
12
—7
—
— 11
—9
—
—40
— 10
265.4.30.05
1.59.711,485
234. 986. .540
119.427.181
101.401.094
.50
2,262,157
1,799,974
744,985
2.775,888
2,296,270
773.871,398
380.1811 .000
205, .558 ,000
+ 43 .2
145.712,932
Portland
184,458,557
58,151,757
95,592,285
151,042,267
21.040.310
43.959.042
—21.0
34.5.57.791
15,207.0.50
Boise
San Jose
Yakima
Reno
Ogden
Lone Beach
Bakersfleld
Berkeley*
Riverside
Eugene
1,3.32.933
Santa Barbara.
4.188.S02
Total Pacific.
Houston
Galveston
Richmond
Atlanta
Memphis
Wo
th..
Savannah
Nashville
Norfolk
Birmingham
Augusta
Rock
Little
Jacksonville
Chattanooga
Charle.ston
Mobile
Knoxvllle
Oklahoma
Macon
Columbia
Austin
Beaumont
Vlcksburg.
WlIminirton.N.
Columbus, Ga
EI Paso
C.
Jackson
Tulsa .-
Muskogee
+ 9.3
5.52,013,822
Raleigh
Shrevenort
Waco
Port Arthur
—30
193,279,8,59
—27.4
—41.4
4,669,131
0,076.600
10.033.033
10.873.523
9.703.008
22.737.160
15.479.000
1.825.599
21,009,890
686 404
14 000.000
1
Wichita Falls
Total Southern
Total
2.697.592 517
+ 48.6
—15.1
+ 1.3
—33.6
—39.1
—44.1
—35.9
—57.8
—19.8
—33.1
+ 0.07
—58.8
—25.6
+ 6.4
—10.6
—35.6
—4.2
—10.9
+ 96.2
—53.9
—42.2
—28.1
—22.7
—26.6
—48.6
—39.6
—13.1
—
14.1
11
+
+ 4.2
—
44.0
+ 9.3
—39.8
—42.1
—22.9
—24.7
—7
—33
6
4
3,462,861,342 —22.1
37.723,293.277 42,384,095.705
New York
1.30,724,824
277,206,-368
—
—
—
10 ,968.000
6 ,542,9.35
5 ,620,870
17 ,538,760
11 655,000
Montgomery
324,345,255
154,929,338
12.211,879 + 21.7
8.906,743 + 09.9
20,212,215
13.9
29,814,573
10.0
9,723,495 —27.9
10.8
10,100,018
8,429,583 —29.8
3,624,854
+ 5.9
—5.1
15.433.052
11.586.553 + 41.1
5,400,802
+ 8.4
12,852,519
+ 33
—5.0
2,469,310
1,246,763
+ 0.9
Not Included In total
3 ,4nO,4fi4
Tampa
Not
+ 0.1
—14.6
—32.3
.
Outilrtp
—9.7
762.466,360
366,961,219
79,919,675
146,648,457
43.237,103
350.279.101
376.294,508
147,817,776
102,386,742
65,971,027
110,059,700
59,153,086
82,214,685
26,296,574
63,499,083
50,460,454
35,593,232
20,800,100
10.735.955
14,013,601
58,010,543
42,675,739
19,255,079
8,827,632
7,311.471
2,094,794
5,878,286
5,218,364
32,329,904
3,038.270
47.642,998
19.482,415
11 .1.32,104
6 ,3.50. ,361
5 654,057
1 ,538,615
3 ,021,645
3 ,148,133
28 ,099,129
3 124,315
53 ,005,487
20 ,292,570
0.59,800,797
892.346.375
1,906,790,902
201.081,872
1.774.125.847
140 ,332 7 .''O
2 738.570
Dallas
Texarkana
Newport News
•
—7.2
651 ,0.52.175
248 ,518,784
118 ,795,941
124 ,577,500
43 ,786,299
232 ,491,031
229 ,141,890
82 ,612,259
65 .640.233
27 .750,067
88 ,223,622
39 ,597,404
82 268,462
10 830,354
47 212,689
53 .758.708
31 .791,562
13 391.880
10 .287,311
12 486,540
113 .836.138
19 665.361
Louisville
Fort
— 12.7
1,721,319,540
St. Louis
New Orleans
8.122,064,917
3,994,274,000
2,072,039,437
—19.3
22,557.018
20.057,900
6 ,994 879
8.450.923
5.918.145
'3,839.721
14.642,159
10.346.091
5.800.242
13.280 935
2,345.641
637,658
1,000.000
886,166
2,000.000
1,400,000
700.000
— 14.2
604.150.108
Taoonia
Oakland
Sacramento
San Diego
Puaadcna
Fresno
Stockton
+ 20.9
+ 28.4
—68.7
—44.6
153,666,369
66,033,000
37,235,682
12,327,901
20,302,620
30,036,922
3,969,945
8,666,344
6,093,347
2,762,037
1,757,990
4,238,407
5,692,500
+ 398
88,748.113
151.805.545
19,003.140
48.030.625
27.890.7S3
14.859,821
+4.8
4,711.281
3.200.119
2.169.126
123,300.000
76.065.000
24,943.018
9.500.000
16.000.000
25.641.099
3.116.837
8.553.905
4.712.974
3.000.000
2.557.219
3.849.305
4,484,900
2.358.140
50,703,5.59
,
3,400,(K)0
3.751.894
1.324.247
1.205.278
923,981
1,100,000
933,694
+ 11.5
+ 70.7
11.742.805
48 538.088
102,427.100
70.958,513
Spokane
Lake City.
90.774.769
2, .500. 000
479,171,686
+
— 31
16
Salt
—2.5
122.4.50.901
16 742 361 2C0 18,404.228.805
293,918.000
93,898,880
116,995,085
8,8214,198
45,220,028
133,604,030
163,595,430
67,098,1.50
150.987,832
34,631,801
17,507,447
26,921.441
7,286,339,237
2,336,401,113
2,021,004,336
553,899,282
826,715,900
+ 19.1
+ 7.9
+ 15.4
+ 9.3
+ 20.2
+ 19.9
+ 36.6
+ 73,6
+ 36.4
+ 95.5
+ 1.8
+ 24.8
+ 22.8
+ 11.1
+ 12.4
+ 88.5
+ 35.2
+ 60'.6
+ 36.1
1,0.52,9,50,820
238,790,353
459,583,335
270,562,450
113,429,338
75, .300 .686
203,237,518
150.343.700
92,245,930
93,689,820
71,847,641
40,090,575
118,8.39.816
80.765.730
49,626,810
101,253,866
23,001,842
112.907,982
Not Included in total
20,403,632,982
8,294,027,136
3,315,319,238
1,290,498,398
1,504,251,620
409,843,066
3,045.520.224
3.256.765.739
1,191,104,425
992,888.032
481,114,604
1,179,501,244
526,234,163
990,962,579
206,420,013
602,978,065
625.635,097
410.316,650
227,842,420
128,871,991
173,725,822
1,037,717,950
360,907,756
170,171,760
84,349,049
75.779,546
20,982,231
56,198,135
56,406,088
346.074,091
36,107,450
669,690,614
241,241,938
1.868,685,312
38.363.379
47,425,492
126.269.623
98,833,667
80,041,899
25 1,1 33 ,,509
164,917 421
20 927,986
228.476,113
34,932 521.446
—23.8
416,197,976
303,837,337
—19.8
116,133,292
31,434,000
36,646,706
8,081.930
16,432.384
24,134,996
4,287,930
7,188.397
3.478.983
1,998,545
861.319
2.629.954
1.694,200
96.348,104
30.286,000
23,738,849
7,322,026
16,593,902
16,981,560
3,613,486
6.899,105
3,388,903
2,492,426
1,003,456
2.145,251
2,310,742
—22.2
—6.0
1,175.267
980.268
304.945
1,288,202
+ 20.9
1,047,005
"948*786
—20
4
+ 44.9
+ 100
+ 6.3
1.9<j3.001
2,090,852 Not Included In total
+ 35.7
—33.0
—22.9
—21.2
—14.6
—21.5
—0.1
—22.7
+ 8.6
+ 45.6
—9.2
—19.8
— 11.6
681.119
660,000
589,560 Not Included In total
257,410,120
216,361,856
134,541,499
48,861,330
21,692,556
23,705,781
8,432,166
39,530,748
40,278,879
13,426,605
11,468,774
4,779,044
15,684,965
6,612,207
16.790 355
1,755.045
7,233,500
10,513,367
6,000 COO
3,000,000
2,000,000
2,485,748
21,055,563
4,500 000
170,229,038
81.441,492
15,882,016
27,029.968
8,277,204
61,132,163
71,838,973
30,564,375
18,923,877
12,048,778
22,574,832
8,927,437
16,473,642
4,812,761
10,413,683
10,160,138
6,605.370
3,500,000
2,200,000
3,066,398
10,933,602
6,316,609
—21
—28.7
157,881.920
69.208.530
22.027,001
14,890,768
7,161,366
49.268.694
52.386.723
19,666.740
11,241,413
7.537.255
13.978.657
10.630.033
9.981.513
3.041.275
5.696.746
6,174.316
5.165.098
2.800.000
1,547.090
2.701.234
7.291.840
2,200,000
169,749,864
64,479,526
20,494,679
16,000,000
7,300,000
32,386,736
44,175,786
15,259,922
13,318,209
8,152,339
12,665,606
6,544,922
5,242,754
3,710.486
4,655,699
4.428.844
4.293,711
2,728.462
1.762,747
2.705,534
9,627,365
2,700.000
1,500,000
2,000,000
-25.0
2",3bb"o66
2,700,000
243,562
692,909
—58.9
530,902
"ess'eos
491.362
10,646,725
3,464,618
24,592,853
494,136
9,268,284
4,805,955
42,835,545
—0.6
—27.9
42.6
500.000
6,610,419
2,622,272
21,000,000
491,284
6,890,790
2.523,517
20.000,000
3,600,000
4,100,000
—12.2
2.400,000
2,444,401
+ 10.0
487 880.242
667,816,022
-27.0
507,340.796
468.016,587
+ 5.6
+ 10.3
—1.4
+ 36.5
—4.5
+ 38.4
+ 39.1
+ 38.8
+ 27.7
+ 8.4
+ 27.2
+ 17.3
+ 62.0
+ 51.2
+ 16.8
716.090,927
—10.9
2.30,462,786
433,360,832
450.587,497
321,417,767
210.282,131
101,283,177
148,051,164
640,673,439
238,754,919
145,715,490
213,728,049
70,361.813
22,187,370
£0,177,712
53,151,142
308,861,839
31,824,220
525,925,738
174,476,654
1,631,376,165
47,285,198
61,250,198
97,439,849
92,193,748
65,277,258
—60.5
312,630,145
—27.7
+ 36.6
—12.3
+ 1.9
—35.3
—
—56.1
43.9
—39.4
—60.3
—30.6
—25.9
—4
—63.6
—30.5
+ 3.6
—9.2
—16.7
—9.0
—15.7
+ 92.6
+ 7.7
—5.4
+ 12.0
+ 6.1
+ 12.0
+ 13.5
+ 27.3
+ 38.3
+ 14.5
—188
+ 14
9
—
—22.0
175,8.';9.143
148,213.082
16,894,903
211,316,745
207 968.053.265 181.982.219,804
1,322,654
850.882
730,637
— 19.1
-10.6
—1.5
—1.0
f 51 ,250,645
31,762,497,950
369.120.204
13,466.700
10.090.842
6.212,544
3.430.016
3.292.445
3,814.207
1.974.884
256.693,402
14.888.900
10,320.903
4,700,000
3,993,4«e
2,600,000
4,299,781
1.749,884
1.576.484
1.076.628
736,639
978,262
—39.5
+ 28.6
+ 7.2
+ 22.6
+ 42.8
+ 11.?
+ 23.9
+ 8.1
8,201,532,298
3,170,247,164
928,955,863
1,117,571,425
397,359,563
3,090,679,015
3,290,186,378
1,128,410,296
900.098,820
487,813,232
863,911,090
.
1818.
349,685,460
+ 21.6
+ 1.1
+ 4.6
+ 38.9
+ 34.6
+ 3.1
16,781,350,158
—11.0 451,103 066 629 417,784,854.091
—9
+ 2.6
—23.1
—19.6
—28.6
—26.5
365.186.706
9.2.50,100
Seattle
135,641,9.52
202,184,014
1019.
4,058,3.53
+ 6.6
53.732.0.53
7.7:J0.200
Sun I'YanclBco
Los AiiRcles
298,407,597
226,986,371
Dee.
421.549.172
18,578,300
11,403,643
6,951,994
6,678,127
2,180,118,717 —18.8 21.595,889,327 20,296,155,586
+ 12
4.707,862
1,770.694.556
452,0.52,179
1
%
324,143,789
11.237,400
9,222,065
4,785.005
+ 27
+ 10.4
+ 171.0
4,5,'iO.S7.J
Wiilorbury
England
{;
.56.209.136
HiiiiKur
New
+ 5.1
+ 15.7
+ 17,5
+ 9.4
+ 10.5
+ 17.5
+ 10.2
17.902.682,762
002,.302, 00
41.836.543
38.224.090
92.803.200
26,179,912
Holyoko
Total
1920.
68.00.'! .393
5,400,583
4,044.802
3. .570. 347
SUimford
1921.
IJCC.
Jnnuarv
Inc. or
%
%
Boaton
Providence
85.
1
+ 8.0
+ 14
3
7.410 688 004 9.560.875,589
—22.5 7.398.269.090 6.068.176,963
3.185.604.494 3.826.841.586
-16.8 3.050.752.859 2.567.371.407
Included In totals comparison Incomplete.
Canadian Clearings.
an increase
Clearings at
—The clearings for the week ending
in the aggregate of
December.
—
Deo. 30 in comparison with the same week of 1919 show
1.5%.
1920.
S
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
John
London
St.
Victoria
Edmonton
Reglna
Brandon
Lethbrldge
.Saskatoon
Moose J.iw
Brant ford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrnoke
Kitchener
Windsor
Prince Albert
Moncton
Total Canada
591.760, 394
501.433 623
403.483 417
71.674 711
47.220 858
32,565 553
19,950 ,807
31,774 .421
41,116 330
14,161 393
15,127 .870
11,565 ,350
26,103 054
22,456 010
4,150 ,418
4,465 ,827
10,730 ,512
9,654 .142
7,394 .518
5,023 .220
3,118 .277
2,776 853
4,416 908
5,630 309
5,163 .175
15.922 .727
2,222 .705
3,886 .152
1.911,094.714
1919.
Dec.
1920.
1919.
%
29.023.983
24.317.450
41.376.004
49.570.864
48.245.096
95,791,923
21. .574. 166
Not Included In total
$
107.648.577
82,769.146
60,694,810
16,777,284
7,569,697
6,569,346
3,328,563
5,871.282
7,217,951
2,707,817
2,793.106
2.209.499
4.983,531
4,300.606
723.896
729.442
1,989.311
1,573,836
1,149,124
952,996
588.689
435,729
867,863
1,072.567
957.926
3,082.866
388.593
797,285
+ 21.3
329,681,0.53
6.251.781,893
4,251,644,303
2,316,724,063
654,913,208
472,691,921
290,983,483
241.300,194
306,370,966
355,011.589
153,125.027
164,126.856
12;,. 35 1.345
233.066.785
210.898.690
36.922.771
12.350,070 + 28.9
2,019.840 —15.2
Not Included In total
+ 5.7
20.2.50,382.864
16.702.925.12.''
1.808.470,090
—
6.2
38.179.5.36
105.886.584
86.447.620
57.825.305
41.7,57.192
1919.
1920.
+ 12.1
+ 27.3
+ 30.2
+ 32.5
+ 9.0
+ 25.3
+ 6.0
+ 24.3
+ 23.2
+ 15.4
+ 17.1
+ 18.1
+ 26.r
+ 9.6
+ 12.1
+ 24.2
+ 9.0
+ 9.4
+ 31.6
+ 15.1
+ 25.5
+ 14.4
+ 22.4
+ 29.2
+ 27.7
+ 78.8
+ 11.1
7.109.189.038
5,410,214,812
3,015,704,299
867,601,614
515,006,228
364,651,362
255.078,403
380,733,900
438,073,277
176,671.887
192.157,909
145,707,146
294,863,362
231.070.269
41.398. ,339
47.397.555
115.403.076
94.584.910
76.113.949
48.072.r27
30.435,337
27,808,580
50.039.788
04,046,861
61,000,500
171.282.078
23.970.238
18 090.876
—
Dec.
30.
Inc. or
Inc. or
S
658.219.040 —10.1
471.474.345
+ 6.3
265.235,715 + 52.2
66,840,865
+ 7.2
53,072,302
11.0
30,016,462
+ 8.5
22,729,553 —12.2
31,629,447
+ 0.5
40,408,549
+ 1.7
15.249,042
—7.1
17,703,810 —14.6
12,468,388
—7.2
28.036.538
—6.8
21.592.096
+ 4.0
4. 3 11.564
—3.7
3.716.325 + 20.1
10,831,331
—0.9
8.804,902
+ 9.7
6.737,737
+ 9.8
4,844.008
+ 3.7
2.292.327 + .36.0
2,006,071
+ 6.5
4,031.824
+ 9.5
5.099.050 + 10.4
5.5E9.1,':7
Week ending December
Twelve Months.
Inc. or
Dec.
%
1918.
S
122,130,601 —11.8
—1.7
84,211.630
37.4
44,170,822
35.0
12,425,144
9.394,614 —19.4
5,117.255 +28.4
3.957.919 —15.9
—0.4
5,894,305
—2.1
7,370,296
—9.6
2,995.117
—4.9
2,938.653
2.115.302
4.1
—5.6
6.181.156
3.847,216 + 11.8
—6.8
777,074
—0.1
729,955
1.4
1,962,977
1,654,965
4.9
1,025,710 + 12.1
873,500
+ 9.0
12.1
626,206
—6.5
465,831
765,701 + 13.3
970,664
10.5
941,415
+ 1.7
1,933,747
59.4
484.999 —19.8
Not Included Jn total
$
99.332.264
73.040.355
48.948.302
10.352.478
6.645.705
4.665.682
4,135.647
4,603.304
6.706.880
2.487.457
2.710.164
1,700.000
3,711.022
3.444.046
780,000
777.870
1.725.000
1.990.573
1.260.199
774.250
468.524
256.116
908.830
816.743
528.638
1,064.966
345,035
+ 1.5
284,170,055
+
+
—
.
+
—
+
+
+
324.761.774
1917.
9
74.896,575
68.880.596
43.676,204
8,142,373
5.334.224
4,117,636
3.016,430
4,700,430
6.653,609
1.988,250
2.357.053
1.675.000
3,182,840
3.697,521
805,662
630.785
1.698.009
1,495,641
976,188
774,259
358.329
491,238
828,944
678,090
676,754
231.639.516
THE CHRONICLE
Jan. 8 1921.]
GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for December 1920
and 1919 and for six months of the fiscal years 1920-21
and 1919-20.
Receipts.
Ordinary
Du.
Dec. 1920.
$
18.654.795
—
Customs
6 A/oj. 1920.» 6 Afo». 19I9.»
$
$
23,826,408
150,097.266
141,768.474
1919.
$
Internal revenue:
Income and prof Ita tax.
—
Public Debt
Liberty bds. & Vict, notes
7,000
874,217
36.076 1,031,676.323
Ctls. oJ Indebtedness
1,406,680,500 1,842,730,500 4,613,223,460 7.767.874.013
War Savings securlUes...
1,934,453
9,124,292
12.142,660
41,951,170
Postal Savings bonds
72,800
103,140
Deposits tor retirement of
nat. bank notes & Fed.
Kea. bank notes (Acta
of July 14 1890 and
Dec. 23 1913)
3.706,895
1.004,797
7.648.148
8,821,004
Total
1,412,328,848 1,853,733,806 4.633.022,133 8.860.426.650
Grand
total recelpta... 2,344,318,246 2.946,426,404 7.600.641,410 12080.488,744
Disbursements.
Ordinarv
—
Checks and warranta paid
OoSBbalces repaid, Ac.)
Int. on public debt paid..
324,289,693 1,950.396,545 3.034.006,825
140,666,812
478,418,864
466,951,566
269,670,793
134,452.181
Panama
Canal:
Checks
balances repaid, &o.)
paid
DEBT STATEMENT OF UNITED STATES DEC.
300,908
920,110
6,028,932
6,205.804
26,634,041
Governments
foreign
Purobase of Federal
67,201,634
340,720,914
Farm
Loan bonds:
Principal
250,000
Accrued Interest
Public Debt
—
I'ubllo-debt
'Decrease
(Acta of July 14
1890 and Dec. 23 1913)
1,402,460
1,841,943
7,538,741
12.611.504
Total
1,600,418,857 2,132,706,951 4,945,277,365 8,497.853,003
tired
total dlsbur8em't8.2,004,993,948 2,625,117,616 7,453,291,698 12344,738,112
PRICES IN
1920
124,175.156.244 14
1 to Dec. 31 1920
dlsbumemeuts Dee. 1 to Dec. 31
»1, 412.328, 847 46
'20
(188,090.009 63
4.842,066 46
currency outstanding..
In fractional
,600,418,856 99
1
Decrease fur period
192,932,075 98
Total gross debt Deo. 31 1920
(23.982.224,168 16
A'y/f.
Total gross debt before deduction of tlie balance held by the Treasurer
free of current ubllgatlons. and ultUout any deduction on account of obllgaUoua
of foreign Uoverumeuts or other Investments, was as follows:
Bonds:
Consolsof 1930
(599.724,050 00
Loan of 1925
118,489,900 00
Paimmusof 1916-1936
48,964,180 00
I'anaiuasof 1918-1938
25,947,4f)0 00
Panamas of 1961
60,000,000 00
Conversion bonds
28 .894 ,600 (X)
Postal Savings bonds
11,612,160 00
(883,622,190 00
First Liberty Loan
(1.952.368.450 00
Second Liberty Loan
3,323,137.800 00
Third Liberty Loan
3.646,868,400 00
*•
Fourth Liberty Loan
6.363,733,163 00
15,286,107.813 00
—
^
Tola
bonds
4,226,970.755 00
Treasury Certificates:
Tax
Loan
$1,651,694.500 00
648,961,500 00
259.376,000 00
32,854,450 00
^-^^—
^—-^—
Plttman Act
—
Special Issues
'
^—
2 592 885 450
Savings SecurlUea (net caah recelpta)
00
'760,953 J80 53
Total Interest-bearing debt
Debt on which Interest has ceased
Non-lnterest^bearlng debt
(23,749 .539 .988 53
7.441,490 26
226.242,689 37
Total gross debt
$23,982,224,168 16
the basis of estimated by the Government Actuary, the amount of fractional currency outstanding on Dec. 31 1920 Is carried at (2,000,000, a reducUon
of $4,842,066 45, on account of fractional currency estimated to have been Irrevocably lost or destroyed In circulation.
On
*
AT THE NEW YORK STOCK EXCHANGE.
New
The tables on the following pages show the highest and lowest prices at the
York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year.
The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a different basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat" that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
—
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
1920.
June
July
October
April
May
August
September
November December
February
March
January
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BONDS
RAILROAD
Ann Arbor 1st g 4s
Atch Top & S Fe Gen g
1995
—
4s .1995
1995
1995
1995
1955
Registered
Adjustment gold 4s
Stamped
4s of 1905 due
4s of 1909 due
-1955
1950
1928
Conv
4s issue of 1910
East Okia Div 1st g 4s
Rocky MtnDiv 1st 4s A---1965
Short Line 1st 4s gold
1958
Cal-Ariz 1st & ref 4Ks.._1962
S Fe Pres & Plien 1st g 5s 1942
Atl Coast L 1st g 4s
July 1952
10-year secured 7s
1930
General unified 4H.s
1964
Ala Mid 1st guar g 5s
1928
1938
Brunsw &
1st gu g 4s
L & N collat gold 4s--Oct 1952
Sav Fia 8c West 1st g 6s. 1934
W
& Oliio— Pr lien g 3
79
69
69
691;.
5458
7812
79
67^8
4978
84
7II2
7178
8934
74 14
Yo""
6734
6412
8412
6978
68
88
'
;S . 1925
1925
Gold 4s
1948
-1948
Registered
20-.vear convert 4H;S
1933
1933
Registered
Ref
gen 5s Series A
1995
lO-.vear temporary 6s
1929
Pitts Jet
D 1st g 3 4s 1925
VV Va Sys ref g4s_ 1941
1st gold 3', s
1925
C O Reorg 1st con g 4 ..s 1930
5s. 1933
ClevLor
Wcon 1st g
Ohio River
1936
1st g 5s
Staten I Ry 1st gu 4' .s... 1943
Toi Gin 1st & ref 4s Set A . 1959
Buff Roch& Pitts gen g 5s-. 1937
Consol4;^s
1957
Allegh
West 1st g gu 4s 1998
CI & Mall 1st gu g 5s
1943
1921
Rocii
Pittsb 1st g 6s
1922
Consol 1st gold 6s
Canada Sou con gu A 5s
1962
Canadian Nor debs f 7s
1940
Caro Clinch
Ohio 1st 5s 1938
Cent of
1st g 5s. ..Nov 1945
Consol gold 5s
1945
10-ycar temp secured 6s.. 1929
Chatt Div p
1951
4s
Mobile Div 1st g 5s
1946
76
68I9
68ic
6312
6O34
70
66
62
P2
60
86
80
84I4
8778
8534
88
69
74
69
6938
65
6II2
741
68I2
65I2
65I2
61
4834
7OI4
6778
6312
6314
6II4
50
48ig
7414
6778
70 12 74I2
7178
69
74
65
66
63
63I2
6512
64
66
6334
6434
6434
65I4
6278
49
69
69
7612 "72r8 y2'i8
72
76
72 li
76
4734
66
6438
66I2
69
74
79
82
"es"
68I2
8078
78
81
84
823g
6412
8OI2
84
Vs"
7714
6412
'68*
69
73
67
71
71I2
71
6978
7212
5018
7612
67
68
66
68
56
54
745g
77I2
7612 78
7612 77
731.
71
7112 741.
701.
67
75I2 7778
7612 761.
7278
69
6918 72I4
67
69
86I2 91
8312 85
84
6734
68I4
64I2
71
72
69I2
82l2
8512
83
89 14
66I2
69
69
70
72
71
77
7178
75ig
7458
71
71
77I2 77I2
751s
82
75
82
82
7618
80
74
7612
74I4
7612
7258
75I2
703g
74
70
74
697g
72U 72
96
9838
97I2
9812
78
72 12
75I4
74
7518
9258
7478
7478
68
70
95I2
0878
977s
75
71
68I2
70
70
74
90U
9OI4
78
78
68I4
72I2
c7
6978
o738
6814
61
67
6OI4
63
6013
6334
6034
6258
62I2 66
9814 100
8OI4
8478
7878
83I2
817g
81
6258
84
80
8234
78
81
78
8OI2
78
7934
79I8
61
5812
61
58I4
5934
59I8
66
59I4
69
60
6834
85
90
6758
72
60
77
5734
63
62 12 65I2
59
63
58
60
58i8
60
57 ig 5914
65I2
63
58
6213
8712
5812
63
5734
837g
6312
8638
7212
5534
7234
57I4
85
84
87i.<
84
68
68
70
60
60
65
60
5934
66
59I4
66ig
59
60
55
50
63
7212
76l2
74
74
67Sg
64 ig
7012
7118
683g
89
85
79
83 14
841.
837g
70
72
65
69
7534
77I8
77.2
71
82
77
76I4
77i2
837g
67
871. 8712
'74"
7312 77I2 7634 7918 7612 7938
77««
1001. IO2I2
9812 IOII4 101 1031. 101 12 103
701. 74
7812 75
75
78
77
78
92
78
91»4
92
79I8
67i2 7158 7OI4 721. 7134 73
10018 lOOig 10034 1007s
100 100
78
8OI2 83 12
91^
651.
71»4
78
82
79
91
91
831z 85
81U
8434
65
65
70i8
70
741.
6714 74
6212 69
67I4
70
6912 7512
6712 74
62*4
68%
6G34 701.
88l2 90
69I4 76 12
89I4 921.
"
67*4 73
90ig 92i8
62
69
87
91l2
80
59
8IJ2
8078
82
53
81
57I2
6312
56
82 14
84
81
925g
52
7934
82I4
66I2
81
8312
&M
60
5112
697g
SWDiv
92
75
61
53
7718
6918
'91'
85
9II4
'
"91"
57I2
7458
6518
87I2
5512
7II4
5758
7412
85
85
9II4
91
8212
72I2
54
8334
5134
68I2
5'41:
5218
681s
54I2 "53"
7II2 6778
5878
8612
56"
85
91
RR
90
ig
6934
7OI2
7034
56
68
77
79
59ig 65
81
651. 69I4
73 12 77
77
79
50
91
82
9234
83I2
73I4
90
90
73I4
9934 lOOia
100
8678 87
100
&
Ga—
'
851*4
88'
89I4
94
99»4
997g
82
9934
9978
83
9558 9558
8312 86
91I2
88
48
45
4858
45I2 46
8912
7OI4
8934
7OI4
88I4
85
48
68
76ig
781.
69 14 6314
72
7612
821.
81
....
8II2
53
63
90ig
SO
4778
&
&
m
49
69
83
75I4
7458
&
&
5578
7618
7812
65
Registered
PLE&
55
70
76
64
58
75I2
75I4
6758
6718
64I4
6438
1934
1st gold 5s
Bait
5312
8234
56
8558
5012
7612
673«
90lg
5578
585g
787j
79
781^2
"so"
98
98
87*
"91"
60
92
92
795»
SOit
80
49
89
91t«
81
85
99I4
8018
8II2
991
8312
94
8II4 84
9II2
89
83'
'ii^'i
46
465g
45
46
88I4
88lg
88i4
71
71
73
73
8Sis
7238
8818
73I4 "72rj Yfli
ioc
50
89»g 90
160
977g
7734
98
78
77I4
78
9818
7734
9818
78
"Wi
86
45
49"4
671.
52
923S 923g
79
80
99*4 99»4
89
89
82'^
7512
76I4
76"
Ys"
89
84
86
84>4
87
94
•
(16.169,730.003 00
Notes:
Victory Uberty Loan
War
Bonds. Int.-bearlng notes
and certificates retired. 1,699,016, 397 2,130,866,008 4,937.738,624 8,485,241,499
Nat. bank notes and Fed.
Reserve bank notes re-
No*. 36~1920
Pulilk'debi rwflpisDec.
15,850,000
118,358
,.
492,410,665 2,608,014,333 3,846.886.109
1.209
404,676,091
Total ordinary
31 1920.
The preliminary statement of the public debt of the
United States for Dec. 31 1920, as made up on the basid
of the daily Treasur y statements, is aa follow s:
(leas
Purcbaae ot obligations of
Grand
* lleoelpts and dUbuniemeuls fur June re&cblun the Treaaury In July are tocludad.
X Includes (30.000,000 received frum L'ulled tilitlna Su«ar ICgualUailuQ bovd
(Ino ), ail dividend uo utpltal stuck owuod by L'ulled Biaiea, and (60,724,742 27
received frum Federal UeBcrvo b&uks wa fr&ucUbie lax.
Tutjil gruas debt
670.671.179
905.307.690 1.628.203,930 2,003.323.829
Miscellaneous
122.664.469
125.797,975
770,064.311
743.640.024
Miscellaneous revenue... xll9,095. 123
37,095.716 z415,462,127
338,572,844
Panama Canal toUs, Ac.
1,003,831
663.909
3,701.643
2,767,923
Total ordinary
931.989,397 1.092.691,698 2,967.619,277 3,230,063,094
121
85
77
85
8418
8514
81
82lj
88
69ig 70
8714 87I4
78Jg 80
87I4
84
69«4
75I4
87
871,
80
86
85
84
87
88>4
89
911.
82
85
7718
96'
"9214
99
87
99
89
73
82U
74U
92I4 93S4
86
8718
88t2 8918
63ls
99H 99%
98I4 98%
81
867s
99I4 lOOls
70
92
80
71
93
86%
76is
80
88>s
66
'
84
66
82
82
— ——
8
2
2
"
THE CHRONICLE
122
March
Februarv
Jnnuarv
High Ia>w mgh tMto fltgh
BONDS
8c li
of
IjOw
Go—Cot!
N I— Gen
Ccntrnl of
ft
983,1
50
.1939
1939
1992
General Cold 4'a»
20-yeiir convcrtlblc4 '5».-1930
30-yrconv 5s sccur bonds. 1946
1946
Rci?Ntcre 1
1944
Bits Snndy 1st 4s
1940
Crnlit ViilU-v 1st 5s
R& A I>lv 1st con
82 "2
93
1989
3S.1949
3'js
1950
ft
95
74I2
77
731; 77
776g
8II2
6478
46
73
65
49
Chlcafto Burl
&
ft
3OI2
3134
9B
RatitKKj 1st lion
80
80
79
80
96
«8ls
91"
96
9812
««l8 100
97 14 971
97
951s
97I4
87I4
97
951s
97I4
87I4
98
70
83
89
83
89
73I8
70
75I8
1949
1949
Nebraska Extension 4s... 1927
1958
General 4s
Chlc& E III Ref Imp ft 4s. 1955
Trust Cocf rtlfs of deposit
.
..1934
Ist cons ilold 6s
1937
General cons 1st 5s
&Tr Coctfs deposit..
I) S
—
91
77
701
8OI2
7412
7212
7818
91i»
00
82
84'
'9II2
78
77
70
7558
8OI4
68I2 73>«
74
787s
8OI4
8OI4
81
8II2
83I4
84
m-t S3
SOig
«Ii4
8912
965g
9412
92I2
9012
9734
06
97
99I2
99
997,
94 «
97-'8
«8">>i
9812
9734
9812
97I2
9712
801,
987g
97I2
97l2
82
80
80
8410
8118
6934
66I4
S.'iU
8.112
80'>8
80
88
80
88
79
82
83
8334
85
86I2
84
86
8634
90
89:>8
92
91
93
92I2
93I2
84»4
873g
84»4
92I2
8118
7818
7218
70
74 12
70
69
73
0934
70I2
7312
72
73
697g
71
75I2
7334
7334
8O34
73I4
77I4
76
79
751s
87
85U
7734
8734
71I4
6912
75i2
7.578
73I2
72ig
77I4
73I2
80ig
77
863,
87
71
71
71l2
72I4
97I4
96
76
9012
98
"9834
'9m 98
9834
98
82I2
73
70
93
71
7458
7534
573,
O312
12
8212
7034
89I4
74
6334
70
72
6918
6918
66I4
66I4
6II4
6212
63
63
B2l2
5812
63
59
6618
6718
6912
70
60
44I4
29I4
47I8
45
47I2
44I4
32I4
47
42
4434
411,
3234
60
44
37
44'
"4'7
34
41
32
4218
3734
42
32
4258
32I4
98
98
71
7978
8934
7II2
7978
8978
6878
76
64
6558
6.55g
6812
79
73
75
67
71
8434
72li
8334
7178
85
79
8618
7238
8334
76
24
90
77
23
23
75
85
78
86I2
75I8
8334
6738
77I4
O9I2
80i8
66
74
67
78
7OI4
75I4
1934
2OI2
2OI4
2OI4
21
21
21
21
25
23
34
32
38
&
71I2
9078
84
92
78
811.1
81
7012
7878
8834
7518
71I2
81
9II2
7812
2OI4
21
21
24I2
22
24
26
29
26
34
34
73
23
23
"goia '9012
70
68
70
50
67
37
39I2
69
77
70
—
Chic Ind & I.ou Ref
Refunding gold 5s
ft
6s. .1947
54"
6"7'78
97
6412 6412
6234 55I2
6512
54I2
51
6512
68
68
70
47I2
38ig
495,
72ig
8OI4
73
407e
72 12 75
72
72
69
44I2 4834
3418 3834
42
34
46
73
82
6912
76
7II2
8938
8034
86
72
821s
88I2
78i2
40
39
3378
337|
85
84
75I2
80
76
80
58
48
64I4
93
94
37I2
53I2
—
—
&
W
&
& North Western
80t2
37
41
89
70
3812 36l2 41
8738 88I2
'84'"
733g 733g "823«
85I4 85I4
5234
5038 53
5112 54I2
9313 93 12
75
53I2 6634
91
95
8512
7018
8OI4
8734
78
34
35
9338
85
84
9338
85l2
55
95
5834
95
70
51
70
8OI2
68
79I2
8234
8912
8212
.305s
75
97
1947
1947
Refundlnft 4s Series C
1966
1st
fteneral 5s
Chic Ind & Sou 50-vear 4S.1956
ChlcLS &East 1st 4',s 1969 82
St PaulChlcafto Mllw
1989 67
General s> 4s Scries A
General g 3 ^^ s Series B. . . 1989 58'8
1989 75
4 Us Series C
General
Gen &refSeriesA4V2S-..2014 56
Gen ref conv Series B 5s. .2014 6578
..2014
Registered
1932 67
Convertible 4!^s
1925 70
Permanent 4s
1934 58.2
25-year debenture 4s
1921 96
Ch L Sup DIv g 5s
1926
Ch Mo RIv Div 5s
1st g 5s
1921 '9534
P
Chic
Puget S 1st gen 4s. 1949 63
C
1920
Dubuque Div 1st 6s
Mllw 8c Nor 1st ext 4HS..-1934 78
1934 7734
Cons ext 4'^s
Minn Div g 5s
1921 9578
Wise
31
8II2
88I2
8OI2
38I4
52
51
77
30
70
53I2
8712
2812
50
50
Guar Trust Co ctfs of dep..
Chlc Gt West— 1st 50-yr 4s- .1959
861
78I4
9738 9738
M
&
&
&
M&
8Ii8
91 12
70
8378
80
90
90
Qu'ncy
Illinois Division 312S
Illinois Division 4s
&
Xovemher ntcember
Seplemhn
Oct/Ober
High Low High lyow High Low High Imw High
Auffutt
mgh Low
573g
e4s...l989 73
2d con flold 4s
& Alton RR— Ref
Chic
81 i2
«!)3i
70
Ist tons Sold Ss..
Rcillstcred
Julu
lA>tB
7II2
98
0— Fund & Impt 5s. 1929
ChC8&
June
May
High Low High Low High
Aprtl
lyOtv
86
991
|tu 5!i.I92I
98i2
981gOlg
82I4
1987
& Imp Co
Dock
80
IDOI;
9»is
Ri-ltlKtcrcd
Am
S»I«7
US*... 1987
.
[Vol. 112.
020— Continued.
1
Cen RR
2
"
1
5<;
'79'
'7'9""
68
72
6218
80
82
72
62
68
65
60-8
55I2
601
55I2
78
74
56
79
75
61
7OI2
65I2
6034
72I2
7'2"
7612
5812 6112
6958 72
72I2
6634
7058
77I8
70
77
63
55
63
6038
9734
70
73
7II2
60
69
60
53I4
5578
71
76
5478
7034
6158
5478
7278
521s
56
60
6438
5534 601s
6314 7038
6II2 6II2
63
707g
61
69
7134 73I2
53
57
5978
5478
691?
533g
6212
62
5478
7OI2
58
66I4
5934
53I2
6778
53I2
6II2
6512
6434
68
66
6918
56
56
69/8
69
56
56
72
55
65
6358
'72"
'7'7"
74
6312
62
64I2
63I2
71
6912
75
73
73
72
72
54
96
77
62
95I4
9612
93I4
9612
93I4
'9834
96
97I2
96I4
9878
65
597g
61
611s
63
97I2
6234
60
97I2 97I2
95I4
58
9634
597,
62
70
6312
7212
64
7012
73 12 797s
69
73
73I2
7534
781?
59
54I4
66
55I4
6234
62
65
94I2
9612
62
72
54
96-2
95I8
96I4
97
9812
60
62
62l2
6712
73
73
75
73I2
73I2
6934
58I4
7178
6158
69l2
5834
77
793s
6178
5618
7334
5912
65
56
60
69
74I4
6312
70
63
70
57
7"ll4
97»4
97»4
9812 99
66I2 69I2
9834 9934
6238 66
78
73I4
75I4
96
80
66
76
94I2
75I4
7978
6512
68I2 7178
6178
61
71I2
75
7II2
72
71I2
9734 9734
80
69
57
6218
96
68'
94I2
96
58
95I2
585s
76
765g 83
6412 6712
98
67
9834
70
70
7'5l4
7978
8212
63
66
8II2
63
9812 9812
78
80
773j
9634
943g
9433
92
88
88
94
95
95
95
83
86
8II4
95
95
82
80
97I4
98
85I2
88I2
8512
86I2
66
6834
78
6418
6978
7278
6678
7434
Chicago
1886-1926
1886-1926
1987
3Ms
1987
..1987
Stamped
1987
General 5s stamped
1879-1929
Sinking fund 6s
1879-1929
Sinking fund 5s
1879-1929
Registered
1921
Debenture 5s
Sinking fund deb Ss
1933
1933
Registered ..
1930
10-year secured 7s
1933
Fremont
Extension 4s
Registered
General gold
General 4s
90
65
76
9612
681s
80
98
95I3 96ij
94I2 94I2
97U 97I4
9OI4 907s
62
76
95
65
77
9612
95I2 951=
94I2 9419618 9618
9058 9058
8678
64
75
93I2
99
97
89
66
7634
96
103
97
96i3 9678
88I2 88I2
6II2 6512
6978 75
7078 7078
95
5918
6138
eou
67
71
70
70
85
'8478 '8712
91
99
93
9334
92
92
94
9'7"
96
96
9618
8718
8712
9618
8518
Chic
R1&
73I2
94
66
733g
73I2
685s
77I8
6712 7012
7678 7812
75I4
"94"
"95"
85
9934
1st g 6S-..1924 1001410014
1st gu 4s. 1947
'toi's "tOIs
1st gu 5s. 1948 'lY 'ii'
Pacific gen g 4s--1988 711s 76l2 7OI2 7258
99I8
98I4
993j
9934
9934
7238
9934
7238
8734
71I4
70
80
70
80
9918
"9"558
9638
&NW
&NW
1988
1934 6412
1934
1934 60
RI Ark&L4'4srec
No— gold 5s.. 1934 9058
Burl C R
cons 5s . . .1952
Choctaw
Keokuk
Des Mol 1st 5s. 1923 68
K C Sh L 1st 4^s..l941 63
St P
cons 6s
1930
Chic St P
8c
1930
Reduced to 3^2S
1930 85
Debenture 5s..
ChicTH&Soeast 1st 5s.. -I960
Chic
I gen g 6s
Dec 1932
1952 5734
Consol SOyear 4s
C
1st con 4Hs 1931 81
1993 63
C C 8c St L gen g 4s20-year debenture 4Hs
1931 75
1993
General 5s Scries B
Ref 8c impt 6s ser A
1929
1939
Cairo Div 1st gold 4s
Div 1st g 4s-. .1991 "eo"
Cin
St L DIv 1 St coll tr g 4s . - . 1990 6358
1990 64
Registered
CIn I St L
1st g 4s-. 1936
cons 1st 5s---1928
Cin San
1934
CCCScl gen cons 6s
1940
Ind B 8c
1st pref 4s
Peor 8c East 1st cons 4s. -.1940 52I4
1990 18
Income 4s
&
&G
&
&
M
&W
H& D-D & M
W&M
& C—
96lg
8458
93
95
99
94
96
9012 90 12
8312
86
86I2
8912
9818 9812
9OI2 9II4
98
86
99I2 IOOI4 ioi
l"d2"i8
10134 104
9612
9912
W
Cuba
RR
6734
6014
6512
64
5818
63
9058
85I4
68
68
66I2
fl
71
65
71
65
7334
6712
85I4
IO2I2 104
8712
8312
83li
60
63
7134
7134
64I2
10218 10418
61
8312
85
79
65
6II2
66I2
6512
611s
6II2
68
7II2
7II2
80
65
81
62I4
€8
82
81'2
64
6212
65
68
98
8II2
70
63 14 63 14
61
63
67
59
61
67
6II2
62I4
60
73
79r2
64
605g 6234
8718 8718
101
103
5834 61
100
10212
56
69I4
6278
6734
7618
82i2
61
81
64-.8
64I2
6334
67
77
73
84
77
84
71I4
6II2
7II1
6I34
75
75
71
f.ll2
6II4
635s
6412
6158
66I2
6II4
77I4
6434
69
66
72
9912
65I4
66
70
"68I2
65
'7'0'78
6778
63
6234
66
t>878
607g
70
63
65
6712
591a 62l2
66
9812
681: 100
60
99
66
61
100
100
8478
80
80
79
79
78
9812 9812
6412 5612
98
100
66
5312
6"4'34
€3
69
66
74
53
8212
71
5658 62
60
73
68
7078
64I2 "6O34 "co'3j
6II2 6II2
6 Ha
70
79
6378
69
69
58I4
6I34
63
747a
74
f5
51
52I2
20
20
27
55
22
47
56
2634
20"
205s
88I2
8534
86
82
8512
81
75
98
69
95
8512
7II2
81
7018
8578
8312
74
76I4
8018
6712
8OI2
8234
7358
50
19
100
8234
100
82"
7OI2
74
6718
6512
70
68
73
967j
1943 7ei»
1935 satj
1930
Alb 8c Sus conv 3Hs
1946 7212
Renss 8c Saratoga 1st 7s. .1921
Dcnv 8c R Gr— 1st cons g 4s. 1936 63
Consol gold 4Hs
...1936 6978
62
99I2 99I2
99I2
99I2
98I4
74
75
67
7II4
7738
87
73
88
88
88
75I2
7II4
7358
71
68
66
69
6212
68
6834
62l2
67
6518
71
69
6478
81
81
82
82
75I4
71
7412 7518 74
6438 6712 673g 69
69 "ei" '64I2
64
9934 IOOI2 10034 IO2I2 IOOI2IO2I2 9984 101
7934 79
83
80
8212 87
87
83
8512 87
68
100
55I2
5612
6412
6478
68
72
71
75I2
80
80
69
69
5758
6334
64
8212
58%
103
5212
747s
73
2358
74
74
75I4
66I4
70
773s
97
68
73
70
6838
5738
6234
683g
573s
6334
67
64
5818
6'2"U
103
62I4
66I2
70
70
72
68
72
80
777g
74
77I2
86
86
80
88
6312
73I2
6"8"
76
82
89
74
68
6414 "6712
70
75
70
73
69I4
77
88
82
88
57
66I4
2434 35
65ig
32I4
7412
67I2
5758
53
56
56
5812
16
50
52
2OI4
20
24
967s
9612 9634
81
77
781s'
8518
81ir
8212
74
74
75
76
75
77
77
74I2
78
6678
9112
7112
66I4
7618
6712
92
94
94
90
8534
89I4
74
68
67I2 73
"6112
67I2
6'li2
80
88
63
65I2
96
"8"l"is
76
97
72 12
68
66
68
69I4
99I2
6912
9975
6534
9934
66
6512
9878 100
63
63
997s
98'8
9878
9212
93
9018
93
90
90
90
90
96
73
74% 79
96
96
9434
9434
9434
95I2
95
7OI4
7312
7178
75I2
67
73
74
74
78
777g
8312
96
9612
74 '8 79I2
7938
8178
93
70
9 9 'g 10034
68
7212
94
70
9978
9658 9658
78
7914
79ig 8412
68I2
68'«
6878
67
80
88
98
6534
99ig
997g '9914
'9"9"i4
99I2
7812 79I2 84
997gl0138 100 lOUg 100
60
6312
6II2
t>5
67
65
6278
64
65
6412
6778
597s
65
64
68
58
62
6312 64
00
64
6212
I45s
6478
67I4
98
98
62
6V
6178
6578
52
36
30
32
1978
27I2
8834
8834
81
8412
79
84
75I2
81
7112
7638
9518
68
72»4
92
63
93
63
66I2
6734
99I2
89
83
75I2 79
95
95
69
73
95
67
72I2
9912 99I2
6912 7OI4
99I2 9912
9018
87
81
69I4
9II4
72
93
91
9538 9578 9578 96
7312 7812
81 14 78
80
8478
80
8712 847s 8712 8412 86
103 IO212 IO312 IO3I2 10558 102 14 104
68I2 68I2 70
70
691s 7012
95
95
80
95
81
6712
6618
6734
64
72
69
717s
6712
100
100 14 IOOI4
6778
7278
6212
60
66
63I4
6312
6514
6334
67
7II2
74
91I4
67
93
"77r2
7058 7OI4
78
31
77I2
74
6912
67
IOII2 IOII2
5378 5812
63
69
70
Hudson
4HS.-1922
.
74
5412
W
1st lien eq 15-year g
1st refunding 4s
Convertible 5s_
lO-year secured 7s
89I4
99
99
9834 99
8914 9118 8638 8912
9012 9OI2
101 104
101.2 104
1011, IOII4
98
1
1st 50-year 5s g...l952
8c
891s
75I4
72
82
60
77'4
"6"2'
59
2000 70
7078 70
70
Y L 8c 1st 6s
1921 100 lOOis 100 100
Construction 5s
1923
9734 9734
Term 8c improvet 4s. -.1923 "9214 "94"
Delaware
94I2
65
Delaware Lack 8c Western
Mor 8c E 1st gu 3Hs
N
9134
9612
'82""
31
1935 70
Refunding 8c ext 4Us
F
8c D City— 1st g 6s. ..1921 97
74ig
9534
98I4
9834 9"834
W
8534
843s
78
87
71
&C
Trust certificates
Clev Short L— 1st gu 4Hs..l961
1929
Colo & Southern 1st g 4s
7812 7958
94I8 95I2
62
9934
963s
9934
"9558
Registered
Refunding gold 4s-Registered
C
67
74
73I2
73I2
9II4
88
99
993) IOOI2
Michigan Div
Mil Spar
St L Peo
9OI2
94'
97
88
64
85
8412
100
8778
E&M0V6S
ManG B & N W gu 34s..l941
1921
M L S & West 1st g 6s
1929
Ext & impt s f g 5s
8412
"si' '8'l"'
6138 6412
63
7II2 72
7278
71
71
70
100
6712
60
64l2
7078
64
6758
THE CHRONICLE
Jan. 8 1921.]
123
1920-Contlnued.
Januttri/
BONDS
Low High
& Rio Gr— (f'onr/.)
Improvement gold Ss
February
Loir
March
April
\ufi m'
Rtptember
October
May
A^lgust
June
July
High Low High Low High Low High Low High Low High Low High Low High Jajw H
Hii/h iMtr
,
-
.Jigh
Deny
1928
1955
First 8c refundle 5s
1955
Rt-eistered
Trust CO cvtif s of deposit
Rio Gr June 1st gu fi 5s... 1939
South guar 4s
1940
Klo
Rio Grande West 1st g 4s. 1939
&coli tr t*4s Series A. 1949
.Mai kinac fiold 4s
1995
l)et
G
M
&
7OI2 701.
43
46
42lj 43IX
63
67
64I2
38
431;
4()3a
39
44I4
69
47 1;
65
70
67
52
58
50
63
62
597g fSI;
59Ig
48
493.1
80
74
7634
74
77
48';
66I2 691:
44
461;
43
42
42
Tunnel
DetTermTunnells t4i^s..l96l 76
Dul MIssabe & Nor gen 5s. .1941
68I2 72
70
45
5H4 50
421f
43>.
48
50
731
72
741..
66
6I84
65
54
51
52
611] 64
62 14 64 li
631}
65
49>4 4994
49
49
SO
48>4 50ia
481s
61
64»4 67
50»» 55
73»4
723g 731.
927g 927*
69).
93ig
7034
69
72
72
50
65
70»4
397g
491s
36
741.
451. 55
46
42 '2
59ig 611.
61
69
70"»
75
63I4
51
69
44
70ig
75
6618 681.
45I4
42
fi5ig
42
4412 49
66as 681;
54
56
77
79
63 12 6714
53
65
15
297,
6OI4 65
477g 648«
63
63
Detroit River
DuIuth&IronRaneelst5s...l9i7
1937
Dul So Shore &.\tl g 5s
"ooi'g "iio'L
8934
8"978
—
NY
1923
3d ext gold 4'as
1920
4th ext gold 5s
1996
Erie 1st con g prior 4s
1996
Registered
1st consol gen lien g 4s. 1996
1951
Penn coll trust g 4s
50-year conv ft 4s Ser A 1953
do Ser B1953
Do
95
80
92
'm't
80
1933 8818
1933 105*2
1933
Registered
Reduced to gold 4Vasl933 9038
Mont Ext 1st gold 4s.. .1937 83
Pac Ext sterling gu 4s. .1940
E Ry NoDiv 1st g 4s... 1948
Minneap Union 1st g 6s. .1922
1937 ioii's
Mont C 1st gu gold 6s
1937 94
1st guar gold 5s
1938
Will
S F 1st gold 5s
Green Bay & West debctfs A...
"7»4
Debenture ctfs B
G & Sh 1 1st ref &ter5sg--1952
1999 'essg
Hock Val 1st con g 4hs
1937
Hous Belt & Ter 1st 5s
86
97
86*
93I3 93i»
96>4
.
49I2 5434
93
606i
47
40
44I2
79 Is
73I4
79
"86
4138
401;.
34
39
30lg
35
41
44
38
41
31
4II2 44
33'4
3638
30
39I4
34
30
36
42
34
347s
37I4
83
7938
7938
78
80
90
90
8834
4984
9684
99i«
.
--
47
49
8912
91
39
41
eoig 72
3818 413^
34
34
40
40
39lg
35I3
35I2
343g 3658
7OI2 73
79
91
65
63
64
49I3 66
38
40
34
34
35
35
36
71
72
3734
79
39
47
411.
4II3
37 •44".
7134 7434
7878 80
35
355g
79
79
3918
49
62
52
49
76
66
7758
56ls
96
93
9478
80
60
48
76
78
9312 9534
951.1
85I2
81 7g 84
8II4
88I2 83i8 8318
10558 IO312 IO3I2 104
92
88
90
83I4
79I8
8138
i06l2 103
78
97
103
94
55I2
734 IOI2
5812 68I2
68I4 7OI2
55I2
8378
73"
9384 9434
94I4 9438
9334 9434
9312 9378
77
90
86
86
75
75
74
74>4
737g
5158
737*
5158
78
80
9258 95
9334
89
54 12 58'.
70
74
74
77
84
99I4 IO3I4 IO2I4 IO2I4
9612
971?
8512 89I4
7918 8018
83'4
76ig
8458
7618
1031? IO3I2 10378 10378
9234 9234
9118 91'8
55
9
65
71
85
9338 95I2
935g 945s
77I4
81
85
83
85
84
83
Kan
City South 1st g 3s
Ref & imp 5s
Kansas C Term 1st 4s
1st gold 5s
Lake E &
2nd gold 5s
Leh V (N Y) 1st gu g4}2S
Leb V (Pa) gen con g 4s
W
68
7612
71
6712 73
7218
6412 70
93I2
80
10
8412
86
96I4
96l2
997g 100
&M
90
76
9218
76
74
44
73
40
40
45
78
84
45
45
3812
72
34
3358
383«
61
51
88
84
62
54
52
83
8684
8312
86
58
62
53
65
7
61
6312
5934 6412
7784
777,
95
961.
9534
9558 961.
9538 957,
8412
83
96
96
967s
96I4
7312 7784
60
6512
99I2 lOlig
947g 9684
94I2 961*
79I2
84
76
9478
777g
855g 8912
77U
7812
79
79
78
82
82
61
62
79ig
87
99
99
80
82I2
102
831.
801.
lOUg 103
985s 101
85
87
70
70
7I2
60
8
6412 6412
66
70
80
67
64
70
64
62
6678
7178
62
65
6718
675g
64
70
69
60
66U
eosg
63
5958
63I2
62lg
661s
85I4
85
102
89
82
91
88
90'2
83
8OI2
82
64
64
8118
91. 13
653g 653s
6912 73 12
6418
64%
6312 63 12
6318
68is
67
70
'65'
6858 71
7II2 7278
6884 6334
6618 6878
90
9234
7OI4 7212
83
91
8334
71
73
70
86
70
8412
8534
68
71
62I2 6212
65"
62l2 64I4
65lg 68I4
69
72
7134
70
7Vi2
I2I2
"91".
89U
8915
8884
79
81
8OI2 8OI2
84
80
8234
72
7712
701a 74
73I2
7478
..1950
..1919
1959 78
78
1950 56
59
547g
75I4 6734
1950 7038
1960 7034 7658 68
1937 80
80
75
68
68
687g
72l2
83
69
83
69
83
821s
7112
82
67
83is
711.
747,
71
7812
83
82
7112
71 >8
74I4
83ig
83l8
70
73
70
73
74
68=8
7612
7034
7l7g
7612
66I2
683g
05
69
69
661.
74
6718
7118
66
68
90
92
86
70
70
54
62
54
74
77
77
65I2
6II2 6II2
65
¥0
58
651. 63
1941
1940
56
5OI2 5478
63I4 7058
7034 6818 71
7II2 647g 70
70
72
8158 79I4 79>4 79
79
497g 5312
6412 663s
63I4 67I4
7714 77I4
51
6434 67
6334 68I2
64
8278
8434
83I4
72
73I4
745s
93
8734
75I2
80
53 12 56
5334
563s
681.
68
69
72's
721.
72
78
70
7134
7538
75'8
80
73
79
801.
60
62
6OI2
6II2
65
657g
711.
721s
70
6934
7II2
71
72
72
81
95ig
9612
96I4 98I4
87I4
86
86I4
80
7034
72
6858
72
09
6134
80
62
79
8058
7834 7912
94I8 94 1«
75
95
75
91
75
91
69
94
965s
92
95I4 lOO's
6618
75
55
72
86
101
68
6278
8912 901s
95
93I2 96
80
84i2
91
&Lex g4hs...l931
89
8438
7458
73
8S
74
90
"7614 Yeij
5284 5414
7514
72
711.
75
821.
80
84
80
67
68
72
72
83 Ig 83 Is 83I2 831.
73 12 661. 72
70-s
67
67
82'
831. "73'
79
92ig 92 's
93
93
971.
981.
92
995g 100
78I4
65
5118
641
657g
72
7 111
100
65
8434
8734
73I8
74
86
747g
5334
69
89
88
83I2
6912
6838
O512
58'4
63
87
64
87
8518
72
7034
95
5II2
70
58
5812
64
87
74I2
86
69
53I4
68>2
913g
58I4
65
53'
691.
683g
9118
54
___,
71
75
57I4
70
7734
9012 92I2
6912 6912
7634
1023g
90>8
68
8758 91
62
81
73
87i2
74
8712
6684
7312 Y758
83I4
84
84
81
912
65
6034
89
70
73
1014
77I4
6678
8738
8OI4
10112 .03 12 1023g 1031. 99
9384 90
9084 9084 92
70
54
62
54
68
52
89I2
70
72
78
51
801. 82l2
IOII2 10284
7684
63
83I4
8284
102
61
99
9812 100
851; 86
SUg
80
831s
6778
585*
77
84I4
8
61
66
56
50
74
51
89
76
84I4
8
7I4
48
781.
81
837g
8212 821.
7484
7634
84
88
401z
7684
8II4
985g 99
4OI2
90
60
88
83ig
91
93
93
93 >2
96I4
9II4
74
74
52I4
69I4
54I2
67-4
7514
711.
80
80
8278
691.
663g 668g
83ig
76
8278
66
98^ 96
8912
9112 93
87
77
87
77
"79'
79"
60
67
72
65'
72
70
69"
03
64
05
66
72I2
97I8
9II2 9II2
7812 8158
8918 9OI2
97
97
8OI4
9018
75
97
82I4
65
65
6II2 6334
67
66
63
70
63
75I2
97
8II4
8658
865g
8658
S984
90
67
67
65
70
69
91
98'2
6II4
63
Olig 63
63
94""
72
77I4
6378
C234
59I8
6OI4
65I4
65
03
651s
5918
5934
5934
63
62
64
::;.
94'
62
60
6412 6534
7084
87i2
9018
1930 103
10614 IOOI4 10118 lOHs lOllg lOUg
1930
100 100
1946
Paducah & Mem Div 4s
9818 99'i 9778 981s 9658
St Louis Div 1st g 6s
1921 9918 100
9718 100
4612
50
2d gold 3s
1980 4958 51^8 495g 5OI4 4912 5OI2 50
Atl Knox
0578 70"8 63
Cin Div g 4s.. 1955 70
76
68
6858 6714 71
lOl'slOUs IOII4 IOII4
Hend'son Bdge 1st s f 6s g 1931 IOII2IOII2
"73' "73" 7218 7278
64
Kentucky Central g 4s... 1987 73
75
Lex & E 1st 50-yr 5s gu...l965 86I4 86^8 83I4 8458 8II2 8412 '33' 83"l2 '72'
1st g 4;, s. 1945 8212 8212
L N-Sou Mon joint 4s.. 1952 6312 65 63 65 63 64i8 59I2 63 58
N Fl & Shef 1st gu g 5s-. 1937
89
89
Pensacola
Atl 1st gu 6s 1921
8712
89
8558
77
871.
100
8558
76
84
7034
90
65
661.
04
87
89
62 '2 70
893g
893g
92I4
647g "08^
67
87
70
921.
6518
7258
65I4
74
68
87
87
70
74
901. 9OI2
100
85
78ig 811s 82
80
851 4 8534 8538 8712 90
1015g 10034 1021s 1011. 103". 103
78I4
77 12
S77g
85
70
91I4
9114
"
"9912
7512
8712
93
721.
6312 6312
::::
97
8658
845s 8434
94
9278
70
86
90
103
g 6s
48U
7218
90
81ig Si's
9912 100
53
93
1940
1931
1st
43
87I4
99I2
87 7g
99
N
53!«
87>4
60
9
65
65
6334 67
7»4
52
NYB&MBcons5s
&
Louis Cin
60
60
92
67
'93"
78
Y—
Unified gold 4s
Coll trust gold 5s.
59
60
92
67
65
78
69
82
8512
2003 7OI2 71
2003
Registered
2003 8OI2 83
Gen consol 4>,s
Leh V Ter Rv 1st gu fi 5s ..1941
Lehigh Vail RR coll tr 6s... 1928 9978 103
1933 981s 981s
Leh V Coal Co 1st gu g 5s
1945 73
73
N
1st gu g 4s
Leh
Little Miami gen 4s ser A . - 1962
Long Isl 1st con g 5s.. July 1931
July 1931
1st cons gold 4s
1938 72
Gen gold 4s
72
1922
Ferrv i'As H
.1949 68
Unified gold 4s
7378
1934 67
Deb gold 5s
67
1937 67
20-year temp deb 6s
68
1949 65
Guar ref gold 4s
6912
1935
1927
Louisiana & Ark 1st 5s
Louisv
Nashv— Gold 5s. .1937 9738 100
&
99
61
1951
Ills & la 1st g4s
& Gt Nor 1st g 6s
James F & Clear 1st 4s
63
99
58'.
74
49
67l2 71
41ii 45I;
4II4 451.
4434 54
78
7384
6II2 62l2
93'
Joint 1st ref ser A 5s- . _ 1963 83
Memphis Div 1st g 4s. ..1951
Int
60
78
83
72
85
551.'-
681a
92I2 9418
63
74I2
1951
Ind
58i8
58i2
78'«
6234 6234
Louisv DlT & Term g 3KS.1953 69
1951
Omaha Div 1st g 3s
St Lou Div & Term g 3s.. 1951 53
&
....
4758 50
715»
71
441. 47
461.
44
49I4 5334
7884 84
45
78
75
83
78
78
812
77
86
83
104ig
88I2 9112
81 12 82
82
78
97
74I4 77 's
48
92
66
68
&
N
St L
Registered
78
78
50
36
4984
81l4
8212
Collateral trust gold 4sl.l952 7058
1955 7238
1st refunding 4s
1952
Purchased lines 3 Hs
1953 67
T
Coll tr g 4s L N O
1953
Registered
15-year temp 5V2S secured 1934 911;
1950 7812
Cairo Bridge gold 4s
1951
Litchfield Di¥ 1st g 3s
Ch
881^8
79
92
97
73
93li 93lt
853b 851s
767g 767»
9II2 9|l2
&
gold 5s... 1951
871.
79
92
97
'91
..
Toledo 1st ext 4s. . - 1955
Col
Illinois Central— 1st g 4s... 1951
1951
1st gold 3VijS
1951
Extended 1st g 3^s
Gold 3Hs
'87'"2
78
77
96
47
971.
745s
M
&
951] 95I:
'47"
60
6412
9«Vi4
84
95
7918
3778
& Manitoba—
1st consol gold 6s
6234 68
81. 1;
44I1
37
Consol mortgage 4s
97
8518
9614
79I1
38
&
96
853g 8538
9UI3 97'-
45
33!>8
W&
St Paul Minn
87'
39
79
793.1
33I2
&
&
8934
70
93 >8
86
80
92
39" "43
79I3
&
&
H—
98
SUs 65
Gen conv 4s Series 1>. . . 1953 38
Erie 1st gold 5s... 1982 81
Chic
1955
Jersey 1st s f 6s
E«le
Genesee River RR 1st s f 6s '57
D & Impt Co Istextd 5s.. 1943
N Y Susn & \V 1st rel g 5s 1937
1940
General gold Ss
1943
Terminal 1st 5s
E 1st gu g 5s 1942 65
Wilkcs-B
1921
1st cons g 6s
T
Et
.1942
1st general 5s g
1959 79
Fla East Coast 1st 4'jS
.1928 5618
Rio Gr 1st g 4s
Ft
Grand Trunk of Can deb 7s 1940
Gt Nor— C B Q coll tr 4s. . 1921 94I4
...1921 9434
Registered
refund 4)^^s Ser A. .1961 83 '8
Ist
&
89lg
701.
77I2 771.
&
East 1st g 5s 1941
Elgin Joliet
1920
Eric 1st consol gold 7s
1947
&Erlc Istext g 4s
7fi'4
85
85
8038
100
87
100
100
831.
90
105
1001.
92'.
651s
74
721.
721.
67
72
87
60
66
6514.
721s
65
87
9912
825s
68
68>4
93
78
81
87
IO3I4 10434 102
91
105
7912
88
88
997g
99.g
9978
7588
987g
51
711.
758«
991.
7114 758«
9878 IOOI4
lOOH
2d g 6s
&
L&NMob&M
&
&
98
»8lg
50
971?
4634
47
46
68
64
64
6OI2
65
6318
6318
82
83
7934
798^
69
62
68
60
97I2
72"
6938
9858
99
65
104
52
50
741.
731;
54
76
71
75
88
88
975g
4512
99
988g 9834
48
64
70
4734
6934
66
104
9812
4734
66
681*
75
eiig
75
63
75
6278
77I4
65'. '67"g
88 >8 88 ig
98'
75
'87"
53
5014
52
731.
68
72*4
65
661.
851.
84
79I2
691s
'is'
791.
65
68
91
91
80
65
88
97
80
68I4
88
97
—
—
U
'
'
1
THE CHRONICLE
124
[Vol. 132.
1920- Continued
Fehruani
Jnnunru
DONDS
LouUt
&
& N
S
Tia»hv—(rn,
19.^6
^s
Itbi
C;fn cons ftu 50.yr 5»
Lou JcriUltfoOoitu tt4s.l94S
Manltob'.i S
Mid Term
W ColonI/.
1st
.Ss
I<)25
PocKIc Kit
1st cons Cold 5s
1st & refund f.old 4s
1st f' rof Ss Series A
Des M & Ft 11 1st Cu ft 4s.
Iowa C:ent 1st Cold 5s
1927
1921
1934
1949
1962
I93S
1938
1951
«c
St
1,
031:
.
1st
Augutt
1
/ftffft]
Rrpttmher
October
Nottmber Duemher
Low inch Low High Low High Low High
80l«
94
86
67
96
9OI2 9012
85I3
7612 7612
61
95
95I4
4278
'
74
43'4
39
49
42
55
42
48
67I4
'76'
69I4
4278
51
"
'7"!
67I4
9718
655g
671 4
3634
67'4
3S34
42
40
69
45
40
70
71
71
70
37
671;
40
3634
'3'7''2
"
38
77
'4'2
79I8
39
47
40Is
701s
71
41
44
39
4212
38
39I2
36I4
37I2
3517
70
39
78
79I8
75
78I4
7012
75
7OI2
73I2
71
7278
91
71
85is
"6412
78
67
38
45
40
69
40
69
8112
9012
74I2
88
79
88
85
897g
53
"67'ii
95
701,
4II4
4818
70
99
95I4
"4'3
'6'7Vj
.__
99
94
75
10
737,
3478
6Us
61
SOig
62>8 'esi'j
SSig
6S7s
8212
79
65
85
94
79
66
64
78
'e'sig
91
91
91
85
63
86I4
87
87
55
5218
54I2
26I2
2758
2758
2758
2618
2712
28
1938
cons Ss
St P & S S M
1st
Rv
64
....
85
UefundlnC Cold 4s
371s 41
M St P & SS M con ftold 4s stpd
193H 80
82it
payment of Int ftuar
M
Jutv
031:
l').'<4
s f 5»
1st ftold 7s
1st Cold 6s
»!
Minn
June
Low High Low nigh Low High Low JUgh Low High Low
81"4
04
Mnv
AprH
AfareTi
/{Iffll.
rl)
Ala con Ou
&
lllgh
iMW
81
Low
971,
68
42l2
51
7258
8912
91
75
74
45I4
45
65
633, 5fl3i
4712 40
42
43
407,
701,
44I2
76»4
89<2
77
SOig
45
'
'3884
91
6712
4214
4'»N
43'2
68I4
7.V4
493,
721,
443,
75
787,
8934
82I2
8934
88I2
6II2
41
4234
35I4
5II2
9II2
635,
4612
4«l2
4434
097,
4212
71
47
47
64
465,
501,
72
42
75
76
9Cl2
457,
& Cent Term
Chic Terml s f 4s 1941
M SSM & Atl 1st gold 4s
pnvment of Int Cuar
Mo Kan & Tci— 1st 4s..
—
June
1926
1990
1990
deposit
88';
5S3,
2818
29
1944
2004
5s
4s
K C & Pacific 1st e 4s
Mo K & E 1st Cu g 5s
Mo K & Ok 1st fiu 5s
1990
1942
1942
90
0078
31
31
'55U
281s
57
32
3018
29
9234
5838
54"
29
32
33
'6'778
31
87
57
2812 31
857,
5234
2712
36
3978
2512
25
37
37
24
24
23
37
36
37
35I2
28
26
23
36
36
25
26l2
2434
25
36
35
25
25
3658
36
25
25
32I2
35v
24
2434
34
3018
'2314 '25I2
33
30l«
24
24
241? '24'
31
31
"24'
301
303,
2II2
17
31
32
2434
24
87
62
355g
8558 8534
5212 64
2978
27
86I4
5612
32I4
&
41
43ij
25
27
39I8 53
33
51
343, 35
35
35
45
35
38
38
50
38
38
35
3634
34I4
28
41
41
4934
45
4934
55
37»4
3313
4578
6OI2
6OI2
4812
46
60
43
'55"
34
34
3712 40
48I4
60
9012
6312
36
35
42
30I2
59
35
33
34lg
365g
39
37
3OI2
3OI2
26I2
34
57
51
42
67
41
57
51
42
74
79
80
8512
88I2
58»4
401,
2812 32I4
6678
52
50
56
55
4814
37»4
35I4
55"
28
.
50
20
1942
20
45
60
4212 60
653g 67i2
37
"m
56'
"e'o"
56
1st
& refund 5s Ser A
Jan
& ref 5s Ser B
& refund 5s Ser C
1965
1923
1926
1975
General 4s
..1920
Mo Pac 1st consol li 6s.
1938
314"!!
3d 7s eit
1st ext e 4s- . 1938
Pac RR of
2d extended Cold 5s ..1938
South
St Louis Iron Mt
Gen con ry Id g 5s. ..1931
1929
Unlf & ref gold 4s
RIv & Gulf niv 1st e 4s_1933
VerdlCrls VI&W 1st g 5s.. 1926
1927
Mobile & Ohio new g 6s
July 1927
1st extension g 6s
1938
General gold 4s
1947
Montgora Dlv 1st g 5s
1927
St Louis Division 5s
1931
St L & Cairo gu g 4s
St L 1st 5s. .1928
Nashv Chatt
Nat Rys Mex pr lien 4HS--.1957
1977
Guaranteed general 4s
Natl RR of Mex prior 1 4 H s . 1926
July 1914 coupon on
..1951
1st consol gold 4s
New Orleans Term 1st 4s--.1953
New O & No'east ser A 4Hs- 1952
O Tex & Mex 1st Ser A 6s. . 1925
Non cum Incomeser A 5s.l93S
Y Cent RR conv deb 6s. . . 1935
Registered
1935
1930
10-year coll tr 7s
1930
Registered
1998
Consol Series A 4s
1998
Registered
2013
Ref&impt4HsA
Ist
1st
1st
—
81'4
9010
8838
8312
81
91i,«
86
8938
8512
56
59
52
M
&
N
N
Cent & Hudson River—
1997
Gold mortgage 3)4s
NY
Registered
Debenture gold 4s
Registered
30-year debenture 4s
Lake Shore coll 3 Hs
Registered
Mich Cent coU 3Hs
B
Registered
C & Sturgis 1st gu 3s
-.1997
1928
1928
Registered
Debenture g 4s
Registered
25-year g 4s
1931
.1991
1934
lstgu4s
Mahon Coal RR
1st 5s
88I2
73
68
83
94 Is
76
72
86
85I4
86I2
8758 'si'
5758 55
9634
6734
7818 79
85l2
71
90
73 18
66
68
79
83
86I2
72I4
667«
8512
58
10278
9558 9558
56
69
7612
761?
74 12 74I2
94I4
22
72
99
100
89
8234
8234
80
74I2
69
73
6378
66I4
6618
6338
80
69
"58"
"5'8"
7612 77
100
94
IOOI2
77
6912
7912
84
80
87I4
61 12
97I2
5312
9734
60
60
75
82
69
80
77
85
7818
88
7612
81
66I2
6412
80
99I4
72
76
72
9734
28
20
30
20
78
68
94
21
82
70
8118
8218
66
69
64
67
6312
6538
94 '4
92I4
94I4
92 14
82
88
84
521,
9734
5634
9734
65
72
65
62 14 52I4
5378
6378
5178
66
"
"ms
90
21
68
70
70
89I4
9058
20
20
20
20
88I2
2134
70
90
72I2
70
'8"9'78
83
40
80
90
85
83
80
915,
86I2
87I4
74I8
57I4
60
623,
91
863,
53I2 575,
791?
72
83
72
63l2 67
82
69
9II2
9II2
'se'
86
55I2 58
9818 99
65
65
73
76
84
85
72
6712
87
91
86I4
78
7112
9634
74 ig
84
99I4
7418
8478
79I2
8OI2 8OI2
51
53
9734 98I4
63
6312
71
70
77I2
94
57I2 59
9534
6918
99I4 100
93I2
91
57I2
55
78
7OI2
76l2
72
87
80
9612
20
20
82
51
9612
801^
8712 'si' 'a'?'
7912 82
82
65l2 5138 5334
9678 9658 98
621? 6212
9738
6734
7934 '7834 V8'34
7558
lOUs
99I2 100
59I8 72
73I7 76
'l'7i4
25
21
15
2OI4
2134
13
15
65
6 134 62I4
6034
6OI2 63
63
58
6II2
5938
6118
6678
59
77
73
7358
8734
72I4
89
85I4
7534
72
7078
73
71
68I4
88I2
73-2
71I2
807g
67I2
65I4
86I2
7134
6934
98
99
97
90
99
90
96i2
97I2
9138
87
95I8
86I4
9II2
9II2
58
26
28
13
63I4
94I2 95
4978 59I2
8918 93
93
9478
55I2
93I4
52I2
65
92I2 92I2
47I2 5II2
9158
9234
87
92
67
72
66I2 6934
67I4
7078
65
72I4
6418
7OI2
79
6914
69
85
9034 9034
4612 4934
86I4 88I2
86I2 86I2
25
30
25
34
"s'o""
67
65
93
93
5738 64
64
63
72
66
63
66
64
73I4
7334
6834
6412
81 12 '7334
65
65
68
6II2
6OI4
66
5834
47I2
51
86I2
8878
86
87I4
6758
63
66I2
63
6618
65
67
7134
70
73
6912
7218
72I4
6I34
65
6I34
6234
65
70
72
67
56
67
59
771?
75
78
7OI2
7634
6478
63l2
64I2
6658
6312
67
62
64
63
64
64
6412
61
61
73
6958
6312
7634
74I2
76I4
77I8
76I4
69
75
6918
7II2 '70" "7'2'i2
66I2 66I2
58
5958
55
55
67
69
57
55
5478
58
58
57
5958
67I4
5812
49
675g
69l8
87l2
81 12
85
56
58
52I2
5678
5212
54
55
65
68I2
7312
9212
2338 27I4
17
17
3438 34I2
29
25
4018
49
87
52
92
53
61
22
"TlsVg
65
68
5812
24
74
61
92
59
9212 9334
5612 6234
9OI4 93I2
90
52
68I4
65
65
68I4
7234
77I2
9258
9134 93I2
87
87
87
8934 9OI2
IOOI4 10178 IOII4 10258 101
10314 100 103
10178 IO2I2
73
6712 70
7234 671, 7158 6412 68I2
70
7OI4 7OI4
67
74lg 74
7734
8212 7478 8258 70
78
78
69
7018
"8"l'"
70
6712 67l2
8058
77
65
74
6II4
65
767g
61ig
7678
6518
73
58
6158
5934 62
64
65
64
64
5634
59
49
70
69
69
68
57I2 61
6234
80ig
68
49
7618
'74"
'75'
9012
9034
46
69l2
64
3118
64
93
60
8934 93
9034
81
82
81
82
67
65I4
66I2
65
65
73
65
73
6918
6512
66
66
67
65
69
65
66I4
69
6834
7158
68
70I4
66
6934
8412
87
8OI4
83I4
76
8034
77
80
78
80
7858
7818
7634
82 14
81
87
85
84
83
87
84
8312
8518
79
84
7818
7834 'so"
8418
81
84
77
69
82
69
70
77
72I4
8II2
80
75
77I2
79
8138
6838
73I4
7734 7934
68I2 7012
69I2 6912
1 J.
8412
75I2
79
8278
S2I4
8334
7414
8278
75
77I2
93I4
82
7512
2612
5834
7012
77
27I2
26
58
96
5178
9II2
55I2
87
76
"eii*
95
84
497g
90
66I4 58
6412 64I2 64
62
64
56
61
80
80
71
77I2 8OI2 8OI2 8012 74
75
75
75
68I2 6834 7018 75I4 73 12 77
7338 74
70
9234 94
9012 9II2 84
89
89
90
84
23I2
6234
80
74
2OI4
"i7i4
2378
6538 70
1997
1934 '7634 '82"i8
1934
1942
1998 60
62
1998 60
60
1998 59
6178
1998
1989
1936 8238 '82'l2
Beech Creek Jst gu 4s
1981
Cart & Adir 1st gu 4s
Lake Shore & M S g 3^8.. 1997
Moh&Mal
80
&
&
\
77I4
83
89
587,
60
37
45
.1943
Cu 5s
Missouri Pacific (new co)—
Okia
431s
89ig
86I4
68
MK & T of T 1st Cu C 5s.
71I2
2514
'59'
17
36
deposit...
1936 '25"
deooslt
25
2001
St Loudlv 1st rcf g4s
2-vr S''n notes extd tr rec
1940
Dal & VVa 1st gu g 5s
Tex
46
43
stpd
ft
2d (told 4s
Trust Co ctfs of
l«t extension Cold
1st & refund mtCc
Trust Co ctfs of
General s f 4',s
Trust Co ctfs of
43I2
93I4
74I2
7634
76
7712
66I2
"8'3l2
Michigan Central
1940
1951
1952
'
1929 'so' '81
1929
1937 79
8134
1931 6718 75
2000
1928 9258 9258
1993
1922
4s registered
Jack L
& S g 3Hs
1st gold 3Hs
20-yr debenture 4s
N
Registered
Y C & St L 1st 4s
25-yr debenture 4s
'
N Y &Harlemg3^^s
N Y&Nor IstgSs
N Y& Putnam gu 4s
R W &Ocons 1st 5s
Rutland
1st
cons 4Hs
1941
1948
1949
1922
1928
Og&LCh lstgu4s
Rut-Can
gu4s.
Utica & Bl Rlv gu 4s
Pitts & L Erie 2nd 5s
Pitts McK & Y 2nd gu
West Shore 1st gu 4s
1st
6s. . 1934
2361
Registered .
Lines Eulp4^s
NYC
NY Conn. lstgu4Ms
2361
1921
1953
N Y New Haven & Hartford—
Non-conV debenture 4s
Non-conv debenture 4s
Non-conv debent 3Hs
Non-conv debent 3V3S
Non-conv debenture 4s
Non-conv debenture 4s
Conv debenture 3Hs
Conv debenture 6s
Registered
77
6618
6518
68
77
8034
67
6618
7OI2
66I2
67
8018
81
75
7778
77
66I2
7434
66I2
6338
6338
75
65
72
75
66I2
7378
6858
64I2
70
65I2
7434
7434
_
75I2
66
7618
6912
73
68
7812
7578
69
65
78
69
67I4 -7178
6478 6712
64
73I4
73I2
75
7634
77I8
6834
7018
7OI4
73
65
65
6934
71»4
68I4
75-.S
64
71I2
73I2 8OI2
74I2
73
71
65
74
71
7II2
64
93I2 94
97I2
95
963i
62
68
97
60
82
95I4
74
7OI2
94I2
7418
7178
94I2
77
79
78
78
45I8
44I2
44I2
45I8
4534
4712
46
47
71
.1944
..1947
1947
1954 "45
1955
1956 '46r2
1956
-.1948 '6734
1948
68
65
Y2"
75
70
687g
7812
71»4
70
67
69
69
72I2 73
70
67
67
66I2
76
72
7378
6618
70
66I2
66I2
71
70
70
6534
7OI4
7334
7714
77
79
77
79
75
77
48
47S4
4734
48
4812
5212
52 12
4312
43I2
40
46
42
50
49
45
43
50
60
46
45
65
45I2 4578
55I2 56
5II2 55I2
44
45
46
44I8
41
41
62
45
46
47
42I2
51
45I2
39I2
39I2
39
797,
8718
70
80
56
40
68
58
7234
6634
6818
6638
70
6434
6818
7034
68
44I2 45I2
66I2 76
72
67I4
7OI2
69
64
65
65
74I2
76
76
68I2
68I2
97I2
69I4
97I2
7412
65
51
"4"8"'
82
95I4
55
'4"5'
60
6OI4 6014
9212 93 12
9318 '9318
70
71
97
71
'96I2 'g's"
7112 7II2
60
97
97
60
9612
52
53
95
9712
71I2
51
50
50
45
4612
50
51
50
74
727g
50
55
55
50
48
4812
50
46
45
50
46
45
7612
6858
7378
73
45I2 4734
is'
32
65
46"
3978
6912
46
40
68
4OI2 45
45I2 47I2
46
46
4058
39I2
47
46
70
68
7OI4
42
45I4
48
407,
7OI2
693,
44
7612
70
56
43I2 45I2
76
81
74 14 74I4
58
45I2
THE CHRONICLE
Jan. 8 1921.]
Iff
BONDS
January
Low
,
N Y N H & Harcf Ry (Concl.)
Harlem R& rt Ches 1st 4s 1954
I95S
B&N Y Airl. Ist4s
1961
Cent NE 1st guar 4s
N Y Wches & B 1st 4 ;s 1946
Providence Sec deb 4s
1957
N Y Ont & W 1st e 4s June 1992
.
'
.
. .
Registered
1961
.1941
19il
New River 1st gold 6s
1932
Nor
Ry 1st con (» 4s . . 1996
Registered..
.1996
DIv lst-&geag4s
1944
10-25-yr conv 4s
1932
10-20-yr conv 4s
1932
10-yr conv 6s
1929
PocaC
joint 4s
1941
ColCon&TIstgu g 5s... 1922
Sclo V
N E 1st gu g 4s . . 1989
North Pacific Prior 4s
1997
Registered
1997
General lien gold 3s. .Jan 2047
Ref Impt 4 js Series A. .2047
St Paul-Dul DIv gold 4s.. 1996
St
g 6s.. 1923
Registered certificates. 1923
Nor Pac Term Co 1st gold 6s . 1933
Oregon-Wash 1st
ref 4s.. 1961
Pacific Coast Co 1st g 5s... 1946
Paducah& III 1st gu 4Hs... 1945
Penn
1st 48 real est g. . . 1923
Consol gold 4s
1943
Consol gold 4s
1948
Registered
1948
&W
&C
.
—
&
February
Uno
March
muh
!
P&NoPacgen
&
20 Continued.
Mau
Aior 11
IAt 10
Hill} Ijow
68
34I2 38
3478
59I4
347,
6OI4
3534
44
32
3434
50 Is 61
64
40
39
59
67
42
51
52
55
49
611.
65
471s
3'J
40>4
37
"7512
so'
7Si2
7712 7712
"7.'-.i8
53
7534
'76'
104
737g
61i8
6CI4
55
10238 10434
99
7812 80
9812 981.
77
76
75
75I1
6318
78
77
8018
661
8II2
10278 100
78
751;
7212 7578
50
78
657s
78
77
68
62
52lt
55
103
7C
68
gu tr ctfs 4s Ser E. . . 1952
CIn L & N 1st con gu g 4s . 1942
Clev&Mar 1st gu 4Hs...l935
Erie & P gen gu g 3>2S B...t940
40-yr
48<8
49
491,
51
55
40
36
401?
45
36
447s
51
32
4U
38
65
65I4
67
61"
63
62
69
51
68
... ..
50
54
M
e&lj 65lt
7758
1045, IO2I4IO2I4
10258
7778
7118
70
7018
73"
7II2
71
961. 10134
9418 97I2
94»4 97
72 18 73
73
73
6934
75I8
100
75
72 14
70
76
74
76r8 Yo'ii
78
78
9512 9778
731. 731.
97
73
70
69
7018
7134
70I4
5013 '54
73I2
70
6OI4
18
50
70
79'
531.
67I4 67I4
49I4 54
741s
69
"733g
71
ioo's 10078
1001.10212 9812 9812
100 '8 lOOlg
IO718 10718 10412 10<)34 106
108 105 10614 10318 10318
681* 7212 66
681; 67I2 69
6418 6818 62
65
6978 6978
69
75
701. 72
70
66I2
108
8338
83
8338
861?
8114
81
831.
8978
84^8
93I2
79
88
9134
811?
8934
917s
8414
78
82
86I4
891.
74
82
82
83
97
9634
9734
9534
9538
79
78
85
7818 781.
787g
78
83
73
90
77
8678
7612
82
"
84I4
101
9758
7'll2
69I4
1st Series
.
B
4s
1956
Philippine Ry 1st 30-yr s f 4s 1937
PIttsb Shen
L E 1st g 5s_ . 1940
Reading Co gen gold 4s
1997
Registered
1997
Jersey Central coll g 4s. . _ 1951
Registered
1951
Atlan C 1st cons gu 4s _. .1951
St Jos
Grand Isl 1st g 4s. _ 1947
St Louis
San Fran (Reorg Co)
Prior lien 4s Series A
1950
Prior lien 5s Series B
1950
Prior lien 6s Series
1928
7358
83I4
80
C
Cum adjus Series A 6s
103
96I4
97
_
_ _
----
89
89
7558
77I8
9634
75I2
75
8078
.
71
..
75
.
.
77I8
7712
97
98
1933
1933
Gen
gold 48 Int guar.. .1921
A 8c N W 1st gu g 5s
1941
Louisiana West 1st 6s. -.1921
Morgans L T 1st 6s
1920
&
75I4
7711
71
78
7312
76
7«
IO4I2 101 Is 10534 16114
81
75>4 77I4 74
75
77'4
77
106
-
7114
7818
.. .
7812
7858
'7118 Veij
73i2 75
105"
78
72'2 74i«
7II4 7Bl8
75
75
53lg
74I4
5514
..
7Hl8
-
.
10*i
68I4
73I8
eg"
6S«4
74
74
68
70
9234 93 12
811.
82
97
8234
80»4
82
83
921* 03
8078 8II4
80
83
98
9758
9534 97
9513 961.
66
68
77I2
7812
7712
8O34
69
70
70
9758 9858
97 18 9734
70
9812
98ia
67
77I4
68
9812
98
67
9634
76
66
80
86
8218 8212
8412
"
.
.
'77"
VVii
7958
797s
79*8
..
.-
"
"
8412
8418
841.
8418
"
80
80
8618
8618
84
8434
85i2
8434
80
-
80
82
90
90
90
90
90
85
85
80
80
80
8OI4
8178
80
80
84
80'
80'
7978
79I8
7418
7912
78
80
72I4
84
82I4
7978
79I8
7418
79I8
78
7214
8218
82i8
8218
8218
85I4
8618
.
82
8212
8412
84U
8538
85»g
84lt
80>4
82>8
'
82I4
•
-
.
"
8858
76
76
72I4
8858
-
.
97
78
7658
7658
""
99
99
99
7812 7812
82I4
8034
821.
84
86
7834 8318
8018
8018
8018
7818
651 4
35^8
84*8
6638
"
7412
99
8218 '8218
.<
72I4
97
78
7338
82I4
80ig
7338
7812
78I4
96I4
8358
83
96I4
9658 9658
8534
9134 9134
8534
7034
87l2
71I2
7834
7834
7934
8138
7834
8018
82 14
86
66
40
69
40
77I2
8OI2
83
69
5614
79I4
71
64 14 6938
84I4
7578
5978
80
64
77
77
80
6912
7134
531.
65I2
6878
6912
57I2
67I2
85
62
82 14
86
9"2"i2
79
7934
60
'92i'2
7558
777s
58
59
82
71
72
80
75I4
74I2
8638
8512
55
89
80
8OI4
77I2
8312
8212
79I8
65
75
86
52
58I4
52I4
55
53
5478
53
65
6218
8512
5834
6978
8712
6538
82I4
67
84
66
66I4
42I2
6312
81
56I4
43I8
6534
8338
62
681.
8618
6178
4658
9678
9118
62
48
60
621.
6538
8238
6912
671.
8312
6134
481s
4618 5OI2
IOOI2IOII4
9II2
9234
9678
91
8018
7978
8018
85
84I4
87
62
6512
66ig
4018
69l2
8234
6518
41
40
8512
6712
41i>
8OI4
8638
8212
88
4OI2 43
6512
4618 59
9478 9478
93
85
85
85
47
7812 81
7612 7612
80
82^2
81
93
85
98
63
60
487g
55I2
56
55
5434
99I2
67
64
99
64
62
100
66
64
55
54
56I4
6712
5934
5612
54I2
58
58
55
59
59
37
6078
591.
59
97
5934
9734
641.
5678 '6'o"
54I4
59
70
83
87
61
66
4758 55
92
93
851.
85
66I2
57
60
53
64
57I4 60
5778 59
41
4734
4II2
4478 47
6412 64l2
80
80
8OI2
87
5834
6914
61
74
80 18 90
6412 69
54 12 60
4978
591.
6O34
5314
50"
56
32I4
40
64
32
4312
46
40
35
44
'851^2
63
90I4 9OI4
6334 64
6458
77I2
91I4
63
6478
70
53
56I4
59l2 63
7234 761.
86 12 8934
68I2
62
47I2 55
57I8
74
88
7012
821.
5912
43'4
86I2
65>8
51
96
8(58 89
67
67
86"
95
88
97
95
85
96
89I4
9618
67i2
927s
6078
95
65
SlU
70
8II4
64I4
94 12 96
94 12 9618
64
64
67
6312
631.
62I4
6538
45
48
48
50
50
63
52
53
61
59
57I2
4938
32I2
5OI2
3438
50
41
6Si8
6912
'5'2'i8
6412
6938
67^8
7134
52
60
60
6478
5514
6OI4
5934
6-i78
62^ 66
60
60
66I4
66I2
64I4
65
6278
611.
671.
64^8
61
6618
6OI2 63
58
5014
66
59
32
601.
5812
571.
53I2
3934
3t'.i8
39I2
50
37
43
40
44 14
421.
52
5378
54
62
64
62
52
55
46
63
57
60
531s 55
67
58
55
39
601s
5834
86Is
66I4
5858
63l8
58
6218
59
5718 6178
657g 6618
51
4434
3818
423s
65
64
65
90
7818 80
86
86
70If
411.
65
98
90
98
78
81
8658
6712
70
78I4 7912
7634
97 10334 IOOI4 IO4I2
74I2
6912 7312 71
7938 8038
80
80
7812 781.
6712
6978 6978 66
79I4
81
8238
8JI.
8238
89
841.
63
6II2 60
6878
631. 6678
633g
6512
7634
9778
73I2
9338
78
70
77
68 '8 7038
7518
63
6334
7314
941.
6518
7812
75
97I8 102
65ig 7II2
77
74
9958
7OI2
78
80
77
78
9378
6734
7518
65I4
69i8
6OI4
64
62I4
661.
701.
65
67
75<4
981s
97
72
7634
71'4
76I4
75
7612
7312
931.
6818
7512
761.
6512
67
70
69
701.
9712
7938
10078
77I4
89
92
69
7278
6618
79.8 76^8 78*4
99 4 103'8 1031.117
731. 751. 7134 741.
77I4 80
77
79
721.
92»4
6934
721.
70
701.
771.
72
701.
8II2
8478
8478
8478
8318
8478
711s
7*1.
85
87
8II2
85I4
52
501s
321.
367g
45
4334 4J
67
64
92
66I2 701s
74
64
841.
8658
9018
6OI2
927s
39
44
54
3734
861.
63
9234
58
34
33
9478
82»4
60*8
60
61
62
52
50
60
77
90'
96
8II4
87
8514
9234 93
59I2 61
55
6OI2
49
5034
64
30
43
931s
62I4
75
76
78
84
95 12 96
95I8
45
63
50
51
55
54ig 57
6078
3934
0O34
54I4
6II2
93I8
59I4
40
60
8118
"
60
::
:
80
65
42
79
79
:::
81
7638
58I4
40
77
6634 6334
3978 4812
7912
42
93I8 93 18
60
67l2
84^8
59I2
8658
42
80
San Ant 2d gu ex 5s'31
Istgu g 5s redeem
77»4
9OI4 87>4 90
85
90
89
8412 881. 86I2 9018 8838 9018 89
76I4 7434 77I2 7678 82
761. 75
8178 841. 791. 8418 74
8018
85I4 8538 8934 89
82
8334 82
92
89
92
90
84
841s 82
101
10234 10134 10318 102
103 10218 105 103 105 10378 105 IOII4 104*11
7214 72I4
77
8038 78I4 81
7812 78i8
7612 7612
&
H & Tex Clstg5slntgu_. 1937
78
S««4
77
77
lOKs t02>4
74
7534
---.
.
451.
75
68
8078
&
8c
62
577s A 17s
—
7458
84l2
KCFt S&Mcon
K
&M
KC&MR&Blstgu
Gal H
0114
75
,
HE&WTlstg5s...
64>4
557,
591]
84
76
66
7718
68
StL&
&
&
&
(>4<4
76
69I2 72
7014
..
777,
.
9538
80
1955
Income Series A 6s
1960 4058 45I4
San Fr—Gen g6s_.. 1931 10178 102
General gold 5s
1931 91
92I2
StL&SFRRcons4s
1996
g 6s
1928 9938 100
C Ft S
Ry ref g 4s . _ 1936 65I4 70
g 5s.. 1929 86
8778
St Louis Southw— 1st g 4s. . 1989 6I34 64I2
2d g 4s Inc bond ctfs Nov 1889
Consol gold 4s
1932 503, 52
1st terminal
unified as. . 1952 5678 59
SA&APlstgnargoId 4s ..1943 56 14 6O34
Seaboard Air Line g 4s
1950 60
6OI2
Stamped
1950 6018 61
Adjustment 5s
Oct 1949 35
3834
Refunding 4s
1959 38
49
Atl-Blr 30-yr 1st g 4s. May 1933 6178 6312
Caro Cent 1st cons g 4s . . 1949
Fla Cent
Pen ext 6s
1923
Fla G
Pen cons 5s
1943 80
80
Ga Ala 1st cons 5s
1945
Ga Car Nor 1st gu g 5s. . 1929 8838 8838
Seab
Roanoke 1st 5s. . . 1926
Southern Pacific Co
4s g Cent Pac coll.
1949 69I2 73
Registered
1949
Convertible 4s
1929 79
8158
Convertible 5s_
1934 10238 106
Cent Pac 1st ref gu g 4s. . . 1949 727s 78
Mtggug3j'js
1929 80
821s
Registered
•
1929
Through St L 1st gu g 4s. '54 70 70
&
61
5912
"57
75
7378
7434
'39*
80
—
&
641:
6214
74
'7'534
31'
45
82
66
81
&
&
45
6918
G
H
W
46
1043g 105
65»4 "65i4
'
SerlesL
General 58 Serlea A
1970
Ch St L & P cons g 5s
1932
Phlla Bait &
1st g 4s. . 1943
United N J RR &c 4$
1944
Peoria & Pekin Un 1st 6s . . _ 1921
2d gold 4Hs
..1921
Pere Marq— 1st Ser A 5s
1956
57>8
48>4
75I4 75I4
75
76 14 79
80
761. 77
'54" '57
'siTg js's"
60
5958 5418 6<j''8
14
773g 7858 79
81
76
71
82
76
83
8278 8278
83
9834 99
100 100
9758 975g
70
69I4
GrR&Iexlstgug4Ms..l941
Series E 3Hsguarg
1949
Series F cons 4s gu g . _ . 1953
Series
cons 4s guar. .1957
Series
cons gu 4s
1 960
Series I cons 4Ms guar. 1963
3970
'57'
561.
«8««
83
9734
80
Ohio Connect 1st gu 4 4$. 1943
Tol Wal V & O ser A 4 aS. . 1931
SerlesBA^is
1933
PCC&St L gu g 4Hs Ser A. 1940 90
Series B guar
1942
Series C guar
1942
Series D 4s guar
1945
63
57%
51
82
82
92I2
6918
7112
7358
8212
SOls
821.
'e'sij
6(J
8II4
82
8118
7978
8938
8218
7978
58'4
47I2
100" IOOI4 10312 102
7»
7514 7514 79
108
63
67
-
9312 9312
63
64 Ij
96
63
65
82
100
75
76
"
97 18 97 Is
96
54I2
"71"
73^8 78
63
73
e»
10134 101 7, 1017,
1001. lOtl. 102
102
73«4 773, 75I2 78 "74"
76'
70
7318
74I4
537t
7II4
100
70U 74 1» 73
731.
731, 78
75I4 75'4
7318
55
100
100
67I4
74
48
671s
641s
45
"'"• ----
65<8
.
'
60
35I3
70
192'
.
'
48
74I4
7318
52
75
62'4
3934
60
104
751. '76I2
75
!
Guar 3H8 coll tr reg ctfs.1937
Guar 3MS coll tr ctfs B.. .1941
Guar g 3 H s tr ctf s Ser C 1942
Guar gold 15-25-year 4s.. 1931
63
•iZ
7758
104
103
73ig 76
104
103
1960 9OI2
1955 8OI2
1968 89I2
10-year secured 7s
1930
Alleg Val gen gu g 4s
1942
Del RIv
Bdg 1st gu g 4sl936
Pennsylvania Co gu 4 j s . . 1921 '9Va
—
63
5Ui8
40
60
Consol 4H8
General 4)^8
General 5s
RR
827)
--
58
RR
Registered
June
July
Anfust Scpttmbfr imohrr .Wotem^er fie^fmfier
Utah Loio High Loto High Lou> High Luu> HU)h Lmio High Law HUih Uiu) High
827,
- -
..1992
1955
General 4s
Norf Sou 1st & rcf A 5s
Norfolk & South 1st a 5s
Norfolk & West fien li 6s
&
Hli/h
125
93'4
95 8
7II4
y3>4
65
85
72
J
1
767s
10
75
77
711i
741.
741s
84
8312
88ls
»4l8
'8214 'sdh
9134
9334
93
8918
92
92
85
99
8458
8458
94
94
94
94
94
8434
97^8
98"34
9834
98S4I
.
83
9bH
1
9834
84»4
»73»
83
85
99
9OI4
93
93
9558
95ii '9714
97'u
941.
—
—
'
2
.
.
'
"
THE CHRONICLE
126
[Vol. 112.
1020— Continued.
January
BONDS
Low High
Southern Pacific (Concl)
Nor of c;nl Au tfold 5»
.1938
Orc&
.1927
So I' ac of
1937
SP<:oast
1937
1955
So Pnc KK
San Fran Term Ixt 4s . .1950
1st cons ft 5s
.1994
Southern
-1994
Reftlstered DcTvl
.1956
Ren 4s Scr A
.1938
Mol>& Ocoll trit4B
.1996
Mem niv 1st ft Ss
.1951
StI.niv lstft4s
Ala Cit Sou Ist cons A 5s . 1943
Atl&Char A I. 1st A4'j! .1944
1944
1st 30..vr 5s Ser B
.1948
Atl& Dnnv lstft4s
Atlnn & Yad Ist ftu ft4s .1949
.1930
ETVa&Gadl»ft5s
.1956
Cons Ist (told 5s
ETenn Rcorft lien 5s . 1938
1946
Georgia Midland 1st 3s
.1922
CaPacRv 1st ft 6s
1925
Knox Ohio 1st ft 6s
Moh Uirm pr lien ft 5s . .1945
.1927
Danvlllo 5s
Rich
.1948
Rich
Meek 1st ft 4s
.1926
Va Mid— SerlcsESs
.1931
Series F 5s
.1936
General 5s..
.2003
1st ftu 5s
First cons 50-year 5s .. -1958
/
'
.1924
1st cy ftu 4s
Spokane Intcrnat 1st 5s. . .1955
Ter Assn of St L 1st ft 4 ^^s. -1939
189^1-1944
First cons ft 5s
-1953
Gen rcf s f (Sold 4s
-1930
Br Ter ftu ft 5s
St
.2000
Pacific 1st ft 5s
Texas
-2000
Second (Sold Income 5s
-1931
5s
La Div B L 1st ft
Ohio Cent— 1st ft 5s. -1935
Tol
-1935
Western Div 1st ft 5s
_ -1935
General gold 5s
-1990
Ist ftu ft 4s
-1927
Second 20-year 5s
\V— Pr 1 ft 3Hs. - -1925
Tol St L
-1950
Fifty-year gold 4s
-1917
Coll tr ft 4s ser A
Certfs of deposit
-1946
Tor
B 1st ft 4s
Ulster &nel 1st con ft 5s - - -1928
.1952
1st refunding 4s ft
Union Pac R R Id ftr g 4$- -1947
.1947
Reftistercd
.1927
20-year conv 4s
refund 4s
-2008
First
.1928
10-year secured 6s.
Ore R R Nav con g 4s . .1946
Ore Short Line 1st g 6s. .1922
First consol gold 5s . .1946
Guar refund gold 4s . 1929
.1926
Utah Nor gold 5s
.1934
Pac gu
Vera Cruz
Virginian 1st 5s Series A- _ - -1962
.1939
Wabash 1st gold 5s
-1939
Second gold 5s
.1954
1st Hen terminal 4s
-1941
Det Ch Ex 1st ft 5s
.1941
Omaha Div 1st ft 3Hs
.1945
Wash Term 1st gu 3!iS
WestMaryland 1st g4s
.1952
.1937
West N Y Pa 1st ft 5s
.1943
General gold 4s
Western Pacific 1st 5s A - .1946
Wheel L Erie 1st ft 5s. . .1926
Wheeling Div 1st 5s
-1928
Refunding 4Us Ser A
-1966
lstconft4s-- .1949
Wlnston-Salcm S B 1st 4s- .1960
Wlscon Cent 1st gen ft 4s. .1949
.1949
Registered
Sup Dul Div Ter 1st 4 sl936
Ist itu a Sh
.
Cat 1st conH 5h
Isit ttu )14».
l»t rcf (tu 4k
<.'ul
.
.
—
&
&
&
&
&
'm\i
9378
Fihruari/
lAiiB
0218
9178
^farrh
High I/no jngh
9218
93I1 '9114
75
79>4
7112
84l8
73
74
77l!
707g
735j,
871:
82
80
677g
Olij
5834
50
58
55
6h
80
1
'67^
6B7g
57
8278
607g
80
SOf-s
76I4
88I1
85
88
57
58
81
64 ig
—
&
Kan&M
&
H&
&
&
&
&
&
&
&
—
&
85i2
8712
86I4
87
08
71
69
703,
84I4
0338
06
7034
0558
77
81
O3I4
77I2
55
575g
537g
67
53
50
5612
6II2
"88*
70
68
78
74I2
80
66I2 02
8"8"38
86
8658
85I4
87
80 12 877g
78I4 78I4
8478 805s
6OI2
60
62'
62
83
8058
&
&
75
73I2
027g
73
65
6OI2
68
77
69
82
78
81
80->8
84
8212
8678
65
51
5634
52I4
68»4
54I2
69
68
6II2
OOI2
75
57I2 60
5512 57
7712 77I2
O4I2 05
7834
83
64-'s
685g
64
61ig
6II2 6II2 '6134
7634 76»4
'95'
95'
87l2
88
74I2
82
55
84
55
82
55
82I4
83I4
92I4
8OI4
91
85I4
85
&
ext 4' s... .1931
ref A Ss. .1941
1st
Rys 1st
ref 4s. .1942
&
60
65
60
OOI4
5612
55I2
797g
5934
86
6718
6')l2
Ob
66
88
78
85*4
59
797,
81
C5l2 60
68
63
6558
86 12
87I4
69
67
90
90
4934
9734
98
91
81l8
78
86
69
67
90
8')l2
09
67
90
8412 88
65ig 65?8
88I4
90
96
03
90
8I34
8234
7918
80
82
83
90
6734
70
80
60
60
63
68
60
80
00
7934
65
60
8OI4
83
52I2
527g
97I4
877g
7934
84I4
79
79
87
'ss'
6.534
67
8912
84
89Ij
8712
90
90
97
53"
97I2
877g
8II2
"76r4
82
84"
6834
7OI2
85
82I4
84
5212
83I4
7358
52I2
80
85
69
85
8212
8512
S79l8
8378
8218
753g
6834
8218
8II2
64
64
55
83I4
71
85
81
81
83
66
69
69
63
83
8OI4
8OI4
79
69
83
79
"8134
65
76
79
8418
"8OI2
70*
68
7634
78
6258
81
757g
6234
"8"l34
65
84
69
8718
74I4 "6978
Yo" 82
66
80
8II2
84l2
82
84I4
81 14
93
85
8OI4
93
9314
65
74
46
68
75I2
46I4
47I4 "4512
6514
9058
90
"7"5i4
65
6212 62I2
68
75I2
74
84
9314
7514
69
80
...
44I2 4678
79
35
81
7612
83I4
82
73
'iv'fi
35
83I4
73
89
72
83
8OI2
"77r2 7712
8012
80
66
70
90
8312
631a
8OI4
55
83I4
"84"
87
80
75I2
"6934
885a
90
87
82
5614
8778
Vs"
70
8"3"
85
69
85
"si"
"si"
"84"'
65I4
70
70
905a
65I2 6512
64
6412
84
84
"8Y12
4(534
46
66
68
68
64I2 64I2
65
85l8
82
82
82
82
82
74I8
467g
44
47
4714
53
82
82
82
8II2
79I4
813g
8234
7834
8312
85I4
8878 8312 8614 84
7458 7118 73
7418 81
72
lOllg 103
100 10158 10012 10112
75I4 77I4 75
77I4 81
76
86
7978
7612
8OI4
77
7878
6714
72
82
66
97
84i2
99I4
7812 8178
6658 72
96I4 9818
66I4 70
97I4 97I4
9II2
82
82I4
7012
9634
82I4
72 14
10 Us
67I4 76
95
99
99I2
93
90l8
9018
7612 82
9018 9018
74I2
88I4
75
9258
8II2
9II2
79I2
9158
9OI2
7978
9018
9778
8518
82
93
85
100
917g 92 12
80
82
89
88I2
8234
8834
8514
82
87
80
84
89
7978
8258
79I2
7258
75
7234
89
73
82
80i8
7734
7734
101
9214
80
91
83
87
80
87
79
73
8II2
9712
7II2
97
77
8134
82
7934
8II2
74I2
98
72
74
9678
98I4
86
85
7678
7638
84I4
8638
7812
8118
74I2
7312
95I2
7334 77I2
97I2 100
75I2 77I4
9778 98I4
71
84I4
82
80
75I2
97I2
78
73
81
72
637g
9678
74
83
7938
8OI2
72I2
9734
83
75
8312
7812
7834
67I4
95I4
8258
7912
88I2
76
84
SOig
8212
77
8158
7838
88
7918
8512
8718
7812
87
20
77
8618
SS's
8II2
89l2
28
8312
88
84
8212
8418
75 12 78
99 101
79I2
77
8834
8878
6512
8834
70
50
72
52
92
92
63
63
8II2 88
49
52 14
62 ig
89
80
82
8078
8878
55I2
53
91
8212
51
69
69
4834
52I2
48
89
89
8112
81
5312 64
7678 80
78
90l2
9II2
9218
50
53
51
50
53
52
5458
6258
53I2
633g
53
66
C8
71
67
68
67
6918
51
8134
9OI2
51
50
66
48
6"o'
8II2
54I8
83
56
80
63
66
47
81
56
7812
^-
68
-
44
43
37
68
6318
53
66
50
82
66
4812
81
80
55
83
80
5234
83I4
59
'7712 "so"
81
3012
30
31
45I8
45I8
56
86
59
7834
8412
60
67
3334
22
63
63
55
'2'8"
70
39
40
46
44I2
4434
39I2
3II2
40
37
6II2 64
6II2
61
50
61
6514
60
65
51
"6"9"34
eiu
24'
49I4
38
49
4612
42I2
3638
4712
37
41
40
33
42
3212
35I4
6234
6212
52
60
65l2
62
23I2
4018
22
23I2 '22"
79
7012
78
8038
73
8118
8312
8918
28
26
8678
82I4
90 14
85
79
89
25
8178
8734
83
91
81 14
78
8334
7634
"2"5'
67
62I4
'53"
53
"6278
6212
"55'
66
"6"5"r2
38
60
35
43
41
34
35
6218
6212
6OI4
68
6OI4
53
52
23
53
53
23
53
53
52 12 63
3634
33
62
6II4
35
58
5978
5712
6'5"
60
5514
'5614
23
61
6434
6712
64
57
54
58I4
153,
1678
13
1834
68
6018
6412
60
67
59
5578
60
I7I2
2058
19
23I4
78I4
9878
89I4
87
90
83
7614
7933
8934
88
22
79
28
85
89
91
25
83
8312 85
8378
6912
6912
5578
847g
6912
5934
8634
6358
72
70
5378 59
8578 88
62
63
8411
86I2 "83r2
8634
84"
"8"5""
63
80lg
84
5II2
59I2
6738
7II2
8634
63
69
68I2
74
687g
72
72
7434
72
72
63I2 6312
29
30
25
42
41
38
38
35
31
'36
48I4
31
4II2 50
47I2
40
44
38
45
7II2
25
2318
2II4
2618
2II2
3612 42
34I2 3612
32
33
65
55
5712
53'
5II2
5OI4
38"
"45"
36
36
3978
23
23
23
60
42
60
60
611.
5OI4
57I2
56
60
61
5978
61
5812 6O34
55I4
5734
5ll8
5712
2OI2
5578
I8I2
5755
I8I2
20
17
1958
5318
16^8
3II2
55
55
"5734
61"
49
247g
29
40
37
33
64
24
17
16
1438
I4I4
I7I4
I6I4
11
III2
I4I2
19
I3I2
I3I2
5612
6OI2
54I4
4812
54
43I8
4912
6658
51
55
57
5138
54
51
51
53I2
54I2
497s
4934
52 12
52
40
40
21
60
is"
Ys'
68I4
625g
6212
68
60
60
53
54
24
53
56
5334
5318
65I2
6558
5334
54I8
24I2
21
6118
70 12
613g
5834
70
60
60 12
6212 68I2 69
6312
2534
57
57
60
59'8
2OI2
2434
23 14
30
11
10
15
I4I2
I4I2
2034
I9I2
I8I4
46
5134
1478
1778
2OI2
51
2434
2312
2OI2
57I2
43»4
4312
21
653s
2034
45
59
52
62I4
21
58i4
32
33
64
24
61
62
62
68
78
14
87
73I2
7II2
6912
22'
6412
6OI2 66I2
60
69
7OI2
6312
"57""
55I8
7118
65
64
56
6712 69
70
71
6312
35
6058
70
467g
5OI4
66I4
53
63
4018
37I8
7778
5034
8II2
84
5978
58
5334
61
I9I4
82
IOOI2
73I2 7734
97
9812
57
60 12
69
68
60
8II4
98
100
66
6112
"25'
63I4
61
21
"2114
66
50
47
45
6 134
6718
3334
22
64
77
79
78
80
78
6OI2
6OI4
53
61
6078
7718
59
69
69
5012
46
62I4
67
63
9812
86
60
46
53
70
3012
52I4
63
981s
8818
"&i
4838
5258
6214
6212
65
6058
7612
86
7718
IS
97I2
7634
9812
8818
7778
88I2
6912
801s
60
IS
52
77
99
100
56
82
62
85I4
53
49
77I8
47
15
15
65
47
65
8518
66
46
55
15
45
49
15
4278
5614
6II2
2312
5934
2II2
77I8
16
16
24
22
11
17I2
1034
17
61
57I2
45
5212
48
50
48
57I2
58l8
415s
42I2
49I2
48I4
44l£
50
50
55
53
59
5338
50
51
52I2
6212
5612
6938
53
40
40
4178
43I4
42
42
40
20
30
6234
2418
60
64
20
77I8
50
54I2
53ig
42I4
36
3612
27
30
15
197g
27
27
67I2
93
74
70
70
2612
Trust Co certs of deposi t
31
28
28
Adjustment Income 5s_- .1942 5-8 734 5I2
6I2
Trust Co certfs of dep<>slt..
6
712
N Y State Rys 1st cons 4 'js .1962 50 52 14
Portland Ry 1st & ref 5s... .1930 6478 6478
St Paul C Cable con ft 5s.- .1937 80
80
28I4
2658
2778
26
6
7I4
6
6l8
7
6l8
-1942
72
885g
2834
..
75IJ
90
70
Registered
6II2
89Sg
84I4
2758
&
63
57
85
71»4
68
80
60
7II2
2812
New York
59
8712 90
84 12 8112
OII2 65
59I4 66I2
8OI2
80
OOig 7OI4
88I2
8712
91
—
Refunding
7612
7218
96
91
N Y & Jersey 1st 5s
73
Inter-Metropcoll 4'2S
I5I2
1934
163s I9I2 I4I2 18i'> 17
deposi t
Trust Co ctfs of
1534 19
I7I2 I9I2 I5I4
15
18
Registered
Interboro R T 1st & ref 5s. .1966 49^8 57
48
5334 5212 68
6II2
.1966
Registered.
Manhat Ry (N Y) con ft 4s. .1990 56I4 60
5612 5778 65
67
5378
5618 6012 55
59
65
67
52
.2013
2d 4s
4212 42I2
50"
Met St B'y & 7th Ave 5s.. .1943
4612 57lj 4412 4612
Col & 9th Av 1st ftu 5s. -. .1993
40
40
30
Lex Av & P F 1st gu 5s... .1993
40
42
94I2 94I2 93
Mllvp Ei Ry & Lt cons 5s. . - .1926
93
92
"77" "77""
Mont Tram
7334
707,
8512
74I2
82
5834
COI4
8158
97lg 97I8
96
89I4
—
.1957
-1932
.1956
7358
89)4
8OI2 8OI2
Stampcd guar
Det United 1st cons g4'iS. -1932 67
Ft Smith Lt & Tr 1st ft 5s. .1936 68
Adjust income 5s
78
91
8512 86I2
96
4'-.S- -1951
-1951
4'i>s..
Hudson & Manhat ser A 5s- .1957
75I2
72
86
Sllg
—
ft
89I4
86
"62'
9913 100
Bklyn City 1st con 5s-' 16-"41
Bklyn Q Co & Sub 1st 5s -1941
Bklyn Un El 1st ft 4-5s. . - .1950 6138
Stamped guaranteed- -1950 62
.1949 55
Klngs Co El 1st g 4s
Stamped guaranteed.. -1949
Nassau Elec guar gold 4s .1951 '20"
-1927 68I2
Chicago Rys 1st 5s
Conn Ry & Lt— 1st
87»4
46l2 4OI2
9038
Street Railway Bonds
Brooklyn Rap Trans ft 5s. -1945 30U 33I2
-2002 25
1st refund conv g 4s
28
-1921
3-yr secured notes 7s
Trust Co ctfs depos t
895»
8058
73I2
6434
71-38
80
647s
83
70
1
Wh&LERR
88
90
91
89V8
LM
,
59
67
90
76I4
8718
7313 76
7018 71I2
8318 86
Va&SVV
&
93>8
87 14 9II4
90
.
WOW
Oil*
9312
May
Junr
JiUy
Auguxt
September
October
Xovember DecerrihtT
High IjOW tllgh lA>w High Tj)w High Low High Imw High Low High Low High Uiw High
April
r,nio
28"
32"
27
75
74
26
28i2
20
28
2434
6I2
7II2
7II2
2478
70
70
69
7OI2
74
69
3II2 27
69
68
68
25I2
69.2
2918
64
29I2
I5I2
25
20
27I4
I5I4
21»8
71
27
712
6I2
51
65
51
7
6I2
54I2
5
50
2512
6
5
6212
211s
22is
I9I2
23
21
5
2II2
20
20
6i8
5
5
51
458
5OI4
6
52
20
20
5
5I2
2158
2II4
4I2
538
45
59
51
1
578
5l8
49
59
21
20
6
434
5OI4
29I2
7
26I4
30
7
6I2
578
512
538
5II2
5II2
5634
64
4I2
8
3
5
478
634
3
4I2
68
62
4434
5912
1
51
6518
6'5lg
THE CHRONICLE
Jan. 8 1921.]
127
1920— Continued.
January
BONDS
Low
Hi{/h
February
Low
1960 48
6I34 45
Third Ave Ist ref 4s
Adjustment Income 5s
I960 28li 30
27
84
Third Ave HK 1st fiold 5s_..l9J7 83
Trl City Ry & It 1st s f 5s_ . . 19 Ji
Under^'il of London Inc 6s. . 1948
1945
Union ElevChlc 1st 5s
1926
Vn Ryslnv— SsPlttsIss
19J4
United Rvs St L 1st U 4s
1927
United RRs San Frsf4s
Union Trust (N Y) ctf dep
Equlptable Tr (N Y) Inter ctf,
Pow 1st 5s... 1934
Virginia Ry
92
7112 7514
Gas
&
Low
Htffh
49
29
46
49
90^
29I2
2.'>Si
29
231*3
26
2834
24
—
68
AiirU
Low High
Sfptember
Uclutirr
S'nrm'c
AufUil
June
July
High Low tilth Low UU/h Low H Igh Low High Low HUlh^Low Jlii,'/i
Stay
Luio
\
40
48
4058 421:
4U
44
39
24I4
29I4
211s 2434
2OI4
24I2
2OI4
887g
271a 31
68I3 7134
2912
8878
891;
89ls
75
70i«
25
8778
75
88
677g 73
47I2 4718
401:
22>4
'
25
26
60
66
67
IU>4
21
75
3912
45
45
25
28i2
7OI2
&l>t
367g
79I2
39I4
25»4
45
37
771. 78
48
20
75
91
88
93
85
88>i
00
70
66
70
64^8
68
47lg
47lg
50
SO
27
29
75
88>g
63>4 68
70
"22'
'
251'. "2"5»4
23
30
27
22I4
2tlij
"22^
"24
2018
2734
2314
231:
225»
24
70
7o
63
63
65
09
6OI4
30
2478 30
24
30
64
05
3713 40
75
68I4
79
86
88
87
79
86
88
71
74ig
72
72
6812 egij
71
71
847g
8418
85
86
82
84
8412
81
84
79
&
Electric Mftht
8>J
^farc^t
H Igh
6U
80
65
50
26
60
80
67
60
26
29i4
271. 27
24
3578
30»4 28
261. 201. 25I2 31
28»4 35
O9I4
66
64
05
65
68
2312
74I2
48*4
2Ul2
76
79
2 61 2
"
22
"2'rij
22I2
21
20ls 221.
6413 651.
211.
215g
04
23
24
64
71
75
29
29
24I2
29I4
24
29
02l8
68
Cos
Bklvn Edison Inctien 5s A.. 1949 "73'
Bklyn Un Gas C;o 1st c e 5s 1945
Cine Gas & El 1st & ref 5s.. 1956
Columbia Gas & El 1st 5s. ..1927 85
81
H?.u
70
77
751g
71
76
74
77
76
78
76I4
75I2
78
75
76
771.
737g
777g
7658
80
86
827g
827»
82
82
8OI4
82l«
80
82
80
82
811:
8U2
Consolidated Gas conv 7s.. 1925 9934 100 12 99»8 101 100 IOIS4 100 lOlig 99 IOOI2 98
9978 97
995g 96 ig 995g 9812 997g 99 101 12 100
1920 99I2 100
Convertible 6s
1923
Detroit City Gas Co (J 5s
:::: :: : 9512 9512
93I2 937g 94I2 93
93
Detroit Edison Co 1st 5s... 1933 94 14 95
9338 90
91*8 82>4 82>4
8Sig 8Sig
88
8512 88
1940 8734 90
77I8 8218 79
ref 5s Series A
8734 88
"7678 "so"' 805g 821. 80
867g 88
1st &
79 "si" 'si'
1940
ref 6s series B
88I4 90
1st &
89
Havana Elec Uy cons g 5s_.1952 84 8518 85 851 84 85I4 841* 845g 84 84
84
84
791. 77
77
77
102
.
Cons Gas E E
convSs
73"
85
& P of Bait 5-yeBr
N Y & O El L & P 1st c 5s. 1930
Pacific Gas & Elec— Cal G & E
1937
Corp unif yinft & ref 5s
Pacific G & E een & ref 5». 1942
Pacific Pow & Lt 1st & ref 5s. '30
.
77
82
64
80
89
91
Armour
8278
85I4
82
61
8134
6314
5578
I512
58l2
16
& Co 1st real est 4 ^839
'82r2
8'334
—
83
78
64
"87*
86
7978
80
82
6 134
6534
78
'7434 "75"
6OI4
8458
87
84I4
81
78
81
74
64
89
81
8914
67
8"8""
87
8334
56
5612
16
13
8238
20
M &
&
&
8712
70
89
Atlantic Fruit conv 7s A. .1934
9178 9118
Braden Cop coU tr s f 6s.. 1931 91
1952 79I2 7978 77
Bush Terminal 1st 4s
1955 78
73
Consol5s
82
1960 7934 8278 7812
Building 5s gu tax ex
7818
Chic Un Stat 1st gu A 4V2S.1963 81% 83
1st (ctfs) 6>.s series C...1963
1923 IO412 10834 100
Chile Copper conv 7s
76l2
1932 79^8 86
Coll trust 6s conv scr A
82
Computlng-Tab-Rec s 1 6s.. 1941 86
88
Granby Con S P 1st 6s. . 1928 90 93
1928
Stamped
Great Falls Pow 1st s f 5s. . . 1940
Irrlg
Institution for encour
1943
Wkskc4!4s
1941 9278 95I4 8758
Int MercMarlne 1st sf 6s
ref s f 5s A 84
Montana Pow 1st
8512 8138
1939 82
Morris
Co 1st s f4Ms
8318
'62'
67I4
1951 66
N Y Dock 50-ycar gold 4s
Niag Falls Power 1st 5s..... 1932 9212 92I2
Refunding gen 6s.. Jan 1932 93
93
Nlag Lock Ont Pow 1st 5s. 1954 88
88
82"
1941 8212 85
North States Power 5s A
1943 8212 85
8212
Ontario Pow N F 1st 5s.
1945 72
Ontirin Transmission 5s
75
&
81
8712
78
78
86
70
8278
75
60
7112
827g
7612
61
8412
90
90
82
-
.
803s 817g
.... -.-* ..-•--.
""
72
7534
OOig
75
7612
62
811.
6938 70 12
70 12 77
77
80
78I4
78I4
80
75I4
75ig
83
60
0178
80
63
75
751.
5812 60
81
"2
91
897g
72 14 72I4
80
5812 60
90
87
79
7910 8478
7212 7612
58
62
7118
87I4
86
86
86
8034
90
73
90
76
5612
55
I7I2
17
11
1318
817g
75
77
8312
82
84
83
73
74
735g
7534
74 12 7558
7512 751.
74 12 77I2
77
77
8878
597g
637g
857g
88I2
70
88
77
81
8312
825g
855s
711s
86
8412 8412
947g 9478
8038 8234
13
8418
57
20
92
77
75
79
79
105
100
16
83
89
74
89
86
85
88
71'4
68
8OI2
76I4
8058
8II2
67
85
60
6412
855g
86I4
8II2
75I4
7334
7112
8OI2
737g
79is
8534
80
64
85
8OI2
93
74
75I4 78
75I2 78
77I8
8OI2
10334
80
817g 84
92
92
78
89
85
87
7512
81
773g
7714
82
76
88I4
5934 60'4
5834
60
57
597g
8134
89
85
86
8OI2 82
86
86I2
8238
87
88
85
823i
63
69»4
70
92
88I2
9II4
85I2
85
5G
15
15
77
84
6II2
63I4
803g
88
7478
78
8512
7034
6212
86
86
79
89
89
72
76I4
75I2
8018
7838
8OI4
55
5512
58
5818
58
6218
59
65
68
11
11
7412
1518
"15"
1514
16
185g
1712
17
137g
1378
17
73
50
7638
7II2
79»4
6834
6914
65
71
74
74
75
7178
74I4
7084
56
55
50
llig
llig
55I2
III2
56
1312
1318
13
10
75I2
85
85
85
89 84
75
"73r2 75"'
74I2 76
7014 71
74
75
7812 7OI2 75
72
86
70
99
75I2
104
79I2
97
73
82
84
81
92U
92I2
92
'75'
10
"7V12
737g
84
881.
65
66
71
75
73
77
71
71
72
68
75
73
83
8912
8712
89I4
72
67
84
663g
80
84
72
84
66
72
'ii'
7OI2
72 12 73
6834 75
76l2
72
76
85
71
71
75I2 74I2 77
lOllg 103
10034 100 102
103 105
96 100
100
95
98
92
95
73I2 70
7612 7573 7538 72
75
8378 81
8312 83t2 8312 80
83
757g
17
7634
82 14
80
8512
89
91
71
75
83»4
73
86
84I4
69'
86
8018 81
6II2 62
9II2
91
'7"2l"2
I514
86I4
75I2 73
7434 6738 7334
76I4 79
7838 8038 7812 8038 7434 79I4
IOII2 104
10334 10434
104 10512 104 106
967, 88
95I4 99I2 96
90
92
98
73
62
6658
7134 75
7134 7334 63
83
8312 80
79
82>2
80
83
80
95I2
89
8838 91
84
85
8912
73I4
70
73
6518
2II2
I7I2 20ig
75
7812
95
8358
87
9II2
817g
8514
75
60
91
84
863g
83I4
8512
773g
80
77I2
80
76
60
8512
7634
60
87
83
CO
59
59
91
85
85
85
7934
84
80
76
70
88
84ig
79
72
74
88
7OI2
7134
8512
835g
5812 6018
8512 851.
8OI2 85
7912 81
8212
81
79I2 831s
7278 7278
6258 0638
82
8II4 "so"
83
83
82
"8*1 ig
83
8"5"
73I2 7618
81
-"'I
7112 741s
82
70
:
6212
:
74
7934
8234
7834
81ig
83
74
85
80
74ig
733g
8434
7334
66
68
90
93
86
64
88
67
90
90
83
75
86"
'8'7"
735g
7334
82
74
82
751s
8OI4
7612 781s
"71^8
"7"l'78
84U
75
80
80
65
31
75
7578
65
65
63
65
75
8058
8214
7012 7212
59
6412
86
881s
91
9Ils
8712
81
7418 78
75I2
61
&
'8'3"
8553
76
84
30
65"
92
92
73
6712 O712
94
9258
8538
78
90
6418 65
87
92
92
73
72
7134
5812 59
100
8OI2
86
95
5578
13
13
8I34
86
77
82
897g
97>4 100>2
7812 7812
88ig 8818
6078 66
7118 7118
8578 8818
95
1925
1926
conv 6s Ser B
86
82
7034
tr g 4s.. 1948
M deb 6s A
85
82i2
77
ft
L & P 1st s f gs g.l950
85
70
..1947 64
80
Ch Gas L C
ft 5s. 1937
1922 87
Phlla Co conv deb 5s g
El conv s f 6s.. 1926 88I2
Stand Gas
Adams Express coll
87
-
& C— 1st 6s. ..1943
&
&
1951
Svracuse Ltg 1st g 5s
Syracuse Lt & Pow s f 5s... 1954
1932
Union El L & P 1st 5s
1944
Utah Power & Lt 1st 5s
8918
80
88I2 9OI4
8O34 83
5s
1st gu
10-year
89
84I2
Refunding gold
Alaska Gold
8712
8918
.
ft
Utlca Elec
82
83
1937
1997
Purchase money 6s
-- 1925
Conv deben 6s
Ed El 111 Ukn Istcon g4s.l939 7534 7534
Lac Gas L Ref & eit 1st 5s. . 1934 8212 8212
1927
Milwaukee Gas Lt 1st 4s
1948 81 14 8512
N Y Gas EI Lt H & P5s
1949 6234 64
Purch money coll tr fi 4s. .
1995
5s
Ed EI III 1st cons g
Gas
85
82
75
1921
KlnftsCoEL& P 6 5s
People's
81
81
74
83
82
79
64
65
63
891s
1043j 10434
Pub Scr Cor N J gen 50-yr 5s 1959 58->8 66
Tennessee Cop 1st conv 6s.. 1925 9478 95I4
1941 9712 9814
Wllson&Co lstsf6s
1928 91
9614
10-year conv s f 6s
MANUF'TUR'G & INDUSTR'L
Am Agr Chem 1st conv 5s... 1928
Convertible deb 5s
1924
1931
Am Cotton Oil deb 5s.
Am Smelting & Ref ser A 5s. 1947
1944
40-year g 6s
Am Tobacco
-.1951
4s
Am Writing Paper s f 7-6s. 1939
. .
Baldwin Loc Wks 1st s f 5s . . 1940
Central Leather 20-yr g 5s. .1925
98
9618
80
84
62
66
9538 96
62
94
6318
95I4
97I4
1951
1951
(P) Lorlilard Co 7s
1944
Registered
..1944
5s
1941
Nat Enara&Stpg 1st 20-yr 5s '29
Nat Starch 20-year deb 5s. . . 1930
National Tube 1st 5s
1952
Air Brake 1st conv 6s. .1928
Standard Milling 1st 5s
1930
Texas Co conv 6s
.1931
NY
8958 91
9978
97
88
94
98
95I2
8934
9612
89
95
93
88
861?.
8II2
8434
100
9934
119
95I2
9II2 9258
93
94
89I2 88
81
88
83
96
85
85
747g
8178
119
60
62
60
6212
60
601.
60 12 65
947g
90
86
84
88
87lg
87I4
84
89
87
857g
86
83
8478
8434
8O34
8758
9OI2
94I2
88
92
9138
9312
92
88
"79"
"8"3"
74
7778
92
79
77
79
7878
"75*
91
8734
921:
7912
90
73I2
"9512 97I4
82
97
94
8312
97
96
80
80
9612
9(;i4
94I2 95
73
73
76
94
90
80
96
74
92I4
96r2 91
"7"8"i4
70
77
117
70
82
97
9212 95I8
"98"
98
99
99
9912
8778
8912
79I8 79I2
98
9618 100
7878
77
98
98
78
98
9578
91
96
75
92
89
63
68
65
65
8378
82
8312
80
98
78
995a
8II2
98
79
8978
9934
9534
7612
98
80
86 14
105
102
8OI2
89
63
81
86
9GI4 98
76
78
9712
7712
95I4 95I4
89
65
8434 87
97I4 100
7612 77
95
"65"
93
8978
9234
88
88
77I4
7238
78
74I4
7778
70
7538
691.
70
"7812
"7'9i.
79I4
76
73
79
73
80
78I4
80
105
747g
797g
781:
8978 897g
8912 8958
8734 9334
79
95
95
88
89
65I2 66
87i»
85
77
98
9934
75
78
80
7978
90
70
907(
8934
91
921.
92
85
79
80
76
94I4
8858
9414
885g
65
6534
86
88
9915 1005s
78I4 SO
105
83
73
92
85
89
70
75I2
92
91
90
8378
1011. 10478 1031: 107
77
9234 9234
90ig 9II2
911.
9034
70
83
82
IOOI2 IO314 10134 1025g 10258 1031. IO3I2 105
77
91
117
....
9934 103ig 101
8712
91
70
65
82 14
93
117
'901.
8412 86
97I2 991s
75I2 76
86I4 "9034
56
611a
943g 94^8
8OI4 87>8
7812 8258
9312
78
9038 93
89I2 901.
95
68I2
92
117
73
77
9478
77I4
58
9038
73
78
8912 891.
89
60
63
89
68
95I4
68I2
9OI4
813.J
9134 931s
9OI4 92 14 "96"
87
67
85
8512 8912
76
75I2
96I2
8618 8618 84
101 10712 101
100
8178 8658 77
7338 7338
76
76
86
86
86
81
IIOI2 10738 109
73I2
74
94^
68
82
78
9778
781s
95lg 95is
91
70
91
'7or2 V0I2
9312 97
83
75
95I4
7934
90
93 12
117
117
79
95
87I4
--84I4
6934
65
93I2 9412
861. 911s
87
81
76
8734
90
79
7312
8II2 8378
&
.
86
84
8834
92 14
94I2
Int Agrlc Corp 1st
coll tr 5s '32 7912 siu 78
Internat Paper conv s f g 5s. 1935 9912 9912
86I2 86
1st 8c ref sf conv 5s ser A.. 1947 84
1944 10878 1 1
Liggett & S:yers Tob 7s
106
1944
Registered
Registered
6OI2
98
1930
C conv 1st ft 5s. . 1927
4' .s
1936
Powder
5s
60
90
947g
90
Cuba Cane Sug conv 7s
S
EI du Pont
General Baking lst25-yr 6s.l936
1942
General Elec deb ft 3 !^s
1952
Debenture 5s
1940
20-year deb 6s
62I4
95I4
..1925
Registered
8178
Central Foundry 1st s f 6s.. 1931 80
193
Corn Prod Ref gold s f 5s
..1934 IOOI4 lOOij IOOI4 IOOI4
1st 25-year sf 5s.
Distillers'
60
93
89
87
91
79
76"
74
83
88^2
673» 6758
93
903*
8912
70
"ssii
75
83
6513 67
85
97
88
85
87
lOO's
98
IOOI4
74
76
711.
75
86
86
1061s 104
106
101
1045a
84
76
82
84
SO
79I4
82
-
10834 IO9I2 10734 I09I2 108
10714 10714
8578 8714 85
8518 88
97I2 97I2
92
95
93I2
9934
93I2 93 12
IOII2 10518
110
8714
100
103
101
103
80
95
84
79
95
80
95
77
91
77
91
76
91
847g
85
83
851.
8412
841.
9638
903g
9II2
94
92
92
90
9II2
90
9II2
98I4
9II2
99
91
98
91
96
9II2
10318 100
105
107 ig 102
91
9634
93I8 9634
88»4 9OI2
96^4 9034
IO5I4 107
98
88
88
907s 91
1047g 10458 10478 10478 10478 10434 1047g
7734
777g
7878
787g
83
8138
86
767g
82I4
75
91ig
831.
911.
81
84
83
911.
92
827e
85
92
88
90
92
S07g
88
"90"
901. "87^4
9334 90
92
S214 821. 8212
IO513
787g
9118
88
88
84I4
861.
89I4
90
73
73
.
2
'
2
2
2
H
'
2
THE CHRONICLE
128
[Vol. 112.
1920— Concluded.
Jnnunrv
BONDS
lA>n% High
& Paper
July
August
September
October
Notember Dtcentber
June
March
ylpr«
Mav
Fthrunrri
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Baft
Union on
U
V
of Cal 1st Ss
S Realty «c Impt deb
S Rul>l>er S-yr »cc 7i
&
lit
rcf is »crlc»
00
90
lit s f Si 1930
897(
82
87
1931
tt
78^8 7434 80i8 7934 84»4
74
7612 82
10258 IOOI2 102
101
1923 102 1031.) 1001 103
84
8318 85
80
8178 86
1947 8534 90
5*. 1924
A
1930
7'5i...
S Smelt Ref «t Mtft con 6a. 1926 103 105 100
93
Va-Car Chem l«t LS-yr 5». . .1923 04
99
May 1924 100 101
Convdeh s f 6s
Weitcrn Elec l,st .S». .Dec 31 1922 9f>7j 973.1 95
9934 100^8
8OI2
78
7812 82
99I1 IOO84
7734 8OI2
79
98
81 12
80
781* 8OI2
9612 0812
76I4 7818
97
97
95
100
7OI2
10-year
V
Vf eitlnith'sc
E&
.Steel
95
99
100
IO2I2
9334 O.-ilj
9878 99I8
94I2 9658
97
92
96
102
94I2
091
9512
94 14
92
94
93
98
93I4
95
95
9512
9II2 937s
93
94
93
95
96i4
9II2
92I4
92I2
94I2
95
85
80
7918
9734
82
99
77
7912
9834
96i8
7734
75
973g 9834
95
96
9278
91I4
93I4
95
87
89
94
937a
9314
9378
89l2
8618
88
7812
8f)l2
97
77
98I4
81
80
98
97I2 98I4
97I2
93
91
9212
95I4 9612
96I4
9OI2 92
931s 94
9334 94I2
967g
95I2
9134
93
98
93I2 94I2
94
9378
94
94
94
94
9iH 96
1926
1942
1936
1926
« 5s. . 1943
Steel 1st ext s f Ss
& refund 5s ftu ser A .
imp s f 58
20-yr pur
Buff & Susft Iron deb 5s
1st
&m
Col Fuel & 1 C;<> ftcn 1
Col Indus l.<tcoll tr .Ss ftu.
Consol C:oal Md 40-yr 5s
,s
9f.58
9738
8112
89
84
.
8G7g
84
73
..19.54
1950
1940 '82r4
Illinois Steel debcn 4^8
1952 92
Indiana Steel 1st 5s
1923 9318
Lackaw Steel IstconvSs
1950 93I2
1st cons 5s Series A
C & N con s f 4 jsA . . 1954
Lehigh
MldvalcSt &Ordconvsf 5s. 36 83
Pocahon Con Coll 1st s f 5s. 1957 '92'
Rcpubl & S sink fund 5s.. .1940
St L R Mt & Pac 5s stmp'd..l955 70
1951 90
Tcnn CI & R U fien 5s
S Steel Corp s f 6 5s... Apr 1963 9012
..Apr 1963 97
Reftlstered
1931
Utah Furl Istsf 5s
Va 1 r Coal & Coke 1 st g 5s. . . 1949 8218
9412
8212
8234
96^8
85
85
8512
8378
72
8978
81
79I2
84l2
74
93
85
83I4 85
92
84
'72"
'74'
8OI2
7212
753,
7534
93
8458
8314
7734
80
7778
80
8978
9118
8534
8.534
86I2
867g
7818
77I2
80
77
76
80
79I2
78
80
80
77I4
80
U
78
1
cl coil
trust 4s. . . 1929
72
7334
72I4
7578
72
75
70
72
74 18
84
9OI4
9278
9OI2
7412
8312
7318
74I4
77I8
7278
76
8512
9312
8978
8512
90
84
90
8712
9212
8634
87
77
8OI4
76
79
8OI4
90
93
9212
97I4
90I2
9278
99I2
86
94
87
91
8f>l2
8512
82
82
88
8II2
Si's
8318
8212
8312
8212
8912
80
82
92
Vo
993.1
991.1
68
08
88
95
96
72
93
9OI2
9734
9612
87
67
88
9534
951
67
89
92
85
7618
80
'iiu
8478
69
86'
973.1
9512
1933
20-year convert 4Hs.
1946
30-year coll trust 5s.
1925
7-ycar convertible 6s
Bell Teleph of Pa ser A 7s. . . 1945
Cent DistTel 1st 30-yr 5s...l943
1923
Chicago Telep 1st 5s
Commercial Cable 1st g 4s.. 2397
1937
CumbT&Tlst&gcnS,,
Mich State Telep 1st 20-yr 5s '24
1920
Y & N J Telep gen 5s
YTel 1st & gen sf4'^s... 1939
1949
30-year deben 6s 1949
1937
Pacific T & T 1 't 5s
South BellT&T 1st s f 5s.. 1941
1938
West
Coil tr cer 5s
.1950
Fund reaest 4i2Sfl
N
N
Un—
&
92
92
¥812
97
9214
8334
8912
92
8OI2
8OI2
85
70
87I4
94I8
92I4
82i8
8158
8158
8018
8512
71
72
77
85
867«
697«
"76"
85
8858 '9II2
89
88
SO's
77I8
78i2
8234
8212
83
8058
85
89I2 92
9012 92
775,
7738
7738
737,
7812
73
7558
73
7478
6210
7812
09
8OI2 83
85
98I4
9978
85
82
9512 99
90
96
96
96
8418
80I4
85
8518
OO's
8II2
83
86
85
86
78
92
85
8038
95
8738
84
82
80
68
6412
831.1
84
80
8058
8212
9812
79
77
8178
8118
7934
93
86
84
84
79
86I2
7634
77
74
87
80
82
7634
79
75
7734
7178
7734
71
74
86
87
86I4
87
8534
70
8634
7258
84l2
6818
86
71
89
92
90
90
90
9538
9158
92I4
94I2
92I4
88I2
90
93
88
9112
83I4
86
83
83i»
75I2
78
68
717g
77
62-18
65
72
8558 87
90I2 9078
797, 8434
8312 8312
757, 79
8OI4 8OI4
86
86
7812
8378
85
837g
8478
91
92I2
91
91
91
9334
9012
91
83I4
80
'so"
8512 87
8314
'ii'
78
65
78
7258
77
95
73
76I4
90-3.1
88U
85I2 8278
8312
"75'
8II2
85
765,
6212
75
67
77
67
80
77
78I4
75I4
93I4
801
78^8
97
92
82
78
81 14
94I4
97
83
83
7838
6712
8334
63
82
92^8
8II4
8II2
8II2
64I2
79I2
79
7912
79
8018
80
85
80
86
79I2
84
85
85
86I4
86I4
8534
7412
8512
793,
7814
7878
727g
76
7434
81 14
75
87
80
90
77-18
88I4
87
91
82-14
81
8134
8578
8OI2
79
78
73
8234
8278
8834
8018
Sl-'is
79
82
83
84
7518
7658
79-I4
84
8178
8318
7878
85I4
70
83
78
8478
82
86
8238
83
7818
8312
78
79I2
7412
79
7-1
7712
74I4
7OI2
96
89
9534
84
8.538
89
8OI2
8118
7878
85
81
80
8538
8234
7678
81
8634
79I4
78I4
89
88^8
76
89
82
74
93I2
82
85-. 2
82 14
75
7512
78
8II2
7634
78
75
7812 71
75
7638
70
74
81'8
7712
75
New York
96
79
74
94-14
97I4
81 14
8534
78
82
80
82
-8012
72
76
93
82
8512
78'-2
8834
813s
80
83
82
84
79
78I4
7834
fc»-
Loan. Consol
,
Panama
-
1920.
4s.
Canai
Consolidated
2s,
1925.
3s,
2s,
1961.
92.40
92.86
90.20
90.20
91.80
92.90
90.20
90.22
94.98
95.00
92.94
93.00
92.30
93.00
90.70
90.78
98.18
98.38
94.00
94.34
99.06
99.40
98.02
98.06
105
91.36
91.36
89.90
90.20
91.52
91.70
90.80
91.00
97.60
97.60
97.50
97.50
90.20
90.50
89.20
89.42
90.20
91.04
89.50
90.04
94.40
97.80
94.40
96.90
90.00
90.80
90.00
90.54
91.10
91.60
90.40
90.80
97.50
98.00
96.50
98.00
89.66
90.00
88.90
89.50
90.01
90.34
'89.36
89.80
96.80
97.00
91.80
91.80
90.60
91.60
84.50
84.50
90.78
91.70
85.00
85.60
98.00
98.00
97.00
97.50
89.60
89.86
84.20
85.40
91.70
S2.60
89.86
91.70
84.50
87.60
83.00
87.50
86.00
87.90
84.00
87.82
96.00
£6.00
86.00
95.00
91.80
92.36
90.40
90.80
86.80
87.20
85.20
85.56
87.70
87.80
85.10
85.76
90.88
91.68
89.10
91.08
85.60
86.40
85.10
85.60
91.02
91.08
89.80
89.92
93.00
93.86
92.20
92.30
90.74
91.46
89.72
90.20
'
98.04
98.10
97.32
97.38
98.00
98.06
97.30
97.36
105H
105 H
.*
W5>A
105 5i
105?i
105 M
105?<
105M
106 K
89 K
89 M
89 Ji
89 1^
87H
92.26
93.16
92.10
92.96
90.12
90.48
89.52
89.88
y 97.70
97.58
97.44
97.66
97.16
97.56
89.86
90.00
84.30
» 85.50
92.98
93.04
89.98
90.00
89.88
90.02
84.50
85.84
97.60
97.96
" 95.90
96.60
97.60
98.00
95.98
96.40
106}i
106 Ji
85.14
87.14
81.40
87.14
85.30
87.70
81.10
87.38
90.00
91.70
85.80
91.40
85.88
88.40
82.00
88.12
96.54
96.80
94.70
96.06
96.60
96.90
94.64
96.02
106J^
94.00
95.10
90.00
95.00
86.30
86.50
84.30
84.64
87.40
87.40
84.54
84.82
91.30
91.30
88.14
88.60
88.20
88.20
85.02
85.16
96.00
96.10
95.12
95.54
96.00
96.00
95.10
95.54
85.82
86.66
84.50
85.52
95.00
96.20
94.10
96.00
84.74
86.00
84.38
84.50
85.00
86.18
84.52
84.56
88.96
90.24
88.42
88.64
85.40
86.36
84.80
85.06
95.60
96.06
95.54
95.72
95.54
96.00
95.52
95.72
105
105
105
106
85.60
85.60
84.34
84.70
85.80
85.80
84.50
85.14
96.90
96.90
96.90
96.90
84.50
84.88
84.06
84.40
84.64
85.10
84.04
84.48
88.70
88.90
87.50
87.84
85.10
85.48
84.40
84.88
95.74
95.84
95.30
95.42
95.70
95.80
95.14
95.54
106
106
105
106
105
105
105
105
85.00
88.60
85.00
88.00
85.20
89.40
85.20
88.00
96.50
97.84
96.50
97.30
84.32
88.70
84.32
87.10
84.44
89.10
84.44
87.20
87.86
90.90
87.80
88.50
84.94
89.10
84.48
87.02
95.50
96.60
95.30
95.78
95.44
96.60
95.30
95.76
105K
105^
105^
91.16
93.38
91.10
93.38
Closing . . _
April
87.90
90.26
87.90
89.30
88.10
90.30
88.00
89.68
97.50
97.50
95.80
96.00
87.22
89.50
87.22
88.60
87.10
90.00
87.00
88.56
88.60
91.10
86.60
90.42
87.00
89.90
87.00
88.54
95.84
96.80
95.80
96.16
95.86
96.80
95.80
96.14
94.00
95.20
91.00
91.00
89.56
90.10
86.30
87.20
89.80
90.50
86.60
86.90
96.50
97.00
95.28
97.00
88.50
88.90
85.20
85.84
88.52
88.90
85.12
85.70
90.60
90.90
88.00
88.42
88.64
89.10
85.60
86.18
96.20
96.40
95.70
95.70
96.30
96.40
95.62
95.70
9'
91.00
91.00
89.42
91.00
85.52
86.18
84.52
85 00
86.90
86.90
84.32
85 70
94.50
98.00
94.00
98.00
85.00
85.60
83.30
84 SO
85.50
85.94
83.00
85.10
88.40
88.90
85.60
87.98
86.00
86.20
83.50
85.20
95.66
96.14
94.84
96.00
95.64'
"104
96.00
M04M
-^104 K
;97.16
101
101
101
101
106M
106 Ji
106 Ji
87 }4
87 H
87
H
V
Opening
High
...
Closing
May.
Opening
High
Low
Closing
June.
Opening
High
Low..
Closing
July.
Opening
High.
Low
Closing . .
.
.
August.
Opening _.
High.
.
.
Low
.
.
Closing
September.
Opening
High .
Low
.
October.
Opening
High...
Low
105 H
105 H
105 5i
105 5i
97.44
.
Closing
w
106K
106M
M
79
79 H
79 M
79}^
101
101
101
101
H
105
105 K
100 M
100
Low
..
Closing
December.
Opening
.
High.
.
Closlnc
First Liberty
Loan secondfconverted|(underItheCtermsIoIIthelfourthlloan).
94.84'
96.00'
106 J<
105 J«
106
105
105 Ji
105
105
106H
104
104
104
104
H
lOOH
100 H
100
100
100
100
105 !4
105K
,
105
105
105
105
105}^
1051^
105 M
105
105
105
105
November.
Opening
High
3s,
1961.
90.92
91.40
89.44
91.10
Low.
Closing..
"
Canai
1925.
101
101
101
101
105H
105H
105%
March.
Opening
High
.
M
98.90
99.40
98.00
98.02
4s.
V
. .
Low
Panama
1930.
1930.
«>
101.10
101.10
99.00
99.96
82
82
785*
REGISTERED BONDS.
iVlctory Lib.
Ut 4s, \st 4Ms. *4Ms.
2d is. 2d iHs, 3d iViS. Hh 4Ks. iViS
Z'As.
1932-47. 1932-47. 1932-47. 1932^7. 1927-42. 1927-42.
1928.
1933-38. 1922-23. 1922-23.
93.40
94.00
91.50
91.50
7634
73I2
Stock Exchange.]
ls«3Hs.
93.20
93.48
91.30
91.38
71
87
8058 8212 7838 82
75I4 80
79
81
94I2 97I4 9238 95I2
9534 10178 101
10214 100
1027s
8358 8358
as
85
90li
89
8118
7938
94
60
78
65
9258
8178
83
7514
64I2
8114
9038
83
86I2
77
63I2
8058
94I4
83
8OI2
8OI2
711,
74-34
7378
6212
7718
74I2
6412
92I2
9018
96
78"
60
99I8
88ig
80*8
dated
Low
88l2
7858
761s
87U
9034
7178
70
77
COUPON BONDS.
February.
Opening
High...
911
84I4
7178
79'
80
8312
Uberly Loari.
Closing
94
95
9218
8912
70
71
8118
[Compiled from sales made at the
Low
93
77
75
89
80
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR
100.00
100.40
98.04
98.24
921«
925$
80'
f.8
January.
Opening
High
98
93
8518 8518
7618 7812 .7612 7812 76
77
65I4
7178 7378 65
63
68
75I4 75i« 7514
7212
'75' '7'8l2
78
7912 7712 80
89I4 9034 85I4 893s
89
91
93I2 92
91
90
93
93
7812 80
7634 7958 7112 77I4
78
73
94 14
87"
87I4
77I2
75I2
TELEGRAPH & TELEPHONE
Am Tel &
787g 81
953« 98l2
70I4 76i»
6818
78
9312
9278
9012
8238
70
'sT
90
78%
78
8OI4
9138
9378
9278
80
90
74
757,
8234
9258
93I2
75
91
82
8012
7378
7518
81
75I8
90
77
'
Low
99
1935
Beth
W^
.8312
96
903.1
COAL. IRON & STEEL BONOS
Closing
8618
86ig
1st
7s
t
1031,1
86ig
85
86
8518
1931
Mfft 7s
Wickwire Spencer
85ig
85
87
78
86
8978
87
Union
100 M
100 H
lOOK
100 M
'104
THE CHRONICLE
Jan. 8 1921.]
129
COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR
BONDS.
New York
1920.
lA>w
Notembtr
October
September
June
July
AuffUtt
High Low H Igh Low High Una High Lme High Lou> High Loit High
too
February
January
March
April
Low High Low High Low High Low High
102
hcCfmbtJ
May
Ijow
High
90
00
75'2
76i|
State
Highway Unprovemenl
.1963 IO712 IO7I2
.1965
4H8.
4>i8
Canal Improvement.
.1964 107>2 108
.1965
.1962
.1961
.1960
4H8
4X8
48
4a
48
..
.
95
95
99
9512
951.
"
91
91
"
89
97
17
94
94
93
89
93
VUtinia—
.1991
2-3b, funded debt
68 deferred, Brown Bros. k Co.
ctTlificates
71I4
58
55
5212
64I2
8U
80
80
817«
78l2
75
817g
807,
55
78
81
....
63
7OI4
73I2
71I4
71
7612
7512
76i«
74
74
82
86I4
81
8312
83
85
81
84
85
85
74
85
77%
6OI2
80
79I2
8912
£0
7712
58
101
101
99
50
60
73
75
75
51 14
66
5912
64
7l»4
81
7I81
New York City—
Corporate Stock.
3H8, coupon
3Hb, coupon
3H8, coupon
48.
Nov
May
coupon
4fl
registered
4s,
coupon
4fi
registered
4a. reirlstered
4X8,
4X8,
4X8,
4X8,
4X8,
coupon
coupon
coupon
.
registered
coupon..
4X8, coupon
4W8
.1955
:
registered
4H8. registered
4H8, coupon
4K8
1954
1954
80
.1959
86
8712
90% 86I2 88
....... .1969
89
89
88I2 91
86^4 86
.1958
86
87
.1958
89
89
86I4 8712
8612 88
.1957 8912 90
.1967
8554
.1956 89
89
"89% 93'
90
91
.1966 93
93
95I4
93 12 9OI4 90%
92
.1964 93
93 14 90
.184
.1960 9212 95lj 90
.1960 911? 9II2
98I4 971?
.1967 9978 100% 9534 99
97
97
.1967
9954 96
98»4
.1965 99 IOOI2 96
9812 .95% 97I4
.1963 99 lOOis 96
.
.1963
95
95
1957 '9912 16012 95»4 9918 95I2 9812
95
95
Nov 1957
May 1957 99 100^8 95»4 98i2 96 97
.May 1957
registered
Consolidated Stock.
.1926
3X8, coupon
90
80
8512 87 14
7518
8II4
8412
87 1«
80
84
89
85%
84 U
75I8
80>4
81>4 '8112 'si'
83»4
8O34
8214
82 ig
84 14
8II4
82
821*
83
82
85
821s
79I2
83
85% 86
84
8OI4
81
92
9H4
2l8
86
86
86
86
8512
8712 '8514
8512
86
81
83
83
83
8712
86'4
88
87
85I4
868^
9114
93
97»4
9812
9012
92I2
9212
92
94 12
92
97I2
9784
9II2
91I2
927«
94I4
94l2
9278
92
93
93
93
91% 93
84'
93
86
9OI4
85
97
97
92
95
90^4 93 12
8584
86% 86
89I4
"96"
89% 90
8712
8784
85%
82I4
8284
8484
90
92% 92%
94S4
94I4
90
93
8284
8i7«
91
90
92
90
88
91
8978
8912
92
94I2
98I4
92
9412
9O84
9218
93 14
9778
9112
9S
90U
9312
9212
90
93 U
8612
98
8212
90
8212
8684
86I2
8584
95
94
8678
8212
8OI4
84
8212
88
96
80
89
91'4
88
82
9II2
9II2
9I84
92
92
92
9112
9II4
9284
9184
9284
9II4
91I2
93
94% 95
93
9O84
91%
8912
9I84
97
92
92
92
89U 92
97I2
9412
9I84
94I2
9012 92
90
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR
1920.
1920.
•*
November December
February
March
April
June
September
October
January
May
July
August
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
STOCKS
par S per share S per share\ S per share S per share $ per shar' i per share S per share $ per share $ per share
100
I6I2 I6I2 I6I2 16
121.1
11
lUs IOI4 10
14
7
1278 10
11
12
22
13
.
.. -100
17
26I4 30
26I4 26I4 33
2OI4 22I2 24
27I1 24
.100 24
25
23
20
25
34
Preferred
23
25
_.
8II4 861' 78
Atchison Top
Santa F .100 81% 8o!4 76
84
70% 8II4 7812 8OI2 7878 8178 78% 83% 8212 86%
85
767g 80
7812 82
751
7212 7334 72% 76% 75
7712
76
73
75
Preferred
_ -100
72% 78-)4 72
79
8I2
I2I4
884
OI4
6
7% 7
6
.100
6% 7% 61, R7n 7
5
Atlanta Birm
Atlan
5% 07s 7
712
89 14 93
8618 9OI4 8518 897s 84I4 8S11 82% 88I4 84
84
86
93
89
9334
84
Atlantic Coast Line RR,_. -100
SOU
33I; 27% 3,S7s 3334 3812 30
3ii-.
30
35
-100 31
Baltimore
Ohio
3)% 3284 30% 33% 3284 42 12 4O84 4612
5134 4984 52%
45
4078 44I4 40% 43I4 40% 45
.100 43I2 40
42
Preferred
417, 46I4 49I4 4312 40
9I4 10%
I3I2 IOI2 1278 10% 13%
17
984 I212
Brooklyn Rapid Transit. . .100 1134 141, 10% 14", 13
12% 10i4 11
9I2 I3I4
9I2
5I2
8I2 I2I4
634
973
6% 8
9
7
10
8
Certificates of deposit..
8
71.1
107«
9m
Buffn'o Roch
Pittsb
\m 50 50 50 50 5018 .50i« 50 50
.100
69l2 6534 68
70
697g 6978 69
65
65
65
66
65
Buffalo & Susq V t c extd. .100
45' 45"
45
45
45
45
.100
38
38
.100 43I2 43I0
119
1 1 134 1 1438 1121212684 11312 121% 118%123i4
Canadian Pacific .
.100 12718 134 II5I4 fR3, 118 127
IIOI4 12478 no
191
205 191 202
198 198 200 220 215 215 215 220
Central of New Jersey
100 175 175
.
.
175 175
54I8 51I2 5612 53% 6II4 59I2 67%
57I2 50
53 12 51
Chesapeake & Ohio..
.100 54I2 5(334 47
58% 55I2 59I2 50
7I2
10
812 11
934 1684
7
8% 9
Alton RR
7
10%
6
Chicago &
.100
7% 8
7
113,
7
6
12
15
16
2334
I512 151;
Preferred
.100
I212 15
'
7I4
8I2 10
712
684 10
IOI4 15
434
6
6
11%
Chic & E Ills ctfs of deposit
4
73,1
7I8 11
5I2
7I2
6I2
6i»
9I4
I7I4
7I2
8
712 II84 10
634
Preferred ctfs of deposit.
4%
91
5
8I2 1334
.100
7% 8I4 712 8% 734 8I2 784 9I4
Chicago Great Western
8
8% IOI2 8% 9
in7„
7
2012 23I2 2OI2 2512 25
3034
1978 23% 2034 23
.100 23I8 25
Preferred21
21
251s
27N 2112 27
3014 32I4 3734 36I4 40%
3334 32
.100 35% 33'
3OI4 413« 3314 42 12 3134 3812 3OI4 3578 3
ChicafioMilw
St Paul
55I4 54
4Gl2 52% 48I4 52
4734 5334 49
62
Preferred
50% 5II4 4334 5031 53% 6II2 48^4 55
.
. .100
O7I2 7312 7212 77I2
91'2 7812 86I4 7612 82
67
8I34 67% 71
Chicaeo fi^ North Western.. .100 83% 8734 75
R77s 85
II6I2 98 100
IOOI2 IO2I4 105 IO6I2
114 118
II318II7I2
98
Preferred . . _ _
.100 no 120
113 119
38% 33% 38% 32I4 3712 36
40%
Chic Rock I & Pacific
.100 2534 281.1 23I2 41% 35% 41
2912 3734 30% 37% 35
76l2 82
731'. 78
7534 70% 76
691-> 72
71
75
64I2 78
091' 7512 7018 7478 71
.100
7% preferred
65I4 61
601' 0018 6434 60
SOlg 6II5 54
6412 6II2 64 12 6II2 65l2 64% 6912
64
preferred
Oflij
6*^
.100
60
62 12 64
58
60
05
66
60
eo's 58
58
70
63
.100 5812 cyi4 CO
03
Chicafio St Paul
O
03
9.-)
9OI4 901.1
90
90
_
91
95
100 90
90
90
91
91
5OI4 56% 5434 62
45I4 42
56
48
53
62
45
50
4812 55
Clev Cin Chic
St Louis... 100 45
44% 49
49
6634 66
65
6712
03 14 68
6312 6284 64I4
Preferred
.100 65
65
6334 6684 62
03
68
Cleveland & Pitts guar
65
-.50 65
20ig 23 12 218g 24
23I2 26I4 20
23i'>
2212 24% 24I4 27
27
34%
24
Colorado & .Southern..
100 21
20
27
48I4 46
5II2 5OI2 51
47I4
48
47
48
47% 49% 49% 52
51
48
First preferred..
100
4OI2 35
35
42
40
43
43
42
42
42
43
Second preferred
.100 43
Cripple Creek Central
5
.100
5
15
.100 15
91
8314 93
8912 9812 97 IO5I4
90
9378 9934 91
85% 91
Delauare
97
Hudson
too 931s 90
8038 90
190 210 208 25OI4 236 26OI2
170 I75I4 175 210
171
195
175 190
Del Lack & Western
100 I72I4 191
105 174
4I2
6I2
484
534
512
214
6
Denver & Rio Grande
7
.100
9
8% 6I2 7% 4I4 07g 4
7
fi
R3|
gig 12
9I2 12
978 1238
914 1078
312 14
IOI2 14
Preferred.
.100 I2I4 13^4
9
10% 13% 10
92 14 9OI4 92
85
92
93
92
90% 9038 83
Detroit United Ry...
100 IOOI4
.100 lUO 101
3I4
3I2
4I2
4I2
4I4
312
712
4
.100'
3
3%
3I2
5
5
Duluth S S
4
Atlantic
4
4% 3
57b
7l8
8I2
8I2
8I2 12
8I2
7I2
7I2
81' 10
8
7
Preferred
7
100
7
11
9
I2I2 1112 13% 12
III4
I4I4
15% 14% 21%
11
13
9I2 15% 137« 15% 12
Erie
100 I2I4 1378
2OI2 18
21
I884 24
29%
I8I2 22% 1712 20% 18
23
2II2 17% 25
First preferred..
100 19
21% 25
I7I2 17
I2I2 I4I2 1212 I4I2 14
2284
14
I6I4 17% I3I4 15
13
Second pref.'rred
.100 I3I8 15
121? 171'
55
55
Erie & Pitt burgh
..50
'
741. 82%
75
84=4 72I4 797, 7034 7578 6084 74% 6778 72% 70
Great Northern preferred.. 100 '77" 8112 6812 "79
77
34I4 36% 30
36
3I84 35%
35
35
3934 3334 37
Iron Ore Properties
3084 417s 35
no par 377s 41
33
.3S3i
8i8 14
8I4
16
1284 I4I2 III2 1384 121. 14% 12
12
15
7I1
9
Gulf Mob & Nor stk tr ctf.. 100
7
8
71,
291. 31
32
2812 3334 2812 32
2512 30
28
311? 30
34
Preferred
.100 28
30
28
30
33
Havana Elec Ry L P
.100
"""" ---Hocking Valley
.100
877j 91
8784 81
S484 8078 83l2 818g 87
82
Illinois Central
9334 84
92
85
.100 88
9084 8078 88
Leased ?ine stock
.100
64
54
60
49
49
5384 50
RR Securities Series
52
52
52
'3'
312
3% 484
Interboro Consol v t c
no par
334
414
338
4% 37s 434 3I2 4I2 314 4% "314 "Vig 314 3%
984 I5I4
13%
884
984
I6I2 IOI2 I3I4 11
884 III2
161' 11
Preferred
9I2 141' 13
100 Ills I3I4
.
9>4
6
4
5
6% 4
g
.100
~
5
6% 6
Ft
trctfspref
.100
1884 I684 2OI4
18% 247g
Kansas City Southern
100 15is IOI4 137g 19U I6I2 181' 14% 171. 13% I8I2 158g 1734 16
60
4484 42 _43
4284 45
4314 4SI4 46
40
Preferred
100 43I2 47I2 44
48% 4514 481' 43 47
4I2
41.
6% 8
4
3
4
4
4
3
Keokuk & De^i Moines
5
.100
5
23
1214
12
97g
10
11
10
Lake Erie & Western
III4 I2I4
100 10
81s
10
8'8 12
17"
38
22I2
I912 21
17
17
19
17
Preferred
-100 I684 1934 16
20
22
$ per share $ per share S per share
Allegheny & Western
Ann Arbor
87
,
&
&
75I4
75
75I4
65
75I4
.
3984
127% 109%
I22I4 I29I2 114
219
65
219
210
240
68%
6O84
17
2334
13
18
10
10
6I4
70%
13
19% 19%
42
llTlj
200
185
5184
65%
6%
9%
8
5
9
8
14%
IOI2
7%
12
I684
I4I2
6
11%
384
6%
8% 12%
«%
8%
21%
33%
62%
33% 21I4
39% 44% 32%
49%
60% 65
77
84% 75
26I2
109%
110
1 1
29
I5I4
44% 21
64% 3684
84% 60
112
99S4
7584
110%
35I4
8OI4
41
28%
38I4
21% 31%
8434
75
8234
69
M&
71% 63% 71%
72% 6914 71%
64
55
58
93
68I2
9II2 92
6684 61%
.
69
5812
3212
68%
36% 28
53
mu
91
57
64
89
46
64
68
54
78
67%
69
93
31% 46
66%
60
__
36
62
52
IO2I4
108
237% 252
---
22% 30%
47
46
&
100% 108
93
102
247
196
226
216
2
2%
%
284
%
1%
2I2
921'
684
IOI4
&
4I4
'2
3%
•8
2
95
90
92 14
6%
3
4%
5%
7
1284
4%
v%
17
2084
1334
8%
19%
26
30%
22%
2II4
29
11% 16
16% 22
16
21
12
9084
3484
IVI2
3534
75% 91% 70% 81%
29% 34 14 24% 30%
18
82%
3314
141.
3II4
8
.
&
56
15
784
10
18%
95
68
81%
26
96
60
6614
56%
10
. _ - _
85
6b
54"
"'4i4
"6%
13
17%
16
23% 32
_
918g 97I4
A
KC
26
60
1
....
13
26
8I84 90% 7684 84%
73% 78
78% 76% 78
4I4
I2I4
884
7
9
10%
9334 IO4I2 86
99
82
89%
4312 49% 3584 48% 30
39%
63%
52
64
49% 63% 45
11% 15% 11
15% 9I4 11%
7I2 10%
714 10%
6% VI4
&
&
- . _ .
76I4
&
&
b7
12
23
30
90
20
30
86
4%
11
95
64"
6
W%
"3%
8%
8S«4
48«
11*4
7
9
I3I4
10
10
5
57
60
68
221s
27I4
19%
25S4
151.
47
45
49% 40% 46%
19%
621.
10
2484
13
20*2
ioi.
15
34
40 14
30
37I4I
23
30
SM
8»4
1
60%
21%
v%
2
THE CHRONICLE
130
[Vol. 112.
I930— Continued.
1
March
Frbrunrv
Jnnunrv
Ia>io
High iMw Utah iMto High
STOCKS
par
sn
Ix>uIkvI!Ic & Nashville
.100
Munhnttan Ky amir stcx-k.. .100
Michlilun <^L*ntr;il
.100
Mlnnfnp& St Ix>ul8 (new)... 100
Minn St l> S S
100
Prcfcrrctl
100
100
Missouri Kiinsas&Texas
100
Profi-rri'd
.100
Missouri Piic-lflc tr ctfs
100
Preferred tr ctfs. . _
.100
Mobile & nirminii prcf
100
50
Nashv Chatt St Louis
.100
Natlonnl Kyaof Mex lstf>re r 100
Second preferred
.100
New Orleans Tex
v t c .100
YCentrnl
100
Y Chicago St Louis
.100
First preferred
.100
Second Inferred)
.100
100
1 1
I lartford
.100
Ontario
Western
.100
New York State Rys
100
Norfolk Southern
.100
Norfolk
Western
.100
Preferred
.100
Northern Pacific
.100
Pacific Coast Co
100
Lchlah Valley
M
&
&
&Mcx
N
N
&
NYN
NY
&
&
&
Pennsylvania
Peoria
Eastern
Pere Ma rquettevtr
Prior preferred vtr
Preferred V t r
Pitts Cia Chic
St Louis
Certificates of deposit
Pitts Ft Way no
Ch pref . . 100
.100
Pitts
West Virginia
Preferred
.100
Beading Company
-.50
..50
\ First preferred
Second preferred
..50
Rutland preferred
.100
Fstk trctfs
.130
St Louis
Preferred series A
.100
.100
St Louis Southwestern
Preferred
.100
Seaboard Air Line
.100
Preferred
.100
Southcra Pacific Co
.100
Certificates ot Interest
&
&
&
&S
Rights
Southern Railway
Preferred
stock trust ctfs
M&O
Texas & Pacific
Third Avenue
Toledo St Louis & Western
Trust receipts
.100
.100
.100
.100
.100
.100
Pacific
Preferred
_
Vnlted Rys Investment
Preferred
Wabash
Preferred
Preferred B
A
Western Maryland
2d preferred
Western Pacific
Preferred
&
.
L Erie
Preferred ._
Wisconsin Central
Wheeling
mgh Low
High iMW High
Auguia
Julv
iMto High iMu) High
Seplcmhrr
834
Vi
6
12
14
24
2078
d3
8I2
1034
1714
30
834
18
III4
313g
4934
21
3<.llg
11
2713 31
49I4
44
7%
312
IOI2 14
23ig 28I4
38I4 45l2
7
23
39
Oclobcr
A nvcmhcr Ticcartber
iMIO High hoxo High Lou) High
i
IjOIO
1
High
S per sharr\ $ per share % per share
503g 49% 55% 48
56% 47% 55%
IO8I4 100% 108% 96% 102'4
I045g 103
50
65^4 6f)% 64
427* 52
49%
share\
94% 94%
1934
I8I4
21
13
19%
80
82
9034
75
87% CO
95
93
92% 90
95
94
65% 56
4% 7
8% 13%
7534
93
56
56
55
55
54
9
3% 4% 2% 334
131,
834 10
11% 10
14% 10% 15%
534
8% 334 «
7% 12
3OI4 26% 31
27% 24
2678 26
21
27% 11% 21%
26% 24 2634 24
43
39% 44% 4038 45% 40% 47
46% 53
49% 55% 40% 52 14 3338 43
8%
5%
63s
553
7I4
6
7%
51
51
60% 60%
72
71
IIII2IIII2
106% 106%
14
51.1
40
67«
40
4I4
6 Is
39I2 4712
4I2
40
7%
4I2
7
3734 42
703.1
30
2334 3334
31
3612
26 Is 32%
_-_-
27
55
43
61
60
4734
44I4
62
60
47I2 49
2.V>s
101.1
27^8
1712
12
J2
95 lo 99
OOi.s 72
777s
81
12
641
1
73 lo
23I2 3OI0
68
50
4I2
33
74% 66%
50
25
4II4
84
273a 3438 27
4II4
45
5%
4%
5i«
38
35%
3934
7II4
6634
28
65
45
27%
7078
3II4
75% 73% 78% 77
38% 38I4 53% 51
55
45
65
62
70
32
65
60
65
65
28% 31% 27% 32
16% 1834 16% 19
37I4
40
43I4
I5I2
3934 4134 4158 43
37% 41% 38 40
38% 40
12
10
16
10
1034
9
1038 11% 11% 1834
9
103.J
22I4 26% 22% 25I4 2258 26% 22
27% 3 Us 23% 29%
2534 23% 29%
65
6634 62I4 68
60
63
57
5934 61
68
56
58
60 6334
4012 49I2 40
42
4334 39
49
43% 44 45
44
45
45
55
8OI4 67
03
73
68% 69% 74% 75
75
75
__
65
84% 73% 80
11
23I2 32
62
68
48
50
51
66
42
43 12
311,
I9I4
29'78
27I2 3278
33I4
73I3
3278
33I4
24I2
2II2
88I2
3534
76% 9434
34% 45
36
33I4
773.1
6434
77%
36
34
35
34%
3512
33J2 35
24I2 25
I5I4 25%
23% 34
31
11
18
21
30
6I2
938
1234 I8I4
8818 10134
78
45
71
73
75I2
73
27% 32% 26% 29% 2658
75
76% 73% 73.2 76
79I4 8834 82% 86% 84
40
44
42
44
41%
40
42% 40% 44
42%
2334 21% 25%) 2338 25% 22%
32% 29% 33
32
33% 30%
16
1778
11
16
13% 11
1353 13%
26% 2934
27
20% 24% 21% 25
23%
8I2
9I4
-8% 7
8
6% 7% 6
IOI2 I8I2 I3I4 16% 1234 14% 10% 1334 10
94% 103% 9313101
9034 97I4 9034 9434 88%
9278
293),
2634
2253
28% 25% 33
34
29
39
26% 20
5834
53
6834
51
23% 22% 2334
57i'> 54% 58%
34
25
3812
45
35%
4638
1434
12
14
3434 47"
I2I4 I7I2
33
I2I4
16
11
13%
U
24% 20
1534
16
22I2
20
33
2978 33I4
95I2 10178
25
95
35
30
52
28
31
4812 53
123
67I2
65
834 III2
2034 27I2
718 IOI2
2OI2 31
I414 2OI2
13
15
32I2
14%
233g
6534
13
31% 36
30
19
33
8%
127g
1434 2OI2
2OI2 27I2
54 12 63
9I4
1418
9I4
23
67% 62% 66%
13% 934 I2I4
2812
21
2678
6II4
8%
17
65
IOI4
23
7
834
2612
7% 9
30% 22% 28
21
25i8
1734
1038
I9I2
1134
17
15
16
11
9
15
20
24
323s,
834
.. -_
60
15% 21%
16% 1878
14
18
18
22
9
14
97% 103% 94 105% 92% 102%
66
68
68% 64
67%
C4
84% 92% 8134 9578 7234 86%
4238 44
25
40
43% 38%
IS
18
10
12%
24%
307g
647g
61
62
29
934
40»4
12
18% 26%
14i
20%
63
48%
50
37
40
57% 43
79% 79%
51
39
4473
28% 33%
44
80
IOI4
59I2 65
11
1334
I9I2 22
3OI2 32
16
9I4
IOI4
1834
25%
3234
59
65
12%
9%
I5I4
28
18^8
25
59
29%
60%
9%
17% 15
25
28
1034
16
27%
80
2258
48% 37
31
46
3334 40
26% 38
1834 25% 25% 40
4834
457g 40% 4934 40
31% 29% 37% 37
753
8
634
7% 1034 9 Jl% 7 10
14
13
57
117
33»4
76
91%
58
60»4
95%
8934
30% 26
60% 69
13%
11
17% 24%
27% 32%
19
29»4
30
42%
553
753
19% 16% 20% 11% 18
8% 1234
98% 9634 102% 102% 118% 91 110%
9634
139% 139%
26*4
20
18% 25
29% 27% 3278 2834 33% 2234 31
5953 64
63% 66% 58% 65% 51% 5953
62
16%
1534
9334
3938
36
3934
11
10
12
16% 15%
1334
16
17
39% 18
2234
2638
20%
14
12
2158
14/3
10
13%
8
IOS4
15
15% 15%
11% 19% 13
19% 19% 19% 1934 19% 1934 19 2434
34% 37 "ss"
27% 30% 2753 35% 28% 33
1834
17%
18% 18% 11
18
43" 38
42% 35% 41
80
7734
116% 114 124 126 12534 12334 129%
65
62% 64% 62% 6534 63
63% 65% 66
68%
9
11% 8% 10% 7% 9% 9% 13% 12% 1538
20
24
3258
18% 23
14
19% 18% 28% 26
7% 8% 7% 9
7% 9% 8% 12% 10% 13
217g 2434 22% 2634 23% 27
26% 32
29% 34%
14
15
15
17
235g
16
16% 19
21% 20
97g
1038
9
9
9
10% 10% 1558 13% 15%
11
18
27%
12% 15% 15% 2258 20
29I4 26% 307g 25
26
40
29
28
34
39%
60
63
63% 67
7234 75%
67
73
62% 68
9
10% 933 11%
9% 12% 12 1534 1338 16
16
16
16
18
273g 24
28
15% 23% 23
26
26
25
26% 25
2834 2934 40
40
48
II8I2I25I2 II6I4 12134 11218 11938 11158 115
66
s
21
38% 42% 34 43% 31
12
14
10% 12
9%
79
110
60
31% 36% 19% 34
2158 2738 18% 24%
1758
.100 12138 12478
.100 66I2 69I4
.100 Ills 1278
.100 2538 2934
7I2
838
.100
24I2
.100 22
100 1512 1512
.100 10I2 1112
20
100 17
100 2318 2534
64
100 59
.100 1138 14
I8I2
100 17
3238
.100 28
6»
73%
60% 70
383r
8434
19%
56
31
65
6%
55
66
44
45
76
30%
31
12
21
7
23
23
34
3%
64
113%
34
2618
5812
28I4
105
114%
32% 39I4 26% 3534 26
6678 73
73
78
80% 76% 77% 6934
86
93% 91% 96% 93% 101% 84 103
74%
63
58% 60
40% 43
43% 4734 45% 61
50
48
43
45
45
65% 62% 60% 51%
31% 24
251s
18
50
21
7%
533
5434
•
25I2
5612
5II2
4338
24
35
'"8%
106)2
62%
83I4 73
84%
75%
66% 45% Cl% 50% 65%
57%, 657g
70
"si'a
::..!
75
137% 137
1078
834
25
3934 4278
10
11
11378
2112
107
16
::::
84
77
33Sg
1134
65
793g
96I4
7OI4
74 12
III4
65
62
70
23
80
23
60
.V»l2
68I4
29
20
100% 90
5%
33
30% 36% 33
247g
17% 20% 19
29% 29%
20'
19
20 24% 20
24% 17
20
27
24%
88
93% 98%
92% 84% 89% 88% 91I4 87% 96
64
66
61% 65% 65 65% 67
67
66% 68
70% 7534 6634 74% 70 7338 70% 76% 75% 853g
16%
1
107
14
33
(i73g
13
80
5II2
39
6%
93
7612
21
54
4%
1412
9814
20
70
10538
29
5
:
103% 110
10
88
17
7912
99
72I4
31
67
26
578
100
5% 8
2II4
78
7I2
I0I4
38
453
100
10
26
75
7
14
104
3II2 3634
I9I2 2178
69
"1612 "19=8
23I2 27
1218 14
25I2
23
5%
54% 54% 55
25
125 1251.1
27l8 291-
::::
104
14
47177I2
GS's 70<s
Preferred
.100
r ref trust receipts
24
.
Twin City Rapid Transit. . . .100 30
Preferred
.100
Union
tjoio
June
% per shnri $ pir sh<tri ? VCT share S per shnrr $ prr sh'irr $ pir shun % per shiire $ per share S per
47I4 4118 44% 3934 4314 4034 44
41% 44% 43% 453g 46%
411, 41 1l 4()U 47
44
98 107 103 108 lOOlglOSI; 9734 10134 97 lf)0% 97% 10234 04 1023g 101%
3«l4 43I4 40% 44
45I4 4!>
42
40
3838 45
a-i-'i 47
45
62'g
4.1
42%
48
74
74
12l2 14
I8I2 III2 IOI4 1134 137, 12% Hlg 12
15
1234 15% 1434
18'8 15
»
70
7434 (,7H 7134 6934 C93i 67
71% 70 70
75
7018 7112 63
74
701s 80
8OI4 85
82
8!M2 94
903.1 931.1
81% 85
82
. •«__
81% 8334 92
901.1 011|
5OI3 54
50
52
62
50
64
54
65
CO
C5
-.50 403.1 4278
.100
.100 281s 3II2
667g
.100 C5
51
.100 4!)
60
.100 57
&
May
Aprtt
11212
7734
117% 129% 111% 120
63% 6634 62% 65
9%
15
834
31%
11%
23%
3134
16
10
21
2034
14%
16% 25%
31
40
71% 78
9%
18
37
1438
26
45
8
15%
11
2334
7
17
24%
8%
12% 16
9% 11%
14% 20
2258
60
8%
33
73
1078
15
18%
32
36
EXPRESS
Adams
.100
.100
.100
.100
_
American
United States
Wells Fargo
313.1
56
9978
29I2 46
4234
30
99I2 175
122 1611^
30I2 3534
6
37%
5134 76
53% 72%
30
33% 2934 34
345g 39% 34% 39
31% 36% 31% 38
120% 140% 124 143% 132 151 126% 141% 134 151 130% 148
6
7
48
56
6%
50
6%
55
6
7
51%
6634
60
1%
2%
1
1
6
6I4
6% 7% 634 634
61
61% 54
56
60%
28% 34% 22
110
138
30
123%
110
6I4
7
534
7
46»4
67
4734
69
COAL AND MINING
Alaska Gold Mines
..10
Alaska Juneau Gold Mg
..10
Amer Zinz Lead & Smelting. ..25
Preferred
_.25
.-50
Batopllas Mining
..20
Burns Bros
.100
Preferred
.100
Butte Copper &Zincvtc... ...5
..10
Butte
Superior Corp
Arizona
Calumet
..10
Cerro de Pasco Copper
no par\
Chile Copper
-.25
Chino Copper
...5
Colorado Fuel
Iron
.100
Preferred
.100
Cons Interstate Callahan.. ..10
Consolidation Coal _.
.100
De Beers Cons Mines
no par
Dome Mines Ltd (The)
..10
Elk Horn Coal Corpn
..50
Preferred
..bO
Federal Mining
Smelting. .100
Preferred
.100
Granby Cons S P
.100
Greene Cananea Copper
100
Homestake Mining
.100
Inspiration Consol Copper ..20
Anaconda Copper
&
&
&
&
M &
Island Creek Coal
Kennecott Copper
Miami Copper
Nevada Consol Copper
Ontario Silver Mining
Pittsburgh Coal (Pa)
Preferred
Pond Creek Coal
Rand Mines Ltd
II2
2
2
15s
2
2
2I4
1%
2II2
59I2
65I4
I518
I9I4
17
50
54
54
51
eus
56 14
I714
66I4
60
Hi
13s
IO3I4 120
"87g
'ii'u
2534
29I4
6412 68
6138
55
1838 2II4
36I4 4K>8
1
93
1'4
106
100
—5
—5
.100
.100
.100
..10
no var\
1%
12
1
2% 1% 2%
3
2% 3
20% 15% 20
1234
16%
1373
15
12% 15
57
50
48
51
45
48
6512
56% 66% 54
4434
5234
II4
1
56
1
1%
2
1
134
238
1%
1%
1%
2
2i8
134
58% 54%
1%
1
5734
1%
1
I24I2 IIII4I29
IO8I4 121
104iglll% 100
IO4I2 IO8I2
98
7I2 1038
8% 10% 6I4 1.9% 7% 834 733
91s IOI2
29I4 22% 29
22
2778 25
20
24% 21% 24% 20
69l2 64
60
69
60
68
56% 61% 59 60% 66
45I8 55I2 46
56I4 40% 48
56% 45
41% 44% 41%
1518 ISio leig igu 16% 1958 14% 16% 15
16% 14
3178 37% 32 12 3734 31% 37% 2934 33% 27% 3234 2734
36I4 40 12 37
41
35
41
28 36
32
34
104
1%
1%
1%
134
13g
2
1?«
134
2
Us
2%
138
134
1'4
63
1%
'4
138
11
12% 1134 13% 10
12
6% 10% 534 8%
4634 40
46
44
31
40
44% 45
25% 32
5138 55% 4953 53% 37
58% 49% 54%
51% 30
40%
13«
58
63
^8
1%
58
%
%
% 1
H
9634 76
113% 84 103% 89% 96
89
90
99% 85
49
102
9%
6%
23% 16
69
62
734
6%
8%
63s
7%
41.1
7
334
102
578
20% 17% 2034 15% 19% 101,1 16% 8
11%
55
45
54
47
55% 57
57% 63
40
41% 38 45% 3738 42
3934 2414 32%
30
44I4
I8I4
2038
105
1634
I2I4
13
2438
28
IOI2
2018
35
20
1734
20
1378
105
19
1234
25
36
2078
37
26
45
22
37
15% 11% 14% 10%
35% 40% 35I4 4434 34
973
12
27I4
39
33
1334
IOI2 I3I4
27I4 3278
13
I6I2
3378
55I2
29
40
36
48
35I2 3818 2934 35
62I2 65
60
71
36I4
49% 40
32
37
60
3034
51
54 12 6134
51%
6OI4
51%
6O34
6178
50
50
3338
2338
26
34% 35
III4
10
30
3634
I2I4
26I4
48
13
45% 3373
16% 12% 15
1534 133s 14%
14
734 14%
734
973
31% 24% 2934 26
2734 18% 26^ 1638 1978
303s 23
36
31% 35
30% 36% 33
30
32% 34% 28
343s 22
97% 97%
15% 13% 14% 1034 1334 9% 11% 9
733 10%
e4
10%
«8
8%
6%
36
37%
5018 S6I2
1
no Var
134
43
9I4
18
37
10
953
49
37
36%
28%
54%
48%
22% 20
43
36
36
40
32
60
54
1314
"12"
3634
33%
38
3534
85
25
27% 23% 26
19% 21%
12
1034
11%
11%
III4
2238
21%
2538
21% 24% 16% 22%
35
1034
28
35
37
10
11
11
37
12
27
973
24% 19
"12%
85
1134
13
15
1834
9t2
11%
1333
1834
32% 37
10
31
10
49
45
4934
4238
47I9
4658
6
10
5
7I2
27% 30% 28
331? 28
32% 35% 32% 35%
31% 21% 28
3134 36% '35I4 37% 28
38
15
20%
34% 1934 26
2078
31% 23 27
25
29% 26% 28% 19% 28% 15
35
3634
50
55
65
54
55
4753
63%
4753
54% 43% 48% 44%
62
48
28
67
28% 32% 27% 33% '24rs 28"% 24%
2II2 23% 2034 25I4 18% 22% 20
I7I2
16
1534 1338 15I4 113r 13% 12
14
9I2
9I4
838
5
8% 7
7% 9% 6% 8
6
53I4 64I4 58% 66
6378 51 14 601s
60
5934 55
53
9II4 89
91
9OI4 875s 90
89
895s
86% 86% 8553
23
27% 16
23
17% 21% 1634 22
15% 17
16
28% 28l'> 28
e Name changed i n Decemb er to Call ahaa Zinc Lead
2738 3OI4
21'4 24%
1413 16
953
22% 19
15
60
10
31% 32
52
25
28% 24% 27% 22
2II4 1934 22
18% 20
1338 1138 1338 10% 11%
6
7% 6% 6% 5
61% 57% 63% 53% 63I4
8534 84
85%
86
85
1734 12% 17%
19% 14
29
28
29
9!filo
5!«
46
22% 26%
19
20%
10% 13%
5% 6%
61% 72%
84% 85%
15% 19%
24% 24%
48
52
3178
43%
25
18%
18% 1934 16%
10% 11% 8
2334
193s
1134
22
458
5%
65%
85
7034
8834
1434
17% 13
22% 23
3%
53s
54
68
8573
8734
20
16
23
63
3338
1453
18%
14%
1634
934
434
8%
4
54
83
12
20*8
6278
86
14
23%
THE CHRONICLE
Jan. 8 1921.]
131
I9'i0-Coiiliiiu('(|.
January
February
Afareh
April
May
.SeiHemtu r
June
A uguil
Oetober
Julv
\ Member litiemlxrr
Low Hleh Low High Low HUlh Low HighlLow High Low High Low High Low High Low High Low High Low HUlhiUiw High
STOCKS
Ray Consolidated Copper
Seneca Copper Corp _
Shattuck Arizona Copper
Tennessee Copper.
Texas Pacific Coal & Oil
10
no par
10
25
10
$ per share S per share $ per share % per share $ per share S per share $ per share t per share S per share % per share S per share S per share
20h 22»4 1712 21
16
20
1712 2038 161g 1778 16
14% 16% 13% 15% 10
1712 ISlg 17% I314 I6I4
14% li>% 12%
lli2
1034
Wl
7418
78I4
191
12>4
1034
914
1218
1134
ll'«
978
8034
6858
76
69I4
8II2
80
90
68%
ai
75
87
803g
8714 104
65
96
4012
4512
34I4
411.
381-.
40%
25U
72
65
70
6718
71
35I2
0334
4478
7OI4
70
61
80>4
88^4
65l4
80^8
69
80
65
79
I2I2
10
1314
lOlg
117g
13lg
884
914
10
SU
11
934
46
Full paid receipts
Utah Copper
10
&
VUglaia Iron Coal
Coke.. 100
71'!
113
64I2
107
912
103g
10
8>4
8I4
8%
9
7»4
lOl.
8>4
9
9%
9ta
\0H
9%
35
51% 41% 53% 361. 43
601. 52%
701. 64% 70
66% 641. 60
lOeijlU 103 110 112
119
43% 31
8%
9%
38<4
66% 567« 63%
1201. 111
115
16% 23%
6
15% 18%
8
4
&««
7% 9H 6% 8%
24% 33% 22
41%
49%
89
ei8(
108
44% 62%
90
82
VARIOUS
Advance Rumely
Preferred
Air Reduction Inc
Ajax Rubber, Inc
All American Cables
Alliance Realty...
Allied
Chemical
& Dye
Preferred
Allls-Chalmers Mfg
Preferred
Amalgam Sugar 1st Pref
Amer Agrlcul Chemical
Preferred
American Bank Note
Preferred..
American Beet Sugar
Preferred
Am
Rights
Am Brake Shoe & Fdry
Preferred
Am Brake Shoe & Fdry
Bosch Magneto
100
100
no par
50
100
100
no par
100 4r>34 53h 30 14
82I4
100 86 12 92
100
95
100 90
82
100 9434 961- 89
46I4 39
50 44
45I2
50 45
100 8978 96 15 7434
93
100 90
91
no par IO534I2834 105
29
361;
25
65
611:
64
57 '2 63
64I4 70
61
103 ij 10984 102
68
45
08
102
103
103
434
50
38
46
34%
4734
3012
371-
3484
8884
87i(
8OI2
85
79
82 14
74I4
76
77
78
93
6II4
44
103
103
39% 28 33%
7612 70% 74
33
75
94 12
93
8334
8938
9484
9284
76
88
84
9234
86
90
8434
45
4134
48
481-)
39
91
4II2
397g
4512
901
78
8934
42
44
89
8712
85I2
431.
4OI2 42
8734 967s
42
89
42
93
10334
84%
SOU 88
85
44
4484
83
96
126
101
120
111
28%
3178
27
32
18
62
66
68%
61
60
4O84
49% 38%
41>4
31% 40
101% 106
3II4
35lj
71
77
103
87
32
7784
45
40
40
7034 85
80
80
4684
47
72'
42%
'
86% 71
78
78
7484
86% 87% 84
42"
81% 92% 68%
245
60
90
63%
59I4
86
88%
8684
46
75
70
287«
6»>4
14
17
40
32
24
62
34
33
74
74
104
35
73% 77
1(K)
82
12184
89
II912
76
8684
4284
4434
91
I25I2 169' l'2434 106
101
84%
87%
481
421
7734
81
79
28
69
78
43% 63%
92% 84% 89%
6988
33
76
26% 32
75
6714
98%
65% 78
61
80% 84% 79
47
45
42%
41%
49
73% 3284
98%
67%
827g
44
41%
55
76
75
75I4
75%
63%
7438
45%
6884
7i.t
99
102
199
227
91
85
209I2 215
137
111
4778
86
85
85
12is
14%
1234
I9I4
14%
11% 13
29is
273s
I5I4
9OI2II8I2
39% 53 12
95 12 11684 85I4
39I2 52
41
59% 67
69
03
6778
8884 IO6I4 88 10484 £8084
1284
7778
13I'
III2
141s
8734
81 12
95
2034
10178
44
62
9234
12
75I2 8612
91I4 95I2
IO84
96l8
90 1- 91
91 IO8I4 92 IO9I4 87
98
105 107
IOOI4 IOOI4
10234 105
32 12 35
38
38
38
38
92
IOI4
11%
20
28
80 12 83
59 12 70%
94
108
961s
92 12
94
90 12
37
&W
5OI4 5OI4
9678 10084
22934271
92I2 97
&
&
&
&
*Kx-rlfe'hls
4578
43
6812 7312 6434
65I4
70 12 74
107 118 11334
5084
6712
65I4
118
891
80
100% 9II4 IO4I4 91
101
99 102 100
41
30
65% 49
8884
37%
92
136%
IIOI4
2584
65
10%
13%
61l4 40
52% 45
48
811. 87%
87% 87% 88
31% 34% 22I4 33'4 ^l3^ 26..
851. 87% 77
8684 7284 81%
131% 13.0% 118% 135% 111 127
109 110% 107 110% 106% 110%
23
2734 20
27% 15% 217g
64
69% 68
72% 59% 68
9
9% 7% 9% 63g 77g
9% lU
7
9
10%
5
86
75% 66% 62% 44
38% 42% 38
66% 69
66
79
70
75% 38%
41
60
11
7O84
10
65
86
83
83% 87
97% 91% 9734 93
IOOI4 102
101
100%
26
30%
10%
9
7134
8684
51
98%
15
14 12
1778
2412
20
2534
74I2
56I4
8OI4
73I2
62
57
76% 74
76% 70% 73
61% 55% 62% 5284 57%
91
88% 92
88
90%
58% 707s
92% 95 12 89
11034
98
5084
9378
224
92
I3I2
2O84
1684
12%
1384
26
I9I4
2238
94I2 891.
IOII2 111% 111% IOII4 105%
4484
90
132
110
9112
8912
5034
48
50
97 14
92%
9434
280
97
209
85I4
240
91%
35
39% 33I4
87
88% 85
127
II7I2I3O 109
IO5I4 IO884 106
110 105%
86
90
82% 94 12 74I4
85l2 8512 85
89
80
46I4 48
47
47
92 12 95I4 9278 95I2 "95%
222 234 198 230 IO4I4
8OI4 89
86% 89
80%
210 210 I97I4 209 102
40
37
85
122
8712
95
9234
93
113
143
94%
11684
95
95%
IOOI4
9434
3978
9984IOII4
38
4
99I4 100
80
50
684
37
3%
3473
48i2
28
64
65
67
69
55
61
92
II2I4 11784
42
5%
40
63
63
110
314
1%
97% 92
44
4I2
30% 35
58
60
95
80
10484
58
60
95
1
101
38I4
86
119
107%
89I4
90
97%
122
88I4
116
89% 90%
7234 81%
45%
48%
37% 42%
60
53
69
10%
I45I4 17612 I43I4 I74I2 158
167
55I2 6884
671;
14%
I3I4
I6I4
12
25
25
721.
25% 25%
1178
13
6084
64%
67% 42
27% 22
102% 99
26
73
80
89
62
82
C4838 5018
24
82
6
11
23
82
8
22
109
12% 16% 9% 1384
6% 10
20% 17% 19
10% 17%
7% 1034
7434 73% 78
61
73
81
72%
5538 6484 57% 63I4 42
61
29% 4634
89% 93
90% 92% 86% 91% 64% 88
12% 16%
1784
100
105
100
100% 105 18178 100%
80
80
84% 84%
35
37% 35% 38% 26
337g
38
27
87I4 84% 86
85%
82% 85
79% 83
105 11234 99 10784 90% 105% 82% 9434
105 IO7I4 IO5I4UIO 100% 10584 977g 102
82% 9078 84% 90% 6638 8584 65
76
85
88
86
87
80
86
85
79
47I4 4884
4684 50%
49
60
97I4 IOOI4 97% 100% 9734 100% 93% 99%
120 136% 122% 141
108 129% 104% 119
9034 88I4 91
89
89% 9084 863s 90%
114 132% 122 136 105% 126% 100% 11588
90
9II4 92
90
89
91
70
84% 68% 75% 60% 72% 55% 76
9134
93% 92
4984
51
33
2384
691.
57
50
87
18
31
57
39
41
2
25
62
57%
6OI4
6OI4
214
4
87% 95
284
85% 89%
18% 2OI4
50
2%
10578
96% 92% 94% 90% 94
88% 93%
6II4 45I4 54
36
47% 28% 39
4% 3% 5% 284 3% 2% 3
3II4 23% 30
I914 29% 18
25%
60
57
59% 55
60
497g 55%
53
53
94% 90
20
53
112
17
169% 128% 150 132% 154% 138
6I34 66
6384 60
62
60
66
148
8%
2II4
23
19%
82
6
82
79I4
7
15
4
15
4%
95% 97
65
60
60
55
65
53% 55
50
50
40
48I4
41% 46
40
36
42
40
40
39
41
35
35
128
39
38
43 12
I27I4 123 135
II9I2 13112 125
10534 10534 IO4I2 IO5I2 104 12 106
102
114
18% 19%
76
78%
478
12
113"
126% 106
9784
2II4
79I4
40
98%
11%
99%
57%
53
118
16
144
154%
I3II4
39
148
106
102
10334 102
1421;
103
478
13
106% 116
98
98
50
50
14% 17%
12
15
70
4
72%
5%
6
10
2184 32 12 17% 2478 20
8578 96
82
96% 87
9934 86 12 101 84 85% 98
87%
102
100% IOII4 101 IOII4 97
108 113% IIOI2II3 10818 11284 105 109
107
7I4 IOI4
8I4
I3I2 10
10
13
9% 12
88I4 91%
9684 88
9512 94I4 95I2 95
94
55I2 48%
49I2 56I4 52
50
62
59
53
93 100
98 IOII2 98 117 100 II8I4 95
9334 95
90
99
97
93%
96
97
97
7I4
6I2
8I2
534
6
7
6
738
612
151. 20
12
15
23
18
21
12%
151s
I5I4 I9I4
I6I4
17
231s I8I2 24% 17% 26
74
84
741s 8434 75% 83% 68I2 771. 671.
33 12 2884
4038 26
2734 40
3284 42
30
60
65
72
72
66% 7II4 65 67I2 66I4
I7I2 2878 21
77I2 9II2 79
8II2 97I2 83I2
IO2I4 102
101
18
24
5% 19
83% 90
65
80%
93% 82% 9284 68
83%
3II4
2388
93 12
91
99I4
90
110% 164" 1071
97
10%
7%
9
92
85
4884
4884
92
6%
4%
6%
741
78% 67%
109% 104
107
684
7%
92
6%
48% 50
48
62%
5I4
6%
14
19
12% 14
70
66
1284
19
4%
4%
10
6%
12%
72
92 14
109
45
84
103
99
95
97S4
93
94 12
92
62% 7484
7612 9212 71
102 12 IO5I4 1021. 10334 100 102
114
c
1338
19%
8
13%
22 14
691.
65
9
10
Ex-dlviU end and rlighW-
78
92
25%
21% 26
39
60
35
30
95>4
103
69
36
36
120
105% 100
lull
38
132
131
105%
10184 12OI4
99% 102%
2% 434 2
3
47
52% 68
56%
51
70% 4S7g 6684
911
100% 105
3%
90
92
99% 104%
2%
4%
90
90
82
65
54
6434
48
58
58
6OI4
40
50
87% 84
35
80
40%
85
6
11
15
16
21
8%
10%
1584
10
1184
9484
93I4
94
91
94
64I2 69%
99I4 IOO84
98%
6934
101
49
96
65% 43% 54% 383g 46%
88
96
97% 94% 97
8
5
6
871
6%
10% 13%
13% 19
3U
10
9%
8^
82
5
13
163g
64% 60
69% 56% 66%
27% 153g 26
19% 27%
69I4 63
69% 66% 69
93
53
99%
99
7
9484
1934
85
69%
2% 4
9% 10%
5778
51
14% 13% 19
67% 60
69% 61
25% 31% 25
29
70% 68
7984 69
69I4
105
1534
97I2
99
20
47
IO4I2 107
38
6
83
IOI4
32% 27
68
6
62
65
13
71% 63
5
6978
7284
102
100
90
103
11
34I4
130
95
104%
931.
4%
65%
6884
7%
25
80
80
41% 40 40
33
38
38
37
38
36
129% 143 126% 133% 102
100%104i4 102% 10434 100
87
51
98% 97
30% 35
90
* 94I4
IO4I4
11
41
68I4
5
107% 11634 911211684
129
96
20
45
21%
6934 70
101
101
72
94I4
65
39
105
87%
101%
8
42I4
IO3I2 11978 10718 14334 IO9I4 1481. IO6I2 I2II2 11114 12078 IO8I4
9818 10012 99 100 12 100 1013.1 99
IOO84 97
99
96%
11434 1201
17%
978
611.
8734
59I4
24
20
55%
51%
2378
65
89
884
83% 92
80
80% 97% 74
10184 100
5784
73% 30% 43%
18% 22%
54%
35
20
6% 1284
148
711. 11434
67
63
67% 66
64
64
64
68
66
65
42
60
1350 1570 1350 1400 1140 1140 1225 1300
1105 1225
1100 1185 1000 1190 890 1035
104' 1051. 104% 106
IO7I4 104 105
112 114
107 112
103
ios' 112% 107 109
104 107
10234 104%
I65I2 14012 174
11218 114
6II4
88
92I2
83I4
I9I4
95
II2I2I4O
4I8
57I4
65
72I2
9%
72% 64%
I2I2
4O84 50
39% 4812 35
90
923s 88I2 9II2 86
I2312I34I2 120% 142% 124
II4I2II6 10978 1 14 102
8OI2 10684 85I4 102
84
84
8912 9084 105
8912
5I4
63
5384
8734
31
U
I6I4
80
3I4
137
9%
I9I2 241s
7934 83
112% 101
IOII2IO4I2 IOII4 103%
3834 55
4034 52
3I8
10% 11%
III4
80% 84
%
100 103% IO5I2
100 5312 6138
6I4
Assets Realization
10
4
Assoc Dry Goods
100 56I4 67I4
1st preferred
100 73
74%
2d preferred
100 74
7534
Associated Oil
100 115 125
Atlantic Fruit
no par
Atlan Gulf
I SS Lines.. .100 157
1761:
Preferred
100 6O34 75
Atlantic Refining
..100
Preferred ._
100
Atlas Tack Corporation. .no par
A T Securities Corp
no par 6518 74%
Austin Nichols
no par
Co
Preferred
100
Autosales Corporation
50 16% 19I4
Preferred
50 30
30%
Baldwin Locomotive
100 10934 123 12
Preferred
100 100 10212
Barnet Leather
no par 90
93
Preferred
100 93
93
Barnsdall Corp class A
25
Class B
25
Barrett Co (The)
100 124 1347s
Preferred
100 IO9I2IIII2
Barrett Chem Cons ctf dep
Referred ctfs of deposit
Bethlehem Motors Corp.. no par 26
317s
Bethlehem Steel Corp
100 8878 95I4
Common Class B
100 93 102 1-.
Preferred
100 97 100
100 11234 114
8% preferred
Booth Fisheries
no par 13
15
Brooklyn Edison Inc
100 91
94
Brooklyn Union Gas
55I4
100 52
Brown Shoe
100 100 105%
Preferred
100 9978 100
Brunswick Term
Ry Sec. ..100 8
8
Butterlck
100 22is 20
Caddo Central Oil
Ref
100 2OI2 28I4
Calif Packing Corp (The). no par 79i.> 85I2
Calif Petrol vot trust ctfs
100 38*4 40
Preferred
100 7184 75I2
Case (J I) Plow
no par
Case (J 1) ThreshMpfctf
100 99 101
Central Foundry..
100
Preferred
100 3712 50"
Central Leather
100 89% 10434
Preferred
100 106 IO8I2
Cent
So Amer Teleg
100 II4I4 120
86
37
4384 30% 3734
8912 911. 87
89
87%
133% 1431 131 14278 130% 1361. 131%
108 108% 10584 107% 107 lOOVi 107%
4212 46
4084 23I4 40% 22%
40
79
7934 79
7984 61
79
62%
9I4
IOI2 12
91. 11
10% 12
I5I4 181. 14% I8I4 13
15
10%
92 12 77I2 931. 72
89
78
58%
42
4612 40
47
41
38
37
58
60
5812 6OI2 58
61
58
9OI2 64% 79
8212 89
77
68%
Rights
pref
227
68
Am
Preferred
92
224
3434 41%
91% 88% 92
44
1812
85
&
&
195
35I2
3918 61
91I2 9734 89%
I2712 14038 130% 14738 128
II2I4 115
11112 114% 106
3978 49
4OI2
44
51
&
Am
84S4
40 12 5234
9fli'> 98
Am
&
97
210
105
224
5384
&
Amer Writing Paper
3214
98% 99
&
Am
351.
77% 771 75
59% 46
67% 62% 66
8934 91
90% 92
88
94
100 89
.100 I7OI4 I7OI4 175 175
no par
Preferred
100
6134 3834 6538
American Can
100 52
Preferred
9Sl2
100 9818 101
95
Amer Car Foundry
100 135 14334 12418 I37I2
Preferred
100 115 1161., 1121s II6I0
American Cotton Oil
100 4812 5438 4OI4 50
Preferred
100
Druggists' Syndicate
10 1134 1518 1134 14
Amer Hide
Leather
100 241s 3038 1884 25
Preferred
100 II2I2 122
95 lieu
44I4
American Ice
47
100 44
38
Preferred
..100 621s 68
5934
53
Amer International
100 IO6I2 120 I2 87 10934
La France Fire Engine
10 1334 1412 1234 14I2
American Linseed
100 7433 86i-> 74
86%
Preferred
100 93I2 99% 92I2 97
American Locomotive
100 95 105% 82 106
Preferred
;..100 IO4I2 IO6I2 104 106
par 35I2 44
American Malt
Grain
no
3034 36
American Radiator
25
Preferred
100
Amer Safety Razor
25
Amer Ship Commerce no par 2418 3OI2 1634 2434
81 12 82
Smelt Sec pref A stpd
80
82
Amer Smelting Refining. ..100 67 72
5684 6734
Preferred
100 9734 1001.1 9334 97%
American Snuff
.100 lOfi Is 11534 86 IO6I2
Preferred new
85
100 85
Steel Foundries
33 1-3 4238 46% 39
45 12
9310 91
Preferred
100 93
9338
135 I4II2 I23I2 134
American Sugar Refining. ..100
Preferred
100 118 11834 M6I2II8
Amer Sumatra Tobacco
100 89I4 99
77
92%
9II2
Preferred
100 9II4 9212 84
Amer Telegraph
100 52
Cable
52
AmcrTeleph&Teleg.
..100 9618 10038 '9618 9978
American Tobacco
100 259 283 225 260
Preferred new
100 96
9734 93
97
Common stock B
100
Wholesale Corp pref
100
Amer Woolen of Mass
100 146 16512 115 15612
Am
32I2
63
371.
641
11%
90% 80% 86
7
8284
8%
86
5%
72
8%
86%
41% 30% 40%
88% 92
80% 91
3678
.
2
..
THE CHRONICLE
132
[Vol. 112.
I»20— <'oiiliiiii4>(l.
January
STOCKS
Low High
Certaln-Tcvd Products. .no par
Juru
April
May
July
August
Reptemher
March
October
Notemher December
High IjOW High IMW High IjOW High Low High IjOW High Low High IjOW Jfigh IjOW High Low High Low High
Fcbrunry
IjOW
t per Sim re $ per share ? per share
COlg 56
54
55
62
47
90
...100
ChanUltr Mot Ciir (The). .no par 121
Clik'ui<<> rncumntic Tool ...100 94
Co
Cluctt
100 9.-<
...100 102
Coco <;ola
(The)
.no par 331s
Columbia Cuh
Electric
too 61 1|
Columbia C;ruphophMfft. .nopa- 47'8
I'eiiboily 6c
l»rcfrrrf<l
<-<>
&
101
102
67
30
63
39I2
617g
C5l2
3OI2
61
40^4
per share S per share $ per share $ per share S per share $ per share S per share S per share % per share
48I4 68
40
49
4712 67
60
62
61
61
61
63
60
6234 40
41% 35
41%
90
78% 78%
110
903,
102 12
100
34
63
86
99
34lg
39
65I2
4OI4
58
615g 37
Rights
15g
...IOC
Profcrrcil
Computinft-Tab-Kccord
RIChts
Consolldntod Ciftar
.
... 100
»l
53»4
92'4
66
89
44
91
62
87»4 92 "2
4934 54
Preforr.-d
Consolliliitcd
.
Gas N Y. .
Cofisol Tc»tl!oCorp
.no par
...100
...100
.no par
6r,u
80
fi.-jio
82 "2
*87l2
7')
27»s
311.1
i8
75
25
80
301.,
57I2 70I2
823,
80
77I2 9378
3512
25
Preferred
...100
.no par
...100
Deere & Co preferred
...100
Detroit F-dison
50
Durham Hosiery Mills 'B"
Preferred
...100
100
£lectric Storai^e Batterv ...100
Rlf^hts
...100
£merson Brantingham
Preferred .
...100
Endicott Johnson
....50
...100
Preferred
25
Fairbanks Co (The)
Preferred
...100
.no par
Famous Players Lasky
Preferred
.. 100
Fisher Body Corporation. .no par
...100
Fisk Rubber
25
Freeport Texas Co
.no par
Wigmore. .no pai
Gaston
Tank Car
.no par
Gen
...100
...100
General Chemical
_.10O
Preferred
.100
den
Gen Chem Chem Cons ctf
Preferred ctf deposit
General Cigar, Inc
...100
Preferred
...100
Debenture (7%) pref.. ...100
General Electric
-.-100
Wms &
Am
166
106
lois"
100
IOOI2
60
67I2
99
lobu 162
101
84
1001-
3OI4
58
59
lOO'g 10212 100
100
60
27I2 37
50
'g
85
9OI4
85
62
4812 6478
85
ig
6OI2 6931
80
8312
81
93
Sllg 461,
58I4
85
78
95
33
1003g
3638
667g
50
2812 337g
81
83)2
SOlg
49
»4
70
80
64
79
78
40
6858
8058
81
32I2 357g
82
8734
29I2
86
98
100. 102
IOI2
70
93
104
40
60
I4I2
73I2
IO5I4
IO512
4338
64
140 2781?
9OI2 98
48
5938
7OI2
84
81
100
27
29
20
25
8234 86
82I2 91
1311; 147
102
8OI2
98I4
77I2
88I4
I22I2
100
4031
24%
ICSg
20
7914
81
500
52
102"
100
12
100
97
21
85I4 82
I23I2 100
105 133^8
lOO's 10178 IOOI4 IO2I2 98I4
8312 72
7234 7234
78
98I4
6518 82
95
6834 86I4 68I2
90
9034 8512 91
85
83
13034 IOOI2 135
115 1347g 125
104
9712 9978 104 IO8I2 101
35I4 391s 3114
48
33
43
30
2118 2818 2318 2834 2II4
I3I4 I7I2 13
I912 12
17
1
183
183
99I4 100
6934
100
90
7538
100
9434
175
6038
96I4
92
104
97
50
V83s 93
97I2
50
95
2434
8512
26
88
78
81
49I2
100
5758
100
9334 9334
96l2 9612
49I2 53I2
9634 9834
58i8
70'i2
637g
9812 9812
98
85
85
87
73I2
80
8934
85"4
6912
8II2
8OI4
84
81
(7)...
90
94
61
71
8712
169
3I4
&
Indiahoma Refining
Indian Refining
Preferred
Int Agricul Corp
178
78
89
79
6958
84I4
79I2
93
27I2
75
85'8
6458
77I2
65I4 *74
95I4 10234
44I8 4934
65
.54
69
25%
57%
24 12 3238
1934
2534
18
247g
1834
8OI2 83I4
6OI2
7834
82
78
80
77% 80
65
48
43% 46% 44% 47
40
60
37% 43%
6714
78l2 82
737g 80
29I4 37I4
60
80
72
80
7534
81
62
77
66% 6!% 57
79H 70 75%
83
895s
78
91
177g
24%
71»4
16
81»4
20*4
80
75
61»4
68
95I4
92
32I2
43
3II4
Preferred
International Pai)er
Preferred stamped
International Salt
Invincible Oil Corp
Iron Products Corp
Island Oil
Transp
Jewel Tea Inc
Preferred
76
73
827,
79
27
3138
26% 31% 23% 29%
9II2
9834
74I4
80
73% 80
I3I4
1038
llSg
68
68% 69
5734
92I4
86
50
3334
1534
16
77
.
9734 83 14 9034
IO2I2 100
10214
39I4 305g 37%
45% 60
139%
95
5478
79I2
425g
100
9434
48"
50
86I4
132
103
3834
2778
17
67
80
130
35g
I5I4
74I4
94
7134
8212
82
71
88I2
8312 90
86
II5I2I3I
2712 3318
20
2312
11
1334
49I2 61
9OI4
9634
61
II5I4I20
IOII4 IO4I2 103 104
36% 48
99
32
100
35
8314
91
46
94
533
115
91
47
94
535
115
2%
52Ij
67
34
39H
75% 69
10% 12%
69
9H
68
11
6834
6
66%
98
10%
6834
837g
101
82% 903g 80% 85% 67
100% 10134 100% 101
99%
3734 31% 38%
36
36% 41
56
5934
58
58
55
6
67
75
61
97 102
24<2 33
33g
6358
65
11
76
95
72I4
3I4
390
71
62
92
47
71
76
46% 37
93% 93% 92
3958
40
35
42
92
43
36
92
535
92
535
12778
13
5812
38I4
1558
87%
25%
68%
38% 30
15
71
34
93
25
32
93
36
36
92
530
38
90
38
90
27
36%
534% 515% 526
495
39
93
1478
147g
3412
2534
117g
1318
105g
49
55
55
13
77I2
84
7%
97g
5%
40
63% 63% 47
•
66
72I4
84
74
82
107% 100
66% 72
45
85%
68
81
82
71
10878 102
8538
104
105
2838
21ig
257g
20%
2838
2258
57g
20% 28%
193g
21
21% 23
11%
68
74
60
6334
93
92
61
17434 163 171
95I4 93% 95
1V934 170
6678
93
6OI2 6712
2434
7%
834
68
62
71
6878
94
80
2438
92
90
90
81
92
80
3%
65
2158
734
68
80
22%
2034
7312
2734
7812
7434
86
85
88
81
75
70
5812 6634
91
96
37
8978
28l2
22
5512
72I2
28
77
7338
8658
II4
7g
80
83
54«4
9812
10
14%
12%
1%
1638
15^ 21%
5858
.
2238
197g
6»4
64
6512
92
87
91
86I2
2812
1912
23
20
15234 125
131
87
90
90
61
92
85
128
84
6434 54
92
88
82
85
91
128
84
62
88
85
3
165g
78
89
4
44% 59
71
117
8334
43
79%
136%
88
115% 13434
88
88
57I2
51
88
84
7834 83
142% 118% 14034 116% 13058
.
16% 22
89%
42
66
78
97
807g
98
98%
13% 20%
3%
778
40
69%
19%
127g
4%
3%
4>S
177g
12»4
16»8
75
64% 71
66% 71.2
72% 75% 72% 75% 71
60% 68
68
70% 67
5858 66
70% 645g 68
7834 70% 77% 69
74
76%
78% 81% 7478 81
1
24
55% 65% 49% 57
61
86
M5%
68% 40
100
146
136% 144% 140% 145% 136
.
75I2
7II2
7334
172
90% 91
150
58% 65% 62% 65
2
312
1
280
3178
128%
15
71
40% 21%
93% 93%
25
7134 62% 67%
60
9534 92% 94% 8834 92% 84
95% 92
45
48% 53% 55%
61% 42
120% 99
118
105
2938 34I4
2OI4 2538
150
86I2 92"
3II4
77I2
5912
73I4
92I4
105
99
3%
15% 15%
88
26
84
,
20
48
573g
86% 86
217g
55I2
9OI4
63
48
62
3958
50% 27
43%
60
63
53I4
8412
757g
33I2
80
66
28
75
63% 41
87
90
55
30
66I2
4334
1338
18"78
86I2
6OI2
35
I7I4
93
7758
46I4
23I4
934
8II2
59I4
86ig
82
68
65I4
30
4II4
32
1478
634
55
87% 81
15
17
19
20
57
48
85% 77
83
79%
70
12
13%
15%
1758
11% 16
45
25
73
69
14
16
15
18
40
50% 30
8I2
13
35%
9OI4
1958
8I4
16
7l8
I8I2
8
1334
634
83
78I4
75
64
34%
2134
109%
17%
734
1534 14% 16
14% 15%
71
80
75
76
70% 75
71% 65% 71% 65% 6934 54
17
28
23
27
20% 23
84% 107
13% 1538
55g
738
116% 102% 11178 78
16% 13% 14% 10
29% 33% 25 297g 23
10112
1358
8%
19% 20%
7
7%
834
677g
2134
109
14
26
658
8
16
16% 15
1858
213g
16%
69%
61% 60%
12% 17%
55% 92
9% 12
19
534
22
7
I3I2
197g
1634
2278 2018 2158 18
2578 I6I4 19
2634 2OI2 27
16
18% 23
83l2 79
8II2 84I4 8O34 85I4 7534 7978 78
8838 77I4 86
84
I3412 118 14212 118 129
123 I35I4 I25I4 131
117 125 11178 127
113 11034 112 10634 10934 105 106 105 106 IO3I4 104 104 107
3958 31I4 39I2 28I4 34I2 29I2 3334 26
33% 2158 277g 1834 26%
IOOI2 8318 9918 7934 87I4 83
9034 77% 947g 7058 7934 70% 7934
6338 37I4 50% 37
140 106 170
50 IO712 5434 6238 52
46%
80
69
84
75
60
78
1934
24I4
87
88
7034
8418
7
25 2314 2634
100
89%
... 100 78
100 10834 110
761s
79^8
6734
7812
I4
67
2018 2478
83I2 8734
7134 9134
40
76 12
70
74
77
70
70
5OI2
36l8
5034
18
4134
26I4
106
106
106
15
1912
37I2 44
24
2618
11018 105
105
llSg
82
938
14
72% 40% 60%
107%
107
19%
89
100
10%
98%
10458
1534
5478
707g 46%
77% 44
37% 40% 2958 37% 28% 34%
6858
75
80% 74
77
65
60
63% 59% 61
I6I4
2OI4
17% 20%
80% 81
8O34
75% 8734 71%
8034
8278
75
71
66
66
797s
68I4
78
66
19
1912
84l2
1558
2OI4
17
I8I4
1678
87
82
83
82
68
8734
62I4
75I2
80
70
68
73% 70
72
5734
6234
5478
58
1784
8334
6538
75
19% 22%
32% 32%
24I4
8212
100 100
76
72
6712 67I2
42
61
71
73
41 12 49I4
73
61
44
6%
14
3958
23I2
2234
6434
80
78
67
79I2
82
70
1878
14
I6I2
34
39
8
32
25I2
2OI2
21
100
100
106
13618 IO7I4 13734 108
13612
100
105
9I2
38
24
100
105
9
33
23
95
76%
713g
47I4
30% 43
4734
7
44
47% 40
10
33
10
75I4
73%
61
23I2
95
9812 11438 1025g IO8I2
73
74
72
100
8358
103
17
19%
14%
80
83
8234
7778
45
625g
100
6
7I4
14
31% 33
23
98
82%
24
98
11378
5I4
4534
638
8% 10%
22
20
95
112
26
20%
7134
73% 71% 74%
76^ 72'
65
634
3% 10%
77g
1858
15
21
95
112
7134 84
55$
334
8
17
80
103
52
103
77
85
69% 71%
67
33% 40% 28"
41
44% 40
578
11% 14%
82%
38% 52%
85
100
61
7258
36%
70
70
1738
18'5^
1534
712
7458
6212
19
691?
72
60
75% 80
103% 115
106% 109
14
61
88
100
14%
82
185g 22I2
20
Rights
103
67
35%
215g
3358
43
32% 42% 27% 34
63$
7
18
19%
88
103
4«4
4
9%
15
70
19
4
3
8
2634
6
5
13
17
13
17
78
70
70%
55s
4
9>8
25% 4358
50
57% 3838 51
_ .--.
1%
% h
% 138
73
78
73
82% 82% 79% 80% 73
5g
preferred
Kelsey Wheel Inc
Preferred
73
92% 93
96
745g
62
915g
55
100
20
&
Preferred
78
85 12434 70
8% 135 120% 133
9334 83
90
93
94% 93% 95
90
81%
313g 45% 3334 41% 32% 36% 2358 3534 16%
7378 64
75% 7734 755g 7778 71% 76% 64
I62I4 118
93
73
Vs
&
Keystone Tire
Kresge(SS)
7734
827,
847g
98
1458
9934 108
57I4 6234
71
100 70
50
.no par 3978 51I2
10
100 1678 2134
100 4134 45I4
Jones Bros Tea, Inc
100 25I2 30
Kayser Co (Julius)
100 IIOI2II8
1st preferred
....100
Kelly-Springfield Tire...
25 13012 I52I2
8%
605$
8978
8II4
9812
93I2
3878
8712
7878
6
Receipts 25% paid
Receipts 50% paid
Internat Nickel
88
21% 28
22Ss
18
52% 697g 52% 58%
21% 11% 1934
14%
.33
80
17% 20%
84''78
Rights
.-.100
...100
8634
74I4
r>9
86
IOOI4
647g
95I2
39I2
93
83
69
7778 7OI2
Preferred
-.100
International Harvester. --- 100 12534 135 11234 12758 116
Preferred
...100 113 115 111 113 110
Intern Mercan Marine
...100 3578 51^8 27I2 3934 3038
Preferred
-.-100 9312 Ill's 7612 96
82
Internat Motor Truck... .no par 127 127 120 120 10218
preferred
2nd preferred
80
36% 31%
91
'4
78
1st
40% 52%
91
60
95
60
120
8OI4
8678 11212
83I4
5
10
...100
.--100
60
80
70
57I4
79I4 84
86
89
82
83
85
85
I45I2 I37I2 14538 I39I2 144
14518 16038 134
275
I4
...100
Habirshaw Elec Cable
no par
Hartman Corpn (The) _ _ _ - -100
Barker Car... .no par
Haskell
Hendee Manufacturing.
100
Houston Oil of Texas
100
Hupp Motor Car
...100
.no par
60
5312
100
23312 410
24I2 42
Rights
-100
7638
3578
91
24
Steel tr ctfs.
1st preferred tr ctfs
60
69% 49
80»4
72
99
63
78I4
38
Gulf States
693g
70
65
3034
I5I4
73I4
74I4
Rights
100
25
.no par
8.37»
80
94
94
21
15934 160
192
94I2 9534
278
Davis Inc
87% 72%
321'
22512 310
&
75%
7.'i34
565
104
345
Preferred
84
88
76% 85
69
7234
3758
9734 98I4 9834
lOlg 13
103g I2I2 11
70
70
69
701s
88
9912 9134 96
891 2
IO3I4 105
IO312 IO4I2 IOOI4
42I2 3334 365s 3378
30
5612 60
56
56
II5I2I48 130 154 14112
963.1
9258 96
95
93
55I4 48I4 55I4 43
48
605
24
82 12
99
Rights
Gray
74I4
74 14
35
115
3
General Motors Corpn.. ..-100 293
General Motors Corpn
no par
...100
89I4
75
100
485
104
9934 IOOI2
15218 I66I2 156
Goodrich (B F)
79%
.
937«
79
78
8OI2 10534
7934 10134
2
48
9934 IOOI4
108
56
108
56
172
...100
Stock (6%) ...100
35
162
102
9934 101
165
Debenture
Debenture stock
80
98
23,
10
Preferred
Preferred
373s
6534
527g
99I4
81ig
h
8812 79I2 9338
93% 78
...100 87
...100 10034 1023.1 101 102
IOI2 I2I2
I31-.
1031 121s
Continental Candy Corp. .nopa; .^
75I8 77
71I4 75
82
Continental Insurance
25 7'J
95I2
76I4 85
79
Corn Products Refinlnii. ...100 8012 90
Preferred.
...100 101 107 103 105 104 107
.no pat
55
55
58
6214
59
...lor 56
Crex Carpet
Crucible Steel of America. ...lOf 197 233I2 189 224 190 26912
99I2 9fil4 9834
y'Hi 100
97
...100
Preferred
Cuba Cane Sugar Corp.. .no par 4<(:3 54 12 3012 50 40-.S 5038
85"8 7!)i2 83
7978 8212
..100 83
Preferred
...100 400 450 400 401 410 485
Continental Can Inc
Cuban-American Sugar.
91
100
_ . , ,
.
55I2 62l2
7014 82I2
9712I34I2
164»4 11814 161
85%1117g 81 12 91
16434 138
1447« II712I39I4 120
93
81
1 06 "2
78
87
IO(i
9512 88
104
.?
& Rubber
.100
100 102
100 78
100 973g
10 3234
100 145
100
4812
247g
103
78
96I4
3758
155
99
66
96
28
150
IO2I2 IO2I2
* Ex-right
100
82
97
4II2
155
100
70
30
91
105
95
4338
85
87
98
99I2
53I8
72
90
91
96
67
90
9812 96
105
90
85
85
21I2
3234
2478
3138
147
95
62
96
65
21%
125
147
lOO'g 10078
s.
94% 100
67% 72
3138
125
82
91
50
82
91
82% 8334
13% 22
120
91
94
57% 54% 63
125
91% 92
82
1278
123
93
1838
53
82
1258
15%
46
120
120
93% 93
96
125
85
44
75
35% 45
80
8% 14
120
87l2
87
60%
120
534
125
97I2
82
934
125
97%
THE CHRONICLE
Jan. 8 1921.]
— C'uui
I l>'iO
January
STOCKS
Luif
& Co
Kress (S H)
Preferred-
Lackawanna
Laclcile
(."as
Stoel
(Sr I^ulb)
L«e Kubbi'r &. Tire
Llauett & Myers Tobacco
Kilihts
Series B
Preferre.1
Loews liieurporvited.
jio
lll(/h
Februanj
Low Htgh
March
Lour
par 9 per sh'in S per shine i per
100
100 lOOIj lOO'i
!»1'^
03
84 14 60
100 H2
40
39
100 38
40
43
33
34-3 30^
par
aS's 28
198 207
IU5I42OO 1047g
100
14l« 18
15lj
1512 17
.100
100 los imh ioO 1081
25l« 30
no par •Z'Jh 32
$ per sh
08
ir,
Auguti
June
Julr
High Low IltghlLou) High Low Hi,
$ per share S
08
81 S« '7514 'Hti\
38
42
lier
95
loi" 102
43
.
Mau
April
High Low High Low
shaTi
iiiiie<i
133
63
37
83I4
First preferred
21
28
17
C5
99
70
45
100
V18
IOC
100 lll^gli:.!- 112
100 ICO's ISS'i 145
Second preferred
(P) Lorlllard
Preferred
Preferred
&
Malllnson (H R)
Co
Preferred
ManatI Suftar
Preferred
Manhattan Beach
Manhjt Elec Supply
Manhuttan Shirt
Marlln-RocUwc'l
Martin-Parry Corp
100 108
li')64
100 CI
U4
61
100 64
no par
« 00
100 127=4 isau lOS
100 101 102
100
..100
33I2
25 32
no pa
no par io's '301
73!,
9934 101
6514 791.
38'j
37
23»g 3078
148
142
133
133
99
101
10184
do stamped assented
Second preferred
..100
Certificates of deposit
do
3II4
311.1
30
30
3534
307s
35 U
ISI2
I8I2
5Sl2 63I2
5S34 C21.1
47I2
47I2
3S5h
ISJ4
HO
145
1
99
H
467, 651,
20
20
100
100
Mexican Petroleum
100
Preferred
100
Middle States Oil Corp
10
Mldralc Steel
Ordnance
50
Montana Power
100
Preferred
100
Montgomery Ward
no par
MuIIlns Body Corp
no par
Preferred.
100
National Acme
50
Nat Aniline
Chemical.. no par
Preferred
100
Nat Anil Chera Cons ctf dep.
Preferred ctf of deposit
National Biscuit
100
Preferred
_
100
National Cloak
Suit Co. ..100
Preferred
_
100
Natl Conduit
Cable
no par
Nat Enameling Stamp
100
Preferred
100
National Lead
100
Preferred
100
New York Air Brake
100
New York Dock.
100
Preferred
100
Nlag Falls Power pref
100
Nor AmerCo new stock
100
Nova Scotia Steel
Coal
100
Nunnally Co (The)
no par
Ohio Body
Blower
no par
Ohio Cities Gas (The)
25
Ohio Fuel Supply
25
_.
&
&
&
&
&
&
&
Circuit Inc
Otis Elevator
Preferred
Otis Steel
Preferred
Owens Bottle
Preferred
Development Corp
Rights
5
3612 38^8
6 134 72^8
86 12 8978
118
114
125
116
75I4 80
100
938
79I8
lOlig
80
IO8I4
IO5I4
42
55
IO2I2
54 12
70
&
&
&Co
&
Rights
Preferred
45^8
487g
9
IO212
1.2
MJ
125
140le
95
lOPt
2014
12'4
141;
IIU V47i
1137
'.!
)i)
137
103
21
MU
4r,'
1514 'l'7^
\V\t
10
60
44I2 47l«
48
63
43 12
99
96I4
96I4
;!2
I'
.7
i2»4 Va-il
'9>»
44
83
100
9812 981;
9014
10558 10534
156l» 13134 143
1347« 142
Hi's
Iti5l2
r^b
64
124
06
62
43
no
68
64
6II4
60
33
78
45
1151. 115
66
64
103
64
104
60
62
31
74
431
31
8OI4 73
1511. 121
95
32 '4
63
30
60
311<
601.
271"
24
28
31
32
29
30
28
371;
20
58
20
301
2434
60
55
6418
100
6578
6II2
6II4
58i8
25
25
20
70
100
62
60
20
70
98
60
98
62
5934
15
bi
15
52
68
3034
27
59I2
57^8
55
52
2934
178
32
38
32
60^4
S5I2
50
50
61
3134
56I4
27
25
28
20
29
27
29
26
29
27
"11"
I'a
Ol's
30i«
941. 91
103 10..
134" i4r»i 136 13i-il6ii
657g
59»4
13634 120" 125
95
32
27
30
38
64
87
3534 40
54I2 68I4
85
88
IIOI4 118
no
112
IIII4 114
63
10
115
75is
94I2 100
1014
8
66I2 81
99I2 99 U
7234 83
718
434
62
59
•>5
1
I4a>s I6'i-zl-ii*i iia
62
U6
103 103
IOO 1003,
62'4 '151. 591. 631.
601s
191.
68
I7I2
5734
60
50
122
9712 106
671;
57
28
56
2434
25
24I4
2OI2 24I4
40
45
2278
23-18
26'
"21
48
22
26
48
97
56
56
2434
I9I2
II4
32
22
32
33
33
2334
1518
18
I2S4
IOI2
2534
1838
451'
37
30 12 41
40
41
37
25
24
4211
7.V-B
ttO
80 >4
86
16
12
15
33I2
43
21
I5I2
60
8
15
65
98
9
70
118
72
115
111
98I4
1134
I512
76I4II2
9834
i76r4
imH
96
164 iv 1905s 1701; 183
99I2
96
377s
49I4
245g
403s
3334
46I4
25
69
59
95
6338
95
60
95
62I4
99I1
3034
3234
34I4
3II2
3618
59
95
30
40
38
39
35I2
98
39 14
477s
9934
201.
19Sj
211.
42
35
35
24
23is
101.
201.
I4I2
181.
11
251s
10
29
31
29
29
32
32
2S
201»
1518
32>4
3i2
14
778
IOI4
16
15
lOig
14
3I4
3I4
22 12
15
8I4
9I2
I9I2
I8I2
91;
2I2
21.
2I2
OU
7
11
7
IOI4
41.
4l2
lOig
6
31s
358
5
2lg
4ig
2I2
2
11
11
32I2
36I4
62
85
54
83
67I2
II3I2I24
no 114
7OI2 74
98
30=4
4OI2 44
2038 3258
3912 43
913
5I2
5I8
12
2h
2
2
21;
3'4
5i«
71
3<t
6
8
3
67g
31;
2>2
3>4
77g
53g
'2'
534
5I4
no par
35'
4178
120
28
134
37I4
120
28I4
145
33I2
I3II4 157
2634
"3'4"l4
47s
75
IOI4
207s
401;
61
9S34
3478
3434
37I4
60
96
60
95
351;
4234
2734
32
70
n3g
1834
3718
5914
40
62
95
9878
337g
3334
2514
28
131. 1658
3718 39I2
601. 687s
ii»ij "143^
lOSg
1334
30ig
3834
64
2838
471.
33
55
96
96
98I4
23I4
29I4
I914
9834
2358
24
31
27 12 29'4
87
337s
63I2
857s
77
34 12 35I4
74 12 8638
98
95I4
347
87
IO6I2 11334 107 12 10734 105 109
108 IIII2 107 108 IO3I2 108
48I4 61
6358 58
64
63
9238 9734
94
96
32
35
6412
3512
8I34
74I2
8438
84
90
87
90
34
105
104
107
106
40
4938
85
1061.
HOI2
106
109
3OI4 44
92
32
55
89
59
37g
41;
4
438
37g
412
358
5
107
"2i7g
13634 126' 128
'2"8l4
22I2 25
120
21%
132
"2'73g
II5I4I27
80
80
19I4
23I4
334
43g
34
59I4
34 12
593g
9078
9078
87
59
45lg 59
8612 9034
9834 1071s
9OI4 9058
10658 IO7I4
107
33I4 35
80
81
105
37s
2812
451.
7I2
59I2
90
7578
100
IO5I4
2918
66
4I4
45
88
108
34
69
60
54
74
68"
65
55
"72
69'
64
56
37
6II4
3838
46
55
31
37I;
3734
7134
6734
38I4
42I2
44
31
54I4
355s
46
32
"7V18
52
35
93
1258
195g
4234
8838 IO8I4
87 1031s
164
41
4778
55
5212
58
47
40"
6312 70
4934
631;
44I2 48I4
30
3118
4518
5II4
3112
48
"41"
45'
"5312
83I4
96
5938
6
57
2
45
88
90
78
56
95
24
47I2
37
94
90
3812 42I4
8912 11638
3912
9018
3538 44
8534 1113.1
71'2
458
51
92
6312 75
66I4 7478
IO2I4 106
100
975s
2712
8914
106lg
IO5I1 109
25I4 2934
10278
66
87
I6I4
2II2
4OJ2 45I4
35I2
44
6 134
42
5OI4
49
26
5512
3734
9
1218
9
125s
18
16
1278
6912
4OI4
I512
181.
12
I7I4
48
47I4
47I4
3I4
4ig
4 Is
351s
2612 2834 2618 2SI4 23
27
124 130
123 13234 I2OI4 131
82
82
85
2334
20ig
22
358
27I2
128
90
2038
27s
23ig
116
I312 2II2
4612 49
29I2
"3"2'34
47 12 5858
'2'9
82
49
5534
I8I2 2318
12
151.
76
4278 50
96
95
70
II2
4II4
3OI4
5II2
2958
51
4812
33 12
55I8
49
28
47'4
42
9678
41
87
92
9134
41
85
80
89
8OI4
84
2912
2318
29
86
25
26
42
2812 31
28
28
40
40
42
97I4
8834 IOII2
7558
7034
33
93
29I2
2714
2734
391s
20ig 2678
3OI2 35I2
44
2112
45
28
50
4638
1034
1934
4713
5412
44
49
17
24
1258
4II2
897g 10534
843.1 lOOJg
4134
30
90
39
46
99 12 10434
9858
94
44
92 12 10834
4618
171.
4178
37lz 41
72 14 897g
7518 8214
3712
69I4
641;
39
87I4
81»4
164
93
9234
9II4
37I2 43
8OI4 106
761s 9834
26
8518
35
37
54I2
95I4
2038
251.
45*4
7978
82
51
3
75I2
IOII2
100
25 5834 65
100 100 100
100 73
78
"2"
69I4 75
693g 74
65
747g
97I2 97I2 101
951; 96I4 9534 99
961. 97
I59I2 197
148 181
18234 l!)4l2 15II2I931. 15012 18412
931? 931; 911. 94I2 94 14 94 14
90
961s
7OI4
9I4
4I8
18»i
85
3512 38
717s
9134
13
53
e3>| 7«
45
20
40
20
934
III2
I37I2 111
131
102 IOOI2 102
208
58
67
1914
58U
80
la
101 1.
21;
3OI2 32I2
21
2534
2178
15
101>4
87I4
b'y
16
571
921.
67
90
93
03I4
1^014 137
80
101
93
1
100 130lg 142
18i|
9tfl4
100
821. 84*4
"912
6I2
7I2
IOI2
13
514
9
712
9
7
S's
83s
89I2
8058 70
611
60
8058 637g 75I4 6684 6934 5734 7218 50
5612
57
IO2I4
9912 IOII2 95
91
9712 9234 9234 93I4 93I4 91
9434 90
92
92
90
86I4
78I4 7»
93I4 74
75 12 8534 76
821; 7578 7838 72I4 7934 70lg 75
74
1081- 105 109
110 1063s
10134 103
10434 10834 lOOlg 104
10234 1037g 102
IO312 IOOI2 106
103
95I4 112
11714 92
IO7I2 94
114
89
92 103
9812 IOOI4 94 103
98
92
977s 9218
4812 30
30 12 34
20
2612 22I4 28
42
33
47
4434 32
38
26
24
35
37
5II4 5512 50
467g 44I2 44I2 45
61
45
50
48
54
45
45
51
50
48
50
IO414
48I4 53
5II4 551s 5118 65
4978 56
58
56
51
54
48
59
53's 5012 59I8 53
771, 5038 70
5378 68
51
5738 4812 581; 42 12 50
38
49
40
55
6934 49I8 61
I2I2
1434 15
1534 17
1534
14
16
1938 2238 1634 20
15
21
2612 2938 24I2 27I4
18
1712
4II2 4718 3918 447g 37
5078 3858 47
4134 37I4 4OI2 Name chit nged to Th e Pure Oil Co.
51I2 44
46
48
4778 49
52
48
4914 48
52
52
5512 47I2 52I4 50
in-
5
Pacific Gas
Electric
100
Pacific Mall Steamship
5
Pacific Oil (when issued)..
Pacific Telep
Teleg
100
Pan-Amer Petrol Trans
50
Class B stock
50
Preferred
100
Parish & Bingham
no par
Penney (J C) pref
100
Penn-Seaboard Steel v t c.no par
People's Gas Lt
Coke
100
Pettibone-Mulllken
100
Philadelphia Co (Pittsb)
50
Phillips Jones Corp
no par
Preferred
100
Phillips Petroleum.
.no par
Pierce-Arrow Motor Car_.no par
Preferred
100
Pierce Oil Corporation
25
Preferred
Pittsburgh Steel pref
100
Pressed Steel Car
100
Preferred
100
Pub ServCorpof N J...
100
Pullman Company
100
Punta Alegre Sugar
50
Pure Oil (The)
25
Preferred
100
Railway Steel Spring
100
Preferred
100
Rels (Robt)
no par
1st preferred
100
Eemlngton Typewriter v t c. . 100
First preferred v t c
.100
Second preferred v t c
100
Replogle Steel
no par
Republic Iron
Steel.
100
&
IHH
145
1001;
21^
'nig
9934
35I4
67
42
37
21^8
I8lt
12814 140it
27
14"
Is
&
-.'1
46
62
lM<t 127l4l43>(
18ig
44
121 131
11712 1245s II9I4 134
120
IO5I2 107
10514 10514 10H2l03l2 102
187 222
161 19812 163 206
16458
98I4 94
101
105
95 100
98
3712 7I-'!i 223] 4II2 291s 3878 31
48"s 523.1 42% 40.';s 43I2 4878 42'4
633.1 6!)l2 61^8 65
65
68
63
100 10034 99 100
9934 98
99
38I4 40
32
46
51
3612 47I4 41
4758 38I4
&
Orpbeum
387a
17
»4
Stores
Preferred
Oklahoma Producing & Ref
Oklahoma P & R of Amer
57I2
144
77g
2558 303^
25I2 301?
HIth
145
stamped assented
May Department
Pacific
61
69'4
35»4 40
19
23
138
22U 1834 2114 iosg
65" 50
00
49
62
1'4
50
Maxwe'.l A!otor
100
Certificates of deposit
do stami^ed assented
First preferred
100
Cert if icntes of deposit
70
3OI4
21
130
121s
Il'g
"21"
Rip.hts
Mathieson Alkali Works
63
35
57
28
60
23
iw
95
37ig
38
37
3554 3OI4 38
261] 32
28li 31
170 160 I6SI1 160 KiO
14434 145
135
lOV, I6I4 16,
8
1S>4
I55I4 15514
140 140 12934
165' I'o'il. 103 103
100 102
99 102
99
29I2 36
27ig ai's 26
2512 32
303« 19
15212 1641- 135
734
9
6 Is
9
11)1; IO5I2 lOilj 105
10534 104
104
Riftl.ts ._
Mackay Currpanles
Ite^emhfr
II
i
Kltilits
Loft Ineornoratcd
no par
Loose-Wiles IJi- i-uit trctfs...IO0
Low
share t per share % per share I per stiare i per share f per share f per short
lOllljlOltl
67I2
fhloir
jh
3OI2 3534
353g 411
3812
4212
90
197g 33
33
42
35
35
3458
4038
23
361s
3534
98
93
4834 7OI2
9812 104
157g 19
9OI2
89
88I2 91
5134
98
96
87
96 14 102
74
89
23I4
36I4
2258
32
33
3812
30
35
3612
35
3378
385s
62I2
62
92I2
9U4
74I2
102
I9I4
917g
95
89
75
89I4
9812 91
IO4I2 IO6I2 10334 10634 104
3534
68
I7I4
9434
87
95I2 103 13 84
90
89
IOOI2 IO3I2 IOII4 IO4I2 102
67I2 68
65
II3I2 1171s 109' 115
113
91
4OI4
5438
97
94
124
8638
103
4II4
6734
9134
73 12
100
2OI2
16
8738 93188
91
95I8 11334
10434
10278 100
66
64
103
66
112 124
8512 120
90i8 1061;
99
99
9810
98
43I2 4812
107 12434
78
62l2 8OI2
98 10034
71
IO5I2 106
106
21
82
8338 94
23
861?
84
6718 90
3412 43
8418 116
96
39
94
94
97I4
96
37
98
31
93
23
93
40 12 44
63
91
6578 8278
10478 IO8I2
I8I2 23I4
4358
901s
35I4
4OI2
97I4
86
4934
8418 11158
4612
92
11634
97I2 9934
96
9918
10258
100
63
10834 115
98
nil;
8834 97I2
9212 100
18
80
5818
89
89
79
35
93
86
16
21
8112
7612
24
88
12
187s
83
86
33
163g
4334
28
411.
I914
86
8I4
2034
301
3534
38
33I4
57
67
50
37
4414
521;
941;
165g
8578
36i2 44I2
4318 56I4
96' 101'
94I4 102ij
96
97
47I2
92
I5I2
8212
88
ni2
3734
3OI2
50
60
83
93
85
9934
81
163s
843j
85
100
303s
50
83
33I2 39
94I2 100»4
97
15
75
6OI4
103
17
7912
65
921. 100
9OI2 100
1512
21
37
45
37
34I8
361-
3434
4OI2
38
42
31 14
60
50
78
81
65
73
34 12 3834
35
2634
33I2
8SI2 901.
3OI4
2OI4
7434
3758
391
89"
37I4
37I2
351;
15
61
3258
2518
1578
I5I4
liu
151.
84
I212
8O1I
7734
881;
90
87
86
90
84
88
1718
32I2
35I4
88I4
451
33
93
11
13
79
85
8II2
8812
125g
8OI4
9158
971
99^8
98
89
55
IO914 1127g 11218 11734
9812 IO5I4 84 1041;
387g 427g
2278
39I4
37
27
35
57
86
86
37 14 39
45
617s
90
98
181;
15
81
88
83
831s
90
97
63
90
55
no
114
66
36
41
917g
95
100
881
88
93I2 971
9234 98
77
98
98I4 1007g 99 101 ig 93 102
67
58
63
6334 58
54
no 1151; 1093g 11334 1001; 1121
65I4 721. 4034 6834
6914 81
4OI4
3934 30
4014 38
38
92»4
1001; 100
ISlg
101;
13
15
77
84
75
75
IOI4
7OI4
6II2
50ig
60
7312
45
90
92
89
93
79I2
96I4
93I4
10214 104 >4
IOI4
701;
60
90
93
9278
88
6I4
3434
3U>8
27';
9
ID'S
40>4
3434
361.
31
82
121.
72
SO
82
721.
90I4
84
63
MH
95
60
951. 106
40
54»t
297g 35>8
95
75
73
75
81
100
104
101; 10
107
100
104
10
66
70
97
10
70
70
47 14 57
85
85
101:
32 U 49
7
63>4
241s
86l2
66*4
37
85
75
85
8278
66
81>4
30
791s
63»s
77
55I4
74
69*8
89
94lt
84
91
87
8912
9434
70
84 12 9978
931;
8412 9838
62 12 8434
7658 87
721.
7234
8378
865»
727g
97I4
94
947g
93
92 14 93
93
94
92's 0S7«
2I4
100 10358 10634 100
10334
94
96
2
.
2
1
1
THE CHRONICLE
134
[Vol. 112.
1020— Concluded.
January
STOCKS
Imw
Fibrillin/
II tffh Iahc
II iu>i
March
IMW I Ugh
SrplembT
July
Angus
June
Mav
High IMW High 1x>w High Ia)W High lAtw High Low High
par $ per share $ per gharr $ per Bhnrt S per share % pet share % per share S per share
6434 42ig 61
41
38
43
42
64
62
37
par 61
6fi'4
1151411614
08 101
317g 32>2
Rlfthts
.
727g II512
118
Certificates for N Y shares
10168 llOf's ns^giosii 97 10012 104 1« 11.5% IO9I4 123% 111
I5I4 16
IOI1
1.5.%
10
I5I2 IOI2 1434 177« 15
Ifil4
10 I4I3 ini.| 15
St Joseph Lead
25I4
21I2
1034 24
no par
Santa C:ecilln Sui}ar
69
64
83% 45
6412 82
471s .50% 4612 6II4
74
100 71
70
Savaiic Arms Corp
77
9I4 107g
8I2 141?
IOI4
1878
13
7
19
100 ir>i.i 21 •8 i:i5g 1858 15
Saxon Motor <:ur Corp
137 201
100 22M.i'210 214 220 215 235 209.14 243 203 22134 203.14210
Co
Scors Kochuck
1123, 112.14
no
110 1191 n4
100 IKi 1171;
Preferred
65' 773g
7518 857s 72% '84 is 7212 7012
73.14 83-'
£2 SOU JKti, 7.012 88'
Triid
Shell Transport
33I4
Sinclair Consol on Corp. no par 40'''.i 4Sri 3434 41% 3812 4,5% 33 ig 44% 2834 37% 301g 3234 20
72I4 64
7714
77I2 00:.8 77I; 64
8OI2 61
71
64
100 7.1
1
82', 04
Sloss-Shef field Steel
87*
94 14 89
87
<)2^\
91
87
88
91
94
<)0
94
100 8<t
(11
Preferred
>r,n
310 250 290 301 301 260 290
100 220 217 200 24.') 207 225
South Porto Rico Suftar
108 108
100 IKS no
no no 112 112 no no 108 108
Preferrctl
140 140
140 160
100 139 J48
120 140
Standiird Mllllnft
78
78
78
78
85
85
100
Preferred
Truck Inc. .no
Royal Dutch Co Amer ctfs
Rcpub
Rfotor
&
&
&
NJ
N J..
Preferred
25
-100
Subscription receipts
Rights
& Tube of Am pref
Stern Bros 7% pref
Stewart Warner Corp
StromberiJ Car of Am Inc
850
100
. _
802
112
113% 104
680
816
II2I4 101
_
90
44 12
70 U
I9I4
Times Sq Auto Supply
Tobacco Products Corp
Rights
4138
90
37% 45
80
55
59 IO9I2
97
97
50-14
II8I4
72
126%
8018 IO5.I4 8014 1 IOI2 104
IOII4 100
101
97
113 391
lOO'i 130
IOOI2
8334
14% 17
I7I2
12
39I4
46
5%
130
7'2
MPs
IO5I2 10.534
4.>% C712
231s 29I4
.59
701
82%
124
51
5534
351;
72-I4
02
89
120
IO6I4 IO6I4 106
43 12 5878
45
43
38
4OI2
4612 60
101.% 10134
46I4 4312 47
rl.5012/
240
172
222
193 cl68e214
300
209
1'
229
9.5I;
61
8712
70
51
993t 100
4278
100
90.'s
102
Rights
United Dyewood
7978
64 14 72%
93 12
92
4778 507,
98lg 99
4OI2 42
195
43I2
49
216
C172/210
420 420
215 215
<j
5078
108 /1 80
330
190
330
205
4434
U
U
U
US
&
&
US
&Me
62
90.is
57I4
88
89
86I2 86I2
79% 85
363i
8OI2
6678
30
62% 78
2078
GII2
5834
92 14 92 12
92
92
86
36
74
44
9734
5434
47ig
52i(
96
40
48
48-14
43I4 4834
31712318
I99.I4 200
978
Rights
1
Virginia-Carolina Chem
Preferred
Vivaudou (V) Inc
100 651s
100 no
no par
Vulcan Detinning
100 25
100 87.
Preferred ._
Hcilbroner
no par
Weber
Western Vnion Telegraph
100 8OI4
50 115
Westinghouse Air Bralve
50 52
WesfhouseF.l
Mfg
50 65
First preferred
100
Wej'man Bruton.
100 101
Preferred
50 5878
White Motor
no par
White Oil Corp
5
Wickwirc Spencer Steel
&
&
New
Wilson
&CoInc vtc.
Preferred
(F
W)
Preferred
Pump & Mch
Preferred A
Worthi'n
Preferred
B
70
103
82I2
102
"
166" 106
78i4
7712
637
102% IO5I2
.070
79I4
85I2
77
26
38
31
4II4
83I4
5834
8512
2412 28l2
2218 44>2
3734 47
14
10
8312
90
29I2 33
82
90
347s
64I2 77
53I2 O6I2
64% 74
53-I4
90
8512
2038
17%
54 Is
47I2
13
13I2 18
49I2
41
97I2 97I2
3612
30
I8I2
50
52
40
97
41
4018
42
37
48
46"
"53'%
70
-4712 '52.%
76
85
8I4
103s
I4I4
III2
I9I4
45
96
30
40
50h
42
95
4OI4
46
52
210
205
210
216
210
200
210
20OI2 180
199
2178
10%
1714
66% 72%
71I4
64
69%
48I4
667g
46
56
86
8512
11
4234
88
82
86
80
8212
934
4134
22I4
3OI4
18% 24 12
62I2
723s
57
67%
6312
7178
88I2
95
85
8;
88-I4
89
88
1378
26-14
I3I4
10-14
I312
I7I8
1234
6034
6918
16
1.534
34I4
113g
67$
97
8912
1
57I4
55
96
224
55
96
94
94
213
56
93
1%
'8
72I2
63l2
72
5612 65
47% 46
43
46
lOS
93% IO7I2 89%
113%
1091
1
113
8I4 10%
11
73% O8I2 97
45I4
56
607g
43
9II4 95
56
65
4OI4
45%
152
156
101
87
105
77I2
2612
3OI2
45
152
105
8OI2
73-I4 '8434
28-I4
21
32
36% 39
40
145
I3I4
6%
347g
121
121
IO3I4 IO3I4
6 134 76
29
I9I2
3712
27% 33
120
170
103
16014 104
no
160
100
105
no
100
105%
47
45
46
45
45I4
55
55
98I4
2334
126
101%
91
IOOI2
4134 4412
60
56
48
52
86I2 861
18234 203
18412 19634 19134 213
196 22478 187 221
73% 45I4 69
59
701s 66I2 7234 6978 75I2 54
IOI2 I4I4 IOI2 I2I4
I2I2 16
I312 1518 13
15
4334
38
4II2 441
4118 41
39% 45
40
42
32%
6II4 4812 on, 4534 52 14 29
4812 15
54
78% 871 79% 87-'s 80% 8678 6OI2 83% 5rtl2 717g
93I4
94-I4 94-I4
93
90
93
937s 91
931s 94
37I2 4334
47I4 53I2 48
5212 357g 47
46
52
70
5812 72-I4 53
80
89
74% 9OI2 71I4 81
95I2 102
IO5I2IO8 10414 107 100 105
101
106
.
50
55I2
43
4178 43
87I4 9.0% 8378 9II4
971s
IO4I2 108
10438 1071, 105l2l09!,s, 10518 107
8I2
718
8^
8
8
8
7
81s
87I4 74
8334 71
66
761;
9314 60
4278
47%
8I4
12%
II4
56
93
4178
I5I4
50-'4
60% 52%
67"-2
417g
6534
2912 43
43
44I2
911
44
41
80
44
39 12 42
8578
105% 107
7I2
64I4
1078
72I4
43I4
SO'4
lObig
89"s
8878
10514 107
109%
10
13%
10
14
6I-34
68% 41%
64I4
36%
98
5634
I05I2
9
1312
7014
83I4
104% 108«2
7% 10
2812 45
1
77I4 67I2 75% 62
7878 6512 8OI4 6418 74 7g 72
53 14 62
67% 6OI4 70
591s 69% 02
II2I2 107 IO9I4 IO6I2II2
IOOI2IIO 104 10034 106 10778 10434 IO5-I4 IO4I2 IO7I4 IO7I4 108 105 1071:
17
2018 1734 21
16 »19i2 127s 10% 11% 151] 10% 15'!
29
20
20
16
16
72%
,
89
15
119
55I8
82
100
48
64
86%
8412
89I4
11512 108 115
54^8 50
5478
64I4 65
65
16
7I2
8OI4
87%
79
79
9-I4
88I2
2434 39%
8834 987g
534
97s
84I4
no
88
116-I4
4812 53I4
82I4
85I4
103 115
44I2 4934
627g 6278
81
104
48%
8434
108
5OI2
80is
102
43
82-I4
82
83% 82% 85
IO8I2 IOII4 104
5OI4
45% 48
9934 IO4I4
46
49
83
98
45I2
11
92% 83 u 90
10212
8'ti4
I02I4
48
65
40-'4
47.8
61
62
10
8912 9678
40
433g
70
70
65
60
60
154
6512
154
101
66.14
5434 68I2
49
6O34
52I4
227g
2878
23% 26
18
8912
86I2 8912
66I4 77
8II2
6534
87
76
93
95-14
6978
25%
47
56
16% 20
50
54
47I2 65I2
4334
49
42I2
4834
29% 2412
17% 10
32I4
2OI4
25I4
1634
24
I7S4
79I2
8312
0334
911
3178
2OI4
I5I4
1534
37I4 45
3OI2 39%
47
23% 25I2 167g 25% 13% I8I2
20
22
27
25% 29% 19
9% 1134 078 1078 5% 8
4212
'8
preferred
Woolworth
64I4
45
109
921.1 105.%
93
109%113l2 110
11.5-1
9I8 10
9
12's
53
4612
57% 42
25 2734 32
Willys-Overland
Rights
111
330
325
63I4
76
90
/140/140
6II2 71
OO'i 76
40 12 47I2 4434 46.%
47
97
55
59
87
83
94
no
113>,s
83
144' I57I2
94
197I4 2031 195 207
191i2 2043i 176 191
179-14 20078 197
194
84I4 9OI2 64
8712 60 12 8218 67I2 82I2 60
7834 75I2 8312 65-I4 82I4
15.14 201
I5I2 1878
1618 2258 IOI2 24.% 10
18
17
10
I912 251
44-I4 55
52I4 55
52
50
44
46-% 55I4 45
4218 45
4414 47I4
65I4 62
071
72I2
5618 7OI4 62I2 74I2 50
68
6418 78% 531s
61
88I2 82
97I4
104 no--!, 77I2 106^4 7812 IO2I2 8212 1007s 79
93% 82
102
97 100
96
90
96
99
95
9612
97
94
1021s 1033i 101
44I4 5878 47
58l2 52
44I2 5fi3.j 40
511
6934 46
6O34 5I-I4 6II2
86I4 102%
122 n.334 9II4I28I4 93I811512 97 II5I2 89 IO2I4 9234 971
11378 11034 113
113 llfll
10834 11212 1057s 10878 IO7I2 109
104 IO8I2
104.is
83
4534
2712
20
43
75
Cl80l2il85
1
90
33%
103
78
&
100
100
100
"\"no par
Corp
Iron Pipe
Fdry. . . 100
U S Cast
1 00
Preferred
100
S Food Products Corp
100
S Industrial Alcohol
Preferred
100
100
Improve
S Realty
Rubber
100
First preferred
100
Subscription receipts
50
Smelt Ref
Preferred
50
100
United States Steel
Preferred
100
100
Utah Securities v t c
Vanadium Corporation
no par
.5014
23I2 331s
65
51
3H
106
98': 103
I2
no par 23.1s 38.''4 20
Transcontinental Oil
26
21% 28%
Transue & Williams Steel. «o P'lr ,5!»l2 001 54 14 6II2 5012 03
100 175 190 108 175
Underwood Typewriter
172 175
Preferred
United Fruit
Un Retail Stores
43
121' 12 .5
7Sl2 78':
8312 86
84
9I8 I312
17
9
50-I4
54I2 40
5334 65
50
47
43
48% 55
47
78-I4 200
180 185 1 04 12 175
161
152
165 172
161
100 no no
Preferred
IOSI2 IO8I2
100
108 IO8I2
88I2 91
PaperCorp(n«c)100 91
92 14 79
Union Bag
90
87 114 HOI4 127
7312 11812 823g 90
83
85
88
.33I4
32I2 2514 29
no pat 3OI2 38
3OI2 36
35I2 27
Union Oil
311
27%
27
32% 2812
26
287s
40I2 50
42I2 4414 42
no par 48.'8 53
United Alloy Steel
42 12 5134 44
441
41
44 12 387g 42
38
51 12
.100
United Cigar Stores. _
130 130
130 150 13OI4 I36I4
145
100 1111211112 109 111
Preferred
1097g 10978 110 110
100 141 148 12512 141% 134 138 134 13934 I2II4 134 II2I2I3O 110 115
United Drug
10518 110
105
49I2 45
44I4 44
50 51
1st preferred
4934 47
53
48% 5118 49I2 51
4834 50-14 48
47
44
1
106
21,
HTi't
10
I4
100 10
17
43i
38
437g
16018 201
9
2II4
108:2
103
08
I7I2
4812
lOOlg lOOls
137s
6'«
3
83 12 8.3 12
105 120
89
138
106
I2I4
41
2I2
9'/l2
4612 .0318
30ig 33
O2I2
71l«
10
1534
5I4
107
49I2
1434
101
6'4
28
4%
76%
13%
IO5I4 12.5%
28-14
2778
8712
934
I8I4
HOW
flSig
873«
I4I2
III2
I.37g
100% 100% 105
166' 227
78
7II4
911s
I4I2 I714
I3I2 15
217g 38i2
4% 6I4
I'l
9II2
97I0
96
397g 417g
no par
100
69ig
231.1
.-
Preferred
6II2
99I2
41
56
99
&
Rights
Ig
90
39
50
ijiiB
649
2is
Steel
.
High
700 633 660 600 680 630 670 615 715 608 700
10534 lOOls KMIg 1037g 1057g 10434 IO6I4 104% IO5I2 10478 105% IO3I2 10.01
IO2I4 105
103 IO312 10412 105%
1007s 102
720
625
la
100
100
no par 431.1 43I4
no pn
801
70
100 9(|.'!.j n.O-ls
Studebnker Corp (The).
100 100 ion
Preferred
Stutz Motor Car of Am. . . tio J>ar 116 I37I2
par
Submarine Boat Corp.. ..no
no pa
Superior Oil
100 46
60.18
Superior Steel
100 102 102
1st preferred
Temtor Corn F P class A no yar
...no par
Class B
.25
Texas Co (The)
100 193 231
Texas Co (The)
Rights
6512 01
Subscription receipts
el86cl'l.3l4
100 325 325
Texas Pacific Land Trust
100 20.1 20.5
Tidewater Oil..
IAlio
S per share $ per share 8 per shnre S per share $ per share
IOI4 26
28
43
25
3814 30-% SOU 2534 32
.
Standard OH of
Standard Oil of
NcncmhfT Decerttber
High Ijno High
October
April
lAiv
_
100 8878 93
86
..100 735s 82i8 64
100 9812 9812
100 I23I4 130
120
100 113 II6I4 II2I4
v t c. .100 8734 95I4 07
93.I4
100 92
88
...100
e
70
76
Part paid
69I4
73 12
I25I4 I2II2I25I2 122
113
94%
89
73
111
111
7OI2 861
9OI2 92
7178
7
75
111
145
111
777g
6334
817g
6818
iTso"
ISs'i'i
107
no
66
88-I4
60
74
9134
9134
7OI2
6734
70"
70
46
40
62
84l2
76% 81 14 6212 7612 57 12
46lo
50% 59
46
57
26
87
4834
3478 43I4
79I2 7912
80
8S
107
105 108% 10412 10712 10678 10912 IO4I2 1097s 105 IO9I2 105 111
IO6I4 1001 103
IO4I4 105
102 105
104 IO7-I4 IO5I4 107
6878 6OI4 77I4 55
42 14 57
35:.; 47I4
64
O4I2 57
"ess55% 01
73
89
80
78
.89
84
80
81
81
78
77
84
62''2 64I2, 57
66
68
03% 66
6212 63% 62I2 64
6I34 53I2 68I4
57i'>
91
100
81
51Vg
89
61
601
5312
52I2
no
I
Full paid
CURRENT NOTICES
—
Fielding Simmons has been admitted to membership In the Baltimore
Stock Exchange firm of Colston & Co. Mr. Simmons was for eleven years
connected with the New York firm of N. W. Halsey & Co. and later became
Manager of the Baltimore office of the National City Co. For the past
two years he has beed with Colston & Co.
.Tames R. Bartholomew has resigned from the Equitable Trust Co. to
become associated with the firm of Tripp & Andrews, where he will specialize
in municipal and Federal Land Bank bonds.
Merrill, Lynch & Co. of New York, Chicago, Detroit, Denver and
Los Angeles announce that Haskell Benson has, beginning .Ian. 3, become
associated with the firm at 105 South La Salle St., Chicago.
Strother Brogden & Co. of Baltimore announce that on Jan. 1 Thomas
S. Trail, .lames H. Bradey Jr. and J. Faunc Brady became general part-
—
—
—
ners in thoir firm.
Hambieton & Co. announce that Joslah Macy, associated with the New
York office for several years, has been admitted to partnership.
—
Marwlck, Mitchell & Co., Accountants and Auditors, announce the
opening of an office in Havana, Cuba, under the supervision of S. L. G.
Sutherland with R. J. Austin as Resident Manager.
The second annual report of the >Hawkins Mortgage Company of Portland. Ind.. signed by Morton S. Hawkins, President of the company, will
be found among the advertising pages of this issue.
Rutter & Co. have prepared a chart (pocket size) showing at a glance
the Federal taxes on incomes for 1920, based on $2,000 personal exemption.
A copy can be had on request.
The Bankers Trust Co. has been appointed registrar of the Preferred
and Common stocks of the Allied Chemical & Dye Corp.
The New York Trust Co. has been appointed transfer agent of the
Pacific Oil Co.
The United States Mortgage & Trust Co. has been appointed registrar of the capital stock of the Pacific Oil Co.
Pouch & Co., members of trie New York Stock Exchange, announce
that J. R. GemmlU has become associated with them tn their Bond Department.
—
—
—
—
—
THE CHRONICLE
Jan. 8 1921.]
135
NEW YORK STOCK
DEALINGS IN FOREIGN (lOVERNMENT SECURITIES AT
EXCHANGE
BONDS
l-vear noli's 1921
6
S-year notes 1925
«
Berne (City) s f 1945
8
Bordeaux (City) 15-yr 1934. ..6
C^anuilu (Dominion of)
Gold bonds 1921
5
Bonds 1926 _
5
Keglhtered
95l«
<A3U
U64t
Ti
74
70»4
90'4
9618 98 '/ie 97 'i» 99 'it
9734 «8'4
70
74
70
75
72
98*4
977g
70
Bonds
1931
2-year notes 1921
10-ycar bonds 1929
Chinese (iovt (ImperiaD-
5
5H
5H
sterllnfi '51. £.5
Chrlstlania
(C;ity) s f
Copenhaiten s f 1944
of)
1945
70
£7
72
"**"
•
991. UN)
99 14
991
97
9818
891.
Wt
08
It
9914
71
985s
985s
f.8U
09»s 711?
97>i 101
99I4 9!'34
911. 93
70
90S, 983*
98>4 KXI
93I4
91
94
100
1
71
74
961. looi
993» 99..
8984 9:;i;
OOn 72
94
9h
9' .58
'J'.li,
h4'4
9114
'.21-
96*4
79>J
H(i»4
83
84 14
8234
841.
831.
871?
791.
81
751.
971s
8678
981.
891.
9784
8714
985s
98
99
9838
90I4
99
92
983^1
9OI4
9018
9II4
86
9Ula
91l2
841.
9034
9OI4
915s
90
90ie
98
99
97I4
90
92
921s
951?
90
98
88
99
911.;
911,
98'>
931,
811.
976,
895s
91
987s
90
86»4
9Sls
911"
87
981"
425s
44 14
41
44
42I4
437s
4284
44
407,
427«
98
99
76 1»
38
92
705«
4288
98»4
731;
75
78
92h
OOlj
89
9OI4
87«4
89»4
86
87»8
84«4
861.
98's
901.
973,
921s
9734
965g
975s
93
961.
8958
961.
96
9034
91»4
97 1»
03
97'4
937»
88
90
87
90
S734
8734
!»1
921-.
91
85
87
983.S
97I"
973|
9078
93 1»
93I4
957s
951"
9558
891;
911.
841.
9034
891-
90
981"
89»R
95Vi
89li
90
93^8
9038
9«34
86
981"
97lv
9I7s
983«
U47«
911-
971s
947n
92
47
50
42
46
431;
457s
44
4678
41
44
41
44
95"i
927*
913,
_ - - -
80^4
79
80
751.
79I4
9IU
925x
90
91
903j
9134
S(>
'74i"4
78^8
917«
90I«
8(1
74I8
75\
Yo"
80
8418
851-
971s
881.
98I4
90
..
.
Dominican Republic s f 1958_5
French Republic (Gort of)—
_ 8
25-vear external s f 1945
Italy (KiniSdoin of)
5-year series A 1925
_6H
Japanese Govt (Imperial)
Sterllntf loan 1925
£.4H
991
9't'>
9018
90Ss
SH
—
99 >a J9
98
9214
8
External debt loan of 1904.
External debt ser A of 1914 5
4'-,
External loan 1949
991. 99' 16 100
9838 9914 99 14
091. 71I4
72
98I4 9818 101
981s 987s
9858
9838
5
Cuba (Republic
1920.
SO,.r.-\
October
March
Sepimibtr
FebTuarv
^prll
Augmt
January
May
June
Julv
Low Hioh Low High Low High Low 1/luli Low High how High Lou High Low High Uiu High Low High Imw
5
Anitlo-French 5-y*ar-_ .
_ 5
Registered
Internnl 5s, 1959,.
Argentine
7U
ReldJum external s f 194A
Hukuanit Ky
IN
72
71
79
80
727s
80
80
74
861;
751.
903s
8038
73
83 14
747,
75lf
74
7638
74 14
767b
751.
7714
75I4
781.
72
917s
811.
7334
7438
901,
801s
717s
8478
905«
89
86
89
81
7034
8058
811;
8614
811;
72
081.
73
84
843;
791?
701s
818,
76
807«
717s
83
80
79I4
sols
921?
821?
721.
87S4
85
731,.
87
85
81
871s
791.
00&;
76
1025« 101
101
81
81
81
62
081?
75I8
78
10212
IO2I2 100
9058
7684
81
00
72
62
75
9958 10038
93
951.
93
95
92
951.
92I2
93
897,
921i
90
90
85
85
79
85
68
741;-
71
79I2
7434
80
7358
7034
73
753s
7238
757s
701.
74
7284
761s
7338
...
761s
7438
751*
7434
76
7(i
£.4
791
7112
82
77
67i2
7358
70»4
79
73
791?
73I2
751.
7212
74l>«
TIV
74»4
70
73I8
7U2
751?
74
76»4
74I4
75
74««
761f
58
71
55I4
60
5734
65
5834
6534
5714
601.
54I2
£8is
54
67I4
521.
69
67
5938
57I4
59
56
S8I4
56
5788
61
Sterling loan 1931
70
7(i
do German stamped
Second scries 1925
£.4H.
82
80
70
05
65
901s
901s
901
905s
89
89
901"
88
88
891,1
8434
8434
87
88
841s
841s
85I4
83
83
84I4
84I4
831?
81
851.
8534
831.
831.
8O84
803,
80
791.
84
84
75
891?
80
80
8734
90l|
75
80
80
30
30
42
30
35
30
3534
351.
331.
307s
30
44
401.
40
411.
£0
373«
4578
27
26
28
28
20 14
29
33
363.-.
34I4
928s
91 12
9234
901.
9234
95
941.
9584
94
391,
955s
28U
881:
283s
911.
365s
91
371- 31
s20
31
9OI2 89I4
3II4
3234
91
357s
941.
7212
f.4
do French stami>ed
i-yons (City) 15-year 1934
6
.Marseilles (City) 15-yr 1934. _.
.Mexico (U S of)—
External loan of 1899 (>..£.
4
Gold debt of 1904-1954
Paris (City) 5-ycar 1921
6
fi4l2
905s
90
•>
92Si
93I:
35
32
43
37
no'4 93
•>
8958
911?
2934
31
893,
-
- -
88
Switzerland (Govt of)—
20-year (Sold s f 1940.
8
(City) loan of 1912. .£.5
Ire—
United Kinft of Gt Brit
5-year notes Nov 1921
5H
Tokyo
&
5H
20-year gold 1937
Reftisterod
5H
SViJ
38
30
911. 94
10238 1031. 102
61
54
58Ip
55
583i
56
583i
50
551s
52
64
52
54
51 14
94l2
871s
97I4
9238
8512
95
94
9K1-.
94 14
953,
941.
903j
88
831.
80
84
9e7s
801?
951.
88«4
97lf
85l«
9584
8534
943s
8578
9612
875fi
8II4
841.,
90!>»
851s
9334
937s
953.,
90
937s
89I4
911?
8934
951s
9OI4
94
9134
94
92 14
9134
9334
92
94 14
985s
901s
8I34
87
98
86
511;
971.
99»/.
89
85
88I4
9212
90
891.
83
851.
93
89I4
92
90
841;
913s
9434
847s
9034
953s
881s
94I2
881;
941.
913s
957s
.8
£ In case of bonds ol forelKn Governments Issued
and thp above niiot..itton.s are on thnt basis.
In
pounds
sterling, indicated thus
— £— the
usage of the Stock Exchange
Is
to con.slder
8914
951s
901,
93I4
1011. 10312
42
46
971e
S21j
PSls
85I4
987s
877s
851s
89
84
104
IO3I4 lOOls 1031.. 103
IO4I2 101
46
52
521s 5434 62I4 54
58
5!-^
10-year conv 1929
3-year conv 1922...
Zurich fCity) s f 1945
85
82l2 S2i2
8512 89
99
94
P.-iSg
9381
9014
$5 as the equivalent of one pound
sterling,
ENGLISH FINANCIAL MARKETS— PER CABLE.
The daily closing: quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Lo^do".
Weekending Jan. 7—
Snver, per oz
Gold, per fine ounce
Jan.l.
Sat.
d.
Consols, 2 V< per cents
British, 5 per cents...
British, 4
per rents
HOLT-
DAY.
M
French Rentes (in Paris), fr.
FrenchWarLoan(inParls).fr.
The price of
Silver In
N. Y., per
silver in
Jan. 2.
Mon.
Jan. 4.
Tues.
Jan. 5.
Wed.
Jan. 6.
Thurs.
4t2'4
i\%
42H
415i
lUSs.Ud. 115s.I0d. 114s.I0d.ll28.2d.
40
44 J|
45
46?^
S3'4
83?<
83H
83H
77
^714
77M
77H
58
58 20
£8.40
57.70
85.20
85.20
85.20
85.20
New York on the same day
Jan. 7.
Fri.
41H
113s.3d.
47
83J4
Domestic
HOLI-
99!^
DAY.
05^
Co., Newark, N. J.
77H
CHANGE OF
.58
85.20
has been:
99H
65K
99!^
67°-^
99H
68H
The Citizens National Bank
Bank in Port Angeles."
CHARTERS ISSUED.
Capita.
Conversions of State Banks and Trust Companies:
The Commercial National Bank & Trust Co. of Laurel. Miss
$100,000
Conversion of The Commercial Bank & Trust Co. of Laurel,
Miss.
President. S. M. Jones; Cashier, T. W. Yates.
The First National Bank of Stuart, Va
50,000
Conversion of The Citizens Bank of Stuai^;, Va.
President. G. T. Divers; Cashier, J. S. Taylor.
The Burnside National Bank, Burnside. Pa.._
Wm.
100.000
25,000
50,000
200,000
Graydon Stetson: Cashier, John H. Cameron.
Total
$575,000
APPLICATIONS FOR CHARTER.
Conversions of State Banks and Trust Companies:
The First National Bank of Brea, Cal
Correspondent, F. N. High, Brea, Cal.
Conversion of The La Habra Valley Bank, Brea.
$25,000
N.Y
Total
The National Bank of Wavnesboro, Pa. (capital. $200,000) and
The Peoples National Bank of AVajnaeshoro, Pa. (capital,
$200,000), consolidated imder charter of The National Bank
of Waynesboro, and under title of "First National Bank in
$400,000
The First National Bank of Tulsa, Okla. (capital. $500,000) and
The Union National Bank of Tulsa. Okla. (capital, $,")00,000),
consolidated under charter and corporate title of "The First
National Bank of Tulsa" with capital stock of
$1,000,000
The Plattsburg National Bank & Trust Co., Plattsburg, N. Y.
(capital, $l00,000). and The City National Bank of Platts-
burgh. N. Y. (capital, 8100,000), consolidated under charter
and corporate title of "Plattsburg National Bank & Trust Co."
with cai)!!:!) stock of
$250,000
TheCentral National Bank of Cleveland", O. (capital. $1 .000.000)
and The ,«!uperior National Bank & Trust Co. of Cleveland, O.
(capital. ST.'iO.OnO). con.solldated under charter of The Central
National Bank of Cleveland and under corporate title of
Central National Bank, Savmgs & Trust Co. of Cleveland,"
with capital stock of
$1,800,000
$100 000
100.000
50.000
60.000
25,000
150.000
100.000
100,000
50,000
$285,000
—
Auction
Sales. -Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By
Messrs. Adrian H. Muller
Stocks.
Price.
shares.
2 .\rkansa.s Diamond Co
500 Peoples Oil & Gas. $1 each. :::! $14
&
Shares.
Sons,
New
York:
Stocks.
Price.
100 Haytlan Amer. Corp.. pref.,
with bonus 25 sh. com. and
lot
50 sh. founders
$8 per share
J
Bonds.
$10 lot
marks German Govern25,000
ment 53..
$ll'A per
9 Amer. Sanitary Cooler
100 Great Plastern Bids. Corp.
M
By
Shares.
Messrs. Barnes
&
Lofland, Philacfelphia:
$ per sh.
Slocks.
B. SU?t.son,
common
John
303 H
...127
1 John B. Stetson, pref
19 E. I. du Pont de Nemoiu^ &
1
Co.,
74H
pref
28 .\tlas Powder, pref
73K
68'^
50 Reliance Insurance
Lumbermen's Insurance
100
15 Corn Exchange Nat. Bank. 280-280 'i
165
25 Franklin Trust.
160
100 Aldlne Trust
35
22 Mutual Trust, par $50
25 Guarantee Trust & R. D.125-125^i;
1-4'
CONSOLIDATIONS OF NATIONAL B.\NKS.
Waynesboro," with capital stock of...
ton. Pa.
The First National Bank of Roselle, N. J
The Gatesville National Bank. Gatesville, Texas
The Ontario National Bank of Clifton Springs,
50,000
C. Browne; Cashier. James B. Stauffer.
The Boston National Bank, Boston, Mass
Amt. of Cap.when
Increase. Increased.
The Sidney National Bank, Sidney, N. Y
$50,000
The Cement National Bank of Siegfried at NorthamjH
—
Original organizations:
The Citizens National Bank of Malone, N. Y...
President, John M. Cantwell; Cashier, M. M. Miller.
The First National Bank of Seward, Pa..
President. Howard C. Cook Cashier, Irvln D. Ford.
The National Bank of GaUup, N. Mex
President. F. B. Mapel; Cashier, George W. Fowler.
TITLE.
of Port Angeles, Wash., to "First Nations
CAPITAL STOCK INCREASED.
99H
POM
National Banks. The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department;
President,
worth, Cleveland. Assets taken over by First Trust & Savings
Co. of Cleveland, O., which changes its title to "The Union
Trust Co."
The Union National Bank of Newark, N. J
Capital $1,500,000
To take effect Dec. 31 1920. Liguidating agent, Charles H.
Imhoff, Newark, N.J. Consolidated with the Fidelity Trust
oz. (cts.):
Foreign
President,
VOLUNTARY LIQUIDATIONS.
The First National Bank of Cleveland, Ohio
Capital $2,500,000
To take effect Dec. 30 1920. Liquidating agent, C. E. Fams-
By
Messrs. Wise, Hobbs
&
$ per sh.
24,985 Mesa Oil A Gas of Calif... $300 lot
\^4
7 Rights LowoU Electric
Share.1.
Stocks.
50 Plymouth Cordage
.196H
800 U. 3. Worsted, common
IH
30 Hopkins* Allen .\rms. pref.f$l lot
."iO Hopklnaft .Mien .\rms. com.)
t$l lot
50 Package Confec., pref
10 Package Confec., com
J
50
55 Brockton Hell, pref
101
15 Sharp MfR pref
2,045 US. Worsted, com. $10ea.l?!;-Hi
150
25 Butler Mills, common
.
10
Manomet
Mills
25 U. 8. Worsted,
101>i
Ut
pref
42
Shares.
Stocks.
i per sh.
3 Commonwe..ilth Title In. & T.215
121 Burlington ("ount.v National
B;i.nk, Me<lford, .V. J
75
50 Burlington County Trust Co.,
Moore-stown, N. J_
250
12 Phila. Life Ins.. par $10
10
3 Second A Third Sts. P:iss. Ry.nS'i
5 H. K. Mulford Co., par $50.. 4SH
7 Phlla. Bourse, pref., p.nr $25.. 31 H
4 Philadelphia Bourse, rommon.
6
10 Phlla. Rltz-Carlton. pref
4
6 First National Bank
250
Arnold, Boston:
Shares.
Slocks.
% j>er sh.
1.039 U. S. Worsted. 2d pref
15
4 Eastern Mass. St.
Ry..]
optional warrant
}$4 lot
16 Maas. Elec Co.. pref.. stpd.)
25 Worce't:" r.^n' St. Ry., 1st
pref
10J<
20 Newp<i
\erSt.Ry. 15
110 Hart. A.s,. ,.,^,
Ry.,cora.\$29
16 Hart. ASprlngf. St. Ry., pref.)
lot
10 Boston & Northern St. Ry.,
pref., assess, unpaid
$1 lot
114 Mass Elec. Cos.. pref., cortf.
of deposit
..16c.-$3
10 Oregon Electric RR., pref..$l lot
.
THE CHRONICLE
136
Shiirr^.
320
iprr.ih.
iViirk.1.
Maw.
.
Kiist.
ICoMt.
MiuH. St. Ry. ail), slk. J74
lot
Miue. HI. Ry. frac. sc.
e<irtf
fl
for lulj
.
.
Htock
r.iiHl. MiLSB. St. Ry. frac. sc.
fopt. warrants for lulj. stock.
3!Eiial. Mass. St. Ry., 1st
sorlcfl A
I prof
6 F.ast. MasH. St. Ry., com.. $26
lot
6 Kaat. Moss. St. Ry. opt.
Iwarranl for adj. stock
J
1.050 MaiiliattaiiOlI
3
192 Atlantic c;oast Co
50
$50
.
.
% V'r
.'inik..
.lh.
Power Co. 79
1$10
20 Texas Gas A F,l<«.. prof
lot
20 Texas Gas A Elec. common/
Caracas Sugar, com.. tW ea. 40
16
of deposit .,
81 V.OBl. Man. Rt. Ry.. opt.
wurriinl for a>l] stock
162
S/ittrr\
71 Waahlnnton Water
Klec. Coa., prof, cent.]
,
200 Smith Motor Tnick Corp..]
common. $10 each
f$l
.20j8mlth Mot. Truck Corp., pf)
20<Mprrlmac Chomica $50 each,
lot
6
ManKantMC
Assonlatca. pref..
25c.
6 Maimancso Associates, com. . 12c.
r,c.
55 (Jiililfd Cons. .Mlni'H. $10<'a.
8 United Chc^m. & IndUH., pf.l$l lot
4 Unltod fhom. A Ind.. com./
I
100 Ti'XaH (;:iH A lOloc. pref
109
2!) Tampa Electric
100 Utah Pow. A I,t.. pf.. cx-dlv. 70
100 Yndkln Klvfir Power, pref... 70
12Int<(rnut. Finance A Trade
f"or|>., pref
40 Necdham Tire, preferred
30c.
10
10
10 Peasacola Electric, pref
14 Norcross Bros. Co., 1st pref. 10
1
25 Norcross Bros. Co.. pref
,
Per ctra.
73!^
Bonds.
cach...$l 50 lot S.O.OOO Jackson Motors Corp. Ist 7s.
48
600 The Ponn-IJlxle Gold MlnliiK,
1922
$1 each
SI 50 lot 'L.'iOO no.ston Kiev. Ry. .5s. 1942.. 63
68 Int. Alcohol Corp., com. ..$25 lot S.'iOO Mineral Prod. Co. 1st M. 7S.1S5 lot
25c.-S3 21 .shares Mineral Products, com../
1.600 The Royalty Syndicate
1
120 Amer. Zinc A Slate, pref
?1.000 Commonwealth Power Ist
50c.-$l
160 Nat. Tool & Machine
20
68. 1944
60 Terminal Hotel Trust, prof.. 40
S,").500 Gulf Florida A Ala. Ry.
20 East Coast Fisheries, pref..\$210
48
reorg. synd. manacers ret
lot $2,000 Imperial Ru.s.slan Govt. 5Hs,
80 F,. Coast Fish., com., $10 oa. J
75 nraios OH Co
2
10
Internal lo.in
60 Natimkeac Oil Co., SlOeach. 50c %r,.ooo Imn'l Japanese Govt. 43. '31 54 H
200 East Coast Fisheries. pref..l
714 S2.000 B. F. Goodrich Co. 78. 1925. 79!^
i.OOO E. Coast FlHh., com., SlOea.J
.56.000 Imp"l Russian Govt. 6Hs,
163 Turners Falls Pow. & Elec. 70
10
1919. certf. of deposit
93
120 Geo. E. Keith Co.. pref
6.000 rubles Ru.sslan Govt. HV^a,
(10 Wick wire Spencer Siee prof. 86
Internal Loan
$10 per 1.000
15
100 Laconla Car Co.. common
1 ,000 rubles Rii.s.slan Govt. 4s, 1924.
10 E. Coast FlHh. Products, pref 12
Internal Ixian
$5 lot
5'Plymouth Rubber. comraon.Sl lot •SlOO Conn. Bra.S3 Mfg. Corp. certf.
$6 lot
6.000 Stmburst Cons. Mines
1
of doi)o=lt
115 RlRhta Qulncy Mkt. Cold
?2.000 X. Y. N. n. A H. 4s. 1922.. .59
Storage & Warehouse
5Vi SIO, 000 Ohio State Tel, 5s, 1944.. 62
55
5 Mollne Plow, preferred
70
,S5.000 Psorla Ry. .5s, 1926.
5 Exceptional Plcttires, pref.-lSlOO
53
.$5,000 Tonn. Power 5s, 1962
lot
5 Exceptional Pictures, com../
.?5,000 D.mvllle Champaign & De8-14
52 E. Coast Fisheries, pref
catur RR. .-.s. 1938
64K
178 E. Coa,st Fish., com.. SIO ea. 45o. SIO. 000 LoMlsv. Springf. & Peoria
70
200 Malhloson Alkali, pref
50
RR..5S, 19.39
100 Hecker Milllns Mach.. pref.. 45
S27.500 Palmer Union OH 6s, 1931. 40
10 Montpcller & Barre Lt. &
Imperial Russian Govt..
75c. 161.000
Power, common
5 'is, 1921
10-lOK
50 Fort Smith Lt. & Trac, pref- 3
rubles Russian Govt. 5H8.
65}^ 300,000
125 American Piano, pref
1926 (receipt for rubles held in
20 Graton & Knight Mfg., pref- 84
SlOO lot
Pptrograd)
71
15 Flsk Rubber. 1st prof
State of Louisiana Port
600 Petrol. Corp. of Am.. S5 ea-.$5 lot S20.000
93-93 /«
Pomm, .5s, 1954
100 Dayton Coal. Iron & Ry.,]
S5.000 Union Trac. A Elec. 5a. 1933 25
$10
common. S5 each
Kvansv. A Indlanap. RR.
lot SIO, 000
20 Dayton Coal. Iron & Ky.,
SlOO lot
6s. 192r). certf. of deposit
pref.. $5 each
J
S9,000 Inter. Trac. Co. coll. 4s.
48
SOTenn. East. Elec.. pref
10
of deposit...
certf.
50 Tenn. East. Elec. common.
9>i
ex-<llvlilcri<l
I 200 The Moat)
Oil, $1
,
By
Messrs. R. L.
Day & Co
Boston:
$ per sh.
Stocks.
Shares.
sft.
70 Ellis Adding Machine, pref.. 40
..295
25
40 Watertown Press Steel
4 Home Nat. Bank. Brockton. 155
20 Dartmouth Mfg.. pref.
72)^ 6.666 Highland Boy OH & Gas, $10
lot $5
each
30 Nashua Mfg
105M-106
3
50 Newport & F. R. St. Ry
2H 1 050 Manhattan OH tr. ctf
10
50 Kapo Mfg., vot.
100 Mass. Elec, pf. ctf dep. rep.
lot $1
Equitable Ins
30 N. E.
all sec
3H-3\4
40 Becker Milling Mach., pref.. 40
10 Qulncy Mkt.C.S.&W. Co. .pf. 72V4
10 Becker Milling Mach., com.. 10
do rights
100
6ii
lot Sll
434 Plymouth Rubber, com
J. S. Young Co
46
$ per
Stocks.
Shares.
13 American Trust
.
H
10
2 Suffolk Real Estate
400
2 500
30 Mass. Elec. Co.. pf. ctf. carrying common stock only.. lot $15
100
1 Mass. Cotton Mills
132H
200
100
90
100
50
400
6
Smith Motor Truck
ii
Texcaloken Oil & Gas
lot SIO
Texcaloken OH & Gas, Inc.. lot $1
AJax OH
lot $1
Houser Realty Synd
25
General Steel.
Laconla Car, pref
5 So. Texas Elec, pref
2
20
..lot $470
$10 each
Submarine Signal, $25 each..
67 Nantucket Cranberry, pref..
225 Nantucket Cranberry, com..
150 Cranberry Harvester
.1
3.20 Hope MlHs Mfg.. pref
/
2 20 Hope Mills Mfg.. com
Virginia Indus. Chemical
800
75Brazo30H
8
5
1
,
.'
.
.
om
$5
9H
Bonds.
J'rr rrnl.
$2,000 f Antral Amentlne Ry.. Ltd..
68. 1927..
74
$2,000 City of Wobum. Mass.. 4s.
1921
es
$26.2.50 East. Mam. St. Ry. ad], tr.
»-yr.
68.
1922
10 flat
$109,000 East. Mass. St. Ry. 4K8.
1948. July 1920 A sub. coups, on 20 flat
$1.0.50 E. Mass HI. Ry. adj. 6s, '22 7 flat
$2,000 East. Mass St. Ry. ref, 6s,
1 948
23 nat
$2,000 N. V. 4 Stamford RR. 6e.
1931
65 ftat
$1,000 Concord Maynard A Hudson
River St, Ry. .Os. 1923
10 flat
$33,500 The Denver City Tramway
1st ref, ,59. 1933
10 flat
$50,000 Boston Subvirban Elec. Coe,
48. 1919
46 flat
$1,000 Shaffer OH A Refining 6«, '29 95
$1,000 Unltefl Iron Works, Inc..
Ist 79. 1936
76 fUt
$7,500 Loon Lake Copper 8b. 1921.
coup. May 1920 A sub. on.. lot $1,000
$1,000 No. Atlantic Oyster Farms.
Inc. coll. tr. 58. 1924
20 flat
$5,000 Federal Lt. A Trac. 7b. 1923 45
$3,000 Interstate Public Scrv. Corp.
5s. 1945
45
$3,000 Alabama Power 5s, 1946,
stock tr. ctf
Series A
75)4
'/i
5 Becker Milling Mach., com..
77
7H S3.000 Idaho Power .58. 1947
40 California Elec. Gen., pref.. 60
$3,500 New Netherland.s Bond 4
20 Gal V. Houston Elec. com.. 25H
Mtge. Ist as, 1930
50
100 Galv. Houston Elec, pref... do'/i $1,000 Nor. Texas El. Co. coll. tr.
238 United Light A Rys.. pref... 50
53. 1940
75
25 Tenn Ry Light A Pow pref 2
$38. .500 Lake Tarleton Club Ist 5e. 76
90 Republic Ry. A Light, com.. 7
$1,000 Allied Packers Deb. 68. 1939 50
120 Republic Ry. A Light, pref.. 20
$5,100 Travers Securities coll. tr.
8 Northern Texas Elec, com.. 75
5s, 1911
lot $5
5 Northern Texas Elec, pref.. 70
$1,000 Manchester Trac. Lt. «c P.
100 Nor. States Power, com
40
96
13 Middle West Utilities, com.. 13
$2,400 Loon Lake Copper 8s. 1921
50 Middle West Utilities, pref. . 27
5 shs. Ellis Adding Typewriting
30 Lynellen Corp
Co.. pref
lot
1
180 Oaxaco Smelting, SIO each..
1
2H shs. Ellis Adding Typewriting $445
149 Old Colony Crashed Stone. .
1
Co., common
494 Rock Island Land, $10 each. 1
29 shs. Mass. Elec Co.'s pref. ctf.
10 Herschell Splllman, pref
dep. carrying com. stk. only
\ lot
10 Herschell Splllman. com
7 East. Mass. St. Ry. opt. war/$900
54 Rights Qulncy Mkt. C. S. A
rant for adj. stock
Warehouse
} lot
5H $40 East. Mass. St. Ry. ref. 53
100 Royalty Syndicate. $10 each.
$69
}4 $58 East. Ma». St. Ry. ad], stock
5 N. E. Profit Sharing Stamp..
1
scrip
7 Submarine Signal. $25 each..
6
25 East. Mass. St. Ry. scrip to
Bonds.
Percent.
purchase adj. stock
$5,000 Russian 6 Ha. '19 ctf. of dep. 8
$250 East. Ma.s3. St. Ry. ref. 58,
160.000 rubles Russian 5Hs. 1926.
1948. coup. July 1920 A sub. on.
$7!^ per M.-$8 per M. $1,143 U. 3. Worsted Co., Inc., ctf.40flat
$10,000 Imp. Russian 5H3. il921,
$8,000 Salisbury Water Supply 53,
coup. Dec 1 1919 A sub. on
lOH
1935
60
M
.
.
.
.
,
,
DIVIDENDS— Change in Method of Reporting Same.
We have changed the method of presenting our dividend
record.
We now group the dividends in two separate tables.
First we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the diviends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Per
Name
cf
Company.
Railroads (Steam).
Atch. Topeka A Santa Fe, com. (quar.).
Central of Georgia Ry., common
Preferred
14
lot
2
12
$ per sh.
.Slocks.
25 15th-17tb East 32d St. Co.
of N. Y. C.
lot $1
25 New Netherlands Bond A
MtKP.. pref
lot $10
1.5-780 Madison Av. of N. Y.. pf..lot $10
13-780 Ma<llAon Av. of N. Y.. com, lot $10
60 O, 8. Walker. Inc., pref.
(Mass.)
75
25 O. S. Walker, Inc., com.
(Mass.)
25
200 Rolls-Royce of Am., Inc., pref .25
20 Rolls-Royce of Am.. Inc.,
com. V. t. ctf
5
25 Exceptional Plcturea Corp.,
pref.. with 25 shs. com. as
bonus
10
4,000 St. Lawrence Mining C^orp.,
common, $1 each..
lot $100
500 Smith Motor Truck Corp.,
common. $10 each
lot $10
135 Turners Falls Power A Elec. . 73 Vi
50 Greenfield Elec. Light
105
10 Gillette Safety Razor
13M
114 Storm Kins Stone, pref
1
lot
194 Storm King Stone, common .. / $10
200 Tezaltlan Copper
A3
1
10 E. Coast Fisheries, pref
9
40 E. Coast Fisheries, com. tr. ctf .30c.
5 E. Coast Fish. Prod., pref...
5
25 E. Coast Fish. Prod., com.
10
Kalbtlelsch Corp
Choralcelo Mfg. Co. (Maine),
30
25 University Associates
50 Utah Gas A Coke, pref ...lot $250
2 So Texas Elec. common
1
70
1-5 Richmond Lace Works
27
45
20 Chicago City RaH
225
10 Ford Motor, Canada
30 Worcester Cons. St. Ry
14
1)4
10 Plymouth Gas
40 Savannah Electric, pref
1
\ lot
25 Lactic Products, pref
50 Silvertown Cycle, pref., with
$10
)
10 Lactic Products, com.
50 8h. com. as bonus
20
98
100 Marine Hardware
25 Fidelity Trust, Boston
41
159
30 Springfield Gas Light
10 Guaranty Trust, Cambridge. 120
com.. lot $5
57 Sealstilpt Oyster Syst.,
50 Cabot Mfg
200
75
60 American Felt, pref
27 Ludlow Mfg. Associates
130
5,000 Oaage OH A Refining, $1 each 38c
2,183 U. S. Worsted, com.. $10
each
lH-1 9-16 1,000 R. B. Seamans Co., Inc., $10
6
each
55 Hamilton Mfg..
120
Ji
10.400 Seaman's OH. $1 each
650 West Boylston Mfg., com
50
32 Commercial Finance Corp..
114 Hamilton Woolen
65
15
S50 each
13 U. S. Worsted. Ist pref
42
IH
1,100 Margay OH Corp...
1,327 Mass. Elec. Cos., pf. ctf. dep.
Rights Qulncy Mkt. C. S. A
24
carrying all sec
2^-3
Warehouse
5H
5 East. Mass. St. Ry. opt. war-"
60 Plymouth Rubber, common lot $25
lot
rant for ad J stock
40 Haytian-Amer. Corp.. pref.
3 East. Mass. St. Ry., 1st pfd. $33
with 10 shs. com. A 20 shs.
5 East. Mass. St. Ry., com
Founders stock as bonus.. lot $200
50 East. Mass. St. Ry. opt. war-'
40
12 Caracus Sugar. $25 each
rant
IH
50 WlHlam Read A Sons, com..
4 East. Mass. St. Ry. adj. stk
lot
lot $1
150 Nafl Tool A Machine
200 Mass. 'illec Cos., pf ctf. dep. $61
300 Doane Tow Boat, $10 each.. 4
carrying com. stk. only
100 Georgia Ry. A Pow., 2d pref. 13
2,930 Mass. Elec Cos., com. ctf.
lot $30
dep. carrying all sec
H 6,000 Gila Development
25 Avery Chemical, Class C pref. 1
700 Denver & Northwest. Ry
350 Gold Mark Knitting, pref... 15
2 St. Louis Rocky Mtn. & Pa200 Alaska Copper Corp., $10
cific RR
lot $10
lot $2
each
120 East. Mass. St. Ry., pref. A. 8K
95
18 Lawrence Gas
95c.
200 East. Mass. St. Ry., com
60
50 Tyer Rubber, pref
90
18 Singer Manufacturing
60
50 Tyer Rubber, common
45
11 Telegraph Cable
lot $10
lot $125 4,000 Gas Products Co., $1 each
170 Savannah Lumber pref
8 New Netherlands Bond &
IH
1,500 Republic Rubber & Tire
lot $10
Mtge. common
55
50 Worcester Gas Light
10 Official Ry. Guide Pub. Co.
Atlantic Petrol. (Mass.Corp.)
500
lot $1
of Pittsburgh
$10 each
H
lot $1
5 Pike Land Co. of JopUn
37 N. E. Equitable Ins.
)
250 Worcester City R. E. Asso20 N. E. Equitable Ins. "stock lot
50
ciates, pref
$1
scrip"
J
125 Worcester City R. E. Asso10 Gorton Pew Fisheries, pref.. 40
10
ciates, common
50 Flske Rubber, Ist pref.. 70 & dlv.
28 Worcester Electric Light
195)i
12,500 Loon Lake Copper, 25c. each 10c
lot $1
4H Oakland Trust
100 Choralcelo Co. (of Mass.),
lot $1
1 Oakland Company
10
$10 each
14 Norcross Bros.. 1st pref..
3,000 Frlendwood Texas OH. $1
33 1-3% paid In llquida'n.lot $100
10c.
each
lot $50
35 Norcross Bros., pref
100 Houser Royalty Syndicate,
50 Car Fastener, pref., $25 each 60
..lot$l
$10 each
410 Sanford Riley Stoker, lat pf. 60
500 Royalty Syndicate. $10 each. 3
60 15th-17th East 32d St. Co.
190 Samson Electric
50
lot $20
of N. y. C, pref
.
.Shuns.
[Vol. 112.
Pere Marquette Ry., prior pref. (qu.)..
Pittsburgh A West Va., pref. (quar.)
Street
and
A
Wheri
Books Closed.
Days
Pavablt
•IM Mar.
1
Holders
2H Dec.
Dec
3
IM Feb.
31
31
Holders
Holders
Holders
Holders
1
Feb. 28
Inclusive.
rec. Jan. 28
rec. Dec. 31a
rec. Dec. 31a
rec. Jan. 15a
rec Feb. 1
of
of
of
of
of
Electric Railways.
Consolidated Traction of N. J
Kentucky Securities (3orp., pref. (qu.)..
Milwaukee El. Ry. A L.. pref. (quar.)..
Ottumwa Ry. A Light, pref. (quar.)
Philadelphia Company, common (quar.)
Philadelphia
Cera.
Gray's Ferry Pass ,Phlla.
*2
Jan.
Jan.
Jan.
IK Jan.
75c Jan.
*$2
Jan.
*1K
•IH
Banks.
Corn Exchange (quar.)
Harrlman National
Extra
Peoples' National of Brooklyn..
Feb. 1
Jan.
7
Jan.
7
Jan. 10
Miscellaneous.
American Bronz. preferred
American Cigar, common (quar.)
Amer. Light A Traction, com. (quar.)..
3H
Baragua Sugar, preferred
Black A Decker Mfg.. common
3H
Jan.
Feb.
Feb.
1
Common (payable In common stock).. /I
Feb.
Preferred (quar.)
IH Feb.
Amoskeag Mfg., common (quar.)
•$1.50 Feb.
Preferred
•$2.25 Feb.
Atlantic Refining, pref. (quar.)
IK Feb.
Brown Shoe.
pref. (quar.)
Cities Service. Bankers shs. (mthly.)...
Peabody A (3o., com. (quar.)...
Commonwealth Edl«on (quar.)
Cuba Company, preferred
Cupey Sugar, common (quar.)
Cluett.
Preferred
Driver-Harris Co., pref. (quar.)...
Eagle Picker Lead, pref. (quar.)
Edison Elec.
III. of Boston (quar.)
Electrical Utilities CJorp., pref. (quar.).,
Elgin National Watch (quar.)
Eureka Pipe Line (quar,)
Fajardo Sugar (quar.)
Fisher Body Corp.. com. (quar.)
(quar .)
Globe- Wernicke Co.. pref. (quar.).j..
Preferre<I
Graton A Knleht Mfg.. common
Independent Warehouses. Inc
Ingersoli-Rand Co., common (quar.)..
International Nickel, pref. (quar.)
Kamlnlstlqula Power, Ltd. (quar.)
Keily-Sprlngtield Tire. com. (quar.)
Common (payable In com. stock)
Preferred (quar.)
Loose-Wiles Biscuit, 2d pref. (quar.)..
Maple Leaf MHIing, Ltd., com. (quar.)
Preferred (quar.)
May Department Stores, com. (quar.).
Preferred (quar.)
Miami Copper (quar.)
Mid vale Steel A Ordnance (quar.)
Miller Rubber (quar.)
15 •Holders of rec Dec.
15 •Holders of rec. Jan.
31 Holders of rec Jan.
15 Holders of rec. Dec
Hoi'Iers of rec. Jan.
31
7 •Holders of rec Dee.
•a
Jan.
2
Jan.
1% Feb.
Feb.
34e
*1H Feb.
*2
Feb.
3H Feb.
Feb.
2
3H Feb.
IK Jan.
IM Jan.
Feb.
3
IK Jan.
•2
Feb.
Feb.
3
•2!^ Feb.
•S2.50 Feb.
*1K Feb.
IH Jan.
•/5
Jan.
•$2
Jan.
*2H Jan.
IH Feb.
2
Feb.
$1
Feb.
Feb.
2
Feb.
IK Feb.
n
3
IK
•2
,Ian.
Jan.
Mar.
•IK
Apr.
50c Feb.
50c. Feb.
1
.Tan.
Holders
Holders
Holders
Holders
Jan.
1
31
8
20
31
13
31
of rec Jan. 31
6a
of rec. Jan.
6a
of rec. Jan.
of rec. Dec. 31a
to
•Holders of rec.
to
Jan. 15
to
Jan. 15
Jan. 15
to
•Holders of rec.
•Holders of rec
Holders of rec
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
•Holders of rec.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
to
Dec. 28
to
Jan.
6
Holders of rec.
Holders of rec.
•Holders of rec.
Holders of rec.
•Holders of rec.
•Holders of rec.
•Holders of rec.
Holders of rec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
14
iS
27
27
27
7
7
15
5
Dec. 30
Jan. 20
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
15
21
15
15a
15a
15a
31
14
15
8
24
17
22
20
20
Dec. 31
Holders of rec Dec. 20
•Holders of rec. Jan. 10
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
•Holders
Holders
Holders
•Holders
of rec. Jan. 14
15
of rec. Jan.
of rec. Jan. 31
of rec. Jan. 14
of rec. Jan. 14
1
of rec Feb.
of rec. Jan. 20a
3
of rec. Jan.
3
of rec. Jan.
of
of
of
of
of
rec Feb. 15
rec. Mar. IS
rec. Feb.
rec. Jan.
la
150
rec Jan.
1
THE CHRONICLE
Jan. 8 1921.]
Per
When
Ctnt.
Aatftr uf Comptxny
FayabU.
Bookt Closed.
Hays
Per
Nam*
Inclusivt.
Mldrellaneoua (Conctuded)
Morris
& Co
Ltd.. Inc. (qu.)..
(guar.)
(guar.)
10c. Keb.
Holders of rec.
Jan. 20 •Holders of rec.
Feb. 12 •Holders of rec.
Preferrwl (guar .)
•2
Feb. 12 •Holders of rec.
National Lead prct. (guar.)
*IH Mar. 15 •Holders of rec.
Natloiuil I.U-orlcc. common
2H Jan. 14 lloldi-rs ol rec.
Cuiiiiiioii (e.Mrii).
Jan 14 Holders of roc.
2
Ohio Brass, common (guar.)
6
Jan. lA Holders of roc.
Preferred (guar.)
IH Jan. IS Holders of reo.
Phllllps-Joiies. iiref. (miar )
Hoi 'crs ol rec.
•IH f'ot).
Public Serv. Corp. of No. HL, com. (gu.) •IH Feb. 1 Holders of rec.
Preferred (guar.)
Feb. I Holders of rec.
Pyrcne Manufucturlng, common (guar.) •2 4 Feb. I Holdorn of rec.
Sapulpa Heflnliit! (guar.)..
124c Feb. 1 Jan 22 to
Shell Trauaporl & Trading
•72.2c Jan. 27 Holders of roc.
(I'lilllp)
.
Mountain Stutits Power, pref.
Mulllns Body Corp., common
1
•m
•ti
1
•m
Minor
("oiisliucllou (guar.)..
Swift Internat lonal
Textile Bankliit;, Inc. (guar.)
Truscoii Stoi!l. common (guar.)
U. 8. Glass (guar.)
U. 8. on t;ori)oratlou, com. (guar.)
Preferred
(guar.)
Staiiiliini
U.S. Rubber, common
(quar.)
First preferred (guar.)
Gas
States
A
J1.20
2
4
•1
2H
24
2
2
•$2
.
WaahlnKton on
Weetem
2.")c
Eloc., pref. (qu.).
IH
Im'I).
1
Fob. 18
Jan. l.'i
0/
Jan.
Jan.
Jan.
Jan.
Fob.
Jan.
lloi.lciS of rec, Jan.
Holders of rec. Jan.
:.'ii
17
17
21
1
liarnlmrt iiros
18
pref. (quar.)
.
,
Tobacco, ordinary
OMIiiary (interim)
lirlilsh-.\iner.
Per
Alabama
Albany
of
Railroud.v (Steam).
Great Bouttaem. preferred
>&
SusgueUauna
(special)
Atcblson Topoka & S:inta Fe. pref.
Atlantic Coast Line RR.. common.
Baltimore & Ohio, preferred
Canada Southern
Clkloago A Nortbweatem, oommon
Preferred
Clev. Cln. Chic. <k St. L.. pref. (guar.)..
Delaware Lackawanna & West. (guar.).
Detroit River Tunnel
Oeorgla RR. A Banking (guar.)
Greai Xoriheru
((luar.)
Kansan City Southern,
pref. (guar.)
Little Scha.vlkiU Nav.,
Louisville & -VashvlUe
KR. i Coal.
Mahonlny Coal RR., common
Mlchinan Central
New York
Norfolk &
Schuylkill
Payable
8H
2
24
34
Feb. 18
Jan.
8
Feb. 1
Jan. 10
2
Mar.
1
14
2H
Feb. 1
Jan. 15
3H Jan 15
Jan. 20
IVi
$2.50 Jan. 20
Jan. 15
3
Jan. 15
3
15i Feb.
2
Jan.
2
1
Jan. 15
$1.25 Jan. 15
34 Feb. 10
Feb. 1
$5
2
Jan. 29
$1.25 Jan. 15
Jan. 15
6
Haven
Chicago A St. Ix>ul8, common
Western, preferred (guar.)
Northern Central
Northern Pucltic (guar.)
Northern 8ocurl ries
Philadelphia A Trenton (guar.)
Pittsburgh Cine. Chicago A St. Louis...
Pittsburgh <t Lake Erie...
Reading Company, common (guar.)
Second preferred (guar.)
Troy Union RR
United N. J. RR. & Canal Cos. (guar.)
Days
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Dec
Of
of
of
of
of
of
of
of
of
of
of
of
of
12
I/iclusive.
rec.
rec.
rec.
rec.
rec.
roc.
reo.
reo.
rec.
rec.
rec.
rec.
ICxploslves, Ltd.,
(guar.)
).
com. (guar.)
Canadian Fairbanks-Morse,
pref
Cartier, Incorporated, pref. (quar.)
Central Coal A CoKe, oom. (guar.)
Common
(exi ra)
",
(guar.)
Preferred (extra)
Central 111. Public Service, prof. (guar.).
Chicago Pneumatic Tool (guar.)
Preforre<!
Service
—
and preferred (monthly)
(payable In
common
stock)..
A
Columbia Gas
Elec. (extra)
C<)nnMonwe;,lili ( ;ii^ ,\: |;| c os , pf (gu.)
"omputliiK-Tabuiatlni; Recording (gu.)
rec.
to
Holders of reo.
Due. 18
to
Holders of rec.
Holders of rec.
Holders of rec.
Dec. 25
to
Holders of reo.
1
Feb. 1!( Holders of rec.
.Jan. 15
Holders of rec.
$2
Holders of rec.
1
\H. Fob.
4
Jan. 10 Dec. 28
to
24 Jan. 10 Jan. 1 to
Jan. 20 Holders of reo.
2
$2 .50 Feb.
Holders of rec.
1
Feb. 10 Holders of rec.
$1
50c. Jan. 13 Holders of rec.
Jan. 15 Holders of rec.
6
2^ Jan. 10 Dec. 21 to
Deo. 31a
Jan. Iti
Jan. l^a
Jan. 15a
Jan.
3a
Jan. 16
3'i
Jan.
Jan 31a
Deo. 3la
Jan.
3a
Jan.
Jan.
Jan.
Jan.
Jan.
10
11
16a
21a
Isa
Dec. 23a
Dec. 31a
Dec. 31
Street and Electric Railways.
Cln. Newp't A Cov. L.
Preferred (guar.)
Duquesne Light,
EI Pijso
AT., com.
(gu.).
preferred (guar.)
14
14
l)i
Ele<;irlc (Jo., preferred
3
Manchester Trac, Light A Pow. (guar.)
2
Mononi;ahela Val. Tr., pref. (guar.)
37 4c.
Philadelphia
A
Western, pref. (guar.)
Jan. 15
Jan. 15
Feb. 1
Ian. 10
Jan. 15
.)an.
8
6240. Jan. 15
Puget Sound Power A Light, pref. (guar.)
75c.
United Gas &. Electric Co
24
Va. Ry. A Power, pref. (pay. in pref stk.) r6
Washington Water Power, Spokane (gu.)
IH
West Penn Power, pref. (guar.)
I'A
West Penn Tr.A W. P.. prrf. (guar.)...
14
York Railways, preferred
62>^c.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
15
15
20
15
1
15
31
Jan.
1
to
Jan. 16
Jan.
1
to
Jan. 16
Holders of reo. Jan.
1
Holders of rec. Dec. 20a
Holders of rec. Jan.
3
Hol.lers of rec. liec. :no
Holders of reo. Deo. 31a
Holders of rec. Dec. 28a
Holders of rec. Dec. 31
Holders of rec. Dec. 3la
Holders of rec. Dec. 21a
Holders of rec. Jan. 21
Holders of rec. Jan. 17
Hold.rs of rec. Jan. 21a
Banks.
2
Jan. 20
Jan.
4
3
Jan. 10
Jan. 15
Holders of
Holders of
reo. Dec. 21a
rec. Jan. 12a
Holders of
Holders of
Holders of
6a
31a
31a
Jan.
to
1
19
Trust Companies.
County
Miscellaneous.
Abltlbl
Power
A
Paper. Ltd.. com. (qu.)
Air Reduction (guar.)
All America Cables (quar.)
Allegheny .Steel A: Tuhe, common
Alliance Realty (quar.)
Allla-Chalmers Mfg., com. (quar.)
Preferred (guar.)
Amalgamated Oil (quar.)
Amalgamated Sugar, Ist pref. (guar.)..
Amer. Agrlc. Chemical, com. (guar.)...
Preferred (guar.)
Amer. Bank Note. com. (guar.)
Amer. Beet Sugar, com. (quar.)
'
American Coal
American Gas A Electric, pref. (guar.)..
American Ice, common (qtiar.)
Common
Preferred
(extra)
(guir.)
Am.LaFrancePlreEng.Inc, com.
(extra)
Six percent preferred (guar.)
Seven per cent preferred (guar.)
Amer. Seeding Mach., com. A pf. (qu.).
American Shipbuilding, com. (quar.)
Common
(extra)
Preferred (quar.)
Amer. Steel Foundries,
com. (quar.)
Amer. Sumatra Tobacco, com. (guar.)..
American Sumatra Tobacco, preferred.
American Telephone A Telegraph (guar.)
American Type Founders, common (gu .)
Preferred (guar.)
American Woolen, com. (quar.)
Preferred
(quar.)
Anglo-American OH
Asbestos Corp. of Can., Ltd., com.(qu.)
Common
(bonus)
Preferred (guar.)
Preferred (bonus)
Associated Dry Goods, com. (guar.)..
First preferred (guar.)
Second preferred (guar.)
Associated Oil fgnnr 1
SI .50 Ian.
2
e2
14
$1
2
$1
14
15
l.'i
14
2.>
17
15
15
15
Feb. 1
Jan. 15
Jan. 15
Feb. 15
Jan. 31
Feb.
1
Feb.
1
25
Jan. 25
.Ian. 25
Feb. 15
Jan. 15
Feb. 1
.ran.
1
1
(qu.)
Amer. Laundry Machinery, pref. (guar.)
Amer. Rolling Mill, com. (In com. stock)
American Rolling .Mill, common (guar.).
Common
$1.60 Jan.
Jan.
IJi Jan.
Jan.
10
14 Jan.
Feb.
1
I'A Jan.
«1
14
24
I'A
6
50c Jan. 15
25c. Jan. 15
14 Jan. 15
IH Ian. 15
14 Jan. 15
Feb.
1
I'/i
1
2>i Feb.
Feb. 1
15i
75c. Jan. 15
2-4 Fob.
1
34
Mar.
2
Ian.
1
I'A
1%
I
'4
14
2
1^
2
1
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
14 Mar.
IJi Mar.
iu Inn
1
15
15
ir,
15
1,^
16
15
15
15
16
rec. Jan.
rec. Dec.
rec. Dec.
Iloklirrs of rec. Jan.
Holders Of reo. Jan.
Holilers of rec. Jan.
Hol'Iers 0/ rec
Holders of rec.
Holders of rec.
Hcldorst of rec.
Holders of rec.
Hohlers of rec.
Holders of rec.
Jan. 13
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
to
J:in.
8
Holders of reo.
Holders of rec.
Ho Iders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
.
Holders
Holders
Holders
Mol lers
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Hol<ler8
1
Holders
Holders
Holders
Holders
Holders
Holders
2.'.
TTotdeT*^
1
1
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
roc.
rec.
rec.
rec.
rec.
rec.
rec
rec
rec
rec
rec
15
10a
24u
Dec 24a
Dec. 3ia
Jan. 17'J
Doc. 20a
Dec. 200
Feb. la
8a
Jan.
Feb. 1
Jan. 15
Jan. 12a
Jan. 12a
Jan. 12a
Feb. la
Jan. 14
Deo. 31
Dec. 31a
Dec. 3ia
Dec. 310
Dec. 310
Deo. 310
Jan. 15i
Jan. 15'<
Jan. ISO
Dec. 30a
Jan. 14a
Feb. ISO
Dec. 20i
Jan. lOO
Jan 100
Dec. 1.50
Dec 15a
coup
No
20
rec.
rec.
reo.
rec.
rec.
rec.
rec.
Jan.
1
Jan.
1
Jan.
1
Jan.
1
Jan. 15a
Feb. Ha
Feb. 11a
roe
Doe
(extra)
Pref<>rred (guar.)
Crucible Steel, com. (guar.)
I.,ack.
A
Western Coar(q"iIar")r
Detroit Edison (guar.)
DIeioiirapli Products Corp.. \)rtt.'u{^.)'.
Dome Mines
Ltd
(guar.)
c;oal, pref. (guar.)
I..lnens, preferred
Omninlon
Dominion
Dominion Power A Transmission, pref..
Dominion Steel Corp.. Ltd.. oref. (gu.).
Ooinlnlon Textile, preferred (tiuar.)
du Pont de Nom. A Co., deb. stk. (gu.).
du Pont (E. I.) de Nem. Powd.,com.(gu)
Proferrefl
(guar.)
Duguesne Light, pref. (quar.)
Famous l»liiver«-l,ayky < orp.. pf. (qu.).
Federal Sugar Ref., common (guar.)
Preferred (guar.)
Firestone Tiro A Rubh..
pref. (guar.)
Fisher Ohio Body, pref
Kick RubixT. I.St prof, (guar.)
Qeneral Eloctrlo (quar.)
Extra (payable In stock)
General Motors Corp., common (guar.).
Preferred (guar.)
Six per cent debenture stock (guar.)..
Seven per cent debenture stock (gu.).
Toodrich (B. F.) Co.. common (guar.)..
Jrea' State Pptroleura of Texas
6%
Hamilton Woolen
Harbison- Walker Refrao.,
A Co pref.
Helman Co.al & Coke 5%
Harris Bros.
pref. (guar.).
(guar.)
.
pref. (guar.)..
Seven per cent preferred (guar.)
com. (guar.)
Hillerost Collieries,
Common
(bonus)
Proforrod
'guar.)
Hodgeman Rubber,
pref. (guar.)
Holly Sugar, pref. (guar.)
Howe Sound Co. (quar.)
Hupp Motor Car Corp., com. (quar.)
nilnols Brick (guar.)
Imperial Oil Corp., com. (monthly)
Preferred
Commonwealth
Ek]ultable (extra)
Mutual of Westchester
Common
Preferred (guar)
Cosdon A Co., oom. (no par stk.) (guar.)
Common ($5 par value stock) (guar.).
Cramp (Win.) A.SonsS. A E Uldg. ((|U.)
Oreainory Package Mfg., com (guar.)..
Delaware
J
2
14
14
IM
(guar.)
Indiana A Illinois Coal Corp., pref
Indiana Pipe Line
Feb.
1
Jan. 31
Ian
Ian
1;.
Jan.
Jan.
Jan.
15
16
10
10
1,')
Ian.
Jan.
Jan.
Ian
Jan
la
75e
•14
2
J
Holilers of
Holders of
Holders of
Jan. 25 Holders of
H
Feb.
Feb.
Jan.
$1..50 Jan.
$1
Jan.
$ 1 ..50 Jan.
$1.75 Jan.
1
7,5e
Ian.
Jan.
4 Jan.
IH Jan.
624c. Feb.
1240. Feb.
$1
Jan.
2
Jan.
I4 Jan.
Jan.
2
$1.25 Jan.
2
Jan.
Jan.
2
25c. Jan.
IH Feb.
34 Jan.
34 Jan.
14 Feb.
IH Jan.
14 Jan.
14 Feb.
Feb.
IH Feb.
2
Feb.
1
m
IH
IH
14
,
Proforrod .._
^^
New York Mutual Gas
New York
Vow York
Light
Oil
Transit (quar.)..
Vlagara Falls Power, preferred (quar.).
KIplssIng Mines (quar.)
Extra
v,^hle fChns F ) on A Gas (gtiar.)
Normal Oil (guar.)
Northern States Power, pref. (guar.)
Nova Scotia Steel
Coal, com. (quar.).
Preferred (quar.)
Ohio Brass (guar.)
Ohio Fuel Supply (guar.)
A
Extra
(In
Victory
iH%
bonds)
1
1
25
l.^
10
15
15
I.'-.
20
20
15
1
1
15
10
10
31
15
IS
IF
20
1
16
15
1
15
25
1
1
1
1
Feb.
Feb.
1
Jan.
Jan.
(0)
*IH Feb.
2
Jan.
<2
Jan.
25c. Feb.
14 Feb.
14 Feb.
Uf Feb.
$1.60 Feb.
3
Ian
3
Jan.
14 Jan.
•1^ Feb.
IH Jan.
I'A Jan.
14 Jan.
1
Jan.
I(\n.
\'A
*2
Feb.
Feb.
IH
6c.
Jan.
25c. Feb.
*l'A Jan.
•1
Jan.
•2
Jan.
34 Jan.
Feb.
$2
lii Jan.
IH Jan.
Jan.
3
Feb.
14 Jan.
3
Jan.
15
10
A
Vow York Dock common
1.^
24
2
2
5
•2
24
24
1
1
16
16
1
1
1
1
16
31
1(4
20
1
25
25
15
15
If
2
1
15
1
15
15
15
15
15
15
15
25
1
16
15
Feb.
1
Jan.
15
Feb
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Ian.
Ian.
1
1
15
1
10
15
16
15
12
Feb. 1
Jan. 15
Ian.
Ian.
Ian.
Jan.
Ian.
15
10
15
15
15
Feb.
1
Feb.
Jan. 15
1
Ian.
'an.
Jan.
Ian
Jan.
Jan.
Feb.
Feb.
Ian.
1.'^.
15
16
1,'.
IS
l.'t
10
16
16
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan.
1
Jan.
2
of
of
of
of
of
of
of
of
of
of
rec. I>eo. 31a
roc. Dec. 31a
rec. Dec. 31
rec. Jan. 15a
rec
roc.
reo.
roc.
rec.
rec.
rec.
rw.
rec.
rec.
of rec.
of reo.
of rec.
Jan. 10
Ian.
Ian.
44
IH
Jan. 20
Jan. 15
Jan. 15
14 Jan. 15
62 40 Jan. 15
< Vic. Jan.
15
\H.
2
Jan. 15
Jan. 15
Jan. 10a
Jan.
la
Dec. 24a
Jan.
7o
Jan.
3a
Jan. 10a
3o
Jan.
Jan.
3a
Jan.
3a
Dec.'31a
Deo. 31a
Jan. 16
Jan. 19
Jan. 19
Jan. 15a
Dec. 31a
Deo. 31a
Doc. 31a
Dec. Zlo
Jan. 12
Dec. 31
Jan. 15
Feb. 1
to
to
to
Holders of rec.
Holders of rec.
Holders of rec.
HoMor- of ree.
Holders of rec.
Holders of rec.
Holders of rec.
Jan.
I
to
Jan. 16
to
Holders of rec. Dw.
Holders of rec. Jan.
Hohlers of rec. Jan.
Holders of roc. Jan.
Holders of rec. Jan.
Holders of r«-. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of ree. Jan.
•Holders of rec. Dec.
•Holders of rec. Jan.
Dec. 9
to
Deo.
Doc 9
to
Dec.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of rec. Jan.
Holders of reo. Feb.
Hoi lers of reo. Deo.
Holders of rec. Dec.
Holders of reo. Jan.
•Jan. 12
to
Jan.
Jan. 16
to
Jan.
.Jan. 16
to
Jan.
Holders of rec. Doc.
Holders of rec. Dec.
Holders of roc. Dec.
•Holders of reo. Jan.
Holders of reo. Jan.
Holders of rec. Deo.
Holders of rec. Jan.
•Holders of rec. Jan.
•Holders of rec. Dec.
•Holders of rec. Dec.
Holders of rec. Jan.
Holders of reo. Jan.
Holders of rec. Dec.
Holders of ree. Dec
Holdfrs of rec. Dec
Holders of rec.Jan.
Holders of rec. Jan.
Jan.
Jan.
2
1
to
Holders of rec.
Holders of rec.
Holders of roc.
Holders of rw.
•Holders of rec.
Holders of reo.
Holders of rec.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of roc.
Holders of rec.
Holders of rec.
Holders of rec.
•Holders of rec.
•Holders of rec.
•Holders of rec.
•Holders of rec.
Jan.
1
to
Holders of reo.
Holders of rec.
Holders of rec.
Holders of re<'.
Holders of reo.
Holders of roc.
•Holders of roc.
Holders of rec.
HoMors
31a
lOa
20a
20o
1
14a
22a
22a
la
23
21
19
19
10a
10a
10a
lOo
4
31
31
10a
30
25
25
30o
30a
30o
15
15
3 la
16a
3
30
30
8a
24
31a
24a
24a
14a
7a
Jan. 10
Jan.
Dec.
Jan.
Jan.
Dec.
Jan.
Deo.
25a
31a
20a
15a
31
18a
31
Deo. 3 la
Deo. 3ia
Dec. 31o
Jan.
Jan.
Sa
15
Dec.
Dec.
Dec.
Deo.
Dec.
Dec.
27a
31o
18«
31a
Jan.
Jan.
Jan.
Dec.
16
15
16
Jan.
1
31
31
31a
Deo. 3la
Dee. 81a
Deo. 81«
Jan.
3
Jan. 31
Feb. 6a
of rec Jan.
5a
Holders of ree.
10 •Holders of rec
15 Holders of rec.
\H Jan. 15 Holders of reo.
Jan.
2.5c. Jan. 20
1
to
to
25c Jan. 20 Jan
1
3
Iin ?1 TToldors Of rec.
Jan. 25 Holders of rec.
3
•8
4
IM
Holders of rec Jan. 26a
Holders of reo. Dee. 81a
liolUers of fc Doc 30a
Jl.ildei> of rec. Dec. 31
Holders of rw. Dec. 31a
Holders of rec. Jan.
It*
iloMem of coup. No S3
Holders of coup Ko S4
Hold<:rH of ro<*. Jan.
6a
Holders of rec. Jan.
6a
Holders of re<'. Jan.
6a
Holders of rec. Doc. 31a
Holders of reo. Dec. 27
Holders of re<v Dec. 31a
Holders of roc. !)<-<•. 31a
Holders of reo. Dec. 31
Jan. 16
to
Jan. 31
Holders of rec. Dec. 3Ia
Hclderi' of rec. Dec. 31a
Jan. l.'i
Jan.l ir,
Jan.l 15
nx
W
Viiiloriiil on. pref 'guar )..
National Paper A Type, com. A pt.(qu.)
New EnuMand Fuel Oil
New Jersey Zinc (guar.)
15
1
n
(qtiar.)
1.',
IM
14
2
3
Internat. Agrlc. Chem., pref. (guar.)
Intern.itlonal Harvester, com (ouar.)..
Common (pavable In com. stock)
Internat. Mercantile Marine, pref
International Paper, pref. (guar.)
Kansas A Gulf Co. (guar.)
Kayser (Julius) A Co.,
First and second preferred (quar.)
\H
Kerr Lake Mine- Ltd. (guar.)
12 4'-.
Kress (S. H.) A Co., common (guar.)
1
Llmi I/>"omotivo Works, pref. (guar.)..
Louisville Gas A Elec., pref. (guar.)
•\H
Loew's Incorporated (guar.)
6O0.
Lyall Cons. Co. (guar.)
2
MacAndrews
Forbes, com. (guar.)
24
Preferred (guar.)
14
Manufacturers' I iKht A Heat (guar.)
$1
Minufi"turors' Hubbor. pref. (guar.)
14
Massachusetts Gas Cos., oom. (guar.)..
\H
M:ujs lehuseits I.i(!htin? Cos., pf. (gu.) . $1.60
Mays Food Products. Inc., pref. (guar.)
2
Mexican Petroleum, common (guar.)
3
Mlchkan Llme-stone A Chem., pref.(gu.)
Wi
•2
Midwest Oil, common
Proforrod (guar .)
•2 4•$1
MIdwost Refining (guar.)
•$1
lOxtr.i
Montreal Telegraph (guar.)
2
Mount Vernon-Woodberry Cot. Mills pret
34
V'ltionil nMeiit. common (guar.)
IH
National Fuel Gas
li
Jan. 16
Jan. 10
Ian. 30
Jan. 1.'.
Jan. 16
Jan. 31
Jan. 15
IH
I'r<.ferre(|
.
Jan. 20
Dec. 20a
Dec. 31a
Dec. 270
Jan. lb"
J»n.
3a
Deo. 16o
Deo. 16;
Jan. ;ia
Jan.
Sa
Jan. 8a
Dec. 31a
Jan.
»u
Jan.
4
40
24
4
Congoleiim Co., common
Consolidated Cigar Corp com (quar.).
Consolldated Textile Corp. (guar.)
Corn Products Refining, com. (quar.)
Books Closed.
1
nilnols Central (Leased lines)
Mine HUl &
When
Cent.
Company.
1
/2
<
Name
8240.
3
Cana<la Cement. Ltd., com. (guar.)
Canadian Car A Foimdry, pref. (guar
Common
Common
Holders of ree. Jan.
4
eferred
Cltii-s
Holders of rec. Dee. aOo
1
(final).
Bush TeriMlnai. eonimou (guar.)
Coinnion (payable In com. slock)
Canadian
1
Fab.
IH
B
Barrett Co preferred (guar )
liayuk Bros
li-i A- 2il pjef
('lUur )
Bell Tflephoiie of Caiiudu ((|Uar )
Bell Telephone of Peaosylvanla (quar.)
I'l
Feb.
Spindler
and poruiid [ifeferred (<juar.)
Rarnadall Corp.. class A A
(guar.)
1 .S
Below we give the dividends aniiouncod in previous weeks
and not yet paid. This list does not include dividends
announced this week.
A;
6
•24
IK
l'"lrsl
1«
:i
Dati InclutiM.
W
A tlautlc Petroleum
AusUn, Nichola A Co.,
Dec. 310
Dec. 31a
Books Clo*ea.
PatabU.
MlattrllaDeoun iCuiiltnueJ)
A
1.88. Unttt. com
Atlanlletiulf
IJec'.
14
31
Jan. 17
Jan. 17
Feb. 1»
JttU.
3
Jan.
3
When
Cent.
Company
Jan.
Holders of roc. Deo. 31a
Mol (ITS of ri'c. Jan.
Jan. 25 •Holders of lec. Jan. 15
Kel).
1
lloMt-rs of rec. Jan. L'U
F»b. 1 !Ioi 'crs of rec Jan. 20
Jan. 31 Holders of reo. Jan. ISa
Jan. 31 Holders of rec. Jan. 15<i
Jan. 31 Holders of rec. Jan. lU
Jan. 15 Holders of rec. Dec. 31
Ian.
137
Dec. 20a
Dec 31
Doc.
Dec.
Deo.
Dec.
Dec.
Deo.
Holders of reo. Dee.
Holders of reo. Dee.
Holders of reo. Dec.
Holders of reo. Dee.
Holders of rec. Deo.
Holders of rec. Dec.
20
31a
17
17
1
5
31
31
31a
81a
31a
31o
31a
——
.
.
THE CHRONICLE
138
PtT
Name
Whin
/I'wki f.'loxed.
Cent.
/'ai/ahte.
Oaut JncluaUe.
62HC
2
Jan. 20
Feb. 16
2
May
Ifl
IH Feb.
IH Moy
IH Aue.
18
16
16
2
2
2
of Compani/.
J.ili.
2.'>
Jan.
Jan.
Jan.
Jan.
Jan.
15
15
15
15
[Vol. 112.
Week ending Jan.
Sales at
York Stock
New
Bichnnge.
MlncpIInnoous
(CiincludfS)
(guar.)
Oklabomu Natural Gas
OnlHrlo Hlpol
Common
Preferred
Preferred
Preferred
(guar .)
(guar.)
(guar.)
,
Niivk'iitlon, iHt
Orli'Tiiiil
OUb
com. (guar.)..
I*roiluclH.
(Quar.)
common
Klovntor.
<<c
2d
pf. (gu.).
(guar.)
Com mon
(extra)
Preferreil (guar.)
Pacific Oaa
Eleo., com. (guar.)
Pacific 'Iclfp A 'IVk'K.. pref. (ciuor.)
m
IK
A
Pan-Anicr.
I'i'trol
<V
\y.
In.siilaio<!
Wire
&
$1.25
SI..50
•40c.
((Hiar.)
IV*.
tins (guar.)
Extra
,
Prairie Pipe Line (o'lar.)
Procter & Gamble, prof, (guar.)
Producers & Hollners, common (guar.)
Prefernxl (g nar .)
Public Service Corp. of Quebec (guar.)..
Punta AleKre Sugar (guar.)
Quaker Oats, common (guar.)
Pref crrp<
(guar.)
1!6
3
3
3
2
•12 'ic
m
$2
3
m
»85
Rand Mines. Ltd
Republic Iron A .Steel. oon)mon (guar.).
RItz-Carlton Hotel, preferred
Rookaway Rolling MIIIR (guar.)..
Royal Dutch Co. (Interim)
Russell Motor Car. com. & pref. (guar.).
Bait Creek Producers' Assoc. (No. 1)
Extra
Pecuritlf
A
net., pref. (guar.)
Shaw (W. W.) Corp. (guar.)
Shawlntgan Water
Power (guar.)
&
Coul
Sherldiin-WvunilriE
11^
3H
•260
15
IH
Mar.
1
Holders
Jan.
Jan.
Feb.
Jan.
Jan.
31
31
Holders
Holders
.Ian.
•2
•1
2H
Compiiny
Shaffer Oil
M
•17Hc
I
.H
Holdors of rec. Dec. IKa
Holders of reo. Feb. 6n
Holders of rec. Jan. 211
1
Feb.
Jan. 15 Holders of rec. Dec. 31a
dJan. 1.') Holders of rec. Jan. 10'/
.Ian. 25
to
Jan. 31
Fob.
1
7a
Jan. 25 Holders of rec. Jan.
7a
Jan. 25 Holders of rec. Jan.
Iloblers of rec. Dec. 31a
J.m.
Jan. 31 Holders of rec. Doc. 31a
Jan. 31 Ifnlilers of rec. Dec. 31a
Jan. 15 Holders of rec. Dec. 24a
Feb. 7 •Holders of rec. Jan. 10
Feb. 7 •Holders of rec. Jan. 10
Jan. 15 Holders of rec. Deo. 31a
la
Jan. 15 Holders of rec. Jan.
Jan. 15 Holders of reo. Dec 31a
Keb. 28 Holders of rec. Feb
la
Feb. .. Holders of reo. Deo. 31a
Holders of rec. Jan. 15a
Feb.
1
m
(guar.)
Pick (AllicTi) \- Co., coninuui (guar.)..
PltlsburKh Coal, com. (guar.)..
Preferred (guar.)
Prairie Oil
Government bonds
1.5
Holders
Holders
Jan.
Feb.
IH Jan.
$1.25 Jan.
*15i
*$1
21
17
1
of reo. Deo. 20
Holders of
25
15 Holders
10 Holders
10 Holders
of
of
of
of
of
of
of
rec. Jan.
reo. Jan.
rec. Jan.
rec. Dec
roc. Dec.
rec. Feb.
reo. Deo.
rec. Jan.
(guar.)
Preferred (guar.)
Southern California Edison, pref. (gu.).
Southern f',in:i(l:i Power. Ltd pref.(gu.)
Spanish River Pulp <fe Paper Mills
.
Common
Jan.
Jan.
Jan.
Jan.
2
2
IJi
•1^4
15
15
15
IH
1%
of
of
of
of
of
of
of
of
of
rec.
rec.
reo.
rec.
rec.
rec.
rec.
reo.
reo.
Mar.
1
Jan.
Jan.
Preferred
Stutz Motor Car (guar.)
$1.25 Jan.
Jan.
Sullivan Machinery^ fquar.)
SI
Superior Steel Corp.. com. (guar.)
IH Feb.
First and second pref. (guar.)
2
Feb.
SjTnlngton (T. H.) Co., com. (guar.)... 500. Jan.
Mar.
Texas Company stock dividend
elO
Jan.
Textile Banking (guar.)
2
15
15
12
SI
15
4
15
1
15
15
31
15
Times Pguare Auto Supply (guar.)
(762 ^r J:in. 27
Transue & Williams Steel Forg. (guar.). $1.25 Jan. 20
Jan. IS
Tucketl Tobacco, common (quar.)
1
\'4
Jan. 15
Preferred (guar.)
Jan. 15
Union Natural Ga." (guar )
2H
Jan. 20
United Alloy Steel (guar.)
$1
'4
.l:in.
15
United Cigar stores, common
1
United Drug. 1st pref. (guar.)
87J^c. Feb.
Mar. 1
Second preferred (guar.)
lyi
United Fruit (guar.)
Jan. 15
4
Extra (payable In stock)
100
Jan. 15
United Gas Improvement, com. (guar.).
50c. Jan. 15
1
87Hc Mar.
(guar.)
United Paper Board, common
Common (payable In common stock)..
United Profit .Sharing
Extra
U. S. Smelt.. Ref. & Mln.. com. (guar.).
United Verde Extension Mining (guar.)
U. S. Dlstrlbiitlne Corp
U.
8. Industrial Alcohol, pref. (guar.)..
Van.adbira Corp. of Amer. (guar.)
Victor Tnlklns Mach.. com. (guar.)
Preferred (ou.ir )
Va.-Carolina Chemical, com. (guar.)
Preferred (guar.)
Ventura Consolidated Oil Fields (guar.).
Virginia Iron Coal & Coke
Warner (Chaa.) Co. of Del. .com. (gu.)..
_
and second preferred (guar )
Western Grocers, Ltd. (Canada). pf.(gu.)
Western Power Corp.. pref. (guar.)
Western States Gas & El., pref. (guar.).
Western ITnion Teli'sraph (ciuar.)
Westinghouse Air Brake (guar.)
Westlnghouse Eiec. & Mfg.. com. (gu.)
First
Preferred
Worthlnctoii
15
15
50c. Feb.
1
no
m-c.
IHc.
50c.
87Hc.
Preferred (guar.)
(guar.)
Oil & Ref. (guar,)
Pump * Mach
15
10
10
Jan.
Jan.
Jan.
Apr.
July
Jan.
Jan.
Jan.
Jan.
2
IH
IH
IH
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
White Eagle
17
15
15
15
1.5
Jan. 1.5
Jan. 15
Jan. 15
Jan. 15
•SI
154
SI
15
IH
.Tan.
1
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Hr)lders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
J.an.
.Ian.
1
2
.
15
50c.
3
500.
25c.
I«i
IM
IH
IM
IM
$1.75
$1
$1
50c.
com Cn"
1
'^
15
1
I
Holders
Holders
1
Holders
24 Holders
17 Holders
17 Holders
27 Holders
15 Holders
15 Holders
15 Holders
.Ian. 15
Holders
Jan. 31 Holders
Jan. 31 Holders
Jan. 15 Holders
Jan. 10 Holders
an
5 Holders
.1
1
to
of rec.
of rec.
of reo.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of ree.
of rec.
of rec.
of rec.
of rec.
of reo.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of reo.
of rec.
to
to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
Deo. 31
Deo. 31
Dec. 31a
Jan.
Jan.
10
10
Feb. 15a
Jan.
Jan.
Deo.
Jan.
Jan.
Feb.
Deo.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Dec.
Jan.
Feb.
Dec.
1
1
$78,215.4.501
Total bonds.
16
151
11
15a
10a
31
50
101
31i
31i
31a
8o
3li
15a
15o
20a
Dec z 20a
Dec. 31 a
Feb. 280
Dec. 150
Dec. 150
8x
Jan.
Apr.
Ix
July
Dec. 23a
Dec. 23o
Jan. 6i
Jan. 61
Jan. 5a
Jan.
3a
Dec. 31a
Dec. 31a
U
Jan
3,876,000
20.915,000
$86 ,987 ,000
$104,443,000
OAILY TRANSACnONS AT THE BOSTON. PHILADELPHLA
AND
BALTIMORE EXCHANGES.
Botton.
PhUadelphla.
Baltimore.
Veek ending
Jin. 7 1921,
Sharu.
Bond Sola.
Monday
Tuesday
HOLI DAY
Wednesday
Thursday
Friday
Total
164,868
New York
panies.
«74
21.889
25,432
33.186
40,160
44,201
.
.
City
—Following
Bond Sola.
Sharet.
Saturday
7 R.1R
fjiiA
Sharet.
Tnn
Bor*aSait*.
17452
144!.300
.58..5.50|
28,450
51.000
9.906
6,348
4.997
100.000
88.100
10.000
2.870
2.479
1.419
981
1.006
$22,300
101.500,
$313,750
46.049
$597,100
8,755
$179,600
9..'>n
.54.100
49.000
29.200
25.000
Non-Member Banks and Trust Comis the report made to the Clearing House
by clearing non-member institutions which are not included
House Returns" in the next column:
RETURN OF NON-MEMBER ENTSTITUTIONS OF NEW YORK CLEARING
—
In thousands of dollars
I
CLEARING
NON-MEMBERS
Net
that is, three ciphers fOOO) omiUed.)
Loans,
Dis-
Capital. Profits
Reserve
counts
Cash
Nat.bk8.Nov.l5 Invest-
Dec. 31 1920.
Vault.
Members of
Fed'l Res. Bank
Battery Park Nat.
with
Legal
Deposi-
in
Statebks.Nov.l5 ments,
Tr. cos. Nov. 15
&c.
Week ending
Net
Net
.\atl
Demand Time
De-
Bank
De-
posits
Circu-
posits.
lation.
tories.
A verage
S
1,500
Mutual Bank
200
600
500
200
400
New Netherland..
W.R. Grace & Co.
Yorkville Bank
First Nat., Jer. C.
Total
State
20
Average Average Average Average Avergae
$
$
$
$
$
1,700; 12,111
26
195
239|
1.675
9.836
738 10,977
443
236
1,802
11,653
721
6,871
412
228l
1,086
6.283
1,162
3.969
271
415
458
2.169
863 14.617
631
1.313
7.806
7.613
1,385
9.101
761
389
5981
8.758
S
S
3,400
6,571
57.646
2,166
7,052
46,505
8.746
100
600
450
3.461
15.789
515
2,180
213:
1,354;
3,511
16,995
53
1,508
700
2,019j 19,250
2,695
1,567
20,506
53
500
200
1,012
516
8,956
9.003
645
425
381
196
7,629
3,926
5,400
1,528
577
11,555
5.971
9,196 a78,566
14,769
Banks
Not Members
584
of the
Federal Reserve Bank
Bank
Wash Hts
of
Colonial
Bank..
Total...
Trust Companies
Not Members of the
Federal Reserve Bank
Hamilton Tr, Bkln
Mechanics Tr. Bay
Total
700
17,959
1,070
4,800
10,119 94,855
5,931
Comparison previo us week
+279
+65
4,800 10.1 19| 94.576
4,800 10.119 95,945
4.800 10,119 97,300
5,700
5,773
Grand aggregate
Gr'd aggr. Dec. 24
Gr'd aggr, Dec. 18
Gr'd aggr. Dec. 11
584
+94
—5
9.1fi.S| a7S.R15 14.675
9.163 379,263 14.587
8.998 a78.846' 14.566
589
592
593
+33
5,860:
a U. S. deposits deposits deducted, $466,000
Bills payable, rediscounts, acceptances and other
Excess reserve. Increase $132,110.
—
5711
liabilities.
49
$1,807,000.
—
Philadelphia Banks. The Philadelphia Clearing House
statement for the week ending Dec. 31 with comparative
figures for the two weeks preceding is as follows.
5
.
5
Jan.
Jan. 15a
3a
Jan.
Jan. 15
Dec 3 a
Week ending Dec. 31 1920.
Two
Trust
F.R. System Companies
270
31a
3 a
Capital
31
d31
Exchanges for Clear. House
Due from banks
31
Bank
Dec.
2' 10
Deo.
Deo.
Deo.
Deo.
310
311
311
310
of rec. Jan.
fa
From
Will
Surplvis
.
and
.
.
profits
Loans, disc'ts
&
investm'ts
deposits
Individual deposits
Time deposits
Total deposits
U. S. deposits (not incl.)..
Res've with legal deposit's.
R&serve with F. R. Bank..
Cash
Dec. 24
1920.
Members of
ciphers (00) omitted.
Deo.
Dec.
Deo.
Dec.
Dec.
Dec.
unofficial sources,
t The New York Stock Exchange has ruled that stock
not be guoted ex-dlvldend on this date and not until further notice, a Transfer
books not closed for this dividend. 6 Less British income tax. d Correction,
e Payable In stock.
/Payable In common stock.
Payable In scrip. A On acoou<
i Payable In Liberty or Victory Loan bonds.
of accumulated dividends,
At rate of 8% per annum for two months Nov. and Dec.
r Payable in preferred stock.
< Payable to holders of record Dec. 31.
•
$77,260,500
6,641,600
20,651,000
1
27a
la
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Jan
1
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
l?i
(extra)
$.53,424,450
State, mun., Ac, bonds
RR. and misc. bonds..
HOUSE.
rec. Jan. 10a
rec. Jan. 10a
rec. Dec. 31o
rec. Dec. 31
IM
IM
Common
$53,424,450' $64,868,600
3.876.000
5,380.600
20.916.000
16.738.000
Bniuls.
(.Staled
of
of
of
of
Jan. 15
Jan. 15
Jan. 10
Feb.
1
Feb. 1
(guar.)
Preferred (guar.)
Steams (F. B.) Co.. com. (guar.)
Steel Co of Canada, common (guar.)
Preferred (guar.)
Steel Products Co.. pref. (guar.)
Stetson (John B.) Co.. common
Preferred
6,944.883
$034,173,300
sbareH. par
a\
31
Holders
Holders
15 Holders
15 •Holders
20
20
1920.
4.301,360
$342,179,750
in the "Clearing
Smith (Howard) Paper MUls, Ltd.
Common
Jan. 7.
to
$78.216,4.50
Par valuo
Bank
1921.
1
4.301,360
5.755,3.53
$342,179,760 $531,795,050
$1 .so Jan. 10
Feb. 15
2
Pennsylvania Salt Mfg. (guar.)
Plill.'i(l(^lplila
Holder8ofrec.Apr.30'21
Holdersof rec. July 30'2I
Holdi^rH of rec. Den. ?,\a
Holders of rec Deo. 31a
Holders of rec Dec. 311
Holders of rec Deo. 311
Holders of reo Deo. 31a
Jan. 15
Jan.
1
to
shares
Jan.
1920.
1921.
Stocks
Transport
Common A and U (<iu.ir )..
Penmana. Ltd.. common (guar.)
Preferred
ir,
— No.
rec. Deo. 24a
Holdem of reo. Jan 31 '21
Holders of reo. Apr 30 '21
Holdersof reo. Jan 31 '21
nolders of
7.
in vault*
Total reserve and cash held
Reserve reguired
Excess rec. & cash In vault
$33,225,0
90.614.0
685,417.0
38,428,0
111,259,0
127,510,0
508.845.0
8.928,0
645,283,0
$37,725,0
103.543.0
719,702.0
39.207.0
111.274.0
127,758,0
527,698,0
$4,500,0
12.929.0
34,285,0
779,0
15,0
248,0
$37,725,0
S37.725.n
103,543,0' 103,543.0
723.341,0
34,188.0
103.254.0'
126,177.61
519,224.0'
9.266.01
9.231.0]
664.687,0 654. 667. 0!
13,518,0
18,014.0
2,153,0
2,622.0
51,346,0
51,953,0
16,236,0
15,823,0
69,791,0
70,342.0
51.694.0
51.988.0
18.097.0
18.354,0
18,8.53.0
303.0
19,404.0
'"2',622'0
'5f,346"0
14,969,0
66.315.0
48,933,0
17,382,0
Dec. '18
1920.
Total.
"ssi'o
3,476.0
2,761,0
715,0
722,619.0
31.518.0
110.865.0
128,298,0
533,100.0
9.377.0
670.775.0
18.923,0
2,405,0
51,834,0
17,241,0
71.480.0
53.126.0
18.354.0
i
(7
Cash
in vaults not
counted as reserve for Federal Reserve members.
—
Three shillings per share.
z New York Stock Exchange h:is ruled that United Fruit be not guoted ex-sioc*
dividend on Dec 20 and not until Jan. 17.
V
Transactions at the New York Stock Exchange daily,
weekly and yearly. Brought forwar(i from page 142.
—
Week endlnn
Stocks.
Railroad,
Shares.
Par Value.
Total
.
.
.
$60,584,000
64,732,500
50,848,350
68,375,300
97,639,600
$3,895,000
4,813,000
3.618.000
4,861,000
3,728,000
4,301.360 $342,179,750
$20,915,000
-
763,950
817,855
676,935
.
1,174,667
.
Tuesday .
Wednesday
Thursday _
Friday
Bonds.
Mun
Foreign
Bends.
867,9.53
$487,000
726,000
821,000
1,010,500
831,500
Dec. 31
1920.
Changes from
previous week.
$
U. S.
Bonds.
HOLIDAY
Saturday
Monday
State.
&
Jan. 7 1921.
—
Boston Clearing House Banks. We give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$9,852,000
8,906.000
10,691.000
10.751,000
13,224,450
$3,876,000 $53,424,450
2 444 000
Loans, disc'ts & investments. 593,953,000 Dec.
Individual deposits, incl. U.S. 424,559,000 Inc.
Due to banks
98,577,000 Tnc
Time deposits
22,410.000 Inc.
United States deposits
14,457.000 Dec.
Exchanges for Clearing House 26,760.000 Inc.
61.400,000 Inc.
Due from other banks
Cash in bank & in F. R. Bank 51,109,000 Inc.
Reserve excess in bank and
Federal Reserve Bank
6.939,000 Inc.
Dec. 24
1920.
Dec. 18
1920.
$
2 459 000
2,452,000
88.000 594,041,000 597,914.000
8.890,000 415,669,000 434,896,000
.t "fii nno
93,816.000 100,720,000
1,278,000 21.1.32.000 21,975,000
4.802,000 19.2.59,000 14,277,000
6,365.000 20..395.0O0 21,898,000
1.503,000 59.897.000 61.699,000
814.000 50,295.000 53,122.000
S
197.000
6.742.000
7.261,000
THE CHRONICLE
Jan. 8 1921.]
Statement of New York City Clearing House Banks
and Trust Companies. The followiii}^ dotailLHi statfiucut
—
shows the
members
the New York City Cloariu;^ llouso
week ending Deo. 31. The figures for tlie
coiuiitioii of
for the
139
lile Trust Cu
t Utlxjtilts lu foreign brunchm uoi
S5,010,(K)0
deducted. 1142,712,000
f U. 8. depusils deducted. Ji.
payable, redlwwuuts, oiH-eptaucea and other Uabliltlaii. tl,216,16U,uuo.
A.N'IJ
—
CLEARING
HOU.SE
MEMBERS.
Loans,
Net
CapUal. Pro/Its Discount
(.000 oinitltd.)
.Vafl.
Members of
Fed. Res. Bank
Bkof N V.NBA
Manhattan Cu
Meob MeUkId
<Sc
Bankof AiuiTlcxi
Nov. 15
S
S
2.000
7,211
5,000 16,f.72
10.000 lfi.8S7
6,
."j.^UO
40.000
4.500
1,000
300
Amer Exeh Nut 5.000
Nat Bk of Coiuui 25.000
1.000
Pacltlc Blink...
7,000
Cbath dc Phenl.
3.000
Hanover Nafl.
2.000
Metro poll tjin..
C.OOO
Corn Exchiinge.
Imp & Trad Nat 1.500
7,500
National Park .
1.000
East River Nat.
1.000
Second Nat'l...
First N.^itlonal.. 10,000
Irving National. 12,500
Continental Hk
Chase Natl<mal
Fifth .\ venue..
Comraerc'l Exch
Union Exch Nat
Brooklyn Tr Co
Bankers Tr Co
U S Mtpe * Tr
Guaranty Tr Co
Fldel-Int Tr Co.
Columbia Tr Co
Peoples Trust C<,
New York Tr Co
Lincoln Tr Co.
Metropolitan Tr
Nassau N.Bklyn
Farm Loan Tr
Columbia Rank
Equitable Tr Co
<<•
33,182
1.710
8.039
20.410
3.379
9.471
8,835
23,176
846
4,597
37,742
10.744
1. 000
470
798
1,000
15,000 24,731
500 2,319
200
1,054
400
Commonwealth.
Garfield Nafl.
Fifth National
Seaboard Nat'l
Liberty N.ifl.
Coal 4 Iron Nat
1,129
161
7,148
804
1,000
1,647
1.000
782
4,688
1.000
7,R56
5.000
1.500
1,600
1.000
1 ,583
1.500
2,741
20.000 19,612
5,143
2.000
25.000 36,114
1,593
1,500
5,000
8,010
1,958
1,.500
3.000 11.719
2.000
1,121
2.000
3,435
1,416
1.000
5.000 U,0,'")6
l.filS
2,000
12.000 17.888
.S'aft
with
\et
Time
in
Vault.
iniiUs,
Lajiil
Dema iid
IM^
Deposit DeiiosUs.
&c.
/.'a/U
I
'<
:., .,-
127. 90S
212.344
5S.(;()3
581,779
132.587
18,99S
4.507
126 .099
376.748
20.495
123. 9S9
120.154
36.574
155.799
43.496
199.718
11.84S
22.9S4
322.446
198.376
13.742
7.215
364.f)02
19.388
8.589
9.011
15.797
12.369
48.846
101.683
.4
verage
.32,556
15.979
1I6.74.J
24.085
176.071
.iter age
ecragc
$
$
900
4,582
3,577 13,899
10. '44 20.324
2,240
ti.734
9,09s 57. 24
2.085 14.565
485 2.011
116
66(i
1,564 12.07S
3,666 33.905
3.281
2,357
5,823 14.737
1.880 16,727
2.300 6,188
7.828 20,917
997 3,840
1,507| 18,895
i
8,328l 23.64(i
977
1.672
146
809
6,774 36.428
2.717
1 ,296
489
19,18
8.618
9.618
15.701
1,.334
.565
1,269
2.124
1.790
677
354
13. .345
6,073
9.348
1,294
742
850
532
1
84',
Avge, Dec. 31. 262,900 470 .079^5.092.828 99,21
36
568
833
391
247
68
112,666 14,151
89
24,570
•163,683 12,318
State Banks Not Me mberto/ Fedtrnl Reserve Bank.
19,271
3.025
1,759
1,000
1.919
Grpenwlch Bank
331
704
848
5,8.50
250
Bowery Bank..
2,181
73.873
3,763
2,615
2,500
State Bank..
98.994
7,492
4,271
57,683 42.205
7.316
7,517
7,729
4,241
4,360
5,616
57.772 42.334
57.397 41.963
56.596 41,758
N 01
Members
of Fe ceral Re serve Ba nk
3.281
1.057
839
1.348
46.534
23,611
28,870
14.540
18,793:
70,145
1,896
4,629
43,410
70.715
70.861
71.005
1,909
4.884
4.633
4,586
44,826
43.198
43,248
Gr'd aggr. avge276,6.50j494,256 5,261 .967il08.599.536 ,497
—19.748 +928+1,581
Comparison, previous Wieek
f3, 974, 391
31.
6.333
10.000
2.028'
1,9121
—
aggr.
aggr.
aggr.
aggr,
192
Caah
Members
7.316.000
1,909.000
Trust companies
Deo. 31
Total Dec. 24
Total Dw. 18
Total Dm. II
Toliil
Surplus
Reserve
S
9.816,740
1,158.040
69,100
524,991,000 524.991.000 515,174.260
4,241,000 11.657.000 10.398.960
6.973.000
6,723.900
4,884.000
."=43, 34 1, (MM) 532.297,120
9, .545,000 551.270.0(M) r,r,(i.H\r,,(l(ltt 530,255.470
9,641,000 531. 5.50 .0(K) .541.191,(K)0 532. 9(18. fc(K)
9, 267, 0(H) 533.577 .0(K) 542.844 ,(KHI 531.596.090
9,225,000 5,34.116.000
11,(M3.880
.30.559.5.30
8,221.200
11.247.970
Not members
of F'ederal Reserve Bank.
Is the reserve re(iulrc<l on net demand deiHwlts in the case of State banks
trust companies, but In the case of members of the Federal Reserve banks
includes also amount of reserve rwiulrcd on net time deposits, which was as follows:
Dec. 31. $6,375,390: Dec. 24. $5,950,800: Dec. 18. $6,070,380: Dec. U. 86.255.810.
*
a Tills
and
b This Is the reserve required on net demand delRiiills In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
Includes iilso amount of re.s<'rve rf <iulred on net time deposits, which was as follows:
Dec.31.>:().494.400: nvr. 24. S5. 992,950: Dec. IS. $5.975. 94(J: Dec. II. S6. 214. 290.
State
House.
Banks and Trust Companies Not in Clearing
—The
State Banking Department reports weekly
showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
figures
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARI.NG HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
k Dec.
$598,703,000
8.003.700
19,017.600
Deposits with Federal Reserve Bank of New York..
52.603.000
Total deposits
640,089,500
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies I n N Y City exchanges and U S deposits 59 1 .26 1 ,900
Reserve on deposits
114,719,500
Percentage of reserve, 21.5%.
,
.
.
Differences from
previous week.
31.
Loans and Inveatments
Gold
Currency and bank notes
.
Banks
$27,066,400
trust companies 9,825,400
Stale
Cash
In vaults
Deposits in baniis
255.809 34.774
—
—
105.801
,^39. 11 li}3.9R9. 248
26 1.849135.058
Includes deposits in foreign bninche.s not included in total footing iia follows
National Cltv B:ink. 5123,366,000: Bankers Trust Co., $6,108,000: Guaranty Trust
Co., $103,690,000: Farmers' Loan & Trust Co., $17,979,000: Equitable Trust Co.,
$19,448,000. Balances carried In banks In foreign countries as reserve for such
deposits were: National Cltv Bank, $56,605,000: Bankers Trust Co., $310,000:
Guaranty Trust Co.. S17. 200.000: Farmers' Loan & Tru.st Co.. S5.044.000: Equita-
The Federal Reserve Banks.
b
Reserve
Rei/Uired.
Total
Reserve.
l-'cderal
Ri-wrvo bunks
State banks*
—10,214 + 13820 —138
pec. 245, 266.050111,797 551. 270fi4,004,0n7 242,809 34,894
pec. 185. 302..301 102,837 .531..550l!4.O25.37O 242.220 34.953
ncfl'oond'n pec. 1115.186,725 106, 637 533. 577,84.012. 91« 2.50.636 34.987
415. 187. 344
Reserve
in
Deposltariti
Dec. $3,215,800
Inc.
Inc.
Inc.
Dec.
Ino
865.700
356,700
1,522.200
432,500
963 .300
.
Inc.
3,690,200
&
$36,891,800
Trust Companies
$52,557,900
17.00ro
06.09%
25,269,800
14.07%
06.76%
23.09%
20.83%
$77,827,700
City.
New York
—The
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
act'l'cond'n
act'l'cond'n
act'lf'ond'n loeo.
..050
8,9;(.,,
City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as foUow^s:
Gr'd a?gr. aoflcond'n pec. 315.274,451:110.943534.116 g4,015,520 259.942 34.753
854
Compariscn. previous week
+8.401
17154
+ 1 1 ,453 + 17133 141
Gr'd
Gr'd
Gr'd
Gr'd
130
i20
,70
1
1
Reserve
in Vault.
1,128
1.081
1.264
Avge. Deo
4,000
9,4
Banks and Trust Companies in New York
1,091
Totals, actual co'ndltlon Dec. 31
Totals, actual co|ndltlon Dpo 24
Totals, actual co ndltlon Deo. 18
12.459!
"
9,4'
averages of the
899
fi.OOO
9,388 000 .'536,497,000
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Dec. 31 were $52,603,000.
k The Equitable Trust Co. Is no longer included In these totals, It having become
a member of the Clearing House and being now included in the statement of the
Clearing House member banks. The change began with the return for Sept. 25.
31.968 ¥2" 155
100.028
98.463
96.288
Trust Compan
Guar & Tr
Lawyers R A Tr
4,029 ,(<i>..
1,896,000
50
5,7.38
5.383
Title
%
Total
19,977
Totals, actual co ndltlon Dec. 31
Totals, actual co ndltlon Deo. 24'
Totals, actual co ndltlon Dec. 18l
3,750
S
'
RESERVE.
Totals, actual co ndltlon npc. 31 5.103,708 101.718;524,991|c3,912.922 216.480 34.7.53
Totals, actual co ndition Dec. 24 5,096.7261102.252 S42,277|C3,903.472 1 99. 7r,5 34.894
Totals, actual CO ndltion Dec. 185.135.008 93.196 521,348,c3, 925.526 199. 1R8 34.952
Avge. Deo. 31.
«
Hut plus
Actual Figurea.
.
527 ,597 cS.873.298 212.513 34,774
1
Rttertt.
Avge.
S
44.923
70.576
2,221 2,546
12,239
262
405
20.430
318
391
28,301
5,147
•211.543 10,789
48.275 10,109
•455.705 26,217
17.209
635
74.047
3,747
31.514
1,026
62,368
1,531
22.435
507
26.379
1,042
12,766
.533
50
.465
4.123
4,015
1,424 28.580
926
7,161
2,601 47,639
616
2.729
1,462
9.755
3.181
1.458
659 7,777
767 3,359
661
3.661
549
1,321
1.668 13,.344
1,195
3.517
1,915 21.055
Average',
30,873
2.999
784
103,922 ll..S99j
151,017
2.918 1,000
50,077
1,187
•552,829 47,150 l",426
108,382
1.785
350
15,061
£23
234
4,555
65
291
90,610
4,136 4,869
252.400
2.094
22.865
260
I08.SS6 13,926 4,483
108.197
100
40.727
4
150.856 12,597
29.391
27
51
140.957
1,857 5,374
11.376
9;
50
19.218
90
632
183.229
4,851 7,300
180.387
1,782 2,460
13,224
858
197
100
5,807
262,951
8,375 1,08 i
469
1.656
1,141
2.776
1,162 22.674
18.201
18.118
37.508
288.122
63.289
520.913
16.753
81,466
32.415
85.133
23.294
.1
Reiertt
Re4UiTUj.
Total
527.597.1.''
7.49"2'.(MK(
4, 27 1.1
Total Di«o. 31
Total IJw. 24
Tol-il Dee. 18
Total n.-o. 11
posits, /u/iu/i.
Ratrve.
t
State banks*
rrust cumiMnltw
lurles.
Average
S
45.4K8
US
66,103
14,940
National City..
Chemical Nat'l.
Atlantic Nafl..
Nat Butch A Dr
N Y CoimtyNat
Reserve
Cash
Jnitst-
Nieek endinii Suite. Nov. 15
Dec. 31 1920. Tr. Cos, Nov. 15
.Memlwrs Federal
RoBervo baiiks
Riserve
in
Depositaries
i
Vault.
(n
oinUted.)
TRUST CO.MPAN1E8.
ra$h
Ratrve
UETUKN'S.
that is, three ct/thers |000
BlUa
j.
Average*.
statement since Sept. 25.
(.Slated In thousnntts of dollars
•
STATEMENTS OF RESERVE POSITION OF CLEAHrNG HOUBB BANKS
separate banks are the averages of tlie daily results.
In the
case of totals, actual figures at end of the week are also given.
The return If the Equitable Trust Co. has been included in this
NEW VOUK WEEKLY CLEARING HOUSE
e U. 8.
,
dfiMislts
Week ended
Oct.
23...
Nov. 6
Nov. 13
Nov. 20
.N'ov.
27
Dec.
Dec.
Dec.
Dec.
Dec.
18
4
11
24
31..
Loans and
Demand
Investments.
DeposUs.
'Total Cash
in Vault.
6,066 ^67.200
5.938 526.500
5,882 .990.000
5,871 .526.800
5,828 ,6S4..300
5.813 900.300
5.787 304.000
5.837 829.100
5.KS3 633.800
5.860 670.000
—
S
4.777 ,329,700
4.681 ,334,600
4.631 .533,300
4.622 925,700
4.612 716.6(K)
4.601 927,100
4,566 593. SOO
4,649 862.500
4,.574 .903.600
4,565 .652,900
120,3s2 300
127.970.600
124.345.700
132.040,300
134,093,100
134.S74.40O
134.495.100
132. 930. SOO
133,469.900
135.620.300
This Item includes gold,
Reserve notes.
•
silver, legal tenders, national
Reserve in
DeposUaries
046.1:16,300
637.344.000
625.S91.600
630.326. OOt*
623.231.100
621.490,100
619.346.200
644.313.600
620.146.400
624. 195. -200
bank notes and Federal
—
Following is the weekly statement issued by the Federal Reserve Board on Deo. 24.
system as a whole are given in the following table, and in addition wo present the results for seven preceding weeks, together with those of corresponding wrecks of last year.
The second table shows the resources and habilities sepaThe Federal Reserve Agents' Accounts (third table following) gives details regarding
rateb"^ for each of the twelve banks.
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. The comment of the Federal Reserve Board this time consists entirely of a re\iew of the operations of the
Federal Reserve banks during the calendar year 1920, and we give it in full in our department of "Current Events and
Discussions" on page 110.
COUBINBD ReSOUBCBS AND LIABILITIES OP THE FeDBBAL RbBBBVB BaNKS AT THB ClOSB OF BUSINESS DeO.31 1920
The
figures for the
D(C. 30 1920
Dec. 23 1920. Die. 17 1920.1 Die
ItESOVRCBS.
Qoia and gold certificates
Qell settlement fund, F. R. Board
Qeld with foreign agencies
10 1920. Dee. 3 1920. Nov. 26 1920
Nov. 19 1920 .Vot. 12 1920
Jan. 2 1920.
$
263,952,000
356,244,000
3,300.000
273.749.000
363,723.000
3.300.000
•200.494,000
353,866,000
67,745,000
194.869.000
410.917.000
67.745,000
201,131,000
388,743,000
87,864.000
182.647.000
411.197.0OU
70.210.000
170.286.000
400.678,000
74.303.000
169.814,000
409.075,000
77.244.000
239.604.000
H>i.7H.V0U
$131,320,000
Total gold held by banks
wllh Federal Reserve agents
tedemptloD fund
645.247,000
656.133.000
734.652,000
673,531,000
657.738.000
664.0,54.000
623,496,000
640,772.000 •022,105,000
1,276.214.000 1,253.492,000 1,269.725,000 1,210,563.000 1.194.204,000 1.197.681.000 1,205,746,000 1.177,689,000 1.205,596,000
157,117,000
174,856.000
122.367. 000
151,177,000
170,733,000
162,181,000
161,538,000
151,535,000
159.623,000
Total fold reserve
2.059.333.000 2.055.802.000 '2042 368 000 2,036,171.000 2.022.675.0*0 2 .023 .9 K. .000 2.008.110.000 2.008.678.000 2.062.61^.000
OoW
QoM
—
.
C
THE CHRONICLE
140
Lcfal tender notes, lUver,
Ac
180.830.000
bouKbt
lo
176,620.000
171,384,000
172,118,000
58,657,0M
171,333,000
1.177.203.000 1,1.58,974,0(0 1,169.244.000 1 160.685,000 1,192.200,000 1,168,907,000 1,180,977,000 1,484,262.000
746,925.000
1,578.008,000 1.5.54,428,000 1,4.7,775,000 1,647,695,(J00 1,616,116,000 I,643,2.'«j,0(J0 l,614.467,00f) 1,603,773,000
243,066.000
244,090,000
234.000.000
247,703,000
574,631,000
266,702,000
241,187,000
276,227,000
287.854,000
1.: 41.0.(0.000
open market
Total l)lllfl rin hand
U. 8. Oovcrnrncnt bonds
U, a. Victory niitcs
U. 8. oertldcatcs of Indebtedness
177.136,000
180,100,000
180,952.000
2 1929.
2.240, 103 .000 2,230, 754 ,0(J0 •2222468.000 2,212,407,000 2,108,196,000 2,196,280,000 2,180,228,000 2,180,011,000 2, 121,272. 00*
Total reaerreg
BUlR (llHCduntod.
BecurcxI by Govt, war obllgatlona
All othor
Bllla
Dec. 3 1920. Nod. 26 1020 Not. 10 1920 N»v. 12 1920 Jan.
Dec. 17 1920 Dec. 10 1920
Drc. 30 1020 Oec. 23 1020
[Vol. 112.
,S.',8,(M)0
2, 083,133, 000
26,8.'i0.000
20,869,000
69,000
203,070,000
2,831,?58,000 2,961. .529.000 3.019.856,000
20,8.50,000
26,8o7.(K)0
20.857,000
69,000
60.000
69.000
09 .(WO
328,294,000
287.010,000
305,555 ,0(J0
281,253,000
2,974,83(1.000 2,972
2li.H.^j!l.()0(l
.
O'.MWO
201,203,000
2,948.601 ,OfK) 3, 072,604, (KiO
26,871.000
26.803.()(JO
69.000
09,000
331.154.000
289,310,000
2. 805. KIR. 000
26,8.^().000
64.000
349,090,0*0
3,203.027,000 3,281,0.39,000 3,223,841,000 3.316.749,000 3,3.33,782,000 3.303,747,000 3,300.695.000 3,368,840,000 3,181,808.000
17,052,000
17,658,000
17,468,000
18.450,(K)0
10,369.000
18.168,000
17,333,000
16,677,000
17,047,000
Total earning asaete
Bank premises
Unoolleotpil Itomn and otber deductions
from Krona dcposlte
redemp. fund agst. F. R. bank notes
All otber roeourcee
717.227,000
12,752.000
8,898,000
6%
•902,042,000
701.005.000
12,052.000
8.417,000
12, .5.30 .000
8,430,000
666,505,000
H,387,0(JO
8,332,000
,000
709.401,000
12.197.000
7,716,000
11, .54 1,000
7.34 ..523
7.278,000
772,277.000 1,171.778.000
13.1.30.000
12,090,000
5,733.000
0,790,000
804,424,000
12.376.000
6,030,000
6,269,617.000 6,318,035.000 6,387,203.000 6,233,038,000 6.303,879.000 6.244 ,680 .00(J 6,326,800,000 6,366,691,000 6,504,090.000
Total resources
LIABILITIES.
99,276,0f!0
99,174,000
99.140.000
99.458.000
99,020,000
98,929,000
164.745.000
164,745.000
104,745,000
164,745,000
104.745,000
164,745,000
27,03i>,000
28.394.000
60.688.000
15.909.000
20,049,000
53.173,000
Govemraent dcposlta
12,259,000
1,748,1)7!»,0()0 1.721.391.000 1,738,820,000 1,758.907,000 1.763.822.000 1,711,704,000 1,78I.X00,0(K)
Due to mcrabprs. rcaerve account
522,038,000 539.201.000
516,934,000
651,529,000
682,442.000
614,166,000
610,871,000
Delerreil avniliiblllty Items
22.161,000
25.742,000
24,511,000
22,927,0fJ0
38,471,000
26,228,000
Ctber deposits, Incl. for'n gov't credits..
23,652.000
99,770.000
104,745.000
Capital paid In
Surplus
87, 43.?. 000
120.120.000
98,847.000
164,745.000
17.845 0<X)
1
,801 .804 OCX)
,
000
800,000
.?S. 920.
1. 9.>2
601.024,000
26.708,000
944. 884. 000
116,307,00*
2,321,417,000 2.310.353,000 2.444.030.000 2,328,800.000 2,401,781,000 2,333,042,000 2,437,104.000 2,447,041.000 3.022.911.0*0
Total gross deposits
3,344.080.000 3,404.931,000 ;.. 344 ,332 ,000 3,311,842.000 3,312,039,000 3,325.629,000 3,307.435,000 3,328.985.00(1 2.998.992.00*
F. R. nofpa In uotiiul circulation
216.900.000
214.939,000
214,523.000
214.010.000
258.561.000
2 7.434.000
213.881.000
215.080.000
218,832.000
F. R. bank notes In circulation net llab.
121,939,000
113.948.000
111,235,000
104,646,000
16,073.000
All other liabilities
116,841,000
107,534,000
101,893,000
119.716,000
—
1
6,269,517,000 6,318,035,000 0,387,263,000 6,233,038,000 6,303,879,000 6,244,680,000 6,326,800.000 6,356,591,000 6,504,090,0*0
Total liabilities
Ratio of gold reserves to net deposit and
44.9%
43.1%
43.9%
F. R. note liabilities combined
44.1%
43.8%
46.4%
42.3%
45.4%
Ratio of total reserves to net deposit and
45.4%
•45.5%
44.1%
44.4%
43.7%
F. R. note liabilities combined
44.5%
44.1%
43.6%
45.1%
Ratio of gol<l reserves to F. R. notes In
35%
circulation after setting aside
against net deposit liabilities
50.5%
49.8%
—
DMTV)nHon
$
by Maturities
87 030,000
days bills bought In open market.
1,632 885,000
days bills discounted
10 ,924,000
days U. S. certlf. of Indebtedness.
04 ,745,000
days bills bought In open market.
280 ,400,000
Ift-30 days bills discounted
3 440,000
lS-30 days U. 9. certlf. of Indebtedness.
70 805,000
ll-<50 days bills bought In open market.
430 070,000
fl-<JO days bills discounted
4 499,000
11-00 days U. 8. certlf. of Indebtedness.
27 122.000
01-90 days bills bought In open market.
311 619,000
01-90 days bills discounted
9 ,492.000
01-90 days U. 3. certlf. of Indebtedness.
63 .548.000
Over 90 days bills discounted
232 .902.000
Over 90 days certlf. of Indebtedness
S
1-16
1-16
1-16
10-30
Federal Reeerte Notei
80.304 .000
L,
49.2%
.50.5%
608 ,042. 000
30,010.000
03.905,000
320,421.000
3.120,000
75.119.000
405,006.000
41.9.50.000
21.749,000
328,397,000
8,9.53,000
69.225.000
196.320,000
1
48.9%
48.6%
$
78.663 ,000
$
97,488 000
,567,959 000
80,051 000
62,281 000
306,981 000
12,922 000
96.948 000
615,532 000
48.8%
$
S
82,072 000
70 370.000
,540 172.000 1 ,644,746 000
60,382 000
117 ,908.000!
60,706 000
61 ,770.000i
264,308 000
291 146,000
10,216 ,000
3 133.000
85 226,000
86,765 000
483,727 000
401 960.000
14.398 ,000
4 500.000
17 243.000
15.147 ,000
268.111 000
278 .583.000
11.499 000
8 880.000
60 .882,000
55.947 000
231,799 000
231 128.000
S
78,942 000
,694,523 000
41,417 000
57.390 000
262.847 ,000
8,859 00
89.841 ,000
498,665 000
7.100 ,000
16,882 ,000
269.328 ,000
4,999 .000
51,438 000
224,569 000
,
,650,831 ,000
35,027 ,000
62,111 ,000
296,096 000
22,045 ,000
90,001 ,000
501,627 ,000
12,385 ,000
16.328 ,000
235.181 .000
3.920 ,000
51 .695 ,000
220.299 .000
47.9%
12.411 ,000
18.510 000
234,289 000
4,921 ,000
48,613 ,000
220,849 000
49.5%
S
116.925.000
119.593 ,000
,599.690 ,000 I ,477.607.00*
85.606.000
16,592 .000
64 595 .0001 104.217.000
238,15.^,000
301,904 ,000
3.000,000
12,499 0iw»
83,612 .000 206,406.000
341.395.000
508.238 ,000
6.607,000
24.8.50 ,000
147.08,3,000
20.054 ,(00
153.10.^.000
338,160 000
7.989.000
8,947 ,000
20.929.000
36,680 ,000
206.422 .000! 245,888.000
—
3,738,880,000 3,755,240.000 3,082,755.000 3.677,562,000 3,664,949,000 3,653,281,000 3,657,488,000 3,660.033.000'3,29I,342,000
394,194,000
352,910,000
327,652,000
350,053,000
331.048,000 292,350,000
365,720,000
350.315.000
338.423.000
Outstanding
Held by banks
3,344,686,000 3,404,931,000 3,344,332,000 3,311,842,000 3,312.039,000 3,325,629,000 3,307,435,000 3,328,985,000 2,998,992,000
Id actual circulation
Fed. Res. Notes lAgents Aecoants) —
8.300.200,000 8,295.941.000 8,220,880.000 8.160,540,000 8,107.880,000 8,086,100.000 8,033,180,000 8, Oil, 840,00016,124, 340, 000
3,982,941,000 3,950.790.000 3.927.571.000 3,876.734,000 3,845,942,000 3,814,190,000 3,782,363,000 3,747,418,000,2,504,545,00*
Received from the Comptroller
Returned to the Comptroller
Amount chargeable to Fed. Res. agent 4,377,2,59,000 4,345.151,000 4,293.309,000 4,283,806,000 4,261,938.000 4,271,910,000 4,250,817,000 4,264,422 .0003, 61 9.795,000
638.379,000
lo bands of Federal Reserve Agent
596,989,000
606,244,000
618,629,000
593,329,000
604,389,0001 328,453.000
610.5,54.000
589,905,000
Issued to Federal Reserve banks
3,738,880,000 3,755,240,000 3.682,755,000 3,677,562,000 3,664,949.000 3,653,281.000 3,657,488,000
3. 660.033.000'3. 291, 342.000
H»w Secured—
Bf gold and gold
By eligible paper
264,926,000
267,726,000
276,256,000
276,756,000
267,426,000
276,776,0001 244,148.000
206,426,000
266,426,000
2,402,600,000 2,501,7.54,000 2,413,0.30,000 2,466.999,000 2,470,745,000 2,455,600.000 2,451,742,000 2,482,344,000 2,085.746,00*
118.590,000
118,103,0001 860,328.000
116,821,000
123.884,000
109,357,000
119,624,000
109,3.56,000
118.075.000
892,692.000
101,120,000
809,366,000
826,316,000
802,594,000
812,068,000
782,810.000
877,710,000
885.224,000
...
certificates
Gold redemption fund
With Federal Reserve Board
TOUI
3,738.880,000 3,755,240.000 3,682,755,000 3,677,562,000 3,664,949,000 3,653,281.000 3,657,488,000 3.660.033.000 3.291,342.00*
^1=
EH»1blP r>inerrto1lvprpd to F. R. Aeent.. 2 813
OO.'i.noo
2.892.008.000 2.746,660.000 2.898,004,000 2.929,842,000 2,889.663.000 2.859,901,000 2.974.203,000 2.730.662.000
• Bevlsed ngore*.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ciphers (00) omitted.
Federal Reserve Bank of
—
Boston.
RESOURCES.
New
York.
S
172,692.0 .59,465,0 92,903,0
2.54„575,0 132.<»10,0 177,094,0
27.0,30,0
135.046,0
36.435.0
2<<1,0
1,211,0
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
53,227,0
135,3.57,0
Total gold reserves
Legal tender notes, silver,
bought
In
open market
Total earning assets
Uncollertpd Items and other de
ductlons from gross deposits..
9% redemption fund against
Federal Reserve bank notes.
All other resources
LABILITIES.
33,252,0
27.128,0
49.678,0
6,087,0
19.463.0
25,905.0
3,079,0
25.860.0
41,248.0
4,853.0
12. 350 .0 67.1.52.0
623.496,0
26,484,0 119,000,0 1.276,214,0
4,447,0 10.369.0
159.623.0
13.043.0 62. .583.0
60.8.30.0 198,5.54.0
$
9,903,0
2,301,0
86,0
263.952,0
356.244.0
3. .300.0
400.267,0 201,232,0 285.200.0
143.975.0
1,025,0
2.126.0
88,164,0
361,0
84.092.0 294.389,0
1.999.0 13,944,0
82.883,0
6,021.0
48,447,0
257,0
71.901,0
2.313.0
43.281.0 186,581,0 2.0.59.333.0
4,351,0
1.136,0
189.830,0
610,242.0 202,257,0 287,326,0
88,525,0
86,091,0 308.333.0
88.904.0
48.704,0
74,274,0
47,632,0 187,717.0 2,249.163.0
78,741,0
99.802,0
19,532,0
445,920.0 115,677,0 95.424,0
458,313,0 .57,886,0 103,909,0
109,902.0 12,893,0 26,581,0
43.288,0
69.508,0
5.252,0
61,972,0 142,623,0
72,177,0 333,246,0
3.492.01 25,961.0
44,707,0
69,511,0
1,146,0
18,006,0
63,663,0
1.413,0
30,012,0
81,082,0
2,017,0
15,037,0 49.623,0 1.141.036,0
53,848,0 115.003,0 1..578 ,098.0
247.01 47.206.0
255.702,0
198,075,0 1,014,141,0 186,456,0 225,914,0 118,138.0 137,641.0 501,830.0 115.364,0
539,0
1,408,0
114,0
1,434,0
834.0
1,233,0
4.490.0
1.153,0
5,0
50,0
10.0
3,0
21,705,0
59,692,0 30,747,0 23.799,0 12,262,0 16.672.0 39.'gV2',6
83.082.0 113.111,0
116,0
8,867,0
69.1.32,0 211,952.0 2,974.836,0
91.078.0 134.799,0
058,0
1,041,0
81.411.0 225.070.0 3,263.027,0
362.0
18.450,0
1,639,0
39,000,0
8,851,0
10,213,0
3,979,0
2,632,0
8,300.0
11,092,0
1.0
8.V8b',6
12.820.0
26,859,0
69,0
261.263,0
57,596.0
139,020.0
66,789,0
73,367,0
58,487,0
34,597,0
90.431,0
40.000,0
20,359,0
53,618.0
40,355.0
42,608.0
717,227.0
1.072.0
521.0
2.760.0
1,684.0
1.300.0
1.055.0
1.239.0
318,0
601.0
614.0
304,0
1,820.0
939.0
623.
623.0
5.50,0
916.0
374.0
596.0
1,061,0
665.0
644.0
12,752.0
8.898,0
7,718,0
12.351.0
2,453,0
Government deposits
Due to members, reserve account 116.600.0
42,720,0
Deferred availability Items
716.0
Oth. deposits, Incl. for. Govt. cred.
162,489,0
F. R. notes In actual circulation. 291,196,0
F. R. bank notes In circulation
20,441,0
Net liability
7,173.0
All other liabilities
.
$
4.016,0
21.686,0
158,0
£3.917,0
6,617,0
-
.
S
9,125,0
10,249,0
89,0
29.035,0
33.15£,0
393.0
1.177.0
298,0
601.368,0 1,833,340,0 490.719.0 614,456,0 281,870.0 276,665,0 949,834.0 263,640,0 102,247.0 265,022,0 172,684.0 457.672,0 6,269.517,0
Total resources
liabilities
S
28.508,0
28,492,0
152,0
Total.
14,003.0
18,252.0
Capital paid In
Total
San Fran.
220,324,0 1,075,351,0 218,637,0 250,5.57.0 131,633.0 154.430.0 545.932.0 132. .599.0
2,697,0
4,377,0
681,0
1.649,0
629.0
2.379.0
891.0
1,447,0
(b)
Bank premises
Total cross deposits
Dallas.
219,158,0
8. Government V^lctory notes
8. certificates of Indebtedness
Siu-plus
Louis Minneap. Kan.CUy
$
,?, 120,0
21,853,0
155,0
.S
8,729.0
4,195.0
119,0
St.
Gov
Total bills on hand.
D. 8. Government bonds
O.
V.
Chicago.
31 1920
200.836.0
12,322.0
Ac
ernnient war obligations' (a).
All other
Bills
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.
Richmond Atlanta.
S
5,701,0
21,707,0
102,0
11,780,0
41,200,0
Total reserves..
Secured by
S
6,082.0
53.119,0
264,0
Cleveland.
$
10,907,0
81,720,0
270,0
Gold and sold certificates.
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
Bills discounted:
Phila.
12
20,376,0
8,485,0 10.054,0
51.308.0 13,009,0 13,712.0
2,260,0
2.271.0
4. .305.0
693,474,0 106.075.0 145.617,0
94,273,0 49.191.0 58.313,0
11,284,0
1.202.0
413,0
5.209,0
8.067.0
365,0
£0.710,0
40.948.0
270.0
4.053.0
7,0.50,0
795,0
48,.345.0
21.446.0
251,0
13.913.0
23.917.0
3.816,0
240,241,0
49,610,0
1,946.0
4,364.0
5.884,0
2,1.54.0
65.660,0
35,003,0
542,0
801.291,0 159.339.0 208,048.0 98.293.0 70.8.37.0 .305.613,0 103,3,59,0
864.516.0 280.960.0 350,725.0 155,162,0 175,166,0 548.191,0 130,010,0
38,741,
51.108.
22.581,0| 22,715,0
G.285,0
8.002.0
11,489,(
3.590.(
15,271.0
4,288,0
38.984.0
19.216.0
9,524,0
3,899.0
3.457,0
5,178,0
1,878,0
43.882,0
16.291.0
512,0
4.4.56.0
8. .395.0
4,098,0
1.155,0
74,521,0
1.798.0
44.593.0
28.308,0
268.0
45,0.56,0
469,0
62, .563.0 121,201,0
80.067,0 111,874,0
7.713.0
3.269,0
14,241.0
4,855,0
4,1.52.0
6,927.0
99.770.0
11.602.0
164.745,0
4.389.0
27.639,0
112.661.0 1,748,979,0
31.479.0
522.638,0
4.288,0
22,161,0
74.967,0 152,817.0 2,321.417,0
79,474,0 270,745,0 3,344,686,0
7,124.0
2,869,0
8,136.0
7.385,0
216,900,0
121.939,0
.. 501.308.0 1.833.340.0 490.719.0 614.4.50.0 281.870.0 276.065.0 949.834.0 263.640,0 162.247.0 265,022,0 172,684,0 457,672,0 0,209,517.0
THE
Jan. 8 1921.]
TiBO cipher! (00)
omUua.
New
Boston.
LIABILITISS {Conctudei)—
York.
%
Batlo of total rpnerves to n«t deDoslt and F R. note lUblllUes
aoiDblnrd. p«r cent..
553
U'HtOTanda ContlnKent liability
Dispounted ps[wr redlscounted
with other K R hiinkB
Bankers' arreot&ncefl sold to other
F. R. bankfl without endore't .
OoDtlnKent llab. on bills purcb.
for foreign oorrcBoondentB
1,168.0
(fl)Inrluden blllB dIacoUDted for
16.575,0
other F R '»Tk«. vli
(•) Ineludea hank "n" acreptancea bought (r
Without their endorsemeDt...
Allaiua.
%
t
40.0
—
CUceland. KUhmotid
Pfilla.
>
CHRONICLj^;
54 2
59
ChUutio.
10.000.0
&t.
%
>
45.4
1
141
40
LuuU. iHnntap Kan.CUv
%
%
t
39h
41 4
41.8
29,080.0
33.659.0
%
27.711,0
44.5
1
13.257 .0
6.917.0
1.280.0
7S4.0
1.312.0
17,109,0
410.0
76b .0
730,0
81.573.0
076.0
om other
46 4
49 3
6.917.0
fl.
Tumt
.
%
14.801.0
404
7
Utinf ran
S
576.0
432,0
752,0
1.904.0
16.204.0
115.257 .0
V. U. banks
6.917.0
STATEMENT OP FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DEC.
F$dirat Hsserrm Agtnl at
iJallat
—
Boston. Nev) York
—
lt*»ourc4t
(In Thoiuands of Dollari)
Federal Reserve not*s on hand
Fsderal Re-erve notes outJ<tandlng
Collateral lecurlty for Federal Reserve not«s outstanding:
Gold and sold certlflcatea
Gold redempt on fund..
Gold settlement fund Federal Reserve Board
Bl gible paper' 'Amount required
lE.Toess amount held
—
%
118,840
305.503
5.600
19,7.')7
110.000
170.141)
27.929
1
PhUa.
Clem
hiehm'a Atlarua CItlcaeo.
81.
I»M.
31
K.CUv
iiinn.
L.
DalUu San Vr
TdM.
t
%
S
S
S
168.000 23.380 31.080 25.579 00.399
.030.354 293.024 379.751 101.252 179.940
t
123,360 23,780
634.429 155,722
%
%
9,440
3.820
81.836 118.005
%
t
%
038.379
14.170 30..540
84.714 313.144 3,738.880
209.608
22.775
3.500
9. 907
17,527 19,919
2.917
3.330
35.000 115.389 135,000 51,(100 54,000
77.1.779 160.708 202,0.')7 107.335 119,110
207,707
7.001 22,493
9.840 16.203
6,000
4,077
10.410
188.144 39,531
435,875 100,054
05,544
9,152
13.052
204.926
4.331
118.596
5.919 IG.226
892,692
10.234 e9.8?4
58.230 194 .084 2.402.066
430.339
3.972
10.902
.053
3.888
11,200
65,931
13.302
37, .300
1
77.357
35.574
7E7.775 2,436.416 618,289 813.075 357.023 430.545 1,457,702 344.376 186.414 276.004 194.500
Total
0.917.0
fl06.8(X)
8.640.478
UaMlUitt—
edaral Reserve notes received from Comptroller, gross
returned for destruction
Net amount of Federal Re.ierve notes received from
'
(oinptrdiler of the Currency
424.343
13.'i,3S7
OolUl«ml received from
fOold
Federal Reserve bank: 1 Eligible paper
198,075
Ml amount«
Total
757,775
Federal Reserve notes outstanding
'"deral Reserve notes held by banks.
Peierol r>ro,^-v« T'oteB
420,080
221.726
728,220 410. 6Sr
317.389 223.849
,198,3.S4
983.486
410.831 186,831
177.094 53.917
224.550 117,175
;.43r).41S
018.289 813.075 .357,923
2.'>4.,')7r.
757,789 179.602
198,554 49.008
501.419 115.200
291 19«
Sr4,5K. o(!n.9R0 350
7';'.''>
l.'^.'i.lf!?
17."
08.884 349.684 4.377.259
20.484 19,000 1.276,214
69.132 198,056 2,893.005
122.426
41.248
112.931
1,457.702 .344,370 186.414 276.004
43(y.r>4r,
305 .KOS 1.030.354 293.624 379.751 101,252 179.946
14.307
165,838 12.064 29.026
6.090
4.780
In affiinl circiilntlon
190.900
98.076
405.000 188.120
225.498 90.844
I94..')00
84.714 313.144 3.738.880
394.194
5.240 42.399
034.4-29 l.';5,722
80,238
FAK
ir.l\
1
000.800 8. 546 .478
19.112
80 or? III «74
01 I3P.rin
79.474 270 74; 3.344 686
—
Member Banks
of the Federal Reserve System.
Follo^ving is the weekly statement issued by tbe Federal Re.serve
principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
in tb« statement were eiven in the statement of Dec. 14 1917, published in the "Chronicle"' Dec. 24 1917, page 2523.
Board giving the
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS DECEMBFR 24 1920.
Reduction by 62 7 millions in the total holdings of Treasury certificates investments. Total loans and investments of the New Yorlc member
evidencing the gradual aljsorption of these securities by the investing
banks show a reduction of ,50
millions for the weelj.
public, and fiu-ther liquidation of commercial loans and
discounts,
Accommodation of reporting banljs at the Federal Reserve banks shows
together with substantial withdrawals of Government and other demand
an Increasee for the week from 2.032 to 2,176 9 milllon.s. or from 12 1 to
deposits and increased borrowings from the Federal Reserve banks, are
over 13% of the banks' total loans and investments
For the New York
indicated in the Federal Reserve Board's weekly consolidated statement of City banics an increase in accommodation at the local Federal Reserve Bank
condition on Dec 24 of 824 member banks in leading cities.
from about 753 to 810 7 millions and an Increase in the ratio of accommodaAs against the above mentioned substantial decrease in Treasury certifi- tion from 13. 4 to 14 6% are noted
cates. United States bond holdings show an increase for the week of about
All classes of deposits show smaller figures than the week before: Govern12 millions and those of Victory notes an increase of 4 2 millions.
Loans ment deposits by about 56 millions, other demand deposits (net) by
supported by corporate securities increased by about 23 millions, while
For the New York
160 9 millions, and time deposits by 16 millions
loans secured by Government obligations declined by 13.2 millions and other
City banks reductions of about 30 millions in Government deposits and
loans and investments, composed largely of commercial loans and discounts,
52.7 millions in other demand deposits, as against an increase of 2.8 milUons
In consequence of these changes total loans and inin time deposits, are shown.
by 71 2 millions
vestments of reporting banks are shown 107 9 millions less than the week
Reserve balances show an Increase of 36 6 millions for all reporting membefore.
For the member banks in New York City there is shown a reduction ber banks and an increase of 14 6 millions for the New York members.
of 35. 7 millions in Treasury certificates as against an increase of over 5
Cash in vault, as the result of large pre-holiday demands for cash, shows a
millions in other United States securities, an increase of 16 9 millions In
reduction of over 25 millions, all outside of New York City, notwithstandloans secured by corporate securities and reductions of 7 1 millions in loans
ing the large amounts of Federal Reserve notes drawn during the week from
secured by Goverimient obligations and of 29 5 millions in other loans and
the Reserve banks.
1.
Data for all reportlnfi member banks in each Federal Kcerve DLstrict at clo.<.e of business December 24 1920. Three ciphers (000) omitted.
1
—
—
—
—
FeOeral Re$erte District.
Boston.
Number
of reporting banks
D. 8. bonds to secure circulation
Other U. 9. bonds. Incl. Liberty bonds.,
U. 8. Vlct')ry notes
D, 8. certlflcatee of Indebtedness
Ntw
York',
48
12,711
20.922
5.850
19.931
46
14.630
27.975
20..3fi3
24.138
7,699
70,943
149,681
77,368
207,115
565.042
93
42,515
62.665
160.799
59
11.347
32,355
12.140
15.101
551.934
49.446 420,514
200.216 1.,330,510
806,790 3,908,055
Total U. 8. securities
Loans and Investments. Including blils redlscouoted with F«;lerai Reserve Bank
Loans sec. by U. 3. war obligations...
Loan'< sec. by stocks and bonds
411 other loans and investments
Total loans and Investments, Including
rediscounts with F. R. banks
1.115.806'6.271.013
Reserve balances with F. R. Bank
76,866 636.255
Cash In vault
26,278 122.296
Nst demand deposits
748.775 4,824,940
'.'..'.
Time deposits
150.284 422,771
G)veriiment deooslts
28.050 171,957
B'lls payable with F. R. Bank:
Secured by U. 8. war obligations
32.057 302,349
All other
Bills redlscounted with F. R. Bank:
Secured by TT 3 war obligations
18.161
123.176
Al< other.
92.013 450.500
York Citv.
St.
Louis. .Vinneap. Kan.City.
1,021
2,022
18.162
26.203
37,377
20,501
52,569
47.800
144,286
1,416,388
15,628
404,777 1,755,137
29,318
126,775
383,284
30,38S|
281,0741
29,736
80,330
492.488
10.298
38.505
251.507
545,385 2.454.312
28,538 177.104
12,841
01,089
234.538 1.267.042
148.197 043.114
3.220
28,034
676,754
42,911
8,229
306.595
130,239
8,802
353, .59i;
20,973
655.123
49.554
13.728
393.146
99.597
4,507,
6,184;
348.176 1.308.01516.095.325
78,129 1,133.808
23,600
350.110
11,3011
24,169;
213,958 021.63910.653.658
57.770 531.070 2.788.649
12.124
344.013
1,794
30,562
57
09.738
4.560
23,567
5,319
1,243
21,161
10.365
08,821
21,435
204.754
7,035
47,291
2.230
48.231
7,725'
71.119'
7,571
3,333
16,921
14,168
2,836
4,452
77,345
50,099
154,373
09,593
330,905
986.150
28,424
113,479
391.445
30,708
92,272
452,530
920,468 1.535.329
97.684
67,317
31.819
19,196
652,179 881.283
30,516 383.291
44.949
27.195
610.693
34,877
10,919
323,293
109.377
8.137
39.700
36
30.501
11.572
53.101
3.489
43.589
AU
824
269.132
634,342
202,093
310,821
83
Citv Of Chicago.
Total.
14,751
24,808
5,538
7,472
38
38.578
32.114
San Fran
69
32.648
67.213
35
46,682
Dallas.
61
19.581
21.812
2.725
3.748
108
21,548
65,163
31,799
35.863
Data uf reportlnti member banka In Federal ReaerTC Bank
IVtiB
Chicago.
Atlanta.
80
29.118
33,644
6,884
40,79ll
253.730;
90.014(
59,414
Clerelnnd Richm'nd
PhUa.
114
4.101
,59.801
a'nd
f. R. Bank
branch
cttleg
and
all
9,887
8,245[
185.5(!4
70,411
887,989
34,684
150.018 3.120.672
979,62711.204,376
12,992
30.053
130
2.07.51
25.0.->7
6.454
75.K19
670
644.791
6.696
252,89
1.272.45
other reportlnit t>anKa.
CUia.P. K. Branch CUies AUOthtr Report. Bkt
Total.
Tkret eii>Ur$ (000) omlUed.
Dec. 24.
Number
'.
of reportli? banks
U. 8 b.^nd^ to secure circulation
Other U. 8. bondn, inel. Lib. bonds.
O. 8. Victory not«s
V. 8. certlflcate^ '.f Indebtedness...
Total
n
Loans and
9
Dec. 17
Dec. 24.
Dec. 24.
51
51
$1.4.38
79.587
184.554
$1,438
20,214
12.999
11.095
18.291
12.910
11.721
518.496
46.746
44.360
776,393
72
$38,099
488,004
216,2.56
/><f.
17.
,
Dec. 24.
.
Dec. 17.
_L
287
$90,372
349.478
119.353
211.190
72
$38,099
219.700
81.305
148,900
S'jcu'-ltlea
Dec. 17
287
Dec. 24.
Dec. 17. Dec. 24 '20 Dec. 17 '2i\nec. 26 '19
$96,572
343,004
113.982
265,865
209
$72,396
161.369
48.430
59.824
20f
328
328
$72,433 $100,305 $100,429
156.899
123.49;
122.108
49.017
34.310^
34.254
64.898
42.723
39.8071
819.423
342,018
343.847
824
$269,133
82
797
$269,4,3
$•209,113
634. :« 2^
202.09:«
310,821]
622,071
373,4Sti
032.776
237.997
789.882
1.416.388
1.462. S44
1.929.768
SS7.9,<:9
070,500 132.099 135.8B7
901,21
94.464
94.7.54
2,190.070 491.220 491.057 413,202 415.2731 3,I20,.';72< 3.10:5.(;il(l
.043.8871.032.208 7.192.992 7.232,702 2,229,380 2,269,802 1,841.9981.843.001 11 .264.370'! 1 .335.50
1.329.974
3.300,373
9,900,440
297.977
299.574
197.S.5.T
lnv<?.Htment'!. Incl. bills re-
dlscounted w!th F. R. Bank:
sec. hy U. 8. war obllgat'ns.
393,187 400.334
sec. by stocks and bonds.. 1 177,291 1,160.352
other |o,in< ".nd Investments.. 3 499.4783,528.957
Loans
Loans
AH
Total loans and Investments. Incl. rediscount' wllh F. R. Bank... 5 557.960 5.008.139
Eeserve balance with P. R. Bank .
596.0.351 581.400
C5Mh In vault
108.809 108,707
Net demand deposits
I. ."III!
,352,142 4,404, 8.';2
Time deposits
.
282,652 279.913
Government depo'ltsl."""
167,576 197.641
Bills pavHble with P. R. Bank:
Secured by
8. war obligations.] 270,837
279.473
All other
Bills redlsrounted with F.r'. Bank"
Secured by 0. 8 war obligations.
120,551
122.873
All other.
419,277 350.671
i
H
U
Ratio of U. 8 war se,->ur1tles and war
paper to total loans and Investment'. Inoludlnc redtscounts with
Federal Reserve n.mk. ner cent..
ExeiusKo
65,595
660.820
3:^0.281' 2.222.1.50
,490,434 1,478,447 10.852.361 10.919.301 3.195.323 3,231.203 2.047.041 2.052.602 16,695,32,516,803.220 10.520,555
950,010 204,950 197.172
1,347.175
119.309
980.902
147,890
149,443 1.333.sn8J 1.297.23
125,7.501
221.710
:i.-(;.iiii;
3Si,i9i
65,853
429.712
211.826
75.602
,><3.8I,(
37,231
7S,43I
30,753:
.}42 7.590.048,1,670.625 1,093.720 l,.?01,59l 1,530,0S0 10 .0.i:f,
>^10.S14. 454 11.174.249
886,100! 895,1 99 7,481,
303,931 1,270, .553 1,271.200 900,744 907.01- 611,352 011.914 2.788.049; 2.790.197 2,302.344
304.036
399.90
314.905
47.147
344.013|
580.452
267,535
51.995
33.008
17,506
29.331
14.081
,';,'•.
,
1
•
01,814
.338.9871
o( rtiiidcouots
15 2
I.'-.
16.546
4.210
16,174
2,815
417,805
4,210
424.010
2.816
12.612
186.264
11.043
105.097
205,000
205,128
816,442
169,218,
7 3
12 4
12 S
12 7
7^
With Federal Heberve banks.
7
I'
938,044|
148,138
136,B4<'
182
78.7881
1.629
75.229
857
35,3.30
34,324
168,368
11.959
166.1931
12.832
155.121
12
1
.292
111
644,791
6.0901
635.48,1
4,28!1
252.8951
252.28
1.272.455; 1.139.92
12.2'
12.51
926.921
0.682
.309.590
590.014
18.1
.
U2
THE CHRONICLE
SJunliJcrs^
WnU
^'iXzctU.
Friday Night, Jan. 7 1921.
Railroad and Miscellaneous Stocks. Tho better tone
noted in tliis coliiiiin last week has continiiecl without interruption.
Tlio result is seen in an inereasing demand for
6tandard issues of bonds and stocks, which has been most
conspicuous in Government War bonds, but included rnany
other issues, and indicates a beginning of the traditional
Street,
—
January "investment demand." This movement has been
fostered by evidence from all directions of a general disposition to liasten tho process of a return to normal conditions,
including the opening up of manufacturing plants, which
have been closed because there was no market for their products, a further reduction of commodity prices and by the
practical certainty that the time for any possible acute
money
stringency has ])assod.
To-day's market has been by far the most active of the
week, and after some reaction which occurred in the last
hour, a considerable list of railway shares shows with a gain
of about 3 points.
The miscellaneous list has of course covered a wider range,
with varied results. Crucible Steel, for instance, shows a
points, while Mex. Pet., after covering a
net gain of 15
range of 12, closes nearly 7 points lower. United Fruit is
up 11 points, Atlantic G. & W. I. over 7, Houston Oil 6J^s
Rep. Iron & Steel 6 and others in this group are 5 points
higher.
The following sales have occurred this week of shares not
our detailed list on the pages which follow:
M
[Vol. 112.
active issues 17 have advanced and 2 are unchanged.
Of
the former several are from 2 to 4 points higher including
Bait. & Ohio. Ches.
Ohio, St. Paul, New York Central,
&
and N. Y. Tel
issues.
—
United States Bonds. Sales of Government bonds at
the Board include $1,000 4s coup, at 102 ^^ and an enormoufc
amount of practically all the various Liberty Loan issues.
The latter have also continuously advanced and a substantial
part of recent declines have been recovered.
It seems rea^
sonable to suppose that many of these bonds will never
again sell at prices quoted during last month.
Daily Record of Ubertv Loan Prieei. Jan.
First Liberty I.x>an
High
Wiik.
S per
f:hart
32 H
46 H
42
83 ?i
Jan
Amer Bank Note
50
Jan
Brake S & F..no par
Am
Jan
Preferred
100
Jan
Am Malt & Graln.no par
Jan
19
American Radiator
25
600 66 K Jan
American Snuff
100
100 95
Jan
Assets Realization
10
535
2H Jan
Associated Oil
100 1,400 94
Jan
Atlantic Refining
100
5 1000 Jan
Preferred
100
100 109
Jan
Austin ,Nlchol3&Conopor 3,300 10
Jan
Preferred
100
400 61
Jan
Bamet Leather pref.lOO
100 70
Jan
Bamsdali class B
25
300 33 K Jan
Brunswick Terminal. 100
200 4K Jan
Bums Bros pref
100
100 105
Jan
Calumet & Arizona... 10 1,100 41 H Jan
Case Thresh
pref . . 100
300 77
Jan
Certain-Teed Prod no par
200 34 H Jan
Chicago & Alton
100
500 8
Jan
Cluett, Peabody & Co 100
500 58
Jan
Preferred
100
100 80
Jan
Computlng-Tab-Rec. 100
500 35K Jan
Davison Chemical.no par
200 29 H Jan
De Beers Cons M.no par 1,550 18^ Jan
Emerson-Branting ..100
200 834 Jan*
Fairbanks Co (The).. 25
100 40
Jan
General Asphalt
100 I40."00 40K Jan
Preferred
100 2,700 80
Jan
Gen Cigar pref
100
300 84
Jan
Gen Electric rights
33,376
ZVs Jan
Habirshaw E C.no par 2,100 12
Jan
Homestake Mining.. 100
200 50
Jan
Hydraulic St.eel-.no par
200 19 M Jan
100
500
800
300
300
M
nilnois Central leased
line stock
100
Jan
Jan
325i
Jan
Jan
300i 40
Liggett &
class B . . 100
100140
Jan
MalUnson (H R).7!0 par
700 10
Jan
Preferred
100
200 46 H Jan
Manhattan Shirt
25
500 1954 Jan
Maxwell Motor
100 6,0001 2'A Jan
Ctf s dep stpd asstd
2,700|
H Jan
First preferred
100
700
8
Jan
Ctfs dep stpd asstd.
lOOj
7M Jan
Second pref erred.. 100
lOO
4
Jan
Ctfs dep stpd asstd.
200
ZH Jan
St P & S S
leased
line ctfs
100
100 56
Jan
MuUlns Body
no par 4,0001 21
Jan
National Biscuit
100
600|102
Jan
Preferred
100
300:106
Jan
Norfolk Southern ...100
100! U'4 Jan
Norfolk & West pref. 100
20C 67 M Jan
Ohio Body & Blow no par
30C
9J^ Jan
Pacific Coast Co
100
IOC 24
Jan
Intemat Nickel pref.lOO
K C Ft S & Mem pref 100
Kelsey Wheel Inc.. 100
5
58
200 75
mH
M
M
M
K
when issued..
Bingham. no par
4,S0C 37
Parish &
2,30C ViVi
Peoria & Eastern
100
40C 12
Rand Mines Ltd.. no par
80C 23
Reis (Robt) & Co.no par
IOC
8
Rensselaer & Sara
100
50 105
Sears, Roebuck, pref.lOO
700100
Seneca Copper
no par 32,500j 17
Shattuck Arizona
10 2, IOC
4%
Sou Pacific rights
65,3SC 22 H
So Porto Rico Sugar. 100
20C 80
Standard Milling
100
lOO 105
Preferred
100
7C 74
Submarine Boat.. no par 3,60C
9Ji
Temtor C & F P cl A « o par
20C 25
Pacific Gil
.Tan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Texas Co warrants
100 43 H Jan
Third Avenue Ry-..100 1,000 13 H Jan
Tidewater Oil rights
4.7601 12'^ Jan
Tol St L & West tr ctfs.
200 10
Jan
Preferred trust reels..
700 18 H Jan
Underwood
IOC
200 145
Jan
United Drug
100
700 94 1.^ Jan
Vulcan Detinning...lO0
100 16
Jan
Weber & Heilbr'r. no par 1,800 8!^ Jan
weyman Bruton
253|154U Jan
101
White Oil Corp... ;io p^7-'12.400 14^.^ Jan
i
LoweH.
Highest.
Lowest.
Par. Sharp!:
Air Reduction... no par
Rant/e SinC' Jon. 1.
Raroe for Week.
Sa:es
6
6
$ pir
32
50
46
83
H
K
M
3
4
5 19
6 6834
3 95
3
3
3 97
41000
5 109
3 13
6
6
7
3
64
70
35
4%
4 105
4 50
3 81 H
4 35
5
8M
6 59
3 80
5 38
4 31
5 193^
6
834
6i
40
54 ?i
3t
3 93
4 88
5
iH
6 13^
4 50
6 20 5i
4 58
3 75
3 61
3 43
H
4 140
4
7 46!^
6 20 5i
3
6
4
2'A
7!
93i
UH
7
7
7
3
3
7M
4
33^
56
share
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3! 12 H Jan
67 M Jan
7 10
Jan
5 24
Jan
7 413^ Jan
5 14
Jan
Jan
3 12
6 23 H Jan
4
8
Jan
3105
Jan
3100Ji .Tan
3l 19 H Jan
3!
6^ Jan
7| 26^ Jan
T 82 H Jan
3105
Jan
6' 74
Jan
10 K Jan
5|
6 2f>M Jan
7 43 H Jan
5 145^^ Jan
7 14
Jan
6 10
Jan
6 20
Jan
6 146
Jan
Jan
6 96
6 16
Jan
6 10 H Jan
e 15A'A Jan
3 17 H Jan
.I
vr
share. S per share.
Jan 6 32
Jan 6 39
Jan 7 40
Jan 4 81}^
Jan 5 17)4,
Jan 7 64 5i
Jan 3! 81 K
2
Jan 7
Jan 6 84
Jan 4! 890
Jan 5 102 Ji
Jan 7| 8
Jan S 57%
Jan 6 60
Jan ^1 30
Jan 3
3H
Jan 4 98
Jan 7 40
Jan 6| 72
Jan 4 35
6
Jan 6
Jan 5 3:40 >^
Jan 3 18O
Jan 4 34
Jan 4 25
Jan 3 15
Jan 6
5H
Jan 6 42
Jan 6 3234
Jan 6 71
Jan 5 84
3
Jan 3
Jan 7 14H
Jan 4 45
Jan 7 19
26H Jan
4 103
3 108
$
Dec 34
Dec
Feb 483^ Apr
July
Dec 60
July
Dee 90
Dec 44
Jan
Dec] 73
Dec 115 Ji
Aug! 6K
Decil25
Dec 1570
Dec 114
Dec 24
Dec 82
Dec 93
Dec 43)4
Dec 8H
Feb 108 H
Dec 69
Dec 101
Dec 62
Feb 17
Dec 106
Dec; 104
Dec 56
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
75
57
353^
7i
4 125
8
7
7 45
3
6
7
7
Jan
Apr
Jan
Mar
Feb
May
June
Jan
May
Mar
Mar
Mar
Jan
Jan
Got
Jan
Jan
Jan
Sept
May
Jan
Jan
Dec
Dec
Jan
4% Nov
5634
Dec 88
Nov
Dec
Dec
Dec
Dec
Dec
Nov
3^ Dec
Dec
7
3
7
7
2H Dec
M
36 5i
29
8334
43
7934
100
Nov
Aug
Jan
Dec 3334 Sept
Nov
16
2
2
7
7
40
Oct 153i
Oct 71
56^ Dec
4
Hiohisl.
Dec
6034
95
15534
45
8034
33 34
38
334
63 H
8
30 Ji
3
Dec
Feb
Dec
Apr
Apr
Mar
Apr
Jan
Apr
Nov
Jan
Nov
Jan
Dec
Feb 60
50
7;
Jan
19H Dec
5
7
3
3
7
Jan
51
Jan
96
Dec 125
Jan
103 J^ July 116
Mar
9
Dec 29
Jan
64
May 72
9
Dec 29% June
25
35
5
4
6
12
9
3
6
20
7
4i
3
98 H
UM
7
4
20
7, 70
3il00
6 77 ^
7
SH
7
3
Nov
May' 29
Dec 41% Dec
Dec 4734 Jan
June 18% Sept
Nov 29 June
Apr
Dec 23
Dec 119% Mar
Oct' 23
Dec!
H Nov
12%
Jan
Dec 2f>H Dec
Apr
Dec'310
Apr
DeclieO
Apr
Nov 85
Oct
14
Dec
Apr
1934 Dec' 47
7i
7
3
3
9H
10
8
6
6
11
5 121
3 91
6 15
1
61
7H
6154
7i
13 »^
Aug, 2254
Oct
Dec
Dec 16
Dec 19 M Sept
Dec 2434 Sept
Apr
Dec 200
Jan
Dec 148
Dec! 29
Dec' 11
Dec 154
Dec' 25 M
Jan
Nov
Dec
Oct
For transactions on New York, Boston, Philadelphia, and
Baltimore exchanges, see page 138.
State and Railroad Bonds. No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has continued
exceptionally active and strong.
Of a list of 25 notably
—
85.50
85.44
85.50
6
83.90
85.54
O
'A
<
W
O
1,648
88.72
88.00
98.62
1,109
V.
86.00
85.34
85 .60!
95.56
96.02
931
896
89.46
88.90
89.46
1.142
86.10
85.70
86.00
3,598
96.40
96.06
96.26
1,253
96.00,
96.40,
95.80
96.02
96.30
184
86 08
$1,000 units
bonds off High
1932-47 (First 48)
\
I
Total sa!es In $1,000 units.
%
Total sales
hi
3
f
4%
4)4% bonds
off
1927-42 (Second 4348)
<
I
Low
Close
High
Low
434%. bonds of 1928
(Third 4)is)
Close
Total sales In $1 ,000 units
43i% bonds
f
of 1933-38
j
m
O
High
Total sales In $1,000 units
Fourth Liberty Loan
High
Low
(Fourth 4)4s)
Close
Total sales in $1,000 units
(
Victory Liberty Loan
f
4%%
High
Low
notes of 1922-23
\
(Victory 4%s)
I Close
units
Total sales in $1,000
334% notes of 1922-23
f High
(Victory 33<s)
Low
\
I Close
Totnl Bales In SI .000 units
Note.
1
1.618:
96.101
96.00:
l,739i
85. 80!
86.76
86.60
86.70
16
87.10
86.80
87.02
1,081
86.80!
2,538'
96.76
96.40
96 76
1,830
96.72
96.38
96.72
1,255
1,431
90.70
90.46
90,60
1.164
87.90
87.36
87.54
4,720
9'. 10
96.90
97.00
1.751
97.00
96.94
97.00
2,088
coupon
of
.85.46 to 86.90
95.80 to 96.84
19 4th43is...
91.50 to 91.76
85.50 to 87.20 205 Victory 4%8
88.40 to 90.50
4;,(s
4J.is
93.00
90.80
93.00
633
87.76
87 60
87 76
2
88 20
87 20
87.60
218
98.00
98.00
98.00
30
87.20
87.16
87.20
36
87.60
87.20
87.20
90.44
90.00
90.30
1,695
87.50
86.90
87.30
2.948
97.50
96.70
96 96
1.826
96.96
96.78
96.92
2,592
-The above table includes only sales
Transactions in registered bonds were
bonds.
2 l8t a%8
64 2d
226 3d
86 80
86 20
86.80
346
O
w
High
Low
bonds of 1927-42
i
(Second 48)
( Close
Total sales in $1,000 units
Converted
<
O
85 40
85 52
316
1»2.50
93.20
744
(
$1,000 units.
Second Liberty Loan
92.80
92.20
92.60
830
87.10
86 50
87 10
59
87 40
86 80
87.30
199
98.50
98.50
98.50
86.64
86.20
86.40
21
86.86
86.00
86.60
1,636
90.30
89.50
89.86
1,951
86.90
86.04
Convertctl 434% bonds off High
1932-47 (Mrst 4^8)
Low
i
Close
I
Total sales in $1 ,000 units
Second Converted 4)4
High
bonds of 1932-47 (First] Low
Second 4>iB)
Close
I
I/OW
Close
Jan. 7
Jan. 6
85.60
85.34
85.34
26
86.00
85.30
85.50
85 24
4%
Jan. b
93.50
Low
In
Converted
Jan. 4
92.60
92.00
92.40
455
86.00
85.50
80 00
51
86 10
85 70
86 10
341
Close
of 1932-47...
Total sales
—
Foreign Exchange. Sterling exchange turned strong,
and as a result of an improved demand, prices touched the
highest point since August last. The Continental exchanges
moved irregularly, but with the trend toward higher levels.
58%@
actual rates for sterling exchange ;were 3
62M@3 64Ji for cheques and 3 6334@3 65 for
Commercial on banks, sight, 3 62?4@3 63 >^. sixty days 3 57fe<
cables.
(sixty
3 5834. ninety days 3 52%(S;3 53%, and documents for payment
Cotton for payment 3 62 5's © 3 63 >^ and gram for
days) 3 57 54 (S 3 58 'A
payment 3 62 '4 @ 3 63%.
,,
,
^
„o,o k oors
To-day's (Friday's actual rates for Pans bankers francs were 6 89(^
German bankers marks are not
5 85 for long and 5 95@5 91 for short.
were
yet auoted for long and short bUls. Amsterdam bankers gtiilders
31.39 for long and 31.75 for short.
r„„^c
irancs
Exchange at Paris on London 61.05 francs; weeks range, 60.55
high and 61.05 francs low.
The range for foreign exchange for the week follows:
Cables.
Cheques.
Sixty Days.
Sterling Actual—
3 67
3 66%
3 61%
High for the week
3 53K
3 53
3 4834
Low for the week
Paris Bankers' Francs
6.03
6.02
5.94
High for the week
5.80
5.79
5.71
Low for the week
Germany Bankers' Marks
1.39H
1.38H
High for the week
1.32
1.31
Low for the week
Amsterdam Bankers' Guilders
32 34
3234
31 11-16
High for the week
31.45
31.35
30.93
Low for the week
"To-day's (Friday's
3 58
34
for sixty days, 3
.
.
,
—
—
—
St. Louis, I5((625c per_Sl,000
par.
Montreal 5168.(0 per
San Francisco, par.
par.
Cincinnati, par.
•
Domestic Exchanire.— Chicago,
discount.
3
Jan. 3
91 90
91.00
91.90
1,118
85.24
85.24
3!4% bomis
(First 3H8)
Third Liberty Loan
STOCKS.
1
Boston,
$1,000 premium.
.
Outside Market.— The "curb" market was active and
m
strong this week and a number of important advances
Motor and lire
prices were recorded throughout the list.
Rubber
stocks were prominent features, Goodyear Tire &
points
stocks were in demand the com. advancing some three
from 45 to 41, sold
to 23 while the pref., easing off at first
up to-day to54, the close being at 51. Maxwell-Chalmers A
to
stock rose from 58 to 61. the "B" stock impro%ang from 12
gained almost two points to 22 M and
Meteor Motors
17.
Cleveland Automobile moved up
closes to-dav at 21 J^.
10*^50.
Peerless Tr. Motor rose from 19 to ^4.
from 42
lb
Wm. Farrell & Son advanced from 17 H to 21, reacted toZA
Packing ^\om
and recovered to-day to 18. Indian
lob.
reached 4H^ and ends the week at 4. R. J. Reynolds
finally at 37.
B stock gained eight points to 39 and sold
United Retail Candv Stores weakened from 7M to ' and
were
to-dav jumped to 9 \\dth«the close at 8M- Oil stocks
Anglo Amer. Oil continues prominent,
in.
actively traded
advancing from 17^ to 21, the close to-day being at 19 Jifour
Carib S\Tidicate made a steady advance of almost
points to 10, the close to-day being at 9^- International
Petroleum, after earlv weakness from 16}^ to 16, sold up
Maracaibo Oil ran up from 10 3^ to 14 and sold
to 17^to 12>i
IMerritt Oil advanced from
finallv at 13 KRefining from 140 to 145. Business in bonds
and Midwest
was good and prices higher; in some cases substantial advances were recorded.
A complete record of "curb" market transactions for tne
week wiU be found on page 152.
WA
,
—Stock Record, Daily, Weekly and Yearly
New York Stock Exchange
For record or
aiilea
BIOH AND LOW SALE PRICES— PER SHARE. NOT PER CENT.
Mtnday
Saturday
Jan. I.
Jan.
Tuesday
Jan. 4.
3.
Thursday
Jan. 6.
WedTtesday
Jan. 5.
Friday
Jan. 7.
PKR SHAKS
28^8
4354
6512
•103
27I4
73»4
6I34
8^4
8I4
19
281?
43I8
6658
2878
45
9
20
8»4
20
20
30
44
3OI4
4512
6678 6734
'105
109
27
2 Sis
28
74I4
7334 74I4
6212
6218 6214
671
...
103
•8I4
8»4
I9I4
•I8I2
2878
431.
6718
29I4
44I4
675s
109
2718
72
6II2
73
62
2634
72
•61
•45
•60
28
49
28»4
100
1
1
II2
178
178
4I2
esg
41
14
19^8
414
•6
46
9934 1001.
9934 IOOI4
210
215
210
414
178
41
1»4
•4
2
5
147a
•6I2
14
8
1418
1418
141.
2OI2
15
20
201.
20
20
201.
20
2078
I4S4
15
76
291.
9
1478
151.
151.
15
15
75 12
29
75
29
7612
2938
7534
29I4
9
8754
43g
111
19»4
47I4
19»4
46
46l2
4I4
I2I4
49
•181.
88Ss
89
25
89
19
451.
4l8
11
I9I2
4612
11
46
137,
25I2
5434 561.
IOII4 10178
47
438
11
438
11
2034
2012
4734
21
47»4
14
60
172I4
•45
•58
•60
6
201.
41
5(34 55I4
1021s 1021s
45I2 451.
I2I4
121.
1238
1278
7234
25s
434
I9I4
258
478
2OI1
434
193,
20
2I2
•434
1958
40
3954
4038
40
2018
4058
4'4
4078
434
7178
73I4
7II4
434
6OI4
7158
434
6014
7318
65
•59
99l8
S3I4
4078
53
18
53
2934
3034
50
68
65
4I4
41
fiOSs
72
50
68
65
•48
•58
•59
I9I4
18%
19
9812 IO212
8I34 831
4034 41
)7i. 18
5438 5438
181.
1878
187g
73
258
434
60
68
98
21.
49
•58
99I2 10134
81
823s
4078 4II4
171.
5434
1718
5312
278
5I2
81
75
83
54l2
227g
563i
2334
32
27I2
37
38
301
75
6l8
7I8
11'4
1178
9834 101
22»4 2334
571. 58
1634
I712
*35i8
3712
119'4
645, 6478
nm
•10
52 14
52I4
567g
227s
2334
23
2634
371g
27
26I4
38
61.
III2
67,
1134
3634
6I2
111.
52
2218
23
31
31
265,
3n34
612,
991. lOOSs
223i 23I2
98
1134
9978
2238
23
57I4
165,
58
57I4
57I4
161.
361.
"
361.
119
1734
1 193.,
65
65
11
2034
21
77s
Sis
2034
2I3s
101.
22
8l8
83,
2II2
21
161s
*35ls 38
1171. 119
65I4 6534
•10
11
21
2134
838
S's
201.
15
103,
1734
271.
11
185s
10^4
17%
28
69
10
691.
I7I2
I7I2
18's
261.
16
261.
28
16Ir
161.
45
455,
3134
46
46
lO'i
28
29
70
70I4
91.
17ii
10
3OI2
173.1
103^
IOI1
175s
10
32
2818
19
17
17
481.
311.
17
•451.
31
1
1
•27
1
3II2
17l8
'32'
88
88
88
88
88I4
31
88
32
88
33I4
3258
33
25
1934
•
67s
•117
8I4
43I2
747,
52I2
747,
.521.
"
26
120
21
21
211.
21
211
59I4
7
120
81.
81.
591.J
7
120
958
457s
413,
834
461.
421.
48
57
395,
411
421
834
49
5II2
811. S3
'100
105
73i
52I4
823,
100
>?i.
and asHea pnoea o«
7978
27
120
91.
84
1-4514
•74
541,
.54I2
2634 27I2
80
811,
12178 12334
811.
1231.
211.
5834
27
110
223,
22
.59I2
""7%
71
634
120
122
958
4614
48
421.
10%
42I2
103,
48'4
57
40
86
82
87
843,
86
82
104
8
779
621.
SO
421
38l2
9
100
"65"l2
48
461.
421.
"
3334
4712
120
10
55
46
89
82
.531.
8»l^^ 01,
46l2
883,
3434
46I4
•70
53
no
1
"678 "718
120
"6012
561.
83,
78
158
1'2
307,
95,
541
ion
33%
1
82
83
451.1
797,
12134
39%
MQ
6O34
1231,
57
»
601.
•81
441.
121
7
122
•46
'34I4
75%
271.
781.
12134
28
80
•70
77
60
77I4
120
18
271.
19»8
7g
•75
54
1034
38
2RI4
45
5134
261.
791.
2134
22
69
II4
53I4
8I4
10
17
4534
45
•21
83,
69
1'4
45
IOI4
681)
01.
171^
441.
791.
"
11934
667,
681)
91.
"
13,
791.
43's
17
•35I2
28I4
2712
6OI1
soil
46I4
5838-
2738
465,
593,
8OI4
1134
98I4
2234
27
\H
59
227,
32I2
26I4
37I2
61.
27
457g
56
8212
5II2
103i
I8I2
W
5II4
,30
Ills
183,
17
•34
thu Oa»
•9
54
42I4
9»4
55»4
4034
95,
55»4
83
87
84
'83l".
100
102
lOPi
8I1
J
Ei-rlghti
2II2
fo"i34
85
Do
500
11,700
pref trust etfs
100
Rys of Mex 2d pref.. 100
Nat
19
85,
|
% per ihart
78 Feb 11
72 May20
4I4
Dw21
Dec27
I82
27% Feb 13
40ia Jiiiie28
U'4
5ii
Auh31
25,000
1.300
5,500
25,.500
15.900
7,800
21i<!
04
54
68
89
Leas than 100 ihar«t
Do
Do
prior pref
pref V t
v
t
FE
.
• Bi-dlT aad rlgbn
.
t
767»
Ij
ij
6
8ept27
B«pt27
Oot 4
Got 4
Nov
Mar
84% Oot
71% Oot
72% Oct
7% Jan
Dec
34% Deo
487« Dec
6
86
118
48
108
Nov22
Nov23
MaylO
5% Doc 9
Feb 13
Dec21
Dec2l
6534 Juuel2
6,
4l
41
63
Jan 3
Oct 2
6% Apr
12% Dec
1818 Dec
13% Dec
75% Dec
31% Jan
12% Oct 2
21% Sept 20
30% Got 2
22% Sept20
91% Nov 6
Marl9
17% Oct 4
417j
Jan 24
18% Dec22
3534
7
80% Feb 13
3
Aug 4
81.
De<ll
13%M."iy 6
40 ^^dyl9
8% Febl3
Febll
18
39>4May24
Aug 9
94
38I4 July 2
8I2 Dec21
Feb 13
83
80>4 June23
2I4 Def22
3'.'
Deol4
Dcc21
33% Dec22
3I2
6414
23'4
Dec20
JunelS
Feb 13
Feb 13
Aprl3
41% May
I512
16
8414
6634
3778
4
Deol3
Feb 6
JunelS
Junel2
May24
14
Dec22
50
37
DeclS
Dw30
2112 Febll
6678 AuglO
64»4 Febll
327g Mar 9
3314 Mar 9
15I4 Feb 13
2312 Janl4
Febll
11
40
9034
5
Gctl9i
OctlSl
37% Sept23
27% Got 4
105% Nov28
44
32
68
27% June23
llO
Febl3
61l4May24
7% Augl2
14
Aug 9
7
17
May20
Dec22
Dec20
8% Feb 13
121.
11
2OI2
541.
8"4
15
25
67% Oct
39% Got
8434
75
Ootl8
48% Got 2
40
45% Dec22
21% Dec21
72^4
De<18
111
Dec2-'
10534 July 7
15'H
59'2
noo21
Dec27
6%
Do. 22
5
Feb tl
Do(21
35
37
Dei 22
Auglit
95
11%
20%
33%
88%
FpT)
63
301k Dpo21
834 n(M-29
1
Doc21
Aug 3
Deo21
0612 June
6% D.v21
42
80
74
Bx-aiTldaad
I
•
8ept27
Oct22
Oct 4
Get 4
Nov 4
Oct 6
Oct 6
Mar22
47
43
Got22
129%
69%
15%
32%
Nov
13
Oct
4:
Jan 3'
Got23
Oct25l
34% Oot
23% Oot
41
6
8,
15% Sept30
40
78
18
28
48
OclL'S
2
3
85% Octie
33% Get 4
Fob 13
Feb 5
Dec22
Dec24
Deo 2
14
Dec22
40
Deo22
24
Dec22
Dec21
43i| Dec29
84% Deo22
261. Dec22
6711 Deo27
Dec 8
51
DecSO
79
32% Dec21
4
Sept26
Nov
103
61
27%
22
51
7
Febl9.
Feb27i
July30
Mav20
MaylS
Nov
Oot
9578
118%
Febl4
Feb 13
Dec21
6
73% Oct is!
55s Dec24
8I4 Dec22
88% Febl3
18
Oct 6
Oct 4
84% Nov
70
42'4
Octlg;
8ept27i
Nov 9
Got 4
Oct 6
Oct 2
Apr
1
48% Mar29,
Janl2!
72
88% Jan
5
2% Mar24|
Mar31
3
62% Septl7|
92% Nov 9
53% Jan 3'
92
95
96%
10334
93
128%
61«4
101
Jan 3
Jan28
Jan 16'
Aprie
Jan 6
Jan
Jan
Jan
147% .Apr
116% Feb
54 S4 Jan
15% Janl4
Mar31
175
30% Jan
3
Jan 3
,53% MarlOII
Jan 2
88
120% Jan 3
Jan22l
14%
Apr 7;
95
99% Jan27!
122
109% Apr 8
Mar
107
177,
Pall
9
June16
paU
Mw
12
Juli
307tMa|
62% Juli
70
105
133
Jul!
Mai
Jm
32% Jul!
84
73
82
107
64 7|
74
Jun«
Julj
Ja»
Juli
Jun*
Julf
3l%Ma»
117g Jul}
20% Ma}
33
Jul»
23% Jal»
100% Maj
62% Jul!
127» Jul}
40%
104
Jul}
Maj
9% June
31I4 Jun»
25% Ma}
67
Ma»
>
9% Apr
Dec
Feb
62% Feb
7% Mar
16
17
17
.Tan
26
Dec
29% Apr
Jan
66% Jan
68
Jan
21
1% Dec
1% Jan
147, Jul}
30%
26
Jul}
Jul}
61% Ja»
18% "^P"
28% Sept
41% M«»
64
64
76
113
Ma}
Jul}
Junf
Jul}
4% Jar
3% Jul}
30
Jan
51% Got
81 7j
Jttn
97
87
i92
62
84>4
Sept
Mai
103
Jan
Jan
101% Get
Jan
39% Jan
88
Sept
113»4Ma}
Dec
84% May
42% Feb
x98
Dec
84% Feb
113
.
Mar26
86
Jaa
Juli
JulJ
14
Feb
Dec 26 May
40% Dec 60% Junf
104% Aug 12234^8}
Jw
37% Dec 88
19% Jan
24% JulJ
70
Dec 98I4 Maj
90
Deo 1097, M»j
16% Jul}
4% Feb
8% Jan 25% July
22% Nov 387, Julj
3718 Dec
5S<4 June
Mat
14
4% Dee
60 Sepi
28% Apr
6634 Deo
83% Jun«
23% Sept 33% Jul}
Api
80% Dec 70
40 Nov
53% Jul}
407| Jul}
25% Dec
16% Nov
24% July
95
Dec 112% Ma}
77
Deo 997| Ma}
39% Deo 481, Ma}
33ij Det
12% Jan
De«
70
68 Mar
39
63% D««
Apr
June
24
Dec 44%
75
84% Juni
Dec
935,Jun»
737g Dec
38i2 For
33
Dec
33% Dec 391, Ma}
10% Jan
27% Juli
20
Dec 37 Ma}
23%Jun<
107i Dec
23
Dec 377, Jun»
6% Dec 12 Jul!
12
Dec 23% Jul!
81% Nov 116 Jun»
20% Dbc 33 Ma}
62% Dec
72% Ma}
27% Jan 70% Jul}
60 Junt
29»4 Dec
119% Aug 138% Ma}
74I4 Mai
63
Dec
167| Jul}
7% Jan
16
34% Jul}
Jan
714 Dec
13% Jul}
20% Dec 38 Ma}
14
25% Jul}
Dec
Feb21
Febl9
18
31% Feb28
65l2 Oot 4
8»4 Oct 4
85% Oct29
65
16%
Ma}
7
13
11
49«4
14
3% Mar
Dec
Nov
40
Dec
13
Oot 4
Oct 8
Nov
95
Deo
Dec
10
66% Nov 3
112% Jan 5
65% Oct22
21
8ept
857g
17% Nov 4
27% Oct 4
62% Oct 4
20% May24
,50
7
30
Oct 2
97% Oct 4
6% Oct22
24»4
p«r (M.-t
104
89
Deo
Deo 68I1 Jul}
ClljMaj
45
Feb
9H» Dec 118 M&>
172% Mar 217 Ma»
3% Apr 15% Jul}
8% Feb 24 Jul;
6% Jul}
2% Dec
16% Feb24
24% Dec27
Sept
19
280% SeptlS
8
(
48
Dec 14
Got 2
9
Nov
Deo
22% Jan
68
Dec
66% Aug
67
Deo
88
Deo
32
Feb
8
Mar30l
82 8ept28
Ootl9
69
36% Oot2l
Oct 8
54
June29
Feb 10
Deo
Deo
21
95
3
9ij
I6I4
12
3!
Jan 6
41
AugU
166
Jan
Nov
tkart
87% Deo 107
28% Deo 66% May
38% Deo 60% Moi
10
33% Julf
Dee
6
Deo 28I4 JlUf
130% Deo I707( Jul;
61% Deo 08% Mar
13%Jlil}
3
Deo
3% Dec 17% Jul/
91% Mario
120
July 8
83I4
Maris
Maris
I
Mar
Oot 6
06
June28
Dec21
Feb 1
Feb 11
June26
Doc29
Feb II
20
48
35
$
12% Bepl37:
104% Oot 6
49% Oetl6
Ootl6
64
17
31% DeclS
60
50
Hartford
Ontario A Western
Norfolk A Western
Northern Pacific
Pennsylvania
Pere Marquette vtc
Jan 8
Nov29
98
100
100
100
.100
100
100
NY
V
80%
Beptl4
3634 D(x-2l
De<'22
00
31
NYNH4
90% Nov 6
H2
tflfiM
Lowetl
t ptT Ihart
13%
109% Doe22 134
47
Febl3
70%
4 Feb 17l
16
3'4 Dec29
17%
6% Dec21 14%
I6I4 Dec22
33%
Dei21
21
44%
New Orl Tex A Mex v t o.-lOO
New York Central.
100
N Y Chicago A St L0UU...IOO
50
100
100
100
3II4
6.000 Pittsburgh 4 West Va..
100
pref
100
75
Do
50
847s 56.800 Reading
2.100
5134
Do Ist pref
50
3,000
50
Do 2d pref
231. 1 1 .000 8t Louls-San Fran tr otfs-.lOO
321.
300
Preferred A trust ctfs.-.lOO
100
26% 2,800 St Louis Southwestern
100
38% 2.400 Do pref...
Air Line
100
634
2.400 Seaboard
100
1134
3.200
Do pref..
77,900iSouthern Pacific Co
.100
100
100
2334 25, .500 Southern Railway
100
1,400
Do pref...
58%
..100
8.100 Texas A Pacific.
18%
200 Twin City Rapid Transit.. 100
37
100
121
15,400 anion Pacific.
100
Do pref
667,
1,200
IOI4
600 United Railways Invest... 100
100
Do pref
1,400
22
8I2
100
6,500 Wabash
22I2
100
Do prefA
9.700
Do pref B
100
6.800 Western Maryland (nets). .100
11%
Do 2d pref
100
19
8. .500
27I2
100
1.700 Western Pacific
7nn
pref
Do
100
73
IOI2
2,600 Wheeling A Lake Erie Ry.lOO
100
Do pref
1.400
WlPconsln CentnU
100
Industrial 8c Miscellaneous
100
1.100 Adams Express
28%
19I4
2.3nn Advance Rumely
100
300
100
Do pref
50
8.500 AJax Rubber Inc
50
35
11.000 Alaska Gold Mines
10
1
10.100 Alaska Juneau Gold MIn'g. 10
no par
49
10 500 ^lllefl Cbem A Dve
Do pref..
100
800
89
347,
100
16.400 Allls-Chalmers Mfg
300
100
751,
Do pref
3.000 Amer Agricultural Chem..lO<»
63%
100
400
Do pref
84
100
4634
6, .500 American Beet Sugar
100
Do pref
100
80
6,000 Amer Bo3ch Magneto. .iVo par
,57%
100
281, 27.700 American Can
100
1,900
Do pref...
82
8,700 American Car A Foundry. . 100
126%
.100
100
Do pref
100
3,700 American Cotton on
22'4
pref
350
100
Do
4,800 .^raer Drueclsts Synd cate. 10
"Hx
I22I4
600 American Express
.100
7, .500 American Hide A Leather. 100
10%
100
9,200
Do pref
50
600 American Ice
100
100
100
Do pref...
44I2 44,700 Amer International Corp. .100
10
1,100 Am La France
lOM
100
56 14 12,700 American Linseed
100
200
Do pref
'8'5'r,
100
7,100 American Locomotive
100
Do pref-.
1013,
300j
?R
10 7nn American Rafeiv Rn«or.
in
411
anh**t
III2
.300
1.300
1 1
600
300
16
4734
3078
8234
4II4
1818
105,
173,
28
SOU
14
•14
45I2
2934
ioo"
26I4
371?
6I2
6I2
1134
1134
99 lOOis
22I4 231)
581.
58
161.
167,
38
*351i
II8I4 1203,
66
601,
•10
11
2II4 215,
78
1
1918
57
S's
M
First preferred
Second preferred
2312
II4
1
731
2.700 Chicago Ureal Weetern...lOO
Do pref..
100
1 .901
16.200 ChlcaKO Mllw A 8t Paul... 100
19.100
100
Do pref..
8.600 Chicago & Northwestern.. 100
Do pref
100
18.300 Chlo Rook Isl Sl Pao
100
2.900
100
7% preferred
100
1 .700
6% preferred
100
100 Chlo 8t V
4 Omaha
100
Do pref
Clev CIn Chlo & St Lou1b..100
Do pref
100
300 Colorado &. Southern
100
100
Do Ist pre!
100
Do 2d pref..
100
Delaware A Hudson
.100
Delaware Lack <b Western. 50
Denver <fc Rio Grande
100
Do pref
100
Duluth 9 3 4 Atlantic
100
100
Do pref
100
Erie
Do 1st pref
100
100
Do 2d pref
100
Groat Northern pref
Iron Ore properties. JVo par
Gulf Mob 4 Nor tr ctr8..-100
100
Do Pref..
IlUnolB Central
100
par
Interboro Cons Corp.. No
Do pref
100
Kansas City Southern
100
100
Do pref..
Lake Erie 4 Western
100
Do pref
100
Lehigh Valley
50
LOulsvllle 4 Nashville
100
Manhattan Ry guar
100
Mlnneap A St L (nea)
100
100
Minn St P A 3 S Murle
Do pref...
100
Missouri Kansas 4 Texas. 100
100
Do pref...
600
*25i2
*35l2
21
21
16
•14
60
72 Is
52I4
2034
1034
I7I4
60
•70
5«i
56
51.1
4138
45s
l>aiU of llM-ibart lot!
Lowett
2OI2
4OI4
45,
¥358
815s
5134
278
20
3038
"82i'4
8338
IOI4
•14
5I4
45
2978
29
75
2858
•70
8278
8138
5IS4
32
2634
30
•70
258
IOI4
185,
I8I2 I8I2
IOOI4 101
8I34 833s
4118 4138
17»4
18
44
•70
73
49
68
08
•59
191s
1834
30
55I4
.541.
1021, 102'8
47
4834
1218
1234
73
50
•08
I9I2
I9I4
4OI4
17I4
13
73
93
434
18'4
1878
i815g
123.1
60
7334
51
•12
•23 12
35
73
93
278
8834
378
11
14
14
•21
7738
291.
12
21
88I2
46
251.
47
•9
21
93s
458
III2
I9I2
4I4
l.<78
251. 2'>I.
541. 5618
lOOSg 1001.
49
'1278
•8l8
88I2
4I8
III4
I918
14
"54"
54»4
•100 103
19
3934
4I2
78
13j
»4
1'!
41.
7
75
2%
74
621
1418
2878
*4'4
74
62
73
7
9
"12^
27I4
ISSg
1934
1478
7458
2834
29S4
14
'105
109
2718 28
8
76 14
461!.
6834
1458
9
4'4
III4
1918
30I4
4534
691
1418
65j
15
Z75I4
28^8
87
29I4
44
68
70
210
'8
297,
2878
100
II2
9
20
44
63
63
63
28
49
19
108
•1(H
2()l4
8I2
884
20
M»me€ for PrtHtmt
Ytat IVltf
On
BXCUANQB
RR
8S4
PMK SJiAMM
Range for year 1920
HTOCK8
NEW YORK STOCK
Sates
for
the
\Veek.
Pat
Railroad*.
S per share S per share
$ per share i hares
$ ptr shixre $ per shar.
82I4 83
831. 84I4
83ii 84
831.
83
83
84
6.400 Atob Tuiieka .t Hanta re..l00
76I4 7812
75I2 75>2
7812 79
7834 7U
Uo DfeJ
78'« 79
2,200
100
7I4
7l!
634
7'8
7'4
678
6>4
7
6^ 4.400 Atlanta Uirm &. AUantlclOO
65s
8618
8418 85
85
86
8418 84^8
857g
86
85
2.000 AtlaoUc C^adt Line
.100
35I2 36I4
351.
3634
3512 3fi'8
35
35
3618 3634 2S,(K)0 BalUmore A. Ohio
100
52I2 53
521. 53
5212 53 14
52'4 531
5312 531.
2.:i(K)
Do l'r«f..
100
lOSg
IOI2
IOI4
IOI2
IOI2
101. in
IOI4
IOI4
lO's
3.500 liruoklyu lUuld Transit... 100
7I4
7I2
•esg
7I2
•658
71.
71
7
8
500
Certltlcaies o( depoalt..
•65s
II5I4 II7I4 II5I2 II6I2 11518 116
11534 11738 II6I4 118
15.600 Canadian Pacltio
100
59ij 61
6OI2 62
6018 611^
5914 61
6078 6II2
9.10(1 CheBapeake* Ohio..
100
Chic & V..if,\. iMliKilB trust recui
5S4
51.
51
534
Do pref tniHi reoU)
5
5
1.400
20
^^^
OCCUI'YINC; THREE PAGES
durlag the week uf utockii usually InactlTe, aee preceding page.
Jan
10% Nov
95
M»}
1437, Not
6.8% Sepi
107% Junt
148% No»
Jul}
67l» Julj
119
93
API
14% Mai
Ma?
76% Sept
103
13%
71%
37%
64%
62%
Jan
Jan
43% Ju)}
142% Ort
Aug
Jan
76it Junt
7(»4 JuD«
Feb
132% Opi
44% Mar
Mar
89 Not
08% API
Jan
Jan
100% Ju!>
85
68
100
11718
0««
3
4
New York Stock Record — Continued — Page
usually
144
for record of Halca durlnit the week of
niOH AND LOW SALE
Balvrdar,
Jan.
1.
t rtr share
Uondar,
% per share
Oij
Jan.
S per share
Oig
•03
912
66
I per shire
OU
91
•64
66
3534
7778
3634
3.538
78
777.
31
30
3134
no'i
04
01
100
100
lOO's
77I2
733)1
•70
0534
114
88
110
69
32
8"4
3II4
337g
2578
56
•43
8I2
69
41
84
82
9^1(1
II7I2
88
»14i2
61^4
2S8
55
99-''4
4^8
•84
ao
fiO
9
76
42
86l2
's
258
53
6658
lOOM
fl's
HI"
5I1
III2
1434
61
2638
3658
934
1958
1934
27I2
5678
60
50
.5958
•92
34
36
2618
'45"
88
II3I2
61
31
85
93
937g
77
•80
76-5g
90
86
9778
9812
II6I2
88I2 88I2
II3I2 114
61 12 64I4
115-34
34I2
9
gi8
37I4
2618
5534
3734
2618
•44
8
35I2
9I2
42I4
8SI4
4OI4
8512
eoij
41
42-34
87.38
86.34
89-38
106
21.1
•58
1
2I4
54I4
53
54I2
2I2
53 14
58
56I4
101
IOII4
4*8
478
101
478
54
56
878
7312
106
1
4I8
54-34
57
10118 10112
•5
85
434
I5I8
1158
14l2
61
26
90
27I4
•80
85
5
»80
85
5I2
85
15'4
478
I4I2
15
16
151s
16
12
12
I3I2
13-38
14-34
15
6II2
13-58
14
61
1334
1478
.5912
.5912
26
28
27
69
6
7
3878
60
25
69
534
37I2
5-38
26
69
"hh
6I4
3812
3814
90
28
89
89
273i
30U
5.34
"612
4OI4
90
67'!
65
67I4
65
6534
90
30
66
61l,t
611?.
61I«
63'.>
1038
1058
I2I4
2OI2
21
20ls
1178
22I4
2OI4
23
2OI4
20
20
62I4
1058
21
2OI4
62 14
IOI4
27I.>
27I4
28
28
30
58)2
501
95«
58I2
5OI2
IOI4
683i
078
54
783,1
73
lOr-g
201
63
63
*96l4 100
45,s
67
102
9l8
56
53
•71
79
1934
•60
•96I4
4
66
•>
56
53
73
27
59
7.38
223,
2OI4
27I2
59
9
791^
77I2
54
54
72
79
21
65I9
60
9
50
60
.5012
*521.>
*70
5378
*70
79
3II2
691,
6312
12-38
21
52
-537,
73
21
4
10078 1007«
30130
98
41,
68I4
100', 100',
29-38
3II2
41.1
65
100
6OI4
98
4
8OI2
2II2
SOU
97
67l'>
66-5s
4.38
66I4
IOOI4
2OI0
2878
293,1
73
77I2
75I4
78
29I4
75I4
8312
84
8334
84
84
22I4
233,1
833i
2238
63
227,
62l2
2258
65I4
24
64
2II2
63
2834
30
2812
201.,
28-34
29
lots
I7I2
103,
173,
lOls
IOI4
lOis
IOI2
28I4
1038
18
53I2
54I2
53I2
18
54
18
52
87
18
55
53I2
54
48
49
517s
48-38
77I2
7812
•76
50
78
50
77
51-3,
76I4
50
78
77
23
23
791?
79
79U
25
79
25
7912
•5I2
261,
7912
9
261,
791,
IUd
137,
143,
27,
1312
14
14-3,
13l8
I4I4
13-34
47
14
4
51
I3I4
I4I4
358
147s
I4I4
378
*54l2
57
137,
234
•47
54
55U
•7812
86
51
1207, I22I4
697, 70
I4I2
14
3l8
•47
56
617,
141?
3I2
4
51
56
*78l2 86
12134 1221,
•67
75
8OI4
12034
80
80
85
2378
2834
IOI2
8712
79-3s
•50
56
81
121
803s
121.3,1
6412
35
95»
27
48
103
80
86
99
90
113'a II412
3712
8I2
•58
2lg
88I2
261s
5534
71
4234
1
985g
86
II6I4 II7I4
3812
8
106
103
77.I4
68
9
39I4
80i8
801s
9II4 92I2
10118
101
95
35
45"
100
28,400
1,900
7,800
.3012
71-58
458
275s
543,
•90
101
90
•71
78l2
4
54I4
56I4
6
3778
54
T5412
165I2
3638
2634
•58
2i8
68I2
5'2
7
37I8
"514 "5U
•84
27
64
60
105
88
112
13..500
80
88
438
1412
ID'S
6
65I2
3812
8534
89»4 9II2
IOOI2 101
74 12 76
83l2 8312
97I8 97.34
11434 II5I2
1134
3Iis
37-34
6SI2
38
934
49
355,
38
72
27
•84
27
95
I4I4
1434
15
17
3-34
52
551
80
57
4I2
51
57
86
12034 12178
"26"
¥0"
693,
68
68
1434
I4I2
I5I4
15
155,
64
74
64I4
641?
64-34
65
73
73
66
75
66
76
3812
401,
38
40-3s
41
421,
75
20
85
20
85
23
•12
281!-
S6
13
29
57
•1712
75
21
9I2
20
1234
.57I2
'2'07;
13-34
59
20
13 12
21
I3I2
22
58
151,
291,
66
15
677,
6712
70-3s
16
691,
68-34
11-3,
11.34
in.
12
11.38
11-3,
11-34
6l8
6I4
6-3,
634
6.34
15
31
61,
6.3,
32
32I4
33
13
121,
121,
54I0
953,
1031,
541,
953)
13
52I2
54-3,
935s
95-3,
103
16-3l
103
3258
lOi-3,
*12
54-5s
941,
105
I2I4
ni»
12I-.
131,
1?I,
51
53
36
72
59
52
52-34
SO34
34
34
341,
•12
131,
545,
9478
5458
131^
46
143,
467,
321.)
'z-^Tx
37
4Ss
45,
13
521,
1258
521,
36
•70
59
59
571,
.571,
14-5,
14-58
1.53,
15
45I2
151,
463,
431,
4618
44I4
"227s
25V,
383,
14l)>
401,1
85
35
4I2
8I2
14U
15
421,
4II4
85
85
183,
45,
59I2
"22-3,
"2"3'l2
22-34
38I4
412
39I4
381,
4-5,
4-38
""9"
"
"si".
15
151,
437,
861,
421,
44
89
20
185,
177,
8'4
19
.5212
54
54
55
52
40
40
4OI2
401,
4OI4
139"
mu
9-3s
0I4
19.3,
91,
OI4
16
43
87
197,
91,
535,
4OI4
934
53
40
18
"
•135
l'.5"o"
*135
150
975r
97=8
995,
99-5s
99-34
1510
1,53,
16
16
135
99-34
15
•
4
'
"9
151,
*8«
17
3,
3534
131,
551
13
2358
161,
32
,503,
191,
7OI2
73-3,
I2I4
127,
7
341,
36I4
1278
13
55-34
71,
57
97
105
71
"22-%
601
171,
7058
I2I4
678
2278
1212
2278
16
3OI2
59I4
!7l2
95I2
36
33
•70
58
23
131,
291,
581,
17
57
16
67
15I4
I2I4
Bid and asked prlcea: no sales on this day,
133,
533,
373,
74
597,
16
4634
71
231,
391,
458
5
16
471
S71
207,
131,
547,
150
IOOI2 1001
1534
|
I3I4
.53I2
137,
55I4
36
72
38
60
60
74
1518
I6I4
47
5334
71
3-71
2234
365,
4-38
4
14
46I4
"201',
11-34
54
24
371,
43,
5I4
16
4734
"2"l
127,
55I4
40
201
18
Am
Do pref (new)
100
Do common Class B..100
Amer Woolen
Do
Amer
Amor
Do
200
4,700
3.500
of
Mass
100
pref
100
Writing Paper pref.. 100
Zinc Lead <t Smelt.. 25
pref-.
2
.300
Do
Do
Ist preferred
100
100
par
100
100
2d preferred
:
I4I4
72
20
Am
Am
AW
64
74
•I6I2
MIscell. (Con.) Par
ShiD 4 C/jram Corp.A^o par
Smelt Socur pref sor A. 100
Amor .Smoltlai; & ReflDinK. 100
Do prof
100
8U30I Fdry tem ctf8.33 1-3
Prof temo ctfs
No par
AmorlcaD Hugar Refining.. 100
Do pref
100
flt
8I2
1,800 Atlantic Fruit
No
ISSLlne
118.000 All Gulf
74
Do pref
44I2 10,700
88I4
9112 116.000 Baldwin Locomotive Wks.lOO
Do pref
100
100
100
100
10SI4 108I4
800 Barrett Co Cbem Ccns cifs...
Do pref ctfi" dep
100
10112 10214
Batopllas Mining
20
7,.5O0 Bethlehem Motors
414
No par
434
Bethlehem Steel Corp
000
5514 5.514
100
Do Class B common.. 100
5678 5878 32,800
Do pref...
100
Do cum conv 8% pref. 100
1.100
IO212 IO2I2
Booth Fisheries
5I8
No par
2,100
534
Brooklyn Edison, Inc
•84
100
88
Brooklyn Union Gas
100
*82
1,1.50 Burns Bros
loo
85
Butte Copper * Zinc v t c..5
534
6
9,300
16
2. .500 Butterick
16
loo
I3I4
14-3,
7,300 Butte & Superior Mining.. 10
I4I4
15-34
6,600 Caddo Central Oil & Ref..lOO
6OI2
No pa
60
2,300 California Packing
27.34
8.300 California Petroleum
100
28
Do pref
900
_
..100
74
75
7I4
6.34
7.700 Callahan Zlnc-Lea'l
10
400 Case (J I) Plow Wks..Aro pa'
7
7
Central Leather
39-34
21,800
41
100
Do pref
90
92
600
100
30I2 3II4 13,600 Cerro de Paaco Cop...;Vo par
71-34
No pat
68
28,100 Chandler Motor Car
1,100 Chicago Pneumatic Tool.. 100
65
65
11-3,
70,400 Chile Copper
25
12
211, 22l8 23.400 Chlno Copper
5
No par
2078 25
11,300 Coca Cola
Colorado Fuel & Iron
2.600
100
".59r4
7,600 Columbia Gas & Electric ..100
10-34
1218 63-500 Columbia Graphophone No pa'
Do pref
*51
59
700
100
54I2 55
No par
1,100 Consolidated Cigar
Do pref...
•70
100
73
81
81
2,000 Consolidated Gas (N Y)...100
217,
5,800 Consolidated Tettlle..A^o par
21
900 Continental Can, Inc
60
100
60
Do pref
•97
100
100
100
Continental Candy Corp No par
4-34
5
3,700
67I2 6934 19,400 Corn Products Refining.. 100
Do pref
IOOI4 IOOI4
1,000
100
3OI4 32I4
8,600 Cosden & Co
..No pa'
Crucible Pteel of America. .100
85
90 127,800
Do pref
.500
85
85
100
2378 243. 16.700 Cuba Cane Sugar
No par
62I4 631,
Do pref..
3,100
100
2812 30
9.900 Cuban-American Sugar
10
1058
12
10.000 Dome Mines, Ltd
10
1734 181,
1.400 Elk Horn Coal Corp
I 50
5818 11,800 Endlcott-Johnson
55
50
Do pref.
400
100
Famous Players Lasky No par
5II4
.52
10.200
Do preferred (H%)
77
77
2,600
100
Federal Mining & Smelting 100
•8
9
5612
81
I2II2
74
42
86
22
Lowest
Indut.
Amer Sumatra Tobacco
100
Do pref
200
100
19,600 Amer Telephone <k Teleg..lOO
Amer Tobacco
6,600
100
1,800
4.100
52,800
191,
•135
1978
140
IOII2 IOII2
17
18
Less than 100 sharea.
400
Do
pref
...100
1,000 Fisher Body Corp
No
31,400 FIsk Rubber
No
6,700 Freeport Texa= Co
& W. Fnc.A^o
11,900 Gaston
Gen Amer Tank Car.. No
25
1,200 General Clg-ir, Inc
W
400
Debenture pref
pa'
25
par
par
pa'
100
100
14,800 General Electric
JOO
500 General Motors Corp pref. 100
Do temporary ctfs No par
145.200
Do Deb stock (6%) . 100
1.200
Do Deb stock (7%)... 100
700
14.600 Goodrich Co (B F)
..100
Do pref.
300
100
900 Granbv Cons
P
100
2,400 Gray & Davis, Inc..
2
2. .500 Greene Cananea Copper
100
Giiantanamo Sugar
2.300
No par
600 Gulf State' Steel tr ctrs..lO0
3.300 Haskel & Barker Car
No par
1,700 Hendee Manufacturing
100
Houston on of Tex.as
10.700
100
8.800 Hupp Motor Car Corp
10
1,800 Indl.ahoma Refining
18,400 Inspiration Cons Copper.. 20
400 Intemat Agrlcul Corp
100
Do pref
1,300
100
1,.300 Inter Harvester (neiB)
100
Do pref (nt^)
400
100
6, .500 Int Mercantile Marine
100
Do pre'
12.000
100
6.600 Intemat Motor Truck. iVo par
Do 1st pref..
200
100
Do 2d pref
1,400
100
29.100 International Xlckel (The). 25
31,600 International Paper
100
Do stamped pref
100
200
15,900 Invincible Oil Corp
50
par
No
4,000 Iron Products Corp
36.700 Island Oil & Transp v t c. 10
100
2.700 Jewel Tea, Inc
Do pref..
100
200
900 Jonns Bros Tea. Inc
100
25
24.200 Kellv-Sprlngfleld Tire
Temporary 8"^ preferred 100
700
MSA
.^.
31 .700
25,300
7,200
1.100
700
Kennecott Copper
No par
Keystone Tire * Rubber.. 10
Lackawanna Steel
100
Laclede Gas fSt Louis)
100
Tire
Lee Rubber
No par
600 Liggett <fe Myers Tobacco.. 100
600
.'in
<fe
Do
pref
20.500 Loew's Tncornorated
t Ex-rights,
No
a Ex-dlv. and rights,
ARE
PER SHARK
Range for year 1020.
On basU of UY) share tots
YOIIK .STOCK
EXCIIA.VOE
8I2
7134
417,
14-34
74
39
•73
22
200
9,300
1,700
9,200
300
'iiu
PBH
STOCKS
3812 40.900 Anaconda Copper Mining. 60
1,600 Associated Dry Goods
100
27
I4I4
69-34
Shares
66
38^4
104
84l2
26
3512
26I2
•54
•43
36
8l2
858
8S
14
6OI2
3778
878
3II4
3512
2OI2
">»
53
8778
87
11478
lit
6OI4 6234
3218
32
9
IO4I2 IO5I2
•98
937,
10034
7612 77I2
•81
83
96l8 071s
116
1177s
1034
•64
38
80
7812
3058
3fll4
7fil4
% per share
3OI2
38
78
3034
35
12
66
NEW
Week.
7.
2
Inactlre, tea preceding pafte.
iitocks
Sales
for
the
Frtdav,
Jan.
Jan. 6.
6.
S per share
«
•63
NOT PER CENT.
Tliursday,
Wtdnttdav,
Tuesdav,
Jan. 4.
Jan. i.
87,
I'lilCE—PER SHAKE.
9
100
par
81
DecSO
Dec28
29 14
De<^
6412 Dec28
26
Nov20
79 12 Dnc21
82 Is Dec20
977,
65
78
Dec22
Dec21
Decl3
92i8 May22
IO4I8 Deo22
8514 .May20
1001, D''C22
66I2
88I1
2812
Dec28
Dec21
Dec28
534 Dec21
2512 Dec 9
Dec21
30
18
Decl7
497i Decl5
Dec20
38
6i8 Dcc23
71I2 Dec31
Dec30
42
Dec22
78
Dec23
92
10134 Dec29
99 18 Dec27
I2 Aug20
2
Dec29
47
Dec21
487g Dec21
90
Aug
9914
234
Dec22
Decl5
Dec30
82
48
76
3
334
105
Jan26
Mar221
Aprl2
100'4
Marl8
95
Jan t
Jan 7
June29
Jan 2
Jan29
Jan 3
Jan 9
Jan 9
1917«
935,
1I8'4
10634
283
97'4
210
I65I2
IO5I2
81»8
2II2
59I2
66I2
67I4
7458
7534
2OI4
17612
75
14812
IO212
130
IO5I4
138
3212
9638
IO2I2
102 14
114
15
9634
66
Dee20
Dec22
Dec20
129
8
Dec-21
9 Is Dec22
55 ii Dec21
15-38
63
4
Nov20
Nov20
Dec28
Dec22
3012 Dec21
80 14 Der22
Sig
24 14 De'-29
5938
Dec28
60
7I4
Nov27
Nov30
183,
Der-21
Der21
Dec21
18
22
50
9
MaylO
Apr
6
Jan 3
Jan 17
Jan 7
45I4
9438
275,
11
40
54*8
1714
61
26
67
5938
5
Feb
lU Jan
Jan 5
26
Apr'
May
Der30
71
Deo
Aus
May
Apr
90
Dee
Jan
108
116
25
102
92
188
U
851}
41
115
5I8
Dec
Dec
Dec
Dec
Feb
J6
Jan
1678
I9I4
Feb
Dec
48I4
Jan
Jan
641, Jan
20-38
578
Apr
17
July
Sept
July
Auc
May
Apr
Act
3934 July
37I2 July
54I4
8712
5778
8658
23
May
De«
Oct
Sept
Oct
.5612
Feb
II6I2 July
IO412
31
Jan
Jan
114
90
68
Nov
Jan
Jan
Jan
Jan
Jan 9
Jan 5
Jan 14
3
3
2
3
Jan24
Jan 3
Oct
lOlSg
Mar20
Apr 8
AprU
July
May
May
10734 July
Oct
12
Jan
Jan 6
Jan 12
Jan 6
Jan28l
45
Oot
June
Jan
Jan
1
7
9
Sept
2i8
Oot
May
55I2
553»
6
Jan 3
Feb24
Jan 5
Jan 9
Dec22
11
82
145
119
Nov
100
103
110
16-3/
3218
3712
3134
3OI4
Apr
Dec
Feb
Nov
Feb
Feb
56
69
Oct
9112
Dec
75I4
0512
54
Aug
Auc
Dec
r78
7834
3012
6512
IOOI2
75
Oct
110
1.53,
99
Jan
Jan
Feb
Jan
203, Jan
91
6912
nl.50
10-5,
23-38
80
Mar
Der
9
25
""Dec
47
90
10978 July
261
105
55
8778
Oct
July
Dec
Dec
Oct
Jan n410
I6I4 May
Jan
July
43
Dec
Jiine 150
83
15
JUQO
Oct
Oct
Dec
IOII2 Aiic
38I4
3918
3178
Oct
Oct
Oct
Jun©
Dec
Feb
1034 Sep'
5218
July
863, July
1063, July
3712 Not
10334 June
46
102
July
67I2 July
I4II4 Nov
II3I2 Not
29I4 July
507, July
435, Not
50-34
10718
123
Dec
July
2311 July
48I4 July
De'
Jan
173
Nov
55
Dec
Dec
6438 July
3S34 July
Jan
Oct
Oot
957g July
Aug
14418
Dec
Feb
101
176
82
Jan
95
821?
Feb
9434
Apr
Jan
938,
IO9I2
Apr
5612
Oot
June
Oct
46-38
Aug
Dec
Dec
3212
Dec
4712 July
4912
Feb
Feb
80lg Oct
718, July
"Feb
7'87i July
3734 July
102
471,
40
"4"2"lj
Jan
Jan
11018 Jan
IOI2
48
111
N0VI8 11178 Jan
Dec 9 170
Apr 7
N0VI8 84
JanlO
68
«5l2
Jan
Jan 5
Oct29
10 14
5478
Dee
Jun*
Oct
July
July
777g July
192>|
761i
I56I4
1117,
44
281,
Jan
89
29
86
Feb
Jan
Jan
Dec
Decl7
Jan21
8.578
Dec20 n605
Aprl7
9'4 Mayl9
Jan 3
13
1338 Dec21
Jan 2
28
47
Dec24 147
Jan 6
84
Dec28 104
Jan 3
40
Dec20
Jan 5
95
66
Dec2l
91-58 Aprl5
5
_
Decl7
I6I2 Mar30
2 Hi Dec21
44-34 .May 14
78
Dec22 13478 Mar20
10
Dec22
Jan 3
48
121g Dec21
3612 Jan 5
1I2 DeclO
I9I2 Jan 5
77I2 July23
4412 Dec23
51
Dec22
7588 Jan 3
78 »4 Dec31
9434 Jan 5
H6I2 Dec21 172
Jan 2
64I2 Novl8
803< Jan 3
1234 Dec20
Mar26
42
85I4 Jan 6
6858 Dec28
69
Dec22
Apr?o
94
27
Dec21
85', Jan 5
70
Dec22 10234 Jan 3
55I2 Jan 3
Dec21
16
8I2 Dec30
40'4 Jan 5
16
Dec22
38'« Jan 3
III4 Dec28
201, Augl7
25
Dec22
8478 Jan 8
51lg Dec22
78I4 July 8
46I4 AprlO
12 '2 Dec28
55 14 Dec21 11612 Sept20
8I4 Deo22
23I4 Apr
55? Augll
9»4 Apr 6
28
Dec20
617, Apr 8
938 Dec23
AprU
27
4OI4 Dec21
8838 Aprl5
88 Novl9 14212 Aprl3
5134
Nov
Mar
16912
110»4
6478
2II2
NovlO 115
Jan
Feb
Jan
Jan
Jan
92
64
Jan 3
Jan 6
Jan 5
June 18
1043,.
Jan 5
IO8I2 Jan 5
61-38
Jan 3
44I4
May
May
May
June
Dec 1085)
Feb 31412 Oct
Jan
Dec 106
Jan 5
Jan 7
75I2
2038
1934
4158
4034
100
Apr 9
46
16434
11178
2114
120it
Augl2
Apr
29I4
28I4
8512
119
SOU
Oct23
111?
Jan
73
Aug
90^ Dec
Feb
64
100
II312
581,
Dec31
6512
5212 Dec31
9234
.51ij Dec22
Aug27
80
70
Dep30
8978 Aug25
71-3< Dec21
9378 Mar22
16
Deo27
46 14 Apr26
52
Dec28
Apr 9
98
9734 June22 10234 Jan22
33j Dec22
I4I2 Aprl6
61
Dec21 IO514 Aprl4
97
Dec20 107
Jan 9
24i» Dec21
4338 Apr20
70
Dec29 27812 Apr 7
8112 Dec21 100
Jan 7
I6I2 De'-25
HUihtsl
S per share
t per share t per ihart
30I2 Jan 5
26
Dec
4711 Got
»4i2 Jun*
Mar30
7938 Dec
83
6II2 Dec
Jan 3
72
89^ Jul7
94
Dec 1095, July
lOOU Janl3
33I4 May
Mar22'
July
60
47
93I2 Jan 1 'i
91
Dee
96iz Aus
IIII4 Jan 148>t Oot
142*8 Aprlli
8ept24
10
Lowest
HlQhett
t per share
7'8
Range lor PrevUnu
Year 1919
21 14
92S4
80
533-
91
JaD
Not
July
1495, July
June
Dec
120
Jan
8734 July
12812 May
Feb
Apr 9
Dec21
2634
91-34
12
June
62
82
80
July
34
Dee
65
Not
15
48
91
Mar
Mar
24-34
Dec
Dee
Dec
44
July
68
Jan.
164
Not
IOII2
275s
385,
62l2
Dec
IIOU Oct
7978 Jan 3
47I4 Ju!yl5
Jan27
7I4
3378
Jan
Jan
Maris
69 14 Dec28
Dec
Jan 7
3812 Dec21
July 9
'8
19
27I2
4
3
Dep22
Dec28
Dec
8
DeclO
778 Sept 20
13
De<-30
Dec22
75
Der28
1458 De^22
514 Dec
45
Dec21
2S«2
1558
I27I4
95
I4I2
Jan
JanlO
30
Jan 5
1521, Jan 5
105
Jan21
2134
4514
33I2
4812
9134
5712
387,
Apr
7
Nov26 207
Jan 5
Jan 5
Oct25
Jan 6
JanlO
Decl8
Dec22
10078
Jan31
36
3878
Nov
Aug
7
Deo22
BPar value SlOO
ooui stock,
33
21
195
107
x
Not
Dec
12fii2
July
July
Jan
10734
Not
Dec
Jan
83
40
Jan
Oct
Dec
25OI4
Aug
Jan
115
July
43
Anrl2
1
35
51
2058
3OI4
Ex-dlvldend,
New York Stock Record — Concluded — Page
145
3
for record of aalea during the week of ttiM-ka uaually laectlre. •«« ibud paKti rollowing.
HIGH A.VO LOW
Saturday
Jan. 1.
S
Vf
share
SAr.e
Monday
PKim^—l'EH SHiHK. SOT FKH
Jan. 3.
S ptr share
t per share
10»4
1
31
1371;
•97
1»4
105
145
103
•i)«
Jan. 5.
311;
fi8
fiSSg
66I4
31 1;
105
13S34 140
lUO
100
31
lO.')
70
lOlu
I56I4
154
'
14
331.
32»8
32»4
53»4
53
•93
i7h
1314
131:
31*8
56
95
•52
•03
95
66I4
•93 14
1501: 15434
l'63
"ifl7g
15»4
125h
75
66 >8
B5I2
•O3I4
•93U
•65
71
"n'
1314
33
55
31
95
191
1734
27
281
4812
277,
30
27Is
173s
271
471.
48ij
48
105
•57I2 62
57
57
88
27
26
•25
26
50
05
50
•88
•99
100
•42
•50
32
•9
1038
III4
80
22
80
2II2
70i»
8OI4
24
45
54 »4
24
3II4
32
3134
55
32
lOlt
3.I8
I9I4
28'4
29
26I4
2()l4
•111
13
•44
261s
106
92
!»2
71
711
72
106
101
•42I»
'
51
•50
55
31
31
117s
1434
5
I5I2
80
80
231.
"
231
42
52
34 Is
46
55
12
12
I2I1
127s
^
3I4
5I4
334
51.1
•45
48
ISig
1518
4
51*
271. 2818
•II5I2 125
I5I4
15
16
125
1418
14
35s
51s
361
271.
"
26
1378
11
23
46
55
33
'110
1Y5'
•45
48
•44
14
1378
IOI2
•40
•50
32
31
lis'
92
72
106
101
111
"23'
48
47
•30
41.
511."
80
23
3I0
4I2
27
62
37s
•70
23
125
13I2
48
13'4
711;
7234
7fi
67
9
7OI4
3358
3434
35
35
9I4
28
1954
68
69
9
34I2
34I2
281?
217s
71
7678
711s
9»4
341
47
I8I4
I8I4
1
4734
4734
1 ,.500
721s
755s
6934
83.300
8.000
35.400
3,200
3.000
6.800
30.800
2.500
8.200
2.100
2858
35
29
2118
2178
IOI4
1034
75
75
58»4
59'4
"1078 Tl'14
747, 751
5838 581-
84
•83
82
I3I2
8134
84
IO5I2 106
i46
35
845g
CO
1158
27I2
k
<
35
603g
•86
19%
6434
47
13
8218
13
8234
60
I3I4
8134
731
7II2
67
69
68
IOI4
IOI4
74I4
69I4
I3is
47
35
35
29
341.
3458
35
35
28
211
7434
2238
281.
24I2
OI4
34I4
3434
2838
2OI2
7334
1058
3578
35
3.578
86
83I4
84
I2I4
1238
13
275s
351s
6258
8712
26
28
34
341.
641.
Ills
75
75I2
751.
70
58I4
59
58
84
,591
"l"l"i8
841.
1234
8138
841
14
10.514
455s
3438
82
100
I312
2638
13
82
106
4634
35I4
83
100
145s
2778
341.
63I4
83
IO6I2 10612
461. 477s
3458 353s
*82
•102
13I2
27I4
84
110
.341
6158
801.
65
19
191
18
18
20
20
6712
121s
12l8
6312
12
6658
64I4
I2I2
665s
1234
*4
5
12
12
4I2
13
434
•4
13
3
9814
13
5
13
42
2318
24
51
51
7434
3
86
158
1583d
ia5i8 1051.
•77
27
3II2
4338
»82l2
13I4
79
27I4
32I2
4578
96I4
421s
23I2
51
44
243g
52
88
15812 15834
IO5I4 1053s
•78
7034
I3I4
358
358
95I2
431
2358
9434
43I2
•72
•75
20
28
331s
3258
4658
45
83
12
43I2
7I8
738
7I4
7l2
44I2
2334
51
51
51
84
•72
431s
2884
443,
4234
32I4
IOI4
5478
IlOls
5258
80
29
331.
4638
7I4
"68"
201?
31
29
978
.531.
83
778
"6'8""
2II4
32
194
198
5II2 55
III2
39I4
•6
2018
6438
92I2
4II4
6212
101
33
44I2
801.
107
4834
113i
3938
7
231.
6.578
41I4
6578
101
3378
4412
813,
107
.505s
10
32I2
35
37
3834
9634
84
7I2
47
84
93
4234
35I2
SI4
30
39
43
•70
•.55
53
•80
87
734
8I4
3OI2
4OI4
70
70
21
22ls
33
34
1951. lOfii.
5458 56
77s
431
36
83
22
65
29
83
131s
1338
8334
85
1,600
55
300
2.200
1 1 500
16.800
IO6I5 1071
4958
47
'>'4
351
3614
84
•103
•80
2OI4
85
116
93
23
65
66I2
".5'
"5"
141.
4I2
16
9612
4334
235,
5134
98'.
4378
2438
538
52
84
160
74
1051s 10538
*78ii
80
281. 2812
357, 38
47I4 4934
IO5I4 10fil4
8OI4
•79
2934 313,
371? 4234
4OI4
.52 14
1.59
83
90
1284
I3I4
1258
13
43
43I2
45
45
9
4358
3118
III4
55
83
8I4
734
'76"
"7'o'
2134 2334
3112 32
I95I4 IO6I4
5378 65I4
2358
2138
6412
•89
8I2
43I4
2918
12
541.
81 14
8
39
70
2334
3234
199
55
90
90
90
834
858
87s
44I4
31
12
441.
32I4
12
5.578
4334
2958
12
5438
8II2
83
851.
81.
838
39
42
7OI2
2434
6978
23I4
33
201
t32
202
56
IOI4
4218
71
24
32
207
5578
5434
7
23
22
23
24
6.5I4
6512
6678
•6
221.
6634
94
46
9*
46
95
"44"
'441^
4312 'iiu
631. 6.534
10378 1037s
3314 3434
•44
631] 645s
IO3I1 1031.
33I2 3434
641. 601
10314 1031
13334 35
8138 825s
10734 IO8I2
5OI2 513,
9l8
9
341
33
8118 8178
IO8I4 1091s
815s 825«
lOOis 1003s
38
96I4
387s
9638
441.
51
.541.
93s
321s
3634
10
101.
101
331.
37
33
37
35
38
961
961.
9612
•95
7I4
491.
8
401'
8
73s
.50
50
5738
.541s
.551
778
•49
8
53
7
70S;
67I4 691;
IO3I4 1031
34I4 3478
43I4 43I2
8378
82
IOOI4 lOOSi
53
10
.541,
34
375«
3778
•95
85
734
•.50
IOI4
39
97
85
8I4
53
86
"4'3'34
3558
36I4
578
6l8
315s
3134
40
40
42
1131. I13I2
'103
..
467,
45
4578
86I2
871
86I4
94
84I4
"4,338
94
44
4378
44
44I8
45
36I4
37
3834
39
4OI2
431.
35I2
6I4
6I4
6
8
3II2 311.
313, 35
4II2 411
•40
45
•110 114
IIII2 113
73
fiO
•Bid and aekert prices; no sales on this day.
name changed from Ohio CTltles Gas to present
,
1,700
100
131 ''10,000
6,onn
3434
371.
3.-500
661. 24.300
1134
67
1
,000
600
2.600
4OI2
311.1
6
•80
84
1581. 159
84
50
84
93
1134
5834
•6
III2
•3734
9212
•9
19634
078
26
73
13
431.
73s
441s
412
97
23
I58I4 15834
10.5ig 10538
42I2
2634
95s
511.
•79I2
353s
2OI4
•105
43I4
108
447s
Middle Htau>8 Oil Corp
A Ordnanoe. 60
8838
8
9
37
46
40
47
112
11338
'44
46"l2
71
61
.
100
100
Href
Mont WdACo IHaCoTV.Nopar
National Acme
60
73
R1
M
.000 San Cecilia Sugar v
NJ—
Y shares).
10
t
e.No par
Savage Arms Corp
100
12 .400 Saxon Motor Car Corp.ATo par
1,.500
9\
Niiv20
Uw20
'Oil
UecSO
97
66
l)»2l
M
Dec24
1)«22
a
Om'14
6A
95lt OiM20
If
I
Jau
Jan
Jan
Jau
Jan
Jao
28
70
liei|
183<4
1I01|
6014
04I4 Mar'-ifZ
I61i| AprM
I37i| A|>rlV
Jau 12
107
Aug » 222
Maris 106
,
,
...
120
Dor
79')
Mai
00
Ju)>
180
Auk
187
Dsi
iai*«
Oet
00
Jan
lf»4
Jan
162*4 Jan
Dec
9V
Auk
5
71»4
Dee21
03
I)e<21
62>4
69l|
100»4
64
100
l)(-i21
25I2 Dl)c2l
40
40
Mar25
Mario
'291t
Jan
nec29
46
83 U De<-23
60
Oct 26
26U
r)«-.3l
80
DeiSO
1021
no Ma)
Nov
Nov
12^.
69<8
I
)ei
22
26
Wt
n«20
13
46
8«
Nov 19
6312
8912
102i«
93I4
100
Der29
nec28
8
N0VI8
•J
N<>vll
Dc(28
Dp(23
3512 Dec21
66
I6I4
48
26
May20
9
I)ec2-'
278
De(22
31J
23
107
12
14278
D<(22
NovlB
Novl7
M8y20
Dec22
Dec22
De<29
41i4May20
37
6914
6412
6I4
27
JanI3
Dec22
Dec22
D<'c22
Aug 9
Dec22
Dee21
15
Dec21
59
Dec 8
9
Der21
72
Dec22
5II2 Feb 13
Dpc30
83
12
DeclO
72
nec22
90'4 Dec22
52
Deo30
9512 Dec20
40
Dec21
t297s Dec23
73
Dec22
301s
2634
110
1711
II7I4
481|
01
61*4
77I«
22»«
6«4
9»8
nec28
Dec24
65I4 Dec21
84
Def28
I6I4 Dec 9
491. DeclS
Deo20
» 10
2I2 Dec22
9
Dec22
2l8 Dec22
85 14 Dec21
3318 Dec21
20
Dec21
43
Dec22
75
Dp(23
e|142l2 Dec22
30
71
Feb
62*4 Jul)
83
Jull
87
Jan 3
Janl3
70
108
4311 Jul)
No»
76
Der
lOUt Get
92
8lt
461a
Jull
IO8I4 Ma)
24*4 Jull
88*8 JUDI
De<-
Feb
Ma)
604
Jan
Jan
Bept
93
B4
102
•«
lOOU Fel
Jau
Jao
Jan
Aprl2
Jbd 3
Jan 6
Jan 6
Jau 3
Jan 3
Oct25
Jau 6
Aprl7
No?
Oct
4OI4
Nov
7
2
7
Bepi
8*4
32»« Jul»
Bept
Ooi
94I1
I3I4
Nov
Jul)
217. Jul)
9II4
19lt
44I4
Feb
Feb
146*4 Ocl
70*4 Jul)
112
Mar
76
07
07
Jao
J&a
47
40
Jul)
Jal)
Job*
........
Mar
8
Apr 6
All
Mar
Nof
III4
28<4 Bept20
Aprl4
41 7« Jao 6
Jan 2
66
Jan 2
78
6II4 Jan 5
46 June22
167
128
Nov
84it
Dec
39I4
46
Mar
70*4
68l|
Dec
Dec
74
80
22
67
Jan
Jan
92*4
27ij
AprM
AprM
45
Oct 25
32
42lt JanIO
4412 July 2
827| Jan 3
lOSij Jan 8
23I4 Jan 8
Jan 7
98
72I418ept23
9II4 Jan24
2758 Jan 6
113*4 AprI2
104lt Feb 2
80
Dm
41
14OI4
1047,
Jao
8
0«>
Oo»
76I4 Jul)
Dec
Apr
Dec
Apr
No»
No»
l'4'9'
116«8
111*4
3614
Oe»
De<
68
67
43
Ma)
99
0«l
Oc»
88*4
IOII2
16
Jao
Jan
Jan
93
45
Dec
Feb
98
Apl
IO6I1
Mar
Jul)
861
12*8
111
28«8Mai
Oei
74^ Jul)
Feb
Feb
Ma)
Co*
Oo»
3111
109
100
68
Jan28
124
120
Marl9
z69
100
60
110
Aprl9
01
Apr
0818
Feb
Feb
107i|
Nov
112
Juof
19
Mar
68
46
Aug
2712 Jul)
10518 Oe»
53*4 De»
*4278 July 7
I06»i Aprl2
92JtMay 3 107 Nov 3
10
N0VI8 22*4 Jan 6
24I8
1 1
82
46
Apr
Oe
264
Nov
31
1
Nov
Jul}
Jull
luoe
10
l)t-(22
Jua«
246
116
03
28»H
47li
U'n
94
Jan 3
July 7
Jan 3
Jan 1
Jan 2
9318
124*4
106*4
55*4
123*8
MaylO
1778
25I4
Aprl2
JunelS
83«8
215g
Apr 6
Jan 13
7,900 Sears, Roebuck 4 Co
100
Aprl4
243
4,400 Shell Transp 4 Trading... £2
90U Jan28
95,300 Sinclair Cons Oil Corp.A^o par
48*4 Jan 6
82I4 Jan26
Sloss-Shefflcid Steel 4 Iron 100
1 ,800
94I4 Aprl9
Do preferred
100
.'. 25
1.400 Standard Oil of N J
C2121. Mar26
12,400
Do pref non voting
100 lOOis J.niel? 113*8 Mar26
77
D-C30
Steel 4 Tube of Am pref
100
91it June24
241. Dec22
Stewart Warn Sp Corp. iVo por
2,800
6H2 Mar26
4.100 Stromberg Carburet
No pa' 221s I)ec21 II8I4 Apr 8
3734 Dec21 128*8 Apr 8
65,500 Studebaker Corp (The). ..100
76
Dec 9 lOUf Jan31
400
Do pref
100
III2 DeclO
3,-500 Superior Oil
n< pa
20*8 8eptl3
41
Feb20 60
400 Superior Steel Corp'n
100
Apr 8
6I4 Dec28
13I4 Mar31
9,500 Tenn Copp 4 C tr ctfs.iVo par
40
Dec21 c67*4 Jan 2
48,400 Texas Company (The)
25
22
Dec22
51,100 Texas Pacific Coal 4 Oil
10
63*8 July 7
678 Dec23
2.100 Times Sq Auto Supply.ATo par
3414 Julyie
40
Dec2'2
13,-500 Tobacco Products Corp. ..100
96tt Jan 3
80
Dec22 106
800
Do pref
Jao 7
100
558 Dec23
55,000 Transcontinental Oil .No par
38*4 Jan 6
347s Deo21
66I1 Jan 3
700 Transue 4 Williams Bt. No par
6 134 Dec22 127
1 ,-500 Dnion Bag 4 Paper Corp. . 100
Aprl4
14,500 Union Oil
No par I9I2 Dec31 38 Jan e
2718 Dec21
1,800 United Alloy Steel
No par
Jan 6
53
Febll 22478 Oct23
5,'iOO United Fruit..
..100 170
45N Dec22
96li Jan 3
39-800 United Retail Stores... A?o por
lOij NovlR
251j Jao 3
400 U 8 Cast I Pipe 4 Fdy
100
38
66I4 Apr 7
DecSl
Do pref
300
100
534 Dec23
Express
U8
100
8778 Apr 6
15
Dec22
78*8 Jao 6
25.100 U 8 Food Product* Corp.. 100
66I2 Deo 11 116*8 Jan 8
18.800 O 8 Industrial Alcohol
100
90
Aug 6 103*4 Jan 6
200
Do pref
100
3678 Nov20
69*4 Apr 8
1 ,000 U 8 Realty 4 ImprovementlOO
63
Dec23 143*4 Jan 5
57,400 United States Rubber
100
95I2 Dec28 116lt Janl3
Do Istpref
800
100
2912 DcclO
50
76
Jan 3
5,300 U 8 Smelting Ref 4
3912 De<-30
400
47*8 Mar27
Do pref
50
76 14 Dec21 109
Jao 6
154,000 United 8tat«8 Steel Corp. . 100
2-700
Do pref
100 I04I8 Dec23 116*4 Jai;i28
441s Dec22
10
80*4 Jan 3
24,300 Utah Chopper
7
Oct23
14
Aug25
1 00
Utah Securities v t o
100
1
26-000 Vanadium Corp
No par 281. Deo21 97 Aprie
•2434 l)eo22
8OI4 AprM
4 800 Virginia-Carolina Chem ... 100
8834 Dec22 112lt Jan 7
600
100
Do pref
76
Feb 13 1201 J Sept 17
200 Virginia Iron C 4 C
..100
63. Dec 18
21 June 7
Vivaudou
No par
5,300 V
48*4 Nov20
lOO
76
Mar31
400 Wells Fargo Express
8018 Julyl3
92*8 Oct23
2,600 Western Union Telegraph. 100
8914 Novl9 119
Jan 8
Weetlhghouse Air Brake
60
40
Dec22
65'8 Jail 3
5, ,500 Westlnghouse Elec 4 Mfg. .60
3012 Dec23
6912 MariO
60
8,100 White Motor..
19
Nov 19 3214 Sept20
6
Wlckwlre Spencer Steel
6i8 Dec 7
32
Jao 8
26
52.100 Willys-Overland (The)
26
Dec 7
93
Jan 5
5,S00
100
Do pref (new)
No par 3478 Deo21 8218 Jan 5
.000 Wll8on4Co.lno.v t
1
100 loo June 3 145
AprM
1.200 Woolworth (F W)
Dec29 II6I4 Jan 6
100 102
Do pref
369s Dec21
95
Jan27
4.000 WorthInKtonP4M vtc.lOO
73
Dec21
93*4 JanI3
100
200
Do pref A
53lj Dec21
76
100
Jan 6
ion
Dn ore' B
M
Dw
rfl3
Jan 3
Jan 4
Jan
Jan
Jau
Jan
Jan
148
88
10'4
100
100
Pan-Am Pet 4 Trans
60
Do Class B
60
Penn-Beaboard St'l v t c .Wo par
People's O L 4 C (Chic).. 100
Philadelphia Co (Plttab)
60
Phillips Petroleum
No par
Plerce-Arrow
Car
No par
Do pref...
...100
Pierce Oil Corporation
25
Do prel
_
100
Pittsburgh Coal of Pa
100
Do pref
100
Pond Creek Coal..
10
Pressed Steel Car.
100
Do pref
100
Public Serv Corp ol
.100
Pullman Company
100
Punta A lesre Sugar
60
Pure Oil (The) *
...25
Railway Steel Spring
100
Do pref
100
Ray Consolidated Copper. 10
Remington Typewriter V tclOO
ReploBle Steel
No par
Republic Iron 4 Steel
100
Do pref
100
Republic Motor Truck. A^o par
100
3.100
37.400 Royal Dutch Co (N
1,700 St.IosephLead
1
"1358 T3"^.
9334
421.
2234
507s
3212
45I8
"1234 Y3I4
I2I2
3l8
28
95
35
78
I3l8
66I4
278
Ills
1358
761.
75858
321.
34I2
6438
1078
98S4
43I2
24
I41s
34I2
66I2
95I2
28I2
32 14
34
64
12
1178
278
35
I)ec21
.500 Pacific Development..
Pacific Gas* Klectric
Pacific Teleph 4 Teleg
55
833g
•I2I2
8II4
8OI2
6218
12
3458
7234
'"1078
60
IO6I2 10C)34
4618 4738
68I2
1
I
17
481?
7II4
l)<(c28
.
40
717s
26
100
% 9*r thut.
76*1
81
JuU
<t Cbeui Coom oKa
200
Do |>referre<l otfc dtp..
500 National Cloak A Bull... 100
400
Do pref
100
2.700 Nat Conduit A Cable. ^e pa'
2,100 Nat Knum'g 4 Stamp's.. .100
100
Do pri'f
.100
1,500 National Lead
too
Do pref
100
15.100 Nevada Consol Cepper
5
900 New York Air Brake
100
,SO(l New York Dock
100
100
Do preferred
100
200 North American Co
100
1 .700
Nova Scotia Steel A Coal. 100
1 .300
Nunnally Co (The) .... No pa'
18.700 Oklahoma Prod A Ref of Am.5
1 .700
Ontario Silver MIntDR
100
3. .500 orphf-um ('Iroiilt. Inc .
100 Otis Elevator
No pat
5.100 Otis Sieei
No par
ion Owens Bottle..
25
48
161.
481?
HUktm
t pet ika't
261. I>«
40>( frb
Feb
94
147*4 Apr
107
Jaii
1.800 Na( Anil
5OI4
11
4I0
2RlI
62
33,
L»w»t
t p*r ikare
6
10
40.400 Mldvalr 8tefl
6,2(M)
3.7(MI
50i«
5434
•111
125
13
61
31;
Do urel
Miami Copper
5018
271.
Hte^esl
{ per ihare
100
100
100
100
100
100
100
100
100
pr«f
31
•28
h
l»i
real IBIW
pa'
100
100
Mrilrno IVtroleum
Do
101.
Maug*
far
&
200 Montana Tower
50
•00
31;
45
•4l8
.57,075
'8,500
55
95
1834
281;
61
'
1538
32I4
•03
I8I4
111
"338
4I4
19'
•531.
55
95
•25
50
05
107g
Do
181.
1438
3II4
fMM aUAUM
SB Aim
year 1920
0/ UM-thart Utu
Kiin.jt for
On ta»U
LoitMl
Indun.
.
15134 I58I4 201,500
I9is
14
1178
50
3I8
4I4
31.
497,
7II4
73
104
IO»s
97g
•55
•88
95
7I84
KM
•100
31
5OI2
•88
71
fi9S4
55I4
55I4
31:
5038
31.
314
67l»
487g
26
65
251s
62
50
74
•57
73
661.
•03 14
STOCKS
NEW YORK STOCK
EXCHANGE
Mlacell. (Con.)
3.000 Lofl lururiHiralMl
No
1.000 Loose Wllca lilaculi tr ctiil><j
2d prelerred
2.700 Lorlllard (P)
100
Dip
[tref
KMI Mackuy ('orupaniM
HXI
no pre!
1.100 MituutI HuKar
3.200 May Deiiartment BUtret.
104
•571.
71
71
6638 6634
•93I4
15034 15512
48
87I4
48
181s
Shares
140*8 140*8
MOO
100
131.
WetK
7.
33
115
32
•98
13978 I3')7s
18
ihe
S per share
121;
12
115
•53
•03
181]
<
Q
Jan.
31
lOis
I3S4
•53
•93
17
•08
Salts
Jur
Friday
f per share
11*4
O's
31
31
591;
68
I
•00
1431:
140
•971. 103
591;
er share
lUs 111;
t
12I4
12
•301.
31
•90
Thursday
Jan. 6.
Wednesday
Tuesday
Jan. 4.
PBIt
CK.WT.
104
Mar
Jul)
91*4 Jal
132i> Jul)
98I4 De«
Dec
Nov
De<
Jan
Jan
441j Sept
Aug
84
145
Tllf
12it
"03I8
No»
lOOij Jul)
74I1 Nov
100
121
17
Dec
94I1
Jan
Jul)
JlU)
Got
4118
40I|
29
AOI
Feb 23OI4 De»
81*4 De«
Dec
Dec 64U No?
No«
89
Feb
80
Mar
eu Mar
108l|
74
_
.
-
97i» Jul)
-
Jan
Oct
o«t
93
IO9I1
Jan. 161
Jan 104l«
82
Jan
64 7| JODI
Dec
1714
86*4
»u-4
9*4
184
Jan H346
Nov
Ma)
OW
1
72S8
97I2
84*4
S714
76
84e8
87*8
167
Jan
Dec
Dec
Jan
Jao
Dec
Jan
Feb
80i8
Aug
14
42lt
Jan
Jan
16*4
Feb
Apr
Dec
66
*97l8
96I4
I7I4
Jan
Jan
Jan
73
Jan
109
43I4 Jan
Jan
46
88I4
IIII4
6618
8*4
6412
61
110
64
Feb
Dec
Feb
Dec
Dec
Feb
Jao
Mar
eiu Nov
82
Bept
46
Jao
Jan
Jao
23I4
87««
06*8
Jan
Jan
Jan
941:
401i
Feb
112^ Dec
Feb
60
120
88
06
Jan
Jan
116
120
62*8
747,
100
Jmn
Juoi
Nov
Ool
Jul)
4518 Oei
68*8 Jul)
216
Ocl
II9I4 Oo«
38*4 Ani
74*4 Jul)
32*4 Ma)
91*8 Oct
167
Ms)
Ma)
111
6078 JuEt
I3914 No»
I1911 Jul)
78I4 Ne»
60
Mai
116it
II7I1
97it
21*8
Jul)
Jul)
Jul)
62
JUD*
De«
9218 Jut)
1157» 0<t
t88
Dm
May
921) Maj
79
126
597i
86
Jul)
Jon*
Oct
4014 Juo»
98i4Ma)
1047, Jul)
136*8 Ma)
II711 Jul)
98li
Ocl
0«!
«i
0. •
117
• Par 1100
|*Lees than 100 shares, t Ex-rlghts. a Ei-dlv. and rights. » Ex-dlv. o Reduced to basis of »2ft par.
title July 1 1920. range Inol. prioes from July 1 only: range for Ohio (Titles Oas Jan. 1 to July31. 87: May 20 80 '^ J«d 3
— ——
——
1*^
New York
Jan
1909
(/>«
Week
ije
Jan. 7
I
I
Itanet or
Lout Salt
A$kLow
'Md
Hiah No
u; 03 00 iaie
U 87.60 Sale
of 19:ta IU47
D
00 80
8.V24
85.40
»87 00 Alio
1> 98 00 Sale ;9800
4%
3H%
Notes
S 90-60 Sale 8800
A O
3:kle
8534
97 00 Sale
97.00 Sale
(11930
dl930
100
1925
1925
eoupon
Pan Canal 10-30-yr2s
105 81.40 92.90
8750,6692 8L10 92.86
9070
106'
*193rt
Oaiial 10-30-yr 39 reg..l938
19rtl
Panama Canal 3s g
19B1
Rc'Klitered
1914-'34
Pbllipplne Islands 4«
Pan
82
"8l''2
'87'
97.10'7991 91.70 99.40
97.00 7858 94.64 09.40
IUOI2 Nov"20
100
lOlU
100 '2 Juoe'2U
IOOI3 101
105
July"20
lOfiU
105
102 12
IO212
104
lOOU
98 >4 Mar' 19
99 July" 18
79I4
871
100
Apr "20
Mar'20
Feb '15
79lg
867)
89U
87I2
M
M
—
do
do
do
do
...192«
...1931
a-yr 6>$s gold notes Aug 1921
10-year 5^8
1929
French Republic 25-yr eit 8a 1945
Italy
(Kingdom
of),9or
JaPiineseGo'/t
Second
aeries
6)^i)'25
M
F
£ loon 4iis.l025 F
1925 J
4X8
96
179
.Sale
6914 Dec'20
98i2
9998 Dec'20
9II4
87
Sale
92 '8
"65
105
84
7612
4018
67'(
97I2 Sale
91
N
14
95
N
7678
t
41-'.i
Sale
9612 Sale
75
Sale
77I2 Sale
S
78
Sale
Sale
9918 Sale
87>8 8912
89 Sale
98'J Sale
91''8 Sale
S 100^4 riule
72
A
A r76'l8 Sale
J t 75^8 Sule
"63''i
72
"German stamp".
do
do
A
67%
S
D
'turilnK loan 43
58^4 Sale
N 76 '8 Sale
N 7678
J t 4014 Sale
1931 J" "J
M
Lyons (City of) 16-yres
1934
Maraelllea (City of) IS-yr 6a 1934
Mexico Exter loan £ 69 ot 1899 Q
Gold debt 4s of 1904
D
1954 J
Paris (City of) 5-year 68
1921 A O
SwItEerland (Govt of) 8 f 83 1940 J
J
Tokyo City 5s loan of 1912
S
U of Gt Brit 4 Ireland—
6-/ear5H% notes
N
..1921
20-year gold bond 6 Ha. .1937 F A
lO-year conv 6H8
1929 F O
6-year conv 5>j8
A
j(1922 F
Zurich (City of) 8 I 8s
1946 A
r These are pricei om tie basU of %5to£.
M
—
M
M
K
O
and City Securltlaa.
N Y City— 4H8 Corp 8took.l960
t
31
Sale
Sale
Sale
46<8 Sale
95
104
95
7612
41<4
21
95
27|
9712
34
75
73
77I2
1
7712
Deo'20 '""7
81
63 '4
6312
48
72
70%
76'
9914
98%
88I2
55
8512
83i2
74
89
25
99
98
87%
91% 53
340
9934
101
81
81
75%
7612
75 Is
76
56
76
Jan'20
58 ''4
653
7612
7612
76%
11
7612
4ii2
31
10
158
25
95'4
IO414
4618
278'
40
29
94
102
43
76^4
6OI2
86
76
552!
86I2
86
94
94
89
96
322
375
178
57
9712
102%
95I2
82
82
77
71
75
75
92'4
93I2
29«4
50
26
82% 99 Mi
81 U 90%
83
95»4
89U 95%
9334
09
8718
87i8
87'8
92
92
92
N
87I4
8612
87-i4
86I2
85
'9214
'4 Dec
87% Dec
92
92
9II4 Dec'20
9II2
9212
83 14
81^4
80
83
81
10
Dec 20
92 12
"st"
82 12
9112
101
103
6018
72
34
100%
89%
IOOI2
88
80
100%
93
90%
79I2
8OI4
8212
8912
89I2
71»4
Oct 20
Dec 20
90
Sept'20
91. June'20
July'20
93
101
Nov'20
89
91
93
101
Mar'20
99
100
99
102
95
101
"e
7II4
751
May*20
July'20
Oct '20
Deo'20
95I4
95I4
84
90
93
Aug'20
Dec'20
9212
7IJ4
90
89
Virginia funded debt 2-33. .1991
6a deferred Brown Bros otfs
84
Dec'20
83
92-^4
82I4
92I4 '95'
9212 95
*74i2
Highway Improv t4H8..1963
Highway Improv t 4^8.-1965
817g
'20
'20
8334 Sale
4H%
U
91
90
89
100%
100%
81
90
89
91
97
108
99
107%
-
95
95
7II4
-
Ann Arbor
1st g 4s
Atdilson Topeka
Oen g 4s
Sc
*1990
Santa Fe1995
Registered
Adjustment gold 4b
Stamped
Conv gold 4s..
Conv 48 Issue of 1910
Q
A O
1995 A O
»1996 Nov
»1995 Nov
1955 J
1960
D
D
East Okia DIv Ist « 43. ..1928
Rocky Mtn Div let 4e...l966 J
Trans Con Short L lat 49.1968 J
Cal-Ariz l9t
<fe
4M8"A
ret
1962 IW
1st gfis... 1942
SFePresAPh
Atl Coast L Ist gold 48
*1962
10-year secured 78
1930
Gen unified 4H8
1964
Ala Mid 1st gu gold 8b... 1928
Bruna A
1st gu gold 43.1938
Charles & Sav let gold 78.1936
coll gold 49
01962
Sav F 4
lat gold 6b
1934
lat gold 53
1934
Bait 4 Ohio prior 3H8
1925
Registered*1925
1st 60-year gold 4j
tl948
Registered
iH948
lO-yr conv 4Ha
1933
Refund 4 gen 59 Series A. 1995
W
LAN
W
Temporary lO-yres
Pitts
June
lat gold 68
M
M
S
J
J
s
s
s
M
IH N
J D
M
J
J
PlttsClev4Tol Ietg6s..l922
Tol&Clndlvlstref49A.1959
H 4 P gen B 6a
ConsoUMs
411
4 West
l3t g 4s
gu
1937
1967
1998
82
84
8212 Sale
8II4 85I4
6512
74
'74%
8312
65
73 14
79I2
77%
87
8712
77I2 Sale
IOII2 Sale
76 14
101
Dec
'20
65
75
77%
Nov'20
78
102
100
J
D
J
J
O
D
82%
Sale
69
Sale
68%
6912 Sale
70 Sale
9II2 Sale
71
7934
67
6OI4
82%
Apr '20
69
Feb
112
74
68%
68%
Sale
Sale
6214
7334
64
7c
85
91U
9II4
8312
88
8i
81
88
70
80
7314
79 12
Jan'20
85
Apr'20
9914
98H4
99% Dec'20
Canadian North deb 3 f 73.. 1940
Car Clinch 4 Ohio iBt 30-yr Be 38 J
D
76
99
87
IOOI2 Sale
71
99% Mar' 18
54%
82*4
67% 79
62
73%
82
74%
60
70%
77I4
91
82
89%
64% 71
67
77%
68I2
82
95% 103%
68
78%
90% 92%
78
79%
60% 73
98% 101%
124
91
78
85
'93
81
57I2
74%
80
60
1
44
48
Dec'20
Dec'20
Aug'19
79%
A
D
A O
J D
53
Mar'20
90
78%
i
1
69
168
Dec'20
A O
14
8
152
9214
Jan' 12
69
87%
"11 82
69% 80
70%
92
S
1
70
5214
N
17
69
90
5414 Sale
9212
Nl
"5
67%
J
M
17
'20
72
J
8!
100% Nov'20
91 Oct '20
81
64
75
19
42
79% Oct
129% Aug' 15
70'4 Sale
IOII2 104%
6914
4'
'20
O
A O
Pitts 1st gold 88.. 1921 F
(3on8ol Ist g 8b
1922 J
Price Friday; latest bid
6834
69
J
J
*No
6934
6834
J
Roeh
Canada Sou conagu A 6B...1962
69
7212
Sale
91
Clear4Mah Iatgug6a..l943
4
Sale
71
76
70
72
91
PJunc4MDlvlstg3>48l925M N
PLE4WVaSysref4a..l941 M N
Buffalo
70
76
91
74
N
SouthwDlv lstgold3Ms.l925 J J
Cent Ohio 1st c g 4^8. .1930 M S
W
76%
68
91
81
57% 75%
57% 76%
81% 92%
60
81
51»4 89%
67% 79
85
91
9II4
81
90%
85
37
44^4
68%
"3
88%
70%
73%
92'4
85
85
83%
73%
99% 100%
97% lOG
84
86
7,
77% 91
99%
100% 314 99% 100%
71
Dec'20
69% 75I4
9334 Dec'20
and asked, a Due Jua 4 Due April. «Due
May
8734
97%
00
84
100%
87%
06%
OO'a
08^4
70
84
79
92
76
80%
06
70
771*
80%
71%
71% 71%
69
45%
38%
D'-o 20
June'19
Sale
45%
88
80
89
77
33
73I4
60
60
32
53
Sale
94%
79%
67%
67
20%
1
19%
41
41
87%
93%
68
60
60
84
86%
May'20|
Sale
87
Mar' 1
38
48
58%
77%
63
60
71%
59»4
70
78
60%
63
97% Dec 20
90% 934 Feb
9914
"64%
80
76% 81
97% 99
85% 89 14
i
11
81
25
24
60
61
70
53
99<4i
64
76
83
67%
94% 9734
93% 93%
94% 99%
'20
84%
102
80
Sale'
I
72
53% 61%
87% 80
«^" 66
76
33
76 <i
68
62% 73
73% 82
95
64
88%
67%
80%
68
2
89
97
70
Mar'20
68«4
91
92% Feb "16
58% Dec'20
75%
77%
Sale
Sale
71 Sale
Bale
69
7734 Sale
63 Sale
95'4 97%
62
64% 85%
'20
5334
50%
93% Deo "20
79 Dec '20
88
82%
Feb'13l
72% 83 Mav'19
71% Sale 71%
71%
69
73% Dec'20
69
27
11
35%
31%
85% Got
97»4
73
84
83% 92
I
93% Nov'20
75% Dec'20
80 Dec '20
75
40
98
19
79
31%i 317»
49%
06
64
73
"ii
10
7634
88
41
29%
16
22
38
Feb 20
79 '4
83»4
61% 76
68% 73
iO
N'..v'20
Sept 16
Feb '16
73% 70%
35%
dep
MU
182,
191 70
ij
90% Oct
Sept'ly
68
70
Nov'20
78
80
Dec'20
7514
7734
97% Nov'20
85% Dec'20
94
81%
98
92
81
78I4
81
75%
76%
91%
98
Sale
Sale
Juiy'20
81
66
67%
Apr '19
59% 70%
70'4
6634 Sale
75%
7638
76
76%
92%
91%
99% 99
16
2
63
70
29
84%
Apr'20j
109% Apr'lO
89 li Dec '20
91%
94% Feb'20;
99 Dec '20
99
"99'% 98
Mar'19
"90' Sale 87%
90
90% Nov'20
10134
103
102% Sale
101% Oct 16
idl" Sale 101
101%
62
Nov'20
99
"89*%
98
100
98%
76
86
87
70
67%
71
6634
67
63
.•
1-..1921
Ch Okla A G cons 58
1952
Keok A Des Moines lat Ss 1923
St Paul A
C Sh L Ist 4H3 '41
Ohlc St P
A O cons 68
1930
Cons 63 reduced to 3 Ms.. 1930
Debenture 53
1930
72
K
68%
Sale
Sale
Sale
Sale
82
72
6 101% 101%
62
62
—
I
98'% "99 '4
76%
77% 84
118
95
North Wisconsin
Ist 69. ..1930
Superior Short L l9t 59 g.<;1930
Chic
So East Ist 5s. .1960
9
68
67
1
60
'363
48
85%
2,
3
2
3
72
68%
102
100% 101% 101
62%
Sale
83%
"12
May' 17
81
Jan'20
67% 66
67%
78% Sale
81
90%
M
M
70
62
J
J
A
Q
A
Apr
A O
76
88
89
74
55
22
99
60
24
81%
73%
92
"56
60
82
88
98
74
88
98
47
16
73
74
67
36
80
63
73
68
'19
Sept' 19
88
98
74
Nov'20
Dec'20
Nov'30
54
24
54
25
Deo'20
2
4
"e
92
Sale
M
69
79
8534
56%
Nov'16
Nov'20
81
80
69%
103
6034
69
"28
67
84
80
82%
.-
76%
81
72
80
88
90
76
70
73
8
'20
90%
74% Jan
87
82
69
98 104
79'4 !•
87lj
78
60
Nov'20
67
"62'
81
65
68
81
79
Oct
66% 70
71%
60% 71
58% 60
85% 90%
50
61% Dec'20
70
71
76%
Mar' 17
62
J
Q
Q
87
Sale
71
52%
6212
90
88
67
88
65
98
101
53
W
79
65
Nov'16
May'18
65% 69% Dec'20
THA
Chic 4 West Ind
06% 100%
77%
70
Feb' 19
Nov'20
7934 Sept 20
83%
95% 99%
Nov'20
68%
102
102
99
09!» 104
I
87
70%'
65
85%
97%
"M
8?pt'19'
98% Dec'20
77% 74
74
70% Sale
98
103
83% 91%
90% 90%
99% "99"% Dec'20
90% 95% 99% Apr'20;
97
80
79%
94% 94%
9933
1st g 68.
July.
29
3
6
69% Dec
7834 Sale
AN
CRIFAN Wl9tgu
ADae
78% 86
73
Sale
80
W
W
Jane.
---I
l{ 79
84
97
Mar' 17
73%
75
83
84%
98
..1925
Mich Div lat gold 6a. ..1924
Mil Spar 4 N
Ist gu 48.1947
St L Peo A N
Ist gu 53 1948
Ohlc R I A P Ry gen 4s
1988
Registered
1988
Kefunding gold 48
1934
R I Ark A Louis 1st 4 H s. 1934
BurlCR
lat
.IS
1934
Dae
May'lH
Jiioe'I7|
D(!C '20
09>4
113
71 ')4
Milw 4 S L lat gu 3H8...1941
Mil L S 4 West Ist g 68. ..1921
Ext A Imp s f gold 59... 1929
W
88
04
«6
74I'
72
38
ManGB4N W lat3H8-1941
W
W
I
83
66
78% 83%
88%
W
WW
96%
7011
Dec'20
79
91
71%
Registered
el989
Gon'l gold 3Hs Ser B
el989
General 4!^3 Series C...el989
Gen Aref Ser A 4i^s
a2014
Gen ref conv Ser B 63
a2014
Convertible il^a
1932
Permanent 48
1925
2.5-year debenture 48
1934
Chic & L Sup DIv g 63
1921
Chic & Mo Rl V Div 68. . 1926
Chlc4P
IstgSs
1921
C 4 Puget Sd lat gu 48. 1949
Fargo 4 Sou assum g 63.. 1924
Milw 4 Nor 1st est 4^8. .1934
Cons extended 4Hs
1934
Wis 4 Minn DIv g 53
1921
Ohic 4 N'west Ex 48
1886-'26
Registered
1886-1926
General gold 3H8
1987
Registered
pl987
General 43
1987
Stamped 4a
Il987
General 53 atamped
1987
Sinking fund 63
1879-1929
Registered
1879-1929
Sinking fund 6a
1879-1929
Registered
1879-1929
Debenture 53
1921
Registered
192I
Sinking fund deb 6s
1933
Registered
1933
10-year aecured 73 g
1930
Des Plaines Val lat gu 4Hs "47
From Elk 4 Mo V Ist 6s. .1933
W M
87%
High
67%
4.5% Sale
1930
1937
gen g 68.. €1932
Consol 50-year 43
1952
Cin H A D 2d gold 4Vi9
1937
C Find A Ft Ist gu 43 g 1923
Day 4 Mich lat cona 4Hs 1931
Clev Cln Ch 4 St L gen 48.. 1993
20-year deb 4)^8
1931
General Ss Series B
1993
Ref 4 Impt 6s Series A. ..1929
DIv l3t gold 4s
Cairo
1939
cm 4 Div 1st g 43. .1991
St L Div l9t coll tr g 43. ..1990
Spr 4 Col Div lat g 48
1940
Va! DIv lat g 48
1940
C I St L 4 C let g 48
tl936
Reglatered
tl936
Cln S 4 CI cona 1st g 53
1928
C C C 4 I gen cons g 88. .1934
Ind B 4
1st pref 4s
1940
OInd 4
1st pref 53... (11938
Peoria 4 East lat cons 48.1940
Income 49
1990
Cleve Short L Igt gu 4H8...1961
Colorado A Sou Ist g 4s
1929
Refund A Ext 4Ms
1935
Ft
A Den C lat g 69. ..1921
Conn A Pas Rlvs l9t g 49
1943
Cuba RR l9t 50-year 68 g..l952
86
3
16
8734
99
99
100% Jan" 18
85%
M
M
N». L»w
High
Dec'20
63S4 Jiuy'20
8294 May 19
71%
6934
50
Ashland Div
Sale
8II4
19.50
ctfs of
Ranae
y*ar
1920
73%
68
—
76%
4734
7734 379
7734 Sale
76 Sale
73%
Q J
A O
Q J
CI Lor 4
con 1st g 56.. 1933 A
Ohio River RR Ist g 6s. .. 1936 J
ueneralgoldea..
1937 A
Dec
7214
A O
A O
..
J
1929 J
1922 J
50
73% 78
MN
J
50
J
84%
A imp 4a g..l955
4 Tr Co
Sale
Sale
i
'
86
1927
1958
ret
III
.
75 14 Sale
Stamped
Railroad.
'20
3>49
.
Sale
76
Guar Tr Co ctfs of dep.
Purch money Ist coal 5a.. 1942
Chic 4 Ind C Ry Ist 53...1936
Chicago Great West lat 49.. 1959
Chic Ind 4 Loulav Ref 68.1947
Refunding gold 5s
1947
Refunding 48 Series C
1947
Ind 4 Loulsv lat gu 48. ..1958
Chic Ind 4 Sou 50-yr 48
1956
01iloL8 4East l9t4H8..1969
Ch
4 St P gen g 4s ser A.el989
7II4
60
—
3 Mtg
M
ftata
1964
4>i8 Corporate stock
4)i8 Corporate atook
1966
4M8 Corporate stock July 1967
4!^8 Corporate stock
1966
1963
4H8 Corporate stock
4% Corporate stock
1959
4% Corporate stock
1968
4% Corporate atock
1957
4% Corporate stock reg..l956
New 4Hs
1957
Corporate atock... 1957
3)4% Corporate stock... 1954
Y State—4s.
1961
Canal Imrpovement 4?
1961
Canal Improvement 4s
1962
Canal Improvement 4a
1960
Canal Improvement 4H3-1964
Canal Improvement 4MS.1965
AE
92I2
93% 99
lat lien
.
S^
^
78% June'20
RR
lat consol gold 6a
General consol lat 6s
87»4
52I2
91%
U S Mtg 4 Tr Co ct9 of dep.
98
76
79
19.30
99
-
•sa
I
or
Siile
97%
Impt 6a. .1929
Rogl.itered
95U 99%
9954
4
General 43
OlJic
Bale
98'4
81
Denver Div 48. 1922
Div 3H8
1949
IMlnoIa DIv 4s
1949
Joint bonds bee Great North
Nebraska Extenalon 48
1927
80>4
83
fund
B4Q
97%
82
84
94
97
IlllnolH
92%
39I4
88I2 95*4
135 lOOij IO412
2 42
61
98
97%
70%
671j
8318
RrMuny
OhIc
92%
75
85
80
70
Ruglatored
1939
Gonnral gold 4J<a
1992
Registered
1992
20-year convertible 4M8..1930
30-yoar conv aecured 6a. .1946
Big Sandy 1st 48
1944
Coal River Ry Ist gu 49.. 1945
Craig Valley Ist g 5a
1940
Potts Creek Br 1st 48
1940
A A DIv l9t con g 48. ..1989
2d consol gold 48
1989
Greenbrier Ry Ist gu g 4a. 1940
Warm Springs V lat g 53.. 1941
Ohic 4 Alton
ret g 3s
1949
50
99
131
97%
Sale
38
92
72
78% ...
A19H7
Ist consol Eold 69
99'4
79
69
Sale
97
98
8434
9214
7512
12?i
85^4 Sale
89 Sale
94'8 Sale
98
93% 101
98% 100
84
87
60
90
80% 89
79%
R
75
68
4O
92
81% 86
87% -Sale
Am Dock 4 Imp gu 69... 1921
N Y 4 Long Br gen g 4s. .1941
87.90 14322 82.00 93.00
Foraign Oovarnmant.
M
Argentlao Internal 68 of 1909
Belgium 25-yrext B I7Hsg-1945 J
Jan 1921
1-^ear 6% notes
Jan 1925
6-Fear 0% notes
Berne (City of) B I 8b
1946
Bordeaux (City of) 15-yr 6B.1H34
Cblnese (Hukuang Ry) 69 ot 191
CbrlsHanla (City) b I 8b
1945
Copenhagen 25-yr s I 5^8. .1944
Cuba External debt 58 ot 1904. M
Kzter dt of 5b 1914 aer A. .49
External loan 4 H s
1949
DomlnicaD Rep Cona Adm a f 6a 58
Dominion ot Canada g 6a.. .1921
Rogl.HUTBd
Latl
873(1
Mobile DIv I8tg68
1946
Cent RR A B of Ga coll g 5a. 1937
Cent of N J gen gold 69
1987
7061! 85.60 95.00
9580
lat gold 5a
i)1946
69
1WI5
10-yr erap Bocur 68 Juna.l92tf
Chatt Olv pur money g 4.9 1961
Mac * N'lr Ulv Ut g 68.. 1946
Mid Oa A Atl DIv 68
1947
Ch09a
of 1922 1923
of 1922 1923
eooBol registered
ooDsol coupon
registered
8720
Range
Aik Loa
Bid
Oa
Week
Price
FHdav
Jan. 7
Conso gold
95.50
87.54
Loan
victory r<lb(irty
4>i% Notes
M
85.34
85.30
b'^
High
Loie
93 50 3780 89.10 180.411
--- 83.00 93.48
87 76 11
88 20 1420 84.00 94.0.)
8n.(K) 101.10
98.50
IJbory Ix)aa
87.20 Sale
8720 Sale
3^
BONDS
W. Y. STOCK EXCHANGE
Week endloR Jan. 7.
Oentralot
of 1927 1942
Oonv 4'4 7o ot 1927 1942
TlilrJ I.lbi^rly I.K)an
4ti% of li)28
rourlli f..lberty Loan
4ii% ot 1933 193a
38
28
4s
48
Range
Year
1020
I
CoQV 1% of 1»32 1947
Gonv 4Vi% ot rj32 1947
2(1 con V 4^i% of 1932 ll»47...
aoouU
Wttf
Prtet
U. S. Oovarnmant.
nrat Lllwrty Loan
3H%
1
ixirnit
'
FrUav
Jan. 7
eiiillDV
7
Stock Exchange—BOND Record, Friday, Weekly and Yearly
— ana inierat" —ezcepi for inc/)mt arul ae/aaUed
melhoi of quoHna bondt wan chanitA and pricu art now
Hzcha
BONDS
STOCK KXt HANOE
T.
.
1
—
2
1
80
74
Dec'20
63
Dec'20—..
80
72
tDne Aug. fDae Got vDoe Nov. oDoe Dee.
85
«
74
85%
66% 79
91% 98
Optlen
ea\e
New York BOND Record—Continued— Page
Week ooding Jan.
liel
NY
W
A
Lii.;k
CoiUitructlou 58.
D
j
-I'J-M
43.
A
A
A
91
A
1st
—
J
J
D
A
K
I'Jjj
rL'fumllns! 53.
9618
7758 Sale
8212 84
103 Sale
08i<
9U 101
05ij Sale
U8I2 S.Lle
eu Sale
45U Sale
41 Sale
o
rfarutusa 1st 78..l'J21||vi
Trust Co cortlfs of doi> sit..
1".)3'J
aio Gr June Ist ku 5a
l'J40
Rio Gr Sou Isi Bold 48
19 10
OUHiauK-i'd
4s.. 1939
Hio C.r West 1st Kolil
Mt,H- A coll trust 48A-.1949
_.
'6
j
a
<i
n
D
N
Elgin Jollet A IJaai 1st « 53.. l.ill ivi
1920
Srie li' eons. 1 uold 78
N' Y A Erie 1st e.\t g 4s..- 1947
1923
3rd ext cold 4Hs
1920! V
4tti e.\r nold 53
192.S J
5ttl e\t Lold 4s
Ist g fd 7s. .1920.M
M YL KA
199ti|j
H>le 1st cons g 4s prior
1990 j
Re«lsler«d
Ut oons..l gen lien g 4a 199C
N
J
o
J
M
m
m
W
1996
Peun
O
O
441 2
1st
N
78
f
Dock A liDpt 1st ext 5s. .1943
-V Y A Green L gu g 5s. . . 1946
N
Y'Siis<i
W
&
59
40
N
O
71
UD
A1921
A rtr4^isSerle8
Registered
A
q
19611 j
1961 j
M
1
St Paul
A Man 48
1st consol g 6s
193?!j
_1933ij
Retist<'rcd
1933;j
Reduced to gold 4^8. 1933; j
Registered
1933 t
Mont ext Ist gold 4S...1937 j
.•
Registered
1937 j
Pacific ext gu.-u- 48 £...1940 j
E Minn Nor Dl v 1st g 43. . 1048 a
Minn Union Ist g 63
1922 j
Mont C Ist eu g 6s
1937 j
Registered
1937 j
ist guar gold Ss
.1937 j
Wni A S F 1st gold 5s. . 1938, j
;
deb
ctfs
Debenture ctfs "n"
A S I Ist ref A t g .^s_ .ftl9.=>2 j
Horklna Val 1st consg 4H8.1999 J
Reglst ered
1999 j
1948 a
,
Central 1st gold 4s.. 1951 j
Registered
1951 j
lstgold3H3
1951 J
Registered
1951|j
Extended 1st gold 3H8...195l| A
tlllnolB
O
o
o
D
1951 ivi
Collateral trust gold 4s..- 1952!
Registered...
19.52 a
lat refundlni? 48
1955|m
1
Purchased lines 3 H;3
L
N O A Texas gold
19.52
4a.
.
.
Retrlstered
j
M
10.53 m
1934
1953
secured 5)^3
j
Cairo Bridge gold 4s
19.50 j
Utchfleld Dlv lat gold 38.1951 j
Loulsv Dlv A Term g 3K8 1953 j
Middle Dlv reg 5s
1921 f
15-ye.'Jr
Omaha Dlv
St I.ouls
Gold
Ist gold
A Term
Dlv
3a_.1951 f
58lj ..
J
J
J
J
J
J
J
J
101
2ri
.5s..
gold 5a
Registered
.
,t
D
j
j
a
A
Apr
A
A
J
66
.
.
60 ...
---- 80
83%
M
J
M
J
N
O
A O
A
J
J
.1941 J
1040 J
J
J
J
J
O
J
J
N« price Friday; Iate« bid ana «ak«a
99
92
76% 83%
82
76'4
97
96I4
May'OG
90
3
3
*25
83
82
99
106%
94
911n
91%
55
73
7
13
59»4
77'4
Nov'20
Nov'2n
83% Dec'20
69
83
69
78
79%
Dec'20
7218 Sale
75^4 Sale
6618 OS
7012 Sale
681.
OIU Rale
69
55
80
72
72%
95% Sept
75''j
75%
66
68I2
1
68
89%
70
102
541
60
70
6712
62'i
12
3
Dec'20
63
83
74
681 2
58
1
Dec'20
Dec'20
65
68
54
10
6OI4
I
93%
80
60
69
.52
62
53
58%
61% 69
Dec'20
80% Nov'U;
May'19
May'lO
Mar' 19
87
84
88
Ocf20
93
88
651. July' 18
79%
65
7578
8818
74
55
89
74
72
Sale
Sale
79I1
89
65
70
90
'80% 83
771.
thl8
weak.
Nov'17
7712 Aug'19
731
7312
881s
881s
74
Sale
70% 84Ti
69% 69%
80
6912 Sept'20
54
78
73
Dec'20
55
Oct '09
75
701»
82
65
139
65
827g
Ang'19
Dpc'20
7S
74»8
87J4
93
78
59
49%
« Due Jan.
6
Dec'20
DC' 20
84
M
M
j
J
D
A
O
M
M
N
R
Q
F
J
J
D
M
J
R
J
N
M
M
M
J
J
D
A
N
S
84
72
87%
A
O
M
N
F
A
A
M N
M
J
M
S
D
S
July,
F
61
70
85
95
is
July'20
Sept'20
Mar'20
67% 69% 67%
41% Sale 401s
99
95
97%
65% 7514
34% 49%
91
67%
42
44
45
44
48
!0
... 45
40
70 Sale
70
70
-10
43 Sale
43
7-4%
80 Sale
80
90
91
90
Dec'20
80
85
85
831.1 87
89% Dec'20
95
Dec' 16
Sale
58
691s
59%
86 's
36
37% 36
36
33
42
Dec'20
25
25
35
45
Nov'20
64
52
.... 56
60% 'Ocl'20
33
30%
31
Nov'20
37
34
2fil. Dec'20
- "
26%
36
34
Dec'20
57
S7
57
51
51
Deo'20
42
38%
Dec'20
65
65
65
6278 Orf20
62
30 Sale
30
30
37
Oct'20
50
9
30
2
1
42
56
50%
68% 75
35% 48%
70% 82%
2
40
5
2
8
3
82l2
91
85
85
92%
88
52% 68%
23% 4612
27% 46%
35%
17
30% 60%
58
18
1
_ . . -
64%
87
Sale
60%
23% 48%
25
20
24
23
28
..
45
I
51
33%
4814
20
50
26%
63
60
65
60
72%
62%
29% 40
79
88%
86
83%
91%
74% 89%
74%
6|
21
84
4
86%!
55
267, 4978
OcflS'
Oct'20 I"l!|'59'%
53%
60
I
58
67
6'6'i2
71
68
85
Sale
_ - . -
83%
102
89
71%
Sale
Sale
93%
_
.
64
68%
73
75
72
92
98
J
J
20
J
25
Sale
A
70
63
91
58%
Sale
92
68%
Sale
F
A
70
J
•66
76
J
IVI
IVI
71%
62%
J
F
F
F
•65
62%
1
63% 72%
10^
Sept'20
80
87
94
Deo'20
Dec'20
Dec'20
91
102%
90
64
71
74
70
90
86% 95%
51% 64%
80%
71
80%
75
Nov'20
Dec'20
Dec'20
98
98
23% Dec'20
17
Dec'20
Dec'20
61%
63
90
90
57%
59
89%
92
Sale
731Sale'
58
Sale
67%
76%
701s
77
67%
68
84
68%
13
1936, J
1938; J
193P J
104
10
46
251
June'20
j
90'4
411.
93%
86
105 100 103%
72%
28 63
25: 69% 82%
23''
I
61% 70%
571. 67%
83%
69
66% 76I4
76%
65
55
66
62% 60
64
66
58
49
58
81
49%
83%
73
73
May' 16
73
56%
20
19
80
24
SO
67
96
64
68
62%
Aug'20
Feb'20
Dec'20
95% Nov' 16
49
81
40%
15
32
58
25
25
Dec'20
59
77
97%
17% 30
74%
76
66% June'20
73
72%
591.
62%
621. May'20
60
76
101%
101
65
70
F
J
J
18||
"341 "66" '76'
68
72
79»4
76% 87
95%
80
il
34% Dec'20
24% 23% Deo'20
76%
92
101%
TO
!'
341.
Sale
Sale
Sale
Sale
Sale
AT
72
80% Oct' 17
69%
87
90
96%' 94
93^8
A
July'14
67
- - - _
J
85
701
69%
72
June' 1
75% 73% Dec'20
73%
.. 79% Auz''20
74
M
Bapt.
79
86%
Sale
86% 88
4s.. 1931 j
Dm
98
93% 96
76% 85%
I
55
Beech Cr Ext 1st g 3Ha.ftl95I A
Cart A Ad Ist gu g 48
1981 J
Gouv A Oswp Ist gu g .5s. .1942 J
K» \ .1- C. r? lot pu g .5«_.103ST
Da«
. .
79
53.1947
..1927 F
Registered
*
90%
91
97
1
NO A N'Elstref Almp4H8A'52 ..
New Orleans Term Ist 4s
1953 J
N O Tex A Mexico 1st 63... 1925 J
Non-cum Income 5s \
1935 A
N Y Cent RR conv deb 68.1935 M
72
67
88
;
J
M
1930
1998
Ref A Imn 4^^ "A"
2013
New York Cent A Hud River
Mortgage 3'.<a..
1997
Registered
1997
Debenture gold 48
1934
ReiTlstered
1934
30-vear deb 4s
1942
Lake Shore coll g 3 Hs
1998
Rei.'l.st ered
1 998
MIeh Cent coll gold 3^8.. 1998
Registered
1998
Battle Cr A Stur 1st gu 38. 1989
Beech Creek 1st gu g 4a.. 1936
99
69i«
Mar'lO
Nov' 10
91
93
82
58
1
M
gufir gold 5a
72
Dec'20
75
99
95
S
88%
May' 16
77
S
D
76
79*4
90% .Nov'20
85% Dec'20
66% 63%
67%
66
53.. 1928
Jasper Branch l8t g 6a... 1 923
Nat Rys of Mex pr lien 4 Ha. 1957
Guaranteed general 48
1 977
Nat of Mex prior lien 4^8. .1926
Ist consol 48. _
1951
2d
63%
80%
70%
97
100
R
gu '38 J
1938
Re'ilstered
97
100
101% 104
Feb'Oo
Dec*20
M N
'26 J
1949 J
Ist g
9778
..
90
75% 75%
96% 100%
45% 64
60% 76
Aug'20
66
95
71%
IVI
I8tg4slntgu
St L A Cairo guar g
Naahv Chatt A St L 1st
June.
104
90
78%
W
76%
# I>ne
85
100
88% 92
Mo
78
Due »«»i
83%
78%
66% 72
A
M
63ii
6278
RenflO
65
72
O
A refunding
A refunding
79
44
31
5
5
72
79
I
68%
74
5
103%
52%
.52%
7u%
71
95% Nov' 19
Sale
71
.\
1941
Int
4s
lO-year coll tr 78
Consol 4s Scries A
Nov' 10
92
71
99%
52%
F
1951
St Loula Dlv Ss.
June' 16
73
87
88
69
f
Montgomery Dlv
69
.J
Dec'20
II712
88
65
50%
69
92
74%
78!
621.
58i2 Dec'20
581. Sppt'20
7912
62
29
71
911
M
G
73
July'09
58
66
60
83%
63% 72
9978 103
i
21
Doc'20
lVb'20
100% 100
71% Dec'20
..
991. 99 It
99%
00
M
Sept" 1
99
85
105
86% 8epi'2U
86% 87
J
R
69
83
91
A
5s Ser Ba-1923,F
5s Ser C..1926 F
General 4s
197J
Missouri Pac 40-year 4s
1945]
1938 IVI
3d 7s extended at 4%
Cent Br U P 1st g 48
1948
of
Pac
1st ext g 48. . 1938 J
2d extended gold Ss
1938 F
St L Ir
A S gen con g 5s 1931 J
Cen con stamp gu g Sa. . I93I A
Unified A ref gold 4s... 1929 A
Registered
1929 j
Rlv A
Dlv Ist g 4s. . . 1933 J
Verdi V I A
Ist g 5s... 1926
Mob A Ohio new gold 6s
1 927 IVI
1st ext gold 8s_.
/il927 J
General gold 4s.
_..1938Q
731. June'
73I2 Oct'18
84"
92
92
mh
F
A
"
"
9978
91%
88
I03I4 Sale
Bdge gen gu 4V<8..1945 J
A Atl lat gu g63..1921 F
.
43
81'.
95
88
5s.
62% 76
91% 99%
87% 100
72
84%
Sept'lW
6618
Refunding gold 4s
St P A S S
con g 4s
1st
1st
80%
81%
69'4 Sale
M
M
08% 68
84
Nov' 15
70»4 Dec'20
68
s
D
83I4
813
70
.
D
D
D
J
105%
81'4 Sale
80% 81
A refunding 4s
2004
Trust Co certfs of deposit
Gen sinking fund 4^3
1936
Trust Co certfs of deposit
St Louis Dlv 1st ref g 4s. .2001
h% secured notes "ext".. 1916
Dall A Waco 1st gu g 5s.. 1940
Kan City A Pan 1st g 4s.. 1990
Mo K A E 1st gu g 6s
1942
K A Okia Ist guar 5s.. 1942
K A T of T Ist gu g .58.1942
Sher Rh A .So Ist gu g 5s. .1942
Texas A Okla 1st gu g 53.. 1943
Mls.sourI Pacific (reorg Co)
1st A refunding 58 Ser A.. 1965
May' 16
92
7178
S
n
D
D
9P7s
96I4
851.
64
91%
J
J
Q
89
Deo'20
s
Mo
101%
881.
99
J
Mississippi Central 1st 53. . .
Kan A Tex— 1st gold 48.1990 J
2d gold 48
(?1990 F
Trust Co ctfs of deposit
1st ext gold 5s
1944
1
T)
North Ohio 1st guar g 5a. .1945 A
Leh Val N Y 1st gu g 4 Hs. . 1940 J
•
j
'
961.
70% 'is
Sale
O
N
N
89
70
80%
90
Dec'20
8
Dec'20
8I2
70%
9912
921.
S
74
99% Nov'20
93
M
M SR M A A
B5I2
D
A O
1st
Dec'20
Feb'2n
97
96I2 Dee'20
65
R
n
8II2
Juile'16
8II1
Mar'20
93
69
j
F
f
19.50
19.50 J
Term Ist 48.. .1960
A West Ist g 5a.. 1937
City
Lake Krle
89
y
K
127
862
4
22
96
M
j
00
Nov"20
64
Sale
J
1st cons .5s...
1st Chic Term a
80
Sept' 19
I36I4
j
.j
51*8
J
M
M
102
99
Sept'20
8712
881
897s ...
6
.T
92
67
73I2
M
M S
M N
8
RR—
78
67
A
.1983
4s... 1945
Manila
Sou lines 4s... 1936
Mex Internat Ist cons g 48.. 1977
Stamped guar.anteed
1977
Midland Term— Ut a f g .5s. 1925
Minn St Louis l.'«t 78
1927
Pacific Kxt 1st g 6s
1921
1st consol gold 5s..
1934
Ist A refunding gold 43
1949
Ref A ext 50- vr .5s Ser A. . 1962
Des
Ft D Ist gu 43_.1935
A
Iowa Central 1st gold 5s.. 1938
60
81 14
F
M
M
Gen cons gu 50-yr
La A Jef Bdge Co gu g
55
48
J
J
J
SAN Ala cona gu g 58... 1936
62
36
74
7034
991.
90
86
91
40
96 ^>s
781.
^9
j
91
102U
80
83
j
79
95'8
951.
81'^
D
7878
M
19.30 J
08%
87
6918
Jan' 11
74
.59%
2
23
73%
65
61%
Dec' 19
OOig June' 19
J
M N
gold 4V^3...1931
1st gold 6a
M
Penaac
lOlU
12012
72I2
85
Jiine'12
91
J
J
J
6OI2
NoVll
82
J
34
4612
53'4
Jan'17
81''4
63%
72%
«a%
61%
65
8OI4
N
47
30
Dee'20
80
96
70
79S4
3018
Sei)t'20
D 'ml
D
J
50
6712
M
93
87
86
92
J
64%
72% Dee'20
88%
N
A
N
NAC
89
89
O
58i2
38
Nov' 19
Dec'20
51
'.'.'.
j
J
581?
126
91
J
s
2d gold 6s
1930
Paducah A Mem Dlv 4s.. 1946
St Loiila Dlv lat gold 68. .1921
2d gold 38
1980
Atl Knoxv A Cln Dlv 48.. 1955
Atl Knox A Nor Ist g 53.. 1946
Hender Bdge 1st a f g 6a. .1931
Kentucky Central gold 48.1987
Lex A Kast Ist .50-yr .58 gu 1965
LA A
1st g 4 )^s 1945
A
L 4 N-.Soulh
Joint 4s.. 1952
Registered
A 19.52
Fla A S Ist gu g 5s
1937
60
DfT'OO
Doc'20
Deo'20
74
72
88I2
J
J
64
J
J
J
47
IOII2
5812
J
j
19
77
O«C-20
Ocl'06
s
N
N
92
79
Ul>4
O
L CIn & Lex
82l2 Dec'20
1081. Sept' 19
Jan' 1
103
Feb'20
91
Jan' 18
85
5812
59
51
67
M
73
84%
May'20
72% Oel'20
62% 6U
69% 66%
60
Regl8t<!red
1940 J
Collateral trust gold 68...1931
10-ye;ir Becured 78
19.30
Dec'20
81
8
8
M
98%
73
7'J
72%
M
103
91%
Gee "20
90
65
D
m N
•
I
Jan' 17
lOO's
S
reriiiiilltig
92
.'1
Jan'ao
99 14
65
D
N
1937||VI
89% 95
76
69
S
gold 48... 1949;
1949
NT
.58 1935 A
N Y A R II Ist itoM .58... 1927
Nor .Sh H 1st con g gu 5s.«1932 Q
Louisiana A Ark Isl g 58
1927 .M
Louisville A Na.sbv gen 68.. 1930 J
Gold 5s
1937
Unified gold 43
1940 J
'
Del '20
431.1
42
73 June' Hi
Dee'20
73
39I1
08
ig
37
39's
45
42
78
76 3
87% ...
73%
D
Re,'latered
Y » A .M U Isl con g
55
Sale
103
j
US
Impt
8H2
'81 '2
J
Regl.stercd
A
102 Sale
9612 Sale
1932iJ
Qaiir
76
Aug' 10
6512 Dec'20
76
Dec' 19
.1
T
...1951
Joint Ist ref 5s Series A. 1963
Memph Dlv Ist g 4s 1951
Registered
1951
St Louis Sou lat gu g 4S-.1931
Ind III A Iowa 1st g 43
19.50
Int A Gre:\t Nor 1st g evt 7s. 1922
James Frank A Clear 1st 4s. 1959
Kansas City Sou lat gold 38.1950
Ref
..
i
IVI
54
07
108
95
75
92
. .
75%
19.^1
N
Kans.-is
»40
g 3s. 1951
3V<;s
Sprlngf Dlv lstg3^«a
1051
Western I,Ines 1st g 48... 1951
Registered
1951
Bellev A Car lat 6s
1923
Carb A Shaw Ist gold 4fl.. 1932
Chic St L A
O gold 58. .1951
Registered
1951
Gold 3
"94
*70l2
D
4s
tl3
Nov'20
113
-Mar' 12
951.
97%
UJ's Deu'2U
105
Oof 13
Hole
73%
6'J
|l
92
jI
193«| J
1922,
1949;M
June'20
231.
85"
J
O
19511 a O
Rci-'lstered
1st gold 3s sterling
'4
.7
A H V Ist e.xt g 4s
O
A Tol Ist ext 4s
19.55 f
A
Bousion Belt A Term Ist 58.1937 J
j
Col
Col
50
80
A193l|g
1934 J
N0V2O1
Dee 20
1001.1
55'i
"A"... Feh
Feb
Gulf
Sale
D
o
a o
CBAQ
W
76
77
J
Mt
A
'95">s
A
A
T H
Ii;iv
80
J
N
1st cons 6s..l92l'j
1st general f!oId 5s
1942! a
Vernon Ist gold 6a... 1923 a
Bull Co Branch 1st g 58..1fl30 a
Florida E Co.ast Ist 41-58..- 19.')9lj
Fort St
Co 1st g 4H8..1941]j
ft Worth A Rio Gr 1st g 4s- 1928'
Giilv nous A Hend 1st 5s.. 1933 a
arand Trunk at Can deb 7s 1940
Great Nor
coll 4s. .1921 j
>Jreen
86
J
O
N
ivj
Teruilual 1st gold 58...1943 ivi
Mid O! N J 1st ext 5s
1940 A
Wllk & East 1st gu s 5s.. 19421
LV A Ind Ist eons gu e 6s.. 1926 j
Ist
80
72ii ...
J
J
1937 f
1940 p
Registered
.Siile
J
i
53. 1937
1st rer
2d gold 4!Xs
General gold 5s
Kvansv A
39 "8 Sale
J
Unlflud gold 48
5812
O
19.15 j
A
s Os
Genesee R;ver Ist s f 6s.. 1957 ,1
1935 a
Long Uocli eonsol g 68
Coal A RH 1st eur gu 6s. .1922 ni
Jen^ey
431. Sale
a
Chic A Erie 1st cold 53... 1982 iv|
Cleve A Mahoii Va'l k 58.1938 j
t'JrIt
J
J
Sale
Uiouuagold 5a../ilU3l!Q
Debenture gold 3«
20 year p m deb Sa
03
70
JJi,
87% 73
Gold
Dec'20
60
50
Dec' 10
8
93'.
Hluk
60
13
77
General gold 48
Ferry gold 4^11
9t"i Nov" 15
9812 Aug'19
55
97%
41
93
S
J
Isid
78%
j
J
J
\Uju
.V'/
69%
I
Year
1920
69% 76 1. Deo'2U
s
s
1st oouiol gold \a
82
o
o
M
129
41
15
I
o!
1945M
RcLilstored
juiyjo
April
47 '8
7712
1941
.
A
A
I
HUH
Ask Low
68 li
Aaio
69
69
45I2'
43
40
6JI2
71»4 73
391 1 Sale
D..1953 a
70
7oi«
611 1
..1953Ia
Scries B
4s Series
67I1
M
M
Leii Val Rll 10 yr coll as..i»192< ..
Leb Val Coal Co Ut 4iU £ 58. 1933 J
1933 J
Re {Islered
Isl Inl reduced Uj 4«
1933 J
iMh A .V Y latfa'Uorg *B
1945
Long
Dee '20
100
651.
63lt
OSlg
60 ij
D
A
gold 4s. . rJ.'JI
50-yeur "onv 4s Ser A.. 19531
Gen conv
69 's Deo'.'O
J
coll trust
do
s
SON
871s
99'g 1051,
10
931. De>JO
87
881. 86'» Doo'20'
IO51. Mar'ilS
77
76'8 Dec20
83ij
Ocl,'20
92
97I4 -.
Doc"20
99
.ran'20
80
9II2 Sept'20
o
.
8
9678
67
73
'
I
50
78
7412
9II2
37
79
1031.'
641.
6212
48'
9434
83
M)>s
1021-
29
J
J
j
Dec'20
96
77
297«
J
j
J
Uet A Maek— Isi lien t, 4s..l99i j
199.. J
Gold 4s
Del Rlv Tun Ter Tun 4 Ha. 1961 m
Oul MIssabe A Xor ^.en 58.. 1941 j
1937 .\
Oul A Iron Hanse 1st 6s
1937 a
RCLTlsicred
Dul Sou Shoro A Atl n as.. l'J37 j
RCKlstored
ll«>:Uiere.l.
Keb'08.
102 >a
D
O
N
Ut cuus K 48.r.U0 j
n. Or
I'.'Ul J
Consul ^oia i^iB
iy2S j
Iin'.jr.ive'ncnt sold Ss
Oen &
May'20
Nov"20
Hante ur
Last Sale
</«td
Lelikli Vul (Pa) cuiu « 4ii..200i
2003
General uous 4 48
Leti V Term Ry laitiU K 3a.. 1941
I
.-...
...
I
.193U: j
mOay
§t
;
.Vi'
I
D002O
92'!
91
Hingt
Priet
3
!
Jan. 7
Hldh
08
07 ?i)
93
a'
Susy cunv 3>is....iy4iVA
All>
Ri'nits
88»4
'93'
nI
M
UONUS
SroCK EXCUANUh;
NY
Last Sale
Ask Loto
06ij
J
Warren lat ref gu g SVja- .2000,
Delaware A lludaun
..l'J22 J
l3l lien e(iuli> n -IHs
-1U13,M
I8t A ri'f 4s
lU^JlA
:Ky-yeiir couv 58
lO^yeur secured 78
Week)
Ranje or
Sid
1
19J1 J
..192* K
Ist bs
Term A Impruv
Price
Friday
Jan. 7
7
A VWistorn—
4 Kase.v 1st ;,'U 3H82O00
l-ac-k
Miirris
Q
?9
BONUS
sruUK l^XCHANOE
N. Y.
147
2
66%
#
Due
Oct.
<
OptlOD
iala.
BONDS
Prte*
Wttk'i
Hangt or
Ltui Salt
Year
1920
BU
...11W7 J
(16>2
Dehriiture gold 4s
i^ycar gold 4ii
192H
...1031
1931
K2
82
Moh A Mn\
<:
I
iHl
UK
KU K
4ii.. .191)1
M
M
M
60
S6U
1934 J
1931
1931 y
iBl 6«
M
Mlihl^'nn ConlTHl 6s
Registered
41
1910 J
Beglatured
1910 J
J L4t H IstKold 3HS...1961
1st gold 3^48
1952 M
2U-yuar del)eQture 4s... 1929 A
'74
1937
Debenture 4h..
N J Juuo KK xuar
19.11
Ist 4a.. 19311
0008 gu g 4s. 1993
Pine Creok reg guar as
1932
R 4 O con l8t ext 6a. .»1922
RntlHQd Ist nou H 4^8... 1911
Og*LCham Ist gu 4sg. 1»4H
Rut-Caouda let gu g 48. 1949
8t Lawr * Adir Ist g 68. . . 199«
3(1 gold fVs
199fl
Ut<aa * BIK Rlv gu g4fl..l922
Pltlo * L Krie 2d g 58...al928
l8t
W
M
F
M
73
60
70
63
95
97
A
J
A
Won-oonv
Mon-conv
Won-conv
Woo-conv
WoD-conv
dnben 48
1947
deben 3Hs
1947
deben 3^a
1954
deben 48
195.5
deben 48
1956
Oonv dcben^u^e 3H[8
1956
Oonv debenture 68
194s
Oann Ry non-conv 48
1930
NoD-eonv deben 48
1954
Non-conv deben 4a
1955
Non-conv deben 48
1956
.aarlem R-Pt Ches Ist 4a. 1954
B * N Y Air Line iBt 48.. 1955
Oeat Now En? 1st gu 48. . 1961
Hartford St Ry 1st 48
1930
Oousatonlc Ry cona g 69.. 1937
Ifaugatucit
RR
lat 48
19,54
W
W ref 1st g 48
VO*
(?1992
Registered $5,000 only. .(71992
General 4s
1955
Norfolk Sou lat 4 ref A 5a. .1961
Norfolk A Sou Ist gold 6a. .1941
Norf ^1I West gen gold 63
1931
Improvement * ext g 69.. 1934
NewRlver 1st gold 6a
1932
*
Ry lat cona g 43.. 1996
Registered
1996
Dlv'l lat lien * gen g 48.1944
10-25-year conv 4a
1932
lO-20-year oonv 48
1932
1 0-25-year con v4H8... 1938
10-year conv 6s
1929
W
N
C A C Joint
Pocah
Ilia lat a f
M
gen gu
4Ks
4212 S.ilej
66 Sale
2S
81 12
8II4
92%
7li2
971.1
97I8
95
98
ij
Nov'.'n
7ll2
7112
Doc'20
52
53
60
60 14
NaVK
Nov 16
93
92I2
61
2
Dec'20
8ept'2u
48
1
26
42I2
6
68
50
Oci'17
91l2 Jan'12
60 July'18
49
Oet'19
74
63
F
68
65
J
5314
67^ Nov"20
6312
M
W
76
73
9712
79
5
Refun<I1n^' 43
4812
56
56
50
Sale
38
Sale
g
Sept'ao
I
1
82
85
66
36
66
36% 36
69
81%
81%
99% 99
78
82%
80'« 80%
91% 91%
ii)% 80%
75% 87I2
.'^
71%
35% 43
93% 93%
85
8
10
81%
97'4 Dry;
1
17
.
834 87
79% 138 71 'm'
77
Dec 20 --. 75% 84
86% Doc 20 --.,72
96
60
64
79%
78%
Sale
80
64
74
87
Sale
Sale
Sale
Sale
Sale
95
87
Doc'20
o
98
91
73%
63
75
87%
323
86
32
82%
65
153
MI4
50% 405
397,
6'-U
•«
95'2
Doc20
May-nl
92% Dea '20
63
65%
81% Df;c'.iO
Hale
Sale
Sale
Sale
66
58
62 1>
67
58
65
6278
63%
Sale
Sale
Sale
Sain
4278
58
62
60%
52%
36%
40%
6.5%
98% Jan
54
38
40%
53
60
._
W
89%
75
Sale
74
83
80
90
»^%
67
86%
71%
39% 80%
48% 70
97%
49
81%
27
so
2
77
23
13
54% 84%
66%
55
"l5
1
3
55% 15
38% 138
.
49% 61
3T
24
.
41
—
Mi/'2U. .—
387,
76
15
"
75
82% Dot
'20
'20
2
64
90
74'?;
—
"88"
84% S4%
Oct
..- 81
Nov'20'
-,; 92
89
92
I
46
49
67
69
98
52
I
Nov''20
Dae
101
.
70
60
e2»4 100
5fl% 70
47
Dec 20
64
64
04%
77%
91%
102
82
85
67
'2iJ|
67
58
65
62
m
--
0!t
Sale
65%
S2
2
65%
63%
M
66
84
64
85
67
90
J
19.59
-
Oct '20
80
85
67
33
,
-
Dec "'20
'4
64%
1
50%
49%
95% 97% 95%
J
J
Ist land grant ext g 68 . 1930
Consol gold 5s
1943
Oa -t Ala Ry 1st eon 58..ol946
Car 4 No 1st gu g 5s.. 1929 J
Oa
Seaboard 4 Roan lat 5s.. 1926 J
Soutbern Paclfle Co—
Gold 48 (Cent Pac coII)..tl949 J
Registered
tl949iJ
20-year conv 4a
ffI929|M
20-year conv 5a
1934 J
Cent Pac lat ref gu g 48.. 1949 jF
Registered
1949
Mort guar gold 3H3..tl929iJ
Through St L 1st gu 43.19541*
OH4SA
4 P 1st 6s.l931|M
2d exten 59 guar
1931|J
8718
Dec'20
6412 Nov'20
6278
6412
69
44
60
6412
35 '8
40
J
M
J
M
42
68''8
J
M
M
60
J
"
50 '8
F
Sale"
59
54
86
IO212 103
99
98
F
S77
Sale
75
76
J
J
7534
70
45
123
31
51
77
102
122
102
89
9i
Nov
7478
7578
96^4
10419
55 18
Sale
76'8
Sale
57
80
98 14
6418
62
'85'
YA
W V A O gu 4H8 A. .1931
B 4^8.
1933
C 4a
1942
F O O A St L gu 4Ha A. .1940
Serlea B guar
1942
Serlea C guar
1942
Series
Series
D
Series
49 guar
1945
Series E 3 "-i s guar gold . 1949
Series F guar 4a gold. ..1953
Serlea
4a guar
1967
Series 1 cons guar 4H8.1963
"Jeneral .5'" feries A
1970
O
Friday: latest bid and asked
""7
6
49
99
98
106
71
7OI4
68
1
48
983.
97»4
84I2
96'4
Dec'20
82
6
A
141
106'
Oct
'20
Nov'19
8212
Nov'20
65
7914
7612
Apr'20
May' 19
Apr'20
Sept'20
Mar'lO
86% Oct '20
2nd gold Income 5a
La DIv B L Ist g 5a
b
80
81
75
80
82
50
Due Feb.
80
72% 84
82% 82%
73% 82%
76
8S%
74% 86
0]Due Jane,
k
Doe
July.
I
Sne Aoi.
«
Dae
70% Got '21)1 -„„
75%
77
232
721,
'
98
8
,
M
W
82% Aug'iO
97% 87
Dec'20
94% Dec; '20
A
M
94
84
—
-
84
J
99% 95% Sept'20
86%
91% Apr'-.^O
88% Sale 88
t8%
Sale
A
M
89ig
9*)
Aug
85
91
76%
Sale
A
70
87
72
Sale
75
69
85
Sale
84% Oct '20
58%
61
J
J
A
60
60
85
M
J
J
J
J
87%
J
59
A
62
65
55
J
88%
M
85
75
49
97
M
A
J
Sale
99
85
M
M
M
98%
86
nfi
90
.
-
IM
86% 98
J
80
60
A
70
I
65
A
80% 83%
F
81
72
J
A
Mar
J
65%
J
Cot.
Sale
n
Sale
70%
60
65
68
89
26
13
63
70
61%
76%
74%
81%
70%
81%
89%
55
69
60%
89%
79%
81%
46%
87
—
'20
981)
Dee '20
Feb
82%
Sale
Sale
Sale
Sale
Sale
80
79
100
76%
97%
88%
80
Sale
88% 89%
June'20,
v
26
25
Dae Nov.
92%
91
90
53
100
06
97%
80% 90%
96
....
877,
1
68%
72
14
July'20 -.
12
79%
35
Dec
1
"20
90
70
1
1
Dec'20
90%
Feb
16
76%
79%
78
81%
76%
99
76%
973^
87
78
89%
85
85
85
70
87%
62% 74%
65%
83% 93%
80%
70
6t
-
-1
'
89
• *>•
'191!--_-
81%
42% 66
74
1
i
82
82% 73
80
5
....
Nov'20
Dec '20
j
.1
4
762:
;
16
16
63
:
82% 2S0
:
78
83
79
100
8
56
45
82
76%
97%
Dec'20
80%
89%
33
1
15
15
63
77% 85%
52
Sepc'201
Feb
70
83
35
-i
9
Dec'20
66% Dec'20
64 Dec '20
84
Dec"20
80% 80%
70
79
SO
81
7.5%
1
Sept' 201
65% Dec'20 ,"
89
...
...
86
!
Oct '20
52
Sale
I
60
70
83
80
63
82%
i
91
60
98%
1 ^
• -• >
88%
88% 95
90
1
90
90
90
89
1
89
84% 90
80 Dec '20
86
7t»
60
Dec'20 .... 55
70
60
80% 81% Got
49%
49 14
15 Dec '20
81
66
82%
36
Sale
15
19
84% 84%
90
'20
49%
90
77
i
I
109% Nov'04
90
.
71»»
80% 84% 81
79% Sale 77
J
..
64
50
86% 80%
F
166
87'''
1
61%
56
98
83
76% 116 >s" 79%
13
70%
82% 73%
80% May'20
65 Aug '19
87% Nov'20
75
J
A
80%
I
95%
J
J
'20
176
59
4
85
4
70
9
86
Nov'20'
78
Dec'20 ....
88
89
6
64
65
1
81% M!»r 16
67
Dec'20 --89
89
10
85%'
84%
7
81% Dec'20 ...
53
Njv'20
97
97
96
Nov'20
82
89
J
87'"
59
86
78
81% 85%
82% 82%
84% 93'4
97%
93
80
67
63
68%
81% 86
J
87
85
(i<\
JuWlQ
80%
82'%
90% 74%
96% 95%
91% 93%
21; 85% 93%
Apr'20
805»
J
J
J
>8
!!
72ij
....]
953s
J
-,l
73
70% 70%
81%
32% 117
65% 78
Mar* 19
84
"'il'Hi'
J
M
W
LA W
80
B1I2
i
Tol A Ohio Cent lat gu 63.. 1935
Western DIv Ist g 5a
1935
General gold 5a
1935
Kan A
lat gu g 48
1990
2d 20-year 6a
1927
TolP A
Ist gold 4s
1917
Tol St
prllen g 3Hs_1925
50-year gold 48
1950
Coll tru3t 43 g Ser A
1917
Trust CO ctfa of depoalt
Tor Ham A Buff lat g 4s..tl94fi
Ulster A Del Ist cons g 5a
1928
lat refunding g 4s
1952
Union Pacific lat g 43
1947
Registered
1947
20-year conv 49
1927
lat A refunding 4a
72008
10-year perm secured 6s-.192S
Ore RR A Nav con g 48.. 1946
Ore Short Line 1st g 68. -.1922
lat consol g 53
1946
Guar refund 4a
1929
Utah A Nor gold 68
1926
lat extended 4s
1933
Vandalla cons g 48 Ser A... 1955
Consols 4s Series B
1957
Vera Cms A Plst gu 4Vf 1-.1931
86
86% 86%
78
76% June'20
84
68
17200O
.1931
W Mln W A N W Ist gu 5sl930
74% 90
79% 90
80
82%
Oct '20
81%
Due Jan
M
98%
76% 80%
82
80^4 Dec'20
Sale
a
'20
72% May '20
82% Apr'20
83
84
Dec
—
—
—
88% Sept' 17
84%
84%
84% Dec'20
84% Dec'20
80
74%
77I2
77I2
67
66
80
A Yad
WO W
Feb' 12
75
84
93%
S078 83%
75% 86%
83
92%
73
84%
82
93%
Deo'15
6714
82
78%
75
82% 84%
May'18
96I4
80
93
'2.
Feb'20
Dec'20
104
76%
95% 97»4
69% 69%
66
71%
73% 73%
Deo20
77
62
65
95'4
73% Jaa'20
SOU
103% 108
105
72% 82
83
83
98%
65
81
82
ET
82
83
193 101
Feb'20
90% Dec' 12
88% Feb' 17
81
59%
75
89
Dec'20
78% 8ept'20
84
86I2 90
84I2
8518
1948
Ist g guar 4s. .1949
VaAGa DIv g 63
1930
Cons l3t gild 58..
1956
E Tenn reorg Hen g 6a
193S
Ga Midland lat 3a
194P
Ga Pac Ry Ist g 6a
1922
KnoTV A Ohio 1st g 68.. .1925
Mob A BIr prior Men g 58. 194.'j
Mortgage gold 48
1945
Rich A Dan deb 59 3tmod.l927
Rich A Meek 1st g .5s
1948
Virginia Mid Ser D 4-5s..l92l
Series E.5s
1925
Series F 5s
1926
General .53
1936
Va A So'w'n 1st gu 5s. .2003
l3t cons 50-year 5s.. 1958
A
Istoy gu 48
1924
Spokane Internal lat ir 6a
1955
Term Assn of St L lat g 4 v^ s 1939
lat cons gold 5s
183 4-1944
Gen refund s f g 4s
1953
St L
Bridge Ter gu g 59. 1930
Texas A Pac 1st gold 5a
2000
82%
97% 102%
96 100%
June'20
Feb' 19
77
80
8312
2d 4s
Atl
7618 Oof 19
3712 Dec' 16
70
68
82
65
77
69
Nov'20
67
84
Mem
77
63i2 7378
63I2
6312 70
8212 Sale
80
76
9412 10534
7212 81
9812 98lj
80%
7712
Oct "20
W
—
7812
7712
67 14
4914
69% Mar'20
86I2
67I4
74
69
83
98^8
74
70
70
76
N W
N
RR
IOOI2 103
67I4 80
69
8U2
75
62
82
118
8II2
88i4 8II2
8II2
88 14
9012 Sale
9212
78 '4
81 Sale
82
90I2 Sale
86%
90'2
104>8 Sale 103 8
IO412
7812 Deo'20
7812
"85
81
N
104%
120
93
81
9II4
C
72!
Dec'19
105
Dec'20
106
70 14 "71
74
67
75
D
711?
77>8
83
99'*4 100
yo
93I2 97
IO6I4
A. 1942
4.512
75 Dec '20
54 12
56I4
65
Nov'19
77I2
77%
fiO
100
77
75I4
63
57
9812 j«n'20
7212 Dec'20
75I8
77
59I2
Mar'20
74
1933
gold 4a Int guar. ..1921
div 1st g r,8 '30
AA
l3t gu g 58
1941
Louisiana West 1st 63
1921
No of Cal guar g 58
1938
Ore A Cal Ist guar g 5a... 1927
So Pac of Cal— G u g 5a- . . 1937
So Pae Coaat 1st gu 4a g.. 1937
Tex A
O con gold 53.. .1943
So Pae
lat ref 4s
1955
San Fran TermI lat 4a
1950
Sojthern Ist cona g 53
1994
Registered
1994
Develop A gen 4-i Ser A... 1956
Mob A Ohio coll trg 48.. .1938
DIv 1st g 4 '.^^^-53-..1996
St LduIs dIv 1st g Ij
1951
Ala Gt Sou 1st cons A 53. . 1943
Atl A Ch'^rl A L 1st A 4^sl944
Ist 30-year 5s Ser B
1944
Atl A Danv Ist g 43
1948
Waco A
64'4
16
76 14
74
guar 59 red
Oen
.51
49I2
Oct '20
78
Oct '20
IOII2 Sale
79
lat
W T 1st g 58-. .1933
A
53
1002' 518
72%
74
272
87% 8ept'16
76"% 75%
75%
78
8
69% Sale 68%
69% 44,
100 On in
80
85 Oct '20
97
95
Nov'18
84
84
84
8
VQ A N Istgug 5s.. 19241"*
Hous E
46
71%'
70
Sale
Sale
Sale
HA TC lat g 5s Int gu... 1937 J
Dec'2U
102
75
76
76
32
60
Nov'20
Oct '20
45 '2
7712 ...
Sale
Olla
Nt)v"20
99 7« Dec' 13
88% Feb' 14
7412 Dec' 19
59I2
67
76%
99%
73%
M
8epfl7
60
71% Sale
1
A
J
M
M
M
;
91
o
Oct
AtlA BIrm .30-yr Ist g 4a.el933
Caro Cent lat con g 4s
194'i
Fla Cent 4 Pen lat ext 63. 1923
>\i
80l|
62%
M
46
I
J
J
J
hl'.m)
fls
451s
4012
39I2
391j
39
5578
106 12
15
87
July'14
83 . Aug'l3
M
A
J
J
A4
May
M
A
A
A
O
M
K
95U
64
Series
76%
I
M
M
M
J
J
J
40
7
44I2
40i«
6512
64 '4
9412
65I4
99lt Feb 19
67ij .r>ine'20
7512 Dec'20
47
O
LAS
82
95I4
68
4614
1940
19.5f,
St l.oulH 4 Kan F'an gen 68 1931
Oeneral gold 5s
1931
St
F R«oon3g4s..l9'J«
Southw DIv Ist g 53 ..1947
K C Ft S 4 oons g 6s I'*?"
C Ft .S 4 M Ry ref g 43.1936
K C A R 4 B Ist gu 58. 1929
St LS
Ist g 44 bond ctf3..1'»89
2d g 4h Income bond ctfs.yl9s«
Consol gold 48.
1932
1st terminal * unifying .';i.l952
Gray's Pt Ter 1st gu g 53. 1917
S
A Pass Istgug 4s
1943
Seaboard Air Line g 48
.1950
Gold 43 .itamped
1950
Adju9tm"nt 58
0I949
9312
82
'20
130'8 Jan'OH
9514 June'20
6912
71
63
4s 1937
lacome
BUI
N
Reading
91
71
45
J
72
80%
F
1943
1997
Reglstercl
1997
Jersey Central ooll g 41...1951
Atlantic City guar 4» g...l95I
St Jos 4 Orand Isl 1st g 4s.. 1947
St L'iuIh 4 San Fran (reorg Co)
Prior Hen Ser A 48
1950
Prior lien ,Ser B 6s
1950
Prior lien Ser C 6s
1928
Oum ad) list Ser A Os
ft 1 955
7214
67I4
J
1st ooHHOl gold 5s
r>i gen gold 4s
6618
Ni.v 20
45
J
J
C
No prl'w
...I
!»
63%
75
4212
441,
F
B.
1942
Int reduced to 3>i8..1942
*
86
2
7
S
J
Ytir
1920
ill
Alk Low
96 1 Oct '20
78 May'20
- - Jin -03
102
_
7414 ...
O
N
J
J
J
B 4s
Phlllpplnu Ry Ist 30-yr«r
Pitts Sh 4 L E Ht g 5i
0912
Oct
—
W
O N J RR 4 Ciio gen t»..1944
Peoria 4 Pekin Uu 1st 6s g.. 192
2d gold ^'^^
ftiM2l
Pere Miirtjuette 1st .Ser A 6«. I9.V>
77
69
Dec "20
May' I)
71
113
4
Sunbury
Jin
1st ooni) g 5s. .1932
l«t g 4s.. 19 13
.Sou 1st g 6s. 1921
Lewis 1st g 48. 1931
4
4
l^t Sorlos
64
46
J
J
Series
1948
3Ks.
Series
1950
3Ma
Erie A Pitta gu g 3^a B..1940
Series
1940
3r
A r ex 1st gu g 4H8.1941
O^ilo Connect lat gu 48
1943
Pitta
Aah lat cona 6a-1927
Tol
O3I4
64
40
M
J
Series
R
7812
46
46
A
4Ha..l955
Ser
Sale
4412
4012
4012
iW
7512
93'4
Dec'20
2
60
70^4 3,kle
Guar 3^8 trust ctfa C
1942
Guar 3Ws trust ctfsD...1944
Guar 15-25-year gold 48. .1931
«0-year guar 4s ctfa Ser E. 19.52
Oln Leb A Nor gu 43 g...l942
01 A Mar Ist gu g 4M8...1935
AP
09
94
82
7712
84>t
60U Nov'20
82
97
85
68
74i(
68
74
Fnhirt
93
A
Reglatered
1921
Oaar 3Vi3 coll truatreg A. 1937
Guar 3 ^8 coll trust Ser B-1941
01
-
J
N
A
. .
.Silo
A
rail-
Pennaylvanla RR lat g 4S-.1923
Oonsol gold 49-.
1943
Oonsol gold 48
1948
Oonaol 4V<8..
I960
Qeaeral 4)^8..
1965
Qeneraies1968
lo-year secured 7s
1930
Alleg Val gen guiu' g 4s
1942
D R RR A B'ge Ist gu 48 g 1936
Pennaylv Co gu Ist g 4Ha.-1921
72
101
103
way *
Paducab
-. -.
'8
70
Nov'
85
55
.1941 J
land grant g 48
1997
Registered
1997
General lien gold 3s
a2047
Registered
02047
Ref 4 Imp 4 ^a ser A
2047
St Paul-Ouluth DIv g 4a.. 1996
St P *
P gen gold 6s... 1923
Reglatered certif Icatea ..1923
St Paul 4 Duluth lat 6a. .1931
Ist consol gold 4s
1968
Wa.sh Cent lat gold 4s
1948
Nor Pac Term Co lat g 68. .1933
Oregon- Wa.«th lat A ref 4b.. .1961
Paofic Coiist Co 1st g 68. ..1946
S'l*
60
OC4T lat guar gold48.. 1922 J
58..
Solo V4N E 1st gug4s.. 1989 M
Northern Pacific prlof Hen
7
71
5 Y Prov * Boston 48... 1942 A
W YWehes&B Ist Ser 1 4^3 "46 I
Soeton Terminal Ist 48
1939
Hew England cona 58
1945
Consol48
1945
Providence Secur deb 43.. 1957
"Prov & Springfield lat 6a. 1922
Providence Term lat 48
1956
4 Con East l.st 4>^a...l943
... 'i!
10
Pblla Bait
Soduii Bay
Mar'2ll
8tfl2
J
J
J
J
M
Hartford—
'i
'8
6U>2
1934 J
2361 J
Reglttered
2361 J
Lines eq tr 69.. 1920-22
BqulptrU9t4^8..1920-192.'> J
Couneot Ist gu 4H8 A..1963 F
H4
_
U .St L 4 P
69
87 "i
93I4 Vltty'2ii
«9i2 AiKl/
U5I2 Nov' IX
12
Niv'l''
74U 8ept'2(i
82
.. . Sale
g
^
A
2d giiariuiteBd 68
West .Shore l«t 48 guar
NT
NTN
7/
7311
TIH
R'tnge
FHtav
7
.Ian.
Peoasylvunla Co (Coucl.)
Hioh
il»
66
Deu 20
Dec 20
KiiWut
W^jrtK
65
65
74
Dec'JO
66
75
Y
iMtD
"'
10
^
83
82
«W
.Sale
78
PlItsMcK A Y l8tgU«s..l932 J
NYC
AuK
O.'i
O'J'g
Ist
Pu
„
--
No:
6912
68
s4i2 Ni)v
--
66 '1
NY* Unrli-in g 3Hs 2000
NY* Northern g 5S-1923 A
NY*
80>2
V.
2
1
67
lBtg48..1937 A
RSKlHtered
83
83
M
N YChloASt L
Sale
68ii
83
Hulii
Rflgt«U<r«<l
Ki'KlsUtred
High
Aik Lnu>
im
M
aUNDS
STOCK EXCHANGE
Rant!
Jan. 7
V Ceut * H H UK (CV»)—
Lake Hh»r<< (old^Kii
1U»7 J
Mahon
1
New York BOND
m. T. UTtjK K hXCEUNQB
WM<k «u(llnii .Ian. 7
N
—F
Record— Continued— Page 3
I
'
148
62
74% 86%
77
79
78
66
95
88%
81
103
66% 81
96% 101
93
82
74% 86
84% 92%
'18
'19
80% Dec
80% June' 18
22
f
Dec'20
Dae Deo.
20
f
Option
28
sale.
149
New York BOND Record—Concluded— Page 4
VONDfl
Week eudlug
Wetkt
Prict
STOCK IfOCCHANOB
T.
frUay
Last
7
A Ik
Virginian lat 6b Berlea A...1962'M
193U
Wttbasti l8t gold 5fl
1939 F
2.1 gold 58
1939lj
DebuDtiire series B
lien equip a
5b
.1921
iat
k
85
M
Om
A Ch nu gla
nl
Wish TermI
.1954
.1941
57
80
55
-1941
.1941
cu 3H8... .1945
.1945
l8i 4(>-yr guar 4»
.1952
Wr8t Maryleud lat g 48
West N Y * Pa lat g 5b--. .1937
66I4
71
aenKold4e..
laoome 5!"
Western Pao Ist
61'2
1943
<k
LE
P1943 Nov
aer A 6a.
l8t g 5a. .
1
RR
l8t conaol 4e
194!)
Wlnaton-^alem S B lat 4a.. 1960
Wig Cent 60-yr lat gen 48. . . 1949
Bup A Dul div A term lat 48 '30
aeourod notes, .it 1921 J
Oertlflcntoa of deposit
Oertiricates of deposit atiop'd
BkClty IstoonsSa. .1910-1941
Bk U Co A S con gu g 69. . 194
BklynQCo&S lat 58
1941
Bklyn ITn El lat g 4-6s...l95n
S;Ainped guar 4-68
1950
<lng9 County K let g 48.. 1949
.Stamped Kuar 48
1949
Nassau Klec guar gold 48. 1951
Ciloago Rya lat 6a
1927
Oann Ry A I, IstA ref g4!^8 1951
Stamped euRr 4H8
1951
Det United Ist oons g 4^8. .1932
Ft Smith Lt .iTr
Hud 4 Manbat
6s aer
A
Adtuat Income 68
N Y 4 Jersey
lat 63
Bway 4
Ry
M
M
Av4PF
W
NewOrlRy 4 Ltgen4Ha..l935'j
MunlclpRy lHt8f53A.1960iJ
N Y Rys
l8t
R E4ref 43-..19421J
23I2
t
43
al942
Cerf 1 f cif ei of deposi t
N
YStateRy8l8tcons4H3.1962
Ry l8t4ref 63
Ry Lt4 P l8t ref
Poitland
63 '2
LH4
riqult
M
M
Va.
M
Tr (N Y)
Ry Pow
isi
ref 53. ..1934
J
Oas and Elactrlc Light
G L Co 1st g 58
1947 J
AtUnta
Bkly Edison Inc gen 53 A. 1949 J
Bklyn Un Gas 1st conB g 53.1945 M
Clncln Gas 4 Elec lBt4ref 63 1950
'Columbia a 4 E iBt 63
1927
Stamped
1927
Oilumbus Gas 1st gold 68..1932
Ojnsol Gas 5-yr conv 7s... 1925
Oons Gas EL4P of Baits yr68'21
Ditrolt City Oas gold 58
1923
Dstrolt Edison l8toolltr 53- 1933
4
&
Ist
lat
A
ref 5a ser
ref 83 series
B
A:1940
ftl940
So G LN Y lstconsg58...1932
Havana Elec oonsol g Ss
1952
Hudson Co Gas Ist g 58
1949
Kan City (Mo) Gas Istg 53. 1922
KInga Co El L 4 P g 63
1937
Purchase money Oa
1997
Convertible deb 6s..
1925
Ed El III Bka 1st con g 43.1939
Cao Gas L of 8t L Ref 4 ext 5s '34
Milwaukee Gas L Ist 4s
1927
ITetvark Con Gas g 5a
1948
1948
Purchase money g 48
1949
Ed Elec III Ist cons g 68. .1995
El L4P lat con g 53-1930
WYOELH4Pg68
WY4Q
G 4 E Co— Cal O 4 E
Cirp unifying 4 ref 5s.. .1937
PaoincG 4 E gen 4 ref 6S..1942
Pao Pow 4 Lt Ist 4 ref 20-yr
Pacific
fla
International Series. .- 1930
Passaic
4 El 5a
1949
A
J
J
J
J
J
M
M
M
F
IH
A
A
J
O
O
S
S
I5I2 Sale
27
54
25
*No »dM radavi
aM
92
71
60
6OI2
58I4
6»
163
389
63'2
13
25 '4
78
73
11
79
9
38
70
68
53'8
"47
I4I2
10
24'4
2312
41% 53
49I2
I
60
49.34
8OI2
'19
Oct
37
5
I5I2
5
—
Dec'20
57
19
18
20
I7I2 20
3I2 ''ale
4618
48
90^4
J
N
Feb
95
5
14
18
Oct'20
4114 Sal6
2512 Sale
7518 79I2
94I2
77
75
32
I514
31
8
3
7I2
3
4434
59I2
68
'19
"17
July'17
6518 Dec'20
40'4
4212
J
25
54
71
5
26
8712
8912
75
86
78
Dec'20
J
41
30
48
73
69
.
-.
Bale
60
65
50
50
Sept' 20
N
6518
37I2
19'4
74I2
80
56S4
37
84
93
May" 19
49
J
66I2
25^8
28
J
D
J
N
O
J
J
J
-J
27I2
631?
75
0912
2912
27
26
Sale
28
65
103
76
77
811? 85
1
....
8212
8II2
8238 Sale
8II2 Sale
87
84
100
IOOI2 Sale
A
88
87'i8
80
94
N
D
D
A
8118
96
95
A
M
N
83
Sale
J
J
77
78
F A
83
8II2
June'19j
IOOI2
s
Sale
88
J
D
J
68I4
IW
8
S
75t8
N
A
70
77I4
7812
95
90
87
91
'18
8412
85
90
8978
92
77
73
68
73
75I4
...al932
Pow
Dec'20
86
86
82
89
76
95
aad Mkad. aiSueJan. »Diie
8212
8712
85
71''4
89
7812
—
7454
68I2
81
7912
7212
9OI4
83
75I2
77%
84
67
70
89
July'17
Dcc'20
66I2 --i9
6318
70
100
89
75
88
8512
84
67
May'20
78
Nov'20
Apr "17
Mar' 17
70«2
80
Nov'20
Nov"20
Aug
'20
"17
Nov'20
15
86
92
8012
91
70'i4
70»4
67li
70
74
86
79
9478
70»4
8II4
<t^
<15
July'19
Ocf20
77I4
M.i'-'20
Aorii.
Bale
78^4 Hale
8414 Sale
72
M
88
88
90
Dec'20
70
7312
92 14
Westlngh E 4
Wlckwlre Spen
M
Beth
78
&
5s
StL Rock
Tenn Coal
M
J
J
M
80
tUueMaj. »DaaJuue. ADaeJnly.
UDmAw.
72%'
Jan '20
Nov'20
104
79
103
79
88
87%
87
83
I
I
•
Dec'20
<
88
87%l
Dec'20
86% Nov'20
92
93% Sale
96% Bale
92%
943-
93
96
86% Sale
J
86%
78%
8II4 Sale
7534 Sale
J
95%
91
70%
81
96»4
97
100%
.
28 9934 111
38 76
891*
3 100 110
47 75
88
91
97lt
96>4
88
83
93%
86% 99%
82% 93%
.
75
Dec'20
90
87
85
86
87
74
.
86% Nov'20
1
86%
86%
79380% 30
3
94%
95%
75%
77% 180
9534
98% 83
13
90%
92
15
90
91%
91i4Sale
90
92
100
83
76
74
83
88
60
71% 84%
99% 99%
81
86%
I
Sale
97%
Nov'18,.
91% Dec'20
77 12 Sale
9812 Sale
92 Sale
88
84^
95% 103%
95
70
98>4
9.5
105
87
95%
89
89%
92%
.
93% "27
96% 406
101
fe7«4
93
96
Dec'20
96
96
87
12
8534
tTi
81%
77%
34
22
78
74
80
85%
85%
D
93%
S
8518
Nov'20
867)
July'19
101
75
63%
72
78% 76%
6
7
78
63
72
Feb' 19
50
70
86
78%
87%
72
19
72% 84
83% 93%
Sale
Sale
9-'%
93
12
73%
74%
83% Aug'20
39
S^le"
89% 94%
71% 99%
83% 83%
73
61
71
62«4
1
74
72
98
7734 Sale
76
87% Sale
M N
J D
A O
M 8
96
93
74
76
70
76
85
J
76
80
80
78
Nov'20
85
71
87
83%
80% 96
72%
2
67
80
1
12
9212
84
62
80
70
83
8278
82%
73%
76%
88
66
82
82
77%
941
97
102 ii
101%
»a — — 85
Dec'20
12
18
.82
-
94
90% Dec'20
76%
Sale
Sale
Sale
8II2 Sale
96% Sale
101^4 Bale
66
82
80%
362
93
88% 99%
88
99%
U0t'20
80
80
80
87
Mar' 19
63
80
|
61
85It
78
93.8 Sale
-
96%
74
78
1
86% 85
70% 71
71
86% 95
8638
S
Dec' 14
78%
63%
Sale
85
& Talaphona
4H8...1950
.
14
48
78
96% 97
817g
89% 100%
89% 100%
.
86
102
88
85
827«
68
85
.
A
64% Aug'20
ISO
182
198
I
-.il
71% 80%
62% 69
77% 85
72% 93»4
92
99%
95% 102%
81% 98
84%
60
..
68% Jan'18
78
79
78
98
84%
78
90
N
81
81%
82
J
82
Sale
Bale
Sale
Sale
75
Dec'20
Apr'16
Dec'20
78
8734
90
80
81
79 J,
-
- - .
83
...
-
101% Sept 17
94
.Novl6
cDMOati pDue Nov
70
88%
82
214
66
98
72
l^i
....I
81%
82
81
84
78% Dec'20
76% 79% 77%
77%
M N
m N
Tel gu ext 63
1941
Northwest Tel eu 4 Hi g..l934 J
90% 97
•
72%
ft?
rf
real est g
73
85% 133
96
80% 90
F
M
Nov'20
99341
82
74%
2
74
83
91
9312
Sale
119
117
..J 73
-ii'
99%
87
78
f
Mut On
82%
1
»0*4
8
87%
88
f
Fund 4
92
87% 100
72% 89%
70
81%
.
•
85'4
85
88
N
N
s
1963
Utah Fuel 1st s 58
1931 M N
Victor Fuel lata 58
J
J
1963
Va Iron Coal 4 Coke lat g 6a 1949 M S
NY
I
Dec'20
Dec'20
88% Nov'20
66% Dec 20
7912
D
M
117
Dec'20;.
76%'
89%
104
79 12 8II2 77%
1U4 106
103
— fooup...dl963 M
M
10-60-year Ssjreg
Telegraph
I
73% Dec' 18
89% Sepf20
83
Sale
J
48... 1929 J
Convertible 4s
1936
20-year conv 4Hs
1933
30-year temp coll tr 5s
1946
7-year convertible 6s
1925
Bell Telepii of Pa s f 78 A.. 1945
Cent Olst Tel 1st 30-year 5b- 1943
Commercial Cable Ist g 48.. 2397
Registered
2397
1st 4 gen 68... 1937
Keystone Telephone Ist Ss. . 1935
Mich State Teleph Ist 58. ..1924
Telep Ist 4 gen 8 14^8. 1939
30-year deben a f 63. Feb 1949
Pacific Tel 4 Tel lat 68
1937
South Hell Tel 4 T lat a f 58. 1941
West Union coll tr cur Ss
1938
96
88
,
4
119
93%1
Dec'20
9912
Mt4 P 5sstmpd.l955
I 4 RR gen 6s.. 1951
Am Telep 4 Tel coll tr
76%
18
.
70
IIII "75
8 Steel Corp
f
89>4
80% 98%
78
96%
59
I
99 12 Sale
m N
J
7S%
63%
21
I
87% 87 14
Stael
f
4ref Saguar A
20-yr p m 4 Imp a
83
66
M
1926
1942
f 63... 1936
Buff 4 Suaq Iron s f 63
1932
Debenture 6b
al926
Cahaba
Co Ist gu 68.. 1922
Colo F 4 I Co gen s f Ss
1943
Col Indus Ist 4 coll Ss gu..l934
Coal of Md Ist 4 ref 58 1950
Cons
Elk Horn Coal conv 68
1925
Illinois Steel deb 4^8
1940
Indiana Steel Ist 68
1952
Clear C 4 I 2d Ss
Jeff 4
1926
Lackawanna Steel 1st g 5s.. 1923
1st cons 68 serlCB A
1950
Lehigh C 4 Nav 8 t 4H A. .1954
Mldvale Steel 4 O conv 3 f 68 1936
Pleasant Val Coal 1st 8 f 68.1928
Pocab Con Collier 1st s f 58.1957
Repub I 4 S 10-30-yr 5s 8 f.l940
Steel 1st ext s
63
90
88
88I2
^1924 *
1922 J
.1931
.1935 --
lat
9^%
74
conv 08.1928
15-yr 58-1923 J
StI l3t 7f
75
751a
Salt
75
F
Va-Caro Chem 1st
Conv deb 8s
West Electric 1st 6s Deo
69%
69'4
89I4 Sale
-. - 78I4
8912
8912 96
85 Sale
U
U
4M
70
73
117
S..le
77
M
Smelt Ref
•3
S8
S6
75% 86%
13
92
90
M
M
U8
70
1
94% De<'20
76I4 Sale
73.. 1944 A
1961 F
Co (P^ 73
1944 A
1951 F
Nat Enam 4 Stampg 1st 5s 1929 J
Nat Starch 20-year deb 58.. 1930 J
National Tube Ist .5s
..1942
Y Air Brake 1st conv 6b.. 1938
Standard Milling Ist 53
1930
Union Bag 4 Paper 1st 5s.. 1930 J
Stamped
1930 J
Union on Co of Cal lat 6s. .1931 J
S Realty 4 I conv deb g 6s l'i24 J
8 Rubber 5-year sec 78. ..1922 J
1st 4 ref 53 series A
1947 J
10-year 71^3
1930 F
N
21
87 14
70
4 Myers Tobac
81
907, July' 19
88I2
8712
6s
Lorlllard
5s
91
2
59I2
86
81
M
Liggett
68% 88
86% ts
1
...1
Baled
Sole
83
D
M
1
I
J
O
f
1934
4'
Dec'20
87
98%
70% 8S%
Api'U
87'j
88
4
I
5734
96
89
76««
152
10
96%
94
82
76
I
84I4
7112
85
N
7s. .1930 J
Distill Sec Cor conv lat g Sa. 1927 A
I du Pont Powder 4!^s... 1936'
General Baking let 25-yr 68.1936 J
Gen Electric deb g 3Hs
1942 F
Debenture Ss
1952
20-year deb 68
Feb 1940>
Ingersoll-Rand lat 58
1935 J
Int Agrlc Corp 1st 20-yr 63.. 1932
1935'
Int Paper conv b f g 63
1st 4 ref s f conv ser A
19471
9<J
66
Sale
83U
108
108
88
88
88
62
79
10
70
59%
O
76ii
KM
MHy'20
8214
78
A
92
87% 83%
I
Apr'20
82
79%
1
3
81
94
62
Sale
86I2
91>a
86I2
Sale
flfi
332
721'
75I4
O
Cent Foundry Ist a f 68
1931 F
Cent Leather 20-year g 6s. .1925 A
Oonsol Tobacco g 4s
I95IF
Corn Prod Refg 8 f g 6s
1931 M
94
U>t
66
17
12
16
BO'S
105'4
67
N
& Industrial
Am Agrlc Chem Ist c Ss
1928 A
Conv deben Sa
1924 f
Am Cot on debenture 5B...I931 M
Am Sm 4 R lat 30-yr 63 ser A '47'
Am Tobacco 40-year g 6s...l944'A
Gold 48
1951 F
Am Writ Paper a 7-6s
1939 J
Baldw Loco Works 1st 63. .1940 M
Ss
73
.
JUDe'16,
64
801
86 12
91
91
84I4
84'4
76
78
78
78
63
85
91
Manufacturing
f
7II2
'
83
M N
N
92
96
82
78
82
HH
'»2
CumbT4T
May' 19
89
M
lat 88.. 19,54
Nor States Power 2.5-yr Ss A 194 A
Ontario Power
F lat 6a.. 1943 F
Ontario Transmission Ss
1945
Pub Herv Corp
J gen 5«..1959 A
Tennessee Cop 1st couv 68..1925
Wash Water Power lat 5a..l939 J
Wilson 4 Co 1st 25-yr s f 68. 194 A
lO-yearconv s f Oa
1928 J
U
83
70»4
6712
__
95
79
95I2
82^4
7878
Dec'20
Dec'20
98% Oct
J
F
96I4 102
79
1
80
65
1
89
8712
95I2
79'
88I2
Feb
79
86
89
80»g
76
105
84
76'8
66I2 Sale
.- -.
J
J
38
Dec'20
77
89
J
N
N
N
D
Ref A gen 6a
Nla« Lock 4 O
(
'2U
'20
8278
8
S
M
Coal, Iron
8212
64%
7812
7334
70
35
70
79
80
80
I
|
F
6218
66I4
77
Nov'20:
6818
6912 Sale
6978
8OI2 8214 8034
80*1
- -.-. IO4I2 Apr '17
79I8 33
77
Dec'20
64"4
66 Sale
66
86I2
85% Dec'20
J
35'8
92
92
73
87
89
21
2018
66I2
67
91
Sept' 19
9212 Dec '19
8II2 Sepf20
"eo'ii Safe"
N
O
O
60
'21'li '33"l2
84
8
7
76i.>
88I2
M N
79 14
79>2 Sale
Hole 102 12
Male
92>2
71
Sale
60
80% 8212 80
105
94
84 1|
79«4 '93
Ill
81
68
Dec"20 ....
7
68
09
6
67 7»
70
58
Mar'18
85 Sale
70
73
69 Stle
69 14 70
O
J
M N
M N
M N
O
.
68
30H
60
64
30
7»it
Feb' 18
85
1
81 If
10
73
..
65
11
3
17^4
75
63
u
13
SOU
90
64
Chile Copper 10-yr couv 78.1923
Coll tr 4 conv Oa aer A . .1932 A
Computlnu-Tttb-llec g f Os.. 1941 J
Oranby Cons S 4 P oonfla A 1928
Slaniped
1928
Great Falls Pow lat a f Ss. . . 1940
Int Merean Marine a f 6a. ..1941; A
Montana Power lat 5s A
1943
Morris 4 Co lata f 4Ha
1939
Mtge Honda (N Y) 48 ser 2.1966'
10- 20-year 6a aeries 3
1932
N Y Dock 50-yr lat g 48
1951
NIai'ara Falls Power 1st 6a.. 1932
Sept' 15
77%
81
88I2 Sale
7514
47 18
26^8
6212
79 Apr
J :::: ::::i 95I2 Apr
J
60
63''4
Dec'20
28
N
8
8
8
60
June' 17
7678
74I2
85
69
Dec'20
26l2
6II2
IS. Dec 20
E
60
48
Dec
1963'
(otfa)
40
42
15
3'8
3^8
68
55
56
20
M
Dec'20
20
4612
a
gu 4^48 A. 1963
lat
Sa
15
27
Juiy'19
July'19
318
3l8
3'n Sale
SOig
IS
Cuba Cane Sugar conv
64
61
O
O
67
92
88
19
J
O
Ser
lat
36
Dec '19
Apr '20
Nov'20
60
J
J
IM
7OI2
68I2
OOI2
24
67 12 Dec'20
A O
M
52^
671?
73
J
28
bo'z
J
M
M
M
18
W>4
J
Mu Fuel Gas Istgu g53-.I947
Philadelphia Co conv g 58.. 1922
Stand Oas 4 El conv s f 68. . 1926
BFracuse Lighting Ist g 58..1951
rracu8e Light 4 Power 5s. . 1954
Trenton O 4 EI 1st g 68..1949
Onion Elec Lt 4 P Istg SB. .1932
Refunding 4 extension 68.1933
United Fuel Gas lat 8 f 68.. 1936
Otah Power 4 Lt 1st 88
1944
685a
50
_
J
J
24
fiOU
90
J
Oh O-L 4 Coke l8t gu g Ss 1937
ConGCoofChl8tgug53l930
IndNatG83 4O1130-yr63l930
24
65
56
16
12
I912
5h guar tax ex..I!)()0
f 5a. . - 1927
N
Dec'20
J
J
O
J
O
3112
Nov'20
A
J
34U
88
60
66
37
37
A
N
N
A
35
64
6312
I512
20
O
G
30
154
40
38
33
50
.49
45
66
flO
Bair
6412
BUh
Oct'19
17 8
141:
7M4
r*ar
1920
High "': 2«w
No»'19
64 14
( A Conn Rya 8
Chli;
88
B
1955
1st 2.5-year s
35'.!
M
M
4
21
2114
56^4
5314
53
76
D
Peop Oas 4 C 1st cona g 6s. 1943 A
Refunding gold 6s
1947
Pat
74'4
55 '8
8718
F
61
5018 663
49 -'s Sale'
.5612
56
54 ig 56
8
J
6Gi8
48I4
Sale
Sale
IW
Nl
08
69
74
16
e
3
J
84
6018
61
I5I2
1312
63
1
92it
PI
60^8
18
Sale
60
.''11
88
60
Dec'20
,'j8
64
66I2 Juuc'20
60
Dec'20
60
62
58 Jan '20
59
61
2318
25
77 18 Nov'20
.
63ii
4518
1312 Sale
A O
J
53
00
74^8 -.
Q F
M
52
53-'4
53
62
55
61
25
'.. ..
Inter ctfB
4
55
64
lliilldlri).'
86
Dec20
8312
68
I6I2
CouHol 6h
1
^'ite
'
53
53
5954
9.'
84
M
M
A l!)34
Uoulh KlHlitrlradebaf 0a...l920
Hroduu Cop M cull tr at 68.. 193
Bu.ih Terminal lat 48
1952
78'«
36
M
...
69
Atlantic Krult ounv deb 7a
ChlcUnSla'n
83
Nov"20
Dec'20
25
40*8
43
42
42
37
38
04
Dec'20
80 May"
24
Dec '20
68
6312
43
41
73
.
1948
1925
1920
Alt LOU
87
94
|0<4
Ji
O,
V.n lat ri-ul eat 4>:a '39
64
25
25
32
32
031' Sale
A O
1930
53.1942 F
Portland Qen Elec Ist 53.1935 J
8t JoflRy
P Istg 68..1937
St Pa.JlClty Cabconsg6s..l937!j
Tbirl Avelstref 48
.1900 J
AlJlnRome68
al900 A
Third Ave Ry l8t g 5s
1937 J
Trt-Olty Ry4Lt latsf 59..1923 A
Dnd'^rgr of London 4M8
1933 J
Income fis
1948
Onlted Rya Inv 68 Pitts las.. 1926 M
Unlten Rye 8t L l8t g 4s
1934 J
St Louis Transit gu 5s
1924 A
Oolted RRsSan Frsf 4S...1927 A
OiioD Tr (N Y) ctfs dep
L.
Portld
6618
90
|..
1
66
68
S6i2
'17
Oct
60'8
6OI2
54
8
M
81
Ocf20
90^ Mar' 17
59
67 14
08 12
68
88
I
Adaing Ex uull tr g 4a
Alaaka Gold
deb Oa A
Conv deb 6a aerlra B. .
|i
FrUtay
Jan. 7
I
47
85I2'
OOI4I
84
*il6
4112
3712
Certificates of deposit
10-vearadjlnc68
25
J
M
7th Ay lat eg 58.1943 J
Col 4 9th A V lat gu g 53.. 1993
Lex
1st gugSs.. 1993
"Jet
3 El (Chic) Ist g 48.1938 F
Jllw Elec Ry 4 Lt cona g 53 1920 F
Refunding 4 exten 4^8.. 193lij
^Tontreal Tram Ist 4 ref 53. 1941 'J
NY
O
52 14
55
67
68
65
..
nterboro-MetTop coll 4^8.1956
Certificates of Deposit
Interboro Rap Tran lat 68..19e6 J
Manbat Ry (NY) cons g 48.1990 A
Stamped tax-exempt
1990'
Manila ElecRy 4 Ltsf 68..1953 M
'ifetropolltan Street
S
S
1938
1957 F
1957
1932
lat g 68...
36
82
84
J
68
Aug' is:
55
86<4
A
N
7%
8-yr
Sale
M9S4
83
60^
Nov'20
85'8
00'4
20
O
J
J
SIrest Railway.
Brooklyn Rapid Tr&D g Sa.. 1945 A
lat refund CODV gold 4a
2002 J
64>2
Qa* a Electric Lt— (ConrJ )
Utlca Giu) 4 Elec ref 6a
1957 J
WettcbeHler Ltd gold 6s
1950 J
Armour A
I
86I4
. 194n M
.1920 A
Wheel DIv lat gold 58. . .1928 J
.1930 F
Kzten * Impt cold 68
Betundtng 4Ha aerlea A. .1900
WlieellDg
09<i
88*4
og>2
Xaa#<
P
Jan. 7
Mltcaliancaui
'U
Autr
70
82
64
Sale
55
BONDS
STOCK EXCHANGE
Week ending
Aug
55
74 '2 Oct "19
let
W. y.
So. tow lUgh
76 7a»j 86?i
68 79
91
3 7'i
81
I
78
18
97"2 JiilVlO
69 >t Oof20
887| Mar 20
.193!)
.
85
85I4
75
80
90
53
SaU
HlQlt
82
89>4' 84>2
'97"'
M
lit lleo 50-yr « term 48.
Det A Cb Ext lat g Sa
Daa MuliiPB Ulv lat g 4a.
Olv iHt g 3Vifl
Imui
Sale
8512
7612
Mont*
Year
1920
^1
Ranvt or
Jan
Is
Jan. 7
9634
76% 88%
78% 86%
70% 86%
70
81%
ii:
rDue Deo. (Option
talc
2
'
1
150
1
BOSTON STOCK EXt'HANGE-Stock
RHARE PRrCBS—.VOT PSR CBSTUM PRICES
Jan.
Wdln^.idity
Mdtvl'fJ
Jan.
Jan. 4.
Jan. 3.
I.
Thur.rit'iu
Jan. 6.
5.
the
1
'
Range for year 1920
BOaro.N STOCK
/or
Satttrdav
Lowtii
22
•28
125
227g
I20»«
03'2
126
62t2
«2l'>
O3I2
80
8U
80
23
30
23
80
23
30
21
30
30
30
•2S
125
126
...
28
'125
125
.
3%
•131
'ISl
135
07
67
70
37
135
OS
68
70
37
•37
40
40
10
I9I4
06
75
80
m
•fiO
7(1
03
63
18
18
40
41
40''i
40'4
4!»l2
2'4
2I4
75
74
•73
96i2
•12
'li'i
578
lOSg
414
6l8
•.65
.75
16
•3'4
2178
•16
•378
•7OI2
1.52
•15
8
•34
23
2I4
67s
24
4%
1158
97I2
97%
75
76
•.10
•12
"1"
17I2
4I2
17
4
22
•10
70l'>
157
I.5I4
8
«
3478
I
22
7
fil4
I
•23
24
I
4I2
1214
4I2
I2I2
1278
•334
*70l2
159
1.58
10
•7I2
1.534
8
35
23
7
25
34
*20l2
7I4
160
50
50
50
3
•2
3
.
•378
4
5%
6
5
5%
.85
.85
.90
.90
I
1
1J
34I2
2II2
•.97
1
1
1318
I
I3I4
I3I4
978
28
29I2
84
84
60
84
•1734
I
60
10'4
100
99
.
*9
lO'i
2R1'.'
26
148 ,*146
I3I2
•1314
I
19
1734
18'4'
59I4
6OI2
•119
121
121
2OI2 2OI2
20
99I2
99
100
*9
IOI2
1012
26I4
20
27)2
60
60
120
121
21
2OI2
I
99
148
i
99
10
1
IOI2
2734
148 •148
6
a
M
a
10178 104
104
*.52l2
--.
22
39
24
*21
3712
23'2
I7I4
17
I.5I2
H
I4I2
•
•25
17
•I5I2
15
22"
*25"
•25
*16
18
*.20
i
48
46
•.20
.25
2%
678
734I
9I2:
•834
*.03
240
135n
*RU
27
•334
18
7
*.03
.05
250
!
247
7
7
273)
•33^
28
7.^,
21"
"
21»
-"1
2
2
*.40
48
75
1678
K.t,
17
•2.5"
*25
18
*.75
4819
*.30
19
2
'•2'
4
2I2
7
2812
4
212
2
*.40
49
7612
I7I2
234
*2l4
II4
ll4
I
145«
•.75
41
I
80
'8Y12
V12
4
28
2I9
18
*16l2
•334
634
76
18
234
II2
2».
2
234
•2%
1%
ll2
3I4
4%
4%
478
234
153]
16
1534
.95
•41
2912
I7I4
18
1078
10%
•35
..50
•.35
..50
134
I7I4
178
178
•13,
1912
201"
201"
277s
301"
I
24V'
17
24
3534I
35'4
18
7I2
7I2
4OI4
34
33
I8I4
19
19
•1012
I8I4
.75
1.25
•1
II2
H"
ivr,
1'2
Last
•04
.08
3'2
*1
*.05
.08
.05
•3I2
.05
.08
37s
1%
I'l
21
II4
II4
11"
2
•1
*10
Yi'"i
*10l2
* '>5
• BIO asd aikad mioM.
*.t0
.40
23i'
3I4'
2'2
3i»
IMi
Us
112
•40
*.40
13,
112
.95
I
II2
I
B
I
Yivi'
51
.40
11
* >;
5Q
291:
.75
1
III2
40
32
.80
1%
7I4
27I2
37I2
31
.80
334'
81
.•^o
30
"I
•80
8II2
7I2
12
13..
•3
17
"80'
7I2
9I4
80
29U 29U
I7I4
.75
1
390!
4
.00
3
3I2
lis
1'4
.40
I2I4
50
Ex-stook dlrldand
7i4
Mar 16
312N0V 4
1312
Nov
5
100«4Sept 18
167
Apr 20
83
Jao 13
Jan 6
Apr 20
Apr 17
10
Apr 23
127» Apr 14
3<s Jao 3
7
Jan 6
14«4 9eptl7
116
62
86
Dec
28
Jao
Oct
40
130
10c
3i|
2i«
132
84
146
Diyj
iItU
Dec
AP'
Api
97
Jai
38i| Ju:]
50
Sept 168
Dee;
70c
Nov
Nov
I
11
30
Jai
Ja>
Not
Jat
Fet
I
136
Oct
Jot
I
90
J<10<
99% Mar<
110
Jn-it
Feb
70
Man
78l| Jul)
697|
26I4
Dec
Deo
Dec
991| 4.j»
86
94
Oct
r71
Dec
Deo
16
82
Oct
38)t Bept
47
Sept
9
Dec
66c
Jan
83
Ja>
40«4 Jul)
lis
106
23
100
60
68
OJ>i
Mm
Jai
Ap
Jun>
7I4 N...
2
AU(
96
79
Apr
Dec
Feb
9U A lit
IO8I1MM
78it
Jan
2i»
162
No»
Nov 24
19
16
Dec
38
17t|
Jsn
84lf De.
21l» No261» D*'
Dec aol
Dec 27,
Dec 8
35I4
7
A
Dec
Oec
Dee
1318
47,
ISif
Dec
Dec 30
Ic
378
5
Nov
60c
49c
10
Dec 29
Nov 18
3% Dec 27
12
Dec 22
Dec 27
Aug 10
21
15I2
62
140
May
151*
8
3234
16
61s
16
Dec 22
Dec 27
Dec 14
Apr 14
Dec 21
24
4
Dec 31
Dec 22
1018
Nov
15
Apr 30
8912 Dec 29
flij
Feb 8
57 June 8
68»4
Nov
118
15
19
Dec 30
82%May
8
9
Dec 30
2334
14614
Dec 28
85
Dec 30
Dec 3
13
Nov
17
Dec 29
IQijSept 7
177?
Nov
5
27
9712
50
21
32I2
19
Dec 22
Nov 13
Dec 29
Nov IS
Dec 21
2278 Sept 23
12i« Feb 11
15
I4I2
14
19I2
27
25
15
Dec 17
Dec 22
Dec 30,
Dec 23'
Dec 13
Dec 23
Dec 29
lis
1'4
2>Y6
.45
2%
•4
lis
•11"
.35
•11
114
.Sile 1
•1
1.478
2,205
100
118
211
6i2
Mar 23
2lt
361; Jan
3
4i|
31ig
28%May
7
6
Apr
8
4
2
3
39
138
88
164
Nov
36i| Jan
26 June
60 May 25
29I4 Oct 9
45
Jan 2
SO'j Feb 7
8i8 Apr 8
3178 Apr 8
23ij
6»4
67,
34
24
79
172
38»4
Jan
Jan
16
Jan
Jan
65
3U2 Jan
25I2 Apr
49»4 Apr
133
Jan
Do«
De«
Jat
Not
.Mar
July
6 81 J
Oei
Sepi
Dec
9%
90
F'et
Ocl
36
11
JisB
Jan
99
Mat
67I4
Nov
Jao
60
Dec
Feb
86
71
149
Jai>
Jun»
47t2
Nov
83
Sept
72
96
19
12
146
93
Feb
199
Not
2
14
3
7
6
3S
30
8
32li
4
2
15lj
Jan
Jao
July
Dec
Dpc
991,
De<
Ool
Jan
Jan
62li Jan
150
74X1
Not
Ma)
Jai
115
691^
76
Mario
Apr 13
Jan 2
44
Jan
56
Feb
31
Mario
25% Oct
19
11
Ma
16 Mai
Saij Oct
36I4 Def
27I4 ^o»
49
26
Apr
Not
38
28
23'*
JUDI
Jul>
Jan 26
99
Not
Mai
I>Is>
38% Jan 3
34i8Mar30
17618
Ma)
28% Nov
8% Feb
130
Nov
Oct
19
76
13812 Jan 21
53
Jan
Apr
Oct
Apr
90
101
Jao
28
12i23ept 15
lOUt Jan 10
86 Nov 1
6.3»4Nov 8
7<4
Jan
May
7
16
44I2 Jan 26
26
Feb 3
28
Aug
Mar
39i2Junel8
33 Jan 21
35
Jan 9
32 Sept 20
17
15
37
33
Jan
Jan
.50
62li
Mar
41
33I2
20
11,
178
2
2
2I4
.52
.50
2I2
.55
234
4
4
I
27«'
1%
II2'
2
..50
12
• II,
tfEx-dtvldra
.15
4
II2
2
.50
1134
Tji^t S-'le' .25
12
rights.
:>21
Dec
Dec 21
Dec 21
Dec 22
10
10
25
i
25
5
25
25
25
.
.
SouthUtahM4S
25
25
25
25
par
10
5
5
.
1
590 WelT«rlne
Wyandotte
t Ex-rlghta.
Nov
2,5o
Nov
11
I'ii
Dec 29
Dec 31
Dec 31
Dec 27
Dec 17
Dec 21
Dec 20
314
Dec 23
15
2 Is
lis
ll2
II4
90
c
IS4 Dec 15
4012 Dec 30
I214N0V2O
35c Dec 27
Mar
21
79
7
8
1.
I
1
12
16
10
Feb
Dec
Dec 30
Oct 14
Dec 17
Dec 22
Dec 29
15
»o
201 2
34:2 DfK 21
353, Dec 21
I2
42
4lj
15:4
1078
47,
Feb
Mar
20% Not
2 Hi Juii
43
26
83
Ooi
Jill
Ju"
72ij
Mai
80
Ju'7
420
1
23
2
5
350
12U
12
39
2
Mar
Mar 27
Nov 11
Jan 7
18
3% Jan
3i|
6
200
500
42
78
24
312
99c
Jul)
Julr
J;il)
May
36% Drc
Mar
Mar
Mar
20
62
Feb,
Mar
Apr
Apr
Jao
Oct
Mar
3«4
Ju"
Jul)
Ma)
1412
OC'
21
Aut
6»4
91*
714
2
5514
8tii
41
Jul)
Jul)
Mai
Jul)
Jul)
Jul)
Jul)
6% Ma)
2% Jul;
7% Jul)
3
Jan
Apr
Apr
Feb
10
Jan
I314
Feb
Feb
Jul)
10
Jul)
S3
29I4 Jul)
12ij Jul)
2i»
4
2
2i»
49ij
14»4
6I2
Mar
May
Si| Jul)
4% Oci
Jul:
June
Oct
Feb
28
67»4
Mar
87
Not
8I4
Jan
13ij
Mai
Feb
Apr
20%
Jul)
Mar
Mar
Mar
Mar
Mar
4U Jul)
52li Jul)
73 Jul)
Jul)
83
75 Jul!
26ij Jul)
4I4 Jul)
87s
9
25c
75c
3012
45
52
40
13
lij
4
1
II4
71c
Jan
Mar
Jan
Jan
1>4 Jul)
311
Juua
Mar
Mar
SOc Auj
IIU Junf
5 'X, Nov
Deo
Dec
2% 9epi
1»4
May
7i»
II4
II4
Jan
Jan
40c
Half-pall.
90e
Ju')
Mar
Ma»
2
li2Mar23
«
Jao
Mar 480
l%May
May
60c
16
23
101
4
Jan 8
Jan 7
Jan 10
2
28]
151
Nov
Feb
Feb
8c
7
Kx-dlvldend.
2
3
10
25c Jan 10
6
Jan 7
6i8 Jan 29
2>4 Jen 19
l»4 Jan 10
4
Oct 21
9»4 Feb 20
Dec 8
Oct
6
2O0
40c
Dec 29
Dec
"18
'i6*i
Apr 15
2it
25c Sept 9
8
15c
Feb
l\t
7
Jan 5
7I2 Jan 8
Oct 16
48
95 Sept 27
I2i2 Jan 3
2II2 Apr 20
80c Jan 27
2% Jan 26
3711 Jan 6{
58 Jan 3
85
Jan 3
58
Jan 5
U
Nov
62
Jan 6
24
75o Nov
33c Dec 2
1
Apr
Deo
Apr 27
Jan
Jan
514 Apr
flisMarSl
Jan 6
4
>4 Jan 14
60 Sept 22
82 June 21
38
Jan 3
6 Mar 24
2U Jan 5
47, Apr 7
3% Jan 3
3
Jan 21
5% Jan 3
11*4 Jan 2
712 Jan 2
72
3i| Jul}
Jul)
91
10c
16
Dec 30
Dec 21
IV. Aug
Apr
Apr
321*
I414
I
1
Jan 3
Jan 6
Jan 7
Jan
Jan
401s Jan
I6I2 Jan
43% Jan
12ijMay24
234
Feb 27
40c
409
50c Dec 28
Oc Mar 10
3o Dec 23
21"
i
11
Feb 13
1
25
25
26
25
Wlnosa
.Aug 17
39
75
25
25
25
Boston Copper. 10
25
.
Dec 30
50c Aug 11
2 Dec 29
714
5
15
25
Asseaamant paid
3l2
478
2.5
.
4
25
5
25
100 Victoria
«
6I2
2.5
Copper
Tuolumne Copper
Utah-Apex Mining
.500 Utah Consolidated
6,785 Utah Metal 4 Tunnel
2.52
25
25
Mohawk
. '25
5
New Cornelia Copper..
New Irtrla Quicksilver.. , 5
New River Company.. .100
100
Do pref-
Superior
Superior
Trinity
Oct 2
Dec 11
2c
200
,-23
Nov
1
South Lake
8,700
110
3,615
6,917
1.300
2,250
IS
2
10' 4
25
25
25
2,615 Shannon.
Vov'20
and
.
North Butte
250 North Lake..
200 OJIbway Mining
7.55 Old Dominion Co
.592 Osceola
513 Quincy
665 St Mary's MIner.il Land .
no
2*0 Seneca Copper Corp
Dec'20
2%
.
10, .525
291,
Dec 21
Dec 23,
Aug 6!
5I4 Dec 2
rl8
6i2Mar
1»4
77
•2O0
20
...
915 Nlplsslng Mines..
2
21
•.12
4
.
Mayflower-Old Colony
370 Michigan
81
7I2
.08
378
2
.
1,981
.
117s
.50
Salle
40o Aug lo|
40 14 Dec 29,
1
Gold
Keweenaw Copper
LakeCopperCo
La
.95
.
2.5
'260 Mason Valley Mine
805 Mass Consol
16
1
43
.
:
'7.50,
51s
•.80
•41
Coppdr
Hecla
I
13,
31
153.1
1
Nr)V 26
Nov 12
10
14
5
10
10
290 Hancock Consolidated
77.
Helvella...
Indiana Mining
725 Island Creek Coal
Do pref
25
572 Isle Royale Copper
Kerr Lake
Dec'20
•1
31"
434
4
i.ono Franklin
3
3
Calumet
Copper Range Co
Daly- West..
3,470: Davis-Daly Copper..
2,940| East Butte Copper MIn.
U"
List Sale 134
25
15'
75I2 *74l2 70
75
21
21
22
22
List Sile 21s
Dec'20
2I2
2-5
3,7341
7I2
7I4
71s
9
978
834
10
3I4
234
3
3
3i8
3I2
3I2
•3
2I4
2I2
-^.U
List Site .65
Dec'20
4878 4 87,
483, 487^
*13s
25
26
10 Centennial
.
15
28
1
2.50!
3
24I2
3534
1
'460' Butte-Balaklava
.^34
II2
'id
.
Ahmeek
0,025' Carson Hill
47
*.75
•41
6
Bingham Mines
.32
334
I
3
25
36
234
3I4
.
301?
I
46
.3.512
3I4
31
4
•8
3
1
>0
50
.
Algomah Mining
14
1334
834'
48
II2
16U
*.35
14
3
4012
4234
81 12
...
"540 Allouez
1,525 Arcadian Consolidated
2,398 Arizona Commercial
254
253
47
1^1
.10
234
i
II2
!
.
Adventure Consolidated
.557
2%
I
2I2
255
30
2'Y.
2d
pref
pref
BUlkttI
Minlne
14
63;
834
234
234
Ist
110 Wickwire Spencer 3t«el
Last Site .60
Dec'20
4934 50
4934 403,
Last Sile .20
Doc'20
21
21
21
21
314^
3I2
3
334
8I4
&
83d
8%
List Sile 9
Dec'20
.03
.03
*.03
.05
I4I2
.35'
.40
21^
3
Do
Do
18
441"
919
334
1.55
629
28
*16l2
45
7%
1
I5I4
30
2.52
Y'g".
4
.35
!
17
I5I2
I4I2
Last Sale 19!
Dec'20
Last Sile 27
Dec'20
834
•lis
212
91s
I
17
16
379
5,449
1,663
.
I4I8
*\U
7%
V->
•I's
1818
I7I2
IOI4
I512
I
2.54
•2I4
2
2
9l8
.50
'23
..50
18
87s
15%
24
1778
51
185
4,271
I
48
76
7l2|
*ll9
I
4
234
7I4
*.35
24
I
'29'l2
•lis
2
*11»
I
;
20
•334
2I4
•2
4
*2
43I2
ll'i
3812
23 12
18
25
.
6
ni par
Swift 4 Co.
100
Torrlngton
25
Union Twist Drill.
5
25
United Shoe Mach Corp
Do pref
25
Ventura Consol Oil Fields. 5
Waldorf System Inc
10
Waltham Watch
100
Walworth Manufacturing. 20
Warren Bros
.. 50
Slm.ma Magneto
Stewart Mfg Corp
,022
"779
55
22
37I2
_
•25
49
28%
I7I2
*2l4
I4I2
.90
•.75
14
*7
14
•90
44
•42
•80
*.03
250
76I2
I
1
j
8I2
9I"
.05
3
2
212'
43I2
55
22
3812
I5I2
3I4
49
I
18
2%
234
I
20
30
30
7I2
•834
234
7I2
912
.05
6
8
.80
*
22
ShawmutSS
1
I
•2
2
*.40
2I2
•lU
.35
18
•2I4
234
II2
*13s
.
.
211"
37I2
23I2
1734
17
16
17
15
1434
8
8
i
77
I
I7I4
17
534
49'
*2l8
*ll4
17%
17
15
259
13%
I4I4
4
6
8
51
38
I7I4
49I2
2I4
•834
24
18
I
18
I7I2
*2l2
18
2Y34
I
24
18
*.75
46
*53
2134
37I8
24
I
39I4
20
30
30
k
.30
IS
Last Sals' 27
Dec'20
10178 105
IO3I2 105
19
.
I
20
30
»2.5
6I2
Reece Button-Hole
10
Root A V Dervoort Gl A no va'
•1314 - Last Sale 18
De'''20
List Sale 2OI2 Sept'20
6I2
8I4
Si^
8
6
IO4I2
1734
1734
I7I4
1012
I4I2
•1314
Dec'20
IO4I2 105"'
6%
*.52
-21
3034
24
*13S8
*17i2
2818
1.50
1.50
*53
6I4
.
85
121
19
Feb 24
Feb 10
Apr .30
502
910 Elder Corporation
no iio'
85 Gorton-Pew Fisheries. ... 60
480 Greenfield Tap 4 Die..
.
25
320 Interoat Cement Corp.no par
5,299 Internal Products
no par
1,615
Do pref.
.100
905 Island Oil 4 Trans Corp.. 10
4,2.50 LIbby, McNeill 4 LIbby.. 10
207 Loew's Theatres
10
105 McRlwaln (W H) Ist pref. 100
547 Massachusetts Gas Cos
100
262
Do pref
100
13 Mersenthaler Linotype
100
Inc.. 10
885 Mexican Investment
515 New England Telephone.. 100
400 Ohio Body 4 Blower
no par
2,605 Orpheum Circuit Inc
I
59 Pacific Mills
Plant (Thos O) pref
100
91%
84
1212
List Sale 8534
13I2
pref...
Edison Electric Ilium
434
127s
117s
9034
4%
4I2
1
5
80
70
.
70
25
100
100
Do
32
4I"
121"
ni2
I
'2Sl
.100;
Eastern 33 Lines Inc...
I2I2
912
20
9II4
OOI2
121
20%
I3I2
4I4
•4
•4
4I4
22I2 22I2
2234 23
Cast S'ltc 17
Dec'20
Last Site 72
Dec'20
159
100
161
162
*15l2 1612
10
17
•7I2
•7I2
8
8
34I2 35
35
35
2II2
21
22
22
9
912
1
ni2
00
26%
4
9II4
'no
147'2 •146
•378
HI2
"
1S12
I7I4
17
9II4
60'2
*9
DeV20
12
17
9034
8312
«0l2
99
.
.07
Ijist Sale
Dec 14
10
no po'i
30
Do preJ
..no par'
200 AnsIo-AmCommlCorp.iio par]
Art Metal Couatruc Inc
10.
540 Atlas Tack Corporatlon.no pari
10 Beacon Chocolaie
10'
9.022 Blgheart Prod 4 Refg
10
7.50 Boston Mex Pel Trusteeeno par
995 Century Steel of Amer Inc. 10
2,182 Connor (John T)
10
120 East Boston Land
10
602 Eastern Manufacturing
6
7812
.
12
84
11
78
Amer Telep A Teleg
393 Amoskeaii Mfg
3o
50|
Oil IOo>;lueerlDK
Amer I'ueiimallc Service..
Do pref
1,165
85
3,911
9
434
1234
1134
9012
97
2%
•76
.
.
MUcellaneou*
Am
500
99%
25
8312
1712
2%
•8
9834
2 '4
9
9834
7612
434
12
1134
90
*9'4
26I4
64
434
1278
12
I
9512
04
24
90
84
"19"
n
.
.
50
.07
I
7.5
no
8(
H6
17
75
Dec'20;
I
17
23
•10
00
•76
1318
4I4
2234
17
74
-
9778
7OI2
.80
•2212
74
2I4
4
6l8
1
.
•8
1
578
78
2
I
13
17
.80
.90
1
11
•im
21'2
I
76
76
O's
III2'
II
'
9
98
.80
4
23I2
40
19
I
:
2-'«
8I2
I3I2
15'j
40
1938
f"isl S'lle
I
3
4-
75
160
18
50
ISis'
2178
17
37
I8I4
74
06
2'4
13
lfli2
I
37
to
1918
4934
578
.75
.95
1278
1
-
i
50
4'8
.96
131s
•75
41'2
70
.10
.10
12
-
20
'4'2
;i
70
•73
I
-
•I7I2 18
17"2 18
List Site 75
...'
Dec'20
4II2 4II2
41
41
417g
2"2
9r>i.>
74
-
•I7I2
9
i
3»/C.
Alliany
Dref
I
80
2I4
9
135
3
•2
2^8
8I2
seig
^125
•70
•69
"
49I4
100 ll»
Pat)17 134 Nov 3i
100
60 May 26
Dot 2611
68
.100
74': Dec 28
89li.Vov Ul,
Boatou A "viHloe
100
I312 l).-,-;^l
40 80PM41I
Do prof
Dw 30 40 Oct 21 i,
100
25
Bomoii t i'r<.)vldenoe
100 1^4
Jan2S 143 Maris
Buaioij 4<ir)iirl)ao Kleo. .no VV'
10c Doc 21
)ct 20
25 a
Do pref
no par'. 75o Di:r30
Mar <
7
vVorc RiRO pre.ao par
400 Boat A
3 N..V 18
11
.Mar 6
CUlc.Mue Ry 4 i; fl V
100 13')
Jan 30 132
Jan 8
100'
77
Do uref
66'« De<28
86
Jan 2
CporKlu-Ry 4 F.lecRiampd.lOOi
25
Do pre!
1(X),
68
Jan 121 72 Mar 30
154 Maine Cea'ral
()'•<• 23
.32
lOO'
76 Sept 27
669 N Y .N H A Han.forfl
37i4 8cpt 24
100
15^t D<.( 18
Northern N'ew llaiiipHbire. irK)| 76
I)..' 21
Jan 1^
86
17 Norwich 4 VVorcester pref.iooi
(7
J'i\;
89 July 7
20 Old Colony
.1001
60 D-' 30
86
Apr 1
30 Riiiland prol
'27 14 Oct
IS
100,
Jan 20
6
Vermont 4 Maaaacbiigetts. lOOi 70 June 16
89»4 -Nov 8
592 Weat End Street
45J>4 Jan 3
30
50
Dec 21
299
Do pref...
60
48 July 7
55it Jan 6
Do
7»
•07
00
17'2
75
1878
I
.
Lomtn
Bio/ttM
I
RIevatod
U'Mtoii
List Sile 130 M0V2O
•69
69
. .
08'>s
Cist Sile 10334 Oct" 19
•09
I
,
fj-iU S'Up. .10
L%i: S'lle .75
•Ij
'131
Bunoo 4
125
03
78
22
•28
120
120n
127
02'2
*77
23
84
03U
8J
23
laS
1^314 I2fl»4
03'4 04
Ranot for PrewUms
Year 1919,
fVei'k.
Kullroada
•7fl
BONUS
Record
STOCKS
UXCtlANOK
SaUs
I
Frldav
Jan. 7.
1
Mar
Jan
Mar
Mar
5I4
JUUf
3% Jan>
12*4 J"'I
Jul)
6
4*4 Jul)
3 Jul)
31 Jul'
1% M«>
CHKONKLE
rilK
Jan. 8 1921.]
151
yril'i;
Stocks (OondMtftd) Pur.
—
Oklahoma Nat Gao
••-
-
Siih
.
Bonds
for
of yricfs
Low
Hlgli.
S
I.lb
1st
Loan 3',s. 1932-17
r/ii 4 Us- 1032-47
II',. t.
90.94 92 90
85. ()2 87.34
85.54 S7.22
88.10 90 34
85.34 S7.14
95.78 97.02
Mb
Ranee for Year 1920.
Lib L'n4;iS.. 1927-42
3d Lib I.oan4'4S_._192S
4th Lin L'n 4 ViS. 11133-38
1922-23
Virtiiry 4^48
Am Tol & Tol <'oll 4s. . 1929
I SS L 5s. . 1959
Atl O &
Carson Hill Gold 78... 1923
Chic June i U S Y Ss. 1940
4s
1940
1931
Ma« (ias 4ivS
Miss Rlvor Power 5s.. 1951
1932
N E Telephone 5s
1925
Seneca C'oppor Ss
1944
Swift & Co 1st 5s
5s .. 1 932
Western Tel & Tel
2(1
W
75 Ji
59
78 H
'75Ji
81
79 H
75«
55
90
77 H
64
77
74 H
79 H
94
80 M
78 H
75 Ji
62
90
78 .li
64
77
75 H
80
95
8m
79 M
1,000
85.500
7,000
7.000
1.000
1.000
13.000
3.000
5.000
14.000
4.000
Hieh.
M.H
oil
compiled from
1
89 04 May
S2 14May
SI GO May
85.74 Due
81 .74
May
94.50
72
58
88
74
Dec
Dec
Dec
Dec
July
May
60
72
Sept
69M Mar
77
94
78
76 Vi
AUB
Dec
Doc
Use
100 (K)
93 SO
92 OS
04 .9(1
92.98
99.30
SI
81
50
84 M
75
83
77
85
106
93
84
1
H
H
Jau
Jan
Jan
Jan
Jau
Jan
Mar
Jan
Jun
Jun
May
Jan
Nov
Mar
Nov
of transactions at
7, both inclusive,
mauy
I'referroil
fid If.
far.
American Radiator
100
100
Preferred
American ShlpbulUlluB. 100
PreJerre<l_.100
Armour & Co. pref
100
15
Armour Leather
Preferred
100
Beaver Hoard, pref
Booth Fisheries, new
PrlCi
67 H
r.o
100
10
Inland Steel
Rights
Standard Gas & Electric -50
Stew Warn Speed, com- 100
Now when
SwUt & Co
Issued
(•)
100
15
Swift International
Temtor Profi C&F "A".(*)
Thompson, J R. com
25
Union Carbide & Carbon 10
United Iron
Wks v
t c. .
Wabl Co
Ward, Montg & Co. w
.50
(*)
1-20
Western Knitting Mills. (•)
Western Stone
100
Wilson & Co. com
(*)
Wrigley Jr, com
25
5
30
6H
4
12M
205
104
61
102
6
55
98
96
98
27
72
72
65
12
K
125i
IVA
48 M
13
25
235
2.725
45M
6>^
4Ji
35
200
17
14H
19
60
6H
24^ 24M
6K
8M
^H
24 H
149
148
88 H 88 H
l^%
18
93^
100
59
16)^
11
30 K
34
105
29 K2
25 H
30
8
99
100
62
11
5m
27
31
34
34
105
101
26 K 31H
25}i 26
27 K 30
49 H 62
12M
lOM
12K
44
41
44
19H
10
nH
8Ji
4
40 Ji
70
135
3,990
210
50
1,825
1.800
25
845
200
225
17
7,825
50
3.420
10,300
1,500
605
31,200
740
450
19M
9.600
10
5
41
1.580
H
70
9%
800
24 H
98M
Nov
Nov
28
19H
May
200
100
50 )i
95 M
20
55
68
62 H
8
26 H
34 H
24 H
'88k"
% Sept
Mar
H Mar
HOM
llOH
Hi
Mar
95 H
90
Mar
\3H
Jan
17
75
230
25
im
20
4
3%
5
y»
215
108
22H
2%
1%
23 'A
29 ^
205<
10
81
16J^
85
100 H
51
15
9H
24 H
33
90 K
23
20
22 »X
44
101
125-^
61
92
105
96
9
Dec
Dec
Dec
Dec
36
Nov
12'A
8
Dec
Dec
4
36
Jan
H
Dec
Dec
69
55
49
52 K.
74'^
42
56
40
24
22
76
Swift
(*)
A Co 1st s f e
No par value.
.'is.
64
64
82 H
67
1944
60
35
64
78 M
67
80 K
64
$19,000
35
3.000
64
2.000
8.000
82 H
67
1.000
81
14.000
Pittsburgh Stock Exchange.
77
58
78 K
Jan
Feb
Feb
Jan
Mar
Mar
Jan
Apr
May
Mar
Nov
July
Mar
Apr
92KI Jan
— Record of trantsactions at
Last
Stocks
Par.
Week's Range
Salt.
of Prices.
Price
Amer Vitrified Prod com 50
Amer Wind Glass Mach 100
100
Preferred
Arkansas Nat Gas com.. 10
Bamsdall CorpClassA..25
Class
B
12
84
8H
109
84
7H
35
35
25
5
50
3^
Preferred
50
Guffey-GillespleOil (no par)
26 H
Consolidated Ice
com
Indep Brewing com
Preferred
Kay County Gas
1
Lone Star Gas
Mfrs' Light & Heat
Maltland Petroleum
Nat
Flreprooflng
Preferred
Ohio Fuel Oil
Ohio Fuel Supply
50
50
com
25
50
5
50
50
1
25
IH
2H
3
20 H
26
26
IH
3H
IM
24^
52
51
3H
IJi
3H
6
109
84
8Ji
35
35
H
Carbo-Hydrogen Co com.
Preferred
High
Low.
3
6
1
3
3M
21
27
Week.
Shans.
1.210
145
20
7.080
100
100
225
371
200
400
1,270
IH
100
3H
10
6.310
1.990
1.869
2.425
IM
26
52
3«
19
12
17
6
13
19
47 H
46K
47 1<
12K
Sales
for
200
450
415
265
•
HaitiHall
Onl
.f
l3t pref.
Im
oil
(if
both
in-
Range for Year 1920.
9H
106
83
6»^
35
34
H
2ii
2 '4
15
Higf-.
July
135
Aug
Dec
45
Dec
Dec
Feb
25 H June
1
Nov
2H Dec
IH Dec
23 M Dec
48 ^ July
2H Dec
5H Dec
lOH Nov
16
44
16H
Dec
Dec
Dec
Dec
Dec
Feb
95
45
46
3Ji
5
Apr
Jan
Jan
Jan
Apr
Apr
Jan
Jan
4H Mar
29
39
5H
Jan
Jan
100
10
Preferre
_
10
Ctmiinol Clii'ii lcal..«o par
CdiisoI Gils. E
Pow. 100
Con.s«ll(iatl(>u Co.'il
100
Cosrleii
Co prof- _
5
Diivi.soii f'liomlcal. .no p.ir
Elkiinrn Coal Corp prcf-.W
Houston on pref tr ctfs- 100
I Heticsch .no par
4
6>i
Mar
Apr
73
94 H
fMar
Nov
Deo
79
90
Nov
WMsh
30
4H
2K
Feb
Dec
1)4
Mar
40
4.1
5
25
1
3H Dec
1
2.225
070
55
50
70
140
40
SO
23';
23
Dec
25'.i;
32
67 Mi
23
23
1.000
103
127
K
Nov
Nov
Dec
82
74 '4 June
2.'>6
3K
Dec
Deo
.75
2H
200
346
6'<.
Apr
Jan
Jan
Mar
May
Nov
Nov
Dec
Dec
1
3.40 Jan
9>i Jan
1
Jan
40
Dec
103 Ji
SO
May
H
Jan
Apr
4
93i^i
23'.<
104'4'
10
12
26 K
Dec
Dec
28
Oct
20 'i
36
$1,000
1.000
11.000
12.000
6.000
3,000
13.000
3,000
76
May
94^ Dec
70
95)i
5. .500
77',;-.
9
12
May
100 U
79
9SJi
97 '4
Dec
Dpc
95 '-i
80
Dec
82
75
July
Jan
100
76 H Atiir
S6!<
28
77!^
94
73
94'^
92 ?i
93)^
July
10
.56
30.">
\2H
Fei
Mar
Jan
Dec
Feb
7H Apr
95
57
60
74
95
64 ?i
79 H
Jan
44 '4
44
196
64 H
77 ,U
.50
Preferred
in-
High.
2H
000
40 H
92
88 H
.54
both
Low.
42(1
.8.1
31
,52 h;
7,
•*
.50
A Annap
P.itlt
52 H
Dec
Range for Year 1920.
15
4
I
5
t rlOO
Nort hern Central
50
Pciinsvl Water A Power 100
I'nilcd Rv .t Elec
.50
Oil
70
84 H
15
Jan
Jan
Nov
Jan
Jan
Jan
Bonds
.53
1943
A Suburban 1st .5s. "22
Consol G. ELAP4HS.1935
74
5 per cent notes.
6 per cent notes
7 per cent notes.
Consol Coal refund .58.1950
Convertible 6s
1923
Cos'Ien & Co couv s f
74
72
96 U
901^
89
Klkhorn Coal Corp 63.1925
Fair A Clarts Trac 5s 1038
Fairmont Coal 5s
.1031
Georgia A -Ma cons .5s..1945
Georgia Pacific 1st 6s -102?
W
73%
S2
79
SOK
H
.1940
stpd '50
United Car Trust 8s.. 1925
Unite! Ry A E 4s
1940
Income 4s
1040
.t
Funding
f'o
52
100
...10.36
.5s
1936
STiall
CAH
iAH
63!^
40 H
60
58
60
..
94
74
95
93
93'/';
74
96 H
90?^
90
73 ?i
82
3.000
2.oeo
1.0(»
79
0(\'<
P 5s
Seaboard Air L 4s
Penns\'
l.OCO
2.000
4.000
3.000
1.000
26.000
20>000
10.000
97
9,QH
52 M
100
6314
46'^
60
r.O'^
1
.300
92 H Jime
9m
from
Dec
Doc
92%
69
96
83
88
July
Jan
72>!;
.">6»^
100
55
42
56
56
Nov
Dec
May
Mar
Mar
Mar
81
95 J<
96
May
Jan
Jan
Nov
Jan
Jan
Jan
Apr
Nov
Jan
Feb
Apr
82K Mar
Jan
100
86 '-S Jan
58 '"5 Oct
100 'X Nov
69
Jan
49 H Sept
Nov
66
65 H Nov
— Record of transactions
both
Philadelphia Stock Exchange.
inclusive, compiled
Dec
71'-^
at Philadelphia Stock Exchange, .Jan. 3 to
.Jan.
7,
official sales lists:
Sails
Range for Year 1920.
Week's Rnngi
Par
stocks
f,.r
of Prices.
Week.
Low.
High.
Shares.
Low.
J8H
18'<
American Gas
30
30
120
141
28
.\m<'r
17
17
140
14",^
44
90
44 H
92
625
400
37 Ji
86
43
34
92
48
86
145
43
34 »i
78 'v
27 '4
80
45
34
96
.53K
86
9
29
80
7(f
8Vi
.Alliance Insur.ince
10
100
Railways, pref
100
no var
American Stores
l^t preferred
100
Buffalo A Siiso Corp
Preferred v t c
100
Consol Trac of N J
100
Flee Storage Battery.. 100
General Asnhalt
100
Preferred
100
Hunt A IUo:id Tnp pref 50
Tnsurancp Oo ofNA
10
J G Brill Co. pref
100
Kevsfone Telephone
50
Pr<>f(>rr'!d
50
T,.i.kp "Superior Cn-ryt
100
Lehleh Navigation
50
T.ehlgh Vallev.
50
Mid vale Steol * Ord
SO
North PeniiRvIvania
50
T'ennsvl R",tt Mfg
50
Pennsvl vnnia
50
96
.13
H
S%
29
80
S
30
10
68
65 H
PhlltMi-ltihla r-n (Pltf^)..'^0
Preferred (5%
50
Pref (cumulative 6'^) -.50
Phlla Tnsul wire
pn'
nn
Phlla Elec cf Pa
25
Preferred
v\^\\^ Ranid Transit
50
Philadelphia Traction. ..50
Tono-Bniniont Devel
Tonoo'vM Mining
16K
52 H
1%,
51%
.50
31
5
Jan
89
Feb
Jan
29
Sept
Feb
7
Dec
680
559
790
57
Jtme
^Tay
35
22
80
56
.10';
Pec
65Vi;
58
411/
3.761
,37';
Nov
Aug
3\%
100
30'
Pec
26
32
52
22
111
S75
504
25
Jan
28
Dec
20 H Sept
M
27%
H
25
12 H
1.165
.50
862
83
m
Apr
July
Sept
July
49H
1
Oct
65
Feb
1-16 Sept
\'i
1%
800
1
Aug
H
1.075
23
liily
165
165
3 % ,32 W
20
1P3
July
5.648
26
Dec
50
,50
82 «
8
74
30
30
10
Feb
13
235
22
2,065
.50
13
141
Dec
3.692
.50
120
103
Jan
Jan
Jan
Jan
Jan
50
40
7
17
Coal
56 »i
93
Jan
Jan
Jan
Oct
Feb
202
63',-
,30
'
47H
•29H
70
iH
23
64 H
64 ^
6H June
27 K .A lie
Sept
71
130
3.13
.52 >i
York Railways, pref
U
2.10
Dec
Dec
Dec
Dec
Dec
2
80',<
50
joo
''tecl
34 '4'
74
208
51 U
8
74
We*^tpioPet',nd
2.600
Dec
Dec
Dec
Feb
Dec
29',;
100
P'^ferred
s Sfpnl r'o'-T)
Warwick T'on *
»4'
2
81
I'X.
."iO
34
26
21Ji
27
15><
1
Union Tnctton...
68 »(
56 W
33 ^»
79
22'^
27',<
10
66
54
32
79
6414
40 '<
31'-;
J
United i^'.sof N J
United Gti Impt
f
26
7%
185i
High.
94
6.895
30
32
52
50
49H
Oct
.540
1.15
77
Dec
4
71
June
50
29
Aug
50
7% Dec
5m
105
76
44
J2'i,
31
.36'-.
25«v
.13',-
27
'-H
Mar
Nov
Nov
Jan
Apr
Jan
Oct
Jan
Jan
Jan
Jan
Oct
Nov
Jan
Jan
28
68
103
Nov
3 1-16
2»4
37
1S5
57
H
8«
.10
108^
75
32
Jan
Feb
Jan
Jan
Jan
Oct
Jan
Jan
Jan
Jan
Bonds —
S Lib Loan 3'^s
10.12-4
2H
34 H
55>i
55
05
701
63
1'4
30
35
80
23
23
40
M pref v
\'-VVoo't
4
5
3%
3h
301;
4<ti T.lh T.'n 4'.fs.l9.'?:i-3S
19!^
Jau
Jau
Jau
Jau
Jau
Jau
118H
Shares
3H
'^H
88Jf
88
25
1st i)rererre<l
Kentucky Cos
Mt
.\pr
Apr
Apr
Apr
37 H
130
107^i
Wak.
36
SO
40
.'
L5K
6H
9H
Mat
7i.'
Snlts
for
High.
.80
1
. _
2d T,lhI,'n4X^s.. 1927-4?
3d I.!h Lonn 4 'is.. 1928
Jan
Jan
Jan
1^
172
S6.000
1.000
Riinge
3>4
36
80
,50
Apr
Apr
45 M
61>i
Mar
— Record of traiLsactions at
\H
Teresa Sugar
Readlne
Low.
HUih.
10
Prices.
Lite.
3H
10
100
'-^:
I
11' <t-'»
Sale.
Price.
Par
Atlantic Petroleum.
Feb
Dec
7.
75 H
96
La.'il
Hulllinorc Hrick 1st
May
Pittsburgh Stock Exchange Jan. 3 to Jan.
clusive, compiled from official sales lists:
Fridaij
75 H
96
Citi-
72 H Feb
45
Oct
70
fMar
Feb
87
Oct
70
Dec
Dec
Dec
Aug
57
29 ^^
54
00
Fnuag
Sept
Dec
Mar
Dec
May
Dec
Jan
Dec
Jan
Dec
Jan
18 « May
Dec
Dec
23 H Apr
Dec 280
Jan
Apr
Nov 32
Dec
9H Jan
Dec 45K Jan
Dec 44
Apr
Dec
15H Jan
Mar
Dec 35
Oct
Dec 45
Dec 50 H Jan
43
JiUy
Dec
Mar
Dec 310
Dec 9814 Jan
Dec
28
Mar
Apr
Dec 243
Dec 118H Feb
Apr
Dec
90
Nov 18!^ Dec
Dec 26 H Jan
Dec 50!^ Apr
Dec
42J4 Feb
Jan
Dec 128
Nov
00
«
Baltimore Stock Exchange.
June
Jan
Oct
Mar
I'.l.'O.
62 H
Baltimore Stock Kxcliuiige. Jan. 3 to Jan.
clusive, compiled from official sales lists:
IIH June
Bonds
Chicago City Rv os. . . 1927
Chic City&Con Rys 5s 1927
Chicago Railways 5s. . 1927
Common w Edison 53. . 1943
PeoG L& Cref g5s..l927
00
\\ CBI I'enn Rys 58
1931
W(!8t'liouHe Kl & Mfg 7s
Dec
74
Jan
75
Jan
Apr
84
24 H Sept
Deo'
7,725
160
72
2.265
14.000
1.550
9
27 Ji
3Ji
3}4
10
6%
150
8H
8
11
48)^
6>i
7Ji
565
485
270
265
61
70
65
"i'H
210
719
H
1.210
22 H
61
72
Jau
Jau
Jan
Jan
65
5
160
125
156
3
205
104
120
120
Dec
Dec
Dec
Dec
Dec
Doc
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
80
68
3
20
59 K
8
610
35
250
715
950
100
478
175
50
100
yi
7
(•)
87
70
Vi.
(*)
Mitchell Motor Co
National Leather. _
10
1
Orpheum Circuit. Inc
People's Q L & Coke. . . 100
Pick (Albert) & Co
(*)
PIgglyWigglyStores.Inc (*)
Quaker Oats Co
100
Preferred
100
10
Rto Motor
Sears-Roebuck, com
100
Preferred
100
W, com
12
Mar
79H
1.167
3
"i2M
W
4.000
13H
85
Mar
93 H
14
83 H
06
**H
-
la
Dec
64
94
70
60
6H
Llbby McNeUl & Libby . 10
Lin 'say Light
10
Middle West Util. pref. 100
Shaw
60
4
100
.
175
40
50
102
72
vzVi
Godschaux
Hupp Motor
210
&'A
14
(•)
Diamond Match
67'.^
59>/8
(•)
100
Sug.ar. com.(*)
Great Lakes D & D
100
Hartman Corporation . . 100
Hart.Shaft&.Marx.com. 100
HoUand-.A merlcan Sugar 10
67
101
72
60
84
High.
5c
tiH
llfi'i 116^4
41
I
Low.
27
9
30
Chlc CltyAiCon Ry. pret(»)
Cbloago Elev Ry, pref. 100
Clilcago Rys Part Ctf Ser 1
Part Ctf Series 2
Part Ctf .Series 3
Part Ctf Series 4
Chicago TUle & Trust. . 100
Commonw'th Edison -.100
Continental Motors
10
Cudahy Pack Co. com. 100
Shares.
5
100
Briscoe, common
Preferred
Oftse (J I)
High.
86
70
(•)
Preferred
Wiek.
Lew.
Range for Year 1920.
13
92
.
K
Bonds —
C;cl(«i
fcr
12
5H
40
5e
H>i
116':
..100
.100
50
^ .Atg.50
50
1...V
Hlui
Stocks-
mvi
il
i
)'
;
Lott.
3,500
14A
8.000
1.500
100
428
1.000
100
85
340
205
450
113'ii 110
(uo par)
Jan
Jan
official sales lists:
lIViA's Range
nf Piicis.
350
30 «
5
115*4
5o
1
Stocks
—
Chicago Stock Exchange. Record
Chicago Stock Exchange Jan. 3 to Jan.
30
350
12
GHUU-IOO
"
Low.
«7,800
9.200
24.900
49.200
43.000
30.700
30
100
ir
U
29 H
O0..1
'
.S.U-s
laru.
''-
30H'
1
•
-
Prie*.
35
50
/(J
.r
ek
.•iiile
Boston Bond Record. Transactions in bonds at Boston
Stock Exchange Jan. 3 to Jan. 7, both inclusive:
nv<*'.« Ranvi
'
r,
Latl
Outside Stock Exchanges
Victory
.\mer Ga.s
Elec 5s.
smill
dn
To'en of
Consol Trac
Pell
Fli'c
A
1922-'?3
4»,'<!
A
Pjx 7s.
.
.
.
.
2007
2007
Peoples
t\n
tr ctfs 4'
cTt>.\]l
V
.lO.i.r
N J Ist 59 1932
'iT-
TO.!.";'
91.06 01 OP $24,000
85 40 S'i no 37. .1.10
SS 20 (10.42 14 100
S.I RO 87 30 -•27. .'MO
94.12 96.96 100..100
4.000
68 ij 691*
66
69 H
1.000
81.600
101
102H
1.000
60
60
53
.54 H
7.000
60
54'^
-1
-
!
IflO
89 48 Dec
83 20M.av
85 SO Dec
S2.30Mav
04 70 May
68 ^ Oct
66
Dec
07
Oct
60
Dec
497^ Sept
JO
ino.oo Jan
01 91
Jan
94 f.O J.an
02 SS Jan
09 34 Jan
S
.Tan
102M
Pec
82
82
71
65
r-R
Jan
Jan
Jan
Poh
—
Frlitiiy
Wick'n
l.int
.
43
43
mn
08
M
Viillcy collOs..in.iH
Conw)! ronlHtorcxl 6s I!t23
LohlKh Villi Colli iMt 5Hiy33
PoriMii Hll lO-yr 7s. ..1030
U4
Phllii ICIocirlr iHt 6h..
10(10
83
Hmall
do
RoftdlnK Run 4s
I!)fiO
W(>lsb:ich
l!>3n
<
'o
104
H2
81
1. 000
79'^
om
1
H
01
Stocks {Concluded)
Jan
Jan
85
03
50
Oct
43
02
J line
>.i
m
S«pt
July
8.1
Nov
Nov
Nov
Mar
Dor
01
2.000
Jan
Oct
00
105
86
86
80 H
70
70!^ July
Apr
72
.000
Mar
102H Jan
lOOH Mar
Apr
Dor
lOOH
20.000
4.000
81
70'.<
1907
r,s
46
06 «
08
05
104
83
Dor
40H Dec
58
6.000
13.000
1 1 .000
0.000
2.000
4.000
60
48
flO
48
give a record of
f [om Jan. 3
the transa<-ti<,ns in tlu, outside security °ia'-t«t
ending Friday
It covers the week
to Jan. 7. both inclusive.
New York "Curb" Market.— Below wo
Range for Year 1920.
Last
7.
Par
Stocks—
Week'K Range
for
Salt.
of Prices.
Week.
PtIc
9A
16K
100
Aluminum Mfrg.r
Amor Hawalliin .S 8.r...lO
(i7H
85
83
11
67 Ji
100
100
Prolcrred.r
Brlsco Mot Corp com.r. (t)
Brit Amer Chemical. r.. 10
Brll-Anicr Tub ord bcar.i:i
—
RR-r
12
28
—
Automatic Fuel 8
Borden Co oom.r
30
67 M
86
84
£1
10
100
4-Jf
i2ji;
12'A
5
2!^
H
\%
2'A
2 '4
2%
10
7Vj
7'A
7
Cities Serv Bankers 3hs r(t)
20 H
50
29 J^
44
4H
2H
4%
12H
IIH
7
\2'A
6'A
Preferred .r
Chicago Nipple Mfg
cl
A
Cleveland Auto Co
(t)
Colombian Emerald Synd.
Colomblan Syndicate. r.(t)
Conlcy Tin Foil.r
Continental Motors. r
Eastern Potash com.r
—
(t)
6
10
1
Kmplre Fuel & Gas pref.r.
Empire Tube & Steel . . - (t)
FarrelKWmj&Son com r(t)
Gardner Motor Co (no par)
18H
18
13
82 H
16
16
85
1
13
Preferro<l .r
85
18 H
21
17
5'4
130
5
23
15^
5H
130
4%
Garland Steamship. r..(t)
Gillette Safety Razor. r.(t)
Pictures r(no par)
T&R
com.r. 100
100
Preferred.r.
Hall Swlt/-h & SIe; com r 100
Hanes (PH) Knitting .r. 10
Goodyear
29 ?4
50
23
23
51
41
3
54
3
13H
100
Havana Tobacco com.r 100
100
Preferred _r
Hercules Paper. r.. (no par)
Preferred.r
13H
13'A
96
Common B
96
IH
4
12 H
2 '4
11
Heyden Chem.r..(no par)l
Imp Tob of G B & I.r..£l
Indian PackCorp r (no oar)
Intercontinental Rubb.lOO
A
2%
8
4
8
12'A
\y»
58
H
63
UM
08
Locomobile Co.r..(no par)
Maxwell-Chalmers A
4
18
2
58
17
12
Munson
2lJ^
19
4H
Furnlture.r
10
National Leather. r
10
Y Shipbuilding. (no par)
Nor Am Pulp & Paper. . (t)
Packard Mot Car com r 10
Peerless Trk & Motor.r..50
Perfection T & R.r
10
Pl2Kly Wlg?ly Stores. r.
Pyrene Mfs.r
10
Radio Corp of Araer.r..(t)
Preferred .r
5
Reo Motor Car.r
10
Republic Rub. r.. (no par)
15K
N
Reynolds (R J) Tob B-r.25
Rockaway Roll Mills. r.(t)
Roy de France Toilet ProdS
Standard Motor Cons. r. 10
Sweets Co of Amer.r
10
22
t
Union Carbide & Carb
Union Shipyards. r
IJ^
37
4%
200
4
7'A
iV»
8
1.300
1.000
12,000
2%
29
IH
8H
9
68 M'
69
\}^.
%
51
m
7H
8H
33
IH
IH
975
H
VA
9
35
1?^
2
2%
\H
IH
2%
com
r
(no par)
3
3
3
IK
Rights
Mexican Eagle OU.r
Former Standard Oil
I
Dec
Dec
Dec
July
Dec
Dec
Dec
Dec
Apr
82 H
19
54
29 K July
Sept
5A Aug
Nov
Oct
Dec
Dec
Dec
2
25H Jan
104 >^ Mar
Apr
Dec
Dec
1
2A
12 'A
2ys
7Vs
2)4
5
Nov
Dec
3
5
1
50
10
58
15
1
Mar
May
Jan
13M
Apr
33
7H Mar
17
Jan
Jan
Jan
'
20
17
6
I
Sept
Dec
Dec
Dec
1
15
12
7
Oct
Dec
Dec
3K Aug
9'A Dec
18
Dec
22
85c
10 H
8
Oct
Dec
Dec
IH Dec
IH Dec
Dec
16
IH
Sept
Dec
Dec
SH Dec
614 Dec
IH Aug
30
5
Nov
22
IJi
5
68
Oct
Dec
Dec
14 Sept
45
3
Dec
1
Aug
12,700
11,300
104 H
Dec
Dec
Dec
Dec
Dfc
|Nov
Dec
Dec
Dec
f7
47
9
Mar
180
Jan
34
June
132
June
100
Mar
6
39J4 May
Nov
14,300
100
Oct
6H Deo
800
27
Nov
1,100
2,800
5,600
4,000
100
1
Sept
100
9
lOK May
Dec
Dec
700
51
5
Coal
800
500
1.900
1
1
2,6.50
1,.500
4K
27^^
8H
200
4H
r (t)
(+)
1,200
4,200
600
IM
Jan
Jan
130
4
15
36
300
700
2
29
14
3
17
Oct
Nov
Dec
3H
900
20
Jan
11
11.000
11,000
2
39
2 '4
c.l5
U S Distributing com.r. 50
U S Lt & Ht com.r
10
U S Ship Corp-r
Steamship
US
10
Willys Corp
IH
31
15
.5
United Profit Sharing.. 25c
United Retail Stores
Candy. r
9H
\V%
2
18
Tot)acco Prod K\p,r...(t)
Triangle Film Corp v
19 H
Mar
25
Jiin
li'4
200
15
9
14 5i .July
91
7A
5,900
\'A
Jan
Oct
Sept
1
500
24
Sept
5H
3H
44H
6
80 H
1,020
5,000
2,700
1-16
Apr
Dec
6
1,100
1.300
19
1
June
7
11,800
7,700
1,900
2,700
1.600
11
4H
142
4
Oct
11
1,885
5^
Aug
Dec
Jan
J»n
Jan
Oct
1^ Dec
300
4H
10 H
Dec
29
40
100
15H
9H
28 >^
28 '-i
3H
1,500
5
22>i
Oct
3
260
10
29
9
& P com.r. 100
(t)
H
Mar
Dec
'A
900
61
17
Dec
IVi
1,000
4
61
stock
1%
63
13
68
K 19M
Mercer Motors. r.. (no par)
Meteor Motors, r. . (no par)
Todd Shipyards Corp.r
13
3
8 '4
4
7¥,
8
\2H
Lima Locomot com.r.. 100
Lincoln Mot Co cl A.r..50
Tenn Ry, L
IM
5H
6H
Internal Cultl pref .r..lO
.r.:
Lehl?h Val Coal Sales. r. 50
Llhby McNeil & Lib. r.. 10
Kay County Gas
Swift International. r
H
13
July
July
July
25
2.400
9.000
50
Dec
108
91
68
Nov
4K Nov
700
500
300
600
100
360
100
100
100
100
500
800
68
rfec
76H Mar
n%
UM
1,0.'50
400
40
79
6
3
3.100
6.200
1.700
3.300
300
3.300
1.000
4.000
1.400
300
300
Jan
Jan
80
10
2
July
36
I
200
4,100
2'A
2'A
l?i
UK
Nov
Nov
16
Dec
26
45 H Sept
5,900
30
30
30
Carbon Steel com.r
25
Car Ll« & Power. r
Chalmers Motor
Charcoal Iron of Amer.. 10
4
33^
12'4
12>f
SVa
\2H
Apr
4K
May
7
5
200
800
500
200
800
40
75
300
200
8
17
7
Allied Paokor8.r..(n() par)
Nov
6,400
1
High.
Low.
Shans
High
Low.
.
Industrial & Mlscell.
I
Acme Coal.r
Aetna Explos .r.. (no Par)
Goldwyn
ICIk
Par.
—
Buflin Petrol. r
H
Dec
50
7'/i
Dec
Jan
Jan
June
28
47
5%
Mar
Mar
Jan
Allen Oil.r
I
Allied Oll.r
1
_
Atlantic Petroleum. r
5
Boone Oil.r
5
Boston-Mexican Petrol. r.l
Boston-Wyoming Oil.r..!
Carlh Syndicate. r
Cartb Trading. r
Cu.^hlng PetT Corp com r.5
Denny
Oll.r
Dominion Oll.r.
17»4
.50
322
H
21
51
275
312
19Vs
285
323
349
16c
70'^
332
3.52
293
71
293
1
1.5c
3K
3A
1
72
20c
3K
1
1
9H
40
11-16 13-16
6H 10
24
46
9,900
50
185
218
13H
Omar
Oil
&
Gas...
Pennock Oil.r
Producers
6,571
371
10
900
110,000
IH
5.000
11.800
1.800
44,400
34.000
2.800
30.200
May
7
lOH
6%
59
3K
32
78
June
Jan
Jan
Jan
Oct
Jan
Nov
%
Jan
Jan
78
5>A Sept
Jan
3H
19
Jan
55
Feb
Jan
Oct
Jan
»'4
5
i'A
26 H
8\i
Dec
8ii
Deo
Feb
IH Dec
%
Nov
1
4. .500
H
"4
Apr
Dec
Dec
Dec
Dec
9
1,800
554
Aug
'A
6H
18
H
5H
10
25
2H
8H
Sinclair Central. r
Sinclair Con OU pref.r. 100
10
Skeily Oll.r.
Soencor Petrol Corp
5H
8H
84 'A
7'A
8'A
'A
5
Oll.r
Victoria
1
I'A
..1
America Mines. r
1
Arizona Globe Copper
1
Atlanta Mines. r
Belcher-Divide. r
Belcher Extension
Big Ledge Copper
%
4c
h
5
Booth, r
Boston & Montana Dev
1
Caledonia Mining
Calumet & Jerome Cop. r.l
1
Candalaria Silver. r
1
Cash Boy Consol.r
6
Copper Mlnei
Consol
Consol Virginia Silver. r..
3c
39c
16c
"i7c
5c
2}4
31
Mar
Jan
Mar
Deo
May
Mar
'A
1
1 "13-16
1
1
ys
IK
H
IH
ISHc
6
3-16
6
6
17c
16c
4c
2'A
5Hc
2
10c
4c
Jan
Jan
Jan
Jan
7H
3H
IH Mar
3-16
20 H
9c
3,080
7,000
84
130
9
7H
7'A
'A
'A
1
1-16
1
H
1-16
4c
4c
H
2c
1
7
>A
5-16
15-
4c
H
2c
3Hc 4Hc
4c
1
.•'-1
3-16
3-16
2Hc
2Hc
3c
Ic
Ic
Success Mining
Sutherland Divider
Belmont Dev..
1
Divide. r
Extension
1
Mining. r
1
1
Trinity, r.
United Eastern Mining.. 1
U S Continental Mlnes.r.l
Victory Divider
10c
West End Consol'd
5
White Caps Exten
10c
White Caps Mining
10c
7-16
3-16
7-16
9-16
IH
IHc
IH
3-32 1 3-16
1 5-16
IH
1 5-16 1 9-16
1
IH
IH
2H
7c
6c
7He
4Hc
3Hc 4Hc
IH 15-16 IH
He
He He
5c
4c
4Hc
25-
3c
2 5-16
2c
Bonds
3c
5,400
3,600
3,200
6,200
8,000
600
4,000
19.100
2.800
5,860
19,700
2,070
16,950
3,500
3,815
.\merlcan Irrigation.. 4Hs
Amer Light & Trac 63 rl925
Amer Tel & Tel 63. r.. 1922
1924
6% notes.. r.
notes Ser
A
r '29
55
30'
1929
Anglo-Amer Oil 7HS-r.'29
7%
notes r '30
Bergen(CIty oONorw 88 45
Bethlehem Steel 7s.r..l935
Brazilian L & Tr 6s
39 H iJan
Denmark(Klngd of)8s.l945
'
53 H
96H
8854
95 H
9354
92
100 H
9714
95
94 H
88
22 H
4
Mar
•2H
Jan
Jan
Jan
85
94 H
92 H
91
83
9954
9554
94
94H
88
lOOH
lOOH
99 H
9854
98 H
9954
98 H
95
9754
H
H
13H
9H
8H
Dec
1
H
H
Dec
2H
June
Oct
54
Dec
May
2c
Mar
7c
92o
42c
Oct
15c
1-16 June
Dec
10c
1
3Ho D*o
IH Dec
IH Aug
'A
2
6H
3H Mar
18.900
10.500
7,000
25.6.50
7,.500
56 H 190.000
96 H 11.000
30
5,000
8854 35,000
88.000
90
9354 00.000
92 H 310.000
84
2.000
lOOH 58.000
97H 140.000
45.000
96
9454 80.000
15.000
88
101
20.000
10054 US. 000
99 H 410.000
99 H 100,000
99 K 205,000
Mar
15-16 Jan
15-16 Apr
1
2H
3
15c
150
Oct
Feb
Feb
13c
Sept
4H
Jan
'A
Jan
Jan
Jan
Oct
Jan
H
Feb
15c
15c
8c
Aug
Oct
May
97o
39
32c
65c
6 He
Dec
Dec
Dec
Jan
Apr
Jan
Jan
May
4H Nov
Mar
2H Nov
Dec 300
127
H
H
H
Apr
Mar
Jan
Jan
May
Aug
Dec
3HC Dec
H Dec
Ic
2c
H
ic
Oct
Jan
Nov
Dec
Ho
June
3-16
Aug
Aug
1
3-16 June
July
1
Dec
Dec
3Hc Dec
H Dec
He Deo
3c
Dec
He Dec
2
4c
4954 Dec
05
Nov
Dec
85
92 H Aug
9054 Dec
87 H Dec
Dec
80
Aug
98
93 H Dec
Dec
92
9254 Dec
85 H Dec
99 H Sept
07 H
90 H
05 H
17
125^
Dec
15-16
1
Mar
20
7-16
270
H Dec
-16
1-16 Dec
1
Jan
Jan
Jan
Feb
Jan
44c
6Sc
5
2H Dec
Ho July
13
7
Jan
Oct
16
1
H Nov
1-16
IS'A
6c
17c
4540
Jaa
15-16 Jan
1
Dec
Dec
4o
40
Jan
65c
July
3-16 Aug
9-16 Feb
Auf
7-16 Sept
1-16 Jan
12c
Mar
10
Mar
52c
19c
Jan
Jan
June
Jan
H
Dec
30e
Mar
4c
38c
49o
June
3-16
Apr
Mar
3-16
1
15-16 June
He Dec
2c
2c
Jan
Mar
IH Jan
IH Jan
Deo
Apr
H Dec
54 Nov
H Nov
450
8,820
13, .500
S
AlUed Pack conv deb 6s r'39
Aluminum Mfr8 7s.r..l925
Nov
200
1
Standard Silver-Lead
8
6H
2.3.50
4
135
9
Jan
Nov
85
200
27c
H
73
Dec
Dec
33,200
27,300
33,000
2,200
5.000
5,000
2,700
17.250
5Hc
Jan
May
Feb
14H May
7H Jan
10
Oct
3H Dec
76 H
700
5c
3
H
Dec
20c
1,200
Dec
4c
13.300
10
Dec
16.900
He June
43..500
Oct
12c
20,900
3.730 115-16 Jan
12,300
6H Dee
70
16c
Dec
5,200
Aug
10c
16,000
July
4c
14,300
25c
1
Sliver King Divider
Silver Pick Cons'd.r
10c
7Hc
5-16
1
M
18
3M
1
IK Nov
Jan
4c
3-16
9c
2
unadlan Nat Rys 7s. 1933
Cerro do Pasco Cop 8s 1931
CXns Gas of N Y 83.. .1921
c^ns Textile deb 78.. 1923
July
He
3Hc
5Hc
5
Ophir Silver Mines
Prince Consol
Ray Verde Copper
Rex Consolidated MIn
St Croix Silver
Armotu-<feCo
2»A
2
8c
100
Nlpisslng Mines
6%
5Hc
1
3-16
20 H
1
53
85
3
Jan
17Hc
H
10c
Magma
Apr
15-16
4
*y
49c
3-32
IHc 2c
22c 23 He
20c
15c
13-16
4}4
2c
23c
20c
4J<
1
610
66c
29c
47c
1-16
10c
17,300
16,500
15,700
19.900
16.400
10.100
63.000
16.700
5.000
19,000
11,100
4,000
64,600
41,200
H 4.300
2
3'A 14.100
39c
48c 130.000
7-16 1 13-16 11,600
1
1
Anaconda Cop Mln 7s
3H
2H
3H
62c
26c
7-16
Louisiana O)nsol
MacNamara Cresc
Jan
65
388
355
75
480
448
40c
17c
7-16
17c
5c
12c
3
10
Goldneld Consol'd.r
10c
Goldfleld Devel.r
1
Gold Zone Divide. r
HarmiU Divide. r
10
25c
Hecla Mining
1
Henrietta SUver.r
Honduras Amer Synd.r. (t)
10c
Iron Blossom. r
1
Jim Butler. r.
1
Jumbo Extension
5
Kerr Lake
Tonopah
Tonopah
Tonopah
Tonopah
'A
4Hc
3Hc
IK
28c
Silver
New Jersey Zinc.r
4o
4c
3
1
Cortez Silver, r
1
Divide Extension
El Salvador Silver Mln...l
Kewanus.r
Knox Divider
Lone Star.r
Vs
IH
1
3c
3e
5-16
3c
37c
15c
Mar
40 H
56
4%
5H Aug
IH Aug
6H Dec
400
1
5-16
lA
3Kc
10c
10c
Co
1
1
Jan
154
Dec
Dec
Dee
15,700
1
lOH
9H Nov
800
IH
1
5H Jan
4H Fek
7H Jan
9H Jan
H May
137.100
2.900
7.600
4.600
2.900
7-16
H
Woodburn Oil Corp.r..(t)
Mining Stocks
Alaska- Brll Col Metals..
'A
'A
50
11,900
100
Vs
1
10
5
Vulcan OU.r
Emma
%
%
H
900
1
Nov
'A
1,800
700
2,300
22,000
8H
6'A
84 K
9A
8K
11-16
10
Tex-Ken OU Corp.r
Texon Oil & Land.r
United Tex Petrol.r
2'A
6'A
lO'A
5
8
3
Apr
4H
190
Dec
H Dec
IH Deo
4H Deo
3H Dec
9
25
lO'A
4'A
7
5-16
21
1
24
IIM
H
June
Jan
Jan
Jan
Jan
Jan
Jan
22>4
44
July
9-16 June
1 ,.500
M
'A
lO'A
8H
May
128
4c
1,900
7,403
3.400
1.300
1.700
100
y»
'A
5
July
Sept
200
8.700
IIM
"iOH
20
40
5'A
5'A
H
H
Jan
Jan
Dw:
'A
2H
4H
5 'A
Ref.r
10
& Gas.r
RIckard Texas Co.r
5
Ryan Cons'd.r
Salt Creek Producers.r..25
Salt Creek Producer new
Sapulpa Refining. r
5|
Savoy Oil.
6
Settled Prod.r
Simms Petroleum r(no par)
'A
2'4
5'4
"2'A
Oil
,035
9'A
%
'A
2
NY* Hon'iuras Rosarlo 10
Apr
Jan
Jan
12o
3
'A
9!4
9K
5
10
1
29,000
100
127,000
13-16
900
I'A
2
5-16
5
145
141
Feb
9
41
D«c
Dec
lOK Dec
35 K Dec
Deo
e
H Aug
800
34.600
I'A
May
38
22
2'A
3.200
000
6'A
11
Dec
2
100
9.800
25
IM
145
13H Apr
29
6
45
Jan
Jan
5H
Nov
Nov
11
24
5
Jan
4H
Dec
Dec
14
3'A
\2'A
3'A
3'A
12Ji
IH
18H Dec
I2K Dec
,500
200
5
Copper
Marsh Mining
1
McKinley-Darragh-Sav. . 1
Motherlode
1
New Arcadian Copper. r._
2
5
Deo
Dec
Aug
Dec
Dec
Dec
Dec
31
&
Red Rock
lOH
30
3H
10
39 H
2H Dec
23
500
31
16H
60 H
25H Nov
y* Nov
14
Nov
2Ji Dec
.500
Feb
Jan
Oct
Jan
Jan
Jan
Apr
Jan
Jan
120
IH May
3H Dec
400
200
3'A
3'A
14
Feb
Doo
Dec
5
15
74
17.100
12.200
6.100
100
3'A
3H
Mar
Nov
40
273
285
68
296
280
25
3'A
Dec
13
13
3
1
16
ITA
25
3'A
25
1.
27
15?<
2'A
17M
WUbert Mining
1
..10
Midwast-Texas OU.r
Mountain Production
Noble Oil & Gas
North American Oll.r
Northern Texas OU.r
2H
OH
26 H
7-16
7-16
MacNamara Mining. r
Subsidiaries
Anglo-Amer Oll.r
£1
Galena Signal Oil com r 100
Ohio OU.r
25
Standard Oil (Calif). r. 100
Standard Oil (Ind) r ... 25
Standard Oil of N Y.r.lOO
Vacuum Oil.r.
..100
Other Oil Stocks
100
140
2
6'A
7H
4%
1
300
80
80
May
IK Nov
..500
13
IIH Mar
6H Aug
4,5.50
22
80
High.
Low.
7.000
1 1
12X
Gadsrlen
Nov
82
Apr
32
Mar
92
Jan
53
Jan
35
Oct
60
Sept
24
Jan
39
20 K Dec
15!^
18
2H
22
OH Explor r (t)
Oil (Del) -r...(t)
APT
2H
I'A
VA
2H
Maracalbo
Eureka Croesus Min.r
Eureka Holly Mln.r
Forty-Nine Mining. r
Dec
23
1
Oil &. Ret
Manliattan Oll.r. .(no par)
Oct
'
8
Magna
Maianl
8H
8H
1
RanotfoT year 1020.
High. Share*
Low.
1-16
6
IJnglnoors Petrol Co.r
6
Federal Oil
(no par)
Fcnsland Oil
Gllllland ')11 com r (do par)
100
Prorerrod.r
10
Glenrock Oll.r
Grenada on Corp Cl A. r 10
Ouffcy Gllloflpie 01l.r..(t)
1
Hudson Oll.r
Inter Petrol. r. new. no oar
Livingston Petrol.
25
Lone Star Gas.r
5
10
Merrill Oil (Jorp.r
Mexican Eagle Oll.r...
Mexican I'anuco Oil
10
10
Mexico on Corp
Midwest Refining. r
50
.S'lii'.v
Friitay
Week ending Jan.
Saltt
for
Week.
0/ Prtcet
Sale.
Price.
Marland Refining. r
afternoon.
Ordinary
Brooklyn City
[Vol. 112.
Other Oil
High.
Louj.
Week.
High.
Low.
I'rice.
KoyHlono Tolop l«t 6n. I03.'>
Lake Suiwrlor (."orp 6h \Sri\
Rmnll . . . n)2'l
do
Wayne
6
FrUUiv
Week's Range
iMSl
Range for year 1920.
Sales
for
lliingc
ofPrlcc.i.
Sale.
Bonds {Cotuludtd)—
B
5
1
THE CHRONICLE
152
LehUb
—
r
IH Feb
1
3-16
154
12c
IH
Jan
Oct
Jan
Sept
140
Jan
30c
Mar
Jan
JaD
Jan
3H Jan
4!^ Jan
15-16 Jan
35^ Jan
'A
7c
7c
4H
Jan
Apr
lie
29c
2 7-16
30
20c
12c
Mar
98 H
0654
Nov
93
97 H
96 H
96 H
98 H
101
98
08
9554
91
102
Jan
Jan
Jan
Apr
Jan
Nov
Jan
Jan
Oct
Jan
Mar
Oct
Nov
Nov
Dec
H
Nov
Dec
Decl 100
Dec 97 H June
Decl 101
Oct
THE CHRONICLE
Jan. 8 1921.]
yrUUiy
i>ales
Week's Kaiiae
Lust
Salt.
Bonds
ti/
PrUe. Low.
(Coricluaed)"35
lOOH
Duquesne 1-lKbt 68_..1940
Empire Gas <t Fuel 68. r '24
89 «
Dlamoud Match THs.r
1926
noteer'SO
68. r
8%
Fleishman Co
French Govt
94
53. r
Galena-SlKiial Oil 78. r 1930
Goodrich (B K) Co 78.1925
93 >i
89
Heinz (H J) Co 78. r.. 1930
Imerboro R T 78.r...l921
Kennecott C^opiHjr 78 r 1930
"67M
Lltjhl 78. r.
Irrigation 43
Morris A Co 7 Uj s r . . 030
National Leather 8s.rig25
.
NYN
11
&
1
97
66
99 >f
Hiirl 4s. r. 1922
of. Ss r '40
Norway. KlnKd
Ohio Clllee Gas
78. r.. 1921
1922
1928
1924
78.r
78.r
78.r
78.r
19:
Pan-Am Pet A Tr
7b.. 1920
Russian Govt 6H8.r.l919
5^8. r
96
95H
94
'93'
Seaboard Air Line 68
7%
7%
51
Co
<t
Seneca Copper 83 Apr 15'25
Sinclair Con Oil 7H8.r.'2;'>
4
lOOH
1927
Southw Bell Telep 78.. 1925
OH (Calif) 78 r "31
te^tAnd
tjSfand Oil of N Y 78.r.'25
7% Ber gold deb. r.. 1926
7% ser KOld deb. r.. 1927
7% 8er sold deb. r.. 1928
7% ser gold deb. r.. 1929
7% ser gold deb. r.. 1930
7% ser gold dob. r.. 1931
Swedish Govt 63 J'ne 1.5'39
Swift & Co 7s. r
1925
6s. r
1021
Switzerland Govt S^s 1929
Te.xaa Co 7% notes. r. 1923
Union Tank Car eq 78. 1030
Western Klec conv 78 r "25
Cle Ss.r
92 '4
lOOH
ioo?s;
IOO'm'
lOO^i
lOO^i
101 H
101 ?i
102
81
95^
98 »4
loo^
|98h
German Government &
Bremen
1
.000
12H
4.s.r
__
Budapes'h 4M8.r.
Cologne 48
Darmstadt 48. r
15
15
15H
Franklort 4s.r
58
18
r
Hamburg
4s
Prague. City
Odd
H
4!^s_r
Magdeburg
HUlh.
Deo
Oct
Dec
Dec
I Jet-
Dec
Nov
Dec
Dim
A UK
Dec
Dee
Dec
Deo
Dec
Dec
Dec
Dec
Dec
Nov
Deo
Deo
I)<K
DlH
Dec
Nov
Nov
Deo
Apr
Dec
Dec
Aug
Dec
I>ec
Dec
De<'
De<'
Dei-
Dec
Dec
Dec
Dec
Nov
lOOH
Oot
90 Vj Oct
85 ^i Nov
96 ii Oct
100 H Dec
July
77
93 >f Dec
99
Apr
95
Nov
76
Jan
98 J<
94 H
98 'i
100
84
Aug
Deo
12M
13
3
15
15
15^5
18'^
13
3
15
15
13^
135^
15
12
15
12
of. 4s. r
15H
18^
113,000
40,000
20.000
H
99
97 H
97
96
96 H
94 «
39
38
64
99 H
98 M
Oci
Oct
Deo
June
Sepl
Oct
June
July
K(il>
Feb
Oct
Oct
Oct
981.^
Oct
107 H
Nov
lOOH
Oct
98
97
Apr
Jan
Dec
Dec
Dec
lOOH Dec
100 ^ Dec
lOO'i Dec
100'< Dec
lOlM Dec
100 if
lOOif
100 ^
97
97 N
Jan
Dec
97% Nov
Dec
93
99 '4
Aug' \0\Vi
July
99 H
Dec
Jan
May
Oct
Apr
000
20.000
75,000
25,000
45 000
3 500
10 000
12
15
13
14
Oct
15M
2.';,
28
June
Sept
12
28
July
Dec
Aug
Dec
H
Nov
Dec
Dec
12
14
2914
June
16
31
31
27J^
June
June
June
20
Sept
Sept
No
par value. 1 l.l.sted as a prospect. I Listed on the Stock
where additional transaction.s will be found, o New stock.
r Unlisted, tr WTien Issued, i Kx-rti\-1dend. y Ex-rlphts.
Ex-stock dividend,
A- Correction.
t Dollars per 1.000 lire, fl.1t.
•
lots,
Exchange
t
Amer
Hurety.
M
Buud 4
this week,
CURRENT NOTICES
—
McOoy & Co.. of Chicago, announce that Homer W. McCoy, in accordance ^vith a long expressed desire to retire from active participation in its
business, has resigned as its President, and that his resignation has been
regretfully accepted.
In connection with this change, the title of the
corporation has been changed to Hill. Joiner & Co., and William Wallace
Hill, heretofore Vice-President, has been elected President.
Theodore E.
Joiner and Henry H. Pahlman continue to serve as Vice-President and
Secretary and Treasurer, respectively, with enlarged duties. The firm
will continue in the present quarters at 105 South LaSalle St., Chicago.
The firm of Charles A. Kahl & Co. has been dissolved by mutual consent and its business taken over by the new Stock Exchange firm of Carreau
& Snedeker. with temporary offices at 20 Broad St. The new firm will
consist of Leonard A. Sneckner, member of the New York Stock Exchange,
Joseph S, Carreau and Charles V. Snedeker. The present unlisted department will be carried on as before under the direction of Charles A. Kahl.
—
—
a.
C^iy iDveaUog
Preferred ..
Alt
Lawyers Ml«e no
Mue Bond.. 76
Nat Surety.. 187
N Y TlUe ft
Mortsace.. no
•0
68
205
66
86
120
8«
197
Realtir
130
Went 4 Brum
All
bond
price* are
"and lntere*t"
Standard Oil Stuck* P*r ihar$
Ask
Pari Btd.
'20
100 1000
Atlantic RelluluB
100 106
Preferred..
100 390
Burue Bcrymser Co
Co... 50 'SS
Buckeye Pipe Line
Chesebrougb Mfg new...lO« 170
100
98
Preferred new
lOOj 107
Coullueutal Oil60 '30
Crescent Pipe Line Co...
Cumberland Pipe Line... 100 '125
100
92
Eureka Pipe IJue Co
Galena Signal Oil com... 100 50
100
93
Preferre*! old
100
93
Preferre<l new
100 163
IlUnolB Pipe Line
60 •81
Indiana IMpe Line Co
Anglo American Oil new. £1
International Petrol, (no Par)
201;
lO.W
110
410
87
190
102
HI
34
135
New York
Banks and Trust
City
Com pai
17I4
Ohio
Penn
27
165
98
285
25*280
Co
Mex Fuel Co
Oil
26
100
100
100
Pipe Line Co.. 100
Southern
100
South Penn Oil-.Southwest Pa Pipe Llaee. 100
SUndard OU (California) . 100
Standard OH (Indiana).. 25
Standard Oil (Kansas).- -100
Standard OU (Kentucky) 100
Standard Oil (Nebraska) -100
Standard OU of New Jer. 26
100
Preferre<l-Standard OU of New Y'k. 100
100
Standard OU (Ohio)
100
Preferred
100
Swan 4 Finch
100
Union Tank Car Co
100
Preferred
100
Vacuum OU
10
WashlnctonOU
'32
34
480
375
490
200
385
112
Prairie on ft Gas
Prairie Pipe Line
Solar Refining
115
195
258 263
68
72
320 ,323
Banks— AT Y
BM
America*
190
mer Ezeb.. 235
Atlantic
Battery Park.
Bowery*
Broadway Cen
Bronx Boro*.
Bronx Nat-..
Bryant Park*
Butch A Drov
Cent MeroanObase
Cbat it. Pken.
Obelsea Bxob*
Cbemloal
Coal
Iron
Colonial*
ft
.
Columbia*...
Commerce
Oomm'l Ex*
215
165
450
150
105
145
145
30
195
325
240
135
520
225
350
150
215
Ask
200
245
176
..
leo
126
155
155
35
210
125
Corn Exch*.. »270
Coemop'tan*
KO
Cuba (Bkof).
Bast River...
FUth Avenue*
FUth
140
170
910
150
InduBtrlal*...
Irving Nat of
Bid
190
NY
200
Liberty
375
Manhattan * . 1S6
Meoh ft Met. 300
Mutual*
490
Nat American 1.50
Nat city
300
New Neth*.. 160
205
335
250
New York Co
New York
UO
Park
.540
PubUc
240
iVo'
225
225
135
280
120
160
Pacific *
580 ,610
410 425
390 410
157 160
625
460
210
Helme(GeoW)Co,oom.lOO
Ire
100
Preferred
Porto Rlcan-Amer Tob.. 100
Scrip
Reynolds (R
35
"lO
107
111
92
298
'30
95
303
25
100
stock
Preferred..-
165
425
426
Coney Island* 140
166
166
First
216
Montauk*
180
100
92
96
iNasaau
North Side*..
People's
Rldeewood
85
226
196
160
200
(J 8)
Co
100
Preferred
6%
7%
preferred
preferred
lOO:
Preferred
Goodvear Tire
Preferred
Miller Rufcber
100
4
lOOj
100
95
90
85
38
100
93
•34
98
88
85
76
70
6%
notes 1922
Tob 7 % notes
7% notes 1922
7% note* 1923
461;
95
M4N
M4N!
B
j^ 8 '25
JftJ
A40
Arm'r4Co78Julyl5'30J4J15
BetbSt7sJuly 15'22.J4J16
7%note«July 15'23J4J15
Canadian Pac 68 1924. M4S2
Federal SugRfg 6s 1924 M4N,
Interboro
375
820
People's
270
480
270
660
203
290
206
160
RT
78 1921
MAS
K CTerm Ry 4Hs 1921. J4J
15 1923.-M4N16
Laclede Gas 7e Jan 1929 F4 A
6b
Title
4H,
7.76 6 75
6.75
8 25 7.25
8-25 7.25
7.75, 7.00
7.12 S.60
Southern 6b
Hocking VaUey 4HB. 6i...
Central 6i
Illlnol*
4m
Equipment
Equipment
7
12|
fl
85
"72
22U
471"'
Nov
Lehigh Pow8ec68l927.F4A
Llggett4MyerBTob6e'21 J4D
Penn Co 4 Hs 1921. . . J4D16
Pub Ser Corp N J 78 '22.M4S
Reyn (R J) Tob 68 '22.F4A
SI08S Bheff S 4 I es '29.F4A
Ry 68 1922. ..M48
Swift 4 Co 6b 1921. -F4A16
7% Dotes Oot 16 '26 A40I6
M48
Texas Co 7s 1923
U 8Rubber7HBl930-.F4A
Southern
Utah Sec Corp 6» '22. M4S 16
West Flee conv 79 1925 A40
•Per
/Flat
share,
price.
12.5'
25
45
40
70
e Baala.
Nominal.
82
91
100
96
97
95
93
89
88
90
66
60
6-87! 8.50
7 50 • .5U
7 12 6.40
7*
Kanawka 4 Michigan 4^8.
4 NaihvlUe 6b
Michigan Central »B, 8i
Minn St Pft
Loulivllle
.
88M4H*
Equipment 8e ft 7i
Missouri Kansas ft Texas 68.
<
.'
Missouri Paclfk! 6b
Mobile
Ontario 4 We«4>^8...
Norfolk 4 Western 4He
NY
Equipment 4a
4 Lake Erie 6i4
--.
Reading Co 4 H8
St LoulB Iron Mt 4 Sou 6«..
St Louis 4 San Francisco 68.
Seaboard Air Line 6b
Equivalent 4H8
Southern Pacific Co 4H8. ..
7s
RaUway 4H8
58
7.00
7.50
7.37
8.25
8.25
7.50
7.26
7.10
8-00
7.12
7.12
6.S7
7.00
7.00
«.95
6.50
6.76
8.60
7.7S
726
e.70
6.50
6.40
7.««
8.40
8.40
8.40
1-40
6.40
6.40
700 • 40
8.25 7 26
8.25 7. 25
8 25 7 12
8 25 7.12
7 12 6 oO
887 6.40
7 50 • 78
7. 50 8. 78
7..':o • 75
840
6.78
97
37
81
75
45
63
10
20
30
238
65
CaroUnaPbw4 Light com 100 25
Co com... 100 235
Cltle* Service
100
64
100
10
100 n75
Preferred
13
Com'w'th Pow Ry 4 Lt. - 100
100'
34
Preferred
4 Share pref . . 100 78
Elec Bond
5
Federal Light 4 Traction 100
41
100
Preferred
74
Great West Pow 58 1948. J4J
12
MlfislBslppl »lv Pow com. 100
100
63
Preferred
75
First Mtge 5b 1951. .-J4J
5
Northern Ohio Elec Corp- (t)
100
25
Preferred
North'n States Pow com- 100 32
100 77
Preferred.-North Texas Elec Co com 100 69
100
67
Prelerred
78
Pacific Gas 4 Elec Ist pref 100
16
Puget Sd Pow 4 Light.. -100
100
S6
Preferred
6
100
Light
Republic Ry 4
100
19
Preferred
80
South Calif EdlBon com. -100
100
93
Preferred
•10
Standard Gas ft El (Del). 60|
60 •32
Preferred
1
Tennessee Ry L ft P com. 100
3IJ
100
Preferre<l 100
20
United Lt4 Rys com
..100
54
lat preferred-100
19
Western Power Corp
100
69
Prelerred
Preferred
Colorado Power com
99
99
99
AnacondaCopMln68'29-J4J
78 1929 Series
Anglo Amer Oil 7
82
93
1921M4N
610
195
SO
80
-A40]
490
Manufacturers
92
110
85
22
..I
72
..100 100
100
21
Portage Rubber, com
42
100
Preferred
Swlnehart Tire 4 R, com- 100
100 "eo"
Preferred Short Term Securities Per Cent
Trust...
Trust...
Brooklyn Tr. 460
'.tflO
Hamilton
Kings County 830
157
200
lool
Goodrich (B F) Co 78 '25 A40
Hocking Valley 88 1924MAa
600
285
365
United States 790
Sh
83
100
R, com.
93
85
80
Oen'lTlre4Rub,oom...lOO
126
N Y
Gu 4 Tr
U 8 Mtg 4 Tr
35
76
100 t97
106
Banks mnrked with (•) are State banka. t Sale at aaetlOD or at Stock Bzohange
Ahls week. < New stock, z Bx-^dlTldend. v Bx-^lglita.
•
Young
chester) ...
Life Ins.
Brooklyn
930
230
100
Preferred
166
120
165
290
255
NY
Erie
7.ia«.40
6s
Equipment
Tobacco. 25 'SO
J)
B common
Am
Mutual (West-
4
Colorado
7.25'
Plttsb
110
1)0
GB4
2"85"
280
Metropolitan. 245
7..V)
«e.
108
Johnson Tin Fol! 4 Met. 100 95
MacAndrewfl 4 Forbes.. 100 105
275
Farm L ft Tr. 330
Fidelity Inter. 210
260
Fulton
Guaranty Tr. 320
166
110
165
8.5<(
I
350
410
155
100
Am Cot OU 6s 1924.-M4S2J
Amer Tel 4 Tel 6s 1924. F4A
Tit 4 Tr
Lincoln Trust
Mercantile Tr
...I
1
N W 4HB
<;blc»go R I ft P»c 4 m,
75
7
6.87
7.2b
8.&«
I
104
145
89
*8
Preferred
Imperial Tob of
160
Law
7 37|
8.00
—
160
300
340
220
270
330
TOO
7.00
8.60
8.60
6.40
6.50
7.00
6.75
6 40
6.50
7.60
7.50
6.75
• 60
99
25 •96
OU
Toledo 4 Ohio Central 4a. ..
100 155 165
Magnolia Petroleum
6.8
25
Union Pacific 7s
•24
Mex lean Eagle OU
7. 60
•8-<4
912 Virginian Ry 68
Rights
145
60 •US
Midwest Refining
Public UtlUtle*
Tobacco Stocks Ptr Share
Ask. Amer Gas4 Elec com... 60 •93
Par BM
60 •35
Preferred
88
American Cigar common .100 v&2
100
78
83
Amer Lt 4 Trao com
100
78
Preferred
100
70
Preferred
Amer Machine 4 Fdry.-lOO 170 195
100
4112
Amer Power 4 Lt com
99 101
American Tobacco scrip
100
60
Preferred
British Amer Tobac ord.-£l »lVt 12-'^s
6
121;
Amer Public UtUltles com 100|
Brit Amer Tobac. bearer. £1 •12
15
100
Preferred
15
(new)... no par •12
Conley Foil
340
330
295
Equitable Tr.
Equipment 5e
Chlcago4 Aluui4Ha, 6«
390
Imperial
330
320
285
American
Bankers Trust
Central Union
Columbia
Commercial-.
Empire
7. 10
I
4H8 ft OS..
Carol CUnchfleld 4 Ohio 6«.
Central of Georgia 4 ^s
Chesapeake 4 (Jhlo OHa.-j
I'iiclflo
|l()6
105
345
'Preferred--!
York
E(julpmeul 4«
EgulpiueDt ft*
Canadian
Equipment
All
New
I
Southern
Bia
ft
170"
BrooMyn
196
Qreenwicb *..
310
410
270
790
355
505
Ootham
160
160
395
240
185
250
Oarfleld
880
220
205
310
480
770
Hanover
Harrlman
345
Imp ft Trad.. 490
._
210
135
600
450
State*
200
Tradesmen's* 200
Ward*... 220
23d
Union Exch.. 160
United States* 155
Wash H'tB*.. 350
YorkvlUe*... 376
Trust Go's
"f.'
KK. Equipment*— P«r CI. Ba»U.\
7.75
Balllmureft Ohlo4H«
Buff Uiich 4 llltaburgb iHsi 7-10
Northern Pacific 7b
Pacific Fruit Eipre«*7B..
Pennsylvania RR4H8
Otker on Stocks
Hudson
206
460
205
iGreen point... 160
80
Homestead*..
85
Mechanics'*..
First
Ask
170
145
Republic*
Seaboard
Second
Common-
wealth*
Continental.
Banks
where markiMl
eii-ept
4 Ohk) 4H, 5b
New York Cent 4H8. 6« ...
Equipment 7s
•THi' 7II2
I
Mobawk Rubber
All price* dollars pel share.
IM
Chlcafo4
98
167
85
Rubber Stocks
Firestone Tire 4 Rub.oom.lOj '80
Harison & Hewitt by the death of Mr. Lawrence Kneeland. William Harison and Thomas D. Hewitt will continue the general practice of the law
under the firm name of Harison & Hewitt.
160
nUe ft M G
98
•25
160
94
deposits.
St.,
7S
102
100
86
U8TIUe<;uar
53
90
Tobacco Prod Corp scrip
Weyman-Bruton Co, oomlOO 150
— Harison & Hewitt, attorneys and counsellors at law, 43 Cedar
City, announce the dissolution of the partnerslUp of Kneeland,
U
Asaue
(Hrooklyu).
96
H Casualty. 160
Chicago 4 Eastern III 6H«--|
Chic I»d4 UmjUv 4H8
Chle Bt Ix>ul* 4 N O 6»
96
•16'j
National Transit Co. ..12.50
New York Transit Co. ..100
Northern Pipe Line Co.. 100
William R. Compton Co., Hallgarten & Co. and Halsey, Stuart &
Co., Inc.. are offering an issue of $500,000 State of Oregon 4y,% Highway
Gold Bonds due serially 1926 to 1945, yielding from 5.60% to 5.10%.
The bonds are legal investments for sa^^ngs banks and trust funds in
New York and other Eastern States and eligible to secure Postal savings
New York
»hf
Quotations for Sundry Securities
Nov
101
and Surety Companies.
IHA
Alt
Bid
70
63
lt5
67
76
AlUanoe R'lty
Jan
Mnrka
Marks)
YorK: City Realty
All price* 4ellar« per
Bonds
Municipal
(Dollars per
Berlin 48. r
99 JS lOOh 127,000
O0M
85 H
25.000
88 H 90
84
30.000
82
80H
91
94
20,000
92
3,000 100 H
100 Ji lOOH
49 H 49 U 25,000
93 ii
93 H 93 >i 46,000
117,000
89
79
83
1 ,000
94
94 H 94 H
58 Ji
68 U 85.000
67
8.000
87
87 M 80
84 Vi 85 H 35.000
83
2.000
30
30
96
96
1 .000
16.000
97
95
97
90,000
70
65
67
195,000
98 H
99 Vi 100
97 li
97 \i 97^ 15,000
30,000
03
95
96
00
05 ?i 36,000
93
^.
94
27.000
93
90H
90
95 H 15,000
95
10,000
91
91 H 93
5,000
11
13
13
2.000
12
9^
12
40 V4
53 - 360,000
50
93
97 K 98 U 16.000
93
941, 951-. 115,000
92 W
93 H 95 K. 33,000
96
10,000
93
9fi
86 >i
1345000
88 H 90
98 H
99 H lOOU ,^6,000
90
02 »< 16.000
92
31.S,000
lOO'l
100
99H
100^ 100'-. 45,000 100
100'
33,000 100
100
100^ lOO'X 26,000 100
lOO'f 100»4 48,000 100
100 'J 101 'i 43.000 100
43.000 100
lOOH 102
lOIU 102U 60.000 100
78 H
78 H 81 H 47.000
151.000
90 H
95
96
95 H 95 Ji 70.000
97}^
79 ^ 82 U 118,000
77
96 "f
98 ^f 08'^ 79,000
96'^
8,000
100
10)H
96)^
97 5i 98 5i 75,000
New
for year 1020.
Low.
1
98 H
95 U
95 H
96
SOI^
78 r'21
ser notea r Oct 15'22
aer notes, r. Oct 15"23'
Solvay
H
1921
Sears. Roebuck
High.
Rangt
for
WltK.
%
' •.
Laclede Gaa
Mexican
frices.
153
12
81
15
35
81
8
45
78
14
._
76»4
10
28
40
SO
73
70
80
18
68
8
21
88
06
12
34
1»2
4
27
66
21
82
Industrial
and Mtscellaneou*— /"ar siart
100 175 185
American Brass
22
201
American Chicle com -no par
60
85
l(X)j 134
American Hardware
Amer Typefounders com. 100 3S
137
100
79
'EW) Co, new.. No Par
••-'3
»3
27
80
90
100
Preferred
Preferred
Bllas
Preferred
Borden Company com
—
Preferred
Celluloid Company
60 •60
100
100
ICX)
41
I
88
S6l2
8412
130
1) de Namour*
100 145
Co. com
74
100
Debenture stock
|140
du Pont (E
4
Havana Tobaceo Co
llHi
U*
6
100
Preferred
155
77
2
6A
I8tg58junel 1922. .J4D /4S
7I2
SU
Infra-contlnen Kubb com. 100
InternaUimal Salt-
100
66>4
70
A40
/69
71
International Silver pref. 100
Lehigh Valley Coal Sales. SO
•!«5
90
82
let gold 5e
Phelps
1951
Dodge Corp
100
Royal Baking Pow com. . 100
100
Preferred
Singer Manufacturing... 100
SlngefMleltd
.
.
£1
•58
160
100
80
e90
•2U
175
115
82
05
2^
« New stoak.
4 Purchaser also pays accrued nivlrtend
t Ex-60% stk. Ulv.
Ex-dlvldend. » Ez-rlghu
—
.
.
154
.
.
!
and ^ailr^ad
Ittujestuxjewt
1
|utjelligjencje.
RAILROAD GROSS EARNINGS
STEAM
roads from which regular weekly or monthly return*
pross carniiifrs of various
oan be obtained. The first two coiunins of figures give the gross earnings for the latest week or month, and the last two
ooliimns tlie earnings for the pc'riod from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are brought together separately on a subsequent page.
Tlio following table shows
tlio
Latest Oross Earnings.
ROADS.
Week
Current
Year.
or
donlh.
I
Atlantic ('oast Lino. Novi-inlxT
&
.5.820.11.-)
1 to Latest Date.
S
243,222
2.5.30.799
100.4^
302,189 4..5.33 .000
17.564 7 13' 106803 470 162387 311
2.4.58.180 24.8.58,800 10.684.498
704,2.59 8. .54 1,371 5.885. .540
3.199,821
373.0891 5,.301,8.58 4. .5.30.6.59
278,037 2,772,046 2..534. 502
202,7721 4.423.416 4.199.449
5.342.483,65,005.400 57.1.58.217
November 23280351 15346511 210860617 166874203
November
288.010
205.082; 2, 102, .531 1.864.224
Bangor & Aroostook November
693.788
.562.042 6,143,9.30 4,766,2.57
Baltimore
Olilo..
B& O C'hTerm.-
BellefoDte Central.. October
Belt Ry of Chicane. Novomner
Bossomor & L Krio, November
ninRham & Garflold November
100.120
85,2.55
13.5.59
10.499
,505..->r)0
322.111 4,245.167 3.433.976
782.877 14.529,043 12.009.127
1,868,805
33.300
148.1541 1.367.072 1.159.120
Birmingham South November
.522.792
.587.686
66.808
42.482
Boston & Maine
November 7.736,285 6.467.373 79,4.59.013 66.142.694
Bklyn E D Term.. November
939.184
118,772
85.025 1,088,432
Buff Uocli it riusl) till wk Dec 800.170 410.025 23.3 18, ISO 15.201,0.52
Buffalo & Susn .. November
70.747 2.810.481 2.012. .577
295,270
Canadian Nat Kys 4th wk Dec 4.60.'>,340 2.810.622 111319231 93.872.000
Canadian Pacific. 4th wk Dec 5.540,000 5.403.000 205311000 166918000
Oan I'ac Lines In Me November
195.282 2.499,840 2.385.215
187,502
Oaro Clinch & Ohio. Novemoer
774.432
529.613, 6,899.336 5.698.410
Central Kl< of N .1 . Novemlier 5,190.022 3.953.430 47.027.014 40.920. .530
Cent New England. November
853,904 .561.2191 6.879.088 6.178.555
<;entr:il \ criiioiU
No vein her
630,740
5U.0S3i 0.5.53.212 5.338.421
Charleston &
Car November
300,613 290,286! 3,170,125 2.798.015
(5hcs &; Ohio Linos-. Noveral)er 8..500. 831 5.3.54.030 81.544.014 0.-.. 709. 338
Chicago & Alton
November 2, 966,.588 1.769.5.32 27.641.790 22,890.225
(^.hic IUirl& t^uincy. November
1707()HOO 12700377 100330075 1 U282130
Chicago* East III.. November 2.909.410 1,680. .566 27,803,307 22.623,057
Chic;iM;o (iroat West November 2.102.ir,i 1,013.H20 .'1,.802 .408 20.208.005
Ohic Ind & Louisv.. October
1,643,681 1.295.341 13,150.147 10,274.609
Chicago Junction.. November
352.460 335.008 3,201,703 3,391.416
Chic Milw & St Paid November 15795 504 12723 080 1,54572118 137783 973
Chic & North West. November 14915511 12130.562 151808017 128495802
Chlc Peoria & St L. November
289,950
121,361 2.503,278 1.574,776
Chic K 1 >^: Pacific. November 11461 100 9,0t0.5S0 124f)813s0 101427,537
ChlcR I & Gulf.. November
.582.814
493,822 6,065.273 4.536.434
&
Chic St P
November 2,903.317 2,637,757 29.210,2X9 25.310.888
& S E November
Chic Terre
696,197
135,169 5,543.733 3.735.700
Cine Ind & Western November
393,686 297.931 4,092,863 2.861,232
Colo & Southern
4th wk Dec ,028.790 709,613 31.212.000 25,042.909
& Den City. November 1.307.591 1.020.521 11,8.50.511 10,109.666
Ft
Trln & Brazos Val November
273,206
161.0,53 1,963,3.54 1,266,668
Wichita Valley.- November
224,045
157.069 1,644,0.58 1,068.021
Colo & Wyoming
November
118.195
13.614
956,084
890.338
Colunibus & Greenv November
164,084
102,500 1,682,747 1.651.182
Copper Range.
October
116.710
97,68V
814.618
845.860
~
Cuba Railroad
aba
October]
993.84: 1,000,773 10.2.50.925 9.4.58.420
Nuev October
Camaguey &
101,809
1.58,815 2,427,803 2,231,104
Delaware & Hudson November 4,151.759 2,813,114 39,886,41 31.810.980
Del Lack & Western November 8,606,028 6,140,294 73.446,492 65.516.950
Denv & Rio (irando Novomher },080.sn3 2.829.991 30.17i,i:'.:< 20.8.50,021
Denver & Salt Lake November
301.718 261 .474 2,672.799 2.6.58.205
Detroit & Mackinac November
208.709
157.932 1.932.057 1,538,284
Detroit Tol & Iroul. November
481.031
322.773 4.71 1,930 3.471.790
Det & Tol Shore L.. October
214.027
225.198 1,589.484 2.044.421
Dul & Iron Range. . November
829.546 435,417 10.804. .591 7,8.33.188
Dul Mlssabe & Nor. November 1,541.136 1,035,879 19.3.54.757 19,734,662
Dul Sou Shore & Atl kl wk Dec 102.738
74.730 5.001.3S8 4..57 7, 43 5
Doloth Winn & Pac October
269.609
176.270 2.033.012 1,588,630
East St Louis Conn November
154.102
89,109 1.3.56.671 1,099,045
East'nSleamsh Lines November
240,419
262,406 4.479.-323 4,281,769
Elgin Joliet & East November 2.699.490 1,186,784 22,978.930 17.315,078
El Paso & Sou West November 1.270.774 1,249.360 13,220,661 10.460,981
Erie Railroad
Vovember
1 2S4 1 9
7.027.120 08.048.755 S3.077.123
Chicago & Erie. November 1,230.344 884.406 11,721,299 9,504.852
Y RR. November 124.272 100.727 1,226,608 1.037.940
J &
Florida East Coast November 1,074,277
864. .562 12,033,646 9.124.702
Fonda Johns & Glov November
115.846
97.213 1,308,505 1.1,39.587
Ft Smith & Western November
231.523
1,50.248 1,832.496 1.490.6.39
Galveston Wharf.. November
249.358
128,115 1,7.«,468
8.54.882
Georgia Railroad
November
5.55.14
690,620 6,090,220 5.868,356
Florida
Georgia &
October
162.905
91.636 1.251.063
818.535
Grand Trunk Syst 4th wk Dec 3.721.954 2,681.970
Atl & St Lawrence November
397.191
272.280 2.882.771 2,810,408
ChDetCanGTJct November
238.9.55
181.561 1.773.994 1,942,739
& Mllw November .582.390 362.744 4,586.540 4,039.790
Det G
Grand Trk West November 1.202.:-l
1.175.089 15.0.'i0,55r 12.000.033
Great North Syste"' iNovember 123156-.0 9.418.00 114 304 740 98,444.260
Green Bay & West October
132.208
135.403 1.0.50.083 1.007.439
Gulf Mobile & Nor. November
454.047 271. .343 3,733,508 2.569,343
Gulf & Ship Island. November
281.446 225,738 2. 806.,571 2.247,071
Hocking Valley
October
2.131.704 1.418.374 13,702,047 10,001.359
Illinois Central
November 1.33301-?0 8.403. 8''0 132n307;> 08.134.400
Illinois Terminal
November
116.886
75.177 1.004,319
863.338
Internat & Grt Nor. November 2,1.53.684 1.451, .544 17,910.874 13.193.565
Kan City Mex & Or November
172.784
224.767 1,.550, 8,55 1,362.481
C Mex & O of Tex November 185.862 184.0.57 1,744,491 1.1,56.066
Kansas City South November 1,701.022 1,282,703 17,951.945 13,643,252
Texark & PtSmith November
251 .888
179,029 2,014,546 1,413,977
Kansas City Term.. November
139,815
112,123 1.467.007 1,268,580
Kan Okla & Gulf. November
320,107
114,404 2.488.209 1,346,878
Lake Sup & Ishpem. October
204, .543
97,442 1.620.06
920.784
Lake Term Ry
November
138,275
90,107 1.280.110 1.020.292
LehlghVfe Hud River November
340,644 217,524 2.801.066 2.474.427
Lehigh & New Eng. November
494,951
394.742 4.201.063 3.613,943
Lehigh Valley
November 7„582,129 5.705.822 07.785.608 .50.085.6.59
Los Ang & Salt Lake November 1,876,112 1.623.961 18.747.861 15,704,547
Louisiana & Arkan. November
436,233
226.079 3.900,469 1,938,182
Louisiana Ry & Nav November
411,568 308,509 3^18,131 3.220,196
Louisville & Nashv. November ii4sn>i.-)t S,S25.4<5
1 1 7 552 97,800.337
Louisv Hend & St L November
283.017
215.000 2,881,210 2,660,884
Maine Central
November 2.219.000 1,404.711 19.440.605 15,941,865
Midland Valley..
November
524,655
334,258 4.686.211 3.603.480
Mineral Range
3d wk Dec
0,021
1 .028
001.108
734.492
Minneap & St Louis 4th wk Dec 336.445 290.137 16.997.079 13.384.872
Minn St P & S S
November 4,946.331 3.847,139 44.304,223 39.009,994
Mississippi Central November
00.681
90,524
994.828
934,035
W
M
H
Om
W
1
N
N
H
K
I
1 .->
1
M
ROADS.
Week or
Month.
*Weeklv Summaries.
3d week
4th week
1st week
2d week
3d week
4tb week
1st week
2d week
3d week
4th week
•
We
Oct
Oct
$
(18 roads).
19 ,694.766
(20 roads).
27, ,081.808
Nov (20 roads).
19 ,138. .302
Nov (19 roads).
18 .754.798
Nov (20 roads).
18 .862.044
Nov (19 roads).
24 ,998,832
Dec (16 roads).
15 .876.023
Dec (20 roads)
18, 272.112
Dec (10 roads)
15 ..590.202
Dec (14 roads)
17 ,435,318
no longer include Mexican roads in
Previous
Year.
$
14.822.387
21.9.30.629
14.230,210
14.204.410
14.019.321
19.207,734
12.573.300
14.455.009
13.1.53.072
14.300.096
any of our
Increase or
Decrease.
Current
Year.
Previous
Year.
Kan
<&
Tex November
Current
Year.
Date.
Preeious
Year.
N
L&
S
3, .534 .378
M
N
N
N
NY
N
W
N
Om&
W
StLSWof
W
N
N
NW
and Monthly
*Monthly Summaries.
Current
Year.
Curr.Yr. Prev.Yr.
+4,772. 379 28.05
January
232.511
232,210 494 706.126
February -_-231.304 231.017 421, 180.876
+5.151 569 23.48
+4.008 173 34.49'
March
213.434 212,770 108, 582.467
+4.490 .388 31 .49
April
221.726 220,918 .387, 680.982
+3.912 723 26.43
IVfay
213.206 211.040 .387. 330.487
+5.791 ,098 30.15
June
213.525 208,598 430, 931.483
+ 3. .302 ,(i33 20.27 July
.220.459 218.918 467' 351 .544
+ 3.817. ,103 26.40 August
199.957
199.418:441 423.168
+ 2.430 ,.530 18 .52 September ..226,955 224,9221594 192.321
+ 3.021.41
October
231.439 229.936 633 862.568
totals.
S Comparison with 1917 figures, not 1919.
S
to Latest
%
2.032.140 30,485.960 31.200,718
3.1.55.403 2,432,990 27,043,884 23.083,760
Mo & North Arkan. November 201,.595 131,245 1,910.140 1.439.268
Ml.ssouri Pacific
November 11777259 8,0.38,351 107437 742 84,020.780
Monongahela
November
3.080.051 3.348.977
519.653
3.59.431
Monongahela Conn. November
201.033
245.807 2.804.650 1.761,332
Montour
November
205.490
21.881 1.514.020 1.157.396
Niishv Chntt Ac St L .November 2,004.144 1.9.50.824 22.470.740 18. 23 5..5.53
Nevada Northern.. November
81.219
157.842 l,511.e96 1,422,155
Nevada- Cal- Oregon 3d wk Dec
342.381
6..570
397 ..560
6.285
Newburgh & Sou 8h November
216.2.56
84,899 1.685.817 1,162,149
New Orl Great Nor. November
244.722
184.378 2.478.004 2.098.826
O Texas & Mex.. November 403.9.55 182.120 2. 805. .336 1.843.018
Beaum S
W.. November
265.127
123.462 2.083.897 1.226.463
St L Brownsv &
November
695. .594
493.124 6.082.640 4.099.338
New York C^Jentral.. November 35103 674 25042 731 337.340022 28.3859 373
Ind Harbor Belt. November
965.287 5,50.014 8.445.945 5.097.296
Lake Erie & West N ovember 1.083.822 803.08fii 10.000.070 8.915.210
Michigan Central November 7.732.022 7.000.358: 80.421.149 '71,738,232
CIevCC& StL.. November 8,062,170 6,061.072 81 ..502.956 ,66,622,179
Cincinnati North. November
299.269
227.737 3.343.719 2.653.227
Pitts & !>ake Erie November 4.301.2.59 1.979.770 32.022.095 25,574,280
Tol & Ohio Cent. November 1.501,684 592.701 12.003,176 8,402.234
626,613' 275.226 4,951.729 3.957.192
Kanawha & Mich November
y Chic & St Louis November 2,715.780 1.684.8481 25.695 030 21. .349.919
Y N H & Hartr November 11555229 9. .527. 248 114002960 90.602.392
Y Ont & Western November 1.195.602 781.7.53: 11,784,917 10.067.523
Susq & West.. November
419,529
333,719, 4,161,165 3.564.606
Norfolk Southern . November
635,076
523.511 7,179,433 6.877,075
Norfolk & Western. November 9.088,043 6.872,060 78,107,975 70.354.702
Northern Pacific
November 10352.509 9,410.210 102 0020.59 ,02.0.50.7.53
Minn & Internat. November
971.424
118,091
88,363 1.178.467
Northwestern Pac. November
616.864 623.175 7.339.075 6.086.414
Oahii Ry & Laud Co October
182,400
109. .577 1.802.830 1.401.913
Pacific Coast
October
5.53.404
628.089
Peniisvlv RR & Co. November 58108810 35737009 514204090 44788.5998
Bait Ches & Atl.. November
152,723
126.277 1.541.470 1.486.608
Cine Leb & Nor.. October
961 ,778
144.976
141,699 1.044.027
Grand Rap & Ind October
981 .489 812.170 7.881.007 6,834,117
Loud Island
.November 2.103.707 1.747.113 23.008.013 22.649.015
Marj'd Del & Va. November
115,128
105.546 1.230.977 1.251.819
Y Phila & Norf November
732.937
751.945 7.120.825 7. .589..567
Tol Peor & West November
176,895
140,161 1.8.53,934 1.512.967
Jersey fc Seash November 1.0.50..582
760.395 13.030.205 11.160.879
Pitts C C & St L. October
11636306 8,930.380 87.111.428 77.920.046
Peoria & Pekin Un. November
198,183
101, .555 1.496,745 1.119.7.54
Pore Marquette
November 3.732.141 3,404,145 37.620,706 32.370.466
Perkiomen
November
118.582
101,810 1,145.292 1,014.831
Phila Beth &
E.. November
762.630
98.200
73,447 1.214,972
Phila & Reading
November 9,781,149 5.725.497 84,6.50,9"" 66.767..564
Pittsb &.Shawmut.. November
191,220
37.004 1,634.817 1.031.742
Pitts Shaw & North November
150.883
68, 711 1,435.648 1.041.922
Pittsb & West Va.. November
282,279
165, .501 2,292,544 1.310,668
November
Port Reading
136,615 217,046 1,677.898 2.314.468
KC-_ November
Ouincv
120,700
105.080 1,241,123 1,021.674
Rich Fred & Potom. November
812,751
889.473 10,013,836 11.319.197
November
Rutland
547,198 448.926 5.432,020 4,423.785
St Jos & Grand Isl'd November
309,190 248.131 3.1.58,784 2.699.266
St Louis San Fran. November 8.518.733 6.997.915 85,430,268 71.361.399
Ft
& Rio Gran November
195.840
166.292 1,799.392 1,487,845
St L-S P of Texas November
141,124 1,635.940 1,406.477
192.011
St Louis Southwest. November 1.982. .586 1.386.479 19.477,563 12.263,213
II h wk Dec
Total sysiem^
009, .545
033.247 32,224.112 22,218,779
Texas.. November
836,409 683.371 8,427.227 6.140.556
St Louis Transfer.. November
117,720
99.376 1.262.943 1.024.666
San Ant & AranPass November
625.836 419.040 6.478,692 4.068.285
909.946
San Ant Uvalde & G October
71,283 1 .281 ,385
135.606
Seaboard Air Line.. November 4,277,094 3,539.893 44,705,785 37,495,978
South Buffalo
November
882.267
171.644
51.440 1.452.106
Southern Pacific
November 18345423 15721987 184 7458.50 155044817
Atlantic S S Lines November 1.062.174
6.39.141 6.365.041 9.169,867
Arizona Eastern. November
.425,617
288.144 3.795,271 3.366.098
Gdlv Harris & S .\ November 2,730.731 2.083,4.33 23,982,824 19.624.293
Hous & Tex Cent November 1,2.56,130 1,075,362 10,870,359 8.660.112
Hous E &
Tex. November
282,421
221,718 2,735,916 2.165.322
Louisiana Wesfn November
510,179 370,315 4,888,746 3.766.801
Morg La & Texas November
949,097
751,934 9,424,807 7.085.702
Texas & New Orl November
687,279 9.070,188 7.334.276
965,461
Southern Pac Syst. November 20054805 219.5,873.' 2572012.59 217431782
Southern Railway.. 4th wk Dec 5.075.840 5.0.18. 780 17220.5078 146595699
Ala Great South November 1.061,607 1,069,828 10,453,792 9.569.490
Cin
O & Tex P November 1,905.561 1,635,000 19,116.831 14.930,164
Georgia Sou & Fla November
462.783
366,149 4,867,651 3.933.832
Mobile it Ohio
4Mi wk Dec
473,106
520.886 18,5.56.181 15.630,719
New Orl & Nor E November 676,387 585.71 7.066,687 5.897.646
Northern Ala
November
132,541
118.763 1,382,664 1.079.568
South Ry in Miss, October
19n.797
201.7.52 1,518.662 1.4.58.681
Spokane Internat "1 November
132.733
124.380 1,413,317 1.072.680
Spok PortI & Seattle November
805,364 618,220 8.399.442 6.742.662
Statea Island R T
November
174.130 2.212.021 2.071.810
227.443
Tenn Ala & Georgia 3d wk Dec
142.067
4,727
174.368
2,232
Tennessee Central
November
253,357
190,581 2.702.838 2.289,776
TermRRAssnofStL November
468,4.39
342,895 4.363.426 3.589,972
St L Mer Edge T November
436.358
299,5.56 3.9.58,562 2.853.612
Texas & Pacific
3d wk Dec 887,609 813.541 40,363,633 35.044.370
Toledo St L & West November
945.997
773.784 10,350,871 7.423.814
Ulster & Delaware. . November
127.209
92.811 1,376,382 1.125.572
Union Pacific
November 12480854 9.644.474 120714149 102216188
November 1051715 157200.50 1020.54101 103516422
Total system
Oregon Short Line November 4.174.174 3.480.564 41,371,322 35.099.592
Ore- Wash RR &
November 2.892.123 2.595.920 30,568,636 26.200.642
Union RR (Penn).. November 1,137.602 593,166 9,928,075 7.116.479
Utah ....•
November
137,247 1.818.355 1.140.677
205.761
Vlcks Shreve & Pac November
387.584
295.246 4,092.129 3.028.926
Virginian Railroad Novemljer 1.904.669 1.000,66 16.459.957 10.992.836
Wabash Railroad _ November 5. 720. .548 4.312.598 .54.276.9.53 44,224,014
Western Maryland. 4th wk Dec 530.52
395,452 20.218.344 13,638,450
Western Pacific
November 1,413,771 1,220.182 14.814.002 12,366,278
Western Ry of Ala. November
226.764 227.403 2.552.035 2,322.753
Wheel & Lake Erie. November 1,886,442
800.151 16.378.357 11.643,196
September
Wichita Falls &
2.30 737
252.745 1.977.831 1.593,145
Yazoo & Miss Valley November 2.206,086 2,320.573 26,041.650 22,636,222
Missouri
MoK&T Ryof Tex November
AGGREGATE OP GROSS EARNINGS— Weekly
Current
Year.
Jan. 1
Latest Oross Earnings.
Previous
Year.
Current
Year.
Prrvious
Year.
S
Alabama & VIcksb. November
330.005
Ami Arl)or
4th wk Dec
l<l3.r>M
Atch Topcka & H Kis November 20.140170
Gulf (?olo&; S Fe. November 2.031.188
I'anhaiKlli; S Ko.. November
1)17.120
Atlanta Ulriii & Atl. November
48.';, 309
Atlanta & Wost Pt- November
248.202
Atlantlc (Mty
November
270.0.V2
Jan.
Mileage.
Previous
Year.
Increase or
Decrease.
%
S
392.927.366
348.749.787
347.090.277
372.828.115
348.791.414
369.225.761
+101778760 26.M
+72.431.089 20.77
+61.492.190 17.72
+ 12,852,867
+ 38.629.073
3.4fi
11.08
+61.705.722 16.98
401 ,376.485 +65.925,059 1643
307.805.028 + 73.557.530 19.98
480,408.546 +113783775 23.88
503.281.630 +130670938 25.94
THE CHRONICLE
Jan. 8 1921.]
155
—
Latest Gross Earnings by Weeks. In the table which
follows wo sum up separately the earnings for the fourth week
of December.
The table covers 14 roads and shows 21 .41
increase in the aggrejjate over the same week last year.
%
Fourth Week of December.
1920.
Ann Arbor
Buffalo KochoRtor & Pittsburgh
Canadian National Hallways.
Grand Trunk of Canada
Grand Trunk Western
Detroit (Jrand Haven
Canada Atlantic
&
$
33,059
160,4551
446.926
2,816,622
799,613
2,681,970 1.039.984!
4.60.5,346
3.53,251
1
788,724
229,183,
Mil
336.445
290.137
473.166
669.545
5,075,849
530,527
,
633.247
46.308
/
& Ohio
8t Louis Southwestern
Southern Hallway
Western Maryland
Total (14 roads)
Net Increase (21.41%)
•
I
3.721,954
Minneai)olis & St Louis
Iowa Central
Mobile
S
193.514
800.176
Increase. Decrease.
1.028.796
& Southern
Colorado
1919.
.526.886
.
63.720
1
W&
135.075
17.435,318 14.360,096 3,661.882
3,075,222
586.660
Jan
Perroc&rril
tlie
STEAM
table
gross and net earnings with charges and
railroad and industrial companies re-
Alabama & Vlcksb Nov
to
Nov 30
1 to
Jan
Nov
Nov 30
1
Ann Arbor
Jan
'20
•19
"20
•19
^20
•19
^20
•19
Atch Top & S Fe
Gulf Colo & S F
Jan
Nov
to Nov 30
Panhandle S Fe
Jan
1
Atlanta Birm
Atl
&.
•19
'20
•19
'20
•19
Nov 20
•19
Jan
1
to
Nov
30 '20
•20
Atlanta
& West Pt Nov
Jan
1 to
Nov
30
Bingham & Garf
Jan
Buffalo
&
1
Nov
to Nov 30
Jan
•20
•19
•20
•19
•20
•19
•20
•19
Nov
to Nov 30
'20
•ig
^20
•19
1 to
Can Pac Lures
'20
•19
•20
•19
Nov
Nov 30
Susq
m
S
330.005
243.222
3.199.821
2,530.799
555.217
448,874
4.957.211
4,050.283
S
Railway.
def81.7,58
51.702
313,741
370,256
140,055
75.847
593,966
725,502
Net
after
Equip.Rents
i
s
def96.434 deri00,931
42.1S4
40,234
15S,(i96
181,9.50
246,139
122.554
59,142
403,027
548.529
223,477
102,659
40,6S1
145,817
627.926
2.931.188
431,211
443,641
387.134
2,458,186
654,062
490.731
502,4,36
24,858,806
228.()11 dof()2S, 8 Hidcf 1204,413
19.685,498 3,210,825 2,329,567 2,011, (iOS
917,120 defl4,273 def22,469 def58,834
764,259
168,402
147.567
44,999
8,541,371 def465,.593
cf717.47;-!defll06,776
5,885,540
def33,735 def328,085
168,093
485.309 def78,4]9 defl05.128 (lcf02.191
373,989 def<)9,761 deni6.252 (lcf95,4Sl
5.301,858 def996,094defll88,378den202,157
4,5.30,659 def737,101 def915,107 def903,401
248,202
39,749
32,345
26.369
278,037
76.608
75,.599
66.997
2,772,046
581,487
488,553
420.678
2.534,502
665,254
586,643
518.301
33.306 defl9,533 def24,363
def9.026
148,154
28.209
16,410
28,7.30
1.367.072
302.819
224,673
3.58.769
1.159,120 def 105.959 defl95,950 def 115,039
295,270
16,822
8,497
59,241
70,747 defl.30,429 defl33,682 defll0,995
2,810,481 defl.30,674 def217,949
207,307
2,012,577 def337,251 def373,004 def353,934
N
M
^20
•ig
'20
'19
Janl
Denver &
to
Lake Nov
Salt
to
Nov 30
Det & Mackinac
to
Nov
Nov 30
to
Nov
Nov 30
Jan
1
Jan
1
Detroit Toledo
Ironton
1
Janl
&
to
1
Nov
Nov
'
Atlantic
Jan
East St Louis
Connecting
Jan 1 to
Nov
Nov 30
Erie Railroad
Nov
Nov 30
Jan
1
to
&
^21
•19
^20
"19
^20
'ig
^20
•19
^20
^19
^20
'19
•19
^20
'19
'20
'19
'20
'19
'20
'ig
'20
19
20
Nov
Janl oNov 30
20
Erie
Jan
19
20
19
NJ&NY
Railroad
1
Nov
to Nov 30
'20
'19
'20
•19
Nov 20
Fonda Johns"19
town & GlovorsvlUe
Jan
Ft Smith
1
Nov 30
^20
•19
Nov
to Nov 30
'20
"19
'20
'19
"20
'19
to
& West
Jan
1
Galveston Wharf
Janl
to
Nov
Nov 320
'19
Georgia Railroad
Jan
1
to
Nov
Nov 30
Grand Trunk System
Atl&StLawr
Jan
1
to
Chic Det Can
GrTrkJct
Jan
Det
1 to
G H & Milw
Jan
1
to
Nov
Nov 30
Nov
Nov 30
Nov
Nov 30
Grand Trk West Nov
Jan
Gulf Mobile
Northern
Jan
1 to
&
2,0.39,417
1,575.()04
Nov 30
Nov
239.841
332.076
1,215.278
2,951.169
rH
5(JH.282
7I.9.^3
2.0'.t5.514
1.445.715
l'.(5,410
'..'HS.OgS
833. 14«
?'> '^lO
2.820,456
•.'1 -jm
88,47,5
mTTT^
.!
cl.
;
1.58,815
68.300
536.249
def45,0.50
244,240
19
Chicago
533.872
23.169
993.842 def334.;i97
273,350
1,069,773
4,430,217 d<>r449, 680
4,141,606 1,049,442
101,809 def45,634
1,130,309
to
Duluth So Shore
9.56,084
890,3.38
Net after
Etuip Rents
39,245
51,987
125,192
295,479
253.825
218.763
4,360
1.859
27, ,535
dcf22,427
defl3,8.50 defl9,7K6
31 .732 defl66,633 defl90.800
7.888 def26.880
169, .599
587,4'22
& Nov '20
'10
No 30 ^20
Duluth Missabe
Northern
118,195
13.614
after
Tarns.
t
2.0'.t6.478
'20 4,080,803
•19 2.829.991
•20 36,171.133
'19 29.8.50.620
Nov
Nov 30
•
187,502 def85.374 def 107.474 def 118,314
195,282 def32,123 def50,423 (lef56,043
Jan 1
2,499,840 def581.174 def725,274 def866.8S4
2,385,215 def267,984 def396,284 def482,530
Central RE of
J Nov ^20 5.190,922
330,888
55,8,53
121,732
•19 3,953,430
280,302 def69,048 defl32.0.34
Jan 1 to Nov 30 '20 47,027,614defl876,870def4856.698def4447,247
•19 40,926,536
4,470,220 2,187„393 1.767.120
Cent New England Nov ^20
853,904
200 ,214
181 .963
120.018
•19
561,219
79 ,625
63 ,573
5,132
Jan 1 to Nov 30 '20 6 ,879,088 def743 ,437 def943 .390def 2077, 4.53
•19 6 178,555
700, 280
523 ,151
13,055
Central Vermont
Nov ^20
6.39,740
def 21 ,759 defl4,]89
6, 750
•19
511.083
def 1 ,957
def38
5 ,571
Jan 1 to Nov 30 '20 6, 553,212den088, 593defl302 „567def 14,50,060
•19 5, 338,421 def5,55, 097 def746 ,800 def807,154
Ches & Ohio Lines Nov '20 8 ,500,831 1,508 868 1,278
1.213,008
'19 5 .354,030 def271 ,717 def430 .324 def 161. 162
Jan 1 to Nov 30 '20 81 ,544,944 11,015 929 8,406 1.50 10.202.005
'19 65 .799.339 11,126 577
9.302 438 8.127,427
Chicago & Alton
Nov '20 2 ,966,588 def36 205 def96 ,354 def 244. 402
•19 1 ,769, .532 def317 560 def 3 78 966 def451.704
Jan 1 to Nov 30 ^20 27 611,790 1,565 571
8,50 ,571 def267,027
•19 22 ,890.225
1,545 692
863 ,6,37 def265,147
Chic Burlington
Nov ^20 17 670,800 4.047, 103 3,315 .289 2,855,195
^19 12, "96,377
& Quincy
2,283, 601
1,813 ,8.59
1 .621 ,483
Janl to Nov 30^20 169, 339,075 21,373 260 13,791 ,318 9.904.290
"19 141, 282.136 31,833 999 26.816 .228 24.682,394
Chicago & East 111 Nov '20 2 .909,410
406 397
330 .955
501,411
'19 1 .680,566 def324 927 def381 982 def 273 ,094
Jan 1 to Nov 30 '20 27 .803.307 1.683 ,612
635 ,118 2.144.544
•19 22 ,623,057
590 ,021 def 219 ,991 def633,068
Chicago Great
Nov ^20 2, 162,164
220 465
1,50 496
70,474
Western
•ig i, 913,829
209 8:55
154 776 dof37,693
Jan 1 to Nov 30 ^20 21 802,408 def 936 723defl720 758def2591,445
•19 20,,268,695
2,840 580 2,216 661
1,276,041
Chic & Nor West
Nov ^20 14 ,915.510
887 .665
162 ,343 defo8,S50
•19 12 ,130, .561
1.404 ,897
929 ,314
23,061
Jan 1 to Nov 30 '20 151 ,868,017 11.113 ,184 3,4,56 ,.508 1,260,085
'19 128 ,495.802 20.457 ,893 15,221 .467 13.896,394
Chic Peoria & St L Nov '20
289,9,50
def 21 .779 dpf28 ,974 dofl9,SS4
•19
121,361 def83 093 defKO 193 (lefS9.747
Jan 1 to Nov 3j '20 2 .563,278 def299 943 def376 1,54 def407.900
'19 1 ,574,776 def 639 704 def 71 5S5 def751 ,736
Chic R I & Pac
Nov '20 1 ,461.099 1,360 821
893 019
721,806
'19 9 ,649.589
625 403
8.5 .503
62,329
Janl to Nov 30 '20 124,,081,386 8,280, 267 3,;«3, 084 1.055,012
'19 101,,427.537 14,.375, 008 10,3,52 978
8,689,785
Chic R I & Gulf Nov '20
582,814 def74 645 def87 655 def 89, 075
19
493,822
10 2
87 431
77,716
Jan 1 to Nov 30 ^20 6 .065.273
965 247
801 481
801 .408
•19 4 ,536,434
824 716
6(;6 175
608,.582
Chic St P
& Om Nov '20 2 ,963.317
395 276
268 776
248.922
19 2 .637,757
520 0.59
404 317
340.435
Jan 1 to Nov 30 ^20 29 246,288 3..587 709 2,145 640 2,142,107
19 25 ,319,887 4,210 504 3.008 240 2,628,109
Chic Terre H & S E Nov '20
696,197
92 124
111 ,024
121.659
19
135,169 defl64 706 def 179 .206 deflOO.206
Jan 1 to Nov 30 ^20 5 ,543.7,33
665.048
315 591
103 ,091
19 3 ,735.700 def 174 864 def334 .383 dcf300.104
Cine Ind & West
'20
Nov
393,686
674 def46 .255 def30,:i79
•19
297,931 def49 933 def04 ..502 den>7,710
Jan 1 to Nov 30 '20 4 ,092,863 def310 676 def 190 392 der.526.9(i8
•19 2 .861,232 def336 788 def462 .488 def525,337
Mame
mos
Oct
Denv & Rio Or
Net after
Taxes.
•19
^20
•19
^20
•ig
^20
"19
Oct
de
Jan
Nov 20
19
to Nov 30 '20
1
Net from
^21
Camagueyiy Nuevltas
4 mos
ported this week.
Gross from
Railway.
to
1
Nov
Nov 30
4
Net Earnings Monthly to Latest Dates.— The
Railway.
S
593.771
70.314
2,6h2.198
Nov
Cuba Railway
Co
Comparison with 1917. not 1919.
following shows
surplus of
Nov 30
Den O
Colo &" Wyoming
53"2'.946
*395,452
to
1
'19
990.237
'20 14,427,897
"19 11.870.656
Net
Net from
2i>0,i'62
'20 1.370. .591
'19 1.020,521
300. .531
30 '20 11.8.50.511 1.4til,406
Jan 1 to Nov
"19 10,109,666
3,175.561
273.206
30.789
Trln & Braz Val Nov '20
'19
101,0.53
5,391
Jan 1 to Nov 30 ^20 1,963,354 def431,997
•19 1,266,668 def402.331
Wichita Valley
93.824
Nov ^20
224.045
•19
65,025
1.57.069
30 '20 1,644,058
3.55.315
Jan 1 to Nov
"19 1.068,021
308.656
"T'H
36.298
5,()0H,789
Nov
Colo &|Southern
Jan
Gross from
Railuau.
t
'20 1.737.654
'20
'19
'20
'19
,565,432
6.9.53.012
971.739
425.161
4.476.368
1.371.758
414.062
6.299.832
5.251.633
def5.847
6.493.404 5.2.58.601
dcfOM
4,386
301.718
den8,423
31.611
201.474 def 22. 9.57
dof3,56,905 def450.358 d<'f520,742
2,672,799
2.658,205 dof6-18,.598 def748,181 def703.001
208.709 def28,300 def37,090 def34.g57
34.935
33.900
28.074
1.57,932
def39.079 defl72,882 def62.270
1.932.0.57
58,386 der26,2g8 def33,854
1,.538, 284
481,031 defl.59,020 defl68,037 def212.135
322,772 def64,246 def73,290 defl 14,794
4,711,939 def921,513defl022,291defl303.0()0
3,471.796 def37g.l75 def47g,884 def588,184
477.285
484.876
1,541,136
569,081
118,370
148.015
199.292
1,035,879
19,3.54,757 10,42g, 059 9,416.100 9.416.699
19,734.662 12,484.837 11,677,901 11,078,795
8.230 defl6,709 def42.449
514.216
9,945
1,685
415.636
21,723
102,851 def 121 ,774
369,111
5,365.114
185.680
73.914
408.938
4,397,4)3
def5.583
3.868
6,732
154.102
89,109 def33.461 def36,005 def48.802
1,3,56,671 defl86,858 def213.844 def3.57,613
1,099,045 def 126,934 defl54,799 def3(M,996
100.856
149.961
498,106
11 .284,193
183.888
17.016
393,4.'J4
7,267,lig
98.948.755def7..582281dfl0.534314def9615.176
459.174
519.627
83.677,123 3,612,239
100,754 def244,384
172,366
1.230,344
100, .532 def95,g46
1.53. .536
884,406
11,721.299 1.5,54.956 l,085.147def2258,781
344.773
1.279,975
9,504.852 1.653,041
3.688
34.497
30.099
124.272
100.727 def.53.908 def58,369 def76.g44
72.044 def 177, 519
100.017
1,226.608
def3.553 def 172.348
37,649
1,037,940
30,728
31,6.53
39,084
115,846
«
24,172
24,716
29,072
97,213
414.302
384.145
469.777
1.308,505
343.464
346.667
405.667
1.139.587
4.234
8.802
2.754
231.523
11.425
11.825
17.260
150.248
40.428
72.982
97,306
1.832,496
208.649
104.137
220,497
1,490,639
SO.ggg
72,868
72,683
249.358
35.848
35.848
48,348
128.115
ig5,206
185,869
366,582
1,733,468
854,882
80,408 def57,091 def57,097
31,376
36,009
37,376
555,147
177, .591
195, .599
189.646
690,620
def6,954
73,412
138,933
6,090,220
1,309.612
5.868,356 1.284.145 1.217,633
def5,870
,52,845
35,122
'20
397,191
'19
272.280 def49.435 def63.495 def95.865
'20 2.882,771 def737,943 def919,793dcfl428.137
'19 2.810.408 def719.285 def850.484 def758,372
'20
85,25-1
62,718
238,9.55
89,851
53.717
42,75g
181,561
58.786
'ig
21,876
256,562
306,096
'20 1,773,994
"19 l.g42,73g
773.058
787,022
836,318
'20
142. .546
97.365
145.634
582.390
'19
15.824 def20.244
20.713
362.744
'20 4, 586. .540 deflOO.330 defl36.072 def7g5.407
"19 4,039,790
680.336
742.916
791,873
"20 1.292.351
10.010 def41.206 dcf281,055
"19 1.175,088
def20,180
20(),3.50
250,482
'20 15,650,554
977. 585def 1422 .636
1 ,517,714
'19 12,666,632
3.300,662 2,874,604 1,862,910
11.327
24.161
def5,100 def 16,871
271.343
1 to Nov 30
3,733,508 def649,291 def799,431
2,569,343
51,153 def73,S87
Illinois Central
Nov '20 13,330,129 1.9.i5.irS 1.212.169
"19 8.463,829 def204,934 def096.651
Janl to Nov 30 '20 132,036,725 9,505.162 2,442,382
'19 g8, 134,460
8,834,093 4,147,542
67,m)7
Illinois Terminal
Nov '20
116,886
68,184
'19
47.609
48,808
75,177
505, .531
Jan 1 to Nov '20 1,004,319
517.990
'19
479.090
494.1.59
863.338
2.661
Nov '20
Kansas City
10,361
172,784
'19
21,022
Mexico & Orient
27,284
224.707
Jan 1 to Nov 30 '20 1.5,50.855 def603,006 def688.370
'19 1,362,481 def444,8Sl def513,864
'23, .541
Nov '20
17.291
Kan City Mex &
185,802
'19
der25.795 dof30,801
Orient of Texas
184,0.57
Jan 1 to Nov 30 '20 1,744,491 def013,807 def683,728
'19 1,156,066 def570,260 def025.27S
224..5',i<'
Nov '20 1,701,022
298, .541
Kansas City
279..50;i
'19
Southern
340.972
1,282,703
Jan 1 to Nov 30 '20 17,951 ,g45 3,167,314 2.401, (M)S
1,819,871
2,531,386
•ig 13.643.252
104.325
Texark & Ft Sm Nov ^20
251,888
112,405
•19
57,0 iH
03. .530
179.029
642.9:s
Jan 1 to Nov 30 ^20 2,014, .540
7.50,061
•19 1,413,977
330.453
263,844
7..522
Kansas City Term Nov ^20
26. .545
139.815
•19
2.177 def39.447
112.123
Jan 1 to Nov 30 ^20 1.407,007 def27,S65 def329,907
•19 1.268.580
199.746 Adef78, 447
'20
'ig
'20
'19
4.5-1,047
defl8.g40
def20,858
def880.609
defS7,858
1.533, .551
def470,948
5,970.713
4,252,450
159,078
442,416
4.57.432
473,251
10.175
9.85*
der684.359
def4S0,430
20.085
denj4,699
def679,097
def637,608
176,57?
242,416
1.9,52.21f
1,590,551
78.905
61.731
439,207
282.796
179.101
169,766
1.957,755
2.182.409
—
Grofs from
Uailuau.
S
& Hud
Jan
Los Aug
&
1
LoutoJana
1
Nov
Nov 30
RIv
to
Salt
Jan
L
to
1
Louisiana Ry
Navigation
Jan
to
&
I
to
'20
"19
'20
•19
.340.644
217,624
2.801.066
2,474,427
'20 1.876.112
Nov
•19
Nov 30^20
1.623,961
18.747.861
•19 16,704,647
& Arkan Nov
Jan
Nov
30
Nov
Nov 30
Nov
^20
•19
^20
•19
'20
'19
'20
•19
'20
•19
30 '20
Jan 1 to Nov
•19
Nov '20
Mineral Range
•19
Jan 1 to Nov 30 '20
•19
Nov ^20
'19
Jan 1 to Nov 30 '20
•19
Nov ^20
Minn St P & 8 8
•19
Jan 1 to Nov 30 ^20
•19
Kan & Texas Nov ^20
•19
Jan 1 to Nov 30 ^20
•19
^20
*19
Texas
Jan 1 to Nov 30 '20
•19
Midland Valley
Minneap&StL
M
Mo
4,30.233
220,079
3,900,469
1,938,182
411,.508
308..609
3.918.131
3,220,196
524,665
.334,258
4..')80,211
3,603,480
57,611
07,120
624.481
704,522
1,502.921
1,1.30,817
15,436.272
12,283,146
4,946.331
3,847.139
44,304.223
39.009,994
3,534.378
2,932,146
.36,485,960
A'li/nmi
Uailway.
$
79.157
24.113
291,097
524.968
386.466
646.145
4.393,696
4,124.693
101,070
43,3.'-)0
911,949
def33,646
4.846
18,802
317,715
178,456
Net
MoK&TRyof
Mo
Groxn from
EquipKents
«
70.667
15.660
190.117
Jiailwau.
i
S
4.09.663
36.940
dpf5.142
defK5.625
302.099
280.776
591.084
3.389,946
3.382,702
202.960
669.180
3,213.312
3,038,656
66.2.W
14,909
639.137
den73,333 def204.703
deni,154 def47,904
802 defl4,940
159. ,094 def82,321
12,255 defl02,837
86,8.'>3
17,083
726,880
159,068
158,937
166,280
13,615 defl0,976
20,412
699.693
606.698
779,183
566.980
479.909
370.377
def23,237 def27,.537 defl8,.')86
5.429
1.929
5. .389
defl70.126 def213,548 den31.742
def50.773 der89,773 def67,452
def3,204 den9,849
65,740
def30.121
def83,230 def83,890
def407,360defl073.70.5defl008.670
728.613
170,487
101.956
648,191
371.828
410. .583
777,297
565,656
542,330
4,681,886 1,561.164 1,603,774
7,717,343 5,452.666 4,731.477
558,152
472,382
652.652
def9.127
123,002
140,990
4,693,755 3,412,599 6,155.145
4,685.194 3.655.698 4,113,015
738.436
695,893
345. ,540
def68,971 def 152,7 12 def4.58.937
def492,688den084.553def43 16.988
143,617defl276,708
784.274
5,752
4,748
1,387
def58,971 def65,243 def71,872
defl50,143 def201,940 def265,147
def469,073 def539,976 def617,922
def5,298
5.225
8.015
90,123
95.891
93,795
3.59.031
579,450
430.096
def 473 def22,576 def56.832
18,790
8.710
10,530
47,679
36,644
34.413
489.052
377,610
357.470
462.541
252,926
229,813
N
N
NY
[Vol. 112.
A'c.nficr
iifUr
Taxes.
31,260.717
Nov
3,155,403
2,432,996
27.043,884
23,083.750
201,595
& North Ark Nov '20
•19
131,245
Jan 1 to Nov 30 '20 1,910,140
"19 1,439,268
Monongahela Conn Nov ^20
201,033
'19
245.807
30 '20 2,804,650
Jan 1 t o Nov
•19 1.761,332
Nevada Northern Nov ^20
81,219
•19
157,842
Jan 1 to Nov 30 ^20 1.511,696
•19 1.422,155
New York Central
Lake Erie &
Nov ^20 1,083,821
140.627
86,748
68,609
'19
Western
defl,283 def48,052 def 101. 938
803,986
Jan 1 to Nov 30 '20 10,696,679
def 160, 102
482,538
19,275
'19 8,915,210
598.863
202,757
62,006
Michigan Central Nov '20 7.732,922 1,053.977
839,220
480.427
'19 7,000,358
1,615,793 1,330,451
1,064.184
Jan 1 to Nov 30 '20 80.424,148 9.764,748 7,348,003 4,384,074
'19 71,738,231 19,410,521 17,010,223 15,740,496
orth Nov '20
Cincinnati
299.269
49,957
22,459
36.584
'19
def3,367
227,737
21.662
8,100
Jan 1 to
ov 30'20 3,343,719
670.362
546.372
400,453
•19 2,653,227
528,253
427,131
640,675
Ontario &
Nov '20 1,195.602
160.444
124,944
120,370
'19
"Western
781,753 def56,647 def86,693 def 156,014
Jan 1 to Nov 30 '20 11,784,917
447,873
88,387
1,153
'19 10,067,523
1,188,280
891,455
881,260
Susquehanna Nov '20
419,529 def68,408 defl00,841 def90,344
.'19
& Western
333.719 defll,615 def52,331 def49.061
Jan 1 to Nov 30 '20 4,161,165 def598,235 def863,115 def826,977
'19 3,564,605
232,235 defl38,873 defl42.567
Northern Pacific
Nov '20 10,352,569 1,886,507 1,031,804 2,109,803
'19 9.410,240
2,634.705 1.916,676 2,254,141
Jan 1 to Nov 30 '20 102.002,058 14,265,665 5,709,131 10.466,808
'19 92,656.762 23.096,559 16,107,205 17,185,800
Northwestern
Nov '20
616,864
17,423 defl3,023 def24,897
'19
Pacific
623,175
106.970
132,628
90,617
Jan 1 to Nov 30 '20 7,339,076 1,553,188 1,239,887 1.114,107
'19 6,086.414
1,348,638
1,087,327 1,105,221
Pacific Coast
Nov '20
414,202
27,742
.•19
171,826 def61,405
Jan 1 to Nov 30 '20 2.483,8.34
268,625
'19 2,087,949
200,542
._
Pennsylvania RR
Nov '20 58.108.816 7.020,033 6,587,564 4,711,759
'19 35,737 ,999def5252,217def6545,374def7687, 906
Company
&
Jan 1 to Nov 30 '20 514,2e4,690D25459.758D42628,387D47921 .906
•19 447.885,998 35.792.113 21.647.534 17,386,828
BaltChes&Atl Nov '20
152,723 defl9,324 def20,324 def20,190
'19
126,277
10,007
5,982
8,685
Jan 1 to Nov 30 '20 1,541,470 defl23,942 defl56,542 defr42,298
'19 1,486.508
def5,832 def44,011 defl7,408
Long Island
Nov '20 2.103,707 defl46,309 def236,753 def279,322
'19 1,747,113
133,127 def228.539 def239.487
Jan 1 to Nov 30 '20 23,908,913
850,187 def279,077 def659,353
'19 22,649,915
3,904,511 2,883.459 2,635,310
Mary Del & Va Nov '20
def9,009
115.128
def9.009 defl2,708
'19
105,546 def36,324 def38,232 def41,997
30 '20 1,230,977 defl84,327 def200,382 def2.39,176
Jan 1 to Nov
'19 1,251.819
def26,008 def44,750 def79.143
NYPhila&
Nov '20
732,937
55,613
28,032
17,617
'19
Norfolk
754,945
44.924
26,274
7,169
Jan 1 to Nov 30 '20 7,426.825 def281.905 def617,720 def758,664
'19 7,589.507
1,086,497
881,876
741,240
Toledo Peoria & Nov '20
176,895 def 33, 827 def42,327 def 25, 529
'19
140,161 def20,086 def28,686 defl8,727
Jan 1 to Nov 30 '20 1.853,934 defl04,3e7 def257,867 def91,844
'19 1,512,967
def95,947 defl89.447 defl69,266
West Jersey &
Nov '20 1,050,582 def 11, 775 def50,926 def61,727
'19
Seashore
defl68„343 def206,610 def231,7.38
769,395
Jan 1 to Nov 30 "20 13,036.205
97,2,33 def421 ,107 def784,391
'19 11,166,879
1,007.069
475,724
243,089
Pittsburgh &
Nov '20
191,220
45,018
44.824
81,348
'19
Shawmut
37,004 def51,278 def43.792 defl9,894
30 '20 1,634,817
Jan 1 to Nov
203.299
194.613
596,460
'19 1.031,742 def 182, 706 def 185,033 def 190.998
'20
Pittsburgh ShawNov
150,883 def44,158 def40,005 defl5.394
'19
mut & Northern
68,711 def46,304 def48,125 defl7,427
Jan 1 to Nov 30 '20 1.436,648 def,388, 358 def409, 762 def50,313
'19 1.041,922 def296,266 def316,638
6,434
Qulncy Omaha &
Nov '20
126,700
5,627
1,4.38
def3,749
'19
Kansas City
def3,687
106,680
def6,759 defl2,U3
Jan 1 to Nov 30 '20 1,241,123 def287.286 def331,814 def384,009
•19 1,021,674 defl02,117 defl35,696 defl73,564
St Joseph*
Nov '20
309,190
6,722
def7,845 defll,006
'19
Grand Island
248,131 def24,581 def36,421 def40,318
Jan 1 to Nov 30 "20 3,158,784 defl93,197 def334,647 def390,513
•19 2,699,266
93,911 def 18.312
def36.496
St Louis Southwest Nov '20 1,982,586
760,356
619,838
619,581
'19 1,386,479
467,372
429,563
423,360
30 '20 19,477,663 6,985,184 6.238.633 6,418,878
Jan 1 to Nov
'19 12,263.213
3,229.761 2.771,406 2.616.229
NY
7
THE CHRONICLE
156
Lehigh
— —
.
'
St Louls-Sao Fran
Jan
Ft
1
to
W & Rio Or
Jan
1
to
St Louls-San
of Texas
Jan
1
to
1
to
Nov 30
19 71.301,399 16.760, .5.58
Nov
Nov 30
Nov
Nov 30
'20
•19
•20
•19
•20
•19
•20
•19
Nov 20
'19
Nov 30 '20
•19
•20
•19
•20
'19
•20
•19
•20
•19
San Antonio &
Nov
Aransas Pass
Jan 1 to Nov 30
Nov
Nov 30
St Louis Southwest
of Texas
Jan
from
Kailwau.
%
1,974,162
1,6.36,228
__
•20 8,618,733
'19 6.997,916
:20 85.430.208 12. .532 .437
Fr
St Louis Transfer
Jan
Nov
S'et
195.8-10
def 82, 698
106,292
43,7.34
1,799.392 def706.079
120, .542
1.487,846
def46.l.33
192.011
22,256
141.124
1,635.940 def426.179
1.406.477
96,509
117,720
47,869
28.862
99,376
1,202,943
.320.228
1.024..556
266.642
A'rt after
A'ct after
Equip. Rents.
%
1,716..3.39
1,670,805
1.428,803
1,195,671
9,708.3.52
8.442.209
14,274 285 13.667,440
def80.709 deri00,830
40 745
21.307
def747.082 def979.694
86,774
32.756
def47.016 def83.134
20.004
5,834
def46I .036 def814.627
79,143 dori46.250
45,905
41.243
24,425
28.819
245.307
321.623
210,029
265.427
29.492
42.880
Taxes.
$
625.836
51 ,.583
419.040 defl22.862 defl38.1.30 defl35..3.52
81,275 defOO,431 def 11 ,094
6.478.692
4,068,285 def819..520 def986.12.5deri016,370
8,36.409 defl40.418 defl.53.448 defl22.1.32
683.371 def 140 799 def 167 .822 def 158,909
8.427, 227def20,53.01.5der2295,012def 18.52.997
6,140.556defl078,209defl31 0.61 Odef 1312.580
Southern Pacific
Nov 20 18,.345,422 4.079.147 3.101.323 2.906,766
19 15.721,986 4.707,020 4,448.048 4.261.937
Jan 1 to Nov 30 20 184.745.856 35,.304.203 25,010.201 23.980.038
19 155,044.817 37.874.227 31,419.733 30,442,962
Arizona Eastern Nov '20
425,617
124.542
107,568
153,960
'19
9,307
288.144
78,.564
19.722
Jan 1 to Nov 30 '20 3,795,271
815,-577
492.322
366,082
'19 3,366.098
782.097
5.59.670
524,111
Galveston Har23,227
Nov •20 2,7.30,731
284.174
218.468
'19 2.083,433
.580.410
rlsburg & S A
756.876
703.,5.54
20 23.982,824 1,916,871 1,061,895 def232,285
Jan 1 to Nov 30
'19 19,624,293
4,324,776 3,737.625 3.515,734
'20 1.2.56,130
Houston &
83.0.53
27,492
134,559
'19 1,075,-362
308.561
Texas Central
367,616
322.909
619,323
02.757 def 205. .599
Jan 1 to Nov 30 '20 10,876.359
•19 8,660,112
1..
337,921
1,680,9.58
1,298.061
Houston E &
Nov '20
282,421 def39.094 def46.960 def 09. 986
'19
Texas
.52.473
40.316
221,718
58,792
Jan 1 to Nov 30 '20 2,735.916 def 121. .574 def219.148 def353,260
'19 2.165,322
324,062
373,743
444,347
Louisiana West
def4.026 def 33. 347 def 52. 130
Nov '20
510,179
•19
1.55,875
ern
170,158
370.315
178.960
559,482
Jan 1 to Nov 30 '20 4.888,746 1,029,228
647.527
'19 3,766.801
1,324,489 1.224,274 1,162.349
Morgan's Lou65.286
Nov '20
949,097
23.306 def 25, 990
'19
islana & Texas
169.260
751 .934
225.028
195 148
•20 9,424,807
442,181
Jan 1 to Nov 30
711,202
1,280,767
'19 7,086,702
800.018
945.398
1.281.509
Texas & New
Nov '20
defl42.617 defl08.768 def214.223
965,461
•19
Orleans
92.852
63.102
687,279
114,255
Jan 1 to Nov 30 •19 9,070,188 def583,746 def896.490defl228.696
•19 7,334,275
618,456
358,391
857,770
Southern Railway
•20
Georgia SouthNov
462,783 defl05,094 def 127, 204 def 149, 050
•19
def4. 072 def 33. 028 def 12. 887
em & Florida
366,149
Jan 1 to Nov 30 •20 4 .867.661 def43. 954 def 262, 570 def268,291
•19 3 ,933,832
34,988
49,227
217.213
16.741
26.078
Spokane Internat'l Nov •20
132,733
34.983
•19
22,925
39.017
31,821
124,380
361.348
438,167
Jan 1 to Nov 30 •20 1 ,413.317
498.813
'19 1 ,072.680
247,238
341,103
289,864
'20
205,641
210.7.52
Spokane Portland Nov
307.736
805,364
'19
112,745
177.271
102.204
& Seattle
618,220
Jan 1 to Nov 30 '20 8 ,399,442 2, 256..579 1.221,477 1,0.53,792
•19 6 ,742,562
2,152,987 1.485.487 1.690,881
Tennessee Central Nov '20
253.357 def47,035 def 52 .878 def 88. 254
'19
190.581 def 68. 863 def 76. 051 def 98, 877
Jan 1 to Nov 30 •20 2 ,702,838 def25,583 def 88. 01 def.387, 306
'19 2 ,289,776 def324.732 def 383 .300 def495,400
1.58,526
Term RR Assn of Nov •20
79,911
30,414
468.439
'19
69.330
St Louis
342,895 def 19. 890 def 65. 954
1,476.017
91,051
Jan 1 to Nov 30 •20 4 ,363,426
523.627
'19 3 ,589.972
92,082 1,458.038
416.438
31,471
24.164
Nov '20
436,358
37.282
St Louis Mer•19
chants Bridge Ter
299,656 def 29. 070 def 38. 968 def 32, 697
Jan 1 to Nov 30 •20 3 .958,562 def 246, 351 def385, 551 def 3.53, 389
•19 2 ,853,612 def351,867 def441. 773 def435,877
206.078
249,190
Toledo St Louis & Nov •20
274,190
945,997
•19
44,937
70.933
Western
773,784
95.933
938,391
Jan 1 to Nov 30 •20 10 ,350.871 1,765.831 1,435,386
•19 7 ,432,814
642,425
861,706
1,150,834
1
to
\
W
Union Pacific
Oregon Short
Nov
Nov 30
4 .174.174 1,213,274 1,067 ,483 1,015.725
3 480,564 1,567.996 1.309 ,705 1,296.867
41 371,322 12,344.388 9,098 739 9.304.619
35 .099,592 12.183.615 10,269 495 10,017,571
2 .892.123 def98.501 def287 .240 def.384.517
219.363
472.184
358 026
RR &
2 ,595,920
567,747
30 ,568,636 3,116.416 1.152 .546
26 200,642 6,555,338 4.299 957 3.461,684
87.499
98 516
102,724
205.761
54.039
66,145
69 355
137.247
661.350
725 029
796.358
1 818,355
367,029
417 285
494,821
1 ,140.677
def 7, 038 def34 074 def48,813
387.584
42.533
70,289
49 976
295,246
240.804
511.324
349 319
4 .092,129
419,506
587,332
444 288
3 ,028,926
402 .69,
277,662
593,532
RR
5 .720.548
214,755
102 .089 def 198, 242
4 ,312,598
3def4138,225
459,896 def966
54 .276.953
747,169
44 224.914 4.130.666 2,924 .8:
402,836
377,075
322 ,072
2 122.563
74,158
12,730 def30 .469
1 .123,170
398,403
18 ,127.070 def51,501 def602 .901
277,408
484,407
9 ,207
13 ,498,764
291,719
347,470
266 127
1 ,413.771
368,479
422,726
362 ,779
1 ,220,182
14 ,814,002 3.756,887 3,057 362 3,240.892
12 ,366,278 3,611,433 3,078 .027 3.055,840
def9,212
260,965
104 802
&
1 ,886,441
def 1,001 def65 ,331 defl07,720
800,153
16 ,378.357 1,915.225 1,076 448 def 98, 932
997.961
11 ,643,196
1,659.648 1,023 135
Nov •20,2 ,200,986
325,580
332,964
261 014
Yazoo & Missis•19 2 ,320.573
412,446
625.267
530 304
sippi Valley
Jan 1 to Nov 30 '20 26 ,041,650 2,183,028 1,224 914 def400,476
'19 22 ,636,222
5.406,543 4,703 968 4,436,199
•20
'19
'20
Jan 1 to
'19
Oregon-WashNov '20
Nav '19
ington
Jan 1 to Nov 30 '20
'19
Nov '20
Utah
'19
Jan 1 to Nov 30 '20
'19
Vlcksburg Shreve- Nov '20
•19
port & Pacific
Jan 1 to Nov 30 •20
'19
Nov '20
Wabash
'19
Jan 1 to Nov 30 •20
'20
Western Maryland Nov '20
'19
Jan 1 to Nov 30 '20
'19
Nov '20
Western Pacific
'19
Jan 1 to Nov 30 '20
•19
Nov •20
Wheeling
•19
Lake Erie
Jan 1 to Nov 30 •20
•19
Line
Electric Railway and Other Public Utility Net EarnThe follo-ning table gives the returns of ELECTRIC
ings.
railway and other public utility gross and net earnings with
charges and surplus reported this week:
—
Net Earnings
Gross Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Companies.
Year.
$
$
$
$
Barcelona Trac, L & P. .Nov 3,163.105 2,406,094 2,116.776 1.614.625
Mar 1 to Nov 30
24.507,404 18,499,063 16.074,861 10,587,377
THE CHRONICLE
Jan. 8 1921.]
—
Orosi Earnings
Frertoua
Current
Year.
Year.
Companies.
%
61,755
652.414
80,285
733,712
Beaver Valley Traction. Nov
Jan 1 to Nov 30
Bingbam L. H & Pow
Nov
*
50,878
547.293
50.423
Dec 1 "19 to Nov 30 '20.
Brarlllan Trac. L & Pow. Nov 12, 199. 000 9.796.000
Jan 1 to Nov 30
122,306,000 103335,000
Duqiiosne Lt (-(> and Subsid
EUk; Lt & Power
Nov 1.418.001 1.033.6,')0
Jan 1 to Nov 30
13.618, 5HH 10.71S.40i
General Ga< & Erectrlc.Nov 1.076,693
843.927
Dec 1 '19 to Nov 30 •20.11.167.969 8,997.567
MetropollUn Kdlson
Nov 264,018
212.769
Dec 1 19 to Nov 30 "20. 2.866.877
New Jersey Pow & Light. Nov
45,716
34.314
Dec 1 '19 to Nov 30 '20.
471,913
Northw Ohio Ry & Pow. Nov
41 .254
26.599
Dec 1 19 to Nov 30 '20459,716
Pennsylvania Ulll Sys..Nov
254,073
162.991
Dec 1 '19 to Nov 30 20- 2,214.439
Philadelphia Co & Subsid
Nat Gas
Nov 1.347.400 1.0.55.390
Jan 1 to Nov 30
13.395.985 10.895.1.58
Porto Rico Railway
Nov 122.221
94.888
Jan 1 to Nov 30
1.273,461
1.030.365
Reading Tran & Lt Sys. .Nov
235,402
228.338
Dec 1 '19 to Nov 30 '20. 3.025.873
Rutland Ry. Lt& Pow.. Nov
51,269
45.303
Dec 1 19 to Nov 30 '20584.027
Sandusky Gas & Elec.Nov
85.505
62,466
Dec 1 -19 to Nov 30 '20731 .062
Sayre Electric Co
Nov
18,220
12,711
Dec 1 19 to Nov 30 '20168,270
Vermont Hvdro-El Corp Nov
52.891
45,176
Dec 1 19 to Nov 30 '20579.967
Winnipeg Electric Ry ..Nov
483,099
461,450
Jan 1 to Nov SO
4.768,916 3.839.757
Gross
AV( after
Earnirgs.
Taxes.
S
$
Bangor Ry & Elec Nov '20
120.190
51.236
Co
19
102.292
49.158
12 mos 20 1.246,620
458,522
19 1.064,842
416.934
Chattanooga Lt & Nov '20
118.487
47,946
Power
19
103.400
43,823
12 mos 20 1,321.179
449.869
19 1.022.525
367.631
Cleveland Palnes.
Nov 20
61.464
12,078
vine & Eastern
19
55.068
16,552
11 mos 20
735,344
196,703
19
633,060
214,443
Nov
Commonwealth
Pow & Lt
mos
12
'20 2.767.988
'19 2.446,264
'20 30.892.047
"19 25,555,104
Nov 20
Consumers Power
Co
mos
12
20 14.011,966
19 11,237,723
Nov
Cumberland
County Pr & Lt
'20
19
East St Louis
&
Nov
Suburban
3 ,090,578
2 .792.342
'20
416.547
269.827
19
mos
12
20
19
Nov
& Land Co
o
Honolulu Rapid
Transit
261.046
238,794
19
mos
12
20
mos
11
Nov
Huntington Dev
& Gas
mos
12
4 .255,042
3 .186.788
'20
'19
'20
'19
'20
'19
'20
19
L ke Shore
Oct
Elec
mos
10
Ry &
Nashville
&
Nov
Lt Co
mos
12
19
Nov 20
Northern Ohio
Electric
Corp
mos
11
Portland
& Po
Ry Lt
Nov
er
12
Co
12
&
Utah PoweF
Lt
12
Baton Rouge
November
12 mos
mos
mos
Nov
Tennessee Power
3 .641,691
3 ,200,049
8.52.221
•19
847.356
•20 10.161.183
•19 8.375.4.58
•20
856.586
19
739,971
mos
Nov
mos
-Oross1920.
1919.
S
S
Elec
43.010
460.678
3.').4r)0
361,724
Blackstone Valley Gas <t Elec—
November .
305.157
248.073
12 mos
3.238,278 2,619.758
Cape Breton Elec Co. Ltd
November.
63,035
51.611
12 mos
637.587
579,869
Central Ml.ss Valley EIpc—
NovemJjer .
43.669
40.775
12 mos
487,992
413.252
Columbus Elec Co
November .
127.241
133.951
12 mcs
1.530.532
1.306.342
Connecticut Power Co
November.
123.397
116.957
12 mos
1.456.718 1.252.518
3.765
64.6.58
48.287
530.336
649.3,50
7,281.849
58.496
519.112
21.702
279.527
6.270
142.169
14.982
71.366
3,707
31,112
407.441
4.660.308
35.431
401.244
31.111
13.263
8.977
4.290
15,461
18.538
205.482
119,867
1.215.037
Fixed
99.117
806,538
Charges.
23.481
22. .586
263.210
250.941
20,748
20.182
252,797
257,810
13,368
12,985
148,764
155,349
Balance,
Surplus.
$
27.755
26.572
195.282
165,993
597.272
548,748
6,950.765
6.516,363
27,198
23,461
197,072
109,821
def 1.290
3.567
47.939
59.094
229.180
237,527
1.901,104
2,248,275
190,572
134.227
2,086.841
1.734,541
320,076
327,198
2.207.292
2,390.366
55,775
55.771
23.6.56
.50.965
667.3.56
336,989
213,984
45,257
690.153
.54,843
57.588
651.646
671,352
47.8.36
39.127
154.417
145.207
15,776
16..545
194.811
197,524
35,091
35,428
351.728
357,378
39,114
39.427
479.978
473.770
225.202
20i.900
2.423.680
2.177.097
186.853
184.179
2.272.499
2.268.162
164.107
114.678
1,502,951
1.365.5H0
128.121
126.480
1.541,531
1.532.582
52.255
53,901
271,4.59
3.202,145
2,967,095
1,388
322.047
18,386
23.828
25.605
108.885
153.686
27.190
25.854
489.796
248.823
def 2, 044
17,518
342.088
242,927
.30,938
22,882
193,422
309,893
def 24. 925
74.385
491.225
631.582
107.334
56.007
670 5.54
653.718
25.616
67.973
503.661
460.469
65.874
7o.057
589.605
560.500
21 213
38.396
639,4.53
3.30,025
648.180
145.281
369,642
1.696.816
1.704.184
255,790
231,408
135,017
— — Swp.
1919.
after
1920.
$
Co—
,
12.095
159.243
2,055
76.918
193,995
201.537
2,131.136
2.093.082
73,468
92,297
969,478
903,970
376,689
1920.
247. .5.30
2.646.377
91.601
14.521
1.826.0,58
Taxes
3.7,53,0,58
68.898
833.291
62.309
673,400
783,663
200.277
277.375
2.914.905
2.808.679
294.087
240,186
2.943.053
2.921.880
189.723
182.651
2.006.615
-.Vet after
344.626
2.375.2.55
70,0,52
8.583.440
743.762
577.313
8.185.414
6,132.913
565,034
503,710
6,380,844
5,587.908
221,419
192,825
2.438,483
2.223.886
690,992
519,577
6.604.135
5.625.412
Nov
12
319,044
287,241
9..399.960
Nov
Ry Lt
221,749
2 ,806.699
2 ,162.512
•19
•20
•19
•20
•19
•20
•19
•20
•19
•20
•19
•20
•19
'20
'19
'20
•19
12
& Power
.494,386
.028,296
255,911
mos 20
Republic Railway
& Light
Tennessee
'20
'19
'20
'19
'20
•19
•20
70,245
63.693
764,237
687,462
102,579
102.686
1
1
431.821
3.987.160
239.765
826,452
785,275
8,851,869
8.764.638
510.648
461.425
4.294.133
4.124.907
79.431
106.736
1.004,345
904,137
100,100
58,976
973.693
689.738
71.664
64.732
263.302
298.893
42.966
42.399
684.607
446.347
33.047
52,946
693.816
600.305
1.301.770
1.121,459
19
Net Earnings
Current
Previous
Year.
Year.
i
t
6.055
12.080
160.263
90.103
24.337
18.089
171.794
5.824.000 4.939.000
64.308.000 53.535.000
$
1.505..329
1.262,911
Vharges1919.
S
10.842
160,500
14.215
135,672
6. 482
113,572
10.800
94,407
86.264
807,070
71.566
596.976
63,265
551,644
50,765
350,238
13.60.'"i
11.261
128.081
7,883
27,911
6.061
63.751
7.955
83.216
8,207
87.266
5.429
53.617
569.579
67,302
630,884
15,067
190,112
36.709
264.926
51.764
577,417
61,651
500.434
31.766
338.080
273.364
95,327
1 1
,058
120,145
48.3.57
42.4.50
157
——
—— .V«/
-O'rosa-
after ToJtj
:iurp
after C/iar
a—
1UI9
«
1920
50,384
002.161
49.581
637.607
37.278
421.824
36.236
386.387
32.307
109.635
102.194
1.080.150
409,057
1.305.703
El Paso Eleotrio—
November .
,53.645
180,738
140.741
12 moii ... 1.890.770
1.541.522
597,253
—
Elec I.I & Power of ^blngion & Kocklaud
November.
5.040
30 079
27.755
12 rnoa
61,052
356.024
288.397
37.662
375.839
31.411
867.587
30.184
294.900
47.082
437.610
43.152
486.157
39.859
347.393
5,374
51.511
4 183
52.960
4.806
44.100
22.414
163,566
18.220
159.630
22.202
162,113
17.823
156.364
100.447
1.100.764
63.011
8IU.327
65,151
678.573
409 .96»
4.437
53.523
7.081
37.627
1820
*
Easlern Texas Elec <"o
November
12 mo8
1920
1919
«
—
*
146. Ihl
12.5.657
1.600.H60
.
1.375.035
Ellison Elec Ilium
Co
>
of liruckton -
.November.
12
>
1919
mo8
Itlvor Gas Works November .
94 379
12 mos
894.450
Ettll
67.872
754.114
Calvmloii lluuHtoii El«c Co
November.
334.583
261.090
12 mos
3.743.987 3.074.267
Haverhill (Jas i Lt CoNovember .
40,403
36.710
12 mos
4,50,.508
378.069
lIuMKhloii County Elec Ll Co November .
40,393
63.445
12 mos
652,483
449,913
Uoiii.'hion Couuly Traction
November.
24,882
24.572
12 mos,...
318.070
297.403
5.104
7.791
61.4.53
40.594
12.274
130,880
142.575
0.098
77,053
13.906
97.074
5.894
78.801
def5.347
defl3.236
def 170
2,880
4.029
1,229
.
—
17.891
63.110
Keokuk Electric Co
November.
31. .546
30.207
7.212
12 mos
3.55.135
81.264
310.125
Kev West Electric CoNovember .
22.170
20.182
7.112
12 mos
2.54.643
227.722
93.523
—
Lowell Elec Lt Corp
November .
106.983
94.121
22.352
12 mos
1.231.408
990.413
296.198
Ml.ssl.s.slppl River Power Co
November
245.977
209.819
184.001
12 mos
2.092.025 2,302.477 2,084.812
Northern Texas Elnc Co <t subslilarles
November .
330.885
300.245
93.6.38
12 mos
3.937.420 3.307,825 1,442.851
Pa'lucah Electric Co November .
42.482
39.109
12 mos
474.876
Pueet Sound Trac. Lt & Pow
November .
922.730
818.260
12 mos
9.951.003
27.867
4.973
53.575
61
..521
2,685
25.840
8.324
80,371
5.206
69.874
6,291
55,331
33.707
281.603
18.338
264.915
31.672
256.994
167.058
1.791.644
83.845
•969,824
65.785
559.021
116. .587
68.891
1,143.656
92,441
1.009.697
5..57 5
8.251
1.308,624
12.367
132.550
14.043
429.515
345.770
272.561
2.369.483
197.760
33.623
296.299
20.296
275.018
27,636
225,826
47.934
503.605
45.658
439.542
58.323
4 246.421
Sierra Pacific Electric -
November
12 mos
Tampa
66.990
669.035
26.450
347.231
128.997
1.454.352
115.795
1.247.257
.52.369
50.2.54
556.282
494,409
F;icctrlc
November
12 mos
•
67.357
781.007
.
.
Co —
Includes St. Louis con tract adjustment
made
In
May
192 0.
FINANCIAL REPORTS
Financial Reports.
•
—An index to annual reports of steam
and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published.
The latest index %vill be found 'in the issue of
Dec. 25. The next will appear in that of Jan. 29.
railroads, street railway
Algoma Central & Hudson Bay Ry.
—
Algoma Central
Terminals, Ltd.
{Report of Bondholders' Committee for Year Ended JuneSO 1920)
E. E. Ford, Secretary of the committee of holders of
5% 1st Mtge. 50-year Gold Bonds of these companies,
in report dated at 80 Dashwood House, 9, New Broad St.,
E. C. 2, London, Nov. 30 1920, says in brief:
—
Results.
The receipts were $2. 0.59. .588 contrasting with $2,400,499 In
1918-19; expenses. $2,228,659. against $2,137,205 resulting in a net loss
of $169,071. as against $263,294.
Net Earnings for the past 6 Years Ended June 30 aflerWriling off Depreciation
1920.
1919.
1918.
1917.
1916.
Net
..loss.$169.071 cr $163,294 <t $439,219 cr $281,936 cr $162,463
Amount required to pay the full 5% Interest on both the Railway
and Terminal bonds
$75 1 .96
Deficit for the past year
921.032
Amount brought forward from the previous year
94 .583
Net loss carried for\vard
From the above it will be seen that no
$74,488
interest can be paid to either the
Railway or Terminals Bondholders in respect of the past year.
The Steamship Dopartmont. which has been uniformly profitable, has
during the past year svifferod both from a decrease in tonnage carried and a
consequent decrease in earnings, together with an increase in cost of running.
The sum of $136,244 has been added to "Depreciation Reserve" for the
past year, making a total of $717,594 which has been charged to Revenue
since 30th Juno. 1914.
The cessation of war orders had brought about a considerable falling off
in traffics in the three months ending Juno 30 1919 and this condition of
affairs continued throughout the year 1919-20 aggravated by continual
labor unrest, further increases in wages, cost of coal, maintenance, and
general expenses.
Aid in Financing.
—
The Committee feel it their duty to inform the
bondholders that the Lake Superior Corporation as.sist<3d the Railway
Company by arranging to finance the coal required by the Railway for the
winter nionths, the Railway Company paying or the coal as and when required over the period.
Increase in Rates. Ac.
Outlook
From Sept. 13 1920. an increase of 40%
in certain freight rates has been granted to Dec. 31 1020. and 35<^ thereAlthough this has again been accompanied by the inevitable demand
after.
for further increase in wages, the estimates in respect of the year ended
June 30 J921 show that both the Railway and Steamships should do l)«tt«r
than in tlie year under review.
Negotiations With iMke Superior Corp. -This report has been delayed
for the past month because the Coniniittoe have l)een pressing the Lake
Nothing
Superior Corporation to make some paymont under its guaranty.
has resulted from this demand, and the Committee are of opinion that In
view of the financial stringency and general conditions in .\merica it should
not be pressed further at the i)re~sent time.
The tentative agreement mentioned in the Con»mitt<»e' la.st report
(V. 110. p. 1752) was not carried farther owing to the general financial
Subsequently fresh negotiations were entered into with two of
situation.
the directors of the Lake Superior Cornoration who came over to England.
A basis of agreement was again arrived at, based, as on previous occasions,
on the Lake Superior and Algoma Steel Corporations making satisfactory
arrangements to finance the construction of the new steel mill, which Is so
important for the well-being of the Railway as well as the Steel Corporation.
A period of declining output from the stoel plant had In the mean while
unfortunately, supervened, and the negotiations were, therefore, discon-
—
—
.
—
tinued. (V. 110. p. 1748).
—
—
.
THE CHRONICLE
158
The •wholo Kuarnnty Nltuatlon and the noKotlatlons for sottloraont have
been and ar« a source) of (treat anxiety to your (^ominltto. who have had to
point out to thn I.ako Superior <"ornor!itloii that It Is for them now to put
forwarcl sotnii plan to nio<<t their liability under th<! Buarantoo which the
ComniltttH- ran rcconunciid to the Ixiiiclhohlcrs.
The <'onunlttee consists of Hir Alexander KoKer (C-halrman). Captain
J. O. Dalton, V. U. U. Smlth-IUnghani. and Andrew Williamson.
INCOME ACCOUNT FOR YEARS ENDED JUNE
30.
Cent. Terminals, Lid.
&
Ilnilson liav Ry. and Algoma
1919-20.
1918-19.
Other Income
S
S
i
45,000
Int. A.K.T.brts.
Hallway rorolpU. . 1.421.8.38 1.018.743
56.406
Int.lnv.A dcpreo
007.114
SteamHlilp rccclpW
529.007
3.736
Miscellaneous
Gross rcvonuo.. 1,954,446 2.285,857
Gross Income.. dof$127, 565
Railway working
12,480
expenses
1.094,995 1,590,648 Int. e<i. tr. bonds..
29,026
MIsccl. expenses..
Steamship working
330.104
expenses
372.969
def$169,071
Joint net
86.031
85.847
General inanagera't
33.322 Int. on A. C. & H.
33.342
Taxes
504,000
n.Uy. bds. 6%.
Including Algoma Cent.
1918-19.
$
45.000
1910-20.
.\. C. Term.,
$249.976
67,573
2,069
360,394
17.100
80.000
$263,294
504,000
Rent
Net Income... defS232. 708
Net
$245,753
ALGOMA CENT. & HUD. BAY
1920.
Invest.
In
S
&
Mafls
supplies.
Debtors' and debit
balances
Cash...
&c.
Int.dc divl.rec.,
Profit
&
loss
debit
balance...
$921,032
$490,682
deficit
249,976
RY. BAL.
SHEET JUNE
30.
1919.
1920.
$
LiaMlUles—
$
5.000.000
5.000.000
10.080.000
318,^00
234,000
Preferred stock
5.000.000
5.000.000
23..'572 .890 Ist
5% bonds.. 10.080.000
6% bonds... 318.800
483,620 2d
475,959
Equip. tr.obllR's..
146,000
Creditors' & credit
479,677
525,076
balances
1,175.871
95,5711
418,607 Acer. rent. Algoma
J
Cent. Ter.. Ltd.
590,805
4,549,383 3.662,126 Acer. Int. Ist M.bds 2,764,695
Govt, grants In aid
Commonstock
bond
discounts. &c. . .23.606.1 17
COS.,
attll.
247,961
1919.
i
Assets—
Prop.,
M
M
Cash grant
Land grant
541,616
2,362,155
1,659,722
1,659,722
1,274,335
1,241,878
1,279.262
1.142.336
Total each 8lde.29.252,106 28.616.920 Depreciation
ContinRent liabilities in respect o (prior to scheme)
Charbonnages du Kent Syndicate, 2t>.000 francs.
'
ALGOMA CENTRAL TERMINAL S.
1920
$
—
LTD.. BAL.
First
4,125,679
counts, &c
Invest, atcost
1,005.878
Acer. rent, of prop.
590,805
Debtors'* debit bal
130.970
Cash, Int.A dlvs.rec
59,050
Total
5,912,382
V. Ill, p. 1948.
—
Goodyear Tire
M.5%
1919.
S
100,000
Capital stock
affll.cos.,bond dis-
30.
1920.
UabilUUs—
S
Property, Invest, In
participation in
SHEET JUNE
1919.
5,835,016
4.999,527
541,616
193,874
5.835.016
Akron, Ohio.
(Report for Fiscal Year ending Oct. 31 1920.)
Pres. F. A. Seiberling as of Oct. 31 1920 wrote in substance:
Restilts.
r
The past year has
—company, since 1903 been the only unprofita;ble year
In
the hls-
Dry of the
For the
first six
months
of the period the
volume of business was running
59% greater than for the same period the year before, with the demand
upon us for product beyond our ability to supply.
New Slock. This entailed financial requirements far beyond normal and
your directors decided to offer to stockholders two shares of Preferred and
one of Common at par. selling thereby $27,794,700 [V. 110, p. 2385. 2390,
2571 V. 109, p. 1603, 1703. There was also Issued to Common stockholders of record June 14 192() a stock dividend of 150%, calling for the issuance of about $31,133,500 new Common stock, following which the quar-
—
—
was reduced Sept. 1 from 3% to 2)4%. Ed.)
Temporary Financing. At the time it was anticipated that this would
afford the necessary relief to carry on our business successfully, but by
midsummer the buying demand fell off sharply, and with the accumulation
of raw materials and finished product, our financial position became acute,
necessitating an arrangement for some temporary financing, which was
accomplished by providing In new money and extension of bank paper
$28,800,000. maturing Feb. 15 1921, with the expectation that permanent
financing would be accomplished prior to said maturity, which program is
terly dividend
—
now being worked out.
Deficit.
The process
—
of readjustment and deflation affecting all lines
of Industry has been especially severe to the rubber Industry, the raw materials
both rubber and fabric having In a few months dropped Uj value
over 50% and as inventories have been written down by the auditors, to
adjust to that condition, not only is our former surplus absorbed, but a
deficit of $15,647,653 is shown.
Future contracts have not been taken
Into consideration In this statement.
Settlement of Seiberling Account.
The balance sheet account [$3,568,4451
"due from F. A. Seiberling" has been closed by the company taking over
the Goodyear Athletic Field [30 acres, represented, it is understood, by
250 shares of stock of East Akron Land Co. owned by Mr. Seiberling. Ed.],
and one-half ownership of the Akron Canton & Youngstown Ry. Co., represented by $7,500,000 par value of the stock, which properties were acquired for the benefit of the Goodyear Company and are essential to the
proper conduct of the business.
Business Believed to Trend Upwards. While diminished sales during the
period of readjustment through which the country Is passing have affected
this statement adversely, and will continue to affect our business until
general business becomes normal, we have reason to believe that the trend
is now definitely upward, since the low point
sales was reached the middle of November, having steadily improved since that thne.
—
—
—
—
—
m
Price, Waterhouse & Co., Chartered Accountants, Dec. 21.
"During the year only actual additions have been charged to property
accounts with the exception of $5,000,000 added to land and buildings In
accordance with an appraisal thereof by the American Appraisal Co.,
and In our opinion sufficient provision has been made for depreciation. The
Investments in and advances to wholly owned companies and associated
companies not wholly owned are stated at their asset values (which do not
Include any values for good-will) as shown by our audit of the books of
those companies at Oct. 31 1920.
"The Inventories have been certified by responsible officials and have
been valued as regards raw materials and supplies at cost or market prices,
whichever were lower, and the work in process and finished products at
cost, such values of finished products being less than net selling prices.
Sufficient reserves have been established for doubtful customers' accoimts
and for allowances. The accounts due from subsidiary foreign selling corporations are less than the net current assets of these companies.
"We have been unable to verify the value of the account due from Mr.
P. A. Seiberling. President, and the deficit has been shown without making
provision for the excess of the purchase price of rubber and fabric under
contract over the market value thereof as a result of our examination,
Inywhlch we have taken all reasonable precautions to satisfy ourselves as
to the outstanding commitments, we find such excess to be approximately
Data from
$19,000,000."
31.
1920.
1919.
a$57.913,143]
1.14.5.169^ $35,200,507
1,248,723)
$60,307,036
10.787,494
$35,260,507
7,074,454
$49,519,541
5.003.258
670.687
$28,186,053
for depreciation
.
statement of earnings is furnished. The sales for the
year 1919-20 aggregated about $205,000,000, contrasting
with $169,000,000 for year 1918-19. V. Ill, p. 2330, 1954.
As to the passing of the Common dividend in Dec. 1920, see V. ill,
p. 2047; for non-pajrment of the Pref. dividend due Jan. 1 1921, see news
Item on a following page. The preparations for the proposed financing
Including the authorization of a $50,000,000 bond Issue, were described
in "Chronicle of Dec. 11, p. 2329, 2526.
Not shown.
1
Total property accounts
$55,193 ,487 $28,186,054
Deferred charges to operations
353,327
1,280,851
Investments In and accounts due from
Domestic subsidiary companies wholly owned. 13.352.1.581
Associated companies not wholly owned
6.320,931
b21,179.530j
Foreign selling subsidiary corporations
4.393.218
Inventories (In 1920 less reserve)
35,566",779
41,167,758
Customers' notes and acc'ts receivable (lessres've) 11,116,9681
Other accounts receivable and Investments
1,084,213/ 27,052,804
Cash...
10,395.241
1,667,737
U. S. Liberty bonds, $3,405,800, less notes secured thereby
2,285.800
Account due from President P. A. Seiberling (see
text)...
(7)
3 568,445
Deficit before providing for possible losses on con'
tractual obligations for rubber and fabric
lb"
15,647,6.53
"
Liabilities
$168,724,494 $111,088,460
—
1919.
1920.
$65,497,700 x$23.173 900
359.200
450.000
Paymentsonaccount of stock not yet Issued 1,085,82.3
Preferred stock
Less In treasury
Add
—
—
$66,133,523
Common
Less
stock Issued
— Due thereon..
$22,814,700
yl3,448,738
$61,111,650
cl,216,923
59,894,727 zl9,432,859
427,939
Preferred dividends accrued
Federal taxes to Oct. 31 1918. balance unpaid
1.368,782
Bills payable
Secured.
Unsecured.
Bank loans
$3,218,000 $10,221,424
Brokers
9,500,000
4,745,500 23,879,812
350,000
Trade & miscellaneous5,344,889)
Rubber and fabric acceptances payable
4.388 ,6871
10,488,762
Acc'ts payable (Incl. In 1920 est. Fed. taxes due). 12,711 169/
274,014
Reserves for contingencies, &c
1,716 575
33,332,666
Surplus subject to Federal taxes for 1919
— "The
$168,724,494 $111,088,460
company has outstanding guarantees and contingent
lia-
aggregating approximately $12,000,000 It Is not anticipated that
any losses will be sustained thereon." The figures above for 1919 have
been inserted by the editor and in a number of instances the comparison
shown is only more or less approximate, as the form of the published balance
sheet for 1920 presents many changes as compared with earUer years.
a Includes In 1920 only the plant, equipment, &c.. at Akron, O.
b The associated cos. Include chiefly; (a) Goodyear Tire & Rubber Co.
of California, entire .$4,000,000 Conmion stock owned: $8,000,000 7%
cum. Pref. stock outstanding, dividends Q.-J.. see V. 109. p.275. 1083. (6) Pacific Cotton Mills, entire $1,000,000 Common stock owned; $2,000,000 7%
cimi. Pref. stock outstanding, on which the Akron Co. agreed to pay dividends till the mill should be in operation; V. 109. p. 684. (c) Goodyear
Tire & Rubber Co. of Canada, Ltd., entire $5,331,000 Common stock
(except amounts held by employees) owned by Akron Co.; $4,500,000 7%
See V. 109, p. 2268. 2360:
Pref. stock outstanding; dividends Q.-J.
V. 110, p. 81. The Jan. 1921 dividend on all these issues of Pref. stock
[The statistics in this footnote do not
lis supposed to have been deferred.
appear in the report and in part are only approximately correct. Ed.j
c This Is the total amount due from employees and officers on stock subscriptions on account of which $2,252,350 Common stock Is held as collateral
including .$674,300 stock pledged by President Seiberling.
X Old First Preferred stock, y Old Second Preferred stock, after deducting $48,662 unpaid on employees' subscriptions, z Common stock,
$20,757,600. less $1 .324,741 due by employees as to aU their stock subscriptions.
V. 112. p. 66.
bilities
—
—
American Woolen Company, Boston.
(Report for 10
Months ended
Oct.
31 1920).
Substantially the following statement has been sent to its
subscribers by the managers of the syndicate which, in May
1920, underwrote the $20,000,000 new common stock.
Compare V. Ill, p. 2426, 1085, 191, V. 110, p. 2077, 2569.
APPROX. PROFIT AND LOSS ACCOUNT FOR 10 MOS. TO OCT. 31.
Net profit after charging depreciation and reducing inventories to
estimated market values and applying reserve set up for that
purpose at Dec. 31 1919, but before providing for Federal taxes
$6,094,190
for 1920
..
2.333.333
Preferred dividends for 10 months at rate of 7% p. a
Balance equal to $18 80 a share on $20,000,000 conmion stock. ..$3,760,857
dividends consisting of two quarterly disbursements of
1M% each on $20,000,000 stock and one of lJi% on the in-. 1,400,000
creased stock of $40.000,000
1
Common
$2 ,360,857
Balance surplus
.$38 ,289 ,552
Total after adding previous surplus $35 .928 .695
Total surplus Oct. 31 1920 after deducting underwriting commissions and expenses in connection with issue of common stock
and additional provision for Federal taxes for prior years $2,$35,812,029
477,523
.,
APPROXIMATE CONSOLIDATED BALANCE SHEET AS OF
1920
AND
DEC.
1920 Dec. 31 1919
S
Cish
14.912.132
9.248.134
Accounts recelv. 21,861.838 26.034. .597
Inventory
49,717,876 52,990.146
Plant & equipment. &c
49,664,705 39,917.483
Investment
75.051
4.983.683
Liberty bonds..
277.340
Deferred charges
576.968
Assets-
Oct. 31
31 1919.
UaUllties—
Oct. 31
Notes due
Mortgages
Pref. dividend..
OCT. 31
1920 Dec. 31 1919
Preferred .stock. 40.000.000
Common stock. 40.000.000
Bank loans and
7.307.500
accept
Accounts pay... •5.621,381
Commondivl
40.000.000
20.000.000
20.906,048
x7 ,330.235
1.000.000
2.345,000
583,333
350.000
7,250.000
Res. for Invent.
Reserve for ins .&
5,000.000
pension funds 5.000.000
Total each side. 137.085.910 138.174.043 Surplus
35.812,029 31,754,427
* Includes reserve for Federal taxes to Dec. 31 1919.
X Includes reserve for taxes and contingencies.
Note. Contingent liability in respect of notes and acceptances discounted
^
—
by the American Woolen Products Co.^$403.258.
Price,
No
"
OCT.
Rubber plantation at Sumatra
Miscellaneous assets and fixed Investments.
Patents, designs, trade-marks, Ac
Note.
5,912,382
& Rubber Co.,
— Reserve
Less
$
100,000
50-yr.
gold bonds
4.136,663
4,992,713
1.028.537 Accrued Int. on 1st
541,616
M. bonds
590,805
72,598 Creditors and credli
balances
228.864
55,603
Total
BALANCE SHEET OF
Ax.ieti—
Land, buildings, machinery, equipment, &c
Automobiles at Akron and branches
Furniture, fixtures and equipment at branches
Second Preferred stock
(af-
ter expenses)
[Vol. 112.
999.030
of construction:
Assets
—
Waterhouse
company say
&
Co., auditors, in a statement to the
in substance:
As the company takes a complete physical inventory only at the end of
the calendar year, it is not possible to prepare an accurate interim statement,
but we have pleasure in attaching hereto approximate consolidated balance
sheet and profit and loss statement as of Oct. 31 1920.
"The inventories of stoclcs on hand are based upon book and insurance
inventories prepared early in November, which are considered to fairly
represent the stock on hand at Oct. 31 1920, and which have been valued
at estimated market values.
THE CHRONICLE
Jan. 8 1921.]
The amount shown
as duo hy tho Ann'riean Wf>olen Co. of N. Y. is
company (which Inchulc shares of the Ma.ssamarket vaUie in excess of the par value of its capital
equal to the net assets of that
company)
chiisetts
at
stock as of Oct. A\ 1<.)2().
The custom of the company has been to deal with certain re-serves and
accruals such as the provision for depreciation and obsolescence only at the
close of the fiscal year of the company, but wc have endeavore<l to take Into
consideration the proi>er proportion of such items ui> to t)ct. iil Ht_'0.
No provision has been made for Fetieral tanvi from Jan 1 l'J20 as tho
amount thereof will be largely affected by tho operations of the remaining
months of tho calendar year.
Tho company had no commitments for the purcha.so of wool outstanding
at:Oct.31 1920.— V. Ill, p. 2523. 2J26.
other employees who have subsi-rlhed for shares under our 1919 Employees'
Stock Having Plan, making a Uit
r our 00,000 employeea
who are, or will soon become, ^l
d.
fii. u
I'rdprriu Account.
\s an iricrijiM- til rt'Jil
Our
—
estate ana improvements of
at Ion of ppiiperty but l« an a
\\
meiit.
the addii
will i.iu
!•
of
—
.
niH
complete
.
I
h.lM
11
I.,.
.
.
Klill
it
ihiuJc
ll
believi
at will.
i,,^s
ii
ijii.Mi/iiijiii,
-.- .1
II
industry aun
th<
now
\Vi- do nut bil!
before the I'liitt >i
to try the expi-riiiu lU uf Ijlui
Industry as ours.
I'here have
muiit interference with businej>s to di.
Outlook.
Our Inventories are down to a marketable basus and
that <iur future will be iirosperous.
The present cost priie of li\.
such that meat prices should bo attractive to consumeni. Tie
prices of wool, hides and all other byiiroducts are on a basis lb;.'
move them Into trade channels promptly. These are among the I.i\
I
r-
;
i
The effect of this decline, combined with high interest rates, and tho
Increased cost of labor and oiMirating expoiLsos generally, are clearly shown
in the Balance Sheet stibmltted herewith.
Ileary lAtsscs Since Armistice Charged to Surplus in
Foreiffii Business
1920.
For many years tho packers' foreign lutslncss. particularly Euroi)ean.
has been of large volume, but tho continued depi-eciation of foreign currencies has seriously affected the demand for our goo<ls
There arc signs.
however, of an early adjustment of t he complicated i)roblem of International
finance, but it must be borne in mind that Europe can pay for the commodities she needs from us only by the exportation of her goods.
Following the Armistii-e your company made large consignments of
product to Eiu"opo and due to the great subsequent depreciation in foreign
currencies and to price regulation and other restrictive measures by foreign
governments the.se ventures resulted in very heavy los.ses
The final retiu-ns on many of these coasigninents, due to the disorganized
oondition of Europe's commercial machinery, were not received until 1920.
although the goods were sold before the close of our fiscal year 1919. These
losses, however, have been absorbed tlu-ough an adjustment of our surplus,
as shown on the fac» of our balance sheet.
Dividend Omitted.
In order to conserve the resources of the company,
your directors, as I informed you on Sept. 14 last, voted to omit payment of
tne regular quarterly dividend on tho Common stock.
Outlook
The world-wide demand for food still continues. Prices of
Sacking-house products have reached a level where any fixrther serious
eclino would seem to be out of the question, and with our inventories
carried at conservative market values, I feel that your company is in a
position whore its earnings will respond promptly and favorably to any
Improvement in general market conditions.
The present market quotation for our stock is far below its real value.
In common with many other sound securities, oiu^ are suffering largely
because of disturbed general, financial and credit conditions, and not because
of any lack of value in the assets of the company.
Auditor's Certificate
The Auditor's Certificate dated Dec. 11 says:
"The inventories of product and merchandise have been valued at the
market at that date. The net profit earned for the year of $624,288 is
after deducting all expenses of operation and administration and after deducting interest on bonds and notes and other borrowed money. No
deduction for the year has been made for depreciation of fixed assets but
approximately $1,300,000 has been expended out of profits in maintenance
of the company's property.
Of the year's expenditures for O. D. C.
advertising $400,000 has been capitalized, bringing the investment to an
amount more nearly reflecting its value.
The provisions in respect to sinking funds for bonds and notes have been
complied with.
—
—
—
—
—
Transactions for Year Through Surplus Account.
Paid in capital surplus as at Nov. 1 1919
$1,713,529
Earned surplus as at Nov. 1 1919, $7,907,046: Deduct, adjustments, $3,638,008; Total $4,269,038. Add Profit for year,
$624,288. Deduct dividends paid and accrued, $1,484,134- 3,409.192
_
$5,122,721
r Surplus Oct. 30 1920
The above adjustments of $3,638,008 as at Nov. 1 1919, are mainly
the result of losses in closing out foreign shipments of merchandise made in
1919 and the foreign exchange losses taken thereon, these losses not having
developed or been reported on at the close of the last fiscal year.
Years Ending—
Oct. 30 '20.
Nov. 1 1919. Nov. 2 1918. Oct 27 1917.
Total sales
$288,802,000 $305,997,398 $286,660,971 $184,811,423
Oper. expenses, &c. 288,177,712 )303. 255,051 280,498.751
180,380.894
Res. for Fed. taxes.
Not stated
2,785,412
677,352
/
profits
$624,288 $2,064,995 $3,376,808
1st pref dividend. .
(6) 1 20 .000
(6)120,000
(6) 1 20 .000
2nd pref. dividend.. (7)458,535
(7)458.535
(7)458, .535
Common dividend. (5M)905, 598 (7)1,105,965
(7)801.465
$4,430,529
(6)120,000
Balance.a
df$859.845 sur$380,495 sr$l ,996,808
a See "Auditor's Certificate" above.
sr$3, 266,628
.
BALANCE SHEET
—
OCT. 30 1920
30 '20 Nov. 1 '19
$
S
1,963.106
1,397,518
AND
Oct.
retrlg. line..
Real estate, bldgs
machinery, &c._20,48.5,046 14,936,186
Farm lands &lmpts
Sales branches
147,461
4,340,704
2,970,362
NOV.
1
Oct.
—
Liabilities
1st pref. stk.
2na pref. stk.
(7)4.58.535
585.366
1919.
30 20 Nov. 1
$
$
19
(6%) 2,000,000 2,000,000
(7%) 6,550,500 6,550,500
stock. ..17,249, 500 17,249,500
Common
7% sinking
fund
5-yr. gold notes. 7,000,000
8,500,000
5%
IstM.g.bds.. 7,921,600 8,213,200
Total..
.26,936,317 19,304.066 Notes and accounts
Deprec. reserve... 3,852,860 None shwn
payable35,086,511 39,288.286
Bd.¬elnt.accr.
306,042
398,948
Tot. fixed assets23 083,457 19,304,066 Res. for contlng..
do for Fed. taxes
289,268
4,957,293 Pref. divs. payable
Accts. & notes rec.l6 .686,520 20,644,4.55 Surplus
5,122,721
Inv.lnstks. & bds. 1 ,614,151
1,945,930
Material & suppUesSO .648,3.57 44,986,988
Adv. on purch
,275,615
Unexpired inaur...
117,198
Prepaid Interest
458.801
Bond & note disc,
(being amort.)..
467.430
608,793
348.114
677,352
O.D.C.adv.lnvst
750,000
Cash
6 .823,559
Total.
.81,925,089
111. p. 2142.
—V.
92,447.526
Total..
9.620,575
81.925.089 92,447,526
&
S'wift
Company, Chicago.
(Report for Fiscal Year ending Oct. 30 1920.)
President Louis F. Swift at the annual meeting on Jan. 6
said in brief:
—a war basis to a normalreadjustment of values means—coming
You
know what a
basis — and that
what wo have been
all
down from
Is
During the year we added to our surplus $5,170,382 and paid dividends
of 8%, amounting to $12,000,000.
A little more than half our dividends,
therefore, has been paid out of surplus earnings of previous years.
This
accumulation made possible the continuous payment of dividends in just
such a time as we have been through.
Our sales during the past year were over $1,100,000,000. This represents a reduction from the previous year, but this was to be expected
because of the fall in values and the smaller volume of live stock produced.
Our profit amounted to less than half a cent on each dollar of sales, indicating that this profit had practically no effect on prices.
Shareholders.
Swift & Co. now has over 40.000 shareholders of record,
over 13,000 of whom are employees. In addition, there are over 7.000
—
'
t
iblo
OPERATIONS FOR FISCAL YEARS.
Months
30 1920. Not. I 1919. Nov. 2 1918. Sept. 30 1917.
ending
S
$
S
$
Huslnessdone... 1,100,000,000 1.200.000,000 1,200,000.000
875.000,000
Netearnlngs
5,170,;<.S2
13,H70,1K1
21.157.277
.'M.ti.W.OOO
Cash dlvs
(8%) 12,000,000 (8)10,063,460 (8)9.000,000(10)10.000,000
—
Oct.
Balance
def 6.829.618 8ur.3,800.721 sur. 12,157.277 sur. 24.650.000
BALANCE SHEET.
—
30 '20
Oct.
Assets
%
Real estate. Improvements, ind. branches. 96.119.502
and bonds
.Stocks
35,831.002
Nov.
Nov. 2
$
19.
1
$
30
"18. Sept.
'17.
$
79.247. .567
55 170.507
39.298,452
35.689.392
89.803.862
35.133,578
Trejisury stock
39, 716.467
Cash
14.146.101
2i.9'l5".4.3i
12,075, .593
8. 292,056
153.503 ,863 149.796.213 105,691.462 82, 265.715
Live cattle, sheep, bogs,
dressed beef. &c
151.305,084 191.890.849 179.060,614 120.935.778
Accounts receivable
Total assets
Liabilities
—
...450.905,553 489.539,932 451.063,080 306.380.523
Capital stock
...150,000,000 150,000.000 1.50,000,000 100,000.000
Bonds
29. .591, 000
30.2.58,500 30,926.000
31.593.500
6% gold notes
25,000,000 25.000,000
gold notes
7%
40,000.000
Acer, bond Int. & dlvs. .
4,394,919
515,433
Bills payable
94.604,477 145.224.206 120,577.795 70,211,560
Accounts p,Tyable
19.423.2.34 39,260,829
41.250.995 23,757,003
General reserves
110.734.558 11,414,497
6,717,678 16,458.541
Reserve for Federal taxes/
116,500,000
Surplus
81,552,283 88.381.900 "84.575,178 59,965.000
(
— Total
V. HI.
450.905,553 489,539.932 451,063.080 306.380.523
liabilities
p. 2529. 2236.
Michigan Sugar Co., Saginaw, Mich.
(Report
Fiscal
for
Year
1920.
June
ending
30.)
1917.
1918.
1919.
Net earnings, before Fed.
Not shown
$2,008,851
$570,262
Not shown
Not shown
600.000
67,318
Not shown
Net earnings, after taxes $1,843,156 $1,408,851
$502,944
Preferred dividends
(6)222.210
(6)222,210
(6)222,210
Common dividends
(10)747, 110(8J^)635,044 (10)747.110
$1,360,332
(6)222.210
(8)597,688
taxes
taxes and
profits tax
Fed.
excess
Balance, surplus
Prev. surplus(as adjust.)
Total surplus..
CU.M.\IO.\-
$873,836
2,995.106
$3,868,942
$540,434
2.502.736
$551,597 def$466.376
3.043.173
2.426.409
$2,978,006
$3,043,173
$2,576,797
DIVIDEND RECORD FOR CURRENT YEARS TO JUNE
30 1920
(.UNOFFICIALLY REPORTED).
•09.
INCOME ACCOUNT FOR FISCAL YEARS
1
factors.
12
products has been well nigh continuous
Results.
i
—
Results.
The enforced liquidation of largo inventories, especially In tho
later months of the year. In face of a rapidly decreasing demand, ^)roiight
about a dec-line in commodity prices, proliably unoqualed in commorcial
history.
The pacilng industry was one of tho first to feel tho effect and
since the Summer of 1919, the downward trend In tho price of animal
through.
iK-i-ii
I.-
;i
were Imperative, and wo
lit.
wants
I*resident E. A. Cudiihy, Chicago, Jan. 1, wroto in subst.:
Assets
\\
which we
p.
Tht-i ,- ii.i \
tarlly given
i»r(i[n'ru»-s lo
ii.\i-<i
ir
.
cattnl
{Report for Fiscal Year Ending Oct. 30 1<)20)
Car&
I
'
is
The Cudahy Packing Company, Chicago
Net
159
Recular diva.. 2%
Extra dlvs
Stock dividends...
—
Assets
Real
'10. •11-12.
7%
7%D.a.
14.
None.
35%
15.
16. '17. '18.
-19.
6% 8% 8% 8% 9H%
5% 2%
GENERAL BALANCE SHEET AS OF JUNE
1920.
1919.
est.. plant,
& equip
$7,738,185
Goodwill, tradenames, &c
3,742,924
Investments
1,074,240
Cash
2,242,555
Inventories
1,111,171
Liberty bcnds,&c
802,584
Interest accrued
Note.s&accta.rec. l7336"745
Advance payts.
49,436
Land sales contracts
56,493
Deferred charges
342,373
—Total
V. 107,
13.
1%
LiabtlUies—
Mch.AJe.'ZOm
2H% each
30.
1919.
1920.
Common
$7,471,100
3,703.500
stock. $7,471,100
$7,411,284 Preferred stock. 3,703,500
Accounts payable
3,742,924
& accr'd taxes
1.066,740 Reserves for depreciation
2,140.495
1,089,977
do Fed. tax, &c
Surplus
735,084
15,432
113,622
103,911
46.593
77,479
1,591,737\
1,783,947)
3,868,943
2,489.703
2.978.006
15,549
253,884
$18,496,706 $16,688,902
p. 700.
Total
$18,496,706 $16,688,902
British-American Tobacco Company, Limited.
(Report for Fiscal Year ending Sept. 30 1920).
The report dated Dee. 20 1920 shows in substance:
—
Ordinary Dividends.
Four Interim Dividends have been paid on the Ordinary Shares, \iz.. 6% Jan. 27 1920; 6% Mar. 31 1920; 5% June 30 1920;
and 4% Sept. 30 1920.
year's Profits
Net profits for the year 1019-20 after deducting
all charges and expenses for management. &c., providing for
Income Tax and Corporation Profits Tax and adjusting the
liability in respect of Excess Profits Duty, are £4,879,177.
Deduct Preference dividend for the year of 5%. £225.000;
balance
..£4,654.177
Special Dividends.
The amount brought forward per last balance
sheet (£4,912,734). less the final dividend of 6% for the year
ended Sept. 30 1919, paid Jan. 27 (£512,422) was
£4.400.312
From this amount were paid special dividends, viz.:
Purchase price of 641 ,000 shares of Garland Steamsliip Corporation distributed in accordance with Extraordinary Resolution
of 10th May, 1920 (V. 110, p. 2195)
£475.438
Amount applied In making payment in full for 3,197.096 Ordinary Shares at £1 per share in accordance with Extraordinary
Resolution of 10th May, 1920, and distributed to the ordinary
shareholders at the rate of one share for every foiu- shares held 3.197.096
—
—
Balance of surplus
Aforesaid balance for year 1919-20 after deducting Pref. dividend
Total
Foiu- Interim Dividends
on Ordinary shares as above
Leaving available balance of
£727,778
4,654,177
£5.381,955
2.305.086
£3 .076 .868
this last amount the Directors recommend the distribution on
Jan. 10 1921 of a final dividend (free of British Income Tax) on the Ordinary
shares of 971 amounting to £1,440,405 14s. 5d., leaving £1,636,462 lJ>s. 6d.,
Out of
to be carried forward.
THE CHRONICLE
160
The not proflia above montlonod do not Includo the Company's proportion
of the unrivldfKl profits of the Associated Companies which they have not
thouKht fit to dorlaro as dividends.
[Signed Doc. 20 1920 at Westminister House. 7 Mlllbank. I^ondon.
a. W. 1, by II. Cunlirfo Owen, Joseph Hood, directors, and A. M. Itlckards.
Secretary.)
INCOME ACCOUNT YEARS ENDING
1919-20.
Net profits aft. charRcsx
£1.87!».117
1916-17.
£:i. 105.002
22.'i.000
225,000
2.156.773
1.876.296
£908.62,')
4.400,312
—
£5,308,937
25%
£1,003,706
1,780,222
£1.038,879
2,526,700
£1,394.735
3.005.578
£2.783,928
£3,565.579
£4.400.313
£3,197,096
475,438
In S.S. stk.Ctext).
Transferred to spec. res.
257 ,228
Estimated excess profits
duty to Sept. 1917
560,000
,
ng307o-
BALANCE SHEET
Asset.t
—
,541,986
Plant, raach'y,&c
Good-will, trade-
419,501
505.11.5
Inv.In assoc.cos.* 11,3.56.132
Other
607,923
Invpstiri'ts
Loana.iissorlated
companies. Ac* 7,194.9.58
Mater'Is & supp. 7.021,185
Debtors
&
bal..le.«a
debit
reserve *2..531.177
Cash
30.
—
1920.
1919.
Liabilities
£
£
475.448 Preferred stock. 4..500.000
460,354 Ordinary stock. 16,002,523
Cre<l.& cred.bals 5,678,939
505,115 Res. for bldgs.&c.
630,164
8.691.R99 Prem. on onl.sh's
391,039
154,110 Ro'lemp.of coups
.55,.S34
Special reserve..
1,198.727
6,067,525 General reserve.
1,500.000
8,197.493 Profit & less before deducting
2.772,714
final dlvldend3,076,869
4.136,974
£
Real est.&blclK.
marks, &c
SEPT.
1919.
1920.
2,856,119
£
4,500,000
8,501,911
9,918,597
542,822
367,664
60.717
1.156,987
1,500.000
4,912,733
Total
Total
33,034.095 31.461.432
33,034,095 31,461.432
a contingent liability on shares not fully paid, £95,625 also for
premiums payable on redemption of shares in associated companies alocated
to employees: also a contingent liability to issue £3,410 ordinary shares
under resolution of May 10 1920 to shareholders who have not filed
acceptance.
* Includes assets in enemy countries.— V. Ill, p. 2524.
There
Ind. KR died Jan. 6.
Matters Covered in "Chronicle" of Jan. 1 1921.
(a) Review of RR. situation (Mr. Cuyler, Chairman Ry. Executives), p. 26.
(b) Veto of bill
deferring operation of Sec. 10 of Clayton Anti-Trust Act. p. 27.
—
Abilene
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
—
General Railroad and Electric Railway News. The
following table summarizes recent railroad and electric railway news of a more or less general character, full details
ooncerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Final Settlement with 13 Cos.
See U. S. RR. Admin, on a following page
Federal Gxiaranty
Unfavorable Decision.
Supreme Court of Dlst. of Col
on Jan. 4 decided that payments of amounts due RRs. under Federal guar
anty must await final settlements. Appeal proposed. "Journ. of Comm
Jan. 4, p, 4. Bill to permit part payment Introduced In House. "Times'
—
—
'
—
Jan. 7. p. 26.
Cost Less Depreciation.
'Railway Review" Jan. 1 1921, p. 11 to 15.
Freight Rates a Big Problem for Lumbermen in B. C.
"Financial Post"
Toronto Dec. 31, p. 3.
Present Demurrage Rates to Continue at Least Until March 31.
The I.-S.
C. Comm. on or about Dec. 28 refused to sanction the Increase proposed
by the carriers In the face of opposition by shippers. The present rates
after 48 hours' free time, are $2 a car for each of the first four days and $5
a day thereafter. The RRs. asked for S3 a car for each of the first four
days, $6 a day for each of the next three days and $10 a day thereafter.
Intrastate Rales.
(a) Federal Judge Martin J. Wade at Des Moines on
Dec. 30 made permanent the temporary injunction previously granted restraining the State authorities from enforcing the Iowa 2-cent fare law
Des Moines "Register" Dec. 31. (b) Illinois commuters fight Increased
rates.
Hearing to be resumed In Washington, D. C, Jan. 13 "Ry Age"
Dec. 31. p. 1177. (c) Federal Judge Ray at Utica. N. Y., on Jan. 6 Issued
an order returnable Jan. 22 directing the I.-S. C. Comm. to show cause
why an injunction should not be granted N. Y. State restraining the enforcement of the new rates, (d) Federal Judge Hand yesterday adjourned till
Jan. 28 the action of N. Y. Central RR. to prevent interference by
State with the increase In intra-State rates. Compare V. Ill p 2466-
—
—
—
N Y
V. 112, p. 60.
Congestion Order for Routing by Most Direct Route Rescinded Dec.
"Coal Trade Journal" Dec. 29.
—
31.—
—
Expect Less Traffic Hope in New Rates and Economies.
Views of
RR. Presidents. N. Y. "Times" Jan. 5, p. 22. Jan. 3, p 26 (a)
New Construction, Ac, in 1920. A trade paper reports for 1920 lowest
n«w RR. mileage on record, viz.; 314 m. against 686 in 1919; locomotives
—
built, 1,859 agst. 2,162 In 1912 cars for domestic use, freight, 58,864 agst
^o,out s»^.
94,981 in 1919: passenger, 810 agst. 466.
Effect of Financial Status on RR. Impls. (Chairman Ry. Executives)
'
Eng. News Rec." Jan. 6. p. 7.
Railway Maintenance Improved in 1920. Idem. p. 33 to 36.
—
—
Pending RR. Work. Expenditures generally confined to present needs
speoal data as to So. Pac. N. Y. Central, B. & C, Erie, N. &
"Ene
News-Rec." Jan. 6. p. 37 to 39.
Confidence in RR. Outlook.
(Wm. Sproule, Pres. Southern Pacific).
W
—
Financial America" Jan. 7.
Am. Ry. Assn. Officers Daniel Willard of B.
0. Chairman
"Times" Jan. 17, p. 23.
RR. Wages, Ac. (a) A press dispatch says Atlanta Blrm. & Atlantic
has announced a wage decrease equal to 50% of all increases since 1917
"Fin. Am." Jan. 7. p. 7.
Question raised whether such matters are not
entirely In hands of RR. Labor Board. "Times" Jan. 7, p 20
(b) 900
N. Y. Central shopmen laid off Dec. 23. return to work, (c) Ch. &
reducing number of clerks and trainmen. "Times" Jan. 7. p 3
Electric Railway Matters.
(1) "Elec. Ry. Journ." of Jan. 1 1921 reports
on (a) National fare experiment (Lucius S. Storrs. Pres. Conn Co ) p 10
to 19.
(b) Outlook for service at cost franchises (L. R. Nash of Stone &
Webster. Inc.). p. 23 to 30. (c) Electric railway statistics for 1920: receiverships (992 miles), foreclosures (224 miles), track abandoned (160 miles)'
operations suspended (194 miles), new rolling stock ordered (3 598 agst"
2,447 in 1919), &c.
(2) Transit Construction Comm. John J. Delaney in
annual report predicts end of surface cars. "Times" Jan. 6. p. 25.
Miscellaneous.
(a) Effect of Clajton law (effective Jan. 1 1921). "Times"
Jan. 1, p. 2. Commission asserts chanjjes in Act are needed. "Wall Street
Journal
Jan. 6, p. 6.
(b) Changes in division of RR. dollar; labor
fets 55.47% agst. 40.60 in 1916. (Bureau of Ry. Statistics). Boston "N.B "
)ec. 30.
(c) RR. statistics In 1920. Idem, Jan. 1.
(d) Decision of U. S.
Supreme Court of Jan. 3 upholding right of I.-S. C. Comm. to review an
order of Director-General, which excluded artificial silk from freight list
"Pin. Am." Jan. 4.
(e) Additional rolling stock bought and needed
Times" Jan. 5. p. 24.
(f) Southern Pacific Co. urges shipments now. Idem. Jan. 6, p. 20
(8) I.-S. C, Commissioner Clark tells Senate he favors RR. mergers. "Pin.
—
—
—N
Y
RR
—
—
A
Settlement of Claims.
Alaska Governm't Road.
— Road
— V.
—
108. p. 1610.
to he Completed in 1922.
Interior, in his annual report says:
completed, the standard-gauge line will extend from Seward to Nenana on the south bank of the Tanana river. 412 miles from Seward, with a.
standard-gauge branch:of38 miles, leaving the main line at Matanuska June
tion to the Chickaloon coal mines, with a spur of 3 miles on this brainch
to the Eska coal mines.
Fifty-four miles standard-gauge are under operation from Healy to Nenana,
John Barton Payne. Secretary of the
When
leaving a gap of 94 miles between Gold Creek and Healj
From the north
bank of the Tanana river, a narrow-gauge road of .54 miles is In operation to
Fairbanks. From Happy station on this line. 7 miles south of Fairbanks,
a narrow-gauge branch of 32 mllea extends to Chatanika. Total mileage
in operation. 445.
Total when completed. ,540.
The clearing on the gap Is practically completed, and approximately 40
miles of grading done. The entire road. Including the 3,000-foot bridge over
the Tanana river at Nenana, should be completed and In operation Djr the
end of the summer of 1922. V. 111. p. 692.
—
American Niagara RR.
N W
— Incorporated. —
Incorporated Dec. 31 1920 in New York with a capital of $1,000,000.
Incorporators; A. H. Smith (Pres. New York Central RR.), A. H. Harris.
I. A. Place (V. -President of N. Y. Central RR.).
The "Financial America" says: The company will construct a road 11
miles long from the connection of the N. Y. Central RU. and the Lehigh
Valley in the town of Tonowanda to the railroad and bridge of the Canadian
Niagara Bridge Co. Directors are Alfred H. Smith. A. H Harris. I. A
Place. R. J. Cary, J. S. Hess. H. B. Elgar and F. R. Perry, N. Y. City; J.
N. Beckley, of Rochester, and E. W. Beatty. of Montreal.
Auburn(N.Y,)
The
& Syracuse Electric RR. — Fare
Increase.
P. S. Commission authorized the company to charge an 8-cent fare
in Auburn, a 10-cent fare between Auburn and the Soule Cemetery, and
between Auburn and the South Street on its Owasco Lake line, with transfer
privileges; and outside of the city limits on the Soule Cemetery, South
Street or Owasco Lake Lines, 5 cents.
The increase asked for was based
chiefly on increased wages.
The Auburn city authorities waived a franchise restriction until Dec. 21 1921.
V. Ill, p. 2323.
—
—
is
—
& Southern RR. — Final
See 'I'niled Stales HH. Adniinislration" below.
.
and loss. surp. £1,636,463 £4,400,313 £3.005,579 £2,526,700
X After deducting In 1919-20 "all charges and expenses for management.
&c.. and providing for Income tax and corporation profits tax and adjusting
"
the liability in respect of excess profits duty
y The dividend.! on the ordinary .shares In 1919-20 include the four
Interim distributions viz.: Jan. 27 1920. 6%; Mar. 31. 6%; June 30. 5%:
and Sept. 30. 4% calling for £2,305,086; also the final 9% dividend (free
of British income tax) recommended payable Jan. 27 1921 (£1 ,440,405) makProfit
Am." Jan. 6. (h) Understanding reached as to preferential rates on shipments to and from American vessels In case Sec. 28 of Marine Act become*
effective. Idem Jan. 5.
(I) N. Y. Central rail order aggregates 170.000
tons. Idem Jan. 3.
(j) Penn. RR. signs agreement with employees. "Jour,
of Comm." Jan. 3, p. 8.
(k) Revival of I'enn-New Haven m«rger talk.
•Times' Jan. 7. p. 22.
(I) Benjamin Thomas, former Pres. of Ch. & West.
225.000
1.876.296
22.'5.0<)0
Balance, surplus.
Previous surplus
do
1917-18.
£3.140.174
1918-19.
£3.770. .',08
3,745,492
Pref. dividends (ry%)...
Ordinary div. (30%). .y
Total
Deduct
Stock dividond
SEPT. 30
[Vol. 112.
I.
Baltimore & Ohio RR. Securities Authorized.
S. C. Commission has authorized the company:
—The
(1) To issue and delivery to Guaranty Trust Co.. trustee, not to exceed
•$20,570,629 conditional sale purchase notes pursuant to a contract between
National Railway Service Corp., Guaranty Trust Co., and the Co, dated
Nov. 1 1920, known as a Carrier Contract No. 1, executed pursuant to the
terms of National Railway Service Corp.'s Equip. Trust, Ist Series, Conditional Sale Basis, dated Nov. 1 1920' said 820,570,629 of notes being equal
to the aggregate of $13,000,000 of trust certificates, $6,649,500 Interest
on said certificates, and $921,129 for the contingent fund, as provided in
Carrier Contract No. 1 and In trust agreement;
(2) To pledge with Guaranty Trust Co.. trustee, not to exceed $3,250,000
Ref. & Gen. Mtge. bonds. Series B, held unencumbered In Its treasury,
as security for the performance of Its obligations under carrier contract ana
trust, and
execute a contract of guaranty In respect of an obligation of NaRailway Service Corp. to the U. S. for a loan of $5,200,000.
The Commission has also authorized the company (1) to nominally Issue
and hold In Its treasury $7,586,000 Ref. & Gen. Mtge. bonds. Series "B"
(2) to Issue and pledge $362,000 Pittsburgh Lake Erie & West Virginia
System Ref. 4% bonds as additional collateral security to Its Ref. & Gen.
Mtge. bonds. Series "B"- and (3) to Issue and pledge $1,000 Pittsburgh
June. & Middle Dlv. 1st M. 3}4% bonds as additional collateral security
for Pittsburgh Lake Erie & West Virginia System Ref. 4% bonds.
Authority was granted respectively to the following subsidiaries to Issue
and deliver their bonds to Baltimore & Ohio RR. nominees In payment for
additions, Improvements and betterments as follows; Schuylkill River
East Side RR., $411,500; Baltimore & Philadelphia RR., $231„500; Baltimore & Ohio RR. In Pa., $1,764,000; Wheeling Pittsburgh & Baltimore
RR.. $34,000: Fairmont Morgantown & Pittsburgh RR., $526,000; Pittsburgh & Western RR., $50,500; Pittsburgh Junction RR.. $456,000; Washington County RR., $500; Baltimore & Ohio & Chicago RR., $192,500;
Baltimore & Ohio Southwestern RR.. $145.500. V, 112. p. 61.
equipment
To
(3)
tional
—
—
—
Berkshire Street Ry. Sale for Taxes.
Harvey P. Cole, Collector of Taxes for the town of WiUiamstown, Mass.,
has announced that property owned by the company at WiUiamstown,
Mass.. will be offered for sale at public auction on Jan. 8 for the ptu^pose
of obtaining payment of $1,216 in taxes owed the town.
("Electric Railway
Journal.")
—V.
111. p. 1851.
—
& Maine
— Results of RR. Gets $6,656,479 Loan from
Operations Since Inauguration of
Rates. — The Boston "News Bureau" Jan. 5
Boston
Government
New
saj-s:
The B. & M. RR. has received a loan aggregating $6,656,479 from the
Government and the money has been placed in escrow in the banks, as it is
held for specific purposes, namely for improvements and new equipment.
Of this amount. $5,443,979 is to pay for betterments, only a small part
of which have already been completed, and the balance of $1,212,500 is
advanced to the road to help pay for 37 new freight and switching locomotives.
In return for this loan the B. & M. has given its 10-year
bonds as
The estimated cost of the new engines is $2 .425 .000 the company
security
itself being required to finance half the cost of the equipment.
Negotiations are still progressing between the B &
and the Government for an advance of funds out of accrued compensation due under the
guaranty which ended Sept. 1.
In the three months following the inauguration of the new freight and
passenger rates and the termination of the Government standard return
B. & M. suffered an operating deficit of over $2,000,000 in spite of an
increase of 21.7% in operating revenues over the corresponding peroid of
1919. Thlsis.of course, due to the disproportionate increase in expenses.
That the road was unable to realize a larger increase in gross as a result of
the 40% increase in freight rates and 20% in passenger fares is attributable
chiefly to the traffic slump which set in within a few weeks after the new
rates were inaugurated.
6%
.
.
.
M
.
Had the Boston & Maine been operati. ^ on its own account during the
whole year of 1920 it would have actually incurred a deficit of $9,741,201
months ended Nov. 30, but the bulk of this loss, of course, comes
on the Government under its guaranty.
The following reflects the effect of traffic recession on gross earnings
and the deficits after operating expenses incurred in the three monthfl
in the 11
following termination of the Federal guaranty.
%
1920—Oross— 1919
Inc.
1920—iVe«— 1919
$8,903,194 $7,140,558 24.6 *$129,882 $1,091,645
*568,627
690.205
8,713,545 7,224,195 20.6
7,736.285 6,467,373 19.6 *1,299,431
271,790
25,353,024 20,832.126 21.7 *1.997,940 2,053,640
September...
October..
November.
Total. -.
Deficit.
[It is stated that up to Jan. 5 $185,000 of the Connecticut
$34,000 of the Boston & Lowell bonds which matured Jan. 1 1921
turned in for exchange into the 10->t. 7% First Mtge. bonds of
& Maine RR. This would leave $105,000 of Connecticut
$285,000 of the Boston & Lowell bonds out.] V. 112, p. 61.
—
River and
have been
the Boston
River and
.
Brockton & Plymouth St. Ry. — Equipment Notes.—
The Mass. Dept. of Public Utilities has authorized the receiver to issue
36 notes, aggregating $6,360. for the purpose of piu-chasing a one-man car,
the notes to mature at monthly intervals and to be in addition to a cash
payment already made in connection with the purchase. ("Electric Eallway Journal.") V. 111. p. 2139.
—
THK CIIUONICLE
Jan. 8 1921.]
—
—
Brooklyn City RR. Official Statement. H. Hobart
Porter, V.-Prcs. and Gen. Mffr., in interim report of Dee. 27
says in
brief:
In
fiscal
results of the independent operation of the road for a full year.
Following breaches In certain covenants of the lease, Judge Mayer
ordered the company's property returned to It on Oct. 19 1919, since which
time your company has been operated under the direction of Its own officials.
During the war great Incieawa
Atlllude of N. \. (Mty.
Fares.
occurred In the cost of labor and material which seriously embarrasMMl ilir
Alany were forced
•lectrlc railroad companies all over the Unltetl Slates.
Into receivership, their security holders suffered losses, and the public
served had Its riding facilities curtailed. A co-operative attitude resulted In
Increased fares being granted In almost every Important city In the U. .s.
The municipal authorities of N. Y. City, however, have not only steadfofitly refused to co-operate to solve these problems, but have Iterated and
reiterated their determination to prevent any Increji.stHl fares.
Your company Is the only considerable surface transportation system of
the Greater City not In receivership, and we are apparently made the subThis was evidenced
ject of special attention from the municipal authorities.
\rhen your company endeavored to collect a -second faro on Its Klatbush Av.
Not only were legal proceedings InstltutiHl
line as we had the right to do.
to prevent such fare, but city officers advised the public to rcfu>-« to pay the
fares, incited troubleand even threatened jail sentences under the provision.^
of the public service law. The company thereupon ceased Its efforts to
collect the second fare and carried the case to the courts and the .\ppelate
Division of the Supreme Court has by unanimous decision sustained the
company's
Duluth (Minn.)
Cincinnati Indianap.
See "United States
RR.
—
—
—
— Transfer Charge. —
'"
The Indianapolis P. S. Commission authorized the company effective
Dec. 20, to charge 1 cent for transfers. The basic fare remains the same,
The 1 cent transfer charge is to remain in effect for 71 days.
The company reouested a 2-cent transfer charge. The Commission accepted for its guidance for emergency purposes a valuation between $14,000,000 and $16,000.000.— V. Ill, p. 2041.
,
viz., 5 cents.
—Plan Adopted. —
—
Co. — Plan Adopted. — The
International Ry. Buffalo.
See International Traction Co. below.
International Traction
tective committee, Elliott C.
V. Ill,
p.
2520, 2228.
pro-
McDougal, chairman, has
notified the holders of the Collateral Trust
4% bonds of
1912
that the committee has adopted the amendment, paragraph
ninth (V. Ill, p. 2228), to the protective agreement dated
Dec. 10 1918.
Digest of Statement of Protective Committee Dated Jan. 3 1921.
To jnit Plan into Effect Immediately .—CoTanxittee proposes to carry out as
expeditiously as possible the Plan (V. Ill, p. 2228, 2324) for re-adjusting
the affairs of the International Railway and has fixed Feb. 1 1921 as the
last day on which Depositors may make elections to purchase securities and
pay the purchase price therefor, and expects to be in a position to make
deliveries of securities on or after Jan. 20 1921.
Voting Trustees Selected.— The Voting Trustees selected for a term of five
years, are Walter P. Cooke, Chairman of the Marine Trust Co.. Buffalo;
Thomas Penny, general counsel of the Railway Co., Buffalo, and Nelson
Robinson, N. Y. City. The Agent of the Voting Trustees, Fidelity Trust Co.,
Buffalo.
Free Distribution of V. T. C.
Each Depositor is entitled, for each $1 .000
Traction Bond represented by his Certificate of Deposit, to receive V. T. C.
for 4 shares of Railway stock, upon surrender of his Certificate.
Purchase of V. T. C. & Bonds.
Each Depositor is entitled, for each $1 ,(X)0
Traction Bond represented by his Certificate of Deposit, to purchase V. T.
C. for 5 shares of Railway Stock and $100 of Railway 5% Bonds, at $101 25
(the interest accrued on the Bonds to Feb. 1 1921. being $1 25). and may
exercise this right as to all or any number of the SI .000 Traction Bonds
represented by his Certificate of Deposit. In so far as this right is concerned,
the unit is a block of securities consisting of Voting Trust Certificates for
5 shares of Stock and $100 in principal amount of Bonds.land the purchase
price for each block is $101 25.
Each Depositor is also entitled to piu-chase his proportionate share of V.
T.C. for3,752 shares of Ry. stock (approximately 1 share for each $5,000
of Traction bonds represent-ed by his Certificate of Deposit) at the price
of $10 for each share of stock, and (or) his proportionate share of $185,300
in Railway 5% Bonds (approximately $100 of Railway 5% Bonds for each
$10,000 of Traction Bonds represented by his Certificate of Deposit) at the
priceof$51 25 for each $100 of principal. In so far as this right Is concerned
the unit is either a V. T. C. for 1 share of stock or $100 In principal amount
of bonds.
The rights of the Depositors to purchase securities under the terms of
The purchase price for the securities
the plan will expire on Feb. 1 1921.
must be paid in U. S. currency or by bank or certified check payable in
N. Y. City. Checks must be made payable to the order of the Depositary.
,
—
—
—
Ill, p.
& Western RR. — Final Settlement.
—V. Ill, p. 2139.
—
—
Indianapolis Street Ry.
— Securities Authorized, &c.
Administration" below.
—
Texas has approved the report and findings of Judge Henry J.
in chancery in the case of the Galrestnn Electric Com'
panu versus the city of Galve-ston, in which the traction company sought
authority to increase its fare from 5 cents to 7 cents. The company contended the 5-cent rate was confiscatory. The ma.ster in his report recommended the granting of a 7-cent fare for the Galveston lines. The coiu^
has enjoined the city authorities from interfering with tlie collection of the
high er rate. V. Ill, p. 2140.
P. U. Commission has authorized the company to issue $1,350,000 preferred stock and $5,000,000 bonds and to purchase the Chicago
& Des Plaines Valley Electric Ry. The American Railways Co. owns the
entire stocks and bonds of the two companies.
V. Ill, p. 692.
— V.
will
Dannenbaum, master
— Fares— Value.
111.
—
Vote on Fare Increase.
trict of
Illinois
2519.
— To
—
I.-S.
Settlement.
—
Passeng'er Station. Final Settlement.
RR. Administration" below. V. 107, p. 12h7.
Fort Dodge Des Moines & South. Ry. Final Settlement.
See "United States RR. Administration" below. V. 110, p. 1415.
Galveston-Houston Electric Co. Higher Fare Approved.
Judge J. C. Hutcheson of the U.S. District Court for the Southern Dis-
P. U. Commissionfias issued an order making the 10-cent
fare permanent.
It is stated that the Commission has arrived at a valuation of between $80,000,000 and $85,000,000 for the elevated properties or
between $9,000,000 and $14,000,000 more than the valuation fixed by the
Chicago City Council on Aug. 14 1918. V. Ill, p. 2224.
— Final
Railway.
See "United States
Illinois
See "United States RR, Administration" below.
Vice-President David L. Bush died Dec. 23 In Chicago,
St.
—
First Lien
5% Mtge. bonds. Series A, and to pledge $2,206,000
thereof, together with $1,553,000 of said bonds now held in its treasury,
with the Secretary of the Treasury as part seciu-ity for a loan from the
United States of 53.759,000.— V. ill, p. 2422.
—
— Wage Reduction. —
EL Paso Union
Improvt. 20-year
Paul Ry.
—
be inoperative after two years from its adoption by the people, and
be terminated after one year.
The City Council also adopted a resolution placing the entire burden of
the election and its incidental expenses upon the company and requiring the
latter to deposit a check for $4,000 with the City Treasurer before Dec. 30
as a guarantee.
V. Ill, p. 2041.
it
C. Commission has authorized the company:
To procure the authentication and deliverj' of $2,502,000
St.
Committee.
may
—
&
Ill, p. 1751.
The Duluth City Council has adopted a resolution authorizing a special
when the citizens will again vote on an ordinance to
company a 6-cent fare. The proposed ordinance provides that
6%
Chicago Milwaukee
— V.
election on Feb. 3,
The I. S. C. Commission has authorized the company to
issue $5,000,000 15- Year
Cumulative Income Debentures, to be dated July 1 1920, due July 1 1935, red. at par
on any int. date.
The company In its application states that It has arranged for the sale
at par of $4,124,000 of the debentures to a syndicate of its stockholders and
for the sale to Blair & Co., Inc., at par and int. of whatever part of the
$5,000,000 not purchased by others. The proceeds are to be applied to
the payment or discharge of outstanding short-term notes and acceptances
amounting to $4,124,000 and such other current debt as may be met by
the remainder of such proceeds, all before Jan. 1 1921.
In granting the company's request for loans In amounts of $2,000,000
and $1,000,000, respectively, the Commission required the company to
execute two agreements dated June 28 1920 and Oct. 6 1920, respectively,
whereby it became obligated to Issue not less than $5,000,000 of 6%|Cumulatlve Income Debs, and to sell the same at not less than par for the purpose
of paying or discharging the above mentioned debt.
The present application and the proposed trust agreement with the New York Trust Co. are
In accordance with said agreements with the U. S.
V. 111. p. 2227.
Joliet Electric Ry.
below.
— Bondholders
grant the
has filed a certificate with the Secretary of State increasing
the capital stock
$200,000 to $400,000. V. 109, p. 981.
&
Rio Grande RR.
The company has announced a reduction in wages of all employee!! other
than platform men of approximately 20%.
By a vote of 1.334 to 6 the
men have refu.sed to accept the wage reduction. Officials of the union
predict the question will be submitted to arbitration.
V. Ill, p. 2520.
—
The
&
Detroit United Ry.
Burlington (Vt.) Traction Co. — Capital Increase. —
The company
from
—
Carolina Clinchfield & Ohio Ry. — Debentures Author. —
—
& Western Ry.— Bonds. —
cominitteo, of which John Henry Hammond of Brown Brother* &
Co. is Chairman, formed in 1917 to protect the holders of the First & Refg.
Mtge. 59; bonds, in a circular to the bondlioldcrs says:
"The committee has been in constant negotiation with the representatives
of the Western Pacific, looking towar<\f the refinancing of the Denver
System upon a substantial and comprehensive basis and with a view to the
proper protection of the Refunding bonds. It is expected that as soon as
the sale of the Denver & Rio (irande RK. is confirmed, a plan will be announced and the holders of Rcfundinp bonds will then be given ample opportunity to consider the same In all its details.
"The committee now represents a substantial amount of bonds and further deposits may be made at the office of the depositary. Bankers Trust
Co., 16 Wall St., N. Y. City."
The committee now consists of John Henry Hammond. Chairman;
C. Ledyard Blair, Bertram Cutler, Charles Hayden, Andrew Miller,
Joseph H. Seaman, Frederick Strauss, Melvln A. Traylor. V. 112, p. 61.
The I.-S. C. Commission has approved a Government loan of SI .000,000
to the company, to aid it in meeting its maturing debt, amounting to
$1,987,000. The company itself is required to finance $987,000 to meet
the loan.
See "United States RR. Administration" below. V. Ill, p. 2227.
Chicago
—
The
—
llateral Trust.
—
New York Lackawanna & Western RR.
Denver
—
Buffalo Rochester & Pittsburgh
— Final Settlement of Calims with RR. RR. Government Loan
Administration. —
Chicago Elevated Rys.
The men
Delaware Lackawanna
See
Brooklyn Rapid Transit Co. Interim Report by Former
Leased Line of Brooklyn Heights RR. Co.
See Brooklyn City RR. above. V. 112, p. 61.
The
—
—
Arqui.'fition.
Dallas (Tex.)
Tlie company effective Dec 1 took over the Standard Traction Co., which
had been operating in the Mount Auburn and Parkview addilions to the
city, <'onnecllng with the lines of the Dallas Railway, to which transfers
wore issutxt. The Standard Traction Co. agreed to turn over to the Dallas
Railway its property and bonus of $30,000 cash offered for the construction
The Dallas Kailway
of a line to the two additions via Lindsley Avenue.
has acccpte<l this offer contingent on the city granting a new franchise.
The i)roi)ose<t line would cost about $100,000. ("Electric Railway Journal")
—V. HI, p. 1277.
—
Ohio
.
Railway. —
—
&
— Assumed
is statcxl. Is
menls.
—
Chesapeake
Texas Pacific Ry.
a forerunner of a general re<lu<Mlon of salarii* in all depart*
will now receive 40c. an hour, as against 50<'. previously.
It was also announceil that conductors and motormen will be reduced when
their present contract expires May 1.
V. Ill, p. 1949.
It
on which your company was giving adequate service In
accordance with orders of the Public Service Commission. The operation
of these buses caused great losses to your company but In due cour.so the
courts sustained your company's contention and ordered these bus operations discontinued.
Strategic I'osition of Brooklyn City RR. Co.
The property of the company
Is of great value and the service which It renders Is vital to the buslne.ss
and residential districts of Brooklyn In which It operates, as Is shown by the
fact that It carries upward of 18,000,000 passengers a month.
No responsible person has lever charged that It is over-capitalized.
The Company received for its stocks and bonds cash In a total amount substantially equal to their combined par value, and It Invested such cash In
property used In the operation of its railroad. The total value of the
property is very largely In excess of the capitalization, and under the decisions of the courts in many similar ca.ses, its owners are entitled to a fair
return on the value of the property used in the public's interest.
No such return is possible at a 5-cent fare; indeed, it is doubtful whether
such a fare will yield sufficient revenue to pay the operating costs, taxes
and the necessary renewals of property. Under existing conditions the sole
hope of the stockholders must Ibe that their property may be preserved until
such time as the transportation problems of the city shall be taken up and
considered by fair-minded men to the end that the people of the city may
have a well developed transportation system which can continuously provide for their needs, and the owners of the system receive just compensation
for the use of their property.
Wagt Strike Defeated. In August last the employeas struck for higher
wages. They demanded a wage which, with taxes and other Irreducible
operating co.st, would have exceeded the gross Income of the company. The
f)ollce afforded adequate protection and enabled your company to so operate
ts cars as to cause the least possible Inconvenience to the public, and the
strike resulted In the complete defeat of the strikers, but cost your company
a large amount.
Outlook.
It Is confidently felt that the time will come when public officials
will realize that your company is honestly endeavoring to .serve the public,
and that the people are willing to pay a fair price for good service. Under
such conditions your company will prosper for It has a very valuable property
and a low capitalization. V. Ill, p. 61.
Ry. — Bonds Authorized. — The
&,
—
parallel to streets
—
Orleans
('
Cincinnati Northern RR. Notes I'Udged.
New York Central RK. below.— V. Ill, p. 2.020.
Cleveland Cincinnati Chicago & St. Louis Ry,^
See New York Centnil HH. below. — V. Ill, p. L'.OJO
Cleveland Railway. Cut.s Wa(i(s.^
Cunipany has announcwl a wage cut of 20% for 1,500 trackmen which.
rights.
—
.S.
See
The company has recently announced Its intention to collect a second five
oent fare on other lines where a similar franchise condition exists and It Is
now stated In the public press that the Mayor has given Instructions for
new and further litigation, the only apparent possible object of which (In
view of the decision abo\e referred to) Is to cause further delay, embarrassment and expense to the company.
The city authorities established bus lines «hlch were actually upon or
—
I.
—
—
—
New
Couiniiisslon has granted the company aiilhiirity to ai>iiume.
as lw».-»ee of The ('iiuinnall Southern Ity.. the oLllK^tlon of paying, as
additional rental, the interest on not exceeding $3, .000. 000 of f>'!i gold bonds
of the City of Cincinnati. •)., Series H and of paying annually 1 «•; of the
Mon.
principal of said bonds to provide a sinking fund for thrh
i-r the
The proceeds of the bonds will be uswl to repla<e the
.!ric and
Ohio Hiyer at Cincinnati by a new bridge suittxl lo incri
heavy modern e<iuipmenl. V. Ill, p. 2139.
The
N. Y. State ends
— The
year of public utility corapanies
June 30 and only after June 30 1921 can a report be made showing the
Report.
on
Cincinnati
IGl
'
—
—
—
THE CHRONICLE
New
Lombard
C New York Central RR. —
Purpose
162
tho Ouarniity Trust Co., Now York.
Us prlnrlpal
140 Unwidway. N. Y. (Mty.
Its LoikIoh orflcc Ik at .'{2
London. Kn^. V. Ill, p. 23J-1. 222ii.
—
Ycirk orflcr
Is
at
E.
Ht..
—
—
Lake Erie & Western RR. — Gnvcmmcnl Loan, &c. —
New York
KK.
Lehigh & Hudson River Ry.~Sfork Offcrinq. —
Kanawha &
Michififan Ry.
Government Loan, &c.
Soo Now \ Ork ('i-ntral KK. Ix'low.
V. Ill, j). 2.')20.
Soo
lielow.— V. 111. p. 2520.
Central
Tho Rtockhnldors of rocor<l HopI 10 1920 are Kiven iho riKlit to subscribe
at par botwoon .Ian. 10 and Fob. 10 to S2, 987. 000 capital stock to tho extent
of 17.5.7% of their holdings.
All iiaymenis of subs(Tl|>tion8 shall bo ma<le at tho office of the Treasurer
on or Ix-forc Kcb. 10. After Keb. 10 fractional receipts, resulllne from the
payment of fractional warrants, will not be converted Into stock, but will be
rodeeiiuKl In c.-ish. at .said <ifrice. at rate of $100 p(T whole share.
Tho stockholders on Sept. 10 1920 lncr('as(^d the authorized capital
stock from $1,720,000 to SS. 000.000. Th<! proce<«ls of the above %>.987.000 sto(-k will bo used to i)ay off the S2..'i87.000 morlt?aKC debt and tho
$400,000 dobcnturtis which fell due July 1 1920. The balance of tho
increa.sod stock. $29:5,000, wlllbeheld in the treasury.
V. Ill, p. 1949. 1852
.
—
Little Rock Railway
Canal-C/Oiiiincndal Trust
Trust
&
&
ct
New
Banking Co.,
Electric Co.
— Notes
Offered.
Bankers
—
Bank and
Intonstate
Orleans, are offering at par and
Saving.s
8%
S700.000 Bond Secured One-Year
int. to yield S'/o
Notes.
Gold
state:
payable J. & J. at the office
cfc Banking Comt)any. New Orleans, or at
First National Hank, N. Y.
Donom. .?100. -SSOO. $1,000 (c*). Callable
on 30 da.vs' notice at a premium of ]/i% and int. during first 6 months, aiid
at i)ar and Int. thoreaflcr.
Federal income tax, withheld at the course up
to 2% will be paid by company.
So long <is any of these notes are outstanding company will not create any new mortgage having a prior claim
to these notes, and will not declare or pay any dividends upon its Preferred
Due Jan.
1921
of the Trustee. Interstate Trust
Dated Jan.
or
Common
1
.
1
1922.
Int.
stock.
—
—
—
Coinnany. Operates without competition the entire railway system in
Little Rock, Ark., and supplies electric lighting and power service to the
Population about 80.000.
city and suburbs.
Gold Bonds, dated
Sccurilu
Securefl by .'S9.3;5.0W) Ref. & Ext.
April 1 1908, on a basis of 75% of their par value.
Earnings. Earnings for the 12 months ending Nov. 30 1920, applicable
to the interest on those notes, are about 7 times the amount required for
that purpose. The six cent faro recently inaugurated has satisfactorily
increased the revenues and should add materially to its earniucs.
6%
—
Valuation. The replacement value of the physical property rs estimated
to be in e.xcess of .«6, 500.000.— V. 111. p. 188.
Louisiana
io
Mississippi
RR.
&
Transfer Co.
—
See under "United States Railroad Administration" below.
this
company
Shreveport
&
Is
&
owned by Alabama
Ry.
Pacific
Vlcksburg Ry. and
Settle.
—
Stock of
Vlcksburg
—
—
Fare Increase Denied.
Louisville Ry.
The Louisville General Council by a vote of 20 to 3 voted against measures
which were to grant the company an increase in fare from 5 to 7 cents. The
Railroad Committee in a report held that a 5-cont fare was sufficient to
enable the company to operate at a profit. V. Ill, p. 1278.
—
—
&
Maumee
—
Valley Railways
Light Co. Receiver.
Raleigh D. Mills. Cashier of the Home Savings Bank, Toledo, has been
Van Deusen. a creditor. In a
appointed receiver on the petition of Ella
suit filed In Common Pleas Court at Toledo to compel the Toldeo Ry. &
Light and other stockholders to pay about $750,000 of unpaid stock subscriptions to the company and $1,000,000 on account of stockholders' double
liability.— V. 110. p. 765.
C
Massachusetts Northeastern
To Abandon Line.
Ry.
St.
Operation of the Plum Island division of the company will be suspended
The line connects
at once, it is announced, and the tracks taken up.
Newburjiiort and the island
It has not paid expenses for some time.
(••Electric Railway Journal")
V. Ill, p. 2325.
—
Miami
Traction Co.
—
—
To Sell Property.
stated, is negotiating with the city of Miami for the
sale of its property, which has been discontiiuied since Oct. last.
The
company has $250,000 Common stock outstanding and operates 4Ji miles.
(Fla.)
The company, it
is
Michigan Central RR.
— Government
—
—
Loan, &c.
New York Central RR. below.— V. Ill, p. 2520.
Midland Pennsylvania RR. Trustees' Sale.
The Commonwealth Title Insurance & Trust Co., Phila trustee for the
mortgage dated July 1 1910. under a decree of the Court of Common Pleas
See
—
,
Dauphin County, entered Dec 14 1920. will sell the entire property at
Harrisburg Court House on March 9 at the upset price of .$25,000. V. Ill,
of
—
p. 1566.
&
Milwaukee Electric Ry.
Light Co.
— Decision. —
Superior Court in a decision handed down on Dec. 14
overruled the decision of C:!ircuit Judge E. T. Fairchild prohibiting the
company from operating interiu-ban cars over its Milwaukee lines without
a special franchise.
(V. 110. p. 465. 658.)
The decision held that interlu-ban cars performing the work of urban cars after they enter the city are
ISIilwaukee streets.
entitled to the use of the
The Supreme Court coincided with tho Circuit Court in ruling that the
city is entitled to an injunction barring interurban freight cars from crossing
the city limits without a special franchise. Other portions of Judge Fairchild's decision were upheld and the case remanded to the lower Court for
correction.
V. Ill, p. 1949.
The Wisconsin
—
—
Mississippi Central RR.
Final Settlement of Claims.
RR. Administration" below. V. 108, p. 378.
—
See '•i:nited States
Missouri Kansas
&
Texas Ry.
—
— Amendment.—
The committee
of which Charles A. Peabody is Vice-Chairman acting
under the deposit agreement of Jan. 20 1916 for 1st & Ref. Mtge. 4s of 2014
proposes the following modification and amendment of Article six paragraph
five so that as modified and amended it shall read as follows:
••A period of one year from Jan. 20 1921. said period ending on Jan. 20
1922 is hereby specified as the period within which a plan or agreement of
reorganization or adjustment shall be adopted or approved and notice of
such adoption or approval published; in default of which depositors or any of
them upon compliance with the provisions of this agreement as upon a
termination thereof will be entitled to a return of the deposited bonds."
V. Ill, p. 2423.
Missouri Pacific Railway. — Ohituary. —
who
died on Dec. 29, was, in addition to being
Chairman of the Guaranty Trust Co.. a director in numerous railroad and
corporations, notably Mo. Pacific RR., New York Dock Co.
industrial
St. Louis Southwestern Ry. Co.. Texas & Pacific Railway Co., United
Gas & Electric Corporation, United Railways Investment Co., Utah
Securities Corporation, Virginia-Carolina Chemical Co.. ^Vhite Oil Corp.
Also in American Surety Co. of New York. Audit Company of New York,
Autosales Corporation, California Railway & Power Co.. Electric Bond &
Share Co., Lehigh Power Securities Corp., Interborough Consolidated
Corp.. Interborough Rapid Transit Co., &c. See full list in V. 112, p. 29.
—V. Ill, p. 2325.
Alexander
J.
Hemphill,
Nashville Chatt.
The stockholders
«& St.
Louis Ry.
— To Issue Bonds. —
March
7 on authorizing the directors to take
all necessary steps to Ie.2:ally consummate the e.vecutlon. issuance and sale
of $1,000,000 1st Consol. Mtge. 5% Gold Coupon bonds of 18S3, or any
portion thereof. V. Ill, p. 294.
will
vote
—
Nashville Ry.
The
&
Light Co.
— Valuation.—
Tennes.see P. U. Commission has fixed ,he valuation of the property
of the company at $13,200,000 and agreed to allow the company a minimum
return of
and a maximum of 7J^% upon this valuation. The Commission ordered the company to set aside each year $450,000 in the renewal
and replacement reserve, this money to be expended in improvements.
The rates and fares to be charged will be fixed later by the Commission.
V. Ill, p. 1852.
6H%
—
[Vol. 112.
— Security
— The
Securities Authorized
of .S2(j,77.'3,fX)0 Government Loan.
for mill
I.-S.
C. Commission has approved the company's application
(1) To Issue $6,494,000 6% Ref
&. Imp
mortgage bonds. s<;rles B.
(2) to assume obligations and liabilities in r<«iM'Ct of the payment of $6 420.000. Equip Trust of 1920 Deferred 6% Equip Trast gold cTlificateB;
(3) to Indorse! and guarantee; the punctual payment of the i)rinrlpal and
Interest of notes of its suljslejiary con)panics. aggre-gat Ing SlS.20'(.OOO; and
(4) to plcelge the aforesaid .securities with the SinrfUiry of tho Treasury aa
security In part for two loans aggregating $26,775,000
Division, Purpose and Security for Government Loan.
The loan, which is for the purpose of aiding the company and its subsidiaries to obtain new equipment and make additions anef betterments to
existing equipment and to way and structures is to be made in two parts:
(a) $14,850,000 and (6) $11,925,000.
(1) Furpoae of U>an of $14.8.50.000
The proceeds of thLs loan are to be
asejd bv the apidiwint for tho following piirpejses:
(a) To provide for not exceeding 25% of the cost of equipment included
or to be included in tho aforesaid equipment trust of 1920,
but e;xcluding therefrom, however, such narts of .said equipment as are to bo aceiuired by Michigan Central RK. and by
C C C. & St Louis Ry under sul>-le;a.st!S
$4,490,000
(6) To jjay the cost of additions and l>etternients to conpany's
existing equipment
1 ,492 .000
(c) To pay the cost of new equipment
994.000
(d) To bo loaned to Michign Central KR
3,930,000
(c) To be loaned to Clev CMn Chicago & St I^uis Ry
3,944,000
(2) Sccurit'/ for Lf/an of S14. 850.000.
This loan will be secured by the
pledge of the following securities:
Ref & Imp Mtge bonds, series B
$994,000
Deferred Equip. Trust Certificates..
6,420,000
Fifteen 6% promissory nbtes issued by Michigan Central RR.
aggregating
.3 ,930,000
Fifteen 6% promissory notes issued by C. C. C. & St. Louis Ry.
aggregating
3.944,000
—
.
—
7% Demand Promissory note is.sued by C. C. C. & St. L.
Ry. Co. secured by pledge of that company's $4,189,000
6% Ref. & Imp. Mtge bonds, series A
Gen Mtge. 4% bonds, due June 1993. is.sued by C.C C & St.
4,000,000
1
Louis Ry. now owned by the N. Y. Central RR. and held In
ts t reas ury
1, 000, 000
(3) Purpose of Loan of $11,925.000
The proceeds of this loan are to be
used by the company for tho following ptirposes:
(o) To pay the cost of additions and betterments to way and
structin-es
..$5,500,000
(6) To be loaned to Mich. Central RR
613.000
(c) To be loaned to C C C. & St. Louis Ry
4.560.000
(d) Also to be loaned to C. C. C. & St. Louis
113,000
(e) To be loaned to Toledo & Ohio Central Ry
214,000
To be loaned to Zanesville & Western Ry
(/)
60.000
(g) To be loaned to Kanawha & Michigan Ry
2.56.000
(li) To be loaned to Lake Erie & Western RR
609 ,000
This loan is to be secured by the
(4) Security for Loan of Sll. 925,000pledge of the following securities:
Ref. & Imp. Mtge bonds, series B
$5,500,000
10-year 6% promissorj' note of Michigan!Central RR, secured
bypledgelof that company's 6% Ref. & Imp. Mtge. bonds,
series B, amoimting to $507.000
613,000
1 0-year 6 % promissory note of C C C & St Louis Ry
seeing
by pledge of that company's 6% Ref. & Imp. Mtge. bonds,
series B, amounting to
4.560,000
10-year 6% promissory note of C.
C. & St Louis Ry., secured by pledge of a 10-year promissoiT note of Cincinnati
Northern RR in a like principal amount
113,000
10-year 6% promissory note of Toledo & Ohio Central
214,000
10-year 6% promissory note of Zanesville & Western Ry
60,000
lO-j'ear 6% promissory note of Kanawha i» Michigan Ry
256,000
10-year 6% promissory note of Lake Erie & Western Ry
609.000
Deferred Equipment Trust
Equipment trust of 1920 dated April 15
1920 covers equipment, at an estimated cost of $48,318,300 of which
.$36,225,000, is represented by 7% equip, trust ctfs. (V. 110, p. 1526).
By a supplemental agreement to be dated Dec 15 1920. $6,420,000 of
certificates, to be known as New York Central RR supplemental equipment trust of 1920 deferred 6% equipment tnast gold certificates are proposed to be issued, in respect of about 25% of the estimated cost of the
undelivered equipment, amounting to $2.5.838.002. The certificates will
be issued by the Guaranty Trust Co., New York, trustee, in denom. of
The deferred equipment
$1,000. payable annually from one to 15 years
trast c-ertificates will be issued in respect of equipment included or to be
included in the equipment trust of 1920. which shall not have been delivered
or paid for on the date of the execution and delivery of the proposed supplemental agreement. The rights of the holders of the deferred eejuipment trust certificates will be subordinate to the present and future rights
of the holders of the 7% equipment trust certificates.
The deferred certificates are to be pledged with the Secretary of the Treasiu-y (See above)
[The Commission has granted the subsidiary companies mentioned above
authority to issue the promlssoin,^ note bonds. &c.. as stated, and to pledge
them as shown.]—V. 112, p. 62.
—
i
—
.
.
.
.
.
,
C
—
.
—
—
New York Lackawanna & Western Ry. Bonds.
The $12,000,000 1st M. 6s due Jan. 1 1921 guaranteed by the Delaware Lackawanna & Western RR. are being redeemed by that company
upon presentation at
It Is underIts office, 90 AVest Street, N. Y. City.
stood that these bonds, when taken up by the Delaware Lackawanna &
Western RR. will be held alive by that company in Its treasury and in 1923,
at the maturity of the $5,000,000 Construction Mtge. 5s and the 3rd Mtge.
Terminal Improvement 4s, it is probable there will be some general refunding plan adopted. V. 68, p. 283.
—
Norfolk
An
& Western
Ry.
—
Officers Retired.
—
statement, dated Dec. 22 1920, says; "Pursuant to the company's pension regulations. L. E. Johnson, Chairman of the board. Wm. G.
MacdoweU, Asst. to the Pros., T. S. Davant, V.-Pres. in charge of Traffic,
and E. T. Biu-nett, Gen. Purch. Agent, will, on Dec. 31 1920. be retired
from the company's service, and the offices which they have held will be
discontinued.
The jurisdiction of A. C. Needles. V.-Pres. in charge of
operation, will, on .Jan. 1 1921 be extended to the Traffic Dept.. and his
title changed to V.-Pres. in charge of Operation & Traffic."
V. Ill, p. 2041.
official
—
— Final Settlement Claims. —
—
—
Pennsylvania Ry. — New
Northwestern Pacific RR.
of
See under "United Slates Railroad Administration" below.
V.lll, p.74
Trustee.
The Erie Trust Co.. of Erie, Pa., has been appointed tru.stee. under
mortgage dated Dec. 1 1911. to succeed the Central Union Trust Co. of
Northwestern
New Y'ork. See reorganization plan in V. Ill, p. 2229.
Pennsylvania RR. Working Agreement with Men.
—
—The
Pennsyh'ania RR. system has concluded -nath the representatives of its engine and train ser\'iee employees, a mutual
working agreement regarding the settlement of future labor
differences.
This agreement, if lived up to In spirit by both sides, should. In the belief
of the management, eliminate any question of strike on this railroad, as far
as train operation is concerned. The classes of employees who, through
their accredited representatives, have joined with the management in this
matter, are the enghiemen, conductors, firemen, hostlers, trainmen and
switch tenders.
As a medium to carry out the purposes of peaceful settlement there has
been established the "Joint Reviewing Committee of the Pennsylvania
Railroad System" for the settlement of all controversial questions. Through
this committee the employees involved will, for the first time in the history
of this railroad, have equal voice and vote with the management, as tho
committee will constitute a court of review involving grievances, rules and
working conditions. Including discipline.
"The joint reviewing committee will be composed on behalf of the management, of two representatives from each of the four regions of the system,
and, on behalf of the employees, of the General Chaii-men of the men In
the engine and train services. The votes of all members, whether representatives of the management of or the employees, will be of equal power
and not less than a two-thirds vote will be necessary to reach a decision
upon any question presented.
THE CHRONICLE
Jan. 8 1921.]
—
—
To Increase Debt Change of Meeting, d'c. -The stocUholders will vole Mju-ch 8 on the folluwing propositions:
Toledo
—
Peoria
K\cli;inge has stricken
the petition also sets forth that
& Pekin Union
Ry.
Indiana points
Chicago.— V.
The
—
contracts in question cannot be attacked before the administrative
body with the avowed end of having the rentals therein provided reduced
to such smu as the P. S. Commission may determine should have been the
...
rentals provided for.
It seems manifest that a decree striking down
these leases on the purely legal grounds advanced (in the argument) would
be an exercise of the highest judicial power and authority.
are unable
to perceive how it can be seriously urged that upon the complaint pending
before the C^ommission. that administrative body could be successfully
asked to enter a judicial decree of the magnitude and character indicated.
The Conmai.ssion has ample power, without doing violence to any legal
principles, to compel the rendition of adequate service at fair rates over the
propeity owned by the appellant companies, and there may come a time
soon, without attempting to over.step its power, wlten it may Avith propriety take action, the result of which would very seriously affect the rentals
imder the contracts in qu&stion. But, as we view the case no grovmd is
presented here for the action of the Commission sought for in the complaint filed.
It is reported that the P. S. Commission will join with the City of Philadelphia and the business associations in an appeal to the Supreme Court from
the above decision.
V. 111. p. 2521.
[Further details in "Electric Railway Journal" Dec. 25.]
We
—
&
Piedmont
nah
RR.— Plans
Northern
Extension.
—
Up
—
—
—Earnings. —
Bond
interest, discotint,
&
RR. —-Sale
14.95%
5.38%
$199,077
V. 110, p. 2658
Co., of San Francisco.
(N. Y.)
Increase.
—
of Properly.
—
As the result of foreclo.sure proceedings against the company, Joseph P.
Day will offer on Jan. 14 at auction the southwest corner of Second Ave.
and 127th St. a vacant plot. 99.11 by 2.n ft. Judge John C. Clark is the
referee and Shearn & Hare, attorneys.
V. 110. p. 563.
—
Sioux City Bridge Co.
— Final Settlement
of Claims.
—
See under "United States Railroad Administration" below. The capital
stock of The comiiany is jointly owned by Chicago & North Western and
Chicago St. P. Minn. & O. Ky.— V. 67. p. 223, 176.
Southern New York Power & Ry. Corp.
— Fare Increase.
The
P. S. Commission has authorized the company to file a new passenger
tariff, effective on five days' notice, establishing cash, ticket and mileage
fares at rates not exceeding .5 cents a mile for travel between Mohawk and
Oneonta, excepting in Oneonta. The increase authorized is for one year
or until another order by the Commission makes the rate inoperative.
V. 108, p. 212:L
— Bond
—
The I.-S.
Issue Approved.
C. Commission has authorized the company to issue $5,bonds, Series "A," and
900,000 Devel. & Gen. Mtge.
to pledge tho securities with the Secretary of the Treasury
as security for a Govt, loan of $.3,825,000.
Vice-President Eugene H. Coapman died Jan. 5, in Wasihngton. D. C.
Southern Railway.
4%
V. Ill, p. 2424.
— Final Settlement. —
under "United
—
RK.
Syracuse fN. Y.) & Suburban RR. — Discontinues Line.
The company on Jan
between Manllus
on
and
—
Tennessee Central RR. — Seeks God. Loan. —
Spokane Portland & Seattle Ry.
See
States
Administration" below.
1 discontinued service
V. Ill, p. 295.
.
Syracuse.
V. 111. p. 2521.
its line
The company has
applied to the Inter-State Commerce Commission
for a loan of $3,000,000 to be used in the ptirchase of track equipment.
V. Ill, p. 2326.
Toledo Bowling Green
The
& Southern
Traction Co.
city system of tho company at Findlay, O., is worth S206.493, according to a report filed by appraisers of tho S. P. U. Commission. The
appraisers report will be used in drafting a .servico-at-cost franchise to supplant the present franchise, under which the company claims it is losing
money. An application to discontinue service is now pending before the
Commission. ("Electric Railway Journal"). V. Ill, p. 2521.
—
"
"
"'
'
ot
i.'
.,
—
'
of the
l^
'in
Eatotom
"Ry. Review" adds:
'|.
—
Washington Ry. & Electric Co. Fares.—
The Washington (D. C.) P. U. Commission has declined to grant the
company a straight 8 cent fare, but reduce<l the inter company transfer
charge from 2 to 1 cent effective Jan. 1. The present fare of 4 tokens for
30 cents will continue until March 31 next. V. Ill, p. 1754.
Waterloo Cedar Falls & Northern Ry. Govt. Loan.
The I.-S. C. Comml.ssion has approved a loan of $60,000 to aid the com-
—
pany
pany
In
Is
—
—
meeting maturing debt amounting to $144,325, of which the comrequired to finance $81,325 to meet the loan. V. 112, p. 63.
Yosemite Valley RY.
— Coupon
—
Payment.
—
The Mercantile Trust Co.
of San Francisco on Dec. 28 1920 gave notice
that funds had been deposited with them to pay coupons due July 1 1920
from the First Mortgage 5% bonds of 1936. Provision has not yet been
made for payment of coupons from tho said bonds due Jan. 1 1921
Compare V. 108, p. 380, 880.— V. 109. p. 74; V. 110, p. 79; V. Ill, p. 190.
.
See
New York
&
Western Ry.
Central
RR. above.
— Government Loan. &c. —
— V. Ill,
p. 2522.
INDUSTRIAL AND MISCELLANEOUS
—
General Industrial and Public Utility News. The
following table summarizes recent indi^strial and public
atility news of a general character, such as is commonly
treated at length on preceding pages under the caption
'Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or a-s early as practicable
after the matter becomes public.
New Packing Plan See
Swift
25.299
42,923
&c
^Balance, surplus
Statement by Blyth, Witter
Second Avenue
1920.
$1,089,059
$267,299
"
to the close of 1920 87 railroads in all had filed final claims with the
Administration for full settlement. It is a.ssimicd that it w;il require at
least two years more to wind up the more important matters connected with
Federal operation, and at that time the remaining work will be raked over
by the Inler-State Commerce Committee. With the coming change of
Administration, it is expected that a new Dire<:t<jr-Cieneral of Railroads
will be named to push as rapidly as pos.siblo the liquidation of all matterii
connected with the Federal operation of the carriers.
Zanesville
Operation.
have recommended Conunissioner Whalen that
he take up with Federal Judge Chatfleld and John J. Kuhn, Jr.. receiver,
the proposal that the city take over the company's lines now being operated
under an 8 cent fare, and combine them with the lines of the Staten Island
Midland RR. which were recently taken over by the city and are being
operated under a 5 cent fare at a profit.
The Board of Estimate also recommended consideration of the propo.sal
that the city take over the operation of the electric lighting and power
system of the Richmond company to the end that the entire lighting and
trolley system on Staten Island be brought under municipal control.
10 Months ending Oct. 31
1919.
Total operating revenue
S947.402
Net income, after taxes
S253,730
Less income from operation during 26 days in Jan.
1920. by Oakland, Antioch & Eastern
'
I
Ill, p. 2(JI2.
Ed. "Chronicle
of Estimate
San Francisco & Sacramento Ry.
'
of these claims on final settlement Is largely made up of the
balance of compensiition due, but includes all other disputed items as between tho railroad and the U. S. RR. administration during the 26 months
of i'edcral conirol lincluulng, it is uiidersiood, notes. ad\aine»>. &c.
—
V. Ill, p. 2042.
'•
order to secure a coiitinuun
In
The Washington correspondent
Richmond Light & Railroad.— il/wmcipai
The Board
'
The payment
stated, is planning the extension of its lines to Savanat a cost of SI. 000, 000.
V. 110, p. 2076.
it is
''
'
settlements and paid out to the several co*^
Abilene & Southern. Sl.'^.0. 000; Buffalo i.
000: Cincinnati Indianapolis i Western, S.-100.000. Spokane !
Seattle. $1,600,000: Fort Dodge l)(?s Moines & Southern. $:«)() Od
Union I'assiMiger Station, $.''>. 665 .S6; Sioux City liridge <.
Nort Invest erii Pacific KK.. $.'')25.000; Mississippi Ceniral, .«L'
ana & Mississippi RK. Ik Transfer. $33,231 81; Chicago Mii
I'aul, SI3,7,'i(I.O(lO: St. Ivouis Natloiuil Stock Yards. $100,000.
Steamship Lines, $250,000.
—
The company,
•
—
applUnl to the I. -3. C. OominlKslon for a loan of
51,861,000 for a period of five years from Feb. 1 1921.
The company
states in its application that In case the loan Is not granted It will be unable
to take up at maturity on Feb 1 1921, its 1st and 2d Mtge. bonds totaling
$1,861,000, the holders of which refuse to extend them for five years from
that date. Compare V. 111. p 2325, 2124.
Philadelphia Rapid Transit Co. Validity of Rentals
Upheld.
The Superior Court of Pennsylvania in its decision
denying tho order of the P. S. Commission requiring the
underlying companies to file answers to averments made by
the United Business Men's Association A\ath regard to tho
rentals of the underl3-ing companies said in part:
'.
United States RR. Administration. Final Settlement of
Claims with 13 Companies. The followng statement issued
by tho U. S. RR. Administration on Dec. 30 announces final
settlement of all accounts with the 13 companies named:
"
The U. 8. RR. Administration has n
fin;J
The company has
—
•
•
'
Reftinchng Loan.
—
i
from the
— Seeks
hi-
on bonds. It Is uverrinl that tip
due divs. until there are now c|.
this multiplicity of suits by sloiUli...
Doherty couipan.v askwl that the
It is reported that Henry Ford b..
the pun'lia.seof the road.
Ford is desirous
—
From
itc.
i
List.
list Peoria & Eastern
Railway Co. Kmpire Trust Co. certif icat es .of deposits for Income Mortgage 4% bonds due 1990.— V. 110. p. 1712, 1719.
The N. Y. Stock
Loan,
& Western RR. — Receivership. —
'
litis stated that the company has not yet deterniiri»>d the amount of increase in indebtodne.ss which stockholders will be aske<l to authorl/.e at the
annual meeting on March 8. It is imdersfood that at the present time
there is lndebte<lnc.-is authorized of $65. 000. 000 which has not been availed
of.
The amount of increase sought above this Stifi .000.000 available will
be annouitced later. The fact that an increase in indebtedness is authorl/.e<1
does not mean that the company will issue bonds or notes up to the full
amount of the authorization, but It gives the company leeway to meet
financial requirements when needed.]
V. 112. p. 03.
— Stricken
111. p. 2521.
— V.
alMjve
I
Terminal Ky.
Eastern Ry.
— Government
KK.
.,,...
At the ref|Ui'»t of the Henry L. nulierty ''
Kr:ink Joh
ToKmIo. O.. on Jaiu 1 api>oliited
pany. and llarry A. Dunn. Trust Officer of till
Co., of Toledo, receivers.
Privss reports state
The Doherty company makes claim of about S3(X).000 against the road,
;
&
Central Ry.
& Ohio
Toledo
See .\ew York Central
(1) Authori/.ing an increase of ihe indebtednt«s to be made wiien ami as
prescribed by the(Ure<'tors: (2) ofchanKing the date of the annual meeting of.
and the annual elwtion of dire<"tor8 by the stookliolders.
(3) Leases of Ihe railroatls, property and franchises of the following
companies, now opcrate<l as part of the system viz (Miiclnnati. Lebanon A:
Northern Ky.; Cleveland. Akron & Cincinnati Ky: Cumberland Valley A:
Martinsburgh HK.; Knglewood Connecting Ky.: C.rand Hapids & Indiana
Louisville liridt'e A: 'rerminal Kv.;
l{y.; Indianapolis & I'rankfort KIJ
New "^Ork Hay KH.; New York. I'hiladelphia .t Norfolk KK,; Ohio Connecting Ky.; Perth Aniboy & Woodbridge KK.: I'ittsburgh. Cin. Chicago iV
St. Louis KK.: I'ittsburgh, Ohio Valley & Cincinnati HK.: South ChicMgo
& Southern KK.: Toledo, Columbus & Ohio Kiver KK.. and Wheeling
Peoria
loa
&
—
Co. below.
—
(a) Secondary boycott against Duplex Press Co. enBoycott Decision.
by U. S. Supreme Com*t. 6 to 3. See "Current Events" above and
"N. Y. Times" Jan. 4, p. 1. (b) Criticism by Samuel Gompers. "Times"
joined
Jan. 5, p. 18.
Larger force sought: applications for right to
Federal Poicer Commission
develop involve 13,000,000 h. p; estimated cost $2,000,000,000. Official
data,
Times," Jan. 7. p. 25.
See Swift & Co. below.
Stockyard Plans All Rejected.
War Finance Corporation Revived over Veto. See "Current Events" and
"Times" Jan. 4 and 5, p. 10; "Sun" Jan. 5. p. 9.
Shipping.
(a) Output of U. S. yards in 1920, 1.783 vessels of 2.860.725
gross tons; in 1919. 2,363, with gro.ss tonnage 4,2.58,151; in 1920 507 were
(b) Slumi) in shipping rates (20% up)
steel, gross tonnage 2,502,682.
and in shipments by American ships. "Wall St. Jour." Jan. 6. p. 11;
(c) Outlook.
Dec. 29, p. 10.
See Intcrnat. Merc. Marine Co. below.
(d) Ship operators given advance funds by U. S. Board.
"F'in. Amer."
(e) Need for aid.
Dec. 22.
"Bost. N. B." Dec. 29, p. 8.
(f) Agreeas to through rates.
See Railroad index above.
ment
Taxation.
(a) Judge D. J. Thomas In U. S. Dist. Court In Conn, on
Dec. 16 decided that casual profit from .sale of real estate Investments. &c..
that have been held for a term of years Is not Income within the meaning of
16th Amendment and is therefore not subject to Federal income tax. See
full decision In "Wall St. Journ." Dec. 27, p. 8.
Appeal proposed.
(b) Brokers must report sales of stock monthly. '"Times' Dec 29, p. 21.
New Federal ruling permits valuation for 1920 option(c) Inventories.
ally either at cost of market, however previously valued.
"Times"
—
—
—
—
—
—
Dec. 31, p. 13.
(d) Bill for Constitutional amendment permitting taxation of tax-exempt
"Times Dec. 29. p. 3 "Wall St. Journ" Jan. 4, p. 11.
securities.
Rulings In special cases. "Times" Jan. 7. p. 27.
(e) N. Y. Income Tax.
(f) Amendment to emergency tariff law raising tariff on full duty raw
sugar from 1 J4 cts. to 5.024 cts. a lb. and on Cubas from about 1 ct to say
4.0192 cts, not expected to pass. "Bost. N. B." Jan. 5, p. 1.
Iron and Steel.
(a) "Iron Age" Jan. 6 reports that U. S. Steel Corp.
made 120.000 tons more Iron In Dec. than In Nov., gain 10%, while the
Independents fel! off ISCOOO. or 20%. Furnace capacity In blast Jan. 1.
Iron bars at Pittsburgh quoted
70. .540 tons per day. against 90.040 Dec. 1
"
—
—
.
3.06 cts. against 3.65 cts. Dec. 7 1920 and 3.50 cts. Jan. (> I','2a
(b) "Only 15 open-he;irth furnaces," the "Age" says, "a'
for
1921, with annual capacity of 430. (K>0 tons, and but a single
furnace, capacity 200.000 tons.
Last year 20 open-nearth
.lere
comjjleted, with 675.000 tons capacity, and 6 blast furnaces.
'^75.000 tons. In the four years of the war new open-hearth iclty
averaged fully 3,500,000 tons a ye;ir."
(c) Iron pipe cut $7 a ton by Independents "Jan. 1, to U. S. Steel level.
(d) New England tool trade In Dec. 1920 slumpeo from year's p«Uc fully
I
:
80%.
"Age",
p. 115.
—
Lean Iron Ores Tapping the Nation's Great Reserves. &c. "Iron
Trade Review Jan. 6. p. 33 to 44.
Wages cut 8% to 20% by Bethlehem Steel Corp. and other companlee.
(f)
I'ricis.
(a) Cement at N. V. Jan. 6 S3 50. against $4 Dei-. 6 ami S2 !>0
in Jan. 1920.
(b) Linseed oil at wholesale in N. Y. 90c. per gal.
"less
(e)
"
—
—
than half the price in Jan. 1920."
(c) A slight reduction in price of brick is noted, averaging about $2 per
In all other
.OOO in localities where lower coal prices have taken effect.
In N. Y. delivsections the price at plant remains the s:inie as of Nov. 1.
ered still $22 70. Excess brick on hand, as reported by 134 brick manufac"Eng. News-Record Jan. 6.
turers. 175,000,000.
1
"
—
—
—
(d) CoppiT liiHl wo(ik sold nt 12)-jC., the lowest price sinrc lOM, when
11.74 wiis roachwl.
"HoHt. N. U.
Jan. (4.
(e) Ki'MtiicUy Hurley Tolmcco.- Only 100.000 out of .'j..'i0fl.000 lb8.
offcri'd al I.i'xliiBlon. Ky., .Inn. ;i w:ih sold, tlio prlco collapsing and growers
wltlulr.iwInK.
'"rinifs" .Inn. •) p. L'l; Jiin. 'A. p. 17.
'rinio.s" Jan. 2. Hoc. 2. p. 10.
(f)
nifat bcKlns to f.-ill.
Other food also somewhat les«. Idem Jan. 2. .Se<-. 2. p. 8. Svinar wa« reduced Jan. 7 to 7.90c. lcs.s 2 for <-ash. a now low record for the recent
niovt'meiil.
Lahlor
]yngr.i.
(n) A number of textile and other i)lHnts resumed operations to a Kreiiter or less extent Jan. 2.
VVaKe.s In I'liila. textile mills have
l'"()()(l.-
.
Ki-iiill
—
—
been materially reduced.
(b) Detroit automobile mfrs. nonnallv employliiK about .'{00.000 Incrca«ed openillons sIlKhtly Jan. .S. only 100.000. It Is said, being emidoyed.
Ford and DodKO plants remain clo.sed.
(c) Hitundnous coal operators In Central Penn. stopped paying bonus
wages Jan. 1. (d) HO*:; of country's piano workers reported out of work
and wage reduction of 2.5''; talked of. ''rimes" Jan. '.i. p. Hi.
"Eng. News(e) Lumber prculuclion Is said to be about (iO':; of normal.
Rec," Dec. .'W. p. I.'IO.'I. (f) Number of workers unem|)loyed variously
estimate).
estimated fnun 2.000, Of'O to 3.500,000 (labor
Oil.
(a) Hlg companies try to stabilize oil markets; crude prlco situation
(b) Prairie Pipe
uneasy.
"Oil Trade! Keview Jan. I92I. p. 1.5 and 116.
(bb) Texas
Idem, p. 11.
Line reduces its Midcontinent purchases .'{0%.
of North or North Central
Co. Dec. 27. began buying only 50% of outijut
Texas wells, (c) I'otroleum exports In October make new record for year.
p. 79.
Pros. Prizer of
Jour." Jan.
Vacuum Oil Co.
expects Increased demand.
6. p. 8.
Standard Oil Interest alleged to dominate
"WallSt.
\\yommK
oil industry.
(f) Price of crude in Pittsburgh. Pa., was cut
3, p. 12.
Dec. 27 to $-1, the first cut in :\ years; other cuts reported.
"Oil Trade Jour." Jan. 1921, p.
(g) French Govt, enters oil industry.
(e)
"N. Y. Times" Jan.
71; comparereport of Anglo-Persian Oil Co. in "London Statist" of Dec. 18,
p. 1191.
"Eng.
Min. Jour."
(h) Govt, recovers Kern County, Cal., oil lands.
Dec. 25. p. 1226.
(i) Osage Indians win mandamus as to oil bonuses of $.30,000,000.
&
"Fin. Amer." Jan. 5.
(a)Building operations
Mailers Catered in ''Chronicle" of Jan. 1 1921.
(c) Mexican
(b) Better attitude of labor, p. 12.
in Nov. 1920, p. 2.
(c)
(d) Soviet recalls Martens, p. 19.
matters (James Speyer), p. 15.
Rediscounting agricultural paper (Mr. Harding, of Fed. Res. Board), p. 22.
(f) Anthracite coal miners seek settlement, p. 24.
—
Alpha Portland Cement Co., Easton, Pa. Acquisitions.
The company, it is stated, has purchased three new properties the Burt
Cement Co. plant at Bellvue, Mich., the La Salle, at La Salle, 111., and
the Ironton Cement Co., Ironton. O. V. 90, p. 628.
Is almost at a standstill, and with a con8c<iuent lowering of charter
rales, wasvl earnings are very greatly re<luc<^l.
This situation cannot, of
course, be pemianenl and your directors believe that with an e^-irly Improveiiiitnl in foreign business. rat«« will i^rcvail which will show satisfactory
earnings for the sailing ves.s<rls.
"Our building program will be complelwl with the launching of two
schooners early In 1921. The company will then have a fleet of 23 new
vessels with a ciirrying capacity of 46.800 tons, the largest fleet In the
Lnited Stales.
I'(Tmaiient financing of the floating debt will be undertaken at soon
as the condition of the money market is more favorable."
For the 11 months to Nov. 30 1920. the earnings were S206.S90. Balanc
sheet of Nov. 30 shows socuhticw. ca.sh and receivables of $198,187; notes
and accounts jiayablc of $1 ,051 .249. V. Ill, p. 2426.
.
—
— Adjust Contract. —
—
Atlantic Petroleum Corp. — Initial Dividend of 2\^%. —
An
Atlantic Lobos Oil Co.
—
Ilarbcck has resigned as Vice-Pres.
J.
director.
C. Potts has been elected a director.
'V.
.
Ill, p. 1280.
Ill, p. 2425, 2043.
have declared a ca.sh dividend of 1H% on the Pref. stock,
a cash dividend of 1% on the Common stock, and a stock dividend at the
rate of 1 share of Common stock on every 100 share.? of Common stock
In Nov. last
outstanding, all payable Feb. 1 to holders of record Jan. 15.
a quarterly cash dividend of 1 % and a stock dividend of 1 % % were paid
on the Common stock, compared with 1M% in cash and a like amount in
stock paid in Augu.st last. Dividends of 2J^% in cash and 2)^% in stock
were paid quarterly from 1920 to May 1920. V. 112, p. 64.
The
directors
—
— Merger Rumors. —
Lever
American Smelting & Refining Co. — Probable Omission
—
of Common Dividend.
American Linseed Co.
Brothers Co. below.
See
V. Ill, p. 1568.
The "Boston News Bureau" of Jan. 6, says: "The company will probably
its Common dividend when directors meet for action some time next
pass
understood, however, that the Preferred dividend and disbtirsements on American Smelters Securities "A" and "B" stocks will be
paid when due. Smelters "B" has the guarantee of the Smelting Co. as to
di'vidends, and although it carries no guarantee the "A" stock comes ahead
of Smelting Preferred."
The companies have outstanding (1) American Smelting & Refining Co.
Prof, stock, .?50, 000,000, and 1st Mtge. bonds 831,801,800; American
Smelters Securities Co., Pref. "A" stock, $9,500,000, and Pref. "B" stock,
month.
It is
$3,100,000.
Vice-President 'William Loeb Jr. is quoted as saying that as the directors
do not meet for dividend action until February no decision will be made by
the board until that time on the question of paying or passing the di'vidend
on the Common stock. V. 112, p. 64.
—
American Star Line, Inc.
— Receivership. —
Judge Julius M. Mayer, in the U. S. District Court, on Dec. 22, appointed
George W. Sterling, an official of the U. S. Shipping Board, receiver. Company is a New York corporation engaged in the shipping business wath
offices in N. Y. City.
This action was taken in an equity suit brought by
the Government (in which the company joined) which has a claim in excess
of $200,000 on the contract for the piorchase of two steamers, "American
Star" and "Northern Star." The company owes more than $100,000 to
other creditors, it is alleged.
See Newfoundland Maritime Co., Ltd.,
In V. Ill, p. 1284.— V. Ill, p. 1185.
American Stores Co.
—
—
Preferred Stock Reduced.
Exchange on Dec. 22 reduced the amoimt of First
Pres. stock listed from $3,580,100 to $3,494,300
$85,800 reported purchased, canceled and retired, and Second Pref. stock from $1,417,000 to
$1,381,300 ($35,700 reported purchased, canceled and retired.) V. Ill,
The
Phila. Stock
—
—
p. 2425.
— Resignation.—
—
Teleg. Co. — Purchase—
American Sugar Refinihg Co.
Joseph E. Freeman, formerly Secretary and later General Counsel, has
resigned and will take up the general practice of law. V. Ill, p. 2231.
American Telephone
&
Listing.
The company on Dec. 27 petitioned the Indiana P. S. Commission for
authority to buy at par the capital stock of the Indiana Bell Telephone Co.
The company pointed out that it owns all the outstanding stock of the
Indiana company, except the qualifying shares of directors, and that the
Indiana company is a part of the Bell system. The Indiana company has
an authorized capital of $15,000,000, of which $11,400,200 is outstanding.
The company recently petitioned the Commission for authority to issue the
remainder, $3,588,800. and the A. T. & T. followed, with its petition to
acquire the newly authorized stock when it is issued.
The Phila. Stock Exchange on Dec. 24 listed $80,700 additional Capital
stock issued $78,900 in exchange for $95,700 Conv. ii4% bonds due 1933,
and $1,800 in exchange for $1,800 Conv. 7-Year 6% bonds due 1925,
canceled and stricken from the list, making total amoimt listed $442,614,600, and reducing amoimt of Conv. 4)^ % bonds Usted to $12,454,700, and
7-Year 6% Conv. bonds listed to $48,195,000.— V. Ill, p. 1568.
—
American Wholesale Corp.
—
1920 Dec.
1919.
$1,772,937
$2,204,756
—V.
— December
—
Ill, p. 2327, 1952.
—
—V.
112. p. 64.
Armour &
See Swift
&
Atlantic
Co.
— Production
—
—
{in Lbs.).
\
— V.
Rejected.
—
112, p. 64.
Noyes
dividend of 2)/^% has been declared on the outstanding (at last
Capital stock, par S5 payable Jan. 20 to holders of
See V. 104. p. 1389.
Atlantic Refining Co.
Agreement
— Adjust Contract. —
understood to have been reached between large minority
shareholders of the Atlantic Lobos Oil Co. and the Atlantic Refining Co.,
which controls Atlantic Lobos. by which an adjustment is effected in the
contract under which Atlantic Refining obtains the oil production of the
Atlantic Lobos company. These minority holders have been dissatisfied
for some time over the contractual arrangcnjents between the two companies, but this is said to be cleared up by the new arrangen ent.
it is
believed likely that dividends on Atlantic Lol>os preferred will be one of
the results of the new arrangement.
("Wall Street Journal.") V. Ill
is
—
p. 898.
Barnsdall Corp.
New
Financing.
—
Lee, Iligginson & Co. are expected to announce shortly some new financing.
While nothing definite is given out it is expected that the offering
will consist of $8,000,000 10-year 8% bonds or notes.
The issue is understood to be made to supply additional working capital to be used in con
nection with the acquisition of the Bigheart Producing & Refining Co.
Compare V. 112, p. 65, 57.
Birmingham
(Ala.)
Water Works Co.
The Alabama
—Bonds Auth. —
P. S. Commission hps authorized the company to Issue
$700,000 bonds to be used for improvements.
It is reported that an election will be called at an early date to decide
whether the city of Birmingham shall purchase the properties of the company for $7,500,000.— V. 101, p. 372.
Boston Suburban Electric Companies.
—
Stockholders
Reorganization
Plan New
Voluntary
Associa^
tion.
The stockholders at a special meeting on Jan. 5
voted unanimously in favor of the follow-ing plan of reorganization, which provides for the formation of a new voluntary association to acquire the assets of the present company.
There was represented at the meeting 20,990 shares of Preferred and
—
Approve
—
Common, a majority of the outstanding stock.
Digest of Plan of Reorganization Dated Dec. IG 1920
Present Capitalization.
There are now outstanding; (a) .$1,100,800 of 4%
notes which became due Dec. 1 1919 (6) 31,203 shares of 4% Pref. stock
37,296 shares of
—
50,296 shares of
Common
stock.
Association
It is proposed to organize a new voluntary association
with capitalization as below shown to acquire the assets of the Boston
Suburban Electric Companies.
Proposed Original Capitalization of the Neva Association
1. $880,000 of
ten-year Collateral Trust bonds. Callable on any
semi-annual Interest date at 105 and int. Secured by a deposit of $1,000,000 notes and $100,000 of the mortgage bonds of the Middlesex & Boston Street Railway Co., with provision for the substitution of other collateral
and for a release of a proportionate part as bonds are retired. Annual
sinking fund after one year 5% of amount of Issue to gradually retire same.
2. $207,600 First Pi-eferred 6% Cumul. Stock.
Par value $100 each.
In case of liquidation payable at par and accrued dividends
priority to
all other shares of the association.
3. 31,203 shares of Cumulative Second Preferred Stock entitled to dividends at $4 per share per year. These shares will have no par value, but
In case of llauidatlon will be paid at the rate of $100 a share and accrued
dividends In priority to the Common shares.
4. 50,296 shares of Common stock having no par value.
Terms of Exchange. Cash Payments by Stockholders.
Notes Assenting. The holders of the outstanding notes shall receive
(a) 80% of their holdings in the new 8% notes, 20% In cash, (6) Interest
at rate of 6% p. a. on their present notes from the date of the last payment
of Interest to the date of the new notes.
Pref. Slock Assenting.
Holders shall have the following options;
(a) Upon payment of an assessment of $6.25 per share to receive (aa)
New First Preferred stock for an amount equal at Its face value to the
cash assessment, and (bb) the same number of shares of the Second New
Preferred stock as they now own of Preferred stock, or
(6) Without paying any assessment to receive an amount of Second Preferred stock equal to 20% of their present holdings of Pref. stock.
Common Stock Assenting. The holders shall have the following options;
(a) Upon payment of an assessment of 25 cents a share to receive (aa)
New First Pref. stock for an amount equal at Its face value to the cash
aseessment paid and (66) the same number of Common shares of the new
association as they now own, or
(6) Without paying any assessment to receive an amount of Common
shares of the new association equal to 20% of their present holdings of
Common shares in the Boston Suburban Electric Companies.
The proceeds of the cash assessment, together wltn such portion of
present Treasury cash as may be necessary, will be used to make the cash
payments above mentioned to the noteholders.
Arrangements have been made for underwriting the payment of the
assessment upon the Preferred and Common shares. The underwlrters
will be paid a commission of 5% on the amount underwritten, and to the
extent to which they are required to take up the assessments of the shareholders who do not elect to pay them they will recel%'e an amount of First
Preferred stock equal at par to the cash assessments paid by them and fourfifths of the Second Preferred or Common stock, which such shareholders
would have been entitled to receive If they had paid their assessments.
The new association will assiune all the liabilities of the Boston Suburban
Electric Companies, if any there be, other than the outstandnlg notes which
are to be provided for In the manner hereinbefore stated
Edwin M. Richards and Pitt F. Drew have been delsgnated Reorganization Managers, and this plan will become operative only if and when they
shall determine.
All expenses of the reorganization will be asstuned by the
new association. V. 110, p. 166.
(c)
—
New
8%
m
—
—
—
—
—
— Control Acquired.—
—
Y. — Recapitalization. —
Bronx Gas & Electric Co.
See Consolidated Gas Co. of N. Y. below.
Brooks Bros., N.
V. 112, p. 65.
The company has been recapitalized with $2,250,000 Pref. stock (par
Previous capi$100) and 50.000 shares of Common stock (no par value).
tal, at latest reports, was $1,000,000 Common and $1,500,000 Pref. stock.
V. 104. p. 2236.
Cabot Mfg. Co.
— Capital Increased— Stock
Dividend.
—
The
—
—
Coast Co., Boston. Dividend Omitted.
in a letter to stockholders informing them of the
omission of the quarterly dividend of 2}/^% on the $3,000,000 capital stock says in brief:
Pres.
V. Ill, p. 2044.
.*fi.K07.;i(i5l
— —
1920 12 Mos.
Increase.
1919.
Increase.
7,200,0001160,450,000 148,902.000 11,548,000
— Plan
Co. below.
—
initial
accounts
record Jan. 15.
—
1920 12 Mos. 1919.
Increase.
$431,819 $38,352,910 $35,345,712 $2,907,198
Decrease.]
Anaconda Copper Mining Co.
1920 Dec. 1919.
10,500,000
3,300,000
Sales.
Atlantic Refining Co. below.
.See
—
American Can Co. — Resignation. —
and
\
R.
—
American Gas Co., Philadelphia.— New Director. —
Thomas
American Light & Traction Co. — Smaller Stock Dividend.
[Vol. 112.
eign trade
'
(d)
.
"Although the company will have earned during the last lhre.e months of
1920 In excess of the dividend requirement, this decision wan necessitated
by present conditions In the shipiiing buslnoKs and financial world. For-
—
Idem,
—
.
lllK CIIKOXIC'LK
164
stockholders have voted to increase the authorized Capital stock
from $1,000,000 to $3,000,000 par $100, of which $1,000,000, will be issued
as a 100% stock divadend.
Company was incorporated in Feb. 1911, in Massachusetts. John W.
Farwell is President and Nathaniel F. Ayer, is Treastirer, with offices at 71
Kilby St., Boston, Mass.
—
—
(Philip) Carey Mfg. Co., Cincinnati.
Capital.
The stockholders on Dec. 27 increased the authorized Capital stock Crom
$4,000,000 to $10,000,000 (par $100). Of this amount the Common repre-
THE CHRONICLE
Jan. 8 1921.]
$8,000,000; Pref. $2,000,000. Outstanding btock Jan. 4 I'JLM.
Cumul. Q.-J.). Reg. divi$3,000,000, I'ref. $1,805,000 (6%
dends of 6'/o on the Couunon puyuble quarterly, March 15. V. 1 1 1 p. 2328.
senta
Common
—
Calumet & Arizona Mining Co.
— L>«c.— 1919.
4.502.000
3.300.000
— Copper Output (in Lbs.)
—
Decrease.] 1920
12
1.202 .000 (40. 866. 000
I»1920
—V. HI. p. 2426. 1952.
Central Maine Power Co.
.
foA.— 1919.
Decrease.
46.450.000
Merger.
5.584.000
—
paying dlvidejids at the rate of 7'! p. a. from July 1916 to Jan. 1920. lud.;
See balance sheet la V. Ill, p.
dividen<l due July 15 1920 waii deferred.
2421. V. 112. p. 06.
East Bay Water Co.
P. U. Coniuiission has aiithorli^ed the comijany to take over
the proj)tTlies. &c.. of the following subsidiary conipanieM: llartland KU-ctrict LiKht & Power Co.. Newport l-ight & Power Co.. Vnion I.iKlit &
Power Co.. Waldoboro Water. Klectrlc I.inht & Power Co.. \Visriis.set
Electric Light & Power Co.. Solon Electric IJght Co.. Uath & nrunswick
Light & Power Co.. and Penobscot Hay Klectric Co.. with the exception of
the gas plant at Pelfast of the last-named company.
V. Ill, p. 1569.
— Reduces Capital— Stock Dividend.—
East Coast Fisheries Co.
stockholders have ai)pn)ved (a) a retluction in the outstanding Pref.
Btock from $2,000.(100 to $1,000,000. by canceling the Pref. stock now in
the treasury; (h) an increase in the Conunon stock from Sl.'iO.OOO to $(;(l(),0l)0
by changing the par value from $25 to SKIO. The lncrease<l Conunon
stock was issued to Common stockholders as a stock dividend in the ratio
of one share of $100 par for each share of $25 par stock.
The net result
of the above approval will be to reduce authorized capital stock from S2.150,000 toSl. 600.000. Surplusasof June 30 1920 amounted to $3,529,804.
—V. 102. p. 1628.
— New Director. —
Smith
E. Plerson.—
—
Chino Copper Co. — Production
City.
Treasurer S. Willard
has been elected a director, succeeding Louis
V. 111. p. 2142.
Month
December
of
1919.
2.999.000
12 Mos. to Dec. 31
—V. 111. p. 2524.
1918.
3.388.524
43,173,597
46 610 495
5. 508.000
78.637.332
—
Citizens' Water Supply Co., Newtown, L.I.
Would Sell.
The company ha.s issutnl a statement in which it states that, although it
not anxious to
sell its property, it is willing to dispose of the entire system
plant to the city at any price fixed by a condemnation commission appointed by the proper authorities. The statement is an answer to the claim
of Mayor Hylan that the company only announced an increase in rates
In order to start an agitation to sell its outfit to the city at a fictitious price.
—V. 72, p. 285.
Is
and
—
—
Cleveland Tractor Co. Larger Dividends.
A quarterly dividend of 1H% was paid Jan. 1 last on
the outstanding
capital stock.
Dividends were formerly paid at the rate of
(iyi% quarterly). See V. 105. p. 2097.
6%
p. a.
—
Cluett, Peabody & Co., Inc., Troy.
Dividend Decreased
The directors have declared a quarterly dividend of 1 H % on the out-
standing $18,000,000 Common stock, par SlOO, payable Feb. 1 to holders
of record Jan. 21. Quarterly dividends of 2% have been paid on the Common, from B'eb. 1920 to Nov. 1920. incl.; this compares with aj^% paid
quarterly from Feb. 1916 to Nov. 1919. incl. V. Ill, p. 1373.
Coca-Cola
—
—New
Co. — Wins
—
Suit
Voting Trustee.
Supremo Court on Dec. 6 handed down a decision upholding
the proprietary right of the company in the trade name in a suit against
the Coke Co. and others in which the Coca-Cola Co. charged infringement
of Its trade name.
The Coke Co. and other similarly named soft drink manufacturers have
asked the Supreme Court for a rehearing in the case
Chairman W. C. Bradley of Columbus. Georgia, has been elected voting
trustee of the Coca-Cola voting trust, succeeding S. C. Dobbs of Atlanta,
The U.
Ga.— V.
S.
Ill, p. 2427.
Columbia Graphophone Mfg. Co.
— Dividend Outlook,&c.
Chairman
F. S. Whitten. in a statement dated Jan. 6says: "The company
has just closed the greatest year in its history both as to gross sales and net
earnings.
The reports which were circulated yesterday afternoon in
connection with the passing of dividends are without foundation.
The directors have not yet discussed the subject even informally nor will
it come up for consideration for about two months.
There is no foundation
for the report that the company is contemplating any new financing, either
publicly or privately."
Van Horn Ely. who has been a director and a member of the Executive
Committee for some years has been elected President to succeed F. S.
Whitten who becomes Chairman of the ]3oard. V. Ill, p. 2525.
—
(John
T.)
Connor
Co., Boston.
Year ending Dec. 31
Sales
—V.
—
Sales.
1920.
—
1919.
$8,453,918
$12,788,692
Ill, p. 796.
Increase.
$4,334,774
—
Consol. Arizona Smelting Co. Stockholders' Committee.
Martin Stelnthal. of M. Stelnthal & Co., William B. Garrettson, Jr., and
M. J. Hess, New York, have formed a stockholders' protective committee
with general offices at 15 Broad St., In order to move at once to set aside. If
necessary, the appointment of G. M. Colvocoresses, as receiver. V. li2,
—
p. 66.
—
Consolidated Gas Co. of N. Y.
The P.
mission to
Co.
It is
Acquisition Approved.
Commission has approved the company's application for peracquire 75% or more of the stock of the Bronx Gas & Electric
provided that the Consolidated shaU not pay more than $75 a
S.
share for the stock.
— V.
112, p. 66.
—
—
Continental Candy Co. Must Fill Contract.
See California & Hawaiian Sugar Refining Co. above. — V. Ill, p. 2525.
Continental Motors Corp.— To «e<ire $028,900 Pre/. Stock.
The stockholders will vote Jan. 19 on authorizing the retirement of 6,289
shares of the Pref. stock (par $100) now owned and held for retirement.
V. 111. p. 2232.
Corning (N. Y.) Glass Works.— Pre/. Stock Offered.—
Estabrook & Co., New York, &c., are offering at 98 and div.,
yielding 8.16%, S3,000,000 Cum. 8% Pref. (a. & d.) stock.
Div. Q.-M. Red. all or part at $110 and div.
Data from Letter
of Alexander D. Faick, President of company.
Capitalization (No Funded Debt)
Cumulative 8% Preferred stock (par $100)
$3,000,000
Common stock (no par value), 196,000 shares, asset value
8,125,575
Company. Business founded In 1868. Present company incorp. In
New York 1911. Manufactures over 40% of the bulbs and tubing for all
the incandescent electric lights made In the United States; 75% of all the
railway signal glass, lantern globes, &c., used by American railroads- the
well-known Pyrex glass baking ware and laboratory ware' thermometer
tubing, optical glass and lighting and artlsltc glassware.
Has four manufacturing plants, located at Corning. N. Y. (2), Wellsboro, Pa., and Kingsport, Tenn., having a combined floor area of over 20 acres.
Plants appraised at more than $6,400,000.
Purpose.— Proceeds will be used to retire floating debt incurred for the
extension of the plants and also for further plant extension.
Earnings.
Net earnings applicable to divlaends after all tax deductions
have averaged for the 8)4 years ending Sept. 30 1920 3.5 times the dividend
requirements on the Preferred stock- for the 4K years ending Sept. 30 1920,
4.58 times these requirements, and for the 15 months ending same date,
net earnings have been In excess of these ratios. V. Ill, p. 2525.
—
—
Cudahy Packing
See Swift
&
— Plan
—
—
—
Rejected
Report.
Co. below and under "Financial Reports" above.
p. 2142.
Curtiss Aeroplane
The
Co.
— V. Ill,
& Motor Corp. — Dividend Deferred. —
Dec. 29, deferred action on the declaration of the quarterly
dividend on the 7% Cumul. Preferred stock, usually paid Jan. 15. "owing
to the necessity of conserving the working capital." The company has been
directors.
—
—
East Coast Fisheries Products Co.
The U.
H, District
1
.
t'o.. It
11 p.2-1-
>i
;
.
.
—
$50.0(KJ receivers' certificates.
Is.sue
—
—
Riceners' Certfx.
Court at Portland. Me., has authorized the receivers
— V.
112, p. 66.
Eastern Steamship Lines. — Final Settlement of Claims. —
—
UK.
Emerson Brantingham Co. — Dividend Omitted. —
Tiiitcd Stales
.Sf,-
.\diiiin
"
under "Railroads" alxive.
V.112,p.66.
%
The directors have decided to omit the quarterly dividend of 1?^
usually i)aid Feb. 1 on the Preferred stock.
Quarterly dividends of \'i%
each have Ixhmi paid on the Preferred stock since Nov. 1918. Accumulations
1
last, it is stale<l. amounted to 2S''i.
official statement says: "Owing to the general
on Nov.
An
trade and financial
conditions the directors deem it advi^ablo to maintain the company's finance's in the strongest po.s^lbU^ position and consequently on Dec. 30 1920. to
omit the declaration of the regular quarterly dividend which would be
payable Feb. 1 1921, although the earnings of tin; coiiipaiiy for the fiscal
year recently closed were more than its dividend requii-ements for that
period."
V. 110. p. 1086.
—
(Lbs.)
1920.
Water
-V
i
Receivers' Certificates.
U. H. DiKtrlci Court iit Portland. Me., has authorized the receivers
to Issue $100,000 receivers curtlfkales.
V. 112, p. 66.
The
to
The
New York
m
.
Afi-onlliig to an estlnuile Kubnilil<*<l by
SI .Tii^..^^? to ri'prodiK-e Its properties ti.
—
Childs Co.,
— Acquisition. —
California HH Commission has authorised the transfer of the pnji>ertifs of the I'nlon Water Cu. of Calif, to tlip K"8t H ly t'ompHMv
The
liivolvnd at ?
CtHiiiiiis.<loii fixed
the vilue of the |i
'i.
The
i
The Maine
Chicopee Mfg. Co.
165
—
—
Emerson Phonograph Co., Inc. Receivers Appointed.
Judge Knox on Dec. 9 appoint Jacob Scholer and Thomas H Matters. Jr.,
receivers for company In a suit brought by Mary 8. Johnson, a creditor,
for .*16.6S6.
It is stated that the defendant has assets of upwards of
$1,200,000 and liabilities of $1,000,000. at least $800,000 of which Is said
.
to be unse<;ured.
The same receivers were appointed for Emerson Phonograph Co. of Del.,
a Delaware corporation, with outstanding capital stock said to be $2,000.
and all owned by Emerson Phonoj-'raijh Co.. Inc.— V. 111. p. 497.
(T. R.) Emerson Shoe Co., Inc., Brooklyn, N. Y.—
Edward Ward McMahon was appointed receiver on Dec. 1 by Federal
Judge Edwin L. Garvin. The company went into voluntary bankruptcy
on ttie application of Theophilus R. Emerson Pres. Liabilities more than
$355,000, assets about $250,000.
Empire Coal Co.
indenture dated Jan.
First
1
Con. Mort. 30-Year
Empire
— Bonds. —
New
Guaranty Trust Co.
York, has been appointed trustee under the
1921. securing an authorized Lssue of $1,500,000
Q% SinkingFimd Gold Bonds, due Jan. 1 1951.
District
Electric
Co.,
Joplin,
— Ilalsey, Stuart & Co. are offering at
Mo.
— Bonds
and int.
yielding over 8.15% $1,725,000 1st Lien & General Mortgage
8% Gold Bonds. Due Nov. 1 1949. Bankers state:
Offered.
9834^
Company
sppplies electric light and power to a territory centring In
Mo., embracing portions of southwestern Missouri, southeastern
Kansas and northeastern Oklahoma. Population served estimated 100.000.
The bonds in the opinion of counsel, will share in the first lien on the
Joplin,
property of the company through pledge with the trustee of an etiual face
value of First Mortgage 5% bonds, and will be further secured by a direct
mortgage lien, subject to underlying liens on the entire propei^y. The
issuance of First Mtge. bonds Ls limited to $6,000,000 of which there are
now outstanding and in the sinking fund $5,129,000.
The reproduction value of the physical property based on average unit
prices for the last 10 years, is over 50% in excess of the outstanding bonds
in hands of public.
Net earnings have increased 90% during the past 6
years and are now over t-wlce annual interest requirements.
V. Ill,
p. 2428.
—
—
Famous Players-Lasky Corp. — New
Elek
J.
Treasurer.
Ludvigh has been elected Treasurer. suc<;eeding Arthur
—v. HI, p. 1569.
Farr Alpaca Co., Holyoke, Mass.
S. Friend,
— Stock Dividend, &c. —
The stockholders on Jan.
3 authorized an Increase In the capital stock
from $7,200,000 to $14,400,000 of which $5,400,000 will be Issued as a
75% stock dividend to holders of record Jan. 3 and the balance will be
offered to stockholders of record Jan. 3 for subscription at par In the proCompare V. Ill,
portion of one new share for every four shares held.
p. 2525.
—
—
Fisher Body Corp. Balance Sheet, &c. Regarding the
pending absorption of the Fisher Body Ohio Co., a circular
issued by Otis & Co. on Dec. 16 last says in part:
—
In Nov. 1919 the Common stock
Contract With General Motors Corp.
of the Fisher Body Corp. was increased from 200.000 shares no par to 500,shares and the new 300,000 shares was purchased by General Motors
000
Corp. at $92 per share. General Motors agrees to purchase from Fisher
Body Corp. substantially all the automobile bodies it requires and which
Fisher Body Corporation can furnish
The price to the Fisher Body Corp.
for such bodies will be cost plus 17.6%. but the contract which runs for
10 years provides that that cost must not substantially exceed the general
market average.
Earnings of Fisher Body Corp. After Preferred Dividends.
For quarter ending July 31--$2,147.817 $4.29 per avg. shares outstanding
5.05 per avg. shares outstanding
For quarter ending Oct. 31.- 2,528,407
Total for 6 months
$4,675,914 $9.34 per avg. shares outstanding
for yr. end. Apr. 30 '20-54.071,144
11.66 per avg. shares outstanding
On Feb. 1 1920 an initial quarterly div. of $2.50 per share was paid
on the common stock and this has since been maintamed. On Nov. 23
1920 the President is quoted as saying that it was expected that the sales
for the current quarter would run about 85% of those of the quarter ending
July 31. In the latter period the sales were $23,632,000.
Consolidated Balance Sheet of Fisher Body Corp. Incl Subs. Oct. 31 1920
Av.
j1
Liabilities-
sscts
Lands, bldgs., mach., &c.$2 1,706, 284
Notes Chev. Motor Co.. 8.8-10.000
Accounts & notes, rec... 8,894,941
Investments
1,579,099
Cash
2,981,404
Inventories
22,104,217
Goodwill of sub. cos
2,181.592
Patents
191,488
Inv. in & adv. to sub .cos.
678,901
Deferred charges
743.110
Prepaid taxes, etc
817,958
Sinking fund
62,065
7% Cum. Pref.
Common stock
stock... $3,642,500
(500,000
shares no par)
29,711,325
Pref. stock Natl Plate
900.000
Glass Co not owned..
9.924.000
Debentures
Reserves
1,508.059
9.310.000
Notes payable
4,492,8.55
Accounts payable
2.908.355
Res. for Fed. taxes
8.483.855
Surplus
$70,780,949
Total (each side)
In considering the financial condition, attention is attracted to the $8,
840,000 Chevrolet Motor Co. notes owned maturing $4 .840.000 from Mch 1
to Aug. 1 1921 and the remainder $1,000,000 each Aug. 1 from 1922 to 1925,
both incl. If these notes are offset against the "notes payable" accoimt the
current assets would show $35,559,000 with current liabilities of only $7,871.000.
Fisher Body Ohio Co. This company has outstanding $10,000,000 8%
cumulative Pref. stock and 100.000 shares no par Common, lis plants are
(Compare
nearing completion and will be the largest unit in this industry.
V. 109. p. 1612). Fisher Body Corp. now owns control of the Common
stock and its executive committee has just made a proposal, subject to the
approval of the Board of directors and stockholders, to acquire the remaining Common stock. The proposal is one share of Fisher Body Corp.
Common stock for 5 shares of Fisher Body Ohio Co. common stock plus
$2.50 for each share of the latter.
It is understood that the directors of the Fisher Body Ohio Co. has apgroved and will recommend such exchange. It is understood that Fisher
ody Corp. will agree to pay current dividends on the Preferred stock of the
—
—
KiKlujr Iliidy Olilo C.o. mid to pay off tlio pnwont accuniulnted cllvl<lon(l«
thoroon within IS montlm
(A l'ri>f. div. at Iho rate of 8% por annum for
Nov. and Dw. has l)oon duclarod, payable Jan. 10 to holders of record
Dec. L'.S.— V. 111. p. 2428.
Fisher Bociy Ohio Co.
Acqinre
Jirnittiiiitig
Common
See I'ishor IJo<ly Corp. above.
Ford Motor Co.
— Propofinl
Stock
by Fishrr Body Corp.
Not Already Owned.
—
— V. Ill, p. 2428.
— Kntiqnntionx^A-r. —
—
This stock Is issued in accordance with a vote of
ized for the list 1 .605,TO7.
the directors .-idopted on Dec. 29 1920 and is issued "in payment for the
property so purchased being necessary for the
property purchased, the
company's business." V. Ill, p. 2526.
Status.
—
31 1920 shows an operating profit
of $7,215,268 before providing for deprec, depletion and Federal taxes.
In Janu.ary, 1920, the company issued $5,000,000, 8% cumulative Pref.
stock which has been reduced on account of conversion and redemption to
$3,529,700.
Current and working assets as of Oct. 31 were approximately $6,500,000;
There has also been deposited in
current liabilities less than $3,700,000.
bank $090,000 for the redemption of Pref. stock which will automatically
reduce the outstanding Pref. stock to less than $3,000,000.
The company has in operation eight casinghead gasoline plants which
show a profit of $239,452 for the year, after providing for depreciation.
Two of these plants have been in operation for only .six months and two
months respectively.
I'roduction at the present time is in excess of 11 ,000 bbls. per day of which
"Financial
the company's proportion is between 7,500 and 8,000 bbls.
America" Dec. 29.— V. Ill, p. 593.
—
Goodrich Transit Co.
— Incorporated. —
Dividend
Palmer
at
O. — No
— AnnualCo., Akron,Secretary Preferred
Present
Report. —
W. E.
& Rubber
in circular of Dee. 31 1920 says in substance:
The disappointment
of the P^ef. stockholders in not receiving the quar
terly dividend, due Jan. 1 1921, is no greater than that of your board in not
being able to pay the same on that date.
The plans for the re-financing of om- company, which we expected to have
fully completed at the time of the first adjournment of the special meeting
Until these plans have
of the stockholders, are not yet fully consummated.
been completed and the present impairment of the company's capital as
shown by the audit made as of Oct. 31 1920, and which was presented to the
special meeting on Dec. 24 1920, has been restored, the company would have
no legal right to pay this div. even though it had at present funds to do so.
Our creditors, both bank and merchandise, have thus far treated us with
the greatest consideration in the matter of extending the time of payment
of their claims against the company, and, of course, it goes without saying,
the company's first duty is to make satisfactory arrangements with its
creditors before any dividends are paid to the stockholders.
These dividends, you understand, are cumulative and when payments
are resumed all dividends in arrears on Preferred stodk will have to be paid
before any dividend is paid to the Common stockholders.
Your directors are taking steps to readjust the company's operations and
expenses so as to conform to present business conditions. Every reasonable
economy will be exercised in the conduct of its affairs. We hope to annoimce in the very near future the completion of the plans now under way
for the company's permanent financing.
.
See also annual report on a preceding page and Compare V. Ill, p. 2329
The stockholders have voted (1) to increase the board of directors from
7 to 11 members: (2) change the fiscal year from Oct. 31 to Dec. 31 and the
date of the annual meeting from December to March; (3) the approval of the
creation of an executive and finance committee.
The officials of the company have announced wage and salary cuts
amounting to 123^% for factory hands and 15 to 20% for clerks and factory supervisors. The cut affects 15.000 workers.
The New York "Herald" says: I'rogress is being made in the direction
of refinancing the company under leadership of Paul D. Cravath along the
following lines: Issue of junior secuirties such as 20-year debentures for
claims of unsecured creditors with proviso that no attempt be made to sell
them in open market for at least 90 days, with their present open outstanding obligations continuing undisturbed for at least 3 months; and issue of first
mortgage bonds for secured bank borrowings and other secured creditors,
also with proviso that none be sold to the public for at least 3 months.
Should the plan be consummated by complete acceptance there would be
created upward of $55,000,000 of new securities without immediate public
flotation.
V. 112. p. 66.
—
Graton
&
Knight Mfg.
Co. —5%
Stock
Dividend. —
In lieu of the regular quarterly cash dividend of $1 25, the company on
Jan. 1 paid a dividend of 5% in Common stock to Common stockholders of
record Dec. 20. A 150% stock dividend was paid Jan. 3 last, thus increasing the outstanding Common stock from $2,000,000 to $5,000,000, par $25.
—V. 111. p. 1569.
—
Grape Ola Products Corp., N. Y. Bankruptcy Petition.
A petition in bankruptcy, it is stated, has been filed against this company
manufacturer of beverages, at 10 W. 22d St., N. Y. City, by three creditor
Liabilities are stated as about $400,000,
in amounts of $300 to $500 each.
and assets about $100.000. V. Ill, p. 993.
—
Guanajuato Consol. Mining
&
Milling Co.
—
Listing.
—
The Boston Stock Exchange has added to the list 22.080 additional shares
(par $5) capital stock, making the total nimiber of shares now on the list
""
These shares are issued in exchange for $92,000 face value con588,264.
vertible7% gold deb. bonds of the company now canceled. V. 100, p. 1756.
Hanna Furnace Co. — Listed In
—
Detroit.
—
Detroit Stock Exchange has authorized the listing of $750,000 8%
cum. Pref. stock (par $100) and 189,500 shares of Common stock (no par
This company Is a recent consolidation of Hanna Interests.
value.)
See V. Ill, p. 1856.
The
Harbison-Walker Refractories Co. — New Chairmen, &c.
John E. Lewis, formerly Vice-President, has been elected President, succeeding H. W. Croft, who becomes Chairman of the board.
N. McQuillen
has been elected Vice-President.
— V.
Ill, p. 1283.
Ltd. —Extra
Ha'waiian Pineapple Co.,
An extra dividend of 5% was paid Dec.
Dividend. —
31 to holders of record Dec. 24
on the outstanding $2,000,000 capital stock, par $20, in addition to the
regular monthly di\'idend of 13^%, thus making a total of 23% paid in
1920. This compares with 23% paid in 1919 and 18% in 1918.—V. 110..
p. 1192.
Of-
Co., Inc.,
15-year
,
&
,
Vanish (;o.,allof which plants
lofiatexl at
KvausviUe, Ind.
i)roce<!ds will Ik; us<;d to n^tire on or iMifore July 1 1921, an Lssue of
$400,000 serial notes outstanding on Jan 2 192] to reJucx! current debt and
Annual net earnings after Federal taxes of
to Incre.tse worl<ing eapltal
the companies composing the cori>oratlon for the five years 1916 to 1920
Inclasivc averaged $648,771.
Hercules Gas Engine Co.
Honolulu
The
— Consolidation. —
—
Compare V. 110, p. 365.
Consolidated Oil Co. Dividend Increased.
have declared a monthly dividend of 2%, payable Jan.
See Hercules Corp. above and
dlrectf)rs
—
15
on the outstanding $3,000,000 Capital stock, par $1. Thi.s compares with
dividends at the rate of 12% p. a. paid since 1914. V. 108, p. 977.
—
—
—
Illinois Bell Telephone Co.
New Nnme,<kc.
The Chicago Telephone Co. and the Central Union Telephone
Co.'s
properties In Illinois have been consolidated under the above name. The
company In an advertisement says In substance:
The new company has 810,000 telephones. There are 340 other telephone
companies In the State having 340,000 telephones. The Illinois Bell connects with these companies, making a total of 1,150,000 telephones In the
State system. It has 2.300.000 miles of wire and has 20,000 employees.
The book cost of the property employed Is $107,000,000. (On the basis
of present prices It would no doubt cost In excess of $200, 0*00, 000 to replac.e
The new work to be done In 1921 calls for an expenditure of $14,It.)
500,000.
B. E. Sunny, for 12 years I>resldent of the Chicago Company continues
Edgar S. Bloom, for 7 years at the head of the Central
In that office.
Union Co., becomes a Vice-President, and W. R. Abbott, for many years
Gen. Mgr. of the Chicago Company, becomes Vice-President & Gen. Mgr.
See Chicago Telephone Co. In V. Ill, p. 2427, 2232.
—
—
—
Indiana Bell Telephone Co. Stock Control.
& Tel Co above — V. 110, p. 2295.
Inspiration Consolidated Copper Co. Output
See American Tel.
—
1920 Dec. 1919
5,000.000
7.000.000
V. Ill, p. 2526.
—
—
—
—
1920 12 Mos.
1919
2,000.000179,250,000
78,500,000
Decrease.
|
(lbs.)
—
* Increaset
750,000
Institution for Encouragement of Irrigation Works
and Development of Agriculture, S. A. TimeEitended.
—
—
Speyer & Co. announce that a large amount of the $25,000,000 4J^%
sinking fund gold bonds due 1943 have been deposited under the Bond
holders' Agreement, dated Nov. 18 1920 and that the time for depositing
bonds with ttie New York Trust Co., as depositary, or with its agents
under said agreement, has now been extended up to and Including Jan. 31
.
Incorporated Dec. 23 1920 In Delaware with a capital of $1,250,000.
The Corporation Trust Co. Is the company's Delaware representative.
Compare offering of bonds in V. 112, p. 66.
Goodyear Tire
&
,
General Electric Co. Listing.
The Boston Stock Exchange on Dec. .31 added to the list 12,000 additional
shares Capital stock (par $100) making the total number of shares author-
—
— Notes
The
filed Dec. 29 In Iron County. Mich., transferring lands
of the Michitf.iii Iron & I>!ind Co. to the MichiKan Iron. Land & Lumber Co..
a MichlRan eoriioration formed by Henry Ford and associates to take over
this and other lands in the upper Michigan jjoninsula.
The deeds cover lands In Iron County, one conveying the lands owned by
There are 51, .348 acres in
fee sinii)lc and the other mineral rights only.
Attached to the first deed are
the former and l.'{.92f) in the latter deed.
revenue stamps to the value of S30() Indicating a transfer value of $.'iOO,000.
The second deed carries stamjjs to the value of S80.50. or a transfer value of
$80..')()0.
Included in the mineral lands are two under lea.se to the McKinney Steel Co. and the other is leased to the Oliver Steel Mining Co.
V. 112. p. m.
—
Ind.
L(:;u;h
,
has also reslttiu'd.
Two deeds were
—
Evansville,
Co. and A. IJ.
&.
Chicago, are offering at 99 >^ and int. .Sl.-'ifXJ.fXK) 8%
Sinking Fund Gold Notes. Dated Jan. 1 1921.
The eomi)any is a consolidation of IlercuU*) (ia-s Engine Co Hercules
Huxgy <,'o Hercules Wh«!<;l O) Hercules Hody .Manufacturing Co and
Indiana C>)lor
L. KlltiRrnsnillh rfslKni^J us Vlco-l'rcsldont and Treasurer Jan. 4
because ho was "1101 In full accord with some of the business policies contemplated by the company In the future." Mr. KlInKensmlth has bcten
Charles A. lirownell.
cx)niiected with the company for over 15 years.
advertisinK dlrtvlor. re-slRned on Dec. 31. Louis H. Turrell. Chief Auditor,
Gilliland Oil Co. Earnings
The accounts for the year ended Oct.
— P. W. (Jliapman
.
Frank
—
[Vol. 112.
Corporation,
Hercules
fered.
—
.
.
THE CHRONICLE
166
to
—
—
V. 111. p. 2234, 2047.
International Mercantile Marine Co.
—Outlook. —Pres.
S. Franklin says:
The outlook for American shipping
A.
In 1921 Is encouraging and the prospect for the passenger and freight business of the old-established lines, with
offices and .steamships trading to all parts of the world. Is strong and steady.
We are fitting out the 17,000-ton liner Arabic at Southampton for the
New York-Mediterranean trade, and the Mlnnekahda Is being equipped at
Fore River for the American Line service between New York and Hamburg.
I do not see any prospect of passenger fares being reduced, because there
is no likelihood of any reduction In the operating expenses of the steamships.
The deflation in shipping In 1920, which has continued to Its close. Is only
a natural and not unhealthful reaction from the long period of abnorma
business conditions created by the great war.
The greatest help that Americans can give the shipping business In 1921
win be undivided public support of every proper effort to get the Govern
ment out of the shipping business. The Government is now the largest
many directions In comshlp-operatmg unit In the world. As such It Is
The shipowner Is boimd by all ecopetition with American shipowners.
nomic laws which govern business. Unless he can earn a profit on his
business he is lost. The Government Is not bound by such laws.
The ships should have been sold to American private owners competent
When this Is accomplished one of the most profoundly
to manage them.
disturbing conditions that ever affected the welfare of the American merchant marine will have been removed and we shall be able to do business
along sound business lines. V. Ill, p. 2429.
m
—
—
—
—
—
Invincible Oil Corporation, N. Y. Status Properties,
Production in 1920 about 3,000.000 bbl. of Crude Oil Refining
This
Capacity increased to 9,000 bbl. daily Officers,&c.
company, whose stock was hsted on the N. Y. Stock Exchange in June last (see full official statement to the Exchange in V. Ill, p. 91 reports by adv. on another page:
—
,
shares
—Authorized capital stock $50.000,000—
1920.
—par $50 shares — During the year 192030the Invincible 1.000.000
Issued, 376.162 — Nov.
Corporation,
1920 Operations.
produced approx. 3,000.000 barrels of crude
through
Capitalization.
Oil
oil.
Its subsidiaries,
increased from 5.500 to 9.000 barrels dally.
six-Inch pipe line from the Homer Field to the Shreveport refinery was
completed a tank farm of 495.000 barrel capacity was built at Lorex and
over 400 tank cars were purchased.
Production was running at the rate of approximately 8,000 barrels of oil
per day at the end of December.
Sul)sidiaries
Louisiana Oil Refining Corp., Invincible Oil Co., Gladstone Oil & Refining Co., Montrose Oil Refining Co., Inc., Arkansas Invincible Oil Corp.. Inc.. and Louisiana Oil Exporting Co., Inc.
At Shreveport, La., capacity 5.000 barrels (2) at Ft. Worth,
Refineries.
Tex., 4,000 barrels
(a) Homer Field to Shreveport, (6) Caddo Field to ShrevePipe Line
port, (c) Crichton Field to Shreveport, (d) Gathering Lines Cement Field,
Okla.
Tank Cars. These number 811.
,
, „
F. D. Cochrane, Chairman- E. R. Ratcllff. President- J. B.
Officers.
Shearer and H. M. Journee, Vice-Presidents- S. Vaughan, t^ecretary and
M. Stevenson. Treasurer., N. Y. Office. 512 5th Av. V. Ill, p. 2526.
Combined refining capacity was
A
—
—
—
——
—
International Nickel Co. — Financial Review. —
company's
Hayden, Stone & Co., have Issued a circular describing this
history property, &c., and giving a table of comparative financial statistics
from 1903 to and Including the year ending Mar. 31 1920. The circular
shows that since 1903 the company h.as disbursed out of earnings for sinking fund and Interest on bonded debt, $6,440, 243- preferred stock dividends.
$7,753,848- common stock dividends, $48,892,180.
—V. 111. p. 1955.
International Paper Co.
— N'ew
A total of $63,086,271.
Canadian Subsidiary
—
subsidiary, the Canadian International Paper Co has been Incorporated under Quebec laws with a capital of $20,000,000. Directors of the
new company are: Philip T. Dodge, PYes. of International Paper Coj
Robert F. Grant. Jacques Bureau, K. C, M. P.; P. Bique, K. C. and
Wilfred Gariepy, K. O.
^ ^
The International Paper Co., opened a new mill at Three Rivers, Quebec,
about two weelis ago and is now turning out 60 tons of sulphite paper daily
and when completed in the Fall of 1921 will have a capacity of 240 tons or
newsprint daily .—V. Ill, p. 2526, 2047.
A new
.
.
,
Interstate Electric Corporation.
Island Oil
1920
Dec.
1,223.000
&
— 1919
689,598
— V. 112, p. 67.
— Guarantees
Notes.
& Electric Co. below.—V. Ill, p. 78.
Transport Corp. Oil Shipments (bbls.).
See Trenton (Mo.) Gas
—
Increase.]
—
—
1920—12 Mos.— 1919
Increase.
6,262.000
6,425,734
533,402112,687,734
THE CHRONICLE
Jan. 8 1921.]
Kelly-Springfield Tire Co. --I'sual Dividends.
—
Mexican Eagle
A
stock diviiluiid of 3''^, has boon dtH-larod on the uutstaiidinK Conimon
stock (par $2.")) In aiklition to the rwular quarterly cash ilividiMid of 4''(,
I.Ike
($1 per share) hoth payabhi Fob. 1 to holders of record Jan. 14.
amounts have luvn paid quarterly in cash and sto<-k since May 1019.
The company has abandoned plans for the occupan<-y of its new -l-story
100x175 ft., recently completed,
works at 10th Ave. and ."ilth St.. N. Y.
and will concentrate operation at its new works at C'unil)erlaiid, Md., now
nearing completion. The New York building aKKrcKates aljout 60.000
sq. ft. of floor space, and has been leasetl for a loni? term of years to the
Fox Film Co. ( 'Iron Age Doc. lt>)— V. HI. p. 1756.
C
Kings County Lighting Co.
The companv
— Capital —
Dccisiott.
—
I.\C(tMk:
stock
Federal Judge Charles M. Hough, has denied the application of the
Newton for a modification of
P. S.Coimn. and Attorney-Cieneral Charles
the decree of the court and a dls.solution of the Injunction restraining the
?ubllc officials mentioned from enforcing the SOc rate prescrll)ed l)y statute.
D his decision Judge Hough heiti that the SI 50 rate e.stal)llslie(l liy the
company was not inequitable, and refuscKi the aijplicatioD for a modification
of the decree .— V. Ill, p 2527. 2234.
—
Laconia
(N.
H.) Car Co.
—
— Reduces Par of Common,
d-c.
—
The company has reported to the Massachusetts Commissioner of Corporations a reduction In the par value of Its Common stock from $100 to
$50 per share, thereby reducing the capital stock from $2,000,000 to
$1,500,000. conslstUig of $1,000,000 pref. (par $100) and $500,000 coimnon
(par $50).
Early in October last It was reported that the company had sold to bank3-year serial gold notes, proceeds of which was
ers an Issue of $700,000
to be used to provide working capital.
8%
w
William Raye and Percy
V. 106. p. 2014.
directors.
—
Brown were
Lehigh Coal
&
recently added to the board of
above.
stock purchases by employees is presented.
The total number of shares In this offer is 2.500. Stock Is offered at $65
a share, and emploj'ees receiving $1,500 or less per year are limited to a
maximum subscription of two shares. Employees receiving more than
$1,500 may subscribe for not more than five shares. Payments are to be
made on the Installment plan, not less than $5 per month per share. All
dividends will be credited to the subscriber's account. Interest will be
charged at the rate of 4% on deferred payments. The stock has been
paying 8%.— V. 111. p. 1955.
Lever Brothers Co., Cambridge, Mass.
— Capital Inc.
The
stockholders, according to press reports, have voted to Increase the
authorized capital from $12,000,000 to 5150,000,000, the increased stock
to consist of 400.000 shares of 1st Pref. stock, 600,000 shares of Pref. "A"
stock and 500.000 shares of common stock, par value of all classes $100.
[Latest information to band gives the authorized and issued capital as
$2,000,000 Common, SI .000,000 b% Pref. and $1,000,000 6% Pref. ($750,OOO issued)]. The entire capital is owned by Lever Brothers. Ltd. of
England. The American Company has also $750 000 1st Mtge. 7s out(Compare V. 107, p. 610, 506).
standing.
The action of Lever Brothers in increasing its capital, is understood to be
the first step in a plan by which the Lever interests, large soap manufacturers, are to acquire the American Linseed Co.
Negotiations between
both interests have been under consideration for some time.
Although nothing definite can be learned, it is stated that the merger
That
plan calls for formation of a new company under New Jersey laws.
company would exchange its shares for shares of American Linseed and the
shares of the Lever Brothers of Maine.
The basis of exchange, it was
stated, would be substantially as follows
Holders of American Linseed
Prefeired stock will be given one share of 7
cumulative preferred stock in
the new company for each Linseed share; holders of American Linseed
Common stock will be given 7% cumulative second Preferred stock of the
new company, also on a share for share basis, and holders of Lever Brothers,
Maine corporation, shares will be given the Common stock of the new
company. No dividends are to be paid on the Common stock until at least
two years' dividends on both classes of Preferred have been piled up.
The American Linseed Co. has outstanding $16,750,000 Common stock
and a similar amount of 7% non-cum. Pref. stock, also an issue of 6%
notes due May 1 19 25 V. 111. p. 2331.
%
—
— Consolidation. —
Biscuit Co. — Back Dividend. —
Loew's (Canada) Ltd.
the stockholders of the several companies have
voted to merge under the above name as per V. Ill, p. 2430, 2527.
It Is reported that all
A
Feb.
Feb
.
(.ALL %
MEXICAN
Bterling
$444,372
3.825.000
•
-
dividends
936,000
Hale on pref erre<l
Ordinary dividends
Kale on ordinary
(11%)
(35';;)
7,019,477
20,983,491
10. 663,798
8.300,000
(11%)
(35%)
(25%)
<25%)
$61,499,096 $12,385,936 $15. .546,643
2,219,054
6,503,419
3.643,282
$9,870,648
5.627,441
Net IncomePrevious surplus
-..
.i,
,
,
,
Total surplus
$66,042,.378 $14,604,990 $22.0.'>0.0fi2 $16,498,089
$5.1Mi.;«)l $14,081,008
Field redemption, &c... $2,204,807
$8,494,670
l)e|)re<i:ition rtserve...
2.5.S9.489
2..'i00,000
,
Provident fund
General reserve
1,600,000
2.657.961
1,(HI0,(XJ0
2.376,406
750.000
6,000.000
600,000
& 1. surplus. x$4 6. 090. 0(52 $3. ,543. 282 $2,219,054 $6, .503. 419
propostHi that this sum be aiiplied iis follows A final dixidend of
Total p.
X It
Is
on both the Preference and Ordinary shares, aggregating $4,1(J5.0(XJ;
and $38,110,872. respectively, and $3,814,190 be carried forward. V. 112.
49';;
—
p. 67.
& Ordnance
Midvale Steel
A
qu:irterlv
Co.
— Dividend Decreased. —
di\i(lend of 1'; h;is been declared on the outstanding
('ai)ilal stock, par $50, payable Feb. 1 to holders of record
$100.()00 ,0(10
Jan, 15.
This <listribution compares with 2% paid quarterly from May
1919 to Nov. 1920. inclusive, and,3'7o quarterly from Feb. 1917 to Feb.
1919. inclusive.— V. Ill, p. 2.527.1
extra dividend of SI per share has txien declared
the stock In addition to the regular dividend of SI per share, both payable Feb. 1 to holders
\%%
—
Lowell Electric Light Corp.—SI, 176,400
Stock Offered.—
The stockholders of record Dec. 24 are given the right to subscribe on or
before Feb. 2 at $115 per share to $1,176,400 additional capital stock.
Subscriptions are payable at office of Stone & Webster, Boston, (a) either in
full on or before Feb 2, or (6) in three installments, payable: (1) $50 Feb. 2,
(2) S25 March 2. and (3) S40 88 April 4.
"The proceeds will be applied to the retirement of present floating debt
Incurred largely for the construction of the 12, ,500 k. w. addition to the
power station, and will be further ased tow.ard its early completion.
"During 1920 company has taken on the largest number of additional
lighting customers in its history
over 1,400 in the 11 mos. ending Nov. 30,
—
and over 200 during Nov.
"Company has paid dividends for 37 years and is now paying at the rate
of 10% p. a.
During the past 10 years, for every dollar paid out in dividends, $1 47 has been put back into the property for replacements, maintenance or additions
In addition to the cash divs., stockholders have
received rights to subscrit>e to new stock, which have averaged $1 68 per
shcire annually during the past 15 years.
There is every reason to expect
a continuance of these rights in addition to the regular 10% cash dividend."
(Signed by Edward T. Clark, Clerk, Dec. 24 )
V. 110. p. 366.
— Decision. ——
—V.
& Co., Inc. — Earnings. —
Mackay Companies.
See Western Union Telegraph Co. below.
quarterly dividend of 1 % has been declared on the outstanding Comstock, par $100, payable Jan. 20 to holders of record Jan. 1.
Dividends have been paid at the rate of 8% p. a. (2% qua terly) since Oct. 1916.
V. Ill, p. 695.
—
Mississippi River Power Co.
To Pay Off Accumulated
Prefemd Dividend Amounting to $37 50 per Share.
—
The
stockholders will vote Feb. 10 on increasing the pref. stock from
$6,000,000 to $8,841,000, bringing the total authorized capital up to
$16,000,000 and S8. 841. 000 pref.. and on issuing $2,250,000 of the pref.
stock to liquidate the $37 50 accumulations per share on that issue.
Secretary Edward T. Clark in a circular Dec. 30 says:
In October last company sold $648,300 1st mtge. bonds, proceeds, together with part of accumulated cash on hand, has been applied to a reducOn Dec. 1 1920, and after the alx)ve
tion of matiu-ing and floating debt.
payments were made, this debt amounted to $3,275,000. It is hoped in
the near future that market conditions will permit the financing of this
debt on a long time basis, which, when accomplished, earnings should be
sufficient to pay the regular 6% di^^dend on the preferred stock.
From Feb. 1 1914 through Oct. 31 1920, company has expended for
plant or for the retirement of 1st mtge. bonds through the sinking fund
$2,841,916. which may be capitalized by the issue of jimlor securities if the
Directors believe that this amount
Illinois P. U. Commission approvas.
should be capitalized at this time by the issuance of $2,841,000 additional
pref. stock, thereby increasing the present amoimt of $6,000 000
6%
outstanding to $8,841,000.
If this issue Is approved the directors recommend that $2,250,000 thereof
(the total amount of accumulated dividends from Jan. 1 1915 to Jan. 1
1921, both incl.. being $37 50 per share) be issued forthwith and distributed
pro rata to preferred stockholders In lieu of all dividends accumulated to
and including Jan. 1 1921, the balance, S.59 1,000, to be Lssued at such time
as it may be used for future requirements.
Estimated Net Earnings for 1921 after Allowance for Taxes, daint., Depr..&c.
Net earnings
$2.21 5 .000
Int. on outstanding 1st M. bonds & requirements of new financing 1.205.770
requirements for 1st M. bonds and new financing
Sinking fund
298 751
Preferred dividends on $8.250,000
495!000
V. Ill,
—Balance p.
— Copper Production
1920.
December
Twelve months
—V. 111. p. 2430. 2331.
Middle States Oil Corp.
4.373.123
65,171,282
— Div.
(in Lbs.)
Mohawk Mining
1918.
4.989,435
58,590,793
— New
—
Outlook
Officer.
President P. D. Saklatvala in a statement to stockholders says that in
compliance with their desire as shown by a referendum, an increase in the
present rate of cash dividend will be made, rather than a distribution in
stock.
WUliam L. Walker has been
elected a Vice-President.
—V. 112, p. 67J
— Dividend Omitted. —
^|
Co., Chicago. — Class A Dividend
— Preliminary Report— Nexv Officers and Directors. —
Montgomery Ward &
IH%
The regular quarterly aiviaena of
on the 7% cum. Class "A"
stock due Jan. 1 last was not paid on that date, owing to the unprofitable
business carried on during 1920. The dividend on the $8,000,000 First
Pref. stock was dl.strlbuted as usual Jan. 1.
Preliminary Official Statement for Calendar Year 1920.
"The year just closed has been one of hard work and no profits. Gross
sales were S112.333.525. compared with $108,514,367 In 1919.
"The business for the whole year will show an operating loss of about
A peak Inventory of $45,000,000 three months ago has been
$1,000,000.
reduced to $31,000,000 before depreciation. In the inventory now being
taken all values are being cut to the bone.
"Bills payable have been reduced from a maximum of $16.0(X>,000 to
$10,400,000 on Dec. 31, and there Is $3,400,000 ca.sh in bank. Current
accounts payable but not due were le.ss than $2,800,000 on Dec. 31. as
against §3.650,000 the year before. The company has no bonds or serial
notes outstanding, and Is paying dividends only on $4,000,000 P»referred
stock In the hands of the public.
Theodore P. Merseles, for 18 years Vice-President and General Manager
of the National Cloak & Suit Co. of N. Y., has been elected President, succeeding Silas H. Strawn, who becomes Chairman. John A. Spoor and
IJernard A Kckhart of Chicago, Elliott A. Averett and Mr. Merseles have
been elected directors to succeed James W. Thome, Harry P. Kendall and
James B. Duke; VIce-Pres. J. C. Maddlson has also been elected as Soo
retary and Treasurer. V. 112, p. 67.
'
—
&
See Swift
1919.
4.619.910
53,520,091
Co.
directors on Jan. 4 decided to omit the quarterly dividend, due
ii'eb. 1.
A quarterly dividend of 81 per share was paid in November last
compared with $1 50 per share paid in Feb.. May and Aug. last, making a
total of $5 50 paid during 1920.— V. 111. p. 2430.
Morris
—
$215,479
'
1955. 204»
The
(H. R.) Mallinson
The consolidated income account
Miami Copper Co.
last;
1920. incl.
A
Ill, p. 2234.
for the fiscal year ended Oct. 30 last
shows: Gross profit on sales, $2,276,047: general and administrative expenses, $1,766,019: net earnings. $510,028; other income. $93,703; total income,
$603,731: deductions, S258,634: net profit before pro\iding for Federal
taxes (estimated at $32,000), $345,09*.— V. 110, p. 1295.
paid extra In
paid quar.
1919 to
mon
Unpaid
on account of back dividends, covering period from
1 1916, has been declared on the 2d Pref. stock payable
to holders of record Jan .20.
V. Ill, p. 1476.
dividend ot
1 1916 to May
1
JUNE 30
i't:.s().S).
M.
Like
of record Jan. 15.
extras of 50 cts per share
V. Ill, p.
For the first time In the history of the anthracite Industry,
partners In the business
subIn the mines have been Invited to
especially favorable
scribing to stock in their
This new step has been taken by this company.
terms.
In Its offer, which Is extended to employees of Its subsidiaries, the company, through Pres. S. D. Warrlner, says that for three years employees
have been setting aside small monthly payments to meet Liberty Bond subscriptions.
To encourage and continue that habit of saving, and to encourage and recognize the loyalty and efficiency of employees, the plan for
Loose-Wiles
cuLJ)
Midwest Refining Co., Denver, Colo. — Extra Dividend.
— StatusA Negotiations. —
on
An
& Hudson Bay Ry. under "Reports"
amounts were
Aug. and Nov.
were
from May
May
Navigation Co. — Stock for Employees^. — —
\HM.
men working
become
by
Miller Rubber Co., Akron, O. — Smaller Dividend. —
employing company under
.
Lake Superior Corporation.
See Algoma Central
V. 111. p. 1955.
—
.
December Sales.
(S. S.) Kresge Co.
1920 \2 Mos.
Itirrf(isr.\
Incrrasr.
1920 Dec.
1919.
1919.
$6,623,172
$1 .200,403 |$51 .245.311 $42,668,061 $8,577,250
$7, 823. .175
—V. Ill, p. 2429. 2048.
—
Report.
Yt:.\H.S K.\I)l.\a
--$59,463,573 $37,638,799 $29,117,074 $20,762,281
— Int.bonds
on
Preferred
D
—
Oil Co.
AT tUH
Gross Income
1st
notice at Albany Increasing Its capital from $2.The new capital consists of 8',;, cumulative I'ref
AVVOl
(Slated In Mexican Gold Pesos, par value 24>!ld. Bterliug or 49.75 cent* in
IJ. 8. (ioldl
191H-19.
1917-18.
1919-20.
1916-17.
Total profit
$57,272,046 $30,868,089 $28,857,122 $20,521,647
269,952
Other income
770.710
2,181,627
230,634
Less
hius filetl
000.000 to $4. boo. 000.
1G7
&
Nashua
— Dissolution Plan
—
— HI,
—Earnings. —
H.) Mfg. Co. —
—
Co.
Rejected.
Co. below.
(N.
Years Ending Oa.
Sales.-
V.
p. 2234, 2144.
Sales
1920.
'il
_
Net profits after U. 8. taxes
V. Ill, p. 2493, 1648, 1632. 1419.
—
1919.
1918.
$25,833,410 $18,463,455 $20,014,082
1,311.657
1.820,424
1,426,647
—
—
Nat. Aniline & Chemical Co., Inc. New Officers, S-c.
W. Newlean has been ele<'ted President, succeeding Orlando F. Weber,
who remains as Chairman. E. L. Pierce. President of the Solvay Process
Co.. has been eU-cted a director, succeeding F. M. Peters. B. A. Ludwig
J.
C. F. Weber and Dr. L. H. Cone have been made Vice-Presidents
V. 111. p. 1477.
National Licorice Co.
An
2%
— Usual
Extra Dividend.
•'
—
has been declared on the outstanding $1 ,000.000
Common .stock, par $100, in addition to the regular quarterly dividend of
both payable Jan 14 to holders of record Jan] 3
Like amount was
2H
%
extra dividend of
.
—
—
THE CHRONICLE
168
1%
paid extra In Jun and July l.-ust. and In July 1019: this compares with
each paid In Jan 191H and Jan 1919
V lll.p 78
—
Nevada Consolidated Copper Co.
— Production
Month
of ncMombor
12mo8. to Dor. .')1
111. p 2527.
3.000.000
49,481.938
—V.
New
Cornelia Copper Co.
—
1920— /Jfc. 1019.
3,276,000
2,688.4.56
111. p. 2431. 1956.
'•..'iSO.OOO
43.039.585
78.631.415
— Production
Ponnda).
—
Increase.
934,456
39.884,000
687.044 140,818,456
New York & Richmond Gas
(in
^os. — 1919.
1920—12
I)<ncase.\
—V.
—
(Lh-i.).
191H.
.O.SOO.OOO
1919.
1020.
The coniniUtco of wlilch Frank K. Shradcr is C;halrman has Issued a
notice to the holders or Klrst Mtge. .'>% Kold bonds calline for deposit of
their holdhiKs under the aKrecnienl dated Nov. 18 1920, with the Guaranty
Trust (;o. of New York, depositary. The time for depositing bonds has
been extended up to and IncludinK Jan. 31 after which date no bonds will be
accepted for do|)osit except with the approval In each case of the committee.— V. lll.p. 22.3,5.
.
&
Ohio Body
Blower Co.
— No Common Dividend. —
quarterly dividend on the ('ommon stock duo Jan 1 was omitted
on that date, owing to curtailment of operations; It Is said that the dividend was not earned In the last quarter of 1920. Quarterly dividends of
cents i)er share were paid on the Common stock (no par value) In
62
April, July and Oct. last.— V. 110, p. 2662.
The
H
Old Dominion Co., Maine.
1920— Dec— 1919
2.655,000
Increase.
— Production
I
(in lbs.)
1920—12 Afos.— 1919
2,061,200
Stock Dividends.
Co.
announces stock dividends for its various corporaBrooklyn, 1,2,50%; New York, 350%; Buffalo, 500%;
tions as follows
These dividends represent accumPhiladelphia 60 % and Cleveland 50 %
dated profits of a number of years. The common capital stock has been
Increased as follows New York, $2,000,000; Brooklyn. $1 ,000,000; Buffalo
The company
officially
.
.
.
$500,000; Cleveland, 8250,000; Philadelphia, .$150,000, a total of $3,900,-
An official statement savs "During the twenty years since the commenceof business in New York, all of the companies, as they have been subsequently organized, have made it their policy to conserve a large proment
portion of their profits, to provide for the natural increase and expansion
of the business, which necessitated larger plant and equipment and heavier
stocks of merchandise, and in more recent years required payments of
heavy taxes in cash.
"It is contemplated that the increase of capital stock not yet issued will
be utilized for the purpose of paying stock dividends in the future as addiV. Ill, p. 2528.
tional resources are accumulated.
—
& Bingham
Parish
Corp.
— Dividend Omitted. —
The usual quarterly dividend due Jan. 20 on the outstanding 150,000
shares of capital stock (no par value) will be omitted on that date, owing
to the fact that operations were curtailed in Dec. last and that there was
a large inventory. The dividend, it is stated, was earned during the last
quarter of 1920. Dividend record: Oct. 1919, 75c. per share; Jan. 1920,
V. 111,,
75c. and 25c. extra; April, July and Oct.. 1920 per share each
p. 1478.
—
Pathe Freres Phonograph Co.
—
Committee
Creditors'
—
Extension of Notes Till October 1921.
A committee representing banking and merchandise creditor interests of
the company has formulated a plan for the extension of payments by the
company until October 1921. and in the meantime will supervise the affairs
of the company as conducted by the present management.
Rapid progress, it is stated, is being made towards tne solution of the
problem confronting the company which in the past month has found itself
in possession of a large inventory and greater stocks of finished products
than called for by the trade, in the present depressed business conditions.
It is believed likely that the plan will be declared operative very shortly,
"because of the favorable financial condition of the company which has
current assets of over $5,000,000 against which there was current bills of
approximately $2,500,000." The additional $1,500,000 notes outstanding
are not due until October 1923.
composed of New York and Middle Western creditor
representatives, with Col. James H. Perkins, of Montgomery & Co.. 14
as Chairman; Arthur Warthem. of 14 Wall St., and 27
Wall St., N. Y..
Pine St., N. Y., as Secretary; Fosburgh, Pratt & Osborn, lawyers, 27 Pine
St., N. Y., as agents.— V. Ill, p. 1189.
The committee
is
Phelps-Dodge Corp.
— Copper Production
—
{in lbs.)
Decrease.
1920 12 Afos. 1919
860,000195,062,500 109.135,950 14,073,450
—
1920 Dec. 1919
7,458,000
8.318,000
—V. lll.p. 2331.
Increase.
—
I
Philadelphia Insulated Wire Co.
—
— Dividend No. —
2.
The directors on Dec. 30 declared a quarterly dividend of $1 50 per share
on the outstanding capital stock, no par value, payable Jan. 15 to holders
In Nov. last an initial dividend of $3 per share was paid;
of record Jan. 10.
V. Ill, p. 1956.
this distribution covered the 6 months to Sept. 30.
—
—
—
Sales.
(Albert) Pick & Co., Chicago.
The net sales for December 1920 amounted to $1,124,319, being an inFor the 11 months of the
crease of 14.35% compared with December 1919.
fiscal year the sales totaled $13,029,307, an increase of 38.19% over
1919.— V. Ill, p. 2235.
Piedmont Corp., New York. Incorporated.
—
—
Incorporated in Delaware Dec. 27 with an authorized capital of $7,000,000
Incorporators: Geo. V. Reilly, Philip L. Neiser,
to engage in mining.
L. H. Gunther, New York.
Car Co.
Pressed Steel
The company it is
— New Subsidiary. —
be known as
Pressed Steel Pneumatic Wheel Co. and will specialize in the manufacture
of special spring wheels for automobile trucks, known as the Houston
pneumatic wheels, rights for which were recently taken over by the parent
organization.
stated, has formed a
—V. Ill,
p. 1285.
new subsidiary
to
—
—
Y. —
&
Refiners Corp. New Director.
Producers
William C. Fordyce, of St. Louis, has been elected a director, succeeding
F. D. McCaulley.— V. Ill, p. 2431, 2145.
Raw
—
Receiver.
Silk Trading Co., N.
Joseph Read Patterson was appointed receiver on Dec. 23 by Judge John
Action was taken after the filing of
S. District Court.
C. Knox in the U.
an involuntary petition in bankruptcy by Evarts, Choate, Sherman &
Leon, attorneys for Arnold Brothers, creditors for $18,273 and two other
creditors.
Liabilities estimated $2,000,000, assets $500,000.
Ray Consolidated Copper Co.
— Production
1920.
Month
of
December
—
12 mos. to Dec. 31
111. p. 2528.
—V.
2,975,000
49,051.873
—
(Lbs.).
1918
1919
3,860.000
5,800,000
47,129,000 86,707.559
—
Rockland (N. Y.) Light & Power Co. Capital Increase.
The company has filed notice at Albany, N. Y., increasing its capital
from $1,300,000 to $1,600.000— V. 106. p. 1905.
St.
— Final Settlement of Claims.
—
—
Co.— Earnings.
Louis Nat. Stock Yards.
See "United States
Shaffer Oil
12 Months ending
RR. Admin." tmder "Railroads" above.
&
—
Refining
Gross earnings
Netearnings
—V. lll.p. 2332, 1957.
Nov. 30 '20.
$12,550,045
4,236,126
Oct.
31 '20.
$12,417,965
4,286,321
Copper
December 1920
December 1010
12 months 1020
12 months 1019
—V.
V.100,p.l4i/i
Sept.
30
'20.
$12,026,083
4,260,768
(Ihs.)
None
—
—
(Inc.).
Production.
Lend dhs .) Silver oz .) Gold(oz.)
(
746.7.')0
260.284
2.374.148
2,113,922
778.195
8.279.678
4,381,736
45146
37.621
3.085
42 15
4.971.82
299.83
402..360
89,724
Ill, p. 2332, 2049.
—
—
Shell Transport & Trading Co., Ltd.
Dividend.
The K(|ultable Trust Co. of N. Y. has received a dividend of 2s. per share
on the Ordinary stock, par £1 sterling. Holders of "American" sharers will
receive 72 2-10 cents on each "American" share.
This dividend will be
distributed on Jan. 27 to holders of "American" to shares of record Jan. 18
HI,
p. 2332, 2145.
(S. S.)
Stafford,
Inc.— Bond.i Offered.—
Bartlett & Gordon, Inc., Chicago, are offering at 100 and Int.. 20-Year
8% 1st Kef. Mtgc. gold bonds, dated June 1 1020, due June 1 1910. Interest payable without deduction for normal Federal Income tax, not to exceed
2%. Columbia Trust Co., New York, trustee.
Capitalization, authorized and outstanding; 8% 1st Ref. bonds, $300 000
Income debentures, $595,700; Common stock, $250,000. See V. lll.p. 700.'
Standard
Oil Co. of
New
Jersey.
— New Directors, &c. —
Charles G. Black, Edward M. Clark and E. J. Sadler have been elected
directors, succeeding O. T. Waring and Colonel F. W. Weller; this action
increased the directorate from 11 to 12 members. George H. Jones, Treasurer and director, has been elected Vice-President, succeeding Colonel
Weller.— V. 111. p. 2529.
—
&
—
—
&
—
Increase.
27,900.500
121,000129,961,700
2,.5,34,000
—V. 110, p. 2331.
Oppenheim, Collins
Shattuck Arizona Copper Co.
— V.
— Deposits. —
Co.
[Vol. 112.
—
Swift
Co. Court Rejects All Proposed Plans. Justice
Stafford in the District of Columbia Supreme Court on
Jan. 4 rejected all the proposed plans of the packers submitted to divest themselves of their stockyard interests in
obedience to the Government decree (V. 109, p. 2315, 2358,
2363, 2403). The companies were given 30 days in which to
submit new plans. At the same time the Court warned
that unless the defendants proposed plans that would meet
the requirements outhned, it would feel obliged to appoint
officers to take title to all the stock (of the stock yards) in
question and hold the same subject to the order of the Court
until suitable agreements can be made to have it disposed of
in accordance with the terms and purposes of the decree
agreed upon between the packers and the Government
more than a year ago.
Digest of Decision of Justice Stafford.
To
facilitate future progress it is considered best to state here that
Court cannot see its way to approve any plan for the consolidation of
the
the
yards whether by a holding company or otherwise.
Any plan to be acceptable must provide for an early and complete divestment by the defendants of all the obnoxious holdings.
If any delay is to be allowed in the actual divestment under the plans
that may be proposed, such plans must provide for complete control by
the Court in the meantime of aU such stocks, and must leave the matter
in the hands of the Court in such wise that the plan itself may be terminated at any time, if the Court shall determine that the defendants are not
proceeding thereunder with promptness and vigor.
[Because of the "peculiar circumstances" at the Crescent City (111.)
stock yards, the Court allowed six months for the filing of a plan for disposing of those yards.]
&
Statement Made by an Official of Armour
Co.
In so far as we have been able to interpret the ruling, we are no nearer a
solution of the problem of getting rid of the yards than we were before.
The Court in its ruling does not set forth any special plan; it merely states
that the plan we have offered is not satisfactory. It allows us time to
formulate a new plan or to amend the present plan so that it will be satisfactory.
It places the packers in a difficult position.
The packers are perfectly
willing to dispose of their holdings to any one who will pay for them, but
the transaction involves upward of $30,000,000, and a buyer for a S30.000,000 property cannot be found offhand.
Then, too, the $30,000,000
In-
cludes only the interests of the packers. The minority holdings are only
a little less, and certainly the minority stockholders have a right to seU
their holdings if they feel that a change in administration of the properties
is going to affect the value of their holdings adversely.
In the meantime the properties are for sale. Any one who can pay the
price can have them, but we are confronted by an economic condition.
Money is tight. A vast sum is involved, and the stock yards mtist continue to operate.
(The proposals rejected by the Cotirt were put forth by Swift & Co. and
Armour & Co. (V. Ill, p. 1759), and by Morris & Co. (V. HI, p. 2144.
2234) and were objected to by the Department of Justice (see under Swift
& Co. in V. Ill, p. 2236).— V. Ill, p. 2236, 2529.]
,
Syracuse (N. Y.) Washing Machine Corp.
— Cap. Incr.
This company, manufacturer of mechanical laundry machinery, ha,
increased its capital stock from $6,500,000 to $7,000,000. The companys
it is stated, recently completed the erection of a new plant.
—
—
Texas-Pacific Coal & Oil Co. Description. President
in a letter to shareholders says in substance:
Penn
Wells.
— The
company
has, not Including the s allow wells in the
old
Strawn pool, 191 producing wells averaging 4,000 barrels dally, 44 gas wells
and 116 wells not operating but which are being cleaned out and will be put
under pump as rapidly as material Is received. With these wells In operation our production should be materially Increased.
Under the joint operating agreements witu other companies there were
253 oil wells and 12 gas wells producing on Dec. 15 with a dally average
production of 11.000 barrels, of which the Texas-Pacific Coal & Oil Co.
gets one-half.
This indicates a production for the company of about 9,500 barrels dally,
exclusive of the Strawn wells.
On the same date there were also 108 of these joint wells which were
being cleaned out preparatory to being placed under pump.
In addition the company, under Its joint operating contracts. Is yet to
receive a maximiun of 178 wells, to be drilled free of cost to it, of which a
number are conditional upon their production.
Income. The mtenslve drilling required during the early part
Status
of the year, imder the terms of the leases, has been completed and the company is now proceeding with the normal development of the property.
Gas business Is Increasing steadily, the gross Income from the same at the
present time amounting to over $70,000 monthly.
Amarillo Field. In the Panhandle district, where the company Is operating jointly with the Prairie Oil & Gas Co., the Texas-Pacific Oil & Gas Co.
has an Interest tn 169,189 acres and has under option 152,617 acres. The
first well, recently completed, gauged 12,000,000 cubic feet of gas a day.
Three others are being drilled and should be completed within 60 days.
This district, which is referred to as the Amarillo field, appears to be one
of the largest gas fields developed in recent years, and based upon drilling
experience in other fields, oil should be found there.
Oklahoma. The value of the 4,800 acres of Creek County, Okla. has been
Increased considerably by recent developments. Three wells, producing
200 barrels daily, have been completed and three strings of tools are beln«
operated on the property.
Completions in the 1,800-foot "shallow" sand of South
"Shalloiv" Sand.
Stephens County, Tex., have Increased the productive area of the sand and
several new pools have been opened up on sand adjacent to the company's
Several good wells have also been brought In the Ivan district.
acreage.
North Stephens County, on acreage operated jointly with other companies)
Three wells are being put down on a block of 800 acres In North Stephens
County In which the company retains entire Interest.
Nature of Holdings. Of the company's 277,132 acres of leaseholds In the
North Central Texas fields, of which 170,771 acres are In Stephens County
67,632 acres are operated by the company and 78,865 acres under joint
operated agreements, leaving 130,625 acres unoperated. The company
V. Ill, p. 2529.
also owns In fee 69,933 acres.
—
—
—
—
,
—
—
—
THE CHRONICLE
Jan. 8 1921.]
Tonopah-Belmont Development Co.
— Earnings. —
12 Mo» to
3 Mos. to
3 Mos. to
Sept 30 "20. June 30 '20. Dec. 31 19.
Cross value of product
Vulcan Detinning Co.
Rrstilts for
Year mil.
1918.
$2,171,521
1,097.801
.-^ilex
$410,099
Other Income
$737,465
$432,114
*108.105
7,4.33
204.351
$1,026,701
al 15.746
$.540,219
342.499
$392,027
302.967
$614,451
44.644
$1,142,448
124.324
$197,720
Other Income
$384. .594
$89,060
$569,806
$1,018,124
1919.
»;;70,404
Statemrnt
— UitHdends.
1919.
IfC'O.
l>.,iC.
$665,564
$277,168
Ac
-..(lW%)4S,915(2k)41,2SO
Increase In luven-
,
13.009
8,032
3,247
t»rl.«
Net from operation..
— Quarttrly
Three Months Ending .September 30.
1920.
»].231.1S2
742, S60
Operating e.xpenses
169
4Sfl
I'll
Kirr ?2n rSOi'i-f »2r 073
Palancp.
liicomi>_ ..
$741,168
$201 ,4-<5
directors Deo. 30 determined that, "In view of existing unprecedent«<d conditions of business. It was wise to consarve the (".ish res<jurcaB
at the present lime, and action as to the current quarterly dividends on thti
nrosH
Gross Income
Admin
.
.expior. ,&c. .taxes
Net profit
Includes dividends from Belmont Surf Inlet Mines, Ltd.
a Includes
on stored silver
net ejirnlnps for the quarter ending Sept. 30 1920 of the Helniont
Surf Inlet Mines, Ltd., of which this company owns 80%. wore $68,640.
The
Pref slock and the Pref stock
of the board."— V. 112, p. 68.
*
profits
The
—
I
Sept. ao'20. Mar.3i '20
lB(i.783
67.994
I
$228,242 ICasli in banks
ICtiS.'ij
Total
22.250|
—V.
Transcontinental Oil Corp.
j
$373,950
$335,171
M.
was
L.
Benedum
as
Chairman of the board.
— V.
Ill, p. 1480.
.
Gas & Electric Co. — Notes Offered. —
Trenton (Mo.)
A. E. Fitkin & Co., New York, &c., are offering at 98 J^. to yield 838%.
$100,000 .5-Year 8% gold notes dated Oct. 1 1920, due Oct. 1 1925. Guaranteed principal and interest by Inter-State Electric Corp.
The company serves without competition the city of Trenton, Mo., with
electric light and power, gas and Ice, and by transmission line, the city of
Laredo, ^Io., witii electric light and power.
—
—
United Cigar Stores Co. of America. Sales.
Total sales for the year 1920 amounted to .?80.040.000, an increa.sc of
approximately SI 6. 000. 000 over 1919. Sales for December, it is reported,
showed an Increase of about $1,300,000 over 1919. V. 111. p. 2333.
—
United Iron Works,
Common
Dividend
—
Inc.,
Earnings. &c.
Kansas
City,
—
Mo.
— No
The
directors on Dec. 15 decided to omit the payment of the quarterly
dividend usually declared at this time on the outstanding $2,000,000
Common stock, par S50. On Nov. 1 last a quarterly dividend of l}i%
was paid.
President C. H. Cole says in substance: "Based on the earnings for the
first sLx months of the fiscal year, the common stock is earning $6 40 per
share after all taxes and dividends on Pref stock are deducted. The
company since its organization over 17 years ago has never had a year in
The physical property is In
•whlcn it failed to show substantial earnings.
better shape than it has ever been, and in a position to make large earnings
when conditions are normal." V. 110, p. 2664.
—
—
Candy
Inc. — Leases Building. —
U. R. S.
Stores,
Judson A. Harrington has sub-leased for a long term for the American
Chicle Co. to this company the 5-story factory, containing about 100.000
-sq. ft. of space, in Long Island City.
V. Ill, p. 2433.
—
Welsbach
—
—
U. S. Cast Iron Pipe & Foundry Co. Earnings.
The net income for the year 1920, after deducting charges, expenses and
is authoritatively estimated at over $800,000, as against a dividend
charge of .5600,000 at the present rate of 5% on the ,$12,000,000 of 7%
non-cumulative Pref. stock. Action on the Preferred dividend for the current year may be taken before Feb. 1
After several very prosperous years,
with earnings in excess of $1 ,500.000, the year 1919 showed a net operating
loss of $76,213 and a total loss of $503,703, after allowing for depreciation
reserve, interest, &c.
The company has announced a wage reduction of
20% at its plant in Burlington, N. J. V. 110, p. 1180.
taxes,
United States Envelope Co.
—Increases Capital. —
The stockholders oil ,Tan. 7, voted to Increase the capital stock from $5,000.000 to $8,000,000 by Increasing the common stock from $1,000,000 to
$4,000,000.
See V. Ill, p. 2529.
U. S.
Food Products Corporation.
— Loan. —
has been made by the Equitable
Trust Co. on the 15-story building at 56 and 58 Pine St., N. Y. City, extending through to 26 and 28 Cedar St.. purchased by the companyin
1919.— V. Ill, p. 2433.
It is stated that a loan of $1,000,000
United States Rubber Co.
Rubber Trade for
1920—0 utlook
— Chairman
for
Colt Reviews the
1921.—
— Stock for Emplorjees. —
The company has announced that It will give employees the privilege o'
subscribing to the Common stock at $81 per share.
The terms of the
.•offering are the .same as In preceding years, the employees to be allowed
to pay for the stock In monthly Installments. This year's subscription price
compares with $106 for 1920 $92 for 1919 and 1918 $107 for 1917 anci $85
for 1916.
No Common stock was offered for subscription In 1915, In which
year the corporation discontinued its policy of offering to employees Its
Preferred stock.
The number of shares taken In 1920 was the largest on
record, totaling 167.407. and the .subscription of 1919 totaled 156.680 shares.
Although no definite total has been decided upon for this year. It Is expected
that the subscription will take at least 175,000 shares.
'
—
Buys Manganese Properties. .Judge Elbert H. Gary on
Jan. 3 gave out the following statement:
After long negotiations we have purchased the Morrow da Mlna proper
about 300 miles from Rio de Janeiro, In the State of Minas Geraes,
This mine contains a very large tonnage of good manganese ore.
We are very much pleased with the purchase as It makes the company Independent concerning manganese ore, which Is an essential In the manufacture
of Iron and steel. We have been receiving shipments from ttie Morrow da
ties,
Brazil.
Mlna for several years.
(Judge Gary has denied the report that the corporation had purchased
additional coal properties In Greene County, Pa. (.see below).
He said that
no coal properties had been bought recently but the corporation Is opening
some properties In Greene County because the management expects Improved business conditions. ("Financial America.")
The repots stated that company was negotiating for the purchase of
approximately 30.000 acres of coal land east and southeast of Waynesburg
Greene County. Pa., all or most of which was formerly held by Josia V.
Thompson of Unlontown. and that the Piedmont Coal Co. was interested
In the transaction, and was one of the chief solders of the property.
The
amount Involved was estimated at approximately $20,000,000.) V.
Ill, p. 2333.
—
United Verde Extension Mining Co.
— Production. —
The company produced 3.204,258 lbs. in copper in December, compared
with 2.642,812 lbs in November and 3,864,756 lbs. in October.
Utah Copper Co.
Month
of
December
12 mos. to Dec. 31
—V. Ill, p. 2529.
— Production
(Lbs.).
1920
C. C^omnilsslon
l.-S
—
,
In a
mission was unjust and unreasonable. The Commission ordered the WestUnion to adopt rea.sonable practices In this respect for the future.
The Clommlsslon also slated that If the Western Union should at any
time have reason to question the responsibility of the Postal company It
could protect Itself by requiring an appropriate bond or other security.
The Cuban Government has prohibited the company from landing Its
Barbados cable on Cuban soil. This cable Is the one which American naval
forces prevented the company from landing at Miami, Fla.. under orders
from Secretarv of the Navy Daniels, in agreement with the State Department.— V. Ill, p. 2334, 2237, 2146.
em
Co.—
Definitive Notes Ready.—
(S. S.) White Dental Mfg.
William A. Kead & Co. announce Interim receipts for 10-year 8''I gold
may be exchanged for the definitive notes on an after Jan. 10.
notes
V. 111. p.
(J.
J.
.503.
G.)
White Engineering Corp., N. Y.
Dugal White has been elected a
—
director.
New
Director.
— V. Ill, p. 598.
Willys-Overland Co. Temporary Change in Production.
Plilla. "News Bureau" says:
—
The
All distributors and dealers of AVillys-Overland Co. have been advised
that a tcmporarj' change in production policy has been adopted and that
during the first quarter of 1921 the only production of either Overland
or Willys-Knight cars will conisst of tliose which have been actually ordered
by the distributors and dealers. In other words, as one of the company's
agents explained, there will be no cars made in anticipation of what demand
When conthere might be but strictly a building program "to order."
ditions in the automobile business return to normal then the company will
again go ahead on a building program "in anticipation of what the demand
might be."
Vice-President W. P. ChrA^sIer, in an announcement to
Overland agents is quoted:
"We have materially reduced our outstanding obligations and have
followed the policy of liquidating fniished product. As a result our stocks
in the field are very low and the total number of f ini.shed cars that we have
at our warehouse in Toledo is less than 2.200.
Two weeks of basiness
throughout the country would completely absorb every finished car."
See Wilson Fotmdry & Machine Co. below.
Vice-President E B ,Iackson has resigned.
V. 111. p. 2433, 2334.
Dissolution Plan Rejected.
Wilson
Co., Inc.
See under Swift & Co. above. V. 111. p. 2532.
&
—
—
—
—
Wilson Body Co.— 300 "^r Stock Dividend.—
have authorized a stock distribution of 300% thus increasoutstanding Common stock from $568,1.50 to $2,272,600. par $10.
(C. R.)
The
directors
.
ing the
V. 109, p. 1707.
—
Wilson
Foundry
& Machine
Co.,
Mich.
— Capital.
This company (controlled bv the Willys Overland Co.) has increased its
capitaUzation from 85,000,000 to $6,300,000.
December Sales.
(F. W.) Woolworth Co.
Increase.
1920 12 Wo.t.
1920 Dec. 1919.
Increase.
1919.
.$21,521,798 $19,378,184 $2,143,614 $140,910,267 $119,501,009 $21,409,258
V. 111. p. 2.334.
—
—
—
\
—
—
—
|
CURRENT NOTICES
— The firm of Prince & Whitely having expired by limitation
.
the following
same firm name; \. F.
McLel.sh (member New York Stock Exchange)- R. H. Gamble, F. A. Buell,
G. A. Heath, P. M. Van WIcklen. E. H. Falk (Resident Partner. New
Haven, Conn.) and J R. Branch. Special.
McArdle, Djorup & McArdle, accountants and auditors, at 42 Broadway, N. \ .. announce that Daniel W. Quinn, Jr., fonnerly a special Deputy
Superintendent of Banks of the State of New York, and President of the
Queens County Trust Co., has as.sociated himself with their firm in the
are continuing the business as of Jan. 3, under the
Under "Current Events" on a preceding page will be found the "Review
of the Rubber Indastry for the Year 1920 and Outlook for 1921," issued to
the press by Samuel P. Colt, Chairman o' the company, imder date of
Dec. 30.— V. 112, p. 68.
United States Steel Corp.
Phlla. Stock
Toll Credit Derision d-c.
derision made Dec. 31 held tnat the practice
of the company In refusing to extend credit for tolls on messages transferred
to It by the Postal Telegnijjh & Cable (^o., while granting credits generally
for tolls on messages tendered by the same senders and others for trans-
The
.
—
—
—
Stricken Off List.
Exchange on Dec. 20 1920 struck off the list $132,800
30-Year Sinking Fund Coll. Trust 5% bonds, due 1930, purchased for
account of the sinking fund, leaving the amount listed $1,775,400.
The
Co., Philadelphia.
Western Union Telegraph Co.
rec(MUl.v
— Larger Dividends. —
(luurlcrlv dividend of $1 75 I)<t share has been dwlared on the outstandThis coming Ca|)i(al .stock payable Jan. 15 to holders of re<-ord !)(*<•. 24.
pares with dividends of $1 .50 each i)aid in July and Oct. last and $1 25
each paid in Jan. and April last.
V. 111. p. 2521.
V. 110, p. 1438.
— Acquisition. —
annonncod that the company has acquired control of the
Latln-Amorican Petroleum Corp. and the latter's 600.000 acres of oil
land in Colombia. The deal, it is stated, is subject to a prior sale of about
40 sq. miles in alternating sections which was made by the I.:\tin-.\merican
concern to the .South American Petroleum Corp. New officers of the
Latin-America Petroleum Corp. are J. O. Treas. Pres.: A. H. Dalley Jr.,
V.-Pres.; F. TJ. Parriott. V.-Pres., and T. U. Coewell, Sec. fc Treas.. with
It
I
Washington Water Power Co.
meeting
until the next
A
—
Available Resources.
iV;v 30'20. ^far.3\'20.
Due from—
$174,98.')
Smelters
Others
9,932
22.2.50
Liberty bond?
in. p. 2237. 1573.
"A" was postponed
—
1918.
1919
13.835,000
7, .500,000
9,005. 591
106,377.999 110,553.697 198.233,596
—
conduct of its accounting practice.
R. M, Grant & Co., dealers in investment bonds in Chicago. New York,
Portland (Me.), St. Louis and Boston, annotmce that H. E. Durland, who
was until recently with Hornblower & Weeks, is again associated with their
organization and will have charge of the buying department of R
Grant
& Co.
L. P. Rothschild & Co. announce that Raymond C. Kraus, for eight
years with Solomon Bros. & Hurtzler, has become associated with them
in their Bond Department In charge of the trading In Short Term Notes.
Equipment Trust Certificates and Railroad and Industrial Bonds.
The Bank of America has been appointed trustee under an issue of
$2,000,000 10-Year 8% Coll. Trust Gold Notes of Selznick Corp., due
Jan. 1 1930: also has been appointed trustee under Lssue of $550,000 Sinking
Fund Gold Bonds of The Hill School, due Nov. 1 1955.
The Equitable Trust Co. of New York are offering, by advertisement on
another page, a well diversified list of securities for January investment.
The list includes Government bonds, municipal bonds, railroad bonds, industrial and public utility bonds, short-term securities and preferred stocks.
Kean. Taylor & Co. announces tnat Robert Winthrop K«in has been
admitted to partnership In the firm as of Jan. 1 1921, also that Stuart R.
Reed, formerly with Lee, lllgglnson & Co., has become as.sociated with
tliem as Manager of their bond department.
Worthington. Bellows & Co. of Cleveland, Ohio, announce that
Jan. 1 Clwrles F. Gay, formerly Manager of the bond department of the
First-Second National Bank, .\lcron, Ohio, assumed the duties of Sales
Manager of the firm's investment department.
Headquarters of the investment securities business in the State of
Michigan of H. M. Byllcsby & Co. have bi!cn opened in Detroit by that
company, and will be under the management of T. E. Flanegin, formerly
with Blair & Co.
C. P Chllds Sc Co. have revised to'date their bond calendar of all
United States territorial and Insular loans, showing respective amounts
outstanding, dates of Issues, purpose of Issues, mattirltles and other Information.
—
.
M
.
—
—
—
—
—
—
—
^
,
THE CHRONICLE
170
COMMERCIAL EPITOME
New
York, Friday Niaht, Jan. 7 1921.
In the United States is brightening
somewhat. There is no dwided change for the better In
the actual volume of business, but tlie tone is better. Almost everywliere it is more dieerful. Collections are somewhat easier. Failures are fewer, although it is true that
they are much larger than at this time in recent years.
That Is not very surprising, however, in view of the great
decline in prices and also the sharp falling off in business
during the last six months. One striking feature is the resumption of work in many of the mills and factories in different parts of the country. This to be sure is confined
mostly to the textile industries, but the depression in that
branch of trade has been so marked that the improvement
is certainly a very gratifying sign of better times to come.
There is a larger trade in dry goods, especially in cotton
fabrics.
The silk trade is also better. Wholesalers report
Itetailers are buying dry goods rather more
larger sales.
freely.
Cotton has advanced, as a reflex of better conditions in the manufacturing trade.
The manufacturers
of the country are getting into better shape, either as regards increased trade or in the matter of reduced costs of
production.
Throughout the country's textile industries
there has been a reduction in wages recently of about
2214%. In some cases iron and steel workers have had
In fact, reductions in wages have
their wages reduced.
been made in various industries.
Thus, with reduced costs of raw material and labor, the
way is being paved for an increased output of cheaper goods
to supply what is expected to be a larger and larger market
as the year advances. In the opinion of many the country
has turned the corner. Recently there have been more advances in prices of merchandise than for a considerable period. At the same time food prices are lower on the average
than they have been for several years, though some items
have changed very little if at all. The clothing business
has somewhat increased in spite of the mild weather in the
Eastern part of the United States. There is nowhere, however, any great activity in American trade.
All that can
be said is that there has latterly been a slight improvement
as compared with conditions of extreme dulness and depression recently. And it is a fact that unemployment Is
very extensive. As the cost of living is still high, this is certainly unfortunate.
It clearly indicates a reduced buying
power of great masses of the people. Moreover, in Kentucky there have been violent outbreaks by tobacco farmers
protesting against low prices for their product, and considerable quantities of tobacco, it is said, have been destroyed
by the enraged growers. The American wheat farmer finds
that the Argentine farmer is beginning to undersell him in
Europe. Canadian flour mills are offering their product
here at below American prices. Exports of cotton are still
very small. And it is not supposed that the passage of the
"War Finance Act over President Wilson's veto will do
much to increase the outgo of American cotton in the present
poverty of Europe, although it is true that foreign exchange
rates have recently advanced and that the tendency of
ocean freight rates is evidently downward. Iron and steel
are still dull and more or less depressed. In steel much
depends on the export trade, the outlook for which at this
time seems somewhat problematical. Lumber has remained
dull.
The building exhibit for 1920 is anything but satisfacto.v, owing to high costs and strange proceedings of various kinds in the building trades during the last twelve
months. Coke has declined further. Prices of rice in the
Gulf States are low. In fact, the South is irritated over
the low prices for all of its products, notably for cotton,
tobacco, rice and sugar.
There has been a failure in the
Liverpool cotton trade, and a relatively small bank in London has also suspended. A few small banks in various parts
of the United States have latterly closed their doors.
On the other hand, the outlook in Wall Street has brightened with a rise in stocks, bonds and foreign exchange,
something which has tended very noticably to encourage
the commercial world of the United States. Lower rates
for money are expected in the near future in New York
and possibly in London. On the whole, the commercial and
financial developments of the week have been heartening
to the merchants of this country, who look forward with
characteristic courage and hope for better times. The year
1921 is generally expected to be a distinct improvement over
The busincsH ontlook
1920.
The Amoskeag Manufacturing Co.,
week resumed full time in nearly
of Manchester, N. H.,
all departments of its
cotton mills, with about 10,000 operatives. The December
sales of F. W. Woolworth & Co. amounted to $21,521,798,
an increase of $2,143,613. A Washington dispatch said that
four national banks within the past six weeks have suspended business in Texas, but Comptroller of the Currency Williams says the situation in the Southwest is improving
steadily and one of the closed banks has already reopened.
The other three are expected to resume soon. Textile mills
at Cohoes, N. Y., district it is expected will resume operations about Feb. 1.
Cluett, Peabody & Co. Inc., shirt facthis
[Vol. 113.
tories at Troy, N. Y., resumed oi)erutlons on Jan. 3 on a
five-day week schedule. The Superior Steel Corporation, an
Independent concern at Pittsburgh, Pa., resumed work on
Jan. 5 at a reduction in wages of 15%. The Winchester
Uei)eating Arms Co. has announced a wage reduction of
10%, effective Jan. 10. Large orders have been received by
the Thatchers Spinning Co. and the Standard Processing
Co., of Chattanooga, Tenn., and the.se concerns will go on
full tinje in the near future.
Many Rhode Island textile
mills have reopened, some on full time.
The Iiiilian Orchard Co., a textile concern at Springfield,
Mass., cut wages 15%. At a convention in Essex County,
Mass., labor union delegates claiming to represent 100,000
workers passed resolutions favoring support of efforts to
resist wage reductions and opposing profit-sharing plans.
Employees of the American Cotton Oil Co., West New
York, have accepted a wage cut of 10%. The Interwoven
Mills, Inc., of Martensburg, West Virginia, employing 1,600
hands, resumed operations on full time Jan. 3 after three
weeks idleness. The Ashville, N. C, cotton mills also resumed operations on Jan. 3 after a shutdown of several
weeks. A voluntary cut of 25 cents an hour in its wage
schedule has been announced by the Bricklayers' Union of
Orlando, Florida. A dispatch from Danbury, Conn., says
that the hatters' union has voted to recommend a cut of
20% in the minimum scale from $10 a day to $8.
Clothing prices have been cut 20 to 50% in Toledo, Ohio.
At. Springfield, Mass., more than 1,200 employees of industrial concerns which were closed recently resumed work
on Jan. 3 when the factories reopened. At Boston plasterers
struck on Jan. 5 for $1.50 an hour. Strikes are the excepAt Rochester, N. Y., with the
tion nowadays, however.
volume of orders for the spring trade steadily growing
larger, Rochester's clothing and shoe factories, employing
together about 14,000 workers, are gradually taking back
their normal force of employees.
At Waynesboro, Pa., the 800 employees of the Landis Tool
Co., with shops here and in Greencastle. Pa., voted to accept
a 20% reduction in wages and to work 36 hours a week
rather than have the plants close. At Gloversville, N. Y., a
wage reduction, ranging from 20 to 23 1-3%, and affecting
all workers in the leather dressing and tanning industry
Wage reductions varying from 10
there, was announced.
to 25% for Philadelphia textile mills are announced for
Jan. 17. The suspension was reported on Jan. 6 of J. B.
Thomson & Co. of Liverpool and New York supposedly with
moderate liabilities; assets not .yet known.
The remarkably mild weather in this city has continued.
At times it has seemed like spring. Dandelions and pan.sies
were reported in bloom in and near Boston, Mass., on Jan.
Simultaneously word
3. marking a late and mild winter.
came that icebergs had appeared on the transatlantic steamship lanes as harbingers of an early spring. There was a
thunderstorm here on Wednesday. The lightning was so
vivid at Jamaica, L. I., close to New York, that it put out
the electric lights for a itme in the big public and office
buildings.
LARD higher; prime western 14.@14.10c.; refined to the
Continent 15^c.; South American 16c.; Br^-zil in kegs 17c.
Futures have largely ignored decUnes in grain, and a big
increase in stocks during December, although not absolutely
unaffected by them. They have been inclined ratiier to
follow a rise in hogs or grain and to respond to rumors of
export inquiry and considerable covering than to give much
heed to adverse factors. Yet the monthly statement of
Cliieago stocks that during December there had been a gain
of 13,124,785 lbs. of lard and 21,139,306 lbs. of cut meats.
The quantity of lard on hand is about the same as a year ago
while of cut meats it is about 20,000,000 lbs. less. Packers
sold May lard and ribs on the advance, but offerings were
Today prices advanced ending 62 to 65
readily taken.
points higher for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sa
January deU very... cts. Holi.
May
delivery
day.
Mon.
12.80
13.40
Tues.
12.85
13.50
Wed.
12.85
13.50
Thurs.
13.10
13.80
Fri.|
13.30
13.9-
PORK dull; mess, $29@$30; family, $40@$44; short clear,
January closed at $24 30, a rise of 80 cents for
the week. Beef quiet; mess, $16@$18; packet, S19@$21;
family, $25@$27; extra India mess, $42@$45; No. 1 canned
Cut meats quiet but steady;
roast beef, $3 15; No. 2, $8.
pickled hams, 10 to 20 lbs., 173^@17>^c.; pickled bellies,
10 to 12 lbs., 18@19e. Butter, creamery extras, 57H@58c.
Cheese, flats, 20@28c. Eggs, fresh gathered extras, 70@71c.
$33@$38.
COFFEE on the spot in rather better demand and higher;
No. 7 Rio 6 14 @6^c.. No. 4 Santos 8M@9Hc., fair to good
Cucuta 10K@ll^c. Futures decUned. They are the
lowest since 1914, and ih fact unprecedentedly low for fuThe trouble, however, is that trade is dull and some
tures.
think that the Santos crop estimate of 8,500,000 bags is too
low.
The big receipts suggest this idea to some. Others
They think tne Santos estimate is
dissent ^ 5m this -^dew.
about right, that the Rio crop is no more than normal, that
the same is true of the mild coffee crops, that deliveries in the
United States are about up to the average and that prices
are so low that a further marked decUne is improbable.
Coffee is declared to be now selling below the cost of production and the visible supplv has been reduced to 8,715,000
If the consumption"contimies large, the "visible' on
bags.
THE CHRONICLE
Jan. 8 1921.]
may easily be much smaller. Yet there is no denying
the credit situation is a drawback. Severe losses havi<
July
1
tJiat
undoubtedly occurrtid.
To-day
prices
were a shade
but they are somewhat lower than a week
8pot(unomclanct8 6i«-»K)Mfty
March
6.39@6.40|
hitjher,
a^^o.
ct8-6.79@«.80|July
cu.7.15@7.16
(September.. .7.47@7.48
SUGAR higher; centrifugal 9G degrees test Cuban and
Porto Hican 5.52e. Refined granulated renuiins at 7.90((i Sc.
Futures advanced for a time and then receded. They ha\'e
dev(>loped no very striking features.
The demand for raw
on the spot has been on the whole somewhat better. Cuban
nearby has sold it seems at 4.50c. cost and freight. Sales
of one kind or another in the forepart of the week ran uj) it is
said to 100,000 to 125,000 bags.
Surinam sold at 4.25c.
A tentative estimate of the Cuban croj) is 4,050, (KM)
The weather in Havana has been unsettled. The
number of centrals grinding is 57 against 17 last week,
128 a year ago and 111 in 1919. The receipts at Cuban
ports last week were only 4.G71 tons against 5,403 in the
previous week, 59,639 in the same week last year and
c.
i.
f.
tons.
of
to
171
The present movement has brought down
Grand Banks and the transatlantic track bergs,
an early spring.
the
"growlers" and fields of jjan ice weeks ahead of their normal
drift.
The ice invasion has resu-hed such a point that vessels are being forced south, and on Jan. 3 the International
Mercantile Marine Co. ordered its ships to take the longer
southern lanes at once, instead of waiting until Feb. 1, the
usual date for change.
TOBACCO has remained dull here. Buyers lu-e holding
aloof awaiting developments owing to the general dulness of
trade.
The people are in an economical mood. They object
to anything lik<» war prices.
No great improvement in
trade is expected for several months, although some people
are hopeful of at least some increase hhortly.
Meanwhile
I)rices are largelj' nominal and are not sui)i)osed to be quite
so firm as they were some* time bax'k.
There has been great
excitement at the South because of low prices. Lexington,
Ky., wired Jan. 3:
The tobacco market opened here to-day with fliPires very disappointing
to growers.
Early prices ranged from under 1 cent to 64 cents a i>ound.
Mu<-li low-g(ade leaf was offered, and this held all prices down.
Many
growers want to "cut out" next year's crop. The lluiley Marketing Co..
a growers' co-operative association, to-day announced It would take over
all low-grade leaf rejected by buyers and would hold It for European purchasers.
There were 5,500,000 pounds on the floors to-day.
42,662 in 1919; exports none; against 59,716 for "the sanu>
week in 1920; stocks 17,720 tons against 13.049 a week
previous and 75,694 a year ago.
Houses with Cuban connections have been selling futures.
Refined at one time
sold more freely but latterly the demand has been moderate.
Today futures advanced and they end slightly higher for the
week.
their tobacco away from warehouses and storing
It In their barns and every market of Importance closed for at U^ast one week,
the situation in the central Kentucky tobacco region to-night was In a stat«
of uncertainty.
The Lexington loose leaf market, the largest In the world,
closed an hour after the opening this morning.
8pot(unoffidal) ct8.4..50 IPebruary ct9.4.60( >4.64|May
4.60@4.62|March
4.65( »4.66|July
are reported.
January
ct9.4.79@4.80
4.91
@4. 93
—
OILS. Linseed quiet; Jan. carloads 77@79c.; less than
carloads 81c.; five bbls. or less 85e.
Cocoanut, Ceylon,
bbls. Ili^(«;l2c.; Cochin 12M@13c.
Olive $2 75@$2 90.
Cod, domestic 65(«70c., Newfoundland 80c. Cottonseed,
spot 8.50c. bid; future sales to-dav 10,500 bbls.; Jan. closed
at 8.56(a8.60c., March 8.79@8\82c., May 9.18^9.22c.
Spirits of turpentine 70c.
Common to good strained rosin
$8 50.
PETROLEUM
quiet; refined in bbls. 24.50^ 25.50c.,
13.50(rri4.50c., cases 26.50^27 .50c.
Gasohne remains unchanged at 33c. for steel bbls., 41c. for wood bbls.
and 50c. for gas machine. There is only a fair business.
Kerosene has been weak owing to the mild weather prevailing.
Consumers are holding aloof. With an increase of
70,000,000 bbls. in United States oil production, and of
60,000,000 bbls. in Mexican output, the world's oil production in 1920 is in some quarters estimated at 650,000.000
bbls., against 551,000,000 bb!s. in 1919 and 514,000,000 bbls.
in 1918.
An increase in production in the United States and
Mexico in 1920 was partlv offset by a smaller production,
it is said, in some of the leading European fields, owing to
unsettled political conditions and scarcity of oil-drilling ma-
bulk
The United States and Mexico together produced,
estimated, 590,000,000 bbJs., or about 90% of the world's
total
1920.
Of Mexico's total, about 105,000,000 bbls.
were exported to the United States, making a total of approximately 555,000,000 bbls., or 85% of the world's output,
marketed here. Daily average gross crude oil production in
the United States for the week ended Jan. 1 amounted to
1,209.335 bbls., compared with 1,248,835 bbls. for the previous week, a decHne of 39,490 bbls., according to an estimate of the American Petroleum Institute. The decline
was largely in Oklahoma, the production of which State
averaged 259,400 bbls. daily, a decrease of 22,050 bbls.
terial.
it is
m
Pennsylvania
Corning
Cabell
Somerset.
.32
and above
Ragland
Wooster
North Lima
South Lima
$6 10 Indiana
4 OO Princeton
4 46 Illinois
deg.
4
2
4
3
3
50
60
05
73
63
$3 83 Strawn
S3
3 77 Thrall
3
3 77 Ilealdton
2
Plymouth
3 48 Moran
3
Kansas & OklaHenrietta
3
homa
3 50 Caddo. La., light. 3
Corslcana, light... 3 00 Caddo, crude
2
Corsicana, heavy . 175 De Soto
3
Electra
3 50
00
25
76
00
00
25
60
40
RUBBER more active, and higher on a stronger London
market and speculative buying. Trading in London nas
been rather excited at times. The buying has been principally of spot and Jan. ribbed smoked ribs at 18c.
However
the buying was not very large, and factory demand is
lacking.
First latex crepe was quoted at 183^c.; brown crepe
thin clean 143^e.
Paras remain quiet and lower at 17c. for
para-up-river.
Centrals quiet and unchanged at 13@l4c.
OCEAN FREIGHTS have remained dull with rates
supposed to have a downward tendency. It is said that
$4.75 was declined at one time for coal room to Rotterdam;
grain w^as about 8s. for the range of United Kingdom and
Germany and lis for Gulf -Mediterranean. Scandinavian
shipping concerns are tying up vessels.
Atlantic ports find
Lexington, Ky., wired
,}iin. 4:
With farmers hauling
COPPER
firm at 13c. for electrolytic.
More
inquiries
sales early in the week at
However these prices have disthat the low levels have already
There were some
123^ to 12^c. by holders.
appeared, and it is beheved
been reached.
TIN nigher on the firmness of exchange and more favorable basic conditions; spot tin was quoted at 38J4c.
Lead
firm on the strength of sterling.
The recent decline in London did not seem to have any effect. Spot New York 4^c.
Zinc declined in sympathj' with London. Spot St. Louis
5.50e.
Business is dull.
PIG IRON
has been dull and still more or less depressed.
1920 business was good; in the last half
it was bad.
Prices dechned; output fell.
The coke pig iron
output in 1920, it is stated, was approximately 36,400,000
tons, compared with 30,519,930 tons in 1919.
And now the
trade confronts new^ conditions. The happy-go-lucky methods of war times wall not do. As one selling agency says:
"The picnic is over and the iron trade must buckle down
again to hard work."
In the
first half of
STEEL
has been dull and in the general belief tending
Prices virtually rounded a circle in 1920; i. e.,
after rising sharply they dropped and are now back to about
where they were late in 1919. The year 1921 opens S2 to $3
under the prices of a year ago. Purchases by the railroads
in 1920, though larger than for several years, were disappointing. Foreign trade in 1920 was remarkably good,
considering the drawbacks in the shape of low rates of exchange, &c. The output of steel ingots was, it seems,
40,000,000 tons, against 33.694.795 tons in 1919. As to
steel trade in 1921, much will depend on the foreign buying
in the United States.
downwards.
WOOL
has been rather steadier after the comparatively
favorable result of the Government sale in Boston last week.
Some people think wool has touched bottom. Low grades
have been most in demand at what are considered below prewar prices. There seems httle hope of the Emergency
Tariff bill being passed at this session of Congress.
Meanwhile unemployment at the mills is heavy and those mills
which are at work are running on short time \\ith a reduced
number of hands. One or two fair sized mills, however,
have reopened, having received some orders on worsted
goods. Dispatches from Napier, New Zealand, stated that
the sale there on Jan. 3 had a good attendance with 6,200
bales offered and 2,000 sold.
Competition between home.
Continental and American buyers was moderate. Crossbreds, compared with the Welhngton sales of December 20,
were 10% higher and merinos unchanged. Average prices
for greasy fine crossbred was Is 2Hd.;
medium lOd.;
coarse 40s 6 3^d; 3Gs. 5 I4d. The sale at Gisborne which was
scheduled for Jan. 5, apparently had been postponed and
the next sale is stated to be at Wanganui on Jan. 8 when
4,000 bales will be offered. Good wools, it is said, will
probably be in limited supply at this sale. Good 40 sizes
at the Napier sale are figured to have cost about 35 cents
clean landed basis and 44s about 30c. figuring exchange at
$3 60 and landing charges at 5^^ to 6c.
traffic ^'ery slow.
Charters Included coal from Philadelphia to Hamburg, -SS prompt- from
Atlantic range to West Italy, 86 prompf from a Virginia po:-t to Havana,
»3 50: 33.000 quarters grain from a Gulf port to ITnlted Kingdom, 88.,
January: co.il from Atlantic range to Rotterdam, $4 50 prompt: co«il from
Atlantic range to West Italy, basis .S6 prompt from Virginia to Havana,
$3 ,50: from Atlantic range to west coast of South America. 85 75. Welsh
form prompt; to Montevideo or Buenos Aires. $5 50, witb options: promptto Port Said, 47s. 6d.: to Rotterdam, $4 25, If French .'Xtlantlc. $4 75.
with options, prompt- three months' time charter United Sta,,fiB and South
American trade, $3 prompt.
A strike at Melbourne, Austraha, leaves 62 vessels idle in
the harbor.
Lack of cargoes and the low freight rates are
the reasons why 49 ocean steamers, mostly Dutch, are laid
up in Rotterdam. It is noticed as a remarkable fact that
icebergs are already floating down into the lanes of international traffic.
Old salts say that this is a fairly rehable sign
COTTON.
Friday Night, Jan. 7,1921.
THE MOVEMENT OF THE CROP,
as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
127,152 bales, against 143,230 bales last week and 178,079
bales the previous week, making the total receipts since
Aug. 1 1920 3.559,368 bales, against 4,026.687 bales for the
same period of 1919-20, showing a decrease since Aug. 1,
1920 of 467,319 bales.
- .
chronicle
thp:
172
Mon.
Sat.
Galveston
24,819
3.569
8,744
Wed.
Tues.
FrU
9,608
6,763
Texas City
Houston
Total.
9, .389
Thurt.
61,792
.546
Port Arthur. *c.
Now Orleans
4,417
1.084
1.397
3.4i5
Mobile
688
.',1(1
10,076
241
10.076
241
7..581
33. .525
106
2.913
118
6.728
118
9.586
50
858
431
8,656
213
8.064
922
Ponsacola
_
Jnrksonvllle
891
1.769
696
602
67
243
312
49
43
236
11
1.093
2,046
53
731
Havannali
nrunswlck
.50
Charleston
WllmliiKton
Norfolk
N'port News, &c.
442
...»
158
154
920
60
The
fol
1.074
54
20,111
35,36l!l27,l,52
1.50
304
61
Totals this week.
41
434
304
105
76
Baltimore
Philadelphia
7,889
13,124
-
5,0.'')8
41
....
... -
_
New Vork
219
75
746
-
16,017
34,6.50
lowing sliows tho week's total receipts, the total
1 1920 and stocks to-night, comparer! with the
since Aug.
last year:
to
January
7,
Since Aug
1 1920.
This
Week.
Galveston
Texas City
61.792 1,729.310
14,417
,546
2.53,624
10,076
41,393
241
33„525 796,145
55,467
2,913
Houston
Port Arthur. &c..
New Orleans
Mobile.
Pensacola
'lis
9,586
50
Jacksonville
Savannah
Prunswick
431
5,058
41
1,074
434
New York
__
PostoTi
"'r,i3i
368,149
8,874
43,068
52,307
143,362
1.078
858
Charleston
Wilmlnfrton
.
--.
Norfolk
N'port News, &c.
8.301
17.918
20.480
4.314
304
105
Baltimore
Philadelphia
{•Totals
l'^7.1.'S'>
Stock.
1919-20.
1920-21.
Receipts
Since Aug
1 1919.
This
Week.
1921.
3. 5.59. 368 224. ,546
1920.
366.918
3,228
256.9.52
446",626
77.176 1,328,216
200,950
26,363
44.891
18.348
l"847
46.755 651.143
192.453
9.636
820
11,990
9.142
81
853.483
32.276
100.800
4.000
184.162
4,138
103.069
4.714
222.739
9.512
527
2.254
402
12.751
769
10.928
66.514
4,556
12.854
974
497'.598
95.838
20,773
23,511
'V,47i
158 ..308
2.499
243,867
43.684
83.238
'5',667
313,873
10,000
67,102
60,610
89,758
27".835
67",495
12.793
3.985
5.932
4,084
6,750
11,066
4.026.687 1.420. .5.57 1,500,304
In order that comparison may be made with other yearS'
give below the totals at leading ports for six seasons:
we
—
Receipts at
1921.
Galveston
TexasCity,&c.
New
Charleston
4.843
194
7.098
59.293
2.621
30.025
2.969
35.041
3.000
5.130
2.473
11.565
13.987
7,541
153,526
125.848
173,647
23.469
2.000
4.207
2.122
12.270
46
2,582
19,9.58
224,546
131,534
858
. .
Norfolk
N'port N..&C.
All others
Total this wk.
1916.
1917.
68,469
6,565
22,188
1,357
7,082
2,500
835
501
7.285
436
8.630
127,152
—
Wilmington
'
60.789
8.512
40.231
2.263
77.176
28.210
46.755
9.636
32,276
4,000
4,138
4,714
9,512
527
7,602
50.619
2.367
27.994
431
5,058
41
2,035
Orleans.
Mobile
Savannah
Brunswick
1918.
1919.
1920.
61.792
10.863
33.525
2.913
9.586
50
3.8,58
4.500
4.490
648
Since Aug. 1.. 3,559,368 4,026.687 2.919.201 3,719,870 4.889.793 4,376.373
The exports for the week ending this evening reach a total
of 137,430 bales, of which 22,678 were to Great Britain,
15,461 to France and 99,291 to other destinations. Exports
for the week and since Aug. 1 1920 are as follows:
From Avg.
Week ending Jan. 7 1921.
Exported
to
—
1
1920
to
Exported
Jan.
—
7 1921.
to
Exports
from
—
Great
Great
Britain. Frarce.
Galveston .
17,848
Other.
Britain.
Total.
504.519
11,473 47,129 76.450
10,076 10.076
127.2,59
Texas City.
8.980
Pt. Arthur.
France.
210.385
44.111
2,709
650
San Antonio
El Paso
PortNoealez
4,830
3,988 26,154 34.972
. .
Brunswick..
Charleston .
1,200
1.200
2
1.1.50
465.7.56
4,325
35",206
lbb',896
2
54',2i3
15.797
701
89.427
7.428
7,499
Jacksonville
"4'6oo
40,200
Wilmington
Norfolk
York..
Boston
Baltimore
3¥,8ii
6.215
2,322
Philadelphia
Los Angeles
"y.isi
119
349
New
1,246
10,575
29,529
3,518
2,429
559
'2",697
Fran..
4,807
9,923
Seattle
4.807
9,923
V6",823
16,300
7,800
Tacoma
Total
22,678
Totari9-'20 120.4R1
Total
620,215 1.335.119
82,254 253.624
18.062
6,373
650
10.907
ro",967
572
572
251 ,248
3,193
r6b'.295
Mobile
San
Total.
1,1,50
New Orleans
Savannah
Other.
'IS-' 19
.5»i.02R
23.315
701
225.529
7.428
11.499
40.200
43.386
42.925
5.959
4.024
559
2.697
16.823
16.300
7.800
966.949
359,495 1,208.541 2.534.985
29,223 .53,00fi 202,690 1.663.399
0.29R 106.946 106.946 1.084.«'>3
333.029 1.098.858 3.095.286
315,059 682.370 2.082.252
15,461
99.291 137.430
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
add similar figures for
_
New
We
York.
On
Jan. 7 at
—
Galveston
New Orleans..
Savannah
Shipboard, Not Cleared for
Great
Ger-
Britain. France.
36,221
14,778
10.000
864
2,300
744
300
Cont't.
9.462
5.343
2.375
300
Other
many.
39.423
30,146
Charleston
Mobile
Other ports*..
Coastwise.
2,000
""566
1,000
06.596
Norfolk
New York*
—
'I'iso
5.000
Total 1921.. 57.043
Total 1920.. 118.526
Total 1919-. 74.347
* Estimated,
a 6,000
200
3.000
15.839
39.315
18.150
for
100
2.000
18.005 78.265
8.420 125.175
49.071
Japan and China.
Leaving
Total.
Stock.
97,106
51,131
2,800
1,000
9.715
1,150
269,812
394,895
155,.508
242 867
11.058
82 088
26.935
63.592
900
10,000
4.650 173.802 1.246.755
12.555 303,991 1,196,313
15.103 156,671 1,236,503
[Vol. 112.
Speculation In cotton for future delivery has been on a
fair scale at rising prices, partly because of advances In
sfiot iiinrkets and u larger (k-iiiand to cover .January and
March both for home and Liverpool account. The .January
Iircininni over .Marcli was up to-day to 104 i)oiiits at the
close. 'J'lie r('f)pcniiif; of the mills at the South and the "West
in some cases on full time and others on Increased had a
noticeable effect. Liverpool, too, has been advancing, and
times Manchester was reported a little more active.
Alexandria prices have risen sharply for January delivery.
The Efryptian Government has issued a decree forbidding
cotton planters to sow more than one-third of their land in
cotton. The East Indian acreage is also smaller. In Liverpool there has been a good deal of short coveHne. The tone
there has been better. In this country retail cuts have been
reported in various parts of the country. This, it is believed, will pave the way for better things in the wholesale
trade later on. If it continues it will react favorably upon
the mills. London has reported reductions in retail prices
of 2r>% on general merchandise and .50% on furs. It is supposed that mills throughout the world hold no very great
quantity of cotton. In some cases it is understood that they
are not at all well supplied. This is considered a fair inference from the fact that spinners throughout the world
have not been buying freely for some time past; in fact,
they have bought very little, and at the same time they
have been using up cotton, even though the mills have been
running on short time.
Just now there is said to be quite a large short interest
in January and March here.
The premium on January
over March early in the week was 92 points, whereas on
Dec. 18 it was only one point. Liverpool has been a steady
buyer of .January and later months in liquidating straddles.
Spot markets on some days have advanced as much as 50 to
95 points. In the Southwest the tone has been more cheerful.
Savannah has latterly reported a better demand with
at
a strong tone there also.
Much the same advices have
come from Charleston, S. C. A significant circumstance
was that the Amoskeag Co. of Manchester, N. H.. has resumed work on full time in most of its cotton departments.
The War Finance Bill has been passed in both Houses of
Congress over President Wilson's veto. Exports have not
been large far from it.
But it is believed that in the
fore part of this year, especially after the new Administration comes into power on March 4. measures will be taken
to facilitate the export of cotton from this country.
Prices
are now so low. moreover, that it is believed by some of
the Southern trade that an increased use will be found for
cotton, especially of the lower grades, which are obtainable
at very cheap prices at the present discounts under middling.
A fair quantity of cotton has been arriving at New
York, said to be for delivery on January and March contracts.
Some, it appears, has been coming from Norfolk.
The effect, however, has not been at all marked. Meantime
reports from Worth Street as to the dry goods trade have
been more cheerful. Textile mills at Cohoes, X. Y., are
expected to resume work on or about Feb. 1.
Manufacturers there have an idea that the worst is over.
Shirt
mills at Troy have resumed work on a five-day schedule.
There is a notion in some quarters that stocks of goods the
country over have become more or less reduced, especially
where retailers have made bona fide as distinguished from
sham cuts in prices. Apart from this there have at times
been advances in the stock market and a rather sharp rise
in exchange, to encourage the believers in the idea that the
country is on the mend. Silver has advanced in London.
In Liverpool shorts have been covering and others have
been replacing sold-out lines. Finally it seems more and
more certain that there will be a sharp reduction in the
acreage of this country this year. Georgia banks, it is said,
are uniting for the purpose of making it plain to farmers
of that State that they have got to do this thing or the
banks will know the reason why not.
On the other hand, there are those who doubt the permanence of a rise in cotton at this time. The.v attribute It
more to a bullish technical position than to any really fundamental change in the general situation in the cotton trade
in this country and the world over.
Nobody pretends that
cotton goods, as a rule, are really active. Nobody claims
that exports of raw cotton are what they ought to be or
that sales of spot cotton at the South are what they usually
are in normal times. And there is a world of cotton at the
Some maintain that never in its history has the
South.
South carried so much cotton as it is carrying at the present
The quantity brought into sight thus far is much
time.
smaller than last year, despite an increased crop. And a
very considerable percentage of it is of low grades, for
which there is a poor market. Germany used to take in
old days a good deal of low grades annually, but concededly
Germany is doing little now. Nor is it believed will she do
much until the size of the indemnity is fixed. The way
some skeptics figure the statistical outlook the consumption
will have to Increase very markedly or there will be a carry-
—
THE chroniclp:
Jan. 8 1921.]
over into next season of 8,000,000 to
That
!),000.0(M) bules.
would mean that a small crop would
muiutaiiu'd
that if the cany over on July ;il I'.fJl should he S,000,(i00
hales, a crop of 7,000,000 to 8.000,(K)(» hales durinf; the coming season would he ample. Nohody helieves that (he crop
will be cut down to any such figures.
If the acreage is cut
33 1-3%, cultivation would he more careful, it is maintained,
and not imi)rohahly, therefore, the yield i)er acre would he
increased.
It is, of cour.se, a truism that at times in the
history of the cotton culture of this country a relatively
moderate or small acreage has produced larger crops than
those raised on a much larger acreage, partly because of
To-day prices advanced
variations in the weather, etc.
with mill news better and a good demand, partly for January and .March. Trices are up IHO to 170 points for tlie
week. Middling on the spot ended at l(;.7oc., a rise of 200
points since last Friday.
The official quotation for middling upland cotton in the
New York market each day for the i)ast week has been:
Sat. Mon. Tues. Wed. Thurs.
Jan. 1 to Jan. 7
Fr
Middling uplands
Hoi.
do.
15.50
16.00
is
It
16.35
NEW YORK QUOT.VTIONS FOR
16.50
The quotations for middling upland at New York on
Jan. 7 for each of the past 32 years have been as follows:
1913_c
1921 -c
16. 7r)
1920
1919
1918
1917
1916
1915
1914
13.20
9.50
15.00
15.60
9.25
11.30
10.85
11.75
ao.oo 1012.
:?1.60 1911-.
32.5.') 1910
18.35 1909
12.55 1908
8.00 1907
12.30 1906
1905.
1904
1903
1902
7.30
13.10
8.90
8.19
10.25
7.69
5.94
5.94
1901
1900
1899
1898
1897.
1896
1895
1S94
1893
1892
7.19
8.19
5.69
8.06
9.94
7.44
9.31
..10.25
1891.
1890
MARKET AND SALES AT NEW YORK.
The
FUTUIiES.— The highest,
New York for the past week
Jan. i.
R&ime
14 38-1.50
U 95- 65
Closing .,
1547- 5014 97
Jiinuary
—
February^
15.00
Range
Kunge
HOLI-
Uunge
DAY.
.
14.85
Saturday
Market
Closed.
Closed.
AUQUSl —
Range
To
.
al
Steady. 125 pts adv. Firm
Quiet, 50 pts. dec. Easy
Quiet, 85 pts. adv.. Firm
1.000
400
400
15 pts. adv.. Steady
Quiet. 25 pts. adv.. Firm
f.SOO
100
Tsoo
Friday
2.1001
2.400
I
THE VISIBLE SUPPLY OF COTTON
up by cable and telegraph,
1.000
100
to-night, as made
Foreign stocks, as
as follows.
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
incluaing in it the exports of Friday only.
January 7—
Stock at Liverpool
Stock at London.
Stock at Manchester
is
1921.
..bales. 1,034, 000
1919.
1918.
835,000
11,000
128,000
453,000
16.000
65,000
471,000
22,000
37,000
1,137,000
Total Great Britain.
Stock at Ghent
Stock at Bremen
Stock at Havre.
Stock at Rotterdam. &c
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1920.
6,000
97,000
974,000
534,000
530,000
30.000
128,000
199.000
5,000
105,000
48,000
58,000
1.000
144,000
5,000
50,000
31,000
Range
515,000
390,000
105,000
230,000
Total European stocks
..1.652.000 1,364,000
639,000
760,000
India cotton afloat for Europe
68.000
12,000
42.000
53,000
American cotton afloat for Europe 480,532
338.000
707,000
210,000
Egypt. Brazil. &c. .afloat for Eur e.
54,000
87,000
47,000
160,000
Stock in Alexandria. Egypt
196,000
263,000
382,000
319,000
Stock in Bombay India
920 .000
534,000 *525,000 *490,000
Stock in U. S. ports...
.557 1,500,304 1,393,174 1,341,108
..1,420,
Stock in U. S. interior towns
1,743.741 1,348,496 1,494,729 1,297,927
U. S. exports to-day
24,434
52,126
8,107
20,547
—
—
15 20
14.90
15 22
— 15.20 —
—
—
14.90
—
— 14.20
15.35
—
—
15.55
15.40
—
14 60-. 55
14.60- 70 15 22-.28
15.15
15 40
14.60-.28
— 1540 —
14.10-.00 14. 27- .95 14.48- 40 14 95-50 15.12-00 14.10-MO
14.85-.90 14.20- .27 15.07-. 10 15 25-.28 15.40
—
Closing ..
Nofemher —
Range
Closing ..
14.95
December —
— 16.10 —
14.30
02
30
—
15.20
Range
Closing ..
15.06
I
/ 14
15 cents.
—
—
15.02
—
15.40
— 15.30
coal.-).
AT THE INTERIOR TOWNS.
Movement
Towns.
to
Jan. 7 1921
Recitpts.
Selma
Helena..
Little Rock..
Pine niuff...
Ga., Albany
Athens
Atlanta
Augu?ta
Columbus
Mapon
Rome..
7,630
44,979
28.685
3.857
4,175
123.245
84,087
9,990
96.993
76,341
249.514
26.328
29.043
21.549
66.227
7,094
87.399
80.125
19,195
13
3,382
1.777
4,030
5,644
376
327
La., Shrevpport
ML^p.. Columbus
1,463
Clarksdflo ..
2,173
Greenwood..
680
427
800
Meridian
Natchez
VIcksburg.
Season.
300
218
230
994
Montgomery
Shtp
ments
Wiik.
Stocks
Raleigh--.
Chlckasha
-
Hugo
Oklahoma
S.C.GrePnvllIe
-.
N'ashville
Tex., Abilene.
Brenham
Clarksvllle ..
Honey Grove
Houston
Paris
Ran Antonio
Fort Worth*
Jan. 9 1920.
Ship
17 ,2.58
16 ,638
3,862 62 524
1,000 75 ,610
72
6 ,433
2.765 61 ,856
3.931 29 ,876
6,617 161 ,234
546 27 ,013
719 19 ,590
394
8 ,5.55
2,860 60 455
4 597
1,762 89 .726
1,803 63 .998
558 13 .011
400
8 .734
Jan.
Week.
7.
Rt celpls
Week.
140 6 ,594
189 32 ,613
Stocks
ments.
7.
I
264
1,021
418|
491
6.867
""i2
4.174
8.259
8,844
295
5,527
1,444
2,060
50
3,586
2,000
1,363
198
279
695
24,885
1,500
204,
Season.
4,930
60,553
34.445
24.9.54
144,438
22.330
9.081
110.404
173.080
398.314
32.971J
180.115,
43.71&
62.236'
14.417
102.0.50
93.438
28.684
24.317
14.996
31.501
3,355
71 21,003
5,497
1,809
9,209
345,
6.930 55,681
19,000
"124!
2,652
4,339 44,848
7,704 39.340
17,804 198,433
3,660 24,307
7,843 51,034
1.348 14,746
1,388 56,874
50
6,588
2,880 50,517
35,600
3,100
3,922 10,941
431 11,882
207 10.219
1,000 12,436
14,782
8,081
1,603, 11.000
317
79
529
10.513
14 ,1.58
'796 20 .768
23.755
282.028 25,120 20 .711
428.4.50
137
8.326
6 .762
29.563
34
2.846
200
266
8,297;
34.959
2.623 15 .726
1,891
4'397
29.800
2,296
9 ,553
1,411
V4'635
400 6 .834
17.200
200
21,615
3,498
391
36,996
2,458
8 ,765
2,617
247
23,438
15 ,024
31,925
2,110
90,586
3,597 40,408
2,696
14.365
293 12 .724
471
14,051
482 10,110
482
452.896 14.474 382 .842 39,003 624.896 34,658 286,887
16,8.54
916
442
I .332
501
1.313
995
443
2",653
1,646
1,.5.58
93.058
3 .327
4,068
34.573
3,065
4 ,265
9.706
107
5.7561
2,201
125
70
70
400 12 ,600
22.200
34.965
600 8,116
300
743
2,498' 18.979
31.063
1,196 17 .168
51,591
882
2,748l
834'
400
4.054
400
20.500
9.,690
24,870
572
59.966 ,778.399 56.669 363, 467 J71,150 1 .262,105 64,914 222.447
65.328
2,787 21. 427
95,537
3.382 12.967
2.314
5,003,
109
34.036
700
3,062
646
34.173
4, 247
700,
70.2,56
4.948 25. 691
30,700
2,000 22,500
3.941
1,500
381
Okla., Altus-
In
Jan.
28. .580
18,2.38
Movement
Yazoo City..
964
Mo., St. LoulB_ 26,932
1,243
N.C.Gr'nsboro
Dallas
Total Continental Stocks
15.05
— 14.15 — 14.60
15.10
Range
Closing ..
Greenwood
25,000
21,000
13.05
—
October^
Tenn. Memphis
218,000
4,000
59,000
109.000
—
14.20
14.90
—
Ark.,
Tuesday
Wesdesday .
Thursday .. Quiet,
Total
Con r
1530
14.35-06 14 78-40 14.85-40 13.80-<40
15.00-05 15 15-. 10 15.18-22
14.90
Closing ..
September
Ala., Eufaula..
HOLI DAY
I
Monday
Spot.
—
13 92- 9.1 14 20- 90 14 42- 12 14 88- .47 15 02-55 13.92-(55
14.90- .92 14.20- .25 15.07- 08 15 23-28 15.28-34
Kauge
Closing ..
We^k.
Market
Wett.
7.
15 15- 85 16 70- 20 15.81-37 14.38-/37
15.85
10.00-05 16.24- .25
13. 80-/86 14.09-.90
14. 80- .85 14. 14- .22
Closing ..
Jwit —
Jul{i
Jan.
— 14.05 — 14 96 — 16.16 —
14.70
-
ytliiuv,
Jan. 6.
— 15.50 — 15.17-35
14.45
Closing ..
J IG corns.
SALKS.
Jan. 5.
—
-
Closing
ffillows:
13.73-70 14.00-80 14 25- 00 14. 77- .44 14.92-54 13.73-<54
14.00-.03 14. 05-. 10 14.95-00 15.l7-.20 16.20
Uunge
Clcwlns -.4 i>rll
—
—
1395
Ituiigu
ClusluK ..
.Wurcft—
on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns whicli
shoAv at a glance how the market for spot and futures closed
on same davs.
Futures
have been as
Jan. 3.
total sales of cotton
Spot
lowest and closing prices at
Monday, Tuesday, Wrd-day. Thurid'y,
Saturday.
Jan. 1.
16.75
32 YE.VRS.
173
Total. 41 townsl.56 2674.176.447 147 220 1743741 203.2644.431.347 210.0801348490
•
Last year's figures are for Cincinnati.
.
Total visible supply
6,559,264 5,909,163 4,839,.010 4,640,582
Of the above, totals of American and other descriptions are as follows;
American
—
Liverpool stock
Manchester stock
Continental .<tock...
bales.
4.50,000
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to'day
Total American
East Indian. Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe..
643,000
81,000
—
Egypt, Brazil. &c., afloat.
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c.
Total American
480.532
1,420,557
1,743,741
24,434
285 000
618,000
307,000
84,000
42 000
26,000
*70 000 *198,000
325,000
338 000
210,000
707,237
1,500,304 1,393 174 1.341,108
1,348,496 1,494, 729 1,297,927
52.126
20.547
8, 107
4 ,843 ,264 4,635.183 3,637.010 3.400,582
391.000
6 ,000
16,000
65,000
68,000
54,000
196.000
920,000
217,000
1 1
,000
44,000
65.000
53.000
87,000
263,000
534,000
168,000
16,000
23,000
*29,000
12,000
47,000
382,000
*525,000
164,000
22,000
1 1
*32,000
42,000
160,000
319,000
490,000
..1,716,000 1,274,000 1,202,000 1,240,000
4,843.264 4,635,163 3,637,010 3,400,582
•
9.75d.
25.60d.
19.17d.
1920-21Since
January 7
Shipped
Via St. Louis.
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. &c
—
Week.
25,120
6.048
Aug.
1.
.,568
274.135
111.093
8.983
28.866
2.946
9,984
114.947
1.497
1
Total gross overland
47,163
Deduct Shinments
overland to N. Y., Boston, &c ... 1,917
Tletwcen interior towns
581
Inland. &c.. from South...
7.602
—
,52.194
590,218
-1919-20
Since
Week.
024.782
12,698
1,070
1,918
8,994
9,786
Aug.
1.
a432.678
261.821
10.302
46.773
88.949
184,790
59,248 1,025,313
6,701
1,246
5,860
103,047
38,092
116,117
10.1 00
Total to be deducted
51,013
9.867
93.522
154 .402
13,807
257,256
37,063
435,816
45,441
768,057
,000
Total visible supply
6,5.59.204 5,909,163 4,839.010 4,640, .582
Middling uplands, Liverpool
19..36d.
23.52d,
lO.lTd.
28.79d.
Middling uplands. New York
30.90c.
32.60c.
16.75c.
39.25c.
Egypt, good sakel. Liverpool
30.79d.
32.55d.
60.00d.
22.00d.
Peruvian, rough good, Liverpool. 16.00d.
34.00d.
43.50d.
37.00d.
Broach, fine, Liverpool
22.25d.
25.3,5d.
18.92d.
9.25d.
Tinnevelly, good. Liverpool
OVERLAND MOVEMENT.
22.43d.
Estimated.
Continental imports for past week have been 89,000 bales
The above figures for 1921 show an increase over last week
of 13,109 bales, a gain of 650,101 bales over 1920, an excess
of 1,720,254 bales over 1919 and a gain of 1,918,682 bales
over 1918.
Leaving total net overland
*
movement by rail to Canada, a Revised.
The foregoing shows the week's net overland movement
has been 37,063 bales, against 45.441 bales for the week last
year, and that for the season to date the aggregated net overland exhibits a decrease from a year ago of 332.241 bales.
Including
435.816
1.446.000
-1919-20Since
Aug. 1
Week.
224, .546 4.026.687
45.441
768.0,57
73,000 1,594,000
5.441.184
883.800
342.087
•6,816
-1920-21-
In Sight and Spinners'
.Since
Takings.
Week.
Receipts at ports to Jan. 7
127.152
37.063
Net overland to Jan. 7
Southern consumption to Jan. 7.0 48.000
Total marketed.
Interior stocks in excess
Came into sight during
Total in sight Jan. 7
212.215
9. 038
Aug.
1.
3..5.59,36S
week. ..221, 253
6,388,744
.546.449
336.171
6.324.984
6,935,193
835.625
97.350 1,512,172
Nor. spinners' takings to Jan. 7.. 67.139
Decrease during week, a These figures are consumption; takings not
available.
—
THE CHRONICLE
174
Movement
1919— Jan.
1918— .Ian.
1917— Jan.
10
1918-19
2,'')0,266
U
Bales.
1
— Jan.
...6.344.734
...7..595. 4.59
...8.889.977
10.
U.
1917-18— Jan.
208.732 1910-17— Jan.
275,7.36
12
12.
Our report received by
cable to-night from Manchester states that the market is
quiet for yarns and steady for clotns.
Stocks of goods are
dof'Tcasing but of yarns they are accumulating.
QUOTATIONS FOR MIDIM-IXO COTTOX AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week ending
January 7.
Galveston
New Orleans...
Dalla.s
Ilouslon
13. .50
Mobile
Savannah
Charleston
Norfolk
Haltlmore
Philadelphia ...
AuKU.sta
HOLI-
DAY
Memphis
Kock
13.25
15.25
Jan.
26
3
10
14.76
15.50
17.00
14.13
14.00
13.65
14.00
March
May
HOLT-
DAY
July
October
December
—
Jan.
Jan. 4.
Jan. 3.
24
Tone
Spot
Jan.
7
Steady.
Steady.
Bain.
Steady.
Steady.
Steady.
Steady
Thermometer
high 80 low 34 mean
high 84 low 54 mean
high 78 low3 6 mean
high 78 low 62 mean
high 78 low 42 mean
high 80 low 44 mean
high 78 low 36 iripan
high 70 loiv
mean
high ..
low..
mean
high 77
low 38 mean
high 68 low 35 mP-'H
high 72 low 43 mean
high 70 low 43 mean
high 57 low 33 mean
high 71 low 38 mean
Rainfall.
dry
dry
dry
dry
dry
San Antonio..
Del Rio
dry-
dry
dry
Galveston
New
4 days
La
Orleans,
Shreveport
Selma, Ala
Mobile. Ala
Savannah
2 days
2 aav-
0-.
3 days
,
C
C
Charlotte, N.
Charleston. S.
1
.-
1.02 in,
0.52 in
1.00 in.
i.ip in.
0.90 In.
0.15 in.
0.12 In.
day
2 days
d.
n.
57
69
57
70
60
62
57
62
66
58
02
58
56
45
55
WORLD'S SUPPLY AND TAKINGS OF COTTON.
37 H 26 6
35
25
33 H 24
@29
@27
@2e
30
29
29
@24
@23
@23
@22
@21
6
6
9 64 53
8.05 54
@21
6
10.17 56
22 6
.'1
fl
21
2«« 90
20>4 19 6
H
26
19 6
1920-21.
6
11.23
6
10.46 49
11.42 50
10 68 52
Week.
Season.
Visible supply Dec. 31
6,646,155
Visible supply Aug. 1
American in sight to Jan. 7 .. 22V,25.3
Bombay receipts to Jan. 6
695,000
Other India shipm'ts to Jan. 6..
64,000
Alexandria receipts to Jan. 6
635,000
Other supply to Jan. 5 *
610,000
Week.
|
—
—
——
——
—
——
—
—
—
—
—— —
—
—
——
—
—
.
4,956",257
6,324,984
661,000
125,000
364,000
122,000
352,144
224,144
128.000
5,993,947
4,466,977
1.527,000
4,792,018
6,935,193
898,000
164,000
32,000
674,000
3,000
96,000
127,000|
8,000l
460,0721 7,549,048
310,0721 5,500,058
150,000 2,049,000
1919.
Since
Bombay
Actual export
Forwarded
Total stock
Aug.
51.000
Since
Week.
1.
410.000
72.000
For the Week.
Aug.
613,000
Aug.
51,000
Since August
Continent.
Jnpan&
China.
Great
Total.
CoMl-
BrUain.
nent.
1 nnn
25,000
26,000
12,000 48!nnn 60,000
8,000 8,000
503,000
Japan
Thursday.
Friday.
More
Quiet.
demand.
8.74
10.15
9.53
9.43
10.17
3,000
China.
7,000
13.000
77,000
52,000
26,000
70,000
110,000
135,000
1,000 26,000
1,000 28,000
17,000 54,000 71,000
8.000
8.000
18,000
33,000
316,000
241,000
61.000
163,000
605,000
89,000
497,000
879,000
1.50.000
figures for 1918.
,
1920.
1919.
1918.
94,667
1.893,872
290.546
3.670.796
176.660
2.840.103
.
15.
—
1
—
To Liverpool
To Manchester, &c
To Continent and India.
To America
Since
Week. Aug.
6",447
3,000
4,000
Steady,
Quiet,
Steady,
Market
1
5@7
/
advance.
Market.
P.
1.
38,955
31,548
43,647
11.208
Since
Week. Aug.
1.
Since
Week. Aug.
1.
6,505 165,468 16.649 110,440
78,893
46,970
6',5i3 58,061
31,089
5,177 100,037
11,792
6,447125,358 18,595 392,4.59 16,649 200,291
40@50
pts.
M.
21@32
pta.
decline.
pta.
advance.
Barely
Steady.
14@30
4
st'y,
3,000
Men.
26® 36
Steady
pts.
advance.
8@17
pts.
a fl van re.
day are given below:
Wed.
Tues.
pts.
advance.
Steady
unch. to 7
pts. adv.
Quiet,
pts. pts. adv. to
aflvance. 4 nts. dec.
PVices of futures at Liveruool for each
Sat.
28@44
Steady, 2
19@37
pts.
arlvanre.
Thurs.
Fri.
Dec. 31
12
7.
p.
K
12!^
m.
p.
i
m.
d.
January
February
March
-
August
September
October
Tctal.
2,000
6"6oo 11.000
1.000
5,000
2,000
Quiet.
HOLI<&
387,000
744,000
150,000
Total exports
Quiet.
opened
May
137,000
535,000
89.000
s (bales)
Dull.
HOLIDAY
July
ALEXANDRIA RECEIPTS AND SHIPMENT.
Expor
Wednesday.
[
1.
239,000
189,000
61,000
This week
Since Aug.
and futures follows:
Quiet.
M.
d.
1.
11,000
20,000
Rtceip s (can ars)
488
3,6.50
Dec. 24.
Det.'Hl
Jan. 7.
12,000
8,000
13,000
6,000
9,000
11,000
3,000
10,000
2,000
34,000
45,000
47,000
974;000 1.012,000 1,034:000
629.000
596,000
643,000
97,000
83,000
68,000
77,000
77,000
40.000
252,000
216,000
196,000
167.000
Tuesday.
12:15
P.
Since
Week.
1.
Bombay—
December
24.207
865
—
Monday.
Saturday
Spot.
Jan.
1918.
Exports
Alexandria. Egyp
10 076
14.946
2.902
11.473
Market,
April
No
Total bales.
2
10,076
,
Dec. 17.
17,000
11,000
8,000
47,000
937,000
562,000
87,000
63,000
267 ,000
218,000
week
American
Sales,
Futures.
Week.
Total all—
1920
1919
1918
28.79
stocks, &c.. for past week:
Sales of the
Sales
—
1,000
6
6,559,264 5.909,163; 5,909.163
1920.
1920
1919.
1918...
Other 'India
1920
1919
1918
@42
26.4'
26.98
26.12
20.68
29.16
—
TTVERPOOL. — Sales,
to
BrUain.
38 4
fl
336,171
BOMBAY COTTON MOVEMENT FROM ALL PORTS.
Great
^38
@39
@40
@41
—
Of which American
Tone of Liverpool market for spots
—
—
@3fl
34
36
36 6
38
d.
24.93
23 76
24.68
6
600
8,920
8,920
To Trieste Jan. 4 Augusta Foherczegno, 100
100
To Antwerp Jan. 6 Greystoke Castle, 2,250
2,2.50
To Ghent Jan 6 Greystoke Castle 6 ,049
6 ,049
ORLEANS To Liverpool Jan. 3 Asian, 4,830
4,830
To Havre Dec. 31 Monadnock. 3,413.. -Jan. 6 West
Lianga, 575
3.988
<t4l
To Hamburg Jan. 4 Harlem, 441
To Antwerp Jan. 4 Harlem, 4,330
4,-330
To Rotterdam Jan. 5 Ophis, 358
358
To Barcelona Jan. 3 Juan Abrisqueta. 750
6
,an
Szterenyl. 1.329
2.079
To Genoa Dec. 31 Wilkeno. 14.000
14.000
To Venice Jan. 5 — Sv:terenvl. 4.94^
4,946
CHARLESTON—-- Ttremen- Dec. 24 Hawaiian, 1,200
1,200
SAN FRANCISCO—To Japan— Dec. 29— Shinyo Maru, 4,807
4,807
SEATTLE To Japan— T^-- .30— Ixion, 3.350. ..Dec. 31—Mandasan Mara, 5,373; Eldredge, 1,200
9,923
Total
137.430
Amount afloat.
* Ernbraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
1,446,000 bales in 1920-21 and 1,594,000 bales in 1919-20— takings not being
available and the aggregate amounts taken by Northern and foreign
spinners, 4,547,977 bales in 1920-21 and 5,955,048 bales in 1919-20, of
which 3.020.977 bales and 3,906,048 bales American. 6 Estimated.
from
@36
@35
@36
5,863,064
6,559,264
Of which American
Of which other
Dec 16
67
60
« em
® 63
@ 64
@ 64
d.
8.
30 fl
30 fl
30 6
31
54H
65 H
6,911,408 12,553,241 6,369,235|l3,458,211
Total takings to Jan. 7. a
Receipts at
9>
&>
d.
B.
62
f<«
1
Mid.Upl'ds
Total supply..
Deduct
Visible supply Jan. 7
d.
&
»
1
Of which American
Season.
\
H
H
8H ibi. Shirt- Cofn
ing 1, Common
MM.
W Finett.
VpVl
Land, 14.946...
—— — — — —
Dec. 31
Segura. 9,882. ..Jan. 3— Marie, 4,077; King City. 5,534..
To Rotterdam— Dec. 31 —Segiira, 865...
To Hamburg— Dec. 30—Calixto Garcia, 338.. -Jan. 3
King City, 1,50..
To Gothenburg—Jan. — Noruega, 3,650
To Chri.stiania—Jan. — Noruega, 600
To Venice—Jan. 4— August Foherczegno,
Total imports
1919-20.
1
H
48 H
12 41 47
Of which American
Cotton Takings.
Week and Season.
a.
A.
14.56 48 H
d.
s.
TwUl
To Manchester Dec. 31 Western Hope, 2.902
To Ha\Te Dec. 31 Sapinero, 11,473
To Bremen Dec. 30 Calixto Garcia. 4.714
Jan. 7.
us by telegraph this evening from the South indicate that
dry weather has prevailed in the Southwest during the week
and that elsewhere the rainfall has been moderate as a rule.
.
d.
32* Cop
HOUSTON — To Bremen —Jan. 6—Montgomery.
GALVK8TON —To Liverpool — Dec. 31— Liberty
^WEATHER REPORTS BY TELEGRAPH.— Reports to NEW
Abilene. Texas
Brownsville
Dallas
Corpus Christ!
Palestine
Corn
Mid.
UpVt
SHIPPING NEWS.— Shipments in detail:
NEW YORK— To Genoa— Dec. 31 — Arcturas, 2
14.3.5-.37
14.37-.
14. 46-.
14..56-.61
70-.
14.
Steady.
Steady.
Steady.
Steady.
Options. -1
»
M
21H
21« @
21H @
(*
<a>
ai
14.34-.40
14.00 — 13 30 — 14.15 —
41
52
18 13.40-.44 142,5-.35
13.57-.60 14.40-.44
14.62-.72
— 14.47 —
14.43-.45 13.67
72 14.80 —
14.41- 47 13.64 — 14.47 — 14.70 — 14.82 —
14.51 — 13.74 — 14.45-.47 14.65 — 14.77 —
14. 15-.
14..30-.38
«*
«»
24
24
17
14 00
13.65
Jan. 6.
5.
&
26
Monday, Tuesday, Wed' day, Thursd'y, Friday,
1.
January
a.
32
2»
28 >^
Dec.
NFAV ORLEANS CONTRACT MARKET.
Saturday,
Nov.
12
1»
-- - -
14.50
15.00
16.75
14.13
14.00
13.65
14.00
14.00
13.65
14.00
15.00
16.60
13.75
14.00
13.45
13.85
14.00
13.40
13.75
15.00
15.75
13.25
14.00
12.50
13.00
14.00
12.75
14.00
13.25
Fort Worth
14.0IJ
lUlU-20.
8>i Ibt. Shirtinai. r ommon
to Finett.
32* cop
Twist
14.00
14.00
13.25
15.50
14.00
14.00
14.00
13.25
15.00
13.50
13.75
13.25
14,63
14.00
14.00
13.25
14.63
14.00
13.75
14.50
16.25
13.50
14.00
13.10
192C-2I.
—
Monday. Tuesday. Wed' day. Thursd'y, Friday.
Saturday.
[Vol. 112.
MANCHESTER MARKET.—
into sight in provions years:
Since Aug.
Holes.
Weak—
Little
—
.
1
November
Derembpr
DAY.
12K
p.
m.
d.
8.99
9.06
9.16
9.22
9.32
9.38
9.45
9.47
9.50
9.51
9.50
9.50
4
p.
m.
d.
9.22
9.28
9.35
9.40
9.47
9.50
9.57
9.57
9.57
12K
p.
m.
d.
9.68
9.73
9.80
9.86
9.93
9.96
10.01
10.01
10.01
9. .57 10.00
9.57 10.00
9.57 10.00
4
p.
12
m. p. m.
d.
9.59
9.64
9.70
9.74
9.80
9.80
9.81
9.80
9.78
9.76
9.76
9.7S
4
)i
d.
9.53
9. .58
9.65
9.69
9.74
9.75
9.77
9.76
9.74
9.72
9.71
9.71
p.
m.
d.
9.60
9.65
9.72
9.76
9.81
9.81
9.82
9.80
9.78
9.75
9.74
9.74
4
12)i
p.
m.
d.
10.15
10.16
10.25
10.26
10.36
10.31
10.31
10.29
10.23
10.18
10.18
10. IR
p.
m.
d.
12
p.
M
m
d.
4
p.
m.
d.
9.96 10.17 10.05
9.98 10.20 10.07
10.08 10.30 10.16
10.09 10.32 10.20
10.14 10.3810.24
10.14 10.39 10.26
10.16 10.42 10.29
10.14 10.40 10.25
10.08 10 34 10.22
10.02 10. 2S 10.19
10.00 10.26 10.17
10 OW 10.26 10.17
BREADSTUFFS
Friday Night, January 7 1921.
Flour was firmer early in the week when wheat was rising
and the mills at the West reported a better demand. Also
It is even said that recently
there was some export inquiry.
some 50,000 barrels were taken for export, possibly at prices
very favorable to the buyer vnth. foreign exchange noticeably
depressed at that time. Of late the actual business for export, despite nigher exchange, is understood to have been
very moderate, where there was any at aU. Exporters are
If the price of
naturally watching the situation sharply.
wheat becomes stabilized through the natural operation of
the law of supply and demand, they will presumably be the
more ready to take hold. As the ease now stands, Eurojpe
baiks at present prices, let alone those which mills early in
Latterly nith wheat sagging flour has
the week named.
been duU and depressed with Argentina greatly under seUing
the United States in European wheat markets. Moreover,
Canadian millers have latterly been offering their flour here
at considerabh' under American quotations, owing to the
weakness of Canadian exchange.
THE CHRONICLE
Jan. 8 1921.]
Wheat advanced early, partly because of the passji^t* of
the Wai- Finance Corporation bill over the President's veto.
On the 3rd insfc. prices ran up some 8 to 9 cents. ]\luch of
the buying was by shorts.
Wall Street \\as also a buyer.
Cash wheat was firm everywhere. Moreover, the visible
supply fell off 2,117,000 bushels and is down now to 43,06-1,000 bushels, ajjainst 75,303,000 a year ago. liut on the 5th
inst. there was a break of Sy^ to 4 cents, largely because it
was found that Arfj(>ntina was offeriu{^ wheat to Europe
much under American prices. That hit the export trade here
hard. Tlie question of a surta.x in Argentina, it ai)pears,
has not been decided, but it seems that Argentina can offer
wheat to the Continent of Europe at 15 to 20 cents per bushel
below American prices, even including an export surtax of
15 cents per bushel. Surelj' this is a decidedly interesting
matter.
It seems, too, that not only did the export demand
here fall off, but some of the exporting houses tried to re-sell
wheat recently bought. It is said, furtliermore, that England is in good shape to buy in .iVrgentina apart from all
considerations of price; that England has been sliipping a
good deal of coal to Argentina, something which has tended
to'solve the freight problem, while at the same time it has
helped sterling exchange. One of the great questions of the
hour, however, is whether Argentina will decide to put a
big export tax on the movement of wheat to foreign markets.
On the Gth inst. prices again turned upward. Attention
at one time w^as drawn to a report that the Egyptian Government would try to resell 11,000,000 bushels, which it had
bougnt from Australia, but this had only a momentary
effect, if indeed it had much effect at any time.
Kansas
farmers, it is said, are seUing wheat freely at the recent
advance in prices. At times Minneapolis has shown activity
and strength. It has reported a better demand for wheat
and flour on any recession in prices. Later prices at Chicago
advanced when it was found that a leading Republican,
Senator Penrose of Ponnsvlvania, had declared himself in
favor of the Emergency tariff Act. This helped to put
prices up 3}4 to 4J^o.
Some, moreover, think that the
United States has already sold its exportable surplus, although others believe that some 100,000,000 bushels can still
be drawn upon. To-day prices fell under liquidation. It
is not generally believed that the tariff bill can be passed at
this session of Congress.
for ttie week.
Closing prices are 2 to 3c. higher
Broomhall thinks that a small parcel of wheat will clear
from Buenos Aires this week, which will be the first shipment
for many months and act as a trial.
The British Government has cabled Argentina for definite instructions about
additional export duties before making any purchases. No
new Argentine wheat has been reported as having been defi-
up to the present time. The supply there of
wheat and linseed is heavier than the demand, with the result
that the commercial situation is, it is said, becoming serious
and it is feared that a business crisis will result, omng chiefly
to the stagnation of the wheat trade.
The January export
duty works out at about 5s. lOd. per quarter of 480 pounds,
against 7s. 7d. last month, which is equal to about 12J^c.
a bushel, against 16 He a bushel in bulk for December.
The corn duty is a shade lower than last month, when it was
S}4 cents a bushel. The weather in Argentina continues
showery, which is delaying cutting in the South.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
nitely sold
No. 2 red
Sat.
cts.
H.
Mon.
208
Tues. Wed. Thurs.
Fri.
203?^ I99Ji 204
206Ji
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAQO.
March deU very...
May
.
Sat.
Mon.
cts. Holi- 170Ji
delivery
Tues.
Wed.
Tliurs.
173^
IG'Jj-i
174
Fri.
The rt'ccijits to be sure were but moderate. At
times too, ca.sh hou.ses bcjught on a fair Koale.
But on the
other hand the United Stales vi.sible supply increased last
week 584,000 bushels raising it to 32,194,000 bushels against
only 13,68(J,(J(XJ bushels a year ago. The truth is too, that
the business in oats is in the main sluggish for the time being,
awaiting further developments. What is more, Argentina is
said to bi< offering oats in Euro|)e at below the American
parity.
The big receipts of corn at Chicago ha<l a more or
U«ss dt'pressing effect on oats.
To-day prices declined slightly
ending irregular; May being a Uttle lower while July is J^o.
higher than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sal.
Mon. Tues. Wed. Thurs. Fri,
No. 1 white
61
•>! H
tilli
CU. Holi- 02
t.l'a
itself.
No.
2 white
day.
Tues.
50>i
49?i
day.
eta.
49
July delivery
cts.
H.
Mon.
OfiM
Tues.
94 54
Wed.
94
Thurs.
95V*
Mon.
Tues.
Wed.
Thurs.
Wed. Thurs.
49%
48%
48^
48%
48
Fri.
48%
48
H
•
DAILY CLOSING PRICES~OF~RYE~FUTURES"'lN"CHiCAQO;~
Sat.
Mon. Tues. Wed. Thurs. Fri.
149%
May f'elivery...
cts. Holi- MH '4 117
145% 119
July delivery
The
day. ys<i'A 138
133
131%
131
following are closing quotations:
GRAIN.
Wheat
No. 2 red
No. 1 spring
Corn
No. 2 yellow
Oata
No. 1
No. 2 white
No. 3 white
06%
»2
Nominal
$0
Rye
93%
61
60
59
Barley
Feeding
182%
No. 2
86 > 92
96 >105
Malting
FLOUR.
—
$9 50@810 00 Barley goods Portage barley:
inter straights, soft
.- $6 75
No: 1
8 75^
9 25
Hard winter straights 9 25@ 9 75
Nos. 2, 3 and 4 pearl 7 00
2-0 and .3-0...
Clear
Nos.
6 75®
7 25® 8 25
Nos 4-0 and 5-0 .. . 7 00
Rye flour
8 75® 9 50
Corn goods, 100 lbs.:
Oats goods Carload
Yellow meal
spotdelivery
6 70
2 05®
2 25
Ooru flour.
2 30® 3 60
Spring patents
6 90
—
.
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday ana
since Aug. 1 for each of the last tliree years have been:
.
Receipts at
—
Wheat.
Flour.
bbls.\9eibs. bush.
Chicago
Minneapolis.
Duluth
Mllwaukee..Toledo
136.000
12,666
Detroit
St. IX)Ul8
58,66o
Peoria
Kan.s.a8Clty--
30,000
Om.ahi
Indianapolis.
Total wk. 1921
Samowk. 1920
Same wk. 1919
Since Aug.
1920-21
1919-20
1918-19
236,000
516,000
284.000
60
Corn.
J6s,
Barley.
Oats.
Rye.
bush. 56 lbs. bush. 32 lbs. bush.48lbs. bush.56lbs.
172.000
1,357.000
469.000
19.000
26.000
40.000
855.000
36.000
1,3^2.000
283.0
7,000
2,061,000
373,000
736,666
94,000
38.000
336.000
294,000
208.000
187.000
350.000
972.000
323.000
60.000
259.000
69.000
73.000
248 .OOC
96.000
42.000
126.000
196.000
4.646,000
5.900.000
7,790.000
4.677.000
5.215.000
3.382.000
2,464.000
3. 652 .000
3.992.000
187,000
116.000
35.000
115,000
124.000
70.000
450.000
10.000
21,666
10.000
'3,666
6.000
484.000
663.000
756.000 1.222.000
995.000
663.000
1
15.940.000 190.701.000 74.183.000 100.832.000 23.385.000 17.199.000
10.492.000 272.165.00( 78.955.000 108..329,0O0 171418.000 16.876.000
R.oii.ono .!22.684.000 99,100.000 167.314.000 S7.in'i.00fV 22.176.000
Total re ceipts
the
oi
flour an d grain {it the setiboard
1 192 1 follow:
93%
Fri.
76% 75% 74H TbVt 74'<
day. 77% 76>i 75J^ 76H 75Ji
OATS fluctuated "svithin a rather narrow compass. They
responded more readily to dechnes in other grains than to
advances. For the trading was hght. There were no features of an especially stimulative kind in the oats business
)orts for
],
week e nded Ja n.
—
New
Flour.
Wheat.
Corn.
Oats.
Barley.
RVC
Barrels.
Receipts at
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
York...
122,000
Portland. Me.
Philadelphia .
New Orleans a
13.666
60.000
Galveston
Montreal
St.
11 .066
John
Indianapolis..
Total wk. 1921
Week 1920 ..
249,000
364.000
1,343.000
187.000
944.000
9.50.000
34.000
170.000
19.666
210.000
67.666
21.000
1,210.000
125.000
105.000
187.000
10.000
45.000
4.864.000
3'13
000
16.000
240,000
438.000
6.000
341.000
673 000
264.000
i.2.'>^*.ono
a Receipts do not Include grain passing through
through bills of lading.
New
43>'.000
.isn.ooo
Orleans for foreign ports on
The exports from the several seaboard ports for the week
1 are shown in the annexed statement:
ending Jan.
Exports from
New York
Fri.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAQO.
Sat.
cts. Holi-
60
<>0'A
Uy*^ advanced early in the week with wheat higher, country offerings moderate, cash prices firm and the visiljle kui>ply in the United States down 53,000 bushels to 3, 236, (XX)
bushels, against 17,487 ,0(X) a year ago.
Later prices fell
2 to 5 cents ia sympathy with a decline in wheat and because
of the alleged cancellations of two cargoes recently bought
for Norway.
On the 6th inst., however, curiously enough,
500.000 bushels were sold for export and cash rye was firm
at strong premiums.
Prices also advanced sharply on May.
To-day they were firmer again. The closing is at an advance
of 5
cents for the week.
v
rW'<!l'-V».i»a(! -•«
•.'t
—
Portl:ind.
Me
Boston
Phll.iclelphla
Baltimore
New Orleans
Oalveston
St. John. N.
B
Total week
Week 1920
The
July
1
Wheat.
Corn.
Flour.
Oals.
Bu.ihels.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
May.delivery
July4deUvery
Mun.
HoU-
Sal.
.Maydelivery
the_^week.
Sat.
60H
M)';
61
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAQO.
171%
day. 17034 167Ji 164
167H 164?i
Indian Corn advanced at one time and then reacted.
The United States visible supply increased last week 1,039,000 bushels and is now 5,408,000 bushels against 2,921,000 bushels a year ago. The receipts at the West have
been much larger. This has e.xcited a good deal of comment.
And there has been not a little hedge selling against consignments by the countr>'. Cash markets have shown more
or less weakness from time to time despite the fact that
advices from the West stated that a number of the leading
food industries which had suspended operations for a time
have opened again. Chicago reported an increase of consignment notices from Iowa. Most of the time the export
inquiry has been small, though on (he 3rd instant 200,000
bushels were reported to have been sold to Europe. On
the 4th about 25,000 bushels and on the 5th 100,000 bushels
to
Holland. Chicago's receipts have been noticeably
large and they have tended to keep down prices at that point,
both of corn and oats. Food concerns are running on onljabout 20 per cent of their capacity. And the visible supply
for the week it is not surprising to see increased about five
times as much as during the corresponding week last year.
Today. prices declined; they end practically unchanged for
No. 2Tyellow..
175
Bushels.
Barrels.
Bushels.
Rye.
Peas.
2,349.546
187,000
40,000
1,593.000
496.000
2.172.000
1.509.000
105.000
15.157
95.058
91.596
5,400
'7'3'.666
8.666
17.000
8.451.546
2.151,872
.34.000 1027337 91.596
90.1.57 120.058
.^S.OOO 177,924 2,047. .151 98.684 535.082
5.400
16.995
week and
since
586.337
I.37.666
96.000
2.000
'
'4.600 122.000
30.000
60.000
26.000
destination of these exports for the
is as below:
1920
Barley.
Bushils Bushels Bushels
— —
—
8
.
.
THE CHRONICLE
176
and
Week
Strict
July
1
—
Jan.
to
1021.
Barrels.
l,00fl,750
West
4,287
07,313
754,152
630,318
2,000
972,142
214.000
2,000
7.0(K)
IJrlt.No.Ain.ColB.
Utiicr couutrles
Totnl
Totnl 1910-20.,.
Tho
Bushels.
7,4.'J0.277
0,000
IiKllefl
5.458
1921.
liunhels.
Since
Julv I
1920.
Bushels.
.Since
Julv 1
1920.
3,689,12.')
Barrels.
United KlnKdom.
Cautlncnt
So. & Cont. Arncr.
Week
Week
Jan. 1
1021.
Klrue
July 1
1920.
1
Bushels.
Jan.
13,000
59,157
1.929,703
2,676.941
63.843
Vs'.ooo
712.2.56
114.772.417
785,209
I.i(i.
1
215.075
2.«.T!.704
6.000
29,709
13,609
3.279.356
90,1.57
8,451..'>4n 207.1.i8..'i51
2.I.';i.R72 (I!). 705. 074
7,700,487
177.924 U.f!08.708
120, OS
55.000
6,416.021
1.377.995
world's sliipincnt of wheat iiiid corn for the week
and since July 1 1920 and 1919 are
1 1921
in tho followinp;:
ending Jan.
shown
Wh
Bz ports.
W(ek
1
Since
July 1.
Since
Julu
1.
1.
Bushels.
Bushels.
Bush Is.
North Amer. 9.645.000,244.585,000 185.278.000
01919-1920.
1920-1921.
al919 1020.
1920-1021.
Jan.
Corn.
at.
Week
I.
Since
Julu 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Jan.
1
6.484,000
283.000
803,000
Russia
635.000
71,173.000 62'.659.66o
Danube
ArKentlna...
272.000
112,000
Australla .-.
India
Otli. countr's
38.491.000 88,184.000 2".3"92,666
13.558.000 66,047.000
1,864,000
1,821.000
230,000
10.029.000 298.728.000 331.330.00r)
Total
2.67.';
864,000
1
.000
1.750.606
79.1.5R.O0O 65.212.000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 1 1921 was as follows:
GRAIN STOCKS.
The
visible
Wheat
at,
United States
New York..
Ccrn.
bvsf
bush.
4.840.000
302,000
1.815,000
3,330,000
Boston..
Philadelphia
Baltimore..
Neivport News
New Orleans
Galveston
3,593.000
3.697,000
6,423,000
3,702,000
863,000
41,000
1,337,000
43,000
1,383,000
7,973,000
379,000
2,300,000
12,000
140.000
891.000
Buffalo
afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
81.000
1,305.000
14,000
296.000
498,000
4,000
261,000
117,000
2.405,666
39,000
1
,000
57,000
306.000
72',666
Rye
Oats
bush.
769",666
183.000
23,000
2,I64.C00 11,077,000
891,000
374,000
2,437,000
352,000 7,702,000
344,000
961.000
411,000 1,456,000
153,000
297.000
427.000
589,000
325,000 1,211.000
bush.
Barley
bush.
520.000
209.000
58,000
802,000
434,000
62,666
329,000
237,000
426,666
'
8,666
292,000
419,666
9",666
2,000
62,000
447,000
43,000
259,000
86,000
12,000
65,000
429,666
136,000
86,000
1,532,000
13,000
1,000
1,000
39,000
23,666
TotalJan. 11921
Total Dec. 25 1920
TotalJan. 3 1920
43,064,000 5.408.000 32,194,000 3,236,000 3,800,000
45,181,000 4,.369,000 31,610.000 3,289,000 3,899.000
75.363.000 2.921.000 13.080.000 17.487.000 3.179,000
Note.
Bonded grain not InoZuded above: Oats. 98,000 bushel New York, 563,000
Buffalo; total, 661,000, against 476.000 bushels in 1920: barley. New York. 15.000:
Buffalo. 229.000: Duluth, 1,000, total, 245,000 bushels, against 18,000 bushels in
1920.
—
Canadian
Montre.il
2,50,000
Ft. WilUain<%:Pt. Arthur_14,970,000
114,000
557,000
4.606,000
2,842,000
1,000
43,000
1,160,000
470,000
114,000
114,000
14,000
8,005,000
7,457,000
5,754,000
1,000
1,000
49,000
1,673.000
1,575,000
1,808,000
-43,064,000
-19,975,000
Other Canadian...
5,408,000 32,194,000
114,000 8,005.000
3,236,000
1,000
3,800,000
1,673,000
-63,039,000
-65.084,000
-89,927.000
5,522.000 40.199,000 3,237,000
4.483.000 39,067,000 3,290.000
2.935.000 18.834.000 17,536,000
5,473,000
5,474,000
4,987,000
4,755,000
1 1921.
Total Dec. 25 1920.
Total Jan. 3 1920.
Tot.ll .Ian.
.19,975,000
-19, 903. COO
-14,564,000
Suramary
American
Canadian
Total Jan. 1 1921.
Total Dec. 25 1920,
Total Jan. 3 1920.
THE DRY GOODS TRADE.
New York, Friday Night, Jan. 7 1921.
In textile circles generally the new year started with
broad underlying conditions virtually the same as noted in
recent reviews. As has been generally predicted, the turn
of the year was signalized by the naming of new low prices
by manufacturers of various lines, but according to reports received the response to the revised quotations has
been decidedly irregular. In some cases the buying element
contended that the new levels were not yet low enough to
make it seem safe to buy on a large scale. These claims
were based partly on the fact that the reductions were by
no means uniform and that on certain lines further revisions would be necessary in order to bring prices down to a
proper parity with those prevailing on other lines. In addition, the conviction that further reductions would be witnessed in the future were founded on predictions of still
lower prices for raw material and additional cuts in labor
costs.
On the other hand, the new prices in some cases
proved so attractive that offerings were snapped up with
striking rapidity. Orders in some cases were much larger
than expected at times large enough to absorb mill output
for about two months. In some instances the business offered was much more than the producers were willing to
accept at the low levels, and as a consequence some of the
lines were withdrawn almost immediately.
Some of the
prices were substantially higher than had been anticipated
by distributers who had bought on memorandum and had
resold at figures below those named by the mills. Nevertheless, the orders were generally confirmed in full. Offerings of some lines were absorbed so quickly that buyers
who had been holding off in expectation of lower prices
found themselves short of supplies and their efforts to cover
by buying for early delivery were generally futile, resulting
only in causing higher prices.
Commercial paper rates
;
The lower rate is
foiitiniied unchanged at 7% to 8%.
for new, .short-term, high-grade paper, which comprises the
bulk of the i)resent offerings.
(iOODS.—The year started with
DOMESTIC
in<li<ations of a more general determination to stimulate
have
Corn
Wheal.
Flour
Bz ports for Week
[Vol. 112.
COTTON
business by naming new low prices. As had been expected.
was not long before some of the leading mills issued reAs far as stirring up
vised price lists on their products.
business was concerned the results were extremely irregular.
In soiiK! cases the prices were so low that the mills were
not inclined to accept much business and the response of
buyers exceeded exjtectations. As a result some lines were
immediately withdrawn. In other lines little business resulted as bu.vers did not consider that the iirojicr <lifferFor example, they pointed to the
ences had been fixed.
quotations of 14 to 17 cents on bleached muslins. In comparison with staple ginghams at lOV^ cents, 32-inch chambrays at 12 lA cents, percales at 11% to 16 V4 cents, and indigo prints at 11 cents. The gingham prices proved especially attractive, leading to a more confident tone among
distributers.
Only a limited trade was done in bleached
muslins, while operations in prints and percales were disappointing, buyers being timid because of the irregularity
in prices for gray goods as well as for raw cotton. Agents
in some cases stated that orders received for cheviots and
chambrays would cover their mill output for at least sixty
days. The better buying of colored goods and road reports
of more active inquiry for wash fabrics, resulted in a
steady enlargement in sales of gray goods. Within a few
days sales of at least 100,000 pieces of .38y2-lnch, 64x603
Eastern mills as a rule
at around 8 cents were reported.
were asking slightl.v more, but early in the week Southern
goods were available at 7% and 7% cents. At the outset
39-inch, 68x72s were sold by mill agents at QM cents, and by
second-hands at 9% cents. Later it was said that as much
as 9% cents had been paid for January delivery. Other sales
were 39-inch, 80 squares, at 10% cents 39-inch, 72x76s, at
10 and 10% cents; and 38yo-inch, 60x48s for January-February, at 6% cents. Narrow goods sold from 4% to 6 cents.
Sheetings have been quiet, although it was claimed that
there were some firm orders in hand at a quarter cent below mills' views. Fair sales were made to the bag trade
at 6% cents for 5.50s and 8 cents for 4-yard 48 squares. For
5-yard goods, 7 cents was paid for January delivery, while
5%c. was quoted on 6.15s. Among the specialties sateens
sold for January delivery at 13c. for 39-inch 64xl04s.
GOODS.—The tone as a whole continues to
show growing optimism. This is especially true of women's
dress goods, which are said to be in much healthier condition as prospects for the spring garment trade are believed
to be good and bookings of fine lines are improving steadily.
Tricotines have continued decidedly popular and one line
has already been withdrawn from the market. Some lines
of fine serges are held higher and poiret twills are still
readily salable.
Satisfactory development is promised in
plaid coatings for spring, some velour finish goods having
had a good sale. More interest is also indicated in plaids
for separate skirts, various new style effects being in prospect.
Developments in men's wear have been less promising, which is said to be owing to the fact that new clothing
prices have not been attractive to retailers or consumers.
Most of the small demand has come from smaller jobbers
and cutters, the larger buyers still being timid about anticipating their requirements. The rather stiffer tone generally prevailing, the much smaller supply of goods available "at buyer's prices," is traceable partly to the fact that
the forced .year-end liquidation of "distress" goods eliminated a good part of the floating supply in secondary channels. In addition, the early Easter gives promise of a better
It
;
:
WOOLEN
demand soon from
retailers
and garment manufacturers.
FOREIGN DRY GOODS.—Although
trading in burlap
continued quiet during the week, the improved tone was
rather more marked, and toward the end the views of most
holders were fully a quarter-cent higher than at the outset.
While the majority of buyers were still holding off, being
convinced that stocks remain far in excess of requirements
and will soon be materially increased by fresh arrivals,
rather more activity was noted in some quarters, partly because of the better business in textiles.
Cable advices
showed steady improvement in the tone in Calcutta, partly
because of the rise in both rupee and sterling exchanges.
This brought prices for shipment full a cent above the low
levels reached in December. Light weights were quoted at
5 cents for February-March shipments and at 5.15 cents for
April-June, with heavies at 6.10 cents and 6.45 cents for
the same positions.
Because of the higher replacement
costs there was less pressure to sell here. Light weights on
spot, available at the start as low as 4 to 4.10 cents, were
later held at 4.30 cents, or over, while heavies rose from
5 cents to 5.30 cents. There have been no developments of
moment in the linen market during the w^eek. In short, it
is still largely a waiting game, both sides being disinclined to take further steps pending the outcome of the
January sales in retail stores. Buyers continue unwilling
to anticipate future requirements on the basis ruling in
Belfast, whereas holders maintain that lower prices are not
to be expected in view of the suspension of production in
that market and the minimum prices fixed on yarns in producing sections.
THE CHRONICLE
Jan. 8 1921.]
The monthly output in ea<h
shown in the following table:
^Ite Chronicle
PUBLISHKn WKKKI.Y
Terms of Subscription Payable in Advance
January
—
For One Year
For Six Months
$10 00
-
6 00
13 SO
7 Vfi
European Sul)«crli)llon (Including postage)
European Subscription six months (Including postage)
Canadian Subscription (Including postage)
11 50
aicouni of the fluctuations In the rules of eichunfte, rrniKEuropean subscriptions and advertisements must be made In
NOTICE — On
tances for
New York
funds.
Subscription includes following Supplements
—
Bane and Quotation (monthly) Railway & In dustrial (senil-annually)
Railway Earnings (uioiiihly) Electric Kailwat (seml-Hiinually)
Statb and Citt (semi-annually) Uankeks' Convention (yearly)
Terms of Advertising
45 cents
Transient display matter per agate line
On retiueet
Contract and Card rates
Ohicaoo Ofpicb 19 South La Salle Street. Telephone State 5594.
London Or pick Edwards & Smith. 1 Drapers' Gardens. E. C.
—
—
WILLIAM
B.
DANA COMPANY,
Front, Pine and Depeyster Streets,
^tatje
and
Publishers,
New
177
York.
1-cbruary
.Marcb
April
May
June
1920
(83,118,172
1919.
of the years
1920 and 1919
1920
»54 770 >07
57 131.110
40,137 623
r
73 :0t 443
. ..
ijiber . ..
64 440 OO'J
December. .. 44,801,816
I25.0UU.625 July
30, 927. 2-)"
60,221,:.
62,7i;4,i
46,319,1,.
100.378.4»)1
33.i)!»a,3iil
68.84S.29S
63 0'.t((.-l34
35.932.644
46.038.903
..
Alipiist
..
liber. ..
.
.
ia
1919.
883.990.424
6y ISK Kf,7
7(
"
1
(,_
*,
''
.
62.Ul92.U;<3
..8653,319.620 8691.518.914
857,620.676
.. 854.443.301
Total
Average per month
The total of all municipal loans put out during the calendar
year 1920 was $1,443,011,291. including $053,319,620 <jf now
issues of long-term bonds by the States, counties and minor
civil divisions of the United States, $577,512,948 temporary
municipal loans negotiated, $104,573,323 obligations of
Canada, its provinces and municipalities, $10,000,000 of th
Government of the Philippine Islands, $277 .0(X) of the
Territory of Hawaii and $32,500,000 "general fund" bonds
of New York City.
In the following table we furnish a
comparison of all these forms of securities put out in each
of the last five years:
®ittj gjc^jartmi^ttt
1920.
1919.
1918.
1917.
1916.
8
8
8
8
Perm't loans (US). 653.319.620 691,518.914 296,525,460 451.278.762 457,140.953
jTcmp,loan8(U,S,) .577,512.948 475,833,3.59 438,420.581 395.310.999 300.795,629
•Can .loan«(perrat)- 164.573.323 809.176,828 720,087,066 925,944.685 314. 882. .542
HondsU, 8, Poss'nR. 16,277.000 11,700,000
6.450,000
2,715,000
oS00,000
General fund bonds
(N.VCIty)
32.500,000 28,600.000 27,000,000 25.000,000 23.500,000
General fund bonds
300.000
(Baltimore, Md.).
300.000
300,000
300,000
300,000
$
MUNICIPAL BOND SALES IN DECEMBER AND
FOR THE YEAR 1920.
The
new long-term municipal bond issues disposed
United States during December 1920 amounted to
total of
of in the
$44,301,816.
This compares with $54,440,009 sold in
November and with $02,082,923 in December of the previous
year.
The largest undertaking in the way of municipal financing
December was the sale by the City of Philadelphia, Pa.,
in
5%
$4,160,000, being part of an issue of $7,000,000
50-year port and transit bonds. These bonds were offered
on Dec. 16 and twenty-five bids for amounts ranging from
$500 to $2,000,000, and aggregating $5,310,500, were submitted and accepted. Later, bids totaHng $1,150,000 were
withdra\STi, leaving a total amount of $4,100,000 actually
disposed of. Other important issues disposed of in December were: Pittsburgh, Pa., $3,465,000 5% bonds to the
Guaranty Co. of New York and the Union Trust Co. of
Pittsburgh at par; Turlock Irrigation District, Calif., $2,570,000 6% bonds awarded as follows: $2,510,000 to A. L.
Gazzle of San Francisco and $60,000 to the People's State
Bank, Turlock; Jersey City, N. J., $1,271,000 6% improveschool bonds awarded to
ment bonds and $847,000
the National City Co. of New York; and Bergen County,
N. J., $946,000 5}4% bonds awarded to Eastman, Dillon
Co. and the National City Co. of New York as follows:
$628,000 road bonds at 101.379, $269,000 hospital bonds at
103.179 and $49,000 building bonds at 102.381.
Temporary loans or short-term securities placed in December aggregated $46,385,000, including $38,327,000 temporary securities (revenue bonds and bills, corporate stock
notes, assessment bonds and tax notes) issued by the City
of
5H%
&
of
New
York.
Below we furnish a comparison of all various forms
obUgations sold in December during the last five years:
1920.
s
Perm.mun.IoansCU.S.) 44,301,816
•Tem.mun.loans(U.S.) 46,385,000
Canadian loans (per't). 26,040,988
Canadian loans (temp.)
600,000
Gen.fund.bds.(N.Y.C.) 7,500,000
Bondsof U. S. Poss'ns.
None
Total
1919.
1918.
1917.
of
1916.
62.082,923 22,953,088 32,559,197 35.779,384
49,834,448 32,760,100 30.706,278 20,302.569
12,312,193 5.559,5330400,860,505 3.281,834
None
None
6,900,000
3,500.000
2,000,000 1,000.000
None
124.727.804 127,729,564 61.272,721 473,026,040 60.363.787
$38,327,000 temporary Becurltled Issued by New York City In December
1920, $41,991,000 In December 1919, $25,771,100 In December 1918, $25,556,500 In
December 1917, and $21,163,000 In December 1916.
a Includes Dominion oJ Canada "Victory Loan" of $400,000,000 Issued In 1917.
The number of municipalities emitting bonds and the
number of separate issues made during December 1920 were
279 and 384, respectively.
This contrasts with 289 and
376 for November 1920 and with 401 and 468 for December
1919.
table shows the aggregate of permanent
issues for December, as well as the twelve months, for a
series of years:
Month of
For the
For the
Month of
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908.
1907.
1906
following
December.
$44,301,816
02,082,923
22,953,088
32,559,197
35,779.384
34.913,362
29,211,479
44,635.028
27,657,909
36,028.842
36.621,581
31.750.718
28,050.299
13,718„505
21,260,174
Tu-elve
Mos.
$670,034,551 1905
691,518,914 1904...
296,525,458 1903
451,278,762 1902
457,140.955 1901
498,557,993 1900
474,074.395 1899
403,246.518 1898...
386,551,828 1897
396.859,646 1896
320.036,181 1895
339.424,560 1894
313.797.549 1893
227,643,208 1892
201,743,346
1444482891 2017028101
1483133107 1800265446 1035124637
X Includes $482,437,342 temporarj' securities Issued by New York City In 1920.
8376.050.900 In 1919. $308,451,400 In 1917. and $229,409,452 In 1916.
• Includes an estimated allotment of $650,000,000 "VIctorj' Loan" Issued during
1919, $650,000,000 "Vlctorj' Lo.-in" In 1918. $250,000,000 Dominion of Canada and
$400,000,000 "Vlctoo' Loan" In 1917, and $175,000,000 In 1916.
a Includes temporary loan of $300,000 put out by the City of San Juan, Porto
Rico, during the month of November.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showng the
month's bond sales in detail. It ^\ill be given later.
NEWS ITEMS.
Clackamas
Co., Ore.
Supreme Court Orders Road Bond
Case Re-opened. The Oregon Supreme Court in an order
handed down on Dec. 21, revoked a previous ruUng denjnng
a rehearing on the $1,700,000 road bonds declared invalid bv
the Court on July 6 (V. Ill, p. 1772). The "Oregonian"
—
sa5'^s:
"Under the new order, rehearing of the case was granted.
probably will be heard by the court early in January,
Arguments
The action involving the Clackamas County bond
issue originally was
Instituted in the Circuit Court at Oregon City, with the result that Judge
Campbell held that the proceedings were regular, and that the securities
were valid. Suit in mandamus later was filed in (he Supreme Court by
Mr, Hawley and several months afterward an opinion was handed down
holding that the bonds were invalid for the reason that the sum involved
exceeded 4% of the valuations of all the taxable property in the County.
Petition for a rehearing of the case then was filed in the Supreme Court, but
this
was denied.
Subsequently Ladd
&
Tilton, Portland bankers, brought suit against
Union County to collect interest on road bonds similar to those authorized
in Clackamas Cotmty, with the result that the Supreme Court reversed its
ruling in the Clackamas County case, and held that the Union County
bonds were valid and an obligation against the defendant in the action.
Local attorneys believe that upon rehearing the Clackamas County case
the Supreme Court will reverse its previous ruling and place the road
securities voted there on a par with those of Union Cotmty, which have
been held to be valid."
Minneapolis. Opinion that Debt Limit May be Increased.
an opinion given by Wood & Oakley, Chicago bond
attorneys, to John R. Coan, Secretary of the Home Rule
Charter Commission, Minneapolis, has reached the limit of
its bond debt for the time being, and to include monej'S and
credits in the assessed valuations would be illegal.
The
Minneapolis "Journal" has the following to say concerning
—In
the matter:
The Chicago
attorneys,
who
recently rendered an opinion that the city
had reached the limit of its bond debt, reiterated that to include
moneys and credits in the asses.sed valuation is illegal, in their opinion.
practically
• Includes
The
Total
December.
$8,254,593
9,935,785
13,491,797
11,567.812
Tnctve ^fos
$183,080,023
2,';0. 754.946
152,K46,335
149.498,089
15,4.56.958
131,.'>40,300
22,100,751
4,981,225
7.306,343
17,8.55,473
10,664.287
8.545,804
13,486,374
17,306.564
3,297,249
145.73.5.062
118.113.005
103.084,793
137.9S4.004
100,496.060
114.021.633
117,176,225
77,421,273
83,823,515
The opinion, city finance officers said, means that if the city could obtain
legislative authority to extend its bond limitations. Wood & Oakley would
certify further bonds, but they are agreed that to obtain such authorization
from the legislature would be extremely difficult. Under the home rule
charter, Minneapolis now is in a cl;iss \vl"th St. Paul and Duluth and would
have to obtain concurrence of the Ramsey and St. Louis county delegations
in the legislature.
Representatives of those two counties have advised
Minneapolis finance officials they would be opposed to changing the Statepolicy which fixes the bond limit at 10% of assessed valuation.
wide
"It is the view of this office that on Dec. 1 1920. the city of Minneapolis
had reached the charter limit of indebtedness." read the opinion, signed by
H. G. Oakley. "The reason that we refused to approve the additional
bonds was that we believed them to be illegal: not that he believed them to
be commercially unsound. In other words, we believed that moneys and
credits could not be taken into account in estimating the borrowing capacity
of the city.
"We have been in close touch with the finances of Minneapolis for many
years.
No city in the middle west administers its fiscal affairs any better,
and. while 10% is a rather large debt, we have no doubt that under proper
authorization the city could incur a debt in excess of 10% that would be
commercially sound. It Is necessary that the first proposition be distinctly
understood.
"In their optimism many of our municipalities spend so much money
and spent It so unwisely as practically to outlaw themselves to new settlers.
For example, some of the counties in Kansas at one time were indebted In
excess of their entire assessed valuation.
This excessive debt drove away
manj- settlers and stopped development.
"Most of the States decided by Constitutional limitations to put an end
to this ruinous policy.
They did it in one of two ways: either by limiting
the amount of tax that should be levied and thereby limiting the amoiuit of
debt that could bo paid, or by imposing a limit upon the amount of the debt
In terms of the taxables from which the debt was to be paid.
"In most cases where no Constitutional limit was imposed a limit was
written into the municipal charters. This is the c;ise in Minnesota.
"It seems to me of prime importance for your own municipal well being
that you should adhere to this reasonable and logical rule In fixing your charter limitations.
If you paid your tax rolls with moneys and credits which
make little, if any contribution, you may bamboozle your own people and
—
—
may mlslond Inviwtors. hut you cannot chanKe tho essential condition
namely, that tho nioniiys and <Te<llls do not coiitrlhute toward tho fund
out of which Iho 1>()ii(Im are paid.
In my opinion the :idviKal)le thInK Is,
If you need additional moneys, to Incroase the i)er cent of Indehteilne^s
that the muTilclpallty nuiv Incur, and to exclude moneys and credits from
I
am sure that you may safely raise your debt limit to
the coni|>iilatlon.
12% without Imiialrlng the conunerclal value of your sccurltle,s.
"I doubt If anyone «ho takes up year by year the U-Klslatlon of Minnesota
can reach anv other conclusion than that It wfis In the consclousnesB of the
legislature that moneys and creillts wero not to bo Included In making tho
computation of debt llmilatlous."
you
—
—
New York City. Housing Measure Defeated. The nonpartisan ordinantio of tho Rcnpral wolfaro committee for the
ex('mi)tion of now (Iwolliiifr.s from taxation, a measure necossary to make offcotivo in this oity the exemption enactment
of tlio spoeiaL session of tho Legislature for the encouragement of construction to reHeve the housing sliortage, was
defeated by the Board of Aldermen on Dee. 21. The New
York "Herald"
says:
"The opposition was led bv F. H. I>a Guardia, Republican. President of
tho board; Alderman Charles II. Ilaubert. Democrat, and William J.
Flynn. ("ommi.ssioner of I'ublic Works of The Uronx, Democrat, representHenry H. Curran. president of
ing Ilorouph I'resident Henry Uruckner.
the noroiiKh of Maidiattan. l<ci)ubllcan, and Alderman William T. Collins.
Democratic leader, led the flKhl for the measure, while Dr. Royal S. Copeland. Commissioner of Health, appeared before the board to urge tho passage
of the ordinance.
...
The opposition was based largely on the loss of taxes to the city, which
President La Guardia said would amount to .550.000.000 or .S60.000.000
during the ten year life of the proposed mea.sure, and the contention that the
measure gave ho assurance that after builders had taken advantage of the
Commissioner Flynn urged
tax exemption thov would reduce their rents.
that the board draft its own legislation and then ask the Legislature to adopt
It, but no action was taken in that direction."
.
,
—
Bonds to Provide More Policemen Voted Down. The Board
Aldermen on Dec. 28, voted against the proposal to issue
$1,360,301 New York City bonds to pay for 769 additional
The final vote was 55 against and 41 for the measure.
police.
New York
State. — Legislature
—
Convenes.
The
Legislature convened on Jan. 5.
Governor Miller in his message to the Legislature emphasized
the necessity of cconomj' in all branches of the State Government. Important points in the Governor's message as
summarized by the New York "Times" are:
session of the
regular
New York
Extension of the executive law so as to enable the Governor, without the
necessity of having charges preferred, to investigate all county and municipal officers and departments is recommended.
Reductions in the state's expenditures and gradual lessening of taxation
by
ixrged
1.
2.
—
— —
—
.
THE CHRONICLE
178
Is
—
—
,
.
.
Abolition of unnecessary positions and the creation of no new ones.
No .salary increases, thus eliminating .?5, 377, 783 in Increases asked for
in the budget.
,
.
^ ,. ,
3. Authorized construction projects to be completed before new ones are
undertaken, thus eliminating an increase of $34,685,019 for construction
asked for in the budget.
4. Appropriations for maintenance to be based on the present trend of
prices, instead of the high prices prevailing when the requests were
formulated.
the budget for
5. Elimination of an increase of $6,868,000 asked for
,
m
highways and bridges.
The practice of department heads
in using up their
appropriations in the
the expectation that the Leigslature by deficiency
first half of a year
funds for the second half of the year is conappropriations will supply
m
demned.
Abolition of the Excise Department and the passage of an act requiring
peace officers to enforce the Eighteenth Amendment to the Federal Constitution are urged.
Abolition of the Military Training Commission, the Department of
Narcotic Drug Control, the State Superintendent of Elections and the
Board of Port Wardens at the Port of New York is recommended.
The Governor urges that the administration of the Department of
Agriculture be vested in a single head appointment by the Coimcil of
Farms and Markets.
Reorganization of the Industrial Commission with a single head to have
charge of administration and with a board of three members to discharge
exclusively quasi- judicial and legislative functions, such as hearing appeals
in workmen's compensation cases and to deal with labor disputes, is urged.
Creation of a Board of Estimate and Control to consist of the Governor
and the Chairman of the Senate Finance and the Assembly Ways and
Means Committees, is asked. The board would appoint a budget staff to
make surverys and studies with a view to eliminating waste and usseles
duplication.
Con.solldation of eight tax collecting bureaus in three departments would
be effected through the creation of a State Tax Department.
Extensive consolidation of departments is disapproved.
The use of automobiles owned by the state for any purpose other than
state business would be made a misdemeanor.
BOND CALLS AND REDEMPTIONS.
—
—
[Vol. 112.
5.07%. Date Fob. 1 1921. Duo $10,000 Feb. 1 1922 & 1923. and $15,000
yearly on Feb, 1 from 1924 to 1935. Incl.
Blddle Sc Henry and J. H Holmes
& Co.. bid 101.11 and 1(J0.411, rcspoctlvely
.
ANAHEIM, Ornnge County, Calif BOND SALE. —The California
California ('ompaiiy. both of I»8 AnKeh'X. have purchased
SIOO.OOO 0% tax-free lionds. Denoms. $1,000 and $.')00. Date Doc. 15
Bank and the
I'rln. and Kcinl-aiin. int. (J. & D.) payable at the office of the City
1920.
Tnrasurer.
Due %2.r,m yearly on Doc. 1.5 from 1921 to 1960. incl. The
said purchaHcrs are now offering the mentioned bonds to Investors to yield
from 6% to 5J-i%. according to maturity.
Financial Statement.
EstimattKl valuation. 1919-20
$8,000,000 00
As.st!s.sed valuation. 1919-20
3,75S,155 00
Total bonded debt, including this issue
227.962 60
Itevenuo Producing Debt
Less
49.262 60
Net Debt
178.700 00
ANDERSON COUNTY
—
—
bered 25,476 to 26,230 inclusive, dated Feb. 1 1914, are
called for payment Feb. 1 1921 at w-hieh time interest will
Wm. Adams is City Treasurer.
cease.
Ttnn.— BOND
O. Clinton),
(P.
SALE— Th^^
Harris Trust & .Savings Bank and Caldwell & Co. bidding jointly, ootalned
$100,000 67c, tax-free coupon road bonds on Dec. 4. Denom. $1,000
Date
Oct 4 1920. Int A. & O. Due $25,000 yearly on Oct 4 from 1940 to
Prln. and interest payable at the National City Bank, N. Y .
incl.
1943,
Financial Statement.
As.sassed valuation for taxation
S8. 888.000
Total debt (this i.ssue included)
520,000
I>e.ss Sinking Fund
30,000
Net debt
490.000
Population, estimated, 18,000.
ANTWERP,
Paulding County, Ohio.— BOAD
ATKINSON COUNTY
(P.
O. Pearson),
—
Gh.—BOND SALE—3.
H.
Hil.sman & Co., of Atlanta have purchased $72,5005% court house and jail
Date March 15 1920. Prln. and
bonds. Denom. $500 and $1,000.
semi-ann. int. (J. & D.) payable in New York.
Financial Statement.
Actual values
$7,000 000
Assessed values, 1919
2,397.773
Total bonded debt (this issue only)
72,500
Population. 12,000.
AUGUSTA COUNTY
(P.
O. Staunton),
Va.-BOND OFFERING —
Sealed bids will be received until Jan. 12 by J. N. McFarland, Couniy
Treasurer, for 815,000 6% Pasture Road District bonds.
Date Feb. 1 1921
Prin. and semi-ann. int. (F. & A.) payable at the office of the County
Due Feb. 1 1951 optional Feb. 1 1926.
Treasurer.
These bonds are part of a $250,000 bond issue, which was voted on June
22— V. Ill, p. 107.
AVOCA, Murray County, Minn.
6%
BOND SALE. —An
issue of $10,000
Bank of Avoca
refimding bonds has been awarded to the First National
at par,
it is
stated.
BALTIMORE, Md.— TENTH ISSUE OF "GENERAL FUND" BONDS'
— Pursuant to the Act of 1910. which empowers the Commissioners of Fi'
nance to issue $3,000,000 "general fund bonds at the rate of
$300,000
yearly for 10 years, a block of $300,000 of these securities bearing ]4%
interest, dated Mar. 1 1910, and maturing Mar. 1 1955, was issued to the
Sinking Fund during 1920. and the stun of $300,000 transferred from that
fund to the general treasury. The purpose of the bonds is to relieve the
sinking funds, many of which, it is said, are far ahead of the amount required for redemption purposes. This is the tenth and last issue of "general
fund" bonds by this city, $300,000 having been put out in each of the years
from 1911 to 1919 incl.
BOND SALES. During 1920 the following three issues of 4% bonds were
also issued to the Sinking Fvmds at par:
Purpose
Amount
Maturity.
—
—
$500.000
26.000
235,000 --
..paving
-
1934-1940
school
1920
conduits
1933-1937
TEMPORARY LOAN. On Jan. 3 the City Register borrowed $500,000
from the local banks to tide the city over imtil the 1921 taxes begin to come
The city is pajing 4% and will repay the borrowed money as soon as
in.
the financial condition of the city allows it.
—
.
BARTHOLOMEW COUNTY (P. O. Columbus), Ind.—BONDS NOT
SOLD- No sale was made of the $7,500 5% John Ogilvil et al, Jackson &
V. Ill, p. 2347.
Oliio Twps. road bonds offered on Dec. 30
BEAUFORT COUNTY (P. O. Washington), No. Caro.—FINAN'
CIAL STATEMENT. The following financial statement has been issued
in connection with the offering on Jan. 13 of the two issues of bonds com-
—
—
—
plete information of which appeared in V. 112. p. 79.
Assessed value taxable property
Bonded debt (exclusive of present issues)
Floating debt
Population, Federal Census, 1920
$41,169,031
637,500
None
30,876
BEDFORD VILLAGE SCHOOL DISTRICT (P. O. Bedford), CuyaNOT SOLD.— The $200,000 6% coupon
hoga County, Ohio.— BOiVDS
—
V. Ill, p. 79
school house bonds, for which bids were received on Dec. 27
were not awarded as the Board of Education decided to reject the bids.
The bonds will probably be sold at private sale the latter part of January.
—
BELLEVILLE VILLAGE SCHOOL DISTRICT (P. O. Belleville),
BOND ELECTION. — A special election is
Richland County, Ohio.
being held Jan. 18, it is reported, to vote on a proposition to issue $155,000
high school building bonds.
Caro.
No.
BOND OFFERING. —
Until 12 m. Jan. 15 the Town Treasurer will receive proposals for the purchase of the following 6% bonds:
$30,000 electric light bonds. Due yearly on Dec. 1 as follows: $1,000
1922 to 1948 incl.. and $1,500 1949 and 1950.
45,000 water works bonds. Due yearly on Dec. 1 as follows: $1,500 1922
to 1947 incl., and $2,000 1948 to 1950 incl.
Date Dec. 1 1920. Prin. and interest payable in gold at the Chatham
& Phoenix National Bank, N. Y. Cert, check on an incorporated bank or
The
trust company for $1,500 payable to the Town Treasurer required.
opinion of Storey. Thorndike. Palmer & Dodge of Boston, approving the
legality of these bonds will be furnished to the successful bidder.
—
Ohio. BOND SALE
The $35,000
Plain Street impo. bonds, for which there were no bids at the offering
V. Ill, p. 1198 have been sold to A O. Rickelheimer of
Newtonsville at par. Due $1 ,000 yearly on March 1 from 1922 to 1956 incl.
BETHEL, Clermont County,
6%
on Sept. 4
—
—
Northampton County, Pa.—
— BETHLEHEM, offered has yet been made of BONDS NOT5%SOLD
WITHDRAWN.— No sale
bonds,
year (opt
on Sept. 20
—V. Ill,the $33,000 The 5-10
1009.
BOND PROPOSALS AND NEGOTIATIONS has been withdrawn from the market.
last
)
week have been as follows:
AITKIN COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 39
BOND SALE. — Gates. White & Co. of St. Paul
(P. O. Swatara), Minn.
were the successful bidders on Dec. 28 for an issue of $40,000 6H % schoolthis
bldg. bonds at par.
—
Summit County, Ohio. BONDS SOLD IN 1920. In addition to those already reported by us, the following three issues of bonds
were issued to the Sinking Fund Trustees diu-ing 1920
Jnt.
Purpose.
Date.
Maturity.
Amount.
Jan. 1 1920
grade crossing
5%
1921-1940
$100,000
AKRON,
60.000
11.500
street extention
fire station
ALLEGHANY COUNTY
ING.
6%
(P.
5H%
6%
Apr.
1
1920
1921-1940
Aug. 1 1920
1921-1925
O. Sparta), No. Care— BOiVD OFFER
— ProposalsD. C. be received $40,000 road bonds, at not exceeding
Duncan, Chairman Board of County Commissioners,
by
for
will
interest,
until 12 m. Feb. 1.
Date Jan. 1 1920. Int. payable
$1,000.
annually or semi-annually. Prin. and int. payable at National City Bank,
N. v.. Due Jan. 1 1936. Cert, check for 2% of the amount of bonds
bid for required.
Denom.
— ALTOONA SCHOOL DISTRICT O. Altoona), Blair County, Pa.
BOND SALE.— On Jan. 3 the $200,000 5H% coupon tax-free school
bonds offered on that date— V. Ill, p. 2541 — were awarded to M. M.
a basis of about
Freeman & Co., of Philadelphia, at 101.19 and
(P.
interest,
BINGHAMPTON, Broome
reported that the Sinking
the city's bonds at par.
<
I
SALE —The
$3,000
6% fire-truck bonds offered on Sept. 24— V. 111. p. 1009 have been sold
to the Prospect Manufacturing Co. of Prospect at par.
Due $500 yearly
on Aug 15 from 1921 to 1926 inclusive.
BENSON, Johnston County,
Bozeman, Gallatin County, Mont. Bond Call.
Frank Kyle, City Treasurer, calls for payment 61 curb and
improvement district bonds.
Larimer County School District No. 5 (P. O. Port
Collins), Colo.— Bond Called.—Bond No. 14, for $1,000, is
L. C. Moore, Clerk.
called for payment Jan. 15 1921.
Portland, Ore. Bond Call. Improvement bonds, num-
.
p.
issue
County, N. Y.—BOND SALE.—U
Fund Commissioners have purchased $11,900
is
of
BLADENBORO, Bladen County, No. Caro. BOND SALE.—
The $10,000 6% 20-year municipal Impt. bonds, which were referred to in
V. Ill, p. 409—-have been sold at a private sale, it is stated.
BLISSFIELD, Lenawee County, Mich.— BOiVD ELECTION.—
that a special election is being held on Jan. 11 to vote on the
question of issuing $30,000 eleptric light plant tmpt. bonds.
It is reported
BOONE COUNTY (P. O. Lebanon), Ind.—BOJVD OFFERING.—
Granvil Wells. County Treasurer, will receive bids until 10 a.m. Jan. 13
for the following 4^2% road impt bonds:
$21,600 Padgett & De Witt et al, Marion & Union Twps. bonds. Denom.
Date Nov. 3 1920. Due $1,080 each six months from
$540.
May 15 1922 to Nov. 15 1931. incl.
12,000 Albert Perkins et al, Clinton Twp. bonds. Denom. $300. Date
Nov. 3 1920. Due $600 each six months from May 15 1922 to
Nov. 15 1931, incl.
18,800 David W. Reed et al, Jefferson Twp. bonds. Denom. $470.
Date Nov. 3 1920
Due $940 each six months from May 15 1922
to Nov. 15 1931, incl.
17,900 John R. Northcutt et al, Jackson Twp. bonds. Denom. $895.
Date 3 1920. Due $895 each six months from May 15 1922 to
Nov. 15 1931, incl.
THE CIIUONICLE
8 1921.]
.Ian.
10,800 Marlon
A Davis
Date Oct
1
1919
et al.
Sugar Creek
Due $540 each
Twp
Donom
bonds.
six iiionlhs
from
Nov
May
$540.
15 1921
15 Wr.iQ. Incl
Shirley et al, Perry Twp bonds
Dan^m. $1,100
Due $1,100 each six montlui f.om May 15
17 1919
1921 to Nov 15 1930. lucl
Denom $575
11,500 Ohalnier lliland et al. Harrison Twp. bonds.
Due $575 each six months from May 15
Date Auk 3 1920
1921 to Nov 15 1930. incl
Donom
13.300 James K Hart et al. C^enler & Jefferson Twtxs bonds
Duo $065 each six moutlis from May
Date July 6 1020
$605
15 1921 to Nov 15 1930. incl
Denom $640
25,600 Samuel J Sanders et al. Worth Twp bonds
Due $1,280 each six montlis trom May 15
Date Nov 3 1920
1922 to Nov 15 1931, incl
Denom. $5S2 50:
23,300 Jamos O Swindler et al. Jackson Twp bonds
Date Nov 3 1920
Due $1,165 each six months from Alay 15
1922 to Nov. 15 1931. incl
Denom $600 Date
24.000 Andrew Sheets et al. EaRle Twp bonds
Nov 3 1920 Due $1,200 each six montlis from May 15 1922 to
Nov 15 1931. incl
Lane et al. Center Twp bonds
Denom $560
11.200 Michael
Duo $560 cmh six montlis from May 15 1922
Date Sept 7 1920
to Nov 15 1931. incl
Denom.
3.500 Orus Harvey et al. Marlon & Washington Twps bonds
to
F
22.000 I'eUir
Date Oct
W
Due $175
Date Sept 8 1920
$175
eacJi six
15 1922 to Nov
Uell et al. Marion Twp. bonds.
8,500 Anson
Due $425 each six months from
Oct 7 1919
15 1931. incl
M
months from
May
Denom
May
$425.
Date
15 1921 to Nov.
15 1930. incl
Denom. $050
Date
13.000 Akers & Krim. Jefferson Twp. bonds.
Due $650 each six months from May 15 1921 to
Apr. 6 1920
Nov 15 1930, incl.
O Jaques et al. Supar Creek Twp bonds Denom $3,150
63.000
Due $3,150 each six months from May 15
Date Jan. 6 1920
1921 to Nov. 15 1930, incl.
Clark et al. Marion Twp bonds
Denom 8540. Date
10,800 Isaac
Due $5-10 each six months from May 15 1921 to Nov.
Oct 7 1919
15 1930, incl.
Denom.
44,700 John W. Morrison et al, Supar Creek Twp. bonds.
Duo $2,235 each six months from
Date Jan. 6 1920
$2,235
May 15 1921 to Nov. 15 1930, iucl.
W
W
Int.
M. & N.
BOONE COUNTY
It is stato<l.
(P.
O. Lebanon), Ind.— BOND SALE.— On Doc. 294^% road bonds were awarded
BOWLING GREEN, Wood
—
1106
mercial
$10,000
28,000
6%
County, Ohio.— BOND SALE.—The
—
bonds, which were offered on Sept. 18 V. Ill
were awarded to the Wood County Savings Bank and the Com& Savings Co.. of Bowling Green, at par
Bank
Date Mar. 1 1920. Due $1,000 yearly on
fire engine bonds.
Sept. 1 from 1921 to 19.^0. incl.
Date Sept. 1 1920. Due $2,000 each
deficiency funding bonds.
following two i&sucs of
p.
six
montts from Mar. 1 1921 to Sept. 1 1927. incl.
County, Tex.— BO.VOS VOTED.—On Dec.
BRENHAM, Washington
16 by 463 "for" to 3 "against" $40,000 paving bonds carried.
BRIGHTON, PITTSFORD AND PENFIELD (Town) SCHOOL
6 (P. O. Brighton R. F. D.), Monroe County, N. Y.
BOND SALE. — The $8,000 6 7o school bonds offered on Nov. 8— V. Ill,
1773 — were awarded to the Rochester Savings Bank at par. Due onep.
seventh yearly on May 1 from 1921 to 1927 inclusive.
DISTRICT NO.
BROWN TOWNSHIP RURAL SCHOOL DISTRICT
(P. O. Fletcher)
6% school-bldg.
offered on Sept. 1
V. Ill, p. 812 have been sold to the
completion bonds
Citizens Savings & Ix)an Co. of Mansfield, at par.
Date Sept. 1 1920.
Due $1,000 yearly on Mar. 1 from 1931 to 19.55. incl.
Miami County, Ohio.— BOAT) SALE.— The ?25.000
—
—
BUENA VISTA COUNTY (P. O. Storm Lake), Iowa.— BOiVD OFW. C. Skiff. County Treasurer, will sell at 3 p. m. Jan. 12
$80,000 road bonds, to take up outstanding warrants of Jan. 1 1921. Interest rate 6%. unless it becomes apparent that a change in the rate should
be made, in which event the right is reserved to make such change. Date
Jan. 1 1921. Prin. and semi-ann. int. (J. & J.), payatjle at the office of
the County Treasurer. Due Jan. 1 1931- Cert, check for $1,000, payable
Blank bonds and attorney fees to
to the County Treasurer, required.
be furnished by purchaser.
BYRON BETHANY IRRIGATION DISTRICT (P- O. Byron),
Contra Costa County, Calif.— BONDS AWARDED IN. PART.
Reports say that at the sale of .S260.000 6% bonds all bids submitted by
local bond brokers were rejected, but a bid filed by an individual for a block
of S15.000 was accepted.
Bids for the whole amount were submitted by
William Cavalier & Co.. Stephens & Co., and Schwabacher & Co.
CANTON, Stark County, Ohio. A^O BIDS. There were no bids for
the four issues of 5% coupon bonds aggregating $2,565,000 offered on
Jan. 3— V. Ill, p. 2542
CANTON, Haywood County, No. Caro.— BOiVD.S VOTKD.— By a
large majority the voters authorized the issuance of $150,000 bonds.
Of
this sum $85,000 will be used in the construction of a modern high school
and other money will be expended on streets, sewers and other civic impts.
FERING.
CHEROKEE COUNTY
(P. O. Gaffney), So. Care— BO.YD OFFERRoss, I'ounly Clerk, will ri-t-tive i>roi>uNaU for nil .jr any i.,irt
of $11)0. (H)() 6'; funding bondb until \2 m. Jan. 17.
Deni.ij]
'«'ii.
>'l
Dale April 1 1920. Prin. and semi-ann. int. (J. & J.) payal
<
York. Due $10,000 yearly on April 1 from 1921 to 1930 Incl
on a South Carolina bank or tru.->t <'iiiiiijituy or a national )<:.
for 2','; of the bonds bl<l fur. na.\:»blt' to ilu< County Tri'aApprovliig legal opini<jii of Chest i-r B. Matiisllch of N Y
24 1921; i)iirchaser may seh-i-l any place tausi of Mississliipi Rui;i
ING
—
—
—
—
CAREY VILLAGE SCHOOL DISTRICT
County, Ohio.
BOND SALE. — The
(P.
O. Carey),
Wyandot
Industrial ("ommis.sion of
Ohio has purchased at par the S155.000
coupon school building bonds
25 V. Ill, p. 107. Due $3,875 each six
offered unsuccessfully on June
months from June 1 1921 to Dec. 1 1940. incl.
—
CASCADE COUNTY
(P.
State
6%
O. Billings),
Mont.— CORRECTION.— lu
V. Ill, p. 2247, we stated that the Merchants Loan Co. of Billings had
purchased on Nov. 30 $1.50,000 refunding bonds at 101 and $100,000 6%
highway bonds at 102.40. but we have since been informed by the said company that they acquired the bonds on the mentioned date as follows:
Date Jan. 1
$150,000 refunding bonds at 101. 60 for 6s. Denom. $1,000
Int. J. & J.
Due yearly on Jan. 1 as follows: $7,000.
1921.
1924 to 1936 incl.; $9,000, 1937; $12,000, 1938: $13,000, 1939 and
Subject to call yearly on Jan. 1 as
1940, and $12,000, 1941.
follows: $7,000. 1923 to 1935 incl.; $9,000, 1936; $12,000, 1937;
and 1939. and $12,000. 1940.
100,000 6% highway bonds at 101 .55. Denom. $1,000. Date Dec. 1 1920.
Int. J. & J.
Due $10,000 on Jan. 1 in each of the years 1925, 1926.
1927. 1928, 1934. 1935, 1936. 1938, 1939 and 1940; redeemable
on Jan. 1 or July 1 next preceding their respective maturities.
CASS COUNTY (P. O. Logansport), Ind.— BOA'D OFFERING.—V. S.
Hoffman. County Treasurer, is receiving proposals until 10 a. m. Jan. 15
for S5.308 6% Fred C. Helnmiller et al, Jackson & Deer Creek Twps.
$13,000. 19.38
drainage bonds.
CHADRON, Dawes
County, Neb.— BOA''D SALE.—L,. M. Ford has
purchased $50,000 Paving District No.
1
bonds at par.
\\'
11
.
.<
'
.
.
j
.
.
CINCINNATI SCHOOL DISTRICT (P. O. Cincinnati), Hamilton
County, Ohio. IfOND SALE —Vklii. Richards, &. Co. purchased $550 5'''c school building bonds of this district al par ou Mar. 22 1920.
Feb. 24 1920.
Duo Fob. 24 1960.
OOO
CLEVELAND METROPOLITAN PARK DISTRICT
Cuyahoga
County,
Ohio.
BOA/)
(P.
OFhEHtNG.
Dale
O. Cleveland),
-i-
]•<
-i)
be
recrivod ui\til 12 m. Jan. 17 by S H. Ila/clwood, Si'
d of
Park Comniissioneni. for the purchase of $60,000 park
and.
Denom. $1 .(MM). Dai
Impt. bonds bearing no Interest.
sale.
Oct. 1 1922.
C,
Duo $40.0(M) April 1 1922 and $20,000
Ill
a
solvent bank in Cuyahoga Ct)unty for 5% of amount of bid. j
to the
Board of I'ark (^omm'rs. re<iuired. Bids must be made ou blank forms
which can bo obtained upon application to the secretary.
I.
CLEVELAND SCHOOL DISTRICT (P. O. Cleveland), Cuyahoga
BOND OFFERI.\G — Proposals for the purchase of $.*.6% coupon building bonds will be received until 3 p. m. Jan 17
County, Ohio.
000. (KIO
by Sarah E. Hyro. Clerk of Bd. of Ed. Denom. $1,000. Date Jan. 1
1921.
Prin. and semi-ann. int. (J. 4 J.) jiayable at the American Exchange National Bank of New York. Due $250,000 yearly on Jan. 1 from
1922 to 1941 incl. Cert, chock on a solvent bank or trust company for
5% of amount of bonds bid for. payable to the Board of Education, required.
Bids must be made on blanks which may be obtained by applying
to the Clerk.
Purchaser to pay accrued interest.
CLYDE, Sandusky Countv, Ohio.— BO.VD SALE.— The
6%
thro<i issues of
V. Ill, p. 214
Sc
following
bonds wliicn were offered unsuccessfully on Aug. 2
911 have been sold to the Peoples Banking Co. of Clyde,
—
at par:
$3,000 Main St. Improvement (village's share) bonds.
on June
1
from 1921 to 1926.
Due $500 yearly
improvement bonds. Due $2 000
incl.
10.000 special assessment Main St.
yearly on Juno 1 from 1926 to 1930, incl.
20,000 special assessment Main Market Road No. 1 Improvement tionds.
Due yearly on Juno 1 as follows: $3,000. 1924 to 1929. incl.; and
S2.000. 1930.
the following thi-ee issues of
at par as follows:
$20,000 John F. Dinsraore et al Harrison Twp. bonds to J. F. Wild & Co.
Date May 4 1920. Due $1,000 each six months
of Indianapolis.
from May 15 1921 to Nov. 15 1930, incl
18,000 Williams & Hodge, Center Twp. bonds to the Meyer-Kiser Bank,
Date April 6 1920. Due $900 each six months
of Indianapolis.
from May 15 1921 to Nov. 15 1930. incl.
14,400 Caleb F. Shera et al Center & Jackson Twps. bonds to the MeyerKiser Bank of Indianapolis. Date July 6 1920. Due $720 each
six months from May 15 1921 to Nov. 15 1930, incl.
179
—
COLUMBUS, Luna County,
N. Mex. BID. The American Iron Co.
of Dallas proposes to purchase at par $100,000 bonds to complete water
works and sewerage system construction.
CONTRA COSTA COUNTY RECLAMATION DISTRICT
NO. 2024.
Issue of $20,000 bonds was sold at 94 and interBannister of Stockton.
BOND SALE. — An
Calif.
est to E.
W.
CONWAY SPECIAL ROAD DISTRICT
Laclede County, Mo.
sold to a St. Louis firm,
BOND SALE. —An
it is
NO. 2 (P.
issue of $14,000
O. Conway).
bonds has been
reported.
COWLITZ COUNTY (P. O. Kalama), V/aah.-DESCRIPTIOX OF
The $45,000 (i'A% l0-20-ye,ar (opt.) funding bonds which were
purchased by the First National Bank of Kel.so at 100.90 on Nov. 23—-V
111. p. 2248 are in denom. of $1,000 and are dated Dec. 1 1920.
Int.'
payable annually.
CROOK COUNTY (P. O. Prineville), Ore.— BOA'D OFFERING.
Proposals will be received until 10 a m. Jan. 15 by Asa W. Battles Countv
Clerk, for all or any part of SIOO.OOO 6% funding bonds.
The bonds ai^
in denoms. of $1 .000 and $500 each, the four bonds of each maturity being
for $500 each and the remaining eight for SI .000 each, numbered 1 to 120
inclusive, dated Dec. 1 1920 and mature $l0.00() yearly on Dec. 1 from 1926
to 1935 incl.
Prin. and semi-ann. int. (J. & D.) payable in gold at the
Fiscal Agency of the State of Oregon in New York City, N. Y.
Cert, chock
for 5% of the amount of bonds bid for. required.
The appro\ing legal
opinion of Teal, Minor & Winfree of Portland will be furni.shed the successful
bidder.
The successful bidder must be prepared to take delivery within
ten dars from date of sale.
BOND OFFERING. Until 2 p. m. on the same day the above Clerk will
also receive propo.sals for all or anv portion of $100,000 road bonds at not
exceeding 0% interest.
Denom. ?] .000. Date Dec. 1 1920. Prin. and
semi-ann. int. (J. & D.) payabl" at the Fiscal Agency of the State of Oregon
In New York City, N. Y. n gold.
Due yoarlv on%Dec. i r.s lollows- S6 000
1925. SV.OOO 1926. S9.000 1927. $11,000 1928. $12,000 1929. $13,000 19.30
S14.000 1931. ?15.000 1932. and $13,000 1933. Cert, check for 5% of the
amount of bonds bid for. reouired. The approving legal opinion of Teal,
Alinor k AVinfree of Portland, will be furni.shed the succes-sful bidder.
WING COUNTY (P. O. Brainerd), Minn.— BOA'D SALE
By submitting a bid of 100 71 and interest, a ba.sis of 5 91''^. the Wells
Dickey Co. obtained the 870,000 6% 10-year road bonds dated Dec 15 1920
V. Ill, p 2.542 on Dec. 27.
Kalman, Matteson & Wood, Minneapolis
Trust Co. and Drake-Ballard Co. also submitted a joint bid equal to 100. &4.
BONDS.
—
—
—
CROW
—
—
CUYAHOGA FALLS, Summitt County, Ohio.
The Columbas Asphalt Pa^^ng Co. has purchased at par
of
is.>-ues
BOND SALE. —
the following five
Donds, which were offered unsucces-sfully on Aug. 3— V. 111.
6%
p. 613:
$73,500 Northampton Ave. Extension paving bonds. Due $7 000 j-earlv
on July 1 from 1921 to 1929. incl.; and $10,500 July 1 1930.
2,000 Northampton Ave. Extension paving bonds. Due $400 yearly
on July 1 from 1921 to 1925, incl.
32.000 Elmwood Heights Sewer Sj'stem bonds. Due S3. 000 vearly on
July 1 from 1921 to 1929. and S5,000 July 1 1930.
2.000 Elmwood Heights Sewer System bonds. Denom. $400. Due
$400 yearly on July 1 from 1921 to 1925, incl.
8,000 Fire Truck bonds. Due $1,600 j'earlv on July 1 trom 1921 to
1925. incl.
CUYAHOGA FALLS SCHOOL DISTRICT
(P. O. Cuyahoga Falls),
OFFERING. Proposals will be received
until 12 ra. Jan. 12 by N. H. Rook. Clerk of Board of Education. for $375 000 5 Ji;% school bonds. Denom. $1 .000. Dateday of sale. Prin. andsemlann. int. (A.
O.) payable at the Citizens Bank of Cuvahoea Falls.
Due
each six months as follows: SI. 000. Oct. 1 1922 to Oct. 1 1924 incl.: .«2.000
Apr.l 1925 to Oct. 1 1926, incl.; $3,000 Apr. 1 1927 to Oct. 1 1928, incl.;
$4,000, Apr. 11929 to Oct. 1 1930. incl.; $5,000 Apr. 1 1931 to Oct. 1 1937.
incl.; $6,000. Apr. 1 and Oct. 1 1938: $7,000, Apr. 1 1939 to Apr. 1 1946.
incl.. $8,000 Oct.l 1946 to Oct. 1 19.54. incl.; and $11,000 Apr. 1 19.55. Cort.
check for
of amount of bonds, required.
Purchaser to pay accrued
Summit County, Ohio.
BOND
—
&
5%
intere.st.
—
DARLINGTON, Lafayette County, Wis— BOA'DS .AUTHORIZED
At the regular meeting of the City Council, held on Dec. 21. the ordinance
authorizing a bond issue of SOO.OOO for street improvement purposes was
passed
The bonds are to be retired within 20 years. S3. 000 of the principal being paid each year.
DAVIESS COUNTY
(P.
O. Washington),
Ind.— BOA'D SALE.—Oa
Jan. 4 the $35,132 80 4»4% Chas. A. Traylor et al Hani.son Twp. road
bonds offered on that date V. HI. p. 244.3 were awarded to Russell &
Gregory at par. Date Nov. 15 1920. Int. M. & N. Due $1 .756 64 each
six months from May 15 1922 to Nov 15 1931. incl
—
—
DAYTON, Montgomery County, Ohio.— BO.VD SALE.— In 1920 the
Fund Trustees purchased at par 15 i.ssues of special asses.sment 5%
6% bonds for various purposes, aggregating $26,770. .\11 mature
Sinking
and
CHANDLER HIGH SCHOOL DISTRICT, Maricopa County, Ariz.— in 1921.
BOND OFFERING.—Clarence L. Standage. Clerk Board of County SuperDEARBORN COUNTY (P. O. Lawrenceburg), Ind.— BOA'D S.ALE —
visors (P. O. Phoenix) will receive bids until 2:30 p. m. in Jan. 10 for the
On Dec. 22 the Dearborn National Bank was awarded at par and interest
$170,000 6% school bldg. and impt. bonds authorized by a vote of 112 to 4
$23,100 5% gravel-road bonds.
Date Dec. 6 1920. Int M. & X.
at an election held Nov. 6.
Denom. $1,000. Date Jan. 15 1921. Prin.
DEL NORTE, Rio Grande County, Colo.— BO.VD .^.-ILE.— The Bankand semi-ann. int. (J. & J.) payable in gold at the office of the County
Treasurer. Due Jan. 15 1941. Cert check on a bank in Maricopa County,
for not less than 5% of the amount of bid payable to the County Treasurer,
required.
Bonds will be delvered to the purchaser thereof at the office ot
the above clerk.
These bonds which were referred to in V. 111. p. 2443, are issued under
authority of Title XI, Civil Code, Revised Statutes of Arizona. 1913, and
statutes supplementary thereof and amendatory thereto.
Bonded Debt (Including this issue) $291,800 assessed value equal zed
1920 $7,805,970.
Trust Co. of Denver has purchased $9,000 CJ- 10-15-year (opt.) water
bonds. Dated Jan. 1 1921. Int. J. & J., with principal payable at Baiikers Trust Co.
DERRY TOWNSHIP, Westmoreland County, Pa.— BO.VD S.ALE.
The $50,000
refunding and road bonds offered on .^ug 7 V. 111were awarded on that date to Holmes. Bulkley & Wardrop of Pittsg. 61.3
Due on Sept 1 as follows: $10,000.
urgh at par. Date Sept 1 1920
1924: $2,500. 1925 to 1928. incl $3,000, 1929 to 1931, incl
$3,500. 1932
ers
—
—
5H^
;
and 1933; $4,000. 1934; and $10,000, 1938.
;
—
—
—
—
—
THE CHRONICLE
180
DETROIT, Wayne County, Mich.— nOA7) OFFERING —Ucnry Stnffons, VMy (Nunpliiillcr. will nu'clvi- bids until
Jan 10 for the followliiK jmhlii- iiniirovciiiciil bonds:
$3.«IH.(l()<) ^,'^'^, sewer bonds, iiiaturiiiK sprlallv In from 1 to 30 yr^irs
7;i7,O0O 51^',;, municipal hltlK kUo bonds. niaturlnK serially from 1922
Ham.
to
Inclu.sivo.
l!»;t(i
flriMxtMislon bonds, maturlnKRorlnlly In from
22.1.000 r.^iVc municipal bIdK sito bonds. mnlurInK 1931.
1,000,000 r>],<,'y, strt-ct railway bonds. niaturlnK 1911.
070,000
,'>i-;9J
1
to 30 yrs.
DODGE COUNTY
An
l.s.sue
of
.1';
(P. O. Mantorvillc), Minn.— ROA'D SALE.—
road bonds nniouiitInK to .?.">0,0()0 lias bocn sold to tho
Date Dec. 1 1920. Due
of Minneaiioli.s at par.
(,"o.
Minneapolis TrUht
Dec. 1 19.S0.
DUBLIN,
Laurens
Gtn.—nOND
County,
DESCniPTION—Tbo
coupon' school, water, scworaKo. brldRo and culvert bonds
awarded as stated In V. Ill, p 25-12, answer to the following description.
Denoni S1,000
Trin and.scnii-ann Int (A. &<)) payable at the Hanover
National Hank, N Y
Due yearlv on Jan. 1 as follows: $3,000 1936 to
and $13,000 Jan 1 ig.'iO.
1949. incl
Financial Statement.
$7,788,609 24
Assessed \'aIuatlon, 1920
,
382,000 00
Total bonded debt (includlnR this issue)
$,55,000
5'.o
.
DURAND,
Shiawassee County,
Mich.— BOND OFFERING.— It
is
roporled that bids will be received until 7:30 p. m. Jan. 10 by S. P. Heath,
Village (Merk, for .?35.000 electric light and water works bonds. Cert.
chock for 5%, re<iuired.
Cuyahoea County, Ohio.— BO^^D OFFERING.
EAST
Carran. Director of
— Chas ACLEVELAND, two Finance,ofwill receive proposals until 12 m.
issues
the following
6% coupon special assessment
Jan. 22
for
street-improvement bonds:
Denom. .$232 16 and $1,000.
$36,232 16 bonds.
Due
Due
Oct. 1 1926.
Oct. 1 1931.
Prin. and semi-ann int (A. & O.) payable at the
Date Oct. 1 1920
Co. of (Meveland, where delivery to purchaser
Guardian .Savings & Trust
Certified check for 2'7o
is to be made within 14 days from date of award.
of amount of bonds bid for, payable to the Director of Finance, required.
Purchaser to pay accrued interest.
10,3,56.52 bonds.
Denom
and $1,000.
$3.56,52
EAST CLEVELAND SCHOOL DISTRICT (P. O. East Cleveland)'
Cuyahoga County, Ohio. BOND OFFERING. — Proposals will be received until 12 m. .fan. 15 by Charles Ammerman, Clerk of Board of EduDenom. $1,000. Date
cation, for $315,000 6% coupon deficiency bonds.
Prin. and semi-ann. int. (J. & J.) payable at the Guardian
sale.
Savings & Trust Co. of Cleveland. Due $30,000 yearly on Jan. 15 from
1931 to 1939. incl., and $45,000 Jan. 15 1940. Certified check for
of amount of bonds bid for, payable to the Board of Education, required.
day of
2H%
EAST LIVERPOOL, Columbiana County, Ohio. BOND SALE. —
four issues of 5% special assessment street impt. bonds,
The followng
Jime 24 (V. Ill, p. 108) have been awarded to the
Dollar Savings Bank and the First National Bank of Liverpool, at par:
Due yearly on July 1 as follows:
$3,455 Market St. Improvement bonds.
$600 1921. $6.50 1922. $700 1923. $740 1924 and $765 1925.
5,230 Dresden Ave. impt. bonds. Due yearly on July 1 as follows: $950
1921, $1,000 1922, $1,050 1923, $1,100 1924 and $1,130 1925.
924 Brady Alley impt. bonds. Due yearly on July 1 as follows: $140
1921. $160 1922, $180 1923, $210 1924 and $234 1925.
4,900 Broadway street-impt. bonds. Due yearly on July 1 as follows:
$850 1921. $900 1922. $950 1923, $1,050 1924 and $1,150 1926.
offered unsuccessfully on
EAST YOUNGSTOWN SCHOOL DISTRICT (P. O. East Youngstown), Mahoning County, Ohio. BOND SALE. The Commercial
National Bank of Youngstown, has purchased at par the $100,000 6%
V. Ill, p. 108. Due $5,000
school bonds offered but not sold on June 1
yearly on Jime 1 from 1925 to 1944, incl.
—
—
EATON, Preble County, Ohio.— BOJVD SALE.— The $27,500 6%
water works bonds offered imsuccessfully on June 21 V. Ill, p. 215—
have been taken by the State Industrial Commission of Ohio at par. Due
serially on June 15 from 1922 to 1948, incl.
—
ELK RIVER, Sherburne
County, Minn.— BOND OFFERING.— Vnta
Jan. 8 bids for the purchase of $26,000
ceived by M. P. Williams. City Clerk.
6%
water-works bonds
BIDS REJECTED.
ELYRIA, Lorain County, Ohio.
—The
will
be
re-
following
bids received at the offering on Jan. 4 of the $150,000 6% water-works
bonds V 111, p 2444 were rejected:
Breed, Elliott & Harrison, Cincinnati, O. Par and accrued Interest and
premium of $3,401.
A. T. Bell & Co., Toledo, O. Par and accrued interest and premiiun of
—
—
—
—
$2,167 83.
—
H
Rollins & Sons, Chicago, 111. Par and accrued interest and premium
of $1,549 50.
Seasongood & Mayer, Cincinnati, O. Par and accrued interest and premium of $1,750
H. Silverman Co., Cincinnati, O. Par and accrued interest and
The
premium of $811
Stacy & Braim, Toledo, O. Par and accrued interest and premium of $480.
Prudden & Co., Toledo, O. Par and accrued interest and premium of $315.
The Union Savings & Trust Co., Warren, O. Par and accrued interest
and agreed to accept 53^% bonds bearing date of Jan. 15 1921.
E.
——
—
— —
—
—
W
—
—
ESSEX COUNTY
(P.
—
O. Salem),
Mass.—NOTE OFFERING.— The
will receive proposals until 12 m. Jan. 10 for the purchase of the following notes
tuberculosis-hospital notes, dated Jan. 15 1921 and maturing
$200,000
Oct. 15 1921.
200,000 tax-anticipation notes, dated Jan. 10 1921 and maturing Nov. 10
1921.
County Tregsurer
EUCLID, Cuyahoga County, Ohio.—BOWD SALE.
—
It is unofficially
reported that the Guardian Savings & Trust Co. of Cleveland, has pm-chased
at par the following 6% coupon special assessment bonds, which were
V. Ill, p. 2543.
offered unsuccessfully on Dec. 13.
$6,700 Oakhill Drive water-main bonds. Due on Oct. 1 as follows: $700
1923 and $1,000 in 1926, 1928, 1929, 1930. 1931 and 1932.
16,500 Oakhill Drive sewer bonds. Due yearly on Oct. 1 as follows: $500
1923. $1,000 1924 to 1927, Incl., $2,000 1928, 1929 and 1930 and
$3,000 1931 and 1932.
4,800 Hawthorne Drive water-main bonds. Due on Oct. 1 as follows:
$800 1923 and $1,000 1926. 1928. 1930 and 1932.
Due on Oct. 1 as follows: $750
8.750 Hawthorne Drive sewer bonds.
1923, $1,000 1925, 1926. 1927, 1928, 1929, 1930, 1931 and 1932.
watermain bonds. Due on Oct. 1 as follows:
5,500 Yosemite Drive
$.500 1923, $1,000 1925, 1927, 1929, 1931 and 1932.
9,150 Yosemite Drive sewer bonds. Due yearly on Oct. 1 as follows:
$150 1923 and $1,000 1924 to 1932. incl.
11,800 Idlehurst Drive water-main bonds. Due yearly on Oct. 1 as follows:
$800 1923. $1,000 1924 to 1931 incl., and $3,000 1932.
Due yearly on Oct. 1 as follows:
19,350 Idlehurst Drive sewer bonds.
$350 1923, .$2,000 1924 to 1931 incl., and $3,000 1932.
7,200 Argyle Drive water-main bonds. Due on Oct. 1 as follows: $200
1923, $1,000 1925, 1927, 1928, 1929. 1930, 1931 and 1932.
17,900 Beverly Hills Drive water-main bonds. Due vearly on Oct. 1 as
follows: $900 1923, $1,000 1924, and $2,000 1925 to 1932, incl.
34,300 Beverly Hills Drive sewer bonds. Due yearly on Oct. 1 as follows:
$300 1923, $3,000 1924 and 1925, and $4,000 1926 to 1932, incl.
12,200 Chatworth Drive water-mian bonds. Due yearly on Oct. 1 as
follows: $200 1923, $1,000 1924 to 1929. incl., and $2,000 1930.
1931 and 1932.
11,400 Mallard Ave. water-main bonds. Due yearly on Oct. 1 as follows:
$400 1923. $1,000 1924 to 1930, incl., and $2,000 1931 and 1932.
11,400 Shore View Ave. water-main bonds. Due yearly on Oct. 1 as follows: S400 1923. $1,000 1924 to 1930 incl., and $2,000 1931 and 1932.
24,400 Chatworth Drive sewer bonds. Due yearly on Oct. 1 as follows:
$400 1923. $2,000 1924, 1925 and 1926, and $3,000 1927 to 1932, incl.
14.900 Glenbrook Blvd. water-main bonds. Due yearly on Oct. 1 as follows: $900 1923, $1,000 1924 to 1927, incl., and $2,000 1928 to 1932
—
incl.
25,000 Glenbrook Blvd. sewer bonds. Due yearly on Oct. 1 as follows:
$1,000 1923 and 1924, $2,000 1925. $3,000 1926 and 1927. $4,000
1928, $2,000 1929 and $3,000 1930. 1931 and 1932.
EVANSTON,
The 5290.000
C,'/,
[Vol. 112.
Uinta County, V/yo.— BONDS TO BE RE-OFFERED.—
15-30-year (opt.) water bonds which were offercl unsuc1 1 1
p. iJ348) will be re-offered about the latter part
cessfully on Dec. 2 (V.
of February.
,
EXPORT, Westmoreland County, Pa. BOND SALE.— On Mar. 29
1920 an issue! fif .?lfl.000 .',' street and sewer bonds was awarded to ^lullin
Urlggs & fo. of rhil.ulelphia.
Denom. $1,000. Dale Apr. 1 1920. Int.
A. ic O. Due SI .000 on Apr. 1 In 1924. 1926. 1928. 1930. 1932. 1934, 1936.
1937. 1938 & 19.39.
;
FARELLY LAKE LEVEL DISTRICT, Arkansas and Jefferson
Counties, Ark. HON I) SALE. Stifel-Nlwilaus Investment Co. of St.
Louis has purchased SI ,000.000 T,y^<y, bonds. Denom. $1,000. Date
i'rin. and semi-ann. Int. (F. & A.) payable at the American
Jan. 1 1920.
Trust Co. of 8t. Louis, trustee. Due yearly on Aug. 1, from 1931 to 1950.
—
Incl.
—
—
FINDLAY, Hancock County, Ohio. BOJVD OFFERING Claren
I<is.ser, City Auditor, will receive bids until 12 m. Jan. 17 for the following 5H^ lionds:
$5,438 00 special a.ssessment Washington Ave. paving bonds. Denom.
$138 and $.500
Due $438 April 1 1922 and $500 yearly on
April 1 from 1923 to 1932, Incl.
6,614 40 special a.ssessment West Front St. paving bonds
Denom.
$114 40 and S.500
Due $114 40 April 1 1922: $500 yearly on
April 1 from 1923 to 1929. incl and $500 each six months from
April 1 1930 to Oct. 1 1932. incl
4.097 40 sjxicial assessment sewer bonds. Denom. $97 40 and $500 Due
S97 40 April 1 1922 and $.500 on April 1 from 1923 to 19.30, Incl.
4,102 26 city's share impt. bonds
Denom $102 26 and $.500 Due
$102 26 Oct 1 1921 and $500 each six months from April 1 1922
F.
.
to Oct. 1 1925, incl.
Int. semi-ann.
1
1921.
Certified check for 3% of amount
of bonds bid for, payable to the City Treasurer, required
Bonds to be
delivered and paid for at Findlay within 10 days from date of award.
Purchaser to pay accrued interest.
Date Jan
FINDLAY TOWNSHIP SCHOOL DISTRICT
—
(P.
O. Imperial), Alle-
gheny County, Pa. BOND SALE. On Dec. 28 Holmes. Bulkley &
Wardrop of Philadelphia were awarded the $100,000 5149, tax-free coupon
school-building bonds offered on that date (V. HI, p. 2348) at 102.867. a
basis of about 5.27%.
Due $10,000 in 10 years, $20,000 in 15 years,
$25,000 in 20 years, $30,000 in 25 years, and $15,000 in 30 years.
—
FLEMING, Logan County, Colo. BOND SALE. On Nov. 30
$40,000 6% water-extension bonds were sold to Fairbanks, Morse & Co.,
supply contractors, at 95
Denom. $1,000. Date Nov. 15 1920. Int.
M. & N. Due Nov. 15 1935. optional Nov. 15 1930.
FORT WORTH, Tarrant County, Tex.— FURTHER INFORMATION
TN REFERENCE TO THE INABILITY OF THE CITY OF FORT WORTH
TO PLACE ITS CIVIC IMPROVEMENT BOND ISSUE.—-With further
reference to the inability of this city to get the syndicate to whom the
$1,890,000 ci-vic impt. bonds were awarded during November to take them
up, the Dallas News in a special telegram from Fort Worth under date of
Dec. 30 had the following to say:
"Annoimcement that Keane-Higbie & Co. of New York City, purchasers
of the city's $1,890,000 bond issue, wiU be unable to fulfill the terms of
their contract with the city was made in a message to C. E. Manning.
City Finance Commissioner, yesterday, although the fact was not made
public at the city hall imtll today.
Mr. Manning left last night for Chicago to confer with representatives
of the companies in an effort to effect a compromise that will result in the
company taking its allotted share of the bonds, which amount to $490,000.
and allow the other four companies of the syndicate to default on their
agreements by forfeiting their deposited money, which they have put up
amounting to about $28,000. The firm of Keane-Higbie & Co. in it« message to Mr. Manning declared the condition of the money market and the
refusal of banks to finance the purchase of the bonds made it impossible for
them to take up the bonds.
"As far as I go," the message read, "there is no desire or Intention to fall
do'wn on my contract, but we are all up against a fundamental financial
condition which makes it impossible to make delivery at this time.
Therefore, we request you to let us take up what bonds we have sold, which is
about $125,000 worth, between Weil, Seasongood, Elston and Higbie.gi-ving
us the pri-vilege of taking up the balance of the first shipment at any time
within the next two months." He further said that to meet the terms of
the contract now is impossible.
The sudden refusal of the bonding companies to meet the terms of their
contract entered into with the city several weeks ago came as a complete
surprise to city officials.
Announcement that all of the bond issue had oeen
approved by the company was made yesterday by Commissioner Manning,
who was making preparations to go to Chicago to deliver a part of the bonds
to the piu-chasers when the meassge was received from the bonding companies.
FRANKLIN COUNTY
(P. O. Hampton), Iowa.— BOA^D SALE.—
of Chicago has purchased and is now offering to investors at 103.81 and interest, yielding 5J^%, $70,000
taxfree funding bonds.
Denom. $1,000. Date Jan. 1 1921. Prin. and
semi-ann. int. (J. & J.) payable at the office of the County Treasurer.
The Harris Trust & Savings Bank
Due
Jan.
1
6%
1931.
Financial
Statement.
*Value of taxable property
Total debt (this issue included)
$43,067,118
238,500
Population, estimated, 16.000.
* The constitutional debt limit is 5% of the value of taxable property.
The Supreme Court of Iowa defined this to be 5% of the actual value of
taxable property as returned by the assessor and as equalized.
FULTON COUNTY (P. O. Rochester), Ind.— BO.VD OFFERING.—
H. B. Kvunler, County Treasiu-er, will receive bids imtil 10 a. m. Jan. 11
Alva Crabb et al. and $17,000 David Kopp et al. 5% coupon
road bonds. Denom. $850. Date Apr. 1 1920. Prin. and semi-ann. int.
(M. & N.) payable at the County Treasiu-ers office. Due one bond of
each issue, a total of $1,700. each six months from May 15 1921 to Nov. 15
for $17,000
1930. incl.
FULTONVILLE, Montgomery County, N. Y.—BOND OFFERING.—
William Beimett, Village Clerk, will receive bids imtU 10 a. m. Jan. 10 for
$24,000 5% bonds. Denom. $1,000 and $2,000. Due yearly on July 1 as
follows: $1,000 1921 and 1922 and $2,000 1923 to 1933, incl.
The official notice of this bond offering will be found among theadvertisements elsewhere in this Department.
—
GALION, Crawford County, Ohio. BOND OFFERING. Jacob
Keene. City Auditor, will receive bids imtil 12 m. Jan. 20 for $80,000 5%
water worte purchase bonds. Denom. $1,000. Date Dec. 1 1920. Int.
M. &
S.
Due Mar.
1929.
1
GARDEN COUNTY SCHOOL DISTRICT
BOA^D
44,
-purchased a $11 ,000 6%
—The Bankers Trust Co. of Denver Oct. NO.Denom.Neb.—schoolDate
from
building bond
on
$500.
SALE.
Jan.
1
1921.
issue
Int. J.
this district
&
J.
Due
15.
yearly from 1922
t
ol945.
GEAUGA COUNTY
(P. O. Chardon), Ohio.— BOiVD OFFERING.—
Steele's Crossing-Glngerich's Corners Road impt.
Bids for $33,965
bonds will be received until 12 m. Jan. 13 by A. E. Leach, County Auditor.
Denom. 67 for $500 and 1 for $465. Date Dec. 21 1920. Prin. and semiann. int. (J. & D.) payable at the County Treastu-er's office, where delivery
Due $1,000 on June 1 &
to piu'chaser is to be made as soon as prepared.
Dec. 1 in 1921 and 1922; S2.000 on Jime 1 and Dec. 1 in the years 1923 to
1929, -incl., and $1,965 June 1 1930. Certified check for 83.300, payable
to the Coimty Treasiu'er, required. Purchaser to pay accrued interest.
6%
WARRANT
GEORGIA
(State of)—
OFFERING.— Vntii 12 m. Jan. 20
Dorsey, Governor, -will receive proposals for $3,500,000 school
warrants, to be dra-nm by the Governor on the fimds appropriated
fimd
by the Legislature for the public schools for the year 1921, said warrants to
be drawn at the end of each month in such sums as needed and for such
amounts as are then due to the teachers. The warrants to be disposed of
to the bidder offering the lowest rate of discount.
Hugh M.
GEYSERVILLE UNION HIGH SCHOOL DISTRICT, Sonoma
Calif.
BOND OFFERING. —An issue of $10,000 6% bonds,
County,
maturing yearly from 1922 to 1942.
on Jan. 12
it is
stated.
incl..
wiU be sold
to tht highest bidder
THE CHUONICI.E
Jan. 8 1921.]
GLENDALE, Maricopa County, Ariz.— DESCRIPTION OF BONDS
—
HOCKING COUNTY
(P. O. Locan), Ohio.— BO.VD .SALE.—On
Bank, the Kanneri.' & Merchants' Hank and the N»tliinal Hank of Ix>Kan were awardivl at par and int. (he folluwliig four liKues
of ti''; Inier-Couuty Highway Impt. bondb offered on that dale (V, 111,
i>. LM4lr
|73,ti(K) Highway No. 155 Sec. "K
bonds
Date Dec. 1 1920. Due
$7,360 yearly ou Mar. 1 from 1922 to 1930, Incl., and $7,360 Sept. 1
In coniioctioii with the sale of the three Issues of 6% bonds, aKKregatUiK
we are now in receipt
$80,000, report of which appeared In V. Ill, p. 1873
of the following data:
$35,000 water works bonds. Date March 1 1920. Due March 1 1(»40.
20,000 electric ll^ht bonds. Date April 1 1920. Due April 1 1910.
Due May 1 1910.
25,000 street Impt. bonds. Dale Mav 1 1920.
Denom. $500. I'riii. and senii-ann. Int. payable at the office of Town
Treasurer, or the banking house of Kountze Bros., N. Y., at option of
Dw.
—
1930.
GLYNN COUNTY
$2,173,339
4 ,000.000 00
22»i.0()0
()(»
00
141,000 00
S.'i.OOO
—
O. Brunswick), On.— BOND OFFERING
Sealed bids for the purchase of $(>.">. 000 it'c coupon road bonds will be received by Paul E. Twltty. Clerk Commissioners of Uo,^ds and Kevemie,
Denonis. SI. 000 and S.WO. Date July 1 1919.
until 11 a. m. Jan. 11.
Prin, and interest, wJilch Is payable semi-ann. In January aucL July .are
payable in Now York. Due yearly on Jan, 1 as follows: $11, .TOO, 1931;
Cert, check for 2% o^
$13,500, 1932 to 193-1. Incl.; and $13,000, 1935.
the bid, payable to the Commissioners of lioads and Revenue, roqulred.
The boncjs are issued under the Sections 110 et. .seq. of the Code of Par. 1
Sec. 7. Art. Vll of the C\)nstilutlon of C.eorKla, and the bonds have been
duly validated by judKement of the Superior Court In accordance therewith.
Opinion of loKaiity of the issue rendered by Storey, Thorndike, Palmer &
Dodge of Boston will be furnished by the County.
GRAND
(P.
RAPIDS, Kent County, Mich.— BOARDS .SOLD IN 1920.—
following 5% bonds wore sold at par during 1920. in addition to those
already reported
Purchaser
Amt.
Purpose.
Date.
Maturity.
Sold.
Sinking Fund
$75,000 Cemetery
Sept 1 "20 Sept 1'40 Sept. 20
J. Boyd Pantlind
25.000 Cemetery
Sept 1 '20 Sept 1 "20 Sept. 20
Sinking Fund
Dec 1 '20 Dec 1 '40 Dec.
100,000 Water
1
The
—
GRANT COUNTY ROAD IMPROVEMENT DISTRICT NO. 9, Ark —
BOND SALE. — H C. Speer & Sons c:o. of Chicago have purcliascd $78,000
6% bonds. Denom. $500. Date Sept. 1 1920. Prin. and semi-annual int.
.
& Commercial Bank,
(M. & S.)
Chicago. Due
yearly on Sept. 1 as follows: $3,500. 1921 to 1924. incl.; $4,000, 1925 to
1928. incl.; $4,500, 1929 to 1931, incl.; $5,000, 1932 to 1935, Incl.; $4,000
1936 and 1937; $3,000, 1938; $2,000, 1939 and $1,500, 1940.
Financial Statement.
Value of property taxed for improvement
$1,000,000 00
Total as.sessed benefits
150,935 00
Average debt per acre
2 19
acre per year
Average tax per
.11
Highest value of lands per acre
50 00
LiOwest value of lands per acre
10 00
Average value of lands per acre
30 CQ
Acres of land in District, 35,602.
Population of District, 3.000.
(P. O. Greenville), Tenn.— BOATD SALE.— An
tax-free coupon road bonds was talien on Dec. 9
Issue of S3 10. 000
Savings Bank and Caldwell & Co., jointly. Deby the Harris Trust &
nom. $1,000. Date May 1 1917. Prin. and semi-ann. int. (M. & N.)
fayable at the office of the County Trustee. Due on May 1 as follows:
100.000 1937 and 1942 and $110,000 1947.
Financial Statement.
Assessed valuation for taxation
$27,077,908
Total debt (this issue included)
1,513,000
Less sinking fund
$65,000
Net debt
1.448,000
^Population. 1920 census. 32.824.
payable at the Continental
GREENE COUNTY
5H%
—
GREENVILLE,
Greenville County, So. Caro. BOND OFFERING.
G. G. Wells, City Clerk and Treasurer, will receive sealed bids until 8 p. m.
Jan. 15 at which time they will be opened for the sale of the following
coupon bonds; $150,000 hospital. $100,000 paving and sidewalk, $50,000
fire equipment, £md $100,000 water-worlis plant, all these bonds to bear
date Jan. 1 1921 and mature Jan. 1 1951, except water-work.s-plant bonds
which mature Jan. 1 1961, with the privilege of redemption at the option
of city on or after Jan. 1 1941, interest at 5% semi-annually. Prin. and
interest payable at the National City Bank, N. Y.
Cert, check for 2%
of the amount of bid. payable to the above official, required. Bids must
be maAe on each of said issues separately. These bonds are sold subject
to the opinion of Storey, Thorndike, Palmer & Dodge of Boston,
who have approved their form and validity. The opinion of these eminent
bond attorneys is to be binding upon the purchaser as well as upon the city.
Financial Statement.
Assessed value of property for taxation 1920
Estimated actual vlaue of property
Total Bonded indebtedness incl the above issues
No floating debt. Sinking fund (per annum)
Present population with city limits
In mill settlements just outside the limits
No bonds or Interest have ever been defaulted.
$8,174,745
80.000.000
2,454,000
15,000
23,000
15 to
20,000
GROSSMONT UNION HIGH SCHOOL DISTRICT, San Diego
County, Calif.— BOiVD SALE.—The $110,000 6% school bonds, offered
on Dec. 28 V. Ill, p. 2348 were sold on that date to the Bank of Italy.
—
HAGERSTOWN, Washington
County,
Md.— BOND OFFERING.—
•
HAMILTON, Butler County, Ohio.— BOJVD OFFERING.— Krnst E.
Erb, City Auditor, will receive bids until 12 m. Jan. 18 for the following
three issues of 6% bonds:
$21,237 spec, assess. Symmes Ave. sanitary-sewer bonds. Due $2,123 70
yearly on Nov. 1 from 1921 to 1930 incl.
18,243 spec, assess. Lincoln Ave. impt. bonds. Due $1,824 30 yearly
on Nov. 1 from 1921 to 1930 incl.
15,000 coupon library impt. bonds.
Due Nov. 1 1930.
Denom. to suit purchaser. Date Nov. 1 1920. Prin. and semi-ann. int.
payable at the City Treasurer's office. Cert, check for 5% of amount of
bid, payable to the City Treasurer, required.
Bonds to be delivered and
paid for at Hamilton within ten days from date of award. PurchiiSer to
pay accrued interest.
HAMILTON COUNTY
(P. O. Cincinnati), Ohio.— BOiVD OFFERReinhardt, Clerk of Board of County Commissioners, will
m. Jan. 14 for the following four issues of 5}^% Cindnnatl-Dayton Intercounty Highway No. 19 bonds, wliich were offered
but not sold on Dec. 17 (V. Ill, p. 2543):
$9,000 Sec. "S" assessment bonds.
76,500 Sec. "S" county's portion bonds.
17,000 Sec. "T" assessment bonds.
135,000 Sec. "T" county's portion bonds.
Denom. $500. Date Dec. 1 1920. Principal and semi-annual interest
(J. & D.) payable at the County Treasurer's office.
Due Dec. 1 1930.
Certified check for 5% of amount of bonds bid for, payable to Louis J.
Huwe, County Treasurer, required. Purchaser to pay accrued Interest.
ING.
— Albert
receive bids until 12
HARTFORD, Conn.— TEMPORARyLOAA^— On Mar. 3
iwinds.
Date Sept.
1921 to 1930 Incl
bonds.
Date Sept.
1921 to 1930 Incl.
boiids.
Date Sept.
1921 t<j 19:iO Incl.
IMPERIAL IRRIGATION DISTRICT (P. O.
Calif.
DOXD OlhKltl SG — Proposals
County,
1
1920.
Due
1
1920.
Due
1
1920.
Due
El Centro), Imperial
will
Ik-
ri<-.-i\..<l
until
10 a. Ml Jan. 18 by V. H. Mclver. Se<-y. Hoard of DlnMHors for the S.VW.OOO
5 '.j ''; bonds which were offered unsucctiKsfully on Nov. 17
V 1 1 1 p. 2156
Denom. $1 .000. Int. semi-ann. Due ycarlv on Julv 1 a« follows- «20 000.
''.().
1925; $:<0.000, 1926: $40,000. 1927 and 192S: S.Vt 000. 1029
$60,000, 1931 and 1932; $70,000, 1933 and $80,000. I'CM. ft-r'.iT
5''; of the amount bid, required.
Alxstract of prixiM-illiiL's and li-.
in
of <'lxj»s. P. Kells. of Goodfellow. Kells. Moore A Orrlck, Han Krai'ii-iw-xi,
approving the validity of said bonds, will be furnished the succeeisful bidder
—
.
,
"
JANESVILLE, Rock County, Wise- BO.VD.S AUTHORIXED.
—On
an ordinance was passed providing for the issuance of $r>00,000
% coupon high-school bonds, which are described as follows: Denom.
$1,000.
Date April 15 1921. Int. A & O.
It Is probahlc that a public sale of this Issue will be held about a week
previous to date of issue, so that the succes-sful bidder at such sale wlU
have time to arrange for payment in full on delivery, April 15 1921
Chapman-Cutler & Parker of Chicago will pass upon the legality of said issue,
and a copy of their opinion will be furnlslieii on date of sale.
De<-. 27
5i{,
.
Financial .Statement.
Total bonded debt (including this issue)
A.s.se.ssed value 1920
Total tax rate (per $1,000)
$1,055,000
30,989,a36
$21 11
KENMORE, Erie County, N. Y.—BOND OFFERING —Propos&U wU
he received until 8 p. m. Jan. 10 by Prank C. Moore. ViUage Clerk, for the
following (i'", assessment bonds:
$7,735 25 paving bonds. Denom. $1 ,.047 05. Due $1,547 05 yearly on
Jan. 1 from 1922 to 1926, incl.
4,088 15 sewer bonds. Denom. $817 63. Due $817 63 yearly on Jan. 1
from 1922 to 1926, incl.
Date Jan. 1 1921. If requested, by purchasers the denominations will
be changed, provided that the changes will not afreet the present schedule
of maturity.
Cert, check for 5% of amount of bid, required.
,
LAKEWOOD CITY SCHOOL DISTRICT
hoga County, Ohio.
(P.
O. Lakewood), Cuy«.
will be received
BOND OFFERING. — Proposals
m. Jan. 17 by G. W.
until 7:30 p;
Board of Kducatlon, for
$150,000 6% refunding bonds. Denom. $1,000. Prin. and semi-ann.
int. (A. & O.) payable at the Cleveland Trust Co. of Cleveland.
Due
yearly on Oct. 1 as follows: $5,000, 1922 to 1931 incl., and $10,000, 1932 to
1941, incl. Cert., check on a solvent National bank or trust company, for
5% of amount of bonds bid for, payable to the Treasurer of the Board of
Education, required. Bids must be made on blanks furnished by the
above clerk. Purchaser to pay accrued interest.
Grill. Clerk of
,
LARAMIE COUNTY
The
(P.
O. Cheyenne),
only bid received for $75,000
5%
Wyo.— BID REJECTED
—
10-20-year (opt.) county hospital
bonds offered recently (V. Ill, p. 2240), were rejected.
LEWISTOWN SCHOOL DISTRICT NO.
Fergus County, Mont.— BO.VDS
(P. O. Lewistown),
Dec. 27 by 201 "for''
V. 111. p. 2445 carried.
1
VOTED.— On
—
to 23 "against" $250,000 school bonds
—
NOTE SALE. —The
LIMA, Allen County, Ohio.
6% 5-year
AskinS relief sewer notes, for which there were no bids when offered on
Sept. 27
V. Ill, p. 1392 have been sold to A. B. Leach & Co. of New
—
$224,000
—
York, at par.
LINCOLN COUNTY SCHOOL DISTRICT NO. 4 (P. O. Llmon),
DOWN— NO SALE.— Oa Dec. 22 $60,000 school
Colo.— BOARDS VOTED
bonds were defeated.
These bonds have already been reported as being sold to Keeler Bros, of
Denver, subject to being sanctioned at the said election. The notice of
the sale and election appeared in V. Ill, p. 2445.
LORAIN, Lorain County, Ohio.
Mayer
BOND SALE. — Seasongood
ft
of Cmcinnati, have purchased at par the $30,000 6% coupon street
repair bonds offered imsuccessfully on Aug. 20
V. 111. p. 913. Date
June 15 1920. Due $3,000 yearly on Sept. 15 from 1923 to 1932, incl.
SALE. W. L. Slayton & Co. of Toledo, have purchased at par
the following three issues of
paving bonds offered on Aug. 16 V. 111.
p. 913:
—
—
BOND
—
6%
$40,840.87 paving refimdlng bonds.
Sept. 15 as follows: $4,840.87 1921, $4,000 1922 to 1930 hicl,
21,911.91 paving refunding bonds.
Date March 15 1920. Due vearly on
Sept. 15 as foUows: $2,911.91 1921; $3,000 1922; $2,000 1923
to 1930, incl.
80,482.55 pa\-ing refvmding bonds. Date March 15 1920. Due yearly on
Sept. 15 as foUows: $8,482.55 1921. $8,000 1922 to 1930, incl.
—
Proposals wiU be received until 12 m. Jan. 15 by William Logan, Tax Collector, for 5140,000 5% coupon tax-free sewerage system and sewerage disposal plant bonds. Denom. 70 for $500 and 105 for $1,000.
Date Jan. 15
1920. Prin. and semi-ann. int. (J. & J.) payable at the Tax Collector's
office.
Due $20,000 yearly on July 1 from 1926 to 1932, incl. Cert.
Check for 2% of amount of bid, payable to the Tax Collector, required.
Delivery to be made on Jan. 15.
tliv lienipi'l
80,000 Highway No. 363 Bee. "N"
$H,000 yearly on Sept. 1 from
88,000 Highway No. 355 Sec. "i'-l"
$H,800 yearly on Sept, 1 from
42,500 Highway No. 360 Sec. "G-1"
$4,2.10 yearly on Sept. 1 from
M
Assessed valuation. 1920
Actual value
bonded debt. Including these Issues
Total
Water bonds included in above
Net debtPopulation, estimated, 3,000.
30
"
holder.
Financial Statement,
181
LOWELL, Middlesex County, Mas.s BONDS SOLD IN 1920.
During the year ending Dec. 30 1920, the following bonds were sold. In
addition to those already reported in our news columns:
Purchaser
Anit.
Purpose.
Int.
% Price.
Date
Maturity
R.L. Day&Co
540,000 Paving
5
100.719 Apr 1 '20 1921-25
R.L.Day&Co
80,000 Paving
5
100.719 Apr 1 '20 1921-30
Chas. F. Connors
10,000 Sidewalk
5
100
May 1 '20 1921-22
Chas. F. Connors
20,000 Bridge
5
100.07 May 1 '20 1921-30
Merrill, Oldham & Co. -.200, 000 Auditorium 5 & 5K
100.07 May 1 '20 1921-40
R.M.Grant&Co
72,000 Bridge
5^ 101.05 July 1 '20 1921-38
Harris, Forbes & Co
6,000 Sidewalk
6
100.06 Sept 1 '20 1921-23
Harris, Forbes & Co
10,000 School
6
100.06 Sept 1 '20 1921-25
Harris, Forbes & Co
12,000 St. widening
6
100.06 Sept 1 '20 1921-26
Harris, Forbes & Co
12,000 Park
5X 100.06 Sept 1 '20 1921-32
Curtis & Sanger.
20,000 Sewer
5
100.50 Sept 1 '20 1921-40
Curtis ASaneer
20,000 Paving
Oct 1 '20 1921-25
5H 100
Harris, Forbes A- Co
20,000 Sewer
5
102.12 Dec 1 '20 1921-40
—
LYON COUNTY (P. O. Marshall), Minn.—BOJVD SALE.—On Dec. 31
$103,000 b*/i% bonds were sold at par as follows:
$60,000 10 year road bonds to the Minneapolis Trust Co.. Minneapolis.
43.000 6-20 year ditch bonds to Gates, White & Co. of St. Paul.
Denoms. $500 and $1,000. Date Dec. 1 1920. Int. semi-ann.
LYONS VILLAGE SCHOOL DISTRICT
—
—
(P.
O. Lyons), Fulton
County, Ohio. BOA'^D SALE. The $65,000 6% school bonds offered
unsuccessfully on Aug. 16 V, 111, p. 814 have l)een sold to the Detroit
Trust Co. of Detroit, at par. Date Aug. 1 1920. Due vearly on Aug. 1 as
follows: $1,000. 1921, 1922 & 1923: $2,000. 1924 to 1927. Incl.; $3,000,
1928 to 1930. incl.; $4,000, 1931 to 1935, incl.; and $5,000, 1936 to 1940,inc
—
—
McCOOK PAVING DISTRICT NO. 1 (P. O. McCook), Red Willow
County, Neb. BOND SALE. Bosworth, Chanute & Co.. of Denver,
have purcha.sed $83,000 7% tax-free bonds. Denoms. $1.(KK) and $500.
Date Jan. 1 1921. Principal and semi-annual interest payable at the offlcel
of the Coimty Treastirer, with New York exchange.
Due Jan. 1 1941,
—
optional Jan.
1
1926.
1920, the city
negotiated a loan of S325.000 dated Mar. 4 1920 and maturing Nov. 1 1920.
with the Aetna Life Insurance Co. at 5%. At maturity of the loan of
Nov. 1 the city issued 5J^% l-year renewal notes, Iwhicb were taken by the
MALDEN, Middlesex County, Mass.— BO.VDS WITHDRA WN.—The
$89,000 5% and $20,000 5^% bonds which were to have l)e«n sold on Dec.
HATTIESBURG, Forrest County, Miss.— BOND OFFERING.— T. E.
Batson, Mayor, will receive sealed proposals until 2 p. m. Jan. 20 for $365,000 6% general impt. bonds one-fiftieth of the total Lssue to mature each
By a vote of 2943
V 111, p. 2445
Aetna Casulaty
&
30ivV. Ill, p. 2544) have been withdrawn from the market.
MARICOPA COUNTY
Surety Co.
year for the first five years, and one twenty-fifth of the total Lssue to mature
annually during the succeeding 10 years and the remainder to be diWded
approximately equal payments, one payment each year during the remaining
life of the bonds.
Int. semi-ann. cert, check for $500, required.
—
&
(P. O. Phoenix), Ariz.— BOARDS VOTED.—
"for" to 2747 "against" the $4,500,000 road bond issue
carried at a recent election.
'ARION, Marion County, Ohio.— BO.VD SALE.— Sidney
Sptizer
Co. of Toledo, have purchased at par the 5271.127.19 O'T- deficiency
funding bonds offered on Sept. 13 when no bids were received V. ill,
Due $16,127.19 Mar.l 1921 and $17,000 each six months fi-om
p. 1200.
—
,
Sept.
1
1921 to Sept.
1
1928, incl.
— —
—
—
—
THE CHRONICLE
182
(P. O. Ocaln), Fla.— /JOATJ OFFER! NO
Until 2 p. m. Fob. S Iho IJoiird of (bounty <;<)mmis.sl<)norK will rocolvo
proposals for tliii purcliaHc of $r)(in.()00 5% boridH. which vn-rii .-viilhorlzed
Denom. .$1 .000. I>ato July 1 1«20.
atlan election held on April 20 1020.
Duo on July 1 a,s follows: SHO.OOO 1925. $200,000 1930 and
Int. J. & J.
MARION COUNTY
$220,000
—
—
—
1,
NEW YORK
CITY, N. Y.— TEMPORARY LOANS —Ourlng
Amount,
Amountinit to $13,155,000.
(P.
O. Marion),
Ohio.— flON^D
.S/l/./J.— An Ifwue
of $1« .500 C)"^ coupon I.a Hue & Prospect Itoivd Inipl. bonds was recently
Donom. .S.OOO. Date
sold to .SIdniv .Spit/or Ac Co. of Toledo at par.
Auk. 16 1020." Trln. and sond-ann. int. (M. tc S.) payable at the County
Trea suror's office. I)u(! SI .000 each six months from Mar. 1 1 921 to Mar. 1
1929. Incl., and .^l.-WO Sept. 1 1929.
MARTIN COUNTY
Fairmont).
O.
(P.
Minn.— «OAV)
.SA/.K.—
the Minneai)olis Trust Co.. Minneosta. Loan & Trust Oo.
and the Woll.s-Dickey Co.. have acquired S121.000 6% ditch bonds.
tli.il
—
w;A'/.>.S SOLD IN 1920.— In addition
(State of )
during
to those already reported, the followiuK bonds were i.ssued at par
MASSACHUSETTS
.
—
Mnlnrily.
Purpose Int.rate. Dale.
Ami.
($10,000 yrly Jan.
$100,000
Jan. 1 '20
Teachors'Annuity l""d. 90.000 Park 4>i%
11921 to 1945.incl.
State Employes An. Kd. 60.000
•SO.OOO jTly Sept.l
1 fih.mO
SlnklnK Fund
1920 to 1944. incl.
Teachers' Annuity Fd- 26.000
Purchaser
SlnklnK Fund
1
21..WO Sewer
Mass. School Fund
State Employes An.Fd. 12.000
Teachers' Annuity Fd. 34.000 Water
4H%
4K%
Mar.
Jan.
'20'l&$.5.000yrlySep.l
11945 to 1959. incl.
'20/ $1,000 yrly Jan. 1
11921 to 1954, incl.
1
1
O. Medford), Jackson
Wilson, Secretary Board of
Directors, will receive proposals for $1,250,000 6% irrigation bonds until
MEDFORD IRRIGATION DISTRICT
—E M
(P.
County, Ore.— «OAT> 0/'A7;R/A'«
A like amount of bonds was rejwrted sold in V. 111. p. 1873.
MEMPHIS, Tenn.— A'OTE SALE.— On Jan. 4 $.500,000 6% revenue
notes were .sold to the Union & Planters' Bank & Tru.st Co. of Memphis.
Denom. $10,000. Date Jan. 1 1921. Prin. and interest payable in
lawful money of the United States at the U. S. Mtge. & Trust Co.. N. Y.
Due Sept. 1 1921.
or at the Citv Hall in Memphis, at option of holder.
one for the
The interest on these notes will be evidenced by two coupons six months'
two months' interest due March 1 1921, and the other for
Interest due Sept. 1 1921.
MENNO, Hutchinson County,
So.
Dak.— /?OiVDS VOTED.- Bonds
of $38 000 for sewerage purpose carried at a special held in Menno. The
bonds will mature in 10 years and the City Council will create a sinking fund
them up when due.
MIAMI BEACH, Dade County,
for taking
FU.—BOND OFFERING.— C. W.
m. Jan. 19 for
the following 6% bonds:
^
_„
_^ ^
,„..„,
yearly on Jan. 1 as follows: .$2,000, 1923 to
X50 000 water bonds. Due
incl.. and .$5,000, 1936 to 1941, incl.
to 1937.
25 000 fire dept. bonds. Due yearly on Jan. 1 as foUows: $1,000, 1923 to
1935. incl., and $2,000, 1936 to 1941. incl.
Denom. $1,000. Date Jan. 1 1921. Prin. and semi- ann. int. (J. & J.)
payable in gold at the U. S. Mtge. & Trust Co.. N. Y. Cert, check for 2%
of the amount of bonds bid for payable to the City Clerk, required. The
bonds will be prepared under the supervision of the U S Mtge & Trust Co
Y. which will certify as to the genuineness of the signatures of the office
Legality will be approved by Chester
lals and the seal impressed thereon.
B. Masslich of N. Y.. whose approving opinion will be furnished the purchaser without charge. Bids must be upon printed form to be furnished
by the above Clerk or said trust company. Bonds will be delivered at place
of pm-chaser's choice on or about Feb. 2 1921.
Tomlinson. City Clerk,
will receive sealed bids until 7:30 p.
.
.
.
the
of De«;ml>cr the city Issued short-term sectiritios. consisting of
Special K<!venue Bonds, Corporate Stock Notes, Tax Notes, and
ment Bonds, amounting to $38,327,000 as follows:
Kfvonuc Itontlii of l')20, Vnrti,u.t Mu Iclpal /'urprjiiet ($7. 613. .500)
.Spct^^liil
month
193r,.
MARION COUNTY
Reports sav
[Vol. 112.
Amount. Int.RiUe.
.Maturity. Date fold.
$.M0.000 6.0»7o May 23 1921 Dec. 1
.WO. 000 5.09% June 15 1921 Dec.
.WO. 000 6.09% Sept. 15 1921 Dec.
2.00.000 .O 99% July 15 1921 Dec.
a.w.ooo r,.09% Oct. 14 1921 Dec.
2.10.000 .5.99% Nov. 15 1921 Dec.
2.W.000 .5.00% Dec. 15 1921 Dec.
0.1.0.000 .5.09% Auk. 16 1921 Dec.
.3.000.000 .5.99% Oct. 14 1921 Dec.
2, .500.000 6.99% Nov. 15 1921 Dec. 23
4,.500.000 5.99% June 14 1921 Dec. 31
Corporate Stock Notes, Agftregatlnii
$22,812,000
Rapid Transit Purposes ($10,908,500)—
'
'
.300,000 5.99% Jan. 31 1921 Dec
34.5.000 5.99% Feb. 24 1921 Dec.
4K0.000 5.99% Feb. 24 1921 Dec.
800.000 5.99% Jan. 31 1921 Dec.
3.50.000 5.99% Jan. 21 1921 Dec.
5K%
5H%
5H%
15.000
On Demand Dec.
On Demand Dec.
400.000
On Demand Dec.
000.000
100,000 5.99% June 15 1921 Dec.
200.000 5.99% Jan. 10 1921 Dec.
100.000 5.99% Jan. 31 1921 Dec.
.50.000 5.99% May 16 1921 Dec.
20.000 5.99% .Sept. 15 1921 Dec.
300.000 5.99% Dec. 9 1921 Dec.
1,.500.000 5.99% Apr. 15 1921 Dec.
1.000.000 5.99% Feb. 25 1921 Dec.
5.000 5.99% Apr. 25 1021 Dec.
00.000 5.99% June 15 1921 Dec.
200.000 5.99% Feb. 14 1021 Dec.
300.000 5.99% Feb. 15 1921 Dec
50.000 5.99% Mar. 15 1921 Dec
270.000 5.99% July 18 1921 Dec
50.000 5.99% June 15 1921 Dec
25.000 5.99% June 15 1921 Dec
400.000
JOn or bef Orel Dec
\june 2 1921/
1.900.000 5.99% Feb. 3 192 IDec.
125,000 5.99% Feb. 3 1921 Dec.
200.000
On Demand Dec.
400.000
On Demand Dec.
3.500
On Demand Dec.
1.50.000 5.99% Feb.
1 1921 Dec.
1.50.000 5.99%- Feb.
1 1921 Dec.
425 000 599% Feb. 24 1921 Dec.
14
15
15
15
15
15
BOA'D
SALE— On
2.50.000
DaU
MaiurUu.
told.
fiH% On Demand
Dec.
600.000 6.99% Jan 10 1021 ixx;.
.33..500 6.75% June 15 1021 Dec.
30.000 6.99% May 10 1921 Dec.
1.50.000 5.99% Auk. 10 1921 Dec.
200,000 6.99% Mar. 28 1921 Dec.
25.000 6.99% June 15 1021 Dec.
25,000 6.99% Sept, 14 1921 Dec.
70.000 5.99% Mar. 30 1921 Dec.
730.000 5 09% Feb. 3 1921 Dec.
400.000 5.99% Feb. 1 1921 Doc.
Water Supply ($1,420,000)
1.000.000 5.99% Feb. 24 1921 Dec.
75,000 6.99% May Ifl 1921 Dec.
Dec.
100.000 bViVn On Demand
.50,000 6.99% Apr. 15 1921 Dec.
25.000 6.99% Apr. 28 1021 Dec.
40.000 5H% /On or beforelDec.
1021/
I June 20
30.000 5.95% Juno 2 1921 Dec.
100.000 5.99% May 2 1921 Dec.
Dock Purposes ($2,870,000)
935.000 6.99% Feb. 24 1921 Dec
200,000 5.99% Jan. 10 1921 Doc.
55,000 5.99% Apr. 15 1921 Dec.
.50,000 5.99% Mar. 15 1921 Dec.
35,000 5.99% June 15 1921 Dec.
20,000 5.99% Apr. 15 1921 Dec.
260,000 5.99% Dec. 9 1921 L)6C
500.000 6.99% Feb. 28 1921 Dec.
10,000 6.99% May 16 1921 Dec.
.50.000 5.99% Jan. 20 1921 Dec.
55.000 5.99% Apr. 15 1921 Dec.
300.000 5.99% Apr. 28 1921 Dec.
205,000 5,99% May 18 1921 Dec.
5.000 5.99% Feb. 3 1921 Dec.
200,000 5.99% Feb. 1 1921 Dec.
Tax
Notes
2
8
9
10
16
23
23
28
28
28
28
29
31
2
8
9
15
20
20
28
28
2
10
15
15
15
16
16
20
20
20
20
20
24
29
31
Agliregatlne
$1,360,000.
/On or after! Dec. 9
$360,000
IJan. 2 1921/
500.000 5.99% Mar. 28 1921 Dec. 20
500.000 6.99% June 14 1921 Dec. 31
4H%
5H%
5H%
5H%
5H%
int. Itate.
4.640.000 6.99% Jan. 31 1921 Dec.
35,000 6.99% Mar 16 1921 Dec.
29
29
30
30
30
31
31
2
Assessment Bonds, Aggregating
$1,000,000
$400,000
5%
/On
or
2
On or
J
l.Tan.
2
l.Ian.
600,000
5%
after!
Dec.
8
Dec.
8
1921/
after!
1921/
Dec. 23 and 30. respectively $4,500,000 and $3,000.-
3% General Fund Bonds, maturing Nov. 1 1930, were is.sued.
OCEAN COUNTY (P. O. Toms River), N. 3.— BOND .SALE.— The
000
N
local
MIDDLESEX COUNTY (P. O. East Cambridge), Mass.— TEMPORin anticiARY LOAN — On Jan 4 the temporary loan of $200,000. issued — V. 112,
pation of taxes, dated Jan. 4 1921 and maturing Nov. 8 1921
p. gi — was awarded to S. N. Bond & Co. of Boston on a 6. 34% discoimt
OCONEE COUNTY (P. O. Walhalla), So. Caro.— BOARDS OFFERED
BY BANKERS. John Nuveen & Co. of Chicago and the KauffmanSmith-Emert & Co., of St. Louis, are offering to investors, to yield 6.00%
and 585% according to maturity, $300,000 6% bonds. Denom. $1,000.
Date July 1 1920. Prin. and semi-ann. int. (J. & J.) payable at the First
National Bank. Chicago. Due yearly on July 1 as follows: S6.000. 1922
to 1927 incl.. and $12,000, 1928 to 1949 incl.
basis, plus
a premium of $3.30.
MILLVILLE, Cumberland County, N.
The $126,000 5% water bonds,
J.
BONDS
—
NOT
SOLD.
—
—
offered on Dec. 31
V. 111. p. 2445 were
not sold because a litigation arising over the validity of the issue prevented
the opening of the bids.
banks on Sept. 25 purchased at par and interest the .$75,000 5% coupon
or registered building bonds offered on Sept. 21
V. 111. p. 913. Date
Oct. 1 1920. Due yearly on Oct. 1 as follows: $1,000. 1922; $2,000. 1923
to 1932. incl.: and $3,000. 1933 to 1950. incl.
—
—
Financial Statement.
Assessed valuation
Net debt.
,
MONTGOMERY, Montgomery
County, Ala.— BOND SALE.— The
—
$200,000 5% funding bonds, which were offered on Dec. 20 V. 111. p.
2349 have been sold to R. M. Grant & Co. of N. Y. Date Nov. 1 1920.
—
Due Nov.
1950.
1
$6 ,687 ,070
423,928
Population, 1920 Census. 30.117.
OREGON (State of).— BONDS AWARDED IN PART.—Of the
$1 ;/>0.000 4H% state Highway bonds offered on .Tan. 4— V. lllj^. 2446
;.000 were sold
$5(
on that date to Carstens & Earles, Inc.. William R.
Compton Co.. Hallgarten & Co. and Halsey, Stuart & Co. at 90.71 a basis
of about 5.425%
The portion sold matures as follows: $12,500 on April 1
and Oct. 1 each year from 1926 to 1945 incl. Date Jan. 1 1921. The said
purchasers are now offering the bonds to investors to yield from 5.60%
to 5.10% interest, according to maturity.
,
.
MONROE SCHOOL DISTRICT, Sonoma County, Calif. BOND
OFFERING. This district will offer $12,000 6% bonds on Jan. 12 it is
Due yearly from 1922 to 1942 incl.
reported.
MORGAN COUNTY (P. O. Martinsville), Ind.— B02VD SALE.— On
Dec. 30 the $14,400 5% Sanders Hubbard et al, Monroe Twp. road bonds
—
offered on that date (V. Ill, p. 2544) were awarded to the First National
Bank of Martinsville at par and interest. Date Nov. 15 1920. Due $720
15 1921 to Nov. 15 1930. Incl.
each six months from
May
Hillsborough County, N. H.— TEMPORARY LOAN.—
The city has negotiated with the local banks a temporary loan of $60,000.
NASHVILLE, Tenn. NO BIDS. No bids were received at the office
on Jan. 4 of the $493,000 6% notes, issued for various purposes V. 112
NASHUA,
—
—
p. 81.
NEENAH, Winnebago County, Wise— BOA^D SALE.— The
$25,000,
1012—
bridge
5H%rejected,bonds, which were offered on Aug. 27— V. Ill, p.sold to but
the
all bids having been unsatisfactory, have been
then
First Wisconsin Co. of
Milwaukee.
NEW CASTLE COUNTY
O. Wilmington), De\.—BOND OFFERING. James G, Shaw, Chairman of Finance Committee, will receive
bids until 12 m. Jan. 18 for $200,000 53^% coupon bridge impt. bonds
Denom. $1,000. Date July 1 1920. Prin. and semi-ann int. (J. & J.)
payable at the Farmers Bank of Wilmington. Due $20,000 July 1 1944
and $30,000 yearly on July 1 from 1951 to 1956, incl. Cert, check for 2%
of amount of bonds bid for, payable to the Country Treasurer, required.
Legality approved by Caldwell & Raymond of New York.
—
NEWTON COUNTY
(P.
(P.
O. Kentland), Ind.— BOND
OFFERING.—
Proposals will be received until Jan. 31 by S. R. Sizelove, County Auditor,
for the following 6% ditch bonds:
$2,820 48 Robert Stock Ditch bonds. Denom. 1 for $282 48 and 9 for
$282. Due $282 48 Dec. 1 1921 and $282 yearly on Dec. 1 from
1922 to 1930, incl.
8,783 76 W. O. Thompson Ditch bonds. Denom. 1 for $953 76 and 9
for $870.
Due $953 76 Dec. 1 1921 and $870 yearly on Dec. 1
from 1922 to 1930, incl.
Date Dec. 6 1920.
Int. semi-ann.
NORFOLK COUNTY
LOAN
—
(P. O. Dedbam.) Mass.—
OFFERING.
Proposals will be received until 10a.m. Jan. 11, it is stated, for a temporary
loan of $200,000. issued in anticipation of revenue, dated Jan. 12 and
matm-ing Nov. 12 1921.
NORTH CANTON SCHOOL DISTRICT (P. O. North Canton),
Stark County, Ohio.— BOATO SALE.— The $120,000 6% school bonds,
V. Ill, p. 1300 have been sold to
offered unsuccessfully on Sept. 17
the State Industrial Commission of Ohio at par. Due $3,000 yearly on
Sept. 1 from 1921 to 1960. incl.
—
NORTH CHARLESTON SCHOOL DISTRICT
—
(P.
O. North Charles-
—
ton), Charleston County, So. Caro. BOND SALE. An issue of
$25,000 6% bonds has been purchased by J. H. Hilsman & Co. of Atlanta.
Denom. $1,000. Date Sept. 15 1920. Prin. and semi-ann. int. (M. & S.)
payable at Hanover National Bank. N. Y. Due Sept. 15 1940.
Financial Statement.
Actual values (exclusive of V. S. Government property)
$30,000,000
Assessed values, 1920
4,940.105
Total debt (this issue only)
25,000
Population, estimated, 4,000.
OTTAWA, Franklin County, Kan.— BOND OFFERING.—We are
advised that this city has for sale an issue of $11 .600 5% water-dam bonds.
Date Nov. 1 1919. Due yearly on Nov. 1 as follows: $1,000 1934 to 1944,
incl., and $600 1945.
Purchaser to pay accrued interest from Nov. 1 1920.
Financial Statement.
Bonded Indebtedness of the City of Ottawa, Kansas.
Water and light bonds (payable out of income)
$168,600 00
General refunding
$82,245 60
Special improvement
35,973 04
Public Auditorium
105,000 00
(payable by assessment taxation)
$223,218 64
Improvement bonds
$99,242 68
Sewer
3.779 16
Special illuminating
2,930 07
(payable by assessment property)
105.951 91
Total bonded indebtedness..
1920 assessed valuation
Real property
Personal
.
Corporation
$497.770 55
...$5,326,995 00
3.0.33.750 00
526.230 00
Total
Sinking fund
Re.serve funds
...
.
Population, 1920, Census, 9,545.
The city has never defaulted on principal or interest.
$8,886,975 00
$6,200 00
27.000 00
OWATONNA,
VETOED.
"Mayor
Steele County,
—M. Diment has vetoed Minn.—CirY POWER PLANT ACT
says that
The "Minneapolis Journal" in
issue of Jan.
resolution passed by the city council
its
1
J.
a
calls for a special election for Jan.
24 to pass a bond issue of $475,000
for building a municipal lighting and power, heating and gas plant here.
The council is expected to pass the resolution over his veto."
which
PENNINGTON COUNTY
(P. O. Three River Falls), Minn.— BOJVD
OFFERING. Until 2 p. m. Jan. 12, T. P. Anderson. County Auditor, will
receive proposals for $9,500 6% Coimty Ditch No. 35 bonds.
Date Dec.
15 1920. Int. semi-ann. Due on Dec. 15 as follows: $500. 1926 and
$1,000. 1928, 1930, 1932 and 1934 and $1,000 yearly from 1936 to 1940,
incl.
Cert, check for 10%. required.
—
PERRY RYRAL SCHOOL DISTRICT (P.
BOND OFFERING. — R. G. Few. Clerk
O. Perry), Lake County,
Board of Education, will
6% coupon school-housecompletion bonds.
Date Sept. 1 1920. Prin. and semiann. int. (M. & S.) payable at the PainesviUe Branch of the Cleveland
Trust Co.. in PainesviUe, where delivery to purchaser will also be made
within ten days from date of award. Due $500 on March 1 and $1,000 on
Sept. 1 in each of the years from 1924 to 1953, incl. Certified check on a
solvent bank in Ohio for 5% of amount of bonds bid for, payable to the
Treasurer of the Board of Education, required. Purchaser to pay ac-
Ohio.
m. Jan. 20
Denom. $500.
receive bids until 12
of
for $45,000
crued interest.
PHOENIX, Maricopa County, Ariz.— BOiVD OFFERING.—Vrxtl\
10 a. m. Jan. 19 Frank Thomas, C3itv Clerk will receive bids for the purchase of $450,000 water works, $140,000 sewer and $65,000 fire dept. 6%
coupon bonds. Denom. $1,000. Dated day of sale. Int. J. & J. Due
THE CHRONICLE
Jan. 8 1921.]
Bids shall specify the particular Issue for which made, accomJan. 1 1946.
panied by certined check for not less than 5% of bid, required.
PHILADELPHIA, Pa.— BOND OFFEK/A'O.— Proposals
Mayor Moore's
at
office until 12
m. Jan. 24
be received
will
for $5,000,000
tax
.'i'';
frt<«
coupon and reBistercd (interchangeable) bonds. Denonis. $100 and mulDate Jan. 1 1921. Int. J. & J. Due Jan. 1 19,51. Cert, check
tiples.
Interim certififor 5%
cates will be Issued, pending engraving of permanent bonds.
of
amount
If desired, negotlaljle
bid for, required.
COUNTY
O. Pine City), Minn.— ADDITIONAL INFORMATION.— The $110,000 a'4% 18-yoar road bonds wlilch were sold on
Doc. 27 to Kalman. Matteson & Wood of St. I'aul on their bid of par and
PINE
Interest
—
— are in
denom.
—
and funding bonds, sold by this place,
$26.()00 as stated In V. 112. p. 82).
trlc-llght
amounted
to $23,000 (not
POWESHIEK COUNTY (P. O. Montezuma), lov/a.-IiONDS OFFERED BY HANKERS. — An l.ssue of S120,000 6% tax-free funding bonds
la being offered to investors at a price to yield 5H% by the Harris Trust
* Savings Bank of Chicago. Denom. $1,000. Date Jan. 1921. I'rin.
1
ma6 seml-ann. int. (M. & N.) payable at the County Treasurer's office.
Due yearly on Nov. 1 as follows: S.'i.OOO 1927 to 1930. Incl.; $10,000 1931
and 1932. and $20,000 1933 to 193(5. incl.
Financial Statement.
.$56,066,992
245,000
Population, estimated, 20.000.
• The constitutional debt limit is 5% of the value of taxable property.
The Supreme Court of Iowa defined this to be 5% of the actual value of
taxable property as returned by the assessor and as equalized.
(P.
—
O. Holmesville), Holmes
6<7o coupon
County, Ohio.— A'O BIDS. There were no bids for the $30,000
V. Ill, p. 2446.
school -site and bklg. bonds offered on Jan. 3
—
PULASKI COUNTY
BOND
(P. O. Winamac), Ind.—
OFFERING.Proposals will be received until 3 p. m. Jan. 21 by Cecil Bachtenkircher,
Chas. Leslin et al. Rich Grove Twp.
Treasurer, for $8,200
Countv
5%
road bonds. Denom. $410. Date Nov. 3 1920. Int.M.&N.
each six months from May 15 1921 to Nov. 15 1930, Incl.
Due $410
—
Care. BONDS AUTHORIZED.
Ocdinauces wero adopted by the City Commissioners authorizing the issu-
RALEIGH, Wake County, No.
ance of the followini:; bonds:
$115,000 fimding bonds
100,000 sewer bonds.
85,000 water supply .system bonds.
35,000 curb and gutter construction bonds.
25,0(>0 street construction equipment purchase bonds.
4H%
County, \a.— DESCRIPTION OF
BONDS.—
tax-free coupon bonds, which were sold on Dec. 18 to
Co., Field. Richards & Co., and Stacy & Braun. at 84.26 and
of about 5.60%
V. Ill, p. 2.543 are described as follows:
Interest, a
$100,000 market bonds. Date March 1 1918. Due March 1 1948.
150,000 sewer and drain bonds. Date Jan. 1 1920. Due Jan. 1 1950.
400,000 street-impt. bonds. Date Jan. 1 1920. Due Jan 1 1950.
Denom. $1,000. Prln. and seml-ann. int. payable at the office of
City Treasurer.
Financial Statement.
Actual value of taxable property (estimated)
$85,000,000 00
valuation, 1920Assessed
43,866,791 71
Total bonded debt (including these issues)
$3,149,000 00
Slnklngfund
247,005 23
&
—
ba.sls
—
Net debt.
2,901,994 77
Population 1910 (U. S. Census), 34,876; 1920 (U. S. Census). 50,842.
ROCHESTER, N. Y.—NOTE SALE— On Jan. 3 Robert Wlnthrop &
Co. of New York, were awarded at 6% interest, plus $9 premium, the $100,
Due two
000 grade-crossing notes offered on that date V. Ill, p. 2545
months from Jan. 5 1921 at the Central Union Trust Co. of New York.
NOTE OFFERING. Proposals will be received until 2:30 p. m. Jan. 11
by J. C. Wilson, City Comptroller, for the following notes:
$800,000 revenue notes, maturing five months from Jan. 13 1921.
650,000 garbage disposal notes, maturing two months from Jan. 18 1921
Payable at maturity at the Central Union Trust Co. of New York, where
—
—
delivery to piorchaser is to be made on the respective dates of the issues.
Bidders must state rate of interest, designate denominations desired, and
to whom (not bearer) notes shall be made payable.
SALE. On Jan. 5 the three issues of notes offered on that date
V. Ill, p. 82 were awarded as follows
$100,000 municipal bldg. construction notes to Robert Winthrop & Co. of
New York at 6%, plus $4.50 premium.
475,000 (two Issues) school construction notes to the National Bank of
Commerce of Rochester at 6%.
Due two months from Jan. 10 at the Central Union Trust Co. of N. Y.
—
—
—NOTE
ROCKY RIVER VILLAGE SCHOOL DISTRICT
Cuyahoga County, Ohio.
(P.
BOND OFFERING. — C H
O. Rocky River)
Dean, Clerk of
Board of Education, will receive bids until 7 p. m. Jan 21 for $19,000 6%
Denom. $1,000. Date Jan. 1 1921. Prln. and semi-ann.
funding bonds
Int. (A. & D ) payable at the Guardian Savings & Trust Co of Rocky
Blver.
Due $1 .000 on Oct. 1 in 1924, 1925, 1926 & 1927; $2,000 on April 1
and Oct. 1 in 1928, 1929 & 1930; and $1,000 on April 1 and $2,000 on Oct. 1
Cert check for $500, payable to the District Treasurer, required.
In 1931.
Bonds to be delivered and paid for within 15 days from date of award.
Purchaser to pay accrued interest.
BOND SALE. — We
ST. LOUIS, Mo.
are advised by Felix E. Gunn,
Deputy City Comptroller, that $1,040,000 414% various public impt.
bonds were sold to City Sinking FHind during the year ending Dec. 31 1920
Date June 30 1920. Due June 30 1940.
at par.
ST.
LOUIS COUNTY
(P.
O. Duluth),
Minn.— BOA^D SALE.—The
Drake-Ballard Co. of Minneapolis was the successful bidder for the $250,000
10-year road bonds, dated Jan. 1 1921
V. Ill, p. 2545 on Dec. 31
at 1(30.64 a basis of about 5.41
5H%
SACRAMENTO,
Moulton & Co.
bonds.
Due
Calif.— BOA'D
—
—
%
SALE.—The Bank
jointly, have purchased $1,191,000
serially from 1924 to 1960, inclusive.
of Italy
4H%
and R. H.
filtration-plant
SADDLE RIVER TOWNSHIP SCHOOL DISTRICT
— (P.
O. Warren
BOND OFFERING. Sealed bids will
Point), Bergen County, N. J.
be received until 8 p. m. Feb. 5 by Fred Krauss, Clerk Board of Education
Denom. $500. Date July 1 1920. Prin.
for $60,000 5% school bonds.
and semi-ann. int. (J. & J.) payable at the First National Bank of Paterson.
Due $2,000 yearly on July 1 from 1921 to 1950, incl. Cert, check for 2%
of amount of bonds bid for, payable to the Board of Education, required.
SANGER SCHOOL DISTRICT,
Fresno County, Calif.— BOA^D
newspaper reports, Blyth, Witter & Co. have pur5% school bonds, which were offered without success
— According to
chased the $42,000
SALE.
on
May 21— V.
Colony
Apr.
1
22.''.2)
SPRINGVILLE, Utah County, Utah.— BOAT/) SALE.—Tbo Palmer
Bond & Mtge. Co.
of Salt
Lake City has purchased $15,000
library bondji.
6%
2U-year
STUYVESANT COMMON SCHOOL DISTRICT NO. 8 (P. O. StuyColumbia County, N. Y.—liOND S.\LE —On De<- 29. a block
vesant),
(>',;
school heatinK-plunt bonds was awarded to the First National
of Hudson at KM) 50 a basis of alM)Ut 5 73%
Denom 1 fMK) I)at«
1921
Prln & annual int. (Jau 1) payable at First National
of Hudson.
or$;j.(X)()
Hank
Jan
1
Bank
SWEETWATER UNION HIGH SCHOOL DISTRICT.
Dieso
—The $172,000 6"c school of San offered
Ixmds,
2350— have been sold to the Hank
County, Calif.— BOA'D .SALE.
on Dec.
28— V.
Ill, p.
Italy.
TOWNSEND TOWNSHIP SCHOOL
—
QWio.--B()\l) ELECTION. It
$50,000 school completion bonds
is
DISTRICT, Sandusky County,
tliat a proposiiitjn
to Issue
be submitted to the voters on Feb. 1.
r«'ix>rl+^l
will
TROY, Miami County, Ohio.— BO.VD OFFERING —Ch^e.
F.
Ran-
City Auditor, will receive bids until 12 m. Jan. 15 for $8,000 6%
Prln. and semi ann. Int. (M. & S.) ijayable al the office
of the Sinking Fund Trustees.
Due Sept. 1 1928 Cert check for 5% of
amount bid, payable to the City Auditor, required.
dt'ficiency botids.
TUSCARAWAS TOWNSHIP SCHOOL DISTRICT (P. O. Massillon):
Stark County, Ohio.—IiO.\I> .SALE— The. $12,000 6% 1-6 ye.ir serial
school bonds offered unsuccessfully on Aug. 7
V. HI, p. 717 have been
sold to local investors.
Date Sept. 1 1920. Due $2,000 yearly on Sept. 1
from 1921 to 1926. Incl.
—
UNIONTOWN,
—
Pa.— BOA'D .SALE.— The
Fayette County,
$70,000
5% tax-free coupon lx)nds offered on Aug. 7 — V. Ill, p. 518— were awarded
to A. J. & W. J. Sherrard of Dawson, at par.
Date May 1 1920. Due
May 19.')0.
UTICA, N. Y.—BOND SALE.—Oa Dec. 17. George C. Hodgos of New
1
5H% liquor
from
Haitford, purchased $4,500
1 1920.
Due yearly on Dec.
license rebate bonds.
1921 to 1925. Incl.
1
Date Dec.
VERNON TOWNSHIP SCHOOL DISTRICT (P. O. Durand).
Shiawassee County, Mich.— BOA'D SALE. An issue of $13,000 6%
school Vjonds was sold to the Shiawassee County Rank of Durand. at par,
plus interest and all expen.ses, on Dec. 28.
Denom. $1,000. Date Dec. 1
Prln. and semi-ann. int. (J. & D.) payable at the Peoples State
1920.
Bank
—
Eldredge
.S.4LK.— Last
—
RITTMAN, Wayne County, Ohio. BON^D SALE. The $6,000 6%
Sark bonds offered on Aug. 21 (V. HI, p. 616) have been piu-chased by the
;lttman Realty Co. for S6.181, equal to 103.016. a basis of about 5.627oDate June 1 1920. Due $500 yearly on June 1 from 1926 to 1937. incl.
ROANOKE, Roanoke
BOND
Mass.
nells,
Value of taxable property*
Total debt (this issue included)
PRAIRIE RURAL SCHOOL DISTRICT
County,
Middlesex
SOUTH EUCLID, Cuyahoga County, Ohio.— A'O B/D.S— There
were no offers for the puri-liasu of the throe issues of 6% coupon 8i>ecl&l
assessment bonds, amounting to $64,914, offered on Dec. 31 (V. 111. u.
of Si .000.
PINE ISLAND, Goodhue County, Minn.— BOA'/) S.ALE. An issue
of $30,000 water works bonds has been awarded to the Northwestern Trust
Co., and Gates. White & Co., jointly. It Is reported.
POTTER, Cheyenne County, Neh.—CORRECTION —The 6% elec-
The $650,000
SOMERVILLE,
Bjirlng un ls».un of $50,000 5';; highway bonds wai> oold u> the old
Trujit Co. of lto!>ton. at 100. Ihl. a t>asis of about 4 9t)';,.
Date
1920.
Due $5,000 yearly on April 1 from 1921 to 1930. lud.
(P.
V. 112, p. 81
183
of Detroit.
Due Dec.
1
1935.
WACO, McLennan County,
Tex.
— B7DS30-year bonds, — The
REJECTED.
received on Doc 30 for the three Issues of
$261,000— V. Ill, p. 2546— were declined.
5%
bids
aggregatlnK
—
WARREN, Trumbull County, Ohio. BONDS SOLD On Dec 27,
the $687,500 5% water-works purcha.se bonds dated Oct 1 1920 and maturing $12,500 Oct 1 1921 and .$25,000 yearly on Oct 1 from 1922 to 1948
incl
V 111, p. 2252 were awarded to E L Franklin, of Warren, at
par and interest, and the following five issues of 6%. bonds, amounting to
$445,500, offered at the same time were awarded to Stacy & Braun of
Toledo at par:
$71,800 spec assess. Perkins Road paving bonds. Date Nov 1 1920.
Due yearly on Nov 1 as follows: $5,0001921; $6.0001922; $7,000
1923 and 1924; $8,000 1925 to 1929, incl., and $6,800 1930.
Date Nov 1 1920.
21,200 spec assess. Parkman Street sewer bonds
Due on Nov. 1 as follows: $5,000 1921; $8,000, 1922 and $8,200
1923.
Date Aug 1 1920
Due $2,000
7,500 city's share street-impt bonds
on Aug 1 in 1930, 1931 and 1932 and $1,500 Aug 1 1933
300,000 water-main extension bonds. Date Nov. 1 1920.
Due Nov. 1
—
—
1930
45,000 deficiency funding bonds. Date Oct.
on Oct 1 from 1922 to 1926, incl.
WASHINGTON COUNTY
ING.
1920.
Due
$9,000 yearly
Vt.— BOND
Moody.
— L. C.5% schoolCounty Clerk, receive bids until 10 .?500 OFFERm. Jan. 26
bonds.
Denom. 100 for $100, 72
and
(P.
O. MontpeIier),>
will
for $70,000
for $1,000.
Feb.
1
1
Date Feb.
1
from 1922 to 1956
1921.
a.
Due
Int. semi-ann.
for
24
$2,000 yearly on
incl.
WASHINGTON TOWNSHIP CONSOLIDATED SCHOOL DISTRICT (P. O. Dala), Hardin County, Ohio. NO BIDS — Emil Oberly,
Clerk of Board of Education, advises us that he received no bids for the
$75,000 5 J^ % school-bldg. addition bonds advertised for sale on Dec. 28.
V. 111. p 2350.
STATEMENT.
— WENDELL, of registration) water bonds,F/A'AATC/AL 6% gold coupon
In connection with the offering on Jan. 17 of the .?12.000
details of which appeared in
(with privilege
2546— we are now
receipt of the following financial statement.
V. Ill,
Financial Statement.
Wake County,
No. Caro.—
in
p.
Gross Bonded Debt. Including this issue
Water and electric light bonds..
$120,000 00
59.000 00
Net Debt..
$61,000 00
$1,330,906.00
Assess valuation of taxable property, 1920
Population, U. S. Census, 1920. 1,239.
Present (est.) population, 1,80().
—
WILKES-BARRE, Luzerne County, Pa. BOND SALE. The Olty
Clerk informs us that last July $9,100 5% street paving bonds were sold
and interest. Dat€ July 1 1920. Due July 1 1925.
sold at par
WILDER, Canyon County,
$15,()00 water worlis
Ida.
bonds carried.
BONDS VOTED. — An
issue
of
Erie County, N. Y.—BOND SALE —On Dec. 1
6% water extension bonds were awarded to Ellen Hebron of Williams-
WILLIAMSVILLE,
$2,000
villcatpar. Denom. $500. Date Dec 1 1920. Int. J. & D.
Due $500
yearly on Dec. 1 from 1921 to 1924, incl.
WILSON SCHOOL DISTRICT (P. O. Wilson), Allegheny County,
Pa.— BOA'D SALE.— On Dec. 27 the $65,000 5%; coupon school bonds
V. Ill, p. 2547
were awarded to M. M. Freeman
offered on that date
Co. of New York at 100.01, a basis of about 4.99%. Due $10,000 on Jan.
in 1931 and 1936, and $15,000 on Jan. 1 in 1941, 1946 and 1951.
WINDOM, Cottonwood County, Minn. BOA'D S-4LE. The $12,000
water and electric light and $5,000 permanent impt. bonds, which were
V. 111. p. 1109 have
offered at not exceeding 6''; interest on Sept. 16
been sold to Kalman, Matteson & Wood of St. Paul at par for 6s.
—
—
—
—
—
YAKIMA COUNTY SCHOOL DISTRICT NO.
SALE.
bonds
— The State of
at par for 5Jis.
—
100,
Wash.- BOA'D
Washington was recently awarded $3,000 school
YUMA, Yuma County,
Ariz.
BOND OFFERING. —Sealed
bids
wUl
be received until 8 p. m. Jan. 25 by S. F. Stanley. City Recorder, for $50,000
6% levee bonds.
These bonds were voted at the election held on Nov. 26 V. Ill, p. 1973.
—
110, p. 2414.
SCOTT VALLEY IRRIGATION DISTRICT, Siskiyou County,
Calif.
BOND SALE. — Recently the $125,000 6% gold bonds, which were
&
Co. and Carreferred to in V. 110. p. 97, were awarded to J. R. Mason
Btens & Earles at public sale, excepting $22,000 earlier maturity bonds,
which were awarded to local bidders and land owners at par. A number
of bids were received, including offers from the Anglo & London Paris
& Co. and McDonald & McDonald
SLAYTON, Murray County, Minn. BOND SALE. —An issue
|B8,300 6% paving bonds has been taken by the Minneapolis Trust
National Bank, Bradford, Weeden
Minneapolis at par,
it la
reported.
of
of
CANADA,
ALBERTA
its
Provinces
and
(Province of).— DEBENTURE
Municipalities.
OFFERING.—C.
R. MitchProWncial Treasurer will receive tenders until 12 m. Jan. 17 for the purDate Jan. 15 1921. Prln. and
of $2,000,000 6% gold debentures.
chase
Due
interest pavable at Edmonton, New York, Toronto or Montreal.
Interim bonds will be
Jan. 15 1931. Cert, check for $20,000. re<iulred.
of sale.
ready for delivery n Edmont»n on day
ell
BROOKLANDS SCHOOL DISTRICT, Man.— DEBE.Vrt/RE
TION.
—At an election to be held Jan. 22,
it Is
ELEC-
stated, by-laws calling for
—
—
R. M.,
Vlinn.
—DEBENTURE ELECTION.— h
Toronto.
in
3.
Chicago
96.6.3%
96.108%
reports state that the Ontario Railway & Municipal Board has authorized
the city to issue $50,000 debentures to enlarge the gas main service and
works.
SASKATCHEWAN SCHOOL DISTRICTS,
SALES.
SaaW.— DEBENTURE
—
The following reports the "Monetary Times", is a list of debentures aggregating $52,550 reported sold by the Local Government Board
to 13 1920
from Dec.
Ilyas. $15,000 20-years 8%. Coot Hill, $4,000 1.5-years 8%, Franksland.
8%, Waterman- Waterbury Co., Regina. Semans, $25,000
8%; H. J Birkett, Toronto, Ont. Pleasant Grove, $1,100
8%; C. M. Gripton, St. Catherines. Highland $1,0.50 lO-years
8%; Walter Martin. Regina. Cottage Grove, $2,5()0 lO-years 8%; Standard Bank.
DEBENTURES AUTHORIZED. The following, according to the same
$3,900 1.5-years
20-years
lO-years
—
(Province of).— DEBENTURE SALE. It Is reported
6% 10-year debentures were awarded to W. A.
Mackenzie & Co. and R. A. Daly & Co. at 101.11. Canadian Funds, a
Date Jan. 2 1921. Prln. and Int. payable In both
basis of about 6.77%.
Canada and the U. S.
—
that on Jan. 5 S2.000.000
a list of debentures authorized by the Local Government Board
from Dec. 6 to Dec. 18 1920:
School Districts. FIndlator, $800 8%, 20-years annuity; Ceylon
$1,.500 8% 10-years annuity; Derby, $1,000 8% lO-years annuity; Harvest
$1,000 8% lOyears annuity.
paper,
is
—
is
reported that the Local Government Board has given the town authority
to Issue $4,000 debentiu-es.
MARIOTT R. M., Sask.—DEBENTURES AUTHORIZED.—The
municipality has been given permission by the Local Government Board
tolissue $8,698 debentures, according to reports.
WINDOSR, Ont.— DEBENTURES VOTED.—At the Jan. 1 elections,
reported two debenture Issue propositions providing for the issuance of
debentures, aggregating $225,000 carried as follows:
$50,000 for erection of a municipal asphalt plant by 1,694 "for" to 974
"against."
175,000 for erection of a police station by 1,642 "for" to 1,012 "against."
YORKTON, Sask. DEBENTURE SALE. Newspapers report that
$100,000 7% 5-year debentures have been sold to Strang & Snowden o*
Winnipeg, at 97.50 a basis of about 7.60%. The same firm has taken a'
option at 98H on a $55,000 block.
it is
NEW BRUNSWICK
(Province of).— DEBENTURE SALE.— On Dec.
coupon (withprivilege of registration) debentures
(V. Ill, p. 2547) were awarded to Wood, Gundy & Co., the National City
Co.. and the Eastern Securities Corp., at 95.14, a basis of about 6.51%.
Date Jan. 1 1921. Prin. and interest payable in gold at the Provincial
—
6%
NEW LOANS
NEW LOANS
97.29%
W.A.McKenzle&Co.andR.A.Daly&Co.($l,0.33.975) 93.37%
96.06%
Dominion Securities Corp. and Mahoo Bond Corp
93.147%
ST. THOMAS, Ont.— DEBENTURES AUTHORIZED.— liewt^apet
.
30 the $1,750,000
f;o.,
Co. ($1,654,950)
96.14%
National City Co., E. H. Rollins & Sons and Wood,
Gundy & Co. ($1,671.775)
Harris, Forb(« & Co. and associates
Osier & Hammond, Toronto; Housser, Wood & Co.,
Canadian Debenture Corp. and C. H. Burgess & Co. 93. 517%
Aemllius Jarvis k Co., Ltd., and Morrow & JoUett
94.03%
,
MAPLE CREEK, Sask.-DEBENTURES AUTHORIZED.— It
&
Amos & Co. and United
95.111%
Ames & Co. and Xlalsey.
Securities
KENORA, Ont. DEBENTURE OFFER1NO. The offerlnpt of the following six Issues of debontures, orlKinally set for Dec. 29 V. 1 1 1 p. 2448
has l)een postponed to .Ian. 12 at 12 ni., until which time tenders are to be
received by F. J. Hooper. Town Clerk-Treasurer
$10,000 00 7% 1.5-year Installment Klectric Utility debentures. Int.
Due yearly to Aug. 1 19.'J5.
annually on Aug. 1
20,000 00 7% 20-year waterworks debentures. Int. J. & D. Due June
30 1940
13,664 87 6J^%_.3.3-yoar debt consolidation debentures. Int. J. & D.
Due Dec. 31 1953.
6,000 7% 10-vear electric debentures. Int. F. & A. Due Aug. 1, 1930.
26,000 00 7% 20-yoar Installment public impt. debentures. Int. ann.
on Aug. 1. Due yearly to Aug. 1 1940.
7,755 38 7% 20-year Installment local Imnt. debentures. Int. ann. on
Aug. 1. Dwo yearly to Aug. 1 1940.
Prin, and interest payable at the Imperial Bank of Canada, Kenora.
MANITOBA
Sons. A. E.
f;orporatlon
& Hons. A. E.
Robinson
Wood, Gundy & Co., National City Co. and Eastern
IROQUOIS FALLS ROMAN CATHOLIC SEPARATE SCHOOL
(P. O. Iroquois Falls), Ont.— TENDERS REJECTED.— An
tenders received for the $45,000 6% coupon 20-year school debentures of-
—
.
Htuart
by-law
BOARD
—
M
Canada in Canada
and N. Y.
Only,
M. Robinson &
Financl.-il
J.
to Issue $.'50,000 school debentures Is to bo placed before the voters at an
election to be held Jan. 14, accordlnn to reports.
/ered on Doc. 21 (V. 111. p. 2448) wore rejected.
[Vol. 112.
Treasurer's office, or at the Bank of Montreal, In St. John, Montreal or
Duo Jan. I 1936.
The following bida were received
Payable
Pat/able
the IsHuance of $120,000 school debontures will be votod upon by the ratepayers.
COCHRANE, Ont.—nEnENTURE SALE.—The »32.000 B% 20-lnBtallment tolophono system purchase dehenturcH offered on Nov. 16 (V.
Ill, p. 187f>) have boon sold t-o Uront. Noxon & C^o. on a basis of about 7%.
DUNDAS, Onl.—DEIiENTURE SALE.—U Is rcportofl that R. C.
Matthews & Co. of Toronto have purchased $04,000 20-yoar school and
JSS.OOr) 30-ycar sower r))^% dobenlurcs.
FORT GARY
—
,
THE CHRONICLE
184
FINANCIAL
$24,000
We
specialize in
City of Philadelphia
3s
31/28
4s
41/4S
.41/28
5s
Biddle
& Henry
104 South Fifth Street
PHILADELPHIA
Private Vire to New York.
Call Canal 8i37.
Vil lage of Fultonville,
CINCINNATI GAS
& ELECTRIC CO.
Montgomery C o., N .Y
5% BONDS.
6%
Take Notice, that the Board of Trustees of
the Village of Fultonville, Montgomery County,
N. Y., offer for sale bonds of said village of the
par value of $24,000, In denominations of One
Thousand Dollars and Two Thousand Dollars,
bearing interest at five per cent (5%) per annum,
due and payable as follows one One Thousand
Dollar bond due and payable on July 1st, 1921;
one One Thousand Dollar bond due and payable
on July 1st, 1922; one Two Thousand Dollar
bond due and payable on July 1st, 1923, and
one Two Thousand Dollar bond due and payable
on July 1st of each year thereafter up to and
including July 1st, 1933, with interest at five
per cent (5%) per annum.
Said bonds are
offered for a simi not less than their par value,
and sealed proposals will be received therefor at
the office of the Clerk of the Village of Fultonville, N. Y., until 10 o'clock a. m., on the 10th
day of January. 1921, at which time all sealed
proposals will be opened at said Clerk's office
and said bonds sold to the highest bidder at a
sum, however, not less than par.
Dated, Pultonvllle, N. Y., December 31st.
1920.
CoU lUMa
Saaured
D«a D«a.
la
1.
lOn
urn T«k.
Priaa to
TIaUTK*
BOND DBPARTMBNT
Fifth-Third
National
Bank
WILLIAM BENNETT,
Village Clerk.
CHAS. E. HARDIES,
CINCINNATI, O.
Board of Trustees,
Amsterdam, N. Y.
Attorney
for
MUNICIPAL BONDS
UixlerwritinK and diatributing entire laau«a
of City, County, School District and Road
Dlatrlct Bonds of Texas. Dealer's inquiries
and
Illinois Trust
mlfmriagm solicited.
Cfrctdar* tnBeguett.
& Savings Bank
La Salle at Jackson
SovsTCnr.TtxAS
United States and Canadian
Municipal Bonds.
jj.'T^y
^
Chicago
Capital and Surplus
$15,000,001
Sign of S»rvte»
Pays Interest on Time
Has on hand at all times a variety of eX'
Deposits, Current and Reserve
cellent securities.
Buys and selb
Accounts. Deals in Foreign ExGovernment, Municipal aiu^
ohange. Transacts a General Trust BusinesSo
OHporadon Bond^^
^ 'WADDELL
Ground Floor Singer Building
New York
t% Liberty Street,
Telephone Oortlandt 3183
Acta •«
Execotor,
Truata*,
.Idxni aiatr«t«r
F. E.
MAGRAW
MO MlOIfAIi AND OOBP«BA«(
BONDS
OomBUfoM
Load BravMlM
ttieba Bulldlna
Pa»ar
af tk«
Twla CMIa
ST. PAUL, MINN.
Girard Trust
PHILADELPHIA
Guardian,
Raeaivar,
Ragiatrar
aad
TraB^ar Agaot
lataraat all*wad
dapoalta.
•
Company
Chartered 1836
CAPITAL and SURPLUS, $10,000,000
Ma mbar
of Fedaral Raaarra
Sy ata ai
E. B. Morria, Praaideat
@FedFRASER