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I financial
The.
ollimerct31
VOL.109
JULY 12 1919
tfruntrie
Published every Saturday morning by WILLIAM B. DANA COMPANY:
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana. Vice-President
and Secretary. Addresses of both. Office of the Company.
NO.2820
CLEARINGS
-FOR JUNE, SINCE JAN. 1, AND FOR WEEK ENDING JULY 5
June.
Six Months.
Clearings at
1919.
1918.
Inc. or
Dec.
1919.
Week ending July 5.
1 Inc. or
' Dec. 1
1918.
$
$
$
$
19,753,831,192 14,857,654,520 +130 104,511665799 85,329,567,102
Now York
1,850,481,010 1,700,306,173 +8.8 10232,938,
Philadelphia
871 9,165,388,094
614,165,643
Pittsburgh
567,825,681
+8.2 3,408,498,500 2363,091.820
353,449,086
Baltimore
293,826,829 +20.3 1,966,208,576 1,386,768,325
150,089,421
85,735,237 +75.1
Buffalo
646,000,149
520,684,575
72,296,611
Washington
62,769,998 +15.2
397,303,732
337,033,196
20,653,859
Albany
18,489,751 +11.7
121,751,641
122,246,696
45,041,649
Rochester
36,912,098 +22.0
224,116,686
188,449,976
17,985,309
Scranton
16,225,099 +10.9
102,438,945
96,755,860
16,160,576
Syracuse
19,470,819 -17.0
98,597,101
111,770,505
12,657,312
Trenton
11,907,393 +6 3
71,156,655
.
68,139,602
21,088,282
Wheeling
16,648,967 +26.7
106,922,826
99,100,521
10,211,649
Reading
11,786,692 -13.4
62,313,136
69,330,966
Wilmington
17,583,125
14,406,342 +22.1
91,388,876
78,301,989
Wilkes-Barre
11,157,388
9,343,103 +19.4
50,684,502
53,522,555
Harrisburg
14,675,326
13,304,351 +10.3
80,961,338
72,345,099
Greensburg
4,394,446
5,319,291 -17.4
25,104,953
28,725,398
York
5,116,143
6,367,413 -19.6
32,433,031
34,837,457
Erie
8,926,110
8,867,137 +0.7
51,559,955
50,700,131
Chester
5,564,574
6,845,365 -18.7
35,840,201
35,318,736
Altoona
4,118,099
3,234,735 +27.3
22,044,860
18,402,542
Binghamton
3,061,200
3,446,600 +14.0
22,598,244
22.447.100
Lancaster
10,667,959
10,967,313 -2.7
66,514,108
76,523,441
Beaver County,Pa_ _ _
2,676,279
3,078.685 -13.1
15,806,707
17.475,033
3,571,451
Norristown
3,259,433 +9,6
18,349,067
18,005,824
2,182,003
Frederick
1,080,041 +10.2
14,257,565
13.754,391
2,345,250
Franklin
1,192,890 +06.7
13,981,479
10,970,697
2,294,296
Montclair
1,832,667 +25.2
10,443,072
11,319,285
3,376,735
Oranges
4,245,920 -20.5
18,350,675
24,859,253
2,746,397
Hagerstown
3,943,423 -30.4
15,867,543
18,334,774
23,043,468,389 17,801,193,966 +29.4 122
Total Middle
,544,918,793 100,444,168.943
1,527.371,287 1,531,495,121 -0.3
Boston
46,686,200
Providence
47,647,100 -2.0 8,068,452,601 7,300,763,011
261,293,500
294,791,000
34,998,033
Hartford
34,654,009 +1.0
208,834,728
200,967,543
22,524,818
Now Haven
21,702,066 +3.8
137,950,932
126,014.708
17,101,187
Springfield
17,306,743 -1.2
96,266,061
06,882,780
10,291,229
Portland
11,508,008 -10.6
61,065,425
64,326,513
16,710,389
Worcester
15.861,063 +5.4
89,667,162
01,385,253
10.277,940
Fall River
8,668,287 +18.4
50,686,820
54,942,302
6,699,580
Now Bedford
6,837,423 -2.0
42,852,257
46,841,108
3,078,692
Holyoke
3,336,069 -8.6
17,840,029
4,337,810
Lowell
5,084,932 -14.7
25,983,601
30,538,766
3,169,438
Bangor
3,353,562 -5.5
17,907,658
19,580,990
8,346,100
Waterbury
9,856,000 -15.3
42,912,800
50,139,600
2,115,255
Stamford
2,824,269 -25.1
12,792,448
13,854,627
1919.
1918.
Inc. or
Dec.
35S
%
,
+224 4453.769,348
853,737
+11.6 415612,716 367,269,609
+44.3
119.608,435 110,009,114
+41.8
89,871,808
66,003,261
+24.1
40,886,272
21,136,432
15,500,000
+17.9
13,568,649
-0.4
6,500,000
6,144,967
11,347,249
+18.9
9,660,744
+5.9
5,257.908
4,400,000
5,329,697
-11.8
4,600,000
+4.4
3,163,635
2,832,382
+7.9
7,000,000
6,398,317
2,736,829
-10.1
2,895,901
+16.7
4,200,000
3,565,705
+11.5
2,975,669
2,096,089
+11.9
1,000,000
-12.6
1,440,430
1,342,454
1,047,922
-6.9
2,302,024
2,237,473
+1.7
1,393,459
+1.6
1,448,706
062,747
+19.8
849,338
975,000
917,000
+0.7
2,126,161
-13.1
2,351,518
-9.6
+1.9
+3.5
+27.4
412,108
-7.7
386,132
26.2
14.4
1917.
1
1916.
$
$
+/6.4 3,515,031,636 2,625.363,692
+13.2 312,031,352 237,906,692
+8.7
71,587,603
61,561,736
+36.2
52,000,897
47,046,973
+93.9
19,171,266
18,004,153
+14.2
12,304.289
8,967,072
5,692,805
+5.8
5,468,010
+17.5
8,934,306
8,005,877
+19.5
4,233,456
3,611,976
+15.8
4,596,367
4,383,851
+11.7
2,644,173
2,381,714
+9.4
4,453,147
3,006,226
-4.1
2,821,776
2,480,635
+17.8
3,620,630
2,874,423
+41.9
2,069,835
1,973,654
-30.6
+28.2
+2.9
-3.8
+13.3
+6.3
-9.6
825,000
1,149,041
1,799,909
1,490,778
725,869
1,034,400
1,979,382
816,713
1,054,426
1,484,873
1,280,741
640,828
1,077,900
1,737,556
+6.7
533,703
406,268
+22.0 5,102273,51914,155,113,426 +25.0 4,030,731,620 3,041,535,988
+9.2
-11.4
+3.9
+9.2
-0.6
-5.1
-1.9
-7.7
-8.5
-6.1
-14.9
-8.5
14.3
7.7
385,173,162
9,400,700
9.671,904
5,497,575
4,617,484
2.500,000
4,654,608
2,076,713
1,269,169
800,000
1,035,908
750,000
-0.4 9,134,505,022 8,500,032,143 +7.5
+14.9 13,636,352,304 12,616,411,609 +8.1
+3.9 1,486,888,402 1,322,148,341 +12.5
+17.9 2,427,309,434 „ ,
+23.4
+20.9 1,922,516,698 1,405,753.676 +36.8
+19.5
775.076,362
702,255,613 +10.4
-0.2
3
64.050,000
361,939,000 +0.6
+27.1
303,271.600
256,392,304 +18.3
+21.4
292,966,874
247.442,026 +18.4
+6.8
134,878,081
126.928,643; +6.3
-1.6
127,471,880; -1.4
125,697.964
+11.2
102,508,495
101,507,280; +1.0
+9.1
104,265,747
90,193,032 +15.6
+11.1
32,534,8141 +11.2
36,163,874
+9.6
58,891,122
55,956.677! +5.2
+22.4
106,876,669
00.896,520' +17.5
+67.3
204,123,000
139,572,000 +46.2
-0.1
50,578,401
47,355,442, +6.8
+50.6
59,129,119
36,355,639 +62.6
+43.8
80,853,660
78,926,3711 +2.4
-24.0
30,047,023
32,355,168 -7.1
+44.2
31,218,370
26,332,996! +18.8
+26.0
39,391,540
35,044,592 -12.4
+22.5
34,840,094
31,493,509 -10.6
+47.1
43,552,440
36,362,839 -19.8
+24.1
30,765,088
27,203,638' -13.1
+46.0
19,711.864
16,773,4631 -17.5
+27.9
32,823,975
25,683,334, -27.8
+4.1
16,007,558
14,080,890 -13.7
+20.5
49,418,987
35,648,606
38.3
-4.3
28,211,487
25,638, 07 -10.0
+23.7
25,900,771
22,952,648 -12.8
+23.9
30,634,698
24,769,884 t23.7
+33.3
47,207,237
23.9
38,096,812
+72.9
8,648,671
5,740,229
50.7
+63.5
10.393,345
8,972,810 +15.8
+12.4
2,440,264
2,229,566 +9.5
+10.0
26,608,289
22,008,626 +20.4
+4.7
3,876,429 +2.9
3,988,067
+86.0
10,158,253 +31.2
13,332,958
+11.0
19,143,975
17,779,358 +7.7
427,447,223
360,013,444 +18.7
306,721,524
242,273,765
423,753,268
50.017,173
104,793,946
81,852,726
32,000,000
15.298,000
12,123,300
12,200,256
4,389,690
4,037,150
5,568,023
5,000,000
1,590,463
1,595,411
6,217,948
9,587,000
1,600,000
1,100,000
3,539,514
1,100,000
959,536
1,400,000
1,713,739
1,607,663
1,372,910
800,000
459,645,586
51,874,112
87,835,492
56,574,843
30,403,540
18,913.000
10,273,900
8,775,052
4,515,789
5,255,264
4,061,998
4,499,680
1,578,895
1,833,069
3,932,744
6,798,000
1,550,000
830,000
2,300,000
1,343,739
880,538
1,327,246
1,250,273
1,204,754
847,896
710,284
454,332,756
39,041,847
79,597,222
49,016,978
23,324,349
13,050,942
10,152,000
9,052,809
5,812,557
4,537.506
4,406,481
3,249,845
1,735,859
2,043,408
4,289,199
5,968,000
1,425.750
565,014
3,126,604
1,381,046
817,056
979,939
1,490,875
1,080,183
750,000
614,926
362,313,075
33,707,400
50,318,121
33,909,997
19,452,557
11,493,767
9,298,100
8,541,831
3,400.000
3,746,428
3,925,170
1,845,680
1,511,146
1,586,291
3,761,515
3,716,000
1,076,429
700,002
3,058,662
880,517
722,709
871,401
1,014,068
882,774
633.871
812,215
+15.5 22,806,683,407 20,269,953,745 +12.5
789,242.172
772,693,505
+19.7
+49.8
+7.8
+19.3
+15.2
+8.1
+28.5
+45.5
+29.4
+6.7
+41.3
+22.2
+57.4
+35.6
-8.5
t14.3
17.9
33.4
+48.0
-4.1
3,160,041,747
986,816,101
912,454,352
220,055,240
730,396,255
114,106,069
359,711,127
211,029,268
102,392,045
53,906,514
32,855,036
47,663,897
66,588,566
30,415,231
24,087,981
37,040,435
52,953,701
17,923,902
35,324,798
21,786,502
2,557,588,885
735,940,000
806,045.091
194,379,174
549,932,416
108,067,863
314,960,225
150,977,235
88,973,236
51,700,123
26,691,427
49,446,586
53,117,590
24,763,688
18,885,679
36,127,868
44,243,788
14,278,721
25,458,585
23,472,983
+23.6
+34.1
+13.2
+13.2
+32.8
+5.6
+14.2
+39.8
+14.1
+4.3
+23.1
-3.6
+25.4
+22.8
+27.5
+2.5
+19.7
+25.5
+38.8
-7.2
116,987,894
41,264,000
27.768,987
7,500,000
21,892,735
3,829,683
10.637,888
8.133,549
4,003,808
2,267,743
1,281.678
2.431,164
2,805,395
1.675,809
822,393
119,140,010
30,779,000
34,075,840
7.343,972
22,413,808
4,356,783
14,351,517
6,491,681
3,227,842
2,282,850
1,054,098
1,550,895
1,546,758
1,177,176
681,977
Total Pacific
1,274,176,757 1,043,026.168 +22.1
Details of other Wee to rn and Southo rn on page 14 7.
7,217,548,770
5,875,051,123 +22.8
254,935,653
.
Total New England 1,713,707,958 1,720,134,657
2,386,119,175 2,076,705,883
248,357,555
239,096,829
455,809,519
386,897,455
346,288,046
286,525,711
137.021,930
114,592,882
64,583,000
64,742,000
55,784,100
43,875,200
50,854,112
41,886,637
20,355,227
19,051,432
21,834,725
22,194,106
17,624,120
15,856,079
17,283,636
15,843,366
6,601,377
5,944,059
9,812,094
8,946,138
•
18,315,138
14,969,760
42,905,000
25,610,000
8,336,056
8,340,655
5,641,996
3,740,053
16,380,639
11,388,560
6,034,054
7,938,587
5,865,340
4,068,148
•
6,120,541
4,857,636
5,860,741
4,733,631
•
7,167,410
4,872,677
•
5,625,569
4,531,884
3,653,099
2,501,915
.
6,181,025
4,831,362
2,280,909
2,191,707
7,153,181
.
5,934,577
5,257,670
5,491,262
4,904,970
:1,524.459
•
3,524,450
2,845,894
.
9,616,734
7,216,885
.
1,774,890
1,026,039
2,216,164
1,355,094
380,231
346,574
4,661,880
4,204,410
752,898
718,577
3,186,245
_
1,713,565
3,065,365
2,762,114
.
Total Middle West 4,025,290,320 3,484,375,752
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Fort Wayne
Springfield, Ill
Youngstown
Akron
Rockford
Lexington
Canton
South Bend
Decatur
Quincy
Springfield, 0
Bloomington
Mansfield
Danville
Jackson
Jacksonville, Ill
Paducah
Lansing
Lima
Owensboro
Flint
Lorain
Ann Arbor
Adrian
Gary
Now Albany
Hamilton
Aurora
San Francisco
Los Angeles
Seattle
Spokane
Portland
Tacoma
Salt Lake City
Oakland
Sacramento
San Diego
Pasadena
Stockton
Fresno
San Jose
Yakima
Boise
Ogden
Reno
Long Beach
Bakersfield
552.141.341
461,131,340
179,749,815
119,970.000
164.393,522
152,532,411
39,875.104
33,412,954
125.864,307
' 109,280,446
21,053,536
19,475,743
62,652,858
49,523,461
37,576,208
25,816,069
18,359,844
14,193,713
8,808,179
8,256,718
5,545,987
3,923,921
9,134,477
7,472,071
11,966,814
7,601,976
5,499,406
4,056,874
2,656,182
2,903,992
6,820,321
5,969,361
8,226,248
6,980.537
3,433,210
2,574,218
6,313,339
4,266,564
4,106,059
4,283,799
9
644,444
1,000,000
1,055,425
633,361
629,005
62,212
353,127
1,300.000
312,411,523
12,831,200
10,623,135
5,804,761
4,479,026
3,018253
3,930,148
2,274,673
1,856,921
865,189
1,100,000
818,621
-7.6
-3.6
+19.3
+44.7
+5.2
-13.8
+16.1
+41.3
-2.8
-23.2
+37.1
+11.1
+0.7
-12.3
+58.1
+41.0
+3.2
+32.5
+82.6
-18.1
+9.0
+5.5
+37.0
+33.5
+61.9
+12.6
415,959 +55.1
262,212,751
12,532,300
9,940,038
5,299,609
4,451,287
2,400,000
8,536,095
1,935,228
1,519,932
909,510
1,083.271
901,503
203,598,050
10,219,900
8,550,007
4,912,657
3,853,782
2,000,000
3,900,918
1,276,053
1,104,202
900,000
1,028,387
929,809
391,121
358,319
-3.8
+1.4
-9.2
1,230,852
852,128
520,204
1,032,692
757,184
353,526
377,475 +66.3
105,951 -41.6
435,564
86,948
402,653
64,235
752,359,969
566,147,335
-1.7 102,061,159
+34.1
28,671,000
-18.5
20,906,140
+2.1
5,000.000
-2.3
12,000,000
-12.1
2,797,612
-25.9
13,566,744
+25.3
5,690,935
+24.0
2,748,616
-0.71
2,136,022
1,143,735
+21.I
1,548,816
+56.si
1,444,363
+81.41
979,725
+42.31
+20.7
613,017
64,233,516
22.834,550
14,088,837
4,555,348
10,812,790
2,335,506
8,828,170
4,247,376
1,832,557
2,039,317
826,491
1,320,894
1,012,063
837.931
361,488
1,040,090
1,040,843
697,493
+2.1
615.000 -42.6
1,205,478 +7.91
252,294,685
Total other Western .. 1,818,093,923 1,420,666,386 +28.0 10,740,027,809 0.801,019,253 +9.6
367.633.646 305,940,913
Total Southern____ ... 2,355,722,554 1,848,482,942 +27.4 13,824,755,876 12,062,505.936 +14.7 447,383.596 386,554,353
Total all
- 34,230,469,001 27,318,479,871 +25.3 186,268,439,677 156,052,731,143 +18.7 7,478,915,809 6,232,610,3261
Outside New Yor c_ 14,476,628.709,12,460,825.351 +16.2 81.756.773.878 71.623.164.041 +14.1 3,025,148,461 2,708,758,589!
Clearlhgs by Telegraph and Canadian Clearings on page 147.
+23.3
-26.7
-9.0
-5.3
+3.1
-17.2
+18.4
-8.7
-31.6
-7.5
-5.8
-8.4
601,997
778,579
347,755
646,299
+i.oI 202,688,460
141,178,978
+20.2
256,125,950
186,170,45
+15.7
313,160,146
231,650,86
+20.0 5,837,796,669 4,409,557,33
+11.6 2,319,765,033 1,783,593,6
102
THE CHRONICLE
[VoL. 109.
-di
THE FINANCIAL SITUATION.
The state of the money market is still the foremost
topic of discussion, and it furnishes some occasion
for solicitude. Call money on the Stock Exchange
on Monday touched 20%. This by itself would
be of little consequence. High call loan rates,
where, as in this instance, they follow as the result
of over speculation, cannot be looked upon as anything but wholesome, since if permitted to follow
their natural course they must serve as a corrective
and act to remove the excesses of speculation. What
does demand attention is the underlying conditions
out of which these high rates have arisen.
Last Saturday's Clearing House bank statement
was very suggestive on that point and rather an
eye opener in some respects. Surplus reserves were
once more pretty nearly wiped out, dropping from
$64,077,130 June 28 to $6,433,700 July 5. Government deposits, against which no reserves are required, were it is true reduced from $363,685,000
to $258,099,000 and the banks had to aid in connection with the preparations for the very large
1st of July interest and dividend disbursements.
On the other hand, however, the Federal Reserve
Board had the week before issued a warning against
excessive speculation and had cautioned against
undue borrowing at the Federal Reserve Bank. In
these circumstances it is rather discomfiting to find
that the Clearing House loan item, last Saturday,
instead of recording contraction was actually further expanded in amount of over 100 million dollars,
rising from $4,910,566,000 to $5,011,433,000. Not
only that, but the funds to make these new loans
seem to have to come from the Federal Reserve Bank
itself. At all events that would seem to be the
inevitable conclusion from the fact that the item,
which we have called the"telltale"of the borrowings
by the member banks at the Federal Reserve Bank,
namely the item of "Bills payable, Rediscounts,
Acceptances and other liabilities," showed an increase for the week in thelarge sum of $138,539,000.
On June 28 the item stood at $685,247,000, or lower
than in any week since the Clearing House first
began reporting these figures in February last. Last
Saturday the amount was $823,786,000.
In this state of things there appears singular
appropriateness in the additional statement which
the Reserve Board has issued the present week
animadverting further against the evils of stock
speculation and defining its policy towards such
speculation. We wish to express approval and
commendation of what the Board says in the following extract from the statement referred to:
It is not the function of the Treasury nor of the
Federal Reserve banks or the banking institutions
of the country to provide cheap money for stock
speculation, and the Board feels that the reflex
action of the rates for call money on stock collateral
upon the Government's finanancial program and
the requirements of commerce and industry has
greatly decreased, and will continue to decrease as
it becomes better and better understood that the
true functions of the banking institutions of the
country and of the Federal Reserve system, acting
in their aid, is,subject to the temporary requirements
of the Government, to finance commerce and industry. Only those banking institutions which
adhere to this policy are performing their true
function and are being wisely and conservatively
handled in the real interest of their stockholders and
the public. The demands for credit for stock specu-
lation must yield precedence to these prior demands,
and the rates for stock speculation ruling from time
to time, however erratic, can have no permanent
effect upon the rates for Government and commercial and industrial purposes.
To have definitely established the fact that there
is no necessary connection between rates for speculative purposes and for commercial transactions is
in itself an important development.
No truer words were ever spoken than those here
given, nor was any sounder policy ever outlined
than is comprehended in these words. But we
venture to ask if the Reserve Banks can be said
to be practicing what the Reserve Board is preaching. Note what has been going on in recent weeks—
observe what happened in the very latest week.
The following is what last Friday's weekly return
of the Federal Reserve Board said covering the combined results of the 12 Reserve Banks:
"The statement indicates increased borrowings by
member banks and large issues of Federal Reserve
notes, accompanied by further gold withdrawals.
Gold reserves show a decline of 18.8 millions for
the week and of 72.9 millions since June 6, the
Friday preceding the removal of the gold embargo.
An increase of 59.2 millions is shown for war
paper on hand, while other discounts went up 17.8
millions and acceptances-26.1 millions."
The record becomes still more striking if we go
a few weeks further back. As compared with June
6 the total of bills discounted secured by Government war obligations has risen from $1,620,994,000
to $1,632,639,000, the bills discounted secured
by commercial paper from $190,130,000 to $262,389,000, and the total of bills "bought in the open
market" from $198,307,000 to $330,679,000. In
other words the aggregate of all bills on hand in
the four weeks increased from $2,009,431,000 to
$2,225,707,000. And a good portion of the funds
for the purpose came from the issue of Reserve notes.
In the four weeks the aggregate of Federal Reseve
notes in actual circulation rose from $2,513,037,000
to $2,552,348,000 and the amount of Federal Reserve Bank notes from $169,246,000 to $181,570,000.
Without saying anything about the increase in the
volume of bills discounted for the member banks
on commercial paper, what can be said in justification
of the Federal Reserve banks in such a time as this
going into the open market to buy acceptances?
The Federal Reserve Bank at New York is in largest
measure responsible for the notable changes here
disclosed. In the four weeks between June 6 and
July 3 this Bank increased its portfolio of acceptances bought in the open market from $51,779,000
to $113,047,000, its bills discounted secured by commercial paper from $38,949,000 to $65,674,000 and
its bills discounted secured by war obligations from
$634,661,000 to $674,449,000. In brief, the grand
aggregate of bills on hand in the four weeks has
been raised from $725,389,000 to $853,170,000.
During the same four weeks its gold reserve was
reduced from $766,150,000 to $656,096,000 and the
amount of Federal Reserve notes in circulation
expanded from $736,674,000 to $762,915,000. This
Bank last Saturday had a gold reserve of only 42.8%,
against its Reserve notes and net deposit liabilities
combined. Surely this is the point where the warning
ofthe Reserve Board was needed and should be heeded.
The grain crop situation in the United States on
July 1, as indicated by the report of the Department
JULY 12 1919.]
THE CHRONICLE
of Agriculture issued on Wednesday, reflecting the
adverse effect of plant diseases and unfavorable
weather conditions in important producing localities,
was not so extraordinarily brilliant as a month earlier,
but winter wheat during June suffered more than
average deterioration, reducing the expectation as
to yield by some 54 million bushels from the exceptional promise of a month earlier, and the spring
wheat estimate was reduced by 21 million bushels,
heat and rust being mainly responsible. How bright
the outlook still remains for a crop of tremendous size
will appear when we say that on the basis of present
indications the total crop will be 243 million bushels
larger than in 1918 and by 134 million bushels a new
high record.
Corn area, as expected, has been decreased this
year, but condition is at present a little above the
average at date, so that a crop in excess of a year ago
is now foreshadowed, although the tentative estimate
is about 250 million bushels under the final result
for 1917, which was the high record. Oats, with
wheat, were unfavorably affected in June by climatic
conditions and the current promise is for a yield
43 million bushels under the total then counted upon,
but larger than the average crop nevertheless. The
barley crop, due to a cutting down of the area, is
not expected to reach the proportions of a year ago,
but record yields of rye and rice are predicted.
Finally, the six grains (corn, wheat, oats, barley,
rye and rice) will, if current prognostications are
realized, give an aggregate production for 1919 of
5,755 million bushels, or 331 million bushels more
than in 1918 and only 127 million bushels less than
the record harvest of 1915.
Corn area is given as 102,977,000 acres, which is a
reduction of 4.2% this year. The general condition
of the crop on July 1 at 86.7 compares with 87.1 last
year and a ten-year average of 84.0. Following its
usual method of interpreting the condition figures
the Department announces the July 1 promise as
for a yield of 27.3 bushels per acre, which on the
acreage planted would give a total product of 2,815,000,000 bushels, or 232 million bushels more than
the crop of 1918 but 250 millions less than the record
production of 1917.
Spring wheat depreciation of 10.3 points is announced for June and, at 80.9, the present status of
the crop contrasts with 86.1 last year and a ten-year
average of 83.5. The indicated yield per acres of
14.3 bushels forecasts an aggregate production of
322,096,000 bushels, which compares with 358%
million bushels in 1918 (the record) and 233 million
bushels in 1917. Winter wheat, although showing
deterioration during June, was at 89, in much better
condition July 1 than in 1918 and 8.5 points above
the ten-year average. The Department has lowered
its estimate of average product per acre to 17.1
bushels but this affords a total yield of 838,512,000
bushels, or 250 million bushels more than in 1918
and 153 millions greater than the established high of
1914. The outlook now is, therefore, for a wheat
aggregate of 1,160,678,000 bushels, against 917
million bushels in 1918 and 1,026 millions in 1915.
Wheat stocks in farmers' hand on July 1, it is pointed
out in this report, were very moderate but this fact
loses significance in view of the current crop promise.
They are estimated at 19,644,000 bushels this year,
against 8,063,000 bushels a year ago and an average
carry-over July 1 for the five years 1913 to 1917 of
37,413,000 bushels.
103
Oats condition although showing a more than
usual drop during June was on July 1 at 87, better
than in 1918 and above the ten-year average. The
current promise is officially announced to be for a
yield of 1,403,128,000 bushels, this being 135 miLlion
bushels under last year and falling 183 millions
below 1917. Barley production for the year, now
estimated at 230,900,000 bushels, fails by 25 million
bushels to approach the 1918 high-water mark, but
the rye yield is expected to reach 103,000,000
bushels,or 13 million bushels more than a year ago,
and, at 42,500,000 bushels, the rice harvest will
exceed the 1918 total by more than 2 million
bushels.
New high records in bank clearings have recurred
so frequently since the outbreak of the war in Europe
that the setting of a new mark has ceased to be
cause for more than passing comment. Nothing
is to be gained in following step by step the high
records in clearings established since the war impetus
first began to be felt; so let it suffice to say that,
even as the May total exceeded all preceding monthly
aggregates in our history, so June runs ahead of
May and sets a new figure to be overtopped. Furthermore, the total for the six months ended June 30
1919 not only exceeds that of the corresponding
/
period of last year by 291 1 billion dollars but is
more than double that of 1915.
This showing furnishes unquestionable evidence of
great and continued, and more or less progressive,
activity in the mercantile and industrial affairs of
the country, but it should not obscure the important
influence on the totals of the extremely high prices
prevailing for practically every commodity of general
use. Here and there, to a limited extent, an easing
in prices may now be discernible but, quite generally,
whether as regards food or clothing or luxuries or
other commodities, cost is higher this year than last
and still the trend is upwards. The aggregate of
clearings for the month in 1919 at 174 cities is $34,230,459,901 an augmentation of 25.3% over June of
1918 and of 28% over 1917, while for the first half of
the current calendar year there are increases of 18.7%
and 24.1% respectively. At New York the gain for
the month reaches no less than 33% compared with
last year, and there is an improvement of 22.6%
contrasted with two years ago, with the six months'
total exhibiting expansion of 22.4% and 18.1% respectively. Outside of this city the June aggregate
is 16.2% heavier than that of last year and 36.1%
above 1917, and for the six months there are increases of 14.1% and 32.4%. As regards the individual cities it is to be stated that for the month 18
established new high records for any such period,
32 report losses and all but a very few of the remainder
are high-water marks for June. For the first half
of the year 1919 all but 37 cities record gains over
1918 and in quite a number of cases the increases
are conspicuously large. Among the 48 cities showing augments,ion in excess of 20% we note Pittsburgh, Baltimore, Buffalo, Cleveland, Detroit,
Akron, Flint, San Francisco, Los Angeles, Portland,
(Ore.), Oakland, Minneapolis, Denver, Duluth,
Richmond, Dallas, Memphis, Atlanta, Norfolk,
Birmingham, Jacksonville and El Paso—a truly
representative list of centres of business activity.
Analysed by groups, the six months' aggregates are
in every case heavier than a year ago,and,moreover,
the second quarter of the year with a tota19% billions
104
THE CHRONICLE
better than for the first three months is the heaviest
on record for a three-month period.
Stock transactions at the New York Exchange in
June were of a little smaller volume than in May,
but very much in excess of June of 1918, and, in
fact, above the totals for the like period of any earlier
year in our history, notwithstanding the high
rates for money on call ruling much .of the time
calculated to discourage speculative activity. The
dealings totaled 32,860,365 shares against 11,772,261 shares last year and 19,092,653 shares in 1917,
while for the six months the sales were 141,334,086
shares against only 73,769,440 shares a year ago,
101,891,387 shares in 1917 and the half-year high
record of 176,055,746 shares made in 1901. Bonds,
also, were much more actively dealt in than in June
of 1918, but the augmentation was due in greatest
measure to the heavy transactions in Liberty Loan
issues, of which the turnover alone was no less than
186 million dollars par value out of a total of bond
sales of all kinds of 2543/i millions. For the six
months the trading in all classes of bonds, due to
the extremely heavy sales of Liberty bonds (over 11
4
billion dollars) were very decidedly above the corresponding period of any earlier year, and, at
1613 millions, compare with 742 millions last year
and 508 millions in 1917. At Boston the dealings in
stocks were likewise much larger than in 1918,
covering for the month 861,816 shares against 296,311
shares and for the six months 3,628,122 shares
against 1,796,920 shares. Chicago, too, exhibits
very appreciably heavier aggregates—for the month,
478,199 shares against 208,453 shares, and for the
six months 2,624,729 shares against 763,628 shares.
Canadian bank clearings, continuing the favorable
showing of preceding months of 1919, exhibited
noteworthy expansion in June over the same period
a year ago, with all but three places contributing
to it. The increase in the aggregate for the 25
cities reporting comparative figures is, 17.90% over
last year, while contrasted with 1917 the gain reaches
24.7%. For the six months since Jan. 1 the total
exceeds that of 1918 by 16.9%, with Montreal,
Ottawa, St. John, London, Moose Jaw, Kitchener
and New Westminster leading in percentages of
increase. Indicating current activity in speculation
we note that the transactions on the Montreal Stock
Exchange for June 1919 aggregated 453,524 shares
against only 54,930 shares in 1918, and the aggregate
for the six months at 1,473,361 shares is not only
close to four times that of a year ago but a little
ahead of the period in 1916—the year of heaviest
transactions on the Canadian mart.
President Wilson is back in Washington, after a
stay in Europe of about seven months, interrupted
only by a hurried trip home last February to be
present during the closing days of the old Congress.
Arriving in Hoboken Tuesday afternoon on the
transport George Washington, he and his party proceeded to Carnegie Hall, where he was formally
welcomed by Mayor Hylan in behalf of the city and
Governor Smith in behalf of the State. The greeting
was cordial in the extreme all along the route from
the time that the President's ship was first sighted at
sea—some 50 miles out from Sandy Hook—by the
superdreadnaught Pennsylvania, carrying members
of the Cabinet and of Congress, until his train pulled
out of the Pennsylvania RR. terminal for Washington Tuesday evening. In the National Capital the
[VoL. 109.
people remained up in large numbers until after midnight to welcome home their distinguished fellowcitizen.
For several days prior to his arrival the idea had
been given special prominence in the editorial columns of several newspapers that the President had
lost much in personal and political prestige by and
during his protracted stay in Europe. According
to all the accounts, this idea did not find substantiation in the welcome extended to the Chief Executive
either in this city or in Washington. Probably the
address that he made to the Senate Thursday afternoon on the Peace Treaty and League of Nations,
and the series of addresses which he purposes making
on those subjects in the course of a trip to the Pacific
Coast, beginning about two weeks hence, will afford
a better opportunity to gauge his political status
than did the welcome on Tuesday and the brief address at Carnegie Hall. The latter was largely of a
personal and friendly character, the references to the
Peace Treaty being only general. He characterized
that document as "a just peace," and said: "I believe
that if you will study the peace you will see that it is
a just peace, and a peace, which, if it can be preserved, will save the world from unnecessary bloodshed." The only reference of the President to those
who have opposed the Peace Treaty and the League
of Nations was made in these words: "I am afraid
some people, some persons, do not understand that
vision. They do not see it. They have looked too
much upon the ground."
Upon his arrival at the executive offices of the
White House Wednesday morning naturally Mr.
Wilson found a mass of accumulated business awaiting his attention and action. It was estimated in
Washington dispatches that afternoon that two weeks
would be required to clear up this work. It was
made known at the White House that probably this
length of time would intervene before the President
would start on his speech-making trip in defense and
support of the Peace Treaty and the League of
Nations. Wednesday morning the President summoned his Secretary, Joseph P. Tumulty, and instructed him to inform the waiting newspaper correspondents that during the two weeks' interval he
would be "ready to place himself at the disposal of
the Senate Foreign Relations Committee, or other
committees, to answer questions concerning the
Peace Treaty and the League of Nations." It is
gratifying in the extreme, that, even at this late
hour, the President has seen the wisdom of conferring with those who must take final action in
behalf of the United States Government on those
two documents. Perhaps this decision will forestall some of the strong, and even bitter, opposition
to them that has been developing. The President
also conveyed the information that he would so
time his trip as to reach the Pacific Coast coincident
with the arrival there of the newly organized Pacific
fleet. Wednesday afternoon official announcement
was made by the Navy Department that it would
leave Hampton Roads on July 19, and would be at
San Diego, Cal., between Aug. 5 and 10.
The President laid the Peace Treaty with the
League of Nations covenant before the Senate
Thursday afternoon. Seemingly and unfortunately,
he did little more, inasmuch as he spoke in general,
rather than specific, terms, and did not answersome
of the principal objections that have been made to
JULY 12 1919.1
THE CHRONICLE
both proposals. Interest in the event, naturally, was
keen in the extreme. The audience is said to have
"taxed every part of the limited floor space," and
to "have listened mostly in silence to the President's
message," the applause having been given largely as
he entered the Senate chamber and after he had
finished speaking. The President made known his
intention of delivering a separate address at some
future date on the supplemental agreement with
France to render assistance in case of unjustifiable
aggression on the part of Germany.
The Paris advices have not told of striking developments at the peace conference. The report in circulation in both the French and American capitals early
in the week that Secretary of State Lansing would
sail for home sooner than indicated last week, and
the definite announcement in Washington on Wednesday afternoon that he would leave Brest yesterday,
naturally caused considerable surprise and aroused
not a little curiosity as to the real cause of his seemingly hasty departure. At first it was rumored in
both Paris and Washington that he had been recalled, but prompt denials were forthcoming from
both centres, particularly the latter. It was stated
there that he was coming back sooner than originally
announced because "of the acknowledged advisability of having some one here who could advise
and consult with the Senate frequently as to the
reason for every clause and provision in the Peace
Treaty and the League of Nations covenant." !Thursday morning Washington advices stated that another
reason for Mr. Lansing's early return was the necessity of enlarging the State Department to meet the
requirements that would grow out of the consideration
and probable adoption of both the treaty and the
covenant. According to a Washington dispatch last
evening the Senate Foreign Relations Committee
plans to call Mr. Lansing as a witness with respect
.
to the Peace Treaty and the League of Nations.
Authoritative denials were made also of the re—
ports from Paris of serious differences between
Wilson and Mr. Lansing, and between the
President
latter and other members of the American 'peace
delegation. While no specific official announcement
e
to that effect was made, Washington dispatch—s
Thursday morning said it had been learned definitery
from official sources that Acting Secretary of State
Polk would succeed Mr. Lansing as a member and
head of the American peace delegation. It was stated
in a Washington dispatch yesterday afternoon that
the
he would sail for France July 21, probably on—
Imperator, and that he expected to see Mr. Lansing
for one day in New York. With the departure of
Secretary Lansing, yesterday, only two members of
the American delegation remained in the French
capital. They are Henry White and General Task
H. Bliss. Col. E. M. House is expected to go to
Paris from London occasionally to assist the delegation in an advisory capacity.
The hope was expressed at the close of last week
that the completed treaty with Austria would be
handed to her delegates at St. Germain by Tuesday
of this week. In fact, according to the Paris advices
for several days previous, that day had been definitely
named for the event. Monday evening it became
apparent that it would be necessary to postpone it
until the last of this week, if not still longer, "although the document had been put in type and de-
105
livered to the printer." It seems that the delay
was due to "a decision of the Council of Five to
devote further time to consideration of the Austrian
territorial questions." They were to be taken up by
that body the following day. On Tuesday announcement was made that, in reply to a note on the
subject, the Austrian delegation would be informed
that "their Government would be admitted to the
League of Nations as soon as it complies with the
necessary conditions." The advices stated also that
the communication, which was sent in due time,
would be "of a friendly character."
According to a special cablegram from Paris to a
New York nawspaper Monday morning, the Turkish
situation was giving the Council of Five considerable
anxiety. It was claimed that it had been admitted
that the Council had "made a mistake in the sudden
decision to allow the Greeks to occupy Smyrna,"
and that this action had "aroused the Turks," who
were said to be planning to conduct a vigorous campaign "with a view of preserving the Turkish Empire." The Turkish problems were reported to have
been laid before the Allied military leaders, as it was
believed by the Council of Five that the situation
"gave every indication of requiring Allied military
measures of extensive scope." Special importance
and significance appeared to be attached in Paris to
the appointment of Colonel William Haskell, a
former American army man, but recently an aide of
Herbert Hoover, in charge of relief work in Rumania,
as Allied High Commissioner to Armenia. While on
the surface it appeared that it would "be his main
duty to direct relief measures," in diplomatic circles
it was said to have been suggested that essentially
he would rule Armenia until the mandate question
was decided, and that his appointment might easily
have been for the added purpose of "influencing sentiment quickly in America in favor of at least accepting the Armenian mandate, which the President is
under promise to recommend to Congress as soon as
he reaches Washington."
Paris advices made it clear that the Peace Conference authorities were even more disturbed over political conditions in Hungary than over the alleged
attitude of the Turkish delegates. The report late
last week from Vienna that, upon the order of Bela
Kun, forty out of fifty youths from the Budapest
Military Academy, who held the central telegraph
station, and who had "surrendered to Soviet forces
after the anti-Communists had failed to send aid,"
had been executed, naturally aroused great resentment. According to dispatches from Vienna Colonel
Romanelli of Italy, the only Allied representative
there at the time, protested against the hanging, but
was unable to save the forty military collegians.
Prior to this deplorable incident Bela Kun had been
acting badly by having held up steamers carrying
food supplies for Czecho-Slovakia. Herbert Hoover
brought the latter situation to the attention of the
Council of Five and is reported to have "stated that
the task of feeding Southeastern Europe virtually
was at a standstill, through the seizure by Bela Kun
of all craft on the Danube and his refusal to permit
their use by the Allies." The assertion was made in
a Paris dispatch on Monday that "Bela Kun is defying
the Allies, like the Turks, which is leading some of the
ablest commentators here to describe the present
situation as intolerable." It became known here
106
'THE CHRONICLE
[voL. 109.
on Tuesday that, upon the suggestion of Premier
Clemenceau, the Supreme Council had instituted an
investigation of the military strength of Bela Run.
The Allied Military Intelligence Bureau was said to
have received reports that indicated that his strength
was increasing and that "200,000 Hungarians might
rally to • his support, although not half could be
equipped." • The assertion was made that Bela Run
had been "maintaining himself largely on the Allied
supplies taken from Hoover's relief trains, which he
had seized." Thursday morning Paris reported that
the Council of Five had been advised that Bela Kun
"proposed to sell a large amount of securities that
he held," and that the Council was considering sending a note to him "disapproving of his plan." The
Council was said to feel that "it is to the best interests
of the Allies and Hungary that the securities be kept
within Hungary." Yesterday morning's advices
from the French capital stated that reports had been
received from Vienna that the Hungarian Bolsheviki
were penetrating lower Austria, "supposedly with
the intention of moving against Vienna and Neustadt." Last evening it was reported in Paris that
the Bulgarian treaty would be "ready for consideration by the Allied delegates by July 25."
courier to Versailles at once. Accompanying the
document was said to have been a request that the
blockade be lifted by the Allies immediately, but
Paris advices stated that some days at least would
elapse before this would be done. President Wilson,
in the course of an interview with the Washington
newspaper correspondents—said to have been the
first since May 1917—was reported to have said that
the blockade would be lifted with the ratification of
the treaty by the German National Assembly, but
that as a matter of fact, the resumption of trade between the United States and Germany would be
governed to a considerable extent by the scarcity of
ships. Acting Secretary of State Polk announced
yesterday afternoon that "trade relations between
the United States and Germany will be resumed at
once and that the censorship over mail and telegraphic communication will be lifted. The President
made it clear also that American troops would be
kept in the Rhine country until Germany fulfills the
military terms of the Peace Treaty. It was reported
in Copenhagen and Berlin cablegrams yesterday afternoon that Maximilian Harden, editor of "Die Zukunft," will be appointed German Ambassador to
Washington.
Nearly all the cablegrams from Berlin and Weimar
over the week-end and during the first few days of
this week foreshadowed early action by the National
Assembly on the Peace Treaty. This was not surprising, in view of the full knowledge on the part of
the German authorities that the blockade against
their country would not be lifted until the treaty was
ratified and signed by the President. The German
authorities and people realized full well also that,
without the lifting of the blockade, it would be impossible to attempt to establish normal conditions
again. It was reported here on Tuesday morning in
a dispatch from Berlin that the Federal Committee
of the National Assembly had approved ratification
of the treaty. That afternoon a French news agency
message from Basle stated that the bill providing
for the ratification would be presented during the
day to the Constitution Committee of the National
Assembly and would be discussed by that body as a
whole the following day. This program was carried
out, and Wednesday afternoon word was received
direct from Weimar that "the resolution ratifying the
Peace Treaty was adopted by the German National
Assembly by a vote of 208 to 115, 99 'members abstaining from voting." It was recorded that Dr.
Hermann Mueller, Foreign Minister, in introducing
the bill providing for the ratification of the treaty,
declared that "we are about to enter upon a forty
years' march through the desert."
The German authorities had been informed through
a note from Paris that the protocols must be regarded
as a part of the treaty and be ratified as such. The
resolution providing for the ratification that was
adopted by the vote already given stipulated that
"the Peace Treaty signed on June 28 1919, as well
as the protocols annexed and special agreements on
military occupation of the Rhineland, are hereby
ratified," and it was added that "the law becomes
effective from the date of its promulgation." Thus
Germany was the first of the signatory nations to
ratify the treaty. President Ebert signed the bill
at 8 o'clock in the evening of the same day that it
was approved by the National Assembly, according
to "Vorwaerts," and it was dispatched by a special
When Great Britain, Belgium, France, the United
States and Italy will take formal action with respect
to the treaty is not certain. Evidently the Fiume
question must be straightened out before the legislative body of Italy can pass upon it. The French
Chamber of Deputies is expected to take up formal
discussion of the treaty about Aug. 1, and it is hoped
that a vote may be reached some two weeks later.
Action by the Senate, according to Paris advices, is
not likely to be taken until during the first ten days
of September. There is nothing yet to indicate
when the United States Senate will act.
• As the days pass the German people will have ample
opportunity to realize both the cost of the war and
of reconstruction. Matthias Erzberger, Vice-Chancellor and Minister of Finance, gave them due warning on these matters in an address before the National
Assembly Tuesday. He said that the year's expenditures will be about 17,500,000,000 marks, and
announced that after October 1st next there would
be no more war funds but that "a regular budget
system must be established." Continuing, he declared that "there must be no more unproductive
expenditures," and that "a gradual abolishment of
non-employment grants must be faced." Estimating
the "full requirements" for the present year at
25,000,000,000 marks, and having outlined the returns to the Government from taxation measures,
both before and during the war, and having shown
the probable revenue from new tax bills, the Finance
Minister stated that "there still remains a sum of
more than 10,000,000,000 marks to be covered."
He informed the members of the National Assembly
that he would introduce at an early date two bills
providing for new taxes which would "call for a large
single levy on property and a large tax on business
turnovers." "The money for the payment of indemnities must be obtained in some other way," declared
Herr Erzberger. Continuing to emphasize the necessity of adopting extreme measures to meet the
financial requirements of the country, the Finance
Minister asserted that "a floating debt of 72,000,000,000 markslis:a:constant:danger." This vast amount,
JULY 12 1919.1
THE CHRONICLE -17411:1171, 171 7roi
he said, could be taken care of either through "conversion into a funded loan or by extinction by big
levies and a heavy property tax." Herr Erzberger
made it perfectly plain that there can be no escape
from heavy taxation for the wealthy people of Germany, and said "the income from capital must be
taxed much more heavily than the income from work."
He added that an inheritance tax and a heavy tax
levy on property will be initial steps that will be
taken. Having made use of big figures throughout
his address in order to give his hearers a comprehensive idea of Germany's financial position, he declared
that "the Empire's income must be increased 900%
and that of individual States and communes perhaps
100%." In closing,the Finance Minister' asked that
"the taxation bills be disposed of before a recess is
taken by the National Assembly."
Labor conditions in Germany were not lost sight
of. A dispatch from Frankfort, dated last Sunday,
stated that "the railway strikers who had been
holding up the train service in Southern and Eastern
Germany had decided to resume work, but insist
that their demands be met." Thursday morning
the labor situation in Germany was characterized
as "calmer, under the direction of Gustav Noske,
Minister of National Defense."
Following the announcement by Lloyd George in
the House of Commons last week that the former
German Emperor would be brought to London for
trial before an international tribunal, there was a
vast amount of academic discussion of the subject in
that centre and Berlin. One of the questions raised
was as to whether President Wilson knew of this plan
and had given his consent to it. The advices made it
clear that not only was he cognizant of the contemplated legal proceedings,butthat he had agreed to them
and, moreover, had vetoed the suggestion that the
trial be held in Washington. At first Lloyd George's
announcement in the House of Commons last week
that the former Emperor would be brought to trial in
London is said to have "taken the country by storm,"
but upon sober-minded second thought it•was realized
by Government authorities and citizens as well,
that undoubtedly it would prove a highly undesirable
undertaking. Considerable doubt was expressed as
to whether the Holland authorities would surrender
the former Kaiser. Excitement, mingled with resentment,is said to have resulted from the announcement
in Germany of the determination to try him in the
British capital. According to dispatches received
toward the end of the week, the former Kaiser and
his wife were not disturbed over the whole situation,
believing that "any proceedings from Allied quarters
would be protracted for many months without any
certainty that the Netherlands Government would
consent to hand the former Kaiser over for trial."
107
the people is reported to have reduced the prices from
50 to 75%, however. Although there is a large
colony of Americans in Florence, it was stated that
their property was not damaged during the disturbances of Friday and Saturday of last week.
Early this week it, was claimed in cablegrams from
Rome that the troops had restored order in Florence
and that the strike had been declared off at midnight
last Saturday. Premier Nitti declared that the recent
disorders were economic in origin. The Italian
Socialist organizations were reported to have decided
upon a general strike for July 20 and 21,"as a protest
against Allied intervention in Russia and Hungary."
On Tuesday it was reported from Rome that an
Anarchist plot to attack the central part of that city
had been discovered "by the arrest of 16 of the conspirators." The same day fresh clashes between the
French and Italians at Fiume were said to have
occurred, during which about a dozen French
colonial soldiers had been killed. As a result of this
and other incidents of a similar character, a commission consisting of four Generals, representing
France, Italy, England and the United States was
appointed to investigate the disturbances there and
at other Adriatic ports. Major-General Charles P.
Summerall is the American member. According to a
dispatch from London on Wednesday King Victor Emmanuel had issued a decree that "profiteers will, in
the future, be fined 10,000 lire or sentenced to prison
for from three months to three years, and will in
addition suffer conscription of goods." From Milan
came the report the same day that the Government
would make extensive purchases of food with a view
to increasing the supply at home and reducing prices.
By Wednesday conditions in the sections of Italy
where the disturbances had been most serious were
reported as considerably improved.
The new Italian ministry of which Signor Nitti is
the head, promises to accomplish more for its country
than its predecessors. The new Italian peace delegation is said to have made a favorable impression in
Peace Conference circles. Premier Nitti delivered
an important address before the Italian Parliament
on Wednesday, in the course of which he admonished
the people to work harder, and declared that "all
must make a great effort towards reconstruction."
He urged also "the curtailment of expenses and the
consolidation of revenues," and announced a new
taxation scheme by which it is estimated that the
reserves of the Government will be increased $500,000,000 yearly', the money to come chiefly from
"taxation on incomes growing out of the war."
Speaking specifically of Italy's finances, the Premier
stated that she would have in the near future a
foreign debt of $4,000,000,000 and an internal debt
of $12,000,000,000, "besides a paper circulation
four times that of the days before the war, while the
expenses for civil services have trebled." He added
The reports from Paris and the leading centres of that the ordinary expenses exceed $1,000,000,000
Italy during the first few days of the week told of annually.
serious conditions in that country. Sunday morning
Gradually the Allied Governments of Europe and
a long cablegram was received from Florence stating
that the red flag had been hoisted there and that "all that of the United States are approaching recognition
the available supplies in dozens of places have fallen of the government of Admiral Kolchak in Russia,
into the hands of the crowds or of the self-styled the seat of which so far has been at Omsk. Roland
soviets." Considerable rioting was reported at va- S. Morris, the American ambassador to Japan,
rious centres, most of which was attributed to the according to advices received at Washington, is on
continuance of high prices for food that prevailed his way from Tokio to Omsk to make a further invesduring:theIwar. The resort to force on the part of tigation of the Admiral's direction of affairs in
108
THE CHRONICLE
northern Russia. In the southern part of that
country it was claimed in a cablegram made public
here on Tuesday that "all south Russia favors his
administration and that anti-Red parties were united
in supporting him." Thursday word came from
Paris that the Council of Foreign Ministers "had
instructed the charges d'affaires of the United
States, Great Britain, France and Italy at Helsingfors to support the proposal from Admiral Kolchak
that the Finns join in a general attack on Petrograd."
On Wednesday a cablegram from Helsingfors
stated that a report was in circulation there that
"all the foreign embassies, legations and consulates
in Petrograd have been occupied by Bolshevist
troops." A Paris cablegram stated last evening that
"Russian representatives of the Kolchak Government, headed by Prince Lvoff, submitted a memorandum to the Peace Conference asking that Russia
be given a mandatory for control of the Dardanelles."
The budget of French news embraced a large
variety of items. Early in the week announcement
was made that Premier Clemenceau was inspecting
the devastated regions of France and that he had
urged the people to aid in reconstruction, declaring
that the Government could not do it all. Next
Monday, July 14, Bastile Day, is to be Victory Day
as well in France, and as the week came to a close it
appeared that the preparations were about completed. The French press has severely criticised the
Government because of its failure to announce that
Marshal Joffre would take a prominent part in the
parade on that day. Yesterday morning a cablegram
from Paris stated that he would lead the procession
in Paris as far as the reviewing stand, where he
would drop out and take his place by the side of
President Poincare. General Pershing and his staff
are to lead an American regiment. Thursday it was
stated in a Paris cablegram that the day before the
Chamber of Deputies had upheld a continuance of
censorship and Premier Clemenceau's policy by a
vote of 256 to 202. Paris advices received yesterday
stated that the French Labor Exchange had announced that a general strike will be called at 5 a. m.
July 21, to last until the corresponding hour of the
following day. The question of high food prices is
giving concern to Government authorities in France,
as well as in nearly every other country of Europe,
and the United States. A State food monopoly has
been suggested by Albert Thompson, a former French
Government minister, "as the sole means of reducing
the present cost of living," which he declares is "one
of the powerful causes of constant labor trouble."
Premier Clemenceau is reported to have declared
recently that "the strikes were due to general unrest,
rather than to strictly political or professional causes."
Probably the French authorities took a wise step in
announcing recently an advance in wages. Certainly
they made no mistake in making it known that, with
the increased remuneration, more work must be done.
While since the signing of the armistice special
prominence has been given to the activities of the
Bolsheviki in Russia, Germany, Austria, Hungary
and other countries of southeastern Europe,not much
has been said about what the Socialist party in England was doing. Of course, it has been well known
that it was strong there and that there has been
nothing to indicate that it has lost ground in the
[VOL. 109.
meantime. Accordingly some surprise was caused
by the announcement of William Allen White of
Emporia, Kansas, upon his arrival from Europe on
Sunday that, in his judgment, there will be "a
bloodless revolution in England and that sooner or
later she would be flourishing under a Soviet government." Conan Doyle was quoted as being greatly
disturbed over the continuance of high prices of food
in Great Britain and as saying that "unless something
is done quickly and done thoroughly to check the
rising prices for the necessities of life, there will be
violence in this country." Several of the leading
London daily newspapers appeared to be equally
concerned and to share the opinion of the distinguished British author. Undoubtedly sentiment in
Great Britain was not helped by the announcement
on Thursday that the Government had decided to
raise the price of coal to the consumer 6s a ton,
beginning at an early date.
According to the statement issued on Thursday
by the British Board of Trade, the imports into the
United Kingdom in June increased £21,400,936 and
the exports increased £19,536,115, as compared with
the corresponding month of last year. The excess
of imports for the month was £58,383,309, against
£56,518,488 in June 1918. For the first six months
of 1919, imports exceeded exports by £383,421,938,
while for the first half of 1918 the difference in favor
of imports was £405,430,907. The report showed a
heavy decrease in imports of meat, grain and flour,
in comparison with June of last year. The larger
part of the total increase in exports was made up of
coal and manufactured goods. The following table
shows the imports and exports for June and for the
six months, as compared with the corresponding
periods of 1918:
British imports
British exports
Excess of imports
June
Jan. to June 301919
1918
1919
1918
£122,945,655 E101,544,719 £718,177,195 £652,263,556
64,562,340
45,026,231 334,755,257 246,832,649
£58,383,309 £56,518,488 £383,421,938 £405,430,907
The British Treasury statement for the five days
ending with July 5 indicated an increase in the
Exchequer balance of £570,000, bringing that total
to £6,210,000, as against £5,640,000, the amount
previously held. Expenses for the five-day period
were £19,533,000, while the total outflow, including
Treasury bills repaid, and other items, totaled £138,149,000. Receipts from all sources equaled £138,719,000. Of this total, revenue brought in £21,581,000, and War Savings Certificates £1,500,000. Other
debt yielded £2,468,000, while advances contributed
£85,600,000. Receipts on account of Treasury bills
were £27,510,000, and repayments £112,124,000.
Hence the total volume of Treasury bills outstanding
has been reduced to £711,555,000, although temporary advances outstanding are now reported at
£855,837,000,an increase for the week of £81,600,000.
It is expected that the Government will resume the
sale of Treasury bills next week when the loan lists
have been closed. This time the bills will probably,
it is stated, be offered in blocks instead of at a fixed
price daily. The Government will issue the bills
as required to meet the current expenditures, which
during the past month have been met by temporary
advances. A recent issue of the "Economist" reports that new capital issues in Great Britain for
the three months ending June 30 aggregated £93,879,000, of which £61,499,000 was Government bor-
JULY 12 19191
THE CHRONICLE
rowing, exclusive of Treasury bills or temporary
advances. For the half-year the total is £385,780,000, of which £324,135,000 was Government borrowing.
There has been no change in official discount rates
at leading European centres from 5% in London,
Paris, Berlin, Vienna and Copenhagen; 532% in
Switzerland, 6% in Sweden, Norway and Petrograd,
and 43'2% in Holland and Spain. In London the
private bank rate continues to be quoted at 33%
for sixty days and 3 8%for ninety days. Call money
4
in London remains at 23 %. No reports have been
received by cable of open market rates at other
centres, so far as can be learned.
The Bank of England in its weekly return registered another gain in its stock of gold on hand, the
increase being £102,582. The total reserve increased
£455,000, there having been a curtailment in note
circulation of £332,000. The proportion of reserve
to liabilities was again reduced, this time to 12.30%,
against 14.13% last week and 16.40% a year ago.
As was the case a week ago, the deposit items were
expanded heavily, other deposits showing an increase
of £38,291,000, while Government securities expanded £28,243,000. Public deposits increased £237,000.
Loans (other securities) were reduced £158,000. The
English Bank's gold holdings now stand at £88,670,445, which compares with £65,968,101 a year ago,
£53,432,113 in 1917 and £39,599,970 in 1914. Reserves total £27,525,000, against £29,325,891 and
£31,952,043 one and two years ago, respectively.
Loans aggregate £83,335,000. This compares with
£109,922,050 in 1918 and £108,600,131 the year
preceding. Circulation is now £77,606,000. Last
year it was £55,092,210, and in 1917 £39,930,070.
Clearings through the London banks for the week
were £672,480,000, which compares with £446,109,000 for the same period of a year ago. We append a
tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1918.
1919.
1917.
1916.
1915.
July 9.
July 10.
July 11.
July 12.
July 14.
Circulation
77,606,000
Public deposits
24,794,000
Other deposits
205,215,000
Government secur's_126,945,000
Other securities
83,335,000
Reserve notes dr coin 27,525,000
Coin and bullion
88,670,445
Proportion of reserve
to liabilities
12.30%
5%
Dank rate
55,092,210
38,343,481
140,419,130
57,378,632
109,922,050
29,325,891
65,968,101
39,930,070
42,087,527
126,103,441
45,465,561
108,600,131
31,952,043
53,432,111
35,988,615
54,920,429
92,499,538
42,187,661
81,225,158
41,858,753
59,397,368
34,494,590
52,986,503
157,983,549
51,747,910
140,020,855
37,081,909
53,126,499
16.40%
5%
19%
5%
28.39%
6%
17.58%
5%
The Bank of France statement of a week ago
(cable delayed) showed the following changes: The
gold item gained 302,177 francs, Treasury deposits
were augmented by 67,886,175 francs, general deposits increased 7,243,141 francs, and bills discounted
rose 11,838,225 francs. Silver decreased 492,307
francs and advances fell off 10,037,740 francs. Note
circulation registered the large expansion of 310,578,175 francs.
This week's statement shows an increase of 4,853,.
010 francs in the gold item. The Bank's aggregate
gold holdings are thus brought up to 5,556,052,025
francs, comparing with 5,425,635,617 francs last year
and with 5,293,406,140 francs the year before; of
these amounts 1,978,278,416 francs were held abroad
in 1919, 2,062,108,484 francs in 1918, and 2,034,774,686 francs in 1917. During the week advances rose
6,326,947 francs and Treasury deposits were augmenteditoithelextent of 17,118,072 francs. On the
. 09
1
other hand, silver decreased 1,172,888 francs, bills
discounted fell off 45,986,989 francs, and geneial deposits were reduced 187,870,238 francs. Note circulation registered the further large expansion of
255,245,680 francs, bringng the total outstanding to
the new high level of 35,007,822,980 francs. This
compares with 29,090,400,805 francs last year at
this time, and with 20,196,484,110 francs in 1917.
On July 30 1914, just preceding the outbreak of war,
the amount outstanding was only 6,683,184,785
francs. Comparisons of the various items in this
week's return with the statement of a week ago, and
corresponding dates in 1918 and 1917, are as follows:
BANK OF FRANCE'S
Changes
for IVe,ek
Gold Holdings
--Francs.
In France
Inc. 4,853,010
Abroad
No change
COMPARATIVE STATEMENT.
Status as of
July 10 1919. July 11 1918. July 12 1917.
Francs.
Francs.
Francs.
3,577,773,609 3,363,527,132 3,258,631,463
1,978,278,416 2,062,108,484 2,034,774,686
Inc. 4,853,010
Total
Dec. 1,172,888
Silver
Bills discounted_ Dec. 45,986,989
Inc. 6,326,947
Advances
.me. 255,245,680
Note circulation.
Treasury deposits_Inc. 17,118,072
General deposits_ _Dec 187,870,238
.
5,556,052,025
301,999,201
818,890,052
1,275,259,665
35,007,822,980
134,323,028
3,181,401,493
5,425,635,617
266,841,582
1,134,165,389
933,699,541
29,090,400,805
39,628,121
3,969,975,555
5,293,406,140
262,259,508
524,038,415
1,158,559,562
20,196,484,110
70,043,023
2,461,515,266
In is statement issued as of June 23, the Imperial
Bank of Germany shows further drastic changes.
Total coin and bullion was again reduced 34,034,000
marks and gold 33,711,000 marks. There was an increase of 316,468,000 marks in Treasury notes, a gain
of 314,090,000 in other securities and an increase of
832,996,000 marks in note circulation. Deposits
were contracted 863,248,000, while other liabilities
expanded 360,070,000 marks. Notes of other banks
declined 1,684,000 marks. Bills discounted registered a reduction of 260,348,000 marks and investments of 1,075,000 marks. The Bank reports its
gold holdings as 1,117,798,000 marks, which compares with 2,346,060,000 marks a year ago and
2,456,880,000 marks in 1917. Note circulation is
now 28,636,250,000 marks. Last year the total was
12,047,520,000 marks and in 1917 8,218,740,000
marks.
Yesterday the Bank of Germany's statement for
the week ending June 30, was also cabled across.
It showed a still further reduction in coin and bullion
of 1,151,000 marks, and of 1,395,000 marks in gold.
Treasury notes increased 299,590,000 marks. Notes
of other banks expanded 118,000 marks, while bills
discounted again registered an enormous increase,
viz., 4,494,785,000 marks. Note circulation was
expanded 860,524,000 marks, and deposits gained
4,108,369,000 marks. Advances were reduced 42,000 marks, investments 14,355,000 marks and other
liabilities 73,467,000 marks. Other securities increased 116,481,000 marks. Total gold holdings
are now reported at 1,116,503,000 marks. Last
year the total was 2,346,200,000 marks and in 1917
2,457,300,000 marks.
Last Saturday's statement of New York associated
banks and trust companies, which is given in greater
detail in a subsequent section of this issue, made a
decidedly poor showing, due largely to the financing
operations entailed by the enormous July 1 dividend
and interest payments. Reserves were heavily
depleted, while the loan item registered an expansion
of no less than $100,867,000. Net demand deposits
increased $22,464,000, to $4,042,535,000 (Government deposits of $258,099,000 deducted), and net
time deposits gained $12,565,000, to $169,665,000.
Cash in own vaults (members of the Federal Reserve
110
THE CHRONICLE
[VoL. 109.
Bank) decreased $996,000, to $92,972,000 (not
counted as reserve); reserves in the reserve bank of
member banks were reduced $54,436,000, to $518,760,000, and reserves in other depositories (State
banks and trust companies) declined $484,000, to
$11,479,000. The reserve in own vaults (State
banks and trust companies) was expanded $258,000,
to $12,117,000. The loss in aggregate reserves
totaled $54,662,000, thus reducing the total to
$542,356,000, in comparison with $663,143,000 last
year. In the case of surplus, there was a contraction
of $57,643,430, which brought the total of excess
reserves on hand down to the nominal sum of $6,433,700, and compares with $171,971,680, the amount
held in the same week of 1918. As, however, these
changes are due so largely to withdrawals for seasonal
financing, they are less important than would appear
on the surface and will probably be speedily rectified
with the return of funds to the banks in the usual
way. The figures here given for surplus reserves are
based on reserves of 13% for member banks of the
Federal system, but do not include cash in vault
held by these banks, which Saturday last amounted
to $92,972,000. Circulation declined $114,000, to
$37,876,000.
$100,000,000. Of this amount he is borrowing
$75,000,000 for one year, and is said to be paying the
balance of $25,000,000 or more out of his personal.
funds. According to the terms of the loan, he is to
pay off $10,000,000 at the expiration of the first
ninety days and $2,500,000 a month each month
thereafter. One of the most striking and interesting
features of this transaction is that it marks the first
time that Mr. Ford has borrowed a large sum of
money in any financial centre, of which there has
been public knowledge. Following up his announcement of a few days ago that, in his judgment, the
financial requirements of the Government could be
met through the sale of short-term notes, Secretary
Glass yesterday gave notice of another unlimited issue
of Treasury certificates of indebtedness dated and
bearing interest from July 15, payable March 15
1920, with the interest rate at 432%. It was gratifying to learn that the American Foreign Securities
Co., organized in July 1916 by J. P. Morgan & Co.
and associates for the purpose of making a loan of
$100,000,000 to France, had made arrangements for
the payment on Aug. 1, the date of maturity, of all
its outstanding notes. They are payable in dollars
in New York at the office of J. P. Morgan & Co.
Although it had been predicted toward the close
of last week that the rates for call money at this
centre would be materially lower this week, the
range of quotations, and particularly the big flurry in
the call money market Monday afternoon did not
foreshadow a general relaxation. Some little time
after the close of business, as high as 20% was said
to have been charged for "all industrial" money,
and it was reported that more than $3,000,000 was
loaned after 3 o'clock at that figure. In speculative
circles in which higher prices for stocks have been
favored for many weeks, it was claimed that the
high rates for call money recently were not justified
on the basis of supply and demand. The allegation
was even made that the call money market had been
grossly manipulated by speculators, who were
.operating on the bear side of the stock market.
However this may have been, a lower range of rates
.prevailed during the rest of the week. Nearly every
day the opening and renewal rates were high, but
there was a general tendency toward a lower level as
the day progressed. There could have been no
lessening in the demand from Stock Exchange houses
for funds with which to finance speculative transac-Cons in stocks, inasmuch as the total turnover from
day to day was much in excess of 1,000,000 shares.
-Corporate financing has been conducted on an increased scale this week, and this, too, must have required temporarily large sums of money. The financial institutions report, by the way, that the issues
that they have offered have been well taken and
that one of the most encouraging features has been
the large demand from small investors in all parts of
the country. The offering of $75,000,000 Dominion
of Canada bonds and notes by J. P. Morgan & Co.
attracted special attention, and it was necessary to
keep the subscription books open only a short time
to cover the entire amount. It is not unlikely that
banksthroughout the country were substantial buyers
of those issues.
An interesting announcement yesterday was to the
effect that Henry Ford had bought the minority stock
.of the Ford Motor Co., amounting to 20,000 shares,
for which it was reported that he had paid more than
Dealing with specific rates for money, call loans
this week ranged between 5@15%,as against 5@10%
a week ago. Monday the high was 12%, while 6%
was the low and also the rate for renewals. On
Tuesday there was an advance to 15, although the
minimum was still at 6%,with 9% the renewal basis.
Wednesday's range was 5@9% and 7% the ruling
figure. Funds were in better supply on Thursday
and the maximum receded to 7%; the minimum was
6% and renewals were negotiated on this basis.
On Friday the renewal rate remained at 7% but the
high was 7% with 5% the low. The figures here
given are for loans on mixed collateral. All industrial money loaned on Monday at 6@15% with
renewals at 63/2%. On Tuesday the range was
10@17%, on Wednesday 6@10%, on Thursday 63/2
@73/2% and on Friday 53/2@73/2%. Renewals on
Tuesday and Wednesday were negotiated at the
same levels as for mixed collateral, and on Thursday
at IA of 1% higher. Friday the ruling rate was
For fixed maturities the situation remains without
appreciable change. Trading is still exceptionally
light, business being confined mainly to renewals.
Towards the close of the week funds were in slightly
better supply, but quotations were not altered and
6% is still asked for all periods from sixty days to
six months. All-industrial money is quoted at 63/2%.
A year ago sixty and ninety days was quoted at 53/2
@5%% and four, five and six months' money at
5rom
6Ircial paper rates were slightly easier,
514@5m% being quoted for sixty and ninety days'
endorsed bills receivable and six months' names of
choice character,against53/2@5%% a week ago,while
names not so well known now require 53/2%, against
5%%. Trading was not active so that the volume
of business passing is small.
Banks' and bankers' acceptances have ruled quiet
but steady. There has been a falling off in the
demand which is explained by the flurry in call
rates and brokers report an oversupply of bills.
With the easing in money, however, a broadening
in activity is looked for. Loans on demand for
bankers' acceptances remain as heretofore at 43/2%.
JULY 12 1919.]
THE CHRONICLE
111
fianFratscisco.
Kansas City.
Quotations continue at the levels previously current. A development of the week has been the extension of
Detailed rates follow:
a $10,000,000 banking credit to the Czecho-Slovakian
Spot Delivery----- Delivery
Government. It is learned that pending the evoluSixty
Thirty
Ninety
within
Days.
Days.
Days.
30 Days. tion of a broad national
scheme for financing Europe
4
Eligible bills of member banks
41 0434 434(g41 4i4s@4
4
41 . bid
/
(8(4434 4404
Elibigle bills of non-member banks
4% 41 fi 41
/
i
44 bid a number of other countries are likely to receive
Ineligible bills
534(§)4% 534@434 534@)431
6 bid
credits, including Poland, Denmark and Finland,
while several French industrial credits are under
No changes in rates, so far as our knowledge goes, consideration. Bankers would naturally prefer to
have been made the past week by the Federal wait until the arrangement of a national scheme,
Reserve banks. Prevailing rates for various classes but it is recognized that this is likely to be delayed
of paper at the different Reserve banks are shown for quite some time and immediate action in this
in the following:
respect is urgently necessary, if business is to go on
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
at all.
Referring to quotations in greater detail, sterling
ae '*
•
*a
• a
CLASU
•S
OF
a:
exchange on Saturday was weak and demand again
lill ill
LOAN: •
DISCOUNTS AND
declined, this time to 4 50@4
cable transfers
A.
r4 m 6 ei
0
—
-z
to 4 51@4 513/ and sixty days to 4489'@4 48%.
Discounts—
Within 15 days,incl. member
banks' collateral notes—_ 4 4 4 434 434 434 434 4 434 434 434 434 Increased weakness developed at the opening on
16 to 80 days' naturity__ 4% 4% 434 4% 434 4% 4% 434 4% 5 4% 5
Monday, and in consequence of the heavy selling
61 to 90 days' maturity— 434 4% 434 4% 434 434 4% 4% 5 5 5 a
Agricultural and live-stock
5 8 5 534 5 5 534 534 534 534 534 534 movement, rates broke through the previous low
paper over 90 days
Secured by U. S. certificates
of indebtedness or Librecord of 4 50, reached in September 1915, bringing
erty Loan bonds—
Within 15 days, including
demand down to 4 48%@4 48%, cable transfers to
member banks' collateral notes
4 4 4 4 1434 4 44 4 4 4434 1434 434 4 493-@4 493/ and sixty days to 4
45%@.4 463t•
16 to 90 days' maturity
434 434 434 434 434 14% 14% 14% 4344434 434 434
Trade Acceptances
Sterling touched a new low level on Tuesday and
18 to 80 days' maturity
434 434 434 412a 434 412a 41 434 4% 4% 434 45ic
0
61 to 90 davet maturity
4% 44 434 434 434 434 434 434 434 4,1 4% 431 the day's range was 4 473/2@,4
483 for demand,
1 Rates for discounted bankers' acceptances maturing within 15 days, 4%; 4 483'@4
493 for cable transfers and 4 44M@
within 16 to 60 days, 434%, and within 61 to 90 days, 434%.
1 Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re- 4 45% for sixty days.
Wednesday's market moved
discounted has been taken by discounting member banks at rate not exceeding
Interest rate on bonds.
erratically, a decline to 4 473—another low point—
Four per cent on paper secured by United States certificates of indebtedness.
having been followed by a rally to 4 48%, mainly on
'Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding interest
rate on bonds: also on paper secured by United States certificates of indebtedness. covering of shorts; cable transfers ranged between
a Fifteen days and under, 434%.
4 483 and 4 49 7-16 and sixty days between 4 443(
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates on paper secured by War Finance Corporation bonds, 1% higher and 4 45%. Less activity was noted on
Thursday
than on commercial paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15-day vile. and the undertone was a trifle steadier, with demand
count rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application is made by member banks for renewal of 15
932, cable transfers at 4 497
-day firmer at 4 49@4 4
4@
paper, the Federal Reserve banks may charge a rate not exceeding that for 90
-day
4 503 and sixty days at 4 45M@4 46. On Friday
paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
the market ruled quiet but steady, though a shade
of corresponding maturities.
lower, with demand at 4 48/@4 493, cable trans-.
Spectacular weakness has marked trading in fers at 4 493/s@4 50 and sixty days at 4 453'®
sterling exchange this week, and as a result of the 4 459. Closing quotations were 4 453 for sixty
continued and almost unprecedented flood of bills days, 4 48% for demand and 4 499( for cable transof all descriptions, cotton, grain, packers, etc., fers. Commercial sight bills finished at 4 48%,sixty
which are being poured upon the market, prices days at 4 45, ninety days at 4 439., documents for
broke again and again, carrying quotations down payment (sixty days) at 4 443 and seven-day grain
%
to 4 47% for demand, or 29 points below the ex- bills at 4 473/2. Cotton and grain for payment fintreme low point established in September 1915 just ished at 4 483'. Gold engagements for the week
prior to the arbitrary taking over of control of foreign comp
-rised $9,175,000 for shipment to Spain, $3,100,exchange transactions by the British authorities. 000 to South America, $100,000 to Mexico and $135,In all probability speculative operations have served 000 in gold bars to England, making a total of
to accelerate the downward movement, while heavy $12,510,000.
bidding for dollars in London (for what purpose is
not yet known) was also a factor. Another influence
The feature of the week's dealings in Continental
of some moment has been the recent abnormally exchange has been the persistent weakness in
French
high rates for call money.
exchange, which at one time sold down to 6 90 for
While few bankers are willing to venture upon any sight bills, a new low record on the current movement,
predictions as to what is likely to happen in the way and 30 points under the low level of last
week. No
of market changes, it is thought that easier money specific reason was assigned for this, other
than the
conditions might help sterling, though the general heavy offerings of bills coupled with an
inadequate
opinion seems to be that still further declines may demand. Undoubtedly the severe break in sterling
be expected. Some authorities indeed would not exercised a sentimental effect upon rates
at Conbe surprised to see the rate go as low as $4.00, and in tinental centres, while the high rates quoted
for call
any event the belief is entertained that the present money were also a factor in the decline.
Lire, which
disposition of the British Government in the matter had shown some improvement last week,
reacted and
is to allow sterling to follow its natural course, leaving the quotation sagged off to 8 42 for demand,
against
corrective measures, if any should be needed, to this 7 93 a week ago. Uncertainties arising
over the
country. 'One thing seems to be certain, that for Italian political situation were held partly
responsible
some time to come the market is likely to be sur- for the weakness. Austrian kronen moved
irregularfeited with huge offerings of bills of all sorts, and ly and ranged at times between 3%@43'c.,
with most
this will naturally militate against anything like a of the business at the lower figure.IThe
market for
sustained advance in rates. However, the position these and other remittances lately released
from
is not an easy one upon which to base predictions. Government restrictions is gradually
but steadily
112
broadening, though the actual volume of business
is still small. Rumanian exchange is quoted around
11c., Czecho-Slovakian crowns at 63/e., Finnish
2
marks at 9%@10c. and Polish marks at 7.30c., all
quotations being for checks. German marks for
remittance to Cologne within occupied territory
during the earlier part of the week ruled at 83@
83/e., but later declined to 7c. News of the ratifica2
tion of the Peace Treaty by the German National
Assembly at Weimar was received with considerable
satisfaction by dealers anxious for a resumption of
trading in German marks, on the ground that this
should greatly facilitate the removal of at least some
portion of the ban upon this class of trading. That
there was good ground for this view was shown by
the announcement late yesterday by Acting Secretary
of State Polk that trade relations with Germany
would be resumed promptly, although it was stated
that until formal ratification of the Peace Treaty by
the United States Senate the Trading with the Enemy
Act would remain in force.
Among the news features of the week which attracted widespread attention was the announcement
from Washington that Government officials in charge
of the arrangements for financing our foreign trade
had finally decided that the providing of funds must
be undertaken by private enterprise and capital.
The decision came somewhat as a surprise to those
who had been confidently expecting aid in this direction by means of the War Finance Corporation or
other Government agency. It is explained that the
Government's financial advisers have come to the
conclusion that far more rapid progress is likely to be
attained if this part of the export plan be left entirely
to private initiative. However, the belief persists
that whatever course of action is decided upon will
be under the supervision and direction of the Government. Information is still lacking as to whether
anything definite has as yet been accomplished in the
solution of the export financing problem, although
early in the week a report was circulated to the effect
that the committee of bankers appointed to work out
the details for the readjustment of the foreign trade
situation had arranged for a conference with President Wilson immediately upon his return to Washington. Later in the week no one could be found
who would confirm this rumor, and leading bankers
were inclined to discredit the statement. That conferences are to be resumed in Washington shortly is
an assured fact, but it is considered doubtful whether
President Wilson will participate therein.
A subject which has again come up for discussion
is the proposed organization of a foreign exchange
bourse at this centre to facilitate the transaction of
foreign exchange business. Advocates of the scheme
are enthusiastic in their claims that such a bourse
would afford enormous relief from almost insuperable
difficulties. In other quarters the idea is declared to
be wholly impracticable, for the reason that an exchange can only be successful for trading in a standardized commodity, something which is impossible
in the case of exchange. While it is conceded that
such bourses are operating with more or less success
at one or two European centres, it is argued that
nothing of the kind has ever been thought necessary
or desirable in London, a market whose trading
methods most closely resemble our own.
The official London check rate in Paris finished
at 30.88, compared with 29.84 a week ago., In New
[VoL. 109.
THE CHRONICLE
York sight bills on the French centre closed at 6 86,
against 6 60; cable transfers at 6 84, against 6 58;
commercial sight at 6 88, against 6 62, and commercial sixty days at 6 90, against 6 66 the week preceding. Belgian francs, which have shared in the general weakness, declined and finished at 7 07 for
checks and 7 05 for cable transfers. Last week the
close was 6 74 and 6 72. Lire closed at 8 39 for
bankers' sight bills and 8 37 for cable remittances, as
against 7 93 and 7 92 a week ago. Greek exchange
has been changed to 5 25 for checks and 5 23 for
cable transfers, in comparison with 5 213/ and 5 21
2
the previous week.
In the neutral exchanges trading was still at a
minimum and here also weakness has been the predominant feature. Swiss francs were again conspicuously weak, while all the Scandinavian exchanges registered substantial net declines. Guilders
were relatively steady, but pesetas ruled heavy, having, in fact, reached a point where, it is said, renders
the making of further gold shipments unprofitable.
Bankers' sight on Amsterdam finished at 383g,
against 383; cable transfers at 388 s, against 383/2;
/
commercial sight at 38 1-16, against 38 3-16, and
commercial sixty days at 37 11-16, against 37 13-16
on Friday of last week. Swiss francs closed at 5 52
for bankers' sight bills and 5 50 for cable remittances,
in comparison with 5 47 and 5 45 last week. Copenhagen checks finished at 23.00 and cable transfers
at 23.20, against 23.30 and 23.50. Checks on
Sweden finished at 24.80 and cable transfers at 25.00,
against 25.30 and 25.50, while checks on Norway
closed at 24.20 and cable transfers at 24.40, against
24.50 and 24.70 a week ago. Spanish pesetas closed
at 19.50 for checks and 19.60 for cable remittances.
This compares with 19.62 and 19.70 in the preceding week.
As to South America quotations remain at
levels previously current and the rate for checks on
Argentina closed at 434 and cable transfers
at 433, the same as a week ago. For Brazil the
check rate is still 27 and cable transfers 27%.
Chilian exchange continues to be quoted at 10 25-32
and for Peru at 50.125@50.375.
Far Eastern rates are as follows: Hong Kong, 81
@)813, against 82@833; Shanghai, 123@123,
against 125@125; Yokohama, 50%@51, against
/
A@50%;Manila, 491 1@49 (unchanged); Singa4
pore, 55@553 (unchanged); Bombay, 43@433 ,
2
(unchanged), and Calcutta, (cables) at 42@423/
(unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,357,000 net in cash as a result of the currency movements for the week ending July 11.
Their receipts from the interior have aggregated
$11,698,000, while the shipments have reached
$5,341,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which
together occasioned a loss of $128,202,000, the combined result of the flow of money into and out of
the New York banks for the week appears to have
been a loss of $121,845,000, as follows:
MO Change in
Bank Holdings.
Week ending July 11.
Into
Banks.
Banks Interior movement
Sub-Treasury and Federal Reserve
operations and gold exports
$11,698,000
$5,341,000 Gain $6,357,000
22,415,000
150,617,000 Loss 128,202,000
Total
Out of
Banks.
$34,113,000 $155,958,000 Loss 121,845,000
The following table indicates the amount of bullion
in the principal European banks:
JULY 12 1919.]
THE CHRONICLE
July 10 1919.
July 11 1918.
Banks of
Gold.
Silver.
I
Total.
Gold.
Total.
88,670,445 65,968,101
England_ _ 88,670,445
65,968,101
France a _ _ 143,110,944 12,040,000155,150,944 134,541,104 10,640,000145,181,104
997,150; 56,817,300 117,320,950 6,046,85 123,367,800
Germany 55,820,150
Russia *__ 129,650,000 12,375,000,142,025,000 129,650,000 12,375,000 142,025,000
Aus-Hun c 10,928,000 2,384,000; 13,312,000 11,008,000 2,289,000 13,297,000
Spain .._ _ _ 90,849,000 26,261,000117,110,000 84,048,000 28,163,000112,211,000
32,712,000 2,964,000I 35,676,000 33,480,000 3,145,1: 36,625,000
Italy
684,000, 55,494,000 59,834,00
Netherl'd 54,810,000
600,0
60,434,000
Nat.Bel.h 10,654,000 1,094,000 11,748,000 15,380,0
600,000 15,980,000
Switzland 18,857,000 2,755,0001 21,612,000 15,376,00
15,376,000
I 16,077,000 14,352,000
Sweden.._ _ 16,077,000
14,352,000
Denmark _ 10,355,000
138,000 10,493,00 10,228,000
136,000 10,364,000
I 8,180,0
Norway _ _ 8,180,000
6,615,000
6,615,000
Tot. week.,670,673,539 61,692,150 732,365,6891697,801,155 63,994,850761,796,1105
Prev.week,673,309,090 61,574,100,734,883,190,696,842,758 63,826,150 760,668,908
a Gold holdings of the Bank of France this year are exclusive of £79,131,137
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for Dec.7
1917.
h Figures for 1918 are those of Aug. 6 1914.
THE TRIAL OF THE KAISER.
We have not heretofore withheld expression of our
feeling that the trial of the Kaiser by the Allies—
now formally announced by Lloyd George as presently
to occur at London—would be a step of at least doubtful propriety in law and of at least doubtful wisdom
politically. Since the announcement by the British
Premier there have been some indications of a
similar misgiving, even in England, where it had
been imagined that the demand for punishment of
the German War Lord was most insistent, and where
it was supposed that the people were resolved to hold
the Premier rigidly to his election-time pledge of
last December, that the trial would be held. Comment of the British press, this week, has rather
strongly suggested an afterthought to the effect that
the British Government, through the proposed undertaking, was risking an extremely awkward situation
for itself and the English people. We are inclined
to suspect that this sentiment will grow; and that
if, through Holland's refusal to surrender the royal
refugee or for some other cause, the plan of a trial
were to be abandoned, the eventual feeling would
be one of popular relief.
The legal difficulty has not been wholly one of
lack of precedent. That obstacle was itself formidable, especially in the eyes of Anglo-Saxon jurists
and lawyers—from whom, by the way, we do not
recall having seen a single voluntary approval of the
plan. In the two historic cases, the trial and 'execution of Chasles I. of England and Louis XVI. of
France, the indictment, the judges and the jury,
came from the subjects of the indicted monarch.
Even so, the verdict of history is wholly adverse to
the procedure in the case of Louis, and on strictly
legal grounds is preponderantly adverse to it in the
case of Charles. Yet the English State trial was at
any rate based on the allegation of deliberate breach
of a coronation oath, and the French State trial
on the allegation of treasonable communications with
the enemy powers for the purpose of destroying
the new French Republic.
Nothing analagous to either charge could occur
in the trial of William Hohenzollern on an indictment
brought,not by his own people, but by foreign Governments. To them William was under no contract,
except in so far as the treaty with Belgium was to
be so regarded. The Paris Conference has recognized this difficulty in explaining, in the text of the
treaty, that the trial and the penalty would be based
on crimes against civilization.
In this there is a certain appeal, both to the
imagination and to the sense of justice. The simple
prpposition that the responsible author of the greatest
international calamity in history should not be
113
allowed to go scot-free while his subordinates possibly
were being punished, has a sound of fairness. But
precisely at this point the question arises as to
justifiable procedure. Assuming that William was
deliberately responsible, at least as willing accessory
before the fact, for the violation of the Belgian
treaty, for the unlawful treatment of Belgian and
French civilians, for the submarine atrocities, and
assuming that, as crimes against civilization, these
offenses required the creation of new precedents and
the erection of new courts—what would then be the
natural inference as to the composition of the court?
Logic would say, a court which was truly representative of present-day civilization; and that, we
should suppose, would mean a court composed of
jurists selected from the neutral countries as well
as, or instead of, from the Allied countries lately
enemies of Germany. But Lloyd George announces
that the five judges will be named by the five leading
Entente belligerents. No suggestion has apparently
been made, and none seems to have been expected,
that countries such as Holland, Sweden or Switzerand should be represented in the court. For this
lthe reason may have been either that those Govern.
ments disapproved the trial of the Kaiser, or else
that it was feared their sympathy with Germany
or their fear of Germany, as the case might be,
would sway the judgment of their appointees so far
as to make them exonerate and acquit the Kaiser.
But if this is so, then the manner in which the court
is actually to be selected would by contrast suggest,
to the impartial mind, that the bench would be made
up of judges whose natural bent would be to condemn.
In any case, the fact cannot be escaped that William
would be tried by his enemies, and if condemned,
would be condemned by them.
This fact, which any high-minded jurist would
inevitably recognize, might have either of two very
different results. The unpleasant implication of
biassed judgment in advance might weigh so heavily
with the members of the court thus chosen as to
lead them actually to discriminate in favor of
the accused potentate, rather than incur the
odium of a pre-arranged sentence against him. Or,
if the verdict was severe and the punishment exemplary, it would never be wholly easy to convince
the German people and the neutral countries to-day,
or the impartial historian to-morrow, that the action
was not merely the yielding of judges, convinced
before the evidence was heard, to a popular demand
for a conspicuous victim. But that, as we know
from the sequel in some very similar historic instances,
is the way the tradition of political martyrdom is
created, with all that it implies.
We are quite aware that the Kaiser's case is
surrounded by some awkward difficulties, even
apart from the question of his offenses against law
and civilization. A deposed German Emperor resident in Holland, with an active faction in Germany
plotting for his return to power, might be a perpetual
menace to the peace of Europe. But it is not easy
to see how this difficulty could be escaped, even
after the Kaiser had been tried, if the court were to
acquit him, he would be even more free than before
to take up his residence where he chose. The
sentence, to be sure, might be death or perpetual
imprisonment in an actual prison. This result,
however, seems to be contemplated by nobody, and
if the sentence were banishment for life to some
modern St. Helena, then it is not to be forgotten
114
[VoL. 109.
THE CHRONICLE
INb
that distances will very soon be narrowed by the
achievement of the aviator, and that things which
were not possible in 1815 may be a matter of course
in 1925.
But back of all stands the fact of a possibly great
moral and political mistake by the Allies. Napoleon's
banishment to Elba in 1814 was in accordance with
terms laid down by the allies of that day and ac_.
cepted by Napoleon himself. His exile to St.
Helena, after his escape from Elba and the Hundred
Days, was made possible by the fact that he voluntarily surrendered himself prisoner of war to an
English naval officer, and that the French Government did not ask his return when peace had been
arranged.
Both incidents were entirely regular. It was
reserved in 1815 for the Prussian General Blucher
to propose that Napoleon should be tried by a courtmartial of the allied armies, and, when this met with
no favor, to insist that his own Prussian staff would
try "the Corsican" by a drumhead court-martial
of its own, and that the culprit would be shot by
Prussian soldiers. The demand was rejected with
much scorn by Wellington, and something of the
feeling which he must have had about the matter
survives, in more or less clearly formulated shape,
in the minds of a good many people to-day.
GENERAL PRICE FIXING URGED AGAIN.
In a special report going to Congress to-day the
Federal Trade Commission renews its recommendation of December 2 that an agency be "designated"
with which "producers of identified goods" who
desire fixed and maintained selling prices at retail
may file particulars, :and then this "disinterested
agency" would be charged with the duty of reviewing
terms of selling and prices, on complaint by any
dealer or consumer. As the members of this commission have always taken themselves seriously,
and undoubtedly would like more power (something
everybody in office naturally craves) and perhaps
feel chagrin that they are outranked at present by
other official bodies in respect to attracting attention,
they may assume that the proposed disinterested
agency would be found within their own office.
They express concern because producers of identified goods deserve protection in their intangible
property-right or good-will, persistently and expensively created; because an unlimited power to
fix and hold re-sale prices cannot, in their opinion,
"be made lawful with safety;" and because unrestrained price-cutting is against the public interest
by tending to impair or destroy the production of
useful merchandise. So they desire a common
ground where all rights may be fully and justly protected. They repeat their statement, certainly too
broad as they put it, that the Supreme Court has
made clear that price maintenance by a producer is
in restraint of trade and unlawful; and they wish to
have terminated what they deem the perplexing
situation under which "both price maintenance and
price-cutting under certain conditions are found to
be unfair." They think the legislation now asked
for a second time would accord with the spirit of the
times in designing "to promote the efficiency of
manufacturing and commercial institutions and so
to serve the interest of the consuming public."
They refer to the recent unanimous Supreme Court
decision in the Colgate case, as not legalizing contracts for price-maintenance, since in that case there
was no contract; yet they try to argue that if tha
decision sustains Koducers in refusing to sell to
recusant dealers it is not clear that such is not "an
unfair method of competition;" a device for trade
restraint which is neither "contract, combination,
nor conspiracy," does not (they admit) constitute a
violation of the Sherman Act though restraint of
trade may result. And then. follows this piece of
arguing, which is peculiar enough to justify copying:
"The enforcement of re-sale prices on goods in the
hands of distributors is identical in its effect upon
dealers and the public, whether it be accomplished
by contract, combination or conspiracy, or by some
other means. An unfair method of competition
within the meaning of Section 5 may involve the use
of contracts or the formation of combinations or
conspiracy, but neither of the three is necessary to
establish a method of competition; indeed, unfair
methods of competition do not ordinarily involve
such contracts or conspiracies. The effect of price
maintenance being the same, however accomplished,
it may well be urged that such a method of competition violates Section 5 of the Commission Act, since
it prevents distributors, wholesale and retail, from
engaging in price competition on such goods after
they have passed into their hands and deprives the
public of the benefits of competition in the distribution of all such goods. It might also be urged that
when price maintenance is approached from the
standpoint of an unfair method of competition regard
must be had to its effect when employed by many
manufacturers rather than when employed by one,
and that in this view it results in the elimination of
price competition in the distribution of a vast and
constantly increasing number of commodities of
common necessity."
It happens that on the same day that the Commission's report reached the press here the morning
journals contained advertisements by several department stores, by one exclusive Victor distributor,
and by the Victor company itself, announcing that
retail prices on records hitherto at or above $2 are
cut in half. The contest of that company with the
Macy store over these goods was the longest and
most skillfully waged of all. This change just now
is interesting and noteworthy, whether it be merely
a coincidence or has some other meaning.
As for the Commission's renewed recommendation,
it is what it was before: a broad and bold proposition
to set up a permanent fixing of all retail prices, for
although it ostensibly covers only "identified"
(i. e., distinctive) goods it would not stop with those
if it once started. We think it unnecessary to urge,
or even to mention anew, the objections to anything
and everything of this kind, and, indeed, any reader
who does not quickly visualize and protest against
such an attempt would not be much moved by argument against it. Suffice it, therefore, for the "Chronicle" to renew its conviction that any such thing is
intolerable and should be unthinkable, especially
in this over-strained and extra-critical time when
deep problems vex us and the chief task before us
is to unscramble so many things which emergency
has been allowed to bring together and tie into
a difficult tangle. Yet we do not think the Commission's plea will find many attentive ears in Congress.
That body is now burdened as probably never before
with tense and perplexing subjects, and only a very
loud appeal and a very moving situation can call it
from them or add anything more to them. Besides,
the attitude and disposition of Congress has changed.
It is now more inclined, we hope and believe, to
hesitate than to rush; to review the radical steps_of
•
JULY 12 1919.]
THE CHRONICLE
thejpastvfe_w years than tetake new onesihence to
belmordcautiousjabout setting up new commissions
and branting more "powers." If conservatism is
not/about ready to begin, radicalism seems at least
likely to encounter a halt.
115
equally true that when governments do enter a
compact to buy together, the result is more disastrous to those not in the compact than when individual buyers and sellers are free to go where the
market invites.
The so-called bane of "speculation" soon runs its
THE INEVITABLE LAW OF SUPPLY
course, aid defeats itself—in the meantime constituAND DEMAND.
ting a stimulus to production and trade that, in
Now that the peace treaty (including the League normal times at least, the world can ill afford to lose.
of Nations plan) has been formally signed, it is The demonstration is complete, we must hold from
natural that the people shall regard the performance the lesson of these past unusual years, that governas a long step toward the resumption of normal con- ments are not constituted to, meet the changing
ditions, here, and throughout the world. While requirements of trade even under a partial control,
the centre of world interest may seem to shift to that a time must come when all efforts by governthe U. S. Senate, an important preliminary of pro- ments in the direction of control (and operation)
gress has been accomplished. And it is reasonable fail and come to naught—and man finds himself
to believe• we shall soon see what course the ratifi- face to face with natural laws that are stronger
cation will take. It is to be noted that with the than statutes and that are broader than the scope
removal of governmental negotiations and operations of governments, laws man does not make, but laws
touching the vast questions involved, the activities which he fails to discern and obey at his peril.
of mankind, otherwise namea the commerce of the
It is true that governments may combine and
world, must go forward, upon some basis, under constitute themselves buyers—but when_they do they
some law, that is more nearly free from governmental are but one buyer and are compelled to seek the best
control and interference, albeit this resulted from market regardless of the effect upon friend or foe,
imperative need, than has prevailed for the past upon participants in the transactions or neutrals
five years. What other law can recur save the thereto. One of the great evils that ensue is that
natural law of supply and demand?
when a government becomes a dealer it changes
We find ample evidences of this fact. In a recent its nature, loses the majesty of protecting liberty
Federal Reserve Bulletin appears the following and justice, and becomes a huckster in the interstatement: " . . Numerous minor restrictions national marts. It must drive the best bargain; it
upon business have been eliminated during the cannot sacrifice opportunity without doubly sacrimonth just passed and it is probable that there is ficing a people. We shall have much argument and
to-day a greater degree of freedom of movement some legislation concerning national trade relations.
and lack of restriction upon trade throughout the And here we are reminded of a remark by Mr.
world than has existed for nearly five years past." Henry Davison in course of presenting his "deber,
"The restoration of business to a competitive ture" plan for selling to Europe: "The man who
basis necessarily implies the restoration of -our bank- thinks an economic Chinese *all can be built around
ing and financial mechanism to the exercise of its America lacks knowledge." As it appears the merit
normal functions in connection with the development of this trade plan centres around a ministerial credit
of trade . . . .7f
committee and the widespread popular distribution
Again, we find the U. S. Food Administration, of credits by means of "debentures," leaving the
declaring, in the course of a statement on pork seller and buyer to come into direct relations. And
prices and an apparent "vicious speculation in pork this, too, seems to demonstrate the limit of possiproducts" the following:"We are convinced that the bilities of what may be termed concerts for contracts,
present price level of products is'
one which the pro- leaving trade practically free to take its natural course
ducer is only getting part of the benefit, and it is according to wants and needs.
not in his interest in the long run for it will stifle
In short, while we are looking forward, while we
consumption and is already tending to stir up the are surmising as to the probable- course of trade
European governments to again take over the buy- events, while we are even striving to provide a
ing of pork products in the government's hands." better mechanism for this world-trade, the continents
"There is in the last few days the very insistent continue their inherent resources; the manners and
demand for the resumption of consolidated buying by customs of peoples, though changed, continue to be
goverments which would be a practical dictation an integral part of their social life; and the imperious
of prices in the United States. The present range energy of races, peoples, corporations and indiof prices of pork products in Europe is certainly viduals continues to draw and drive trade as before.
curtailing consumption in the Allied and neutral And reconstruction becomes resumption; and is a
countries, and active campaigns are going on in levelling process, reducing to normal by the unfailing
many parts to reduce the consumption of American law of value received. There is of course danger in
products by substitution of other fats." "We are letting go of "control" too suddenly. In a "ropeof course powerless to interfere in the matter either pulling" contest when one side suddenly lets go
to put down the present speculation or to prevent the other side falls by the mere force of the recoil.
action of European governments."
• But trade is saved by its variety, its freedom of
The significance of the latter statement lies in the action, and the limitations upon exchange set by
admission that though a part of the world's govern- peoples and continents. After a "swoon" the person
ments may act in concert, they cannot control prices must breathe consciously; and with trade men must
or the course of trade as these relate to those not first produce.
in the partial concert; and that competition either
Coming back then to the signing of the "treaty,"
in price, kind, or use, will inevitably ensue, unless there is hope and encouragement, and the beginning
the whole world shall become a close corporation for and begetting of confidence, in every step toward
trade which is manifestly impossible. It seems peace, under which alone trade can prosper, and we
116
THE CHRONICLE
[VOL. 109.
way credit. We need not take at its full face value
(he says) the opinion of financiers that good credit
requires a net income equal to at least 125% of the
sum needed to pay interest and "such dividends,
however great, as may be necessary to market new
stock"; but (he adds) we need not thus take this
opinion "to prove the serious disadvantages of private
railroad credit, especially under existing conditions."
Those are the very conditions we are all seeking to
change for the better, and to say that we cannot restore railway credit by returning to private control
because that credit is nil under existing conditions
is to run around a sinall argumentative circle. To
hold up credit and enable roads generally to attract
needed capital, he fears that private operation will
require a guaranty or a lift of rates "to a point where
earnings will be on a relatively higher level than ever
before." Then he pulls against himself by adding
that "a guaranty of dividends is a mongrel and unT LOREE'S AND COMMERCE COM- satisfactory arrangement." Entirely true; and he
PRESIDEN
immediately takes Mr. Root's position that "it would
MISSIONER EASTMAN'S VIEWS ON
THE RAILROAD PROBLEM.
impair whatever initiative private management may
'ameously, Mr. Joseph B. Eastman still possess," and that, if a guaranty is granted to
Almost simul
of Massachusetts, a member of the Inter-State Com- private corporations it will not and should not be
merce Commission, and President Loree of the Dela- long before complete and direct Governmental conware & Hudson road, offer propositions towards the trol follows.
Mr. Eastman deprecates rate increases, as having
settlement of the railway problem. Commissioner
continue in more far-reaching results than people realize, and he
Eastthan urges that the nation should
possession and control of the roads, in order "to thinks "the situation should not be tampered with."
secure the necessary capital at low cost; to avoid He thinks the Government has the stronger and
unduly high rates; to solve the problem of the 'weak' surer had for guiding, and in support of this view
roads; to obtain the operating advantages which makes the strange and half-cryptic remark that "the
come from unification; to promote right relations fact that further raising of rates could be more nearly
with labor." It is well to quote this compact state- avoided under national operation would in itself make
ment of five points, because there will be no dissent the labor situation less difficult, for advances in
among• intelligent men as to their being, per se, rates and wages are apt to go hand in hand." This
highly desirable and really the very objects to be last clause was not always true, but does appear to
accomplished. They state what we all want. At- be so, now. Does Mr. Eastman know exactly how
tain them, and the way of progress lies clear and wide many daughters the horse leech has, or when they
before us; men differ only upon the means for at- are satisfied, or at what stage in uplift railway employees who have learned that it is just a matter of
taining them.
nearly in demanding will reach content? It happens that the•
Mr. Eastman places them, also, very
the right order with respect to importance; but when official organ of the Trainmen's Brotherhood has, in
he proceeds to argue his method of attaining them its current issue, an editorial intimating that although
he not only stumbles upon more than one non railway workers have in the past demanded and obsequitur hut unconsciously argues against himself. tained wage increases and have not bothered themConcerning capital as indispensable to development, selves about rates they may now reflect that receipts
he is solidly right and uses language well in saying also must be worked up; the writer is firm in holding
(to the Senate committee whom he is addressing): that rates "should be increased to the extent that a
"As you know, our railroads are never finished, or, at living wage at least could be guaranteed to the lowestleast, ought not to be, and they require a steady paid classes of railroad employees." It is therefore
inflow of capital." Most true, but not so of the evident enough that the men are still looking upward.
Mr. Loree, on the other hand, suggests making the
next preceding sentence, that "in case of capital
operation has a clear and marked advantage Inter-State Commerce Commission wholly an adnational
of great public consequence." A few sentences judicating body, with the terms of office extended to
farther on, we come to this erroneous dictum: "With nine years after retirement of present members;
national operation the credit of the tJnited States is division of the country into five "Inter-State Comsquarely behind the roads, and it is certain that merce regions," with one member and one office in
capital can be obtained at low cost as and where each, leaving three to sit in Washington and from
needed, and without underwriting syndicates, com- that centre exercise the general powers; that the
missions, or bankers' profits." No; if for argument power of suspending rate advances pending inquiry
we assume continuance of the present status and the be abolished; that immediate judicial review of
present swelling deficits the country's credit might findings under the "Valuation" Act be provided for;
be inextricably "behind the roads," but capital could that the power to institute proceedings of its own
be had only in one or more of three ways: by using volition be taken from the Commission; and that
tax proceeds; by further issues of Government bonds; the Treasury be authorized to adjust and pay claims
or by a voluntary coming forward from private arising by omission or commission by Federal officers
during Federal control and on account of just comsources, induced by some form of "guaranty."
correctly, the pensation for the use of properties. We put these
Mr. Eastman next points out, quite
lepressed and present "impossible" condition of rail- suggestions together because they seem to us the
shall go on trading whether we have a League of
Nations or not. The danger is in an "economic
Chinese wall" here and elsewhere. And though we
cannot of course define the author's mind in the use
of this phrase it would seem to us that an "economic"
wall must have its origin and chief content in a
political or at least a politico-economic \ran. One
of the great benefactors of man, one of the greatest
promoters of trade, is credit. And how manifold
and marvellous has become the operation of credit.
A starving peasant in Europe, buying seed for his
wasted fields, through credit, can pay a prosperous
farmer of the Missouri valley grain belt for what he
buys and there be mutual benefits to each; and it
need not be an operation of government, save as
the latter comes to aid by its ministerial or service
power. And so trade, by natural laws, resumes,
and thus restores, and thus reconstructs.
JULY 12 1919.]
THE CHRONICLE
117
40.1
best of the number, and as showing some conformity thinking by Congressmen, the impending contest
to the "regional" thought underlying some previous over treaties threatens to cause more delay in seriousplans. The suggestion concerning the "valuation" ly taking up this great problem that must be taken
interests us as reviving the point of the uselessness up, and also may tend to interfere with the deep and
and impracticability of that scheme. Mr. Loree undistracted attention it needs. Yet all the more
• does not argue that, and we .do not stop to do so should the wisest and most experienced minds we have
anew, but he does say that such a judicial review is concentrate upon it.
already covered by the Act, yet unless it is soon
"GIVE A THOUGHT" TO THE FARMER.
attended to much of the evidence bearing upon it
.
may have disappeared. Quite so; and this strengthTo borrow our recent Broadway phrase, one of
ens the point the "Chronicle" has already made the most important of our present day consideraabout the futility of gathering statistical matter tions is that we "give a thought" to the American
which may have become obsolete and wrong before Farmer. In a recent issue we alluded to the "reconthe last of it is reached.
struction" that goes on continually according to the
-------> Mr. Loree's suggestions seem weakest when he perennial processes of Nature. Of these we may be
would extend the Commission's power to labor assured. But what of the conditions we have created
disputes, requiring just and reasonable employment above the harvests that are now beginning? Once
conditions; this is all the men want or demand or will this present "guaranty" is exhausted, what of the
ever demand, themselves being always the judges. future prices of grains that pour out of our great
And when the proposal follows that employees should interior valley? We have made them one thing at
be forbidden to conspire to interrupt Inter-State home by the sheer artificiality of Governmental
commerce and that strikes "should be permitted" power; they have been made an unusual figure by
only after a hearing by the Commission, one who the unparalled conditions induced by a tremendous
remembers the past (the second half of 1916, for war of woe and want. What will these prices be one
instance) feels like a gesture and a sigh of despair. and two years from now, with both of these influHe would have the Commission fix, for the country ences practically removed?
complete or for each commerce region, the "percentWe cannot conceive of the Government continuing
age by which existing rates ought generally to be its price-fixing on wheat and a "guaranty" thereon.
increased in order to meet expenses and provide Our view is that the principle of price-fixing by
proper revenues."
Government is wrong—but right or wrong, we canThere is, however, merit in his plan; it has experi- not conceive of a continuance of the present system.
ence behind it; and it does recognize the oppressive- At what figure pray would the Government of our
ness of the law under which the Commission has been country undertake to fix the price of the 1921 crop
acting. He would substitute for it a revised and of wheat? How long will the working people in
more rational law and scheme, and he seems to us congested cities and in non-wheat-producing disnearer soundness than Mr. Eastman. But is it not tricts be willing to eat high-priced bread according
a hopeless undertaking to found any effort at extrica- to present charges? It has always been a question
tion from the present tangle upon the Commission whether or not this particular war policy was "necesas an instrument? New cloth is not suitable for an sary" or even beneficial to the Farmer who at its
old garment, and what the Commission needs is inception so eagerly embraced it. But now, how
such new ideas of justice, reason and business sense are we to let go of this policy as far as the farmer is
and such an opening of vision to light, that if it is concerned, without making him the victim to an
to be continued at all it must be converted beyond excessive extent of the whole process of fixing war
risk of relapse. Any scheme for relieving the present prices?
situation which includes (certainly, which relies
It is very important. Agriculture lies at the base
upon) this discredited body seems to start with an of all prosperity and progress. With our immense
impairment.
area machinery is most important to full producWe may add that the Savings Banks Association tion. There are not a few instances showing farmers
of this State has adopted, through its executive to have lost this year's crop by reason of not being
committee, resolutions reciting the vast concern able to secure and use binders at the proper time.
of the savings bank depositors in the whole country Heavy headed wheat must be harvested when ready.
in this railway problem; they declare opposition to Two or even three weeks is a small time in which to
.ownership or control by Government or to any un- shock a billion bushel crop—to say nothing of storms,
necessary delay in return of the properties to their or the rusting of the grain once it is down. But in
owners, also "to the upheaval either of credit or of countries that will return with renewed energy to
business" by trying to "reassemble" the billions now their fields the human labor, though depleted, will
in railway securities "into the securities of larger be more directly applied to agricultural production,
railway companies"; they do not believe the present and a forseen consequence may be believed to be
Commission or any Governmental regulative body such intensive cultivation as will precede other
can or will successfully deal with this subject unless industrial revivals requiring more capital and time
Congress "prescribe a definite rule for rate-making," for reconstruction. So that foodstuffs will sooner
specifying the percentage return on the investment return to normal. And, as we know, shipping will
"and with provision made for such additional return be available. The law of supply and demand will
to the owners as shall preserve incentive." The operate to place the 1921 crop of wheat on a worldweight of this declaration is not impaired because market price. Allowing this to be larger than
the resolutions also unqualifiedly recommend enact- "before the war" price, the level would seem to be
ment of the plan of the associated owners, known as surely lower than at present.
the Warfield plan.
If we were to venture a "thought" in behalf of
It is most unhappy that after months of no pro- the farmer it would be general rather than specific,
gress, except some made, as we hope, in private and would be something like this—that in the recon=MP
118
THE.CHRONICLE..
(Vol,. 109.
struction processes to follow whatever they may be, Dakota is to be formed with its capital obtained from
ons
the American farmer be given the benefit of the lesson the Bale of bonds in $5 to $10,000 denominati
experiences. If he must inevi- Shade of Andrew Jackson! (3) Authorizing official
taught by his recent
tably in the era of peace and a "return to normal" newspapers; (4) judicial district system;(5) $100,000
tax comfall back to former dependence on the laws of immigration department; (6) single State
and (7) new State educational adminsupply and demand that control the commerce of missioner,
the world naturally, so should industry as a whole. istration.
A referendum has followed and by a strict rural
To subsidize shipping, to "protect" (in the old sense)
so-called in vote pitted against the cities the State has ratified
manufacture, and to uphold "labor"
will
its insatiable demand for high wages, and to pay all seven of the radical measures. The country
railroads more or less "returned" to watch with keen interest North Dakota try out her
the deficit of
of legal
owners, must be at the expense of agriculture, if in radical experiments with accompaniment
will be glad to know that it is North
truth it must return to a basis of world competition. tangles and
that is paying
Now we have no intention of suggesting a bounty Dakota and not. the whole country
for these experiments.
to the farmer. WQ are merely calling attention to
Elsewhere the Non-Partisan League has gained
an important fact and condition, that may cause
induce little political standing because its extremists offer
hardship, may work disaster, and may
and other
class division, in the future. It is a little thing a fertile field for the I. W. W., Bolsheviki
saving" has been done vicious agitators. The firm, just stand of Mayor
perhaps that "daylight
g in
away with—but it worked injury to the farmer who Ole Hansen of Seattle has been far-reachin
throughout the West. His
must work from "early morn till late at night" checking radicalism
organized
during the season when nature works most bounti- speaking tour has helped to convince honest
labor that alien agitators are its worst enemies, and
fully, and works all the time. And it gave excuse
for their acts.
to men to take advantage of his necessities in exacting that union leaders are responsible
has not been unduly Sympathetic strikes have failed at Seattle, Tacoma
onerous wages. The farmer
the
"favored" by this repeal, and perhaps no injustice and Butte, while across the border at Winnipeg
defeat after weeks of econhas been done to factory worker, or very little if any. one-big-union idea met
of the Socialist
The act illustrates means. To "give a thought" omic paralysis. The wild statements
Eastman demanding the release of Mooney
to the American farmer, is not to injure anyone— Max
it is to "reconstruct" around him, by thinking of and Debbs convinced many of his folly. Raymond
s with the
him as the base of all things, while attention is being Robins with his first hand experience
He is Russian soviet has answered the wild ideas of exgiven to the other great divisions of industry.
first in importance and should not be last in thought. tremists in his audiences, and shown the greatness
of our American institutions.
Still agitators are at work, rumors of soviets being
OUR LABORATORY OF GOVERNMENT IDEAS.
formed and all this wild talk is making the GovernDenver, July 1 1919
firmness of
The West is called the laboratory where new ideas ment and public men recognize that
action is imperative. But the sober second thought
in popular government are tried out. The Populists
West
sprang up in Kansas and died no too early a death. that comes up here and there throughout the
of various may be summed up in this slogan: "America for
Wisconsin came forward with regulation
affairs of public concern that have proved of sug- Americans and Americans for the World."
gestive value to other States. Oregon started the
IVE
initiative, referendum, recall and direct primary CANADIAN FINANCES AND PROSPECT
RETIREMENT OF SIR THOMAS WHITE.
which have yielded the country little. Both big
Ottawa, Canada, July 111919.
political parties in some Western States consider
Thomas White, who has guided Canada's
convenSir
abolishing party primaries and returning to
tion nomination to avoid friction between factions financial bark through strange seas since 1911, quits
the Ministry of Finance within a few weeks to
in the party.
t the Des Moines plan extended engage in private business in Toronto. Sir Thomas
In city governmen
the Galveston idea that was born of the calamity has been a newspaper reporter, an assessment comof the great storm. With variations it succeeded missioner and manager of a trust company. His
in those cities that elected able commissioners. successor in public office probably will be the Minister
Where incompetent men held office it was a signal of the Interior, Hon. Arthur Meighen, who, while
failure, as was the case in Denver. Pueblo, Colo., excused from the merciless problems of a war-time
exchequer, must accept a legacy of increasing debt,
even took a flyer in single tax only to discard it.
of stage with its falling customs dues, and social disquiet. The
Now North Dakota has centre
Non-Partisan League that gained an unenviable landling of Canada's financial affairs during the next
position during the war for its pacifism;—obstruc- five years will constitute a task unmatched by any
tion to the draft and prosecution of the war by some other department of the Dominion's Government.
For the current year the estimates of Canadian
of its leaders who have been indicted. Here the
new order of expenditure include $300,000,000 for demobilization
league is composed of farmers—a
Populists—with whom democracy is an intensely and $320,000,000 for ordinary expenditure. Revenue
local and partisan affair. They are not proletarian, is expected to total $280,000,000 and the balance
but land-owners who employ labor—bourgeois in will be obtained by floating another national loan.
control of the State government and legislature and The financial cost of the war up to March 31 was
so were able to push through seven of the most radical $1,327,273,000. The country has paid more than
measures any State of the Union has ever enacted. $438,000,000 of war costs out of revenue since 1914.
(1) They wanted State elevators and flour mills, Less than $70,000,000 of surplus revenue over
therefore an industrial commission to manage public ordinary expenditure will be forthcoming this year
utilities. (2) To finance them, the Bank of North as an offset to war expense; this indicates how, with-
JULY 12 1919.]
119
THE CHRONICLE
- out resort to lieiv sources of taxation, Canada must sponding month 'last year
depend upon large-scale borrowings for a long time
to • come. Probably against his inclinations as a
cautious financier, Sir Thomas White was obliged to
compromise on tariff reductions which will mean a
loss in revenue of $25,000,000 this year. Unless
income tax returns are more thoroughly collected,
the added percentages on persohal earnings in 1919
fiscal year will fall far short of equalling the deficit.
Contrary to expectation, the business profits tax
remains in force, covering accounting periods ending
on or before Dec. 31 1919.
As far as may be learned from trade opinions, the
concessions made to the agricultural community will
not be seriously noticed for quite a time to come.
The repeal of the 5% addition to the British preferential tariff is more or less inoperative until shipping
conditions between Canadian and British ports are
restored to normal. The other chief reduction of
applying to the intermediate
the war tax of
and general tariff, covers foodstuffs, linen and
cotton clothing, hats, caps, hoods and bonnets,
gloves and mitts, hides, skins, harness and saddlery,
agricultural implements, petroleum, oils, mining
machinery and bituminous coal.
_ This concession, however, under the present handicaps of Canadian purchasing power, will mean no
increase in imports, rather the opposite. It may be
different, however, with the agricultural implements,
such as cultivators, harrows, rakes, drills, which are
2
relieved of 123/% customs dues; plows and farm
engines, which will pay 173/ rather than 27%
2
%
duty; and hay loaders, fodder and food cutters and
farm wagons, &c., from which an impost of 123/
2%
is lifted. As an antidote to Western importation
of U. S. farm machinery, the Government will
stimulate Canadian price reductions by arranging to
secure lower freight rates in return for cheaper
bituminous coal. Thus, Eastern Canada implement
makers will be able it is calculated to lay down
their goods in Regina or Calgary as cheaply as the
Illinois manufacturer.
RAILROAD GROSS AND NET EARNINGS FOR
V.
MAY
There is no change in the characte'r of the returns
of earnings of •United States railroads. Under
Government operation mounting expenses still continue the most striking feature of the returns, notwithstanding the confident expectation early in the
year that as the months progressed this feature of
the exhibits would be greatly modified for the better
under the development of operating efficiency which
has been so sadly lacking since Government assumed
control of the carriers. There seems to be no way
of restoring the old time discipline among the employees, and the morale of the force is apparently
utterly gone. Thus it happens that the increases in
expenses are far outrunning the gains in gross earings, with the result of producing heavy losses in
the net earnings. The unfavorable character of
the exhibits is emphasized by reason of the fact that
the present year's shrinkage in the net comes on top
of a similar loss last year when, as in 1919, the roads
were under Government control,and gains in gross
revenues were falling far short of the augmentation
in expenses; at that time, too, wage increases had
not yet begun to play a part in the results.
Our compilation this time covers the month of
May and the showing as compared with the corre-
epitomiied by
saying that while there was an increase of $35,132,305 in the gross earnings, or 9.29%, this was
attended by an augmentation of no less than $69,091,093 in the expense accounts, or 20.67%, leaving
the net earnings smaller in amount of $33,958,788—
a shrinkage of nearly 37%, or to be exact, 36.81%,
as will be seen by the following:
May.
201 Roads.
Miles of road
Gross earnings
Operating expenses
Net earnings
(+)or Dec.(—).
Amount.
%
Inc.
1919.
1918.
234,339
233,931
$413,190,468 $378,058,163
354,897,219
285,806,126
$58,293,249
—408 0.17
+$35,132,305 9.29
+69,091,093 20.67
$92,252,037 —$33,958,788 36.81
As already stated, added significance attaches to
this loss in net as it follows a considerable loss in the
same item last year. For May 1918 our compilations
registered $31,773,655 increase in gross accompanied
by $46,232,679 addition to expenses, leaving the net
diminished by $14,459,024. For the two years
combined therefore the, loss in net for this single
month has been $48,417,812 in face of an increase
in gross earnings of $66,905,960. Expenses in the
two years for this month have run up $115,323,772.
Even prior to 1918 rising expenses had been a feature
of the returns, though of course not to anywhere
near the extent which has developed since under the
complete destruction of discipline in the operating
force. Thus in May 1917 our compilation recorded
$45,692,063 gain in gross, of which $42,167,345 was
consumed by higher expenses, but at least this still left
a small gain in net, namely $3,524,718. If we carry
the comparison further back we perceive that in
May 1916 the results were very gratifying, there
having then been $63,448,411 gain in the gross and
$33,806,935 gain in the net. Also, the year before
(1915) there had been substantial improvement
at least in the net for May; this, though, represented merely a recovery, and not a full recovery
at that, of the loss sustained the year before (1914).
In the gross the increase in 1915 was slight, being
only $1,324,785, or a fraction of 1%, but in the net
the gain was no less than $14,619,397, or 25%,
the railroads at that time having practiced, as a
matter of necessity, rigid curtailment of their expense accounts. On the other hand, in May 1914
the loss was heavy in both gross and net—$26,007,920, or 9.73%, in the gross and $15,756,870, or
21.47%, in the net. In May 1913 the roads added
$30,616,063 to their gross, but only $7,172,397 to
the net. In the year preceding (1912) many unfavorable conditions existed, including, among others, an overflow of the Mississippi River of serious
proportions, and suspension of mining for most of
the month in the anthracite coal regions and also
larger or smaller suspension in many sections of the
bituminous coal region. As a result, our compilations for May 1912 recorded an increase of no more
than $6,044,698 in gross, with a loss in net of $2,452,666. In May 1911 there was a loss in both
gross and net—$4,624,078 in gross and $1,695,071
in net.
In May 1910 the improvement in gross was satisfactory enough, it reaching $31,983,394, or 16.25%,
but $26,756,567 of the amount was consumed by
augmented expenses, cutting the gain in net to only
$5,226,827, or 8.06%. In May 1909, while there
was an increase of $26,226,645 in gross and of $14,901,120 in net, this was without special significance,
since it followed a tremendous shrinkage in revenues
in the year preceding,1908,(due to the panic of 1907)
the gain thus simply representing a recovery of the
THE CHRONICLE
120
previous year's loss: In the following we show the
May comparisons for each year back to 1906. We
give the results just as registered by our own tables
each year, but in 1908 and prior years a portion of
the railroad mileage of the country was always unrepresented in the totals, owing to the refusal of
some of the roads to furnish monthly figures for
publication.
Net Earnings.
Gross Earnings.
Year.
Increase or
Year
Preceding. Decrease.
Year
Given.
Increase or
Year
Preceding. Decrease.
3
$
$
$
$
May.
$
1906 ___ 115,304,506 105,787,062 +9,517,444 34,414,213 30,946,848 +3,467,365
1907 ___ 144,267,76 121,074,984 +23,192,77 43,765,83 37,319,29 +6,446,546
38,537,942 38,076,927 50,922,67 -12,845,751
1908 ___ 133,680,55 172,2
9 ___ 198,826,686 170,600,0411+26,226,64 64,690,921 49,789,80 +14,901,120
1910 -__ 230,033,384 198,049,99 +31,983,394 70,084,17 64,857,343 +5,226,827
1911 ___ 226,442,818231.066,8961-4,624,078 69,173,574 70,868,645 -1,695,071
1912 ___ 232 229 36 226,184,666 +6,044,698 66,035,597 68,488,263 -2,452,666
1913 ___ 263,496,033232,879,97 +30,616,083 73,672,313 68,499,916 +7,172,307
1914 ___ 239,427,102265,435,022-26,007.92157,628,76 73,385,635-i5,756,870
1915 ___ 244,692,738243,367,953 +1,324.78 71,958,563 57,339,1661+14,619,397
1916 .....308,029,096244.580,685 +63,448,411105,598,25 71,791,320+33,806,935
1917 ___ 353,825,032308,132,969 +45,692,063 109,307,435 105,782,717 +3,524,718
1918 ___ 374,237,097342,463,442 +31,773,65 91,995,194 106,454,218-14,459,024
1919 ___ 413,190,468378,058,163 +35,132,30 58,293,249 92,252,037 33,958,788
Note.
-Includes for May 96 roads in 1906, 92 in 1907; in 1908 the returns were
based on 153,310 miles of road; in 1909, 220,514; in 1910, 229,345; in 1911, 236,230:
in 1912, 235,410;in 1913.239,445;in 1914,246,070;In 1915, 247,747;in 1916,248,006
In 1917, 248,312; in 1918, 230,355; in 1919, 233,931. Neither the Mexican roads
nor the coal-mining operations of the anthracite coal roads are included in any
of these totals.
All sections of the country and all classes of roads
are alike in reflecting continued growth in expenses
and steadily mounting operating costs. It is almost
superfluous to say therefore that as far as the separate
roads are concerned the showing is precisely the
same as in the case of the general totals. The list
of the gains in the gross is a long one, with only a
limited number of losses. Contrariwise, in the net
the list of losses is a very long one, with only a limited
number of gains. The decreases in the gross come
in the main from anthracite carriers like the Philadelphia & Reading, the Central Railroad of New
Jersey, &c., and from a few bituminous coal roads
like the Pittsburgh & Lake Erie, the Buffalo Rochester & Pittsburgh and the Norfolk & Western. The
shrinkage here is not difficult to understand. Coal
mining the present year after a mild winter was on
a greatly reduced scale, especially as compared with
a year ago when after the severest winter on record
the country was still engaged actively in war and
every effort was made to stimulate the coal output
to the utmost possible limits.
Aside from roads such as those mentioned, on
which the coal traffic constitutes a predominant portion of the total traffic, gains in gross earnings have
everywhere been the rule. Many of these gains,
too, are of large magnitude. Nevertheless they
have in the great majority of instances been attended
by a falling off in net earnings because of the tremendous rise in the expenses. The Pennsylvania
Railroad furnishes a typical instance of the kind.
On the lines directly operated East and West of
Pittsburgh, with $2,590,746 addition to gross, there
is a loss on the Pennsylvania System of no less than
$5,347,255 in the net. The New York Central
(not including the auxiliary and controlled roads)
though having added $1,540,729 to gross, falls $2,027,677 behind in the net. The Southern Pacific
with $2,001,374 increase in gross reports $1,634,983
loss in net. The Atchison Topeka & Santa Fe with
$1,140,790 increase in gross suffers $2,188,979 loss
in net and the Northern Pacific with a moderate
gain in gross ($314,274) reports net decreased $1,133,233.
With the exception of the Atchison and one or
two other large systems in the same section, Southwestern roads generally give a better account of
themselves than most others. And that seems
particularly true in the case of the roads that are
getting special benefits from the oil developments
in Northern Texas and surrounding territory. The
Texas Pacific increased its gross earnings for the
month $1,049,619 or over50% and managed to carry
$185,277 of this forward as a gain in the net. The
(VoL. 109.
Colorado Southern has only $73,109 gain in gross
and this was attended by a $176,989 loss in net,.but
on the other hand, on its controlled line in Texas,
namely the Fort Worth & Denver City, there is
$335,548 increase in gross (or over 60%) and $185,068 of this was saved for the net. The St.Louis-San
Franciseo added $477,719 to gross and while this
was attended by a shrinkage in net the loss was very
slight-only $2,343.
Among the few roads reporting substantial increases in net, for special reasons of their own the
This
Duluth Missabe & Northern stands foremost. '
is an ore carrying road, which evidently got the benefit of the mild winter, and with $1,042,339 increase
in gross is able to show $1,000,826 increase in net.
In a similar manner the Soo road has added $1,324,778 to gross and $611,867 to net. The Great
Northern and the Burlington & Quincy are also able
to show gains in net as well as in gross. In the following we bring together all the changes for the
separate roads for amounts in excess of $100,000,
whether increases or decreases, and in both gross
and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN MAY.
Increases •
Increases.
$244,123
a$2,590,746 Central of Georgia
Pennsylvania (3)
231,57
Internat'l & Great North
Chicago Milw 49z St Paul_ 2,232,820
228,83
Chicago & North Western 2,132,889 Minneapolis & St Louis_
Southern Pacific (8)_ _ _ _ 2,001,374 Chicago Great Western.._
205,389
81,540,729 Central New England__ _
New York Central
204,344
1,402,964 Alabama Great Southern
Baltimore & Ohio
198,513
Union Pacific(3)1,377,901 Western Pacific
193,691
Minn St Paul & S S M.... 1,324,778 New On Tex & Mex (3)..
188,450
1,323,426 Missouri Kansas & Texas
Great Northern
187,076
1,288,794 Denver & Rio Grande__ _
Chicago Burl & Quincy
182,718
Atch Top & Santa Fe (3) 1,140,790 N Y Ontario & Western
176,739
Louisville & Nashville..
1,111,0133 Chicago Ind & Louisville
163,025
1,100.017 Atlantic City
Erie (2)
147,233
1,049,619 St Louis Southwest'n (2)
Texas & Pacific
133,499
Dul Missabe & Northern 1,042,339 Wheeling & Lake Erie__
127,746
IllinoisCentral
1.020,120 Atlanta 131= & Atlantic..
124,922
948,120 Carolina Clinch & Ohio_
Chic R I & Pacific (2)_ ....
113,901
915,799 Southern Railway
Michigan Central
105,730
Atlantic Coast Line
791,589 Rich Fred & Potomac_ _ _
103,194
774,924 Northwestern Pacific_ _ _
Chesapeake & Ohio
101,480
653,775 San Antonio & Aran Pass
Mo Kan & Tex of Texas..
623,235
Delaware Lack & West
Representing 84 roads
538,957
Wabash
in our compilation.._$38,436.185
532,733
St Louis-San Fran (3)....Decreases.
445,656
Long Island
445,480 Philadelphia & Reading.. $858,736
Missouri Pacific
689,465
426,358 Pittsburgh & Lake Erie_
Grand Trunk Western
647,132
408,657 Norfolk &, Western
Colorado & Southern (2)
489,936
:,
111 725 Buffalo Roch & Plash
N Y N II & Hartford_ _ 261,318
Central R. of NewJersey
Pero Marquette
234,316
379,564 Bingham & Garfield_ __ _
Yazoo & Mississippi Vall
157,994
366,242 Lehigh Valley
Chic St Paul Minn & Om
132,678
331,457 Monongahela Connecting
Chicago & Alton
124,163
319,736 Spokane Portl & Seattle_
Seaboard Air Line
118,318
317,524 South Buffalo
Cleve Chi Chic & St Louis
112,268
314,274 Toledo St Louis & West..
Northern Pacific
312,557
Bessemer & Lake Erie_ _ _
Representing 11 roads
282,499
Los Angeles & Salt Lake..
in our compilation__ $4,026,324
281,125
N Y Chicago & St Louis_
-All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania Rli, together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $948,182 increase, the Pennsylvania Company
$1,361,922 increase and the P. C. C. & St. L. $280.642 increase.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the whole going to form the
New 'York Central System, the result is a gain of $2,122,135.
PRINCIPAL CHANGES IN NET EARNINGS IN MAY.
Decreases.
Increases.
$366,934
Duluth Missabe & North $1,000,826 Chicago & East Illinois__
356,025
611,867 , Chicago & North West__
Minn St Paul & S S M__
343,825
602,155'Chicago Milw & St Paul_
Erie (2)
318,540
429,165 Michigan Central
Great Northern
382,804
342,009 Cinc New On & Tex Pac
Grand Trunk Western.._
272,496
310,520 Cloy Cin Chic & St Louis
Chicago Burl & Quincy....
242,577
185,277 Maine Central
Texas & Pacific
222,444
138,869 Nashv Chatt & St Louis..
N Y Ontario & Western..
221,293
129,051 Kansas City Southern.._
Bessemer & Lake Erie.._
220,168
103,002 Mobile & Ohio
Atlantic City
219,321
102.174 Internat & Great North..
Yazoo & Mississippi Vail
213,449
Spokane Portl & Seattle..
' 'Elgin Joliet & Eastern.....
207,517
Representing 12 roads
195,851
in our compilation
$3,954.915 Chicago Great Western_ 190,747
Bingham & Garfield..
184,590
Decreases. N Y Phila & Norfolk_ __ ..
183,440
a$5,347,255 Toledo St Louis & West..
Pennsylvania (3)
176,243
2,473,431 Lake Erie & Western..___
Southern Railway
161,749
Atch Top & Santa Fe (3) 2,188,979 Chicago & Alton
158,056
82,027,677 Wabash
New York Central
157,621
Southern Pacific (8)____ 1,634,083 Central Vermont
155,236
Philadelphia & Reading.. 1,236,868 Missouri Kansas & Texas
151,113
1,225,071 Long Island
Lehigh Valley
145,186
Pittsburgh & Lake Erie.. 1,153,492 Florida East Coast
136,804
1,133,233 Or Trk Lines in New Eng
Northern Pacific
128,325
1,096.048 Cumberland Valley
Union Pacific (3)
123,992
1,085,674 Pere Marquette
Norfolk & Western
121,121
Central RR of NewJersey '1,023,927 Detroit Toledo & Ironton
117,733
955.695 Western Maryland
Boston & Maine
109,433
924,960 New Orleans & Northeast
N Y N II & Hartford__
109,148
827,129 Kanawha & Michigan_
Louisville & Nashville__ _
108,370
815,659 Tennessee Central
Chicago R I & Pacific (2)
105,264
738,594 Los Angeles & Salt Lake
Baltimore & Ohio
103,545
Seaboard Air Line
682,795 West Jersey & Sea Shore
103,496
Atlantic Coast Line
570,138 Illinois Central
497,034
Missouri Pacific
Representing 71 roads
Buffalo Roch & Pittsb_
426,262
in our compilation_ _835,147,022
Delaware Lack & West
367,562
a This is the result for the Pennsylvania lilt., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the
Pennsylvania RR. reporting $3,818,322 decrease, the Pennsylvania Company $182,631 decrease and the 1'. C. C. & St. L. 81.366.302 decrease.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central. the "Big Four," &c., the result is a loss of $4,111.236.
121
THE CHRONICLE
JULY 12 1919.]
When the roads are arranged in groups or geographical divisions according to their location, it is
found that every group records an increase in gross,
but also every group, without any exception, a loss
in net, indicating how common and general has been
the feature of increased operating expenses. Our
summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earnings
1918.
Inc.(+) or Dec•(-).
1910.
Section or Group.
s
May.
17,088,742
Group 1(8 roads), New England
113,000,055
Group 2 (37 roads), East & Middle
51,601,987
Group 3(20 roads), Middle West
56,004,329
Groups 4 & 5 (36 roads), Southern
Groups 6 & 7(30 roads), Northwest_- 89,563,869
.
Groups 8 & 9(49 roads), Southwest _ _ 62,543,304
Group 10(12 roads), Pacific Coast _ _ _ _ 23,388,182
10,713,463
+375,279 2.25
108,389,797 +4,610,258 4.27
47,015,574 +4,586,413 9.86
51,858,652 +4,145,677 7.99
76,784,654 +12,779,215 16.64
55,844,556 +6,698,748 11.99
21,451,467 +1,936,715 9.03
413,190,468 878,058,163 +35,132,305 9.21
Net Earnings
1918.
-Mileage- 1919.
Inc.(+) or Dec.(-).
1918.
$
1910.
May.
862,953 3,470,802 -2,607,849 75.14
7,329
7,302
Group No. 1
12,825,569 24,056,264 -11,230,095 46.68
28,946 28,635
Group No. 2
21,775 21,804 7,864,871 11,715,128 -3,850,257 32.87
Group No. 3
Groups Nos. 4 & 5_ _ _ _ 38,725 38,782 7,777,494 15,038,393 -7,260,899 48.2$
66,528 66,569 14,821,725 16,203,511 -1,381,786 8.53
Groups Nos. 6 & 7
54,184 54,717 9,277,223 14,489,037 -5,211,814 35.97
Groups Nos. 8 & 9_
16,471 16,503 4,863,414 7,278,902 -2,415,488 33.18
Group No. 10
Total (201 roads)
233,931 234,339 58,293,249 92,252,037 -33,958,788 36.81
Total
-Group I. includes all of the New England States.
NOTE.
Group II, includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana: all of Michigan except the northern
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX.combine:1 include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
As regards the Western livestock inO.Cremen-t the
receipts for the even month at the Union Stockyards
of Omaha were only 8,586 carloads for the even
month in 1919, against 9,460 cars in May 1918, but
the receipts at Kansas City 10,258 carloads against
9,721 and at Chicago 21,489 cars, against 21,015.
The cotton movement in the South, as already
stated, ran somewhat heavier than in May last year.
The shipments overland were only 211,847 bales,
against 285,394 bales,but the receipts at the Southern
outports aggregated 471,251 bales for the even month
in 1919 against 218,315 bales in May 1918 and
251,343 bales in 1917, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1919, 1918 AND 1917.
May.
Ports.
1918.
1919.
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, &c
Total
bales- 154,029
15,764
141,137
7,937
635
70,759
18,000
19,288
Since Jan. 1.
I
37,564
10,389
92,106
3,021
6,200
44,910
10,000
3,944
1917. I 1919.
,
91,845 729,697
89,030
6,689
81,892 638,934
57,082
5,279
7,465
850
20,880 341,999
33,230
9,170
73,211
3,783
I._
14,348; 3,363
550
29,249 6,818 30,124
105
281
1
52,775
136,182
866
1918. 1
1917.
483,1671 753,025
71,474' 60,673
667,737 416,398
22,915
31,872
24,333
19,987
367,717 114,428
44,670
37,100
33,988
43,998
32,892
100,788
3,033
8,605
154,734
3,099
471,251 218,315 251,343 2,160,471 1,859,767 1,636,778
Oftrrent pleas and
giStittifii.OTIS
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
We have already indicated that as far as the volume
The usual offering of ninety-day British Treasury bills
of traffic is concerned there was in May 1919 a large was disposed of this week by J. P. Morgan & Co. on a disdiminution in the shipments of coal. In the move- count bases of 5/%., the rate recently prevailing. The
bills are dated Monday, July 7.
leading staples, Western
roads appear
ment of the
to have had the advantage of a larger grain movement and slightly increased live stock movement and
Southern roads the benefit of a somewhat larger
cotton movement. The gain in the Western grain
receipts was in wheat, barley and rye, the movement
of corn and oats having fallen off. For the five
weeks ending May 31 the receipts of wheat at the
Western primary markets were 13,481,000 bushels,
against only 7,604,000 bushels last year, the receipts
of barley 8,982,000 bushels, against 3,761,000 and
the receipts of rye 4,807,000 bushels, against 661,000.
On the other hand, the receipts of corn were only.
12,153,000 bushels, against 19,431,000 and the receipts of oats 19,744,000 bushels, against 21,787,000.
For the five cereals combined the aggregate of the
receipts for the five weeks this year was 59,167,000
bushels, against 53,244,000 bushels in 1918. The
details of the Western grain movement in our usual
form are shown in the table we now present.
WESTERN
Wheat.
Flour.
Five Weeks
(bush.)
end. May 31. (0815.)
Chicago
996,000 1,034,000
1919
207,000
1918
742,000
AilL waukee277,000
92,000
1919
88,000
77,000
1918
St. Louis
359,000 2,480,000
1919
330,000
351,000
1918
Toledo
498,000
1919
114,000
1918
Detroit
7,000
107,000
1919
18,000
1918
Cleveland
85,000
1919
74,000
62,000
1918
Peoria
135,000
419,000
1919
155,000
56,000
1918
Duluth
996,000
1919
86,000
1918
Minneapolis
5,492,000
1919
5,646,000
1918
Kansas Ctly23,000 1,070,000
1919
329,000
1918
Omaha & Indianapolis
392,000
1919
646,000
1918
Total of All
1,896,000 13,481,000
1919
1,377,000 7,604,000
1918
GRAIN RECEIPTS.
Corn.
Oats.
(bush.)
(bush.)
4,670,000
6,760,000
Barley.
(bush.)
Rye.
(bush.)
6,763,000 2,422,000
10,339,000 1,426,000
495,000
154,000
440,000
389,000
2,243,000
1,868,000
2,042,000
568,000
428,000
83,000
1,117,000
1,887,000
3,064,000
2,595,000
80,000
61,000
45,000
5,000
90,000
238,000
546,000
423,000
273,000
205,000
321,000
76,000
114,000
255,000
588,000
10,000
3,000
1,045,000
3,134,000
519,000
1,229,000
102,000
76,000
11,000
28,000
ACCEPTANCE CREDIT FOR CZECHO-SLOVAKIA.
It is reported that arrangement are being perfected for the
extension of an acceptance credit of $25,000,000 to CzechoSlovakia by a syndicate composed of the Central-Union
Trust Company of this city, the Chase National Bank and
the Guaranty Trust Company. Thus far, it is stated,
$6,300,000 has already been arranged, the three banks having
each taken $2,100,000 of the bills. They wsll be for a period
of 90 days and the Federal Reserve Board has ruled that
they will be eligible for re-discount at the Reserve banks.
The loan is guaranteed by the Czecho-Slovakian Government. The borrowing institutions are the Trade Bank of
Prague, the Bohemian Industrial Bank, the Prague Credit
Bank, the Central Bank of Czech Savings Banks, the Moravian Union Agricultural and Industrial Bank and the
Agrarian Bank in Prague. The proceeds of this credit will
be used it is stated in the purchase of commodities in this
country, principally cotton.
20,000
85,000
352,000
NEW CREDIT TO CZECHO-SLOVAKIA:
A new credit of $5,000,000 was granted by the United
States Treasury on July8 to Czecho-Slovakia,making a total
of $55,330,000 credited to that country, and increasing the
total credits established in favor of all the Allies up to
$9,459,525,981.
73,000
98,000
379,000 2,559,000
15,000
183,000
ARRANGEMENTS FOR PAYMENT OF GOLD NOTES OF
AMERICAN FOREIGN SECURITIES COMPANY.
Announcement that arrangements had been made for the
payment at maturity, on Aug. 1, of the $94,500,000 threeyear 5% gold notes of the American Foreign Securities Co.
was issued as follows by the company on July 9:
2,000
The American Foreign Securities Co. announces that provision has been
made for the payment at maturity of all its outstanding notes which fall
due on Aug. 1. These notes are payable in dollars in New York, at the
office of J. P. Morgan & Co., and arrangements for such payment were
completed several months ago.
12,153,000 19,744,000 8,982,000 4,807,000
661,000
19,431,000 21,787,000 3,761,000
The company was formed in July 1916, the notes being
issued at that time in pursuance of plans for the extension of
a loan of $100,000,000 to France. Details of this were
given in these columns July 22 1916.
.
476,000
878,000
1,839,000 3,957,000 1,267,000
353,000
1,541,000 1,161,000
1,354,000
2,384,000
1,383,000
1,170,000
2,800,000
3,295,000
2,854,000
1,615,000
122
THE CHRONICLE
FALL OF GERMAN MARK.
Supplementing our reference last week (page 24) to the
rise and fall of the German mark, we quote the following
cablegram from Berne, July 9, appearing in the daily papers
yesterday:
German exchange here, which in a fewFdays after the signing of the Peace
Treaty rose from 35 francs for 100 marks to 51 francs, has lost most of the
gain, and 100 marks now are quoted at 37 francs.
Austrian crowns, after a similar brief recovery, dropped from 21 francs
for 100 crowns to 17 francs. al It-ipt
DETAILS OF BRITISH LOAN OFFERINGS—VICTORY
BONDS AND FUNDING LOAN.
Details of the terms upon which the new British Loans
are being offered have been made available in advertisements
appearing in the London financial papers, which have just
come to hand. Subscriptions to the respective issues—the
4% Funding Loan and the 4% Victory Bonds—were opened
June 16 and will be received until July 12. Previous reference to the proposed loans appeared in these columns June
14 page 2383. The Victory Bonds will be issued at 85%
and will be redeemable at par by a cumulative sinking fund
operating by means of annual drawings commencing Sept.
1 1920. The bonds are payable in full upon allotment, or
in instalments extending to January 1920. The 4% Funding Loan, 1960-90, will be issued at 80%. It will be fedeemable within 71 years by means of a sinking fund, and the
arrangement as to payment for subscriptions is similar to
that provided for in the case of the Victory Bonds. For
both loans the Government will set aside half-yearly 231% of
the nominal amount issued, 2% of which willibe for interest
and the balance for the sinking fund which will be applied
to the drawings of Victory bonds by lot, and in the case of
the Funding loan will be applied to purchase for cancellation
if the price is under par. If the price is over par:the money
will be invested to redeem the loan at par in 1990 or any
time after May, 1960, on three months' notice. The
amount of both loans is unlimited. The Victory bonds are
expected to be popular because of the possibility of a bonus
of 15% in any year through drawings at par. Victory
.bonds will be accepted as cash at par value in payment of
death duties if held for six months preceding death. The
funding loan will be similarly accepted but at a value of
80%. Bonds and stock held by non-residents in Great
Britain will be exempt from British income tax. The
existing loans convertible into the new loans are Treasury
bills,43/2% war loan,5 and 6% exchequer bonds and National
war bonds, first three series. The prospectus of the new
issues is given as follows in the "London Financial News."
of June 13.
ISSUE OF 4% FUNDING LOAN, 1960-90.
Redeemable within 71 years by means of a sinking fund.
Interest payable half
-yearly on May 1 and Nov. 1.
A first dividend as follows will be paid on Nov. 1 1919:
"Fully-Paid "Installment
On Allotments appliedfor— Allotment." Allotment."
On or before June 21
.C1:9:2%
£0:2:3
On each complete
From June 23 to June 28_ _ _ _ £1:7:7%
£0:1:6
£1,000 in allotFrom June 30 to July 5
£0:0:9
ments of £1,000
£1:6:1%
From July 7 to July 12
Nil
and upwards.
£1:4:6%
Price of issue, £80 per cent, payable as follows:
1. For fully-paid allotments: On application, £80 per cent.
2. For installment allotments: On application, £5 per cent; on Tuesday, July 29 1919, £10 per cent; on Thursday, Aug. 211919, £10 per cent;
on Thursday, Sept. 18 1919, E10 per cent; on Thursday, Oct. 16 1919, £10
per cent; on Thursday, Nov. 13 1919, £10 per cent; on Thursday, Dec. 11
1919, £15 per cent; on Thursday, Jan.8 1920, £10 per cent; total, .C80 per ct.
The stock is an investment authorized by "The Trustee Act, 1893,"
and trustees may invest therein notwithstanding that the price may at the
time of investment exceed the redemption value of .C100 per cent.
The Governor and company of the Bank of England and the Governor
and company of the Bank of Ireland are authorized to receive applications
for the above loan, which will take the form of stock or bonds to bearer at
the option of subscribers; stock may be inscribed as "transferable in the.
stock transfer books," or may be registered as "transferable by deed."
Applications must be for sums which are multiples of £50, and may be
for either (1) "Fully paid Allotments," or (2) "Installment Allotments."
They will be received at the Bank of England Loans Office, 5 and 6 Lombard Street, London, E.C.3, and at the Bank of Ireland, Dublin, and may
be forwarded either direct, or through the medium of any banker or stockholder in the United Kingdom.
British Government Treasury bills issued prior to June 1 1919 will be
accepted under discount at 3%% per annum as from June 21 1919 in lieu
of cash in payment for "Fully-paid Allotment" provided that the entire proceeds of the bills are so applied. "Fully-paid Allotments" made in respect of
such applications will receive on Nov. 1 1919 the dividend payable on that
date in resiAct of "Fully-paid Allotments" applied for on or before June 21
1919.
Stock and bonds of the under-mentioned issues will be accepted at par
as the equivalent of cash in payment in whole or in part for "Fully-paid
Allotments" of this issue:
£4:10s, per cent War Loan, 1925-1945.
£5 per cent Exchequer bonds, 1919, 1920, 1921 and 1922.
£6 per cent Exchequer bonds, 1920.
£4 per cent National War bonds, 1st, 2d and 3d series.
£5 per cent National War bonds, 1st, 2d and 3d series.
[VOL. 109.
Where the stock or bonds surrendered do not represent the exact sum
required to pay for an allotment (which must be a multiple of £50), the
requisite balance must be provided in cash. Interest accrued to June 21
1919 will be paid on holdings surrendered, and the allotments issued in lieu
of such holdings will receive on Nov. 1 1919 the dividend payable on that
date in respect of "Fully-paid Allotments" applied for on or before June 21
1919. In the case of the £6% Exchequer bonds, 1920, an additional payment will be made representing interest at 1% from June 21 1919 to Feb. 16
1920 upon the holdings surrendered.
Note.—Applications paid for, in whole or in part, by the surrender of
stock inscribed or bonds registered in the books of the Bank of Ireland must
be forwarded to the Bank of Ireland, Dulbin.
Stock registered in the books of the General Post Office, and bonds issued
by the General Post Office, will not be accepted at the Bank of England.
They will be accepted at the Post Office under the arrangements set forth
in the separate prospectus issued by II. M. Postmaster-General.
ISSUE OF 4% VICTORY BONDS.
Redeemable at par by a cumulative sinking fund operating by means of
annual drawings commencing Sept. 1 1920.
-yearly on March 1 and Sept. 1.
Interest payable half
First dividend as follows will be paid on March 1 1920:
"Fully-Paid
"Installment
Allotments."
Allotments."
On Allotments applied for—
£1:6:3%
On or before June 21
£2:15:9%
£2:14:3%
£1:6:2%
From June 23 to June 28
to July 5
£2:12:8%
£1:6:1%
From June 30
£2:11:2%
From July 7 to July 12
£1:6:0%
Price of issue, £85 per cent, payable as follows: ,
1. For fully-paid allotments: On application, £85 per cent.
2. For installment allotments: On application, £5 per cent; on Friday,
Aug. 8 1919, £10 per cent; on Thursday, Sept. 4 1919, £10 per cent; on
Thursday, Oct. 2 1919, £15 per cent; on Thursday, Oct. 30 1919, £10 per
cent; on Monday, Nov. 24 1919, £10 per cent; on Thursday, Dec. 11 1919,
£10 per cent; on Thursday, Jan. 8 1920, £15 per cent; total, £85 per cent.
The bonds are an investment authorized by "The Trustee Act, 1893,"
and trustees may invest therein notwithstanding that the price may at the
time of investment exceed the redemption value of £100 per cent.
The Governor and company of the Bank of England and the Governor
and company of the Bank of Ireland are authorized to receive applications
for the above bonds which will be issued in denominations of £50, £100.
£200, £500, £1,000 and £5,000.
Applications may be for either "Fully-paid Allotments" or "Installment
Allotments." They will be received at the Bank of England Loans Office.
5 and 6 Lombard Street, London, E.0.3, and at the Bank of Ireland,
Dublin, and may be forwarded either direct or through the medium of any
bank or stock broker in the United Kingdom.
British Government Treasury bills issued prior to June 1 1919 will be
accepted under discount at 3M % per annum as from June 21 1919 in lieu
of cash in payment for "Fully-paid Allotment" provided that the entire proceeds of the bills are so applied. "Fully-paid Allotments" made in respect
of such applications will receive on March 1 1920 the dividend payable on
that date in respect of "Fully-paid Allotments" applied for on or before June
211919.
Stock and bonds of the under-mentioned issues will be accepted at par
as the equivalent of cash in payment in whole or in part for "Fully-paid
Allotments" of this issue:
£4:10s. per cent War Loan, 1925-1945.
£5 per cent Exchequer bonds, 1919, 1920. 1921 and 1922.
£6 per cent Exchequer bonds, 1920.
£4 per cent National War bonds, 1st, 2d and 3d series.
£5 per cent National War bonds, 1st, 2d and 3d series.
Where the stock or bonds surrendered do not represent the exact sum
required to pay for an allotment (which must be a multiple of £50), the
requisite balance must be provided in cash. Interest accrued to June 21
1919 will be paid on holdings surrendered, and the bonds issued in lieu of
such holdings will receive on March 1 1920 the dividend payable on that
date in respect of "Fully-paid allotments" applied for on or before June 21
1919. In the case of the £6 per cent Exchequer bonds, 1920, an additional
payment will be made representing interest at 1% from June 21 1919 to
Feb. 16 1920 upon the holdings surrendered.
Note.—Applicattons paid for, in whole or in part, by the surrender of
stock inscribed or bonds registered in the books of the Bank of Ireland
must be forwarded to the Bank of Ireland, Dublin.
The principal and interest of the loan will be a charge on the consolidated
fund of the United Kingdom.
His Majesty's Government undertake to set aside at the close of each
half
-year a sum equal to 2 % on the nominal amount of the loan originally created. After deducting therefrom the amount required for payment
-year, the balance of the sum so set aside
of interest on the loan for the half
will be carried to a sinking fund which will be applied during the succeeding
half
-year to the purchase of the loan for cancellation if the price is at or
under par; when the price is above par it will be either so applied or otherwise invested under the control of His Majesty's treasury. Any outstanding balance of the loan not previously redeemed will be repaid at par on
May 1 1990, but His Majesty's Government reserve to themselves the
right, on giving three calendar months' notice in the "London Gazette,"
to redeem at par at any time on or after May 1 1960, any outstanding
balance of the loan not previously purchased and canceled by the operation
of the sinking fund.
Stock and bonds of this issue will be accepted by the commissioners of
inland revenue as the equivalent of cash on the basis of £80 cash for each
£100 stock or bonds surrendered, with due adjustment on account] of
interest, in satisfaction of amounts due on account of death duties, provided
that the stock or bonds surrendered have formed part of the estate passing
on death of the deceased continuously up to the date of death from the
date of the original subscription or for a period of not less than six months
immediately preceding the date of death. Stock and Bonds so surrendered
and outstanding will be held for account of Ills Majesty's Government
until redeemed by the operation of the sinking fund or until the final redemption of the loan; any portion of the sinking fund applied in any half
year to the purchase for cancellation of stocks or bonds so held will bear to
which the
the total of the sinking fund available a ratio not exceeding that
-year bore to
stock and bonds so held at the commencement of such half
the total of the loan then outstanding.
Stock or bonds of this issue and the interest payable from time to time in
respect thereof will be exempt from all British taxation, present or future,
so long as it is shown in the manner directed by the treasury that they are
in the beneficial ownership of persons who are neither domiciled nor ordinarily resident in the United Kingdom of Great Britain and Ireland.
Further, the interest payable from time to time in respect of stock and
bonds of this issue will be exempt from British income tax, present or
future, so long as it is shown in the manner directed by the treasury that
the stock or bonds are in the beneficial ownership of persons not ordinarily
JULY 12 1919.1
THE CHRONICLE
resident in the United Kingdom of Great Britain and Ireland, without
regard to the question of domicile. Where bonds are in the beneficial
ownership of a person entitled to exemption under these provisions, the
relative coupons will be paid without deduction for income tax or other
taxes if accompanied by a declaration of ownership in such form as may
be required by the treasury.
The books of the loan will be kept at the Bank of England and at the
Bank of Ireland.
Stock will be convertible into bonds to bearer (in denominations of £50,
£100, £200, £500. £1,000 and £5,000) with Coupons attached for the
-yearly, and bonds will be convertible into stock withInterest payable half
out payment of any fee. Stock will be transferable in any sums which
are multiples of a penny.
Dividend warrants will be forwarded by post. In the case of inscribed
and registered holdings of "Fully-paid Allotments," the warrants for the
first dividend, payable Nov. 11919, will be forwarded in all cases to the
original allottees or their nominees.
"Fully-paid Allotments" will be issued in one or other of the following
forms as applicants may direct:
1. "Certificate of Inscription" of stock transfereable in the stock transfer
books.
2. "Register Certificate" of stock transferable by deed.
3. "Bond Certificate(s)" exchangeable in due course for Bond(s) to
bearer.
Allotments made in respect of applications paid for, in whole or in part,
by the surrender of stock or registered bonds will in all cases be inscribed
or registered in the names of the holders in whose names the surrendered
holdings stood. Allotments made in respect of applications paid for, in
whole or in part, by the surrender of bearer bonds will in all cases be made
in bearer form.
Allotment letters with coupon attached for the dividend, if any, due
Nov. 1 1919, will be issued in respect of "Installment Allotments," and
when paid in full, may be inscribed or registered on or after Sept. 1 1918, or
may be exchanged for bonds to bearer as soon as these can be prepared.
The installments payable in respect of "Installment Allotments" may be
paid in full on or after July 29 1919, under discount at the rate of 334%
per annum. Where payment in full is made between two installment dates,
discount will be calculated as from the installment date next succeeding the
date of such full payment. In case of default in the payment of any installment by its proper date, the deposit and any installments previously paid
will be liable to forfeiture. Payments may be made without additional
charge at offices of the undermentioned banks in the United Kingdom.
Stock registered in the books of the General Post Office, and Bonds
issued by he General Post Office, will not be accepted at the Bank of
England. They will be accepted at the Post Office under the arrangements
set forth in the separate Prospectus issued by H.M. Postmaster-General.
The principal and interest of the bonds will be a charge on the consolidated fund of the United Kingdom.
His Majesty's Government undertake to set aside at the close of each
half
-year a sum equal to 2X% on the nominal amount of the bonds originally created. After deducting therefrom the amount required for payment
-year, the balance of the sum so set
of interest on the bonds for the half
aside will be carried to a sinking fund which will be applied by means of
annual drawings to the redemption of the bonds at par (including bonds
which have been surrendered to the commissioners of Inland Revenue for
each
death duties as hereinafter provided), the bonds to be redeemed in
year being determined by lot and paid off on Sept. 1 in such year in accordance with regulations made by the treasury. The numbers of the bonds
drawn for redemption on each occasion will be advertised in the "London
Gazette" not less than two months prior to the date of redemption. Interest
on bonds drawn for repayment will cease from the date on which the bonds
become repayable. The first drawing will be that for the bonds to be redeemed on Sept. 11920.
Bonds of this issue will be accepted at their face value by the commissioners of Inland Revenue as the equivalent of cash, with due adjustment on account of interest, in satisfaction of amounts due on account of
death duties, provided that the bonds surrendered have formed part of the
estate passing on death of the deceased continuously up to the date of death
from the date of the original subscription or for a period of not less than
six months immediately preceding the date of death. Bonds surrendered
under these provisions will be held for account of His Majesty's Government until drawn for redemption as provided in the preceding paragraph.
Bonds of this issue and the interest payable from time to time in respect
thereof will be exempt from all British taxation, present or future, so long
as it is shown in the manner directed by the treasury that they are in the
beneficial ownership of persons who are neither domiciled nor ordinarily
resident in the United Kingdom of Great Britain and Ireland.
Further, the interest payable from time to time in respect of bonds of this
Issue will be exempt from British income tax, present or future, so long as
it is shown in the manner directed by the treasury that the bonds are in
the beneficial ownership of persons not ordinarily resident in the United
Kingdom of Great Britain and Ireland, without regard to the question of
domicile. Where bonds are in the beneficial ownership of a person entitled to
exemption under these provisions, the relative coupons will be paid without
deduction for income tax or other taxes if accompanied by a declaration of
ownership in such form as may be required by the treasury.
Bonds of this issue may be registered in the books of the Bank of England.
For this purpose the bonds must be lodged at the bank to be endorsed with
particulars of registration, after which they will be re-delivered to the
registered holders. Registered bonds will be "transferable by deed" and
may be re-converted into bonds to bearer by means of transfer.
Dividends will in all cases be paid by means of coupons attached to the
bonds whether registered or to bearer.
Bonds with coupons attached for the dividend due March 1 1920, and
subsequent dividends will be issued in respect of "fully-paid allotments."
Bonds issued in respect of applications paid for, in whole or in part, by the
surrender of stock or registered bonds will in all cases be registered in the
names of the holders in whose names the surrendered holdings stood.
Allotments made in respect of applications paid for, in whole or in part,
by the surrender of bearer bonds will in all cases be made in bearer form.
Allotment letters with coupon attached for the dividend due March 1
1920, will be issued in respect of "Installment Allotments" and, when paid
in full, may be exchanged on and after March 1 1920, for bonds with
coupons attached for subsequent dividends.
The installments payable in respect of "Installment Allotments" may
be paid in full on or after August 8 1919, under discount at the rate of 33i%
per annum. Where Payment in full is made between two installment dates,
discount will be calculated as from the installment date next succeeding
the date of such full payment. In case of default in the payment of any
installment by its proper date, the deposit and any installments previously
paid will be liable to forfeiture. Payments may be made without additional
't‘vie
charge at offices of the undermentioned banks in the United Kingdom.
A commission of X % will be allowed to bankers, stockbrokers and financial Houses on allotments made in respect of applications bearing their
stamp and paid for wholly in cash and or by the discounting of treasury
123
bills. No commission will be allowed on allotments paid for, in whole or
in part, by the surrender of stock or bonds.
Application forms for (1) "Fully-paid Allotments," (2) "Installment
Allotments." to be paid for wholly in cash and or by the discounting of
Treasury bills may be obtained at the Bank of England and at the Bank
of Ireland; at any bank or money order office in the United Kingdom; of
Messrs. Mullens, Marshall & Co., 13 George Street, Mansion House, E.C.4;
and of any of the principal stockbrokers.
Application forms for "Fully-paid Allotments" to be paid for in whole or
in part, by the surrender of stock or registered bonds, have been sent by
post to all inscribed and registered holders (in the case of a joint account to
the first holder) of issues receivable in lieu of cash. Further forms may
be obtained
1 (a) For the surrender of holdings registered or inscribed in the books
of the Bank of England, at the Bank of England, London, E. C. (b) For
the surrender of bonds to bearer, at the Bank of England, London, E. C.
2 For the surrender of holdings registered or inscribed in the books of
the bank of Ireland, at the Bank of Ireland, Dublin.
Applicants for these forms must state the description of holding which it
is desired to surrender.
The list of Applicantions will be closed on Saturday July 12 1919.
Bank of England, June 12 1919.
There is also annexed a list of the banks receiving subscriptions to the new loans. Following the action of the
House of Commons, in conimittee, on June 2 in authorizing
the British Treasury to borrow in such manner as they
deemed desirable, on the security of the Consolidated Fund,
an amount not exceeding £250,000,000 the London "Financial News" of June 3 in furnishing facts regarding the loan,
as detailed by the Chancellor, said in part:
Mr. Chamberlain said the resolution was intended as the basis for a bill
authorizing fresh borrowing operations by the Treasury. The resolution
authorized the Treasury in general terms to borrow any sums required for
raising the supply of the year up to a limit of £250,000,000, and any sums
required for repayment of any maturing securities issued under the War
Loan Acts, or of any Treasury bills or Ways and Means advances. It
further authorized them to create securities to be issued in exchange for
securities or to charge on the Consolidated Fund the principal and interest
of all securities created in pursuance of the resolution, and any sums required for sinking fund for the redemption of securities so issued. There
were plenty of precedents for a resolution in such general terms.
The Floating Debt.
The reasons for contemplating an issue now were well within the knowledge of the House. He stated on the Budget that he estimated the deficit
of the year at E230,000,000. If that were all he had to deal with he should
have no occasion for concern. It was true that the bonds which were being
issued up to Saturday last had not yielded the large weekly total to which
they were accustomed under the earlier issued, but they would have nearly
provided all that would have been required to make good the supply of the
year. But that deficit was not the serious feature of the situation. The
serious feature was the immense floating debt amegreat quantity of shortdated securities which had to be met. The figures up to May 31 were as
follows:
Ways and Means advances, £457,892,000.
Treasury bills, £1,036,131,000.
Exchequer Bonds maturing within the financial year, £245,000,000.
Included in that figure cre £66,000,000 of 1922 bonds, the holders of.
which had the option of claiming repayment in!the course of the year
It was exclusive of miscellaneous foreign debts falling due amounting ap
proximately to £98,000,000,
If they looked further ahead they would find no less than £1,008,000,000
maturing between April 1 1920 and March 31 1924, and a further £91.000,000 of foreign bills. In these circumstances the House would readily
understand that he had been seriouslylconsidering the desirability of a
funding operation. He did not need to dwell on the importance of funding
as much as they could of this large floating debt.
It was his intention to make the issueTalmost immediately after the
Whitsuntide recess, though he did not bind himself. The terms of the
loan would, of course, be set forth in the prospectus when it was issued.
He had come to the conclusion, having to choose between a very early
issue and postponing it to the autumn, that unless unforeseen circumstances arose he ought to choose the earlier date. It was bad for everyone
that the uncertainty should continue longer than was necesary, and if the
issue was made one element of uncertainty was removed.
If the preliminaries of peace were signed by that time, or signed when the
lists were opened, so much the better. They would go forward with asured
confidence. If they were not signed, then there was the more reason why
they should do everything they could to strengthen the financial position
and be prepared for all emergencies.
If his kludget estimates were realized, everything beyond £250,000,00
would be available for the funding of the floating debt.
Replying to Sir F. Banbury the Chancellor of the Exchequer said no
portion of the loan would be ear-marked for any special purpose.
CANADIAN LOAN OF $75,000,000.
Subscription books to the new Canadian Loan (532%)
of $75,000,000, offered by a syndicate of New York bankers
were closed at 1 o'clock on July 9, a few hours after the
opening of the books (at 10 a. m.) at the offices of J. P.
Morgan & Co. The offering was in accordance with arrangements, which as indicated in these columns on Saturday last, page 23, were completed last week looking to the
extension, to the amount indicated, of financial aid to
Canada by New York banking interests. Prior to the offering this week J. P. Morgan & Co. on July 7 issued a statement relative thereto, saying:
Sir Thomas White, Canadian Minister of Finance, has announced the issue of a new Dominion loan of $75,000,000, the proceeds of which will be
devoted to the retirement of the Canadian loan of 3100,000,000, issued here
two years ago and maturing Aug. 1.
The new issue will consist partly of two-year notes, due Aug. 1 1921..
and partly of ten-year bonds, maturing Aug. 1 1929. The issue price on the
two-year notes will be 99 X and interest, and on the ten-year bonds 97 and
interest, the yield on both classes of securities being slightly over 5.90%.
We and our associates, consisting of Messrs. Brown Brothers & Co.
Messrs. Harris, Forbes & Co., First National Bank, the National Cit
124
THE CHRONICLE
Company, Guaranty Trust Company, Bankers Trust Company, Messrs.
William A. Read & Co. and the Bank of Montreal have purchased these
securities from the Dominion Government, and have taken steps to form
a distributing syndicate which will offer the securities for public subscription at a later date this week.
As to the difference between the present loan of $75,000,000 and that of $100,000,000 floated two years ago, it was
explained by Sir Thomas White in the House of Commons
on June 28 (as noted herein last week) that "a certain proportion of the $100,000,000 has been got in and cancelled."
The two year notes offered this week are in coupon form in
denominations of $1,000 and authorized multiples thereof;
the ten-year bonds are in coupon form in denominations of
$100 and $1,000, registerable as to principal. The ten-year
bonds in coupon form are exchangeable in the principal
amount of $1,000 or of some multiple thereof for registered
bonds without coupons. The coupon and registered bonds
are interchangeable. Both principal and interest (Feb. 1
and Aug. 1) of the notes and bonds will be payable in gold
dollars at the agency of the Bank of Montreal in New York
City, without deduction for all Canadian taxes, present or
future, but this, it is announced, will not exempt from
Canadian taxes payments made in discharge of the notes
or bonds when beneficially owned by persons residing or
ordinarily resident in Canada. In its circular announcing
the offering the syndicate stated that it was advised "that
these securities will constitute a legal investment for savings
banks in Connecticut, New Hampshire and Vermont."
It was also stated at the same time that the respective
amounts of the two classes of securities would be determined
at the time of the closing of the subscription books. TempOrary certificates will be issued pending the engraving of
the definitive notes and bowls. Both the notes and bonds
bear 5 %interest.
[VOL. 109.
from money lent by the United States, and that the American
bondholders were attempting to influence retention of Amercan troops ill Russia to force an agreement with whatever
Government might be established to recognize the validity
of the securities, amounting to $50,000,000. In giving an
account of Mr. Polk's testimony, the Now York "Commercial" in Washington advices June 27, had the following
to say in its issue of June 28:
The United States has received no payment of interest on the $187,000,000
It loaned to Russia under the Kerensky regime, Acting Secretary of State
Polk admitted before the House Committee on Expenditures to-day.
Private interests in this country who floated loans for ICerensicy likewise
have not been paid any interest, and the Czar's obligations also remain in
default, Mr. Polk added.
The United States, the Acting Secretary of State declared, has adopted a
policy of watchful waiting with regard to its loans to Russia. He continued:
"The Government has made no effort to collect the interest on its loans,
which aggregate $187,500,000, for has it had diplomatic exchange relative
to the principal. It is the policy of the Government to await the establishment of a permanent Government before action is taken in that direction."
Private loans floated in this country before the overthrow of the Czar,
Mr. Polk stated, aggregated $75,000,000. Contract obligations amounting
to $170,000,000, he continued, had been paid by the Kerensky regime with
bonds before the Bolshevik! ousted him. Mr. Polk did not know how far
interest on these loans was behind, as some of them had been paid by New
York banks which had accepted and paid interest coupons.
Further complications in the status of the Kerensky loans had been
brought about, the Acting Secretary explained, by the action of bondholders in "grabbing" much railroad equipment and industrial supplies.
lie said that this entire loan had been used in the purchase of such materials.
There should be no fear, the Acting Secretary declared, that the United
States Government or the private interests which floated the Russian loans
will not eventually be reimbursed, he said.
"These debts will be paid some time. It is an unheard of Act for any
nation to repudiate its international obligations. Certain there will be no
recognition of a Russian Government, however firmly it may appear to
have been founded, unless it agrees to assume obligations created by its
predecessors as one of the conditions.
"When the Kerensky ministry was set up, the promise was given this
Government, as well as to England and France, that all prior obligations
would be accepted as its 'aim. There was no attempt to dodge the burden.
The Boisheviki group, we assume, would do the same thing. The 1Colchak
leaders will be ready to adhere to those international agreements."
Failure of the Russians to pay the interest of their loans has been a serions
blow to England and France, more particularly France, the State Department has been advised. Mr. Polk said he understood the French loans,
most of them placed privately, amounted to about $8,000,000,000. Both
Governments, however, have assured the bondholders that there is no
reason for alarm; interest and principal will be paid, he said.
Disbursement of the funds advanced to Russia by the United States
Government was handled entirely through the War Industries Board, the
Committee was told. This agency made purchases, ordered by the Czar's
military committee here, and the payments followed upon acceptance of
the commodities ordered.
PROTECTIVE COMMITTEE NAMED IN INTEREST OF
HOLDERS OF RUSSIAN CREDIT IN DEFAULT.
In accordance with the announcement in our issue of
June 21, page 2482, that a committee would be formed to
take whatever steps might be deemed advisable to protect
the interests of the holders of the $50,000,000 6
threeyear Russian credit the appointment of such a committee was
announced on June 30. The credit, as noted in our June 21
issue matured on June 18, but has not been paid. The
names of those forming the Protective Committee were made
REDEMPTION OF NOTES BY ARCHANGEL
known by Albert H. Wiggin, Chairman of the Board of the
GOVERNMENT.
Chase National Bank and Vice-Chairman of the Foreign
The Department of Commerce announced on July 2
Securities Committee of the Investment Bankers' Associathe receipt of the following cablegram from Commercial
tion of America; it consists of
John H. Fulton, General Executive Manager, the National City Bank Attache Felix Cole, at Archangel, Russia, under date of
of New York, Chairman.
June 20:
Thomas Cochran, of J. P. Morgan & Co.
N. Dean Jay, Vice-President, Guaranty Trust Company of New York.
Lloyd W. Smith, Secretary, Harris, Forbes & Co.
Charles S. Sargent, Jr.. of Kidder, Peabody & Co.
Frederic W. Allen, of Lee, Higginson & Co.
Albert H. Wiggin, ex-officio, Vice-Chairman of Foreign Securities Committee of Investment Bankers' Association of America.
On July 1 the following notice was issued by the committee to the holders of the certificates of participation in the
credit:
In view of the default in the payment of the Imperial Russian Government
$50,000,000 6 % three-year credit, it is desirable that holders of Certificates of Participation therein should unite for the purpose of taking prompt
and concerted action for the protection of their interests. With this in view,
the undersigned at the request of holders of a large amount of Olt,
rtificates
of Participation, have consented to act as a Committee under a Protective
agreement, copies of which may be obtained, upon application, from the
depositories thereunder. The National City Bank of New York, No. 55
Wall St., New York City, and Old Colony Trust Company, No. 17 Court
St., Boston, Mass.
Deposits may be made at'any time prior to Aug. 15 1919, but it is to the
interest of certificate holders that the certificates should be deposited
promptly. The depositories will issue in exchange for certificates of
participation so deposited deposit certificates transferable on their books.
The members of the committee will act without compensation.
Communications intended for the committee should be addressed to its
Secretary, at No. 55 Wall St., New York City.
ACTING SECRETARY OF STATE DENIES REPORTS AS
TO INTEREST PAYMENTS ON RUSSIAN BONDS.
A denial that any part of funds advanced by the United
States to Russia were used by Russian representatives in
the United States to pay interest charges on Russian bonds
held in this country was entered by Acting Secretary of State
Polk in testifying before the House Committee on State
Department Expenditures on June 27. An inquiry into the
payment of interest on Russian bonds held in this country
was decided upon by the Committee on June 26. Representative Mason of Illinois is said to have told the Committee that press reports had it that the interest was paid
hv rAnresentatives of the former Kerensky GoVernmeh t
The decree of the Siberian Government that all 20 and 40 ruble treasury
notes should be removed from circulation is now being put into effect by
the Archangel Government, except that all such notes which have been
perforated and thus made a part of the general circulating medium in the
northern region will be redeemed to their full value at once in the legal
tender of the region. The notes that have not been perforated and that
consequently are not legal tender will be redeemed to 50% of their value
now and the remaining 50% in the course of 20 years, in strict accordance
with the Siberian scheme. The two operations will be carried out during
the month of July.
EFFORTS TO RELIEVE ARMENIANS THROUGH EXCHANGE OF CLOTHING FOR RUSSIAN WHEAT.
On July 2 Associated Press advices from Paris had the
following to say regarding shipments of clothing to Russia
in exchange for Russian wheat to be used in behalf of Armenians:
The American steamer Kickapoo, carrying $500,000 worth of cloth,
shoes and various manufactured goods, left St. Nazaire to-day for Novorossysk,a non-Bolshevik port on the eastern coast of the Black Sea, where it
will trade its cargo for Russian wheat, which will be shipped across the
Black Sea to feed the starving Armenians.
This experiment in bartering, which is being conducted by the American
Relief Administration, and is financed by the American Committee for
Relief in the Far East, is being watched with great interest by Peace Conference economists, who believe that a return to bartering will be necessary
in many parts of the world because of the depreciation of currency and the
difficulty and the difficulty of exchange.
Novorossysk is the chief port for the Government of Gen.Denekine, which
has its headquarters at Ekaterinodar. The Deneklne Government controls the Kuban wheat district, which has a largo surplus of grain and no
place to market it because of the lack of railway and steamship transportation. Money in the Kuban district has depreciated greatly, and the merchants there are without goods for sale.
Col. C. B. Smith, who is directing the Kickapoo experiment, purchased
the goods on the steamer from the United States Army Liquidation Board
and the American Red Cross. The cargo includes garden tools, needles,
thread, nails, blankets and an assortment of clothing. An effort will be
made to regulate the resale of the goods through the Denokine Government
in such a way as to prevent speculation and to assist the forces which recently have been successful in repelling the Boishoviki.
The Kickapoo also is carrying several hundred tons of medical supplies
from the American Red Cross, which will be given away in the Kuban
territory.
JULY 12 1919.]
THE CHRONICLE
125
Later on when the Commission for Relief in Belgium started operations
SALE OF SURPLUS WAR SUPPLIES TO RUSSIAN an Exchange Department was organized to transmit American dollars
and pounds sterling into Belgian francs, giving relatives and friends outside
CO-OPERATIVE ASSOCIATIONS.
of Belgium an opportunity of forwarding money to their relatives inside of
The closing by the War Department of a contract for the Belgium. and business concerns took advantage of the Department to pay
transfer to four Russian Co-operative Associations of $15,- accounts due in Belgium. In this manner about $350,000 was transmitted
from
000,000 of U. S. surplus war supplies, consisting mainly of Into Belgium noted the United States. of the exchange arrangements the
It will be
that in each stage
clothing and textiles, was announced on June 20. Accord- magnitude of the operations has grown very greatly.
The seven and one-half million dollars transmitted by the Exchange
Philadelphia "Ledger" of June 21 the supplies
ing to the
as follows:
were obtained by the Russians through an extension of Department was divided approximately
$130.665 35
$364,757 97 Serbia
credit by the United States Government, and the action Finland
1,366,316 99
2,747,061 68 Rumania
Poland
21,740 00
1,096,674 94 Turkey
with the approval of Czeeho-Siovakia
of the War Department was taken
791,088 88
Austria
513,218 03 Germany
Total
$7,479,743 26
440,219 42
the Department of State and in harmony with the policies Jugo-Slavia
of the Supreme Economic Council of the Allies and the
United States at Paris. The "Ledger" also says:
RETURN OF FOREIGN SECURITIES BY AMERICAN
The signing of the contract was attended by formal ceremonies, at which
DOLLAR SECURITIES COMMITTEE.
Counselor of Commerce and Vice-Chairman of the
V. N. Bashkiroff,
The following, with regard to the return of foreign securiAmerican Committee of Russian Co-operative Unions and formerly Acting
Secretary of Supplies in the Provisional Government of Lvoff and Kerensky, ties by the American Dollar Securities Committee, is taken
and Secretary of War Baker made addresses on the significance of the
25:
negotiations. Mr. Bashkiroff gave assurances that the supplies would be from the London "Financial News" of June
used only in Siberia and those parts of Europe and Russia, "united with
the Allies."
The Russian organizations represented were the All-Russian Central
Union of Consumers' Societies, Inc.; the Union of Siberian Creamery Association, Inc.; the Central Union of Flax Growers' Association and the Union
of Siberian Co-operative Unions, Inc.
Signatures to the contract besides Mr. Bashkiroff were E. Z. Somoff,
representing the All-Russian Central Union of Consumers' Societies, former Governor-General of Archangel and northern Russia under the Provisional Government of Kerensky; T. Zelenko, representing the same organization, professor of the Moscow City University and now managing
director of the American Committee of Russian Co-operative unions; K. T.
Morosoff, member of the central board and general manager of the foreign
agencies of the Union of Siberia Co-operative Unions; A. A. Trutneff, of
the same organization, formerly Minister of the Far Eastern Provisional
Government in Siberia; G. A. Martinshin, representing the Central Union
of Flax Growers' Associations and the Archangel Union of Co-operative
Societies. Mr. Martinshin is a member of the Russian Constituent Assembly and representative of the Committee of Supplies of the Government
of Northern Russia, and V. S. Kolesnikoff, formerly Chief Inspector of
the Ministry of Supplies in the Kerensky Government,now attached to the
Secretary of Finance of the Omsk Government.
In connection witn the regulation of foreign exchanges (loan of securities
to the Treasury), the American Dollar Securities Committee give notice
that the Treasury have decided to exercise the option, under Clause 3 o
-year endScheme B. of returning the undermentioned securities in the half
ing March 31 1920 on the dates stated in the notices to depositors, from
which dates the additional allowance will cease:
Dutch 3% bonds (1898, 1899 and 19(15)
Amsterdam 3% bonds (1898)
Norwegian 3% conversion loan (1886)
Christiania 4% loan (1900)
Norwegian 3% conversion loan (1888)
Christiania 4% loan (1912)
Norwegian 334% conversion loan (1994)
Christiania 454% loan (1914)
Norwegian 4% loan (1911)
Copenhagen 354% loan (1887)
Stockholm 4% bonds (1900)
Copenhagen 334% loan (1898)
Stockholm 434% loan (1913). London iss.
Copenhagen 4% loan (1901)
Swedish 3% loan (1888)
Copenhagen 4% loan (1908)
Swedish 3% conversion loan (1894)
Copenhagen 4% (loan 1910)
Swedish 354% loan (1880)
Danish 3% loan (1894)
Swedish 334% loan (1900)
Danish 3% loan (1897)
Swedish 4-334% loan (1908)
Danish 4% loan (1912)
Swiss Federal Rys. 334% bonds
Dutch 3% bonds (1890
Dutch 3% Administration Certificates Swiss Federal Rye. 34% bonds (1910)
(1896)
In our issue of Feb. 1, page 420, we referred to the issuance
of a notice by the British Treasury to the effect that no
further purchases of securities would be made by the AmerIn explanation of the purposes and principles of the co- ican Dollar Securities Committee. It was stated at the time
operative societies, Mr. Bashkiroff was quoted in the "Led- that the notice did "not apply to such holdings as are due
ger" as saying:
to be delivered under the Treasury (Securities) Order Nos.
These co-operative societies maintain offices, warehouses and stores in
town, village and hamlet of Russia and Siberia, and in spite 14 (1917) or to securities held on deposit under Schemes A
nearly every
of all the chaos and disturbance that has prevailed throughout Russia and B,for which prices will be quoted on application to the
during the last two years, these co-operative societies have grown and pros- American Dollar Securities Committee as heretofore." A
pered; and, while governments have come and gone, the co-operative societies of Russia remain as the only direct medium between the peasant later notice, appearing in the London "Financial News" of
population of Russia and the outside world.
April 28, said:
We have come to this country for the purpose of apprising the American
people what the Russian co-operative societies mean, what they are doing
for Russia and to establish a closer commercial relationship between the
people of Russia and the United States. We desire to impress upon the
American people that the co-operative societies stand first and foremost
for a democratic government for Russia, built along lines similar to those
prevailing in this country; for a national constituent assembly, elected by
universal suffrage, and for such other reforms in the interests of the people
as will restore Russia to a country of peace, plenty and prosperity.
The Lords Commissioners of His Majesty's Treasury give notice that as
from April 28 1919 no further purchases will be made by the American
Dollar Securities Committee of securities held on deposit under Schemes
A and B.
For the realization of securities by depositors the terms of Clause 4 of
Scheme A and of that clause as applied to Scheme B under Treasury notice
of December 16 1916, remain unchanged.
RESOLUTION CALLING FOR INFORMATION FROM
SECRETARY GLASS CONCERNING EMERGENCY
CURRENCY ISSUED.
Under a resolution introduced by Senator Myers and
agreed to by the Senate on July 8 the Secretary of the
Treasury is called upon to inform the Senate as to the
On June 3 Secretary of War Baker was reported to have amount of emergency or additional currency issued since
told the House Military Committee that he had authorized August 1914, and the amount withdrawn from circulation
the sale of $25,000,000 of surplus food stocks held by the or retired. The resolution reads as follows:
army to the Co-operative Purchase Society of Russia.
Resolved, That the Secretary of the Treasury be, and he is hereby.
Selretary Baker in reply said:
I pass over the observations as to the political situation that are contained in the statement which has just beets made without comment.
chiefly for the reason that this co-operation between the War Department
and your societies is non-political in character. The people of the United
States see in Russia a vast population which, by reason of the profound
disturbance of economic conditions there, is suffering from the lack of supplies which the United States is providentially in a position to furnish.
requested to inform the United States Senate of the amount of emergency
reserve
currency Issued by the United States or the Federal
EXTENT OF REMITTANCES TO EUROPE THROUGH or additionalcountry or otherwise under or by authority of the United State
banks of the
AMERICAN RELIEF ADMINISTRATION.
Government since August 1 1914, and how much, if any thereof, has been
is the
withdrawn
Theodore Whitmarsh, Joint Director of the American retired orDepartment from circulation, and what it may intention of the
be the intention
in regard thereto, and when
Trea.sury
July 3 of the Treasury Department to retire or withdraw from circulation any
Relief Administration, 42 Broadway, announced on
thereof, and how much and how fast; and, further, to inform the United
that the Administration's Exchange Department, which
States Senate of the amount of money in circulation in the United States,
closed its activities in accepting and transmitting remit- its territories and possessions, Aug. 1 1914, and the amount now in circuthe liberated countries on June 30 had handled lation therein.
tances to
19,245 remittances from individuals, chiefly the foreign
REMOVAL OF PRICE LIMITATION FOR SILVER
born in the United States with relatives and friends abroad.
PURCHASES BY GREAT BRITAIN.
it states, have totaled about seven and
These remittances,
A statement in which he makes known the waiver of the
one-half million dollars since April 22, when the Exchange
Department was started. The announcement from the condition under which the British Government, in a
office of the American Relief Administration July 3 also said: agreement with the United States, was limited in the price
Looking back upon Mr. Hoover's relief work, it is not generally known to be paid for its silver purchases while the Pittman Act
that somewhat similar arrangements have been put in force on three remains in force, was issued as follows by Secretary of the
separate occasions. In August 1914 when Great Britain declared war on Treasury Glass on July 6:
the British authorities declared a moratorium and all of the
Germany,
banks wore closed. The pound sterling was selling at fluctuating prices
of from $7.00 to $12.00 and thousands of Americans were stranded with
American money and unable to secure British currency except at high
rates for American gold. Letters of credit or drafts were of no value.
Mr. Hoover formed the American Committee in London and immediately
started a cable exchange arrangement by which Americans in London could
deposit dollars in New York and be paid pounds sterling in London at the
rate of 35.00 to the pound. Some two hundred thousand dollars was thus
transferred to stranded Americans, and cash advances made from funds
provided in London. Altogether some 45,000 Americans were given
Financial assistance and provided with steamer accommodations home.
The attention of the Secretary of the Treasury has been directed to a
statement made in a bullion circular issued in London to the effect that the
agreement between the British Government and the United States Government covering the sale to the former by the latter of 200.000,000 ounces
of silver, bound the British Government not to buy any silver at a higher
prce than $1 per ounce while the Pittman act remains in force.
Inquiries have been directed to the Secretary of the Treasury as to
whether the said limitation imposed on the British Government in regard to
prices is still in force. On Aug. 15 1918, a public statement was made by
the Treasury Department to the effect that it had been made a condition
of the sale of silver under the Pittman act that the purchaser of such bullion
126
THE CHRONICLE
should not pay a higher price for silver in other markets than in those of
the United States, and the Federal Reserve Board at the same time announced that thereafter export licenses for silver would be granted only
for civil or military purposes of importance in connection with the prosecution of the war and only in cases where the silver to be exported had been
purchased at a price which did not, directly or indirectly, exceed $1.0134
per ounce one thousand fine.
The arrangement with the British Government did, in fact, contain the
limitation quoted above, but said limitation was subject to waiver by the
Secretary of the Treasury from time to time and was on Aug. 15 1918,
waived to the extent of permitting purchases by the British Government at
a price not exceeding $1.0134 per fine ounce.
Subsequently, on May 6 1919, announcement was made by the Federal
Reserve Board that licenses for the export of silver bullion or silver coins of
foreign mintage would thereafter be granted freely and without condition
as to price or otherwise. At the same time the British Government was
notified that the Secretary of the Treasury had until further notice waived
the provision of the exising arrangement with the British Government
limiting that Government and the Secretary of State for India to a price of
$1.0134 per fine ounce in respect of silver purchased by them in the United
States or elsewhere.
OSCAR T. CROSBY ADVOCATES FURTHER FOREIGN
LOANS THROUGH PRIVATE SOURCES.
With his return to the United States from Paris, Oscar
T. Crosby, Financial Adviser to the American delegation to
the Peace Conference expressed the opinion that further
.extensions of loans abroad should be through private channels
rather than through Governmental agency. Mr. Crosby
arrived in New York from abroad on July 5. While asserting
according to the New York "Sun" of the 6th that nothing he
had to say was in any sense official, that paper quoted him
as saying:
It is pleasing to learn that the Federal Reserve Board, in a bulletin
published this morning, takes the position that financing of foreign trade
should be done by private capital rather than by the Government. I feel
very keenly about this, and I didn't know what the sentiment here was
until I landed to-day. There is political danger in Government loans and
the wisest course, in my opinion, is to let the bankers thresh the thing out,
because at the bottom is the value of individual credit and enterprise.
If an American manufacturer wants money he has to go to a banker and
sit on a cold marble bench and have himself tested. That is as it should
be. A government is not as capable or as wise in these matters as groups
of men whose private responsibilities are involved. It is unnecessary to
enlarge upon this in view of the pronouncement of the Federal Reserve
Board.
In further indicating his views, and stating that during
the war it was necessary to lend money to other Governments
as a war necessity, just as it was necessary for individuals to
give up their lives, the New York "Times" of July 6 reported
him as saying:
But with the ending of the war, such loans ought to stop for they have
in them too, seeds of pogsible trouble, of future wars. The only solution
if for private initiative to be left to work out the problem. Groups of
European bankers, who are familiar with the situation in their own countries
must get together and make a survey of the conditions which they have to
meet, and then submit them to American bankers for approval. This,
In effect, would of course be the approval of the institution itself. In this
way the use of the money will be subjected to same scrutiny as would be
accorded to money loaned to a private individual. This would not be the
case if the money were loaned to the Government. Moreover, in all probability it would be re-loaned to the industries of the foreign country at a
lower rate than would be required of Americans, and since in the last analysis
the money belongs to the American people, they would have just complaint
were they to be placed at such a disadvantage.
Let the whole affair be a regular banking transaction with all the care
that goes into such a transaction, for when the borrower is compelled to
show the soundness of his resources it is all to the good and the waste of
money is prevented. The rates will be what the market calls for, and not
the low rates that its Government always makes. Governments should
not be mixed up in those affairs. If there is any change in the administration the trouble, the seed of which has been sown, is likely to crop up. If
the transactions are private and trading is opened up without restrictions,
Europe will be on its feet again within five years. Of course, this statement is made with the reservation that revolution does not sweep Europe
In the meantime. Whether this will happen nobody knows.
The amount of money needed for the rehabilitation of Europe has been
grossly exaggerated in many quarters. It will not be necessary for the
Industries to go back immediately to the same status that they enjoyed
before the war. Stocks need not be replenished to the full. They can
take a little and earn a little, then take a little more and earn a little more.
This will be exceedingly difficult, no doubt, but it can be done. They
can get along with less than they have been accustomed to spend Just as
an individual does when he is in reduced circumstances.
There must be freedom in trading, and the application of a great many
minds will be needed so that there may be the greatest possible movement
of initiative. And another reason opposed to a Government loan is that
the financial burdens of the Government are already great enough. The
Government must not take any more upon itself, but rather less. The
willingness to pay taxes will not last, for the enthusiasm of war gradually
dies down.
The unrest in Europe I believe will die down to normal in a short time.
In France the strikes have been serious. They seem to have both a political and economic significance. For one thing, they are a protest against
intervention in Russia. The people believe that the Russians should be
allowed to carry out their experiments so that if it fails it will have proved
Its fallacy. And I concur in that opinion.
If other nations put down the communistic regime by force of arms
Socialists the world over will say that the experiment did not have a fair
chance to succeed, and they will be anxious to try it again. But if we are
right in believing its fundamentals to be false, and it consequently fails.
then we shall have done with it.
The other cause of the strikes is the "malaise" resultant from the necessity of adjustment to the higher cost of living and the cheaper money.
The French, among others, find it hard in the transition period to get used
to the new conditions, but the strikes are only symptoms which will quickly
pass away with a return of normal trade relations.
[vol.. 109.
REPRESENTATIVE MC FADDEN'S CHARGES OF EVASION OF FARM LOAN ACT—EFFECT ON
LIBERTY BONDS.
Charges of evasion of the law regulating farm loans, by
Federal Land Banks "as guided and controlled by the
Federal Farm Loan Board," were made by Representative
McFadden of Pennsylvania under an extension of remarks
printed in the "Congressional Record" of July 2. Representative McFadden asserted that the requirement that
loans be made only to resident landowners was disregarded,
and that "dummy deals" permit evasiori of the maximum
amount of a loan on one farm. In an interview on the 2nd
inst. with regard to his speech appearing in the "Record" he
said in part:
I protest against the economic crimes that are committed in the name of
the Federal Farm Loan Act. The farmers and other taxpayers of the
United States will be opposed to the tax exemption of Federal Land Bank
bonds when they know the truth.
Loans are limited by law to $10,000. No pretense, or only a pretense is
made to observing this limitation. Within a few months after the la*
went into operation, the Federal Farm Loan board published a ruling permitting a man to deed an undivided half interest of his farm to his wife
and then permitting them to jointly borrow $20,000 by giving two notes
and one mortgage. Such a loan is reported as two loans. By taking in
more relatives or friends, land owners now borrow as high as thirty and
forty thousand dollars. Usually quit claim deeds are used and the nominal
consideration is one dollar and the land is redeeded to the original owner
as soon as the loan is obtained.
The law was enacted to aid men of moderate means, to reduce tenantry,
to increase production, and to render assistance to men who cultivate their
own farms: I was a member of the committee which framed the law.and
know what I am talking about.
These banks have not produced the results expected. They cost the
national treasury over $500,000 last year, besides the losses from exemption
of their bonds from taxation.
Loans are now made to landowners who rent their farms through agents.
They call the lease a contract of employment, but the wages of the employee
are a share of the crop and there is no provision for paying him any wages
If the crop fails. The contract is a subterfuge.
"Look at these photographs," said the congressman," of a peat bog in
Iowa on which loans of over $40,000 were made to a firm of speculators by
using six deeds that did not pretend to represent actual sales as no revenue
stamps were affixed. Look at the big holes now filled with water, that
were burned into the peat in a dry time. What do you think of that as
productive farm land cultivated by the owner? It does not produce grass
for either hay or pasture."
"These are only a few of the abuses that have grown up under this system.
I realize that due allowance must be made for mistakes when a hastily
organized political machine tries to loan money through about four thousand local associations largely controlled by the borrowers. But the literature sent out by the Bureau at Washington shows that such practices are
encouraged from headquarters. Read the Borrowers Bulletin for April
May, 1919, and previous Issues and no further evidence will be wanted.
The Federal land banks are working to get out as big a volume of loans
as possible regardless of the letter or spirit of the law. In order to deceive
many farm borrowers into going in debt for easy money, they advertise
that on a thirty-five year loan, the interest rate is only three and six-tenths
per cent on the money borrowed.
Our enormous war debt, the grinding burden of heavy taxes, and the
market price of Liberty bonds are great problems that now slap every
citizen in the face. When one taxpayer evades paying taxes, he robs all
other taxpayers by that evasion. The most important effect of the Federal
Farm Loan act now is that it helps a few taxpayers rob other taxpayers.
Liberty bonds are now below par, some of them down nearly to 94.
The Federal Farm Loan board through its agents now advertises $54,000,000
of its bonds at 10034. Liberty bonds are not entirely free from taxation.
Land bank bonds are tax free. Liberty bonds were bought by patriots to
help the nation. Land bank bonds are bought by investors to evade
taxation. Joint stock land bank bonds are now selling at 102. They are
entirely tax free. They are issued by privately owned banks to furnish
money to be used by real estate dealers and farmers for private personal
business. There is a big demand for these bonds because the owners do
not have to pay war taxes on them. There are 21 joint stock land banks,
9 of these have been chartered since the first of April of this year. The 21
joint stock land banks and the twelve Federal land banks are 33 factories
to which rich investors can deliver their taxable securities and have them
made over into tax free land bank bonds. In the rush to avoid war taxes
two hundred such institutions are likely to be doing business before the end
of this year. There are applications now on file for about 100 more joint
stock land banks.
Competition of these tax free securities can have no other effect but
to depress the price of Liberty bonds.
Congress owes its first duty to owners of Liberty bonds.
The bonds of•Federal land banks and of joint stock land banks should be
subject to taxation the same as other commercial securities.
Complaints of alleged abuses in the operation of the
Federal Farm Loan law were also made on July 1 in the
Senate. Senator Smoot, Republican, Utah, urged immediate repeal of the provisions authorizing organization of
joint stock land banks which, he declared, were making
excessive profits. He assailed particularly the Chicago
Joint Stock Land Bank. Senator Poindexter, Republican,
Washington, it is stated, charged that the Farm Land Loan
law was being evaded, the maximum amount of loans being
obtained by farmers through deeding parts of their land to
members of their family, who then obtained the maximum
individual loan. In denying evasions of the law on the part
of the First Joint Stock Land Bank of Chicago, Guy Huston,
President of the bank, was quoted in "Financial America"
of July 3 as saying:
There has been no evasion of the laws in any particular by the First Joint
Stock Land Bank of Chicago.
The bank is earning about 12% and Is paying dividends of 8%, allowing
about 3% for expenses. Banks of this kind are permitted to loan up to
JULY 12 1919.]
THE CHRONICLE
fifteen times the capital, and we have now loaned about $12,000,000 on
land appraised and valued at approximately $30,000,000. We are about
the only bank of this kind that so far has reached a profitable basis, having
been one of the first in the field.
This bank received its charter about two years ago, and for the first
two years the officers were paid no salaries, and there were no dividends.
We started in the field during the war when interest rates were high, and
the big loaners generally out of the market. As a result we secured a good
line of loans and have prospered accordingly but not excessively. Our
earnings were swelled to some extent by the fact that some bonds were sold
at a premium and some stock at a premium, with the premiums in each case
being turned into earnings account.
We are not allowed to loan in excess of $50,000 to any one party, and
there is no longer any deeding of land to members of the borrower's family in
order to increase the amount loaned. Our operations are entirely within
the prescribed rules laid down by the Farm Loan Bureau of the Treasury
Department, and the only animus for the attack I can conceive is that thee
regular farm mortgage brokers do not like the operation of the loaning system established by the joint stock land banks.
Only a small part of our loans have been renewals, fully 75% of the
money we have loaned being to cover purchase price of additional land purchases. Long time loans have been needed by the farmers who have in
many instances been forced to pay big commissions and high rates both for
first loans and for renewals.
BILL TO SUBJECT FARM LOAN BONDS TO INCOME
AND STATE TAXES.
On July 8 Representative McFadden of Pennsylvania
introduced a bill in the House providing that Federal income
and State taxes shall be paid hereafter on all future issues
of bonds of Federal Land banks and Joint Stock Land banks.
The bill would not affect bonds already issued.
E. W. DECKER SEES DEVELOPMENT OF BUSINESS
BY U. S. AS NECESSARY INCIDENT TO
LOWERING OF PRICES.
In urging the development of business in the United States
and the Northwest, E. W. Decker, President of the Northwestern National Bank of Minneapolis, states that "until
we commence to deflate our currency and begin to pay our
debts, I can see no prospect of very much lower prices of
commodities or labor." What Mr. Decker has to say OD
the subject is contained in the July number of the bank's
Review, from which we quote his remarks as follows.
127
a sound financial basis and that borrowers are, as a rule, in better shape
to-day than ever before in their history, and if good judgment is used,
reasonable economy practised, and undue speculation held in check, we
face the greatest opportunity for substantial growth that we have yet
experienced:
During the calendar year of 1918, the ninth reserve district, not including:
Wisconsin and Michigan territory, raised crops worth $1,243,000,000 in,
six cereals alone, not counting hay, potatoes, live stock, dairy and mineproducts and so forth. With that money we purchased Liberty Bonds
during the last three drives amounting to some $600,000,000, leaving large
sums for local development. If the crop this year is equally good, with
no Liberty bonds being offered on the market, it can readily be seen, what
the possibilities are."
MINNESOTA "BLUE SKY" LAW PROHIBITS PUBLICATION OF ADVERTISEMENTS OF SECURITIES
NOT APPROVED BY STATE COMMISSION.
According to a bulletin issued by the Associated Advertising Clubs of the World, newspapers, investment companies,
dealers in securities, and agents of all Ends, are forbidden,
under the law of Minnesota, to publish, circulate or distribute advertisements of securities which have not been approved by the "blue sky" commission of that State. The
Minnesota "blue sky" commission, the bulletin announces,
has sent the following notice to newspapers and other publications of Minnesota, and in the meantime, Minnesota
advertising club vigilance committees, which have given
strong backing to the improvement and enforcement of the
"blue sky" law, have given the information additional
circulation.
Your attention is called to a law just enacted by the legislature, which
provides:
Section 6-A: Every person, firm, co-partnership, company or association,
incorporated or unincorporated, who shall himself, themselves or itself,
or by or through others, circulate, distribute or cause to be circulated or
distributed, either publicly or privately in any manner whatsoever, any
printed or written matter containing an offer of, or a solicitation to purchase, directly or indirectly, stocks, bonds, investment contracts or other
securities not exempt under the terms of this act, and every person, firm,.
co-partnership, company or association, whether incorporated or unincorporated, who shall as an agent or otherwise in any manner assist in
such distribution or circulation, unless such offer of, or solicitation to purchase, said stocks, bonds, investment contracts, or securities shall have
been approved by the commission, shall be guilty of a misdemeanor.
This law prohibits the circulation or distribution of any printed matter,
(including newspapers, magazines, circulars and prospectuses) containing
any offer of or solicitation to purchase stocks, bonds, investment contracts
or other securities, unless and until such offer for sale of or solicitation to
purchase shall have been approved by the commission. All newspapers,
investment companies, dealers and agents, should, therefore, submit all
such printed matter to this commission for approval before distribution
or circulating the same.
During the reconstruction period, the United States should develop her
business, both at home and abroad, away beyond anything that it has
ever experienced—predicated, of course, on a reasonable working basis
being agreed upon between labor and capital which will enable industries
to go ahead, and predicated also upon a sound railroad legislative program
which will enable those industries to prosper and expand to take care of
the country's commerce.
None of us realize fully what it meant to hold back the normal, legitimate growth and expansion of business throughout the course of five years
The association, in addition to the above announcement
of war, during the last two of which there was practically an embargo on
building and improvements. We now begin to realize that we must build also says:
Because confidence in advertising has been so grossly abused by the
hundreds of thousands, if not millions, of homes to house our people adequately; that the railroads must spend billions of dollars to be able to care promoters of fake stock schemes, the advertising clubs all over the country
for the commerce of the country reasonably well, both as to freight and have waged a vigorous war upon such schemes, and have had the strong
passenger business; that municipalities must spend vast sums of money for backing of many of the leading investment bankers.
In the meantime, a close co-operative relationship has been established
present requirements, to say nothing about the future; that we must supply
food and raw material to Europe, at least temporarily, until its people may between the "blue sky" commissioners and the advertising clubs, both as
be fed and put to work, as it is apparent that the factories of Europe can- this applies to the headquarters offices of the National Vigilance Committee
of the advertising clubs, and to vigilance committees of local clubs.
not start on their own supplies.
As soon as possible the nations of the Old World will doubtless develop
raw material instead of buying it from us; but anticipating the
their own
arrival of that time, it is essential that the United States should at once
begin to develop foreign business in such countries as Central and South PROPOSED CHANGES IN HANDLING DAILY SETTLEAmerica, Africa, Russia and at any other point where natural resources
MENTS ON STOCK EXCHANGE.
may be developed by the assistance of foreign financing—not only so that
we may sell them goods, but so that they can buy goods of European
S. F. Streit, Chairman of the Committee on Clearing
nations who now owe us money, in order that our debtors may pay us off
without flooding our own market with their manufactured goods in competi- House of the New York Stock Exchange, announced yestion with our own, to meet their obligations as they mature.
terday that this committee had agreed upon changes in the
In other words, the whole world's trade must be increased in volume method of handling the daily settlements so as to bring
and scope in order that the nations now heavily in debt as a result of the
about economy in a practical way, which, it was the belief
war may begin as soon as possible to liquidate their indebtedness.
The fact that the fifteen leading nations of the world, during the last of the committee, would relieve the Street of about 65%
five years, have increased their unsecured currency forty billions of dollars,
of its present burdens. The economy will be by the proand during the same period have increased their government bonded
Indebtedness, also unsecured, one hundred and seventy billions of dollars, posed method of clearing loans and clearing balances, which
and at the same time have increased their bank deposits, still another form will reduce certification and facilitate the physical delivery
of unsecured credit, fifty billions of dollars, making the total in these three
of securities so as to materially relieve the congesion in the
Items of expansion in five years two hundred and sixty billions of dollars,
which necessarily means cheap money and high prices of commodities, is financial district.
sufficient evidence that there will be no Immediate or violent fall in comThis announcement, Mr. Streit said, did not mean that
modity prices. In other words, money is the cheapest thing in the world,
the present system of daily settlements was changed.,
and until we commence to deflate our currency and begin to pay our debts,
If, however,it is stated, the new method proves successful,
I can see no prospect of very much lower prices of commodities or labor.
Also, it is well to bear in mind the fact that before these European the matter of term settlements may be taken up later on.
nations can begin to pay their debts they must borrow more, and we must
Mr. Streit explained that it is absolutely impossible under
loan it, so that they can buy food and raw material of us to feed their
present conditions to put into effect a fortnightly settlepeople and start their factories.
Therefore, with the proper working basis being agreed upon between ment such as is now conducted in London. The committee's
labor and capital, with the enactment of sound railroad legislation, and
study of the matter went to indicate there would be practiwith a good co-operation existing between business and the government,
I believe that the United States may well expect a very material increase cally three times as much to settle on a fortnightly basis
In volume of business and expansion of its industries. Probably the than in the case of a daily settlement. The new method
greatest danger lies in the fact that this may be carried too far or too fast;
committee plans to put into operation will proba note of warning should be sounded against undue speculation in stocks, which the
farm lands or city real estate, for, although legitimate advances in prices ably go into effect next November, when the architecta
are doubtless warranted, there is always the danger of such a forward promise that the new annex building of the Exchange will
movement being carried to the breaking point.
In the ninth federal reserve district, we are in an unusually enviable be ready. One of the features in that new building will be
position, except in such localities as have been unfortunate in the raising the placing of separate quarters or booths by the principal
of crops. The very high prices of all farm products means many hundreds of bankers of the city at which the business in connection with
millions of dollars to this territory, which will be largely invested at home
in the development of our resources. I believe that the Northwest is on loans will be done.
128
[VOL. 109.
THE CHRONICLE
Francisco, 32 million dollars; Boston. 27 million dollars;Detroit, 20 million
dollars; Kansas City, 17 million; Portland, Oregon 11 million. In all other
reserve cities reporting an increase, the increase since March 4 1919 in no
one city exceeded 10 million dollars. The principal increases in country
national banks were: New York 20 million dollars; California, 17 million;
Indiana 13 million; Massachusetts and Pennsylvania, 10 million each.
Loans and discounts on May 12 1919 amounted to 9,904 million dollars
an increase over March 4 1919 of 213 million, and an increase compared with
May 10 1918 of 644 million dollars. It is noted that this increase in loans
over May 10, 1918 compares with increases and deposits for the same period
of 1,519 million dollars. The proportion of ion s to? deposits on May 12
1919 was 62.02% as compared with 64.37% on May 10 1918.
Bills payable on N ay 12, 1919 amounted t , 1547 million dollars-an
increase of 96 million dollars over March 4 1919, and an increase over May
10 1918 of 703 million dollars, due principally to the increased holdings
of Government bonds and certificates. The national bank liabilities for
re-discounts on May 12 1919 amounted to 348 million dollars, the lowest
reported since November 20 1917. These figures compare with 389 million
dollars re-discounts March 4, 1919; 502 million dol ars December 31, 1918;
629 million November 1, 1918, and 469 million a year ago, May 10 1918.
United States bonds, including Liberty bonds and United States certificates of indebtedness held May 12 1919, amounted to 4,028 million dollars,
an increase of 346 million over March 4, 1919 and an increase as compared
with May 10 1918 of 1,370 million. Of these obligations approximately
700 million were old United States bonds held as a basis for circulation.
About 1,000 million of the government obligations were Liberty Bonds, the
balance approximately 2,300 million dollars were short term certificates
of indebtedness.
Other bonds, securities, etc., held May 12 1919 amounted to 1743 million
dollars, an increase of 42 million dollars over March 4, 1919, and a reduction of 14 million dollars as compared with May 10 1018.
Capital, surplus and profits amounted to 2,360 million dollars, an 1.-tcrease
over May 10 1918 of 103 million dollars.
Circulation of national banks May 12 1919 was 676 million dollars, an
increase of 3 million dollars over March 4 1919 and a reduction of 3 million
dollars as compared with May 10 1918.
The cash on hand and due from federal reserve banks May 12 1919 was
ever reported; an increase of 67
The present apparent attitude of the Exchange toward the curb seems to 1,926 million, being the largest balance
million over March 4, 1919 and an increase over May 10 1918 of 186 million
be clearly inconsistent with its moral obligations to the community at large.
Its Governors have frequently avowed before this committee a purpose to co- dollars.
operate to the greatest extent for the remedy of any evils found to exist in
stock speculation. The curb market as at present constituted affords EARNINGS OF FEDERAL RESERVE BANKS FOR SIX
ample opportunity for the exercise of such helpfulness. The Stock ExMONTHS.
change should compel the formulation and enforcement ofsuch rules as may
The Federal Reserve Board in issuing the weekly stateof business on the curb, the conduct of those
seem proper for the regulation
dealing thereon, and, particularly for the admission of securities to quota- ment of the Federal Reserve Banks last Saturday, July 5,
tion. Under such regulation the curb market might be decently housed
announced that, following the payment of the regular semito the relief of its members and the general public.
NEW YORK STOCK EXCHANGE COMMITTEE TO CONSIDER HOUSING OF CURB MARKET
IN EXCHANGE BUILDING.
Following the movement initiated by the Governors of
the New York Stook Exchange last week looking toward
the regulation of trading in securities on the New York
Curb, the Governors of the Exchange this week, July 9,
decided upon the appointment of a committee which will be
called upon to consider the desirability and feasibility of
housing the curb market in the Stock Exchange Building
E. R. McCormick, Chairman of the Curb Market Association, is said to have declined to comment on this proposal
of the Exchange pending information from it as to its plans.
Several weeks ago (June 21, page 2485) we referred to the
incorporation of the Curb Market under the name of the
New York Curb Market Realty Associates, Inc., and the
plans to "erect and maintain a building for use as an exchange known as the New York Curb Market for dealing
in stocks, bonds." Of the proposed capiatl of $750,000
it is reported that $470,000 has already been raised. The
move of the Stock Exchange with respect to the Curb Market has served to recall the recommendations of the Commission appointed by Gov. Hughes in December 1908 to
investigate the subject of speculation in securities and commodities. It is pointed out in the New York "Tribune"
this week that in the Committee's report which was made
public in June 1909, it said:
MAYOR HYLAN VETOES ORDINANCE CALLING FOR
LICENSING OF CURB BROKERS.
Mayor Hylan vetoed on July 10 the ordinance, adopted
by the Board of Aldermen on July 1, requiring curb brokers
to take out a license. In giving his reasons therefore the
Mayor said:
The grounds of my,disapproval are that, if the said proposed ordinance
should become a law, it would prove non-effective as against the association
involved in its provisions, for the simple reason that said association could
readily evade it by moving its activities to other quarters within a block
or so of the present site. The said ordinance appears to grant to the said
association an exclusive privilege, viz., the privilege of selling, exchanging
and trading in stocks at the particular site mentioned in it.
Contrary to the inferences drawn by the Mayor, it is
pointed out in the New York "Sun" that while the original
measure defined the curb market as being in Board street,
between Exchange place and Beaver street, before it was
passed Alderman William T. Collins, Chairman of the
General Welfare Committee, amended it to cover any street
in the city. A license fee of $500 was required under the
ordinance and a fine of $500, or six months' imprisonment
or both, were the penalties imposed for failure to secure a
license.
RESOURCES OF NATIONAL BANKS EXCEED
20 BILLION DOLLARS.
According to a statement made public on June 30 by
Comptroller of the Currency John Skelton Williams, the
resources of the National banks reached $20,825,000,000
on May 12, 1919, these figures representing an increase
of ten billion dollars during the past six years. The following is the Comptrollers' statement.
The returns of the National banks as of May 12, 1919 just complied show
resources of 20,825 million dollars, exceeding by 783 million dollars the
resources reported on December 31, 1918, which up to that time had been
the greatest in the history of the system. These resources also exceed by
807 million dollars the resources March 4 1919 and are 2,575 million dollars
ahead of the figures of May 10 1918.
The official records show that the increase in resources since thecall of
August 9, 1913, six years ago, has been nearly 10 billion dollars, or to be
exact 9,948 million dollars. This huge increase has taken place concurrently with the successful flotation and collection of about 25 billion dollars
of Government bonds and short term obligations the majority of which it
appears were placed through the agency of the national banks.
With this vast increase in resources and responsibilities our national
banks have enjoyed a greater immunity from failure than ever before, the
record showing in the past 18 months, or since January 1, 1918 onli two
small national bank failures in the entire country.
-an increase
Deposits May 12 1919 amounted to 15,903 million dollars
over May 10, 1918 of 1518 million dollars and an increase over March 4
1919 of 604 million dollars.
Of this increase since March 4 1919, 92 million dollars was in the country
banks;364 million dollars in the central reserve city banks and 148 million
dollars in the national banks in the other reserve cities. The cities showing
the largest increase In deposits were New York 355 million dollars; San
annual dividend, the banks were able to increase their surplus
by 31.6 millions, besides retaining 10% of their net profits,
or 3.5 millions, in profit and loss account. The Board added
that their surplus amounts now to nearly 100% of their
paid-in capital. This surplus, for the Reserve ban.ks as a
whole, is shown to be 1,087,000 on July 3, as compared
with $49,466,000 the week previous, viz.: June 27; the capital of the combined institutions is $82,811,000. In the case
of the Federal Reserve Bank of New York, the surplus on
July 3 amounted to $32,922,000, this comparing with
$21,117,000 on June 27, the Bank thus having been able to
increase its surplus to the extent of $11,805,000 through its
earnings for the half-year, after the payment of dividends.
RESIGNATION OF F. I. KENT AS DIRECTOR OF
FOREIGN EXCHANGE DIVISION OF FEDERAL
RESERVE BOARD.
Fred I. Kent has resigned., effective July 1, as Director
of the Foreign Exchange Division of the Federal Reserve
Board, and has resumed his duties as Vieo-President of the
Bankers Trust Co. J. E. Crane, Assistant Cashier of the
Federal Reserve Bank of New York, has been made acting
Director to close up the affairs of the Division.
NEW ISSUES OF TREASURY CERTIFICATES IN
ANTICIPATION Oh' TAXES.
Announcement of a further offering of Treasury certificates
of indebtedness, designated T-8, and ill anticipation of taxes,
was made by Secretary of the Treasury Glass on July 10.
They bear 432% interest, arc dated July 15 1919 and are due
March 15 1920. The certificates, with, one coupon attached, will be issued in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The Federal Reserve Bank
of Now York in its announcement of. the offering says:
Treasury certificates of indebtedness of any and all aeries maturing on
or before Oct. 7 1919, and not overdue., except Series T-4, dated Juno 3
1919, maturing Sept. 15 1919, and Series T-6, dated July 11919, maturing
Sept. 15 1919, will be accepted at par with an adjostment of, accrued interest in payment for any certificates of the Series T-8 now offered which shall
be subscribed for and allotted.
,••••11.11.1.1
SUBSCRIPTIONS TO TREASURY CERTIFICATES (T-6
AND T-7) IN ANTICIPATION OF TAXES.
, Subscriptions of $326,468,000 to Treasury certificates of
indebtedness, Series T-6, issued in anticipation of taxes,
were announced by Secretary of the Treasury Glass on
July 5. The subscription books for this series of certificates
were closed on July 2. The certificates are dated. July 1
and are payable Sept. 15 1919. The following are the
allotments by Federal Reserve Districts:
JULY 12 1919.]
THE CHRONICLE
129
4011
Federal Reserve
Districts—
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Subscriptions Federal Reserve
Districts—
Allotted.
$14,188,000 Minneapolis
129,254,000 Kansas City
14,730,000 Dallas
30,551,000 San Francisco
10,753,000 Treasury
15,152,000
46,516,000
11,203,500 Total
Subscriptions
Allotted.
$10,000,000
8,222,000
6,221,500
12,134,000
17,543,000
BENJ. STRONG, Governor.
$326,468,0DO
It is announced that the above total, with $526,138,000 of
certificates of Series T-4, dated June 3 and maturing on
Sept. 15 1919, makes the aggregate amount of certificates
maturing on the latter date $852,606,000. The Treasury, it
is stated, does not desire to borrow a large sum in anticipation of income and profits tax payments due in September,
and no further certificates of this maturity will be issued.
On July 5 Secretary Glass announced that subscriptions
reported to date for Treasury certificates of indebtedness of
Series T-7 totaled $390,387,500, which, with $238,711,500
of certificates of indebtedness of Series T-5 subscribed for
and allotted on or before June 9, and that issue definitely
closed, made the total subscribed for, and allotted to date
of maturity of Dec. 15, $629,099,000. Subscriptions are
still being received for certificates of Series T-7. which were
offered simultaneously with those of Series T-6 on June 25.
Series T-7 are dated July 1. Like Series T-6, they are issued
in anticipation of taxes.
VICTORY LIBERTY LOAN CONVERSION PRIVILEGE.
On July 8 the Federal Reserve Bank of New York issued
an announcement calling attention to the Treasury Department's circular of May 20 setting out the rules and regulations
for the conversion of the Victory Liberty Loan 3% notes
into the Victory Loan notes of 4%%‘or the conversion of
the latter into 3%% notes. The Treasury Department's
circular presents a table for computing interest adjustments
upon the conversion of the notes, and in explanation says:
The difference in interest borne by the two series of Victory Notes, each
series being dated May 20 1919, and having identical interest payment
dates, is 1% per annum. Interest on such notes is payable on Dec. 15 1919,
thereafter semi-annually on June 15 and Dec. 15, and at maturity. If
Vo" notes are converted into 33% % notes, the interest adjustment is in
favor of the holder. If 3%% notes are converted into 4%% notes, the
interest aujustment is in favor of the Government. In making adjustments
in favor of the United States, interest at 1% must be computed from the
last interest payment date to the date the notes are repesented (received
at a Federal Reserve Bank or the Treasury Department, Washington, and
remittance is available at par. Interest on Victory Notes is computed on a
semi-annual basis, and for fractional periods on the actual number of days
elapsing within such semi-annual period. The semi-annual period ending
Doc. 15 contains 183 days. The semi-annual period ending June 15 contains 182 days, except that in leap Years it contains 183 days. The correct
amount of interest adjustment may be ascertained from the foregoing
table, the interest adjustment on each $1,000 or $5.000 notes being set
opposite the actual number of elapsed days from the last interest payment
date to the date the notes are presented for conversion, the appropriate
column being used.
Inasmuch as the interest payment on Dec. 15 1919 covers more than six
months' interest, for conversions prior to such date, reference must be made
to both columns in order to determine the correct adjustment. For example, if conversion of a $1,000 note is made on July 15, the correct computation is as follows:
Example (a):
May 20 to June 15. 26 elapsed days. 182-day period. Reference to
the table shows the interest difference to be $0.7143.
June 15 to July 15. 30 lapsed days. 183-day period. Reference to
the table shows the interest difference to be $0.8197.
Total adjustment accordingly is $1.534.
Following are examples of correct interest adjustments after Dec. 15
1919 for a $1,000 note:
Example (b):
Conversion Feb. 15 1920. Last interest payment Dec. 15 1919. Accordingly 62 days have elapsed in a 183-day period (leap year), and
reference to table shows the interest difference to be $1.69.
J4.12caniple (c):
rob. 15 1921. Last interest payment Dec. 15 1920. Accordingly, 62
days have elapsed in a I82-day period, and reference to table shows the
interest difference to be $1.70.
The announcement of the Federal Reserve Bank of New
York, referred to above, follows:
New York, July 8 1019.
VICTORY LIBERTY LOAN CONVERSION PRIVILEGE.
To all Banks, Trust Companies and Savings Banks in the Second Federal
Reserve Distrid:
Dear Sirs.—You will find enclosed copy of Treasury Department Circular
No. 139 and forms for your use in forwarding Victory Notes for conversion.
Please note that under the provisions of said circular no conversions may
be made before July 15 1919, and that exchanges of coupon notes for registered notes or of registered notes for coupon notes and transfers of ownership
of registered notes, will not be permitted upon conversion, but must be conducted as separate operations.
The circular also provides that when presenting and surrendering notes
for conversion it will be necessary to make an exact adjustment of interest.
Therefore, if 43%% notes are presented to us for conversion, adjustment of
interest will be figured to the date on which notes are received for conversion and payment will be made by check, or by credit to the reserve
account of a member bank, as directed.
If 33%% notes are surrendered for conversion check may be forwarded, or
Instructions sent to us in the case of a member bank to charge its account,
for the interest adjustment due which must be figured to the date notes are
received by us for conversion in accordance with the interest table contained in Treasury Department Circular No. 139, enclosed.
The transportation charges on notes presented for conversion must be
paid by the holder, but if it is desired to have us effect insurance on mail
shipments of coupon notes in either direction, please use enclosed form
BI-85, which should be forwarded to us in advance of the notes and accompanied by payment or by instructions from a member bank to charge its
account.
Yours very truly,
The following is the Treasury Department's circular:
VICTORY LIBERTY LOAN.
Rules and Regulations Governing Exercise of the Conversion Privilege.
Treasury Department,
1919.
Department Circular 139.
Office of the Secretary.
Washington, May 20 1919.
Loans and Currency:
By virtue of the authority conferred upon the Secretary of the Treasury
by the Second Liberty Bond Act, as amended by the"Victory Liberty Loan
Act, and pursuant to the provisions of Department Circular No. 138. dated
April 21 1919, offering for subscription United States of American Convertible Gold Notes of 1922-1923 of the Victory Liberty Loan, in two series, as
described in said circular, the following rules and regulations are prescribed
3
under which any holder of 4% Per Cent Convertible Gold Notes of 19221923 (hereinafter called 43% Per Cent Victory Notes) or of 3%% Per Cent
Convertible Gold Notes of 1922-1923 (hereinafter called 33% Per Cent
Victory Notes) may have his notes of either series converted at par into
notes of the other series, with adjustment in respect to accrued interest
but otherwise without charge by the United States.
In order to facilitate deliveries upon the original issue, no conversions of
the notes of either series shall be made until after July 15 1919.
The Secretary of the Treasury may prescribe from time to time further
rules and regulations for the suspension of such privilege of conversion
pursuant to the provisions of said circular.
Conversions may be effected, subject to the provisions of this circular.
after July 15 1919, by presentation and surrender of notes to the respective
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas
and San Francisco, or to the Secretary of the Treasury, Division of Loans
and Currency. Washington. Notes so presented ad surrendered for conversion must be accompanied by a "request for conversion" in the form
prescribed by the Secretary of the Treasury (Form L & C 214, hereto
attached, copies of which may be obtained from any Federal Reserve
Bank or from the Secretary of the Treasury), signed with the respective
autograph signatures of the holders of the notes presented for conversion.
All coupon notes presented and surrendered for conversion must have
attached thereto all coupons maturing subsequent to the date of prese itation and surrender, and all coupon notes issued upon conversion thereof
will have attached thereto all coupons maturing subsequent to such date.
All registered notes presented and surrendered for conversion prior to
Dec. 15 1919 must have attached thereto coupon maturing Dec. 15 1919,
and all registered notes issued upon conversion thereof will have attached
thereto coupon maturing on that date.
Upon conversion of coupon notes, coupon notes only will be delivered.
Upon conversion of registered notes, registered notes only will be delivered,
inscribed in the respective names of the respective holders of the notes
surrendered for conversion. Registered notes so presented for conversion
need not be assigned.
Es%inges of coupon notes for registered notes or of registered notes for
coupon notes, and transfers of registered notes will not be permitted upon
conversion, but must be conducted as separate operations.
The transfer books for registered notes will be closed from May 16 to
June 15 and from Nov. 16 to Dec. 15 in each of the years 1920, 1921 and
1922, both dates inclusive in each case in ,each year, and will also be closed
after April 20 1923. Conversoins of registered notes will not be permitted
during any such period when the transfer books for registered notes are
closed, and all registered notes presented and surrendered for conversion
during any such period will be converted as of the last day of the particular
period during which such notes are presented and surrendered, and no
payment will be made or required to adjust interest.
Notes will be delivered in like denominations as the notes upon the conversion of which they are respectively issued, unless written request for
delivery in other denominations be submitted with request for conversion.
Transportation charges and risks upon notes presented for conversion
must be borne by the noteholders. Coupon notes to be delivered upon
conversion will be delivered either directly to the holders of notes surrendered for conversion at the time of such conversion, or, in the absence
of other written instructions and remittances to cover expenses, will be
expressed at the owners' risk and expense. Registered notes to be delivered upon conversion, unless delivered to the registered owner or his duly
authorized representative, will be delivered by registered mail, without
expense to, but at the risk of, the registered owner, except that such notes
will be delivered by express at the risk and expense of the registered owner
if written request for such delivery be made. As the cost of transportation
of coupon notes by express is greater than by registered mail insured, holders
of coupon notes desiring to present them for conversion are advised to
consult with their own banks or trust companies, for arrangements may be
made, as between Federal Reserve Banks and incorporated banks and
trust companies, for transportation, to and from Federal reserve banks by
registered mail insured, of the notes to be converted and the notes to be
issued upon conversion, the charges in each case to be paid by the respective
holders and to be remitted by the incorporated banks and trust companies
to the Federal reserve banks. Information concerning any such arrange
inents will be furnished by Federal reserve banks to incorporated banks and
trust companies.
Holders of 434% Victory Notes. who desire to convert their holdings,
should present and surrender such notes for conversion, as provided above
and, unless the notes are surrendered for conversion on an interest date (or
in the case of registered notes, during a peroid when the transfer 'woks are
closed), will receive, as soon as such payment can be conveniently made,
check covering the difference between interest at the rate of 4%% per
annum and interest at the rate of 34% per annum upon the par amount
of such notes, to the respective dates upon which such notes shall have
been surrendered for conversion from the last preceding date, in accordance
with the Interest Table set forth in Form L & C 191, printed on pages
5-7 of this circular.
Holders of 34% Victory Notes, who desire to convert their holdings.
should present and surrender such notes for conversion, as provided above,
and, unless the notes are surrendered for conversion on an interest date
(or, in the case of registered notes, during a period when the transfer books
are closed), must pay to the United States, in the manner provided below,
the difference between interest at the rate of 334% per annum and interest
at the rate of 43% % per annum upon the par amounts of such notes, to the
respective dates upon which such notes shall have been surrendered for
conversion from the last preceding interest date, in accordance with said
Interest Table'
130
THE CHRONICLE
No adjustments of interest will be necessary upon conversions of either
registered or coupon notes under this circular, if the notes are surrendered
for conversion on an interest date.
All payments to the United States required as provided in this circular
must be made in cash or by post office or express money order, bank draft,
or certified check, collectible without exchange at the place where conversion is to be effected, and payable, if conversion is to be effected at the
Treasury Department, in Washington, to the order of "Treasurer of the
United States, Note Conversion Account," or, if conversion is to be effected
at a Federal reserve bank, payable to "Federal Reserve Bank of
(here insert name of city in which bank is located) Note Conversion Account." No other forms of payment will be accepted. Such payments
must be sufficient to cover interest up to the date when such payments
will actually be received at the place where conversion is to be effected.
The Secretary of the Treasury reserves the right to make, from time to
time, and supplementary or amendatory rules and regulations governing
the exercise of the conversion privilege, information as to which may be
obtained from the Treasury Department, or thorugh any Federal reserve
bank.
CARTER GLASS,
Secretary of the Treasury.
ISSUANCE OF UNITED STATES TREASURY SAVINGS
CERTIFICATES.
Announcement that savings certificates would hereafter
be issued in denominations of $100 and $1,000 was made by
Secretary of the Treasury Glass on July 1. In accordance
therewith the War Savings Committee at 120 Broadway, this
city, issued a statement to the effect that Treasury savings
certificates, in denominations of $100 and $1,000, for issue
36.00,
3.60 and
during July upon the payment of
respectively, or on surrender of War Savings Stamps,were
ready for distribution from Washington, D. C. In its
statement in the matter the War Savings Committee said:
Those desiring to purchase these new Government securities will soon
be able to obtain them by going to any post office of the first or second class,
or by applying for them at incorporated banks and trust companies which
are second class agents for the sale of 1919 War Savings Stamps. The
Treasury Savings Certificates are in registered form, the registration records
to be kept at the Treasury Department, Washington. Notification of
decision by the Treasury Department to issue the new certificates was
received by telegraph July 3 at the Federal Reserve Bank, New York City.
The telegram from the Treasury Department read in part:
"Treasury Savings Certificates will be issued only in registered form and
are to bear the name of the owner thereof which shall be inscribed thereon
by the issuing agent at the time of the issue thereof. The registration
records will be kept at the Treasury Department, Washington, by means
of registration stubs forwarded by issuing agents.
"Treasury Savings Certificates in the denomination of $100 will be
Issued in July 1919 at $83 60 and the price will increase 20 cents each month
so as to reach $84 60 in December 1919.
"Treasury Savings Certificates in the denomination of $1,000 will be
issued in July 1919 at the price-of $836 and the price will increase,$2 each
month so as to reach $846 in December 1919.
"Department Circular 143 gives full details as to Treasury Savings
Certificates including a description of the certificates, provision for issue on
surrender of other War Savings Certificates, and the regulations governing
their distribution and sale."
The War Savings Committee added:
With the maturity value of these new Treasury Savings Certificates
being $100 and $1,000, and the price during July $83 60, or $836 00, the
rate of interest will be the same as for War Savings Stamps that mature
Jan. 1 1924-4%, compounded quarterly.
RESTRICTIONS ON REDEMPTION OF SAVINGS
STAMPS REMOVED.
According to the "United States Bulletin" of July 7, the
Savings Division of the Treasury Department has announced
the removal of the restrictions under which registered war
savings stamps could only be redeemed at the post office
where they were originally registered. By arrangement with
the Post Office Department, the Treasury Department has
provided for the redemption of registered stamps at any
post office on the necessary ten days' notice. The "Bulletin"
says:
The regulation restricting the redemption of registered stamps to the
registering post office has caused some inconvenience in the past. The plan
for extending the redemption privilege has been properly safeguarded to
prevent redemptions by any person other than the bona fide holder of
registered stamps.
Under the plan application forms may be obtained at any post office,
which, after being filled out in the presence of the postmaster, will be
forwarded to the registering post office. These forms will carry information
sufficient to conclusively identify the registered stamps presented and the
owner applying for redemption. Upon the receipt of the application form
and the registereu stamps the registering postmaster will forward a post
office money order to the redeemping stamp owner at the post office of
application ten days after the date of application.
GROWTH OF WAR SAVINGS SOCIETIES IN NEW YORK
FEDERAL RESERVE DISTRICT.
There were 849,315 enrolled members of 7,787 War
Savings Societies in New York City, New York State, and
the twelve northern counties of New Jersey on June 21 last,
according to announcement by the War Savings Committee,
which says:
Of the 7,787 War Savings Societies in existence on June 21 1919, 4,353
were in New York City. By boroughs there were 2,880 in Manhattan, 875
in Brooklyn, 328 in the Bronx, 193 in Queens and 77 in Richmond. The
total number of regularly enrolled savers in New York City was 501,283
on the above date. New York State (outside of New York City) had 962
societies, with 51,927 members on June 21. It was stated that hundreds
of schools where children have taken up the idea of saving through the
[VOL. 109.
use of Penny School Savings Books, have not formally organized War
Savings Societies. There are many thousands of regular investors In Thrift
Stamps, therefore, who are not considered in the report of members of
War Savings Societies in this portion of the Second Federal Reserve District.
The twelve northern counties of New Jersey were credited with 296,105
members of War Savings Societies and with 2,472 different societies.
Since Jan. 1 1919, when the War Savings campaign was taken over by
the Federal Reserve Bank, there has been a steady increase in the number
of War Savings Societies and regular savers. When the armistice was
signed last November a marked drop in sales of War Savings Stamps was
noted. The entire problem had to be approached from an entirely new
angle. The work had to be taken up from a peace basis, and this necessitated the arousing of interest in keeping up war-taught thrift.
The War Savings Committee issues a report each week of the number of
additional War Savings Societies that are formed. During the week
ending June 21, 283 new societies were organized. Of these, 171 were
-55 in Manhattan, 97 in Brooklyn, 15 in the
formed in New York City
Bronx and 4 in Queens.
BANKERS' ASSOCIATION OF DISTRICT OF COLUMBIA
ENDORSES THRIFT CAMPAIGN.
A resolution endorsing the National Thrift Campaign was
adopted at the closing session of the Bankers' Association of
the District of Columbia bankers' annual convention, at
Deer Park, Va., June 26. Prior to the action of the bankers,
William Mather Lewis, Vice-Director of the Savings Division, set forth some pertinent facts and figures showing the
necessity of whole-hearted support of the Thrift Campaign
by banking interests throughout the country. The text
of the resolution follows:
The Bankers' Association of the District of Columbia assembled in annual
convention this 26th day of June 1919 at Deer Park, Va., hereby pledge its
continued whole-hearted support and co-operation in the thrift work of the
Treasury Department. We believe the time was never more opportune for
the development of the spirit of thrift on the part of the people of America,
and assure the Honorable Secretary of the Treasury that the Bankers'
Association of the District of Columbia urges the banks and trust companies to not only assist in this thrift campaign of the United States Government through the sale and promotion of Thrift Stamps and Savings Certificates, but that we urge the personnel of our membership to be individual
purchasers of Savings Stamps at regular periods.
Be it further resolved, that a copy of this resolution be transmitted to the
Secretary of the Treasury and to the Director of the War Loan Organization
of the Fifth Federal Reserve District, at Richmond, Va,
FEDERAL RESERVE BOARD ON HIGH MONEY RATES
AND SPECULATION.
In a statement bearing on the recent high money rates and
the present marked speculative movement issued on July 9
the Federal ,Reserve Board observes that "regrettable as
they may be such flurries in the rates for call money on
stock collateral are inevitable as long as the present methods
of financing and settling speculative transactions are persisted in." While stating that "they can be guarded against
only by such methods as were adopted during the war"the
Board adds that "it would be in every way undesirable and
unfortunate to perpetuate in peace times such arbitrary
measures." "It is not," it says, "the function of the Treasury nor of the Federal Reserve baiaks or the banking institutions of the country to provide money for stock speculation, and the Board feels that the reflex action of the
rates for call money on stock collateral upon the Government's financial program and the requirements of commerce
and industry has greatly decreased and will continue to
decrease as it becomes better and better understood that the
true functions of the banking institutions of the country
and of the Federal Reserve system, acting in their aid, is
subject to the temporary requirements of the Government
to finance commerce and industry." The Board's statement in full follows:
The March installment of income and profits taxes (deposits from Mar. 10
to Mar. 24, inclusive), which aggregated $1,035,993,534, had been pro
pared for by the Treasury through the issue of certificates of indebtedness
maturing March 15, and acceptable on that date in payment of taxes to the
amount of $834,000,000, and this payment was handled without disturbance in the money market.
For the June installment of income and profits tax payments (deposits
from June 10 to June 24 inclusive) the amount of which aggregated $903,586,676 77, the Treasury had made even greater preparations. The aggregate amount of certificates of indebtedness of all issued which matured June
16 and 17 was $1,018,885,000, and the Treasury had on June 9 announced
Its readiness to make payment of these certificates before maturity, and as
well of $491,407,000 of certificates maturing July 1 at the option of the
holder. The aggregate amount of Treasury certificates of indebtedness
affected by this option of redemption before maturity was $1,510,292,000,
yet the total amount of certificates actually redeemed before June 16 was
only $153,191,500, or 10.1% of such aggregate.
Thus it is evident that the banking institutions of the country proferred to keep their funds invested in Treasury certificates bearing interest
at 4%% rather than to take advantage of much higher rates on stock
collateral. It is therefore apparent that the repeated flurreis in the call
money market in the first half of June are to be attributed primarily not to
the tax payments of that month, but to the fact that in the period since
the March tax payment there had been a great expansion of the loan account,
consequent upon a continuous speculation for a rise in stocks and that the
bankers of the country, partly Influenced, perhaps, by the warning of the
Federal Reserve Board, preferred to keep their credit resources available
for the requirements of the Government, and of commerce and industry,
rather than to devote still further sums to the support of such speculations.
JULY 12 1919.]
THE CHRONICLE
Regrettable as they may be, such flurries in the rates for call money on
stock collateral are inevitable so long as the present methods of financing
and settling speculative transactions in stocks are persisted in. As things
are now they can be guarded against only by such methods as were adopted
during the war, providing a reasonable supply of credit for carrying stocks
but, contrariwise, taking effective measures to prevent undue speculation or
expansion of the loan account, but it would be in every way undesirable and
unfortunate to perpetuate in peace times such arbitrary measures.
It is not the function of the Treasury nor of the Federal Reserve banks
or the banking institutions of the country to provide cheap money for stock
speculation, and the Board feels that the reflex action of the rates for call
money on stock collateral upon the Government's financial program and
the requirements of commerce and industry has greatly decreased (as, indeed, was evidenced by the small redemptions of Treasury certificates
notwithstanding high call money rates and the relatively small effect upon
the rates for commercial borrowings), and will continue to decrease as
it becomes better and better understood that the true functions of the
banking institutions of the country and of the Federal Reserve system,
acting in their aid, 's subject to the temporary requirements of the Government, to finance commerce and industry. Only those banking institutions which adhere to this policy are performing their true function and are being wisely and conservatively handled in the real interest of
their stockholders and the public. The demands for credit for stock speculation must yield precedence to these prior demands, and the rates for stock
speculation ruling from time to time, however erratic, can have no permanent effect upon the rates for Government and commercial and industrial
purposes.
To have definitely established the fact that there is no necessary connection between rates for speculative purposes and for commercial transactions
is in itself an important development.
131
The export situation is possibly of most direct importance to the domestic
consumer in a way that is very frequently overlooked. This is in connection with prices. There is a shortage of many essential materials and commodities in the world at large. Increased credit demand for goods for export necessarily implies relatively decreased supply of goods for domestic
use. Demand and supply are automatically equalized by changes in price.
but such changes in price are, in the circumstances here under consideration
necessarily upward. The domestic consumer, therefore, when asked to
finance export trade should remember that the outstanding effect of such
financing upon too great a scale would necessarily be the exaggeration of the
prices which he himself must pay for the things he needs. This necessarily
means, therefore, that he is in a sense bidding against himself when he
enables others to purchase overfreely with the funds which he has supplied.
If a large export financing process is conducted by banks out of credit, the
result is to place the fluid credit of the country at the disposal of foreigners
in purchasing and settling for domestic products which they obtain from
American producers.
The situation is quits different in its effects from that which exists when
domestic investors take up and pay for the commodities by actually turning
over saved funds and withdrawing their own demand from the merchandizing field.
The Board has urged that the basis of export credit be found in the investment market and not at the banks. There is the same necessary opposition of interest between the domestic and export trade in such circumstances as that which existed between the needs of the Government and
those of private individuals during the war; and there is the same argument
in favor of the exercise of thrift by domestic buyers in order that they may
provide the saved funds necessary to finance the movement of goods abroad
that there was in connection with the purchase of Government obligations.
It is for this reason that the amount of export trade securities to be purchased and held by banks must necessarily be limited to a minimum figure.
in order that there may be no danger of unduly increasing the total amount
of such obligations which find a place in the portfolios of banking establishments, and which, to that extent, tend to create the kind of inflation
that results from the purchase and carrying an undue amount of long-term
obligations by institutions whirh are engaged in providing purchasing
power for current uses.
As was reported in these columns June 7, page 2285, a
warning against speculation was contained in the June
number of the Federal Reserve Bulletin, and this was followed by a letter to the Federal Reserve banks (published
in the "Chronicle" of June 14, page 2390,) in which the
Reserve Board sought information as to member banks'
Concerning applications for advances by the War Finance
borrowings. The subject is again referred to in the July Corporation for export loans, the New York "Commercial"
Bulletin and in its warning therein the Board states that in Washington advices July 4 said:
the "funds of the Federal Reserve system are in no sense
Application for advances totaling $1,000,000 to aid in financing foreign
intended for the support of speculation and member banks trade have been made to the War Finance Corporation under the $1,000,In
authorization.
should bear this fact in mind when arranging for the 000 000 the direction of None has been granted. the view of the decision
banking interests of
export financing over to
to turn
extension of accommodation to borrowers." The Board the country it is supposed that the Government funds will not be used to
its inquiry into the sources of funds for call the extent originally contemplated.
also says that
loans has shown that they are widely distributed throughout
On the same subject the "Wall Street Journal" of the 1st
the country and that the tendency toward speculation is inst. said:
Decision by the Administration as to the manner and extent of Governnot localized but general. "Bankers" it says, "are watching
program for financing foreign trade and the
with particular interest the development of this movement ment participation in the and farms, is being held up until the return reof
habilitation of industries
of the large requirements of the crop season and Eugene Meyer, Jr., Chairman of the War Finance Corporation, from
on account
financing of the export trade. Europe.
•
the obvious needs for the
It is learned the action of the Federal Reserve Board, authorizing the
Apprehension is expressed in a number of quarters lest
national banks to participate in this financing to the extent of $100,000,000,
bankers may get into the habit of over-lending, and lest Is not regarded as a major step toward the solution of the entire foreign trade
the prevailing high prices for real estate and commodities Problem, but merely a necessary measure to facilitate the larger program
in the
that may
may result in advances up to an unduly great portion of the bucket. be evolved. It is fully recognized this sum will be a drop
value of the property or security offered." The
normal
Mr. Meyer has been in Europe six weeks, making a close personal study
Board is likewise quoted to the following effect in the July of the problem of enabling European industry to get on its feet. He has
visited France and Belgium, and has spent the past week in London.
Bulletin:
advices reveal that Mr. Meyer has had important conferences
During the month of June speculation has continued on a high level,
although it has been subject to many fluctuations. On June 16 call money
reached 15% in New York, and on June 20 the board sent a letter to all
federal reserve agents asking for information concerning the purposes for
which funds obtained by rediscounting were being used by member banks.
This letter was made public and one effect of it was apparently that of
leading some banks to hesitate about making applications for rediscounts
where the funds were unquestionably intended for purely speculative
purposes. After the middle of June the volume of speculation on the
New York Stock Exchange was reduced from one-fourth to one-third for
some days, and this lessening of the demand for money naturally lowered
the intensity of the demand for funds which had previously made itself felt.
The extremely high level of prices for stocks and for staple commodities
for which there exists a speculative market, which had been developed in
New York and elsewhere, and the fact that speculation has spread widely
throughout the country, has undoubtedly had a considerable effect in
drawing heavily upon the available liquid resources of banks, which at
best were none too abundant prior to the time when speculative fever became
well marked.
Private
with the leading financiers of England and France, and that he has had
access to highly important data assembled at the Peace Conference, bearing on the needs and resources of the enemy countries now open to trade.11
No inkling has been conveyed yet to Mr. Meyer's colleagues here as to
the character of the conclusion he has reached regarding the policy which
the Government should follow. In the meantime, the preparatory conferences and studies of the American bankers have proceeded along tentative lines. Senator Owen, ranking Democrat on the Committee on Banking and Currency in the Senate, and Senator Smoot, the leading Republican authority on such questions, have given much time and attention to
the problem. Senator Owen has made a tentative proposal for the formulation of a gigantic foreign trade credits corporation, to be participated in
by the Government. With the return of Mr. Meyer it will be possible to
1.0
proceed with the discussion of definite plans.
Mr. Meyer will sail for the United States this week. He will appear
very soon before the House and Senate committees to lay before them in
detail the information and ideas he has accumulated on his European visit.
LIKELIHOOD OF INCREASE IN DISCOUNT RATES
OF FEDERAL RESERVE BANKS.
FEDERAL RESERVE BOARD CONSIDERS FINANCING
In referring to the likelihood of an increase in the disOF FOREIGN TRADE SHOULD BE DEALT WITH
count rates of the Federal Reserve banks the "Wall Street
IN INVESTMENT MARKET, NOT BY BANKS.
The Federal Reserve Board in warning in its July "Bulle- Journal" of July 10 said:
While there has been considerable discussion of late to the effect that the
tin" that still higher prices and a greater shortage of supply New York Federal Reserve Bank may take steps to increase its discount
United States if foreign purchases rates on loans secured by Government war paper, leading banking opinion
might be expected in the
are permitted to continue on the same basis as in the last is that the central institution would not be justified in imposing any increase
Such discount rates are now 4% up to 15 days, and
at the present
few years declares that the war period in exportation had 4j% from 16time. days.
to 90
come to an end, and that it was now the duty of the investAt the moment the member institutions are concerned with arranging
who borrowed to carry
ing public to finance shipments needed by Europe. The the fourth renewal to customerscoupon rate of 4g %. Itsubscriptions to
will be recalled
the Fourth Liberty Loan at the
Board urges "that the basis of export credit be found in the that the Fourth Liberty Loan was floated in the fall of 1918 and that after
investment market and not at the banks," and says in part:
October 1919 member bankers will no longer be committed to carry cus-
rate of 4g% on that issue.
With the determination of the Government that it will not continue the tomers' loan subscriptions at the stipulated
In the case of the Fifth Victory Liberty Loan, member institutions genlarge participation in export trade financing undertaking during the war,
%.
carry subscribers to these notes at the coupon rate of 4j
but will leave this field to be developed by private enterprise, our export erally agreed to
operations will henceforward call for the assumption of full responsibility by This privilege will expire in November.
In commenting on the likelihood of an increase in the discount rates
financiers and business men, who must recognize that the war period in our
secured by Government paper, a banker says. "It is my opinion that the
foreign business has ended.
steps to raise the discount rates until the
The view of the Board is that the matter of providing long-term advances Federal Reserve Bank will take no
on Government bond subscripfor Europe presents an investment rather than a banking problem; that the expiration of member bank commitments
banks generally agreed to carry Fourth Loan
necessary funds must therefore come from the investment market. The tions. That is, member
coupon rate, for one year; and in the case of the
question how to obtain these funds through an appeal to investors is, there- subscriptions at 4g%,the
43% %,the coupon rate, for a period of ninety days with one
fore, the immediate and practical problem of the moment in connection Fifth Loan at
renewal, which will make the loans expire in October and November, rewith the financing of the business.
132
THE CHRONICLE
speetively. At that time: if the situation warrants, the Reserve institution may feel that it will be perfectly justified in increasing its rate on
discounts secured by Government paper, inasmuch as the banks' commitments to bond purchasers will have terminated.
"It is generally understood that this method of loans by members was
to insure success to the Government's offerings and while, to be sure, there
is an element of profit in the transaction to the member banks, who discount this paper with the central institutions, 1 believe that in the fall
when these xansactions are brought to an end that the discount rate will
be raised.
"I would not be surprised to see the discount rate on Government paper
made a flat rate of 434 %, whether the advance be for 15, 30, 60 or 90 days.
"Of course we must not lose sight of the fact that this action will be more
or less based on the future borrowing policy of the Government. You
cannot divorce future Government financing from the discount rates at the
central bank."
(vol..
109.
have been such an interval in Government offerings of all kinds as must
inevitably result in markets improvement of the market prices of the existing issues, with corresponding decreases in the interest bases at which they
are selling, and consequent assurance that the Government will be able to
finance itself for a longer period upon better terms.
It is not possible at this time, when appropriations for the coining year
are under consideration by the Congress, when contract claims by and
against the United States are still in process of settlement, when demobilization is still incomplete, when the extent of the liability on the wheat guaranty
is unascertained, and when the business upon which the income and profits
tax receipts, of the first half of the calendar year 1920 are to be based is
still only half transacted, to make a formal estimate of the receipts and
expenditures of the United States during the fiscal year 1920.
But so large a part of the war expenditures has been paid or provided
for out of taxes and the issue of bonds or notes already sold and so small a
part is unfunded, that I confidently expect that the Government will be
able not only to meet its further temporary requirements for the decreasing
scale of expenditure by the sale of Treasury certificates of indebtedness
bearing interest at the rate of 434% or less, but also to fund as many of
these as it may be desirable to fund, by the issue of short-term notes, in
moderate amounts, at convenient intervals, when market conditions are
favorable, and upon terms advantageous to the Government.
It will not be desirable to fund all the certificates of' indebtedness, for
the issue of certificates of indebtedness in anticipation of income and profits
tax installments not only furnishes a means of financing the requirements
of the Government temporarily upon easy terms, but constitutes an almost
necessary financial expedient, to enable the taxpayer to save and to prepare
gradually for the great tax payments, and to relieve the banking machinery
of the country of the great strain which would be imposed upon it if these
tax installments had to be paid on a single day without preparation.
I need scarcely say to you that the realization of these sanguine expectations is contingent upon the practice of the most rigid economy by the
Government and the continuance of ample revenues from taxation. Such
a course, accompanied by the practice of sober economy and wise investment
by our people and strict avoidance of waste and speculation, will make it
.
possible for the American people to respond to the demands to be made
upon them privately for capital and credit by the nations and peoples of
Europe, demands which are reinforced by the strongest and most vital
ties of sympathy for the Allies, who fought and won the war with us, as
well as by the most obvious dictates of self-interest.
I am writing a similar letter to the Hon. Boise Penrose, chairman of the
Committee on Finance.
It has seemed to me only proper at the end of the last fiscal year of the
war period to lay these facts and opinions before the Committee on Ways
and Means and the Finance Committee, which bear so large a measure of
responsibility for the war loan legislation, and to make them public also,
since they vitally concern the millions of Americans whose purchases of
Government securities, and tax payments, made this record of war finance
possible.
CARTER GLASS.
SECRETARY GLASS ON COST OF WAR TO U. S.
In announcing that the Government expenditures for
the war period reached $32,427,000,000 Secretary of the
Treasury Glass, in a statement presented to Congress on
July 9 figured the gross cost of the war to June 30 1919, at
$30,177,000,000, on the assumption that the expenditures
of the Government on a peace basis would have been at the
rate of $1,000,000,000 a year. Of the total expenditures of
$32,427,000.000, more than $9,384,000,000, or 29%,
Secretary Glass states, were met out of the tax receipts and
other revenues than borrowed money. The remainder came
from Liberty bonds, Victory note issues and War Savings
certificates. Receipts of $57,862,168,482 for the period
from April 6 1917 to June 30 1919 are reported by Secretary
Glass, the disbursements amounting to $56,610,503,654,
leaving a net balance in the general fund June 30 1919 of
$1,251,664,828. The gross public debt on June 30 1919,
Secretary Glass reports amounts to $25,484,000,000, and
of this, he says, only 83,634,000,000 was in the form of
Treasury Certificates or floating debt. In submitting to
Congress the financial statements of the Government Secretary Glass confirmed his statement of April last that the
Victory Liberty Loan would be the last Liberty Loan to be
floated. The following is the letter addressed by Mr. Glass
to Representative Fordney, Chairman of the Ways and
The following table shows the receipts and disbursements,
Means Committee of the House, a similar letter having also
etc., of the Government for the period from April 6 1117, to
been addressed to Senator Penrose Chairman of the Senate
June 30 1919 on the basis of the daily Treasury statements:
Committee on Finance:
Receipts and Disbursements.
My dear Congressman:
I take pleasure in handing you herewith for your information and that Net balance in the general fund April 5 1917
$92,317,710
of the Committee on Ways and Means the following statements:
Receipts, exclusive of principal of public debt, April 6 1917,
A.—Preliminary financial statement of the United States Government
to June 30 1919
9,384,278,708
for the period from April 6 1917, to June 30 1919.
Public debt receipts April 6 1917, to June 30 1919
48,385.572.063
B.—Preliminary statement of the public debt on Juno 30 1919.
Total
$57,862,168,481
C.—Statements showing classified receipts, exclusive of the principal of
the public debt, by months from April 6 1917 to June 30 1919, as pub- Disbursements, exclusive of principal of public debt April
6 1917, to June 30 1919
$32,427,469,054
lished in daily Treasury statements.
D.—Statement showing classified disbursements, exclusive of the prin- Public debt disbursements April 6 1917, to June 30 1919-- _ 24,183,034,599
1,251,664,827
cipal of the public debt, by months from April 6 1917, to June 30 1919, as Net balance in the general fund June 30 1919
published in daily Treasury statements.
Total
$57,862,168,481
Expenditures in the month of June just ended amounted in round figures
Public Debt and Expenditures.
to $809,000,000, or less than for any month since Sept. 1917.
Expenditures for the fiscal year just ended amounted to $18,514,000,000. Total disbursements for war period, exclusive of principal
Expenditures for the war period amounted to $32,427,000,000, and of
of public debt
$32,427,469,054
these more than $9,384,000,000, or about 29% were met out of tax receipts Total receipts for war period, exclusive of principal of
and other revenues than borrowed money, although payment of nearly half
public debt
9.384.278,708
of the income and profits taxes for the fiscal year 1919 has not yet been made, Excess of disbursements over receipts, for war period
23,043,190,346
such payment being deferred until the fiscal year 1920. In this calculation Total gross debt June 30 1919
25,484,506,160
no deduction is made of expenditures for loans to the Allies, which on June Total gross debt April 5 1917
1,281,968,696
30 amounted to $9,102,000,000, or for other investments such as ships, Gross debt increase for war
24,202,537,463
stock of the War Finance Corporation, bonds of the Federal Land Banks,etc. Net balance in the general fund June 30 1919
- 1,251,664,827
If we assume that the expenditures of the Government on a peace basis Net balance in the general fund April
5 1917
92,317,710
would have been at the rate of $1,000,000,000 a year, or for the period Net increase in balance in general fund
1,159,347,117
under discussion of nearly twenty-seven months would have equaled Net debt increase for war period
23,043,190.346
$2,250,000,000, then we estimate the gross cost of the war to June 30,
The following statement shows receipts in detail of the United States
1919, at $30,177,000,000.
Government exclusive of the principal of the public debt, by months,
The gross public debt amounted on June 30 1919, to $25,484,000,000, from
April 6, 1917 to Juno 30, 1919.
of this sum only $3,634,000,000 was in the form of Treasury certificates,
Preliminary statement of the public debt of the United States Government
or floating debt. Of such certificates more than $608,000,000 matured or June
30 1919.
were redeemed on July 11919, and were paid out of the net balance in the
Bonds.
general fund on June 30 1919, which amounted to $1,251,000,000. Deduct$599,724,050
ing the certificates last referred to, the floating debt on June 30 1919, was Consols of 1930
118,489,900
little more than $3,000,000,000, which is roughly the estimated amount of Loan of 1925
• 48,954,180
the deferred insta.iments of the income and profits taxes for the fiscal year Panamas of 1916
Panamas of 1918-38
25,947,400
1919 and of the deferred installments of the Victory Loan subscriptions.
50,000,000
In the announcement given to the press on April 14 1919, of the terms of Panarnas of 1961
28,894,500
the Victory Liberty Loan, I made the following statement with reference to Conversion bonds
Postal savings bonds
11,349,960
financing the future requirements of the Government:
Total
"This will be the last Liberty Loan. Although as the remaining war
$883,359,990
bills are presented, further borrowing must be done. I anticipate that the First Liberty Loan
1,984,796,730
requirements of the Government, in excess of the amount of taxes and other
3,566,464,969
income, can, in view of the decreasing scale of expenditure, be readily Second Liberty Loan
Third Liberty Loan
financed by the issue of Treasury certificates from time to time as heretofore,
3,959,560,357
which may be ultimately refunded by the issue of notes or bonds without Fourth Liberty Loan
6,794,504,557
the aid of another great popular campaign such as has characterized the
Total
Liberty Loans."
$16,304,326,613
Total bonds
17,187,686,603
confirm the statement above quoted. The decision then taken has been
Notes—Victory Liberty Loan
3,467,840,956
fully sustained by the experience of the past three months. The successful
flotation of the Victory Loan and the adjustment of the amount and terms
Treasury Certificates.
of the issue have resulted, as I hoped they would, in a strong market at l.oan and tax
$3,273,000.000
about par for these notes, without the necessity of Government support, Pittman Act
178,723,000
and in an improving market for the bonds of the Second, Third and Fourth Special issues
182,494,490
Liberty Loans, evidenced not only by the firm market quotations, by the
Total
$3,634,217,490
strong undercurrents of investment buying, which give reason for the hope
952,023,121
that, with the continuance of favorable general conditions, there will be War Savings certificates (net cash receipts)
Old debt on which interest has ceased
2,355,250
consistent appreciation in the market prices of these bonds.
Non-interest bearing debt
236,382,738
I do not think it will be wise to make any further issues of long-term
before maturity or redemption of the Victory notes, when there will
bonds
Total gross debt
$75.484.506;160
JULY 12 1919
. THE
CHRONICLE
INCREASE IN MILK PRICES FOR JULY.
An increase of a cent a quart in the retail price of grade
A and grade B milk was announced on July 1 by the Borden
and Sheffield Farms milk companies. The price of grade
A milk, per quart, is raised from 17 to 18 cents, and that
of grade B milk from 15 to 16 cents per quart, the price
per pint of grade A milk remains at 11 cents and that of
grade B milk at 9 cents. The following is the new schedule
of prices announced:
Select brand Grade A milk, 18 cents per quart bottle.
Sealect brand Grade A milk, 11 cents per pint bottle.
Household Grade B milk, 16 cents per quart bottle.
Household grade milk, 9 cents per pint bottle.
Certified milk, 24 cents per quart bottle.
Brookside certified milk, 26 cents per quart bottle.
Buttermilk, 11 cents per quart bottle.
X cream, 26 cents per 3 pint bottle.
XX cream, 33 cents per M pint bottle.
Condensed milk, 16 cents per tj pint bottle.
Ripened (sour) cream, 16 cents per 34 pint bottle.
133
INDIVIDUAL LICENSES NOT REQUIRED FOR WHEAT
FLOUR SHIPMENTS TO WESTERN HEMISPHERE.
The United States Grain Corporation announces that in
accordance with a bulletin issued July 7 by the United
States Wheat Director exporters of wheat flour may make
shipments to destinations in the Western Hemisphere, beginning July 7, under a General License H. S. 250 without
applying for individual licenses. The order is contained
in Bulletin No.4 issued at the offices of the Wheat Director,
42 Broadway, which is as follows:
According to the New York "Tribune" of July 2, the
shortage of ice, the increased cost of labor and the advance
in the price of milk to the farmer were cited as reasons for
the revised schedule by officials of the companies. The
"Tribune" also said:
Effective July 7 and until further ordered:
All shipments of wheat flour to destinations in the Western Hemisphere
may be permitted to be exported from the United States under General
License H. S. 250.
The Grain Corporation expects that the customs
authorities will be fully advised of this order and prepared
to allow the exportation of wheat flour in the direction
named without the exporters having to make individual
application and receive a license for each shipment. This
action of the Wheat Director, it is added, should facilitate
the business of American exporters, jobbers and millers to
a considerable degree.
E. R. Eastman, general manager of the offices of the Dairymen's League,
declared that distributors are paying $3 01 a hundred pounds for milk
during July, compared with $2 89 in June. There are forty-seven quarts
to one hundred pounds, making the increase in price to the distributor
approximately one-fourth of a cent.
REMOVAL OF RESTRICTIONS ON PIG TIN IMPORTS
FROM COUNTRIES OTHER THAN
COUNTRIES OF ORIGIN.
The following ruling was issued July 1 by the War Trade
The action of the companies in raising the price at this Board Section of the Department of State:
time, when milk is most plentiful, caused Mayor Hylan
Supplementing War Trade Board Ruling 780, issued June 16 1919, the
to address a letter to Robert E. Dowling, Chairman of the War Trade Board Section of the Department of State announces that it
will issue
Milk Commission named by Gov. Smith of New York last of pig tin licenses permitting the importation, on or after Sept. 1 1919,
and all metal alloys containing tin, including tin drosses, tin
January, in which he stated that if the Commission has no oxides, solder drosses, type metals, artifriction metals, waste metals, and
power to regulate the price it can "appeal to the highest other metals containing tin, from points other than points of origin and
power in the Statp to ask every District Attorney in the without reference to the date of shipment.
On July 3 George Armsby, Chief in Charge of Tin of the
State to bring a vigorous prosecution against the milk trust."
War Industries Board, in calling attention to the issuance
The letter follows:
I see by the papers, if quoted correctly, that you have received a letter of the above ruling also said:
from the milk trust, stating that they have raised the price of grades A
and B milk, and that the increase was necessary, as the companies would
otherwise have to conduct their business at a loss during the month of July.
This statement no reasonable person will believe. Milk is most plentiful
this time of the year, and these profiteers should no tbe allowed to raise the
price of milk. If you have no power to regulate price, you can, however,
appeal to the highest power in the State to ask every District Attorney in
the State to begin a vigorous prosecution against the milk trust, and the
kind of prosecution that will send the culprits that have violated the law
to jail.
We tried at the last session of the Legislature to have the law repealed
that gave the Dairymen's League exemption, but this was not done, and
since the Legislature adjourned, they are again at their old business of
boosting prices at the expense of the public. The people will not tblerate
much longer profiteering in foodstuffs, milk and other necessities of life.
In our issue of April 5, page 1347, in referring to the April
milk price, we quoted from the New York "Evening Post"
details with regard to the milk purchasing method adopted
on March 27 under which it was stated the price of milk
would be lowered one cent a month from April 1 to July 1,
when the price for grade B milk would go to 12 cents a
quart. No such reduction, however, developed. Chairman Dowling of the Milk Commission announced on the
1st inst. his intention to call a meeting of the Commission
this week to inquire into the present advance.
OPEN TRADING IN TIN ON NEW YORK METAL
MARKET.
In an item in our issue of June 21, page 2489, with regard
to the lifting of tin restrictions, we referred to the indications
for the early start of open trading on the local market. This
was witnessed on Monday of this week, July 7. In regard
to the measures incident thereto the "Journal of Commerce" on June 25 said:
The board of managers of the New York Metal Exchange met yesterday
(June 24) morning and passed favorably on both the now rules for trading
in tin on the Exchange and also on the new tin contract which covers transactions in the metal in this city. Trading will start on July 7. The course
of the open market thus far has been featured by a slight recession in the
price of spot tin. From the fixed level of 724 cents per pound the current
value of the metal has dropped to around 70 cents per pound. It was
stated yesterday that the range of 70 to 71 cents per pound would cover
the market at the present time.
On July 8 the same paper gave the following as to the
first day's open trading:
The first day of open trading on the New York Metal Exchange revealed
the fact that members of the tin trade here are more or less at a loss just how
to proceed in the trading. Yesterday's results were encouraging from a
point of view of attendance, but the results in metal sales were lacking.
The Exchange lists each day the closing prices in two grades of tin. Class A
represents Straits tin, and the price arrived at in this commodity showed a
-ton lots. There was no quotation for
general level of 70c per pound for 5
'25-ton lots. Class B, which includes electrolytic and 99% tin, was not
quotable at the close earlier than August delivery, which was rated at 55c
-ton lot class a quotation of 65c per
-ton lots. In the 5
per pound for 25
pound was made on July shipment, with August quotable at 54c per pound.
This latter level obtained all the way through to December.
Referring to the statement in the closing paragraph of my circular letter
of June 23 1919, please be advised that the clause in import licenses providing that the bill of lading run or be endorsed to the American Iron &
Steel Institute may be disregarded as a late ruling of the War Trade Board
has rendered this condition inoperative.
Mr. Arrnsby's circular of June 23 was. published in our
issue of June 28, page 2589.
RESIGNATION OF EDWARD N. HURLEY AS CHAIRMAN OF U. S. SHIPPING BOARD.
The resignation of Edward N. Hurley as Chairman of
the U. S. Shipping Board, to take effect on Aug. 1, was
announced on July 10. John Barton Payne, it is reported,
will succeed Mr. Hurley. The latter's resignation, although
written on May 28, was not made public until action thereon
by President Wilson on the 10th inst. In his letter to the
President Mr. Hurley said:
My Dear Mr. President—Although I have been anxious to return to
private life ever since the war ended. I have withheld my resignation, first,
because I did not want to trouble you while you were in the midst of international settlement, and,second, because,in view of proposed and announced
investigations of the various departments of the Government by Congress,
I fanted to remain long enough to give the Legislative Committee ample
time to make their inquiries.
With the extra session already assembled I feel that the Congressional
committees will have sufficient opportunity between the present date and
Aug. 1 to inquire into any matters affecting contracts about which they may
have doubt. I have already informed the Chairmen of the Senate and
House Committees that I am at their disposal. I am hopeful, therefore,
that you will find it possible to relieve me on Aug. 1.
You will recall that when I retired as Chairman of the Federal Trade
Commission it was with no thought of returning at a later date to public
life. I want to spend more time with my own family. The war, however.
forced all of us to put aside our own personal inclinations. When you asked
me to servo on the War Council of the Red Cross and later on the War
Trade Board, and finally appointed me Chairman of the Shipping Board,
I felt proud of the opportunity to give you and the Government the best
that was in me.
We were put to the necessity of creating an entirely new and enormous
industry. We had no time to waste, but the whole nation rallied to the
call and the situation was met. Now that we have a very large proportion
of the fleet we set out to build, the next large problem is one of operation.
I have submitted a plan to Congress which should form the basis for the
discussion which will lead to a permanent ship operating and shipbuilding
policy.
I feel that my own work has been done. The Shipping Board and its
Emergency Fleet Corporation both are well organized and all that remains
Is for Congress to work out the legislation that will serve as a compass for
the future.
In handing you my resignation please let me express my heartfelt appreciation of your constant aid, counsel and sympathetic co-operation. Your
leadership has been an inspiration to a 1 who have served under you. My
whole experience as part of your administrative course has increased my
faith in human nature.
The remembrance of your generosity and kindness and the satisfaction of
having served under your leadership in so critical a period will remain
with me always.
EDWARD N. HURLEY.
The President's reply follows:
134
THE CHRONICLE
THE WHITE HOUSE.
Wasdington, July 10 1919.
fy Dear Ir. Hurley:
-As Chairman of the Shipping Board you have done
work of a very exceptional character both at home and abroad, and it is
with genuine and very deep regret that I accept your resignation, only because you desire me to do so. It would not be just to insist upon your
continuing. Yielding to your wishes, I accept it to take effect the first of
August, 1919.
In more than one capacity you have served the country with distinction
in these difficult times, and I am sure that you can carry away from your
tasks the sense of duty well performed. No one ever served his country's
interests more devotedly than did you, and personally I am deeply grateful
to you. I am sure that my gratitude and appreciation are shared by all
those who know the importance of the work you have done.
Cordially and sincerely yours,
WOODROW WILSON,
FOREIGN HOLDINGS OF U. S. STEEL CORPORATION.
The foreign holdings of shares of the United States Steel
Corporation are again declining, as appears from the figures
for the quarter ending June 30 1919, made public on July 8.
The holdings of common stock on that date are reported as
465,434, as compared with 493,552 at the end of the last
quarter, Mar. 311919, while preferred holdings of 146,478
are announced on June 30 1919, as compared with 149,832
on March 31 1919. On Dec. 31 1918 the common holdings alone were 491,580, while those of the preferred were
148,225. Compared with the period before the war, the
shrinkage in foreign holdings is of course very striking;
in the case of the common stock, while the foreign holdings
now are 465,434 shares, on March 31 1914 they aggregated
as much as 1,285,636 shares. The foreign holdings of the
preferred, now at 146,478,compare with 312,311 on March
31 1914. Below we furnish a detailed statement of the
foreign holdings at various dates since Dec. 31 1914 to the
latest period:
COMMON.
DateShares. PerCent.
Mar. 31 1914
1,285,636 25.29
June 30 1914
1.274,247 25.07
Dec. 31 1914
1,193.064 23.47
Mar. 31 1915
1.130.209 22.23
June 30 1915
957.587 18.84
Sept. 30 1915
826.833 16.27
Dec. 31 1915
696.631 13.70
Mar. 31 1916
634.469 12.48
Sept. 30 1916
537.809 10.58
Dec. 31 1916
502.632 9.89
Mar. 31 1917
494.338 9.72
June 30 1917
481.342 9.45
Sept. 30 1917
477,109 9.39
Dec. 31 1917
484.190 9.52
Mar. 31 1918
485.706
9.56
June 30 1918
491,464 9.66
Sept. 30 1918
495.009 9.73
Dec. 31 1918
491,580 9.68
Mar. 31 1919
49:1.552 9.71
June 30 1919
465,434 9.15
[VOL. 109.
PREFERRED.
DateShares. PerCent.
Mar. 31 1914
312.311 8.67
June 30 1914
312,832 8.68
Dec. 31 1914
309.457 8.59
.
Mar. 31 1915
308,005
8.55.
June 30 1915
303.070 8.41
Sept. 30 1915
297.691
8.211
Dec. 31 1915
274.588
7.62
Mar. 31 1916
262,091
7.27
Sept. 30 1916
171.096 4.75.
Dec. 31 1916
156.412 4.34
Mar. 31 1917
4.21
151,757
June 30 1917
142.226 3.94
Sept. 30 1917
3.59'
140.039
Dec. 31 1917
140,077
3.88
Mar. 31 1918
140,198
3.90.
June 30 1918
149,032 4.13.
Sept. 30 1918
147,845 4.10
Dec. 31 1918
148,225
i.11
Mar. 31 1919
149,832 4.16
June 30 1919
146,478 4.07
RESIGNATION OF G. M. JONES FROM BUREAU OF
FOREIGN AND DOMESTIC COMMERCE.
Grosvenor M.Jones has resigned as first Assistant Director
of the Bureau of Foreign and Domestic Commerce, Department of Commerce, to become an Assistant Manager of a
New York City bank. The resignation is to take effect.
Aug. 1. It is planned to fill the vacancy by the appointment of Philip B. Kennedy, now Commercial Attache at
London, and to have Prof. Kennedy act as Director during
the absence of Burwell S. Cutler, who is to spend six weeks
or two months this summer and fall studying the economio
situation in Europe and the effectiveness of the Bureau's
work there. In its announcement regarding the resignation
of Mr.Jones, the Bureau of Foreign and Domestic Commerce
on July 3 said:
Prof. Kennedylhas been Commercial Attache at London for nearly two
years, prior to which he served in a similar capacity in Australia. Previous
to entering the service of the Bureau he was director of the Day Division,
School of Commerce of New York University. He has also been assistant
in economics at Harvard, and at one time carried out an investigation of
free ports inlEuropelforithelMerchants Association of Now York.
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
June 30.Dec.31. Dec. 31 Dec. 31 Dec. 31 Dec. 31
CommonStock-M1918.1915.
1914.
COMPLAINT OF FEDERAL TRADE COMMISSION
Africa
75
83
23
15
5
2
Algeria150
AGAINST NON-DERRICK DRILLING
340
Argentina
70
64
43
--54
23
8
MACHINE CO., INC.
Australia
80
36
30
23
38
3
Austria-Hungary
2,888 2,887
472
472
532
690
Under date of July 3 the Federal Trade Commission issued
Belgium
2,679 2,629 2,625 2,625 2,639
3,509
Bermuda
107
84
05
97
95
46 a statement saying:
Brazil
48
73
7
7
7
18
False and misleading advertising and misrepresentations to the public
British India
38
24
24
17
Canada
38,886 45,613 41,639 31,662 38,011
54,259 In the inter-State sale of stock of the Non-Derrick Drilllng Machine Co.,
Central America.._ _ _
.
25
15
1
Inc., Pittsburgh, ostensibly organized for the manufacture of an apparatus
78
235
382
Chile
108
80
30
18
11
8 for the drilling of oil, gas and water wells, are charged in a formal complaint
China
63
28
79
10
13
13 Issued against the concern by
the Federal Trade Commission.
Denmark
316
876
England
171,970 172,453 173,074 192,250 355,088 710,621
The company which was incorporated in June 1917, the complaint sets
France
29,910 29,700 30,059 34,328 50,193
64,537 forth, has not yet engaged in actual manufacture and tho only business it
Germany
1,036
891
612
628
1,178
2,664
,
Gibraltar100 has engaged in, it is alleged, has been the sale of its stock of which 123,630
Holland
210,525 229,285 229,188 234,368 238.817 342,645 shares have been Issued, 101,000 to one W. A. McClausland for certain
7
India
88
89
patents.
1111
Ireland
19
19
914
1,730
2,991
The complaint alleges the concern has published false, misleading,'unfair
Italy
281
281
,
6 and extravagant statements, reports, promises
and predictions concerning
Japan
---45
45
---- ___
----___
5
its business, progress, capital stock, financial standing and prospective
Java
4
8
Malta
40
40
75
profits, and has suppressed and concealed from the public material facts
75
75
75
Mexico
175
153
154
140
250
300 relating to its plans, organization, business and capital stock. False, misNorway
20
20
20
20
20
70 leading and unfair statements, predictions
and promises concerning the
Peru
1
3
Portugal
______
____
190 existence, character, value, strength, durability, efficiency and operation
Russia10 of its drilling device, also are alleged.
Scotland
76
80
-7
78
-igi 3;458
4,208
The concern is cited to make answer before the Commission in WashingSpain
549
549
300
510
800
1,225 ton
Aug. 11.
Sweden
80
40
64
68
13
1
Switzerland
1,529 1.292
1,442
1,512 1,267
1,470
Turkey16
16 COMPLAINT OF FEDERAL
TRADE COMMISSION
Uruguay
10
--id
Wales
30
30
30
45
AGAINST NORTH AMERICAN CONSTRUCTION CO.
315
623
West Indies
3,753 4,049 3,690
1,952
1,568
1,872
The Federal Trade Commission issued the following stateTotal
465,434 491,580 484,190 502.632 696,631 1.193,064 ment
on July 3:
Preferred Stock
False statements derogatory of its competitors and misleading to the
Attica
34
34
9
44
55
58
Algeria.
105
75
75 public are alleged in a formal complaint of unfair competition issued by the
Argentina
15
19
24
18
11 Federal Trade Commission against the North American Construction Co..
Australia
104
73
379
379
403
484 Bay City, Mich., manufacturers of "Aladdin Readi-Out Houses."
Austria-Hungary..
2,463 2,463
883 3,683 3,483
2,086
Among the statements in effect complained of are: That purchasers of
Azores
120
120
120
120
120
Belgium
382
314
331
339
341
697 lumber and building materials from the Aladdin Co. may effect a full saving
Bermuda
120
143
53
25
25
21 of from 35 to 45% of the cost; that local retail lumber dealers add $300 to a
Brazil
84
84
84
82
16
31
BritishIndia352
354
119
81 $700 bill for lumber; that lumber purchased from the Aladdin Co. Is" direct
Canada
39,087 42,E73 36,201 35,876 36,453
34.673 from forest to home"; that a house built from materials purchased from the
Central America_ _ _ _
11
33
237
146 Aladdin Co. costs the purchaser no more than it would if he went direct to
Chile
27
1--.
27
5
23
24
12 the mill at the edge of the forest and purchased his materials; that in buying
China
105
105
50
50
57
42 Aladdin materials
the purchaser is not required to pay the profits which
Colombia
55
55
30
30
30
Denmark
78
78
178
140
140
40 usually go to the jobber, the wholesaler and local retail dealer; that the
Egypt40
140 Aladdin Co. by a system of measuring, cutting and fitting employed by it
England
39,266 37.93639,779500
-429 147,453 174,906 gets 18@ more out of a given quantity of lumber than any other builder,
France
25,571 25,896 25,763 27,863 32,524
36,749
Germany
3,855 3,865
862
935
1,330
3,252 which results in that much saving to its customers; that the Aladdin Co.
Greece65
65
65
38
38
38 sells a better quality of building materials than that sold by local retail
Holland
25,354 25,264 25,274 25,384 26,494
29,000 dealers; that the Aladin Co. does not belong to a trust, thereby imputing,
India
352
350
Ireland
310
315
450
826
3,929
4,119 that local or regular dealers do belong to a trust.
Italy
The concern was cited to make answer before the Commission in Wash2,259 1,979 2,028 2,185 2,148
1,678
Japan
1
1
61
61
61
81 ington Aug. 11.
Luxemburg
23
23
15
15
15
Malta
245
50
405
405
405
405
LEGISLATURES OF TWO MORE STATES RATIFY
Mexico
7
7
6
16
16
235
Morocco
7
SUFFRAGE AMENDMENT.
Norway
26
--iF)
--gi
--5i
--Yi
27
Peru
The Missouri House of Representatives on July 2 ratified
66
6
5
Portugal
_: ___13
i
.
.
_ _,
.
i
__55
120 the Federal Woman Suffrage
Amendment by a v9te of 125
Russia
11
7
43
Scotland
233
229
252
734 12,256
13,747 to 4, and the following day it passed the Senate by a vote
Serbia
-220
220
220
220
Spain
,5605
1,220
880
710
421
432 of 28 to 3. Iowa also passed the Amendment, the vote in
Sweden
1,370 1,156
1,136
1,136
1,130
1,137
Switzerland
2,492 2,707
2,848 3,043 2,695
2,617 the House was 95 to 5 and in the Senate 48 to 0.
Turkey
100
100
100
100
100
100
There are now nine States which have ratified the AmendWales24
49
24
45
788
1,068
West Indies
1,177 1,131
1,259
1,952
863
874 ment: Illinois, Wisconsin, Michigan, Now York, Ohio,.
ia
Total
146,478 148,225 140.077 156,412 274,588
309,457
Kansas, Iowa, Texas and Missouri.
JULY 12 1919.]
THE CHRONICLE
PAYMENT OF CERTIFICATES OF INDEBTEDNESS
ISSUED BY RAILROAD ADMINISTRATION.
The following announcement concerning the payment of
certificates of indebtedness issued by the Director-General
of Railroads, was made yesterday (July 11) by the Federal
Reserve Bank of New York:
The Treasurer of the United States having been designated as the agency
of the Director-General of Railroads for the payment of the principal and
Interest of the certificates of indebtedness issued by the Director-General
of Railroads, and the Director-General of Railroads having announced
that such certificates may be presented at Federal Reserve banks for payment, the Federal Reserve Bank of New York will, in accordance with
instructions received from the Treasuyr Department, pay such certificates
of indebtedness as may be presented on or after July 15 1919 and on or before Sept. 30 1919, paying thereon the respective amounts of principal -and
interest certified in the complete list of such certificates of indebtedness
of the several classes which have been issued and are outstanding.
PRESIDENT WILSON'S RETURN FROM FRANCE—HIS
SPEECH AT CARNEGIE HALL.
President Wilson, who sailed from Brest on the U. S. S.
George Washington, following the signing of the Peace
'Treaty on June 28 by Germany and the Allied and Associated Powers, reached New York on Tuesday afternoon,
July 8. The steamer docked at Hoboken shortly before
3 o'clock, and the President arrived in New York a little
after 4 o'clock, about two hours later than his expected
arrival. The President was not only accorded a notable
reception in the bay, but with his arrival at Hoboken and
New York he was greeted with a whole-hearted welcome.
An escort of forty destroyers and five dreadnaughts, the
latter firing the Presidential salute of twenty-one guns,
figured in the welcome which greeted him in the bay; at
Hoboken 10,000 school children took part in the reception
given him there, the feature of which was the singing by
them of "The Star-Spangled Banner." When he reached
New York on the ferryboat Ithaca he was formally greeted
by the official reception committee, headed by Governor
Smith of New York and Mayor Hyman. Both Messrs.
Smith and Hylan had, with other members of the New
York delegation, journeyed down the bay to take part in
the President's reception in the harbor. Vice-President
Marshall and members of the Cabinet and of Congress on
board the U. S. S. Pennsylvania had likewise formed part
of the coterie which honored the President on his arrival in
New York waters. In these greetings to the President
Vice-President Marshall as the spokesman for the official
party on board the Pennsylvania sent the following wireless
message to the President:
U. S. S. Pennsylvania, July 8.
Mr. President: We, who now salute you, are only the advance guard of
that vast army of your fellow-countryment who joyfully welcome you to
the homeland, not to the hours of rest which your arduous duties so justly
entitle you to, but in health of body and strength of mind to assist in the
solution of those vexing and intricate internal problems arising out of the
world war so happily now concluded; to congratulate you upon the auspicious ending of your epoch-making mission and your possession while at
the Peace table of that rare blending of vision and common sense which
enabled you to get all you could see and not to see anything you could not
get; and to renew our pledge of loyalty and service so long as you shall continue to stand for the glory, the perpetuity and the manifest destiny of
the Republic.
THOMAS R. MARSHALL.
Upon reaching New York the President and his escorts
proceeded to Carnegie Hall. Along the entire route of the
Presidential procession, made up of a hundred or more automobiles, the President was greeted by cheering crowds. It
was after 5 o'clock when the President reached Carnegie
Hall, and it was about 6 o'clock when he made a brief address there in response to speeches of welcome by Governor
Smith and Mayor Hylan. In acknowledging the welcome
given him the President expressed the belief that it was not
half as great as that which he told the gathering "I extend
to you." He told his hearers that he had been "the most
homesick man in the American Expeditionary Force"; and
said it was "the first time I ever thought Hoboken beautiful." The President reserved until Thursday, in his address
before the Senate, his argument in behalf of the League of
Nations (reported elsewhere in to-day's issue of the "Chronicle"), but his remarks at Carnegie Hall were not without
reference to his tasks abroad. Alluding, on that occasion to
the conclusion of the "formulation of the peace," he pointed
out, however, that its ending "creates only a new task just
begun." "I believe," he said, "that if you will study the
peace you will see that it is a just peace and a peace which,
if it can be preserved, will save the world from unnecessary
bloodshed." "And now," he added, "the great task is to
preserve it." The following is the President's Carnegie
Hall speech:
Fellow-Countrymen: I am not going to try this afternoon to make you
, a real speech. I am a bit alarmed to find how many speeches I have in
135
•
my system undelivered, but they are all speeches that come from the mind,
and I want to say to you this afternoon only a few words from the heart.
You have made me deeply happy by the generous welcome you have
extended to me, but I do not believe that the welcome you extend to me is
half as great as that which I extend to you. Why, Jerseyman though I
am, this is the first time I ever thought Hoboken was beautiful. I have really,
though I have tried on the other side of the water to conceal it, been the
most hothesick man in the American Expeditionary Force, and it is with
feelings that it would be vain for me to try to express that I find myself in
this beloved country again.
I do not say that because I lack in admiration of other countries. There
have been many things that softened my homesickness. One of the chief
things that softened it was the very generous welcome that they extended
to me as your representative on the other side of the water, and it was still
more softened by the pride that I had in discovering that America had at
last convinced the world of her true character.
I was welcome because they had seen with their own eyes what America
had done for the world. They had deemed her selfish; they had deemed her
devoted to material interests, and they had seen her boys come across the
water with a vision even more beautiful than that which they conceived
when they had entertained dreams of liberty and of peace. And then I
had the added pride of finding out by personal observation the kind of men
we had sent over. I had crossed the seas with the kind of men who had
taken them over; without whom they could not have got to Europe, and
then when I got there I saw that army of men, that army of clean men,
that army of men devoted to the high interests of humanity, that army
that one was glad to point out and say,"These are my fellow-countrymen."
It softens the homesickness a good deal to have so much of home along
with you.
And these boys were constantly reminding me of home. They did not
walk the streets like anybody else. I do not mean that they walked the
-assertively; they did not. They walked the streets as if they
streets self
knew that they belonged wherever free men lived, that they were welcome
the great Republic of France and were comrades with the other armies
in
that had helped to win the great battle and to show the great sacrifice. It
is a wonderful thing for this nation, hitherto isolated from the large affairs
of the world, to win not only the universal confidence of the people of the
world, but their universal affection. And that, and nothing less than
that, is what happened. Wherever it was suggested that troops should
be sent and it was desired that troops of occupation should excite no prejudice, no uneasiness on the part of those to whom they were sent, the men
who represented the other nations came to me and asked me to send American soldiers. They not only implied but they said that the presence of
American soldiers would be known not to mean anything except friendly
protection and assistance. Do you wonder that it made our hearts swell
with pride to realize these things?
But while these things in some degree softened my homesickness they
made me all the more eager to get home where the rest of the folks live;
to get home where the great dynamo of national energy was situated; to
get home where the great purposes of national action were formed, and to
be allowed to take part in the counsels and in the actions which were formed
and to be taken by this great nation, which from first to last has followed
the vision of the men who set it up and created it.
We have had our eyes very close upon our tasks at times, but whenever
we lifted them we were accustomed to lift them to a distant horizon. We
were aware that all the peoples of the earth had turned their faces toward
us as those who were the friends of freedom and of right, and whenever
we thought of national policy and of its relation upon the affairs of the
world we knew we were under bonds to do the large thing and the right
thing. It is a privilege, therefore, beyond all computation for a man,
whether In a great capacity or a small, to take part in the counsels and in
the resolutions of a people like this.
I am afraid some people, some persons,do not understand that vision.
They do not see it. They have looked too much upon the ground. They
have thought too much of the interests that were near them and they have
notiistened to the voices of their neighbors. I have never had a moment's
doubt as to where the heart and purpose of this people lay. When any one
on the other side of the water has raised the question: "Will America come
in and help?" I have said: "Of course America will come in and help."
She cannot do anything else. She will not disappoint any high hope that
has been formed of her. Least of all will she in this day of new-born liberty
all over the world fail to extend her hand of support and assistance to those
who have been made free.
I wonder if at this distance you can have got any conception of the tragic
intensity of the feeling of those peoples in Europe who have just had yokes
thrown off them. Have you reckoned up in your mind how many peoples,
how many nations, were held unwillingly under the yoke of the AustroHungarian Empire, under the yoke of Turkey, under the yoke of Germany?
These yokes have been thrown off. These peoples breathe the air and
look around to see a new day dawn about them, and whenever they think
of what is going to fill that day with action they think first of us. They
think first of the friends who through the long years have spoken for them,
who were privileged to declare that they came into the war to release them,
who said that they would not make peace upon any other terms than their
liberty, and they have known that America's presence in the war and in
the conference was the guarantee of the result.
•The Governor has spoken of a great task ended. Yes, the formulation
of the peace is ended, but it creates only a new task just begun. I believe
that if you will study the peace you will see that it is a just peace and a
peace which, if it can be preserved, will save the world from unnecessary
bloodshed. And now the great task is to preserve it. I have come back
with my heart full of enthusiasm for throwing everything that I can, by
way of influence or action, in with you to see that the peace is preserved—
that when the long reckoning comes men may look back upon this generation of Americans and say: "They were true to the vision which they
saw at their birth."
Governor Smith, in his address of welcome to the President, stated that "I speak for every man, woman and child
in the great State of New York when I thank God for preserving his health and Mrs. Wilson's, and I believe that
when I speak for New York I speak for the nation."
Mayor Hylan in his greetings said in part, according to the
New York "Times":
For many months the eyes of the world have been centred on Versailles.
There the plenipotentiaries of the great Powers of the world have been in
conference in the framing of a document of tremendous import—the Treaty
of Peace—the approval of which marks the ending of the great war.
You bring back to us a proposed treaty representing the labors of the
delegation at the Peace Conference. The eyes of the world will now be
directed to our national Capitol, where the treaty will be presented to the
Senate for ratification. It will receive in the Senate chamber the earnest
and serious consideration which a proposition of such magnitude and fraught
136
THE CHRONICLE
with such tremendous possibilities should receive. It is to be expected
that the proposed "charter for a new era in the affairs of the world" will
arouse feelings both friendly and hostile. A new pathway is to be blazed
in international affairs and many will seek to know where the pathway
ends upon which the world will enter. As soon as your duties were ended
at the peace table you immediately returned to report the results of your
labors which the American people are so anxiously awaiting to hear. The
City of New York is honored to be the first to extend the official homecoming welcome to you.
Following the reception at Carnegie Hall the President
departed for Washington, his train leaving the Pennsylvania
station at 34th _Street at 7:10. The President had been
absent on this, his second trip abroad since the signing of the
armistice last November, for about four months, having
sailed for France on March 5 last. On his previous trip
abroad he had been away nearly three months, having left
the United States on Dec. 4 1918 and reached here on his
return on Feb. 23.
Among those returning from Europe
with the President this week were Mrs. Wilson, Miss Margaret W. Wilson, Rear Admiral Cary T. Grayson, the President's physician; Jules J. Jusserand, French Ambassador
to the United States; Vance McCormick, American member
of the Supreme Allied Blockade Council, of which he was
Chairman; B. M. Baruch, American representative on
various commissions of the Peace Conference, and Thomas
W. Lamont, representative of the United States Peace Delegation on the Inter-Allied Financial Commission.
PRESIDENT WILSON IN FOURTH OF JULY SPEECH
TO SAILORS ON LAWS OF FREEDOM.
A Fourth of July speech made by President Wilson to the
sailors on board the U. S. S. George Washington on which
the President was returning to the United States from France
was made public with the President's arrival in this country
on July 8. It was announced at Washington on July 5 that
the speech had reached the White House by wireless on the
day following its delivery, but had been so badly garbled
that it was decided not to make it public at that time. In
his speech on the high seas the President declared this to
be "the most tremendous Fourth of July that men ever
imagined,for we have opened its franchises to all the world."
He expressed it as his "confident ambition for the United
States" "that she will know in the future how to make each
Fourth of July as it comes, grow more distinguished and
more glorious than its predecessor by showing that she at
any rate understands the laws of freedom by understanding
the laws of service, and that mankind may always confidently look to her as a friend, as a co-operator, as one who
will stand shoulder to shoulder with free men everywhere
to assert the right." The following is the speech in full:
It is very delightful to find myself here and in this company. I know
a great many of you have been homesick on the other side of the water,
but I do not believe a man among you has been as homesick as I have.
It is with profound delight that I find myself bound westward again for
the country we all love and are trying to serve, and when I was asked to
make a speech and sat down and tried to think out what I should say I
found that the suggestions of this Fourth of July crowded into my mind in
such a way that they could not be set in order, and I doubt if I can give
expression to them, because this Fourth of July has a significance that no
preceding Fourth of July ever had, not even the first.
I think that we can look back upon the history of the years that separated us from the first Fourth of July with very great satisfaction, because
we have kept the vision in America, we have kept the promise to ourselves
that we would maintain a regime of liberty and of constitutional government.
We have made errors of judgment, we have committed errors of action
but we have always tried to correct tho errors when we have made them.
We have always tried to get straight in the road again for that goal for which
we set out in those famous days when America was made as a governmentSo there has always been abundant justification for what was not self.
glorification, but self-congratulation in our Fourth of July celebrations.
We have successfully maintained the liberties of a great nation. The
past is secure and the past is glorious, and in the present the Fourth of July
has taken on a new significance.
We told our fellowmen throughout the world when we set up the free
state of America that we.wanted to serve liberty everywhere and be the
friends of men in every part of the world who wanted to throw off the unjust
shackles of arbitrary government. Now we have keot our pledge to humanity as well as our pledge to ourselves, for we have thrown everything we
possessed, all the gifts that nature had showered upon us and our lives,
into the scale to show that we meant to be the servants of humanity and
of free men everywhere.
America at first did not see the full meaning of the war that has just
ended. At first it looked like a natural breaking out of the pent-up jealousies and rivalries of the complicated politics of Europe. Nobody who
really knew anything about history supposed that Germany could build
a great military machine like she did and not refrain from using it. They
were constantly talking about it as a guarantee of peace, but every man in
his senses knew that it was a threat of war, and the threat was finally
fulfilled and the war begun.
We at the distance of America looked on at first without a full comprehension of what the plot was getting into, and then at last we realized
that there was here nothing less than a threat against the freedom of free
men everywhere.
Then America went in, and if it had not been for America the war would
not have been won. My heart swells with a pride that I cannot express
when I think of the men who crossed the seas from America to fight on
these battlefields.
I was proud of them when I could not see them, and now that I have
mixed with them and seen them I am prouder of them still. For they are
[VoL. 109.
men to the core and I am glad to have had Europe see this specimen or
our manhood.
I .am proud to know how the men who performed the least conspicuous
services and the humblest services performed them just as well as the men
who performed the conspicuous services and the most complicated and
difficult. I will not say that the men are worthy of their officers. I will
say that the officers were worthy of their men. They sprang out of the
ranks; they were like the ranks, and all, rank and file, were specimens of
America.
And you know what has happened. Having sampled America that way,
Europe believes in and trusts America. Is not that your own personal
experience and observation? In all the counsels at Paris, whenever they
wanted to send soldiers anywhere and not have the people jealous of theirpresence they suggested that we should send Americans there, because they
knew that everywhere in Europe we were believed to be the friends of the
countries where we sent garrisons and where we sent forces of supervision
we were welcome. Am I not, therefore, justified in saying that we have
fulfilled our pledge to humanity?. We have proved that we were the champions of liberty throughout the world, that we did not wish to keep it as.
a selfish and private possession of our own, but wanted to share it with men
everywhere and of every kind. When you look forward to the future, do
you not see what a compulsion that puts upon us?
You cannot earn a reputation like that and then not live up to it. You
cannot reach a standard like that and then lay it down by ever so little.
Every man of us has to live up to it. The welcome that was given to our
arms and the cheers that received us are the compulsion that is now put
upon us to continue to be worthy of that welcome and of those cheers.
We must continue to put America at the service of mankind, not for any
profit we shall get out of it, not for any private benefit we shall reap from
it, but because we believe in the right and mean to servo it wherever we
have a chance to serve it.
I was thinking to-day that a new freedom has come to the peoples of the
world out of this war. It has no date. It has no Fourth of July. There
has nowhere been written a Declaration of Independence. The only date
I can think of for it is the eleventh of last November, when the Central
Powers admitted they were beaten and accepted an armistice. From that
time they knew they had to submit to the terms of liberty, and perhaps some
of these days we shall date the freedom of the peoples from the eleventh.
of November, 1918.
An yet if that be not the date of it, it interests my thought to think that,
as it had no date for beginning, we should see to it that it has no date for
ending; that, as it began without term, it should end without term, and
that in every council we enter into, in every force we contribute to, we shall
Make it a condition that the liberty of men throughout the world shall be
served and that America shall continue to redeem here pledge to humanity
and to mankind.
Why, America is made up of all mankind. We do not come from any
common stock. We do not come from any single nation. The character
of America is that it is made up of the best contirbuted out of all nations.
Sometimes when I am in the presence of an American citizen who was an
immigrant to America, I think that he has a certain advantage over me..
I did not choose to be an American but he did. I was born to it. I hope
if I had not been, I would have had sense enough to choose it. But the
men who came afterward deliberately chose to be Americans.
They came out of other countries, and said, We cast our lot with you,
we believe in you, and will live with you.' A country made up like that
ought to understand other nations. It ought to know how to fraternize
with and assist them. It Is already the friend of mankind, because it is
made up out of all people, and it ought to redeem its lineage. It ought
to show that it is playing for no private hand. It ought to show that it
is trying to serve all the stocks of mankind from which it itself is bred.
And more than that, my fellow-countrymen, we ought to continue to provethat we know what freedom is.
Freedom is not a mere sentiment. We all feel the weakness of me re
sentiment. If a man professes to be fine, we always wait for him to show
It. We do not take his word for it. If he professes fine motives, we expect
him thereafter to show that he is acting upon fine motives. And the kind.
of freedom that America has always represented is a freedom expressing
itself in fact. It is not the profession of principles merely, but the redemption of those principles, making good on those principles and knowing how
to make good on those principles.
When I have thought of liberty I have sometimes thought of how wedeceived ourselves. In the war we talked about it. Sonic people talk
as if liberty meant the right to do anything you please. Well, in some
sense you have that right. You have the right to jump overboard, but if
you do this, this is what will happen: Nature will say, 'You fool, didn't
you know the consequences? You fool, didn't you know that water will
drown you?' You can jump off the top of the mast, but when you get.
down your liberty will he lost, and you will have lost it because it was
not an accident. You made a fool of yourself.
The sailor, when he is sailing a ship, talks about running her free in
the wind. Does he mean that sho is resisting the wind? Throw her up.
into the wind and see her canvas shake, see her stand still, "caught it
irons," as the sailor says. But let her fall off. She is free.
Free, why?
Because she is obeying the laws of nature, and she is a slave until she does.
And no man is free until he obeys the laws of freedom.
The laws of freedom are these: Accommodate your interests to other
people's interests, that you shall not insist on standing in the light or
other people, but that you shall make a member of a team of yourself and
nothing more nor less, and that the interest of the team shall take precedence in everything that you do to your interest as an individual.
That is freedom, and men who live under autocratic governments are not
free, because the autocrat arranges the government to suit himself. The
minute he arranges it to suit his subjects, then his subjects are free.
But if I disobey the laws of freedom, if I infringe on the rights of others.
then I presently find myself deprived of my freedom.
I am clapped in jail, it may be, and if my jailer is a philosopher lie will
say "You brought it upon yourself, my dear follow. You were free to do
right, but you were not free to do wrong. Now, what I blame you for
is not so much your malice as your ignorance."
One reason why America has been free, I take leave to say, is that America has been intelligent enough to be free. It takes a lot of intelligence to
be free. Stupid people do not know how,and we all go to the school ofintelligence that comes out of the discipline of our own self-chosen institutions.
That is what makes you free, and my confident ambition for the United
States is that she will know in the future how to make each Fourth of July,
as it comes, grow inure distinguished and more glorious than its predecessor, by showing that she, at any rate, understands the laws of freedom
by understanding the laws of service, and that mankind may always confidently look to her as a friend, as a cooperator, as one who will stand
shoulder to shoulder with free men everywhere to assert the right. That
is what I meant at the onset of these few remarks by saying that the suggestions of this Fourth of July crowd too thick and fast to be set in order.
This is the most tremendous Fourth of July that men ever imagined, for
we have opened its franchises to all the world.
JULY 12 1919 1
:
THE CHRONICLE
137
•
The stage is set, the destiny disclosed. It has come about by no plan of
INDEPENDENCE DAY GREETINGS BETWEEN
our conceiving, but by the hand of God, who led us into this war. We
AND KING ALBERT
PRESIDENT WILSON
cannot turn back. We can only go forward, with lifted eyes and refreshed
spirit, to folio* the vision. It was of this that we dreamed at our birth.
OF BELGIUM.
America shall in truth show the way. The light streams upon the path
Wireless greetings were exchanged between President ahead, and nowhere else.
Wilson and King Albert of Belgium on July 4, during PresiThe President received an ovation upon his entry into the
dent Wilson's return voyage to the United States on board Senate Chamber and at the conclusion of his speech. Bethe George Washington. King Albert's message said:
sides Senate Members, Members of the House, Cabinet
I cannot let the Fourth of July pass without conveying to Your Excellency my warmest wishes for the welfare of your magnificent country and officers, the latter including Secretaries Daniels, Baker,
the prosperity of the United States.
Lane, and Wilson, Attorney-Generai Palmer, PostmasterPresident Wilson in reply said:
General Burleson, and Acting Secretary of State Frank L.
Your fourth of July message is most warmly appreciated and I beg on
Polk. British, Italian, Japanese, Chinese, French and
this anniversary of the Independence of the United States to convey to
you not only my cordial personal good wishes, but also the hope that a Latin-American diplomats were present while the President
new era of independence and lasting prosperity has opened for Belgium.
read his message. The decision of the Senate on the 8th
to hear the President in open session was reached without
PRESIDENT WILSON'S MESSAGE TO SENATE ON suggestion from him, although it was understood to conform
to his desires. A senate order to provide for the session was
PEACE TREATY WITH GERMANY AND
submitted by Chairman Lodge of the Foreign Relations ComLEAGUE OF NATIONS.
At an open session of the Senate, arranged for by that mittee, after he had confirmed at the White House published
body on the 8th inst., President Wilson on Thursday, reports that the President wished to appear on Thursday.
July 10, delivered a message dealing with the accomplish- It was adopted without discussion and without a dissenting
ments of the Peace Conference. The President arrived in vote. The order also provided that five Senators be named
New York on Tuesday last from abroad, where he had to receive the President on his arrival at the Capitol and
assisted in the drafting of the Peace Treaty and the covenant conduct him to the Senate Chamber. The Chair selected
of the League of Nations, and his first public utterances upon the five ranking members of the Foreign Relations Comhis return to America from this second trip to Europe, were mittee—Senators Lodge, Massachusetts; McCumber, North
made at Carnegie Hall in New York on Tuesday afternoon. Dakota, and Borah, Idaho, Republicans, and Hitchcock,
,
His remarks on that occasion were a response to the welcome Nebraska, and Whliams, Mississipp. Democrats. Of these
accorded him on his arrival from abroad, and what he had Senators Lodge and Borah are bitterly opposed to the League
to say then is detailed elsewhere in to-day's "Chronicle." of Nations covenant while the others on the Committee are
In going before the Senate on Thursday the President laid supporting it. Following President Wilson's departure from
before it the treaty between Germany and the Allies signed the Senate a motion offered by Senator Lodge that the treaty
at Versailles on June 28. At the outset of his address to the be referred to the Committee on Foreign Relations was
Senate he stated that he would attempt only a general charac- carried, by which, it is stated, it will be taken up on Monday
teriiation of the scope and purpose of the treaty, since, he next. Below we give the President's address in full as desaid, it would not be possible for him "to summarize or to livered before the Senate on Thursday:
Gentlemen of the &nate: The treaty of peace with Germany was signed at
construe its manifold provisions in an address which must of
I avail myself
Versailles
necessity be something less than a treatise." The treaty. to lay the on the 28th of June. ratification and of the earliest opportunity
to inform you with regard
treaty before you for
nothing less than a world settlement. to the work of the conference by which that treaty was formulated.
he said, constitutes
nothing less than a world settlement. It would
The treaty constitutes
The result of the conference of peace, so far as Germany is
concerned, he observed, stands complete. Stating that "the not be possible for me either to summarize or to construe its manifold
previsions in an address which must of necessity be something less than a
difficulties encountered were very many" and that "it was treatise. My services and all the information I possess will be at your
impossible to accommodate the interests of so great a body disposal and at the disposal of your Committee on Foreign Relations at
any time, either informally or in session, as you may prefer, and I hope
of nations . . . without many minor compromises," he that you will not hesitate to make use of them.
"the treaty as a result is not exactly what we
admitted that
I shall at this time, prior to your own study of the document, attempt
would have written." "But results," he added, "were only a general characterization of its scope and purpose.
In one sense, no doubt, there is no need that I should report to you what
worked out which on the whole bear the test. I think," he was attempted and done at Paris. You have been daily cognizant of what
continued, "that it will be found that the compromises, was going on there—of the problems with which the peace conference had to
down straight lines of settlement
the
which were accepted as inevitable, nowhere cut to the heart deal, and offielddifficulty of laying lines of international relationship anyand
on which the old
where on a
principle. The work of the Conference squares,'as the new alike, followed so intricate a pattern, and were for the most part
of any
a whole, with the principles agreed tipcin as the basis of the cut so deep by historical circumstances which dominated action even where
The cross currents of
have
peace, as well as with the practical possibilities of the inter- It wouldand of been hest to ignore or reverse them.you. It would be preinterest must have been evident to
politics
to be faced and dealt with as suming in me to attempt to explain the questions which arose or the many
national situation which had
facts." With respect to the League of Nations the Presi- diverse elements that entered into them. I shall attempt something less
ambitious than that and more clearly suggested by my duty to report to the
dent noted:
Congress the part it seems necessary for my colleagues and me to play as
A league of free nations had become a practical necessity. Examine the representaives of the Government of the United States. That part was
the Treaty of Peace and you will find that everywhere throughout its 'dictated by the role America has played in the war and by the expectations
manifold provisions its framers have felt obliged to turn to the League of that had been created in the minds of the people; with whom we had assoNations as an indispensable instrumentality for the maintenance of the ciated ourselves in that great struggle.
new order it has been their purpose to set up in the world—the world of
The United States entered the war upon a different footing from every
eivill ed men.
,
other nation except our associates on this side of the sea. We entered it,
That there should be a League of Nations to steady the counsels and not because our material interests were directly threatened or because any
maintain the peaceful understandings of the world, to make not treaties special treaty obligations to which we were parties had been violated,
alone, but the accepted principles of international law as well, the actual but only because we saw the supremacy, and even the validity, of right
rule of conduct among the Governments of the world, had been one of the everywhere put in jeopardy and free government likely to be everywhere
agreements accepted from the first as the basis of peace with the Central Imperiled by the intolerable aggression of a power which respected neither
Powers.
right nor obligation and whose very system of government flouted the
authority of his
against the
Contending that "the league of Nations was not merely rights of the citizen as of the peaceautocraticsought no special governors.
reparation
we have
And in the settlements
an instrument to adjust and remedy old wrongs under a new for ourselves, but only the restoration of right and the assurance of liberty
treaty of peace," the President declares "it was the only everywhere that the effects of the settlement were to be felt. We entered
the war as the disinterested champions of right and we interested ourselves
hope of mankind." Again he says with regard thereto:
in the terms of the peace in no other capacity.
Convenient, indeed indispensable, as statesmen found the newly planned
The hopes of the nations allied against the Central Powers were at a very
for the execution of present plans of peace and low ebb when our soldiers began to pour across the sea. There was everyLeague of Nations to be
reparation, they saw it in a new aspect before their work was finished. where among them, except in their stoutest spirits, sombre foreboding
They saw it as the main object of the peace, as the only thing that could of disaster. The war ended in November, eight months ago, but you
complete it or make it worth while. They saw it as the hope of the world, have only to recall what was feared in midsummer last, four short months
and that hope they did not dare to disappoint.
before the armistice, to realize what it was that our timely aid accomplished
The President indicated in his message that he would alike for their morale and their physical safety.
That first, never-to-be-forgotten action at Chateau-Thierry had already
shortly lay before the Senate the special treaty with France, taken place. Our redoubtable soldiers and marines had already closed
the purpose of which is to give temporary protection to the gap the enemy had succeeded in opening for their advance upon Paris—
back toward the frontiers
turned
France from unprovoked attack by Germany. Among other had alreadythe routthe tide of battle Europe and the world. of France
that was to save
and begun
striking passages in his address was the remark by the PresiThereafter the Germans were to be always forced back, back—were
dent that "our isolation was ended twenty years ago; and never to thrust successfully forward again. And yet there was no confident
France, attended the
hope. Anxious men and women, leading
now fear of us is ended also, our counsel and association celebration of the Fourth of July last yearspirits of out of generous courin Paris
sought after and desired. There can be no question of our tesy with no heart for festivity, little zest for hope, but they came away
ceasing to be a world Power. The only question is whether with something new at their hearts; they have themselves told us so. The
that showed itself
mere sight of our men—of
we can refuse the moral leadership that is offered us, whether in every movement of their their vigor, of the confidence of their swinging
stalwart figures and every turn
we shall accept or reject the confidence of the world." In march, in their steady comprehending eyes and easy discipline in the
indomitable air.that added spirit to everything they did--made everyone
conclusion the Preaident said:
138
THE CHRONICLE
a
who saw them that memorable day realize that something had happened
that was much more than a mere incident in the fighting, something very
different from the mere arrival of fresh troops. A great moral force had
flung itself into the struggle. The fine physical force of those spirited men
spoke of something more than bodily vigor. They carried the great ideals
of a free people at their hearts and with that vision were unconquerable.
Their very presence brought reasurance; their fighting made victory certain.
They were recognized as crusaders, and as their thousands swelled into
millions their strength was seen to mean salvation, and they were fit men
to carry such a hope and make good the assurance it forecast. Finer men
never went into battle; and their officers were worthy of them. This is
not the occasion upon which to utter a eulogy of the armies America sent to
France, but perhaps, since I am speaking of their mission, I may speak
also of the pride I shared with every American who saw or dealt with them
there. They were the sort of men America would wish to be represented
by, the sort of men every American would wish to claim as fellow countrymen and comrades in a great cause. They were terrible in battle, and
gentle and helpful out of it, remembering the mothers and the sisters, the
wives and the little children at home. They were free men under arms,
not forgetting their ideals of duty in the midst of tasks of violence. I am
proud to have had the privilege of being associated with them and of calling
myself their leader.
But I speak now of what they meant to the men by whose sides they
fought and to the people with whom they mingled with such utter simplicity
as friends who asked only to be of service. They were for all the visible
embodiment of America. What they did made America and all that she
stood for a living reality in the thoughts not only of the people of France
but also of tens of millions of men and women throughout all the tolling
nations of a world standing everywhere in peril of its freedom and of the
loss of everything it held dear, in deadly fear that its bonds were never to
be loosed, its hopes forever to be mocked and disappointed.
And the compulsion of what they stood for was upon us who represented
America at the Peace Table. It was our duty to see to it that every decision
we took part in contributed, so far as we were able to influence it, to quiet
the fears and realize the hopes of the peoples who had been living in that
shadow, the nations that had come by our assistance to their freedom. It
was our duty to do everything that it was within our power to do to make
the triumph of freedom and of right a lasting triumph in the assurance of
which men might everywhere live without fear.
Old entanglements of every kind stood in the way—promises which
Governments had made to one another in the days when might and right
were confused and the power of the victor was without restraint. Engagements which contemplated any dispositions of territory, any extensions
of sovereignty that might seem to be to the interest of those who had the
power to insist upon them, had been...entered into without thought of what
the peoples concerned might wish or profit by; and these could not always
be honorably brushed aside. It was not easy to graft the new order of ideas
on the old, and some of the fruits of the grafting may, I fear, for a time
be bitter. But, with very few exceptions, the men who sat with us at the
Peace Table desired as sincerely as we did to get away from the bad influences, the illegitimate purposes, the demoralizing ambitions, the international councils and expedients out of which the sinister designs of Germany
had sprung as a natural growth.
It had been our privilege to formulate the principles which were accepted
as the basis of the peace, but they had been accepted, not because we had
come in to hasten and assure the victory and insisted upon them, but
because they were readily acceded to as the principles to which honorable
and enlightened minds everywhere had been bred. They spoke the conscience of the world as well as the conscience of America, and I am happy
to pay my tribute of respect and gratitude to the able, forward-looking men
with whom it was my privilege to co-operate for their unfailing spirit of
co-operation, their constant effort to accommodate the interests they
represented to the principles we were all agreed upon. The difficulties,
which were many, lay in the circumstances, not often in the men. Almost
without exception the men who led had caught the true and full vision
of the problem of peace as an indivisible whole, a problem, not of mere
adjustments of interest, but of justice and right action.
The atmosphere in which the Conference worked seemed created, not by
the ambitions of strong Government but by the hopes and aspirations of
small nations and of peoples hitherto under bondage to the power that
victory had shattered and destroyed. Two great empires had been forced
into political bankruptcy, and we were the receivers. Our task was not
only to make peace with the Central Empires and remedy the wrongs their
armies had done. The Central Empires had lived in open violation of
many of the very rights for which the war had been fought, dominating
alien peoples over whom they had no natural right to rule, enforcing, not
obedience, but veritable bondage, exploiting those who were weak for the
benefit of those who were masters and overlords only by force of arms.
There could be no peace until the whole order of Central Europe was set
right.
laThat meant that new nations were to be created—Poland, CzechoSlovakia, Hungary itself. No part of ancient Poland had ever in any
true sense become a part of Germany, or of Austria, or of Russia. Bohemia
was!allen in every thought and hope to the monarchy of which she had so
longlbeen an artificial part; and the uneasy partnership between Austria
andllungary had been one rather of interest than of kinship or sympathy.
The Slays whom Austria had chosen to force into her empire on the south
were kept to their obedience by nothing but fear. Their hearts were with
their kinsmen in the Balkans. These were all arrangements of power, not
arrangements of natural union or association. It was the imperative task
of those who would make peace and make it intelligently to establish a new
order which would rest upon the free choice of peoples rather than upon
the arbitrary authority of Hapsburgs or Hohenzollerns.
More than that, great populations bound by sympathy and actual kin
to Rumania were also linked against their will to the conglomerate AustroHungarian monarchy or to other alien sovereignties, and it was part of the
task of peace to make a new Rumania as well as a new Slavic state clustering
about Serbia.
And no natural frontiers could be found to these new fields of adjustment
and redemption. It was necessary to look constantly forward to other
related tasks. The German colonies were to be disposed of. They had
not been governed; they had been exploited merely, without thought of
the interest or even the ordinary human rights of their inhabitants.
The Turkish Empire, moreover, had fallen apart, as the Austro-Hungarian had. It had never had any real unity. It had been held together
only by pitiless, inhuman force. Its peoples cried aloud for release, for
succor from unspeakable distress, for all that the new day of hope seemed
at last to bring within its dawn. Peoples hitherto in utter darkness were
to be led out into the same light and given at last a helping hand. Undeveloped peoples and peoples ready for recognition, but not yet ready to
assume the full responsibilities of statehood, were to be given adequate
guarantees of friendly protection, guidance and assistance.
And out of the execution of these great enterprises of liberty sprang
opportunities to attempt what statesmen had never found the way before
[VOL. 109.
a
to do;an opportunity to throw safeguards about the rights of racial, national
and religious minorities by solemn international covenant; an opportunity
to limit and regulate military establishments where they were most likely
to be mischievous; an opportunity to effect a complete and systematic
internationalization of waterways and railways which were necessary to the
free economic life of more than one nation and to clear many of the normal
channels of commerce of unfair obstructions of law or of privilege; and the
very welcome opportunity to secure for labor the concerted protection of
definite international pledges of principle and practice.
These were not tasks which the conference looked about it to find and
went out of its way to perform. They were inseparable from the settlements
of peace. They were thrust upon it by circumstances which could not be
overlooked. The war had created them. In all quarters of the world old
established relationships had been disturbed and broken and affairs were at
loose ends, needing to be mended or united again, but could not be made
what they were before. They had to be set right by applying some uniform
principle of justice or enlightened expediency. And they could not be
adjusted by merely prescribing in a treaty what should be done. Now
states were to be set up which could not hope to live through their first
period of weakness without assures support by the great nations that had
consented to their creation and won for them their independence. Illgoverned colonies could not be put in the hands of governments which were
to act as trustees for their people and not as their masters if there was to be
no common authority among the nations to which they were to be responsible in the execution of their trust.
Future international conventions with regard to the control of waterways,
with regard to illicit traffic of many kinds, in arms or in deadly drugs, or
with regard to the adjustment of many varying international administrative
arrangements could not be assured if the treaty were to provide no permanent common international agency, if its execution in such matters was
to be left to the slow and uncertain processes of co-operation by ordinary
methods of negotiation. If the peace conference itself was to be the end
of co-operative authority and common counsel among the governments to
which the world was looking to enforce justice and give pledges of an
enduring settlement, regions like the Saar basin could not be put under a
temporary administrative regime which did not involve a transfer of political
sovereignty and which contemplated a final determination of its political
connection by popular vote to be taken at a distant date; no free city like
Danzig could be created which was, under elaborate international guarantees, to accept exceptional obligations with regard to the use of its port an
exceptional relations with a state of which it was not to form a part; properly
safeguarded plebiscites could not be provided for where populations were
at some future date to make future choice, what sovereignty they would
live under; no certain and uniform method of arbitration could be secured
for the settlement of anticipated difficulties of final decision with regard
to many matters dealt with in the treaty itself; the long-continued supervision of the task of reparation which Germany was to undertake to complete within the next generation might entirely break down; the reconsideration and revision of administrative arrangements and restrictions which the
treaty prescribed but which it was recognized might not prove of lasting
advantage or entirely fair if too long enforcement would be impracticable.
The promises governments were making to one another about the way in
which labor was to be dealt with, by law not only but in fact as well, would
remain a mere humane thesis if there was to be no common tribunal of
opinion and judgment to which liberal statesmen could resort for the influences which alone might secure their redemption. A league of free nations
had become a practical necessity. Examine the treaty of peace and you
will find that everywhere throughout its manifold provisions its framers
have felt obliged to turn to the League of Nations as an Indispensable instrumentality for the maintenance of the new order it has been their purpose
to set up in the world—the world of civilized men.
That there should be a League of Nations to steady the counsels and
maintain the peaceful understandings of the world; to make, not treaties
alone, but the accepted principles of international law as well, the actual
rule of conduct among the Governments of the world had been one of the
agreements accepted from the first as the basis of peace with the Central
Powers. The statesmen of all the belligerent countries were agreed that
such a league must be created to sustain the settlements that were to be
effected. But at first I think there was a feeling among some of them
that, while it must be attempted, the formation of such a league was
perhaps a counsel of perfection which practical men, long experienced in
the world of affairs, must agree to very cautiously• and with many misgivings. It was only as the difficult work of arranging an all but universal
adjustment of the world's affairs advanced from day to day from one
stage of conference to another that it became evident to them that what
they were seeking would be little more than something written upon paper,
to be interpreted and applied by such methods as the chances of politics
might make available if they did not provide a mpans of common counsel
which all were obliged to accept, a common authority whose decisions
would be recognized as decisions which all must respect.
And so the most practical and the most skeptical among them turned
more and more to the league as the authority through which international
action was to be secured, the authority without which, as they had come to
see it, it would be difficult to give assured effect either to this treaty or to
any other international understanding upon which they were to depend
for the maintenance of peace. The fact that the covenant of the League
was the first substantive part of the treaty to be worked out and agreed
upon, while all else was in solution, helped to make the formulation of the
rest easier. The conference was, after all, not to be ephemeral. The concert of nations was to continue, under a definite covenant which had been
agreed upon and which all were convinced was workable. They could go
forward with confidence to make arrangements intended to be permanent.
The most practical of the conferees were at last the most ready to refer to
the League of Nations the superintendence of all interests which did not
admit of immediate determination, of all administrative problems which
were to require a continuing oversight. What had seemed a counsel of
perfection had come to seem as a plain counsel of necessity. The League of
Nations was the practical statesmen's hope of success in many of the
most difficult things he was attempting.
And it had validated itself in the thought of every member of the Conference as something much bigger, much greater in every way, than a mere
instrument for carrying out the provisions of a particular treaty. It was
universally recognized that all the peoples of the world demanded of the
Conference that it should create such a continuing concert of free nations
as would make wars of aggression and spoliation such as this one was,
ended forever—impossible.
A cry had gone out from every home in every stricken land from
which sons and brothers and fathers had gone forth to the great sacrifice
that such a sacrifice should never again be exacted. It was manifest why it
had been exacted. It had been exacted because one nation desired domination and other nations had known no means of defense except armaments
and alliances. War had lain at the heart of every arrangement of the
Europe—of every arrangement of the world—that preceded the war.
Restive peoples had been told that fleets and armies, which they toiled to
sustain, meant peace; and they now knew that they had been lied to; that
.
JULY 12 1919.]
THE CHRONICLE
fleets and armies had been maintained to promote national ambitions and
meant war.
They knew that no old policy meant anything else but force, force,
always force. And they knew that it was intolerable. Every true heart in
the world and every enlightened judgment demanded, at whatever cost of
independent action, every government that took thought for its people or
for justice or for ordered freedom should lend itself to a new purpose and
utterly destroy the old order of international politics.
Statesmen might see difficulties, but the people could see none and
could brook no denial. A war in which they had been bled white to beat
the terror that lay concealed in every balance of power must not end in a
mere victory of arms and a new balance. The monster that had'resorted
to arms must be put in chains that could not be broken. The united
power of free nations must put a stop to aggression, and the world must
be given peace. If there was not the will or the intelligence to accomplish
that now there must be another and a final war and the world must be
swept clean of every power that could renew the terror.
The League of Nations was not merely an instrument to adjust and remedy
old wrongs under a new treaty of peace; it was the only hope for mankind.
Again and again had the demon of war been cast out of the house of the
peoples and the house swept clean by a treaty of peace; only to prepare a
time when he would enter in again with spirits worse than himself.
The house must now be given a tenant who could hold it Against all such.
Convenient, indeed indispensable, as statesmen found the newly-planned
League of Nations to be for the execution of present plans of peace and
reparation, they saw it in a new aspect before their work was finished.
They saw it as the main object of the peace, as the only thing that could
complete it or make it worth while. They saw it as the hope of the world
and that hope they did not dare to disappoint. Shall we or any other
free people hesitate to accept this great duty? Dare we reject it and break
the heart of the world?
And so the result of the conference of peace, so far as Germany is concerned, stands complete. The difficulties encountered were very many.
Sometimes they seemed insuperable. It was impossible to accommodate
the interests of so great a body of nations—interests which directly or indirectly affected almost every nation in the world—without many minor
compromises. The treaty, as a result, is not exactly what we would have
written. It is probably not what any one of the national delegations would
have written. But the results were worked out which on the whole bear
test. I think that it will be found that the compromises which were accepted as inevitable nowhere cut to the heart of any principle. The work of
the conference squares, as a whole, with the principles agreed upon as the
basis of the peace as well as with the practical possibilities of the international situations which had to be faced and dealt with as facts.
I shall presently have occasion to lay before you a special treaty with
France, whose object is the temporary protection of France from unprovoked aggression by the power with whom this treaty of peace has been
negotiated. Its terms link with this treaty. I take the liberty, however,
of reserving it for special explication on another occasion.
The role which America was to play in the conference seemed determined,
as I have said, before my colleagues and I got to Paris—determined by the
universal expectations of the nations whose representatives, drawn from all
quarters of the globe, we were to deal with. It was universally recognized
that America had entered the war to promote no private or peculiar interest
of her own, but only as the champion of rights which she was glad to share
with free men and lovers of justice everywhere. We had formulated the
principles upon which the settlement was to be made—the principles upon
which the armistice had been agreed to and the parleys of peace undertaken—and no one doubted that our desire was to see the treaty of peace
formulated along the actual lines of those principles—and desired nothing
else.
We were welcomed as disinterested friends. We were resorted to as
arbiters in many a difficult matter. It was recognized that our material
aid would be indispensable in the days to come, when industry and credit
would have to be brought back to their normal operation again and communities beaten to the ground assisted to their feet once more; and it was
taken for granted, I am proud to say, that we would play the helpful friend
in these things as in all others without prejudice or favor. We were generously accepted as the unaffected champions of what was right. It wqs a
very responsible role to play. But I am happy to report that the fine
group of Americans who helped with their expert advice in each part of the
varied settlements sought in every transaction to justify the high confidence
reposed in them.
And that confidence, it seems to me, is the measure of our opportunity
and of our duty in the days to come in which the new hope of the peoples
of the world is to be fulfilled or disappointed. The fact that America is the
friend of the nations, whether they be rivals or associates, is no new fact;
it is only the discovery of it by the rest of the world that is new.
America may be said to have just reached her majority as a world power.
It was almost exactly 21 years ago that the results of the war with Spain
put us unexpectedly in possession of the rich islands on the other side of
the world and brought us into association with other governments in the
control of the West Indies. It was regarded as a sinister and ominous
thing by the statesmen of more than one European chancellery that we
should have extended our power beyond the confines of our continental
dominions. They were accustomed to think of new neighbors as a new
menace, of rivals as watchful enemies. There were persons amongst us at
home who looked with deep disapproval and avowed anxiety on such
extensions of our national authority over distant islands and over peoples
whom they feared we might exploit, not serve and assist.
But we have not exploited them. We have been their friends and have
sought to serve them. And our dominion has been a menace to no other
nation. We redeemed our honor to the utmost in our dealings with,Cuba.
She is weak, but absolutely free; and it is her trust in us that makes her
free. Weak peoples everywhere stand ready to give us any authority among
them that will assure them a like friendly oversight and direction. They
know that there is no ground for fear in receiving us as their mentors and
guides. Our isolation was ended twenty years ago; and now fear of us is
ended also, our counsel and association sought after and desired. There
can be no question of our ceasing to be a world power. The only question
is whether we can refuse the moral leadership that is offered us, whether we
shall accept or reject the confidence of the world.
The war and the conference on peace now sitting in Paris seem to me to
have answered that question. Our participation in the war established
our position among the nations and nothing but our own mistaken action
can alter it. It was not an accident or a matter of sudden choice that we
are no longer isolated and devoted to a policy which has only our own interest and advantage for its object. It was our duty to go in, if we were
indeed the champions of liberty and of right. We answered to the call of
duty in a way so spirited, so utterly without thought of what we spent of
blood or treasure, so effective, so worthy of the admiration of true men
everywhere, so wrought out of the stuff of all that was heroic, that the
whole world saw at last, in the flesh, in noble action, a great ideal asserted
and vindicated, by a nation they had deemed material and now found to
be compact of the spiritual forces that must free men of every nation from
139
every unworthy bondage. It is thus that a new role and a new responsibility have come to this great nation that we honor and which we would
all wish to lift to yet higher levels of service and achievement.
The stage is set, the destiny disclosed. It has come about by no plan of
our conceiving, but by the hand of God, who led us into this war. We
cannot turn back. We can only go forward, with lifted eyes and freshened
spirit to follow the vision. It was of this that we dreamed at our birth.
America shall in truth show the way. The light streams upon the path
ahead, and nowhere else.
TEXT OF TREATIES WHEREBY U. S. AND GREAT
BRITAIN ASSURE PROTECTION TO FRANCE. On June 28, in conjunction with the signing of the German
Peace Treaty at Versailles, a Franco-American treaty, giving
to France a pledge that "the United States of America shall
be bound to come immediately to her aid in case of any
unprovoked act of aggression directed against her by Germany" was signed by representatives of the two countries.
Premier Clemenceau and M. Pichon, Minister of Foreign
Affairs, for France, and President Wilson and Robert
Lansing, Secretary of State, for the United States. A
treaty of similar purport between England and France was
also signed at Versailles on June 28, by Premier Lloyd
George and A. J. Balfour, Secretary of State for Foreign
Affairs, for England, and Messrs. Clemenceau and Pichon
in behalf of France. Associated Press Cablegrams from
Paris on July 3 gave the text of the agreements as given out
by the French'Foreign Office on the 2nd. In the preamble
it is pointed out the United States and France being apprehensive that the stipulations concerning the left bank of the
Rhine cannot immediately assure "appropriate security
and protection" have entered into this separate "treaty to
realize these necessary ends."
It is provided that the Franco-American treaty shall not
come into force until the French-English treaty of like intent,
has been ratified; it must also be submitted to and be recognized by the Council of the Society of Nations as an engagement in conformity with the League of Nations covenant
and is subject to ratification by the U. S. Senate and the
Chambers of the French Parliament. It is to remain in
force until it is found that the society itself assures sufficient
protection to the French interests involved in the treaty.
The following is the text of the treaty as signed by the
United States and France.
Considering that the United States of America and the Government of
the French Republic are equally animated by a desire to maintain the
peace of the world, so happily restored by the treaty signed at Versailles
on June 28, which put an end to the war begun by the aggression of the
German Empire and terminated by the defeat of that power.
Considering that the United States of America and the Government of
the French Republic,fully convinced that an unprovoked aggression directed
by Germany against France would not only violate at the same time the
letter and spirit of the Versailles treaty, to which the United States and
France are parties, thus exposing France anew to the intolerable burden of
unprovoked war, but that such aggression on the part of Germany would
constitute an act reputed by the treaty of Versailles as being against all
the powers signatory to the treaty and calculated to trouble the peace of
the world, involving inevitably and directly the States of Europe and
indirectly the entire world, as experience has amply and unhappily demonstrated, and
Considering that the United States of American and the Government of
the French Republic apprehend that the stipulations concerning the left
bank of the Rhine cannot assure immediately to France, on one hand, and
to the United States on the other, as signatory powers to the treaty of
Versailles, appropriate security and protection,
Consequently, the United States of America and the Government of the
French Republic, having decided to conclude a treaty to realize these
necessary ends, Woodrow Wilson, President of the United States of America.
and Robert Lansing, Secretary of State, specially authorized to that end
by the President of the United States of America, and Georges Clemenceau.
President of the Council of Ministers and Minister of War, and Stephen
Pichon, Minister of Foreign Affairs, specially authorized to that end by
Raymond Poincare, President of the French Republic, have agreed upon
the following:
Article I.—The following stipulations concerning the left bank of the
Rhine, are contained in the Peace Treaty signed with Germany at Versailles, June 28 1919. by the United States of America, the Government of
the French Republic, and by the British Empire, among other powers.
'Article XLII.—Germany is prohibited from maintaining or constructing
fortifications either on the left bank of the Rhine or on the right bank west
of a line running fifty kilometers to the east of that river.
"XLIII.—In the area defined above the maintenance and the assembly
of armed forces, either permanently or temporarily, and military manoeuvres of any kind, as well as the upkeep of all permanent works for mobilization, are in,the same way forbidden.
"Article XLIV.—In case Germany violates in any manner whatever the
provisions of Articles XLII. and XLIII., she shall be regarded as committing a hostile act against the powers signatory of the present treaty and
as calculated to disturb the peace of the world."
In case these stipulations should not assure immediately to France
appropriate security and protection, the United States of America shall be
bound to come immediately to her aid in case of any unprovoked act of
aggression directed against her by Germany.
Article II.—The present treaty, couched in terms analogous to those of
a treaty concluded on the same date and to the same end between Great
Britain and the French Republic, a copy of which is hereto annexed, will
not enter into force until the moment when the latter is ratified.
Article III.—The present treaty must be submitted to the Councii_of
the Society of Nations and must be recognized by the Council, deciding if
occasion arise by majority, as an engagement in conformity with the
covenant of the Society. It will remain in force until, upon demand of
140
THE CHRONICLE
one of the parties to the treaty, the Council deciding if occasion arise by a
majority, finds that the Society itself assures sufficient protection.
Article IV.—The present treaty shall before ratification bo submitted
to the chambers of the French Parliament for approval and it shall be
submitted to the Senate of the United States of America at the same time
as the treaty of Versailles shall be submitted for assent to ratification.
Ratifications shall be exchanged at the time of deposit it} Paris of the ratifications of the treaty of Versailles, or as soon afterwards as possible.
According to the Associated Press the agreement between
Great Britain and France corresponds with that between
the United States and France, with an additional provision
that the Treaty imposes no obligation upon any of the
Dominions of the British Empire unless and until it be
approved by the Parliament of each Dominion interested.
With regard to the treaties and their purpose, Paris press
dispatches July 2 said:
The Franco-British and Franco-American treaties, the Journal says,
provide that the intervention of England and America on behalf of France
against Germany shall be independent. Great Britain and the United
States, it is added, will help France only by combined action, and not
separately.
The paper declares that their intervention must occur if the disarmament
of the Rhine teritory is not sufficient to protect France from German aggression.
The introduction of the treaties in the French Chamber
of Deputies by Premier Clemenceau on July 1 was reported
in Paris cablegrams of that date, according to which the
Journal Official quoted Premier Clemenceau to the following effect:
[Vol— 109.
no arrangement had been made for publication, and surprise was expressed
that the impression had been given that publication was contemplated.
A few hours thereafter official copies of both treaties were sent to the
offices of Paris newspapers. Apparently it was decided by the 'Foreign
Office to act without the consent of the British. The copies of the treaties
cabled to American newspapers were obtained unofficially.
The matter may appear of little moment, but has an itoPortunt side so far
as the United States is concerned, as the President had centended that even
with the Senate insisting that it should have copies of the first draft of the
German Peace Treaty he held that the Senate was not entitled to these until
the treaty was completed and laid before it officially by the President.
Later, when the treaty was submitted to the Germans in final form and
accepted by the German Government, the American peace delegation took
the ground that as the Senate was demanding tbe text, an exception could
properly be made to the rule that the Senate alone should determine to
remove the seal of confidence from such documents,
Because of this and the fact that the publication of the treaty was authorized by the French and British Governments copies of the documents
were obtainable from American official sources, but with the understanding
that they were furnished unofficially and merely for tue convenience of the
American press, which, as well as the American Senate and the public, were
placed at a disadvantage through the course of the British and French Governments in distributing copies to their newspapers.
The first official information regarding the pledge to be
given on the part of.the United States and Great Britain to
aid France in case of an unprovoked attack by Germany
was contained in an announcement issued on May 7 last by
the Committee on Official Information at Washington,
mention of which was made in these columns May 10, page
1894.
have the honor to introduce in my name and in the name of M. Pichon
(the Foreign Minister) and M. Leygues (the Minister Of Marine) a bill to
approve treaties concluded at Versailles on June 28 between France and the
United States and between France and Great Britain concerning aid to be
given France in case of non-justified German aggression—
The Premier was interrupted by the Socialist Jean Bon, who, shouting,
declared that the bill, according to the constitution, should be a message
from the President. Bon was called to order by President Deschanel of the
Chamber, and the Premier proceeded with his speech.
MEXICO NOT TO SEEK ADMISSION TO LEAGUE
OF NATIONS.
A statement in which he declared that Mexico would not
"tor the present" seek admission to the League of Nations
was made on June 14 by General Cavdido Aguillar, son-inlaw of President Carranza of Mexico, and head of a special
We also give the following advices (French Wireless mission to the United. States. Gen. Aguilar's statement
Service) from Paris July 7, appearing in the New York was prompted by reports on the 10th inst. that one of the
objects of his visit to the United States, and his proposed
'Times" of the 8th:
to secure the admission of the Mexican
Le Petit Parisien, explaining the agreement entered into by the United trip abroad was
States and Great Britain to come to the aid of France in case of unpro- Government to the League. In his statement of the
voked aggression by Germany, says:
14th Gen. Aguilar also referred to the Monroe Doctrine,
For the first time a convention of this kind Is made public directly after
its conclusion. This may be c,alled an act of diplomacy accomplished in the which, he said, his Government cannot recognize. The
face of the whole world; one, all the more decisive, for not being kept secret following is what he had to say, as made known in special
in the Chancelleries.
Washington advices to the New York "Times:"
known. The League
The circumstances relative to its conclusion are
of Nations cannot operate immediately. Years may go by before it really
comes into force, and in the meantime France may again be the victim of
aggression. The danger of aggression menaces France more than any
country, which is a member of the League, America being far away, and
England more than ever protected by the sea.
Mr. Wilson and Mr. Lloyd George realized that France needed an immediate guarantee, the simple proclamation of which would keep in check
any desire for aggression. The agreement published answers the purpose.
It will come into force if any unprovoked act of aggression is made against
Vrance. But who could imagine our country capable of provoking a war?
The treaty does not impose any obligation on France, but her allies have
bound themselves by it to provide her with the guarantees they deemed
necessary. Finally, the treaty will remain in force until the League of
Nations decides the League itself is sufficient guarantee against aggression.
Such is the meaning of this unprecedented agreement. It will not be
possible to misconstrue it.
It has been stated that the publication by the French
Foreign Office of the two treaties was contrary to a promise
received from the French Government by President Wilson,
before the latter's departure from Paris, to withhold the
treaties from the French press after the President had explained that international conventions to which the United
States ia a party must be kept secret until the United States
Senate, a part of the treaty making power, authorizes the
publication. Regarding this Richard V. Oulahan in special
copyright cable advices from Paris to the New York "Times,"
dated July 3 in part said:
President Carranza has not attacked the Monroe Doctrine. He has
only stated that the Government of Mexico cannot recognize it. as it has
never been looked upon as an international pact between Mexico and the
United States. In virtue of this doctrine the United States is not under
the exigible obligation on the part of the Spanish-American nations to safeguard their countries against aggressions of European Governments. The
United States, in spite of the Monroe Doctrine, has kept and keeps the most
complete freedom of action according to its own interests in such cases.
The right to act as a free and conscious nation constitutes the best guarantee
of the American Government for the interests of its people.
For the present time Mexico will not seek admission to the intended
League of Nations, as it is the opinion of the Mexican Government that the
League of Nations could not be formed upon solid and conclusive bases until after peace Is adjusted and consummated between the belligerent powers.
The movement of the ex-General Felix Diaz has no importance, because
it lacks the support of public opinion, so indispensable for the victory of a
real revolutionary movement. The movement headed by Villa also lacks
importance, as the people of the Republic of Mexico do pot wish to be
governed by a bandit and murderer like Villa; importance is neither given
to the figure of the ex-General Felipe Angeles, as every Mexican realizes
that he is only a tool of Villa, who continues to be the only one capable of
handling his men.
The Government has sent a competent number of troops to the State.s of
Chihuahua and Coahuila to push the campaign now being carried out
against Villa. There are sufficient troops at Ciudad Juarez to protect It in
case of an attack by the Villistas.
The Mexican Government never has had and has not now any intention
of confiscating properties, either belonging to Mexicans or to foreigners.
The Mexican Government does not refuse permission to Mexican or foreign
companies to drill oil wells, provided they fulfill the proscriptions of the
law.
The Mexican Government considers of the utmost importance the pacification of the country. and that it must receive its immediate attention.
Therefore it is necessary to effect sacrifices at the expense of other public
services, in order to place the country In its normal condition, that nationals
as well as foreigners may enjoy equally the same guarantee;. As soon as
the pacification of the country has been completed the Government naturally will reduce the number of its troops, and in this manner It will have
at its disposal a surplus which will be devoted to the reassumption of the
service of the public debt, as the Government has never failed to recognize
obligations contracted by previous legitimate Governments, and their payment is considered as sacred.
The Mexican Government does not intend for tile present to enter into
negotiations toward obtaining an external loan.
News has been received from Mexico City to the effect that a number o
President Carranza's friends and supporters will meet soon to offer him his
re-election, or to ask his advice regarding the man that must be supported in
the future Presidential campaign. President Carranza will not continue in
the Presidency of the Republic a moment longer after the expiration of the
term for which he was elected by the people, whatever the conditions of the
country might be. lie has thus informed the press and his friends. Furthermore, President Carranza will not lend direct or indirect assistance to
any of the Presidential candidates. His most vehement desire is that the
Mexican people may elect freely the future President and to retire himself
to private life with the satisfaction of having done his duty.
Before leaving Paris last week President Wilson explained this principle to
the French officials, and it was understood that he obtained a promise that
the French Government would be hound by it, as the publication in Europe
would mean that the text was certain to be published in the United States.
The French Foreign Office printed several hundred copies of both compacts and distributed these among members of the Chamber of Deputies
and Senate as confidential documents. Brief summaries of the conventions
began to appear in the Paris press, however, and the fear was expressed
that the complete texts would be riven out by some member of Parliament.
Moreover, considerable pressure was exerted to have the texts furnished to
the French public, in order to quiet apprehension that the German Treaty of
Peace did not afford sufficient guarantees for the protection of the French
against German aggression.
Whatever the cause, a sudden decision was reached by the French Government late yesterday to publish the treaties.
The supposition that Secretary LarsIng wirelessed President Wilson on
the George Washington and obtained his assent to the publication is erroneous. Mr. Lansing took no action, as he was well aware that it was
contrary to the President's wish and in violation of the rule that the Senate
alone was entitled to remove the ban of secrecy so far as the United States
was concerned.
Before furnishing copies of both agreements to the press the French
Foreign Office sought to obtain the consent of the British Government
yesterday, but was unsuccessful.
The New York "Sun" in Washington advicos onJune 10th
When it became known last night that publication of the text was contemplated by the French Government the statement was made in French as to Gen. Aguilitr's mission said in part:
official quarters that the publication depended on receipt of an affirmative
From Washington Gen. Aguilar will go to Paris to see President Poincare
message from London. Later It was said at the French Foreign Office that in an effort to influence France in Mexico's behalf and later he will visit
JULY 12 1919.1
THE CHRONICLE
London, hoping fully to restore diplomatic relations between Great Britain
and Mexico. Great Britain has not had a Minister in Mexico City for
many months and does not wish to send one until Mexico shows a disposition to pay the interest on its foreign debt, restore confiscated property
and protect the lives, rights and properties of British subjects.
MEXICAN STATE TAX EXEMPTIONS.
The following, dated Washington, June 24, is taken from
"Financial America":
In an effort to induce the investment of foreign capital in Mexico, the
State of Cohuila has decreed that all industries and manufaotories established within that jurisdiction should be free from taxation for the period of
ton years, the Department of Commerce has been informed.
It is believed that legislation will be successful in accomplishing its
purpose, the reports to the Department said, as there already is evidence
of a desire to invest on the part of the European capitalists who Wish to
escape the heavy burden of taxation imposed on home industries. There
also are many capitalists in the United States who are considering investment.
"Especially to be encouraged," advices said, "is the establishment of
North American branch banks in Mexico and this is now being considered,
several financial concerns whose representatives have been here from time
to time during the last six months thoroughly studying the situation. It
Is believed that the establishment of branch banks would greater facilitate
commercial intercourse between the United States and Mexico and make
possible business undertakings which cannot now be realized with the
existing inadequate banking facilities."
ASSURANCES THAT MEXICAN FOREIGN INVESTMENTS ARE SAFE—MEXICO'S PROTEST AGAINST
REPRESENTATIVE GILLETT'S UTTERANCES.
Assurances that "all foreign investments in Mexico are
safe and will be protected" were given by Dr. Juan B.
Rojo, Counsellor and Charge d'Affairs ad interim of the
Mexican Embassy in an address before the Pan-American
Commercial Congress in Washington on June 5. Dr. Rojo
is quoted as saying:
Mexico is now in the reconstruction period. All she wants is that, rather
may be a little patient,
than handicapping her at every moment, outsiders
And the longer they have
as Mexico has always paid what she owed.
us.
waited for us to pay the dearer it has cost
the United States are exIf countries as strong as Great Britain and
economic condition it is not fair to expect
periencing a difficult social and
there in 1910. The world
from Mexico the same conditions that prevailed
created by the social moveshall never go backward and the state of affairs
as the conditions created
ments of my country is as impossible to eliminate
here and in Europe by the war.
Dr. Rojo made a passing allusion during his speech to the
remarks at the same conference on June 2(reference to which
appeared in our issue of Saturday last, June 7, page 2294)
made by Frederick H. Gillett, Speaker of the House of
Representatives, in which the latter described the present
condition of Mexico "as the greatest impediment to-day to
full fellowship and international trade on this hemisphere."
In reverting to Representative Gillett's assertions, Dr. Rojo
stated that "All of you have undoubtedly heard of the explosion of the second bomb—the one thrown upon Mexico
by the Speaker of the House." As a sequence to Representative Gillett's declaration, press dispatches from Mexico
City on June 9 reported that President Carranza had ordered the withdrawal of the Mexican delegates from the
Pan-American Commercial Congress as a protest against
the speech under the belief that the conference was continuing this week.
PAN-AMERICAN FINANCIAL CONFERENCE SCHEDULED FOR NEXT JANUARY.
Announcement of the appointment of Assistant Secretary
of the Treasury L. S. Rowe as Secretary-General of the
Second Pan-American Financial Conference, to be held in
Washington on Jan. 12 1920, was made by Secretary of the
Treasury Glass on June 22. Dr. C. E. McGuire, now
Assistant Secretary-General of the International High
Commission, will serve as Assistant Secretary-General.
Announcement that President Wilson would convene the
second Pan-American Financial Conference on Jan. 12 next,
Upon the recommendation of Secretary Glass, was made by
Assistant Secretary Rowe, in addressing the Pan-American
Commercial Congress in Washington on June 5. Necessity of closer financial co-operation between the countries
of this continent, to assist in the development of their resources in order to supply the needs of the war-worn countries of Europe, prompted the calling of the conference,
Dr. Rowe said, after a lapse of five years, since the First
Financial Conference in 1915, which organized the International High Commission. Invitations to the conference
have been cabled by the State Department to each of the
Latin-American Governments, requesting the attendance
of a delegation of three, headed by the Minister of Finance
in each case. The economic relation between the old world
and the new, said Dr. Rowe, now is, in large measure, reversed, and, to an extent hitherto unknown, Europe must
141
look to America for her food and raw material supplies
and for capital with which to rehabilitate her industries.
He also said:
The immediate situation demands that the financial co-operation
between the United States and the republics of Central and South America
shall be strengthened by the expansion of the investment market in the
United States for Latin-American securities, but it also means that the
Latin-American countries themselves shall realize that with their marvelous
resources and unexampled opportunities they are in a position to contribute
a far larger share to the world's available capital than has heretofore been
the case.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
No bank stocks were sold at the Stock Exchange or at
auction this week. One lot of ten shares of trust company
stock was sold at auction.
Shares. TRUST CO.—New York. Low. High. Close.
414
414
414
10 Title Guarantee dr Trust
—*—
Last previous sale.
July 1919— 414
Harvey D. Gibson has been elected a director of the
Finance & Trading Corporation of this city. Mr. Gibson
is President of the Liberty National Bank. Oliver S.
Lyford, previously with Westinghouse, Church, Kerr & Co.
and Edward S. Moore, previously Vice-President of the
American Brake Shoe & Foundry Co. have been elected
Vice-Presidents of the Finance & Trading Corporation.
Mr. Moore will be in charge of the Chicago office of the
corporation, which will be opened on or about July 15.
•
The proposed increase of $1,000,000 in the capital of the
Merchants National Bank of New York, raising it from
$2,000,000 to $3,000,000, has been approved by the Comptroller of the Currency. As announced in our issue of April
5, the new stock was authorized by the stockholders on
March 31, at which time action was also taken toward changing the par value of the shares from $50 to $100. The
increased capital became effective July 1.
At the meeting of the directors of the Citizens National
Bank of this city on July 3, Samuel Shaw, Jr., and Robert
D. Scott were appointed Assistant Cashiers. Both Mr.
Shaw and Mr. Scott are old employees of the bank and are
promoted to official positions in recognition of their services
and ability. Mr. Shaw was formerly chief clerk and has
been in the employ of the bank for 27 years. Mr. Scott
was manager of the credit department and has been with the
bank 13 years. Robert F. M. Luyster, senior paying teller,
on July 1 1919 completed 50 years of service with the bank
and the directors have placed him upon the reserve force.
continuing his salary. The officers and clerks presented
Mr. Luyster with a handsome gold watch and fob on his
retirement. Edwin S. Schenck, President of the bank,
made the presentation speech.
•
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $94,000, an advance of $4,000 over the last previous
transaction.
Thomas W. Lamont, of J. P. Morgan & Co., who acted as
financial adviser to the American Peace Commission at
Versailles, has resumed his duties at the Morgan offices.
Mr. Lamont returned from abroad on Tuesday on the
George Washington with President Wilson and others connected with the Peace Conference. Following his return he
went to Washington, where he conferred with the President.
He received his official discharge from connection with the
Treasury Department on Wednesday.
An instance of exceptional banking growth is witnessed
in the statement by George P. Kennedy, President of the
Italian Discount & Trust Co. of this city. The institution
as of the end of June had total deposits of $11,000,000 and
total resources of $13,000,000. The company opened on
Nov. 11 last, the day the armistice was signed, with a capital
of $500,000 and a paid in surplus of $250,000, and since that
time has shown net earnings of approximately 10% on its
capital. The company was founded principally to cater to
the Italian trade and to further commercial relations by this
country and Italy, but it is announced that it has obtained
many local accounts. An Italian foreign trade department has been established. Business is done direct with
100 branches of its correspondent, the Banca Italiana di
Sconto, covering the principal cities in Italy, and shipments
of merchandise to that country are financed by issuing commercial letters of credit.
142
THE CHRONICLE
At a meeting of the directors held on July 2, A. Portfolio
of the firm of A. Portfolio & Co., manufacturers of cloaks
1333 Broadway, was elected a director of the New Netherland Bank of New York. The appointment of Leon A.
Norcross and Henry -H. Martin as Assistant Cashiers was
noted in these columns last week.
The National City Bank of New York announced this
week the opening of a new branch bank in Maracaibo,
Venezuela.
The United States Mortgage & Trust Co.'s policy of consistent advancement of the men developed within its own
organization was shown by the announcement following the
meeting of the directors on June 27, with regard to this the
company says in part:
Henry L. Servoss was elected Vice-President and Secretary, Chauncey
H. Mttrphoy, Vice-President and Treasurer, and Arthur W. Keevii, Assistant Secretary. Each has spent practically his entire business life with
the United States Mortgage & Trust Co.
Mr. Servoss began as messenger in 1896,from which position he advanced
to that of teller, Cashier and Manager of the 73d Street Branch, being
elected Assistant Treasurer in 1908. He later became Secretary, which
position he held until he was elected Vice
-President.
Soon after becoming connected with the company in 1902 Mr. Murphey
was made Assistant Manager of the 125th Street Branch From that
position he was advanced to Manager and later joined the forces of the
main office in Cedar Street.
Arthur W. Keevil entered the mortgage department of the company in
1902 and has been identified with that particular phase of the company's
activities ever since. He was advanced to Assistant Manager and later
Manager, which post he held until his recent election as Assistant Secretary.
The Fifth Avenue Bank of New York announces the
opening of its new Trust Department under powers recently
granted by an Act of Legislature. Through this department, which will be a department of the bank and under the
same management, the bank will act as executor, trustee,
guardian and in other fiduciary capacities.
[VOL. 109.
Col. James Alexander McCrea, prominent as a railroad
executive, was elected a Vice-President of the Bankers Trust
Co. at a meeting of the board of directors this week. Mr.
McCrea is the son of James McCrea who was President of
the Pennsylvania Co. He was graduated from the Yale
Sheffield Scientific School with the class of '95. He went
into the Engineering Corps of the Pennsylvania lines west
of Pittsburgh and was later assigned to the operating department. Mr. McCrea was transferred to the Long Island RR.
as General Superintendent and in 1913 became General
Manager of that system. He entered the military service
on Oct. 9 1917 as a major in the Engineering Corps and a
month later was made colonel in the Railway Transportation Corps. Col. McCrea was Manager of Transportation
for the American Expeditionary Forces until Oct. 1 1918,
when he was made Deputy Director-General in the Zone of
Advance. He retired from the army in April last.
The Harriman National Bank of this city at a meeting of
the directors on July 3 declared a semi-annual dividend of
5%, payable July 5 to stockholders of record at the close
of business July 3. The Harriman National Bank has been
no exception to the prosperity enjoyed during the past six
months by the banking institutions of the United States.
The Equitable Trust Co. of New York has issued a booklet
containing the complete text of the New York State Corporation Franchise Tax Law, as amended 1919. The text of the
law is supplemented by marginal references and index.
This corporation income tax is based upon the net incomes
of corporations and changes the law of 1918 by applying the
tax to all corporations doing business in the State and not
specifically exempted. Copies of this booklet may be
obtained free of charge upon application.
Henry Hazlitt, formerly on the Wall Street staff of the
New York Tribune, has become associated with the
The Columbia Bank of this city, now at 507 Fifth Avenue, Mechanics & Metals National Bank.
has leased the office occupied by the Fifth Avenue Branch
Edwin B. Day, Vice-President of the Battery Park
of the Guaranty Trust Co. in the Postal Life Building, at
43rd Street and Fifth Avenue. The latter premises comprise National Bank,2 Broadway this city, has resigned his office
the street floor, basement and first floor which the Guaranty on account of 'continued ill health. Mr. Day helped to
Trust Co. fitted up at considerable expense. The lease has organize the Battery Park National in 1904 with E. A.
about 17 years to run, and calls for a yearly rental of about DeLima,its President,and when the bank opened for business
$75,000. The Columbia Bank, which has a capital, surplus Mr. Day was its first Cashier. Mr. Day was originally a
and undivided profits of $1,800,000, have plans under way National Bank of Commerce man. The appointment of
C. C. Probst and Alfred E. Zellers as Assistant Cashiers was
to increase their capital.
announced this week.
—;—
The statement of the Guaranty Trust Co. of New York,
Announcement is made that Norman P. Clement and Jesse
issued July 9 1919 as of June 30, shows total resources of
C. Dann of Buffalo, have been elected President and Vice21,084,399, compared with $754,422,617 at the time of
the last previous statement, on Feb. 21, and with $697,- President respectively of the Citizens Commercial Trust of
that city. Mr. Clement was formerly an officer of the
040,585 n June 20 1918. This is an increase of $66,661,782
Marine National Bank with which his father and grandin a little more than four months, and of $124,043,814 in
Dann is well known in
the last year. Deposits with the company now total father were long identified. Mr.
banking circles having been connected with the Federal
$661,914,893, as compared with $582,219,167 on Feb. 21
last, an increase of $79,695,726, and with $563,768,442 on Reserve Bank of New York,.as associate director of sales.
—;—
June 20 1918, an increase of $98,146,451.
The Comptroller of the Currency announces his approval
—;—
of an increase of $50,000 in the capital of the Rondont
George Edward Ide, banker, and President of the Home National Bank of Kingston, N. Y., the amount thereby
Life Insurance Co. of New York since 1894, died at his being raised from $100,000 to $150,000.
summer home, Locust Valley, L. I., on July 9 at the age
;—
of 59. While he was a director in several banks and corAt the regular meeting of the directors of the Fidelity
porations, his main interest and activity was confined to the Trust Co. of Buffalo, Samuel Easterbrook was elected an
insurance business. He was appointed Secretary of the Assistant Secretary of the institution and Frederick FrederHome Life Insurance Co. in 1890, elected Vice-President of lein an Assistant Treasurer, both positions being created
that company in 1892 and elevated to its presidency in 1894. upon the recommendation of President Clifford Hubbell
Following his graduation from Yale in 1881, he entered the owing to the increase in the business of the bank. The
banking house of Dominick & Dickerman, in this city, with regular quarterly dividend of 3% was declared by the
which he remained for about nine years. As an indication directors, making 6% thus far for the half year or 12% per
of his effective administration of the affairs of the Home Life annum. Perry E. Wurst, Vice-President of the institution,
Insurance Co., it is noted that between 1894 and 1913 the tendered his resignation to take effect as soon as his successor
assets of that company increased more than threefold. was appointed. Mr. Wurst is now identified with the various
Mr. Ide was a director of the Larchmont National Bank,the enterprises owned and operated by B. C., W. B. and
Fidelity & Casualty Co. and the Grand Central Bfanch of F. M. Taber. He has been elected a Vice-President
the Corn Exchange Bank and a trustee of the Title Guaran- of the Taber Pump Co. of Buffalo, the Taber Wheeler Co.
tee & Trust Co. He was a director of the Brooklyn City of Boston, the Alpena Leather Corporation of Alpena,
Railroad Co., a member of the Local Board of Management Mich., and the American Extract Co. of Chicago. He will
of the Royal Insurance Co., and a director of the New York continue as a director of the Fidelity Trust Co.
Eye and Ear Infirmary. Mr. Ide was a member of the
following clubs: Yale, University, Metropolitan, New York
In tribute to John L. Daniels, the late Cashier of the
Yacht, Larchomnt Yacht, Hamilton of Brooklyn, Gradu- Bank of Buffalo, at Buffalo, N. Y., whose death occurred
ates (New Haven), Century, and Pilgrims (London), New on June 30. the directors of the institution on July 1 adopted
England Society and St. George's Society of New York.
a resolution saying:
JULY 12 1919.1
THE CHRONICLE
143
will assist Frederick Conger, Chief Title officer and Assistant
Secretary of the company. The Guaranty Trust Company
of New York will it is announced be the special New York
correspondent of the company, and by special arrangement
they have offered their services to the company's depositors
on any special credit or financial information requested.
A.C.Streitwolf is President of the Middlesex Title Guarantee
& Trust Company having been elected to the post last January, succeeding the late George A.Viehmann. The institution has been in operation eleven years. For the benefit of
open Saturday evenings
July 5, Frank ptorekeepers it has decided to remain
As announced in our issue of Saturday last,
from seven until nine o'clock.
a
A. Newell, previously Assistant Cashier, has been elected
of Boston,
Vice-President of the National Shawmut Bank
The Equitable Trust Company of Atlantic City, New
with regard thereto the bank says: of the National Shawmut
Jersey, has been admitted to membership in the Federal
t
Frank A. Newell the new Vice-Presiden
y every round of the ladder in reach- Reserve Bank of Philadelphia. The capital of the comBank of Boston has covered practicall
his banking career as a messenger
ing his present post. Mr. Newell began
0, surplus 8100,000 and total resources
located on the corner of Congress pany is $200,00
In the old Maverick National Bank, then
Bank building. It is $1,947,869.
Streets, the site of the present Shawmut
and Water
"John L. Daniels entered the employ of this bank in
April, 1883. By untiring industry, cheerful, willing service
er,
and strict integrity he steadily rose in rank. In Decemb
1897, he was appointed Cashier. In January 1913 he was
elected a director.
"To an unusual degree, often at the expense of his own
personal interests, he was faithful to his official duties.
be
His pure fidelity rarely has been equaled; it could not
"
excelled. He was a valued associate, a stanch friend.
e that his desk should to-day be
thus a peculiar feature of his experienc
where ho started in the Maverick
placed on practically the same spot
Bank years ago.
National Shawmut Bank twenty-one
Mr. Newell joined the staff of the
the Shawmut expand into a $200,000,000
years ago. Since then he has seen
past eight years he has been filling the post of Assisinstitution. For the
tant Cashier.
acquaintance in business and financial
Vice-President Newell has a wide
but throughout the West, and is known
circles not only in New England,
and progressive ideas.
as a banker of sound judgement
•---
Approval of plans whereby the capital of the First National Bank of Kensington, Pa., is increased from $50,000
to $125,000 is announced by the Comptroller of the Currency.
C. Walter Katenkamp and C. M. Lancaster have been
appointed Assistant Cashiers of the Baltimore Commercial
Bank of Baltimore, Md. H. Clarke Jones has resigned as
A. Francis Hayden has been appointed Vice-President Assistant Cashier of the bank to enter commercial business.
of the International Trust Co. of Boston, Mass. Mr.
Hayden was previously Trust Officer and Assistant SecreAt a meeting of the directors of the Farmers Deposit
of the Company.
tary
National Bank of Pittsburgh on July 3 former Judge James
H. Reed was elected Chairman of the Board, a newly created
Lee, Higginson & Company of Boston, announce that on position, and Arthur E. Braun was chosen President to
July 1 John K. Allen took charge of their Publicity Depart- succeed the late T. H. Given. Judge Reed is prominently
ment. Mr. Allen has been Chairman of the Publicity Com- identified as President, Vice-President or director with a
mittee of the Liberty Loan Committee of New England in large number of the most important financial, railroad, inthis,
all five of the Liberty Loan campaigns. In addition to
dustrial and philanthropic organizations of Pittsburgh and
in the first year of the war he carried on the publicity cam- the Middle West. Mr. Braun had been associated with
paigns for the first Y. M. C. A. drive, for the American Mr. Given in his banking and financial interests for twentyLibrary Associations' War Camp Library activities, one five years. He has been President.of the Farmers' Deposit
for increasing the production of food, one for the Navy Trust Co., an allied institution of the Farmers' Deposit
Relief Society, and some other small campaigns. Previous National Bank since its organization, a position he will conto this war service work, Mr. Allen's activities were entirely tinue to.hold. The capital of the Farmers' Deposit Nain journalistic and advertising lines.
tional Bank is $6,000,000 with surplus and undivided profits
—;—
of $2,166,877 and deposits of more than $47,000,000.
The Federal Trust Co. of Boston has acquired from the
trustees of the William Lawrence Real Estate Trust the LawArrangements have been entered into for the close affiliarence Building at the corner of Devonshire and Water tion in interest and ownership of the Fifth-Third National
Streets, the first floor and basement of which they occupy, Bank and the Union Savings Bank & Trust Company of
together with the adjoining building in the rear, known as Cincinnati. The negotiations, which were perfected on
258-260 Washington St., the combined parcels having an July 2, when approved by the directors of the Fifth-Third
area of 6276 square feet and an assessed value of $1,105,000. National, follow the acquisition a month ago of control of
in
The Lawrence Building is a ten-story structure erected
the Market National Bank of Cincinnati by the Fifth-Third
1904. It has a frontage of 71 feet on Devonshire St., and National Bank, as a result of which the interests in the latter
of 64 feet on Water St. The Washington St. building is six obtained control of a large majority of the stock of the
stories in height and has a frontage of 24 feet. It is the Securities Savings Bank of Cincinnati. As was noted in
intention of the Federal Trust Co., we understand, to connect these columns June 14 the Market National has been merged
the Washington Street building with their present banking with the Fifth-Third National. According to the anquarters. The Federal Trust Co.has a capital of $1,000,000, nouncement with regard to the latest transaction the Sewith surplus and undivided profits of $396,717. Joseph curity Savings Bank & Trust Company will be absorbed by
H. O'Neil is President.
the Union Savings Bank & Trust Company, and its present
quarters will be operated as a branch of the Union. Charles
issued for the Peoples National Bank A. Hinsch, President of the Fifth-Third National Bank, will
A charter has been
become President of the Union Savings Bank & Trust Comof Southbridge, Mass., capital $100,000.
pany besides continuing as President of the Fifth-Third,
y of and will be the dominating factor in both institutions.
The Middlesex Title Guarantee & Trust Compan
app retires as Chairman of the Board of
New Brunswick, N. J., has extended its operations with Jacob G. Schmidl
July 7 of a commercial banking business. the Union. Clifford B. Wright, President of the Union
the inauguration on
s Chairman of the Board. The
Heretofore the company has confined its activities to insur- Savings Bank, become
while the
guaranteeing titles to real estate, placing mortgage Fifth-Third National has a capital of $3,000,000,
ing and
eed mortgages and conducting a Union Savings Bank & Trust Company has a capital of
loans, selling guarant
will continue to operate as separate
savings deposit business. It has also transacted a general $1,000,000. Both
interests
acting as executor, trustee, etc. Charles institutions. Details of the plan whereby their
trust business,
ed with the Guaranty Trust are unified, are set out as follows in the Cincinnati "EnR. Smith, who had been connect
3:
Company of New York for the past ten years, and was quirer" of July
stock or assets. It is put
The deal does not involve any purchase of
previously with the Mutual Alliance Trust Company. of
-stock plan by which stockholders of the Fifththrough on an exchange-of
New York, has been made secretary of the New Brunswick Third National Bank give up part of their Fifth-Third holdings and acquire
the latter instistock, while stockhold
institution and will be in charge of the commercial banking part of the Union Savings Bank of the Fifth-Third anders ofup part of their
give
the stock
department. William P. Garrison, Treasurer of the com- tution acquire part of
holdings in the Union.
rd stockholders become the
pany, will continue to take charge of the trust department,
On the basis of exchange agreed upon Fifth-Thi
guaranteed mortgages, and the general majority interest in each institution.
mortgage loans,
A. The plan of exchange which is somewhat involved, provides for the trusns, consisting of 40,000 shares,
trust business of the company. Recently Edward
teeing of the capital stock of both institutio
Kasner, who has been with the title department of the with the issuance of 40,000 participating shares against them. The exupon the Fifth-Third stockholders retaining nine-sixteenths
Fidelity Trust Company of Newark became connected with change is basedthe Fifth-Third and acquiring nine-sixteenths of the stock of
of
Middlesex Title Guarantee and Trust Company, and of the stock
the
144
THE CHRONICLE
[VOL. 109.
the Union. The Union stockholders retain seven-sixteenths of the Union Company with $1,000,000
capital And $75,000 surplus
stock and acquire seven-sixteenths of the Fifth-Third stock. Under
the agreement all stock is to be deposited with a trustee, and stockholders to participate in underwriting of preferred stocks and inreceive participating receipts instead. The agreement also requires stock- vestments not handled by national or State banks. The
holders when selling the bank stock to dispose of their proportionate share capital and surplus
of this company is to be paid for by a
of the Trust Company stock, and vice versa.
Through this plan stockholders cannot separate their interest in either special dividend of 5% on the capital of the National Bank,
bank after once accepting the plan and depositing their stock.
and the stockholders will be asked to trustee the stock the
Each participating share will represent three-fourths of a share of the same
as the Continental & Commercial Trust & Savings
Fifth-Third National Bank stock and one-fourth of a share of the Union
Bank stock is at present. This will in no way interfere
Savings Bank & Trust Company stock.
The depositing stockholder of the Fifth-Third National Bank shall re- with the national bank holding its stock in the Asiatic Bankceive for each of his shares three
-fourths of a participating share and the ing Corporation
and the Mercantile Bank of America.
depositing stockholder of the Trust Company shall receive for each of his
shares one and three-fourths of a participating share. The interest of any, George B. Smith, Assistant Cashier of the National Bank,
holder of ownership certificates in one institution shall not be transferable, has been elected Vice-President of the
National Bank;
except in connection with the transfer of his interest in the stock of the
Henry Stadt, manager of its collection department and
other.
Edward B. Barker, manager of the credit department, have
The application of the plan is illustrated by the following:
Fifth-Third has 30,000 shares.
been made Assistant Cashiers of the National Bank. In
Union Trust has 10,000 shares.
the Trust Company, John A. Shannon is made Cashier and
Participating shares total 40,000 shares.
Kinney Smith Assistant Secretary. Walter F. Braun is
Fifth-Third retains 16,875 of own.
Fifth-Third acquires 5,625 of Union.
made manager of sales and George W. Pearson and Walter
Union acquires 13,125 of Fifth-Third.
J. Engle Assistant managers of the Bond Department.
Union retains 4,375 of own.
How the plan affects an owner of 100 shares of Fifth-Third Bank stock is
shown by the following:
George M. Reynolds, President of the Continental &
He retains 563 of own.
He acquires 18Yi of Union.
Commercial National Bank on June 30 announced that his
His total is 75 participating shares.
For the owner of 100 shares of Union Trust stock the division is as fol- bank and its allied institution, the Continental & Comlows:
mercial Trust & Savings Bank, had voted to give a bonus
He acquires 131 Wi of Fifth-Third.
of 10% to all employees who had been in the service of either
He retains 43,1 of own.
institution before Jan. 1 1919 and to grant smaller bonuses
His total is 175 participating shares.
The Fifth-Third National Bank has been paying 10% a year in divi- to all those who had entered their employ since that time.
dends. The Union Trust has been paying 25% a year in dividends. The
In making the announcement Mr. Reynolds is quoted as
holder of participating share will receive the dividend on the proportion
saying that he believed bonuses or some share of the profits
of each stock covered by his participating share.
As explained in the articles of agreement "the object of the agreement is in industry will keep the families of workers
happier and
to promote the interests of the Fifth-Third Bank and the Union Trust Commore contented and that such policy was the most effective
pany by affiliation, to be secured by making all stockholders of one, stockholders of the other, upon an agreed basis, without affecting the identity safeguard against Bolshevism.
and separate corporate existence of either institution.
The plan will be placed before the stockholders of the
Fifth-Third National for ratification on July 14. The resources of the two institutions will aggregate $77,000,000,
their deposits totaling over $55,000,000; the deposits of. the
Fifth-Third National amount to nearly $39,000,000, while
those of the Union Savings Bank & Trust Company exceed
$16,000,000.
Mitchell, Hutchins & Co., Inc., announce the opening
of their offices at 300 The Rookery Building, 209 South
La Salle Street, Chicago, to carry on a general investment
business. They are Chieago correspondents of Kidder,
Peabody & Co., Boston and New York. The directors and
officers are: W.Edwin Stanley, President; J. Ogden Armour,
Chauncey Keep, Charles Garfield King and James C.
Hutchins Jr., Vice-Presidents; Robert A. Gardner, TreasAnnouncement was made on June 25 of the following urer, and William H. Mitchell, Secretary.
Other stockchanges in the personnel of the People's State 'Bank of holders are John J. Mitchell, H. M.
Byllesby, William
Indianapolis: Clarence R. Weaver, heretofore Cashier of Wrigley Jr., A. D. Lasker and Robert
E. Hunter.
the institution, elected a Vice-President and Trust Officer;
Neal Grider, formerly Assistant Cashier, made Cashier to
President S. T. Kiddoo of the Live Stock Exchange
succeed Mr. Weaver and Roy H. Kenady elected Assistant
Cashier in place of Mr. Grider. It was also announced National Bank of Chicago on June 30 announced that a
that Charles F. Coffin, Vice-President and General Counsel bonus of 123/2% would be given to all employees of the
of the State Life Insurance Co., had been elected a director institution.
to fill the vacancy caused by the resignation of Joseph G.
Robert J. McKay, for the past five years an Assistant
Ibach. The steady growth and development of the trust
and insurance departments of the People's State Bank has Cashier of the Fort Dearborn National Bank of Chicago,
made the enlargement of its present quarters necessary. was recently elected a Vice-President of the institution and
In order to do this an additional portion of the Law Build- entered upon his new duties July 1. Mr. McKay is not
ing, in which the bank is located, has been leased, thus only one of the best known men in the Chicago loop banks,
affording it an extra frontage of 20 feet on Market street. but is widely known in banking and commercial circles of
These newly leased quarters are to be remodeled and in- other cities. He is Treasurer of the Chicago Association
corporated into the bank building. When completed, of Commerce and of the National Security League of the
which we understand will be about July 15, the new space same city and for years has been identified with many lines
will be devoted to offices for the general banking depart- of public welfare. Mr. McKay was Chairman of the delement. Felix M. McWhirter is President of the institution. gation recently sent to Mexico by the Mississippi Valley
Association.
•-•-•
•
Howard H. Hitchcock has resigned as Vice-President of
Plans whereby the capital of the National Bank of Comthe, First National Bank of Chicago and will associate himself more closely with the investment banking business of merce of Milwaukee is raised from $300,000 to $1,000,000
his son, F. B. Hitchcock & Co. He wilt continue as a have been approved by the Comptroller of the Currency.
director in the bank and its affiliated institutions, the First
Application has been made to the Comptroller of the CurTrust & Savings Bank and the National Safe Deposit Company. His fellow officers presented him with a silver- rency for a charter for the First National Bank of Oak
mounted desk set as a token of their esteem and friendship. Park, Ill., capital $100,000. The proposed institution will
Mr. Hitchcock has been identified with the banking business represent a conversion of the Austin Avenue Trust & Savin Chicago for over forty-four years, having entered the ings Bank of Oak Park.
employ of Preston, Kean & Co. in January 1875, which
firm was succeeded in May 1884 by the Metropolitan Na-The Comptroller of the Currency has signified his approval
tional Bank, of which he was made Assistant Cashier in of plans to increase the capital of the First National Bank of
1887 and Cashier in 1894. On the consolidation of that Janesville, Wis., from $125,000 to $200,000.
bank with the First National Bank of Chicago in May 1902,
he was made a Vice-President, of which institution he has
The Comptroller of the Currency announces his approval
been the senior Vice-President since 1907.
of the steps taken by the City National Bank of Fort Smith,
Ark., to increase its capital to the extent of $100,000,
The Continental & Commercial National Bank of Chicago making the amount $200,000.
announces the formation of the Continental & Commercial
JULY 12 1919.]
THE CHRONICLE
The American Bank & Trust Company, Denver, announces that E. V. Fox (formerly with the National City
Co. of New York) has become manager of its bond department.
•
The Comptroller of the Currency has approved the plans
to increase the capital of the Exchange National Bank of
Tulsa, Okla., from $1,000,000 to $1,250,000. The issuance
of additional capital was referred to in these columns last
week, page 45.
•
Oliver Filley Richards has been elected an active VicePresident of the Mercantile Trust Company of St. Louis,
Mo. He assumed his new post on July 1, Mr. Richards's
election as a director of the bank was referred to in our issue
of May 3. He is a Harvard graduate and is President of
the St. Louis Harvard Club. He is also Vice-President
and General Manager of the Simmons Hardware Company
and Vice-President of a number of subsidiary companies
of the Simmons Company.
145
plus, (earned) of $100,000; undivided profits of $56,064;
deposits of $2,296,586 and resources of $2,552,650; on the
same date the Canal Bank & Trust showed capital $2,000,000; surplus, $800,000; undivided profits, $212,531; deposits, $24,238,438 and resources of $33,453,622; the Commercial Trust & Savings Bank on June 30 reported capital
$1,250,000; surplus, $900,000; undivided profits, $100,745;
deposits, $22,099,816 and resources of $27,336,091; the
figures for the Commercial National Bank on June 30 were
capital, $300,000; surplus (earned), $600,000; undivided
profits, $203,595; deposits, $9,885,768 and resources of
$13,333,943. A statement issued by the officials of the
institutions concerned giving the details of the arrangements between the Canal Bank & Trust and the Commerical
Trust & Savings Bank,appeared in the New Orleans "TimesPicayune" of July 1,and we quote therefrom the following:
Out of a conference between the officers of the Canal Bank & Trust Company and the Commercial Trust & Savings Bank on the growing demands
of this community and tributary sections for increasel banking facilities
there grew the suggestion of the advisability of combining the resources and
official forces of these institutions so as to give better and more efficient
service to the customers of the two institutions and at the same time add
new facilities for the proper handling of the new lines of business now developing in New Orleans.
it is highly desirable to have institutions in New OrIt
At a meeting of the directors of the National Bank of leanswas thought thatmeeting the financial requirements of this community
fully capable of
Louis on July 2 G. N. Hitchcock, E. J. and equipped with special departments to handle with facility the business
Commerce in St.
New
Mudd and A. W. Thins were elected Vice-Presidents of the offered and at the same time to bring tohere. Orleans business from other
institution. All three men were Assistant Cashiers of the bank sections which should justly be handled
idea was fraught with so great possibilities for the community that it
This
and have spent the greater portion of their business lives was seriously considered and there resulted a mutual proposition of combiwith the National Bank of Commerce. Mr. Hitchcock, nation of the two institutions under the name of the Canal-Commercial
Savings Bank.
an expert on the transit and collection phase of finance, Trust &
This combination has been recommended and adopted by the respective
is well known throughout the South and Southwest, where boards of directors of the two combining institutions and will be submitted
their ratification. A sufficient number of shares
he has represented his institution at numerous bankers' to the stockholders for their approval to assure this action.
have already indicated
conventions. Mr. Mudd has had charge of the discount
capital of the new institution will be $4,000,000, with a surplus of apThe
department and has made a close and detailed study of ac- proximately 31,500,000 and undivided profits of approximately $500,000,
Mr. Thias has heretofore supervised the credit making a total capital, surplus and undivided profits of $6,000,000. bank
ceptances.
The combined deposits of this institution and the affiliated national
department and his credit systems are said to have been will be over $50,000,000.
The President of the Canal-Commercial Trust & Savings Bank will be
utilized by many banks throughout the country. The
of the Canal Bank & Trust Company,
National Bank of Commerce now has seven Vice-Presidents, W. R. Irby, the present Persident of the Canal-Commercial National
who will also become Vice-President
the increased official staff being made necessary by the ex- Bank.
P. H. Saunders, at present President of the Commercial & Savings Bank
pansion in the volume and scope of the bank's business.
and Vice-President of the Commercial National Bank, will be Vice-PresiThe quarters are being altered and enlarged to provide space dent of the Canal-Commercial Trust Az Savings Bank and President of the
for a new bond department and for increased trust and Canal-Commercial National Bank, the affiliated national bank. The
name of the Commercial National Bank will. be changed by charter action
foreign business.
to the Canal-Commercial National Bank.
G. A. Blaffer, President of the Commercial National Bank, claims relief
increase the capital of the Midwest National from active service which his splendid career so nobly merits, and he will rePlans to
sign as active head of the Commercial National Bank. However, he will
Bank of Kansas City, Mo., from $500,000 to $1,000-,000 continue to give to the institutions the benefit of his advice and Judgment.
to change the name of the institution to the Midwest
and
James P. Butler, Jr., will be the ranking Vice-President of the combined
other Vice-Presidents, Cashiers and Assistant Cashiers
National Bank & Trust Company have been approved by Institutions and thein their relative positions.
will all be retained
the Comptroller of the Currency. Announcement of the
The institutions will be guided by the combined wisdom of the very exproposal to increase the capital on July 1 to $1,000,000 was cellent boards of directors of the two banks, which are a most representative body of successful, careful and conservative business men.
made in these columns June 7.
,
The work of the institution will be departmentized so as to give better
facilities to the combined customers.
the $4,000,000 capital of the combined institutions, one-half will be
Of
The Comptroller of the Currency announces his approval taken by the stockholders of the Canal Bank & Trust Company and oneof plans to increase the capital of the Hungtinton National half by the stockholders of the Commercial Trust & Savings Bank. stockIn order to equalize values of the holdings of the two groups of
Bank of Huntington, W. Va., from $100,000 to $500,000.
holders, there will be issued to the stockholders of the Commercial Trust
& Savings Bank in part out of the surplus of this bank and in part for
cash $750,000 additional stock.
An increase of $100,000 in the capital of the First National
The method of procedure of combining the two banks will be worked
, Va., has been approved by the Comp- out by the attorneys of the two banks the firms of Dart, Kernan & Dart and
Bank of Portsmouth
Genslar & Schwarz.
troller of the Currency, raising the amount from $100,000 Merrick, be on the basis of changing the name of the Commercial Trust &
It will
Savings Bank by adding the word "Canal" and increasing the capital stock
to $200,00 .
0
—;—
of the Canal-Commercial Trust & Savings Bank to $4,000.000, $2,000,000
of which will be taken over by the present stockholders of the Canal Bank
the Union National Bank of Charlotte, & Trust Co.
The proposal of
The new institution will have strongly developed bond, trust and foreign
N. C., to increase its capital from $100,000 to $200,000 has
exchange departments, and with its twelve branches conveniently located.
by the Comptroller of the Currency.
been approved
its customers will have every facility which can be offered.
A combination of unusual proportions resulting in the development of the Canal Bank & Trust Company of New
Orleans from an institution with resources of 33 million
dollars, to an organization having resources of 58M million
has been arranged for. Following an announcement on
June 22 that negotiations had been concluded for the absorption by the Canal Bank & Trust of the United States
Trust & Savings Bank of that city, it was made known on
Juno 30 that accommodation had been decided upon between the Canal Bank & Trust and the Commercial Trust
& Savings Bank of New °mans. This will be perfected
under the name of the Canal-Commercial Trust & Savings
Bank, which will have a capital of $4,000,000, a surplus
of approximately $1,500,000 and undivided profits of approximately $500,000. The Commercial National Bank,
affiliated with the Commercial Trust & Savings Bank as a
result of the proceedings wiii change its name to the CanalCommercial National Bank. On June 30 the United States
Trust & Savings Bank reported a capital of $100,000 sur-
In announcing that the Commercial National Bank
continue as a closely affiliated institution with an independent existence, and that it is contemplated that its name
will be changed to the Canal-Commercial National Bank.
It is also announced that its capital will be increased from
$300,000 to $500,000. As indicated above P. H. Saunders
will become President of the Canal-Commercial National
Bank, and W. R. Irby will become Vice-President. G. Ad.
Blaffer, the present head of the Commercial National,
will, at his request, as announced above, become an inactive
Vice-President, but will continue to lend to the bank his
counseling. As to the previously arranged merger of the
United States Trust & Savings Bank by the Canal Bank &
Trust the "Times-Picayune" of June 22 said:
Under the plan of merger, owners of stock of the United States Trust &
Savings Bank have the option of accepting $385 in cash for each $100 of
stock or of receiving $150 in cash and one share of Canal Bank stock for
each share of United States bank stock. About 90% of United States
Bank stockholders have voted to accept $150 in cash and one share_of
mai
Canal Bank stock for each share of the United States Bank stock.
The entire personnel of the United States Bank will go to the Canal Bank.
sin"
A. B. Wheeler, who has been President of the United States Bank
146
THE CHRONICLE
its organization in 1893, will become a Vice-President of the Canal Bank,
and W. L. Miltenberger, Cashier of the United States Bank, will become
Assistant Cashier of the Canal.
•
The Hibernia Bank & Trust Company of New Orleans
has completed arrangements for the construction of a new
home for its Jefferson Branch, located in the uptown section
of the city. The general construction of the new Jefferson
Branch is to be of brick and steel and the exterior of Bedford.limestone. The front of the structure we are informed
will present a massive effect, four columns supporting the
cornice and parapet. The interior will be finished in marble
and mahogany. The ground floor will be occupied by the
banking office, where large and commodious quarters will
facilitate the handling of business. The second • floor will
offer office space to business men of the upper city section.
Although it has been in operation but eight months, the
Jefferson Branch of the Hibernia soon found the volume of
business handled too great a tax for its present quarters.
In its new home it is expected to utilize every facility in
handling the sections growing business.
Denton W. Cooley, pi'eviously Cashier of the Union
National Bank of Houston, Texas, was made Vice-President
on June 18. Mr. Cooley became associated with ihe Union
Bank & Trust Company upon its organization in 1905; in
1910 when the Union Bank & Trust Company and the Merchants' National Bank merged and organized under the
name of the Union National Bank, Mr. Cooley was made
Assistant Cashier of the new institution. H. B. Finch succeeds Mr. Cooley as Cashier of the Union National Bank.
When war was declared with Germany Mr. Finch enlisted
and went over to France, the bank holding his position until
he returned.
A branch of the Bank of Montreal has been opened in
Paris under the title of the "Bank of Montreal (France)."
W. F. Benson, a Canadian, formerly Assistant Manager of
the London office of the Bank of Montreal, has been appointed Manager of the new branch.
[VOL. 109.
We have also received this week the circular written under
date of June 26 1919:
GOLD.
The Bank of England gold reserve against its note issue is £85,735,485,
a
slight decrease of £61,030, as compared with last week's return.
It is reported from New York that gold amounting to £21,190,000 has
been engaged for shipment to South America and $2,000,000 to Spain.
This latter.amount may be increased.
Information has been received through Brussels that the Imperial Bank
of Germany has fixed 9,000 marks per kilo fine as the price at which it is
prepared to sell gold for trade purposes. This compares with the pre-war
price of 2,790 marks.
The West African gold output for May 1919 amounted to £100,827, as
compared with £109,570 for April 1919 and £126,290 for May 1918.
•
SILVER.
The market has not been so robust during the week. The China demand
having somewhat abated, the level of prices proved too high. On the
23rd inst. the quotation for cash delivery dipped to 53h , whereupon that
for forward delivery went to a premium of a sixteenth of a penny.
This
premium has been maintained, notwithstanding a temporary reaction of
9-16 in the price next day. The quotations reverted again to 53%
and
53 13-16, respectively, to-day.
The Shanghai exchange is quoted at 5s. 334d. the tad, a fall of a penny
since last week.
The Federal Reserve Board state that exports of silver took place from
the U. S. A. as follows:
Jan. 1 1918 to Dec. 31 1918
$212,310,188 to India
do
do
do
39,035,375 to United Kingdom
$251,345,563.
Indian Currency Returns.
(In lacs of rupees)
-June7. June 15. June 22.
Notes in circulation
15837
16006
16076
Silver coin and bullion in India
4118
4087
4159
Silver coin and bullion out of India...,
100
300
300
Gold coin and bullion in India
1611
1761
1761
Gold coin and bullion out of India
150
____
Securities (Indian Government)
1608
1608
1608
Securities (British Government)
8250
8250
8250
The mintage during the week ending 22nd inst. amounted
to 124 lacks
of rupees.
The "Capital," of Calcutta, refers to a rumor that, owing to the success
of the new square-shaped two-anna pieces, the Government ff
India is about to issue a large quantity off our and eight-anna pieces also in
nickel.
Obviously these coins would not be hoarded in the same way as silver
pieces
have been.
No fresh news has come to hand as to the stock in,hanghal, which
consisted of about 26,923,000 ounces in sycee and 11,300,000 dollars,
on the
7th inst.
Quotations for bar silver per ounce standard:
Cash.
2 Mos.
Cash.
2 Mos.
June 20
54Si d.
June 26
5434d.
533d.
53 13-16d.
June 21
54 h d.
54 hd.
Average
54.145d. 54.187d.
June 23
5334d.
53 13-16d. Bank rate
5%
June 24
54 5-16d. 543d.
Bar gold per oz standard...._ _77s. 9d.
June 25
545-16d. 5434d.
The quotations to-day for cash a id for forward delivery
are id. and
15-16d., respectively, below those fixed a week ago.
THE ENGLISH GOLD AND SILVER MARKETS.
ENGLISH FINANCIAL MARKETS
We reprint the following from the weekly circular of
-PER CABLE.
Samuel Montagu & Co. of London, written under date of
The daily closing quotations for securities, &c., at London,
June 19 1919:
as reported by cable, have been as follows the past
week:
GOLD.
The Bank of England gold reserve against its note issue is £85,796,515
,
an increase of £568,930 as compared with last week's return. Fresh
important movements of gold from the United States of America, totalling
over £4,000,000, are reported to be impending. Of this about
$16,550,000
is engaged for shipment to South America, $2,500,000 is for shipment
to
Japan (a furtlaer $12,500,000 will follow), and $350,000 is for shipment
to
London and Paris for special requirements. The Transvaal gold
output
for May 1919 amounted to £3,079,583 as compared with £3,148,915
for
May 1918 and £2,951,936 for April 1919. No sovereigns or half
-sovereigns
were coined at the Royal Mint during 1918, the first year since 1886
(just
before the phenomenal production of the Rand goldfields) that gold coinage
has been in abeyance. The output of gold coins, however,from the
branch
mints in Australia has not been stayed. There are some good
economic
reasons for the substitution of paper for gold currency, but there
are also
disadvantages attaching thereto-one of which is the danger
of forged
notes. This practice is not only causing grave difficulties in
a disorganized country like Russia, but also in Germany, where, it is
stated,
false notes are plentiful.
SILVER.
Supplies have not been forthcoming on a large scale owing to purchases
on account of China. The market has therefore shown a firm front.
The
Shanghai exchange has advanced slightly to 51434d. the tael.
An official
statement lately delivered in Parliament gave the following figures
as to
the silver output of the Royal Mint in coins of sterling denominatio
n and
U. K. design, whether for home or colonial use. The quantity
of silver required for tho totals 1909-1914 and 1915-19 (to May 17) were
respectively
about 57,000,000 and 106,000,000 ounces.
INDIAN CURRENCY RETURNS.
In Lacs of RupeesMay 31. June 7. June 15.
Notes in circulation
15158
15837
16006
Silver coin and bullion in India
3899
4118
4087
Silver coin and bullion out of India
100
300
Gold coin and bullion in India
1611
1611
1761
Gold coin and bullion out of India
150
150
---Securities (Indian Government)
1608
1608
1608
Securities (British Government)
8250
8250
8250
The proportion of the metallic reserves to the note issue
continues to
increase. On June 15 it was 38.4%, the highest since Dec.
7. The mintage during the week ending the 7th inst. amounted to 105
lacs of rupees,
and that during the week ending the 15th inst. amounted
to 116 lacs.
The stock in Shanghai consisted of about 26,923,000
ounces in sycee and
$11,300,000 dollars on the 7th inst. No fresh news has
come to hand
owing to telegraphic delays.
Quotations for bar silver per ounce standard:
Cash.
2 mos.
Cash.
2 mos.
June 13
54d
54d.
June 19
543jd. 543jd.
June 14
M hd. 54 d. Average
54.583d. 54.583d.
June 16
MY1d1,d.
. 543
June 17
54 hd. 544d. Bank rate
5%
June 18
544d. 54 Y3d. Bar gold per oz. standard_
_77s. 9d.
The quotations to-day for cash and forward delivery
are the same as
those fixed a week ago.
London.
July 5.
Week ending July 11.
Sat
Silver, per oz
d. 53 9-16
Consols, 234 per cents
Holiday
British, 5 per cents
Holiday
British, 434 per cents
Holiday
French Rentes (In Paris)__ fr.
French War Loan(in Paris)fr.
July 7.
Mon
5334
52
9334
9934
61.20
88.40
July 8. July 9.
Tues.
Wed.
53 11-16 53 3-16
5234
5234
9334
9334
9934
9934
61.45
88.62
July 10.
Thurs.
5334
5234
9334
9934
61.50
July 11.
Fri.
5334
5234
9434
9935
88.45
The price of silver in New York on the same day has been:
Silver In N. Y., per oz___cts_107%
10734
107
106
10634
10631
,
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Thursday,
1919, issued its regular monthly statement showing July 10
unfilled
orders on the books of the subsidiary corporations as of
June 30 to the amount of 4,892,855 tons. This is an increase
of 610,545 tons over the amount on hand on May 31 and is
the first increase in any monthly statement since Oct. 31
1918. As compared, however, with the unfilled tonnage a
year ago at this time, the current figures show a decline of
no less than 4,026,011 tons. In the following we give comparisons with previous months:
Tons.
Tons.
Tons.
June 30 1919__ 4,892,855 June 301916- 9.640,458 June
May 31 1919.... 4,282,310 May 31 1916- 9,937,798 May 30 1913-- 5.807,317
Apr. 30 1919__ 4,800,685 April 30 1916- 9,829,551 April 31 1913_ 6.324,322
30 1913.... 6,978,762
Mar. 31 1919__ 5,430,572 Mar. 31 1916_ 9,331,001 Mar.
31 1913.... 7,468,956
Feb. 28 1919__ 6,010,787 Feb. 29 1916._ 8,568,966
Jan. 31 1919_ 6,684,268 Jan. 31 1916_ 7,922,767 Feb. 28 1913_ 7,656,714
Dec. 31 1918_ 7,379,152 Dec. 31 1915_ 7,806,220 Jan. 31 1913_ 7,827,368
Nov. 30 1918_ 8,124,663 Nov. 30 1915- 7,189,489 Dec. 31 1912_ 7,932,164
Nov.
Oct. 31 1918-- 8.353,298 Oct. 31 1915- 6,165,452 Oct. 30 1912__ 7,852,883
Sept. 30 1918- 8,297,905 Sept. 30 1915- 5,317,618 Sept. 31 1912_ 7,594,381
30 1912- 6,551,507
Aug. 31 1918- 8,759,042 Aug. 31 1915_ 4,908,455
July 31 1918... 8,883,801 July 31 1915- 4,928,540 Aug. 31 1912.- 6,163,375
June 30 1918- 8,918866 June 30 1915_ 4,678,196 July 31 1912- 5,957,073
May 31 1918- 8,337,623 May 31 1915_ 4,264.598 June 30 1912- 5,807,349
May 31
April 30 1918_ 8,741,882 April 30 1915_ 4,162,244 April 30 1912-- 5,750,986
Mar. 31 1918__ 9,056,404 Mar. 31 1915__ 4,255,749 Mar. 31 1912- 5,664,885
1912- 5,304.841
Feb. 28 1918.... 9,288,453 Feb. 28 1915_ 4,345,371 Feb.
Jan. 31 1918_- 9,477,853 Jan. 31 1915_ 4,248,571 Jan. 29 1912_ 5,454,201
31 1912- 5,379,721
Dec. 31 1917- 9,381,718 Dec. 31 1914_ 3,836,643 Dec.
Nov. 30 1917_ 8,897,106 Nov. 30 1914_ 3,324,592 Nov. 31 1911- 5,084.788
Oct. 31 1917-- 9,009,675 Oct. 31 1914_ 3,461,097 Oct. 30 1911._ 4,141,958
Sept. 30 1917_ 9,833,477 Sept. 30 1914-- 3,787,667 Sept. 31 1911-- 3.694,327
30 1911- 3,611,315
Aug. 31 1917_10,407,049 Aug. 31 1914_ 4,213,331
July 31 1917_10,844,164 July 31 1914- 4,158,589 Aug. 31 1911- 3,695,985
July 31 1911._ 3,584,088
June 30 1917_11,383.287 June 30 1914- 4,032,857 June 30
1911.... 3,361,087
May 31 1917_11,886,591 May 31 1914_ 3,998,160
31
April 30 1917_12,183,083 April 30 1914._ 4,277,068 May 30 1911.... 3,113,134
April
Mar. 31 1917_11,711,644 Mar. 31 1914- 4,653,825 Mar. 31 1911._ 3,218,700
Feb. 28 1917_11,576,697 Feb. 28 1914-- 5,026,440 Feb. 28 1911_ 3,447,301
1911_ 3,400,543
Jan. 31 1917_11.474,054 Jan. 31 1914._ 4,613,680
Dec. 31 1916_11,547,286 Dec. 31 1913-- 4,282,108 Jan. 31 1911._ 3,110,919
Dec. 31
Nov. 30 1916_11,058,542 Nov. 30 1913-- 4.396,347 Nov. 30 1910_ 2,674.750
1910_ 2,760,413
Oct. 31 1916_10,015,260 Oct. 31 1913- 4,513,767 Oct.
2,871,949
Sept. 30 1916_ 9,522,584 Sept. 30 1913_ 5,003,785 Sept. 30
1910- 3,148,106
Aug. 31 1916_ 9,660,357 Aug. 31 1913.... 5,223,468 Aug.
July 31 1916- 9,593,592 July 31 1913_ 5,399,356 July 31 1910-- 3,537,128
31 1910.... 3,970,931
147
THE• CHRONICLE
JULY 12 1919.1
4
-The
LAKE SUPERIOR IRON ORE SHIPMENTS.
shipments of Lake Superior iron ore during the month
June 1919 totaled 7,980,839 tons, being a decline of 1,941,021 tons from the movement of June 1918, which was the
largest known for that month in the history of the industry.
The total shipments for the season to July 1 1919 are 2,941,311 tons behind the amount moved during the corresponding
period last year. Below we compare shipments from the
different ports for June 1919, 1918 and 1917, and for the
respective seasons to July 1:
Siz Months.
June.
Clearings at
.
1919.
Inc.or
Dec.
1918.
Inc.or
Dec.
1918.
1919.
$1
$
%
$
$
Kansas City___ 845,199,349667,174,145 +26.74,950,530,4764,752,811,182
Minneapolis__ 156,029,100110,074,000 +41.7 958,951,256 755,070,795
233,979,757 203,481,636 +15.1 1,442,509,155 1,380,701,713
Omaha
82,980,669 62,649,053 +32.5 428,269,869 367,281,369
St. Paul
128,146,46 80,284,778 +59.6 726,125,251 548,090,403
Denver
67,274,414 62,771,846 +7.2 454,043,900 464,893,521
St. Joseph
44,629,87 40,523,268 +10.1 264,408,261 256,520,017
Des Moines
44,658,171 31,446,354 +42.0 267,366,405 222,966,549
Sioux City
30,761,79 19,781,688 +55.5 176,979,253 111,538,663
Duluth
July 1
Season to
June
50,046,474 32,723,988 +52.9 259,516,255 216,961,343
Wichita
1918.
1917.
1919.
1917.
1918.
1919.
Port86,948,94:
12,098,39 13,421,788 -9.9 80,227,761
909,804 1,414,527 1,733,366 2,205,297 Topeka
Escanaba tons 759,647 1,077,871
20,487,459 18,706,125 +9.5 125,284,924 116,620,81:
625,749 Lincoln
447,876 1,053,678
296,127 547,927 527,701
Marquette..
51,578,009
61,866,904
10,473,282 7,763,823 +34.9
951,287 1,137,921 1,176,517 1,768,292 2,036,068 1,909,468 Cedar Rapids._ 4,219,821 2,474,099 +41.8
Ashland
19,876,51.
22,254,153
Sp'gs
1,889,294 2,510,974 2,121,663 3,241,561 4,698,565 3,526,082 Colorado
Superior
48,304,912
6,568,445 +73.9 69,389,790
11,419,0
Fargo
2,947,651 3,164,296 3,363,211 6,699,038 6,276,139 5,128,894
Duluth
50,710,897
15,545,379 7,537,869 +106.2 87,381,928
Falls
_.i,136,833 1,482,871 1,541,095 2,437,125 3,151,914 2,739,645 Sioux
Two Harbors
7,352,431 8,159,471 -9.9 44,184,110 60,043,911
Waterloo
7,744,470 6,721,894 +15.2 53,077,663 46,095,998
Helena
7,980,839 9,921,860 9,639,991 16,008,419 18,949,730 16,135,135 Pueblo
Total
17,799,094
19,369,461
3,430,459 2,768,962 +23.9
47,623,791
5,933,000 7,197,583 -17.6 39,394,000
-The shipments Joplin
SHIPMENTS.
ANTHRACITE COAL
27,892,384
4,778,000 +38.2 35,939,984
6,603,51
Aberdeen
1919, as reported to the Anthra- Fremont
21,859,590
19,739,513
of anthracite coal for June
3,255,628 2,552,386 +27.5
14,950,313
14,735,769
2,375,091 +16.2
2,760,42
cite Bureau of Information at Philadelphia, Pa., aggregated Hastings
5,583,57
6,867,669 tons for the same BillingsForks 6,138,00 4,088,109 +36.6 32,307,8081 25,722,734
5,619,591 tons, comparing with
33.987.400j 29,168,000
4,566,000 +34.4
Grand
9,771,673
10,245,556
1,688,786 1,484,018 +13.7
Lawrence
month last year. The Bureau says: in
10,918,756
13,769,929
2,043,756 1,623,468 +25.9
June of this year as Iowa City
As was the case In May, the larger part of the decrease
13,108,045
14,030,302
2,590,523 2,141,652 +21.0
output of steam sizes from the washeries, Oshkosh
compared with last was due to the smaller
13,485,810
18,454,169
Kan.City,Kan 2,673,602 2,191,179 +22.0
more than two-thirds of the decrease being in the steam sizes.
11,703,500
15,686,603
2,346,322 2,135,668 +10.8
Lewistown
%
+4.2
+27.0
+4.5
+16.6
+32.5
-2.3
+3.1
+19.9
+58.7
+19.6
-7.7
+7.4
+19.9
+11.5
+43.6
+72.3
-26.4
+15.1
+8.8
-17.3
+28.8
-9.7
-1.4
+25.6
+16.5
+4.8
+26.1
+7.0
+36.9
+34.0
Tot.oth.West 18180939231420666 386 +28.110740.027,8099,801,019,253
+9.6
The movement for the coal year (began issuing April 1)
amounted to 16,556,221 tons, as against 20,123,298 tons
for the corresponding period last year, a decrease of no less
than 3,567,077 tons.
The shipments by the various carriers in June 1919 and
1918 and for the respective coal years to June 30 were as
follows:
-3 Mos.of Coal YearJune---1918.
1919.
1919.
Road3,284,946 3,935;169
tons_1,084,635 1,345,079
Philadelphia & Reading
1,041,696 1,352,820
2,937,780 3,856,311
Lehigh Valley
508,702 622,005
1,489,004 1,717,865
Central RR. of New Jersey
903,306 1,015,438
2,702,822 3,061,059
Delaware Lackawanna & Western
661,991 773,691
1,932,697 2,371,234
Delaware & Hudson
372,658 482,737
1,157,826 1,424,491
Pennsylvania
616,939 756,257
1,819,718 2,212,879
Erie
167,327 186,948
479,586
549,670
New York Ontario & Western
262,337 332,604
751,842
994,320
Lehigh & New England
5,619,591 6,867,669
Total
16,556,221 20,123,298
-The clearings of the CanaCanadian Bank Clearings.
dian banks for the month of June 1919 show an increase
over the same month of 1918 of 17.9%, and for the six
months the gain reaches 16.9%.
June.
Six Months.
Clearings at
1919.
Inc. or
Dec.
1918.
!I
$
549,038,173 416,122,058
Montreal
344,708,342 301,507,510
Toronto
151,400,638 163,766,675
Winnipeg
Vancouver-. 44,846,525 43,887,564
39,839,758 32,934,257
Ottawa
23,178,314 18,254,437
Quebec
20,352,344 22,075,258
Halifax
24,774,871 21,039,766
Hamilton
13,422,502 9,174,061
St. John
13,113,791 10,619,542
London
25,642,734 23,229,348
Calgary
9,540,49. 7,980,292
Victoria
16,070,379 12,861,483
Edmonton
16,326,886 13,563,252
Regina
2,547,912 2,301,372
Brandon
Saskatoon __ 8,369,371 7,118,569
Moose Jaw____ 6,567,372 5,323,485
Lethbridge__ 2,963,861 3,175,516
4.389,947 3,926,141
Brantford
Fort William__ 3,157,056 2,831,317
2,260,823 1,792,361
New W'm'ater
Medicine Hat_ 2,197,624 1,818,721
3,287,961 2,613,977
Peterborough
Sherbrooke .._ 4,085,471 3,192,495
4,166,114 2,699,793
Kitchener
1919.
Inc. or
Dec.
1918.
$
%
$
+31.92,801,818,6262,107,207,781
+14.3 1,912,441,009 1,596,700,252
-7.6 928,720,238 1,069,026,571
+2.3 287,085,937 240,617,341
+21.1 199,388,457 158,300,213
+27.1 126,968,280 105,948,250
-7.8 111,066,909 100,943,027
+17.8 133,599,641 124,727,074
+46.2
69,997,692
55,467,889
+23.5
72,647,811
59,611,516
+10.4 140,545,044 159,104,910
+19.5
53,756,820
47,134,134
+25.1
93,820,728
82,045,257
+20.4
84,537,806
79,016,621
+10.7
13,887,476
14,088,303
+17.6
44,834,711
41,708,644
+23.4
37,455,638
30,686,892
-6.7
17,034,180
18,722,342
+11.8
24,563,729
23,067,879
+11.5
16,548,978
16,653,638
+26.1
13,125,714
10,322,314
+20.8
10,498,558
12,052,691
+25.8
18,575,722
17,116,816
+28.1
23,593,598
20,025,339
+54.3
20,779,877
15,251,859
%
+32.9
+19.7
-13.1
+19.3
+26.0
+19.8
+10.0
+7.1
+26.2
+21.9
-11.7
+14.0
+14.4
+7.0
-1.4
+7.5
+22.1
-9.0
+6.5
-0.6
+27.1
-12.9
+8.5
+17.8
+36.2
Tot. Canada 1336249263 1133809 247 +17.9 7,257,293.1796,205,548,432 +16.9
The clearings for the week ending July 3 at Canadian
cities, in comparison with the same week in 1918, show an
increase in the aggregate of 2.4%.
Week ending July 3.
Clearings at
1919.
1918.
Inc.or
%
1917.
1916.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William____
New West'm'er__
Medicine Hat_
Peterborough -__
Sherbrooke
Kitchener
Windsor
Prince Albert....
$
106,761,149
71,479,825
29,603,959
10,075,247
7,551,330
6,640,479
5,079,816
5,768,759
2,501,159
3,162,938
6,390,472
2,408,078
3,409,538
3,301,668
563,357
1,673,656
1,341,822
659,833
990,136
620,852
564,816
407,978
640,197
726,719
780,515
1,506,970
352,940
$
103,577,603
69,901,546
35,241,008
10,248,772
0,883,018
4,648,633
4,287,287
4,728,118
2,423,364
2.972,870
5,534,341
1,941,122
2,878,210
2,265,804
553,846
1,595,408
1,212,566
715,530
1,015,948
757,508
469,608
331,292
777,639
822,508
590,610
1,052,945
203,628
%
+3.1
+2.3
-16.0
-1.7
+9.7
+42.6
+18.5
+22.0
+3.2
+6.4
+15.5
+24.1
+18.5
+1.1
+1.7
+4.9
+10.6
-7.8
-2.5
-18.1
+20.3
+30.0
-17.6
-11.6
+32.2
+43.1
+73.3
$
71,088,993
58,935,910
41,545,226
7,509,591
6,310,980
4,698,481
4,370,012
5,029,870
1,924,284
2,435,578
7,327,366
1,763,442
2,436,668
3,071,346
498,766
1,554,923
993,855
731,355
780,677
773,223
378,392
483,597
688,876
663,061
544,099
6
74,542,548
57,745,600
34,254,441
6,526,679
5,739,333
4,317,951
2,993,746
4,477,647
1,653,523
2,569,453
4,543,622
2,011,335
2,018,448
2,115,557
549,726
965,571
866,840
462,980
693,076
582,667
319,755
329,881
520,429
620,265
501,315
Total Canada_
274.964.208
268.612.732
+2.4
226.537.571
211.022.RAR
Other Western and Southern Clearings brought forward from first page:
677,100,050623,562,562 +8.63,886,561,808 3,779,958,242 +2.8
St. Louts
New Orleans 250,377,9821186,581,754 +34.7 1,420,088,4341,314,244,11' +8.1
71,119,850 93,374,598 -23.8 501,537,864 588,718,045 -14.8
Louisville
74,448,390 47,233,158 +57.6 409,293,989 350,062,018 +14.1
Houston
26,279,600 15,857,551 +65.7 134,383,248 120,407,147 +11.6
Galveston
212,251,184174,197,492 +19.5 1,278,565,488 1,023,826,683 +24.9
Richmond
226,724,168 167,187,192 +35.6 1,398,214,732 1,122,295,195 +24.6
Atlanta
62,081,394 48,017,553 +29.3 383,843,198 344,213,432 +11.5
Fort Worth
78,409,572 37,429,553 +109.5 462,287,757 317,302,213 +45.7
Memphis
+2.9
37,812,268 24,394.859 +55.1 177,937,969 172,838,75
Savannah
57,004,457 41,038,492 +38.9 382,311,279 323,389,648 +18.2
Nashville
46,390,244 32,452,777 +42.9 254,400,349 198,325,105 +28.3
Norfolk
49,601,482 16,425,874 +202.0 304,606,796 106,215,384 +186.8
Birmingham
36,526,417 18,942,074 +92.8 217,404,428 122,700,603 +77.2
Jacksonville
84,872,445 -1.9
15,594,672 9,986,276 +56.2 83,292,536
Augusta
70,452,686 -5.1
10,939,661 10,933,826 +0.05 66,858,638
Knoxville
26,179,276 19,968,384 +31.1 141,598,311 121,674,966 +16.4
Chattanooga
Little Rock_ 30,208,808 17,621,837 +71.4 133,822,819 122,137,527 +9.6
37,810,718 +15.9
6,167,871 +32.0 43,809,298
8,141,13
Mobile
44,897,443 30,097,785 +49.2 256,364,979 216,920,092 +18.2
Oklahoma
92,639,295 80,867,637 +14.6
15,998,000 11,285,924 +41.8
Charleston_
48,523,543 +15.3
55,952,085
9,532,284 7,544,125 +26.4
Columbia
52,063,795 -9.9
46,894,100
8,007,203 6,664,241 +20.1
Macon
12,632,153 11,079,15: +14.0 168,534,858 114,028,522 +47.8
Austin
33,738,886 +6.4
5,528,325 5,541,248 -0.2 35,890,463
Beaumont
25,166,362 12,994,813 +39.9 145,271,922 102,334,183 +42.0
El Paso
17,658,471 +15.6
20,421,674
Columbus, Ga.. 4,207,935 2,579,549 +63.1
20,492,622 +10.8
22,710,817
WIlm'ton, N.C 3,572,476 3,015,633 +15.2
10,140,995 +4.2
10,571,957
1,694,509 1,156,0lo +46.5
Vicksburg
13,354,129 +5.7
14,110,397
1,900,6271 1,792,333 +6.0
Jackson
-10.9 243,301,964 243,809,928 -0.2
41,941,989, 47,082,04.
Tulsa
60,990,375 +16.2
70,856,641
12,982,071 8,312,063 +56.2
Muskogee
58,744,472 65,200,522 -9.9
9,981,631 7,994,629 +24.9
Waco
122,077,540 67,043,829 +82.1 664,682,619 465,140,617 +42.9
Dallas
21,527,875 +31.1
28,224,683
Newport News 5,305,546 3,853,79 +37.7
38,693,687 +8.3
Montgomery... 6,093,000 5,390,597 +13.0 41,912,279
37,387,652 +35.2
50,536,973
7,419,230 5,369,042 +38.2
Tampa
16,370,308 +27.2
20,828,15.
3,307,452 2,097,63 +57.7
Texarkana
21,881,342 +14.2
24,987,938
4,037,606 3,039,63. +32.8
Raleigh
59,935,832 +17.6
12,208,492 8,175,177 +49.3 70,458,663
Shreveport
Tot. South'n 2355722 554 184848294
+27.4 13824,755,876112062,505,936 +14.7
Week ending July 5.
Clearings at
1919.
1918.
DIC. Or
Dec.
1917.
1916.
$
119,173,064
26,968,356
28,205,824
14,211,662
14,646,028
12,095,778
7,693,661
3,923,736
5,499,174
5,355,758
3,872,613
2,280,253
2,534,917
813,964
1,392,202
611,830
519,563
2,254,000
1,707,469
768,520
461,146
1.136,422
$
72,594,900
26,187,666
19,091,380
14,442,031
11,490,413
8,157,145
7,354,121
4,510,191
3,700,000
3,996,596
2,737,604
1,577,640
1,863,016
086,439
1,605,042
480,517
416,004
1,965,000
1,486,395
787,187
296,919
744,252
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Duluth
Sioux City
Wichita
Lincoln
Topeka
Cedar Rapids ..
Colorado Springs
Fargo
Pueblo
Fremont
Waterloo
Helena
Aberdeen
Hastings
Billings
$
170,386,117
38,382,429
48,000,000
15,687,931
18,812,598
15,283,273
10,027,040
6,969,923
10,217,229
11,775,500
4,100,000
2,761,572
2,345,050
786,626
3,435,970
936,659
691,280
1,808,958
1,905,465
1,576,533
466,556
1,276,937
%
$
144,145,155 +18.2
26,185,627 +46.6
42,510,820 +12.9
14,256,730 +10.0
21,393,111 -12.1
10,526,912 +44.9
10,054,725 -0.3
3,791,616 +83.9
7,491,244 +36.4
6,992,056 +68.4
3,885,035 +5.5
2,850,000 -3.1
1,990,923 +17.8
752,212 +4.5
1,641,984 +109.3
729,869 +28.4
548,674 +26.1
1,643,938 +10.0
1,901,893 +0.2
963,826 +63.6
507,216 -8.0
1,177,347 +8.4
Tot.oth.West_
367,633,646
305,940,913 +20.2
256,125,950
186,170,458
107,457,385
50,680,662
15,000,000
16,000,000
6,913,527
49,588,340
14,834,024
15,804,396
46,361,980
10,984,723
7,000.000
10,915,843
10,794,662
1,589,593
5,282,608
2,473,117
5,660,851
6,500,000
3,300,000
10,816,616
3,543,351
1,540,000
3,000,000
391,563
462,729
10,693,508
2,570,564
24,698,416
2,525,145
123,350.836 -12.7 115,917,001
33,986,760
40,673,505 +24.6
17,276,429
21,969,041 +31.7
8,200,000
11,467,937 +39.5
4,800,000
4,097,944 +69.5
23,500,000
39.376,857 +25.9
9,092,647
9,760,149 +51.0
9,596,463
8,980,059 +76.0
22,467,149
35,645,003 +30.1
7,066,794
11,957,121 -8.1
5,364,274
5,807,801 +20.5
5,637,586
7,081,469 +54.1
3,934,553
5,109,403 +111.3
1,311,189
1,390,643 +14.3
3,541,433
4,520,759 +16.8
2,413,236
2,924,217 -15.4
3,370,761
4,328,826 +30.8
3,018,260
4,145,212 +56.8
3,043,000
3,100,000 +6.5
4,783,000
6,551,173 +65.1
1,597,557
2,769,485 +27.9
1,211,000
1,400,000 +10.0
1,784,514
2,770,596 +8.3
252,504
381,953 +2.5
325,000
564,320 -18.0
5,898,730
9,259,468 +15.5
1,631,761 +57.5 . 1,365,396
11,032,270
14,000,000 +76.4
1,381,640
1,658,797 +62.0
88,102,256
21,661,885
16,707,128
7,431,159
2,889,266
15,623,606
7,773,171
6,180,143
13,051,985
6,213,353
4,997,933
4,460,728
2,562,020
941,672
3,157,473
2,270,982
2,764,828
2,167,083
2,345,473
4,204,333
1,257,185
2,268,299
1,500,000
252,277
667,796
2,998,298
921,729
6,278,800
457.383.596
386.554.353 +15.7
313,169,146
231,650,861
St. Louis
New Orleans..
Louisville
Houston
Galveston
Richmond
Fort Worth
Memphis
Atlanta
Nashville
Savannah
Norfolk
Birmingham
Mobile
Jacksonville
Knoxville
Chattanooga
Little Rock
Charleston
Oklahoma
Augusta
Macon
Austin
Vicksburg '
Jackson
Tulsa
Muskogee
Dallas
Shreveport
Taal Rniithern
148
THE CHRONICLE
[VOL. 109.
Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current atrium erctat a itci
sce'lance'us
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
Breadstuffs figures brought from page 189.
-The
once a month. The figures are received by telegraph from
other leading cities.
statements below are prepared by its from figures collected by
the New York Produce Exchange. The feceipts at Western
Clearings-Returns by Telegraph.
Per
lake and river ports for the week ending last Saturday and
Week ending July 12.
1919.
1918.
Cent.
New York
$3,942,782,798 $2,800,281,317 +40.8 since Aug. 1 for each of the last three years have been:
4.01T13
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
596,524,865
353,021,910
289,238,177
174,674,174
148,585,062
116,739,890
111,021,500
70,507,504
68,563,112
49,905,376
434,704,059
324,246,715
280,749,144
150,000,000
122,398,477
99,925,635
100,636,792
51,800,635
60,589,549
52,949,560
+37.2
+8.9
+3.0
+16.4
+21.4
+16.8
+10.3
+36.1
+13.0
-5.8
Eleven cities, five days
Other cities, five days
$5,921,564,368
983,466,927
$4,477,288,883
810,014,272
+32.3
+21.4
Total all cities, ilve days
All titles, one day
$6,905,031,295
1,215,279,841
$5,287,303,155
1,063,701,463
+30.6
+14.2
Total all cities for week
$8,120,311.136
86,351.004.618
+27.7
,
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the six months of 1919 and 1918 are given below:
Six Months 1919.
Descriplion.
Par Value
or Quantity.
Six Months 1918.
Aver. Par Value
Price. or Quantity.
Actual
Value.
StockjShs _
141,334,086
tVal 813103,404,53 811553,398,88 87.8
278,903,501
RR.bonds_
247,628,5
88.8
II. S. bond 1,159,651,60 1,101,208,55 95.
State ,clty&
for'n bds_
174,862,111
173,131,632 99.0
47,201
Bank stks_
101,182214.3
Total
Actual
Value.
Aver.
Price.
73,769,44.$6,894,816,41 $6,350,998,608 92.1
145,221,50
126,482,608 87.1
492,436,501
476,828,20 96.8
104,516,000
12,4
97,739,443 93.5
21,392 172.5
14,716,868,830813075,468,749 88.8$7,637.002,8 11 87,052,070,3411 92.3
The volume of transactions in share .properties on the
New York Stock Exchange each month since Jan. 1 in 1919
and 1918 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
1919.
Values.
Number
of
Shares.
Par.
f
Actual.
Number
of
Shares.
I
Corn.
Oats.
Barley.
Rye.
Total wk.'19_
Same wk.'18_
Same wk.'17_
164,000
152,000
199,000
926,000 24,051,000
2,086,000 3,505,000
1,799,000 3,735,000
3,289,000 1,980,000
4,524,000
244,000
3,855,000
553,000
441,000
54,000
90,000
Since Aug.11918-19._ _ _ 15,899,000'401,749,000220,416,000278,202,00093,049,00038,335,000
1917-18_ _ _ _ 14,959,000 167,385,000231,718,000,308,959,00052,548,00023,121,000
1916-47_ _ 17_1472.000345.315.000508.755.00012R0 MO 1100,82 851 001121 R71 111111
Total receipts of flour and grain at the seaboard ports for
the week ended July 5 1919 follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York....
1,000 1,046,011
109,000
505,001
315,000
329,000
398,000
63,000
Philadelphia _
7,000
4,000
109,000
18,000
101,000
Baltimore_ _ _ _
46,000
158,000 156,000
17,000
19,000
Newport News
660,000
77,000
New Orleans *
52,000
99,000
88,000
GlIlveston___
8,000
7,000
Montreal ___
91,011
175,000
438,001
831,000
1,000
Boston
14,000
2,000
66,000
41,011
20,000
182,011
144,000 1,776,001 2,052,001
524,000
7,109,000 37,973,11110,734,000 22,084,000
Week 1918
462,000
305,000
150,000 2,207,011
48,000
205,000
Since Jan.1'1813.410.000 14.282.000 13.0111.000 58.003.000 6.085.0
2.784.000
Values.
Par.
Wheat.
bbls.196lbs.bush.60 lbs bush. 56 lbs.bush. 32 lbs
.bush.48lbs bush.56lbs
.
Chicago
103,000
54,000
883,000 1,535,000
557,000
24,000
Minneapolis
568,000
52,000
368,000
851,000
166,000
Duluth
51,000
13,000
255,000
206,000
Milwaukee...
20,000
305,000
4,000
53,000
234,000
41,000
Toledo
7,000
17,000
75,000
Detroit
9,000
8,000
15,000
44,000
St. Louis_ ...._
13,000
60,000
348,000
368,000
27,000
Peoria
32,000
1,000
222,000
130,000
56,000
4,000
Kansas City_
111,000
186,000
168,000
Omaha
36,000
343,000
154,000
Indianapolis
10,000
332,000
129,000
Total wk.'19. 464,000 1,293,000
Since Jan.1'1920,434,000104,138,000
1918.
/4(1/1.
Flour.
Receipts at-
Actual.
$
I
$
Jan__ 11,858,465 1,126,755,705 1,037,426,80813,616,357 1,279.740,700,1,175,427.688
Feb 12,210,741 1,152,181,0001,038,276,91811,418,079 1,083,216,900' 996,548,212
Mar_ 21,403,531 2,019,230,100 1,845,369,427 8,419,477 772,475,950 710,581,497
*Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.
The exports from the several seaboard ports for the week
ending July 5 are shown in the annexed statement:
let qr45,472,7374,298,166,805 3,921,073,153 33,453,9133,135,433,55012,882,557,388
1
April 28,587,431 2,710,196,850 2,141,053,298 7,404,174 687,371,8001 631,497,841
May 34,413,5533,215,473,425 3,841,347,811 21,139,092 1,984,405,900 1,826,464.917
June 32,860,36 2,879,567,450,2,599,924,618 11,772,261 1,087,605,150 1,010,478,462
2d qr.95,861,3498,805,237,725,8,582,325,72740,315,5273,759,382,85013,468,441,220
'
6 mos14133408 13103,404,530!12503.398,88 73,769.441 6,894,816,4006,350,998,608
'
The following compilation covers the clearings by months
since Jan. 1 1919 and 1918:
Clearings, Total All.
Clearings Outside New York.
Month.
1919.
1918.
%
1919.
1918.
%
Exports fromNew York
Boston
Philadelphia
Baltimore
New Orleans
Montreal
Oats. 1 Rye. Barley. Peas.
Corn. Flour.
Wheat.
Bushels. Bushels. Barrels. Bushels. Bushels Bushels. Bushels.
450,476
78,000
324,000
86,000
185,000
917,000
Total week
Week 1918
2,010,476
,
28,545
April_ 30,592,296,592 26,481,162,6311+15.5 13,259,229,169 12,387.655,6451 +7.0
May_ _ 33,160,271,732 28,266,664,518 +17.3 14,277,373,563 12,706,963,888 +12.4
June- - 34,230,459,901 27,318,479,871;+25.3 14,476,628,709 12,480,825,351 +16.2
2d qr. 97,783,028,225 82,066,307,020i +19.4 42,013,231,441 37,555,444,884 +11.9
6 mos_ 186268,439.677 156952,731.143 +18.7 81,75(1,773,878 71,623,164,041 +14.1
'
The course of bank clearings at leading cities of the country for the month of June and since Jan. 1 in each of the last
four years is shown in the subjoined statements:
BANK CLEARINGS AT LEADING CITIES.
June
Jan. 1 to June 30(000,0003
1919. 1918. 1917. 1916. 1919.
1918. 1917. 1916.
omitted.)
$
$
$
$
19,754 14,858 16,099 12,564 104,512 85,330 88,485 72,718
New York
2,386 2,077 2,118 1,625 13,636 12,616 12,485 9,552
Chicago
1,527 1,531 1,058
Boston
880 8,068
7,391
5,987 5,270
1,850 1,700 1,504 1,072 10,333 9,165 8,508 6,000
Philadelphia
677
624
545
St. Louts
441
3,887 3,780
3,288
2,459
Pittsburgh
614
568
354
300 3,409 2,363 2,010
1,642
416
San Francisco
552
461
262
3,160 2,558
2,225
1,543
Cincinnati
248
239
167
151
1,487
1,322
1,001
842
Baltimore
353
294
202
199
1,966
1,387
1,107 1,100
Kansas City
845
353 4,951
667
554
4,753
3,303
2,104
Cleveland
456
387
332
184 2,427
1,967
1,693
1,011
New Orleans
250
187
146
89
1,420
1,414
880
592
Minneapolis
156
110
122
100
959
755
759
642
Louisville
71
93
77
75
502
589
514
475
Detroit
287
234
346
190
1,923
1,406
1,376
993
Milwaukee
137
115
110
83
775
702
624
483
180
120
126
Los Angeles
103
987
736
776
610
Providence
47
48
44
42
261
295
266
249
234
203
146
Omaha
95 1,443
1,381
870
845
86
83
Buffalo
150
63
646
521
468
368
83
63
66
St. Paul
65
428
367
388
376
Indianapolis
65
47
65
60
364
362
330
264
Denver
128
80
64
58
726
548
373
300
Richmond
212
174
104
70
1.279
1,204
602
410
Memphis
78
37
44
27
462
317
269
196
Seattle
164
153
95
65
912
806
508
349
Hartford
35
35
37
37
209
201
218
204
Salt Lake City_ .._ _
63
50
55
36
360
315
320
217
Total
Other cities
31,861.25,212 24,962 19,266 171,492 144,371 139,619 111,649
2,369 2,106 1,774 1,388 14,776 12,582 10,516 8,276
34,230 27,318 26,736 20,654 186,268 156,953 150,135 119,925
Total all
Outside New York_14,476 12,460 10,637 8.100 81,756 71.623 61.650 47,207
662,918365,789 333,536
2,674
I 65,000
185,000 384,000 543,000
12,0001
10,000
58,000
1
143,255 497,007 859,418,814,789 1594536 12,674
474,542 163,018 3,183,1981
1946539 23.642
The destination of these exports for the week and since
July 1 1918 is as below:
Jan- _ _ 32,415,814,201 26,547,613,299 +22.1 14,555,171,367 11,828,545,769!+23.1
Feb_- 25,792,839,256 22,255,063,757 +15.9 11,598,586,744 9,995,707,702'+16.0
Mar -- 30,076,757,995 26,083,747,067,+15.3 13,589.784,326 12,243,465,686,+11.0
1st cm - 88,285,411,452 74,886,424,123:+17.9 39,743,542,437 34,067,710,1571+16.7
14,255 201,007
35,000
107,000 84,000
107,000
22,000 44,000
26,000
Since
July 1
1918.
Week
July 5.
1919.
Week
July 5.
1919.
Bushels.
Barrels. Barrels.
110,133
19,612
United Kingdom- 19,612
921,343
Continent
187,572
187,572
So.SC Cent. Amer_ 38,001
38,001
65,435
65,435
West Indies
Brit. No.Am.Cols
15,432
Other countries_ _ _ 15,432
Total
Total 1918
497,007 2,040,476
28.545
103.018
497,007
163.018
Corn.
Wheat.
Flour.
Exports for Week
and Since
July 1 to-
Since
July 1
1918.
Week
July 5.
1919.
Since
July 1
1918.
Bushels.
Bushels. Bushels.
119,133 107,000
107,000
921,343
294
294
35,171
35,171
790
2,040,476
28,545
790
143,255
474,542
143,255
474,542
The world's shipments of wheat and corn for the week
ending July 5 1919 and since July 1 1919 and 1918 are
shown in the following:
Corn.
Wheal.
Exports.
1919.
Week
July 5.
Since
July 1.
a 1918.
Since
July 1.
1919.
Week
July 5.
Since
July 1.
a 1918.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
107,000
581,000
North Amer.. 4,376,000 4,376,000 1.719,000 107,000
Russia
Danube
Argentina___ 3,594,000 3,594,000 4,423,000 1,505,000 1,505,000
720.000
1,448,000 1,448,000
Australia
240,000
India
56.000
148,000
148,000
38,000
112,000
112,000
0th. countr's
Total
9,530,000
9,530,000
7,140,000 1,760,000
1,760,000
637,000
a Revised.
The quantities of wheat and corn afloat for Europe are
omitted for the present, as no figures are available since
those for 1916.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 28 1919 was as follows:
United statesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN- STOCKS.
Rye.
Oats.
Corn.
Wheat.
bush.
bush.
bush.
bush,
277,000
13,000 2,125,000
519,000
40,000
186,000
2,000
75,000
184,000
36,000 1,263,000
425,000
515,000
104,000 1,600,000
490,000
48,000
129,000
43,000
1,025,000
1,000
2,000
825,000
310,000
70,000 1,950,000
745,000
57,000
227,000
14,000
71,000
35,000
144,000
44,000
34,000
171,000 1,543,000 5,060,000 1,351,000
242,000
87,000
78,000
534,000
192,000 1,260,000
181,000
717,000
206,000
319,000
11,000 2,815,000 4,180,000
1,397,000
60,000
333,000
438,000
8,000
135,000
710,000
325,000
270,000
97,000
91,000
5,000
76,000
402,000
40,000
264,000
291,000
391,000
83,000
150,000
80,000
325,000
30,000
Barley.
bush.
1,199,000
791,000
490,000
811,000
295,000
1,766,000
147,000
762,000
2,000
1,429,000
44,000
1,280,000
221,000
1,262,000
20,000
23,000
265,000
Total July 5 1919_ 6,708,000 3,799,000 19,055,000 9,014,000 10,807,000
8,680,000 4,038,000 18,094,000 8,981,000 10,166,000
Total June 28 1919_
739,000 1,934,000
554,000 10,883,000 12,246,000
Total July 6 1918_
-Bonded grain not included above: Oats, 3,000 bushels New York, 4,000
Note.
7,000 bushels, against 4,000 in 1918: and barley, 36,000 New York,
Duluth, total,
56,000 Baltimore, 116,000 Duluth, total 208,000, against 14,000 in 1918.
Canadian
376,000
317,000 2,249,000
7,000
1,849,000
Montreal
3,049,000
Ft. William & Pt. Arthur.. 1,772,000
910,000
3,858,000
Other Canadian
Total July 5 1919
Total June 28 1919
Total July 6 1918_..__
Summary
American
Canadian
7,479,000
8,421,000
4.906,000
7,000 4,335,000
6,000 4,674,000
136,000 11,080,000
317,000 2,249,000
223,000 2,799,000
1,282,000
6,708,000 3,799,000 19,055,000 9,014,000 10,807,000
7,000 4,335,000
317,000 2,249,000
7,479,000
Total July 5 1919_....14,187,000 3,806,000 23,390,000 9,331,000 13,156,000
17,101,000 4,044,000 22,768,000 9,204,000 12,965,000
Total June 28 1919
739,000 8,216,000
Total July 6 1918_ _ _ _ 5,460,000 11,010,000 23,326,000
-Among other securities, the following,
Auction Sales.
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs, Adrian H. Muller & Sons, New York:
Per Cent.
Shares. Stocks.
737
4 Prairie Oil & Gas
' 290
Pipe Line
6 The Prairie
12 Standard 011 of California......295
200 Butte, N. Y., Copper, $5
100. per sh.
each
10 Title Guarantee & Trust..__A14
United Copper, common_ _....$2 lot
100
$2 lot
100 United Copper, pref
30
30 Valley Land
Shares. Stocks.
Per Cent•
2,600 Mt. Vernon GoldMg.,$1 ea_519 lot
120 Invincible Realty
$11 lot
2,000 Santa Lola Mg.,$1 each- _ _ _510 lot
250 Empire Coke, pref
5
600 Home 011 & Refg., $10
each
$20k per sh.
Bonds.
Per cent.
$15,000 Penn Yan,N.Y.,Gas Light
B. I. 5s, 1949
51
By Messrs. R. L. Day & Co., Boston:
$ per sh. Shares. Stocks.
$ per shil
Shares. Stocks.
5 E. T. Burrows, common
254
15
5 National Shawmut Bank
5 Union Twist Drill, pref
142
96
40 Hamilton Manufacturing
135k 13 Hood Rubber, pref
105%
Mills
1 Arlington
10 Sullivan Machinery
1180
150%
1 Dwight Mfg., $500 par
6 131gelow-Hart. Carpet, corn...... 93(
306
3 Sagamore ManUfactur ng
95
9 Hartford Fire Ins. rights 3593f.359k
Mills, pref
250 Harmony
1st
5 Worcester Cons. St. Ry.,
25
Bonds.
Per cent.
pref., $80 each
102
31,000 New Eng Power lst 58, 1951 91%
10 Hendee Mfg.. Prof
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh. Shares. Stocks.
$ per sh.
Shares. Stocks.
3 Mass. Fire Sr Marine Insur_ _ _126%
168
24 Lanett Cotton Mills
7 Boston Belting Corp., pref____ 28k
20 Columbus Mfg., Ga., ex-div_ _151
150k 25 Quincy Market C.S.& W.H....158
25 Charlton Mills
35
/
5 Hood Rubber, pref
105%
150 Clinton-Wright Wire, pref_ _ _ _ 99
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
25 Media Title & Trust,$25 each... 55%
245k
10 Third National Bank
15 Corn Exchange Nat. Bank_388-3883(
465
10 Phila. National Bank
20 Penn National Bank-__295%-296k
800
Girard Trust
1
510
3 Fidelity Trust
Shares. Stocks.
$ per sh.
25 Commercial Trust
400
10 2d & 3d Streets Pass Ry
210
16 East Pennsylvania RR
51%
35 William Mann Co
111
Bonds.
Per cnet.
$3,000 Janney & Burrough, Ino..
1st 65, 1936..
98%
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
ph, t.
Currency, Treasury Department: I.
00 ow,
,
4 APPLICATIOgrFOR CHARTER.
For organization of national banks:
The Citizens National Bank of Ellwood City Pa
'
Correspondent, D. 0. Rancher, Ellwood City.
The First National Bank of Byron, Okla
Correspondent, 0. A. Johnston, Byron.
The First National Bank of Clover, South Carolina
Correspondent, J. Fitch Pursley, Clover.
The First National Bank of Kansas, Ohio
To succeed the Farmers Banking Company of Kansas.
Correspondent, Ira 0. McDaniel, Kansas.
The Farmers & Merchants National Bank of Blythe, Cal__ _
To succeed the Blythe Branch of the Peoples Trust & Savings
Bank of Riverside, Cal.
Correspondent, Geo. K. Scott, Blythe.
The First National Bank of Rio Grande City, Texas
Correspondent, Lawrence R. Brooks, Rio Grande City.
The First National Bank of Sea Isle City, New Jersey
Correspondent, Theo. Kharas, Sea Isle City.
The Citizens' National Bank of Valliant, Oklahoma
Correspondent, D. D. Tucker, Valliant.
Tho First National Bank of Dawson Springs, Kentucky
Correspondent, T. H. O'Bryan, Dawson Springs.
Capital.
$60,000
25,000
25,000
25,000
50,000
$25,000
25,000
Conversion of State Banks:
100,000
The First National Bank of Oak Park, Illinois
Conversion of the Austin Avenue Trust & Savings Bank of
Oak Park. Correspondent, Austin Avenue Trust & Savings Bank of Oak Park.
100,000
The Peoples National Bank of Pulaski, Virginia
Conversion of The Peoples Bank of Pulaski.
President, B. Blocksidge; Cashier, J. W. Miller.
30,000
The First National Bank of Rigby, Idaho
Conversion of The Rigby State Bank, Rigby.
President, John W. 'Hart; Cashier, J. B. Ellsworth.
25,000
The First National Bank of Clearbrook, Minnesota
Conversion of the Farmers' State Bank of Clearbrook. President, M. J. Kolb; Cashier, H. A. Engebretson.
25,000
The First National Bank of Winnett,Montana
Conversion of the Winnett State Bank. President, Samuel
Phillips; Cashier, H. B. Greene.
$555,000
Total
CHARTERS EXTENDED.
•
The First National Bank of Napoleon, Ohio.
Charter extended until close of business July 111039.
The Union National Bank of Springfield, Missouri.
Charter extended until close of business July 7 1939.
INCREASES OF CAPITAL APPROVED.
Amount.
$75,000
The Red Lion First National Bank, Red Lion, Pennsylvania__
Capital increased from $50,000 to $125,000.
75,000
The First National Bank of Bishop, California
Capital increased from $25,000 to $100,000.
500,000
Third National Bank of St. Louis, Missouri
Capital increased from $2,000,000 to $2,500,000.
500.000
-American National Bank a St. Louis, Mo
The Mechanics
Capital increased from $2,000,000 to $2,500,000.
250,000
The Exchange National Bank of Tulsa, Oklahoma
Capital increased from $1,000,000 to $1,250,000.
25,000
Tho Austin National Bank, Austin, Minnesota
Capital increased from $50,000 to $75,000.
500.000
The Midwest National Bank of Kansas City, Missouri
Capital increased from $500,000 to $1,000,000.
75,000
The First National Bank of Kingston. Ohio
Capital increased from $25,000 to $100,000.
25,000
The First National Bank of Berlin, Wisconsin
Capital increased from $75,000 to 3100000.
25,000
The First National Bank of Mackinaw, Illinois
Capital increased from $25,000 to $50,000.
100.000
The Pulaski National Bank, Pulaski, Virginia
Capital increased from $50,000 to $150,000.
75,000
The First National Bank of New Kensington, Pennsylvania
Capital increased from $50,000 to $125,000.
50.000
The National State Bank of Boulder, Colorado
Capital increased from $50,000 to $100,000.
50.000
The First National Bank of Eimer, New Jersey
Capital increased from $50,000 to $100,000.
50,000
The First National Bank of Hazard, Kentucky
Capital increased from $50,000 to $100,000.
75,000
The First National Bank of Delano, California
Capital increased from $25,000 to $100,000.
50.000
First National Bank of Moultrie, Georgia
Capital increased from $50,000 to $100,000.
20,000
The Salisbury National Bank, Salisbury, Maryland
Capital increased from $80,000 to $100,000.
400.000
The Huntington National Bank, Huntington, West Virginia
Capital increased from $100,000 to $500,000.
The Merchants National Bank of the City of New York, N. Y.... 1,000.000
Capital increased from $2,000,000 to $3,000,000.
The First National Bank of Portsmouth, Virginia.
$100,000
Capital increased from $100,000 to $200,000
The National Bank of Commerce of Milwaukee, Wisconsin.
700,000
Capital increased from $300 000 to 31,000,000
The First National Bank of Clovis, California.
25.000
Capital increased from $25,000 to 350,000
The First National Bank of Headland, Alabama.
30,000
Capital increased from $100_,000 to $130,000
The First National Bank of Greeneville, Tennessee.
10.000
Capital increased from 350,000 to $60,000
The Marine National Bank of Wildwood, NewJersey.
50.000
Capital increased from 350.000 to $100,000
The Rondout National Bank of Kingston, New York.
50,000
Capital increased from $100,000 to $150.000
The First National Bank of Janesville, Wisconsin.
75,000
Capital increased from $125,000 to $200,000
The Union National Bank of Charlotte, North Carolina.
100,000
Capital increased from $100,000 to $200,000
The City National Bank of Fort Smith, Arkansas.
100,000
Capital increased from $100,000 to $200,000
35.160.000
CHANGES OF TITLE APPROVED.
of Kansas City. Missouri, to
The Midwest National Bank
"The Midwest National Bank & Trust Company of Kansas City."
CONSOLIDATIONS.
The First National Bank of Milwaukee, Wis., and The Wisconsin National Bank of Milwaukee, Wis.• under charter of The First National
Bank and under the title "First Wisconsin National Bank of Milwaukee,"
with capital of $6,000,000. Combined capital of banks prior to consolidation $6,000,000.
-American National
Third National Bank of St. Louis, Mo. the Mechanics
'
Bank of St. Louis, Mo., and the St. Louis Union National Bank, St.
Louis, Mo., under charter of the Third National Bank, and under title
"First National Bank in St. Louis," with capital stock of $10,000,000.
Combined capital of banks prior to consolidation, $7,500,000. Amount
of increase, $2,500,000.
VOLUNTARY LIQUIDATIONS.
Capital.
$50.000
The Peoples National Bank of Denton, Maryland
Liquidating Committee: H. T. Nuttle, F. P. Covey and T. F.
Johnson, Denton. Succeeded by a State bank.
50.000
The First National Bank of Woodbury, Tennessee
Liquidating agent not names. Succeeded by the First State
Bank of Woodbury.
25.000
The First National Bank of New Salem, North Dakota
Liquidating Committee: The Board of Directors. Succeeded
by the Union Farmers State Bank of New Salem.
50,000
The First National Bank of Lakewood, New Jersey
Liquidating Committee: J. H.Todd and J. H. Johnson. Lakewood, and F. F. Schock, Spring Lake. Absorbed by the
Lakewood Trust Company, Lakewood.
Total
$175.000
Total
35,000
25,000
Total---------------------------------------------- $395,000
CHARTERS ISSUED.
Original organizations:
$25,000
The First National Bank of Winter Garden, Florida
President, J. D. McMillan; Cashier, A. B. Newton.
100,000
The Peoples National Bank of Southbridge, Mass
President, Leon E. Young; Cashier, IT. S. G. Morrill,
50.000
The Lansdowne National Bank, Landsdowne, Pa
President, Walter Bowers; Cashier, F. H. Jackson.
25,000
The Security National Bank of Temple, Oklahoma
President, M. F. Ray; Cashier,
$50.000
The First National Bank of Lusk, Wyoming
President, Charles Carlson; Cashier, Elmer E. Grebe.
25,000
The First National Bank of Springville, Pennsylvania
President, D. D. Layton; Cashier, W. F. Barron.
25,000
The First National Bank of Goitry, Oklahoma
J. R. Weatherly.
President, E. B. Weatherly; Cashier,
50,000
ij The First National Bank of Chandler, Arizona
President, Jno. H. Dobson; Cashier, P. M.James.
25,000
The First National Bank of Wynoua, Oklahoma
President, Carl Mullendore; Cashier, R. D. Copeland.
149
THE CHRONICLE
JULY 12 1919.]
NM'
DIVIDENDS.
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Alabama Great Southern, Prof
Atch. Topeka & Santa Fe, corn. (quar.)
Preferred
tBaltimore & Ohio, pref
Canada Southern
Central RR.of New Jersey (quar.)
Chicago Great Western, pref
Chicago Indianapolis & Louisville, pref_ _
Chicago Rock Island dc Pacific 7% pref.__
M. Six per cent preferred
Cin. N.0.& Texas Pacific, pref.(guar.)
Cleve. Gin. Chic.& St. Louis, pref.(qu.)
Cuba Railroad, preferred
Delaware Lackawanna & Western(quar.)
Detroit River Tunnel
Georgia Railroad & Banking (guar.)-
When
Per
Cent. Payable.
Books Closet!.
Days Inclusive.
$1.75 Aug. 28 Holders of rec. July 19a
134 Sept. 2 Holders of rec. July 31a
234 Aug. 1 Holders of rec. June 30a
Sept. 2 Holders of rec. July 19a
2
134 Aug. 1 Holders of rec. June 30a
Aug. 1 Holders of rec. July 18a
2
July 15 Holders of rec. July 1a
1
a
July 17 Holders of rec. July 7
2
"334 July 31 *Holders of rec. July 19
July 31 'Holders of rec. July 19
*3
1 3j Sept. 2 Holders of rec. Aug. 23a
13j July 21 Holders of rec. July la
0
Aug. 1 Holders of rec. June 30
3
$2.50 July 21 Holders of rec. July 5a
a
July 15 Holders of rec. July 7
3
July 15 July 2 to July 14
3
150
RTHEF CHRONICLE
Per
When
Cent. Payable.
[VOL. 109.
Books Closed.
Days Inclusive.
Per
1Vhen
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
1% Aug. 1 Holders of rec. July la Continental Motors Corp., pref. (guar.) 14
July 15 July 9 to July 15
1
July 15 Holders of rec.tJune 30a Corn Products Refining, pref. (guar.) _
134 July 15 Holders of rec. July 7a
$1.25 July 15 June 17 to July 15
Cosden & Co., common (guar.)
334 Aug. 11 Holders of rec. July 21a Cramp (Wm.)& Sons Ship & Eng. Bldg_ 1234c .Aug. 1 Holders of rec. July 7a
3
Aug. 1 July 22 to Aug. 1
$5
Aug. 1 Holders of rec. July 15a Crucible Steel, common (guar.)(No. 1)_
134 July 31 Holders of rec. July 15a
• 2
July 20 Holders of rec. June 30a Cuba Company, common
10
Aug. 1 Holders of rec. June 30a
$1.50 July 15 Juno 21 to July 14
Preferred
'
334 Aug. 1 Holders of rec. June 30a
334 Aug. 1 Holders of rec. July 21a Cupey Sugar, preferred
334 July 31 Holders of rec. June 26a
1% Aug. 1 Holders of rec. July tga Curtiss Aeropl. Sr Motor, preferred_
_
334 July 15 July 1 to July 15
2% July 22 Holders of rec. July ha Delaware Lack.& Western
Coal (quar.)_ $1.25 July 15 Holders of rec. July la
1% Sept. 19 Holders of rec. Aug. 30a Detroit Edison (guar.)
2
July 15 Holders of rec. Juno 30a
1
Aug. 19 Holders of rec. July 31a Detroit Iron & Steel, corn.(guar.)
25c July 15 dJuly 6 to July 15
$2
July 15 Holders of rec. June 30a
Preferred (guar.)
1734c July 15 dJuly 6 to July 15
14 Aug. 1 Holders of rec. July 3a Dictograph Products Corp., pref.(No. 1) $2
1y, Aug. 1 Holders of rec. July 19a Dominion Coal, Ltd., preferred (quar.)_ 14 July 15 Holders of rec. Juno 30
Aug. 1 Holders of rec. July 12
2
July 25 Holders of rec. July 15
Dominion Power & Trans., pre:
334 July 15 Juno 16 to Juno 30
1% Aug. 30 Holders of rec. Aug. 14
Dominion Steel, preferred (guar.)
134 Aug. 1 July 16 to Aug. 1
51
Aug. 14 Holders of rec. July 24a Dominion Textile, Ltd., pref.
13-f July 15 Holders of rec. June 30
50c. Sept. 11 Holders of rec. Aug. 26a duPont(E. I.) de Nemours &(quar.)
Co.
1
July 15 Holders of rec. July 10a
Debenture stock (guar.)
134 July 25 Holders of rec.
duPont
(E .)de Nem.Pow.,corn.(guar.) *134 Aug. 1 *Holders of roe. July 10a
Street and Electric Railways.
July 19
Preferred (guar.)
134 Aug. 1 Holders of rec. July 19a
Brooklyn City R.R. (guar.)
25c July 15 July 3 to July 15
Eastern Steel, common (quar.)
234 July 15 Holders of rec. July 1
Carolina Power & Light, corn. (quar.)_ _ - _
1
Aug. 1 Holders of rec. July 15
Eastman Kodak, common (extra)
*5
Sept. 1 *Holders of rec. July 31
Cin. Newp. & Coy. L.& Tr., corn.(qu.) 1% July 1: July 1 to .July
15
Edison Elec. Ill., Boston (guar.)
3
Aug. 1 Holders of rec. July 15
Preferred (guar.)
1% July 15 July 1 to July 15
Elsenlohr (Otto) Bros., Inc., corn. (qtr.)_
1
Aug. 15 Holders of rec. Aug. la
Cities Service, corn. & pref.(monthly)_ _
34 Aug. 1 Holders of rec. July 15a Electrical Securities, preferred
(quar.)_ _
14 Aug. 1 Holders of rec. July 22a
Preferred (payable in common stock). /1
Aug. 1 Holders of rec. July 15a Electrical Utilities, pref. (guar.)
134 July 15 Holders of rec. July 5
Cities Service, Bankers'shares(monthly) 42.6c Aug. 1 Holders of rec. Julyd15
Electric Bond & Share, corn.(guar.)
2
July 15 'folders of rec. July 14a
Conn. Ry. & Ltg., corn. & pref. (qu.) *134 Aug. 15 *Holders of rec. Aug.
1
Preferred (quar.)
134 Aug. 1 Holders of rec. July 16a
Consolidated Traction of New Jersey._ _
2
July 15 July 1 to July 15
Elk Basin Petroleum (guar.)
1234c Aug. 1 Holders of rec. July 15j
Duquesne Light, pref. (guar.)
14 Aug. 1 Holders of rec. July 1
Emerson-Brantingham, pref.
*14 Aug. 1 *Holders of rec. July 18
El Paso Electric Co., pref.(No. 34)_
3
July 14 Holders of rec. July 2a Eureka Pipe Line (guar.) (guar.)
4
Aug. 1 Holders of rec. July 15
Manchester Trac., Light & Power (qu.) 2
July 15 July 2 to July 14
Fajardo Sugar (quar.)
234 Aug. 1 'folders of rec. July 21
Milwaukee Elec. Ry. & L., pref. (guar.)_ _
13-i July 31 Holders of rec. July 21a Firestone Tire & Rubber, pref.
(quar.)_ _
134 July 15 Holders of rec. July la
Ottumwa Ry. & Light, pref. (quar.)
14 July 15 Holders of rec. June 30
Fisher Body Corp., preferred (quar.)_
vg Aug. 1 Holders of rec. July 21a
Pacific Gas & Electric, corn. (guar.)... 13 July 15 Holders of rec. June
30a General Electric (guar.)
2
July 15 Holders of rec. Juno 7a
Philadelphia Company, corn. (quar.)__ _
75e. July 31 Holders of rec. July la
Extra (payable in stock).
e2
July 15 Holders of rec. June 7a
Philadelphia Rapid Transit(No.6)
$1.25 July 31 Holders of rec. July 21a General Motors, common
(guar.)
3
Aug. 1 Holders of rec. July 7a
Philadelphia & Western, pref.(quar.)_ _ _ 6234c. July 15 Holders of rec. June
30a
Preferred (guar.)
134 Aug. 1 Holders of rec. July 7a
Puget Sound Tree., Light & Power, pref
75e. July 15 Holders of rec. June 26a
Debenture stock (guar.)
134 Aug. 1 Holders of rec. July 7a
Railway & Light Securities, common- __
3
Aug. 1 Holders of rec. July 15a Gillette Safety Razor (guar.)
$2.50 Aug. 30 'folders of rec. July 31
Preferred
3
Aug. 1 Holders of rec. July 15a Globe-Wernicke, preferred (quar.)_
___
Republic Ry.& Light, pref. (guar.). _
134 July 15 Holders of rec. Juno 30a
135 July 15 Holders of rec. Juno 30
,
Harbison-Walker Refrac., pref. (quar.)_
134 July 19 lIolders of rec. July 9a
Texas Electric Ry., 2d pref. (quar.)
14 Aug. 1 Holders of rec. June 30a Hercules Powder,
prof. (guar.)
*134 Aug. 15 *Holders of rec. Aug. 5
Virginia Ry. & Power, preferred
3
July 20 Holders of rec. Dec. 31
Hillcrest Collieries, common (quar.)__
1
July 15 Holders of roe. June 30
West Penn Power, pref.(guar.)
14 Aug. 1 Holders of rec. July 21
Preferred (guar.)
West Penn Railways, pref. (guar.)
13f July 15 Holders of rec. June 30
13.4 Sept. 15 Holders of rec. Sept. 1
Holly Sugar Corp., pref. (guar.)
14 Aug. 1 Holders of rec. July 15
West Penn Tree.& W.P., pref.(guar.)134 Aug. 15 Holders of rec. Aug. 1
Homestake Mining (monthly)
50c. July 25 Holders of rec. July $19
York Railways, pref. (guar.)
131 July 31 Holders of rec. July 21a Howe Sound Co.(guar.)
Sc. July 15 Holders of rec. June 30
Banks.
Indiana Pipe Line (guar.)
Aug. 15 holders of rec. July 18
$2
City, National (Brooklyn) (guar.)
334 July 15 Iloiders of rec. July 8a Ingersoll-Rand, common (guar.)
234 July 31 Holders of rec. July 19a
Corn Exchange (guar.)
5
Aug. 1 Holders of rec. July 31
Inspiration Consolidated Copper
Mechanics cfc Metals National (quar.)___
5
July 15 Holders of rec. July 5a International Agric. Corp., pref. (guar.) $1.50 July 28 Holders of rec. July ha
(guar.)
July 15 Holders of rec. June 30a
Produce Exchange, New York (guar
_ 5
July 15 Holders of rec. July 10
International IIarvester, corn. (guar.)._
134 July 15 Holders of rec. June 25a
Miscellaneous.
International Mercantile Marine, pref.._
3
Aug. 1 Holders of rec. July 15a
Air Reduction (guar.)
$1.
July 15 Holders of rec. June 3
International Nickel, pref. (guar.)
134 Aug. 1 Holders of rec. July 16
Alabama Company, common
3
July 15 Holders of rec. July la International Paper, preferred
134 July 15 Holders of rec. July Ta
First and second preferred (guar.)
14 July 15 Holders of rec. July la Jones Bros. Tea,Inc.,common (quar.)__
(guar.)_ _
50c. July 15 Holders of rec. July 8a
Alliance Realty (guar.)
134 July 16 Holders of rec. July 10
Kayser (Julius) & Co.
Allis-Chalmers Mfg., pref. (guar.)
134 July 15 Holders of rec. June
First and second preferred (quar.)_
Aug. 1 Holders of rec. July 213
Preferred (account accum.dividends)- h% July 15 Holders of rec. June 30a
30a Kelly-Springfield Tire, corn. (guar.)._ $1
Aug. 1 Holders of rec.
Amer. Agric. Chemical, corn. (quar.).._
2
July 15 Holders of rec. June 23a
Common (payable in common stock)_ 1750 Aug. 1 Holders of rec. July 17a
Preferred (guar.) (No. 56)
July 17a
134 July 15 Holders of rec. June 23a Keystone Tire &
Rubber, common
/15
Sept. 15 Holders of rec. Sept. 21
American Beet Sugar, corn. (guar _
2
July 31 Holders of rec. July 12a Kress (S. H.) Co., common
1
(quar.)
Aug. 1 Holders of rec. July 19a
American Chicle, common (guar.)
1
Aug. 1 Holders of rec. July 21
Laurentide Power (guar.)
1
July 15 Holders of roe. June 30a
American Cigar, common (guar.)
*2
Aug. 1 *Holders of rec. July 15
Lehigh Coal & Navigation (guar.)
$1
Aug. 30 Holders of rec. July 31a
American Gas & ElectrieLibby, McNeil & Libby
50e July 15 Holders of roe. Juno 21
Common (payable in common stock)_ /234 Oct. 1 Holders of rec. June 20
Loft, Incorporated (quar.)
*134 Aug. 1 *Holders of rec. July 18
Preferred (guar.)
134 Aug 1 Holders of roe. July 15
Lukens Steel, common (guar.)
*1
July 15 *Holders of rec. Juno 30
American Glue, pref.
*4
Aug. 1 *Holders of rec. July 19
MacAndrews & Forbes, common (guar.) 234 July 15 Holders of rec. June 30a
American Ice, preferred (quar.)
134 July 25 Holders of roe. July 15a
Preferred (guar.)
134 July 15 Holders of rec. June 30a
Am.La France Fire Eng.,Inc.,com.(qu.) 2
Aug. 15 Holders of rec. Aug. 8
Manufacturers' Light & Heat (quar.)
2
July 15 Holders of rec. June 30a
Amer. Laundry Machinery, pref.(guar.) 134 July 15 July 6
to July 15
Maple Leaf Milling, common (quar.)
3
July 18 'folders of rec. July 3
American Lt. & Tr., corn (guar.)
234 Aug. 1 July 13 to July 27
Preferred (guar.)
14 July 18 Holders of rec. July 3
Common (payable in corn. stock)___ /234 Aug. 1 July 13 to July 27
Mason Tire & Rubber,corn.(special)__ _ 10
July 15 Holders of roe. Juno 10
Preferred (guar.)
134 Aug. 1 July 13 to July 27
Massachusetts Gas Cos., corn. (guar.)-134 Aug. 1 Holders of rec. July 15
American Locomotive, pref. (guar.).
- 134 July 22 Holders of rec July
Amer. Road Machinery, pref. (guar.)___ _ *14 Aug. 15 *Holders of rec. Aug. 3a Massachusetts Lighting Cos.,pref.(qu.). $1.50 July 15 Holders of roe. June 25a
1
May Department Stores, corn. (guar.)._
134 Sept. 1 Holders of rec. Aug. 15a
American Shipbuilding, corn. (quar.)
134 Aug. 1 Holders of rec. July 15a Mexican Investment, Inc., prof
2
July 15 Holders of roe. July 10
Common (extra)
234 Aug. 1 Holders of roe. July 156 Mexican Telegraph (guar.)
234 July 16 Holders of roe. June 303
Preferred (guar.)
14 Aug. 1 Holders of rec. July 15a Miami Copper Co. (guar.)
50c. Aug. 15 Holders of rec. Aug. la
Amer. Sugar Refg., cont. (guar.)
*14 Oct. 2 Holders of rec. Sept. la Michigan Limestone &
Chem.,pref.(qu.). 3140. July 15 Holders of rec. Juno 30
Common (extra)
*4 Oct. 2 Holders of rec. Sept. la Middle States Oil Corp.(mthly.)
(No.22)_
he. Aug. 1 IIolders of rec. July 20a
Preferred (guar.)
*14 Oct. 2 Holders of reo. Sept. la
Monthly(No.23)
le. Sept. 1 Holders of rec. Aug. 20a
Amer. Sumatra Tobacco, corn.(guar.)__. _
234 Aug. 1 Holders of rec. July 22a
Monthly(No.24)
lc. Oct. 1 Holders of roe. Sept.20a
Amer. Sumatra Tobacco, pref.(No. 19)
334 Sept. 1 Holders of rec. Aug. 15a Midvale Steel & Ordnance
(guar.)
$1
Aug. 1 Holders of rec. July 15a
American Telephone & Teleg.(guar.)
July 15 Holders of rec. Juno 20a Midway Gas, common
2
500. July 15 Holders of rec. Juno 30
,
American Type Founders, corn.(guar.). 1
July 15 Holders of roe. July 10a
Preferred
$1.40 July 15 Holders of rec. June 30
Preferred (guar.)
14 July 15 Holders of rec. July 10a Midwest Refining (guar.)
$1
Aug. 1 Holden of rec. July 15a
American Woolen,corn.(guar.)
131 July 15 June 17 to June 26
Extra
500. Aug. 1 Holders of rec. July 15a
Preferred (guar.)
131 July 15 June 17 to June 26
Mohawk Mining (guar.)
$1
Aug. 1 'folders of roe. July 124
Amoskeag Manufacturing, common__ 51.25 Aug. 2 Holders of rec. June 24
Montreal Telegraph (guar.)
2
July 15 Holders of rec. Juno 30 ,
Preferred
$2.25 Aug. 2 Holders of rec. June 24
Morris Plan Co. of New York
3
Aug. 1 Holders of rec. July 21
Anaconda Copper Mining (guar.)
$1
Aug. 25 Holders of rec. July Ifla Mountain States Telep. & Teleg.
(guar.) 15j July 15 Holders of rec. Juno 303
Anglo-American Oil
July 16 Holders of coup. No. 17
15
Mt. Vernon-Woodberry Cot. Mills, Prof.. *334 July 15 *Holders of roe. July 1
Asbestos Corp.of Can.
,Ltd ,com.(qu.)_ _
131 July 15 Holders of roe. July 1
National Biscuit, corn.(guar.)(No.84). 14 July 15 Holders of rec. June 30a
Preferred (guar.)
134 July 15 Holders of rec July 1
National Carbon, cont. (guar.)
*61
Aug. 1 ,PiroIders of rec. July 21
Associated Oil (guar.)
134 July 15 Holders of rec. June 30a
Preferred (quar.)
Aug. 1 *Holders of rec. July 21
Atl. Gulf & W.I. SS. Lines, common__ _
5
Aug. 1 Holders of rec. Juno 30a National Cloak & Suit,corn.(guar.)_ _ *2
14 July 15 Holders of rec. July 83
Atlas Powder, pref. (guar.)
134 Aug. 1 July 20 to July 31
National Fuel Gas (guar.)
*234 July 15 *Holders of roe. Juno 30
Barnhart Bros. & Spindler
National Oil, preferred (guar.)
20o. July 15 'folders of roe. July la
First and second pref. (guar.)
14 Aug. 1 Holders of rec. July 26a National Paper & Type,corn.
(quar.)-__
July 15 Holders of rec. June 30a
2
Barrett Company, preferred (quar.)
14 July 15 Holders of rec. June 30a
Preferred (guar.)
13( July 15 Holders of ree. June 30a
Bell Telephone of Canada (guar.)
2
July 15 Holders of rec. June 30
New Jersey Zinc (quar.)
*4
Aug. 0 *Holders of rec. July 31
Bell Telephone of Pennsylvania (quay.)_
134 July 15 Holders of roe. July 5a New York Dock, preferred
234 July 15 Holders of roe. June 5
Borden's Condensed Milk, common
*4
Aug. 15 *Holders of rec. Aug. 1
N. Y.& Honduras Rosario Mining
3
July 26 Holders of rec. July 16
Preferred (guar.)
*134 Sept. 15 *Holders of rec. Aug. 30
Amortization dividend
2
July 26 'folders of rec. July 16
Preferred (guar.)
*1% Dec. 15 *Holders of rec. Dec. 1
New York Shipbuilding Corp. (quar.)_ - $1
July 16 Holders of rec. July la
Brill (.1. (1.) Co., pref. (guar.)
*1
Aug. 1 *Holders of rec. July 23
New York Transit (guar.)
4
July 15 'folders of rec. Juno 21
Prof. (acct. accumulated dividends)_.... _ *a
Aug. 1 *Holders of rec. July 23
Niagara Falls Power ,preferred (guar.)_ _
134 July 15 Holders of roe. June 30
Brown Shoe, Inc. (guar.)
134 Aug. 1 Holders of rec. July 19a Nipissing Mines (guar.)
25c. July 21 July 1 to July 17
Burns Bros., common (guar.)
*214 Aug. 15 *IIolders of rec. Aug. 1
Extra
25e. July 21 July 1 to July 17
Common (payable in common stock)_
5 234 Aug. 15 *Holders of rec. Aug. 1
/
Northern Ontario Light & Power, pref.._
3
July 15 Holders of rec. June 300
Preferred (guar.)
*14 Aug. 1 *Holders of rec. July 19
Northern States Power, pref. (guar.)
14 July 21 Holders of roe. Juno 30
Bush Terminal, common
234 July 15 Holders of rec. July 7a Nova Scotia Steel & Coal,corn.(guar.)._
14 July 15 Holders of roe. June 30a
Common (payable corn,stock)
July 15 Holders of roe. July 7a
1234
Preferred (guar.)
July 15 Holders of roe. June 30a
2
Preferred
July dl
3
Ohio Brass, common (guar.)
July 15 'folders of rec. June 30a
5
Canada Cement, common (guar.)
134 July 16 Holders of rec. June 30
Preferred (guar.)
134 July 15 Holders of roe. June 303
Canadian Converters', Ltd.(quar.)
134 Aug. 15 Holders of roe. July 31
Ohio Fuel Supply (guar.)
75o. July 15 Holders of rec. June 30a
Canadian Explosives, Ltd., com.(qu.)_
134 July 31 Holders of rec. Juno 30a
Extra (payable in L. L.44% bonds)_ m50c. July 15 Holders of roe. June 303
Common (extra)
1234 July 31 Holders of rec. Juno 30a Oklahoma Natural Gas (guar.)
50e. July 21 June 26 to July 12
Preferred (guar.)
14 July 15 Holders of rec. June 30a
Extra
1234c. July 21 Juno 26 to July 12
Canadian Fairbanks-Morse, pref
3
July 15 Holders of rec. June 303 Otis Elevator, common (guar.)
131 July 15 Holders of roe. June 30
Carbon Steel, common (guar.)
2
July 15 Holders of rec. July 10
Preferred (guar.)
134 July 15 'folders of rec. June 30
Common (extra)
3
July 15 Holders of rec. July 10
Pacific Coast Co., common (guar.)
*1
Aug. 1 *Holders of rec. July 24
Carbon Steel, second preferred (annual). 6
July 30 Holders of rec. July 26
First preferred (quar.)
4
.134 Aug. 1 *Holders of rec. July 24
Central Coal & Coke,common (guar.)._
134 July 15 Holders of rec. June 30a
Second preferred (guar.)
*2
Aug. 1 *Holders of roe. July 24
Preferred (guar.)
131 July 15 Holders of rec. June 30a Pacific Development Corp. (quar.)___
134 Aug. 1 Holders of rec. July 15a
Central Foundry, first pref. (guar.)
_ 2
July 15 Holders of roe. June 30a
134 July 15 July 1 to July 15
Central Illinois Public Secy., prof.(guar.) 134 July 15 Holders of roe. June 30a Pacific Telep. & Teleg., pref. (quar.)___
Penmans, Limited, corn. (guar.)
134 Aug. 15 Holders of roe. Aug. 6
Central Leather, common (guar.)
14 Aug 1 Holders of rec. July 10
Preferred (guar.)
134 Aug. 1 Holders of rec. July 21
Chicago Pneumatic Tool (guar.)
134 July 25 Holders of roe. July 15a Pennsylvania Salt Mfg.(guar.)
$1.25 July 15 Holders of roe. June 30
Cluett, Peabody & Co., Inc., corn.(quar.). 134 Aug. 1 Holders of rec. July 21
734e. Aug. 1 Holders of roe. July 15j
Penn Traffic
Colorado Power, common (guar.)
34 July 16 Holders of rec. June 30a
Extra
230. Aug. 1 'folders of rec. July 151
Columbia Gas & Electric (guar.)
1
Aug. 15 Holders of roe. July 31
Pittsburgh Coal of N.J., pref. (guar.)... 14 July 25 Holders of roe. July 10
Commonwealth-Edison (guar.)
*2
Aug. 1 *Holders of roe. July 15
Pittsburgh Coal (of Pa.), corn.(guar.).134 July 25 Holders of roe. July 100
Commonwealth Finance Corp.,pref.(qu.) 1% July 15 Holders of rec. June 30
Preferred (quay.)
134 July 25 Holders of roe. July 10a
Commonwealth Gas & Elec. Cos., pf.(gu.) 134 July 15 Holders of rec. July la
PUtsburgh Steel, pref. (guar.)
154 Sept. 1 Holders of rec. Aug. 15 1
Consolidated Cigar, prof.(No,1)
(n) Sept. 1 Holders of rec. Aug. 15
Prairie Oil & Gas (guar.)
July 31 Holders of roe. June 303
3
Consolidation Coal (guar.)
134 July 31 Holders of roe. July 22a
Extra
2
July 31 Holders of reo. June 30a,
Name of Company.
Railroads (Steam)
-Concluded.
Great Northern, preferred (guar.)
tKansas City Southern, pref. (guar.)
Little Schuylkill Nay., RR.& Coal_
Louisville & Nashville
Mahoning Coal RR., common
Michigan Central
Mine Hill & Schuylkill Haven
Nashville Chattanooga & St. Louis
tNew York Central RR.(guar.)
N. Y. Chicago & St. Louis, 2d pref
Norfolk & Western, common (quar.)
Preferred (guar.)
Northern Central
Northern Pacific (guar.)
'Were Marquette, prior pref. (quar.)_ _ _
Pittsburgh Cinc. Chicago & St. Louis
Pittsburgh & West Virginia, pref.(guar.)
Reading Company,common (guar.)_
First preferred (guar.)
Western Pacific RR. Corp. pref.(guar.)_ _
.)_
134
134
.)_
Name of Company.
151
THE CHRONICLE
JULY 12 19191
1Vhen
Per
Cent. Payable.
Books Closed.
Days Inclusive.
New York City Realty and Surety Companies.
All prices now dollars per share.
Miscellaneous (Concluded).
July 31 Holders of rec. June 30a
3
Prairie Pipe Line (quar.)
Aug. 15 July 24 to Aug. 17
5
Procter & Gamble, common (quar.) _ _ _ _
Aug. 15 July 24 to Aug. 17
Corn.(extra, pay. in new corn. stock) _ f4
July 15 Holders of rec. Juno 25a
2
Preferred (quar.)
Producers & Refiners Corp., pref. (guar.) _ *1% Aug. 4 *Holders of rec. July 20
Public Service Co. of No.Ills.,com.(qu.) *1% Aug. 1 *Holders of rec. July 15
*1% Aug. 1 *Holders of rec. July 15
Preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 15
Public Service Invest., pref. (quar.)
July 1 Holders of rec. June 25a
3
Public Utilities Co. (Ind.), pref
July 15 Holders of rec. July in
3
Quaker Oats, corn. (quar.)
1% Aug. 30 Holders of rec. Aug. la
(quar.)
Preferred
July 15 Holders of rec. July 5
3
Realty Associates (No. 33)
(No. 11) 134 Aug. 1 Holders of rec. July 16a
Republic Iron & Steel,com.(qu.)
*133.25 July 16 *Holders of rec. July 7a
Royal Dutch Co
Aug. 1 Holders of rec. July 19
7
Russell Motor Car (annual)
13% Aug. 1 Holders of rec. July 19
Preferred (guar.)
134 Aug. 1 Holders of rec. July 19
St. Lawrence Flour Mills, tom.(guar.)__ _
Aug. 1 Holders of rec. July 19
1
Common (bonus)
1% Aug. 1 Holders of rec. July 19
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 25a
Santa Cecilia Sugar Corp., com.(No. 1)_ 3
Aug. 1 Holders of rec. July 25a
Preferred (semi-ann.)(No.4)
1% Nov. 1 Holders of rec. Oct. 25a
Preferred (quar.) (No. 5)
*1234e Aug. 1 *Holders of rec. July 19
Sapulpa Refining (guar.)
23% July 15 Holders of rec. June 30a
Securities Company
25e. July 19 Holders of rec. June 30a
Shattuck Ariz. Cop. (capital distrIb'n)
1% July 10 Holders of rec. June 27
Shawinigan Water & Power (guar.)
f.(gu.) 1% July 15 Holders of rec. July 10
(Iloward) Paper Mills, Ltd. p
Smith
1% July 15 Holders of rec. June 30a
Southern California Edison, pref. (guar.) _
1% July 15 Holders of rec. June 30a
Southern N. E. Telephone (guar.)
3
Aug. 1 Holders of rec. June 26a
Coupler, common
Standard
July 10 July 4 to July 10
Standard Underground Cable (quar.) _ _ _ _ 3
July 10 July 4 to July 10
3
Extra
134 Aug. 1 Holders of rec. July 10
Steel Co. of Canada,common (quar.) _
1% Aug. 1 Holders of rec. July 10
Preferred (quar.)
July 19 Holders of rec. July 5a
3
Steel Products Co., common (quar.)__ _ _
July 15 *Holders of rec. July 7
Stewart Manufacturing,common (quar.) *$1
Aug. 15 *Holders of rec. July 15
iii$2
Preferred (quar.)
% Aug. 1 Holders of rec. July 15a
Superior Steel, common (quar.)
2
Aug. 15 Holders of rec. Aug. la
First and second preferred (quar.)__ _ _
Tooko Bros.(on account of accum. divs.) y33% July 19 Holders of rec. July 10
Transuo & Williams Steel Forging Corp $1.25 July 20 Holders of rec. July 7a
1% July 15 Holders of rec. June 30
Tucketts Tobacco, pref.(quar.)
Oct. I Holders of rec. Sept. 5a
2
Underwood Typewriter, corn. (quer.)_ _ _
1% Oct. 1 Holders of rec. Sept. 5a
Preferred (quar.)
234 July 15 Holders of rec. June 30a
Union Natural Gas Corporation (quar.) _
*134 July 22 *Holders of rec. July 10
Union Oil of California (quar.)
July 22 *Holders of rec. July 10
*1
Extra
$1
July 19 Holders of rec. July 8a
United Alloy Steel Corp.(quar.)
34 Aug. 1 Holders of rec. July 15a
_
United Drug, first preferred (quar.)
13% Sept. 1 Holders of rec. Aug. 15a
Second preferred (guar.)
234 July 15 Holders of rec. June 20a
United Fruit (quar.) (No. 80)
234 July 15 Holders of rec. Juno 30
United Gas & Electric Co., preferred_ _ _
July 15 Holders of rec. June 30a
$1
United Gas Improvement (quar.)
1% July 15 Holders of rec. July in
United Paperboard, Inc., pref. (quar.) _ _
50c. Aug. 1 Holders of rec. July 2a
United Verde Extension Mining (quar.)_
1% July 15 Holders of rec. June 30a
U.S. Industrial Alcohol, pref. (guar.) _ _
2
July 31 Holders of rec. July 15a
U. S. Rubber, first preferred (quar.)..
1% July 31 Holders of rec. July I5a
Second preferred (quar.)
U.S.Smelt., Rag. & Min., corn. (guar.) $1.25 July 15 Holders of rec. July 7a
8734c. July 15 Holders of rec. July .7a
Preferred (quar.)
1% July 15 July 9 to July 15
U. S. Worsted, first preferred (quar.)_ _
5
July 15 July 1 to July 6
Victor Talking Machine, corn. (quar.)_ _
15
July 15 July 1 to July 6
Common (extra)
1% July 15 July 1 to July 6
Preferred (guar.)
Aug. 1 Holders of rec. July 15a
Virginia-Carolina Chemical,corn.(quar.) 1
Oct. 1 Holders of rec. Sept. 16a
2
Common (extra)
July 15 Holders of rec. July 7a
2
Preferred (quar.)
July 25 Juno 26 to July 25
3
Virginia Iron, Coal & Coke
1% July 20 Holders of rec. July 10a
Vulcan DetInning, preferred (guar.) _ _
July 20 Holders of rec. July 10a
Prof. (extra, account accum.(Mrs.)._ _ hl
July 15 Holders of rec. Juno 30a
Warner (Chas.) Co. of Del.,corn.(quar.) 1
1% July 24 Holders of rec. June 30a
Preferred (quar.)
July 15 Holders of rec. June 30
1
Western Power Corp., preferred (quar.)_
1% July 15 Holders of rec. June 30
Western States Gas dc Elec., pref.(guar.)_ _
14 July 15 Holders of rec. June 20a
Western Union Telegraph (quar.)
$1.75 July 31 Holders of rec. July 3a
Westinghouse Air Brake (quar.)
July 31 Holders of rec. Juno 30a
Westinghouse Elec. & Mfg., com.(quar.) $1
July 15 Holders of rec. June 30a
$1
Preferred (quar.)
Aug. 1 July 22 to Aug. 1
Wheeling Mold de Foundry,corn.(quar.) 3
Aug. 1 July 22 to Aug. 1
1
Common (extra)
25e. Aug. 1 Holders of rec. July 21
WIllys-Overland, common (quar.)
134 Aug. 1 Holders of rec. July 21a
Wilson & Co., common (quar.)
Sept. 1 *Holders of rec. Aug. 11
Woolworth (F. TV.) Co., cont. (guar.) _ _ _ _ *2
* From unofficial sources. t Declared subject to the approval of Director-General
of Railroads. t The New York Stock Exchange has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. f Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. i Payable In Liberty Loan bonds. 1 Red
Cross dividend. m Payable in U. S. Liberty Loan 45j% bonds. n At rate of 7%
per annum for the three and one-half months ending Aug. 31. 7/ On account of
accumulated dividend and being in full of all accumulations.
New York City Banks and Trust Companies.
All prices now dollars per share.
Banks.
Banks-N.Y Md. Ask.
:Irving (trust
575
America
certificates) 320
Amer Etch... 260 NCI"
650
185
Liberty
Atlantic
260
Battery Park. 215 225 Lincoln
Manhattan •_ 220
Bowery •___ 425
BroadwayCen 140 1150 :!Nlech A Met.. 400
Bronx Boro•_ 125 150 1Merchants__ _ 240
Bronx Nat..__ 150 160 1 Metropolitan* 190
425
155 II Mutual •__
Bryant Park* 145
33 ;Now Nati+ _ 215
Butch & Drov 28
?dere__. 160 170 New York Co 135
Cent
500 525 :INew York... 450
Chase
150
Chat & ?hen 300 310 1,Paolfle•
750
Chelsea Exch* 120 135 ,,Park
Chemical_ ...... 545 555 11Prod Each's_ _ '375
270
240 250 ',Public
Citizens
11
457 463 ,iSeabarml....... 500
City
450
235 245 l'Second
Coal & Iron
Sherman ___ _ 125
400
Colonlal*._
150
- __175 185 State •__
Columbia*.
Commerce ... 245 249 23d Ward'..... 115
Union Etch.. 190
Comnil F1x._ 395 410
United States* 1165
Common275
220 230 Wash
wealth
Continental*_ 115 130 Weetch Ave 170
Corn Etch'... 400 410 Yorkville •_ _ 300
Coemoplan•. 95 100
Brooklyn.
180
Cuba (ilk of). 175
_ Coney Island* 140
East River..... 150
195
136 First
110
Europe.
150
Fifth Avenue/850 925 (lreenpotrit
110
235 Hillside
220
Fifth
1050 [homestead *- 70
1020
First
. 78
200
Garfield
- - Mechanics' 41
190 200 Montauk•-- 85
Gotharn
205
NaS8311
380
Greenwich•
785 795 1 National City 130
Hanover
North Side'.. 195
335
Harriman._
130
-75
Imp & Trari _ 560 5 _- Permits
• Banks marked with a C.) are State banks.
change this week. 5 Includes one-half share
y Ex-rights.
Ask. ; Trust Coin. Bid
Ask.
New York.
330 Bankers Trust 455 465
670 Central Union 465 475
290 Columbia_ ...._ 365 375
230 Commercial_ 140
150
415 Empire
295 305
250 Equitable Tr.. 458 465
200 Farm LA Tr_ 455 465
Fidelity
220 230
225 Fulton
250 275
145 Guaranty Tr.. 410 420
Hudson
135 145
Irving Trust_ (See Irving
(Nat Bank
Law Tit A Tr 135 138
285 Lincoln Trust 175 185
. Mercantile Tr 245
500 Metropolitan.. 360 ii - 6
Mutual(
Chester) _ 105 125
176
130 N Y Life Ins
A Trust _ 790 810
200
175 N Y Trust...... 625 635
_
Scandinavian 400
-__
Title Ou & Tr t414
-325 U S Mtg A Tr 410 45 6
United Stated 920 935
Weetchoster_ 130 140
155
Brooklyn.
205
165 Brooklyn Tv.. 500 510
120 Franklin
230 240
260 270
80 Hamilton _
85 Kings County 650 700
95 Manufacturers 165
215 People's
285 300
185 Queens Co__ 60
75
205
140
t Sale at auction or at Stock Ex17'Jew stock.
Irving Trust Co.
Alliance R'lty
Amer Surety.
Bond & M G.
City Investing
Preferred....
Bid
60
70
248
35
75
Ask.
70
73
255
40
85
Bid.
Lawyers Mtge 132
Mtge Bond_ 93
247
Nat Surety
N Y Title &
Mortgage.... 122
Ask.
1 Bid.
137 Realty Assoc
(Brooklyn)_ 95
97
252 U S Casualty.. 185
U S Title Guar 50
127 West A Bronx
Title & M 0 150
Ask
105
200
65
170
Statement of New York City Clearing House Banks
-The following detailed statement
and Trust Companies.
shows the condition of the New York City Clearing House
members for the week ending July 5. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Staled in thotuands of dollars-that is, three ciphers 1,0001 omitted.)
Nat's
Reserve
Loans,
Net
CLEARING I
Time Bank
with
Net
Capital. Profits Discount, Cash
HOUSE
- CircuLegal Demand ! De
Incestin
MEMBERS.
(.000 omitted.) Nat'l. May 12 meals, Vault. Deposi- Deposits. posits. lation.
tories.
Week ending State, Feb. 21
July 5 1919. Tr.Cos.Feb. 21
Average. Averag Averagel Average. Average 'live.
Members of
$
$
$
$
$
$
$
Fed. Res. Bank
$
746
34,359 1,999
54,191
506 6,419
Bk of N Y,NBA 2,000 5,732
59,711
63,795 1,792 8,490
Manhattan Co_ 2,500 7,210
25,211 1,336 1,856
34,547
533 3,784
Merchants' Nat 2,000 2,997
144,982 3,930 3,777
Moch & Metals- 6.000 11,815 161,877 9,631 19,544
28,060
33,142 1,056 6,539
Bk of America__ 1,500 6,780
National City_ 25,000 52,572 528,467 14,818 93,293 *642,408 19,911 1,429
57,077 6,760 445
Chemical Nat.._ 3,000 9.793 84,111 1,662 8,081
136
540
16,887
439 2,354
19,356
968
Atlantic Nat..-- 1,000
' 295
4,010
6371
134
4,177
106
300
Nat Butch & Dr
5,187, 4,909
Amer Etch Nat 5,000 5,915 134,773 1,597 13,700
101,4011
288,7421 4,846
N Bk of Comm. 25,000 26,058 396,300 2,095 35,846
50
18,260,
991 2,748
18,354
500 1,134
Pacific Bank _92,9521 10,779 2,896
Chath & Phen__ 3,500 3,062 114,647 5,508 12,367
' 150
129,220,
Hanover Nat._ 3,000 17,6621 138,713 5,556 14,358
991
237
36,586'
927 5,535
42,563
Citizens' Nat__ 2,550 3,289
26,959
54,840 1,829 3,776
2,404
Metropolitan__ 2,000,
129,156 3,726
Corn Exchange.. 4,2001 8,290 129,403 5,265 18,062
Li
14
24,961
710 3,355
41,442
Imp & Trod N_ 1.5001 8,311
165,796 2,961, 4,947
National Park__ 5,000 19,919 205,186 1,397 21,566
50
272
8,521
9,372,
271 1,265
641
East River Nat_ 1,0001
16,6071
, 643
857 2,42,
19,909
Second Nat_ _ _ _ 1,000 4,149
893; 8,296
151,717'
First National__ 10,000 32,347 312,099 1,331 20,267
109,971 1,444 1,444
Irving National 4,5001 6,368 121,3 4 3,308 '15,562
300
626
12,044
12,349
739 1,822
440
N Y County N. 1,0001
6,936
138 1,426
7.779
642
1,0001
Continental
288,740 11,594 1,105
6,641 39,045
Chase National_ 10,000 18,363 338,47
23,159 1,201 2,274
18,560
200 2,301
Fifth Avenue__
7,032
252 1,004
8,108
858
200
Comml Exch..
7,872;
847
8,385
376
1
762
400
Commonwealth.
171 210
16,2621
15,538 1,352 2,796
Lincoln Nat___ 1,000 2,070
13,3671
328 1,979
311 394
14,232
Garfield Nat...... 1,000 1,377
408 248
7,759,
235 1,011
9,195
395
250
Fifth National_
70
I
48,133,
51,345 1,037 8,269
Seaboard Nat _ .. 1,000 3,891
55,561, 2,1571 1,976
407 7,386
77,903
Liberty Nat___ 3,000 4,774
412, 412
11,910,
837 1,772
22,775
Coal & Iron Nat 1,500 1,420
: 0
396
18 515
2612
388
381 2,230
16,420
Union Etch Nat 1,000 1,327
5,757
859 4,3q
45,799
Brooklyn Tr Co 1,500 2,289
258,310 10,222
984 35,08
Bankers Tr Co.. 15,000 17,361 315,064
52,514 6,255
599 7,089
70,695
U S Mtge & Tr_ 2,000 4.551
Guaranty Tr Co 25,000 28.525 513,569 3,172 58,211 *497,369 30,359'
556
10,785
13,500
306 1,364
Fidelity Tr Co_ 1,0001 1,284
76,606 6,633 _ _ _ _
Columbia Tr Co 5,000 6,904 101,010 1,013 8,373
27,178 1,787
29,153 1,013 2,968
Peoples Tr Co__ h1,200 h1,612
68,119 2,455
492 11,035
New York Tr Co 3,000 10,677 100,986
17,024 1,952
j
1,317
37,142
50
Franklin Tr Co_ 1,000 1,30
990
19,048
467 2,757
20,809
663
Lincoln Tr Co__ 1.000
35,852 1,121
5,263
48,280
76
Metropolitan__ 2,000 4,40
50
44
613
1,306
11,579
16,397
Bkin 1,000 1,228
Nassau N,
53,495 1,074
47,855 2,272 7,735
Irving Tr Co.._ _ g2,250 01,19
*151,890 10,070
125,008 4,198 16,65
rl
Farmers L & T5,000 12,00
352
15,573
591 2,553
16,3421
67
Columbia Bank 1,000
200,550 370,841 4,828,994 93,818557,846c3,947,694 160,818'38,117
Average
Totals, actual co ndition July 54,848,581
Totals, actual condition ;June 28;4,745,935
Totals, actual co nditionlJune 21'4,767,555
Totals, actual condition June 144,970.520
92,972 518,760c3,903,681 163,63537,876
93,965573,196'3,881,9811154,519 37,990
97,900537,439 3,871,555 156,983 38,168
98,418,522,672 3,999,176 150,324 38.272
State Banks. Not Me mbers of Federal Riserve Bank
885
17,023 2,243
500 1,559
Greenwich
306
5,6461
646
812
250
Bowery
24,800 2,256, 2,684
N Y Prod Each 1,000 1,242
52,095 4,9271 3,531
607
State Bank..... 2,000
17,532
5,093
27,407
45,563
4
3,322
99,564 10,072, 7,406
95,645
3,361:
10,0841 7,272
10,225 7,58
10,189 8.097
10,7101 7.71
93,551
97,S03
97,171
97,650
4,836;
1,4211
142
142
Trust Compan tea. Not Mem bets ofFed:eral Res'erve Ba at
24,582
Title Guar & Tr 5,000 12,033 40,934', 1,040' 2,770
23,5461
14,85
80111 1,501
Lawyers T & Tri 4,000 5,264
!
747
420
Average
3,7501
4,221
Totals, actual condition 'July 5
Totals, actual condition 'June 28
Totals, actual condition June 21
Totals, actual condition June 14
Average
9,000 17,297
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual co ndltion
July 5
June 28
June 21
June 14
99,136
98,926
96,426
98,593,
35
-
1
1,846
4,271
39,432
1,16A
63,711 2,0331
65,705 1,634!
65.832 1,639
66,3061 1,7471
4,207
4,378
4,488
4,491
40,300
40,281
39,607
40,103
1,194'
1,160
1.170
1,180.
64,4801
.
Gr'd aggr., avge 213,300 392,330 4 993,038!105,730 569,523!d1,032,771 165,346 38,117
+65,109-3,335 +187691 +89,140+9,309, +72
Comparison, prey, week;
1
'
Gr'd aggr. actilcondin 'July 55,011,4331105 039 530,239!e4,042.535 169,665 37,876
+100,867 -738-54,9201 +22,464 +12565 -114
Comparison, prey. week:
------= -.
==----='
Gr'd aggr, act I cond'n June 23 4,910,566 105,827 585,1591 4,020,071 157,100 37,990
Gr'd aggr, act'l cond'n 'June 21 4,929,813 109,728 550,024 4.008,333 158,295 38.168
Gr'd aggr, act'l cond'n June 14 5,135,419 110,884 534,87'3 4,13(1,929 151,646 38,272
Gr'd aggr, act'l cond'n June 7 5,114,362 110,774 567,505 4,093,895 148,729 36,746
* Includes deposits in foreign branches not included in total footings, as follows:
National City Bank,$100,725,000; Guaranty Trust Co., $57,866,000; Farmers' Loan
& Trust Co., $42,633,000. Balances carried in banks in foreign countries as reserve
for such deposits were: National City Bank, $30,895,000; Guaranty Trust Co..
$18,107,000; Farmers' Loan & Trust Co., $8,945,000. c Deposits in foreign
branches not included. d U. S. deposits deducted, $330,527,000. e U. S. deposits
deducted, $258,099,000. Bills payable, rediscounts, acceptances and other liabilities, $823,786,000. g As of April 2 1919. h As of May 16 1919.
152
THE CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Reserve
in
Depositaries
Stale Banks.
a
Reserve
Required.
Total
Reserve.
July 5
1919.
Surplus
Reserve.
Members Federal
Reserve Bank..
557,846,000 557,846,000 518,024,760 39,821,240
State banks*
10,072,000
7,406,000 17,478,000 17,216,100
261,900
Trust companies..__ _
1,840,000
4,271,000 6,111,000 5,914,800
196,200
Total July 511,912,000
Total June
11,795,000
Total June 2L.__ _ 11,994,000
Total June 14..._ _ 12,450,000
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Week Ended July 5.
Averages.
Cash
Reserve
in Vault.
[VOL. 109.
569,523,000 581,435,000 541,155,660
550,754,000 562,549,000 529,419,640
569,856,000 581,850,000 540,897,940
560,015,000 572,465,000 545,404,680
40,279,340
33,129,360
40,952,060
27,060,320
Capital as of Feb.2E
Surplus as of Feb.21._
Loans & Investments_
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y
Deposits
Reserve on deposits
P.C.reserve to dep_
Trust Companies.
Differences from
previous week.
July 5
1919.
Differences from
previous week.
$
25,900,000
104,600,000
43,559,000
172,776,000
623,071,200 Inc. 5,248,300 2,139,101,300 Dec. 14,414,400
8,118,600 Dec.
301,100
11,002,200 Dec.
15,100
24,956,400 Dec. 1,043,000
21,708,300 Inc.
318,100
59,736,100 Inc.
747,374,600 Inc.
111,917,000 Inc.
20.6%
3,514,100 226,216,100 Inc. 7,975,800
37,285,500 2,273,548,800 Inc. 63,859,600
2,665,1001317,506,600 Inc. 10,137,500
Same
17.8% Inc.
0.3%
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Tolca
Reserve.
Reserve
Required.
Surplus
Reserve.
Members Federal
$
$
Reserve Bank..___
518,760,000 518,760,000 513,037,580
State banks*
10,0 7
- 4600 7,272,000 17,356,000 16,839,720
8
Trust companies.._ _ 2,033,000 4,207,000 6,240,000 6,045,000
$
5,722,420
516,280
195,000
Total July 5_ _
12,117,000 530,239,000 542,356,000 535,922,300 6,433,700
Total June
11,859,000 585,159,000 597,018,000 532,940,870 64,077,130
Total June 21
11,828,000 550,024,000 561,852,000 531,443,470 30,408,530
Total June 14._ _ _ 12,466,000 534,873,000 547,339,000 547,995,050
656,050
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks includes also amount of reserve required on net time deposits, which was a sfollows:
July 5,$4,824,540; June 28,$4,623,330; June 21, $4,667,070; June 14, $4,477,410.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies,but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: July 5,
$4,909,050; June 28, $4,635,570; June 21, $4,709,490; June 14, $4,509,720.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Figures Furnished by State Banking Department.
Differences from
July 5.
previous week.
Loans and investments
$811,220,400 Inc. $6,383,100
Specie
8,478,700 Dec. 296,900
Currency and bank notes
17,189,600 Inc.
563,400
Deposits with Federal Reserve Bank of New York
70,224,700 Inc.
177,200
Total deposits
858,745,800 Inc. 13,861,000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N.Y.City,exchanges and U.S.deposits 777,319,300 Inc. 11,753,500
Reserve on deposits
140,576,300 Inc.
438,200
Percentage of reserve, 20.3%.
RESERVE.
State Banks
-Trust Companies
Cash in vaults
$21,819,200 15.02%
$74,073,800 13.49%
Deposits in banks and trust cos
9,844,100 6.77%
34,839,200 6.34%
Total
$31,663,300 21.79%
$108,913,000 19.83%
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
"
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week ended-
$
4,835,058,500
4,873,410,100
4,650,058,300
4,630,229,800
4,5.39.150,100
4,504,885,000
4.527.389,800
4.566,358,800
4,571,345,100
4,633,702,000
4,733.613,800
4,618,029,500
4,747,903,000
4,722,748,700
4,689,495,300
4.736,482,100
4,773,617,400
4.822,202,600
4,873,611,200
4.861.516,200
4,885,307,200
4,904.243,900
4,880,382.900
4,846,699,100
4,759,196,800
A AAA non von
8888888888
g88888g8888188E
$
5,473,192,200
5,495,539,400
5,544,714,000
5.525,788,300
5,492,289,000
5,509,784,600
5.571,631,800
5,583.221.600
5,629.541,700
5.649.123,500
5,698,070.800
5,633,730,000
5,598,229,300
5,630,305,500
5,730,276.600
5,694,610,000
5.735,152,000
5,817.606,300
5,830,918,700
5,750,364,000
5.708,665,600
5,877,228,200
5,929,099,200
5,817,958,200
5,732,766,300
C ens one Ann
*Total Cash
in Vault.
C 1. .. 1 1
V2 'g 1. =t
e
tt" "..tt'lt ""
.
.
Demand
Deposits.
co....timemm.ociNo4o.o4ccomr—
.o.vmmmmmme.ammmmmmmmmv.mmmmmmo,
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar. 22
Mar. 29
Apr, 5..
April 12..
April 10
April 28
May 3
May 10
May 17
May 23
May 31
June 7
June 14
June 21
June 28
Tilly A
Loans and
Investments.
Reserve in
Depositaries.
$
683,196,700
878,355,700
846,887,000
648,143,800
645,124,800
628,112,400
625,109,700
643,761,000
647,186,900
658,275,500
692,405.000
627,395.900
682,805,200
651,849,200
872,170,700
682,038,200
685,625,800
677,399,900
671,089,000
689,984,100
676,577,800
691.857,300
671,663,300
679,994,600
685.490,300
Ass Aql AAA
•This item includes gold, silver, legal tenders, national bank notes and
Federal
Reserve notes.
New York City State Banks and Trust Companies.
In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [000] omitted.)
Net Loans,
CLEARING
Capital. Profits. DisReserve
Net
NON-MEMBERS
'
counts, Cash
with Daman
Nat.bks.May12 Invest- in
Legal
DeWeek ending Statebk&Feb.21 malts, Vault. Deposi- posits.
July 5 1919. Tr. cos. Feb.21 &C.
tortes,
Members of
Fed'I Res. Bank.
Battery Park Nat_
Mutual Bank
New Netherland _
W R Grace& Co's.
Yorkville Bank_ _ _
First Nat, Jere C'y
Total
$
L.
21
200
200
41.
Averag Average Average Average Average Average
$
1,607 14,11
170 1,626 10,269
135
196
560 11,280
187 1,519 10,898
352
195 7,850
162 1,007
6,151
67
835 5,94
28
714
3,596 1,582
633 10,936
388 1,151
6,534 4,905
1,351 9,20
597
975
7,777
556
3,000
Total
Trust Companies
Not Members of th
Fed'l Reserve Bank
Hamilton Tr, Bkln
Mech Tr, Bayonn
Total
5,183 59,3851
1,532
6,992
45,225
100
600
441 2,818
1,137 11,729
222 6,71
220 5,029
329
1,348
722
427
164
1,070i
322
277
2,739
12,717
6,156
4,401
1,300
State Banks j
Not Members of th
Fed'I Reserve Bank
Bank of Wash Ht
Colonial Bank__
International Bank
North Side, Bkly
Net
Nat'l
Time Bank
De- Circuposits. lation.
2,021 26,286
2,826
1,833
26,013
b2.i
1,045
b408
8,658
8,676
458
233
286
426
5,734
4,260
1,454 17,334
691
712
9,994
711
Grand aggregate_ _ 5,
Comparison previo us week
8,658 103,005 5,049
-992 -200
Gr'd aggr, July
Gr'd aggr, June 21
Gr'd aggr, June 1
Gr'd aggr, June 7
8,640103,997
8,6401106,608
8,634 109,373
8,634,108,078
5,
5,000
5,000
5,000,
7,041
586
778
5,298
-
9,51 c81,232 13,117
+9
+946 -73
586
+4
5,249 9,438
5,246 10,608
5,403 10,084
5,405 9,443
80,286
82,326
83,283
82,389
13,190
13,03
12,997
12,670
582
583
578
587
a U. S. deposits deducted, $2,293,000.
Bills payable, rediscounts, acceptances and other liabilities, $6,655,000.
Excess reserve, $167,300 decrease.
b As of May 12 1919.
Boston Clearing House Bank.
-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
July 5
1919.
Changes from
previous week.
June 28
1919.
June 21
1919.
$
Circulation
4,720,000 Dec.
10,000 4,730,000 4,730,000
Loans,disc'ts & investments. 571,603,000 Inc. 13,063,000 558,540,000 580,179,000
Individualdeposits,Incl. U.S. 467,414,000 Inc. 19,097,000 448,317,000 464,776,000
Due to banks
120,044,000 Inc. 10,331,000 109,713,000 110,236,000
Time deposits
12,292,000 Dec.
29,000 12,321,000 12,308,000
Exchanges for Clear. House.. 26,684,000 Inc. 7,697,000 18,987,000 19,595,000
Due from other banks
76,709,000 Inc. 5,672,000 71,037,000 68,445,000
Cash In bank & in F. R. Bank 63,441,000 Dec. 2,008,000 66,049,000 65,724,000
Reserve excess In bank and
Federal Reserve Bank..
14,666,000 Dec. 4,213,000 18,879,000 16,058,000
Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending July 5 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
to be kept with the Federal Reserve Bank. "Cashifin
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes,"Reserve
with legal depositaries" and "Cash in vaults."
Week ending hay 5 1919.
Two ciphers (00) OffIliled. Members of
F.R.System
Capital
Surplus and profits
Loans, dise'ts & investmla
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Res've with Fed.Ree.Bank
Res've with legal deposit's
Cash in vault.
Total reserve & cash held_
Reserve required
Excess res. & cash in vault
$29,775,0
81,176,0
789,731,0
30,640,0
118,884,0
145,780,0
501,692,0
5,432,0
652,904,0
Trust
Cos.
$3,000,0
7,784,0
29,319,0
783,0
13,0
311,0
19,825,0
20,136,0
55,274,0
13,439,0
68,713,0
49,957,0
18,756,0
'Wash In vault in not counted
3,309,0
825,0
4,134,0
2,901,0
1,233,0
June 28
1919.
June 21
1919.
$32,775,0
88,458,0
808,292,0
25,440,0
109,651,0
139,641,0
493,247,0
5,282,0
638,170,0
41,239,0
50,903,0
2,754,0
14,720,0
68,377,0
50,853,0
17,524,0
832,775,0
88,461,0
820,757,0
25,533,0
112,542,0
145,775,0
503,257,0
5,257,0
654,289,0
45,383,0
52,067,0
2,997,0
14,842,0
69,906,0
52,206,0
17,700,0
Total.
$32,775,0
88,960,0
799,050,0
31,423,0
118,897,0
146,091,0
521,517,0
5,432,0
673,040,0
30,109,0
55,274,0
3,309,0
14,264,0
72,847,0
52,858,0
10,989,0
as reserve for Federal Reserve bank
members.
153
THE CHRONICLE
JULY 12 19191
-Following Is the weekly statement Issued by the Federal Reserve
Member Banks of the Federal Reserve System.
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
oontained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
tu the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 27 1919.
Other loans and discounts went up 41.2 millions, a larger increase under
Further liquidation of Treasury certificates and war paper accompanied
being shown for the New York City member banks. Aggregate
by reductions in Government and other demand deposits are indicated in this headof U. S. war securities and war paper declined from 3.506.4 to
holdings
weekly statement of condition on June 27 of 3,326.8 millions and constitute 23.2% of the total loans and investmente
the Federal Reserve Board's
771 member banks in leading cities.
a all reporting banks, as against 24.2% the week before. For the New
As the result of redemption before maturity of Treasury certificates the York City banks, a decline in this ratio from 27.2 to 25.7% may be noted.
Government deposits show a decline of 40.6 millions, though the New
decline of 124 millions for all reporting
holdings of these securities show a
banks and of 88.7 millions for member banks in Federal Reserve Bank York City banks report a gain under this head of 12.2 millions. Other
cities. Decreases of 10.4 millions in U. S. bonds other than circulation demand deposits (net) fell off 35.8 millions, while time deposits increased
bonds, and of 13.9 millions in Victory notes represent largely amounts 20.8 millions. Reserve balances with the Federal Reserve banks went
increase in
sold to customers on the partial payment plan, while the decrease of 31.4 up 54.3 millions, the New York City banks alone reporting an of
about 7
millions In war paper goes hand in hand with the redemation of certificates this item of 34.5 millions, while cash in vault shows a decline
millions.
mentioned.
for all reporting banks in each district. Two ciphers (00) omitted.
I. Data
Barge.. _
Total.
Boston. New York. Philadel. Cleveland Itichned. Atlanta, Chicago. St. Louis. Minneap Kan. City Dallas. San Fran.
Member
-53
36 .
75
44
771
35
101
47
56
88
109
82
45
Plumber of reporting banks
$
$
$
$
$
$
$
$
$
$
$
$
$
269,165,(
49,012,0 11,597,0 41,421,0 25,590,0 15,515,0
20,140,0 17,156,0 6,886,0 14,117,0 18,723,0 34,600,0
14,408,0
U.S.bonds to secure circulat'n
Other U. S. bonds, including
628,392,(
52,231,0 15.198,0 9,935,0 21,484,0 15,997,0 34,475,0
15,965.0 293,905,0 36,175,0 62,759,0 41,151,0 29,117,0
Liberty bonds
374,812,(
56,781,0 15,887,0 5,576,0 10,429,0 4,308,0 9,942,0
10,855,0 168,736,0 17,677,0 45,460,0 14,131,0 15,030,0
U. S. Victory Notes
916,739,(
34,925,0 22,879,0 31,709,0 21,462,0 53,827,0
291,528,0 59,616,0
U. S. certifs. of Indebtedness_ 42,510,0 803,181,0 125,065,0 74,818,0 63,608,0 49,376,0 170.391,0 83,166,0 45,276,0 77,829,0 60,490,0 312,844,0 2.189,108A
83,738,0
224,458,0 144.480,0 109,038,0 299,543,0
Total U.S.securities
16,470,0 7,239.0 22,621,0 1,406,840,(
70,116,0 757.373,0 176,968,0
Loans sec. by U.S.bonds,&a. 826,648,0 4,311,848,0 649,120,0 111,138,0 43,288,0 29,068,0 105,113,0 27.170,0 39,376,0 464,666,0 182,547,0 541,288,0 10,753,101,(
1,019,530,0 385,557,0 312,304,0 1,459,994,0 390,144,0 209,455,0
All other loans & investments
bal. with F. R. bank 74,771,0 681,748,0 63,113,0 86,453,0 32,940,0 29,127,0 165,949,0 38,630,0 24,253,0 51,082,0 21,024,0 54,177,0 1,323,267,(
Reserve
351,574,(
66,009,0 10,637,0 8,787,0 15.766,0 10,069,0 19,873,0
23,256,0 117,825,0 18,411,0 31,058,0 18,826,0 13,059,0
Cash In vault
711,762,0 4,826,870,0 635,929,0 780,088,0 308,689,0 246,881,0 1,231,825,0 285,774.0 230.192,0 408,303,0 171,721,0 447,552,0 10,285,586,(
Net demand deposits
119,728,0 283,025,0 20,827,0 296,419,0 81,550,0 115,872,0 443,361,0 97,632,0 56,393,0 75,367,0 29,521,0 137,399,0 1,756,894,(
deposits
Time
782.6111
95.105.0 21.208.0 4.649.0 11.488.0 4.721.0 8.457.0
(lamas_ ._ _ _ 60.992,0 407,924,0 48,818,0 74,608.0 21.729.0 18.712.0
nnoarnmant
2. Data for Banks In Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Report na Banks.
Chicago.
New York.
June 27.
June 20.
June 27.
June 27.
June 20.
June 27.
Total.
All Other Renorrg Banks
All F. R. Bank Cities. F. R. Branch Cities.
June 20.
June 27.
June 27.
Junel 20.
June 20.
June 20.
771
771
44
34
$ 347
$ 161
72
44
0
261
1631
261
72
No.reporting banks
a
$
$
$
s
$
$
$
$
s
U. FL bonds to secure dr268,540,0
269,165,
57,310, 107,803,1 107,304,1
1,389,
39,315,0 39,282,1
1,370,0 103,958, 103,926,0 57,404,
eulation
Other U. S. bonds. Includ638,781,0
628,392,
23,070,0 228840 367,431, 374,738, 109,278,0 110,714, 151,683,0) 153,329,i
260,863,0 265,322,1
ing Liberty bonds
374,812,0 388,738,0
28,495,0 30:797: 232,978,0 239,527,
79,547,0 82,943,0 62,287,0 66,268,i
147,448,0 148,616,1
U. S. Victory Notes
916,739, 1,040,804,0
89,183,01 94,672,0 515,789,01 604,471,01 223,717.0 248,026,0 177,233,0 188,167,
indebtedneesl 255,247,0 309,382,1
U. S. ctfs. of
_ 702,873,0 762,602,1 142,117,0 149,723,1 1,220,156,011.322,662.01469,946,0 498,993,0 499,006,0 515,088, 2,189,108,0 2,336,723,0
Total U.S.
76,193,0 75,781 I 1,112,579,0
„ . 135,759,0 137,469,0 158,502,0 159,645, 1,406,840, 1,438,204,0
securities.Loans sec. by U.S. bds.,&o 711,737,0 738,005,0
10,711,859,0
All other loans&Investm't 3,928,738,13,876,268,1 890,979,0 887,369:, 7,207,773,07,170,027, 1,654,548,0 1,653,187,01,890,780,01,888,645,010,753,101, 1,288.989,0
Res. balances with F.R.Bk 650,919,1 616,368,1 114,592,01 113,092,01,002,340,01957,029,01 155,069,0 149,058,0 165,858,0 162,902,$ 1,323,287,
39,339,0 38,820,1 206,860, 208,614,
57,518,
58,998,0 87,196,0 90,976,1
106,701,1 109,859,1
351,574,01 358,588.0
Cash In vault
4,464,537,0 4,459,294,1 821,328,oI 813,351,0 7,363,108,0 7,360,942,01,305,820,01,320,900,0 1,616,658,01,639,563,i 10,285,586.0 10,321,405,0
Net demand deposits
720,522,01 704,253,0
I 222.041,0 218,591,i 168,498,01 167,642,0 610,544, 631,904,0 522,893,0 520,251,0 513,479,g 511,630,1 1,756,894, 1,736,134,0
Time deposits
823,238,0
782,611,
60,055,1
64,042,0 71,164,1
390,041,1 377,801,1
118,328,0 131,277,01 53,739,
Government deposits
Betio of U.S. war eecurltiei
paper to total
and war
24.2
23.2
22.1
19.6
21.6
27.2
25.31
25.7
24.3
24.5
20.1
24.3
Inana and Investments%
•
•Separate figures not available. x Subject to correction.
The Federal Reserve Banks.-Followhig Is the weekly statement Issued by the Federal Reserve Board on July 5:
Friday, July 4, being a national holiday, the Federal Reserve Bank
statement was issued as at close of business on Thursday July 3. The
statement indicates increased borrowings by member banks and large
further
issues of Federal Reserve notes, accompanied by for the gold withdrawals.
week and of 72.9
Goldireserves show a decline of 18.8 millions
millions since Juno 6, the Friday preceding the removal of the gold om1110
bargo.
An increase of 59.2 millions is shown for war paper on hand, while other
discounts went up 17.8 millions and acceptances-26.1 millions. As
against a total increase of 103.1 millions in bill holdings the banks report
liquidationtof about 4 millions of Trea.sury certificates, their total earnings
assets thusrshowlng an increase of over 99 millions. Compared with this
largelincrease in total investments interbank borrowings underwent substantial liquidation, the amount of war paper hold under discount for other
Federal Reserve banks showing a reduction from 122.6 to about 88 millions,
while the holdings of acceptances purchased from other Federal Reserve
banks declined over 3 millions.
Government deposits increased 62.7 millions, reserve deposits declined
25.4 millions, while the "float" carried by the Reserve banks went up 29
millions. Other deposits, including foreign government credits, shovrfan
increase of over 13 millions with the result that net deposits work out 21.3
millions larger than the week before. Federal Reserve notes in circulation exceeded by 53.2 millions the previous week's total, New York, Boston, Chicago and San Francisco accounting for most of the increase, while
total cash reserves declined 20.9 millions. The banks' reserve ratio shows
a decline from 52.1 to 50.8%.
Following the payment of the regular semi-annual dividend the banks
were able to increase their surplus by 31.6 millions besides retaining 10%
of their net profits, or 3.5 millions, in profit and loss account. Their surplus amounts now to nearly 100% of their paid-in capital.
The figures of the consolidated statement for the system as &whole are given in the following table,and in addition we present
the resultsfor each of the seven preceding weeks,together with those of the corresponding week of last year thusfurnishing a UMtable we show the resources and liabilities separately for each of the twelve Federal Reserve banks.
fUl comparison. In the second
Thestatement of Federal Reserve Agents'Accounts(the third table following)gives details regarding the transactions in Federal
Reserve notes between the Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 3 1919.
_
RESOURCES
Gold coin and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
July 3 1919. June 27 1919, June 20 1919. June 13 1919, June 6 1919. May 29 1919. May 23 1919. May 16 1919. July 5 1918.
$
282,943,000
564,290,000
$
314,135,000
597,046,000
$
332,676,000
581,238,000
$
355,811,000
582,675,000
a
354,969,000
581,055,000
a
346,618,000
586,742,000
$
346,997,000
572,001.000
$
335,224,000
548,954,000
$
421,927,000
524,303,000
16,272,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
847,233,000 911,181,000 913,914,000 938,486,000 938,024,000 933.360,000 918,998,000 884,178,000 962,502,000
1,155,278,000 1,113,824,000 1327,218,000 1,117,970,000 1,139,508,000 1,131.725,000 1,139,825.000 1,150,903.000 962,075,000
126,435,000 122,779,000 124,595,000 137,418,000 126,272,000 122,658.000 119,916,000 140,756,000 34,533,000
Total gold reserves
Legal tender notes, silver, &e
2,128,946,000 2,147.784,000 2,165,725,000 2,193,874,000 2,201,804,000 2,187.743,000 2,178,739,000 2,175.837,000 1,959,110,000
56,053,000
69.194,000 70,020,000
67.363,000
88,539,000
66,407,000
68,114,000
68,472,000
68,737,000
Total reserves
Rills discounted:
Secured by Govt war obligations
All other
Bills bought in open market
2,195,353,000 2,216,256,000 2.234,459,000 2,261,988,000 2,270,343,000 2,255.106,000 2,247,933,000 2,245,857,000 2,015,163,000
1,633,639,000 1,573,483,000 1.621,928,000 1,605,576,000 1,620,994,000 1,802,893,000 1,762,487,000 1,863,476,000
262,389,000 244,557,000 215,512,000 182,598,000 190,130,000 186.499,000 176,379,000 175,464,000
330,679,000 304,558,000 274,736,000 234,537,000 198.307,000 183.650,000 193,187,000 184,717,000
563,496,000
513,286,000
211,947,000
2,225,707,000 2,122,598,000 2,112,176,000 2,112,711,000 3,009,431,000 2,173,042,000 2,132,053,000 2,223,657,000 1,288,729,000
42,749,000
27,131,000
27,140,000
27,131,000
27,130,000
27.129,000
27,130,000
27,130,000
27,133,000
19,000
17,000
83 000
377,000
333,000
333,000
335,000
333,000
200,068,000 204,104,000 201.883,000 204,405,000 227,553,000 201,300.000 199,748.000 204,082,000 .17,350,000
26,000
•
2,453,282,000 2,354,167,000 2,341,523,000 2,344,579,000 2.264.446,000 2.402,056.000 2.353,967,000 2.454,889,000 1,348,854,000
Total earning assets
10,976,000
10,976,000
10,986,000
10,986,000
11,684,000
10.986,000
11,257,000
11,066,000
Bank premises
Uncollected Items and other deductions
742,527,000 686,063,000 848,157,000 835,362,000 650,757,000 634,639,000 679,798,000 709,355,000 669,257,000
gross deposits
from
725,000
8,924.000
8,271,000
8,963.000
9,956,000
8,868,000
8,899,000
9,714,000
9.053.000
5% redemp.fund asst. F. R. bank notes
10,163,000
10,242,000
10,289,000
10,306,000
10,035,000
10,332,000
10,042,000
10,551,000
11,192,000
All other resources
5,423,108,000 5,288,008,000 5,455,450,000 5,472,148,000 5,215,442,000 5,321,785,000 5,316,234,000 5,440,243,000 4,044,162,000
Total resources
LIABILITIES.
76,163,000
82,397,000
82.553,000
82,589,000
82,811,000
82,674,000
82,652,000
82,764,000
82,756,000
Capital paid in
1,134,000
49,460,000
49,466,000
49,466,000
49,466,000
49,460,000
81,087,000
49,466,000
49,466,000
Surplus
99,999,000 185,841.(1)0 128,398,009
26.058,000 141,479,000
136,328,000
73,614,000 161,495,000 245,245,000
deposits
Government
1,687,608,000 1,713,030,000 1,648,630,000 1,633,583,000 1,705,104,000 1,656,118,000 1,697,524.000 1,713,341,000 1,369,697,000
Due to members, reserve account
561,896,000 534,420,000 682,097,000 623,739,000 497,349,000 517.638,000 537,642,000 549,702,000 527,580,000
Deferred availability items
142,138,000 125,786,000 117,509,000
Other deposits, incl. for. Govt. credits. 128,698,000 115,693,000 127,264,000 127,505.000 134,364,000 150,324,000
2,514,530,000 2,436,757,000 2,619,486,000 2,630,132,000 2,362,875,000 2,465,559,000 2,477,303,000 2.574,670,000 2,143,184,000
Total gross deposits
2,552,348,000 2,499,180,000 2,488,253,000 2,499,265,000 2,513,037,000 2,519,292,000 2,504,253,000 2,532,039,000 1,791,569,000
F. II-notes In actual circulation
10,635,000
188,045,000
F. It. bank notes in circulation-net liab 181,570,000 177,185,000 173,775,000 170,937,000 189,246,000 168,427,000 167,203.000
21,477,000
33,626,000
35,451,000
36,452,000
39,672,000
10,762,000
38,166,000
41,714,000
42,656,000
liabilities
All other
5.423.108.000 5.288.008.000 5.4M450.000 5.472.148.000 5.215.442.000 A 121 785 non 5.318.234.000 5.440.243.000 4.044.162.000
Tntal Ilabintlaa
Total bills on hand
U. S. Government bonds
U. S. Victory Notes
U. S. certificates of indebtedness
All other earning assets
•
'Amended figures.
t Includes One-Year Treasury Notts.
154
THE CHRONICLE
[VOL. 109.
July 3 1919. June 27 1919. June 20 1919. June 13 1919. June 6 1918. May 29 1919. May 24 1918. May 16 1919. July 5 1918.
old reserve against net deposit flab-old res. agst. F. R.notes in act. oiro'n
silo of gold reserves to net deposit and
F. R. n /te liabilities combined
atio of WPM reserves to net deposit and
F. R. n As. liabilities combined
atlo of god reserves to F. R. notes in
Circulation after setting aside 35%
against net deposit liabilities_
47.8%
50.2%
50.1%
49.5%
49.2%
47.4%
51.0%
51.8%
50.3%
52.3%
50.2%
49.9%
50.8%
51.1%
52.1%
50.3%
50.6%
50.9%
60.0%
50.8%
52.1%
52.5%
52.7%
53.7%
51.8%
52.3%
51.1%
61.7%
61.7%
64.2%
64.9%
65.4%
66.5%
84.1%
64.6%
62.9%
80.6%
54.7%
50.4%
51.0%
49.8%
51.7%
50.3%
65.3%
55.6%
Distribution by Maturities-$
$
$
$
$
$
$
$
$
1-15 days bills bought in open market
86,021,000
75,449,000
81,406,000
81,213,000
57,635,000
57,726,000
57,301.000
57,255,000 1 719,715,000
I-15 days bills discounted
1,568,510,000 1,484,822,000 1,508,510,000 1,577,715,000 1,542,468,000 1,727,796,000 1,675,512,000 1,765,491,000 J
I-15 days U. S. certif. of indebtedness_
18,898,000
25,279,000
25,097,000
30,235,000
34,855,000
53,578,000
30,748,000
2,784,000
30,938,000
;15 days municipal warrants
5,000
if1-30 days bills bought in open market
69,071,000
64,136,000
60 862,003
43,315,009
42,542,000
40,139,000 1 139,892,000
39,711,000
37,957,000
if1-30 days bills discounted
108,566,000 123,334,000
5769984001
43,424,000
42,344,000
37,495,000
35,738,000
64,850,000 J
If1-30 days U. S. certif. of indebtedness_
13,000
494,000
112,000
3,392,000
3,318,000
411,000
881,000
.-- 244/09 /
if1-30 days municipal warrants
5,000
.-60 days bills bought in open market
109,976,000 113,389,000 990344,0 s) 8:,936,000
71,657,000
65,767,000
60,787.000 1 268,832,000
69,632,000
3.-60 days bills discounted
117,978,000 122,083,000 128.1135, i K) 158,588,000 144,953,000 141,123,000 138,435,000
70,024,000 J
31
.-80 days U. S. certif. of indebtedness_
8,212,000
4,092,000 ,., 235.00
632,000
391.000
3,209,000
765.000
3,971,000
;60 days municipal warrants
65,611,000
6 .-90 days bills bought in open market
51,534,000
52,82.1.,JJ0
42,044,030
26,332,000
31,828,000
26,536,000 1 119,723,000
22.006,000
6:90 days bills discounted
71,579,000
58,531,000
54,885,000
75,137,000
81,398,009
80,492,000 119,991,000 f
60,509,000
6 ;90 days U.S. certif. of indebtedness_
22,234,000
14,040,000
13,036,000
11,130,000
7,121.000
4,059,000
13,726,000
109,000
2,097,000
6 .-90 days municipal warrants
ver 90 days bills bought in open market
1 40,567,000
ver 90 days bills discounted
28,395,000
31,270,000
29,217,000
26,310,000
22,083,000
24,810,000
24,226,000
18,584,000 J
152,713,000 160,199,000 163,271,000 162,246,000 166,051,000 153,053,000 163,015,000 181,955.000
ver 90 days certif. of indebtedness
10,507,000
ver 90 days municipal warrants
Federal Reserve Notes—
-----0utetandlng
2,740,893,000 2,694,640,000 2,693,193,000 2,709,895,000 2,722,606,000 2,708.447,000 2,725,791,000 2,741.265,000 1,917,152,000
188,545,000 195,460,000 204,945,000 210,630,000 209,569,000 189,155,000 221,538,000 209,226,000 125,583,000
eld by banks
In actual circulation
Fed. Res. Notes (Agents Accounts)—
eaelyed from the Comptroller
eturned to the Comptroller
2,552,348,000 2,499,180,000 2,488,253,000 2,499,265,000 2,513,037,000 2,519,292,000 2,504,253,000 2,532,039,000 1,791,569,000
4,686,700,000 4,656,260,000 4,828,520,000 4,605,680,000 4,547,600,000 4,497,080,000 4,484,140,000 4,455,660,000 2,607,120,000
1,582,475,000 1,548,848,000 1,510,880,000 1.472,748,000 1,427,071,000 1,383,785,000 1,347,634.000 1,311,640,000 445,138,000
Amount chargeable to Fed. Res. agent 3,104,225,000 3,107,412,000 3,117,660,000 3,132,912,000 3,120,529,000 3,113,295,000 3,136.506.000 3,144,020,000 2,161,982,000
i hands of Fed. Res. agent
363,332,000 412,772,000 424.462,000 423,017,000 397,923,000 404,848,000 410,715,000 402,755,000 244,830,000
Issued to Federal Reserve banks
How Secured—
y gold coin and certificates
y lawful money
y eligible paper
old redemption fund
'Ith Federal Reserve Board
2,740,893,000 2,694,640,000 2,693.198,000 2,709.895,000 2,722,606,000 2,708,447,000 2,725,791.000 2,741,265,000 1,917,152,000
—
228,998,000 219,998,000 218,998,000 224,998,000 231,498,000 228,498,000 228,498,000 240,498,000 214,944,000
1,585,615,000 1,580,816,000 1,565,982,000 1,591,925,000 1,583,098,000 1,576,722,000 1,585,966,000 1,590,362,000
93,817,000
81,024,000
88,817,000
81,222,000
85,084,000
81,219,000
83,713,000
87,251,000
832,463,000 812,802,000 821,401,000 811,750,000 824,297,000 815.976,000 830,108,000 825,321,000
955,077,000
56,873,000
690,238,000
Total
2,740,893,000 2,694,640,000 2,893,198,000 2,709,895,000 2,722,806,000 2,708,447,000 2,725,791,000 2,741,265,000 1.917,152,000
ligible per delivered to F. R. agent_
2,150.698.000 2.034.467.000 2.010.114.000 2.001.203.000 1.955.496.000 2.079.281.000 2.052.784.000 2,135,541,000 1,224,983,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 3 1919
Two elphers (00) omitted.
Boston.
New York.
PAM;
Cleveland. Richm'n4. Atlanta. Chicago. St. Louis. Minneap. gan.City. Dallas. San Fran.
Total,
RESOURCES.
$
Glold coin and certIlIcates
3,804,0
Gold Settlement Fund,F.R.B'd 28,326,0
$
$
$
$
$
3
3
$
3
187,413,0
306,0 27,209,0 2,187,0 7,978,0 23,460,0 3,580,0 8,381,0
114,0
153,304,0 45,772,0 48,458,0 10,863,0 15,790,0 104,711,0 24,867,0 34,020,0 40,026,0
32,130,0
Total Gsld held by banks._ _
Gold with Fed Reserve Agents _ 56,556,0
Gold redemption fund.
16,742,0
340,717,0 46,078,0 75,667,0 13,050,0 23,768,0 128,171,0 28,447,0 42,401,0 40,140,0 12,669,0 63,995,0 847,233,0
290,739,0 73,345,0 126,225,0 43,677,0 47,160,0 263,527,0 60,007,0 36,031,0 24,045,0 15,976,0 117,990,0 1,155,278,0
24,639,0 8,069,0
672,0 9,800,0 4,762.0 30,202,0 4,516,0 4,390,0 17,275,0 3,689,0 1,679,0 126,435,0
Total gold reserves
Legal tender notes, silver, Sto
105,428,0
6,525,0
656,095,0 127,492.0 202,584,0 68,527,0 75,690,0 421,900,0 92,970,0 82,822,0 81,460,0 32,334,0 183,664,0 2,128,946,0
50,095,0
799,0
248,0
443,0 1,532,0
855,0 3,263,0
320,0 1,937,0
92,0
298,0
66,407,0
Total reserves
111,953,0
Bills discounted:Secured by Government war obligations (a). 143,591,0
All other
9,576,0
Bills bought In open market (b)_ 19,240,0
674,449,0 170,753,0 105,432,0 72,741,0 68,194,0208,412,0 42,634,0 35,144,0 36,126,0 31,208,0 43,955,0 1,632,639,0
65,674,0 17,852,0 8,554,0 15.060,0 14,165,0 30,199,0 11,159,0 4,819,0 48,698,0 22,947,0 13,686,0 262,389,0
113,017,0
711,0 40,316,0 7,194,0 6,589.0 45,802,0 8,505,0 21,254,0
895.0 67,118,0 330,679,0
8,0
Total bills on hand
172,407,0
U.S. Gov't Bonds
539,0
U. S. Gov't Victory Bonds
29,0
U. S. Certif. of Indebtedness_ 16,916,0
853,170,0 189,316,0 154,302,0 94,995,0 88,948,0 284,413,0 62,298,0 61,217,0 84,832,0 55,050,0 124,759,0 2,225,707,0
1,301,0 1,385,0 1,083,0 1,234,0
376,0 4,477,0 1,153,0
116,0 8,867,0 3,966,0 2,633,0
27,130,0
50,0
1,0
7,0
290,0
377,0
57,333,0 22,850,0 17,546,0 6.660,0 10,575,0 25,612,0 17,068,0 6,014,0 6,896,0 5,900,0 5,798,0 200,068,0
Total earning assest
189,891,0
Bank premises ___. _ __ ..._
800,0
Uncollected items and other deductions from gross deposits
69,891,0
5% Redemption fund against
P. R. bank notes
846,0
All other resources
330,0
911,854,0 213,552,0 172,931,0 102,880,0 99,906,0 314,502,0 80,519,0 68,537,0 100,595,0 64,916,0 133 190,0 2,453,282,0
500,0
4.008,0
395,0
875,0
458,0 2,936,0
401,0
691,0
222,0
11,684,0
400,0
$
3
7,389.0 11,172,0
5,330,0 51,823,0
I
282,943,0
564,290,0
706,190,0 127,740,0 203,363,0 66,970,0 77,222,0 422,755,0 96,233,0 82,914,0 81,780,0 34,271,0 183,962,0 2,195,353,0
191,617,0 69,536,0 81 736,0 59,893,0 32,076,0 82,686,0 53,239,0 11,844,0 56,894,0 23,095,0 28,114,0
1,854,0
2,634,0
1,125,0
1,034,0
859,0
1,003,0
448,0
598,0
503,0
586,0
1,626,0
1,344,0
802,0
552,0
314,0
165,0
730,0
512,0
436,0
766,0
408,0
732,0
742,527,0
9,956,0
10,306,0
Total resources
373,711,0 1,818,155,0 413,537,0 440,767,0 231,199,0 211,656,0 825,849,0 233,036,0 103,774,0 240,912,0 123,706,0 346,806,0 5,423,108,0
LIABILITIES.
Capital paid In
21,470,0 7,651,0 9,252,0 4,205,0 3,247,0 11,453,0 3,866,0 3,012,0 3,763,0 3,239,0 4,776,0
6,877,0
82,811,0
Inagua
32,922,0 5,311,0 5,860,0 3,800,0 2,805,0 9,710,0 2,589,0 2,320,0 3,957,0 2,029,0 4,578,0
5,203,0
81,087,0
Government deposits.....__ ._ 14,653,0
32,502,0 5,315,0 13,982,0 5,983,0 5,600,0 23,928,0 8,781,0 2,506,0 7,274,0 2,940,0 12,859,0 136,328,0
Due to members, reserve account 95,020,0 678,669.0 102,165.0 126,741,0 52,181,0 47,004,0 257,927,0 59,015,0 55,191,0 80,263,0 42,807,0 00,620,0 1,687,608,0
Deferred availability Items
50,345,0 141,409,0 65,547,0 49,597,0 47,826,0 25,327,0 61,663,0 37,689,0 9,763,0 36,046,0 18,164,0 19,620,0 561,898,0
All other deposits
1,400,0 108,639,0 1,848,0
698,0
877,0
255,0 5,437,0
033,0 2,318,0 1,010,0
236,0 5,047,0 128,698,0
Total gross deposits..161,423,0 961,219,0 174,875.0 191,197,0 106,688,0 78,186,0 348,955,0 106,418,0 89,778,0 125,498,0 62,417,0 128,146,0 2,514,530,0
F. R. notes in actual circulation. 182,631,0 7132,915,0 203,310,0 217,567,0 190.640,0 117,320,0 429,248,0 104,350,0 82,203,0 94,014,0 47,908,0 201,212,0 2,552,438,0
F. R. bank notes In Oral Won
—net liability
16,796,0
35,901,0 21,672,0 16,199,0 8,329,0 9,786,0 25,382,0 15,433,0 6,134,0 12,773,0 7,826,0 7,339,0 181,570,0
ill other liabilities
778,0
3,728,0
718,0
537,0
692,0
312,0 1,101,0
877,0
327,0
380,0
557,0
10,762,0
755,0
Total liabilities._ _ .__ _._ 373,711,0 1,818,155,0 413,537,0 440,767,0 231,199,0 211,656,0 825,849,0 233,036,0 163,774,0 240,912,0 123,706,0 340,806,0 5,423,108,0
iftonoranda—Contingent liability as endor ser on:
Discounted paper rediseounted
with other F. R. banks_
35,983,0
45,000,0
87,983,0
7,000,0
Bankers' acceptances sold to
other F. R. banks
5,002,0
5,062,0
a) Includes bills discounted for
other F. R. banks, viz
25,000,0
62,983,0
87,983,0
(b)Includes bankers' acceptances bought fr om other F. R. bank s:
With their endorsement_
5,062,01
5,062,0
Without thpir anrinrawmant
24.307.0
24.307.
,
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JULY 3
Two ciphers (00) omitted.
Boston.
New York
Phila.
Cleveland Richmond Atlanta
Mg
Chicago. St. Louis. ,Ifinnsap. Kan.CUy. Dallas. San Fran,
Total
Veleta! Reserve notes:
$
A
$
Received from Comptroller
322,030,0 1,608,680,0 396,980,0 362,300,0 225,620,0 236,500,0 633,200,0 203,320,0 134,380,0 167,700,0 104,360,0,291,580,0 4,686,700,0
Returned to Comptroller__ ._ 117,857,0 656,684,0 153,643,0 100,208,0 84,589,0 54,420,0,152,058,0 69,499,0 35,143,0 54,279,0 34,284,01 84,806,0 1,532,475,0
Chargeable to P.R. Agent__ 204,223,0
In hands of F. R. Agent
15,900,0
Issued to F. R.Bank, less amt
returned to F. R. Asent for
redemption*
188,323,0
Calist'l security for outirg notes:
Gold coin and otfs. on hand_
Gold redemption fund
11,556,0
Gold Sei'm't Fund, F. R. B'd. 45,000,0
Eligible paper, min'm required 131,767,0
951,996,0 238,332,0 262,092,0 141,031,0 182,030,0 481,142,0 133,821,0 99,237,0 113,421,0 70,076,01226,774,0 3,104,225,0
110,800,0 21,980,0 30,980,0 27,588,0 59.749,0, 25,920,01 16,420,0 14,860,0 13,450,0 20,505,0i 5,200,0 383,332,0 .
1
I
841,196,0 216,352,0 231,112,0 113,463,0 122,331,0 455,222,0 117,401,0
1
I
183,741,0
18,125,0
2,500.0
16,999,0 12,456,0 13,100,0 2,177,0 3,660,0 8,022,0 3,576,0
90,000,0 60,889,0 95,000,0 41,500,0, 41,000,0 255,505,0, 56,431,0
550,457,0 143,007,0 104,887,0 69,786,0i 75,171,0 191,695,0: 57,394,0
I
I
84,377,0 09,971,0 49,571,0 221,574,0 2,740,893,0
1
11,581,0
13,052,0
228,998,0
2,179,0 2,685,0 2,711,0 14,696,0, 93,817,0
20,800,0 21,360,0, 1,684,0 103,294,0' 832,463,0
48,346,0 75,920,01 33,595,0,103,584,0,1,585,615,0
Total_
.148,323,0 841,196,0 216,352,0 231,112,0 113,463,0122,331,0,455,222,0117,401,0
Amount of eligible paper deity
ered to F. R. Agent
172,407,0 853,170,0 152,338,0 152,186,0 91,257,01 79,835,0284 347 0; 62 293 0
F. R. notes outstanding
188,323,0 841,196,0 216.352,0 231,112,0 113,463,0 122,331,0 455,222,0 117,401,0
E. It. notes held by bank— 5,692,0
78,2810 13,042,0 13,545,0 3,823,0, 5.011,0 25,974,0, 13,051,0
;
-:
F. R. notes In actual circulation. 182,631,0 762,915,0 203,310,0 217,567,0 109,640,0 117.320,0429,248,0 104,350,0
84,377,0 99,071,01 49,571,0:221,574,0:2,740,893,0
59,086,0 84,832,0! 55,050,01, 103,897,02,150,698,0
84,377,0 99,971,0, 49,571,0 221,574,0 2,740,893,0
2,174,0 5,927,0, 1,603,0 20,362,01 188,545,0
82,203,0 94,044,0 47,908,0 201,212.02,552,348,0
THE CHRONICLE
JULY 121919.]
Vaulters'
mune.
Wall Street, Friday Night, July 11 1919.
Railroad and Miscellaneous Stocks.-Following the
protracted holiday the stock market opening on Monday
morning met a large supply of orders in brokers hands and
prices advanced rapidly in all departments during the greater
part of the day. The demand for call loans thus created
caused an advance in the rate to 20%, which not only
checked the demand for stocks but also resulted in a surplus
of offerings, a decline which more than offset the earlier
advance and aggregate transactions of more than 2,000,000
shares. Since Monday the market has been irregular but
generally firm in tone and the tendency has been toward a
recovery to last week's level of prices on a volume of busines
averaging about 1,600,000 shares daily.
President Wilson's return after an absence of six months
or more and his address to Congress, although among the
most important historical events of the week, passed with
no appreciable effect in Wall Street, as did also the Government report of the wheat crop, showing a relative condition
of 89, as against 94 a month ago, and forecasting a harvest
75,000,000 bushels smaller than the June estimate.
On the other hand, a drop in'call loan rates to 6 and 63/2%
and a report that unfilled orders on the books of the Steel
Corporation increased 610,000 tons during the month of
June were regarded in financial and industrial circles as
hopeful signs of returning normal conditions.
Of a list of 12 most prominent railway issues only 5 show
a net gain for the week. Canadian Pacific advanced 13
points on a report that the Canadian Government will
favor making it a holding company for other, or all, Canadian roads. Reading closes 2 points higher than last week
and Bait. & Ohio nearly 2. On the other hand, Texas &
Pacific lost 24 points of last week's advance.
The industrial issues have as usually fluctuated widely.
Chandler Motors has advanced 153/2 points, Pierce Arrow
over 6, and United Cigars 734', while Gen. Motors has
declined 6, Central Leather 5 and U. S. Rubber 4.
-Sales of State bonds at
State and Railroad Bonds.
the Board are limited to $35,000 Virginia 6s deferred trust
receipts at 655 to 66.
%
The market for railway and industrial bonds has displayed
more than usual activity and transactions have included a
larger number of issues. Prices, however, have not been
well sustained. Of a list of 20 relatively active and prominent issues, 8 have declined and 5 are unchanged. The local
tractions were again weak, Interboro. R. T. leading with a
drop of 1% points. Advances are generally represented by
a fraction, but Ches. & Ohio cony. 43's are exceptional in
showing a gain of 33% points.
-Sales of Government bonds at
United States Bonds.
the Board are limited to the various Liberty Loan issues.
For to-day's prices of all the different issues and for the week's
range see third page following.
-The market has again ruled weak,
Foreign Exchange.
quotations atone time touching the lowest point ever recorded.
Exchange at Paris on London, 30.88 fr.; week's range,
30.72 fr. high and 40.75 fr. low.
The range for foreign exchange for the week follows:
Cheques.
Cables.
448344 5034
4 5134
4 4434
4 4734
4 4834
6 66
6 72
6 64
6 98
6 92
6 90
37 11-16
3834
3834
37 3-16
3734
38
Low
-Chicago,par. St. Louis, 15(4)25c.
Domestic Exchange.
Sixty Daps.
Sterling Actualnigh for the week
Low for the week
Paris Bankers' Francs
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
for the week
per $1,000 discount. Boston, par. San Francisco, par.
Montreal,$30.3250 per $1,000 premium. Cincinnati, par.
-Speculation on the "curb" this week
Outside Market.
was on a large scale and new high records were established
in a number of instances. The trading covered a broad list
of issues and while profit-taking caused some irregularity
in price movements values were well maintained. Fisk
Rubber was a center of interest, the common stock advancing
over 11 points to 5534', the close to-day being at 5432•
Cramp Shipbuilding moved up from 165 to 182. N. Y.
Shipbuilding was in demand and sold up from 51 to 62.
Colonial Tire & Rubber was also a strong feature and after
an advance from 24 to 25% during the week, jumped to
29% to-day. United Retail Stores was in demand and after
%
an early drop of some 4 points to 923 advanced to 98,
with the close to-day at 97. Hupp Motor was heavily
traded in from 11% to 141 and at 13% finally. Allied
%
Packers lost 2 points to 633/2. General Asphalt common
gained 2 points 'luring the week to 823/i and to-day sold to
89, the close being at 8734'. Havana Tobacco preferred in
the early trading sold up 6 points to 25 but reacted and sold
at 1734' finally. Intercontinental Rubb( r after early improvement from 233 to 25 fell to 21 and ends the week at
%
223/2. Iron Products was actively traded in and advanced
from 55 to 63, the final figure to-day being 61. National
Aniline & Chemical common advanced some 7 points to 46.
Union Carbide & Carbon sold up from 793' to 86 and closed
to-day at 843/2. Oil stocks were fairly active and moved
within narrow limits.
155
For daily volume of business see page 164.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending July 11. for
Week.
Range for Week.
Lowest.
Range since Jan. 1.
Highest.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
100 400 55 July 9 5534 July 7 2934 Apr 84 i May
Adams Express
50 2,500 43 July 10 46 July 11 33
Am Bank Note
Jan 4734 June
Preferred
50 200 4834 July 7 4834 July 10 42
Jan 4834 June
Am Bosch Magn_no par 23,800 102 July 711334 July 9 8434 May 11354 July
100 93 July 8 93 July 8 90
Am Brake Shoe & F.._100
May 93 June
100
2001164'% July 7 165 July 7 160
Preferred
Jan 175
May
100 1,9001 95 July 8 9634 July 9 8254 Ap 103
American Express
May
100 500 124 July 7 12434 July 9 105
American Snuff
Jan 130
May
100
5001 93 July 10 95 July 8 93
Preferred
Jan
July 99
Am Sumat Tob pref-100 4001 9634 July 7 99 July 9 93
Jan 100
May
2001 434 July 7 434 July 9 1
100
Ann Arbor
Apr
Apr 5
2001 134 July 9 154 July 9 1
Assets Realization_ _ _ _10
Jan 354 Mar
Assoc Dry Goods_ _ 100 6,SOOj 52 July 10 5634 July 11 1734 Jan 5834 June
1& 7834 July 10 7834 July 10 61
100
1st preferred
Ma 7954 May
100 2001 77 July 8 77 July 8 583-4 Feb 8034 May
2d preferred
100
200, 92 July 8 9234 July 9 68
Associated Oil
Jan 9634 May
20d 1034 July 11 1034 July 11 6
Atlanta Birm & Atl_ _100
Ma 1134 June
Baldwin Locomo pref 100 20010734 July 1010734 July 9 102
Jan 11134 June
100
1 115 July 11 115 July 11 110
Barrett, pref
Feb 119
May
134 July 7 2 July 11 134 Jan 234 May
20 3,2
Batopilas Mining
100 106 July 10 106 July 10 9034 Jan 106
100
Beth Steel pref
July
100 10134 July 1110134 July 11 97
Apr 10134 July
Bklyn Edison, Inc_ _ _100
Bklyn Rapid T ctf dep... 1.400 2634 July 8 2634 July 9 1934 Mar 28 June
85 July 9 85 July 9 7734 Ap 92
2
100
Bklyn Union Gas..
May
Brown Shoe, Inc.. _ _ _100 50010254 July 7 104 July 8 71
Feb 10434 June
Preferred
100
100101 July 7 101 July 7 98
Feb 101
May
Buffalo Roch & Pitts_100
10 60 July 8 60 July
May 7254 Feb
60
100
Butterick
34 July 9 3434 July 9 16
Jan 3734 June
Caddo Cent Oil & R_100 8,6
4334 July 10 4454 July 8 4154 Jun 5434 May
Calumet & Arizona_ ...10 3,600 6934 July 7 78 July 11 5694 Mar 78
July
Central Foundry_ _ _ _100 13,
2634 July 7 3434 July 11 2034 Jun 3454 July
Preferred
100 36 8
Al) 6734 July
5334 July 7 6734 July 11 27
Certain-Teed Prod no par 1,000 44 July 7 47 July 7 3054 Apr 5034 May
10 July 8 12 July 10 734 Jan 1254 May
Chicago & Alton__ _100 1,2
100
400 15 July 10 1534 July 10 1034 May 16% May
Preferred
May 754 May
Chic & East Illinois_ _100 700 634 July 9 734 July 11 4
100 200 934 July 9 934 July 9 4
May 1134 May
Preferred
400j 80 July 10 8134 July 9 68
Apr 8134 June
Chic Pneumatic Tool 100
Jan
C St PM & Omaha_ _100 400 7654 July 7 7634 July 8 6554 May 82
Cluett,Peabody & Co100 9001 90 July 8 93 July 9 6034 Feb 9534 July
100
100 108 July 8 108 July 8 10334 Jan 108
Preferred
Jan
July
Computing-Tab-Rec_100 2,0001 51 July 10 56 July 11 37% Jan 56
Consolidated Cigar no par 2,000 6834 July 11 7034 July 7 6834 July 75 June
100
500 85 July 9 8634 July 11 85
July 8634 July
Preferred
200 10954 July 710934 July 71109 June 11874 Nuly
r 11% .T1ay
Cons G,EL&P, Balt_100
Cons Interstate Call_ _1021,900 16% July 7 18% July 10 5%
100 7334 July 8 7334 July 81 58
Jan 75 June
_25
Continental Insur
July
Mar 64
100 500 6134 July 8 64 July 8 48
Crex Carpet
100104 July 10104 July 10 80
May
Feb 105
Detroit United Ry__ _100
Duluth S S& Atl__ _ _100 1,200 4 July 8 534 July 9 254 Feb 6 May
100 1,8001 10 July 9 11 July 9 , 534 Ap 11
May
Preferred
Jan 4054 June
50 6,400j 36 July 8 3934 July 9 27
Elk Horn Coal
100 1,6001 37 July 9 39 July 7 2834 June 43 June
Emerson-Brant
99 July 7 9934 July 9 94 June 101
2
100
June
Preferred
Endicott-Johnson ....100 2,800 9234 July 11 95 July 7 80 Jun 95
July
50 1,00010354 July 7 10434 July 11 10234 July 10454 July
Preferred
July 118
July
Famous Play-Lask no par 35,200 112% July 9 118 July 11 109
'
21,60q154 July 9 234 July 11
July 234 Ally
1
Rights
May
Federal Mg & Smitg_100 2001 16 July 9 1634 July 7 914 Feb 20
May
Jan 47
Preferred
100 6001 43 July 8 44 July 10 33
7001 83 July 11 8434 July 8 3834 Jan 9734 June
Fisher Body Corp_no par
Freeport Texas Co no par95,90 54 July 9 6334 July 11 47 Jun 6334 July
General Cigar Inc....10013,0001 8054 July 9 8434 July 7 47
Gen Motors deb stk _ _100 2.300 89 July 9x90 July 7 8234
200 10 July 7 10 July 9 734 Feb 9814 j
}j'aneb 147 i M
Atme
May
Gulf Mob & Nor ctfs_100
HartmanCorporation100 8001 82 July 10 8454 July 11 5434 Jan 8434 July
ue 20
Int Harvester pref...._100
10t11954 July 911934 July 9 115 JFnb 187x June
100 5001 96 July 10 97 July 10 95
Int Nickel pref
Mar
Feb 48
100 1,9001 38 July 9 3834 July 7 28
Jewel Tea, Inc
Mar
100 50 7634 July 11 79 July 7 7634 July 91
Preferred
Jones Bros Tea,Inc_ _100 5,000v3654 July 10 3834 July 7 31
100 100 July 8 100 July 8 89 j an 100
u
J n 39
Kelsey Wheel pref... _100
May
100 1 148 July 11 148 July 1110634 Jan 148
Kresge (13 S)
.11111
50 July 8 5134 July 9, 50
July 83
100 7
Jan
Laclede Gas
Feb 1134 May
Lake Erie & Western_100 300 1034 July 11 11 July 91 7
100 200 22 July 7 23 July 7 1634 Apr 25
Preferred
May
110111334 July 11 11354 July 11 107
Jan 114 June
Liggett & Myers pref 100
July
100 5,5001195 July 8205 July 9 14734 Ap 205
Lorillard(P)
Jan 11234 June
100
Preferred
175111234 July 1011254 July 10 107
M
Jan
88
Manhattan(Elev)gu_100 5001 8534 July 11 8634 July 9 70
25 8.8001 30 July 7 3434 July 11 2934 Jun 3434 June
Manhattan Shirt
July 803-4 Apr
Marlin-Rock v t c..no par
1001 68 July 7 68 July 7 65
Jan 10934 June
May Dept Stores.... _100 2,000 107 July 8 109 July 71 60
M StP&SSMarle__100 7001 95 July 11 97 July 9 8534 Ma 98% May
100 200j107 July 10 107 July
107 May 10954 May
Preferred
1 104 July 9 104 July 91104
July 10654 Feb
Montana Power pref _100
5027,640 38 July 7 4034 July 10 2934 Jan 4054 July
National Acme
Jan 13354 June
National Biscuit_ _ _ _100 400 12734 July 1012834 July 7 109
July
Jan 90
Nat Cloak & Suit_ __ _100 4,000 82 July 7 90 July 10 70
Mar
Nat Rys Mex 2d pref 100 4,800 854 July 9 1034 July 10 554 Feb 14
39 July 9 4134 July 10 2834 Ap 4254 June
N 0Tex & Mex v t c _100 1,1
Ap 3334 July
NY Chic & St Louls_100 1,300 31 July 7 3334 July 10 25
100 200 53 July 7 5334 July 7 4234 Ap 5334 July
2d preferred
100 1,200 3834 July 7 3934 July 11 1934 Feb 42 June
New York Dock
55 July 11 5534 July 11 4434 Ma 63 June
100 3
Preferred
20 May
M
Norfolk Southern_ _ _100 211 1734 July 10 18 July 8 15
6,000 83 July 10 87 July 7 46
Jan 97 June
Nova Scotia S & C_A
200 51 July 1 5154 July 10 43
Jan 5234 June
Ohio Fuel Supply_ _....25
5634 July 11 58 July 7 46
9
Ma 6234 June
Owens Bottle-Mach....2
800 30 July 11 3134 July 7 22
Ja 3354 June
Pacific Tel & Tel_ _ 1
46 July 11 2734 Ap 46
July
Penn-SeabSt'l v t c no pa 2,400 3954 July
700 1354 July 7 14 July 7 434 Ma 15 June
.1
Peoria & Eastern....
900 60 July
6134 July 7 30
Ma 6134 July
Pettibone Mulliken_ _1
200 67 July 1 67 July 10 44
Ap 70 June
Pitts Cin Chic & St L 1
May
Pitts Ft NV & C pref_l
913154 July
13134 July 8 13154 July 135
200 9634 July 1 97 July 7 9034 Jan 9934 May
1
Pitts Steel pref
2054 July 9 1234 Feb 2134 June
1 2,100 1854 July
Pond Creek Coal
Ap 66 June
Punta Alegre Sugar..
..5 5,
6254 July 11 66 July 7 51
2,200 434 July
Rights
434 July 9 334 July 454 July
7,000 82 July 7 8654 July 7 76 Jun 8634 July
Remington Typewr_ _1
1 101 July 10101 July 10 9654 Jun 101
1
July
1st preferred
200 98% July . 98% July 9 983.4 Jul 983-4 July
1
1
2d preferred
54% July
Repub Mot Truck-no par 10,7
6154 July 10 50 Jun 6154 July
10 1,2 I 1454 July 10 1434 July 7 1334 Ma 15 May
St Joseph Lead
Jan 37
May
St L-San Fran pref A _100 4,111 3234 July 8 3534 July 9 22
Savage Arms Corp_ _ _10042, II 76 July 7 9134 July 1 5334 Jan 9134 July
Ma 9734 July
Sloss-Sheffield pref..100 • 200 9434 July 11 9734 July 8, 85
100 110 July 7 110 July 7 107
July
Jan 113
So Porto Rico Sug pf_l
lii 94 July 11 94 July 11 8554 Jan 9454 June
Standard Milling,pref1
800 223-4 July 10 25 July 8 1354 Jan 2534 June
Third Avenue Ry _ _ _1
J 250 May
300240 July 8243 July 11 207
1
Tidewater Oil
2034 July 11 2634 July 7 1254 Jun 2654 July
Tobac Products rights__ 55,3
Tel St L & W tr recta__ 2,865 554 July 9 7 July 9 5 Ma
834 May
July
Transue & W'rns_ _no par 1,900 55 July 8158 July 7 373-4 Jo 59
Ja 187 May
100,170 July 8 170 July 8 115
Underwood TypewrA
y
an 381
1
United Drug
1,00012934 July 713134 July 11 9054 jln 1811 July
50 400 52 July 8 54 July 9 5034 Jan
1st preferred
July
34 July 7
34 July 7
17,000
J
Rights
Jan 130
100 1,300 12854 July 9 130 July 11 91
J
2d preferred
700 263.4 July 11 27 July 8 1654 Feb 3254 May
100
U S Express
uly
1,700 4634 July 11 4834 July 7 1754 Ja 503', June
U S Realty & Impt_l
Ja 1934 June
100 15 July 11 15 July 11 12
Vulcan Detinning__ _1
Ap 79
May
400 6634 July 9 67 July 8 53
Wells, Fargo Express 1
July
700 123 July 11 126 July 7 9434 Ja 126
Westingh Air Brake__
400110054 July 1010134 July 101 9634 Fe 10454 June
Wilson & Co met_ _ _ _1
10
"
156
New York Stock Exchange-Stock Record. Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saiesfor
me
Saturday
July 5
Monday
July 7
Tuesday
July 8
Wednesday
July 9
Thursday
July 10
Friday
July 11
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On busts of 100
-share lots
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1918.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share
RaUroads
Par $ per share $ per share $ per share
10112 103% 10213 10334 10213 103
44
8
10034 10212 1003 1025 27,900 Atch Topeka Ss Santa Fe__ on 90 Feb 3 104 May27
4
07
81 Mar $ 91; 8 4
9
4
85
843 843
4
800
4 85
Do prof
8514 .85
8513
85
v
80 Jan 62138
100 84% July 2 89 Jan 4
10118 10312 10313 10312
2,000 Atlantic Coast Line RE.
103 105
10234 103
893s Apr 109 Nov
.100 95 Mar27 107 May29
4334 4534 45
45% 4534 46
4512 46
45% 457 16,800 Baltimore & Ohio
48% Dec 62 Nov
8
100 42% July 1 5514 May27
5614 5614 563 5634 5614 5614 5613 563
4
Do pref
Nov
700
4 56% 56%
53 Apr
100 50 Apr21 5912 May27
29% 3114 3013 3118 30
3012 2958 3014 2913 3018 16,100 Brooklyn Rapid Transit...100 1838 Jan27 3212 June 9
2538 Dec 4814 Jan
15713 15812 15634 160
165 17013 164 170% 165 16812 46,600 Canadian Pacific
1 8 Oet
100 154 July 1 1707 July10 135 Mar 174: Nov
6512 66% 65% 66
8,500 Chesapeake & Ohio
/
1
4
65% 6614 653 6614 65% 66
4934 Jan 62 Nov
4
100 53% Jan21 6812 May17
9% 9%
97g 10
10
10
9% 9 8 1,200 Chicago Great We8tern-100
97 10
7
8
718 Jan21 1112 May19
6 Apr
27
2758 28
2814 28
Do prof
28
900
28
28
28% 28
1812 Apr
100 2314 Apr16 30% May19
4334 45
44% 44% 44
45
44
4314 4414 9,800 Chicago Milw & St Paul-100 34% Feb15 4738 May19
45
3
2 Nov
3714 Apr 5414 Sept
69
7014 6913 6912 6918 695
Do pref
5,500
69% 6813 69
8 69
100 6513 Jan21 74% Mar12
6614 Apr
100 10113 10013 1007 10078 101% 10012 101
8
Nov
100 10012 5,100 Chicago Sr Northweetern-100 93% Jan21 105 May26
8913 Mar
*129 132 *129 131 *129 131 *129 132 *129 131
Do pref
087 8
6
100 128 Apr22 133 Jan17 125 July 13 73
28
293
3 28% 3014 2912 3014 29% 293
29,600 Chic Rook Isl & Pao temp otts. 2218 Jan21 31 May19
4 2918 30
18 Apr 3212 Nov
80
8012 8012 8214 8234 8314 83% 84
v
7% preferred temp otts____
4
833 84
5,000
7314 Jan21 84 June 6
56% Jan 7858
67
68
6812 71
Nov
6% preferred temp ctfs___ _
7013 707
3
8 707 71% 70
707
8 0,300
61% Jan21 72 June 6
46
Jan
51
51
*48
*50
Clev Cln Chic & St Lout&-100 32 Feb17 5478 June 6
51
51
*5013 51
*50
*50
519 N00y
5
26 Feb 140% NN0vv
74
*71
74
*71
72
74
72
7313 72
*69
300
100 64 Apr 2 7312 July 9
585 May 70 Nov
s
28
28
l o
27 27
28
_
1,100 Co?oradr:Southern
283
4
7
100 193 Jan22 31% May 5
18 Apr 2 18 Nov
4
Do 1st pref
_
100 4814 Jan 3 5818 June 9
47 Apr
Do 2d prat
_
J
173 Noavn
858. Deo
100 45 Feb 4 51% May29
40 Apr 4
la 112
11134 11184 jjj iff52 11138 111% 11012 11012 _ 1;500 Delaware & Hudson
-100 101
Jan20 116 May29 10013 Apr
190 190 *18'712 19713'190 19713 *190 19713 *190 197
200 Delaware Lack dr Western. 50 17213 Mar18 217 May 7 160 Apr 185 Sept
8
8
2,600 Denver & Rio Grande_ _100
813 9
8
813
8 4 10
3
334 Jan 8 10 Julyll
214 Jan
1114 1134
1134 12 2 131 15
Do prof
-5
1514 1638 1613 1812 107,100
100
6% Feb 3 1812 Julyll
5 Apr
18% 1878 1814 1858 1818 1814 18
1138: Jana
J
2986732 NN
183
18%
8 18
ie
100 1518 Jan21 2014 May19
14 Apr 1403311 N00o
308 3112 3058 313
30
13,300
305
3018 3014 3212 11,100ErDo 1st prof
8 30
100 2434 Jan21 3213 Julyll
23% Jan
22
2234 2238 225 *2113 23
8
*21
2213 2258
Do 2d pref
23
800
100 1713 Apr 3 23 May19
18% Jan 2714 Nov
953 9614 9513 96
9512 9578 9513 96
Nov
8
4 9,700 Great Northern pref
9514 953
100 8958 Apr21 1005 May27
88 Jan
4612 4734 473 493
3
Iron Ore properties_ No par 3134 Jan 2 5234 July10
4 50
5153 5114 523
4 5114 5212 167,200
25% Jan 3412 Nov
9813 9914 99
9914 9914 100
2,800 Illinois Central
9912 100
100 96
Jan21 104 May16
92 Jan 10512 Nov
4 -713 7 5 13,000 Interboro Cons Corp .No par
712 73
7
714 712
/8
712 8
713 77
918 June 2
3% Mar24
434 Dec
2778 28
2814 30
2818 27
Do pref
7,200
28
28
283
100 1118 Mar29 3114 June12
4 27
1714 Dec
2278 23
2234 2314 23
23
24
2314 2,900 Kansas City Southern- 104) 1634 Jan30 2514 May19
6vv
50
25 1: o
2314 *23
15% Apr 6414 N0v
11541 5513 *5413 5512 5514 5512 *5413 5512 *5412 5512
Do pref
200
100 4912 Jan21 57 May21
45 Jan
5112 5258 52
5218 52
52
8
5218 515 52
5218 5,900 Lehigh Valley
50 50% July 3 60% June 2
53% Dec
11814 11814
-_
121 121
12012 12012 12013 12012
400 Louisville & Nashville.__.100 113 Mar 8 12234 May17 110 Jan 16443 NIov
:74 N a0060yvvv
25 88: NNNN vv
5236
18% 1858 1818 - 8 1832 1012 1834 193
1874 1914 1958 11,300 Minneap & St L (new)__100
197 June 6
8
918 Jan21
7 Apr
12
958 10
912 103
8 10
1038 9,400 Missouri Kansas & Texaa_100
1014 10
1012 10
458 Feb10 1114 Apr25
43 Jan
8
19
1938 19
203
8 1934 2034 1934 2038 2014 21
Do pref
8,300
100
312 Jan13 25 May19
613 Jan
34
3713 3878 3534 38
3638 3612 38
3634 373 221,900 Missouri Pacific) trust otfa_100 2234 Jan21 38% July 9
4
20 Jan 311, Nov
5634 5778 57
58
Do pref trust °Us
577 5812 563 58% 56% 5713 5,700
8
4
4
100 4914 Jan21 583 Jpne 7
41
Jan 62
81
82
8118 82
8013 8114 80
New York Central
11,300
4
8114 803 81
100 6914 Jan21 83h June 6
67% Jan
3113 3334 3238 333
8 3234 3312 3218 3318 3218 3318 18,900 N Y N H dr Hartford- -1130 2534 Feb13 3414 May19
27 Apr
*21
23
*21
23
Nov
600 N Y Ontario & Western-100 1312 Jan21 24's June 9
2234 2314
1814 Jan
10658 108
10678 10712 107- 108 - 107 10734 107 1073
4 4,600 Norfolk de Western
191 N u
2 I0
100 103 Mar 6 112% May19 102
Jan 13501 : 7,Nov
96
97
963 967
8
8 9614 963
9634 96
v
4 96
96% 11,500 Northern Pacific,
84'8
100 3858 Jan21 99% May27
8118 Jan 105 Nov
4513 46
45
46
4513 451
45% 457 18,400 Pennsylvania
8 45% 46
8
50 4334 Apr21 48% May19
4314 June
2214 2411 2313 243
4 24
2413 2314 2412 2373 25% 85,600 Pere Marquette v t o
100 1218 Jan21 26% Junell
912 May
6612 6673
00
---- 668 667
Do prior prat v t
4
O
8 6613 67% 2,400
063 667
N
96 N 4
-100 56 Mar27 6713 Junell
5213 Apr 6414 N0v
48
200
4812
Do pref v t o
100 39 Apr 7 49 May21
30 Apr 450028
-5514 41
4
4014 162 '40" 11- WA -. 1- 3914 40
Nov
713,600 Pittsburgh & West Va. --100 34 Jan21 443 June 9
4 2
6
22% Jan
'8312 84
83
831 8313 8314 8314 83
Do prof
300
100 79 Jan31 8412June 7 61 Jan
8913 921., 9012 92
91
8934 92
9012 9178 89
93,700 Reading
ao 75 Jan21 9358 June 6 70% Jan
*3613 38
*3613 38
37 37
*3513 3712
Do 1st prof
*3612 38
100
50 3514 May 2 38% Feb 4
35
Jan
*3714 40
Dec1vvy
*3714 40
Jana
*3714 40
Do 2d pref
*3714 40
*3714 393
4
5 36 Apr 30 3912 May16
35 Mar :424263 1:9020750571 1 14 2: NovJNNDJ00
2213 2312 2338 2513 2538 2634 2514 263
4 2538 2613 154,400 St Louis-San Fran tr ctfs-100 1034 Jan21 2634 July10
93 Apr
3
22
22
2178 22
2214 22
22
2214 1,500 St Louis Southwestern.-._100 16 Apr22 23% June 9
2213 22
19 Oct
*3413 38
*3413 3613 3412 3613 *36
*3613 3813
38
200
Do prat
100 2312 Feb 4 37% June10
28 Oct
934 93
3 10
1014 1018 1018 1,800 Seaboard Air Line
934 1018 10
100
7% Feb13 1114 May19
7 Apr
19
----1913 20
19 - -20
20% 2013 2034 1,500
Do pref
22 May16
100 153 Feb 3
15% Apr 2314 Nov
4
10738 10914 103 1083 10812 10938 10714 10938 10713 108% 102,600 Southern Pacific Co
4
100 95% Jan21 115 June 2
80% Jan
2938 307
8 3014 3118 307 3112 3014 31% 3014 3114 28,000 Southern Railway
100 25 Jan21 33 May19
20 8 Apr 34% Nov
3
6612 6713 6712 6712 68
6812 68 68
6714 68
2,850
Do prof
100 6612June30 7212 May27
57
Jan 7514 Nov
6534 6934 67
69
6513 6778 6518 69
66
683 54,700 Texas & Pacific
4
100 27% Jan21 7013 July 2
14 may
*52
53
52
52
*52
100 Twin City Rapid Transit-100 38 Jan 16 60 June 3
55
*50
53
32 Dec
8
13338 1347 134 134% 134 13434 133% 13438 13313 13413 14,100 Union Pacific
Oct
100 12418 Jan21 13812 May29 1093 Jan
4
711 7112
_
71
1,100
7112 71
713 713
4
Do prat
4
4 71
4
100 71 July10 743 Mar 5
69
Jan 763 Nov
1514 1538 • 5
1
1513 1413 15
1414 1414 *1414 15
1,000 United Railways Invest
4:1484:
100
12640 Junee
23242:2 J NJulyI NFJu uoa n ebnvoye
714 Jan 9 15% July 1
43 Jan
4
3134 3314 315 32
8
3158 3278 3034 31% 31
3118 3,100
Do prof..
100 15 Jan13 34% July 1
1012 Apr
10
1058 10
103
4 1058 11
1114 1078 11
11
11,100 Wabash
100
4
73 Jan20 1212 May19
7 Apr
3414 351
345 3514 3514 3612 34% 35 4 3434 35% 12,600
8
Do pref A
3
100 30% Jan21 38 May19
30% Dec
*2214 24
100
25% 2512
Do pref B
100 19 Jan23 2512 July 9
19% Dec
12
1234 1238 -- 4 127 14
1311132 1358 1414 40,000 Western Maryland (new)-100
1334 8
1438 July10
95 Apr21
8
10 Dec
*27
30
29
2978 2914 3012 2914 3014 293 2938 4,300
8
2d pref
Do
100 23 Junel9 3013 July 9
20 Jan
2234 23
23
23
7,200 Western Pacific)
23 4 2412 2434 2578 2434 25
3
8
100 17 Feb 3 257 July10
13 Jan
56
56
*55
57
58
57
Do prat
300
100 521s Feb20 6112 Jan 9
46
Jan 66
11 I13
- 1114 1 113 11 .. 13; 11
2
1138 1138 1138 3,200 Wheeling Sc Lake Elie Ry-100
1
73 Mar 5 12 May16
4
8 Apr 124 Nov
2212 23
2314 2314 2312 23.3 *22
24
1712 Apr 26 Nov
23 23
742
Do prof
100 17 Jan30 24 May16
*35
40
39
42
*39
4012 3912 41
4
1,190 Wisconsin Central
100 3014 Jan22 41% May16
29% Dec 393 Oct
Industrial Sc Miscellaneous.
5034 51
4934 52
51
53
52
505 52% 51
14,800 Advance Rumeiy
Jan21 5878 July 3
100 21
11
Jan 725261344 NNDoosevv
75
745 7514 745 7512 7518 7512 7418 75
76
8
3l307278
3,000
8
Do pref
2573 Jan
100 5613 Jan20 76 June 9
100 105
100 10218 10131 103
101 102
102 102
7,500 Max Rubber Too
49 Jan
50 66 Jan13 106 June30
234 31L
278 3
27
278 3
8 27
414 Jan15
28
7
33
27
10
8 4,800 Alaska Gold Minas
23 July 7
4
114 Apr
2
2
17
218
238 15,900 Alaska Juneau Gold Min g..10
218 214
may
218 218
8 2%
23 May22
4
.
112 Apr 8621 June
134 Jan 2
47 50
4718 49
May
4738 4914 4738 49% 473 487 66,900 Allis-Chalmers Mfg
4
100 30 Jan21 50 July 7
8
17% Jan
9512 9512 06
96
96
Do pref
96
500
98
96
*95
100 8178 Jan23 9612June 2
96
7214 Jan
10878 10938 109 11014 10912 11038 109 110
Oct
10914 1097 10,100 Amer Agricultural Chem_ _100 99% Jan29 11334 May 1
8
78
Jan 106
*9813 100
*9812 101
DDeceobyy
DIr
200
IN
*99 100
9938 9912 *99 100 4
Do prof
9t5:
1,i3)33435 A g
100 93 Jan 9 108 Mar15
8918 Jan 10111844: is.,Ioauee0
3
9034 92
90
913
95
36,400 American Beet Sugar
4 9113 95
9812 x9378 95
100 62 Jan 3 9813 July10
48 Nov
*85
95
*85
95
95
*85
*85
*85
95
Do pref
95
100 8434 Jan13 95 May29 282 Sept
613 63
3
60 4 613
3
4 6014 6112 5912 613
8 5912 607 55,290 American Can
345 Jan
i
8
100 42% Feb11 63 July 7
*105 10534 *10413 106 *10413 106 *105 10612 10513 10513
200
Do pref
100 9S7 Jan 6 107513June16
8
8914 Jan
11038112
11013 11114 1105 11112 11014 11114 110% 111
12,700 American Car & Foundry-100 8418 Feb10 11278 June19
8
6814 Jan
8
1187 1187 11812 119
8
400
118 118
Do pref
100 113 Jan13 119 Julyll 108
Jan
63
6414 62
8
6312 621 66
26,800 American Cotton 011
20442034 Sept1:1?or
18 Oct
100 39% Jan 2 66 Julyll
25 Jan
9212 9212
100
Do prof
100 83 Jan 7 93 Apr 3
78 May
-12- -- 12
4 117 1214 -1178 ---- 12
12
12 Tic 5,200 Amer Druggists Syndicate-10 1038 Jan24 1414 Mar 7
12
3513 363
4 3514 3613 3613 373
4 375 3913 39
8
40 68,900 American Hide & Leather .100 1318 Jan 4 40 Julyll
1178 Jan
13034 13413 131 13212 13113 13314 1323 13514 134 1355 17,700
8
Aut
O
8
Do prat
76 11: :
100 7114 Jan 2 13553 July 11
50 Jan 94 2 M ag
643 88
6313 633
Oct
*62
4 6334 65
64
63
6314 2,100 American Ice
100 33 Jan21 7612June
1112 Jan 49
74
74
73
7412 7212 73
*73
75
75
600
75
Do prof
100 543 Jan20 7614 Juno 6
4
3834 Jan
11014 114
110 1117 11012 11312 1107 11314 11213 11513 148,000 Amor International Corp_100 52 8 Feb
11512 Julyll
3
Sept 6013 Oot
WI
80% 82
797 8114 7914 8018 7814 7912 78
8
8,000 American Linseed
79
100 4418 Mar 1 82 July 7
4432 c o
27
Jan 9714 D ct
96 4 9713 9713 9713 0712 0712 9712 97 3 -3
1,200
Do prat
7
8
100 85 Mar 1 983 Apr15
6914 Jan 92 Deo
9112 9438 91
9312 9213 94
933 -9113 ---1 38,625 American Locomotive....
4
90
92 4
.100 58 Jan21 9458 July 7
5313 Jan
*10814 110
10814 10814 *106 109
107 107 *106 103
300
Do pref
100 100 Jan14 10934 July 2 395
Jan 102% Doe
36
36
_
*36
3712
36
300 Amer Malt 1st pf ctfs stpd
--36 July 8 6614 June28
41 Sept 48 Dece
85
871s 8514 8612 86
36- 8 - - 8534 89
67,900 Amer Smelting & Refining_100 6218 Feb 6 89 Julyll
8612 847 8613
73 May
*108 109
1083 1083 10778 10778 1077 107 8 *107 108
atiev
7
4
:
3
4
600
Do pref
1
10410
5
100 103 Feb20 109% July 1 103 Sept 1 19614 iviFob:
4513 47
4512 4634 4553 4614 45
46
4414 4513 39,900 Am Steel Found tom Ms 33', 3314 May10 47 July 7
1381 142
13758 1397 138 13934 1381 13938 13714 138
16,300 American Sugar Refining- AGO 1114 Jan21 142 July 7
Jan
98
'118.. 119 119 *118 119 *118 119 *118 119
800
14;2 DDe
100
0,3
Do pref
100 113% Jan 6 119 May24 10814 Mar ; 8 Doo
11318 Ices 11234 1133 113 11411 1125 114
8
4
11238 11338 14,400 Amer Sumatra Tobacco_..100 9613 Jan13 12013 June12
60 4 Jan
3
10418 1041 10418 1043 10413 10458 104 1045 1031 10438 11,800 Amer Telephone & Tales_ _100 983 Jan29 10858 Mar10
s
8
4
905 Aug
8
4
230 235
227 231
228 23013 227 2277 2297 23158 3,800 American Tobacco
8
100 191% Feb 4 235 July 7 140% Jan
101 101
10078 1007 *10012 101
8
101 101
101 101
Jan 6
500
Do prof(new)
9218 Sept
8
100 965 May14 106
120 12438 11913 12113 1173 12034 117 11913 118 1183 19,100 Amer Woolen of Mass.
4
44% Jan 60% May
-100 4514 Jan16 130 June 3
4
110 110 *10914 11014 10913 10912'109 10938 109 109
1,300
4
Do prof
92 Jan go% Dec
100 9438 Feb 8 1103 June 5
50
2
507
8 5014 5114 5012 5313 5313 577g 57
4
.100 27% Jan 2 583 Julyll
2014 Apr 303 Aug
583 26,200 Amer Writing Paper prof.
4
2414 2513 24
July
2612 26
2634 25
2613 2618 267 34,700 Amer Zinc Lead & Smelt...
965367584 ::uoal7
8
.25 11
Jan31 267 Julyll
11 Dec 2132 r
60
62
617 62
61
62
617 6213 62 62
8
1,800
Do pref
25 40 Jan21 6314 June 9
3834 Dec
k 733 7618 85,900 Ancaonda Copper Mining._50 5612 Feb 6 76% July 7
7413 7614 7414 7513 7412 7538 7313 747
4
59 Dec
1721 177
17614 17913 15,700 All Gulf & W I SS Line_100 92 Feb 8 18812 June 7
IO?:Feb
176 131
173 180
17012 175
9734 Jan
*72
74
73
73
74 .72
7312 7313 *72
74
200
Do pref
58
Jan
100 61 Jan29 7612 May 8
111 1133 1117 11313 11012 1133 111 1127 136,900 Baldwin Locomotive Wks.100 64% Jan29 116 July 7
11173 116
4
8
:
4
01 4
3
5618 Jan 12731 May
138 145
140 14314 1413 143
139 1417 13814 1397 13,900 Barrett Co (The)
3
8
4
4 Dey
85 Jan 11: 74ae
100 103 Jan 2 145 July 7
95
95
99
95
9513 9512 947 947
4,000 Bethlehem Steel Corp.__ -100 5512 Jan20 99 July 7
60 Dec
95
995
8 95 4 9712 -9612 - - 9418 9838 9513 977 190,300
3
9114
Do Clam B common_ _100 55% Jan21 9958 July 7
4
595 Nov
112 11213 112 112
112 11213 112 11234 11134 112
3,500
Do cum cony 8% pref. _ 101% Jan22 115 June 9
9612 Jan 106% Apr
2134 2214 213 22
4
2112 217
:
2138 22
8 8,300 Booth Fisheries
1 i ooayt
2138 217
308 3 NI
1814 Jan14 243 May22
4
No par
Jan 2312 Sept
21
151 1533 15618 157 ' 157 1593 158 160
41
4
3,100 Burns Bros
100 138 Feb 6 166 Apr 23 108 Feb
1212 1313 1238 1338* 123 13
4
1234 1314 15,200 Butte Copper & Zinc v t
1238 13I
5278 NovJuly
1
0
143 May27
8
5% Feb20
618 Deo 1
34
3514 3334 3714i 3614 37381 3511 3714 36
3712 57,000 Butte k Superior Mining..10 16% Febll 3712 July1 1
61's Jan
7112 73
7114 7212 70
7113 6913 70% 7013 7214 15,300 California Packing..
....No par 4814 Jan 2 73 July 3
3012 Jan
0Sod and asked prime; no sales on this day. t Ex-rights.
Leas than 100 shares. a Ex-div.and rights. z Ex-dividend.
_ea_ _a_ ..aa:.38 _a38
. .
157
New York Stock Record-Concluded-Page 2
For record of sales during the wee of stocks usually inactive, see second page preceding.
•
-PEE SHARE, NOT PER CENT.
SNOB AND LOW SALE PRIORS
Saturday
July 5
,
Monday
July 7
Tuesday
July 8
Wednesd,ay
July 9
Thursday
July 10
Friday
July 11
Salesfor
the
Week
Shares
STOCKS
NEW*YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Preston,
Year 1918.
Lowest
Highest
Industrial&hilac.(Con.) Par 3 per share
$ per share $ Per share $ per share
Eper,:share $ per share $ per share $ per share $ per share $ per share
12 Jan 2472 Nov
100 2032 Jan 2 3934 June 9
3914 38
387
8 9,900 California Petroleum
38
3834 3834 377 3814 3734 39
Jan 7012 Dec
100 644 Jan 2 8434June 9
36
Do pref
784 813
78
79
2 81
81
8018 81
2,900
543 Dec 733s Feb
4
100 564 Feb 8 11214 July 7
1(
)838 1124 108 11014 108 11014 210634 10934 10714 10914 74,050 Central Leather
-- 1Do pref
100 1044 Jan 7 11314 July 9 10112 Dec 108 Nov
___ *113 114'
400
113 11314 ..11212 11212 *11134 113
2914 Mar 39 Nov
Jan22 6712 July11
8314 6432 63
6712 52,700 Cerro de Pasco C,op___No par 31
635 6614 6334 6512 6312 65
6814 Jan 1097* Dee
100 103 Jan18 2673 July 9
4
7,200 Chandler Motor Car
4
265 2673 250 26512 258 260
240 245
242 260
1412 Apr 24 Oct
s
2778 273* 287 48,400 Chile Copper
25 1712 Jan21 287 June28
2818 2712 28
273*
2734 283
4 273*
3132 Dec 4714 May
5 324 Feb 6 4914 Julyll
4 477 4914 19,100 Min° Copper
477 483
4634 473
4 4738 4812 4738 48
100 345g Feb 10 547 Julyll
3434 Jan 5413 May
547 56,400 Colorado Fuel & Iron
5218 5414 53
2 513* 53
2 51
523
5112 533
8
288 Mar 447 Dee
4
100 3914 Feb 1 65 July 7
637 35,500 Columbia Gas & Elea
8
4
623 6412 6312 6412 63
623* 65
623* 1I64
8234 July 10538 Nov
8
16,700 Consolidated Gas(N Y)-100 874 Jan27 1037 July 9
4110332 10212 10372 10278 10378 10212 103
10012 10214 1013
6512 Oct 95 Feb
100 654 Feb10 1033
4June 7
12,200 Continental Can. Inc
9718 963 97
8
2
97
993
2 973 9834 97 i 973* 96
297 Jan 5012 Nov
2
897 913* 193,400 Corn Products Refining_ 100 46 Jan21 945 July 7
2
873 907
4
8914 943* 8812 9138 8914 91
100 102 Jan23 109 July 3 x9012 Jan 104 Dee
Do prat
107 107 *106 108300
210712 10712 107 107 *107 108
52 Jan 7472 May
115 11712 129,800 Crucible Steel of America-100 524 Feb 7 120 July 7
115 120
11212 1171 1161 1191 11514 119
100 91
88 Jan 9134 June
Jan 2 105 July 3
Do pref
103 103
400
105 105 - ---- ---- 103 103
105 105
2712 Apr 34 Nov
393 50,400 Cuba Cane Sugar __No par 2038 Jan27 417 July 7
4
3934 4012 3912 4012 3834 3934 39
403* 417
8612 8678 8614 87
Do pref
77 Dec 83 Feb
14
7,700
8612 87
100 694 Mar 1 8712 July 2
8714
8612 8712 86
10 1038 Jan31
1614 May12
6 June 15 Nay
1438 6,900 Dome Mines. Ltd
1338 1412 14
1414 1412 1412 1412 1312 14
25 4 Oct 39 Feb
3
4
4
3534 373* 373 383 35,900 Gaston W & W Inc.._No par 251 Jan21 3834 Julyll
4
353* 343 357
35
354 3638
100 14412 Feb 3 1737g July10 1273 Jan 15812 Oct
4
8
2
166 16812 16712 1677 168 17312 16912 1737 1697 17012 16,300 General Electric
100 1184 Jan21 243 June 6 1063 Jan 164 Aug
236 23912 23412 238
23414 23614 28,500 General Motors Corp
4
2335s 236
23312 242
Do pref
755* Oct 88 Feb
9314 923 9334
4
2934 9312 *92
900
9314 934 9314 93
100 82 Jan 6 95 June 3
38 Jan 597 Oct
100 564 Jan10 8972 July 9
897
8 853 88
8514 87
87
4,
98,300 Goodrich Co(B F)
1 88
8418 8814
*
955* Dec 104 Dee
100
Do pref
100 103 Jan 8 109% Apr16
10412 10112 ---- ----------------- ----102 1041
; f70 7278 7118 7212 2,100 Granby Cons M S at P 100 64 Apr21 80 Jan 3 74 Jan 88 Oct
6
6714 51
67
3812 Jan 5814 Nov
4418 4414 44121 4412 4412 4434 45
4834 7,100 Greene Cananea Copper...100387 Apr25 4634 Julyll
4412 45
5834 Dec 1114 Apr
71 171
717
1,100 Gulf States Steel tr afs-100 4912 Feb 8 81 June 2
_______
___
7218 71
72
6712 704 -6878 - _-- 38,900 Haskel & Barker Car__Ne par 40 Feb 6 71 July 9
34 Jan 494 July
6512 65 1 71
7012
8 64
6412 657
414 Dec 5812 Oct
20 4212 Feb 6 68 Julyll
4 6618 6712 2653 68 88,225 Inspiration Cons Copper
673* 6612 673
4
2 66
654 673
32
10 Jan 19 June
324 343* 34
100 104 Jan 2 35 Julyll
35
35,800 Internat Agricul Corp
2612 2612 2618 273* 28
38 Jan 85 June
8 8938 9078 9018 9112 13,000
100 48 Jan 4 9112 Julyll
Do prof
853 8812 86% 897
4
847 85
2
14512 14678 14412 146
14412 14578 9,900 Inter Haverster (new)
Oct 121 Nov
100 1101 Jan21 1495 July 7 104
8
1453 1495 14612 148
4
4
21
Jan 33 Oct
544 5634 5438 563* 5514 5912 58 4 633
3
4 633 673 528,000 Int Mercantile Marine. 100 2114 Jan31 673 Julyll
4
4
8332 Jan 12512 Nov
4
100 9234 Feb10 12812 May28
8
Do pref
4
11712 11914 118 1187 1173 12114 11938 12112 1213 123 48,800
27
Jan 35 Nov
2
3134 3234 43,800 International Nickel(The) 25 2412 Feb 3 337 June26
.4
313 3214 5112 3232 3112 32
3214 33
100 3014 Jan 3 7014 July 7
2412 Jan 4512 May
67
69
6634 6814 67
7014 6712 69
8832 42,800 International Paper
68
76
77 77
77
58
Jan 6512 Jan
100 62 Jan13 7834 July 3
Do stamped pref
78
800
763 7618 7512 7612 76
8
13132 13438 131 13472 1327 13334 19,800 Kelly-Springfield Tire
Apr 72 Dec
41
25 68 Jan21 135 July 3
130 13434 13112 133
4
29 Mar 4114 Nov
4032 407
407 423 38,400 Kennecott Copper__.No par 294 Feb13 4234 Julyll
4012 4118 4058 407
407s 4112
11732 11912 1175* 11912 11912 12172 71,800 Keystone Tlre & Rubber -10 8814May22 1217 Julyll
11314 11734 113 118
-9114 88
100 824 Jan21 9112 July 7
913* 89
8812 87
8512 Dec 9132May
877 21,800 Lackawanna Steel
9112 90
89
7,900 Lee Rubber & Tire-No par 21 Jan22 374 May 2
12 Apr 24 Dec
4
353 3612 343 3614 3538 38
4
35
35
3414 38
70
7012 72
7218 72
1712 Jan 4538 Dee
77
2,600 Loose-Wiles Biscuit tr etfs_100 404 Feb17 7812June20
7012 71
7012 72
100 94 Feb 5 120 June20
113 18
115 115 *113 118 **7
4
100
53 Feb 96 Dee
Do 2d pref
10
8
*115 118 *115 118
80
*74
2
70 Dec 7812 Feb
80
Mackay Companies
100 70 Jan22 797 May27
-_- _- *74
57 Jan 65 May
100 263 June 6 68 Julyll
*64
6412 *64
1,300
Do pref
6412 "iiii2 -661; 6512 66
4June 3
100 2634 Jan22 583
2312 Jan 4212 Nov
-4915 1611 4834 4912 5014 55 5212 55 5212 53 16,400 Maxwell Motor. Inc
794 9,400
77
79
7
783 803
4
8 79
100 505* Jan22 834 June 6
60 Dec 69 2 Nov
Do 1st pref
767
2 7512 77
76
3812 4018 40
41
39
100 194 Jan 2 4612 June 3
19 May 3232 Nov
40
4,700
Do 2d pref
384 3712 377
38
19ii8 19;
i
8
7
1
100 16234 Jan23 2057 June 3
79
Jan 194 Oct
4
18812 19412 . 314 .: 190 1.9512 1903 193 106,400 Mexican petroleum
187 189
100 105 Feb 7 1084 Apr19
87 Jan 107 Dec
*107 109 *107 109
Do pre
5 2134 Feb 7 2914 Julyll
2214 Dec 334 Jan
2812 283
-iiii2 4 283* 28%
1- 0
gi4 -iii2 /i4 -- ;i6O Miami Copper
5714 5814 598 59
41 Dec 61 May
8 55
5412 567
6038 5912 61 351,400 Midvale Steel & Ordnance- 50 4014 Feb 7 61 Julyll
64 June 8112 Nov
7718 7718 775* 7912 7734 7734
1,400 Montana Power
7812 797
100 69 Mar28 8234 June 9
2212 224 2232 2212 2212 22
7
13 Nov 2132 July
2318 22
237 21,100 Nat Conduit & Cable_No par 14 Feb 8 23 2 Julyll
22
8212 7914 80 4 80
3
2
374 Jan 5412 May
8012 8 4 8212 82
,
03
85
17,800 Nat Enam'g & Stamp'g-100 45% Feb 8 883 June 7
80
10212 1021 102 102
_*102 10234
100 93 JanI5 104 May27
88 Nov 9912 Feb
200
Do Prof
434 Jan 6934 Dec
843
8112 837
8
100 64 Janll 86 Julyll
131 817 8214 82
8312 86
20,000 National Lead
-ii- 111 111
100 107 Jan 3 111 July10
400
Do prat
993 Mar 10512May
4
*110 1101 *110 1101 *110 11012 11012 III
8, 193* 20
1972 195 194 1932 197
s
1612 Dec 217 May
1978 20% 5,700 Nevada Consol Copper- 5 1512 Mar18 104 Julyll
4
193
12512 12612 125 127
100 914 Feb 3 128 July 3
9812 Dec 139 May
125 126
3,600 New York Air Brake
125 12712 12434 125
4
58 58
574 5732 *57
59
100 47 Janll 613 May23 . 3712 Aug 5712 Nov
59
600 North American Co
573* 573*
*57
25 a3534 Feb14 61% July10
3512 Mar 48 Oct
4
8 5912 603 216,800 Ohio Cities Gas (The)
577 5
912 57
587
8 58
61 I 5912 617
114 1112 11
11% 11
1132 11
8 Feb 3 1312 May10
1114 47,800 Oklahoma Prod & Refining 5
1138 11
414 -Jan 13 June
83* 838
512 Mar18 1012 May14
84 2,600 Ontario Sliver Mining---100
8
8
8
8
8
8 I
8
4012 3914 401
5 294 Feb 8 4232 J ly 1
3912 383 383
4
4 38
40
Jan
423* 10,000 Pacific Man SS
*38
u
O:
l
Z 724 D
9712 10034 10114 10612 10534 1084 10212 10712 10412 1081 182,000 Pan
f23r142
50 67 Jan21 10814 July19
-Am Pet & Trans
100 117 Jan22 175 June 3
86 Jan 12412 Oct
Do pref
-. 15 - - -a- -5/3 -621 liti' -8g2 iiii "LI lit; --4;iii) People's 0 L & C (Chic)_100 451 Jan22 57 May213
8 2 627
2
4
2
393* Jan 61 Nov
4112 4214 4112 4218 417 423
2
4 413* 4214 41
4134 12,900 phliadelphia Co (Pittsb).... 50 30 Jan 3 43 ADr28
21 Apr 354 Oct
34
Jan 514 Nov
5638 5514 563
55
8
14 56
583 6214 615 643 101,600 Pierce-Arrow M Car___No par 3834 Jan22 66% June 3
8
4
8
100 1014 Jan 3 110 May29
894 Jan 104 Dec
1053 1055 -------- 1057 1057
8
8
200
Do pref
24
23
24
15 Sept 191$ Oct
-2312 /4 - 19,800 Pierce Oil Corporation
. 24
2
-253 - - - 2234 2414 23
25 16 Jan 2 3114 Apr17
4
70
100 45 Feb 3 733 July 9
42 Jan 583 Feb
4
717 51,200 Pittsburgh Coal of Pa
2
73 4 26913 73
3
68
6912 675 7112 71
8
7934 Jan 857 Dec
98
*97
8
98
Do pref100 8512 Mar17 98 May28
9518 9512 96
*93
1,000
94
94
98
100 259 Febll 9112 July 9
5512 Nov 73 Aug
20,300 Pressed Steel Car
4 8812 9112 8812 915* 89
878 883
90
87
89
100 100 Mar 3 1044 June23
104 104
10414 1041
200
93 Apr 100 Aug
Do pref
85 Oct 10912 Mar
Public Serv Corp of N J...100 82 Jan31 9134 Jan 7
Ili" ;iii" iiii" *so se *80 864" "i(i"
iiil
.
100 1117 Feb14 1293*May19 1004 Jan 13214 Nov
127 12712 12612 127
1,500 Pullman Company
4
127 127
1283 127
127 127
100 6812 Feb10 97 July 7
454 Jan 7812 Dec
9414 9612 9518 96% 9434 9534 9,200 Railway Steel Spring
96
. 95
948 97
10812 10812 ___*108121112
100 104 Feb 4 112 June 3
95 Jan 1054 Dec
100
Do pref
*10812 112
25
2514 2518 253
2514 2512 2512 15,550 Ray Consolidated Copper. 10 19 Mar 4 2512 Julyll
1914 Dec 2614 May
25
2
-Nis .- 1
2
9912 96
4 98
9958 9634 9932 44,800 Republic Iron & Steel---100 714 Jan18 1007 July 7 :723* Jan 98 May
s 974 993
98 1007
100 100 Jan13 105 Mar19
8
923 Jan 10212 Sept
2
500
Do pref
2
10418 10418 1013 1013 *10418 10412 10338 10338 104 104
Oct
114 117
11714 11812 *11512 11534 1,300 Royal Dutch Co (Am shares) 703 Jan21 11912May21 270 Dec 145
4
113 11412 *114 115
8
Cents for New York shares_ 8612 Mar13 1193 May21
113 11512 11234 115% 11418 11714 1143* 118
1147 116 158,800
1434 Julyll
1112 12
614 Mar21
1012 1112
Dug 71814 Nov
A ee 186 DF
1134 1332 123 1434 19,500 Saxon Motor Car Corp___100
iiiiig iiii" 205 205 20612 20612 20734 20734 700 Sears, Roebuck & Co____100 16812 Feb13 212 May21 134 June
'
13 4
"ir ii1; 1434 15 1414 15 1414 147 1434 15 4,700 Shattuck Ariz Copper-- 10 10 Feb19 1534June10 :
65
6314 6438 6332 647
2514 Apr 39 Feb
6312 6518 63
65 142,900 Sinclair Oil & Rerg___No par 3314 Jan 2 6934 May 8
64
7414 7512 74
39 Jan '7114 May
77
7512 71
75
7312 7212 7212 17,400 Bloss-Sheffield Steel & Iron 100 464 Feb10 77 July 7
_
___
5618 57
57
57
574 5712 5912 5,000 Stromberg-Carburetor_No par 364 Jan10 651 June 3
57
5712 59
72 2
337 Apr -- -7- Nov
10412 11038 10112 107
8
107 110
108 10912 10712 1093 99,300 Studebaker Corp (The)_..100 4534 Jan22 12434June 2
100 92 Jan22 10112 July 7
8012 July 100 Nev
10012 10112
10112 10112 600 Do prat
-154 - 9112 "iii 166" "iiiif4 Rio- 97 99 37,800 Stutz Motor Car of Am_No par 4214 Feb14 104 July 7 37 Oct 55 Dec
9012 104
8June 3
100 32 Jan21 547
4 4634 4634 46
453* May
463
4612 473* 48
4612 4814 467
2 3,200 Superior Steel Corp'n
t
100 973 Mar29 105 June20
4
N14 114 100
Feb)
Do 1st pref
14May 5
1234 Dec 21 July
-His Tit; -15; 1318 -i5r8 -Ili -jarg7 1338 -iars -fit; ikiiiii Tenn Copp & C tr etts_No par 124 Mar17 17
26818 27312 268 2724 270 27412 26814 272
8,100 Texas Company (The).....100 184 Jan 2 292 May 9 1364 Jan 203 Oct
270 273
4812 Mar 823* Dec
2
54,700 Tobacco Products Corp 100 723* Jan29 115 June30
10312 10712 103 10434 10314 1053 10214 10414 10214 104
190 9912 mar20 120 June30 x8714 Mar 10472 Dec
100 100
8
Do pref
9978 10014 100 100
1,500
100 10014 997 100
65 Jan 80 May
9812 984 9,200 Union Bag & Paper Corp.100 75 Jan 3 100 July10
9712 100
93
9314 9314 9314 99
*90
367 Oct 4412 May
8
58
544 56
5412 55
28,600 United Alloy Steel__No par 37% Janll 5818 July 7
4
543 5818 z5512 5834 55
833 Mar 1084 Dec
4
100 10714 Jan 2 1977 Julyll
19134 19812 1937s 1977 84,000 United Cigar Stores
1863 1914 19212 197
4
18632 193
8
100 106 Feb 6 113 May22 1011
-Do Pre
un
1g112
1
100
114 s
: a
. - °1United Fruit
Ho" fir iiii" iiiii NW fii Ho 11 4 iiii8 iiiii .
i,iiiii US Cast I Pipe & Fdy_ _ 100 157 Feb10 196 Jun 9 1161 ;r 1( May
3738 June27
Apr9
14 Jan15
1
3514 36
3518 3512 354 36
35
353
4 3412 3514 4,700
4
4
41 Mar 473 Feb
74
74
100 424 Janie 743 July 7
73
4
1,700
73
74
Do Prof
743 *7312 747
*73
74
763
4 7614 81
76
7914 8034 59,700 U S Food Products Corp 100 66 Apr 8 8238 June23
78
6
787
8 7
77
4
138 143% 135 1383* 134 1364 134 1393 140 143 63,200 U S Industrial Alcohol_ ___100 9714 Jan22 167 May27 296 Dec 137 May
Mar
100 9614 Jan 2 111 May23
94 Oct 99 M
__
Do pref
*105 110 *105 110 *105 111 *104 110
Jan 804 Dec
100 73 Jan21 1383 June30
8
51
13314 13512 132 136
13014 13412 13012 133 - 37,900 United States Rubber
13414 138
100 109 Jan20 11912 July10 295 Jan 110 Dec
Do 1st preferred
11912 11912 11918 11914
700
1163 1174 11814 11814 *11812 120
4
50 4314 Jan21 7212 July 7
3212 Apr 50 4 Oct
3
18,600 US Smelting Ref & M
6918 691
4 673* 8914 6712 72
s 6812 70
723
69
423* Apr 4734 Dec
50 45 Jan18 50 Mar 2
50
50
497
200
Do prof
*4812 50
*48
*4638 50
49
49
8612 Mar 11612 Aug
4
4
11134 11518 1113* 11418, 11214 11334 11134 1133 1113 11358 717,900 United States Steel Corp_100 884 Feb10 11518 July 7
100 1134 Feb10 11714 May 2 108 Mar 1133* Dee
Do pref
4,000
11614 11872 11618 1165* 1161 1167 1164 1167 1167 1167
10 654 Feb 7 96 Julyll
714 Dec 93 Oct
9212 9312 9214 933
94
57,400 Utah Copper
4 9312 96
2
903 9412 92
4
sJunell
11 Sept 163 Nov
100 13 Jan 2 213
1814 1732 1812 18
800 Utah Securities v t c
18
1814 1814 --------17
100 51 Feb10 8912 Julyll
333 Jan 8014 Nov
4
618 88
85
8518 877
83
4
2 863 8912 33,000 Virginia-Carolina Chem
833* 8712
98 Jan 1133* Dec
100 110 Jan 7 11534 July 3
Do pref
600
11512 11512 11512 11512
211312 11414 11532 1153* *114 116
100 54 Mar31 74 May29
50 Jan 7312 July
900, Virginia Iron C & C
6734 68 I 68
69
6812 6812 6834 69
7714 Aug 95% Apr
500, Western Union Telegraph_100 8418 Mar27 9212 May26
89
8912
8912 89
*88
. 89
;9- i(i
3812 Jan 4712 May
5934 -Ki4 - 2 58
75,700, Westinghouse Elect & Mfg_ 50 4012 Jan21 597 June 9
58
691
59
573 5812 5714 58
8
59 Jan 6412 Feb
50 61 Feb27 70 May16
____ ___ _...I Do 1st preferred
50 45 Jan 3 75 July 9
364 Jan 49 Nov
4
2 103,300 White Motor
b
-iio- - .- -illis /Cr -.5i2
384 393
4 3812 3912 124,300 Willys--Overland (The) .. 25 2314 Jan22 4014 June 2
1512 Jan 30 Nov
353* 3638 3534 3614 3814 39
100 8734 Jan 7 98's May 9
75 Jan 894 Nov
Do pref(new)
1,400
9712 98
98
9712 98
*96
97 I 9612 9712 97
4514 Jan 7714 Dee
2
11,8001 Wilson & Co,Inc, v t o No par 653 Jan20 104% July 2
10012 102
101 10218 10018 101
10012 102
9912 104
4May19 110 M
Mar 1084 Oct
100 120 Feb 7 1333
1323* 13212 ---- ___ 132 132
1,400 Woolworth (F W)
1317 1327 132 132
Oct 115 Sept
100 1143
sJune28 1174 Jan17 111
Do pref
*11414 11612
-- -___I*11414 1164'11414 1164
4June 7
343* Jan 69 Aug
4,6001 Worthington P & M v t o_100 50 Feb13 863
8414 -8314 -8334 *77 2 83
8334 84% 8214 8414 83
85 Feb 91 Apr
100 88 Jan 9 98 Apr24
200, Do pref A
93
97
97
98 1198
98 1 *97
98 I *96
*96
59 Jan 704 July
Jan 3 79 June26
Do pref B
100 66
*78
70 I 7812 79 I *79
7912 79
7712 79300
79
-is- -iiii, v3--, 70
,
,
110 Bk1 wad asked prices; no sales on this day. I Lees than 100 shares. / Ex-rights. a Ex-div. and rights. z Ex-dividend.
158
New York Stock Exonange Bond Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange method of quoting bonds was changed and prices arinow-"and
interest'-exceptfor interest and defaulted bonds.
BONDS
N. Y. STOCK ...(1EIANGE
Week Ending July 11
Pries
Friday
July 11
Wites
Range or
Last 3a1e
Siege
Sacs
.7a4. 1.
AM Low
Bid
High No, Lots High
U. S. Government.
age let Liberty Loan_1932-47 J D 99.34 Sale 99.30 99.50 3173 93.20 99.80
da 1st Liberty Loan
1932-47 J o 94.01 Sale 94.00 91.90 159 92.50 96.00
45 2d Liberty Loan_____1927-42 MN 93.54 Sale 93.50 93.82 1014 92.10 95.10
43(9 let Liberty Loan_1932-17 J D 95.14 Sale 95.01 95.30 451. 91.20 96.110
Cis 2d Liberty Loan___1927-42 MN 94.10 Sale 94.03 94.31 6035 93.20 95 33
&its 2d Liberty Loan___1932-47 J O 100 __ 100.30 100.30
5 9142 10030
Cis 3d Liberty Loan
S 95.01 Sale 95.02 95.12 7035 91.90 96.60
1928
43(s 4th Liberty Loan
1938 AO 94.24 Sale 94.10 94.3415131 93,12 93.74
43(s Victory Lib Loan__ 1922-23 100 Sate 99.92 100.09 5710 99.80 100.03
33(s Victory Lib Wan__ 1922-23
100.05 Sale 100.00 100.12 1459, 99.93 100.48
25 consol registered
i
9918 Apr '19
6119 ,()
974 994
25 consol coupon
-_ 98 Mar'19
98
1).910 Q J
98
Ls registered
10612 1034 June'19
1925 Q F
1013 10314
8
CI coupon
1925 Q F -__ 10512 10514 July'19
10414 10314
Pan Canal 10-30-yr Zs
---- 9314 Mar'19
k1936 Q F
9814 9814
Pan Canal 10-30-yr 2s reg__1938 Q N 88
99 July'IS
Panama Canal 3s g_1931 Q M 83 --__ 9014 June'19
8715 61"
Registered.
91 Mar'19
1931 Q M
91
91
Philippine Island 1s_ _ _1911-34 Q F
94 100 Feb '15
Foreign Government
Amer Foreign &our Si
A 994 Sale
1911
Anglo-French 5-yr 55 Eater loan_ A 0 971s Sale
Argentine Internal Sc of 1909._
834 Sale
Bordeaux (City of) 3-yr 6s__1919
99 Sale
Chinese (Ilukuang Ry) 51 of 1911
67 Sale
Cuba-External debt Sc of 19, 4_
9314 S tia
'
Etter dt 59 of 1914 ser A._1949
A 92 9314
External loan 410949
A 814 83
Dominion of Canada g 5s___1921 A 0 934 931s
do
do
_196 A 0 9414 Sale
do
A 0 9513 8tie
do
Japanese Govt---£ loan 4 As.1925 11 A t 85 907
9
Second series 4 q4._...__1925
I 834 Sale
do do "German stamp".
Sterling loan 45.....___1931
ffi- fit;
Lyons (City of) 3-yr 69
93 s Oat°
7
1919
Marseilles (City of) 3-yr (19_1919
937 Sale
2
Mexico-Exter loan £ Sc 01 1899
71
66
Gold debt is 01 1904
55 57
1954
Paris (City of) 5
5
0 973 Sale
-year 6s_ _ 1921
Tokyo City 5s loan of 1912 ....
794 8112
U K of Gt Brit & Irelan3-year 514% notes
-----1919 MN 99% Sale
5
4
-year 5A% notes
_1921 MN 98, Sale
20
-year gold bond 5 As__1937 FA 98 Sale
These are prices on the basis of $50).€
994
994 103 9914 100
97
974 9933 95% 977a
831
s
84
324 93
9814
994 32 9312 1024
67
67
6 67
721s
9814
9914
5 9212 100
9212 July'19
9014 9312
834
1. 82 85
834
987
3
9414 23 953 99
4
91
953
4 49 91
984
9112
977 111 914 9812
s
91 July'19
864 92:4
834
884 10 86
93
873
42 81
4
88
89
80 May'19
75 8012
9812
9914 6/ 9312 10212
937
3
9914 03 9312 10212
6518
1 61
654
7912
53
53
4 50
61
97
984 303 9612 10014
81.
6 794 83
8112
1
993
4
994 255 9834 100'4(4
9814
9834 380 9734 99.4
977
5
994 521,1 974 101.
14
State and City Securities.
N Y City-43(s Corp stook.1960 M •18 973 977 97%
8
8
974 15 93 98
43(e Corporate stock..
0 96 98
• S 974 974 973
3
..1984
973
4
43(s Corporate stock
AO 974 974 97:3 June'19
1
96 9914
10412 1024 10212 1024 18 1004 10312
4s Corporate stock July 1967
4;45 Corporate stock
10212 1024 1024
1 10012 1027
1024
1905 i"
8
11341i Corporate stock___1963 M
10212 1027 1024 1024 11 100 1024
s
6% Corporate stock
_ 93
• N 934
5 9034 931s
93
1959
4% Corporate stock
_ 9313 June'19 --- 904 931e
1958 MN 934
6% Corporate stock
5
1957 MN 934 _ _ _ _ 927 June'19
9012 927
8
4%Corporate stock reg.-1956 M N 934 ____: 904 May'19 -- 903 91
8
New 4)3s
1957 M N 10212 1024 1.924 July'10
- 10012 1027
8
434% Corporate stook _1957
• N 10212 1027 1024 June'19 -- 1003s 1027
a
9
334% Corporate stock
1954 MN 83 84 8314 June'19 -- 8112 8314
N Y State
4
-49
1961 MS 983 9912 9814 May'19 -- 98
9814
Canal Improvement 4s_ 1961 J J 933
4
983 June'19
4
9612 981i
4
Canal Improvement 4s_ 1962 J J 983
984 July'19 -- 9814 9912
Canal Improvement 49_ _1960 J
983 --__ 9684 Apr '19 -- 9634 9634
4
Canal Improvement 4 A9_1964 J J
1083 June'19 -- 10634 1083
4
4
Canal Improvement 41 5.1935 J J *1077 -s
10212 Dec '13
%
Highway Improv't 4138-1963 M S 108
1064 Mar'19 - 1065; 10853
Highway Improv t 4149...1965 M
I ou4 June 18 --Virginia funded debt 2-3s 1991 22
787 Dec 'IS -*
Cs deferred Brown Bros etfe___
60 - ;le 654
§.
66
35 63
744
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 11
Fries
West's
Ranee
Friday
Range or
Since
July 11
Last Sale
Jan. 1
---Chesapeake & Ohio (Con)
Bid
Ask Low
11104
Low High
General gold 410
1992 M 8 7838 7914 7815
2 77
7812
8314
Registered
1992 M
73 78
863 Mar'17 _4
20-year convertible 414,1_1930 FA 817 Sale 81
s
8218 27 "Hsi"
Eli
30-year cony secured 59_1916 AO 8913 Sale 8918
9018 191 8414 21511
Big Sandy 1st 4s
1944 J D 78 83
784 May'19
Coal River Ely let gu Is....1915 J D 7414 7812 8234 May'19
88 8 84
72 4 78;
; 28
Craig Valley 1st g 5s
844
1940 .1
9034 Feb '10
Potts Creek Br let 49.___19,16 J
674
69 June'19
89
89
J
R & A Div 1st con g
70
79
7713 June'19
75
80
2d comsol gold Is
693 7414 71 Oct '17
1939 J
2
Greenbrier ay lit gu g 49_1910
N 7434
8812 Sept'16
Warm Springs V 1st g 5s 1941 MS 82 -113 Feb '15
Ohio & Alton RR ref g 33_1919 AG 50
59
51 July'19 -- 50 "
dii
Railway 1st lien 3 As
374 25 3534 40
37 Sale 37
1950 J
Chicago Burlington Sc Quincy
Denver Div 4s
1922 FA 100 ____ 994 May'19 ---- 9914 9911
Illinois Div 3.4s
1919 J J 7515 753 75
8
754 20 731 7011
Illinois Div 49
1919 J J 83 837 83
8
834
4 8212 857
8
Iowa Div slaking Mud 59_1919 AG 9934 100
993 June'19 ---2 994 993
4
4
Slaking fund Is
1919 AG 9912 9914 9912
9912
99 993
4
Joint bonds. See Great North.
Nebraska Extension 45
1927 MN 92 Sale 92
933
921
4
4 .92 71ii1
:
3
Registered
1927 MN 904 ____ 91 Mar'18 -General 48.
813 Sale 813
4
1958 M
4
8134 22 80
Ohio & E Ill ref & imp Is 8-1955 J J 32
324 3212 July'19 -- 25
354
175 Mtg & Tr Co f of ep32
31
3114
3114
3 2
, 373
72 7 14
62
ist emsol told Os
1934 AG
100 June'19
.57:
77904 10
:. 774
100 .
General oonsol 1st Sc
7712 78
1937
7712
7712
US altg & Tr Co Ws of dep. -7512 753 77 July'19 --4
Goar Tr Co Ms of deo__ ..,.
74
90
75 May'19 -"A
Porch money 1st coal 51_1942
973 Feb '13 --.4
Chic & lad C Ry 1st 5s_ _1936• J
32 WWII -Chicago Great West 1st 1s 1959 MS 593 Sale 593
4
5314
4
60
24 59
Chic Ind A Loulsy-Ref 69_1917 S i 101 10312 100 June'19 -Refunding gold 5s
1917 S i 853
4
8534 June'19 -- 185 4 103 4
803 858
Refunding Is Series C____1917 S i
8112 Apr '17 -Ind & Loulsy let gu 49-1953 1 .1 5614 7318 63 May'19 -- - ; 83
601
Chic Ind & Sou 50-yr 4s
1956 J J 78
797 79 June'19 -- 781 81
5
4
Ohl(' L BA East tell As___1969 J D 8212 85 8312 July'19 -- 8312 8312
Chicago Milwaukee & St PaulGea'l gold Is Series A -(11989
J 7012 71
7118
7118
7 711 14:
11 761
; 4154
Registered
01989 Q J
921 Feb '16 -Goal gold 3 As Set B___61989 J
J ---- 68
64
64
64
3 61
General 4 As Series C-01989 J
774 Sale 7713
783
4
0
Gen & ref Set A 4 As......_a2014 AG 674 Sale 674
674 15.
Gen ref cony Ser B 5s-a2014 FA 78 4 Sale 774
,
7814
11. 77
817
8
Convertible 4345
1932 J o 75 Sale 744
774 43
Permanent 4s
1925 J O 8112 8234, 824 July'19 -- 741 85 8
811 91 2
9! :
8
7
4
25-year debenture 49_____1934 J 1 7113 714 7212 June'19 -- 70
728
3
Chia & L Sup Div g 5.9._ 1921 J J 98
983 9812 June'19
4
Chic & Mo Ely Div 59-1928 J J 93 100
92 Oct '16 --J J 99
. Chic & P W Ist g 5s
1921
99
8 9918 99
6/ -66
C Ni & Puget Sd let gu 49_1919 J J 72
7212 72 June'19 -Dubuque Div 1st s f 69_1920 S i 994 __ 993 July'19 -4
Fargo & Sou assum g 6E1_1924
J 99 10018 100 May'19 -- 1:898 2 100188
:
998
613 798
99889698
•30 481 _4 89
96: 92
Milw & Nor 1st ext 4 34s__1934 J o 78
89 May'19 -Cons extended 4 As-. 1934 J o 8112 883 82 July'19, -- 8012 82
4
Wls & Minn Div g 56.__1921 J J ---- 99
963 Apr '19 -4
Wis Valley Div 1st
997 June'19
_1920 S i 99128
Chicago & Northwestern Ex
4i
1886-1926 FA 9012 9234 89 Apr '19
Registered
1386-1926 FA 89 91
95 Dee '18
General gold 3149
1987 MN 69 81
704 June'19
71
70
• F 67
Registered
704 Apr '19 ---- 69
p1937
7012
General 49
8012 8114 June'19 --_- 804 824
1987 MN 79
MN 81
Stamped 49
82
1987
817 Oct '18
8
General Sc stamped
s
9932 -25
1987 MN 993 Sale 084
Sinking fund 69
1879-1929 AG 103 109 194 May'19
1015 104
8
AG
Registered
1879-1929
10912 Apr '10
4
Sinking fund 5s
1879-1929 A0 971 993 9714 June'19
96 _
Registered
1879-1929 A
90 Noy'18
Debenture Sc
1921 A 0 9814 1033 98 May'19 4
98
Registered
1921 A 0 97
98 Mar'19
97
98
9412 9512 043 June'19 --- 943 9
Sinking fund deb Sc
1933
4
4 04
9214 100
Registered
1933
97 Noy'18
81
Des Plaines Val 1st gu 44s 47 14
10114 Oct '16
_ 1074 June'19
0 10718
Erma Elk & No V let 69_1933
1 61; fed.
6
81
ManG BA N W 1st 310_1941
88 Jan '17
6212
Milw AS List gu 3149._1941
:::
Mil L S & West ist g 6s....1921
1004 - 101 May'19
10053 101
A 983 _ _ 98 Apr '19 ---- 98
4
Ext & imp f gold 59
1929
99
1033
Ashland Div lit g 69-.1925
4
- 101 Apr '19
0 11
09,4
79041,44 1794
533
10
Mich Div 1st gold 69_1924
1033 105 1033
4
4
1033
4
8 70 8413 767 June'19
MB Spar & U W let Kit 45_1947
75l8 7814
s
St L Peo & N W 1st gu 59 1948
....-- 95
94 June'19
Chicago Rook Tel & Pao
74
7512 7512
Railway general gold 4s
1988
7512
Registered
--- 76
1988
70% May'19
764 703
8
7112 Sale 71
Refunding gold Is
1931 A
72
11
70 704
20-year debenture 5s
1932 1
704 Mar'19
- 96014 97,012
77712 7 v2,
R Ark & Louis let 410-1934 14
6712 LSale (17
63
15
Burl C a & N 1st g 5s
1934 A 0 914
9112 Juno'19
9412 90
ORIF&NW 1st gu 53_1921 A 0 923
2
_ 9714 Feb '19
Cho Okla & G gen g 59-0919
97 bilase10 -- -Congo! gold 55.
1952
May'1.8 .93
67 "ail; 6812
Kook & Dec Moines let 5s 1923 A
69
7 05 .7 6/ 13
A 687 694 70 June'19 -St Paul & K C Sh L lit 4149'41
s
604 71
10612 Sale 10012
Chic St P Ni A 0 cons 69
1930
107
11 105 198
851s
Cons 6s reduced to 3 As_ _1930
85 June'19 -- 85 85
Debenture 51
1930 A1 8 92 __
93 J uno'19 97
- 91
North Wisconsin 1st 6s,.. 1930
10514
118 Nov•16 -Superior Short L 1st 5s g_c1930 NI
91
95 May'18
Ohio 1' El & So East let 5s-1960
63 70
6712 June'19 -- -66 6713
Ohio & West Ind gen g 6s-q1932
let 1034 107 10313 10314
8 1024 10114
Coniol 50
(143s Sale 01
-year is
6412
6
1
05
Cln El A D 2,1 gold 4 As_ _1937
90 May'17
•••••
C Find & Ft W let go Is g 1923
-- 88 Marl! -.Dty A Watt lit eons 30 1931
8513
1
79 Nov'11
Clev Clu Co A St L gen
683 684 09
4
694
83 Sale 8013
20-year deb 4 As1931
83
47 76
824
84 91
General Sc Series B
1993
84
84
8 84 87
0alro Div lit gold 19
7514 7914 803 May'19 -.1939
4
Cie W A M Div lit g li_l991
70
75
70 Juno'19 -.St L Div lit coil It g Ii
7314 80
1990 NI
71314 June'19
tel
Sor Col Div lit g
74 ..___ 744 Jan '19
74::4
:
:77808 .
: .6. 18
7 381s:1 ..,
778 8:
0 6 5
7
4
W W Val Div 1st g 49
707 _
s
1910
84 Nov'16
I St LAO consol 69_ _ _1920
993 101
4
993 May'19
4
lot gold Is
84
t1936
90
8312 May'19 ....
834 8312
83 8514 8312 May'15
Registered
R1935
Cm n S & CI cons let g 51_1928
93 -9312 May'19
103 __ 1031s June'19
C CA I gen cons g 69-1931
.
1032! 107
764
Ind B & W lit prof 4s
_1910
94 July'03
824 _
0 Ind A W lit pref 5i...41933
• - - - -667i
Peoria 3: East lit eons 49.1910 A 0 56
597 'Er June'19
s
50
Income Ia.__ ___1990 Apr
2215 277 30 June'19
8
31
12
Cleve Short L lst gu I si1-1951 AO 803
4
87
89
87
1 80
Colorado A Soil lit g Is.,.
_1929 FA 857s Sale 8512
854
8 8512 8914
Refund & Est 1 Al- • N 801s 81
8018
8012 20 7714 8014
-1935
Fr. W A Den C 1st g 69. _1921 Jo 993 100
s
994 June'19 983 99%
4
Conn A Pas ill vs lit g 19_1943 AO
Cuba RFt lit 30-year 5i g....1952 J 1
03 ret; iii
,
Dal Lack & Western
0 723 73
Morris A Piss lst go 310.-2000
4
723 June'19 -- 724 73
4
N Y Lack A IV lit 69_1921
1097
s
1037 June'19
s
5
1007 1007
8
A 974 -- 9314 Juno'19
Conitruetion 51.--1923
9534 101
Term dt Improvt Is.. _1923 14
914 -- 95 June'19
9212 92
A 081s ....-- 1024 Feb '08 Warren lit ref itu g 3+4-2000
-
Railroad.
Ann Arbor 1st g 4s
564 571 5712 June'19
h1995
• 547 58
s
Atchison Topeka & Santa Fe
Gen g 49
59 80 8512
81
1995 A0 38015 Sale 80
Registered
807 81 June'19
8
1095 AO 79
794 82
Adjustment gold 45
7312 754 74
75
2 74 803
111995 Nov
4
Registered
7312 June'18 ---/11995 Nov -..- 86
_Stamped
74
111995 MN 7375 714 74
5 73 4 7912
3
Cony gold 4s
75
6 74
1955 J D 744 7612 75
7612
Cony 4s Issue 01 1910
102 Sale 102
102
50 934 10214
1960
East Okla Div 1st g 49.....1928
8918 9112 9114 May'19 -- 904 921s
Rooky Mtn Div 1st 45_1965
74
80
74 July'19
- 74
76
Trans Con Short L 1st 19_1958
78 Sale 78
78
25 7712 81
Cal-Aria 1st & ref 4 As"A"1969
8 834 85
85 May'19 -- 83 25.
S Fe Pres & Ph 1st g 5s. _1912
93 100 95 June'19 95 95
All Coast L 1st gold 49.___70.952
8012 81 814 July'19 ---- 8015 8512
Gen unified ”is
82 847 8312 July'19 -- 82
8
1964
88
Ala Mid 1st gu finhl 58
98 ___ 9812 June'19 -- 954 984
1028
Bruns & W 1st gu gold 19_1938
841s 8812 78 Oct '18 -Charles & Say lit gold 79.1936
114 _... 1294 Aug '15 -L & N coil gold Is
75
7512 7514
o1952
7514
0 735 7813
Say F A W 1st gold 5s __....1931
0 107 ..-- 10714 Apr '19 -- 107.4 10714
let gold 3s____
0 97 _
1931
105 July15
Bait & Ohio prior 314s
8814 8912 8812
1925
834
3 874 394
Registered
8712 _ _ 87 Feb '19.- 87
41925
87
let 50
-year gold
0 7314 7312 734
_7)1913
7412 30 7314 8212
Riglatered_____ _41913
7412. 924 Mir'17 -10-yr cony 441....____....1933
76
Sale 7512
7614 15 73
80
Refund & gen 5s Series A_1995
78
Salo 77
78
8 77
824
Pitts Juno list gold 69_1922
1 983 ..
4
112 Jan '12 -P Juno A NI Div lit g 3149 1925
85 8712 364 May'19 ---- -631; 87
.
PLEA W Vs Sys ref 41_1911
70 7341 73
73
3 717 78
Southw Div 1st gold 34s.1923
8313 84121 831
4
833
4
1 83
8514
Cent Ohio R. 1st o g 4 Ai-1930
87
894 Mtr•19
8314 8914
CI Lor
W con 1st g 59-1933
0 953 _ • 957
4
9.515 954
s
957
8
Ohio River RR 1st g 5s. _1933
9512 __
93 Jan • is .- •- 95
93
General gold 59.--..-1937
0 9114
9113 M tr19
90 911s
'Si
PRO Clev & Tol let g ifs. _1922
0
_ 091 M
Tol & On illy lit ref Is A 1939
62 634 6212
5 "diti 83
6314
Buffalo it P gen g
974 101
99 M tr'19
99
99
Consol 4
8712 88 83 June'19
.1957
8712 8814
All & West lit g Is
0 843 9612 97 Nav•It)
4
_1993
Clear & Matt lit gti g 59_1913
894 .... 10312 Feb 16
Roots & Pitts 1st gold 69..1991
1003 10214 101 June'19
4
i66 idi
1
;
Como( lit q es
0 102 103 104 June'19
1922
101 102
Canada Sou eons gn A 51-1902
0 904 9114 94
91
88
957
2
Oar Clinch & Ohio 1st 30-yr Sc'33
--- 8212 754 June'19
7512 e2
Central of 04 let gold 5s..__p1945
A 994 10114 100 Mar'19
100 10013
Congo! gold 59._
891s 904 8912
._1915
91
13 89
947
s
10-yr temp scour (Ls June 1929
933 Sale 9312
4
99
18 984 9914
Chatt Div par money g 15 1951
734 82 7412 Mar 19 ---- 744 7514
Mac A Nor Div lit g 5s 1945
924 ...- 90 al ty•IS -- -_
Mid Ga & At! Div,_
9912
974 Juno 17
Mobile Div 1st g
92
904 Jan '19 -- Ws; 4(84'
en tli.R A 13 of Gs soil g 69_1937
90
887 Apr '19.- 86 89
2
Cantor N J gen gold 55
1017 1023 102
s
1937
;
102
10 102 103
Registered10114 10413 1014 June'19 -- 1004 1.0112
41937
Am Dock A Imp git 5s.....1921
100 10.13 100 July'19 -- 99 100
4
Leh A Elud Riv gen gu 59.1920
964 ....1100 Apr '18
N Y & Long Br gen g 49_1911
884
_ 10012 Jan '13
Cent Vermont lit gri g Is._e1920
8412 63 Ma '19 _- mIS "
dd
Chess &0 fund A leapt 59_1929
89 92 1 92 June'19
89
9313
let coniol gl
939
9712 Sale 9718
9312
8 9718 9913
•
..
.........*939
--- 93 1314 Vtn 17
*NO price Friday; latest this week. a Due Jan, 4 Due April. e Due May. g Due Juno. F, D la:July. Jr
Die Aug. o Due Oct. p Due Nov. r Due Deo. a Option sale.
;9
New York Bond Re3ord
JULY 12 1919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending July 11
U.•
Price
Friday
July 11
Week's
Range or
Last Sale
41
7,
Range
Since
Jan, 1.
High No. Low High
Ask Low
Bid
Delaware & Hudson
93
97
1922 J .1 97 9714 97 June'19
g 40
1st lien equip
8312 84 June'19 -- 8312 8514
N 83
1943
1st & ref 48
9312
5 903 953
9312
8
4
1935 AO 9312 91
20-year cony 5s
76 June'19
733 7812
4
Alb de Susq cony 33.4s._._1946 AO 7412 76
4
4
Renss & Saratoga 1st 7s 1921 MN 102% 101 1023 Apr '19 ---- 10234 1023
Denver & Rio Grande—
69% 35 6612 7514
4
1936 J J 633 6912 69
let cow g 4s
79
76 June'19
7612
75
72
1936 J J
Coneol gold 410
80 May'19
76
80
1928 J D ____ 82
Improvement gold 5s
59 45
59
59
1955 FA 5712 5912 5318
1st & refunding 59
---Rio Or Juno 1st gu g 55-1939 J D 77 _-_- 8734 Nov'16
6114 Apr '11
___ 38
- -Rio Or Sou 1st gold 48.-1940 J
39 July'17
J
1940 J
Guaranteed
73 June'19
J
03% 7312
Rio Or West 1st gold 48_ _1939 J
12 56
58
53
60
Mtge & coil trust 45 A 1949 AO 5712 58
82 Dee '16
78
-- -Del Jr Mack—lst lien g 4s 1995 ID 65
7512 July'16
1995 J D 50 _Gold 4s
5 80
8012
4
8414
Det Riv Tun Ter Tun 45is 1961 MN 7712 803 8012
9634 June'18
Dul Missabe & Nor gen 59_1941 ii 951 1
9412 9318 June'19
9258 95
1937 AO 93
5s
Dul & Iron Range let
10512 Mar'08
1937 AO
- Registered
85
83 June'19
82
8112
83
1937 J
Dul Sou Shore & Atl g 5s
90 May'19
9312 96
58_1911 • N 9312 96
Elgin Joliet & East let g
6 9938 100%
10012
100 10012 100
1920 MS
Erie 1st consol gold 7s
--N Y & Erie 1st ext g 4s.-1947• N 82 ---- 7818 Oct '18
9618 June'18
8
1919 NI S 973 100
- - -- 2d ext gold 59
9312 Jan '18
• S 9134
1923
- -- ---Erd ext gold 454s
,
1920 .1 0 9638 99 2 9912 July'17
4th ext gold 55
8212
9134 Nov'15
1928
5th ext gold 4s
9712
100% July'18
NYLE ,sc W 1st g fd 78 1920
49 -6E- -76166
6512 Sale 65
2
1996
Erie 1st cons g 4s prior
81 Dec '16
1996
Registered
51e 5314
EC
8 35 5212 5712
543
1st consul gen lien g 48_1996
55
73 June'16
1996
Registered
17 "
8512 82
83
A 83
fir); 83
Penn coil trust gold 45 1951
48
Sale 48
4312 19 4618 52
50-year cony 48 Ser A 1953 A
Sale 48
48
16 46
49
52
1953 A
do Series B
Sale 5012
5112 97, 4712 55
1953 A 0 51
Gen cony 4s Series D
1.
94
93
94
94
90
9518
Chic & Erie 1st gold 53.-1982
9312 9912 1067 Jan '17
8
Clev de Mahon Vail g 5s 1938 .1
- -- 7 9612 101
9912
9912
93 100
Erie & Jersey 1st f 68.-1955
98 May'19
93 100
9578 101
Genesee River let s f158....1957
109 108 Mar'19
108 103
1935 A 0
Long Dock consol g 6s
9314 -- 103 Jan '18
Coal & RR let cur gu 6s 1922 SI
-9314 ---- 10212 July'17
—
1943
Dock de Impt 1st ext 5s
87 ---- 85 Jan '13 -N Y & Green L gu g 5s-1916
71 64
7 -di
68
68
7814
N Y Snag & W 1st ref 58-1937
55 10014 Dee '00
A 45
1937
2d gold 410
A ---- 53 60 June'18
1910
General gold Ls
89 ____ 97 Dec '18
_
Terminal 1st gold 5s-1943
85 ---- 103 Jan '17
Mid of N J 1st ext 5s_ _ —1910
60
57
60
60
-66
72"
Wilk & East let gel g 59_1942
2312 Jan '17
Ev & Ind 1st cons gu g 6s-1926
96% July'19
.1 0514 97
"di
98
Evansv & 1' H 1st cons 6s 1921
1912 A 0 7018 ---- 8518 June'17
.
1st general gold 5s
108 Nov'11
1st gold (35-1923 A 0
Mt Vernon
95 June'12
Soil Co Branch 1st g 5s 1930 A 0
81
81
4 " 3 " -S82% 80%
g61- d
Florida E Coast 1st 450-1959
92 Aug '10
Fort St U D Co let g 4548-1941
6018 --- 5612 Oct '17
St Worth &Rio Or 1st g 48_1928
78
80 Doe '18
Galv lions & Ilea 1st 5s._ —1933 A 0 70
Sale 96
96
8
96 7 184 E3T, 968
Great Nor C B & Q coil 4s_ _1921
4
---- 953 9512 July'19
51921
9538 9578
Registered
85
3 85
84
86
8614
89
ref 45s Series A.- __1961
1st &
96 June'16
1961
Registered
88% -- 8812 June'19
8812
1933
88
.
St Paul M & Man 4s
4
1063 109 10812 Apr '19
1933
10812 10812
1st consol g138
104 -- 118 Apr '17
1933
Registered
9314 ____ 9318
9312
4 931; 9518
Reduced to gold 410_1933
9118 99 10212 May16
1933
Regletered
85
8512 May'19
1937
8
-811; -887
Mont est 1st gold 48
8318 ____ 9512 Mar'16
1937
Registered
77 -- 81 June'19
1940
81
81
Pacific ext guar 48 £
_ _ 80 Nov'18
8
803
---E Minn Nor Div 1st g 4s 1948 A 0
10014 May'18
.1 10112
1922
Minn Union let g (38
10314 ____ 10314 July'19
1937
Mont 0 1st gu g Os
10612 idiN3
106 ____ 13614 May'06
_
1937
Registered
983 June'19
4
J 98
9912
1937 J
98
1st guar gold 55
_ _ 10934 Aug '16
Will & S F 1st gold 5s 1938 ID 9718
5114 70
66 June'19
66
51
Green Bay & W deb ate "A"____ Feb
4
133 14
18
14
1438
Feb
s
63 15
"B"
Debenture
8
75
75
8212
75
Gulf AS list ref & t g 51._51952 J I 747 79
4
78
83
77
Hocking Val 1st cons g 43e 1999 J J 7712 783 78
7312 June'18
J
1999 J
Registered
--- -Col & II V 1st ext g 4s_....-1948 A0 76% ____ 7312 Oct '18
4
7614 761
1955 FA 753 --- 7614 Apr '19
Col & Tol 1st ext 45
8434 95
85 Dee '18
Houston Belt & Term 1st 58_1937 J
8
85'g 88
Illinois Central let gold 4s 1951 .1 I 835 ____ 8514 June'19
92 Sent'17
1951 J J
Regletered.
7318 76
70 May'19
1951 J
76
76
1st gold 310
84 Nov'15
1951 J J 7118
Registered
80 June'17
1951 AO 74 —
Extended 1st gold 310
-70'8
1951 A0
Registered
S
go— JuiT03
"
1951
let gold Is sterling
--- -1951 MS
Registered
1952 AO 7712 80
78
78
6 77 - 79 Collateral trust gold 4s
951 Sept'12 -1952 AO
Registered
N 797 SO's 797
8
6 7812 8114
80
1955
let refunding 4s
2 7112 75
J 717 74
72
72
1952 J
Purchased lines 310
75
4 73
7412 747 75
8
775
1953 MN
L N 0 & Texas gold 4s
7118 Apr '19
Registered
1953 MN 708 85
711s 7118
97
Salo 97
9714 60 904 9714
----.15-year secured 51v...1934
79 ---- 78 Nov'18
Cairo Bridge gold 4e...._1950
61 --_ 79 Feb '14 ___
Litchfield Div 1st gold 38_1951
6112 --- 675 July'19
8
5675e
0758 "di 8
LOUISV Div & Term g 34s 1053
83 Aug '12 -1953
Registered
A 9712 ---- 102 June'16
1921
Middle Div reg 58
58 ____ 5814 Sept'18
A
1951
Omaha Div let gold 3s
55% ---- 62 Oct '18
- - -St Louis Div & Term g 38_1951
1951
7114 ---- 6518 Oct '18
-- -Gold 310
72,3
1951
80 June'16 -- - - -Registered
69
8112 8038 Nov'16
- Bpringf Div 1st g 350- _ —1901
A 77 -___ 7912 May'19
7918 7912
Western Lines 1st g 4s1951
1901 FA
92 Nov'10
Registered
1923 JD 95%
11712 May'10
Bellev & Car 1st Os
-- 73 Mar'19
73
73
Carb & Shaw let gold 4e 1932 MS 737
9.118 993
96 May'19
4
Chic St L &NO gold 55_ 1951 ID 9.118 97
1951 ID 9318 --- 9518 Feb '19
9518 9518
Registered
6512 July'18
1951 J
0658 -Gold 35a
1951 J D
Registered
8 10 87
885
95
Joint let ref 51 Series A.1963 J D 8712 8812 8778
8
7018 Oet '18 ____
Div let g 4(1_1951 ID 733 79
Memph
78
65 Nov'17
1951 ID 65
Registered
7934 7934
St Louis Sou 1st gu g 49-1931 MS 8114 -- 7634 Jan '19
813 __
8
8014 Feb '19
8014 82
1950 J J
Ind III & Iowa 1st g 45
911/ 96
93
96 July'19
96
1919 MN
Int & Great Nor let g gs
90
81 July'19
8034 82
James Frank & Clear let 48_1959 J D 81
13012 Sale 6012
6438
6012
3 60
Kansas City Sou 1st gold 3s-1950 A J
—
78 Oct '09
1950 AO
Registered
J 85
8512 85
8
8512
6 813 88
Ref & Impt 58
Apr 1950 J
J
77
81
78
7812
7812
5 76
Kansas City Term let 4s.-1900
87
83
J
8812 June'19
8712 90
Lake Erie & West 1st g 59_1937 J
70
J
8
787 8058 Feb '17
1941 J
26 gold Se
85
80% Oct '18
North Ohio 1st guar g 58_1945 A0 65
92
8
J 8714 897 9014
9014
2 89
Leh Val N Y 1st gu g 410_1940 J
J 8218 ____ 89 Oct '17
1940 J
Registered
-1T(i12
3
• N 7518 7558 773
8
773
1
Lehigh Val (Pa) cons g 48_2003
85
90
8612 June'19
Genera, cans 4
._ _2001 MN 8312 86
-fr -711;
5
159
Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week ending July 11
•••
t3
Price
Friday
July 11
High No.' Low High
Ask Low
Bid
10214
4
Leh V Term Ry let gu g 5s__1941 A 0 99 ____ 993 June'19
113 Mar'17
1941 A 0
Registered
102 • 17 10118
10178 102 10178
Leh Val RR 10
-Yr gull 9s--n1928
9714 100
heti Val Coal Co let gu g 5s-1933 j- -- 100 10012 100 June'19
J
105 Oct '13
RegisteredRegistered1933 J J
_
797 _; _-1933 J J
1st int reduced to 4s
5
945 .7v1 s 7114 8714 70 July18
S
Lab & N Y 1st guar g 4s.
_
Registered
4
Long Isld let cons gold Os. h1931 Q .1 9314 _-__ 9312 Apr 19 _--- 963 9312
_ ._
51931 Q J 8514 9114 9914 June'16
let consul gold 4s
i6
79 June'19 __-- 7814 "
1938 J D 7618 81
General gold 4s
1932 I D 9138 9612 8618 Mar'19 -- 8Us 88'8
2
9 2M S
Ferry gold 450
9914 Oct '06 __-7518 85
()old 4s
7514 May'19 ---- 7514 7514
7514 89
Unified gold 4s
81 June'19 --- 76
84
1939 I D
4 1 rn S 7418 85
Debenture gold 5s
73
74
73
1937 M N
20-year p m deb 5s
7
771k
8 11 75
8
75% 755 June'19 __„ 73
9 • s 75
S
1949
Guar refunding gold 4s
95 Jan '11
1919
Registered
ii"
ii""
"
NYB&MB1steong 58_1935 A 0 94 ___- 94 Jan '19
92
92 Apr '19
92
1927 NI S 9218 98
N Y&RB 1st gold 5s
9018 June'19
9018 91
Nor Sh B let con g gu 5s_o1932 Q J
8
8558 May'19
93
84
855 8814
1927 NI S 82
Louisiana & Ark let g 5s
108 108
108 Feb '19
,
1 30 J N
Louisville & Nashv gen 6s...1 937 si D
9714 10012
4
973 ---- 9714 Apr '19
Gold 58
8 8312 8812
85
J 8412 8512 8412
1910 J
Unified gold 4s
965 Jan '17
8
1940 J
J
Registered
9712
9712 June'19
Collateral trust gold 5s_.A931 M N 95
9318 9434
9134
3
1, 0 M j 94 ___- 9414 June'19
L Cln & Lox gold 4 50_ _1931 1 N
10312 10512
101 106 104 Apr '19
N 0 & M 1st gold 6s
8
100 100
1930 J
26 gold 6s
J 973 102 100 Jan '19
7912 7912
7818 8914 7912 Jan '19
Paducah & Mem Div 48_1946 F A
10114
8
100 101 4
,
91
8
S
St Louis Div let gold 68_ 1920 M s 190 1007 10114
5412 57
5118
55
57
5418
2d gold 3e
7518 79
1955 M N 7612 7814 79 May'19
AU Knox & Chi Div 4e
8
95 Nov'18
Atl Knox & Nor 1st g 5s 1946 J D 957 100
10312 Sept'18
Render 13dge let 11 g 65 1931 M S
75 "Wei
4 88
;
J -763- - .5 79 May'19
Kentucky Central gold 48_1987 J
9218 9514
9412 May'19
Lex & East 1st 50-yr 5s gu 1965 A 0 9512 97
8558 8712
8712 Apr '19
& M let g 450 1945 M S 861s
L& N &
10 71
73
7234
717 --- 72
J
L & N-South M Joint 4s_1952 J
95 Feb'2 5
704
'
51952 Q J
Registered
1 "di- -di"
95
95 ___ 95
N Fla & S 1st gu it 5s----1937 F A
7 May'16
85 ____ 97
J
N & C Bdge gen gu g 410_1945 J
10114 10158
Pensac & All let gu g 6s__1921 F A 1008 101 10158 July'19
9612 June 19 -- 903 9612
9658 105
8
& N Ala eons gu g 5s___1936 F A
8
-year 59_1963 A 0 8812 9212 927 Apr '191-- 9278 93
Gen cons gu 50
60 July'18'
L & Jeff 13dge Co gu g 4s_1945 M S 71
_— 1
Manila Hit—Sou lines 49_1936 M N
7
Eli "
" " ff- NIT11i5
Max Internat let cans g 4s__1977 M S
---75 Nov'10
M S
1977
Stamped guaranteed
9112 June'17
Midland Term—lst s t g 58-1925 J 0
3 iof 1927 J D
Minn St Louis 1st 78
9914
9712 Apr '19 -1921 A 0 96 101
Pacific Ext let gold 68
80
7814 8312 78 June'19 -- 75
1934 M N
let consol gold 55
2 4112 49
47%
1949 M S 4618 4734 478
1st & refunding gold 4s
4612
49
4612 June'19 ---- 44
Ref & ext 50-yr 5s Ser A 1962 Q F 44
6012 Feb '15 --DOS M & Ft D let gu 49_ A935 I J
2 7612 7818
80"
7818
gold 5s 1938 J D 7811; 81
Iowa Central 1st
4812
4678 463 July'19 ----1 42
4
1951 M S 45
Refunding gold 4s
4 8318 89
8414
8414 Sale 8414
1938
NIStP&SSNIcong4sintgu_1938 J
9634
1 96% 973
4
--_- 963
4
let eons 5s
1911 'Si -7 88 ---- 92 Jan '17
1
1
1st Chic Term s f 1s
92" -9412
SSM& A lst g 4s int gu_'213 J I 9218 ____ 9358 June'19
95 Deo '16
_—
J 8118 90
Mississippi Central 1st 5s__ A949 J
Missouri Kansas & Texas—
18 62
6534
69
1990 J D 0514 Sale 6534
let gold 44
3712
Sale 34
34
29
g1990 F A
2d gold 4s
29 July8 -1 28
'
3 19
.1
30
8
2012 35
1944 111 N
1st ext gold 58_
0 10 42
44
4812
4
41
,
1
S 4312 441 4234 juiy,
2004
let & refunding 48
43
41
Trust Co cents of dep ______
3212
6 29
2918
J --__ 3212 29
Gen sinking fund 450_ 1936 J
25
40 Nov'16._..
---St Louts Div let ref g 4s 2001 A 0
25
39
---- -5% secured notes "ext." '16
691 Apr '17
Pi
g 5s1940 Si Dall de Waco let
53 ____ 53 Apr '19
"
A
-di" ii"
Kan City & Pac let R 4s 1990 F
50 Jan '19
50
53
50
Mo K& E 1st gu g 58_1942 A 0 40
70 Apr '19 ---- 70
6518 77
7112
M K & Okla let guar 58_1942 M N
1 505 58
55
55
57
8
M K & T of T let gu g 5s 1942 M S 49
51 Dee '16 ___
65
---Sher Si, & So 1st gu g 5s1942 J D
3018 Nov'18
50
---- --Texas & Okla let gu g 5s1943 M S
Missouri Pacific (reorg Co)—
8634 Sale 863
4
4 11 8334 8778
863
let & refunding 58 Ser A 1965 F A
917 93
8
933 June'19
9114 9478
1st & refunding Sc Ser Ba 1923 F A
Sale 90
9012 10 884 92
90
let & refunding 58 Ser C 1926 F A
11
17
99
16 4 123 5758 6312
6
6112 Sale 9912
1975 M
General 4s
993s 100
8
987 100
Missouri Pee 1st cons g 69_1920 NI N
58 Oct '18 --1945 M S
-year gold loan 48
40
---Apr
extended at 4%__1938 M N
3d 75
---7,
43 ---_-_
0
8
_2
Boonv St L & 13 let 5s gu_1951 F A _7 _ :- 102 Feb
di
6612 8412 68 June'19,
68 " 1948 J D
Cent Br U P lst g 48
90
82 June'19 - -- 803 82
4
Pao R of Mo let ext g 48_1933 F A 82
9718 89 May'19._.. 89 89
J 89
2d extended gold 55__ _1938 J
9512 9512 July'19,.... 94
4
963
StLIrM&Sgencong 5s 1931 A 0 95
102 July'14 ---Gen con stamp gu g 5s 1931 A 0
80
23 7812 82',
Sale 795
J 80
1929 J
Unified & ref gold 45
8
_
807 Oct '17 -J
1929 J
Registered
76 June'19 -- 721 77l
77
Riv &(3 Div 1st g 4s_1933 M N 76
1926 M S 9134 ____ 78 8ept'15
Verdi V I & W lst g 5s
1 1O2' 10514
103
1927 J D 10214 103 103
Mob & Ohio now gold (3s
4
963 —__ 95 May'18
111927 Q .1
1st ext gold Os
1 di- 68
63
1938 M S 6714 -- 63
General gold 4s
*
865 91
Montgomery Div let g 5s _1947 F A 8714 ____ 91 May'19
1927 J D 85 ____ 87 Apr '19 —__ 86% 87
St Louis Div Ls
8012 June'19
8012 85
J
1931 J
8011 8112
guar g 4s
St L & Cairo
2 9834 100
9912 9918
9912
Nashv Chatt & St L let 59_1928 A 0 99
---- -Jasper Branch 1st g 138_1923 J .1 101 10112 11014 Mar'17
50 Mar'19
59
50
Nat Rys of Mex pr lien 4 1is_1957 J .1
35 Aug '16
50
Guaranteed general 4s977 A 0
8
, 967 Feb '13
J
-—
Nat of Mex prior lien 450_1926 J
..---1 21 Aug '18 -1951 A 0
let consol 4s
-1107I2 88 41 68
5
J
.; 6 4
3 -66 - 31953 J
6814
New Orleans Term let 45
9712
1 94
9634
4
1925 J D 963 Sale' 964
N 0 Tex & Mexico let 6s
6212
31 50
60
Sale 583
8
1935 A 0 60
Non-cum income Sc A
New York Central RR—
181 97 10012
99
1935 M N 9812 Sale 9838
Cony deb es
7312 7814
1993 F A 7318 7414 75 June'19
Consol 4s Series A
81
86
13 80
2013 A 0 8012 8314 80
Ref & imp 410 "A"
New York Cent & Hod Riv—
73
4
J
10 70
7114
7012 7114 703
1997 J
Mortgage 310
7112 7012 June'19
J *63
1997 J
7012 71
Registered
86
8334
4
82
1931 M N 833 Sale 83
gold 4s
Debenture
79 Nov'18
-1931 M N
Registered
6738 6712 June'19
F A
65
6414 68
Lake Shore coil g 354
6212 67
6512 May'19
1998 F A *___ 67
Registered
70
70
6612 June'19
65
Mich Cent coll gold 3101998 F A 63
75 Mar'17
1998 F A
Registered
5218
--Battle Cr & Stur let gu 35_1989 J D
J 84% 87
86's Dec '18
.--Beech Creek let go g 43..1936 J
J
9534 Nov 161 ____
1936 J
Registered
J
8818 _ _ -- 104 1113.y'16
---1936 J
2d guar gold 58
J
1936 .1
---Registered
Beech Cr Ext let g 310_51951 A 0 66 -- - 1981 J D 76 _ _ _ _ 49 Nov'16.....
Cart & Ad let gu g 48
Gouv & Oswe let go g 5s1942 J D 91 _
80"
8
"
80
Mob & Mal let gu g 48_1991 NI S 773 _ _ _ _ "ga NiWi5
1986 F A 7114 ____ 8912 Feb '16
NJ June R guar let 4s
7214 -- 80 May'17
N Y & Harlem g 310_ _2000 M N
9712 9714
N Y & Northern let g 56_1923 A 0 9812 ---- 9714 Feb '19
166-
---;
;jar ::-: 101
• No price Friday; latest bid and asked this week. a Duo Jan. 5 Due Feb. g Duo June. 11 Due July. n Due Sept. 0 Due Oct.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
101
Option sale.
971
101
160
New York Bond Record—Continued—Page 3
13
.1Z
BONDS
Price
N. Y. STOCK EXCHANGEFrIday
Week ending July 11
July 11
Week's
Range or
Last Sale
an
4,1,
RI
Range
Since
Jan. I.
[vol.. 109.
'0I
BONDS
Price
.
Week's
%.
..,3n, Rangs
N Y STOCK EXCHANGE.11,
Frly a
Jutd jy
t,
Range or
0
o
'! Since
Week ending July 11
Week
Last Sale
o.) ' Joe, 1,
NY Cent & H B. RR (Con)—
Bid
Ask Low
High No. Low High
P. C. C. & St. L (Con.)—
Bid
Ask Low
High No. Low High
NY .4 Pu 1st cons gu g 48_1993 A 0 7514
7814 Apr '19
78
80
Series F guar 48 gold.
J D 9011 ____ 91 Sept'IS ._
Pine Creek reg guar 68-1932 J D 10158 ____ 113 May'15
__ _ _ ... _ _
Soria) G -Is guar
1957 N1 N 9014 —__ 91 July'19 .— if35; -61:R W dr 0 con-I8t ext 5s_h1922 A 0 99 ____ 9913 Juno'12
99
9918
Sodas I eons gu 434s
1963 F A 9112 ___ 91 Apr '19 ._ 91
91
Rutland lot con g 444/3___1941 J J 7513 -- 7718 Juno'12
67
7718
0 St L & P 1st cons g 58.-1932 A 0 101 1017 101 June'19 __-_-_-_ 101 102
8
Og&LCharn1stgu4sg_1918 J J 6153 ___ . 6118 Feb '19
6118 6118
Peoria & Pekin Un let 6s g-1921 Q F
00 Juns
.17
Rut-Canada 1st go R 41_1949 J J 541s ____ 117 Feb '19
67
67
20 gold 4 qi
61921 M N ---------87 Mar'16 -- -- -- -- ----.. ---St Lawr & Aril(' 1st g 59-1996 J J 5178 ___ 101 Nov'16
____ _ _ _ _
Pere Marquette 1st Set A 5,s_1936 .- —
8712 Salo 8614
8712 40 -637 -66 8
2d gold (38
1996 A 0 887
3
_ 103 'Noy'lt)
151 Series 13 4s
7011 Salo 703
4
71
18 6814 7214
Utica & Blk Riv go g 48...1922 J J 9618 ____ 9534 Apr '19
953 954
;
Philippine Ry 1st 30-yr s f -18 1956-1937 :15112 55
5214 Juno'19
45
54,
Lake Shore gold 31-49
1997 J 13 7218 74
74 June'19
7112 74
Pitts $h Sr L E 1st g 5s
1940 A 0 9813 _ __ _ 99 Jan 'Is ___. - - -- - —
Registered
1997 J D
883 s
7 3 Nov'18
1st consol gold 58
1913 1 J 9434 ___ 9714 Dec '17 -Debenture gold 43.
2 M S 86
8834
7 8612 90
8814
Reading Co gon gold 4s
8311 Sale 8314
1997 1 J
8312 36 - -18 - - 4
82 - 8
6325
-year gold 45
1931 61 N 8614 Sale 8614
8614
4 86 89
Registered
1997 1 J
___ 394 8112 Marl,/
8113 8113
Registered
1931 M N _-_- 87 934 Nov'17
___ _ _ _
Jersey Central coil g 18_1951 A 0 -8153 8:314 8312
8312
1 8214 85
Ka A &0 11 1st gu e 5s_1938 J J 9213 ____
______
Atlantic City guar 48 (3.--1951 J
J
Mahon CI RR 1st 56
9512 __ _ _ 6.11- 13e- - b -------.2
1934 J J
e 1
;
.1.0,,A. Grand Isi 1st g 48 1917 J J -53 4 -61- -E1- -J:i7at - 1, -66- -ji ..1t 4 1Otte & L Erie 20 g 5s--a1928 A 0 95 --__ 103 May'17 ---- -_-_-_-- ---_-_ St Louis & San Fran (reorg Co)—
1
Pltta MoK & Y 1st gu 68_1932 J J 10258 _ — 13018 Jan '09 ---Prior lien Ser A Is
1950 J
J (11
Salo 61
6112 169 59
64
2d guaranteed 68
8
1934 J 1 1017 ____ 1'2314 Is,Iar'12 --_- — -- Prior lien Ser B 56
1 74
1950 J
Sale 7373
737 7938
8
Michigan Central 51
1931 (VI S 943 _ _ 9912 Aug '17 ---- - - -- --- 4
1 3 1E 6213 71
Corn adjust Set A 6s____/11955 A 0 6712 Salo 65
Registered
4
1931 Q M 923 -___ 9813 Nov'18 ---Income Series A 6s
52 Salo 5018
/11960 Oct
487 4013 56
53
1910 1 1 815 831 84 Mar'19 ---- 82 -84
lia
St Louis & San Fran gen 6s-1931 .1
1 102 103 10318 June'19
102 106
Registered
1910 J J ---- ---- 87 Feb '14 ---_
_
General gold 5s
J 9634 Sale 963
1931 J
4
1 9614 9818
4
963
J L & 8 1st gold 344s
1951 M S
90 June'08 -_:-St I. & S 11 ItR eons g 4s.._1996 J
J
7C1 .......- 78 May'1.6 --- --_- - -- 1st gold 344s
105214 N 7 - :..--__ 703 Apt '19
'1-i
3
-i6 3 -i0132
Southw 131v 1st g 5s__ —1947 A 0 __- _--- 90 May'17
20
-year debenture 4s-1929 A 0 7914 824 827
8
85
827
8 -1 82
K 0 Ft S & 131 cons g 68_1928 131 N 10113 103 10112
10113 -i i(iil-akiiii
N Y Chi & St L let g 4s 1937 A 0
833 July'19 ---- 80
3
84
K C Ft S & M Ry ref g 48_1936 A 0 70
2 6618 7512
7114 70
71't
Registered
1937 A 0 --------85 Nov'17 -K C & M It& B let gu 5s-1920 A 0 8914 ____ 8813
8818 00
Debenture 48
1931 131 N 7534 85
753 June'10 ---- - 1fg4
'1 - - - 3
4
St L S W 1st g 18 bond ctfa-1989 M N 71
7114 703
4
7118
West Shore 1st 45 guar ,_2361 J J 79
7934 79
8113
793
6 75
4
2d g 4s income bond ctfa_p1989 I J
__ 59 8 60 May'19
,
Registered
2301 J J
7612 77 7614
7634
6 74
783
4
Consol gold Is,
1932 J D 6213 Salo 021s July'19- 3 674 1 :
17 981 551
11
0
6218 82 5673 641
N Y C Lines eq tr 58_1919-22 M N 0912
0912 Feb '19 --- 9913 994
let terminal & unifying 58_195'2 1 J 6212 63
6211
63
Equip trust 440_1919-1925 J J 9112 102
9833 July'17 ---Gray's Pt Ter 1st gu g 513_1947 J 0 85
9812 Jan '14 - -I
N Y Connect lst gu 4448 A 11153 F A 8213 8412 8412 July'19 --__ - - - 3
i686S A & A Pass let gu g 48_ —1943 1 J 66 ___- 67
4
6612
67
i55 6418 68
N Y N H & Hartford—
Seaboard Air Line g 46
1950 A 0
---- 70
72
Non-cony deben 4s
1947
Gold Is stamped
"
1950 A 0 69 -- ; 7
61 70's i irry:14 ---- 70
jil ) 11
74
55
5
51
112 10 53 55
Non-cony deben 3448
S 5018
1947 M 5 55 ____ 5512
3
0
5 1'2
Adjustment 58
01949 F A 51
Sale 5012
5314
5134 70 47
1951 A 0 5013 51
Non-cony deben 344s
5014 July'19
52
50
Refunding 4s
1959 A 0 55
563 5573
3
557
s
1 5612 60
55
56
1955 J J 55
Non-cony deben 45
4 53
55
5078
Atl Birm 30-yr let g 49__e1933 Ni S 76
7714 77 June'19 ----i 74
80
Non-cony &ben 48
8
1956 M N
557 Sale 55
557
8
4 49
5912
Caro Cent 1st con g 48.-1919 J J 7512 _ . _ _ 76 Apr '19 ---- 76
70
Cony debenture 3448
1956 .1 J 5018 52
5012
5012
9 4914 52
Fla Cent & Pen 1st ext 68_1923 J J 100 10318 10014 Apr '19 ---- 10014
801 Sal 80
4
1948 J J
Cony debenture 66
8012
7 80 88
1st land grant ext g 58-1930 J J 9013 _-_- 101 Dec '15 -- - - - - 1003
- -4s____1930 F A ---- ----50 Oct '17
Cons Ry non-cony
Congo! gold 5s
1913 J I 9213 95
9212 June'19 ---, 90
9213
Non-cony deben 4s
1954 1 J --- 53 9112 Jan '12 ......
Gs & Ala Ry 1st con 58_01945 J J 92 ____ 92
93
6 913 93
4
Non-cony deben 45.- _1955 J J --------60 July'18 --- ___ _ _ __
Ga Car & No 1st gu g 5s._1929 J J 91
9518 9112 Apr '19 ---- 94 94
Non-cony deben 4s____1955 A 0 --_- ____
Seaboard & Roan 1st
Non-cony deben 4s__1956 J J ____
(
,11
-- 6 8
1 -46 - -6Ols Southern Pacific Co— 58-1926 J J 9514 __ 9514 May'19 ---- 9514 9614
- __ _
1
6
7 32
-g31-5
Harlem It-Pt Ches 1st 48_1954 M N 7512
____
4 Dee's
‘,1
Gold 4s (Cent Pao coll)__k1949 J 10 7512 761, 7512
7614 . 75
7971
/
B & N Y Air Line let 48_1055 F A 7312 ___ 79 Dec 7
Registered
k1949 J 0 7131 ____ 90 Feb '14
1 -g91 -6i 3
Cent New Eng 1st gu 48_1961 J
J
5913
5918
; . .120-year cony 4s
01929 131 5 8514 Salo 854
8584 151 -867; -8773
Hartford St Ry 1st 4s....__1930 M S -------- -----20
-year cony 56
1934 J D 10812 Sale 10712 10914 146 100 115
Housatonic R cons g 5s__1937 M N -i11 - _ -_ _
-53
12 ,),1a-y B
;
Cent
refref gii g 48_1949 F A 783t Sale 7812
7834 14' 78
83
Naugatuck RR 1st 4s____1954 M N 7014 ____ 87 July'14
-- - - -- - A
8012 8712 Sept'16
- --- - - - N Y Pros & Boston 4s1942 A 0 8158 ____ 83 Aug '13
Mort guar gold 34413_021 ' D 8313 Sale 8312
)!1
8312
2 80 8534
NYW'ches&I3 1st ser I 4448'46 J J 48
50
4831
4812
2 -427 -54 8
Through St L 1st gu 48..1954 A 0 78
791g 80 June'll) --- 7512 80
Boston Terminal 1st 4(3_
A 0 ____ ____ ----.193
- --- - - - G II & S A M & P 1st 581931 131 N
9-1 101 100 Oct'18__ . -____-_
I::
New England cons 58____1945 J 1 91 ____
- --- --- 2d exten 5s guar
1931 J 2 85 97
9634 Jan '18 ---i
Consol 45
1945 J J753
rSepi.
--17
Gila V G & N 1st gu g 5s1921 M N 92 102
95 Nov'18 -Frovidence Secur deb 4s1957 a N 40 _ __ 40 June'19
--"idid
Fiona E & W T 1st g 64
1933 M N 924 —__ 925 July'19 ---- -925 -6234
8
.;
Prov & Springfield 1st 58_1922 J J 85 ____ 997 Dee '13
8
__-- .- _ _
1st guar 5s red
1933 M N 9173 ____ 100 Oct '16 ---Providence Term 1st 4s
1956 IM 5 67 ____ 883 Feb '14
8
__ — __ _
H & T C 1st g 58 int gu
1937 J 1 964 97
97 June'19 -- -tii- -6934
W & Con East 1st 4442-1943 J I
,-_,
-7,..:
Oen gold 48 Int guar__ 1921 A 0 93 96
9414 June'19 ---- 9313 945
NYO&Wref latg48__81992 M S -67- -173 - - - 4 ---i -66- -ici 8
- 004
4
6i1Waco & N W dtv 1st g 65'30 M N
94 Mar'19 ---- 94 94
Registered $5,000 only_g1992 M
--- 70 9212 June'12
A & N W 1st gag 58
1941 1 J 93
933 9:3 Nov'18
4
General 48
1955 J D 6212 7212 60 Apr '18
S_ ___ __ _ _
Louisiana West 1st 6s
1921 J J 9918 ---- 10014 Oct '17 --- igi_o_-_ 9:9:1_
Norfolk Sou 1st & ref A 56_1961 F A 65 68
i
68 July'19
66
6912
Morgan's La & T 1st 68 _192 J 0 9734 1_0_0__ 100021 Oct/%E 4188
,3 A 1
0
8
1
Norf de Sou 1st gold 55
1941 M N 873 95
4
89 May'19
No of Cal guar g 58
Nor!& West gen gold (38
1931 M A 108
10912 June'19
109 10912
58 89
Ore & Cal let guar g 5s
1927 J 1 9612 9658 9618
9613 -14
Improvement & ext g 6s_1934 F A 107 110 122 Nov'18
So Pac of Cal—Cu g 58_ —1937 M N 9758 Salel 975/
1
0758
2' 9753 9753
New River 1st gold 68
8
1932 A 0 1005 ____ 10812 May'19
2
11571- 1681. 2
So Pac Coast 1st gu 46 g 1937 J J 91
9312 9212 June'19 ---- 9212 93
N & W Ry 1st cone g 4s 1996 A 0 80 82 80
8014 25 79
8612
San Fran Terml let 4s...,-1950 A ( 77
783 783 June'19 --4
4
8
7212 gr
Registered
9312 Dee '16
1996 A 0
Tex & N 0 con gold 58.._1943 J 1 847 _-__ 85
s
85
Div'l lat lien & gen g 48_1944 J J -80 8 8112 July'19
.-1So Pac RR 1st ref 4s
1955 1 J 793 Sale 793
4
80
3
25 7938 8312
-25-year cony 1s
10
1932 J D _7_3_1_ -_-_-_-_ 18714 Fl by:19 -_—_-_ 84
14 4 N ea
4
9
8412
Southern—lst cons g 58.-1991 J J 0278 93
9278
934 , _9_2_12 _9_6_53_
40
-20
10 -year cony 48
1932 M S
___
Registered
1991 J I ---- 94 10014 Aug '16
-25-year cony 440_1938 M S
10
10412 Apr '19 --- 10412 10413
Develop & gen 48 Set A
1956 A 0 6513 Sale 65
6531 99 65 69
ig12 1687 10812 109
.8
10
-year cony 613(w 1)
1929
202 1054 11014
Mob & Ohio coil tr g 4s
1938 M S 6631 6734 6734
6734
1 64
Pocah C Az C joint 4s
6 8314 8412 834 8312 3 8318 86
1941 ..1- 683
4
Mom Div 1st g 4346-58
1996 1 J 9014 ____ 9114 May'19 ---- 9012 9114
103 Sept'18 ____
C C&T 1st guar gold 58_1922 J J 9873
St Louis div lot g 49
1 714 737 7218 June'19 ---- '7018 7412
8
Selo V & N E 1st gu g 4s 1989 M N 80 81
7812 June'19 ---- "
iti- "if Ala CIL Sou 1st cons A 50_11 j 0 905s ---- 927 July'19 ---- 927 93
,1
8
8
Northern Pacific prior lien railAtl & Chart A List A 444s 1944 J 1 8212 ___- 8854 June'19 .--- 8713 88$4
way & land grant g 48
1997 Q J 807 Sale 8013
8
814 40 8058 86
let 30
-year 5s Set B
1944 J J 944 95
9412 July'19 ---- 934 971s
Registered
1097 Q J 8014 82 807 July'19 ---- '7 2 8 .78
s
5r,4 i
1
At! & Danv 1st g 413
1948 J J 657 73
3
71 June'19 ---- _7:4_7_4_
5918 36
General lien gold 38
a2047 Q F 59 Sale 5814
26 4s
8112 Mar'16
Registered
a2047 Q F ---- 583 574 May'19 ____ 5714 5712
8
All & Yad let g guar 46_1 45 'I 0 -fo14 ----- 7575 Feb '17 -------49A 1
& imp 43-4s ser A
Ref
2047 J J 84
8778 88 July'19 ---- 8512 90
E T Va & Ga Div g 56
1930 J J 9618 994 97 Mar'19 ---- - - 97
67
St Paul-Duluth Div g 48_1996 J D 7618 80
76 May'19 __-- 76
76
Cone 1st gold 58
1056 131 M 9618 100
951s June'19 ---- 9213 97
St P & N P gen gold 6s_ —1923 F A 102 105 102 June'19 ---- 102 10413
E Tenn reorg lien g 56-1938 M S ____ 927 92
8
92
5 92
9514
certificates_1923 Q A 101 ____ 100-34 May'19 --- 1003 10033
Registered
3
Oa Midland 1st 38
1940 A 0 5212 59
52 Jan '19 ---- 52
52
St Paul & Duluth 1st Ea_1931 F F 975 _-__ 97 Feb '19 __-- 97 984
8
Ga Pao Ry 1st g 68
1022 J J 9958 1003 1003t May'19 --- 10013 101
4
1st consol gold 4s
1968 J D 763 85
s
78 Dec '18 _-Knoxv & Ohio 1st g 138._ _1925 J J 10053 --_- 100 Oct '18
Wash Cent 1st gold 4s.__ —1948 Q M 7114 85
3712 Dec '16
- - -- -Mob & Bit prior lien g 58.1915 J J 915 97
8
9112 Oct '18
Nor Pao Term Co 1st g 68....1933 J J 10612 10918 10753 June'19
16i - 10734
. 14
Mortgage gold 46
1945 J J ___- 6813 68 Jan '18 ---- --Oregon-WashOregon-Wash let Ac ref 4s
1961 J J 7512 76
- --76
76 -- 747 797
8
8
8
Rich dr Dan deb 5s stmpd_1027 A 0 9512 102
95 Jan '18 -PacIllo Coast Co let g 5s..-1946 J D --- 8478 85 May'19 _—_ 85
88
Rich & Meek 1st g 58
1048 M N 69
694 69 June'19 ---- -if/ -ifPaducah & Ills isle f 4445..1955 J J 804 95 10018 Feb '17
So Car & Ga lst g 5s
1910 M N ____ ___- 99/2 Apr 'JO ---- 99 1130
Pennsylvania RR let g 46_1923 IM N 9418 97 953 Apr '19
8
-36A1
- - -65 3
Virginia Mid Sec 13 4-58_1921 M 8 9734 --- 10212 Juno'll -Consol gold ta
1919 M MS 994 19
3 0
4 , 097 Apr '19 ---- 9978 997
034 994
18
s
Series E 58
1926 61 8 963 100
8
9313 June'19 ---- - .-18 lila
63
Registered
1919 Q
Feb '19 - - 994 9914
S ies F 5s
1926 M S 9418 _-_- 10412 Dec '16 ...er
Consol gold 48
1943 M N 8513 00
8718 June'19
8718 88
General 58
1936 M N 9613 98
98 July'19 ---- - - "iii66
Consol gold 48
1948 M N 8814 Salo 884
8814
8573 8912
V & So'w'n 1st gu 56_2003 1 J 8858 9412 8153 Sept'18 ---a
Consol 4448
1960 F A 85
9512 95
9512 10 9312 RN
let cons 50-year 58_1958 A 0 71 76 71 May'19 ---- -if" -fiGeneral 4448
1965 1 D 885 Sale 8558
8612 37 8418 897
8
8
W 0& W 1st cy gu 46
1024 F A 873___ 937 Mar'17
8
General 58
1968 J D 9412 Sale 9414
944 217 94
9734
Spokane Internal 1st g 513_1955 J
J 7212 784 7512 Apr '19 ---- 25 951
7512 7 11
:
Alleg Val gen guar g 48— _1942 hi 8 863 ____ 867 June'19 _-_- 8678 8673
8
8
Term Assn of St L let g 4448.1939 A 0 8712 8912 89 May'19
DR RR & ifge 1st gu 46 g1936 F A 854 .--_ 8412 Jo pt:1,
7
8 12 Sce 16
1st sons gold 5s
1894-1944 F A 93 0512 9513
9518
P1118 Salt & W 1st g 4(3...A943 M N 8414 _ _
93
9818
Gen refunds f g 48
1953 J J
7212 73
7318 Juno'19 ---- 72
Sedum Bay & Sou 1st g 58924 J
_1
77
J
97 102 Jan '93 ---- -giC2 -i'ff;
St L 13:1 Bridge Ter gu g 56_1930 A 0 92
9412 92 June'19 ---- 92
Sunbury & Lewis let g 48_1936 J J -11i92
78
Texas & Pao let gold 562000 J I) 90 91
90 4
3
01
5 8712 93
1/ N J RR & Can gen 48 1944 MI E3 8612 -----iii- Do- 17 — -or
___
_
-- - —
2nd gold income 5s
52000 Mar
51 ____ 41 Sept'18 ---Pennsylvania Co—
---- ---La Div 13 L let g 5E3
1931 J J 7618 ---Guar lot gold 4)0
1021 1 J 983 Sale 973
-- -- ---8
4
983
3
71 97 9812
W Min W & N W 1st go 681930 F A
18613 WIaY:18 -_-_-_-_
0
6 N0v 04
Registered
1921 J
J 97 ____ 98 July'19 __--' 9613 98
Tel At Ohio Cent 1st gu 58-103. J J - - 67 92 Apr '19 --_- if' 671
66- -iiiGuar 3445 coil trust reg A..1937 M S 775 ---- 87 Feb '17
8
Western Div 1st g 5s
1935 A 0 85 90 87 Jan '19 ---- 87 87
Guar 3448 coil trust ger 13..1941 F A 774 80
78 Jan '19____ -ii- -iiGeneral gold 158
1935 J 13 70
847 93 Oct '18 ---8
Guar 344s trust ctfs 0-1942 J D 775 ____ 8114 July'17 ____- ____
8
Kan ,le M 1st go g 4s
1990 A 0 70
73
7512 May'19 ---- -76- "'lit;
Guar 3448 trust otfs D
1044 J D 71313 78
863 Dee '16
4
20 20-year 56
1927 J J 91
97
903 June'19 ---- 88
3
91
Guar 15 -year gold 46_1931 A 0 86
-25
8612
87:18 8612
1 -iii<i -6612
____Tel P & W 1st gold 48
1917 J J 31
50
36 Feb '19 ---- 36
36
40
-year guar 48 otfs Ser E_1952 131 N 8014 86
8512 Feb '19 -- 854 87
Tol St L & W pr Hen g 340_1925 J J 7518 80
751s Feb '19 ---- 7518 7618
Cin Leb & Nor gu 4s g_....1942 M N 8218 ____ 813 Apr '19 ---- 8134 813j
4
50
-year gold 48
1950 A 0 54
545 55 July'19 ____ _4_5_5_6_
8
Cl & Mar let gu g 4 As- 1935 M N 89
95
964 May'17 —__ ____ _
Coll trust 48 g Set A
F A ________ _2 _ 185 Mar'0(3
_0
8
Cl & P gen gu 4448 ser A.1942 J J
9278 ____ 963 May'18 -- _— - —_
4
Trust co etfs of deposit- r_1_7_
18 Aug '18 --Series 13
1942 A 0 927 __— 101 Dee '15 ____ ____ ____
8
Tor Ham & Buff 1st g 48_1110461 ii 71
85
80 Apr '17
Int reduced to 3446-1942 A 0 7514
9614 Feb '12 ____ ____ _ _ _ _
Ulster & Del 1st cone g 5s 1928 J I) 8012 90
8914 Dee
'18__Series C 340
1948 M N
7514 —__ 9018 Oct '12 _
1st refunding g 48
1952 A 0 __— 70
58 Sept'17 -Series D 3445
1950 V A 7514 - - 8814 Feb '17 _
Union Pacific 1st g 4s
1047 J J 8512 86
8512
8578 23 -66.1 -61;
Erie de Pitts gu g 3446 8-1910 J J 7918 84
;
;
7
88 Apr '17 ____
Registered
1947 J J ___ 85
8512 Oct '18
Series C
1910 J J 7918 84
793 May'19_
4
4
' .- -763
- 34
'i6
20-year cony 413
1027 J J 8834 Sale 8858
8834 13 854 8913
Or 11 de I ex 1st gu g 430_1911 J J 86
8818 87 June'19 --__ 87 87
1st & refunding 4s
g2008 NI S 7958 Sale 7953
80
8312
14 79
Ohio Connect 1st gu 4s
1943 M S 87 ___ 8313 Apr '19
8312 8312
10-year perm secured 68_1928 J J 104 10112 1033
10418
4
9, 1023 196
4
Pitts Y & Ash 1st cons 58A927 131 N 9613 ____ 93 May 10
.
Ore RI1 & Nay con g 46_1916 J D 80 Sale 7912
80
14
Tol W V & 0 gu 444s A-1931 J
J 9034____ 983 Apr '17 _-__ . __ _
4
_
Ore Short Line 1st g 6s___1922 F A 1007 101 1003 June'19
8
4
10033 10112
7914
Series B 444s
1933 J 1 9038 ___ 92 Dee '17
,
1st con.sol g 5s
1916 J J 9618 Sale 96
961s
3 96
Berle,C 48
987
1942 131 S 8018 — 8818 Sept'17 _
$
'
Guar refund 48
1929 J D 85
86
86
86
21 8411 88
P C C& St L gu 4345 A 1940 A 0 0214 9412 9112
9112
1- 9133 944
Utah & Nor gold 5s
1926 J J 9414 _--- 98 June'19 ---- 98
98
Sales B guar
1042 A 0 9214 96
9234 Jan '19 _ ..; 023 923
4
4
1st extended 48
1933 J .11 8373 88
89 Feb '18 ---Series C guar
1912 M N 9158 ____ 99 June'17
'
Vandalla cons g 48 Set A
1955 F A 7812 __-- 8013 Apr '19 -- -iedi -iiili
Series D 48 guar
_1945 M N 9011 93
903s Sept'18 _ — --- - - --Consols 44 Series 13
1957 NI N 7812 ---- 8016 Juno'18 _-_- ..it - -58
3
3eries E 314s guar gold_1919IF A 9018 ____ 9012 Sept'18
....
Vera Cruz4348_1934 J J
& P 1st go
36 --__ 35 May'19 ____
*No price Friday;latest bid and askea. a Duo Jan. b Due Feb. g Duo Juno.
11 Duo July. k Due Aug. o Duo Oat. p Duo Nov. g Due Deo. s Option
sale.
gi.12
-io-78 -g-i
BONDS
Y. STOCK EXCHANGE
Week ending July 11
101
New York Bond Record-Concluded -Page 4
JULY 12 1919.]
"E't8
w
Price
Friday
July 11
Week's
Range or
Last Sale
;n
ga3
PO
Z"a
... „a
BONDS
N. Y. STOCK EXCHANGE,',,,,'
:4'.
Week ending July 11
Range
Since
Jan, 1.
Price
Friday
July 11
West',
Range or
Last Sale
es
;
F,O„,
al -
Range
Since
Jan. 1.
Oh
High No. Low Hi,
Ask Low
Bid
Hioh No, Low HighII
Ask Low
Bid
Miscellaneous
9 8914 9412
8914 8914
8912
89
Virginian let Is ecries A____1962 M N
1 59
63
61 12
63
64
1948 M 8 62
11 9338 98
Adams Ex coil tr g Is
95
94
1939 al N 9312 95
Wabash 1st gold 58
31
29
25
2912 June'19 ---- 25
1925 M S
Alaska Gold M deb Co A
2 83
8318
89
8318
8318 87
1939 F A
2t1 gold be
3:
29
28 June'19 -- -- 26
1920 M 5 25
Cony deb tia series It
_ 00 Aug '18
1939 J
Debenture series B
_
98 -1920 M N
Am 88 of NV Va 1st 59
1921 M S 9714 _-_- 98 Nov'18
let lien equips fd g 58
4
3 36 853 8:
4
4
873
Armour & Co 1st real eat 448'39 J D 853 Sale 853
Sept'18
let lien 50-yr g term 48_1954 .1 J 65 ---- 65 Feb '19
_
_
Booth Fisheries deb 8 f tis_ _A926 A 0 9314 9412 90 Feb '18 -J 91 ---- 8814
1941 J
Dot & Ch Ext let g 5s
12 9212 -W
_97
8
967 Sale 9613
Braden Cop 1%1 coil tr s 1 68_1931 F A
7712 80 Aug '12
Dee Moines Div let g 48_1930 J J
8013 June'19 ___. 8018 8;
1952 A 0 8013 82
Bush Terminal 1st 4s
f-67 - -4
67 Feb '19
A 0 601. 69
1941
Om Div let g 348
8: 5
Sale 82
82
3
82
6 80
1955 ./ .1
CODS01 59
74
74
74 Jan '19
Toi & Ch Div let g 4s...._1941 M S 7212 76
12, 791g 8:
85
82
8014
Buildings 5s guar tax ex 1960 A 0 81
75
751
75 July'19
80
74
2218
1945 F A
Wash Terml let gu 34s
50
58 Mar'18 ---,1 ___- _
Chic C & Conn Rye a 1 53_1927 A 0 40
____ 82 Aug '18
1945 F A 8012
let 40-yr guar 48
81
10 85
4
8614
J 8614 Sale 853
Chic Un Stat'n let gu 4 4s A 1963 J
8
6014 15
607 60
1952 A 0 60
West Maryland let g 48
125
125 1053 12:
4
Chile Copper 10-yr cony 78_1923 M N 12414 Sale 123
2
967 100
9714
9714
1937 J J 9714 09
West N Y & Pa let g 55
95
189 8212 9:
Recta (part paid) cony 68 ser A A 0 9412 Sale 94
Dec '18
1943 A 070
Gen gold 40
4
4
9434 198 8112 9' 3
1932 A 0 9412 Sale 933
Coll tr & cony es ser A
6
P1943 Nov ---- ----36 Oct '17
Income bs
88
86
85
J
3 8234 81 1s
8618
84
Computing-Tab-Rec s 1 63_1941 J
8312
-W12
84
Western Pao let ser A 58-1946 M 8 83
9:
97 July'19 ---- 97
96 102
M S & P con139 A 28 M N
2 96
Granby Cons
96
06
9612 96
Wheeling & L E let g 55-1926 A 0 94
9:
98
9614 May'19 ---- 95
96
1928 M N
Stamped
100 Feb '17
1 s
J
-- Wheel Div let gold 58___1928 J
96
1 9314 91
9318__.. 96
1940 Si N
Great Falls Pow lets f 5s
53
Exton & Impt gold 58_ _1930 F A ---- ----90 Mar'17
9812 267 97 10: 34
1941 A 0 975s Sale 9714
lot Mercan Marines f 68
64 Jan '19
70
-647 -6.iRefunding 4e series 21_1966 M S 59
57
9:
4
9278 Sale 923
15, 91
93
J
Montana Power let 5s A_ _ _1943 J
6315 6412 May'19
5014 6513
1949 M S 63
RR lst conso1415
2' 83
81
88
'
8712 88
1939 .1 .1
Morris & Co late f 44s
76 June'19
75
76
80
75
J
Winston-Salem Ei B let 4s-1960 J
Mtge Bonds(N Y)48 ser 2_1966 A 0 -------- 83 Apr '14 ---- ____
74
8
8
745 74
737 80
J 73
50-yr let gen 4e.._1949 J
Wis Cent
---J --- ----94 June'16 ---20
10 -year Si series 3_ _1932 J
7214 77
7512 7818 7514 June'19
Sup & Dul div & term let 4836 M N
69
69
i
-18 i 88 'l
68
69
1951 F A
N Y Dock 50-yr let g 4s
1 9378 9'
95
9812 96
J
96
Niagara Falls Power let 55..1932 J
Hallway
Street
a 1932 A 0 101 102 10118 June'19 ---- 101 10
Ref & gen 6s
64 June'19
62
6212 65
70
Brooklyn Rapid Iran g 58....1945 A 0
_
- - 8912 Oct '17 ---91
_
Niag Lock & 0 Pow let 581954 NI N
4612 4612 Juno'19
43
53
let refund cony gold 4e__ _2002 J .1 45
29 8718 9
Sale 8812
89
Sale 80
Nor States Power 25-yr 5s A 1941 A 0 8812 3 35 75
817
86
J .1 80
3-yr 7% secured notes.
9
90 --,- 9012 June'19 --- 89
78 July'19
80
Ontario Power N F hit 5s__1943 F A
73
79
78
Certificates of deposit__ _
95
84 June'17 ---- ____ _
01
Ontario Transmission 5s......1945 M N
4
'731s '7'73 74 July'19
7314 7812
Certificates of deposit stmp'd
J 135 --_- 15512 May'19 --, 11214 15 12
.
Dec '12
__
Pan-AmPet&Trlst couves'19- 27 J
--_1910-1941
Bk City let cons bs_
81
7712 13 75
00
- - 80 May'18
Pub Serv Corp N J gen 513_1959 A 0 7712 Sale 7712
Bk Q Co & 8 con au g be_ A941 M N
9
1 91
9212
9212 95
9212
J ___ 70 101 May'13
'Tennessee Cop let cony tis_ _1925 M N
Bklyn Q Co & S let Se.. 1941 J
9
90
-- 95 June'19 -,
907
J
75
78 June'19
Wash Water Power let 5s__1939 J
74
7914
72
Bklyn Un El let g 4-5s-1950 F A
8
1005 112' 9658 10133
8712 78 June'19
Wilson & Co let 25-yr 8 f 88_1941 A 0 10018[Sale 10018
74
4
713 7918
1950 F A
Stamped guar 4-55
4
8
Sale 1 10218 1035 348 993 10
1928 .1 D 103
68 Apr '19
___ 66
10-yr cony s f es
6841 4
57
Kings County E 1st g 4s....1949 F A
62 Jan '19
60
63
1949 F A 62 62
Stamped guar 48
8
497 50 June'19
Manufacturing & Industrial
55
50
Nassau Eke guar gold 40_1951 J J
99
6 98 101
99
1928 A 0 9834 100
2 7112 81
7458
8
7458 737
Am Agile Chem let c 5s
73
1927 F A
Chicago Rya let Is
50 100 11: 12
110
1924 F A 10812 113 10734
. 79 June'19
Cony deben Is
88
79
J J
Conn fly & L 1st & ref g 4481951
8 12
1 87
8812
8812
83 189
2 77 77
77
77
Am Cot Oil debenture 55_1931 M N
1951 J J ____ 80
Stamped guar 44e
Sale 100
8
4
100
2
7512
.1910 M IS 100
2 71
7512
Am Hide & L 1st 8 f g is..
7314 70
811
J
2018912 17 993 10
Bet United let Cone g 44s 1932 J
4
883 9
Sale 8834
14
k71;IO84 Ja
n
Sm & It let 30-yr 58 eer A '47 A 0 89
'
Am
Ft Smith Lt & Tr let g 58_ _1936 M 13
01
79 54
60113
-year g 68_1944 A 0 11814 ---- 119 June'19 ---- 1119 11, 12
Am Tobacco 40
65
1957 F A
BudManhat 58 ser A
312
'
7512 --- 7513 Apr '19 ---- 72.2 7,
1051 F A
18. 14
4
181s
12 173 1712
Clo.d 48
195717
1914
Adjust income 55
8
--. 997 July'19 ---: 88
8
9' 7
90
J
03
00 May'19
Am Writ Paper let 8 f 58_ 1919 J
00
9012
1932
N Y & Jersey let 5e
Sale 8712
8712 0 14
i 86
_
8712
4014 127 277 433
Trust Co ctfs of deposit _ ____ _
Bale 38
3
4
coil 448.1956 ,A 0 38
Interboro-Metrop
3812
3812
- N 10012--- 101 June'19 --,, 100 10 12
39
5 2031 4114
38
Baldw Loco Works let 5s 1940 M11 Certificates of deposit
Bale 83
83 8
29 78
7314 266 65
84
7112 Sale 7114
Cent Foundry let 8 f 6s__ _1931 F A
J
7512
lnterboro Rap Tran let 58..1966 J
8 44 9512 0
973
8
72
71
5 6512 7214
-year g 55_1925 A 0 973 Sale 9634
Cent Leather 20
Manhat Ity (N Y) cons g 46_1990 A 0 7118 72
8012 7312 Dec '18 --- __ __
74
7112
7018
1951 F A
71
g 48
Consol Tobacco
6 69
7412
1990 A 0 70
Stamped tax-exempt
9911931 M N 10018 10112 100 May'19 ---, - 2 101
Corn Prod Rerg s f g be
77
Manila Elea fly & Lt s f 18 1053 M S 78 ---- 77 Mar'19 ---- 77
1 9912 101 12
10018
1934 M N 10018 10012 10018
let 25-year s t 5s
Metropolitan Street Ry9212
10 89
9012 90
90
6918 Sale 6018
Distil Sec Cor cony let g 58_1927 A 0 90
72
691s
60
Sway & 7th Av let c g 58_1943 J D
94 June'19 ---, 9213 g
1936 J D 9212 100
68
65 May'19
I I du Pont Powder 44s
68
62
Col & 9th Ay let gu g be 1993 M 5 58
8812
1 88
8812
6218 May'19
General Baking let 2b-yr 68_1936 J D 88.2,.-- 8812
74
1993 M S 6513 74
6218
Lex Av & P F let gu g 1s
2 7112 7
7512
Sale 7512
7512 1942 F A
54 1)ec '18
Gen Electric deb g 34e
Met W El (Chic) let g 4s 1938 F A
9813 15 9712 101
1952 M S 9812 Sale 9818
95
10012 Juno'17
Debenture be
ii
Lt cons g 5s 1926 F A
Ilvi Elea lty &
J ---- ---- 96 Nov'18 --,, _ _ _
1935 J
78 ---- 8112 Dee .18
J
_
Ingersoll-Rand let be
Refunding & exten 445_1931 J
762 g 14
8414 Sale 8312
8414 30 9612 9712 July'17
II Int Agric Corp lot 20-yr 58_1932 M N
Montreal Tram let & ref be-1041 J .1 84
9
98
98 June'19 ---- 98
J
1935 J
J
66 -__- 61 July'19 ---7 61
Jut Paper cony s f g be
61
44s...1935 J
New Orl Ry & Lt gen
b 85t4 g
Sale
8514
8514 --- 8514
_
2 55
57
57
J ___ 70
let dc ref s f cony 5e ser A_1047
63
6 111 13
N Y Municip fly lets I be A 1066 J
1134
4512 39 39
_- 0 11314 115 113
4312
4312 45
J
Liggett & Myers Tobao 75_1944 A 49
It It & ref 4e__ A942 J
N Y Rye let
95
8
6 90
9458 Sale 945
9434
1 4212 45
65
1051 F A
44
45
45
Se
_
Certificates of deposit
113
8,110934 11313
1944 A 0 11212 Sale 11212
16
300 1012 1612
Lorillard Co (P) 78
aioii A 6 1514 ,Sale 15
30-year lull Inc be
1514 20 1112 1612
92
10 9014 94
93
4
913 92
1951 F A
1311 1514 1514
5s
depoeltj___.
Cestificates of
9
9818 96 June'19 ---- 95
8
60
55
55 July'19
Nat Enam & Stampg lot 55_1929 J D 96
62
52
N Y State Rye let cons 4 I38 1962
9312 ---- 94 Aug '18 --„ -___ _
7514 ---_ 8812 NOV 16
Nat Starch 20-year deb be_ _1930 J .1
Portland fly let & ref be_ _.1930 M N
2
9 9718 971s 9718
10 04
971s
1942 1
National Tube let be
58_1942 F A 6512 --- 65 June'19
-Eli
let ref 65M N
1.t & P
Portld
13 9618 10
Sale 100 4
101
3
J 82 ---- 9012 Feb '17
N Y Air Brake 1st cony 68_1928 M N 101
Portland Gen Elea let 58_1935 J
M N95 July'17 Pierce 011 b-year cony 68_41920 J D 119 125 117 June'19 -,,, 10014 14
- - -- St Jos ity L II & P let g
Sale 10514
4
120 883 11: 14
106
J 106
7E74 10212 Mar'12
11924 J
,
-year cons deb 68
10
.1937 .1 J
____ ____
St Paul City Cab cone g Is.
5812 5912 59
J
Sinclair 011 & Refining
1960 J
4 23 50
593
593
4
Third Ave let ref 45
10 9818 15! 13
14153
let s 1 7s 1920 warrants attach F A 14158 Sale 141
8
4213
a1960 A 0 4078 Sale 407
4214 184 25
Ad)income Is
5 95 101
8
997
2
997 100
997
do without warrants attach F A
93 June'19
93
1937 J .1 91 100
89
Third Ave By let g 5e
94
9
91
95 Apr '19 --,- 93
9412
1 9314 97
9413
4
Standard Milling let 5s. 1030 M N
Tr -City fly & Lt lit e f 58_1923 A 0 933
4
14 10012 10. 14
10314
The Texas Co cony deb 68_1931 J J 10314 1033 103
951373 May'19
73
73
of London 4 Iis.... 1933 J J
Undergr
024
1 85
8812
8'
J 8712 ---- 8812
7112 May'19
Union Bag & Paper let 58_1930 J
6753 90
6712 73
1948 -Income Os
__
J ---_ -,-- 87 Dec '18 ---, ......
1930 J
7318 --__ 71 July'19
Stamped
71
70
United Rye Inv 5e Pitts les 1926 M N
3 9378 9. 195
4
94
9414
9414
J
55
55_ ___
2 4312 55
Union 011 Co of Cal let 5s 1931 J
J
1934 J
United Rye St L let g 4s
'T
Sale 77
77
7714 59 60
J
2
6 17
U S Realty & I cony deb g bs 1924 J
1924 A 0 - 461- 50 JuneP
St Louie Transit gu 5s
Sale 104
13 1023 10
104
4 ,
3618
2 22 -S613
36
36
-year sec 78_1923 J D 104
U S Rubber 5
34
Rite San Fr e f 4s.._ _192'7 A 0 United
4
8834 Sale 883
8' 34
8914 180 86
1947 J J
35
Sale 35
1st & ref be series A
3612
3612 78 22
dep ____
Union Tr(N Y)
Sale 10314
10514 97 8734 10, 14
U 8 Smelt Ref & Sicony 66_1926 F A 104
35
3514 3514
3634
3612 42 22
Eqult Tr (N Y) inter etre__ -_3 9514 9, 12
9712
Va-Caro Chem let 15-yr 58_1923 J D 9712 Sale 9712
77 June'19
J
- C---- 76
3
747 79
1934 J
let & ref 5s
Va fly & Pow
2 10014 10, 14
4
10314
01924:A 0 10314 Sale 1023
Cony deb 6s
98 10012 977
9 14
8
s
2 97
977
West Electric 1st be Dee____1922 J J
Gas and Electric Light
g Se..,..1947 .1 D 0512.... 103 Sept'15
Atlanta 0 L Co let
Iron & Steel
Coal,
931- 93 June'19
4
- 9118 05
Bklyn Un Gas let cons g 58_1945 M N 87
9712 18 9812 9 12
8
967 9714 97
J
1926 J
1 93
Beth Steel let ext s f 5.)
93
93
93
93
Mein Gas & Elea Istaref be 1956 A 0
9
9112 12 87
9112 Sale 9138
1942 1.1 N
let & ref be guar A
0013 so
1927 J J 90
90
9212
39 82
Columbia 0 & I let be
8712 Sale 867
8 12
3
88
32 80
J
_1936 J
20-yr p m & Imp s f 5s__
J
87 ii
93
87 June'19
87
Columbus Gas let gold 50_1932 J
9312 9312 July'19 --- 9312 9 12
Buff & SUBQ Iron s f 5e___ _1932 J D 91
10334
1920 J F ---- Salo 10212
104 -52; 100 1043
3
Consol (las cony deb (Ss_
al926 M S --- ---. 8614 July'18 ---- ____ __
Debenture Is
M N
9813 101
9613 May'19 ---: 9613 91)
-Cons Gee EL&P of Bait 5yr 5e'21
Cahaba C M Co let gu 68..1922 J D 97 ---- 101 Dec '14 ---- ____ _ _ _ _
951a C0758 9612
9612
1 9618 9658
Detroit City Gas gold be_ _1923 J J
92
91 June'19 -- -- 88
90
91
8
957 05 June'19 ---- 95
9612II Colo F & I Co gen s f 58____1943 F A
Detroit Edison let coil tr 58_1933 .1 J
3
8078 lb 7312 8
8012 80 4 8012
Col Indus let & coil be gu_ _1934 F A
Sale 93
94
51940 M S 93
93
6 93
let & ref 5e ser A
88
9
1 83
88
Cone Coal of Md lst&ref 58_1950 J D 8758 88
....94 Feb '18
OLNY let cone g 58_1932 M
En
9
1925 J D 9712 --_- 98 Feb '19 --„ 95
Elk Horn Coal cony 68
Gas & Elea Berg Co e g 58_1949 J D 85 .,.__1O0 Feb '13
8614 86
8
13 8214 8. 3
8638
1940 A 0 86
Illinois Steel deb 448
89
9218 Nov'17
Havana Eke consol g be__ _1952 F A 87
Sale 9612
97
9 12
97
7 95
1962 M N
Indiana Steel let .5e
0214 ____ 90 May'19 ---- 90
0014
let g Is. -1949 M N
Hudson Co Gas
1926 J D 96
C & I 2d 58
Jeff & Clear
99
9212 May'll)
9212 9212
Han City (Mo) Gee let g 58_1922 A 0 91
Sale 97
9,
6 96
9718
Lackawanna Steel let g 58_1923 A 0 9713 1037 A 0 90 ---- 00
94
90
90
Kings Co El L & P g 58
9:
58. 86
98
Sale 96.2
1950 M S 98
let cons 58 series A
1097 A 0 100 102 101
101
6 100 105
Purchase money 68
513
4
91
4
903 148 86
Midvale Steel &0cony a f 50936 M S 00 Sale 893
1925 M S 98 101
08 Apr '10
08
90
Convertible deb tis
-8012 ---_
J
J 8033 8118 8033
Pleasant Val Coal lets 15e._1928 J
81
8
797 84
Ed El Ill Bkn let con g 48-1939 J
J 8458 8712 88 June'19 ---- 873 -g
4 ,
Pocah Con Collier let s f 58_1957 J
93
Sale 9212
10 9218 97
Lao Use L of St LRef & ext be'34 A 0 93
8
8
Repub I & S 10-30-yr 5s s 1_1940 A 0 9434 047 947 July'19 ---- 9212 9,
1927
8
N 8712 ---- 875 June'10 ---- 8714 89
Milwaukee Gas L let 48
3
4
J --__ 80 4 8034 Mar'19 ---, 803 81 34
St L Rock Mt &P 5s stmpd_1955 J
1948 J D 1,1____ 10412 Apr '17
Gas g 5e
Newark Con
93
9234 93
92
3
J
3, 913 9:
Tenn Coal I & RR gen 56_1951 J
1948 J D 90 1,9012 00
91
4
--g93 94
NYGELII&Pg 5s
101
8
230, 993 10
U S Steel Corp-)coup_ d1963 Ni N 10034 Sale 100
3
70 4 717 72 June'19 ---- 69
8
1949 F A
7414
Purchase money g 4e
8
5' 9912 101 3
8
10114
-60
e t 10 -year belreg ____d1963 SiN 10038 Sale 1003
9412
99 Mar'19 ---- 98 105
cone g 58..1995 J
Ed Elea ill let
87
1931 M N
Utah Fuel let 5 1 be
95
0612 Aug '17
NYAQ El L&P let con g 58_1930 F A 89
70
70 Mar'19 ---- 70
55
J
71
1953 J
Victor Fuel let 8 f be
-Cal0 & E
Pacific 0 & El Co
8
,
1 8518 8' 5
8514
Va Iron Coal & Coke let g be 1949 M S 8518 83 4 8514
9253 931 t 9212
9618
4 92
9212
Corp unifying d3 ref Ia.__ A937 M N
8614 Salo 8512
8653 25 8518 88
Pacific 0 & E gen & ref 5e 1942 J J
Telegraph & Telephone
Pao Pow & Lt let & ref 20-yr
8453 24 833 8
4
4
4
1929 J .1 833 Sale 833
Am Telcp & Tel coil tr 4s
88
82 Apr 'II)
82
88
Si International Series. 1030 F A
8.
84
80 May'19 ---- 77
1936 M S
Convertible 4s
.... 100 July'17
Pat & Passaic U 3t3 El 5s__ _1949 St S 85
90
9014 June'19 -,, 8512 9
1933 M 8 88
20-yr convertible 4 Iis
8
let cons g 68_1943 A 0 903 .9958 0013 June'19
Peep Gas & C
3
90 4 109 8812 9
1946 J D 8913 Sale 8812
30-yr temp colt tr be
M S 73
3
737 75 June'19
73
7712
1947
Refunding gold 58
4
10234 221 1003 10. 311
8
1925 F A 10253 Sale 1023
7-year convertible 6s
88
J ___ 90
1 85
88
88
Ch G-L & Coke let gu g 5s 1937 J
98 June'19 --- 96
9 12
Cent Diet Tel 1st 30-yr 58_1943 J 0 9614 98
Con 0 Co of Ch let gu g 581936 J .1- 0478 100 Apr '17
Commercial Cable let g 4s 2397 Q J 65 --- 73 Nov'17 ---- __ _ _
89 Mar'17
Ind Nat Gas dr Oil 30-yr 581936 M N
1
'
239'7 Q ----------------------------Registered
75 May'19
75
75
Fuel Gas let gu g 5s....1047 Si N
Mu
9314 9312 9314
10 9214 9
9314
J
Comb T & T let dr gen 5'3_1937 J
91
94
9318 93 June'19
Philadelphia Co cony g 5a 1922 M N
4
J __-- 963 98 Apr '16 --Keystone Telephone let be 1935 J
95
9112 June'19
9613
04
Stand Gas & El cony s f 68._1926 J D 92
9
89
913 June'19 _-_ 90
8
1924 F A
Mich State Teleph let 5s
58..1951 J D 8618 9712 9712 May'17
Syracuse Lighting let g
98 9 -- - 9S13 Apr '19 ---- 9812 9, 12
N l'' & N J Telephone 56 g_ _1920 M N
7412 --- 70 Nov'18
Syracuse Light & Power 5a 1054 J
' 41 875a 9 12
N Y Telep let & gene 14 48_1939 M N 881s Sale 88
8
Trenton 0& El let g be_..J949 M S 90 -- 983 Oct '17
77 10038 10 12
101
3
30-yr deben 5 f es ___Feb 1949 --- 10013 Sale 1003
;
Union Eke Lt & P let g 58.._1932 51 S____ 937 90 Mar'19
92
,
23 9014 9 .38
9212 91
J 92
1937 J
Pacific Tel & Tel let 58
.
8
Refunding & extension 521_1933 M N 82 _ 1015 Nov 16
91 12
17 90
9112
Sale 91
South Bell Tel & T let a f 58_1941 J J 91
98
04
J98 9514 June'19
1936
Fuel Gas lets f 6s
United
9.
92
9112 June'19:....,91
J 91
1938 J
West Union coil tr cur 58
89
8
00
3 88
2
1944 F A 871- '085 89
Utah Power & Lt let 58
28 85.2 9
89
88
90
Fund & real cot g 4%e._.,1950 M N 84
.17
_
J 90 ....... 101 June
1950 J
Utica Else L & P let g 5e
99 10112 Sept'17t--- ____ ..
1941 M N 91
Mut Un Tel gu ext be
00
00 II
9212 90 Feb '19
1957 J .1 87
Utica Gas & Elm, ref 5s
1.4,1,1 fe
01
I
1034 I
1,7nrthannat Pol on d1Zo o
90
92
90 May'19
8618 92
Westchester Ltg gold 58_ _ 1950 J D
h Due July. 1 Due Aug. o Duo Oct. p Duo Nov. g Due Doc. 8 Option sale.
'No price Friday; latest bid and asked. a Duo Jan. d Due April, 6 Duo May. g Duo Juno.
F
____
M
1W-A
fi
Il
162
^
--Saturday
July 5
BOSTON STOCK EXCHANGE-Stock Record
SHARE PRICES
-NOT PER CENTUM PRICES.
Monday
July 7
I
Tuesday
July 8
I Wednesday I Thursday I
July 9
July 10
Friday
July 11
Saleafor
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
[VOL. 109.
Range Sines Jan. 1.
Lowest
Highest
---- ----.
Range for Previous
Year len
Lowest
Highest
Railroads
4113312 135
135 135
133 133
133 133 1 133 133
252 Boston dc Albany
100 131
Jan 8 145 Apr 3 122% Apr 140 Nov
4
71
713 72
7114 7214 7112 7113 7112 72
72
567 Boston Elevated
100 6434 Mar24 8014 Apr 5
37
Jan 80 Nov
95
*88
*88
95
8812 *8813 95
8812
___ ____
10 Boston & Lowell
100 85 Feb 8 95 Jan 3
80 July 104 Nov
327 3513 3412 341
8
33
3312 3314 3312 33
333
4
787 Boston & Maine
100 28 Jan30 3512 July 7
19 Jan 40 Sept
*__ _ 160 *____ 160 *
Last Sale 160 May'19
160
Boston & Providence
100 159 Apr15 168
Jan 6 150 Apr 170 Aug
*.50 . _
.50
*.50 _
_ Last Sale .60 July'19
Boston Suburban Eleo_no par 5043 Apr28 60e July 3 .50 Dec
3 June
*6
- 2 *6
6
I12 *6
112
Lan Sate 612 June'19,
Do pref
no par
613 Apr28 11
Jan14
1014 Mar 15 June
136 *_.... 136 *____ 136
Last Sale 134 June'19,
Chia Juno fly & U S Y......_100 134 Apr17 135 Jan 4 138 July 147 Apr
*88*88
-*88
Last Sale 88 July'19Do pref
100 84 Feb14 90 June10
8213 Apr R513 Dec
*111 1111- *111 112 *110 11112
- 2
-Last Sale 111 July'19
Connecticut River
-100 107 June 5 115 Apr 9 104 Feb 125 Nov
5212 *51
52
53
52
5213 5213 52
_ _
81 Fitchburg prat
100 51 July 3 58
Jan 2
53 Jan 65 Jan
.106 112 *106 112 *106 112
Last Sale 110 June'19:
Georgia Ry & Elea stampd.100 993 Mar15 110 June24 106 Sept 11614 Jan
Last Sale '7212 June'19
Do pref
100 70 Mar15 74 Feb27
70 Oct 81 Feb
-fa- -- - ;i5- 76
fi- i..i8- 71- 75
75
20 Maine Central
--..„.,
100 75 June28 83 Jan 6
7712 June 88 Nov
Last Sale 1
-Apr'au
Mass Electric Cos
100
1 Mar21
313 Jan14
134 Sept
71 May
Last Sale 5
Apr'19
Do prat stamped
100
4 Mar27 1714 Jan14
812 Jan 33 May
-513, -313- 3234 - - -1- -5212 -4
3 4
3
33i 3238 33 I 33 33 1,254 N Y N H & Hartford
100 257 Feb13 3412 Mar10
8
27 Feb 46 May
Northern New Hampshlre_100 88 May10 94 Mar 1
Oct 95 Nov
84
9
i
-Oa- -. - -Oi- ii- ;55- 166- 9tasi ir"_ _M".19
.
1 Old Colony
100 95 Apr12 105 Jan 3 28812June 11212 Deo
21
*19
*19
21
21
*19
-18- 18 19
19
83 Rutland pref
100 18 Apr14 23 May27
20 Jan 25 Jan
Last Sale 95 June'19
*90 100
Vermont & Massachusetts _100 93 May 8 100 Jan18
80 Aug 90 Oct
-_-_-_-_ -ia- Ig1- *45
2
4512 45% 45% 45
45
315 West End Street
50 40 Mar21 50 Apr 3
37 Feb 50 July
5212 5212 5212 *5212 ___ _ 52 2 5212
5212 5212 *52
,
128 Do prof
50 494 Mar13 58 June13
47 Jan 02 Apr
Miscellaneous
109 1093 109 10914 111 111
4
10813 10914 10813 110
988 Amer Agricul Chemical-100 100 Jan29 114 May 2
7811 Jan 106 0.3
9934 9934 9912 9913 99
9912 9
99'2 083 99
312 Do prat
4
100 9712 Jan 3 10213 Mar15
885 Jan 100 Dec
8
107 111
10913 10912 *111 11212 11214 11214
,,..,
75 Amer Bosch Magneto_no par 6414 Mar10 11214 July10
114
112
1
112 134
114
112 112 -1'4 -14 3,700 Amer Pneumatic Service
325 55o Jan 2
13 May29 --- 4 Kiii; - -51- 3
4
.4
2,
1i;
*613 __
7
7
634 7
7
7
*
1
55 Do pref
21 Apr 8
50
7 July 8
4 Sept 151 Mar
141 141 41138 140 *138 139
13914 13914 --------40 po pgar
115 Amer Suref Refining
100 111
Jan 2 141 July 7
99 Jan 1154 May
118 11812 11812 11812 119 119
11812 11812
100 113 Jan 2 119 Apr 5 107 June 115 Dec
104 105
10438 10434 1033 10413 10358 10412 Ha- iiiii- 1,395 Amer Telep & Teleg
8
4
100 99 Jan29 10812May27
903 Aug 10918 Oct
4
124 124
12078 1207'118 120
119 119 *118 120
20 American Woolen of Mass.100 46 Jan20 125 June
3
4512 Jan 6058 May
10913 110
109 10912 109 109
4
1083 109
10812 109
118 Do pref
100 94
Jan21 111 June 5
00 Jan 9712 Dee
122 122
121 121 *121 125
121 121
122 126
263 Amoskeag Manufacturing.___
79 Feb15 126 Julyll
6013 Jan 92 Nov
*80
80
80 80
80
80
80
--__ ____
15 Do pref
7813 Jan 9 84 Mar22
76
Jan 82 June
*20
22
---------------- 20
20
5 Art Metal Construe Inc-10 1713 Jan21 2212May 5
---- ---11 Feb 219 Dee
1112 1178 1112 1178 1114
178 111 1134 --------2,753 sigheart4Prod & Refg
10 10 June16 1312 May19
2158 2212 *213 22 .2134 22
4
*213 22
.._
4
40 Booth Fisheries
no par 1814 Feb 7 243
4
3
13
*13
1334 13
-13- -- 2
131135
8 1313 1312 13
510 Century Steel of Amer Inc. 10 1112June28 1513 May22 -21 - -..Tit'n -281- Sept
Mar17
1014 May 147 Dec
8
1514 1512
1512 1512 1512 1513 1512 16
15 4 17
,
1,
645 Cuban Portland Cement__ 10 10 Mar26 183
4May 6
1712
*1
314 63
4 *814 63
4
612 612
325 East Boston Land
614 614
10 412 Jan 4 678 June19 1113 Nov r 534 May
May
4 Jan
161 161
161 161
161 161
161 161
ii612 16f72 Edison Electric Illum
100 155 Apr26 172 Jan 2 134 June 186 Nov
7012 7112 703 7478 7518 7814 7812 783* 777 79
4
8
10,725 Fairbanks Co
25 5213 Jan21 79 Julyll
2712 Juno 6414 Nov
*167 169 *167 169 *171 173
Last Sale 164 July'19
General Electric
100 1467 Feb 7 169 June 3 128
8
Jan 15734 Nov
3212 3212 323 3234 3312 3413 333 3414 1,986 Gorton-Pew Fisheries
3234 33
4
4
50 28 Aprll 38 May17
27 Aug 35 Aug
6
6
512 6
6
6
512 6
6
812 1 568 Internal Port Cement......_ 10
.
414 Mar26
9114May 6
712 Oct
412 Oct
*24
26
25
25
2412 26
4125
2513 2512
26
410 Do prat
50 18 Jan 4 28 May 6
12 Apr 23 Nov
32
33
4132
*33
3313 *33
34
34
33
33
70 Internat Products
no par 19 Mar20 40 Mar26
778 77 752 752 758 8
7 4 73
3
4
73* 7% 2,535 Island On& Trans Corp__ - 10
6 Jan 2
9%
318 Aug - -E.;
65;
*97
_ . 97 ...._ *
*97
_
98
98
10 moElwain (W II) 1st pref_100 90 Jan17 99 Feb20 Mar26
88 Sept 93 Nov
7912 - 2 79 - .
'71174
79
7913 78 " - 7812 79
i9
232 Massachusetts Gas Cos..
.100 74 Apr30 86
Jan 9 27714 Jan 9114 Nov
*6512 6612 6612 6612 65
6612 66
66
65 65
109 Do pref
100 65 June26 71
Jan13
62 June 71 Nov
14734 14734 *14712 148
148 148
148 148-------- 65 Mergenthaler Linotype.
130 Feb10 149 June18
94
9414 95
93
93
94
94
931
94
94
134 New England Telephone-100 90 Jan22 96 Mar10 107 June 147 Nov
8213 July 10013 Oct
Last Sale 84 June'19
*83
8612
Nova Scotia Steel & C......100 46 Mar 5 84 June27
53 Dec 69 Jan
-53F2 - .-- :d -- *62
. 645 ...,1 143
65
8 A
4
66
62r2 63 6314
955 Punta Alegre Sugar
50 48 Feb 1 66 June27
29
Jan 51 Dee
*15
16
Last Sale 15 June'19
*15
16
*15
16
Reece
10
11
Jan 137 Mar
s NoviButn-Hle
43
3818 3914 3812 3938 387 4214 40
4034 4178 25,728 Root & Van Dervoort Class A 14 Jan 3 16 May15
8
35 July 1 43 July10
5038 53
24834 4918 4914 4913 4938 50
5258 54
Stewart Mfg
3218 Jan23 54 Julyll -if" -Zia _iii__ -.
13613 13778 136 13712 136 137 136 137 13513 137 I 14,365 Swift & Co Corpn
597
100 115 Jan30 150 May 5 102 Aug 14614 Aug
*61
63
62 62
62
6212
31 Torrington
25 5212 Jan13 68 May 2
45 Jan 56 Dec
i8912 189
190 19212 18912 19012 189 189 I
- -12 18812 190
268 United Fruit
517 52l2 5113 52
5113 52 I 4,023 United Shoe Mach Corp_ 100 15712 Feb10 196 June 9 11512 Jan 168 Dec
5113 52
51
52
25 44 Jan13 55 May 0
3813 July
2714 27% 27
2718 27
4813 May
2714 27 8 273
,
8 2'7
232 Do prod
27
25 2614 Jan 2 31
Jan25
11212 115
2434 Aug 2612 May
11112 11312 11212 11338 11218 1137 ---- ---- 1,189 13 B Steel corporatio
8
n__ 100
37 Mar 11612 Aug
1738 1778 1714 18
1714 173
4 1714 1778 21,992 Ventura Consol Oil Fields:. 5 8814 Feb10 115 July 7
1713 18
73 Jan21 18 July 8
4
5 Jan
1914 1913 1914 193
9 Nov
4 19
2034 2038 2112 2012 21 I 29,921 Waldorf System, Inc
10 16 May19 2112 July10
---- ---- -------1
Mining
112 112 *132 134
15* 15*
112 113 *112 178
310 Adventure Con
25 .50 Apr22
17 May27
8
13 June
134 Jan
82 82 I 85
8212. 83
82
82
82
81
85 I
4187
9305
25 6212 Mar22 85 Julyll
69 Dec 86 Nov
278 2% *25
3
8 3 I *23
*278 3
3
4 3
Alaska Oold
Aiue k
Ah e
10
27 July 9
8
414 Marti
138 Apr
538 Nov
Last Sale .70 June'19
*.60 .75 41.60 .75 14.65 .75
Algomah Mining
25 10o Apr30
1 June 9
.15 July
.45 May
4412 4514 4312 4412 43
4312 433 45
43
4
44
25 3313 May 1 46 June10
4012 Dec 54 Feb
2434 2514 2412 2614 2612 2612 2638 2638 *2614 27
600 Amer Zino, Lead & Smelt.. 25 103 Febll 2612 July 9
4
10 Dec 2114 July
62
62
6214 6214 6214 *8112 63 I *6112 63
62
175 Do pref
25 39 Feb15 6212 July 8
4013 Dec 54 July
1412 144 1413 1412 1413 1434 143 1434' 1413 15
4
865 Arizona Commercial
5 1034 Feb28 1514 June10
11
Jan 1614 Aug
45 ..35 .40 * 35
40
.45 .45 14.35 .45 4..35
100 Butte-Balaklava Copper
10 20e Jan30
.20 Oct
.48 Nov
*353 3613 36
35
*34
4
14 37
*35
90 Butte & Sup Cop (Ltd).- 10 1712 Jan23 900 May14
37
36
*38
37 July 9
1634 Dec 33 May
7032 70
7112 7214 7632 74
78
70
74
7712 4,515 Calumet & Arizona
10 57 Feb10 78 July10
61 Dec 7312 May
428 437 450 450 450 450 41445 450
420 430
1531Calumet & Hada
25 350 Mar14 430 July 9 425 Dec 470 Dec
1712 173
4 1714 1738 1714 18
173 18
4
n 0iai Gold
Hlll
1 1214May 5 18 July 9
1812 1812 *18
1812 *18
1812 *18
1812 1186:: 187
5 s 2.7760°'Cere
C nte
a
25 12 Mar21 18% Julyll -Ng;.1;72e -ii1- -Feb
5312 5412 5318 54
2
5314 5334 53
53 4 5312 51
3
2 603ICopper Range Co
,
25 39 Mar 5 5412 July 7
40 Dec 5113 Nov
Last Sale 25 June'19
8
*213 23
4 *2 2 3
,
*Vs 3
1Daly-West
20
2 Marll
3 4 May14
3
113 Apr3 Sept
858 878
812 8 4
88 83
85
8 87
4
8;
83
4 878 5,570,Davis-Daly Copper
3
434 Feb18
87 July 9
s
153 16
4
43 Dec
1558 16
4
7
1534 1618 151s 1634: 1614 1718 12 080,East Butte Copper Min- 10
8 g Mar
,
10
8 Feb28 17% Julyll
815 Mar 12 Nov
412 412
413 434
412 412
413 412
44 412
6451 Franklln
25
13s May 9 e51s June 9
3 June
6 Feb
7112 7158 7214
70
66
4167
69
*66
69
9166
320 Granby Consolidated
100 65 Apr21 76l June 9
7313 June 8434 Oct
Last Sale 4438 June'19
*44
4412 *44
45
4434
*44
Greene Cananea
100 4114 May13 453 Jan 2
4
39 Jan 5754 Nov
612 612 *Ws 612
67
6
8 7 I
7
612 612
513 Hancock Consolidated
25
4 May 1
712Juno 6
43 Dec 101a Jan
4
418 413
414 438
414 412 e5113 5t
514
54
3
2 897 Helvetia t
,
25 200 Feb 20
73 May21
4
*13
8
112
150 Mar 300
*114
138
Set/
*114
13
8
1'8
13
111
*13
8
113
250 Indiana Mining
25 50e Mar 8
112June 6
40 July
1
Jan
5112 5012 5113 5112 5312 5213 5212 52
51
2,20. Island Creek Coal
52
1
1 42 Apr16 531aJune 9
447 Dec 70 May
*85
87
8612 85% 8538 *
4185
85
87 I *85
87
°178 Apr12 871:June10
7913 Oct84 Feb
37
37
3712 36
385* 3713 38
3712 383 39
4
1,198 Isle Royale Copper
25 24 Jan 2 3913June10
1013 Jan 29 July
4
512 5521
43
,
4 512 14-Drei
4 *512 53
5 21 512 *512 53
,30 Kerr Lake
D
Oct
*112 158 *112 153 *112 15*
La
Kekwe
wCopper
r co
25
5
90.3 Mar14
4 ja 7
113 1581
2 8 June 9
6114
e 7
112 l%
.80 Sept
5
at6 4 May
113
4
8
512 53
513 512
4590
55* 55
514 5 2
,
513 512 1,80
Copper
25
3 Jan25
63 Junel0
4
334 Dec
834 May
312 Ws; *3
100 La Salle Copper
312
*314 33
4 *314 334
4
8 33
*33
25
2 Aprill
43
4Junel0
2 Jan
314 Mar
.2 mason Valley Mine
.
6
3
4 33
4
4' *3 8 33
4
313 312 *334 -• 35
11 33
4 *33
5
218 Apr23
37
8June 0
712 712
6 Feb
234 D ec3
7
714
7
7
7
714
7
7 14
U„„n1 Massachusetts Consol _
.,
25
4 Feb 7
73 Junelt)
4
3% Sept
7 Jan
1114 1113 11
11% 1012 11
1012 1114 3 41 10 Mayflower-Old Colony
113
8 11
..
25
2 Jan13 1314June 2
.65 Mar
*614
612
6
415 Nov
612
678
6
6
67
*53
4 6
895 Michigan
25
212 Feb24
8 May27
.40 June
414 Oct
7212 7112 7214 72
7112 72
72% z71
74
70
825 Mohawk
25 4912 Feb 7 74 Julyll
5013 Dec 6612 May
*1914 20
*1914 20
*1914 20
193 193
*1914 20
4
4
25 Nevada Consolidated
5 1514 Mar26 20 June10
1612 Dec 2013 May
37
312 312 *313 4
37
312 334
33
4 4
8 New Arcadian Copper- 25
05
1 Mar 8
414June 6
212 July
114 Aug
2413 2514 2412 25
2413 25
24
25
25
2518 6,892 New Cornelia Copper
5 143 Mar 5 2514 June13
4
*713 9
10
9
912 -- ____
149
*9
9
50 New Idris Quicksilver-- 5
May 2 1112 May26 .- .4 - ieO -if1- Via;
93 1
4
*1872 20
20
20
*19
19
19
*18
25 New River Company
100
8671
2012 May22
12 Aug 20 Jan
___
7912 *7714 80
7912 7912 *79
7912 *79
10 Do pest
100 5713 Mar 1 80 May23
6313 Dec 80 Jan
1112 -1114 ---14
1114 1112 103 1114 1014 1114 *11
11 4
539 Nipissing Mi1/011
5
814 Jan15 1312May12
83 4 Jan
,
978 Apr
4
1334 1414 133 137
8 1313 14
1312 1414 2,655 North Butte
135* 14
15
9 Feb20 1514 Jtinel0
•1
114 *1
10% Dec 173 May
114 4.1
114
Last Sale 114 July'19
8
277 Os ola
No: Lake
h
25 250 Apr22
113June 6
.95 Mar
.25 Feb
214 214
218 214
233 2 8
214 214
2
,
2
475 00lja1bwpaoYmiMnitonnincgo
725
25 750 Mar15
15 June
158 Dec
4212 43
4213 43
4214 4212 42
*4212 43
43
25 3013 Mar 5 44 % JuaY19
3 M ne 110
32 Dec 4512 Jan
59
5812 60
58% 597
59 59
5812 5912 *58
25 45 Mar17 60 June 7
4613 June 65 Jan
1934 20
20
1814 1814 19
*1812 19
1912 197
8
422 Pond Creek Coal
10 12% Feb 8 21 Junell
123 Dec 2014 Feb
73
73
*7212 74% 73
73
74
74
74
7412
210 Quincy
25
59 Dec 78 May
*2112 25
2512 2513 *25
2534 *25
253 *25
2514
4
10 Ray Consolidated Copper- 10 52 Mar22 7413 Julyll
1912 Feb 8 251s July 8
1913 Dec 2534May
*55
62
60
59
62
59
62
62
625
*60
145 St Mary's Mineral Land- 25 40 Mar 4 64 June10
38 Dec 57 Jan
*2234 2312 23
23
23
*2212 23
23
23
24
890 Seneca Copper Corp-no pat 13 Jan22
253 June12
3t2 312
4
7 Jan 1534 Dec
312 353
3% 312
3
314 314 1,139 Shannon
33*
10
1% Mar15
*ii
418 Junell
2% Dec
534 Jan
213 218 *214 212
214 3
218 218 *214 232
55 South Lake
25 410o Jan13
312June 6
l Sept
Last Sale .23
2 Jan
*.25 .30 *.23 .25 *.23 .30
5
80 Janll 45o May14
.10 Dec
.20 Jan
8% 8% *812 85
4
8% 858 *812 83
8
8% 85
8
8 8 eepv
48 No t
4114 Aub
7
4
Feli
213 25* 11, 9Suiniriy r BostonCopp
212 258
35*
213 3
76 s'lo pe t U
16 T
July'1 0 8 ruthr o 7M & 8
3
35s 37
er 20
15
4 Mar25 14 4j ne10
1
itr 8
'Ju
11
5
37
4 4
*33
312 313 *33
4
4 4
*33
4 4
25
2 Feb 3
514 June 2
2% Sept
412 Feb
112 134
112 158
13
8 112
114 134
13
8 112 13,210 Tuolumne Copper
1 74e Apr 1
13 July 7
4
.73 Dec 1% Aug
7112 69
7014 697 70
4
269
8
683 69
693 72
4
1 215 II 8 Smelt Refill & Min- 50 43 Jan21 72 Julyll
.
36 Apr 5012 Oct
4912 4914 4914 4914 4934
54914 4914 483 4914 49
4
560 Do prof
50 4414 Jan24 50 May14
42 July 4712 Nov
3
3% *3
3%
3
3
2% 3
a 24
825 Utah-Apex Mining
5
4May 9
13
-35
8June 2
l' May
412 Nov
11
1012 103
11
11
4
103 11
11
1
15
425
27
2
Consolidated
5
vs Jan18 1214 June10
7 Dec 12 Jan
2% 3
2% 3
2% 3 --------5,807 Utah Metal &
334
3
Tunnel-- 1
114 Jan28
3 4 July 7
3
1 Doe 84 Apr
4
*313 4
•313 312
33
4 4
*312 4
353 3 8
7
UtahV1torIa
25
114 Mar13
45
8Juno 5
3 Jan
15* Dec
112 113
138 112 *133 112
112
114
*Vs
112
695 Winona
25 50o Jan 9
17 May26
2
12 Nov
2 Jan
24
24
23
24
23
25
24
*23
25
24 I
115 Wolverine
25 15 Mar 5 26 June 6, 18 Dec 36 Jan
Last Sale .90 June'19
41.80 1
41.80 1
41.80 1
Wyandotte..
25 400 Mar13 1% May27
.40 May 1 ifs Mar
Bid and asked prices. a Es-dividend and rights. s Assessment paid. b Ex-stook dividend. h Es-rights.
I Es-dividend. to Half-pald.
-.
51*
•
Outside Stock Exchanges
Bostoniaond Record.-Trausactions in bonds at Boston Stock-Exchange July 7 to July 11, both inclusive:- Friday
Last ,Week's Range Sales
for
of Prices.
Sale.
Price. Low. High. Week.
I
Bonds.
U S Lib Loan 3%8_1932-47
1st Lib Loan 4s_ _1932-47
2d Lib Loan 45_ _1927-42
1st Lib L'n 4%0_1932-47
2d Lib L'n 4%8_1927-42
$8._.1928
3d Lib Loan 4 y
4th Lib Loan 4X s_ _1938
.
Victory 4%s._ _1922-23
Am Agric Chem 58._ _ _1924
1929
Am Tel dr Tel 4s
1925
Convertible 6s
Atch Top & S Fe 4s_ _ _1995
Atl G & W I SS L 5s 1959 83
Central Vermont 4s_ _ _1920
Chic June & US Y 48..1940 75
1934
KCM&Binc5s
Miss River Power 58_ _1951 79%
E Telephone 5s_ _ _ _1932
Punta Alegre Sugar 68.1931 105
1944
Swift & Co 1st 5s
Ventura 011 cony 7s
Western Tel & Tel 5s_ _1932
Range since Jan. 1.
Low.
99.14 99.30 $12,600 98.04 Feb
94.04. 94.54 5,550 91.64 Jan
93.44 93.80 13,150 92.04 Jan
94.84 95.20 4,500 93.24 Jan
93.84 94.25 68,700 93.04 Mar
94.84 95.04 35,050 94.40 Mar
94.04 94.38 55,050 93.04 Apr
99.74100.00 25,100 99.64May
Jan
108 108% 3,000 100
84% 84% 8,000 83% Jan
102% 102% 1,000 100% Jan
80% 80% 1,000 80% July
Feb
19,000 79
83
82
Apr
1,000 60
60
60
Feb
1,000 74
75
75
10,500 71% May
73% 75
79% 79% 6,000 77% Jan
90% 90% 9,000 89 May
24,000 87
May
104% 106
5,000 95% Mar
97
97
Jan
1,000 94
173 173
Jan
90% 90% 5,000 89
High.
99.64 Mar
95.90 Mar
94.80June
96.50 Jan
95.90 Jan
96.50 Jan
96.50 Jan
100.04June
110% May
85% May
103% Mar
83% Jan
84
May
66
Feb
77
Mar
75
July
80 May
93% Feb
107 June
98% June
173
July
91
Mar
-The complete record of
Chicago Stock Exchange.
transactions at the Chicago Stock Exchange from July 7
to July 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
'
Stocks
-
49% 49%
Allis-Chalmers
315 315
American Radiator_..100
116 116
100
Preferred
126 127
Amer Shipbuilding_ _ _.100
90
89
100
Preferred
Armour & Co, preferred__ _ 103% 103 103%
Booth Fisheries21% 22%
Common...new (no par)
82%
82
100 82
Preferred
12% 14%
Bunte Bros, common
114 114
Preferred
8% 8%
Chic City & C Ry pt sh pref
82
Chic Pneumatic Tool_ _100 80% 80
6
6
Chic Rys part ctf "2"
86% 87
Consumers, pref
8% 10%
10%
Con Motor
111% 112
Commonwealth-Edison.100
119 121
Cudahy Pack Co, com_100 120
100% 101%
100.
Deere & Co, pref
115 116
100
Diamond Match
84%
Hartman Corporation_ _100 84% 82
88
89%
Hart Shaft & Marx,com 100
11% 14%
14
Hupp Motor
102 102
Preferred
75
73
100 73
Illinois Brick
31%
30
30
Libby (W I)
10 18% 18% 19
Lindsay Light
10
10
10
Preferred
36% 3634
Middle West Util, com_100
61
60
100
Preferred
43% 50
50
Mitchell Motor Co
52% 52%
People's Gas Lt & Coke.100
90
90
Pub Serv of N Ill, com_100
95
95
Preferred
1
270 270
Quaker Oats Co
100
Preferred
100 99% 99% 100
17%
15
Rights
31
30% 29
Reo Motor
61
59% 54
Republic Truck
204 207
Sears-Roebuck, corn_..100 206
140 140
100
Shaw W W,corn
53)4 49% 5314
Stewart Mfg
Stew Warn Speed,com_100 104% 103% 105%
Swift & Co
100 136% 135% 138%
7%
Rights
7%
7
Swift International
59% 59% 62
36
Thompson, corn
36%
Preferred
107% 107%
Union Carbide & Carbon
80% 85%
Co
(no par) 84
29
26
Unit Pap Board, corn...100 29
70
64
100 70
Preferred
109 110
Ward, Montgom & Co, pref
100% 103%
Wilson & Co, common_100
100 101
100
Preferred
Bonds.
102% 102%
Armour & Co deb 6s-1923
76
Chicago City Ry 58-..1927 74 , 74
' 44% 45%
ChicCity &Con Rys5s_1927
40% 42
Chicago Rys 45, Series "B"
93% 93%
Commonw-Edison 58_1943
87% 87%
PubServ Co 1st ref g 581956
75
75
South Side Elev 4%s_ _1924
96% 97%
Swift & Co 1st g 58_ ..1944
Low.
10 49%
10 275
10 85%
75 100
125 85%
2,991 100%
340
262
510
110
80
957
25
20
8,965
207
1,113
50
440
380
280
2,220
50
261
6,888
1,830
50
36
30
1,330
10
15
10
100
206
180
1,405
4,735
544
10
1,300
1,387
4,447
8,114
18,851
175
200
July
Apr
Apr
Feb
Apr
Mar
18
Feb
78
Apr
9% June
114
July
6% Mar
60% Feb
Apr
5
86% July
8% Apr
109
Apr
100% Feb
78
Apr
101
June
54% Feb
68
Feb
11% July
102
July
56
Feb
19% Jan
16
Apr
8 June
24
Feb
49
Mar
33
Apr
46
Jan
88% Feb
Feb
89
July
270
9934 July
15
July
28% May
45
May
168% Feb
112% May
45
Apr
84
Jan
115% Jan
6% June
41% Jan
35 June
107 June
45,835 56
2,934 17%
212 64
119 109
210 89
70 95
High.
4934
315
116
135
92
105
July
July
July
May
May
Apr
24% May
8334 June
15
July
114
July
11
Feb
82
July
9
Feb
8734 July
10% July
115
Jan
123
May
101% July
117 June
85 June
8934 July
14% July
102
July
75
July
Apr
34
25 June
10% Apr
40 May
65
May
51
May
55 May
95% Apr
95
July
300
Jan
105
May
17% July
32
May
61
July
212
May
141
June
5334 July
109% June
149% May
7% May
Apr
65
39% June
mg June
Jan 85% July
July
Jan 29
July
July 70
July 112% June
June 103% July
July
Feb 104
$1,000 100% Mar 107% June
Feb
12,000 74
July 84
Apr 53 May
59,000 41
Jan
21,000 38 June 60
1,000 92% May 94% Jan
May 87% July
5,000 87
July 79% Feb
1,000 75
98% Jan
10,000 95% Ma
Friday
Sales
Last Week's Range for
of Prices.
Week.
Sale.
Par. Price. Low. High Shares.
Amer Rolling Mill corn_ _25
100
Amer Sewer Pipe
Amer Wind Glass Mach 100
100
Preferred
Amer Wind Glass pref. _100
Arkansas Natural Gas corn.25
Barnsdall Corporation.
Columbia Gas & Elec. _100
Consolidated Ice corn.._50
Preferred
50
Crucible Steel corn
100
Indep Brewing common_50
Preferred
50
La Belle Iron Wks com_100
100
Lone Star Gas
50
Mfrs Light & Heat
Nat Fireproofing corn..-50
50
Preferred
Range since Jan. 1.
Low.
High.
20 4434 Apr 63
Jan 2934
430 16
Jan 101
1,250 79
85 77% Jan 91%
Mar 103
45 98
May 69
1,620 55
1,595 32 June 41
271 39% Feb 64%
8
3
Jan
10
Feb 29
50 15 •
10 117% July 117%
1% Jan
7
1,590
534 Jan 16
10
75 94% Feb 11535
Jan 300
71 170
480 48% Jan 56
11%
Jan
5
3,952
Jan 24
2,375 10
63
63
63
24% 25
25
99% 101
101
90% 90% 91%
101% 103
103
64% 69
65
33%
3235 32
63% 62% 64%
7% 7%
28
28
117% 117%
5% 5%
12% 12%
115% 115 115%
255 258
255
55%
55% 55
11%
9
10%
21
18
20
•
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
1
Ohio Fuel Oil
25
Ohio Fuel Supply
Oklahoma Natural Gas_ _25
Oklahoma Prod dr Ref..._5
50
Pittsb Brewing corn
Preferred
50
..100
Pittsburgh Coal corn.
100
Preferred
Pittsb-Jerome Copper_ _ __1
Pittsb & Mt Shasta Cop_ _1
100
Pittsb Oil & Gas
Pittsb Plate Glass com_100
Riverside East Oil corn_..5
Preferred
5
Riverside West 011 com_25
Preferred
25
1
San Toy Mining
Stand Sanitary Mfg pf _100
Union Natural Gas_ _ _ _100
100
U S Glass
U S Steel Corp com_ _ _ _100
West'house Air Brake _50
West'house Elec & Mfg_50
West Penn Rye pref_ ___100
-100
West Penn Tr dr WP.
Bonds
Amer Sewer Pipe 6s...1920
Indep Brewing 6s_...1955
Mon Riv Con C&C 68 1949
Pittsb Brewing 6s_ _ _ _1949
July
May
July
June
July
July
June
July
June
June
July
May
May
July
May
May
May
May
2634
51%
3434
11
9
19
16c
42c
16%
127
4%
29
23%
10c
133
3634
113%
122%
78
Range since Jan. 1.
Low.
215 16
27
26
5,406 42%
50% 53
31% 34% 4,848 28%
8%
300
11%
11
2
1,425
9
10%
7
800
18% 19
385 45
68% 70%
100 85%
94% 94%
8c
16c
17c 11,000
44c 3,900 21c
36c
8
16
16% 2,732
81 116
126% 127
4% 4% 13,755
%,
2%
470
4% 4%
9
1,824
28
29
54 13%
23
23%
6c
10c
10c 1,000
11 102
102 102
80 122
133 133
220 30
36
36%
80 88%
113 113%
315 93
124 124%
57% 5934
750 40%
25 75%
78
78
50 1234
14
14
75
99
52
107
75
99
53
107
75
Jan
Feb
Jan
Mar
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
May
June
Feb
July
Jan
Feb
Feb
Jan
Jan
July
Apr
High.
31
53
38%
13%
10%
20
9780%
22c
46c
18%
127
4%
4%
30
13c
102:333:
12
135
40
3
12434
59%
78
14
Mar 09
Jan 55
May 107
Jan 75
$1,000 96
21,000 36
1,000 106
21,000 52
May
July ,
May ; •
May
July
June
y
May
Apr
Apr
June
July
June
July
June
July
ul y
w
ay
May
May
June
June
July
May
July
May
June
May
-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
July 7 to July 11, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Range since Jan. 1.
-The complete record of
Pittsburgh Stock Exchange.
transactions at the Pittsburgh Stock Exchange from July 5
to July 11, both inclusive?, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
163
THE CHRONICLE
JULY 12 1919.1
Sales
Friday
Last Week's Range for
Week. ,
ofPrices.
Sale.
Low. High. Shares.'
Par. Price.
I
Stocks-
American Gas
100
no par
American Stores
1st preferred
100
Cambria Iron
so
Cambria Steel
50
Elec Storage Battery_..100
100
General Asphalt
Preferred
100
Insurance Co of N A_ _ _ _10
J G Brill Co
100
Keystone Telephone_ ___50
Preferred
50
Lake Superior Corp__ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Little Schuylkill
60
Midvale Steel & Ord
50
Minehill & S H
50
North Pennsylvania_
50
Penney' Salt Mfg
50
50
Pennsylvania
Philadelphia Co(Pitts)- 50
Prof (cumulative 6%)_ 50
Phila Elec of Pa
25
Phila Rapid Tran v t r_ _50
Philadelphia Traction_ _50
Reading
50
Tono-Belmont Devel_ __ _1
Union Traction
50
United Cos of N J
100
50
United Gas Impt
US Steel Corporation_ _100
Warwick Iron & Steel_ _10
West Jersey & Sea Sh.._ _50
Westmoreland Coal_ .,..50
Wm Cramp & Sons_...100
York Railways, pref_ _ _ _ 50
Bonds
U S 3d Lib Loan 4%8_1928
4th Lib Loan 4%8_1938
Victory 4%8
1922-23
Amer Gas dr Elec 58_ _ _2007
do
small
2007
Baldwin Locom 1st 58..1940
Choc Ok dr Gulf gen 581919
Elec & Peoples tr ctfs 48'45
do
small
1945
Lake Superior Corp 5s 1924
do
small
1924
Lehigh Coal & NavConsol 434s
1954
Lehigh Valley 65
1928
Gen consol 45
2003
Penna RR gen 58
1968
P W & B ctfs 4s_ _ _ _1921
Philadelphia Co 1st 55 1949
Cons & coil tr 58 stpd '51
1966
Phila Elec 1st 58
do
1966
small
Reading gen 48
1997
Southern Ry 4s
1956
United Rys Invest 5s_1926
68
9534
88
131
33
59%
14%
22%
6834
45%
36%
29
6834
3%
39%
67%
113%
42
74
190
32
Range since Jan. 1.
Low.
High.
Jan 74
June
32 60
68
71
2,610 2034 Apr 37)4 July
32% 37
July 96
July
5 96
96
96
July 41% Feb
66 39
40
40
Feb 125
July
20 110
125 125
July
943.4 98% 15,017 51% Jan 100
Jan 8834 July
8834 5,658 39
80
Jan 131% July
1,487 76
120 131%
135 2534 Jan 34 June
34
32
61% 4,160 1934 Feb 61% July
47
Mar 16 June
8
14% 1,625
14
Mar 54
June
10 47
53
53
Jan 26% May
20% 24% 47,617 17
Jan
Apr 73
190 67
6834 69
548 x51% July 60% June
51% 5234
Mar
5 40% June 45
43
43
Jan 60
July
520 41
55
60
Mar
Jan 54
59 50
5134 52
Feb
Apr 80
14 79
79
79
July 84% Feb
106 80
82
80
Mar 48% May
45% 46% 2,387 44
Jan 42% July
41
42%
102 30
36% 37
1,492 3134 Jan 37% Apr
25% 2534 4,031 24% Jan 26% May
Apr 29% June
28% 29% 6,072 23
Jan
Apr 71
120 66
6834 69
92
89
300 76% Jan 92% June
234 Jan 3 15-16 May
3% 334 3,125
May
Jan 41
248 37
3934
39
Feb 193 May
48 185
190 192
1,143 67% July 74% Jan
6734 68
112 114% 3,640 88% Feb 114% July
9
Apr
8% 8%
8% Jan
55
Jan
14 4134 May 46
42
42
Jan
74
202 7234 Apr 75
74
Feb 190
July
162 190
1.309 75
140 30 May 32% May
31% 32
95.08 95.08
94.10 94.28
100 100
85
85
85
85
85
10034100%
9934 9934
6934 6934 69%
6934
69
66
63
66
63
64
$2,000
45,500
2,000
7,000
500
1,000
7,000,
29,000;
1,628!
25,0001
1,0001
94.50 Feb 96.36 Jan
93.00 Apr 95.70MaY
99.60June 100.04June
Jan
8334 Apr 88
83 June 88
Jan
Apr 100% Mar
100
9934 May 99% May
Mar 71
Jan
65
Jan
Mar 75
65
Jan 66
July
58
Jan 64
July
58
94% 94%
102 10234
7734
77
9434 9454
97% 9734
100 100
87
87
96%
96% 95
97
96
83% 83% 83%
65% 65%
77
76
1,000,
11,000
3,000j
10,000,
1,000,
1,0001
7,000
37.0001
1,000,
14,000,
1,000
64,000
93%
101%
77
93%
95
99%
85%
93%
9334
82%
65%
62%
102
June 9434 July
Jan 102% Jan
June 80% Jan
Jan
Mar 96
Feb 97% July
Apr 100% Apr
Apr 8934 Feb
Apr 96% July
May 97% Jan
Apr 86% Jan
July 65% July
July
Jan 77
-The complete record of the
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from July 7
to July 11, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel_100
10
Atlantic Petroleum
Baltimore Electric pref....
100
Baltimore Tube
100
Preferred
Celestine 011 v t
25
Commercial Credit
25
Preferred
25
Preferred B
Consol G,E L & Pow_ _100
Consolidation Coal ..100
5
Cosden & Co
Preferred
5
Davison Chemical_.no par
50
Elkhorn Coal Corp
50
Preferred
Gulf Mob & Nor Prof
Houston Oil pf tr ctfs_100
Indiahoma Refining
4%
4234
3.95
11%
35%
Range since Jan. 1.
Low.
High.
484 34% Jan 43% July
4234 43%
4% July
Jan
2
4% 5,015
4
May 44% Feb
60 42
4234
4234
May
Jan 90
95 70
77
76
25 71% Feb 93 June
88
85
4.90 July
1.00 Mar
1.80 4.90 117,403
Jan
July 44
25 40
40
40
Feb
Feb 26
12 26
26
26
Jan
37 24% Apr 25
25
25
265 103% Apr 11134 May
109 109
535 78% Apr 92 June
89% 91
6% Feb 12% May
6,815
1194 12
Jan
5 May
4
4% 4% 2,470
Jan 40% Feb
410 32
35% 36
Mar 40 June'
210 27
39%
38
90 39 June 413.4 July
41% 41%
Mar 39% July
10 33
3934 39%
May
30 7234 Jan 101
9334
93
8% July
5% June
7% 8% 5.355
164
-
THE CHRONICLE
FrIday
bates
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Stocks-(Concl.)
Monon Valley Trac_ _251
Mt V-Woodb Mills v t r 100
Preferred v t r
1001
Northern Central
50;
Pennsyl Wat & Power 100
Robinson Oil pref
10'
United Ry & Elec
50
Wash Bait & Annap_ _ _ _50
Wayland Oil& Gas
5
Bonds
City .5c Suburban 1st 5s '22
Consol Gas gen 4 Ms.._1954
Cons G,E L & P 43%s 1935
5% notes
6% notes
7% notes
Consolidation Coal ref 55'50
Cosden & Co ser A 6s..1932
Series B 85
1932
Davison Sulphur 65
Elkhorn Coal Corp 68_1925
G-B-S Brew Inc 5s_ _ _ _1951
Kirby Lumber Contr 6s'23
Md Electric Ry 1st 58_1931
MIlw Gas Lt 1st 45_1927
Norfolk Ry & Light 551949
Norfolk St Ry 5s
1944
United Ry & E 4s_ _..1949
Income 45
1949
Funding 58
1936
934
27
89
723%
86%
7%
163%
27%
4%
9114
16%
28
4%
9%
27
91%
7254
87
7%
16%
28
4%
98% 98%
86
86
83% 8354
99% 99%
98
98
101% 10154
89
89
103 103%
103 103%
96
96%
99%
99
234 254
99% 99%
89
89
8854 88%
90
90
9354 9354
70
71
52
53
71
71
103
99%
90
70
30
185
56
75
57
20
220
060
500
Range since Jan. 1.
Low.
9%
16
71
71
77%
7%
15
24%
3%
,
July
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Feb
High.
1054 June
27 , July
94% June
80
Feb
88% May
7% July
20% Jan
29% June
4% June
$4,000 97% Mar 100
Jan
1,000 86 June 89
Jan
4,000 8334 July 85% Jan
8,100
%. Jan 99% June
2,000 97
Mar 98% Feb
1,000 100% June 10154 July
1,000 88% Apr 92
Jan
23,500 84% Jan 103% July
28,900 85% Jan 103% July
6,000 95% Feb 96% May
11,000 98
Feb 99% June
25,000
1% May
354 May
2,000 98% Apr 99% Feb
6,000 •89
May 89% May
1,000 88% July 88% July
2,000 90 June 92% Feb
1,000 93% June
100 Jan
28,000 70
Apr 78% Jan
7,000 48
Apr 55% Mar
2,000 69% Apr 76
Mar
vislinue of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ending
July 111919.
Stocks.
Shares.
Saturday
____
Monday _____
Tuesday __ _ ______
Wednesday
__
Thursday _ - ______
Friday
____
Total
Par Value.
Railroad,
ctc.,
Bonds.
State, Mun.
& Foreign
Bonds.
United
States
Bonds.
HOLI DAY
2,010,050 $176,458,000 $2,029,000 $1,827,000 37,171,000
1,604,370 134,845,500
2,371,000
764,000 8,959,000
1,653,300 137,054,000
1,835,000 1,409,000 5,994,000
'1,670,375 143,423,000
1,667,000
931,000 7,188,000
1,610,040 134,020,000
1,970,500
445,000 10,263,300
8.548,135 3725,801,500
Sates at
New York Stock
Exchange.
$9,872,500 $5,376,000 339,575,300
Week ending July 11.
1919.
1
1918.
January Ito July 11.
1919.
1918.
Stocks
-No. shares__ _
8,548,135
2,011,010
150,904,666
77,261,680
Par value
$725,801,500 $183,402,500 $14,220,820,530 37,201,949,000
Bank shares
$47,200
12,900
Bonds.
I
I
1
Government bonds_
$39,575,300 317,903,500 $1,210,690,000
$524,288,500
State, mun., &c., bds-,
5,376,000
3,360,000
183,163,500
110,198,500
RR.and misc. bonds_ _1
9,872,500
4,280,000
294,574,000
152,366,500
Stocks (Continued)
Kirby Lumber com_r__I00
Lake Torp Boat com_r_ _10
Libby, McNeil & Libby r10
Lima Locom COID-r- 100
Marconi wirel Tel Of Am_5
Mexican Invest com_r_ _10
writ)(Philip).* CO-r
Mullins(W H)Mfg
Nat Aniline & Ch corn r 100
Nat Fireproofing corn_r _50
Preferred _ r
50
National Ice & Coal.r..100
N Y Savold Tire r (no par)
N Y Shipbuilding_(no par)
N Y Transportation_ ._ _10
v.. Am Pulp& Pap no Oar ,
Ohio Savold Tire_ r _
20
Pacific Gas & El corn r_100
Parry (Martin)Cor wi r.(t)
Peerless Tr SC Mot Corp_50
Perfection Tire & Rubb r 1
Pyrene Mfg_r
10
Reo Motor Carr
10
Root & Vandevoort
Savold Tire Corp r _ _25
Stand'd Gas& Elec corn r 50
Submar Boat Corn v t e(t)
Sweets Co of America r 10
Swift internaci
16
Tennessee Ry L&P corn 100
Tobacco Products Exp
Todd Shipyards Corn: (t)
Triangle Film Corp v t c_5
Union Carbide & Carb r (+)
United Profit Sharing 25c
United Retail St's w I r (8)
U S Lt & Ht Corp corn r 10
SSteamshiP
10
Warren Bros_r
100
Wayne Coal.... _ _
6
Weber & Hellbr, com_r..(t)
World Film Corp v t e
5
Wright-Martin Aire_ r _ _(t)
[VOL. 109.
Friaay
&stay
Last Week's Range for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
1%
30%
6%
68
1434
37
46
11
2051
5354
62
19
5%
32
3354
43
1%
18
41%
60%
38
1654
11%
33
1
84%
2%
97
354
79
4%
19%
5%
Rights
British-Am Tobacco ord stk
Ordinary bearer stock_ __
5
Former Standard Oil
Subsidiaries
Anglo-Amer 011_ r
Buckeye Pipe Liner._ _ _50 102
Illinois Pipe Liner
100
N Y Transit _r
100
Ohio 011.r
25
Prairie Pipe Line_ r _ _ _ _100 293
Standard Oil (Callf).e 100
Standard 01101 N J_, 100
Standard Oil of N Y rI00 381
5
300
5% 11,700
2334 24
102 102
188 188
188 188
378 382
291 294
275 279
743 755
381 386
700
10
25
5
117
120
175
185
75
Low.
High.
18
Jan
I% den
19
Jan
27% Feb
4
Ian
59% June
7
("Cl'
30% July
24
Mar
654 Feb
1354 Jan
47
Jan
50
May
25
Jan
10
Mar
2% bin
28 June
52
Apr
28 June
18
Jan
34 Feb
14
June
29% July
39
July
24
Ann
29% Apr
10
Fr.b
6% July
404 Jan
5% June
25 June
102
Feb
% Feb
6051 Feb
7 16 lan
73% June
154 Jan
2
Mar
4254 May
354 May
15% Juno
3-16 Mar
3
Feb
June
38
3
Feb
34% Apr
83
July
6% July
78
June
16
July
39
July
46
July
1254 May
24
May
81% June
60 May
62
July
20
July
754 Apr
34
July
65% June
34
July
44
July
134 Apr
20 June
32
July
41% July
64
May
443% may
12
41w
12
July
8554 ma.
8% June
38
July
117% July
1% May
86
July
3
May
98
July
3 June
5% Jan
79
July
4% Apr
20
July
14 June
7
May
4% July
5
May
35
38
600
154
131
300
30
30%
• 500
74 '77
800
5% 6% 73,000
67
68
250
12%, 18
43,000
30344••,39
16,100
39 ''46
18,400
9
11% 11,500
18
21
2,500
78
79
200
53% 55
2,000
51
62
21,700
18
20
1,000
5% 054 11,500
30% 34
5,300
65
85
100
30
34
31,400
38
44
15,400
154 I% 250,000
17
19
3,200
29% 32
100
39
41% 6,300
57% 61
7,300
34
38
3,000
16
16% 10,700
6% 12 131,700
59
61
900
()% 834 8,600
31
38
79,000
117 11751
170
1,700
54
1
79% 86
6,200
254 2% 26,500
92% 98
68,000
25-4
254 3,050
2% 3% 5,000
59
79
5,800
4
454 10,800
17
4,000
20
54
1,400
41
4% 6
12,500
4%
5
4
Range since Jan. 1.
5% July
654 June
16%
91
164
188
315
263
258
668
310
Jan
Mar
Jan
July
Jan
Mar
Jan
Apr
Jan
Other Oil Stocks
Alien 011_ r
I
231
254 3% 14,100
54 Jan
Allied 011_r
1
% 154 45,000
% July
Amalgamated Royalty r.1
154
1% 18,700
13%
13% June
Atlantic Petroleum_ r_ _5
43%
3% 454 10,000
2% Jan
Burnett, 011 & Chia.r _1 3-16 3-16
3,800 3-10 Jan
34
Boone 011_,
9
123-4
1254 70,700
3
Mar
Total bonds
$54,823,800 $25,543,500 $1,688,427,500
$786,853,500 Boston-Wyoming 011.r _1 68e
87c 71c 106,000 180
Jan
Burknett Van Cleave 0 r_5
2
3,600
15.4 2
1% June
Can-Amer 0 & Or
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
1
51
91
5-1 June
% 8,800
Chickasaw Refining_r_ _ _ _ 5
3
334 4,700
334
3
BALTIMORE EXCHANGES.
July
Preferred
77-6
10
500
734 7%
7% July
Circle 011.r
4% 554 3,800
5
53-4
454 June
Coninonw'sb Petr L. it
Boston.
Philadelphia.
60
Baltimore.
58% 60
11,100 37
NIA.
Week ending
Continental Refg
,
10% 12
10 1134
9,000
8% Apr
July 111919. 1 Shares. !Bond Sales. Shares. Bond Sales. Shares. Bond Sales. Cosden & Co. ••om_r___ 5 113-4 x11% 1254 18,700
654 Jan
Elton' 011_r
1
54
% 1,200
4 June
Elk Basin Petroleum., 5
Saturday
HOLI DAY
1
1
954
900
9
9%
6
I
19n
Monday
21,622
6% 7
634
348,100
5
2,400
25,366
338,600 Ertel 011_r
! 49,460 3104,750
% June
Tuesday
Esmeralda 011 Corp_ r_ 5 I8c
41,448
95,200
12,047,
17c 21c 27,800
66,500
31,327
68,000
4,,
Jan
Wednesday
62,389
69,050
26,591'
b
3
354
3% 11,200
48,588
24,178
2
33,000 Federal 011 Corp_r
Jan
Thursday
64,878'
79,950
654 04 13,400
32,413
28,152
80,570
7,000 Glenrook 011.r
3% Mar
Friday
62,909;
8
7,000
()
16
13,539
7,400 10
23
37,000
33,100
Mar
15,000 Hercules Petrol Class A r 18 233i
Home Oil& Refg.r w 1..10 2334 21
23% 12,100 10
Feb
Total
281,084' $355,950 106,812 $280.7581 142,123 3161,600 Houston Oil,com_r_ _ _100
116 122
2,200 75
Jan
Hudson
. _____
I% .2
5,200 550 ('at,
,
134
Internet Petroleum_ r_ fi
30
29
4,200 16% Jan
30
Invincible 011_ r
50 36
New York "Curb" Market.
-Below we give a record of island Oil & Transco r in 794 35% 37% 14,700 34% June
755 7% 14,000
6+4 Jan
gi July
the transactions in the outside security market from July 5 I.ance Creek Royaltles_r_i
34
% 1% 20,000
Livingston 011 Corp_r___I
444
2% 4% 234,500
114 June
to July 11, both inclusive. It covers the week ending Friday Nfarland Petroleum -r_...1 64 6
8% 8,500
5% June
McCombs Prod & Ref_r- I
1%
1,400
154
154 July
afternoon.
Merritt Oil Corp.r
_10 2734 27
2,900 21
28
Jan
Metropolitan Petroleum 25
3
3
3% 8,500
2
Jan
Friday
Sales
Mexican-Panuco 011_ _10 163%
1554 16% 4,800 10% May
Week ending July 11.
Last Week's Range for
Range since Jan. 1.
Middle States Oil CorpA...1
1% 254 18,000
154 May
Sale.
ofPrices.
Week.
Nildweat Itenning..r .. _50 179
3,200 (24
179 183
Jan
StocksPar. Price. Low. High. Shares.
Low.
High.
Midwest
-Texas 011_,.....1
13%
1%
14 Apr
15 • 6,600
Morton Pet of tie. w I.r 1
334
1
3% 3% 4,600
\iv
Aetna Explosives romper. 113%
113% 1254 33,500
1254 July National 011.r
64 Jan
5
10
5
20(1
4 June
Allied Packers com_r w 1(t) 6354 8354 653%
1,600 60 June 67v, June Northwestern
60c 64c 12,500 46o
Feb
Amer Chem Prod_r
1
I%
300
1
Apr
I% Apr Ohio-Ranger.,Oil.,./ 830
13%
1
1
154
1
15.1 17,000
June
Am Malt & Grain_r_(t) 503% 50
503%
600 34
Apr 51
June Omar Oil & Gas. corn
57c 06c 155,000 22c
i 62c
Jan
Amer Writ Paper com__100 123%
103% 123% 10,500
234 Jan
123% July Orient Oil & Gas r
1
6
655
6% 3,300
Anglo-Am Com•I Corp.r(t)
154 Apr
2,000 18
193% 20
May 20
July Osage Nation 011 Synd_r_ I
I%
1% 1% 13,700
134 Apr
Autosales
50 103%
7
103% 8,000
7
July
103% July Pennok Oil.
14
15% 9,000
Preferred
1 1 51 Feb
50 283% 273% 283% 4,200 273% July 2854 July Pennsylvani r _10 1434
a Gasoline_ _ _1 500
250 50c 54,000
3 16 Apr
Bethlehem Motor r(no par) 263% 26
273% 27,500 25
July 273% July Pittsb-Texas 0 & .1
1354 13% 21,500
.5 1354
-Am Chem com_r_10 10
Brit
8% Feb
931 103%
7,000
854 June 1054 June Producers & Ref
8% 051 12,1300
851 June
Brit
-Am Tob ord bear
£1 20
20
22
5,300 20
July
May Ranger 011.r....
28
*II)
I51
6,300
8
%
Butterw-Judson Corp r (t) 33
%
5 June
4
3031 33
1,500 25
Apr 33
May Red Rock 011 & Gas_r_100 60c
57c 61c
7,200 57c July
Car Ltg & Power_r
25
234 43% 7,500
2
Feb
434 July
Rickard Texas co.,
20% 23% 2,560
0
Chalmers Mot Corp.r..(t) 103%
Mar
10
11
11,400
Mar 153k May
434
Rock
652322CA
48c 53c 28,500
32.. Mar
Charcoal Iron of Am com10
6
250
6
6
July
6
July Ryan Petroleum
5% • 0
17,500
2% Apr
Lities Serv Bankers shit.(t) 42
413% 423% 13,100 35
Feb 423% July Salt Crk Pr.klocers_r
60
65% 27,000 1,
,
Mar
Claiborne & Annan Ferry5
7
634 754 4,600
5 June
16
Apr Sapulpa Refining_
7% 7%
5
40()
7
Jan
Clinton-Wright Wire_ r_(t) 363% 36
37
5,300 36 June 373% June Sequoyah Oil & r
9-16
I
55 9-16 5,200
4 Jan
Colonial Tire &Rub_r__(t) 293% 24
293% 13,000 133% June 293% July Sims Petroleum_ Ref
r _(no par) 3134 31
July
32% 48,500 31
Continental Candy_ r__
8
73% 8
25,300
654 June
854 June Sinclair Cons Oil r w 1._
6334 62% 64 123,500 4454 May
Continental Motors Corp10 11
955 11
1,800
954 July 11
July Sinclair Gulf r Ion) riv 1._
Jan
5834 58
6054 11,500 22
Cramp (Wm) & Sons S &
South Oil& Transp_r_ _10
0
63-4
254 Apr
614 9,400
Engine Bldg r
100
165 182
4,300 82
Jan 182
July Southwest 011 r
7
1
Excelio Tire & Rubber.r..10
851
834 9
2,400
954 June Southw Prod & Ref.- 5 24 % 25o 300 104,000 22 • July
834 June
454 4% 3,100
4
Mar
Farrell(Wm)& Spn.Inc(t) 603% 60
613% 10,500 54 June 62
June Stanton 011.r _
11,650
.._.
134
154
Preferred
100
90
89
700 89
July 90
July Texans Oil & Ref r _ 1 13-16 13-16 14 13,890 IL51 Mar
1
lot
154
Fisk Rubber Co_r
25 543% 44
5534 80,500 29
Apr 5534 July Texas Nat Petrol_ r
500
1
3-4
4
Si July
14
Gen'l Amer Tank Car-r(t)
125 125
50 118 June 125
July Texas Prod & Refg.r _ _5
834
734 854 14,300
7
May
General A sobalt corn r 100 873% 803% 89
14,500 J954 Jan 89
July Texas-Ranger Prod& it r 1
4)4 4+4, 13,500
2
Apr
49-4
Preferred r_____,.....100 ;134
121 134 . 3,900 834, Jiz 134
July Texas Steer 011..e
ti July
600
1
14
54
Gillette Safety Razor r() 155 159
1,800 123... A v159
July Tex•Ken 011 Corp
3% July
5
3% 4,4 3'1,000
5
Goddhaux Sug, Inc, com(t)
32' 35
1,950
54 Ju y .35 • July *Text% 011 & Land_ r -.1 5-16
r
5-16
•, June
54 10,250
1st preferred_r
100
9634 .98
800 96
July *98
July Transcontinental 011 r-(t)
47
48% 38,300 45% July
Grape Ola common
1
54 13-16
600
9-16 Apr 13-18 June Tr! State 011 & Itef_r____1 43
1,800
1%
1%
151 June
Preferred
1
134 15-16 1,300 11-16 Apr 1 5-16 June United Tex Petrol.,
50c 75c 98,800 50e June
(17c4
Havana Tobacco corn r 100
5
5
636 8,900
I% Jan
634 July United West 011 new
1,80)) 13-16 Jan
19.4
1%
Preferred r
100 173%
7,540
3
173% 25
Jan 25
July Vacuum Oil & Gas
3-16
1
51 14,500
Hoyden Chemical r(no par)
4 June
754
734
5,300
0 May
73's
93% May
Ventura Cons 011.r
17
17% 10,900 144 May
17%
Hocking Val Products_r100 123%
500
9
123% 133%
Apr 133% July
Vietoria 011_
2% 254 5,600
254
2 Juno
Hupp Motor car corp_lt
133%
113% 1455 77,000
43% Jar, 143% July Virkytex Oil& Gatt_r._.1
2,700
51
Hydraulic Pressed Brick__ _
1
51 May
15
11
16
2,000 10 June 16
July West States 'al& I. flew r
% 6% 7,500
5
Intercontinental itubb _100 223% 21
June
53-4
25
4,500 1054 Jan 35
May
White Eagle 011 & Ref r(t) 253% 22% 2534 31,000 22% June
Iron Products Corn_r_ ft) 61
55
63
5,960 50 June 63
July "Y" 011 & One_r
8,109 9-16 July
1
34 0-10
2654
103
197
195
404
317
294
781
395
May
June
May
Mar
Apr
May
May
May
Apr
1% Apr
13-4 June
254 Apr
4% July
5-10 Jan
164 May
73e June
2
July
154 May
3% July
7% July
5% June
63 June
•18 14 June
12% May
1% May
11 14 May
9
May
33r May
4
Apr
44 Apt
23
July
4034 May
144% May
54 Apr
3554 Apr
38 June
ti tInt
254 May
4% July
754 Mar
.2% Mar
35
May
4+4 MN,
16% July
2% June
196
May
1% May
64 Apr
7
Apr
Apr
75c
2% May
66c Mar
7
July
254 May
1754 Apr
50c
Apr•
13% June
9% June
21.4 May
61c July
2454 June
2
Apr
75.4 May
6514 July
9% May
+4 May
32% July
64
July
0414 May
7
May
85' June
7
May
154 May
June
1% May
854 June
6
June
14 May
64 June
I
May
48% June
3 June
75e July
254 Jan
% June
17% July
6
Apr
154 May
10% May
24% July
14 May
JULY' 12719194--
Stocks (Concluded)
but.
Friday
Last Week's Range for
Week.
Sale. 1 of Prices.
Price. Low. High. Shares.
165
THE CHRONICLE
Range since Jan. 1.
Low.
,
High.
.11
ganized United Retail Stores Corporation and the Globe Oil Co. also appointed registrar of the first preferred stock of the Congoleum Co.. Inc.
-Columbia Trust Company has been appointed transfer agent of the
capital stock of the Standard Supply & Equipment Co. and the Mill Factors
Corporation and registrar of the preferred stock of the American Whole-
Mining Stocks
340 AM
8o May
8,700
27c I 26c 280
i
Adelphia M & M ..r
June sale Corporation.
2
13% 46,000 31o, May
13%
Alaska-Brit Col Metals 1 1 3-16
it May 15-16 June
-The Mercantile Trust Company, this city, has been appointed transfer
% 18,300
%
X
)
Corp
Alaska Mines
July agent for the capital stock of the Simms Petroleum Co., also for the First
% May
700
1-16 lit
1
1
Allied Gold
13-i June
May
1
Co., Inc., and registrar for the stock
lit 1% 2,960
13%
Amer Hond Min Corp wII
...Feb Preferred stock of the Congoleum
-it- May .
-34-800
- -X
America Mines_ r
% Mar of the Tobacco Products Export Corporation.
% Mar
7-16 7-16 3,000
Amer Tin & Tungsten_r_ _1
Apr 82e May
2,400 360
58c 650
60e
.I
Arizona Butte_ r
94 July
19-4 May
y, 9-16 1,100
1
Arizona Sliver_r
Mar
'lc June
30 314c 4,000
33%c
Atlanta M inee_ _ ____ . 1
1% June
May
I
1,200
13%
1%
••
1%
Ores & Ref _r_--1
Atlantic
bond prices are -and interest- except where starkoa
84e July
650 840 95,950 7-16 June
71c
Belcher-Divide_r
44e July
29c June
34e 44c 38,100
340
Belcher Extension r
I RR. Equipments--PerCi Basic.
3% Ma 16-16 Jan
15,250
Standard Oil Stocks Pair Sharle
%
Big Ledge Copper Co--b 9-16
5.80 5.60
Apr
Ask Baltimore &Ohio 4%5-_
Pan Bid
8c June 36e
9%c 9%c 1,000
1
Booth .r
5.80 5.50•
900 June Angle-American 011 new. £1 2312 24 -Buff Rods dr Pittsburgh 49-4
850 90e 19,000 420 Feb
Boston & Montana Dev--5 880
580 5.50
June Atlantic Refining
Equipment 4s
Jan 43
100 1355 1375
9,400 37c
400 41c
41e
Caledonia Mining_ .. I
5.80 5 50
% Jan Borne-Scrymser Co
3-16 June
100 490 510 , Equipment 68
it 3-16 5-16 10,000
Calumet & Jerome Cop_r_l
690 5.50
244 ret Buckeye Pipe Line Co
50•101 103 'Canadian Pacific 43%s___1% 1% 1 13-16 4,700 1 5-in Jan
Canada Copper Co Lto a
6.25 5.75
Jan 2 3-16 June Chesebrough Mfg new,,
300 320 ,Caro Clinchfield & Ohio 54
7-16 194 27,500 52e
1% 1
Candalaria Silver., _...1
6.25' 5.75
1 1, June
5
8,800
1;590 610 Central of Georgia 4
254 May Continental Oil
1% 2
1%
Cascade Shy M & Mr ..1
Mai Crcent Pipe Line Co
5.95 5.60
15
Feb
5e
5,000
50 .35 38 Chesapeake & Ohio
es
7340 79-4e 90
1
Cash Boy
5.95 5.60
1
Feb 1 9-16 Jan Cumberland Pipe Line_ _1
180 190 I Equipment be
13% 1 5-16 5,200
_b
13%
Congo' Ariz Smelting
7.00. 6.00
9,200
454 Feb
834 June Eureka Pipe Line Co_ __ _100z166 170 Chicago & Alton 434e
7%
734 8
Copper MInes-5
Consol
7.00j 6 00
33% June
bit Jan Galena-Signal 011 own_ ,.100 110 115 I Equipment 5s
11,700
334 4
3%
Cresson Con Gold M & M 1
700 800
1,000 17c July 420 May
170
100 115 130 Chicago & Eastern 111
17e
Preferred old
Crown Croesus L Gold_ _ _1
6.15 575
108 112 Chic Ind & Louisv 43.4s_ _ _
% 6,000 120 June 28c May
3-16
Preferred new
20e
Charter_r
Divide
5.70 5 35
July
100 186 190 Chic St Louis & N 06s
394 July Illinois Pipe Line
234 33% 4,400
1
254
Divide Extension_r
5.55 625
154 Ma
5% May Indiana Pipe Line Co_ _ _
900
100 102 Chicago IteN W 4345
3% 3%
33%
El Salvador Silver M ___ 1
6.30 5.75
12,000
I% 2
13% Felt
234 May International Petroleum. £1 .2934 3014 Chicago R I & Pao 4%e-2
Croesus Min Co rl
Eureka
6301 5 75
1% Feb
200
2
2
2
•21, 2212 I Equipment 5s
294 June National Transit Co._-12.
_5
First National Copper_
6.601 5.75
1
June
13( June New York Transit Co__ _ 10l 185 190 Colorado & Southern 65_
1% 1 7-16 1% 23,400
1
Forty-nine Mining r
6.4 585
3
Feb
1,200
69-4 Feb Northern Pipe Line Co 100 108 112 Erie 58
334 33%
5
Gadsden _r
6.40 585
21s
43% May Ohio Oil Co
2% 33% 3,450
25.376 380
Equipment 434s
2%
Golden Gate Explor-r ....6
5.87 650
Is,
5,550 11c July 24.e
.80 83 Hocking Valley 412s
16c 170
10 16c
Penn-M ex Fuel Co
Goldfield Congo!
5.87 5 50
3,500 tic June 15c June Prairie 011 & Gas
730 740
110 120
1
Equipment 56
Develop't r _ _10c 120
Goldfield
5.50 5.25
Mar Prairie Pipe Line
Mar 75
17,000 35
63
290 295 Illinois Central 5e
57
1
1 63
Goldfield Florence_r
5.50 5.25
Apr Solar Refining
360 380
1
62c 810 32,500 60o June I%
Equipment 43.4s
680
1
Gold Zone Divide_r
6.2 5.75
1,200 110 June 47c
Apr Southern Pipe Line Co_ _100 167 172 Kanawha & Michigan 434s
12c 140
Divider
Hasbrouck
63% June South Penn Oil
494. Jan
330 335 Louisville & Nashville 56-. 5.60 5.30
b.% 3,500
5%
1
250 5 9-16
Heels Mining
5% May Southwest Pa Pipe Linea.1
4% 2,600
6.86 5.60
4
33% Mar
100 105 Michigan Central 58
1
Howe Sound Co
5.85 5.60
Jan Standard Oil (California).1
5-16 May 53c
5-16 5-16 1,000
Equipment as
10c
277 282
Iron Blossom r
4,400 30e
330
Apr 44c
Feb Standard 011 (Indiana) _ _1
31c
785 775 Minn St P&SSM 434s_.. 5.85 5 40
320
1
Jim Butier_r
7.00 600
3,400 10e Apr
160 Mar Standard 011 (Kansas) 1
110 120
685 600 Missouri Kansas & Texas Si
11e
1
Extension.
Jumbo
7.00 6.00
445 455 MissouriPacific 511
38c 39e 12,000 20e July 430 June Standard Oil (Kentucky)1
Kate Hardy Min Co r-1 390
6.20 670
540 550 Mobile & Ohio Si
17e 21e 34,200 lbc June 300 May Standard 011 (Nebraska).1
180
be
Knox Divider
6.20 5.70
6,800 bOo July 400 Apr Standard 011 of New Jer _100 735 740
130 140
Equipment 434s
r _ _ _1
Liberty Bell Divide_
5.80 5.60 •
it Apr Standard Oil of New Y'k.100, 380 385 New York Central Lines be.
1,500 1-16 Apr
5-16
)i
1
Louisiana Consol
5 80 5.60
420 470 7,4100 24e3 June 49c July Standard 011 (Ohio)
100' 500 520
Equipment 434s
1 46c
MacNamara Crese_ r
5.87 5.70
134 may Swan & Finch
840 930 98,000 340 Mar
1001 97 103 N Y Central RR 412s
86c
MacNamara Mining _r_. 1
6.25 676
it May Union Tank Line Co__ _.bO0 136 139 N Y Ontario & West 4its- _
34 29,700 22c Feb
%
1
Magma Chief _r
4,950 25
July Vacuum Oil
52
Feb 52
5.55 625
41
50
1001 435 440 Norfolk et -Western 43.4 a_ _
Magma Copper
5.50'520
700 600 July 76e May Washington Oil
48 Pennsylvania RR 494s....
60e 63e
1 *43
Mammoth Divide_ r_ _.10c
30 Feb
10c May
100 11,000
fle
5.50 520
Equipment 46
1
Marsh Mining r
6.75 6.00
2
Apr
3% July
3% . 3% 3% 1,600
St Louis Iron Mt et Sou 5s.
5
Mason Valley
7.00 6.00
8,600 45e
Jan 65c May
63e 64o
St Louis & San Franc
Ordnance Stocks-Per SIhani
McKinley-Darragh-Sav_ _1 64o
6.40 6-00
4c 434c 5,000 33-4c Mar 43%e Mar
65 67 Seaboard Air Line 6s .....
..
49tc
1
Aetna Explosives pref __I
new_r
Mother Lode
it Mar
4% May
6.40 6.00
5
4% 3,900
4
4
Mfg_100
4%
Equipment 4its
American & British
50e
Nat Tin Corp_ r
565 5.35
8c July
5,000
Apr
25c
80 10e
100 45 50 Southern Pacifies Co 454s 8c
Preferred
10c
Nevada Divide_ r
15
May
5.90 6.60
834 Jan
103% 11% 5,500
5 103%
Atlas Powder common_ 100 143 147 Southern Railway 454s
Niplesing Mines
Jan
Apr 48e
5-90 6.60
9112
210 300 27,300 170
100 00
Equipment 5s
1 280
Preferred
Nixon Nevada
3% May Babcock & Wilcox
3% 1,300
3
Jan
3
bIt 121 123 Toledo & Ohio Central 4.,.. 6.50 5.75
3
Onondago Mines Corrf-r -1
33.4 Jan Bliss (E W)Co common. 5 350 400
19-4 Jan
24 3% 14,450
3%
5
Ray Hercules Min_r
• 60 75
g June
it May
% 4,500
%
%
1
Preferred
Red Warrior
9c June
9,000
190 May Canada Fdys & Forging.
120 130
195 205
..1
Tobacco Stocks-Ps? Rh are.
Rex Consolidated Min_ _ _1 130
•••
% July Carbon Steel common..,ii 110 125
Pa,
it 9-16 11-16 4,250 9-16 June
1
St Croix Con Mines
243% 2,900 1334 Feb
B".
May
26
e
p. fene
III 100
A mlerican Tgar common-1180 135
1st preferred
Seneca Copp Corp-(no par) 243% 223%
1
1% June
1,200
May
1% 1%
95
1%
its 70 "'Yr
1
2d preferred
Dollar M.r
Silver
8 95
100 9
134 May Colt's Patent Fire Arms
13% 11-16 19/s 10,000 13-32 Feb
Amer Machine & Fdry. _100 8
Silver King of Arizona_ 1
Apr %lc Mar
22c 280 53,400 210
230
2 *52
British-Amer Tobac ord._ £1 .20 2112
Mfgsilver King Divide.r___.1
19,600 103% July
23
1434 June duPont(E I) de Nemours
Ordinary. bearer
Gold & Plat_ _10 10% 10% 12
South Am
5
3-{ May
Jan
215
% 1,500
%
lii 315 320 Conley Foil
%
1
& Co common
Standard Silver-Lead
9,300 14o Mar
34e may
41 80
220 23c
0
100 2 1
iil 9212 94 Johnson Tin Foil & Met _10' 100
1 23c
Debenture stock
Stewart
2,000 600 June 67c June Eastern Steel
67e 67c
.100 175 185
86 89 MacAndrews & Forbes.
1
Sunburst Cons Mines r 1
Apr Empire Steel & Iron corn..1l
150 250 15,000 15o June 47c
155 95 100
25 35
17c
Preferred
Sutherland Divide_r
4 May
200 2 9-16 Jan
67 72 Reynolds(R J) Tobacco-100 410' 440
I
Preferred
Tonopah Belinont Dev_r 1 3 11-16 3 11-16 334
•120 Apr Hercules Powder corn__ _1
370 390
7340 93'4c, 13,450 5340 Mar
1
220 225
1 73%c
B common stoek
Tonopah Divider
33.4 May
234 2%1 6,300
13% Jan
110 112
1
lii 107 110
Preferred_....
dividendscrip1
23%
Preferred
Tonopah Extension
4%I 3,100 3 3-16 Jan
98 100
59-4 Mar Nileo-Bement-Pond oorn_l Is 130 133
1
A
49-4 x43%
Eastern
United
3% June
3 June
3%' 25,000
98 100
97 100
3
I
3%
B dividend scrip
Preferred
United Mines of Mexico__
00
190 May Phelps-Dodge Corp
100 120 140
Jan
250 275 Young (J 8)Co
1
Continental Mines_r 1 1534c 1434c 170 13,800
43%,0
4 751
Mar
8 June Scovill Manufacturing_ _ _ 1
10o 107
1
5
400 440
Preferred
Unity Gold Miues
420 48c 44,600 350 June 53e June Thomas Iron
•25 30
1 47e
Victory DIvide_r
500 710 Apr 94c Mar Winchester Co corn
79c 79c
1001 350 450
Washington Gold Quartz _1
I
3
1% 2% 4,600
May
Mar
15-16
Short Term Notes-Pit Cent
1st preferred
1001 93 95
West End Consolidated-5 1
5
8
30
7c May
2c May
2,000
30
3e
I 65 75 Amer Cot Oil 8. 1919_ _M&S 99 997
2nd preferred
West End Extension
3,000 18c June
% June Woodward Iron
180 25c
46 65
1
7% notes Sept 1919
Mines r
West Tree
Apr
40 43-4c 2,000
7c
2c
Jan
40
86 Amer Tel & Tel 6e 1924 _ F&A 100 10014
100
White Caps Exten
Preferred .
Apr
140 17c
35e
8,500 be
Jan
Canadian Pee 65 1924.M&S 2 10034 101
White Caps Mining-A0° 150
1% 1% 8,800 1 1-16 May
1%
134 June
88
Del es Hudson 5s 1020...F&A P % 9912
Public Utilities
Wilson Silver Mines-r--1
Bonds
Amer Gael & Eiec corn__ 50.131 135 Fed Sugar Rfg be 1920...J&J 99 9934
8
•4134 43 General Elm tis 1920..._J&J 100 s 1005
3
Preferred _
Am T & T 6%notes r-1924 1003% 100 100% 157,000 98% Jan 100% May
99% 99% 2,000 97% Feb 100
May Amer It & Trao
265 68
a
6% notes (2-yr) 1919.J&D 100Is 1003
tnaconda Cop Min 6s r'29
101% 102
Jan 102% May
9,000 101
97 99 Great North 5s 1920_ _ _M&S 99Is 99s
1
l'referred
Beth Steel serial 7s_r_1922
101% 102
10,000 100% Jan 102% May Amer Power & Lt com
1923
100 68 71 K C Term Ry 4 its 1921.J&J 97 99
78..r
Serial
Jan
95% 95% 4,000 92% Mar 96
s
81007
100 -73 77
5a Nov 15 1923_ _M&N 15 1003
Preferred
Braden Cop Mines 68 r '31
99% 100
July Amer Public Utilities coml
10 Liggett&M yersTobea'21J&D 10014 10038
46,000 98% June 100
Canada (Dom of) 5s__1919
4
40 N Y Cent 55 1919. _M&S lb 993 100
1929 973% 97% 97% 215,000 97% July 97% July
100
Preferred
53%s_r
102 102
Feb 102% May Carolina Pow&Light corn 100 40 42 Penn Co 434s 1921_ _J&D 15 9712 gm
5,000 102
Cudahy Pack 7% notes r'23
July Cities Service Co corn__ _100 407 410 Pub Ser Corp NJ 7s '22.M&8 9612' 97
100 100
20,000 100
July 100
Duquesne Light 6s_ _ _1949 100
102% 102% 45,000 102% June 104% Mar
8'
100 79 80 Southern Ry fis 1922 w I M&S 987 991s
Preferred
Federal Farm Loan 58_
90 200,000 83% May 9234 Feb Colorado Power com___ _100i 24 27 Swift&Co 6e 1921... F&A 15 10018'1003
s
1921 883% 88
luterboro R T 7s
Mar
93% 100% 17,000 99% Apr 101
.M&S 15 92 93
75_1929
Preferred
Laclede Gas L coil
1001 98 102 .Utah See Corp 68'22
100% 100% 5,000 99% Jan 100% May Com'w'th Pow Ry & Lt_ _100 28 30
Liggett dr Myers Tob 6s'21
Feb
Jan 72
56% 59
92,000 48
62 64
1
Preferred
ituesian Govt 6ite-r-1919 69
53
51
Feb Elsa isund & Share pref
June 72
74,000 47
d92 95
1921
Industrial
6its r
97
May 993,4 Jan Federal Light & Traction.'
11
14
and Miscellaneous
St Paul Un Depot 5%51923 999-4 99% 99% 7,000 99
99% 179,000
June 99% Mar
100 220 225
50 63 American [brass
1
Preferred
Southern Ry 6% notes 1922 993-4 99
99q 99% 242,000 99% June 100% June Great West Pow be 1946..J&J 8pr 90,2 American Chide corn _
17
100 100 105
13
PreferredAmeri
Swedish Govt es J'ne 15'39 99%
100 80 85
m11181804)0 Riv Pow com_l
4512
150 155
•Odd lots. 1 No par value. I Listed as a prospect. I Listed on the Stoop
1
American Hardware_ ._
Preferred
2.
/2
Exchange this week, where additional transactions will be found. o New stock
47
Ty pd
•
First Mtge Ss 1951_ _J&J 79 - 74 Amer ferreefounders corn. 100. 4
y Ex-rights s Ex-stock diviftenn
d
1001 88 92
• Unlisted. to When issued z Ex-dividen
\nruhern Ohio Flee Corp_(t)•d20
72
100 66 69 Bordefe .ed
vv etl'A Cond Milk corn 100, 109 110
t Dollars per 1.000 lire. flat
Preferred
100 97 99
Nor t h'n States Pow com.100 70
100 90 92 Carib Syndicate Ltd____ 25•1775 1875
Preferred
CURRENT NOTICES
100 135 140
North Texas Else Co corn 100 57 60 Celluloid Coral/an)
. (.) 9512495
.
100 7712 80 Columnist Graphoph Mfg 100 405 16
Preferred
contained in a Pacific Oats & Else corn_ 100 6512 6612
-A discussion of the present status of the oil industry is ,
Preferred
43
4 512
88 90 Havana Tobacco Co_ _ _ _100
.1
pamphlet on "How World Demands Make Iligh Oil Prices,' by Laurence
1st preferred
written extensively on the oil industry and Puget Bei Tr L & P corn_ _ 100 14 16
19
100 17
Preferred
Beech. Mr. Beech who has
J-D 150 CO
1st g,5s June 1
100 64 66
oil securities for financial publications, seeks, In the booklet to answer the
Preferred_
being advanced to the effect that the oil "boom" is Republic Ry & Light
17
19 Interoontinen Ruhb'com_100 22 23
arguments which are
1
100 160 __ _
57 59 Internal Banking Co_
being overdone. It is pointed out that he does not take the stand that this
1
Preferred
100 4934 5112
87 -90 International Salt
is not true 8o far as the promoting of fake companies is concerned, but en- South Calif Edlson corn_ A
100 .102 • 1st glad 5s 1951_. 71
7212
1
deavors to show that sound, well managed companies are in an advanPreferred..,,
•37 39 Intetnational S1114* pref-100 93 96
(
,
tageous position to benefit from the very large demands, present and pro- Standard Gas & El (Del).46 48 Lehigh Valley Coal Sales_ 50 .89 91
spective, for oil.
Preferred
6
7 Otis Elevator common__ _100 100 __ --Djorup & McArdle announce that Arthur B. McArdle, former Bank Tennessee Ry L & P coin 100
100 88 ' 81)
. 100 22 24
Preferred
Preferred
Examiner, Banking Department of the State of New York, has become a
3
6 Royal Baking Pow corn.
.100 140 1160
member of the firm, and that it will conduct its accounting practice in the United Gas & Else Corp 100
100 24 25
Preferred
let preferred
future, under the name of McArdle, Djorup & McArdle, accountants and
01 00 04
97
__ 110 0 10014
.100
6
8 Singer Manufacturing.. _ 100 2 42 5
2d preferred
auditors, at 42 Broadway, New York.
50 singer Mfg Ltd
_100
-Thayer, Drew & Co.111 Broadway, tills city, are offering to investors United Lt & Rye oom
100 74 76 ,Tezeue Pac Coal & 011_ _ 1001775 11825
1st preferred
a price to yield 4.30%.
$150,000 Ilerkimer Coun'ty, N. Y. 5% bonds at
22 24 !vrholiseChurchKeer&Co 100 57 64
These bonds are tax-exempt in New York State and free from Federal in- Western Power eommon_100 72 74 I Preferred..
_100 80 86
100
Preferred
come tax. They are legal investments for savings banks and trust funds
In New York and eligible to secure United States Postal Savings Deposits.
b Basis. d Purchaser also pays accrued dividend.e New stock
•Per share.
-The Guaranty Trust Company of Now York has been appointed transfer
Without par value.
Flat price. n Nominal. z Ex-dividend. y Ex-rights.
agent for the stock of the Bethlehem Motors Corporation, the newly or-
r,6 Au
Quotations tor Sundry Securities
.11
so
tools lows
(n
166
TilE CHRONICLE
[VoL. 109.
Inuestuxent anti Aitiltaati Intelligente.
RAILROAD GROSS EARNINGS
_
The following table shows the gross earnings of various STEAM roads from which regular
weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest
week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week
or month. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or !Current
Month.
Year.
IJan 1 to Latest Date.
Previous I Current
Year.
Year.
Previous
Year.
Latest Gross Earn'ngs.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan 1 to Latest Date.
Current
Year.
Previous
Year.
$
I $
Alabama & Vicksb_ May
$
16
S
212,349 193,962 1,104,581
925,178 Missouri Pacific....__ May
7.194,940 6.741,459 34,666,488 33,782,780
Ann Arbor
4th wkJune 104,275 105,369, 1,916,186 1,512,521 Monongahela
May
276,451 283,787 1,299,848 1,062.482
Atch Topeka & S Fe May
13827409 12888506 64,737,465 59,495,780 Monongahela Conn_ May
73,051 205 729
• Gulf Colo & S Fe_ May
734 183
850 730
1,548,262 1,298,9261 7,326.798 7,455,144 Montour
May
123,947 102,309
Panhandle & S Fe May
445,599
408,159
438,965 486,9651 1,994,600 2,402,573 Nashv Chatt & St L May
Atlanta Birm & Atl_ May
443,054 315,308 2,002,199 1,697,144 Nevada-Cal-Oregon 4th wkJune 1,584,851 1,587,616 7,601,028 7,410,296
15,562
17,804
Atlanta & West Pt_ May
132,426
119,512
233,703 196,004 1,135,117
901,565 Nevada Northern.... May
139,561 201,529
Atlantic City
674,797 1,011,486
May
458,519 295,493 1,530,937 1,105,863 Newburgh & Sou Sh May
151,348 124,756
Atlantic Coast Line_ May
704,796
416,929
4,994,377 4,202,787 27,955,311 21,862,461 New On Great Nor.. May
164,011 177,073
Baltimore & Ohio May
881.777
829,386
14327443 12924479 64,526,635 54.138,764 New Orb & Nor East May
545,554 473,659 2,541,087 2,395,844
B & 0 Ch Term May
149,065 167,619
621,190
648,095 N 0 Texas & Mex May
185,420 143,476
Bangor & Aroostook May
744,173
897.736
427,962 373,8781 2,238,328 1,871,607
Beaum S L & W.... May
87,398 101,476
Bellefonte Central May
523,469
638,184
7,149
7,320,
36,985
32,960
St L Browns & M May
451,038 285,21t 2,034,215 1,527,142
Belt Ry of Chicago- May
307,712 349,0921 1,268,807 1,471,392 New York Central May
24005603 22464874 115472782 99,540,550
Bessemer & L Erie May
1,452,739 1,140,182. 4,319,664 3,664,148
Ind Harbor Belt.. May
496,169 455,301 2,469,285 1,947,014
Bingham & Garfield May
66,423 300,7401 508,499 1,298,081
Lake Erie & West May
742,297 716,699 3,682,051 3,355.813
Birmingham South.. May
38,771 424,5811 266,090
584,976
Michigan Central May
6,166,489 5,250,690 28,687,754 24,017,781
Boston & Maine !May
5,605,074 5,687,341 25,925,472 24.401,426
Cloy C C & St L.. May
5,539,159 5,221,634 26,264,269 23,456,541
Buff Roch & Pittsb_ 1st wk July 241,553 426,059, 6,682,121 9,081,210
Cincinnati North.. May
244,464 187,815 1,163,730
Buffalo & Susq
941,607
May
161,443 157,899
828,251
Pitts & Lake Erie May
1,936,664 2,624,129 11,480.253 11,300,622
Canadian Nat Rys_ 4thwkJune 1,731,043 2,294,271 40,000,585 35,444,
230
Tol & Ohio Cent.. May
817,142 800,251 3,123.757 3,196,522
Can Pac Lines in Me May
124,379 151,853 1,435.195 1,188,071
Kanawha & Mich May
449,835 511,424 1,546,549 1,817,896
Canadian Pacific_ _ _ 4th wk June 3,977,000 3,419,000 74,847,000 70,213,000 NY
Chic & St Louis May
1,962,284 1,681,159 10,037,944 7,231,050
Caro Clinch & Ohio_ May
481,039 356,117, 2,277,126 1,716,170 N Y N H & Hard May
8,507.620 8,119,895 38,570,274 35,348,487
Central of Georgia May
1,656,785 1.412,662 8,374,458 8.029,466 N Y Ont & Western May
950,005 767,287 3,662,272 3,745,490
Central RR of N J_ May
3,467,310 3,728.628 16.641,812 15.339.403 N Y Susq & West.... May
335,663 391,224 1,525,284 1,551,323
Cent New England_ May
694,716 489,327 2,574,376 2,203,575 Norfolk & Western.. May
5,925,050 6,572,181 29,891,394 28.242,900
Central Vermont.. May
476,832 445,740 2,122,136 1,869,516 Norfolk Southern.._ May
501,723 411,073 2,519,960 2,140,401
Charleston & W Car May
255,394 211,215 1,298,390 1,108,337 Northern Alabama.. May
73.565 110,838
Ches & Ohio Lines May
479,445
479,226
6,528,053 5,753,129 28,066,217 24,048,063 Northern Pacific...._ May
7,574,797 7.260,522 37,524,437 34.480,446
Chicago & Alton.. May
2,156,632 1,825,175 9,892,886 8,189,904
Minn & Internat. May
95,099
88,283
Chic Burl & Quincy May
456,274
443,162
11698694 10409901 56,209,942 45,140,248 Northwest'n Pacific May
545,246 442,053 2,128,596 1,861,639
Chicago & East Ill May
2,051,638 2,070,185 9,507,013 9,047.246 Oahu Ry & Land Co May
124,651 115,550
Chicago Great West May
578,208
563,028
1,596.772 1.390.703 8,026,632 6,981.470 Pacific Coast
May
372,896 436,694 2,081,058 2,474,473
Chic Ind & Louisv May
993,641 816,901 4,522,881 3,605,642 Pennsylvania RR May
31043388 30095206 143497157 121561 092
Chicago Junction.._ May
314,915 289,772 1,378,650 1,251,309
Bait Ches & AU May
117,714 115,540
Chic Milw & St Paul May
516,784
366,721
12060417 9,827,597 56,209,942 45,140,248
Cumberland Vail.. May
474.746 438,998 2.182,353 1.815 969
Chic & North West_ May
11335680 9,202,791 50.069,946 41,660,711
Long Island
May
2,328,055 1,882,399 8,888,688 7.089,667
Chic Peoria & St L.. May
140,569 210,354
636,851
874,073
Mary Del & Va.. May
102.870
Chicli I & Pacific... May.
86,124
451,204
278,542
8,413,300 6,473,838 40,295,542 36,539,941
N Y Phila & Nor.. May
607,544 644,906 3,061,404 2,435,617
Chic R I & Gulf May
365,883 357,225 1,829,342 1,775,731
Tol Peor & West.. May
114,829 118,507
Chic St P M & Om_ May
640,701
581,794
2,058.907 1,692,665 10,354,732 8,780,382
W Jersey & Seash May
870,299 799,970 3,890,657 3,056.134
Chic Terre H & S E May
298,005 363,252 1,555,467 1,572,954 Pennsylvania Co
May
8,887,423 7.525.501 38,384,844 29,704.480
Cinc Ind & Western May
246,894 237,569 1,132,958 1,225,123
Grand Rap & Ind May
638,727 543,642 2,878,092 2,504,987
Cin N 0& Tex Pac_ May
1,350,291 1.312.508 6,922,737 5,375,373
Pitts
7,135,402 6,854.761 35,889,446 29,828,442
Colo & Southern...... 4thwkJune 562,284 520,818 11,572,250 9,710,219 Peoria 0 C & St L._ May
& Pekin Un_ May
105,701 103,473
Ft W & Den City May
492,891
518,168
883,751 548,203 4,146,492 2,991,113 Pere Marquette..
May
2,811,977 2,432,395 12,794,694 10,201,503
Trin & Brazos Val May
96,245
95,294
501,353
474,792 Perkiomen
May
91,391
67.916
Colo & Wyoming_ _ _ May
418,161
315,405
94,011 103,003
473,522
448,150 Phila Beth & NE.... May
57.114 118,527
Cuba Railroad
357,045
588,125
April
1.274,864 1,214.240 4,889.697 4.844.142 Phila & Reading
6,003,318 6.862,054 26.659,742 28,503,907
Delaware & Hudson May
2,870,722 2,967,649 13,063,947 12,204,052 Pittsb & Shawmut May
May
103,703 108,865 446,794
Del Lack & West_ _ _ May
493,244
6,121,590 5,498,355 27,931,940 24,161,885 Pitts Shaw & North May
76,469 101,876
406,109
Deny & Rio Grande May
552,963
2,388,883 2,201,806 11,529,155 11,256,398 Pittsb & West Va.... May
107,986 154,465
Denver & Salt Lake May
529,159
694.586
236,025 215,338
898,579
635,612 Port Reading
May
232,284 175.740 1,055,598
Detroit & Mackinac May
801,850
130,480 140,680
583,127
707,578 Quincy Om & NC.... May
81,912
73,963
418,770
Detroit Tol & Iront_ May
404,296
247,653 258,378 1,446,986
941,056 Rich Fred & Potom_ May
676,804 571,074 3,293,058 2,202,795
Det & Tol Shore L.... May
175,542 186,589
910,835
801,331
Wash Southern.... May
396,570 307,136 1,867,146 1,245.219
Dul & Iron Range May
1,159,270 1,181,254 2,052,670 1,706,085 Rutland
May
406,066 371,317 1,793,499 1,727,418
Dul Missabe & Nor_ May
3,361,898 2,319,559 5,090,222 3,078,664 St
200,955 207,250 1,062,245 1,092,792
Dui Sou Shore & Atl 4th wkJune 138.779 110,343 2,097,007 1,968,988 St Jos & Grand Isi'd May
Louis-San Fran
May
5,850,155 5,372,437 29,220,477 24,688,060
Duluth Winn & Pac May
143,861 145,832
835,127
707,578
Ft W & Rio Gran_ May
117,529
71,272
East St Louis Conn.. May
541,182
438,121
101,266
91,572
462,505
403,831
St L-S F of Texas May
100,933
92,175
Elgin Joliet & East_ May
513,622
630,329
1,522,132 1,612,205 8,791,618 6,499,996 St Louis Southwest.. May
1.074,573 971,371 5,073,426 5,351,263
El Pun & So West May
1,053,023 1,146,641 5,233,845 6,117.205
St L SW of Texas May
504,227 460,196 2,361,123 2,698,476
Erie Railroad
May
7,769,062 6,771,212 34,300,424 28,864,104 St Louis Transfer... May
77,553
89,384
397,946
Chicago & Erie May
408.779
902,257 800,091 4,144,042 3,696,103 San Ant & AranPass May
335,135 233,654 1,615,810 1,647,421
Florida East Coast_ May
856,479 840,940 4,656,586 4,431,652 Seaborad Air Line_ May
3,326,503 3,006,768 17,093,274 14.381,919
Fonds Johns & Glov May
107,797
90,812
471,488
425,381 South Buffalo
May
52,399 170,717
Ft Smith & Western May
496,532
641,470
125,945
95,374
594,449
511,287 Southern Pacific_ _ _ May
13114866 11421667 62,046,809 54,835,141
Galveston Wharf_
May
62,184 104,406
326,383
445,418
Arizona Eastern.. May
313,148 352,375 1.561,281 1,824,470
Georgia Railroad.... May
463.403 439,151 2,557,017 2,237,848
Galv Harris & S A May
1,724,307 1,615,444 8,291,690 8,429,514
Georgia & Florida.... May
67,033
61,003
401,312
399,915
Hous & Tex Cent_ May
750,930 667,668 3,617,885 3,490,676
Gr Trk L in New E.. May
236.617 164.555 1,767,588
861,684
Hous E & W Tex_ May
191,841 170,484
Grand Trunk Syst 1st wk July 1,048,962 1,093,462 30,630,204 25,065,616
919,944
836,684
Louisiana West'n. May
381,793 350,805 1,611,024 1,694,655
Grd Trunk West_ May
1,884,692 1,458,334 8,277.348 6,063,980
Morg La & Texas May
654,506 621,770 2,983,410 3,202,671
Great North System May
8,474,019 7.150,592 38,340,910 31,319,528
Texas & New Orb_ May
661,364 591,166 3,072,707 2,945,139
Gulf Mobile & Nor.. May
251.791 207,079 1,020,223
938,577 Southern Railway_ May
9,968,538 9,854,637 49,182,856 44,461,218
Gulf & Ship Island.. May
204,974 221,867
926,658 1,005.965
Ala Great South.. May
887,247 682,903 4,076,879 3,180,626
Hocking Valley
May
1,122,764 1,067,946 3,339,333 4,071,619
Mobile & Ohio
May
1,241,280 1,239,624 5,976,954 5,527,058
Illinois Central _ _ _ _ May
9,001,860 7,981,741 41,774,666 38,892,812
Georgia Sou & Fla May
325,234 287,807 1,821,662 1.402,311
Internat & Grt Nor.. May
1,245,946 1,014,376 5,506,510 5,266,927
South By in Miss.. May
140,485
92,891
691,949
Kan City Max & Or May
534,366
115,634
97.798
465,685
493,726 Spokane Internat'l_ May
89,540
92,160
370,305
K C Mex &0 of Tex May
393,161
84,709
92,227
404,419
498,892 Spok Portl & Seattle May
541,022 665,185 2,768,369 3,091,226
Kansas City South.. May
1,238,016 1,200,898 5,896,427 6,038,642 Staten Island R T.... May
202,500 177,723
863,035
Texark & Ft Sm.... May
571,832
103,680
93,978
540,567
490.571 Tenn Ala & Georgia 4thwkJune
2,120
2,913
57,870
Kansas City Term.._ May
54,399
106,677 109.440
517,334
468,289 Tennessee Central.._ May
178,737 262,299 1,052,795
Lehigh & Mid River May
981,792
212,545 178,525
971,862
828,943 Term RRAssnotStL May
305,888 306,318 1,477,411 1,432,251
Lehigh & New Eng May
345,415 322,711 1,283,848 1,291,449
St L Men Bridge T May
225,920 297,024
Lehigh Valley
May
5.291.552 5,449,545 23,840,381 21,343,916 Texas & Pacific.... 4thwkJune 859,847 533,567 1,087.712 1,308,689
16,249,433 11,649,270
Los Ang & Salt Lake May
1,395,316 1,112,817 6,939,405 5,376,794 Toledo St L & West., May
596,805 709.074 2,853,519 2,925.129
Louisiana & Arkan_ May
181,364 132,337
869.448
722.947 Ulster & Delaware.... May
89,645
83,985
378,472
Louisiana Ry & Nay May
325,570
267,456 218,561 1,403,372 1,183,911 Union Pacific
May
8,422,271 7,259,594 41,205,957 32,409,881
Louisville & Nashv_ May
8,411,506 7,300,442 42,018,008 35,384,757
Oregon Short Line May
2,926,556 2.727,803 14,003,774 12,372,791
Louisv Hand & St L May
279,688 206,349 1,194,085 1,021,828
Ore-Wash RR & N May
2,172,878 2,156,407 10,480,044 9,296.011
Maine Central
May
1.304,351 1,209,719 6,716.996 7.707.238 Union RR (Penn).- May
706.105 607,121 3,088,564 2,191,714
Midland Terminal.... May
71,706
319,086
Utah
May
73,728 104,235
428,978
Midland Valley._
497,210
May
314,634 274,293 1,550,246 1.341,420 Vicks Shreve & Pac_ May
235,369 202,101 1,263,640 1,016,345
Mineral Range
wkJune
4th
8,965
25,166
421,918
527,524 Virginian RR
May
1,051,219 1,013,549 3,973,434 4,164.245
Minneap & St Louis May
1,050,360 821,524 4,861,099 4,452,571 Wabash RR
May
4,272,003 3,733,047 18.721,068 15,940,394
Minn St P & S S M_ May
3.313,120 1,988,341 15,444,450 11,068,315 Western Maryland_ May
1,259,341 1,273,107 5,637,361 5.422.619
Mississippi Central.. May
88,553
82,392
398,227
465,112 Western Pacific.... May
1,030,598 832,085 4,222,540 4,056,244
Missouri Kan & Tex May
2,702.458 2,514,007 12,805,946 11,939,878 Western By of Aid May
237,804 187,685 1,123,133
929,312
Mo K& T Ry of Tex May
2,018.970 1,428.196 9,339,395 7,333,431 Wheel & Lake Erie_ May
1,270,653 1,137,154 4.317,290 4,342.442
Mo & North Arkan_ May
109,489 106,500
590,676
570,848
.... May
163,653
70,556
738,317
Mo Okla & Gulf__ _ May
407,117
104,063 130,552
503,113
732,940 Yazoo & Miss Vallev1MaY
1.916.896 1.582.333 9,297,937 8.151.696
AGGREGATE OF GROSS EARNINGS
-Weekly and Monthly.
*Weekly Summaries.
Cut rent
Year.
$
1
2d week Apr 114 roads)._ 6,950,2281
3d week April 14 roadl____ 7,045.346
4th week April 14 roads ---- 9.503,940
1st week May 12 roads ---- 6,839.092
2d week May (13 roads)____
6,719,582
3d week May (12 roads)......_ 7,361,232
4th week May (12 roads).- 10,811,279
1st week June (14 roads)____ 6,850,498
2d seek June (14 roads)...._ _
7,354.587
3d week June (14 roads)____
7,051,650
4th week Jane (14 roads_ 9.255.4071
• We no longer Include Mexican roads In
Previous
Year.
Increase or
Decrease.
%
$
$
6,819,385
+130,843 1.89
6,872.689
+172.657 2.51
9,472,758
+31,182 0.33
6,671.104
+167,988 2.52
6,571.295
+148.287 2.25
6.811,778
+549,454 8.06
9,505,652 +1,305,6271374
6,635,242
+215,256 3.24
6,983,931
+370.656 5.31
7.007,844
+43,806 0.62
9.310.234
-54.827 0.59
any of our totals
*Monthly Summaries.
Mileage. Curr.Yr.
July
231.700
August
230,743
September-232,186
October
230,184
November -232,274
December -232.774
January
232,655
February _ _ _232,957
March
226,086
April
232.708
May
233.931
Current
Year.
Previous
Year.
Decrease or
Decrease.
%
Prev.Yr.
S
$
$
230,570 463,684,172 346,022.857 +117661315 34.00
230.015 498,269.356 362.509,561 +135759.798 37.45
232.378 487.140,781 357,772,850 +129367,931 36.16
230,576 484.824,750 377,867.933 +106956,817 28.30
232,259 438,602,283 356,438,875 +82,163,408 23.06
232,399 438,365,327 335,607,571 +102757756 30.62
233,199395,552.020 284,131,201 +111420,81939.22
233,266 351,048.747 289,392,150 +61,656.597 21.31
225,631.
„ +10,676,415 2.90
233.251 388,697,894 370,710,999 +17,986,895 4.85
234.339 413.190.468 378.058.163 +35.132.305 9.29
167
THE CHRONICLE
JULY 12 1919.1
eeeks.-In the table which
Latest Gross Earnings by W
follows we sum up separately ittrtarningsfor the fourth week
of June. The table covers 14 roads and shows 0.59% decrease in the aggregate over the same week last year.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Jan. 1 to Latest Date.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
$
21.151
24.110
11.375 10.401
Manhat Bdge 3c Line February
1180.477 938.826 5.950,359 4.691.112
a Milw El Ry & Lt Co May
910,405
919,704
198,593 195,080
Mis.sLssippi Riv P Co_ May
Increase.!Decrease.
1918.
1919.
wl Veek of June,FoWY840.895
264.051 218,862 1.066.645
Nashville Ry & Light April
0.110fEt
293,157 262,323 1.519,172 1.275,767
New England Power_ May
S
$
$
•A • 104,275 105,369 $
748,368
241.736 183.197 1,062,393
Newp N&Il Hy,G&E May
1,094
' •'
Ann Arbor
447.810 442,818 2.104.638 2.101.316
142,290 New York Dock Co__ May
509,141
366,851
Buffalo Rochester & Pittsburgh
53,415
75.080
34.795 26,887
563,228 N Y & Long Island__ February
2,294,271
Canadian National Railways...... 1,731,043
17.264
21,441
8.269
10.659
N Y & North Shore__ February
3,977,000 3,419,000 558,000
Canadian Pacific
124.563
150.641
71.953 60.783
N Y & Queens Co___ February
41,466
520,818
562,284
Colorado & Southern
917.583 830.359 1.879.847 1,695.736
New York Railways_ February
28,436
110,343
138,779
Duluth South Shore & Atlantic_
70.688
83.732
20.120 17.678
Northampton Trac__ April
Grand Trunk of Canada
761,606 609,395 3,566,715 2.874,796
283.161 Northern Ohio Elec_ May
1,488,681 1,771,842
Grand Trunk Western
264,547 247,017 1,276,154 1,301.768
North Texas Electric. May
Detroit Grd Haven & Milw_
11,032
13.853
5.762
6.577
Ocean Electric(L I).. February
Canada Atlantic
726,087
816,604
166.572 148,417
16,201 Pacific Power & Light May
25,166
8,965
Mineral Range
183,021
234,476
45,155 38,606
Pensacola Electric Co May
2,242
17,804
15,562
Nevada-California-Oregon
2909.271 21688.15 1 1.126.38 19.814,092
793 Phila Rapid Transit.. April
2,913
2,120
Tennessee Alabama & Georgia
229.204
278.422
May
65.053 52.110
Phila & Western
533,567 326.280
859,847
Texas & Pacific
674,614
871,285
165,495 141,631
& Coke_ May
Portland Gas
706.244 616,280 2.932,869 2,404.793
9,310,234 954,182 1,009,009 Port(Ore)Ry,L&PCo. April
9,255,407
Total (14 roads)
165.307
182.600
92.562 83.186
KA 007
Porto Rico Railways_ February
IA milni,
•
AT,.. A
0
•
493,364 463.194 2.046.132 1,889.226
Republic Ry & Lt Co.. April
58.986
73,608
36.236 29.655
Richmond Lt & RR_ February
-The table St L Rocky Mt & Pac March
968.467 1.264.463
282.074 414.118
Net Earnings Monthly to Latest Dates.
215.085
242.326
62.292 53.219
April
the gross and net earnings with charges and Santiago El Lt& Tr May
following shows
458,551
551,561
120,916 93,022
Savannah Electric Co
105.267
115.057
55.262 50.872
surplus of STEAM railroad and industrial companies re- Second Avenue (Roe) February
29.506
34.321
16.382 14.212
Southern Boulevard_ February
this week:
ported
882,562 772,951 3.919,520 3,320.673
Southern Cal Edison_ May
- Staten Isld Midland_ February
36,217
-Gross Earnings--Net Earnings
41,879
20.634 17,895
434,145
Previous
Current
Previous
515.887
Current
103,018 82,799
Tampa Electric Co May
Year.
Year.
653.192
Year.
Year.
818.993
179.066 163,142
April
Tennessee Power
Roads.
$
3
$
524.295 470.931 2.166,705 1.832.408
k Tenn Ry, Lt & P Co April
249,788 221.583 1,381,040 1.247,185
151,853 def54,412
2,368 Texas Power & Lt Co May
124,379
Can Pac Linesin Me_b_May
1000,692 886.302 4,339,559 3,974,036
1,188,071 def89,734 def116,339 Third Avenue System.. May
1,435,195
Jan 1 to May 31
68,050
90.125
February
48.079 32.843
DDEB&B RR
567,315
438,264
Lake E..b_May 1,452,739 1,140,182
Bessemer &
232.532
259,815
129.320 111.590
42dStM&StNA Ry February
628,501
441,032
4,319,663 3,664,148
Jan 1 to May 31
378.958
407.500
195.718 182.099
YO) February
UnionRyCo(N
90,314
186,589
175,542
97,013
118.660
132.884
Dot & Tol Sh Line_b__May
64.197 57,301
Yonkers Railroad_ February
801,331
494,956
388,851
910,835
105,988
107.446
Jan 1 to May 31
51.625 50.755
N Y City Inter Ry February
89.978
140,680 def13,231
28,085
88,516
130,480
43.176 43,979
February
Belt Line Ry
Detroit & Mackinac_bMay
576,431 def125,350
618.734
59,567
622,949
583,463
300.833 295.230
Third Avenue__ .._ February
Jan 1 to May 31
917,102 804,784 4.417.826 4,039.142
1,994
145,832
27,647 Twin City Rap Tran May
143,861
Duluth Winn & Pac_bMay
743.505 668,163 3.636.731 3.182.820
105,037
707,578
82,107 Virginia Ry & Power_ May
835,127
Jan 1 to May 31
956,713
971,897
188,320 212,639
218,561
48,843 Wash Bait & Annan May
def3,651
267,456
Louis Ry & Nay Co_b_May
79,445
87.239
42.300 38.285
February
1,403,372 1,183.911 def68,609
330,230 Westchester Electric_ February
Jan 1 to May 31
189.070
227.451
109,479 91.542
York Railways
128.397
146.275
36,051 32.405
New Orl Tex & Mex Sys
Youngstown & Ohio April
101,476 def12,833
87,398
32,691
Beau Sour L & W_bMay
638,184
31,384
523,469
279,622
Jan 1 to May 31
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
115,550
41,583
56,660 f Earnings given in milreis. g Includes constituent or subsidiary companies.
124.651
Co_ bMay
Oahu Ry & Land
563,028
192,244
267,702 Pi Subsidiary companies only. j Lewiston Augusta & Waterville Street Ry.
. 578,208
Jan 1 to May 31
50.473
436,694
372.896
40,696 earnings, expenses, &c.. not included in 1919. k Includes Tennessee Fly.,
May
Pacific Coast_a
671.798
4,987,918 5,576,134
904,998 Light & Power Co., the Nashville Ry. & Light Co.. the Tennessee Power
July 1 to May 31
104,235
30,503
73,728
50,755 Co. and the Chattanooga Ry. & Light Co. I Includes both elevated and
May
Utah_b
497,210
174,314
428,978
263,298 subway lines.
Jan 1 to May 31
a Net earnings hero given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Net after
Fixed
Gross
Taxes.
Charges.
Earnings.
3
$
def100
94
7,149
Bellefonte Central May '19
695
210
7,320
'18
RR
1,733
672
36,985
5 mos '19
1,970
32,960
1,050
'18
Gross
Other
Fixed
Net after
Gross
Income.
Income.
Taxes.
Charges.
Earnings.
$
New York Chicago & St Louis RR
22,102
382,386
360,284
56,745
May '19 1,962,284
13,011
433,249
420,238
217,268
'18 1,681,159
88,307 2,263,059
241,842
5 mos '19 10,037,944 2,174,752
86,491
997,888 1,111,396
911,397
'18 7,231,050
Balance,
Surglus.
def194
485
1,061
920
Balance,
Surplus.
$
325,641
215,981
2,021,217
det113,508
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack El Pow Co May
Alabama l'ower Co_ May
hAmer Pow & Lt Co. March
Atlantic Shore ity__ May
Aurora Elgin & Chic_ April
Bangor Hy & Electric April
Baton Rouge Elec Co May
Blackstone 'V G & EL May
bBrazilian Trae, L&P April
Brock & Plym St Ry- May
gBklyn Rap Tran Sys February
Cape Breton Elec Co May
Cent Miss V El Prop April
Chattanooga Ry & Lt April
Cities Service Co..-- May
Cleve Painesv & East April
°Columbia Gas & Elec May
Columbus (Oa) El Co May
,
Com'w'th 1 , Ry & Lt May
Connecticut Pow Co_ May
Consum Pow (Mich.)- May
iCumbCo(Me)P&L- April
Dayton Power & Lt__ May
May
°Detroit Edison
gDetrolt United Lines May
Duluth-Superior True May
East St Louis & Sub_ April
Eastern Texas Elec..- May
Edison El of Brock'n_ May
g El Paso Electric Co_ May
Fall River Gas Works May
Federal Light & Trac. March
Ft Worth Pow & Lt_ May
Galy-Hous Elec Co May
g Georgia L.P & Rye March
g_Great West Pow Sys April
klarrisburg Railways February
Havana El By, I, & P April
Haverhill Gas Lt Co May
Honolulu 11 T & Land May
Houghton Co El L Co May
Iloughton Co Trac Co May
b Hudson & Manhat. February
b Illinois Traction__ May
I Interboro Rap Tran. May
Jacksonville Trac Co_ May
Keokuk Electric Co April
Key West, Electric Co May
Lake Shore Elec Ry__ April
Long Island Electric_ February
Louisville Railway__ April
Lowell Electric Corn_ May
L
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
8
8
$
130.026 128,663
684.053
721,421
211,173 239.408 1,156,947 1,093,853
1254,755 1042,088 3.976,376 3.315.645
11,304 17,225
56,791
63,639
192,792 156,937
756,377
594,018
82,390 74,840
330,543
296.208
28,559 20,456
143,051
102,971
195,864 197,632 1,012,519
927,104
(9208000 18330000 135032.000 131576,000
12,366
8,692
38,931
53,186
2501.320 2217.085 5.191.787 4.553.488
46,350 38,917
230,884
193,831
32,228 26,249
131,752
105,518
148,997 145,620
483.583
567,946
1785,853 1925,286 9,161,801 9,667,321
48.496 41.374
189,457
159,796
918,256 877,375 5.298,330 5.314,281
101,646 101,018
505,664
496,876
2055.620 1709.860 10,322,201 8,507,570
89,854 73.878
501,292
385,659
634,657 503,096 3,281,973 2,517,281
203.517 246.126
821.156
934,039
214.052 175.861 1.211.656
947.719
1210,340 1030,408 6,651,306 5,681.213
2003,332 1599,400 9,169,098 7.398.004
162,247 142.180
773.983
609.278
332.311 321.032 1,406,898 1,260,004
110,108 94.396
540,184
436,041
83,444 63,775
448,378
317,369
126,206 105,576
627,001
534,008
56,261 58,566
278,000
274,103
332,464 300,898
995,404
901,783
90,675 94,708
512,886
537,560
248,596 209,765 1,214,105 1,006.444
118.256 102,295
351,572
300,774
409,682 342,208 1,650,418 1.388.197
124,004 89,85,
260.482
189,661
749.743 663,345 2,836.512 2,567.536
26,588 29,346
147,857
134,478
64,866 59,298
302,648
284,118
32,239 31,769
177,916
173,514
22,188 25.122
126,205
138,925
590.372 527.636 1,249,337 1.090,552
1355,166 1169,810 6,914,870 5.943,903
1019,001 3524.432 19.341.036 17.539.101
85.484 83,211
427,808
368,001
24.213 20,193
99.391
81.396
17,723 14,885
94,289
71,448
193.517 162.983
745,195
610,640
14.406 13,984
29,596
28,643
339.350 292,519 1,303.103 1.139.135
394 ARA
412.204
73.757 61.513
Electric Railway and Other Public Utility Net Earn-The following table gives the returns of ELECTRIC
ings.
railway and other public utility gross and net earnings with
charges and surplus reported this week:
--Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
8
$
Amer Pow & Lt Co (subsid
391,953
435,088
1,019,920
companies only)_a_ __May 1,224,129
14.739,511 12,089,357 5,506,840 4.946.075
June 1 to May 31
..May 3,801,516 2.978,164 1,977,728 1,551,173
Amer Tel & Tel Cob..
17.808,931 14,456,807 9,491,569 8.145,682
Jan 1 to May 31
531,495
337,469
..Apr 2,037,405 1,862,254
Chicago Telep Cob....
8.022,261 7,444,831 1,279.435 2,043,252
Jan 1 to Apr 30
244,084
229,342
796,701
Cumb Tel & Tel Co_ b_ _Apr 918.937
975,313
797,991
3.574,266 3,172,216
Jan 1 to Apr 30
158,266
160,325
698,706
Michigan State Tel Co.b.May 906,779
736,321
301,660
4,021,672 3,430,109
Jan 1 to May 31
607,555
545,703
New Eng Tel & Tel Co.b.Apr 1,993,096 2,006,028
8,243,078 7,768,042 2,239,658 2,176,808
• Jan 1 to Apr 30
New York Telep Cob....May 6.022,720 5,360,225 1,855,652 1,612,191
28,702,026 26,211,700 9,177,828 8,408,824
Jan 1 to May 31
486,582
605,663
Pacific Telep & Teleg_b_Apr 2,042,859 1,759,941
7,697.981 6.800,854 2,001,389 1,975,486
Jan 1 to Apr 30
Power & Light
Southwestern
141.895
159,598
399.995
Co (sub cos only)_a_..May 465.152
5,982.160 4,995,510 2,133,527 2.048,985
June 1 to.May 31
Standard Gas & Electric Co
676.770
761,418
May 2,065,011 1,712,475
Utilities
25,330,873 20.803,854 9321.792 8,575,369
June 1 to May 31
Companies.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
Fort Worth Power May '19
'18
& Light Co
12 mos '19
'18
Kansas Gas & Elec May '19
'18
Co
12 mos '19
'18
June '19
Keystone Tele'18
phone Co
6 mos '19
'18
May '19
Pacific Power &
'18
Light Co
12 mos '19
'18
May '19
Portland Gas &
'18
Coke Co
12 mos '19
'18
Puget Sound Tree Apr '19
4 mos '19
& Power Co
May '19
Texas Power &
'18
Light Co
12 mos '19
'18
42,458
90,675
40,103
94.708
577,754
1.280.486
567.813
1,171,157
58,383
210,397
55,125
166.360
757,754
2,379,063
544,461
1.829,736
41.071
133,723
54.489
133.944
257,589
787,920
343.746
807,309
74.117
166.572
69.463
148.417
893.889
1,949,453
901,022
1,747,461
69,439
165,495
67,023
141,631
856.032
1,994.132
688,978
1,507,093
245,109
712.832
3,827,864 1.061,793
75,913
249,788
71,764
221.583
3,382.035 1,085.037
2.846,032 1,038,918
13,846
11,435
153,356
131,416
35,394
31,178
441,884
318,671
29.172
28.552
174,913
171,567
46,092
41.738
534,334
452.098
29,026
29,351
352,564
346,454
145,262
760,666
51.514
53.822
677,026
599,026
Balance,
Surplus.
x28,624
28,668
x431,402
436,397
x23,139
23,947
x334,324
225.790
11,899
25.937
82,646
172,179
x29,731
27,725
x368,729
448,924
40,413
37,672
503,468
342.524
99.847
301,127
x22,732
17,942
x413,041
439,892
x After allowing for other income received.
.
Fixed Chgs Balance,
Net
Gross
Earnings. Earnings. & Taxes. Surilus.
IIonolulu Rapid
Transit Co
May '19
'18
5 mos '19
'18
64,866
59.298
302,647
284.118
29,089
22,937
131.611
125,137
13,132
12,685
65,658
63,427
15,957
10,252
65,953
61,710
168
THE CHRONICLE
--Gross
[VOL. 109.
Net after Taxes- -Surp. after Charges
1919.
1918.
1919.
1918.
8
$
$
$
Gross Net after • Fixed
Balance,
1919.
1918.
Earnings.
Taxes.
Charges.
Surplus.
$
$
Baton Rouge Electric Co
Richmond (Ind)
May '19
17,573
5,191
5,399
def208
May
28,559
20,456
10,516
9,234
Lt, Ht & Pow Co
5,875
7,070
'18
17,376
7,604
4,593
3,011
12 mos
307,890
240,610
128,317
115,381
86,114
76,482
12 mos '19
169,070
45,135
56.557 def11,422
Blackstone Valley Gas & Electric Co
'18
183,939
59,725
55,828*
3,897
May
195,864
197,632
51,987
60,812
27,674
37,417 Union'Gas & Elec May '19
20,120
5,474
3,g1,
2,033
12 mOs 2,530,148 2,124,151
662,388
839,852
373,149 . 362,418
Co(Bloomington,Ind)'18
18,322
6,880
•3,.54c
3.131
Brockton & Plymouth Street Ry Co
12 mos '19
227,307
72,274
42,627
29,647
May
12,366
8,692
'18
193,331
49,631
2,113 def1,326
43,144
6,487
667 def2,712
12 mos
115,686
119,734
del 147 def2,758 def17,414 def18,454 The Wilkes-Barre May '19
82,108
31,405
21,300
10,105
Co (Wilkes-Barre, Pa) '18
Cape Breton Electric Co, Ltd
69,206
25,964
21,573
4,391
May
12 mos '19 1,066,674
46,350
38,917
430,216
7,901
258,182
172,034
11,176
2,208
5,921
12 mos 550,059
'18
879,600
483,028
357,939
130,574
250.349
147,219
107,590
66,462
84,056
Central Mississippi Valley Electric Prop
General Gas & Electric Co.
-Subsidiary Companies.
Apr
32,228
26,249
6,903
6,797
4,480
4,355
-Gross Revenues Month of June12 mos
365,312
318,506
88,449
85,683
System
59,230
60,287
Inc.+ or Dec.
1918.
.
Rutland
Columbus Electric Co
$45,994 $44,715 +81,279 2.8
Northwestern 0
May
101,646
101,018
49,304
31,150 32,473 -1,323 4.1
62,614
19,175
34,207 Sandusky
12 mos 1,190,199 1,166,370
37,416 31,439
561,880
706,847
208,033
+5,977 19.0
384,571
Binghamton
37,582 32,516
Connecticut Power Co-+5,066 15.6
Sayre
10,230
9,740
+490 4.9
May
89,854
73,878
39,111
30,778
20,244
11,827 New Jersey
25,375 25,317
12 mos 1,143,884
+58 0.2 0
910,892
457,113
384,669
230,908
182,055 Interurban Gas
1,163
1,020
+143 14.3
Eastern Texas Electric Co
May
110,108
94,396
42,239
41,076
29,279
29,210
Total
•
,
3188,910 $177,220 +811,686 6.6%
12 mos 1,235,896
996,075
487,622
441,169
335,184
329,780
Edison Electric Ilium Co of Brockton
May
83,444
63,775
24,764
14,495
18,185
8,498
FINANCIAL REPORTS.
12 mos 962,546
750,037
301,523
273,453
222,373
215,383
Electric Light dc Power Co of Abington dc Rockland
May
21,583
15,599
3,668
3,026
3,077
2,483
Financial Reports.
-An index to annual reports of steam
12 mos 259,562
211,718
50,290
47,697
42,389
42,532
railroads, street railway and miscellaneous companies which
El Paso Electric Co-May
126,206
105,576
34,852
32,474
27,344
26,028 have been published during the preceding month will be given
21 mos 1,350,625 1,277,199
388,340
446,884
304,460
374,331 on the last Saturday of each month.
This index will not
Fall River Gas Works Co
May
56,261
58,566
11,297
15,510
11,048
15,491 include reports in the issue of the "Chronicle" in which it is
12 mos 722,106
835,728
143,011
171,009
140,826
170,780 published. The latest index will be found in the issue of
Galveston-Houston Electric Co
.June 28. The next will appear in that of July 26.
May
248,596
209,765
66,983
66,867
31,346
37,250
12 mos 2,898,993 2,319,050
815,628
801,612
443,203
460,337
Texas & Pacific Railway Co.
Haverhill Gas Light Co
May
26,588
29,346
del 69
7,563
del 822
(Report for Fiscal Year ending Dec. 311918.)
7,331
12 mos 349,674
313,276
23,869
40,029
16,473
37,666
Receiver Pearl Wight, New Orleans, La., May 15, wrote
Houghton County Electric Co
May
32,239
31,769
7,688
8,842
4,006
5,436 in substance:
12 mos 438,105
414,440
143,037
152,157
99,328
Federal Agreement for Use of Properties.
113,483
-The form of agreement, includHoughton County Traction Co
ing compensation, has been tentatively agreed to by representatives of the
May
22,188
25,122
4,785
8,005 def1,279
1,886 Administration, the receiver and the company. The execution of the
12 mos 307,348
agreement was authorized by decree of the U. S. District Court for the West339,556
93,986
120,86G
20,644
47,079
Jacksonville Traction Co
ern District of Louisiana on Nov. 21 1918, and by a vote of your directors
May
85,484
83,211
10,128
27,609 def4,219
12,638 on Nov. 26 1918, and ratified by a vote of the stockholders on Nov. 26 1918.
12 mos 1,005,377
776,083
156,514
246,410 def20,889
76,666 This agreement, properly executed by the receiver and the President of the
Key West Electric Co
company, was submitted to the Director-General on Nov. 27 for execution
May
17,723
14,885
3,544
4,389
1,458
2,390 on the part of the Administration. The contract provides $4,107,432 49
12 mos 225.715
161,703
88,805 •
58,724
64,114
34,919 as compensation, representing the average annual railway operating inLowell Electric Light Corp-come for the three-year period ended June 30 1917. To date the contract
May
73,757
61,513
15,568
5,891
13,495
4,999 has not been executed by the Director-General.
12 mos 980,606
Funded Debt.
749,370
-This was decreased by the payment of $292,000 maturing
234,926
264,770
213,544
252,155
Mississippi River Power Co
equipment obligations.
May
198,593
Additions and Betterments.
195,080
-These items, aggregating $1,362,861, all of
151,421
158,994
48,135
54,188
12 mos 2,222,689 2,100,851 1,741,160 1,690,944
497,689
446,245 which was charged to income and carried to cost of road and equipment,
Northern Texas Electric Co
include chiefly $1,363,958 for rolling stock built or rebuilt in the company's
May
264,547
247,017
103,402
100,259
78,360
75,046 shops, less $720,446 for equipment sold or destroyed.
12 mos 2,904,145 2,999,061 1,093,509 1,381,606
During the year additional sidetracks aggregating 6.65 miles were con792,831 1,072,697
Pensacola Electric Co
structed, and 15 miles of new gravel ballast and about 12 miles of cinder
May
45,155
38,606
9,672
12,610
851
5,522 ballast were applied at various points. New 85-lb. rail was laid in 72.4
12 mos 557,505
404,933
130,622
155,651
38,650
73,292 miles of track on the Eastern and Fort Worth divisions, replacing 75-lb.
Savannah Electric Co
rail. Part of the 75
-lb. rail released was used on the Natchitoches Branch
May
120,916
93,022
20,661
30,165 def4,268
6,726 and on the Trans-Continental District, in replacing 28.22 track miles of
12 mos 1,278,899 1,053,943
56-lb. rail.
275,436
348,264 def14,412
73,098
Sierra Pacific Electric Co
Equipment.
-The following equipment purchased under equipment trust
May
54.143
57,387
24,437
28,595
18,512
23,345 Series "E. E.," dated Feb. 1 1917, was received and placed in service, viz.:
12 mos 678,617
712,408
308,052
382,530
242,567
318,844 5 all-steel dining cars, 16 all-steel coaches, 5 all-steel baggage and express
Tampa Electric Co
-cars, 2 all-steel combination coach and baggage cars, 1 120-ton steam
May
103,018
82,799
38,873
31,273
34,283
27,007 wrecking crane, 1 locomotive crane and pile driver.
12 mos 1,144,289
The 12 Santa Fe type freight engines and the seven Pacific typo passen998,742
467,016
420,723
414,133
370,333
ger engines purchased under Series "E. E.," were not delivered during the
The United Gas & Electric Corporation.
year. Reasonable assurance is given that this equipment, which is badly
Gross
Net after
Fixed
Balance, needed, will be delivered in 1919.
Earnings.
Taxes.
The Administration assigned 11 light Mikado freight engines, 14 standard
Charges.
Surplus.
six-wheel switch engines 5 baggage cars and 500 double-sheathed box cars
Citizens Gas &
May '19
31,059
7,779
3,639
4,140 to the company. The light Mikado engines have been delivered and are
Fuel Co (Terre Haute,'18
25,728
11,001
3,755
7,336 now in service on the district Fort Worth to Baird. The other equipment
Ind.)
12 mos '19
329,720
115,014
43,929
71,085 allocated by the Administration has not been delivered, and a determined
'18
317,970
139,778
45,565
94,213 effort is being made to be relieved of the 500 box cars, which are not needed
Colorado Springs May '19
46,061
18,421
13,501
4,920 by the property. It is understood the 5 baggage cars will not be purchased.
(Colo) Light, Heat & '18
Safety appliances required by law were applied to 262 freight train and
41,888
12,715
12,459
256
Power Co
work
12 mos '19
620,479
240,890
153,589
87,301 gear. cars, and 1,046 freight train and work cars received improved draft
Eight locomotives were equipped for superheat; the efficiency of
'18
580,736
202,960
149,515
53,445
other locomotives was further increased by the application of various modColumbia (Pa)Gas May '19
2,951
691
346
345 ern devices.
Co
'18
2,547
332
342
deflO
Net Income, &c.
-The income
12 mos '19
38,556
6,547
4,156
2,391 $26,710, a decrease of 31643,951,account shows a net corporate gain of
'18
33,780
6,850
3,951
2,899 income for the year was limited to caused principally by the fact that the
the "Standard Return," which was less
Conestoga Trac Co May '19
122,279
42,172
26,616
15,556 than the net railway operating income for the year prior by $1,594,797.
(Lancaster, Pa)
'18
104,092
40,921
27,304
13,617
The Railroad Administration has advanced on compensation $909,250
12 mos '19 1,300,351
402,275
321,760
80,515 for use in payment of interest on mortgage bonds; interest and principal on
'18 1,222,509
496,585
325,519
171,066 equipment trust obligations and corporate expenses. All interest and
Consumers Elee Lt May '19
42,405
16,882
6,860
10,022 equipment obligations heretofore regularly paid by the company were paid
& Power Co (New
'18
29,324
12,500
6,829
5,671 during the year.
Orleans, La) 12 mos '19
Territory Served-Oil Development.
487,573
140,424
82,833
-The territory traversed except west of
57,591
'18
377,604
172,092
81,336
90,756 Baird continues to enjoy exceptional prosperity, although handicapped by a
:Edison Electric Co May '19
73,571
28.786
10,543
18,243 shortage of labor, due to war conditions and the epidemic of influenza.
(Lancaster, Pa)
The territory west of Baird was further affected adversely by the con'18
59,312
25,134
9,568
15,566
12 mos '19
864,769
381,945
122,259
259,686 tinned drought, which has extended over the past two years, resulting in a
material
'18
747,066
333,441
112,610
220,831 vicinity. loss to the agricultural and live stock interests located in that
During the latter
Elmira (N Y)
year,
drought
May '19
126,906
38,186
21,030
17,156 broken by rain and snow and part of the for thehowever, the is more was
the outlook
coming year
Water, Lt & RR Co '18
hope111,502
33,046
20,396
12,650 ful
12 mos '19 1,478,333
463,322
249,626
213,696
The encouraging feature of the year was the remarkable development in
'18 1,298,441
462,520
239,441
223,079 oil production in the vicinity of Ranger, Eastland and Cisco, located on the
Harrisburg (Pa)
May '19
82,477
32,768
16,421
16,347 line between Fort Worth and Baird. Indications are that the field, comLight & Power Co
'18
71,621
28,942
15,769
13,173 monly known as the "Ranger Field," will be one of the largest in area in the
12 mos '19 1,065,748
414,101
194,286
219,815 United States, and experienced geologists estimate that it will require ten
'18
948,808
404,609
177,692
226,917 years to fully develop the field, and that it will be producing for a period of
Houston (Tex) Gas May '19
53,994
7,190
6,994
196 twenty years.
& Fuel Co
'18
The terminal facilities and locomotive equipment of the company have
50,870
10,846
6,891
3,955
12 mos '19
719,049
133,562
83,548
50,014 not been sufficient to meet the traffic requirements of this field, although
'18
625,303
215,881
82,088
133,793 every effort has.been made to improve the property to the extent necessary
Houston Heights
May '19
2,220
563
130
433 to hold the traffic to this line. Additional trackage, terminal yards and
(Tex) Water & Light '18
2,514
1,186
130
1,056 depot facilities are being provided as rapidly as possible.
The company owns quite
Ass'n
12 mos '19
29,376
11,643
1,560
10,083 is being leased to industries valuable property in the town of Ranger, which
necessary to meet
'18
31,901
16,282
1,560
14,722 ments. The wells drilled in the immediate the local commercial requirevicinity of the
Internat'l System May '19
759,924
107,613
176,202 def68,589 proven profitable, and the property owned in the town oftown have not
Ranger is not
(Buffalo, N Y)
'18
640,642
103,014
156,785 def53,771 considered valuable for the production of oil. Other property aggregating
12 mos '19 8,101,292 1,081,957 2,350,482df1,268,525 in total
approximately 930 acres is located in producing territory, and will
'18 7,970,538 2,173,511 1,976,532
196,979 be developed in a manner depending upon the success of the two wells which
Lancaster (Pa) Gas, May'19
24,007
6,649
2,279
4,370 have been contracted for on property owned by the company.
Light & Fuel Co
'18
22,701
6,830
Fire.
2,219
-On June 9 1918 the locomotive machine shop and a portion of the
4,611
12 mos '19
309,439
81,356
27,245
54,111 boiler shop at Marshall. Texas, were destroyed by fire of unknown origin.
'18
258,332
78,438
25,843
52,595 The damage to the buildings and machinery amounted to approximately
Leavenworth (Kan) May '19
25,898
7,235
3,786
3,449 $250,000. The entire amount of this loss will be borne by the U. S. RR.
Light, Heat & Power '18
21,374
1,469
2,884
def1,415 Administration, as provided in the standard contract. A new shop will be
Co
12 mos '19
290,041
58,384
38,059
20,325 Immediately erected and ready for operation during the ensuing year.
'18
251,688
23,136
34,608 def11,472
AMOUNTS OF COMMODITIES CARRIED.
Lockport(N Y)
May '19
37,453
7,274
6,545
729
Forest.
Animal. Agricultural. Mfg., &c.
Lt, lit & Pow Co
Mines
.
'18
34,117
6,114
6,627
def513 1918 _Ons_1,409,155
475,227
2,429,317
2,54:3,928
1,306,125
12 mos '19
464,090
122,054
82,606
39,448 1917
1,297,592
504,489
2,091,630
2,220,995
1,500,584
'18
408,210
81,885
80,490
1,395 1916
1,213,109
419,693
2.137,854
2,289,535
1,564,770
•
JULY 12 1919.1
STATISTICS OF OPERATIONS FOR CALENDAR YEARS.
1915.
1916.
1917.
1918.
1,947
1,930
, 1,947
1,947
Miles operated
Operations
2,890,212
3,049,105
3,428,487
3,373,235
Passengers carried
277,394,000 254,500,000 213,052,000 168,343,000
Pass. carried 1 mile
2.42 cts.
2.35 cts.
2.46 cts.
2.69 cts.
Rate per pa;per mile....
7,624,941
7,216,040
7,615,490
8,163,752
Freight (ton)
1,409,804
1,521,019
1,480,535
Tons one mile'(000).... 1,477,965
0.92 cts.
0.94 cts.
1.01 cts.
1.22 cts.
le
Av. rate per ton per mile
278
298
312
363
Av. train-load (revenue)
FEDERAL INCOME ACCOUNT FOR CALENDAR YEARS.
1916.
1917.
1918.
Operating Revenues$17,996,085 $14,933,635 $14,353,830
Freight
5,005,455
7,449,816 6,252,827
Passenger
382,234
403,225
340,117
Mail
563,343
606,872
853,444
Express
162,587
147,960
156,980
Miscellaneous
384,844
375,852
498,390
Incidental, &e
Total _
Revenue per mile operated
Operating Expenses
Maintenance of way,&c
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Transportation for investment
Miscellaneous operations
169
THE CHRONIcLE
$27,294,833 $22,714,007 $20,858,657
$10,716
$11,669
$14,022
$3,610,862 $2,036,463 $2,109,951
2,999,166
3,142,607
5,130,583
477,450
477,611
294,428
9,022,788
7,842,193
11,894,810
722,082
680,150
765,244
Cr.27,392
Cr.29,865
Cr.13,542
161,671
147,908
217,995
$21,900,380 $15,389,755 $14,373,028
Total operating expenses
$5,394,453 $7,324,252 $6,485,629
Net earnings
CORPORATE INCOME ACCOUNT FOR CALENDAR, YEARS.
1917.
1918.
1916.
def.$175,124 $7,324,252 $6,485,629
Net earnings
1,249,364
955,531
100,000
Taxes accrued, &c
def.$275,124 $6,074,888 $5,530,098
Operating income
U. S. Government standard return_ _ _ 4,107,432
442,106
796,899
603,537
Other income
Gross corporate income
Deductions
Accrued bond interest
Other interest
Rentals, &c
Hire of equipment
Miscellaneous
$4,274,414 $6,871,787 $6,133.635
Total deductions
Net corporate income
Improvements
Equipment obligations paid
$2,592,843 $2,635,715 $2,646,256
$1.681,571 $4,236,072 $3,487,379
1,437,285
2,222,466
918,284
342,945
217,576
506,999
$1,539,220 $1,601,639 $1,561,638
194,824
211,273
196,745
731,112
579,947
108,140
307,926
842,350
$26,710 $1,670,661 $2,062,096
Balance, surplus
GENERAL BALANCE SHEET DEC. 31.
1918.
Assets (Cont.)
1917.
1917.
1918.
$
$
$
AssetsDeferred assets._ 8,573,257
9,434
Road & equip't_ A14,245,382 112882,521 Prepaid, &c.,items
34,528
61,820
24,000
24,000
Sinking funds__ _
Other unadj. debits
86,635
355,165
Deposits In lieu of
5,221 Securities issued or
5,221
mtgd. property_
assumed:
7,782
4,625
Misc. phys. prop__
Stocks
8,700
8,700
Invest.In attn. cos.:
Bonds
1,038,000 1,038,875
Stocks:
Sub.
Den.& Pac.
132,203,308 124691,769
100,000 Total
100,000
Ry. Co
LiatrtlitiesWea. Min. W.&
38,763,810 38,763,810
94,680 Capital stock
94,680
N. W.Ry. Co_
Equip. tr. oblig'ns 1,729,000 2,021,000
Trans-Miss.Ter.
952,500 ist m 5% bonds_ _ 25,000,000 25,000,000
952,500
RR.Co
20,800 La. Div. branch
20,800
Other stocks__ _
lines 1st M.5s_ _ 5,683,000 5,683,000
Notes:
2d Mtge. Incomes_25,000,000 25,000,000
Ros.Sny.& Pao.
100,000 Loans & bills pay_ 4,038,670 3,129,420
100,000
Ry. Co
Traffic, &c., bats.
Trans-Miss.Ter.
2,537
123,717
462,650 payable
462,850
RR.Co
Acc'ts& wages pay. 142,288 2,016,745
Mid. & N. W.
1,811
222,605
230,650 Misc. acc'ts pay__
230,650
Ry. Co
Int. matured
811,652
582,389
Union Terminal
29,005
34,005
78,571 Funded debt mat'd
78,571
Co., Dallas_ _ _
Interest accrued.._ 149,716
147,620
Advances:
Rents accrued
35,517
Ter.
Trans-Miss.
Other current nab_
246,334
30,000
RR.Co
12,685
74,552 Other def'd liablls_ 8,286,485
73,307
Other investinents
325,101
100,000
138,299 1,052,579 Tax liability
Cash
_ . 1,229,383 1,182,757 Accrued depreciaSpecial
tion-equipment 2,751,784 2,500,367
depositsDue from agents&
964,352
421,543 Other unadj. crerl_ 132,193
conductors
Misc.fleets reedy.. 556,007 1,998,137 Add'ns to property
3,448,805 through income
Material &suPPIles
8,682 and surplus_ ---15,777,877 14,123,015
8,682
Int. & divs. recle_
Profit and loss_ _ _ _ 3,803,481 3,760,086
Rents receivable
4,107,432
U. S. Governm't
71,345 Total
132,203,308 124691,769
Other assets
-V. 109, p. 73.
COMBINED INCOME ACCOUNT (Under Federal Operation in 1918).
-Calendar Years- 6 Mos. to June 30 Yr.
1016.
Dec. 31 '16.
1917.
1918.
$29,316,579 422,617,117 $37,348,402
earnings
Net
Compensation accrued__ 28,686,973
Railway taxes accrued__ 1,514,363 6,302,952 2,949,432 5.132,208
Operating income_ __ _327,172,610 $23,013,627 $19.667,685 $32,216,194
721,912
417,776
671,116
27,333
General interest received
1,012,759
338,624
642,625 5,785,950
Divs. & int. on securities
1,110,957
599,737
1,574,074
401,508
Rents received & misc__
Gross corp. income_ _ _328,244,136 $31,044,767 $21,023,823 $35,061,822
Deduct
3888,892
$475,740
$12,583 $1,082,933
Rentals paid
99,884
110,163
Hire of equip't-balance
3,220,419 6,443,267
_ 7,435,498 6,772,641
Bond interest accrued..
29,164
16,325
60,132
466,118
Miscellaneous
236,332
128,166
Renewal Allouez docks
1,000,000
10,448
60,475
Pension fund
3,100,865
Miscell. appropriations..
3,500,04)0
Improv'ts & betterments
Divs, on stock (7% p.a.) 17.462.842 17,462,960 8,731,254 17,456,390
640,583 5,385,635
Reserve to fund oblig'ns_
88,889
266,667
Amortization of discount
$26,284,292 $30,913,665 $12,692,514 $32,774,796
Total deductions
$131,103 $8,331,309 $2,287,027
$1,959,844
Balance, surplus
CONSOLIDATED BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
Liabilities
AssetsRy. prop. & Inv _409,379,730 440,502,853 Capital stock_ _249,477,150 249,478,250
81,268
Prem.on cap.stk.
Misc. phys.prop. 4,986,556
Grants in aid of
Bonds assumed
89,904
construction
39.813,394
held by trus_
Funded debt_ _270,994,496 328,783,409
Half int.In C.B.
3,099,390
Vouchers unpaid
& Q.stk. held
250,937 3,413,189
Unpd. pay-rolls..
by trustee of
2,961,549
Unpd. coupons_
Joint bonds__109,114,810 109,114,810
0th. accts. pay.. 6,408,823 2,017,413
Other holdings
78,835,714 42,679,860 Accrued taxes__ 1,492,778 4,404,266
Stocks
479,337
499,112
Accr. Int., &c..
xBonds Great
10,804,353
17,716,000 Due affird cos_
North. Ry_
2,126,425
Bonds oth. cos. 28,787,600 30,591.876 Impt.& bett.fd.
Loans&bilispay. 2,500,000
2,989,852
Notes
40,240
Traffic,&c., bal.
• Advances _ ___ 10,956,869
1,012,050 Int. matured _ _ 5,061.015
fund..
In pens.
26,780
Miscell. Invest__ 8,793,507 15,849,129 Div., &c., mat'd
Cash on hand__ 5,653,671 28,261,384 Depreciation __- 30,734,904 28,040,007
4,940,254 Insur.,&c.,funds 1,881,313 9,721,491
Due from agents
1,140,739 Additions, &c__ 34,972,209 43,909,713
Due from U.S_ _
254,733 St. P. M. & M.
10,798
Advanced chgs_
55,890 9.778,175 consols retired
Bills receivable_
1,019,873
since Nov.'07
Other accounts
receivable,&c. 3,285,519 6,398,483 Apprec. of lands
3,970,148
to 1913
12,027,884
Material & fuel..
0th. work. liab.
Rents U.S.RR.A. 21,971,361
def'd credit
&
723,999
Other assets._ _ _
items (net)___ 6,899,058 6,201,775
U.S. RR. Adm.
U.S. RR. Adm.
def. assets.- _ 54,125,791
def. liabilities 52,607,820
Other def. assets 6,805,171
2,186,976
Unadj. credits_
Unadj. debits__ 1,448,136
Fund.dt. retired 1,101,199
21,860
Sink, fund res....
Misc, fund res__ 6,397,685
160,515
A pprop. surplus
Profit and loss.._ 72,238,929 59,651,035
745,924,974 760,081,624
Total
-V. 108, p. 2329.
Total
745,924,974 760,081,624
Pittsburgh & Lake Erie RR.
(40th Annual Report-Year ended Dec. 31 1918.)
President William K. Vanderbilt Jr. wrote in substance:
-There was no change in the capital stock or funded dein
Capitalization.
during the year.
-As of Dec. 27 1918, the company executed an
Compensation Contract.
agreement with the Director-General of Railroads providing for the posand operation during Federal control of the company's railroad
session, use
property and its leased lines for an annual standard compensation of $8,980,219, being the average annual railway operating income for the three
years ended June 30 1917. as certified by the Inter-State Commerce Comm.
Pending the execution of the agreement with the Director-General of
Railroads and the settlement of the accounts thereunder, the company
borrowed from him $700,000, for which it gave its 6% demand notes,
$500,000 of which were secured by collateral and $200,000 unsecured.
-The Director-General of Railroads allotted to the comRolling Stock.
pany 10 locomotives, estimated to cost $588,000. These allotments were
'accepted by the company, but no deliveries were made during the year.
The equipment is being constructed under contracts between the DirectorGeneral and the builders, and the financing of the cost thereof is being
arranged between the Director-General and the company.
The Director-General of Railroads allotted to the Pittsburgh McKeesport
Youghiogheny RR. Co. 1,000 freight cars, estimated to cost $3,112,000.
and 10 locomotives, estimated to cost $588,000, a total of approximately
$3,700,000. These allotments were accepted by the company, and of this
The equipment
equipment 10 locomotives were delivered during the year. -General and the
is being constructed under contracts between the Director
builders and the financing of the cost thereof is being arranged with him.
Great Northern Railway.
-The additions and betterments to the road and equipment
Additions.
account during the year aggregated $1,288,387, as follows:
(30th Annual Report-Year ended Dec. 311918)
$1,139.213
Road-Expenditures by the Federal Manager
-Expenditures by the corporation, $203,000; less
Equipment
The report of Pres. Hill will be cited another week.
value of equipment retired in excess of expenditures for new
RESULTS OF LINES OPERATED AS GREAT NORTHERN RY. AND
equipment and additions and betterments by the Federal 149,174
OPERATED: MINNEAPOLIS
THOSE INDEPENDENTLY DULUTH TERMINAL.
Manager, $53,826
WESTERN RY. AND
RESULTS FOR CALENDAR YEARS.
Years end. Dec. 31
June 30 Yr.
1915.
1916.
1918.1917.
1918.9 .
1916.
224
224
224
224
bompany Operations
Miles operated
Federal Data
Statistics8,233
8,008
8,053 Tons (revenue) freight.... 45,893,680 41,544,661 42,688,681 33,292,522
8,260
Average miles operated..
2,326,938
2.507,829
2,364,211
2,573,213
Company's freight
Operations
7,264,346 8,382,035 8,168,937 8,263,972 Revenue tons 1 mile_ _2,901,287,224 2545787,537 2659717,363 2017327,491
Passengers carried
91,649,349 89,478,406
85,090,209
Pass. carried one mile.. _ _601.023,056 667.036.000 608,621,000 601,257,000 Company freight 1 mile_ .15,185,695 96,981,824 11,543,563 10,590,932
11,436,692
2.2i 2 cts. Bituminous coal
pass. per m_ 2.608 cts. 2.374 cts. 2.360 cts.
Av.rev, per
626
,565, 0
,84 .8.6
30,650,814 30,389,386 28,927,130 Ores
Coke
30,948,650
Rev. freight (tons)
4,828,874
6.328,008
5,711,041
6.913,930
one mile (000)- 8,844,787 8,399,349 8,018,210 7,809,817
do
4,257,109 4,226.016 3,310,335
3,931,784
.8609 cts. .7655 eta. .7614 cts. .7705 cts. Stone, sand, &c
Av. rev, per ton per m
5,453,3805,847,334
661
671
663 Passengers carried
684
Rev. train-load (tons)._
110,518,582 123,065,216 107,412,117 85,191,472
31.601
$1.539
31.486 Passengers 1 mile
$1.673
Earns. per pass.-train in.
$5.14
$5.03
$5.11 Earns, per ton per mile_ 0.982 cts. 0.830 cts. 0.770 cts. 0.777 cts.
$5.95
Earn, per fgt.-train mile
1,486
1,558
1,577
$10,271
$10,762
$10,091 Ton load (all)
$12,191
Gross earnings per mile..
0
10 5
$81,332
$107,068
$114,097
$146,920
Gross earnings per mile_
COMBINED RESULTS FOR CAL. YEARS 1916 TO 1918.
Data 1915-17)
Oper. -Company Operation- FEDERAL INCOME ACCT. FOR CAL. YEAR 1918 [Co.'s
Fed.
1915.
1916.
1917.
1918.
Earnings1917.
1918.
1016.
Earnings$28,513,514 $21,139,925 $20,490,294 $15,670,452
$15,672,420 $15,836,341 $14,361,519 Freight
Passenger
1,600,263
2,009,009
2,349,133
2.287,179
76,937,445 64,300,666 61,053,293 Passenger
Freight
711,970
1,112,549
1,237,991
1,180,263
5.707.159 6,342,062 6,180,983 Mail, express, &c
Mail,express,&c
213,383
431,310
894.605
1,011.317
2,381,496
2,119,666
1,585,934 Incidental, &c
Other than transportation
Total oper. revenue_ _$32,992,273 $25,621,654 $24,043,163 $18,196,068
$100,698,520 $88,598,735 $83,181,729
ExpensesGross operating revenues
MaInt. of way & struct_ $4,374,228 $2,893,049 $1,988,501 $1,496,267
Expenses2,923,100
3,628,226
S17,405,470 $11,570,1b7 $10,984,395 Maint, of equipment
4,795,678
7,038,496
&c
Maint. of way,
168,170
166,205
20,757,399 11,890,989 10,123,840 Traffic expenses
194,455
187,253
Maint. of equipment
4,022,494
5,548,265
778,989
1.336,870
1,195,641 Transportation expenses 10,217,617 8,254,964
Traffic expenses
374,285
445,915
514,357
43,024,o45 32,262,502 24.342,923 General & miscell. exp
547,590
'Transportation expenses
1,510,405
1,737,401
1,401,696
'
General expenses
$22,365,184 $16,652,502 $11,777,113 $8,984,316
Total expenses
1,133,911
1,246,744
943,275
(49.38)
(48.98)
Miscellaneous operations
(64.99)
(67.79)
exp. to
Cr.521,102 Cr.422,678 Cr.422,568 P. c rev, rail earnings _ _
Transportation for investment
operations_$10,627,089 $8.969.152 $12,266,050 $9,211,752
Net
593.965
836,719
1,334,693
884,322
$84.429.243 $59,282,156 $48,569,202 Taxes accrued, &c
Total operating expenses
Operating income_ - _ _ $9,742,766 $7,634,459 $11,429,331 $8,617,787
48,887,779 $29,316,579 $34,612,b27
Net earnings
0
t
9
.4,240,976
170
THE CHRONICLE
[VOL. 109.
CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS.
GROSS RECEIPTS FROM FARgS FOR 11 MOS. END. MAY 31 1919.
1918.
1017.
1916.
Month.
1915.
Fare 1918-19...;
Amount.
Inc. over 1917-18.
Net earnings
$7,634,459 $11,429,331 $8,617,787
July
5 cts. •
31.525,538
dec.2.89
Compensation accrued
$8,980.219
Aug.
7 cts.
1,915,261
,1342..3031;00°
I7.2 .00
Hire of equipment
1
563,832!
655.135
Sept.
515,874
7 cts.
1,722,738
Interest on loans, &c.._ J
1
449,721
615,659
Oct.
517,814
7 cts.
1,688,495
Nov.
7 cts.
1,919,914
21.03%
Gross corporate inc___ 39.544,051 $8,084,180 $12,700,125 $9,651,475
Dec.
adj. of 7 ct. fares
62,896
Dec.
8 cts.
2,234,532
Deduct
36,3%
5 mos. to May 31
8 cts.
11,141.556
See 'y
Hire of equip. deb. bal.. _
$203,710
Rentals leased lines.. _ _ _
$514,725
511,223
$520,369
$530,369
Total from fares for 11 months_
$22,210.931Int on bds.,eq.ctfs.,&c.
.
359,620
363,352
375,298
Joint facil., rents, &c_ _
1.571,2891 1,047,928
1,695,056
1,177,029
y The gross receipts under the 8-ct.fare in May,1919 as compared with the
Depreciation account.. _
1,500,000
5-ct. fare in May 1918, it is reported unofficially, show an increase of
War taxes
632,548
*738,178, or 44.82%, as against an increase of 45.96% in April, 42.32%
Item applic, prior period 1,767,378
in March, 44.91% in February and 43.77% in January.
Dividends (10%)
3,598,560
3,598,560
3,299,280 2,998.800
COMPARATIVE RECEIPTS AND COSTS OF SERVICE.
Total deductions
Month of
$8,084,500 *5,721,041 $7,378,057 $5.081,496
6 Mos. to 11 Mos. to
Balance, surplus
Receipts$1.459,552 $2,363.139 $5.322,068 $4,569,979
May 1919. Dec. 31 '18. May 31 '19.
Fares
$2,385,157 $11,069,375 $22,210,931
Operation of special cars, mail, &c
9,243
64,918
103,971
GENERAL BALANCE SHEET DEC. 31.
Advertising
24,949
146,466
269,298
1918.
For use of tracks, &c
1917.
1918.
4,187
25,164
1917.
44,852
AssetsRent of buildings and other property..
$
$
Liabilities-6,193
33,491
$
66,840
$
Road & equipm't.44148,648 42,860,261 Capital stock
35.985,600 35,985,600 Sale of power and other revenue
11,613
65,616
118,220
Inv. in affil, cos.Prem.on stock sold
285
285
Stocks
7,762.458 7,752,320 Funded debt
Total receipts from oper. of road.... 32,441,343 311,405,029 $22,814,112
6,654,661 6.654,661
Notes
803,109
Inc. from dep., inc. from sec., &c
302,385 Accts. and wages.. 119,354 3,357,874
11,848
48,739
89,577
Advances
12,137,909 11,692,729 Loans & bills pay.. 5,375,000 1,075,000
Bonds
2,500,000 2,292,103 Traffic bals. payTotal receipts
32,453,191 $11,453,768 $22,903,689
2,283
877,375
Other Investments 1,004.703
Maint. track, line equip & bldgs
Int. accrued, &c.... 119,730
$487,612 $1,577,591 $3,063,274
85.000
Misc. phys. prop'y 3,511,086 4,068,314 Divs. declared-- 1,799,280
Maint. cars, shop equip., &c
226,514
1,162,415
2,305.863
Material & suppl's 5,516,332 5,516,332 Taxes accrued_.... 1,141,486 1,799,280 Power
a194,096
.
1.431,494
557,590
2,528,747
Cash
398,304
706,211 Miscellaneous __ 1,774,958 2,717,232 Depreciation
167,000 • 1,002,000
1.837,000
Traffic bal. receiv_
Transportation expenses
1,883
156.490 Del. credit Items__ 130,623
b835,904 4,475,086 8,485.258
124,917
Agents & conduc's 1,053,020 1,235,786 Reserves
7,583
78,210
50,457
86.477
91,351 Salaries of administration officers....
Miscell. accoun.s. 108,240 2.009,858 Deprec. (equip,).... 3,821,711 3,842,255 Law exp., inj., damages, & ins
102,556
554,334
1,067,927
Accr.Int..dlvs.,&c. 609,688
Other general expenses
455,652 U.S. Govt. Ilab.71,696
458,372
813,663
Other curet assets 2,409,265 2.004.087
Additions, &c.._ 1.785,775
Other advances._ _ 736,489
Total operating expenses
2,955
Rev.priorJan.'18 842,302
c$2,092,961 $10,711,749 $20,188,211
Unadjust. debits__ 406,857
Taxes, proportion
928,336
Corporate accts_ 1,605,777
80,762
447,610
859,158
Special deposits__ 220,129
Rent for leased rds. (excl. subways)...
Liab.pd.Dec.'17 7,025,451
215,969
1,291,691
2,371,113
Compensation due
Propor. of rent of sub. & tun. to BosPrior expenses_ _ 567,999
from U.5
ton, excl. of sub. owned
7,580,219
Other Items_ _
125,934
1,365,626
738,918
8,496
U.S.Govt.assetsInt. on Boston Elev. bonds & notes...
Other unadju.st.
140,009
1,261,086
664,512
Cash taken over 544,412
Miscellaneous items
credits
4,561
13.717
2,586,246
32,929
Equip. retired.. _ 102,838
xProportion of divs. under Acts of '18
Add'ns from In116,998
1,243,223
658,235
AssetaDec.31'17 2,209,206
Interest on unpaid taxes
come since '07
25.078
Cash subsequent
P.& L.E.RR__ 2,818,933 2.818,933
to Dec. 1917_ 3,694,333
Total cost of service
Profit and loss__ _ _23,427,615 21.996,465
$2,777,194 $14,526,433 $27,346,424
Other Items...... _ 212,646
Net lass
5324.003 83,072.665 $4,442,730
Total
-V. 109. D. 73.
97,671,775 81,983,818
Total
97,671,775 81,983,818
Boston Elevated Railway.
(Report for 11 Months Ending May 311919.)
The report of the Public Board of Trustees, explaining
the necessity for an increase in fares from 8 to 10 cents,
was cited at some length in last week's issue of the "Chronicle" (V. 109, p. 67).
The report made by the trustees further says:
Status 10-year Lease.
-Chapter 159 Special Acts of 1918 inaugurated an
experiment with public control of a street railway. Private management
of the Boston Elevated Ry. Co. under a charter permitting not over a
5 cent fare under a public policy that imposed upon it subway rentals and
street improvements, and with rising cost of supplies and materials to add
the finishing touch, had resulted in failure.
Three courses were open to the Legislature. It could let the
go to ruin regardless of interrupted service and wasteful cost, orproperty
embark upon Government ownership and control, or it could it could
try out
Government control with private ownership. The last plan was adopted.
The property in effect was leased by the stockholders to the State for 10
years at a fixed rental paid in the form of interest on outstanding bonds and
dividends on outstanding stock. The dividend for the first 2 years
fixed at 5%%,for the next 2 years at 53i% and thereafter at 6% on was
par
value of shares.
The capital stock on which these dividends are paid comprises common
stock $23,879,400 and preferred stock $3,000,000, an aggregate of $26,879,400 which, with premiums amounting to $2,707,000 makes a
investment of $29,586,828. The real dividends therefore are for the total
first
2 years 4.74%, for the next 2 years 5.15% and thereafter 5.55% on actual
cash investment.
Cars-Sale of Pref. Stock.
-When the State trustees took
way on July 1 1918 they found a large number of cars totally over the railunfit for use,
much of the remaining rolling stock of obsolete type, unclean and unpainted,
many miles of track badly worn and some unsafe, power plant in part out
of date and repair shops inadequate. The trustees faced an imperative
need of new capital and an even more imperative need of larger revenue.
For capital $2,000,000 was available from the proceeds
the
stock authorized in the act establishing public control.ofThis preferred
was immediately applied toward the purchase of 250 new cars. Fifty centre
entrance trailers have been received and are being placed
of the system. The delivery of the remaining 200 cars, on various parts
delayed by war
conditions, is assured within the next 4 months.
Sale of Cambridge Subway Blocked.
-No more capital stock can be issued
because by law it must be issued at par and the market price
been
continuously below par. No more bonds can be lawfully issuedhas
the bonds outstanding equal the outstanding stock and premiums. because
There
was one source of additional capital. This was
The company had been allowed to build and own the Cambridge Subway.
it as an exception to the
well settled and sound policy that forbids private ownership of public highways. Every other subway in Boston has been built and owned by the
public.
The trustees submitted to the Legislature a bill to authorize the purchase
of this subway by the State as agent for the communities
serves. The price named was less than actual cost and which the subway
far below
replacement. The bill required an immediate lease of the subway cost of
to the
company at a rental sufficient to meet the interest on the State loan and to
provide a sinking fund from which to pay eventually the entire purchase
price of the subway. This bill was passed by the Senate but was rejected
by the House of Representatives. This was peculiarly
the
reason that while the proceeds of the subway could only unfortunate forperbe
manent improvements, such investment would mean Invested in
large operating
economies. To illustrate, a yearly saving of $120,000 would be realized
through the installation of rotary converters at power stations. Each
additional car would lessen cost of transportation, adequate repair shops
would lessen cost of maintenance.
(As to new bill authorizing sale of Cambridge Subway, see a subsequent
page.
-Ed.]
[The statute establishing public control imposed upon the trustees the obligation to maintain the property in good operating condition, to make "provision for depreciation, obsolescence and rehabilitation" and to maintain a
rate of fare sufficient to do this and also to cover the fixed charges
dends at the rates above mentioned. For the reasons stated last and diviweek
fare which was fixed at 8 cents Dec. 1 1918 was raised to 10 cents Julythe
10
1919. Compare V. 109, p. 67; V. 108, p. 678, 876. 1604.1
STATISTICS FOR MAY 1919, THE 6 MOS. TO DEC. 31 1918 AND
11 MOS. TO MAY 31 1919.
May 1919. 6 Months. 11 Months.
Revenue passengers carried
29,967,223 162,964,817 302,961,563
"Receipts per passenger
7.966 cts. 7.028 cts. 7.560 cts.
"Cost of service" per passenger
9.267 cts. 8.914 cts. 9.026 cts.
(The total cost of serviceiper:passenger for May, it is said, was 9.267 cts.,
as compared with 9.328 cts. in April, 8.923 cts. in March, 9.304 cts. in
February, 8.970 cts. in January and 9.026 cts. for the 11 months.ending
May 31 1919.
-Ed.]
a Includes 22,778 tons of coal at $5,633 in May; 131,157 tons at $7,475
for 6 months, and 257,779 at $6,657 for 11 months.b Includes wages of car
employees, car-house expenses, &c. c Includes $1,316,417 for wages in
May; $6,3'79,987 for 6 months, and $12,272,185 for 11 months. x At rate
of 7% p. a. on $3,000,000 pref. and 5% p. a. on $23,879,400 common stock.
From January to May 1919 inclusive the road failed by $1,370,070 to
ifleet expenses as the following deficits show: January, $219,269; February,
$285.124; March,$224,921; April, $316,392; May,$324,364.-V. 109, p.67.
Pacific Development Co., New York.
(Report for Fiscal Year ending Dec. 311918.)
The report of President Edward B. Bruce, together with
the income account and balance sheet for the late fiscal year,
will be found on a subsequent page.
The company was incorporated under the laws of New
York State on Jan. 17 1917 and is engaged, chiefly through
subsidiary companies, in carrying on and developing an
American trading business to and from the Orient, the business now controlled being the result of 20 years' operations.
The Chairman of the board is Galen L. Stone of Hayden,
Stone & Co. The list of officers and directors follows:
Executive Officers.
-Galen L. Stone, Chairman of the Board: Edward B.
Bruce, President; Royall Victor and E. H. Hartmann, Vice-Presidents;
Louis Banigan, Sec.; P. G. Sherwood, Assistant Treasurer.
Board of Directors -W. W. Banks, Edward B. 13ruce, J. W. Conway.
Richard P. Hoyt, M. F. Loewenstein, Vilhelm Meyer, Arnold Hartmann,
E. H. Hartmann, Frank Hawkins, Royall Victor, Herbert II. White, Lester
H. Monks, Andrew W. Preston, George W. Simmons, William Endicott,
Herbert Fleishhacker, Francis R. Hart.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
Net profits sub. cos. aft. est. war taxes $1,736,905 $1,226,624
$996,476
Dividend income Pacific Dev. Corp.... $627,299
$334,7461 Organized
Expenses
281,095
101,600JJan. 17 '17.
Dividends paid
(7%)330,391(35i)112,312
25,000
Balance, surplus
$15,813
$120,834
BALANCE SHEET DEC. 31.
Assets1918.
1917.
Liabilities1918.
1917.
Investments _ _ _ _a$5,842,740 $4,497,081 Capital stock.......$5,772,700 $4,138,650
Due from sub.cos_ 373,609
145,764 Notes payable..._ _ 545,000
774,896
Notes & acets rec.
93,321
37,784 1)ue to sub. CO312,090
126,248
Subs. to cap.stock 116,225
276,270 Acc'ts, &c., pay'le
23,703
15,881
Cash
114,271
219,610 Fetleral taxes
25,000
Deferre1 charges..
14,920
Mgrs.'compensa'n
57,325
Surplus
119,263
•
120,834
Total
$6,555,086 $5,176,509
Total
56.555,086 $5,176,509
a Includes the capital stock of the following companies: Amer. Machine
& Mfg. Co., $316,537; Anderson Moyer & Co., Ltd., $975,000: Hartmann
Bros., Inc., $1,000,000; International Vegetable Oil Co., $1,466,298; Pacific Commercial Co., $1,589,285; New York Pacific Commercial Co.,
$250,000; miscellaneous, 8215,620.-V. 109, p. 79.
Northern California Power Company, Consolidated.
(Report for Fiscal Year ended Dec. 31 1918.)
For pending sale of control see Pacific Gas 4.% Electric Co.
on a subsequent page.
President W. F. Dotert, San Francisco, Feb. 18, wrote
in substance:
Additions.
-Net expenditures for betterments and extensions amounted
to $504,179, $200,000 of this being for a new transmission line from Coleman
to Hamilton and the reinforcement of a portion of the old line from Hamilton
to Colusa Corners in order to effect a transfer of power from the system of
the California-Oregon Power Co. to that of the Pacific Gas & Electric Co.,
thus relieving power shortage in the vicinity of San Francisco Bay.
Of the money to be expended by this company, $110,000 has been advanced by the California-Oregon l'ower Co., which has also constructed
approximately 17 miles of line for this company between Kennett and Delta.
The cost of this line, together with the cash advanced, is to b3 repaid with
interest out of the money received by this company as a carrying charge on
California-Oregon Power, and in payment for power supplied by this company during the non-irrigation season, so that it is doubtful if we will receive any cash returns from this business for the first several years.
New business in considerable quantity is already offering for the irrigation season of 1919 and provision Is being made to take care of same; 4,000
kilowatts of additional sub-station capacity is being provided, and the detailed program of conserving water inaugurated last year will have to be
carried to completion.
qur 12 1919.1
THE CHRONICLE
171
.
.
INCOME ACCOUNT FOR YEARS ENDING DEC, 31.
'
.
-1917.
1916.
1918.
1915.
Earns. elec. It. & power, $1,060,395
$882,102
$768,788
$704,633
Gas revenues
37,720
44,386
35,505
31,257
Water revenues
41,934
46,093
44,151
, 41,084
English Contract.
-Early in December 1918, the English corporation gave
us an order for casting machines, keyboards, &c., totaling about $750,000,
to be shipped in equal monthly deliveries from Dec. 15 1918 to Mar. 11920.
Payments for these shipments are to be cash against bill of lading.
This order evidences the belief of the English corporation in the foreign
demand for our product.
Total earnings
$965,915
$1,154,932
$846,227
Balance Sheet of English Corporation.
$776,973'
-The past year was the most prosOperating Eixpenses_ __ _1 $433,106
13248,084
$369,398
$247,198' perous in the history of the English company. Their losses during the war
Maintenance, &c
1 100,555
95,255' were practically negligible, as all of their business in Continental Europe
had been done on a cash basis. These losses, amounting to about £5.000.
$596,517
Net earnings
$497,588
$1,826
$434,520 were all sustained in Russia, and after writing off the losses they show net
Other income
11,221
17,746
8,511 earnings in round figures of £120,000.
-Te-7389
Oullook.-The use of the Monotype is constantly expanding.
Net income
$614,263
$508,809
$733,015
3443 032
Our South American business, that was practically shut off during the
Int. on bonds, debs., &c.* $323,777
$334,626
$352,920
$362,897 war, seems to be in a fair way for development, restrictions on shipping
Miscell. deductions (net)
516
3,608
3,849
31,149 having been removed.
Depreciation
42,100
27,150
60,717
17,677
Patents.
-Patents for numerous improvements have been granted the
Balance, surplus
$128,222
$233,928
$344,673
$31,309 company during the year, and a large number of applications for patents
have been filed.
* Less amount charged to capital for work in course of construction.
EARNINGS FOR YEARS ENDING FEB. 28.
BALANCE SHEET DEC. 31.
1918-19.
1917-18.
1916-17.
1915-16.
1918.
1918.
1917. I
1917.
Net profit after deprec'n $658,442
$502,033
$822,518
Assets$429,995
-' Liabilities
$
8
360,000
360,000
Plant investment _11,131,044 10,626,865 Common stock__ _10,000,000 10,000,000 Deduct-Divs,on stock(6%)360.000
Cash
38,232 Unapprop. surplus 584,851
24,359
351,223 Obsolete machine parts,
&c., written off
60,262
120,022
62,777
84,155
Noes receivable
291 Consolidated bonds 3,964,000 3,964,000
1,993
Acc'ts receivable
88,917 Underlying bonds_ 937,000
126,541
942,000
Balance, surplus
$238,180
$22,011
$399,741
$345,800
Material Alc supplies 214,460
166,713 Guaranteed bonds_ 900,000
900,000
Ranch live stock, &c. 36,118
27,480 Debenture notes_ _ 440,122
498,237
BALANCE SHEET MARCH 1.
Sinking funds
19,613 Notes payable_ _
214,250
19,628
335,000
Assets1919.
Liabilities
1918.
1919.
1918.
Acc'ts;&c., pay'le_ 152,591
Unamortized dise't
88,144 Cash
$83,770 Capital stock (aux$150,286
43.486
on capital stock_ 6,600,000 6,900,000 Accrued liabilities_
38,564 Real estate
512,338
450,066
thorized, $10,250 Sink,fund reserve_ 787,272
Investments
2,700
664,602 Bills receivable_ _ _ 956,101
964,673 000,000), issue.
-l.$6,000,000 $6,000,000
52,569 Deprec'n reserve__
159,205
40,258
Suspense acc'ts
113.702 Acc'ts receivable
763,169 Bills and accounts
740,367
Suspense items_ _
14.324
25,456 Stocks and bonds_ 732,788
731,613
payable
1,134,175 1,096,976
Total
18,197,101 17,920.929
18,197,101 17,920,929 Inventory (cost) 1,055,092 1,044,848 Profit and loss (see
Total
1,144,828 1,049,488
2,780,854 2,542,774
below)
Note.
-No provision ha.s been made for income and excess profits taxes, Machinery, &c
Miscellaneous
40,162
36,230
ayable in 1919.-V. 108, p. 2629.
Rts.,fran.& impts. 4,583,067 4,515,894
Homestake Mining Company.
(Report for Fiscal Year ending Dec. 31 1918.)
Superintendent B. C. Yates, Lead, So. Dak., Dec. 31
1918, wrote in substane :
Shortage of labor curtailed operations at the Homestake Mine during
the year just passed, but the situation is now improving and a return to
normal conditions may be expected at an early date.Wolframite ore sufficient to keep the concentrating plant running continuously, at full capacity, has been mined during the year. There remains in the mine a considerable tonnage of this ore of fair grade for concentrating.
' No new construction work of magnitude was undertaken. Work in
progress at the beginning of the year was carried on with the available labor.
A coal storage bin having a capacity of 7,000 tons was built. One fan unit
of the mine ventilating system was erected and the second unit is being in-cu. ft. steam-driven compressor previously purchased
stalled. A 3,000
has been changed to electric drive and is now in operation. The Old Brig
and Golden Gate hoists have also been changed from steam to electric power.
Both No. 1 and No. 2 hydro-electric power plants have been in operation
throughout the year.
Owing to excessive cost and scarcity of supplies and particularly to shortage of labor, prospecting and development work in the mine on the scale
heretofore in practice was cut down, although not entirely discontinued.
The mine engineer reports 3,661 feet of development drifts, 1,820 feet of
prospecting drifts and 1,873 feet of development raises during the year.
No shaft sinking was done.
There are 1,716,418 tons of ore broken down and remaining in the stones.
The mine and surface plants are in good condition with enough ore developed
for many years' profitable operation.
RESULTS FROM OPERATION.
1918.
1917.
1916.
1,628,630
Tons of gold ore milled
1,677,623
1.600,220
Average proceeds per ton
$3.63305
$3.9458
$4.0813
Proceeds of bars of gold bullion
$5,916,890 $6,619,574 $6,531,003
Sales of Tungsten ore
167,468
226,535
229,916
Miscdianeous
36,989
30.865
52,909
General supplies inventory Jan. I__ _
303,681
Total income
$6.121,347 $6,876.974 $7,117,509
Deduct Disbursements
Operating and general expenses
$3,864,057 $3,7113,186 $4,031,082
Ellison shaft
157,213
175,883
120,020
Property purchase
28,768
15,397
7,224
Steam electric power plant
11,682
594,849
Depreciation
563,600
563,600
821,884
Depletion
843,930
Taxes
349,159
303.596
256,692
Dividends paid
1,506,960 7.8)1959048(8.8)2,210208
(
Total deductions
$7,322,890 $7,640,640 $7,200,508
Balance deficit
$1,201,543
$763,666
$82,999
Surplus brought forward
1,189,403
949,934
1,032,933
Add-Properties purchased, &c.,
transferred to mines, plants, &c...._
392,671
1,003,135
.
Total surplus
$380,531 $1,189,403
$949,934
BALANCE SHEET JAN. 1.
1919.
1918. I
1919.
1918.
I Liabilities-.
$
$
Assas-3
*Property a •e't_..27,105,865 26,713,219,Capital stock
25,116,000 25,116,000
3
848,305,Outstand'g drafts_ 273,608
Balance in uiinks__ 647,791
371,749
27,156
19,0501Unel'in'd divs.,&c.
Balince with Supt.
18,503
5,126
309,594IDeprec'n reserve._ 3,387,863 1,971,130
Builim in transit... 214,382
210,000Profit and loss
510,000
Liberty bonds_ _
380,532 1,189,403
553,241
General supplies__ 671,316
29,170,511 28,653,408 Total
Total
29,176,511 28,653,403
* Property account consists of mines, stamp mills, regrinding plant,
cyanid plants, compressor plants, pumping plants, electric-lighting and
power plants, timber lands, assay office, buildings, refining plant, machine
-V. 106, p. 2340.
shop, foundry, water rights, franchises, &c.
Lanston Monotype Machine Co. •
(Report for Fiscal Year ending Feb. 28 1919.)
Pres. J. Maury Dove, May 1, wrote in substance:
Results.
-The net profits were $658,442,showing an earning of about 11%
on the $6,000,000 issued capital stock, 3156,300 greater than in 1917-18.
The Treasurer's report shows a general improvement in the company's
financial condition.
After the armistice was declared and certain restrictions that had been
placed upon our activities were removed, both our domestic and foreign
Monotype business immediately improved.
The company was enabled to increase its net earnings somewhat by profits
on contracts for war material executed for the English Government and also
for work done for the U. S. Government.
Pistol Contract.
-During the fall of 1918 we received an order from the
U. S. Government to manufacturel100,000 .45 calibre pistols, but before
we had completed the jigs, fixtures and special machinery, the armistice
was declared; on Dec. 10 work was ordered suspended, and the contract was
later canceled. This contract involved numerous sub-contracts. Our
claim against the Government for work done, material purchased and expenses incurred amounts to between $200,000 and $300,000. A comparatively small portion will be profit. This claim has not been finally adjusted,
but we have every reason to believe that it will be satisfactorily settled in
the near future.
This contract was not taken into consideration when figuring the total
amount of our business for the year.
Total
$9,915,029 $9,639,750
Total
$9.915,029 59,639,750
* After deducting $160,262 for amortiaztion of machinery account discarded obsolete machine parts, &c., written off for the year ending Feb. 28
1919 and $120,022 for the preceding fiscal year.
x A scrip dividend of 1
($90,000) was paid May 31 1918 in 6% dividend certificates dated May 31 1918 and due May 31 1919, with interest
payable semi-annually. These certificates were paid at maturity, the
$90,000 required being reserved therefor and deducted from treasury cash
before showing the $150,286 on hand in balance sheet of Mar. 1 1919.V. 108, p. 2026.
East St. Louis Suburban Company.
(Financial Statement for Year ending Dec. 31 1918.)
EARNINGS OF COMBINED COMPANIES FOR 12 MONTHS ENDED DEC. 31.
1918.
1916.
1917. Increase.
1915.
Gross earnings
$4,215,887 $3,692,472 14.2% 53,027,699 $2,466,969
Operating expenses
1
11,731,431
1.391.781
Taxes
13,303.317 2,481,520 33.1% 1 89,343
81,811
Net earnings
Interest,&c
$912,570 $1,210,952 *24.6% $1,206,925
813,289
785,382 3.6%
755,033
Surplus
Pref. dividend paid
$99,281
45,000
$54,281
Balance
$425,570 *76.7%
180,000 *75.0%
$245,570 *77.9%
$993,377
756,315
$451,892
$237,062
(3)180,000(3Y)210,000
$271,892
$27,062
* Decrease.
GENERAL STA TISTICS.
1917.
1918.
Revenue passengers carried
40,398,847 40,818,319
Transfer
6,851,858 7,313,666
Non-revenue "
979,947
922,629
Total
"
48,230,652 49,054,614
Receipts per revenue passenger
0613 cts. .05792 cts.
total passenger
.0514 eta. .04822 cts.
Expense per revenue passenger
.0527 cts. .03368 cts.
total passenger
0442 cts. .02862 eta.
Car miles (all cars)
6,291,512 6,693.665
Kilowatt hours sold
60,360,653 59,818,984
Number light and power customers
11,311
10,742
Cubic feet gas sold
59,342,500 57,131,500
Number of gas customers
3,179
3,192
BALANCE SHEET DECEMBER 31.
1918.
1918.
1917.
Assets
Liabilities
Securities owaed_ _23,470,775 23,200,785 Preferred stock_ _ _ 6.000,000
Adv. to sub. cos__ 433,071
Common stock_ _ _ 7,000,000
Organiz. expense_
10,116,000
11,323 Funded debt
Accr. int. receiv__ 104,338
Bills & accounts
Bills receivable..__
payable
8,000
678,330
262,500
Deferred accts_
2,806 Accrued accounts_ 187,763
Cash
11,775 Profit &
4,226
454,147
44
66
it
.6
1916.
37,399,240
6,631,941
204,944
44,236,125
.05422 cts.
.04586 eta.
.03015 cts.
.02549 eta.
6,434,579
41,062,043
9,477
44,455,900
2,911
1917.
$
6,000,000
7,000,000
10,116,000
172,500
178,169
438,350
Total
24,020,410 23,905,019
Total
24,020,410 23,905,019
For full financia Istatement concerning funded debt, &c., see "Electric Ry."
Section. V. 108, p. 784.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Blue Hill St. Ry.-To Operate Sharon & Nor. St. R.R.See Sharon & Norwood St. R. R. below.
-V. 107 p. 1836.
Boston Elevated Ry.-New Cambridge Subway Bill
Trustees' Report.
The Committee on Street Railways in the Mass. Legislature on July 7
acting on a recent message of Governor Coolidge as to street railways,
again reported a bill authorizing the Trustees to take action relative to the
sale of the Cambridge subway to the Commonwealth. A similar bill was
killed by the Legislature on June 11.
For the Trustees' statement as to the old bill and the increase of fares
from 8 to 10 cents, see "Financial Reports" on a preceding page of this
issue and V. 109, p. 67.-V. 109, p. 72, 67.
Bo3ton & Maine RR.
-Hampden RR. Favorable Decision.
The full bench of the Massachusetts Supreme Court on June 25 handed
down a de lsion overruling the exceptions of the Hampden RR. in its suit
against the company, entered at Springfield in 1914 to recover damages for
an alleged breach of an agreement to take a lease of the Hampden RR.
when completed.
The Hampden RR. claimed in the fall of 1913 that it had completed the
road and called upon the B. & M. to take the lease, which it refused to do,
taking the position that the road had not been completed, as the agreement
for lease provided that the road should be built from Bondsville to Chicopee
Falls and also to the Athol Branch of the Boston & Albany RR. The line
was carried to Athol Junction but was never built to Chicopee. The Hampden RR. claimed that Charles S. Mellen (then President of the B. & M.)
had told them that his company did not wish that section to be built.
V. 109, p. 72.
Brooklyn Rapid Transit Co.
-Committee.
See Nassau Electric RR. below.
Broadwlv Subway in Manhattan Opened 42d to 57th Streets.
See Rapid Transit in New York City below.
-V. 108. p. 72.
172
THE CHRONICLE
Canadian National Ry.—Liabilities.—
Hon. J. 13. Reid in the Canadian House of Commons on June 30, replied to the following questions: "(1) Has the Government, or the Canadian National Rys., decided to assume all liability in connection with the
outstanding bonds of the Canadian Northern Ry. system? (2) In the
event of the net earnings of the Canadian National Rys. for the current
fiscal year being insufficient to meet the interest charges on the bonds of
the Canadian Northern Ry. system, to whom must the bondholders look
for the payment of said interest? (3) Does Government, as the possessor
of the property mortgaged by the bonds of the Canadian Northern Ry.
system, repudiate liability for the payment of interest charges?" saying:
"(1) The outstanding bonds of the Canadian Northern Ry. System will
,
remain a direct liability of the Canadian Northern Ry. Co. and subsidiary
companies; (2) if the net earnings of the Canadian Northern Ry. are insufficient to pay the bond interest the Government has arranged to provide
for such interest for the current fiscal year; (3) the Government are the
owners of the capital stock of the Canadian Northern Ry., and the title
to the physical property is vested in the name of the Canadian Northern
Ry. This company is therefore, directly liable for payment of the interest
charges on the bonds issued on such property."—V. 108, p. 2432, 2122.
[voL. 1o9_, .
Denver & Rio Grande RR.—Federal Contract Signed.—
Director-General of Railroads /fines on July 1 signed the Federal operating contract between the Railroad Administration and the company fixing
the annual compensation at $8,319,376.—V. 109, p. 72.
Denver Tramway.—Important Court Decision Upsetting
Increased Rates Heretofore Granted by Colorado P. U. Commission.—The Denver correspondent of the "Chronicle,"
writing July 7, says:
In an opinion rendered by a divided Court of 4 to 3, the Supreme Court
on July 7 disposed of the motion of rehearing and upheld its former decision
that the Colorado Public Utilities Commission has no authority to fix rates
in home-rule cities under a State constitutional amendment. The cities
are Denver, Colorado Springs, Pueblo, Grand Junction, Boulder and Fort
Collins. The Court holds that the sole power to regulate rates is vested in
the people, and where the rate has been fixed by contract the Utilities Commission has no power to alter the agreement. In Denver this decision affects the Mountain States Telephone & Telegraph Co., Denver Gas & Electric Co. and the Denver Tramway Co.
The increase in telephone rates effective July 1 1918 are void. It is reEstimated Earnings—Proposed Government Appropriation
its bond all increase
ported that the company will refuse
for Deficit, Improvements, New Equipment, &c.—In the collected from July 31 1918, when it to refund under by the Federal Govwas taken over
course of a discussion by the House of Commons in Ottawa on ernment and the rates approved by the Postmaster-General, and the present
will continue until the Government releases the telephones,
July 5 regarding the "Further supplementary estimates" for increased ratereported to be in a month. The increased rate has amounted
which is to be
year 1919-20, the Hon. J. D. Reid, Minister of Railways to about $240,000.
The increase in gas rates from 60 cents per 1 000 Cu. ft. to 95 cents,
and Canals, said:
granted by the Commission in Nov. 1918, is likewise void, and the amount
I desire to give some information as to the operation of the railways of refund by the gas company.is estimated at $190,000. The company is
and the money that will be required in connection with them during the required to furnish 80
-cent domestic and 60-cent industrial gas, according
present fiscal year. For the Canadian Northern Railway system the gross to its franchise with the city.
earnings will amount to $94,000,000 and the working expenses, including
The tramway company must abide by the city ordinance, which became
will amount to $103,946,000, or a loss of $9,940,000. The effective July 5, restoring the 5-cent fare according to the franchise. The
fixed charges,
Government system's earnings, it is estimated, will amount to U7,321,485, General Manager of the tramway states that the company will run at a loss
and the working expenses $42,812,240, or a total loss on the Intercolonial of approximately $1.250,000 a year. He has cut the service and says he
and Transcontinental part of the Canadian National system of $5,490,755. will cut wages, which are now 48 cents an hour. The employees union
That is the statement made at the beginning of the year.
has said it will strike immediately upon any cut in wages. The city adIt is estimated that the loss on the Grand Trunk Pacific will be about ministration is reported to be prepared for handling a strike.
$9,000,000, and the loss on the Canadian National Railway system as a
About 1.200 employees went on strike July 8, following a reduction in
whole, say, roughly, $19,000,000, or a total of $28,000,000. In reply to a wages ordered by the company on July 7, when the Supreme Court upheld
question asked by a member last year, I would state that this estimate the right of the city to fix rates.
system. There
includes interest on all the Canadian Northern Railway
Five Cent Fare Restored.—
is nothing for interest on capital in connection with the Intercolonial or
Transcontinental Railway System.
The Denver City Council by a vote of 7 to 2 on June 30 repealed the
Expenditure on the construction of betterments this year on the Canadian ordinance passed Sept. 1918 to allow 6 cents fare with free transfer in the
Government end will be $11,121,600. [This item for the "Canadian Gov- street cars, thereby restoring the franchise rate of 5 cents. The repeal
ernment Railways" was explained to the House by Mr. Reid on July 4 as went into effect July 5.
-cent fare will give the company an
including: Lines east of Quebec, $6,004,068; Transcontinental west of
F. W. Hild Gen. Mgr. states: "A 5
Quebec, $993,280; Halifax terminals, $1,600,000; branch lines in New Income of $3,143,000 a- year, while the expenses now are $4,388,000, thereby
Brunswick, $500,000; mechanical department, $524,333; general appropria- leaving a deficit of $3,400 a week that must be met by reduction in service,
tions—construction and betterments, $1,500,000.—Ed.] On railway equip- In renewals, new construciton, repairs and, more to the point, a reduction
ment, rolling stock for the whole system, $20,000,000. That is the Cana- in wages besides the reducing of the forces by several hundred men in all
dian Northern, the Intercolonial and Transcontinental.
departments." The conductors and motormen now receive 48 cents an
On the Canadian Northern system only we estimate $21,421000, made hour, against a top wage of 30 cents an hour in 1916. The union has
up as follows: Western lines construction, $6,975,000; Western lines better- stated that it will strike before it will accept any reduction in wages.—V.
ments, $4,479,000; Eastern lines construction, $2,082000; Eastern lines 108 p. 2329.
betterments, $6,885,000; and general, $1,000,000. This means a total of
Detroit United Ry.—Negotiations for Sale Off.—
$9,057,000 for construction, and $12,000,000 for betterments.
The following is a summary of the moneys to be supplied to the board of
Negotiations by the Hydro-Electric Power Commission of Canada for
directors to meet the expenditures enumerated: Loss, $28,000,000; con- the purchase of the Sandwich Windsor & Amherstburg Ry., which is construction on the Canadian Government Railways, $11,121,000: equipment, trolled by this company through stock ownership have failed. The Detroit
rolling stock, &c., $20,000,000; Canadian National Ry. construction and United Ry., it is said, rejected the price offered by the Commission.—
betterments, $21,421,000, or a total of $80,542,000. These are the figures V. 108, p. 2433, 1511.
as estimated for the coming year.
Eastern Mass. Street Ry.—Officers.—
Query: Is the title of that rolling stock in the Department?
Mr. Reid: It is in the Canadian National Railway system and the GovThe trustees of the company announce the following new organization:
ernment is nominally owner of all stock. Contracts have already been Vice-Pros. & Gen. Mgr., R. B. Stearns; Asst. Gen. Mgr., Howard F.
given for locomotives for some $2,350,000: freight equipment, :58,650,300; Fritch: Gen. Aud., Caleb S. Jackson; Asst. Treas., Louis W. Wellman;
passenger equipment, $4,450,000; or a total of some $16,555,000 odd.
Attorney, Philip G. Carleton.
Query: What is the total investment in the railways and what are the
The Public Trustees appointed by the Governor, having assumed general
liabilities?
executive charge of the property, no President will be named.—V. 109, p. 72.
Mr. Reid: The amount given last year is $438,000,000, which has been
Eighth Avenue (N. Y.) RR.—Separatedfrom N. V. Rys
added to some $25,000,000 during present year for loss and for equipment.
Query: There is an item of $300,000 for Hudson Bay Ry. construction.
See New York Rys. below.—V. 106, p. 499.
Is it the intention to do the work in connection with these items this year?
El Paso & Southwestern Co.—Federal Manager.—
Mr. Reid: I have put $300,000 in the estimates to cover ties to finish the
Hudson Bay Ry. The rails will be taken from the main line where we are
A. E. Sweet has been appointed Federal Manager of this company and
putting on new rails, and as soon as we got the ties and rails we intend to the El Paso Union Passenger Depot with headquarters at El Paso, Tex.,
start the work on Hudson Bay.
to succeed G. F. Hawks resigned.—V. 107, p. 1003.
Query: Is it the intention to lay the rails this year?
Galveston-Houston Electric Co.—Six-Cent Fare Repealed.
Mr. Reid: If we get the rails and the men.—V. 108, p. 2432.
The newly-installed City Commission of Galveston, Tex. has repealed
Canadian Northern Ry.—Estimated Earnings for 1919- the 6-cent fare ordinance enacted by the former administration, under the
terms of which the Galveston Electric Co. was authorized to collect 6 cents
20—Proposed Appropriation for Deficit, Construction, &c.
for adult fares and 3 cents for children and students'fares.—V. 108, p. 1274.
See Canadian National Railway above.—V. 108, p. 2122, 2432.
Chesapeake & Ohio Ry.—Dividend Payment.—
The company duly received the necessary funds from the U. S. Railroad
Administration to pay the dividends recently declared, payable Juno 30.—
V. 108, p. 2329.
Chicago Milw. it St. Paul Ry. Co.—Paid at Mat.
The $2,496,000 La Crosse & Davenport Division 1st Mtge. 5% bonds
due July 1 1919, were paid at maturity.—V. 108, p. 2017, 1610.
Chicago & North Western Ry.—Dividend Paid.—
Referring to the declarations of dividends of $2 on the pref. stock and
of $1.75 on the common stock, payable July 1 1919 to holders of record
June 2 1919, conditional upon the release of funds by the Director-General
of Railroads, the dividends in question are now paid.—V. 108, p. 2329,1928.
Chicago Railways Co.—Interest Payment.—
The interest due July 1 on the Purchase Money 58 was paid as usual.
—V. 108, p. 1506.
Chicago Rock Island & Pacific RR.—Dividend.—
The Director-General of Railroads has approved the payment of dividends of 3A % on the 7% preferred and 3% on the 6% preferred stocks,
both to b3 made July 31 to holders of record July 19. The dividends were
held up by the officials in Washington some time ago presumably because
the railroad had not signed its contract with the Government.—V. 108,
p. 2132.
Georgia Coast & Piedmont RR.—Sale.—
This company's property, offered for sale at Brunswick, Ga., on July 1,
was bought at the upset price of $300,000 by Gordon & Freedman, N. Y.,
on condition that they shall be permitted to scrap the road and receive it
free from all liens. The sale has not as yet been confirmed by the Court
and the bondholders' protective committee will contest the sale.—V. 108,
p. 2329.
Grand Trunk Pacific Ry.—Estimated Earnings, &c.—
See Canadian National Railway above.—V. 108, p. 1274, 2022.
Hampden RR.—Decision Favorable to B. & M. RR.—
See Boston & Maine RR. above.—V. 107, p. 2008.
Hudson Bay Ry.—Construction.—
See Canadian National Railway above.—V. 106, p. 1837, 2757.
Indianapolis Street Ry.—P. S. Commission Approves
Plan—Consolidation Completed.—The Indiana P. S. Commission on June 30 approved the merger agreeinent subject to
ten conditions, all of which were at once agreed to by the
officers of the merging companies. The consolidation was
thereupon consummated under title of the "Indianapolis
Street Railway Co."
Henry Jameson, who was President of the Indianapolis Street Railway
Chicago Surface Lines.—Rehearing in Fare Case.—
Co., was chosen Chairman of the board; Robert I. Todd, who has been
The hearing on the appeal of the Chicago surface linos in the 7-cent fare Pres. & Gen. Mgr. of the Indianapolis Traction & Terminal Co., and who
case, from the denying order of the Illinois P. U. Commission has been Is Pres. of Terre Haute Indianapolis & Eastern Traction Co. was elected
set for Sept. 2 in Sangamon County Circuit Court. It is expected that the Pres. & Gen. Mgr. of the new company, while Joseph A. McGowan was
question of valuation will enter largely into the final outcome and the elected Sec. & Treas., and William F. Milholland, Asst. Sec. & Treas.
Chicago surface lines management is satisfied that an investigation will
The new company accepted the order of the I'. S. Commission as to modishow that this exceeds the amount of the capital account.—V. 108, p. 2122, fying the merger terms and agreed to use its best endeavors to secure com1936.
pliance therewith.
The stipulations of the order included briefly the following:
Cleveland Ry.—Strike Settled, &c.—
(a) The $2,500,000 Common stock which was to be issued in lieu of
8 after a two days' strike of the $5,000,000 Common stock of the Indianapolis Traction & Terminal Co.,
Street car service was resumed on July
2,600 employees who demanded an increase in wages from 43 cents an hour shall be reduced to $1,000,000 [said $5000,000 stock being held by the
the first :3 months of service, 46 cents the next 9 months and 48 cents there- mortgage trustee of the Terre Haute Indianapolis & Eastern Traction Co.;
after to 55, 58 and 60 cents, respectively, which was granted. Pres. Stanley it had been contended that this condition could not be complied with].
agreed to submit to arbitration the company's demand for an increase in (b) All payments of interest on bonds in sinking fund shall be permanently
stockholders' dividends from 6% to 7%•
discontinued. (c) The consolidated company shall assume the complete
The operating and maintenance allowance of the company was increased performance of the franchise obligation of each constituent company.
23i cents per car mile to pay for the wage demand and care for deficits, but (d) Until the further order of the Commission, 21% of the gross revenues
the emergency maximum fare provision for a 6 cent fare and 1 cent for shall be set aside in a separate fund too used for maintenance and depretransfer remains in the Taylor grant under which cars are operated. The ciation.
new fare of 11 tickets for 50 cents with 1 cent for transfer went into effect
(e) There shall be no retirement of the Prof. stock of the consolidated
July 8.—V. 108, p. 2433.
company before April 7 1933, or before the extended maturity date of any
bonds if extended. (f) The concolidated company shall apply to the ComCripple Creek Central Ry.—Capital Distribution.—
mission for approval of all stock and bonds to be issued other than the
A capital distribution (No. 1) of 1% was paid June 1 on the preferred stock to be issued under the consolidated agreement. (g) The Commission
Canton informs is in nowise bound or committed to provide rates which will permit or
stock from "the sale of capital assets." President A. E.
the "Chronicle" that the funds for this distribution were received from the enable dividends or interest charges to be paid on the stocks or bonds of
the
payment of bonds held in the treasury of the company, and he presumes the consolidated company. The Commission reserves to itself the right to
consoli,
"the payment of such a dividend would reduce the par value of the Pre- fix rates, independent of and unaffected by the securities of
dated company. (h) Nothing shall relieve the consolidated company from
ferred stock from $100 to $99 a sharo."—V. 108. n. 1936.
JULY 12 1919.1
THE CHRONICLE
173
the assumption of all the obligations, liabilities and claims of or against said
New Orleans Ry. & Light Co.—Coupons.-Indianapolis Street Sty. Co., or the Indianapolis Traction & Terminal Co.,
The interest due July 1
bonds, due 1935.
except as is provided in an agreement dated May 19 1919, between the still remains unpaid. The on the General Mtge. 4%% paid
coupon due Jan. 1 1919 was
April 1.
companies and the Terre Haute Indianapolis & Eastern Traction Co.,
covering $700,000 of notes of the Indianapolis Traction & Terminal Co.
Increase in Capacity of Gas Manufacturing Plant.—
(i) The consolidated company agrees that no direct payments into bond
A new unit will be added to the gas manufacturing plant of the New Orsinking funds shall be made until Jan. 1 1923, and until Jan. 1 1923 the leans Gas Light Co. within 90 days, which will increase the daily capacity
amounts of thetdirect payments which otherwise would be paid into said from 7% million to 11 million cu. ft. The new unit is designed to take care
sinking funds shall be utilized and expended for additions extensions, im- of the heavy demands upon the company during the winter seasons. The
provements, equipment or for other proper capital expenditures. (j) Dis- average daily consumption at this season of the year is approximately 4%
putes with the city shall be referred to the P. S. Commission, and the million cu. ft., but in midwinter it has gone as high as 93, million.—V. 109,
consolidated company agrees in respect thereto to abide by the decision p.
of the Commission, with the right to appeal as provided by law. Compare
V. 108, p. 2329, 2629.
72.
NewYork Chicago & St. Louis R.R.
-2nd Pref. Div.—
A semi-annual dividend of 2%% has been declared on the second pref.
Jackson (Miss.) Light & Traction Co.—Sold.—
stock payable July 22 to holders of record July 11. This is the first disA report from Jackson, Miss., July 3, says that the company's property tribution on the 2nd pref. since Jan. 1918.—V. 108 p. 1061.
has been purchased by M. H. Grossman of Milwaukee, whose bid was
New York Rys.—Transfer Charge-8th Ave. RR. Separated.
$5,000. subject to all liens, &c.—V. 108, p. 2241, 1390.
P. S. Commissioner Lewis Nixon issued an order on July 7 granting
Kansas City Railways.—Interest Deferred.—
Job E. Hedges, as Receiver of the company, authority to charge 2 cents
The interest on the 1st and 2nd Mtge. bonds due July 1 was deferred and for transfers at 99 of the 113 points of the system, where transfers have
the following notice was sent to the trustees under the respective mortgages: been given free. Receiver Hedges had asked for authority to charge 3
"Pending action of the P. S. Commission of the State of Missouri upon cents for such transfers.
Commissioner Nixon said in part: "This relief is temporary. The order
the company's application for an increase of fare resultant from a hearing
being held to-day, and the action of the city of Kansas City upon the pro- will continue in forte for one year. That will enable the city in the meanposed regulation of jitneys, the Kansas City Railways Co. is compelled time to make the necessary appraisals. If at the end of 6 months the
to defer payment of the interest due to-day upon its first mortgage bonds city is not satisfied with the appraisal of the Receiver, it is authorized to apply to have this proceeding reopened. This hearing, therefore, is adand upon its second mortgage bonds.
"The company is at present receiving a 6 cent fare authorized, under an journed to July 7 1920. This order is made upon condition that the lines
order of the I'. S. Commission of the State of Missouri, expiring July 15 of this company are not disintegrated. If they are, by order of Judge
next, so that the decision of the Commission in the hearing of to-day will Mayer, this Commission will make such further order as the situation deIn all probability be handed down before that date. An ordinance for mands."
It is expected that an order putting into effect the 2
-cent transfer charge
regulation of jitneys is pending before the City Council of Kansas City,
same having passed one house of the Council last night with probable action will be made in a few days.
Judge Julius M. Mayer in the U. S. District Court on July 11 made an
as to its final approval or disapproval within the next two weeks."
order separating the Eighth Avenue RR. line from the receivership of the
Company Makes Application for Ten-Cent Fares.—
New York Railways. The order carries with it the proviso that the conThe company on July 7 filed an application with the Missouri P. S. tract to be made by the Receiver with this line shall, in the matter of
Commission asking for an increase in fares, effective July 15, when the transfers, be the same'as if the severance had not taken place. The order
present 6-cent fare, under the Commission's previous order, will expire, to eliminates the danger of a 10 cent fare, as the old transfer system applies
10 cents for adult passengers for a single trip, but tickets to be sold at the until the order of P. S. Commissioner Lewis Nixon is confirmed or set
rate of two trips for 15 cents; children under 12 years, half fare. The Com- aside. Judge Mayer said he had come to the conclusion that the Eighth
Avenue line was not an asset but a burden to the estate under the receivermission took the application under advisement.
A press dispatch to the "Kansas City Star" on July 7 says: The President ship and should be severed therefrom.—V. 109, p. 72.
of the company, Colonel Kealy, on the witness stand, said in substance:
Pacific Gas & Electric Co., San Francisco.—Purchase.
The company has debts left over from last year of $2,700,000. Six months'
interest is now due. The operating expenses, based on the returns from —A. F. Hockenbeamer, 2d Vice-Pres. and Treas., in a letter
last June, were 6.54 cents a passenger, while the interes6 on debts of the
company represented 1.78% of its income. The income for May of the dated July 1, states:
This company'has made an offer to purchase the stock and properties
present year was a little lower in the percentage of outlay than for June.
The receipts from the passenger service in June were $829,000.—V. 108, of the Northern California Power Co. at the rate of $34 per share cash.
Northern California Power Co: has outstanding at the present time 100,000
p. 2120, 2022.
shares. Deposits of stock are now being received by the Mercantile Trust
Co. of San Francisco, Trustee under the purchase agreement, and unless
Lehigh Valley RR.—Dividend.-of the stock has been deposited
The company duly received the necessary funds from the U. S. Govern- and until at least two-thirdstime for depositing stock expiresthe agreement
not be operative. The
ment to pay the dividends recently declared payable July 5.—V. 108, p.2330. willofficial statement issued in San Francisco June 30 says: July 12 1919.
An
"The Northern California Power Co. has 525 miles of high-tension lines
Mahoning & Shenango Railway & Light Co.—New and 1,611 miles of low-tension lines. It possesses a very valuable power
Franchise Ordinance Provides Stabilizing Fund—Fare Increase. site on the Pitt River. The power site represents a potential development
of at least 90,000 h. p. on a stream whose normal flow during the arid
—Lee, Higginson & Co. have issued a statement saying:
months of the year averages something like 2,400 second feet, making storNew Ordinance.—The City of Youngstown, Ohio, granted this company a age reservoirs a superfluity.
renewal of the street railway franchise on "the service at cost plan," effective
"It owns six hydro-electric generating plans on Battle Creek and Cow
from Jan. 16 for 25 years. The old grant, under which the company was Creek, with an aggregate installation of nearly 50,000 h. p. At present
obliged to furinsh transportation at the rate of six tickets for 25 cents, still the Northern is producing and marketing 30,000 h. p. of electric energy."
had fifteen years to run.
Preferred Stock.—
•
Under the new ordinance there is included the abolition of tickets, which
The Cal. RR. Commission on July 8 authorized the issuance of $3,500,heretofore have been sold six for 25 cents, or 25 for $1. Free transfers will
not be issued, and the new system will start with a straight fare and 1 cent. 000 First Preferred stock to be sold at a price to net the company not less
charge for transfers, with automatic increase of stabilizing fund of $100,000. than $85 a share.—V. 108, p. 2631.
Provision for ticket sales at higher and lower point in the fare schedule is
Peoria & Eastern Ry.—Circular to Income Bondholders.—
provided.
Stabilizing Fund—This fund consists of $100,000, deposited in a special The bondholders' protective committee for the 4% income
account, plus (a) any interest earned thereon, and (b) the sum remaining mortgage bonds, in circular of June 25, say in substance:
after deducting from the gross receipts, all operating and maintenance,
This committee has been pursuing its investigations, as you know,for a
repair and renewal allowance.
The stabilizing fund is charged monthly with the return on capital value, considerable time, its progress having been slow, due to war conditions and
the taking over of the railroads by the Government.
of the estimated yearly taxes.
and one-twelfth
During our investigations, a charge of over $560,000 against this comFare Schedule.—The rates of fare, as shown below, may be raised or
This has been eliminated.
lowered, according as the stabilizing fund is not in excess of $50,000, or pany was discovered
W. A. Carnegie Ewen,formerly a railroad officer and one experienced in
exceeds $150,000:
9 tickets for 25c.
3c. cash.
, lc. transfer matters of railroad operation and accounting, has recently been added to
Rate A
your committee and has been appointed Chairman,in place of Mr. Wallace,
8 " " 25c.
Sc. "
1c. "
" B
" 25c.
who has resigned on account of pressure of other business.
7 "
"
1c
5c. "
" C
" 25c.
Mr. Ewen, as a security holder, had pursued an investigation of the
6 "
lc. "
Sc. "
" E
D
II
Peoria & Eastern Ry. affairs, and discovered a cash fund of the company
No tickets
lc. "
5c. "
II
F
to the amount of over $530,000 in the treasury of the "Big Four"[Cleveland
9 tickets for 50c.
lc. "
6c. "
41
G
Cincinnati Chicago & St. Louis Ry. tha lessee], which amount had been
" 50c.
lc. "
8 "
7c. "
At
It
deducted from the earnings of the Peoria & Eastern to provide for deprecia" 50c.
7 "
lc. "
8c. "
I.
/
" 50e.
tion and renewal of equipment. Interest on this fund is now being allowed
6 "
lc. "
9c "
by the "Big Four," and this interest more than offsets the interest charged
Rate E was put in force on the taking effect of the ordinance.
The company has applied for fare increases over its entire system. A 6c. against your company on $324,000. which sum, according to the Peoria &
Eastern balance sheet of Dec. 311918. is claimed to be due to the "Big 4."
fare is now in effect in the city of New Castle, Pa.
Our purpose is to see that the $534,000 is spent forthwith for equipment
Official Statement as to Suburban Districts.—In view of the fact that
opposition had been encountered on the application for increased fares in which is much needed, and thus reduce the charges for hire and repairs to
the suburban districts in Ohio, the following excerpt from a letter of Presi- equipment that have been made by the "Big Four." We are working on
dent Stevens is of interest: "I am glad to advise that we have just obtained several other important matters which we hope will eesult in changes that
25-year renewals of our street railway franchises in the cities of East Youngs- will affect the Peoria & Eastern favorably. Our Chairman intends within
town and Struthers, Ohio, permitting the company to automatically raise the next ten days to go over the line in order to ascertain and report upon
or lower its fare from time to time to the same fare which is in force in the the physical, traffic and financial conditions of the property, as well as the
city of Youngstown, which faro is based on the cost of service as defined in features of its operation as a leased line.
We are making substantial progress in the matter, and the outlook is
the now service-at-cost franchise, including a return to the company of
Peoria
7% on the investment. The new franchises contain no burdensome re- very encouraging for the security holders of theDaniel & Eastern.
Commiltee.—W. A.Carnegie Ewen,Chairman,
Chauncey,Thomas
strictions.
W.Mundy (of James H. Oliphant
Earnings —The earnings of the company, which showed a small decrease Denny (of Denny,Pomroy & Co.), FloydSweet &
Co.), with Crisp, Randall
& Co.) and Louis E. Waring (of Edward
should be greatly benefited by this new arrangement.
in 1918,
counsel,66 Broadway, N. Y. City: Leroy B. Dorland, Secretary to
&
Capitalization Outstanding—Earnings for Year 1918.—
Committee, 74 Broadway, N. Y. City, and Empire Trust Co., depositary,
Crisp,
Lee, Higginson & Co. In March last offered at 979'.f and int. $217,000 65 Cedar St., N. Y. City.
First and Consol. Mortgage 6% gold bonds, Series 13, of 1915, due Nov. 1
Pere Marquette RR.—Sale of Stock Interests of J. P.
1920, making the outstanding capitalization as follows: (a) Underlying
Divisional Mortgage 5% bonds on portions of property, $4,806,000; (b) Morgan & Co.—The large holdings of J. P. Morgan & Co.
bonds, Series A 5%, $11,200,000, and Series B 6%,
First and Consol. M.
$767,000: (c) Preferred stock 7% cum., $5,390,400; (d) Common stock, in the stock of .this property, both Common and Preferred
$10,628,600.
shares, were, it is understood, recently disposed of at pri1916.
1917.
1918.
1915.
Earns. (Cal. Yrs.)—
$5,465,677 $4,830,484 $4,001,699 $3,120,997 vate sale to two or more banking or other interests, and in
Gross revenue
$1,526,139 $1,578,229 $1,731,492 31,282,439 part, at least, have been resold by them on the N. Y. Stock
Net after taxes
$763,002
$670,769
$843,130
$666,198 Exchange on a rapidly advancing scale of prices, the ComInterest charges _ _ _
—V. 109, p. 72; V.i08, p. 2123, 784.
mon shares having risen from 123/h on Jan. 21 to 263-i on
Nassau Electric RR., Brooklyn, N. Y.—Bondholders' June 11, closing yesterday at 25%•
Committee.—Holders of the Consolidated Mortgage 4%
One block of 40,000 shares of the aforesaid Common stock is said to
named at about 20
have been acquired from the
bonds due Jan. 1 1951, on which the interest falling due the Exchange at prices rangingfirmhigh as 25 or better. and marketed on
What the buying
as
July 1 1919 remains unpaid, are requested to send to the movement means and what interests, if any, are accumulating the stock,
The interesting circular compiled
for what purpose,
Secretary of the committee named below the number and andWhite, Weld & Co. is not known.road was cited last week.—V. 109,
regarding the
by
description of the bonds held'by them:
p. 73.
Committee: E. P. Maynard, President Brocklyn Tryst Co.t A. A.
Philadelphia Co., Pittsburgh.—Sub. Co. Bonds Offered.
Jackson, Vice-Pres. Girard Trust Co., Phila., Pa.•, Hon. Elon R. Brown,
Watertown, N. Y.; lialey Fiske, Pres. Metropolitan Life Insurance Co.;
C. A. Peabody, President Mutual Life Ins. Co., and Beekman Winthrop,
Robert Winthrop & Co., with Austin W. Penchoen, Secretary, 177 Montague St., Brooklyn. 'the llooklyn Trust Co., Brooklyn, and Girard
Trust Co., Philadelphia, are the depositaries, but no deposits are called
for as yet. See Brooklyn Rapid Transit Co. in V. 109, p. 71.—V. 84, p.
1284.
National Railways of Mexico.—Officers.—
Colonel Pauline) Fontes has been appointed General Manager to succeed
Felipe Pescadora, resigned. Asst. Sec. E. E. Bashford has also been made
Asst. Treasurer, to succeed F. M. Souther. deceased.—V. 108, P. 1816.
See Duquestit‘ Light Co., Pittsburgh, under "Industrials" below.—V.
108,1). 2630.
Pittsburgh Cincinnati Chicago & St. Louis Ry.—
Samuel Rea, President of the Pennsylvania RR. Co. and of the Pennsylvania Company, commenting upon recent current rumors of a proposed
acquisition of the minority holdings of this road, said that neither the directors of the Pennsylvania Company nor of the Pennsylvania RR. Co. had
given the matter consideration, and that the present did not seem a very
propitious time, considering the financial conditions and the uncertainty
as to the future railroad policy of the country, for the carrying out of any
such measure.—V. 108, p. 2529, 2123.
174
THE CHRONICLE
Rapid Transit in N. Y. City.—Service Extended...—
The Broadway subway of the B. R. T.was extended from Times Square,
its present terminal, to 57th St., and Seventh Ave., at midnight on July
9, the express service was extended from Union Square to Times Square
on the same date, and some time between Aug. 15 and Sept. 15 the service
will be extended to 60th St. and Lexington Ave. The full service to
Queensboro Plaza, via tunnel under the East River, is expected to be in
operation early in the coming year.—V. 108 p. 2630, 2241.
Roanoke Traction & Light Co.—Bond Call.—
Nineteen ($19,000) First Mtge, & Collateral Trust 5% S. F. gold bonds
dated Aug. 1 1908 have been called for payment Aug. 1 at 105 and accrued
interest at the Baltimore Trust Co., Baltimore.—V. 94, p. 983.
St. Louis Southwestern Ry.—Interest Payment.—
Interest amounting to 2% was paid on July 1 on St. Louis Southwestern
Ry. 2d Mtge. 4% bonds, due 1989, for the six months ending July 11919.
—V. 108. p. 1166.
Sandusky (0.) Norwalk & Mansfield El. Ry.—
This company's line, about 24 miles in length, may be junked, according to an assertion made by C. G. Taylor, receiver, who is quoted sa saying:
The star of the interurban line seems to be setting. There is too much
competition. The automobile has absorbed a large per cent of the passenger traffic, and now comes the automobile truck to take away what little
freight business there is."
It is stated that the steel, copper, ties, cars and other equipment would
bring $175,000 or more in the open market.
Sandwich Windsor & Amherstburg Ry.—Purchase Off.
See Detroit United Ry. above.—V. 75, p. 1400.
Sharon (Mass.) & Norwood Street RR.—Operation.—
A press despatch from Boston July 4 states that Frederick A. Prince
has announced he will buy the company's line outright and operate it in
behalf of the town of Sharon. At a special town meeting July 2, the
citizens voted to co-operate with him and will appropriate $1 per thousand of the valuation of the town to be used should there be a deficit in
operating expenses. The citizens will also back him by forming a stock
company. The road will take over the old franchise. The Blue Hill
St. Ry. Co. will operate the road for the citizens of Sharon for the cost of
motorman, conductor and a given amount per mile. Operations start
• Aug. 1.
Texas State RR.—Offer to Purchase.—
The "Houston Post" states that Thomas Cronin of Palestine, Texas,
owner of the Bartlett & Western Ry., has offered to purchase this 38
-mile
road, owned by the State of Texas, for about 3120,000, agreeing also to extend it to a connection with the B.& W.(V. 108, p. 1935).—V. 106, p. 930
Toronto Ry.—Strike Settled—Offer to Sell Out.—
Street car service was resumed on July 4 after 12 days on the announcement that the Ontario Railway and Municipal Board had agreed to accept
the interim award of the Board of Conciliation to the employees granting
them a minimum wage of 50 cents an hour and a maximum wage of 55
cents.
Robert John Fleming. Manager, in a letter to the Mayor offering to sell
oat to the city says: "I have been asked if the company would be willing
to sell to the city the property now upon the terms and conditions provided
for sale in Sept. 1921. In my opinion the directors would entertain such
a proposition favorably provided the city would agree to take until Sept.
1921 the power required in operating the property upon the conditions
named in the contract made in 1903 between the Toronto & Niagara Power
Co. and the Toronto Ry. Should you desire it I will be pleased to furnish
you with a copy of said contract."—V. 108, p. 2331, 1276.
Vincennes (Ind.) Traction Co.—Receivership.—
On a petition filed by the Mercantile Trust Co.. St. Louis, Mo.,against
the Vincennes Traction Co.and the City Trust Co., Vincennes, E. C. Cheobold of Vincennes has been appointed receiver by Judge A. B. Anderson
in the U. S. District Court.
Western Maryland Ry.—Bonds Authorized.—
The Maryland 1'. S. Commission on June 27 authorized the company to
issue $2.857,000 First & Ref. 5% bonds to be pledged as security to a note
for $2.000,000 bearing 6% int. to be given the Director-General of RRs.-V. 108, p. 270.
Winnipeg Electric Ry.—Strike Settled.—
The general sympathetic strike which had been in progress at Winnipeg
from May 15 ended on June 24 according to an announcement issued by the
Central Strike Committee, which has been conducting the strike, ordering
all men back to work on June 26. The terms of the ending of the strike are
not clearly outlined in dispatches from Winnipeg; however, the strike
leaders have been unable to obtain any concessions and the surrender
appears to be unconditional. The Provincial Government has appointed
Judge H. A. Robson a commission to inquire into the origin and the whole
circumstances surrounding the strike.—V. 108, p. 1513, 880.
INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co., Inc.—Plan Approved—Directors
and Officers.—The stockholders on July 10 approved the plan
of reorganization outlined in V. 108, p. 2243.
The following were elected directors and officers:
Directors.—G. C. Holt, B. B. Odell, Sol. Wexler, S. M. Schatzkin,
Alfred T. Holley, F. H. Prince, Guy W.Currier, T. L. Watson, W.P. Foss.
Officers.—President, B. B. Odell; Vice-President, G. C. Holt; Secretary,
and Treasurer, F. E. Fenton.—V. 109. p. 74.
Alaska Gold Mines Co.—Ore Milled (Tons).
Month of June
Jan. 1 to June 30
Official.—V. 108, p. 2434, 2243.
1919.
159,510
1,026,984
1918.
82,600
778,945
1917.
202,490
1,183,774
Allied Packers of Canada, Ltd.—Organized.—
This company was incorporated in Ottawa July 3 with a capital of $10,000,000, par $100, of which $9,000.000 issued and owned by Allied Packers,
Inc., N. Y. City. The company will own and operate the plants of
Matthews Blackwell, Ltd.. situated throughout the Dominion.
Allied Packers, Inc.—All Sold—Companies in Merger.—
It was announced yesterday that the syndicate headed by
Imbrie & Co. had sold the entire issue of $i6,000,000 20
-year
cony.6% bonds and the syndicate closed. (V. 109, p. 74.)
The following is a revised list of the companies which are or will be
acquired by the Allied Packers, Inc.:
Parker, Webb & Co., Detroit, Mich. W. S. Forbes & Co., Richmond, Va.
C. Klinck Pack. Co., Buffalo, N. Y.I Macon Packing Co., Macon, Ga.
F. Schenck & Sons, Wheeling, W. Va. I Batchelder & Snyder Co., Boston.
Ma.thews-Blackwell, Ltd., Toronto. I
Morrell & Co. are not included in the new company. As to other matters
see last week's "Chronicle," page 74.
Listed—Sub. Co.—
The Governing Committee of the Chicago Stock Exchange has admitted
to the regular list 80,000 shares common stock of no par value, and $16,000,000 20
-year Convertible Sinking Fund 6% Debenture bonds.
See Allied Packers of Canada. Ltd., above.—V. 109, p. 74.
Amalgamated Sugar Co.—New Stock—Bonds Called.—
The company has closed negotiations with the Bankers
Trust Co., N.Y.,for the purchase of $5,000,0008% Preferred
stock, proceeds of which will be used for the retirement of
$3,750,000 7% bonds (see below), and for working capital.
It is understood a public offering will be made in the near
future.
[VOL. 109.
All of the outstanding First Mtge. 77, Serial Convertible Gold bonds of
Series "B ' ' "D " and "E ':chave been called for payment Aug. 1 at
"0
and accrued interest latithe Continental,k,Commercial Trust &
102
Savings Bank Chicago.—V. 169; p. 74.
American Foreign Securities Co.—Payment of Notes.—
All of the outstanding 3
-year 5% gold notes dated
paid at maturity, Aug. 11919, at J. P. Morgan & Co. New
'
p. 2023.
1916 will be
ork.—V. 108.
•
American Public Utilities Co.---Dividends Discontinued
Pending Application to Obtain II Wier Permanent Rates for
Services Rendered.—President Jos. H. Brewer in circular
dated at Grand Rapids, Mich., July 1, and addressed to the
preferred stockholders, says in part:
When the directors in March 1918 determined to pay dividends in scrip,
It was anticipated the temporary advances in rates which had then been
granted and the additional increases which were later secured would carry
the properties along until the war was over and that when that time was
reached labor and material would resume their normal prices and the company would be able to again make payment of dividends in cash, taking
up the scrip as it became due or at an earlier date.
The increases in rates have not been sufficient to offset the increases in
operating expenses of the subsidiary companies and it is apparent that the
prices of labor, coal and other commodities which our subsidiaries have to
purchase will not be materially reduced for some time to come. The State
Commissions and other rate-regulating bodies have taken the position that
they would grant increases only sufficient to carry the companies along until
the coming of peace (on the assumption that conditions would then return
to normal) and have not made any attempt to fix rates which would enable
the companies to pay dividends on their stocks.
It is apparent that, in common with many others, we have been mistaken in this assumption and the present high prices of labor and materials
are here to stay, at least for some time. Not only must the temporary
emergency rates heretofore granted be extended, but permanent higher
rates must be secured by our subsidiary companies to meet the existing
costs of operadon and until such increases are granted and the income of the
several.companies thus placed on a stable basis, your directors deem it
prudent to discontinue the payment of dividends.
The directors are very hopeful (now that tha new conditions are actually
apparent) that higher permanent rates may be speedily secured.
Status of Leading Subsidiary Companies.
The Utah Gas & Coke Co. was permitted in June 1918 to increase the rate
charged for gas 20 cents per 1,000 Cu. ft. This was not sufficient to cover
the cost of operation and application was made for further relief, which was
granted in April 1919. being an increase of 12}i cents per 1.000 cu. ft.
These two increases are taking care of the operating expenses, fixed charges
and depreciation. Application will be made very soon for a permanent
higher rate which will involve adding 20 cents to the rate now charged.
In December 1917 the Wisconsin-Minnesota Light & Power Co. was granted
increases in gas rates at its several plants of 10 cents per 1.000 cu. ft. It
was discovered that this relief was not at all in keeping with the increases
in operating expenses and in June 1918 application was made for further
increase in gas rates and for permission to add a surcharge to all electric,
street railway and water rates. After prolonged hearings the Railroad
Commission of Wisconsin granted additional increases in gas rates and
permitted the making of a surcharge on only a very small portion of the
company's electric business; the street railway and interurban fares were
Increased, as were also the water rates.
The increases in the gas rates were sufficient only to cover operating
expenses and have not afforded any return whatsoever upon the investment
in the gas plants. The electric and other surcharges which were authorized
have not anywhere nearly compensated for the losses due to the increased
operating expenses, which at the time had become very burdensome indeed.
The net earnings each month during 1918 showed a very considerable decrease over 1917 notwithstanding the company had brought into operation
a very substantial added Investment.
The net earnings reached their lowest point in December 1918, but in
January 1919 showed quite a marked improvement, which has continued
each month until now. The showing, however, is not satisfactory nor
have the company's earnings reached normal.
The Merchants Heat & Light Co. of Indianapolis was permitted to add
certain surcharges to its rates early in 1918 and these surcharges were increased in August 1918. These increases were sufficient to keep that company upon a fairly stable basis but do not yield the return to which the
company is entitled.
The smaller subsidiaries have had similar sxperiences.—V. 107, p. 2378.
American Straw Board Co.—Further Data.—In connection with the offering of 81,500,000 First Mtge. and Coll.
trust serial 7% gold bonds in last week's "Chronicle" by
Robert Garrett & Sons, Fidelity Securities Corp. of Md.,
Baltimore, and Otis & Co., Cleveland, a circular shows:
Company.—Incorp. in 1889 in Illinois. The present management
assumed control in 1912 and has placed the business upon a stable and
profitable basis. Owns in fee, 8 plants located respectively at Quincy and
Wilmington, Iii.; Noblesville, Ind.; Chestertown, -Md.•, Circleville, Piqua
and Tippecanoe'
City, 0., and Winchester, Va., which produce annually
about 60,000 tons of board, of which 50,000 tons is straw board, about
one-third of the entire output of this product in the United States. Upon
the completion of a new mill under construction at Quincy, Ill., total production will be increased to 75,000 tons annually.
Controlled Companies.—Owns (a) $1,000,000 pref. stock and one-half of
the coin. stock of the Ironside Board Corp. Norwich, Conn., whose plants
and properties are valued in excess of $1,1)00,000; (b) the entire capital
stock of the Queen City Paper Co., Cincinnati, 0., representing an investment of about $150,000; (c) also the capital stock of the Lignistra Fibre
Products Co., Barberton, 0.; based upon tangible assets, the value of the
stocks of these 3 companies exceeds $1,200,000.
Earnings.—Net earnings calendar years after deducting excess profits
and income taxes 1918. $558,120; 1917,$530,281; 1916, $600,835; an annual
average of $563,079 or more than 5 times the maximum interest requirements, including this issue, and more than twice the average requirement
for the payment of both maturing principal and interest.
Financial Statement as of May 31 1919, After Applying the Proceeds of the
Present Bond Issue
Assets—
Liabilities—
Lands, buildings
0 0
$3,759,889 Capital Stock issued
$2:5 4:05
1 7 02 0
Cash
194,261 Bonded debt
Notes & accounts rec _ _
133,286 Notes payable
201,188
Inventory143.333
766,804 Accounts payable
Invest.& adv. to affil. cos 1,214,761 Accrued taxes, &c
17,207
Other assets
119,688 Reserves for taxes, &c..___ 1,646:0 7
2
2 3 53
6 0
Good-will
50,000 Surplus
Prepaid items, &c
$6,476,417
237,728 Total (each side)
Officers & Directors.
-0.C. Barber (Pres.), C. E. Hawkins (Gen. Mgr.).
0.11. Palmer (Vice-Pres. & Treas.), K. S. Smith (Sec.), Fred. Davenport,
L. A. Wiley, B. A. Brennan, C. S. Eaton.—V.109, p. 75, V. 102,P. 1989.
American Sugar Refining Co.—Extra Dividend.—
An extra dividend of
of 1% has been declared on the $45,000,000 outstanding common stock, along with the regular quarterly of
%, both
payable Oct. 2 to holders of record•Sept. 2. An extra of
of 1% has been
paid quarterly since July 1918.—V. 108, p. 2023, 1166.
American Thread Co.—Annual Report.—
March 31 Years—
Gross profits
General &c. expenses
Interest charges
Depreciation
Preferred dividend (5%)
Common dividend
Contingent reserve
Balance surplus
x Thirteen months.
20'n
y1916-17.
x1917-18.
1918-19.
$3 935 013 $5 912 874 $2 625 068
$465 864
$880 847
$792 209
239 314
343 204
401 555
501 721
630 342
591 469
244 524
244 524
244 524
(5%)270 000(23)1242 000 (17)918 000
1 950 000
250 000
$1 635 256
$621 957
$5 640
y Twelve months ending Feb. 28 1917.—V. 107 p.
THE CHRONICLE
JULY 12 1919.1
-New Mortgage.
American Writing Paper Co.
The company is filing,for record its /1(`NV 112,000,000 mortgage, Old Col-V. 108, p. 2631.
ony Trust Co. of Boston as trustee.
-Purchase-Sale of
Auburn: V(Ind,) Automobile Co.
,
Stock.-F.1114, Hitt+cock & Co., Chicago, announce that they
have purcridsed'and placed privately a block of the Preferred
and Common stock of this, an Indiana corporation, incorp.
on or about June 26 viritiva, capitalization of $1,000,000 7%
Preferred stock and 30,000 shares Common stock of $2.5
par value. The firm reports:
175
Balance Sheet as of Dec. 31 1918 [After Giving Effect to this Financing and
Appraisal of Assets].
.
$1,125,000
-Cash
$343,674 Common stock
Current
1,000.000
20,000 Preferred stock
Liberty Loan bonds
168,000
Accounts receivable
209,145 Notes payable
226.998
Inventory-packages ____
52,927 Accounts payable
24,213
164.627 Dividends payable
Raw material
515,287 Accrued int., county taxes
Finished goods
21,375
& insurance
Miscellaneous accts., &c_
20,538
-For Fed. taxes
11,176 Reserves
Prepaid expenses, &c
40,000
& contingencies
250,000
Patents
164.311
-Land
100,000 Surplus
Permanent
$2,769,896
Bldgs.& equipment_ ___ 1,177,834 Total (each side)
Less deprec_ ---$95,312 1,082,522
Compare V. 109, p. 75.
This company has taken over the automobile business of the company
of a similar name, engaged for over 15 years in the production of mediumCluett, Peabody & Co., Inc.-Priccs.priced automobiles. The new capital being placed in the business will amply
This company and George P. Ide & Co. have increased the price of collars
provide for the large increase in production which is well under way.
-V. 108. p. 583, 575.
The former management, including Morris Eckhart, President and prin- to retailers from $1.90 to $2.10 a dozen.
cipal stockholder, will continue as officers of the new company, supple-Capital Increase.
Commonwealth Petroleum Co.
mented by the addition of Mr. Arthur Kemp as Vice-President and TreasThe stockholders on July 7 voted to increase the authorized capital stock
urer. Mr. Kemp was formerly Assistant Cashier of the First National
President
Vice-President of the H. H. Franklin Mfg. from 200.000 shares to 5,000,000 shares, of no par value. used in acBank of Chicago and recently
Mackay, it is stated, explained that the new funds would be
Co., Syracuse, N. Y.
-V.109. p. 76.
The board of directors will be as follows, and includes a number of Chicago quiring new properties.
this company: Morris Eckmen who have recently become interested in
-Initial Pref. Div.
Consolidated Cigar Co.
hart, President, Auburn, Ind.; Arthur Kemp, V.-Pres. and Treas. Auburn,
An initial dividend has been declared at the rate of 70/ per annum for
r.
Ind.• James I. Farley, V.-Pes , Auburn, Ind.; Judge J. H. Rose, Fort
and Ralph A. Bard, the 334 months ending Aug. 31. This dividend is equivalent to about $2
'
Wayne, Ind.; H. H. Hitchcock, Wm. Wrigley Jr.
a share and is payable Sept. 1 to stock of record Aug. 15.
Chicago.
-Extensions Near Completion.
Bethlehem Steel Corp.
The "Iron Trade Review" of July 3 has an illustrated six-page article on
the Sparrows Point, Maryland, steel plant extensions, now nearing completion.
-V. 108, p. 2631. 2435.
(J. G.)Brill Co., Phila.-3% on Pref. Div. Accumulations.
The regular quarterly dividend of 10/ and an extra of 3% on accumulations have been declared on the $4,580,000 7% pref. stock, both payable
Aug. 1 to holders of record July 23. The accumulations after this payment
will, it is understood, be only % of 1%.-V. 108,13• 975, 681.
-Status First Consols.
Brooklyn Ferry Co.
-year gold
On inquiry we learn that the holders of First Cons. 5% 50
,
bonds of Brooklyn Ferry Co., or the certificates of deposit issued therefor
received nothing from the sale of the property of the Brooklyn & N. Y.
Ferry Co. and are thought to be worthless. Compare Brooklyn & N. Y.
Ferry Co. in V. 106 p. 89. V. 105 p. 1711, 1106. 821, 609.
-Earnings-Listing.
Brown Shoe Co.
Net sales
Net profit
Preferred diva. (7 p. a.)
Common divs. (6% p. a.)
Federal taxes
Special reserves
6 Mos. to -Oct. 31 Years
1916-17
Apr.30'19. 1917-18.
$12.809,883 $30,825,715 $21,882,016
$1,150,854 $1,838,385 $2,078,560
244,470
22,500
248.955
360,000
360,000
180,000
410,000
500,000
900,000
def.$43,616 sr$1,059,605 sr$1,203,507
Balance, sur. or der
The N. Y. Stock Exchange on July 9 authorized the listing of $2,000,000
additional pref. stock when issued and full paid, making the total listed
$5,500,000. The directors on June 26 voted to sell this stock in order to
-V. 108, p. 82.
increase working capital.
Earnings for Quarter ending March 31.-
A statement submitted to the N.Y. Stock Exchange as of June 18 shows
annual results as follows:
-Output of Cigars- -Annual Earnings
1918.
1917.
1918.
1916.
1917.
xT. J. Dunn & Co_ _134,527.758 91.127.323 $337,062 $364,933 $104,228
E. M.Schwarz & Co.
Inc
108,674.412 94,867,574 196,465 186,510 156.714
'
23,718
17,149 def.9.797
xEl SideloCig.Co.,Inc.19,084,743 23.128,704
1.513 197,053
Utiles Cigar
46,672,130 49.345,314 169,827
308,959.043 258,468.915 *720.503 $543,159 $481.713
The total.profits of the vendor companies acquired, for the 3 mos. ended
March 311919. were 3121,994, from which dividends of $20,150 were paid
by them, leaving surplus of 3101,844.-V. 108, p. 2632.
Consolidated Interstate-Callahan Mining Co., N. Y.
-Stock Pool-Shipments of Zinc Ore.
President John A. Percival, N. Y., in circular of July 8 says in brief:
"Your directors have closed arrangements with New York financial
interests to provide for strong market sponsorship for your stock. To
accomplish this result, your directors, together with the larger stockholders,
have escrowed their personal holdings, totaling approximately 120,000
shares, for one year, during which time these shares are neither transferable
nor salable. We feel sure that the stockholders in general will appreciate
this move for a broader and more active market for the shares.
"The zinc market has strengthened considerably,'and is now over 7 cents.
This price for our principal product justifies ore shipments, and we have
ordered our Mine Superintendent to resume such shipments under our contracts as soon as the mill can be placed in operation. [The "Engineering Sr
Mining Journal" of N. Y. on July 5 contained an article by expert Pope
Yeatman on the war's influence on the zinc industry.-Ed.1-y.108,p.2531.
-Strike.
Corn Products Refining Co.
-Extra Stock Div.
Burns Bros. (Coal).
The company's plants at Argo and Pekin, Ill., with about 3,000 and
An extra dividend of 234% payable in stock has been declared on the 700 employees, respectively, are closed down. A strike was ordered for
common stock in addition to the regular quarterly cash dividend of 234%. the reason that the company would not agree to the request for a closed
both payable Aug. 15 to stock of record Aug. 1. An extra of 234% in stock shop. The company's position is: It makes no discrimination between
was also paid in Feb. and May last and Nov. 1918.-V. 108, p. 2244.
union and non-union men.
-V. 108, p. 1723, 1392.
-Earnings-Stock.
Bush Terminal Co., N. Y.
1919.
$754,991
704,688
132.586
161,733
9,840
Four Months to April 30Gross earnings
Net earnings
Taxes
Interest charges
Sinking fund
1918.
$695,863
562,153
100,549
150,750
10,067
$400,529
$300,788
Balance,surplus
The N. Y. Stock Exchange has authorized the listing of $148,600 additional common stock, when issued July 15. in payment of 234% stock dividend, making the total listed $6,092,100.-V. 108, p. 2631.
-Production.
Butte & Superior Mining Co., Ltd.
Zinc (pounds)
Silver (ounce)
-V. 108, p. 2530, 2331.
1919-6 MO3.-1918.
-June-1918.
1919
185.000 48,875,000 74,250,000
9,750,000
936,000
225,000
1,445,000
11,500,000
-Production (lbs.).Calumet & Arizona Mining Co.
Month of June
6 months to June 30
-V. 108, p. 2435, 2332.
1918.
1917.
1919.
4,232,000
4,142,000
4,928,000
22,188,000 25,408,000 31,598,000
-Output (lbs.).Cerro de Pasco Mining Co.
1918.
1919.
_
Month of June
Jan. 1 to June 30
-V. 108, p. 2332, 1939.
4 026 000
28,100,000
5,874,000
37,088,000
1917.
5,032,000
33,236,000
-Merger.
Cleveland Furnace Co.
-V. 101, p. 2125.
See Otis Steel Co. below.
Cleveland Macaroni Co., Cleveland.-Pref. Stock, Plant,
&c.-Pres. Frank M. Gregg, Cleveland, 0., May 22, referring to the sale of $1,000,000 7% Cum. Prof. Stock (see
offering by Worthington, Bellows & Co. in V. 109, p. 75)
says in substance:
increased
capitalization will be
-The proceeds of the
Purpose of Issue.
used to retire the outstanding bonded debt ($450,000) and to supply additional working capital for the large increase in business now being offered.
Never has the company failed to show an increase in the annual turnover.
From 1913 to 1919 (estimated) the volume of our business will have
increased in turnover about 900%. During the past two years the Government restricted our output and our present demand is taxing our plant
to day and night capacity.
-The company was established in 1873 and at present
Mstory, Plant, &c.
and when new maowns the largest macaroni plant in the United Stateslargest
in, the world.
,
chinery already arranged for is installed, it will be the
The present daily capacity of the plant is 12,000 cases, equivalent to
or an annual capacity of 86,400,000 Packages.
288,000 packages,
About seven years ago the company's management found macaroni
dried and handled in a crude and unsanitary manner. We developed a
drying system, hydraulic presses, cutting machines, automatic conveyors
and packing machines, until every department was equipped with our own
machinery. In 1916 we built the finest macaroni plant in the world,
equipped with machinery of our own design, every machine patented and
in several instances we have patented important processes. The company
is not only the largest producer of macaroni, but also the pioneer in tho
application of machinery to the art of macaroni making. Flour is poured
into the hopper and the macaroni comes out in packages, practically without being touched. Our macaroni, spaghetti and egg noodles are known
as the "Golden Age Brand" of national reputation.
*Net Oper.
Production.
Profit.
Sales.
(Lbs.)
Year$43,248
$371,680
5,688,100
1913
1.005,621
114,201
13,666,406
1916
1,989,606
235,452
32,107,169
1918
300,000
3,000,000
43,000,000
1919 (conservative estimate)
* Before Federal taxes and depreciation.
-Mr. Childs a Director.-William
Crucible Steel Co.
Hamlin Childs, President of the Barrett Mfg. Co. of N. Y.,
has been elected a director to represent a large interest in
the stock acquired by him individually or with associates.
The statement that Mr. Childs will be elected President is pronounced
untrue, while the report that the interests he represents have accumulated
between $7,000,000 and $8,000,000 of the stock is not confirmed. The
common shares which sold on the N. Y. Stock Exchange at 5234 Feb. 7
1919, touched 120 July 7 and closed yesterday at 1163.1.-V. 108, p. 2632.
-No Dividend.
Cumberland Pipe Line Co.
The company, which for a number of years paid its dividend annually
but last year paid also a dividend in July, has so far declared no mid-year
dividend for 1919 and it is generally believed that on account of the heavy
Federal taxes for 1918 a readjustment of which is being sought, no distri-V. 108, p. 584.
bution will be made to the shareholders at this time.
-New Preferred Stock and
Dallas Power & Light Co.
Mortgage Bonds-Refunding, &c.
Mayor Wozencraft and the Board of City Commissioners, of Dallas, on
June 30.sanctioned the issuance of not more than $1,500,000 in 7% Cum.
-year mortgage bonds.
Pref. stock and $5,000,000 6% 30
Digest of Statement by President J. F. Strickland.
of the aforesaid Preferred stock and $4,500,000 in
One million dollars
aggregate of the bonds will be sold at par, from which the company will
receive in cash $5,500,000, less commission, to obtain the sale at par of 5%
or $275,000 or a net total in cash of $5,225.000.
From this net amount the following outstanding obligations of the company will be paid: 1st M.7% notes due Feb. 11920, $1,000,000. plus % of
0
17 (necessary to be paid in calling these notes), $5,000; total, $1,005.000:
6% unsecured notes, due April 1 1922, 34.000.000; total cash required to
retire above securities, $5,005,000. This will leave a cash available for
corporate purposes, to be expended pursuant to the provisions of the
company's franchise, the sum of $220,000.
Of the securities to be authorized as above, $500,000 of the Preferred
stock will remain unissued, and $500,000 of the bonds will be placed in the
treasury of the company. The stock so to be issued will be 7% Cumulative
Preferred stock. The bonds so to be issued will bear 6% interest and
mature in 30 years.
The existing First Mortgage notes and unsecured notes above referred to
will be called and paid off on or before Aug. 31 1919.
The issuance or sale of the Preferred stock above referred to will only
be done upon the consent of stockholders holding not less than 900/ of the
outstanding Common stock. The $500,000 of bonds to be placed in the
treasury of the company, as above set forth, will not be disposed of without
-V. 108, p. 2332.
the consent of the commission.
Davis-Watkins Dairymen's Mfg. Co., North Chicago,
-Ames, Emerich & Co. and Emery,
Ill.-Offering of Bonds.
Peck & Rockwood, Chicago, are offering at prices to net
6.40% to 7%, according to maturities, $600,000 (closed)
First Mtge. 7% Serial gold bonds dated June 11919, due
$60,000 annually,June 1 1920 to 1929 incl. A circular shows:
Int. payable J. & D. at Chicago, without deduction for Federal income
taxes, now or hereafter deductible at the source, not to exceed 2%. De.
nom. $1,000 (bonds maturing June 1 1925 also in $500 and $100)c*. Callable on 30 days' notice on any int. date at 10234 and int. The Merchants
Loan & Trust Co., Chicago, Trustee. Leon L. Loehr, Co-Trustee.
Data from Letter of Pres. W. C. Davis Dated July 1 1919
Company.-Ineorp. in New Jersey in 1917, a consolidation of the Dairymen's Mfg. Co. Jersey City, Dairy Machinery & Construction Co., Derby,
Conn., the Davis Milk Machinery Co., North Chicago, Ill., L. A. Watkins
Col •
Merchandise Co., Denver, Cob. and the Minnetonna Co., Owatonna,
'
Minn. Is the largest manufacturer of milk cans in the United States:
also manufactures and distributes a complete line of creamery and ice
cream machinery and supplies. Milk cans are manufactured exclusively
at the Jersey City factory, and ice cream machinery at Derby. Practically
all dairy machinery and dairy supplied are made at North Chicago, except
176
THE CHRONICLE
churns, which are manufactured at Owatonna. The factories equipped
-with modern machinery are well located for material and labor requirements as well as for the economical distribution of our products?
Capitalization (After Present Finanting)Authorized. Outstand'y•
Preferred stock
$2,500,000 $2,164,406
Common stock
2,000,000
2,000,000
rst Mtge. 7% Serial bonds (this issue)
600,000
600,000
Purpose of Issue.
-The proceeds will be used to retire bank loans and to
provide aduitional working capital.
Earnings.
-Net earnings for the past 5 years have averaged 4 times the
maximum annual int. charges on this issue. For the fiscal year ending
Aug. 31 1919 (partly estimated) net earnings after operating expenses and
depreciation will amount to $350,000, or over 8 times the maximum Int.
requirements on these bonds. Gross sales for the past year were over
$5,000,000.
Balance Sheet April 30 1919 After Applying the Proceeds of this Issue.
(1) Assets: Cash, U. S. securities, &c., $80,366; accts. & notes rec. (less
res.), $886,587; inventories (est.), $1,132,864; deferred charges, $83,996;
land, bidgs., &c. (less deprec. res.), $1,082,865; good-will, patents, &c.,
$2,431,147. (2) Liabilities: Notes pay., res. for Federal taxes, &c.,
$741,369; 7% Serial gold bonds, $600,000; preferred stock, $2,164,406;
common stock, $2,000,000;surplus,$192,050. Total (each side) $5,697,825.
Directors and Officers.
-W.C. Davis (Pres.), J. B. Conover (Vice-Pres.),
L. A. Watkins (Treas.), Delevan Smith, Edward P. Russell, Ralph M.
Shaw, S. J. Davis, Chicago; W. R. Comfort, C. H. C. Beakes, Jos. B.
Laemmle, N. Y. City; Carl K. Bennett, Owatonna, Minn.; Frank L. Bishop,
W.0. Scholtz, W. D. Wright, Jr., Denver, Colo.
-V. 105, p. 1312.
Denver Gas & Electric Co.
-Rate Decision.
-
See Denver Tramway Co. under "Railroads" above.
-V. 97, p. 1665.
Dominion Steel Corporation.
-Director.
-
Roy M. Wolvin has been elected a director of this company.
-V. 108,
p. 2430.
Duquesne Light Co., Pittsburgh.=Offering-Note
Call-Power Plant.-llams, Forbes & Co., Lee, Higginson
& Co. and Ladenburg, Thalmann & Co., New York, announce the sale by advertisement on another page at 100
and int. yielding 6% of $25,000,000 First Mortgage &
Collateral Trust 30
-Year 6% gold bonds dated July 1 1919,
due July 1 1949.
[VOL. 109.
In case the authorized issue be thus increased to $100,000,000 the remaining $75,000,000 bonds may be issued when the combined annual net earnings
of the system (incl. the new Cheswick power plant) are twice the annual
interest charges on these bonds outstanding and on all leased and subsidiary
company bonds outstanding with the public, and all rental charges, together
with interest on the bonds proposed, as follows. (1) $3;158,500 without
further property expenditures; (2) not exceeding 80% or the cash cost of
permanent additions and extensions to the company's property or the
Cheswick Power Co.;(3) $9,190,569 upon the acquisition into tile fee ownership of the Duquesne Light Co. of all the physical property, rights and
franchises of the Allegheny County Light Co., Southern I.ight, lIe.at &
Power Co. and Monongahela Light & Power Co. (at presest operated by
the Duquesne Light Co. under lease, this sum of $9,190,569 being the valuation of the properties as fixed in the lease); and (4) without regard to
the provision aforesaid as to earnings, $2,981,500 may be issued par for
par against the retirement of the $2,981,500 leased and subsidiary company
bonds now outstanding with the public.
Maintenance Fund.
-There shall be expended or appropriated annually
out of earnings, for maintenance and depreciation, an amount not less than
15% of the gross operating revenues of the system for such year.
Equity.
-The bonds will be followed by the $5,941,000 7% Preferred
stock and by $18,226,000 Common stock of the Duquesne Light Co.
V. 108, p. 2632.
East Butte Copper Mining Co.
-Production (Lbs.).Month of June
6 months to June 30
-V. 108, p. 2332, 1939.
1919.
1,513,360
8,901,140
1918.
1917.
1,999,760
1,519,240
13,313,540 10,145,680
Eastman Kodak Co.
-Extra Dividend.-
•
An extra dividend of 5% has been declared on the common stock, payable
Sept. 1 to holders of record July 31. Extras in 1919 are as follows: Jan.,
%; April, 2)%; May, 5%, and 734% in July.
-V. 108, p. 2626.
Famous Players-Lasky Corp.
-Acquisition.
-
The company on July 2 acquired the Charles Frohman, Inc., the theatrical
producing company founded by the late Charles Frohman and which still
bears his name. The latter will be operated in association with the motion
picture enterprise and will be continued as a separate entity, of which Adolph
Zukor will be the President and Alf Hayman the Treasurer and General
Manager.
-V. 108, p. 2633. 2137, 2025.
General Cigar Co., Inc., N. Y,
-Capital Increase.
-
The stockholders on July 7 authorized an increase in the capital stock
from $25,000,000 to $35,000,000, the new stock to •cculsist of $5,000,000
Int. payable J. & J. in New York without deduction for any normal 7% Ctun. Sinking Fund Debenture (2nd) pref. stock and $5,000,000 comFederal income tax to an amount not exceeding 2% which it may lawfully mon stock. The total authorized stock now consists of $5000,000 7%
pay at the source. Callable on any int. date at 105 and int. Denom. Cumulative Preferred stock, $5,000,000 7% Cumulative Sinking Fund
$1,000 and $500 c* and r* of $1,000, &c. Bankers' Trust Co., Now York, Convertible Debenture stock. and $25,000,000 Common stock. For subscription rights and description of new Debenture stock see V. 108, p. 2633.
trustee. Free of the present Pennsylvania Four-Mill tax.
Data From Letter of President A. W. Thompson, Dated July 8 1919.
General Motors Corp.
-Preferred Stock Syndicate Closed.
Capitalization (after presentfinancing)Authorized. Outstanding. -Dominick
& Dominick, who headed the Debenture stock
Common stock (8% divs.) ($3,500,000 additional
held in treasury)
$25,000,000 $18,226,000 syndicate, announce that all of the stock syndicated, $30,Preferred stock (7% cumulative)
10,000,000
5,941,000 000,000 in amount, has been sold.
An authoritative stateFirst Mtge.& Coll. Trust 6s (this issue)
25,000,000 25,000,000
Bonds of leased and subsidiary cos. with public_ _ _
closed *2,981,500 ment says:
*Additional bonds ot $1,618,500 are outstanding, of which $480,500 will
This stock has been very widely distributed, over 6,000 individual purbe pledged under this mortgage, $136,000 are deposited under a subsidiary chasers having been added to the lists of shareholders. The
security has
company mortgage, $2,000 are held for future sinking fund purposes and been extensively bought all over the United States. Sales
have also been
$1,000,000 are pledged under the Philadelphia Co.'s 1st M. & Coll. Trust made in Europe.
5s, due 1949 (V. 108, p. 579), and Consol. & Coll. Trust 5s, due 1951.
The syndicate of bankers which purchased
The Duquesne Light Co. has purchased the last-mentioned $1,000,000 the public included 310 members in 75 cities. the stock and distributed it to
It is said that
bonds, subject to their delivery from under the liens of the Philadelphia of money involved, the number of security dealers concerned in the amount
and the numCo. mortgages. All the foregoing $1,618,500 face value bonds are non- ber of individual buyers, this is the largest piece of preferred
stock selling
interest-bearing from the standpoint of the Duquesne Light Co. system.
on record. (Compare V. 108, p. 2025.)-V. 108, p. 2633, 2437.
Purpose of Issue.
-(a) The proceeds of $12,000,000 (together with certain cash from other sources) will be used to retire (by call on Jan. 1 1920
Gillette Safety Razor Co.
-Dividend Increased.
at 101 and int.) of $12,000,000 Duquesne Light Co.3
-Year 6% Secured gold
The directors have increased the
notes, due July 1 1921 (V. 107, p. 607). (b) The proceeds of $11,718,500 per annum by declaring a dividend dividend on the stock from 8% to 10%
of $2 50 per share, payable Aug. 30 to
will be deposited with the trustee and or with its designated depositaries, holders of record July 31. In Aug. 1918 the annual rate
was increased
and may only be withdrawn from time to time to pay or reimburse the from 7% to 8%.-V. 108, p. 1267, 687.
company in part for cash expenditures aggregating $14,648,125 made (1) in
Godchaux Sugars, Inc. (New Orleans).
connection with the construction to an initial installed capacity of 60,000
-Incorporated.
k. w. of the new Cheswick power plant (see below); and (2) for permanent
This company was incorporated on July 9 in Now York.
-V. 109, p. 76.
additions and extensions to the property. (c) The remaining $1,281,500
Greene-Cananea Copper Co.
-Output.
are to be delivered to the trustee to be held pending the fulfillment of cerCopper (lbs.). Silver (ozs.). Gold (ozs.).
tain conditions.
June 1919
3,000,000
147,790
700
Combined Earnings, Including Subsidiary Companies (Inter-Co. Charges June 1918
4,100,000
143,500
1,100
Eliminated)
-Year ended April 30 1919.
6 months19194,230
Gross earnings
23,87000
626,370
$12,650,200 6 months 1918
6,723
Net earnings after maintenance and taxes
$4,731,893 -V. 108, p. 2437, 2127.
Fixed charges, &c., including int. on these $25,000,000 bonds
1,820,831
Haytian American Corporation, N. Y.
-Notes Offered
Balance, surplus
$2,911,062
Net earnings over 2M times the above fixed charges. Compare annual Breed, Eliott & Harrison, P. W. Chapman & Co., Chicago,
report in V. 108, p. 2429.
and Imbrie & Co. N. Y., are offering at prices yielding
Physical Property.
-The system Includes 7 electric generating stations
having an aggregate rated generating capacity of about 156,200 k. w. The about 734% $3,000,000 7% serial notes dated July 1 1919
most important generating station is on Brunot Island, in the Ohio River, and due serially
$1,000,000 each July 1 1922 to 1924 both
Pittsburgh; has a present rated generating capacity of about 120,000 k. w.
Current of the system is distributed throughout 163 substantions (not inclusive. Offering price 99.30,99.10 and 98.95 respectively.
including 7 which are used exclusively to "step-up" the voltage for the See advertising
pages.
transmission lines) over 7,375 miles of electrical conductor. A large part
Int. payable J. & J. without deductions for any normal Federal income
of Pittsburgh is served by underground lines, the system having altogether
908 duct miles of underground conduit. There are now in service 89,878 tax deductible at the source not in excess of 2%. Denom. $1,000 c*
meters and current is being supplied to 84,925 customers. The present Callable as a whole of in part, on any int. date on 60 days' notice at 102g
connected load of the system is about 281,513 k. w., and for the year ended and int. Trustee, the Guaranty Trust Co. of Now York.
The bankers as of July 7 say: "Operating conditions of the company are
April 30 19.9 the electrical output of the system was 638,578,910k. w. h.
Leased and Subsidiary Companies.
-Owns in fee and operates an extensive favorable and, owing to the world shortage of sugar, large profits should
portion of the above property and operates the greater part of the remainder accrue to the corporation from this source, as well as from their valuable
through lease. Under the principal lease, extending to Jan. 11952, operates railroad.and public utility properties.
"The government of Hayti is stabilized by the Treaty of 1916 between
the property of the Allegheny County Light Co., under which lease it also
operates for a like period, as sub-lessee, the properties of the Southern Heat the Republic and the United States, under which the latter controls the
constabulary, the receipt and disbursement of Government funds, and
Light Sc Power Co. and of the Monongahela Light & Power Co.
The business in Beaver County is conducted by the Beaver County assures American aid in the proper and efficient development of the rich
Light Co. and the Midland Electric Light & Power Co. Has two further natural resources of the Island.
subsidiary operating companies, viz., the Pennsylvania Light & Power Co.
Data from Letter of Pres. C. Edgar Elliott dated June 2 1919.
and the Diamond Light Co., both doing business in Pittsburgh. The last
Estimated Net Operating Profit of Subsidiaries Years Ending July 1.
four subsidiary companies contribute less than 8% of the gross and only
1920
1921
1922
approximately 4% of the net earnings of the system, over 92% of the gross Minimum sugar production (bags of
and about 96% of the net earnings of the present system being derived
320 lbs)
70,000
150,000
215,000
through the operation of properties owned in fee or leased by it.
Net earnings from the sugar comNew Cheswick Power Plant.
-To meet the continually increasing demand
pany (Sugar at Sc. per lb.)
$600,000 $1,300,000 $2,000,000
for power, it is contemplated that a new company, the Cheswick Power Net earnings from Utilities
200,000
300,000
400,000
Co., will shortly be incorporated by interests closely allied with the Duquesne
Light Co., and will forthwith undertake the construction of a large new
Total net earnings
$800,000 $1,600,000 $2,400,000 •
'power plant at Cheswick, to be located on the Allegheny River, having an
Should sugar prices be reduced to tho reported production cost in Cuba or
ultimate capacity of 300,000 k. w. Buildings, intake tunnels, &c., will
now be constructed for a plant of 120,000 k. w. capacity and a 60,000 k. w. 4 cents a pound, these totals would be $1,125,000 for 1921 and $1,700,000
for 1922.
3
-unit turbo-generator set will be initially installed.
Balance Sheet June 2, 1919, After Giving Effect to Issuance of These Notes.
It will be provided that the entire output of electrical energy of the new
Cheswick power plant shall be sold at wholesale to the Duquesne Light Co.
Assets
under a contract to be filed with the Pennsylvania P. S. Commission, and to Securities
$3,564,996 *Capital Stock
$6,000,000
extend to Jan. 11950. In connection with the construction of this new plant Accts. rec. sub. corn.
6,263,844 Notes
3,000,000
the Duquesne Light Co. will complete the construction of a 66
-volt G 31,.of Haiti(P.O.S.claim) 1,123,348!Profit & loss
-000
210,800
transmission line, with necessary sub-stations, which will encircle the greater Office furniture, &c
8 9231Surplus
2,709,680
part of the manufacturing and business section of the Pittsburgh: District Cash
959,3691Total (each side)
$11,920,480
and will tie in the new Cheswick power plant with the Brunot Island plant
*On Juno 2 1919 the pref. stock was $6,000,000 in $100 shares; ordinary
of the Duquesne Light Co.
common stock 60,000 shares no par value; ordinary founders stock 60,000
Security.
-Secured by a first mortgage on all property owned in fee shares no par value.
and by a first lien on its leasehold interests and on certain bonds and virPurpose of Issue.
-To retire the floating debt created by the
tually all the stocks of its subsidiaries. The bonds will also be secured by cost of construction due to the war, for further cultivation and increase in
extensions
a first mortgage on the new Cheswick power plant and future extensions of railroad and electric light required by new business in prospect and to
thereto. The power contract between the Duquesne Light Co. and the provide additional working capital.
Cheswick Power Co. will also be pledged under the trust indenture.
This Issue.
-Direct and only obligation. The corporation covenants
This Issue.
-The authorized amount of these bonds may be increased that so long as any of those notes are outstanuing not to contract that
any
(without requiring the consent of the outstanding bonds) to $100,000,000 debt, except (1) obligations of the subsidiaries or any of them to the corpwhen such increase is authorized by the Preferred stockholders, and also by oration (2) Current bank loans and (3) debt incurred in the purchase of
the stockholder as required by the Pennsylvania laws. If increased to additional property, which debt may be secured by a lien on such property.
$100,000,000 (and subject in certain respects to the 1st Ref. & Coll. Trust
Directorate.-Geo. 13. Caldwell, P. W. Chapman, W. K. Dick, F. A.
gold bonds dated Feb. 1 1919 of the Philadelphia Co.), the company shall Dillingham, C. Edgar Elliott, (Pres), Ilayden
Ilarris, Philip
be entitled to receive the $1,281,500 bonds previously mentioned as being S. Mallet-Prevost, Reginald Lanier 0. H. Tobey, Edward W. Ilenry,
H. York,
deposited with the trustee out of the initial issue of $25,000,000.
New York and Henry L. Duer, Baltimore.
Full particulars regarding the company and its subsidiaries may be found
in V. 107 p. 2289, 801; V. 104 P. 451; V. 103 P. 145.-V. 107 P. 2376.
Hercules Petroleum Co.& Co. report "that the company within the past few, days
Farson,
brought in a well in Eastland County, Tex., at a depth of between. 1,800
and 1,900 ft., flowing 3,000 bbls. of oil per day. The average depth of
-V. 108, p,.9,7.
wells in the Ranger District is from 3,400 to 3,500 ft.
-Earnings.
Hillman Coal & Coke Co.
Gross receipts
Selling, general, &c., expenses
Interest
Depletion and depredation
Excess profits tax
Donations
Preferred dividends
177
THE CHRONICLE
JULY 12 1919.]
Your company at present is successfully operating 129 subsidiary companies, and the cash retail business during this period is aggregating almost
$50.000 daily.
With the new capital now being arranged for, it is only logical to assume
that we will go on developing and expanding and hope and expect that by
this time next year we will have developed 250 retail selling organizations
-V. 109, p. 76.
fully controlled by your parent company.
-Called.
Kirby Lumber Co.
-V. 108, p. 384.
See Houston Oil Co. above.
Cal. Year
18 Mos. to
1918.
Dec. 31 '17.
$7,094,487 $7,152,555
5,482,106
5,252,377
154,109
150,791
570,927
562,549
207,927
275,000
25,350
(5%)181,460
187,994
$472,613
$723,844
Balance, surplus
On June 1 1919 the name of the United Coal Corporation (V. 107, p.
1486) was changed to "Hillman Coal & Coke Co."
-Status-PresiHocking Valley Products Co., N. Y.
dent S. L. Chamberlaine in a circular dated July 10 says in
substance:
-June Sales.
(S. H.) Kress & Co.
1917.
1918.
1919.
$1,914,360 $1,614,937 $1,342,257
Month of June
8,752,118
7,422,305
10.479,711
Six month.. to June 30
-V. 108, p. 2438, 1940.
Authorized statement.
-Quarterly Earnings.
Lackawanna Steel Co.
Results for Quarter and Six Months Ending June 30.
3 Months.
-6 Months.
1918.
1918.
1919.
1919.
$446,757 $4,690,843 $2,444,749 $8,406,428
Total net earnings
553,975
276,556
541,085
268,759
Interest payments
Appr. for ext. & deprec_
411,084
'583,798
1,069,619
929,642
$974,022 $6.782,834
def$233,087 $3,830,489
Balance surplus
The total net earnings for all periods are after providing for all taxes,
-V. 108, p. 1723.
Large orders received from many parts of the United States and Canada, ineluding the Federal Excess Profits Tax.
•
at satisfactory prices, have depleted our stock of brick products on hand
-Bonds Canceled.
Lehigh Coal & Navigation Co.
and unfilled orders upon our books as of July 1 last (exceeding 3,000,000
On July 3 there were struck off the regular list of the Phila. Stock Exch.
face brick) warranted the resumption of manufacturing in our plant located
at Greendale, 0., which was closed during the war. This plant has a pro- $137,000 Conseil. Mortgage 434% Sinking Fund gold bonds, Series Aduction capacity of 25,000,000 face brick per year, and the present daily $126,000 paid off and canceled on June 11 1919 by sinking fund and $11,000
-leaving the amount
production of 50,000 will be gradually increased as skilled labor is obtained. called for redemption July 1 1919 out of other moneys
Considerable progress is now being made in the development of our new silted $15.103,000. Total amount retired to date,$647,000.-V. 109, p. 76.
oil fields near Greendale, 0. Five wells have been completed so far this
-New Stock-An offiLone Star Gas Co., Dallas, Tex.
year with most satisfactory results, two more are drilling and locations for
others have been made. The monthly production under the Chartier cial circular of June 28 says in substance:
lease now amounts to about 10,000 bbls. of high-grade Pennsylvania crude
At the adjourned annual meeting held at Fort Worth this date, the
oil, selling at $4 00 per bbl.
issuance of an additional 40,000 shares of
A mild winter, the closing down of many large plants manufacturing stockholders authorized the capital stock from $6,000,000 to $10,000,000;
increasing the
war materials, with large reserve stocks of coal held in the territory served stock, therebyto a resolution adopted at said meeting, the stockholders of
in such little demand for coal that our mines, which and pursuant
by our mines, resulted
entitled to subscribe for said stock pro rata at
record July 25
last year produced 500,000 tons, have been partly closed for seeeral months. $100 per share, 1919 areas follows at the office of the company at Dallas,
payable
These conditions are also improving, and we are looking for a larger de- viz.: 30% on or before Sept. 11919; 30% Dec. 311919; 40% Apr. 30 1920.
mand for our coal in the near future.
Apr. 1 1920 on installment payThe company's financial condition as shown by the balance sheet of Interest will be allowed at 6% p. a. up to dividends from and after Apr. 1
June 1 1919, after the payment to the bondholders of the amount of inter- ments. The new stock will participate inbe forwarded soon after Aug. 1
1920. Stock subscription warrants will
est relinquished by them in accordance with the plan of Dec. 16, 1918, 1919. [Sied D. L. Cobb, Secretary. Approved, L. B. Denning,
was as follows: Current assets (incl. cash and Liberty bonds), $389,207;
all liabilities (other than 1st M. 5% bonds due 1961), $174,946.-V. 108. President.
[J. K. Rice,Jr.,& Co.,36 Wall St., N.Y., are specialists in the stock and
p. 2634.
subscription rights.j-V. 109, p. 77.
-Called for Payment.
Houston Oil Co. of Texas.
Two hundred fifty-five ($255,000) New Series Timber certificates,issued
under the Kirby Lumber Co. contract, dated Aug. 1 1911, have been drawn
for redemption on Aug. 1 1919 at par and int. at the Maryland Trust Co.,
-V. 108, p. 2128.
Baltimore, or its agent, the Chasellational Bank, N. Y.
-Stock Listed.
Hupp Motor Car Co.
The Governing Committee of the Chicago Stock Exchange has admitted
to the regular list $1,067,000 preferred stock, par $100, and $5,192,000
common stock, par $10.-V. 108, p. 273.
-Par Value Reduced.
Imperial Oil Co., Ltd.
The shareholders on July 2 voted to subdivide the present shares of $100
par value into shares of $25 par value. The directors were also authorized
to issue and allot shares for the benefit of employees and customers of the
company and its subsidiaries at prices.ot less than par, and on such terms
-V.108,p. 2634,2245.
as may be considered advisable by the directors.
-Quarterly Common Dividend.
Ingersoll-Rand Co.
The directors have declared a quarterly dividend of 2%% on the common
stock, payable July 31 to holders of record July 19. Previous to this the
common dividend was paid semi-ann.5% April & Oct. Preferred dividends
-V. 108, p. 1930.
will be paid semi-ann. as heretofore.
-War Work.
Inland Steel Co., Chicago.
The "Iron Age" of N. Y. on July 10 contained a 6%-page illustrated
article entitled "How the Inland Steel Co. Met War Demand." The
article describes the "complete new steel plant, containing 10 open-hearth
-ton mixer and 28, 32 and 40-in, rolling mill erected while
furnaces, 600
-V. 108, p. 574.
war was on."
-Copper Output (lbs.).Inspiration Consol. Copper Co.
Month of June
6 months to June 30
-V. 108, p. 2634, 2333.
1919.
1918.
1917.
6,300,000 10,300,000 11,150,000
39,200,000 49,750,000 • 67,400,000
-Earnings.
Jefferson & Clearfield Coal & Iron Co.
Calendar YearsGross earnings
Expenses and taxes
Interest
Depreciation and depletion
Preferred dividend (5%)
1918.
1917.
1916.
$8,218,513 $6,765,161 $3,089,041
5,310,827
4,896,636
2,535,493
114,558
1,078,780
323,279
466,513
80,938
75,000
75,000
75,000
Balance, surplus
-V. 107, p. 798.
$2,251,615
$714,745
$74,692
-Extension of Bonds
Joplin Water Works Co.
-
The 3350,000 6% bonds which were due July 1 1919 are being extended
until July 1 1924 at 6% interest, but subject to call on and after July 1
-V. 95,
1919 at par and int. at the St. Louis Union Trust Co., St. Louis.
p. 1545.
-New Preferred Stock.
-Div.
Kelly-Springfield Tire Co.
The shareholders voted on July 11 to authorize the issuance of $7,000,000
8% Cumulative 2nd Pref. stock. The issue has been underwritten by a
syndicate composed of H. P. Goldschmidt & Co., Goldman, Sachs & Co.
and Lehman Bros. See full particulars in V. 108, p. 2634.
The directors have declared a quarterly cash dividend of $1 per share
and a stock dividend of 3% on the $4,907,200 outstanding common stock.
payable Aug. 1 to holders of record July 15. A like amount was paid in
-V. 108. p. 2634, 1824.
May last.
Keystone Tire & Rubber Co., N. Y.-40%New Common
Stock Offered at Par-15% Stock Dividend.
The board of directors on July 8 authorized the issuance of additional
common capital stock to be offered for subscription at $40 per share to
stockholders of record, at the close of business on July 21 1919 in the ratio
of one new share for each three shares held by the stockholders. Warrants
will be mailed.
The board also on July 8 declared a stock dividend of 15%, payable
Sept. 15 1919 to stockholders of record Sept. 2 1919.
The rights to subscribe to the new stock will expire on Aug. 7 1919 at
3 p. in., before which time payment must be made to the Metropolitan
Trust Co., 60 Wall St., New York.
Extracts from Circular of Pres. L. Walter Lissberger, N. Y. July 8.
Pursuant to the vote of the stockholders Juno 20 1919, authorizing the
increase of the capital stock from $2,000,000 to $5,000,000, your directors
have this day voted to issue approximately 66.075 additional shares of the
Common capital stock in order to provide additional working capital.
The entire proposed issue has been underwritten so that the additional working capital has been guaranteed to the company.
Comparison of Six-Months' Business, January-June.
1917.
1918.
1919.
1,658,494
3,000,672
5,570,120
Sales
317,788
442.405
profit, before deducting Fed'i tax
725,935
Net
From those figures you will note the tremendous growth of sales one year
to keep pace with the same proporover another and how we have strived
tionate growth of net earnings. No better example of our efforts can be
set forth than that the sales for the first six months of this year amount to
$5.570,120, which is almost equal to our entire year's sales of 1918.
-Bond Offering.-41ambleton & Co.,
McEwan Brothers.
N. Y., &e., are offering at 99 and int., yielding about 7.15%,
-year 7% Sinking Fund
$400,000 (closed) First Mortgage 10
gold bonds dated July 1 1919, due July 1 1929. A circular
•
shows:
Int. payable J. & J. at the Bank of New York, N. B. A., or at National Iron Bank, Morristown, N. J., trustee, without deduction for any
normal Federal income tax up to 2%. Denems. $1,000 and $500 c. A
sinking fund is provided of 25% of all net earnings, after int. and taxes,
each year. to retire bonds at not exceeding 105 and int. A minimum of
$25,000 of bonds must be retired annually. Callable in whole or in part
Further particulars
on any int. date upon 30 days' notice at 105 and in
another week.
-New Stock Rights.
Magnolia Petroleum Co.
Shareholders of record July 12 are offered the right to subscribe at par
during the period July 3 to July 15 inclusive, to $14,667,000 new stock in
amounts equal to 33 1-3% of their present holdings, payments to be
made on or before July 15.-V. 109, p. 77.
-Dividend Omitted.
Marlin-Rockwell Corp.
The directors have omitted the monthly dividend of $1 which has been
paid since Nov. 1918. An official of the company says:
"Since the turn of the year the corporation's ball bearings and taper roller
bearings business, and its wire wheel and motor radiator enterprises have
been expanding from month to month with great rapidity, now involving
gross sales in excess of $14,000,000 a year, with large further increases in
sight. Net earnings for the fivemonths ending June 1 were $1,101,949
before allowances for taxes.
"While the war orders are now completed, the growth of the corporation's
business In normal lines, such as Mayoradiators, bearings from its Philadelphia Standard roller-bearings and Plainville, Conn., plants, BudgeWhitworth wheels, &c., the steel for all of which is provided by the corporation's Braeburn Steel Co. of Pittsburgh, necessitates a large working capital,
and it was therefore deemed wise for the time being to devote the earnings
to this purpose to take care of plant expansion which the increasing demands
-V. 108, p. 2634.
more than justify."
-Output (in lbs.).Miami Copper Co.
of June
Jan. 1 to June 30
-V. 108, p. 2438, 1910.
Official.
41913
.971
,469.
28,214,026
1918.
4,684,914
28,979,731
5119 Month 709
7915,
30,597,006
-Stock Sold.
-Noel, Berman & LangMill Factors Corp.
ley, N. Y., announce by advertisement on another page the
sale at $55 50 of $750,000 capital stock, Class A.
For two years from date of incorporation' no divs. shall be paid in any
year on Class B stock until divs. at rate of 8% per annum shall have been
paid or set aside for that year on Class A stock. Class A stock shares
equally with Class B during this two-year period in any profits earned
or divs. declared after 8% has been paid or set aside on both classes. After
two years both classes of stock share equally in dividends.
Data from Letter of President Julius G. Kugelman, Dated N. V.,
June 28.
Organization.-Organized under the laws of Delaware July 1 1919 to
acquire all the business and assets and to succeed to the partnership of
Kugelman, Frankland & Foreman, which was formed in Oct. 1911. Business, factors and commission merchants for textile mills and manufacturers.
Among the services rendered to clients are the storing, delivering, and exhibiting of goods and the investigation of credit risks. Merchandise received on consignment is sold by the manufacturers' own selling agents to
a greatly diversified trade throughout the country, such sales being billed
in the factors' name and the resulting accounts owned by them. Previous
to such sales advances upon merchandise (to the extent of approximately
2-3 of the consigned value thereof) are made, and settlements on account
of such sales made with the mills monthly.
Authorized. Outstand'g.
Capitalization (Company has no funded debt)$750,000
$750,000
Class "A" stock (par $50)
750,000
750,000
Class "B" stock (Par $50)
The Class B stock taken by the present members of the co-partnership
of Kugelman, Frankland & Foreman at par for their net invested capital,
will be retained by them, and they will remain the active managers of the
si
buA
-Against the present capitalization the company will have net
Assets.
current assets of $1,500,000, less the expenses of incorporation and a nominal amount representing furniture and fixtures on its premises.
Net Invested Capital as of Jan. 1, Gross Business, Net Profits and Percentage
Earned, Calendars.Years.
Profits. % on Cap.
Capital.
Year1914
19.7
0
4 :5
64 90
$ 92 0
$1,772,000
$250,000
25.8
2,740,000
250,000
1915
112,235
22.4
4,440,000
500,000
1917
5
05
2 800
19 : 60 rate 3 .
99
13 0
4,900,000
1918
of
0
0
3,445,000
MO (5 months) 675,0 3
For the calendar year 1919, estimating from profits for the past five
months, and not taking into consideration additional profit from new
178
THE CHRONICLE
business now offering, net profits, after all deductions, including salaries
and taxes, will be a minimum of $180,000, equal to 12%, or $6 per share
on the capital stock to be issued. It is expected that divs. on the Class A
stock at the rate of8% per annum from July 1 1919 will be paid.
.
Pro Forma Balance Sheet July 1 1919 (as though proposed financing had been
completed).
Assets.
Liabilities.
I
Trade acc'ts, less res.(est.)$1,934,729 Class A stock
$750,000
Adv. & loans (est.)
77,713 Class B stock
750,000
Cash
204,537 Acc'ts payable (est.)
543,631
Liberty bonds
11 468 Loans by banks
100,000
Prepaid interest & insur__
13,006 Loans on deposit (est.)
109,483
Furniture and fixtures_ _ _
11,660
Total each side
$2,253,111
Monroe Coal Mining Co.
-Bond No. 113 Called.-First M.6% gold bonds No. 113 dated 1916 has been drawn for redemption on Aug. 1 at par and int. at Philadelphia Trust Co., Phila.
Mortgage-Bond Co. of New York.
-Balance Sheet.AssetsMortgages
U.S. bonds
Other bonds
Real estate
Interest rec'able
Cash
July 1 '19 Jan. 1 '19 1
July 1 '19 Jan. 1 '19
$
E
I Liabilities$
$
7,231,536 7,338,161 Capital
2,000,000 2,000,000
173,750
233,000 Surplus
500,000
500,000
138,788
96,198 Undiv. profits_
258,044
240,862
209,621
102,113 Mortgage bonds__ 5,331,100 5,337,900
147,226
151,539 Interest payable....
97,018
97,722
310,241
279,472 Res'd for taxes___
25,000
24,000
Total
8,211,161 8,200,4831 Total
8,211,161 8,200,483
Note.
-Quarterly dividends at the rate of 7% per annum have been paid
from the earnings of this period.
-V. 108, p. 274.
Mountain States Telephone & Telegraph Co.- ales.
See Denver Tramway Co. under "Railroads" above.
-V. 108, p. 1614.
Mullins Body Corp., Salem, 0.
-Stock Sold.
-Hornblower & Weeks, N. Y &c., has sold privately $1,000,000
8% Cumulative Pref. (a. & d.) stock at 100 and div,. and a
block of Common stock at $26 per share. • A -circular shows:
To Be PresCapitalization (no bonds outstanding)Authorized. ently Isseud.
8% Cumulative Preferred stock (par $100)
$1,000,000 $1,000,000
Common stock (no par value)
100,000 shs. 70,000 sits.
Company.
-The corporation Ls to be organized under New York laws to
succeed the W. H. Mullins Co. of Ohio, incorporated in 1904. Business
was originally established in 1871. Plant located at Salem, 0. Owns
about 20 acres, sufficient to provide for the growth of the business. Practically 90% of the business consists of the stamping and welding of steel
automobile bodies and the manufacture of fenders, engine pans and radiator
shells. The other products are motor-boats, launches, canoes, row-boats,
statuary and architectural ornaments. Employs about 700 men.
Net Earnings Calendar Years, after Expenses, Including Federal Taxes.
1909 _
$112,83911913 _ _$165,34911916 ___ _$400,94711918-3241,384
1911__ 107.99611914..___ 70,34311917...._.. 313,94511919(5mo)137,705
National Sugar Refining Co. of N. J.
-Financial Status.
-The following published statement is understood to be
substantially correct:
[VOL. 109.
Data from Pres. E. E. Mandev4le Dated Middletown, N. y., July 2.
Organization, &c.-Inc. Alart144.1 1915 in New York and acquired the
assetsand franchises of Oran
Minty Lighting Co. (V. 80. p. 1179),
Orange.county Power Co..an Port Jervis Light & Power Co,. Does all
the electric light, power and gas business in Middletown and Port Jervis
and intervening territories; population served (est.) 35,000.
Supplies electricity for lighting and power purposes and does the entire
gas business in the cities of Middletown and Port Jervis, and sells electricity
at wholesale to the city of Monticello and gas and electricity to the Pike
County Light & Power Co. of Penna., and lias a contract for interchange
of electric current with the Welkin Valley . Electric Light & Power Co.,
Walden, N. Y. All the properties have been connected by high tension
transmission lines. It operates without competition.
Properties.
-(a) Modern 3,000 h.p. steam turbine plant at Port Jervis,
N. Y.; (b) 1,200 h.p. hydro-electric plant at Cuddebackville, N. Y., and
(c) 3,000 h.p. steam electric plant at Middletown, N. Y. These plants
are connected with, 33,000 volt transmission lines with substations at Port
Jervis, Cuddebackville, Otisville and Middletown, together with complete
gas plants and distributing systems at Middletown and. Port Jervis. Under
normal conditions about 50% of the electric output is generated, by the
hydro-electric plant.
Capitalization upon completion of present financing- Auth.
Olitstdg.
Common stock
$750,000 $350,000
Preferred stock 7% cumulative
250,000
250,000
First Mortgage, Series A,6% (this issue)
(see below) 1,000,000
Purpose of Issue.
-To retire about $640,000 present mortgage debt of
the predecessor companies and pay the floating debt. The balance of the
net proceeds of this issue will be used for extensions and additions to the
properties and for other corporate purposes.
December 31.- April 30.
E nings Years Ended1915.
1919.
1910.
oss earnings
$324,407
$168,548
$240,547
Net, after maintenance & taxes
124,372
64,517
84,989
Ann.int. chge. on *1,000,0006% bds.
60,000
Bal. avail. for Fed. inc. & excess prof.
taxes. deprec. & divs
64,372
This Issue.
-Secured by a first mortgage upon all the properties and franchises now owned or hereafter acquired. Bonds may be issued in series
all equally and ratably secured. Additional Series A bonds may be issued
but so long as any of this Series A are outstanding the company will not issue
any other series of bonds upon which either the rate of interest or the
redemption price shall be greater than on Series A.
Restrictions.
-(a) Bonds not exceeding $175,000 (of Series A or any
other series) may be issued at any time after Aug. 1 1919, but only when
annual net earnings are equal to twice the annual interest requirements on
the total bonds to be outstanding after such issue.; (b) bonds in excess of
$1,175,000 may be issued only for 80% of the cost or reasonable value
(whichever is less) of any new property, improvements, &c., or for specified
securities which may be pledged and deposited with the trustee, but only
(1) when annual net earnings within the 14 months immediately preceding
the issuance of new bonds shall have been not less than twice the annual
interest requirements on the bonds outstanding and those applied for;
and, (2) provided further that bonds shall be issued against securities
pledged and deposited with the trustee only to the extent of 15% of the
total bonds outstanding.
The maximum amount of bonds that may be issued is governed by these
restrictions of the mortgage but otherwise is unlimited as to amount.
-The company covenants that an
Maintenance & Improvement Fund.
amount in cash equivalent to 123i% of its gross operating revenue shall be
,
expended or set aside annually for maintenance or for renewals and replacements. Any part of this fund not used for such purposes shall be deposited
with the trustee and may be used for either the same purposes for which
additional.bonds may be certified but in respect to which no bonds have
been previously or thereafter shall be certified or for the retirement and
cancellation of bonds secured by the mortgage.
Franchises.
-The franchises are free from burdensome restrictions and
in the opinion of counsel, are without time limit, with the exception of the
franchise for the town of Mount Hope which expires in 1956.
-The P. S. Commission of N. Y., for the purpose of
Value of Property.
capitalization, approved a valuation of the property of over $1,500,000.
The company has more than the par value of its $10,000,000 capital stock
in cash, Liberty bonds, net quick assets and improved real estate, not including its refineries at Long Island City and Yonkers, whose capacity is
about 14,000 to 15,000 barrels of refined sugar daily.
The Mollenhauer refinery in Brooklyn has been dismantled as a sugar
refinery and is leased for warehouse purposes, while some adjoining land
has been under lease to the U. S. Government. This realty is conservatively valued at $1,000,000.
Several city blocks that have been acquired in the neighborhood of the
Long Island City plant cost the company between $600,000 and $700,000,
All Underlying Bonds Called for Payment.
on which a profit of several hundred thousand'dollars has been offered,
This company has called for payment 350 ($300,000) Orange County
making the conservative value of this property upwards of $1,000,000.
Lighting Co. First Mtge. & Ref. gold bonds on Sept. 1 and 200 ($200,000)
Net quick assets are understood to be about 34,000,000, to which an Port Jervis Light & Power Co. First Mtge. gold bonds on Jan. 11920. All
additional sum should be added by accretion of earnings between now and the bonds will be paid at 105 and int. at the Orange County Trust Co.,
the end of the year.
Middletown, N. Y.
Company bought more than $3,250,000 Liberty bonds of the first four
loans, and subscribed to about $700,000 of the Victory bonds, on the Gov-Proposed Merger.
Otis Steel Co., Cleveland, 0.
• ernment plan, payments on which are planned to be met out of earnings,
Arrangements are under way for the consolidation of this
making approximately $4,000,000 of Liberty and Victory bonds.
Summary of SituationApproximately. company and the Cleveland (0). Furnace Co.- The initial
Cash and net quick assets
$4,000,000 outstanding capitalization upon consummation of proposed
Liberty bonds and Victory bonds
4,000,000 plans is expected to be about $4,850,000 7% Cumulative
Mollanhauer refinery
1,000,000
Realty
1,000,000 Preferred stock (par $100), and 411,668 shares Common stock
Total
$10,000,000 (without'par value). A syndicate headed by William SaloThe premium on the stock, at present market quotations, amounts to
being organized to underwrite the sale
about $23 a share or $2,300,000 for the entire capital. This may be taken mon & Co., N. Y., is
to represent the value of the refineries at Long Island City and Yonkers, of part of the Common stock.
which have an earning power under present conditions of easily $2,500,000
The new company is to be organized without any funded debt, proposes
to $3,500,000 annually. It is said that it would cost from $10,000,000 to to combine the properties (or to obtain not lass than 75% of the stock) of
$12.000,000 to replace these refineries. ("Wall Street Journal," July 7.) the Cleveland Furnace Co., producers of pig iron, thereby rounding out its
[The "United States Investor" recently had the following statement, manufacturing facilities and strengthening its position as to raw materials.
which we give for what it may be worth: "National Sugar earnings have Plants are located at Cleveland, 0., and .have combined annual capacity
been exceedingly satisfactory for several years and 1919 results promise to (approximately) of 360,000 tons of pig iron and 389,000 tons of finished
outstrip any former showing. The Dec. 31 1918 year produced earnings steel products.
before taxes of about $2,800,000, or 28% on the stock. The 1917 results
The combined earnings, after depreciation, and excluding Interest charges
were not far from 25%. This year it would not be surprising if net profits now being eliminated, plus 6% on about $1,000,000 new working capital to
before taxes approximated $3,300,000, or 33%j
be introduced:
-V. 106, p. 927.
Before
After
New Cornelia Copper Co.
-Production (lbs.).Fed'l Taxes. Fed'I Taxes.
Annual avge. for 3 fiscal periods to Dec. 31 1918
1919.
Decrease.
1918.
Month of June
(being 3 years for the Otis Co. and 2% years
3,440,000
772,000
4,212,000
$7,319,538 $4,354,837
6 months to June 30
for Furnace Co.)
17,804,000 24,658,000
6,854,000
$16.95 per sit. $9.75 per sh.
-V. 108, p. 2438, 1940.
Equivalent (about) on Common stock to
Earnings similarly computed for the fiscal period ended Dec. 31 1918,
New Mexico & Arizona Land Co.
-Board of Directors.
- after allowing 7% on Pref. (being 12 mos. for Otis Co. and 9 mos. for FurThe following board of directors was elected June 26: T. W. Cabeen, nace Co.) were equal to the annual rate of about $14.92 per share on ComSt Louis, Pres. of the Company; T. A. Hamilton, St. Louis, 3d V.-Pres. mon stock before Federal taxes and $6.01 per share after Federal taxes.
'Mather,
of St. Louis
-San Fran. Ry.; C. W. Hillard, New York, V.-Pres. & Treas.
Management.
-The board of directors will include: William G.
of St. Louis-San Fran. Ry.; E. V. R. Thayer, Boston, a director of St. Pres. Cleveland Cliffs Iron Co., who will also be Chairman of the board;
Louis
-San Fran. Ry.; Roger W. Baboon, Wellesley Hills, Mass.
-V. 108, George Bartol, Pres.; D.T. Croxton, Pres. Cleveland Furnace Co.; Howard
F. Deverell of Otis Steel Co.; S. Livingston Mather, Sec. Cleveland Cliffs
1)• 1825.
Iron Co.; II. A. Raymond, Cleveland Cliffs Iron Co.; William B. Sanders,
Newport Mining Co.
-Sale.
of Squire, Sanders & Dempsey, attorneys, Cleveland; John Sherwin, Pres.
See Steel & Tube Co. of America below.
First National Bank, Cleveland; E. R. Tinker, Vice-Pres, Chase National
-V. 107, p. 807.
Bank, N.
.Y ; Elisha Walker. of William Salomon & Co.. N. Y.; P. F.
-V. 108, p. 2635.
Northern California Power Co. Consolidated.-An- Wilson, of Otis Steel Co.
nouncement as to Purchase-Annual Report.
For announcement as to sale see Pacific Gas & Electric Co. below.
The annual report is cited fully under "Reports" above.
-V.108, p. 2629.
Northwestern Iron Co.
-Sale.
See Steel & Tube Co. of America below.
-V. 104, p. 868.
Old Dominion Co. of Maine.
-Output (in lbs.).Month of June
6 months to June 30
-V. 108, p. 2335, 1941.
1919.
2,015,500
14,714,500
1918.
1917.
3,965,000
3,368,000
18,534,000 20,941,000
Orange County (Middletown, N. Y.) Public Service
Corp.
-Offering of Bonds.-Bonbright & Co., N. Y are
offering at 96M and int. to yield over 6.30% $1,000,000
First Mortgage Gold Bonds, Series A, 6%. Dated June 1
1919. Due June 11939.
Redeemable on 30 days' notice on ally int. date at 105 and int. Int.
payable J. & D. without deduction for legally deductible taxes, except
estate or inheritance tax and income tax in excess of 2% per annum. Exempt
from State and municipal taxes in New York. Pennsylvania tax of 4 mills
refunded. Denom. $100, $500 and $1,000c5 interchangeable. New York
Trust Co., N.
-Y., Trustee.
-Dividend.
Owl Drug Co.
This company paid its 25th semi-annual dividend, and at the same
time notified its stockholders that they would be given the preference in
regard to the purchase of 6,000 shares of preferred stock, the sale of which
was authorized at the meeting of June 24 1919. The stock is to be sold
at par on or before July 15 and may be purchased by the present preferred
stockholders in amounts representing 1 share for each 3 shares now held.
-V. 104, p. 1494.
-"San Francisco News Bureau."
-Stock Allotment-Dividend.
Pacific Development Corp.
The company gives notice that the directors have decided to offer to
stockholders of record July 15 1919 the right to subscribe at par ($50) for
cash for one share of stock for every three shares held by them at that date.
Subscription rights will expire on Aug. 15 1919. The stockholders will
be given the option of paying their subscription in full on Aug. 15, or of
paying 25% of the subscription on Aug. 15 and the balance in three equal
installments
-Sept. 15, Oct. 15 and Nov. 15, subscribers electing to pay
on the installment basis to receive interest on installments paid at the
rate of 6% per annum until the stock is fully paid.
A quarterly dividend of 1 4% has been declared, payable Aug. 15 to
stockholders of record July 15.
The annual report is cited on a previous page, also under "Reports and
Documents" following.
-V. 109, P• 77.
Peabodys, Ltd., Walkerville, Ont.-Offering of Bonds.
-George M. West & Co., Detroit, are offering at par and
THE CHRONICLE
JULY 12 1919.]
int. to yield 7%, $350,000 (total authorized $500,000)
First Mortgage 7% Serial gold bonds dated June 2 1919,
'
due annually June 2 as follows: $25,000 1922 to 1925 incl.,
$50,000 1926 to 1927 and $75,000 1928 and 1929. A circular shows:
21,000 and
Int. payable J. & D. at Union Trust Co., Detroit. Denom.and int. on
$500 c. Redeemable in whole or part on any int. date at 101Int. payable
days' notice. Canada Trust Co., London Ont., trustee. or
60
hereafter
without deduction for any Federal normal income tax now
deductible at the source not in excess of 2%. Mortgage tax paid of 3 of
rendering the bonds free from personal taxes in Michigan.
I V.
-The average net earnings for the past 9 years, before salaries,
Earnings.
were about 3 times the interest requirements on these bonds, and with the
Denim mill (the entire output of which will be utilized by Peabody's, Ltd.,
in manufacturing overalls and gloves) in operation (about Jan. 1 1920),
net earnings are estimated at over $200,000 annually, or over 8 times interest requirements.
-Extra Dividend of 1%.
Penn Traffic Co.
The directors have declared an extra dividend of 1% (234c.) on the capital stock,along with the regular semi-annual dividend of 3% (734c.), bothpayable Aug. 1 to holders of record July 15. The same amounts were paid
in Feb. last and Feb. and Aug. 1918.-V. 108, p. 176.
-Rates
Peoples Gas Light & Coke Co., Chicago.
The company's application for new and advanced rate schedules in Chicago has been suspended by the Illinois P. U. Commission until Nov. 28.
-V. 108, p. 2533, 2129.
-Output (in Lbs.).Phelps Dodge Corp.
Month of June - •
6 months to June 30
-V. 108, p. 2438, 1826.
1918.
1917.
1919.
8,415,335 16,847,871 16,687,218
54,431,144 112,687,289 103,758,110
-New ComPhillips Petroleum Co. Bartlesville, Okla.
-The common Stock Underwritten.-Pref. Stock to Be Called.
pany will shortly offer to its stockholders of record July 17
common and preferred, 63,984 shares of its unissued common stock of no par value, and subsequently will call for
redemption $5,000,000 7% Preferred stock at 105, first
giving the holders the right to convert into Common on a
basis of two shares of common for each $100 share of Preferred. The company will then have outstanding but one
class of stock, with no bonds and notes, and over $4,000,000
in cash. Dominick & Dominick have underwritten the
63,984 shares of new Common stock now to be issued.
The present shareholders of record July 17 will have the right to subscribe
share on
for the 63,984 shares of new common stock at $52.50 perequal to or before
in
one-third
Aug. 1, the present common shareholdersthe amounts
present preferred stock (par
holdings, and the holders of
their present
each of their $100 shares of preferred.
$100) for 1% new common shares forshall have been exchanged for
100,000
When the 50,000 shares of preferred
shares of common on Sept. 1 next there will be outstanding in all some
255.934 shares of stock all of one class, as above stated.
-Class C Common Stock,
Pierce Oil Corporation, N. Y.
-The shareholders, as already an-Official Circular.
&c.
nounced, will vote July 25 on increasing the authorized
capital stock from $33,000,000 to $68,000,000, the increase
to consist of (a) the 815,000,000 8% Cum. Convertible
Preferred stock recently sold to New York bankers. (b)
$20,000,000 Class B (non-voting) Common stock, of which
$15,000,000 will be held against the conversion of the Pref.
shares and $5,000,000 that "is to be issuable for general
purposes."
Digest of Statement by President H. G. Pierce, July 2 1919.
There are now outstanding approximately $9,200,000 of 6% Ten-Year
Convertible Gold debentures and approximately $1,500,000 of 6% FiveYear Convertible Gold notes.
The corporation is in need of additional capital to enable it to expand its
business and prosecute the development of its Ranger and other oil lands.
All the authorized capital stock (except such as is reserved for the conversion of debentures and notes) has been issued and, because of the restrictive conditions of the indentures securing the present debenture and
note issues, it has been found impracticable to effect substantial additional
financing so long as those issues remain outstanding.
It has accordingly been determined that any further financing can best be
effected by retirement of the debentures and notes and the creation "and
sale of $15,000,000 of Preferred stock, convertible at par into Class B Common stock. The Class B Common stock is to be in all respects the same as
the present Common stock except that the Class B Common stock is to have
no voting power.
Of the proposed authorized increase of capital stock, $15,000,000 represents the new Preferred stock and another $15,000,000 consists of Class B
Common stock, which will be reserved against the conversion of the now
Preferred stock. The remaining $5.000,000 Class B Common stock is to be
issuable for general corporate purposes.
The entire proposed $15,000,000 of Preferred stock has been sold to
Lehman Bros. and Goldman, Sachs & Co., bankers, subject to ratification
by the stockholders and to the rignt of the board of directors to offer
holders in exchange for their debentures.
$9,200,000 thereof to the debenture the
compensation of Samuel Untermyer
The bankers have agreed to pay
for negotiating the sale; and, as a condition of the transaction, a syndicate,
consisting in part of officers and directors of the corporation, is making a
firm outright purchase from the bankers, at cost to the bankers, of $5,000,000 of the new Preferred stock. This syndicate has agreed not to sell or
market any part of this stock until after the termination of the syndicate
that the bankers have formed.
As a part of the new financing, it is proposed to call and pay on Jan 1.
1920 such of the debentures as shall not have been exchanged for the new
Preferred stock or converted into the present Common stock, and to call and
pay on Dec. 31 1919 such of the Five-Year notes as shall not have been
stock.
converted into the present Common financing will
provide the corporation
It is estimated that the proposed
$4,000,000 of additional cash working capital. besides
with approximately
eliminating more than $10,500,000 of indebtedness. See also V.108,p.2636.
179
-With the completion of a short line now being
Transportation & Storage.
built, the company will own and operate approximately 150 miles of oil
and gas pipe lines. Its main trunk lines running through the Central
Oklahoma fields have a capacity of from 6,000 to 8,000 barrels daily,
extending from the refinery at West Tulsa to the Youngstown, Beggs,
Mounds and Bixby fields and it is planned to extend the same into the
Okmulgee field. The company also owns and operates a pipe line from
the refinery at Blackwell, Okla., to the Blackwell field.
The company has a steel storage capacity of over 800,000 barrels. It
also owns and operates 400 steel tank cars in addition to the cars which
are under lease.
The company is now running approximately 2,500 barrels daily of its
own production and has about 1,500 barrels daily production shut in which
will be run as soon as pipe line connections are made. Further development work is in progress.
The company's lease holdings and field activities are summarized as
follows:
Lease Completed Oiland Gas Wells. Drilling
Wells,
Total.
Gas.
Oil.
Holdings.
Acres.
11
3
34
31
12,618
Oklahoma
8
1
__
1
Texas (north & central) 40,000
-_
1,000
Louisiana
la.
.5
-5
5
80.400
Wyoming
7
7
2,381
Kansas
-I.
__
__
__
2,308
New Mexico
36
50
13
138,707 37
Total
-The company in this State has brought in within the last
Oklahoma.
8 months 15 producing wells, several with an initial production of from
1,000 to 2,000 barrels daily.
-In Texas 8 wells drilling, viz. 2 in Comanche County, 4in the
Texas.
Burkburnett field, 1 in northern Brown County and another in Hamilton.
-In north-central Louisiana the company holds leases covering
Louisiana.
about 1,000 acres in the recently opened Homer field, Claiborne Parish.
-In the Sand Draw field the company has brought in 2 gas
Wyoming.
wells gauging 15,000,000 and 20,000,000 Cu. ft. per day, respectively.
The gas is heavily saturated with a water white, high gravity oil, and the
company is now installing an absorption plant for the recovery of gasoline
therefrom. The company is now drilling 3 wells to test the deeper sands
in this field. In the Ferris field the company has brought in 1 flowing well
producing 43 gravity parafine base oil.
Stock & Ditndends.-The company has authorized and outstanding 300,o
000 shares of 77 cumulative convertible participating preferred stock of
$10 par value. It also has authorized 1,700,000 shares of common stock
of $10 par value, of which there is outstanding 1,000,000 shares. Since
its organization the company has paid regular quarterly dividends of 1'%%
on the preferred stock from Nov. 1917 to May 1919, both inclusive, aggregating $283,754.
Balance Sheet of Feb. 28 1919 (Total $20,938,467.)
$10,000,000
Real est.,b1dgs., plant & equip22,027,352 Common stock
3,000,000
17,109,535 Preferred stock
Leaseholds
381,702
Cont., franchises, good-will___ 595,438 Bills & accts. payable
264
Sec., Lib. his., stka. 0th. cos_ 441,850'Interest accrued
296,391
486,691 Depreciation
Bills & accts. receivable
2,735
108,636 Tax reserve
Cash
438
110,935 Other reserves
Refined products
7,278,937
58,032 Profit and loss
Deferred assets
-F. E. Kistler (Pres.) and Merritt W. Gano, Denver; E. P.
Directors.
Shove, Colorado Springs; William A. Otis (Treas.). Denver; L. L. Marcell,
Wichita, Kan.; W. L. Kistler (V.-Pres.), Tulsa, Okla.; P. J. Quealy
(V.-Pres.). Kemmerer. Wyo.; Edward Bower, Cleveland; Theo. G. Smith,
Denver; Frank C. McCaulley (Sec.). Denver; W. H. Warner, Cleveland.
-V. 108,
[The company was incorporated in Wyoming May 14 1917.I
p. 2130; V. 106, p. 2234.
-Rates.
Public Service Gas Co., N. J.
The Board of P. U. Commissioners in Newark will hear the application
of the Public Service Gas Co. for increased rates on July 16. Pending the
hearing the Board issued a formal order su,spending the proposed increases.
The company agreed to send a copy of its notice for increases to all the
-V. 109, p. 78.
municipalities in New Jersey affected thereby.
-Claims to be Paid.
Pusey & Jones(Shipbuilding) Co.
It was stated on July 7 that the Emergency Fleet Corp. has accepted the
proposition of Christoffer Hannevig, Pres, of the company, and that the
sum of $2,500,000 has been turned over to him to pay the creditors'claims.
Other claims, it is said, are still being considered by the Emergency Fleet
-V.108, p. 1724.
Corp.,so the company probably will receive more money.
-Bonus of 1%.St. Lawrence Flour Mills, Ltd.
A bonus of 1% has been declared on the common stock in addition to the
regular quarterly 1;4 %, both payable Aug. 1 to holders of record July 19.
A bonus of 1% has been paid in each quarter since Feb. 1918.-V. 108.
p. 477, 386.
----Sale.
Santa Barbara (Cal) Gas & Electric Co.
-V. 102, p. 1723.
See Southern Counties Gas Co. below.
-Stock Increase-Rights.
Sapulpa Refining Co.
The stockholders on June 30 increased the authorized capital stock from
$2,000,000 to $10,000,000 (par $5). The stockholders are given the right
to subscribe to 200,000 shares at $7 a share. Warrants will be issued to
stockholders of record at the close of business July 19 1919 entitling stockholders to subscribe for one share of new stock for each two shares of stock
held. Subscriptions will be payable on or before Aug. 4 1919. All rights
to subscribe will expire at the close of business on Aug.4.-V. 108.P.2246,
230.
-Bond Call.
Schaw-Batcher Co. Pipe Works.
All of the outstanding Serial Gold bonds dated Nov. 1 1917 have been
called for payment Aug. 1 at 101 and interest at the Bank of California
-V. 105. p. 2548.
National Association, San Francisco.
-The
-Acquisition.
Sinclair Consolidated Oil Corp.
New York "Tribune" of July 11 says:
Harry F. Sinclair, head of the Sinclair oil interests, and Senator Robert
Owen, of Oklahoma, have just consummated a $15,000,000 transaction, it
was learned yesterday, which gives Mr. Sinclair and his associates control
of the Louisiana field. The deal involves the acquisition by the Sinclair
Consolidated of all wells, leases and other properties in Louisiana of the
Globe Oil Co., the Dixie Oil Co., the Texlahoma Oil Co. and the Palmer
interests. The Globe Oil Co. is to receive $2.000,000 net; the Texlahoma.
$4,470,000, and the Dixie and Palmers are to divide the balance.
According to the agreement, Sinclair was obligated to pay down $3,000,000, although it was stated that the initial payment probably would be in
the neighborhood of 210,000,000.-V. 108, p. 2533.
-86,000,000 Note
Sloss-Sheffield Steel & Iron Co.
-The Central Union Trust Co.,
Issue Being Underwritten.
Goldman, Sachs & Co. and Lehman Bros., are forming a
-Bond Call.
Port Jervis Light & Power Co.
-year
underwrite an issue of $6,000,000 6% 10
See Orange County Public Service Corporation under "Railroads" above. syndicate to
- notes.
Producers & Refiners Corp.(of Wyo.), Denver, Col.
be used for completing the by-product coke oven
The proceeds
-President F. E. Kistler, under date of plant now under are to
construction, for electrifying the coal and ore mines of the
Official Statement.
of the company's
bonds
and
22 1919, wrote to Carl H. Pforzheimer & Co., 25 Broad company,nextto provide for the paymentunsecured but willmortgage a proMay
contain
year. The notes will be
maturing
•
•
St., N. Y., saying in substance:
vision that no mortgage will be placed on the property during their life
-Merger.
Pittsburgh-Texas Oil & Gas Co.
-V. 109, p. 78.
See Transcontinental 011 Co. below.
-V. 108, p. 2439.
without retiring the notes.
Data from President F. E. Kistler, Denver, May 22 1919.
Refinery Depottment.-The company owns all of the stock of the Kistler
-Acquisition.
Southern Counties Gas Co.
a modern refinery at West Tulsa, Okla., formerly
Refining Co., controlling
Deed for the sale of the Santa Barbara Gas & Electric Co.'s gas property
the plant of the Pan-American Refining Co. This refinery has a daily
with the Santa Barbara
capacity of 6 000 barrels and produces gasoline, naphtha, motor spirits, system and franchise to this company has been filedstamps attached to the
County Recorder, and according to the revenue
kerosene, distillate, gas, oil, fuel oil, road oil, pitch and coke.
The company also operates a refinery at Blackwell, Okla., a well balanced deed, it represents $630,000. The purchase was'recently ratified by the
-V. 108. p. 1170.
barrels daily capacity, enlarged from 1,200 barrels since 1917. State RR. Commission.
plant of 3,000
The company is assured of a sufficient supply of crude oil to run its
-A. E. Fitkin
-Offering of Bonds.
Southern Oil Corp.
refineries to full capacity. It has built up a regular line of customers for its
refined products in territory within convenient reach of the Blackwell & Co., N. Y., and R. E. Wilsey & Co., Chicago, are offerrefinery and has made arrangements to market the entire output of the ing at prices to yield from 6.75% to 7.50%, according to
new plant at West Tulsa through the Western Petroleum Co. of Chicago.
180
THE CHRONICLE
maturities, $1,000,000 First (closed) Mortgage 6% Serial
gold bonds dated July 1 1919, due seriady $150,000 each
July 1 1920 to 1924, and $250.000 Jul 1 1925. Int. payable J. & J. in Chicago or New York. Denom. $1,000 and
$500. Callable in whole or in part on int. date upon 60
days' notice at 102 and int. The company agrees to pay
the normal Federal income tax up to 2%.
Data from Letter of Pres R S Ayers, Dated Kansas City, June 28'19
Company.
-Organized in Oct. 1914 in Oklahoma with an authorized capital stock of $25,000, of which $7,500 has been issued to date. Is engaged
in producing, purchasing, refining and selling crude petroleum and its
products, and the transportation and distribution of same. The refining
plant located at Yale, Okla., covers an area of 56 acres and has a capacity
of 6,000 barrels per day.
The pipe line system, about 90 miles of main lines and 80 miles of gathering lines, cover the Cushing Yale, Jennings, Osage and Hominy fields.
Located at the refinery and connected with the pipe lines, there is steel
'
storage capacity of 375,000 barrels for crude and refined oils; also about
50,000 barrels of wooden storage connected with the gathering system for
handling field runs. Has in service through ownership and lease 615 cars.
In Dec. 1918 purchased an undivided one-half interest in a gas lease on
4340 acres of land 2 miles from the refinery, upon which are two gas wells
making 12,000,000 ft. of gas daily. To serve the Burkburnett, Texas, field
in the gathering of crude, a 4-inch line of 6,000 barrels per day has been
built from Devol, Okla., crossing Red River to the field, and a complete
gathering system installed serving the whole field. A 3
-inch fuel line of
3,000 barrels per day is also in operation, delivering fuel to operating companies from Devol to the field. In connection with this system there are
55,000 barrels of steel storage, 15,000 barrels of wood storage and a 55-ear
loading rack. In Oklahoma and Texas at the present time 6,000 barrels
of crude is handled daily, 4,000 barrels of which is run through the refinery
at Yale and 2,000 of which is sold to other refineries in Oklahoma ,Kansas
and Texas. Owns leases on approximately 2,000 acres of undeveloped
property located in Kansas and Oklahoma.
Assets.
-An appraisal of the properties as of April 1 1919 shows fixe assets
. of $2,193,421 after allowing for depreciation of 3220,505.
Volume of Business.
-1915. $615,820; 1916, $2,937,974 1917, $3,589,394;
1918, $4,489,153.
-Net earnings during the four years (after depreciation of
Earnings.
$345,129) amounting to $862,346 was carried to surplus (except $60,000
paid out in divs. in 1917), and are subject to 1918 income and excess profits
taxes of about $40,000. Subject to income and excess profits taxes of 1918,
• and audit', made by Arthur Young & Co. as of Dec. 31 1918, after charging
off depreciation of $137,137, shows surplus of $862,347 and gross profits
from refining operations and other profits of 1918 of $645,621, and net
profits from operations for the year 1918 of 3407651.
Purposes of Issue.
-To provide additional working capital to enable the
• company to develop a satisfactory amount of crude production by drilling
wells on acreage now owned, and also by acquiring additional proven acre
age and drilling same.
Officers.
-The officers as organized were R. S. Ayers, President; George
L. Woodward. Vice-President, and Charles R.Monfort,Secretary-Treasurer.
[VOL. 109.
a
tion and other reserves, &c., equal to $359 per share of pref. stock.
Total assets for the pref., before deducting reserves are $70,887,409, or
$405 per share.
The common stock issued and outstanding amounts to 970,906 shares
representing an equity, following the pref. stock of $45,334,262.
Provisions.
-(a) No additional bonds or notes other than current bank
loans (except General Mtge. bonds which may be issued to refund existing
funded debt and at par for 75% of the cost of additions and betterments
to the company's property) and no stock ranking ahead of or equally with
this issue, can be issued except with the consent of 75% of the pref. stock
outstanding; (b) the company shall at all times maintain net tangible
assets of $300 per share of pref. stock outstanding, with net quick assets
equal to the total par value of outstanding pref. stock; (c) has equal voting
power with common stock in the event of non-payment of 4 consecutive
dividends.
Management.
-The board of directors includes representatives of the
Semet-Solvay Co.; Pickands, Mather & Co.; Mark; Pickands, Brown &
Co., and Schlesinger interests, who are the owners of the common stock.
-V. 107, p. 1751.
Superior & Boston Copper Co.
-Assessment.
-
This company has called an assessment of $1 a share, payable on or before Aug. 8 at the Boston Safe Deposit & Trust Co. This payment will
make $8 50 paid in on the shares, the par value of which is $10. The
assessment will • provide funds for important development work decided
upon following an encouraging report from C. W. Botsford as to the holdings of the company in the Globe Districtof Arizona.
-V.108,P. 586.
Sweets Company of America, Inc.
-Stock Sold.-Blook,
Maloney & Co., N. Y., announce by advertisement on another page the sale of 100,000 shares (par value $10) of
this new Virginia corporation which has acquired the
Sweets Co. of America, Inc., and the Lance Cough Drop
Co., Inc., both N. Y. corporations, manufacturers of Tootsie
Rolls and other nationally advertised popular priced confections.
Capitalization.
-Authorized, $5,000,000, all common stock; outstanding
(including present offering), 300.000 shares; unissued. 200.000 shares
Registrar, Metropolitan Trust Co.. New York; transfer agent, Irving
Trust Co. Now York.
The books have been audited by Charles Hecht, C. P. A. and the good'
will appraised by James T. Anyon of Barrow, Wade, Guthrie & Co., chartered accountants, and by Charles Hecht, C. P. A. The real estate and
plant have been appraised by the Appraisals Corporation. All legal details, it is stated, have been passed upon by Malcolm Sumner, New York.
The officers are reported as follows: Samuel F. William, Pres.; Joseph
Kaufman, 1st V.-Pres. and Treas.; Leo F. Hirschfield, 2d V.-Pres.; Walter
S. Inborn, Sec'y. Full particulars another week.
Transcontinental Oil Co.
-Acquisition.
-
The stockholders of the Riverside Western Oil Co. (V. 109, p. 78) and the
Riverside Eastern Oil Co. (V. 109, p. 78) on June 30 voted to dissolve and
turn their properties over to the Transcontinental Oil Co. Riverside
Standard Aircraft Corp.
-Sale of Property.
Western received $1,250,000 cash and 41,667 shares of Transcontinental.
This company's property, comprising entire plant at Elizabeth, N. J., The preferred is to be retired at par and common exchanged on a basis of
machinery, fixtures, furniture, equipment, &c., is advertised for sale at IS shares of Transcontinental for 7 of Riverside. Holders of Riveeside
public auction commencing July 21 at the salesrooms of Smith & Jaffe, Eastern Oil sold out for 31,250.000 cash and 41,666 shares Transcontinental.
Auctioneers, N. Y. City.
-V. 107, p. 409.
and Riverside Eastern will be retired at par $5 and accrued quarterly dividend for preferred and common on exchange basis of 9 to 1.
Standard Parts Co., Cleveland.
-Earnings.
The stockholders of Pittsburgh-Texas Oil & Gas Co. (V. 109, p. 78) on
For Calendar YearsJuly 7 ratified the merger with Transcontinental Oil Co. on basis of .
1918.
1917.y
ahares
Net profits after Fed. taxes & contingencies
41,264,420 $2,639,974 of Pittsburgh-Texas for 3 shares ofT(Transcontinental.
..
e 1.
s .. bth paoabl -V. 109, p.79.
Preferred dividend 7%
474.975
512,909
• Common dividend 6%
Thin07761 IT. 0 ofCalifornia.-Extra Dividend..
798,166
1
Less dividends on treasury stock
An extra dividend of $I has b
declared n the stock along with the
cr.2,825
regular quarterly dividend of
5
y
July 22 to holders of
Balance surplus
$5,896 $2,127,065 record July 10. An extra of $1 has been paid in each quarter since April
1917. In March 1918 10% was paid in stock.
-V. 108, p. 1941, 1615
.
x Does not include the company's equity in the net profits of the Bock
Bearing Co., which on the common shares owned by it, aggregated $204,United Coal Corporation.
-New Name.902. y Thirteen months.
-V. 107. 13. 1925.
rElee Hillman Coal & Coke Co. above.
-V.107, p. 1486.
Steel & Tube Co. of America.
-Offering of Preferred
Stock.
-Wm.A. Read & Co., N. Y., are offering at 98 and
div. to net over 738% $17,500,000(entire issue) 7% Cumulative Preferred (a. & d.) stock, par $100. See adv. pages.
Redeemable as a whole or in part at 110 and div. on 30 days' notice.
An annual sinking fund of 3% of the total amount of preferred stock issued
provides for the purchase of the issue up to the redemption price. Divs.
payable quarterly. Jan. 1, &c.
Data from Letter of Pres. A. A. Schlesinger Dated July 8 1919.
Company.-Incorp. under the laws of Delaware June 24 1918 [a consolidation of Mark Mfg. Co. and the Iroquois Iron Co.
-V. 107, p. 186, 2971,
is one of the three largest manufacturers in the United States of steel pipe
and other tubular steel products. The properties include fully equipped
iron ore mines located in Michigan and Wisconsin, with iron ore reserves
of approximately 33,000.000 tons; 228 by-product coke ovens with annual
producing capacity of about 1,000,000 tons of coke;8 blast furnaces, producing capacity of over 1,200,000 tons of pig iron per annum, 5 of which are
located upon a 217 acre tract at South Chicago, 1 at Indiana Harbor and
2 at Mayville, Wis., adjacent to the company's Wisconsin ore properties
and 1 of its coking plants.
The steel plant located at Indiana Harbor, Ind., upon a site of 380 acres
with frontages on Lake Michigan and the Government ship canal comprises open hearth furnaces, blooming, billet and skelp mills, and a large
universal plate mill and pipe mills having an annual producing capacity
of about 500,000 tons of ingots. and 375.000 tons of plates and skelp.
Immediately adjacent to this plant are 120 Semet-Solvay by-product coke
ovens of the most recent type and now acquired by the company.
The pipe mills located at Indiana Harbor, Ind., Evanston, Ill., and
Zanesville, 0., have an aggregate capacity of 360,000 tons per annum of
steam, water, gas and line pipe, oil well casing and tubing, boiler tubes
and electric wire conduit.
At Kalamazoo, Mich., has an electric furnace for the production of various grades of alloyed steel, 2 rolling mills and a plant for the production of
steel springs and parts for agricultural machinery.
(The aforesaid properties include in addition to thoso embraced in the
original merger the following now acquired (a) the Northwestern Iron Co.
(V. 104, p. 868; V. 99, ri. 1836); (b) the ore properties of the Newport
Mining Co. (V. 107, p. 807); (c) Selmet-Solvay By-Produds Coke Plant at
Indiana Harbor, Ind.; (d) the Harrow Spring Co.
-Ed.]
The properties and operation include every requirement and process
from the raw materials to the finished products, including iron ore, coal,
manufacture
zinc and limestone, and the manufacte of coke, pig iron and finished steel
products. The various properties have been in successful operation for
many Years. Pig iron production dates back to 1854, and pipe manufacture
to 1900.
Earnings Years Ended Dec. 31.
1918.
1917.
1916.
$58,058,598 $43,218,016 $30,083,525
Gross sales
10,240,176
7,416,315 6,699,916
Gross profits after Federal Taxes
1,617,978
661.282
Fixed charges
:332,031
8.622,198 6.755,033 6,367,885
Net prof. avail, for divs. & dep. res
this issue were earned more than 7 times
Annual divs. of $1,225,000 on
-year period. Future
in 1918, and an average of nearly 6 times for the 3
earnings will be increased through the operation of the recently completed
steel plant and coke ovens at Indiana Harbor, representing capital expenditures of about $15,000,000 during 1918 from which no earnings aro included in the statement shown above. The company has orders on its
books for pipe and other tubular goods which will take the entire output of
the finishing mills until Nov. next, and the demand continues active at
good prices.
Tangible Assets for This Pref. Stock, After Giving Effect to Present Financing.
'$64,990,064 Funded debt Sr other prior
Property account
capital charges
$17,015,143
1,785,840
Investments
27,148,947 Current liabilities
6,022,299
.
Current assets
Total tangible assets____ 93,924,851 Deprec & other reserves 8,053,147
Net tangible assets
62,834.262
These figures show net quick assets of $121 per share of pref. stock.
Net tangible assets, after deducting $16,747,500 funded debt, and deprecia-
U. S. Smelting, Refining & Mining Co.
-Obituary.
William G. Sharp, President and Chairman of the Board, died at his
home July 1.-V. 109, p.80.
United States Steel Corp.
-Unfilled Orders.
See "Trade and Traffic Movements" on a subsequent page.
-V. 108.
P. 2440, 20281
_
-Victor Mfg. & Gasket Co., Chic.-Boncri Underwritten.
-
S. W.Straus & Co. have underwritten a $500,000 1st M.Serial bond issue.
Visalia City (Cal.) Water Co.
-Bond Offering.-
Blankenhorn-Hunter-Dulin Co., Los Angeles, are offering at par and int
.
$80,000 1st M. 6% Serial gold bonds. Dated July 1 1919, clue serially
$4,000 July 1 1924-43. Denom. $500 and $1,000.
The bankers report: "Authorized and outstanding, $80,000. jot.
J. & J., callable any int. date at 102. Citizens Trust & Savings Bank,
Los Angeles, Trustee. Normal Federal income tax paid by company. tax
exempt in California. First lien on the entire system of water works.
Total assets $204,861. Earnings for year 1918: Operating revenue.
$33,015; operating expense, incl. taxes. $1$ 55; depreciation, $6,094
4
applicable to dividends and interest, $7,466.
PI Wayne Coal Co.
-Annual Earnings.
Tons of coal shipped
Gross income
Operating expenses and taxes
Net earnings
Interest charges
Depletion and depreciation
Surplus
-V. 107, p. 1925.
Cal. Year 12 Mos. to 19 Mos. to.
Sept. 30'18. Sept. 30'18
1918.
881,420
770,267
919,895
$2,158,187 12,030,482 32.524,440
1,016,176
869,806
1,091,537
$1,142,011 $1,160.676 $1,432,903
137,965
112.301
136.455
440,412
404.138
478,815
$563,633
$644,238
$817,633
ro.
•
4.-
.
--Western Electric do.-New President.-- ---V.-Pres. Charles G. Du Bois has been made President, to succeed H. B.
Thayer who becomes Chairman of the Board.
-V. 108. p. 1171.
Whalen Pulp & Paper Mills, Ltd.
-Directors.
The following have been elected directors: W. N. Hurlbut, Alexander
Smith and I. W. Killam.-V. 108, p. 2131.
CURRENT
NOTICES
---The discount house of Salomon Bros. & Hutzler have prepared a list
m"
orihort term securities which are especially adapted for temporarily idle
funds of banking institutions, corporations and other investors.
mar
-Walter Freeman & Co.announce the opening of an office in the Conway
IThilding, 111 West Washington St., Chicago, to deal in bonds and investments.
•
-Wm. Hurd Hillyer & Co. announce the removal of their office to 80
Wall St., where they will continue to conduct a general investment bond
business.
. -Randolph P. Compton, formerly of the St. Louis office of the William
'Compton Company, is now associated with the New York office as
Treasurer. •t p
r-Newburger, Henderson & Loeb of 100 Broadway announce that Daniel
Loeb and Harold A. Rouse have been admitted to an interest in the business.
-Field, Richards & Co. of Cincinnati announce that Ben. W. Lamson
and Charles H. Richards have been admitted to partnership in their firm.
181
THE CHRONICLE
JULY 121919.]
411'
Swirls anti Putnntents.
PACIFIC DEVELOPMENT CORPORATION
SECOND ANNUAL REPORT—FOR YEAR ENDING DECEMBER 31 1918.
New York, June 30 1919.
To the Stockholders:
The following report of the operations of your Corporation
for the year ending December 31 1918, is hereby submitted:
CAPITALIZATION.
At a meeting of the stockholders held February 21 1918,
the total authorized capital stock of the Corporation was
increased from $5,000,000 to $10,000,000, consisting of
200,000 shares, of one class, having a par value of $50 each.
During the year,$1,634,050 par value of the unissued capital
stock of the Corporation was issued or subscribed for at par
for cash, the total amount of the stock of the Corporation
issued and subscribed for on December 31 1918 being
$5,772,700. The plan submitted to and approved by the
Stockholders of setting aside 10% of the subscribed stock
of the Corporation for sale to employees has been carried
out. Over 190 members of the staff of the Corporation and
its subsidiaries have subscribed for stock at par for cash,
payable in installments. The item of $116,225 appearing
in the balance sheet as due on subscriptions, is the amount
due on employees' subscriptions accepted at that date.
BUSINESS AND SUBSIDIARY COMPANIES.
.
As the number of stockholders of the Corporation has very
largely increased during the past year, the following summary
of the statements appearing in the First Annual Report relative to the business of the Corporation and Sits subsidiary
companies is included in this report.
The Pacific Development Corporation was organized
.as the result of twenty years of work in building up an
American trading business in the Orient. The Corporation
is primarily a holding company, experience having shown
that the various activities of the Corporation could best
be carried on by independent companies financing their own
business and operating under local management in the various countries where they did business. The Board of Directors believes that the success of foreign enterprises depends
primarily upon the efficiency of the local management in
those countries where the enterprise is located. The business of the Corporation is:
(1) Foreign trade, especially with the Orient, conducted
through a group of trading companies, all of which have developed their business in the countries where they operate
over a period varying from twenty to eleven years. Each
of these companies began business in a small way, has built
up its capital largely out of profits, and is being operated by
the same men who organized it.
(2) Developing industrial enterprises co-ordinating with
foreign trade, which experience has proved can best be carz
ried out through separate, but allied companies rather than
through the trading companies themselves.
(3) Acting as representative of American capital in those
countries where its various subsidiaries operate.
The following table gives a list of the subsidiary companies
controlled by the Corporation, together with the percentage
of stock owned by the Corporation, all as of December 31
1918:
of
Pacific Commercial Company
Andersen, Meyer & Company, Limited
lIartmann Brothers, Incorporated
International Vegetable Oil Company
American Machine & Manufacturing Company
New York Pacific Commercial Company
Percentage
Stock Owned.
80.43
99.75
100.00
100.00
100.00
100.004
The Pacific Commercial Company was organized in
December 1911 to take over and carry on the business of
Castle Bros. Wolf & Sons, which was organized in 1899. The
head office of the Company is at Manila, and it maintains
branches at the leading commercial centres of• the Philippine Islands; at Sydney, Australia; and Kobe, Japan.
Andersen, Meyer & Company, Limited, was organized
in Juno 1915 to take over and carry on the business of the
partnership of Andersen, Meyer & Company, which was
established in 1907. The head office of the company is at
Shanghai and it maintains, branches at twelve of the leading
commercial centres of China and Eastern Siberia.
Hartman Brothers, Incorporated, was acquired by the
.
Corporation as of April 11917, the present business having
been begun in 1907. The head office of the company is in
Boston, and it maintains branches at.New York, Chicago
and Philadelphia, and owns a controlling interest in R. H.
.
Gonzales & Company,with offices at Buenos Aires and Bahia
Blanca in the Argentine. The business of the Company is
primarily importation of foreign merchandise, and, in addition to doing business with countries where the Corporation
.
is not represented by subsidiaries, it acts as the representative in this country for the sale of mordhandise shipped from
our subsidiaries abroad.
The International Vegetable Oil Company controls a
group of cottonseed oil mills in the South and has extended
its business, in the operation of its Southern mills, by the
purchase of oil bearing nuts and seeds from abroad. The
Corporation is planning to extend its business to the Orient
through the erection of mills there.
The American Machine and Manufacturing Company
was organized in 1908 and has conducted a profitable business in producing a full line of vegetable oil machinery with
plants at Atlanta, Ga., and Greenville, S. C. Since its
acquisition by the Corporation its business has been largely
extended through the sale of its products by our eastern
trading subsidiaries.
The New York Pacific Commercial Company was organized during the year to take over and carry on the offices
in New York, San Francisco, and Seattle, which had heretofore been jointly owned by Andersen, Meyer & Company
Limited, and the Pacific Commercial Company. This cor.
poration acts as the buying agent in this country for our
foreign subsidiaries and plans to build up an export business
from the United States to countries in which the Corporation
has no direct representation.
1918 EARNINGS.
The net profits of the Corporation, on the basis of a consolidated statement for the year ending December 311918,
after making provision for the estimated amount of income
and excess profits taxes were $1,736,905 10, or $15 04 per
share on the capital issued and subscribed at that date.
The average paid-in capital of the Corporation for the year
ending December 31 1918 was $4,951,813. The percentage
of net profits on the average paid-in capital was 35.08%.
The following statement shows the above earnings of.the
Corporation for the year 1918, as compared with the earnings
of the Corporation for the year 1917, and the earnings of the
subsidiary companies for the year prior to its organization:
Fiscal Year Fiscal Year
Fiscal Year
1916.
1917.
1918. •
Net Profits
$1,736,905 10 $1,226,624 28 $996,475 93
112,311 77 25.000 00
330,390 99
Cash Dividends Paid
Percentage Earned on Average
50.79%1=139.13%
Capital
35.08%
QUARTERLY DIVIDENDS.
Quarterly dividends at the rate of 7 per cent-per annum
have been paid, on February 15, May 15, August 15 and
November 15.
BALANCE SHEET.
The net worth of the Pacific Development Corporation,
on the basis of a consolidated balance sheet, was on December 31 1918, $8,968,665 55, giving its stock a book value
of $77 68 per share, as against its par value of $50 00 per
share; $47 16 per share is represented by quick assets. The
total net worth of the Corporation and its subsidiary companies, on the basis of a consolidated balance sheet, including minority interests in its subsidiaries, was on Decem ber 31
1918, $9,891,670 71. Attached hereto is the balance sheet
of the Pacific Development Corporation as of December 31
1918, certified by Messrs. Price, Waterhouse & Company.
1918 BUSINESS.
No new business was undertaken by the Corporation
during the year; the policy has been continued of retaining
in its subsidiaries the bulk of their large- current earnings
only withdrawing enough profits to meet the expenses and
dividend requirements of the Corporation, these excess
earnings and the money derived from the sale of stock being
used to strengthen the position of its existing subsidiaries,
each of which has shown substantial growth during the year.
In the Philippine Islands the abnormal prosperity brought
about by the war continued practically throughout the year,
the foreign trade of the Islands reaching the total of $233,793,694, this total being $72,392,356 in excess of the trade
of the Islands for 1917—the record year up to that date.
The 1918 trade returns show imports of $98,599,212, and
exports of $135,194,482, or a balance of trade in favor of
the Islands of $36,595,270. The Philippine Islands, as
American territory, suffered less than any other Oriental
country from the war restriction imposed on trade during
1918. During the four years from January 1 1915 to
December 31 1918, the Islands have accumulated a favorable
balance of trade of $96,745,979, as against a total unfavorable balance of trade of $18,694,608 for the preceding sixteen years of American occupation. While the prosperity
of the Islands for the last four years has been largely due to
the increases in the prices of commodities produced, there
has been d substantial increase in the quantity of producton.
Based on the most authentic information available, the average value of the products of the Islands has increased from
.
approximately $90 per metric ton in 1914 to approximately
$187 per metric ton in 1918, while the amount produced in
the same period has increased approximately 50 per cent.
Some recession in the value of the trade in the Islands must
be expected during a period of return to normal prices. On
182
ND
THE CHRONICLE
[VoL. 109.
41111111
the other hand, the falling tendency in prices has to date been
Plans are being discussed and will shortly be submitted
gradual, and any decrease in trade from this source is being
to the stockholders for securing an increase in our resources
counteracted by the increased production and the rapid
strides which the Islands have made during the past fours through a stock issue to enable the Corporation to proceed
years in improved agricultural methods and in utilizing with its logical growth and accept a reasonable proportion
these increased resources to provide adequate and modern of the profitable business which is now being offered.
facilities for development. This is particularly true of the
IN MEMORIAM.
sugar business, where efficient centrals are rapidly replacing
The Board' of Directors record with deep sorrow the loss
the small antiquated mills formerly in use.
during the year of two of their fellow directors: Mr. Chester
The Pacific Commercial Company with its experience P. Siems, who died in New York on November 23 1918, and
derived from twenty years of successful business in the Major Willard Straight, who died in Paris on,December 1
Islands, its resources more than tripled as a result of the large 1918.
profits of the last four years, its thoroughly trained organiBy order of the Board of Directors:
zation covering the entire Islands, through branches at the
Respectfully submitted,
principal ports, traveling salesmen and trading schooners
EDWARD B. BRUCE,
and accounts on its books with more than 8,000 merchants
who are looking to it for the regular requirements of their
President.
business, is in a sound position to continue to do a profitable
business and maintain its position as the leading import
PRICE. WATERIIOUSE & CO.
house and one of the leading export houses in the Islands.
54 William Street.
China has benefited less by the war prosperity than any
New York, May 9 1919.
other country in the East. The prevailing high rates for
CERTIFICATE
silver have gone far to neutralize the high gold prices of the
We have examined the books and accounts of the Pacific
exports of China and the war restrictions placed on foreign
trade have increased both in number and effect during the Development Corporation for the year ending December 31
year. The collapse of the Russian Government virtually 1918, and certify that the accompanying balance sheet is
suspended the market there for tea and a considerable amount correctly prepared therefrom.
The audited accounts of the subsidiary companies have
of internal unrest produced as a result of the conflict between
the North and South of China seriously interfered with pro- not been received and only the dividends actually received
or declared have been credited to the profit and loss account
duction in a number of provinces.
In spite, however, of all these adverse conditions, the of the Corporation.
We have verified the securities for the investments by
foreign trade for China for 1918 was the highest on record,
the total being Haikwan Taels 1,040,776,113, an increase of certificates from the duly appointed custodian of securities,
Haikwan Taels 28,325,709 over that of 1917. This total, on or by actual count.
Cash in banks has been verified by certificates from the
the basis of average rate of exchange for the year, was
equivalent to $1,303,193,239. The restrictions on trade, various depositaries and we have satisfied ourselves that full
provision has been made for all ascertained liabilities. Prowith the prevailing high prices of commodities, resulted in an
unusual degree of prosperity in the industrial plants in China vision for Federal taxes and managers' compensation are
and the termination of the war has shown a marked increase estimated, as it is impossible at this time to determine the
in industrial activity produced not only by the excellent exact amounts:
Subject to the foregoing, we certify that, in our opinion,
showing made by existing enterprises during the war, but
by the increasingly obvious difference between labor condi- the attached balance sheet is properly drawn up to show the
tions in China as compared with conditions in the United true financial position of the Corporation as a holding comStates and Europe. There is no Bolshevism or social unrest pany at December 31 1918.
PRICE, WATERHOUSE & CO.
in China. The labor wage in silver throughout the country
has not materially increased as a result of the war, and
Chinese labor is showing itself, under proper supervision,
BALANCE SHEET DECEMBER 31 1918.
able to compare favorably on the basis of unit production
with labor in other parts of the world.
ASSETS.
During the last three and one-half years we have been Investments:
American Machine & Manufacturing Co..
devoting the activities of Andersen, Meyer & Company
capital stock
$346,537 00
primarily to building up the organization, especially in its
Andersen, Moyer & Co.. Ltd., capital stock
975,000 00
engineering and machinery lines, to take advantage of the
Hartmann Brothers, Inc., capital stock
1,000,000 00
development which we believed was coming in China.
International Vegetable Oil Co., capital stock 1,466,298 21
Pacific Commercial Co., capital stock
Andersen, Meyer & Company, during this period, has grown
1,589,285 00
New York Pacific Commercial Co., Inc..
from a well-established house having ane office and an
capital stock
250,000 00
engineering staff in Shanghai, to an organization having
Miscellaneous
215,620 07
thirteen offices in China and Eastern Siberia, a trained staff
Total Investments
of more than 175 Americans and Europeans, in addition to
$5,842,740 28
a large Chinese organization, with adequate office and ware- Due from Subsidiary Companies
373,609 18
Notes and Accounts Receivable
93,321 01
house facilities at its different branches, and having exclusive Subscription
s to
116.225 00
representation in China for a group of the leading manufac- Cash in Banks Capital Stock
114,270 98
turers of machinery and equipment in this country. The Deferred Charges
14,919 64
expense of this expansion has been met out of the current
$6,555,086 09
earnings of the Company with a substantial margin of net
LIABILITIES.
profits remaining. On April first Andersen, Meyer & Company had on its books orders for machinery and equipment Capital Stock:
Authorized—
shares of par value of
in excess of ,000,000, and to-day is the leading American
$50 each
$10,00000 00
,0
Unissued-84,546 shares of par value of $50
commercial house in China and the leading machinery and
each
4,227,300 00
engineering house of any nationality.
The import business into this country from the Orient Issues or subscribed for-115,454 shares of par value of $50
each
$5,772,700 00
during 1918 was affected even more than the export business Notes Payable:
.
out of this country, by the restriction placed on foreign trade
Due on demand
$500,000 00
Due January 22 1919
45,000 00
and the shortage of tonnage. The high silver exchange
complicated the sisuation, so far as exports from China were
Total Notes Payable
545,000 00
Due to Subsidiary
12,090 33
concerned, but in spite of this disability Hartmann Bros., Accounts Payable Companies
20,327 89
Inc., our American subsidiary, made substantial growth Accrued Interest Payable
' 3.375 14
25,000 00
during the year and extended its organization to efficiently Provision for Income and Excess Profits Taxes
57,325 10
handle additional lines of foreign merchandise in this coun- Provision for Managers' Compensation
Surplus
119,267 63
try. It is a source of gratification to the board that in the
$6.555,086 09
two years since this Company was acquired by the Corporation it has succeeded in earning net profits equal to the
amount which it was estimated the Company would make STATEMENT OF INCOME AND EXPENSES FOR THE
in three years.
YEAR ENDING DECEMBER 31 1918.
Owing to local conditions which developed in the Philippine Income:
Dividends
$627,298 75.
Islands, an opportunity presented itself to dispose of, at a Expenses
281,095 05
satisfactory profit, the interest of the International Vegetable
Net Income
$346,203 70
Oil Company in the Philippine Manufacturing Company.
The business of the American Machine & Manufacturing Surplus Account: 1 1918
Balance, January
$103,454 92
.
Net Income, year ending December 31 1918
Company showed a substantial growth during the year as a
346,203 70
result, primarily, of large orders for oil mill machinery placed
$449,658 62:
Deduct:
by the company through our Far Eastern subsidiaries. The
Dividend, Feb. 15 1918
$70,525 62
contract with the Government for the manufacture of 155
May 15 1918
72,11400
"
mm. shell was canceled at the conclusion of the war and
Aug. 15 1918
93,447 37
"
Nov. 15 1918
94,304 00
since January 1st settlement has been reached with the
330,390 99
Ordnance Department which closes the business with a small
Surplus, December 31 1918
*$119,267 63
margin of profit to the company, and has liquidated the indebtedness incurred by the American Machine & ManufacPacific Development Corporation
turing Company and the Corporation in connection with this as *Note.—Represents the surplus of thea Consolidated -Balance Sheet, thea holding company. On the basis of
surplus of the Pacific Development Corporation on December 31 1918 was
business.
$3,195,965 55.
JULY 12 1919.]
THE CHRONICLE
ES.
411( Citommerctal Wintesc
COMMERCIAL EPITOME
183
the war. The food riots in Italy are fresh in mind. They
caused a reduction in prices in some cities of 50 to 75%. And
Conan Doyle,the English author, predicts trouble in England
if "price jumping" is not stopped. He urges imprisonment
for flagrant profiteering in food. He says cabbage and
lettuce bought at 3 cents are sold to consumers at 16 to 25
cents or higher. He wants Covent Garden market abolished.
New high levels of prices have been reached for hides and
leather. In chicago calf skins have sold at 823'c. a lb.,
compared with a previous high of 800. nearly a fortnight
ago. The maximum price fixed by the Government up to
the end of last year was 440. High record prices for Japanese
raw silk are quoted here. The French Government having
offered only $300,000,000 for American army equipment in
France costing $1,500,000,000, the War Department has
ordered the creation of a sales organization in France for the
disposal of the property. If France will not pay a better
figure the Director of Sales plans to take the material out
of the country for sale elsewhere.
Friday Night, July 11 1919.
Trade continues on the up grade in this country. The
big industries are expanding. Steel orders show the largest
increase since last October. The pig iron trade manifests
signs of waking up. The furnaces are more active and
prices in some directions are said to be firmer. The export
trade in steel is rising. There is.a big building boom in
this country. There is great activity in lumber, bricks,
structural steel and builders' hardware; also in cement,
nails and paints, except at Chicago, where 25,000 men in
the building trades are out on strike for wages of $1 an hour.
Wholesale and retail trade is active, far larger indeed than
ordinarily at this period of the year. Latterly the weather
hereabouts has been unseasonably cool, but in the nature
STOCKS OF MERCHANDISE IN NEW YORK. 1 1918.
of the case this can be only temporary. The feeling is cheerJune 1 1919. July
July 1 1919.
1,719.843
441,159
bags_347,642
ful in all kinds of trade.
Coffee, Brazil
20,514
9,337
mats_ 4,203
came the announcement which brings a cheer- Coffee, mats
And to-day
2.585,492
311,800
bags_340,173
over, that Coffee, other
69,779
ing realization of the fact that the war is indeed trade with Sugar
tons_ 68,798
Not published during war
No
Hides
the U. S. Government has lifted the embargo on
78,958
64,890
bales.. 61,619
Germany, except in the matter of dyes, chemicals and Cotton hemp
bales
Manila
48.000
buy 100,000 tons of sugar in Flour
13,600
barrels_ 8,400
Germany wants to .
potash.
on
this country. The U. S. Shipping Boardyhas steamers fs
LARD slightly higher; prime Western $35 75@$35 85.;
.
American $38 25; Brazil
berth ready to clear at once for German with foodstuf
sharp refined to the Continent $38; South
and cotton. This fact counted for not a little in a has a in kegs $39 25. Futures advanced on scattered commission
advance in cotton prices here to-day. The South
house buying inspired by big exports. On the 9th inst. the
large supply of low grades of cotton of which Germany in exports from New York were stated at 8,324,400 lbs. of
West
pre-war times took large quantities annually. The
bacon and 6,598,142 lbs. of lard. Most of this is to go to
is fairly humming with trade. Grain prices are up sharply Hamburg. At Chicago fresh pork loins have advanced 4
Hogs at
for the week in this country and in Argentina.
cents this week and are quoted at 40 cents per lb. wholesale.
Chicago are at a new high record of $22 95, and beef cattle To-day prices fell after an early advance. They end
are $1 25 to $1 75 higher. Cotton goods are in active slightly lower on Sept. for the week. Hogs touched a new
big textile centres are hard put
demand and rising. The .
"high" to-day of $22 95.
to it to keep up with their orders. The significant thing DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Frt.
Wed. Thurs.
is that where usually there is dulness at this midsummer
Tues.
Mon.
Sat.
34.80
cts Holt- 35.15 35.20 35.12 35.00 35.15
season there is now in many cases noteworthy activity. July delivery
35.40
also September delivery_ _ _ _ day. 35.22 35.30 35.27 35.30 35.07
Retail sales of summer clothing and shoes are large,
35.15
35.10 35.15
October delivery
those of jewelry, automobiles and other luxuries. Sterling
PORK quiet but steady; mess $58@$58 50, nominal;
exchange has been at the lowest rates for 40 years past, but
pork closed at $51 65, after
in the case of cotton the rise in the price of that commodity. clear $53@$62. September
for the week is 65c. Beef
Liverpool this week has largely if not fully offset the fall touching $51 75. The net rise$38@$39; extra India mess
in
sterling rates on this side. The Government crop reports lower; mess $34@$35; packet beef $3 75; No. 2, $7 25.
in
roast
from the
show bountiful harvests despite some decrease corn crop $61 @$63. No. 1 canned pickled hams, 10 to 20 lbs., 349'
and oats. The
Cut meats quiet but firm;
figures of a month ago in wheat.
@34c. Butter, creamery extras,
is coming along well. The National Ginners' Association @34%c.- pickled bellies, 33
Cheese, flats, 20@
of this country puts the condition of cotton as 72%,against70% 53@53qc.; other grades 46@56)/2c. @53c.; first to extra
fresh-gathered extras, 51
crop as between
4
in the Government report of July 1, and theng contrast with 323 c. Eggs,.
firsts, 43@50c
11,400,000 and 11,500,000 bales in gratifyi
COFFEE on the spot has been more active and higher;
the Government estimate on July 1 of 10,986,000 bales.
4
have in- No. 7 Rio, 233 0.; No. 4 Santos 283/2c., 283 c.; fair to good
/
It is true that temperature of 100 to 104 degrees
to higher
vaded Oklahoma and Texas, which if prolonged may cause Cucuta 27@,27Mc. Futures advanced in response Danish
shedding of the cotton plant. But they may prove to be Santos cables and aggressive buying. Dutch and ed the
only temporary. The big strike in the Lancashire district interests bought heavily. Sold out bulls re-enter
were ignored.
of England will end next Monday. This will tend to help market. Increased clearances from Brazilon consignment
of the
the cotton trade of this country. The tendency supply Considerable coffee, however, is being sent
New
to the United States and Europe. A "seat" in the price
export trade generally is towards betterment. The
York Coffee Exchange has sold at .,600, the highest
of ocean tonnage is gradually increasing.
,500. Brazilian interests
Higher prices are predicted for coal. It has just been'ad- on record; later, one sold at
been general
vanced $1 50 by the British Government. Europe faces a have been good buyers. In fact, buying has
coincident with
in the
fuel famine, it is said, owing to shorter working hourston, as in expectation of a larger European market
the
a sharp falling off in the crop and the ratification of The
mines. The Swiss are buying American coal at $36 a
y.
against $25 for German coal. American coal is delivered peace treaty by the German National Assembl Street.
unconditionally; Germany, France and Belgium, it seems, cotton trade here has also been buying as well as Wall
100
require return shipments of cattle, condensed milk, cheese, In a single day prices have risen anywhere from 75 to that
&c. A sign of post-war times is that copper is up to 20 cents. points. And some advocate buying on the ground
Congress is deluged with protests from farmers against contracts here are cheaper than the actual coffee in Brazil.
y
the fixed price of $2 26 a bushel for wheat. They insist that The embargo on trade between this country and German
points
the law be abolished, declaring that millers derive all the was removed to-day. To-day prices closed 2 to 6 were
:
benefit from the fixed price It is not clear how this can be. lower. They are higher for the week. Closing prices
of as follows:
But the trade generally.will certainly welcome a return
.10 ©22.15
coast:
22.851 Dec __ _cts_ 22.29
free markets for everything Some 3,000 workers onfor an July _ _ cts _22.83 22.70 January___22.23 © 22.301March _cts_22
22.03(522.05
©22.25 May
September 22.68
wise vessels on the Atlantic Seaboard have struck until October .22.55(522.57
advance in wages of $15 per month. It may spread
-Remains at 7.28 cents for 96 degrees test
SUGAR.
40,000 men are involved. That would interfere with exports. Cuba and Porto Rico; granulated 9c. The Equalization
price of memberships in the exAs speculation spreads the
Board has been buying Cuban for July shipment on the
changes rises. A sezt at the Stock Exchange has just sold basis of 5.88c. cost and freight. The weather in Cuba has
$4,000. which is within $1,000 of the
for $94,000, arise of
been unsettled. Stocks are still liberal, i. e. 1,135,231
high record price in 1906. The last officially recorded sale tons at Cuban ports against 839,685, tons a year
York Cotton Exchange was at $22,000,
of a seat at the New
ago, and 657,013, at this time in 1917. The receipts at
and now one at the Coffee Exchange has just sold at $8,600, Cuban ports last week were 45,589 tons against 38,631 for
tons against 82,692
the highest on record.
Scot- the same week last year; exports 68,765
The dirigible balloon "R-34" completed a trip from miles, in the previous week and 103,448 in the same week last year.
I., a ground distance of 3,200
But refiners
land to Mineola, L.
an As for refined, exporters would be glad to buy.
in 108 hours and 12 minutes, or about 4% days. after ex- are declining foreign business during the rest of July, at
storms, fog and having practically
eventful trip from
the request of the Sugar Equalization Board. The Cologne
hausted its supply of gasoline at the end. The balloon Chamber of Commerce it is stated has cabled a request for
platinum, valued at $2,000, consigned
brought 20 ounces of
a quotation on 100,000 tons of granulated sugar c.i.f. German
to a firm in New York. It is now on the return trip, design- ports. Today the German blockade was removed. Everying to land in London.
thing may be traded with Germany from this country except
High food prices, particularly a rise in the price of meat, dyes,chemicals and potash. The Sugar Equalization Board
disorder in the Williamsburgh section
have caused scenes of
will bring from Cuba this month 420,000 bags or approxiof Brooklyn, where housewives started a crusade on the 9th mately 60,000 tons of raw sugar on the basis of 5.88c. cost
to reduce their prices. Their
tons of Porto
inst. to compel retail butchers
e and freight; also made purchases of 8,580
excuse for action, they said, was a reduction in wholesal Rico for July shipment at 7.28e. c.i.f. The Louisiana cane
retaileirs to follow suit. Several
prices and the failure of the
crop deteriorated 9.1 points in June and the yield of sugar
women were arrested. Wholesale fish dealers in Boston have for the coming season is estimated near 100,000 short tons
n in raising prices during
been imprisoned for alleged collusio
184
THE
CHRONICLE
[VOL. 109.
less than last year. The government has author
ized the $3 on nuts, except semi-finished, and
sale at cost of 21,000,000 lbs. of surplus sugar now
10% on. rivets. The
the War Department. None of the sugar may be held by mills are said to be sold up practically to the third quarter
exported. on wire products. Makers are swamp
Fourteen million 'pounds are at New Orleans and
ed with buying orders
7,000,
lbs. at San Francisco. Offers of 10 cents per pound 000 for oil and gas field pipe. The tin plate output is said to be
have up to 90%. Conspicuous buyers are
been made for the entire surplus by exporters.
automobiles and farming implement manufacturers.
OILS.
-Linseed oil in good demand, scarce and higher
.
Leading interests quote $2 12 for car lots, $2 15
lots and $2 18 for single bbl. lots. But it is assertefor 5-bbl.
d that the
price could just as well be very much higher,
COTTON
said to be no oil to be had at any price. Lard,since there is
Friday Night, July 11 1919.
steady at 2.70@2.80c. Cocoanut oil, Ceylonprime edible,
bbls., 20c.
THE MOVEMENT OF THE CROP,as indicated by
Olive 2.25@2.50c. Corn oil, refined, 100 ,lbs.
our
25.06. Cod, domestic 1.08@1.10c., Newfoundland 25.26 telegrams from the South to-night, is given below. For the
1.10 week ending this evening the total receipts have
@1.12c. Spirits of turpentine $1 05. Common
reached
to good 116,267 bales, against 118,579 bales last week
strained rosin $16 25.
and 140,572
bales the previous week, making the total receipt
s since
PETROLEUM in brisk demand and
Aug.
bbls. $17 25@$18 25; bulk, New York,$9steady;0refined in same 1 1918 5,744,592 bales, against 5,716,106 bales for the
25@$1 25; cases,
period of 1917-18, showing an increase since Aug.
New York, $20 25@$21 25. Gasoline contin
1
1918 of 28,486 bales.
steady; motor gasoline in steel bbls. 243/20.;ues active and
to consumers
263o.; gas machine 41%c. The news from
Sat.
Gulf
Mon. Tues. 1 Wed. Thurs. Fri.
Total.
states that a large gusher has been developedthe Hull, Coast
at
start- Galveston
2,798 6,760 2,829 14,496 4,339 4,295 35,517
ing at upwards of 6,000 bbls. a day. Considerable activit Texas City
y Port Arthur, &c_ 1,057 ___- ---- ---- 5,160 1,289 7,506
and increasing production is reported from West Columb
ia. New Orleans_ _ _ _
-65 5,166 4,002 6,5II 3,84'7 3,854 23,67()
This district's daily average during the week ended
-.
Mobile
25
9
511
9
was upwards of 21,000 bbls., while the Gulf distric June 28 Pensacola
9
2
565
t's daily Jacksonville
average for the same period was 76,700 bbls. In
------------- - --1.54 -156
North Savannah
37,8
97,8f38 s7,ifiliA 4,ia 2,1H 2,679 28,064
1
Texas increased activity is also reported,
Brunswick
Kansa
5,000 5,000
Oklahoma are more active. Field reports and descri s and Charleston
56
730 1,173
531
777
414 3,681
are
bed as Wilmington
151 1,991
633
221
encouraging, especially from the gulf coast.
179
244 3,419
Norfolk
4,338 1,453
551
975
814 8,131
Pennsyl
N'port
vania dark $4 00 South Lima
$2 38 Illinois, above 30
Cabell
2 77 Indiana
2 28
degrees.
Crichton
1 75 Princeton........2 12 Kansas and Okla 32 49
Corning
285 Somerset, 32 deg._ 260
horns,
. 2
Wooster
285 Ragland
1 25 Caddo. La.. light_ 2 `
1`
Thrall
2 25 Electra
2 25 Caddo, La heavy
60
Strawn
2 25 Moran
2 25 Canada .
. __ 2 7
De Soto
2 15 Plymouth
,.
1 29
North Lima____ 2 38 Corsicana. heavy 2 33Healdtoo
I 05 Henrietta .
2 25
News,&c.
New York
Boston
Baltimore
Philadelphia
Total this week
____
_-_
____
____
2
____
161
____
_
_
'71
8'7
____
___
86
____
148
---26
297
100
148
271
362
297
100
7.704 25.581 18.770 27.734 17.500 18.078 116.267
The following shows the week's total receipts, the total
OCEAN FREIGHTS grow more active in the Europe
since Aug.
an last year: 1 1918 and the stocks to-night, compared with
trade as tonnage becomes more plentiful. The embar
trade with Germany from the United States has justgo on
been
removed, except as to dyes, chemicals and potash.
1918-19.
I
1917-18.
Stock.
British
Receipts to
cotton rates from Atlantic ports to Liverpool have,
July 11.
This Since Augl This Since Aug
it is
stated, recently been reduced. American export
Week. 1 1918. , Week. 11917.
1919.
1918.
giving the preference to American ships, but they ers are Galveston
35,517 1,877,586 10,737 1,614,980 232,031
159,092
always easy to get, though undoubtedly the supply are not Texas City
7,506 119,645
__-70,921
26,105
35,635
cently increased. Rates to Europe have recentl has re- Port Arthur
8,102
Aransas Pass,
y
53,527
627
29,899
little or no change. Private owners, it is stated, are shown New Orleans &c_ 23,676 1,554,649 8,342 1,640,66
0
Mobile
for voyages from Atlantic ports to Denmark, via getting Pensaco
565 150,360 1,052 103,415 377,100 360,362
21,468
10.544
9,812
33,792
hagen, $1 573 per 100 lbs., or 88 cents a cubic foot,Copen- Jacksonvla
ille
136
21,568
and to Savannah
200
43,136
10,600
10.700
Sweden via Stockholm $1 823/i per 100 lbs. or $1
28,064 1,082,598 5,785 1,110,036 201,624 149,138
02 per Brunswick
5,000 135,180 2,000 137,500
cubic foot. Charters include a 12-months
19,000
23,000
Charleston
3,681 206,718
105 202,884
50,857
37,688
2,194-ton steamer, at $9 50; lumber from a time charter, Wilmington
3,419 145,703
618
99,151
60,152
Gulf port to Norfolk
39,308
8,131 321,083,
Buenos Ayres at $62 50; Rosario $70; merchandise
211 295,745
95,580
71,479
N'port News,
148
from New York &c_
3,482
4,779
New York to Antwerp or Rotterdam, $32 50 net for
271
11,135 1,187 128,209
91,213 129,705
prompt; Boston
362
29,501'
a 15-months' time charter of 3,560 ton steamer
657 110,406
9,839
18,559
Baltimo
297
20,843
481
78,461
6,506
16.594
from Picton, N. S., to the United Kingdom at 25s.; deals Philadelre
phia
100
1,202
60
at
4,030
4,792
7,206
from Campbelltown, N. B., to Tunis at 400s.; $44, and
Totals
116,267 5,744,592 32,062 5,716,106 1,206,867
oil from Philadelphia to St. Louis de Rhone lubricating
1,069,010
at $6 50
round bbl.; deals from Meteghan to Cork at 350s., per
In order that comparison may be made with other years,
and we give below the
from St. John, N. B., to the United Kingdom at
totals at leading ports for six seasons:
ber from St. John, N. B., to Guadaloupe at $19, $41; lumand
with molasses at $6 per 110 gallons. Rates from the back Receipts at- 1919.
1918.
1917.
1916.
1915. I 1914.
North
Atlantic ports to Red Sea ports have fallen about
Galveston_ _ _ _
20% and TexasCity,&c. 35,517 10,737
9,939
13,707
9,783
7.028
may help trade with North Africa, Egypt and other
7,506
627
sections New Orleans_ 23,070
2
8,342
of the Levant.
8,411
10,045
8,172
6,282
Mobile
565
1,052
1,788
2,354
149
238
RUBBER has been weaker at times and small wonder Savannah _ _ _ _ 28,064
5,785
8,904
9,161
5,530
679
. Brunswick
5,000
2,000
4,000
1,000
Trade has been quiet and the supply large.
Charleston,&c
3,681'
105
494
5,965
373
106
were 393c. on the spot, 403'e. for July-Sept.Smoked sheets Wilmington_ _
3,419
618
103
596
996
arrival
19
4
Norfolk
8.1311
211
3,025
for Oct.-Deo., 44c. for first half of next year, and , 413 c. N'port N.,&c.
4,851
3,561
L,675
148
450. for All others..
3,622
the last half. First latex pale crepe in any position
__
1,166,
2,585
5,668
1,262
1,061
571
at an advance of to. on the prices asked for sheets. was held Tot. this week,
116,2671 32,062
42,332
48,941
29,625
20,222
TOBACCO has been quiet as a rule both for foreign
and Since Aug. 1_ 5,744.5925,716,106 6,802,362 7,050,217 10361651 1051743
domestic, as is not very unusual at this time
2
But on the other hand, stocks of most descripof the year.
The exports for the week ending this evening reach a total
tions
small that prices are for the most part well sustained.are so of 177,964 bales, of which 131,812 were
to Great Britain,
The
crop in this country has continued to make excellent
33,114 to France and 13,038 to
destinations. Exexcept in Wisconsin, where some young plants were progress ports for the week and since Aug. 1 other are
1918
as follows:
damaged
by heat.
Week ending July 11 1919.
COPPER more active and higher; electrolytic,
From Aug. 1 1918 to July 111910.
Exported to
20@203e; Exports
Exported to
if sold in small lots for Sept. at 203/20; later
quoted
4
Great
Aug. 203'c. Lead higher at 5.30@5.50c. for New 203 s, from
Great
Britain. France Other. Total. Britain. France. Other.
and 5.15c. for St. Louis. Spelter in better deman York
Total.
d
higher at 7.60c. spot New York. Tin quiet and unchanand Galveston__ 54,2 I
54,206 831,843 179,96 447,232 1,459,040
ged Texas City_
18,83,
18,83
13,007 18,83
at 71c.
15,8
47,642
Pt. Nogalez
43
430
New Orleans 29,507 14,279 3,59 47,37 625,401 279,29 316,321
PIG IRON sold more freely during June in the
1,221,017
case of Mobile
3,76
3,769 86,416
86,416
some furnaces than several months previous.
Pensacola
9,922
But
9,922
find trade slow. There is a little buying for deliver others Savannah _ 26,85
5,01 31,862 330,886 203,131 166,123 700,140
y in 1920. Brunswick _ 17,053
17,053 114,824
Production is increasing. This causes some
114,824
Charleston
irregularity Wilmington
12,819
1.0
92.
14.742
and now and then a shading of prices. But some
15,11
8,21
40,50
63,830
Southern Norfolk _
furnaces find inquiry rather better following the
58,582
31
58,613
New York _
recent heavy Boston
4,43: 4,438 311,343 52,563 266,94 630,850
sales by Northern furnaces. Foundry
42
42
30,506
5,576
been weaker Baltimore
97
37,057
in Pennsylvania. The coke situation iron has to
13,05
1,001
14,055
is said
be some- Philadelphia
20,47
2,402 22,872
what better.
Washington
584,949 584,949
San Fran
STEEL business is gradually increasing. Export
123,789 123,789
s are
larger. Domestic trading is reaching out somew
Total__ _ 131,812
13,038 177,964 2,474,184 748,611 1,967,393 5,196,183
hat. The
U. S. Steel Corporation statement seems to indicat
Tot. '17-18* 19,462 12,2
13,828
034,911 1,280,97
that the corner has been turned. There is more e clearly Tot. '16-17_ 28,711 13,829 17,111 45,4902,219,979 966,657 1,779,9954,135,865
59,65112,582,581
95,320,237
as to the future of prices. Still there is a certain confidence
*Figures adjusted to make comparison with this season approxim
irregularity
ately correct.
in quotations. On the other hand, in some cases
In addition to above exports, our telegrams to-night also
nuts, bolts and rivets have advanced, namely, 5% prices of
on bolts, give 118 the following amounts of cotton on shipbo
ard, not
EMI
iv'
JULY 12 1919.]
THE CHRONICLE
185
surprising if Europe should buy cautiously for a time.
cleared, at the ports named. We add similar figures for not be probably be a matter of necessity for a certain penod.
It will
York.
New
Meanwhile, Southern stocks are large and a new season is at
hand. To-day prices declined sharply at first but then
On Shipboard, Not Cleared for
turned and ran up 102 to 150 points from the early "low."
Leaving
Other , CoastI GerGreat
.The early decline was due to a generally favorable weather
Stock.
July 11 a/- Britain. France. many. Conft. I wise. Total.
map, disappointing cables and the coastwise shipping strike
1
26.152 1,200 76,543 155,488
with exports. The rise
Galveston ____ 49,191
330 57.972 319,128 which it was feared might interfere
New Orleans__ 27,948 3,006 1,102 25,586
5,000 1,500 8,500 193,124 later was due to temperatures of 100 to 104 degrees over most
2,000
Savannah
50,557
300
300
some parts of Texas, fears of
Charleston
7,968 of Oklahoma, 100 to 103 in
13,500
13,500
Mobile
95,080 shedding and the formal announcement of the lifting of the
500
500
Norfolk
85,213
6,000
,000
3,000
with Germany by the State Department
New York*
8,000 128,994 embargo on trade
---------- -1,000
7,000
Other ports*__
at Washington. Heavy buying attended the rise. October
Total 1919._ 102,639 3,006 1,102 60,738 3,830 171,315 1,035,552 ended 144 points higher for the week. Spot cotton ended
3,000 9,400 52,588 1,016,422
Total 1918._ 33,188 7,000
a week ago.
4.570 11.431 63.083 636.019 at 35.85c. for middling or 150 points higher than
Total 1917.._ 28.704 18.378
The following averages of the differences between grades,
*Estimated.
as figured from the July 10 quotations of the ten markets,
Speculation in cotton for future delivery has not been designated by the Secretary of Agriculture, are the differences
active but it might be called intense. Prices advanced from middling established for deliveries in the New York
sharply. it is a 'big man's market. The fluctuations are market on July 17:
3.84 off
2.14 on *Middling "yellow" tinged
too violent for the small trader. The narrowness of the Middling fair
1.63 on *Strict low mid."yellow" tinged_5.79 off
market means that every now and then contracts become Strict good middling
1.13 on *Low middling "yellow" tinged__8.64 off
middling
Good
0.60 on Good middling "yellow" stained_3.99 off
scarce. They have of late. This fact of itself has had not Strict middling
1.65 off *Strict mid. "yellow" stained__ _5.44 off
low middling
a little to do with the quick advances from time to time. Strictmiddling
6.76 off
4.28 off *Middling "yellow" stained
tendency has been upward in futures. The Low good ordinary
7.08 off *Good middling "blue" stained.._5.38 off
The general
*Strict
.9.43 off *Strict middling "blue" stained__6.39 off
that rains have begun again in the eastern and *Good ordinary
trouble is
7.49 off
good mid."yellow" tinged_0.94 off *Middling "blue" stained
central sections of the belt. They were certainly not Strict middling "yellow" tinged_ _1.50 off *These ten grades are not deliverable
Good
What is needed is dry weather with moderate Strict middling "yellow" tinged_2.35 off upon new style contracts.
wanted.
temperatures. Where heavy rains have slackened, temperaThe official quotation for middling upland cotton in the
tures in some parts of the belt have been at times 100 to 104 New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
degrees, the latter in Oklahoma. It is believed that conJuly 510 July 11Hol. 34.40 34.80 35.50 35.60 35.85
tinued high temperatures would cause not a little shedding. Middling uplands
The prolonged rains have caused a spreading out of the
NEW YORK QUOTATIONS FOR 32 YEARS.
root. In other words, a good many consider the tap root
The quotations for middling upland at New York on
defective. It has not had a chance to strike straight down July 11 for each of the past 32 years have been as follows:
7.12
into the soil and thus get a good hold against the time of 1919 _c
12.50 1895_c
14.25 1903 _c
35.85 1911 _c
7.19
9.25 1894
15.45 1902
32.95 1910
drought and high temperatures which usually come in 1918
8.12
8.56 1893
12.80 1901
26.95 1909
out that what is usually 1917
7.38
July and August. It is also pointed
10.25 1892
11.20 1900
12.90 1908
1916
8.38
6.19 1891
13.20 1899
8.90 1907
the most favorable period of the season is over or nearly so. 1915
12.00
6.19 1890
10.80 1898
1906
anything but satisfactory, 1914
13.25
11.25
And this period this year has been
7.94 1889
11.00 1897
12.30 1905
1913
10.50
7.38 1888
10.95 1896
what with persistent rains and much of the time unduly low 1912
12.40 1904
is small in many sections
temperatures. Certainly the plant
MARKET AND SALES AT NEW YORK.
and almost everywhere in the northern portion of the belt
it is said to be late. The plant is fruiting poorly in many
SALES.
Futures
Spot
Market
parts of Texas. The boll weevil is active in the southern
Market
.
Spot. Contract Total.
Closed.
Closed.
portions of the cotton area of this country. Taking the
HOLIDAY
belt as a whole the weekly Government report the other day Saturday_ _ _
pts. adv_ _ _
said that the crop condition is poor to only fair, owing to the Monday.._ _ _ Quiet, 540 pts. adv. Steady
500
-Ma
Very steady_ _ _
% _ Steady,
600
600
early unfavorable weather this season. There has been Tuesday _- Steady, 70 pts. adv. Firm
Wednesday100
100
considerable shedding in Arkansas.
Thursday_ _ _ Quiet, 10 pts. adv._ Steady
Steady, 25 pt,s. adv. Strong
Meantime, the German National Assembly has ratified Friday
1,200 1,200
1
the peace treaty. The official notification was sent to GerTotal
many on June 29 that the blockade would be raised when
-The highest, lowest and closing prices at
the treaty was ratified. The Council of Five on the 7th inst.
FUTURES.
decided to lift the commercial censorship on communications New York for the past week have been as follows:
with Germany simultaneously with the removal of the
Friday,
Saturday, Monday,' Tuesday, Wed'day, Thuray, July 11. Week.
blockade. In other words, the time is apparently near at
July 5. July 7. I July 8. July 9. , July 10.
hand when the German blockade will be formally lifted.
Mr. Wilson is quoted as saying that it has already ceased. July
33.40-.15 33.45-.80 33.80-.48 34.58-.92 33.80-110 33.40-110.
Range
It is believed that at the first opportunity Germany will
33.40-.50 33.80 -34.41-.50 34.58-.60 35.10 - -Closing_ _
.
enter the American markets for raw cotton. And the August
35.00 -35.00 . Recently,
is .
downward
Range
tendency of ocean freight rates
35.20 33.42 -33.70 -34.50 -34.62
Closing_ _ _ _
some reduction was reported and within a few days there September
I
34.75-.80- --33.85-.80
33.85
would be made by
Range
-- have been rumors that a further decrease
33.37 -33.65 -34.30 -34.50 -35.10 Closing... _
the Shipping Board. Spain has reduced its import duty on October
I
,
foreign exchange rates have
33.25-.04 33.34-.82 33.65-.25 34.25-85 33.76-120 33.25-/20
Range
cotton one-half. It is true that
33.37-.40 33.56-.60 34.22-.25 33.40-.43 34.96-.01--Closing_
declined to new low levels on both sterling and francs. Bid November _ _
34.30-.35 34.30-.35.
.
this, in the opinion of many,merely emphasizes the apparentRange
33.05 -;33.50 -34.20 -34.35 -34.90 ---Closing___ _
ly necessity of measures being taken by the financial interests December
34.20-.75 33.68-105 313.00-te5.
large.credits whereby Europe
'
HOLI- 33.00..80 33.13-.60 33.55-.19
of this country to provide
Range
34.29-.30 34.90-.95--Closing_
can buy our commodities. This necessity is mutual. January _ _ DAY. 33.0O_.0833.44..46 34.17-.19
I 4-.45 33.40-.00 34.05-.65 33.50-/92 32.83-192
must buy. America wants to sell,
32.83-.6033.0
Europe wants to buy,
Range
32.88-.90 33.30-.34 33.98-.00 34.12-.16 34.70-.72--Closing..
must sell. Otherwise the effect on the American foreign February _
I
be distinctly pernicious. And
34.30 ----34.30 trade, to go no further, would
Range
-32.79 -,33.15 -33.85 -34.05 -34.69 -I
Closing__
cotton goods are active and strong. Mill shares are rising.
32.70-f90
'
Many of the mills are believed to be sold far ahead. It has March
32.70-.32 32.82-.25 33.22-.80 33.88-.45 33.40./90- - Range
32.70-.75,33.08-.42 33.74-.80 33.99-.02 34.67-.72
Closing_ _
long been known that the world is bare of cotton and cotton
I
goods. America raises nearly two-thirds of the world's
Range
-33.00 -33.70 -33.95 -34.62
32.60 -,
Closing_ _
cotton crop and at the same timemany believe that the
1
,
32.85135
crop in this country is threatened with the fifth semi-failure May
32.85-.05 32.65-.04 33.23-.72 33.90-.07 33.33135--Range
32.60 -32.97-.00 33.65-.70 33.90-.92 34.57-.60
in succession. Liverpool, Wall Street and the West have
Closing....
trade interests. On the other
.
been good buyers. So have
/35c. f 34c.
hand, favorable weather in July and August could add
QUOTATIONS FOR MIDDLING COTTON AT OTHER
considerably to the crop.. That has happened in the past.
-Below are the closing quotations of middling
times in the past good weather from MARKETS.
It is pointed out that at
markets for
onward has wrought a very distinct change cotton at Southern and other principal cotton
the middle of July
may happen again. There has been so each day of the week:
for the better. It
much bad weather this season that a change for the better
Closing Quotations for Middling Cotton on
would not be surprising. At any rate that is how a good
Week ending
And spot markets of late have been
Monday. Tuesday. Weerday. Thurscry. Friday.
Saturday.
July 11.
many view the matter.
35.00
34.50
less active. The South has been a steady seller here. Violent Galveston
34.25
33.75
33.75
34.00
34.00
time to time,there have New Orleans__ _
33.12
occurred. From.
33.12
33.25
fluctuations have
33.38
33.38
32.75
32.75
32.75
The market is smaller than it used to Mobile
33.75
been sharp reactions.
33.70
33.00
33.00
33.00
Savannah
33.00
33.00
32.50
32.50
be. That means that heavy liquidation has more effect Charleston _
33.00
32.50
32.00
moreover have continued light, WilmIng.ton _ _ _ _
than formerly. Exports
33.00
51-ge
32.50
32.50
HOLI- 51..15
34.50
that they. were soon to improve Norfolk
34.75
34.00
despite recent predictions
33.50
DAY. 33.50
Baltimore
36.10
35.85
35.75
35.05
furnished. Philadelphia__ _ _
34.65
might not be
greatly. Big credits
33.12
33.50
33.00
32.87
32.87
33.25
32.75
32.75
There are those who believe they will not be for some little Augusta
32.75
32.75
Memphis
35.10
34.60
34.50
33.80
33.40
time to come. Also, with the foreign exchange constantly Dallas
34.75
34.35
34.35
33.50
33.50
33.25
33.25
sinking to new low records, Europe is at a distinct disad- Houston
32.75
32.75
32.75
Little Rock.._
steadily mounting. It would
vantage. Prices are high and
--
186
THE CHRONICLE
- THE VISIBLE SUPPLY OF COTTON to-night, asmade
up by cable and telegraph, is as follows. Foreign stocks, at
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
July 111919.
1918.
1917.
1916.
Stock at Liverpool
Stock at London
Stock at Manchester
bales_ 590.000
14,000
84,000
257,000
24,000
42,000
309,000
26,000
25,000
665,000
36,000
39,000
688,000
323,000
141,000
3,000
51,000
32,000
5,000
110,000
1,000
6,000
3,000
360,000
*1,000
*1,000
172,000
4,000
79,000
20,000
*1,000
740,000
*1,000
*1,000
256,000
15,000
91,000
136,000
*1,000
232,200
120,000
278,000
501,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
920,000 443,000 638,000 1,241,000
India cotton afloat for Europo
17,000
18,000
26,000
83,000
Amer. cotton afloat for Europe
480,273 159,000 128,000 330,737
Egypt Brazil,&c.,afloat for Eur'e 34,000
73,000
25,000
23,000
Stocic in Alexandria, Egypt
268,000 216,000
83,000
28,000
Stock in Bombay, India
1,073,000 *610,000 950,000 849,000
Stock in U. S. ports
1,206,867 1,069,010 699,102 681,838
Stock in U. S. Interior towns
980,757 781,041 463,629 411,375
U. S. exports to-day
54,846
1,160
14,173
3,322
Total visible supply
5,034,743 3,370,211 3,026,904 3,651,272
Of the above, totals of American and other descriptions are
as follows:
American
Liverpool stock
bales_ 399,000
89,000 216,000 552,000
Mancnester stock
43,000
8,000
15,000
34,000
Continental stock
211,000 *105,000 *231,000 *394,000
American afloat for Europe
480,273 159,000
128,000 330,737
U. S. port stocks
1,206,867 1,069,010 699,102 681,838
U. S. interior stocks
980,757 781,041 463,629 411,375
U. S. exports to-day
54,846
1,160
14,173
3,322
Total American
3,380,743 2,212,211 1,766,904 2,407,272
East Indian, Brazil, &c.
Liverpool stock
191,000 168,000
93,000 113,000
London stock
14,000
24,000
26,000
36,000
Mancnestor stock
36,000
34,000
10,000
5,000
Continental stock
21,000 *15,000
*47,000 *107,000
India afloat for Europe
17,000
18,000
26,000
83,000
Egypt, Brazil, &c., afloat
34,000
73,000
25,000
23,000
Stock in Alexandria, Egypt
268,000 216,000
83,000
28,000
Stock in Bombay. India
1,073,000 *610,000 950,000 849,000
Total East India, &c
1,654,000 1,158,000 1,260,000 1,244,000
Total American
3,380,743 2,212,211 1,766,904 2,407,272
Total visible supply
5,034,743 3,370,211 3,026,904 3,651,272
Middling upland,Liverpool
20.98d.
8.01.d
Middling upland, Now York_...._ 35.85d. 22.04d. 19.00d.
32.95c.
26.95c.
12.95c.
Egypt, good sakel, Liverpool__.._ 30.58d. 31.71d.
Peruvian, rough good. Liverpool_ 29.75d. 39.00d. 35.70d. 16.60d.
26.00d. 13.75d.
Broach, fine, Liverpool
18.60d. 21.26d. 18.35d.
7.754.
Tinnevelly, good, Liverpool
18.85d. 21.51d. 18.53d.
7.77d.
*Estimated.
[VoL. 109.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1918-18Since
Week. Aug. 1.
8,253 566,465
5,621 617,284
507
25,576
1,188 108,982
1,000
69,654
307 100,707
9,928 837,160
July 11ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total grass overland
Deduct DhipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c.,from South
-1917-18-Since
Week. Aug. 1.
a6,644a1,184,395
5,628 486,112
396
24,225
968
98,547
980
39,581
1,527 212,346
18,399 780,112
26,804 2,225,828
34,542 2,825,318
1,030
107
2,639
62,681
47,564
267,459
2,385 321,106
3,142 121,696
a7,762 a695,592
Total to be deducted
3,776 377,704
13,289 1,138,394
Leaving total net overland*
23,028 1,848,124
21,253 1,686,924
* Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement
has been 23,028 bales, against 21,253 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 161,200 bales.
-1918-19- -1917-18
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to July 11
116,267 5,744,592 32,062 5,716,106
Net overland to July 11
23,028 1,848,12421,253 1,686,924
Southern consumption to July 11 a 56,000 3,309,000 83,000 4,086,000
Total marketed
195,295 10,901,716 136,315 11,489,030
Interior stocks in excess
*40,696
284,141 *37,210
426,549
Came into sight during week_ _154,599
99,105
Total in sight July 11
11,185,857
11,915,579
North. spinn's' takings to July 11- 10,657 2,056,444 34,374
2,739,216
* Decrease during week. a These figures are consumption; takings
not
available.
Movement into sight in previous years:
Week1917
-July 13
1916
-July 14
1915
-July 16
Bales.
Since Aug. 182,471 1916 -July 13
-17
120,491 1915-16
-July 14
72,600 1914-15
-July 16
Bales.
12,720,362
12,327,561
15,161,780
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South denote that the
weather has been more favorable on the whole, although at
some points the rainfall has been excessive. In Texas there
has been little or no rain except in southwestern districts,
and the surplus moisture is fast drying up.
Galveston, Tex.
-The week has been clear and dry except
in the souhwestern section where rainy weather prevailed
Continental imports for past week have been 32,000 bales. on opening days. Elswhere weather was
satisfactory for
The above figures for 1919 show a decrease from last week crops and surplus moisture
of 58,204 bales, a gain of 1,664,532 bales over 1918,an excess the plant varies from poor to is fast drying The stand of
good and is in different stages
of 2,007,839 bales over 1917 and a gain of 1,383,471
bales of development Weevils are doing some damage but mostly
over 1916.
confined to southern district We have had no rain the past
AT THE INTERIOR TOWNS the movement
week The thermometer has averaged 83, the highest
-that
the receipts for the week and since Aug. 1, the shipments is, being 90 and the lowest 76.
the week and the stocks to-night, and the same items for for
Abilene, Tex-It has been dry all the week
corresponding period of the previous year-is set outthe mometer has averaged 81, ranging from 68 to 94. The therin
detail below:
Brenham, Tex-We have had rain on one day during the
week, the rainfall being thirty-seven hundredths of an inch.
Movement to July 11 1919.
The thermometer has ,ranged from 71 to 93, averaging 82.
Movement to July 12 1918.
Brownsville, Tex.
-Rain on one day of the week The
Towns.
Receipts.
Ship- 1Stocks
Receipts.
I Ship- Stocks rainfall
has been twelve hundredths of an inch. Average
ments. July
me'ts.I
Week. Season. Week. 11. Week. I Season. I Week. July
thermometer 83, highest 94, lowest 72.
12.
Ala.,Eufaula__
Cureo, Tex-We have had rain on three days the past
51
4,911
72 2,188
4
4,476:
618 1,772
Montgomery.
195 65,59
187 18,589
2 48,9571
718 4,681 week, the rainfall being seventy-three hundredths of an inch.
Selma
274 62,001
777 11,049 ____ 34,0211
27,
500 The themometer has averaged 82,
Ark., Helena
15 39,777
24 2,400
the highest being 93
41,019
200 3,300
Little Rock
897 171,934 2,785 23,941 -515 236,838,
1
749 15,537 and the lowest 71.
Pine Bluff
25 130,829
750 41,000
109 144,593, 1,481 20,628
Dallas, Tex.
Ga., Albany__ _
-We have had no rain the past week. Ther12 10,799
175 3,373
12,350
Athens
2,59 146,072 2,100 33,079
50 121,8011
215 17:7684 mometer has averaged 84, ranging from 72 to 95.
178
Atlanta
4,478 243,358 4,677 28,32
1,090: 333,328 3,180 23,188
Henrietta, Tex-There has been no rain during the week.
Augusta
4,569 452,480 6,572 139,945
564 437,3511 6,544 67,819
Columbus_ _ _ _
52,481
550 24,50
100 38,664'
500 3,600 The thermometer has ranged from 72 to 102, averaging 87.
Macon
6,059 239,486 6,022 35,634
524 169,103, 2,830 10,080
Huntsville, Tex.
-Rain on one day of the week. The
Rome
611 52,671
766 14,000
131 54,780
580 4,826
La.,Shreveport
792 130,542 1,042 43,750
638 198,199, 1,009 12,580 rainfall has been twenty-five hundredths of an inch. Average
Miss.,Columb :
7
20,362
245 1,7
10,250
thermometer 81, highest 93, lowest 69.
495
Ciarksdale __
211 137,853 1,337 11,533
105,215'
500 19,000
Greenwood__
Lam pasa, Tex.-'Wo have had rain on two days of the
4
138,834
500 11,900
104 130,5811
984, 23,120
Meridian ____
18
42,249
380 11,300
200 36,4571
445 6,200 week. The thermometer has averaged 80, the highest
Natchez
212 46,04
5,600 ____
,
4,884 being 92 and the lowest 67.
Vicksburg.....
11
35,53
-Lie 2,70
, 30,3871
72, 2,199
Yazoo City__ _
42,863
91 3,300
Longview, Tex.
_ _1
-We have had no rain on one day during
8481 9,752
Mo.,St. Louis_ 7,858 567,291 8,253 14,521 5,174 38,482,
1,192,329 6,644 17,177 the week, the rainfall being
N.C.,Gensbor
211 56,836
twenty hundredths of an inch.
400 8,300
200, 63,1771
700 11,000
173 The
Raleigh
8
11,502
200
147
thermometer has ranged from 72 to 95, averaging 84.
161 11,194,
59'
0., Cincinnati_ 1,20 137,175 1,700 26,5
2,256 151,540 1,4481 14,650
Luling, Tex.
Okla., Ardmore
-We have had rain on two days of the past
-__
13,75
Chickasha .._ _ -_
47,382
3,7
_ __ _
72,349 -aiL 6,6643 week, the rainfall being one inch and two hundredths.
Hugo
27,394 -iii
74 -- -- 35,366
108
42 Thermometer has averaged 83, ranging from 70 to 95.
Oklahoma -------- -36,717
_
___ 3,00
104 1,000
S.C.,Greenvill 2241 12,553 1,494 27,923 __- 44,38
Nacogdoches, Tex.
-Dry all the week. Average ther800 142,504 1,300 19,000
Greenwood_ _ _
. 14,664
862 8,264
___
13,591
mometer 83, highest 97, lowest 68.
Tenn.,Memphi: 6,660 917,41. 20,863 218,0
6,090 1,393,41 13,40 344 519
---a 1,085
Nashville
-------- --1,691) ____
Paris, Tex.
1,699
-We have had no rain the past week. Ther811
____
1,9
1,26332
Tex., Abilene
7,235
533 _ _
. 26,992
mometer has averaged 86, ranging from 70 to 101.
Brenham
58 19,444 -iii 2,975
10 21,256
772
Clarksville-San Antonio, Tex.
__
50,383
-There has been rain on two days during
106 2,103
___
53,41
45
Dallas
1,42- 93,837 1,560 9,317 -959 133,087 1iiii
5,555 the week, to the extent of one inch and two hundredths
Honey Grove..
6 31,284
184
49
_ 62,05
-__ 1,321 The thermometer has ranged from 70 to 92, averagi
Houston
26,504 1,934,066 39,548 179,162 3,i77 1,922,48 13,472100,
ng 81.
903
Paris
818 131,95; 2,243 4,186
Taylor, Tex.
_ 106,28
-The week's rainfall has been eighty-one
1191 2,790
San Antonio
23 40,232
52
936 1 30,142
hundredths of an inch on two days. Minimum thermometer
Total,41 towns 68,3926,505,739 108,088 980,7571 23,3177,77
0,0281 60,527
'781,041 67.
Weatherford, Tex.
-Dry all the week. The thermometer
The above totals show that the interior stocks have decreased during the week 40,696 bales and are to-night 199,716 has averaged 83, the highest being 95 and the lowest 71.
Ardmore, Okla.
-Dry all the week. The thermometer
bales more than at the same time last year.
receipts at has averaged 86, ranging from 71 to 102.
all towns have been 45,075 bales more than Thesame
the
week
Muskogee, Okla.
-There has been no rain during the week.
last year.
The thermometer has ranged from 67 to 101, averaging 84.
11P
187
THE CHRONICLE
JULY 12 1919.]
Eldorado, Ark.
-The week's rainfall has been forty
Under date of Alexandria May 30 there was received the
hundredths of an inch on two days. Average thermometer monthly statement of the Egyptain Cotton Control Com81, highest 91, lowest 67.
mission, shows that on May 19:
The Commission held stocks of
Little Rock, Ark.
-We have had rain on three days of the
195,006 Bales
week, the rainfall reaching one inch and forty-three hun- Steampressed Bales
Hydraulic Pressed Bales
28,367 Bales
dredths. The thermometer has averaged 84, the highest
223,373 Bales
being 93 and the lowest 74.
Or about
Alexandria, La.
-We have had rain on one day Of the past Off-setting against this unfulfilled sales and direct orders1,700,000 Canters
of
175.000 Cantata
week, the rainfall being one inch. Thermometer has
averaged 85, ranging from 71 to 99.
We have'an actual stock of
1,525,000 Cantata
-There has been no rain during the To which must be added:
New Orleans, La.
Estimated in Alexandria, not yet bought by the Com.
week. The theremometer has averaged 84.
mission
20,000 Cantata
Shreveport, La.
-The week's rainfall has been two hunEstimated still held up-country
300,000 Cantars
dredths of an inch on one day. Average theremometer 84,. s
Total supply of about
1,845,000 Cantata
lowest 72.
This supply compared with last month's position, shows a decrease of
Columbus, Miss.
-We have had rain on two days the past about 600,000 cantars, and the position calculated to-day would show a
still lower figure
week, to the extent of eighty-three hundredths of an inch. from practically as, during the last fortnight there has been a huge demand
all consuming centres.
In two months the Cotton Control Commission comes to an end, and,
The thermometer has averaged 84, the highest being 98 and
should the present demand continue
-as appears likely-the carry-over at
the lowest 70.
the end of July will be below one million cantars; no one would have risked
-It has rained on two days of the week, such an opinion one month back.
Vicksburg, Miss.
Exceptionally cool weather continues. We now
estimate that the
the rainfall reaching two inches and eighteen hundredths. crop is at least a fortnight late, and possibly more inmay northern districts.
the
The thermometer has averaged 80, ranging from 69 to 97.
The prospects for the water supply are somewhat better. The Sudan
-Good progress is being made against grass Gauges show a slight rise this week.
Mobile, Ala.
notwithstanding showers in the interior. Hot weather
NEW ORLEANS CONTRACT MARKET.
retards weevils. There has been rain on four days during
the week, the rainfall being three inches and sixteen hunSaturday, Monday, Tuesday, Wed day,1 Thursd'y, Friday
.
July 5. July 7. July 8. July 9. July 10. July 11.
dredths. Thermometer has ranged from 69 to 95, averaging 82.
July
33.22-.33 33.39-.44 33.98-.00 34.20 -35.08 -The week's rainfall has been fifty- October
32.82-.96 32.99-.03 33.78-.84 33.85-.86 34.53-.58
Montgomery, Ala.
December
32.52-.63 32.70-.72 33.56-.62 33.66-.69 34.33-.35
eight hundredths of an inch on three days. Average ther- January
32.43 132.60 -33.48-.50 33.56-.60 34.25 mometer 83, highest 92, lowest 73.
HOLI- 32.28-.4032.50 -33.45 -33.56 -34.15 March
DAY. 32.08-.15 32.30-.35 33.25-.30 33.36-.46 34.05-.10
-There has been rain on three days of the May
Selma, Ala.
Steady
week, to the extent of two inches and seven hundredths. Tone
Steady Steady Steady Steady
Very
Spot
Steady Steady Steady Steady Steady
Options
The thermometer has averaged 81, the highest being 93
and the lowest 69.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
-We have had rain on three days of the
Madison, Fla.
past week, the rainfall being eighty-three hundredth of an
1918-19.
1917-18.
Cotton Takings
inch. Thermometer has averaged 81, ranging from 70 to 92.
Week and Season
Week.
Week.
Season.
Season.
-There has been rain on three days during
Tallahassee, Fla.
the week, the rainfall being seventy-five hundredths of an Vixible supply July 4
5,092,947
3,506,778
3,027,450
2,814,776
inch. Thermometer has ranged from 71 to 93, averaging 82. Visible supply Aug. 1July
American in sight to
11....
154,599 11,185,857
99,105 11,915,579
Atlanta, Ga.-Rain on five days of the week. The rainfall Bombay receipts to July 10..__
47,000 1,852,000
b48,000 2,393,000
42.000
79,000
has been four inches and sixteen hundredths. Average Other India ship'ts to July 10..
Alexandria receipts to July 9_
3,000
805,000
b4,000
660,000
thermometer 78, highest 90, lowest 65.
Other supply to July 9
b5,000
209.000
11,000
264,000
Augusta, Ga.-We have had rain on three days the past
Total supply
5,304,546 17,517,307 3,666,883 17,730,355
week, the rainfall being sixty-six hundredths of an inch.
Deduct
5,034,743 5,034,743 3,370,211 3,370,211
The thermometer has averaged 85, the highest being 98 Visible supply July 11
and the lowest 71.
_
takings to July
269,803 12.482,564 296,672 14,360,144
Savannah, Ga.-It has rained on five days of the week, Totalwhich American 11_a_ _
Of
173,803 9,754,564 207.672 11,212,144
Of which other
96,000 2,728,000
89,000 3,148,000
the rainfall reaching one inch and fifty-seven hundredths.
The thermometer has averaged 81. ranging from 71 to 96.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
total estimated consuipption by Southern mills.
a This total embraces the
-We have had rain on one day during
Charleston, S. C.
3,309,000bales in 1918-19 and
bales in 1917-18
-takings not
the week, the precipitation being eleven hundredths of an being available-and aggregate 4,086,000taken by Northern and foreign
amounts
and 10,274,144 in 1917-18, of which
inch. The thermometer has averaged 82, the highest being spinners, 9,173.564 bales in 1918-19 American.
6,445,564 bales and 7,126,144 bales
90 and the lowest 74.
b Estimated.
Greenwood, S. C.
-There has been rain on two days of the
MANCHESTER MARKET.
-Our reports received by
week, to the extent of two inches and sixty-five hundredths.
cable to-night from Manchester states that the market is
The thermometer has averaged 79, ranging from 65 to 92.
Spartanburg, S. C.
-There has been rain on three days strong and improving. We give prices for to-day below and
during the week, the rainfall reaching four inches and leave those for previous weeks of this and last year for comseventy-two hundredths. The thermometer has ranged from parison:
64 to 95, averaging 80.
1919.
1918.
-Rain has fallen on three days during
Charlotte, N. C.
83( lbs. Shirt- Corn
83( lbs. Shirt- Corn
the week, to the extent of twenty-six hundredths of an inch.
ins, Common Mid.
32s Cop
f jos on r fia
r
t
a .
f .
32s Cop
Average thermometer 81, highest 95, lowest 67.
r
Twist.
to finest.
to
Upl's
Twist.
-We have had rain on one day the past
Weldon, N. C.
d. d.
d.
d.e.
d. s.
d.
week, the rainfall being four inches and seventy hundredths. May 2934 @ 3234 19 d. 024e. d. 17.75 44 @ 4634 22 d. 028a. d. 21.55
0
6
0
6
16
The thermometer has averaged 78, the highest being 97 and 23 3134 @ 343( 20 0 (4)24 6 19.38 44% 84 4634 22 13.4028 9 20.88
30 315( 84 343.( 20 0 024 6 20.4446
84 4834 22 9 029 6 21.33
the lowest 59.
-The week's rainfall has been fifteen June 3634 84 393422 6 @269 18.9646 84 4834 22 9 029 6 21.99
Dyersburg, Tenn.
8
13
027
50 23 434030 134 21.88
22
hundredths of an inch on one day. The thermometer has 20 3634 84 4034 23 9 027 0 20.38,4734
3
6 19.82483.1
514 24 0 032 0 22.19
4034
3634
averaged 81, ranging from 69 to 92.
27 383( 84 413( 23 9 028 3 20.39.4934 84 52 24 0 032 0 22.59
I
-Rain has fallen on one day during the 3uly 3834
Memphis, Tenn.
4
84 413( 23 9 028 3 19.44 4934 84 52 240 @320 22.29
week, the precipitation reaching fifty-three hundredths of 11 40 84 44 25 6 Q30 0 20.98 4934 84 52 25 0 033 0 22.04
an inch. The thermometer has ranged from 71 to 94,
-Shipments in detail:
SHIPPING NEWS.
averaging 82.
Bales.
The following statement we have also received by • tel- NEW YORK-To Rotterdam-July 8
-Regulus, 1,000
1,000
105
To Antwerp-July 7-Samland, 105
graph, showing the height of the rivers at the points named
1,718
To Barcelona-July 3-Waukau, 1,718
at 8 a. m. of the dates given:
-Taormina, 877;
To Genoa-July 3-Adriatico, 400; July 5
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
July 11 1919.
Feet.
10.5
17.7
7.8
12.1
27.7
Above zero of gauge_
Above zero of gauge_
Above zero,of gauge..
Above zero of gauge..
Above zero of gauge..
July 12 1918.
Feet.
5.6
15.5
7.9
6.1
20.8
-The Alexandria Cotton
EGYPTIAN COTTON CROP.
Co., Limited, Boston has the following by mail from Alexandria under date of May 23.
The following official Notice has been published this week:
"No further purchases of cotton will be made by the Cotton Control
Commission after July 311919. As from the same date, the obligation to
tender cotton to the Commission will come to end." The above marks the
end of the requisitioning of the cotton crop and will have, as consequence,
the re-opening of the Futures market at the latest on Aug. 1. Whether
quantity restrictions will be enforced on Exports, during the coming season,
Is not yet decided. The general opinion prevailing is that the trade will
be left entirely free, but we arc rather inclined to the opinion that the
decision to be taken will be influenced by the size of the carry-over at the
end of July, and the state of the cotton crop at the time. The prospects of
the growing crop are not at the present moment very satisfactory. The
weather has been exceptionally cool since the beginning of April and
favoured the development of the sore-shin fungus and Aphis insects. And
as a result of these two attacks, tho plantations have suffered; much resewing has been necessary, and a delay in the growth of the plant is reported
from practically everywhere. Good climatic conditions are essential
during June and July; otherwise the present delay may prove serious for the
crop owing to the scarcity of water; only one watering will be allowed
every 24 days, and if the plant is not well developed, it will suffer badly.
-America, 338
1,615
July 9
-West Coast, 19,512;
GALVESTON-To Liverpool-July 4
54,206
July 8-Sagauche, 17,674; July 9-Sapinero. 17,020
-July 5
-To Havre
-Western Ocean. 18,835
TEXAS CITY
18,835
-To Liverpool-July 5
-Merchant, 5,000;
NEW ORLEANS
29,507
July 7-WesterdIjk, 24,507
-Eastern Cress, 14,279
14,279
-July 3
To Havre
3,590
To Genoa-July 8-Westmead, 3,590
-July 5-Nevisian, 3,769
3,769
MOBILE-To Liverpool
-To Liverpool-July 8-Lakonia, 6,079; July 10SAVANNAH
26,852
Can.nibas, 20,773
-July 3
-Minerva, 5,010
5,010
To Naples
-To Liverpool-July 10BRUNSWICK
17,053
. 17,053
425
BOSTON-To Liverpool-July 1-Eibergen. 425
Total
177,964
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
New York
Galveston
Texas City
New Orleans
Mobile
Savannah
Brunswick
Boston
Total
BelMIGreat
Britain. France. land. gium. Spain.
1,000
105 1,718
54,206
18,835
29,507 14,279
3,769
26,852
17,053
425
131.812 33,114
1,000
105
Italy. Total.
1,615
4,438
54,206
18,835
3,590 47,376
3,769
5,010 31,862
17,053
425
1.718 10,215 177.964
188
THE CHRONICLE
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
June 20. June 27.
24,000
18,000
15,000
3,000
90,000
510,000
326,000
95,000
80,000
249,000
214,000
9,000
2,000
66,000
534,000
346,000
83,000
64,000
254,000
226.000
July 4. July 11.
17,000
16,000
12,000
3,000
54,000
505,000
323,000
21,000
11,000
332,000'
285,000
7.000
3,000
48,000
590,000
399,000
166.000
135,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market, I
12:15
, P.M.
Dull.
Mid 17pl'ds
Sales
Friday.
Quiet.
Quiet.
Dull.
Steady.
20.00
20.12
20.07
21.00
20.98
2,000
HOLIDAY
Futures.
Market J
opened
Market,
4
P. M.
Tuesday. Wednesday. Thursday.
2,000
3,000
4,000
3,000
Steady
Quiet
Steady
Steady
Steady
6@13 pts. 4(4;10 pts. 2545 Pts• 405460 pts. 11020 pts.
advance.
decline.
decline.
advance.
decline.
I
I
Steady
Steady
Steady
Steady
Irregular
00102pts. 5E410 Pte. 5018 pts. 515480 pts. 35 ® 53 pts.
advance. advance. advance. advance.
decline.
The prices of futures at Liverpool for each day are given
below:
Sat.
July 5
to
July 11.
d.
July
August
September
October
November _ _ _
December
January
February
March_
April
May
Mon.
Tues.
Wed.
I Thurs.
Fri.
4 1 1234 4 ng 4 121.1 4
125( 1234 12341 4 1234
P. m•IP• m•P• 111.1P• m• p.m.P• m•IP• m•P• m.,P• m•P• m P• m•P. m•
I
d.
d. 1 d.
d.
d. I d. I d. I d.
d.
d. I d.
20.20 20.3520.32 20.45 20.27,20.5021.2021.3021.18 20.85
20.04 20.29 20.2520.37 20.24120.53 21.11 21.25 21.08 20.72
19.95 20.2320.21 20.32 20.2020.50121.01 21.13 21.02 20.70
HOLI- 19.84 20.16 20.13 20.2420.1220.40,20.9 21.05 20.92,20.61
DAY. 19.77120.10 20.07 20.18 20.07 20.33120.8 20.9620.86 20.56
19.70,20.04 20.0020.11 20.01 20.26120.71 20.87 20.78;20.51
19.60 19.9519.91 20.01 19.90 20.15,20.58 20.7520.65 20 AO
19.52 19.88 19.84 19.94 19.82 20.0620.47 20.65 20.55 20.29
19.44 19.81 19.76 19.86119.74 19.98,20.37 20.5520.45 20.19
19.33 19.71 19.66 19.7619.64 19.88120.26 20.42 20.32,20.06
19.24 19.61 19.57 19.68119.56 19.7620.16 20.30 20.21119.95
BREADSTUFFS
Friday Night, July 11 1919.
Flour has been quiet. Many in the trade are said to be
pretty well supplied until August. Yet it is a fact that prices
at the opening of the new season are higher than had been
expected. Mills are offering but moderately and prices,
no matter how quiet trade may be, are firm. Stocks of old
flour are steadily dwindling. Here on the spot there is
very little left. Of late mill offerings have been smaller.
Old flour has recently advanced about 25 cents. New wheat
commands a premium over the government minimum price.
And as long as this state of things continues, very few look
for any marked decline in the price of flour. It is possible
that trade with Spanish America may shortly increase. At
any rate it is reported that the Grain Corporation will now
permit exports thither without a special license. It is
believed that a majority of the mills and flour dealers will
adopt the government contract, in order to secure the
protection against loss in the event of the price of wheat
falling below the government minimum. New hard wheat
flour has been quoted at times at $10.85 to $11.25 and
soft at $10 to $10.25 with trade somewhat better of late.
Wheat stocks decreased 1,972,000 bushels for the week,
against 231,000 in the same week last year, leaving the
visible supply 6,708,000 bushels, against 554,000 a year ago.
At New York the total is 519,361 bushels, against 580,275
a week ago and only 23,393 bushels at this time last year.
The condition of winter wheat, according to the Government
report of July 9, was 89 on July 1, against 94.9 on June 1
and 79.5 on July 1 last year; yield per acre, 17.1, against
15.3 last year; acreage, 48,933,000 acres, against 36,392,000
last year; indicated crop, 839,000,000 bushels, against 557,000,000 last year. Spring wheat condition on July 1, 80.9,
against 91.2 on June 1 and 86.1 on July 1 last year; acreage, 22,593,000 acres, against 22,489,000 last year; indicated crop, 322,000,000, against 334,000,000 last year; total
winter and spring, 1,161,000,000, against 917,100,000 harvested last year and 636,665,000 two years ago. So that the
crop of winter wheat alone this year is a little over 200,000,000 bushels larger than the combined crop of spring and
winter two years ago. The farm reserves of wheat in this
country on July 1 are stated at 19,600,000 bushels, against
8,063,000 last year. In the United Kingdom the outlook is
pessimistic, although late rains helped to improve the crop.
In France harvesting is progressing, but it is said that there
will be only a moderate crop of wheat. And spring wheat,
it is reported, cannot be altogether satisfactory in that Country. In North Africa harvesting is making favorable progress under good conditions. An average harvest is expected in that country.
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. Tues.
cts_ Holl- 23734 23734
day. 24034 24034
No. 2 red
No. 1 spring
[VOL. 109.
NEW
Wed.
23734
24034
YORK
•
Thurs. Fri.
23734 23734
24034 24034
Indian corn advanced markedly, owing to sharply rising
prices in Argentina, small receipts at primary points in this
country, higher prices for hogs and heavy covering. Over
the July 4th holidays prices at Buenos Aires advanced 93/2c.
Large sales in Argentina for shipment to America had to be
canceled at heavy penalties to the sellers, owing to the scarcity of old corn and also of freight room. Chicago, too, received of American corn in the space of three days only
145,000 bushels, against 552,000 in the same time last year.
It is said that German agents have recently been buying
heavily in Buenos Aires at big discounts. It is also supposed
that German and other European buyers have taken all the
available ocean freight room at Argentina ports for July and
a good deal for August. If this is so, Argentina shipments
to America may be curtailed for a time. American importers
of Argentina, it is understood, have received large sums to
cancel contracts* with heedless sellers in Argentina. The
visible supply of American corn decreased 239,000 bushels,
reducing it to 8,799,000 bushels, against 10,883,000 bushels
a year ago.
Within ten days prices at Buenos Aires rose over 25 cents.
That electrified the Chicago market as 10 cents of it came
in one day, the 7th inst. August corn in Argentina was
quoted at one time during the week at 92 cents, as compared with 66 cents recently. Ocean freights from Buenos
Aires to New York have been quoted at $1 per bushel on
steamers and 75 cents on sailing vessels. It is said that
American buying of Argentina corn is more cautious, although it is about 15 cents tinder American prices. Recent
experience has shown that there is now no small risk involved
in buying in Argentina. But the European demand in
Argentina has evidently been broadening. Meantime the
movement of American corn does not keep pace with the
demand. The industries are said to be selling corn products
at equivalent to $2 per bushel for corn, which was reached
on the 9th inst. Cash prices for No. 2 white to arrive in
this country have been very strong. Bulls have been encouraged by the fact that hogs have reached a new high
level of $22 90, while flaxseed has risen to $6 02 at Duluth, a
rise over night of 26 cents. Such prices they think make
corn look comparatively reasonable despite the recent
advance. July covering was stimulated by a report that
the Chicago Board of Trade may raise the margin on trading
in July delivery to 25 cents a bushel.
A Chicago dispatch says that all the concerns manufacturing corn products are crowded with orders. One large
starch producer with headquarters at Decatur, Ill., is said
to have turned down an order for 21,000,000 lbs. for Russia
with payment in New York guaranteed because of scarcity
of available corn. August corn touched $2 on the 9th inst.
at Chicago. July has reached 31.993. But the advance
has been so rapid that some are beginning to go slow. At
primary points within a few days receipts have increased
somewhat. The weather in the corn belt has been very
favorable. The government report puts the condition on
July 1st at 86.7 against 87.1 last year, 81.1 two years ago
and a 10-year average of 84%; yield per acre 27.3 bushels
against 27.7 a year ago and 25.8 two years ago; acreage
102,977,000 acres against 113,835,000 last year and 121,045,000 two years ago. The point is that the indicated crop is
2,815,000,000 bushels against a final yield last season of
2,582,000,000 bushels 3,065,233,000 bushels, two years ago
and 2,566,927,000 in 1916. The price has already had a
big advance and the favorable weather of late has not been
without its effect at times on the price of Dec. corn. Considerable new corn is expected to be available for delivery
on Sept. contract. To-day prices fell, but they end 8c.
higher for the week on Sept.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sar. Mon. Tues. Wed. Thurs. Fri.
cts_ Irol. 205
209
214
21034 21034
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
193
cts_lloli- 19034 19334 19634 195
September delivery In elevator__ day. 18834 19234 195, 19334 19234
December delivery in elevator _
_
16134 161% 16194 15834 15934
No. 3 yellow
Oats have advanced to a new "high," partly in response
to the rise in corn and regardless of the fact that the weather
has been more favorable. Showers have occurred in the
Northwest. But exporters have been buying freely, and it
is estimated that of late their purchases have reached nearly
a million bushels. Great Britain recently removed import
restrictions. There is a brisk demand from England. At
times, too, there have been complaints of hot weather.
The Government stated that condition on July 1st at 87,
against 93.2 on June 1, 85.5 last year, and a ten-year average of 84.5. The indicated crop is 1,403,000,000 bushels,
against a final crop last year of 1,538,350,000 bushels. The
foreign demand is one of the chief bullish factors. On the
other hand, some were rather disturbed by the fact that the
visible supply last week increased 961,000 bushels, against a
decrease in the same week last year of 921,000 bushels. The
total is now 19,055,000 bushels, against 12,246,000 a year
ago; that of barley is 10,807,000 bushels, against 1,934,000 a
year ago; rye, 9,041,000 bushels, against 739,000 a year ago.
To-day prices were higher. At Chicago the seaboard bought
250,000 bushels. Country offerings increased. The close
was much higher than a week ago.
ir
JULY 12 1919.]
189
THE CHRONICLE
Valley, where a few
in some lowlands in the Upper and Central Mississippi.are backward in the
DAILY CLOSING PRICES OF OATS IN NEW YORK
to weeds. Sorghum crops
Fri. fields have been abandoned but are making good growth. Corn is tasThurs.
Wed.
Mon. Tues.
Sat.
Central Great Plains district,
8434
83
8534 seling as far north as Pennsylvania, Illinois and southern Kansas.
cts_ Hell- 8134 82
No. 1 white
middle
8134 81H-82H 83-84 84-85
day. 81
-The high temperatures unfavorable affected oats in the crop in
OATS.
No.2 white
and upper Mississippi Valley, and it was somewhat too dry for this north
in extreme
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Michigan. Oats made good growth during the weekby lodging in MinSat. Mon. Tues. Wed. Thurs. Fri. central districts, although some damage was reported
3
% 7534 76
cts_ Ho11- 7034 71% 73
July delivery in elevator
unfavorably affected by the lack of moisture in the
7434 7534 764 nesota. Oats wereRocky Mountain States and Far Northwest. Harvest
September delivery in elevator_ _ _ _ day. 7134 72
Upper
7334 7334 7534 7634 7834 central andway under favorable conditions as far north as the Ohio Valley
in elevator
December delivery
was under
and Nebraska.
The following are closing quotations:
-Rye was being cut north to Pennsylvania.
RYE AND BARLEY.
districts,
Colorado and Oregon. Barley was growing well in most northern
FLOUR
weather in the
by
Barley goods-Portage barley;
except where too dry. Rye was favorably affectedcool the best growth in
811 751$12 25
Spring patents
for
the nights were too
$625 Lower Mississippi Valley, but
No. 1
11 25
Winter straights ___. 11 00
5 50 California.
Nos. 2. 3 and 4, pearl
12 25
Kansas straights__ 11 75
Nos 2-0 and 3-0__6 2506 40
8 75
8 00
Rye flour
6 50
Nos 4-0 and 5-0
Corn goods. 100 lbs.Oats goods--Carload. spot de$4 90
White gran
9 10
livery
4 70
Yellow gran
New York Friday Night, July 111919.
4 60®500
Corn flour......
Business in markets for dry goods has been more or less
GRAIN
Oats
restricted during the past week by the inability of buyers
Wheat•85%
No. 1
$2 37H
No. 2 red
to secure the fabrics required. Demand exceeds the avail84085
No. 2 white
2 4034
No. 1 spring
8334@84 able supply, and is also far in excess of what mills are willing;
No. 3 white
Corn
2 0934
No. 2 yellow
to sell on forward contracts. Buyers are increasing in num2 1031 Barley
No.8 yellow
130
Feeding
ber, and are all anxious to purchase fabrics wherever obtainRie136
Malting
16634
No. 2
able. There appears to be a deep realization of the fact
here, see page 148
For other tables usually given
scarce for some time to come, and
THE DRY GOODS TRADE
,/
that goods will continue
that purchasing difficulties will increase. Mill agents are
very reluctant about accepting new business, and are continually scaling down the orders offered. In practically
every division of the dry goods market, sellers are making
of the Bureau of Crop Estimates makes the
The Crop Reporting Board
allotments of goods to buyers which is largely responsible
following estimates from reports of its correspondents and agents:
for the underlying strength. Commission houses reported
-Condition of
-Acreage 1919For the U.S.July 1 July 1 July 1 June 1 a large accumulation of mail orders over the holidays, and
P.C.of
1918. 10-yr. Av. 1919.
1919.
Acres.
1918.
Cropoccupied with this business early in the
79.5
80.5
89.0
94.9 their attention was
133.3 48,933.000
Winter wheat
spot
86.1
91.2 week. A large portion of the present inquiry is for
80.9
83.5
100.8 22,593,000
Spring wheat
81.9
81.6
86.6
93.8 goods, although there continues to be an active demand for
121.0 71,526,000
All wheat
86.7
84.0
87.1
95.8 102,977,000
Corn
to be
85.5
87.0
93.2 deferred deliveries. Western jobbers are reported
84.5
95.4 42,365,000
Oats
84.6
84.7
87.4
91.7 bare of supplies and anxious to replenish as retail trade is
91.9 • 8,899,000
Barley
80.8
87.3
85.7
93.5
6,576,000
140.8
Bye
increasing despite the advancing prices. Prices for all lines
87.6
87.6
87.1
4,003,000
95.1
White potatoes
_
85.3
86.4
90.1
1,023,000
111.0
Sweet potatoes
of goods continue their upward tendency, and many have
82.8
83.1
83.6
1,774,000
114.5
Tobacco
reached higher levels than those fixed by the Government
_
73.5
79.8
84.5
1,851,000
05.5
Flax
_
88.5
91.1
89.5
1,091,000
98.1
a year ago. According to present indications, there is no
Rice
91.1
82.2
94.1
82.4
71,224,000
100.0
Wages are expected to
Hay, all
70.0
85.8
80.3
75.6 chance of prices working lower.
91.3 33,960,000
Cotton *
56.6
59.7
60.9
67.8 continue high, while raw material rules firm. The outlook
Apples
69.0
46.5
56.1
73.1
Peaches
for the cotton crop shows but little improvement with only
* Condition relates to 25th of preceding month.
yield indicated. Demand for dry goods for
The estimated yields indicated by the condition of crops on July 1 1919 a moderate
export account continues active, and if supplies were availand final yields in preeeding years for comparison follow:
-Total Production in Bushels--- Yield per acre,bush able a large business could be booked. Some manufacturers
Dec. 18.'09-18
1913-1917.
July Forecast. 1916 Dec.
output for
Average. *1919. Est. Aver. of late have been allotting a certain part of their
Estimate.
*1919.
Cropdemand.
17.1
15.8
Winter wh't 839,000,000 559,000,000 555,000,000 14.3 15.2 13.4 foreign business, but still it is impossible to fill the
16.0
359,000,000 236,000,000
Spring wh'S_ 322,000,000
Government surplus war supplies are taking place
16.2
All wheat__1,161,000,000 917,000,000 791,000,000 27.3 15.5 14.9 Sales of
24.0 25.8 steadily, but are not having any effect on the market.
2,815,000,000 2,583,000,000 2,749,000,000
Corn
1,403,000,000 1,538,000,000 1,313,000,000 33.1 34.6 32.2
Oats
anxious to have the Government
231.000,000 256,000,000 199,000,000 25.9 26.5 25.3 Merchants, in fact, are
Barley
50,000,000 15.6 14.4 15.9 dispose of its surplus holdings, as a large part of the goods
90,200,000
103,000,000
Rye
400,000,000 366,000,000 97.6 95.0 96.8
h.potatoes 391,000,000
69,200,000 99.7 93.6 93.7 can be put to immediate use.
86,300,000
Sw .potatoes 102,000,000
-Markets for staple
Tobacco,lbs.1,453,000,000 1,340,000,000 1,091,000,000 819.0 865.1 820.1
DOMESTIC COTTON GOODS.
7.1
8.0
7.6
14,700,000
13,800,000
13,200,000
Flax
the inability
40,400,000
30,800,000 38.9 36.3 35.5 cottons rule firm, with business restricted by
42,500,000
Rice
96,900,000 1.62 1.27 1.32 of mill agents to accept the orders offered. Buyers are
90,400,000
Hay, tons.._ 116,000,000
Cotton bales 11,000,000 z12,000,000 z12,800,000 156.4 159.6 '776.1 entering the market for supplies, and many are obliged to
Apples,total 156,000,000 174,000,000 199,000,000
24,000,000
Comm'l y 24,500,000
depart without having provided for their full requirements.
48,100,000 --------- Prices continue to advance, and in many cases are now higher
39,100,000
50,000,000
Peaches_
yield
* Interpreted from condition reports. x Total production in bales.
are complaining about backward
per acre in pounds of lint; price in cents per pound. z Census. y Com- than a year ago. Buyers
nureial crop in barrels.
deliveries on old orders, but manufacturers appear to be
for improvement as
WEATHER BULLETIN FOR THE WEEK ENDING able to give them any encouragement possible. A number
-The general summary: of the weather bulletin they are working on as large a scale as
JULY 8.
and agents
issued by the Department of Agriculture, indicating the in- of wash fabrics for next Spring have been opened,
Markets for fine
fluence of the weather for the week ending July 8, is as report a very favorable business booked. sales of sheetings
goods are active with prices firm. Fair
follows:
finding it difficult
-Cotton improved in central and northern areas where there have been made, although buyers are
COTTON.
was an abundance of sunshine, the temperatures were slightly above nor- to procure wide goods. Gray goods rule strong with conmal, and rainfall was generally light. It deteriorated in parts of Southern
fabrics as demand for finished
Texas and in some sections of Southeast where heavy rains occurred and verters anxious to secure more
temperatures were below the normal. There was considerable shedding goods is increasing. There are very few offerings by second
in Arkansas, but little was reported in other districts. The growth was hands who are asking full prices. Gray goods 38M-inch
generally very good in Oklahoma the crop improved in Western and Northern Texas; it made very good progress in most of Arkansas it improved, standard are listed at 183/2c.
except where unfavorably affected by weevil in Louisiana; made good
-Woolen and worsted goods continue
WOOLEN GOODS.
growth in most of Tennessee, Alabama, Georgia, South Carolina, and
North Carolina, and it was blooming freely in Georgia and Northern South in active demand with prices firm. Fabrics are scarce and
Carolina. The weather was quite favorable for cultivation in most dis- there is a general belief that prices will continue to advance.
tricts, and this work made satisfactory progress, although many grassy
fields are still reported. Early cotton is reported to be growing a large stalk In the men's wear division, buyers are said to be absorbing
in Texas, but fruiting poorly. Weevil are active in southern portions of everything offered as they fear fabrics will be harder to
the area. The plants are small and later than usual in the northern portion
ring dress
of the belt. The condition of the crop is poor to only fairly good in most obtain later in the season. Mills manufactu
sections of the area, duo to early unfavorable weather, although it is very goods have adopted the policy of allotting goods to buyers
of the East.
good in a few sections
-Spring wheat has been unfavorably affected by which has eliminated much of the speculation in these
SPRING WHEAT.
high temperatures in Illinois, Iowa, Nebraska and parts of South Dakota, fabrics. Broadcloths of late have become quite popular,
where much blight and some damage by rust is reported. Some black rust
Fall is reported to have been sold.
Is reported in extreme Eastern North Dakota, but without damage so far. and the production for
This crop is generally headed and its condition is good to excellent in the Cutters are requesting mills to ship worsteds, and according
in
eastern parts of North Dakota, but it is poor in the western portion of that to reports, all fabrics held by second hands have been
Minnesota, except where
State. Spring wheat made good progress
damaged by rains on lowlands, and the crop is filling well. Spring wheat cleaned up.
needs rain very badly in the Northwest, where unirrigated fields are badly
-Demand for linens continues
FOREIGN DRY GOODS.
direct and are heading short, with shrinking grain. The supply of water
for irrigation is scarce in many fields.
to improve and importers have sent fairly large orders
-The weather during the week was generally
WINTER WHEAT.
very optimistic as regards the future,
favorable for harvesting winter wheat and this work was in progress to abroad. Importers are
the northern limits of the area. Trashing made good progress under and claim that buyers are again taking fabrics regardless
favorable weather condition .in Central and Southern States. The yield of price. Demand has been more general for both nearby
is less than the stand indicated in a number of sections, and a few lodged
small
fields were abandoned in Kansas. The high temperatures during June and deferred delivery. Stocks locally continue
caused a deterioration in winter wheat in Nebraska and Iowa, and disease despite the fact that arrivals have been more liberal. Howincreased in central district. Continued dry weather has been very unmerchants look
favorable on unirrigated fields in the Central and Upper Rocky Mountain ever, as production abroad is increasing,
States, and a shortage of water is reported in some irrigating districts. for larger amounts of goods to arrive during the next few
Winter wheat stood the drouth better than expected, especially on followed
le uncertainty as regards
ground, in the State of Washington, owing to an abundance of moisture months. There is still considerab
early in the spring, but it is somewhat shrunken. The yield is fairly good the flax situation, but according to latest advices from
in the winter wheat districts of Oregon.
quantities of flax in Russia
-The temperature was above the normal and there was an abroad, there are quite large
CORN.
abundance of sunshine during the week in the principal corn growing dis- which can be shipped to Irish and Scottish mills. An
There was sufficient moisture for this crop, except in parts of the active demand is reported for burlaps with business restricted
tricts.
Ohio Valley, and the Central Appalachian Mountain region; it was too
at
wet, however,on lowlands in parts of the extreme Upper Mississippi Valley. by the scarcity of supplies. Light weights are quoted
Corn made excellent growth in nearly all sections; the weather was gen
are in good condition, except 12.00e and heavy weights at 13.25c.
for cultivation, and the fields
AGRICULTURAL DEPARTMENT'S REPORT ON
-The Agricultural DeCEREAL CROPS, &C., JULY 1.
partment issued on the 9th inst. is report on the cereal and
other crops for the month of June, as follows:
orally favorable
190
THE CHRONICLE
[VOL. 109.
Page.
Name.
Rate.
Maturity.
Amount.
Price.
90_ _Cass County,Ind
4%
1929
15,400 100
90_ _Cheney, Wash
1939
8,500
2454_ _Chippewa Co.S.D.No.45,Minn. 5
1934
PUBLISHED WEEKLY.
18,000' 100
90.._Clearfield Twp., Pa
5
1920-1946
27,000
Terms of Subscription-Payable in Advance
194_ _Clearwater Co. S. D. 22, Ida 5% d1929-1939
17,000 101.93
2650_ _Cole County, Mo
For One Year
5
1924-1939 100,000 102.930.
$10 00
2650_ _Collegeview Sch. Dist., Nob- 5
For Six Months
1935
60,000 y100
6 00
91_ _Collin County, Tex
European Subscription (including postage)
5
65,000 100
13 50
91_ _Collin Co. Corn. S. D. 16, Tex- 5
European Subscription six months (including postage)
5,000 100
7 '75
County Road Districts,
Annual Subscription in London (including postage)
22 16-3 2454_ _Collin (18 issues)
Tex.
Six Months Subscription in London (including postage)
1949
2,480,000 100.423
21 12-4 2454_ _Colquitt County,
Canadian Subscription (including postage)
Ga
5
1921-1949 500,000 y100.75
$11 50
194_ _Columbus, Ind
5
12,000 100.413
Subscription includes following Supplements
2555_ _Concordia Parish, La
5
1920-1939 800,000 100
RANK AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(sembannually)
Pa
...
4%
50,000
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY (semi-annually
2650_ _Cortknd Twp Ill
5
1920-1929
15,000
STATE AND CITY (semi-annually) BA.NEEEs' CONVENTION (yearly) )
2454.._Covina City Sch. Dist., Calif__ 5% 1920-1949 150,000
91_ _Crawford County. Ohio
5
1920-1925 104,500 100.311
Terms of Advertising-Per Inch Space
91_ _Crawford County, Ohio
5
1920-1929
77,500 100.690
Transient matter per inch space(14 agate lines)
91....Cross Keys Twp., So. Caro
$4 20
6
1921-1939
20,000 y100
Two Months
(8 times)
194_ _Cumberland County, Ill
22 00
5
1920-1929
95,000
91 _Cumberland County, Me
29 00
Standing Business Cards / Three Months (13 times)
43
1939
200,000 101.64
Six Months
(26 times)
..Cut Bank, Mont
50 00 2454..
6
48,000 104.02
TwelveMonths(52 times)
91_ _Cuyahoga County,0.(2 issues) 5
87 00
89,536
Cnicsno OFFIcE-39 South La Salle Street,Telephone Ma
91_ _Curry Co:S. D.43, N. Max...... 5
4jestio 7396.
14,000
2650__Dalryland Sch. Dist., Calif__ 6
LaoNpos OFFICE
-Edwards & Smith,1 Drapers' Gardens, E. C.
5,500 104.490
2555....Danville Twp., Ills
5
1920-1924
50,000
WILLIAM 13. DANA COMPANY, Publishers,
2555_ _Darke County, Ohio
5
1920-1924
13,200 100
2650Dawson, Ga
Front. Pine and Dern:Toter Ste., New York.
70,000 101.728
2356_ _Dawson Co.S. D.No.2, Mont. 5%
14,000 101.428
2650_..Daytona Beach, Fla
6
1939
60,000
2555....Defiance County. Ohio
5
1920-1929
27,600 100.282
2555_ _Defiance County, Ohio
5
1920
1,550 100
2650_ _Defiance County, Ohio
5
1920-1930
52,9501 101.038
2650_ _Defiance County. Ohio
5
1920-1928
13,4251
91_ _Delaware County. Ohio
5
1919-1929 120,000 100.933
2555_ _Delta County, Mich
5
1923-1926
50,000 100.10
MUNICIPAL BOND SALES IN JUNE.
91__Delta S. D. No. 21, Colo
6 d1929-1939
3,700 100
91_ _Dougherty Co., Ga.(2 issues).. 4%
400.000 100
We present herewith our detailed list of the municipal 2650.._Downs County, Kan
5
17,000
bond issues put out during the month of June, which the 2356__Du Bois, Pa
43%
50,0001 101.467
2356_ _Du Bois, Pa
43%
25,000J
crowded condition of our columns prevented our publishing 2650_ _Duluth, Minn
5
1926-1928
90,000 101.04
2650_ _Dumore, Pa
at the usual time.
5
50,000 104.591
2650_ _East
6,070 105.548
The review of the month's sales was given on page 88 2556_ _EagleYoungstown, OhioInd_ __ 5
Creek Sch. Twp.,
1920-1927
15,000 100.70
of the "Chronicle" of July 5. Since then several belated 2556_ _Eaton, Ohio
5% 1921-1923
1 ,500 100.333
2454_ _Eau Claire Sch. Dist., Mich
June returns have been received, changing the total for the 2556_ _Eden Twp., Ohio
37,000 100
5
1920-1929
18,700 100.275
month to $95,558,764. The number of municipalities issu- 2556_ _Effingham County,Ills
5
1920-1939 104,000
2651_
ing bonds in June was 428 and the number of separate issues 2454_ _Elkhart County. Ind.(2 iss.)__ 4% 1920-1929 128,000
_Ellis County.Tex
600,000 102.41
652.
92- _El Paso Community H.S.D.,I11. 5% 1921-1939
90,000
2651_ _El Segundo Sch. Dist.. Calif_ _ - 5% 1920-1944 120,000
JUNE BOND SALES.
2454_ _Erie, Pa
4% 1924-1939 1,000,000 100.633
Page.
Name.
Rate.
Maturity.
Amount.
Price. 2651_ _Fairport, N Y
4.60 1920-1929
35,000 100.09
2355_ _Aberdeen,So. Dak
43
1939
1325,000 100
2356 _Fall River, Mass
5
1949
145,000 104.228
2453_ _Aitken County, Minn
5%
1929
125,000 100.12
2454.. _Fallsburgh (T.) Common Sch.
2453_ _Alcorn County, Miss
6
22,500 102.981
Dist. No.9, N.Y
1923-1937
4.500 100.27
192...Aiken County, So. Caro
6
1944
32,000 100
2454 _Farrell,Pa
212,000 101.681
2554...Allegheny School District, Pa.. 3%
1930
1,000
92 _Fayetteville, Tenn
534 d1929-1939
193.. _Alexandria, Va
30,000 101.72
5
1954
100,000 101.74
2454 _Flagstaff, Ariz
6
65,000 108.18
2355.._Ambridge, Pa
43%
70,000 100.019 2556 _Fort Bend County, Tex
5
2,000.000 102.1575
89.._Anderson School City, Ind_ ___ 5
1920-1928
45.000 100.628
92.. _Fort Pierce Inlet District, Fla_ 6
1921-1944
2649_ _Antioch, Calif
80,000 103.791
5
55,000 100.56
92_ _Fort Worth, Tax. (7 issues)___ 5 d1929-1959 1.565,000 101.54
2554_ _Arcadia, Ohio
5% 1923-1930
13,000 101.846 2356 Franklin County, Ind
1929
193_ _Ashe County, No. Caro
43
26,751 100
5%
200,000 103.78
2456 Franlin County, Ohio
193_._Asotin County Ind. High S. D.
5
1920-1920
7,500 100.40
92_ _Franklin County. Ohio
5
1920-1929 100,500 102.436
No. 1, Wash
6
90,000 101.39
2556 _Franlkin County, Ohio
5
1920-1929
2453__Attala County, Miss
58,500 101.18
5%
160,000 100.971 2651_ _Franklin County. Ohio (3 iss.)_ 5
1920-1929
..Auburn Twp., Ohio
2554..
43,950 101.155
5
1921-1925
5,000 100
2556_ Fremont, Neb
6 d1924-1939 169,000
193.. _Audrian County, Mo
5
1924-1938
40,000
92_ Freeport, III
193_ _Aurora Sch. Dist., Colo
40,000
5
40,000
2651_ Fresno County, Calif
5
1923-1929 1,000,000 101.881
2649....Avon, Ohio
5% 1920-1929
60,000 101.34
2456 Fulton County, Ohio
5
1920-1929
81,000 y100.316
2649.. _Avoyelles Parish, La
5
1920-1949 1,500.000 104.618 2556 _Gary, Ind
6
140,000 108.021
89- _Baca County S. D. No. 27.Colo 6
d1934-1949
3,000 100
2455....Geauga County, Ohio
5
1920-1929
2649.._Baker County S. D., Ore
35,600 100
6
1922-1931
20,000 105.19
2651 _Geauga County Ohio
5
1920-1929 132,142 101.149
2453_..Barberton, Ohio
5
1929-1934'
12,420 101.254 2651_ _German Sch. Dist., Calif
__- 1924-1940
2649_ _Barnes City, Iowa
25.000 100.978
5
1924-1933
50.000
92 _Girard, Ohio
5
7,650 100.108
193_ _Bayard School District, Nob__ '53% 1925-1944
60,000 100.833
92_ _Goldsboro Twp., No. Caro........ 5
75,000 100.273
193._ _Beaver Township III
5
1920-1924
33,000
2651_ _Grangerville Sch. Dist., Calif 5
1920-1931
35,000 102.882
2649Bellefontaine, Ohio (2 issues)._ 53
1920-1929
29,000 102.413
195_ _Grant County S. D.31, Wash_ 534
12,000 100
89_ _Belleville School District, Mo. 5
198,000 102.139 2651 _Grayson County, Tex
5
50,000 100
2649_ _Bellevue, Ohio
5
1920-1944 135,000 105
92 _Grayson Co. Com.S.D.93,Tex- 5
5,000 100
2649_ _Beloit Union School District
2651_ _Green Bay, Wise
5
1939
30,000
No. 1, Wis.(2 issues)
5
1921-1935 245,000 102.20
2455 _Greenfield Sch Dist., Calif_
6
20,000
89.._Beloit, Wise
5
1920-1934
40,000 102.315 2455 _Greenlee County, Ariz
6
200,000 105.379
89__Beloit, Wise
5
1920-1929
20,000 101.59
2556 _Greentree Sch. Dist., Pa
1925-1934
5
89.._Beloit, Wise
5,000
5
1920-1939
25,000 102.93
2357_ -Greenville Sch. Dist., So. Car.. 5
150,000 101.327
1939
193_ _Belton, Tex. (2 issues)
5
1959
100,000
195 _Greenwood County, So. Caro_
600,000 100.56
193._ _Bemidji, Minn
50,000 100
2455_ _Groton, Conn
5
210,000 104.15
2555_ _Benton County, Miss
200,000
2651_ _Hallettsville Sch. Dist., Tex__ _ 5 d1929-1959
2453.._Berkeley Grammar S. D. Calif. 5
65,000 100
1920-1959 500,000 102.91
2556__Hamilton City Union High
2453_ _Berkeley Iligh S. D., Calif..___ 5
1920-1959 400,000 103.03
Sch. Dist., Calif
5
10,000 102.81
2649_ _Berlin, N. II
4% 1920-1924
25,000 99.57
2455_ _Hamilton County, Ind
1920-1929
43
51,000 100
2649_ _Bettsville Sch. Dist., Ohio._.. 5
1921-1932
6,000 105.35
92_ _ Hancock County, Ind
4% 1920-1920
12,400 100
193- _Bexar County, Tax
5
1921-1934 1,500,000 101.947
195_ _Hancock County, Ohio
5
7,000 100
2649_ _Big Stone County, Minn
5
1939
19,800 100
92.._Ilardin County, Ohio
5
1020-1929
50.000 100.92
2453.._Bingham County,Idaho
5
600,000 100.608 2455_ _ flarrison County. Tex
5
1920-1959 1,750,000 93.892
193_ _Bingham County, Ida
5
1929-1938 200,000
2455_ _Hartford, Conn
1946
200,000 95.34
2453_ _Binghamton, Tenn
15,000 101.223 2455__Hartford Sch Dist., Conn.. _ 4
250,000
1959
43
193.._Blevin-Washington and Hope
2651_ _Ilartville Sch. Dist., Mo
5 d1929-1939
90,000 y101.33
Road District, Ark
5% 1924-1944 175,000 100
2556_ _Hays County, Tex
5
2649_ _Blythe School Dist., Calif
255,000 y100
6
1923-1934
25.000
195_ _Hematite Twp. S. D., Mich_
5% 1920-1934 120,000
90_ _Boise, Ida
5 d1929-1939 135.000 101.02
2455...Hennepin County, Minn
2555_,Bonner Co. S. D. No. 4, Idaho 53
5
1929
125,000 103.008
1939
30,000 101.043 2556_ _ Hersey, Minn
90_ _Bonner Co. S. D. No. 1, Ida 5% d1929-1939
1929-1939
53
20,000 101
40,000 102.55
195__Highland l'ark, Mich
90-_Boonville, N Y
210,000 102.358
1921-1938
18,000 103.09
2556....Hill County, Tex
2650.._Bradford, Ohio
350,000 100
5% 1924-1940
17,000 104.03
2556_ _Hill County, Tex
2555....Bridgeport, Conn.(6 issues). 5
810,000 100
1,610,000 105.091
195 _Hill Co. Road Dist No. 1, Tex.. 5
2453-..Brockton, Mass
365.000
45
1920-1929
40,000
195 _Hill Co. Road Dist. No. 2, Tex. 5
2453__Brockton,Mass
157,000
43
1920-1929
25,000
2651__Hillsborough Sch. Dist., Calif.. 5
1920-1929
2453_ _Brockton, Mass
15,000 100.78
43., 1920-1929
20,000
2651._ Holyoke. Mass (5 issues)
2453_ _Brockton, Mass
43
175,000 101.36
4
1920-1924 124,000
195_ _Howard Sch Dist., So.
5
1925-1930
2453_ _Brockton, Mass
45,000
4% 1920-1924
10.000 100.025 2652....Huron County, Ohio Dak__ 5
1920-1928
2453_ _Brockton, Mass
34,000 100.56
4% 1921-1924
21,000
2556_ ..Idaho Falls, Ida
5X d1929-1939
2453__Brockton, Mass
35,000 100.50
43
1920-1924
30,000
93_ _ Idaho (State of)
2453_ _Brockton, Mass
1920
43%
1,700,000 100
4
1920-1924
15,000
2556_ _Indiana (State of)
5
2453_ _Brockton, Mass
400,000 101.25
4
1920-1924
5,000
2652 __Janesville High Sch. Dist., Wis. 5
1920-1934 ' 60,000 102.0916
2453__Brockton, Mass
4% 1920-1929
8,200
2455__Jay County, Ind.(2 issues)...... 4%
2356_ _Bronxville, N Y
1929
27,000 100
43% 1924-1938
15,000
93_ _Jay County, Ind. (3 issues).. 4%
27,000 100
2356_ _Bronxville, N. Y
43% 1924-1931
8,000
93_ _Jefferson County, Ind
4% 1920-1929
43%
2356Bronxville, N. Y
11.350 100
1949
1,000 102.567
195_ _Jefferson Co. S. 10. No. 5, Ida 5
42,000
3
2356__Bronxville, N. Y
4,4
1949
400
2652__Johnstown, Pa
43%
43
375,000 102.131
2356__Bronxville, N Y
1949
1,000
93_ _Johnson County. Ind
1920-1929
4
13,800 100
2356__Bronxville, N. Y
1949
43%
500
2556.._Kalamazoo, Mich. (3 issues)._ 4
1920-1929 210,000 99.01
2453_ _Brookville, Fla
6
12,000 103.133 2556_ _ Kansas City, Mo.(2 issues).. 4%
300,000 100
2453_ _Brookville Sch. Dist., Pa
43% 1924-1938
45.000 100.914 2556_ _KendaliCounty,Tex
1949
50,000 100
53
90_ _Browfield Ind. S. D., Tex.._ _ _ 5
25,000 100
93.. Kenmore, Ohio
1926
5
2555_ _Brunswick, Ga
7,7501 102.156
5
1925-1949 150,000 101.36
93_ Kenmore, Ohio
1922
5J
1,8501
90....Bucyrus School Dist., Ohio
5
395,000 102.167 2455_ Kenosha, Wise
5
1920-1929 200,000 101.30
2555_ _Buffalo, N. Y
43
1920
383,350 100.08
93_ _Kit Carson Co. S. D. 52, Colo_ 6
1929-1939
2650 __Burke County, No. Caro
2,000 100
5
1925-1944
40,000 100.21
93.. _ Kitsap County. S. D.61, Wash. 534
2356....Butler, Ind
3,000 100
5
1922-1923
2,000 100
2652_ _Klickitat County Sch. Dist.,
2650- _Byron Drainage Dist., Wyo 6
1924-1938
55,000
Wash
534 d1920-1939
1,350 100
2453_ _Calexico School Dist., Calif ___ 6
1923-1937
30,000 107.688
93__ Knoxville. Tenn
5
1920-1924
25,000 102.185
2453_ _Calla School Dist., Calif
6
1924-1936
12,750 108.517 2652_ _ Kosciusko. Miss.(2 issues)
5%
54,000 101
2555_ _Cambridge, Md
5
12,000 101.683
93_ _Kountze Ind S. 1)., Tex
5
5,000 100
2453_ _Cameron Parish, La.(3 issues) 5
1920-1944 390,000
2557_ _Lafayette Parish. La
5
125,000 101.28
2650_ _Campbell County, Tenn
5
328,000 100.030 2557_ Lake County, Ind
4% 1920-1929
60.000 100
2454- _Campbell County, Va
5
1953
114,000 101.39
93.. Lake County, Ind
4%
180,000
90_ _Canton, Ohio
5
1924)
13,700 104.401
195_ Lake Creek Township, Ill
1920-1929
5
40,000
193_ _Casper, Wyo
5 d1934-1949 260,0001
195.. _Lakin School District, Kan
43,000
193.. _Casper, Wyo
5
d1929-1939
60,000 100.16
94_ La Porto, Ind
1920-1930
5
193.._Casper, Wyo
52,500 101.059
5
d1929-1949
49,000
94-Latah Co. High S. D. 2. Ida
5% d1929-1939 100.000 102.108
The Throuirit
..5tatt and (El-hi prilartmoit
JULY 12 1919.]
THE CHRONICLE
191
is
Price.
Amount.
Maturity.
Rate.
Name.
Amount.
Price. Page.
Maturity.
Rate.
Name.
Page.
345,000 100
2654_ _Paterson. N. J
14,000 100
1939
5
196_ _Laurel, Nob
2654__Pend Oreille Co. Sch. Dist.
5,000 102.50
- 534 1920-1929
2455.._Lawndale Sch. Dist., Calif..-5,000 100
1934
554
No. 33, Wash
100,000
2455.._Lenoir County, No. Caro
100,000
197_ Pendleton, Ore
20,000 101.78
1920-1939
43
2557__Liberty, N Y
2,000,000 101.1576
1924
434
37,800 101.762 2654_ Pennsylvania (State of)
1925-1934
5
Ind
94_ _Liberty Civil Twp..
2,000,000 102.3856
1929
434
2654 _Pennsylvania (State of)
534 1920-1959 1,000,000
196....Liberty County, Tex
2,000,000 103.2955
1934
434
19,000 101.368 2654__Pennsylvania (State of)
1925-1934
94-Liberty School Twp., Ind_ --- 5
2,000,000 104.1554
1939
434
2654 _Pennsylvania State of)
17,500 100.10
1920-1926
Ind
5
2557._Liberty School Twp,
2,000,000 104.7865
1944
4X
State
2654Pennsylvania Sta o
7,350 100
1922-1925
5
196_ _Liberty Township, Ohio
2,000,000 105.3964
1949
434
28,000 102.135 2654 Pennsylvania State o
554 1919-1928
Ohio
2357__Lima,
25,000 100.10
1944
4.85
2654_ _Perinton S. D., No.9, N.
65,000
94__Limestone Co. Rd. D. 10, Tax- 534 1920-1949
85,000 101.044
1926-1929
5
2358_ Perry County, Ohio
400,000 100.10
534
196__Lincoln County, Wash
10,000 103.54
534 1924-1933
2558....Perrysburg, Ohio
Special Road Dis2652_ _Little Prairie
35,000 101.77
1920-1929
5
2558_ Peru,Ind
5A 1921-1932 105,000 102.95
trict, Mo
4,000 100
97_ -Pierce Co. S. D. No. 19, Wash_ 5 d1924-1939
1920
570,000
2557__Little Rock, Ark
6,000 100
1939
197__Pierce Co. S. D. No. 124,Wash. 534
120.000
1920
2557_ _Little Rock, Ark
40,000 100
d1934-1949
6
197_ _Pinebluff, Wyo
1939
200.000 101.6175
94_ _Little Rock School Dist., Ark__ 5
2,000 106.30
1930-1933
6
97_ Plymouth, Ohio
40,000 100
1919-1935
5
94__Logan County, Colo
97-Pocatello Ind. S. D. No. Lida_ 5 d1929-1939 180,000 100.80
3,900 100
94-Logan Co. S. D. No.83, Colo 6
921-1940 200,000 101.098
97_ _Pontiac, Mich1
2652....Long Beach City S. D., Calif 534 1920-1949 150,000 107.91
1,000,000 101.0725
1934
44
.4
5 d1924-1934 120,000 100.603 2457_ _Pontiac School Dist., Mich
196__Longmont, Colo.(2 issues)
18,000
Conn
434 1920-1922
434 1920-1939 140,000 101.538 2457_ Portland, Conn
2357...Lowell, Mass
42,000 100.25
434 1923-1929
2655_ Portland,
27,000}
434 1920-1928
2557__Lowell, Mass
60,000
1920-1926
6
1920-1932
26,000 101.099 2655_ Port of Bandon, Ore
434
2557....Lowell, Mass
1920-1961 325,000
5
198_ Port of Seattle, Wash
434 1920-1944
25.000J
2557_ _Lowell, Mass
19304954 1,500,000 101.07
5
97_ Port of Tacoma, Wash
27,000 101.851
5
196__Lower Yoder Twp., Pa
10.000 102.37
1928-1929
5
97_ Portsmouth. Ohio
5
1920-1929 112,000
2456__Lucas County, Ohio
35,000 102.973
1928-1934
5
97_ Portsmouth, Ohio
5
294,00
1920-1929
..Lucas County, Ohio
2456..
30,000 106.249
534 1928-1933
97_ Portsmouth, Ohio
5
1920-1929 120,500 100.885
Ohio
..Lucas County,
2456.
12,000 Y100
5
198_ Presho, So. Dak
5
26,300
1920-1928
2456_ _Lucas County, Ohio
50,000 107.89
5
1949
2559_ Prince Georges Co., Md
5
45,000
1920-1929
2456.._Lucas County, Ohio
60,000 102.533
2655_ Radnor Twp. Sch Dist., Pa_ 434
208,311
Ohio (5 issues)_ 5
..Lucas County.
2557..
534 1920-1949 250,000
66,750 100.595 2655.. Pains County, Tex
1920-1929
..Lucas County, Ohio
94.
6,000
6
2457_ Raisin Sell. Dist., Calif
20,000
2557.._Lytton, Iowa
8:
0 088100.79375
20
1920-1927
5
2457_ _Ravena, N. Y
75,000 101.14
1921-1935
D., Calif__ 5
2456_ _Madero High Sch.
1934
6
Raymer, Colo
97_
350,000 102.05
2653_ _Madison Co., Ida. (2 issues)-- 551
3,000 104.40
6
97_ _Reading, Ohio
51,800 100
_Madison Co., Ind. (3 issues)__ 434 1920-1929
2653_
100,000 101.03
1929
434
2457_ Reading, Pa
34,600
196_ _Madison County, Ind.(2 iss.)
81,000 103.212
1921-1939
5
Red Bank, N. J
97_
5
84,0001 100.03
1920-1934
2357_ _Madison County, Ohio
120,000 106.25
198_ Red Wood City, Calif
5
26,100J
1920-1934
2357__Madison County, Ohio
900,000 -- 97_ Reno County, Kans
5 d1929-1939 100,000 101.025
2557__Madison, So. Dak
42,996
1920-1930
5
County, Ohio
2559_ Richland
5
500,000 y101
196_ _Madison Parish, La
19,303
1920-1929
5
145,800 100.546 2559_ Richland County, Ohio
2557__Mahoning County, Ohio
34,505
1920-1928
5
2559_ Richland County, Oyio
5
70,500 100.517
94_Mahoning Co., Ohio (7 issues)_
44,940 100.085
1920-1931
5
Ohio
2559_ Richland County,
146,000 100.61
..Maiden. Mass. (7 issues)
454
2653.
55.000
1920-1929
5
2559.. Richland County, Ohio
12,800 100.30
5
196_ _Manheim, N. Y
8,800
1920-1922
5
26,700 104.288 2559.. Richland County, Ohio
1920-1934
5
2456-Mansifled, Ohio (2 issues)
17,000
1920-1924
5
20,000 106.052 2559....Richland County, Ohio
1920-1929
2357__Mansfield Sch. Dist., Ohio__ -- 6
42,000 100.083
434 1926-1931
56,750 100.672 2559_ Richmond Sch. City, Ind
1920-1929
.Marion County, Ohio
5
2653..
95.000 97
97_ _Rio Grande Co.SD.5,Colo 5 d19344949
10,000 100.16
1920-1924
5
..Marion County, Ohio
2653..
100,000 101
2559_ Ripley, Tenn
75,000
d1929-1953
2653- _Martinsburg Sch. D., W. Va... 5
5,000 103.70
534 1930-1934
2655_ _Rittman, Ohio
100
100,000
1949
2653-..Marysville. Tenn.(2 issues)__.. 554
500,000
1949
434
2655_ Rochester, N Y
35,000
554
94--Mastodon Twp. S. D.,Ill
434 1920-1949 400,000
75,000 100.674 2655__Rochester, N Y
1920-1949
rg Sch. D., Ohio- 5
2357-Mechanicsbu
435,000 103.572
1949
434
259,704 100.255 2655_ Rochester, N Y
196_ _Medina County,0.(4 issues)... 5
80,000
1949
434
2655_ Rochaster, N Y
24,500
2456_ _Mendoto Sch. Dist., Calif....-. 6
434 1920-1949 300,000
2655_ Rochester. N Y
25,000
2456_ _Menno,So. Dak
16.000
Hill S. D., Kane
2655.._Rose
1934
100.000 100
95_ _Menominee County, Mich..... 454
10,500 100.21
97_ Rotterdam Com S. D.3, N.Y 5
74,000 100.572
Ob....Mercer County, Ohio (6 issues) 5
65,000 105.294
554 1920-1952
2559..8t. Bernard, Ohio
60,000 101
95.._Montrose, Colo
Levee Dist., Ark.... 534 1949-1969 200,000 103.109
198_ _St.Francis
10,200
1920-1929
5
2358_ _Miami County, Ohio
100,000 100.250
5
97_ St. Helena Parish, La
2,400
1920-1924
5
..Miami Copnty, Ohio
2358.
118,000
2655_ St. Joseph County, Ind.(2 iss.) 454
10,000
1919-1929
6
2358_ _Miami County, Ohio
1,410,000 93.76
1939
Mo.. 4
2457__5t. Louis City Sch. Dist.,
27,700
1920-1929
5
2358...Miami County, Ohio
1920-1925 810,000 100.854
5
2559_ St. Louis County, Minn
15,200
1920-1929
5
2358_ _Miami County, Ohio
10,000 100
19204929
4
2655_ Saginaw, Mich
10,100
1920-1929
5
2358.._Miami County, Ohio
1,500,000 103.7975
5
2559.. Salt Lake City S. D., Utah
34,500 102.11
Boro. S. D., N. J.... 5
2653_ _Middlesex
630,000 103.67
5
2559_ Salt Lake City S. D., Utah
20,000 100.88
1920-1924
5
2653.._Middlesex County, N. J
1924-1929 100,001
5
2655_ Sandusky, Ohio
18,000
2653_ _Milam S. D. No.45, Minn_
3,600 100.255
1923-1929
5
2655_ Sandusky, Ohio
1939
300,000
2653_ _Milwaukee, Wise
5,200
1920-1922
5
2655__Sandusky, Ohio
1939
440,000
2653_ _Milwaukee, Wise
1920-1939 924,000
5
2655....Santa Cruz County, Calif
1939
200,000
2653_ _Milwaukee, Wise
245,000 100.621
2655__Schenectady, N. Y.(5 issues)_ 434
1939
200,000
2653_ _Milwaukee, Wise
125,000
534
198_ _Schleicher County, Tex
1939
100,000
2653_ _Milwaukee, Wise
56.000
2655_ _Scotia Sch. Dist., Neb
1939
200,000
2653_Milwaukee, Wise
25,000
1924-1939
198.._Sedalia School District, Mo. 5
1939
100,000
4
2653__Milwaukee, Wise
& Phillips Cos. S. D.
98__Sedgvrick
1939
250.000 100.442
..Milwaukee, Wise
2653.
4,000 100
1931-1949
6
No. 4, Colo
1939
250,000
2653_ _Milwaukee, Wise
12,600 100.425
1924-1943
5
98 _Sidney, N Y
1939
250,000
5
..Milwaukee, Wise
2653.
70.000
6
Ohio (3 issues)
98 _Silver Lake,
150,000
1939
5
2653__Milwaukee, Wise
25,000
2559 _Sioux Centre, Iowa
70,000
1939
5
2653_ _Milwaukee, Wise
100,000 102.900
1939
98_ _Sioux Falls S. D. So. Dak---- 5
180,000
1939
5
2653_ _Milwaukee, Wise
6
Wash
198 _Skagit County,
150,000
1939
5
2653„Milwaukee. Wise
M
5 ,
38(7 000 100
2656 _Smith County, Tex
100,000
1939
5
2653_ _Milwaukee, Wise
1924-1939 4,000.000
5
60,000 107.379 2359_ _South Dakota (State o
2456_ _Mingo Junction S. D., Ohio..-- 534
1924-1939 200,000
5
,Sta
2359_ _South Dakotate o
2653__Missoula County S. D. No. 28,
1924-1939 250,000
5
2359_ _South Dakota State o
25,000 105.75
6 d1929-1939
Mont
24,000 100.75
1920-1931
5
85,000 100.390 2559....South Glens Fable, N. Y
434
2653...Monmouth County, N. J
20,000 100.065
1934
98.._Spokane Co. S. D.310, Wash_ - 534
35.000 106.819
Twp. Sch. D. Ohio-- 6
2456__Monroe
..Spokane County Sch. Dist.
2856.
20,0001 102.299
1918-1937
.Montgomery County, Md__-- 5
2653.
3,300 100
1923
6
Wash
No. 19.
1938-1947
10,0001
2653_Montgomery County, Md.._-- 5
7,000 100
1920-1924
198_ _Springcreek Township, Ohio... 5
60,000
2653. Morgan City, La
2457 ..Springdale Light and Water
75,000 103.70
2653-_Mor8anton, No. Car.()iss.)__ 6
150,000
District. Ark
36,000
197__Mt. Vernon Spec. Rd. D., Mo. 534
50,000 102.661
434 1920-1944
2656 _Springfield, Mass
14,000
2653__Murrietta Sch. Dist., Calif___ 6
255,000 96.50
800,000 104.437 2656.. _Stamford, Texas (3 issues)_
2558.._Nacogdoches County, Tex
6,500 100.36
1920-1932
5
198....Stark Herkimer, N Y
1925-1944 500,000
2558-Napa County, Calif
250,000 99.375
1934
5
2656 _Sterling, Colo
1924-1944 456,000
5
2558__Nashville, Tenn
7.830 100
434 1920-1929
Ind
2457 _Steuben County,
1924-1949 237,000
5
2558__Nashville, Tenn
150,000 103.32
1939
454
2656__Stonington, Conn
48,000
1924-1934
5
2558_ _Nashville, Tenn
16.000
1920.1924
5
198__Stratton Township, Ill
42,000 102.30
1924-1934
5
2558-Nashville, Tenn
57,000 103.028
2560__Sugar Creek Sch. Twp.,Ind.__ 554 1920-1934
25,000
1949
5
2558_ _Nashville, Tenn
30,500 100
5
98 _Summers County, W Va
1924-1949 282,000
5
2558_ _Nashville, Tenn
1920-1929 550,000 101.292
5
Ohio
2656 _Summit County,
5
1924-1949 188,000
2558....Nashville, Tenn
46,000 100.07
5
98_ _Summit County, Ohio
20,000 101.16
..Navarre, Ohio (2 issues)
534
2653..
534 d1934-1939 100,000 ---....
..Sweet Grass County, Mont
2656.
17,000 103.40
5
1920-1928
2558....Newark, Ohio
5 d1924-1929 120.000
2458 _Swift County, Mimi
434 1920-1947 280,000 100.13
2654__Newark, N Y
209,000 100.659
454
2656_ _Syracuse. N.Y.(3 issues)
3.000 10.14
6
1928
2654....New Boston, Ohio
22,500 100.22
534 d1924-1939
2656 Table Rock, Nob
23,000 100
95__New Boston Ind. S. D.. Tex..- 5
31.300 100
5
98_ Texas(State of)(13 issues)_
19,350 100.250
1929
5
2654.._Newbury Twp.,Ohio
200,000 102
5
2560 Thomas County, Ga
389,000 102.85
..New Brunswick, N. J
2358.
12,000 90.00
5
Dr. D No. 1, La
98_ Thornwell
79,000 101.577
4'
44
2358__Now Brunswick, N. J
24.000 100
5
98__Thornwell Dr. D No. 1, La
15,000 105.512
6
1920-1934
95__Newcomerstown, Ohio
30.000
1920-1946
5
2560_ Three Rivers, Mich
50,000
1944
2654.._New Hanover County, No.Car. 5
75,000 102.753
1925-1939
5
2560 Throop, Pa
1921
500.000 101.17
6
95....New Mexico (State on
5 d1924-1949 250,000 101.3336
199_ Toledo, Ohio
1920-1939 210,000
197_ _Newport Levee Dist., Ark...... 5
2560_Tri-County High Impt. Dist.,
99.57
85,000
454 1920-1928
2654.._Newport, R.I
1,000,000
6
Ark
1,400 100
6
95_ _Ney. Ohio
49,000 100.582
1920-1928
5
199_ Trumbull County, Ohio
33,000 101.078
1923-1933
6
2654...Niles Sch. Dist.. Ohio
42,000 100.357
1920-1928
5
2360_ Trumbull County. Ohio
4
1936
100,000 100
2558__North Carolina (State of)
71,000 100.754
1928
5
2560 .Trumbull County, Ohio
2456__North Sacramento Sch. Dist.,
200,000 100.83
5
2656_ Tucson, Ariz
20,000 105.57
1921-1940
Calif
1932-1943 840,000 102.60
5
Tulsa County, Okla
199_
80,000 101.18
454 1919-1934
2654__North Tonawanda, N. Y
30,000
6
2560_ Tutwiler, Miss
27,500 101.41
5
1921-1933
2654-Norwood, N J
205,000
38.0001 101.945 2656_ _Twin Falls, Ida.(3 issues)____ 554 d19294939 475.000 101.50
1920-1938
6
2358.._Norwood, Ohio
County, So. Caro
98_ Union
44,0001
1920-1941
6
2358__Norwood, Ohio
22,000 101.024
1931-1940
5
6
50,000 104.302 2458_ 'Union School CitY. bid
2654-_0Ie King Sch. Dist., Callf
16.000
454 1920-1924
7,500 102.133 2560_ _Utica, NY
1939
96-Olivia School District, Calif..... 6
6.000
454 1920-1929
2560_ Utica, N Y
1925-1944 300,000 103.17
6
2654_ _Okeechabee County, Fla
8.379 100.004
1920-1925
1930-1944 406,000 101.975 2560.._Utica, N Y
5
S. D., Okla
2654....0klahoma City
7,056
434 1920-1925
2560__Utica„ N Y
1924-1929 215400 100
2654.._Okmulgee Sch. Dist., Okla__ -- 5
10,073
434 1920-1924
26,000 101.387 2560_ Utica, N.Y
454
96__Oneida, N Y
1,500 100 •
1924-1925
5
2656_ Valley Township, Ohio
99.78
250,000
5
197__Onelda County, Ida
20,383 100.610
5
98_ Van Wert County, Ohio
6,000 100.433
96._Oneonta Corn. S. D.9, N. Y... 5
262,800 95.08
2560 Vermilion County, III
10,000 100.75
534 1921-1941
2654_0rangeville, Ohio
60.000 100.166
5 d1924-1939
2458 Vermilion. So. Dale
94.26
1,000,000
4
2457__Oregon (State of)
150.000 102.51
1949
5
2560 _Waco,Tex
15,000 104.50
6
P. 96__Ormsby County, Nev
67.000 101.581
454 1920-1939
2656- Wakefield, Mass
180,000 104.17
5
1935-1937
2654__Outagamle County, Wise
434 1920-1934 500.000
2458 Waterbury,Conn
150,000
2654..
..Owatonna Sch. Dist., Minn.__ 4
1921-1940 400.000
434
2458 Waterbury. Conn
20,000 108
1920-1939
6
2457-Paleto Sch. Dist., Calif
434 1920-1939 200,000 100.13
2458....Waterbury,Conn
96-Palm Beach Co. Spec. Tax Dist
434 1920-1939 200,000
2458 Waterbury,Conn
12,000
6
No. 8. Fla
434 1920-1939 100.000
20,000 101.585 2458 _Waterbury,Conn
5
2654._Palo Alto, Calif
434 1921-1933 100.000
2458 _Waterbury. Conn
534 1930-1944 150,000
96__Panola County, Miss
55.000 102.272
1949
2656_ _Washington,Ga.(3 issues)_ _ _ _ 5
49,820 100.03
2604 Paterson, 11 J
192
THE CHRONICLE
Page.
Name.
Rate.
Maturity.
Amount.
Price.
2560_ _Wayne County,Ind
4% 1920-1929
38,000 100
2656_ _Weatherford Township, Ohio
14,000 100.0555
-West Allis. Wisc
99.
5
30,000 y101.92
2560_ _West Park School Dist., Ohio 5A 1921-1954 140,000 105.933
99_ -Wharton Co. Corn. S. D. No.
21, Tex
5
9,000 100
2458_ _Wheatland, Pa
25,000 101.57
2560_ _Whitley County.Ind
434
6,390 100
2657_ _Whitewater, Wis
5
1926-1932
15,000 101.54
99._ _Whitman County, Wash
5
120,000 100.10
2560_ _Whitman Co.S. D.95, Wash.._ 534 d1920-1924
4,000 100
2657_ _Whitman Co.S. D.142, Wash.. 53( d1920-1935
4,000 100
99_ _Whitman Co.S. D.154, Wash_ 53,4 d1920-1924
4,500 100
99_ _Whitman Co. S. D.167, Wash_ 53.i d1920-1929
3,500 100
99_ _Wichita, Kan
65,000 100
434
99....William County, Ohio(4 Issues) 5
215,000 y100.595
2657-Wilson School 'District, Calif.._ 6
10,000 107.71
2458....Winter Park, Fla
6
1924-1939
30,000 102.5551
2561.. _Winterset School District,Iowa
150,000
2657_ _Winton Graded S. D., No.Caro 6
25,000 100.60
199...Yazoo County, Miss
534
75,000 101
199....Yazoo County, Miss
534
30,000 102.666
2361_ _Youngstown, Ohio
1929
5,000
2657_ _Youngstown, Ohio (9 issues)
191.730
199....Youngstown S. D., Ohio
5
1921-1935 430,000 101.33
Total bond sales for June 1919 (428 municipalities,
covering 652 separate issues)
k$95,558,769
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $35,695,000 of temporary loans reported, and which do not belong in the list. * Taken by
sinking fund as an investment. h And other considerations.
REVISED TOTALS FOR PREVIOUS MONTI'S.
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
tor these eliminations may be found:
Page.
Name.
2453_ _Bonner County S. D. No. 24, Ida.(May list)
596....Canton, Ohio (January list)
1958...McIntosh School District, Calif. (May list)
700_ _Seattle, Wash. (January list)
Amount.
$30,000
39,000
15.000
147,261
We have also learned of the following additional sales for
previous months:
Page.
Name.
Rate.
MatUrity.
2554_ _Arkansas Co. Dr. D. 18, Ark-- 534 1925-1944
2649_ _Birmingham Dr. D.,Mo.
(Apr) 6
1924-1939
2649_ _Board of Education, City of
.Fargo, No. Dak. (March).- 4
2650....Board of Education of Valley
City. No Dak
4
1939
2650_ _Boone S.D No. 15, No.Dak_ - 4
2650.._Bottineau County, No. Dak
4
1921
2650.. _Brander S. D.No.42, No. Dak.
(March)
4
1938
2555....Buchanan County,Mo.(March) 5
1920-1923
2650_ _Bunnell, Fla. (April)
5
2555_ _Cameron County,Tex.(March) 534 d1929-1949
2555....Cannamaugh Township, Pa.._ _ 5
1921-1933
2555_ _Carbon County, Utah
5 d1929-1939
193....CaribouCounty, Ida
6
1929-138
2555....Catlin Twp. S. D., Ill
534
2556....East Baton Rouge Parish, La.. 5
1920-1929
2650_ _East Chicago, Ind. (April). -- 5
1939
397...Eastland County Road Dists.,
Tex.(Jan.)(2 Issues)
5 d1928-1948
2651.. _East Youngstown S. D., Ohio.. 534 1931-1945
2556 __First Slough Drain Dist. 1 Ark. 534 1923-1938
2556__ Genesee High Sch. Dist., I
Ida.. _ 534 d1929-1939
2661_ _Hartland Sch. Dist. No. 63,
No. Dak. (April)
4
1939
195_ _Hillsdale Highway Dist., Ida.. _ 6
1930-1939
93_ _Hood County, Tex. (March)_.. 534 1920-1949
2652...Jasper Co. High S. D. 125, Ill_ 6
1921-1934
2556....Jennings County, Ind
434
2556_ _ Kalamazoo, Mich. (2 issues)._ 43% 1920-1929
93_ _Klamath Falls S. D, Ore
6
2652__Klundt sch. Dist. No. 14, No.
Dak.(March)
4
1924
195....Lake City, Nettleton and Bay
Road Impt. Dist. No. 1, Ark. 534 1922-1937
94...La Plata and Archuleta Cos.
S. D. No. 25, Colo
6 d1934-1949
2557.__Luxora Spec. S. D., Ark.(Apr.) 6
1920-1938
2652..
.McDonough Co. Community
High S. D.318, Ill. (Feb.)._ 6
1921-1930
2652...McDonough County Sch. Dist.
No. 18, Ill. (Feb.)
1920-1928
6
2652_ _McIntosh S. D., Calif. (April). 5
1925-1934
2653_ _Mlzpah Sch. Dist., Minn
197...Montgomery Twp., III. (April) 5
1920-1922
898_ _Nassau County, N. Y. (Feb.).. 5
2654-North Dakota (State of)(Mar.)
(7 Issues)
4
2654....North Dakota (State of)(April)
(5 issues)
4
..North Dakota (State of)(3 iss.) 4
2654..
2654....0akland Sch. Dist. No. 21,
No. Dak.(March)
1938
4
2558_ _Park Twp., Mich
1927-1936
5
2559.. _Poinsett Co. Road Dist. No. 2,
Ark. (March)
534 1921-1935
2559_ _Port Huron, Mich. (Feb.)____ 5
1919-1925
2655.. _Seattle, Wash.(5 issues)
6
.
2655.. _Shaw Separate Rd. Dist., Miss. 534 1920-1944
198_ _Silver Lake, Ohio (11 issues)___ 6
2656_ _Tacoma, Wash
2656.._Taylor-Brampton Drain. Dist.
No. 9, No. Dak. (April)____ 4
1924
2560_ _Toole Co. S. D. No. 14, Mont.. 6
d1929-1939
199_ _Walton County, Ga
1920-1939
5
702_ _Washington 0. H., Ohio (Feb.) 6
1929
2561.. _W1Lson Spec. S. D., Ark.(Apr.) 6
1920-1939
Amount.
$40,500
380,000
Price.
160,000 100
91,000 100
6,000 100
100,000 100
10,000 100
200,000
15,000 90.03
200,000
25.000 100.64
125,000 100
50,000
65,000 103.873
75,000
125,000 100.2496
[VOL. 109.
Page.
Name.
Rate.
Maturity. Amount. Price.
99 _Embro, Ont
1939
7,500 103.45
2658 _Etabicoke Twp., Ont
6
10,000 106.41
2561 Goderich, Ont
6
10,861
2561....Guelph, Ont
1949
68,000 102.044
534
2561--Guelph, Ont
1934
534
30,000 102.788
2561- Halifax, N. 5
1929
28,500 101.17
534
199. Halifax, N. 5
5
761,000 94.76
99 Kentville, N.5
50,000 101.10
1049
534
2562_ Kingston, Ont
35,000 103.39
534
199- Kingston, Ont
77,000 104.04
534
199...Lancaster Township, Ont
1939
25,000 101.52
534
99_ _Lavalle Twp., Ont
6
6,500
2562_ _Lethbridge, Alta
6
1924
126,000
2658_ _Lochiel Twp., Ont
6
11,975 105
2658 _L'Original, Ont
6
16,000 103.40
199 _Lunenburg County, N S
1939
20,000 101.99
53.5
2658...Manville Rural Hospital Dist.
No. 1, Alta20,000
2658 Miniota, Man
gY1
1949
30.000 100.55
2658 ..New Toronto, Ont
6
1939
51,000
99_ _New Westminster, B C
6
500,000
1923
2658.._Nobleford, Alta
6
4,000
2658_ _North Grimsby Twp., Ont____ 6
1929
5,000 103
2658_ _Nova Scotia (Government of). 5
i
1920
700,000 101.63
2658__Nova Scotia Government of)- 5
1929
500,000. 98.18
2658_ _Oak Lake, an
1939
63-4
9,000
2362_ _Point Gray, B.0
5
1959
22,000
99.22
200.. _Pointe-Aux-Trembles, N. S _ .... 534
1928
75,0001 96.50
200.._Pointe-Aux-Trembles, N. S.__ 534
90,0001
1923
2459_ _Port Coquitiam, B. 0
30,000
2362_Renfrew County, Ont.(3 iss.)_ 6
32,000 102.35
2562...St. Catharines, Ont
534 1920-1939 100,000 101.637
2562__St. James Sch. Dist., Man_ _ _ .. 6
1933-1935
8,000
2658_ _St. John County, N B
5
1939
100,000 100
99__St. Thomas, Ont.(2 issues)...... 534
53,000
99...Saskatchewan Sch. Dists., Sask
82,350
2658_ _Saskatchewan Sch.Dists.,Sask.
(13 issues)
38,950
2562._ _Shawinigan Falls, Ont
6
332,000
200....Southampton, Ont
6
1939
20,000
2562_ _South Norwich, Ont
6
8,000
2459_ _Stellarton, N. S
6
35,000
2562...Summeriand, 13. 0.(2 Issues)._ _ _
60,000
200_ _Swan River Rural Mun ,Man 6
50,000
1949
2459.. _Theodore Sch Dist., Sask._
634
19,500
100_ _Truro, N. S
5
25,150 94.75
562.._Vermilion, Alta
7
6,000
2459....Walter Scott Sch. Dist., Man.. 7
2,000
100_ _Windsor, N 5
40,000 101
534
100...Winnipeg, Man
500,000
1949
534
100_ _ Woodsnorth, Man
50,000 100.44
534
Total debentures sold in June 1919
$9,948,510
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Page.
Name.
Rate.
Maturity.
Amount. Price.
2562....Manitoba (Province of)
5
1921
500,000
6
All the above sales of debentures (except as indicated) took
place in May. These additional May sales make the total
sales of debentures for that month $11,571,649.
NEWS ITEMS
California.-Ilighway Bonds Voted.
-According to advices from San Francisco, the California voters on July 2
approved the issue of $40,000,000 highway bonds by a vote
180,000
45,000 105.727 of 105,333 to 15,484.
50,000
170,000
-Proposed Loan.
Canada (Dominion of).
-On an earlier
page in our Department of "Current Events and Discus6,000 100
62,500
sions," will be found the details of the $75,000,000 offering
140,000
of 532% Two-Year and Ten-Year notes of the Dominion of
15,000
Canada. See also V. 109, p. 23.
16,640
210,000 100.10
Los Angeles, Calif.-Suit to Stop Power Bond Issue.
21,000 103
-A
suit contesting the recent $13,500,000 power bond issue,
12,000 100
it is stated, was filed June 27 by Mary Rideout against the
425,000
city of Los Angeles and members of the City Council. Mrs
Rideout asks for a recount of the ballots cast at the election
3,500 100
30,000
on June 3 and alleges numerous irregularities and illegal
acts invalidating the election. It is contended, among other
54,000
things, that the ordinance required the general and the
9,000
special elections to be held separately, and that this was not
10,000
30,000
done. (V. 109, p. 94.)
12,000
75,000 100.49
-Special Session of Legislature Adjourns.
New York State.
-The special session of the Legislature which was called by
19,600 100
the Governor for June 16 adjourned the same day, after
17,000 100
being in session from 8:50 p. m. to 11:59 p. m.
35,800 100
Philadelphia, Pa.
-Petition for Freeing Expense Paying
7,050 100
Bonds.
-Proceedings to decide what amounts should be de20,000 y100
ducted from the city debt because of the revenue-producing
118,000
improvements of the water-works and municipal piers, were
13,400 100
198,130 100
begun July 2 with the filing of a petition by the City Sol,citor
125,000
in the Common Pleas Court No. 5. The court fixed July 28
129,600
6
31,203
for a hearing. The plan is to free abou6 $33,000,000 of city
bonds as a debt charge and add this amount to the borrow16,658 100
13.800 107.427 ing capacity.
200,000
10,500 100
Russian Government.
-Bond Committee Named.
-Refer75,000
once is made to this in our "Current Events and Discussions
All the above sales (except as indicated) are for May Department" this week.
These additional May issues will make the total sales (not
including temporary notes) for that month $41,170,200.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
JUNE.
Maturity.
Amount. Price
Page.
Rate.
Name.
2458.. _Alberta S. Ds., Alta.(10 iss.)-- 7
$21,000
-BOND SALE.
-On
AIKEN COUNTY (P. 0. Aiken), So. Caro.
2561.. _Alexandria, Ont
9,750 103.59
6
June 18 an issue of 332.000 6% road bonds wore awarded to the First
2458.._Allandalo Sch. Dist., Man.... 7
3,000
National 13enk of Aiken at par. Denom.$500. Date July 11919. Inter.2361_ _Barton Twp., Out
55,000 101.83
534
199.. _Beauharnois. Quo
57.500 98.492 est annually in July. Duo July 11944.
1949
534
199....Berwick, N. S
-BOND OFFERING.
AKRON, Summit County, Ohio.
27,000 101.80
-Thos S.
6
2657__Brenville, Qua
Heffernan, City Auditor, will receive bids until 12 m. Aug. 4 for the fol50.000
6
99_ _Bridgewater, N S
-improvement bonds, aggregating $82,300:
50,000 105.31
lowing 5% street
1949
6
99....British Columbia (Province of) 5
$15,000 sidewalk bonds. Date July 11919. Due $3,000 yearly on July 1
3,000,000 93.34
1939
2458_ _Calgary, Alta
from 1920 to 1924, inclusive.
1,500,000 100.80
6
2657_ _Calgary Roman Catholic Sepa38,000 Manchester Road special assessment bonds. Date May 1 1919.
,4
rate S. D. No. 1, Alta
Due yearly on May 1 as follows: $3,000 1920 and 1921,/and
30,000
6
2458_ _Chatsworth, Ont
1,400
6
34,000 1922 to 1929, incl.
141
99_ _Dereham Twp., Oat
17,800 North Martha Avenue special assessment bonds. Date July 1
22,000
534
2658- _Dodsland, Sask
1919. Due yearly on July 1 as follows: $1,000 1920 and 1921;
1,800
7
2458.
..Dorton, Qua
5%
66.500 97.92
$2,000 1922 to 1928, incl., and $1,800 1920.
2458_ _East Tilbury Twp., Ont
11,274
11,500 Diagonal Road (city's share) bonds. Date July 1 1919. Due
634
2459_ _Eastview, Ont
71,000
534
$2,000 yearly on July 1 front 1920 to 1924, incl., and $1,500
199.. _Edmunston, N. B
96.65
July 1 1925.
90,000
•
JULY 12 1919.]
THE CHRONICLE
193
BLEVINS, WASHINGTON AND HOPE ROAD DISTRICT, Hemp-On June 12
ALEXANDRIA, Alexandria County, Va.-BOND SALE.
-During June S. R. Morgan & Co. of
-BOND SALE.
County, Ark.
the
an issue of 3100.000 5% school bonds was awarded to JulyFirst National stead Rock were awarded at par $175,000 5%% 5
-25-year serial road bonds.
1 1919. Int. Little
Denom. $1,000. Date
Bank of Alexandria at 101.74.
Denom.$500. Date July 1 1919. Int. J. & J.
J. & J. Due in July 1954.
-BONDS VOTRD.-At"ax.
BLISSFIELD, Lenawee County, Mich.
-BOND SALE.
ALLEGHENY TOWNSHIP, Cambria County, Pa.
election held June 23, it is stated, a proposition to issue $48,000 pavement
t
On July 5 the $50,000 5% 26-year serial tax-free road improvemen&bonds and road-improvement bonds was favorably voted.
I
1
Loeb
to Nowburger, Henderson
-were awarded
-V. 108, p. 2649
.
kr-BOND 0
BLOUNT COUNTY (P. 0. Maryville), Tenn.
of Philadelphia at 103.063 and interest.
were:
will be received until 2 p. m. July 28 by J. Mack Davis, Chairbids
Other bidders
_$51,070 Sealed
Tillotson & Wolcott Co.,Lyon,Singer & Co., Pitts__ _ 50,845 man Good Road Commissioners, for the $400,000 5% 30-year coupon road
$51,085101over & McGregor, Pitts.. _
bonds, mentioned in V. 108, p. 2649. Denom.$1,000. Date July 15 1919,
Cleveland
Phila. 51,070
Int. semi-ann.(M, & N.). Cert. check for $5,000, payable to the Good
M.M.Freeman & Co.,
-A
-On July 7 the two Road Commissioners required.41
-BOND SALE.
ALLIANCE, Stark County, Ohio.
-were awarded
-BOND OFFERBONNEVILLE COUNTY (P. 0. Idaho Falls), Ida.
issues of 5% bonds, aggregating $51,295-V. 108, p. 2649
-Proposals will be received until 1 p. m. July 21 by Christian AnderING.
the Ohio National Bank of Columbus, as follows:
to
Due yearly on son, Chairman Board of County Commissioners, for 3500,000 road and
$13.345 storm-sewer bonds for $13,351, equal to 100.044. $1,345 1927.
-house bonds at not excluding 6% interest. Denom.$1,000.
June 15 as follows: $2,000 1921 to 1926, inch, and
$250,000 court
37,950 street-impt. (city's portion) bonds for $38,466 50. equal to 101.361. Date July 11919. Principal and semi-annual interest (J. & J.), payable at
Due yearly on June 15 as follows: $3.000 1923 to 1934 and $1,950 the office of the County Treasurer or at the Chase National Bank, N. Y.,
or at any other bank in New York City at the option of the holders. Certi1935.
Seasongood & Mayer of Cincinnati bid $38,130 for the $37,950 street- fied check for 10% of the amount bid, required. Purchaser to pay accrued
interest. Bonded debt, $25,000. Assessed value 1918, 315.069.916.
improvement bonds and *51,417 for both issues.
-Wm. F. Estimated valuation $45,000,000.
-BOND OFFERING.
AMHERST, Lorain County, Ohio.
1=77
-0
-BOND SALE. BOONE COUNTY (P. 0. Lebanon), Ind.
Baker, Village Clerk, will receive bids until 12 m. July 19 for the following
aggregating $19,100:
bonds were awarded to the Meyer-Kiser Bank.
6% Milan Ave. improvement bonds,
Date May 15 1919. $5,200 43 % gravel-road
$14,000 (village's portion) bonds. Denom. $1,000. to Nov. 1 1926, incl. of Indianapolis, at par and interest. Denom. $260. Date May 9 1919.
Due $1,000 each six months from May 1 1920
Int. M. & N. Due $260 each six months from May 15 1920 to Nov. 15.
-V. 109, p. 89.
•
assessment)
Denom. 1929, inclusive.
$15,000-V. 109. p. 89) (special July 11919.bonds.$250 each
5,100 (not
-BOND OFFERING -Sealed bids wifl
Due
• BOSSIER, Bossier Parish, La.
19 for $250 and one for $350. Date
be received until 8 p m July 16 by V. W. Hutchings, Village Clerk, for
six monthsfrom Ally 1 1920 to May 1 1929 and $350 Nov. 11929.
Certified check for 5% of amount of bonds bid for, pay- $30,000 5% water-works bonds. Denom. $500. Date Nov. 1 1917. Int.
Int. semi-ann.
ann. Duo yearly on Feb. 1 as follows: $500 19,8 to 1942, incl., $1,000.
able to the Village Clerk, required. Purchaser to pay accrued interest.
1943 to 1952, incl., and $1,500 1953 to 1957, incl. Cert. check for 5%
-BOND SALE.
-The required.
ASHE COUNTY (P. 0. Jefferson), No. Caro. p. 2355
on June 17-V. 108,
5%% road bonds offered of Chicago at 103.788565. -have been
$200,000
-BOND ELECTION.
Date Aug. 1
BROKEN BOW, McCurtain County, Okla.
awarded to C. W. McNear & Co.
An election will be held July 15, it is stated to vote on the question of
1919.
-.
-BOND OFFERING.- issuing $100,000 water-works and $40,000 sanitary-sewerage-system bondsCounty, No. Caro.
ASHEVILLE, Buncombe
-BONDS AUTHORIZED.
BROOKHAVEN, Lincoln County, Miss.
Sealed bids will be received until 12 m. July 28 by G. C. Hunter, Secretary6% interest.
Treasurer, for $200,000 gold school bonds at not exceedingint. (J. & J.) The city board has authorized the issuance of $100,000 sewer bonds, it:is
1 1919. Prin. and semi-ann.
stated.
Denom. $1,000. Date July
payable in N. Y. City. Due $6,000 yearly on July 1 from 1920 to 1939 incl.
-The $62,000 water.
-BOND SALE.
BUHL, Twin Falls County, Ida.
on an
and $8,000yearly on July 1 from 1940 to 1949 incl. Cert. check above 3:12,000 street and $15,000 fire 6% bonds offered on July 5-V. 108. p. 2650,
company for $4,000, payable to the
incorporated bank or trust
Keeler Bros. of Denver.
•
Secretary-Treasurer, required. The bonds are to be prepared under the -have been sold to
will
supervision of the T.J. S. Mtge. & Trust Co. of N. Y., which seal certify as
BURBANK SCHOOL DISTRICT, Los Angeles County Calif..-the
impressed
to the genuineness of the signature of the city officials and Masslich of N. Y. BOND OFFERING-Sealed bids will be received until 2 p. m. July 14 by
County Clerk and Ex-officio Clerk of the Board of County
thereon and the legality will bo examined by Caldwell &
charge, the opinion of said H. J. Lelande,
and the purchaser will be furnished, withoutfor on Aug. 14 1919 in New Supervisors (P. 0. Los Angeles) for $80,000 5 % school bonds. Denom
semi-annual int. payable at
attorneys. Bonds will be delivered and paid
$1,000. Date July 1, 1919. Principal andyearly on July 1 as follows:
York City.
the office of the County Treasurer. Due
-BOND OFFERING. $2.000 1920 to 1924 incl., $3,000 1925 to 1934 incl. and $4,000 1935 to.
COUNTY(P.O. Jefferson), Ohio.
ASHTABULA
'
check for 3% of the amount of bonds payable
m.
1944 incl. Cert.
-Sealed bids will be received until 1 p. for July 14 by B.E. Brainard, Clerk to the Chairman or cashier'sCounty Supervisors, required. Purchaser to.
Board of
$34,000 5% road
of Board of County Commissioners, Denom. $500. -Date-improvement
April 11919. pay accrued interest. Bonded debt $25,000. Assessed value 1918.
Gen. Code.
bonds. Auth. Sec. 1223,
Int. A. & 0. Due $8,500 yearly on Oct. 1 from 1020 to 1923, incl. Certi- $3,001,600.
Bonds to
-BOND OFFERING.-Shelbr
fied check for $500, payable to the County Treasurer, required. Purchaser
BUTTE, Silver Bow County, Mont.
be delivered and paid for within 10 days from time of award.
Irvine, City Clerk, will sell at public auction 2 p. m. Aug:6 $25,000 comfort
6% interest. Denom. $500. Date July 1
to pay accrued interest.
station bonds at not exceeding
semi-an. in (J. & J.), payable at the office of theASOTIN COUNTY INDEPENDENT HIGHWAY DISTRICT NO. 1 1919. Prin. and at the National Park Bank, N.Y. Due yearly on Jan. 1
-On June 28 the $90,000 6% 11-20- City Treasurer, or
-BOND SALE.
(P.0. Asotin), Wash.
-were awarded, from 1925 to 1934, incl., optional July 1 1929. Cert. check for $500;
year gold school bonds dated July 1 1919-V. 108, p. 2554
required.
It is reported, to the Lumbermen's Trust Co. of Portland at 104.39.
-BOND OFFERING-Sealed
-BOND OFFERING.
-Bids will
CALDWELL, Canyon County, Ida.
ATHENS, Limestone County, Ala.Ernest Hine,
Mayor, for $15,350 bids will be received until 8 p. m. July 21 by the City Clerk, for $52,000
p. m.
• be received until 8.30BondedJuly 14 by
debt 388,500. Assessed value $1,606,611. paving and $30,000 water-works 6% 10-20 year (opt.) coupon bonds. Int.
bonds.
-year
6% 30
J. & J. payable in New York. Cert. check on some Caldwell Bank for
Population 3,500.
Bonded Debt (excluding the above issues) June 30..
-BOND OFFER- $5,000, required. Sinking fund $58,000. Assessed value $2,582,765.
Atlantic
ATLANTIC COUNTY (P. 0. until 3 p. City), N. J.
E. L. 1919, $151,500.
m. to-day (July 12) by
--Proposals will be received
ING.
-On.
-BOND SALE.
(with privilege
CAMDEN COUNTY (P. 0. Camden), N. J.
Johnson, County Collector, for an issue of 43i% coupon Denom.$1,000.
the twp
July 7 A. B. Leach & Co. of Philadelphia, were awarded at 102.02, $31,000.
of registration) road-impt. bonds, not exceeding $178,000.
on Juno
of registration) bonds, one for
Due
Date June 15 1919. Int. J. & D.1924 toyearly incl., and 15 as follows: Issues of 5% coupon (with privilegeroads
-V. 109, p. 90. Denom. $1,000.
1932,
$13,000 1933. for bridges, and one for $87,000 for
$10,000 1921 to 1923, incl.; $15,000
41
.4
bank or
Certified check (or cash) on an incorporatedthe above trust company for Date July 11919. Int. semi-ann. Due July 1 1925.
County Collector,
-On July
of amount of bonds bid for, payable to by Reed,
-BOND SALE.
N. Y.
2%
CANTON, St. Lawrence County,
McCook & Hoyt
of bonds will be approved
-were
required. Legality
-V. 109, p. 90
5% gold coupon sewer refunding bonds
be furnished the purchaser
of New York, whose approving opinion will under the supervision of the the 335,000B. J. Ingen & Co. of New York at 100.85. Due $1,400 yearly
awarded to
without charge, and the bonds will be printed who will
certify as to the on July 1 from 1924 to 1948, inclusive.
Co. of New York,
V. S. Mortgage & Trust.
-On
-BOND
CANYON COUNTY (P. 0. Caldwell), Idaho. 108, p.SALE.
genuineness of the signatures and seal on the bonds.
-were
2454
-V.
-20-year serial bridge bonds
-This
AUDRIAN COUNTY (P. 0. Mexico), Mo.-BOND SALE. Date July 5 the $49,000 10Matteson & Wood of St. Paul, at 100 as follows:
awarded to Kalman,
5% bonds. Denom. $1,000.
July 1 1919.
county recently disposed of $40,000serially from 1924 to 1938 incl.
$24.500 for 43%s and $24,500 for 54. Denom. $1,000. Date
June 20 1919. Int. M. & N. Due
Interest J. & J.
Statement.
Financial
County, Ohio.
CANTON TOWNSHIP (P. 0. Canton), Stark Road impt. (twp's
$32,000,000
Actual value of property, estimated 1917
300 5% Waynesburg
-On July 2 the $7,
13,245,430 BOND SALE.
Assessed value of taxable property. issue
-were awarded to
-V. 108, p. 2555
bonds offered on that day
115,008 portion)
Due
Total bonded debt, including this
.
21,687 Seasongood & Mayer of Cincinnati for $7,422 (101.671) and interest. incl.
Population. 1910 Census
$800 June 12 1920 and $500 yearly on June 12 from 1921 to 1933
iiiremidl
SCHOOL DISTRICT (P. 0. Aurora), Adams County W. L. Slayton & Co.of Toledo offered $7,378 84.
AURORA
-The $40,000 5% new school building bonds recently
-BOND SALE.
Colo.
-BOND SALECARIBOU COUNTY (P. 0. Soda Springs), Ida.
-have been purchased by the State of Colorado.
voted-V. 108, p. 2052
of.
An issue of $50,000 6% road and bridge bonds was recently disposed
BALDWIN TOWNSHIP SCHOOL DISTRICT (P. 0. Oak Station), Denom. $1,000. Date May 1 1919. Int. J. & J. Due $b,000 yearly
-On July 1 the $445,000 tax-free on May 1 from 1929 to 1938, inclusive. Assessed valuation 1918, 33,400,Pa.
-BOND SALE.
Allegheny County,
school bonds offered on that day (V. 108, P. 2453) were awarded to Glover 711. Real valuation (estimated), $10.000,000. Total bonded debt
4%s.
& McGregor, of Pittsburgh, for $45,125 (100.277) and interest for 1944. (including this issue), $150,000. Population (estimated )at present, 10.000.
Due on July 1 as follows: $10,000 1929, 1934 and 1939; $15,000
the
CASPER, Natroma County, Wyo.-BOND SALE-On June 30.10&
Other bidders, both of Pittsburgh, were:
Bid.
Interest.
following three issues of 5% coupon bonds aggregating $369,600-V at
to Bolger, Messer & Williaman of Chicago .
4 X%
$46,159 65 p.2555- were awarded
Lyon, Singer & Co
45,010 00 100.16.
4 %
Mellon National Bank
15-30 year (opt.) water-works bonds.
SCHOOL DISTRICT (P. 0. Bayard), Morrill County, $260,000 10-20 year (opt.) sewer bonds.
BAYARD
60,000
-25-year serial school
%6
-On Juno 30 tho $60,000
Neb.-BOND SALE.
49:000 10-30 year (opt.) fire dept. bonds.
bonds (V. 108 p. 2649) were awarded to the Lincoln Trust Co. for $60,500 Date April 30 1919.
(100.833) and interest. Denom.$1,000. Date Juno 1 1919. Int. J. & D.
-All bids re-BIDS REJECTED.
Miss.
CAYCE ROAD
Mich.
-BONDS ceived for an issueDISTRICT,road bonds offered for sale shortly were
of $17,000
BAY CITY SCHOOL DISTRICT (P. 0. Bay City), 2,049 "against,
.
-On July 2 the people, by a vote of 2,152 "for'm to
VOTED.
rejected.
authorized the issuance of $1,000.000 high-school-syste bonds, it is stated.
44, Iowa.
CERRO GORDO COUNTY DRAINAGE DISTRICT NO.
-Sealed bids will be received on or before 2 ro• m.
BEAVER TOWNSHIP (P. 0. Beaverville), Iroquois County, 5% BOND OFFERING.
-11. C. Speer & Sons Co. recently purchased $33,000
BOND SALE.
July 14 by Paul Weigand, County Auditor,(P. 0. Mason City). for $1.200
PrinDate
Denom.
coupon tax-free road bonds. (J. & D.)$1,000. at the June 1 1919. Bank 5X% bonds. Denoms.$500 and $120. Date July 7 1919. Int. semi-ann.
payable
First National
cipal and semi-annual interest
Due yearly on July 1 from 1920 to 1929 incl.
of Chicago. Due $6,000 Juno 1 1920 and 1921 and $7,000 June 1 1922, 1923
NO.63, Iowa.
CERRO GORDO COUNTY DRAINAGE DISTRICTp. m. July 14 by
and 1924.
-Proposals will be received until 2
-BOND BOND OFFERING.
BEAUFORT COUNTY (P. 0. Washington), No. Caro. 108, p. Paul Weigand, County Auditor (P. 0. Mason City), for $20,000 5Y1%
(not $250,000 as reported in V.
-On July 7 the $500,000
SALE.
r bonds. Date July 1 1919. Int. semi-ann.
2453) road bonds were awarded to the American Trust Co. of Charlotte 1-10-yea
-BOND SALE.
CHEROKEE COUNTY (P. 0. Gaffney), So. Caro.
at 100.07.
awarded, it is stated, at
-On June 12 an issue On July 8 the Continental Trust Co. of Macon was serial road bonds dated
-BOND
BELTON, Bell County, Tex. $25,000SALE.
4.87% basis the $200,000 5% 1-20-year
Park 5% bonds was awarded 101.151 a
-improvement and
of $75,000 street
Chicago. Denom. $1,000. Date July 1 1919-V. 109. p. 90.
to the Harris Trust & Savings Bank of3 1959.
-BONDS AUTHORIZED.
CHICOPEE, Hampden County, Mass.
June 3 1919. Int. J. & J. Due June
Treasurer to issue
-Re- On July 7 the Board of Aldermen authorized the City
-BOND SALE.
BELTRAMI COUNTY (P. 0. Bemidji), Minn. road bonds to W. L. $19,700 sewer bonds, it is stated.
ports state that this county recently sold. $100,000
-BOND
Ind.
CICERO TOWNSHIP (P. 0. Tipton), Tipton County,school invest,Slayton & Co. of Toledo.
serial
-It is reported that the 349,000 5% 1-10-year
-Oh Juno 2 the SALE.
-BOND SALE.
BEMIDJI, Beltrami County, Minn. awarded to Kalman, Matteson ment bonds dated July 1 1919, offered on July 7-V. 108. p. 2454-were
of Tipton for $49,301,
-V. 108, p. 2155-were
$50,000 water bonds
awarded on that day to the Citizens National Bank
& Wood of St. Paul at par and interest.
-Re- equal to 100.614.
Antonio), Tex.
-BOND SALE.
-BONDS AUTHORIZED.
BEXAR COUNTY (P. 0. San
CINCINNATI, Hamilton County, Ohio.its issue of July 2 that the
-15-year serial
ports state that this county recently sold 31,500,000 5% 2
reported by the Cincinnati "Enquirer" in
road bonds to Stern Bros. of Kansas City for 31,529,215. equal to 101.947. It is Council on July 1 passed an ordinance authorizing the issuance of
City
V. 108, P. 2453.
City-Hall repair bonds.
-On 322.000
-The ques,
Ida.
-BONDS VOTED.
BINGHAM COUNTY (P. 0. Blackfoot), and -BOND SALE. 108.
CLAREMORE, Rogers County, Okla.carried, it is stated, at a recent
.
bridge bonds (V.
10-19-year serial road
June 12 the 3200,000 5%
tion of issuing $100,000 school-bldg. bonds
Lumbermans Trust Co., of Portland, election.
p. 2052) were awarded jointly to theTrust & Savings Bank of Chicago.
the Continental & Commercial
and
la
194
THE CHRONICLE
[VOL. 109.
CLARKE COUNTY (P. 0. Athens), Ga.-BOND OFFERING
.
Street
Proposals will be received until 12 m. Aug. 5 by H. W. White, Chairman $1,500 Third 1 1921 improvement bonds. Duo $500 each six months from
Sept.
to Sept. 1 1922, inclusive.
Commissioners Roads and Revenues, for the $250,000 5% gold road bonds
Auth., Sec. 3939, Gen. Code. Denom. $500. Date July 1
1919.
mentioned in V. 108, P. 2258. Denom. $1,000. Int. semi-ann. Due Principal and semi-annual interest(M.& S.) payable at the City Auditor's
office. Certified check on a local solvent bank, for 5% of amount of bid,
yearly on Jan. 1 as follows: $5,000, 1930 to 1934 incl; $10,000, 1935
to payable to the City Treasurer, required. Bonds to be delivered and paid
1939 incl.; $15,000, 1940 to 1944 incl.; $20.000, 1945 to 1949 incl.
for within ten days from date of award. Purchaser to pay accrued interest.
The official notice of this bond offering will be found among the advertiseDELAWARE COUNTY (P. 0. Muncie), Ind.
-BOND OFFERING.
ments elsewhere in this Department.
Earle II, Swain, County Treasurer, will receive proposals, it is stated, until
10 a. in. July 19 for $8,000 4%% 10
-year Harrison Twp. James A. Rector
CLEARWATER COUNTY SCHOOL DISTRICT No. 22, Ida.
- et. al. road bonds.
BOND SALE -On June 28 the $17,000 5%% 10-20 year opt. school
bldg.
bonds
-V. 108 p. 2555
-were awarded to Keeler Bros.
DELTA COUNTY (P. 0. Escanaba), Mich.
-BOND ELECTION.101.93. Denom. $500 Date July 15 1919. Int. J. & of Portland at The Board of County Supervisors has called
J.
for an election Aug. 4 when,
also submitted by the Lumberman's Trust Co., Sidney Spitzer Bids were it is stated, the voters will pass on the issuance
Co.. Spoof $200,000 road bonds.
kane and Eastern Trust Co., W. S. Slayton, et als.
DENTON, Fergus County, Mont.
-BOND OFFERING.
-0. E.
CLEVELAND HEIGHTS VILLAGE SCHOOL DISTRICT (P. 0. Baker, Town Clerk,
will sell at public auction 8 p.in. July 14 $33,000
Cleveland Heights), Cuyahoga County, Ohio.
-BOND OFFERING.
- water bonds. Denom. 3500. Date Jan. 11919. Int. semi-ann.(J. & 6%
Ezra K. Bryan, Clerk Board of Education, will receive proposals until payable at the office
J.),
of the Town Treasurer at option of holder at some
12 m. July 17 for $700,000 5% school-building bonds. Auth., Secs.
bank in New York City, to
2295, 7626. 7627, 7629 and 7930, Gen. Code. Denom. $1,000. 2294, Jan. 1 1939, optional Jan. be designated by the Town Treasurer. Due
Date
1 1934. Cert. check for $750. payable to the
July 17 1913. Principal and semi-annual interest (A. & 0.) payable at
the Treasurer required. Purchaser to pay accrued interest.
District Treasurer's office. Due yearly on Oct. 1 as follows:
$7,000
and 1922: $5.000 1923 to 1927, incl.: $10.000 1928 to 1935 incl.; 1921
DOUGLAS, Coffee County, Ga.-BOND OFFERING.
$4,000
-G.
1936; $10.000 1937 to F1940 incl.; $20,000 1940 to 1945
Mayor, will receive bids until 2 p. m. July 14 for $20,000 5% 30 A. Tanner,
-year paving
1946;$50,000 1947 to 1949. incl.; $65,000 1950;$100,000 1951Incl.; $19,000 bonds.
and 1952; and
$3,000 1953. Certified check on some bank other than the one making
DUSON, Lafayette Parish, La.
the bid, for 5% of amount of bonds bid for, payable to the District Treas-BOND OFFERING.
-Bids will be
received until Aug.
urer, required. Bonds to be delivered and paid for within ten days
from Due Aug. 1 1933. 15 for $10,000 5% school bonds. Interest semi-annual.
date of award. Purchaser to pay accrued interest.'
These bonds were voted at an election held June 30.
COAHOMA COUNTY (P. 0. Clarksdale), Miss.
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1, Fla.
-BOND SALE.
The $490,000 5% 8
-17-year serial coupon or registered road and bridge -BONDS AUTHORIZED
-TO BE OFFERED SHORTLY.
-We are advised
bonds dated July 11919, offered on July 7-V. 108,
-were awarded that an issue of $325,000 school bonds has been authorized, and as soon as
on that day, according to reports, to the Planters p. 2650 Clarksdale
the courts can validate the issue they will be offered for sale. F. A. HathaBank of
at way is Secretary and
100.612, a 4.93% basis.
Superintendent Board of Public Instruction (P .0.
Jacksonville).
COKE COUNTY (P. 0. Robert Lee), Tex.
-BONDS VOTED.
-The
question of issuing $60,000 road bonds carried, it is stated, at
EAST CLEVELAND, Cuyahoga County Ohio.-BOND SALE.the election The $440,000
held June 28-V. 108, p. 2555.
5% coupon street-impt. (city's portion) bonds offered on July 7
(V. 109, p. 92) were awarded to Tillotson & Wolcott Co. of Cleveland at
COLUMBUS, Bartholomew County, Ind.
-BOND SALE.
-It is re- 101.548 and int. Due $4,000 on Apr. 1 in each even-numbered year from
ported that $12,000 5% 5
-year city-impt. refunding bonds have been
1922 to 1940 incl.
awarded to 0. P. Paterson for $12,050, equal to 100.413.
Other bidders were:
COLUMBUS, Lowndes County, Miss.
Stacy & Braun, Toledo
-BOND OFFERING.
-Pro$40,554 54
posals will be received until 8 p. in. July 16 by W. A. Deal, City
Secretary A.E. Aub & Co., Cincinnati
40,305 92
and Treasurer, for $50,000 5 % coupon paving bonds. Denom.
$500. Seasongood & Mayer, Cincinnati
40,245 00
Prin. and semi-ann. Int. payable at the office of the Secretary
of the City
EAST JORDAN SCHOOL DISTRICT P. 0. East Jordan), CharleCouncil. Due $2,500 for 20 years. Cert. check on some good and
solvent voix County, Mich.
-BONDS VOTED.-lt is reported that the people
bank for $500, payable to the above Treasurer, required. Bonded
debt have voted $80,000 school-building bonds.
(incl. this issue) July 5 1919. $403,000. Assessed value,
$5,188,000.
COOPER COUNTY (P. 0. Booneville), Mo.-BOND OFFERING.
EL CAMPO
- County, Tex. SCHOOL DISTRICT (P. 0. El Campo), Wharton
R. D. Pealer, County Clerk, will receive bids until 10 a. m.
-BONDS VOTED.
-Reports state that this district recently
$100,000 5%% Booneville Twp. road bonds. Denom.$1,000. July 19 for voted $50,000 school bonds.
Date Aug.
1 1919. Prin. and semi-ann. int. (F. & A.) at the Merchants Laclede
EL DORADO SCHOOL DISTRICT (P. 0. El Dorado), Butler
National Bank, St. Louis. Duo $5,000 yearly from 1921 to 1924,
incl.; County, Kan.
-BONDS VOTED.
$6,000 yearly from 1925 to 1928, incl.: $7,000
-By a vote of 265 to 100 the question
from 1931 to 1933, incl., and $5,000 1934 1929 and 1930; $8,000 yearly issuing $39,500 school-bldg. bonds carried,it is stated, at a recent election.of
and 1935. Cert. check for
$10,000 required. Total bonded debt (incl. this issue) $100,000. Assess.
EL RENO, Canadian County, Okla.
-BONDS VOTED.
val., real and personal property of Twp. (est.) $10,000,000.
-By a vote of
145 to 109 the question of issuing $25,000 park bonds carried, it is stated.
COVENTRY TOWNSHIP RURAL SCHOOL DISTRICT, Summit at a recent election.
-V. 108, p. 2053.
County Ohio.-BOND OFFERING.
-S. P. Marsh, Clerk Bd., of Ed.,
FORT LAUDERDALE,Broward
will receive proposals until 1 p. m. July 16 for $35,000
-BOND OFFERING.
53 % school bonds. Sealed bids will be received until 2 County, Fla.
Auth. Sec. 7629, Gen. Code. Denom.
p. in. Aug. 12 by Geo. W. Hall, City
July 16 1919. Clerk, for the following 6%
Prin. and semi-ann. int.(A. & 0.) payable $1,000. Date Savings
20
-year bonds authorized at an election held
at the Central
& Trust June 16:
Co. of Akron. Due yearly on Oct. 1 as follows: $1,000, 1920
to
and $2,000, 1925 to 1939 incl. Cert. check for 10% required. 1924 incl.; $2,500 fire truck bonds. Vote, 57 to 13.
Purchaser
to pay accrued interest.
10,000 street-improvement bonds. Vote, 62 to 10.
8,500 funding bonds. Vote, 60 to 11.
COWETA COUNTY (P. 0. Newman) Ga.-BOND SALE.
-On July 35,000 water-purification plant and water-extension bonds. Vote,
2 the $500,000 43% road bonds
58 to 13.
-V. 108 p. 2555- were
5,000 North and South River streets improvement bonds. Vote.61 to 11.
Continental Trust Co. of Macon at 100.11 and interest. awarded to the
5,000 drainage bonds. Vote, 59 to 12.
CROSBY INDEPENDENT SCHOOL DISTRICT NO. 51 (P.
12,600 dock and sea-wall bonds. Vote, 66 to 16.
0.
Crosby), Crow Wing County, Minn.
400 funding bonds. Vote, 40 to 27.
-BONDS VOTED.
-By a vote of
59 to 1 the question of issuing 520,000 school bonds carried, it is stated, at
1,000 cemetery improvement bonds. Vote, 65 to 7.
a recent election.
Denom. $1,000. Date June 1 1919. Principal and semi-annual interest
(J. & D.) payable at a place designated
CUMBERLAND COUNTY (P. 0. Greenup), Ills.
-BOND
- on a responsible banking house for 15%by the purchaser. Certified check
Elston & Co. of Chicago have purchased and are now offering to SALE.
investors the City Treasurer, required. Official of the amount of bid, payable to
on a 4.60% basis $95,000 5% road bonds. Denom. $500.
circular states that there is no
Date
1919. Int. semi-ann. Due $9,500 yearly on July 1 from 1920 July 1 controversy or litigation pending or threatened, affecting the corporate
to 1929, existence, or the boundaries of said municipality, or the title of the
Inclusive.
present
officials to their respective offices, or the validity of these bonds, and that
Financial Statement.
there has never been any dispute in the payment of any of the obligations
Assessed valuation 1918
$5,050,451 of said municipality.
Total bonded debt, this issue
95,000
Financial Statement.
Population
16,500 Estimated actual value of property
$3,000,000 00
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND OFFER- Assessed valuation for year 1918, equalized
1,900,000 00
ING.
-E. G. Krause, Clerk Board of County Commissioners, will
Total bonded debt, including this issue
171,000 00
bids until 11 a. m.to-day (July 12)for $11,952 special assessment receive
This includes:
and
952 (county's portion) 5% coupon Harvard Road No. 3 bonds, $11,Water-works
$24,000 00
issues being described alike as follows: Auth. Sec. 6929, Gen. Code. both
Sewer
11,000 00
noms. 1 for $452 and 23 for $500. Prin. and semi-ann. int. (A. DeStreet improvement (city's portion, 17%)
15,000 00
& 0.)
payable at the County Treasurer's office. Due
Funding
25,000 00
1920,
each six months from Oct. 1 1920 to Oct. 1 1926 $452 April 1 April $500
City hall
incl., 31,000
4,000 00
Oct. 1 1927, $1,500 April 1 and Oct. 1 1928. Cert. check on some1 and
Fire department
2,000 00
other than the one making the bid for 1% of amount of bonds bid for,bank
Bridge
10,000 00
able to the County Treasurer, required. Bonds to be delivered and payThis issue
80,000 00
paid
for within 10 days from date of award. Purchaser to pay accrued interes
BOND OFFERING.
-E. G. Krause, Clerk Board of County Commis$171,000
Floating debt. none. Population (estimated), 3,600. 00
sioners, will receive bids until 11 a. in. July 16 for the following 5%
coupon
Union St. Northfield Road impt. bonds aggregating $7,121.50:
FRAMINGHAM, Middlesex County, Mass.
-LOAN OFFERING.
$6.492 53 (spec. assess.) bonds. Denoms. 1 for $492.53 and 12 for
$500.
Due $492.53 April 1 1921. $500 each six months from Oct. 1 Herbert E. Stone, Town Treasurer, will receive bids until 1 p. m. July
15 for a temporary loan of $100,000 issued in anticipation of revenue, and
1921 to April 11926. incl., and $1,000 Oct. 11926.
628 97 (county's portion) bonds. Denoms. 1 for $128.97, and 2 for maturing Dec. 20 1919. Notes will be delivered to successful bidder on
$250. Due $128 97 April 1 1921 and $500 Oct. 1 1921 and April or about July 18 1919.
1 1922.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
Auth. Sec. 1223 Gen. Code. Date July 1 1919. Prin. and semi-ann. July 8 the 2
-On
issues of5% 1-10-year road bonds aggregating 8329,000-V. 108,
int. (A. & 0.), payable at the County Treasurer's office. Cert.
p. 2651-were awarded to the Guaranty Trust Co. of New York at 101.437
some bank other than the one making the bid, for 17 of amount check on and
0
interest. Date July 1 1919. Other bidders were:
of bonds
bid for payable to the County Treasurer required. Bonds
$155,000
$174,000
and paid for within 10 days from date of award. Purchaser to be delivered
Both
to pay accrued
Issue.
Issue.
Issues.
Interest.
Wm. Ti. Compton & Co., Cincin
Hayden, Miller & Co., Cleveland_$156,475.50 $175,656.48 $332,705.00
DARIEN, McIntosh County, Ga.-BOND OFFERING.
-Bids
received until 3 p. m. Aug. 6 by J. G. Legare, City Clerk, for the will be Seasongood & Mayer. Cincinnati_ - 156,085.00
175,218.00
6% 20
-year water-works and wharf bonds recently voted (V. 108, $10,000
FRANKLIN PARISH ROAD DISTRICT NO. 1 (P. 0. Winnsboro),
Denom. $500. Date July 1 1919. Principal and semi-annualP. 2650)•
interest La.
-BOND OFFERING.
(J. & J.), payable at a place to be designated by the purchaser. Floating
-Bits 'aill be received until July 27, to be opened
July 28, by Allen L. Price, Clerk of Police Jury, for $750,000 5% 30
debt, 38200. Assessed value 1919, $428,890. Population
-year
1910,
Official circular state that there is no litigation pending and that no 1,390. road bonds. Int. semi-ann. Cert. check on some bank in Lousilana for
defaults 25% of the amount of bonds bid for required.
have ever been made in payments.
Separate bids will also
be received for 3550,000 of the issue.
DARKE COUNTY (P. 0. Greenville), Ohio.
-BOND SALE.
-On
July 5 the $31,500 5% road bonds
FRESNO CITY SCHOOL DISTRICT(P.O. Fresno),Fresno County,
-V. 109, p. 91-were awarded to local
banks at par and Interest.
Calif.
-BOND ELECTION.
-Reports state that an election will be held
July 21 to vote on the question of Issuing $5,000 school bonds.
DECATUR SCHOOL DISTRICT (P. 0. Decatur), Van
Buren
County Mich.-BONDS VOTED.
-By
GARDNER, Worcester County, Mass.
the votes
-TEMPORARY LOAN.
decided in favor of the issuance of $80,000a vote of 179 to 128at
school-building bonds a recent July 8 the temporary loan of $25,000 dated July_ 8 1919 and maturing-On
April
election, 16 is stated.
1 1920-V. 109, p. 92
-was awarded to S. N. Bond & Co. of Boston on a
DEERFIELD SCHOOL DISTRICT (P. 0. Deerfield), Portage 4.49% discount basis, plus a premium of $1 25.
County Ohio.-BOND OFFERING.
-Sealed bids will be received
GARFIELD, Bergen County, N. J.
-BOND OFFERING.
9 a. m. July 19 by Alvin Day, Clerk Board of Education, for $50,000 until
-Wm. A.
55 % Dougherty, City Treasurer, will receive bids until 8 p. in, July 22 for an
school-building bonds. Auth., Secs. 7626, 7627 and 7630-31,
Denom. $500. Date July 1 1919. Int. A. & 0. Due $500Gen. Code. issue of 4%% gold coupon (with privilege of registration) general-impt.
on April 1 bonds not exceeding $220,000. Denom. $1,000._ Date July 1
and $1,000 on Oct. 1 from 1924 to 1943 inclusive, and$ ,1000
1919.
months from April 1 1944 to Oct. 1 1953 inclusive. Certified each six Prin, and semi-ann. int. (J. & J.) payable at the City Treasurer's office.
check for Due yearly on July 1 as follows: $14,000 1920 to 1924, incl., and $15,000
$200, payable to the Treasurer of the Board of Education, required.
Pur- 1925 to 1934, incl. Certified check on an incorporated bank or trust comchaser to pay accrued interest.
pany for 2% of amount of bonds bid for, payable to the "City of Garfield,"
DEFIANCE, Defiance County Ohio.-BOND
-Harry required.
Ti. W. Horn, City Auditor, will receive proposals untilOFFERING.
12 m. Aug.4 for the
GLENDALE SCHOOL DISTRICT (P. 0. Glendale), Los Angeles
following 5% coupon street
-Improvement bonds:
County, Calif.
-BOND ELECTION.
-The voters, according to reports'
$6,000 Fifth Street improvement bonds. Due $500 each six months
from will have submitted to them on July 24 a proposition to issue $100,000 5%
March 1 1921 to Sept. 1 1926, inclusive.
school bonds. Denom. $1,000. Int. semi-ann.
JULY 52 1919.]
THE CIIRONICLE
GLYNN COUNTY (P. 0. Brunswick) Ga.-BONDS AWARDED IN
PART.
-Of the $350,000 5% coupon road impt. bonds offered on July 1V. 108 p. 2651-$60,000 of the issue was sold to the Continental Trust
Co. of Macon at 100-30 and int. A number of bids were received for the
whole issue but the commissioners decided to sell only $60,000 at this
time as it is all that is required for immediate use.
-BOND OFFERING.
-Bids
GRAND MARAIS, Cook County, Minn.
will be received until 10 a. m. July 24 by T. I. Carter, County Auditor, for
-year refunding bonds. Denom. $1,000. Prin. and semi$50,000 5% 25
ann. int. (M. & N.), payable at the American Exchange National Bank,
N. Y. Cert. check or bank draft for the amount of bonds bid for, payable
to the County Treasurer required.
Assessed Valuation.
The assessed valuation of Cook County including both real and personal
property, according to the assessment rolls for the year 1918, is the sum
of $1,885,196. Total bonded debt, 3196000; floating indebtedness;
May 31 1919, $33,610.68; assets over liabilities amount to $246,833.32
total rate of county tax 30.8 mills; amount of money in bond sinking fund
May 31 1919, $23.089.50: amount in bond interest fund $11,518.22.
-BOND
GRANT COUNTY SCHOOL DISTRICT No. 31 Wash.
-V. 108
SALE.
-On June 28 the $12,000 531% 15-yr. school bldg. bonds
P. 2556- were awarded to the State of Washington at par. Denom.
;200. Int. annually.
-BOND OFFERING.GREENFIELD, Highland County, Ohio.
E. M. Conner, Village Clerk, will receive bids until 12 m. Aug. 6 for $15,000 5% sanitary sewer system bonds. Denom. $500. Date Sept. 1 1919.
Int. semi-ann. Due Sept. 1 1934. Cert, check on some solvent bank
in Ohio for 3% of amount of bonds bid for, payable to the Village Treasurer
required. Bonds to be delivered and paid for within 15 days from date of
award. Purchaser to pay accrued interest.
-BOND OFFERING.GREEN SPRING Seneca County, Ohio.
Proposals will be received until 7.30 p. m. July 28 by F. B. Reed, Village
% Broadway street improvement bonds:
Clerk, for the following
$25,000 (village's portion) bonds. Due yearly on Sept. 1 as follows:
11,500 1922 to 1931, incl. and $2,000 1932 to 1936, incl.
18,500 (spec. assess.) bonds. Due yearly on Sept. 1 as follows: $1,500
1920 to 1922 incl:, and $2,000 1923 to 1929, incl.
Denom. $1,000. Date July 1 1919. Prin. and semi-ann. int., payable
at the Commercial Banking Co. of Green Spring. Cert. check on some
responsible bank in Sandusky or Seneca County for 5% of amount of bonds
bid for payable to the Village Treasurer required. Bonds to be delivered
and paid for within 10 days from date of award. Purchaser to pay accrued
Interest.
Miss.-BOND ELECTION.GREENVILLE, Washington
be held July 28 to vote on the question
Reports state that an election will County,
of issuing $100,000 street paving, $75,000 sewer ext. and $50,000 city hall
bonds.
GREENVILLE COUNTY (P. 0. Greenville), So. Caro.
-BOND OFFERING.
-W. H. Willimon, County Supervisor, will receive bids until
-year road bonds at not exceeding
12 m. July 17, it is stated, for $85,000 40
5% interest. Int. semi-ann. Cert. check for 2% required.
.
-BOND SALE.
GREENWOOD COUNTY (P.O. Greenwood),S. C.
On June 30 the $600,000 highway bonds (V. 108. p. 2556) were awarded to
the Palmetto National Bank at 100.56 and int.
-BOND OFFERING.
GUERNSEY COUNTY(P.O.Cambridge),Ohio.
-A. Loyshon, Clerk Board of County Commissioners, will receive bids
until 11 a. m. July 15 for $3,000 5% infirmary bonds. Auth. Sec. 2434
Gen. Code. Denom. $1,000. Date June 17 1919. Int. semi-ann. Due
$1,000 on June 17 in 1922, 1923 and 1924. Cert. check for 5% of amount
of bid, payable to the County Auditor, required. Bonds to be delivered
and paid for within 10 days from date of award. Purchaser to pay accrued
interest.
HAMILTON COUNTY (P. 0. Syracuse), Kans.-BONDS VOTED.
The proposition submitted to the voters at the election hold July 1-V. 108.
p. 2651-providing for the issuance of $50,000 20-30 year road bonds
179. The County Clerk further states that
carried, by a vote of 375 to
proposals for these bonds will be received on or about July 14.
-BOND SALE.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
On July 8 the 3 issues of 431% 10-year Carthage-Hamilton road bonds, aggregating $277,000 (V. 108, p. 2651) were awarded, it is stated, to Field,
Richards & Co. of Cincinnati at 100.81.
-BOND SALE.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-On
-V. 108.
July 8 the $150,000 5% Lima-Sandusky I. O. H. No. 22 bonds
v. 2556-were awarded to Stacy & Braun of Toledo, it is stated, for $151,266 68 equal to 100.866. Due $15,000 yearly on July 15 from 1920 to
1929,inclusive,
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND SALE.
-According to Findlay papers, on June i0 the American National Bank of Findlay was awarded $7,000 5% 10-year Hanna Road bonds at par and int.
HAZLETON CITY SCHOOL DISTRICT (P. 0. Hazleton), Lucerne
-D. T. Evans, Secretary of Board of
-BOND OFFERING.
County, Pa.
Education, will receive proposals until 8 p. m. Aug.6 for the $200,000 431%
school bonds voted on May 21 1918-V. 106, p. 2249.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
HEMATITE TOWNSHIP SCHOOL DISTRICT (P.O. Amasa), Iron
-An issue of $120,000 5 % coupon school-BOND SALE.
County, Mich.
building bonds was recently 'purchased by H. C. Speer & Sons Co. of
Chicago. Denom. $1,000. Date Juno 15 1919. Prin. and semi-ann. int.
(J. & D.) payable at the Continental & Commercial National Bank of
Chicago. Due $8,000 yearly on June 15 from 1920 to 1934 incl. Total
debt $120,000. Assessed value 1918,$1,237,562. Population (est.), 1,600.
HIGHLAND PARK, Wayne County, Mich.
-BOND SALE.
-On
-V. 108, p. 2455
June 23 the $210,000 hospital bonds offered on that day
were awarded to Watling, Lerchen & Co.; and Hornblower & Weeks
of Detroit, jointly, for $214,952 (102.358) and interest.
HILL COUNTY ROAD DISTRICT NO. 1 (P. 0. Hillsboro), Tex.
-An issue of $365,000 5_% road bonds was recently sold.
BOND SALE.
Denom. $1,000. Date June 10 1919. Int. A. & 0. Due $27,000 yearly
on April 10 as follows: 1923, 1926, 1927, 1930, 1931, 1934, 1935, 1938,
1939, 1942, 1943, 1946, 1947 and $14,000 April 10 1949.
Financial Statement.
Real value of taxable property, estimated
$18,000,000
Assessed valuation for taxation
8,507,889
1,060,000
Total debt (this issue included)
Population, estimated
16,000
HILL COUNTY ROAD DISTRICT NO. 2 (P. 0. Hillsboro), Tex.
of $157,000 5% road bonds has been disposed
-An issue
BOND SALE.
of. Denom. $1,000. Date June 10 1919. hit. A. & 0. Due on April
10 as follows: $11,000 1923, $12,000 1925 and 1927, $11,000 1929, $12,000
1931 and 1933, $5,000 1935, $12,000 1937 and 1939, $11,000 1941, $12,000
„and $12,000 1949.
1943 and 1945, $11,000 1947
$7,000,000
Real value of taxable property, estimated
3,889,880
Assessed valuation for taxation
500,900
Total debt (this issue included)
11,000
Population, estimated
-BOND
HILLSDALE HIGHWAY DISTRICT, Jerome County, Ida.
that this district has sold $62,500 6% bonds.
SALE.
-We are advised
Denom. 3500 and $1,000. Date May 15 1919. Int. J. & J. Duo on May
15 as follows: $6,000 on the even year and $6,500 oil the odd year from
1930 to 1939, inclusive.
Financial Statement.
$1,633,523
Assessed valuation
3,500,000
Real valuation
161,000
Total bonded debt
1,500
Population, officially estimated
-BOND OFFERING.
-ReHOLMES COUNTY (P. 0. Bonifay), Fla.
ports state that bids will be received until July 21 by R. W. Crell, Clerk of
the Circuit Court, for $66,000 road bonds.
-BOND SALE.
-On
HOLMES COUNTY (P. 0. Millersburg), Ohio.
July 7 the four issues of 5% coupon road bonds, aggregating 357,445 53V. 108, p. 2651-were awarded to W. L. Slayton & Co. of Toledo for
$57,489 76 (100.077) and interest.
195
HOPEDALE, Harrison County, Ohio.
-BOND OFFERING.
-W. G.
Kyle, Village Clerk, will receive bids until 12 m. Aug. 2 for $5,000 5%
coupon street
-improvement (village's portion) bonds. Auth., Secs. 3821
and 3939, Gen. Code. Denom. $250. Date April 1 1919. Principal and
semi-annual interest (A. & 0.) payable at the Village Treasurer's office.
Due $250 each six months from April 1 1920 to Oct. 1 1929, inclusive.
Certified check for 10% of amount of bid, payable to the Village Treasurer.
required. Bonds to be delivered and paid for within ten days from date
of award. Purchaser to pay accrued interest.
HOWARD SCHOOL DISTRICT (P. 0. Howard), Miner County,
So. Dak.-BOND SALE.
-The Harris Trust & Savings Bank of Chicago
has purchased 345,000 5% coupon school bonds. Denom. $1,000. Date
June .1 1919. Prin. and semi-ann. Int. (J. & D.), payable at the above
bank. Due yearly on June 1 as follows: $1,000 1925 to 1927, incl.; $2,000
1928 to 1930, incl.; 33,000 1931 to 1933, incl.; $4,000 1934 to 1936, incl.,
and $5,000 1937 to 1939, incl.
Financial Statement.
Assessed valuation for taxation
Total debt (this issue included)
$1 3 84
'4100
0
8
Population, estimated
1,500
HOWELL COUNTY (P. 0. West Plains), Mo.-BOND OFFERING.
Newspaper reports say that sealed bids will be received until 12 m. Aug. 6
by M.W.Ellis, County Clerk,for $500,000 5% road bonds. Int. semi-ann
HUDSON, Summit County, Ohio.
-BOND OFFERING.
-Proposals
will be received until 12 m. July 22 by B. S. Sanford, Village Clerk for
$3,750 53% street improvement bonds. Auth. Sec. 3914 and 3914-1
Gen. Code. Denoms. 1 for $1,000,4 for $500 and 1 for $750. Date May 1
1919. Due on May 1 as follows: $1,000 1921, $500 1923, 1925 and 1927,
and $1,250 1929. Cert. check for 5% of the amount of bonds bid for,
payable to the Village Treasurer required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued interest.
HUMBOLDT COUNTY (P. 0. Winnemucca), Nev.-BOND SALE.
On July 3 $125,000 6% 8
-year (average) court
-house bonds were sold to
the International Trust Co., of Denver, at 103.04. The State of Nevada
bid par. An additional $150,000 bonds may be issued if required to complete the work.
INDIANAPOLIS, Ind.
-TEMPORARY LOAN.
-On July 5 the temporary loan of $400,000 dated July 10 and maturing Dec. 10 1919 (V. 108.
p. 2556) was awarded to the Union Trust Co. of Indianapolis.
INDIANAPOLIS SCHOOL DISTRICT (P.O. Indianapolis), Marion
County, Ind.
-BOND SALE.
-J. F. Wild & Co. of Indianapolis, have
been awarded,it is stated,$400,000 434% 20-year school bonds,at 100.2125.
IRONTON, Crow Wing County, Minn.
-BOND OFFERING.Proposals will be received until July 15 by Theodore Grinsted, Village
Clerk, it is stated, for $100,000 534% refunding bonds.
JAMESTOWN, Greene County, Ohio.
-BOND OFFERING.
-Sealed
proposals will be received until 12 m. Aug. 4 by John Baughn, Village
Clerk for $2,850 6% auto fire truck bonds.
Sec. o939 Gen. Code.
Denoms. 4 for $500 and 1 for $850. Date Aug. 1 1919. Int. semi-ann.
Auth.
Due $500 yearly on Aug. 1 from 1920 to 1923 incl. and $850 Aug 11924.
Cert check for 10% of the amount of bonds bid for payable to the Village
Treasurer required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest.
JAY COUNTY (P. 0. Portland), Ind.
-BOND OFFERING.
-Proposals will be received until 10 a. m. July 14 by John W. Current, County
Wayne Twp. highway impt bonds. Denom.
Treasurer, for $53,400 4
$2,670. Date July 11919. Int. M. & M. Due $2,670 each six months
from May 15 1920 to Nov. 15 1929, incl.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Rigby),
Ida.
-BOND SALE.
-An isuse of $442,000 5% school bonds was recently
disposed of.
JERSEYVILLE, Jersey County, Ill.
-BONDS VOTED.
-According
to newspaper reports, the people have voted the issuance of $20,000 funding bonds.
JOHNSTON COUNTY (P. 0. Smithfield), No. Caro.
-BOND OFFERING.
-Further details are at hand relative to the offering on July 14
-year coupon bonds. aggregating $105.of the following three issues of 5% 30
000 (V. 108, p. 2652): Proposals for these bonds will be received until
12 m. on that (lay by S. T. Honeycutt, Register of Deeds and Clerk Board
of County Commissioners:
$30,000 Pleasant Grove Township bonds.
35,000 Bentonville Township bonds.
40,000 Elevation Township bonds.
Denom. $1.000. Prin. and semi-ann. int. (J. & J.) payable in New York
City or at the First National Bank, Smithfield. Cert. check for 2% o
the amount of bonds bid for, payable to the Board of County Commissioners, required.
KENT VILLAGE SCHOOL DISTRICT (P.0.Kent),Portage County,
-By a vote of 251 "for" to 115 "against" it is
Ohio.
-BONDS VOTED.
stated the voters on June 24 authorized the issuance of the $275,000 high
school building bonds mentioned in V. 108 p. 2557.
KNOWLES SCHOOL DISTRICT,Tulare County, Calif.
-DESCRIPTION OF BONDS.
-The $6,000 6% 1-12-year serial school-building and
equipment bonds awarded on May 5 to F. M. Brown & Co. of San Francisco for $6,211, equal to 103.516-V. 108, p. 2054
-are in denom. of $500
and are dated April 7 1919. Int. ann. Due $500 yearly from 1920 to 1931.
inclusive.
-The following
KNOXVILLE, Tenn.
-FINANCIAL STATEMENT.
financial statement was issued in connection with the recent offering of
refunding bonds (V. 108, p. 2054):
Financial Statement.
Assessed value of taxable property, 1918
$40,373,047 00
Actual value (estimated)
80,000,000 00
Gross bonded debt
5,528,512 00
Water bonds
$1,475,000
Sinking funds for bonds other than water bonds
201,613
1,676,613 00
Net bonded debt
$3,851,899 00
Floating debt, exclusive of debt incurred in anticipation of
current taxes, and debts to be retired by $154,000 funding
bonds recently issued
160,877 20
Population, U. S. Census of 1910, 36,346. Present population, estimated, 75,000.
Note.
-Included in the bonded debt above are street paving bonds, to the
payment of which approximately $485,000 of uncollected assessments
aro applicable.
LA GRANGE, Lorain County, Ohio.
-BOND ELECTION.
-The
Village Council on June 9 passed a resolution calling for a special election
on July 28 to vote on the question of issuing $20,000 electric-lighting-system
bonds.
LAKE CITY, NETTLETON AND BAY ROAD IMPROVEMENT
-BOND SALE.
DISTRICT NO. 1, Craighead County, Ark.
-An issue
of $425,000 535% bonds was recently awarded to Kauffman-Smith-Emert
Investment Co., of St. Louis. Denom. $1,000. Date May 1 1919.
Principal and semi-annual interest (F. & A.) payable at the Mississippi
Valley Trust Co., St. Louis. Due yearly on Aug. 1 as follows: 314,000 1922;
$17,000 1923 and 1924; 318.000 1925; $19.000 1926: $20,000 1927: $21,000
1928; $24,000 1929 and 1930; 326,000 1931; $27,000 1932; $28,000 1933;
$31,000 1934; $32,000 1935; $34,000 1936, and $36,000 1937.
LAKE COUNTY (P. 0. Waukegan), III.
-BOND SALE.
-On July 1
-19-year serial road bonds dated Jan. 1 1918 (V. 108,13.
the $370,000 5% 5
2557) were awarded to the Bankers' Mortgage Co. of Des Moines for $383,000 (103.513) and int.
LAKE CREEK TOWNSHIP (P. 0. Johnston City), Williamson
-BOND SALE.
-H. 0. Speer & Sons Co. of Chicago has
County, III.
purchased $40,000 5% coupon tax free road and bridge bonds. Denom.
$1,000. Date April 1 1919. Prin. and semi-ann. int.(A.& 0.) payable at
the First National Bank of Chicago. Due $4,000 yearly on Oct. 1 from
1920 to 1929 incl. Bonded debt, this issue only. Assessed value 1918.
$950,789. Population 1910. 3,599.
LAKIN SCHOOL DISTRICT (P.O. Lakin)Kearny County,Kans.-The $43,000 school bonds recently voted-V. 108 p. 2652
BOND SALE.
have been purchased by the State School Fund Commission.
196
THE CHRONICLE
LARAMIE SCHOOL DISTRICT (P. 0. Laramie), Albany County,
-On July 2 the $20,000 5% 10-20-year (opt.) schoolWyo.-BOND SALE.
house bonds (V. 108,_p. 2260) were awarded to the First National Bank of
Laramie at 102.50. Denom.$500. Date July 1 1919. Int. J. & J.
-Additional in-BOND OFFERING.
LAREDO, Webb County, Tex.
formation is at hand relative to the offering on July 15 of the $125,000 5%
-40-year (opt.) sanitary sewer bonds (V. 109, P. 94). Proposals for these
20
bonds will be received until 3 p. m. on that day by A. V. Woodman, City
Secretary. Date July 1 1919. Int. semi-ann. Cert. check for $1,000
required. Purchaser to pay accrued interest.
-On June 19 an issue of
LAUREL, Cedar County, Neb.-BOND SALE.
$14,000 5% water bonds was awarded to the Lincoln Trust Co. at par.
Denom. $500. Date June 2 1919. Int. ann. Due June 2 1939.
-On
-BOND SALE.
LAWRENCE COUNTY (P. 0. Newcastle), Pa.
-were
-V. 108. p. 2652
road and bridee bonds
July 7 the $350,000 4
awarded to Graham, Parsons & Co. of Philadelphia at 101.03. Due from
July 1 1921 to July 1 1932. Other bidders were:
Hornblower & Weeks,
Reilly, Brock & Co.,
$352,305 00
New York
$352,943 50
Philadelphia
Brown Bros. & Co., Phil_ 352,824 50 Lyon,Singer & Co.. Pitts. 352,061 50
Co.,N.Y. 352,705 00 Biddle & Henry, Phila. 351,876 00
Kean,Taylor&
-On June
-BOND SALE.
LIBERTY COUNTY (P. 0. Liberty), Tex.
14 Harold G. Wise & Co. of Houston were awarded $1,000,000 53 % 1-40
year serial highway bonds. Denom. $1,000. Date July 15 1919. Interest A. & 0.
-The
-BOND SALE.
LIBERTY TOWNSHIP (P. 0. Girard), Ohio.
-6-year serial cemetery bonds offered on June 23 (V. 108, p.
$7.350 5% 3
2158) have been awarded to W.L. Slayton & Co. of Toledo at par and int.
Date June 1 1919.
-On July 2 the
LINCOLN, Lancaster County, Neb.-BOND SALE.
Lincoln Trust Co., of Lincoln was awarded the following two issues of bonds,
-for $176,955 (100.84) and interest
aggregating $175,480-V. 108 p. 2652
and agree to furnish blank bonds.
$100,000 5% sewerage system bonds. Due yearly beginning July 11930,
subject to call 10 years after date. Int. semi-ann.
$75,4803i% Special assessment bonds, due yearly beginning July 1, 1920
Int. annually.
Date July 1, 1919. Other bidders were:
E. H. Rollins & Sons,
I First Trust Co., Lincoln_ _ _$176,531
$176,864 First Trust Co., Omaha_ _ _ _ 176,487
Chicago
175,980
Pro.Sav.Bk.& Tr.Co.,Cinc _ 176,740 Omaha Trust Co
National City Co., Omaha* 176,630
*Agree to furnish blank bonds.
-BOND SALE.
LINCOLN COUNTY (P. 0. Davenport), Wash.
During June $400.000 53. % road bonds were sold to Ferris & Hardgrove
and Union Trust Co., jointly, at 100.10.
LINCOLN SCHOOL DISTRICT(P.O. Lincoln), Lancaster County,
-On June 24, it is stated, the voters authorized
Neb.-BONDS VOTED.
the issuance of $2,300,000 school bonds by a vote of 1,391 to 440 against.
-S. B. Martin,
LODI, Medina County Ohio.-BOND OFFERING.
Clerk of the Village Council, will receive bids until 12 in. July 28 (date
changed from July 21-V. 109, p. 94), for the following 5% assessment
street-impt. bonds:
$11,500 Medina Street bonds. Denom. $575. Due $575 each six months
from April 1 1920 to Oct. 1 1929 inclusive.
17,000 Wooster Street bonds. Denom. $850. Due $850 each six months
from April 1 1920 to Oct. 1 1929 inclusive.
Auth. Sec. 3812, Gen. Code. Date Aug. 11919. Int. A. & 0. Cert.
check on a solvent bank located in Medina County for 5% of amount of
bonds bid for, payable to the "Village of Lodi," required. Bonds to be
delivered and paid for within 10 days from date of award. Purchaser to
pay accrued interest.
-BOND OFFERING.
LOGAN COUNTY (P. 0. Bellefontane), Ohio.
-0.W.Loffer, County Auditor, will receive proposals until 1 p. m. July 28
for $220,000 5% (coupon) I. C. H. No. 168 and 130 bonds. Auth. Secs.
1178 to 1231-3, Gen. Code. Denom. $1,000. Prin. and semi-ann. int.
(J. & J.) payable at the County Treasurer's office. Due $11,000 each six
months from Jan. 1 1920 to July 11929, incl. Certified check for 5% of
amount of bonds bid for, payable to the County Treasurer, required.
Purchaser to pay accrued interest.
-BONDS DEFEATED.
LONG BEACH, Los Angeles County, Calif.
-"Los Angeles Times," in issue of July 2, states that $1,250,000 city
Improvement bonds were defeated at an election held on that day.
LONG BEACH DRAINAGE DISTRICT (P. 0. Gulfport), Harrison
-Sealed bids will be received until
-BOND OFFERING.
County, Miss.
-20
11 a. m.July 23 by F. H.Adams,Secy.,for $60,000 6% 5 -year serial 6%
coupon ditch-improvement bonds. Date Aug. 11919. Int. F.& A. Certified check for 5% of amount of bonds bid for required.
-BOND SALE.
-The $65,000
LONGMONT, Boulder County, Colo.
-15
ark and $55,000 city-hall 5% 5 -year (opt.) bonds voted during April
108, p. 1744), have been sold to local investors at 100.603. Denom,
1,000. Date July 1 1919.
LORAIN SCHOOL DISTRICT(P.O. Lorain), Lorain County, Ohio.
-29-year serial coupon school
-BIDS.-Other bidders for the $500,0005% 10
bonds, which were awarded on July 2 to E. H. Rollins & Sons of Chicago
at 103.15 and interest (V. 109, p. 94) were:
$513.305 10
Stacy & Braun, Toledo
511,665 50
Prudden & Co. Toledo
511,005 00
'
Hayden, Miller & Co., Cleveland
Cambria County,
LOWER YODER TOWNSHIP (P.0. Johnstown),
-BOND SALE.
-On June 28 the $27,000 5% road-impt. bonds (V.
Pa.
108, p. 2652) were awarded to Lyon, Singer & Co. of Pittsburgh for $27,500
-equal to 101.851. Denom. $1,000. Date July 1 1919. Int. J. & J.
Due $9,000 on July 1 in 1929, 1934 and 1939.
-The
-BOND SALE.
MADISON COUNTY (P. 0. Anderson), Ind.
following two issues of J. Clark gravel road bonds, aggregating $34,600,
-have been
which were offered without success on May 15-V. 108, p. 2158
disposed of:
$20,000 Series A bonds. Denom. $1,000. Due $1,000 each six months
from May 15 1920 to Nov. 15 1929, Inel.
14,600 Series C bonds. Denom. $730. Due $730 each six months from
May 15 1920 to Nov. 15 1929, incl.
-The
-BOND SALE.
MADISON COUNTY (P. 0. Anderson), Ind.
% Failcreek & Green Twps. highway-impt. bonds offered on
$72,600
July 10 (V. 108, p. 2653) were awarded to A. L. Kitselman for $72,717 37,
equal to 100.161. Due each six months beginning May 15 1920.
-Recently
-BOND SALE.
MADISON PARISH (P. 0. Tallulah), La.
the Hibernia Bank & Trust Co. of New Orleans purchased $500,000 5%,
1-35-year serial road bonds at 101 and interest and 2% interest on the deposit of the proceeds of the bonds. Denom. $1,000. Int. semi-ann.
A bid of 101 and interest and no interest on the deposit for the first year
and thereafter to pay 3% interest was received from the Interstate Trust
& Banking Co. of New Orleans.
Financial Statement.
$5,700,000
Assessed valuation of the Parish for tax purposes
500,000
Bonded debt
Population, 14.000.
MANCHESTER RURAL SCHOOL DISTRICT (P. 0. Reinersville),
-Proposals will be received
-BOND OFFERING.
Morgan County, Ohio.
until 12 m. Aug. 5 by Victor B. Walters, Clerk Board of Education, for
$1.000 6% coupon school-building bonds. Auth., Secs. 2294, 7626, 7629,
Gen. Code. Denom. $100. Date Aug. 5 1919. Principal and semiannual interest (F. & A.) payable at the Citizens National Sank, of McConz
nelsville. Due $100 each six months from Feb. 5 1929 to Aug. 5 1933!
inclusive. Certified check for 2% of amount of bonds bid for, payable to
the above Clerk, required. Bonds to be delivered and paid for within ten
days from date of award. Purchaser to pay accrued interest.
-BOND
MANHEIM (P. 0. Herkimer), Herkimer County, N. Y.
-On June 30 Sherwood & Merrifield, of New York, were awarded
SALE.
at 100.30- $12,800 5% highway improvement bonds. Date July 1 1919.
Int. M. & S.
MARENGO SCHOOL DISTRICT (P. 0. Marengo), Iowa County,
-The $100,000 school bonds mentioned in
-BONDS DEFEATED.
Iowa.
V. 108, P. 2653, were defeated at an election held June 19 by 17 votes.
[VOL. 109.
-TEMPORARY LOAN.
MARLBOROUGH, Middlesex County, Mass.
-F. S. Moseley & Co. of Boston have been awarded, it is stated, on a
4.24% discount basis a temporary loan of $30,000 dated July 11 and
maturing Oct. 3 1919.
-Frank J.
-BOND OFFERING.
MARION, Marion County, Ohio.
Weber, City Auditor, will receive bids until 12 in. July 29 for $10,000 5 %
park bonds. Denom. $500. Date March 1 1919. Int. M. & S. Due
$500 each six months from March 1 1921 to Sept. 1 1930, inclusive. Certified check for $200, payable to the City Treasurer, required. Purchaser to
pay accrued Interest.
-The
-BOND SALE.
MARION COUNTY (P. 0. Marion), Ohio.
-year serial coupon Campbell Road improvement bonds,
$9,000 5% 1-9
offered on July 2(V. 108, P. 2557), were awarded on that day to the Marion
National Bank,of Marion, at par and accrued interest. Date May 31 1919.
-Reports
MARYVILLE, Nodaway County, Mo.-BONDS VOTED.
state that this city recently voted $50,000 water-system-improvement
bonds. The vote cast was 443 "for" and 368 "against'.
-NOTE SALE.
-It is reported that
MASSACHUSETTS (State of).
$10,000,000 notes issued in anticipation of a bond issue, dated July 15 1919
and maturing Mar. 11920, has been awarded to Bernard Scholle & Co. of
New York at 4.29% interest to follow.
-An
-BOND ELECTION.
MAYFIELD, Santa Clara County, Calif.
election will be held July 21, it is stated, to vote on the question of issuing
$20,000 electric system, $5,000 motor pump,$5,000 water-main and $5,000
town-hall bonds.
MEAGHER COUNTY (P. 0. White Sulphur Springs), Mont.
-Charles D. Gaddis, Chairman of Board of County
BOND OFFERING.
Commissioners, will receive bids until 10 a. in. Aug. 7 for $80.000 coupon
road bonds at not exceeding 6% interest. Denom. $1,000. Date July 1
1919. Prin. and semi-ann. Int. (J. & J.) payable at the office of the
County Treasurer or at the Atlantic National Bank, N. Y., at option of
holder. Certified check for $8,000, payable to the County Treasurer,
required. The approving opinion of Caldwell & Masslich of N. Y. will be
furnished purchaser. Bonds will be delivered and paid for within ten
days from time of award at such bank in White Sulphur Springs or Chicago
as may be designated by the purchaser in his bid. Official circular states
that the principal and interest on all other bond issues of this county have
been promptly paid when due and that no previous issues have ever been
contested. Bonded debt, $97,000. Warrant debt (add'h, $23,415. Sinking fund, $5,920. Assessed value 1919 (est.), $20,000,000. Population
(est.), 3,000.
MEAGHER COUNTY SCHOOL DISTRICT NO. 34 Mont.-BOND
-Sealed bids will be received until 8 p. in. July 26 by J. H.
OFFERING.
Meusey, District Clerk (P. 0. Ringling), for $10,000 building bonds at ont
exceeding 6% interest. Denom. $1,000. Date July 1 1910. Principal
and semi-annual interest (J. & J.) payable at the office of the County
Treasurer, or, at option of holder, at the office of Wells-Dickey Trust Co.,
-paying
Minneapolis. Due in 10 years, optional in 5 years or any Interest
-day notice. Certified check for $1,000.
date thereafter upon giving a30
payable to the Board of Trustees, required. The bonds will be printed by
above district and will be ready for delivery at time of sale. The approxing
opinion of R. G. Andrews, of Minneapolis, will be furnished purchaser.
Total debt, $10,000. Assessed valuation 1918, $640,731.
-BOND SALE.
-On
MEDINA COUNTY (P. 0. Medina), Ohio.
June 30 the following 5% road-improvement bonds, aggregating $259,703 92
(V. 108, p. 2653), were awarded to W. L. Slayton & Co., of Toleco, and
Tillotson & Wolcott Co., of Cleveland, for $260,366 28 (100.255) and int.:
$45,821 61 Wooster-Elyria Road No. 11 Sec. 0 bonds. Denoms. 1 for
$421 61, 4 for $400. 3 for $700 and 81 for $500. Due each six
months as follows: $3,421 61 April 11920; $4,400 Oct. 1 1920 to
Oct. 1 1921 incl.; $3,000 April 1 1922 to Oct. 1 1925 incl.; $700
April 1 1926 to Oct. 1 1927 incl., and $800 April 1 1928 to April 1
1929 incl.
21,700 00 Wooster-Elyria Road No. 11 Sec. E-1 bonds. Denoms. 1 for
$700 and 42 for $500. Due each six months as follows: $1,700
April 1 1920; $2,000 Oct. 1 1920 to Oct. 1 1921 incl.; $1,500
April 1 1922 to April 1 1926 incl., and $500 Oct. 1 1926 to
Oct. 1 1927 incl.
144,599 48 Inter-County Highway No. 95 bonds. Denoms. 1 for $599 48,
5 for $700 and 281 for $500. Due each six months as follows:
$12,099 48 April 11920;$12,000 Oct. 1 1920 to Oct. 1 1924 incl.;
$9.500 April 11925; $2,200 Oct. 1 1925 to Oct. 1 1927 incl., and
52.000 April 1 and Oct. 11928.
47,582 83 Wooster-Elyria Road No. 11 Sec. D bonds. Denoms. 1 for
$482 83, 4 for $400 and 91 for $500. Duo each six months as
follows: $3,482 83 April 1 1920; $4,500 Oct. 1 1920 to Oct. 1
1921 incl.; $3,000 April 1 1922 to Oct. 1 1925 incl.; $1.000 April 1
1926 to April 1 1927 incl.; $900 Oct. 1 1927 to April 1 1929 incl.
-On July 8
-NOTE SALE.
MELROSE, Middlesex County, Mass.
,
$12,000 435% coupon tax-free departmental equipment notes dated May 1
1919 were awarded, it is stated, to E. C. Potter & Co. at 100.281. Denoms. 4 for $2,500 and 1 for $2,000. Prin. and semi-ann. int. (M. & N.)
payable at the National Shawmut Bank of Boston. Due yearly on May 1
as follows: $2.500 1920 to 1923 incl. and $2,000 1924.
-On July 1 the
-BOND SALE.
MEMPHIS, Shelby County, Tenn.
$375,000 5% coupon auditorium bonds (V. 108, p. 2557) were awarded to
the Guaranty Bank & Trust Co. of Memphis for $383,801 50 (102.347) and
interest. Other bidders were:
Price Bid.
NamePrice Bid. NameBank of Comm., Memph.$381,637 50
Kaufman-Smith-Emert.
I. B. Tigrett & Co
380,287 50
Co
R. M. Grant & Co
$382,575 00 Sidney Spitzer & Co_ _ _1 379,350 00
Field, Richards & Co..
Hornblower & Weeks_ _ _ f
Caldwell & Co., Nashville 382,221 50 National City Co., N.Y_ 379,121 25
Financial Statement June 1 1919.
Offsets to Bonded Debt.
1918 Assessed Valuation.
Total gross bonded debt_$14,246,500 Real estate
$97,275,385
15,068,987
Water Dept_ _$3,200,000
Personalty
Sink. f'd, levee 162,600
Merchants' capital
9,954,853
3,362,500 RRs., Tel. and Tel. cos__ 12,245,711
Net debt
$10,884,000 Total
$134,544,936
The inventory of city property December 1916 showed a value of $29,644,933 38. Population, 1910 census, 131,105.
MEMPHIS CITY SCHOOLS (P. 0. Memphis), Tenn.
-BOND SALE.
-On July 1 the $250,000 coupon school bonds (V. 108, p. 2558) were
awarded to Caldwell & Co. of Nashville at 101.64 and interest. Other
bidders were:
Bid.
Bid.I NameNameBank of Comm.,Memph.$252,725 00
Kaufman-Smith-Emert_
252,425 00
R. M. Grant & Co
$253,875 00 I. B. Tigrott
Field, Richards & Co___ I
National City Co
250,752 50
-TEMPORARY
MIDDLESEX COUNTY (P. 0. Cambridge), Mass.
LOAN.
-On July 8 the $8,750 43 7, bridge notes dated July 1 1919 and
i
,
maturing July 1 1920 (V. 109, P. 95) were awarded to the Old Colony
Trust Co. of Boston at par.
-E. V. SimpMINERVA, Stark County, Ohio.
-BOND OFFERING.
son, Village Clerk, will receive bids until 12 m. July 29 for the $50,000 5%
coupon electric-light-works bonds voted on May 20 (V. 108. p. 2261)•
Denom. $500 and $1,000. Date July 1 1919. nt. A. & 0. Flue from
Oct. 1 1923 to Oct. 1 1945 incl. Cert. check for 1% of amount of bonds
bid for payable to the Village Treasurer, required. Bonds to be delivered
and paid for within 10 days from date of award. Purchaser to pay accrued
interest.
-On July 9 a syndicate com-BOND SALE.
MINNEAPOLIS, Minn.
posed of R. L. Day & Co., Estabrook & Co., Merrill, Oldham & Co. and
the Harris Trust & Savings Bank, bidding 104.33, a basis of 4.60%, was
awarded the following bonds(V. 108, p. 2558):
$500,000 5% funding bonds. Duo $100,000 yearly from 1925 to 1929 incl.
100,000 4% park bonds. Due $97,000 1931) and $3,000 1931.
300,000 5% park bonds. Due $95,000 1931, $97,000 1932, $98,000 1933
and $10,000 1934.
25,000 4% municipal bath bonds. Duo 1934.
1,250,000 5% grade-school bonds. Due $62,000 1934, $98,000 1935, $97,000 1936, $98,000 1937, $97,000 1938, 598.000 1939. $97,000
1940, $98,000 1941, $97,000 1942. $98,000 1943, $97,000
1944 $98,000 1945, 397,000 1946 and $18,000 1947.
175,000 5% hospital bonds. Due $80,000 1947 and $95,000 1948.
100,000 5% bridge bonds Duo $2,000 1948 and $98,000 1949.
•
JULY 12 1919.1
THE CHRONICLE
BOND SALE.
-On the same day the $1,057,791 85 1-20-year serial street I
impt. bonds (V. 108. p. 2653) were awarded to Kalman, Matteson & Wood
of St. Paul for $1,060,416 85 (100.248) for 43%s.
-By
MITCHELL COUNTY (P. 0. Camilla), Ga.-BONDS VOTED.
a vote of 1,220 to 327 the question of issuing $400.000 5% road bonds
carried at the election held July 3-V. 108, p. 2653. Due yearly from 1939
to 1949, incl.
-BOND ELECTION.
--ReMONTEREY, Monterey County, Calif.
ports state that an election will be held July 24 to vote on the question of
issuing $100,000 school-building bonds.
Woodford County,
MONTGOMERY TOWNSHIP (P.0. Goodfield),tax-free bridge
bonds
-An issue
111.-BOND SALE. by H.of $12,000 5% coupon of Chicago. Denom.
C. Speer & Sons Co.,
was recently purchased
$1,000. Date April 1 1919. Prindpal and semi-annual interest (A. & 0.)
payable at the First National Bank of Chicago. Due $4,000 yearly on
Oct. I from 1920 to 1922, inclusive.
-BOND OFFERING.
MONTPELIER, Williams County, Ohio.
Sealed proposals will be received until 12 m. July 26 by Ed. Summers,
Village Clerk, for $5,000 6% light and water-works-plant bonds. Denom.
$1,000. Date July 11919. Int. semi-ann. Due $1000 yearly on July 1
from 1921 to 1925, incl. Purchaser to pay accrued interest.
MoreMOREHEAD CITY GRADED SCHOOL DISTRICT (P. 0. -Pro-BOND OFFERING.
head City), Carteret County, No. Caro.
posals will be received until 9 p. m. Aug. 1 by the Board of School Trustees,
for $50,000 6% 40-year coupon sc'.00l bonds. Int. payable in New Ylrk.
-BOND SALE.
-On July 1
MOSS POINT, Jackson C ,unty, Miss.
-V. 108, P. 2558
-were awarded to
the $35,000 6% street impt bonds
John Nuveen & Co. of Chicago for $36,161 (103.317) and int.
-At a
MOUND BAYOU, Bolivar County, Miss.-BONDS VOTED.
recent election $60,000 industrial school bonds were voted by 103 "for" to
2 "against.' This is a negro community.
DISTRICT
Bayou),
MOUND BAYOU SCHOOL VOTED. (P. O. Mound2 the ques-By a vote of 103 to
-BONDS
Bolivar County, Miss.
tion of issuing $60,000 school bonds carried, it is stated, at a recent election.
MOUNT VERNON SPECIAL ROAD DISTRICT (P.O. Mount Ver-An issue of $36,000 5%%
non), Lawrence County, Mo.-BOND SALE.
road bonds has been sold.
-BOND OFFERING.
MURPHY, Cherokee County, No. Caro.
-E. C.
Moore, City Clerk, is offerinfg for sale $25,000 6% hydro-electric-light
bonds.
MUSKOGEE SCHOOL DISTRICT (P. 0. Muskogee), Muskogee
-E. D. Cave, Clerk of Board of
-BOND OFFERING.
County, Okla.
Education, will receive bids until 8 p. m. July 25, It is stated, for $400,000
-year school bonds. Int. semi-ann. Cert. check for 1% required.
5% 25
-BOND OFFERING.
-Fred.
NAPOLEON, Henry County, Ohio.
Settler, Village Clerk, will receive bids until 12 m. July 25 for $15,000 5%
water-works refunding bonds. Auth. Sec. 3916, Gen. Code. Denom.
$1,000. Date July 1 1919. Int. semi-ann. Due $1,000 yearly on July 1
from 1920 to 1934, incl. Certified check on some solvent bank for 5% of
the amount of bonds bid for, payable to the Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
-BONDS DEFEATED.
NEW HARTFORD, Oneida County, N. Y.
The proposition to Issue $45,000 paving bonds was turned down by the
voters at the election held June 17-V. 108, p. 2456.
-BOND OFFERING.
NEW LONDON, New London County, Conn.
Proposals will be received until 2 p. m. July 15 by Fitch L. Comstock,
City Treasurer, for the following 4%% gold coupon (with privilege of
registration) bonds, aggregating $317,000:
$116,000 water refunding 'bonds. Due July 1, 1949.
21,000 funding and school refunding Series "A" bonds. Due $2,000
July 11920, and $1,000 yearly on July 1 from 1921 to 1939, incl.
,
20,000 funding and sewer refunding Series "3" bonds. Due $1,000
yearly on July 1 from 1920 to 1939, incl.
160,000 funding and refunding bonds. Due $8,000 yearly on July 1 from
1920 to 1939, incl.
Denom. $1,000. Date July 1 1919. Prin. and semi-ann. in (J. & J.)
payable at the City Treasurer's office or at the United States Mortgage &
Trust Co., at holders' option. Cert. check on an incorporated bank or
trust company, for 2% of amount of bonds bid for, payable to the above
City Treasurer, required. Purchaser to pay accrued interest.
The bonds will be prepared under the supervision of the United States
Mortgage & Trust Co.., New York City, which will certify as to the genuineness of the signatures and the city seal thereon.
The legality of the bonds will be examined by Caldwell and Masslich
of New York City, whose favorable opinion will be furnished to the purchaser. Bonds will be delivered at City Treasurer's Office, New London,
National Shawmut Bank, Boston, or United States Mortgage & Trust Co.,
New York, at purchaser's option, on July 22, 1919, or as soon thereafter
as bonds can be prepared. Bids are desired on forms which will be furnished by the United States Mortgage & Trust Co.
Financial Statement
$1,745,000.00
Bonded debt, including these issues
651,000.00
Water Bonds. included in above
45,935.00
Sinking Fund applying to all bonds
29,382,631.00
Assessed valuation of taxable property
30,000
Population, estimated
-BOND SALE.
-On July 1 the $187.000
NEW MEXICO (State of).
certificates of Indebtedness and $125,000 deficiency 6% 1-5-yr. serial bonds
-were awarded to Otis & Co. of Cleveland at 102.
-V. 108 p. 2358
Denom. $500. Date July 11919.
NEWPORT LEVEE DISTRICT (P. 0. Newport), Jackson County,
-An issue of $210,000 5% improvement bonds has
-BOND SALE.
Ark.
been purchased by Lewis W. Thomson & Co. and the National Bank of
Commerce both of St. Louis jointly. Denoms. $500 and $1,000. Date
June 11910. Prin. and semi-ann. int. (F. & A.) payable at the National
Bank of Commerce, St. Louis, Due yearly on Aug. 1 as follows: $6,000
1920, $6,500 1921, 37,000 1922, 37,500 1923 and 1924, $8,000 1925, $8,500
1926, $9,000 1927, $9,500 1928, $10,000 1929. $10,500 1930, $11,000 1931,
$11,500 1932, $12,000 1933, $12,500 1934, $13,500 1935, $14,000 1936,
$14,500 1037. $15.500 1938 and 1939. Assessed benefits, $587,500.
Assess. value real and personal 1917, $1,173,954.
-BOND SALE.
NEWTON, Middlesex County, Mass.
-On July 9
the Newton Trust Co. of Newton was awarded the following 43i%
coupon and registered tax-free bonds, aggregating $99,000, for $99,625,
equal to
Street
Elliot5 0: land bonds. Due $1,000 yearly on July 1 from 1920
to 1928 incl.
90,000 sewer bonds. Due $3,000 yearly on July 1 from 1920 to 1949 incl.
Denom. $1.000. Date July 1 1919. Int. J. & J.
Other bidders were:
H. 0. Wainwright & Co_ _ __100.493[Guaranty Trust Co., N.Y_ --100.078
Merrill, Oldham & Co., Bos_100.421 I Estabrook & Co., Boston____100.060
NORTON TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Barber-BOND OFFERING.
ton R. F. D. No. 85), Summit County, Ohio.
Arthur Wunderlich, Clerk Board of Education, will receive bids until 11
5%% assessment school annex-construction bonds,
a. m.July 28 for $25,000
Auth. Secs. 7625 to 7627 Gen. Code. Denom. $1,000. Date Aug. 1
1919. Prin. and semi-ann. int. (A. & 0.), payable at the Peoples Savings
& Banking Co. of Barberton. Due $1,000 yearly on Oct. 1 from 1920 to
1926, incl., and $1,000 yearly on Oct. 1 from 1929 to 1946, incl. Cert.
check on some solvent bank (no amount stated), payable to the Board of
Education required.
-BOND ELECTION.
OKLAHOMA CITY, Oklahoma City, Okla.
An election will be held July 26, it is stated, to vote on the question of
Issuing $200,000 bonds.
-Reports state that an issue of
OMAHA, Neb.-BONDS VOTED.
$o,000,000 paving bonds was voted at the election June 24.-V.108,p.2558.
-BOND SALE.
-An
ONEIDA COUNTY (P. 0. Malad City), Ida.
issue of $250,000 5% 14 -year average road bonds has been sold to Bolger,
Mosser & Williaman, Chicago, at 99.78, it is reported.
197
awarded to Geo. C. Hodges of New Hartford, N. Y., for $9,800 (102.083)
and int. Other bidders were:
Bid.
Bid.
Geo.B.Gibbons & Co., N.Y_101.6051Utica Trust & Deposit Co_ -100
Walton & Co., Yonkers
100.09
-Proposals
-BOND OFFERING.
OSWEGO, Oswego County, N. Y.
will be received until 12 m. July 17 (date changed from July 10-V. 108, p.
2654) by John Fitzgibbons, Mayor, for $345,000 4%% registered power
bonds. Denom. $1,000. Date July 15 1919. Prin. and semi-ann. int.
(J. & J.) payable at the United States Mortgage & Trust Co., N. Y. Due
$15,000 yearly on July 15 from 1920 to 1942, incl. Certified check on an
incorporated bank or trust company for 2% of amount of bonds bid for,
payable to the City Chamberlain, required. Bonds to be delivered and
paid for at 10 a. m. July 24 at the U. S. Mortgage & Trust Co., N. Y. or
'
as soon thereafter as the bonds can be prepared. Proposals are desired on
forms furnished by the city. The bonds will be engraved under the supervision of the United States Mortgage & Trust Co., N. Y. City, which will
certify as to the genuineness of the signatures of the city officials and the
seal impressed thereon, and their legality approved by Messrs. Caldwell &
Masslicla of New York City, whose opinion as to legality or duplicate
thereof will he delivered to the purchaser.
-BOND OFFERING.
OWYHEE COUNTY (P. 0. Silver Lake), Ida.
Sealed bids will be received until 10 a. m. July 29 by A. A. Getchell, Clerk
Bd. of Co. Commrs., for $200.000 road and bridge bonds not to exceed
5%% in
Denom. $1,000. Int. J. & J. Cert, check for 5% of the
amount of bonds bid for required.
PARMA TOWNSHIP SCHOOL DISTRICT, CUYAHOGA COUNTY,
-By a vote of 118 "for" to 24 "against" the
-BONDS VOTED.
Ohio.
electors on June 28 passed a proposition to issue $226,000 school building
bonds, it is retiorted.
-BOND OFFERING.
PAULDING COUNTY(P.O.Paulding), Ohio.
A. M. Armstrong, County Auditor, will receive bids until 2 p. m. July 25
for the following 5% bonds aggregating $187,900:
$41,600 I. C. H. No. 433 Sec. 'G' bonds, Auth. Sec. 1223 Gen. Code.
Denoms. 41 for $1,000 and 1 for $600. Date July 15 1919. Due
$6,000 yearly on July 15 from 1922 to 1927 incl., and $5,600 July
15 1928.
41,300 I. C. He. No. 427 Sec. "A-2" bonds, Auth. Sec. 1223 Gen. Code.
Denoms. 40 for $1,000 and 1 for $1,300. Date July 15 1919. Due
$6.000 yearly on July 15 from 1922 to 1927 incl.. and $5,300 July
15 1928.
84,000 I. C. H. No. 432 Sec. "A-2" bonds, Auth. Sec. 1223 Gen. Code.
Denom. $1,000. Date July 15 1919. Due $12,000 yearly on
July 15 from 1922 to 1928 incl.
21,000 Refunding bonds, Auth. Sec. 5658 Gen. Code. Denom. $1,000.
Date May 1 1919. Due $3,000 yearly on May 1 from 1920 to
1926 incl.
Prin. and semi-ann. int., payable at the County Treasurer's office. Cert.
checks on a bank located in Paulding for $1,000 and $500, payable to the
County Treasurer, must accompany the bids for Inter-County Highway
and Refunding bonds, respectively. Purchaser to pay accrued interest.
-TEMPORARY LOAN.- Oa July 8
PEABODY, Essex County, Mass.
the temporary loan of Iluo.uo0, dated July 9 and maturing Nov. 10 1919
-was awarded to Solomon Bros. & Hutzler of Boston on a
-V.109, p.96
4.29% discount basis.
-An issue of
-BOND SALE.
PENDLETON, Umatilla County, Ore.
$100,000 water bonds has been sold, we are advised.
PERKINS TOWNSHIP SCHOOL DISTRICT, Erie County, Ohio.
-At an election held June 28, it is stated, a proposiBONDS DEFEATED.
tion to issue $98,000 school bonds was defeated by a vote of 132 to 122.
-Following is a list of
-BIDS.
PERRYSBURG, Wood County, Ohio.
-14-year serial street-impt. bonds
additional bidders for the $10,000 53-f% 5
awarded on June 16 to Graves, Blanchett & Thornburgh of Toledo at 103.54
and int. (V. 108, p. 2558):
Durfee, Niles & Co., Tol_ _$10,328 001Provident Savings Bank &
Well, Roth & Co.. Cinc_ _ _ 10,322,00 Trust Co., Cincinnati..-$10,267 00
Sidney. Spitzer & Co.,Tel. 10,311 00 Nat. Bk.of Comm.,Colum 10,266 80
Stacy & Braun. Toledo__ 10.268 15 Otis 4r Co.. Cleveland____ 10.266 00
-RePHILLIPSBURG, Phillips County, Kans.-BONDS VOTED.
ports state that this city recently voted $3,000 water system impt. bonds.
-An elec-BOND ELECTION.
PHOENIX, Maricopa County, Ariz.
tion has been called for -July 26 to vote upon $1,300,000 59' bonds for installation water-works system. Denom. to be $1,000 and date Jan. 1 1920.
Int. J. &. J.
-BOND
PIERCE COUNTY SCHOOL DISTRICT No. 124, Wash.
-V. 108 p. 2557
-On June 28 the $6,000 5,i% bldg bonds
-were
SALE.
awarded to the State of Washington at par. Denom. $1,000. Date
July 15 1919. Int. ann. Due 1939.
PINCKNEY TOWNSHIP (P. 0. Lockhart) Union County, So.
-V. 108
-On July 1 the $80,000 6% road bonds
-BOND SALE.
Caro.
-were awarded to the Hanchett Bond Co. of Chicago at 101.50.
p. 2655
Denom. $1,000. Date July 11919. Int. J. & J. Due 1939.
-An issue of
PINEBLUFFS, Laramie County, Wyo.-BOND SALE.
$40.000 6'% 15-30-year (opt.) water-works extension bonds has been sold
at par. Date July 1 1919.
-E. S. Morrow, City Con-BOND OFFERING.
PITTSBURGH, Pa.
troller, will receive proposals until 3:15 p. m. July 25 (date changed from
coupon (with privilege of
July 14-V. 108. p. 2655) for the following 4% %
registration) bonds. aggregating $89,000:
$174,000 water bonds, Series 'A,"1919. Due $5,800 yearly on April 1
from 1920 to 1949, inclusive.
300,000 Bigelow Boulevard improvement bonds. Due $10,000 yearly on
April 1 from 1920 to 1949, inclusive.
25,000 Soho Playground bonds. Due $1,000 yearly on April 1 from
1920 to 1944, inclusive.
390,000 West Carson Street improvement bonds. Due $13,000 yearly
on April 1 from 1920 to 1949, inclusive.
Denoms. $1,000. $500 and $100. Date April 1 1919. Int. A. & 0.
Certified check on a national bank or trust company for 2% of amount of
bonds bid for, payable to the "City of Pittsburgh, required. Bids must
be made on blank forms furnished by the City Controller. Purchaser to
pay accrued interest. The successful bidder will be furnished with the
opinion of Hawkins, Delafield & Longfellow, of New York City, that the
bonds are binding and legal obligations of the city of Pittsburgh.
-It is reported that the voters authorized the issuance
BONDS VOTED.
of $6.000.000 subway, $9.579,000 street and road, $1,815,000 park and
Playground, $1,401,000 water-supply-system, $1,341,000 sewer-system,
$1,100,000 comfort, police and fire stations, and $750,000 bridge bonds
at the election held July 8.-V. 108, p. 2655.
-Ac-BONDS VOTED,
POLK COUNTY (P. 0. Des Moines), Iowa.
cording to newspaper reports. $2,000,000 road bonds were authorized by a
vote of 3 to 1 at a recent election.
-BOND OFFERING.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
Proposals will be received until 10 a. m. to-day (July 12) by Fred Bechtle,
County Auditor, for the following 59' coupon road impt. bonds:
$127,500 bonds. Due each six months as follows: $5,500 Dec. 30 1920:
$1.000 June 30 1921, $6,000 Dec. 30 1921, $1,000 June 30 1922,
$6.500 Dec. 30 1922, $1,500 June 30 1923, $7.500 Dec. 30 1923,
38,000 June 30 1924, $14,000 Dec. 30 1924, $8,000 June 30 1925.
$9.000 Dec. 30 1925, $8,000 June 30 1926, $9.500 Dec. 30 1926,
$8,000 June 30 1927, $9,500 Dec. 30 1927, $8,000 June 30 1928.
$9,500 Dec. 30 1928 and $7,000 June 30 1929.
115,000 bonds. Due each six months as follows: $500 June 30 1920,
$5.000 Dec. 30 1920, $1,000 June 30 1921. $6.000 Dec. 30 1921,
$1.000 June 30 1922. $7,000 Dec. 30 1922. $1,500 June 30 1923,
$6,500 Dec. 30 1923, $7,000 June 30 1924, $13,000 Dec. 30 1924
$7,000 June 30 1925. $8.500 Dec. 30 1925, $7.000 June 30 1926,
$8,500 Dec. 30 1926, $7,000 June 30 1927, $8,500 Dec. 30 1927.
$7,000 June 30 1928.$8,_500 Dec.30 1928 and $4,500 June 30 1929.
Auth. Sec. 6929 Gen. Code. Denom. $500. Date June 30 1919. Prin.
and semi-ann. int. payable at any bank located in Portage County. Cert.
'
check on some solvent bank in said county for %% of amount of bonds
bid for required. Purchaser to pay accrued interest.
-At
-BONDS DEFEATED.
PORTERVILLE, Tulare County, Calif.
a recent election a proposition to issue the $200,000 municipal gas plant
-BOND SALE.
-On July 7 the and municipal auditorium bonds, mentioned in V. 109, p. 97, was defeated
ORISKANY, Oneida County, N. Y.
-V. 108, P. 2654-were by a vote of 100 "for" to 280 "against," it is stated.
$9,600 5% coupon sewage water-works bonds
198
THE CHRONICLE
[Vol- 109.
PORT OF ASTORIA (P. 0. Astoria), Clatsop County, Ore.
-BOND
SHELBY COUNTY (P. 0. Memphis), Tenn.
-BOND
OFFERING.
-Further details are at hand Mative to the offering on July 22 Newspaper reports state that proposals will be received untilOFFERING.
12 m. July 18
of the $450,000 5% gold coupon impt. bonds
-V.109, p.97. Proposals for by the Chairman of the County Clerk for the $300,000 5% 20
-year (aver.)
these bonds will be received until 9:00 a. m.on that day by Geo. W.Warren, school bonds authorized during April (V. 108, p. 1638). Int. semi-ann.
Secretary of the Port Commission. Denom. $1,000. Date Jan. 1 1919. Cert. check for $4,000 required.
Prin. and semi-ann. Int.(J. & J.) payable at the fiscal agency of the State of
SHERMAN COUNTY (P. 0. Moro), Ore.
-BOND OFFERING.
Oregon in New York City. Due on Jan. 1 as follows: $40,000 1933,115,000
1934, $40,000 1935, $25,000 1936, $15.000 1937 to 1939, incl., 360,000 Sealed bids will be received until 4 p. m. July 19 bY Mary L. Haskinson,
-year road bonds recently voted
1942, $35,000 1943, $10,000 1944, $2n,000 1945 and 1947, $10,000 1948, County Clerk, for the $300,000 5% 20
$45,000 1949, $30,000 1950, and $45,000 1951. Certified check for 5% (V. 108, p. 1745), it is stated. Int. semi-ann. Cert. check for 10% reof bid, payable to the Port Commission, required. The legality of the quired.
bonds has been passed upon by Storey, Thorndike, Palmer & Dodge of
SILVER LAKE,Summit County,Ohio.
-BOND SALE.
-Worthington
Boston.Bonds will be delivered on or before Aug. 5 1919.
Bellows & Co. of Cleveland, have purchased, and are now offering to inPORT OF SEATTLE (P. 0. Seattle)King County, Wash.
-BONDS vestors at a price to yield 5X% interest, the following eleven issues of 6%
OFFERED BY BANKERS-Hornblower & Weeks of New York are offering coupon special assessment bonds, aggregating $129,689 88 (see V. 108, p.
to investors at a price to yield 4.80% interest $325,000 5% coupon bonds. 1745):
Denom. $1,000. Date June 1 1919. Prin. and semi-ann. int. (J. & J.) $11,727 45 Bellaire Road sewer and sidewalk bonds. Denoms. 1 for
$227 45 and 23 for $500. Due $727 45 Sept. 15 1920, $1,000
payable in New York City, N. Y. Due yearly on June 1 from 1920 to
yearly on Sept. 15 from 1921 to 1925, inclusive, and $1,500
1961 incl.
yearly on Sept. 15 from 1926 to 1929, inclusive.
Financial Statement
4,364 59 Dover Road sewer bonds. Denoms. 1 for $364 59 and 8 for
Actual valuation (estimated 1918)
$550,000,000
$500. Due yearly on Sept. 15 as follows: $364 59 1921, $500
Assessed valuation 1918
279,382,000
1922 to 1929, inclusive.
Total bonded debt (including this issue)
7,289,000
1,226 81 Dover Road sidewalk bonds. Denoms. 1 for $226 Si and 2
About 3% of Assessed Valuation.
for $500. Due $226 81 Sept. 15 1922 and $500 Sept. 15 1926
Population (1910 Census)
284,638
and 1929.
Population (Present Estimate)
485,000
1,688 43 Dover Road water bonds. Denom. 1 for $188 43 and 3 for
PRESHO, Lyman County, So. Dak.-BOND SALE.
-The $12,000
$500. Due $18843 Sept. 15 1922 and $500 Sept. 15 1925,
5% water works ext. bonds offered on June 2-V. 108 p. 2159
-were
1927 and 1929.
awarded on that day to Drake-Ballard Co. of Minneapolis at par and int.
6,028 32 Hastings Road sidewalk bonds. Denoms. 1 for $528 32 and
less $600 for attorneys' fees.
.
11 for $500. Due yearly on Sept. 15 as follows: $428 32 1920.
$500 1921 to 1927, inclusive, and $1.000 1928 and 1929.
QUAKER GAP TOWNSHIP, Stokes County, No. •
Caro.
-BOND
9,228 33 Highland Drive sewer and sidewalk bonds. Denoms. 1 for
SALE.
-The Hanchett Bond Co. of Chicago offering 102.525, a basis of
$228 33 and 18 for $500. Due yearly on Sept. 15 as follows:
5.73% was awarded, it is reported, the $40,000 6% road bonds offered on
$228 33 1920 and $1,000 1921 to 1929, inculsive.
July 7-V. 108, p. 2655.
3,466 54 Highland Drive water bonds. Denoms. 1 for $466 54 and 6
RED WOOD CITY, San Mateo County, Calif.
-BOND SALE.
-This
for $500. Duo $466 54 Sept. 15 1921 and $500 on Sept. 15 in
city recently sold $120,000 municipal improvement bonds, it is stated, to
each of the following years: 1923, 1925, 1926, 1927, 1928 and
the First National Bank of this city at 106.25.
1929.
8,015 02 Millboro Road sewer and sidewalk bonds. Denoms. 1 for
REESE SCHOOL DISTRICT, Sacramento County, Calif.
-BOND
$515 02 and 15 for $500. Due yearly on Sept. 15 as follows:
ELECTION.
-An election will be held to-day (July 12), it is stated, to vote
$515 02 1920, $500 1921 to 1923, inclusive, $1,000 1924 to
on the question of issuing $5,000 school bonds.
1929, inclusive.
7,654 19 Silver Lake Boulevard sidewalk bonds, "Series 1." Denoms.
RICHMOND, Va.-BONDS AUTHORIEZD.-On July 7 a $2,500,000
bond issue for the permanent improvement of the streets was passed by the
1 for $654 19 and 14 for $500. Due yearly on Sept. 15 as
City Council, It is stated.
follows: $654 19, 1919, $500 1920 to 1923, inclusive,and $1,000
1924 to 1928, inclusive.
ROANOKE, Roanoke County, Va.-BOND OFFERING.
-P. H.
5,624 36 Silver Lake Boulevard sidewalk bonds, "Series 2." Denoms.
Tucker, City Clerk, will receive bids until 3 p. m. July 19 for $40.000
1 for $124 36 and 11 for $500. Due yearly on Sept. 15 as
43.6% coupon school-building bonds. Denom. 31,000. Date April 1 1916.
follows: $124 36 1920, $500 1921 to 1927, inclusive, and $1,000
Int. A. & 0.at the office of the City Treasurer, Due April 1 1946. Certi1928 and 1929.
fied check for 1% of the amount of bonds bid for required. Purchaser to
70,665 84 Silver Lake Boulevard water and sewer bonds. Denoms. 1 for
pay accrued interest. The bonds will be prepared under the supervision
$165 84 and 141 for $500. Due yearly on Sept. 15 as follows:
of the U. S. Mortgage & Trust Co., which will certify as to the genuineness
$3,165 84 1920 and $7,500 1921 to 1929, inclusive.
of the signature of the city officials signing the bonds and the seal imDate March 15 1919. Principal and semi-annual interest (M. & S.)
pressed thereon, and the legality of said bonds will be passed upon by
Mr. John C. Thomson, of New York, and a copy of his opinion will be payable at the Cuyahoga Falls Savings Bank Co., Cuyahoga Falls.
Financial Statement.
furnished to purchaser.
Estimated actual value taxable property
$2,500,000 00
Financial Statement.
Assessed value taxable property 1919, over
1,500,000 00
Actual value of taxable property (estimated)
$72,000,000 00 Total
bonded debt, including all authorized issues
199,689 88
Assessed value for taxation, 1918
39,284,437 10
Total bonded indebtedness, including this issue
2,156,000 00
SKAGIT COUNTY (P. 0. Mt. Vernon), Wash.
-BOND SALE.
Cash value of sinking fund, held for debt redemption
204,723 44 Recently Wm. T. Harper & Son, of Seattle, purchased approximately
Population, Census 1910, 34,876; 1919, estimated, 47,346. Tax rate for
for city purposes, $16 per $1,000. The city has never defaulted in the $500,000 6% highway bonds. Denom. $500.
SOMERVELL COUNTY (P.O. Glen Rose), Tex.
payment of obligations. By order of the City Council.
-DESCRIPTION OF
BONDS.
-The $60,000 coupon or registered road bonds recently voted
ST. FRANCIS LEVEE DISTRICT (P.0. Bridge Junction), CrittenV. 108, p. 2559) bear interest zt a rate of 5% and are in denom. of $2,000.
den County, Ark.
-BOND SALE.
-On June 30 the $200,000 514% 30
-50- Int. is payable at Dallas. Tex. Due $2,000 yearly.
year levee bonds(V. 108, p. 2655) were awarded to the Mortgage Trust Co.
We are advised by the County Judge that the above bonds will be sold
of St. Louis at 103.109 and int. Other bids wore:
at a private sale.
Nat'l City Co. Chicago__ _ j206,540 J. C. Mayer & Co., Cincin__3204,566
SONOMA COUNTY (P. 0. Santa Rosa), Calif.
-BOND SALE.
-The
Bank of Corn., Memphis__ 205,400 A. E. Aub & Co. Cincin___ 204,040
-year
$1,640,000
Nat'iCity Bank, Memphis.. 205,000 Prov. S. Bk.& Tr. Co. Cin__ 201,020 (V. 108, p 5% 30 have highway bonds dated July 11919, offered on July 2
been awarded, it is reported, to the Bank of Italy
2656)
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-BONDS VOTED.
- for $1,679;508 equal to 102.409. Other bidders were:
By an overwhelming majority the voters of the county authorized the issu- National City Co., Blyth, Witter & Co. and E. H. Rollins & Sons $1,676,111
Cyrus Pierce & Co., Bond & Goodwin and R. H. Moulton & Co__ 1,667,057
ance of $7,500,000 road bonds at a recent election.
1,665,000
-BOND OFFERING.
ST. PAUL, Minn.
-Proposals will be received Anglo & London Paris National Bank, San Francisco
until 12 on July 16 by Jesse Foot, City Comptroller, for $250.000 sewer and Citizens' National Bank, Los Angeles, and Schwabacher & Co.._ 1,654,432
SPALDING COUNTY (P. 0. Griffin), Ga.-BOND OFFERING.$50,000 hospital building 30-yr tax-free coupon (with privilege of registration) refunding bonds at not exceeding 4U% interest. Denom. $1,000. Sealed bids will be received until 11 a. m. July 25 by T. J. Purdy, ComDate Aug. 1, 1919. Prin. and semi-ann. Int. payable at the City of St. missioners of Roads and Revenue, for the $350,000 5% road bonds offered
Paul's Financial Agency in New York City. Cert. check or cash for 2% without success on June 3-V. 108, p. 2457. Date July 1 1919. Prin.
of the amount of bonds bid for required. Purchaser to pay accrued int. and semi-ann. int. (J. & J.) payable in New York or Griffin at option of
Official circular states that the city has never defaulted on any of its oblige- purchaser. Due yearly on Jan. 1 as follows: $10,000 1925 to 1934, incl.•,
tion,s and its principal and interest on its bonds previously issued have $15,000 1935 to 1939, incl., and $17500 1940 to 1949,incl. Certified check
for 5% of the amount of bonds bid for required. Separate bids are realways been paid promptly at maturity.
quested on $100,000 maturing $10,000 yearly on Jan. 1
1925 to
SAN ANTONIO, Bexar County, Tex.
-BOND ELECTION.
-Reports incl., and on the $250,000 maturing $15,000 Jan. 1 from from to 1939,1934,
1935
incl.,
state that an election will be held July 26 to vote on the question of issuing
$950,000 street-widening, $900,000 paving and storm sewers, $500,000 and $17,500 Jan. 1 from 1940 to 1949, incl.
SPENCER COUNTY (P. 0. Rockport), Ind.
sanitary sewers, $500,000 auditorium, $200,000 bridges, $200,000 river
-BOND OFFERING.
work, $200,000 parks, $100,000 fire station, $100,000 incinerator and sani- Anderson Parker, County Auditor, will receive proposals until 10 a. m.
tary equipment, $25,000 fire alarm and police signal, $25,000 fire and Aug. 8 for $175,000 5% bonds, which have been approved by the State
police machine shop and garage, $50,000 sidewalks and $200,000 municipal Board of Tax Commissioners. Denom. 160 for $1,000 and 49 for $375.
Date May 15 1919. Int. M. & N. Due $4,375 each six months from
cold stoarge plant and market-house bonds.
May 15 1920 to Nov.
inclusive. Certified
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San bank located in Spencer15 1939, for 3% of amount of check on a reliable
County,
bid
payAntonio), Bexar County, Tex.
-BOND SALE.
-On July 1 the $250,000 able to the Board of County Commissioners, required. bondsshallfor,upon
Bids
be
5% 1-40-year serial school bonds (V. 108, F)._2457) were awarded to Stern printed or written forms furnished by the
above Auditor. Purchaser to
Bros. & Co. of Kansas City for $244,252 (97.7009) and int. Bids were also pay accrued interest.
submitted by E. H. Rollins, National City Co., J. C. Mayer Co., F. C.
Hoehler & Co., Halsey, Stuart & Co., Harris Trust & Savings Bank, et als.
SPRINGCREEK TOWNSHIP (P. 0. Piqua), Miami County, Ohio.
-On June 21 the Piqua National Bank was awarded at
SCARSDALE, Westchester County, N. Y.
-BOND SALE.
-On July -BOND SALE.
par and int. the $7,000 5% coupon road bonds offreed on that date (V. 108,
8 A.B. Leach & Co. of Now York were awarded at 100.33 an issue of$33,000
% village hall bonds. Denom. $1,000. Date July 1 1919. Int. J. p. 2559). Due yearly on Sept. 1 as follows: $2,000 1920 and 1921 and
31,000 1922 to 1924 incl.
&. J. Due $3,000 yearly on July I from 1924 to 1934, inclusive.
STARK COUNTY (P. 0. Canton), Ohio.
-BOND SALE.
-On July 7
SCHLEICHER COUNTY (P. 0. Eldorado), Tex.
-BOND SALE.
-On
the $65,000 Alliance-Minerva and $62,000 Louisville-Freeburg 5% 1-10% 1-30-year serial road bonds (V. 108, p. 2262)
June 10 the $125,000
year serial road bonds
-V. 109, 10 98
-were awarded to F. C. Hoohler &
were awarded to Spitzer, Rorick & Co.
Co. of Toledo for $127,962 (100.757) and interest. The remaining 5 issues
SEABREE4E, Voiusia County., Fla.
-BOND OFFERING.
-Sealed of 5% 1-10
-year serial road bonds aggregating $112,500 were awarded to
bids will be received until 8 p. m. July 24 by W.H. Courtney, Town Clerk, Well, Roth & Co. of Cleveland for $112,776 60 (100.245) and interest.
for $60,000 5% coupon street and drainage impt. bonds. Denom. $500. Date July 15 1919.
Date July 11919. Prin. and semi-ann. int. payable at office of the Treas.
STARK-HERKIMER (P. 0. Jordanville), Herkimer County, N. Y.
Due $6,000 July 1 1922 and $2,000 yearly on July 1 from 1923 to 1949, incl.
-On June 30 an issue of $6,500 5% bridge bldg. bonds was
Cashier's check for 2% of the amount of bonds bid for required. Bonds to BOND SALE.
be delivered and paid for within 10 days- from time of award. Purchaser awarded to Sherwood, Merrifield & Co. of N. Y. at 100.36. Denom. $500.
Date July 11919. Int. M. Sr S. Duo $500 yearly on Mar. 1 from 1920 to
to pay accrued interest.
SEDALIA SCHOOL DISTRICT (P. 0. Sedalia), Pettis County, Mo. 1932 incl.
-BOND SALE.
-Francis Bros. & Co. of St. Louis purchased and are now
STONINGTON, New London County, Conn.
-CORRECTION offering to investors at a price to yield to 4.65 %interest $25,000 5% tax- BIDS.
-The $150,000 4%% 20-year coupon tax-free refunding bonds
free refunding bonds. Denom. 31,000. Date July 1 1919. Prin. and which were awarded to Stacy & Braun of Toledo on June 24 (V. 108, P•
semi-ann. (J. & J.), payable at Merchants
-Laclede National Bank, St. 2656) were awarded at 103.23 (not 103.32). Other bidders were:
Louis. Due yearly from 1924 to 1939, inclusive.
Merrill, Oldham & Co., Bos_102.78 1 E. H. Rollins & Sons, Boston 102.658
Financial Statement.
R.L. Day & Co., Boston_......102.779 Prisble St Co., Hartford
102.51
Actual valuation of all property
311,000,000 Hornblower & Weeks, N.Y..-102.75 R. M. Grant & Co., N. Y....102.331
Assessed valuation 1917
5,446,615 National City Co., N. Y___ _102.699 Harris, Forbes & Co., N. Y_..102.323
Total bonded debt, including this issue
204,000
Population, estimated, 1917
25,000 IN STRATTON TOWNSHIP (P. 0. Vermilion), Edgar County, Ill.
-11. C. Speer & Sons Co. of Chicago recently bought an issue
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-BOND OFFERING.
- BOND SALE.
Proposals will be received by S. A. Brown, County Treasurer, until 10 a. m. of $16,000 5% coupon tax-free road bonds. Denom. 31,000. Date Juno 1
July 19 for the following 4 % highway impt. bonds, aggregating 331,160: 1919. Prin. and semi-ann.int.(J.& D.) payable at the First National Bank
$3,800 Van Buren Twp. bonds. Denom.$190. Due $190 each six months of Chicago. Duo $3,000 yearly on June 1 from 1920 to 1923 incl. and $4,000
June 1 1924.
from May 15 1920 to Nov. 15 1929, inclusive.
5.020 Van Buren Twp. bonds. Denom. $251. Due $251 each six
-BOND SALE.
SWAMPSCOTT, Essex County, Mass.
-On July 1
months from May 15 1920 to Nov. 15 1929, inclusive.
15,000 Addison Twp. bonds. Denom. $750. Due $750 each six months $2,800 4%% water loan bonds were awarded to the Sinking Fund Commissioners at par. Denoms. 5 for $500 and 1 for $300. Date July I 1919.
from May 15 1920 to Nov. 15 1929, inclusive.
17,340 Noble Twp. bonds. Denom. $867. Due $867 each six months Int. J. & J. Due $500 yearly:on July 1 from 1920 to 1924 incl. and $300
uly 1 1925.
from May 15 1920 to Nov. 15 1929, inclusive.
Date July 15 1919. Int. M.& N.
SYCAMORE RURAL SCHOOL DISTRICT (P.O.Sycamore), Wyan.
SHELBY COUNTY (P. 0. Shelbina) Mo.-BOND ELECTION.- dot County, Ohio.
-BOND SALE.
-On July 2 the $33,000 5%% coupon
Reports state that an election will be held July 12 to vote on the question school bonds
-were awarded to Weil, Roth & Co. of
-V. 108, p. 2458
-year road and bridge bonds.
of issuing $1,000,000 20
Cincinnati for $34,366 (104.139) and int. Other bids were:
JULY 12 1919.]
THE CHRONICLE
Price.
Price. I NameNameW. L. Slayton & Co.,T0l_$34,358 00 Otis & Co., Cleveland_ _ _ _$33,925 00
33,529 51
Spitzer, Rorick & Co., Tol 34,077 75 Stacy & Braun Tol
Seasongood & Mayer, Cin. 33,206 00
Tillotson & Wolcott Co.,
33,947 16
Cleveland
-BONDS VOTED.
-At
TEHAMA COUNTY (P. 0. Red Bluff), Calif.
the election held July 1 (V. 108, P. 2560) the following three issues of 5%
bonds were voted:
$200,000 court-house bonds. Vote 2,098 to 412. Due $5,000 yearly from
1924 to 1928 incl. and $7,000 yearly from 1929 to 1953 incl.
521,000 bridge bonds. Vote 2,280 to 255. Due $7,000 yearly from 1924
to 1952 incl. and $14,000 1953 and 1954.
86,000 highway bonds. Vote 2,312 to 245. Due $8,000 yearly from
1921 to 1924 incl. and $9,000 yearly from 1925 to 1930 incl.
Denom. $1,000. Interest semi-annual.
TELICO SCHOOL DISTRICT (P. 0. Warahachie), Ellis County,
-BONDS VOTED.
-On May 17 the voters authorized the issuance of
Tex.
$12.000 school bonds (V. 108, p. 1850).
-BONDS VOTED.
-The issuTHE DALLES, Wasco County, Ore.
ance of $65000 paving bonds carried by a vote of 4 to 1. it is stated, at a
recent election.
TIFFIN TOWNSHIP SCHOOL DISTRICT (P. 0. Defiance), Defi-According to reports, a propo-BONDS VOTED.
ance County, Ohio.
sition to issue $75,000 high-school-building bonds carried by a vote of 181
to 79 at an election held June 26.
-BOND SALE.
-The $250,000 5%
TOLEDO, Lucas County, Ohio.
5
-30-year (opt.) park and boulevard bonds, dated April 1 1919, offered on
were awarded to Sidney Spitzer & Co. of Toledo at
June 24(V. 108, p. 236)
101.3336 and interest.
-BONDS VOTED.
-By a
TRINITY COUNTY (P. 0. Trinity), Tex.
vote of 108 to 37, the question of issuing $200,000 Road District No. 2
bonds carried, it is stated, at an election held June 28.
TRIPP COUNTY (P. 0. Winner), So. Dak.-BOND ELECTION
-It is stated that the County Commissioners have decided to
PROPOSED.
submit to the voters of the county at a special election to be held the forepart of September a proposition of issuing from $150,000 to $200,000
county-building bonds.
-BOND OFFERING.
TRUMBULL COUNTY (P.O. Warren), Ohio.
Proposals will be received until 12 m .July 14 by M.H. Evans, Clerk Board
of County Commissioners, for $22,000 5% Youngstown-Kingsville Road
No. 27, Liberty Township bonds. Auth., Secs. 6906 to 6956, Gen. Code.
Denom. $500. Date July 1 1919. Principal and semi-annual interest
(A. & 0.) payable at the County Treasurer's office. Due $1,000 yearly on
April 1 from 1920 to 1928, inclusive, and $1,500 yearly on Oct. 1 from 1920
to 1927, inclusive, and $1,000 Oct. 1 1928. Certified check for $300,
payable to Evan J. Thomas, County Treasurer, required. Irchaser to
pay accrued interest.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND 3ALE.-On
June 30 the $49,000 5% 1-9-year serial Warren-Sharon I. C. I. No. 329
bonds dated July 1 1919 (V. 108, p. 2560) were awarded to Stacy & Braun
and int. Other bidders were:
of Toledo for $49,285 42(100.582)
Detroit Trust Co., Detroit.._$49,252 W.L. Slayton & Co., Tol_$49,083 80
49,150 Provident Says. Bank &
J. N. Casady
Trust Co., Cincinnati__ 49,083 30
49,133
Seasongood & Mayer, Cinc
J. C. Mayer & Co., Mein_ _ _ 49,098 Weil, Roth & Co., Cleve__ 49,060 00
-BOND SALE.
-On June 30
TULSA COUNTY (P. 0. Tulsa), Okla.
the $840,000 5% road bonds (V. 108, p. 2656) were awarded to the Union
National Bank of Tulsa at 102.60 and int. Denom. $1,000. Date Jan. 1
1918. Int. J. & J. Due part yearly from 1932 to 1943 incl.
-BOND SALE.
-The
TYLER COUNTY (P. 0. Woodville), Tex.
$800,000 53 % coupon road and bridge bonds offered without success on
Juno 20 (V. 108, P. 2656) were awarded on July 1 to J. J. Parris & Co. for
$819,050 (102.381) and int.
-BOND OFFERING.
UNION COUNTY (P. 0. Monroe), No. Caro.
Proposals will be received until July 28 by the County Commissioners for
$50,000 road and bridge bonds. Denom. $1,000.
UPLAND SCHOOL DISTRICT (P. 0. Upland), San Bernardino
-At an election held Juno 27 the issu-BONDS VOTED.
County, Calif.
ance of 325,000 5% school bonds carried by a vote of 100 to 4.
UPPER YODER TOWNSHIP (P. 0. Johnstown), Cambria County,
-Proposals will be received until 1 p. m. July 14
Pa.
-BOND OFFERING.
by Conrad L. Raab, Secretary Board of Township Supervisors 501.2 Swank
Building, Johnstown, for $175,000 5% coupon tax-free Millcreek Road
impt. bonds. Denom. $1,000. Date June 2 1919. Prin. and semi-ann.
Int. (J. & D.) payable at the Township Treasurer's office. Due yearly on
l.' $11,000 1927:
June 1 as follows: $20,000 1921; $10,000 1922 to 1926
inc'
$12,000 1928 and 1929; $13,000 1930; $14,000 1931; $15,000 1932 and 1933;
$10,000 1934 and $3,00 1935. Cert. check for $500, payable to the "Township of Upper Yoder," required. Purchaser to pay accrued interest. The
official circular states that there is no controversy or litigation pending or
threatened concerning the validity of these bonds, the corporate existence
or boundaries of the Township of Upper Yoder, or the title of the present
offices, and the township has never defaulted in the payment of principal
or interest of its outstanding securities.
Financial Statement.
$3,166,780
Assessed valuation
5,000,000
Real valuation (estimated)
Bonds previously issued and now outstanding
40,000
Amount of this issue
175,000
Floating debt
None
Population (1910 Census), 928; 1919 (estimated)
1,078
General tax rate for road purposes for 1919
10 mills
General tax levied for this issue (levied 1919)
$16,800
VERSAILLES SCHOOL DISTRICT (P. 0. Versailles), Darke
-BONDS DEFEATED.
County, Ohio.
-At an election hold June 24,
it is stated, the people turned down a proposition to issue $110,000 schoolbuilding bonds by about 50 votes.
•
WALLOWA COUNTY (P. 0. Enterprise), Ore.
-BOND OFFERING.
-Proposals will be received until 2 p. m. Aug. 6 by W. Ortman, County
Clerk,for $100,000 5% gold coupon road bonds, being part of the authorized
issue of $300,000 mentioned in V. 108, p. 2458. Denom. $500 or multiples
thereof up to $1,000 at option of purchaser. Date Sept. 11919. Prin. and
semi-ann. int.(M.& S.) payable at the office of the County Treasurer or at
the fiscal agency of the State of Oregon in New York City at option of
purchaser. Due $20,000 yearly on Sept. 1 from 192 4to 1928, incl. Certified check on some responsible bank for 5% of the amount of bonds bid
for, payable to "Wallowa County," required. Assessed value, 1918,
316,702,969.
-The
WALTON COUNTY (P. 0. Monroe), Ga.-BOND SALE.
$200,000 5% gold road bonds recently voted (V. 108, p. 1960), have been
purchased by the Wm. R. Compton Co., of St. Louis. Denom. $1,000.
and semi-annual interest (M. & N.) payable
Date May 11919. Principal
at the Mechanics & Metals National Bank, New York. Duo $10,000 yearly
on May 1 from 1920 to 1939, inclusive.
Financial Statement.
$30,000,000
Estimated actual value of taxable property in county
6,134,168
Assessed valuation of taxable property 1919
200,000
Total bonded indebtedness, including this issue
Population, present estimate, 30,000.
-BONDS VOTED.
WASHINGTON COUNTY (P. 0. Brenham), Tex.
-By a vote of 2,768 to 627 the question of issuing $1,500,000 road bonds
carried, it is stated, at the election held June 21 (V. 108, p. 2263).
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.-BOND
-Proposals will be received until 3 p. m. July 21 by the
OFFERING.
Washington Suburban Sanitary Commission at its office, 611 F St., N. W.,
Washington, D. C., for $750,000 5% coupon (with privilege of registration)
tax-free sewer and water-system bonds. Denom. $1,000. Date July 1
1919. Principal and semi-annual interest (J. & J.) payable at the Mercantile Trust & Deposit Co., of Baltimore. Due July 1 1919, subject to
call on any interest-paying date after July 1 1949. Certified check or bank
draft, for 1% of amount of bonds, required. Bonds to be delivered and
paid for within 15 days from date of award.
WATERTOWN, Jefferson County, N. Y.
-BOND OFFERING.
Soloed bids will be received by Henry J. Snook, City Treasurer, until 12 m.
July 25 for the $60,000 5% registered bridge bonds authorized at the election
199
held June 20-V. 109, p. 99. Denoms. $1,000, $5,000 or $10,000, as may
be desired by purchaser. Date Aug. 1 1919. Prin. and semi-ann. int.
(F.& A.) payable at the City Treasurer's office. Due Aug. 1 1949. Certified check for $1,000, payable to the City Treasurer, required.
WAVERLY DRAINAGE DISTRICT NO. 1 (P. 0. Alamosa), Alamoss County, Colo.
-Henry Sundquist, President
-BOND OFFERING.
of the Board of Directors, will receive bids until 10 a. m.July 21 for $155,800
drainage bonds. Cert. check for $10,000 required.
-BOND OFFERING.
-Sealed
WEBB COUNTY (P. 0. Laredo), Tex.
bids will be received until 4 p. m. July 21 by Geo. B. Page, County Judge,
for the $300,000 5% tax-free coupon road bonds recently voted-V. 108, 13.
2656. Denom. $1,000. Date Aug. 1 1919. Int. annual, payable at the
Mime National Bank, Laredo. Due Aug. 1 1949, subject to call yearly
an amount not to exceed $20,000 beginning 5 years from date. Certified
check for $1,000, payable to the above County Judge, required. Bonded
debt July 7 1919, this issue only. Floating debt (additional), $16,000.
Assessed valuation, $9,655,474.
WHETSTONE TOWNSHIP SCHOOL DISTRICT (P. 0. Bucyrus),
Crawford County, Ohio.
-BONDS VOTED.
-At the election held June 24
the voters authorized the issuance of the $75,000 schoolhouse bonds mentioned in V. 108, p. 2560.
WILLIAMSON COUNTY (P. 0. Georgetown), Tex.
-BOND OFFERING.
-Bids will be received until July 15 by F. D. Love, County Judge,
-year serial coupon highway bonds. Denom.
for $1,500,000 5% 1-30
$1,000. Date Aug. 1 1919. Int. F. & A. Cert. check for $25,000. payable to the above County Judge, required. Bonded debt (incl. this issue)
July 7 1919, $1,600,000; floating debt, $41,000; sinking fund, $90,000; assessed val., $31.000,000. Total tax rate (per $1,000), $16.00.
WINNEBAGO COUNTY,
(P. 0. Oshkosh), Wisc.-BOND SALE.The "Oshkosh Northwestern' of July 3 states that an issue of $150.000 5%
highway bonds was awarded on July 2 to the Exchange Bank of Oshkosh.
Denoms. $100 and $500. Due July 1 1923.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND OFFERING.
-Proposals will be received until 2p. m. July 28 by R. S. Gillespie, County
Auditor, for $108,000 5% coupon Perrysburg-Fremont Road I. C. H. No.
275 bonds. Auth., Sec. 1223, Gen. Code. Denom. $1,000. Date
Aug. 6 1919. Principal and semi-annual interest (M. & S.) payable at the
County Treasurer's office. Due $11,000 each six months from March 1
1920 to Sept. 1 1923, inclusive, and $10,000 March 1 and Sept. 11924.
Certified check on a Bowling Green bank for $1,000 required. Bonds will
be delivered to purchaser at Bowling Green. Purchaser to pay accrued
interest.
YAKIMA, Yakima County, Wash.
-BOND SALE.
-Reports state
that an issue of $350,000 534% 20
-year sewer bonds was sold on July 1 to
the Union Trust Co. of Spokane.
The above bonds were sold subject to an election seeking the authorization, which will be held on Aug. 14.
-BOND OFFERING.
YAMHILL COUNTY (P. 0. McMinnville), Ore.
-Sealed bids will be received until 2 p. m. July 28 by C. B. Wilson, County
Clerk, for $255,000 road bonds not to exceed 530/ int. Denom. $1,000.
Date Aug. 11919. Prin. and semi-ann. int.(M.& N.) payable at the fiscal
agents of the State of Oregon in New York City. Due $25,000 yearly on
Aug. 1 from 1924 to 1927 incl. $30,000 on Aug. 1 from 1928 to 1931 incl.
and $35,000 Aug. 11932. Cert. check for 5% of the amount of bonds bid
for required. Bids must be unconditional. This issue is part of the $360.000 issue authorized at the election held June 3 (V. 108, p. 2458).
-BOND SALE.
-On
YAZOO COUNTY (P. 0. Yazoo City?, Miss.
June 27 the two issues of road bonds, aggregating $105,000(V. 108, p. 2561),
were awarded as follows:
$75,000 5 T; Dist. No.3 bonds to Stacy & Braun of Toledo at 101 and int.
30,000 53% Edin Separate Road Dist. bonds to Caldwell & Co. of Nashville for $30,800 (102.666) and int.
YOUNGSTOWN SCHOOL DISTRICT (P. 0. Youngstown), Ma.
-BOND SALE.
-On June 30 the $430,000 5%
honing County, Ohio.
2
-16-year serial coupon school bonds (V. 108, P. 2561) were awarded to
Breed, Elliott & Harrison and the Provident Savings Bank & Trust Co., both
of Cincinnati, jointly at 101.33 and int. A syndicate composed of Seasongood & Mayer, Well, Roth & Co. of Cincinnati and Prudden & Co. and Sidney Spitzer & Co. of Toledo offered to pay $434,644 for the issue.
-BOND SALE.
-On July 1 Sweet, Causey,
YUMA,Yuma County, Ariz.
Foster & Co. of Denver were awarded the $13,000 5% 10-year coupon leveeimpt. bonds dated July 1 1919 (V. 108, p. 2657) for $13,301 50 (102.319)
interest and furnish bonds. Other bidders, both of Cincinnati, were:
Silverman, Huyck & Co
$13,2751J. C Mayer & Co
$13,271
The above bidders offered accrued interest.
YUMA SCHOOL DISTRICT (P.O. Yuma), Yuma County, Colo.
BONDS DEFEATED.
-It is reported that at an election held May 5 an
issue of school bonds was defeated by a large majority.
CANADA, its Provinces and Municipalities.
BERTIE TOWNSHIP, Ont.-DEBENTURES AUTHORIZED.
-According to newspaper reports, $60,000 school debentures have been authorized.
BERWICK, N. S.
-DEBENTURE SALE.
-An issue of $27,000 6%
20
-year debentures has been awarded, it is reported, to the Standard Bond
Co. at 101.80.
-The Royal Securities
BEAUHARNOIS, Que.-DEBENTURE SALE.
Corp. of Toronto on June 30 was awarded at 98.492 the $57,500 534%
debentures offered on that day. V. 108, p. 2561. Date Mar. 1 1919.
Due Mar. 1 1949.
CHARLOTTENBURGH TOWNSHIP (P. 0. Williamstown), Ont.DEBENTURE OFFERING.-Geo. A .Watson, Township Clerk, will receive
bids until 12 m. Aug. 4 for $30,000 534% 20-installment debentures.
EDMUNSTON,N.B.-DEBENTURE SALE.
-The Municipal Debenture
Corp. of Montreal was recently awarded at 96.65, it is stated, $90,000 30
year serial debentures.
-On June 16, it is
GRIMSBY, Ont.-DEBENTURES AUTHORIZED.
stated, the Council passed a by-law to issue $7,500 school debentures.
-DEBENTURE SALE.
HALIFAX, N. S.
-An issue of $761,000 5%
34-year street-paving and sewerage debentures has been awarded to the
Royal Securities Corp. of Montreal, it is reported, at 94.76.
KINGSTON, Ont.-DEBENTURE SALE.
-The $77,000 534% 30
-year
gas purifier debentures, which were authorized on June 9(V. 108, p. 2658).
have been purchased, it is stated, by the United Financial Corp. at 104.04,
a 5.23% basis.
LANCASTERTOWNSHIP, Ont.-DEBENTURE SALE.
-It is re-installment road debentures were
ported that on June 30 $25,000 534% 20
awarded to the National City Co., of Toronto, at 101.52.
-W.E. Binning, Town
LISTOWEL, Ont.-DEBENTURE OFFERING.
Treasurer, will receive bids until July 19 for $18,000 6% 20
-installment road
debentures.
LUNENBURG COUNTY, N. S.
-DEBENTURE SALE.
-An issue of
-year debentures has been awarded at 101.99 to the Mari$20,000 534% 20
time Trust Co., it is reported.
MIMICO, Ont.-DEBENTURE SALE.
-On July 5 the $55,000
%
30
-year debentures offered on that day (V. 109, p. 99) were awarded to
C. H. Burgess & Co. of Toronto at par, it is reported.
MONTREAL, Que.-DEBENTURE SALE.
-On July 3 the $624,000
434% gold underground conduit system debentures (V. 108, p. 2562) were
awarded to the City Treasurer for the Sinking Funds at 91.7755 and int.
Due May 11954. Other bidders were:
$86,277 Harris, Forbes & Co., N.Y---84.190
Hew R 'Wood Co
Geo. A. Stimson & Co., Tor__84.760 Rene T. Leclerc
84.150
National City Co.,Toronto84.667 La Corporation des Obliga'ns
United Financial Corp., Ltd_ _84.600
Municipales
83.255
Credit Canadien, Inc
84.590 A. E. Ames & Co., Toronto..-82.590
Wood, Gundy & Co., Toronto 84.570
NEW GLASGOW, N. S.
-DEBENTURE OFFERING.
-Proposals will
be received by the Municipality Clerk, it is stated, until July 19 for $55,000
200
THE CHRONICLE
[VOL. 109.
lb-
ST. STEPHEN, N. B.
-DEBENTURE SALE.
-It is reported that
350.000 5 % 20
-year debentures have been sold locally at 101.50.
SASKATOON, Sask.-DEBENTURE OFFERING.
-Proposals will be
received until 12 m. July 21 by C. J. Yorath, City Commissioners, for the
following debentures, aggregating $238,377 91: $3,976 5 , % 10-year.
)
6
$52,250 5%% 15
-year, $30,000 5% 20
-year, $80,657 26 53 % 30-year,
5
,
$33,692 05 5% 30
-year, and $37, 9 60 5% 29-year debentures.
SHERBROOKE, Que.-DEBENTURE SALE.
-The Toronto "Globe"
of July 5 states that the $142,500 5% 20-year city debentures offered on
July 2 (V. 108, P. 2658), were awarded to Hanson Bros. of Montreal at
93.71. a 5.55% basis.
SOUTHAMPTON, Ont.-DEBENTURE SALE.
-W. L. McKinnon ha
Co., of Toronto, have purchased, it is stated, an issue of $20,000 6%
20
-year debentures.
53i% debentures. Denom. $500. Date Aug. 1 1919. Int. semi-ann.
Due Aug. 1 1934.
OTTAWA, Que.-DEBENTURE OFFERING.
-Sealed tenders will be
received until 3 p. m. July 18 by the Chairman of the Board of Control for
the following 5% gold coupon (with privilege of registration) debentures,
aggregating $865,694 66: $65,421 64 10
-year serial, $20,000 16
-year sinking
fund, $190,273 02 20
-year serial and $590,000 30
-year serial debentures.
Denoms. $1,000, $500 and odd amounts. Date July 1 1919. Prin. and
semi-ann. int. (J. & J.) payable in Ottawa, Toronto. Montreal and New
York. Cert. check for $5,000 required. Interim receipts can be furnished until delivery of bonds. Purchaser to pay accrued interest.
1- POINTE-AUX-TREMBLES, N. S.
-DEBENTURE SALE.
-We are
advised that the following two issues of 5%% debentures, aggregating
$165,000, were awarded at 96.50 and interest to "Les Placements Municipaux Ltee."
$75,000 debentures. Denom. 150 for $100, 60 for $500 and 30 for $1,000.
Due 1928.
90,000 debentures. Denoms.200 for $100,60 for $500 and 40 for $1,000.
Due 1923.
Date Sept. 1918. Int. M.& S.
Bonds cannot be retired before maturity.
REGINA PUBLIC SCHOOLS, Sask.-DEBENTURE SALE.
-On
July 2, it is stated, the Canada Bond Corp. was awarded at 96.66, a 5.73%
basis, the $139,000 5 % 30
-year school-building (sinking fund) debentures.
WATFORD, Ont.-DEBENTURES VOTED.
-At an election held June
30 the people voted thelissuance of $52,000 5 % 1-30
-year serial fire-dept.
debentures.
ST. CATHARINES, Ont.-DEBENTURES AUTHORIZED.
-It is reported that the Council on May 20 passed a by-law to issue $158,000
school debentures.
WINNIPEG, Man.
-DEBENTURE SALE.
-According to reports
Wood, Gundy & Co. have purchased $500,000 53•5% 30-year debentures at
100.87.
SWAN RIVER RURAL MUNICIPALITY, Man.
-DEBENTURE
SALE.
-G. A. Stimson & Co., of Toronto, have purchased $50,000 6%
30
-installment debentureslit is reported.
TRAIL, B. C.
-DEBENTURES VOTED.
-At an election held July 2
the issuance of $15,560 7% 20-year civic improvement debentures was voted.
Jfittanttai
NEW LOANS
Atlantic Mutual Insurance Company
$250,000
New York, January 24th.
The Trustees, in conformity with the Charter of the Company,submit the following statement of Us affairs on the
31st of December, 1918.
Premiums on Marine and Inland Transportation Insurance from the 1st January, 1918, to
the 31st December,1918
$8,684,891.55
Premiums on Policies not terminated 1st January, 1918
1,072,550.96
Total Premiums
$7,757,442.51
Premiums marked off as terminated from 1st January, 1918, to 31st December, 1918
86,75(1,508 18
Interest on the investments of the Company received during the year $418,106.66
Interest on Deposits in Banks, Trust Companies, etc.
120,010.84
Rent received less Taxes and Expenses
97,634.51 $ 635,752.01 is
Losses paid during the year
$4,105,973.64 11
$239,186.51
1,947,733.0882,186,919.59
81,919,054.05
Less: Salvages
Re-insurances
Re-Insurance Premiums and Returns of Premiums
$1,756,937.01
Expenses, including compensation of officers and clerks, taxes, stationerY,
advertisements, etc.
$ 996,019 98
A dividend of interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue of 1917 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the fourth of February next, from which date all interest
thereon will cease. The certificates to be produced at the ttint of payment and canceled.
A dividend of Forty-five per cent. is declared on the earned premiums of the Company for the year
ending 31st December, 1918, which are entitled to participate in dividend, for which, upon application.
certificates will be issued on and after Tuesday the sixth of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
EDMUND L. BAYLIES,
JOHN N. BEACH,
NICHOLAS BIDDLE,
JAMES BROWN,
JOHN CLAFLIN,
GEORGE C. CLARK.
J. WILLIAM CLARK,
FREDERIC A. DALLETT,
CLEVELAND H. DODGE.
CORNELIUS ELDERT,
G.STANTON FLOYD-JONES,
FIVE PER CENT GOLD BONDS.
Sealed bids are invited for the purchase of $250,000 00 Road Improvement Bonds in whole or in part at the
office of Commissioners of Roads and
Revenues of Clarke County, Georgia,
at Athens, Georgia, at
12 O'CLOCK, AUGUST 5th, 1919.
Financial statement and full information furnished on request of
TATE WRIGHT, Clerk & Co. Atty.
H. W. WHITE, Chairman
Commissioners Road and Revenues,
Clarke County, Ga.
$20,000
TRUSTEES.
PHILIP A. S. FRANKLIN,
DALLAS B. PRATT,
HERBERT L. GRIGGS
JOHN J. RIKER,
SAMUEL T. HUBBARD,
JUSTUS RUPERT'
WILLIAM H. LEFFERTS,
WILLIAM JAY SCHIEFFELIN.
CHARLES D. LEVERICH,
SAMUEL SLOAN,
HENRY,FORBES McCREERY, WILLIAM SLOANE,
NICFIOLAS F. PALMER,
LOUIS STERN,
WALTER WOOD PARSONS. WILLIAM A. STREET,
CHARLES A. PEABODY,
GEORGE E. TURNURE,
WILLIAM R. PETERS,
GEORGE C. VAN TUYL, Jr.
JAMES H.POST,
RICHARD H. WILLIAMS.
CHARLES M.PRATT,
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY, 2d Vice
-President.
WILLIAM D. WINTER, 3rd Vice-President.
ASSETS.
Clarke County, Georgia
LIABILITIES.
United States and State of New York
Estimated Losses and Losses UnsetBonds
$ 3,463,000.00
tled In process of Adjustment
$ 4,557,029.00
Premiums on Unterminated Risks_ _ _ 1,000,934.33
Stock of the City of New York and
Stocks of Trust Companies ilz Banks 1,385,500.00 Certificates of Profits and Interest
Stocks and Bonds of Railroads
3,069,879.85
Unpaid
316,702.75
Other Securities
285,410.00 Return Premiums Unpaid
129,017.66
Special Deposits in Banks and Trust
Taxes Unpaid
400,000.00
Companies
1,000,000.00 Re
-Insurance Premiums on TermiReal Estate cor. Wall Street, William
nated Risks
288,508.92
Street and Exchange Place__
3,900,000.00 Claims not Settled, including ComReal Estate on Staten Island (held
pensation, etc
139,296.10
under provisions of Chapter 481,
Certificates of Profits Ordered ReLaws of 1887)
75,000.00
deemed, Withheld for Unpaid PrePremium Notes
663,439.52
miums
22,592.54
Bills Receivable
716,783.36 Income Tax Withheld at the Source
3,739.93
Cash in hands of European Bankers
Certificates of Profits Outstanding
6,140,100.00
to pay losses under policies payable
in foreign countries
286,904.00 Balance
3,825,570.11
Cash in Bank and In Office
1,972,809.61
Statutory Deposit with the State of
Queensland, Australia
4,765.00
$16,823,491.34
$16,823,491.34
Balance brought down
$3,825,570.11
Accrued Interest on the 31st day of December, 1918, amounted to
95.890.45
Rents due and accrued on the 31st day of December, 1918, amounted to
23,106,40
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of
December, 1918, amounted to
462,184.31
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island .1
in excess of the Book Value given above, at
63,700.00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
`II
Company's valuation by
2,411,384.11
On the basis of these Increased valuations the balance would be
$6.881,835.38
City of Belt, Montana
WATER BONDS
Notice is hereby given that the Council of the
City of Belt, Montana, will sell at public auction
water bonds of the city for $20,000 00 6% 20
year, optional after ten years, interest semiannually-payable in New York City, on the
4TH DAY OF AUGUST, A. D. 1919, at 8
O'CLOCK, P. M., at the Council Chamber In
said City. Certified check for $2,000 00 on
National Bank as guarantee.
ELIZABETH McSHANE,
City Clerk.
$50,000.00
TOWN OF MILFORD, CONNECTICUT
5% BONDS
Sealed proposals will be received by the Town
Treasurer at the office of the Board of Selectmen.
Municipal Building, until 8 P. M. JULY 22ND#
1919, for the purchase of the above-named
bonds, amounting to $50,000 00, with interest at
five (5) per cent per annum. Bonds to be dated
August let, 1919. Principal and interest payable
in gold coin of the United States of America.
Right reserved to reject any and all bids.
For further information address
SANFORD HAWKINS,
Town Treasurer.
$200,000
School District of Hazleton, Luzerne Co., Pa.
SCHOOL BONDS
Public Utilities in
growing communities operated and
financed.
lii Their securities
offered to investors.
Middle West
Utilities Co.
Suite No. 1500
72
West Adams St.
CHICAGO,
ILLINOIS
FEDDE & PASLEY
Certitieb Public Octountanto
55 Liberty St.,
New York
GEORGE W. MYER, JR
Certified Public Accountant
2 RECTOR ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Income Tax Returns
Telephone Rector 5441
Notice Is hereby given that under and pursuant
to the authority of the electors thereof and a resolution and order of the Board of School Directors
of the City of Hazleton, Luzorne County, Pa..
adopted April 2 1919, that up to and including
the 5TH DAY OF AUGUST, 1919, AT 8 P. M..
said Board will receive bids for the purchase of
6
$200,000 4 , % School Bonds. The Board reserves the right to reject any or all bids. For
further information apply to
D. T. EVANS,
Secretary.
CEO. B. EDWARDS
INVESTMENTS
32 Broadway, NEW YORK, N. Y.
FOR SALE-Timber. Coal, iron, Ranch an,
other properties.
Confidential Negotiations, In vestigntions
Settlements and Purchases of Property.
West Indies.
Canada.
United States.
@FedFRASER