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.
-lM
inandal
1¥_
I
INCLUDING
& Quotation
Bank
Railway
Section
Industrial Section
Electric
SATURDAY, JULY
111.
Week ending July
—
I
PUBLISHED WEEKLY.
1920.
— Payable in Advance
of Subscription
For One Tear
For Six Months
$10 00
6 00
13 50
7 75
$11 50
Canadian Subscription (including postage)
NOTICE. On account of the fluctuations In the ratea of exchange,
famlttancet for European lubscriptiona and adTertlsements must be made
la New York funds.
Subscription includes following Supplements—
BANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL (seml-annually)
(monthly)
Electric Railway (semi-annually)
Earnings
RAILWAY
STATE AND CITY (semi-annually) BANKERS' Convention (yearly)
European Subscription
European Subscription
(inclntling postage)
six months (including postage)
—
Terms
of Advertising
— Per Inch Space
$6 30
175 00
100 00
Transient matter per inch space (14 agate lines) Jor each insertion
Business Cards, twelve months (52 times) per inch
"
"
six months (26 times) per inch
CHICAGO Office—] 9 South La Salle Street, Telephone State 5594.
LONDON Office— Edwards & Smith, 1 Drapers' Gardens, E. C.
,.
DANA
COMPANY,rPubli8liers,
^l^IIililAni B.
Front, Pine and Depeyster Sis.. Hew York.
DANA
CLEARING HOUSE RETURNS.
Boston
Kansas City..
St.
Per
1920.
1919.
Cent.
S3,960, 502,570
587, 182,441
436, 188,268
344, 129,361
206, 188.691
—12.5
14/, 644,827
147, 300,000
147, 206,546
110, 207,253
88, 358,238
59, 502,121
$4,524,377,985
568,982,996
389,267,383
355,231,266
196,729,917
148,091,086
135,709.239
124,347.529
75.000,000
81.579,891
59,207,759
S6,234,410.316
1,225,462,781
$6,658,525,051
1,065,402,461
$7,459,873,097
1,542,691,247
$7,723,927,512
1,452,779,514
17.
Philadelphia..
Louis
San Francisco
Pittsburgh ...
Detroit
Baltimore
New Orleans.
Eleven cities, 5 days.
Other cities, 5 days
Total
all cities,
All Cities, 1
Total
5 days.
day
all cities for
week
59,002,564,344
I
-1-3.2
-1-11.8
—3.1
-1-4.8
—0.3
-f8.5
+ 18.4
-1-46.9
+ 8.3
+ 0.5
—6.4
+ 15.0
—3.4
+ 6.2
Grand Rapids...
Evansville
Dayton
Springfield, 111...
Wayne
Youngstown
Akron
Rockford
Lexington
Quincy
Bloomlngton
Canton
Decatur
Springfield, Ohio.
Lima
Danville
Owensboro
Ann Arbor
Adrian
Tot. Mid. West
Seattle
Portland
Lake City...
Spokane
Salt
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Stockton
Fresno
San Jose
Yakima
Reno
Long Beach
Santa Barbara
Total Pacific.
Kansas City
M Inneapolls
Omaha
$9,176,707,026
St. Paul.
the week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
noon
on
Saturday,
and hence in the above the last day of the week has to be In
at
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending July 10 show:
The
Toledo.
Peoria
San Francisco
Los Angeles
— Returns by Telegraph.
Chicago
Columbus
Jacksonville, 111..
following table, made up by telegraph, &c., iDoicates that the total bank
clearings of all the clearing houses cf the United States for the week ending to-day
have been $9,002,564,344, against 57,185,406,252 last week and 59,176,707,026
the corresponding week last year.
New York
Milwaukee
Indianapolis
Lansing
The
Week ending July
Cleveland
Detroit
Mansfield
South Bend
COMPANY,
Published every Saturday morning by WILLIAM B.
acob Seibert Jr., President and Treasurer. Arnold G. Dana, Vice-President and
Secretary. Addresses of both. Office of the Company.
Clearings
Cincinnati
Fort
full details of
Denver
St.
Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Clearings at
Tf'cc*
—
ending July 10.
Topeka
Inc. or
1920.
1919.
Dec.
1918.
1917.
%
S
3,820 ,670,826 4,822,084,910 —20.8 3,393,889,531 3,728,627,649
—5.8 390,878,303 315,711,472
410 ,178,169
435,507,354
139 ,754,750
132,718,395
+ 5.3 119,391,735 78,083,651
Baltimore
96 ,266,470
84,414,605 + 14.0
71,601.469
46,445,820
Buffalo
30,377,904 + 41.6
43 ,027,535
21,398,702
22,853,960
—7,8
Albany
5 ,000,000
5,421,805
5,550,538
5,400,345
Washington
16 ,211,413
13,500,000 + 20
12,953,032
13,841,682
Rochester
9 ,876.758
9.621,304
8,503,269
7.446,773
+ 2.7
Scran ton
4 ,901,972
3,837,110 + 26.8
4,100,000
3,746,913
Syracuse
4,679,402 + 11.3
5 ,207,800
4,800,574
4,500,000
Wheeling
4 ,886,290
4,810,835
+ 1.5
3,980,053
4,522,867
Reading
2 ,499,992
3,047,053 —18.0
3,053,857
3,061,381
Wilmington
2 ,968,042
3,885,005 —23.6
3,731,987
3,200,478
Wllkes-Barre
3 ,287,536
2,273,812 + 44.6
2,359,200
2,136,392
Trenton
2,988,198 + 18.3
3 ,536,521
2,599,501
2,900,094
York
1 ,465,555
1,386.530
1,539,904
1,252,946
+ 3.7
Erie
2 ,604,030
2,432.239
7.1
2,012,543
+
2,401,750
Lancaster
2 ,478,993
2,432,755
2,225,193
2,005,074
+ 1.9
Bingham ton
1 ,349.000
1,272.700
949.000
+ 6.1
1,031,600
Grcensburg
—9.9
1 ,000,000
1,100,000
1,350.000
1,200,000
Chester
—3.3
,404,910
1,514,015
1
1,704,737
1,670,212
Altoona
—2.1
950.000
970,126
900,485
698,124
Montclalr
502,755
440,504 + 12.5
422,849
583,709
Bethlehem
,790,799 Not Included in totfl
Huntington
,773.414 Not Included In total
Total Middle.. 4,580,089,317 5,570,789,221 —17.8 4,002,030,202 4,246,650,478
New York
Philadelphia
Pittsburgh
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New
Bedford
Lowell.
Holyoke
Bangor
Tot.
New Eng
315,706,909
11,022,900
9.977,423
6,462,110
4,765,058
3,500,000
4,134,763
2,160,023
1,554,845
1,289,000
900,000
900,000
361,378,991
358,435,201
13,203,100
9,789,572
6.342,416
4,074,809
2,700,000
3,969,188
2,487,093
1,884,454
1,000,000
846,005
960.548
406,292,446
—11.9
—16.5
—6.3
330,430,117
12,095,500
8,420,561
5,559,293
3,985,525
2,888,988
4,244,818
2,375,551
2,229,455
1,200,000
789,350
933,414
277,933,001
10,880,400
8,568,081
5,395,SS1
4,232.103
3,000,000
4,500,080
1,993,700
1,922,829
1,257,182
831,941
794,731
-11.1
376.152.578
321,383,2,55
+ 1.9
+ 1.9
+ 2.0
—7.4
+ 4.2
—13.1
—17.5
+ 28.9
+ 6.4
Colorado Springs.
Cedar Rapids
Pueblo
Fargo
Waterloo
Helena
Aberdeen
Fremont
Hastings
Billings
Tot. Oth. West
St. Louis
New
Orleans
Louisville
Houston
Galveston
Richmond
Fort Worth
Memplils
Atlanta
Nashville
Savannah
Norfolk
Birmingham
Knoxville
Jacksonville
Chattanooga
Mobile
Augusta
Charleston
Oklahoma
Little Rock
Macon
Austin
Vicksburg
J.ackson
Tulsa
Muskogee
Dalhvs..
Shrcvcport
Total Southern
Total
1919.
I
all
550,023,070
59,109,340
119,415,575
93,960,211
30,000,000
17,202,000
12,785,800
14,387,860
5,008,040
5,321,887
5,426,743
5,853,713
2,505,751
1918.
Dec.
128,400,000
64,946,000
31,887,018
31,716,052
14,789,243
10,551,334
4,288,003
7,700,053
3,146,329
5,977,556
1,717,587
7,115,600
3,575,095
2,314,421
1,401,619
854,115
2,700,798
797,007
323,867,830
I
699,115,299 —21.3,
56,924,955
+ 3.8
106,600,032 + 12.0,
68,000,000 + 37.6
34,332,724 —12.6,
—3.3
17,783,000
14,305,900 —10.6
11,547,640 + 24.6|
5,003,673
+ 0.11
5,963,078 —10.8
4,551,838 + 19.7
4,903,152 + 19.4
2,449,856
+ 2.3
2,150,582 —17.3
7,152,166 —23.9
8,214,000 + 28.6
2,000,000
+ 5.0
900,000
+ 3.0I
1,716,901
31
1,778,455
5,441,458
10,550,000
2,100,000
927,000
1,183,509
1.669,617
1,730,277
5,413,282
4,096,231
1,655,734
1,380,105
1,473,265
1,190,411
1,440,000
1,200,000
1,794,296
2,031,765
927,011
1,162,721
1,246,485
1,003,288
569,745
684,585
1,804,286
1,159,226
742,777
613,528
544,331
428.048
84,643
275,630
962,467,628 1,070,548,993
—
—3.5
+ 32.2
+ 19.9
+ 23.8
+ 20.0
—1.8
—20.2
+ 24.2
—16.8
+ 55.6
—17.4
+ 27.1
+ 225.6
10.1'
—
—2.0
S
509,833.719,
1917.
82,2761
504,136,685
42,349,875
85,267,361
55,246,121
30,722,136
15,569,368
10,902,100
12,364,208
6,742,143
4,585,922
3,336,125
4,493,525
2,039. 17S
1,503,271
4,383,443
6,907,000
1,625.413
651,875
1,038,471
1,129,845
3,747,634
920.213
969,463
1,340,071
1,399,576
700,000
656.924
542,939
1,155,823
306,853
350,324
117,411
842,132,8861
807,261,296
58,154,616;
89.152,638!
62,200,292
29,544,253:
19,341,000,
11,855,400
10,457.634;
4,527,753
5,183,768
4.859,760
4,851,665
2,002,597
1,434,536
4,984,861
5,086,000
2,026,7091
750,000,
1,440,586
1,165.539
2,972,670
1,148,356
1,123,744
1,420,723
1,941,375
1,103,481
743,293,
774,587
1,118,8181
545,443]
304,764
-6.9!
137,956,697
46,317,000 + 40.2
45,034,994 —29.3
36,343,854 —12.7
18,285,233 —19.1
—6.6
11,293,983
5,399,904 —20.6
9,898,158 —22.2
2,500,000 + 25.8
4,645,213 + 28.7
1,502,771 + 14.3
2,099,396 + 239.0
3,327,254
+ 7.5
1,816,000 + 27.4
1,405,175
4.3
858,911
—0.6
1,739.408 + 55.3
Not Included In total
330,484,611
10.
Inc. or
%
Chicago
Section
NO. 2873
17, 1920
Clearings at
Terms
Railway
State and City Sectioij
Bankers' Convention Section
Railway Earnino;s Section
VOL.
&
117,931,893
31.103,000
36,300.020
24,357,066
12,402,767
8.300,000
5,297,142
6,781,046;
2,400,000
4,215,030,
1,089,586
1,939,297
2,000,469
1,264,534
725,000
600,000,
1.144,856
99.837,304
31,733,000
25,104,881
16,441,949
13,273,027
5.200,000
3,244,558
5,702,249
2,497,300
3,693,423
1,148,301
1,963,690
1,714.379
950,000
643,195
600,000
746,981
258,098,378;
214,494,837
192,704,530
68,582,185
45,945,729
37,139,205
17,788,076
13,379,903
10,251,486
9,457,154
12,938.109
7,133,409
4,080,076
3,577,999
965,995
2,500,000
1,107,051
2,173,529
1,910,900
1,300,000
1,449,147
690.5S0
029,151
1.036,184
—3.9
200,424,109
40,879,165 + 67.8
53,552,874 —14.2
20,876,031 + 77.9
—5.3
18,774,307
12,437,036
+ 7.6
—9.0
11,262,278
12,050,000 —21.5
12,895,452
+ 0.3
5,786,583 + 23.3
5,398,533 —13.3
3,468,269
+ 3.1
1,178,611 —18.1
—3.6
2,594,124
739,647 + 57.9
3,525,592 —38.4
—4.5
2,001,809
1,787,194 —16.1
1,375,206
+ 6.1
775.600 —11.0
723,048 —13.0
1.380,199 —24.9
189,096,268
27,955,586
51,659,598
15,152,305
143,019,337
26,941.921
31,972,723
14,820,210
15,022,620
14,060,983
7,852.722
6.455.634
6.303,395
4,529.888
4.025.439
3.395,577
891,503
2,337,963
647.977
1,805,214
2,780,193
2,357,490
1,104.779
700,684
404.817
1.257.153
437,601,1181
413,885,8471
+5.7
370.392.188
292.688,227
128,121,410
52,270.727
22,150,226
20,820,708
5,102,800
48,195,256
17,803,772
10.632,398
48,554,034
19,078,387
6,595,545
10,215,807
18,998,412
3,000,000
10,041,745
7,693.593
2,378.336
2,990,047
4,200,000
9.000,000
9,242,121
6,000.000
1,200.000
426,136
660.660
10,811,098
4,272.491
29,778,501
3,815,038
520,001,368,
167,703 ,980 —23.6
59,407 .468 —12.3
16,811 ,075 + 31.8
15,000 ,000 + 3S.S
6,830 ,541 —25.4
—5.7
51,094 ,821
13,032 ,888 + 30.7
19,100 ,963 —13.2
54,641 .485 —11.1
14,800 ,924 + 2S.4
7,541 .481 —12.6
9.107 ,061 + 13.3
12.154 ,644 + 56.3
2.791 ,158
+ 7.5
7.340 ,783 + 36.7
5.121 ,882 + 50.2
2.012 ,704 + 18.2
4.131 ,238 —27.5
4,000 .000
+ 5.0,
-6.4
9.510 ,110
7,414 ,.._
02 +24.7
2,000 ,000 +200.0
3,000 ,000 —60.0
404 ,057
+ 5.4
492 ,706 + 34,1
8.464 ,008 + 27.7
2,407 .652 + 77.6
26,172 .140 + 13.8
3,146 .503 + 21.3
144,73-i,887
49.284,539
24.150,024
10,579,843
4,545,679
44.297,302
12,947,483
10,501.537
40,289,664
14,770,815
5,093,004
8,495,674
4,080.161
2.6S4.667
4,789,623
4.269.498
1,550,268
2,545.207
3.500.000
9,312,358
5,339,976
1,800.000
2,648,823
348,146
718,607
11,411,648
2,104,492
16,559.032
2,001,391
135.421,283
34.558,718
21,334,873
11,500,000
5.600,000
27,203,080
11.701,432
10,553,736
27.724.296
9.113.396
6,399.599
6.293.365
3.106.631
2,618.304
3.596.888
3.763.525
1,410.059
1,808.147
3.240,257
7.153.772
3.596.908
1,500.000
1,750.000
3S0.1S7
504.009
6.708.206
1.573.052
12.136.297
1.716.099
536,366.034
445.430.453
364 .024. OSS
7 185.460.2,52 8,328,307.1521
OutsldoN. Y.. 3 364.794.426 3..500.2S2,242l
-30,
17,196,660,
15,193,252!
9,910,122!
8,661,472'
10,710,858,
4,264,057
4,186,554
3.000,000,
749,997
1,970,305
728,3491
1,900,000
2.490.789
1,914,173
1,412,672
770,397
400.556
1,085,330
-13 7 6.353.882,055 6.246,502.181
-4
1
2.959,9.13,124 2.517.S72,.53a
THE CHRONICLE
2%Z
(Vol. 111.
"News,") will require a quite material rate increase;
more fully put, the fact is that to rehabilitate the
THE FINANCIAL SITUATION.
The railway rate hearings have reached their roads and put them in condition to render their indisclose, and the only remaining question is what ad- pensable service upon which everybody and everyvance (and how distributed) will yield the promised thing depends will be all the burden the country
Yet this ought to assume.
rate of return on the propert}'- investment.
in
significance
if
qualification,
some
Observe next, that while this is really a burden,
statement needs
not in form; this is not the "only" q uestion remaining, since it will inevitably express itself in somewhat
for the larger and farther-reaching question is the higher costs of production and handling of all comextent of the wage advances that will be granted, modities, it is not without an encouraging offset; for,
and the additional burden that must be laid upon as the "Chronicle" has many times pointed out, no
the country in order to carry that wage advance and burden can be so crushing as a lame carrying syistem
still fulfil the contract made with the public by
and the increased efficiency of our roads will very
the law of last spring. We say "the extent of the considerably counteract the burden of higher rates.
advances," for the press dispatches all say "it is
But and this is the next inescapable fact the
substantial
increase
will
that
be
accepted
a
generally
addition to pay-roll, be it more or less, will be eco-
—
—
granted."
It
may
may
fall
be unavailing.
upon
It
may
be too
late.
It
ears closed to everything except clamor
Yet
and an imagined political and partisan necessity
the "Chronicle" must protest, once more, against a
renewal of the old time-worn assumption that "some"
advance is to be awarded as a matter of course, and
also against granting any increase at all at present.
.
The men demand
they are insatiable, as always. They are impatient of even taking time for
inquiry, because that means some delay, and they
have said so, in their usual threatening manner.
With an unwonted thought about public opinion,
they now want the entire new expenses covered into
one unseparated rate advance, so that the portion
which immediately represents the rise in payroll will
not attract attention and will be less exposed to critiTheir leaders say the men are restive, and
cism.
the famihar old
are "held back with difficulty"
This is 1920, and the great struggle for conthreat.
Four years
trol of the country is rising in intensity.
ago the date was 1916, and nobody ought ever to
forget what occurred then, since nobody (not even
the railway employees) has yet been able to escape its
it,
for
—
dire consequences.
It is
not necessary, and would not be helpful, to
go again over the figures in this matter or even to
enlarge upon the points they emphasize; let us make
it brief
distinct,
and simple
for
in statement, yet let us
plain though
make
it
parliamentary language
the occasion.
A halt of transportation generally (what the threat-
fits
eners periodically call a "tie-up") would approximate
nomically non-productive. That is, it will further
lift the cost of living, for it will largely be spent
unthriftily and will not increase efficiency; it will even
tend to decrease that, since the demand is the usual
one of more wage with less work.
The "Chronicle" will not use space for what ought
to be an unnecessary disclaimer of any hostility to
any lack of friendliness for it.
Faithful are the wounds of a friend, and the "Chronicle" is a far truer friend to the Brotherhoods and to
labor, in
all
any
field, or
who constantly
Their own inability to
labor unions than are the leaders
and harmfully delude them.
see that they are fighting laws as
immovable
as the
overhead and are trying to attack the country
of which they are an inseparable part (and imagining
they can strike without stern consequences striking
back) does not in the slightest degree change or
It ought also to be unnecessary to
mollify the fact.
insensible to the perilous results
not
are
we
say that
stars
any further carrying troubles, for only a fool
could regard those lightly. But the alternatives are
grim and implacable. There should be no wage adof
vances at this time, let whatever follow. Any
notion that any wage advance can "definitely settle"
the matter and bring "an end to labor unrest" is
weak almost to imbecility; one might as well expect
The line of halt
to drown a fire by pouring oil on it.
Shall we rally
adhered
to.
and
be
must be drawn
ourselves to do that now or shall we try another
turn or two of that upward spiral first ? Does a bad
habit cure itself by renewed indulgence?
It is for the American people to concern themselves
about their railway property and conserve it. If it is
—
atmosphere from respira- not conserved and strengthened, their woes will
They have endurance enough to
tion; but it would affect the threateners as seriously surely increase.
and quickly as anybody else, and therefore they will bear additional loads, let us suppose; yet, why assume
in effects a withdrawal of
we
are accustomed
to, and we suffer under them, because, thus far, the
men sworn to enforce the laws have not had the grit
to proceed against conspirators as the law provides,
threaten only.
Partial stoppages
them?
Gold'mining results in the Transvaal for June 1920
exhibit a very satisfactory gain over May with its
and because public opinion has not rallied sufficiently greater number of daj^s, and they were in fact the
to see that they do so. This is one bit of the plain best of any month since October last, while at the
speaking fit for the time. The estoppel of these same time showing a fair augmentation over the
This is a gratipartial interferences with transportation is within corresponding period of last year.
whether
it denotes
reach, when the American public is ready; the spirit fying outcome so far as it goes, but
that is a turn in the tide and a promise of still better returns
of Calvin Coolidge and Ole Hansen is needed
all.
later on, or is simply exceptional, the cable bringing
Every industry and interest in the country and the figures of outturn does not indicate. All pretherefore every person in it is now suffering more vious returns for 1920 recorded diminution as comor less from inadequate transportation, which comes pared with a year ago, and accordingly the yield
from insufficient physical equipment more than from of the metal from the mines for the six months ended
any other cause. Now, for the first stern fact to be June 30 was less than in 1919 and well below any
Specifically,
considered, to make good this equipment lack (quite preceding similar period since 1914.
fine ounces
715,927
forcibly set forth by Mr. Hanson of the Birmingham production in June 1920 was
—
—
—
July 17
1920.]
THE CHRONICLE
702,379 fine ounces in 1919 and 727,096 fine
ounces' in' 1918, and for the six months the produc-
ao'ainst
tion,of the Transvaal at 4,104,846 fine ounces compares .with ^4, 14 7, 484 fine ounces and 4,256,334 fine
ounces, respectively, one and two years ago, 4,631,867 fine'ounces in'jl916 and 4,640,430 fine ounces in
—
the high record.
It is to be noted, too, that
1913
Rhodesia, West"^ Africa, &c., are also running behind
last year fin output, making the output for Africa
as a whole for the half year moderately under that
323
Government made it emphatic, nevertheless,
that "in signing the protocol Germany did not give
her consent to further occupation of German terrihis
tory, which could only be given
by the Reichstag."
Premier Lloyd George as spokesman for the Allied
representatives at the conference said in reply:
"We
do not ask your agreement to the penalties we reserve
the right to take in the case of non-execution of your
engagemets.
We
simply warn you of our intentions.
It is notification we have given you, purely and
reports
Australasia
also
continued
consimply, of the measures you may expect if you do not
1919.
of
disarm under the conditions specified.
traction in yield.
To these
conditions we ask your acceptances, so as to adopt
them
with common accord. To sum up, the penalties
The original understanding was that the Spa
conferencelwould "close last Monday. Premier Mil- are for the Allies alone, while we are making disarmalerand of ^France let it be known that he had a press- ment a two-sided matter."
With the disarmament question out of the way,
ing engagement in Paris that would make it imposthat
of the trial of war criminals in the German
longer.
Lloyd
George
said
was
sible for him to stay
Karl Heinze,
to have agreed to bring the deliberations to a close courts was taken up by the conference.
Although one important question after German Minister of Justice, was asked what had
that day.
He replied that
another was taken up as rapidly as possible, the been done regarding this matter.
progress that was hoped for was not realized and "the Allies have given the Germans considerable
announcement was made in cablegrams made public trouble, owing to the fact that many of the names
here Tuesday morning that the conference would be submitted by them had been spelled incorrectly and
Premier Mil- that the evidence they had supplied was insufficient."
continued until yesterday or to-day.
lerand was quoted as saying Monday evening that He added also that "many of the persons accused
"I am not returning to Paris for the National Fete had changed their addresses and it was impossible
Premier Lloyd George is said to
I am going to stay and fight this thing to locate them."
of July 14.
Announcement was made also that orders have demanded then with great severity of tone
out."
for special trains that were to leave Monday evening how many criminals actually had been arrested.
and Tuesday morning, carrying the various Premiers Herr Heinze is reported to have replied "None," and
and their respective staffs home, were canceled. to have added that "German magistrates did not
Up to the time that last week's issue of the "Chron- consider the evidence sufficient to justify them in
According to the accounts of
icle" went to press, only meagre information had issuing warrants."
been received here relative to the signing by the that session of the conference a lively tilt then ensued
Germans of the disarmament agreement presented between the British Premier and the German Minister
by the Allied representatives at the Spa conference. of Justice. The former was reported to have said:
The first advices simply stated that the signing took "I wish to deny the accuracy of the German deducI hope this does not mean that the German
place Friday forenoon and that the signatures were tions.
The dispatches received the Government expects the Allies to abide by the exaffixed under protest.
next day (Saturday) contained more or less detailed pression of opinion of the German magistrates, which
It seems that I consider entirely unwarranted."
Dr. Simons was
accounts of that important event.
the protest was over the threat of the Allied diplomats said to have come to the rescue of his associates and
to invade the Ruhr district in the event of the Ger- to have declared that "Herr Heinze had not expressed
mans failing to live up to the disarmament terms. his meaning quite distinctly." After a little Lloyd
The accounts stated that Chancellor Fehrenbach for George appeared to have been "somewhat mollified"
the Germans was the first to sign the agreement, and to have asserted that "it was to Germany's
and that he was followed by his associate Dr. Walter interest to clear herself in the eyes of the world by the
Simons, who apparently is an exceedingly clever trial of those criminals and that such action would be
diplomat and negotiator. Then came Premiers proof of repentence and change of heart." Observers
Lloyd George and Millerand, Viscount Chinda of at the conference were reported to have expressed
Japan and Earl Curzon.
the opinion that "the conference is a dual between
Dr. Simons, addressing the conference, claimed Lloyd George and Dr. Simons. In the opinion of
that "under the German Constitution the Govern- many competent judges, the skilful British Premier
ment could not consent to a modification of the has at last met his master." It was added that "Dr.
Treaty of Versailles without the approval of the Simons has been clever enough not only to wipe
Reichstag."
Lloyd George in reply declared that out Germany's failure to carry out the measure of
"there was no need for the Germans to ask the disarmament called for, but to get an extension of
approval of the Reichstag before signing, as the proto- six months. It now remains to be seen whether he
col drawn up last January gave the Allies the right can manage to wiggle out of compliance with the
to take such steps as were now contemplated in the demands likely to be made on the subject of reparaevent of non-fulfillment of treaty terms." Contin- tion."
uing to outline the position of the Germans as he
At the afternoon session a week ago yesterday the
saw it, the British Premier said that "Germany is coal question was taken up.
An ultimatum was
placed under no new obligations by the present delivered by the Allies to Germany "to the effect
agreement." He added that "the first report on the that in the future she must give priority to the
manner in which they were executing it will be supply of coal due to the Allies under the treatj-."
required on Sept. 1, and that gives the Germans Announcement was made that "a second Allied body
two months in which to collect arms while they still is to be created in Berlin for the purpose of examining
have soldiers to do so." Dr. Simons on behalf of the coal operations and giving information about ah
THE CHRONICLE
2U
[Vol. 111.
movements." Speaking in behalf of the Ger- really wishes before the total is announced to the
asserted that German people."
As already suggested, the whole
mans, Under Secretary Bergman
strikes
had
interfered
and
in
the
plan
seemed
hinge
to
largely on the coal question.
troubles
"interior
coal
past with the required delivery." Premier Millerand
for the Allies rephed that "Germany had delivered
He
only 51% of the required regular dehveries."
charged also that "although Germany had not
fulfilled the treaty, she had contracted to supply
coal abroad and had sold 35,000 tons to Switzerland
and contracted for 80,000 tons to Holland." Dr.
Simons
in replying for
Germany asked
"if
the con-
imposed or whether they could be disPremier Millerand replied that "the
cussed."
conditions were the demands of the Allies, but the
Germans would be permitted to discuss details."
The Germans then made it known that they would
outhne their position at the session of the conference
ditions were
The Germans asked for a further substantial reduction
in the amount to be furnished to France at regular
and Premier Millerand replied that his
country "would not consent to any such reduction
of coal as the Germans asked."
It developed at
intervals
Sunday's session of the conference that the special
committee of Allied and German experts that
was appointed to study the coal situation found
that "it was impossible to agree about the amount."
In the course of a long discussion on the coal
question and that of reparations, the
—
German
repre-
be known in fact it was stated
specifically in their plan
that "the German Government considers that it has already paid not only the
sentatives let
it
—
20,000,000,000 gold marks called for by the treaty
by May 1 1921, but a much larger amount, according
the following day.
The dispatches received here from Spa Sunday
morning stated that as a result of the presentation to its account."
of their i^osition on the coal question, the Germans
"won further concessions from the conference in an
The Allied Premiers met privately at 10:30 o'clock
agreement to have German and Allied experts con- Monday forenoon to discuss the reparations proposals
sider the coal question,"
The Associated Press cor- of the Germans. Inasmuch as they were unable to
respondent in outlining the events of the day at the finish their w^ork in time for the general conference
conference declared that "it was another day marked which was called for 11:30, the German representaby forceful language, the presiding officer. Premier tives were informed that "the full meeting had
Delacroix of Belgium, interrupting Hugo Stinnes, been postponed until afternoon."
The Associated
the German coal operator, in his presentation of the Press correspondent at Spa cabled that "the Allied
situation, when he referred to those 'affected with the Ministers, it appears, are not very favorably imdisease of victorj^'".
Herr Stinnes and Otto Hue, pressed by the German reparations plan." He added
President of the
German Miners' National
Associa-
were charged with having been the cause of
most of the forceful language on the part of the Allies'
representatives.
Their statements were unvarnished
and Herr Stinnes is said to have created an unfavorable impression when, contrary to the custom of the
conference, he stood while speaking, and in doing so
said:
"I stand because I want to look my advertion,
saries in the eyes."
The German and
Allied repre-
sentatives differed materially over the figures regard-
ing coal production in Germany that were presented.
Toward the end of the session the dispatches state
that the impression created by Herr Hue was more
favorable and that to his arguments was due largely
the decision that "AlHed and German experts should
consider the question of coal deliveries."
Monday's advices stated that at first the German
plenipotentiaries declined to submit a reparations plan
would be useless to do so
because of the coal demands set up by the latter.
They finally did hand in their plan Sunday night.
The correspondent of the New York "Times"
declared, however, that "the proposals in the plan
make no definite offer but present a comiDlicated
system of payments in^kind through organization of
German industries and the establishment of an interto the Allies, claiming that
it
national syndicate for the re-building of devastated
France." He added that "the cost would be paid
eventually by Germany." More specifically the
plan of the Germans asked that "the Allies fix the
total of indemnity to be paid in annuities extending
over not more^than thirty years, this total to be
subject to acceptance by Germany."
It was further
stipulated that "goods delivered or reparation made
would be credited against this total at world market
prices at the time of delivery."
The correspondent
stated, furthermore, that "the German proposals
call
for steady and intricate calculations. This
would give the German Government the delay it
understood that the German delegates
another plan, or amendment, of
greater importance than the plan submitted
that "it
had
in
much
is
reserve
The Spa dispatches Tuesday morning
on Sunday."
stated that "the Allies served an ultimatum upon
the
German
this
agree
to
delegation to the conference here late
[Monday] afternoon that the Germans must
by three o'clock to-morrow [Tuesday] afternoon
deliver
to
the
Allies
2,000,000
tons
of
coal
monthly." The Germans had maintained in their
previous discussions of the matter that they could
The disnot supply more than 1,100,000 tons.
ultimatum
furthermore,
that
the
patches related,
included a threat that "otherwise the AlHes wiil
take measures to enforce the terms of the Versailles
Treaty." The advices received from Spa Tuesday
afternoon made it known that the Germans had
succeeded in obtaining another concession, inasmuch
as it was stated that "the Allied Prime Ministers
have decided not to insist upon the Germans rephdng
to the Allied ultimatum regarding coal dehveries
It was added that
at 3 p. m. to-day" [Tuesday].
"the Germans will be permitted to defer their reply
until to-morrow."
According to Wednesday morning's cablegrams regarding the Spa conference,
nothing was accomplished by the further negotiations.
The correspondent of the New York "Times"
asserted that "confronted by the impracticability
and obstinacy of the Germans, the Allied statesmen
suspended the conference at 6 o'clock to-night
[Tuesday] and summoned Marshal Foch and Field
Marshal Sir Henry Wilson to come at once to Spa in
order that steps may be taken to try and convince
He
the Germans that the Allies vron the war."
added that "in the meanwhile the German delegation is to remain here, probably to receive an ultimatum from Foch." This correspondent went so far
as to assert that "all chance of agreement upon the
amount of the German indemnity and method of its
r
July 17
THE CHRONICLE
1920.]
payment has now
have refused to
practically vanished.
make any
offer at all
The Germans
and there
is
nothing left for the Allies to do except adjourn all
In
matters or set their figure and stand by it."
what
occurred
Tuesday
detail
at
relating somewhat in
afternoon's session of the conference the "Times"
correspondent said that it "broke up on the question
part of the reparations
problem." He stated also that "the technical point
on which the impasse was reached was the fixing of
of coal,
which in reality
a figure for the
is
amount
of coal delivery."
Con-
335
Herr Simons was quoted as having said after the
terms had been submitted that "the German Ministry, in the decision on the coal question, had gone
to the utmost limit and could do nothing more." So,
that "if Marshal Foch and Field Marshal Wilson still
wanted an invasion ol Germany they must have it."
The Foreign Minister was said to have sent a letter to
Premier Lloyd George in which he "set forth the
German
some detail." The conditions
stipulated by the Germans were considered at a
session of the Spa conference called originally for 11
o'clock Thursday forenoon, but which was postponed until 3:30 in the afternoon. Following the
latter gathering a formal statement was not issued,
but it developed that the Germans had agreed to supply 2,000,000 tons of coal a month for six months
from Aug. 1 next. The Allies stipulated, on the
other hand, that "if by Nov. 1 the Germans have
position in
problem is larger.
This is the attitude of the German Government."
The correspondent of the New York "Tribune" in
giving his account of the session said that Premier
Delacroix of Belgium, in dismissing the conference
"announced that if the Germans were wanted again
they would be sent for."
Premier Lloyd George received Dr. Walter Simons, not delivered 6,000,000 tons of coal the Ruhr basin
The
the German Foreign Minister, Wednesday afternoon, will be occupied automatically on Nov. 15."
Associated
on
their
according
to
an
Germans
asked
also
cash
payments
request,
"for
latter's
at the
The British Prime Minis- deliveries of coal of the difference between the inland
Press dispatch from Spa.
ter is reported to have "told him emphatically the price and the world's market price, the balance to be
He is said to have added placed to their credit by the Reparations CommisAllies were not bluffing."
that "the Allies intended seriously to take measures sion, according to the terms of the treaty of VerThe Allied proposal was "to allow five
for enforcement of execution of the Versailles Treaty, sailles."
modified
terms
Allies'
meet
the
marks gold a ton to be added to the pithead price
unless the Germans
Informal conferences were held to pay for the cost of screening the coal into different
regarding coal."
during the afternoon Wednesday "in an effort to sizes, which premium is to be applied to the purchase
compose the differences between the Germans and of food for the miners. In addition to this the Allies
the Allies over the question of coal deliveries by Ger- will make an advance of credit of the difference bemany, and to prevent a break-up of the conference." tween the German inland price of coal and the wrold's
The Associated Press dispatch stated also that "no market price." The Spa corresopndent of the New
disposition was shown by Chancellor Fehrenbach and York "Times" estimated that if the credit arrangeForeign Minister Simons during the forenoon to yield ment were adopted, the Germans would get a credit
to the Allies on the question of coal deliveries." of $100,000,000 for the six months period, or $200,They did yield, however. Cablegrams received from 000,000 a year. Premier Lloyd George and others
Spa Thursday morning stated that the Germans at at the conference were quoted on Thursday as having
11 o'clock the night before "notified Premier Lloyd expressed themselves hopefully over the outlook for a
George that they would accept the Allies' coal terms complete adjustment of the coal problem.
calling for deliveries of 2,000,000 tons monthly."
Dr. Bonn was said to have been delegated to take
A Spa dispatch last evenig stated that "the GerCommenting
the message to the British Premier.
man reply to the Allied ultimatum on coal deliveries"
upon this outcome of a seemingly critical situation, was not presented at 11 o'clock in the forenoon as
the Spa correspondent of the New York "Times" originally arranged, and that the Germans sent word
said that "the German Cabinet backed down after it that it would not be ready until 4 o'clock in the aftertinuing, he
said,
"but the
real
heard of the Allied decision to serve Chancellor
Fehrenbach to-morrow [Thursday] with an ultimatum to accept the Allied terms or the Ruhr basin
noon.
Just
before
entering
a
conference
at
the
hour they were said to have announced that
they "agreed in principle with the terms submitted
latter
would be occupied immediately." The Associated to them by the Allies as to Germany's deliveries of
Press correspondent said that "before the Germans coal, but will ask for the explanation of certain
made known that they had yielded to the Allied articles in the Allied note." The dispatch added that
demands the Supreme Council had decided to ask apparently the thing that was standing in the way of
the American Government to join in the occupation acceptance by the Germans of the Allied terms was
of the Ruhr," and added that "all details had been the clause providing for occupation of the Ruhr
arranged for the movement of troops." The dispatches from Spa received Thursday afternoon contained details of the conditions on which the Germans
yielded, and which were "embodied in a note which
was laid before the Allied Premiers this [Thursday]
noon by Premier Lloyd George." The chief features
of the conditions were that "the German Government is to have the distribution of the Silesian coal,
or be allotted 1,500,000 tons monthly for Northern
Germany, instead of the present allotment of 1,200,000 tons. The appointment of a mixed commission
to be sent to Essen to examine food and housing conditions.
The AlHes te be asked to advance money
Valley unless coal deliveries
6,000,000_tons by Nov. 1.
reached
a
total
of
Saturday the dispatches from Spa
indicated that the Allies might agree to help Poland
As early as
last
In fact, the
information was conveyed in one cablegram from the
conference centre that Marshal Foch had held a
conference with the head of a Poland delagation on
The dispatches from Spa that
this very matter.
became available here Monday morning contained a
statement issued by the Allied Supreme Council
"in her fight against the Bolsheviki."
or provide credit for importing food for the entire
the night before in which the announcement was made
that "Poland has asked Alhed intei-vention, saying
German population."
that
unless she gets assistance her situation
will
THE CHRONICLE
336
become very serious."
The statement
also set forth
[Vol. 111.
that "indications are that the question will be raised
summer recess, regarding
how the executive functions will be performed
that "the Alhes had, therefore, sent to Moscow a
proposal to the Soviet for an armistice between Poland
in Parliament before the
and Eussia, subject to the condition that the PoHsh
should President Deschanel's attack of neurasthenia
continue much longer." In some of the dispatches
the assertion was made that it might be necessary
to elect a new President as well as a Vice-President,
and it was reported that the opinion existed in some
French political circles that President Deschanel
would soon resign.
behind Poland's legitimate boundaries."
The further assertion was made in the statement that
"should the Soviets refuse an armistice and attack
the Poles within their proper boundaries the Allies
Coupled with this
will give Poland full assistance."
behalf
in
of the British
statement was another issued
Government which briefly said that "there is no
foundation for the rumor that Great Britain intends
In another
to make separate peace with Russia."
dispatch it was set forth that "the terms call for a
commission to meet in London and fix the Russian
Polish boundaries."
The advices from day to day regarding the military
operations between the Bolsheviki and the Polish
forces seemed to indicate aggressiveness by the former
and a disposition on the part of the latter to retreat.
That the Poles felt they were getting the worse of it
was evidenced by the reports that they had asked
the Bolsheviki for an armistice. In a cablegram
from London under date of July 12 it was said that
"further official confirmation was given to-day that
the Allies had made proposals to the Russian Soviet
Government for an immediate armistice on equitable
terms between Poland and Russia." It was added
that "the confirmation was given in the House of
Commons by Andrew Bonar Law, the Government
spokeman," who read a copy of the note to the
He w^as reported to have "also
Soviet Government.
declared that the Soviet Government had accepted
Great Britain's terms for a resumption of trade between Great Britain and Russia." The advices from
Warsaw for several days indicated that the City of
Minsk was likely to be captured soon by the Bolshetroops retire
The political situation in Ireland continues to be
very much disturbed. In a cablegram from Dublin
early in the week it was asserted that "evidence is
up indicating that the newly organized Sinn
Fein courts rapidly are superseding in power the
Crown tribunals." In other advices from the same
centre it was asserted that "there has been no relaxation during the week end of the extraordinary
military precautions by which Dublin is surrounded,
piling
with barracades on
all
the roads entering the city."
From Belfast came the statement at about the same
time that "this city is stiff with troops and encircled
by naval and military forces, all arrayed to keep
to-morrow's Orange celebration within bounds."
Subsequent dispatches estimated that "20,000
Orangemen paraded in celebration of the anniversary
of the Battle of the Boyne," but it was added that
"no disorders were reported." The special Trades
Union Congress held a few days later in London, by
a large majority vote, "adopted a resolution introduced by the Miners' Federation, demanding the
withdrawal of all the British troops from Ireland and
the cessation of the manufacture of munitions to be
used in Ireland and Russia." Sir Edward Carson,
Ulster Unionist leader, in an address to the Orangemen on the occasion of their celebration "charged the
British Government with failure to govern Ireland,"
and declared that "if the British cannot handle the
situation in South Ireland we will take matters into
our own hands."
According to all the advices from Dublin and Lon-
Announcement was received here from
London on Tuesday afternoon that this actually took
place last Sunday morning. Minsk is the capital of
the Russian province bearing the same name and is
situated approximately 250 miles northeast of Warsaw. Later advices from London stated that the un- don for several weeks the railroad situation in Ireland
official and official news received there indicated that has been acute because of the refusal of railroad
the Poles were retreating along the whole battle line. employees to carry any sort of war material. In a
In a dispatch from Spa Wednesday afternoon it was dispatch from Dublin dated July 14 the assertion
claimed that "Premier Lloyd George has received a was made that "the railway situation in Ireland was
vist forces.
message from the Russian Bolshevik officials accepting the proposal of the Allies for an armistice between
the Poles and the Bolsheviki." This was confirmed
by dispatches received from various European centres
Thursday morning. The London "Times" received
a dispatch from Kovno on Thursday that "the Bolskiviki occupied Vilna Wednesdsay afternoon without
opposition." According to earlier advices from
Warsaw women soldiers had taken up positions for
never so grave from the Government's point of view
as to-day, when the workers refused to move freight
trains carrying any sort of war material, and Sinn
Feiners kidnapped five
men who
offered
to
move
had declined." Nearly every
day all week fresh reports of disturbances in Ireland
came to hand. On Thursday afternoon a Dublin
dispatch told of the raiding by 50 men of the General
Post Office in that city and stated that the raiders
the defense of that city.
"carried off all letters directed to Dublin Castle, the
Vice-Regal Lodge, the Chief Secretarj'- and the Under
While naturally the French authorities have said Secretary of the Irish Administration." This was
as little about the matter as possible, it has, been only a sample of what happened in other places.
apparent ever since President Deschanel fell from
The British Treasury statement of national financhis train several months ago when taking a brief
trip from Paris, that his health was far from satis- ing for the ten days ending with July 10, shows a
factory. The advices this week have declared that substantial increase in income over outgo, with the
recently he has not been as well as for a time after result that the Exchequer balance gained £427,000
the accident, and it has been claimed that there was and now stands at £3,051,000. Expenditures for
fresh agitation as to the advisability of creating the ten-day period were £24,458,000, and the total
"the office of Vice-President, which does not exist outgo, including Treasury bills, advances and other
under the French Constitution." The correspondent items repaid, was £220,089,000. The receipts from
in Paris of the "Sun and New York Herald" said all sources, on the other hand, were £220,516,000.
trains, after the others
July 17
THE CHRONICLE
1920.]
revenue brought in £29,573,000,
savings certificates £1,250,000 while £17,600,000
was obtained from advances. Sundries yielded
Sales of Treasury bills were exceptionally
£783,000.
Treasury bonds issued,
large, totaling £170,670,000.
however, were only £640,000. Owing to the fact
that new issues of Treasury bills far exceeded the sum
repaid. Treasury bills outstanding have expanded
In temporary advances there
to £1,078,629,000.
has been an expansion to £311,991,000. The
floating debt now stands at £1,290,620,000, which
compares with £1,558,676,000 twelve months before.
Of
this latter total,
Official
discount rates at leading European centres
5%
in Berlin, Vienna,
continue to be quoted at
Spain and Switzerland; 5}/2% in Belgium and Nor-
way;
6%
in Paris,
Petrograd; 7% in
43/^% in Holland. In
227
were registered
@
.
been able to ascertain, of private discount rates at
various
items
as
follows:
discounted,
25,296,000
116,143,000 francs.
On the other hand, advances were reduced 21,151,000
francs and general deposits fell off 213,804,000
francs.
The comparatively small contraction of
114,630 francs occurred in note circulation, bringing
the total outstanding down to 37,574,401,370 francs.
This contrasts with 34,976,725,280 francs at this
time in 1919 and with 29,111,095,595 francs in 1918.
On July 30 1914, just prior to the outbreak of war,
the amount was only 6,683,184,785 francs.
Comparisons of the various items in this week's return
with the statement of last week and corresponding
37,000
francs;
and Treasury
francs;
bills
deposits,
dates in 1919 and 1918 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Bombay and
London and Sweden and
London the private bank rate has not been changed
6 11-16% for sixty and ninety day
from Q}/2
Money on call in London has ranged from
bills.
No
to
5%, comparing with 6%% a week ago
^/4%
reports have been received by cable, so far as w^e have
the
in
silver,
—
Changes
—
for Week.
Gold Holdings
Francs.
In France
..Inc.
92,058
Abroad
No change
Total
...Inc.
Inc.
Silver
Bills discounted
Inc.
Advances
Dec.
Note circulation. .Dec.
Treasury deposits. Inc.
General deposits.. Dec.
July 15 1920.
Francs.
-Status as of
July 17 1919.
Francs.
July 18 1918.
Francs.
3.610,325,492
1,978,278,416
3,588,011,185
1,978,278,416
3,393,606,282
2,037,108,48*
92,058 5,588,603,908 5,556,289,601 5,430,714,767
37.000
245,383,495
301,206,364
269,949.37225,296,000 1,372,122,298
847,290,048 1,129.084,935
21,151,000 1,895,614,000 1,268,338,153
926.765.58S
114,630 37,574,401,370 34,976,725,280 29,111,095,595
116,143,000
228,895,000
90,178.417
172,409,470
213.804,000 2,937,823,894 3,060,097.491 3,890,644,104
other centres.
statement, issued as of June 30, the Imperial
Germany showed some of the most sensational changes yet recorded.
Bills discounted registered an increase in the huge sum of 13,798,117,000
marks, while deposits gained 11,834,185,000 marks.
Gold increased nominally 3,000 marks, with a small
loss in coin and bullion of 190,000 marks.
Treasury
In
The Bank
its
England announced another large gain
in gold, in round numbers £2,131,795, which brings
the total gold stocks of the institution up to £122,In the corresponding week of 1919 the
889,497.
total was £88,703,675, and £66,498,872 a year
earlier.
Owing to a gain in note circulation of
£1,494,000, total reserve expanded only £648,000,
Bank
although
circulation
of
of
were expanded 758,960,000 marks and
2,318,602,000 marks. There
was a decrease in notes of other banks of 887,000
marks, in advances of 4,454,000 marks, in investments of 17,518,000 marks, in securities of 395,150,000 marks and in general liabilities of 13,909,000
marks. The German Bank reports its gold holdings
ties)
were contracted £5,272,000. The total of at 1,091,634,000 marks, which compares with 1,116,reserves is now £17,092,000, as against £28,257,025
400,000 marks in 1919 and 2,346,200,000 marks the
a year ago and £29,580,097 in 1918.
Circulation year previous to that. Note circulation has reached
amounts to £124,238,000, which compares with the huge total of 53,975,286,000. A year ago it
£78,896,000 and £55,368,775 one and two years ago, stood at 29,968,360,000 and in 1918 12,510,360,000
respectively.
Loans aggregate £78,622,000. Last marks.
year the total was £82,405,961 and in 1918 £105,527,950.
Clearings through the London banks
Last Saturday's statement of New York associated
amounted to £733,220,000, in comparison with banks and trust companies was somewhat less favor£799,899,000 last week. The Bank's official dis- able, as while the loan item showed a reduction of
count rate continues to be quoted at 7%. We 138,572,000, reserves were sharply cut; the latter
append a tabular statement of comparisons of the chiefly as a result of the contraction of reserve credits
different items of the Bank of England statement: at the Reserve Bank.
Net demand deposits deBANK OF ENGLAND'S COMPARATIVE STATEMENT.
clined $64,281,000, to $4,138,349,000.
The latter
proportion of reserve to liabihty
advanced to 12.44%, as against 12.18% in the week
previous, and 20.54% a year ago.
Public deposits
decreased £215,000, but other deposits were increased
£2,587,000, while Government securities registered
an expansion of £7,014,000. Loans (other securithe
1920.
July 14.
£
Circulation
Public deposits
124,238,000
17,670,000
Other deposits
119,621,000
Government securs. 59,438,000
Other securities
78,622,000
Reserve notes & coin 17,092,000
Coin and bullion.. .122,889.497
Proportion of reserve
tollabllitles
Bank
12.44%
7%
rate.
The Bank
1919.
1918.
1917.
July 16.
July 17.
July 18.
£
£
£
78,896,650 55,368,775 39,517,425
24,914, .069 38,212,040 47,755,170
112,622,742 134.797,874 124,711,196
44,690,806 55,777,632 45,487,661
82,405,961 105,527,950 112.664,895
28,257.025 29,680,097 31,125,125
88,703.675 66,498,872 53,192,550
20.54%
1916.
July 19.
£
35,960,240
58,068,078
86,443,050
42,188,185
80.788,352
39,440,893
56,951.133
17.10%
18.62%
27.25%
5%
5%
6%
France continues to report small gains
the increase this week having been
92,058 francs. The Bank's gold holdings now aggregate 5,588,603,908 francs, comparing with 5,556,289,601 francs last year and with 5,430,714,767 francs
of
in its gold item;
the year before; these amounts include 1,978,278,416
francs held abroad in both 1920 and 1919 and 2,037,-
108,484 francs in 1918.
During the week increases
certificates
increased
does not include Government deposits, which were
reduced to $19,888,000, a loss for the week of $20,203,000, bringing these deposits
down
to the smallest
March 13, at which time they
were shghtly over $18,000,000. As noted above, the
reserves of member banks with the Federal Reserve
Bank were reduced $51,721,000, to $540,668,000.
Cash in own vaults of members of the Federal Reserve
Bank gained $12,902,000, to $101,566,000 (not
counted as reserve) while reserves of State banks and
trust companies in own vaults fell $26,000, to $8,Reserves in other depositories (State banks
591,000.
and trust companies) declined $103,000, to $8,747,Aggregate reserves decreased $51,850,000, to
000.
$558,006,000. Surplus, owing to a contraction in
total reached since
,
requirements, decreased only $43,407,850,
bat this brings excess reserves on hand down to
reserve
THE CHRONICLE
228
[Vol. 111.
amounts. Much of the scarcity is attributed
to the poor showing of last week's bank statements.
In time money there were no offerings to speak of.
Consequently trading was very dull. A few loans
do not include cash in vault amounting to $101,566,- for short periods were negotiated, but these were
000 held by these banks on Saturday of the week for moderate amounts. The range is still 8@8^%
The Federal Reserve Bank of New York for all maturities from sixty days to six months on
preceding.
in its statement showed the reserve ratio unchanged, regular mixed collateral and
83/^@9% for allof
reduction
result
a
in
net
deposits,
industrials, unchanged.
largety as a
Mercantile paper rates continue to be quoted at
besides which the aggregate of Federal Reserve notes
Bill hold- 7/i% for sixty and ninety days' endorsed bills rein circulation was reduced $11,000,000.
somewhat
over
reduced
reivable and six months' names of choice character,
ings were
$10,000,000.
and names not so well known at 8%. High grade
The call money market at this centre went along names were in good demand, especially by country
pretty smoothly at about 8% until Wednesday when institutions, but offerings were light so that transduring the afternoon small loans at 9% were reported, actions in the aggregate attained but small probut the official rate remained at 8%. There was portions.
Banks' and bankers' acceptances, as might be
nothing that could be called a flurry until the following afternoon when loans at 11% were reported. expected, have been less active, and during the latter
Yesterday the renewal rate was 9%, which was main- part of the week transactions showed a marked
tained until the last hour, when loans were made at falling off owing to the flurry in the call market.
8%. Practically no time money is being offered Prime acceptances were in limited supply. Both
and quotations remain unchanged. There is really local and out of town banks were in the market as
little use of attempting to go into a detailed exbuyers at times for small amounts. The undertone
planation of conditions that have resulted in the was firm and rates still unaltered.
Loans on demand
rates for money already noted.
The truth is that for bankers' acceptances remain as heretofore at
conditions
are
these
about the same as they have 53^%. Quotations in detail are as follows:
Delivery
Spot Delivery
been for many weeks. To be sure, the GovernNinety
Sixty
Thirty
wUhin
ment withdrew $22,000,000 of deposits this week in
Days.
Days.
Days.
30 Days
of member banks-..
bid
7
6H®6M 6H@6H 6}i@6
two equal amounts. Naturally this had some bear- EUglblebllla
Eligible bills of non-member banks
bid
7
6Ji@6K 6H@6H 6»A@6}i
ing on the money market here but, as we have so Ineligible bills
7M®6H 7>4@6H 7<6®eyi 7H bid
§10,017,800, which contrasts with last week's total
The above figures for
of more than $53,000,000.
surplus are on the basis of legal reserves of 13% for
member banks of the Federal Reserve system, but
in large
often said, transactions of this character exert only
an incidental influence, as it were. The real causes of
the scarcity and tightness of money are much deeper
seated and much wider in their influence. They have
been outlined in these columns so frequently in
recent months that it is quite unnecessary to even
enumerate them again at this time. Until the volume
of business in this country is on a smaller scale, until
loans that have been tied up in commodities for a long
The Federal Reserve banks
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT JULY 15 1920.
and until the freight congestion is relieved materially
it would seem entirely illogical to look for more than
a temporary ease in money, which would be reflected,
as it has been from time to time in recent months
Discounted bills maturina
within 90 days (incl. member banks' lb-day collateral
—
notes) secured by
Federal Reserve
Bank of
—
than has been generally
predicted, but the majority of those well informed
on conditions in this country and on the money
position think that every effort possible will have
to be made to avert a serious stringency during that
easily
Boston
New York
Philadelphia ..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.
*5H%
and
specific
money
rates,
loans on call have
5%
bonds
cates of
and
indebt-
Victory
notes
edness
time.
As to
Treasury: Liberty
certifi-
in lower call
moving season more
Chicago and Dallas
have, like the Reserve banks of Philadelphia, Atlanta,
Kansas City (not Minneapolis, as we stated last
week) and San Francisco, established a discount rate
of 6% on paper secured by Treasury Certificates of
Indebtedness bearing 6% interest. The following is
the schedule of rates now in effect for the various
classes of paper at the different Reserve banks:
time for one reason or another are liquidated to a
much greater extent than they have been so far,
money quotations for very brief periods.
Some bankers say that we will get over tjtie crop
of
5H
5H
t6
5H
5H
Bankers'
acceptances
Other-
disc'ted
wise
secured
for
member
and
banks
Trade
accep-
paper
tances
maturing maturing
within 91 to 180
90 days
days
unsecured
6
6
6H
5«
6
7
7
6
6
6
6
6
6
5H
5H
5H
7
7
6
5Ji
6
6
7
t6
t6
5H
*5H
5H
6
5H
5M
7
6
7
6
6
6
5H
5M
5H
6
6
6
6
6
6
6
5H
t6
t6
t6
on paper secured by 6}i %
AffTiCUltural and
live-stock
certificates,
and
6
5%
6
6H
on paper secured by 4Ji %
certificates.
t Discount rate corresponds with interest rate borne by certificates pledged as
collateral with minimum of
in the case of Philadelphia. Atlanta, Kansas City
and Dallas and 5!-^% in the case of Chicago and San Francisco.
5%
covered a range of 8@11%, which compares with
Note. — Rates shown lor Atlanta, St. Louis, Kansas City and Dallas are normal
applying to discounts not In excess of basic lines fixed for each member bank
7@10% last week. For the first three days of the rates,
Rates on discounts in excess of the basic line are
by the Federal Reserve Bank
subject to
H % progressive increase for each 25 % by which the amount of accomweek, Monday, Tuesday and Wednesday, rates were modation aextended
exceeds the basic line.
virtually "pegged" at 8% and this was the only
Sterling exchange has been subjected to some rather
rate quoted, it being the high and low and renewal
figure on each day.
On Thursday, heavy Govern- unsetthng influences this week, and not\\dthstanding
ment withdrawals produced a slight flurry and for a the arrival of another substantial shipment of gold,
short time call funds were rushed up to 11%, although as well as apparently rehable reports that Great
the minimum was still 8%, and this was the basis at Britain would take over a major portion of France's
which renewals were negotiated. Friday's range share of the Anglo-French loan maturity, quotations
was 8@9%, and 9% the renewal basis. The above sharply decHned. For a time it looked as if recent
figures apply to both mixed collateral and all- predictions of material'y lower levels for English
Followindustrial loans alike.
Offerings were light and currency were in a fair way of being realized.
lenders are showing an indisposition to put out funds ing fractional losses in the early deahngs on liberal
.
i
I
July 17
THE CHRONICLE
1920.]
329
news that serious disa- caused lower quotations both here and in London.
greement had arisen at the Spa conference resulted News on Thursday that a compromise arrangement
in a sensational break on Wednesday of nearly was likely to be effected between the AlUed Premiers
7 cents in the pound, to 3 87^ for demand bills. and the Germans over the disputed questions brought
Cable quotations from London also came lower and about a firmer undertone and the quotation moved up
this served to accelerate the downward movement. to 3 873^@3 903^ for demand, 3 88}i@S 911^ for
Several prominent institutions appeared in the mar- cable transfers and 3 84%@3 87% for sixty days;
On Friday the market ruled
ket as sellers of sterling bills, a fact which at once trading was less active.
gave rise to rumors that the expected inflow of new quiet and about steady; demand ranged between 3 88
crop grain and cotton bills had already commenced. @3 89, cable transfers at 3 88M@3 89^, and 60 days
•This was quickly denied, although the opening of the at 3 85^@3 863^. Closing quotations were 3 863^
grain exchanges to trading in wheat on July 15 will for sixty days, 3 88^ for demand and 3 893^ for cable
hkely bring about larger offerings of grain bills, and transfers. Commercial sight bills finished at 3 8834,
sixty days at 3 853/8) ninety days at 3 82 3^8 docuit subsequently developed that the sudden accession
freight
that
of
cover
shipments
mainly
to
ments for payment (sixty days) at 3 84J^, and
of bills was
had been allowed to accumulate as a result of strike seven-day grain at 3 843^. Cotton and grain for
Dealers continue to hold payment closed at 3 87^. Gold arrivals this week
conditions at this port.
of the Spa difficulties, so have been limited to the S3, 150, 000 which arrived on
the
clearing
up
off pending
that an almost complete absence of demand was the Imperator, as expected, on Saturday of last week.
In the opinion It is understood, however, that an additional amount
noted, except at marked concessions.
of the per- of the precious metal is on board the New York, which
observers
much
market
of competent
Furthermore, cable
sistent selling was for account of speculative interests left Queenstown on July 10.
bent on still further depressing the market. Later advices state that American bankers are still buying
in the week the news from Spa was more encouraging South African gold in the open market in London, so
and although it now looks as if complete agreement that additional substantial gold shipments are
on all the points at issue would take far longer to looked for.
commercial
offerings of
bills,
>
achieve than at
first
anticipated, sterling responded
Germans had yielded on the quesMovements in the Continental exchanges have for
deliveries, by a partial recovery to 3 903^^, the most part closely paralleled those in sterling, and
to reports that the
tion of coal
with the final range 3 88@3 89.
Tuesday's cable announcement to the effect that
the British and French Premiers had entered into an
agreement whereby Great Britain would assume the
the trend in nearly
levels.
all
cases has been toward lower
Trading was more active, but spotty and
fluctuations decidedly irregular, especially for francs
and
lire,
which
lost
ground heavily.
The
latter-
greater part of France's share of the Anglo-French
named
loan in return for the withdrawal of France's oppo-
tionally, losing in quick succession, first 23 centimes,
currency, after early weakness, broke sensa-
resumption of trading between England then 28 centimes, on selling by international bankers,
and Bolshevist Russia, came in for a good deal of which brought the quotation down finally to 17.12
discussion, and while there is no indication whatever for checks, a loss of 50 points.
Francs also dropped
that France does not intend to supply her share of sharply, touching at one time 12.17, or 15 points
the funds on or before maturity, quite a lew bankers below the extreme low of the previous week.
Belgian
incline to the belief that some arrangement of the francs, as usual, moved in sympathy with French
sort is probably under contemplation.
With the re- exchange. Austrian kronen were under some pressition to the
opening of trade with Russia, it is argued, $300,000,000 gold would become available from Russian
sources, a large part of which under the plan above
outlined would be shipped to America for the liquidation of France's indebtedness and thus go far
towards stabiHzing and improving the status of
both French and British exchange.
Dealing with the day-to-day rates, sterling exchange on Saturday last was dull and featureless;
the undertone was easier and quotations declined to
3 94H@3 945^ for demand, 3 95}4@3 95^^ for cable
transfers and 3 913^@3 91^^ for sixty days.
On
Monday trading was quiet until the late afternoon,
when one or two large institutions came into the
market as liberal sellers of commercial bills; rates ran
off about 1 cent and demand declined to 3 93^@
94^@3
3 943^, cable transfers to 3
95^, and sixty
days to 3 903^@3 913^. Increased weakness devel-
oped on Tuesday and quotations were further depressed to 3 92K@3 93 for demand, 3 93M@3 93^^
for cable transfers and 3 893^@3 90 for sixty days;
liberal offerings of bills were mainly responsible for
the decline.
Wednesday's market was heavy and
rates broke sharply; demand bills sold down to 3 87^
—
5 points off.
sure and declined to 00.63
Berlin
likewise
easier
and
ruled
marks were
around 2.50 for
checks, which
approximately 10 points under the
levels of a week ago, although there was some recovery before the close. A feature of the recent dealings
in German exchange is the continued almost complete
absence of speculation in reichsmarks, and this despite the fact that calculations as to the probable
outturn of the indemnity settlements have offered
tempting opportunities for speculative transactions.
Yesterday, despite improvement in the outlook for an
amicable settlement of certain disputed points between the Spa conferees, quotations were, if anything,
a
trifle
lower,
is
and the
close
was barely
steady.
According to a statement made public early in the
week, a number of leading foreign exchange banks
have decided, by way of experiment, to try the new
method of quoting Latin exchanges, with the result
that commencing with July 15 all banks party to the
arrangement will quote French, Belgian, Italian and
Swiss exchange in cents per unit. To prevent confusion arising from a too sudden transition, most institutions are still either quoting in the old way or else
furnishing rates under the new method with the ac-
companying equivalent in francs or lire to the dollar.
@3 913^, cable transfers to 3 883^@3 92, and sixty It is claimed by some that eventually the old method
days to 3 85@3 8834; this was largely due to pessi- will be dropped altogether, and the new substituted,
mism over the deadlock at the Spa conference, which which should greatly simplify lire and franc quota-
THE CHRONICLE
230
[Vol. 111.
and do away with the apparent contradiction and cable remittances 16.85, against 16.20 and 16.25
that when quotations advance the market is de- the preceding week. Final quotations for Spanish
pesetas were 16.05 for checks and 16.10 for cable
It developed yesterday,
clining, and vice versa.
however, that a good many bankers are doubtful as transfers, as against 16.20 and 16.25 a week earlier.
With regard to South American quotations,
to whether their customers will take kindly to the
Argentine exchange, after a decline early in the week
innovation.
A recent announcement from Washington which to 40.93 for checks, rallied shghtly and finished at
attracted some attention was to the effect that 41.25 and cable transfers at 41.373^, against 41.15
foreign exchange transactions with Soviet Russia are and 41.30. The weakness is beUeved to be due to the
stni under the control of the Federal Reserve Board almost total cessation of exports of wool, hides and
and that the general Hcense of Aug. 8 1919, relating skins, which are said to comprise nearly two-thirds of
to foreign exchange transactions with Russia, is still that country's commerce. For Brazil the check rate
tions
that the status of this ruling
by the action of the State
Department in permitting trade with Russia and that
further regulations are not contemplated.
in force.
It is declared
is not affected or nullified
The
official
London check
rate on Paris closed at
In
46.34, which compares with 47.50 a week ago.
New York sight bills on the French centre finished
at 11.97, against 11.89; cable transfers 11.95, against
11.93; commercial sight at 12.01, against 11.93,
and
commercial sixty days at 12.08, against 11.99 the
previous week. Belgian francs closed at 11.22 for
and 11.20 for cable remittances.
Last week the close was 11.09 and 11.07. Closing
quotations for reichsmarks were 2.59 for checks and
2.61 for cable transfers, which compares with 2.60
and 2.62 last week. Austrian kronen finished at
00.66 for checks and 00.67 for cable transfers, against
00.68 and 00.69 a week ago. Lire closed the week at
16.87 for bankers' sight bills and 16.85 for cable
transfers.
This compares with 16.52 and 16.50 the
week before. Exchange on Czecho-Slovakia closed
at 2.25, against 2.37; on Bucharest, which has ruled
stronger, advanced sharply and closed at 3.10,
against 2.65; on Poland at 61, against 68, and on
Finland at 4.10, against 4.32. Greek exchange is a
shade easier at 7.76 for demand and 7.74 for cable
bankers' sight
bills
remittances.
Dealings in the neutral exchanges are still at a low
although considerable irregularity was noted
and rate variations were more widespread than has
been the case of late. This was regarded as more or
less a reflex of the movements in sterling and in the
other Continental exchanges, and not especially
significant.
Practically all of the list, guilders,
Swiss francs, Spanish pesetas and Scandinavian
exchange, displayed weakness especially toward the
latter part of the week when losses in some instances
were quite marked. At the extreme close, however,
a firmer tone was noted and the final range was
appreciably above the low for the week. The perebb,
sistent
w eakness in Dutch guilders evident in the past
week or two
ascribed quite generally to the belief
that the prosperity of this country is closely bound
as
much
as
20%
A
in favor of the former.
short
time ago the value of West Indian dollars had fallen
to something like 40% under that of the U. S. dollar.
Far Eastern rates are as follows: Hong Kong,
723^@73, against 74@74M; Shanghai, 1033^@
104, against 103@104; Yokohama, 51^@51%,
against 51^@51%; Manila, 483-^@493^, against
483/2@493^; Singapore, 47@47H (unchanged); Bombay, 383^@39 (unchanged), and Calcutta, 38K@39
(unchanged)
The New York Clearing House banks,
in their
operations with interior banking institutions, have
gained $8,386,000 net in cash as a result of the
currency movements for the week ending July 16.
Their receipts from the interior have aggregated
$10,422,000, while the shipments have reached
$2,036,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold imports, which together occasioned a loss of $66,065,000, 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 $57,679,000, as follows:
Week ending July
16.
Banks* interior movement
Sub-Treasm-y and Fed. Res. oper'ns
S3 1,608, 000
The
Gain 58,386,000
87,251,000 Loss
66,065,000
589,287,000 Loss 557,679,000
following table indicates the
in the principal
Bank Holdings.
S2, 036, 000
510,422,000
21,186,000
Total
Net Change in
Out of
Banks
Into
Banks.
amount
of bullion
European banks:
is
up with the fortunes
in
broke to 23.48, but subsequently recovered to 23.50
and 23^ for cable transfers. Chilian exchange is now
quoted at 21, against 22 last week. Peru was
lower, at 4.99%, against 5.02.
Consul-General
Baker at Trinidad is respon.sible for the statement that
American firms drawing drafts on customers in the
British West Indies should take care to insure the
collection of such drafts in terms of American dollars
and not in the local West Indian dollar, for the reason
that while formerly American and West Indian dollars were always at par, there is now a difference of
Germany. Recent declines
pesetas represent heavy selHng, presumably by
Gold.
of
Spanish interests, on import payments.
^ Bankers' sight on Amsterdam closed at 35, against
353^; cable transfers 35^/^, against 35^ commercial
sight at 34 15-16, against 35 3-16, and commercial
sixty days at 34 9-16, against 34 13-16 on Friday of
the. previous M^eek.
Swiss francs finished at 5 64
for bankers' sight bills and 5 62 for cable transfers.
Last week the close was 5 56 and 5 54. Copenhagen
checks closed at 16.75 and cable transfers 16.85,
I
against 16.45 and 16.55.
Checks on Sweden finished
at 22.05 and cable transfers 22.15, against 22.10
and 22.20, while checks on Norway closed at 16.75
July 17 1919.
July 15 1920.
Banks of-
England.. 122,879,497
France a.. 144,413,019
Germany
_
54,583,600
Silver.
Total.
Gold.
Silver.
Total.
88,703,675
122,879,497 88,703,675
9,880.000 154,293,019 143.520,447 12,040,000 155,560,447
991,500 56,644,900
165,600 54,749,200 55,653,400
Russia*
Aus-Hun..
Spain
Italy
Netherl'ds
Nat. Bel.
Switz'land
Sweden
Denmark
Norway
_
2,383,000 13,310.000
ld,944",500
2",369".o66 13,3'l3',066 ld,927"6ob
98,102,000 24,581,000 122,683,000 90,849,000 26,261,000117,110.000
2,964,000 35,676,000
32,191,000
2,999,000 35,190,000 32,712.000
626,000 55,436,000
53,025,000
1,178,000 54,203,000 54,810,000
1,131,000 11,772,000
10,649,000
1,055,000 11,704,000 10,641,000
18,778,000
2,769,000'
21,547.000
24,809,000
21,325.000
3,484,000
16,102.000
14,503,000
14,503,000 16,102,000
143,000 10,575,000
12,668,000
147,000 12,815,000 10,432,000
8,178,000
8,178,000
8,120,000
8,120,000
Total week;583,403,116 45,858,6C0 629,261,716 541,306,522 49,308,500 590,615,022
Prev. weekl581, 230.491 46.086,250627,316.7411540,929,839 49,317,000!590.246.839
a Gold holdings of the Bank ol France this year are exclusive of £79,131,137
held abroad.
* We have eliminated from the above statement all reference to Russian specie
holdings, as no figures later than those for Oct. 20 1917 are obtainable, and circumWe give on another
stantial reports indicate that they are now practically nil.
page a statement of Mr. W. J. Novltsky, former Assistant Minister of Finance of
the AU-RiLssian Government (crowded out of last week's issue), indicating what has
become of the gold then held.
—
July 17
THE CHRONICLE
1920.]
331
puted on the ground of justice the rightfulness of
THE CONFERENCES AT
SPA.
requiring the
do not know of any occasion in history when so
singular, and in many respects so baffhng, a situation
has been created as has arisen in the controversy^
between Germany and the Alhes, over the fulfillment
The enforcement of
of the Treaty of Versailles.
against
government
is
itself
an
and
There were
unwilling
nothing new.
re-
peated cases in the career of Napoleon, for instance,
in which that conquering general imposed a money
penalty on a defeated hostile government, in which
that government protested its absolute inabihty to
pay; and in which, nevertheless, the payment was
This was notably the history of the
There
negotiations with Austria after Austerlitz.
have been other episodes, though as a rule much
further back in history, when payment of such a
penalty in goods or in services was required and
exacted, regardless of the defeated nation's protests.
But the present situation differs essentially from
Napoleon was in the habit of
all such precedent.
laying down as an ultimatum that unless the stipulated ransom were paid, either his armies would continue to occup}^ the conquered territory and his
emissaries to collect the taxes from it, or else a very
substantial part of the defeated nation's territory
would be sequestrated permanently. So, in the
older cases where payment in services or goods was
stipulated
as in many of the Roman conquests
the conquering army, or as much of it as was necessary, remained to enforce the terms and to directly
supervise the compliance with them.
These are, however, precisely the alternatives
which the Allies are rightly reluctant to enforce. It
is not merely the cost and inconvenience of a standing
army of occupation, with its area of direct control
extended far beyond the originally contemplated
bounds, which cause this unwillingness. A far more
enforced.
—
serious
consideration arises from the doubt as to
what would actually be accompHshed by that recourse.
The money indemnity Germany cannot pay
except by raising foreign loans and speeding up home
production, and the occupation by foreign armies of
districts of Germany now free from foreign occupation would certainly obstruct either her use of the
national credit or the stimulation of
German
business
These facts have been more than hinted
week by the German delegates at Spa, who
asked whether, if not enough coal was being produced
from the German mines to meet the deliveries to
France and Belgium, stipulated by the treaty, the
activities.
at^this
presence of an Allied
army
—
of occupation could in-
it.
Their answer probably a correct one
under the circumstances supposed was that the
German miners would almost certainly produce
crease
—
still less.
This situation exists quite independently of the
rightfulness of the terms laid down at Paris.
The
argument'^of the Alhed Council is logical, and on the
basis]]of
abstract justice
the^emand
that
it is
Germany
indisputable.
should be
It is true,
made
to repay
antagonists the entire cost of the war was
recognized at the outset by judicial-minded people
to][^her
as^'out of the question.
It has latterly been conceded, even in official circles of the Allies, that there
was the gravest kind of economic objection to the
plan for an indefinite money penalty, to be adjusted
hereafter to
Gennany
for
pay
damage
to
in cash,
inflicted
amount of
by her armies and sea forces on the property of the
Allies, and to make good, ton for ton, the wanton
destruction inflicted by her on the coal mines of the
invaded regions. Yet when this was frankly conprotesting ceded, the question remained exactly as before, what
We
indemnities
German Government
what should appear the capacity of
payment. No one, however, has][dis-
dollar for dollar, the full
should be done if Germany professed herself unable
or unwilling to make the prescribed reparation.
If the situation were one in which the German
Government and people had absolutely and sullenly
refused to assent to the requisitions of the Alhes,
the prospect of any rational settlement of the war
would be dark indeed. Fortunately, that is not the
situation.
The hope for solution of the seemingly
insoluble difficulty lies in the manifest fact that the
German Government, and presumably
the
German
people, have acquiesced in the inevitable sentence
an immense reparations penalty, and are anxious
to have the terms and details mutually agreed to,
once for all, and as soon as possible. But the German
Government has been steadily manoeuvring for
better terms, and in doing so has urged to the uttermost the plea of financial inability, of economic
exhaustion and of unstable political conditions in
of
Germany itself.
We
do not see that the Germans can be rightly
blamed for doing this. At best, the terms are
harsh, and if they are just when measured by the
actions of the German Government between July
1914 and November 1918, the burden of paying the
penalty will, nevertheless, fall on hundreds of
thousands of German citizens who were individually
responsible neither for the declaration of war nor for
the manner in which the war was carried on. This
consideration cannot affect the rightfulness of exacting reparation; but
for the present
it
provides a powerful argument
German Government
to use its per-
endeavor for such mitigation of the penalty
It is only reasonable
as it may be possible to obtain.
to take into consideration also the well-known fact
that a very large body of opinion in the Allied
countries was not content even with the concessions
of Lloyd George and Millerand, towards fixing a
definite lump sum for the indemnity and adjusting it
to what seemed to be the economic possibilities.
There was always the possibility of a political
demonstration in France, powerful enough to blockade all such efforts at a reasonable sentiment. It has
been easy to understand this attitude of the French
people; who were moved to it, not merely by a human
instinct of retaliation but by fear that, unless the
economic recovery of Germany w-ere to be actually
handicapped by the terms of reparation, that recovery might turn out to be so much more rapid than
the recovery of France as to leave the French people
at a hopeless disadvantage in the race to recover the
But to German}^, whose immediate
foreign markets.
problem is to make possible for herself an}^ land of
economic recovery, the possibility^ of reversion to the
severe terms of indemnity as originally discussed
presents itself necessarily in a very different light.
It has, therefore, seemed to us from the first that
supplementary negotiations, with a view to modifying
or defining the exact terms of reparation, were unsistent
avoidable as a sequel to the Paris Treaty. The
Allied statesmen have themselves recognized that
fact in opening the conference at Spa, and they
probably recognize now that such supplementary
THE CHRONICLE
232
negotiations cannot be instantly completed.
That
be completed, in such a way as to insure the
acquiescence both of the German and the Allied
people, appears to us entirely probable always
assuming that there is not to be deliberately created
a situation in which the feelings of popular resentment, of international hatred, should be so far
brought to another chmax as to supersede all the
reasoning of political and economic judgment. But
a much longer series of negotiations may be involved.
they
will
—
THE CULPABLE ACTIVITIES OF THE AMAL-
GAMATED ASSOCIATION OF STREET AND
ELECTRIC RAILWAY EMPLOYEES.
Francis Ralston Welsh, the well known investment
bond dealer of Philadelphia, sends us a document,
dated June 25, issued by Mr. Joseph M. Brown, who
was Governor of Georgia seven years ago, concerning
the criminal activities of one particularly law-defying
labor organization, the Amalgamated Association of
Street and Electric Railway Employees of America.
This document of 20 quarto pages Mr. Brown addresses directly to Members of Congress, and it is
timely at this juncture when unionism openly asserts
its power and intention to elect a Congress of its
"friends" and defeat candidates whom it chooses to
consider "enemies."
To begm
with, this organization (for convenience
called simply
known
Amalgamated) hides behind the
wellshield of not being incorporated, thus being
irresponsible in the legal sense of the term, keeping
out of reach of ordinary proceedings and immune even
from a compulsory adherence to its own engagements
as to wages and conditions, so that such engagements
endure only until their advantages have been reaped
and it suits the convenience of the makers to rei^udiate them.
On the other hand, these unions claim and
obtain the fullest benefit of "compensation" laws to
recover damages from their employers for injuries by
accident, though the cause of the injury may be
partly or wholly their own negligence.
Mr. Brown
one illustrative example the case of a motorin Atlanta who has a leg broken because of a
cites as
man
worn
if the company
does not promptly settle he gets a verdict easily for
say $5,000. But when a strike order comes from
Detroit and in execution thereof the company's
or defective rail or car axle;
office building is destroyed (as did
field, Ills.)
and sent
the individual culprit
happen
may
in Spring-
be traced out
[Vol. 111.
a hke assessment to pay for the said willful damage
they have done by or during the strike they had
ordered in that city."
Mr. Brown sums up the record
as "79 strikes, with
anarchist atrocities, brought about by this Association in at least 65 cities from Portland, Me., to
Portland, Oregon, and from Duluth, Minn., to New
Orleans, inclusive, in 31 States and the District of
He enumerates
Columbia."
65 cities and fills eight
pages of rather small type with more detailed account
of these outrages.
This city is one, and perhaps our
citizens have not quite forgotten the trouble here
in July-October of 1916, "handled" by the organizer
from a distance, W. D. McMahon. Whether the
object be some re-arrangement of wages and hours, or
the restoration of some employee discharged for
cause, or the application of collective bargaining by
an outside set of intervenors, the methods are always
of the same kind: attacks upon the property of the
company and upon its employees who attempt to
operate cars, and, on the other hand, an appeal
direct to the public by assaults on persons (women
being not excepted) who attempt the crime of riding
on the cars. Mr. Brown quotes "organizer" Fitzgerald (has New York forgotten him?)^who said during that disturbance that "we shall use moral force,
and if that fails we shall paralyze transit in New
York as it never was before ... if I can throw the
State of New York into confusion, by God I will do
it."
A number of citations are made from our
newspapers of that time as to presenting the sentiments and the hearty support of Mr. Gompers;
Police Commissioner Woods than called the rioting
"deliberate murder" and said that not the car crews
but innocent bystanders were commonly hit by the
missiles used.
Space cannot be given for
must be
cited.
many
details, yet
a few
The "peaceful picketing" took the
usual forms; for example, two women here testified
that strikers had called at their homes to warn them
husbands away from working or have
them hurt, and one said the callers threatened to
"get" her if her husband did not quit, so he had to
quit.
And as here in New York, so elsewhere.
In pursuit of information, Mr. Brown says he sent
over 400 letters to officials of street-car lines, and
like letters to city officials, editors, and prominent
citizens.
To the 400 he had barely 150 repUes,
officials of some lines ignoring as manj^ as three sucto keep their
Amalgamated cessive epistles, while others did send information
leaves the company to replace its own building.
Mr. but said they must not be quoted, "as, otherwise, the
Brown admits that the law can and does deal with Amalgamated might do their properties and their
the individual miscreants when their conduct is loyal employees harm."
Local No. 732, he adds,
brought home to them, but he avers that when the had been especially active and lawless in Atlanta,
head of the Amalgamated sends out his order from so that the State power in Fulton County "practihis central den neither he nor any fellow officer is cally expelled it from the city."
But then, proceeds
ever brought to account nor have the parties injured Mr. Brown, an appeal was taken to Caesar, for he
in the various States obtained any recompense.
quotes a published statement on July 19 1918, by
Therefore, urges Mr. Brown unanswerably, this the President of the Georgia Railwaj^ & Power ComAmalgamated should be brought to responsibility. pany, that it was formerly the company's policy not
It is unincorporated, yet making employment con- to retain any member of the Amalgamated, believing
to the penitentiary, but the
and "doing business" (of its sort) in all the
States, "in its name."
All labor organizations should
be made to incorporate, so that for any damage they
do to other persons their funds can be levied upon
and they can be made to assess their members in all
States; for, says Mr. Brown, "the same argument by
which they justify levying a fund in all States to win
a strike by domg willful damage to property or persons
in one city will justify a law which makes them levy
tracts
this policy "essential in order to
prevent strikes."
"did dismiss from its employment
men who joined Local No. 732." But the comjoany
has recently "changed its policy and consented that
any of its employees who may desire may join Local
732," and the statement said this was "in response to
the urgent request of the President of the United
States."
Mr. Brown adds on this point that the
company's attorney said in a public speech that "no
Accordingly
it
f
July 17
THE CHRONICLE
1920.]
other power on earth could have made us do it as
long as there was any breath left in our body."
Mr. Brown quotes Section 63 of the Amalgamated
constitution
to
the effect that any
member who
enters military service or the police or constabulary
of any State "shall take a withdrawal card from this
Association;" that the local division shall be charged
with seeing that he does this and terminates
membership; and further, that the Association shall
not be liable for any funeral or disability benefit
his
any member or to
to
his
beneficiaries in
case of
"death or injury while temporarily serving in the
militia or other military or police organization."
Mr. Brown
cites
some
facts of record such as Presi-
dent Wilson's appeals to Gov. Spry of Utah on behalf
of the I. W. W. culprit Hillstrom; his intervention
on behalf of one of the confessed dynamiters in the
memorable case of the Los Angeles "Times;" his
intervention on behalf of Mooney, convicted of murder by a bomb in a parade in San Francisco on
July 22 1916; finally, his appointment of W. D.
Mahon
member of a commission "to inand recommend a plan for rehabilitation of
himself as a
vestigate
the street railway industry."
This deliberately prepared review of an organization which has given evidence of its character in many
cities and has a deservedly bad name is not anonymous; it comes from a man of sufficient account to
have been Executive of the Empire State of the South
and he cites incidents of cotemporary record and
still fresh in the rhinds of many persons.
While
organized labor boastfully announces that candidates
for the next Congress will be required to face and
justify their records it is quite time it were required,
by a resolute electorate, to meet and justify its own.
CR UDE R UBBER—ITS ANOMALO US SITUA TION
The position of the crude rubber market presents
one of the anomalies of war and after the-war-con.
Since the manufacture of automobile tires
absorbs 70 per cent of the crude rubber that enters
this country, these two industries are so closely
ditions.
233
that in the year 1918, while our output of automobiles
by more than 700,000 cars, a surplus of crude
rubber was developed, amounting, by the end of 1918,
fell off
Although the United
States car output is again on the up-grade, the rubber
surplus has not yet been absorbed and this fact has
to practically 140,000 tons.
made for an
The price
unsettled market condition ever since.
of crude rubber is now at the lowest
point ever recorded, the best grades of plantations
selling around 34 to 35 cents a pound in a market that
heavy, and featureless. When the Amazon
chief source of supply and before plantation
rubber had become an established commercial
factor, Para up-river-fine was the market leader, and
commanded fabulous prices as the demand began
to over-top the supply; $3.18 was the high mark,
and during 1911 and 1912 prices of rather more than
a dollar prevailed. Since that time, as production
increased, there has been a steady decline.
During
the war the Government fixed a maximum price
of 62 cents and 63 cents respectively on "smoked
ribbed sheets" and "first latex crepe" though many
sales took place at figures below those fixed.
It was
not until the enormous surplus appeared, in 1918,
that the bottom really dropped out of rubber and
there seems to be no bottom yet in sight.
Crude rubber is the only commodity of commerce,
we believe, that has been unfavorably affected by
the war. There is a reason why there was a surplus
in 1918.
In the cultivation of plantation rubber
vast orchards of trees were planted. There are said
to be 2,900,000 acres
a tract of land as large as the
entire state of Connecticut, now planted and producThe problem of production is different from
ing.
that of other agricultural products. Cotton, corn,
wheat and the like are planted each year, and production can be controlled every year as desired, but
rubber trees, once planted and yielding latex, will
continue to do so indefinitely, year in and year out.
The operation is perennial. The market, therefore,
awaits the absorption of the 1918 surplus and the
further advance in the output of cars, and it seems
apparent that both of these conditions are coming
about.
The story of the decline of the Amazon as the chief
source of crude rubber supply, giving place to the
plantations of the Far East, has seldom been told.
is
dull,
was the
—
—
bound together that their interests are mutual.
During the war there was a super-demand for automobiles in a market whose production of cars had
been increasing by leaps and bounds. Starting with
a production of 65,000 commercial and passenger It is a story of the passing of unscientific and slipcars in 1908, in ten years this had been increased shod
business methods for modern, up-to-date
The Amazon
to 1.868,947 cars.
Falling off in 1918 to 1,153,637
cars, production again mounted, in 1919, to 1,974,016.
This rapid growth is best expressed by reference to
the source of all best
grades of rubber where the trees grow in a wild state,
but the unhealthy conditions surrounding the gather-
the following table:
ing of the crop have
^Prom the National Automobile Chamber of Commerce.)
Number. Wholesale Value.
190865,000
.'5;i.37,80O,00O
1911
1912
1913
127.731
187,000
210,000
378,000
485,000
569,045
892,618
-.1,583,617
.1,868,947
---
1914
1915
1916
1917
1918
1919
l.l.'-,3,637
1.974,016
The production
of crude
it.
—largely
made
105,148,529
225,000,000
262,500,000
378,000,000
425,000,000
458,957,843
691,778,950
954,969,353
1,274,488,449
1,236,106,917
1,885,112.546
WORLD'S PRODUCTION OF CRUDE RUBBER.
(In tons of 2,240 pounds.)
(From Rickinson's "The World's Rubber Position.")
Plantation.
and in fact overThe plantation owners of the Far East
—
1900
1906
1910
1915
1919
1920 Estimated..
4
510
8,200
107.867
285,000
310.000
the British reached the conclusion in
1917 that the percentage of United States increase
the manufacture of cars was going to receive no
tinctly British innovation.
set-back and planned accordingly.
men experimented
m
result
impossible to place the
inspection of the following table:
rubber kept pace with the
The
it
taken from the Amazon, it has been possible to
establish the industry on a basis with which the
Amazon has been unable to compete. The decline
of the one and rise of the other is best seen from an
rapid advance in motor vehicles
reached
is
Brazilian industry on a scientific business footing.
On the Eastern plantations, however, with seeds
PRODUCTION OP MOTOR VEHICLES— ALL CLASSES.
1909
1910 _.-
practices.
was
The
Amazo7i
20,750
36,000
40,800
37,220
.30,000
28,000
Other.
Total.
27,136
29,700
21,500
13,615
10,000
9,000
53.890
66,210
70,500
158,702
325,000
347,000
plantation industry in crude rubber
a disEnglishFor thirty years
is
with growing Para rubber trees
THE CHRONICLE
334
[Vol. 111.
Attraction is therefore drawn to the Chrysosthambecame a commercial
was established nus Nauceous or Rabbit bush, a tree growing in great
In 1909 and 1910 the profusion in our arid Southwestern States, and long
others came into the field.
United States Rubber Company made its first invest- knownto contain valuable quantities of crude rubber.
ment in rubber plantations, which has developed since The inexact and inadequate information heretofore
into the largest single plantation in the world. existing on the quantity, quality and availability of
It covers an area more than three times the size of the rubber from this source is now being supplemented
Island of Manhattan, but, even so, it is but a frac- by scientific commercial investigation which discloses
in the tropical Orient before
fact
but as soon as this
it
—
fact
the total plantation area now operating,
the remainder being largely British, widely distributed
in ownership through joint stock companies.
the fact that the Chrysosthamniis of the Nauceous
the producer, the United
States is the user of the product, fully 70 per cent
The magnitude
of the crop coming to this country.
grown
within
has
the past few
to which this import
years will be seen by reference to the accompanying
and Southern California,
quantity
of
this
bush to supply 300,000,a sufficient
000 pounds of pure rubber, or nearly half of the
The investigators
present world's yearly production
of cultivathat,
with
proper
methods
report farther,
tion and selection, the bush may be made to yield
from 15 to 20 per cent of rubber, and that this source,
in time, will be able to supply this country's needs.
The investigations have been carried on by professors Harvey Monroe Hall and Thomas Harper
Goodspeed of University of California, supplemented
by Dr. Herbert J. Webber who is recognized as
being the foremost plant breeder of the United States.
Large quantities of the bark of this bush, from which
the rubber is extracted, have been analyzed, treated
and pronounced by Dr. David Spense, Chairman of
the Subcommittee on Rubber and Allied Substances
of the National Research Council, to be "rubber of
high grade and average quality not as good as the
best up-river fine, but a great deal better than
most Africans and low grade rubbers."
Based upon the reports of these scientific gentlemen it is understood that one of the large rubber
tion
of
But
if
Great Britain
is
table:
UNITED STATES CRUDE RUBBER IMPORTS.
(In tons of 2,240 pounds.)
(From the Rubber Association of America.)
1900
1905
1910
1915
1917
19181919
-
---
24,688
33.617
50,522
- 86,034
166,687
194,799
.--231,510
January 1920
February "
March
"
April
May
"
"
June
"
..-
21,351
32,994
31,650
23.675
27.338
-14,881
Notwithstanding the fact of the rubber surplus,
still unabsorbed, the best authorities think that, with
the present increase in demand made by the automobile, there is likely to be a rubber shortage within
a very few years. Messrs. W. H. Rickinson & Son
of London are the acknowledged crude rubber statistical experts of the world, and in their "The World's
Rubber Position" of recent date they supply convinc-
ing figures to assist those who are desirous of making
a forecast of the world's future production and consumption.
variety will supply crude rubber of good grade. It
discloses that there is at present, growing wild in
Nevada, Utah, Colorado
.
—
—
tons, they state that the
companies is now making closer investigations into
the commercial aspects, costs of production, and
other items that enter into a determination of its
value as a substitute, in whole or in part, for our
recognizing that something like the above was likely
to happen even before the Rickinson figures appeared,
are superior to a "part" of the public's right to live,
and to (its) right to defend itself against oppression.
Starting with the 1919 consumption of 320,000
demand has increased in the
United States at the rate of 27.7 per cent a year supply.
during the past ten years. Should the demand
THE RIGHT TO WORK vs. THE RIGHT TO
increase at a rate of, say, 25 per cent a year for the
STRIKE.
next four years, (a figure they think reasonable)
this would amount, in 1924, to double the present
Mr. Gompers in his answer to. Governor Allen's
figure, or 640,000. tons.
The present rate of pro- query as to who controlled the "divine right to
duction on the 2,900,000 acres of plantation is about strike" in the switchmen's "outlaw" strike, made the
247 pounds per acre, and Rickinson & Son see no way following statement: "Labor has no desire to cause
by which the old orchards can be extended during inconvenience to the public, of which it is a part.
this time, nor how a sufficient number of the new The public has no rights which are superior to the
orchards, now planted, can come into the full pro- toiler's right to live and to his right to defend himself
duction necessary to make up this deficiency; neither against oppression." Now we are bound to assume,
do they see that the old orchards, which have shown a in these two sentences used in close conjunction, that
decreasing percentage of annual increase in quantity "labor" and "the toiler" mean one and the same
of bearing, amounting in 1919 to but 7.8 per cent, person or class.
Notice that in the first use "labor"
are going to help the situation.
For this reason they or "the toiler" or class in mind is admitted to be
predict a shortage in supply in 1924.
a part of the public. Let us appty this by a reconFigures like these, coming from such a source, struction of the second sentence which will take on
are looked upon as authorative and the rubber trade, the following form: "The pubhc has no rights which
new sources of supply. The Amazon In a w^ord, when it comes to a test of the survival of
cannot be relied upon to furnish more than the 28,000 a part or the whole (including the part) the whole has
or 30,000 tons it is producing today.
The other no rights the former is bound to respect.
are looking for
— Central
sources of wild rubber
Africa and Central
America, have long ago reached their maximum of
9,000 to 10,000 tons a year. The Phihppines, although
available for plantation production, are out of the
calculation because the Philippine government will
not permit the introduction of coolie labor— without
which successful competition cannot be had with
other of the Far Eastern producing centres.
It
would be
difficult to find a clearer
example
of
an obsession. Mr. Gompers thinks in terms of
organized Union labor, which he admits is about
"one fourth" the population, then he apparently
—
spealdng for
speaking and
If it could be said the other
striking for the whole.
three fourths are not laborers then there might be
tricks
hiriiself
into
believing that in
part and "striking" for a part he
is
July 17
THE CHRONICLE
1920.]
something in the plea on the ground that he who
does labor, in a test of survival of the fittest, has a
right to live before the
But
considered.
form or degree,
be rich or poor.
But
life
of the non-laborer is
this is not the case, for, in
all
men
some
are laborers, whether they
the answer, the whole contention
slips over into a contention between employer and
employee: "Employment to the employer means
later,
in
one thing; employment to the worker means another,"
he said; "to the employer it is an impersonal thing,
hke bujdng steel, while to the worker it is the means
of sustaining life, and by the day's pay is measured
Emthe meagreness or the fulness of life for him.
ployment to the employer is the basis of profits,
while to the worker it is life." Now surely employment, in the abstract, a condition, a thing apart
from each, must be the same to each that is to say
save for the way each looks at it and the way it is
made to serve each. Employment is the essential,
The employer
the one indispensable thing to both.
live
no
more
without
this
essential
"employcan
ment" than can the employee. Regardless of
—
contrasting conditions between rich and poor,
an
employer must exist
is an employee; and
it is therefore folly to talk about "employment,"
the thing, being life to one alone and something else
not life to the other. Then comes the "effective
weapon," so-called, of the "strike" to protect this
"life" of the employee
whether or not the employer
is, to be allowed to live and whether or not there is
if
there
—
raw material or the "tools
capital, or
of
which
is
of trade."
All
certainly an absurdity.
Take these two separated sentences and consider
them together: "The strike the withdrawal of
their service
is the one final effective weapon they"
(the workers) "possess.
The State can offer no substitute, the public can hope for no State-made sub-
—
—
stitute, for
the struggle
is
in industry, not in poli-
When
industry ceases to be operated
then will there be time to relax that
eternal militant vigilance which has saved the
workers from the abyss and given them a position
tics.
.
.
.
for profit alone,
power and an intelligence fitting to our Repubhc
and our time." Unless we are mistaken Mr. Gompers is not an advocate of "profit-sharing."
He does
of
Communism
not accept Syndicalism or
or Socialism,
we understand his position. Nor did he
the "Plumb plan" openly, if we remember
as
assent to
correctly
—which as far as the roads were concerned was equivalent to the State ownership of one of our largest
public utilities.
Now if the employer is to be re-
cognized therefore as a private owner then it follows
the "profits alone" must include some per cent of
which he must give assent (even regardless
open competition to name this percentage).
If so
then inevitably the wage-scale
is thereby affected
and a "strike" which does not
reason, does not compromise, and does not (or will
not) arbitrate, is a blind unreasoning force to compel
the employer to accept the estimate of wages (part
profits to
of the forces of
of
profits)
—
—
made by
the
"strikers"
regardless
of
whether capital or the employer can pay it and live.
And in the end this is one situation to which the
whole question has come that to protect the life
of "the workers," "one fourth," any means of coercion of three-fourths', including employers, is just,
reasonable, and "human progress"
even to the
sacrifice of the life of employers and "capital" and
that "abstraction" called "public welfare!"
—
—
235
Thus it must be seen that thinking of union labor
and talking in terms of the rights of "one-fourth'^
as paramount to all others, and all other rights, runs
round
and finally reaches its starting
point in an absurdity which has grown to be an
obsession.
It is said that "whom the Gods would
destroy they first make mad." Is "labor" becoming
in
a
circle,
incapable of clear reasoning?
WHERE
IS UTOPIA ?
There is a land where eager youth may work and
"win a way." And milHons do, for opportunity is
infinite as the will and wish of man.
It is a land of
fair demesne and wide extent, where vales invite and
cities lure and marts abound.
Work commands its
wage; and for his wage the worker may exchange his
toil for myriad things of use and beauty.
There is
a medium of exchange called money, naught in
itself, yet still potential for every want and need of
life.
In youth, ambition ventures forth to field and
forge, to shop and factory, to ship and car, to dare
and do the deeds that win reward, and none may say
another nay. The roads to wealth are countless,
open, free. If one have strength of body, force of
mind, he may plan, pursue, and proffer aU, to avid
takers everywhere; for what is made may be exchanged, and what is bought be sold again. These
countless efforts, tireless energies, ceaseless changing
enterprises, constitute a "commerce," and interlacing, interlocking, weave a magic carpet on which
a people rests the institutions that, though immaterial, still endure, to help and honor every man.
For in this land there is a mind for every need, and
need for every mind.
Unlike the dreamer's land of heart's desire, this
country of accomplishment abounds in real things
we touch and taste and handle. One price there is
for everything, howe'er expressed, the price of service
into benefit, to those who will and work.
For one
day's labor one may buy some part in all the mines
of earth, some part in all the products of all men, of
When thoughts are turned to things, their
all time.
uses follow close, and though it took a thousand years
to perfect one object, article, enterprise, he who buys
for marked price, in that perfected quality and use,
takes title free to all the toil and travail of the past.
And what one owns no other man may take; and what
one uses, be it toil or trade, though it pleasure,
comfort and sustain himself, confers a good that
cannot be withheld, upon the human race. Though
thousands seek to do the self-same work, and strive,
each in his way, to excel his fellows, yet the seeking
serves to show what each must grant the other if
anyone succeed, and there is unity in purpose,
development
of rights,
and
interests in
common.
famous land are many inequalities.
Some are rich; some, poor. Each has one body and
one mind no two are there alike. Each dwells
somewhere upon the earth, in city or in country.
Each sets a task unto himself though manj^ do what
they must, not what they would in order that by
serving some want or need of others work may
And
in this
—
—
—
bring rewards that sustain the personal life. Some
prosper more than others, work longer, save more,,
Many have not minds that can
invest more wiselj'.
conceive great enterprises, though all are free to do
Many will
so, and these prefer to work for others.
not take the risks of trade, have not the courage of
conception or execution and consequently plod
—
along,
seeking
competency
rather
than
fortune.
THE CHRONICLE
236
Others spend as they go, sipping the wine of life,
So
careless of to-morrow, and accumulate nothing.
that there are innumerable single efforts in the
working-world of earthly existence, each as we say
"doing the best he can" to "make a living," and
[Vol. 111.
rouse a tumult in affairs that seemingly threatens
Yet to millions
revolution, convulsion and decay.
who go forth each day to work these reformers and
reforms are no more than the summer storms, that
and dipping now and then to earth wreck and
though efforts seem and sometimes do often conflict, waste the harvests of the years.
And ambition spurs
In the intangible possessions of life and growth
there is emulation everj^where.
economics and politics these voices are loud
rises,
the
of
called
momentum
the
mass
on,
the workers
They listen to their own thoughts until
increase increases, and there are manifold products, and long.
They would bring the millenium, and
enterprises, vocations, trades, businesses, to which they believe.
failing turn to despair, dying disappointed.
They
all are free, from which all reap common benefits,
Sometimes poisoned
and in which all have a common mastery over fate. are the evil of a misplaced good
One owns more lands, houses, factories, ships, cars, by indifference, neglect, failure and despair they turn
moneys, credits, than another, but the operation of against "things as they are" and would break down,
"overturn," annihilate. But by a very natural
them all procures the common good.
Such is the urge of desire, such the personal condition, no government can contain all these
capacity to conceive, execute, and achieve, that no reforms, that conflicting and confusing destroy each
one would be wholly satisfied with what another other the while that progress proceeds according to
owns and does with what he owns, and so, whether the survival of those enterprises and institutions that
efficiency, as in the administration of a trust, or joy in their continuance, bringing greatest good to the
as in the pleasure and success of a personal wish, greatest number, sustain themselves and are inlife is to each the opportunity to express himself.
destructible.
The storms of opinion pass, the zealots
Though all be free, each is bound in the atmos- die, and the world moves on. The ideal changes,
sphere," the environment, created by all the others, the idea remains. That which has, in physical or
and could not be happy in the same way or degree spiritual world, laid hold on eternal verities of
with any other man, and gains nearest to his own man's human-divine nature and of his predestined
whirl,
—
.
—
'
Hence inequality in allotment to dom nance over environment, cannot be
possession, use, ownership, of the means of life
destroyed. And the very liberty that protects
and yet the divine privilege of a 'career" and the liberty becomes enduring. This land, "land of the
common hope, if not always the full fruition of indi- heart's desire," best of earth and promise and hope of
goal
by
self -directed
vidual desire.
effort.
This then
is
called in truth the "land
Valleys bloom to harvest,
cities shine in splendor, civilization, the sum total
of the heart's desire."
time
will
preserves
likewise endure,
manhood and
United States
of
for,
despite
the man.
It
all,
is
it
best
called the
America!
of all thought and toil, invites all men, afar, to peace
A LITTLE KNOWN FINANCIER AND
and plenty.
STATESMAN.
But in the midst of this hive of industry and
home of wealth, based on toil and flowering into
It is7an interesting fact that the founding in 1694
thought, there are institutions for betterment em- of the Bank of England, the greatest, the most inbodying the public weal and the personal interest of fluential and the oldest of existing national banks,
all in each and each in all.
Government is first and was the far-seeing project of a young Scotchman,
foremost. And when it does not interfere with the only 34 years of age, William Paterson by name.
personal liberty, and protects the rights of property
His story is told in the Canadian Bankers' Journal
and preserves the open field of effort, the forces of in an article by Mr. William Lang of Liverpool,
life, through competition attain to co-operation, and
which we compress.
secure both the individual and the community.
All
It was just after the accession of William and Mary
good works thus in this land trace back their origin and a time of great commercial expansion. The
to invention, development and improvement
of the national debt of England was begun a year earlier,
physical means at hand, and personal powers of those in 1693, and the charter of the British East India
who erect the Government for mutual protection. Company was granted in 1702. Paterson had
And no other land, all things considered, has attained engaged in trade in the Indies, and had returned to
to such heights of useful and joyous living.
What England with a scheme for a trading company,
is termed the spiritual in man, the hidden qualities,
with the Isthmus of Darien. As this was not favorthe inner nature, in no other land, albeit some surpass ably received, he turned to other projects and sugin special ways, equals that attained in this "land gested the National Bank.
Venice had founded such
of the heart's desire."
a bank in 1157, and a similar bank had been estabYet such is the constitution, call it soul, of the man, lished in Stockholm in 1688. The idea had been
that wish outruns consummation, and desire un- extant in England for forty years, but Paterson was
satisfied produces unrest
and there are those who the first to give it tangible expression. The new
wishing well to all, will not wait for the development, Government required the aid of a sound financial
are not satisfied with the laws, grow restive under system and a successful means of obtaining loans at
restraint and rebellious under discipline, and hatch reasonable rates.
out of their zeal, impatience and conceit, plans and
In the face of the opposition of the money lenders,
theories to hasten growth.
So strong is their convic- and the poUtical antagonism of the Tories, and the
tion of what is right, so seKish their endeavor to general objections that it would be a monopoly, with
impose their causes and creeds on their fellows, that arbitrary power, that it would withdraw money from
they shout their panaceas from the housetops, trade and employ it in stock-jobbing, encouraging
organize their zealots into unions and camps, and
fraud and gambling, the charter was granted.
seek by incessant appeal to make the Government
Bishop Burnet is quoted as saying in his "History
the arbiter of all advance, the owner of all liberty, of His Own Times": "Some thought that all the
law, order, effort, enterprise, and property and money in England would come into their hands, and
—
—
—
July 17
THE CHRONICLE
1920.]
237
"Not any sort of league, conthey would in a few years become masters of the Only so be removed.
wealth and stock of the nation; but those that were federacy, limitation, agreement or bargain, or,
for it argued that the credit it would have must in- indeed, anything less or below a complete union,"
crease trade and the circulation of money, at least he writes in a pamphlet published in 1706, "can
It was visible that all the enemies of introduce the good which may be justly expected
in bank notes.
the Government set themselves against it with such therefropi, or effectually deliver these nations from
a vehemence of zeal that this alone convinced all the mischiefs and inconveniences they labor under
Nothing less
people so that they saw the strength that our affairs and are exposed unto for want thereof.
effectually
secure the
than
complete
union
can
a
would receive from it."
The Act by which the Bank was established is religion, laws, liberty, trade, and in a word, the peace
entitled
"An Act
for granting to their
Majesties
and happiness
of the island,"
Though the last act of the Scottish Parliament was
upon tonnage of ships and vessels, and
upon beer, ale, and other liquors, for receiving certain to declare Paterson to merit a great reward for his
recompenses and advantages in the said Act men- labors in promoting the union and to recommend
tioned, to such persons as shall voluntarily advance him to the favor of Queen Anne, he died without the
the sum of fifteen hundred thousand pounds toward honor of sitting in the joint Parliament, and only as
The Act auth- he was on his death-bed did he obtain payment of a
carrying on the war with France."
orized the raising of £1,200,000 by voluntary sub- large sum of money long due him for public services.
His story we find worth retelling not simply bescription, the subscribers to be formed into a corporation styled "The Governor and Company of the cause he called into being the two permanent instituBank of England." £300,000 were also to be raised tions which more than any other have for two cenby subscription, the contributors to be paid in annui- turies secured the financial and political greatness
The corporation of his country, the Bank of England, the "Old
ties for one, two or three Hves.
was to lend the whole of their capital to the Govern- Lady of Threadneedle Street," and the union emment, receiving eight per cent interest; and no one bodied in the Parliament of Great Britain, but bewas to subscribe more than £10,000 to the capital cause of a courage which disaster could not daunt,,
for one year, nor at any time more than £20,000.
a patriotism which lack of recognition and bitter
The whole subscription was filled within ten days opposition could not dampen, and a commercial and
and the charter was issued July 27 1694. The political foresight which make him to-day worthy
bank was not to trade in "any wares, goods, or of all admiration.
several duties
merchandise whatsoever," but could deal in bills
of exchange, gold or silver bullion, and sell any goods,
wares or merchandise upon which they had advanced
money, and which had not been redeemed within
three months after the time agreed upon.
Paterson was one of the original directors, but for
some reason did not long remain, and soon returned
to his original scheme for planting a colony at Darien.
He was joined by a group of distinguished Scotchmen. The Earl of Stair, Lord Justice Clerk Cockburn, Sir Robert Chiesly, the Lord Provost of
Edinburgh and the renowned patriot, Fletcher of
Saltoun.
The plan aroused the greatest enthusiasm
in Scotland, then a country of great poverty and
excluded from any participation in England's Eastern
enterprises.
The Scotch Parliament granted a charter and
Paterson readily raised £300,000 in London, and
received promises of £200,000 from merchants in
Hamburg and Holland. But the jealousy of the
English joint-stock companies led Parhament to
compel the withdrawal of the Enghsh subscribers,
and to secure the desertion of the continental merchants.
Disaster followed the early undertakings
across the sea, after Paterson, who had shouldered
the responsibility for the earHest loss, was deposed
from the post of manager; and the story of the
"Edinburgh Adventures" became one of the historic
tales of widespread individual disaster.
Far greater losses were soon to be occasioned by
the bursting of John Law's "South Sea Bubble";
but Paterson saved Scotland from Law's scheme to
salve the financial distress by the adoption of an
inconvertible paper currency.
Though
himself financially ruined, Paterson with
indomitable courage and the far-seeing patriotism
which had characterized him from the earliest days,
set himself to bring about the permanent union of
Scotland and England. He realized that the existing
jealousies,
racial,
commercial and
political,
could
THE HALF-YEAR'S FAILURES RECORD.
Notwithstanding the noticeable increase in number
of failures in June, carrying the total of insolvencies
for that period to a higher level
since
December
than in any month
of 1918, the aggregate of defaults for
1920 was the smallest for the. initial
six months of any year later than 1881, falling over
100 under the low mark set in 1919. But, due to
a marked expansion in the indebtedness in the last
month of the period (giving an aggregate of liabilities
the
first half of
the heaviest of any monthly period since April 1915,
and ascribable to an unusual number of large failures
in the miscellaneous class, made up of brokers,
agents, &c.), the sum of the debts for the half-year
is well above that of 1919 and only a little under 1918.
Our authority for these facts is the report compiled
by Messrs. R. G. Dun & Co., and in making it public
they remark that "the half-yearly returns do not
present an exact picture of the change in the business
mortality, for the increase in failures has been mainly
of recent occurrence, and it is only by examining the
June statistics that a true insight into existing conWhile it obviously was not to
ditions is obtained.
be expected that failures would remain at their
abnormally low levels indefinitely, yet the insolvency
record for June affords additional evidence that
economic readjustment is in progress; and the weak
spots in the commercial situation are now coming
to the surface, under the influence, among other
things, of credit restrictions and diminished consumption of commodities."
In making comparison between number of failures
now and in much earlier periods, allowance should
of course be made for the intervening increase in
the number of firms in business. In other words,
the percentage or ratio the mercantile casualties
bear to the number of firms in business at the stated
times is the true basis of contrast. We have noted
above that defaults in the first half of 1920 were
THE CHRONICLE
238
the fewest for the period since 1881, but adopting
the other method of comparison it is revealed that
the percentage this 3^ear is only 0.196 against 0.225
for the earlier, and that in only one year (1880)
in over half a centurj' was the ratio of insolvencies
to number of firms in business less than now and,
moreover, in negligible degree.
The mercantile casualties in all lines in June 1920
are reported by Messrs. R. G. Dun & Co. as 674,
covering liabihties of no less than $32,990,965,
against only 485 and $9,482,721 last year, 804 and
$10,606,741 in 1918 and 1,186 and $18,055,153 in
1917.
In fact, as regards the volume of indebtedness
in June, we must go back to 1914 for a heavier
aggregate than that of this year. It is to be noted,
too, that in all the various divisions into which tht
failures are segregated the number and debts were
greater than a year ago with the showing among
brokers, agents, &c., the most unfavorable as regards the amount of money involved. Last year
the liabilities in that division at $3,600,116 were
much larger than in the preceding year, but in 1920
they have mounted up to $19,485,599. In the
trading division the debts covered by the failures
of the month were over three times those of a year
ago— $7,019,269 comparing with $2,323,175— and
were well ahead of 1918. Manufacturing indebtedness also showed expansion, but in lesser degree, the
June 1920 aggregate standing at $6,486,097 against
$3,559,430 and $4,697,733, respectively, one and
two years ago.
For the half-year the exhibit is more favorable,
as during most of the months the insolvencies and
resulting
Habilities
showed
contraction
from
the
In fact, as already noted, the number of defaults was the smallest in 39 years and the
habiUties, although running ahead of 1919, were
with that exception the smallest since 1907, an excellent showing taking into account the immense expansion in business the last few years. Specifically
there were 3,352 failures covering Habilities of $86,743,876 in the first six months of 1920 against 3,463
and $68,710,886 last year, 5,889 and $87,793,562
in 1918 and 12,740 and $188,587,535 in 1915—
these latter totals the highest in our history for the
particular period covered with the Rumely failure
at that time^ an important factor in the volume
The disasters among manufacturers
of debts.
showed a moderate drop in number as contrasted
with 1919 from 1,016 to 901 and there was a decline in indebtedness from $32,903,515 to $24,016,377. In the trading division, on the other hand,
there was a slight rise in the number of defaults
and a moderate increase in the liabilities, 2,140 failures for $24,269,247 comparing with 2,111 for $20,805,773. In the brokerage, agents, &c., lines,
despite a decrease in the number of firms forced to
the wall the liabihties were $38,458,252, the heaviest
on record for the first half of the year and conBanking
trasting with only $15,001,598 in 1919.
suspensions reached only 17 for $5,612,000 agaiost
38 for $8,691,396 a year earHer.
Geographical analysis of the six months' failures
reveals the fact that in four divisions, viz., the Middle
Atlantic, South Atlantic, Central West and Pacific,
the insolvencies were greater in number than in 1919,
and in these same sections and the Central, East
and West as well, the liabilities were also in excess.
This leaves only New England and the South Central divisions as showing improvement over 1919
preceding year.
—
—
[Vol. 111.
both number and amount.
As regards the individual States, New Mexico enjoys the distinction
of presenting a clean slate for the period under rein
view.
Finally
we note
that, while in the first quarter
the year the liabihties' for the whole country
at $29,702,499 were 17.1% under those for the like
period of 1919, the second quarter's aggregate of
of
$57,041,377 showed an increase of 73.4% and were,
moreover, 50% in excess of 1918.
In the Dominion of Canada the first half of 1920
witnessed an increase in the number of failures as
compared with 1919, due more particularly to stress
among small traders in Ontario, Manitoba and
At the same time, however, the
indebtedness reported was the smallest in any year
Saskatchewan.
since 1912.
Specifically there were 415 insolvencies
involving $7,636,633, this comparing with 385 and
$9,316,645 last year and 501 and $8,654,694 the
year before. In manufacturing hues liabilities of
$4,590,476 contrast with $6,312,373 last 'year;
traders' debts of $2,557,351 with $2,470,036, and
those of brokers, &c., of $488,806 with $534,236.
There have been no bank suspensions since 1915.
RAILROAD GROSS AND NET EARNINGS FOR
MAY.
Our monthly compilation
of
the gross and net
earnings of United States railroads, this time covering the month of May, is again of an unfavorable
nature.
Conditions, however, were such as to
make any
other result out of the question. The
so-called outlaw strike, which served so seriously
to interfere wath railroad operations in April, had
greatly aggravated consequences in May. The congestion of traffic and tying up
embargoes thereby imposed on
and the
movements,
with the shortage of cars, eventually produced a
situation so desperate that on May 20, on the recommendation of the railway executives themselves,
the Inter-State Commerce Commission exercised
the emergency powers granted to it under the new
Transportation Act and arranged for the distribution
of freight,
traffic
without regard to ownership. In these circumstances, railroad operations not only were difficult but costly.
Hence, though gross earnings
record substantial improvement as compared with
the corresponding month of 1919, the additions to
expenses are of such magnitude as greatly to overtop
the gain in gross receipts, leaving consequently a
heavy loss in net earnings. Stated in brief, gross
earnings increased over those of May last year by
$38,629,073, but the augmentation in expenses was
not less than $61,001,464, thereby producing a
decrease in net of $22,372,391. The comparative
of cars
totals for the
—
two years are as
lau
190 Roads—
Miles of road..
Gross earnings
Operating expenses
Netearnlngs
As
in preceding
follows:
—
Inc. ( + ) orDec.i
Amount.
1920.
1919.
+2,166 1.03
211,040
213,206
3387,330,487 5348,701,414 +S38,629.073 11.08
358,646,429 297,644,965 +61,001,464 20.49
%
528,684,058
months
551,056,449 —522,372,391 43.82
for a very long time past,
the particularly unfortunate feature is that the
shrinkage in net follows very considerable losses in
the years immediately preceding. While special
causes explain the further great augmentation in
expenses in 1920, the fact of the matter is that
mounting expenses have become a common feature
of railroad affairs and there appears to be no way
of getting the cost of operation back to normal
levels.
Aside from the special incidents and circum-
o
1
.
July 17
_
THE CHRONICLE
1920.]
stances of an adverse nature that are continually
cropping out and swelling the expense accounts, the
steady advances in wages, together with the high
prices that
have to be paid for
fuel, materials,
sup-
plies and everything else entering into the operating
accounts of the railroads, serve to keep railroad
operating cost at extreme figures.
As indicating the way expenses mounted up last
year and the year before, it is only necessary to
note that in May 1919, though gross earnings increased as compared with 1918 in amount of $35,132,305, the augmentation in expenses reached
$69,091,093, leaving therefore a diminution in the
net in amount of $33,958,788. Similarly for May
$31,773,655 increase in gross, but $14,459,024 decrease in net,
owing to an increase of $46,232,679 in expenses.
For the three years combined, therefore, the loss in
net for this single month has been $70,790,203, in
face of an increase in gross earnings of $105,535,033.
Expenses in the three years for this month have run
up $176,325,236. Even prior to 1918 rising expenses were a feature of the returns, though not of
course to anywhere near the extent which has since
developed. In the following we show the May comWe give the
parisons for each year back to 1906.
results just as registered by our own tables each year,
though in 1908 and prior years a portion of the railroad mileage of the country was unrepresented in
the totals owing to the refusal at that time of some
compilations
our
1918
of the roads to furnish
registered
monthly figures for publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given
May.
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
S
115,304
144.267
133,680
196,826
230,033
226,442
232,229
263,496
239,427
244,692
308,029
353,825
374,237
413,190
387,330
Year
Preceding.
Increase or
Decrease.
Year
Year
Given.
Preceding.
Increase or
Decrease.
S
S
S
S
34 414,213
946.848 + 3 467.365
760121 ,074,984 +23 ,192,776; 43 ,765,836;
319.290 + 6 446,546
,555 172 ,218,497—38 ,537,942 38 076.9271
922.678 —12 845,751
686 170 ,600,041 +26 ,226,645
690,920,
789,800 + 14 ,901,120
384 198 ,049,990 +31 ,983,394
084,170
857,343 + 5 ,226,827
818231 ,066,896 —4 ,624,078,
173,574
868,645
695,071
035,597'
,364226 ,184.666i +6 ,044.698'
488,263
,452,666
033 23S ,879,970+30 ,616,063
672,313;
499,916
7 ,172,397
628,7651
102 265 .435,022—26 ,007.920
385,635 —15 ,756.870
738 243 ,367,953 +1 ,324.785
,958,563;
339.166 + 14 ,619.397
096 244 580,685; +63 ,448.411 105 ,598,255'
791.320 + 33 ,806.935
032 308 ,132,969+45 ,692.063109 307,435il05, 782.717 + 3 524,718
097 342 ,463,442+31 ,773.6551 91 995,194;106 454,218
,459,024
468 378 ,058,1631+35 ,132.305j 58 293,2491 92 252.037 —33 ,958,788
,487 348 701,414! + 38 ,629.073 28 684,058; 51 056.449 1—22 ,372,391
506 105 ,787,062;
1
+9 ,517,444
—
—
+
—
Note.
Includes for May 96 roads in 1906. 92 in 1907; in 1908 the returns were
based on 153,310 miles ot 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;inl916.24';.006
In 1917, 248.312; in 1918, 230,355; in 1919, 233,931; in 1920, 213,206.
Neither the
Mexican roads nor the coal-mining operations of the anthracite coal roads are included in any ol these totals.
239
and $1,553,962 decrease
returns of the separate roads are a duplicate
of the general results^.
Increases in the gross are
common enough, though
instances of losses,
considerable amounts,
are not lacking,
some for
and these
nature of the conditions preIn the net, decreases predominate and yet
increases are not altogether lacking, these latter occurring where adverse conditions were not all-controlling or special favoring circumstances existed in
the comparison with last year.
Unfortunately the
Pennsylvania Railroad has not yet filed its return
with the Inter-State Commerce Commission and
hence is missing from our compilation. The New
York Central, though having added $3,060,929 to
gross earnings, falls $5,686,018 behind in net.
This
refers to the operations of the New York Central
itself.
Including the various auxihary 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 $2,973,559 in gross, but
a loss of $9,712,356 in net. The Baltimore & Ohio
is able to make a much better showing, having added
$3,935,674 to gross and $1,352,033 to net; the] Erie,
on the other hand, reports $227,743 decrease in gross
attest the unfavorable
vailing.
net;
the
Lackawanna
—
|
I
1*
The
in
$495,493 decrease in gross and $1,234,495 decrease
in net.
Contrariwise, the Philadelphia & Reading
has bettered both gross and net in large sums the
former by $1,290,742 and the latter by $1,257,204.
In the New England group the New Haven, with
$1,492,772 gain in gross, has $252,198 loss in net, but
the Boston & Maine has added $1,214,782 to gross
and $617,475 to net.
In the South the Southern Railway makes a distinctive showing with $2,082,091 increase in gross
and $2,020,784 increase in net, but the Louisville &
Nashville with $1,210,252 increase in gross reports
$201,838 decrease in net. The Atlantic Coast Line
with $744,995 increase in gross has $63,314 decrease
in net and the Seaboard Air Line with $577,160 increase in gross falls $391,195 behind in net, while similarly the Norfolk & Western, though having added
$498,433 to gross, suffers a decrease of $270,059 in net.
In the West and Southwest the exhibits are likewise irregular. The Chicago & North Western with
$1,408,952 increase in gross has $76,773 decrease in
net, while the Milwaukee & St. Paul loses $1,027,828
in gross and $1,649,072 in net.
The Great Northern
has $1,221,781 gain in gross but $139,589 loss in net,
and the Northern Pacific $407,083 addition to gross
with $985,681 loss in net. The Union Pacific with
a gain of $1,058,041 in gross loses $106,132 in net.
The Southern Pacific makes an exceptionally good
showing with $2,669,955 increase in gross and $1,053,678 increase in net. The Atchison with $1,959,547
gain in gross loses $996,832 in net; the Missouri
Pacific with $1,438,831 increase in gross has $338,653
decrease in net; the Rock Island with $1,889,386
increase in gross suffers $941,456 decrease in net and
the St. Louis & San Francisco with $1,151,053 gain
In the following
in gross reports $177,965 loss in net.
we show all changes for the separate roads for
amounts in excess of $100,000, whether increases or
decreases, and in both gross and net.
PKINCIPAl, CHANGES IN GROSS EARNINGS IN MAY.
Increases.
Increases.
Baltimore & Ohio
$211,701
S3, 935, 674 Chesapeake & Ohio
3,446,378 Monongahela Connecting
Southern Pacific (8)
200,368
fc3,060.929 Minneapolis & St Louis-New York Central
196,778
Southern Railway
2.082.091 Western Maryland
190,828
Union Pacific (3)
1 .973 .046 Spokane Portl & Seattle183,498
Atch Top & Santa Fe (3) 1 ,959,5 17 Mobile & Ohio
169,640
Chic R I & Pacific (2)... 1,889,386 Duluth & Iron Range. . .
168,973
1,711,270 Chicago Ind & Louisville
Illinois Central
167,235
-161,628
N Y N H & Hartford... 1,492,772 Central Vermont
-..
1,438,831 Bangor & Aroostook
Missotiri Pacific
153,952
1,.408.952 Detroit Toledo & Ironton
Chicago & North West.
151 ,639
..on
.o Cine New Orl & Tex Pac
PhUadelphia & Reading. l\290,742
137,437
Louisiana
&
Arkansas
1,221,781
Northern
132,623
Great
1,214,782 Western Pacific
118,931
Boston & Maine
Louisville & Nashville--1,210,252 Lake Erie & Western
106,294
1,151,053 Bingham & Garfield
102,607
St Louis-San Fran (3)
Lehigh
&
New
England-Southwest
792,314
101,924
St Louis
(2J-Cleve Cin Chic & St L-Atlantic Coast Line
Buffalo Roch & Pittsb-.
Seaboard Air Line
Denver
&
Rio Grande
Norfolk & Western
Nashv Chatt & St Louis.
Yazoo & Mississippi Vail
Northern Pacific
Maine Central
New
Orl Tex& Mex (3)St Paul & S S M-.
Minn
Pere Marquette
Toledo St Louis & WestKansas City Southern
Los Angeles & Salt Lake.
Florida East Coast
Chic St Paul Minn & Om
Elgin Joliet& Eastern...
Missouri Kansas & Texas
-7
779,060
744,995
600,439
577,160
564,345
498,433
488,122
426,908
407,083
382,433
381,177
362,895
349,100
347,740
336,467
291 ,81
258,246
254,111
248,018
218.647
Representing 71 roads
in om- compilation- -$43,452,946
Decveciscs.
Duluth Missabe & North $1,366,719
Pittsburgh & Lake Erie.. 1,179,771
Chicago Mil w & St Paid. 1,027,828
Bessemer & Lake Erie
665,199
Del Lack & AVestern
495,493
Wabash.
Long Island
Grand Trunk Western.Richm Fred & Potomac.
New England-..
Hocking Valley.-.
Chicago
& St Louis.
Y
N
Central
410,248
294,732
155,447
147,559
128,423
122,083
11 1
,720
Representing 12 roads
in our compilation.. 86,105,222
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 sep.arate
roads, so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
b These figures cover merely the operations of the New York Central
Including the various auxiliary and controlled roads, like the
itself.
Michigan Central, the "Big Four." &c.. the whole going to form the New
York Central System, the result is a gain of $2,973,559.
—
PRINCIPAL CHANGES IN NET EARNINGS IN MAY.
Itictcqscs t
Increase.
$158,882
$2,020,784 Toledo St Louis & West.
Southern Railway
141.821
1 ,352 .033 Kansas City Southern
Baltimore & Ohio
1.257.204 Detroit Toledo & Ironton
112.900
Philadelphia & Reading.
617.475 Now Orlean.s & Northeast
104.910
Boston & Maine
391.015 Chic St Paul Minn & Om
104.892
Southern Pacific (8)
301 .443 Bangor & Aroostook
104.738
Cin New Orl & Tex Pac.
252,001 Atlantic & St LawTeuce..
102.834
Denver & Rio Grande
223,783 St Louis Southwestorn(2)
101 ,948
Minn St Paul & S S M-.
Bingham
Garfield
&
St
I,ouis.
199,532
&
101,816
Chatt
Na.shv
194,605
Los Angeles & Salt Lake.
Representing 29 roads
193,199
Buffalo Koch & Pittsb..
in our compilation.. $8,199,042
161,324
Florida East Coast
THE CHRONICLE
240
Decreases.
New York
Central
&S5.686,018
1.649.072
1.542,612
Erie (3)
1,493,442
Lehigh VaUey...
1,377.967
niinois Central
Duluth Missabe & North 1 .365,539
Pittsburgh & Lake Erie. . 1 ,352 ,460
1,234,495
Del Lack & Western
Cleve Cin Chic & St Louis 1,329,904
1,182,679
Wabash
996.832
Atch Top & S Fe (3) - - 985.681
Northern Pacific
954.959
Michigan Central
941,456
Chic R I & Pacific (2)...
669,217
Colorado & Southern (2)
Bessemer & Lake Erie
629,272
582,164
Chesapeake & Ohio
529,217
Delaware & Hudson
Long Island
477.574
469.124
Texas & Pacific
391.195
Seaboard Air Line
378,340
Grand Trunk AVestern..
Missouri Pacific
338,653
304,861
Hocking VaUey
Richm Fred & Potomac.
273.092
Chicago
MUw& St Paul.
& Western
Mississippi Vail
N Y N H & Hartford...
Chicago Junction
Central New England
Chicago Great Western . .
Louisville & Nashville
Virginian
Det Gr Hav & Milw
Mo Kan & Tex of Texas.
Toledo & Ohio Central..
Minneapolis & St Louis. .
St Louis-San Fran (3)...
Internal & Great North.
Chic & Eastern Illinois.
El Paso & Southwestern.
Great Northern
Wheeling & Lake Erie...
Kanawha & Michigan
Rutland
Chic Indianap & Louisv.
Norfolk
Yazoo
&
DccTBdSBs
$270,059
262,427
252,198
239,871
237,023
235 7 08
201 ,838
193,072
189,717
184 ,882
184,158
180 ,045
177.965
172.001
.
145.291
144.818
139,589
131,920
117,753
116.021
115,176
Representing 54 roads
in oiu: compilation. .$31, 027.357
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 whole going to form the New
York Central System, the result is a loss of $9,712,356.
b
When
the roads are arranged in groups or geographical divisions according to their location, the
distinction between the showing in the gross and in
the net appears more clearly. In the case of the
gross all the different geographical divisions, with
only a single exception, namely the Middle Western
group, record gains, while in the case of the net four
of the seven geographical divisions record losses.
Our summary by groups is as follows:
Section or
May—
—
Group
1 (8 roads) New England
2 (35 roads), East & Middle..
3 (28 roads). Middle West...
Groups 4 & 5 (33 roads), Southern...
Groups 6 & 7 (28 roads). Northwest
Groups 8 & 9 (46 roads). Southwest.
Group 10 (12 roads). Pacific Coast..
Group
Group
Group
,
Total (190 roads)
1920.
S
20.594,260
88,722.681
34,493,240
61.042.523
82,605,748
72.066.942
27,805,093
-Gross Earnings1919.
Inc. (.+)orDec. ( ).
S
S
17.088,743
+3, 505,517 20.51
80.177,415
+ 8 545,266 10,66
34,769,743
276,503 00.80
13.32
53,866,509
7 176,014
6.32
4 912,702
77,693,046
61,717,774 + 10, 349,168 16.77
4 416.909
23,388,184
18.90
—
%
+
+
+
11.08
387,330,487 348,701,414 +38,629.073
—Net Earnings
1920.
1919.
Inc.(. + )orDec.(—).
1919.
7.298 1.503,836
862.956
+640,880 70.76
22.839
-8.614,697 74.27
980.795 9,595,492
16,572 def210,879 6,422,235 —6.633,114 103.22
8.69
36,327 8,112,551 7,463,961
+648,590
57,094 6.544,089 12,633.274 —6,079,185 48.13
54,290 5,469,900 9,215,117 —3.745,217 40.64
16,620 6,273,766 4,863,414
1,410,352 29.00
-Mileage-
May—
1920.
Group No. 1
7,370
Group No. 2
22,879
Group No. 3
16,474
Groups Nos. 4 & 5... 36.761
Groups Nos. 6 & 7... 58.433
Groups Nos. 8 & 9... 54,588
Group No. 10
16.701
Total
%
+
43.82
213,206 211,040 28.684,058 51,056,449 —22,372,391
NOTE.
Group
I. Includes all of ttie
New England
States.
Group II. includes all of New York and Peunsylvania except that portion west
and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme nortbern 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
of Pittsburgh
[Vol. 111.
weeks
year were 59,532,000 bushels against
59,167,000 bushels in the five weeks of 1919. The
details of the Western grain movement in our usual
five
this
form are shown
in the table
we now
present:
WESTERN GRAIN RECEIPTS.
Five Weeks
end. May 29.
Chicago
1920
1919
Flour,
Wheat,
Corn,
Oats,
(.bbls.)
(bush.)
(bush.)
(.bush.)
550.000
996,000
1,557,000
1.934,000
3.473.000
4,670.000
4,975,000
6.763,000
974,000
2,422.000
577.000
495,000
64.000
92,000
293.000
277.000
762.000
440,000
1.838.000
2,243.000
856,000
2,042,000
540,000
428.000
280.000
359,000
2.016.000
2,486,000
2.163,000
1,117,000
2,910.000
3,064,000
17,000
80.000
25.000
45,000
360,000
498,000
183,000
90.000
395,000
546,000
12,000
107,000
31.000
85,000
57,000
205,000
85"6o6
76'6o6
255^000
IIIIII
'.'.'.'.'.'.
815,000
135,000
1,280,000
1,045,000
1,406,000
519,000
31,000
102,000
256,000
116,000
73,000
242,000
379,000
1,928,000
2,559,000
508,000
1,267,000
—
M iluaukee—
1920
1919
St. Louis
1920
—
19119
Barley.
Rye.
(bush.)
(bush.)
Toledo—
1920
1919..
Detroit —
1920..
1919
Cleveland
7,000
—
1920
1919
Peoria
—
265,000
419,000
1920
1919
Duluth
1920...
1919
—
Minr.capolis
1920
1919
Kansas
City
3,924,000
996,000
—
—
1920
1919
Omaha
&
23,000
Indianapolis
—
1920...
1919
Total of All
7.030.000
5.492,000
407.000
476,000
1.143.000
1,839,000
865,000
3,957,000
3,992,000
1.079.000
1,590,000
1,354,000
576.000
1,383,000
48,000
2,196,000
392.000
3,455,000
2,800.000
3,710.000
2,854,000
11,000
2,000
—
1920
1919
1.159.000 22.195.000 13,344,000 17,126,000
1,896,000 13,481,000 12,153,000 19,744,000
3,834,000
4,807,000
3,033,000
8,982,000
The Western Uvestock movement seems to have
been considerably larger than in 1919. At Chicago
the receipts for the full month comprised 23,184
carloads as against 21,489 carloads in the month
last year; at Omaha the receipts were 8,806 cars
against 8,586, though at Kansas City they were only
9,704 cars against 10,258.
The cotton movement in the South fell below that
of last year.
The shipments overland were 187,436
bales against 211,847 in May 1919 and 285,394 bales
in May 1918, and the receipts at the Southern outports aggregated only 211,563 bales in May 1920
against471,251balesin May 1919, but comparing with
218,315 bales in May 1918.jr^The details of the port
receipts are as follows:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY' AND FROM
JAN.
Plttsburgli.
1
TO MAY
31 1920. 1919
AND
1918.
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,
May.
As
far as the
movements
1919.
1920.
1.
Galveston
bales.
Texas City, &c.
New
Orleans
Mobile
Pensacola.
&c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Newport News, &c
34.830 154,029
9,687 15,764
75,297 141,137
5,502
7,937
635
2,934
39,309 70,759
3,200 18,000
29,628 19.288
877 14,348
10,142 29,249
97
105
1918.
1920.
1919.
37,564
10,389
92,106
3,021
6,200
44.910
10.000
3.944
3,363
6,818
825,737
199,580
656,461
83,281
12,938
425,566
64.627
262.623
47.097
123.576
2.673
729.697
89,030
638,934
57,082
7.465
341,999
33,230
73,211
52,775
136,182
860
1
1918.
483,167
71,474
667.737
31,872
19,987
367,717
37,100
43,998
32,892
100,788
3,033
211,563 471.251 218.315 2.704.159 2.160.471 1.859.767
Total
of the leading staples are
concerned, the Western grain movement as a whole
did not differ greatly from a year ago in face of
diverse results for the various cereals and for the
primary markets. Wheat receipts ran very
much heavier than in 1919, reaching 22,195,000
bushels for the five weeks ending May 29 1920,
against only 13,481,000 bushels in the corresponding
five weeks of 1919, though in face of this increase for
the Western primary points as a whole the wheat
different
receipts at Chicago, St. Louis, Toledo, Detroit
and
Cleveland all were smaller than in the previous
year. Total corn receipts also ran heavier than a
year ago, though here Ukewise many primary points
actually received less corn than in 1919.
In the
case of oats, barley and rye, the totals were all smaller
than in the previous year, though here again certain
markets form exceptions to the rule and show in-
For wheat, corn, oats, barley and rye
combined, the receipts at the different markets for the
creases.
Since Jan.
Ports.
all Of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dalcota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north ol a line parallel to the State line
passing through Denver.
Groups VIII and IX. combined 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.
GroupX. includes ail of Wa-shington, Oregon, Idaho, California, Nevada, Utah
and ArUona and the western part of New Mexico.
(ihxvxtnt
%vtuts
CONTINUED OF FERIIVG
atiJtl
I
discussions
OF BRJ'TISH
BILLS.
The usual
was disposed
'
THE AS URY
offering of ninety-day British Treasury
of this
week by
J. P.
Morgan & Co. on a
biUa
dis-
count basis of 6%, the rate which has been in effect for
some time past. The bills in this week's offering are dated
July 12.
RATE ON FRENCH TREASURY BILLS CONTINUED
AT
61^%.
The French ninety-day Treasury bills were disposed of
the figure to which
this week on a discount basis of
it
had
previously for
the rate was advanced March 26;
some time been 6%. The bills in this week's offering are
dated July 16.
6M% —
CREDITS ANDZADVANCES TO ALLIES ON JUNE
30j
we take
the
From[the "Wall
following
Street Journal" of July S
July 17
THE CHRONICLE
192.0.]
EstablishtHi credits and cash advances to foreign
close of business June 30. were as follows:
Governments, as at
Ca.th
Creditsl^
Advanced.
S338.745.000
10.000.000
Established.
Belgium
$3o0,428.793
10,000.000
-67.329.041
3.047.974.777
4,277.000.000
48.236.629
1,666.260.179
5.000.000
25.000.000
187,729.750
26.780.465
-
Ouba
Czecho-Slovakia
France
Great Britain
Greece
Italy
Liberia
Rumania
Russia
Serbia
.59.524,041
2.9.57.477.800
4,277.000.000
10.000.000
1.631,338.986
26.000
25.000,000
187,729.750
26,780,465
89.523,622.042
$9,711,7.39,634
Total
$10,000 has been repaid by the Belgian Government: $12,147,000 has
been repaid by the French Government, and $64,164,007 has been repaid
by the British Government.
ASSUMPTION BY GREAT BRITAIN OF FRENCH
SHARE OF ANGLO-FRENCH LOAN— J. P. MORGAN
& CO. WITHOUT ADVICES.
Prominence has been given to a copyright dispatch from
to the "Globe" announcing that an agreement had
been reached between the British and French Premiers as a
result of which Great Britain would assume the greater part of
the French Government's share of the Anglo-French loan,
France in return withdrawing her opposition to the resump-
London
As
tion of trade relations with So\iet Russia.
to this re-
port the "Journal of Commerce" of .July 14, said:
The cabled report published here yesterday to the effect that an agreement had been entered into by Great Britain and France whereby the
former would assume a large portion of the Anglo-French loan, in return
for which France would withdraw opposition to the opening of trade with
Russia, brought forth on the part of J. P. Morgan & Co. yesterday an
unofficial statement that they had no knowledge of such a move.
It was pointed out in local banking circles that there was a possibility
that there might be some refunding of a portion of the loan should money
conditions around the middle of September indicate an easier tendency.
No definite assurances that such action would be taken could he obtained,
however, although in some quarters it was hinted that $100,000,000 might
be involved.
Further details of the dispatch to the "Globe" pointed out that with
the resumption of trade with Russia, $300,000,000 gold will immediately
be available from Russian sources which will be deposited in the English
banks to insure Russia's credit in the big buying campaign the Soviets are
planning. As England's arrangement with France will necessitate $150.000,000 additional gold to America, the receipt of the Russian gold will
improve her financial situation and make possible the liquidation of the
obligations to
America without serious embarrassment to
either.
BONDS OF SWITZERLAND GOVERNMENT ON
NEW YORK STOCK EXCHANGE.
Dealings in the $25,000,000 bonds of the Government of
Switzerland, Lee Higginson temporary receipts, were begun
on the New York Stock Exchange on July 13. These
bonds, 8% 20-year, due July 1 1940, were offered last week
by a syndicate headed by Lee, Higginson & Co., and the
offering was noted in last Saturday's "Chronicle," page 132.
The initial trading on Tuesday was opened with a sale of
$2,000 at 102 M- The first sale of a SSOO bond on the same
day was effected at 103 3^. The closing sale yesterday was at
103.
ADOPTION OF
NEW METHOD
OF QUOTING FOREIGN
EXCHANGE.
A sufficient number of local banking houses dealing in
foreign exchange having agreed to the proposed change in
the method of quoting exchange on countries in the Latin
Monetary Union in terms of United States money instead of
in units of foreign money, to warrant the adoption of the
new method,
it was put into effect on July 15.
The proposed change was referred to in our issue of May 8, page 1934.
The adoption of the new plan, it was said, was preceded by
the appointment of a committee by the Foreign Exchange
Club, under the Chairmanship of B. A. Duis, a Vice-President of the National City Bank, to consider the matter.
While Mr. Duis is credited with having announced that an
agreement to put the new system into effect had been reached
by banking houses dealing in foreign exchange, we have
been unable to obtain any official information from that
source, and we quote the following from the New York "Sun"
of July 14:
Beginning to-morrow all financial institutions in this city will quote
foreign exchange rates in cents a unit.
For a considerable time one or two
dealers in foreign exchange have done business on the new basis, but not
until yesterday was the consent of all of them oDtained to omit the inconeistency of quoting sterling at so many cents a pound and francs at so many
francs to the dollar.
Ipr Credit is given to the Foreign Exchange Club for originating the idea of
simplifying exchange rates so far as local quotations are concerned. The
subject has been widely discu.ssed and finally all members of that club have
agreed to quote not only Par Eastern South American and sterling rates on
the basis of cents a unit but all European rates on that basis.
241
A sample of the inconsistency of the old method was the quotation of 16
cents a guilder and of 16 lire to the dollar. The proper relation between the
two rates is expressed, the dealers say. when the cents a unit method is
adopted.
It developed yesterday that some bankers are doubtful as
to whether their customers will take kindly to the innovation.
REGULATION OF FOREIGN EXCHANGE TRANSACTIONS WITH SOVIET RUSSIA.
"Commerce Reports" of July 12 in stating that foreign
exchange transactions with Soviet Russia are subject to
control by the Federal Reserve Board, adds:
The Board's general license of Aug. 8, 1919. relating to foreign exchange
trasactions. which includes the special regulations for Rus.sia. is still in
force according to a statement by the Federal Reserve Board in response
to inquiry.
The general license of Aug. 8, 1919, relating to foreign exchange transactions is as follows:
By proclamation of the President, dated June 26, 1919, all previous
proclamations prohibiting the exportation of coin, bullion or currency,
and the power and authority vested in the Secretary of the Treasury and
in the Federal Reserve Board, and all orders, rules and regulations issued
or prescribed in connection therewith were revoked and canceled, except
that such proclamations, orders, rules and regulations were continued in
force and effect in so far as they were necessary to enable the Secretary
of the Treasury and the Federal Reserve Board effectivel.v to control.
(1) All exportations of coin, bullion and currency to that part of Russia
now under the control of the .so-called Bolshevik Government.
(2) Any and all dealings or exchange transactions in Rus.sian rubles.
(3) Transfer of credit or exchange transactions with that part of Russia
now under the control of the so-called Bolshevik Government.
(4) Any and all transfers of credit or exchange transactions with territories in respect of which such transactions were then permitted only
through the American relief administration.
This proclamation did not authorize remittances to enemy territory
which were thereafter, as therefore, permitted only under special or general
license of the War Trade Board. Under the general enemy trade licenses
issued up to the present time by the War Trade Board, however, such trade
is permitted, except in certain specified articles and commodities, with
ail persons with whom trade is prohibited by the Trading With the Enemy
Act, except trade with Hungary and that portion of Russia under the control
of the Bolshevik authoritias.
On June 30, 1919, the Federal Reserve Board announced that remittances
to the countries referred to in the fourth exception mentioned above were
not thereafter subject to any restriction.
The Federal Reserve Board has just announced the issue of agent licenses
permitting the exportation from the United States of Russian rubles,
provided that notice of such exportations be given to the customs division
of the Treasury Department and to the division of foreign exchange of
the Federal Reserve Board. This regulation does not authorize the importation of Ru.ssian rubles into the United States.
The present situation is. therefore, that all restrictions have been removed
from the export of coin, bullion and currency and from transactions in
foreign exchange, except as to (1) transactions with or for persons in that
part of Russia now under control of the so-called Bolshevik Government;
(2) the importation of exchange transactions in Russian rubles.
REGINALD McKENNA OF LONDON CITY & MIDLAND
BANK ON TAXABLE CAPACITY OF GREAT
BRITAIN.
The London City & Midland Bank, Ltd.
of
London
monthly review for June a speech by its Chairman, the Right Hon. Reginald McKenna, under the head
of "The Taxable Capacity of the Nation," at the annual
dinner of the National Union of Manufacturers held at the
Savoy Union of Manufacturers held at the Savoy Hotel,
London, on June 14. What Mr. McKenna had to say is of
sifficient importance to warrant our reproducing his remarks
prints in its
herewith:
When we survey the field of manufacture and
economics, there is some considerable ground for
and
Though
still much too slowly, output is steadily increasing. There is a great demand
for the principal products of our manufacture all over the world, a demand
which we are still unable to meet. We hope and believe that the industrial
trade, of finance
satisfaction.
unrest, which in part, at any rate, was a natural consequence of the long
tension of the war, is at last subsiding, and that the labor conditions will
permit of a more fruitful response to the vigor, enterprise, skill and knowledge which manufacturers and traders are ready to put into their business,
and which are as marked to-day as they ever have been in our history.
There is, however, one dark shadow. I refer to finance. For my part,
I cannot help thinking that we are suffering from an over-indulgence in
There is one great characteristic in which the British people can
virtue.
claim pre-eminence over the rest of the world. No people can compare
with us in readiness to submit to the burden of taxation. I remember that
in the first year I was at the Treasury, 1915, a veiT important deputation
of many of our leading bankers, merchants and manufacturers attended
the Treasury in order to press upon me the need of imposing drastic taxjoin
I wonder how many of those gentlemen would be willing to
ation.
In a deputation to the Chancellor of the Exchequer to-day in order to press
the same policy upon him. I believe that if men could be got to express
their real inner thoughts, without being hampered by the sort of feeling that
to shirk taxation is like running away, they would tell you that in the
present condition of our industry and power of production we aa-e already
gravely over-taxed. It is not a question of willingness to pay. but of
capacity to find the money without drying up all the springs which fertilise
industry.
suggest that the time has come for us to direct our minds a little
How much can the country .safely be called upon to pay in
the way of taxation? We shall have to answer the question in terms of
money: but what we really have to keep our eyes firmly fixed upon is the
7iiaxinuim amount of goods and services which we are able annually to
I say "corporate"
furnish for the corporate consumption of the nation.
as distinguished from the sum total of our individual constimption.
have no more to consume in the year than the goods we produce and the
If our constnnjition exceeds that amount, it can
services wo can render.
only be by borrowing goods and services from other nations.
You will not expi>ct me to-night to go into an exact caUnilation of our
maximum taxable capacity. It would be a long, difficult and intricate
May
I
to the question:
We
THE CHRONICLE
343
can do no more than lay before you certain figures •which
the inquiry. If ve look back at the year 1913-14
we see that the Government expenditure amounted to about £200,000.000.
and that the estimated savings of the community, according to the highest
estimate made by any responsible authority, amounted to about £400.000.000. Thus, you will see, in that year the total national income exceeded
the national expenditure, other than the Government expenditure, by
£600,000,000. Now suppose for a moment that the national production
in goods and services and the national consumption, apart from Government consumption, were the same to-day as in 1913-14. The surplus of
pa-oduction over consumption would also be the same, but measured in
money it would amount to a very different figure. The pre-war value of
the £ sterling was about two and one-third times as great as its present
Value, and the surplus of £600,000,000 in 1914 would mean a surplus of
£1,400,000,000 at the present time. Now think of -what that means.
On the same basis of individual consumption and on the same basis of
production as in 1913-14 the total surplus we could possibly have to spend
on Government would be £1.400.000.000, leaving nothing whatever for
further accumulation of capital for the development of our trade and
manufactures. Those are elementary figures which anyone can examine
for himself and which carry conviction by the mere statement of them.
I have assumed here that our production is the same to-day as in 1913-14.
tJnfortimately we know that this assumption is not correct. 1 do not think
that I am overstating the reduction in our present output when I put the
total output to-day at 80% of what it was before the war. Next 1 must remind you that our income six years ago included a large amount for interest
on foreign investments which we have had to sell diuing the war. Our loss
on this account is certainly over 50 millions a year. To that figure we must
add the interest which we now have to pay on our foreign indebtedness;
and I am certainly understating when I estimate the total loss on these
examination.
1
vrUl serve as foiideposts in
two accountvs at 100 millions a year.
There is a third item, moreover, in this calculation which must not be
I have as.-iumed that the national consumption
left out of consideration,
to-day Is the same as in 1913. We know, however, that amongst considerable sections of the community I am not here now to say vhether it is
right or wrong, I am merely recording the fact— the consumption of com-
—
moditias, even at present prices, is on a greater scale than in 1913.
In
more than one trade wages have risen even faster than prices. Perhaps
this increase of consumption among one section of the community may be
set off against the decreased consumption among the rest of the community.
It is quite obvious that no exact calculation is possible, but I do not think
that the vast mass of the middle-class could .submit to. further restriction
of the commodities they are accustcnud to consume without imposing upon
them a hardship which they would find intolerable.
Now, all these causes diminished production, loss of external revenue,
increased consumption among certain sections of the people tend to reduce
the surplus which thf nation has to expend on the government of the country.
For my part, I believe that an examination would t-how that a Budget of
£1,000,000,000 is as much as the nation can pos.sibly carrj' at the present
time, and that even this figtire would not leave sufficient margin for the
increase of capital necessary for the reconstruction and development of our
—
—
industries.
Let me remind you of this year's Budget estimates. On the present basis
of taxaJon the revenue this year is estimated at £1 ,116,000,000,
Some of
the taxes, however, are not productive for the whole year. In a full
year the revenue is estimated at $1 ,238,000,000, The figures I am giving
do not Include anything for the sale of conmiodities, but are tne figures of
ordlnaiT revenue.
Now if it be true, as I believe, that the nation cannot afford to pay in
taxation more than £1,000,000,000, the conclusion to which I am driven is
that we are being gravely over-taxed.
From the point of view of a banker it Is not without interest to obser^^e
the effect of over-taxation. Manufacturers and traders, having paid to
State by way of income-tax and excess profits tax so much more than they
can properly afford, are compelled to rely more and more upon their bankers
for assistance in making needful capital outlay if they are to maintain their
AVhat is the consequence? We all know that when banks
businesses,
lend, new deposits are created and purchasing power is increased.
Thus
we see in over-taxation a direct stimulus to an increase of credit, and therefore, as the money is needed for capital purposes, to an immediate rise
in prices.
Those who advocate high taxation forget that though they
believe that they are going to reduce prices by taking the money from the
people, it Is, in fact, one of the causes of high prices. The only condition
on which that would not be true is that manufacturers and traders were
denied the necessary capital to continue their businesses.
If I am right in thinking that the trade of the the country is being overburdned by taxation, there is one tax which instantly springs to the front
as our first choice for repeal.
I refer to the Excess Profits Tax.
The
Excess Profits Tax, as anything more than a temporary war tax. Is essentially bad,
I believe I can claim, as its author, to know as much about it as
anybody else, and I can assure you that in framing it I had no conception
of its continuing beyond the period of the war. I frequently pledged myself,
not merely to deputations who came to see me on the subject of the tax,
but to the House of Commons, and I believe with the full concurrence of
all my then colleagues, that the tax .should not be continued in peace.
I
remember, indeed, I used myself to point out the overwhelming objections
to the tax if it were made a regular part of our fi.scal system as conclusive
proof that the tax would be repealed when the war was over. Every day
that elapses, the period upon which the standard income is determined
becomes more remote, and consequently the tax operates more unjustly.
The principle on which it was based, the machinery by which it was put
into operation, were devised only for a war period,
I cannot find a single
defender of the tax, and I understand that the only ground on which it is
continued is that no substitute can be found for it. I hope I have given
you sufficient reasons for thinking that no substitute ought to be found.
Indeed, I go further and say that the very fact that no alternative can be
proposed to such an admittedly bad tax is proof positive that the nation has
exhausted its taxable capacity.
Gentlemen, in addres.sing you in this manner I am speaking to you as a
man of business, I have no thought of politics or tjconomic theory in my
mind, I am simply dealing with the plain hard facts of the moment.
Our first duty at this time is to increase production. We must raise in
taxation enough to pay our way. We must not borrow to meet Governent expenditure or to pay interest on our debt. But we must so limit
our expenditure as not to require heavier taxation than can be imposed
without injurj' to the development of our production. Do not be put off
by any inquiry as ro which item of expenciiturc you individually would cut
down, I am quite willing to a.s.sume for the ,sake of the argument that
every purpose to which the money is devoted is good, and that every penny
Is spent on the most economical lines. It does not matter to the argument.
I am considering this question from the point of view of what we can afford.
I have no doubt that each item of expenditure can be defended on its own
merits. The arswer to any such inquiry must be: We have so much money
and no more to spend. A selection must be made among.st these desirable
objects: some must be cut off, some curtailed, some postponed. The nadon
fVOL 111.
as every one of us acts in our private capacity. Take the various items of useful, I might almost say indLspensable, expenditure which
every one of us has to confront the best schools for our children, the most
expensive doctors in sickness, the most desirable health resort for our
holidays all admirable objects, all purposes against which every one of
us can find no argument. Yet. if we have not the money we all of us learn
to deny ourselves this expenditure; and we even go so far as to call them
luxuries when our neighbors who are better off are able to indulge In them.
What is true for the individual is true for the nation. Keep your attention
upon the immediate need of the nation to increase production. When you
have accomplished that you will not need to increase taxation in order to
meet the nation's requirements. On increased production the revenue will
flow in of itself.
The proposition I have put before you is a very simple one: It Is that a
wise nation, like a vrise indi>idual, cuts its coat according to its cloth.
It realizes that it has not an unlimited power of axpenditure.
I wish I had time to speak of anotiier matter.
I should have liked to say
something about the policy of dear money, but the subject is too large to
open now, and I can say no more about it than tlus. I believe that the
policy of dear money In present circumstances is a mistake.
Its authors
seek, rightly and properly, to prevent speculation and profiteering by
the withholding of commodities from the market, and wish, as is their duty,
t© avert the social evils which flow from high and rising prices. On the other
hand, dear money hinders production, shakes the confidence of the trader,
depreciates Government credit, and throws an additional burden upon
the nation for the debt charge. We must weigh the arguments for and against
this policy. In my judgment the balance of the argument is against dear
money. I doubt If the objects which the advocates of dear money have in
view are really obtained by this policy, whereas I am ver>- sure that the
e^ils I have enumerated to you flow inevitably frcm it.
We see the terms "inflation" and "deflation," "floating debt" and
"funded deot," bandied about as if Inflation and floating debt were
synonymous and funding debt and deflation were an identical process.
There Is a time for Increasing credit when such an increase
caiuiot be properly described as inflation. There is a time for decreasing
credit when such decrease in a true sense is deflation. There is a t'me ft
funding the floating debt, and there is a time for leaving the floatirg debt
to take care of itself. All these are matters to be dealt viith, not according
to preconceived notions and high and dry theories, but according to the
circumstances of the moment and the trade conditions cf the tin e. ard it
is quite possible that a brave and honest, but theoretic ard ur.ptactif al,
financial policy may have a more harmful effect than the salutary neglect
which would leave the price of money to find its own level.
This is a topic so large, and one which has to be handled with such care,
that I could not venture to enter further into it upon an occasion like the
present; but in this mere enunciation of general prirtiplcs 1 am sure I shall
have with me those who, m the daily struggle of their trade, find themselves
hampered by dear conditions of money, and see not only their own trade.
but the trade all over the country gradually ccntractirg and lesserirg in
consequence of this restriction of credit. There rray ccrre a time when it
will be right to restrict credit. I am by no means a general advocate of cheap
money upon all occasions quite the contrary but I do feel most certain
that, so long as we have not brought production at least to our pre-war
level, we ought to make it oiu- care that we should do nothing by restricting
credit which would render the development of production impossible.
must act just
—
—
—
—
BRITISH
.
^
HOUSE OF COMMONS ENDORSES 60%
TAX—WAR WEALTH TAX
ABANDONED.
EXCESS PROFITS
The
rejection
by the
British
House
of
Commons, by a vote
of 289 to 117, of the proposal to continue the excess profits
tax at 40%, was announced in press cablegrams from London
The budget introduced in the House of Commons
on April 19 last (referred to in the "Chronicle" of April 24,
page 1692) called for the raising of the excess profits tax
from 40% to 60%. The Chancellor of the Exchequer, in
replying on the 12th instant to criticisms concerning
the proposed new levy, declined to reduce the dut\' below
the 60% provided for in the biU, but promised, it is said,
that the duty would not exceed 40% next year. He is also
said to have stated that there should be no more borrowing,
but said that the nation should begin while it was prosperous
The
to make an earnest endeavor to reduce the debt.
proposal to impose a ta.x on war wealtli, to which we also
referred in our issue of April 24 (pages 1692 and 1693) has
been abandoned; at a special meeting of the British Cabinet
on June 4, the decision was reached not to tax war fortunes,
on the ground that such a tax, being in the nature of a levy
on capital, would dislocate industry and cause unemployment. From the June number of the "Monthly Review" of
the London City & jMidland Bank, Ltd., we take the folowing regarding the abandonment of this tax plan:
July 12.
In reply to a question by Mr. Clynes, the Chancellor of the Excheqtier
7 stated, in the House of Commons, that "the Government, after
full consideration of the Report of the Select Committee, and of the respective advantages and disadvantages of the suggested scheme for a levy on
War AVealth, have come to the conclusion that the dangers attendant on
such a levy altogether outweigh any advantages which could be derived
from it, and they have decided not to make anj- proposals in that sense
to the House,"
This announcement greatly relieved the considerable tension which
had existed in the business and financial community since the idea of a
liniit(?d capital levy began to receive attention a few months ago. It cannot
be said to have come as a surprise, however, in view of the formidable and
reasoned opposition given to the proposed scheme by leading representatives
on June
of industrj' and finance.
The attitude of the Government was not permitted to pass unchallenged,
and on June 8 a resolution was moved by Mr, CljTies on behalf of the
Labor Party regretting the decision not to impose special taxation upon
fortunes made as a result of the national emergency and declaring that in
order to meet the country's financial burdens and as.sist in liquidating the
National Debt, further measures should be adopted for raising revenue
from accumulated wealth. Speaking to his resolution, Mr, Clj-nes claimed
that the adoption of the scheme would bring financial relief as well as have
i
July 17
THE CHRONICLE
1920.]
a moral and psychological effect upon the great mass of people, who resent
the fact that a certain proportion of the nation was able to accumulate
wealth as a result of the war. He pointed to the floating debt, to the continue<l high prices, the disturbed exchanges, the low purchasing powej of
money and high wages, as well as to the heavy burden of taxation, and
argued that, failing recourse to the suggested levy or some similar scheme
of extraordinary taxation, the Chancellor would be driven more and more
Towards the drastic expedient of a general capital levy.
Mr. Chamberlain, in reply, pointed out that, far from being a simple
issue, a War AA'^ealth tax was a most complicated and difficult proposition.
His position had been one of entire neutrality, neither opposing nor advocating the tax. even dwelling upon its advantages in order to get for it a
He had come to the conclusion that the
fair consideration of its merits.
fiscal merits of the levy were less than even he could have anticipated. The
Committee had found that the 1.000 millions originally estimated to accrue
from the suggested tax could not be obtained without disastrous inequity
and injustice. The scheme which the Committee had finally submitted
was estimated to yield 500 millions, and was hedged about with conditions,
one of which was that war securities should be accepted in payment of the
duty at not less than the i.ssue price. The Committee had neither recommended nor approved the tax. and had left the question to be settled by
the Government and the House of Commons. They had shown that no
line could be drawn between those who made money out of the war and
those who increased their wealth during the war but not out of the war,
and that no distinction was pos.sible between increased wealth due to
increased earnings and increased wealth due to rigid economy and patriotic
saving. The Chancellor referred to the repealed land tax and instanced
the similar difficulty in the present case in arriving at a just valuation.
To get a provisional valuation would take a year, and during the following
two years it might be possible to collect 350 millions of the estimated
500 millions, while the remaining 150 millions would have to be spread
in installments over a period of perhaps 10 years in order to avoid financial
disaster to particular individuals who could not meet the capital obligation
in a shorter time. The provision as to the method of payment meant that
war issues would be tenderable at the price of issue, and that the greater
part of the tax would be received not In cash but in Government securities.
M3
and subsequently became manager of the firm. He resigned
that position last year to become Financial Adviser to the
International Rhineland High Commission, from which
post he recently obtained a release. Hii
ing the financial condition of Great Britain follows in part:
I think there is an impression In less well informed quarters of the United
States tbat it is unnecessary to discriminate in regard to tbe respective
economic positions of the Allies. It is probably felt in some directions
that the war has left them all In such a state of financial paralysis from
which it will take them long years to recover, tbat tbe question of degree
is immaterial.
While this feeling may accurate'y represent the situation
in regard to certain countries, it is cecrtain'y not correct in regard to Great
Britain. It is true that she has spent In connection with the war from
the first of August, 1914, to the first of May, 1920, the vast sum of
£11,000,000,000, or at par of exchange, $63,460,000,000, but it should be
remembered as a point of extreme Importance, that of this stupendous
amount, more than £4,000,000,000, ($19,440,000,000), that is to say, more
than one-third of the total, bas been raised during the war by revenue,
leaving a balance outstanding of approximately £7,000,000,000
($34,020,000,000). The latter figure includes advances to the Allies, as well as to
tbe British Dominions, of approximately £1,850,000,000, ($8,991,000,000).
It is difficult to state what amount of the latter sum will eventually
be
recovered, but by assessing it for the purpose at £1,000,060,000, ($4,860,000,000), there would remain an amoimt outstanding in connection with
the war of £6,000,000,000, ($29,160,000,000), or only one and a half the
amount that has already been raised In revenue during the last four years.
It is possible that the revenue raised during the last four
years may
exceed tbe amount which Is possible by means of equivalent taxation in the
future, but at the same time, there should be a very drastic reduction In
Government expenditure to compensate for any loss of revenue raised
thereby
There is at present a vast army of Government clerks and officials
which will in due course be dispensed with, although Government action
will, ag usual be very slow.
Considering the extent of her expenditure on the war, tbe financial position
of Great Britain is decidedly favorable.
It is gratifying to know that she
IS not only balancing.her budget in a satisfactory
manner, but has moreover, a
coasiderable surplus in hand which should provide a sinking fund sufficient
to redeem tbe entire outstanding debt within a reasonable time.
Considerable pressure is being put on the Government to exercise
drastic
control over the spending departments, so that the dual result
of economy
and taxation will place the county upon a sound economic basis.
The big joint stock banks with a view to bring about some deflation in
credit have been exercising discrimination regarding
loans and have
declined all applications bafed upon stock exchange securities,
or commodities of a non-essential description
They are, unfortunately, compelled
to carry a large amount of the floating debt of the Government in
tbe form
of Treasury Bills, on account of a disinclination of the Investing
public to
purchase the Treasiu-y Bonds which tbe Government hoped to sell for
the
funding of this debt. The banks, therefore, are unfortunately not in a
position to give the assistance to trade that they would otherwise
have been
willing to do, and moreover, dear money has had the
effect of depreciating
tbe very securities which the Government desires to sell for the purpose
.
Although it would go to thereduction of debt it would not goto thereduction
of the floating debt, the extent of which had been urged as the chief reason
for the early adoption of the proposed scheme. Mr. Chamberlain pointed
out that at the present rate of profits the Excess Profits Duty would yield
in the course of three years twice as much as the 350 millions mentioned,
so that actually the Exchequer would be a loser by the exchange of taxes.
In this connection he asked the House to observe that in the main the
two taxes fell upon the same classes and largely upon the same individuals.
Mr. Chamberlain referred to the very real fears of the proposed tax
entertained by leading men in banking, commerce, finance and industry,
and to the instability of the world of finance and commerce as seen at home
and abroad, particularly in Japan, whose difficulties had been felt In
America and in this country. He pointed to the check in industrial prosperity
at home noticeable since the war ended, and to the fact that more capital
was needed to conduct the same trade to-day than was the case before the
war. Traders had stretched their credit to the uttermost, bankers had
lent as much as they ought to lend, and he claimed that in these circumstances one false step producing one serious bankruptcy might bring a
whole train of evUs in its wake. What the business community feared was of relieving the situation.
Taking the situation In general, the position of Great Britain cannot be
the precipitation of a disturbance. The present time was most inopportune
regarded as unfavorable, although the fact that sterling expressed in
for the withdrawal of capital from business when what business needed
more than anything else was additional capital. In this connection Mr. United States currency shows a depreciation of more than 20% may be
Chamberlain referred to a conversation he had recently had with Sir Josiah taken as an indication that the credit of Great Britain is severeiy Impaired.
C. Stamp, who had stated that if he were going before the Committee But people who are well acquainted with tbe actual economic position, and
the reasons for the present level of exchange, are, of course, aware of the
again he would modify his evidence in two particulars. That gentleman
now saw that the tax would be less effective as a remedy for the floating cause. It is not that Great Britain is not prepared to pay its debt to the
debt than he had previously supposed, and that the alarm among all con- Umted States, for it possesses plenty of assets, but it does not, unfortunately,
cerned in industry and finance was infinitely greater than he had expected. possess any tangible assets whirfi can be removed from Great Britain to the
A further difficulty of the proposed tax would be that in many cases United States. It is, therefore, necessary to wait untU such time as she
can export or render service in sufficient quantities to produce a trade
it would be levied on values which had aL-eady partly fallen off or on capital
which, although made during the war, had since been lost. There was the balance in her favor.
It should not be overlooked that the balance of trade between Europe
very real difficulty of individual luicertainty in which every business man
would be involved for one year as a minimum and possibly for two years and certain other countries, notably tbe United States and Argentina,
Is decidedly unbalanced in favor of tbe latter countries.
before the final assessment could be made, during which period he would
It Is not in the
not know what proportion of his capital was nominally his own and what interest of these countries that It should remain so permanent'y, or even
was really his own. He would find his own uncertainty reflected in his for a protracted period, because tbe purchasing power of Europe In those
countries is going to be curtailed by such a condition of affairs.
his dealings with banks and other institutions to whom he might be applyThe war has made the United States so great a creditor country to
ing for credit and who would naturally wish to know the amount of the
Europe that she must now give her debtors an opportunity to pay her by the
security against which they were lending.
only means possible to them. This can be achieved only by exporting
In conclusion Mr. Chamberlain compared taxation in this country with
goods and rendering services. For this purpose, it is not necessary for
that of other countries, and stated that no country had made an effort
comparable with ours. We had seen an appreciable recovery in the dollar Europe to export to tbe United States alone, but she must export to all
other countries, and in particular, countries that the United States purchases
exchange; we had already bought more than half our share of the AngloFrench Loan, and we had in New York, in sight or on the way, sufficient from. For instance, by means of European countries exporting to tbe
East in excess of her imports from the East, and at the same time by an
to cover the remainder of our half of the Loan. Beyond this we had enough
excess of American imports from the East over her exports in the same
to meet all other market obligations of the Treasury in the United States
up to the end of 1920, and to leave a satisfactory margin over. In substance direction, the balance of indebtedness by Europe to the United States
we had paid off 50 million dollars or one-half of our debt to Argentina, and could eventually be liquidated.
For the purpose of adjusting the trade balance, it does not matter whether
had made arrangements for the redemption of the remainder in the course
Great Britain, Germany, France, and Italy export in larger quantities
of the next two or three years, while, in the course of a month or so, we
one than the other, as the balance of trade of the latter countries all favor
should pay back a loan of 20 million yen contracted in Japan.
Turning to the Internal debt, the Chancellor instanced the provision of Great Britain, and these exports will relatively at the same time, not only
adjust the trade balance between Great Britain and tae United States, but
230 millions for reduction of debt this year, and the intention to apply a
they will bring about an adjustment between those countries and Great
further 300 millions next year to the reduction of debt without additional
Britain.
taxation. In regard to the floating debt, since the proposed limited levy
could not be safely raised, a general capital levy would be even more dangerous, even if it were camouflaged under vhe name of a forced loan or as a
SECURITIES.
surcharge on income at a rate which nobody could afford to pay out of
Announcement
has
been
made
that
the
British Treasury
income and which would have to be paid out of capital resources.
will return on Oct. 1 additional American dollar securities
.
RETURN OF AMERICAN DOLLAR
SHORTIS SAYS GREAT BRITAIN HAS SURPLUS
SUFFICIENT TO REDEEM DEBTS.
F. R. Shortis, who was recently appointed a Vice-President
of the Guaranty Trust Company of New York, and who has
just arrived from England, said in a statement made public
F. R.
July 12 that "the financial position of Great Britain is
decidedly favorable"
that "it is gratifying to know that she
is not only balancing her budget in a satisfactory manner,
but has moreover, a considerable surplus in hand which
should provide a sinking fund sufficient to redeem the
entire outstanding debt within a reasonable time." Mr.
Shortis for many years was in charge of the foreign business of
Kleinwort, Sons & Company, merchant bankers of London,
,
—
deposited under the arrangements for supporting exchange
during the war. In these columns April 3, page 1362, and
April 10, page 1477, we referred to the annoimcement that
the British Treasury would begin the purchase of dollar
securities on April 12, in furtherance of the repayment of
the Anglo-French loan
The list of securities whicn are to be
returned Oct. 1 was annoimced as follows in the London
.
"Gazette" of June 29.
REGULATION OF FOREIGN EXCHANGES.
,
Loan of Securities to the Treasury (Scheme D.)
Tbe National Debt Commissioners give notice that the Treasuryjhas
detnded to exorcise the option, under Clause 3 of Scheme B, of returning the
Canadian Pacific Ry. prefcronco stock on Oct. 1 1920. from which date the
additional allowance will cease.
A similar Intimation Is given respecting tbe following securities:
THE CHRONICLE
344
American AgriciUtiiral Chemical Co. 1st Mtge. Conv. S. F. 5%, 1928.
Ann Arbor Ry. 1st Mtge. 4%. 1995.
Boston & Maine RR. Co. 20-Year P'ain Refunding 4H%, 1929.
Burlington Cedar Rapids & Korthern Ry. Iowa Minnesota and Dakota
Division 1st Mtge. 5%, 1934.
Central Leather Co. 1st Lien gold 5%, 1925.
Central Pacific Ry. (Through Short Line) 1st Mtge. Guar. 4%, 1954.
Chesapeake & Ohio Ry. Conv. 5%, 1946.
Chicago & Eastern Illinois RR. 1st Cons. 6%, bonds. 1934.
Chicago & North-Western Ry. S. F. 5%, 1929.
Chicago Junction Rys. & Union Stock Yards Co. Mtge. and Coll. Trust
Refunding 5%, 1940.
Chicago Junction Rys. & Union Stock Yards Co. Mtge. and Coll. Trust
Refunding 4%, 1940.
City of Spokane Refunding 4K%, Series "B," 1931.
Cleveland Lorain & Wheeling Ry. 1st Cons. Mtge. 5%, 1933.
Cleveland Short Line Ry. Guaranteed 1st Mtge. 4H%, 1961.
Columbus RailwaysCo. 1st Cons. Mtge. 4%, 1939.
Duluth & Iron Range RR. 1st Mtge. 5%, 1937.
Erie RR. Conv. 4% gold bonds, series "D," 1953.
Fremont Elkhorn & Missoiu-i Valley Ry. Cons. Mtge. 6%, 1933.
Ga'veston-Houston Electric Ry. 1st Mtge. 5%, 1954.
Illinois Central RR. 1st Mtge. Extended 1903. 3)4%, due April 1951.
Illinois Steel Co. Debentures. 4J^%. 1940.
Kanawba & Michigan Ry. 1st Mtge. 4%, 1990.
Kansas City, Missouri, & Gas Co. 1st Mtge. S. F. 5%, 1922.
Kansas City Southern Ry. 1st Mtge. 3%, 1950.
Kings County Electric Light & Power Co. 1st Mtge. 5%, 1937.
Kings County Electric Light & Power Co. Pur. Mon. Mtge. 6%. 1997.
Lackawanna Steel 1st Mtge. Convertible 5%. 1923.
L^igh Valley Terminal Ry. 1st Mtge. Guar. 5%, 1941.
Liggett & Myers Tobacco Co. 7% Debentures, 1944.
Lorillard (P.) Co. 7% Debentures, 1944.
Marquette Houghton & Ontonagon RR. General Mtge. 6%, 1925.
Minneapolis & St. Louis RR. Pacific Ext. 1st Mtge. 6s, 1921.
Mobile & Ohio RR. 1st Exten. Mtge. 6%, 1927.
Monongahela River Consolidated Coal & Coke Co. 1st Mtge. 6%, 1949.
Nashville Chattanooga & St. Louis Ry. 1st Cons. Mtge. 5%. 1928.
Newark Gas Co. 1st Mtge. 6%. 1944.
New York Brook'yn & Manhattan Beach Ry. 1st Cons. Mtge. 5%, 1935.
Niagara Falls Power Co. Ref. and Gen. Mtge. 6% gold, 1932.
Norfolk & Western Ry. New River RR. Division 1st Mtge. 6%, 1932.
Oklahoma Gas & Electric Co. 1st Mtge. 5%. 1929.
People's Gas Light & Coke Co. of Chicago 1st Consol. Mtge. 6%, 1943.
Perkiomen RR. Co. 1st Mtge. 5%, 1938, 2d Series.
Petersburg Railroad Co. Consolidated Mtge. 2d Lien 6%, Class B. 1926.
Pittsburgh Cleveland & Toledo Ry. 1st Mtge. 6%. 1922.
Reading Co. Jersey Central Coll. Trust 4%, 1951.
Richmond & Danville RR. Deb. 5%, 1927.
Rome Watertown & Ogdensburg RR. 1st Cons. Mtge. 5%, 1922.
St. Louis Iron Mountain Southern RR. Gen. Cons. Railway and Land
Grant Mtge. 6%, 1931.
St. Louis Merchants' Bridge Term. Ry. 1st Mtge. 5% gold bonds, 1930
(guaranteed by Terminal RR. Assn. of St. Louis).
Southern Pacific RR., Southern Pacific Branch Ry. &%, 1937.
Terre Haute Indianapolis & Eastern Traction Co. 1st and Ref. Sinking
Fund bonds, 5%, 1945.
Toledo & Ohio Central Ry. Western Division 1st Mtge. 5%, 1935.
Vicksburg & Meridian RR. 1st Mtge. 6%, 1921.
Western New York & Pennsylvania Gen. Mtge. gold 4%, 1943.
BRITISH INDIES REMOVAL OF RESTRICTIONS ON
GOLD IMPORTS.
In our issue of July 3, page 21 we referred to the announcement at Washington on June 25 to the effect that advices
had been received at London that the Government of British
India had "announced that from June 21 1920, all restrictions on the importation of gold bulUon and foreign coin are
removed, and that until July 12, the ratio wiU be 15 rupees
to the pound."
Also that "after July 12 all restrictions on
,
the importation of British gold coin will be removed, but
such coin will cease to be legal tender, pending new legislation on the subject."
On July 7 it was stated at Washington that the British Ambassador had received a communication reporting that Indian exchange conditions had compelled the Government of India to reconsider the existing
restrictions on the import of gold into India, and that the
present control over such imports would be at once withdrawn. The statement was further reported as saying:
Free gold movements to and from India was an integral part of the policy
recommended by the recent authoritative committee on Indian currency,
but owing to the high premium on gold imports into India at the beginning
of February, when the report was Issued, it was decided to postpone the
removal of restrictions until experience had been gained of the effect on
Indian price of gold of the sales of gold in India which the Government of
India then decided to make.
With the recent fall in the Indian exchange and also in rupees, the price
of gold in India as a result of the sales above referred to. it has now become
essential forthwith to take the steps recommended by the currency committee. The same causes which make these steps necessary now will tend
to make improbable any such drain on the world's gold as was feared in
February.
The action proposed will also bo helpful to the Government of India as
enabling them to diminish or discontinue their own purchase of gold in
London or in the United States.
We also quote the following with reference to the same
matter from the weekly circular of Samuel Montague & Co.
of London, under date of June 24:
The anomalous condition to which the adverse trade balance of India
has brought its exchange in.spired an announcement by the Governmenc of
India on the 21st inst. that the prohibition against private imports of gold
bulUon and foreign coin was forthwith removed, and that after 21 days'
inter\'al that against British gold coin was to be cancelled.
The object
of the delay in the case of the latter was to correspond with an ordinance
of the Governor-General promulgated on the same date enacting that
British gold coin should no longer be legal tender in India, but that any
(Vol. 111.
person could, within 21 days of the date of the ordinance, demand currency
notes at an office of a circle of issue in exchange for the tender of British
gold coin at the rate of 15 rupees to the .sovereign.
It is officially announced
that a bill will be submitted at the forincoming session of the Indian legislative Council to make the sovereign legal tender in India for 10 rupees.
Tnis would fix the minimum but not the maximum rupee value of the
sovereign, for. so long as no legal restriction is made as to the coin being
melted down and used as material for jewelers. Sec. such coin is likely to
change hands at a premium varying with the market price of gold bullion.
The natives of India, however, will not be as.sured of an influx of sovereigns at ten rupees the sovereign, for gold sovereigns (or bullion) wiU only
be imported into India at a figtire based more or less upon the London
market price of gold plus cost of transmission to India. Thus gold remittances will cost 2s. the rupee (one-tenth of a sovereign) plus the gold
premium on the currency pound and expen.ses of transmission. The India
Council propose to reduce the rates for Reverse Councils to Is. 11 19-32d.
for inmiediates and Is. 11 ll-16d. for deferreds, so that, when the gold
premium in the currency pound disappears, it is likely that the exchange
will be stabilized in the neighborhood of 2s.
The lower official appreciation
of the sovereign will probably encourage the natives of India to amass and
hoard gold in preference to silver, for they will feel confident that any
fresh change in the relative value of the two metals arising from fresh
official currency regulations can hardly be in any other direction than to
enhance the rupee value of the more precious metal.
In the returns of Indian exports and imports of gold the total exports
of gold bullion for March last were 1,619.277 ounces, but those for the
preceding 8 months were only 1,335,235. The total for the nine months,
3,954,512 ounces (worth at Bank of England price about £16.800.000, or
at The then current rate, say, £6 the ounce, about £23,725.000), was imported to carry out the policy of the Indian Government, which aimed at
reducing the premium on gold in India by making sales to the Indian
Bazaars against tenders.
INDIAN GOVERNMENT ABANDONS ATTEMPT TO
MAINTAIN NEW MONETARY SYSTEM.
The change in the Indian Government's monetary system
made with a view to exercising control over rupee exchange,
and the apparent
failure of its efforts in that direction, is
dealt with in the following which appeared in the New York
"Evening Post"
of July 3:
On
Jan. 29 last the Indian Government, hi order to subject its interna
circulation and rupee exchange to some measure of control, made a fundamental change in India's monetary system. The "gold exchange standard,"
which had been in effect since the closmg decade of the last centiur. was
abolished and in its place was subsdtuted the simple gold standard. Ac
the same time the conversion rate between the British sovereign and the
t^pee was altered from 15 rupees to 10 rupees per sovereign. This raised
the value of the Indian unit from 16 pence to 2 gold shillings.
In taking this action the Indian Government merely followed out the
recommendations of the British Government Commission which had previously investigated and reported on Indian monetary conditions, particularly with reference to the exchange situation.
But bankers interested
in Indian exchange and finance had been taken aback by the rejwrt.
They
felt that the scheme was entirely too ambitious and was at best merely an
experiment in currency regulation, tne success of which was doubtful from
the very outset. That they had full warrant for their misgivings is borne
out by the signal failure of the scheme.
During the war the Indian Government was confronted with a serious
currency problem. India was then experiencing a great wave of prosperity,
and being a heavy exporter of raw materials, all of which were considerably
enhanced in value as the result of the rise in prices, she enjoyed a tremendous favorable balance of trade. As a consequence of this large
demands for currency were made on the Indian Government by the population.
Although India has a paper circulation, the notes have never been parby the natives, who prefer to have their money in
silver.
Accordingly, when the heavy demand for money appeared during
the war, the Indian Government was compelled co purchase silver in huge
quantities, and after it had exhausted all available supplies the United
States Government was appealed to, wnich responded by placing at India's
Of this amount the British dedisposal $350,000,000 in silver dollars.
pendency eventually took the equivalent of 208,000.000 ounces.
To this continued Indian absorption of the white metal was added a
heavy demand from China, and the drain from these two quarters forced
the price up to a point where it was profitable to melt the silver rupees.
The Indian Government now found the intrinsic value of the silver coin
far above its nominal value of 16 pence, and it was compelled from time
to time to mark up Indian exchange on Loudon, until in January of this
year the rate stood at 2 shillings and 4 pence, or 8 pence above the normal
level.
At the same time it placed restrictions en the private importation
of both precious metals.
It was for the purpose of meeting this situation that the Indian authorIn
ities decided upon the abandonment of the "gold exchange standard."
placing the country on a straight gold basis, viith ten rupees equal to one
sovereign they made the gold value of the ruppeo two shillings and the mint
par with New York 48.66 cents per rupee, as against the old par of 32.44
cents.
It was their idea that inasmuch as India and the United States
were on a gold basis, American exchange would be fixed in the neighborhood of this new par, and that sterling in India would in consequence
vary with the sterling rate m New York and show an equal depreciation.
The object of the change was to divorce the rupee from the depreciated
pound sterling, with which it had been tied by the gold exchange standard,
and to place it on an independent gold basis.
Bankere' conversant with Indian financial affairs pronounced the scheme
as theoretically excellent, but they pomted out that maintaining the three
exchang&s in the relation indicated above was dependent verj- largely on
continued heavy exports from India and the abihty of the Indian Government to sell freely and almost without limit its "reverse council bills." or
exchange on London against the credits and the proceeds from the sale of
the securities it carried in the British centre, which formerly served as a
reserve for the maintenance of the gold exchange standard.
The commission which sat on the Indian cun-ency question was originally
supposed to submit its report last September, and had its recommendations
been made and put into effect at that time, when the ex-port season was at its
height and exchange rates were very firm, it is believed that the innovation
would have met with a reasonable measure of success. But coming as it
did in January when Indian exports already began to show signs of slackening, it threw the burden of maintaining the new standard upon the Indian
Government, and when the favorable balance disappeared the task was
more than the Government could cope with.
ticularly well regarded
,
.
July 17
THE CHRONICLE
1920.]
At the outset of the monetary change the Indian banks sent into the
Indian Government large weekly applications for "reverse bills," or exchange on London, and as early as the second week in February these
By Feb. 23 their amount rose to
applications amounted to £41,000.000.
For some time thereafter they ran any-where from £100,£122.000,000.
000,000 to £150,000,000 a week, and in the beginning of May tenders were
still being put in weekly to the extentof between £50,000,000 to £60,000,000.
But the Indian Government was able to satisfy only an absurdly small
proportion of this demand. It began in January by making weekly allots
ments of £5.000,000. but toward the end of February even this amount was
reduced to £2.000.000.
In the face of such tremednous pressure for remittance to London and
the gro.ssly inadequate supply, the sterling exchange rate in India was
bound to rise above the con-esponding level for sterling in New York. In
its efforts to control the rate the Indian Government sold its holdings of
Briiish Government and other securities in London to replenish its sterling
Eventually a halt had to be called on these
balances, but with little avail.
sales, because they were ha^•^ng a serious effect on security prices generally
in the London market.
The Indian Government was thus virtually deprived of all means of keeping the exchange rate in check, and the result
has been a rise in sterling above the new par of 2 shillings. In the meantime rupee exchange in New York has fallen to 37 J4 cents, as against the
new par of 48.66 cents.
That there is little prospect of any amelioration in this situation is indicated by recent advices received from India, which report a weak monsoon.
Poor rains will mean poor crops and a coirespondingly duU export season.
Under (he circumstances, then, Indian exchange in this centre, bankers say,
is likely to continue weak.
The Indian Government has apparently taken cognizance of the facts in
the situation, and according to a recent annoimcement from London it has
decided to abandon its attempt to maintain the new monetary regime
and to revert to the old basis of 15 rupees to the sovereign. Its endeavor
to raise the Indian rupee .o one-tenth of the sovereign is likened by some
bankers to an attempt on the part of the British Government to peg sterling
in New York at $7, when the pound went to that level at the beginning of
the war. It is asserted that the British Government would have fared
better than the Indian Government has with its ten-to-one venture.
KINGDOM OF BELGIUM $25,000,000 EXTERNAL GOLD
LOAN LISTED ON N. Y. STOCK EXCHANGE.
Some facts regarding the $25,000,000 Kingdom of Belgium
notes, not hereexternal gold loan in one year and 5 year
tofore made public are contained in the circular of the New
York Stock Exchange announcing the admission to the list
The offering of these notes by a
of these notes on July 7.
syndicate headed by J. P. Morgan & Co. and the Guaranty
Trust Company was referred to in these columns Jan. 17,
page 293, and Jan. 24, page 305. In the "Chronicle" of
6%
3, page 21 we noted that the banking houses heading
the syndicate were prepared to aeliver the one-year and fiveyear 6% notes in definitive form in exchange for the trust
July
245
of eleven francs to the dollar will equal the principal amount of the Note or
Notes surrendered, i. e., at the rate of eleven thousand francs per one
thousand dollars, and further requesting that such Fiscal Agents shall
endeavor to sell such sight draft or cable transfer in the United States of
America at not less than such rate of exchange as may be specified by the
noteholder in such request, but at not less favorable rate than the .said
fixed exchange rate of eleven thousand francs per one thousand dollars.
The Obligor hereby irrevocably authorizes the said Fiscal Agents, as such,
to draw such sight draft or cable transfer and to make sale thereof pursuant
to such request. In case such sight draft or cable transfer shall be sold as
aforesaid, the proceeds thereof, to an amount not exceeding the principal
amount of tbe surrendered Note or Notes, shall be applied to the payment
and satisfaction thereof, and the remainder of such proceeds, if any, shall
be divided in two equal parts, of which one equal part .shall be retained by
the Fiscal Agents for account of the Obligor and the remaining equal part
(less the selling commission hereinbelow specified) .shall be paid over to the
noteholder.
In addition to such payments, the Obligor will pay to the said
noteholder the amount of interest which shall have accrued upon the surrendered Note or Notes at the time of the sale of such sight draft or cable transfer, and hereby authorizes the Fiscal Agents out of any moneys of the
Obligor at the time in their hands to make such payment of accrued interest
in gold coin of the United States of America.
Upon tbe sale of a sight draft or cable transfer as hereinabove provided,
the noteholder, shall pay or reimburse to the Fiscal Agents the commission
charged therefor, such commission not to exceed one-quarter per cent, of
the principal amount of the Note or Notes siurendered.
Tbe Fiscal Agents are empowered to make and announce reasonable
rules and regulations to govern the transactions in this Article III authorized, including the specification of the locality and the hours within which
Notes and requests will be accepted as herein provided. The Fiscal Agents
shall not be under any duty to receive any Note or request as aforesaid on
any Sunday or on any legal holiday, nor during any hours except such as are
specified in such rules and regulations announced by them, or to make any
sale which shall realize less than the principal amount of the Note or Notes
siurendered, and each noteholder availing of the provisions of this Article
III hereby agrees that the transactions entered into between himself and
the said Fiscal Agents or either of them shall be subject to the said rules
and regulations."
Article IV of said contract recites:
"Tbe Banque Nationale de Belgique irrevocably covenants as follows
for the benefit of the holders of sight drafts or cable transfers drawn or issued
and sold by the Bankers or either of them as Fiscal Agents pursuant to
the provisions of Article III of this contract: that it will unconditionally
honor, accept and pay such sight drafts or cable transfers to an aggregate
not exceeding two hundred seventy-five million Belgian franco, according
to their terms upon presentation or receipt thereof."
The Belgian Government further agrees that if in the future it shall offer
for public subscription any loan secured by a lien on any specific revenue
or asset of the Government, this present loan shall be secured ratably with
such loan.
JAPANESE PREMIER ON MISSION OF T. W. LA MONT
—CONSORTIUM AND RESERVATIONSMR.
LAMONTS
REPLY.
An
article in which the Japanese Prime Minister, Takashi
Hara, comments on the mission of T. W. Lamont to the
put out were according to the application to list, $6,400,000 Far East in the interest
of the Chinese Consortium, and the
one-3^ear notes due Jan 1 1921, Nos. 1 to 6.400, inclusive for
satisfactory settlement of the Japanese issue involved,
$l,obo each, and $18,600,000 five-year notes due Jan. 1 appeared in the New York "Times"
of July 11.
A statement
1925, Nos. 1 to 18,600 inclusive, for $1,000 each, all issued therein by the Premier
which might imply that Japan is
and outstanding. The circular quotes further, as follows, becoming a party to the Consortium had insisted upon its
the statement made on behalf of the Belgian Government by
reservations with regard to Manchuria and Mongolia, has
C. Symon, Belgian Charge d'Affaires in his application for brought from Mr. Lamont a statement to the effect that these
the listing of the notes:
reservations were withdrawn by Japan with the signing of
The notes were authorized by the Belgian Law of March 16 1919, entitled
"A Law Authorizing tbe Government to Float Loans in Belgium and the agreement. Mr. Lamont's statement is contained in the
Abroad." The Notes were dated Jan. 1 1920, the one. year notes maturing following letter which he has addressed to the Editor of the
on Jan. 1 1921, and the five year notes on Jan. 1 1925. Interest on tbe "Times:"
notes is payable at the rate of 6% per annum, semi-annual'y on Jan. 1 and
To the Editor of the "New York Times:"
July 1. Both principal and interest are payable in New York, in United
The amounts
receipts outstanding.
of the respective notes
.
States gold coin of the present standard of weight and fineness, either at
the office of J. P. Morgan & Co., or of Guaranty Trust Company of New
York, Fiscal Agents of the Belgian Government, without deduction for
any Belgian taxes, present or future.
The notes are in coupon form only, in denomination of SI ,000 with no
privilege of registration.
They bear the signature of M. Rombouts, Administrateiu' Directeiar General de la Tresorie et de la Dette Publique.
On the reverse of each bond is set forth as follows. Article III of a certain
contract dated Jan. 2 1920, entered into by tbe Kingdom of Belgium
(referred to in the contract as the Obligor), and others:
Tbe Chambers have adopted and we sanction that which follows:
ARTICLE
I.
"As regards loans issued
in foreign countries, in accordance with the law
of March 16 1919, the exemptions from duties and taxes of the interest coupons, provided in Article IV of the aforesaid law, apply to all interest, and
are extended to include the capital of these loans.
ARTICLE
"The Government
II.
authorized, as far as concerns these same loans,
to stipulate that it will eventually enjoy, in due proportion, the advantages,
privileges and guarantees of no matter what sort, which may be attached,
particularly to any future loan issiied by public subscription.
We promulgate the present law; we order that it be officially stamped with the State
seal, and be published in the "Monitcur."
is
ARTICLE
importance that I vrrilc this in order to correct tho inaccuracy as
peared in your valued colunms.
it
ap-
THOMAS W. LAMONT.
III.
"The obligor further covenants, for the benefit of tbe holders, severally
and respectively, of the Notes, as follows:
At any time until and including .Tan. 3 1921, the holder of any of the
One- Year Notes and, at any time until and including Jan. 2 1925, the holder
of any of the Five- Year Notes may surrender one or more such Notes in
the City of New York to the said J. L. Morgan & Co., or the said Guaranty
Company of New York, as Fiscal Agents of the Obligor, with a
writing (in form provided by such Fiscal Agents) signed by such noteholder
requesting that pursuant to the terms of this contract cither of said Fiscal
Agents, as such, shall draw on the BanqucNationaledo Bclgiqueat Brussels,
Belgium, a sight draft or cable transfer for the payment to the order of a
payee therein named by such Fiscal Agents, at the said Banque Nationale,
of an amount in Belgian francs which computed at the fixed exchange rate
Trust
I have read with great interest the message to the American people sent
by Premier Hara of Japan through your special corre-spondent at Tokio,
John Foord. I am sure that all good Americans will welcome Premier
Hara's geeetings and will return his good wishes.
The Premier was good enough to conunent in regard to my recent visit to
Japan and my negotiations there with the members of the Japanese banking
group and of the Government. Prenvier Hara. however, must have been
misquoted when he is apparently made to say, in regard to the consortium,
that Japan adhered to her reservations as to Manchuria and Mongolia.
Quite the contrary is the case. My visit to Japan on behalf of the American,
British and French banking groups was made in order to find out whether
or not the Japanese banking group, with the approval of its Government,
intended to come into the consortium for China on the same terms as the
Western banking groups. As a result of all our discussions, banking,
governmental and otherwise, the Japanese banking group, wth the explicit
approval of its Government, withdrew the original letter which had set
up the raservations as to Manchuria and Mongolia, and announced its
entry into the consortium on the same basis as the other groups.
Japan showed, in my judgment, great wisdom and courage in withdrawing her reservations, because, as I'n-micr Hara points out, in Japan
there has always been a great sentiment as to the blood and trejisure which
her people spent in Manchuria. The whole qui^tion. however, of Japan's
entry into the consortium on the same terms as the other groups is of such
New
The
York, July 13 1920.
following
is
the special "Times" article by
Mr. John
Foord, which prompted the above letter, this article, although coming from Tokio under date of Juno 16, having
appeared in the "Times" of July 11.
"I desire to transmit througn 'The
New York
Times' a message from you
The diplomatic sky is serene, and after the
(o the American people.
series of assurances of amity and good-will which the Impori.il Government
and the Japanese people have had form representative bankers, merchants
and college professors from our country it seems fitting that from the
eminence of your official position there should come an answering word
of sympathy and approval,"
THE CHRONICLE
946
It was in these terms that your representative addressed His Excellency.
Takashi Hara, Prime Minister of the Imperial Cabijiet of Japan, in an
audience granted at the Premier's official residence, Nagatacho Nichome,
Tokio.
With an engaging smdle he
replied: "I will gladly grant your request.
"It is needless to repeat that the foreign relations of Japan in the modem
sense began nith the United States, and therefore America is our oldest
friend.
Since the beginning the relations between the two countries have
been of the most amicable and courteous character. It would be too much
to say that no difference of \'iews and opinions has ever occurred between
the two nations in the past. But such differences are not confined to
American- Japanese relations. No two nations, however friendly, can
avoid the occasional appearance of some unpleasantness. But in our case
it has never been allowed to assume a serious or strained character before
being settled in a friendly, confiding and compromising spirit. That must
surely be considered to be a great thing.
I firmly believe that the present
good relations will not only be maintained but will be further strengthened.
"But if we turn our attention from diplomatic relations to individual
opinion an criticism, we shall find that there are many causes of difference
based on misunderstandings and hasty generalizations. For the correction
of these there is much that ought to be done by the people of both countries,
and
admit that in providing material for criticism the Japanese
people cannot be held free from blame. I think we are aU agreed about the
extreme desirability of having any exciting causes of bad feeling neutralized.
There is nothing in international affairs less conducive to satisfactory
relations than misimderstanding of each other by people who ought to be
friends, than injurious preconceptions which are bom of ignorance and
prejudice.
I shall certainly do my part toward the removal of this kind
of misunderstanding whenever and wherever opportunity offers."
"I am sure that all fair-minded Americans are prepared to meet your
I frankly
Excellency halfway in that endeavor," I interposed. "But, as you know
specific details are always more interesting that the statement of general
principles, may I beg for an outline of the impressions left on you and
your colleagues by the mission of Mr. Lamont?"
"Willingly," replied the Premier.
"It was a fortunate thing for China,
America and Japan, and indeed for all the coimtries concerned, that the
question of the consortium should have been taken in hand by a man of
the influential position and ripe experience of Mr. Lamont, and should
have been so successfully and ably handled by him. I had two or three
Interviews with Mr. Lamont. At first my impression was that he seemed
to have certain misgivings as to our position in the matter, and I tried my
best to explain to him the whole situation
I am glad to say that by the
time he left Japan any doubts he might have had seemed to have been
.
cleared away.
'Now, with the satisfactory settlement of that question, there is a good
prospect that China's finance, and indeed, the whole administration of
that republic, may be placed on so sound a basis as greatly to benefit the
:x)mmercial and industrial interests of all the countries concerned in the
prosperity of that great nation.
I am sorry, however, to have to say in this
connection that some Chinese publicists or a section of the public press in
that country did not, at first, view our mode of solution with much favor.
They seemed rather to wish the Powers split up and divided so that their
conflicting policies might be utilized to a temporary advantage.
This
reminds me of the diplomacy in the old days.
"As to the reservations made on our side in regard to Manchuria and
Mongolia, it musu be remembered that in the Japanese mind these two
regions have certain historical associations.
China and Japan are close
neighbors so close that parts of their respective territories touch each
other.
That fact has naturally created a situation pecuhar to Japan, or
what may be called an interest of a special kind wnich cannot be regarded
by Japan in precisely the same light as by the other Powers more remotely
situated, and whose interest is therefore of an indirect character.
"In other words, something vital to us as a nation is involved in the
matter. As you suggest, this is not a new phase of Japanese policy, since it
was expressly recognized in the Ishii-Lansing agreement. Still, in the first
steps taken toward a solution of the question, there were some clouds
looming over the horizon which have smce passed away. America, France
and Great Britain now fuUy appreciate our situation and are in perfect
accord with us.
The peace and tranquility of China are a matter of very great importance
to all the great Powers of the world but to us they are far more important
than to any other Power. That they can be established and maintained
without sound finance and administration is an obvious impossibility. We
must all help China to set her house in order, and give her the opportimity
to work out her own destiny. Japan can never do this singlev-handed. We
are willing to bear our share of the burden which the work involves, and are
ready to co-operate with the other friendly Powers in the interest of the
peaceful commercial development of the world."
—
,
T.
W. LAMONT ON CHINESE CONSORTUM AND FAR
EASTERN QUESTION—JAPAN'S RESERVATIONS.
The belief that the Far Eastern question has been advanced at least a stage nearer solution by reason of the
assured formation of the Chinese Consortium with Japan's
entry on the same terms as England, the United States and
France, was expressed by Thomas W. Lamont, of J. P.
Morgan & Co., in an address made at the luncheon of the
Council on Foreign Relations at the Bankers' Club, this
city, on Wednesday last, July 14.
In his speech Mr.
Lamont observed that "Japan undoubtedly showed broadmindedness and wisdom in wai\Tng her reservations in regard
to Manchuria and Mongolia,"
the question as to Japan's
stand on this issue being the subject of the remarks of the
article immediately preceding.
In his address at the Bankers' Club, it was stated by Mr. Lamont that the formation
of the Consortium, now that Japan has decided to come in,
is but the fh-st step in a long and arduous pathway."
In
—
appealing for co-operation for the plan, Mr. Lamont eontended that "the success of the Consortium, and the maintenance of American trade in the Far East, rests in the last
analysis, not upon Governments, but upon private citizens
and upon their support." Mr. Lament's remarks are
presented herewith in full:
For years there has been a Far Eastern question, a question that has
That
airectly or indirectly affected all the leading nations of the world.
[Vol. 111.
question has,''l believe, been advanced at least one stage nearer solution by
reason of the assiu-ed formation of the consortiimi for China with Japan
entering it upon precisely the same terms as England, America and France
It is not simply the formation of this international group upon the formula
proposed by the American Government that is significant, important as
that is; but rather the fact that in the process of organization there must
have been developed a more complete understanding as to the Far Eastern
situation among the Governments themselves, as well as among the strong
Banking Groups which, with the approval of t-^e Governments, have
formed this consortium.
I am informed that in the two years It has taken to form the Consortium
there has been the freest interchange of views among the Governments of
the United States, Great Britain, France and Japan. It is also well known
that in the viewpoint as to China the ideas of our Government, of the
British and the French have from the start been a unit and that for some
time Japan's views did not fuUy coincide with those of the other three
Governments. Now, happily, Japan has come to see eye to eye with the
other three Governments on this question of the Chinese consortium and
I believe that to-day they are a unit in respect to it. That fact, brought
about as I say only after a complete interchange of views, is the significant
one in this situation.
Far too much credit has been accorded to me for the part that in Japan
and in China I was able to play in the final negotiations. The way had
been prepared for me. First, I had been sent to the Far Ecist, not only
at the request of the American Banking Group, made up of almost forty
of the leading banking institutions and firms in the United States, but also
with the cordial approval of the British and French Banking Groups. 1
was also made conversant with the views of the three Western Governments and also rendered confident in the knowledge that their ideas, as
I have already said, were a unit in this matter. I was received with the
utmost cordiaUty by the members of the Japanese Banking Group, for long
ago they learned to speak the language of international co-operation in
baiiking matters. Then, too, our Ambassador at Tokio, Roland S. Morris,
who occupies there a unique position of influence and strength, had arranged
so that I was enabled to meet on terms of intimate converse the leading
members of the Japanese Government and of aU the important elements
in Japanese affairs. With such backing it was almost inevitable that we
should find ourselves able, even though the questions for settlement were
complex and difficult, to arrive at a common basis of understanding.
Japan undoubtedly showed broadmindedness and wisdom in waiving
her reservations in regard to Manchiuia and MongoUa. She was coiu-ageous
m recognizing that those reservations were of no value to her and if maintained would only serve as an inevitable bar to her entering as a free and
full partner in the consortium.
As one of her leading men said to me:
"I want Japan to enter the consortium on the same terms as the other
Banking Groups; first, because the operations of the consortium will best
develop China and from such development Japan will benefit most; second,
because through the Consortiimi the four nations will be brought Into
closer touch, and third, but not least, because Japan has not the resources
wherewith to develop China alone."
Now what is the consortium ? It is simply a grouping together of the
leading banking houses and banks of the foiu* coimtries already named,
a grouping already made, as I have said, at the instance of the four Governments for the purpose of rendering assistance to China in the development
of her great public enterprises; those things like the reform of the currency,
the development of railway transportation, etc., such as will ser\'e to
render China a better field for the initiative of aU our private citizens.
And In China the leading men of affairs welcome the proposed operations
of the consortium as hkely to render it the very help China most needs.
My object in visiting China was to talk over the matter of the consortium
with the leading citizens of that country, and then to report back to the
Western Groups upon conditions existing there, economic, financial and
pohtical, so that they could etter determine the question as to whether
China offered today a safe and attiactive field for the savings of the Western
investors. I was much impressed with tne great extent and imderljing
strength of Cnina's resources, with the integrity and industry of her people
and with their potential future. They have great problems to overcome,
but if we are able to extend the right sort of coimsel and aid to them, they
will, I beUeve, solve their difficulties.
We must remember the formation of the consortium, now that Japan
has decided to come in, is but the first step in a long and arduous pathway.
The Banking Groups themselves will have to display toward one another
great patience; great tolerance. Coalitions never function readily; international partnersnips always prove difficult, but the fact that we are aU
engaged in one enterprise and with one principle in view, namely, the
welfare of China, this ought to weld us together and make our operations
successful. But in order to reach that happy end. we must bespeak the
co-operation of all good American citizens and most particularly I want to
make a rief personal appeal to the members of the Council on Foreign
Relations. From your study of world problems you are especially well
equipped to give thought, aid and counsel to the question of America's
relations to Japan and to China, to the Far East generally.
The policy of the United States Government with respect to the Far
East has been criticised in the past as not havmg been altogether constant
But in this particular matter of the consortium, since it took it up afresh
two years ago, its policy has been consistent, energetic, coui'ageous. But
the success of the consortium, the maintenance of American trade in the
Far East rests, in the last analysis, not upon Governments, but upon
private citizens, and upon their support. For this new plan of Far Eastern
co-operation, then, I again bespeak yom' cordial support, your thoughtful
interest and the free expression of your views.
LEWIS L. CLARKE ON NEED OF CLOSER UNDERSTANDING BETWEEN AMERICANS AND
JAPANESE.
The need
between the peoples
and Japan was emphasized by Lewis
L. Clarke, President of the American Exchange National
Bank of this city, in an interview with his return to his desk
on July 12 after more than two months travel in the Far
East as a member of a party of representative Americans
who -visited Japan at the invitation of prominent Japanese
of a closer understanding
of the United States
citizens.
In part Mr. Clarke said:
the relations between this coimtrj- and Japan are very
upon the Japanese making their beautiful country more
in keeping with that to which the American traveler is accustomed.
By
that I mean that they must Improve their steamship service, hotel accom
modations, and modes of travel to the degree that will bring them up t
Improvement
in
largely dependent
the requirements of the
good wiU.
modem traveler, who is the builder of intemation-
—
July 17
—
impro\ing the roads in Tokio and through the country.
When this improvement is made and the steamship interests have large
and faster passenger steamships, and modern hotels are scattered through
Japan run on the European plan, a closer contact between our two countries
Is
MY
THE CHRONICLE
1920.]
The country is one of great beauty and of marked interest, and when one
travels through it he can appreciate that it is a country wliich should be
more accessible to the traveler who is willing to devote much time in visiting the many places of marked and liistoric interest.
tJnfortiuiately the people of Japan have not appreciated as they should
the value of good roads although there is today a movement on foot by
leading citizens of Tokio which means, in my opinion, that prompt action
win be taken
.
in
ine\itable.
the people of our two coimtries associate in order that
appreciate each other. The Japanese undoubtedly
understand our problems much better than we understand theirs, and their
understading is based upon the fact that more Japanese travel in America
than do Americans in Japan. The right solution of the many problems of
the day are dependent upon a closer intimacy with the people of each nation;
and therefore with proper inducements and convemences the tide of travel
which is now toward Europe could be turned into the, so-to-speak. channel
of the East where in time it would tend to wear away the many misunderstandings that now exist. But this cannot be brought about, in my opinion,
until the Japanese people fully reaUze and appreciate the value of making
things easy for the traveler who is accastomed to modern conveniences and
who is willing to spend his money.
I found a spirit of democracy and of good feeling for our country among
the Japanese. Old institutions and old traditions linger and impede but
do not obstruct Japan's steady advance. It is true, of course, that some of
these traditions will continue to be valuable to Japan until she finds a
solution of her pressing problems, but the new spirit is growing and 1 1 jink
it, together with a closer intimacy, will do more to settle the problems of
It is necessary that
more fully
we
may
Japan than any other factor.
A fiu-ther barrier in the way of a better understanding between our two
countries is the inadequate cable service. It does not afford facilities for
the ordinary and necessary commercial business that daily passes, to say
nothing of the press service. We should know more about each other through
the daily channels of news. Things happen in Japan that are of great
interest to us here, which we do not hear of for weeks. The same is true
with respect to happenings in our country which are of interest to Japan.
Amplified cable facilities would do much to remove the handicap to good
relations and business intercom-se. The Japanese Government and business
men are keenly alive to this cable question, and I had numerous discussions
and interviews with the Government officials- in authority on the question
and as a result it is my hope that a satisfactory solution may be brought
about, as I know then-ind of the Japanese people, and what they are willing
to do in order to bring about a more satisfactory situation.
Japan is backward in the matter of telephones, telegiaph and mail
facilities, and modes of travel.
Concerning the telephone, it would almost seem as though it were still
a novelty in Japan, as there seems to be no desire to faciUtatemattersso far
as installation is concerned.
One files an application for a telephone, and
it takes ten years or more before a permit is issued and installation made.
This condition has developed a so-to-speak trafficking in installations. In
other words, if one must have a telehpone and cannot wait for a regular
installation he finds someone who will sell his number and it is purchased at
a price from 1500 to 2500 Yen, in other words, from approximately .S750 to
SI, 250.
This seems almost inconceivable.
Mr. Clarke went on to say further that, in his opinion,
—
—
and allows Colombia to draw upon it at any time. So far no orders for
engines have been placed under the credit established. At a cost of $50,000
each the credit would cover purchase of 40 engines.
Baldwin has also received an order for spare parts for locomotives from
Rumania and shipment will be promptly made. Terms of payment, it is
understood, are cash against documents, the Rumanian Governmenhaving established a credit in this country. This order is in addition to
the order taken by President Samuel M. Vauclain while in Rumania cover
ing 25 engines and spare parts and to be paid by monthly shipments over
a period of five years.
The parts ordered this week are to repair Pershing engines which Baldwin'
turned out in great quantities during the war. To get the rolling stock o
Rumania into working condition In the shortest possible time additiona
orders for .spare parts may be sent to Baldwins. The actual repairs can be
made in the railroad shops in that coimtry.
Shipments of oil in payment for engines sold are delivered to Baldwin
at the wharf where the oil is sold to the Romana- Americana, foreign subsidiary of Standard Oil of New .Jersey.
Standard Oil has a refinery as well
as producing properties in Rumania.
CABINET OF PRIME MINISTER MEIGHEN
OF CANADA.
Arthur Meighen, who as we announced last week, page
137, has been chosen to succeed Sir Robert Borden, resigned,
as Prime Minister of Canada, was sworn into office on July
10.
On the 13th inst. the new Prime Minister made known
the selection of his Cabinet containing all the members but
three of the Cabinet of Sir Robert Borden.
The three new
Ministers are Rupert W. Wigmore, Minister of Customs and
Inland Revenue; F. B. MeCurdy, Minister of Public Works,
and E. K. Spinney, Minister without portfolio. The newly
constituted Cabinet is made up as follows:
—
—
Premier and Minister of External Affairs Arthur Meighen.
President of the Council and Minister of Immigration and Colonization
J. A. Calder.
Minister of Trade and Commerce Sir George E. Foster.
Minister of Finance Sir Henry Drayton.
Minister of Justice C. J. Doherty.
—
—
—
Minister of Militia — Hugh Guthrie.
Minister of Railways and Canals—
D. Reid.
Secretary of State— A. L.
Minister of Marine and Fisheries and Naval Affairs—C. C. BaUantyne.
Minister of Agriculture—
F. Tolmie.
Postmaster-General— P. E. Blondln.
Minister of Public Works— Hon. F. B. McCurdy.
Minister of Customs and Inland Revenue— R. W. Wigmore.
Minister of the Interior and Superintendent of Indian Affairs—
James
Lougheed.
Ministers Without Portfolio—
Edward Kemp and E. K. Spmney.
Minister of Labor — G. D. Robertson.
J.
Sifton.
S.
Sir
Sir
The only post which still remained to be filled was that of
The new Government, according to the
Solicitor-General.
Thomas W. Lamont in his capacity as the representative Montreal "Gazette" of July 14, consists of ten conservatives,
of the American members of the Chinese consortium per- six Liberals and one Labor representative.
formed one of the most notable pieces of constructive work
in the history of the relations between the West and the
East.
The full significance of what Mr. Lamont accom- SCARCITY OF DOLLARS IN ECUADORIAN MARKETS
The following is taken from the New York "Evening
plished, Mr. Clarke believes will never be fully appreciated
except by those who understand the difficulties he over- Post" of July 3:
Recently there has been a great scarcity of American exchange on the
came but the results will in due course speak for themEcuadorian market, to such an extent that all the banks m Ecuador, with the
selves.
The co-operation of American bankers in under- exception of the Banco Conunercial of Agricola and the Commercial Bank
takings would be welcomed by the Chinese bankers and of Spanish America, Ltd., suspended the sale and collection of drafts in
business men, and offer many attractions. The opportunities dollars at the legal rate of exchange, namely, 2.13 sucres per dollar, and
are requestmg importers to meet their obligations in dollars with a banker's
—
for investments such as bottle factories,
mills
and sugar
bag
factories, oil
Mr. Clarke believes not only
the employment of American capital, with
refineries,
afford a field for
reasonable assurance of profit, but
would also cement the
good feeling already entertained for our country in China.
PAYMENT BY NICARAGUA OF WAR-TIME AND
CURRENT OBLIGATIONS.
Under date of July 15 the daily papers printed the following advices from Washington:
Advices received here to-day from Managua said that as a result of the
diplomatic aid extended by the American Government. Nicaragua had
paid since July 1 the last of its war-time and ciurent obligations, leaving no
indebtedness except that which is bonded.
Nicaraguan revenues fell off sharply during the war, and in 1917 an
arrangement was made by Nicaragua with its American and British creditors
through the State Department to defer for five years 70% of the interest
and all the sinlring fund of bonds held in London and the pruicipal of shorttuue Treasury bills held in New York. According to these ad\ices national
revenues, especially the customs, have been so good during the past year
and a half that the five-year exemption period has been anticipated. Last
year a third of the deferred obligations were paid and now all the remainder.
Including £151,487 sent to London and 123,986 sent to New York.
There
is left in the national treasury a surplus of $750,000 most of which will be
spent on good roads.
BALDWIN LOCOMOTIVE WORKS ESTABLISHES
CREDIT WITH REPUBLIC OF COLOMBIA
The
following Philadelphia advices appeared in the "Wall
Street Journal" of July 10:
Baldwin Locomotive Works lias completed a transaction with the
Government of Colombia whereby the company has established a credit
of .12.000,000 in favor of the South American republic. The contract,
arranged by the Under-Secretary of Railroads, has been approved by the
Minister of Finance.
It is
understood that the credit
is
for 10 years
check on
New
York.
This has been a
gi-eat
handicap for importers
who
obligations in dollars with the local banks (excepting the two already
mentioned) as they had to buy dollars on the open market and to pay up
to 2.25 sucres per dollar.
This situation was partly due to the fact that 20.000 bags of cacao which
were going to be shipped to New York were at the last moment changed to
London, as the Asociacion de Agricultores del Ecuador were able to get
better prices in the latter market, and consequently there was an abundance
of sterling and a shortage of American exchange in the market.
It is probable that when the quantity and quality of the new cacao crop
are assured conditions in exchange w ill onco more revert to nearly normal
had
,
CZECHOSLOVAK FINANCIAL OUTLOOK—DEBT TO
U. S., ENGLAND, &c.
The following is taken from information received at Washington from Trade Commissioner Vladimir A. Geringer, at
Prague, under date of May 14; we are giving only a part
of the advices from Mr. Geringer, published in "Commercial
Reports" of June 24:
Debts Resulting from the
War
—Debt
to
United States.
The debt
of the Czecho-Slovak Republic, as it appears from the whole
financial scheme of the present Government, may be divided into the following six categories:
1. Expenditures inciured fromjthe participation of the Czeclio-Slovak
Nation in the war as follows.
(a) lor luou supplier roieivua irom tue
(1) Debt to the Lnitetl states
United Stales, on which intere.st at 5% is being paid w ilh no fixed period
of payment of the principal, ?57,744,750: (b) for supplies purchased from
the American Liquidation Commi.ssion. bearing 5% interest. So. 000. 000
payable in 1922. .$5,000,000 payable in 1923. and the b.alanco payable in
1924 $14,942,540: (c) on accoinit of the Czecho-slovak Army in Siberia,
bearing 5% interest without fixed date of payment for the principal, the
exact amount to l)o determined, hut estimated to be loss than $7,000,000;
((/) for the repatriation of the Siberian Army, terms of interest and pajTiient
not vet fixed, $12,000,000; if) war materials purchased at Coblenz. $2.-
—
—
710.9:?0.
Existing guaranties given for the payment of cotton ptirchased by spinners on credit arranged for by Czecho-Slovak banks amount to S14,G00.OO0,
Previous amounts so guaranteed, $6,700,000. \v;is paid on Jan. 2 1920.
THE CHRONICLE
348
to France, Italy and England,
For war materi?ls, bearing 5% interest, originalFv payable July 1920, by extension, already arranged for, due July
19''1 110 000 000 francs Uranc=:S0.193, par of exchange); (6) approximate
estimate of expenses ot maintenance of Czecho-Sloyak Army legions in the
Allied armies in France, terms of interest and payment not yet fixed,
Debts Owing
Debt to France
(•?)
200.000.000 francs.
(a)
—
.,.-.,
,
(a) Approximate maximal estimate of expenses ot
(3) Debt to Italy
Czecho-Slovak legions in Italy, 180,000,000 lire (lire=$0.193, par exchanee); (6) debt to a group of Italian banks for raw materials, payable in
Aug."l920, at 6% interest, payment already extended to Nov. 1 1920,
20 000,000 lire; (c) credit arranged for on April 1 1920, for raw materials,
due one year from date, 6,000.000 lire.
July 1920, at 5% inter(4) Debt to England for relief supplies, payable
est, £304.116 (£=84 86, par of exchange).
The favorable rate of exchange hitherto pre^•<'llIng was taken advantage
of to pav, at the end of March 1920, for war materials purchased from a
group of German banks, 18,000,000 marks, which were not due until
.
Sept. 1920.
Czechoslovakia's Share of Austria-Hungary's Prc-War Debt.
In the second category is the debt which the Czecho-Slovak Republic
had to take over upon the liquidation of Austria-Hungary. In accordance
with the provisions of the peace treaty of St. Germain it may be estimated
that the Czecho-Slovak Repuolic will take over about 6,000,000,000 francs
of the pre-war deots of Austria-Hungary. About 1,200,000,000 placed
The remainder,
in toe Allied countries will be paid back in gold francs.
amoimting to about 4,800,000,000, in the hands of Czecho-Slovak citizens,
will be converted into an internal loan payable in Czecho-Slovak crowns.
(New York exchange value of Czecho-Slovak crown on June 1 1920, was
S0.025, par of exchange=S0.2026).
From the hquidation of Austria-Hungary the Czecho-Slovak Republic
will, therefore, assume an indebtedness of 1,200,000,000 gold francs and
2.
4,800,000,000 Czecho-Slovak ci-owns.
Tax of Liberation and
Strictly Internal Debts.
In the third category of debts is the tax of liberation to which the
Czecho-Slovak delegation at the peace conference nad to consent as a contribution to the war expenses of the Allied countries in the amount of
750,000.000 francs.
4,800,000,000 crowns of the
4. Then come the strictly Internal debts
old Austro-Hiingarian rent, and bank notes of the Austro-Hungarian Bank,
amounting to about 8,000,000,000 crowns, which are circulating in the
territory of the Czecho-Slovak Republic a total of 12,800,000,000 crowns.
3.
—
—
Loans and Expenses of 1919 and 1920
Austro-Hungarian War Loans.
5. The fifth category of debts comprises the extraordinary expenses and
loans of 1919 and 1920 incurred by the Czecho-Slovak Government itself,
on account of the new State. These loans and expenses are as follows:
(o) First loan (liberty loan), 1,000,000,000 crowns; (6) second loan (4%
State loan), payable 1923-24, 983,022,000 crowns; (c) loan of the Czechoslovak Government from the Czecho-Slovak banks, 1,031,500,000 crowns;
(d) premium 4J.2% loan, payable 1926-1960. amount not yet determined.
The budget for the year 1920 shows a deficit of 2,665,405,147 crowns.
It is quite likely that extraordinary expenses not provided for in the
budget may increase this amount by 2,000,000,000 crowns.
6. The sixth category comprises the Austro-Hungarian war loans, which,
according to the peace treaty, the Czecho-Slovak Government is not obliged
to pay.
It is therefore an internal problem of the Czecho-Slovak Republic
which must itself decide whether it will pay its citizens who eire holders of
the bonds.
to Pay Part of Austro-Hungarian War Loan.
of the Czecho-Slovak Republic has decided thao in
principle it is wiUing to pay about 33% of the portion of the Austrian war
loan which was subscribed in Czecho-Slovakia. This percentage represents the relative values of the Austrian and Czecho-Slovak crowns, so
that the Czecho-Slovak holders of bonds payable in Austrian crowns would
This decision was
practically be paid in full in the value of that currency.
arrived at in order to prevent a gi-eat many of the citizens from being very
seriously affected economically and to avoid a possible financial disturbance
in the country.
It is estimated that in the ten-itory of the Czecho-Slovak
Republic, Austrian war loans are held to the extent of about 8,000,000,000
Czecho- Slovakia
The Government
crowns, which would mean that the Czecho-Slovak Republic would take
over 2,600,000,000 crowns of this war debt. Which holders shall be paid
and to what extent, and which shall not be paid, if any, will be determined
in the coming National Assembly.
— Total Debt.
Government Aid for Industries and Banks
The Czecho-Slovak Government reckons that it will be obliged to carry
out the reconstruction of some industries and banks which suffei-ed extreme
losses in Austria-Hungary (for which losses new Austria wOl not be able to
offer them any compensation) and to protect especially those who were
forced to subscribe great simis, such as insurance companies, saving banks,
mvmicipalities and otheis, even to a greater extent than 33%; so that it
may be presumed that the total of the whole internal debt may rise to
25,000.000,000 crowns.
To sum up, the financial situation of the Czecho-Slovak Republic at the
end of 1920 may be expressed in the following figures: Foreign debts,
3,500,000,000 francs; internal debt, 25,000,000,000 crowns.
,
Measures for Discharging
the Debts
The following measures have been adopted:
The wealth of the Czecho-Slovak Republic at
some 200,000,000,000 crowns.
—Property Tax.
may be estimated at
On
April 8 1920, the National Assembly enacted a law for the collection
of a property tax, which in reaUty is a tax on capital and wealth and also
a tax on increment; that is, the difference in the pre-war financial worth
of individuals and their financial worth on March 1 1919.
These taxes
are expected to yield from 10.000,000,000 to 12,000,000,000 crowns. This
sum is to be used in reducing the internal indebtedness, which, as previously noted, is figured to reach 25,000,000,000 crowns by the end of 1920.
The law expressly provides that the amount raised must not be used for any
other purpose than for the payment of domestic debts Incurred for war
piUTioses and durmg the years 1919 and 1920.
(For particulars as to this
law see "Commerce Reports" for April 23 1920.) The stampcid Austrian
bank notes, which have been withheld, can be used in the payment of these
taxes.
The plan is to collect the money in such a way as not to distm-b
seriously the economic and Industrial conditions.
Foreign Indebtedness
Funded
— Various
Sources of Revenue.
The debts incurred abroad in francs are to be converted into a national
gold rent of the Czecho-Slovak Republic, as stipulated In the peace treaties.
The regular budget of the Czecho-Slovak Republic for 1920 already includes the interest on a portion of this debt in francs, since, according to
the peace treaties the pre-war Austro-Hungarian debt and the debt to the
Allies of 7.50.000,000 francs will be converted into bonded indebtedness
latsr, and the interest wUl be payable after a lapse of years.
The premium loan being subscribed now will surely bring in about 700,000,000 crowns. From present indications the Income from the luxury and
to
be
be twice the original estimate of 800,000,000 crowns. The
revenue from customs duties will also be much greater. Officials of the
Ministry of Finance expect to realize three times the estimated amount.
The increased railroad fares and freight charges will considerably reduce
the railway deficit. The recently adopted tax on coal, payable from May 1
1920, is expected to yield 1,000,000,000 crowns annually.
sales tax will
Back Taxes Withheld from Old Austrian Government.
Besides these the Czecho-Slovak Government has yet another source of
revenue which it could turn to if the above financing should not yield suffiDuring the last two years of the Austrian regime the Czechocient returns.
slovaks, as an aid to the Allied cause, refased to pay the taxes in full.
The total of such unpaid taxes is said to exceed 2,500,000,000 crowns,
which can be resorted to in case of necessity. The actual revenue is considerably greater than estimated in the budget, in which the amounts have
been conservatively stated. Tax collectors have been busily employed and
cannot catch up with their work. The present financial situation is such
that the Minister of Finance stated on May 12 1920. at a conference of
leaders of all the Czecho-Slovak parties in the coming National Assembly,
that from a financial point of view the Republic was out of aU danger.
General Outlook Promising.
From
the foregoing figures it is clear that competent administration will
render a credit budget possible. From improved railway conditions an
increase in the regular budget revenues can confidently be expected. Besides this, the state can avail itself of the following possibilities:
(a) A
monoply on matches, gunpowder, &c.; (6) a monoply on sale of sugar;
and (c) a monoply on sale of alcohol. The last two would be very profitable.
A resume of the budget, the sources of revenue, the measures that have
been taken for reducing the indebtedness, the moneys that have been collected and are in the process of collection, and the possibilities that are still
open, in the opinion of Czecho-Slovak officials, clearly show a stable and
progressive Government which is entitled to a substantial credit abroad
for the purchase of raw materials.
The exportation of goods manufactured
therefrom would quickly bring the country back to pre-war conditions.
PRACTICE OF HANDLING BILLS OF EXCHANGE WITH
BELGIUM.
Under the above head, the Department
"Commerce Reports" of June 18,
Consul -Genera] Henry H. Morgan
of Commerce, in
prints the folloTvang from
at Brussels.
Exports to the United States from Belgium are generally financed by
means of credits opened in the United States by the American importer,
under which the local seller draws. Terms vary, but credits usually are for
Before the war oills on London were in greatest
a term of three months.
demand, but at present bills drawn in dollars are eagerly .sought. Most
loc.ll exporters' bills are dra^vTi in Belgian francs.
The common usance of
such bills is three months: they are negotiated mainly tnrough bankers.
Bills are customarily domiciled in the city in which the exporter of the
banker is located.
New York rates of discount are not officially quoted, except in publications which are received here from England and the United Stares.
Exchange rates are quoted daily and accurately on the S-ock Exchange.
Local banks keep themselves posted on fluctuations in the various financial
centres by wireless, telegraph and telephone. No excnange tables are
published here; so far as known, no local banks get regular quotations of
discount rates from New York. The profit in the purchase of commercial
Ijills is usually made on ihe exchange operation and tnis varies considerably.
.
AMORTIZATION OF SWISS RAILWAY DEBT TO BE
POSTPONED.
The following information from Trade Commissioner H. L.
Groves, at Zurich, June 12, is taken from "Commerce
Reports" of July
8:
As a means of counterbalancing the
deficit accumulat^ed by the Swiss
Federal Railways since the beginning of the war, the S\siss Federal Council
has approved a proposal to prolong tne amortization of the debt covering
the purchase price from 60 years, as at present, to 100 years. At the end
of 1919 this accumulated deficit amounted to 159,460,000 francs.
A postponement of the amortization period, as proposed, wotild liberate some
128.000.000 francs already paid in for this purpose for current use, owing
to the fact that the proposed change is to be made retroactive to cover the
period in which the amortization process has already been in operation,
namely, since the taking over of the roads by the Government in 1903.
FALL IN KRONE DUE TO DENMARK'S LABOR
TROUBLES.
[From "Wall Strest Journal" of July 9.1
Comparison of the exchange rates on the former neutral countries of
Europe shows thao Swiss exchange has depreciated least while that of Denmark has depreciated most. Comparison as of Wednesday last is as
follows
present
[Vol. 111.
—
—
July 7.
5.56
.3525
.1620
.2200
.1670
Country
Switzerland Francs per dollar
Holland— Dollars per guilder
Spain Dollars per peseta
Sweden Dollars per krona
Norway— Dollars per Icrona
Denmark Dollars per krona
Parity.
Depreciated.
6.8%
12.3%
16.0%
17.9%
37.7%
.16.50
38.4%
It was explained at the office of the Danish Special Shipping Commission
that the weakness of exchange on Copenhagen is due almost entirely to
decreased exports oecause of labor trouoles in Denmark. It was said that
for a long time after the war there was a period of relaxation not only in
—
—
—
5.18
.4020
.1930
.2680
.2680
.2680
Denmark but also throughout the other Scandinavian countries. Refusal
of employers to submit to the demands of the radical element for more pay
and lo^s work resulted in a series of strikes. Exports practically ceased.
At the same time it was necessary for Denmark to import large quantities
of coal from rhe United States.
any large quantities from England because
Coal could not be obtained
that country was shipping most of her surplus coal to the Central European
countries and Italy.
It was, therefore, necessary for Denmark to buy in
Owing to the increased cost of coal and to tne greatly inthis country.
creased cost of transportation, this operation was four or five times more
decline in Danish exchange naturally
costly than prior to the war.
m
A
followed.
It was said that practically all the strikes are now settled and large shipments of butter, cheese and potatoes have already reached this country
and more will follow. As exports approach normal a rise in exchange
rate
is
expected.
.
July 17
THE CHRONICLE
1920.]
NEW DANISH BANKING LAW.
349
PURCHASE OF ADDITIONAL SILVER BY
The followirg is taken from the July 1 issue of "Commerce
Reports" publishea by the Department of Commerce:
Tbe new Danish law relative to banks and banking will be put in force
on Oct. 4 1920. Paragraph 4, Section 2, of this law reads as follows
"Foreign banks can not establish business branches in this country without
the consent of the Minister of Commerce." The Minister of Commerce
has not yet announced his decision concerning the conditions to be imposed
on foreign banks that desii'e to transact business thi-ough branches in
Denmark. A few American banks have sent representatives to Copenhagen, but no branches have, as yet, been organized. The address of the
Minister of Commerce is: Handelmini.steren, Holmens Kanal 9, Copenhagen.
A copy of the booklet giving the text of the new Danish banking law is
on file at the New York district office of the bureau, 734 Custom House,
New York City. This booklet is in the Danish language.
DANISH EXCHANGE COUNCIL CEASES TO FUNCTION
"Commerce Reports" of June 9 announced the reeeijit by
Commerce of the following cablegram
U. S. MINT.
On Saturday last, July 10, the total purchases of silver
to that date by the Treasury Department were reported as
7,777,545 ounces, following week-end purchases in two lots,
of 121,545 ounces and 58,000 ounces respectively.
Incidentally we may note that a purchase announced July 2 for
the Philadelphia Mint, was 90,000 ounces, and not 900,000
ounces, as the types made us say in our issue of July 3,
page 21.
CHINA REMOVES SILVER EMBARGO
The embargo on the exportation
of silver coins in
quan-
exceeding $50 has been removed by China, according
to Canton advices, dated June 26, appearing in the New
York "Evening Post" of July 13.
ties
the Department of
from Commercial Attache Anderson at Copenhagen:
The Danish Minister of Commerce announced on June 4 that the Danish
Exchange Council has unanimously decided to cease functioning, owing to
Danish
the Government's refusal to support activities by legislation.
exchange regulations are therefore removed, but the Danish banks will
probably continue to restrict foreign purchases to absolute necessities.
FINANCING EXPORTS FROM UNITED STATES TO
JAPAN.
"Commerce Reports" of July 2 announces the receipt ot
the following from Trade Commissioner Alfonso Johnson,
Tokyo, under date of May 21 1920:
Exports from the United States to Japan are usually financed by credits
expended in America in gold dollars by a bank in Japan. Th&se credits are
drawn against by the sellers after shipment of the goods, and the amounts
of the relative drafts, to which complete shipping documents are attached,
are paid over to them by the bank with whom the credit has been arranged.
The usance of such drafts is generally 60, 90 or 120 days' sight. On the
arrival of the draft and documents in Japan, acceptance is obtained and the
It
said draft and documents remain in the bank's hands until maturity.
sometimes happens that the consignee requires delivery of the goods before
the due date of the draft, in which case the bank may at its o\vn risk and
discretion deliver same against a trust receipt; this practice is quite common,
but such privilege is extended only to consignees of the highest standing.
The drawee
settles
exchange gold dollars-yen with the bank, and
retires
The landing
the draft any time at his convenience up to f-e due date.
and storage of the goods are looked after by the drawee, as is the insurance,
while the goods are in the warehouse. There is no charge for conmilssion
by the collecting banker, who looks at the relative exchange operation for
his profit.
Exchange quotations are published
daily,
but often are only nominal.
ITALIAN STOCKS DECLINE— FISCAL POSITION
IMPROVING.
"Commerce Reports"
According to
of June 23, the
following cablegram was received from Commercial Attache
Dennis at Rome, under date of June 19:
Recent contraction of banking credit for speculative purposes and rumors
%
of an impending increase of the rate of discount to 7
together with reports
of a pledge by the new ministry to convert bearer shares into registered
nominative shares, has caused a sharp decline in all classes of Italian securities.
The consolidated 5% national loan issued at 87..50 is selluig less
July coupon at around 80: leading bank stocks are off from 60 to 200
points from recent high levels.
Industrial shares are from 15 to 30% lower
than last month; shipping shares are similarly affected. On the other hand,
taxes are flowing in regularly and in amounts which exceed all expsctaciont;
banks are gaining heavily in deposits and the lira is steadily rising in terms
of International exchange.
Commodity prices show easier tendencies with
popular agitation for decreased consumption and lower prices.
,
—
—
ITALY APPLIES TAX LEVY ON WEALTH
The United States Bulletin, for Jime 21, (published at
Washington,) had the following to say under the above head:
The
its
At
Italian Government has given up the contemplated forced loan and in
stead will levy a tax on capital, to be spread over a period of 30 yeai-s.
stated times the capital will be revalued.
The tax is to be applied as
follows:
The
The
The
imposition of a progressive tax on capital acquired during the war.
imposition of an extraordinary progressive tax on capital.
3.
revision of the income tax, together with a new progressive tax
on complete incomes.
4. The increase of the extraordinary tax on interest and dividends on shares
Imposed by Royal decree on Nov. 17 1918.
The tax on capital acquired during the war will vary from a minimum of
10% to a maxinmm of 60%.
The Government is also issuing a voluntary 5% loan at L.85.50. A 314%
tax-free loan was considered but the adoption of the 5% loan subject to
income tax was decided upon.
1
2.
ADDITIONAL GOLD RECEIVED FROM GREAT BRITAIN
The gold shipments from Great Britain which we have
previously announced as received by Kuhn, Loeb & Co.
of this City from Great Britain, were augumented by a
further consignment of approximately $3,250,000 received
on the Imperator which arrived on July 12.
London advices of July 13 also said "American bankers
are buying South African gold in the open market at about
104 shillings per ounce. Price naturally varies according
to exchange.
India is paying a slightly higher price than
America."
ABROAD OF SENATOR EDGE AUTHOR OF ACT
ENABLING BANKING CORPORATIONS TO DO
TRIP
FOREIGN BUSINESS.
Senator Walter E. Edge of New Jersey left for Europe on
the Imperator on Thursday of this week, his trip abroad
having been undertaken partly -with a view to looking to the
development of American trade in foreign markets. Senator
Edge, who is the author of the Edge Act providing for the
formation and operation of corporations designed to engage
in foreign banking business made the following statement
to a represeutative of the "Wall Street Journal" before his
departure.
While I am going abroad to look over my own interests in London and
Paris, I shall meet official representatives in England and France to talk
over the export situation with the idea of opening up foreign markets for
American bu.siness and providing a system of international financing that
will make possibl e the increase of production by American manufacturers and
assist u> placing the United States merchant marine on a more profitable
basis.
The financing of American business in Europe, as provided in the export
finance amendment, will necessitate the expan.sion of our banking system
whereby it will be possible to float foreign seciu-ities in America. I shaU
discuss with those bankers and business men the tjise of securities they
would hke to float here, and find out to what extent they are willing to
co-operate.
One of the first essentials in our program is to increase production. It
must oe made possible for American manufacturers to mamtain capacity
production, but this cannot be done unless the goods can be marketed.
boast of a merchant marine of 2,000 ships, but how can we expect a
merchant marine to be successful imless our tonnage is filled, operating
We can operate our ships and supply the goods if the
in both directions.
foreign purchaser will pay us when the goods reach the market.
We do not wish to lend more money abroad; that time is passed. If we
lend money we have taxation to bear, but if we can sell goods, a fair profit
can be roaUzed. Those abroad have seciuities, but they have no gold.
Therefore, we must provide facilities for accepting those securities and sell
goods against them.
Our plan is to take the foreign securities and issue bonds and debentures
agamst them. Of coiorse, the bonds and debentiu-es will be bought, in a
large part, by those who have goods to sell, for they can make a profit on
both the securities and the goods sold. If United States expects to obtain a
substantial foothold in the markets of the world, action must be oegtm
immediately and we must not delay the formulation of plans providing of
such facilities as will prove practical.
We
WITHDRAWAL OF GOVERNMENT DEPOSITS IN
N. Y,
FEDERAL RESERVE DISTRICT.
In addition to the $22,000,000 which was withdrawn by
the Government from local banks on the 6th inst. (referred to
in these columns last Saturday, page 140), there were further
withdrawals of a like amount this week. One of the newspaper reports concerning this week's action, was the following in the "Wall Street Journal" of Julj* 14:
Another $11,000,000 will be withdrawn from local member banks by
the Govenunent on Thursday. This, together -with the SI 1 ,000.000 withdrawn on Tuesday, cleans up the Government deposits with local member
institutions.
The subscriptions to the current issues of Treasury bills will
on Thursday, July
15,
be paid for
and these funds deposited with member banks.
RESOURCES OF STATE BANKING INSTITUTIONS IN
UNITED STATES.
resources of the State banking institutions,
the latest compilation made by R. N. Sims,
to
according
Treasurer of the National Association of
and
Secretary
Banks, are nearly thirty billion dollars
State
Supervisors of
The
total
—$29,024,095,539.
While the report prepared by Mr. Sims
statements
of widely different dates (the
is made up from
uniform
as to dates of call and in
law, he points out, is not
to
compile the reports), it
required
some States months are
to
say that it represents
is, he says, considered reasonable
figures that may be fairly said to average as of Feb. 28 1920,
which is the date of the Comptroller's statement covering
The renational banks with which comparison is made.
sources of the national banks at the February date, Mr.
Sims's statement shows, totaled $21,862,540,000. In our
THE CHRONICLE
250
VOla. Ill,
we printed the compilation ha\dng been $3,058,420,003,
averaging as of
June 30 1919, and the resources of the State banks were then
shown to be §25,965,675,836, those of the national banks on
the same date being §20,799,550,000. It will thus be seen
that the resources of the State institutions not only exceed
those of the national banks by $7,161,555,839, but that the
as compared with $1,062,990,000 in the ease of the national banks. The deposits of the
State banks in the latest compilation are $24,189,608,399,
comparing with $21,632,822,012 shown in the earlier statement. The deposits of the national banks were $16,965,122,000 on Feb. 28 1920, compared with $15,924,865,000 on
June 30 1919. The following is the statement in fuU just
State institutions have more largely increased their resources
in the interval indicated than have the national banks, the
increase in the ease of the State institutions in that period
made public by Mr. Sims, who was formerly Bank Commissioner of Louisiana, but is now Vice-President of the Hibernia
Bank
Trust Co. of New Orleans:
issue of Jan. 31 1920 (page 421),
made by Mr. Sims,
pre\'iously
i»GGREGATE RESOURCES,
&C.,
Alabama
Feb.
Feb.
Feb.
..Mar.
Arizona...
Arkansas
CalUornia
Colorado
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana..
Maine...
Maryland
Minnesota
Mississippi
Nebraska
Dec. 30
Feb. 28
Feb. 14
Nevada
May
Missouri
_
Montana
New Hampshire
New Jersey
New Mexico
New York
4
June 30
.May
24
Feb. 28
1,341
1,098
460
224
97
187
496
535
1919
1920
1920
1920
1919
1920
1920
1920
1919
1920
1920
1,177
312
1,484
286
1,008
23
70
276
71
561
(c)
North Carolina
North Dakota
Ohio
Feb. 28 1920
.Feb. 28 1920
May 4 1920
May 4 1920
Feb. 28 1920
May 4 1920
513
718
776
610
274
580
(d)
47
389
552
440
979
Oklahoma
Oregon
Pennsylvania
Island
May
South Carolina
South Dakota
Tennessee
Texas
4 1920
Feb. 28 1920
Feb. 28 1920
May 4 1920
Mar. 23 1920
May 4 1920
Feb. 28 1920
May 4 1920
.May 4 1920
Feb. 28 1920
Feb. 28 1920
Utah.
Vermont
Virginia
Washington
Virginia..
Wisconsin
Wyoming..
104
59
316
304
217
814
110
Capital.
11,576,879
3.683,967
15,542,250
80,947,720
8,756,500
11,581,138
4,144,700
8,485,500
31,009,070
4,990,211
112,304,605
37,798,368
52,361,450
27,249,000
20,458,192
19,544,190
4,623.000
18,264,907
40,057,992
52,381,820
33,332,124
11,729,250
59,625,600
11,990,000
25,527,700
1,678,500
805,000
29,700,281
2,885,.500
194,6.54,300
18,202,977
12,383,000
65,816,652
14,633,650
20,344,000
134,010,507
9,049,600
16,770,564
12,326,477
19,102,782
45,154,800
7,543,554
2,109,600
21,577,365
17,129,200
15,895,023
29,665,5,50
2,960,000
Undivided Capital Smp &
Profits.
Undit. Profits.
Surplus.
5,420,947
2,103,259
5.923,569
37,549,165
3,659,939
29,976,781
5,058,590
2,374,476
*25,775,847
1,433,382
72,902,673
14,663,408
22,668,900
13,885,586
10,658,253
10,293,713
9,303,969
28,264,760
125,523,110
34,892,420
13,848,401
7,973,350
37,554,183
3.848,715
7,874,699
442,434
*12,523,120
35,126,850
910,130
*474, 194,501
7,903,849
4,295,000
50,962,171
2,999,356
8,803,239
200,994,542
16,839,158
7,297,633
4,002,689
»11,265,365
*21,973,646
3,180,184
6,534,200
11,818,913
5,505,559
9,766,537
10,963,165
1,117,307
2,985,679
1,242,053
3,186,346
15,799,238
1,328,316
4,140,443
2,076,728
798,138
525,419
23,288,147
5,057,317
13,031.881
3,659.388
3,300,726
4,771,680
6,167,648
5,292.137
47,904,277
14,718.433
4,390,275
2,224,809
14,691,979
1,464.212
4,745,460
467,938
11,251,705
200,311
5,081,686
666,474
18,590,702
2,490,150
3,631,665
46,134,084
7,352,323
5,258,490
2,211,114
1,440,068
2,350.267
3,440,894
2,243,893
4,739,145
5.893,609
581,531
Loans and
,
19,983,505
7,029,279
24.652,165
134,296,123
13,744,755
45,698,362
11.280,018
11,658,114
56,784,917
6,949,012
208.495,425
67,519,093
88,062,231
44,793,974
34,417,171
34,609,583
20,094,618
51,821,794
213,485,379
101,992,673
51,570,800
21,927,409
111,871,762
17,302.927
38,147,859
2,588,872
13,328,120
76.078,836
3,995,941
668,848,801
31,188,512
17,344,474
135,369,525
20,123,156
32,778,904
381,139,133
33,241,081
29,326,687
18.540,280
30.368,147
67.128,446
12,163,806
10.994,067
36,837,172
24,878,652
30,390,705
46,522,324
4,668,838
Deposits.
S
115,529,829
58,737,671
143,698,220
1,181,073,067
104,682,190
562,651,991
65,576,409
86,033,567
261,6.')3,394
52,034,714
1,462,700,803
398,620,111
705,487.819
303,086,463
184,828,727
284,509,270
204,234,719
322,966,913
2,333,459,248
878,670,113
465,318,092
77,516,323
679,154,635
100,692,904
298,465,167
20,547,889
133,652,618
693,037,533
20,931,109
6,063,307,817
237,697,450
127,515,642
1,133,172,111
186,830,958
278,526,124
1,614,428,973
284,034.982
167,643.590
195,951,450
190,141,987
323,250,283
75.302.033
119,944,371
143,710,445
212,838,108
154,089,088
453.648,102
29,120,478
Discounts.
Si
87,271,702
39,821,071
132,092,324
784,386,482
75,098,282
267,435,285
28,162,404
57,349,527
217,273,800
48,122,766
1,115,392.628
295,257,386
647,8.'i0,f.ni
257,180,411
151,733,607
217.081,529
71,174.481
154,933,782
1,459,866,358
402,913.249
355,701, .525
134,668,661
531,701,131
85.472,356
256,960,377
15.244.030
62,474.0.'-.3
310,670,982
18,216.342
2,579,307,441
205,996,059
116,549,945
800,945,580
130,544,515
202,712,116
562,800,769
141,292.623
150,003,698
157,296.088
165,728,234
260.773.465
70.578,824
96.480,833
145,608,652
142,131,187
126,905,789
329,273,540
24,396,744
Bonds Stocks
Securities, &c.
,
s
12,974,877
8,920,333
15,089,409
333,079,149
17,750,679
262,105,319
35,734,619
13,055,509
25,395,646
7,503,529
287,914.987
82,787,673
65,894,782
26,507,080
32,725,525
50,130,773
131,830,146
174,457,474
778,228,998
476.731,363
86,348,383
25.724,247
115,209,353
11,766,057
13,288,673
2,640,412
78,867,407
440,119,065
1.441,727
3,106,320,369
18,978,416
11,209,277
284,502,900
20,412,387
55,852,685
811,457,760
142.667.277
16,657,943
7,168,968
24,888,903
30,197,742
14,318,093
30,365,411
25,576,813
46,332,093
25,614,068
85,492.097
2,485,884
Tottl
Resources.
s
138,375,255
67,631,930
189,064,080
1,347,296,634
120,700,026
621,902,598
81,827,163
100,258,944
380,218,553
68,672,503
1,819,215,744
508,800,383
839,413,142
364,529,993
234,315,847
364,224,279
232,003,213
397,236,932
2,480,789,517
1,057,153,038
528,495,860
217,020,906
856,515,999
125,513,396
347,434,791
23,662,247
148,471,035
796,934,375
"25,086,709
7,298,129,490
283,974.784
152,460,618
1,322,850,848
213,559,383
335,707,694
2,096,703,466
321,619,172
202,588,052
220,209,822
259,675,762
412,273,846
103,571,167
134,020,932
201,559,929
245,540,067
192,679,402
509,711,214
34,495,099
21,961 1,402,365,015 1,442,841,633 310.816,778 3,156,023,426 24,189,608,400 14,690,733,234 8,425,222,280 29,024,095,838
Totals.
Statement
27
204
662
139
988
792
(b)
Oct. 31
May 4
Feb. 28
Feb. 28
Massachusetts.
Michigan
West
66
404
425
258
250
(a)
Florida
Rhode
248
May 4 1920
.Dec. 31 1919
Dec. 2 1919
May 4 1920
Feb. 28 1920
Dec. 31 1919
...April 2 1920
Feb. 14 1920
April 12 1920
Mar. 17 1920
Sept. 27 1919
Delaware...
S$SS
No. of
JnslU'ns
27 1920
28 1920
28 1920
31 1920
4 1920
May
Connecticut
&
OF ALL BANKING INSTITUTIONS UNDER STATE CONTROL, COMPILED FROM STATEMENTS FURNISHED BY
HEADS OF STATE BANKING DEPARTMENTS, BY R. N. SIMS.
Dale of
Report.
STATE—
\^dth figures
Comptroller oJ the Currency
all National Banks on
Feb. 28 1920
of
Elves totals for
7,933 1,182,082,000
Excessof State Banking Institutions.. 14,028
Increase shown by State Banking Institutions over statement complied in Jan.
1920 from latest figures available at
that time, and which average as of
June 30 1919
Increase shown by all National banks over
statement by Comptroller of the Currency lor June 30 1919
220,283,015
944,126,000 404,443,000 2,530,651.000 16,965,122,000 11,994,523,000 4,430.268.000 21.862,540,000
498,715,633 z93,626,222
625,372,426
7,224,486,400
256,360,749 2,556,786,387
2,696,210,234 3,994,954,280
7,161,555,839
2,433,598,708
x72,300,731
3,058,420,003
933
94,476,427
109,950,185
51,934,137
148
29,419,000
71,900,000
31,794,000
133,113,000
1,040,257,000
909,061,000
x617,253,000
1,063,990,000
785
65,057,427
38,050,185
20,140,137
123,247,749
1,516,529,387
1,524,537,708
z544,952,269
1,995,430.003
Excess Increase of State Banking Institutions
* Includes
other banks.
Undivided Profits,
May
4 1919.
x Decrease,
c Savings banks, Dec.
NEW COMMISSION RATES
a Savings
z Excess National Banks,
31 1919: other banks, Feb. 28 1920.
OF BOSTON STOCK
EXCHANGE.
A new
schedule of commission rates was put into effect
by the Boston Stock Exchange on July 8. In explaining
the changes which the new rates would effect, the Boston
"Herald" of July 1 said:
Governing Committee of the Boston Stock Exchange proposes to amend
rate of cominis.sion fo that certain stocks will no longer have a reduced
rate.
At present the brokerage charge is 25 cents a share for bank, tru-st
company and insurance stocks and
per cent on par value for textile
manufacturing and real estate trust stocks, the rate being doubled when
these stocks are selling at double their par value. The proposed schedule
for these issues Is the same as that for the others.
M
The announcement made by George A Rich, Secretary
Exchange, regarding the new schedule follows:
of the
Rales of
Commision
established by Ihe Boston Slock Exchange, in effect
July 8. 1920.
Bonds, on the par value
J^%
Government Bonds are exempt from the regular
rate.
All Stocks selling at S300 or over per share
Selling below $300 and at $125 per share
Selling below $125 and at $10 per share
Selling below SIO and at $1 per share
Selling below .$] per share, with a minimum charge of $1
The minimum
not be
less
commLs,sion on
50 cents.
20 cents.
15 cents.
"H
IM
cents.
cents.
each completed individual transaction shall
than one dollar.
Article
XXIX.
Section 6.
Governing Ccmmittee shall, by a majority vote of all their existing
members, determine that a member of the Exchange has violated the provisions of thus article, they .shall .suspend such member for the first offer.se,
for such period, nol less than one year nor more than five years, as a majorIf the
ity of the
members
of said
Committee present may determine.
A member
adjudged guilty of a second offense by a majority vote of all the existing
members of the Governing Committee, shall be expelled by a like vote.
GEORGE A. RICH. Secretary.
Banks Mar. 31 1920: other banks, Feb. 28 1920. b Savings banks Dec. 31 1919;
d Savings banks, Dec. 31 1919; other banks, April 14 1920.
LABOR URGED AT MICHIGAN BANKERS' CONVENTION TO USE SURPLUS FOR INVESTMENT.
The failure of labor to co-operate in effecting increased
production was dealt with in an address on "Economic
Dilemmas," delivered at the annual convention on June 28
of the Michigan Bankers' Association, by Arthur D. Welton,
of Chicago.
Stating that the human elements of the four
forces, credit, production, transportation and labor, are
intensely interested in each other, except labor, which seems
not yet to have learned that it is interested in anything but
itself.
Mr. Welton, according to the Detroit "Free Press,"
of June 29, added:
It is the fimction of capital to produce wealth, but where can we find the
capital.
Thcoldsourcesof capital are dried up. The rich are having their
If the workers want to control
surpluses taken away in the form of taxes.
industry, the way for them to attain that end is to use their surpluses for
investment and not for bujing silk shirts and stockings, grand pianos,
talking machines and autos.
The more rapidly capital accimtulates the
more quickly wages rise in actual buying power.
If capital is not accumulated, wages must fall, because there will not be
enough surplus wealth to permit the declaration of dividends. The road
There is just one thing
to prosperity is through more wealth and not less.
to do, go to work.
In its resolutions adopted at its concluding session, the
Association, according to the same paper, "approved of aU
proper regulation of anj^ private business which affects in any
way public welfare. But private property and the right of
private contract must be kept secure and inviolate." It
contended that "nationahzation of the railroads, legislativ-e
control of prices in times of peace, government management
——
July 17
THE CHRONICLE
1920.]
of priA-ate business are
condemn them.
As the
opposed to our institutions and we
authorities should vigorously punish
the anarchist, so we should vigorously condemn all symptoms
of communistic doctrine as vicious in practice and un-Ameri-
can in theory."
John W. Staley, President of the Peoples State Bank of
Detroit is the newly elected President of the Association.
EARNINGS OF FEDERAL RESERVE BANKS IN PAST
SIX MONTHS.
In pointing out that for the six months just ended the
twelve Federal Reserve banks combined increased their
surplus from $120,120,000 to $164,745,000, or by $44,625,000, the "Wall Street Journal" of July 8 added:
For the calendar year 1919 the twelve banks added $97,382,000 to surplus
On June 30 last the combined sui'plus was equivalent to 87%
of the total subscribed capital, as compared with 69% on Dec. 31 1919.
Under the Reserve Act as amended, the Reserve banks are permitted to
retain earnings after di\idends until they acciunulate a surplus equivalent
to 100% of their subscribed capital. It should be noted that subscribed
capital is double paid-in capital as only 50% of subscriptions have been
caUed. The present surplus of $164,745,000 compares with paid-in capital
of $94,594,000. After reaching the 100% mark the Reserve banks may
retain 10% of earnings, while 90% goes to the Government as a franchise
account.
tax.
As
originally
drawn the Reserve Act authorized the Reserve banks to
retain earnings after di\-ldends until they had accumulated a surplus equal
to 40% of their capital after which the balance was to go to the Government
as a franchise tax. This section was amended in March 1919, following
which the Reserve banks transferred to surplus account $26,700,000, which
had been reserved at the close of 1918 to pay the franchise tax.
The New York Federal Reserve Bank was the first institution to accumulate a surplus of 100% and at the close of 1919 it paid the Government a
franchise tax of $2,704,000.
In the first half of 1920 the New York Bank
increased its surplus to $51,308,000, which is .$1,964,000 in excess of its
subscribed capital, indicating that the bank paid a franchise tax of $17,-
The
paid-in capital and surplus of the Reserve banks on
July 2 of this year, and a comparison of the latter with that
for Jan. 1 1920, follows:
Bank
Boston
———
•
New York
Piuladelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
SanFrancisco
———
July 2 1920
Capital Paid in.
Surplus.
557,532,000
$12,351,000
—
_..
24,672,000
8,326,000
10,160,000
4,825,000
3,780,000
13,290,000
4,256,000
3,279,000
4,308,000
3,745,000
6,421,000
$94. .594, 000
51,308,000
13,069,000
13,712,000
8,067,000
7,050,000
23,917,000
5,884,000
5,178,000
8,395.000
4,152,000
11,662,000
$164,745,000
Jan.
1
1920.
Stirplus.
$8,359,034
45,081,933
8,805,132
9,089,000
5.820,463
4,695,000
14,291,643
3,723,805
3,569,000
6,116,033
3,029,937
7,539,374
251
holdings of tobacco paper, particularly acceptances based upon tbe exports
of tobacco to Great Britain, are, therefore, somewhat larger than those of
sugar paper, but by no means Important.
S!
An examination of oiu- official export statistics shows the following
quantities atid values of refined sugar, leaf tobacco and cigarettes exported
to the principal countries of Europe during the ten months ended April 30,
1920: Fefined sugar. 1,148,159.741 lbs, value $100,109,867; leaf tobacco
475,385,645 lbs., value $191,847,959; cigarettes, thousands, 8,083,377.
value $24,022,964; total $315,980,790.
The total exports during the
past ten months of these three items which cover over 95% of the total
sugar and tobacco exports, amounted to about $388,000,000, or but slightly
more than the value of the hoards of sugar and tobacco indicated in your
letter, while exports to Europe of these three items were about .$315,000,000
in value or much less than the value of the tobacco and sugar hoards in
European ports, as shown in your letter. The value of these stocks, of
course, includes the cost of freight between the ports in the countries of
origin and the Eiu-opean ports.
It is reasonable to assume that the larger
portion of the sugar and tobacco exported from this country during the
past ten months has been entered for constimption in the countries of destination and that the unsold and stored portion is worth but a fraction of
the .$300,000,000 ol^ugar and tobacco shipped to Europe during the period.
Your figures, if correct, apparently represent the worth of the total stocks of
sugar and tobacco held in Eiu-opean ports, of which the American products
constitute probably only a moderate portion.
The whole matter of foreign trade financing, as you know, has had the
closest attention of the Board ever since the ending of the war.
From the
very outset the Board held to the view that to finance our exports in excess
of our available surplus of goods could only result in raising domestic prices
beyond their present high level. On the other hand it was not deemed
desirable to interfere with long established trade movements, such as tobacco
exports to Great Britain and the Continental countries, since such interference would have affected unfavorably the producers' interests.
I am grateful to you for bringing the matter to the attention of the Board
and wish to assm-e you that it will receive the careful consideration which
it deserves.
RespectftiUy,
m
W.
P. G.
HARDING.
Governor.
ADDITIONAL PROPERTY ACQUIRED BY FEDERAL
RESERVE BANK OF
676,000.
Federal Reserve
'
NEW
YORK.
In addition to the property which it acquired last month
for storage purposes, at 91-97 Maiden Lane and 4-8 Gold
Street, the Federal Reserve Bank of New York this week
effected the purchase of the five-storey building at 10 Gold
Street.
The building which the bank purposes to erect on
the Gold Street-Maiden Lane site will be supplementary
to the bank office building which is to be erected by it on
the site acquired more than a year ago, this, as stated in the
bank's announcement of last month (referred to in the
"Chronicle" of June 26, page 2622), "comprising all but
the eastern most parcel of the block bounded by Liberty and
Nassau
Maiden Lane and WiUiam
Streets,
Street."
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
GOVERNOR HARDING OF FEDERAL RESERVE BOARD
The Federal Reserve Board at Washington makes public
ON FINANCING OF SUGAR AND TOBACCO
the folloAving list of institutions which were admitted to the
SHIPMENTS.
A statement regarding the financing of sugar and tobacco Federal Reserve system in the week ending July 9:
$120,120,354
shipments by American banks, prompted by reports as to
the hoarding abroad of these stocks has been made by
Governor W. P. G. Harding of the Federal Reserve Board
in answer to an inquiry in the matter made by "Daily
Financial America."
The latter in its issue of July 13
prints the following concerning its inquiry and Governor
Harding's response.
Actention of the Federal Reserve Board at Washington was called
recently by Daily Financial America to published reports of large hoards
of tobacco in Liverpool, amounting to 18 months supply for Great Britain,
also to large sugar holdings in Cuba.
A New York city official quoted an
.Assistant Attorney-General as stating that a $250,000,000 loan had been
made to carry this sugar. Governor Harding in his reply says that Federal
reserve holdings of export sugar and tobacco paper are not large, and that
sugar stocks in Eiu-ope are financed by the European governments. Who is
financing the big hoard of raw sugar held back in Cuba is still an open
question.
Governor Harding's letter follows:
Managing Editor, "Daily Financial America":
Receipt is acknowledged of your recent letter in which you call attention
to reports i.hat large amounts of sugar and tobacco of American ori.gin arc
being held at present in storage at European ports, and suggest that the
Federal Reserve Board investigate whether American bank credits are used
to finance such shipments and holdings, and if so, whether cancellation of
thase credits should not be effected, so as to release the funds for legitimate
business purposes.
In reply I beg to state that so far as sugar is concerned its marketing is
still in the hands of the European governments.
Relatively little bank
credit is used to effect sugar exports, and accordingly the Federal reserve
holdings of paper arising from the exportation of sugar are comparatively
small.
The "hoards" of sugar to which you refer in your letter in most
cases are stocks held by or for account of foreign governments, which, in
the case of Great Britain and France, are the sole importers of sugar and
fix its price.
The financing of these shipments from the United States is
done largely through the fiscal agents of these governments and involves
much sm.-iller use of commercial credit than would be required if these
shipments were made for private account.
The situation is somewhat analagous in the case of tobacco, whlcli, as
you know, is a government monopoly In France and Italy, and bank credit
to effect toV)acco exports to these two countries are therefore not very large.
The matter stands differently, however, in the case of tobacco exports to
Great Britain, whore the trade is no longer imder government control but
largely in tbe hands of private corporations operating in close alliance with
American manufacturing and exporting interests.
Federal reserve bank
Total
Capital.
Surplus.
No. 5
Resources.
United Loan & Trust Co., Lynchburg, Va. $300,000 $200,000 $1,655,840
District
Petersburg Savings
burg. Va
District
&
Trust Co., Peters1,000.000
100,000
6,290,654
50,000
35,000
714,265
No. 10
Stockgrowers' Bank, Evanston.
Wyo...
District No. 11
First State Bank, Leakey, Texas
Bank of Commerce & Trust Co.,
cedes, Texas
Merchants' StateBank, Port Arthur, Tex.
Guaranty State Bank & Trust Co., Waxahachie. Texas
District
50.000
100,000
5.000
40,000
187,045
1,705,708
200,000
15,000
1,640,670
No. 12
Mercantile Tru.st Co.,
San Francisco.
4,000,000 3,000,000
Calif
a
71,809
25,000
Mer-
Amount
(a)
not available.
OPERATION OF LIBERTY BOND SINKING FUND.
As indicating the operation of the Liberty Bond sinking
fund, we quote the following from the "Wall Street Journal'
of July 8:
Beginning July 1 and for each fiscal year thereafter, until all the war
issues are retired, there is appropriated for the purpose of a sinking fund an
of the aggregate amount of Libertyamount equal to the sum of, first,
bonds and notes outstanding on July 1 less an amoiuit equal to the obligations of foreign Governments held by the Unititl States on that date, and,
second, the interest which would h;ivo been payable during the fiscal year
on the bonds and nottw so purchased, during such year, or in previous years.
,
2H %
.
As the aggregate amount of laberty bonds and notes outst.anding at the
end of Juno was approximately $19,647,684,150 and the amount of foreign
amount of war obligations subject to
sinking fund calculation was $10,124,062,107.
kH
Two and ono-half per cent of this amount is $253 ,101 ,552 If this amount
of bonds and notes is re<lecmed out of the sinking fund during the current
fiscal year, the Secretary of the Tnvisury is authorized to spend an additional $10,125,000 (interest at say 4%. on the ,$253.101,5,52) during the
course of the war. This would make a possible total of 5263,225,000 of
war bonds and notes redeemable out of the 2K'% smking fund during the
current fiscal year.
ol)liKations hold $9,523,622,043, the
.
THE CHRONICLE
253
RESUMPTION OF TRADING IN WHEAT FUTURES.
The most important event in the wheat trade
month was the resumption of futures trading on
for
many a
the leading
Thursday,
July
15.
country,
On the
the
of
exchanges
grain
preceding day commission houses throughout the Chicago
of Trade district were completing arrangements for
renewal of a form of commercial life that involves transactions
Board
"Everybody in
daily aggi'egating many millions of dollars.
the district," said the press dispatches from Chicago, "appeared in festive mood over the fact that the restraint of
Trading in
nearly three years at last was to be dispelled."
futures was shut off Aug. 25 1917 at the request of the Federal
for
Food Administrator, Herbert Hoover. The first price
December wheat when trading was resumed was $2 72
to $2 75.
On the second day of trading (i. e., July 16), wheat underwent a sensational break in price. The market opened all
the way from unchanged figures to 93^c. lower and soon was
down 103^c. a bushel in some cases for the December option,
the principal speculative delivery. The big tumble in values
was attributed more to lack of buying orders than to any
great pressure to
sell.
Plans for the resumption of trading in wheat futures
were announced by the directors of the Chicago Board of
Trade on July 14. Members were notified that, as the
LeA^er Act continues in force until the termination of a state
of war with Germany, the wartime supervision of contracts
for future deUvery in store by grade alone will be continued
and applied to trading in wheat. The directors authorized
the executive officers t© exercise such supervision under
strict seal of secrecy, with full power to order curtailments or
adjustments whenever the public welfare or the best interests
of the Board of Trade seem so to require. Recognizing that
the attempt to re-establish the open market was being made
under abnormal conditions, the directors called attention of
members
to the fact that responsibihty for the market's conduct rests with them. The directors urge that every adequate protection be behind every contract, since transportaion facihties are far from ample, crop conditions of supply
and demand are uncertain, and fluctuations are expected to
be wide compared with normal conditions.
To members of the Board of Trade the following statement
was issued, signed by L. F. Gates its president and John
R. Mauff, secretary:
After three years without trading in wheat for future delivery an attempt
be made to provide an open market for wheat beginning July 15.
will
Deliveries quoted will be for December and March.
The attempt to reestablish the open market is being made imder conditions which are abnormal, Transportation facilities are by no means
ample. Crop conditions and world conditions of supply and demand are
still uncertain.
It is reasonable therefore to expect market
flucuations
which under normal conditions would be considered very wide; consequently
no contract should be made without every adequate protection.
The market is being reestablished for the beneift of producers, consumers and handlers of cash gi'ain. Speculative trades should therefore
be encouraged only to the extent necessai-y to furnish a stabilizing influence.
The responsibility for the conduct of this market rests with you because no
non-member can approach this market except through a member of this
board.
Since the Lever act is still in force, we must urge you to use every effort
to see that no condition arises thi'ough a member of this association which
could possibly furnish an excuse for mvoking the law.
Not until we approach the winter months, and not unless the transportation conditions become more normal, can we expect that these futui-e
markets will afford the full measure or protection for handlers and dealers
to which they have become accustomed under pre-war conditions.
It should be borne in mind that all of the regulatory powers confeired
by you on your board of directors are still in force and that some of them may
be invoked from time to time as precautionary measurers and to provide
against abuse under conditions abnormal.
With your full co-operation and that of every other member of the
board interested in the preservation of open markets, we may expect a
large measure of success than will be possible if each member seeks only
his /selfish advantage.
President Gates on July 15 said:
To-day is significant and important, in that it marks the re-entry of the
law of supply and demand into the trading pit, where buyers and sellers
the open market, absolutely responsive to actual conditions affecting
values, again operate that marketing machinery which Herbert Hoover
de.signated the most economical in the world.
In summarizing the results of the first day's trading a
Chicago press writer observed: "The weakness which distinguished the market at the opening continued to develop
and at one time prices were down five cents a bushel as compared£with initial top figures." He added:
Hedgmg] fagainst Southwestern offerings of the new crop conftuted the bulk of the business. The market closed unsettled at $2 70 J^
3
ecember and S2 74 March.
The plan of a modest start in the former oats pit was adopted on the
a-ssumption that it would take considerable time for the wheat market
itself to an open supply and demand basis.
IMor to to-day the last recorded transactions here in future delivery of
wheat were for Sept. 1917, at $2 U'A a bushel. Since that time wheat
for immediate delivei-y has sold in Chicago as high as $3 95 and as low as
$218, the latter being the Government's initial guaranteed price, which
[Vol. 111.
was subsequently advanced to S2 26. Yesterday a car of new wheat,
grading as No. 4, brought $2 87 a bushel.
Resumption of futures trading was discussed at a meeting
of the Board of Trade directors July 13.
On the following
day the Chicago "Tribune"
said:
The
directors at their regular meeting yesterday decided by resolution
that the tax to be paid by the seller of a deferred acceptance contract
calling for wheat should be offset by an increase in the price of the offers,
both dally and weekly, of 50c. per 1 ,000 bushels, to take effect JiUy 15 1920.
Demand Heavy Margins.
Commission houses are to demand the heaviest margins on known wheat
trades, as they expect fluctuations to cover a wide range for a time, or untU
the trade becomes regulated, which it is expected may take a few weeks.
Those who desire to keep their customers out of wheat until the market
rights itself are asking a minimum of 50c. per bushel and a maximum of
$1 from outsiders. Others ask 25 to 40c. from outsiders, 10 to 25c. from
members, and 10 to 15c. from millers. These margins are subject to change
at any time.
Present margins on corn are 10 to 15c.
Trading in wheat is to start in the old oat pit now used by the rye and
barley operators. The latter are to go back to the cash grain stand, where
the rye trading started. When trade becomes normal, it is expected to be
removed to the old wheat pit now used by com traders. Business in com
and oats is expected to be curtailed by the re-opening on trading in wheat
futures.
With
reference to the reopening of the free
Chicago press dispatches
of
July 14
made
this
wheat market
comment:
However necessary the exoraordinary hiatus in future trading nad been
as an emergency measure, it bad brought dealers on change here face
to face with a deserted pit on the otherwise crowded floor, which untU war
complications intervened was the chief market for the bread supply of the
world.
Under Government control, dealings in wheat were confined
solely to immediate delivery transactions on a virtual spot cash basis. These
dealings were conducted chiefly near the edge of the former wheat pit at
a series of marbletop tables covered with little paper sample bags. Each
bagful of wheat represented a carload of wheat actually at hand, ready
to be sent without further preliminaries to a mill or steamship, as the
purchaser might require, and as the Federal authorities would permit.
By this plan speculation in wheat as ordinarily conducted was out of
the question. The speculators' professed function was eliminated, and
Instead the risk lay in reality on the United States Government through
the Federal price guarantee and the United States Grain Corporation's
marketing operations. Such responsibility on the part of tne Government
recently was brought to an end by Congress.
Then conferences were held by representatives of the various grain
exchanges and of the other interests concerned. As an outcome, tomorrow was chosen as the date for resuming the liberty of unrestricted
trade in wheat deliverable in December or in March.
Business in other future deliveries may receive sanction later.
CANADIAN WHEAT BOARD DISTRIBUTING
$45,000,000 TO FARMERS—GOVERNMENT
CONTROL OF CROP UNLIKELY.
Distribution of $45,000,000 to the farmers of Western
Canada, was, according to dispatches appearing in "Financial
America," begun on July 12. This sum, it is said, is part
of the amount obtained by the Government for the sale of
wheat over the fixed price of S2 15 paid to farmers, together
with participation certificates. There will be a further payment of at least 10c. a bushel, it is stated, made in a few
weeks time from the same source.
Plans are already under way for handling this year's wheat
crop in Canada. The Winnipeg Grain Exchange has invited all branches of the grain and flour trades to send
representatives to a conference with its executive committee
at an early date for the purpose of determining the conditions
under which the machinery of the Grain Exchange can be
It does not seem probable
utilized in handling the 1920 crop
now, it is said, according to J. E. Botterel, president of the
Exchange, that conditions will arise which will necessitate
Government control of the wheat crop. The Winnipeg
Grain Exchange, therefore, is proceeding with plans for
the safe and efficient handling of the crop.
.
SIX BILLIONS CLAIMED TO HAVE BEEN LOST B Y
FARMERS LAST YEAR.
Figures purporting to show that the farmers of the country
lost $6,481,787,000 last year were made pubhc by the Farmers'
National Council at Washington on June 30. The figures, it is
claimed, are the result of an investigation, which, according to
the announcement issued by the Council, proves that charges
of profiteering by farmers are absolutely without justification,
and shows "the farmers interest as a laborer is about three times
as great as his interests as a capitaUst." Further details as to
the statement were reported as follows in "Financial America"
of July 1:
"Few farmers," the statement continues, "and fewer city people appreciate
that agriculture is primarily labor and underpaid labor at that.
"Farmers who manage farms are entitled to fully as big money retiu'ns as
managers of other business enterprises but they often receive less wages than
many unskilled workers who themselves are not getting a li\ing wage, and we
should count their services worth at least S2,000 a year."
There will be no such payment for seasonal and hired labor this year at
least, the Council declares, "for the obWous reason that farmers were discouraged with the low prices received for their products and have not shown such
Farmers can always feed themselves but their business must
large acreages.
sliow a profit before they feed other people.
July 17
THE CHRONICLE
1920.]
"The study we have made," continues the statement issued by the Council,
"shows that beyond question conditions of agriculture in this country must be
changed and that if any additional financial burden is placed upon the farmers,
it is a blow to
it will be a blow to our national efficiency and welfare, because
our basic industry which is now in a most serious condition as far as the general
concerned.
reached a stage in agriculture in this country where we must end
special privilege and monopoly which is levying such a tremendous burden
upon the farmers."
The return of the railroads to private control "with the increase in rates and
consequent increase in prices, will place an increased burden of at least $2,000,000,000 upon the farmers," the Council declares.
According to the figures gathered by the Council the total costs and expendiThe tota
tures on all the farms of the country last year were $31,473,787,000.
value of crops was 316,025,000,000 and the total value of animals and animal
public
is
"We have
products was §8,957,000,000.
It is estimated that the total amount spent by the farmers for labor was
85,000,000,000 and the total freight bill for moving products 8600,000,000.
The Council estimates that appro.ximately 13,000,000 persons were employed
on the 6,500,000 farms in the country including the wives and children of the
To "squeeze through" the farmers in the majority of cases were
farmers.
compelled to utilize the services of every member of their families, investigators of the Council found.
"Our investigation," the statement concludes, "shows the necessity of immediate carrying into effect the farmers reconstruction program which mil
save the farmers at least $3,000,000,000 a year and of immediately establishing
full cooperation between farm producers and city consumers,"
A USTRALIAN GOVERNMENT GRANTS INCREASE
IN PRICE OF RAW SUGAR—RETAIL PRICE
ADVANCED 5 CENTS.
With an advance of 5 cents per pound, recently authorized
by the Government of Australia, sugar is selling at only 12 cents
country at the present time.
Action on the sugar problem which confronted the Commonwealth for some time has resulted in an advance of prices for
raw sugar under an agreement with the Government. Commenting on the advance, the N. Y. "Evening Post" on July 10
in that
said:
The step was taken, it was announced, in order to encourage an increased
Australian production. The new price is $147.41 a ton, instead of the $102
formerly paid to Queensland. At the same time there was an advance granted
to the Colonial Sugar Refining Company of approximately $4 more than the
former contract price. The agreements are to continue for three years, subject
to yearly revisions by the Government, but the power of the revising boajd lies
only in increasing, not decreasing, the rate.
Accompanying the official announcement was a statement which reviewed
the present serious shortage and which stated that in 1919-20 the Government
had been obliged to make up for the Queensland crop shortage by importing
nearly 100,000 tons at an average price of $393.36 a ton.
In conformity with the advances in wholesale prices the Government has
published a new schedule of retail prices, making the price 12 cents a poand,
or 5 cents increase over the former price, and stringent restrictions'are made to
prevent the sale of sugar obtained at the former wholesale rates, at the new.
retail prices.
The action has
number of protests from the public, but A. W.
Trade Commissioner, reports that the dissatisfaction is
resulted in a
Farrin, United States
not nearly as great as when the Government insured the supply of sugar to the
jam and confectionery dealers at a time when the public could not obtain it.
It is estimated that the value of the sugar lands in Queensland and New South
Wales is $27,000,000 and that the capital invested in raw sugar mills and machinery is $21,870,000. In Queensland 14,500 people are employed in the
sugar industry, exclusive of those in the mills, which is estimated at 6,600 for
the whole Commonwealth. A cane cutter earns about $6.55 a day. Approximately 170,000 arces are now under cane of a possible 500,000 acres. The
maximum possible annual production is placed at 500,000 ton, swhich was most
nearly reached in 1917. when 314,000 tons were produced.
The possible yield
of by-products was estimated, on a basis of a production of 220,000 tons, as
8,800,000 gallons of molasses, which should produce 3,520,000 gallons of com-
253
the Globe Mill, at Utiea, N. Y. Addressing superintendents
and overseers of the American Woolen Mills on July 15,
President William M. Wood declared that while there is
need for every yard of cloth that can be produced in the
mills of the company it is impossible to obtain orders.
Mr. Wood, who conferred with the men at his home in
Andover, Mass., said he could not predict when the mills
would re-open. On the same day (i. e. July 15) it was
announced at Boston that Charles H. Adams, of the Commission on the Necessaries of Life, had gone to Lawrence
to investigate the closing of the woolen mills there.
He would, at the same time, it was said, look into the
business of retail stores in that city, in an effort to determine
if the closing of the mills, with consequent wage curtailments,
had resulted in price changes. Regarding the causes and
effects of the shutdown on July 9, advices of the following
day from Boston to the N. Y. "Times" said:
The big shutdown announced overnight by the American Woolen Company
did not take the trade by surprise today. Under conditions as they are and
have been for months, the storehouses are declared to be jammed with manufactured products as the result of inability to make freight shipments.
The only surprise here is over the circumsbance that the shutdown was not
announced earlier. The fact that it is for an indefinite period is taken to mean
that President Wood sees no immediate prospect of a clearing up of the freight
situation.
While none of the other big mill companies has given any notice of closing
down, such notice by them is regarded as inevitable, as it is not believed that
they can be in any better position than the American Woolen Company. Some
few may have enough special orders in hand to warrant running for a short
period, but once those are out of the way, it is said, idleness is practically
certain.
Opinion here today is that the mills will stay closed, barring unexpected
favorable developments, until October and possibly November. Observers
see in the lay-off of thousands of employees at least one ray of sunshine, in that
it is believed that millhands, after several months of idleness without the fat
weekly pay envelope, will be less clamorous about shorter hours and increased
wages, and more inclined to give some thought to the mill owners' side of the
question of income and outgo.
Those persons who are confident of a Republican success at the polls this
Fall expect that success to inaugurate a trade boom that will soon erase all
memories of the shutdown and the consequent loss of earnings. They look
to the boom to start "four good years," and possibly eight, of real prosperity
for the trade.
For the thousands thrown out of work the problem seems not to be as serious
Many have been thrifty during the era of high
first glance would indicate.
wages and are now in a position to take a vacation either in the United States
or by a trip with their families to homelands abroad, and many are doing this,
as is shown by the big increase in passports issued.
as
The less fortunate are not finding it particularly difficult to connect with
other jobe, not so lucrative perhaps as their mill work has been of late, but
nevertheless paying a living wage, which will keep them going until the mills
DEFEAT OF PLAN FOR AUSTRALIAN WOOL CONTROL.
Concerning the future of the plan for the
control of wool in Australia, the "Journal of
on June
Government
Commerce"
19, said:
Australian Commissioner in the United States, Mark Sheldon,
announced yesterday the receipt of advices from Australia stating that the
Prime Minister's wool control scheme was defeated by a poll of the wool
growers of the Commonwealth, although 18,480 ballots were cast for it and
6,200 against it. The figures did not give the necesf ary majority of threefourths. The scheme provided:
1. No export of the 1920-21 clip from Australia prior to Oct. 1 1920.
2. No auction sales in London after Sept. 30 1920, until May 1 1921.
3. The earliest notification cf this to be given, so that buyers will know
that Australian wool may be procurable in Australia between the dates
The
mercial alcohol.
mentioned.
CUBAN SUGAR COMMITTEE REFUSES PRICE
auction sales of wool to be held in Australia until Oct. 1 1920.
on Australian wool brokers would auction the 1920-21
clip on owners' accoimt and proceed with the auctions without interruption
up to May 1 1921, from which date onward normal conditions would
4.
18J4
OF
CENTS A POUND.
The committee
recently appointed at Havana to act as a
selling agency for Cuban sugar interest s has refused offers of
1814 cents per pound for the Cuban product. In making known
member of the commitbody had offered any sugar for sale.
Present prices would be ruinous, he said, (quoting the press
dispatches of July 9 from Havana) because hquidation with cane
growers had been made on a higher basis. Sale of the remainder
of the Cuban crop at 20 cents per pound would make the average
this fact
on July
8,
Salvatore del Valle, a
tee denied that that
for the entire crop
but 11 cents, he asserted.
The Cuban sugar sales committee has exclusive authority to
sell or withhold from the market all sugar owned by those represented on the committee.
The committee, as noted in these columns, July 3, page 3.3,
was appointed June 29.
MORE AMERICAN WOOLEN MILLS CLOSED.
Mills employing several thousand operatives throughout New
England antl in New York State were closed down by the
American Woolen Company July 9. Only three of the company's
remain open.
These will close early in August, it is expected. They are the
Puritan Mills, at Plymouth; the Beoli Mill, at Fitchburg, and
mills
No
From
this date
It is expected the British Government would then resume selling
left-over wool, and auctions could be held concurrently in Australia of
any small quantity that might then be left of the 1920-21 clip.
The various bodies interested in the wool situation are corsidering the
result of the poll, but although the vote in favor of the scheme closely approximate the percentage required, the Austrahan Wool Council considers that
the total nimiber of votes polled does not justify it in seeking stctutory
powers from the Commonwealth Govei-nmcnt to cai-ry the scheme into
prevail.
its
effect.
The following details of the Australian wool clips supplied to the British
Government have been made available:
For the year ended Mar. 31 191S, Australian and New Zealand wool,
800,000 bales; for 1919, 900,000 bales.
The amount
allocated directly to traders at the issue prices, fixed for
was 55,000 bales. The quantity of wool sold by the British
Govenmient at auction since the auctions were resumed in April 1919,
imtil December 1919, was 1,030,000 bales.
The estunated nmnber of bales and descriptions of wool remaining in
Australia on April 26 1920, were;
April 1919,
—
1917-18, nil; 1918-19, 3,667 bales combing, 708 bales clothing
, Merinos.
and 803 bales carbonizing; 1919-20. 387,511 bales combuig, 91,805 bales
clothuig and 6,353 bales carbonizing. Total, 552,017 bales.
—
1917-18. 6,839 bales combing; 1918-19, 69.022 bales
Crossbreds.
combuig. 32,833 bales clothing and 7,684 bales carbonlzuig; 1919-20, 467,895
bales combing, 42,029 bales clothing and 63.556 bales cao-bonizing. Total,
758,851 bales.
In addition, arrangements have been made for the shipment cf 181,635
bales, making a giand total of 1,492,533 bales.
The (^ommonweiilth Bureau of Conmicrce and Industry has prepared a
scries of suggestions for establishing the Australian wool manufacturing
industry on a permanent and scientific basis. Although thovc arc difficulties
to be overcome, there is no real obstacle in the way of the gi-cater part of
254
THE CHRONICLE
Australia's clip being treated and turned into woolen goods in Australia.
To establish woolen mills on such a scale as would enable them t o handle the
AustraUan clip wiU, it is estimated, take ten to fifteen yeais; but the accomplishment of this objective depends upon the proper organization and co-
operation of wool growers, woolen manufacturers and the Government
and people. Technical schools for training of operatives and the manufacture
of machinerj' are as essential as effective organization. To treat 200,000.000
poiizjds of greasy wool, or one-third cf the cliiJ, and tiu-n it into worsted
and woolens of all kinds would requii-e £15,850.000. At present, approximately 80.000 wool growers are supplying wool to the Central Wool Committee; £200 from each of themi would, on a sheep-head basis, amount
to £16.000,000. The woolen mills already established in Australia are
being worked most successfully, and if the ambitious project of treating
our own wool could be reahzed an immense impetus would be given to
Idndred industries.
WOOL WAREHOUSE REGULATIONS PROMULGATED.
Regulations for wool warehouses under the United States
Warehouse Act recently approved by the Secretary of
Agriculture are now ready for distribution by the United
States Department of Agriculture. The Department in its
announcement regarding this, issued July 13, said:
The Act, which is not mandatory, was enacted with a view to bringing
about the uniformiiy of warehouse receipts and making them of the highest
Such receipts, readily negotiable and generally acceptable
collateral value.
as security for loans on wool, will be of definite assistance in financing.
They will be issued by warehouses storing wool that will become licensed by
and bonded to the Government under the Act.
Because the Act Is entirely permissive in its nature, warehousemen will
be licensed only upon their application to the Secretary of Agriculture.
By becoming members of the Federal Warehousing System, warehouses
acquire a better standmg, are more highly regarded by banlcers and de>positors, and the added confidence so created serves to attract additional
The benefits of
business of the more substantial and desirable kmd.
coming into the system are numerous.
Parties interested in becoming licensed and in obtaining the advantages
to be secured thereby should address inquiries to the Cliief of the Bureau
of Markets. Department of Agriculture, Washington, D. C.
MEAT PACKERS AND SUGAR COMPANY INDICTED
IN BOSTON FOR PROFITEERING.
Indictments charging profiteering in food against E. C.
Swift & Co., N. E. Hollis & Co. and Armour & Co., meat
packers, were returned on July 7 by a Federal Grand Jury
at Boston.
The Independent Sugar Co. of Boston also was
These
indicted for alleged profiteering on the same date.
indictments, according to press dispatches from Boston, are
the first to be returned in New England by a Federal Grand
Jury for food profiteering. The S^v^ft indictment charges
that 17 cents a pound was received for beef which cost the
corporation only 10 J^ cents a pound, yielding a net profit
of 63^c.
The Armour Company, it is charged, sold New
Zealand lamb, which cost 9 and a fraction cents, for 25
cents a pound. The Hollis Company, according to the indictment, charged 18 cents for beef which cost only 10)^
cents a pound. The indictment against the Independent
Sugar Co. charges that the corporation sold for 24.2 cents
sugar which cost it 16 cents a pound.
BUSINESS INTERESTS OF NEW YORK DENY MOVEMENT AGAINST LABOR UNIONS.
:vo>
111,
I have not underwTitten any fund of .?5, 000, 000.
I
have not attended any meeting, anj-where, where such a proposal was even
discu.ssed.
I did not sit with the Citizens' Transportation Committee, nor
have I heard that committee or any one else talk about a fund to fight labor.
I am kept busy helping to run a railroad.
"Such false reports, printed without any effort to determine the truthfulness by inquiry among those mentioned, cause unrest, suspicion and discontent at a time when the country needs the utmost confidence and co-
entirely imaginative.
operation."
The
following statement was issued at the office of W. G. Besler, PresiNew Jersey Central, in his absence from the city:
"Mr. Besler has never been connected with any fund to fight organized
labor that lived up to its contracts.
I am satisfied if he had seen that article
in the paper he would have been as much amazed as we were.
Our employees have been organized for years, and Mr. Besler has always dealt with
them on the basis of amity and co-operation."
dent of the
Mr. Loomis
issued the following signed statement:
"Neither the Lehigh Valley nor I personally have imderwritten or made
any contribution to any fund to be used in opposing labor organizations.
Aside from this, I can only say that I am and always have been in favor of
an open shop. Under the closed shop system the labor leaders alone are permitted freedom of action. Men may orgnaize if they care to, and I am not
opposed to unions which fulfil their contracts, but I ftm;ly beUeve that
every man has the right to say for himself whether or not he will be a member
of a union, and that the fact that he is not a member should be no bar to his
right to work."
Judge Gary said:
"There is no foundation for the statement. We have made no contribution whatever."
Mr. Bedford, for the Standard Oil Co.. said:
"This company has neither directly nor indirectly contributed one dollar
toward any .such fund, and, so far from lending any encouragement, it is
not aware of the existence of any organization of manufacturers, or others,
designed to combat trades unionism.
"We are able to claim a great measure of success in co-operating with
our employees through our industrial representation plan, which permits of
the widest freedom on tihe part of the employees in advancing their individual and collective interests, and the basis of that plan is as stated at its
inauguration: 'No discrimination is to e made on account of membership
"
1
or non-membership in any church, society, fraternity or union.'
In the aljsence of William Fellowes Morgan, Chairman of the Citizens'
Transportation Committee, Walter Gordon Merritt, counsel for the committee, said:
not a scintilla of truth in any of these statements. Neither the
Company nor the United States Steel Corporation has contributed a penny to the committee's campaign. Our mo\"ement is nonpartisan in its character and is being conducted by a committee composed
i)oth of Republicans and Democrats, and charges to the contrary are
obviously designed to promote political interests."
"There
Standard
is
Oil
In a statement on July 9, Frank Morrison, Secretary of
the American Federation of Labor, said:
Among certain large employing interests there is a stronger opposition
to organized labor since the time the late David I. Parry was President oj
the National Manufacturers' Association, and the late Charles Post head
The so-called open shop has been supplanted,
of the Citizens' Alliance.
especially In the West and Middle West, by the "American Plan," the same
thing with a new name.
In both the theory of individual bargaining is
stressed.
As tne trade union movement rests on the theory of collective
bargaining, the issue is a clear-cut contest between trade unionism and those
employers who insist on the absolute right to set the hours, wages and working conditions of their employees.
Samuel Gompers, President of the Federation of Labor,
received on July 10 an appeal for immediate action against
the alleged campaign to force the open shop on labor. The
appeal was made in a telegram formulated at a meeting of
the Central Federated Union of Greater New York July 9.
It urged support for striking harbor, boatmen, longshoremen
and other strikers in this port as the first move in the counter
attack on the business interests. The telegram read:
The Central Federated Union of Greater New York in regular meeting
assembled unanimously indorsed the struggle of the marine workers' affiliation.
The chambers of conmierce of all cities are combined with others
large interests to destroy these unions and all other unions. The railroads
are in this combination and if this conspiracy succeeds against the marine
workers' affiliation in a short time the great bu-siness interests will try to
urge you to immediately take .-uch
annihilate all organized labor.
action as will demonstrate the solidarity of labor and defeat the schemes
and plans of our enemies.
Charges that several of the large industrial corporations
We
railroads had created a fund "to break the organized
labor movement in the United States" were denied on July 9.
The charges, made on July 8 at Washington by officials of
The telegram was signed by Ernest Bohm, Secretary of
the American Federation of Labor, named the United States the C. F. U.
Steel Corporation, the Standard Oil interests and four railroads entering New York, namely the New York Central, PRICE OF CRUDE OIL ADVANCED 12 CENTS A BARREL
Central Railroad of New Jersey, Pennsylvania and Lehigh
BY STANDARD OIL CO. OF CALIFORNIA.
which,
VaUey, as having already contributed to the fund,
The Standard Oil Co. of California, one of the largest oil
ilwas claimed, while nominally S5, 000,000, would eventually producers on the Pacific Coast, increased its price for crude
reach into many times that total should the need arise.
This adoil on July 10 twelve cents a barrel in all fields.
Among those who denied the charges were Presidents vance, says the "Wall Street Journal" (July 12) "is the result
A. H. Smith of the New York Central, E. E. Loomis of the of the increasing consumption of petroleum products on
Lehigh Valley, William G. Besler of the Central Railroad the Pacific Coast, result ng in a steady decline in stocks."
of New Jersey, Judge Elbert H. Gary of the United States The paper quoted continued as follows:
Steel Corporation, A. C. Bedford, Chairman of the Board
There were 25,772,000 barrels of crude on hand at California refineries
of Directors of the Standard Oil Company of New Jersey, on April 30 1920, compared with 29,142,000 barrels at the beginning of the
Jan. 1 1916.
and the Citizens' Transportation Committee, recently or- ysar, and 57,000,000 on drain
on kerosene stocks has been large. At the
In recent months the
ganized by the commercial organizations of New York to end of April there were 8,511.616 gallons, the lowest figure in more t an a
relieve the local transportation tie-up brought about chiefly year. On Dec. 31 1919 there were 12.921,433 gallons on hand, while thg
high mark for stocks was 21,549,590 gallons, in September 1919. Califorby union boycotts.
large amount of kerosene for shipment to the Orient,
and the
The
denials issued by the railroad presidents and others
against whom the charges of the labor leaders were directed,
appeared in the New York "Tribune" of July 10 in part
as follows:
Mr. Smith said:
"I have read with interest in one of the morning newspapers a story from
Washington, attributing to Frank Morrison, of the American Federation of
Labor, the statement that a fund of 35,000.000 has been raised by organized
business interests to combat organized labor and spread the doctrine of the
open shop. Four railroad officials, including myself, are named by Mr.
Morrison as having sat with the Citizens' Trans-portation Committee in a
discussion of the coming fight and with having underwritten the $5,000,000.
"If this story is no truer in other respects than in its reference to me it is
nia refineries supply a
besides meeting large domestic requirements.
FOREIGN HOLDINGS OF
U.
S.
STEEL CORPORATION.
United States Steel
since our
reduction
further
undergone
Corporation have
The foregn
holdings of shares of the
reference to the figures or March 31 last, in the "Chronicle"
The figures for June 30 1920 are
of April 17, page 1599.
the foreign holdings of comshow
these
now available, and
compared -with 348,036
shares,
mon stock as being 342,507
July 17
oil JNIarch
THE CHRONICLE
1920.]
31 1920
and 368,895 on Dec. 31 1919.
In the case
of the preferred stock the foreign holdings at the end of last
month -svere 124,346 shares, whereas, on March 31 1920 the
preferred stock holdings abroad were 127,562 shares, while
on Dec. 31 1919 they aggregated 138,566 shares. As we
have on numerous occasions pointed out, the shrinkage in
foreign holdings, compared \\-ith the period before the war,
common stock, the
342,567, on March 31 1914 they
aggregated 1,285,636 shares; the foreign holdings of preferred
stock, now at 124,346, compare with 312,311 shares on
March 31 1914. Below we furnish a detailed statement of
the foreign holdings at various dates since Dee. 31 1915 to
striking; while in the case of the
is verj-
foreign holdings are
now
the latest period.
FOREIGN HOLDINGS OF SHARES OF U. S. STEEL CORPORATION.
Conmon
Stock
June 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec. 31
—
1920.
91
Africa
Algeria
Argentina
73
87
2,890
2.205
84
54
AustriUia
Austria-Hungary
Belgium.
---
Bunnuda
Brazil.
British India
-
1919.
75
23
15
5
"78
"64
"43
"34
30
472
23
472
2,625
95
150
23
38
532
2.639
95
SO
36
2,888
2.689
84
2.887
2.629
107
31,615
33
140
100
80
48
3 5', 686
45',6i3
15
Central America
Chile
36
2.625
97
7
7
7
38
41.639
24
31,662
78
24
38,011
18
11
1
30
79
80
28
876
118
73
235
10
13
?6
10
.163.560 166,387 172,4.53 173.074 192.250 355,088
22.641 28.607 29.700 30.059 34.328 50.193
959
£91
612
628
1.178
1,019
China
Damnark
England
France
Germany
Gibraltar
111.238 124,558 229.285 229,185 234.365 238.617
59
69
69
19
914
160
19
1,730
165
281
281
281
279
280
240
55
45
55
8
4
12
40
40
75
75
75
40
165
153
154
140
250
167
23
20
20
20
20
20
1
3
Holland
India
Ireland
Italy...
Japan
Java
Malta
Mexico
Norway
—
Peru
Portugal
Russia
Scotland
Serbia
Spain
....
482
3,435
125
76
455
102
'555
7D
"549
80
300
510
800
Switzerland
1,860
1.649
1.292
64
1.442
68
1,512
Turkey
Uruguay
Wales
West Indies
"16
"io
13
1.267
16
42
3,360
39
3,228
30
4.049
30
3,690
45
"315
1.568
126
8
Sweden
Total..
Preferred Stock
Africa
Algeria
—
15
114
2.466
120
24
Bermuda
343
84
Brazil
British India
Central America
Chile
""is
73
2.463
120
2.463
120
314
343
314
120
84
84
36',836
9
1
25
25
105
55
27
105
55
78
107
Denmark
78
35
34.092
18.611
3.081
64
21,819
Egypt
England
France
Germany
Greece
Holl.-ind
302
415
India
Ireland..
Italy...
Luxemburg
Malta
Norway
78
35
37,703
23.663
3.796
65
23.094
302
318
2.087
31 1915
June 30 1915
Sept. 30
31
31
Mar.
June 30
25.763
403
3,483
120
341
25
16
119
36.453
237
24
57
30
140
862
65
25.274
"450
2,028
50,429 147.453
27,863 32,524
935
1,330
38
38
25, .384
26.494
15
405
7
7
7
16
""28
""26
6
""26
6
6
'"12
"ii
171
229
l"276
1,370
2,672
100
33
1.145
I'SOO
1,156
2.707
100
49
61
"""7
""si
6
""'7
252
220
880
734
220
710
1.136
2.848
1,136
3,043
100
6
100
24
1,259
1,131
COMMON.
Mar. 31 1914
June 30
39'.779
25.896
3.865
65
25,264
352
315
1,979
405
1,033
18
40
37',936
1
233
2,810
100
33
55
75
3.929
2,148
61
15
405
16
""27
6
""33
12,256
220
45
421
1,130
2.695
100
788
1,952
863
124.346 138. .566 148.225 140.077 156,412 274.588
June 30 1914
Dec. 31 1914
Sept. 30
Dec. 31
Mar. 31
35.876
33
23
50
30
140
23
1,260
Turkey
Wales
West Indies..
50
30
178
82
354
245
12
171
Switzerland..
36,201
""23
25
1
6
Sweden...
42'.673
339
23
50
25
Portugal
Russia
Scotland
Serbia
Spain
June 30
120
331
53
84
1
Peru
Sept. 30
Dec. 31
Mar. 31
379
683
23
50
Mexico
Morocco
June 30
19
44
105
24
379
3.683
120
826
2,185
61
15
2,113
Japan
Dec.
"'is
104
33,998
9
China
Colombia
Sept. 30
Dec. 31
Mar. 31
Sept. 30
Dec. 31
Mar. SI
9
352
Canada
Mar.
34
70
105
Austria-Hungary
Azores
Belgium
—
1915
1915
1916
1916
1916
1917
1917
1917
1917
1918
1918
1918
1918
1919
1919
1919
1919
1920
1920
—
Shares. Percent.
25.29
1,285,6.36
1.274.247
1.193.064
1.130,209
957,587
826,833
696.631
634,469
537.809
502.632
494.338
481.342
477.109
484,190
485.706
491,464
495.009
491.580
493.5.52
465.434
394.543
368.895
348.0.36
342,567
25.07
23.47
22.23
18.84
16.27
13.70
12.48
10.58
9.S9
—
Mar. 31 1914
June 30 1914
31 1914
Mar. 31 1915
June 30 1916
Sept. 30
Dec. 31
Mar. 31
Sept. 30
Dec. 31
972 Mar. 31
9.4.1 June 30
9..39 Sept. 30
9.52 Dec
31
9.56 Mar. 31
9.66 June 30
9.73 Sept. 30
9.68 Dec. 31
9.71 Mar. 31
9.16 June 30
7.76 Sept. 30
7.26 Dec. 31
6.84 Mar. 31
6.74 June 30
R.lo
.1,631.406
3.451.619
32.09
67.91
1.700.560
3.382.465
33.46
66.54
and foreign
Investors, domestic
276.743
3.326.068
7.68
92.32
284.102
3.318.709
7.88
92.12
The
shows the holdings of
follo\ving is of interest as it
brokers and investors in
Common
New
York
March
June 30
—
1920.
Brokers, domestic and foreign
Investors, domestic and foreign
Preferred
State:
—
31
1920.
Rati
1.313.269
.1,277,423
25.83
25.13
1.381.082
1.263.691
27.17
24.86
227,113
1.480,167
6.30
41.08
234,822
1.495.302
6.52
41.50
Brokers, domestic and foreign
Investors, domestic
Ratio.
and foreign
COMPARISON OF EMPLOYMENT AND WAGES IN
SELECTED INDUSTRIES IN APRIL 1919 AND
APRIL
1920.
Details of reports concerning the volume of employment
in April 1920 from representative establishments in 13
manufacturing industries, received and tabulated by the
Bureau of Labor Statistics of the U. S. Department of
Labor, have recently been made pubhe. Comparing the figures
of April 1920 with those of identical establishments for
April 1919, the Bureau announces that in 11 industries there
was an increase in the number of persons employed, while in
2 there was a decrease. The largest increase, 58.7%, is
shown in men's ready-made clothing, and the greatest decreases 5.8% and 4.6%
appear in ear building and repairing and in cigar manufacturing, respectively.
The
Bureau gives the following furtner data regarding the reports:
—
—
All of the 13 industries .show an increase in the total amount of the
pay-roll for .\pril 1920 as compared with April 1919.
The most important
percentage increases 151.2. 90.7 and 81.1 appear, in men's ready-made
clothing, woolen and hosiery and underwear, respectively.
The big increases over last year's figures are not entirely due to a rise in volume of
employment, but largely to a recuperation of the industries from the
decline suffered last year.
—
—
Comparison of Employment in Identical Establishments in April 1919 and April 1920.
Number on
Amount
Pay-Roll.
of Pay-Roll.
EsI
%
tabI
I
lish-
Period
ments
April
1919.
April
1920.
%
0/1
Inc. or
April
Dec.
1919.
of
Inc. or
April
1920.
Dec.
j
Iron and steel
H
Automobiles
mo. 157.237 172,487
week 106,337 136,429
4-9.7 §9,985,239 12,678,325
3,088,9191 4,524,146
-I- '28.3
+27.0
37 H mo. 44,530 41,964 —5.8 2,427.945 2.579,701
52 1 week 45,724 51,754 -1-13.2
683,897! 1,080,590
+6.3
109
39
1
+ 46.5
Car building and
repairing
Cotton manufac'g
Cotton linishing
Hosiery & underwear
Woolen
Silk
Men's clothing
.
Leather m.anut'g
Boots and .shops,
Paper making..
Cigars
+ 16.4
106,528
19.0
399,8241
51,7131-1-39.7.
16.3031 -(-7.5
683,212
6,043
7,033
29.499
37.010
47 2 wks 15,171
4.5
1 week 21,677
15,914
32
52.267
64
28,316
57
17,183
51
35.092
11
65
51
-t-
527,618'
464.2061
344,649j
34,406l-f-58.7
17,070i +7.3
58,788+12.5
32.740+15.6
16,3941
.028.868!
585,531
—
J.6
262,210|
+ 58.0
+ 44.4
724.143 + 81.1
1,302,990 +90.7
746,833 + 41.5
1,165,865 + 151.2
449,760 + 30.5
1.491,302 + 44.9
882,274 + 50.7
342.059 + 30.5
153,815
Comparative data for iVpril 1920 and March 1920 appear in the following
The figures show that in 6 industries there was an increase in the
number of persons on the payroll in April as compared with March, and in
table.
7 a decrease.
The largest increase in the number of people employed appears In car
building and repairing 4.2%: and men's ready-made clothing 2.8%.
Percentage decreases of 3.4% and 2.3% appear in leather manufacturing
and cotton finishing, while both automobile manufacturing and boots and
shoes show a decrease of 1.7%.
In comparing April 1920 with March of this year, 5 Industries show an
The
Increase in the amount of money paid to employees and 8 a decrease.
most important increase is one of 4.9% in hosiery and underwear, while
The greatest decar building and repairing shows an increase of 1.1%.
creases are; 5.9% in iron and steel; 4.7% in cigar manufacturing; 4.0% In
leather manufacturing: and 3.9% in automobile manufacturing. April
production was somewhat curtailed because of the railroad strike.
—
—
Comparison of Employment in Identical Establishments in March and April 1920.
Amount
Industry
of Pay-RoU.
—
PREFERRED.
Date
Dec.
31
1920.
Ratio.
Preferred
Brokers, domestic and foreign
Industry.
67
Australia
Dale
Brokers, domestic and foreign
In ve.stors. domestic and foreign
-342 567 368.895 491.580 484,196 502.632 696.631
Argentina
Total.
1920.
No. of
1.952
March
June 30
—
1915.
89
-
Canada
1916.
1917.
1918.
Common
255
Shares. Percent
312.311
8.67
8.68
312.832
8.59
309.457
308.005
8 55
8.41
303.070
297.691
8.26
1915
1915
274.588
1916
262.091
1916
171.096
1916
156.412
1917
151,757
1917
142.226
1917
140.039
1917
140,077
1918
140.198
1918
149.032
1918
147.845
1918
148.225
1919
149.832
1919
146.478
1919--^-- 143.840
1919
138,566
1920
127.562
1920
124.316
762
7.27
4.76
434
421
394
3.69
3.88
3.90
4.13
4.10
Iron and steel
38
y, mo.
1 week
34
53
1
111
Automobiles
Car building and
repiilrlng
Cotton uianufac'g.
Cotton finishing ..
Hosiery and underwear
Woolen
Silk
Men's clothing
-
Lcither manufac'gi
Boots and shoes
Paper
Cigars
t lucreivse ol less
—
0.8$13,592,304|$12,784,705— 5.9
175.200173,822
130.716 128.445 —1.7] 4,417.8221 4,246,399—3.9
+ 4.2'
2, -29 1,280
2.316,090 + 1.1
week 53,768 63,186 -l.ll
1,123,201
149,716
1,124,826+0.1
147,846—1.3
670,980
1,294,643
762,554
1,199,312
1,302,990+0.6
746.833—2.1
1,182.988—1.4
H
mo.' 36.140; 37.666
10
6,961
65
33.844
51.692
16,193
week 34,036
17,669
59,621
31,866
16,934
51
47
48
32
63
56
54
than
wks.
6,802
—2.3
34,184 + 10
51,713 (t)
16.303 + 0.7;
35.004 + 2.8
17,070 —3.4
58,622 —1.7
31,667 —0.6
16.998 + 0.4
I
468,315
704.159'
+ 4.9
—
352.314 —
449,760
4.0
1,483,694
1,488,626 +0.3
8,53,730
852,812—0.1
369.768
4.7
1 ^
1.11
4.16
4.07
3.99
3.84
3. .54
3.46
In the following table is shown the number of shares of the
Steel Corporation distributed as between brokers and investors, on March 31 and June 30 1920:
REPORT^TO GOVERNORS OF NEW ENGLAND SA YS
COAL OPERATORS MAKE GREAT PROFITS
IN EXPORT TRADE.
Coal operators in the United States are making enormous
by giving preference to export trade, according to a
report made to the Governors of the New England States on
profits
THE CHRONICLE
256
July 10 bj' Lieutenant Governors, public utilities commissioners,
fuel administrators and other representatives who recently conferred on the coal situation wth the Interstate Commerce Commission.
A
summary
of the report to the
New
England Governors was
given in press dispatches of July 10 from Boston as follows:
New England consumers, who have been crowded off the Hampton Roads
Piers since April 1, have no other place to go for their coal except to the Pennsylvania field," the investigators declared. They said New England must
have 25,000,000 tons of bituminous coal during the year from April, 1920, to
April, 1921, assuming a Winter without abnormal cold.
Up to July 1, only 4,650,000 tons had been received, indicating a shortage for
the year of 6,400,000 tons. Such a shortage, the Governors were informed,
would force New England factories to run on half time, probably beginning
with the early Fall and through the Winter.
Criticizing alleged "propoganda activities" of the National Coal Association,
the report also referred to an order of the Interstate Commerce Commission of
June 19, intended to relieve the situation in New England, but which was subsequently modified.
"We
believe,"
it
continued, "that the instant the Interstate
Commerce
Commission granted to New England the order of June 19, which looked as
though it might interfere with the present excessive and hugely profitable
exports, the false and misleading impression was sown broadcast in other
parts of the country that the New England States were trying to injure them
by taking coal away from these other sections, whereas we were asking for
an order the working of which would have been a benefit to them as well as
to
New
England.
of the National Coal Association in his annual address at
Atlantic City on May 25, 1920, stated that 'Uncle Sam must be pried out of
the coal business.'
"We favor a minimum of Government control consistent with the protection
of our citizens," the report said in comment, "and if the Coal Operators' Association had been playing fair with the American people, they might be entitled to succeed in their effort, but their selfish course seems to us to make it
necessary for Uncle Sam, who has been trying to get out of the coal business,
to go back into it, at least to the extent necesasry to protect the people of this
"The President
country."
was charged that "the National Coal Association had been endeavoring
its members to hide from Uncle Sam the tremendous profits which they
have been making in the sale of coal for both domestic and foreign purposes."
The report termed present coal prices exorbitant and declared that public
utilities within the last week had been obliged to buy coal at from $18 to 323
It
to aid
a ton, while "contracts made earlier in the year at lower prices are not being
carried out."
A cargo of coal afloat in Boston Harbor sold last week for 823 a ton, it was
stated, whereas before the war a fair price for such a cargo was $4.50 a ton.
The report also declared that "the word has been passed around among
if the Attorney General should show an interest in
abnormal profits, they will be in a stronger or safe legal position if they
let American citizens go without their coal and profiteer on the foreigners."
"It has been reported to us more than once," the investigations concluded,
"that mine operators offering coal for export and bid their asking price have
refused to let it go when told it was taken for an American coastwise port.'
the coal operators that,
their
[Vol. 111.
Gushing expressed the opinion that a fair price for coal at the
mine should be $5.50 a ton, and John Moore, representing the
Ohio miners, added that with an adequate car supply the cost
would fall to $4. Mr. Moore did not agree with Mr. Cashing
Contending that a shortage existed,
as to the available supply.
he urged extension after July 21 of the preference order for cars
"Give the miners cars for another month or six
to the mines.
weeks," said Mr. Moore, "and coal will not be $6.50 or $7.25 a
ton at the mines, but down to $4, where it ought to be."
In the course of the hearing on July 9 Chairman Clark read
into the record a letter, written on the stationery of the Reeves
Coal & Dock Company, of Minneapolis, offering to sell coal,
already on the cars and in transit, for $13 a ton.
Mr. Gushing,
asked his opinion regarding such prices, rephed:
"That's a
matter for the Department of Justice."
J. D. A. Morrow, vice president of the National Coal Association, as spokesman for 2,100 bituminous coal operators throughout the country appeared before the Commerce Commission on
July 10. He opposed the effort of sand, gravel and other shippers
to have the Commission modify or rescind its order No. 7, giving
a 30-day priority to open top cars at bituminous coal mines. In
beginning his narrative, he declared there was "no foundation"
for statements made by George H. Gushing, who had testified
the preceeding day that there was no coal shortage and that the
present situation with its attending high prices is due in large
part to the "agitation" of the Federal Government.
George H. Gushing, in his statement of July 8 on the coal
situation (refereed to further above) admitted that "the rise in
price has been truly phenomenal; but," he contended, "eight
Governmental agencies to say nothing of the Department of
Justice have been preaching famine and creating panic for
eight months."
Mr. Cushing's statement presented an interest-
—
—
ing analysis of the existing condition, in the light of "too
It said:
In the matter of both coal supply and prices, the people are in real need of
protection from their friends. They have been told practically every day for
eight months that the worst shortage of coal in history is imminent.
Those
who need coal have been thrown into a panic.
Today they are frantically bidding against each other in every market.
Some even will sign blank checks and allow the coal men to fill in any amount
which satisfies him. Of course, prices have risen in the open market to the
highest level in peace times in history.
However, there is no shortage of coal. There is no danger of any such
shortage. Therefore, there is a reason, but no excuse, for the current high
prices
in the open market.
The reason is that we have had too much Governmental agitation of the danger of a famine.
The fact is that since Nov. 1, 1919 eight months there has not been a day
or even an hour when some Governmental agency was not agitating about
coal and predicting a coal famine,
—
COAL OPERATORS.
Widely divergent opinions as to the prospects of a coal shortage in this country have been voiced recently by men in different
l^ranches of the coal industry.
George H. Gushing, managing director of the American
Wholesale Coal Dealers' Association, declares the American
people are panic-stricken without reason over the supply of coal.
"I want to challenge that panic," said Mr. Cushiing, in a statement on July 8, "to come out into the open and justify its
existence."
"Of course," he says, "prices have risen in the
open market to the highest level in peace times in history.
However, there is no shortage of coal. There is no danger of
any such shortage." The people, in Mr. Cushing's opinion,
Mr. Gush"are in real need of protection from their friends."
ing, on July 9, appeared before the Interstate Commerce Commission at its hearing on the advisability of modifying its order
(issued in Jmie) requiring preference be given coal mines, east
He
of the Mississippi River in the assignment of open top cars.
urged withdrawal of the order. Some witnesses said the countrj'
was experiencing the worst coal shortage in its history, while
others, according to the press dispatches, declared with equal
finality that there was no shortage.
The Commission was asked both to modify its order, originally
issued for a 30-day period ending July 21, and also to make the
order more drastic and continue it for longer than 30 days. (The
order, as noted elsewhere in these columns today, has been extended by the Commission).
The plea for modification of the order was made to the Commerce Commission by several representatives of glass manufacturers, industries and producers, road and housing contractors.
They asked permission to share the car supply with the coal
—
—
Agents of public
utilities,
scattered throughout the east half
of the country, also asked that preferential treatment
their companies so that a winter stock
in the next
few months.
be givenmight be accumulated
Their contention that a coal shortage
existed was the opposite of the testimony given by Mr. Gushing,
who said pre.sent production was equaling consumption.
Mr.
—
President's Coal Action Cited.
Specifically, the President assumed control of coal on the first of last Novem"
ber and returned the Fuel Adminsitrator to power. He appointed the Centra^
Coal Committee, which retained control of coal distribution to the end of
March, 1920. Thus for five months the nation was on coal rations, implying
an impending shortage. It retained control over exports until May, 1920, thus
leading the people to believe they were being robbed of coal to benefit Europe
The President's Coal Committee began work in January, 1920. It had
only to arbitrate a labor dispute. It is still here. And its present functio
is to agitatjthe coal question to avoid a famine.
Beginning early in April, a sub-committee of the Interstate Commercen
Committee of the Senate held hearings which lasted through two months. As
every session there were frequent references to a "coal famine." Assertions
of such a danger were welcomed.
In May, the President's Coal Committee, the Council of National Defense
and the United States Geological Survey three Governmental agencies sent
out questionnaires as to the coal supply. The effect was still further to raise
the specter of a coal famine.
—
—
"Capped
Priority Order of I. C. C.
the Climax."
Then, in June, the Interstate Commerce Commission, declaring that "an
emergency exists in coal," issued a priority order with respect to the movement of coal to New England. This capped the climax by saying, in Govern
mental language, that what had been feared had happened.
Thus, eight Governmental agencies to say nothing of the Department o
Justice
have been preaching famine and creating panic for eight months.
—
—
Says People Reacted in Alarm.
react in only one way. They had to believe their officials.
If they believed, the only sensible thing for them to do was to buy coal
when it could be had, at any price which was asked. The rise in price has
been truly phenomenal.
I have investigated nearly every alarmist report.
Not one of them will
stand scrutiny or analysis. Broadly speaking, the actual facts are that the
consumption of bituminous coal for the coal year, April 1, 1920, to Alarch 31
1921, will not exceed 535,000,000 tons.
The people could
Labor Unrest
A
Factor In Production.
Because of labor nnrest everywhere, it is more likely to fall far below than
But, assuming that it will reach that figure, the deto rise above that figure.
mand
mines.
—
—
—
WHOLESALE COAL ASSOCIATION SEES NO COAL
SHORTAGE IMMI NENT— VIEWS OF
much
Governmental agitation."
is
for only 10,288,000 tons a week.
—
—
The present assumption is I never heard of it until this year that unless
we reach this average weekly consumption in the early weeks of the coal year,
we are rushing headlong into a shortage of coal. That has not been true in
twenty-five years.
The records of the coal trade are that, with the
It is not true this year.
exception of 1917 and 1918 war years we never reached, in production, a
figure equal to the required weekly average production until the middle of
—
August
in
any year.
—
—
July 17
THE CHRONICLE
1920.]
Production Ahead of Previous Years.
This year we reached it and passed it in the second week in June. Thus
our prcxhiction is eight weeks ahead of schedule. That deosn't look like an
"impending famine."
One alarmist report was that New England had in storage only two days'
supply of coal. This week the Geological Survey made public the results of an
This showed that on May
investigation by the President's Coal Committee.
31 the gas plants of New England had on hand a supply of coal equal to
thirty-two days. The electric utilities of New England had on hand a storage
supply equal to forty-one days.
of Maine had forty-five days' supply. New HampVermont forty-five, Massachusetts thirty-eight, Rhode
The total storage for New
Island thirty and Connecticut thirty-two days.
England, exclusive of the railroads, was sufficient for thirty-eight days. There
The
industrial
consumers
shire thirty-four days',
is
no "impending famine"
in those figures.
The same report said that the retail dealers, in addition to tremendous tonnages moved directly to householders, had in storage amounts of anthracite
Maine, sufficient for thirty-nine days; New Hampshire thirty-two;
as follows:
Vermont thirty, Massachusetts twenty-one, Rhode Islandtwenty-two and Con-
The
is the least dangerous) thirteen days.
England, as a whole, in addition to tremendous movements to ultimate consumers, had anthracite in storage sufficient to keep them
running for twenty-one days.
necticut
(its
geographical position
retail dealers of
New
New Western Shipments Aid Supply.
The shippers via the Great Lakes were reported to be in great danger
because the movement in April and May fell behind that of 1919 by 3,252,000
The facts are that Illinois and Indiana have both been shipping heavily
tons.
by rail, into that same territory. My opinion, based upon inquiry, is that
the all rail shipments from Indiana and Illinois have offset the absence of
Lake shipments.
My own appeal for information on this subject brought no response. No
Governmental agency has shown any interest in developong this vitally important fact.
Another alarmist report was that New York and Chicago had on hand
only two days' supply of coal. Any one familiar with the work involved
in gathering the data to support such a statement knows that this is merely
NeverIt is almost an impossible task to compile the facts.
a wild guess.
theless, that assertion has not been challenged.
Still another assertion was that the heavy production of coal has been in
the Mississippi Valley, while there has been a shortage in the Appalachian
District which supplies the East.
"Country
is
Paying Price Fixed by
the Alarmist Reports."
Some dependable figures are now being compiled on that subject. A rough
estimate made by good authority does not support the statement that the
Eastern field is failing. On the contrary, the figures show the Appalachian
performing this year about as it has done for fifteen or twenty years.
In fact, no alarmist report can stand in the face of the facts. Even so, the
country is paying prices fixed by the alarmist reports, and those reports are
most industriously circulated by Governmental agencies.
251
"The instructions referred to were issued because of reports that soft coal
was being sold at the mines at prices as high as from $7 to $11 per ton and
in some instances even higher.
The Lever Act, under which the indictments
of offending operators are to be obtained, prohibits the taking of an unreasonable profit. An unreasonable profit results when the selling price unreasonably exceeds the cost of production. The cost of production cannot possibly
justify the reported prices at the mines, as is shown by the following:
Production cost figures gathered by the Federal Trade Commission from
1,589 bituminous coal operators in the principal production regions, mining
roughly about 60 per cent, of the annual output, show that during January,
1920, their costs per ton averaged S2.32 at the mines. Since then there has
been an increase of 27 per cent, in the cost of labor, enhancing the production
cost to $2.79 per ton.
During the month of April, when the cost was $2.79 per
ton, operators are reported to have sold their coal for between S3 and $4 per
ton at the mines. Since then, as above stated, it is reported that their selling
prices have been forced as high as from $7 to $11 a ton and even higher.
Excuses offered for taking profits which are unreasonably high in comparison with the cost of production are no defense to the charge of profiteering
the purpose of the Lever Act was to prevent taking advantage of such
excuses to mulct the public.
Moreover, the public should be advised that the claims of shortage of production, car shortage, and export demands, do not furnish any real excuse
for the continuance of the high prices above referred to.
Alleged Shortage of Production. The production of soft coal for
(1)
the first four months of the present year has exceeded the production for the
corresponding period of any recent year, except 1917 and 1918. To quote from
the report of the Geological Survey, the governmental agency charged with the
collection and compiling of such information, for the week ended May 15, 1920
The production of bituminous for the first four months of 1920 173,574,000
tons—although smaller than in 1917 and 1918, exceeded both 1919 (138,936,000
tons) and the pre-war years."
Car Shortage. Service orders Nos. 6 and 7 of the Interstate Commerce
(2)
Commission, dated June 19, 1920, ought to result in an adequate supply of cars
for coal for domestic consumption.
If there has not heretofore been such a
supply. Order No. 7 provided that, for thirty days, beginning June 21, 1920j
the railroads should furnish suitable cars to coal mines in preference to any
other use, and should discontinue the use of coal cars for other commodities
thus giving the coal mine operators full car service. Order No. 6 made rules
for the railroads to follow after June 24, 1920, so as to give preference to transportation of coal for domestic consumption.
By bearing in mind the foregoing points, and by refusing to be influenced
by propaganda (which has appeared in certain quarters) into bidding against
one another for coal at enormous prices (as is reported to have been done in
some cases), consumers of soft coal can help to reduce prices to a reasonable
—
—
—
'
level.
Respectfully,
A.
MITCHELL PALMER,
Attorney General.
field is
ATTORNEY-GENERAL ORDERS ACTION
AGAINST COAL PROFITEERS.
Declaring that bituminous coal prices at the mines now range
from $7 to $11 a ton, "with a further increase imminent," Attornej'-General Palmer on June 17 sent a telegram to United States
District Attorneys throughout the country stating that "this
prompt attention." Mr. Palmer insituation demands
structed the Federal agents to "seek indictments where investigation discloses that an unreasonable profit has been taken."
.
.
.
His action came as a result of compalints to the Department of
Justice that soft coal operators were profiteering.
The Attorney-General's telegram read as follows:
To all United States Attorneys:
The department is receiving a number of letters in which compalint is
being made that bituminous coal prices at the mines now range from $7 to $11
a ton, with a further increase imminent. The writers say that operators are
attributing the advanced prices to car shortage and export demand, emphasis
being placed upon the export demand.
Production figures gathered by the Federal Trade Commission from 1,589
bituminous coal operators in the principal production regions, mining, roughly
about 60 per cent of the annual output, show that during January, 1920, theircosts per ton averaged $2.32 at the mines.
Since then there has been an increase of 27 per cent in the cost of labor, enhancing the production cost to
$2.79 per ton.
The accuracy of these figures is borne out by information in
letters coming to the department from pin-chasers of coal, from which it appears that prices in May did not greatly exceed those furnished to the Federal
Trade Commission for January.
This situation demands the prompt attention of all United States attorneys.
Please give special attention to the matter and seek indictments where investigation discloses that an unreasonable profit has been taken, advising the department of the action taken.
Subsequently on June 23 further instructions were sent out
by the Department of Justice to U. S. District Attorneys relative
In the new instructions District
Attorneys are advised that "excuses offered for taking profits
which are imreasonably high in comparison with the cost of production are no defense to the charge of profiteering the purpose
of the Lever Act was to prevent taking advantage of such excuses
to mulct the public."
The text of the memorandum follows:
to the alleged coal profiteering.
—
Department
of Justice,
Washington, June 23, 1920.
To all United States Attorneys:
PROFITEERING IN COAL.
quote for your information in connection with recent instructions on this
subject the following statement to the press:
"In connection with the recent instructions from Attorney General Palmer
to all United States Attorneys to procure the indictments of soft coal operators
charging unreasonably high prices for coal, the following statement has been
I
issued
by the Department
of Justice:
INJUNCTION AGAINST GOVERNMENT IN LEVER
LAW PROCEEDINGS DENIED BY SUPREME
COURT JUSTICE DAY.
Applications for a temporary injunction to restrain the
Government from further prosecutions under the Lever
Food and Fuel Control Act were recently denied by AssociHearings on
ate Justice Day of the U. S. Supreme Court.
the applications were held at Canton, Ohio, by Justice Day
on appeal from the New York court in which the proceedings
were instituted against the C. A. Weed Companj^ retail
clothiers, and the Sultzbach Clothing Company, both of
Buffalo, N. Y. Both concerns had been indicted on charges
The trial of the C. A. Weed Co. on 21
of profiteering.
counts alleging profiteering in violation of the Lever Act
began July 15 at Jamestown, and the Government then
completed its case. The company's defense is said to be
that because of its business location and the character of its
customers it was entitled to the 100% profit shown in most
of the sales cited in the indictment.
The attempt to obtain a stay in the proceedings instituted
by the Government had been characterized as "most extraordinary" by Armin W. Riley, Special Assistant to the
Attorney-General. Mr. Riley in a statement on June 17
(prior to the decision of Associate Justice Day), said:
The action of those who are behind the move to have Justice Day of the
Supreme Court of the United States enter an order w-liich will tie up all
proceedings under the Lever act is most extraordinary.
The act has been held valid by nil the Federal Juages before whom cases
have been brought throughout the country, witn only a few exceptions.
The act has also been unanimously upheld by the Federal Circuit Court of
Appeals in tne New York circuit and by the Circuit Coiu-t of Appeals in
the California circuit.
With all these judicial decisions upholding tnc act in all tno array of
cases that have been before the courts of ihe couutry it is remarkable that no
no steps were taken to have the matter fully tested when the Supreme Court
was in session, instead of waiting until the adjournment of the court and then
selecting one member of the court and asking tnat member to override the
decisions of two Circuit Coiu-ts of Appeals, each composed of three Judges,
and the great number of Circuit and District Judges who have held the act
An effort of this kind under the circumstances is almost revolutionvalid.
ary in its natiu-o.
In addition to this it is remarkable that this effort to defeat the will of the
people as expres.sed by Congress is made only after Congi-ess has aojourned.
This means that any technical or legalistic defect cannot be cured by any
legislative enactment before December next, when Congress con\enes.
Judge Martin T. Manton, who wrote the main opinion
U. S. Circuit Court of Appeals declaring constitutional
the Lever Food and Fuel Control Act, on IMay 28, fined
Weeds, Inc., a men's clothing concern of Binghamton,
N. Y., and Gordon H. Smith, its general manager, jointl}'
$31,000 for conspiracy and profiteering. The verdict was
rendered two days after the opinion on the validity of the
of the
THE CHRONICLE
358
law, in the Federal Court at SjTacuse, noted further below
With reference to Judge Manton's
in a separate article.
remarks press dispatches of JNIay 28 from Syracuse said:
who
presided over the trial of the
saved Smith from the two-year
prkon sentence w.iich the law made it possible for the judge to impose,
nras the fact that he was not financially interested in the business.
The defendants were found guilty on seven counts, the first of which
charged a conspiracy between Smith and the corporation in the marliing
This count had twentyof retail prices so as to exact an excessive profit.
si.x separate items showing cost prices and sale marks on the goods as found
on the counters of the store by agents of the Department of Justice. None
On this count Judge Manton levied a
of the goods were actuallj- sold.
a fine of only 81,000.
The remaining six counts covered sales actually made and a fine of .S.5.000
was imposed for each of them.
The charges in these counts were as follows:
The sale of a suit of cloths costing $20 to J. H. Nelson, of Binghamton,
In passing sentence Judge jManton.
case, declared that the only thing wh-'ch
for .540,
The sale of a suit costing .S12 10 to Dr. S. J. Nunn, of Binghamton. for
The defense disputed the cost price, claiming it was S21 instead of
S40.
S12
10.
The
sale of another suit to Dr.
Nunn
for $45. the cost price being fixed
at S23 50.
The sale of a suit costing .$17 82 to B. Perder. of Binghamton, for .$45.
The sale of a suit of clothes to A. M. Pierson, of Binghamton. for S29 50.
the cost price of the suit having been .Sll 75.
The sale of a suit costing .S32 25 to T. B. Crary. Binghamton millionaire,
for $60.
Another count, charging that eight pairs of socks bought for ,$6, were
sold to E. W. Mitchell, of Binghamton, for $12, was not submitted to the
jur>'. Judge Manton refusing to allow the count when it was shown that
there was no such sale on January 28, the date named in the indictment.
The Government admitted a mistalce, clauning it was a stenographer's
error and that the real date of sale was February 28. but Judge Manton
ruled the count out.
The fine, as Imposed this morning by Judge Manton, is the largest that
has been passed in the United States following a conviction for profitering.
Department of Justice officials here to-day declared the conviction was
the second secured against a large and long established concern conducting
a prosperous business in the entire country.
Following the imposing of the fine on Weed's Inc., and Mr. Smith here
to-day former State Senator Harvey D. Hinman, chief of counsel for the
defense, moved for a lighter fine.
Judge Manton denied his claim, pointing out that a $10,000 fine could
have been levied on the first count, it charging conspiracy between the company and Smith and that in addition he could have given Smith two years
in jail.
"The fact that Smith has only one share of stock in the corporation, for
which he paid no money and which is given him only as a means of making
him an officer of the corporation, alone holds the fine on that point down to
$1,000 and saves him from going to prison," said Judge Manton.
"On the other counts the maximum has ijeen imposed and I v/ill not
reduce
it,"
Mr. Hinman then made a motion
circuit
to
file
for a writ of error, to appeal to the
set a.side.
was given ton days in which
guaranteeing the payment of the fine.
He
Court to have the verdict
papers and post a bond
Less than a week after Judge Manton's verdict in the case
Weeds, Inc., Federal Judge Harland B. Howe, of Burlington, Vt., sitting in Syracuse, June 2, imposed a $55,000
fine on the John A. Roberts Company of Utica, dealers in
wearing apparel, convicted of profiteering. Regarding
Judge Howe's action, the press reports from Syracuse had
the following to say:
of
In imposing the fine, the heaviest which the law would permit. Judge
Howe
said:
"1 believe that convicted profiteers should be sent to jaU. That would do
more ,han anything else to impress the merchants who are doing business
that they must confice themselves to fair and rea:soiiable pi of its.
"But tne defendant being a orpoiation in this case there can bo no
prison sentence.
I believe it is plainly the duty of the Coiu-t to impose the
maximmn sentence, which is $5,000 on each count, or a total of $55,000,
and such is the sentence of this Court."
The indictment, as moved against the Roberts Company by Assistant
United States Attorney Franlc J. Cregg, contained thirteen counts. Of
these the jury refused to consider two and retruned a verdict of conviction
on the eleven.
Ten of the eleven counts on whicli convicton was reported covered sales
which the Government charged were actually made. These sales, as
explained by ..ho Government through Department of Justice agents, were:
A dress bought for 116.75 f^old for $35; a dross bought for .§8. ,50 sold for
S18.50; a woman's suit bought for $26.50 sold for .?5o; a skirt bought for S9
sold for $18.50; a coat bought for $7. .50 sold for $18. ,50; a coat bought for
S37.50 sold for .$75; a coat bought for $27.50 sold for $55; a fur coat bought
for $125 sold for $250: a scarf bought for $6.50 sold for .$25.
The eleventh coimt on which the company was convicted charged a
conspLacy to obtain excessive profits. It quoted a list of 46 articles, giving
their cost prices and figures at which the Government asserted they were
marked for sale. The marked prices, as introduced in evidence by the Go .ernment, were on the average in excess of 100% higher than the cost prices.
The two counts in the indictment, which the jiu-y refused to consider,
covered alleged sales. The jury considered that one of these counts was a
duplication of another on wliich a conviction was reported, both articles
having the same cost and selling prices. The other count was in regard to
the .sale of a skirt. The Government failed to identify this skirt in itsevidence and the defense proved that the number given to the skirt by the
Government actually represented a dress.
LEVER
LAW UPHELD BY
U.
S.
CIRCUIT COURT OF
APPEALS.
"While a state of war exists Congress may declare that
the public interest in the price of food and wearing apparel
warrants legislation declaring an unreasonable and unjust
rate or charge in handling or dealing in necessities."
This
statement was contained in an opinion handed down on
May 26 by the United States Court of Appeals when the court
upheld the constitutionality of the Lever Food and Fuel
(Vol. 111.
Control Act. "Since we are still in a state of Avar and the
war-time emergency has not e.xpired," said Judge Manton
in the main opinion, "we are of the opinion that Congress
could legislate, as it did, under the authority of its war powers
Avithout contravening Article 1, Section 8, Clause 18 of the
Constitution, wliich forbids legislation that deprives the citizen of property without due process of law."
By reason of the fact that much confusion has resulted
from conflicting court decisions on the validity of the Lever
Act the Supreme Court at Washington on May 26 was asked
by the Government to expedite a decision on appeals from
Federal court decrees in Colorado holding unconstitutional
portions of the act designed to prevent profiteering.
The
proceedings grew out of injunctions granted the A. T. Lewis
& Son Dry Goods Company enjoining enforcement of the
statute.
The Government's motion
said:
Some
Feder-al courts which have pas.=ed upon tne leiji'-latlon in question
have uphold its constitutionality, while others have ruled adversely <here.
The result is much confusidn and uncertainty, to the embarjassmect i>f the
Government and the public.
On June
for hearing
1 the Supreme Court fixed October 11, next,
arguments in appeals brought by the Govern-
ment in proceedings to test the constitutionality of the act.
The decision of the Circuit Court of Appeals on May 26,
upholding the constitutionality of the Lever act was in the
case of C. A. Weed & Co. of Buffalo against U. S. Attorney
Lockwood. An injunction was sought to restrain the U. S.
Attorney from proceeding criminally against the company
under the act. The original decision was handed dov.n
by Judge Hazel. Judge Manton v/rote the opinion, and
concurring opinions were 'written by Judges Ward and
Hough
The main
opinion in part was as follows:
In roj;uIaling civil and commercial life in war thne. the nation through the
Cjngi-ess is exorcising the first law of nature self-vlefense where';f the
limits arc) incapable of predeteiinlnation.
But it is surely wi'hin timse
—
—
by legislative flat and punish every man varying therefrom
the present statute does not go that f ai for piactically i' asks the usually
s )ft-hea'ted jury to issue the fiat.
The defendai t is cot prevented I'lom selling its stock of wearing appaiel at
just and reasonable rates and chari,cs bucause it has been pios^cuted for selling lhe.se particular garmei-t-; at what is .alleged to be an unjust and unreasona'ole rate or charge.
If wrongfully convicted i) v.ill have a perfectly
adequate remedy by writ of er/or direct to the Supreme Cour(
AVe think that while a state of war exists ("Congress may declare that the
public interest in th' prire of food and wei;ririg apparjl v.arrants 1( gislatlon
de-laiing an imreasonable and unjust rate or charge in handling or dealing
in the necessities.
The appellant complains that no orders were issued with reference to
wearing apparel, but this was a power which the President could have
He likewise
exercis(xi had it thought the circumstances warranted it.
need not make orders in reference to fixing prices as to wearing apparel
Such orders, if issued, would not add to the terms of an act of Cor.gress
and make conduct criminal wnich such laws leave untouched.
He can neither abridge nor enlarge the crininal responsibilities under the
•statute.
Indeed, it is obvious that he could not fix a maximum rate of
charge on wearing apparel as a foundation for paying indictments. The
statute fixes it in the terms of unjust and unreasonable rates and charges.
Since we are still in a state of war and the wartime emergency has not
expired, we are of the opinion that Congress could regislate. as it did under
the authority of Its war powers without contravening Article 1, Sec. 8.
Clause 18 of the Constitution, which forbids legislation that deprives the
During the recent war the
citizen of property without due process of law.
It did much to
struggle between economic resources was all-important.
make for the morale of the army and navy. Food control as a subject
of war legislation has been approved.
Wearing apparel declared to be one of the necessaries, is well within this
sphere of legislation. To so legislate does net interfere with the police
powers of the State. Food and wearing apparel control during a war
emergency are properly the subject for war leigslation and by limiting charges for such necessaries. Congress does not take property without due process
of law.
In his concurring opinion Judge Hough said:
When the Lever Act was amended this country was and still is in a state
that may be described as "official war." It may be likened to the European
"state of siege" and continues in Congress all the war powers of the United
States.
If it were in a state of "official peace" this statute would in my
judgment be uncoastitutional under International Harvester Company v?.
Kentucky, 234 U. S., 216. But the statute is begottin by war and is a
constitutional exercise by the war power, which is superior to and not to be
measured by the police powers of the several states.
said:
In his concurring opinion Judge
While I agree -nith the majority of the court that the Lever Act is constitutional as a war mea.siu-e. I think the coiu-t below, sitting in equity,
had no jurisdiction of a bill to enjoin tlie United States District Attorney
from instituting the prosecution under it.
Charles E. Hughes acting as a friend of the court and on
limits to fix prices
.
Ward
behalf of the National Association of Clothiers and the
National Retail Dry Goods Association, attacked the validity
of the Lever Act in a forty page brief filed in the United
States Court of Appeals on May 21.
THREE SECTIONS OF LEVER LAW HELD INVALID
BY FEDERAL JUDGE ANDERSON.
Simultaneously with the decision of the United States
Court of Appeals (referred to above), which, incidentally, is
said to be the first Federal Appellate decision handed down in
the United States, Judge A. B. Anderson in the U. S. District
he Lever
Court at Indianapolis declared three sections
'
>
'
July 17
THE CHRONICLE
1920.]
imcoustitutional.
Act
Judge
Anderson, >>however,
sus-
tained the Government in bringing an indietn\ent against
125 coal miners and operators under Section 9 of the same
act charging them with conspiracy to limit the production
antl distribution of coal, thereby to enhance prices.
The decision was on a motion filed May 7 by former
Supreme Court Justice Charles Evans Hughes of counsel
for
John L. Lewis, president
of the
United Mine Workers
William Green, secretary-treasurer of that organization, and
several other mine workers' leaders, demanding that the
indictment be squashed on the ground
tha't
the Lever Act
is
unconstitutional.
The opinion handed down by Judge Anderson on May 26,
was quoted in press dispatches of that date from Indianapolis which had the following to say:
Judge A. B. Anderson in the United States District Court today held
unconstitutional three sections of the Lever act and squashed thirteen of the
eighteen counts of the indictment against 125 miners and operators, based
on the.se sections, in ruling on a motion by Charles E. Hughes, counsel for
The
the United Mine Workers of America, to squash the indictment.
indictment grew out of the allegation by the Government that miners and
operators had conspired to reduce the output of coal dvu-ing la.st Winter's
bituminous strike.
The sections held unconstitutional were Sections 4, 2(j and amended
Five counts in the indictment were upheld, these being based
Section 4.
on Section 9, which the Coiut held valid.
Section 4, which makes the willful destruction of necessaries for the
purpose of enhancing prices unlawful, was declared insufficient to found a
criminal charge because it did not contain any penalty for violation.
Section 26, which deals with the storing and holding of necessaries to
limit supplies and affect market prices, was declared by the Judge to be
arbitrary legislation, and he said that it could not stand.
Section 9, was declared to be coustitutional because "it was not repugnant
to any provision of the Constitution of the United States."
In his ruling, holding unconstitutional thi-ee sections of the Lever Act,
Judge Anderson set forth that the indictment was based on Sections 4, 9
and 26 of the Act and on Section 4 as amended. He quoted these sections.
Judge Anderson then turned to the question of whether or not the classificaHe
tion in amended Section 4 and Section 26 was reasonable or arbitrary.
cited the Connolly case, brought under the anti-trust laws of the State of
IlMnois, and in which the exemptions of agricultural products in the hands
of the producer was held to be arbitrary classification.
"No case," continued the Court, "has been called to my attention
wherein the doctrine here laid down upon the question as to what is arbitrary classification has been modified.
"Now let us apply the rule of this case to amended Section 4. By
amended Section 4 farmers, gardeners, horticulturists, vineyardists, plantpersons who
ers, ranchmen, dairymen, stockmen and other agriculturists
produce foods and feeds ^vith respect to the products produced or raised
upon land owned, leased or cultivated by them, many wilfully destroy such
foods and feeds for the piu-pose of enhancing the price or restricting the
supply thereof; may knowingly commit waste or wilfully permit preventable
deterioration of stich foods and feeds in or in connection with tlieir production, manufacture or distribution; may hoard such product; may monopolize
or attempt to monopolize such products; may engage in any discriminatory
and unfair, or any deceptive or wasteful practice or device, or may make
any unjust or unreasonable rate or charge in handling or dealing in or with
such products, and may conspire, combine, agree or arrange with any other
person to limit the facilities for producing or to restrict the production in
order to enhance the price or exact excessive prices for such products with
impunity, while all other persons are to be punished as criminals for doing
the acts, including those who produce, supply or distribute the other necessary fuel.
"Those who produce foods to feed the soldiers and sailors, those who
produce feeds to feed the horses and mules required by the army, and those
who produce fuel to transport the soldiers and propel the ships of the navy
are all alike helping to win the war, and are all alike in the same general
—
—
class.
in amended Section 4 that 'Nothing in tliis Act
be construed to forbid or make unlawful collective bargaining 'oy any
co-operative association or other association of farmers, dairymen, gardeners or other producers of farm products, with respect to the farm products
produced or raised by its members upon land owned, leased or cultivated
by them,' is a-s unwarranted as the one just considered.
"The indulgence to the excepted class is in respect to the farm products
produced or raised upon land owned, lesised or cultivated by the members
of it.
But this does not differentiate the Instant case from the Connolly
case.
My conclusion is that the classification in amended Section 4 is
arbitrary and not natiu-al or reasonable; that such section is repugnant to
the 'due process' clause of the Fifth Amendment and is therefore void.
"I further conclude that original Section 4 is insufficient to found a
criminal charge upon, because there is no penalty provided for the violation
of it, it does not of itself create an offense, as that word is used in the
criminal law, and there is no generaly penalty clause in the statute to cover
•4*59
INDICTMENT OF GIMBEL BROTHERS ON
CHARGE OF PROFITEERING.
A Federal Grand Jury sitting in New York returned an
indictment on June 23 charging profiteering in clothing
against Gimbel Brothers, one of the largest department
stores in this citjs Frederic Gimbel, First Vice-President of
the corporation, Joseph J. Dowdell, general merchandise
manager, and Charles D Slaw^ter buyer for the men's clothing
department of the concern.
The indictment contained 207 counts.
Less than a w"eek before the three men named had been
arrested by agents of the Department of Justice here on
similar charges
On June 24 the defendants entered pleas of
not guilty to the charges made in the Grand Jury indictment
and were given until July 8 to withdraw their pleas and to
file motions or demurrers.
The warrants on which the three men were arrested (June
19) charged, according to the N. Y. "Evening Po.st," that
they had made profits in clothing ranging from 90 to 275%
The "Evening Post" on June 19 also gave the following
details regarding the ease:
.
,
.
In the complaint f 'led by the special agents of the dcpartm.ent three are
charges niade' against the men in cvi.«todv. The complaint
says that the Government agents jjurchased a mohair suit for .320 which
they say cost .S5.50 from the manufacturer two years ago. They also
say they discovered suits at S75, .$33. 75 and .315 which were bought from
manufacturers for $33, $15 and S5.50 respectively.
The two agents, who had been investigating for two weeks in the New
Yorlc store went to Mr. Gimbel a few days ago and informed him of profits
fovu* specific
made in
Ihey
clothing.
said today that Mr. Gimbel blained Slawter, the clothing buyer,
for the mark up in prices and threatened to discharge him.
Mr. Gimbel,
the.v .sa'd. was amazed when he was informetl of the sale price.^ of the
tlothing.
When Mr. Gimbel was arrested this morning in his office he was
much perturbed, saying bis attorneys were out of ti wn.
DISTRICT COURT HOLDS SECTION 4 OF LEVER
FOOD CONTROL ACT UNCONSTITUTIONAL—
LAMBORN & CO. GRANTED INJUNCTION.
U.
S.
Federal Judge Thompson in the District Court at Philadelphia on June 9 declared unconstitutional section 4 of the
Lever Food and Fuel Control Act making it unlawful for a
merchant to charge "unjust or unreasonable" prices. Judge
Thompson held that the section was invalid by reason of
the fact that it fails to set up a standard upon which a jury
can determine, while trying a defendant accused of profiteering whether he has made an unjust and um-easonable charge
The section, he also declared, violates the
for necessaries.
Sixth Amendment to the Constitution, guaranteeing any
defendant the right to fuU information of the nature of the
charge against him. Judge Thompson in re'ndering his
decision granted an injunction to Lamborn & Co., sugar
brokers of New York, restraining United States District
Attorney McAvoy and other Federal officials from issuing
warrants for the arrest of eleven members of the firm on
charges of profiteering.
,
"The second provision
shall
it.
with persons carrying on or employed in commerce
several States in any article suitable for human food, fuel or
other necessaries of life, and it prohibits the storing, acquiring or holding
or destroying of any such article for the purpose of limiting the supply
thereof to the public or affecting the market price thereof in such commerce.
"The first proviso excepts farmers, gardeners and other persons, as in the
products of land cultivated by them and is objectionable for the same reason
given above in considering a similar exception in amended Section 4.
"The second proviso, that farmers and fruit growers, co-operative and
other exchanges or societies of a similar character shall not be included
within the provisions of tliis section carves out an excepted cla.ss for which
no reasonable basis can be .seen. This provison is not limited to tlie necessaries produced by the excepted class, but it applies to farmers,
fruit growers,
co-operative and other exchanges or societies of a similar character, without
reference to whore or by whom the nece.ssaries are produced.
These persons are set apart as a favored class and are given the privilege
of storing,
acquiring, holding or destroying nece.s.saries for the purpose
of limiting
the supply thereof to the public or affecting the market prices
thereof in
inter-State commerce without any restraint whatever, while
all other persons
who commit such acts are to be punished a.s criminals.
is arbitrary
'"Section 26 deals
among the
—
U
and cannot stand. Section 2(5 is. therefore, void.
"While apparently conceding that Congress under the war
power could
validly enact the Lever Act. at the time of its pas.sago,
defendants contend
that it does not follow that the Act continues in force,
regardless of an actual
condition of peace, until Congress sees fit to terminate its
operation."
legislation
FEDERAL JUDGE TUTTLE HOLDS SECTION
LEVER LAW UNCONSTITUTIONAL.
i
OF
Milk dealers of Detroit, Mich, were granted a temporary
injunction on April 20 in the U. S. District Court restraming
Federal District Attorney Kinnane from enforcing Section
4 of the Lever Food and Fuel Control Act. Judge Arthur
J. Tuttle declared the section to be unconstitutional.
The
following day (i. e. April 21) it was announced by District
Attorney Kinnane that Judge Tuttle's decision would
probably be appealed to the Federal Court of Appeals at
Cincinnati. The decision, Mr. Kinnane declared, would
seriously hamper Federal authorities in their campaign
Regarding the details of the case the
against profiteers.
Detroit "Free Press" on April 21 said:
The application for the restraining order was filed by Detroit milk
dealers, following the Federal Fair IMce Committee's ruling that 14 cents
a quart
Is
a fair price.
Attorney Kinnane. arguing against the order said that the MicJiigan
I'roducers' As.sociation and Detroit Bottle Exchange combined
to control absolutely the milk produced and marketed in a district within
70 miles of the cit,y.
The Federal attorney concedtxl that Fair Price Committee had no
legal standing and that it had no more power than a \olunteer organiHe said that the Lever act prohibits the monopolizing restriczation.
tion or limiting of any necessity and he ijitiinatetl ho might prosecute
Milk
the two organizations tie mentioneti.
Before the Fair rt'ice Committee's order became effective last Thursday,
16 cents a quart and 10 cents a pint were the prevailing prices.
The Detroit Bottle Exciiange has an agreement with the Michigan
Milk I^-oducers' Association to hantlle only milk produced by members
of that organization. Mr. Ivinnano .said.
Tne contracts, he charged, were
valid only as long as the personnel of Iho Mi<-higan Milk Commission,
which, he sa'd. lias no jm-isdiction. remained uivcban;-:eU.
Mr. Ivinnane .said he would take 'ho case to the supreme court in an'
offoit to prove the legality of the Lever act.
The applicatijn for Mie
order alleged that the act is invalid.
THE CHRONICLE
260
Judge Tuttle, in granting the restraining order, said he did not believe
the Fair Price Committee had any power and he believed a legal board
should be appointed by the sovcrnmeut.
SUIT TO PREVENT WOMAN SUFFRAGE AMENDMENT
FROM BECOMING EFFECTIVE DISMISSED.
The
Julj-
District of Columbia Supreme Court refused,
to interfere with the ratification of the
on
Woman
12,
Suffrage Amendment to the United States Constitution.
Justice Bailey dismissed the proceedings, instituted by
Charles S. Fairchild of New York, President of the American
Constitutional League, on the ground that there was nothing
dispatch from the New York
to justify an injunction.
A
"Tribune's" Washington Bureau, dated Julj' 12, said:
The injunction proceedings brought by Charles F. Fairchilds of New
York. President of the American Constitutional League, seeking to enjoin
Secretary of State Colby from signing the ratification proclamation when
the thirty-sixth State has ratified the Fediral Suffrage Amendment, were
dismissed to-day by Justice Bailey in the Supreme Court of the District
of Columbia.
Justice Bailey dismissed the bill on the ground that there was nothing
to justify an injunction.
The court held ihat under the decision of the prohibition case State
legislatures derive their power to ratify from the Constitution of the United
States and that courts will not go behind their actions or uphold the restrictions sought to be placetl upon them by the State constitutions or laws.
Commenting on the dismissal of the proceedings. Miss Alice Paul.
Cnairman of the Woman's Party, said:
"The refusal of the court this morning
to grant a restraining order preventing the issuance of a proclamation ratifying the suffrage amendment
leaves no reasonable ground for doubt that favorable action by the Tennessee
Legislature will definitely conclude the struggle for ratification. Tennesse
possesses the clear opportunity of being the thirty-sixrh State.
"To-day's decision should also remove any hesitancy from the minds of
the Tennessee legislators, since to the opinions of the United States Attorney
General and the State Attorney-General it adds the opinion of a court that
the power of the Legislature to act ^vill not be questioned."
/
N TERS TA TE COMMERCE COM MISS 10 N EXTE NDS
SERVICE ORDER DESIGNED TO FACILITATE
COAL SHIPMENTS ON RAILROADS.
After hearings last week at Washington on the question of
the coal supply and the car shortage on the railroads the Interstate Commerce Commission on July 13 took action looking
to the reUef of pubhc utilities and improvement of the coal
situation in general.
The Commission on that date
issued a
service order directing the railroads to give priority to fuel
shipments consigned to public utilities, including street and
interurban railways, electric power and lighting plants, gas
plants, ice plants, water and sewer works, hospitals, schools
and other public institutions.
Important coal consumers,
classified
by the Commission
may
entitled to priority in the matter of fuel supplies,
as
be
kept supphed with coal sufEcient to meet current requirements.
To assure adequate supplies of fuel the railroads were instructed to place, furnish and assign cars to coal mines for the
transportation of fuel without regard to the existing ratings
and distributive shares for the mines upon the various rail
systems, provided no cars shall be so furnished by any carrier
without written application therefor from the public utilities
concurred in by the delivering railroad, showing that such
coal is needed for current use, and not for storage, in order
that the applicant may continue in daily operation, and provided further, that such coal shall not be subject to reconsign-
ment except
to public utilities or public institutions,
and that
a written report of the cars placed hereunder shall be promptly
made
to the Interstate
Commerce Commission by the
railroad
placing the cars.
The new order
Commission also extended for an addibeyond July 21 car service order No. 7
which became effective June 21, giving priority in the use of
open top equipment to the movement of coal in the territory
tional
of the
thirty days
Consequently the old order will
not expire before August 21.
The Commission order also makes it necessary that all open
top cars loaded with fuel or other freight be unloaded within
twenty-four hours after dehvery to the consignee in order
that the movement of equipment may be expedited so far
as possible and coal production enlarged by obtaining greater
Unless the cars are
use of the available coal carrying cars.
unloaded within the specified time the carriers were authorized
to place an embargo against the receipt of further deliveries
of coal or other freight transported in open top cars to the
east of the Mississippi River.
provided, that this authorization shall
not interfere with the movement of coal under permit to any
coal pool or pools when authorized by any order heretofore
or hereafter entered by the Commission or coal consigned
offending
con.signee,
by water, nor .shall
apply where the failure of the consignee to unload is due
[Vol. 111.
directly to errors or disabilities of the railroad in dehvering
cars.
In a letter to Daniel Willard, president of the Baltimore &
Ohio Railroad and chairman of the Advisory Committee of
the As.sociation of Railway Executives, Chairman Clark of
the Commerce Commission, referred to the new service order
and urged that the railroads "bring
down to the unavoidable minimum" the practice of "promiscuous reconsignment
of cars under load with coal."
No especial attention was given by the Commission to speeding up the coal movement to the Northwest, the letter to
Mr. Willard explaining that "we have not thought it proper
to attempt to deal with this situation by order" until after
attempt has been made by the coal operators and railroad
presidents to solve the question.
Announcement of the Commission's order came almost
simultaneously with the adjournment of a bituminous coal
operators' conference, which
had been attempting for two days
work out a plan for supplying the northwest.
Chairman Clark's letter to the Daniel Willard, to which
we have alluded above, read as follows:
to
Commerce Commission, Washington, July 13, 1920.
Mr. Daniel Willard, Chairman Advisory Committee,
Association of Railway Executives, Baltimore, Md.
My Dear Mr. Willard:
Following the hearing which concluded Saturday, July 10, with respect to
Interstate
the coal car situation in territory east of the Mississippi River, Division 5 of
the Commission has given earnest consideration to the facts disclosed of record
and known to it as bearing upon the present emergency. Certain features
of the situation seem to us to need clarification or correction of our Service
Order No. 7. Accordingly, Service Order No. 9 has been entirely amended
and supplementing Service Order No. 7, and effective forthwith. A copy of
Service Order No. 9 is sent to you for your information.
It will be noted that no especial recognition is given to the lake cargosituation.
It is understood that this is the subject of detailed discussion
among the coal operators themselves, to be followed immediately by a conference with various railroad executives and that we will be advised as to the
determinations reached. We have not thought it proper to attempt to deal
with this situation by order until we know the result of such deliberations.
There is one feature of the situation as to which we entertain no doubt and
which we desire to call to your attention on behalf of the carriers, which seems
to us to require immediate and careful consideration with a view to action
which will remedy abuses abundantly shown to exist. We refer to the provisions contained in tariffs of the carriers permitting the general or promiscuous
reconsignment of cars under load with coal. As an emergency proposition,
it seems to us that the carriers should at once take steps to bring this practice
down to the unavoidable minimum. We are not prepared to say that all
reconsignment of coal should be prohibited, but it seems to us that it would
be a very unusual situation in which more than one reconsignment should be
permitted during the existing transportation emergency.
The
privilege of reconsignment of coal
is
one which
is
carried in the tariffs
Without discussing or deciding whether the Commission has
power, under the emergency provisions of the Transportation Act, to require
the restriction or suspension of this privilege, with the myriad situations
which exist in the country, it is ovbious that the carriers should themselves
bring forward promptly proposals to the Commission for a suitable amendof the carriers.
ment
to their tariffs on short notice in harmony with the views here expressed.
will thank you if you will see that this is called to the attention of the
carriers represented in your Association.
Very truly yoiU'S,
We
E. E.
CLARK,
Chairman.
After a conference on June 22 -with representatives of public
New York a telegram was sent to President Wilson
utilities in
by Deputy Public
that "the
railroads,
Commissioner Barrett declaring
gas and electric utihties of New York
Service
City would either close down or seriously curtail service within
a few days unless they could obtain bituminous coal." Previously on June 19 measures had been taken by the Interstate
Commerce Commission to reUeve the shortage of coal in the
New England States by instructing the railroads to grant
preference and priority orders for the transportation of bituminous coal to tidewater for movement by water to destinations
Simultaneously the Commission
within the United States.
ordered all railroads east of the Mississippi River serving
coal mines to furnish the mines with coal cars in preference
to any other use for tliirty days beginning June 21, this latter
order having now been extended 30 days, as noted further
above.
Members of the New York Pubhc Service Commission
conferred on June 23 with the Interstate Commerce Commission regarding the coal situation and requested a priority
order for the transportation of coal by rail and water for the
New York State. The Commerce
became known, had assured them that
corporations of New York would be sup-
use of public utilities in
Commission,
it
later
the public service
phed with
fuel.
The telegram
sent to President Wilson on June 22
missioner Barrett read as follows:
by Com*
June 22, 1920.
Hon. Wcodrow Wilson, President of the United States, Washington, D.
The street railroads, gas and electric utilities of New York City will either
C
to tidewater or the lakes for transshipment
close
it
obtain bituminous coal.
down
or seriously curtail service within a few days unless they can
They are now down to a few daj-s' supply ^Qd ad-
July 17
THE CHRONICLE
1920.]
it is impossible to obtain enough coal to keep them
a public calamity such as would follow the paralysis of public
utility service in the greatest city of America, this Commission respectfully
MTges upon you the advisability of immediate action to give priority to such
utilities in the matter of car assignment and to see to it that enough cars are
immediately segregated for public utilities use and sent to the coal mines for
immediate loading. Only prompt and decisive action of this kind will avert
Commission that
vise this
going.
To avert
the calamity.
ALFRED M. BARRETT,
Deputy and Acting Commissioner, Public Service
Commission for the First District.
The
order issued
by the
Interstate
June 19 to relieve the coal shortage in
June 24.
New England became
LOANS TO RAILROADS APPROVED BY INTERSTATE COMMERCE COMMISSION.
Int erstate Commerce Commission oh July 13 announced
approval of loans to the railroads amounting to $17,022,273,
The
making an aggregate of $22,086,875 so far certified to the Secretary of the Treasury for payment out of the $300,000,000
revolving fund provided by the Transportation Act.
The railroads and the amount of money that will be loaned
to each was given as follows in Washington press advices of
July 13:
Atchison, Topeka & Santa Fe Ry
Carolina, Clinchfield & Ohio Ry.
S5,49.3,600
2,000,000
Aransas Harbor Terminal Ry
Bangor & Aroostook Ry. Co
Illinois Central R. R
Chicago, Burlington & Quincy
Salt Lake & Utah R. R. (additional)
The
1.35,000
200,000
4,511.7.50
_
4,44 6, .523
235,400
by the Commerce Commission
the loans was pubhshed in the New York
detailed statement issued
with reference to
"Commercial" on July
14, as follows:
The Interstate Commerce Commission has certified to the Secretary of the
Treasury its approval of the making of loans to the railways of the country
under Section 210 of the Transportation Act, 1920
For the Atchison, Topeka & Santa Fe Railway a loan of 85,493,600 has been
approved, to aid the carrier in acquiring 2,500 refrigerator cars, 500 gondola
The total value of the refrigerator
cars and 50 heavy freight locomotives.
cars is about $11,875,000, gondola cars, $1,501,500, and freight locomotives
The contribution required of the carrier to meet the loan of the
$4,298,900.
Government is $12,181,800.
The making of this loan will put into general circulation 2,500 refrigerator
cars, which are urgently needed, and which will aid the carrier in bringing its
quota of locomotives, gondola and refrigerator cars to a point where it can
handle with efficiency the heavy transportation demands of every character
that are being made upon it.
For the Aransas Harbor Terminal Railway a loan of 8135,000 was approved
June 22, 1920. The line of this railway, extending from Aransas Pass, Texas,
to the Gulf of Mexico at Port Aransas, Texas, was damaged by a hurricane
to such an extent that it is necessary to reconstruct a considerable portion of
the line and it is proposed to rebuild with an improved type of construction.
It is a condition of this loan that no payment is to be made by the United
States until a total of $270,000 shall have been subscribed and paid in toward
tie reconstruction cost by the security holders of the railway and the communities interested therein, and the money advanced by the United States is
to be used for capital expenditures only.
The reconstruction of the road will make available a port on which the
United States have expended several millions of dollars and will afford a more
direct and expeditious route for shipments of oil from Mexico, upon which a
large section of Texas is increasingly dependent.
A loan of $2,000,000 to the Carolina, Clinchfield & Ohio Railway was certified on .June 26, 1920, to assist the carrier in financing its immediately pressing
maturities.
Before making this loan the commission required that the carrier
should effectively finance its other obligations by the sale to its stockholders
or others of its income debentures at an amount not less than $5,000,000 to
bear not more than 6 per cent and to be sold or exchanged at not less than par,
and without other cost to the carrier. The conditions imposed by the commission were accepted and complied with by the carrier and its undertaking
to dispose of its debentures on a 6 per cent basis has been underwritten by a
responsible banking house.
The Carolina, Clinchfield & Ohio Railway occupies an important place in
railway transportation in the Southeast. A heavy coal tonnage is its chief
trafiic
characteristic.
For the Bangor & Aroostook Railway Co. a loan of $200,000 was certified
on July 6, 1920. This was to aid the carrier in obtaining six freight locomotives, the total value of which is $360,000, and also to enable the carrier to
provide itself with necessary shop machinery and tools, a coal storage plant
and passing tracks at a cost of about $20,000. The carrier has undertaken
itself to finance one-half the cost of the locomotives and $.58,000 for other
necessary additions and betterments. The Bangor & Aroostook handles a
very large tonnage of wood pulp, which is manufactured into news print paper
and for which there is universal consumption. This carrier is also called upon
each year to transport a crop of from twenty to twenty-five million bushels
of Irish potatoes, of which 35 to 40 per cent is distributed throughout the
country for seed purposes. The locomotive power of this carrier has for some
time been taxed to the limit with the heavy trafl5c it has been called upon to
handle.
A
loan of $4,511,7.')0 was certified to the Illinois Central Railroad on July 9
it in acquiring 75 locomotives, 1,000 refrigerator cars, 200 flat
cars, 200 stock cars and 52 caboose cars.
The total value of this equipment
will be approximately 812,072.000.
The notable feature of this loan is the
inclusion therein of 1,000 refrigerator cars.
Such cars are urgently needed,
throughout the country for the tr.ansportation of perishable food products.
The contribution to be made by the Illinois Central to meet the Government's
loan of $4,511,7.50 is a large one, about $7,560,.300.
A loan of $4,446,523 to the Chicago, Burlington & Quincy Railroad was
approved July 9, 1920. The loan will assist the carrier in obtaining 45 locomotives, .500 stock cars, 1,000 refrigerator cars, 1,000 box cars and 1,000 gondola cars, the aggregate value of which will he about $14,840,550, of which the
1920, to aid
carrier itaelflis'contributing $10,394,025.
Central, will put into general circulation a large number of refrigerator cars,
is a pressing demand.
The commission approved on May 24, 1920, a loan to the Salt Lake & Utah
Railroad of $64,600 to aid it in acquiring new equipment, and has just approved
an additional loan of 8235,400 to the same carrier to assist it in making other
additions and betterments and in financing its pressing maturities.
To meet
the loan of the Government the carrier has undertaken itself to finance, for
new equipment $213,563, for other additions and betterments $78,600 and for
maturities $43,336.
The tonnage of sugar beets on the line of this carrier is
large and its local traffic
both freight and passenger is relatively important.
for which there
—
—
Commerce Commission on
effective
its
261
This loan,
like the
one to the
Illinioa
AMENDMENT
TO TRANSPORTATION ACT
EXTEND-
ING REPAYMENT OF LOANS UNDER REVOLVING FUND TO FIFTEEN YEARS.
The period for repayment by the railroads of loans from
the $300,000,000 revolving fund provided in the Transportation Act, was extended from five to fifteen years by an
amendment to Section 210 of the Act. The amendment,
incorporated in the Sundry Civil Appropriation Bill (rpproved June 5) originated in the Senate and was adopted by
that body as a legislative rider to the aforesaid appropriation
measure on May 26 ("Chronicle" May 29, page 2250.)
Subsequently when the bill went to conference there was
added to the Senate amendment a paragraph which provides
that loans for equipment authorized by Section 210 of the
Transportation Act may be made to or through such car
trusts or other agencies as the Inter-State Commerce Commission may designate for the construction and sale or lease
of equipment to carriers upon such general terms as to
security and payment or lease as are provided in the Act.
The text of the amendment, embodied in the Sundry Civil
Bill, follows:
Sec. 5. Paragraphs (a), (b) and (c) of section 210 of the Transportation
Act of 1920 approved Feb. 28 1920, are hereby amended so as to read as
follows:
" Sec. 210. (a) For the purpose of enabling carriers by railroad subject to
the Inter-State Commerce Act properly to serve the public during the transsltlon period Immediately folloTNing the termination of Federal control,
any such carrier may, at any time after the pas.sage of this Act, and before
the expiration of two years after the termination of Federal control make
application to the commission for a loan from the United States to meet
its maturing Indebtedness, or to provide itself with equipment or other
additions and betterments, setting forth the amount of the loan; the term
for which it is desired; the purpose of the loan and the use to which it will
be applied; the present and prospective ability of the applicant to repay the
loan and meet the requirements of its obligations in that regard; the character and ralue of the seciu-ity offered; and the extent to which the public
convenience and necessity will be served
The application shall be accompanied by statements showing such facts in detail as the commission may
require with respect to the physical situation, ownership, capitalization,
indebtedness, contract obligations, operation and earning power of the
applicant, together with such other facts relating to the proprietj' and expediency of granting the loan applied for, and the ability of the applicant
to make good the obligation as the commission may deem pertinent to the
inquiry.
"(b) If the commission, after such hearing and investigation, with or
without notice, as it may direct, finds that the making, in whole or in part,
of the proposed loan by the United States, for one or more of the aforesaid
purposes, is necessary to enable the applicant properly to meet the transportation needs of the public, and that the prospective earning power of
the applicant and the character and value of the security offered are such
as to furnish rea.sonabIe assurance of the applicant's ability to repay the
loan within the time fixed therefor, and to meet its other obligations in
connection with such loan the commission shall certify to the Secretary of
the Treasury its findings of such facts; also the amount of the loan which
is to be made; the time, not exceeding fifteen years from the making thereof,
within which it is to be repaid; the terms and conditions of the loan, including the security to be given for repayment; that the pro.spective earning
power of the applicant, together with the character and value of the secvirity
offered, furnish, in the opinion of the commission, reasonable assurance of
the applicant's ability to repay the loan within the time fixed therefor and
reasonable protection to the United States; and that the applicant, in the
opinion of the commission, is unable to provide itself with the funds necessary for the aforesaid purposes from other sources.
.
"(c) Upon receipt of such certificate from the commission the Secretary
of the Treasury shall immediately, or as soon as practicable, make a loan
of the amount recommended in such certificate out of any funds in the
revoUing fund provided for in this section and acce]>t the security prescribed
therefor by the commission. All such loans shall bear interest at the rate
of 6 per centimi per anniuu, payable semi-annually, to the Secretar>- of the
The form
Treasiu-y, and to be placed to the credit of said revol\-iiig fimd.
of obligation to be entered in to shall be prescribed by the Secretarj- of the
Treasury, but the time, not exceeding fifteen years fi-om the making tliereof,
within which .such loan is to be repaid, the security which is to be taken
therefor, and the terms and the conditions of the loan shall be accordance
with the findings and the certificate of tlie commission."
The loans for equipment authorized by section 210. Transportation Act,
1920, may be made to or through such organization, car tmst or other
agency as may be determined upon or approved or oi-ganized for the piu^
pose by the commission as most appropriate in the public interest for the
construction, and sale or lease of equipment to carriers, upon such general
tei-ms as to security and pajanent or lease as provided in this section or in
subsections 11 and 13 of section 422 of the Transportation Act. 1920.
An explanation of the scope and purpose of the amendment
was given by Senator Kellogg on May 26 just before the
adoption of the measure by the Senate. Mr. Kellogg said:
There wore two changes recommended by the Committee on Inter-Stato
Commerce. Ono was as to the funding plan, and the other was as to the
loan i)l:in; and the Senator is cornx-t in saying that the funding plan wa8
dropped out of this bill entirely. Tho loan plan it was found was impracticable, and the OT\ly change made is to extend tho time of tho loans
It w.as found impossible to make <\iuipnient trust
for 5 years, because the roads are required to pay an equal part not only of
from 5 to 15 years.
THE CHRONICLE
262
the principal but the interest in each year, and on the loan provision we
recommended unanimously that the time of the loan be authorized t be
ext«nded from 5 to 15 years.
There was one other change which the Senator from Arkansas [Mr.
Robinson] has mentioned, and that was that we provided In this bill that
the loans were only to be made to railroads unable to provide themselves
with the funds necessarj' for che aforesaid purposes. Instead of allowing
the fund to be used to all railroads, it was only to those roads which could
not othenvise secure money.
Those are the principal changes. There is one change, that the recommendations and orders of the Inter-State Commerce Commission shall
control, and there vriU not be divided authority between the Treasury
Department and the Inter-State Commerce Commission. Those are tne
only important changes in the law. It was unanimously recommended by
the Inter-State Commerce Committee, after a long hearing of committees
from all over the United States, farmers, shippers, and chambers of commerce urging that not only these changes be made but that additional
appropriations be made. We declined to recommend an additional appropriation.
_^__^_^_^.^^_^^^^__^^_
WILLIAM SPROULE VIEWS RAILROAD SITUATION
HOPEFULLY.
In an address dealing with "The Railroad Situation,"
William Sproule, President of the Southern Pacific Company
referred to the fact that "before the war, the railroads were
regarded as indulging in forebodings when they insisted that
if something were not done to give stability to railroad credit,
by recognizing the increasing expenses and the declining
net, the raih-oads would be in trouble which would be inMr. Sproule pointed out that "it
jurious to the public."
took the crisis of the war to make it plain that those were not
forebodings, but were warnings based on experience and
justified, so that now the nation has entered upon the path to
correction of old en-ors and of reconstruction to meet new
conditions."
The difficulties in the railroad situation as
we find it to-day, Mr. Sproule said, arise from several causes.
He
continued in part:
delay in recognizing the fact that rates for transportation
could not continue to fall and costs of operation continue to rise without so
weakening the railroads as to disturb the distributing capacity of the railroads upon which the commerce of the country chiefly depends. This
commerce Includes all business and every industry. It is obvious that the
more prompt and efficient is the raih-ocd service in the collection and distribution of all commodities requiring railway seriace, the greater is these
with which those who deal in a commodity can handle it and the less the
pressure upon credit. The bankers specially understand this. A bill of
lading that is out four weeks for a shipment moving between two points, as
against a bill of lading out but the two weeks taken to move the same goods
between the same points, states a condition which, multiplied millions of
times by the business transactions of this coimtry, represents an aggregate of banking credit and business delay that can be achieved only by a
country as big as ours. While it has taken a long time for the public to
become aware of the fact that poor railway service is wasteful and hurtful
to them, the brightening sign of the times is that the public has also come
to know that good service in the railways is like any other good service,
human or physical it can be had only by paying for it. It took the war
to show to all the people that recognition of these things has been too long
delayed and that corrective measures must now be applied.
The railroad situation is difficult from another cause, which is the great
increase in the cost of materials and of labor.
A great deal is beiiig said
about the high cost of living. Nowhere does it apply to a greater extent
than in the cost of railway service. These high costs arise from the war.
We may
In the abnormal demands it made both upon men and material.
legislate and imprison but we cannot trifle with the law of supply and demand any more safely than we can ignore the ebb and flow of the tide.
When the armies of the world took away millions of men from industry and
those who remained found their services in high demand, wages went up.
When foreign governments gave contracts to our manufacturers and ship
builders on the basis of cost plus an arbitrary percentage or supercharge,
wages climbed with hot house growth. When we joineil the war the demand
became greater than ever and still the wages grew. The workmen cannot
be blamed for it. The Increase in wages came in great part from competition
between employers who offered rival inducements for the services of the
limited forces to be had. Under such circumstances, shirking and striking
can be condemned, but the higher wages the workman obtained because of
competition for his services may not be condemned. The result was a high
wage scale, mounting higher, in our industries of every kind. From this
increase of wages the railroads could not be exempt. The wages had to
be increased if the men were to be kept in the service, and the constant
struggle was to meet the labor situation in such a way as would keep the
railroads running.
Thus the high wages in the industries of the coimtry had the inevitable
result of Increasing the cost of all the supplies furnished to the railroads
by those Industries and had the further effect of increasing the costs of the
labor used by the railroads directly. If slang be permitted, the railroads
"got It going and coming." While there are doubtless differences in detail
between the way the wage schedules might have been handled under private
control during the war compared with the way they were handled under
Government control, the essential fact remains that railroad wages had to
keep pace with the rising wage in industry generally, for there is no way by
which a railroad can be supplied with men except in competition with other
industries for the services of those men.
Thus the wages in other industries
had the effect of regulating in an essential way the railroad wages.
For the present It suffices to say on this point that there is no prospect
sof reduction in the labor costs of the railroads, and little prospect of any
ubstantial reduction in cost of materials and supplies. As the eight hour
day is spreading into all industry, so that the farmers may have to carry
it into food production in order to get men, the prospect of relief is remote
for employer or employed.
We may as well acknowledge that the eight
hour day carried into all our national life cuts down our production, and sets
us back industrially to an extent that may be measured in equivalents of
population. Were all the people to use the eight hovu' day for intensive
work and intensive production, which are the real reasons for an eight hour
day. we might overcome some of the loss. But in the meantime the bills
First, the long
—
,
have to be paid.
Yet?another reason for the difficulties in the railroad situation is the
failure of the people, and of Congress representing the people, tojrecongize
[Vol. 111.
that this is not a finished country. We have talked in large terms of the
greatness of the country and its possibilities for growth, without recognizing
that the growth of the country requires the growth of the railroads as a
necessary facility for the country Popular opinion did not take into account sufficiently the fact that railroad service is a part of the varied business
of the country from the field to the consumer and through aU the channels
of industry. It did not recognize that to block the wheels of the American
railroad system is to block the wheels of American industry.
If this had been a finished country like some of the European States, or
even in the modified sense of some of our New England States, the policy of
restrictive regulation might have had a better chance to work without
But it has brought damage even upon New England, and
serious damage.
it has to an important degree held back the growth and expansion of a great
part of the National area until railroad construction everywhere has come to
a standstill and railroad improvements have been halted or stopped. Yet
most of the Western States are not far from the pioneering stage of their
development, while In the entire country west of the Missouri the opiwrtunities and incentives that may be accorded the railroads by giving them
assured prosperity will prove to be the foundation for the future growth an
prosperity of the country, its industries and its people.
The prospect brightens. The principle has been declared by Congress
that the railroads ought to be allowed to earn a fair return upon the fair value
of their properties in the public service.
It is true the basis stated for that
return is debatable for It allows the roads to earn up to six per cent of a
valuation to be assumed upon some basis at present unknown, if perchance
they can earn six per cent, and this at a time when money costs seven to
eight per cent upon good security.
road that can earn more than six
per cent gives half the excess to the Government for general railroad purposes and the other half is put in reserve for use by the road some time in the
future.
This is a complicated and uncertain basis upon which to maintain
the solvency of the roads. But the point is that it is one step forward in the
right direction, and in the same spirit of effort to reach a satisfactory
solution of this great public question, such weakness in the plan as may be
developed will, we hope, be corrected by futiu-e action of Congress.
An increase of a cent an hour in the pay of all the railroad men of the
Nation means an increase of about fifty millions of dollars a year, and the
people approve the increase when it is proper they should have it. Fifty
million dollars is just about the sum required to pay interest on the money
the railroads need to bring up their equipment to a normal supply that will
meet the public requirements year by year. Fifty millions more would
provide the Interest for the other reciuirements of the railroads in new
terminals, additions, betterments, and general expansion of their business
for the public use.
These sums seem large, but among 120,000,000 of people this will be felt
no more than the 2 cents an hotir for the labor referred to, and the money
will flow back again Into the channels of commerce in fulfillment of its
vital purpose.
Just as the people do not begrudge the men the wages they
earn, so a well-informed public will not withold from the railroads the
money needed to promote the welfare of all the business of the country.
A
«
From
*
*
«
this sketch of the railroad situation
*
it
appears to
me that the future
hope and that we may look forward to improvement in everything
that pertains to railroads and to fair solutions for their problems. In
these solutions the agencies of government will have greater powers than
ev-er before.
The Interstate Commerce Commission, and the State Commissions in co-operation, have great responsibilities which, discharged
wisely and well, as undoubtedly they will be, are certain to achieve results
that are desirable. The railroads have the responsibility of making manifest
is full
of
these results
A. M.
when thus given the opportunity.
SAKOLSKI ON RAILROAD SITUATION IN
LIGHT OF NEW LEGISLATION.
The above subject was discussed by A. M. Sakolski, of the
Equitable Trust Company of this city before the Savings
Bank Association of the State of New York on May 27.
As a conclusion to his survey he venttired to offer three
suggestions as to future Government action:
I. A broad and liberal interpretation of the rate making
rule in order
to stabilize railroad credit.
II. Protection of railroads and public against ungrounded political
attacks and against irresponsible labor agitation.
III. Provision for closer co-operation between the railroads, shippers
and the "investing public."
In part Mr. Sakolski's comments were as follows:
New York sa^-tngs institutions were first given authority to invest in
railroad bonds in 1898, by an amendment to the State banking law.' This
authority was at first limited to investment in the first and refunding mortgage bonds of any railroad corporation whose railroad was located principally within New York State.
The scope of such lawful investments was,
however, broadened by various statutory amendments so as to include'by
1902. the first and refimding bonds of railroads connecting with and controllfK:l by those whose bonds had prevlou.sly been made "legals," and also
to include the first mortgage bonds of certain enumerated railroads operating
without the State.
Largely as a result of such legLslation the savings banks of the country
have become possessed of approximately one billion of railroad securities,
of which New York State holds more than one-third.
It is a significant
coincidence that the Federal Government as a result of the war time experiment in railroad operation, is likely to be interested in railroad securities
to the same extent.
According to a statement of former Director of
Railroads, Mr. Walker D. Hines, the Federal Government owns .$354,000,000
of equipment trust certificat&s and about S490.000.000 additional railroad
debt.
Further, it appears probable that most of the .5300,000.000 revoK-ing
fundprovided by the new Transportation Act will be loaned to the railroads.
Thus, the Government at an early eate will hold approximately .51.100,000,000 of railroad secu rties. This represents the people's money, and so does
the Indebtedness of the railroad.s to the savings banks. As mutual creditors,
the savings banks and the Federal Government should cooperate in the
and improvement of railroad credit.
in which railroad securities were made legal investments for
savings institutions and trustee.*-- marked the top point in the price of high
grade securities. There has been a progressive rise in long term interest
rates since 1902 and Investment securities of almost all classes have depreciated correspondingly.
In this decline of bond prices railroad seciu"ities
have particularly suffered. This is due to the increasing competition in the
investment field that the railroads have be«n compelled to meet. Moreover
stabilization
The period
the competitive position of the railroads in the struggle to obtain capital
has been impaired, first, by the higher interest rates offered in loans by the
Federal. State and municipal governments, and secondly, by the enhanced
investment positionfof securities issued by industrial.lmanufacturing and
July 17
THE CHRONICLE
1920.]
The former class, besides having the advantage
of unlimittd resources in taxatin to meet the higher rates of interest, have
the distinct ad\antage in conferring tax exemption on income arsing from
The other competitive class of securities, namely, the
their indebtedness.
industrials, are backed by expanding and unrestricted earning power, and a
Thus,
higher degree of distribution of risk in their business activities.
since railroad lionds have been made available as trustee and savings bank
investment^ in New York State, they have been figuratively crushed between
upper and nether mill stones as investment propo.sitions.
But competition of other securities is not the only cause of decline in
pubic favor cf railroad securities. A number of financial and economic
developments beyond the direct control of the companies have had a
depressii g effect on railroad bond values.
Among the leading factors
has been the inability of many railroads to is.sue further prior lien obligaContions, as the mortgages on their existing property have been closed.
sequently, capital can be obtained only through i.ssues having inferior liens.
This means a higher cost of capital. Moreover, the failure of the bulk of
railroad corporations to earn and pay ample di^adends on their capital
stocks by preventing the sale of railroad shares at par has gradually led to a
preponderance of bonded indebtedness. This has ever been a fertile
source of railroad receivership. The banking laws of this and other State?
have taken this fact into consideration by providing that no railroad
securities should be legal as a savings bank investment unless the outstanding capital stock of the debtor company is within a certain minimum ratio
of Its fi.nc;ed indebtedness.
During the last decade additional issues of
railroad hares, aside from new stocks of reorganized companies, have been
extremely rare, and at the present time the important American railroad
corporations that can sell their capital stock in the open market at par or
better can be counted en the fingers of one hand.
The seriousness of this
situation with respect to railroad financing must be recognized.
It not
only constantly augments the burden of fixed charges, but Is tending to
intensify further the high cost of new railroad capital and threatens to
eliminate the market for securities afforded by savings banks, trustees, and
investjnent institutions.
The~e diffic ultie; alone would be sufficient to depress the value of railroad
securities and place them relatively in a less favorable light than in former
years.
The downward trend, however, has gathered momentum from
the adverse economic developments in railroad operations. The higher
standards of railroad service demanded by the public at the very time wage
and material costs were increasing and operating economies were becoming
less effective threatened to eliminate entirely the relatively narrow and
flexible margin between revenues and expenditures.
The logical consequence would be to raise the prices of the tran.sportation service to meet the
growth of operating expenditures. But the rigidity of railroad rates does
not make them readily adaptable to swift or sudden changes in the same
manner as wages or commodities change in price levels. Rate making
among railroads is such a delicate task that when a scale of charges is ones
established, railroad managers and regulating officials are loath to make
adjustments warranted by changes in operating and traffic conditions.
Market competition and legislative enactments, rather than operating
costs have long been and undoubtedly will contmue to be the dominant
motives fixing railroad charges. This market competition is not confined
to separate territorial zones or to a territory comprising but one group of
lines.
Prevailing long haul freight rates have been worked out with
reference not only to meeting the competition of homo markets but foreign
markets as well. Obviously, then, in adjusting rates In one zone, the
Commission must necessarily meet the competition of rates on the same
products in other 'zones. How this situation can be provided for, while at
the same time making rate adjustments so as to give "a fair return on the
fair value of property" to all competing systems is one of the practical
problems the Interstate Commerce Commission must solve.
Thus far the picture of the railroad situation has been painted hi dark
colors.
must not neglect, however, the favorable features in the
situation.
Certainly there has been a vast improvement and a health
stabiUzation in the railroad business in its entirety.
Speculative railroad
building in the United States has practically ceased.
Moreover, under the
new law (whereby the Interstate Commerce Commission must first approve
all railroad construction and exten.sions) wild-cat railroad promotion is not
likely to be revived.
Destructive rate wars and secret rebates have also
passed into history. Under the Federal uniform accounting systems, railroad
operations and activities are matters of public record, and inefficient management or financial intrigues can no longer be hidden by bookkeeping
commercial enterprises.
f
We
manoeuvres.
A more favorable development than these, however, has been the
gradual concentration of railroad regulation under the Interstate Commerce
Commission. Thus, the railroads will have but one master instead of
forty-nine as previously.
Restrictive and punitive State raUroad legislation prior to the war had
grown with such cumulative intensity that the railroads in 1916 joined in a
concerted movement to appeal for an entire new scheme of railroad control
whereby the companies would be relieved of the vexatious State interferences and political railroad baiomg.
All told between 1912 and 1915, it
was computed that upward of 4,000 bills affecting railroads were introduced
into the national and State legislatures, of which 440 became laws.
Whatever the purpose of these laws, there was most always one certain result;
viz., increase in operating costs.
The fuU-crew laws have been extremely
costly: the law of small New Jersey alone added an operating cost of somo
thing like §400,000 annually.
Hence it is with deep .satisfaction that one
may look upon the provisions of the recent Fideral law which vests exclusively in the Interstate Comxnerce Commission regulatory functions formerly
exercised in common with or exclusively by the States.
Situation ArisiTig
From Government
Operation.
Whatever may have been the necessity of government war time operation
it cannot be said that as a political measure it has not fostert>d certain
evils.
Among these may be mentioned (1) the diversion of traffic from
customary channels, (2) laxity of administrative morale, (3) labor inefficiency, (4) impaired earnings and (5) under-maintenanco and impairment
of physical property.
The
question for consideration at the present
is
whether the Transportation Act of 1920 will reestablish railroad credit to
its former high levels.
The measures proposed under the new law come
under three general headings:
proposes to adjust railroad rates so that the carriers at all times
be permitted to earn a reasonable return on the fair value of their
First, it
shall
property.
Secondly, it proposes a method of financial aid to "weak" roads with
imparled or inferior credit.
Lastly, it aims to relieve the carriers from the incubus of perennial labor
demands and union domination.
Let us see to what extent the»se admirable objects may be obtained.
As a|ineans of rate adjustment the new railroad act provides:
"In the exorcise of its power to prescribe just and reasonable rates, the
Commission shall initiate, modify, establish or adjust such rates so that
Carriers as a whole (or as a whole in each of such groups or territories as
the Commission may from time to time designate) will, under honest.
263
and economical management and reasonable expenditures fcf
maintenance of way, structures and equipment, earn an aggregate annual
net railway operating income equal, as nearly as may be, to a fair return
upon the aggregate value of the railway property of such carriers held for
and used in the service of transportation."
This provision, regarded as the most important in the whole law, adds
nothing new in theory or fact. Under the law, public utilities are entitled
to charge rates that give "a reasonable return on the value of their property."
The perpetual difficulty has been to clearly define "reasonable return and
fair value."
For almost a decade under the valuation clauses of the Interstate Commerce Act, the Commission has been endeavoring to establish a
basis of fair value.
No definite policy has been adopted, nor is one likely
to be finally and conclusively adopted until after years of litigation.
In
the meantime, the question of rates is of paramount importance, since
when the six months' period of goverment guaranteed earnings expires, tht
companies must depend on their own financial resources to keep out of
general bankruptcy.
Hence it is sincerely hoped that in this period the
Interstate Commerce Commission will establish a higher level of freight
efficient
rates
MEETING OF ASSEMBLY OF LEAGUE OF NATIONS
CALLED BY PRESIDENT WILSON
It was stated this week that President Wilson had issued
a call for a meeting of the League of Nations Assembly,
the date being fixed as November 15 with Geneva, Switzerland as the meeting place. Announcement that the President
had accepted the invitation of the League of Nations to call
a meeting of the Assembly early in November was made
in the British House of Commons on Jul.y 8, by Cecil B.
Harmsworth, Under Secretary for Foreign Affairs.
MEXICAN GOVERNMENT ACCEPTS PROPOSALS
MADE BY PETROLEUM INTERESTS.
The differences between the foreign oil interests and the
Government of Mexico appear to be very near a solution.
The Government has accepted in principle the definite
proposals of the representatives of the petroleum interests,
according to the "Universal," one of the leading papers in
Mexico City, on July
No
13.
agreement will be reached, however, the newspaper
says, until a conference, scheduled for today, July 17, between
Provisional President de la Huerta and the oil men.
final
HENRY
FLETCHER WARNS AGAINST RECOGNITION OF NEW MEXICAN REGIME.
P.
If the United States decides to recognize the new regime in
Mexico which has displaced the Carranza Government it
should do so on the condition that "such recognition was
provisional," in the view of Hency P. Fletcher, former AmerMr. Fletcher
ican Ambassador to the Southern Republic.
in a letter on July 11 to Bainbridge Colby, Secretary of State,
declared that the country should not recognize the new Government in Mexico, "until it is reasonably clear that said
Government is not only willing but able to discharge the fundamental duties of a government, i. e. to maintain law and order
and to afford adequate protection to the lives and interests
of foreigners in Mexico."
letter resulted from negotiations then in
between the State Department and Dr. Iglesias
Calderon, Mexican High Commissioner to the L^nited States,
regarding recognition of the new Government of Mexico City.
Dr. Iglesias Calderon, it is said, has assured the American
Government of the desire of the new regime to hve up to the
obligations of a government, but Mr. Fletcher in his letter
suggested that before any recognition was extended an informal agreement be made with the Mexican authorities that
American citizens would not be deprived of their property
rights without compeasation and that such property as they
were deprived of during the Carranza regime without compensation would be returned to them.
Mr. Fletcher was the American Ambassador to Mexico
during the Carranza Administration, but resigned several
months ago because of a disagreement with the American
Government's policy toward Mexico. His letter to Secretary
Colby on July 11 was as follows:
Mr.
Fletcher's
progress
In my capacity as a private citizen interested in good relations betw&en
the United States and Mexico, may I suggest for such consideration as they
may deserve the following regarding the recognition of the new Govern-
ment
of
Mexico:
Without animadverting to past difficulties and with a view to avoiding
a repetition of them I would respectfully suggest:
United States should not recogniic the new Government
reasonably clear that said Government is not only willing
but able to discharge the fundamental duties of a government, i. e., to maintain law and order and to afford adequate protection to the lives and interests
of foreigners in Mexico.
Second, that the new regime should Iw recognized, if at all, merely as the
de facto government and it should be informed tliat such recognition waif
provisional and would be withdrawn if it should subsequently prove to have
been prematurely extended.
Third that before extending such de facto recognition we should take
steps to secure an informal agreement (to later be made formal if desired)
covering the following pending matters:
First, that the
of
Mexico
until
it is
THE CHRONICLE
264
That the constitution of 1917 and the law passed in pursuance thereof
not be given retroactive effect as to property lawfully acquired pre\aous
to its promulgation and that American citizens shall not be deprived of their
awfully acquired rights without compensation.
(b) Return to American citizens and oorporationa of such property (excluding taxes) as they were deprived of during the Carranza regime without
compensation by either national or State Government of Mexico.
(c) Immediate constitution of a mixed Mexican-American claims commission to adjust all claims of American citizens against the Government of
Mexico and of Mexican citizens against the Government of the United
(a)
shall
States.
(d) Appointment of commissioners to settle definitely the Omaizal and all
other boundary questions, including the deflection, canalization and protection of the waters of the Colorado River for the irrigation of the Imperia'
Valley in Mexico and in the United States. I make no mention of financial
or economic matters, believing they should form the subject matter of negotiations subsequent to recognition.
We should make it clear that these conditions are attached to our recognition merely because our unfortunate experiences with the Carranza Government make them appear necessary, to avoid future trouble and, above
all,
that
we
are not asking for our nationals a privileged position, but simple
justice.
REBELLION IN MEXICO.
Open rebellion in the States Chiapas and Michoacan and
the detection of a conspiracy by the followers of General Pablo
Gonzales, former candidate for the Presidency, asrainst thi
new Government
of
Mexico, were reported to th?
St.ite
Department on July 9 from the American Embassy
at
Me.xico City.
The
was
open rebellion and that General Francisco J. Murgia, who was defeated
for Governor in the State of Michoacan, had raised the flag
report said that the State of Chiapas
in
of rebellion.
Less than a week after receipt of these reports (i. e. July
War Department at Mexico City announced that
Gen. Pablo Gonzales, Brigadier Generals Carlos Garcia, his
Chief of Staff, and Jose Santos had been captured near
Monterey. There was said to be an unconfirmed report
at the Mexican capital at the time that Gen. Gonzales had
been summarily court-martialed at Monterey on charges
of rebellion.
It was stated that the War Department
considers Gen. Gonzales as the intellectual head of the recent
revolts of General Carlos Osuna, Jesus Guajarda, Ricardo
Gonzalez and Ireneo Villareal.
On July 8 Provisional President de la Huerta told foreign
press correspondents at Mexico City that five generals had
taken up arms against the new regime.
"The Carranza Government," he was quoted as having
said, "stood for more than four years against over 25,000
15) the
rebels,
and there
is
no reason why the present Government
cannot contend with less than 500."
Denial that a censorship had been re-established in Mexico
was made in dispatches received on July 14 by representatives
of the new Government at Washington.
The dispatches
asserted "that throughout the country any one can write
and publish anything desired, a fact that is well known to
the many newspaper correspondents in Mexico City."
The dispatches also described recently reported revolutionary movements of Gen. Osuna in Tamaulipas and of Gen.
Guarjarda in Coahuila as in no sense constituting a menace
"to the regime of law and order which the new Government
has inaugurated." Reorganization of the Mexican Army
on the Chilian system has been entrusted, according to the
advices, to a board appointed by President de la Huerta.
Predictions of a revolt in Mexico had been made by Ignacio
Bonillas, former Mexican Ambassador to the United States,
in discussing on July 8 at Washington Mexican affairs and the
recent revolution which led to the overthrow of President
Carranza.
Mr. Bonillas, who was a civilian candidate for the Presidency,
was with President Carranza during the flight from Mexico
City and narrowly escaped with liis life after his chief had
been killed. He declared on July 8 that a conflict of irreconciliable elements that make up the present regime in Mexico
is certain to break out in the near future.
He was quoted by
the Associated Press as follows:
"The great mass of people of Mexico are tired of revolution
and
of
mihtary
rule.
"They greatly desire peace and a government of civilians,
with the army solely as the supporter and guarantee of orderly
civil government, as other modern nations do.
The Obregon
coup was purely military. Obregon himself knew that the
people were overwhelmingly in favor of a civilian as President, and he tried to win with this support by putting aside
his mihtary rank.
"The present regime in Mexico is made up of heterogeneous
elements that cannot be reconciled for long.
The prompt
ehmination of General PaVjlo Gonzales by the Obregonistas
after they had used him to precipitate the coup that ended in
the killing of the President is an indication of what will come.
[Vol. 111.
All the bandits who made trouble under the Carranza administration joined forces with Obregon, and it is too soon for
them all to break away. But they will, and the beginning
has come with the frequent small outbreaks in various parts
The Pabistas (followers of General Pablo
of the country.
Gonzales) are
already grumbhng at the ehmination of their
chief."
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
No bank stocks were sold at the Stock Exchange or at
auction this week. A sale of ten shares of trust company
stock was made at auction.
Shares. TRUST CO.
New York. Low. High. Close. Last previous sale.
10 Central Union Trust Co
3703^ 370M 370^2 Dec. 1918— 416
Regarding reports which appeared in the daily papers of
July 14 concerning a proposed consolidation of the Bankers
Trust Company and the Liberty National Bank of this
City, Harvey D. Gibson, President of the latter, authorized
the following statement on Wednesday:
This matter of the merger of the Bankers Trust Company and the Liberty
National Bank has been the subject of informal discussion for some time.
No decision or definite understanding has resulted and we cannot say when
anything will occur which could be published properly. Tl>e matter has
not even reached a point where it could be referred to the Board of Directors.
One of the reports in question, that appearing
York "Times," said in part:
in the
New
The consolidation of the Bankers Trust and the Liberty National has
been considered in financial circles as a logical development in local banking
growth for several years. Both are classed in the "Morgan group" of banks,
and there has been close affiliation between them ever since the former
was astablished in 1903. E. C. Converse, one of the founders of the Bankers
Trust, is a Director of the Liberty National, wiille Daniel G. Reid and
Daniel E. Pomeroy have long been on the boards of bolh banks, and
.Seward Prosser, President of the trust company, is also a Liberty National
director.
It is believed that when the program is complete the Liberty
National will be absorbed by the Bankers Trust, ending the identity of
the bank and joining its operating staff with that of the trust company.
The June 30th statement
capital
and surplus
of the Liberty Natio::a^.
showed
of .$5,000,000 each; uiidi\'ided
profits
of $2,211,066; deposits of §100,403,818
and
total resources
The Bankers Trust Company on the
date reported capital .$20,000,000; surplus fund
$11,250,000, undivided profits of $6,157,751; deposits of
$334,472,791 and aggregate resources of $389448,720.
of .$128,945,991.
same
The proposed increase in the capital of the National City
Bank of this city, forecast a month ago, as indicated in these
to be acted upon at a special meeting
on August 26. The stockholders were
advised this week, July 12, that the directors have recommended that the capital stock be increased from .$25,000,000
to $40,000,000 by the issue of $150,000 additional shares
of $100 each, and that the new stock be offered for sub-
columns June
12,
is
of the stockholders
scription to the shareholders, pro rata, at $125 per share,
the premium above par to be credited to surplus, and an
additional sum of $6,250,000 to be transferred from undivided
profits to surplus. The capital will then stand at $40,000,000,
the surplus at $45,000,000, and uudi\aded profits at upwards of $100,000,000. The circular addressed by President
James Stillman to the stockholders of the bank, from
which the above information with regard to the capital
increase
is
taken, also says:
Is deemed advisable
at the present time by reason of the
of business which the bank is called upon to handle to ser\-e
its customers and to do its part in financing the domestic and foreign trade
of the country.
If the Increase is authorized at the special meeting called for this purpose,
it is proposed to issue transferable warrants of subscription to shareholders
of record at the date of the meeting, entitlmg each to subscribe, at $125
per share, and on such conditions as may be prescribed, for the number of
new shares equivalent to 60% of his holdings: and that the stock certificates
for such new shares shall bear the endorsement prescribed by the agreement of June 1 1911, as amended, evidencing a proportionate beneficial
interest in the capital stock of Tbe National City Company held by the
Trustees under said agreement.
fuU at the
It is further proposed that all subscriptions shall be payable
bank, hi New York funds, on surrender of the respective warrants, duly
Indorsed, not later than the first day of October, 1920, after which date
Upon payment of subscriptions, transferable
all warrants will be void.
interim receipts will be issued, which will be exchangeable for the definitive
stock certificates. Indorsed as above.
This action
large
volume
m
In referring, in our issue of June 12, to the likelihood of
an increase in the capital of the bank, we stated that a
circular had been issued notifying the stockholders of the
National City Co. of an amendment to the agreement
under which the stock of the company is trusteed for the
benefit of the stockholders of the bank. As we indicated in
our previous item it was announced by the trustees in this
circular that the agreement had been amended "so as to
permit the trustees to make such amendments of the certificate of incorporation of the company as the expansion of the
business of the company may render desirable, to acquire
additional stock of the company if issued, and to indorse
July 17
THE CHRONICLE
1920.]
additional shares of the capital stock of the bank, if issued."
The capital of the bank has stood at $25,000,000 since
1902, the amount having then been increased from S10,000000; the new stock was sold at that time at 150%; in February 1000, the capital had been raised to $10,000,000 from
$1,000,000.
The recommendation of the Stock Exchange Committee
on Stock List for the approval of the application of the
Mechanics & Metals National Bank of this city for the listing
of $1,000,000 of additional stock consisting of 10,000 shares
of the par value of $100 each, making the total amount
authorized to be listed $10,000,000, was adopted by the
Governing Committee of the Exchange on June 23.
The $1,000,000 of new capital, as announced in our issue
of May 22, was put out in pursuance of the agreement for the
consolidation with the Mechanics & Aletals of the New York
Produce Exchange National Bank, the Mechanics & Metals
additional capital ha\'ing been issued in exchange for a like
number of shares of the Produce Exchange National. The
Mechanics & INletals earlier in the year increased its capital
from $6,000,000 to $9,000,000, and the approval of the
Exchange for the listing of the $3,000,000 additional capital
then issued was noted in our issue of
An
application
by the Bank
of the
May
22.
265
Merchants Bank of the City of New York into The Manhattan Company
pursuant to a merger agreement dated March 1 1920, which agreement was
approved by the Superintendents of Banks on that same day. The merger
became effective on March 27 1920. The relative book value of the capital
stock of The Manhattan Company and The Merchants Bank having been
determined by an examination of the two institutions made by an examiner
of the New York Clearing House association, it was provided in the merger
agreement that each stockholder of The Merchants Bank should surrender
his certificates to The Manhattan Company and receive in lieu thereof cercificates for the same number of shares, of the par value of $50 each, of
The Manhattan Company. In order to effect an adjustment of book
values whereby the issue of share for share, as above referred to, should be
fair and equitable, 11,620 shares were offered to the stockholders of The
Manhattan Company, prior to the merger, at $100 per share, on t'e basis
of one share of new stock for each five shares of stock then owned by such
stockholders respectively. Two hundred and eighty shares of tiie authorized stock, not needed for the purposes of the merger, were authorized to
be sold to employees of The Manhattan Company, at the price of $100
per
.share.
The capital stock of the Merchants Bank
The Manhattan Company was $3,000,000,
at the time of its merger into
consisting of 30,000 .shares of
the par value of $100 each, all of which were listed upon the New York
Stock Exchange. On March 1 1920, the said Bank, then known as The
Merchants National Banlt of the City of New York, was converted from
a national into a State bank, under the name of The Merchants Bank of
the City of New York.
Dividends have been paid regularly upon the stock of The Manhattan
Company since the date of the original listing of such stock. During the
last five years dividends have been paid as follows: 1915, 15%; 1916, 16%;
1917, 16%: 1918, 23%; 1919. 20%.
The recent references to the Bank of the Manhattan Company merger with the Merchants Bank appeared in the
"Chronicle" of March 27, April 3 and April 17.
Manhattan Company
of this city to list $2,643,000 additional capital (of
an auth-
orized issue of $5,000,000) consisting of 52,860 shares of the
par value of $50 each, with authority to add 307,000 addi-
upon official notice and payment in full,
making the total amount authorized to be listed $5 ,000, 000,
has been approved by the Governing Committee of the New
York Stock Exchange. The capital of the Bank of the
Manhattan Company was twice increased during the present
year as an incident to the merger with it of the Bank of Long
Island and the Merchants Bank, previously the Merchants
National. The several mergers to which the Bank of the
Manhattan Company has been a party, and the changes
which have occurred in its capital since 1918 (it was founded
in 1799 with a capital of $2,000,000, which was increased by
$50,000 in 1805) are detailed as follows in the Stock Exchange
circular of June 28 relative to the listing of the stock issued
tional of said stock
the present year:
On Feb. 6 1918, the stockholders of The Manhattan Company, by resolutions duly adopted at a special meeting thereof, authorized an increase
in its capital stock from S2, 050, 000, consisting of 41,000 shares of the par
value of S50 each, to $2, .500,000, to consist of 50,000 shares of the par value
of 850 each.
The approval of the Superintendent of Banks of the State
of New York to such increase was procured on Feb. 7 1918, and all statutory
provisions of the State of New York governing such increase have been
complied with.
Such increase was in connection with and as a part of a plan to merge
Bank of the Metropolis into The Manhattan Company pursuant to a merger
agreement dated Jan. 17 1918, which agreement was approved by the Superintendent of Banks on that same day.
The merger became effective on Feb. 8 1918. Under the merger plan,
it was provided that stockholders of Baiik of the Metropolis should surrender
their shares of stock and receive in lieu thereof: for four shares of stock of
said Bank certificates for six shares of the capital stock of The Manhattan
Company: or, at the option of said stockholders, for every foiu- shares of
stock of said Bank, certificates for three shares of stock of The Manhattan
Company, and in addition thereto the sum of $142 50 in cash for each share
of stock of said Bank so surrendered.
The Bank of the Metropolis was organized under the laws of the State
of New York on Jan. 7 1871, with a capital stock of $500,000.
On Feb. 28
1878, the capital stock was reduced to .USOO.OOO, and subsequently, or
June 9 1902, it wa.' increased to $1,000,000.
On Jan. 6 1920, the stockholders of The Manhattan Company, by resolutions duly adopted at a special meeting thereof, authorized an increase of the
capital stock of said The Manhattan Company from .'5;2,500.000, consisting
of 50,000 shares of the par value of $50 each, to .§3,000,000. to consist of
60,000 shares of the par value of $50 each.
The approval of the Superintendent of Banks of the State of New York
to such increase was procured on Jan. 6 1920, and all statutory provisions
of the State of New York governing such increase have been complied with.
Such increase was in connection with and as a part of a plan to merge Bank
of Long Island Into The Manhattan Co .pursuant to a merger agreement dated
Nov. 13 1919, which agreement was approved by the Superintendent of
Banks on Nov. 13 1919. The merger became effective on Jan. 10 1920:
under the merger plan it was provided that the stockholders of Bank of
Long Island should surrender their certificates of stock to The Manhattan
Company and receive in lieu thereof for each .share of stock so surrendered
either a certificate for one share of the capital stock of The Manhattan
Company; or (b) at the option of any of said stockholders the sum of $250
in cash for each share of such stock so surrendered.
The Bank of Long Island was organized under the laws of the State of
New York on Jan. 2 1903. %vith a capital stock of j;500,000, which w.as increased on April 7 1910, to §750,000. on Oct. 20 1015, to S900,000. and
on Feb. 6 1919,- to $1,200,000.
On March 21 1920, the stockholders of The Manhattan Company, by
resolutions duly adopted at a special ineeting thereof, authorized the increase
of its Capital stock from $3,000,000 consisting of 60,000 shares of the par
value of $r,Q each, of which 58,100 .•^hares had been theretofore actually
Issued, to $5,000,000, to consist of 100.000 shares of the par value of $.50
each.
The approval of the Superintendent of Banks of the State of New York
to such increase was procured on March 25 1920, and all statutory provisions
of the State of New York governing such increa.se have been complied with.
Such Increase was in connection with and as a part of a plan to merge The
The New York State Superintendent
12, 1920,
approved the organization
American Bank with capital
of
Banks, on July
certificate of
The North
of .$200,000, surplus $100,000,
contingent fund ,$20,000. The bank is to be located atNos.
54-58 Canal Street and No. 7 Orchard Street, New York City.
It will open for business about August 1st.
The organizers
are:
many
years Vice-President of The State Bank;
Company, Bankers;
& Ochs. Ltd.;
Eugene Lamb Richards, former Superintendent of Banks;
Walter T. Kohn of Weschler & Kohn, Attorneys;
M. H. Harris. Optician;
Fred K.alb of Tavares-Kalb Co.;
S. A. Glushanok of Glu.shanok & Hill.
Arnold Kohn, for
Max
Straus, of Straxis &
Samuel O. Ochs of Pluym
The officers
of the bank are to be: Arnold Kohn, President
The following are the
Straus, Vice-President.
Directors chosen:
Arnold Kohn, Max Straus, Eugene Lamb Richards, Walter T. Kolm«
and M. H. Harris.
and
Max
The par value of the stock is $100, but it has been fuUy
subscribed for at $160 which provides the capital, surplus
and contingent fund above referred to.
The Bank of the Manhattan Company of
this city on July 8
Cypress Hills at the intersection of
Hale, Arlington and Fulton streets. The branch is under
the management of Harry A. Waldman.
opened a branch
office in
The Chase National Bank of the City of New York
announces the appointment of Dr. B. N. Anderson, Jr. as
Economist, effective July 12. Dr. Anderson leaves a similar
post at the National Bank of Commerce in New York to
accept this appointment. In announcing this the Chase
National says:
Dr. Anderson is kno^^^^ as an authoritative writer on economic and finanboth in the United States and in Europe. He is the author of
three books: "Social Value," published in 1911; "The Value of Money,"
published in 1917; and "The Effects of the War on Money, Credit and
Banking in France and the United States," publishetl in 1919. He has
written numerous articles which have appeared In various scientific and
He is best known for
financial journals, and in the metropolitan pri«s.
his work in the theory of value and prices, nis investigations in money and
banking, and for his statistical estimates of the income of the United
He has also written on
States and the ratio of foreign to domestic trade.
problems of foreign trade and foreign investment, price fixing and war
cial subjects,
finance,
and business forecasting.
Dr. Anderson graduated from the University of Missouri in 1906. Ho
took his Master's degree at the University of Illinois in 1910, and the
degree of Doctor of Philosophy in Economics at Columbia L'niversity in
He was Professor of English Literature and econontics at Mis.souri
1911.
Valley College, 1906-07. and Head of the Department of History and Economics at. the State Teachers' College at Springfield. Mo. from 1907 to 1911.
He was m.ade Instructor in Economics at Columbia ITniversity in 1911,
and Assistant Profe>;sor of Economics at Columbia University in 1913.
He was then callwl to Harvard University as Assistant Professor of Economics in 1913. leaving Harvard in 1918 t-o go to the National Bawk of
Commerce in New York. He was Associate Editor of the "Quarterly
Journal of Economics" from 1913 to 1918. He was a member of the
Committee of the American Economic Association on "The Purchasing
Power of Money in War Time." and also of the Committee on "PriceFixing." He is at present a member of the American Economic .\s.sociation
Committee on "Stabilizing the Dollar." He is a member ofthe New York
Academy of Political Science, and of the Chamber of Commerce of the
State of New York.
IIoAvard Marshall, formerly President of the New York
Credit Men's Association and director of the National Associ-
THE CHRONICLE
^^66
ation of Credit Men, has been appointed Assistant Cashier
of the American Exchange National Bank of this city.
[Vol. 111.
new manager for the New York branch, comes to New
York from the Continental and Commercial National Bank
Chicago, of which he has been Vice-President. His
previous experience was with the Northern Trust Co. of
Chicago, with the Bank of Montreal, Canada, and with the
Union Bank in Scotland. Practically his entire business
experience has been along the lines of overseas banking.
of
At their meeting on July 12 the stockholders of the
National Park Bank of this city voted to increase the capital
As
of the institution from §5,000,000 to $7,500,000.
stated in our issues of June 12 and 26 the attitional stock is
to be offered to stockholders of record July 19 at par ($100).
The enlarged capital "nill become effective August 2.
At a meeting on July
15, the stockholders of the
Broadway
Central Bank of this city voted to increase the capital of the
The additional stock
institution from $100,000 to $200,000.
is to be disposed of to existing stockholders at $150 per
share, the par value being $100.
meeting held on July 12 the stockholders
of this city voted to change the number
of shares of stock from 20,000 of a par value of $50 to 10,000
Reference to this proposed change
of a par value of $100.
appeared in these columns July 3.
At
Joseph H. Mead announces his resignation as VicePresident of the Citizens Bank of White Plains, N. Y.>
effective July 13, to accept a position with the investment
banking house of S. W. Straus & Co. of New York. Mr.
Mead will open a White Plains office in Room 208 of the
Realty Building, at 185-187 Main Street, where he will
conduct a business in first mortgage 6% bonds under the
Straus plan.
their special
of the Pacific
Bank
Charles L. Farrell, President of the National Newark &
Essex Banking Co., of Newark, N. J., was elected a director
of the Mutual Benefit Life Insurance Co. on Julj'- 7.
Mr.
Farrell fills the vacancy created by the death ir May last
of
Frank Trumbull, formerly Chairman of the Board of the
Chesapeake & Ohio RR., died on the 12th inst. at Santa
Barbara, Cal., in his sLxty-third year. JMr. Trumbull at
the time of his death was a director of the National City
Bank of this city. His railroad career began when he was
sixteen 3"ears of age, but he had been obliged to go to work
four years before, and at the age of fourteen was a Deputy
Postmaster at Pleasant Hill, Missouri, his native State.
His first position in the railroad world was as a clerk in the
Comptroller's office of the Missouri Kansas & Texas RR. at
Sedalia, being associated with its accounting department
until 1880.
In 1881 he joined the Missouri Pacific and remained there until 1886, when he became Auditor of the
Texas & Pacific, serving for four years, when he became
identified with Colorado's coal interests, incidentally acting
and other affairs for New York and
London bankers. He again re-entered the railroad field and
in 1893 was appointed receiver and General Manager of the
Union Pacific Denver & Gulf. In 1899 he was made President of the Colorado & Southern RR.; he later accepted the
post as Chairman of the Board of the Chesapeake & Ohio.
He had also been President and Chairman of the Board of
the Hocking Valley Ry. Co. and Chairman of the Board of
the Missouri Kansas & Texas Ry. Co. Mr. Trumbull was
as expert in railroad
active in the affairs of the Association of Railway Executives, not only having been one of the principals in its organization but having served as Chairman of that body.
To meet
demands of increased business the United
States Mortgage & Trust Co., of this City, has doubled
the space occupied by its 125th Street Branch at 8th Avenue,
by the leasing of the two adjoining westerly stores. The
the
Marcus L. Ward.
The Philadelphia Stock Exchange has admitted
to the
$104,700 (1,047 shares) additional capital stock of the
Fidelity Trust Co. of Philadelphia, being the balance of a
total of $200,000 (2,000 shares) to be listed upon official
notice of issuance in exchange for shares of stock of the
Logan Trust Co., making the total amount of stock listed
$5,200,000. The increase in the capital of the Fidelity
Trust Co. from $5,000,000 to $5,200,000 was referred to in
our issue of June 12.
list
J. Walter Oster, heretofore Assistant to the President of
the National Bank of Commerce of Baltimore, Md., has
been elected Cashier to fill the vacancy caused by the resignation as Cashier of G. Harry Barnes. Mr. Barnes's resignation as Cashier was due to his ill-health. He had served
in the dual office of Vice-President and Cashier and will
Prior to becoming assoretain his office as Vice-President.
ciated with the National Bank of Commerce, Mr. Oster
had been Vice-President of the National Howard Bank until
the time when it was sold to the National Exchange Bank
five years ago, when he became associated with the National
Bank of Commerce. The new capital of the National Bank
of Commerce, namely, $1,200,000 (authorized, as indicated
in our issue of Feb. 14, on Feb. 4), became available July 7
1920.
At a meeting on July 6 the du-ectors of the Continental
Trust Co. of Baltimore, Md., elected J. K. Voshell a direcThomas E. Cottman was elected a
tor of the irstitution.
member of the Executive Committee to succeed the late
Jere H. WheelwTight.
Safe Deposit space will also be increased.
The establishment in New York of an agency of the
Banco Naeional Ultramarino, a Portugal bank, is announced. The New York office is located in the Singer
Building, 91-93 Liberty Street. The bank will pay parto handling foreign business for other
Plans for the opening of the local office were
referred to in these columns June 12.
The Banco Naeional
Ultramarino was established in 1864 and has its head office
in Lisbon, Portugal.
The present capital is $51,788,160.
The bank has 69 branches in the various countries of the
world and intends within the immediate future to establish
additional branches at Bombay and Hongkong.
The bank maintains its own warehouses in foreign ports,
so that it is in a most strategic position to handle shipments
for other banks.
The managing aireetor of the bank is
E. F. Da\aes. He was formerly foreign exchange manager
of the London County and Westminister Bank and occupied
the position of chairman for the committee on relief of
stranded Americans when the war broke out. Dividends
have averaged 6%, but during the last two years the dividends have increased to 20%, in addition to mcreases in
the bank's reserve fund. The Banco Naeional Ultramarino,
it is stated, is the only Portuguese bank authorized to
issue notes in the Portuguese colonies.
This privilege is
granted to only one bank, and competition for such authorization is keen. Last year, however, the Banco Naeional
Lltramarino was the successful competitor and its charter
was renewed for twenty-five years. Joseph McCurrach, the
ticular
banks.
attention
A new
committee to super\ase the trust department of the
The
Fidelity Trust Co. of Baltimore has just been named.
ChairChairman of the committee is Van Lear Black, now
man of the Board of the institution, and the other members
are former Judge Henry D. Harlan, Charles M. Cohn,
Seymour Mandelbaum and Howell Fisher. The committee
will advise on the purchase and handling of securities bought
and held for the estates in its charge.
At a reorganization meeting of the Iron & Glass Dollar
Savings Bank of Pittsburgh, held on July 7, the directors
elected Edward P. Logan, for many years President of the
institution. Chairman of the Board, and made F. William
Rudel President to succeed Mr. Logan. Other appointments were: John Gray, elected Vice-President; Harry R.
Donnally made Cashier, and Charles H. Dai-ies appointed
Assistant Cashier.
The promotion of Mr. Rudel and
Donnally as President and Cashier, respectively, was,
said, as a recognition of long and faithful service.
Mr.
it is
At a meeting of the directors of the Guardian Savings &
Trust Co. of Cleveland, Ohio, on July 6, W. R. Green,
W. D. Purdon and A. R. Eraser formerly Secretary, Treasurer, and Assistant Secretaiy, respectiveh', were elected
Vice-Presidents.
R. P. Sears, heretofore Cashier was
elected Secretary and L. E. Holmden, pre\iously Assistant
Treasurer was made Treasurer.
.
July 17
THE CHRONICLE
1920.]
the stockholders of the Continental
111. ratified the
Sc
institution
from
capital
the
the
of
increase
to
proposal
issue
of
June
As
stated
in
our
,000,000.
to
S2o
S21 ,500,000
26 the additional stock is to be disposed of to stockholders
of record July 1 at par (SlOO) and is to be allotted at the rate
of 16.279% of their holdings, payments on the new stock to
Atthomeetngon Juh'
1
Commercial National Bank of Chicago,
be
made
bj-
August
1.
A charter has been issued by the Comptroller of the Currency for the Commercial National Bank and Trust Company
of Emporia, Kansas with a capital of $100,000, representing
a conversion of the Commercial State Bank of Emporia.
F. M. Arnold is President and H. A. Osborn is Vice-President
and Cashier. The change to a National institution became
effective July 9.
Reference to the application for a charter
for the Commercial National was made in these columns
June
A new
bank
is
in process of organization in St. Paul,
Wabash National Bank. A
proposed bank has been issued by the Comp-
Minn, under the name
of the
charter for the
It is to have a capital of $200,000
troller of the Currency.
the
stock
is to be sold at $125 per shareof
§100;
shares
in
President;
E. Villaume, Vice-President;
Reagan
is
P. D.
Cashier.
The bank is erecting a new
Pope,
E.
and Roy
will
begin
business
about October 1.
and
building
The Commercial National Bank
of
Fond du Lac, Wis.,
has increased its capital from $250,000 to $375,000. In
The total assets
addition it reports a surplus of $200,000.
The new capital
of the bank on June 30 were $4,612,791.
became available June 28. It was authorized by the stockThe price at which the additional stock
holders on May 3.
was disposed of was $165 per $100 share.
367
12.
& City Bank of Richmond, Va.,
golden anniversary on July 7. The event is
commemorated by a handsomely printed and illustrated
booklet of 44 pages bearing the significant caption, "Fifty
Years of Service." Last yenv, 1919, was the banner year of
the bank's history in earnings and deposits, and the present
management will continue its progressively conservative
policy "ever mindful of the fact that the institution is a quasipublic servant, vitally concerned with the constructive
growth of the city, the State, and the nation."
The National State
celebrated
its
.
A
booklet relative to the organization (as of June 1)
of the Bankers' Trust Co. of Denver announces the scope
of its business as including savings deposits; checking
accounts of individuals; inactive deposits of corporations,
banks and individuals; complete tinist service as trustee,
executor administrator, and guardian of estates; as fiscal
and transfer agent and registrar of bonds and stocks of
corporations and municipalities; as assignee and receiver.
It will also engage in the purchase and sale of high-grade
investment securities including municipal and corporation
bonds and notes and farm loans. The formation of the
new company was mentioned in "The Chronicle" of May 8,
and the booklet calls attention to the fact (already noted in
these columns) that its organization carries with it the
acquisition of the bond and securities business of Sweet,
Causey, Foster & Co., and of Wright-Swan & Co., both of
which have for many years been active in the organization
and distribution of securities in the territory between the
Missouri River and the Pacific Coast. The organization
of the Bankers' Trust is made up as follows:
A. C. Foster, President.
James N. Wi-ight, Vice-President in charge of Securities Division.
Henry Swan, Vice-President in charge of Banking Division.
Clark G. Mitchell, Vice-President and Secretary in charge of
WUliam D. Downs,
Vice-President, active in advisory capacities only.
E. W. Crosby, Treasurer and assistant to Vice-President in charge of
Securities Division
J. D. Hitch, Manager Farm Loan department.
P. O. Dittmar, Auditor and assistant to Vice-President in charge of
Banking Division.
K. A. Kennedy, Manager of Securities Sales department.
A. I. Peck, Manager IMunicipal Bond department.
Of the partners of Sweet, Causey, Foster & Company.
Mr. Foster is identified with the trust company as President:
Messrs. Causey and Sweet are on the board of directors,
but are not active in the trust company's affairs: Messrs.
Wright, Swan and Mitchell, all active partners of Wright-
Swan & Company, are Vice-Presidents of the trust company.
Mr. Foster is also Vice-President and director of the United
States National Bank of Denver, a director of the Denver
Branch of the Federal Reserve Bankof Kansas City, and he
was formerly Vice-President and a member of the Board of
Governors of the Investment Bankers' Association of
America. The directorate of the Bankers' Trust is made up
of Messrs. Foster, Wright, Downs, Swan, Mitchell and
Crosby, and the following:
John C. Mitchell, President of the Denver National Bank.
James Ringold, Vice-President of the United States National Bank.
J. F. Welborn. President C. F. & I. Co.
WUliam V. Hodges, Attorney.
S. N. Hicks, President Mountain Motors Co.
J. M. B. Petrikin, President First National Bank, Greeley.
J. S.
The Citizens National Bank of Los Angeles, Cal. has
issued $300,000 of new stock, thus serving to increase the
capital from $1,500,000 to $1,800,000.
The latter became effective June 25; the stockholders voted to enlarge the capital
on April 29. The price at which the new issue was sold
was $250 per $100
share.
The Citizen's National Bank, of The Dalles, Ore., has
been organized with a capital stock of $160,000 which will
be raised to $200,000. P.J. Stadelman is President; Dr. A.
J. Reuter is Vice-President; Harry Greene Chashier and
Joseph Tureck, Assistant-Cashier.
The Astoria Natonal Bank of Astoria, Oregon, has increased its capital to $400,000 and its surplus to $80,000.
The proposal we are advised was unaninously ratified by
the stockholders. The par value of the stock is $100, book
value $120, and the sale of 1,000 shares of stock was made to
new stockholders at $150 a share. Official advices to us
state that the bank could have sold two or three times that
amount had it been available, at $150 per share. A consolidation has been effected between the Astoria National
Bank and the Scandinavian American Bank of Astoria.
New
Business Division.
William E. Sweet.
Frank T. Metzler, President
W. E. Porter.
The Third National Bank of Gastonia, North Carolina,
has increased its capital from $100,000 to $250,000, effective
July 1. The stockholders at a special meeting on June 11
authorized the additional stock; the price at which it was
disposed of was $125 per share, par $100.
Brown Mercantile Co.
The Security National Bank of Oklahoma City, Okla.,
has increased its capital to the extent of $200,000, the
amount having been raised from $300,000 to $500,000.
The new stock, authorized by the stockholders on May
15, and disposed of at par, $100 per share, became effective
July 1.
At a Board meeting held at Basle on June 28, Leopold
Dubois hitherto Managing Director of the Swiss Bank
Corporation was elected President of the Corporation and
Charles Schlumborger a second Vice-President.
F. ZahnGeigy continues to act as first Vice-President.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the follo^nng from the weekly circular
Samuel Montagu
June 24 1920:
&
of
Co. of London, WTitten under date ot
GOLD.
The Bank
of England gold reserve against the note Issue is £116,735,685
a slight increase of £6,445 compared with that of last week. A fair amount
of gold came on offer and was taken for India, the Straits Settlements and
New York. New York reports the receipt of $4,000,000 in gold from
Canada.
The anomalous condition to which the adverse trade balance of India
has brought its exchange in.^pired an annoimcement by the Government of
India on the 21st inst. thac the prohibition against private imports of gold
bullion and foreign coin was forthwith removed, and that after 21 days'
The object
interval thac against British gold coin was vo be cancelled.
of the delay in the case of the latter was to correspond \vith an ordinance
of the Governor-General promulgated on the same date enacting that
British gold coin should no longer be legal tender in India, but that any
person could, within 21 days of the date of the ordinance, demand ciuroncy
notes at an office of a circle of issue in exchange for the lender of British
gold coin at the rate of 15 rupees to the sovereign. It is officially announced
be submitted at the forthcoming session of the Indian legismake the sovereign legal tender in India for 10 rupees.
This would fix the minimum but not the maximum rupee value of the
sovereign, for, so long as no legal restriction is made as to the coin being
melted down and used as material for jewelers, &c., such coin is likely to
change hands at a premium varying with the market price of gold bullion.
The natives of India, however, will not be assured of an influx of sovereigns at ten rupees tlie sovereign, for gold sovereigns (or bullion) will only
bo imported into India at a figure based more or less upon the London
that a
bill will
lative Council to
Thus gold rethe rupee (one-tenth of a sovereign) plus the gold
premium on tno currency povuid and expenses of transmission. The India
Council propose to reduce the rates for Reverse Councils to Is. 11 19-32d.
for iniintxliales and Is. 11 ll-l()d. for deferreds. so that, when the gold
premi\im in the curnnicy pound disappears, it is likely that the excbange
The lower official apprtx;ia(ion
will be stabilizixl in the neighborhood of 2s.
of the sovereign will probably encourage the natives of India to amass and
market price of gold plus cost of transmission to India.
mittances
will cost 2s.
THE CHRONICLE
26S
hoard gold in preference to silver, for they vnll feel confident that any
fresh change in the relative value of the two metals arising from fresh
official currency regulations can hardly be in any other direction than to
enhance the rupee value of the more precious metal.
In the returns of Indian exports and imports of gold the total exports
of gold bullion for March last were 1.619.277 ounces, but those for the
preceding S months were enly 1.335.235. The total for the nine months,
3.954.512 ounces (worth at Bank of England price about £16,800,000, or
at the then current rate. .say. £6 the ounce, about £23,725,000), was imported to carry out the policy of the Indian Government, which aimed at
reducing the premium on gold in India by making sales to the Indian
Bazaars against tenders.
SILVER.
During the week the market has been swayed more or less by speculative
Apart from ptirchases under
influences emanating from the United States.
the Pittman Act, bull factors seem at the present time to be absent from
the world position of silver. The United States Mint piu'chases do not
of themselves augur rising quotations, rather do they point to a temporary
stemming of the ebb. which, though perhaps not with even flow, seems to
be carrying the value of silver to one more consonant with the post-war
value of this commodity. We are informed that two amounts of domestic
silver, one of 1,500.000 ounces and another of 1,600,000 ounces, have been
acquired by the United States Mint at one dollar the ounce, whilst, at the
same time as the former purcnase. 600.000 ounces of alien material were
bought at the market rate. Recent American silver operations here and
possibly some in the Far East, appear to have had for an object the justification of a high market quotation in the United States.
Obviously such
a result would suit smelters and others in that country who would thus be
the better able to dispose favorably of foreign metal placed in refineries
since Jan. 17 last, of which the United States Mint Is prepared to relieve
them at the current market figiu"e. Fu-rther. if the market quotation for
foreign silver fell heavily below that for domestic, an agitation might arise
for the repeal of the dollar repm-chase price for the latter as specified in the
Pittman Act. If the quantity of foreign silver in mixed parcels tendered
falls short
from some reason or other of the piu-chases made outside
America with a view to stabilizing the world market of the metal, the baby
may be a heavy one to nurse, for the world production plus the sale of demonetized coin will continue to swell supplies from day to day. The only
substantial absorjjtion therefore outside of America that can be expected
—
—
at the present time (now that Chinese exports are at a standstill) seems to
be an exchange for silver of the very large amounts of gold imported by
China during the last year or so. Before that takes place the relation
between the two metals must be so readjusted that China will be led to
consider gold dear and silver cheap.
In other words, the sterling value
of the latter metal must come down.
learn to-day that the steamship
China left San Francisco on June 21 ivith 2,175.000 ounces of silver for
Shanghai and 600,000 ounces for Hongkong. It will be interesting to
watch how such a substantial addition to the stocks to China wOl be wel-
We
comed.
INDIAN CURRENCY RETURNS.
—
May 31.
June
In Lacs of Rupees
Notes in circulation
16692
4137
7.
June
16663
4167
and bullion in India
and bullion out of India
Gold coin and bullion in India
42S6
4257
Gold coin and bullion out of India
74
207
Securities (Indian Government)
3118
3555
Securities (British Government)
5077
4477
The coinage during the week ending 15th inst. amounted to 25
Silver coin
Silver coin
15.
16731
4227
— Bar
Silver per Oz. Std.
Cash.
49Kd.
50%d,
51J^d.
523^d.
51J^d.
June 22
June 23
Jime 24
Average
2
—
Mos.
48Md.
50^d.
51Hd.
4340
132
3555
4477
received this
date of June 30 1920:
week the
Bar Gold
103s. 4d.
under
GOLD.
Only a small amount of gold was available this week; it was taken for
The "Times of India" under date of May 5 last stated as follows:
"On the arrival at Rangoon of the steamer Hing Moh from China and (he
Straits a Customs officer made a large seizure of gold coins in the water tank.
The full amount of the seizure is not yet known, but hitherto over £15,000
worth of British and Axneiican gold coins have been counted. The water
is being pumped out of the tank where other boxes are still unrecovered
The same journal also stated under date of May 22: "It is generally bo
lieved that the amount of gold smuggled into this country is even greater
than the amount officially sold by the Government. The whole country
prefers gold to .silver, and, now that the marriage season has ended and there
will be no Hindu weddings during the next twelve months, the present
America.
.
colos.sal
absorption can only be for hoarding purposes. "
SILVER.
The market has been
of a steady character since we last addressed you
mainly on account of speculative purchases and the scantiness of supplies
from the Continent. On the 28th inst. there was quite a eharp rise of
234d. in the price for prompt delivery owing to bear covering. The tendency at the moment is rather uncertain, as the apparent steadiness has not
been the outcome of strength imported from India or from China. In
the case of the former exchange has be«n extremely weak a factor against
purchases for the Indian Bazaars, whilsu in the case of the latter Chinese
exports are still almost immobile. A certain amount of selling from New
York has been elicited at the higher rates current the last few days.
—
INDIAN CURRENCY RETURNS.
In Lacs of Rupees
Notes in circulation
—
Silver coin and bullion in India
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)
June 7.
X6663
4167
4257
207
3555
4477
June
15.
Jttne 22.
16731
4227
16655
4329
4340
4390
354
3555
4027
132
3555
4477
Bar
—
June 25
June 26
June 28
June 29
June 30
Average
The
Silver per Oz. std.
silver quotations to-day for cash
—
2 Months.
Cash.
50'4d.
50}^d.
...53d,
52J^d.
52d.
51.65d.
49%A.
50Hd.
52Kd.
51^d.
Bar Gold
per Oz. Fine.
103s. 7d.
103s. 7d.
104s.
104s.
103s. 9J^d.
SOJid.
50.8.5d.
and forward delivery are %A.
and VnA. above those fixed a week ago.
ENGLISH FINANCIAL MARKETS—PER CABLE.
The
quotations for securities, &c., at London,
cable, have been as follows the past week:
dailj^ closing
as reported
by
London,
July 10.
Week ending July
Silver, per
16.
oz...
Sal.
Gold, per fine oz
Holiday
..Holiday
Holiday
French Rentes (in Pari.s).fr
French War L'n (in Paris). fr-
The
price of silver in
N. Y.. per
Domestic
Foreign
Mon.
July 13.
Tues.
53^
July 14.
Wed.
53M
104s. Id. 104s.3d. 104s.6d. 105s.
H
Consols, 2
per cents
British, 5 per cents.
British, 4 H per cents
Silver in
Juty 12.
53H
...d. 52^^
ilVs
i'Vi
86H
865i
77
57.35
88.45
77H
.
57.95
88.50
New York
i7'A
86
77}^
58.05
88.50
July 15.
Thurs.
July 16.
53H
52H
Fri.
106s.6d. 106a. 6d
47K
47
86
77H
85M
77H
58.20
88.50
58.50
88.50
.
on the same day has been:
oz.
99K
99M
cts. 92}'|
92>g
cts.
99H
93M
99)4
93
99H
99H
90)i
92'A
TRADE AND TRAFFIC MOVEMENTS.
STEEL PRODUCTION IN JUNE.— The American
Iron
& Steel Institute has issued a statement from which it appears
that the production of steel ingots in June 1920 by 30 companies which in 1918 produced about 84.03% of the total
output in that year, aggregated 2,980,690 tons, comprising
2,287,273 tons open hearth, 675,954 tons Bessemer and
17,463 tons all other grades. During June 1919 these same
companies made 2,219,219 tons, including 1,692,257 tons
open hearth, 521,634 tons Bessemer and 5,328 tons all other
grades.
The production by months in 1920 was as follows:
Open Hearth.
Gross Ions.
2.242.758
2,152,106
2,487,245
2,056,336
May
per Oz. Fine.
103s. 2d.
circular written
Quotations
April
51)^d.
103s. 4d.
505^d.
103s. 6d.
50;4^d.
495^d.
104s.
50.937d.
50.396d.
103s. 5.6d.
The silver quotations to-day for cash and forward delivery are 13^d.
and 3^d. above those fixed a week ago.
We have also
coinage during the week ending 22d inst. amounted to 14 lacs of
The stock in Shanghai on the 26th inst. consisted of about 38,150,000 ounces in sycee, 818,500,000 and 23 lacs of silver bars and United
States dollars, as compared with about 38,700,000 ounces in sycee, $18,400.000 and 9 lacs of silver bars and United Stat&s dollars on June 19 1920.
The Shanghai exchange is quoted 5s. Id. the tael.
—
500,000 and 18 lacs of silver bars and United States dollars on June 12 1920.
The Shanghai exchange is quoted 5s. the tael.
—
The
rupees.
Months
January 1920
February
March. .
lacs of
rupees.
The stock in Shanghai on the 19th inst. consisted of about 38,700.000 ounces in sycee, .518,400.000 and 9 lacs of sUver bars and United
States dollars, as compared with about 39.240,000 ounces in sycee, $17,-
Quotations
June 18
June 19
June 21
(Vol. 111.
2,251,544
2,287,273
June
Bessemer. All Other.
Gross Ions. Gross ions.
10,687
714,657
700,151
12,867
16,640
795,164
568,952
13,017
615,932
15,688
17,463
675,954
Total.
Gross tons.
2,968,102
2,865,124
3,299,049
2,638,305
2,883,164
2,980,690
UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Saturday, July 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of June 30
This is a gain of
1920, to the amount of 10,978,817 tons.
38,351 tons over the amount on hand as of May 31 last,
and an increase of no less than 6,085,962 tons over th&
unfilled orders on hand a year ago at this time.
In the following we give comparisons with previous months:
Tom.
Tons.
Ton*.
June
May
Apr.
30 1920..10.97S.817 Feb. 28 1917.. 11.576,697
31 1917. .11, 474,054
1920.. 10,359,747 Deo. 31 1916.-11,547.286
1920.. 9.892.075 Nov. 30 1916.. 11. 058 .542
31 1920.. 10.940,466 Jan.
30
Mar. 30
Feb. 28
Jan. 31
Dec. 31
Nov. 30
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May
31
Apr. 30
Max.
31
Feb. 28
Jan. 31
Dec. 31
Not. 30
Oct. 31
Sept. 30
AUS. 31
July 31
Juna 30
M«y 31
AprU 30
Mar. 31
Feb. 28
Jan. 31
Deo. 31
Nov. 30
Got. 31
8opt. 30
Aug. 31
July 31
Juna 30
May 31
AprU 30
Mar. 31
1920- . 9,502.081
1920-- 9,285.441
1919.. 8.205,366
1919.. 7,128.330
1919.. 6.472.668
1819.. 6.284,638
1919.. 6,109,103
1919.. 6,578,661
1919.. 4,892,855
1919.. 4,282,310
1919.. 4,800,685
1919.. 5,430,572
1919.. 6,010,787
1919.. 6,684,268
1918.. 7,379,152
1918.. 8,124,663
1918.. 8,353,298
1918.. 8,297,906
1918.. 8,759,042
1918.. 8,883,801
1918.. 8,918,866
J918.. 8,337,623
1918.. 8,741,882
1918.. 9.05e.4O4
1918.. 9.288.453
1918.. 9.477.853
1917.. 9,381,718
1917.. 8,897,106
1917.. 9,009.675
1917.. 9.833.477
1917.. 10.407.049
1917. .10.844. 164
1917.. 11.383.287
1917.. 11.886.591
1917. .12. 183,083
1917.. 11,711.644
Oct. 31 1916.
aept. 30 1916.
Aug. 31 1916July 31 1916.
June 30 1916.
May 31 1916.
April 30 1916.
Mar. 31 1916.
Feb. 29 1916.
Jan. 31 1916.
Deo. 31 1915.
Nov. 30 1915.
Oct. 31 1915.
Sept. 30 1916.
Aug. 31 1915.
July 31 1915.,
June 30 1915.
May 31 1915..
AprU 30 1916.Mar. 31 1916..
Feb. 28 1916..
Jan. 31 1915—
Deo. 31 1914—
Nov. 30 1914Oct. 31 1914.
Sept. 30 1914.
Aug. 31 1914..
July 31 1914.
June 30 1914..
May 31 1914.
AprU 30 1914.
Mar. 31 1914
Feb. 28 1914..
Jan. 31 1914..
Dec. 31 1913..
Nov. 30 1913..
Oct. 31 1913
Sept. 30 1913
Aug. 31 1913
July 31 1913..
10.015.260 June 30 1913..
9.522.584 May 31 1913..
9,660,357 April 30 1913..
9.693.592 Mar. 31 1913..
9. 640. 458 Feb. 28 1913..
9.937.798 Jan. 31 1913..
9.829,651 Dee. 31 1912..
9,331,001 Not. 30 1912
8,668,966 Oet. 31 1912
7,922, 767lSept 30 1912.
7,806.220lAug. 31 1912.
7,189,489lJuly 31 1912.
6,165,452 June 30 1912.
5,317,618[M»y 31 1912.
4,90S,455'AprU 30 1912.
4,928,640!Mar. 31 1912.
4,678, 19«iFeb 29 1912.
4.264,598|Jan. 31 19121
4,162,244tDeo. 31 1911.
4,2.^5,749 Not. 30 1911.
4,345,371 Oet. 31 1911.
4,248,571;Sept. 30 1911..
3,836,643|Aug. 31 1911..
3,324,692 July 31 1911..
3,461.097 June 30 1911..
3.787.667|M»y 31 1911..
4.213.33l!April 30 1911..
4,158.589 Mar. 31 1911..
4,032.857 Feb. 28 1911.1911.3.998,160 Jan.
1910.4. 277 .068 Deo.
1910..
4,653,825 Nov.
1910..
6,026,440 Oct.
4,613,680 Sept.
1910..
4,282, 108|Aug.
1910..
4,396.347iJuly
1910..
4,513,767
6.003,786
6.223.468
6.399,359
6.807,317
6.324,322
«, 978. 762
7.468.95ft
7,656.714
7.827.368
7,932,164
7,852,883
7.594.381
6.551.507
6.163.375
5.957.073
5.807,349
6,750,988
5,664,885
6,304,841
6,464.201
6,379.721
6.084.765
4.141,958
3,694,327
3,eil,31&
3.695.986
3.584.083
3,361,087
3.113.164
3.218.70O
3.447.301
3.400.543
3.110.919
2.674.760
2.760.413
2.871.949
3.148.100
3.637.128
3.070.931
®0mmetrci»X mid^Xisctllnntons'^ztot
l*i'*i%^|^^»^»^^^
—
Breadstuff s figures brought from page 308. The
statements below are prepared by us from figures collected by
The receipts at Western
the New York Produce Exchange.
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
—
—
-
.
July 17
Receipts at
.
.
.
.
—
.
Corn.
Wheat.
Flour.
153,000
13,000
Detroit
St. Louis
Peoria
85,000
40,000
Kansas City..
_
Indianapolis.
Total wk. "20
Same wk. '19
Same wk. '18
291,000
292,000
149,000i
Barley.
Oats.
bush. 56 lbs bush.4Slbs bush.56lbs.
bfi lbs
277,000
1,716,000
736.000
61,000
51,000
23.000
569.000
5,000
764.000
401 ,000
36,000
1,821, 000
126, 000
4,639,000
3,384,000
5,221.000
5,027,000
1,050,000
262,000
145,000
592,000
36,000
55,000
724,000
297,000
127,000
218.000
224,000
715, 000
40, ,000
29 ,000
788 ,000
367, 000
200 000
461 000
480 ,000
3,380,0001
4,673,000
Rye.
132,000
189,000
17,000
164,000
77,000
102,000
425,060
263,000
21,000
35,000
10.000
4,000
898,000
611,000
42,000
3,730,000
598,000
5,260,000 3,020,000
5,385,000'
195,000
Total receipts of flour and grain at the seaboard ports for
the week ended July 10 1920 foUow:
Wheat.
Flour.
New York
Barrels
1.18.000
Bushels
1.071,000
90,000
25,000
61,000
111,000
226,000
810,000
Philadelphia..
Baltimore
Norfolk
New Orleans*
Galveston
Oats.
Bushels
Bushels.
Rye.
Barley.
798,000
11,000
27,000
862,000
6,000
14,000
112,000
2,000
22,000
2,000
39,000
974,000
10,100,000
5,346,000
75,601,000
574,000
Total wk. "20
Since Jan. 1'20 11,577,000
Bushels
104,000
1,000
Wheat,
I
Corn,
Flour,
Bushels. Barrels
Bushels.
165,141
1,599
168,000
9,000
88l",666
IIII'I
549,000
Peas,
Barley,
Bushels.
Rye,
Bushels.
3'68",666
53,599'317,877
136,111 1,041,445' 178,000
170.000 1,626,656
12.000 485,500 1,360,288
2V,999
week and
since
'i"6",666
2,683,000
1,291,000
.25,652,000 5,675,000 4.289,000
-28,545.000 4,378,000 4,713,000
.12.289,000 4,043,000 23,077,000
4,730.000 10,334,000 21,493.000
BANK NOTES— CHANGES
4,724,000 3,974,000
5,376,000 4,026,000
9,773.000 12,309.000
729,000 2,042,000
AND
IN TOTALS OF,
DEPOSITED BONDS, &c.—We
IN
give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Bonds and Legal Tenders
on Deposit for
Circulation Afloat
—
Under—
1919-20.
June 30 1920..
31 1920..
Apr. 30 1920..
Mar. 31 1920..
Feb. 28 1920Jan. 31 1920..
Dec. 31 1919..
Nov. 29 1919..
Oct. 31 1919..
Sept. 30 1919..
Aug. 30 1919..
July 31 1919..
June 30 1919..
Legal
Tenders.
S
707.963,400
706,307,750
704,884,000
70 ,000,000
s
29,710.095
31,039,887
31.288.577
32.439,832
32,892,677
33.241,792
32,649,434
701,469,4.50
699.936.250
699,357,550
698,196,300
695,822,060
696,288,160
694,621,710
693,343,210
692.252 950
Legal
Tenders.
Bonds.
S
6.89,74,S.57>
699.866.398
69I,689,25S
68S,995,.W0
33,146.5.80
34.727.572
34.024,987
35,328,665
34.629,207
36.19.0333
Total.
S
719,037,730
717,264,887
723,392,772
723,938.752
722,641.255
733.108,190
724.338.692
722.142.160
722,394.325
721,485,210
724,563,670
720,907,762
719.276,933
29,710.095
31,039,887
31,288,577
32,439,832
32.892.677
33.241.792
32,649,434
33,146,580
34.727,572
34.024,987
35,328,665
34,629,207
36190 333
689,327,635
686,225,000
692,104,195
691,498,920
687,666,7.53
687,460,223
689,235.005
686,278.5.55
683.086 600
5201,225,800 Federal Reserve bank notes outstanding June 30
U. S. bonds), against $187,666,980 in 1919.
(all
secured by
for the
2s,
Wheat.
4s,
2s,
23.
23,
Corn.
Week
Since
July 1
1920.
Week
Since
Week
July 10
1920.
July 10
1920.
Julyl
1920.
July le
1920.
Since
July 1
1920.
Barrels
Barrels.
Bu.^hels.
Bushels.
Bushels.
Bushels.
3,466,579
4,556,562
5,007,281
6,863,293
Held June 30
S. Boruis
to
Secure
Deposit to On Deposit to
Secure Federal
Secure
Reseroe Bank National Bank
Notes.
Notes
—
On
Bonds on Deposit
June 30 1920.
92',666
159",666
172",666
The destination of these exports
shown in the following:
Week
4,085.000
639,000
U.
8,023,141
2,252.675
—
3.181,000
1,108,000
5,559,000
116,000
86",666
Total week
Week 1919
1 to
1,291,000
1,394,000
2,447,000
998,000
215,000
52,666
Flour.
639,000
953,000
305,000
The following shows the amount of each class of U. S. bonds
held against national bank circulation and to secure public
moneys held in national bank depositaries on June 30:
299,445
120,111
460,666
3,102,000
2,866,000
July
July 10 1920.
July 3 1920.
July 12 1919.
July 13 1918
116,000 1,108,000
14,000 1,090,000
7,000 4,134,000
134,000 10,718,000
Bushels.
Galveston
Montreal
and Since
Total
Total
Total
Total
.18,382,000
.
7,270,000
May
114,000 1,501,000
1,061,000
12,185,000 5,994,000 30,288,000
Oats,
Bushels.
36,877
17,000
7,000
9,000
61,000
15,000
Boston
Exports for
7,270,000
8,746,000
6,992.000
3,805,000
S
124,000
16,000
The exports from the several seaboard ports for the week
ending July 10 are shown in the annexed statement:
Philadelphia
Baltimore
Norfolk
New Orleans
July 10 1920.
July 3 1920July 12 1919.
July 13 1918.
American
Canadian
819,000
6,000
508,000
481.000
2,334,000 2,448,000!
806,000
604,000
875,000;
Since Jan.1'19 21.038.000 105,013.090' 7,590,000 42,307,000 22,182,000 23,790,000
» Receipts do not include grain passing through New Orleans {or foreign ports
on through bill? of lading.
New York
Total
Total
Total
Total
Bushels.
Week 1919...
Exports from —
—
Note.
Bonded grain not included above: Oats, 551,000 New York, 151,000
Buffalo afloat; total, 702,000, against 5,000 bushels in 1919; barley. New York
23.000; total, 23,000 bushels, against 150,000 bushels in 1919.
Barley
Wheat,
Corn,
Oiti
Rye,
Canadian
bush.
bmh.
bu^h.
bush.
bmh.
Montreal
3 .446,000
680,000
116,000
460,000
639,000
Ft. William & Pt. Arthur. 1,608.000
1,188.000
457,000
Other Canadian
123.000
2,216,000
191,000
Bonds.
915,000
797,000
1,527,000
103,000
26,000
Montreal
Boston
Corn.
269
Summary —
19,136,000424,280,000210,332,000 204,135,000 32,284,000 36,341,000
16,191,000 405,133.000 223,796.000 283,462,000 96,069,000 38,946.000
il5. 108. OOP 172.606.000 236.391.000 314,344,000 52.743,000 23,163,000
Receipts at-
,
THE CHRONICLE
bbls.l96lbs bush, eoibs. bush,
Since Aug. 11919-20...
1918-19.
1917-18
—
.
1920.]
Chicago
Minneapolis..
Duluth
Milwaukee
loicdo
Omaha
.
S
13,888,400
2.593,000
383.500
285.300
259.375.000
V. S. Consolsof 1930
U. S. Loan of 1925U. S. Panama of 1936
U. S. Panama of 1938
One-year certificates of Indebtednssa.
Totals
276,525.200
I
S
570,418,200
64,627.900
47.689.040
25.228.260
I
707.963.400
Total
Held.
584,306.600
67,220.900
48,072.540
25,513,560
259,375,000
984,488,600
The
United Kingdom. 113,181
Continent
189,696
So. & Cent. Amer.
9,000
West Indies
6,000
Brit. No. Am. Cols
Other Countries.
184,527
661,573
14,000
15,000
Total
Total 1919
925,732
982,507
,599
1.599
52,666
84,000
1
National Bank Notes
8,023,141
2,252,674
53,599
12,000
11,998,041
3.293.150
85,599
155.255
The world's shipment of wheat and corn for the week
ending July 10 1920 and sinse July 1 1920 and 1919 are
.shown in the following:
1919.
Week
July 10.
Since
July 1.
Since
July 1.
July 10.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels
Bushels.
Bushels.
North Amer. 7,629,000 16,572,000 12,654,000
7',9b5',666
14',Y67",666
6,7"l4",666
Australia ...
India
Oth. countr's
1,032,000
3,504,000
2,880,000
The
Boston.
Philadelphia
Baltimore
NewOrleans
Galveston
Buffalo..
Toledo
Corn.
602 ,000
2,000
148,000
82,000
178,000
327,000
54,000
14.000
1,884,000
43,000
1,028,000
Chicago
afloat
Milwaukee
Ouluth
Minneapolis
IIIIIIII
Kansas City
,168,000
2 ,727,000
165,000
3 ,382,000
Peoria
Indianapolis
"03",666
St. Louis
Omaha
On Lakes
llllll
'On Canal and River
Total July 10 1920
rotaUuly 3 1920
Total July 12 1919
Iot.iI July 13 1918
II
bank notes July
deposit to redeem national
1920
6,845,000
2,589,000
Oats.
7
bush
53,000
49,01)0
Rye.
bush.
Barley,
bush.
875,000
91,000
2V.666
641,000
7,000
160,000
94,000
28,000
27,000
149,000
16,000
1,000
703,000
70,000
247,000
1,000
4661666
585,000
I82I666
400,000
325,000
166,000
572,000
581,000
154,000
232,000
371,000
18,000
61,000
14,000
62.000
04,000
120,000
18,382,000 5,559,000 3,181,000
19,799,000 4,364,000 3,623,000
5.297,000 4,036.000 18,923.000
925,000 10,200,000 10,775.000
14,000
372,000
838,000
8,000
30,000
I6V.606
192,000
735,000
529,710.095
—
National Banks.- The following information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
national banks
CHARTERS ISSUED.
Conversions of State banks and trust companiesThe Northern National Bank of Fargo, N. D
Conversion of The Northern Savings Bank of Fargo.
President, H. P. Beckwith, Cashier, J. L. Cline.
National Bank
of
New
Nevada.
Capital.
5100,000
25,000
50,000
50,000
25,000
200,000
M. Nelson.
25,000
§475,000
Total
APPLICATIONS FOR CHARTER.
Capital.
The Commercial National Bank of Durant, Okla
Correspondent: Sam W. Stone.
The Essex National Bank of Boston, Mass.
Correspondent: Albert M. Kranefuss, 49 Beach
The First National Bank of Cardweii. Mo
§100,000
St.,
200,000
Boston. Mass.
50.000
Correspondent: Dr. J. O. lUrcliett.
First National Bank of South Plainfield. N. J
Correspondent: William HunilUon.
The Farmers & Merchants National Bank of Elba, Ala
Correspondent: Ham, Owen & Carmlchael. Elba. Ala.
Total
-
-
VOLUNTARY
30,000
75,000
§455,000
LIQUID.A.TION.
Capital.
3,000
363,000
425,000
4,085,000
4,423,000
9,468,000
729,000
$31,039,887
1,329,792
1920.
1
The
1
285,000
2 18, (WO
279,000
1
'242",6o6
87,000
8,000
84,000
174,000
116,000
849,000
154,000
11,000
896,000
48,000
43,000
5719,037,730
notes June
Hartford, N. Y.
The First
President, S. F. Sherman, Cashier, C. K. Clark.
The First National Bank of Indio, Calif
President, C. E. French, Cashier, J. C. Baird.
The Rebersburg National Bank. Rebersburg, Pa
President, J. R. Brungart.
The Haymarket National Bank of Boston, Mass
President, Frank DeVV. Washburn, Cashier, Edwin
The Paden National Bank, Paden, Okia.
President, T. W. Harmon, Cashier, R. B. Harmon.
Suceeds The Peoples State Bank of Paden.
Wheat,
Detroit
1920.
Original organizationsTile Farmers and Merchants National Bank of Eureka,
President, J. Sheehan, Cashier, C. J. Travers.
hush
,076,000
1,000
'."II 1 ,977,000
1 ,761,000
1 ,816,000
1 ,463,000
bush.
1
2'.24b",666
34,243,000 22,476,000 2,953,000
1
—
6,797',666
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
^seaboard ports July 10 1920 was as follows:
GRAIN STOCKS.
United States
of bank notes afloat July
Legal-Tender Notes
2',919",666
visible
NewYork
5717,264,887
1,772,843
102,000
"22¥,666
16,566,000
—
58,000
Danube
Argentina...
.ifloat
34,000
Russia
Total
Amount
Corn.
1920.
1919.
— Total
Amount on deposit to redeem national bank
Net amount of bank notes retired in June
Amount on
Wheat.
1920.
Week
June:
Amount afloat June 1 1920
Net amount Issued during June
127,467
50,632
317,877
485,500
Exports.
following .shows the amount of national bank notes
and the amount of legal-tender deposits June 1 and
July 1 and thsir increase or decrease during the month of
afloat
Tho Pcnbrook National Bank, Pcnbrook, Pa
To tako offoct July 12 1920.
2,683,000
2,632,000
9,802,000
1,444,000
A.ssct.s taken ovor by iho Pcnbrook Tru.st
Kir.st National IJank of Modesto Calif
The
To tako
,
Co.
$25,000
B
M
200,000
Liquidating .\gent. E. C. Peck, Modesto.
eflcct July 10 1920.
Assets taken over by Tlte Sacramento lianlc. Sarramento. Calif., whicll
bank proposes to establish a brancli bank at Modesto.
THE CHRONICLE
^70
CAPITAL STOCK INCREASED.
Amount
Cap'l when
increased.
of
increase.
$50,000
Bank of Ypsilanti. Mich
of Hillsborough, O... 50.000
Fla
100,000
St.
Petersburg,
Bank
of
National
First
25,000
Albion National Bank, Albion, III
25,000
Athens National Bank, Athens, N. Y...
Waynesboro,
100,000
of
Pa
Peoples National Bank
25,000
First National Bank of Raymond, III
25,000
The'Flrst National Bank of Gordon. Texas
35,000
The' First National Bank of Mount Olive, 111..
Wagener,
S.
C_..
20.000
The First National Bank of
150,000
The SLxth National Bank of Philadelpnia, Pa
50,000
The First National Bank of Sapula, Okla
20,000
The Warren National Bank. Warren, Minn
Lynchburg,
Va
500,000
The Lvnchburg National Bank,
Marcellus,
N.
Y
25,000
Bank
of
National
The First
100,000
The National Bank of Boyertown. Pa
25,000
The Grove City National Bank, Grove City, Pa
The
The
The
The
The
The
The
$150,000
150,000
200,000
50,000
50,000
200,000
First Xational
Merchants National Bank
Total
MONEY
STOCK
--.$1,325,000
-
-
50,000
50,000
70,000
50,000
300,000
100,000
50,000
1,000,000
75,000
200,000
125,000
THE COUNTRY.—
The followIN
OF
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
-Slock of
in
Messrs. Barnes
S.
July
.
DIVIDENDS— Change in Method of Reporting Same.
We have changed the method of presenting our dividend
We now group the dividends in two separate tables.
record.
First we bring together all the dividends announced the
Then we follow with a second table, in which
current week.
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name
Gold certificates
Standard silver dollars
Silver certificates
Subsidiary sUver
Treasury notes of 1890
346,681,016
United States notes
c3,405,877,120
Federal Reserve notes
Fed'I Reserve Bank notes-. 201,225,800
719,037,730
National bank notes
9,381,223
27,698,893
2,490,609
22,691,896
1,656.355
1.745.230
337,299,793
332,938,544
3,122,001,747 2,493,992,462
198,735,191
163,682,696
696,345,834
649.831,150
Total
---7,887,181,586 485,057,472 6,084,854,578 5,841,026,528
Population of continental United States estimated at dl07. 155.000. Circulation
per capita, S56.79.
a This statement of money held in the treasury as assets of the Government does
not include deposits of public money in Federal Reserve banks and in national banks
and special depositaries to the credit of the Treasurer of the United States amounting to .5350,458.290.59.
b Includes $382,408,191.87 Federal Reserve Gold Settlement Fund deposited
with Treasurer of United States.
c Includes own Federal Reserve notes held by Federal Reserve banks.
d Revised figures.
Note.
On July 1 1920 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes 8867,034,776 gold coin and bullion, $194,058,280
gold certificates and $256,176,480 Federal Reserve notes, a total of Sl.317.269.536
against SI. 168,599,200 on July 1 1919.
—
Canadian Bank Clearings.
—The clearings
week
ending July 8 at Canadian cities, in comparison with the same
week in 1919, show an increase in the aggregate of 21.4%.
for the
Halifax
Calgary
Hamilton
St. JohnVictoria-
_.
London
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantf ord
Fort William
New
Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Total Canada. _.
1920.
1919.
Dec.
1918.
7c
$
140,183,884
113,574,789
48,169,622
19,702,151
12,009,162
9,994,554
7,931,493
8,803,780
9,105,441
4,390,959
3,490.360
4,695.348
6,088,453
5,252,902
949,181
2,675.487
2,150,529
781,334
1,844,273
965,057
811,075
448.845
1,276,257
1,788,245
1,449,984
3,626,657
595,952
S
132,210,587
86,816,576
38,240,880
13,644,830
8,806,749
7,532,361
6,597,048
6,806,516
6,829,751
2,908,640
3.436,649
4,043,157
4,284,251
4,292,182
689,774
2,160,315
1,694,353
781,694
1,296,140
822,110
570,762
474,881
915,650
948,720
964,303
1,870.094
416,608
412,7.55,774 340.092,581
+ 6.0
+ 30.8
+ 26.0
+ 44.4
+ 36.4
+ 32.7
+ 20.2
+ 29.3
+ 33.3
+ 51.0
+ 1.6
+ 16.1
+ 42.1
+ 22.4
+ 37.7
+ 23.8
+ 26.9
—0 05
+ 42.3
+ 17.4
+ 42.2
—5.5
+ 39.4
+ 84.8
+ 50.3
+ 93.9
+43.0
1917.
100,999,995
79,124,381
35,950,449
10,855,937
6,755,441
5,163,060
4,956,532
5,543.971
5.442.962
2,561,916
2,787,761
2,915,113
3,521,277
3,049,935
620,704
1,772,821
1,579,793
830,103
1,090,381
705,947
812.001
392,153
665,488
852,179
724,470
1,225,375
253,685
99,320,057
66,663,014
43,362,995
8,073,599
6,509,889
4,462,262
3,654,520
6,106,058
4,668,276
2,238,147
1,940,012
2,339.058
2.789,060
3,343,470
462.012
1,653,061
1,054,060
868,308
946,481
690.075
335,097
562,119
736,288
617,485
368,254
+21.4 281,153.830 264,033.657
—
Stocks.
10 Coal Run Land of W. Va.,
S58.85 each
S8 per sh.
19 Low Moor Iron of Va.. com.
S4 per sh.
10 Low Moor Iron of Va., pf- S8per sh
10 Rush Creek Land of W. Va.,
S54.50 each...
.$8 per sh.
9 Thurmond Land
$4 per sh
10 Central Union Trust of N. Y.
S370J^ per sh.
1,000 Am. Ship. & Export, Si ea.S16 lot
10 Brockton Heel, Inc., pref..$25 lot
10 Brockton Heel, Inc., com..S16 lot
300 Hale & Kilburn Corp., com.
S8H per sh.
By
Messrs. Wise,
Hobbs
&
Shares.
407 1-3
Slocks.
Algoma Cent.
Ry.,
.S30 lot
80 Criterion Concessions Corp.,
preferred
$50 per sh.
Bonds.
Per cent.
S1,000 Peoples Elevating, 1st 5s, '39 31
S2,000 Bergen Turnpike 1st 58,1951 31
$48,000 United Gas & Elec. 7%p.m.
ctfs. of indebtedness
50
SlO.OOOMcWilllams Bros..
Shares.
Stocks.
8 Pepperell Mfg. Co
6 Merrimack Mfg., com
5 Nashua Mfg., i)ref
H West Point Mfg..
5 Lowell Bleachery
7 West Pohit Mfg
220
110]^
98
Ho
147 J^
220
of rec. Aug. 3a
Holders of rec. July 24a
Holders of rec. July 23
2
*8
Aug.
\2H
Dem'd
*'4
Holders
of rec. July 24
Holders of
rec.
June 30
Northern
Utilities, pref. (quar.)
...
Collieries. . - - Kaufmann Dept. Stores, com. (quar.).
Kelsey Wheel, Inc., pref. (quar.). . .
Lee Rubber* Tire Corp. (quar.). . .
.......
July
Aug.
July
Aug.
Aug.
Oct.
July
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
50c.
2c.
Aug.
Sept.
e5c.
M otor
$1.25 July
(quar.)..
First and second preferred (quar .)
Midwest Refining (quar.)
1?4
$1
$1
$6
Extra
Nash Motors, common
Preferred (quar .)
National Biscuit, com. (quar.)
I'A
*1H
Preferred (quar.)
National Breweries, pref. (quar.)
'
Nat. Cloak & Suit, pref. (quar.)
N. Y. & Honduras Rosarlo Mining (qu.)
Extra
Pacific Coast Co., com. (quar.)
First preferred (quar .)
Second preferred (quar.)
Plant (Thomas G.) Co., pref. (quar.)..
Royal Dutch Co
*
Motor Car, com. & pref. (quar.)
Lawrence Flour Mills (quar.).
I'-i
Bonus
&
com. (quar.)
Sterling Tire Corp..
Aug.
Aug.
*I
IH
3.54!.i
iy2
$2
*20c.
Union Tank Car, com.
(quar.)
(quar.)
Wabasso Cotton (quar.)
Warner (Chas.) Co. of Del., com. (qu.).
First and second preferred (quar.)
Woodburn Oil Corp (quar .)
Woolworth (F. W.) Co.. com. (quar.)
Preferred
.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
JiUy
*1H Aug.
/lOO
Aug.
20c.
July
July
July
July
Sept.
1
Preferred (quar .)
Preferred series B (quar.)
Aug.
*1K Aug.
IH
&
Sears, Roebuck
Co., com. (quar.)
Skelly Oil (quar.)
Iron, com. (qu.)
Sloss-Sheffield Steel
So. Porto Rico Sug., com. (in com. stk.)
Oct.
July
July
3
2
*1
1
(quar.)
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
iH Aug.
lU Sept.
Russell
Preferred
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
1%
McElwaln (W. H.) Co., com.
St.
of rec. July 15
Holders of rec. July 24a
Holders of rec. July 13
July 21
to
Aug. 1
Holders of rec. July 21
July 24
to
Aug. 1
Holders of rec, July 31
Holders of rec. July 31
Holders of rec Aug. 2
Holders of rec July 23
Holders of rec July 230
Holders of rec. July 20
Holders of rec July 14
Holders of rec July 17
Holders of rec July 20
Holders of rec Sept. 13
Holders of rec July 15
Holders of rec July 31
Holders of rec July 20
Holders of rec July 20a
Holders of rec July 20
Holders of rec July 22
Holders of rec July 15
Holders of rec July 20
Holders of rec Julyi21o
Holders of rec Aug. 14
Holders of rec Aug. 1
Holders of rec Aug. 15
Holders of rec July 20a
Holders of rec July 15
Holders of rec July 15
Holders of rec July 15a
Holders of rec July 15a
Holders of rec July 20
Holders of rec July 20
Holders of rec Sept. 30
Holders of rec Aug. 16
Holders of ree July 15
Holders ol rec Aug. 20a
Holders of rec July 20
Holders of rec July 20
Holders of rec, July 24
Holders of rec July 24
Holders of rec July 24
Holders of rec July 17
Holders of rec, July 20
Holders of rec. July 17
Holders of rec July 20
Holders of rec. July 20
Holders of rec July 20
Holders of rec, July 31
Holders of rec. July 21
Holders of rec, July 28
Holders of rec. July 24a
Holders of rec, July 15
Holders of rec, July 6
Holders of rec. July
Holders of rec. July
July
July
1
$1
Stick dividend
Lincoln
Holders
July
Aug.
Atlantic Safe Deposit
3
Atlas Powder, pref. (quar.)
IH
Atlas Tack Corp. (quar.)
750.
Brill (J. G.) Co., preferred (quar.)...
l?i
Brompton Pulp & Paper com. (quar.)..
3
Preferred (quar.)
*1H
Burns Bros., common (quar.)
*2i4
Preferred (quar.)
"I'A
Consolidation Coal (quar.)
1J4
Eisemann Magneto, preferred (quar.).
Electric Bond & Share, com. (quar.)
2
Preferred (quar .)
IH
Fairbanks Co., first preferred (quar.).
2
Electric Storage Batt., com. & pf. (qu.)
3
Exchange Buffet Corp. (quar.)
$2
Gillette Safety Razor (quar.)
$2.50
•3
. . - .
Houston Oil, preferred
Ide (Geo. P.) & Co.. Inc., com. (quar.)
$1
15i
2
*1>4
*1H
IH
$1
IM
10c.
•2
Holders
Holders
Sept.
Sept.
July
Holders
Holders
Holders
Holders
July
July
Holders
Sept.
of rec.
of
of
of
of
rec,
rec,
rec.
rec,
of rec.
of rec.
Aug. 5
Aug. 5
Aug. 16
June 30
June 30
July 10
Aug. 10
Below we give the di\idends announced in pre\ious weeks
and not yet paid. This hst does not include di^ddend9
announced this week.
Name
Comvany.
of
Arnold, Boston
Canada Southern
Central RR. of N. J. (quar.)
Chic. St. Paul Minn. & Omaha, common
Preferred
Baltimore
Shares.
Stocks.
S per sh.
2 Ludlow Mfg. Associates
145}^
17 Draper Corporation
131M-1315i
2 Concord Electric, pref
89 >^
3 Boston Wharf
75^
3 Plymouth Cordage, ex-div
210
6 Reversible Collar
125
Per
When
Books Closed.
Cent.
Payable.
Days IncluHie,
t 1.75
Aug. 20
Railroads (Steam.)
Alabama Great Southern, preferred
Atch. Topeka & Santa Fe, com. (quar.).
Co., Boston:
S per sh.
Aug.
Holders
Miscellaneous.
Amer. Dist. Teleg. of N. J. (quar.)...
Amer. Sumatra Tob., com. (quar.)
Inc., 1st
H
Day &
Inclusive.
Fire Insurance.
Home.
5s, 1930
$6,900 lot
$5,000 Anglo-Amer. Develop, subsc.
partic. ctfs., 45% paid...
$3 lot
Stocks.
S per sh. Shares. Stocks.
S per sh.
5 Arlington Mills
93
48 A. L. Sayles & Sons, com., $25
U. S. Worsted, common
each
S2.25
- 29
9 rights American Trust
105
8 A. L. Sayles & Sons, pref., $50
Herschell
62
Spillraan, pf.,S50 ea45-45K
each
45
1 Tri mountain Trust- 70
59 American Textile Soap, pref
93
16 Yale & Towne Mfg--272
6 rights Haverhill Electric Light- 90c.
Messrs. R. L.
2
2
Books Closed.
Days
& Hud. Bay
pref
Shares.
By
1
Aug.
*$2.50 Aug.
2M
Spencer Petroleum (monthly)
&
Shares.
Sept.
3H
Trust Companies.
Kings County (Brooklyn) (quar.).
lig-Mar Coal Mining.
Sales.
Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller Sons, New York:
Auction
*1%
Kanawha-Elkhorn
Inc. or
Ottawa
Quebec
When
Payable
Street & Electric Railways.
Montreal Tramways (quar.)
Internat. Nickel, pref. (quar.).
8.
Clearings at-
Montreal
Toronto
Winnipeg
Vancouver
Per
Cent.
Central (quar.)
NashviUe Chatt. & St. Louie..
Pittsburgh & Lake Erie
Illinois
Week ending July
Canada
Company.
of
Railroads (Steam).
Illinois
b834,687,970 1,172,953,529
--390,522,843
542,219,728
133,978,687
268,798,602 14,641,786
81,576,350
118,521,774
169,939,003
6,944,072
251,104.384
258,048,456
232,147,836
2,687,512,862 401,208,993
Treasury)
Lofland, Philadelphia:
S per sh. Shares. Stocks.
$ per sh50
2 John B. Stetson, com
310
100 H. K. Mulford,S50each
750 Northwestern Metals. 810 ea.SlO lot
100 Keely Stove (Columbia, Pa.).. 85
ea«h
5 Mahoning Coal RR., com., $50
431 Dexter Portl. Cement, $40
32'A
385
each
40 Corn Exchange Nat. Bank
500
6 Philadelphia National Bank... 350
Bonds.
Per cen.
4 Kensington Nat. Bk.,S50 each. 120
2 Fidelity Trust
448H $2,000 The Rio GrandeRy. 1st cons
45
4s, 1949
15 Peoples Trust, $50 each
61H
3 Aldine Trust
17O-170K $1,000 Det. Tol. & Ironton Ry ctfs.
of deposit
1 Philadelphia Finance..
$13
15M
1
Gold coin (including bullion
in
&
Stocks.
Shares.
'20
Monep in CireulatUm
aHeldin Treas. July 1 1920. July 1 1919.
Money
U.
By
[Vol. 111.
&
Ohio, preferred
Preferred
Cleve. Cin. Chic. & St. Louis, pref.(quar.)
Cuba Railroad, preferred
Delaware Lackawanna
Great Northern (quar.)
Louisville
&
&
Western
(qu.)
Nashville
Mahoning Coal RR., common
Michigan Central
New York
Norfolk A
Central
RR. (quar.)
common (quar.)
Western,
Preferred
(quar .)
&
St. Louis
Sept.
1
Aug.
2
2yi
2
Sept.
1
IM
Aug.
2
2
2
-Aug.
2H
3H
Aug. 20
Aug. 20
1)4
July 20
3
Aug. 1
$2.60 July 20
IJi
3i^
$5
Aug. 2
Aug. 10
-Aug.
2
2
Jmy
29
1«
Aug.
IH
2
Sept. 18
Aug. 19
Aug. 2
Aug. 2
2
July 26
I'A
1
Northern Pacific (quar.)
Pere Marquette, prior pref. (quar.)
Plttsb. Cln. Chic.
IH
IH
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
July 18
July 30a
June 30a
July 17a
lo
July
rec July 20a
rec. Aug.
rec. Aug.
rec. July
rec. June
of rec. July
of rec. July
ol rec. July
of rec. July
of rec July
of iec. July
of rec. Aug.
of rec. July
of rec. July
of rec. July
of rec. July
2a
2a
la
30a
6a
20
19a
16a
lo
la
31o
31a
2(1
17a
15o
— ——
July 17
Name
. ...
—— —
2
Company.
Per
When
Cent.
Payable
SI
Aug. 31
Aug. 12
West
Virginia, pret. (quar.)
common (Quar.)
First preferred (quar.)
&.
Reading Company,
and Electric Railways.
Carolina Power & Light, com. (quar.)..
Duquesne Light, pref. (quar.)
Milwaukee Elec. Ry. & Lt.. prel. (qu.).
50c. Sept.
Street
Days
& P. Cons. (quar.)..
Philadelphia Co., common (quar.)
Public Service Investment, pre(. iquar ;
Railway & Light Securities, com. & pf.
West Penn Power Co., prel. (quar.)
West Penn Rys., pret. (quar.).
West Penn Tr. & Water Pow., pt. (qu.).
York Rys., pref. (quar.).
Montreal Lt.. Ht.
H
Miscellaneous.
Mining
Aug.
Aug.
IW
Sept. 15
Aug. 16
July 31
Aug.
Holders of
rec.
Holders
Holders
Holders
Holders
Holders
rec. July 26
rec. July 31a
2a
rec. Aug.
rec. July 10a
July
24
rec.
rec. Julyl 15
rec. July 31
rec. Aug. 18a
Aug.
IH
July 31
Aug. 16
I'/i
July 31
Aug. 2
75c.
m
62HC
10c.
common (No. 1)
1
American Bank Note, com. (quar.)
$1
2
American Beet Sugar, com. (quar.)
American Chicle, common (quar.)
81
•2
American Cigar common (quar.)
*40c.
American Druggist Syndicate
American Gas (quar.)
1
Amer. Gas A Elec, pref. (quar.)
IH
preferred
American Glue,
4
American Ice, pref. (quar.)
IH
Amer. La France Fire Eng., com. (qu.).
2H
Amer. Light & Trac com. (quar.)
IVi
Allis-Chalmers Co..
,
Common
(payable in
Preferred
common
stock).
nu
IH
(quar.)
American Shipbuilding, com. (quar.)
Common
(extra)
(quar.)
Preferred
2}i
&
Amer. Sugar Refg., com.
Common
pref. (qu.)
m
Ik
2
2
2
Aug.
Aug.
Aug.
July
Aug.
Aug.
Holders
Holders
Sept.
Sept.
Holders
Holders
Holders
Holders
Holders
July 16
July 16
July 16
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
*H91ders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug.
Aug.
July
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Oct.
(extra)
American Sumatra Tobacco, preferred..
3H Sept.
Amer. Tobacco, com. (in Class B com). t7ft
Aug
Amer. Zinc, Lead A Smelt., pref. (qu.) £1.50 Aug.
Anaconda Copper Mining (quar.)
-Aug.
SI
Arkansas Nat. Gas, pref. (qu.) (No. !)_. *l% Aug.
Associated Dry Goods, com. (quar.)
Aug.
1
First preferred (quar.)
Second preferred (quar.)
Associated Oil (quar.)
Atlantic Gulf & W. I. SS. Maes, com..
Atlantic Refining, pref. (quar.)
Austin, Nichols & Co., pref. (quar.)
Barnhart Bros. & Splndler
First and second preferred (quar.)
Borden Co.. common
Preferred (quar.)
Preferred (quar.)
Brown Shoe, Inc., pref. (quar.)
Canadian Connecticut Cotton Mills
Common Class
A&B
,
Common (No
1)
.
IJ^
m
IH
1%
i.^ug.
Ik
*4
•IH
iji
10
*10
Ik
M
1*4
Cedar Rapids Mfg. & Power (quar.)
Central Agulrre Sugar Cos.. common
Central Leather,
common
k
$6
(quar.)
Chicago Pneumatic Tool (quar.)
Chic. Wilm. & Franklin Coal, pf. (qu.).
ServiceCommon and preferred (monthly)
of rec. July
15
rec. July
1
rec. July 20a
rec. July 31a
rec. July
1
rec. July 15
rec. July 15a
rec. July 21
of rec. Sept. 1
of rec. Aug.
of rec. July 21a
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Jime 30u
July 15a
July 15a
July 9a
Aug. 2a
July 28
to
July 28
to
July 28
to
of rec. July I5a
of rec. July 151
of rec. July 15a
of
of
of
of
of
of
of
of
of
of
of
of
of
of
rec
re«.
rec.
rec.
rec.
rec.
rec.
rec,
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Sept.
Sept.
la
la
Aug. 16a
July 16<j
July 15a
July 17a
June
1
July 19a
9a
9a
Aug.
Aug.
June 30a
June 30a
July 15a
July 23a
July 31 Holders
Aug. 14 Holders
Sept. 15 Holders
Deo. 15 Holders
Aug. 1 Holders
Aug.
2
.\ug.
1
Aug. 2
Aug. 16
Oct. 15
July 30
July 30
Aug. 16
July 31
IK
Aug.
2
July 26
IH
Aug.
2
2
of
of
of
of
of
rec. July
rec. Aug.
rec. Sept.
rec. Dec.
rec. July
26a
1
1
1
20a
Holders of rec July 15
Holders of rec July 15
Holders of rec July 16
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
rec
rec
rec
rec
rec
rec
rec
rec
rec
July
Oct.
July
July
July
July
July
July
July
31
1
26a
15
31
20
9a
15a
17
Cities
•H Aug. 1 •Holders of rec.
Common (payable In common stock) •/IK Aug. 1 Holders of rec.
Preferred B (monthly)
•H Aug. 1 Holders of rec.
Holders of rec.
Cities Service, Bankers Shares (mthly.) 45.62c Aug.
1
Cluett, Peabody & Co., com. (quar.)
Aug. 2 Holders of rec.
2
Columbia Gra'phone Factories, pf. (qu.) S2
Aug. 1 Holders of rec.
•2
Commonwealth-Edison (quar.)
Aug. 2 Holders of roc.
Continental Candy Corp. (quar.)
25c. July 20 Holders of rec.
Cnntinental Paper & Bag Mills
Com. & pref. (payable in com. stock). /50
Aug. 15 Holders of rec.
Com Products Refg., com. (quar.)
1
July 20 Holders of rec.
Common (extra)
Cosden & Co., common
(quar.)
(quar.)
Crucible Steel, common
Common (payable In common stock)
Cuba Company, preferred
Cuban-American Sugar, com. (quar.)..
Preferred (quar.)
Cupey Sugar, common
Preferred
Davison Chemical
De Beers Cons. Mines, Ltd
Diamond Match (quar.)
Dodge Steel Pulley, pref.
Dome
(quar.)
Mines, Ltd. (quar.)
Dominion Coal, pref. (quar.)
Dominion Oil (monthly)
Dominion Steel Corp., pref. (quar.)
du Pont (E. I.) de Nemours & Co.
debenture stock (quar.)
du Pont(E.I.)de Nem. Powd., com.(qu.;
Eastern Steel,
common
(quar.)
(quar.)
Eastman Kodak, common
Common
Common
(extra)
(extra)
Preferred
(quar
Edison Elec.
Edison Elec.
..."
_
)
_ .
of Boston (quar.)
of Brockton (quar.)
Eisenlohr (Otto) & Bros., com. (quar.)..
Elk Ba-sin Cons'd Petroleum (quar.)
Emerson-Brantingham, pref. (qu.ar.)
111.
111.
Eureka Pipe Line (quar.)...
Everett Heaney
&
Co., Inc. (quar.)
Fajardo Sugar (quar).
Extra (in ca-sh)
Extra (payable in stock)
Fall River Gas Works (quar.)
Federal Sugar,
Common
common
(quar.)
(extra)
Preferred (quar)
Firestone Tire & Rubber, pref. (quar.).
Fisher Body Corp., com. (quar.)
..
Preferred (quar.)
Flsk Rubber, 1st pref. (quar.)
Ft. Worth Power & Lt
pret. (quar.)..
General Cigar, common (quar.)
Preferred (quar.)
Debenture preferred (quar.). 1. 1. 11.
General Motors, common (quar.)
Common (payable in common stock)
Preferred (quar.)
Debenture 6'';, preferred (quar.)
Debenture 7% preferred (quar.)
Goodrich (H. K.) Co., common (quar.).
,
Greene Cananea Copper..
Guantanamo Sugar (quar.).
of
Company.
July
July
July
July
July
July
July
18
15
18
15
21a
Preferred (quar.)
Hart, Schaffner & Marx, com. (quar.)..
Holly Sugar Corp., pref. (quar.)
Howe Sound Co. (quar.)
Hupp Motor Car Corp., com. (quar.)..
Ik
Aug.
Aug.
5c.
Days
Inclusive.
July
Inspiration Consol. Copper (quar.)
International Mercantile Marine, pref..
Pref. (account accumulated dividends)
Kamlnistlqua Power, Ltd. (quar.)
Kayser (Julius) & Co., 1st & 2d pf. (qu.)
Keliy-Sprlngfleld Tire. com. (qiuir.)
Common (payable In common stock)
Preferred (quar.)
Keystone Watch Case (quar.)
Kress (S. H.) & Co., com. (quar.)
Lehigh Coal & Navigation (quar.)
Llbby, McNeill & Llbby (In stock)
Liberty Match, Inc. (quar.)
Lima Locomotive Works, Inc., pf.
(qu.)
Ik
50c.
Miami Copper
50c.
2H
3
Ik
Ik
.
2
Ik
(quar.)
Mldvale Steel &. Ordnance (quar.)
Mohawk Mining (quar.)
Mollne Plow, Ist pref. (quar.)
Second preferred (quar.)
Montreal Lt., Heat& Power (quar.)
Morris Plan Co. of New York
Morris (Philip) & Co., Ltd. (No 1)
Mountain States Power, pref. (quar.)..
Mullins Body Corp., com. (quar.)
Preferred
(quar.)
Penmans, Ltd.. common
Aug.
Aug.
Aug.
•IH
July
81
Aug.
Aug.
Aug.
Aug.
2
81
2
Extra
Prairie Pipe Line (quar.)
& Gamble, common (quar.)
Common (payable In common stock).
Procter
&. Ref. Corp., com. (quar.)
Preferred (quar.)
Public Service Co. of No. 111., com.(qu.)
Preferred (quar.)
-
Producers
PjTcne Manufacturing (quar.)
Quaker, Oats, preferred (quar.)
Republic Iron &. Steel, com. (quar.)
Rlordon Pulp 4 Paper, common (quar.)
Santa Cecilia Sugar, com. (quar.)
—
(quar.)
Savannah Sugar Refg.,
pref. (quar.)
Preferred (quar .)
Spicer Mfg., common
Oct.
1
Aug.
1
Ik
IH
S
/4
12
He
(in
Ik
•IH
25c.
IH
Aug
Aug
Aug
Aug.
IH Aug.
2H Aug.
Aug.
25c.
Ik Aug.
Ik Aug.
81.965 Aug.
IH Aug.
2
2
50c.
25c.
24
24
31
31
31
14
14
2
2
2
2
2
31
2
15
2
15c.
com. stock)
—
Oil of California (quar.)
United Alloy Steef Corp. (quar.)
United Drug. 1st pref. (quar.)
First preferred (qu.ar.)
Second preferred (quar.)
United Retail Stores Corp., com. (In stk.)
United Verde Extension Mining (quar.)_
U. S. Food Products (quar.)
U. S. Glass (quar.)
U. S. Rubber, common (quar.)
First preferred (quar.)
Virginia-Carolina Chemical, com. (quar.)
(extra)
Virginia Iron, Coal & Coke
Vulcan Detlnnlng, pref. (quar.)
Pref. (.acct. accumulated dividends)..
WentlnRliou.se Air Brake (quar.)
Westinghouse Elec. & Mfg., com. (qu.)
WllIy.sOverland, com. (quar.)
Wilson & Co., common (quar.)
Woods Mfg., common (quar.)
/25
Ik
Aug.
ree.
rer.
rec.
rec.
ree.
rec.
reo.
to
July 25
July 25
Aug lOa
Sept. 15a
Aug. 2a
July 17a
July 10
Aug. 18a
Aug. 18
Holders
Holders
Holders
Holders
1
1
7
2
1
.
Aug. 15
Aug. 15
JulydlO
JulydlO
to
rec.
rec.
of rec.
of rec.
July 22
1
2
2
2
Aug. 31a
July 20a
July 9a
July 9a
Jime 30
June 30
June 30
Holders of
Holders of
Holders
Holders
Holders
Holders
Holders
Hoklers
20 Holders
Holders
1
Holders
1
2
Holders
1
Ik
24 Holders
24 Holders
20 Holders
$1
Ik Aug. 2 Holders
87 He. Aug. 2 Holders
IH Sept. 1 Holders
Aug. 16 Holders
/5
Holders
60c. Aug.
1
IH July 19 Holders
Holders
Julvd26
81
Julyrf31 Holders
2
JulydSl Holders
2
Aug. 2 Holders
1
Holders
Oct.
1
2
7
July 26 July
3
Ik July 20 Holders
h\
July 20 Holders
$1.75 July 31 Holders
July 31 Holders
SI
Aug. 2 Holders
2.5c.
Ik Aug. 2 Holders
Sept. 1 Holders
2
IH
1
rec.
rec.
rec.
rec.
of
of
of
of
Holders of
Holders of
•Holders of
Holders
Holders
Holders
Holders
July 20 Holders
Aug. 15 Holders
Aug.
Aug.
July 17a
July 15a
July 3
July 3
July 15
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
2
2
July 20
July 20
Aug.
Aug.
Aug.
rec .July 20o
rec. July 17a
rec. July 17a
2a
rec. Aug.
rec. July 22a
rec. June 20a
rec. July 31a
reo. June
6
rec. July 15
rec. July 15a
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug. Ifi
2
81.20 Aug. 20
(quar.)
Common
Aug.
Aug.
Aug.
IH Aug.
Underwood Computing Mach., pf. (qu.)
Underwood Typewriter, com. (quar.)..
Union
July
July
July
July
July
17Hc. Aug
50c.
Swift International
Texas Chief Oil (monthly)..
Preferred
Aug.
(t)
2
(quar .)
Submarine Boat Corporation
Superior Steel Corp., com. (quar.)
First and second pref. (quar.)
com.
Aug.
July
July
/2H
(No. 1)
Standard Motor Construction (quar.)..
Steel Co. of Canada, com. & pref. (quar.)
•Ik
Steel Products Co., com. (quar.)
3
•81
Stewart Mfg., common (quar.)
Steel,
July
July
July
7HC. Aug.
2Hc. Aug.
Ik Aug.
4
Aug.
•3
•3
•3
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
July 31
July 21
July 15
June 30
Holders
Holders
July 17a
July 17a
Holders
July 21
Holders
July 17
Holders
July 10
Holders
July 18
July
1
to
Holders of rec June 30
2a
July
Holders of rec.
Holders of rec, July 15a
Holders of rec June 30a
Holders of rec Aug. 5
Holders of rec July 21
Holders of rec July 150
Holders of rec July 15a
Holders of rec July 20a
July 31
July 25
to
IH Aug.
Pick (Albert) & Co., common
Pierce Oil Corporation
Common (quar.) (pay. In com. stock)
Piggly Wiggly Stores, com.. Class A
Pittsburgh Coal, common (quar.)
Preferred (quar .)
Prairie Oil & Gas (quar.)
of
of
of
of
of
of
of
of
of
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Sept.
Oct.
3
10c.
IH
Extra
Trumbull
Aug.
Sept.
Sept.
81
25c.
Phillips- Jones Corp., pref. (quar.)
Preferred
Aug.
Aug.
July
July
Ik
IH
2
Preferred (quar.)
Traffic
Preferred
July
Aug.
Aug.
Aug.
400.
h3
250.
(quar.)
July
July
$1
SI. 50
2
National Carbon, pref. (qu.ar.)
National Leather
New River Co., pref. (quar.)
Nipissing Mines Co. (quar.)
Northern States Power, pref. (quar.)
Pacific Development Corp. (quar.)
Packard Motor Car. com. (quar.)
Parish & Bingham (quar.)
July
Aug.
Aug.
Aug.
Ik Aug.
Aug.
81
/75c. Aug.
Aug.
2
IH Aug.
Aug.
1
Au«.
SI
'e60
Aug.
2H Aug.
Loew's, Inc., common (quar.)
Lowell Electric Light Corp. (quar.)
Maple Leaf Milling, com. (quar.)
Preferred (quar.)
assachusetts Gas Cos (quar .)
May Department Stores
Common (quar).
Preferred (quar.)
M
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Aug.
2H
$1
3
h5
2
rec. July 10
rec. Aug. 20
rec. July 15
rec. June 30
rec. July 15a
rec. July 20
rec. June 30
rec. July 17
rec. July
9a
9a
rec. July
of rec. July 15a
of rec. July I5a
of rec. July 31
Holders of
Holders
2Sc. Aug.
$2
Aug.
.
Books Closed.
July
•1
25c.
Shell Transport <fe Trading.
Sierra Pacific Electric Co.. pref. (quar.)
Smith (Howard) Paper Mills, com. (qu.)
-J
When
Payable.
Ik Aug.
Idaho Power, pref. (quar.)
Indian Packing Corp. (quar.)
Indiana Pipe Line (quar.)
Ingersoll-Rand Co., com. (quar.)
15a
15
June 29a
9
July 6a
6a
July 20 Holders of rec. July
62HC. Aug. 2 Holders of rec. June 30a
2
July 31 Holders of rec. July 15a
July 31 Holders of rec. July!il5a
•3H Aug. 2 •Holders of ree. June 30
Ik Sept. 30 Holders of rec. Sept. 10a
Ik Sept. 3(1 Holders of rec. Sept. lOa
17
Aug. 2 Holders of rec. July 15a
3H Aug. 2 Holders of rec. July 15a
Aug. 16 Holders of rec. July 30
$1
*S2.36 July 28 Holders of rec. July 26
Sept. 15 Holders of rec. Aug. 31a
2
Ik Aug. 1 July 22 to July 31
July 20 Holders of rec. June 30a
25c.
Ik Aug. 1 Holders of rec. July 12
Aug. 1 Holders of rec. July 10
10c.
IH Aug. 1 July 16 to .\ug. 1
July
26 Holders of rec. July 10
IH
•IH Aug. 2 •Holders of rec. July 20
•Ik Aug. 2 •Holders of rec. July 20
1
Aug. 15 Holders of rec. Aug. la
Holders of rec. Aug. 31a
Oct.
1
2,'.i
Holders of rec. Aug. 31a
Oct.
1
5
Sept. 1 Holders of rec. July 31a
IM Oct. 1 Holders of ree. Aug. 31a
Aug. 2 Holders of rec. July 15
3
2
Aug. 2 Holders of rec. July 15a
•2
Aug. 2 Holders of rec. July 22
2'
Aug. 2 Holders of rec. Julv 15
.4ug. 2 Holders of rec. July Ifi
1?4
Aug. 2 Holders of rec. July 15
3
2
Aug. 1 Holders of rec. July 150
2'
July 30 Holders of rec. July 12
30
July 30 Holders of rec. July 12
t70
July 30 Holders of rec. July 12
3
Aug. 2 Holders of rec. July 15a
Ik Aug. 2 Holders of rec. July 10a
Aug. 2 Holders of rec. July 10a
5
IH Aug. 2 Holders of rec. July 10(1
Ik Auk. 1 Holders of rec. July 21n
S2.50 Aug. 2 Holders of rec. July 20rl
Ik Aug. 2 Holders of rec. July 20'i
75c
July 20 Holders of rec. July 10
Ik Aug. 2 Holders of rec. July 21
IH Aug. 2 Holders of rec. July 24a
Ik Sept. 1 Holders of rec. .\ug. 2.5a
Ik Oct. 1 Holders of rec. Sept. 24a
25c. Aug. 2 Holders of rec. July 15a
1-40 Aug. 2 Holders of rec. July 15a
IH Aug. 2 Holders of rec. July T,a
IH Aug. 2 Holders of rec. July 6a
Ik Aug. 2 Holders of rec. July 5a
IH Aug. 16 HoMers of rec. Aug. 6'i
50c.
Aug. 23 Holders of rec. Aug. 6a
Sept, 30 Holders of rec. Sept lOa
.50c.
.50c
Rent 30 Holders of rec. Sept. 10a
Per
Cenl.
Miscellaneous (Concluded)
Harbison-Walker Refractories
Penn
$1
6
Cartier, Inc., pref. (quar.)
Sept.
Sept.
July
Aug.
Aug.
5
Participating preferred (special)
Canadian Converters, Ltd. (quar.)
Caracas Sugar (No. 1)
Carbon Steel,
preferred
Holders of rec. Aug. 3a
Holders of rec. July 20o
Holders of rec. Aug. 24a
3
IJi
2
2
I'A
Banks.
Corn Exchange (quar.)..
Acme Coal
9
Name
Inclusive.
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
A.ug.
271
Books Closed.
Railroads (Steaml- Concluded.
PlttsUurth
.
THE CHRONICLE
1920.]
of
.
July
Oct.
Oct.
Oct.
July
July
July
July 17
July 17
to
of
of
of
of
of
of
of
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
reo.
rec.
reo.
rec.
rec.
rec.
rec.
rec.
rec.
lec.
Aug.
Aug.
1
2
July 15a
Aug. 6
July 20a
July 20a
July 15
July 190
July 15a
July 10
July 10
July 20
July 6
July 10
July 5a
July 31
July 15
July 24
July 15a
of
of
of
of
of
of
of
of
of
of
of
of
Aug.
July
of
July
of
Julv
of
Sept.
of
Sept.
of
Sept.
of
July
of
July
of
July
of
July
of
July
of
Aug.
of
Aug.
of
of rec. July
of rec July
2a
20
5
7
18
4a
4a
10
10
6a
15
15
16
2a
6a
2a
of rec. July 17
rec. Julydloa
rec. Julydl5a
reo. July 15a
rec. Sept. 15o
of
of
of
of
to
July
of rec. July
of rec. July
of rec July
of rec June
of rec Julv
of reo July
of rec Aug.
.
.
26
14a
14a
5a
30a
21
21a
25
From unofficial sources, t Conditional on receipt from the U. S. Government
an adequate payment of the renUI now due. t The New York Stock Exchange
has ruled that stock will not be quoted ex-dlvidend on this date and not until further
notice,
a Transfer books not closed for this dividend. 6 Less British Income tax.
g Payable In scrip
e Payable in stock
/ Payable In common stock
d Correction
< Payable In Liberty Loan bonds.
ft On account of accumulated dividends.
k At rate of S4 per annum from date of Issuance of stock to June 1 1920.
« N. \' Stock Exchange has rulod that American Bosch Magneto be quoted
•
of
.
.
.
.
ex- the 20'
;.
stock dividend July 15.
N. Y. Stock Exchange has ruled that Harbison-Walker Refractories bo Quoted
ex-the 50% stock dividend on July 15.
» N. Y. Stock Exchange has ruled that Sears, Roebuck * Co. com. stock be quoted
H
40% stock dividend on July 15.
« N. Y Stock ICxchange has ruled that Crucible Steel be quoted ex the 16 2-3%
stock dividend on Aug. 2.
y Dividend declared by De Beers Cons. Mines is 30 shillings per share on the
American shares Issued lu the ratio of 5 .\merloap
deterred stock, par £2, 10s.
ex-the
.
shares for 2 English shares.
THE CHRONICLE
37»
—^The Philadelphia
Clearing House
statement for the week ending July 10 with comparative
Reserve
figures for the two weeks preceding is as follows.
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
"Cash in
to be kept with the Federal Reserve Bank.
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."
Philadelphia Banks.
M embers
Ttco cip/UTt (00) omUteH.
Capital
Surplus and profits
Loans, dlsc'ts A Investm'ls.
Exchanges for Clear. House.
Due from banks
Trust
oJ\
S.33.075.0
85,325,0
712,4.39.0
26.242.0
119,072,0
1.38,.587.0
deposits
514,520.0
Individual deposits
7,588.0
Time deposits
660.695,0
Total deposits
U. S. deposits (not Included)
sa'.s'iV.o
Res've with Fed. Res. Bank
Reserve with legal deposit's
12,9Y2",0
Cash In vault*
60,427.0
Total reserve and cash held
51.006.0
Reserve required
15.421,0
Excess res. A cash In vault..
Cash
In vault
192U.
.301.0 S37,376,0
12,007.0
97.332.0
36.137.0 748. .576.0
466,0
26.708.0
18.0 119,090,0
359,0 138.946.0
20,819,0 535.339.0
150.0
7.738.0
21,328.0 682,023.0'
S37.376.8 837,376.0
100.562.0 100.439,0
755,441.0 761,666,0
37,142.0
27,902,0
125,304.0 118,731,0
135.221.0! 131.032.0
553.223.0l 534.920.0
7.872.0
7.924,0
696.316,0i 673,976,0
.S4
2,432.0i
53,515.0:
2.382.0
910.0
3.292.0
3.111.0
181.0
5,999,0|
51,704,0i
3,073.0'
2, .382.0
13.822.0
69.719.0
54.117.0
15.602,0
13,343.0
68,120.0!
53,891,0
14,229,0
11,445.0
51,689.0
2,393.0
13.381,8
67,463.0
53.188,0
14.275,0
Bank members.
not counted as reserve for Federal Reserve
Is
26
192U.
e
Companies
Bank
•
Ju
Ju!y 3
F.R. System
—
Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston
Clearing House weely statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Julv 10.
Changes from
1920.
previous week.
f
2 ,945,000 Dec.
Loans, dlsc'ts & Investments. 594 ,615.000 Dec.
Individual deposits, Incl. U.S 452 ,888,000 Dec.
Due to banks
119 ,864,000 Inc.
Time deposits
16 ,203,000 Dec.
United States deposits
2 ,714,000 Dec.
Exchanges for Clearing House 22 ,385.000 Inc.
54 .220.000 Inc.
Due from other banks
Cash In bank & In F. R. Bank 77 ,136,000 Inc.
Reserve excess In bank and
Federal Reserve Bank..
27,035,000'Inc.
Circulation
:
1920.
2,
973,000
208,000
26,827,000
2,945.000
613,418,000
455,974,000
106,062,000
17,408,000
13,396,000
18,285,000
54.863,000
75,401,000
25,990,000
—
date last year:
July 9
RcSOXiT C€.S-~^
Si
1920. July 2 1920. July 111919.
S
S
83.504.402
176,288,000
103,090,479
124,343,000
40.931,550
82,217,698
83,980,311
40,931,550
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Statei in thousands of aoUari
CLEARING
HOUSE
Total gold reserves
Legal tender notes, silver, etc
207,129,559
281,827,231
35,979,000
524,935,790
106,845,694
Total reserves..
631,781,484
227,526,431
282,361,830
33,913,500
300,631,000
289,889,000
24,829,000
615,349,000
51,879.000
543,801,761
107,200.128
651,001,889
667,228,000
Bills discounted:
Secured by Govenament war obllg'ns:
For members...
For other Federal Reserve banks
524,441,160
19,788,444
514,347,074
17,435,559
742,901,000
544,229,604
531,782,633
742,901,000
Bills
bought
In
open market
on hand
U. S. Government bonds
Total
U.
U.
bills
9. Victory notes
S. certificates of
Indebtedness
Total earning assets
Bank premises
6%
redemption fund against F. R. Bank
notes
Uncollected Items and other deductions
from gross deposits
All other resources
Total resources
287,146,571
16,307,750
282,186,675
17,918,813
62,342,000
303,464,321
154,180,684
300,105,486
180,162,000
62,342,000
119,363,000
1,001,864.609 1,012,050,119
1,456,900
1,456,900
50,000
50,000
79,214,000
101,290,500
924,606,000
1,302,000
50,000
59, 019,00*
1,082,585,509 1,114.847.519
3,767,476
3,762,536
984.977.000
3,999,000
3,099,800
3,113,470
1,900,000
161,762,014
1,417,564
167,601,640
523,742
182,827,000
2,765,000
1,884,413,847 1,940,850,997 1,843,697,000
lAaHinies—
Capital paid In
Surplus.
govt, credits
24,675,450
51,307,535
612,718
738,232,476
113,276,384
23,973,776
24,672,300
51,307,535
241,513
779,519,701
113,752,232
27,724.988
21,471,000
32,922,000
39,387.000
707,647,000
144,198,000
105,647,000
Total gross deposits
F. R. Notes in actual circulation
F. R. Bank notes In circulation net llab
All other liabilities.
876,095,354
871,466,530
37,487.000
23,381,978
921,238,414
882.506.195
996,879,000
751,781,000
36,334.000
4,310,000
Government deposits
Due to members reserve account
—
Deferred availability Items
Other deposits.
IncI. foreign
—
Total Liabilities
Ratio of total reserves to depo.sit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation after deducting 35% against
deposit
36,3,53,400
22,773,153
8%
39
8%
42.6%
or foreign correspondents.
S
ho.iv"
39.6%
'
39
5%
"'
'
.
6,088,731
6,088,731
s
Bkof NY. NBAj
2,000
7,040
15,000 fl6,146
MechA Metals. pi 0,000 pl5,800i
Bank of Amerlcai j5,.500 j6,051
National City.. 25,000 58,875,
Chemical Nal.. 14,500 114,400
1,000
1 ,069!
Atlantic Nat'l..
300
162
Nat Butch 4 Dr
Amcr Exeh Nat 5,000 6,483
25,000
31,040;
NatBkofComm
1,697
1,009
Pacific Bank...
Chatb & Phenix 7,000 7,272
Hanover Nat'l. 3,000 19,529
2,000
2,910
Metropolitan ..
Corn Exchange. 4,620 8,776
Imp & Trad Nat 1,500 8,651
5,000 21,582
National Park..
796
1,000
East River Nat.
4,450
1 ,000
Second National
First National.. 10,000 35,505
9,000 10,340
Irving National.
ManhattjiE Co.
1,000!
CountyNat
Continental Bk.
Chase National.
1
,ooo;
ments.
200
400
967
795
2,089
1,478
Fifth National
Seaboard Naf'l-
Llberty Nat Bk
Coal A Iron Nat
Union Exeh Nat
327,197
25,183
123,255
129,324
35,322
150,885
40,298
209,100
11,839
23,131
317,879
197,661
14,435
8,075
368,219
20,187
7,330
9,096
20,624
15,024
14,933
50,466
91,083
20,804
18,915
40,723
304,328
61,187
520,181
12,754
82,840
34,215
90,228
25,413
38,492
17,703
121,255
23,325
620
4,395
7,161
1,580
1,571
2,504
18,547
4,803
31,757
1,367
7,453
hi, 900
11,256
1,.500
Brooklyn Trust
Bankers Trust. 20,000
US Mt.geA Tr. 2,000
Guaranty Trust 25,000
1,000
Fidelity Trust..
5,000
Peoples Trust.. hi, .500
New York Trust 3,000
1,000
Lincoln Trust..
2,000
Metropolitan Tr
Columbia Trust
in
Vault.
Reserve]
utUh
Net
Legal
Demand
Deposit Deposits,
Naf
Time
Ba%tt
De-
Circm-
posit t. latum
tories.
AveTage. Average Average Average. Average
$
t
t
S
S
50.660
749
4,421
31,093
4,298
142,318
3,334 14,409
107,696 10.654
204,473 11,215 20,1911
152,037] 3,397
62,263
57,545'
2,461
6,978,
1,752
582,369 13,937 68,610; *630,816 36,355
161,205
1,866 15,045,
113,681
1 ,939
439
21,035
18,097
2,412]
576
4,763
132
504
3,590
"5',388
127,324
1,589 12,9711
96,477
384
731
1,000
1,000
1,000
1,000
5,000
1,500
1,000
Cash
dkc.
15,000 22,227
2,348
500,
925
3,355
1.345
NasaauN.Bklyn
10,633
Farm Loan & Tr
Columbia Bank k2,000 kl,560
1,000
5,000
2,728 34,742
1,292;
3,311
5,007 16,1641
5,398 20,122|
1,967
6,1861
7,654 21,230
755
4,098
1,233 21,984
387
1,541
902
2,707
900 23,633
6,638 25,623
896
1,727
137
1,016
5,568 37,537
1,081
3,280
523
1,087
564
1,283
1,076
2,936
574 2,134
322
1,699
1,007
6,095
539 10,393
991
1,831
470 2,577
885
3,846
880 32,043
764
7,419
2,385 53,494
443
l,508l
1,278 10,668'
1,378
3,244,
501
8,961
515 3,461
577
3,994
633
1,581
4,253 14,839
750
2,894
Atg*
S
773
LOO'C)
Y,384
1,320
236
289
4,829
262,516
6,656
34l
23,260
108,453 13,229 4,591
132,954
100
39,580
153,724
9,927
31,292
38
51
168,246
3,371 4,839
11,181
909
50
18,553
100
624
180,175
6,188 7,659
193,5311 2,049 2,235
12,875'
875
196
6,472
100
283,452 13,120 1,061
21,045
7,284
9,262
74
20,87l|
210
126
14,7381
389
12,685'
551
246
47,003
503
64
79,067
2,754 1,936
15,382
666
402
461
18,727
391
28,414
6,156
241,369 15,875
53,872
7,982
*518,521 32,293
11,281
357
82,926 4,478
33,299
1,989
64,702
1,359
25,138
721
28,249
1,435
14.395
1,059
50
*130,297 15,064
21,816
233
228,020,422,346 4,979,319; 99,633 548,429c4,062,200 215,091 34,925
Average.
Totals, actual CO ndltlon July 104,960,883 101, 566540,668c4,039,405213.686
Totals, actual co ndition July 3,4,999,837, SS, 664 592,389 4, 102,798214, 366
Totals, actual co ndltlon June 26 4,994,5081 92,306 538,192 4,033,921217,467
State Banks. Not Members o / Federal [Reserve \Bank
18,418
2,493!
1,716
Greenwich Hank gl,000; gl,678
250
839
5,457|
323
644]
Bowery Bank..
Bank
Average
2,000'
1,508
66,440
3,62l'
1,983
19,078
5,381
29,643 37,493
3,250
4,026;
90,315!
6,758
4,022
54,1021 37,493
90,471
90,811
91,191
6,426
4,008
4,180
4,133
53,779 37,611
55,361 37,345
55,091 37,157
Totals, actual CO ndition !July 10
Totals, actual co ndlllon (July 3
Totals, actual oohdlilon |June 26
6,308!
6,488
Trust Compan iss. Not Mem bers of Fe deral Re serve Ba nk
46,063;
5,000 12,906
1,254
3,030
Title Guar A Tr
27,703i
1,006,
1,501
Lawyers T.A Tr 4,000 5,994
28,638
15,940
959
402
18,901
73,766,
2,260,
4,531
44,578
1,361
Totals, actual co ndition July 10
Tot.als, actual co ntUtlou July
3
Totals, actual CO ndition June 26
74,1621
73,440]
74,915!
2,165i
2,309|
4,739
4,670
5,136
45,165
44,471
46,444
1,341
1,365
1,354
9,000
1,925
Gr'd aggr, avge 240,270 445.274 5,143,400 108.65l'556,982d4,160,8S0'253,945 34,925
-60
Comparison, pre vious ,week
28,225 +7,624;-15,446; —15,745!— 1,193
—
Gr'd aggr, acfl cond'n Ijuly 10
Comparison, pre v. week
Gr'd
Gr'd
Gr'd
Gr'd
aggr,
aggr.
aggr,
aggr,
157 549,415e4, 138 ,349 252,638 34,821
—125,516110,
38,572! +12876-51,8241 —64,281
—438 —124
5,
cond'n July 3 5,164,0,88! 97,281
act'lcond'n June 26'5,160,014!l00.719
act'ltcond'n June 19j5, 157, 4931101, 611
act'l]cond'n June 12^5, 114,084!l03, 554
acl'l
fiOl.239]
4,202,630 253,076 34,945
567,4611 4,135,456 255,978 34,831
543,313; 4,195,651 256,954 34,995
583,3351 4,184,356 249,870 34,944
t Includes deposits In foreign branches not Included In total footing as follows
National City Bank, ,§136,747,000, Guaranty Trust Co., 5116,775,000. Farmers
Loan & Trust Co., 521,907,000- Balances carried in banks in foreign countries as
reserve for such deposits were: National City Bank, 540,746,000. Guaranty Trust
c Deposits in foreign
Co., 59,624,000. Farmers' Loan & Trust Co., 54,645.000branches not included, d U. S. deposits deducted, 532.826.000
e U. S. deposits
deducted, 519,888.000- Bills payable, rediscounts, acceptances and other liabilities.,
k As of March 4 1920. h .As of April 5 1920. f April 12 1920.
51 066,280,000May 1 1920. g As of June 1 1920. j As of May 1 1920. p As of June 19 1920.
<»TATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES,
Averages.
Cash
Reserve
In Vault.
Reserve
«n
Depositaries
Tntal
Reserve.
Reserve
Surpla*
Ret/uirci
Reserve.
Members Federal
Reserve banks..
State banks*
liabilities
Ratio of reserve.3 to net deposits after de^
ducting 40% gold reserves against
F. R. notes In circulation
Contingent liability on bills purchased
Loans
\
I
1,884,413,847 1,940,8.50,997 1,843,697,000
39
that is, three ciphers l.OOOJ omittea.}
!
Members of
Fed. Res. Banhl
NY
—
\Capital. Pro/Us. Discount.
Invest-
Average
All Other:
For members
For other Federal Reserve banks...
Net
I
I
(,000 omitted.) NafI, May 4\
Week efxllnfl State. Feb. 28
July 10 I92». |Tr.Co8.,Feb. 28
State
Total gold held by bank
Gold with Federal Reserve Agent
Gold redemption fund
New York City Clearing House
week ending July 10. The figures for the
of the
separate banks are the averages isf the daily results.
In the
case of totals, actual figures at end of the week are also given.
Lincoln Nat'l..
Garfield Nat'l..
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 9 1920, in
comparison with the previous week and the corresponding
Gold and gold certificates
Gold settlement fund— F. R. Board
Gold with foreign agencies
for the
Commonwealth
June 26
9,644 000 604 ,259.000
5,839, 000 458 ,727.000
9.208, 000 110 ,056,000
799, 000 17 ,002,000
6,324 000
9 ,038,000
87 ,000 22 ,298.000
48 ,000 54 ,172,000
508 ,000 76 ,628,000
:
members
Avenue..
Commercial Ex.
$
28, 000
:
—
shows the condition
Fifth
July 3
1920.
t
:
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
MEMBERS
Week ending July 10 1920.
fVoL 111.
Trust companies*.
Total
Total
Total
Total
July 10..
July 3..
June 26..
June 19..
6,758,000
2,260,000
548,429,000 548,429.000 534,538,730
4,022,000 10.780,000
9,738,360
4,531,000
6,791,000
6,686,700
9,018,000
8,622,000
8,598,000
8,783,000
556,982,000 566.000.000 550,963,790
572,428.000 581,050,000 553 0'17,410
557.997,000 566.595.000 549.i;30,440
5,S4,697,000 593,4,S0.000 559.731,330
S
13,890,270
1,041,640
104,300
15,036,210
27,952,560
lf),9t)4,560
33. 74s, 670
—
July 17
THE CHRONICLE
1920.]
Caih
Total
Total
Total
Total
Reterve
in
Depoiitaries
Total
Reterve.
Reserve
Required.
S
S
$
%
Surplus
Reserve.
540,668,000 540,668,000 531,533,230
9,680,220
4,008,000 10,434,000
6,774,750
6,904,000
4,739,000
2,165,000
$
9,134,770
753,780
129.250
547,988,200
556,430,350
547.816,720
555.645,970
10,017,800
53,425,650
28,057,280
33,847,970
"6",426",006
8,591,000
8,617.000
8,413,000
8,485,000
July 10
July 3
June 26
June 19
Not members
•
b
Reterve
in Vault.
Members Federal
of Federal
549,415,000
601,239,000
567,461,000
543,313,000
558,006,000
609,856,000
575,874,000
551,798.000
Reserve Bank.
—
City State Banks and Trust Companies.
In addition to the returns of "State banks and trust companies in New York City 7iot 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,
The regulations relating to calculating the amount
p. 1975)
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).
.
the reserve required on net demand deposits In the case of State bank!
and trust companies, but In the case of members of the Federal Reserve banks
inoludea also amount of reserve required on net time deposits, which was as follows:
July 10, 56,452,730; July 3, 56,493,920; June 26, $6,561,750, June 19, $6,488,280.
b This 19 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
iDCludes also amount of reserve required on net time deposits, which was as follows:
July 10, 56,410, .580: July 3, 56,4 30,980; June 26. 86,524,010, June 19, $6,567,180.
This
373
New York
Actual Figures.
Reserve banks
State banks*..
Trust companies'
1
,
la
NEW YORK
STATE BANKS AND TRUST COMPANIES IN
CITY.
Trust Companies.
State Banks.
WeekEnded
July 10. 1920.
State
—The
State Banking Department reports weely
showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
House.
figures
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(.Figures
July 10.
1920.
Banks and Trust Companies Not in Clearing
Furnished by State Banking Department.)
July 10.
Loans and investments
Specie
Currency and bank notes
DepositswithFederalReserveBankof
New
$795,101,400
8,410,500
19,675,900
76,052,600
York..
863,056,000
Total deposits
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve, 20.2%.
811,211,500
147,772,700
Differences from
previous week.
Inc.
1,287,900
Deo.
65,700
920,900
73.600
5.990,600
Inc.
Inc.
Dec.
Inc.
Inc.
1,907,600
97,000
Capital as of Feb. 28
Surplus as of Feb. 28
Loans & Investments.
Specie
Currency & bk. notes
Deposits with the F.
R. Bank
of
N. Y..
Deposits
Reserve on deposits. .
P. C. reserve to dep..
Cash
in vaults
Deposits in banks
&
15.62%
6.94%
$78,075,400
32,115,500
13.85%
5.69%
...837,581,800
22.56%
$110,190,900
19.55%
—
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.
—
Mar. 6
Mar. 13
Mar. 20
Mar. 27
April 3
April 10
April 17,
April 24
May
May
May
May
May
1,
8
15
22
29
June 5.
June 12
June 19
June 26
July
July
3
10
Differences from
previous tceek.
$
110.700,000
179,589,000
6'.2"66.500 1,993,019,000 Dec.
%
75,485,000 Dec.
873,808,900, Dec.
131,401,400 Inc.
209,380,700 Dec.
844,400
4.563,100 2,099,089,500 Dec.
3,421,800
287,314,600 Dec.
3,499,700
5,942,100
3,893,500
16.3% Dec.
0.7%
%
11, 271, .500
1.000
14,000
1,114,200
19,518,500 Inc.
4.9091600
0.2%
19.4% line.
2"l. OS
Dec
—Follow-
Non-Member Banks and Trust Companies.
is the report made to the Clearing House by
ing
non-member institutions which are not included
"Clearing House Returns" on the following page:
clearing
in the
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
—
(Stated in thousands of dollars
Trust Companies
Banks and Trust Companies in New York City. The
averages of the New York City Clearing House banks and
Week ended
1920.
HOUSE.
Banks
.826.018.600
trust companies 11,563,200
Total
JtilV 10.
$
28,600,000
52,703,000
745,303,900 Inc.
4 791 400
34[l90!200 Inc.
RESERVE.
State
Differences from
previous week.
Loans and
Demand
Investments.
Deposits.
'Total Cash
in Vault.
Reserve in
Depositaries.
5,871.656 ,000
6,890,723 400
5.891,763 200
5,884,557 500
5,934,438 ,800
5,946,884 ,600
5,959,998 300
5,970,588 ,000
5,929,153 600
5,935,200 400
5.923.805 600
5,928,544 ,500
5,901,424 000
5.918,063 600
5,911,312 ,000
5,930.652 ,500
5.930,986 500
5,905,438 500
5,938,501 ,400
$
4,881 252.700
4,883 9' 0,600
4,990 ,480,100
4,915 ,902,800
4.979 072,300
4,997 ,453.900
5,015 ,732,100
5,007 ,452,600
4,965 ,687,100
4,938 ,152,700
4,950 ,458,200
4,989 ,835,900
4,985 ,879,800
5,032 ,577,100
4,975 186.300
5,034 ,693,800
4,907 ,609,000
4.985 ,928,900
4.972 ,091,500
137,477,500
137,498.800
134,062,200
132,585,200
129,262,500
134.487,200
129,740,800
131,772,400
126,207,200
136,312,000
131,500,400
131,116,200
129,100,500
133,387,300
131,309.500
128.548.900
127.495.800
124,512,200
138,243,400
647,225,300
679,329,400
649,253,400
679,267,600
688.403,300
729,909.700
694.405,700
694,100,200
689,051,100
658,932,400
694.904,700
674,250,800
700,111,800
697,525,700
699,402,500
662,435.000
685.640.800
721.682,800
669,101,300
CLEARING
NON-MEMBERS
Net
Capital. Profits.
Loans
Dis-
July 10 1920.
Tr. cos. Feb.28
Members of
Fed'l Res. Bank.
Battery Park Nat-
S
1,500
Mutual Bank
200
600
500
200
400
Netherland..
Co..
WR Grace*
Bank...
Yorkvllle
First Nat Bk.JerC
Total
3,400
$
1,615
691
675
1,017
670
1,353
Net
Reserve
Cash
with
in
Legal
Vault. Deposi-
counts,
Nat.bks. May i InvestStatebks.Feb.28i ments.
Week ending
New
that is, three ciphers 1000] omitted.)
&c.
Net
Demand Time
Nafl
Bank
De-
De-
Circu-
posits.
posits.
lation.
tories.
Average Average Average Average Average Averagt
$
$
$
t
i
$
226
12,332
74
15,187
1.865
187
347
279
11,402
10,869
1.609
9,710
230
6,845
303
1,056
21
552
718
4,660
2,902
448
13,491
1,262
7,430
6,549
'"390
558
9,288
823
7,667
1,762
7,167
48,578
7,991
3,538
14,621
6,986
468
2,068
845
173
1,544
436
3,501
16,135
6,896
342
2,113 25,145
3,381
2,153
26,532
342
6.024 63,205
577
State Banks
Not Members of the
Fed'l Reserve Bank.
Bank of Wash Hts.
100
444
1,332
Bank
6001
500j
International
1,200
Total
337
Trust Companies
Not Members of the
Fed'l Reserve Bank.
500
200
1.023
f452
9,160
8,997
617
447
372
390
7,457
5,576
898
4,847
700
1,476
18,157
1,064
762
13,033
5,745
5.300
Com.parl8on prevlo as week
9,614 106,507
6,207
10,082 a88,143
14,078
+ 87
577
—
Gr'd aggr July 3
Gr'd aggr June 26
Gr'd aggr June 19
9,614 107,048
9,599 108,860
9,599 108.513
85,601 13,991
90,968 13,596
91,308 13,835
578
576
559
Hamilton Tr, Bkin
Mechanics Tr, Bay
Total
Grand aggregate..
1
5,300
5,300
5.300
—541
+ 370 —375
5,837
5.909
5.785
10,457
10,344
10,955
+2,542
S. deposits deducted, 5332,000.
Bills payable, rediscounts, acceptances
a U.
This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
•
Excess reserve, $248,550 decrease,
f
and other liabilities, $8,069,000.
As of June 30 1920.
—
The Federal Reserve Banks. Following is the weekly statement issued by the Federal Reserve Board oil July 9.
The figures for the system as a whole are given in the following table,and in addition we present the results for seven preceding
weeks, together with those of corresponding week of last year. The second table shows the resources and liabilities separately
for each of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding transactions
In Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks.
Reduction by about 47 millions in deposit
liabilities,
as against a further
increase of 12.1 millions in Federal Reserve note circulation and a decline
of 1.3 millions in cash reserves, are indicated in the Federal Reserve Board's
weekly bank statement issued as at close of business on June 9 1920. The
reserve ratio, as the result of the above changes, shows a rise from 42.8
to 43.1 per cent.
Holdings of paper secured by U. S. war obligations show a nominal increase of 1,5 millions, other discounts on hand went up 14.9 millions, while
acceptance holdings show a reduction of 17.5 millions. During the week
the government redeemed the large portion of the special certificates held
by Reserve Banks to cover temporary advances to the Treasury and. largely
in consequence of these redemptions, the amount of certificates on hand
shows a decrease of 27.4 millions. Total earning assets were 28.5 millions
less than the week before.
Of the total of 1 ,296 .4 millions of paper secured by
S war obligations
634.6 millions, or 49 per cent, were secured by Liberty bonds 310.1
millions, or 23.9 per cent, by Victory notes, and 351.7 millions, or 27.1
per cent, by Treasury certificates, as against 49, 23.5 and 27.5 per cent of
U
.
.
a corresponding total of about 1,295 millions shown the week before.
Total discounts held by the Boston, New York and Cleveland Banks are
inclusive of 126.6 millions of paper discounted for seven other Federal
Reserve Banks in the South and Middle West, as against 130.9 millions
the week before, while acceptance holdings of the Boston, Philadelphia
and San Francisco Banks comprise 24.9 millions of bills purchased from the
New York
Bank.
All classes od deposits were smaller than the week before: Government
deposits
by 5.8 millions, reserve deposits by 34.5 millions, and other
deposits (including non-member banks' clearing accounts and foreign
government credits) by 7.4 millions; the "float" carried by the Reserve
Banks and treated as a deduction from gross deposits was 06 millions less
than the week before, with the consequence that calculated net deposits
show a decrease of about 47 milUons. Both Federal Reserve note and
and Federal Reserve Bank note circulation increased during the week;
the former by 12.1 millions, and the latter by 1.1 millions. Gold reserves
show a loss for the week of 0.4 million, and other cash reserves of 0.9 million.
—
—
—
Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business July
July 9 1920. July 2
1920. June 25 1920 June 18 1920. June 11, 1920
June 4 1920.
May
28 1920,
May
9,
1920.
21 1920 July 11 1919.
RESOURCES.
Gold coin and certificates
Odd Bettleraent fund, F. R. Board
Gold with foreign agencies
Total gold held by banks
Gold with Federal Reserve agents.
Gold redemption fund
Total gold reserves
168,929,000
402,760,000
111,531,000
171,176,000
402,760,000
111,531,000
171,120,000
402,628.000
111,531,000
162,878,000
400,833.000
111.531.000
168,193,000
431,905.000
111.531,000
164.519.000
431,227,000
111,531,000
167,135.000
424.452,000
111,530,000
169,735,000
399,889,000
112,781,000
279,545,000
554,812,000
683,220,000 685,467,000
703,117,000 682,405,000
685,279.000
675,242.000
711.029.000
707,277.000
834,357,000
1,145,102,000 1,146,944,000 1,150.175,000 1,161.784,000 1,103.751.000 1,110.864,000 1,112,040,000 1,898,823,000 1,163,068.000
142,994.000
137,946,000
142,712,000
158,489,000
133,921,000
114,399,000
139,285,000
125,295,000
149.678,000
1,971,310.000 1.971.696.000 1,969,375.000 1.962..321.000 1.965.0.58.000
1.9r.0.8,5.'!,00O
1.953.103.000 1.9.39.717.000 2.111.824.00t
THE CHRONICLE
274
July 9 1920.
Legal tender
notes, silver,
136,877,000
&C-
July 2
1920. June 25 1920
137,805,000
(Vol. 111.
June 18 1920 June 11 1920. June 4 1920.
139,230,000
138,579,000
137,533,000
138,087,000
May
28 1920
139,393,000
May
21 1920 July 11 1919.
139,821,000
68,387,000
2,108,193, 00 2,109,501,000 2,108,605,000 2,100,900,000 2,102,591,000 2,098,940,000 2,092,496,000 2,079.538.000 2,180,211,000
Total reserves
Bills discounted'
1,296,350,000 1,294.892,000 1,277,980,000 1,231,841,000 1,440,931,000 1,433,415,000 1,447,962,000 1,446.723,000 1,684,946,000
1,265,243,000 1,250.302.000 1,153,814,000 1,064.296,000 1,082,019,000 1,130,843,000 1,071,469,000 1,053,663,000
251,367,000
a.
418.600,000 417,368,000 §360,035,000
592,000 390,085.000
399,185,000
398,591,000 403,896,000 410,688,000
Secured by Govt, war obligations.
All other
Bills
bought
open market
In
.
2,934,184,000 2,935,279,000 2,830,979,000 2,694,728,000 2,926,846,000 2,974.946,000 2,938,031,000 2,917,754,000 2,296,348,000
20,793,000
26,795,000
26,794,000
26,793,000
26,796,000
26,792,000
26,795,000
26,796,000
27,131,000
69,000
69,000
69,000
69,000
69,000
69,000
69,000
69,000
374,000
274,816,000
279,531,000
281,942,000 309,379,000
325,434,000
347,091,000
276,761,000
280,108,000
206,054,000
on hand
Total
U. S. Government bonds
U. 8. Victory Notes
V. S. certlJlcates of Indebtednessbills
All other earning assets
3,242.988,000 3,271,519,000 3,183,275,000 3,068,683,000 3,233,819,000 3,276,626,000 3,244,425,000 3,221,380,000 2 529,907,000
12,668,000
13,734,000
12,942,000
13,492,000
13,254,000
13,111,000
12,658,000
13,658,000
11,699,000
Total earning assets
Bank premises
Uncollected Items and other deductions
797,347,000
12,293.000
3,822,000
from gross deposits
redemp. fund agst. F. K. bank notes
6%
All other resources
785,059,000 *750,486,000
12,148,000
12,424,000
6,590,000
5,191,000
949,977,000
12,110,000
8.053,000
772,903,000
11,794,000
5,751,000
789,616,000
11,745,000
5,640,000
747,190,000
11,862,000
5,699,000
755,476,000
12,081,000
5,028,(00
740,994,000
10,052,000
10,334,000
6,178,377,000 6,197,352,000 6,074,596,000 6,152.977,000 6,139,969,000 6,195,509,000 6,114,340,000 6,086,161,000 5,483,197,000
*
Total resources
J.IABIL1T1ES.
94,639,000
94,506,000
94,462,000
94,284,000
94,594,000
94,108,000
93,786,000
94,000,000
164,745,000
120,120,000
120,120,000
164,745,000
120,120,000
120,120,000
120,120,000
120,120,000
15,919,000
14,189,000
56,356,000
21,830,000
21,704,000
Government deposits
37,113,000
24,368,000
36,433,000
1,839,704,000 1,874,161,000 1,831,916,000 1,800,017,000 1,870,240,000 1,858,774,000 1,852,916,000 1,833,665,000
Due to members, reserve account
594,434,000 572,105,000
550,012,000
626,580,000
574,684,000
Deferred availability Items
601,639,000
578,883,000
553,703,000
55,159,000
*76,592,000
84,627,000
86,282,000
71,980,000
Other deposits. Incl. for'n gov't credits..
99,265,000
102,939,000
98,578,000
Capital paid In
Surplus
82,851,000
81,087,000
151,170,000
,726,329,000
591,250,000
114,678,000
2,505,216,000 2,539,950,000 *4,472 709000 2,.567,580.000 2.553,036,000 2, .596, 79 1.000 2,541,630,000 2,539.855,000 2,583,427,000
Total gross deposits
3,180.948,000 3,168,814,000 3,116,718,000 3,104,810,000 3,112.205.000 3,127,291,000 3,107,021,000 3,085,202,000 2,538,127,000
F. R. notes In actual circulation
190,287,000
185,604,000
183,904,000
189,232,000
181.382.000
F. R. bank notes In circulation net llab.
184,806,000
181,2.52.000
177,371,000
1?9, 185,000
42,542,000
84,939,000
82,101,000
78.942.000
All other liabilities
40,017.000
12,899,000
75.947,000
69,827,000
72,384,000
—
6,178,377,000 6,197,352,000 *6, 074 596000 6,152,977,000 6,139.969,000 6.195,509,000 6,114.340,000 6,086,161.000 5,483,197,000
Total llablllUes.
Ratio of gold reserves to net deposit and
F. R. note Uabll't ee combined
40.2%
39.7%
39.8%
39.8%
40.3%
40 7%
41.6%
Ratio of total reserves to net deposit and
40.4%
48.2%
F. R. note liabilities combined
43.0%
42.7%
42.5%
42.7%
43 6%
43.irc
Ratio of total reserves to F. R. notes In
44.5%
42.8%
49.8%
35%
circulation after setting aside
against net deposit liabilities
47.5%
48
47.2%
3%
49.4%
47.5%
46.9%
60.5%
47.1%
47.1%
Maturities—
Disiribution by
S
105.303,000
1-15 days bills bought In open market..
109.527.000
120,799,000
119.338,000
101.902.000
91,115,000
112,306.000
109,970,000
117.630.000
1,437,411,000 1,389,732,000 1,283,470,000 1,193,472,000 1.440,942,000 1,480.231.000 1.460,744,000 1,419,910.000 1,665,558,000
1-15 days bills discounted
26,705,000
1-15 days U. S. certif of Indebtedness..
62,873,000
86,316,000
53,794,000
18,237.000
18,625,000
15,856,000
8,300.000
18,098,000
1-15 days municipal warrants
'6y,968"600
8"8",285",000
'87,388',600
16-30 days bills bought In open market..
83,588,000
77,966,000
58,234,060
'9Y,7'7'9',0O0
'7'2',8b6",5o5
285,693,000 291,845,000
16-30 days bills discounted
291,222,000
335,105,000
246,996,000 245,573,000
47,463,000
259,574,000 279,341,000
16-30 days U. S. certif. of Indebtedness..
6,600,000
4.400,000
7.559,000
8,655,000
6,982,000
1,010,000
2,624,000
4,796,000
3,962.000
16-30 days municipal warrants
f637l73"000
31-«0 days bills bought In open market..
18'2',153',000
152,918,000
153,773,000
146,607,000
158,984,000
l"7'3",536',o5o
166.942',5o5
l'6'3",4b3',600
31-60 days bills discounted
486,603,000
469.460,000
495,258,000
511,758,000
136,509,000
508,484,000 486,228,000
473,116,000 477,708,000
31-60 days U. B. certif. of Indebtedness..
19,400,000
13,100,000
8,600,000
17,600,000
13,172,000
12,486,000
12.510,000
11,560,000
13,385,000
31-60 days municipal warrants
4"6',76'7',556
'447003"
'41,880',655
61-90 days bills bought In open market..
'36Vl47"66o
47,514,000
565
64,079,666
46,474,000
'4'3',2bb',555
46,011,000
61-90 days bills discounted
272,743,000 261,835,000
237,256,000 257,812,000
259,993,000
60,365,000
289,520,000
264,006,000 267,702,000
61-90 days tJ. S. certif. of Indebtedness..
36,533,000
29,867,000
27,918,000
28,023,000
24,200.000
28,922,000
16,100,000
35,809.000
13,106,000
.
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days oertif of Indebtedness
Over 90 days municipal warrants
Federal Reserve Notes
79,143,000
192,704,000
.
90,024,000
205,562,000
83,766,000
212,035,000
78,929.000
215,602,000
68,716,000
217.517,000
62,706,000
214,291,000
61,991,000
230,980,000
55,725,000
229,671,000
26,418,000
145,011,000
—
Outstanding
Held by banks
3,454,488,000 3,419,457,000 3,396,168,000 3,375,826,000 3,376,028,000 3,377,189,000 3,359,493,000 3,354,194.000 2,760,288,000
271,016,000
279,450,000
273,540,000 250,643,000
263,823,000
222,161,000
249,898,000
252,472,000 268.992,000
In actual circulation
Fed. Res. Notes (.Agents Accounts)
Received from the Comptroller
Returned to the Comptroller
—
3,180,948,000 3,168,814,000 3,116.718,000 3,104,810,000 3,112,205,000 3,127,291,000 3,107,021,000 3,085,202,000 2,538,127,000
7,200,920 ,000 7,131 660,000 7,091 560,000 7,049,580, 000 7,005 980,000 6,962 440,000 6,932,540, 000 6,899 ,860,000 4,756, 900,000
3,292,919 ,000 3,271 334,000 3,240 103,000 3,213,860, 000 3,187 928,000 3,163 167,000 3,141,713, 000 3,115 ,807,000 1,626, 124,000
Amount chargeable to Fed. Res. agent 3,908,001 000 3,860, 326,000 3,851 457,000 3,835,720, 000 3,818 052,000 3,799 273,000 3,790,827 ,000 3,784 ,053,000 3,130, 776,000
In hands of Federal Reserve Agent
459,894, 000
455 289,000
453.513 .000 440, 869,000
442 024,000 422 084,000 431,334 000 429 ,859,000
370, 487,000
Issued to Federal Reserve banks
—
How Secured
By gold coin and certificates
By lawful money
By eligible p.iper
259,226,000
259,226,000
259,226.000
261,227,000
258.552.000
258,352,000
257,802.000
231,995,000
3,454,488,000 3,419,457,000 3,396,168,000 3,375,826,000 3,376,028,000 3,377,189,000 3,359,493.000 3,354,194,000 2,760,289,000
Total...
Eligible paper delivered to F.
R. Agent.. 2,855.592.000 2.884,290.000 2,788,397,000 2,641.202.000 2,862,936,000 2,908,673,000 2.865.104.000 ,2,861.121.000 2,210,078,000
Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Two ciphers
Boston.
(00) omitted.
RESOURCES.
New
York.
ernment war obligations
In
Louis Minneap. Kan.City.
DaUas.
San Fran.
Total.
S
168,929,0
402,760,0
111,531,0
16,302,0 100.446,0
50,566,0 167,547,0
6,278,0 32,629,0
17,681,0
46,374,0
5,217,0
15,030,0
32,278,0
22,0
31,683,0
36,795,0
4,248,0
683,220,0
14,182,0 61.788,0
25,555,0 100,171,0 1,145,102,0
142,994,0
9,411,0
8,589,0
524,935,0 162,640,0 230,791,0
106,846,0
222,0
1,580,0
76,795,0
101,0
73,146,0 300,622,0
8,632,0
1,366,0
69,272.0
7,331,0
47,330,0
170,0
72,726,0
1,030,0
48,326,0 171,370,0 1,971,316,0
136,877,0
1,342,0
757,0
200.263,0
631,781,0 162,862,0 232,371,0
76,896,0
74,512,0 309,254,0
76,603,0
47,500,0
74,356,0
49,668,0 172,127.0 2,108,193.0
93,045,0
73,123,0
35,910,0
544,229,0 146,759,0 114,910,0
303,454,0 39,662,0 63,432,0
154,181,0 11,429,0 50,800,0
45,488,0
58,344,0
6,220,0
52,959,0 118,917,0
61,611,0 319,503,0
4,297,0 54,457,0
49,243,0
59,053,0
3.268.0
8,031,0
70.418.0
2,612,0
47,092,0
62,590,0
2,616,0
26,110,0 49.567,0 1.296.350,0
50,763,0 103,290,0 1,265,243,0
655,0 46,146,0
372,591,0
81,061,0 112,298,0
116,0
8,866,0
12,940.0
77,528,0 199,003,0 2,934,184,0
26,793.0
3.966.0
2.632.0
69.0
281,942,0
8,365,0 11.333,0
89,669,0 134.105.0
556,0
730.0
89,859,0 212,968,0 3.242.988.0
13,734,0
232,0
906,0
$
10,117,0
30,057,0
9,146,0
$
2,398,0
19,940,0
5,465,0
55,398,0 79,320,0
91,790,0 149,550,0
15,452,0
1,921,0
193,363,0
6,900,0
t
1,156,0
45,320,0
8,922,0
S
8,067,0
4,220,0
4,015,0
i
5.311.0
5,971,0
2,900,0
%
12,620,0
44,037,0
5,131,0
Secured by Gov(a).
All other
bought
St.
27,803,0
43,029,0
5,963,0
Total gold reserves
Legal tender notes, sliver,
Total reserves
Chicago.
'
i
498,0
25,832,0
5,353,0
207.129,0
281,827,0
35,979,0
Bills discounted:
Richmond Atlanta.
193«.
t
7.207.0
4,812.0
3,011,0
Total gold held by banks
56,458,0
Gold with rtderal Reserve agents 119,620,0
Gold redemption fund
17,285,0
Ac
CleneUtnd.
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 9,
S
3.488,0
8,951,0
5,242,0
S
82,217,0
83,980,0
40,932.0
Gold coin and certificates
Gold Settlement Fund, F. R. B'd
Gold with Foreign Agencies
PMla.
12
S
24,250.0
62.924,0
13.272.0
S
11.600.0
36.716.0
8,142,0
Bills
258,552,000
2,309,386 ,000 2,272 ,513,000 2,245 993,000 2,214,042, 000 2,272 277,000 2,266 325,000 2,247,453 ,000 2,255 370,000 1,597, 221,000
113,987, ,000
113 081,000
106,675 .000
108 698,000
107 847,000
116,2.85 000
108, 897,000
88, 576,000
110, 637,000
786,570, 000
777, 888,000
747,013 ,000
743 614,000
733 175,000 842, 494,000
769,591 000 777, 081,000
736, 302,000
Gold redemption fund
With Federal Reserve Board
*
3,454,488,000 3,419,457,000 3,396,168,000 3,375,826,000 3,376,028,000 3,377,189.000 3,359,493.000 3,354,194,000 2,760.289,000
open market
(b)
Total bills on hand
202,078,0 1,001,864,0 197,850,0 229,142,0 110,052,0 118.867,0 492,877,0 111.564,0
U. S. Government bonds
1.153.0
560,0
114.0
4,477,0
1,457,0
1,386,0
833,0
1,233,0
U. B. Government Victory bonds
5,0
50,0
3.0
10,0
U. 8. certificates of Indebtedness 21,695,0
79,214,0 31,776,0 23,322,0 12,260,0 15.664.0 39,642,0 17.239.0
Total earning assets
Bank premises
Uncollected Items and other deductions from gross deposits..
6% redemption fund against
Federal Reserve bank notes
All other resources
Total resources
LIABILITIES.
Capital paid In
Surplus -
224,338.0 1,082.585,0 231.012,0 253.307.0 123,545,0 134,648,0 536,996,0 129.956.0
866,0
1.476,0
752.0
2,116,0
3,763,0
592,0
1,155,0
590,0
68.718,0
1,072,0
282,0
161,762,0
3,100,0
1,422.0
64,658,0
1,300,0
194,0
81,273,0
871,0
145,0
60.554,0
451,0
187,0
29,481.0 113,467.0
573.0
100.0
1,820,0
461,0
46.256.0
523.0
282.0
1.0
8,492,0
24,402,0
61.825,0
44,650,0
40,301.0
797,347,0
416,0
51,0
916,0
201,0
586,0
171,0
665,0
326,0
12,293,0
3,822,0
496,149,0 1,884,413.0 460,618,0 569,122,0 262,385,0 239.904.0 964,114,0 254,486.0 162,594,0 272,133.0 185,840,0 426,619,0 6.178,377,0
7.532.0
12,351.0
24,675,0
61,308.0
8,326,0
13,069,0
10,161,0
13,712.0
4,873,0
8,076,0
3.788,0
7,050.0
13,290,0
23,917,0
4,257,0
5.884.0
3,279,0
5,178,0
4.312.0
8.395.0
52,560,0
2,658,0
113,276,0
23,974,0
52,646.0
3.434,0
59,395,0
2.949,0
47,219,0
1,673,0
23,334,0
1,265,0
73,863,0
5,799,0
39.233.0
1,841,0
18,599,0
1,212,0
58.143.0
2.229.0
3,757,0
4,152,0
6.389.0
11.662.0
94.639.0
164,745,0
Government deposits
2,471,0
15,919,0
1.281.0
1,060,0
"III
410,0
1.011.0
52.0
612.0
3,404,0
882.0
3,091,0
295.0
750,0
Due to members, reserve account 118.186,0 •738.232,0 106,197,0 143.114,0 59,876,0 49,837.0 261,308,0 63.598.0 46,169,0 82.481.0 57,343,0 113,363,0 1,839,704.0
Deferred availability Items
All other deposits
Total gross deposits
173,456,0
F. R. notes In actual circulation. 287,332,0
F. R. bank notes In circulation
—net IlablUty13,784,0
All other liabilities
1,694,0
Total
•
876,094,0 165,968,0 205,753,0 112,172,0 75,318,0 341,720,0 105,683,0
871,467,0 252,418,0 320,621,0 126,380,0 141,362,0 547,917,0 128,639,0
37,487,0
23,382,0
19,409,0
1,428,0
17,108,0
1,767,0
9,987,0
906,0
11,359,0
1,027,0
32,031,0
5,239,0
8,820,0
1,203,0
66,390,0 144,134,0
79.116,0 98,651,0
7,512,0
1,119,0
15,088,0
1,553,0
27,986,0
1,132,0
28,180,0
6,993,0
594.434.0
55.159,0
87,521,0 151,007,0 2.505.216,0
82,074.0 244,971.0 3,180.948,0
7.121.0
1.215.0
10.581.0
2,009,0
190.287.0
42.542.0
liabilities
496,149,0 1.884.413,0 460.618,0 569,122,0 262,385.0 239.904.0 964.114.0 254.486.0 162,594.0 272,133.0 185.840.0 426.619.0 6.178.377,0
Includes Government overdraft of 5142,000.
x Includes Government overdraft of $895,000.
.
July 17
S
.
THE CHRONICLE
1920.]
Ttco ctphCTs (00) omUted
Xew
Boston
LIABILITIES ^Concluded)—
PMla
York
S
S
Richmond Atlanta
Cleveland
S
S
$
275
Chicago
S
Kan
Louis Minneap
St
S
S
S
City
Dallas
San Fran
Total
$
S
S
S
Ratio of total reserves to net deposit and F. R. note llabllltlea
51.1
39.8
If ifnoronda— Contingent liability as endor ser on:
Discounted paper redlscounted
with other F. R. banks
Bankers' acceptances sold to
- -- _
other F R banks
ContlDg. Uabll. on bills purch. for
1,168,0
lorelgn correspondents
6,089,0
la) Includes bills discounted for
35,994,0
36,096,0
other F. R. banks, viz
(W Includes bankers' acceptances bought fr om other F.
With their endorsement
Without their endorsement
4,918",6
46.0
43.2
39.8
39.8
40.7
39.2
41.1
39.8
24,972,0
5,507,0
31.672.0
25.013.0
15,653,0
12.767.0
11.000.0
784.0
676,0
1.904.0
752.0
432.0
768.0
410,0
52.2
1,312,0
1,280,0
.
Boston.
New
126,584,0
2V,94b^6
Rlchm'd Atlanta
Clcvel
3.529
39.500
88,980
18,941
2.500
3,166
44.900
95.204
23.660
S
Chicago
JULY
St.
9 1920.
Minn. K.CWj
L
Dallas San Fr.
Total
S
74.540 15,680
594.622 146,458
8.235
4.470
80,249 103,682
S
453,513
9,030
86,125 276,695 3,454,488
3,810
1,833
40.731
427,075 100,084
65,469 11,461
13,052
1,626
17,600
47,971
23,205
259,226
10.331
116,285
5,490 17,438
769,591
9,734 82,733
60,570 176.524 2,309,386
546,206
16,958 12.106
.S
8,403
159,144
•S
2,935
33,860
66,887
45.272
S
1,100
670,505 2.378.708 569,j.55 733^,552 311,412 382.175 1,329.253 320,057 191,938 257,106 198,238 566.596 7,908,695
.•
-
PMla.
196.608
32,025
12,219 15.401 17,525
73,000 76.389 100.000
711,359 173,708 183.037
257,336
3,479 44,228
—
—
York
S
S
S
135,000 34,680 24.150 28,453 66.975
993,186 265.498 332,587 132.009 145.770
51.200
Federal Reserve notes on hand
297,607
Federal Reserve notes outstanding
Federal
Reserve
notes
outstand'g:
Collateral securitj- for
900
Gold and gold certificates
26,720
Gold redemption fund
92,000
Gold settlement fund Federal Reserve Board
177,987
/Amount required
Eligible paper: lExcess amount held
24,091
Total
16,217,0
736.0
id,bb8",6
—
Liabilities
126.584,0
banks:
lo'.biT.o
(In Thousands of Dollars.)
43.1
54.494,0
R
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINES
Resources
48.4
605.880
Federal Reserve notes received from Comptroller, gross 611.500
.305.702
262.692
Less amounts returned for destruction
Net amount of Federal Reserve notes received from
Comptroller of the Currency
348,807 1,128,186 300,178
Collateral received from
fGold ,.
119,620
281,827 91,790
Federal Reserve Bank: lEUglble paper
202,078
968,695 177,187
609,020 338,700 354.060
252,283 178,238 141.315
356,737 160,462 212,745
149,550 43,029 50,566
227,265 107,921 118,864
337,880 166,580 228,180 167,660 467.920 7,200,920
175,742 78,096 120.028 72.505 190.125 3,292,919
669,162 162.138
167,547 46,374
492,544 111,545
88.484 108,152
32.278 36.795
71,176 112.159
95.155 277,795 3.908,001
25.555 100,171 1,145,102
77.528 188,630 2,855,592
670,505 2.378,708 569,155 733,552 311,412 382,175 1,329,253 320,057 191_,938 257,106 198,238 566,596 7,908,695
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
297,607
10.275
993,186 265.498 332,587 132,009 145,770
121,719 13,080 11,966
5,629
4,408
594,622 146,458
46,705
17,819
287,332
871,467 252,418 320,621 126,380 141.362
547.917 128.639
80,249 103,682
1,133
5,031
86,125 276,695 3,454,488
273,540
4,051 31,724
79,116
82,074 244,971 3.180,948
98.651
—
Member Banks of the Federal Reserve System. Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different itema
in the statement were given in the statement of Deo. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS JULY 2 1920.
Large -withdrawals of Govermnent deposits in connection with the redempon July 1 of about 200 milhons of Treasury certificates, as against a
substantial increase in demand deposits are indicated in the Federal Reserve
Board's weekly statement of condition on July 2 of 814 member banks in
leading cities. Apparently as a consequence of the large withdrawals of
government funds from depository institutions, member bank borrowings
from the Reserve Batiks and members' reserve balances show considerable
Increase for the week.
Treasury certificate holdings show a further decUne for the week of 63.1
millions, while the amount of other Government securities held remains
practically unchanged.
Loans secured by Government war obUf,ations
tion
week of 41 .9 millions for all reporting banks and of 10.2 millions for
New York City members.
Government deposits show a reduction of 1.55.1 millions, while other
demand deposits (net) increased by 142.1 millions and time deposits by
Hand in hand with the withdrawal of Government funds,
8.5 milUons.
the total accommodation of reporting banks at the Federal Reserve Banks.
as shown on the books of the latter banks, increased from 1,945.9 milhons
on June 25 to 2.057.7 millions on July 2. of which somewhat less than onehalf was paper secured by Government war obligations. For the New York
City banks the corresponding item shows an increa.so for the week from 611 .8
to 688.6 millions.
The ratio of accommodation at the Federal Reserve
Banks to total Joans and investments shows a further rise from 11.5 to 12.2
per cent for all reporting banks and from 10.7 to 12.1 per cent for the New
York City banks.
In harmony with the increase in demand deposits and their increased
borrowings the banks' balances with the Federal Reserve Banks increased
about 52 millions. Cash in vault shows a nominal gain of 0.2 million for
all reporting banks and a decline of 4.7 milhon for the New York City
members.
for the
the
show a decline of 2.9 millions for all reporting banks and of 7.3 millions for
the New York City banks. Loans secured by corporate stocks and bonds
show an increase of 12.5 milUons, of which 10.6 millions represents the share
of the member banks in New York Citj'. All other loans and investments,
including ordinary commercial paper, are shown 11.9 milUons larger than
the week before. As a consequence of these changes in the different
classes of earning assets, total loans and investments show a decrease for
1.
Data for all reportint! banks In each
Three ciphers (000) omitted.
Number
of reporting
banks
.
.
CMcaoo.
Atlanta.
St.
Louis. Minneap.
Kan.
Citv
Dallas.
San Fran.
Total.
23. -249
57
11,347
29,634
9,059
24.021
92
41,874
59,911
19,363
24,743
82
28,282
33,903
7,730
12,991
47
14.185
28.097
4.093
9,017
107
21.549
60,880
39.901
56.197
35
16,924
12,763
2,816
4,043
7,321
9,728
1,048
5,004
83
15,358
24,467
4.918
7.649
48
3 9.573
20,741
3,239
5,950
68
34,485
61,526
12,567
26,966
814
269,867
609,409
198.310
419,954
56,499
607,178
74,061
145.891
82.906
55.392
178,527
36.546
23,101
52,392
49,503
135,544
1,497,540
55,521
495,996
192,049 1,342,002
791,645 3,962,303
96,204
199,672
680,865
78,783
336,991
920,352
32.805
104,714
388,750
28.138
111,289
464,409
59.672
410,267 1,789,753
37,112
127,935
409,808
17,338
30,589
288,833
27,340
80,627
512,986
10,222,
36,617
244,671
32.699 1,023.447
144.189 3,119,466
988.207 11,288.440
950,802 1,482,017
69,101
100,509
15,862
33,416
676,852
893,911
33,178
366,872
7,246
9,483
609,175
35,731
18.832
336.088
105,149
553,469 2,543,978
33,359
188,879
65.779
13,664
272,145 1,397,171
626,094
152,614
12,455
2,503
611,401
40.340
9,811
312,892
126,446
3,031
359,861
21,781
8,710
213,863
64,044
673,345
49,293
13,855
426,662
97,828
12.311
13,946
6.993
Total U. S. securities
Loans and Investments, Including
bills redlscounted with F. R.
and other banks:
Loans sec by U S war obligation
Loans sec. by stocks and bonds..
All other loans and Investments..
York Philadel, Cleveland. Richm'd.
Three ciphers (000) omltt ed.
114
46.658
253.813
86,583
220,124
46
U. 8. bonds to secure circulation
Other V. 8., Incl. Liberty bonds...
O. 8. Victory notes
D. S. certificates of Indebtedness...
.
New
Boston.
district.
Total loans and Investments Incl.
rediscounts with F. R. banks.. 1,095,714 6,407,479
Reserve balances with F. R. Bank..
81,899
719,059
Cash In vault
23,691
116,993
Net demand deposits
821,565 5,292.471
Time deposits
,
139,219
418.817
Government deposits
7,934
52,515
Bills payable with F. R. BankSecured by U. 8. war obllgatlons.
31.751
349,412
All other..
Bills redlscounted with F. R. BankSecured by TJ. 8. war obligations.
24,653
129.822
Another
60.168
271.148
Data
for
Banks
54,978
58,076
32,408
21,433
45,941
111
35,358
1.154
32,396
386
91,867
14,684
44,564
5,913
37.406
6,063
46,902
15,050
274,887
In Federal Reserve
Neio York.
1,397
Bank and Branch
Cities
All F.R.Bank Cities
Chicago.
and
All
12,619
69,063
35
365
3,751
6,972
27,475
350
60
2,426
51,437
6.419
59.830
341,013 1,300,639 16,928,893
81 ,'242 1,445,713
24,520
358,252
10,736
26,903
223,497
619,074 11.486,191
49,452
520,658 2,700,371
107,790
1,173
5,937
14,545
29,744
285
741,872
2.346
1.874
18,201
2,292
67,607
279.891
1.033.621
Other Reporting Banks
F. R. Branch Cities
All Other
Reporting Banks.
Total.
Three civbers (000) omittea.
Ju'V 3
Number
U.
of reporting
banks
bonds to secure circulation
Other U. 8. bonds, Incl. Lib. bds
O. 8. Victory notes
U. 8. certificates of Indebtedness.
8.
Total U. 8. securities
Loans and Investments, incluiling
bills redlscounted with F. R.
June 25
July 3
June 25
July 3
June 25
July 3
June 25
July 3
June 25
Juij 3
72
36,961
220,560
77,000
203,782
72
36,961
221,092
75,638
223,003
50
50
280
1.438
24,690
12,226
21,023
1.438
25.199
12,388
24,048
98,666
345,290
107,224
289,837
280
98,654
344,897
106.012
334,010
198
70,898
143,535
51,988
80,891
198
70,905
143,509
52,293
93,901
336
100.303
120.584
39.098
49,226
336
100,224
121.491
39.820
56.033
814
269,867
609,409
198,310
419,954
538,303
556.694
59,377
63,073
841,017
883,573
347,312
359,788
309,211
317.568
1,497,540
June 25
July 3 '19
814
269,783
609.897
198,125
483,124
773
269,314
635.170
349,918
1,001.415
1,560,929
2.255,817
banks:
Loans sec. by U. 8. war obllg..
1.026.291 al, 369.943
466,884
105,112
105.683 1,023.44
474,175
130,415
138,241
71,556
78,150
781,920
r82,367
Loans sec. by stocks and bonds 1,186,362 1,175.820 345,691
483,110
421.368 416.122 3.119,466 3.107.025
484.957
344,547 2,213.141 2,207,793
All other loans and Investments 3,491,814 3.486.948 1,070,359 1.009.918 7.221,043 7,200.368 2,174,844 2,181,400 1.892,553 1.894,738 11288,440 11.276,506 ai0S73648
Total loans A Investments, Incl.
rediscounts with F. R. banks: 5.683,363 1,693.637 1,553,577
Reserve balances with F. R. bank
674,113
642.952
135.246
Cash In vault
102,029
106.679
36.363
Net demand deposits
4,769,981 ,705,010
962,857
Time deposits
302,162
303.559
283,950
---Government deposits ...
51,097
126.176
6,061
Bills payable with F. R. BankSecured by U.S.war obligations 311,834
271.197
34,297
Another
,549,094 11057121 11074101
133,084 1.078,720 1.035.121
35,163
201 ,633
206.210
951,116 8.0S3.643 7.974.509
281,660 1.231.263 1,226,403
14,863
84.095
206,841
38,097
487,829
450,874
Bills
redlscounted wUiTf.'rT B'k'
Secured by U.S. war obligations
Another
Ratio of U. 8. war securities and
war paper to total loans and
Investments, per cent
,143,538 3,162,539 2,728,244 2,734,111 16,928.893 16,970.751 14,835,163
161,239
155,760 1 .445,713 1,393,709 1,269,102
202,828
205,754
358,252
358.000
343,185
68,489
85.318
83,361
71,301
645.996 11.486.191 11.344.128 10,511.6'28
.730,127 1,7'23.623 1.672,421
592,959 2,700,371 2.691. SSO 1.758.103
872.518
593,720
875,388
21.115
107.790
262.861
601,481
34.905
8.381
15,314
101,564
731
156.364
761
92.479
1.615
93.975
741.872
2.346
707.213
350
16.773
134,548
279.891
1,033.621
289.134
948.519
126.331
250.499
131,027
209,619
8,567
204,020
8.881
191,598
235,380
750,411
241,345
669,780
28,565
147,520
31,016
144,191
15.940
135.690
17.0
17.5
8.8
8.6
13.8
14.2
13.1
13.5
1 1 .5
a Exclusive of rediscounts with Federal Reserve banks.
11.
13.3
I
1.111 ;i,113.102
13 7
335,750
THE CHRONICLE
276
[Vol. 111.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA ANL.
BALTIMORE EXCHANGES.
Botton
Wall Street, Friday Night, July 16 1920.
Stocks. For reasons which
Miscellaneous
Railroad and
business
at the Stock Exchange has
clear
are not altogether
throughout
the week. From
character
been of a negative
Monday
the transactions
shares
on
800,000
a total of neai-ly
on
Thursday and
less
than
400,000
to
d'nnndled
steadily
Doubtless
this
is owing in
similar
record.
show
a
prices
last
week's
buoyant
from
logical
reaetipn
tendency
part to a
money
sensitive
market.
a
perhaps,
to
The
latter
and also,
until
Thursday,
when
at
a
maximum
8%
held fairly steady
of 11% was reached, whereas it was generally expected that
by this time normal rates would prevail. Meanwhile sterling
exchange has continued to decline in this market until it is
now about 12 cents lower than on July 1.
Practicallj^ all the steel shares were favorably affected by
Lackawanna's excellent report for the second quarter of the
year and week by week crop reports foreshadow more abundant harvests than two or three months ago seemed possible.
To-day's market has been somewhat more active than that
of the two preceding daj^s and generally weak.
Reading
has led the raUway hst in a decline of 3 points within the
week, but Texas & Pac. lost almost as much and So. Pac.
The average loss of the railways is, howis 2 points lower.
ever, about a point and of industrials about 5 points for a
—
considerable part of the active issues. Among the exceptional features is Cruc. Steel in a decline of 16 points, while
Stromberg lost nearly 12, Studebaker 7, Atlantic G. & W. I.
10, Baltimore 8, and Mex. Pet. over 6.
The following sales have occurred this week of shares not
represented in our detailed Ust on the pages which follow:
STOCKS.
Range for Week.
Sales
for
eek ending July 16.
Week.
Range since Jan.
Highest.
Lowest.
Lowest
1.
Highest.
Week ending
July 16 1920,
Saturday
Wednesday
Thursday
Friday
Am
M
M
H
M
Am
M
M
M
K
M
.
N
M
.
.
M
M
M
H
M
M
M
.
N
M
M
TBAN8ACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY,
WEEKLY AND YEARLY
Railroad,
Stocks.
Week ending
July 16 1920.
Share).
Saturday
Monday
.
..
State.
&
.
$1,071,000
2,128,000
2,329.000
1.762,000
1,440.000
1.816,500
3,183,543 $285,024,750
810,546.500
Tuesday
Wednesday
Thursday
Friday
Total
Bondt.
$28,482,000
68.171.000
58.297,500
44,885.000
34,553,500
50,635,750
320,960
752.900
649,620
506,640
385,670
567,753
_
Sales at
New York Stock
Exchange.
Week ending July
1920.
16.
1919.
Mun.
Foreign
Bondt.
iStc,
Par Value.
$435,000
915,500
1,080,500
756,500
709,500
985,000
VnUea
State*
Bondt.
$3,278,000
6,178,000
9.990,000
7,496,000
8,092,000
7,818,600
$4, 882 ,000 '$42 ,852 ,600
Jan.
1 to
1920.
July 16.
1919.
—
No. shares. -3.183,543
9.533.666
132.294,689
160,433,332
Par value
$285,024,750 $842,008,700 $11,725,449,775 $15,062,829,230
Stocks
Bank
shares, par
$1,400
$47,200
Bonds.
Government bonds...
State, mun., &c.. bds.
RR. and misc. bonds..
Total bonds
$42,852,600
4,882,000
10.546,500
$53,210,900
3,438.500
12.070.000
$1,670,760,750
211.168,800
317,302,000
$1,263,900,900
186,602,000
306,644,000
$58,281,100
$68,719,400
$2,199,231,550
$1,757,146,900
70.123'
Bond
Shares
Sales
BaUimore
I
Bond SaUt
Shares
Sales
$33,100
125,900
58,150
54,750
69,650
5.000
2,854
6,539
7,276
5,838
4,192
2,547
$76,500
44,000
177,700
82,300
42,000
18,000
1.595
1.458
1.479
2.069
5,704
3.060
$2,000
10 400
15,500
14,000
18,000
7.000
S346.550
29,246
$440,500
15,365
S66.90»
and Railroad Bonds.
State
— Sales
of State bonds at
the Board include $1,000 N. Y. Canal 4s of 1960 at 93 and
$16,000 Virginia 6s deferred trust receipts at 51
to 55.
The market for railway and industrial bonds has been
relatively active and steady, reflecting the reinvestment of
July 1 interest and dividend payments. The new Belgium
M
and Swiss loans have been
in favor, the former at advancing
of other strong features includes Am. Tel.
Atchison, Gen. Electric, Reading, Penn. 7s, So.
Union Pac, and So. Ry issues. On the other hand
public utilities, including loans, gas and the local traction,
have been notably weak and Inter. Mer. Mar. and Steel
5s are fractionally lower.
A
prices.
Tel.,
Pacific,
list
&
—
United States Bonds. Sales of Government bonds at
the Board are limited to $3,000 4s coup, at 105 and the various
Liberty Loan issues.
1
1
1
Daily Record of Liberty Loan Pricet. July 10\july I2\july n\july li July 15 July 16
i
First Liberty Loan
3348, 15-30 year, 1932-47
High
<Low.
f
ICloee
Total sales In $1,000 units
Second Liberty Loan
48. 10-26 year conv.
High
{how.
(
1942
ICIose
Total sales In $1,000 units
Second Liberty Loan
48. convertible,
High
<Low.
(
1932-47
I
Close
Total Bales In $1,000 unite
Third Liberty Loan
43isofl928
High
<Low.
(
I
Close
(
High
Total sales In $1,000 units
Third Liberty Loan
Of 1st
IClose
f
t
Close
Fourth Liberty Loan
High
<Low.
f
1933-38
IClose
Tota
sales In $1,000 unite
Fourth Liberty Loan
High
43i8.l8tLL2dconv,"32-'47(Low.
f
IClose
Total sales In $1,000 units
Victory Liberty Loan
f High
4 5is conv gold notes, '22-'23( Low.
IClose
Tota] sales In $1,000 units
Victory Liberty Loan
High
ajis.conv gold notes. •22-'23<Low.
(
IClose
Total sales In $1,000 units
91.24
90.90
90.92
224
690
85.72
85.56
85.56
31
86.20
86.10
86.10
3
89.78
89.60
89.70
85.64
85.60
85.64
16
86.40
86.10
86.10
86.30
86.10
86.24
80
85.78
85.62
85.74
8
89.74
89.26
89.46
768
86.50
86.30
86.42
202
85.80
85.60
85.60
1,548
86.00
85.80
85.80
1,653
91.28
90.74
91.16
1,051
85.46
85.20
85.30
91.18
91.02
91.08
1,638
85.54
85.32
85.42
45
90
86.10
86.10
86.10
2
89.20
89.00
89.10
1,185
86.40
86.22
86.40
90
652
674
95.98
95.92
95.98
96.00
95.96
95.98
85.60
85.30
85.54
1,921
85.84
85.62
85.76
2,811
95.00
95.00
95.00
s
96.00
95.92
96.00
1,780
95.98
95.92
95.94
404
677
463
445
Total sales In $1,000 units
4>i8
91.28
91.12
91.14
398
L L conv,'32-'47< Low.
Total sales n Jl.OOO units
Third Liberty Loan
High
43i8 0J 2d L L coev, •27-'42(Low.
A
H
.
Total
Philadelphia
Bond
7.241
14,295
11,475
11,216
13.423
12.473
Monday.
43i8
Par. Shares S per share.
S per share
8 per share $ per share.
Brake Sh & F.no par\
100 53
July 16 53
July 16 5354 July 53
July
100'
July 16 86
July 16 86
Preferred
200 86
July 8634 July
Preferred (old) ...100
July 13 245
July 13 170)i Jan 245
150 245
July
300 102
July 16 105M July 12 86
American Snuff
Feb 115?i Jan
100,
July 16 208
July 16 209
Tobacco com B..100|
200 208
July 210
June
14
July
July
13
Ann Arbor
200
7
Jan 17
W'A
Feb
100]
16M
July 13 20
Preferred
100
100 30
July 13 30
May 30 July
10
Assets Realization
500
Feb
Apr
3)^ July 15
3M July 15
Atlantic Refg, pref. .lOOj
500 104)4 July 12 105
July 12 103
May 114
Feb
paT\
July
13
July
Austin.Nich&Co_.KO
300 22
22
10 22
July 24
May
12
6
July 16
July
Brunswick Terminal- 100
400
Feb
Mar
834
6H
5H
July 12 65
July 12 65
Buffalo & Susq v t c. -100
100 65
Jime 69 Ji Mar
pref .100
July 14 94
July 12 93
Case Thresh
300 93
May 101
Jan
July 12 205
July 14 175
CentralRRof J.. .100
600 203
Jan 205
Mar
July
12
July
12
Chicago & Alton
100
6
.100
Feb
Feb
1154
8K
8}i
C & E 111 pref trust rects 2,000 7 July 12 8 July 12 4^ Jan 11
Mar
July 12 60
July 12 58
100 60
June 66
C St P & Omaha. .100
Mar
July 15 80
July 10 77
Cluett ,Peabody& Co 100
700 77
July 106
Jan
Computing-Tab-Rec. 100
200 49M July 16 49% July 12 44
Feb 56
Jan
De Beers Cons M.no par 600; 31'A July 12 32 July 12 31^ July 36H May
Duluth S S & Atl
100
100
4H July 12 414 July 12 3 May 5% Feb
Preferred
July 12
8
July 12J 7
100 1 ,0001 8
Apr 11
Feb
July 13 174H July 12,1 150
General Chemical
100
300 170
June 192
Mar
300l 94
July 10 95M July 10 86
Preferred.
...100
May 100
Jan
July 12 80
Int Nickel, pref
100
June 88
300; 80 'A July 15 81
Feb
lOOllOl
July 12 101
July 12j 100 3i Jan 102
Kress (S H) & Co, pf .100
May
Liggett & Myers B ... 100
200135
July 16 135
July 16 135
July 155 3i Apr
July 12, 70
Malllnson & Co, pref. 100
100 70
July 12 70
July 80
Apr
July 13 57
July 13; 57 >i July 57 3i July
Manhat Elec Supply. 100
100, 57
July 15' 20
Martin-Parry
no imr 1,700 22
July 15 22
June 303^ Jan
400' 2334 July 14 25
Maxwell Motor
July 10 ISA Feb 38
100
Apr
July 10 15
Certifs of deposit
100 19
July 10 19
May 35
Jan
July 13 43
July 10 303^ May 62
First pref ctfs of dep.
500, 38
Jan
10! 74
Michigan Central... 100
July 16 74
July 16 74
July 74
July
100 69 M Jiily 14 69K July 14 63
St P & S S Marie.. 100
Feb 80
Mar
800 J-37 Vi July 16 42
July 10 32? May 51
Mullins Body
no par
Jan
Nat Biscuit, pref
100
400 103
July 13 108
July 15 1033^ July 116
Jan
July 13 24
July 10 10
Norfolk Southern.. -100
400! 22
Feb 29
Mar
Norfolk & West, pref .100
July 10 65
July 10 64
May 72
Jan
25| 65
200 27
July 15 27
July 14 26 Ji July 29% June
Oliio Body & Bio w.reo par
July 14 92
July 12 90
Penney (J C) pref ... 100
Feb 98
May
300 91
June 29
June
lOOi 29
July 16 29 July 16, 28
Rand Mines Ltd-no par
Reis (Robt) & Co.no par
lOOl 16A July 12 lGy2 July 12i 15
June 23
Apr
100
100 84
July 14 84
July 14 75
June 84
Apr
First preferred
10
9
July 15
July 15
Shattuck- Arizona
200
9
June
8yi
12K Jan
July 15 290
July 15| 200
100 290
Feb310
Apr
So Porto Rico Sugar. 100
110108
July 14 108
July 14| 108
Preferred
100
May 116
Jan
Standard Oil
J part
July 12 lOOK JunelOS
200104^^ July 12 105
July
paid receipts.
7001 10
July 14 11
July 12 lO'A July 173^ Mar
Third Ave Ry
100
July 16 34
July 15 30
Times Square Auto Sup 5,200 30
July 34 3i July
20,300'
United Drug rights
154 June
Vs July 10
Vs July 15
Va July
Mayi 33
200 26 H July 12 27
July 12 25
Wisconsin Central
100
Feb
Sharu
86.00
85.86
85.96
941
94.10
94.10
94.10
3
96.00
95.94
96.00
..
96.02
95.96
95.96
91.10
90.94
91.02
1,042
85.40
85.24
85.26
10
91.14
90.90
91.00
89.04
88.66
88.88
1,086
86.50
86.10
86.44
83
85.60
85.38
85.42
1,415
85.78
85.58
85.68
2,220
96.20
95.5C
96.20
88.90
88.52
88.66
353
85.20
84.90
84.90
24
86.10
86.10
86.10
9
89.20
89.00
89.02
605
86.50
86.32
86.46
33
85.62
85.50
85.56
968
85.90
85.66
85.78
2,395
_
11
96.02
95.94
95.96
711
96.00
95.92
95.92
595
95.98
95.90
95.92
881
95.94
95.90
95.9C
139
1,053
86.38
85.90
85.90
90
85.36
85.00
85.04
1,435
85.60
85.30
85.34
2,475
96.10
95.00
95.00
10
95.94
95.80
95.88
983
95.90
95.82
95.84
370
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange -were 3 85?^ @3 86H
fox sixty days, 3 88®3 89 for cheques and 3 885i@3 89H for cables. Commercial on banks sight, 3 87 3^® 3 883^, sixty days 3 84fg@3 85J|. ninety
days, 3 81?4@3 82JI and documentsfor payC (.sixty days) 3 83?^ (S384J|.
Cotton for payt- 3 873^ @ 3 883^ and grain for payt. 3 87H@3 883^.
To-day's (Friday's) actual rates for Paris bankers francs were 12.06®
German bankers' marks are
12.21 for long and 12.00@12.15 for short.
not yet quoted for long and short bills.
Amsterdam bankers' guilders
wore 34 9-16 for long and 34 15-16 for short.
Exchange at Paris on London, 46.34; week's range. 46.34 francs high
and 46.98 francs low.
The range
for foreign
Sterling Actual
for the week
.
—
exchange for the week follows:
Cheques.
Sixty Days.
.
3 91^
-.3 84Ji
High
Low for the week
Paris Bankers' Francs —
High for the week
Low for the week
German Bankers' Marks—
.- 11.90
12.28
3
94^
387>i
11.80
12.17
Cables.
3 95Ji
388H
11.78
12.15
2.62
2.64
for the week
2.50
2.52
the week
Amsterdam Bankers' Guilders
34 13-16
High for the week
35T4
35
35 H
Low for the week
343^
Domestic Exchange. Chicago, par. St. Louis. 15(s>25c per $1,000
discount.
Boston, par. San Francisco, par. Montreal S122.50 per
$1,000 premium. Cincinnati, par.
Outside Market. Irregular price movements and dulness characterized the "curb" market this week untU to-day
when prices moved to lower levels and trading increased
High
Low for
—
—
—
on the downward movement. General Asphalt Com.
shows a loss of almost 8 points to 69 M the close to-day
being at 70%. Aetna Explosives was active, after a period
of inactivity, and rose from 9K to 11 M. closing to-day
Biicyrus Co. was also comparatively active and
at 11.
moved up from 24 to 29 dropping to 25 J^ to-day and closing
Chicago Nipple gained almost two points to 1234
at 26.
Gardner Motor declined
and finished to-day at 12^.
from 29M to 26M- D. W. Griffith, Inc. was traded in for
the first time up from 15 to 15 M and down to 14 -nath the
final figure to-day back to 15. Guantanamo Sugar declined
from 24)4 to 22%. Submarine Boat lost about a point to
12. National City Bank "rights" were traded in down from
100 to 85 and up to 92, the close to-day being at 90. Oil
shares were less conspicuous than recently. Maraeaibo Oil
lost part of its recent advance, losing over two points to
26 M- Fensland was conspicuous for an advance from 13
K
Carib Syndicate
the close to-day being at 14 %•
to 14, the final figure to-day being.
weakened from 19
14)4. Ryan Consolidated declined from 30 to 2434^.
to
15,
H
2
New York
Stock Exchange—Stock Record, Daily, Weeklyjand Yearly
377
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually Inactive, see preceding page.
BIBB AND hOW BALM rtXCBS—FBIt BHAKM. NOT PSS CSNT.
Saturday
July 10
Monday
Tuesday
Wednesday
Thursday
July 12
July 13
July 14
July 15
%'veT share
8034 iSlU
•72i8 173
$ per share
8078 817s
&h
8
•83
3238
86
33 's
44
43I2
73
8I4
•84
32I4
4353
91s
1112
*Sl2
H8I2 12234
I23I4
III2
*8i2
11'2
55
5434
838
5434
22I2
3434
5112
23
35
23
""
0234
70
71
52
70
""
838
3434
•9Sl2 103
3738 38
*98l2
37I8
74
64
54
64I4
•73
64
54
23I2
*22
46
•40
90
195
49
50
90
198
5I4
5I2
1138
1258
1178
20
20
I3I2
1334
71
72
13
36
3612
•I2I2
14
31
28
•8134
»358
•1034
83
74
54
24
•46
•40
8934
19212
5I2
1158
1278
2OI4
14
7034
*35i2
1334
*29
8II2
1138
3I2
1034
17
18
18
43
43
378
60
49
55
49
9012
3138
1878
9OI2
7258
3934
40
3058
19
8934
72I4
3978
25
2558
25
3034
1878
73
45
25
•31
2638
341
31
*74
9018
43I2
45
20
*33
1338
5
Ills
21
20
1438
7218
1353
512
12
3612
1334
31
8212
358
III2
1834
70
3512
13
3OI2
*8U2
334
1034
18
5I2
5I4
5I2
1158
1338
2053
1334
7134
3573
1353
11
13
2038
14
7OI2
1138
1353
*12l2
31
*29
S3
*81
334
1134
I8I2
35
21
,1
I4I2
5I2
11
11
1253
13
20
•14
533
III4
1212
1953
I3I2
2033
70U
15
71
35
35
69I4
3434
60
49
32
19
3012
3II2
8978
7212
89I4
40
89I2
7II2
3953
40
2612
25
2553
3933
2434
9II4
7338
1334
32
83
*29
*81
32
83
•28
31
3I2
1034
17
9278
43I2
»30l2
*73l2
8938
4312
45
43I2
3II2
76
2634
70 J!
55 1
3034
2518
3112
76
9153
43I2
45I4
2658
301s
*73l2
8978
43I2
*43l2
2533
*32
35
8914
7212
3953
25I2
81
*3l2
•1034
3I2
11
I712
I6I4
26I4
I7I3
28
738
738
I3I4
738
I3I4
7I2
773
7I2
734
14
9418
2712
5812
953,
2938
42
4234
94I8
2812
5858
4134
9558
3078
6012
4312
14
9353
2853
5934
4118
14
9334
2853
5834
4118
94I2
2933
59I4
42I4
34
34
34
34
•1038
21l8
IOI2
10
IOI4
22I2
2118
8I2
21is
25
8I2
878
2438
I6I2
2418
9
10
IOI4
•29'
•60
30"
2834
2634
17
1038
I6I4
3078
65
66
67
Ills
11
III4
18
18
36
34
34
35I2
35I2
3612
68
63
63
63
•15
11
•33
35I2
•64
65I4
6212
II2
II2
2
38l2
2
3812
76
•84
76
87
90
45
•85I4
•44
•43
94
•82
118
4212
140
106
I6I2
10
16
133
173
37
8678
*85i8
*44
138
173
38
8673
90
45
94
85
11812
4258
14058
IOI3
9334
*82
94I4
85
II8I2 II9I2
41
43
I37I8 I39I2
934
*33l2
*64l4
*S4
3612
33
36
33I2
3313
33I2
'37il
85I4
8634
85I4
43I2
44
91
82
116
4012
135
91
85
11738
4II2
1381s
III2
148
1784
1734
9238
921-
43
43
42
42
€0l2
6OI2
8912
59I4
86I2
5914
88I4
*11
llSg
IO2I2
*11
I6I4
•75
I6I2
2434
78
6U2 62
92
39
•86
lU
86
87
6II4
9II2
38
88
*86
88
ana asked
prices;
2773
287s
59
59
59
115
65
*934
81s
i25l'2
6II2
9II2
3834
126"
IO7I2 IO8I2
89I2 91
*S5
no
90
sales
on
I3I2
14
4II4
341s
11453
65
6434
10
21
95s
251s
15
*9l2
13
29
65
20
15
10
15
29
6634
IOI2
6634
1034
32
32
35
65
6OI2
2OI2
8
241s
SU
29
63'
3858
34
1151'>
9341
2OI2
8l8l
24I2
16
29I2
67
33
33
64
36I4
8518
90
44
48
89
85
97 14
40
95
8534
8634
43
41
91
82
36
37
80
8534
8534
75
45
48
92
85
85I3
43
4434
90
II5I2 11978
4034 41
90
93
136
13733
U
75
90
45
43
41
89
80
4434
9OI4
82
85
I96i4
3934
9933
407s
96I3
3913
90
134%
42I2
44
11
11
I34I4 137
•I35I4 140
17
17
10
10 Is
8734
87
86 Is 871s
4OI2
8412
57
8634
90
93
99I4 10138
84
III4
79
"97"
III4
1518
1553
2353
75
74
78
60
9073
3773
87
607s
9II2
3812
88
I25I2 I25I2
'107
110
8938
87
9()l2
91
day.
59 12
91
38l2
8738
123
78
93
9712
74
6OI4
5812
9OI2
3734
87
28.200
100
11,350
8,600
153s
24
76
5934
9OI2
38
88
I24I4 I24I4
128
t Ex-rlghts.
77
15
23I2
91
3812
8733
10834 10834
87li .S93i
91
IK'S
99I2 102
70
S7I2
61
84
95I2
90
9912 102
23I2
87
8234
79
2353
1634
87I2
4OI4
108
87I4
S7l2
I
i
109
88I2
90
I
67
98
2312
6414
54
42
62
20
46
May24
Feb
6
Feb 13
June24
June28
Feb 13
Feb 13
Feb 11
Feb 6
5912
lO'g
2718
42I2
6II2
9112
120
41
78
May20
Feb
13
May20
Feb 13
40
May 5
May 19
39I4
May24
97
JunelO
38I4 July 2
9
Feb 13
312
May22
May24
Feb 11
Feb 11
4I4 Feb 13
31 Junel8
64I4 Feb 13
2334 Feb 13
Aprl3
50
21
36
41i4May 4
2318
Feb 11
16
Feb
6
8414 Junel6
6634 Junel2
3773 May24
22 14 May20
July 2
57
June 8
May28
Feb 11
70 Feb 11
6434 Feb 11
2112
34
4812
4714
100
Amer Bosch Magneto.. iVo var
American Can
100
Do pref
100
\merlcan Car A Foundry. 100
Do pref..
100
American Cotton Oil
100
Do pref
100
Vmer DruggUta Syndicate. 10
American Express
100
\merloaD Hide A Leather. 100
Do pref
100
.
imerloan Ice
100
Do pref
100
Amer International Corp. .100
La France F E
10
American LInaeed
100
Do praf
100
American Locomotive
100
100
Do profAmerican Safety Razor
25
Am flhlp A Comm Corp. no par
Am Smelt Secur pref aer A. 100
^mer 8mitltlDg A lludnlug-lOO
100
Do pref-pref-
Am
4,300
900
3,700 tm Steel Found tem ctt«-33>i
-Vo par
Prof tomp otfB
100
1,500 imorlcan Sugar Refining.. 100
100
600
Do pref
100
5,500 Amor Sumatra Tobacco
100
Do preferred
Less than 100 shares
a Ex-dlv. and rights,
May25
May21
May20
17
7
20lj Feb 11
14 June21
2OI2
5412
9
Feb 13
Feb 13
Feb 13
Feb 5
June23
353
1434
15
May20
25
Feb 11
2512
May20
May21
61
60
July 2
li4May20
l'>8Feb 4
3OI2 May24
7414 May21
76
May20
81>3
June 2
Feb 13
39
40I2
7434
90
May 19
Feb 13
Jan 20
9513 JiilylO
34 '4 June 7
8858 June28
124 '8 Feb 25
10534 July 7
39 '8 Mar 1
79 June 4
lO's
JuneSO
95
Feb
I5I4
May20
6
85i4May21
38 Feb 6
53
Fob 13
SOTi
May24
IOI4 JutieSO
Feb 13
Apr 20
Fob 13
961a June 1
1158 Apr 15
18»4 Fob 13
74
91
82
73I2
56I4
June29
May20
M»y21
May20
89
35
85
122
Juue22
June 7
I<l2
May20
77
84
»
Jan
Jan
S214 JIny
68
Dec
Aug
84
73
June
Feb
547g
June
74
July
6514
32
63
19
48
45
9112
I7212
Sept
Dec
Dec
Feb
Dec
8578
313
10
13
Sl«4 May
68ij July
5II2 May
116
May
Mar 217 May
312 Apr
6I3 Feb
12% Dec
I8I2 Dec
1S34 Dec
7513 Deo
3IS4
July
1512 July
24
July
2014
May
33
July
2314 July
100% May
Jan
5234 July
Sept
1278 July
Dec 40ij July
Dec 104 May
Mar
913
Dec
3114
2514
Nov
June
June
May
May
Jan
2412 July
21
19
4% Feb
28
24
2213 Nov
3712 Dec
414 Dec
2834 Apr
66»4 Dec
2314 Sept
60i2 Dec
1658 July
2518 July
3878 July
6834 June
753
Mar29
Feb 20
Mario
Marll
Marll
Marl2
Mario
Mario
Mario
Maris
Mario
Feb 19
Feb 27
Jan 5
June24
Apr 28
Mar26
9434
Apr! 7
45
45
Apr 27
Apr 27
40
8ij
Nov
2818
161s
Dec
397g
88
Jan
40
95
77
60% June
Nov
Dec
Deo
Dec
May
Jao
14
Mac
60
Sept
8334 June
3314 July
70
Apr
5312 July
407g July
2414 July
11212 May
997g May
48i2 May
12 ig Jan
331s
Dec
Deo
Deo
66
39
Mar
70
Apr
5313
24
75
Dec
Dec
Dec
Dec
Dec
June
June
93% June
3812 Feb
7378
33
4434
84ii
3912 May
2734 July
2634 Julyl2
33»4
10*4
34
20
24
20
Deo
Dec
Dec
6% Dec
12
Dec
37
107»
23% June
21
19
23
377g
June
12
July
9178 Nov
2014 Dec
527g Dec
27I2 Jan
29>4 Deo
liaig -Aug
115
33
9)8
Feb
Feb
Feb
Feb
18 12 Mar 1
10538 Jan
3
3073 July 12
60 12 July 12
47
35
Mar22
Jan 26
I2512 Mario
69I4 Jan
3
1338 Maris
29S4Jan 27
Feb
Feb
2012 Feb
1273 Feb
2012 Feb
»334 Apr
IOI2
31
24
24
19
24
19
7
67
Julyl2
14)3 Feb 20
2212 Feb 20
4234
4658
Apr 1
Mar29
72
Jan 12
Jan 5
68<4
2^8
3
Mar24
MarSl
Jan 3
Jan 3
Jan 28
9612 Jan 16
48ii Apr 1
4512 Jan 28
10334 Aprl6
93 Jau 5
I2SS4 Jan
2
6134 Jan
101 Jan
14738 Apr
116i2Feb
54% Jan
5373
92
95
88
Mar2a
15>3Jan 14
175
MarSl
30% Jan
3
Jan
3
122
531J
Mario
68 Jan 2
I20i2Jan 3
liijJan 22
V6 Apr 7
99%Jau
10914
1U7
177g
3012
27
8
Mar 9
Apr
JunelO
Jan 5
88
.Mar3U
72 Jan a
I00<4Jan 13
«0
Mar22
U312JUU 19
142% Apr
14
llSSjJau 20
Feb 13 10634 Mar22
Feb 16' 105 Apr 12
i Ex-dlvldend.
July
May
9ig
4712
7712
3612
June23
110 Feb 13
61 14 May24
76
105
133
1223^
Feb
Feb
Feb
Feb
27I4
13
13
Dec
Aug
Dec
5
11
18
3118
4934
50
26
1
13
14
Nov
July
4012
1047g
3753
Mario
9
80
12
3078 May
5234 July
57
Mar
7512
3314
Jan
Dec
Dec
Dec
Dec
Dec
1
I8I2
Feb
Feb
Feb
Feb
1
Mar
55U May
5912 May
3318 July
28I4 July
17078 July
68i2 May
22ig
30
Mar20
32
68
61
85
116
Aprl4
521s
36»4
2178
lOOis
8458
43ij
3418
4373
7
112i2Jan
62
50
714
5
9ih Mario
434 Maris
I6I2 Maris
I912 Feb 24
8818
23i2Jan 14
Marl3
Maris
Marl9
July
July
9
9
1
May
6
10
...100
Feb 21
15
18
A
8
8434
4178
30
pref
Mar
June21
9 Jan 3
16% Feb 24
1553 Feb 24
25 Feb 24
1712 Feb 24
Feb 11
Do
Do
6
Jan 16
Jan 24
28 Jan 24
8078 Feb 13
8I2
Jan
43
7
18
Marl!
Marll
Mario
210
May24
100
Do pref.
100
Southern Pacific Co
100
Southern Railway
100
Do pref
100
Texas A Pacllle
100
Twin City Rapid Transit. .100
Onion Pacific
100
Do pref...
100
Onlted Railways Invest. ..100
Do pref
100
Wabash
100
21
5II2
11
2018
3eiboard Air Lln«
51lj
27
9934
Dec
Dec
Dec
Dec
Dec
Dec
3
Feb
11
2834
3812
Mario
May 19
July 6
$ v*T shaT*
104 May
89
Jan
I5it Jul7
e Mar
8712 Dec 107 May
Dec
Dec
Feb 20
Feb 28
Jan
Highui
tltar*
8012
767«
10
5
126ig
Marl5
Feb 24
Feb 19
Mar25
33
3278
Feb 24
Feb 24
Marl5
Marl5
Mar
Feb 9
Junel2
39
69
I314
134
I 9«r
Mario
55
68
I712
I212
6534
7
17
Miart
Jan 3
Feb 24
Jan 7
66I2
40I2 July 7
8314 June29
166 Feb 10
4 Junel7
9 Feb 11
9I2 Feb 13
314
912
1358
3878
4973
Preferred A trust ctfs.. 100
100
3t Louis Southwestern
Do pref
100
400 Amer Agricultural Chem..l00
200
Do pref...
100
1,200 American Bank Note
60
100
Preferred
60
American
Best
Sugar
100
1,700
100
3,200
2.100
5,200
4,700
900
2,200
10,900
1,300
4,000
135
1,534
55
I'oo"
'l"5'38
IU4
4OI4
1158
2353
79
III3
1978
3014
4554
Feb 13
Feb 13
878
93
Feb 13
100
Do pref
100
2,500 A]ax Rubber Ino
50
2,000 Alaska Gold Mines
10
800 Alaska Juneau Gold Mln'g.lO
3,100 AUls-Chalmers Mfg
100
100
Do pref
100
300
400
7
May 20
{)«r
86I2
82
I6I4
prefB
100
3,300 Weetera Maryland («»). .100
900
Do 2d pref
100
2,600 Western Pacific
100
800
Do pref
100
3,400 Wheeling A Lake Erie Ry.lOO
200
Do pref
100
Industrial & Miscellaneous
500 Adams Express
100
1,500 Advance Rumely
100
11,500
2753 Feb 13
4OI3 June28
1014 July 16
7 Jan 3
$
tr ctfs.. 100
15,300
5,500
10,400
72 May20
Apr21
5
x82i8Junel8
5
Do
42I2
79
134
43
62
85
'isi's
78
IO5I2 108
III4
42
6OI4
13333 13434
136"U
IO712 10758
700
600
700
6,300
$ V*T iiar*
7« Feb 11
110
47
LowM
Bigiul
Mar
Mar
900
20
10
8434
37
8534
8634
this
65i2
30
PEK SHAKE
Soma* for Prttiomt
Yiar 1919
33 14
700
Do 2d pref
37,100 3t Louls-San Fran
17,000
5,800
1,900
1,100
14
93»4 40,400
2812 179,300
3,600
59
21,100
40
700
36
II5I4 12,900
10
64
N H
35
10
33
7,200 Denver A Rio Grand*
100
8,100
Do pref
100
16,000 Erie
100
8,400
Do Ist pref
100
2,000
Do 2d pref
100
10,000 Qreat Northern pref
100
2,100
Iron Ore properties. .iVo var
300 Quif Mob A Nor tr otfs...lOO
200
Preferred
100
800 Illinois Central
100
1,100 Interboro Cons Goto. -No Par
700
Do pref
.
100
4,700 Kansas City Southern
100
300
Do pref
100
3,200 Uhlgh Valley
...,60
100 Louisville A Nashville
100
Manhattan Ry guar
100
3,700 MInneap A St L (new)
100
6.200 Mlasourl Kansas A Texas. 100
300
Do pref
100
30,100 Missouri Pacific trust otfs.lOO
20,900
Do pref trust ctfs
100
Nat Rya of Max 2d pre!... 100
700 New on Tex A Mex v t c.lOO
9,400 New York Central
..100
400 N Y Chicago A St Louis.. 100
100
First preferred
.
100
200
Second preferred
100
22,500 N Y
A Hartford
100
200 N Y Ontario A Western. ..100
2,100 Norfolk A Western...
100
6,800 Northern Pacific
100
16,830 Pennsylvania
50
13,300 Pere Marquette v % e
100
Do prior pref v t
100
Do prel V t o
100
400 Pitts Cln C & St L ctfs dep...
2,800 Pittsburgh A West Va
100
Do pref
100
166,900 Reading
60
700
Do let pref..
50
I5I2
2714
7
8434
37
99
39
14
2612
7
II2
10212
10212
39I4
32
35
2
100
78
25
2
3534
1158
•75
45I2
2512
II4
8O34
62I4
92I2
45
42I2
6OI4
1138
•75
42
431?
251?
lU
80
lr.14
88
45
92I2
27I2
3933
76
2
III2
25
•78
76
29I4
6OI2
8OI2
1573
60
II4
80
2413
3934
2434
173
•11
101
9934 9934
I5I8
16
2312 24I4
72
17s
42
85I3
8"9'78
II2
8134
I29I2 I29I0 12612 128
IO8I2 10878 '107
109
93
9318
9II2 93 14
•85
91
•H5
91
• Bid
1534
88I4
6II2
*91i2
3853
92
141
1534
2973
II2
80
102U 100
2458
88I4
132
UI4
2878
*73l2
94I4
44
1078
5I2
36
69
178
6'll2
46"
III2
1178
I4OI4 142
I7I2 I7I2
88I4 92
24
•50
14
9312
9I2
10
11
'ei"
70
52
71?
*16
16
IOI2
138
28
7l8
24I2
66I4
68
63
28
*52
•47
151?
2634
•2OI2
833
26
30
67
II4
'37"
21
16
*33
62
934
8i8
2533
I5I2
297s
66I2
III4
I7I2
11
I7I2
64
934
21
42
1434
2612
34l,s
II5I2 II6I4
•28
29
*60
14
106
1138
102
•100
953
I5I2
26
48
*45'
•135
6412
838
25
IOI2
2II2
858
4312
2473
*31
35
I5I4
2612
64
I3I2
678
III2
25I2
4118
*5
•3412
68I2
•8778
7112
3914
25
9034
1634
64
_
29
3934
89
2734
64
*10
*21
45
19
•42
45
I6I4
66
*40
_
89
72
9153
43I2
2612
•65
45
"25"
53
76
1738
9434
3OI4
5934
4234
3413
34
11533 11618
17
•42
42
I3I2
634
3018
291?
28
8
14
88I2
7134
39I2
2418
334
11
43I2
IOOI2 IOOI2
70
2914
*73l2
16
II5I2 11678
6478 6534
2958
8II2
75
3038
2634
II4I2 116
*52
*47
•18
72
I3I2
7OI4
3434
*13
44
49
20
1334
4234
*50
•45
30
13
*12l2
358
1078
1773
55
49 f
55
538
III2
7034
35I4
1334
353
1078
I7I2
PBX SBAItB
Range since Jan. 1.
On batU of WQ-thart \ot»
Lomtat
7%
6%
1534
26I2
59
EXCHANGE
A
I5I4
2578
1234
STOOKa
YORK STOCK
Railroads
Par
S per share S per share $ per share S per share attares
8OI4 8058
8OI4 8II2
7934 8OI2
8,000 Atob Topeka
Santa Fa.. 100
8O34 81
•72
700
*72
•7213
Do
73
pref
73
73
73
100
73
,
73
*7l2
8I2
SI4
2,400 Atlanta Blrm A Atlantic. .100
SI2
838
833
838
838
83s
•83
200 Atlantic Coast Line RB..100
•85
85
85
85
87
86
86
87
32I2 3333
3II2 32
11,700 8altlmore * Ohio
3258
3134 32I2
3358
32
100
44I4
2,400
Do pref
4473
45
4413
4418
45
143
43
45
100
IOI4
III4
III2 •11
2,800 Brooklyn Rapid Transit.. 100
1178
11
1112
1112 III2
7I4
*7l4
7I2
8I2
•714
600
834
Certifloatea of deposit
934
834
834
20,500 Canadian Pacific
12234 11978 12134 II9I4 120
12634 12158 12453 122
100
56I4
5,400 Chesapeake * Ohio
5312 5334
54
5512
54
5412
54
54 Is
100
8I2
8I4
SI4
1,200 Chicago Great Western... 100
8
8
8
8
8
8
2II2 22
•2112 22I2
2,400
2158 2158
23
23
Do pre!
2312
100
33I8 34I4
34I2 35
36I4
35I2
3313 3378 13,000 Chicago Mllw * St Paul.. 100
34
5II2 5338
50^4 12,205
51
52
5018 52
50
5334
Do prel
100
7OI4 7038
7OI2
7038
3,000 3blaago * Northwestern.. 100
71
70
7018 7OI2
70
300
103
99
9812 9812 •99
100
100 100
Do pref
99
100
36I3 3713 46,700 Chlo Rook lal A Pao
37
3818
3638 3753
3878
3718 3858
100
•73
700
74
7534 •73
75
75
73
73
74
preferred
100
•63I4
63I4
64I4
63I4
•62
6334
600
6412
6338 6412
preferred
100
54I2
53I2 53I2
*52
600 Olev Cln Chic 4 St Louis.. 100
5434
•6034 66
*6034 66
Do pref
100
*23l2 24I2
24I2 24I2
•23
24
24
500 Oilorado * Southern
2478
25
100
•46
•47
30
49
49
49
549
49
Do lat pref
100
•40
•40
•40
50
50
50
50
Do 2d pref
100
89l2> 8978
8912 8912 •89
2,100 Delaware A Hudson
89
90
90
90
100
I92I2 190 1I9434 196
2,000 Delaware Lack A Western.. 50
196
197 2OOI2
195
196
75
31
76
92
44
45
3012
•73I2
903$
•43I2
HEW
Friday
July 16
44I4 4334 4334
44
4378 4378
44
443s *43l2 44I2
*100l2 103
*100l2 103
IOOI2 1021? *•lOOlj IO2I2
•IOOI2 103
43I2
*39
13I2 1312
I4I2
I4I4
1458
I412 1478
14
-y7I8
7I8
7I4
"*6i2
714
634
658
7
7
•10
III2 •10
IOI2 IOI2
11
11
1112
26I4 27
"25r2 2'6%
25I2 2658
2578 27I4
26
2634
42I2 44
42
4378
4334 4514
4234 4433
4134 43
•5I4
5I2
*5
5I2
*5
•5
534
6
33I2 34I2
*34l2 35
35
35
35
35
69I2 70
69=8 7OI2
6912 6912
7078
6914 70
70
•29
31
3038 3038
30
3012 *28l2 3OI2 *28l2 3OI2
•55
•48
aal*t
for
Full paid.
63
Jan
Dec
2334 July
60
June
May
Mar
1578 July
3484 July
Jan
13% July
7I4
Dec
Dec
14
Dec
9% Apr
16
Doc
17
Feb
62 13 Feb
17
May
13812
7434
3.
2OI4
7»4
June
7212 May
7012 July
7U Jan
15
May
May
2512 July
1478 July
SOig July
26
6II2
Mar
July
Jhq
I8I4 Sept
2834 Sept
Jan
May
29% Apr
64
21
54
July
76
lis
June
Jan
5612 Jan
66
Jan
lij
134
Jan
30
Jan
817g Jan
87 Sept
z92
Deo
33
Jan
42
Jan
62
Jan
8414 Jan
8412
*27g
Xl»8
84 Ig
113
May
JU(7
414 Jar
SI4 Jul)
Dec
51% Oot
97
Sept
11334
May
103
56
49
July
10134
Mar
Oot
Oct
95
May
14378
Nov
6x% Sept
Fob
Dec
Feb
107% June
148% Nov
Jan
1
39% Jan
19
July
6712 July
88
93
IOI4
Jan
Nov
7012 Sept
Apt
14U Mar
103
May
13ig
7114
Jan
Jan
142% Oct
3712
64*4
Aug
76i|June
Jan
62% Feb
4418
86
68
100
Mar
Mar
43>« July
7euJune
132>4
89
Oot
Nov
98% Apr
Jan
Jan
II712 Oct
109>4 July
Dec
79% Doc
OUi Deo
Dec
tf4
33U May
91
Deo
471J Oat
94i| June
89>4 July
109% July
HII4 Jan
14S% Oot
26
113l|
47
July
O6I1
Aug
Jao
119
73
Aug
90% Dec
100
May
120<t June
May
New York
278
Stock
Record— Continued— Page
2
For record of aalea during the week of stocks usually Inactive, see second page preceding.
BIGB AND LOW BALM PRICBS—PSR 8HARS NOT PER CENT.
Saturday
Julv 10
Monday
Tuesday
Wednesday
Thursday
July 12
July 13
July 14
July 15
94I4
•93
"46"
48"
94
47
9414
4778
94
45
45
4612
95
47
*14l2
15
I4I2
1412
I4I2
14I2
I4I2
I4I2
*49
5OI2
581s
49
49
49
49
5638
57I2
56I4
5638
57I4
»32
•60
•58
95
164
*63
35
65
75
95
35
62
75
100
35
62
•58
•89
158
*64
•47
50
5618
•32
•56
•57
•89
5634
36
66
6712
*32
*56
*57
*90
155
*64
36
66
6712
•92
•45
94
48
14
49
14
•44
48
57I8
154I4
35
57
33
55ls
•45
•14
47
*44l2
56I4
*33
•56
•57
•85
I4I2
6212
•56
*57
85
On basU
EXCHANGE
Week
$ per share S per share S per share S per share, S per share S per share
93I8
93
93
93
9314
93I2 9358
9358
93
93
931s 9338
223I2 223I2 *205 230
22534 228
228 22934 224 224
220 220
•87
8778
8778
88
88
8778
88
90
8778
*S7
88
S8
86I4 90
S4l2 86I4
8512 87I4
8538 87I4
8434 88
9OI4 95I2
Indus. & Miicell. (Con) Par
5,200 Amer Telephone A Teleg..lOO
100
900 American Tobacco
100
500
Do pref (new)..
Sltares
Amer Woolen oJ Maes
100
100
Do pref
Amer Writing Paper pref.. 100
25
Amer Zinc Lead & Smelt
-25
Do pref
Anaconda Copper Mining. .50
100
Associated Dry Goods
100
Do 1st preferred
100
Do 2d preferred
100
Associated Oil.
I SS Line. ..100
Atl Gulf <fe
100
pref
Do
46,500
400
1,400
800
200
35
57
6,800
100
100
6212
PER SHARE
Range since Jan.
NEW YORK STOCK
for
the
Friday
July 16
PER SHARE
STOCKS
SaUl
Range for Pretiout
Tear 1919
1.
of lOO-thare lott
Lotreit
Higieit
Lowest
t per thare
t per lAare
S per thare
92i8
209
May22 10034 Maris
May21 283 Jan 5
8514 May20
84I2 Julyie
94
37
Julyl2
May20
1234 \!ay20
45
June 9
64
28
55
60
92
137
Feb 13
May25
May24
June 5
Higitut
% per that*
95
Dec 10858 Mar
1917s Feb! 31412 Oct
9358 Dec 106
Jao
45I4 Jam I6914 Dee
9438 Feb IIO84 Jane
2758 Jan
69
Got
11
Jan
29 July
40
Jan!
65 July
6458 Nov!
777g July
I714 Jan
6512 Dee
61
Mar 82 Aug
6818 Feb
sou May
Jan 142 Noy
88
92
Feb I925g Oct
64
Jan
7612 May
6478 Jan 156U Oct
100
Dec 11178 June
9734 Jan
7
I65i2Jan 2
105i2Jan 29
6138 Jan 3
21l2Jan 9
59I2 Jan
Oeij Apr
6714 Jan
7458 Jan
75'4 Jan
I
May 19 125 Jan
100
I55I2 1571
Feb 26 17612 Jan
16418 15612 1601
164
8,200
6I34
*64
July 1
66
66
65
300
75 Jan
66
67
641a
12334 124^8 11912 I23I2 11734 I2II4 11834 12138 11638 11934 11438 11738 162,700 Baldwin Locomotive Wks.lOO 103i2Feb 13 148ljApr
97I2
9712 9712
100
97 June 8 IO212 Jan _
97
400
pref
do
"41" "4"l""
*40"
*40
*40
•40
40 Apr 23
41
41
41
25
6018 Mar25
4"l" •40
41
200 Barnsdall Corp CI A
I44I4
I43I2
114
I39I4
..100
14234
144
142
14338
Mar 3 I54I2 Juiiel9 103 Jan 145 July
I43I2
146^4
142
146
6,300 Barrett Co (The)
1463s
110 *103
110 •100 110
100 102 June 4 lllizJan 6'
•103
110 *103
110 *103
110
Feb 119 May
Do preferred
•1
II4
lie
II4
.20
1
Feb 9
•1
lis
*l
1
1
lis
lis
138 Jan
300 Batopllas Mining
213 May
lU Jan
2II4
2138 2212
22
2OI2 21
No par 17i2Feb 11 3212 Apr 9
23
22
4,600 Bethlehem Motors
26 Sept!
2318 2338
45
Oet
201s 211s
88I2 88I2
8534 8534
27
8534 86I2
100
7712
Feb
8534 87
9638 May 6
1,200 Bethlehem Steel Corp
6512 Jan 107«4 Jul J
88I4 8934
89I4
"91% '92'l4
8834 90
89=8 9II4
88
8758 887s 24,400
6538 Jan 112
Got
Do Class B common. .100 8II2 Feb 26 102i2Jan 3
100
97 Jan 14 10214 Feb 24
Dec; 108
July
90
Do preferred
106
106 IO6I2 *105
IO5I2 10512
107
106
106
10678 10678 107
1,300
Do cum conv 8% preflOO 105 May21 114 Jan 5 lOlSg Jan! 116 Sept
8l8
8I4
7I4 Mayl7
*8i4
sis
858
No par
•8
15 Jan 9
8
8
600 Boath Fisheries
11
Dec
25 July
9
*83i2 90
•83i2 '90"
8312 90
85 Julyl2
•8312 90
100
85
85
100 Brooklyn Edison, Inc
9634 Apr 1
Aug
8512 Dec 102
4834 4834
4812 June30
100
4834 4834
200 Brooklyn Union Gaa
Dec! 92 May
62
Mar20
41
112" lT2"34 11134 112 *iio' iY2'34 110 113 •108
93 Feb 4 129 Apr 7
100
114 •107-2 11234
1,500 Bums Bros
Dec 166
Apr
115
6I4 May20
9I4
9I2
8I2
8I2
834
834
884
lli2Jan 9
9
838
834
513 Feb
Oct
2,700 Butte Copper & Zinc v t c..5
17
12
I3I4
I3I4
1378
100
May2I
July
1334 1334
300
26
Jan
6
Jan
Butterick
16
3984
137s
22I2 22I2
22I2 22I2
22I9 22I2
20 May20
•23
23
24
29i4Jan 12
23
2212 2258
1678 Febl
1,300 Butte &. Superior Mining.. 10
3712 July
I5I4 May20
I7I2
28I4 Jan
I8I4
I8I2
1778
1778
18
18
18
1712 1778
6
17
6414 May
17
1,500 Caddo Central Oil & Ref..l00
19U Dec
7OI4 701
7034
87i| Deo
70
7118 711& *70i2 72
6914 69I4
No par 67I2 June29 85i2Jan 28
4814 Jan
6918 691s
700 California Packing
3II2 3218
32I2 33I8
32
*30l2 32I2
32
26
3134 32I4
3OI2 31
100
May2I
Jan
3
2038
Petroleum
46
Jan
5678 Oct
2,700 California
*68i2 70
*68l2 6912 *68l2 6912
*68l2 70
*68l2 70
75I2 Jan
68I2 68I2
65 Feb 10
100
6
100
6418 Jan
8658 Sept
Do pref
•57
5fii2 May 19
•5714 60
6018 *57
•5712 eosg *55l2 59
6034
6684 Mar
60
100 Calumet & Arizona Mining. 10
69 Mar26
86>4 July
I4I4
14
I4I4
14
1334 July 16
1378 14
1334 1334
600 Case (J I) Plow Wk3..no par
1934 JunelS
6412
6458
62
66I2
6678
64
64
63l2
64
Julyie
6714 67I4
..100
II8I2
July
6278 6418
I04»4
Jan
6
Feb
62
8,300 Central Leather...
98is July 14 IOSI2 Jan
9818 9812
*97l2 100
•100
102
IO4I2 Jani 114
July
100
981s 99
99
99
700
5
987s IOOI4
Do pref
43I2
43I2
43I2 44
44I8 45
44I2
43l'>
43I2 43I2
3
427, 43
2,510 Cerro de Pasco Cop.-.A^o par
401s May24
6138 Jan
31
Jan
6712 July
99I2
IOII2
101
9734
IO2I2 IO3I4 101
9758 99
No par 955s JulylO I6434 Mar29
9558 98
11,500 Chandler Motor Car
90 Nov 14114 Nov
1021s
•92
92
93
95
78 Feb 26 11178 Apr 8
3-89
97
98
95
95
90
8934
68
Apr! 1131 J Nov
2,200 Chicago Pneumatic Tool. .100
87
1558 1534
1512 1534
1414 May20
21I4 Jiin
1558 16
1558 1578
•15
25
2914 July
1434 153s
16»4 Dec
16
6,590 Chile Copper
29I2 301s
3OI2 3OI2
2934 30=4
2778 June28
31
31
507g July
...5
4158 Jan
3218 Febi
30
30
2938 29I2
3,000 Chlno Copper
36I4
36I4
3612
•3612 3658
36
3612
36
3712 Novi
4353 Nov
3558 3612
No par 30U May20 4034 Jan
3,400 Coca Cola
363s 3612
34
•34
34
34
33I2
44I4
36
34
28
July
100
May20
Jan
3484 Feb
68
33
400 Colorado Fuel & Iron
"56" "56"'78
"5"4'
55I2
39I4 Feb
•5678 57I4
5612 5612
55
54I2 5434 "5334
50 May 19
Got
100
67 Jan
69
1,400 Columbia Gas & Elec
29I8 2978
3OI2 3114
3158
2912 30
66I2 Jan
31
2712 May 13
60'4 Octi
7514 Oct
29
29581
2858 29I2 14,200 Columbia Graphophone iVo pa
*82
8434
91lj Dec!
•82
8434 •82
8434
81 Junel7
•82
9512 Oct
8434 82
.100
9284 Jan 14
8434
Do pref
65I2
•66I2 6712
66I2
65
65
65
*64l2 6512 64
66
No par 55I2 Feb 10 70>? Mar22
54
Aug 76 June
700 Consolidated Cigar
65
176I4
*79
81
•79
•79
Feb
13
80
80
8638 July
•79
100
Apr
«78
Aug
781
200
8312
1
81
preferred
7812
Do
'79" "7"9"ls
78
78
75 Feb II
7834 Dec IO683 July
9378 Mar22
600 Consolidated Gas (N Y)..100
7818 781s
7812 7834
I2I4
12
13
1178
1338 1338
1278
1318
Oct
573 Apr
23
5
5,100 Cons Inter-State Call Mg..l0
107s Julyie
11
1078
11
203s J^n
115s
34I4
37I8
34
33I4 3314
33I8
3634
3338 34I2
36
34
30-2 Dec
3712 Nov
No par 25 Feo 27 46I4 Apr 26
5,200 Consolidated Textile
33
65ij
*83i2 88
78
Feb
13
June
*83l2 87
100
Feb
10384
Inc
98
Apr
9
Can,
Continental
9734 June22 10284 Jan 22
lOOij Oct 110 June
100
Do preferred
10i8 May24
12
I2I2 127s
12
I212 13
1178 1218
IO84 Sept
1583 Oct
I412 Aprie
1158 1178
1,950 Continental Candy Corp iVo par
1134 1178
93I8
93I8
76ii
9658
Feb 13 IO514 Aprl4
96
93^8 9658
94
46
Oct
Jan
99
941s
9214^ 93I4
9138 92I4 19,400 Corn Products Refining. .100
•101
IOOI4
104
10134 10218 •101
7
103
10112 10134 101
July
July
Jan
102
Jan
1097g
100
107
9
101
600
preferred
103
Do
103
*38
3812
38
30 May24
38
38
38
36I4 37I2
38
38
no par
4338 Apr 29
500 Cosden & Co.
38
37
15734 I5II2 15612 I5OI2 154
15212 156 1143
156
"52"ii Feb
Oct
261
I42I2 147'4 33,600 Crucible Steel of America. 100 115l2May24 27812 Apr 7
152
95I4 *94
•90
9258 June30 100 Jan
*90
95
95
9514 *9034 95
7
91
Jan 105 July
100
100
•90
96
90
Do preferred...
39I2
5II2 52I4
5358 5358
5II4 5312
5134 53
Feb
26
Dee
Jan
5II4
par
Apr
14
55
No
5983
12,400 Cuba Cane Sugar
208s
51
5018
515s
77I2 Julyl3
78I4 78I4
79I2 79I2
77I2 7812
7878 7912
78I4 7812
6912 Mar
8778 Deo
100
8578 Jan 21
6,600
Do preferred
5278
5378 54
5234
Oot
51
51
9 0605
51
53
Jan n410
5II4 11,600 Cuban- American Sugar ...10 n400 Jau
AprI7 fjl50
5234 5234
51
978
934
lOSg Jan
I6I4 May
978
9i4Mayl9
978
10
13 Jan 3
934
1,500 Dome Mines, Ltd
934
934
934
"2"2'
"2118 "2"4'l2
22I2 24
*21
July
*2V
22
18
2
2383
May24
Jan
Dec
43
•21
28
60
21
21
23
1,900 Elk Horn Coal Corp
38I4 •35
38I4 *35
•36
38I4
*35
3814 *35
33 Feb 17
July
38I4 •35
38I4
39 Dec
49
50
45 Mar25
Do preferred
84I2 Julyie 147 Jan 6
86I4 86I2
8758 8912
8458 86
85I4
Deo
85
80 June 160
871s
50
5,400 Endlcott-Johnson
85
8412 86
95I:
*94l2
107lg
•9412 9612 *94l2 9612
9612 •9412 96
9312 MaylS 104 Jan
Dee
9512
lOl'i Aug
94I'' 96l2
3
100
400
Do preferred
79I2 SII4
8OI2
8034
6518
July
80
8034 SO34 *79
Feb
II
123
par
Jan
5
83
Dec'
95
. _
3,400 Famous Players Lasky No
7834 7834 78
79
8834 8912
881- 90
80
S934 *87l2 891
15
89
May20
9158
Apr
preferred
100
1,600
87
Do
(8%)
87
I3I2 *10l2
•lOl')
*10
I3I2 *10l3 13I2 *i6l2 "l¥l2 •IOI2
10 Jan 6
I6I2 Mar301
Dec
2312 July
9
I3I2
Federal Mining & Smelting 100
2«i4 Jan
*33l2 37
*33l4 37
48I4 July
*33l2 37
•3314 37
2
Dec
26
100
4484 May 14
•3314 37
33 37
100
Do preferred
•110 120
IOOI2
120 110
173
Oct
130
118 *110
Feb
13
110
lis
Jan
No par
13478 Mar20;
100 Fisher Body Corp
38U
120 110 120
34I4 34I2
27I2 May20
Oot
3238 33I4
3918 Nov
3234 3418
66
33
31I2 3238 ll,800lFl8k Rubber
25
48 Jan 31
335s
3218 33
23
23
6488 July
2318 231s
2338 24
317g Dec
22I2
No par 20 May20 3612 Jan 5
23
23
22
2 ,400 Freeport Texas Co
'13" "13
I2I2 1234
1258 13
3884 July
121'>
15
Dec
I2I2
I2I2
A W, Inc No par 11 May 20 19i2Jan
1238
1,200 Gaston
63i8 64
65"
6418 6414
6418
"esi's "6"4"V
49 JunelO
68 July 6,
641s
6212
65
63
2,300!Gen Amer Tank Car..«o par
•66
65 68 •65
*66
*65
5818
Feb
g57g July
68
27
Jan
3
47
Jan
68
68
64
Inc
100
Cigar,
6712
General
753s
68
79I4 May25
*81
•81
•81
85
85
85
9484 Jan
5
90
Dec 101 Aug
*80l4 85
81
100
Debenture pref
85
144' 144
*140 143 •142 144
I42I2 •140
Oct
142
144
100 134 May20 172 Jan 21 I4412 Feb 176
1.000 General Electric
142
142
*75i2 79
•7512 7812 *75
*75
73 May25
3
82
96 June
79
79
8934 Jan
Jan
•7512 79
200 General Motors Corp pref. 100
77
77
25I2 2614
2638 27I8
22i8June22
2618 2678
2478 2534 ?24l8 25
241">
42
Mar26<
por
ctfa.
-no
2334
Do temporary
" 116,910
72I2 •70
82i2 Feb
*70
7333 7338
94>4 Apr
7234 7234 *70
73
•70
300
73
72
Do Deb stock (6%)... 100 6878 May21 85i4Jan 6
•83
87
8578 857s *83
85
85
86
May 3 94 Apr 20
•82
500
Do debenstock (7%)..100 80
85
85
86
58i2
6418 6418
62
5612
Jan
93>g Oct
6314
62
62
61
59
May20 8578 Jan 5
59I4 60
100
13,000 Goodrich Co (B F)
5834 60
87I4
87I2 8712
8634 JulylS 10284 Jan
88
88
102
88
Aug 109it Apr
88
87
87I4 87I4
..100
900
Do preferred
8684 8634
37I2 37I2
•3712 39
Jan
•35
31 Feb 25
4712 Dec
80
40
38
38
5512 Jan
100
•35
•35
200 Granby Cons
8 & P
40
38
23I4 23I4 *23
49S4 Jan
19l2June24
4683 Dec
53»4 Nov
23
23
6
25
..25
900 Gray & Davis. Inc
25
26
24
24
¥2""
3II2
27i2june23
July
*3i'
•30
3
3212
Dec
4712
31
31
31
3818 Jan
31
3OI4
•30
3II2
600 Greene Cananea Copp«r..l00
30
55I2 Apr29
89ig Oct
*63
»61l2 64
6II4
6312
8
4912 Feb
8478 Jan
61
6OI2 6OI2
l.lOOlGulf States Steel tr ctf8..100
60
60
•82
Deo
81i2May20
19
lOOij
84
.
5414
Jan
82
83
108
Jan
82
'si' •82
100
Corporation
400tHartman
82
S3
82
82
75I2 7638
74I4
7188 July
7338 76I4
40
Feb
73
75
74I4
72i8 14,900 Haakel & Barker Car
73
No par 50 Feb 13 78I4 July 8
73
69
46I4
•33
32I2
32I2
•30
30 May20
35
32
33
Aprl9
32
100
•31
32
31
500lHendee Manufacturing
31
97I2
93I2 100
101
106
75 July 2 108 July 9
100
88
100
9934
8,900 Houston Oil of Texas
94
9612 98
•I7I8 1738
I7I4
I6I2 •1534
13
I6I4
Feb
13
1634
1634
16
2314
Apr
9
10
I6I2 •1534
Car
Corp
2,500
Motor
Hupp
16
*7l2
7I2
6»4 May25
734
758
•714
758
9'4 Apr 6
7
7
7I4
7I2
7I2
5
712
3,100 Indlahoma Refining
49I2
4758
5134 52
5OI2
4212 Feb
52
6178 Apr 8
e87g July
51
50
June28
50
20
4934 50
4,600 Inspiration Cons Copper
49=8 4955
25I2 •23
*23
13-2 Feb 13
3784 July
IO12 Jan
25
25
Aprl4
2418 2418 •23
23I4 24
27
100
400;lntemat Agrlcul Corp
23
24
•84
69 Feb II
9178 July
•84
81
Jan
86
48
84
85
888g Aprl5
86
84
100
100
Do preferred.
8O34 84
8O34 84
129
129
llOig Jan 14953 July
129
129
129
129
129
129
100 11234 Feb 17 14212 Apr 13
12838
12838 129
2,900 Inter Harvester inevi)
127
•104 106 •104 106
•10434 106
111
Dec 120 June
100 105 June 4 115 Jan 24
105 1065s 10434 10558
Do Preferred, nctc
33I2
33I4 "31" "3"ri2
27l2Feb
8784 July
33
3
2114 Jan
11
5178
Jan
32
3034 31
100
5,700 Int Mercantile Marine
30
3012
30
30
92S4 Feb 12812 May
92I4 93
94 14
94
7612 Feb 13 11178 Jan
9314 94
9334
83lj
100
&!
93
zS3
Do preferred
8178
9,300
80
62I4
•60
6II2
6OI2
61
50 Mayl9 170 Apr 7
61
60
60
59
59
1,800 Internat Motor Truck.no par
58
57
81
•81
81
*81
82
72 Feb 4
8034 81
82
84 Jan 19
81
•81
400
100
82
82
Do 1st pref
6934 6934 •68
6834
70
60 teb 18
68
66I2 68I2 6512 6812
71 Apr 9
68
200
100
Do 2d pref
33'gJune
7
18
1838
I7I8
2058 Dec!
2684 Jan
1734 18%
I7I2 1778
1734
May20
.25
155s
Nickel
(The)
International
1678 171s
1738 18,100
1718
62I4 May20
8412 87I4
8418 8734
8412 8678
9I84 Maris
8378 86I4
100
30U Jan! $2 Nov
54,100 International Paper
8158 84
827s
75
80 July
75
70 Feb 16
7978 Jan
Jan
62
74
74
lOfl
300
Do stamped pref
74
74
47I4 JulylS
4218 4478
45I8
3612 July 1
4334 46I4
4634
45
44
50
4512 47I4
4134 4534 214,200 Invincible Oil Corp
Nov
45I8 •45
46
46
66
34
Dec
4512 46
47
45
No par 36i« Mar 1 ei'aJan i!7
2,200 Iron Products Corp
44
44
45
44
7I4
7I4 July 9
7I4
7I8
7
678
678
7
61s Junc24
678
37,700 Island Oil & Transp v t c.lO
634
7
7
Mar
48
8 May 21
Dec
2184Jan y
15
100
Jewe ITea, Inc
31I2 July 1
Mar
3878 Dec
91
45i4Jau 10
100
preferred
Do
*23
2OI2 May22
July
24
44
2484 Dec
2378 237s *23
30 Jan 5
24
23 24
100
400 Jones Bros Tea. Inc
23
23
11234 11234 109
Nov
Jan 164
68
11234 108
IO6I4 1091s 10134 IO5I4 3-9612 97
108
25 2-9612 Julvlfi 152I2 Jan
3,700 Kelly-Sprlngfleld Tire
98
IIOI4
Oot
98
lOllg Dec
95 Junel7 105 Jan
100 100
100
100
•98
•98
300
Temporary 8% preferred 100
101
101
72
72
"6934 "6'9"34
Oot
114>4
34
Jan
95
Apr
70
70
100
531s May20
55
55
300 Kelsey Wheel, Inc
70
70
"26"
26I4 27
"2"6'l4
July
2758 Nov
43
2538 2534
25I2 25I2
2534 26
N» par 24's May20 3312 Apr
25% 4,600 Kennecott Copper
25
21I2 May20
2934 2934
3858 Dec 12612 July
4si2 Jan
2734 2958
27I2
2712 28I4
2758 2838
6,900'Key8tone Tire A Rubber. ..10
27
2678 27I8
7634 77I2
6212 Jan 10784 Nov
63 Feb 26
91»4 Jan
75
77
72
7438
7358 77
73I2 75I4
100
14,400 Lackawanna Steel
72
74
Jan
83
33
Dec
37
43
Murl5
3858 3858
May22
38
38
100
Laclede Gas (St Louis)
3078 3078
Oct
40
21
Jan
29
29
N» far 26I4 May20 3878 Jan 6
28
Lee Rubber & Tire
28
•I46I4 155
•146
Dec 260'-4 Aug
155 •146
195
Julvie 207 Jan 10
148 148 •146
150
yers Tobacco. .100 140
LIgget t &
155
140 146
•100 102
July
Jan 115
99
100
*98 102
•98
99 June21 10978 Jan 31
107
102
100
•98
•99
Do preferred
102
102
*26l4 27
25I4 2612
2558 2638
36 Apr 12
26
26
n* vor 3-2518 Julyie
2638 z25l8 2538
26
Loew'fl Incorporated
•1534 16
I5I2 16
Deo
27«8 Deo
2513
I5I2 I5I2
14
Jan
3
28
1538
1578
par
Mayl4
I5I4
I5I4
no
Incorporhted
15ls
Loft
15
•48
July
55
81
50
50
4934 4934 49
44 May21
70 Jan 3
401s Feb
53
Loose-Wiles Biscuit tr etfa.lOO
49
4918 48
55
•10534 125
June
120
•10534 125
Feb
94
•10534 125
10534 125 10534 125 10534 125
100 10553 May 19 11512 Jan IP
Do 2d preferred
140
140 •135
July
245
14784
Apr
143
2
13134
19
I8384
Jan
138
138 •13412 139 •I34I2 137 I34I2 137
May
100
Lorlllard (P)
•93
100
*93
Jan 115 July
100
*93
107
100
100
100
100 loo July 9 11012 Jan 8
Do preferred
100 100
100 100
64I4
•62
797g May
•64
66
•62
•62
63
Dec
64 Feb 16
6984 Jan T
66
66
•62
100
•62
Markay Companies
66
66
•59
July
5934
8fl
SRls oSIk 59
5Sis Julv 13
t63 June
8414 M8r22
597s 60
fiOls
59 nON •59 r.nis
Do pref
...100
500
95
95
95
I58I4
95
151
155
'63I2 66
W
1
I
I
I
I
nu
1
W
.";
_
i
M
—
:<
M
.BM<-and>3kea
prices;
no
aalea
on
thla
day.
(
Leas
tbu
100
• Si-flfbta.
a Ez-dlT. and
rlgtata.
o Far value SIOO.
f
Old stock,
z Ex-dlvldena.
2
1
New York
Stock Record— Concluded— Page 3
279
For record of sales during the week of stocks usualljlnactlve, see third page preceding.
ai9B ASD LOW SALE rKtCB»—FBK SB ARM, SOT FBt CENT.
Mondav
Tuesday
Wednesday
Thursday
July 12
July 13
July 14
July 15
Friday
July 16
Week
S per share
S per share
S per share
S per share
'116
123
S per share
S per share
Shartt
12112
12U2
•24
28
115
102
•
•
19478 1!)7
•93I2 96
*21l2 22
3II2 32
42I2 4278
•60
•96
•35'
83I4
61
97
36'
86
•116
100
*
102
IS7I4 195
jrSO
21I4
9
•72
•93
•77
60
98
9
74
95
79
•10212 105
•1234
101
35
"sSl's
•56
•15
I3I8
101
35
"oS'lg
57I2
16
•47I2
53I2
4%
4%
•6I4
7
•129
13212
2634 2684
51
51
49
*29l2
50
32
83l2
'
SO
*94l2 102
I93I2
188
'
81
•91
33I4
3434
8II2
*5S
*9S
•834
70
*93
77
211''
97
34
96
33
3478
S434
9434
3478
80=8
8978
60
98
Olo
7134
95
78
10212 105
13
13
9934 101
•32
*4S
*55
*95
•834
•70
•93
•33
37
51
51
56
55
•53
*15l2
16
130
25I2
52
438
7
130
507s
20l8
5078
49
49
*29l2
9I2
32
I5I2
*47l2
4I4
*6i4
•125
92
60
96
24I2
•45
•47
•2912
•48
•91
58
95
Ol-"
73
95
37
51
5634
55
7
•125'
25
241'>
•45
52
50
9
•69
93
75
10734
99I2 IOOI2
2518
2658
10258 IO6I0
9612 99I4
34I2 34I2
*23i2 26I4
35
36
43I4
5334
16
8412
61
•84
•17
101
98
*
4378
54I2
16
8412
6134
89
ISI2
101
98
63
117" II7I4
10233 10234
4218 4258
99
•100
99
109
1058
7278
lOSg
7338
8934
90
96
•95
97
9718
•4912 51
II2I2 11378
*15l2 16
2234 23I2
•51
53
10
•195
7612
3158
7434
•87
§650
105
•86
42
89I4
7534
*92l8
1018
205
7612
3214
7512
89
659
4234
52
153s
84I4
59I2
•8412
*17
100
4l8
6I4
2358
33
35
33
4278
5258
4II2
5158
16
I5I2
8418
15
1518
90
15
84I4
1518
8418
6OI2
60
60
89
60
60
117
101
4112 42I2
98
100
1634
6978
85I2
93I2
99
100
1634
70
89I4
9618
97I2
5038
11258 II4I4
•95
•47
"23I2
•51
934
199
23
74I4
9OI2
41
42
86I2
73I2
9534
76
4II2
100
*88
4OI4
85I4
71l8
•93
95
*93
52I2
•4038
52I2
•4038
54
45
5OI2
•4038
10
10
934
978
47I2
51
7158
•8912
I6I2
48
4612
5158
723,
9012
50U
6978
8912
1634
16
4734
5134
7II2
8912
1658
958
4578
49I2
68
88I4
I5I2
1638
1638
66
85
9434
97I2
47I2
11358 II4I2
•1512 16
95
31
•43
110
*40
•204
9034
89
92
31
31
45
•44
•100
45
3II2
44I2
110
48
8OI4
•I8I0
20734
81
19
47
47
•6I2
70
94
7
7058
9514
59I8 59I2
ior.8 10238
10818 10838
•59
5978
•4312 44I4
94
9478
1081 lOSlo
6818 6912
130
45
2001" 205
8OI4
78
I8I2
47I4
*6l2
68I2
9134
1878
4714
7
7012
94I2
22
51
834
199
76 '8
31
73
89
73
87
650
•54
1834
1838
I9I4
57
53
53
81
SI
i08i'2 108'l2
4958
'2958
50
52
"30"58
I9I4
1934
82I4 8214
5914 61
1067g 107
•106
110
73I2 74
•80
90
•64
on
•
"4938
30
1858
•81
59I'>
49'li
52l'>
313s
I9I2
8412
OOI2
10718 108
*104
110
7078 73
•SO
90
•04
00
4912
•47I2
32
44
24""
3238
35I4
4234
52ls
§643
9II2
I8I2
5II2
8018
108
49
10
7434
89
650
978
47
46
5OI4
6918
9OI2
1618
4958
3II4
4714
7
6978
93
90
59
59
1878
52
8O34
108
4958
51>4
52
30
3034
I8I2
19
83
83
59I4
108
•104
09's
•so
057s
5,000
1,100
125
400
2438
4912
1,500
49
52
32
1,000
200
10'3"34
ioi'
9533
32I2
2353
32I2
9634
32I2
2358
32I2
34U
35
42I4
5II4
•
15
15
8378
60
89
59I4
84
60
89
17
97
99
63
4018
4II2
96
96
1,700
2,400
4,900
33,500
84
14
14
97
97
100
63
97
2,800
1,000
1,000
100
600
1,900
200
ii2r8 11218
9858 99I2
4OI2
40
96
96
9812 105
1618
lOis
1614
I6I4
65
65
6318
8II4
88I2
65
83
95
200
87,300
9,000
400
700
93
84
83I4
19034
300
84I4
92I2
97I2
4612 47
11338 II4I2
"isi's
15l'>
*15l2
2II2
4934
9034
46"
1512
72
87
725s
89
113
11334
16
2II2
4934
834
9
6918
87
69l8
100
1,000
14,900
300
900
2,600
92
934
978
8SI4
4678
5018
6934
8814
I5I2
1578
67
89
3018
43
111
42
5978
108
108
44I4
6I2
67
9118
•92
58
97
46
49I8
66
88
1473
51
4612
4934
66I2
90
89
3158
43
130
48
208
O9I2
Si's
•02
88
14-4
51
89I4
31
89I4
3II4
88
30
43
42I2
111
111
145
201
45
42
202
200
*110
7334
76I4
7234
17
17
17
16
44I4
678
68
93
96
45
48
6I2
678
6412
8912
O7I2
9178
5834
707s
85
00
Bid and aaked prices: no sales on this day.
15
51
45
88I2
3034
4258
130
46
2OOI4
74I2
16
500
200
300
1,500
34,600
1,600
6I2
300
200
6312
8712
6512
8912
12,100
23,400
92
48
200
97
5714 581s
9II4 933g
10034 107
43
43
113
67I4 09
•8 1 Is 85
•02
00
2,100
5,800
6I2
'5734
19112
101
108
90
2,900
37,900
12,100
16,900
500
15,100
100
IO4I2 170
43
8
or>7s
49I8
6638
I5I2
71
90
46
46l2
6578
7812
00
71
45
54
5818
95I2
99
lOSls 108% 2:10734 10734
57
5812
61
44I2
43I2 44I4
9IS4 93
9138 923s
10734 108
108 108
67I4 O7I4
0738
67
*8
Sl2
10
87I2
85
84
87
73I2 7438
74
IO5I2 10534
105 106
IIOI4 112
107 115
I7I2
18
1878
18
5II2 5612
5II2 57
SO's 80'2
10634 fo''o"34
49
49
4878 59
5118 51I4
5114 515r
3OI2
29
30
31
I8I2 191s
1838 1834
84l2
81
82
82
59I4 591a
59I2 591
IO7I2 1071?, IO6I2 IOHI2
•104
*
2434
May29
80
Julyl4
98I4
June22
Febll
161
88
187g
2034 July 13
4038 May24
59
95
3034
3212
Mayl^
May
May
4
3
May24
Febl3
Febl3
44
83
53
M
Do pref.
.100
Republic Motor Truck. iVo par
16
58i8
3412
Marl5
May20
Feb2e
Feb27
84 18
94 May24
37 M;ir 4
57
5,300
69,600
1,315
900
57
44I2
9038 913s 143,200
10734 10734
1,700
0014 67
2,400
8
8212
71%
IO4I2
110
I7I2
5II2
8158
105
48I4
5OI2
2812
1818
81
58
934
85I4
7218
1071
111
1734
5612
82
105
O6I2
200
000
9,800
400
900
500
1834
3,400
2,000
4.200
21,700
83I4
600
4834
51
2953
59
IO7I2 108
lot
95,700
1,400
104
0753
iJLeas than 100 shares.
3,900
1,100
100
4,800
% V4r than $ v*r 8ft«r«
130
Aug 137 Deo
28
Dec 381s Joly
00
Jan 13H4 Oot
104
Jan 110 May
162»4 Jan 284
Oct
99
Dec 118»4 Sepi
21
Nov 3234 July
32
71 '4 Nov
Oct
6234 July
40U Feb
64
Nov 83 July
100 Nov 106U Feb
% pir tttar*
15112 Apr 14
33ii Jan
6
I3712 Aprl9
107
Jan 12
Jan
Jan
Jan
7134 Jan
6234 Jan
6912 Jan
10034 Jan
222
Marl3 108
May24 26
Junell
100
9233 May25
Do preferred
100
Feb 6
8
Nat Conduit & Cable. iVo var
6378 May20
Nat Enam'g A Stamp's
100
9234 May27
Do pref
100
7234 Feb26
National Lead
100
Do pref
100 ilOO's May21
113gMay24
Nevada Conaol Copper
5
90UJunel9
New York Air Brake
100
30
FeblO
New York Dock
.100
Febll
46
Do preferred
100
48 May20
North American Co
100
49i8May21
Nova Scotia Steel * Coal. .100
Nunnally Co (The)
15 July 8
no par
37 May20
Ohio Cities Qaa (The)
25
Febl3
44
Ohio Fuel Supply
26
373 MaykO
Oklahoma Prod A Ref of Am 5
Febl9
5
Ontario Sliver Mining
100
Otla Elevator
no par 107 May20
217g May20
Otia Steel
no par
4778May21
Owena Bottle
26
4734
July 9
Pacific Development
41I4 May20
Pacific Oaa A Electric
100
30 June21
Pacific Mall SS
6
37
Janl3
Pacific Teleph A Teleg
100
7134 Febl3
Pan-Am Pet A Trana
50
6734 Febl3
Do Clasa B
50
30 May21
Pariah & Bingham
no par
1978 Feb26
Penn-Seaboard Sfl v { o iVo par
30
May20
Peoples a L A C (Chic) -.100
3378 May20
Philadelphia Co (Pltt8b)...60
37 June 2
Phillips Petroleum
no par
Plerce-Arrow
Car
No par 45 May24
88 July 2
Do pref
100
15 May20
Plarco OU Corporation.... .25
31_
May 13
Do pref...
100
5112 Febl3
Plttaburgh Coal of Pa
100
8512
July 1
Do pref
100
14
Julyle
Pond Creek Coal
10
84
Febl3
Preaaed Steel Car
100
96 June 3
Do pref
100
63 May 19
Public Serv Corp of N J. .100
Pullman Company
100 108'4 May24
74
Feb25
Punta Aleere Sugar
60
40 JulylO
Pure Oil (The)
..25
8834 May20
Railway Steel Spring
100
92i2May 3
Do pref
100
Suit
1,000
5,300
9,400
1,100
100
1,100 Ray ConaoUdated Copper.. 10
1,900 Remington Typewriter v t c 100
no par
13,900 Replogle Steel
100
38,200 Republic Iron A Steel
40
5812
98I4 9934
108"8 IO8I2
59
7
'
202I2 202I2 •201
75I2
7612 7812
17
17
17
6I2
200
I
44
IIOI2 130
45
45
68
I5I2
84
•84
17
97
600
4I4
30
4II4
4812
800
300
52
125
24
•47
1,000
100
1,000
88
44
45
300
§64012 643
423
§638 64012
10518 IO5I8 10538 IO5I4 10538 105
10533
6,600
90l8
90i8
•88
OOig
9018 •SS
4114!
41
4018 4018 •40
1,800
40
40
8934
7834 87
90
86
8212 45,700
78
74I8'
70l8 7358
6934 7158
6734 7058 108,400
*93
9212 92 2 92I4 95
95
95
100
•5II2 53
51
4812 51
51
51
400
4038
•4038
'8
90
3012
100
800
100
100
Mont WardACoIllaCorp no par
National Acme
60
Nat Aniline <t Chem vto.no par
Do preferred » t c
100
National Cloak
I
43I2 44I4
92I2 94
9178 931k
10758 IO8I4 1073s IO7I2
O8I2 OSI2
6712 681s
•8
9I4
•8
9I4
•8
9
8912 91
S5I4 8958
83I4 87
74
74
73I2 7378
72I4 733s
•104
lOfi
'104
100 •105
106
110 110
107
IOOI4
107 •106
I8I2
51
300
26,500
1,400
4
48ls
1,400
5312
6
49
16412 170
94
58
5978
98I4
102
IOSI2 IO8I2
59I2
59
•43
44I4
26
47
300 Montana Power
100
Preferred
$ p$r $har*
108 Feb 11
40
40
6
6
6
6
7
6
Mar25
Mario
29l8
8638 .July 9
98
June28
Jan 3
IO212 Janl3
80
13
8912
102U
9314
110
1718
H7I4
48lj
61
5918
77U
2238
607g
5512
634
95s
"
157
87
70
103
Nov
lOl's
Oot
Jan
92
July
Dec
Dec
108U
May
Feb
Jan
Jan
604
Sept
112
S»l
93
64
102
13U Nov
91U Feb
191s
Feb
44U Mar
47
46
Jan
Jan
Jan 3
a36>4 "Feb
Apr 8
Mar
43
6is
128
145»4 Oo*
7034 July
75
67
97
July
July
"617^
JuDt
Jan
65
Mar
Nov
149
J'liiy
July
34i|
Dec
46
Mar
70»4
58»j
291s
Dec
Dec
Feb
llU Nov
Nov
39U Nov
Oot
Oct
74
80
75U July
4238 July
Deo
41
Jan
Jan
92«4
32
Dec
Dec
Apr
Dec
30
Jan
38»4
101>i
16
Jan
Jan
Jan
111
8
93
46
Dec
Feb
IO512 Oct
7458 July
Jan24
Jan 6
Aprl2
8512
123s
Mar
t:S9
42
271s
Apr
Feb
2
100
60
110
61
Marl9
Apr 19
4273 July 7
IO6I2 Aprl2
10634 Feb20
2234 Jan 6
68I2
104
19
38
46
Jan 3
93I2 July 7
124'4 Jan 3
10634 Janl3
55»4 Jan 2
12338 May 10
711s
100
Feb
Feb
Mar
Dec
Feb
Feb
Mar
41l8
98
May
Oot
Oct
3 Us
109
108
July
1071s
Nov
112
Jun«
271s July
Oot
Jan
Jan
146
Nov
Jan
74
28*8 May
Deo
loois July
74l2 Nov
121
17
July
July
9412
29
61 May20
89 Nov
Iron 100
461s Feb
87 June 5
100
86 Mar
971s July
Standard Oil of
J
100 §625 May21 i860 Mar26
100 100i8Junel7 11333 Mar26
do pref non-voting
88 July 5
9112 June24
Steel & Tube of
pref.. 100
3753 May2o
6II2 Mar20
Stewart Warn Sp Corp. .no par
50
Febl3 118U Apr 8 ""86»4 Jan "lOOJs Oot
Stromberg-Carburet ..No par
59
Oct
May24 12638 Apr 8
46>4 Jan 161
Studebaker Corp (The) ..100
92 June 7 IOII2 JanSl
92
Do pref
..100
Jan 1041s Nov
41
Febl3
Apr 8
60
Superior Steel Corp'n
82
100
Jan
6Vt Jun«
TemtorCorn A F pref A no par 4OI2 May20 47 Apr 7
38 Mar26
38 Mar26
no par
do pref clasa B
9I4 Febl3
9'4 Dec
Tenn Copp A C tr ettB.No par
13U MarSl
17U May
Oot
Texas Company (The)
25 cAl'At Febll c573i Jan 2 nl84
Jan n346
46 June21
5333 July 7
Texas Pacific Coal & Oil. .-10
6O34 May20
9612 Jan 3
72»8 Jan 116 June
Tobacco Products Corp.. 100
85 Mayl2 106
Jan 7
Do pref
100
971s Dec 120 Jun»
I314 May24
3834 Jan 6
34»4 Dec
625g Nov
Transcontinental Oil-. No par
66I2 Jan 3
48''s May25
747g Oot
Tranaue A Wllllama Bt. No par
37U Jan
Aprl5 113
Underwood Typewriter
100 104i2Junell 200
Jan 1971s Deo
73I2
May22 127 Aprl4
Union Bag A Paper Corp. 100
76
Jan 100 July
27 May24
45lg Oct
Jan 6
38
34^ Dec
Union on. ..
no par
3733 Jan
United Alloy Steel
e8<g July
No par 4OI2 Febll 63 Jan 6
July 9 148
Janl4
United Drug
100 110
901s Jan 17518 July
45
58i« May
Julyl2
Jan 13
63
Do lat preferred
60 July
60
Febll 224
Aprl4 157
Oot
Feb 216
United Fruit
100 176
64
Feb 13
80 ig Aug 119U Oot
961t Jan 3
(Jnlted Retail Stores ..No par
25I2 Jan 3
38S4 Aug
1514 Febl3
14
Jan
100
U S Cast I Pipe A Fdy
4218 June 5
Apr 7
.
74»4 July
Do pref
100
55U
421s Jan
6
Apr20
3778
Apr
16»4
82»4 May
6
Feb
100
U S Express
5iH
FeblS
Oct
Jan
7838
66
01*8
6
Apr
Products
Corp.
.100
S
Food
U
I97lg Dec 167 May
771s Feb] 3 1163s Jan 8
U S Industrial Alcohol ...100 94
July 13 10334 Jan 6
100
Do pref
96U Jan 111 May
I7I4 Jan
607g June
U SRealty A Improvement 100 40 Feb 13 0934 Apr 8
89
Jan
May20
14334
73
Jan 139U Nov
States
Rubber
...100
United
6,
II6I2 Jan 13
109
Jan 1191s July
100 10573 May2
Do 1st pref
50 Junc23
Jan 3
76
60
43U Jan
78U Nov
U S Smelting Ref A
41"8 June 14
4758 Mar27
46
60 Mar
Jan
60
Do pref
8958
Jan
109
lieis
July
May24
Feb
Steel
6
Corp. .100
88U
United States
lllU Dec II712 July
Do pref
...100 10438 Junel5 115»4 Jan28
65ig Feb
6412 June28
80»4 Jan 3
9718 July
10
Utah Copper
713 Mayl9
127g Jan 3
8»4 Dec
100
Utah Securities v t o
21>a June
54I2
42
Feb
13
97
Aprlo
62
Deo
Dec
VanaflUim Corp
no P'lr
92i| July
59 Is Feb 13
61
SOU Aprl4
Feb
Virginia-Carolina Chem. ..100
110
Jan 1157t Oct
100 104 May 3 II2I2 Jan 7
Do pref
76
Febl3 119 Junel7
Dee
64 Mar z88
Virginia Iron C A C
100
21
17
Mayl9
June
no par
V Vlvaudou
48 M.1V19
MarSl
76
79 May
100
Wells, Fargo Express
61U Nov
SO's JulvlS
82 Sept
9218 May
S9U Marls
Western Union Telegraph. 100
July 9 119
Jan 8
»4ls Jan 126
July
Westlnghouse Air Brake
60 102
66ig
44
Jan
40it Jan
1« May 20
3
Westlnghouse Eioo A Mf8..60
697i June
47 May20
Miu-29
Oot
46
.-.60
Jan
86
White Motor-..
691s
25I4 Julv 2
3134 July 12
5
Wlcliwlrc S|)oncer Steel
32
JaD 3
26
16's May20
Wlllya-Overland (The)
23U Jan
40U June
93
Jan 5
87>4 Jan
777s May 21
..100
98 U May
Do pref (n*w)
57i2Juac30
Jan
6618
1047g
July
v
e..No
6
Jan
WiiaonACo.Inc, t
var
821s
Aprl4 120
100 100 June 3 145
Feb 13e<8 May
Wooiworth (F W)
112«4 Deo 1171s July
100 104 JulylO 116U Jan 6
Do pref
Oct
(iO
May20 95^ J3n27
50
Feb 117
Worthlngton P A
v t e..l00
93S4
88
Kelias
Jan
13
98if Oot
100
88
Jan
Do pref A
Ooi
057, Julv 13
Jan
76
06
81
100
Jan
Do prefB
Bloaa-Sheffleld Steel
Do preferred
A
N
Am
M
1
,
M
1
100
oot
Aug
Feb 230U Deo
Dec
8H4 Dea
Dec
04U Nov
6U Mar
168l>
Oot
Oot
Apv
10518
53>4
63ig
Jan 5
Jan26
Aprl9
99
July
Aug
Dec
Apr 6
AprH
May
98U Deo
Aug
Dec
90U Jan28
58
57
43
Apr
121s
Janl3
Deo
Nov
9l>4 Jaa
132i» July
Aprl2
25U JunelS
84
140U 0<"
1047g
47»4
Nov
44it Sept
177g
4834
82I4
9414
Oct
July
2178 July
22
67
Jan28
243
May
9412
8
Apr 6
Aprl4
23U Jan 8
98
Jan 7
8358
2158
2434 July
8838 Juni
Apr 17
4218 Jan 10
4412 July 2
8278 Jan 3
IO8I2 Jan 8
94
Not
75
46lg
SOU Apr 8
42
Feb 9
124
120
43 If July
Sept
Jan 2
Jan 7
Aprl2
Jan 3
Jan 6
Jan 6
Jan 3
Jan 3
June26
Jan 5
Jan 6
65
Jan 2
Jan 2
78
61U Jan 6
3898 Jan 9
^6 June22
1163g Aprl4
11154 Aprl4
47lj Jan 6
91l«
27=8
113'4
IO412
Jan
45
Apr 7
4178
66
BigUH
Lowut
Hiohft
937JB Febll
Royal Dutch Co (N Y Bharea).
1412 Jan 2
St Joseph Lead
10
21i2June2S
23
22
22
San Cecilia Sugar v t c.no par
41
Mayl3
5034
5II2
53
400 Savage Arms Corp
100
8I2 May28
9I2
9I2
95g
3,200 Saxon Motor Car Corp No par
Julyl5
199 zl43
143 134
100 /143
500 Sears, Roebuck A Co
150
72I2 June25
76I4 7612
7658
£2
7533 7638
6,300 Shell Transp & Trading
2834
May24
3II4
3112
3034 3138 26,100 Sinclair cons Oil Corp
No par
311s
15412 I74I2
9OI2
127
9812 105
6512
84
93
5II4
9I2
199
19978
75I8 7634
3II2
31
95
•53
•95
9I2
72
•87
89
600 1644
10538 105
6I4
52I2
I5I2
59I2
*__
*98l2 105
11358 lT4"l2
SUs
4I4
3358
25
Stores.- 100
100
71,300 Mexican Petroleum
100
Do prel
100
2,200 Miami Copper
5
40,630 Middle States Oil Corp
10
7.100 Mldvale Steel A Ordnance.. 60
1,119
7578
I5I4
96
47
22I2
7612
4058
96
53
32
87
96
8534
I7I2
99
99
63
52
•114" 117 •112' 117
99I2 10034
IOOI2
100
4078 4II2
9612 9812
*98l2 105
1638
1634
6878 69
8212 86I2
9218 94I8
231^
73
§650
97
63
•112' 118
100
100
1534
10
199
8534
97
•96
97
1534
75I2
3II4
10538' 105
9018 *.-.
42I2
9234
7612
235s
¥3"
116
99
"2353
3II2
35I4
4234
5118
34
36
17
16
10318 105
9634 98
35'4
4II2
5178
I7I2 I7I2
9918 10018
93
60
100
834
9
•69
73
93 95
57
33
•8412
SOU
78
90
•58
95
48
36I4
4234
54I2
89
36
•50
35
1834
10012
34I2
57
54
33
3538
4212
53I2
9
73
95
78
32I4
32
51
30
321'.
60
100
97
•52
54
us' 125
24I2 *24i2
45
51
IO4I4 10658
98I4 99I4
93
59I2
•4812
4I4
32
32I4
35I2
8II2
42
95
3358
51
49
48
10038
103
9634 9834
3334 3334
2512 2512
97
33
43
106
61
2034
2138
33
•48
52
211
2OI2
2014
14OI2
59I2
7578
10210 IO5I2 10212 10312
I2I4 I214
I2I4
1218
99I2 99I0
9814 9812
15
16
4l8
130
423s
8234
54
•15
4I4
42
59I8
91
5634
52
21
8hlrt
May Department
Do preferred
PBU 8HAMB
Bang* tor Prniam*
Y*ar 1919
I.
baiti 0/ 100-iiar* loti
Lotctit
Industrial&Mlsc.CCon.) Par
100 Manatl Sugar
100
1,800
•94I4 102
I87I4 I9II4
On
EXCHANGE
Manhattan
21
2078
8078
•32
•48
I5I2
83
79I2
•834
57
123
81
3434
•70
•93
73
95
•115
90
•Sii's
•55
96
60
96
37
*4Sl2
56
4I4
*6l4
'3'5'
7612 7612
7018
IO3I2 IO3I2 •10212 IO3I2
I2I4
I212
125s 1258
•10212 IO3I2
5834
*48
3334
3478
8212
8978
123
81
•95
32
97
70ls
55
5834
•95
96
•116
94I4 102
18912 193U
102
I9II2 195
2II2 2178
21
211s
21I2
i21
2258
2034 211'>
21
42I4
4218
4178 42I4
421s 4278
*59l8 61
•00
61
5912 60
92 12
•55
•95
123
Range since Jan.
RSW YORK STOCK
for
the
Saturday
July 10
PBR SHAKB
BTOCK8
8aU$
t.Ei-rights.
'
a Ex-dlv. and rights,
i Ex-dlv.
c
Reduced
to basis of $25 par.
n Par JIOO
Stock ExcJiange— Bond
New York
wai
and
Eichangt method
280
/an. 1909
H. Y.
£0
BONDS
STOCK EXCHANQB
Bid
GoTernmenta
D
Second Llbeity Loan
LL
2nd
Ask Low
90.74
91.00 Sale
LL
l9t
1927-'42
conv— 1932-'47
L oonv..l927-'42
1928
3rd L L
Fourth Liberty Loan
4)i3 l8tLL2ndconvl932-*47
l933-'38
4}i3 4thLL...
Victory Liberty Loan
i'43 oonv 2 notes— .1922-"23
1922-"23
3Hs conv K notes
2na L
4>i3
94.10
85.30
96.20!
29 88 00 101.10
86.00,12495 82.00 93.00
78
O
S
D
M
D
:
J
8
2-yr5i23gold notes Aug 1921
10-year 5ija
..1929
Italy (King-lorn of) ,Ser A 6!^3 "25
Japanese Govt t loan a^s. 1925
Second eertea 4^8
1925
:
:
'aermaa atamp".
Sterling loan 4b
1931 i
of) 15-yrfls
1934
MarselUes (City of) 15-yr 831934
Mexico Exter loan £ 53 of 1899 Q
Gold debt 4a of 1904
1954 J
Paris (City of) 5-year 6g_- .lo^i A
Switzerland (Govt of) s f 83 l94o J
Tokyo ulty £s loan of 191*
M
Lyons (City
M
—
M
<!;
Ireland—
i
J
o
O
J
S
M
5m
State and City Securities.
N Y City 4K3 uorp Kook-1960
4>ia Corporate atoci
1984 M
1968 A
4 Ms Corporate stook
4>i3 Corporate etook July 1987 5"
1985
4H3 Corporate atooS
1993
4H8 Corporate BtooS
4% Corporate stook
lesfi m
4% Corporate stock
1958
4% Corporate Rtook
1957 M
4%Corporate stock reg..l953
New 4^3
1957
Corporate etook... 1957 M
Corporate stook. ..1054 M
—
M
M
M
NY
—
;
N
n
N
5-year 5 J^% notes
1921
20-year gold bona aHi-.1937 r A
1929 F O
10-year oon^
A
5-year oonv 5j^a ._..
t)1922 F
These
are prices on the basis of S5io£
t
4H%
3H%
IOII2
98'!
t
D
N
N
N
N
N
N
N
83
87
85
87I2
100
99I2
7OI4
100^4
9878
95I2
8412
4212
99.40
99 40
IOII4
101
IO6I4
IO6I4
Mar"19
9958
96 '/!i Sale
85 '8 Sale
88I4 Sale
92 -.8 Sale
60
99%
75
101
9878
14!
9818
95I2
8412
12
41
50
20
7418
8O34
9258
135;
9
98
9258
90
"4
8018
7178
86
13
79
99
22
23
28
74
95U
8712
9878
87
96
8412
9378
89I4
9212
9812
97I2
95I2
2
78
92
69
82
87
82
82
77
71
071a
76
167
14
15
98'
lOj
54I2
84I2
8412
2934
923<
93I2
43
37
26
239
88I2 94
765! 102-% 103
25;
320!
347
149
338
93
70
97
23,
96I4
92l2
8914
8712
93I2
949'
8618
8834
Is
50
61
9238
831^
9714
9058
88
95«4
9434
90U
86
86
9184
9134
92
83
8218
83
86I4
86I2
86I2
86
861-2
July 20
90
94
86
May'20
92I4
92
Sale
Sale
90
88
9212
83
83
9734
92
94
8I34
-.
..
..
92
92
75
92
92
June'20
9812
Au«
80
91
8II4 90
8534 89
Oils lOOij
9118 10058
76
81
19
Highway Improv
95
May'20
10278 102
..
lOO's June' 18
Nov'19
100
91
93
7S7,
5II4
55
«3
9II4 100^8
9012 100'2
9134 lOOis
8O34 9038
July20
9134
95'4
9514
86
86
8218 July'20
8Ji8 Jaly'20
8534 Mar'20
8II2
9134
53
8514
9258 June'20
95
Dec
91
93
97
IO7I2 108
99
99
91
100
10712
'18
16
55
50
601:
Railroad.
Ann Arbor 1st 8
Gen
4a
&
»19e5
Santa Fe
1995
1995
&1995
g 43
Registered
AdJuatment gold 48
Registered
fti995
Stamped
»1995
Conv gold 4e
1955
Conv 48 Issue of 1910
i960
East Okla DIv Igt g 4b. ..1928
Ricky Mtn DIv Ist 4s. ..1985
Trans Con Short L lat 4S-195S
Cal-Arlz iBt ft ref 4}ia'A"1962
S Fe Prea & Ph lat g ija---1942
Atl Coast L lat gold 48
»1952
lO-yeur secure 1 73
1930
Gen unified 4 Via.
1964
Ala Mid l8t gu gold 58... 1923
Bruns ft
lat pu gold 48.1938
Joarlea ft Sav lat gold 7B.1938
coll gold 43
01952
Sav F ft
l8t gold 68
1934
iBt gold as
1934
Bait ft Ohio prior 8Hs
1925
aeglatered
»1925
l.st SO-year gold 43
41948
*egl8tered
»1948
lO-yr oonv 4^8
1933
Retun ft gen 58 Series A-1995
Temporary 10-yr 88^... 1929
Pitts Juno l8t sold ffg
1922
P June ft DIv Ist g 3 H9 1925
P L E % Va 8ya rel 48-. 1941
Southw Olv 1st gold 3 Hs- 1925
Cent OaloR Ist c g 4!^s..l930
CI Lor ft
con lat s 5fl..l933
Ohio River RP. 1st g 5«-..193e
'Jeneral gold 5s
1937
Pitta Olev 4 Tol lat g 88 -.1922
Tol & cm dlv 1st ref 48 A . 1959
Buffalo
gen g 68
1337
Consol 4 Vis
la57
A11& West iBt g 48 eu
1998
C:lear * Mah lat gu g 5a -.1943
R)Ch ft Pitts 1st golds*.. 1921
Gonsol 1st g 6a 1922
Canada .^ou oona gu A 6a
1982
Car Jllnoh ft Ohio lat 30-yr 6s '38
Central of Ga 1st goldaa--.pl945
Consol gold 53
1945
lO-yr temp ".eoiir Bs Jun» 1929
Q i
A O
49
A O
Nov
Nov
69
M
W
LAN
W
!
M
W
W
RAP
• .V
I
MOB Frill/:
interest"
— except for Interett and defaulted bondi
BONDS
-.2
s
Prfce
~.a.
i.iteat thia
week
N
D
D
50
7314 Sale
July'20
72
69
7312
July'20
6518
7312
6434
63
65
49
64
Sale
179
...
6518
JunelS "54'
65
6178 July'20
8OI2
79
1
S
80
64
84 June'20 ....
6412 June'20
68 July20
72I4
22
7212
2
82
82
8
72I4 Sale
9734 Sale
72
72I2
9734
69
70
98 ?4
70
79
S
8214
J
J
55
68
8
72I2 Sale
N
D
N
J
J
N
O
O
J
J
O
J
O
fund
88I4
67I4
85
67
70
70
92
75
}^
2V0
2
92^8 Mar'20 ....
-78 Jan '20
—
1297s Aug -16
24
6214
62
6212 Sale
93I8 IOII2 105
Aug 19
105
8418
July 16 ..-.
18
7812
7812 Sale
79
7812
Apr '20
81
"si
S8I4
Sale
5934
59.8
5912
60 Feb '20 "70'
57I2 Sale" 57I2
58 14
26
5878
5812 Sale
58
86I2
63
8512
8534 Sale
112 Jan "12
69
68 Jun<''20
53I2
'54'i4
30
55
55
69I2'
18
68.8
6378 Sale
48 14
58
69
8234
6778
79
62
7II2
62
60
78
82
7178
891r
89»4
6412
SS
69
67
781JI
6812
81
82
82
6978
95I2
98
68
78
w
9258
925,
78
78
6OI4
72ij
110
9018
Mar'20
Mar'20
Mar'20
83
Aug
85
8018
72
'
'9'o"
88
91
S47b
81
571a
81
70
60
60
57I2
5714
8112
6618
69
92
60
76
61
5134
68I4
771a
85
86
91
9018
giu
»0l8
Sale
8718
89
72r,8
7514
881s July'20
7212 July 20
73 u Jao 21)
85 Apr 20
98I4 IOII2 100
May 20
97I2 99
98 June'20
7712 79I2 7714 July'20
7II2 75
70
^fc.v 19
78
8634 89
20
7812 Sale
7812
7812
8412 85
8518
85
May
oDuaJaa. d Oaa
April
86%8
7818
70
72-.,
74
734
92«4
8312
73I1
86
85
7OI4
9»i4 lOO's
9778 100
77I4
87
89
9558
751a
88
9t
84
«OaeM>y
»
Dae
1.
Higt
93
Sale
Sale
Sale
59I2
8714
96i8
97I4
18
June'20
69
63
65
51
141
2
821a
69»4
77
66I4
77
70
811a
6312
5738
'ei'ii
'20 ....
Jan
£0
84
78 Is
—
June' 19
June'20
811a
lOOla
99I8
9834
8534
95
73""
6478
65
"4'2"
"49"
88I2 Sept' 16
62I4
Feb
113
42
42l8
34
3238
68
4
4218
32I2
13:
'20!
6634'
7714!
6634
77I4 Sale
'15
Feb
98
67
Jan
79
90
74
29I4
96
64
'
1
33
38
98
7fi
73
84
8334
02
67
8II4
281a
1
8478
85
7412 Sale
73
23
15'
85
9078
Oct
'19
27
Apr 20i ....
2OI4 June'20
74I2'
21
21
25
25
I914
29
1934
1937
otf9 of dep-
85
9334
90ij
Feb
90ij
68
Stamped
Guar Tr Co otfa of dep
Purch money lat coal 53. .1942
42
68
50
50
70
June'20 ....
901a
70
Apr '20
May'20
50
50
70
50
52
70
9734
Feb '13
Mar'17
52I2 "12
lit oonaol gold 68
General oonsol lat 68
C a Mtg ft Tr Co
50
Chlo* IndCRy
Chicago Great
Ohio lad 4 Loulav— Re! 83-1947
Refunding gold 5a
1947
Refunding 49 Series O
1947
Ind * Loulsv Ist 3u 48
1956
Ohio Ind 4 aou 5(>-yr 49
19.58
Ohio L a ft Eaal Ist 4H8
1969
ft StP gen g 49 ser A.cl989
Oh
97
75
63
1925
1934
Chic ft L Sup Dlv 3 5s
1921
Ohio ft Mo Rlv Dlv 59.. .1926
OhIOftP
lat g 531021
G ft Puget Sd lat gu 43.1949
Fargo ft Sou asaum g 6s.. 1924
tklllw A Nor 1st eit 4>ia..l934
Cons extended 4Hs
1934
W
Minn Dlv g 59
1921
Chlo & N'we.'ft Ex 4a ...1886-'26
89l2
9618
82
72
24
5314
68I2
78
71
57
88
Feb
6218
60
61
70
53
20
12
'20
96
June'20
7278
26
71
July'20
89
"9
Apr 20
Apr '16
907s
94
June'20
Feb
973g
941?
973g
97
Nov 'IS
lOlIa
105ia
Dot '16
Nov'19
Jan '17
677s Sale
7012
64 Ir Sale
627s Sale
99
92
97
82
69
61
Sale
79
80
81
70
66
60
July'20
6673
7638
6418
6212
May'19
87i8
9714
89
66
I
'
29
150
69
66
63
'20
99
I
Sale
80
79
6912
6OI2
6334
6838 July'20
57% July'2o;
l»e g 69. ..1921
1st g 4S-..1943
June'20
64
905g
73
861a
104
"sfia
98
53
103
61
81
81
70
77
84
75
62
60
69
79
68
5858
6O34
63
63
74I8 Jan '19
84
Nov' 16
7478
747s June'20
82^4 Sept 19
86
80
931s May'19
9038 IOII2 IO214 Oct '19
6SI2
76*4 Nov'19
7OI4
57
56
57 Sale
2358 May'20
16
17
75I2
75
74.8
75
7618
76
76 Sale
6712
6712 Sale
671s
94
94
9012 93
6258
6II2
oons 43-1940
7012
13
3
71
78
68
62 Is
6734
"
5438'
71
59I8
76>a
6OI4
5818
83I4
80'
Mar'll
Jan -20
6378
64
66
9934
9934
65
65
58
98
81
64
9814
9558
May' 17
90
88
71
941a
9738
'19
June'20
Nov'ial
54I4
591s
'19,
1
69 14
92
81
68lg
9612 IOOI4
7238
70
8734
79
'III ""::i 95 May'18
70
671a June'19'
981/ 100
100 June 20
5414 Sale
81
'845^ "9d7«
8312 Nov'19:
118
77»4
9634
96
66
80
78
77»4
94I2
6OI2 July'20,
99
78
'92" "97"
68
Apr
Feb
Oct
65
80
71
8478 98
99 103
"20
80
58
67
70
9738
US
Mar' 19
8458 July'20
94
78 Is
94I2
931
9412
79^8
651a
9734
93I4
9834
8II4
eUs
Apr '19
611a
721a
73
94
6138
701a
7212
607i
661a
72
68
,s
70
69
Apr
'20,
7478
77I4
47
18
57
27
73
74
88l»
S6la
66I4
9II2
75
98
70
73
We*t«rri—
S^i
Ut gu
H YLtick* W
3
lat 9a
Hs ..3000
6334 6534
9918 100
9118 98
87I4 92
1921
...1923
Conauruptlnn fts
Ttrra ft Improv 4s-.1923
rune.
6218
80
5934
9334 July'20
9812 9934 Apr 20|
94 lOOis 100 Sept'lO
9412 100
9612 June'20 .
70 .May20 .
641s 70
Pm RIva
UR Ut SO y»»r 59 £- -.1962
ft
6218
Mar'20 ....
28
June'20
July'20
88
Incom* 4«
1990 Apr
Oleve Short L lit gu 4^8.. .1961 A O
1929
Colorado ft Sou iBt « 4g
Refund ft Ext 4491935
ft
68
May'19
May'20
99
9838
W
W ls» pref 59_--iS1938
ft
801s
68
IO9I2
6958
M
Del Lack
Morrlt
97
801?,
95
88
99
85
WW
0\lba
72I2
96
M
OODD
95
82
81
6912
'91"
85.8
W
Deo C
58
96
72 14
W
W
ft
9314
95I2
67'7i
97
56
94I2 June'20
...
80 ...
621s ...
1886-192
1987
P1987
a«nera! 4b
1987
Stamped 4a
1987
General 5h stamped
1987
1879-1929
Sinking fund 8a
Registered
1879-1929
Sinking fund 5a
1879-1929
1879-1929
Registered
Debenture 68
1921
Registered
1921
Sinking fund deb 6s
1933
Registered
1933
I>ea Plalnes Val let gu 4 Vis '47
Frem Elk ft Mo V Ist 6s.. 1933
Man G B A N 'iV lat 3 Hb- 1941
Mllw ft S L let gu 3^8. ..1941
Mil L S ft West 1st g 6b.. .1921
Ext ft Imp s f gold 68. ..1929
Ashland Dlv Ist g 83. ..1926
Mloh Dlv l8t gold 8S-.1924
Mil Spar ft N
l3t gu 4a-1947
et L Peo A N
1st gu 6s 1948
Oiioago Rock IBI ft Pao
RMtsav general gold 48. ..1988
Registered
1988
Refunding gold it
1934
)i I Ark A louls Ist 4ViB.. 1934
Burl C R A N let g 59
1934
O R I F ft N l9t gu 5S-.1921
1952
ChOkla A G cons g 5a
Keok ft Des Moines 1st 6e 1923
St Paul ft S C 8b L Ist 4^9*41
1930
OHIO 8t P
A O eons 68
Cong flf reduced to 3^9.-1930
Debenture 6a
1930
North WIgoonsin lat 6S-.-1930
g.el930
Superior Short L let 59
Chic T H ft 3o EaMt lat 5s.. 1960
Ohio ft West Ind gfa g 6s— fl932
.1952
Cociol 39-year 4a _.
1937
OlD H ft O 2d gold 4M9
C Find ft Ft l8t gu 4s g 1923
Day ft Mich Ist coos 4V<s 1931
Olev Cln Ch A St L gen 49.. 1993
...1931
20-r©ar deb 4V49
Oeneral Sa Series B
1993
Cairo Dlv lat gold 49
1939
Dlv l9t g is.. 1991
Cln
ft
St L Dlv 1st eoll tr g 49--.1990
BprftCol DlT lat g 49
1940
Val Dlv Ist g 49
1940
O I et L A C 1st g 43 . ..tl936
*1936
Registered
Cln 8 ft 01 eons lat g 5S-.1928
O C C ft I gen oons g 69-. 1934
1940
ind B ft
Ist prof la
W
'
'5T
Jan
Mar'20
Mar'20 ....
55
99
62
95
82
Registered
General gold 3X8
Registered
Ft
Sale
6412
9834 102
8«ipt'19
7678 78
Jan '20
7578 7734 Jan "20
ft
Bttst Ist
80
7012 Sale
55I2 Sale
94I2 96
9634
96
58
••.-;
6438
6512
92^8 Feb '16|
5478 June'20,
6875'
6884
53I2
54I2
6212
65
6234
6312
7II2'
7012
54I2 56
6884 Sale
5412 Sale
6278 Sale
a5-year debenture 43
ft
6218
6518 Sale
Permanent 49
lort ft
70
77
72
Registered
..61989
el989
Qen'i gold 3H9 Ser B
el989
Genera! 4 Vis Series C
Gen A ref Ser A 4ri3
32014
a2014
Gan ref oonv Ser B 63
Convertible 4Via
1932
W
68
63
6OI4
'20|
'20;
8912
M
Wl«
5134
5238 Sale
20U
Mar'20j — ..
82
lat 59. -.1936
West 1st 4a. .1959
Peoria
6?
Since
.
O
45
88 '8
83
8618 June'20
78i8 June'20
70
7012
8834 Mar'17
7158
73
74
7558
6312
6312
8254 May'19
7818 Dec '19
60
—
8OI4
9412
80
63
41
32I2
9312
87
6214
56I4
5812
Jan '19
SOU
80
69
let
91'i4
9714
IOOI2
6318
ooQ g 4S...1989
1989
2d oonsol gold 4s
Greenbrier Ry lat gu 3 43-1940
Warm Springs V Ist g 6a. .1941
Ohio 4 Alton RR rel g 3s. ..1949
RaUteay lat lien 3Hs
1950
Chic B & Q Denver Dlv 48.1922
Illinois Dlv 3Ha
1949
Illinois Dlv 4a...
1949
Joint bonds
Set Great North
1927
Nebraska Extension 43
Registered
1927
General 4s
1958
Ohio ft E III ref ft Imp 49 g-.1955
U S Mtg ft Tr Co otfs of dep..
'19
45
45
8II2
Sale
7514
W
78
Range
Jan.
MayiS
90
97U 99
1939
Registered
1992
Qenera! gold 4^9
1992
Registered
20-year ooovertlble 4H8-.1930
1946
oonv
secured
5a..
80-year
Big Sandy Ist 4s
...1944
Coal River Ry 1st gu 4a. .1945
Craig Valley Ist g 59
1940
1946
Potta Creek Br lat 49
99is M,u-'18
45
94
89
1st oonsol gold 6b
Dlv
I
9758 Juce'17
7414
8OI2
Imps 68. .1929
1939
ft
1
CQ =^,
Hign\No.i,oxB
74I2 May'19,
7714
Am Dock ft Imp gu 63. ..1921
N Y ft Long Br gen gi49--1941
ft
•§
Last Sale
Ask Low
Bid
Cent of Ga
Chatt DIv par money g 48 1951
Mac ft Nor Dlv let a 58—1946
1947
Ml Qa ft Atl Dlv 68
1948
Mobile Dl» Iflt g fis
Cent au ft a ol Ga ooU i 68.1937
1987
cent ot N J gen gold 68
...41987
Registered
Week's
Range for
Friday
July 16
»»
(Cone.)
M
Oanal Improvement 4>^B.1964
Oanal Improvement 4^8.1985
Highway Improv't 4Ha..l963
Virginia funded debt 2-33.. 1991
53 deferred Brown BroB etfa
939
85
88
June'20
93
IO712 Jan 20
99
M.^r'20
4MS..1985
79I2
8678
9578
93
93
93
93
Atchison ropeka
— "and
N. Y. STOCK EXCHANGE
Week ending July 16
R&A
Mar'20
Feb '15
Sale 99 Mi
71 14
70
Sale
9958
101
Sale
9878
9818
Sale
95I2
96I2
Sale
8412
8434
Sale
43I1 4234
4378
74 -s Sale
7418
75
90
91
OO's Sale
81 Is 8212 80^8 July'20
72I2 73
72
7214
8712
87
8718
97I2
97 18
97-% Sale
89I2
8:l58
89
897s
86I2
86I2 8634 86
98
9714 9712 9712
90l2
9li8
9034 Sale
93
93
93
Sale
74I2
75I4
7412 Sale
73I4
73 14 Sale
74
76 Jan "20
55
57
5512 Sale
84I2
8434
8412 Sale
8412
8434
8412 Sale
37I2
37
37 Sale
30I4
2834
2834
29
9378
94
94 Sale
103
103 Sale 102 '8
54
5218 Sale
521s
86
S
O
43
t
94.70
94.64
100
IOOI2
105
104
July'18
7913 Apr 20
1981
0«nal Improvement ie
1081
Oanal Improvement 4s. ..1962
Oanal Improvement 4b
1960
State
22 83.00 93.48
216 81.40 92.90
85.90 Sale 85.90
85.04 Sale 85.00
88.66 Sale 88.52
DomlnloanRep ConsAdm 3 f 53'58
Dominion ot Canada g Sa
1921
do
...1926
do
—.1931
do
do
Brit
160.40
99
—
Qt
High
91.28 4998, 89.10
86.50 588 84.00 94.00
85.80 7732 81 10 92.86
89.785095, 85 80 95.00
100
M
of
High No. Low
96.98 5681
95.88 Sale 95 80
96.002648
95.84 Sale 95.82
100 IOII2 100
Julv'20
100 IOII2 IOOI2 June'20
105 IO6I2 '105 June'20
105
105 IO6I2 105
Foreign Government.
Anglo-Frsnoh ft-yr SaBxter loan- A
M
Argentine Internal 6b of 1909
Belgium 25-vr est sf 7}^s g.l945 J
I-year 6% nitea
Jan 1921
5-year 6% notes
Jan 1925
Bordeaux iclty ol) 16-yr og.1934
Chinese (Hukuang Ry) 59 ot 1911 J
Copenhagen 26-yr s t 6^9-- 1914 J
Cub^ Externa! debt 53 of 1904. M
Ezter dt 5b of 1914 ser A.. 1949
BxternaMoan 4Hb
..1949
UK
1.
86.40
85.72
1961
1914-34
Registered
Philippine Island 43
do
now
Obeea
oonsol registered
oonsol coupon
registered
do
Jan.
86.10 Sale 86.10
84.90 Sale 84.90
95.00 Sale
85.34 Sale
41930
41930
1925
1925
ooupoa
.
11936
Pan Canal 10-3(>-yr 2b
Pan Canal 10-30-yr 38 reg.-1938
1961
PanamLi Canal 3a g
S3
23
43
4s
Sine*
B>
Last Sale
Third Liberty Loan
4^3
4M3
Rangt
or
Record. Friday, Weekly and Yearly
pricei are
I
LLoonT...1932-'47
1st
Range
July 16
First Liberty Loan
3Hs lat 15-30 year..l932-'47 J
43
43
Wuks
Price
Friday
Weefe ending July 15
U. S.
cuanged
of laoting bondt
lf>€
ftDieJuIy.
*DjeAuj
j
Due
Oct.
p Due
N
>v
63
6534 july'2o'
99I8
901s
921a Mav20;
90
1
90
June'20
oDieDaa.
707g
9873 lOOtg
921a 97S4
3
94
Option sale
———
JuLT 17
New
1920.]
Delaware Lack
Warren
Delaware
A West
let ref
*
IS
16
Wee6 ending July
A
rel 48
2i)-year aonv 6s
10-year secured 73
*
IS'IG
Susd oonv 3H8
Renas 4 Saratoga lat 78—1921
Grande
Rio
*
Denver
1936 J
Ist oona g 49
1936 J
Oonsol gold 4H9
1928 J
Improvemeot gold 68
1956 F
Ist A refimdlDB 5s
Trust Co certfa of deposit . . j'
Rio Or Juno let gu e 63..-1939
1940 J
Rio Or 8cu let gold 4a
1940 J
Guaranteed
RIO Gr West lit gold 49.-1939 J
Mtge A ooll trust 4a A.. 1949 A
Del A Mack— lat Hen g 4b.. 1996 J
1996 J
Qold 4a
Det Blv Tun Ter Tun 4Ha.. 1661 M
Dul Mlsaate & Nor gen 5b. .1941 i
1937 K
Dal A Iron Range let 6s
1937 A
Regis tared
DulSSou Shore A Atl K 6a... 1937 J
Elgin JoUet A East Ist g 58.. 1941 M
1920
Krle Ist consc; gold 79
N Y A Erie l9t est g 4«-.-1947 M
1923
8rd ext goid 4^8
1920 A
«tb ext goxa 08
1928 J
6lb ext gold 48
ist gJd 78-. 1920
N
-i
996 3
prior-.
48
cona
Ist
g
Erie
-1996 J
Registered
lit oonsol gen Hen g 48.1998 J
1996 J
Reglaserefl
pwnn coi! trust gold 4s. .1951 r
60-year conv 4a Bar A.. 1963 A
1953 A
do Series B
1953 A
Qen conv 4a Serlea
m
..1982
gold
68.
Onlo A Erie iBt
019V * Mahon Vail g 69.. 1938 a
1966 i
Brie A Jersey lat a ( 6a
Oinesee River lot b f 6g...l967 J
1936 A
Long Dock conaol g 69
Goal A KR 1st cur gu 6b . . 1922 M
Dock A Impt lat eit 6e . . . 1943 J
N Y A Green L gu g 5a-. .1946 M
S T Buaq A Is irst 5a. .1937 J
1937 r
aa gold 4Hs...1940 F
General gold 8a
Terminal 1st gold 68.. .1943
1940 A
tfld of N J let ext 6e
WUk A East lat gu g 59. .1942 J
3v A Ind Ist oona gu g 6a. .1926 J
Bvansv A T H Ist oona as--1921 J
1942 A
lit generuJ gold 53
Mt Vernon lat gold 6a -..1923 A
Bull Co Brancb 1st g 69. .1930 A
Plorlda E Coast lat 4H"-.-ie59 J
Co lat r ,>%8.-1941 J
Fort 8t U
yt Worth A R!o Gr Ist g 49-1928 J
1933 A
Qalv Hou8 A Hen Ist 68
Great Nor G B A Q col! 4S-.1921 J
»1921 Q
Registered...
1901 J
lit A ref 4Ka Series A
1961 J
Reglstsred
1933 i
A Man 4s
8t Paul
1933 3
lit oonsol g 6s
1933 3
Registered
Alb"
63
J
6518 68
6858 Sale
64ii
45
42
40
4434
6312
64I4
6858
4612
42
42
A
'6
o
D
D
N
49->8
63
50
J
1933
Registered
ext 1st gold 48. -.1937
1937
Registered1940
PaolTiO ext guar 4b £
5 Minn Nor D!v lat g 4b. .1948
1922
Minn Union Ist g 69
1937
MoDt O 1st gu e 89
1937
RegUtered
1937
1st guar gold 5b
1st sold 69-. 1938
Will
ASF
ijreen
Bay A
Debenture
Qalf
ABl
W Ceb otfB "A"
ctfs
Istref
"B"
J
4H8
H
93I2 June'20
O
O
N
Gold 3HS
1951
Registered....1951
Sprlngf Div IstgSHs
1951
Western Lines lbtg4fl
1951
Registered-1951
Bcllev A Car lat 6s
1923
Oarb A Bhaw lat gold 49. . 1932
Ohic St L A N O gold 88-. 1951
Registered.1951
Gold 3 Vis.1951
Registered
1961
N
7458
J
N
i
N
75
'49"
J
26
A
A
J
O
o
o
D
73I4
38
18
62
30 18
30
34
7934
4134
June'20
79
92
81
83
60
75
80
99
J
I
J
84
J
Jan
IOOI4
3918
Dec '06
May'20
"44'
78I4
'59'
90
M
90
79
N
N ACBdgegongug4W8.1946
102
105
903(
79
86
J
8512
845g
5318
J
D
8
5838
J
J
64
8
8712
9
6512
Sale
S
65
64l8
8118
J
J
J
95
65
A O
67
A
6518
J
70I4 Sale
5618 6238
J
M
M
M
H
J
J
J
J
O
68
i
51
65
Sale
*63
J
J
59
A
i
J
i
J
t
95I8
5018
5012
6718
J
J
F
F
A
A
A
D
S
D
D
D
D
D
D
D
S
J
"6518
8II2
63
60
7414
Feb
Deo
93I2
9334
7334
J
60
A
O
J
t
'78'
'20
'19
9418
9334
56
380
1
6
78
96
84
98
118
84
June' 16
I02I2
7734
May' 16
78I4
80
Bept-19
83
78
97
Fob
92I2
89
70
83 14
19
Mar-20
76^8
82
78
97
78
-20
lat ext gold 5a
refunding 4s
lit
Trust Co certf s of
83I4
96I4 10618
88
July20
Apr 20
8778
9118
Mar20
55
8
61
7
68I2
5934
64
73ij June'18
64
78
80
92
Mi»r-20
78
78
May20
79I8
8318
6518
Sepf 12
70I4
70
6334 Mar' in
6518
63
Missouri Pacific (reorg Co)
Ist A refunding 5s Ser A ..1965
Ist A refunding 5s Ber Ba 1923
lat A refunding 68 Ser C..1926
1975
General 4s
Mlaaourl Pac lat coub k es..l920
1945
«0-year gold loan 49
193S
8d 7e extended et 4%
1948
Cent Br U P ist g 4a
PaoRof Molstcxtg 4S..1938
1988
2d extended gold 58
8tLIrMASgencong5B 1931
Gen con stamp gu 8 6s. .1931
Unified A ret gold 48 ..1929
1929
Registered
64
72
62»4
6234
62
74t2
85
7612
6384
721s
19
6334
5958
Rlv&G
Aug 19
85I4
8412
68
60
69
102
62
63
83
68
June'20
I>6C
19
'20
Jao
69
93I2
80
69
JuBe'16
Apr
Jan
'20
'20
-20
June' 16
Not' 18
52
6II2
Nov' 10
II7I2
May'lO
85
73
84
June'20
6512
9518 Fet) 19
6512 July 18
7478
69I2
Feb 20
Nov' 17
77I2 Aug' 19
75U Dec 19
95
93
7H
52
78
Nov'19
Jan "20
6II2
93
7H
5358
28,
4978
8318
69i2
7«
59
Oct '09
00-,
0334
9
18
6718
64I4
Juiy'20
72
67
8038
i'"eb
17
81
7978
65
30
78
Aug
19
May'20
Mob A Ohio
Div lBtg4g..-1933
A
•
87I4
29
N
A
42
50
O
N
3312
48I4
35
28
S
3478
78
87
A
A
A
8
52
M
9734
fi
J
J
Bl
N
9OI4
J
'53"
D
3
O
J
July,
n Due Sept.
May'20
8558
Dec
89
93I2
8II4
65i8
86
95
94
85
95
67I4
3478
76
42
40
69
66
42
36I4
701*
44
95I4
43S4
71
91
82
91
86
9212
5218
23i8
27I2
6078
'16
53I2
54
2978
27I2 June'20
2218 Dec '19,
31
31
30 18
24
24
23
51
3834
6
June'20
June'20!
June'20;
Feb
—
—
'14
Dec
Dec
24
23
28
26
23
45
45
34I4
38
50
20
2314
'20.
Dec
80
52
32
33
"31" "3978
37
25
1
2
60
20
'16
'19
78
84
7818 July'20 -.
19
8534
87
June'20
53
127j
98I4
2
Oct
58
63
68
70
66
7412
8312
Oils
893g
51
69
9612
9814
'18,
67
Oct
67
807g
6478
80
May'20
91
Apr 20
56
5214
77I2
Mar
95I2
96
99
2OI4
O
20
76
63% 72
80
86
9214 10278
9558
91
5178 69
7612 77l»
62I4
20
'20
7578
78
June'20
90
68
89 ig
74I2
97'4
Apr
78
68
90
66
'17
6478
9214 July'20
77I2
"
6738
98
89
78
70
90
1
70
O
J
66
Nov'19
9734
98
J
110>4
Mar'17
20
20
25
June'20
June'20
Doc
"r7'u
'30"
20
23
65
96
"is
15
5678
9034
4112
'19
15 Jan '20
5678
59
9034 June'20
IS
16
J
59
O
5078 Sale
50
51
N
87
8634
87I4
117
sou
93I4
A
O
6438
64
6458'
13
7118
7218
27
63
69 14
72
79
D
J
3
Sale
92
71
Sale
64l2
72
64
05
61
71
Sale
A
57
Sale
55I2
6478
40is
7138
34 61S4
647s'
61
6234 Juiy'20'..
36 69
7012
71=8
66I2 June'20 1..
661.,
iol 55
57
59
62l2 May'20 '..
521)1
63
N
N
J
J
Due
Sale
7012
A
1936 J
1986 J
1936 J
A
6512
D
f
Dm June.
6718
S
5
84
8778
821g
6 '60" "67'34
6312
June' 19
79S4
70
July'20^
'70'U ''73'l2
7712 7912 7612 June'20 ""5 76l2 87
94I2
82I2
82
82
80
82
Julyl4
89 102
63
M
J
J
M
79
Sale
76
89
I
8OI2
A O
A O
Beech Cr Ext lat B 3HB-»1951 A
19X1 J
Cart A Ad iBt gu g 49
Gouv AOswe Istgu g88-.1942 J
Moll A Mai lat gu g 4fl...l991
IV J Juno H Biiw lat 4r>
IPSflF
37I2
7278
34I4
34 U
50 Apr '20:
20 May'20|
D
i
guar golds*..
June'20
'45" June'20U
'56
S
16
20
May'20
6212
J
Heglstered
32I4
26
26
O
Bacch Creek lat gu g 49.-1936
•<!d
May
27
32
1838
BactleCr*eturl8tgu3a-1989
70S
Sale
24
24
A
A
A
D
SlSg
87
Sale
31
3038 35
i
J
76
25
A
1997 J
1934 M
Debenture gold 4a
1934 M
Regletered
1998 F
Lake Shore ooll g 3 Ha
Reglstwvd
1998 F
Mil n Cent coll gold 3H8--1998 P
1998 F
Hegldtcred
Feb '20
6714 June'20
37I2
3718
265,
2658
S
7
5878
'05
20,
A
D
Reglfltered.-
May'16
De« '19
72
68
Mar
95
J
1977 A
Wat of Mex prior Hen 4HS-1926 J
1951 A
lot oonsol 48
New Orleans Term 1st 4a -..1953 J
Mexico
l8t«a--.1925
J
NOTox A
1935 A
Non-cum Income 69 A
Hew York Centra! RR
-1936 IW
Conv deb 68
-.1998 F
Conaol 48 Serlee A
2013 A
Ref A Imp 4 Ha -A"
977s
98I4
6318
8II2
i
Feb
8534
J
J
June20;
May'20,
10112
io'iis
June'20,
82
72
58
95
89
J
J
F
M
72
t
M
S«
M
1927 J
-.41927 Q
1st ext gold 68
1938
General gold 4a
Montgomery Div lat g 5fl.l947 F
1027 J
8t Loula Div 68
1931 i
8t L A Cairo guar g 4b
Haahv Chatt A 8t L lat 5S--1928 A
Jasper Branch Ist g 6a-. .1923 J
Ueglsterod
Dm Vab.
M
new gold 6s
7SI4
80
F
F
W let g 6s. ..1926 M
63I4
6278
Sept'19
Dm Jaa.
1
Wew York Cent A Hud Rtv
-.1997
Mortgage 3^a
70l8
6912
7478
82
V
F
GuarantCfid general 4s
Mar '19
84
Verdi
Nat Rysof Mexprilen4HB.1967
62
53
MaF'19
92
•
M
J
Texas A Okla Istgug 68-. 1943 M
Nov'19 .Apr '20
8558
N
9658 100
517a
6OI2 76
95I4
70-'8
100
46
47
64
68
dep
SherSh&So lstgug58..1942
19
July'20
Mar'lO
Nov' 10
Jan '20
Mar'20
Sale
54
100
1
77
78
86
95
45
45
90
IOOI4 103
I
61
97
73
91
10158
Jan
727s
9212
D
84
99
85
1
108
July'20
J
37
20
Apr 20
Feb '20
N
68I4
8
72I2 75
9II2 94
8712 100
8412
72
Mar'20
June'20'
J
M
May'20
61
J
J
M
73
94
67
F
J
Dec
42
40
71
37
72
91
88
D
6912
93I2
7612
Q
M
60
'20
7612 July'20
361?,
35
67
68
93i2Jan
3738 Sale
M
M
July'09
6518
9538
68
7378
59I8
81
B
MoK AE
65
73
Oct '18
Apr 19
M
M
9118
55I2
IOI2
9812
96I4
108
89->R
M
sinking fund 4H8.. 1936
Trust Co certfB of deposit
8t LoulB Div lat ref g 48.. 2001 A
5% secured notes "fxt" "16
Dall A Waco lat gu g 88. .1940
KanClty A Pac l8tg 48..1990 F
1942 A
Istgug 6s
K A Okia Ist guar 69. .1942 M
K A T of T Ist gu g 5b 1942
94
7312
76I4
A
Oen
83
78
99
99
May* 06
61
1944
2004
A
92
96
J
J
M
M9BM
9514
85I2
9858
13614
9118
55I2
8
76l2
6II4
M
M
1938
IStconsBs
1941
lat Chic Term 9 f 48
A A lstg4slntgu.'26 J
Mississippi Central l8t 6s. -.1949 J
Mo Kan A Tex— 1st gold 4e 1990 J
ad gold 48
ffl090 F
Trust Co certfsof deposit
96
88I2
96l2 10538
July'20
D
MStPASSMcong48latgU.I938
"se'is
'17
Apr
HO
WMk<
80
83
June'20
Juiy'20
8058
7912
80
tkll
74I4
10
6912
6678 Sale
64I4 Sale
7II2 7278
J
J
M
74I4
Aug
Feb
6618 73I2
53I2 Saie^
"92"
June'12
6II2
70
55
Nov'll
(15
7OI4
64I4
'siu
6212
"73I2 '74"58
5958 68
J
and aoked
63
86I4 100
H
J
70
Internat Ist cons g 48.. 1977
1977
Ml'Jland Term— Ist a f g 59.1928
1927
Minn St Loula 1st 7s
1921
Pacific Ext Ist gold 68
1934
lat oonsol gold 6s
lat A refunding gold 48. ..1949
Ref A ext 50-yr 68 Ser A . . 1962
A Ft Ist gu 4a. -1935
Dee
lovra Central 1st gold 6b.. 1938
1961
Refunding gold 4a
'15
Deo
66
8514 Sale
F
F
J
i
'17
90
80
B
S
O
A O
M H
48
85
RR— Sou lines 48.. .1936 M
Stamped guaranteed
Nov
64
Mex
3918
'18
Sept' 17
6418
6438
16
84
6234 June'20
J
A O
Manila
'i9h
Atl Ist gu g 6b.. 1921
5912
9018
72I4
9658
Gen 00ns gu 60-year 68-1963 A
L A Jeff Bdge Co gu g is... 1945 M
Nov'19
76
78
91
'40" '52'
June'20
92
56
94I2
9834 Sale
J
J
>
Deo
A
85
J
BAN Ala cons gu g 6a — 19S6 F
Fensac
91
Jan
June'20
90
68
108
95
78
J
i
Feb
97
72
48
91
1
J
'18
'20
'18
103
91
85
52
M
LANAMAMl8tg4H8
92
79
72
63
67
8712 June'20
78I4
77I4
81 12 Sept'19
8778
8778
IOOI2
10158
83
7278
6812
73
8458
'19
9018 June'19
89
76
73
Aug'19
92
86
IOOI2 Sale
85
8338 91
9258 IOOI4 101 Is
100
8718 95
79I2
63i8
98I4
9818 99
47I2
47
4612
6OI2
63 Sale
8II4 84
9512
IOII4
9612
6318
6038 66
M
M
M
9818
6412
6412
92 Oct '19
99I4 Oct '06
6318 June'20
67 Jan '20
59I8
5918
6II2
63
95 Jan 11
6412
94
84
103
9818
77
Mav'20
79
7734 Sale
M
41
89
8434 June'20
6818
M
M
M
M
73
92
88
92
'20
Jan
7518
90
•
21
95
98 -g Jan '20
105 Oct '13
90
85
6018 ; 64
65
59I4 62
63 Sale
72
83
95
8912
9338
85
High
Mar'17
113
7518
6412 Sale
M
M
Mem
56
44
661| 83
79
J
O
price Friday; latest bid
47
8834
9378 Sale
9478
J
J
J
A
A
No
30
Jan '17
Mar'2n
56
64
o
i
M
34^8
37I4
3734
83
M
M
YB4M
N
'40 "38" '47
10678
8834
7414 Sale
J
J
J
J
J
J
J
Apr 20
23l2Jan
8638
J
tM
7458
M
M
M
71% July 20
J
D
*
72
61
75
J
16
3934
June' 16
34
34
36
88
i
J
9278
9018
10812 Sepf 19
C
3
S
M
5Bnaaa City Sou Ist gold 38.1960
Registered
1950
Ref A Impt 5a
Apr 1960
Kansas City Tftrm let 49--. 1960
Lak* Erie A Weat 1st g 8a.. 1937
ad gold 4a 1941
Worth Ohio lat guar g 69. . 1946
L6l» Val N Y let gu C 4 ^l..l»40
Registered
1940
83
7878
7712
J
J
Joint 1st re! 58 Berles A-19H3 J
Memph Div iRt g 48...1951 J
Hegistered
.1951 J
Bt Louis Bou iBt gu g «».. 1931
111 A Iowa let g 48
1950 J
lit A Great Nor lat g 8b
1919
ismesFrank A Clear Ist 4S-1959 J
»M
3978
49
1933 y
1933 J
1945
1945
m
N
100
90
1.
60
69
6II2 July'20
6f|34
7II2
8912 June'20
94I2 Sale
8418
1922 IN
Gold 4s
1932 J
Unified gold 48
1949
Debenture gold 6s
1934 J
20-year p
deb 5s
.1937
Guar refunding gold 48
1949 M
Registered1949 IW
N
B 1st con g 68.1935 A
Y A R B lat gold 6s
1927
Nor Sb B lat con g gu 68.01932 q
Louisiana A Ark Ist g 6s
1927
Loulavllie A Nastav gen 6s -.1930 J
Goid 58
1937
Unified gold 49
1940 J
Registered
1940 J
Collateral trust gold 6a ..1931
1930
10-year secured 7s
L Cln A Lex gold 4H8-..1931
OA
lat gold 68
1930 J
ad gold 68
1930 J
Paducah A
Div 48. .1946 F
et Louis Div iBt gold 68.. 1921
2d gold 38
1980
Atl Knox A Cln Div 48. ..1958
Atl Knox A Nor 1st g 5a. .1946 J
Hender Edge 1st s f g 6S-.1931
Kentucky Central goid 4e.l987 J
Lex A East Ist 50-yr 68 gu 1966 A
1946
Joint 48.. 1962 J
L A N-8outh
..»1952 Q
Heglfltered
1937 S
Fla A 9 lat gu g 6b
86
93I2 98
80
92
92
96
93
June'20
Dec
—
Sine*
Jan.
High No.' Low
Ask Low
A O
A O
4^8
Ferry gold
84
Jan '20
Jan 20
48
84
39
73
1941
Q
75
80
9 5e..l941
Rang4
B3
Lasi Sale
86
RefflBtored.
Long Isid 1st cona gold 69..fil931 Q
1st oonsol gold 48
kl931
General gold 4a
1938 J
43I2
69I3
9278
gu
Registered
Ist Int reduced to 4s
Leb A N Y lat guar g 4s
49
67
52
let
Registered
677,
7278
7OI2
58
48
86
May'20
9434 Nov' 15
9812 Auk' 19
3718 Sale
7334
72
A O
V A
M
Leh V Term Ry
June'19
80
92
93
6312 6878
3412 Sale
34I2 3478
A
O
J
l«l
63
38
39
70i8
MWO«
97I4
A O
J
1
70
93i8 June'20
86 June'20
95U
39
J
J
J
1999 J
1999
Seglatered
1948
V Ist est g 43
col A
1956
col & Tol lat 8it 4s
Houston Beit & Term lat 89-1937
lUlnola Central lat gold 49.. 1951
1961
Reglaterwl
1951
lit gold 3HS
1981
Registered
Kitended let gold 8^8... 1951
1951
Registered1951
Set gold 3a sterling
1051
Reglsteretl-Collateral trust gold 49.. -1952
1952
Registered.
1955
1st relundlng 46
1962
purchased lines 3 Via
L
O A Texas gold 49... 1953
1953
Registered
iS-year secured 5i»s
1934
Cairo Bridge gold 4s
1950
Litchfield Div 1st gol6 38.1961
Loulev niv*T8rmg3H9 1968
Mldrtle Dlv reg 30.
1921
Omaha Div 1st goid 8».-.3981
•t Louis Div A Term g 3|.1961
'%
5834
6278
Week's
Range or
6II2 62
7II2 Sale
2(K)3
OS
Price
Friday
July 16
m K
M N
4«-.20o3
Leb Val RR 10-yr eoil 6s..b1928
Leh Val Coal Co 1st gu g 6s. 1933 J
'16
83
86
J
D
D
J
2,
25
70
9318 100
4812 Sale
8
J
J
J
J
3
3
J
44
4978
Deo
77
85
Feb
Feb
A tgS9..M962
HocklngVal iBt rona g
3
81
85's
9978 IOII4
72I2
67
lOOU IOOI4
63
73
78
m N
O
D
Mont
9678
73
July" 17
82
o
D
Reduced to gold 4H9-1933 3
4938
87
S
M
55
78
96
67
"11
Apr
IO5I2
w
f
N
D
34
63
7018
21
19
55
25I2 July' 16
O
O
W
37I2
64I4
70
'9114
78i8 '87'
J
D
70i8
6I14
42
7018
M
68
Sale
Sale
J
J
J
M
62
J
D
M
YLE AW
72
Sale
281
Bii
High
Lehigh Val (Pa) oona
General COM 4 Vj9
96l8 96
Jane'20
72
71
Sale
74I2
74
75
731s
lOlU
100^8 Sale lOOU
61% 6414 67 May'20
IOOI4 July'20
99^8 104
m N
O
D
A O
M N
A
I.
'08
9434
I
1922 }
1943
laja A
1930 I
l8tlleneQUlpg4X8
Jan.
-I
W. Y. STOCK EXCHANGE
Week ending July 16
Sine*
High No. Law
Feb
1021,
BONDS
Rang*
Lait Sai*
Ask Low
Bid
Concl.
gu g Si^a. 2000 F
Hudflon
i3
S.9
Rang* or
Friday
July 16
-
1
Bond Record— Continued— Page 2
Yorfe
Price
BONDS
STOCK EXCHANGE
N. Y.
Iflt
— ——
.
54
..
70
6412
82li
76 14
62
60
6Ws
Mar' 17
Feb 20
49""
JuB '20
95»4 Nov' 16
8238
82
73
73
7612
75I2
82
76
June'20
56
75
49
59I2
1
2
154
May'16
D
73
June'20
S
A
7512 Jan 20
49I2
J
O
52
D
*
68
Due
8912
Oot.
f
Option
leb 10
xvle.
.. ..
..
1
New York Bond Record— Continued— Page
282
H
.
Y.
Friday
Jtdv 16
eadlng July 16
Week
B Y Cent * H R RR (Con)—
H Y 4 Harlem g 3^8—2000
NX & Nortisern 1st g 68.1023
H Y & Fu 1st oosa gu g 48.1993
1932
Fine Creek reg guar 68
B i O csn Ist ext 5a..»1922
BUtland 1st con g 4H3-..1941
OsdfcLCbaatlBtgii4ag.l948
Bat-Canada Ist gu g 48.1949
LBwr A Adlr let g 58—1996
1996
Id gold 69
Utica A Blil RlT gu g 4a.. 1922
Lake Snore gold 3Xb
1997
Registered
1997
Debenture gold 4a
1928
85-year gold 4a
1931
Registered
1931
KB A & Q R Ist gu 5a. ..1938
Mahon CI RR Ist 58
1934
pitta * L Erie 2a g Ss.. .01928
Pitta MoK * Y 1st su 6a. .1932
Id guaranteed 68
1934
Michigan Centra! 6s
1931
Registered
1931
41
1940
Registered
1940
J L <fe 9 Ist gold 3H8..-1951
lit gold 3H3
1952
30-year debenture 49. .1929
S Y cm 4 St L Ist g 48 -.1937
Registered
...1937
Debenture (n
1931
West Shore Ist 48 guar. ..2361
EeglstereG
2361
S Y C Lines ea tr 58.. 1920-22
Kqulp trust 4H8.. 1920-1925
Y Connect let gu 4!^8 A. .1953
Bid
64
88
96
t
49
7138
eS's
Feb
Apr
46
46
4112
68I2
4II2
70
60
July'18
49
68
Oct "19
Nov'19
7912
Dec
49
70
40
7412 Deo '19
56I4
5434
9212 June' 12
60 Apr '20
7768
100
100
122
Nov'16
Feb '20
103
71
69
72
72
51
55
71
76
7312
64
7038
7634
'm
93I2
79
77
9534
97I4
967s
R
W V40gu4H8 A..1931
1933
erlesC4s
1942
P C C 4 St L gu 4H3 A. .1940
1942
1942
1946
aal asked.
'iS'
5818
77
70
11
65
55
50
Blrm 30-yr Ist g 4s-.e
Caro Cent lat con g 43
?Ia Cent & Pen 1st ext 69Atl
7612
44
Ist land grant ext g 5s..
Registered
30-year conv 43
30-year conv 5s
949
g 929
934
Cent Pao 1st rel gu g 4s.. 949
Registered
949
Mort «uar gold 3H3.-* 929
Through St L 1st gu 4a. 954
GH49 A
4 P let 5s 931
2d eiten 5s guar
931
Glia V O 4 N 1st gu g 5s.. 924
Hous S &
T Ist g 58... 923
iBt guar 58 red
933
H 4 T C 1st g 68 mt gu... 937
Gen gold 48lntguar
921
Waco 4 N
dIv lat g as 30
941
letgug68
Louisiana West 1st 63
921
Ho of Cat guar g 5a
938
Ore 4 Cai Ist guar g 5a
927
80 Pac of Ce! Gu g 5s... 937
So Pac Coast 1st gu 4s a.. 937
San Fran Term! 1st 43... 950
Tex 4 N O con gold 6s... 943
flo Pao RR lat ref 49
955
outhern 1st cons g 68
994
Registered
994
Develop 4 gen 4s Ser A
956
Mob 4 Ohio coll tr g 4a
938
Mem Dlv Ist g 4H8-5S... 996
8t Louis dlv lat g 48
951
Ala at Sou let cons A 5s.. 943
At! 4 Chari A L Ist A 4X8 944
1st 30-year 5s Ser B
944
Atl 4 Danv Ist g 49
948
94S
2a 43.
Atl 4 Yad Ist g guar •is.. 949
iS T Va 4 Ga Dlv g 5a... 930
Cons l9t gold 5s
958
E Tenn reor? Hen g 53
93S
Ga Midland Ist 33..
946
Qa Pac Ry let g Ss
922
Kaoxv 4 Ohio 1st g 6s
925
Mot) 4 B'r prior Hen g 53. 945
Mortgage gold 48
946
V.\ch 4 Dan deb 58 stmpd- 927
Rlob 4 Meek 1st g 8s
948
Virginia Mid Ser D 4-5s.. 921
Series E 5b
926
Berlea F 5s
926
General Ss
936
Va & So'w'n Ist gu 58.. 003
ist cona 50-year 58.. 958
O 4 lat cy gu 4s
924
Spokane Internal 1st g 5s.. 955
Term Assn of St L Ist g 4H8. 939
Ist cons gold 58
1894- 944
Gen refund s f g 4b
953
9t L
Bridge Ter gu g 5s 930
Tdxas 4 Pao 1st gold 83
2000
2nd gold Income 69
»2000
La Dlv B Hat g 53
931
MIn
4N
1st gu 5fl 930
To) 4 Ohio Cent 1st gu 58.. 935
Western Dlv Ist g 5s
935
General gold 5s
935
San A
1st gu g 4s
990
2d 20-year 5s
927
Tol P 4
lat gold 4s
917
Toi St L 4
pr Hen g 3H3- 925
50-year gold 48
950
Coll trust 49 g Ser A ..
. 817
Trust CO ctfs of deposit
Tor Ham 4 Buff Ist g 49. .i 946
Ulster & Del 1st cons g 58
92S
let rcfundlna g 49
952
Union Pacific Ist g 48
947
Registered
947
20-year oonv 4s
927
lat 4 refunding 43
e200S
10-year perm secured
928
Ore RR 4 Nav con g 4s.. 946
922
Ore Short Line lot g Os
Ijt consol g59
946
Guar refund 4s
929
58
34I2
32
26
44
"3
77%
—
104=8
'
67I4
7OI2
103
80
—
7812
77 12
76
70
76
60
1
'20
Jan
100
94I2 1043^
72l2 SO
9812 9812
69
77
1
69
67 14
101
49I4
8018
70l2
56I4
124
May' 19
Apr -20
98
96
June'20
Feb
65
10')l8
Oct
64
June'20
{62"i2
lOOis
21
10318 108
62
7212
6978
65
'17
.
89
June'20
8II4
Apr
89
'20
7634
87I2
7534
8418
103
June'20
8
17
72I4
Feb '20
May'20
Jan
"93
Dec
'17
77
Nov'19
76
66
80
June'20
June'20
83
78
93I2
8338
86I2
92I2
8478
93I2
10318
W
82
83
82 Is
W
M
W
9534
9538
6918
69I4
98
9538
6918
711
76
66
80
80
8412
8412
W
W
W
831*
SI
75
7612
8078
Utah
80
80
80
»
90
90
80
Djo June,
6s
1st extended 4a
Vandalla cons g 43 Ser A
Gnnaols 48 Series B
Vera Crui! 4 P 1st, gu 414s..
B
Dja
Jily,
tDiaAu.
Sale
Sale
4434
Sale
8378
54
66% Sale
66%
83
9234
61
A
A
—
8734
A
M
62% 7H4
82I2
61
61%
74;
29
172
520
48
94% June'20
85
85
May
May
93% 100
56% 70
86
86%
21
'20
54I2
40
49
59
Jan
24
54I2
62
52
53
59
54
60
5214
9812
59I2
5978
59
50
50% 50%
50%
33I2
40
34I4
40>2
6
176
16
52
54
June'20
...
7234
64
May'20
-
Mar'20
64
90
64%
Feb '14
7519 Sale
953^ Sale
70 Sale
74I4
76
95%
97%
70%
69
Oct '18
Mar'20
81
84% 89
90% 95
84%
J
86'.?
80
8II4
8358
8834
49
64
61% 73
73% 93%
94
106
65% 78
87
81% 85%
"84%
93
94
94
85
June'20
86%
86%
Apr '201
Mar'19
Mar'20
100% Oct '17
911s Apr '20
87
64%
87
84% May'20
..
4112
30
38
54
64
Nov '18
TH
A
:
75% 82%
60% 70
6334
6334
100
87
95
3
75
95
55
145
303
58
87% Sepfie
7534
76%
»3
60%
49% 61
July'19
65% 66
J
3
561*
55
1
Mar'20
May' 19
76i2
50
48%
'15
8658
96I4
65
6412
3934
Nov'19
Dec
101
72I2 81
95
93
60
14
61
59
85l2 847,
84%
Oct '16
8212 100
M
88% 96
96
J
81
63
92% June'19
64
&1%
'9"3"34
94
87
85
91% 93%
85% 93%
96
96
14
62% 73%
93
60
68
7934
77
87%
57%
58% 133
52% 53% 52 July'20
71% 73
71% June 20, ""2
54
50
61%
58%
6412
85
J
Sale
Sale
J
73
J
J
80
A
5734 Sale
62
SO
July'19
73%
72
79 14
80
8514 Sept 19
I
62
7534 June'20
62
Sale
70%
87
76
8234
83I4
8234
55
56
55
71% 90
61% 67%
76
78% Apr
'20 ....
82341
June'20;
-i.
7634
76% 80%
8158 88%
60%
65
81% Mar'16
J
A
54
83
J
M
92'
OQ7.
A
44I4
J
95% 99
J
9234
73
55
80
A
88I0
9578
66
...r 56
M
M
W
M
82
82
S
7934
A
56
r
8OI4
3
60
A
77% 80
95%
873^ 100
F
76
J
62%
A
Mar
81
76
63
J
60 14
J
J
60
75
25
75
46
9%
82
60
60
95
95
89% 90
May'20
80
55
July'2o'
79"' '82'%
79
Apr 20
62%
62%
81
81
10
5
31
76%
55 Apr '20
vyi2 8«
May'lS
106% N0VO4!
83% 83% May'20
8134 77% Apr '20
Feb
82
84%
79%
96ir.
Sale
Sale
Sale
7078
72
96%
60%
96%
9714
97
S3
76
83% 83%
|
933
955
957
934
79% 86
69
76
.
j Due Nov.
74
42%
89
64% 68
85%
8138 109
June'20i "30'
80
72%'
45
22
97I4I
83%'
76%|
Feb
Deo
74% 85%
77
77
78% 88%
66
95
81
103
68i4 81
9634 lOl
Julv'20
July'20
2
75
83
93
74% 85
88% 92%
'1*
'19
80%
Jun»'18l
35
May'19
«
75t2
47I4
82
88% June'20
8OS4
8434
S4%
82
73
Septl7
7838
Sale
62%
July'20
77
89
70
18% Mar'16
18
Aug '18
May'20
65
82
58
Sale
85
75% 85
52% 55
Feb 19
36
34%
12%
81
77% 80%
75% May'20
47
46%
_
85%
83
62% 73%
83 U
'20
62% June'20
37% Dec '19
47
80
70
80% 80%
76% 75%
70
. . . .
99% 100
97%
80% 90%
Jan '20
79
83
65
70
85
35
91
96
80% June'20
75% Apr 19
70
92%
97% Apr '20,
80% May'20
65 Aug '191
92% Nov'19
60 Feb '20'
102% Juae'll
89
59
81
Sale
82
91
80
July'19'
96
65
79%
70%
I
104% Deo '16
90
Mar'20
98
82
60
521?
81
'191
May20,
Jan '19
99% Jan '20
51
J
J
M
Oct
68
91
80
92
52
80% 82
,«
Oct.
5OI4
9234
85
6314
95
J
102
9
70%
J
J
J
39%
94%
17
85
J
J
66
5334
77
M
871^
56I4
16
61
Jan
81
July'20
53
92fl
Dj*
5912
6712
8312
63I4
67
A
89
45
52
7534
6378
A
87l«
7834
54
3
A
71
77
72
63%
81
M
J
M
m
July'20—
93% June'20
3
J
61
45
52
3
F
F
42
93% 93%
54%
9978
J
87I2
71lj
60
104
M
75
58
40
6012
J
-
4
52
60
86
J
J
J
3
99
66
90
94
Sale
8878
97
299
78
3334 Sale
40 Sale
r
14
'20
'20
47I2
J
J
77%
58
60
73% 73%
76
June' 17
Mar 16
58
42
54I4 Sale
66
J
May20
7634
55I2
8478
6612
J
'
8512 June'20
90
92% 95
J
1
74% 79
A
W
4 Nor gold
97
100
87
Sale
61 Sale
47I2 Sale
M
73% June'20
76% June'20
82
77
.
68
I
8712
8OI2
M
73% 73%
Feb '20
7818 "84l2 8412 June'20
8OI4
90ii May- 18
8OI4
104 Deo "15
9r>i4 Feb '12
9018 Oct '12
8SI4 Feb '17
67
7, Apr '20
67
79 '4 May' 19
76l« Apr '20
7012 79
79
85»i N0VI9
9OI2
93 May'lO
77I4
93'4 Apr '17
75
8234 8718 Nov'19
65
8818 Sepfl7
79-3 82" 80 June'20
79I8 8712 80
May'20
7918
80 Apr "20
7234
9OI2 Oct '19
Djo Feb
8II4
75I2
83
79 73
103 82
361 101
9678
9678
9538 Apr '20
69'k Mar'20
6914 Feb '20
73^8 Jan '20
6
'
'19
'19
'16
Dec
May'20
Feb
8II2
69
W
A4N W
"eo
56I4
7758
i03
*i9
W
6118
'
k
M
40
62
60
49
71
96
97
^JDaa Jaa.
4518
4812
Nov'19
92
'6412
9778
7312
52I2
76
88
8934 86
7555 Sale
75
83 Sale
83
103 Sale 102
75
7214
82
83
76I4
78
102
8OI2
65
Gold 49 stamped
Adjustment 5s
Refunding 48
'19
72
9Sl2
94
70
39I2
5s-
929
989
989
932
952
947
943
950
950
949
959
933
949
923
930
943
945
929
926
aa
Apr
93% Apr
97I4 Dec •171
77I4'
76%
75I2 May'20
80
Since
Jan. 1.
CO
Ask Low
High No. Low High
72I4 84
T2H May20
82 14 Apr '20
8214 82I4
80
40%
Ranre
C)
Last Sale
97
77
58
Gold 4s (Cent Pao ooH)..» 949 3
10
7II2 June'20
76i8
6OI4
37I2
6018
lOT's 10318
63I2
Sale
D
7138
'19
Oct
69
93
lat reduced to 3^81.1942
Berlea C 3^8
1948
Series
3Ha
196U
Bree 4 Pitts gu 3 3X8 a. .1940
Series C
1940
Or 4 1 ex 1st gu g 4H8.1641
Ohio Connect Ist ga 48. ..1943
Pitta Y 4 Ash Ist cons 68.1927
Apr
'20
69
9718
9518
45
4 unifying
Consol gold 58
54 '8 July '20
97'8 Sale
73I2 74
94I4
71
45I8
54I2
4412
ctfs.i>
Qa 4 Ala Ky 1st con 53..
Ga Car 4 No 1st gu g 6s.
Seaboard 4 Roan lat 68.
Southern Pacific Co
Mar'20
Doc '13
Fob '14
Dec
74
80
51
Sept'17
Mar'20
7OI2
1
79
45
'13
40I2
W 1st g 4s bond ctfs..
Gray's Pt Ter 1st gu g 5a.
S A 4 A Pass lat gu g 4s
Seaboard Air Line g 4s
July'14
9634
97I4
73I2
9812
Sale
4
40
'97I2
68I2
May'15
Aug
LS
2d g 43 Income bond
Oonsol gold 4s
'17
76
52
7418
7178
'17
'12
7018 July'20
70
K
M
K
M
K C & M R 4 B lat gu 5s.
1st terminal
6'4"li
'20
'20
4512 June'20
49
6412
6434
64
June'20
7038
73I4 Sale
6912
4 Mar lat gu g 4Hs...l936
4 P gen gu 4Hb aer A. 1942
srlea B
1942
price Frl lay: latau bll
697|
1
26
75 >8
RR
'19
70
60
76
67
64
No
Feb
6714
7234
7234
MN
at
6618
7012
73%
D
N
A
O
F
75
87
6618
72
953
957
963
932
921
» 921
A 58. 956
956
a i 48 937
940
943
997
997
81
8 134
95I4
87
633s
97 12 June'20
70 June'20
S8-i8
71'8
9514
Bid
A
Registered
Jersey Central ooU g 4a
951
Atlantic City guar 4s g
951
St Jos 4 Grand Isl let g 48
947
fit Loula & San Fran (reorg Co)
Prior Hen Sor A 43
950
Prior Hon Ser B 53
950
Prior Hen Ser C 6g
92S
Oum adjust Ser A 68
h 955 A O
Income Series A 8s
4 980 Oos
6t Lculs 4 San Fran gen 6fl. 931 J
General gold 5a
931 J
St L 4 8 F
cons e 48.. 996 3
Soutbw Div Ist g 5s
947 A
C Ft S 4
cons g Os- 928 m
Ft
ref
C 9 4 Ry
g 4S- 936 A
Nov' 18
99I2
87
83
40
Beading Co gen gold 4s
'17
69
65
79
;?^g trust ctfs D...1944
15-26-year gold 4b.. 1931
••-year guar 4s ctfs 9er E.1952
Oln Leb 4 Nor gu 4a g...l942
•
Aug
70
Nov'17
65
70
July 20
48
lat oonsol gold 8s
'09
95 14 June'20
9978
58
64
7II4 ...
100
98
64
D
38
56
let g 48.. 1923
guar
guar
43 guar..
Sale
56I4 Sale
3Ha coll trust ser B.1941
3Hs trust ctfs C...1942
B
O
Sale
74
'
Series
Series
Series
Jan
4518
6758
Pacific OiaBt Co Ist g 5s ..i9'iC
Paduoah 4 Ills lat s f 4Hs..l955
B 4H«
103
130^8
45
6978
1997
a2047
Registered
o2047
Ral 4 imp 4)^8 aer A
2047
8t Faul-Duluth DI7 g 4s.. 1996
et P 4 N P gen gold 88. ..1923
Bsglatared certificates.. 1923
Bt Paul & Duluth lat 5s. .1931
let eonaol gold 48.
1988
Wash Cant 1st gold «s
104S
Hor Pao Term Co lat 3 6s.. 1933
Oregon-Wash lat & rsl 48. ..1961
ierlea
9314
IO6I2
Registered
Tol
93I4
May'20
May'17
99I4
7012
65
General Hen gold 38
01
3
Oct
91l2Jan
Borthem Paollio prior Hen railway 4 land grant g 43
1997
O'.
S4l2 Nov'lU
50
N
Qaar
Qoar
Qaar
Guar
77
87I2
84I2
94I2
627g
70
69
74I8
69
45
9318
11
66
Sale
9318
B 48
Philippine Ry lat 30-yr
PlttB 8h 4 L E l8t g 58
Ist Series
25
6934
Sale
2d gold 4Vi8
Pere Marquette 1st Ser
77I2
65% 65
41
48
60
80
6818
39
45
46
40
69
W
W
66I2
52
79I2
99I2
9812
3912
(71992
1943
194s
•"onaol 4Hs
1960
Qeneral 4Xb
1965
QenersI 5s
196g
10-yeer secured 73..
1930
Aileg Val een guar g 4a... 1942
D R RS 4 B-ge lat gu 48 g 1936
PWIa Bait 4
Ist g 48. .1043
Bodus Bay 4 Sou 1st g 5a. 1924
Bnnbury 4 Lewis lat g 48.193R
D N J RR & Can gen 48..1944
ysnngyivanla Co
Guar let gold 4Ha
1921
Registered
1921
Oaar 3Hs coil trustreg A-1937
99
62
53
65
69
76
9314
45
Registered $6,000 oniy..ffl992
Gpnera! 48
1955
KorfoIS Sou lat & rel A 58. .1961
Hon 4 Sou let gold 5s
1941
Korr 4 Wssi gen gold 8s
1931
iraproveraent 4 ext g 8a. .1934
Waw River Ist gold 6b
1932
4 Ry l8t oona g 4b.. 1996
Registered
1996
Dlv'I let Hen 4 gen g 48.1944
lO-25-yeRr oonv 4a
1932
10-20-year cony 4b
1932
10-26-year conv 4H8...i938
lO-year conv 68
1929
Pocah C 4 O Joint 48.. .1941
O 4 T lat guar gold 68.1922
Solo V 4
E 1st gu g 49.. 1989
RR
6518
Jan '20
64
29
75
cnsol gold 4s.._.„
ConaoI gold 4;
65
69
6934
Ist ser I 4>is'46
Pennsylvania
93I8
Nov'16
Nov'16
Jan '20
73% 74
Boston Terminal Ist 4b. ..1939
Hew Enslacd cons 6s
1945
Oonsol 4a
1845
Providence Secur deb 43.. 1957
Prov 4 8prlngl!eia 1st 5a. 1922
Providence Term Ist 4g.. .1956
4 Con East 1st 4^8. -.1943
B
67
65
May'20
Feb '20
6934 Sale
70
G
97I2
95
16
Series F guar 4b gold
Series
4a guar
Series 1 00ns gu 4}<3
O St L 4 P Ist cons g 5s..
Peoria 4 Pekln Un 1st 68 g..
92%
'19
82
Nov'19
77 May'20
66 Is Mar'20
63i8 June'20
74
74
40
W re; lat g 4s
101
103
Oct
85
deben 4s
1947
deben 3Hs
1947
deben 3H8
1954
deben 43
19.55
deben 4b
1956
OoEV debenture S>ig
195R
Oonv debenture 88
1948
Cona Ry non-oonv 4g
1930
Hon-oonv deben 43
1954
Non-conv deben 48
1955
Non-conv deben 43
1955
JWon-cony deben 4a
I95S
Barlem R-Pt Ches Ist 4S-1954
B & N Y Air Line let 43. .1965
Cent New Eng l8t gu 43. .1981
EartJord St Ry lat 4s
1930
Eousatonlc R oona s 53. .1937
ICaugatuok RR let 43
1954
W Y ProT 4 Boston 4a.. .1942
YO4
76
64
64
Hon-conv
Hoh-conv
Won-conv
Won-conv
Hon-conv
If
77
52
60
78
6418
9258
78U Apr
May' 15
95 May'20
80
78
60
SI'S
77I2 Sale
W
H T N H 4 Hartlord—
W
9612
'so'ii
97I4
93I4
8218
64
Week's
Range or
Price
Friday
July 16
IS
P.O. G. 4 St. L (Coa.)—
3arles E Sigsguar gold. 949
High
64
'20
"19
BONDS
STOCK EXCHANQB
Week ending July
1.
113
9012
66
Jan.
May'20
9258 Jan
Y.
Since
High No. Low
64
6118
Rang*
Last Sale
Ask Low
88U
W
RVW'ches&B
Week's
Range or
rice
BONDS
STOCK EXCHANGE
[Vol. 111.
3
Due Deo.
«
Option sale
—
July 17
-
New York Bond Record— Concluded
1920.]
BONDS
5=^
ending July 16
Debenture
1962 M
1939 M
.1939JF
A
Since
Last Sale
Jan. 1.
Ask Lo»
B
aeries
6312
Om
lat 40-yr
ist
51
g 48
1941iM
gu 3Ha... 1945 F
1945|F
West Maryland
West N Y * Pa
Qen
gold 48
Income 59
Veatero Fao lat aer A 58
Wbeellng A L K 1st g 5a..
WbeelDIv istgoldos..
Ezten <fc Impt gold 5a..
Refunding 4H8 serlea A
Nov
P1943
,.1948llH
8
..1926|A
..1028iJ
..1930iF
.1966:M
BR let conso! 4s
,.1949iM
WInston-Salem S B 1st 48 ,.1960jJ
Wis Cent 50-yr lat gen 48....1949 J
Sop * Dul dlv A term lat 48'36 M
Street Railway
laoklyn Rapid Tran g 5s. .1945 A
lat refund ccnv gold 48.. .2002 J
8-rr 7% secured notes. .41921 J
Oertlfloates of deposit
Oertlflcatea of depoalt stmp'd
Bk City Ist CODS 58. .1916-1941 J
Bk Q Co 4 8 con gu g
Bklyn
Bklyn
J
Had A Manhat
5s ser
Adjust Income 6s
Jersey lat 69
A
NYA
O
i
J
63
23i8
22
40
36
33
M
M
4
A P 1st g 58—1937 M
t Paul City Cab
cons g 68. .1937 J
Ry L H
Third Ave lat ref 4s
1980
AdJ Income 5g
al980
Third Ave Ry lat g 58
1937
Trl-Clty Ry A Lt 1st a f 58.. 1923
undergr of London 4 ^s
1933
Income 68
1948
Onlted Rya inv 59 Pitts i88.Il926 Rl
united Rys St L lat g 4a
1934 J
St Louis Transit su 58..
1924 A
onlted RRs San Fr a f 49
1927 A
CnIoaTr(N Y ctfsdep
59
4
91
83
883.1
887s
61
6512
I
4
7i
"72""
48
Julv'20
Oct'17
'20
53
92
81
54
'76"78
6312
'ii
90l2
921j
Feb'17
Mar' 17
62l2
July'20
July'20
2312
June'20—
Sale
3912
39
34
33
66
SO
75
SO
56
A
O
J
O
O
4518
52^8
62I4
6078
53
56
62 U
71
63
70
53
53
23
62
60
40
I4I4
13
44?a Sale
52 Sale
52 Sale
S
S
"22'
A
6
N
N
A
N
J
2112
8712
49
N
J
O
O
inter ctfa
ref 58. ..1934
5978
2
Jan '20—--
84
36
57I2'
19%|
Apr '20—
57I2
60
661:
5978
69
68
60
23
78
I4I2
41
13
16
4712
644
52
52
Oct'19
1
4
68
54
13
73
13
1934
1938
III2
44I4
58
51
61
397s
40
Mar'20
40
94
80
54
92
77
70
61
57
23
Deo' 19
'20
'20
94l2
92
77
70
June'20
July'19
Adams Ex
77
75
July'19
23
20
5
30
51
5
5
51
6478
Jan
55
Dec
'20
'19
22
87
93
96 14
60
65
Feb'17
95
July'17
80 Jan '20
3912
40
21
22
75 May'20
Sgij June'2a
73 May' 19
60 Dec 19
65
6512
5334
47I2
Apr
40
50
26
22
June' 17
28
22
32
31
20U
5I2 July'20
5
734
7I2
4S8
50
55
6478
g 4a
948
deb 68 A
925
68 aerlea B
926 ilM
S3 of
Va Ist 58
1920
Armour Co 1st real est 4 Ha '39 J
Booth Fisheries deb a f 68
1926
Braden Cop
coil tr a t 68. .1931
Bush Terminal lat 48
1952
Consol 58
1955
Buildings 53 guar tax ex. .1960
Chic C A Conn Rys a f 6s. ..1927
Chic Un Stat'n Ist gu 4 Hs A 1963
l3t Ser C 6123 (ctfs)
1983
1925jM
Ed EIIIIBkn
MO Gas L of 8t Llstoong4S-1939lJ
Ref A ext 5s -34 A
Milwaukee Qas L Ist 48
1927|fH
68
26
22
Sale
Sale
20I2 2178
64I2 Sale
Am
A
20l2
6412
30
50
80
80
39I2
2OI4
4134
2*^*^^J^°°
H
YQELHAPg
i^^f^Jjase
money
6s
g 48
1948 J
1948 J
1949 F
l8tooDBS5a_-i995!J
_^?
27u.^^'^*P'»t 0018 53-1930 r
Paolflo Q A E lOo— Cal
GA
.«''-!?°"'"°8 * fo' 68. ..1937
ti-'*" III
.
Paolflo G A E gen A
E—
M
ref 69.. 1942 i
rao Pow A Lt lat A ref 20-yr
oa International Series
1930 F
rat A Passaic G A El 58
1949
Peop Gae A C 1st cons g 68 1943 A
Refunfiing gold 58
1947
Ch O-L A Coke 1st gu g 58 1937 J
ConOCoofCh iRt gu g6s 193fl!j
^*8 * on 30-yr 581936
Mu S**
Fuel Gas Ist gu g 68-. 1947
Fhlladelphla Co oonv
g 68.. 1922
Btand Oas A El conv s f
68. .1926 J
Byraouse Lighting ist g 58. .1951 J
ByraouseLIght A Power6s-.1954 J
* ^' 'St 8 68-. ..1949 IN
K.?'"?.,"
D^on
Elec I,t A P Ist g 53. . 1932
Refnnding A extension 8a. 1933
pnltfM FiiBi Oft, lat , , fip_iB3fil J
M
M
w
M
M
M
M
M
M
W
M
D
Granby Cons
Stamped
8438
8212
81
877a
65
'20
47I2
84
85
Hanutacturing
f
1st 25-year 8
98 la Sale
9678
.
-
"8fl2
8312
85
O
93
90
79
8178
"st'is
86
7112
8978
8112
7212
86
83
75
59
811,5
Sale
'72"
89
89
9912
Apr '20
"§5
June'20
Feb
Feb
'18
'13
8212
70
79
81
81
79
86
89
June'20
June'20
Apr' 19
""
59
f
Cuba Cane Sugar oonv
73 ..
lat g 68.
Distill Sec Cor conv
E I du Pont Powder 4Hs
General Baiting lat 25-yr 6s.
Qeu Electric deb g 3Ka
I
20-year deb. 6s
Feb.
Ingeraoll-Rand Ist 5b
Int Agrlo Corp 1st 20-yr 58..
Int Paper conv 8 f g 58
lat
A ref a f conv ser A
A Myers Tobao 78..
Liggett
58-
Co (P
78 .
I."
-
Nat Enam A Stamp? ist 6s.
Nat Starch 20-year deb 6s..
National Tube 1st 6s
NY
A
ref 5s series
80
59
78l2
Apr '20
May'20
8312
74I2
8334
89
"Va-Caro
Chem
lat 16-yr 58-
Conv deb 89
West Electric let
95I2
82)4
7718
79
951?
95
90
1st
e
58
77
5812
82
105
877s
8818
59
59
60
7118
70
8512
82
,
67
74
•No.prloe Friday; latest bid and asked, a
100
89
75
80
86
847, 88
80 Is 97I2
70
75
84i4
86
8512
8418
8918
7554
77
70
8212
8712
7434
S8I2
8512
6534
89
89
81
7812
7912
7212
9OI4
83
Apr" 19
July'17
Mar'20
59
Apr
'20
8818
88i8
58
67
80
7118
Apr'17
Mar'17
May'19
80
May 20
85
88
May'I7
Apr '20
70
751s
8978
9838 Oof 17
8412 Mar'20
82
July 19
88
90
May'20
Due Jan. »Due April.
Deo
a
High
73
95
85I4
55
11
58
20
95
Nov 19
Ootl9
58
55I2
15
HI2
I4I2
10
July'20
7434
75I4
Feb '18
8812
N
D
98
56
III2
10
17
7434
8418
102
7514 Sale
9012
88I2 Sale
68
71
73
90
87
68
70
57
84
65
71
71
68
June'20
71l8
73
77I2
Sale
71
58
Mar'48
72I2
7378
737s Sale
102 Sale IOII8
102
9612 Sale
9612
98
72I2
7214 Sale
7313
83
8312 83I2 June'20
92
92 May'20
90
95
89
8734
845
85
7734 Sale
84I2
60
75
83
94
85I2
76
72
76
53
32
90
97
88
85
78I3
Apr '20
May
72
30
1
86
88
95I2
95
89
95I4
7534
86
75
8318
5812
8512
93
70
7513 Jul.v'20,
62
6212
90
82
90
9078
8734
85l8
67I4
20
85I2 7512
6212 Sale
8838 Sale
8534 Sale
81
90
94
89
84
723s
7818
78%
95
84
10834
7212
Apr'14
85
Sale
8278
96
76
26
June' 16
5812
60
85I2
85I2
IOII2 Oct '19
Sale
7978
20 7OI2 83
84 100 10212
Apr '20
Mar'20
84I2
7714
93
82
76l2
7178
5333
May'20
Juiyl9
59
8838
8678
79,
85
85
75I3
90
66
96
88
84
98I4
9Gl4
A
20-yr p m A imp a t 6a
Buff A Suea Iron a f 6s
Det)enture 53
a
Cahaba C
Co let gu 68..
M
Colo F * I Co gen a f 5s
Col Indus Ist A eoll 5s gu..
Cons Coal of Md IstAref 68.
Elk Horn Coal oonv 68
Illinois Steel
deb 4 Ha
Indiana Steel let 6s
Jeff A Clear C A I 2d 59
Steel 1st g 58..
l3t cons 5s series A
MIdvale Steel A O oonv
Pleasant Val Coal Ist a
Pocah Con Collier Ist s
Repub
IAS
Tenn Coal
'84'l2
89
91
70
"8412
'88 " "9473
Due May.
»
a
f
f
IO-30-yr 53
L Roc. Mt A P
5s
A RR
rial
89is 90
9214 9278
7912 80
7734 Sale
928
924
931
'47
S
a f
I
June'20,
78I4I
7473
93I9
7412
9313
68
70
91
9053
7312
95
89
64
85
7SI4
"64
18
92
Deo -18
May'20
,
95I4I
89
June'20l
July'20
8638'
86
87
100
'S6"l2
20
—
111
Nov'18
'92"
,
IO314
77I2
lOOU
75
83
9513
95I4
89
60
91
81
9534
97
70lj
9938
84I4
99I2 9912
88I2
81
9934 111
77
8918
23
9
IOOI2 June'20,
7638
7734I
91
June'20
un
100
76
88
91
97I2
9634
93I2
(H34
93I2
93 !s Apr '20
9313
84I2'
8412
8412
83
96
8312
92
88
92
June'20,
88
90
89'8
May'20
8978
87
May
87
90
87
74
99
IO3I4
I
81
84
May'20
77
Sale
94
9318
91
92
84
8178
97I4
76
June'20
101
97
70
90
'
95I4
Sale
9313
IOOI2
9578 100
130
8
2
99I2 Jan '20
77
102
77
73I2
8378
91
76
idf" Sale
74
*98'
91
65
100
119
73I2
93i8i
95S4
96
76
9934
8912
86I2
74
June'20
9834
92
79
117
7412'
97I2I
77'
77
87% 100
I
May'20,
98
91
97
Sale
7618
87i8 89
95
80
SO's Sale
99
9912 100
79 Sale
78^4
97 Sale
9678
92I2 9112
92
94I2 Sale
9214
94I4 9410 94I4
91
20,
'14'
Oct
28
8II4
1
100
108
6
7934
I
58
58.
68.
f
a f
stmpd-
91 '8 Salel 9II3
79 Salej' 7818
926
942
936
932
926
922
943
934
960
925
940
952
926
923
950
936
928
957
940
955
7712
75
'S
79
97
6
94I2
8
4
94121
843^
7734 90
9414 105
I
92I4I
91i2 95I2
92I4 101
9734
93
—
72
63%
83 14
Sale
7II4
85
91l8
8978
9738
80
77
89
77I2
8678
78
72
9513
77I2
79
9312 July'19
9178 Novl9
Deo'U!
101
7878
78
72
72
98
i
June'20
'•
4
7278
July'20
!
Feb
7512
75
75
90
8553
8553
90"3
92I2
8634
90
9212
8634
16
79
65
8634
7738
74
76
72
'
'19
75
86
93
7733 Sale
4
72I4
8312
84
90
84
9414
9912
85i2
70is
93I2
70
7.->!2
S3
8512 Sale
69
86
70
8678
913g Sale
Corp
77
.
.
8OI4
85i2
May'20
85I2
June'20
8334 May 20
Oils
92
88 June'20
85
8634
02
82
80^4 June'20
70
80
80 Is
2
71
I
I
301
8212
67
80
96
72
93
S8'>3
9934
S8
99 14
8058
8312
73
sots
6212
77I2
7258
69
85
Nov'19
Mar' 19
A Talephon
J
J
Convertible 48
1938 m s
20-yr convertible 4H3
1933 M 8
SO-yr temp coll tr 58
1948
7-year convertible 8s
1925
Cent Diet Tel Ist 30-yr 5s. .1943
Commercial Cable lat g 48-. 2397
Ue«l«iter-d
2397
Cumb T * T let A gen 5b. ..1937
Keystone Telephone Ist 58. .1935
Mich State Telepb 1st 68-. .1924
N
N Y Telep Ist A gen a f 4 Hs. 1039
30-yr deben s f fls
Feb 1949
"j
3"
Pacific Tel A Tel lat 59
1937
J
South Bell Tel
late I 68.1941 J
J
West Union coll tr cur 58... 1938 J
M
AT
Fund A real eet g 4H8-..I950 M N
1941 M N
Mut On Tel gu ext 58
Norrhwe^t Tel gu 4 V<sg..lS34 J
A
5
2
74
90
101
95
97I2 Sale
76 Sale
Am Telep A Tel coll tr 48. ..1929
Due June.
79
77I2
89
— [coup
10-6O-year
re«
Steel
93I2
-..'117 i May'20|
73I2 July'20
75
"89"
gen 63-- 951
d 963
<»
963
681
Utah Fuel lat s f 58
931
Victor Fuel lat a I 5a
963
Va Iron Coal A Co. e lat g 69 949
U
89
93I2
73I2
117
944
951
939
940
931
926
951
931
934
930
927
938
930
942
952
940
935
932
935
947
944
951
944
951
929
930
942
938
930
930
930
931
924
922
947
926
923
924 A
922 J
I
89
Steal
1st ext a f 6s
ref 58 guar
Lackawanna
8278
2
16
A
Talagraph
8334 Sale
7412 Sale
A
U S Smelt Ref 4 M conv 69.
St
Feb
77
72I4 Juiy'20
8278 May20
I0412 Apr '17
5812
1013,
84
'20
79
98
87I2
--«-
91
SepflO
92I2 Deo 19 ---8412 June'20
90
98
68
75I4
4713
66I4
79
—
95I2 Apr '20
-S234 June'20 --..
79
7378 94
100
8478 84
91
--
87
98
79
lat 68..
f
Beth Steel
'20
July'20
June' 19
Indus
S,
Am Agrlc Ghom 1st o 6a
Conv deben 59
...
Am Cot Oil debenture 58."
Am Sm A R l9t 30-yr oa ser )
Am Tobacco 40-year g 6a
Gold 48
Am Writ Paper 9 7-68.1.1
Stamped
Union Oil Co of Cal lat 5a"
U S Realty A I coqv deb g Sa
U S Rubber S-year see 78
63
2OI3
11
8212 July'20
82
Mar'20
10
N
84
92
30
30
30
70
25
21
21U
Apr
7378
55I4
13
1928
Pow lat a f 5s... 1940
Int Mercan Marine a f 6s
1941
Montana Power Ist 63 A. ..1943
Morris A Co 1st s f 4^3
1939
Mtge Bonds (NY 48 aer 2. .1968
10-20-year 5ss eries 3
1932
N Y Doc. 60-yr Ist 3 4s
1951
Niagara Falls Power lat 5s. .1932
Ref A gen 68.-.al932
Nlag Loo. A O Pow l9t 5s. .1954
Nor States Power 25-yr 58 A 1941
Ontario Power
F Ist 58..1943
Ontario Transmission 5a
1945
Pub Serv Corp N J gen 53.. 1959
Tennessee Cop 1st conv 6s.. 1925
Wash Water Power Ist 58. .1939
Wilson A Co 1st 25-yr a f 68.1941
10-yr oonv 9 f 89
1928
lat
Sept' 15
68I2 July'20
71
71
86
No. Low
Higtt
S
MSAP con 6a A '28
Caal, Iran
I
8S
73
95
87
88
S
Chile Copper 10-yr conv 78.1923
Coll tr A conv 8s ser A. ..1932
Computlng-Tab-Rec s f 68.. 1941
Air Bra-e 1st conv 89Standard Milling 1st 5a
Union Bag A Paper 1st 58..
31
75
6512
Ask Low
Sale
88I2
M
Lorlllard
53
103
j
Clas g 5s
M
Conv deb
6478
9012
Sale
Jan. 1.
73
coll tr
Alaska Gold
Debenture 53
2II2 June'20
6
Sale
51I2
72I2
80
7112 80
1
fleb
»50 J
Cent Leather 20-year g 5a..
Consol Tobacco g 43
..
Corn Prod Refg 8 f g 5sIIII
6714
Apr
Since
Last Sa'e
Mlscellaneaui
8OI2
60
40
42
Jan
Week's
Range or
{Concl.)
A Lt lat 6s... 1944 F A
Utica Elec L A P Ist g 5s. ...„„„
.950 J
J
UtloaGas A Eleo ref 68
J
1957 J
Baldw Loco Wor.s
Cent Foundry Ist 8
21
Atlanta
Convertible
Electric Lt
Range
Price
Friday
July 16
Bid
Gat &
Utah Power
Qai and EUetrle Light
Q L Co lat g 68
1947
Bkly Bllson Inc gen 53 A-1949
Bklyn Un Gas Ist cons g 68.1946 •-.
OInclQ Gas A Elec IstAref 5b 1 956 A
OolumblaQ AElatSs-.. 1927
Stampefl
1927
Oolumbua Gas ist gold 5a. .1932
Ooneol Gag 6-yr coqv 7a-. 1926
Cons Gas ELAP of Bal 1 6-yr 59'21
Detroit City Gas gold 58..
1923
Detroit Edison Ist coll tr 68.1933
Ist A ret 58 ser A
41940
«a Q L N Y Ist cons g 5s. 1932
Qaa A Eleo Berg Co g 5s-.l»i9
Havana Elec oonso g 58 - . 1 952
Hudson Co Gas 1st g 58.. 1949
Can City (Mo Gas Ist g 68-1922
Stags Co El L A P g 69
1937
Furohaae money 6a
1997 jx
July 16
--I
40
82
40' "
—
6
28
70
June'20
June'20
66
94
J
6312!
51
23
21
2278
22I2
5I2
O
50
July'20'—
40
60
57
19
55I4
June'20
June'20
July'19
64
63
CO
55
46
40
70%
20
60
13
76
38
66
May '18
III2
44:4
52
52
28
50
47
45
66
Apr
'20
I8I2
78
2II4
3112
5978
58
56
56 Sale
ISl' Sale
72
3334
July'20
66I2 June'20
77
21
38
35
4OI3 Deo '19
6UI2 June'20
55I4
55I2
S
O
40
3634 July-20
61
61
1313
III2
—
23
6373
A
HY
8514
79
73
"66"
25
23
J
1967 F
1957
1932 F
Certificates of depoalt
80-year ad] Ina 68
al942 A
Certificates of deposit-."
State Hys Ist cone 4H8 1962
Portland Ry ist
ret 5s
1930
Fortld Ry Lt A P Igt ref 5a 1942 F
Portland Qen Eleo let 6s. 1935 J
A Pow lat A
70
J
8
M
M
BamtTr(NY
60
Week ending
Westchester Ltd gold 58
66
Aug' 18
50
82
283
4
High
72^8
Aug'12
Apr
— Page
Great Falla
M
W
va By
6212
63 !8 Sale
70
60
59'8 60
M
3
June'20
Apr 20
62I4 Apr 20
69l2
63I2
2434
aaterboro-Metrop coll 4Ha.l966 A
Certificates of Deposit
Interboro Rap Tran lat 68. .1966 J
Manhat Ry (NY cons g 48.1990 A
Stamped tax-exempt... 1990 A
Uanlla Else Ry A Lt a f 5a. .1963
Metropolitan Street Ry
Bway A 7th Av lat e g 58.1943 J
Col A 9th A V lat gu s 5s. .1993
Lex Av A P F lat gu g 53.. 1993
Met
a El (Chic lat g 4s. .1938 F
Mllw Eleo Ry A Lt cona g 58 1926
Refunding A exten 4^9 1931
Montreal Tram Ist A ref 6b 1941
(few Orl Ry A Lt gen
1935
W Y Munlclp Ry 1st a 4^8..
f 68 A. 1966
W Y Rya Ist R E A ref 4s 1942
at Jos
66
82
59I2
6212
55
56
53
50
Stamped guar 4-69
1958
Kings County E Ist g 48.. 1949
Stamped guar 49.
1949
Waasau Eleo guar gold 4a. 1951
Oblcago Rys ist 5a.
1927
Oocn Ry A L 1st A rei g 4^3 1961
Stamped guar 4Hb
1951
Det United 1st cona g 4Ha..l932
Vt Smith Lt A Tr lat g 6a.-. 1936
52 June'20
74I2 Oct'19
48 Sale
48
82
81
82
54 U
56
22
36
79I2
79
79
83I4 85
9012
8378 100
78
75
9058
47 Is "so"' 46
5OI2 53
5238
M N
58.. 1941
Q Co A 3 lat 6a
1941
Un EI let g 4-6S..-1950
80
54
69i8
1952 [A
1937!j
.1943'A
1st g 48
1st B 6s...
75
Aug' 18
75i8
63U 69
guar 48
42
23
97I2 July'19
70»4 Nov' 19
8878 Mar'20
108
A
TolACh Dlv
8414
90
9518
1921|M
lat lien equip a td s 5a
lat lien 60-rr g term la. ..1954 J
Det Cli Eit lat s 59... 1941
Dee Moines Dlv 1st g 48. 1939
Dlv l8t g 3><a
1941
VBSb Terml
78
82
74I2
1939IJ
High No: Lnrr
7612
i
N Y STOCK EIXCHANQK
Kano* or
July 16
7712 Sale
84 U Sale
74^8 79
.
BONDS
Range
Fnday
Bid
VIrgtDlan Ist 6a aerlea
Wabasb lat sold 5a
Sd gold 68
WeeVt
Price
N Y STOCK EXCHANQK
Week
—
'
Due July,
t
Due Aug.
Due
7618 Sale
75
76 '8
32
60
62l'>
6212
77I2
75I2
9313
2
771s Sale
7512 Sale
9234 Sale
8378
6412
7834
79
88
77I2
75
9234
8II2 Juiy'20
Apr
GO
6
149
lis
'20
68I2 Jan '18
7818 July'20
98
Apr
S3I2
83 12
9
76
7612
87 14 Sale
8414 86
85 Sale
7634 73
74
70
97
87l8
88
8312
84 Is
8212
85
7634 July'20
42
46
j>
70
92
8334
9978
8114
96
60
60
70
SCU
'16
S3i2
76I4 Sale
J
Oct.
70
18
10
823,
7212
84
7678
7SI4
70li
70
July'20
98
Sllj
9634
88 ij
S5I2
S6I2
811a
IOII2 Sept'17
94
Nov' 16
Due Nov.
i
Due Deo.
»
Option
sale.
BOSTON STOCK EXCHANGE—Stx)ck
384
aBAHB PMCBS—NOT PER CENTUM PRICES.
Saturday
July 10
34
135"'
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9
132
76
•60
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132
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62
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3118
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85
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2018 21
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10834 10834
6512 6512
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24
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6114
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2634
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3934
458
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43
44
59
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95
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59
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83
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30
3078
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138
378
3
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28
90
315
2634
1212
3878
412
9
13
158
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80
30
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65
65
25I2
4II2
25I2
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3012
2012
17
2058
3OI2
2034
70
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65
66
30
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23I2
40
28
134
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59
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30
434
9
13
134
5
2I4
.75
5934
80
30
41
50
40
13
1381
2381
17g|
.58
134
134i
.75
16
65
2
*.50
59
42
24
2OI2
30'.-
16
2OI2
3II4
I
Last Sale 19
July'20
68I2 68I2
69
6912
60
63
63
July'20
Last Sale 66
29
Last Sale
6OI2
Last Sale
Last Sale
Last Sale
IOI2 IOI2
9
»
June'20
60
60
25 June'20
28I4 June'20
June'20
3
75
912
.05
310
310
23I4 24
310
2434
1212
38I4
Last Sale
37I2 3812
4I4
434
838
I2I4
I2I2
178
484
218
.75
30
24I4
1534
2OI4
^3014
434
834
13
178
178
4I2
4I2
10
9
10
9
.04
.04
310
310
22i->
im
23I2
j'uly'20
38
38
4I4
833
I2I4
434
SI2
13
138
.65
4I2
2
4
2
2
2
Last Sale .75 June'20
5734 58
59
5914
59
80
30
78
30
78
30
77
238
*2
2l8
312
512
412
2
26
41
918
17
17
.70
.70
5
4I4
4I2
414
178
2I2
.20
5I2
*.15
434
334
134
^15
•15
.60
158
6I2
II2
2
4
IGI2
17
6
I6I2
4I2
17
6
17
•4I2
25
85
838
1634
*.50
48
40
28
88
838
1618
9
II4
134
26
40
49I2
39
41
I3I2
13
13
II4
178
168
II4
178
238
.20
5I2
434
358
358
.15
7
6I2
II2
16
.SO
834
1634
.75
42I2
134
.75
Mar
Mar
8
5
116
Dec
62
Dec
85
Dec
28
Jan
40
Oct
130 Sept
108 Dec
Nov
Nov
31a
2l8
Jan 8
Jan 2
132
84
Mar 30
Mar 5
3658 Mar 10
70
Jan 6
88
94
Z71
73
70
8n
89
80
July
7
Apr
1
25I2
Mar
1
Jan 31
87
4534 Jan
55I2 Jan
3
6
Mar
15
.60
1%>
*2
.60
15
178
.60
134
7
134
21s
.60
16
.75
6 Ei-atook dividend,
1,010
,140
5
,160
25
15s
238
.50
15s
312
4I2
115
340
130
100
II2
3812
49I2
25I2
3812
49I2
24
39
134
I3I4
1-4
178
134
2
312
134
134
.50
134
2l8
.50
820
210
10
23,
July'20
July'20
3I2
.60
.60
134
I'/T.
658
658
II2
41
I3I4
Last Sale .15
Last Sale 5
3I2
539
1,200
100
100
132
129
144
10
8I2
1612
.75
II4
.58
1
.65
158
6I2
6I2
II2
II2
238
23s
.50
.40
I5I4
15
15
15
Last Sale\.25 July'20
d Ex-dlvldend and rights.
Mohawk
New Cornelia Copper
New Idrla Quicksilver
New River Company
Do pref
NIplsBlng Mlnee..
North Butte
North Lake
Ollbway Mining
Old Dominion Co
<
9
12
8OI2
Ex-rlghts.
Ian 21
Jan 26
891} Jan 3
3638 Jan 3
34i8 Mar 30
13812
63
7
Jan 19
Jan 12
Jan 2
Jan
63
3112 Jan
17618
90 June 16
99
4
16
4
19
13
24
18
Oct
Feb
Mar
Mar
Dec
Dec
Dec
5978
2514
Oct
15
Dec
Dec
82
Oct
38l2 Sept
47
Sept
5
Dec
Hiohttl.
8OI4
Ad»
Apr
97
Jas
146
38tj July
Jas
60
168
Jac
7O0 Nov
11
Jan
30
Feb
Jan
136
90 June
110 June
78t| July
Jan
83
40>4 July
99ij Aug
Oot
Jan
115
105
23
May
100
50
68
Jao
Apr
June
1
Mar
Feb
Feb
2
6,
6,
25;
4i4May
14
17
July 10
100
100
21
1
2ft
Apr 13
19
Mar 19
Jan 2
Feb
11
Apr 7
2314
44I2
Jan 26
26 Feb 3
79 June 18
Jan 21
66
70
Jan V
31 July 12
Feb 27
I84
Jan 3
Jan 6
Jan 7
77
1:
42
59
Mar
12
Feb 16
79
83s July
15
I2
138
14
Feb 13
Feb 2
July 13
July 6
24
37i2June24
49 June 15
38 May 20
12l2May 24
lisMay 13
10c
Mario
lOcMay
11
Feb 11
3i2May 20
II2 Apr 1
412
50cMay
19
li2May 20
6 June 20
l38Jun(26
July 8
40c June 15
2
16
May
19
UJuly
1
* Ex-dlvldend.
»
7818
Jan
16
Dec
17ii
Jan
2H2 Not
2612 Dee
7
6
Dec
Dec
Dec
1311 May
47g No'»
I6I2 Maf
412
3118
Deo
34
Nov
6
Jan
39
Apr
24
79
172
Deo
Dee
212
Jan
Oct
2312 Oct
138
lOSif May
Nov
152
8412 Dec
072
38
Apr
19
78
Mar
68I2
July
90
5»4
Dec
289a
Nov
36
85g
Feb
11
Jan
99
88
90
Nov
67I4
Deo
Feb
Mar
Nov
Sept
96
145
93
14
36
30
Feb
Jan
Jan
199
Jan
Jan
Jan
52 12
Jan
2518 Oct
734 Jan
44
16
28
May
17
15
3T
Mar
Aug
Feb
Jan
Jan
38
Apr
.80
6212
Mar
3212
Apr
Dec
IO84
Feb
lOe
Ool
Feb
Oct
Jan
83
Deo
Dec
May
Sepl
47I2
July
Not
93g
71
149
72
60
130
June
Jao
38*4
28
Jan 6
Nov
Apr 27
Jan 2
712
Mar 27
72
24
Jan 6
Jan 8
712
29
90
95
79
Jao
Jaa
Jans
July
Mai
Not
Deo
99i|
May
16
Oot
egij
8514
2714
6914
Dao
Nov
Ott
M«y
160
74I2
Nov
66
31
May
Jan
2058 Not
2112 July
43
26
83
July
July
7212
May
80
July
Oot
2i2 July
July
July
July
91
II4
62
Apr 7
4I2
1534
1078
4- July 16;
40c Jan 2
Jan 3
300 June 30 409
40i«
Feb
Jan 10
1712
13|
I6I1 Jan 6
Ills July 9|
37i2June21
4858 Jan 6
Jan 3
3
47, Mar 3
14I4 Jan 5
30
June
8
1134 Feb 11
Jan 3
16
65c July 16
412 Apr 7
6i8Mar31
4 July 16
Jan 5
4
2 May 19
34 Jan 14
6O0 Mar 26
Feb 13
5934 July 13
39
Apr 21
82 June 21
77
Jan 3
29 May 20
38
3'4June 16
5 Mar 24
2ii Jan 6
13s July 10
47, Apr 7
3 May 20
311 Jan 3
238May 12
Jan 21
l-'gMay 24
3
338june 15
5H Jan 3
11>4 Jan 2
6 May 21
5
8
18
Mario
No?
Aug
Aug
2
914
212
1512
3218
28
49
26
714
Jan
Apr
Dec
Feb
660
115
Jan
133
78
1
May
Apr
Apr
25I2
4934
16
25
25
26
ndotte-.--
Jan 6
Jan 10
83i4Julyl5
Jan 20
63
6
6
—
A Tunnel
81s
8
July
Feb 7
Apr 8
Apr 8
317,
11
IOII2
May
May 20
—
ft
26 June 3
60 May 25
27 June 10
45
Jan -
6i2Marl8
38
26
25
25
M
Assessment paid,
16
14
19
750 Mar 22]
60 May 25:
25c June 9
28i4June24l
258June28j
9 May 20
26
26
26
26
Osceola
25
Qulnoy
26
Land..
at MMy's Mineral
Seneca Copper Corp...s« par
10
Shannon
26
viouth Lake
A S.
6
South Utah
26
.
Superior
Superior A Boston Copper 10
25
Trinity
8
Tuolumne Copper
8
Utali-Apex Mining
I
Utaa Consolidated
Wy
June
51
69
60
23
25
25
25
2{
July
16
Apr
1434June
43 July
2378June25
I2U Feb 11
17
Feb 16
30 June 18
18i2May2l|
6
—
3612 Jan
391 2 June 18
1
Apr
Feb 20
8
12
825gMay
28
Jan 3
Jan 6
88
157
24 May 20
27i2Julyl4
I
Isle
425
230
900
30
293
650 Utah Metal
60 Victoria
325 Wtnona
66 Wolverine
378
158
Island Creek Coal
Do pref..
Royaje Copper
40 Kerr Lake
Copper
Keweenaw
350
10 Lake Copper Co
10 La Salle Copper
420 Mason Valley Mine
30 Mass Consoi
,540 Mayflower-Old Colony
100 Michigan
28
8I2
1618
Helvetia
Indiana Mining
Apr 17
Apr 23
Apr 14
Jan 3
283sMay 7
Feb 6
57 June 8
123 July 1
33 June 19
25
26
26
36I4
18
361:
6834
10
25
Jan 13
Jan 6
Apr 20
7
434 Mar 4
12 June 29
9I2 Apr 30
94 June 16
IP
Apr 20
83
19
38
14l2May28
6i2Mar23
15
Feb 13
15
25
28
20
Mar
167
1278
83g
May
39
.100
1005,
10
June
Apr 23
Feb 14
2734 Feb 13
Feb 11
19
63 Feb 11
140
28
June 7
8i4June24
3»4
2fl
226 Copper Range Co
155 Daly-West
1,595 Davis-Daly Copper
55 East Butte Copper Mln
945 Franklin
155 Hancock Consolidated
61
17
6
4
A
714
2
1212
158
Centennial
Last Sale x88 July'20
13
178
.60
158
112
2l8
.75
4I4
60
3858
49I2
II2
15
86
1°
178
Walworth Manufacturing. 80
100
95 Warren Bros
100
35
Do Ist pref
-.100
Do 2d pref...
5
WIckwIre Spencer Steel
Mlnlnit
Adventure Consolidated.. 28
25
145 Ahmeek
26
Algomah Mining
26
.^Uouea
25
Arcadian Consolidated
8
240 Arizona Commercial
10
150 Bingham Mines
10
Copper..
Butte-Balaklava
1,300
25
51 Calumet A Heola
I
4,475 Carson Hill Gold
5
5
62
26
II2
33s
61
41
60
1318
lU
62
24I2
1318
4I4
3
62
13s
42
prlcee.
5
24I2
49
16
5S8
41
i;
14
75
5
158
25
44
178
3I2
4034
61
334
2
338
134
238
25
41
50
42
"5"
338
138
334
2I2
158
3I2
1634
.75
2
isg
7
11
Mar
133
Jan 12
Jan 3
10
l4i.iMay
36i2June
no par
21i2June
26
Feb
13
S
38 May
no par
100 10634 June
6434 July
26
24i2July
5
Waltham Watch
3I2
158
8I2
2
2
May 21
May 28
38
48
143
75 July 16
7134July 2
6 July 2
1I5 June 21
28 June 14
8 June 29
Feb 11
e
13
17, Apr
25
Do pref..
Ventura Consoi Oil Fields. 8
10
Waldorf System Ino
80
30
30
312
25s
9I8
I7I2
.75
Jan 6
Jan 28
4i4May24
1
Feb 24
5
Feb 10
80 Apr 30
100
Torrlngtoa
Union Twist Drill
United Shoe Mach Corp...
2512
42I4
24I2
16
2058
3II4
42
243s
1534
3I4
11
9I2
.05
7812
*25
138
5
26
Feb 18
Feb 11
39
134
6712 Jan
8712 Jan
Feb 11
80 July 9
Mar 29
July 8
Jan 20
June 15
May 17
July 7
!
Slmms Magneto
Stewart Mfg Corp
Swift A Co
65
65
25I2
Reece Button-Hole
Root A V Dervoort CI
Shawmut 83
IO8I4
107
138
.50
and asked
65
25
42
Circuit Inc
Pacific Mills
Plant (Thos at pref
I8I2'
4II2I
401
3
.60
134
658
II2
112
2
2
*.50 .75
,*
19
4II2
IO7I4 10734
158
3l8
2I2
.58
2l8
158
4I2
I7I2
19
3 '8
23,
4I2
80
30
Mar 16
132
23I2
10
Am OU Engineering
Amer Pneumatic Service.- 28
80
Do pref
100
Amor Telep 4 Teleg
no par
Amoskeag Mfg
no par
Do pref
Anglo-Am Comml Corp.** par
10
Art Metal Construe Ino
Atlas Tack Corporation. 90 par
10
Beacon Chocolate
10
Blgheart Prod A Refg
Boston Mex Pet Trusteesno par
Century Steel of Amer Ino. 10
10
Connor (John T)
10
East Boston Land
5
Eastern Manufacturing
25
Eastern SS Lines Inc
100
Do pref
100
Edison Electric Ilium
no var
Elder Corporation
50
Gorton-Pew Fisheries
25
Greenfield Tap A Die
Internat Cement Corp.no par
no par
Internat Products
100
Do pref
Island Oil A Trans Corp.. 10
Orpheum
38
138
558
May 25
LotDtti.
9938
New England Telephone. .100
Ohio Body A Blower. ..no par
23I2
23I2
4OI2
28
4I2
878
I2I4
36
1^8
*338
514
•414
Feb 17
119
60
68
60
100
Do
100
Mergenthaler Linotype
Mexican Investment Inc.. 10
1412
37«
214I
3l2i
BioitH
4l2June 4
8
Jan 28
130
Jan 30
74 June 7
pref
37
85
*3l2
*2l2
112
653!
2434
.40
38I4
34I2
158
378
314
238
178
38
31
19
Ills
83I4
59I2 59I2
125 I2712
14I2
23I2
60
310
24
9312
*3ls
3
100
100
100
Do Dre
100
Boston iSe Maine
100
Do pref..
100
Boston A Providence
Boston Suburban Eleo..BO par
no par
Do pret
Bost A Wore Eleo pre no par
100
Chlo Juno Ry A U S Y
100
Do pref..
etampd.lOO
Ry
A
Eleo
Georgia
100
Do pref
100
Maine Central
100
N Y N H A Hartford
Hampshire.
100
Northern New
Norwich A Worcester pref. 100
100
Old Colony
100
Rutland pref
Maaeaohusetts
100
Vermont A
50
West End Street
60
Do pref
.
Ubty. McNeill A Llbby.-.IO
10
Loews Theatres
MoElwaIn (W H) Ist pref. 100
100
Massachusetts Gas Cos
82
85
36
.*40
.80
6OI2 61
*9
634!
3I2
238
368
I4I2
29
*234
IOI2
10
*3is
158
"iu
51
358'
85
1258
10
3I4
158
.20
85
634
I2I4
3I4
I6I2
7
26
I934I
3I4
I6I2
*4l2
*138
33
3234
19
314
17
*.50
2 Is
I3I4
5I2
82
570
375
6,485
460
3,907
895
20
700
105
Last Sale 2718 July'20
27I2 28
28I4 28I4
160
162
162
160
Latt Sile 90
July'20
15
*
315
40
*4l2
2I4
2
35I2
31
*.25
11
127
60
'30"
3I4
*38
*12l2
8I2
IOI2
2I4
5
60
125
35
70
64
66
*60
95
2534
1212
9
28I2
IOI4
13
678
I3I2
591?
160
31
*18l2
*69l2
6II2
•iHs
*4i4
28
21s
5U
1,50
6
17
8
10
10
*93i2 --S2l2 83I4
37I4 37I4I
24I2 24I2
I9I2
19
*40l2 4134
IO7I4 108
6512
65
25I2 25I2
4112 42
2438
24
I6I2
17
2038 2OI2
9I2
.05
315
103s
2l8
2l8
658
27I2
27I2
•14
42 14
24
*16l2
*4
43
.75
3612
2434
19
*40l2
10778
*.80
*61
*.25
8I4
1034
2l8
2I4
I3I2
43
3I2
I
•15
*156
61
I7I4
1378
.40
*26l4
27I2
61
18
51
6II2
27I2
2734
63
26
44
.95
85
95
83
59
60
I27I2 128
36
35
84
85
*60
*86l4
9
9I4
31
30
13
83
I4I2
3612
2434
I9I2
4II2
IO8I4
"30'
9I4
*79
80
65
60
60
6
•1534
.965
Last Sale 74 May' 20
146
145
146
29
29
2834 2834
Last Sale 15 June'20|
3914 39I4
39
39
25I4 27
25I2 25I2'
I7I2 18
18
18
44
44
45
45
7
1258
IOI2
678
I2I4
IOI2
'if
24
8
I5S4
8I4
5
•94
160
160
24
80
200
5I2
158
158
I
IOI2
9I4
5834
39I2
1278
IOI4
.05
I
•434
44
3 '8
III4
*.50
*.50 .75
•138
II2
*25l2 27
•40
•50
•42
I7I2
43
*26l4
2734
160
I
18
28
158
147
29
15
2478
3678
415
143
18
*234
III4
*12l4
*67l2
2434
21
3II2
19
412
884
20
75
20
I8I2
2034
31
*18l2
23I4
2l8
45
20
•ll's
3812
2I4
2l8
25
27I2
2778
*310
8I4
2U
146
29
*10
11534
2834
39I2
2478
1812
2434
4I2
2I4
•leu
20
15
37
178
6OI2
20
160
434
2I2
.75
534
•4I4
34
534
34
*20
21
*67l2 75
148
148
29
29
*10
15
*39l4 40
84
*
2634
I2I2
3978
458
9I2
I2I2
13g
33I4
1634
III2
9I2
*
.05
»3l2
*2l2
238
3I2
3334
I6I4
3I4
*3l8
*33l2
5
33I2
85
61
*.25
.50
30
•13
5
1338
5I2
*125
.80
.95
315
13
*5
59
127
36
'30"
3018
28
'•234
•1114
•9I4
1314
8212
'59'
65
66
30
I3I4
42I2
10858
108
*65
6512
25I2
*25
42I2 4234
24I2
•24
1718
2034
*31l2
•I8I2
7OI2
*2
2
4134
24
17
11
7
*14
37
24
20
I4I2
30
8I4
IOI2
7
160
•12
2934
8I2
Ills
212
2l8
I2I2
*26l2
2734
28
30
*8l8
1014
7
13
36
85
85
30
8I4
678
1234
IOI2
124
36I4
16
43
*94
82
69
95
82
61
125
16
15
*n
5I2
17
39I4
39I4
24I4
"'5"34
*5
14834
29I2
29I4
79
*15l2
34
22
75
*20
134
Sale 7
July' 20
93I2
9314 9358
79
7812
75
Sale 7134 July'20
17
29I2
5
5
3334
49
4I2
5
134
*71
"7'34
49
"7h
III4
2I4
2I4
I3I4
2I4
5
Last
93I4
7812
Last
8
93I2
93
79
*71l2
*15l2
29I2
8
11
104
100
iaagc for Prttuni
Tear 1919.
1.
Mlscellaneou*
*7l4
8
49
,136
74
3834
*ll2
80
74
3834
SO
*5
93I4
70
60
30
21
20
20
Last Sale 75 June'20
39I2
39
39
39
21
2
93
80
60
29I4
3OI4
Last Sale 80
July'20
Last Sale 89
Juiy20
5I2
8
74
62
62
•Us
•7
62
60
•5
9312
7814
135 Juiy20
Sale 10c. Dec'19
Sale 5
June'20
Sale
Juae'20
Sale 130 June'20
74
.-.
75
Sale 10334 Ocfl9
Sale 72
Mar'20
•74'
9
125
10
45
Xante SinteJau.
Lomeil,
Railroads
48 Boston & Albany
320 Boston Elevated
3234
[Vol. 111.
See Next Page
EXCHANGE
Week.
Shartt
Last
Last
Last
Last
74
Last
Last
132
75
39
49
32
40
45
La:>t Sale
*6
STOCKS
BOSTON STOCK
Saletfot
th»
Friday
July 16
3234
3234
33
40
•334
80
49
July 15
6
9
132
76
74
21
3834
..
*10c.
74
21
*70
39I2
Thursday
124
124
124
125
61
6212
61
61
Last Sale 84
Jul.v'20
6212
40
•135
3058
SO
6II2
*S4
33
*60
74
22
22
•71
39
49
50
*6
*
62
32
7312
39I2
39
50
6312
124
124
I2312 124
62I4 6212
124
*
22
86
•71
July 14
*84
»84
87
33I2 *3234
33
*40
*40
•130 137 *135
*10c
*10c.
•334
6
•334
74
74
•20
July 13
*62l2
63
86
•6
Tuesday
July 12
123
124
124
63
•84
34
•40
•130
Monday
Wednesday
BONDS
Record
May
12
July 8
I212 Jan 3
21I2 Apr 20
80c Jan 27
258 Jan 28
37 ij Jan 6
Jan
68
3
Jan
Jan
Jan
Jan
2I2
Apr 15
68
68
19
Mar
May
Mar
Mar
Mar
12
39
2
Feb
Feb
4»4
3
138
4
May
May
Feb
200
500
42
78
24
Mar
312
4
212
4912
14>4
6I2
878
Mar
May
67»4
8I4
9
26c
75c
3012
46
52
40
Jan 19
Jan 10
Jan 23
3
934 Feb 20
33g Jan 6
312 Jan 8
Jan 7
2
23 Jan 10
22
40c
So
4
Deo
20
62
July
July
354
1412
May
Oet
Au»
21
634 Julj
912 July
734
May
2
July
41
Jan
Feb
Feb
2
365g
Jan
Oet
Apr
Apr
Feb
2lg
90o
480 July
5534 July
88I2 July
Jan
3
2
July
May
May
Apr
Apr
Mar
09c
II2
2«4
lii
lUMar
1214
13
25c Jan 10
Jan 7
6
eit Jan 29
HaU-pald.
Jan
200
S50
18
1012
Feb
Mar
July
May
6i8
2<8 July
7»8 July
512 July
4>3 Oot
10
July
13U June
July
July
291* July
I2i| July
Ool
28
Nov
87
10
83
Jan
13i2May
Feb
Apr
20*8 July
Mar
Mar
Mar
Mar
Mar
1»4 July
414 July
6212 July
Mar
July
July
July
2612 July
414 July
Jan
Jan
eoc Aug
Jan
73
83
76
312
June
Mar
Mar
llUJune
lU Dec
71C Dec
June
1
184
712
II4
May
II4
Mar
Jan
Jao
6O0 Jan
15 Mar
400 Marl
6'A,
6I4
Nov
2% Sept
35s June
12»4 July
6
July
484 July
S
81
July
July
l^May
——
K
H
July 17
—
M
5
THE CHRONICLE
1920.]
285
Friday
Last
jOutside^tock^xchaD^^
—
Friday
Last Week's Range
Sale.
Price.
U
S IJb Loan 3HS-1932-47
4th Lib L'n 4 Ks- 1933-38
1922-23
Victory 4543
1922-23
Victory 3?-4's
Am Agric Chem 5s_..1928
"88H
At.G&WISSL 5s .1959
Carson Hill Gold 7s. . . 1923
Chic June & U S Y 5s. 1940
"74"
1931
Ma&s Gas 4Ms
Miss River Power 5s.. 1951
na
NE
Telephone 5s
1932
Pond Creek Coal 6s _ . . 1923
'Is"
1944
Switt & Co 1st 5s
United Fruit 4.^s
1925
eonv 6s
U S Smeltg R &
Western Tel & Tel 5s_1932
100
M
Range since Jan.
Low.
High.
84 91 04
S250
04 86 50
3,750
14 85 44
600
64 86 14
4,800
34 86 00 28,750
74 89 90 37.950
24 86.22 84,850
95.74 96.12 27,850
96.00 96.00 110,000
88
1,000
88H
1,000
Q9Vs 99 '/g
1,000
70H 70H
102
104
5,000
78
78
7,000
74
74
1,000
4,000
71K 71M
7,000
78}i 78Ji
92
02
2,500
82
85
3,000
100
100
1,000
97
971^ 10,000
80
80
9,000
H
M
Chicago Stock Exchange.
at Boston
1.
Week.
0/ Prices.
Low.
Sales
for
90
86
85
85
85
88
85
Ist Lib Loan 4s- 1932-47
2d Lib Loan 4s .1927-42
1st Lib L'n4i<iS.1932-47
2(1 Lib Loan 4^Js 1927-42
3dLibLoan4HS- .1928
— Record
High.
04 May
04 May
04 May
89
82
82
82
14 May
81 60 May
86 00 May
81.74May
94.84May
95.72June
88'^ June
935^
69
100
78
74
695^
78
92
82
100
97
77
Feb
June
Feb
June
July
Mar
May
Jan
May
Feb
July
June
Friday
stocks
Sale.
Price.
Par.
(*)
Albert Pick & Co
American Radiator, new..
Preferred
100
Armour & Co pref
100
Armour Leather
15
Preferred
100
Booth
Fisheries,
new
common
Week's Range
100 00
93 04
92 34
93 SO
92 98
94 96
92.98
99.30
97.74
92 J^
99?^
81
150
84 H
83 J^
76
85
93 !4
93 K
100
105
84
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
July
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Feb
Jan
Jan
H
of transactions at
90 «
41
75
102
92
15)^
94 H
91M
9
{*)
48%
48 J^
13H
14 H
Continental Motors
.....
lOlH
IJi
6
85
God-schaux Sugar com..(*)
Great Lakes
&D
100
56
6H
97
200
97
200
101
103
9K
10
Cudahy Pack Co com.. 100
Diamond Match
100
85
K
WH
87^
40
Feb
74
94
July
175
100
145
530
2,610
369
50
100
100
Mar
90 K July
15Ji
Feb
91%
July
May
8
48 K July
IZ'A July
%
Jan
3
May
80
200
May
101
Feb
J.^
July
8% May
85
July
105 K June
Mar
52
67 J^ May
113
113
Hartman Corporation.. 100
56
68
82
57
68
82
Holland-American Sugar 10
16H
17
15 K
1534
72
17K
1,125
13
12
June
8M
12M
10
25
5,975
1,315
July
125^
72
13
72
Libby.lO
5
28
24
May
D
Hupp Motor
10
Brick
Llbby, McNeil
Lindsay Light
100
Illinois
&
Mid West Utilities pref. 100
Mitchell Motor Co
(*)
National Leather
Orpheum
10
Circuit Inc
1
115^
11%
WA
28
28
28
IK
Warrants
12K
40
Shaw
(*)
70
39 5i
Speed, com.. 100
100
108M
WW
com
Mfg Co
War
Swift & Company
Swift International
Co
89
21%
2VA
35 H
65 H
'49H
.(*)
Co, w 1.20
Western Knitting Mills. (*)
Western Stone
100
Wrigley Jr, com...
25
Ward, Montg
89
40
15
Temtor Prod C & F "A"(*)
Union Carbide & Carbon.lO
United Iron Wks v t C..-50
Un Paper Board, com.. 100
WaM
40
31M
(*)
Stewart
&
1939
F 6s.. 1926
Chic C & Con Rys 53.1927
Chic Rys 5s, Ser "A". 1927
Commonw Edison 53. . 1943
Met Side Elev 1st 4sl938
Peop G L & C ref g 53 1927
South Side Elev 4Hs.. 1924
Swift & Co 1st 8 f g 5s. 1944
D
82)4
W
*No par
30
500
28
2,680
325
IK
12
41
900
40
200
465
240
M
32
91
22
36
H
36
200
203
70
72 M
39 ?i 39 Ji
39 Ji 42 M
107
108 M
34 Ji 37 M
41>4 4U2
65 M 68
24
27
27
28)^
48
56
32 n: 34 H
1,275
50
146
390
25
6,425
3,740
6,165
25
5,500
310
1,170
9,425
920
81H May
15
WH
Feb
Feb
July
July
June
27 « July
A July
11% July
July
39
May
31
May
89
May
21
July
36
July
200
61
Feb
May
37
Feb
37
106 K June
34% July
May
40
54 H Apr
July
24
Feb
20
36}^ Mar
31^8 May
18
22
78
100
25
115
4
June
Jan
73 H
May
75
82 H
75
40
45
1,000
2,000
4,000
2,000
23,000
6,000
15,000
4,000
11,000
75
82 H
34
42
66
45
58
631^
82 J^
June
40
45
78
22
78
78
Armour & Co 4Hs
Booth Fish S
8H
24H
PIggly-Wiggly Stores IncC*)
People Gas L & Coke.. 100
Quaker Oats Co pref... 100
Reo Motor
10
Root & Van Dervoort.(*).
Sears-Roebuck com
100
Stew
8
52
575
28
24 H
Pettibone rights
45H
59
82H
78^
45!^
b^Vs
&3H 63H
83 M
1.
84
17
50 J^
85
120
Jan
Mar
Jan
110« Jan
17H Mar
Western..
50
50
Reading
Tono-Belmont Devel
1
Union Traction
50
United Cos of N J
100
United Gas Impt
50
U S SteelCorporation..200
&
U
88%
41
909
Steel... 10
Bonds
S 1st Lib L'n 4%s.'32-47
2d Lib L'n 4%s. 1927-42
3d Lib Loan 4%s... 1928
4th Lib L'n 4%3_1933-3S
4%s
3%s
Victory
Victory
75
24 J^
Friday
Last Week's Range
I
I
of Prices.
Low.
High
Alliance Insurance
10
20A 20%
American Gas
100
36
36
37
American Rys pref
100
30
33
American Stores
"4454
no par
44
4454
Cambria Iron
50
381^ 38^
Elec Storage Battery. . . 100 *119
"l^J
130 ^i
Warrants
17A 25
General Asphalt pref . . . 100 110
110
112%
Insurance Co of N A
29
10
29
30%
Receipts full paid
29
29
J G Brill Co..
100
40
43
Keystone Telephone
50
10
10
Lake Superior Corp
100
14
14
15
LehlghlNavigatlon
50
60
59% 60
LehlghtValley
50
42 A 44%
42
MIdvale Steel & Ord
50
41% 42%
Mlnehlll&SH..
50
41
41
41
Pennsyl Salt Mfg
50
64
65%
Pennsylvania
50 '30 H
39
403^
•
A
Philadelphia Co (Pitts)
*Pret (cumulative 6%). 50
Phlla Electric of Pa
25
Phlla Insul Wire., no par
Phlla Rapid Transit.
50
Philadelphia Traction
50
22A
'is"
High. snares.
Amer Gas & Elec 5s sm.'07
Baldwin Locom 1st 5s. 1940
Beth'm
Elec
&
Steel pur
Peoples
m 5s. 1936
tr ctfs
77%
4s '45
53 1924
Lehigh C&N consol 4 % s "54
Lehigh Valley coll 6s.. 1928
Gen consol 4s
2003
Nat'l Properties 4-6s. . 1946
Penna RR 10-year 7S-1930
General 4%s
1965
ctfs 4s
Peoples Pass tr ctfs
Phila
Co cons&
do
1921
4s-1943
Union Pacific
31% 33
22% 22%
50% 51 Ji
18
.52%
20
53%
Sales
for
Jan
lA June
8K Feb
llOH
215
108
13M
101
Apr
Feb
Jan
Feb
Feb
125A Mar
61
92
105
Low
Htgi.
81%
83
76%
97%
92
23 A Apr
Mar
89
Apr
32
914 July
45 >i Jan
Apr
44
15%
35
Jan
Mar
2% May
125i July
July
43
41
Feb
98 K
28
52
243
90
50
Jan
Mar
Jan
Apr
Apr
Mar
50^ Apr
Jan
128
Jan
55
49
Mar
74 J4 Jan
Apr
42
Mar
29
July
56
40
Mar
2354 Jan
July
22
Apr
81
82 H
A
Mar
Mar
78% May
June
49
65
92'A
Stocks-
Par.
Alabama Co
.100
100
100
50
10
First preferred
Second preferred
Arundel Corporation
Atlantic Petroleum
Celestine Oil
Last
Week's Range
Sales
for
Sale.
Price.
of Prices.
Week.
1
32
Y.65'
Cent Teresa Sugar pref. .10
25
Commercial Credit
25
B
E L & Pow.lOO
100
Con.solidation Coal
Cosden & Co preferred
—
97%
"3%
Wash
Bait
& Annap
Preferred
50
50
10
7,209
4,695
35
376
11
Apr
35
99
June
Feb
June
Feb
17%
July
37%
92
May
27% Mar
27% Apr
1,472
May
9% May
12
May
105
314
30
57
June
403^ May
41
May
110
350
2
443
2,572
230
1,417
409
3,937
76
40
40
64
37%
May
July
July
23
P & C 4 % s. . 1953
1927
Ry 1st 5s
Consolidated Gas 5s_.1939
4% s 1935
ConsGas
5% notes
6% notes
7% notes
1950
Consol Coal ref 5s
Chicago
EL&P
92%
Cosden & Co conv s f
Pennsy Wat & Pow 58.1940
United
Ry &
Elec 43.. 1949
1949
1936
Income 4s
Funding 53 small
—
44%
Feb
Mar
Mar
Jan
1.
Jan
Feb
Jan
July
Jan
37% Jan
30% Apr
58% Apr
Jan
Mar
Mar
47% Mar
51% Jan
22
65
Jan
Jan
43% Mar
29% May
20% May
50% July
16
May
36%
25%
51%
50
June
28
63
June
3 1-16 Jan
May 108%
Feb
8%
85.70June
91.78
91.90
94.60
92.88
99.34
97.56
82
83.20May
86.40May
82. 30
May
94.70May
95. 60 June
71
May
91%
77%
July
July
July
53
48
83
July
3%
100%
Apr
72]4
30
75%
July
83
72
June
97%
July
July
80
65
92
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
75%
Feb
81%
Jan
83
97
72
July
July
77
Mar
102% June
74% Apr
95% May
56
Jan
Jan
Jan
Jan
65
63
90 14
May
June
June
Apr
99% Jan
80% May
92% June 102%
59
Jan
Jan
Jan
Jan
Jan
37
185
57
July
Jan
Jan
Feb
Apr
Jan
81
93
93%
82%
Apr
101%
July
June
80
76
July
98% Mar
Jan
of transactions at
Low.
1.
High.
Jan
Jan
July
Jan
Jan
76
78%
78%
70
70
31%
32
3%
3%
1.2C
2.00
8
39
20
97
80
3%
40
20
97%
23
5
20
26
300
11,665
35
39
192
188
81
1.53
3%
40
500
97
410
75
78
70
30
Feb
June
3.40 Jan
1.05 June
8
39
20
95%
74%
June
July
June
Feb
June
Jan
Jan
4H Apr
Feb
25/
Jan
Feb
90
85
76
40
July
July
Jan
Jan
Jan
Jan
11
46
25
103%
89
3% May
May
4%
Jan
14%
Feb
44% Apr
93% Jan
4
Mar
17% Jan
72
61
74
July
July
95
70
Feb
84% Mar
7ya
11
13
July
May
20%
30
July
36
51,000
5,000
80
June
86
83
70
96
81
95
96
96% 96%
1,000
7,000
7,000
1,000
3,000
69
87
4,000
9,000
69
83
77
55
42
56
37
X71
3%
39
75
3%
16
72
61
16
72
61
78%
82
7ys
7%
12%
12%
15
15
30
30
80
63
86
80
63
86
73
64
10
145
371
200
260
25
10
32% Feb
67% May
314
July
Jan
Jan
7%
Feb
July
Jan
Jan
Jan
15
72%
92% 93%
93
69
87
78% 78%
62% 63
44% 45
59% 59%
1,000
9,000
9,000
500
56% May
July
72% June
92% June
93
June
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
96% June 100%
July
79
May
93% Apr
86% Jan
June
May
Jan
Jan
Jan
69
Mar
Mar
48%
63
—
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange July 10 to July 16, both inelusive, compiled from official sales lists:
Friday
Last
25
193
50
76
July
July
Jan
Apr
X Ex-dividend.
Sale.
Price.
141
13
1% May
28
163
41
90
7
94%
Range since Jan.
High. Shares.
75
93
July
56% Feb
64% Jan
46% Mar
40
Feb
65
Bonds
Bait Spar
June
High.
May
Low.
8
Davison Chemical.. no par
Houston Oil pref tr ctfs. 100 xiii"
Kentucky Cos Oil pref.. -5
25
Monon Vail Trac pref
MtV-Woodb Millspf v tr 100
50
Northern Central
Pennsylv Wat & Power. 100
100
Seaboard Air Line
United Ry & Electric... 50
July
82
42
45
June
—Record
Friday
Preferred
Feb
Feb
May
May
Baltimore Stock Exchange.
Consol Gas
July
Low.
20
31
30
80
65%
86.30 $10,000
85..56
10,000
89.16 43,8.50
85.90 136,650
95.00 49,800
95.94 10,000
500
7194
91% 2,000
77 H
7,000
53
7,000
53
2,000
8,000
83%
95
4,000
61
1,000
5
52,000
102% 17,000
75% 3,000
96
10,000
56
1,000
75% 2,000
77%
1,000
83
38,000
84
1,300
76% 2,000
97% 2,000
80
2,000
65% 3,000
92
1,000
4>4 July
Baltimore Stock Exchange, July 10 to July 16, both inclusive, compiled from official sales lists:
Jan
Jan
Week.
20
94
29
541
71%
91%
77%
75%
77%
81%
United Rys Invest 5s_1926
Welsbach Co 5s
1930
May
18« May
Range since Jan.
Shares.
28
163
41
56
80
1st 4s
1,030
107
92%
1% 1%
96
56
coll tr 5s'51
red.. 1951
Phila Electric 1st 5s.. 1966
do
small
1966
Reading gen 4s
1997
Spanish-Am Iron 63
1927
90% 93%
8% 8%
4}A
8814
75%
sf&
stpd
30
165
4214
200
160
350
998
46
874
53
52
83
95
61
4
102
Lake Superior Corp
P W& B
4%
Apr
—
Sale.
Par. Price.
Low.
86.30
85.54
88.90
85.58
95.80
95.94
1922-23
1922-23
95% Feb
13% Jan
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, July 10 to July 16, both
inclusive, compiled from official sales lists:
Stocks
&
Par
Stocks-
Amer Rolling Mill com. .25
Amer Vitrified Prod com. 50
Amer Wind Glass Mach 100
100
Arkansas Nat Gas com. 100
class
A..
25
Barnsdall Corp
5
Carnegie Lead & Zinc
Fidelity Title & Trust. _ 100
Kay Coimty Gas
1
Lone star Gas
Mfrs' Light & Heat
Marland Petroleum
Nat Fireproofing
Preferred
Ohio Fuel Oil
Ohio Fuel Supply
com
Oklahoma Nat Gas
Plttsb Brewing com
25
50
5
12
40%
2%
10
1%
28
50
4
.50
Wcsfse Kl & Mfg com-.'JO
West Penn Hys pref... 100
West Penn Tr &
P.. 100
W
111
87
Sales
for
60%
49
31%
4%
5
5
300
125
300
28%
14%
2%
10
1%
28
50
4%
6%
180
940
200
1%
28%
51%
4%
6%
14
24%
49%
31% 32%
4%
7c
39o
37c
14
154%
5c
5%
9c
39c
15
155
6c
118% 119%
9034
90% 91%
50
107
{107
48% .48%
70
65%
8%
10
4,685
495
245
100
20
830
220
30
345
50
125
29
15
95
•2%
10
2434
49
9c
14
113
87
60
108%
60
70
8%
Range since Jan.
1,060
Low.
50
9%
109
87
July
June
July
25% June
14% June
June
2%
July
8
Jan
Jan
June
1%
,098
44
27
115
6,000
50
May
5
25
50
4
220
60
23,300
5,000
July
300
125
95
60% July
16% Apr
Feb
July
May
11% June
40
772
658
3,210
30
325
10
1
High.
6%
July
July
July
July
11
May
155% July
5c
Mar
117% June
89 3i May
50
July
350
30
220
525
104
453^
150
65%
July
10
7H
Jan
Jan
Apr
Jan
5% Apr
15% Apr
2% Apr
45% Jan
61% Jan
6%
Jan
9ys
19
Apr
Apr
A
34% Mar
55% Apr
52% Mar
8% Apr
25c
53c
18
172
7c
130
107%
50
May 118%
May 55
79
48
48% 48
66% 66%
$2,000
6,000
Jan
Jan
Mar
Apr
Jan
Jan
Jan
July
Jan
Jan
Jan
15% Mar
1
1955
1949
Jan
June
July
17
102
Feb
31% June
4% Jan
4c
34c
Apr
11%
300
125
39
July
12%
22%
Jan
Jan
Jan
135
95
45
47
May
June
Bonds
Indep Brewing 63
Plttsb Brewing 6s
1
Week.
High. Shares.
11% 13%
40% 41
13%
1
100
100
50
Low.
95
1
1
Pittsb-Jerome Copper
Plttsb & Mt Shasta Cop..l
Plttsb on & Gas
100
Plttsb Plate Glass
100
San Toy Mining
Union Natural Gas
U S Steel Corp com
Western Insurance
West'house .Air Brake
28%
50
50
25
25
50
nf Prifof>
9% 11%
FirstNatBkofBlrminghlOO
Gutfey-GlllespleOil (nopiir)
Habishaw El Cable (nopar)
Harb-Walk Refract pf.lOO
60
Indep Brewing com
50
Preferred
Week's Range
60
113
Preferred
I
1.
* Ex-rights.
value.
I
Range since Jan.
WeOt.
High.
30
35
560
300
100
470
200
9K
Low.
125
1,265
1,137
94 H
(*)
Case (J I)
Chic C&C Ry pt sh com (•)
Chic E)ev Ry pref
100
Chic Pneumatic Tool.. 100
Chicago Title & Trust . . 100
Commonwealth Edison 100
Briscoe
Range since Jan.
Week.
High. Shares.
of Prices.
Low.
41
75
102
(*)
Sales
for
Phlla
Warwick Iron
Chicago Stock Exchange July 10 to July 16, both inclusive,
compiled from official sales lists:
Last
Sales
for
I
Boston Bond Record. Transactions in bonds
Stock Exchange July 10 to July 16 both inclusive:
Bonds
Sale.
Price.
Stocks {Concluded) Par
Week's Range
48
June
55
66%
July
75%
HJan
Jaji
THE CHRONICLE
286
New York "Curb"
Market.
—Below we give a record of
e transactions in the outside security market from July 10
to July 16, both inclusive. It covers the week ending Friday
Friday
Last Week's Range
Rights.
Sale
Price,
Arkansas Natural Gas.r..
Caracas Sugar. r
National City Bank. r
90
t'
afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
that
are permitted to deal only in securities regularly listed
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
The possibility that fictitious transacof he transactions.
tions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
In the circumstances,
particularly as regards mining shares.
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give i for what it may be worth.
—
Week ending Jvly
Friday
Last Week's Range
16.
Sale.
Par. Price.
Stocks
&
Industrial
of Prices.
Low.
High
1
Aluminum M[rs.r.(no
par)
100
Preferred. r
2H
11
97
2H
9'^
82 H
9414
2K
IIH
22 H
97
57 H
ZAmer Brake Sh & Fdy com
Am andy Co. com (no oar)
50
Amer
40
40'/r
58
1554
69
94
94
60
94
Chicle. r
Preferred -r..
100
Preferred-r
& Co
7K
(no par)
Armour Leather com. r.. 15
Armour
pref.r
Automatic Fuel S
Border. Co com.r
100
100
65
15J1
94
100
102
Preferred. r
100
Brier Hill Steel -..(no par)
Brlt^Amer Chem.r
10
Brit-Am Tob ord..
£1
Ordinary bearer
£1
80
BucyrusCo-r.
Bulck Carburetor. r
100
Caracas Sugar. r
Car Ltg & Power. r
Chicago Nipple. r
145i
26
10
11
50
25
57
2H
12K
Cities Service pref.r
100
Cities Serv Bankers shs r(t)
Claiborne
36
& Annap Ferry..
Colombian Em'd Synd new
Conley Tin Foil
(t)
Continental Motors. r.. 10
Davies(Wm.)Co.Inc.r.(t)
Dominion Steamship, r
Empire Steel & I com.. 100
100
Preferred
Empire Tube & steel ...(t)
Farrell(Wm)& Son com r(t)
Firestone Tire
& Rub com
Gardner Motors ..(no
p.J")
Gen Asphalt, com.r
100
Ooldwyn Picture r (no par)
Goodyear Tire & Rubb
Preferred. r
Preferred
Griffith(D W) Inc,
1
1
d
A(t)
26%
70K
IJ-
2 13-16
15
Hercules Paper.r..(no par)
27
par)
.100
Indian Packing Corp-r.(t)
Intercontinental Rubb. 100
Preferred. r
Kay County Gan.r
1
Keystone Solether.r
10
Kirby Lumber com.r. .100
LlbbyMcNelli&Llbby.rlO
Ligget's Int Ltd com olAlOO
Lig-Mar Coal Mining. r..l
Lincoln Mot Co cl A r 50
Lucey Mfg Class A.r.. 50
National Leather, r
National Vanadium. r
Y Transportation
N
&
30
70
&
12)4
65 H
36
65 H
39H
Range since Jan.
1.
Week.
Low.
Shares
1^8
35
12%
103
IM
7J^
34
2
5
126
H
6H
30
70
IH
& Steel
World Film com.r
5
Wright-Martin Aire com(t)
7'/»
30 H
79
9
14
1»4
13
13
35
39
12J^ 13
100 M 103
IH
High.
46
46 H
IIH
m
17
May
5
May
39 H May
58
July
15
Feb
90 « June
July
92
May
51
100
June
80
July
1,200
1,200
6,700
600
200
800
5,050
100
6
14 H July
Mar
22
10 K July
56 K July
2^ July
3H
65
35
7H
6H
120
130
12
35 H
32H
180
65 M
IJi
IVa
25
13
38
34J^
185
68
June
July
IH
IK
13%
15
33
31
35
31!^
.....
2H
18M
iy»
18)^
50
50
50
2H
2%
19M
63
H
6H
50%
%
7
June
June
7% May
Feb
July
Feb
H
12.
Mar
June
99% July
1% Apr
42 H
46
74
44 K
Jan
Jan
14
50
65
July
53
82
Apr
Apr
8H July
54
Apr
170
Mar
29 H July
130
Jan
Jan
34
132
June
100
June
2 3-16 July
2 13-16 July
15}^ July
25}4 June
33
Apr
7% Mar
19
Apr
40
Jan
Jan
Jan
Jan
101
20
17
2H Apr
18K Apr
41
32
109
2%
Apr
Apr
June
July
July
Jan
June
July
84 H June
May
33
2
May
15-8 June
IK May
Feb
June
3K
17
7K
37
95
47
5%
3
4H
54 H
6
May
June
Jan
Feb
Mar
Jan
Jan
Jan
Apr
Jan
July
45
May
June
54%
Jan
June
May
June
May
May
7
150
26>6
41%
Apr
40
May
19
59
June
Apr
Feb
May
1% May
IH Apr
Feb
June
Jan
IH May
I 'A May
18% May
July
H
July
18
Feb
5
12%
47
July
50
50
Apr
July
1%
13
32
27
3K
July
July
Jan
i*A
37
36
5
117
13
33 H
245^
12
34
27
151
60
11%
60
53
16% May
1,100
1,000
3,850
June
9H Jan
28 M Jan
2814 Jan
32
June
June
May
11
IK
2,500
1,600
33,100
410
1,300
3,200
1,800
5,400
1,100
1,000
1.500
23,200
1,800
300
700
100
900
June
6%
600
780
100
100
100
July
July
4
30
5
July
July
July
14H Mar
1,000
40
38
May
Jan
13
21
July
July
Jan
Jan
Jan
JaD
July
IH
June
25
29
1
10
Feb
July
July
June
14
22
29
40
July
July
62 H May
15
July
June
125
June
87
Jan
1
M
Feb
Apr
2
June
26%
11^
68
69
18
94 H
95 }i
61
108
91
33
July
July
June
June
June
28
144
38% 39%
37
37
1^
37
57
28
62
2%
1%
2%
2'/s
June
June
May
1%
4%
28
2
May
14
200
100
300
6,700
2,000
2,000
86 H
37
June
June
30
2SH
34
2
25
'zV
40
Jan
97
July
57 K July
9
400
t%
Feb
June
20
1,300
2,100
6,700
100
Apr
20
83
40
400
400
600
4%
11%
1,400
300
100
7,700
10,900
1,150
2,700
12,100
2,800
4,600
Jan
Mar
5,300
12
IH
4,600
IH"
7
T%
35H
65}^
400
300
200
69 "^
13% 13%
35K 35%
Todd Shipyards Corp. r.(t)
600
5,000
26,900
100
3,200
17
125
127
87
87
IVi 2 3-16
13-16
2
2'A
14
15K
22% 24 H
26
29 H
4% 6ii
26%
2%
38%
2,700
2,600
5,600
4,400
1,600
17,900
18,900
I'A
"37""
300
200
100
500
8H
43
46
El com. 50
Union Carb * Carbon r (t)
UntdPlctureProdCorp r (t)
United Profit Sharing.. 25c
Un Retail Sfs Candy. r.(t)
U S Dlstribut'g com.r.. 50
U S High Sp Steel & Tool(t)
U S Light & Heat, com.r. 10
U 8 Steamship...
10
Willys Corp,com.r.(no par)
Second preferred.r..lo6
39 H
65
32
74
300
3,900
3,700
500
600
1,000
100
400
500
775
34
150
29 K
76 H
8K
pf.r.lOO
100
2
9
25
15,900
13,800
100
500
600
600
4,700
60
28
62
8
29
144
IVa
17
7
28
86!^
5
36%
9%
IKs
Times Sq Auto Sup.r.(t)
Iron
10^
1
Preferred
50
Standard Parts com.r. 100
Submarine Boat » t c
Swlfl Internal. r
15
Wood
2%
12K,
Vanderv't com. 100
Mfg.r
Standard Gas
I
7K
10
Roy de FranceToUet Prod
Singer
2»/«
IIM
T
Root
K 29
UH
56 K 58 H
IIH
Peerless Truck & Motor.r.
Perfectlon
& R.r
10
Radio Corp of Am.r
(t)
Preferred, r
5
Rainier Motor. r.. (no oar)
Republic Rubber.r (no par)
Reynolds (R J) Tob B r 25
6%
14%
23
10 '/s
10
Nor Am Pulp & Paper, (t)
Orpheum Circuit com.r.. 1
Mot Car
14 H
uy»
17
22%
Hocking Val Prod
100
Hydraulic Steel com.r. (t)
14'/«
9
8H
89
31
24
30
144
102H
31
6'^
9
Guantanamo Sugar.. r-(t)
Heyden Chem.r.. (no
00 M
80
24
30
70
16
61
7
"65""
8
951-6
1%
100
Grape Ola Prod Corp com
Packard
Sales
for
Mlscell.
Acme Coal.r
Aetna Explosives. r(no par)
[Vol 111
June
Apr
June
Mar
Jan
Jan
Mar
Mar
Jan
41% May
230
78
Apr
3J^
19
Jan
Jan
Jan
Jan
55
Feb
18%
40% Feb
3H
4H
Jan
Jan
26 H Jan
85
Jan
biyi June
K
7%
July
July
iVi
Royal Dutch. r
&
32%
21%
Tradingr
Sales
for
7,500
1,500
2,450
300
6,100
3,200
13%
32%
K
21%
Lou,
Shares,
100
13
31
Range since Jan.
1.
Wtek.
1%
IK
1
85
New Jersey Zinc. r
Shell Transport
of Prices.
Loic.
High.
22
Hi^h.
1
June
1%
July
July
85
3% May
IK July
July
20
Apr
34 K May
31 tJune
100
IIK May
SO
20
May
19
195
May
May
268
303
240 370
July
July
Former Standard Oil
Subsidiaries
£1
Anglo-Amer Oll.r
Prairie Pipe Line.r
100
100
South Penn Oil. r
Standard Oil (Calif). r. 100
Y.r.lOO
Btondard Oil of
N
Other
370
OU-r
i
1
Anna
1
Bell
H
IH
10
Arkansas Nat Gas
Atlantic Gulf Oil Corp. 100
Blgheart Prod & Ref
10
79H
Boone oil..
5
12
'"3K
Boston-Mexican Petr.r..l
Boston-Wyoming 011.r..l
Carib Syndicate new.r
Cosden & Co., com.r
5
Cushing Petr Corp com r.5
Dominion OlLr..
10
Duquesne Oil.r
6
"1
1-16
14H
7H
H
10 'A
4
7%
5
Elk Basin Petrol. r.
Engineers Petrol Co.r
1
Esmeralda Oil & Gas.r.-l
3-16
Federal OU.
Fei sland Oil
5
2%
(no par)
Gilllland Oil com.r. (no par)
Preferred. r
100
10
Glenrock Oil.r
14%
IM
"si""
2%
A.r.lO
lO'A
Guffey-GlUesple 011.r..(t)
28%
Harvey Crude
Hudson OU
9-16
Oil
Corp
cl
Oil
1
Indian Refining new.r. .10
Internal Petrol. r
£1
Lance Creek Royalties-r.l
Livingston Petroleum. r
Lone Star Gas.r
25
7%
Maracalbo Oil Explor.r(t)
Merrltt Oil Coro.r
10
Mexican Panuco Oil
10
Midwest Refg_ r
50
1
Midwest^Texas Oll.r
26%
15%
National Oil.r
10
NobileOil& Gas
North American Oll.r
9c
7
'A
1
5
Ohio Fuel Oil.r
1
Oklahoma Nat Gas.r
25
Omar OU & Gas..
10
Panhandle Pr& Ref pref 100
Prefcrred-r
100
Pennok OU.r
10
Pittsburgh Oil & Gas.r. 100
Producers & Ref. r
10
Red Rock OU & Gas.r
Ryan Cons'd.r.w
3%
22
32
3K
5%
6K
M
24%
1
Salt Creek Producers.r..25
Sapulpa Refining. r
5
Simms Petroleum r(no par)
Skelly Oil Co.r
10
Spencer Petrol Corp
10
Superior Oil.r
(no par)
Superior OU C T receipts..
Texas-Ranger Prod & R.l
Texon Oil& Land
.1
Tropical Oil Corp.r
25
Union Oil of California
1
United Tex Petrol. r
Victoria OU.r
10
Vulcan Oll.r
.5
Western States O & L.
White Oil Corp. r. . (no par)
Woodburn OU Corp.r. .(t)
37
6
14%
10%
16
16K
19
13-16
19K
181
"ik"
2h
"is"
Mining Stocks
15-16
Alaska-Brit Col Metals.. 1
Alvarado Min & MiUlng.20
America Mines. r
1
Arizona Globe Copper
1
2c
1
Atlanta Mines. r
Belchep-Dlvide.r
10c 3Hc
4c
Belcher Extension
10c
7-16
Big Ledge Copper Co
6
5}<c
Booth. r
1
22c
Caledonia Mining
1
JCanada Copper Co Ltd..
5-16
1
Candalaria Silver. r
1
253^
Carson HIU Gold.r
6c
1
Cash Boy Consol
2%
Consol Virginia SUver.r 5
62c
1
Cortea SUver.r
25c
1
Divide Extension
1'/.
El Salvador Silver Mln.r.l
Silver
Eureka Croesus Mln.r
1
Eureka Hpliy.r
1
Forty-nine Mining -r
1
Golden Gate Explor'n.r..5
Goldfleld Consol'd r
Goldfield Devel.r
Goldfleld Merger.r
10
10c
1
%
Vi
%
10c
7c
Ic
Gold Zone Divider
1 13Hc
48c
Hardshell Mining. r
1
4
Hecla Mining
25c
Honduras Amer Synd.r(t)
Howe Sound Co
1
Jim Butler. r
1
Jumbo Extension
1
Kerr Lake
5
Kewanus .r
Knox Divider
La Rose Mines Ltd
Louisiana Consol
Mines
Ophlr Silver Mines. r
Prince Cons
Rico Dlv.r
Rex ConsoUdated
%
14c
6c
3
1
H
H
May
May
31
278
355
355
480
Jan
June
16-16
May
Jan
1
Apr
100
5
K
K
1
14K
1
1-16
12,600
14%
700
550
1
K
K
2c
4c
5c
K 7-10
5c
6c
22c
24c
13-16 15-16
5-16
25
28
Ic
2Kc
3Kc
%
5Kc 6Kc
2%
zy.
59c
24c
62c
28c
IH
Ih
6
7K
K
K
K
11-16
9c
Oc
Kc
K
H
K
IK
lie
7Kc
Ic
12Kc
14c
53c
45c
3 5-16
4K
16K
16%
3K
3K
12Kc
5c
3
14c
6c
3K
Kc IKc
5Kc 6c
K
^
K
30
10c
12c
50c
50c
5%c
76c
30c
192
8K
K
K
1
1
1
7c
1-16
1
5-16
30
K
195M
%
UK
June
June
H
July
79
9K
3
IK
6c
1-16
1
K
14
Jan
Jan
Mar
Mar
May
6c
K
76c
30c
197
9,000
31,300
62,400
16,400
15.500
14,100
11,550
7,600
17,000
685
17,400
1,200
26,500
18,150
5,300
16.150
5,500
23,950
800
3,950
15,600
14,000
5,800
17,400
14,000
1,430
'
300
400
13,500
14,900
3.800
3,200
5,500
8,500
5,500
8,500
100
9,200
1,500
4,750
200
300
200
1-16
160
600
2,200
3,650
0,500
11.000
25,000
IK
1,300
8K
7-16
7-16
7c
3H
s
13
July
53
5
Fel)
July
3
39 K
10
UK
Mar
15
July
7K Feb
K Mar
4% Jao
60 K
120
June
16
39%
IK Mar
IK Jao
7-16 May
3.16 May
19
July
c33K
Apr
7
July
25
May
May
77
65c
Feb
Mav
July
June
Feb
June
June
June
June
Jime
3
19
31
3
6
59
5
K
June
9-16
1
Jan
Jan
9K Jan
16
June
lOK Jao
July
IK Mar
May
40 K
56
Feb
K
5^
Julv
July
13K
IK
IK
June
Jan
IK
8K
Jan
Jan
Jan
July
Jaa
Jan
2K
Apr
23 H Jan
181
July
Feb
•2K
2
June
K
3K
9K
IK
June
M
%
K
Julv
J>Uv
•50
Feb
13K June
Ic
1
July
May
% May
Feb
2
52c
22c
IK
Jao
Jaa
June
70
Jao
420
Jao
IH Jao
1-16
Jan
40
Jao
380
49c
K
3-16 May
4c May
22c July
13-16 July
4KcJune
K
July
»-16 Mar
15-16 June
40
Mar
15
June
June
June
20
Mar
Mar
19% June
K May
17K
Jan
Jan
Jan
22 K
20
Feb
18K June
K June
15
177
Feb-
7K
73 K
July
Apr
Jan
Mar
K Mar
:
May
UK
5K
7h Jao
K May
24% July
30 K May
4H May
14
9
16
Apr
26
90
June
6K
Jan
Jan
8
5-16
35
42
Apr
11
May
38
Feb
41
Jan
29
July
22 K Jan
21
Jan
190
Jan
Feb
6K
Jan
Feb
11
May
9
128
6c
June
21
% May
2
16
14
Jan
Jan
Jaa
Apr
JaD
3K
Jan
June
6
Jan
Jan
Jan
Jan
Jan
10%
IK May
25%
Jan
Apr
Apr
7K Jan
3K Jan
IK Mar
9K June
3K May
TVa July
1
May
K July
2
May
27
80
July
45
90
Apr
Feb
Apr
Apr
July
'
Apr
IK
6% May
K
9-16
5%C
IK
22c
50c
%
UK
2
10
Min
Roper Group Mining
St Croix Silver
2,000
75,000
32,400
1
6,500
1.000
IIH 13
791^ mVs
500
1,200
lOK iiJ^
3% 3% 17,200
2% 2H 1,600
15-16 Ws 101,500
14
19K 4,100
7K 7% 1,400
35,200
1,500
10
600
4
4
3.400
7K 8
13-16 1% 17,800
3-16 3-16
6,000
2% 2M 5,000
14
10,500
15
500
27
28
200
80 K 81
2% 2K 14,200
lOK 12K 2,300
1,200
28
28%
9-16
8,975
Vs
5-16
900
%
720
19K 20K
34
35% 2,600
1,500
7
1,600
8
600
27H 28
1,700
7% 8
26% 28% 7,600
2.400
15% 16K
2,600
13
15%
1,100
151
148
7c
37,600
9c
7>/
13,800
6K
1,500
5,500
3}i
1,200
22
24
31H 32K 2,100
7,000
SH 4
7
9% 1,800
450
61
65
900
5K 5%
13K 14% 2,000
6K 7% 7,600
K
K 4,000
2,200
24% 30
33% 37% 4,900
400
5K 6
8,100
14 K 16%
14,300
lOK
500
16
16
16% 17K 3,500
2,100
19
19
3.700
'A
53,200
K
19% 20K 3,100
400
177
181
4,500
>A
1
IK 5,600
2
2% 2,900
K 1,000
5,100
17K 19%
500
3% 3K
28c
K
1
Jersey Zlnc.r
Nlplsslng
3%
10c
5
1
MacNamara Minlng.r
Magma Copper
5
1
Marsh Minlng.r
McKinley-Darragh-Sav . . 1
Motherlode.r
1
Mountain States Sllv.r..l
1
Murray MogM, Ltd
Nevada Ophlr Min. r.. 10c
New
2,900
10
10
20
2K
K
IK
25c
K
par)
Manhattan Oil.r. (no
Emma
199
270
315
395
2%
26c
1
Arcadia Oll.r
Grenada
23H
199
270
315
370
on Stocks
AUled Oll.r
Allen
21%
22
1
May
120
10
Mar
Mar
62c
July
May
Jan
1 15-16
Jao
3K Mar
July
July
16
Mar
June 1 15-16 Jao
9-16 Feb 1 15-16 Apr
^i July
2K Jan
6
H
%
8c
May
SKcJune
Kc
He
July
June
40c
Apr
15-16 Jan
15
May
3?s July
12c June
K
4KcJuly
July
3
KcJuly
5c
June
K May
K Jan
1-16
29
10c
4Sc
May
May
June
June
4%cMar
K
June
Jan
74c
Apr
20c
192
June
8)^ July
% May
5-16 June
K
6c
1-16
^i
2%
June
June
May
Mar
June
15c
15c
4c
400
53c
Jan
Jan
Feb
Jan
Jan
July
4K Mar
Feb
4K Feb
20
270
12c
4K
16c
150
K
?i
970
39
320
65c
Jan
Mar
Jan
Jan
Jan
June
Jan
Jan
Apr
Jan
,Tan
6KcMay
020 May
780
41c
300
12
K
Jan
Feb
Apr
Jao
IK Feb
1
3-16Jan
% July
Jan
12c
H
IK
3$a
July
——
«
1
July 17
Last
Sale.
Price.
Mining (ConcJudea) Par.
1
Pick Cons'd- r...l
1
Simon Silver «S: Lead
1
Standard Silver-Lead
1
Success Mining
Sunburst Cons Mlne3-r..l
Sutherland Divlde.r
Tonopah Belmont Dev
—
1
1
Tonopali Divide. r
J
TonopaH Extension
1
Tonopali Mining. r
Mining..!
Eastern
United
U S Continental Mines.r. 1
10c
Victory Divide. r
Washington Gold Quartz. 1
Consol'd5
End
West
White Caps Mining
WUbert Mining
IVeek's Range
of Prices.
Loiv.
HlQh.
5«c
IH
H
5c
25c
2c
IH
IM
IH
2%
25s
1?8
I'/s
IH
2%
7Hc
5Kc 7c
7Hc
7c
6c
H
1
5-16
10c
9c
4c
4c
1
Pack conv deb6s r'39
Amer Tel & Tel 63 . r. . 1922
95H
French Govt 4s-r
Goodrich (BF) Co 78.1925
Interboro R T 7s-r...l921
Kennecott Cop 7s. r.. 1930
Russian Govt 6Hs.r._1919
1921
5K'S.r
Sh3ClairConOil7Msr... '25
Swedish Govt 6s June 15 '39
6554
97 K
83 M
5)-2S."29
Texas Co 7% notes. r. 1923
Western Elee conv 7s-r.'25
lie
4Mc
98 ?4
98 }i
Range since Jan.
1.
Week.
6.000
8,200
13,900
2,100
1,100
7,700
1,600
13,200
2,875
12,450
5,120
2,190
3,910
11,500
13,900
3,100
7,550
9,500
10,500
May
14c
Jan
Jan
30c
Mar
July
3-16 Jan
Jan
3c
14c June
1
1
9-16 June
H
Jan
Jao
7c
41c
7c
1'4 July
1-16 June
5-16 June
1
July
25
July
6c May
5c June
1>4 June
6HcJune
20c
June
120
Mar
May
89 H
Jan
Jan
Jan
68
93
9m
99
H
Apr
97K
June
June
June
96 H
100 Ji Mar
95 H July
100 M July
Jan
89
June
62
Apr
99
Jan
76
98 H Jan
Feb
39
Feb
38
Apr
98
Jan
97
Jan
93
99 5i May
99 >i Apr
July
94
99 ;i June
Apr
82
June
55
93!^ Apr
Feb
62
90
May
23!^ Jan
Jan
23
9TA May
May
82
82 K July
97 « June
97
July
M
Marks
23 K
27"^
2ei6
25
24}^
Cologne 4s-r
Dresden 4s-r
Dusseldorf 4a. r
Frankfort 4s-r
24
27H
26K 30H
German Electric 4Hs-r
German Govt Ss.r
5s_r
25
29
29
32
17
17
22
22
29M
19^
Hamburg SHs-t
4Hs.r...
Leipzig 4Hs.r
19
24 M
24 M
25
28
26
25 «
23>^
24 K
4s. r
25
Leipzig 5s-r
4s. r
Munich 4S-r
Nuremberg 4s. r
Stuttgart 43. r
Odd
26M
25
5s. r
Vienna 4s. r
24 H
28
28
27
23M
4Hs.r
Mannheim
25H
23
K
25 M
25 J
27M
30
26
2SK
27
24 H
8K
..
1405000
120,000
18,000
63,000
56.000
55.000
20.000
380,000
7.000
95,000
4,000
39,000
10.000
85.000
823.000
280.000
25.000
5.000
130,000
95.000
130.000
250.000
28
26
28
29 H
29 }i
27
23
July
23 K' July
June
26
25 M June
25
July
24 H July
24
July
26 5i July
June
29
29
July
15
June
June
21
19
July
24 K June
24 H July
July
25
June
27
26
July
25>4 July
23 J^ July
241., July
7% July
28H
31
34
'
June
June
July
June
June
June
June
June
Jime
29 ,^ July
17
July
23H June
19>^
28
27
28 -^
30
26
29
H
27
31
9
July
June
June
June
July
July
June
July
June
June
No
par value, i Listed aa a prospect.
I Listed
on the Stock
Exchange this week where additional transactions will be found
New stock
r Unlisted,
u; When
Issued,
i Ex-dividend.
z Ex-fltock
dividend,
2; Ex-r'ghts.
Dollars
per
1,000 lire, flat, t Correction.
t
*
lots,
t
,
.
CURRENT NOTICES
—A booklet has just been issued by Chandler & Co.,
New York
Inc., 35 Pine St.,
(Philadelphia and Boston) which contains some information'
particularly pertinent at the present time.
The title of thelwork edited
by Ernest Fletcher Clymer is a "Political Simimary of theJUnited States.
It briefly reviews the early Government and the electoral system, the
political parties and their origin, and all the Presidential elections from
1789 to 1916, giving the names of the various candidates and the nimiber of
votes received.
It also gives concise biographies of the several Presidents
from Washington to Wilson. "The number of people who will vote for a
Presidential candidate this year." says an introductory note explaining
the purpose of the booklet, "will greatly siu-pass aU previous records, while
the number who will require political information and figures for convenient
reference will be equal at least to the majority of those who will cast th
baUot."
,
—
—
New York
NY
iznerlca*
Bit
207
ImerExch... 265
Atlantic
Battery Park.
200
195
426
146
105
160
146
38
220
400
270
Bowery*
Broadway Cen
Bronx Boro*.
Bronx Nat...
Bryant Park*
Butob & Drov
0«nt Mere ..
Cbaat..
Obat & Phen.
Chelsea Excb« 137
Chemical..
650
City
370
Ooal 4 Iron.
250
Colonial*..
350
Columbia*... 180
Commerce
220
l^omm'I Ex*. 425
City
Banks and Trust Companies.
Ast
Bank*
213
275
216
205
indUBtrlal* .
Irving Nat of
fee
126
leo
156
42
4Td
278
145
565
380
200
226
OommoD-
wealtb*... 210
120
Corn Exch*.. 335
Ooemop'tan*" 112
Cuba (BkoO. 180
East River.
160
?lttb Avenue* 900
220
Fifth
168
OoDtluental*.
mret
Qarfleld ...
Qotbam
158
890
238
196
226
3reenwloh*..
Hanover
I 816
Barrlman
330
Imo 4 Trad" 630
198
345
126
190
9'25'
910
245
210
NY
y205
410
280
iManbattan *. 215
iMeoh 4 Met. 320
jMutual*
490
Nat American 150
New Neth*.. 180
New York Co 140
!New York... 460
Liberty
Lincoln
Pacific •
135
Park
607
340
Public
Republic*
Seaboard
Second
aYs"
450
State*
190
Tradesmen's* 200
23d Ward*... 160
Union Exch.. 180
iDnited Statee*
iWash H'ta*.
YorkvlUo *..
Btoo^Idu
iConey Island*
iFlrst
Greenpoint
HlIlBlde*
Homestead*..
Mechanics'*..
Montauk
300
545
•
Nassau
North Side*..
People's
osI^f^Uil?^^
oaange
<!i *t®
tUa week, ^J^*
j New stock.
Ask
Bid
210
bond
215
425
290
224
330
195
4Y0'
62"2"
360
o'so"
185
183
376
160
110
95
88
100
206
196
145
^^*^ '"»°^-
Nitc York
BU
American
Bankers Truatl 370
Central Unloni 365
Columbia
!
320
Commercial..! I60
Empire
300
Equitable Tr. 298
Farm L 4 Tr. 390
Fidelity
200
Fulton
270
Guaranty Tr. 348
Atk
380
375
330
165
!
Hudson
Law
Tit
305"
397
210
290
355
160
&
Tr 138
lis'
Uncoln Trust 145
Mercantile Tr 315
Metropolitan.
260
270
105
126
550
600
Title Gu 4 Tr 328
D 8 Mtg 4 Tr 405
United Stateei 800
625
015
335
415
830
Mutual (West-'
200
173
S50
140
20s
Trust Co'e
166
216
166
120
¥2"
Chester)
N Y Life Ins
4 Trust..
N Y Trust..
BrooUtn
Brooklyn Tr. 490
Hamilton
262
Kings County 660
ManufaotureiB' 195
People's
270
605
272
700
205
290
110
216
206
160
^ Sale at auction or at Stock
» Ei-rlghta.
« Ex-dlvldend.
4
West 4 Bronx
134
Ex-
MQ
4
150
"and Interest" except where marked
Standard Oil Stocks
Pe f Shar e
Par Bid. Ask.
23
Anglo- American Oil new. £1 21
Atlantic Refining
..100 114f) 1200
preferred
100 103 105
Borne-Scrymser Co
100 425 475
87
Buckeye Pipe Line Co
60 •85
Cbesebrough Mfg new
100 220 230
preferred new
100 103 108
Continental Oil
100 120 130
29
Crescent Pipe Line Oo-.-. 60 »27
Cumberland Pipe Line. ..100 155 165
Eureka Pipe Line Co
100 100 103
45
42
Oalena-Slgnal Oil 0OEa....l00
95
92
Preferred old...
100
93
90
Preferred new
100
158
153
Illinois Pipe Line
100
87
Indiana Pipe Line Co
60 z85
International Petroleum. £1 •33I2 34I2
•26
27
National Transit Co.. .12.60
New York Transit Co
100 160 170
97
Northern Pipe Line Co. XOO 92
Ohio Oil Co
25 280 285
•42
45
Penn-Mei Fuel Co
25
Prairie Oil & Gas
100 565 575
Prairie Pipe Line
..100 195 200
Solar Refining....
100 350 370
Southern Pipe Line Co.. 100 125 135
75
100 270
South Penn OH
68
Southwest Pa Pipe Lines. 100 65
Standard Oil (Calif omla). 100 310 314
Standard Oil (Indiana).. 100 650 660
Standard OH (Kansas). ..100 520 540
Standard Oil (Kentucky) 100 370 380
•Standard OH (Nebraska) .100 420 450
Standard OH of New Jer.lOO 640 650
Preferred..
100 IO5I8 105%
Standard OH of New Y'k.lOO 370 375
Standard OH (Ohio)
100 435 460
108
1(j5
Preferred
80
60
Swan 4 Finch
iOO
Union Tank Car Co
100 110 114
98
96
Preferred
Vacuum on
100 375 380
33
Washington on
10 •27
Ordnance Stocks Per S hare.
70
Aetna Explosives pre!
100
Atlas Powder
Preferred
common
100
100
Babcook 4 WUoos
100
BUsa (E W) Co common. 60
Preferred
6C
Canada Fdya * Forglngi.lOO
Carbon Steel common
100
let preferred
100
2d preferred
IOO
Colt's Patent Fire Armi
Mfg
„
35
fluPont (E I) de Nemcur*
100
4 Co common
100
Debenture stock
Saatem Steel
iOO
Empire Steel 4 Iron oaia.ltK!
Pi of erred
IOC
lOi
Hercules Powder flom
Preferred
100
HHos-Bement-Pona com. IOC
Preferred
100
Phelps-Dodga Corp
100
Boovlll
Manufacturing
Tbomas
Iron
Winchester
Cooom__
160
81
109
400
*55
150
80
95
68
170
and preforrsd
Woodward
Iron
Preferred-.
72
215
92
97
93
175
1(X)
60 •23
100 400
90
55
100
48
..lOU
80
85
78
222
97
99
98
200
410
33
430
94
65
50
90
15
30
Oom'w'th Pow Ry
Preferred
100
Elec Bond 4 Sbare pref..lOO
Federal LIgbt 4 Traction. lOE
Preferred
100
Pow 68 1946-J&J
MIgslaslppI Rlv Pow com. 100
Preferred
100
FlrGt Mtge 68 1961. -.J4J
Great West
Northern Ohio Elec Corp.(t)
Preferred
100
Nortb'n States Pow Aom.lOO
Preferred
100
ITorth Texas Elec Co com 100
Preferred
100
Pacific Gas 4 Eleclst pref 100
Puget Sd Pow & Light ..IOO
Preferred..
100
Republic Ry 4 Light
100
Proterrod
100
South Calif Edlaoo com. .100
Preferred
Standard Gas
Preferred
4 Bl
100
(Del). 60
60
Tennensee Ry L 4 F com. 100
Preferred...
IOC
United Lt 4 Rye 00m
100
1st preferred
100
Western Power Corp
100
PrafwrMl
lOO
84
50
70
8
oomlOO
4 Lt-.IOC
Basis.
8.75
7 75
7.75
7.75
7.50
8.50
8.50
8.25
8 25
8.75
8.75
8.75
8.37
8.00
7 60
8.50
8.50
8.75
8.75
8.75
8.50
8.50
7 62
7 62
8 25
7.50
7.62
7.62
7.50
7.50
8.75
8.50
8.30
8.30
7.50
8.37
7.62
7.20
7.00
7.50
7.50
7.62
8.75
8.75
8.40
8.40
7.50
8.25
8.25
8.12
7.00
7.50
Pittsburgh <H>'
6a.
58.
Central of Georgia *>iii
Chesapeake 4 Ohio
Equipment 58
&
Chicago
-Alton i'An
Equipmsnt 58
.
Chicago 4 Eastern ill 5HeChlo Ind 4 LculEV 6hit
Ohio St Louis 4 N O 88
Chicago & N
4H«
Chicago R I&PactHi
W
Equipment
4
Colorado
6b
Soutbern 61
Erie 6s
Equipment 4Xb
Hooting Valley
Equipment
...
41*8
6b
.-.
Central 6a
Illinois
Equipment iHa
...
S&nawha 4 Michigan &'^SLoulavllle
&
Nasuvllls 5*...
Michigan Central £9
Equipment
Minn
St
58
P4SS
Equipment
53
M tHi
&
78
Missouri Kansas 4 Texas &s
Missouri Pacific 8a
..
Mobile <t Ohio 63....
Equipment 4H8
Now York Cent 4Hs, 5s, 7s
K Y Ontario & Waat (^Hf-
.
Norfolk 4 Western iHs—
Northern Pacific 7g
Pacific Fruit Express 7s ..
Pennsylvania KR 4J^8
Equipment
Reading Co
4s
,
4^3
St Loula Iron Mt & Boa 5s..
36 Louis & San Francisco 63.
Seaboard Air Line 6s
Soutbern Pacific Co 41^3, 7s
Southarc Railway 4Hs-.
Eauipment
Tole
io
&
5s
Ohio Central 43...
Union
Pacific 7s
Virginian Ry 6s
Tobacco Stocks
16
38
80
7
43
74
10
47
711,1
*8
25
30
76
70
63
80
15
63
8
34
325
67
I212
5OI2
7214
650
7.25
7.25
7.50
7.50
7 50
7 25
7 25
662
6 62
7.25
6 50
6.75
6.75
7.00
7.00
7 75
7 50
7.25
7.25
6.75
7 25
6.75
6.75
6.70
6.50
6.50
6.62
7.60
7.50
7.37
7.37
6.76
7.25
7.25
7 00
6.50
7.00
143s
I4I2
110
120
83
620
475
101
135
94
72
100
Beynolda (R J) Tobacco. ICO 600
B common stoik
100 470
Preferred
99
100
Young (J 8) Co
100 130
Preferred
87
100
Short Term Securities fe r Cent
Cot Oil 8s 1924.. M4S 2 89i2 91
Am
Amsr Tel 4 Tel
Bs 1924. F4A
notes 1922
Amer Tobacco 7s 1920.
7% notes 1921
7% notes 1922
7% notes 1923
6%
A40
M4N
MAN
M&N
MAN
K C Term Ry 4 Ha 1921. J4J
68 Nov 15 1023.. MAN 16
Southern
8
Ry
A
I
6s
95
89
90
97is 9712
97I4 9734
83
81
95's 96
84
92
M4S
F4A 15
MAS
68 1922...
Swlft&Co 68 1921...
Texas Co 7s 1923
Utab Sec Corp 6b "22. MAS 18
West Elec conv 7s 1925. AAO
Industrial
94I2
92I2 93I2
29-FAA
and Ml.sceUaneous
93
941.V
92
Gas 79 Jan 1928F4A
LiBKett4MyfraTob68'31J4U
Penn Co 4H8 1921. -J4D 16
Pub 8er Corp NJ 78 '22.M4S
Reyn (RJ) Tob 6s 22.FAA
Sloss-SIief
9212
lOOig 100%
9934 100
99i2il00
99I2 100
871
89
9934 100
98
9812
9712
97
93I2 94
9978 100
9II2 93
94I4 94'2
9938 99^
Anaconda Cop MSa •29.JAJ
Angio-Amer Oil 7ls9 '25 AAO
BethSt78JuIy 15'22.J&J 15
7% notes July 15 •23JAJ15
Canadian Fac Os 1924 .MAS 2
Del 4 Hudson 50 1920. .F4A
Federal Bug Rig 6b 1924M4N
Goodrich (BF)Co7s '26 A40
Great North 58 1020... M4S
12
75
67
82
7.50
7.60
7.75
7.25
7.12
27
Preferred
35
35
77I2
7 25
Aik.
132
86
160
Par Bid.
9I2 Laclede
90
19
40
85
9
46
78
7.50
7.00
7.00
7.00
0.75
7.50
7.50
7.25
Per Sh are.
74
100
27
Carolina PowALigbt com IOC
Cities Service Co com... 100 z322
166
]?ref erred
100
8
Colorado Power com
IOC
80
Preferred
100
Preferred
Public UtUitles
Preferred
Amer
4
BQUipment 48
Equipment 88
Canadian Pacific 4)^s 4
Caro CiiQChfleld 4 Ohio
100
105
37
126
6<J
50
100
.100
100
100
RR. Equipments -PerCr
4 Ohio 6He
Baltimore
Buff Rocb
Equipment AHe
170
83
112
420
75
175
•100
•35
123
SO
45
65
Preferred
Amor Lt 4 Trao com
"f."
American Cigar eommoa.lOO 128
80
Preferred
100
•47
49
Amer Machine & Fflry 100 150
*1412
Britlsb-Amw Tobac c-ra..£l
278 283
BrIt-Am Tob.iQ. bearer. .£1 *14
79I2 8II2 Conley Foil (new)
no par *25
78
Johnson Tin Foil ft Met. 100 100
'32
39
MaoAndrewa 4 Forbes. .100 110
^..lOC
lat preferred
Preferred
[
Title
Mortgage.. 127
prices are
Amer Power 4 Lt com
[
N Y
110
160
Quotations for Sundry Securities
All
PabUc UtUlUea
Amer Uae dc Klec ouiu
All prices dcllars per share.
daska
Nat Surety.. 194
250
70
85
60
75
AMk
Bid
Realty Assoc
(Brooklyn). 105
U 8 Casualty. 150
U S Title Guar 90
87
Title
Apr
Jan
29c
Apr
1;
2 7-16 Jan
4c
Aik
120
1
Amer Surety. 70
Bond A M Q. 242
City Investing
Preferred..
prices dollars per share.
Bid
Alt
90 ILawyere Mtge 115
80
74 Mtge Bond..
Apr
lie
May
BiS
80
Alliance R'lty
Jan
3H Jan
4H Jan
15-16 Jan
3% Jan
4H Jan
HcJune
Realty and Surety Companies.
All
Apr
2H
June
30c
2c
2c
New York City
High.
Low.
Shares
German Government and
Municipal Bonds
{DollaTS per 1,000 Marks)
Berlin 4s. r
Greater Berlin 4s. r
Bremen 4s. r
287
,
70
93 K
92 M
1924
N W RR
1
Sales
for
70 H S70.000
94% 24,000
92% 6.000
99^ 99 K 55.000
94 M 95 H 574,000
99 J^ 100 '4 56,000
86
5.000
86
92.000
57M 60
94 H 94 5i 31.000
65 « 68>i 222,000
10,000
92 M 93
10,000
26
27
24
25,000
25
97 K 97% 46,000
83 M MVi 50,000
84
83
27,000
97 J^ 98 M 147,000
98
15,000
}i
973i
70
94 H
Anglo-Amer OU 7Hs .."25
Armour & Co 7% notes r'30
7s w i.rl930
ICh &
C C C & St L Ry 6s r 1929
Govt
Vi
15-^1 13-16
Bonds
SwitzerUinrl
I'/s
H.
Ic
IH
10c
notes. r._
6c
\H
4c
24c
4c
2oc
iy,c
111-16
1 3-16
Allied
6%
38c
4c
32c
3c
5c
32c
30
of Arizona...!
King
King Divide. r
— —
THE CHRONICLE
1920.]
Friday
Silver
Sliver
Silver
—
.'
87
92I4
975s 98
98I4 98I2
84
86
9734
98I4
American Braea
100 193
American Chicle com. no pari 39
Preferred
197
40
62
67
American Hardware
100| 136 137
Amer Typefounders ecm.lOO 40 43
17
100'
Preferred
84
88
56
Borden Company com ..100 101 103
10
Preferred
100
86
89
36
Celluloid Company
100 155 160
85
83
Havana Tobacco Co
100
Hi' 212
96
93
Preferred
...100
6
10
I4I2
*14
i8t g 68 June 1 ieaa..j-D /50
57
35I2 36'2 Interoonttnen Rubb com. 100 12
14
I2
1
International Salt
60
100
1
3
-.0
let gold 6s 1951
A-O 67
18
20
International Silver pref. 100 •90
95
56
69
Lehigh VaUey Coal Sale*. 60 •S3
88
I5I2 I7I2 Royal Baking Pow con. .100 120 ,130
57
60
Preferred
83
100
85
Singer Manufacturing
1(X) 123
127
Singer Mfg Ltd
d2i2
£1
31*
..1001
• Per sbare. 6 Baals, d Purchaser also pays accrued dividend.
Flat price, n Nominal, t Ex-dlvldend
v Ex-rtghts.
I
«
New
stock.
THE CHRONICLE
288
[Vol. 111.
[tt^atstm^ut aitd ^ailr^ad %nUllxQtnu.
RAILROAD GROSS EARNINGS
table shows the gross earnings of various STEAM roads from which regular weekly
or monthly returns
The follo"«ang
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
Month.
Current
Year.
Jan.
Previous
Year.
Latest Gross Earnings
1 to Latest Date.
Current
Year.
ROADS.
Previous
Year.
Alabama & Vicksb.'May
271,884
212,349 1.314,963 1,104,581
4th wk June
Ann Arbor
127,747
106,592 2,256,557 1,931,130
May
Topeka
&
S
Fe
15214482
13827409'83,170.103
Atch
64,737,465
Gulf Colo & S Fe. May
1,881,229 1,548,262 10,366,793 7,326,798
Panhandle & S Fe May
678,472 438,965! 3,267.215 1,994,600
Atlanta Birm & Atl- May
457,744
443,054 2.317,616 2,002,199
'
Atlanta & West Pt ~May
228,411
233,703 1,241,847 1.135,117
May
Atlantic City
385,294 458,519 1,439.709 1.530,937
Atlantic Coast Line. May
5,739,371 4,994.377 31,417,020 27.955.311
Baltimore & Ohio- May18263118 14327444 82,201,815 64,526,634
B & O Chic Term. April
88,272
120,878
735,136
472,125
Bangor & Aroostook May
581,914 427,962 2.715.241 2,238,328
Belt Ry of Chicago- May
252,540 307.712 1,539,270 1,268,807
Bessemer & L Erie- May
787,540 1.452.739 3,543.222 4,319,664
Bingham & Garfield May
169,030
66,423
751,569
508,499
Birmingham South- May
59,389
38.771
236.173
266,090
May
Boston & Maine
6,819,856 5,605,073 30,801,768 25,925,472
Bklyn E D Terminal May
51.204
85.164
367,491
360,5/2
Buff Roch & Pittsb- 1st wk July 399,918 288,236 10,164,520 7,253,579
Buffaio & Susq
224,414
161.4431
1,131,736
828.251
May
Canadian Nat Rys- 1st wk July 1.932,961 1,713,404 47,497,785 43,199,276
Canadian Pacific
1st wk July 3,773.000 3,120,000 93,803,000 77,967,000
Can Pac Lines in Me May
175,247
124,379 1,374,040 1,435,195
Oaro Clinch & Ohio- April
609,225 446.073 M87,447 1,796,087
Central of Georgia.. April
1,957,022 1.774,1
8,422,337 6,717,673
Central RR of NJ__ May
3,532,857 3,467,309 16,004,562 16,641,811
Cent New England. May
566,293
694,7161 2,201,716 2,574,376
Central Vermont
6.58,460
476,8.32, 2.566,715 2.122,136
May
Charleston &
255,3941 1,438,452 1,298,390
301,891
Car May
Ches & Ohio Lines- May
6,739,755 6,528.053 31,796.586 28,066,217
Chicago & Alton
2.200.36612.156,632 10,669,533 9,892,886
May
Chic Burl & Quincy April
12380912 11161011 56,063,750 44,566.854
'
Chicago & East IU-- May
2,033,327 2,051,638 11,187,410 9,507,013
Chicago Great West May
1,655,241 1,596,772 9,088.600 8,026,632
Chic Ind & Louisv.. May
1,160,876
993,641 5,656.958 4,522,881
Chicago Junction. _ May
218,883
314,915 1,244,618 1,378,650
Chic MUw & St Paul May
11032 590 12060417 63,154,805 56,209,942
Chic & North West. May
12744632 11335680 58.977,889 50,069,P46
Chic Peoria & St L. May
153,113
135,427
781,081
496.282
Chic R I & Pacific. May
10203 561 8,413,300 51,121,766 40,295.542
ChicR I & Gulf.. May
465,008 365,883 2,614,882 1,829,342
Chic St P
& Cm. May
2,313,018 2,058,907 12,213,375 10,354,732
ChicTerreH&SE. May
372,070 298,005 1,923,129, 1.555,467
Cine Ind& Western. May
318,277
246,894 1,674,181 1,132,958
Oin
O & Tex Pac. May
1,487,727 1.350,291 7.730,699 6.922.737
Colo & Southern
3d wk June 509,137 476,358 12,684,461 11.174,881
Ft
& Den City May
885,293 883,751 4,810.803: 4.146.492
Trin & Brazos Val May
739,680'
136,299
96,245
501,352
Colo & Wyoming
90,799
94,011
360,059
473,522
May
Copper Range
67,839
323,720
75,984
289.486
April
Cuba Railroad
1.467.108 1.274.864 5.130.721 4,889.697
April
Camaguey & Neuv AprU
192,424 215,926
Delaware & Hudson May
2,836,639 2,865,022 13,996.379 13,038,820
Del Lack & West
5.626,096 6,121,589 26,639.970 27,931,940
May
Denv & Rio Grande May
2,953,227 2,388,883 14,509.015 11.529.155
Denver & Salt Lake May
195,249 236,025
890,649
898.579
Detroit & Mackinac May
583.463
155,127
130.480
717.850
Detroit Tol & front. May
399.292 247,653 1,833.312 1.446.986
Det&Tol Shore L.. May
180,298
735,293
154,179
705,012
Dul & Iron Range.. May
1,328 242 1.159.270 1,943.605 2.052,670
Dul Missabe & Nor. May
1.995.178 3,361,898 2,857,950 5,090,222
Dul Sou Shore & At] 4thwkJune 103,464
84,068 2,533,721 2,181,075
Duluth Winn & Pac May
183,680
978,579
835,127
143,861
East St Louis Conn. April
361,238
36,592
92,205
419,349
Elgin Joliet & East- May
1,770,149 1,522,132 8,805.919 8,791,618
El Paso & So West. May
1,021,969 1,053,023 5,681,762 5,233,845
Erie Railroad
May
7,541.320 7.769.062 36,799,363 34,300,424
Chicago & Erie_- May
1,029,803
902,257 4,268,169 4,144,042
Nev Jersey & Y May
406,759
103,628
93,537
488,395
Florida East Coast- May
1,114,726
856,479 6,217,981 4,656,586
Fonda Johns & Glov May
127,003
549,743
471,488
107,797
Ft Smith & Western! "May
141,418
594,449
125,945
732,754
Galvaston WTtiarf
May
326,383
118,177
62.184
616,747
Georgia Railroad
May
532,682
463,483 2,639,869 2,557,017
Georgia & Florida- May
107,960
401,312
67,033
553,221
Grand Trunk Syst.. 4th wkJune 2,926,623 2,196,458
Ch D & C G T Jet May
785,378
92,945
171,924
639,780
Det Gr H & Milw May
287,720 387.057 1,592.242 1.513,085
Grd Trunk West. May
1.032,703 1.188,150 5,725,656 5,249,670
Great Northern Syst May
9.695,801 8,474,019 43,767.522' 38,340,910
Green Bay & West. May
100.408
489.5091
481,367
95,657
Gulf Mobile & Nor. May
313.012
251,791 1,505,193 1,020,223
Gulf& Ship Island.. May
926,658
262.390 204.974 1,176,490
Hocking Valley
May
1,000,681 1,122,764 5,094.237 3,339,333
Illinois Central
May
10713130 9,001,860 54,600,825 41,774,666
Illinois Terminal
May
397,863
85,413
69.597
361,802
Intemat & Gt Nor. May
1,308,792 1,245,946 6,845,582 5,506,510
Kan City Mex & Or May
114,535
465,685
115.634
613.626
C Mex & O of Tex May
404,419
120.552
84.709
665,746
Kansas City South. May
1,574,482 1,238,016 7,229,952 5,896,427
Texark&Ft Sm-_ May
165,836
540,567
103,680
785,263
Kansas City Term. . AprU
86.547
410,656
101,355
458,303
Kansas Okla & Gulf May
193,042
503,113
104,063
959,457
Lake Terminal
May
109.626
460,687
78.703
494.617
Lehigh & Hud River;May
216,136 212,545
971,862
934,148
' "
Lehigh & New Eng. May
1.283,848
447,338 345,415 _1,724,326
_
_
Lehigh Valley
May
5,203,205 5,291,551 25,058,606 23,840,380
Los Ang & Salt Lake May
1,687,127 1,395,316 7,370,9091 6,939.405
Louisiana & Arkan. May
313,987
869.448
181,364 1.721.605
Louisiana Ry & Nav May
304,914
267,456 1.633.171 1.403.372
Louisville & Nashv. May
9,621,757 8,411.506 48. 198.840'42, 018.008
Louisv Hend & St L May
237.505
279.688
713.2581 1.194,085
Maine Central
May
1,686,684 1,304,251 7,303,129 6,716,995
Mineral Range
4thwkJtme
429,431
10,464
7,513
345,929i
Minneap & St Louis May
1,247,138 1,050,360 6,305,423 4,861,099
Minn St P & S S M. May
3,676,014 3,313.120 16,122,546 15,444,450
Mississippi Central. May
398,227
78,112i
384.7771
88,553
W
1
M
N
W
N
K
Week or
Month.
Weekly Summaries.
Current
Year.
week Apr ( 9 roads)
7,165.878
week Apr (13 roads).
7„506,473
4th week Apr (14 roads).
15,033,356
l8t week May (16 roads).
8.717,923
2d week May (18 roads).
12, .366. 5.54
3d week May (16 roads).
12.180.226
4th week May (16 roads).
17,271.709
let week June (12 roads).
10.450.316
2d week June (16 roads).
12.339,698
3d week June (16 roads).
11.609.848
4th week June (17 roads).
16.721.323
* We no longer Include Mexican roads in
2d
3d
Previous
Year.
6.254.497
6.679.491
12.9.57,316
7.517.103
11.088.114
10.885. .509
Increase or
Decrease.
+911 ,381
+826 ,982
%
24.21
14.57
12.38
.040
+2,076
1,200 .820 13.81
+ 1.278 440 15.97
1,294 71711.53
2,174 417 11.89
1.671 .770 17.70
1.812 .688 17.22
1.788 ,985 18.22
+3,827 .844 29.69
+
+
+
+
+
+
16,097.292
8.878.546
10.627.110
9.820.863
12.893,479
any of our totals.
'Jan. 1
lo Latest
Date.
Previous
Year.
Current
Year.
Previous
Year.
$
2,921,105 2,702,458 14,747,677 12,805.946
Mo
2,043,521 2,081.970 11.284.238 9,339,395
Mo
141,023
755,630
590,676
109,489
Missouri Pacific
May
8,633,771 7,194,940 44,167,859 34,666,488
Monongahela
250,686 276,451' 1,349,785 1,299.848
JMay
Monongahela Conn. May
73,051' 1,263,917
734.183
273,420
Montour
[May
445.699
401,206
108,656
123,947
Nashv Chatt & St L May
2,072,974 1,684,8611 9,790,722 7,601,028
Nevada-Cal-Oregon ;4th wkJune
134,928
134,394
8,480
8,881
Nevada Northern.. iMay
674,797
163,437
768,424
139,561
Newburgh & Sou Sh May
636,161
704,796
119,868
151,3481
New Orl Great Nor. May
881.777
203,871
164,0111 1,026,204
New Orl & Nor East May
545,564' 2.991,069 2.541.087
566,476
O Texas & MexicoMay
199,230
963.360
744,173
185,420
Beaum S L & W. . IMay
185,449
835,908
523,469
87,398;
May
St L Browns &
720,364 451,038' 3,096.837 2,034,215
New York Central.. May
27066632 24005603' 129150092 li 5472782
Ind Harbor Belt. May
587,866 496,169' 2.957.346 2,467,285
Lake Erie & West May
848,592
742,297 3.983.473 3,682,051
Michigan Central May
6.199,722 6.166.489 31,377,211 128,687.754
Cincinnati North. May
269,198 244.464^ 1.277.746 1.163,730
ClevC C& St L.- May
6,318,219 5.639,159 33,208,2.56 26,264,269
Pitts & Lake Erie May
754,893 1,934,664 10,946,097 11,480.262
Tol & Ohio Cent. May
854,062
817.142 4.050,901 3,123,757
Kanawha & Mich May
470,300 449,835 1,840,464 1,646,540
Y Chic & St Louis May
1,850,564 1,962,284 10,060,193 10,037.944
Y H & Hartf_- May
10000392 8.607,620 44,919,039 38,570,274
Y Out & Western May
1,030,375
950,005 3,935.101 3.662.272
N Y Susq & West-. 'May
414,781
335,663 1,641,203 1.525,284
Norfolk & Western. iMay
6,423,482 5,925,049 30,300,435 29,891,394
Norfolk Southern.. 'May
600,994
601,723 3,241,996 2,519.960
Northern Alabama., May
633.425
479.445
120,399
73,565
...
_„_
Northern Pacific
iMay
7,981,879 7.674,797 42,405,530 37.524,437
645,690
456,274
Minn & Intei'nat. iMay
95,248
95.099
North westernPacific May
637,437
545,246 2,679,4901 2,128,598
Pacific Coast
432,459
May
372.895 2, .567 .689 2.081.057
Pennsyl RR & Co.. AprU
34003 251 36825 582 149870926 143409179
604,897
Bait Ches & Atl.. May
117.714
616.784
118,781
Long Island
iMay
2,033,322 2.328,054 8,231,848 8.888.687
395,5831
451.204
Mary Del & Va..lMay
105,429
102.870
Y Phila & Norf AprU
613,066 639,208 2,329.321! 2.453.860
Tol Peor & We.st.|May
749.9201
640.701
145, .524
114,829
Jersey & Seash AprU
808.451
832,378 3,132,199' 3.020.358
Pitts C C & St L AprU
8.082.920 6,920,967 26.073.527 20.940.762
629.725
Peoria & Pekin Un. May
492.891
99.800
105,701
Pere Marquette
May
3,161,077 2,811,977 14,030,404 12,794.694
Perkiomen
May
472,725:
418.161
95.121
91,391
Phila Beth & N E.. May
487.204
368.141
138,517
57,448
Phila & Reading
May
7,294,060 6.003,318 34.188,619 26.659.742
Pittsb & Shawmut.. May
135,487
643,829
446.794
103,703
Pitts Shaw & North May
103,502
567,205!
406.109
76,469
Pittsb & West Va.. May
715,4381
629,159
184,153
107,986
771.440'
Port Reading
May
134.588
232.284
1.055.698
Quincy
April
336.868
95.698
91.260
418,066]
Rich Fred & Potom May
925.815 1,073.375 4,726.0831 5.160.205
685.472
Wash Southern.. February
309,844 332.144
778.950
Rutland
May
469,643 406,006 2.109.862 1.793.499
St Jos & Grand Isl'd May
249,921
200.955 1,267.077 1.062,245
St Louis-San Fran.. May
6,945,326 5.860.155 34.974.331 29.220.477
Ft
787.268
541.182
& Rio Gran May
134.898
117.529
St L S F of Texas May
139,444
674.507;
513,622
100.933
St Louis Southwest. May
1.687,384 1.074.673 8,004,6331 5,073,426
St L S
683,730 504.227 3.562.751 2,361,123
of Texas May
St Louis Transfer.. AprU
320,392
44,522
70,823
450.613!
San Ant & Aran Pass May
338,470
336.135 1,792,253 1,615,810
601.8071
443,830
San Ant Uvalde & G. May
155,479
128.997
Seaboard Air Line. . May
3,903,663 3.326, .503 20.706.939 17,093.274
496.532
South Buffalo
May
123,193
52.399
533.160
Southern Pacific
May
15784821 13114866 71,732.292 62,046,809
Arizona Eastern. May
340,061
313.148 1.645.051 1.561,281
Galv Harris & S A May
2,003,953 1,724.307 9,493,912 8,291,690
Hous & Tex Cent. May
906,427
750.930 4,435,960 3,363,466
919,944
Hous E &
253.276
191,841 1,171,912
Tex. May
Loui.siana West.. May
408.007
381.793 2,069.896! 1.611,024
Morg La & Texas May
807.662
654.606 4,074,275j 2,983,410
Texas & New Orl. May
735.933 661,364 3.733.186 3,072,707
Southern Railway.. 4th wkJune 3.627,719 2.723,009
Ala Great South. May
844.677 887,247 4,195.032 4,075,879
325,234 2.250.160
,821,662
Mobile cfe Ohio
May
378,187
Georgia Sou & Fla May
1.410,920 1,241,280 7,386.257 6,976,964
785,812'
691,949
South Ry in Miss. May
128,225
140,485
604,348
370,305
Spokane Internat'l. May
112,726
89,540
Spok Portl & Seattle May
724,519
641 ,022 3.361,989 2,768,369
863.035
Staten Island R T.. May
209,248 202,500
825.668
58.828
85.005
Tenn -Ala & Georgia 4th wkJime
6,646
2,390
Tennessee Central . May
241 ,954
178.737 1,192.678; 1,052.795
TermRRAssnofStL AprU
225,072 290,913 1.380.026, 1.171.523
861,791
St L Mer Bridge T AprU
157,381
206,100 1,192.286
4th WkJune 948,777
Texas & Pacific
882,804
Toledo St L & West. May
944,645 596.805 4,124,390 2.863,619
378,472
Ulster & Delaware.. May
115,290
449,610
89,646
Union Pacific
May
9.480.312 8.422,271 46,475,328 41,205,957
Oregon Short Line May
3.614,122 2.926,556 17,413,008 14,003.774
May
Ore-Wa.sh RR&
2.500.317 2,172,878 13,089,562 10,480,044
Union RR (Penn).. May
748.201
706,105 3,312,894 3,088,564
428,978
Utah..
May
713,770
111,206
73,778
Vicks Shreve & Pac. May
329.889 235,369 1,773,221 1,263,640
Virginian RR
May
1.004,699 1.051,219 5,863,288 3.973,434
Wabash
May
3.861.755 4,272,003 20.319.581 18.721.068
Western Maryland, 1st wk July 247.955 269,296 8.578.183 6. 588. 254
Western Pacific
May
1.149,630 1.030,598 5.277.791 4,222,540
Western Ry of Ala.. May
222.423 237,804 1.149.898 1,123.133
Wheel & Lake Erie. May
1,302,742 1,270.663 5,629,131 4,317,290
738,317
Wichita Falls &
May
221,069
163,653 1,079,722
Yazoo & Miss Valley May
2,388,806 1,961,896 11,841,640 9,297.937
Kan & Tex May
K & T Ry of Tex May
jMay
& North Ark
Missouri
j
:
i
;
!
j
N
M
^
N
N
N
N
N
:
W
Om& KC.
W
W
W
N
NW
AaGREQATE O? GROSS EABNINQS— Weekly and
*
Current
Year.
SSonthly.
Current
Year.
*Monthly Summaries.
Curr.Yr. Prev Yr
226.664 226.934
August
233.423 2.33.203
September ..232.772 232.349
October
233.192 233.136
November ..233.032 232.911
December ..233.899 233,814
January
232.611 232.210
February ...231,304 231.017
March
213.434 212.770
AprU
221,725 220,918
May
213,206 211.040
Mileage
July...
.
.
S
454.588
469.868
495.123
508,023
436,436
451.991
494.706
421.180
513
678
397
851
55)
330
125
876
408,582, 467
387.680 982
387.330 487
Previa tis
Year.
Increase or
Decrease.
s
S
469 2J6.733 —14.658,220 3.13
502 .505,334 —32.636,656 6. 40
485 .870,475 + 9,252,922 1.9T
489 .081. 35^ + 18,942,496 3.87
439 .029.989 —2. 593. -138 059
440 .481.121 + 11.510,209 2.01
392 927.365 + 101778760 25.90
348 7-19.787 + 72,431.089 20.77
347 090.277 +61.492.190 17.72
372 828,115 + 12.862.867 3.45
348 701,414 + 38.629.073 11.08
.
.
July 17
THE CHRONICLE
1920.]
Latest Gross Earnings by Weeks.— For the fourth week
of ]May our final statement covers 17 roads and shows 29.69
increase in the aggregate over the same week last year.
%
Fourth Week of
May.
Increase. Decrease
1919.
1920.
$
$
$
Previously reported (12 roads) -- 16,465,523 12 ,684,025 3,817,515
21,145
106,592
127,747
19,396
84,068
103,464
Duluth South Shore & Atl
2,951
7,513
10,464
8,881
8,480
Kevada-California-Oregon
"3",255
2,390
5,645|
Tennessee Alabama & Georgia. .
S
36,016
16,721,323 12 ,893,479 3,864,262
3,827,844
36,418
1
Total (17 roads)
Net Increase (29.69%)
Net Earnings Monthly to Latest Dates.
way Earnings"
Section
or
401
—
In our "Railwhich accompanies
Supplement,
we give
steam railroads which make
to-day's issue of ike "Chronicle,"
the
May
figures of
to issue
a practice
earnings of all
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple-
ment
for
full
details
regarding the
May
it
results
for
all
the
separate companies.
In the following we give all statements that have come
We also add the returns of the indusin the present week.
trial compames received this week.
Net Earnings
Gross Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
.$
$
$
$
65,795
233,703
51,457
228,411
Atlanta & West Point. b May
322,468
333,957
1,241,847 1,135,117
Jan 1 to May 31
232,062
236,617 def61,950 defl64,784
Atl & St LawTenco.b...May
1,248,152 1,767,588 def300,605 def442,395
Jan 1 to May 31
635,121
Baltimore & Ohio. b... May 18.263,118 14,327,444 1,987,154
Jan 1 to May 31
82,201,815 64,526,634 3,401,864df3,419,5S3
79,302
88,577
CentralRRofN J. b... May 3,532,857 3,467,309
Jan 1 to May 31
16,004,562 16.641, 811den, 066,443 1,002,728
91,447
Colorado & Southern. b.May 1,097,332 1,020,944 def225, 169
974,974
Jan 1 to May 31
3,588,662 5,171,406 1,035,352
304,100
883,751 def48,500
885,293
Ft Worth & Denv C b May
395,319 1,141,375
Jan 1 to May 31
4,810,803 4,146,492
99,259'
76.723
154,179
180,298
Det &TolSh Line. b... May
404,641
735,293
253,844
705,012
Jan 1 to May 31
defl.322
1,994
143,861
Duluth Win & Pac.b... May
183,680
118,921
105,037
835.127
Jan 1 to May 31
978,579
45,791
44,459
107,797
127,003
Fonda Johns & Glov_ b.May
162,024
471,488
192,773
Jan 1 to May 31
549,743
Georgia & Florida. b... May
107,960
67,033 def52,373 def53,932
Jan 1 to May 31
553,221
401,312 def307,835 defl26,733
def8,624
def6,211
GreenBay& West. b... May 100.408
95,657
30,814
Jan 1 to May 31
489,509
32,444
481,307
lUinois Central. b
Mayl0,713,130 9,001,860
185.401 1,563,368
Jan 1 to May 31
54,600,825 41,774,666 5,950,261 3,146,579
May 193,042
Kan OkJa & Gulf.b
104,063
12.054 def86,282
Jan 1 to May 31
959,457
503,113 def95,841 def352,050
def 146
249,921
200,955 def32,659
St Jos & Gr Island. b... May
Jan 1 to May 31
1,267,077
1,062,245 def30,323 def79,549
1,288,771
St Louis San Fran. b... May 6,945,326 5,850,155 1,153,796
Jan 1 to May 31
34,974,331 29,220,477 6,267,536 5,157,816
355,1.59
St Louis Southivest.b.. May 1,687,384 1,074.573
609,029
Jan 1 to May 31.
950,658
8,004,633 5,073,426 2,935,134
of Tex b May
St Louis S
683,730
504,227 def 224, 974 def73,052
Jan 1 to May 31
3,562,751 2,361,123 def959,.354 def569,308
Union Pacific.b
May 9,480,312 8,422,271 2,613,228 2,719,360
Jan 1 to May 31
46,475,328 41,205,957 14,363,718 12,555,384
Ore Short Line.b
May 3,514,122 2,926,556 1,125,975
863.205
Jan 1 to May 31
17,413,008 14,003,774 6,045,147 3,509,114
402,665
Ore Wash
b.May 2,500,317 2.172,878
226,842
Jan 1 to May 31
13,089,562 10,480,044 2,563,573 1.496,772
Wabash. b
May 3,861,755 4,272,003 def562,676
620,002
Jan 1 to May 31
20,319,581 18,721, 068defl, 340, 100 1,446,574
West Ry of Alabama. b.May
222,423
237,804
76,322
51,803
Jan 1 to May 31
279.465
1,149,898 1,123,133
283,899
Wichita Valley. b
May
98,444
77,148 def42,211
8,378
Jan 1 to May 31
22,210
704,529
351,632
132,417
Yazoo&Miss Valley. b.May 2,388,805 1,961,896
222,319
484,746
Jan 1 to May 31
11,841,640 9,297,937 1,659,806 1,737,319
W
RR&N.
b Net earnings here given
are before deducting taxes.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name
or
Latest Gross Earnings.
Road
Company.
Jan.
1
to Latest
Date.
of
Month.
Adirondack El Pow Co May
Alabama Power Co.. Way
Atlantic Shore Ry
April
Bangor Ry & Electric May
Baton Rouge Elec Co Mav
Blackstone
VG&
May
May
El_
/Brazilian Trac, L & P
BklyTi Rap Tran Sys-
oBklyn City
aBklyn Hts
RR
RR
February
February
Coney Isid & Bklyn February
Coney Isld & Grave February
Nassau Electric
February
South Brooklyn
February
New York Consol.. February
Bklyn Qu Co & SublFebruary
Capo Breton Elec Co. iMay
Cent Miss V El Prop. May
Chattanooga Ry & Lt May
j
I
I
Cities Service
Co
May
& East April
eColumbia Gas & Elec May
Columbus (Ga) El Co May
Com'w'th P, Ry & Lt May
Connecticut Power Co Mav
Consuni Pow (Mich) . May
Cumb Co (Mo) P & L May
Dayton Pow & Light. May
d Detroit Edison
May
Duluth-Superior Trac May
East St Louis & Sub. May
Eastern Texas Elec. May
Edison El of Brockton Mav
Cleve Palnesv
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
S
•S
S
160,012 130,026
873,969
684,054
3o3,462 211,173
,620,642
.156,947
17,396
54,738
lu,832
45,487
38.237
28,5.59
190,134
143,051
100,834
83,381
476,480
413,924
248,099 195,864
112,519
,314,634
10985000 9562,000 50,166,000 44,594,000
711,161
4,570
157,233
4,039
430,052
71,185
1621,032
121,289
50,607
38,087
108,660
2219,331
57,094
1139,390
127,373
2438,654
120,948
1097,713
239,753
280,505
1669,922
161.373
322,694
127,686
110,977
1666, 440
129 052
2 934
375. 550
57. 185
1150 893
101 .766
46
32
74
1785
48
918
3.50
,982
545
552.196
13,232 (1,379,372
343,568
267,569
8,296
5,856
946,0.59
774,464
143,438
116,418
3 ,225,785 2,403,667
273,145
207,446
236,665
230,884
197,906
164,7.34
541,299
389,790
,853 10 ,606,0,59
,496
217,956
,256,
,646|
6 ,467,007
201 ,289
214 ,052
1210 ,340
162 .247
,180,505
.534.895
25 740
,661,439
625,341
9,161.801
189,457
5,298,330
101
653,417
505,664
2055 ,620 12 ,574,060 10,322,201
89 ,854]
600,258
.501,292
894 ,440
,715,390 4,567,031
110 108
83 ,444
701,199
809.054
565,976
1,022.445
1,211,657
6,651,307
773.983
1.321.342
540.182
448,378
389
Latest Gross Earnings.
Name
or
Road
Company.
Month.
Elec Light & Pow Co.
e El Paso Electric Co.
Fall River Gas Works
Federal Light & Trac
Ft Worth Pow & Lt-.
Galv-Hous Elec Co..
Georgia Lt, P & Rys.
e Great West Pow Sys
Harrisburg Railways.
Havana El Ry, L & P
Haverhill Gas Lt Co.
May
May
May
April
May
May
April
April
April
May
May
Honolulu R T & Land April
Houghton Co El Co.. May
Houghton Co Trac Co May
Hudson & Manhattan February
d Illinois Traction
May
Unterboro Rap Tran. May
Kansas Gas & Elec Co May
Keokuk Electric Co.. May
Key West Electric Co May
Lake Shore Elec Ry.. March
Long Island Electric. February
Louisville Railway
April
Lowell Electric Corp. May
Manhattan & Queens February
Manhat Edge 3c Line February
cMilwEl Ry &LtCo. May
Miss River Power Co. May
Ry & Light May
New England Power. May
Nashville
NewpN&HRy.G&E May
New York Dock Co.. May
N Y & Long Island.. February
N Y & North Shore. February
N Y & Queens County February
bN Y Railways
February
.
SEighth Avenue
February
6Nlnth Avenue
February
Northern Ohio Elec. May
North Texas Electric. May
Ocean Electric (LI).. February
Power & Light May
& Western
May
Pacific
Phila
Phlla
Rap
Transit
Portland Gas
Port (Ore) Ry
«&
,
Co May
Coke.
May
L & P Co May
L&PCo April
Ry & Lt Co- May
Puget Sd Tr,
Republic
Richmond Lt & RR.. February
St L Rocky Mt & Pac March
Second Avenue
February
Co..
May
May
Ry & Power.
& Annap. .
Youngstown & Ohio.
May
May
May
Southern Cal Edison.
Tampa
Jan.
1 to Latest
Date,
of
Electric
Tennessee Power
May
;iTenn Ry, Lt & P Co May
Texas Power & Lt Co May
Third Avenue System. May
Twin City Rap Tran. April
Virginia
Wa.sh Bait
Previous
Current
Year.
Year
24,465
152,988
68,913
369,621
168,716
334,843
137,629
460,104
142,745
946,301
34,335
73,523
37,352
23,533
520,595
1634,853
4597,479
270,333
27,519
22,851
257,477
14,910
342,575
94,395
14,546
18,427
1476,714
238,349
320,236
472,460
209,981
465,172
22,605
2,869
54,583
317,785
16,986
4,818
1009,513
331,347
7.841
Current
Year.
Previous
Year.
$
133,777
111,814
21,583
762,984
627,000
126,206
341,593
278,010
56,261
,552,585
1,311.718
316,314
811,071
512,886
90,675
248,596
,434,904 1,214,104
564,880
466,254
114.681
412.599
,870,307 1,675,375
124,379
563,017
517.109
,.587,376 3,576,815
740,304
183,593
147,857
26,588
60,770
269,527
237.782
32,239
214,850
187,915
22,188
136,947
126,205
445,855
,078.981
959,187
1355,166
,386,024 6.914,870
4019,001(22 ,986,327 19,341,036
210,397' 1 ,423,013 1,148,889
140,907
24,821
124,212
17,723
107,320
94,289
721,245
551,678
185,808
14,406
37,357
29,596
.319.111 1,303,102
339,350
73,757
512.777
412,294
34,349
18,104
38,206
38,719
24,110
11,375
1180.477
,471,620 5.950,359
916,704
198,593
,050,789
,540,539 1,321,323
264,678
1,519,172
293,157
,273,808
,030,043 1.062,398
241.736
447,810
,270,825 2,104.638
34.795
60,947
75,080
21,441
10,659
15,286
145,042
150,641
71.953
917,583
,178,103
109,022
1,879.847
44,956
3, .566, 716
761 ,606
,705,142
264 ,546
1,276,153
13,853
816,604
278.422
,475,745 14,211,334
871,285
,038,915
,700,267 3.544,323
,383,255
.326,430 2,537,913
85,.538
73,608
.193,874
968,467
115,057
79.993
.780.739 3,919,520
622,367
515,887
978,195
968,713
.650,730 2,348,762
,716,602 1,381,040
,601,847 4,349,558
.135.038 3,500,724
,043,079 7,673,497
584,750
783,577
182,209
230,768
6 ,577
166 .572
204,110
72,600
65 ,053
3379,185 3084 ,983
209,064 165 ,495
741,360 711 ,453
813,507 712 ,832
623,507 491 ,776
42,777
36 ,236
416.537 282 ,074
13,109
55 ,262
1190,532 882 ,563
115,848 103 ,018
200,730 149 ,720
548.713 421 ,082
338,309 249 ,788
1102,180 1000 .692
1017814 882 221
863,441 743 505
213,068 214 687
38 933
51,338
579,825
17,804
007,920
295,620
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transiu
System the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental: therefore,
since Oct. 18, 1919 the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth .4venue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11, 1919, respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light, Heat & 'Traction Co. d Includes
al
sources, e Includes constituent or subsidiary companies. / Earnings
given in milreis. g Subsidiary companies only, h Includes Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes
both subway and elevated lines, j Of Abington & Rockland (Mass.).
Electric Railway and Other Public Utility Net Earnings.— The following table gives the rturns of ELECTRIC
railway and other public utility gi'oss and net earnings with
charges and surplus reported this week:
Eastern Shore Gas May
& Elec Co and
subsidiaries
12 mos
May
Havana Elec Ry.
Ltcfe Power Co
5
mos
June
Keystone Telephone Co
6
mos
Penn Central Lt &
Pow Co and Sub-
May
sidiaries
12
mos
Gross
Earnings.
$
'20
37,623
'19
31,277
'20
452,328
'19
'20
'19
'20
•19
'20
'19
'20
'19
'20
'19
'20
'19
389,590
946,301
740,304
4.587,376
3,576.815
144,630
133,723
862,451
787,920
178,950
141,889
2,022,712
1,799.882
Net
after
Taxes.
$
7,977
6,590
110,216
88,788
483,993
387,628
2,320,914
1.800,638
48,550
41,071
305,111
257,589
57,445
54,087
749.628
647.147
Fixed
Charges.
S
5,882
4,391
Balance,
Surplus.
$
2,095
2,199
63,539
46,677
35.232
53,556
188,597
1308.866
a;215,588
191,494
946,637 cl,412,407
x761,869
1.091,144
11,663
36.887
11,899
29,172
90,448
214,663
82.6-15
174,944
30,341
27,104
29,309
24,778
396,477
353,551
297,334,
349,813
X After allowing for other income received.
FINANCIAL REPORTS
—
Financial Reports. Au index to annual reports of steam
raih'oads, street railway and miscellaneous companies which
have been pulalished during the preceding month \vill be given
on the last Saturday of each month. This index A\-ill not
include reports in the issue of the "Chronicle" in which it is
The latest index will be found in the issue of
published.
Juue 26. The next will appear in that of July 31.
Terre Haute Indianapolis
&
Eastern Traction Co.
{Report for Fiscal Year ending Dec. 31 1919.)
President Robert I. Todd, Indianapolis, lud., Juno 9,
wrote in substance:
—
Compared with 1918 gross earnngs incroa.sed S749.696, or
Results.
20.09%; operating expenses increased S612,172. or 24.76%; not earnings
increased §137,524, or 10.92%); and taxes incroa-sed .?29,939. or 12.87%.
From the above it will be seen that a very largo part of the substantial
increase in gross earnings was expended in operation duo to the heavy
Taxes were also incrpn.-iod.
incroasas in the cost of material and labor.
During 1919 (hero was expended and oharsuxl to
Capital Expenditures.
the
sum
of S282,203, of which S36.735
added
property,
for
capital account
was on owned lines and 3245,468 on leased lines, viz.: Terre Haute Traction
& Light Co., $229,010; Indianapolis & Northwestern Traction Co., S3, 428;
Indianapolis Crawfordville & Danville Electric Ry. Co.. §7,369; Indianapolis & Martinsville Rapid Transit Co,, 35.660.
—
THE CHRONICLE
290
larse expfiiditures on the leased property of the Terre Haute Tract.
Light Co. include the cost of further extensions of the light and power
The
lines to coal mines and manufacturing plants and other consumers.
Increased sale of power on account of these additions adds materially to the
revenue of the company.
,„
-rr
Terre Haute has proved so successful
The use of one-man safety cars
of
operation that 25 more cars were
economy
and
efficiencv
of
In point
purchased during the year 1919. This makes a total of 56 cars of this type
now in use in Terre Haute.
,
.
,
During the year 1919 the amounts set forth below,
tf Sinking Funds.
aggregating S227.101, were deducted from net earnings for account of
sinking funds, but due to the necessity of providing funds for certain capital
expenditures that could not be avoided, the principal of the sinking fund
pro^aded for by the General & Refunding Mortgage of the Terre Haute
Sinking fund payIndiananolis & Eastern Traction Co. was not paid.
ments in 1919: Terre Haute Ind.& East. Tract. Co.. S146.105; Ind. & Greenfield Eapid Tran. Co., 825,000: Ind. & East. Ry. Co., $12,280; Ind. Crawfordsville & Danville Elec. Ry. Co., S12.813.- Terre Haute Traction &
Light Co., .530.903.
On Dec. 31 1919 the amoimt of bonds held for sinking funds was as follows:
T. H. Ind. & East. Tract. Co., $815,000, and Ind. & Greenf. R. T. Co.,
$250,000, while the trustees held in cash, $28,230 with which to purchase
additional bonds, making a total investment in sinking fund of $1,093,230.
Investment of Company's Funds. The company had, on Dec. 31 1919 a
total investment of $3,334,162 in "Additions to plant, property and equipment," for which no bonds or other securities have been issued, and for the
pajTnents to sinking funds and investments in "Securities of Affiliated
SSThe
&
m
.
.
—
.
—
Companies,"
viz.:
Expended tor construction purposes on the owned lines of the
Terre Haute Indianapolis & Eastern Traction Co
Advances made to leased lines for construction, &c
Total amount invested in various sk. fds. as enumerated above.
.'$769,822
1,024,686
1,093,230
$446,424
Securities of affiliated companies owned
This is an increase of $280,670 in the assets of the company over 1918.
In the winter of 1917 the company comLive Stock Transportation.
menced carrying hogs, sheep and cattle from points on the Crawfordsville
Division to Indianapolis for delivery to the stock yards. This has proved
to be such a satisfactory means of transportation to shippers that the
During the year 1919 there were
business has largely increpsed each year.
hauled 1 ,285 car loads of live stock on which the freight earns were .$27,479
was
a
slight revision of freight rates
During 1919 there
Freinht Rates.
authorized by the P.S. Conim. which gave the company a small net increase.
The rate of fare during the year 1919 was 2H cents per
Passenger Fares.
mile. This was found inadequate and there is now before the Commission
a petition from the company asking that the rate be made 3 cents per mile
The facts and figures presented in the company's petition justify the hope
that this increase will be granted.
In the city of Richmond the fare has been made 5 cents straight with
No tickets are now sold at reduced rates.
transfer.
Results. &c., in 1920.
The gross earnings of the company from Jan. 1
At the same
to Jime 1 in 1920 show an increase of nearly 20% over 1919.
motormen, section men and others in the
conductors,
wages
of
time the
transportation department have been increased nearly 22%, while the cost
of material continues at high prices.
—
—
—
—
UISCELLANEOUS STATISTICS YEAR ENDING DEC.
1919.
—
—
Passengers carr ed Interurban lines
Passengers carried City lines
Total passengers carried
Freight handled (tons)
Express handled (tons)
Car miles operated Interurban lines
Car miles operated— City lines
Power generated, main power stations (k.w.h.)
31.
1918.
8.782,328
8.603,196
16,140,623 12,984,413
24,922,951 21,587,609
118,796
108,416
19,223
17,015
5,665,595
5,607,17 5
2,920,047
2,256,718
98.810,316 92,325,515
—
Power Business
Electric
Taxes
$3,731,288
2,472,220
232,537
$3,386,365
2,087,473
179,363
Net earnings
$1,134,115
$1,026,531
$1,119,529
Other income
Rental of Ky. Ave. freight term
Divs. on stocks owned, &c
Sale of power
1..
W.lOth St.pow.plant.
Gross earnings
Bond
12,500
145,428
93.625
$1,.385,668
x743,771
y236,417
46,636
19,085
227,101
interest
Di\idends
Interest on notes
Other deductions
Sinking fund
Balance, surplus
12,5001
148,0491
124,0131
$1,311,0931
749,5581 Figures not
235,333} available.
43,189
11,433
226,2191
$112,658
$45,36o]
X Bond interest includes: T. H. I. & E. Tr. Co. $285,545: 1. & E. Ry. Co.
$2,710; I. & G. R. T. Co., $2,500; T. H. & W. Ry. Co., $12,500: T. H. T.
& L. Co., $154,517; T. H. Elec. Co., $75,000; I. & N. W. Tr. Co., $123,500,
I. & M. R. T. Co., $37,500; I. C. & D. Elec. Ry. Co.. $50,000.
y "Di\'idends" includes I. C. & D. El. Ry. Co., pref., $10,000; I. C. &
El. Ry. Co. Com., $16,000: T. H. T. & L. Co. Pref., $60,000; I. & N. W.
Tr. Co. Pref., .$22,500; T. H. T. & L. Co. Com., $100,000; T. H. & W. R.
Co. Pref.. $9,000; T. H. & W. Ry. Co. Com., $10,000; Term. Rlty. Co. Pre.
$8,916.
SHEET DEC. 31.
GENERAL
,
Assets
—
Road& equipment.26,089,697
Adv. leased
lines
&c
for construe,
Sec. of other cos..
Cash
Loans&nts.rec'le.
Accounts recelv'Ie.
Special deposits
Int.,
dividends
1,279,186
546,424
149,565
700,446
167,086
106
1918.
S
Material &suppl's.
Funds for I. & E.
Ry. Co. bonds..
Rents & ins. prep'd
Miscellaneous
Discount on T. H.
I. & E. Tr. Co.
bonds sold
SlnWng fund
Suspense accounts.
32,633
7,000
397,697
18,767
125,000
82,340
221,418
S
9,100,000
9,100,000
475,344 T.H.I.& E.Tr.Co.x5,685,000
I.&G.R.T.Co. y50,000
85,052
I. &E.Ry. Co..
z54,000
516,619
254,500
229,666 Car trust equlpt. .
Term'l Realty Co
256,583
6,500,000
620,000
300,000
161,500
266,665
Common stock..
Preferred stock
909,077 Funded debt-
Westlnd.Util.Co.
Notes payable
Accts.& wages pay
16,698
to $937,497.
The Rivesville steam turbine central power plant was comAdditions.
pleted, one 10,000 k. w. turbine being put in operation in May and the other
in July 1919.
The coal mine adjacent to the Rivesville power plant is now in operation
and is producing sufficient coal to operate the power plant. Development
work is being pushed, and any surplus coal mined wiU be used in the operation of the company's other plants.
In building the Rivesville steam turbine power plant the company has
expended $3,122,028, and in acquiring the coal acreage, and opening up
and developing the aforesaid coal mine, $549,491. The mine did hot begin
shipping coal until about July 7 1919. Out of an expenditure of about
$3,840,454 for new construction, additions and betterments, the company
has only had the advantage of about four months' increased revenues from
these expenditures. These betterments and Improvements should bring
about a very large increase in gross earnings for 1920.
The territory served was never more prosperous. All
Industrial.
manufacturing plants are in full operation; the coal mining industry is at
its best, with a demand for more coal than can be produced.
Many new
mines have been opened. Practically all of the mines in this region are
electrically operated, purchasing electric power from this company.
A
number of substantial industries employing a large number of people have
recently been located at Parkersburg: a large brass and copper mill is under
construction at Fairmont, which will employ about a thousand people;
these industries will all be large users of power. The industrial growth of
Clarksburg is more rapid than ever before, making it one of the important
—
—
industrial cities in West Virginia.
Further Additions. As a further evidence of the development of the
territory served, and the growth of the railway and electric power business
since Jan. 1 1920, the company has contracted for the installation of an
additional 20,000 k. w. steam turbine unit in its Rivesville power plant,
increasing the capacity of that plant to 40.000 k. w.. and is about to close
a contract for the installation of an additional 5,000 k. w. steam turbine
in its Parkersburg power plant, thereby doubling the capacity of that plant.
(As to sale in 1919 of $2,000,000 on&-year
notesof anauth. $3,000,000,
see V. 108. p. 2620; for offering of $2,000,000 one-year
notes to
refund the foregoing, see V. 110, p. 2193. For fare increase, see V. 110,
p. 2487.]
—
6%
676,725
524,029
32,095
216,616
207,204
dam 230,521
Other reserves
46,578
74,022
Accrued deprec'n.
41,846
125,000 Suspense credits _
1,081,250 Res. for sink. Id.. 1,909,584
156,896 Surplus to Dec. 31. 1,025,645
Surplus for year
183,422
208,093
219,109
416,697 Miscellaneous
Accrued taxes
620,000 Accr'd bond Int.,
rentals, &c
19,353
32,633 Res. for inj. &
.
—
Total
14,254
59,730
25,368
1,670,722
974,871
50,774
29.817,365 30,720,552
xyz After deducting bonds held by sinlring fund trustees, viz., of "x"
* 15,000, of "y" $250,000, of "z" $554,000.— V. Ill, p. 74.
Monongahela Valley Traction Co.
{Report for Fiscal Year ending Dec. 31 1919.)
10 1920
Pres. G. M. Alexander, Fairmont, W. Va.,
wrote in substance:
Results.
The gross earnings in 1919 increased $631,371, or more than
17%. After setting aside sinking fund, maintenance and depreciation
reserves of $157,746, and paying pref. dividends, there remained net profits
of $414,035, or over 5% on the Common stock. This amount was carried
to the profit and loss account.
kaKo dividends were paid on the Common stock during the jrear. The
board, appreciating the difficulty of financing the company's imperative
requirements, believed it to be best for all concerned to defer for the time
dividends on the Common stock and use the earnings In strengthening the
company. This policy was carried out and approximately $570,000 of net
surplus was put back into the property.
May
—
7%
INCOME ACCOUNT FOR YEAR ENDING DEC.
(incl. inc.
&
31.
$4,418,700
1918.
$3,787,328
$3,046,769
3.021,017
2,613,660
1,639,381
$1,397,682
x
782,687
200,948
$1,173,669
X
581.864
200,477
413.831
$1,407,388
$160,015
454,026
159,120
444,605
1919.
Gross earnings
Oper. exp., taxes
1917.
excess
profits taxes)
Net earnings
—
Deduct Depreciation, &c
Fixed charges
_.
Preferred dividends.
Common dividends
Balance, sur. or def.
Total surplus. a
sur.$414,047 def.$22,504sur.$189,622
$588,345
$288,342
$320,964
a After deducting $406,824 6% stock dividend on common stock paid
Jan. 12 1917. x In 1919 and 1918 included in operating expenses.
1919.
1918.
Assets
S
S
Property & equip. 24 ,396,846 22,368,413
Com. stk. in treas.
3,720,364
Pref. stk. in treas.
640,086
First mtge. bonds. 5,753"66o 3,502,500
K. T. & E. Co.
Common stock. 1, 096,759 1,096,759
Preferred stock. 1, 073,670 1,073,670
Cash
191.968
263,831
Cash held by trust
223.505
274,665
Sinking & Ins. fund
in hands of trus50,947
Cash for retirement
of one-year notes
369.000
Materials on hand.
323,995
306.609
Acc'ts& bills rec.
Loans on collateral
Mlscell. bonds and
stock owned
Adv.
to allied cos.
Deferred assets
M iscellaneous
—Total
V. Ill,
31.
1919.
—
LiaMUties—
Common
stock
Preferred stock
S
8,279,637
1918.
i*
S
12,000.000
3,357,978
4,000,000
First mtge. bonds. 12, 503,000 10,252.500
Gen. mtge. bonds. 5,459,000
One-year notes
1,937,000
937,498
Accrued interest..
294,583
Accrued taxes not
due
203,713
Bills payable
463,800
Accounts payable.
358,091
Customers' depos-
5.500.000
369.000
690.659
291.785
45,826
41,586
27,457
51,102
588,345
26.845
54,034
288,342
Reserves
its
Uncollected
tick-
821,288
448.336
253.350
73.484
163,345
84,873
16.664 Miscellaneous
Prof It and loss
281,623
150,248
86,094
63,973
ets
Total ..
..34,507,029 34,662,835
177.302
94,000
876,781
34,507.029 34.662,835
p. 189.
Manhattan
Electrical
Supply Co., Inc.
Statement for Year ended Dec. 31 1919.)
company
has issued a financial plan which is sumThis
marized on a subsequent page. The company's earnings as
pubUshed in the daily papers are given below along with the
balance sheet as condensed from company's printed statement.
{Financial
EARNINGS FOR THE FISCAL YEAR ENDING DEC.
Years—
31 1919.
Gross profit.
Other income
1917.
1919.
1918.
$6,962,988 S5.554.399 $5,234,324
$1,910,933 $1,603,560 $1,492,132
12,770
61,751
14.076
Gross profit
Expenses and Federal taxes
$1,925,009 $1,616,330 $1,553,883
927.998
1.222.099 1.092.638
Calendar
675,000
598,984
48,318
259,460
29,817,365 30,720,552
Total
LiaMUties—
1918.
9,100,000
9,100,000
26,052,962
&
rents receivable.
Cashier's wkg. fd.
1919.
S
1918.
the reserves for maintenance and depreciation and sinking fund amounted
BALANCE
1919.
S
1919.
BALANCE SHEET DECEMBER
1917.
1918.
$4,480,984
3,084,392
262,476
Gross earnings
Operating expenses
—
Total k. w. hours output
60,314,970 41,534,259
K. W. hours output, Fairmont-Clarksburg District, December
5,769,100
2.613,940
Gross revenues from electric power
$467, 293. .5.5 $269,822.89
No. of coal mines served with electric power, Dec..
139
69
The profit and loss account on Dec. 31 1919 amounted to $588,345, and
INCOME ACCOUNT FOR CALENDAR YEARS.
1919.
[Vol.. Ill,
Net
sales
Net
$702,910
profit
$523,692
$625,885
The company, incorporated in Mass. Nov. 1916, has always paid regular
quarterly dividends of 1% (4% p. a.) on the Common shares as weU as 7%
on both classes of Pref.
BALANCE SHEET DECEMBER
Assets
1919.
5
—
Fixed assets,
1918.
S
less re-
LialiilUles
31
1919.
S
1918.
S
1,345.900
346.500
3.000,000
586.673
488.852
55.697
59.762
—
7% 1st Pref. stock. .1, 270.400
7% 2nd I*ref stock.. 19S.000
Common stock
3, 000,000
a969,796
938,354
serves
Goodwill, pats.. &c. 2. 502. 771 2,502,201
1,595 Accounts payable
funds
2,810
Working
338,921 Dividends payable..
334.110
Cash
5.3641
34,767 Int., taxes, &c., accr.
51.198
Notes receivable
626,446 Fed. taxes accrued.. 183,9171 263,193
914,152
Accts. rec. .less res
,526.558 1.047.295
1,861,771 1,903,828 Surplus
Inventories
132,496
U.S.bds.&accr.mt. 129,199
14,209
19,630
Cash value Ufa Ins..
58,690
41,172
Deferred charges
.
I
6.826.609 6.551.507
Total
Total
6,826.609 6.551.507
a "Fixed assets" include: Real estate and buildings $684,264; Machinery, tools and equipment, $247,731; horses, trucks and automobiles,
$9,793; office and store furniture and fixtures, $28,008: total $969,796.
.
—
Contingent liabilities on notes and draftunder discount on Dec.
j\fote.
31 1919, aggregated $5,611.
* Of the surplus shown. $520,545 has been reserved to represent the apppriations made to retire First and Second Pref. stock V. 110, p. 1647
.
THE CHRONICLE
July 17 1920.]
Belle Iron
La
subsequent page.]
Yoiu- iron ore mines produced during the year 436,033 gross tons
Ore
of ore. a decrease of 14% from 1918.
Your coal mines produced as follows: Steubenville mine,
Coal Mines.
mine, 27,206 net tons, decrease
ni 909 net tons, decrease 24%: Wheeling
4:%- La Belle (Pa.) mine, 198,288 net tons, increase 19%; Harmar mine,60.536 net tons (new operation); total, 421,999 net tons, increase 2J^%.
The by-product coke plant produced during the year
By-Produci Coke.
318 857 net tons of furnace coke, 823 tons of domestic coke, and 31,653
also 5,510 net tons of sulphate of ammonia, 4.228,879
coke;
net tons of breeze
gallons of tar, and 1,015.037 gallons of benzol.
The production was 4,935 net tons.
Bee-Hive Coke.
ManufacUirina Plants. The production compares as follows'
1916.
1917.
1918.
1919.
'(Gross Tons)—
257.623
260,182
259,302
185,759
Pie iron
416,783
"
419,491
291.004
401,624
-Ingots
350,426
350,053
248.009
325,809
Billets'and slabs...
416,827
394,249
304,770
354,616
Finished goods
The pay-roll disbiu-sements compare as follows:
Pati-Roll.
"
1917.
1918.
1919.
$7,596,649 $7,613,512 $5,905,201
Total pay-roU
4,190
full-time
employees
3,673
of
Average number
o^'J o
$1,412
$1,817
$2,068
Average per employee
comwas
shipments
$18,705,774,
value
of
aggregate
The
Shipments.
pared with .$31,646,211 for 19180;7.
Yotir oil production was 4,328 bbls., the output at present being
approximately 350 barrels per month.
The plant additions and improvements in progress
Plant Additions. &c.
Many additions and improvements also
in Dec. 1918 were completed.
were made to plant and equipment, notably; (1) At sheet and jobbing mills
installation of four combination sheet and pair furnaces, with the following
installations in Tjrogress: (a) Electric drive for eight sheet mUls and seven
cold roll mills; (6) two stands of cold-rolls; (c) four independent sheet and
pair furnaces; (d) three-bay extension to miU building, annealing building
(2) At tube works department, extension to shipping
and warehouse.
warehouse 80x120 ft., and additional mill building, 120x140 ft., includmg
electric overhead traveling crane.
Consumers Mining Co. It is expected that the production of coal at this
mine will reach 1,000 tons per day by Oct. 1 1920, and plans are under
way for the transportation of the output of this mine by water, in your own
craft, by the spring of 1921.
The sum of $1,763,072 was expended for maintenance and
Reserves.
repairs and charged against the year's profits, in comparison with $2,412,790
The total reserve for general depreciation is now $4,411,817 (see
in 1918.
footnote to balance sheet).
There was declared during the year cash dividends in the
Dividends.
stun of .$1,586,464, being 8% on the Preferred and Common stocks.
The demand for your products at the beginning of the new
Outlook.
Orders now on the books should keep
year is all that could be desired.
It is evident
the plants fully occupied ttiroughout the first half of the year.
that the transportation facilities of the country are inadequate, and this,
with other contributing factors, will doubtless operate against maximum
g reduction, so urgently needed at this time. The outlook for the year,
owever, after making due allowance for the retarding factors, can doubtless be regarded with a fair degree of confidence.
—
—
—
—
—
—
—
—
—
—
—
—
—
INCOME ACCOUNT FOB YEARS ENDING DEC.
31.
1916.
1917.
1918.
1919.
..$18,705,774 $31,646,211 $31,656,268 $19,698,155
$3,852,789
—
Provision for
Exhaus. of minerals
517,215
750,000
on bonds
123,108
Interest
Net earnings
$2,462,466
Deduct Special chgs.:
Inventory res've adj ,&c
—
.
.
Disc.
$6,434,318
420,282
750,000
90,908
145,654
260,214
$7,715,679 $12,791,560
$5,758,753
800,000
1,200,000
5,330
1,000,000
270,151
4,330,262
5,189,302
549,310
950,000
137,179
126,952
& prem. on bonds.
Prov. for excess profits,
income taxes &c
207,853
,
.?2, 254,613
Netprofit
Common
$2,585,417
(8)793,232
209,166
$6,396,928 .$4,488,601
(8)793,232 03)1,289,002
(8%)793,232 (12)1.189,848 02)1,189,848
dividends
206", 185
Surplus for the year..
$668,149
Surplus at beginning of year...
10,122,948
—
$602,337
$4,413,848
$3,100,445
5,656,764
550,000
3,056,318
500,000
Sur. carried to bal.sheet.S10,791 .098 $10,122,948
$9,520,612
$5,656,764
TOTAL INCOME FOR TEN FISCAL PERIODS.
Year ended June 30 1911-.$1, 460,513 Year ended Dec. 31 1915 $1,281,493
do
1916-- 6,434,318
6mos.end. Dec. 31 1911..
do
405,214
1917-. 14, 198,404
Year ended Dec. 31 1912.. 1,249,503
do
do
do
do
1918-- 9,479,129
do
do
1913.. 1,926,447
do
do
1919-. 3,852,789
do
do
1914..
588,812
CONSOLIDATED BALANCE SHEET DECEMBER
31.
1919.
1918.
Assets
LiaMHties
S
S
Land, bidgs., plant
Preferred stock
9,915,400 9,915,400
machinery, &c.. 31 ,582,058 30,460,283 Common stock... 9,915,400 9,915,400
Investments (at or
1st & ref. M. bd3-b2,421,000
2.477,000
below cost)
yl, 500 ,000
248,222
289,722 Notes payable
U, S. Treas. ctts.
Wages, taxes and
of Indebtedness524,204
royalties accrued
489.018
1.000,000
U.S. Lib. bds. cost 6,175,311 6,292.095 Accounts payable.
712.436 1.319.586
do
347,872 Accrued int.. &e..
employees
18.058
19.118
Cash to red bonds
1,050 Est. excessprotlt &
L'eferred charges..
45,061
income taxes .. d207.853 4.194,791
113,597
Inventories
788,537 6,435,018 1st M. 6s called
1,050
Accounts and notes
Div. Jan. 2 1920-347.639
receivable
490,904 2.279.443 Depr.,&c., funds cll,919,836 10,580,678
Cash
873,694 1,884.445 Total surplus
10,791,098 10,122,948
1919.
1918.
S
—
—
—
—
Description of Property.
Coal Reserves. The company's coal holdings consist of:
[a] 1 ,000 acres of Pittsburgh thick vein coal and some 300 acres of surface
located on the Monongahela River at Rices Landing, Fayette Co.. Pa.
[bl Approximately 1.100 acres of Freeport vein coal, together with some
500 acres of surface located on the Allegntny River, near Oakmont. Pa.
While both these tracts are undeveloped, tests made and the result of the
use of coal taken from adjacent properties show it to bo of a quahty suited
for coke making purposes in by-product ovens.
The title to the above
properties is held in the name of the Wheeling Coke Co., all of the capital
stock of which is owned by your company.)
[c] Furtner, the company owns in its own name between five and six
hundred acres of steam and heating furnace coal, located in the Wheeling
—
district.
Our coal holdings, based on probable requirements, are large, and well
fortify us against any shortage of fuel in the future.
Ore.
Tne company's stock holdings in the Castile and Fort Henry
Mining companies guarantee to it the first call on a large toimage of Bessemer ore, of a grade such as is required in the operation of its furnaces,
and at the present time yotu- company is using of this ore approximately
—
250,000 tons per year.
Manufacturing. The company's plants have a rated aimual capacity in
gross tons as follows:
—
—
Character
Number.
Blast furnaces
Gross tons.
Bessemer
Total
general depreciation, $4,411,818; exhaustion of minerals, $3,499,201; for
relialng furnaces and rebuilding furnaces, $594,976; for accidents and contmgencies. $1,076,176; and for future fluctuations in prices, &c., of raw
material and supplies, $2,337,666.
d Estimated Federal taxes for year
1919.— V. Ill, p. 194.
—
Scott, Feb. 24 1920, wrote in subst.:
(Compare amalgamation plan on a following page.)
Operations
Strike.
The slackening in the demand following the Armis"CJ applied mainly to merchant pipe and tinplato, and continued throughout the whole of the first quarter. With the second quarter an improvement
set In, and by the end of that quarter your plants were again running at
practically full capacity. This improved condition continued throughout
most of the third quarter, or up until Sept. 22, when our employees [the
tinplate department excepted] In common with those of most of the other
steel plants of the country, wont on strike.
—
—
Number.
Gross tons.
35,000
100,000
Base boxes.
150.0001
Tinning pots.39
2,200,000
The cost of providing the aforesaid manufacturing capacity would be
much in excess of the amount at which the plants are carried in its bal. sheet.
The company also owns some 230 acres of mill site located in the Yorkville district, against possible future extensions.
pl't.
1
Skelp mills .. 4 trains
Tube plant .- 5 furnaces
i
PRODUCTION FOR
C.4L. YEARS
1919.
134,378
Billets & slabs (gross tons)
116,210
Ingots (gross tons)
129,228
Skelp (gross tons)
—
IN GROSS AND NET TONS.
Department
Pig iron (gross tons)
Tube works
Amounts
(gross tons)
Finished pro. (net tons)
Coal mined (net tons)
1917.
209,206
207,347
224,296
151,913
129,151
1918.
203,456
164,754
184,460
Amounts
not
Galvanized (net tons).
Tin plate (gross tons)
Coated (base boxes)..
not
reported.
reported
122,071
172,819
174,267
252,432
1916.
210.183
209,551
231,784
144,020
131,425
24,724
53,075
1,093,190
184,500
210.027
22,444
66,604
1,483,629
195,755
266,308
SHIPMENTS AND PAYROLLS FOR CALEND.4.R YEARS.
1919.
1918.
1917.
1916.
$16,436,273 $27,475,915 $27,964,342 $15,073,530
4.439,748
6,452,375
5.146,747
3,267,097
Payrolls
INCOME ACCOUNT FOR YEARS ENDING DEC.
1919.
Net from operating.
Maint & repairs
!,'i44,131
Net profits
Div.&int.onuivest
$1.925.3.32
818,799
.
1918.
$7,524,177
1,129.101
1917.
$9,504,475
952,956
$6,305,076
291,662
$8,551,519
288,582
219,870
31.
Net earnings
$2,145,202 $6,596,737 $8,840,101
Less Provision for
Exnaustion of minerals.
12,962
18,932
13,315
Excess profits tax. &c.,f
& oth. contingencies .•j 174.177 See 1919 below 4.108.875
and text
State excise tax c& other [
contingencies
121,535
1916.
$2,904,453
8.949
235.431
480,000
54,000
630,000
530,000
230,000
Profits for the year... $i ,424,062
Depreciation
Miscellaneous
Deduct
—
Interest on bonds,
$5,826,270
$4,187,911
$2,430,074
$145,861
836 28
$145,500
928,714
$150,000
966,108
$150,000
650.517
x(9%)
(10%)
(13%)
$441,920
9,099,425
S4,752,056
6,205,569
$3,071,803
4,372.846
$1,629,557
2,743,289
$9,541,345 $10,957,625
$7,444,649
$4,372,846
&c
Cash di vs on cap stock .
.
.
,
Per cent
Surplus for year.
Previous surplus
—
Deduct
Federal taxes (1918)
Stock dividends
Per cent (paid in Mar.)
3.695,271
$1,858,200
$1,239,080
(25%)
(20%)
$9,099,425
$5,846,074
X Includes
2%
$6,205,560
$4,372,846
payable Jan. 2 1920.
BALANCE SHEET DEC.
—
Assets
$
Land, coal lands,
plants. &c
Invest. In & adv.
Cash available
Employ,
Cash
41,181
llab. bds.
Notes receivable..
864,106
5.250
Accts. roc, less res. 1,084,006
3,989.165
Inventories
Adv. payments on
903,121
ore contracts
Inv In Lib bonds . 2 ,45 1 ,700
U.S.Ctfs. of Ind't
.
.
Deferred assets
191S.
S
61,381
M.
bd.s.
Is'd
Total
191S.
$
9,292,680
(auth.
§5,000,000),
2,190,000
Mtgcs.on coal land
purchiised
186,419
118,575
58,019 Notes payable
500,000
2,117,905 Acc'ts pay., payrolls, &c
277,755
717.389
for excess
2,02S,9,S1 Prov.
prof. <t Inc. tax.
196,009
4,720,718
DIvs. p.iy. J.in. 1.
185.842
577,807 Dcpreclat'n & re1,905,000
newal reserve... 1.82S.175
1,000,000 Other reserves
537,906
39,346 Profit and loss
5,846,074
1,112.220
Total
21,412,652 24,281,811
110, p. 2393.
—V.
—
1st
for
construction
31.
1919.
Liamutes
S
Capital stk. (.luth.
510,000,000) U'd 9,292,680
10,533.022 10,257.640
1919.
tom'g..&c.,co3. 1.479.720
Wheeling Steel & Iron Co., Wheeling, W. Va.
{28th Annual Report
Year ended Dec. 31 1919.)
M.
—
48,272,323 49,034.989
b Total bonds issued. $3,500,000. less $1,000,000 redeemed and canceled
and $79,000 purchased and held in treasury, c Reserve funds include: For
President Isaac
Character
275,000 Galvanizing
225,000
plant
2 pots
175,000 Tin plt.mills.24 trains
3
Net surplus
48,272,323 49,034.989!
being rather a deter-
—
.
Total
it
Dec. 10 a considerable number of our employees having evidenced a desire
to work under the old conditions, the plants were again thrown open, and
operations resumed. Aside from the loss of profits the company suffered
no material hardship, as the direct strike expense was unimportant.
The transportation problem is becoming more and more serious. Not
only are the available cars and locomotives short in number, but a large
percentage of this equipment is really unfit for use.
Reserve Funds.
As will be noted by the statement, the amount
appropriated from the year's earnings for reserve purposes was liberal, but
not beyond the point of reason; the balances standing to the credit of the
several funds at the close of the year being as follows: for depreciation and
renewal of plants, $1,828,175; exhaustion of minerals, $54,159; relining
blast furnaces, $118,398; contingencies, $365,350; total, $2,366,081.
Dividends. There was declared during the year in the way of casn dividends the sum of $836,281, being at the rate of 9% on the capital stock.
Taxes.
No deduction was made from the profits of 1918 for Federal
income and excess profits taxes, due to the uncertainty, existing at that
time, as to some of the provisions of the law, but it was stated that these
taxes would be between $3,500,000 and $4,000,000. The exact final
figures were $3,695,271.
While the amount appropriated from this year's earnings for Federal
taxes is small as compared with previous year, it is thought to be adequate.
Outlook.
At the present time there is an active demand for all classes
of steel products, which, with no serious financial unsettlement or general
labor disturbance, should continue indefinitely and at prices showing a fair
return on the capital invested.
(1)99,154
9,520,611
Less— add'l deprec, &c.
—
considerable extent involved,
mined effort to unionize the entire steel industry of the country. No
attempt was made to operate with outside worlonen and on or about
Value of shipments
Deduct—Pref. divs-..(8%)793.232
Add
$9,479,129 $14,198,404
&
lease values
General depreciation.
Contingencies. &c
391
Wages were to'no
Works, Wheeling, W. Va.
{Report for Fiscal Year ending Dec. 31 1919.)
President R. C. Kirk, in Feb. 1920, wrote in substance:
Corporation on a
[As to pending amalgamation plan see Wtteeling Steel
Shipments
Total income..
1
2,350.000
145,909
1.201,077
32.691
278.739
1,444,438
436,852
9,099,425
21,412,652 24,281.811
THE CHRONICLE
292
Shaffer Oil & Refining Co.
{Report for Fiscal Year ending Mar. 31 1920.)
This company, incorporated in Delaware, on May 31 1919
as a subsidiary of the Standard Gas & Electric Co., which
owns control, holding at last advices §11,000,000 of the
Common stock and SI. 000,000 of the Preferred stock and
guaranteeing the $11,478,300 1st M. 6% bonds (V. 108,
246), reports:
p.
INCOME STATEMENT FOR TWELVE MONTHS ENDING MARCH 31.
Gross earnings
$10,005,118
Oper. expenses, incl. current maint. and provision or Fed. taxes 6,452,203
Interest charges
a774 ,452
Preferred stock dividends
b577,500
Balance or deprec, depl., amort, of debt discount,
&c
$2,200,963
a Annual interest on the 811,478.300 outstanding bonds amounts to
S6S8.698. Tht figure of S774,452 deducted above ircludes interesc on
indebtedn^s cancelled by tni issuance of tne bonds and Pref. stock.
b Represents nine months' di\'ideud from date of issuance of stock.
Annual di\'idendi> aggregate $770,000.
GENERAL BALANCE SHEET— MARCH
Assets—
Property account
x20, 883,064
Prepaid accounts
Cash
S
11 .000,000
Liabilities—
Preferred stock
Inventories
Total
92,246 Notes payable
12,242
2,723,395 Accounts payable
11,228,188
14,S00 Int.,div., est. Fed. taxes, &c.
683 52
accr
2,417,901
,
203,277
2,831,578 Surp.
& res. for depl., depr.&c.
2,617,273
Total
...28,953,903
28,953,903
X Real estate, oil and gas leases, equipment, pipe lines, refinery, tank cars,
distributing stations, &c.
Note.
Standard Gas & Electric Co. owns a majority ol the Common stock
oi Schaffer Oil & Re.tntng Co. and guarantees principal and inteiest on the
outstanding $11,478,300 first mortgage convertible
Sinking Fund Gold
—
6%
bonds.
Schaffer Oil & Refining Co. o-vrns aU the capitalization of Elmerdale Oil
Co., the subsidiary operating company in Kansas. All figures herein include combined properties.
a In process of amortization.
y Issued $12,000,000. bonds redeemed $521,700, balance $11,478,300.
—V. Ill, p. 79.
Dominion Textile
1920.)
President C. B. Gordon, Montreal, May 14, wrote in subst^:
Results.
Sales for the year amounted to $23,436,771 and the surjJhis
for the year after deducting all manufacturing costs, and allowing for rent,
bond interest and dividends, amounts to $703,961. This amount has been
placed to the credit of profit and loss account, which now stands at S4,-
—
—
Since the last annual meeting the reconstruction of the
Alagog Dam, which had been carried away, was commenced, and is now
nearing completion, and also the addition to the Magog Cotton Mill, which
will increase the capacity from 64,000 to over 93,000 spindles.
Machinery has been purchased and is now coming forward for a fine white
cotton mill of 1,500 looms capacity, which we hope to have in^ complete
operation before the end of September.
Your directors, after careful investigation, decided during the year to
purchase the Mt. Royal Spinning Mill, which heretofore ovas under lease,
and the property was taken over on Sept. 1 1919. (See Canadian Cottons,
Ltd., in V. 108, p. 2025).
Diu-ing the past few years the cost of building and equipping a cotton
In 1914
mill has increased probably more than that of any other industry.
a mill equipped with automatic looms which cost in the neighborhood of
$30 per spindle, or $1,200 per loom, whill now cost $85 per spindle, or
$3,400 per loom.
Outlook.
Whilst costs of manufacturing have continued to mount we
believe the situation in Canada warrants the expectancy of full operations
—
oiu-, mills during the ensuing year.
[On Aug. 26 1919 the shareholders authorized the making of a $15,000,000
First & Refunding Mtge. bond issue.
The newi mortgagors made to the
Royal Trust Co., as trustee, to secure 6% gold; bonds, dated Sept. 1 1919
and due Sept. 1 1949. Of the initial block of $8,875,000, 81,500,000 were
disposed of directly by the company, without the aid of bankers, and the
proceeds were applied to additions, acquisitions,- &c. The remainder,
87,375,000 of the initial .$8,875,000, are held in escrow toibeUPPiied to
retiring the following old bonds $ for, $, viz.: Dominion Cotton Mills 6s
of 1902, due July 1 1922, .$3,700,000, Montmorency^CottonLMills 1st 6s of
1901, due July 2 1921, $407,500; Dominion Textile Co. 6% gold, bonds of
1905, due Mar. 1 1925, viz., series "A" .$758,500 (calMlO); series 'B
$1 ,162,000 (call at par) "C" $1 ,000,000 (call. 105) "D" $349,000 (call. 105)
On July 2 1920 a quarterly dividend of
'"'as paid, increasing the
in all
rate to
10%
:
(V. 110. p. 2389.)].
___^ INCOME
2H%
:-
ACCOUNT YEARS ENDING^^'IARCH
Sl.^
„
.
1916-17
1918-19."
1917-18.\^
Sales
823,436,771 $23,666,217 $16,850,279 S13,3/5,750
Netprof. aft. repairs, &c $1,701,245 $3,434,753 $1,873,371 $1,582,^06
<4,3.7
Otherincome
144,131
1919-20.'
Total income
$1,845,376 $3,434,753 $1,873,371 $1,657,083
Deductions
8193,041
$193,170
on Dom. Tex. bonds
.$245,730
$193,230
26,138
25,688
on Montmor'cy bds.
25,238
24,788
326,665
222,555
Rent.&int. Coih. C M.
222,555
222,555
198,000
198,000
Mt. Royal rent account.
198,000
112,500
135,331
Div. on pref. stock (7%)
135,842
135,842
135,842
Div. on Com. stock.. .(8%)400,000(8%)400,000(7%)350,000(6%)300, 000
Amt. wTit. off bad debts
3,089
'-^'Y.
20,000
Patriotic fund
100,000
War tax reserve
1,100,000
—
Int.
Int.
—
.
Total deductions
Balance, surplus
$1,141,415
$703,962
$2,274,865
$1,159,888
Land, buildings
machinery
Raw
&
cotton
1920.
s
1919.
S
—
Dom.Cot.Millsbds
Cash and
588,908
326,987
bills re-
ceivable
Openaccounts
Insurance
Investments
319,955
4,247,512
120,000
1,821,327
643,744 Montmorency bdsCommer'l.
380,158 Loans
Deposits
710,825 Open accounts
3,409,470 Allowance wa ges
int. on bonds, &c
122,000
825,088 Business profits tax
Reserve for water
power, renwa,&c
JRes've for deprec.
—
—
Profit
and
.$350,632
31.
1919.
S
1920.
s
—
Common stock
15,046,461 12,402,625 Preferred stock
4,497,095 1,807,755 Dom. Tex. Co. bds.
Stock mfg. and in
process
Supplies-
Liabilities
$1,306,451
$1,128,343
$745,028
GENERAL BALANCE SHEET MARCH
Assets —
$5,912,874
'
707,815
$2,625,068
,352,645
$591,469
283,229
211,737
118,326
$630,342
260,000
113,032
83,204
$501,721
$3,616,756
82,149,780
Employees' pension fund
$100,000
Pref. dividend (5%)
244,524
Common dividend
xl ,350,000
do Rate per cent
(15%)
Reserve for contingency
on stocks in trade
2,000,000
W, 118,481
[,418.356
.$50,000
244,.524
1,200,000
$60,000
244.524
1.242,000
$30,000
244,524
918,000
(20%)
(23%)
(17%)
exp.,
&C--
Deduct
Depreciation
not
reported
\
Bond interest
Bond redemption fund. .
Other interest
Net
Data
1
!
Balance
r-B
^
|
J
profits
loss
000,000
,940.600
,767,500
700,000
407,500
lf0,420
111,359
633,756
426,673
587,159
5,000,000
1,940,600
3,267,500
3,700,000
415,000
332,058
42,422
494,813
250,285
1,509,905
243,3191
936,912
L053,045
3,'3"49",683
.
.
.
,
—
.
.
220,00a
83,218
19,314
1,950,000
250,000
def .$77 ,768 sur .$655,256 sur.8621 ,957
sur .$5,646
X Includes 8450,000 for 5% bonus on Common stock, besides the interim
dividend of 4% ($360,000) paid Jan. 8 1920.
BALANCE SHEET MARCH
Sii'-^
1920.
1919.
S
S
al8 ,472,399 17,926,799
Property acct
Payment on acct.
of additions
LiabilUies
31.
1920.
S
—
1919.
Common stock... b9, 000,000
5% Preferred
4,890,475
6% 1st M. bonds. 6,000,000
548,803
171,349
18 ,911.782 13,070.332 Sundry credit, &c. 4,714,393
Sundry debtors less
Bills payable
c5, 346. 526
Bond int. accr., &c.
reserve for dis132,006
3,524,862 Depreciation fund 7,248,485
count. &c
3, 832 ,665
1 145,838
199,189 Reserves, &c
Cash
d981,862
661,212 1,153,392 Empl. pension fd.
Sundry investm'ts
19,305
229,292
140,364 Balance, surplus.. e5,468,939
Advance paym'ts.
Stock
in trade
,
Total
43,801,991 36,186.287
Total
S
6,000,000
4,890,475
6,000,000
2,849,442
2,516,580
127,477
6,642,099
3,709,104
14.402
3, 436, 70S
.43,801,991 36,186,287
a Property account includes: Mar. 31 1919, 817,926,799, and additions
(12 mos.) $645,185; less 899.585 for machinery discarded (charged to depreciation lund) sales of real estate, &c.
b Capital stock authorized March 31 1920, $6,000,000 Pref. (par $5);
$12,000,000 Common stock (par now $10): outstanding, $4,890,475 Pref.
(full paid) and $9,000,000 Common stock ($7 50 per share paid up).
c Of the bills payable $3,200,000 is seciu-ed by lien on raw cotton and
$78,953 by other collateral.
d Reserves March 31 1920: For contingencies on stocks in trade. 8542,858;
bond redemption fund. $239,983, and insurance reserves, $199,021.
e This balance, surplus, of March 31 1920 is shown after deducting
Pref. dividends of 6%, for an entu-e year. $244,524, and $360,000 interim
dividend on Common stock paid Jan. 8 1920 of 4%. V. 109, p. 267.
,
—
—
New
{Report Cal. Year IQIQ—Consol. Bal. Sheet as
Pre st. N. A. MacLeod,
—The
portations were
Hesults.
York.
at Mar. 31 1920.)
New York.May 10, wrote
in sub.:
net! profits for 1919 amoimted to .$2,457,071. Our imin excess^of 1918, although weather conditions in Cuba were
not favorable.
—
Steamer,. Operations.
The Steamers Sagua, Tanamo, Amelia and Annetta
have been reclassed and. are now in service the two former on charter,
carrying beef to Eiu-ope] under refrigeration, and the latter engaged in the
fruit and freight trade with the AVest Indies.
The Sagua made substantial
profits in 1919; Tanamo suffered from fire and was out of commission imdergoing repairs for several mouths, -\melia and Annetta in the fruit trade
had to contend with portstrikes and coal shortages.
The cane cultivations at Dec. 31 last showed
Tropical Development.
approximately an area of 4,000 acres, which -(rith later plantings, should
provide a crop for 1921 from 6,000 to 10,000 acres. The banana exten.sions
promise fruit of good quality. The cocoanut area is bemg regularly added
to, and, with the trees now coming into bearing, the crop of nuts is rapidly
increasmg. A factory will shortly be pro\-ided for making copra.
Financing of Additions, &c. The Certificate of Incorporation was
amended during the year so as to change the par value of Common shares
to no par value, and to entitle each shareholder to two such shares for each
—
—
—
share of the par value of $100 previously held; $10,000,000 of 7% Fifteen
Year Sinking Fund Convertible Gold Debentiu'e bonds were sold, and
257,188 shares of the Common stock without par value were issued for cash
or property, and 137,812 additional shares were allocated to the stockholders
for exchange for their former shares.
The company was thus enabled to retire all of the preiious issue of debentm-es (except a small amount which have been called for redemption
V. 110, p. 2490) to provide for the payment of the mortgages on its properties, to redeem the former Pref. stock, to acquire from the Cuban- American Sugar Co. and B. H. Howell Son & Co. the Barrederas and Cabonico
properties adjoining the Company's Tanamo property in Cuba and from
Sir John Pringle his properties (22,750 acres) in St. Mary's, Jamaica, to
undertake the erection of a 300,000 bag sugar factory at Tanamo with the
necessary outbuildings, additions to wharf, railroad facilities, tane cultivations, and to finance current payments on 2 new fruit steamers imder construction on the Lakes and on 2 additional fruit steamers vmder construction in England.
(See V. 109, p. 2358, 2440, 2441; V. 110. p. 80, 169).
Neiv Steamers. The company has purchased from the U. S. Shipping
Board, on favorable terms as to price and payment, 4 steamers for the West
Indies trade in sugar and general cargo, all high grade freight carriers,
The company has also contracted
practically new, equipped as oil burners.
for the construction of 4 12,4 knot combination fruit and freight steamers,
two in the spring of 1921.
other
and
the
two to be delivered this summer
Purchase.
The piu-chase of the Pringle properties in Jamaica brings the
land owned by the company in that Island up to about 24.000 acres,
producing at present above 1.500,000 stems of bananas and 5.000.00O
cocoanuts (prospectively 10.000.000). and other crops. The purchase also
includes a considerable number of valuable cattle, with excellent pasturage,
and certain wharf rights, which will facilitate the handling of fruit and loading of steamers.
The purchase of the Barrederas and Cabonica properties in Cuba includes
approximately 63.000 acres of land, containing tracts suitable for the cultivation of cane, bananas and cocoanuts and represent a valuable addition
to the company's possessions in Oriente, Cuba.
The erection of a 3,000 ton per day factory is being proceeded with, and
proit is expected that it \vill be ready to operate in 1921, early enough to
duce 100,000 to 150,000 bags of sugar for the first grmding season together with the necessary cultivations, an estimated 18,000 acres to be
u .(ier ( ;iue in 1922, fully supplying the factory; extensions to raUways and
a new wharf.
The additional property acquired in Oriente. Cuba, brings under oiuownership about 60 miles of coast line and all the deep water harbors in
The properties purchased in Cuba, together with those
that section.
\\ e are
previously o-ivned, contain approximately 153.000 acres of land.
proceeding with a plan of development intended to free us from depending,
trade.
of
as in the past for the most part, on any one commodity
—
—
—
INCOME ACCOUNT F R YEAR ENDED DEC. 31
1919 (INCL
from operations
^-;^-,^^^-r-r-,
Income from investments, $14,284; Interest, $,0,39o; total
Profit
SUB.C_OS.)
^^'^P; '?-o
^4,6. a
.. ----.-.-$3,191,681
Total revenue
-„
Expenses: Administration charges, $247,968; tropical di^nsion
special expenses, $34,686: special tug repairs and expenses.
822,241; miscellaneous, including bad debts (.$32.836) discount
in debentures, .S23. 488: depreciation on plantation <quipment
'-Ji'^i,
and ciUtivations, $163,850; interest on debentures, a.209,540--,
Net profit
--
Reserve for Federal taxes
Total
26,968,243 20,301,666
26,968,243 20,301,6661 Total
V 1 1 1 . p 1 93
Indirect liabilities bill recei v under discoimt , $233 952
'
|
Atlantic Fruit Company,
March 31
;
($3,935,013
580,472
1
Management
Co., Ltd.
(Report for Fiscal Year ended
053,045.
Additions, &c.
—
Gross income
Assets
Debt discount & expense, &c. a 1,109,821 Com. stk. (200,000 sh. no par)
200.000
Invest, in allied dlstrib. cos
412,200 1st M.Conv.6%s.f. goldbdsyll,
1,478,300
Marketable securities
Notes and accounts receivable Adv. to agts., incl. miscel. dep.
American Thread Company.
{Income Account for Years ending March 31 &C.)
-—"-'"'
^gf 3f '20." MaF."3l'^19~Afo7r3r'187 Ff&T28"^lT!
Period ended
—
31 1920.
[Vol. 111.
Net
profit after providing for taxes
-
-
~'r?nnnrt
tuu.uu u
-.$1,807,0. 1|
.
July 17
THE CHRONICLE
1920.]
CONSOLIDATED BALANCE SHEET MARCH
Cash
Accounts receivable
Liberty bonds at cost
Open voyages, &c.-.
mtge
for Cananova
In Canada for
—
—
31 1920.
S
Capital stock (395,000 sh.).bl4,520,055
341,227
239,312
26,814
Insurance funds
Miscellaneous
216,280
-.
J
724,527
Reserves
al ,070 ,167
Mortgages payable
7% Conv. debenture bonds... 10. 000, 000
c298,636
6'-c debenture bonds
Surplus
1,965,951
577,163
5,000,000
765,077
207 ,000
154,014
a2S5,167
--
Call loans
Cash
Cash
LiabtHttes
S
Assets
Accounts payable
Drafts payable
a785.000
mtges
113,877
Investments In other ccs
Prop., lands, contr., & eQUlp--10,749.329
6,300,271
Plantations & equipment
6'steaniers at cost, less deprec. 1 ,638,201
Sfs under constr.,& toU. S.. 1,494,679
19,142
Office furniture
330,716
Deferred charges.
983,333
Discount on debentures
Total eich side
29,402,969
a Id course of liquidation.
' b Authorized 1,000,000 shares of no par value, of which 400.000 shares
Issued 595,000 shares, less
are reserved for conversion of debentures.
200,000 shares held by trustees against conversion.
Funds
c Debenture bonds S3. 561,350, less in treasury .?3.262,714.
have since been deposited with the trustees for redemption of these bonds to
be called July 1 1920.— V. 110. p. 1091.
C
Hillman Coal
& Coke
Co., Pittsburgh Pa.
{Report for Fiscal Year ending Dec. 31 1919.)
President T. W. Guthrie -^Tites in substance:
—
— On May 5 1919, the name of the corporation was
changed from United Coal Corporation to Hillman Coal & Coke Co. This
discontinued.
Change in Name.
change permits a closer affiliation with yoiu" subsidiaries and contemplates
the consolidation of your various interests, and the eventual enlargement
of your company.
Except as to name of company, the new Pref. and Common stock certiThe exchange of United for Hillman
ficates are identical with the old ones.
stock certificates will be made by the Peoples Savings & Trust Co., of
Pittsburgh. Transfer Agent.
Purchase.
Purchase of a majority of the Capital stock of the Diamond
Coal & Coke Co. was consummated July 16 1919, and T. W. Guthrie was
elected President of that company.
Business.
During the summer of 1919 the demand steadily increased
and selling prices improved accordingly. Following the armistice it had
been considerably unsettled and depressed.
Strike.
A general strike of bituminous coal niiners became effective
Nov. 1 and continued until the middle of December. The men at your
non-union mines continued at work. Upon Oct. 30 1919, governmental
regulation of prices and distribution of coal was resumccl.
During the
strike much of oiu- production was confiscated and great difficulty was
experienced in tracing this coal.
The miners returned to work at an average advance of 14% in wages and with no advance in the Government selling
—
—
—
—
Car Shortage. Beginning in Dec. 1919 an acute shortage of cars caused
the operation of your mines to be irregular, and increased the cost of production.
Output.
Notwithstanding the general strike and the shortage of cars,
otL- output in 1919 was 2.36% gi-eater than in 1918.
Finances.
The financial condition of the company continued to improve
and it was decided to continue the retiring of underlying bonds whenever
they could be purchased at reasonable prices.
Improvements, &c. Many repairs and improvements have been made
to reduce the cost of producing coal.
The EUa Mine is now running upon
—
—
—
pm-chased electric power.
CONSOLIDATED PROFIT & LOSS STATEMENT FOR CALENDAR
YEARS 1919 AND 1918 AND 18 MONTHS TO DEC. 31 1917.
18 OS .'16-17
§7.094,487 $7,1.52,555
5.482,106
5.252,377
150,791
154,109
1918.
1919.
$8, 225, 051
6,615,699
Gross receipts
Operating costs
Intere.st
114.6.54
Depletion and depreciation
569,896
570,926
562,549
$924,802
92.088
900
173,551
$887,345
207,922
$1,186,838
275,000
Net profits from operation
Res. for excess profit and income tax.
Donations
Preferred dividends (7%)
—
25,3.50
181,460
187,994
Credited to surplus
.$658,263
$472,613
$723,844
In July 1919 purchased a majority of the Capital stock of the Diamond
Coal & Coke Co., formerly the United Coal Corporation.
BALANCE SHEET DECEMBER
1919.
Assets
s
Property account. 9,230,971
Liberty bonds
2,570,316
Sinking fund cash
and securities.. 2,244,985
Deferred charges..
27,389
Inventories
412,623
—
Cur't assets, accts.
receiv.
and cash. 2,766,375
31.
1918.
1919.
Liabilities
S
S
9,896,557 Funded debt
3,180,500
1,521,108 Aects.¬es pay. 1,018,405
—
Accrued
.
17,252.659 16,332.704
110, p. 2492.
1918.
S
3,337,000
340,039
&
!
Total
—V.
liab
2.179,386
reserve for taxes
585,170
32,475 Dividends payable
42,408
461,344 Preferred stock.
3,393,100
Common stock
5,939,400
2,241.834 Somerset R.E. Co.
20,568
Bond retirement..
98,349
Surplus
2,974,759
Total
521,640
46,410
3,712,800
5,939,400
19,892
100,934
2,314,589
17,252,659 16,332,704
RAILROADS, INCLUDING ELECTRIC ROADS.
Albany Southern RR.
— Time Extended. —
very large amount of the First Mortgage 5% Sinking Fund 30- Year
Gold bonds have been deposited pursuant to the terms of the Deposit
Agreement, dated March 1 1920. In order to give the non-depositing
bondholders an opportunity to participate in the benefits of the Exchange
plan, the time within which bonds may be deposited has been extended to
and mcluding Aug. 2 1920. Compare V. 110. p. 2290; V. Ill, p. 72.
—
—
—
Aransas Harbor Terminal Ry. Government Loan.
See Atchison Topeka & Santa Fe Ry. below. — V. 62, p. 634.
Argentine Ry. Reorganization Plan.
Holders of 6% Two-Year notes, or of. deposit receips representing
—
—
with the plan of reorganization dated Feb. 12 1920. which has become
operative.— V. 110. p. 1641.
Topeka & Santa Fe Ry.
— Government Loan. —
Inter-State Commerce (Commission has approved additiou.al loans
ironi the revolving fund of $300,000,000 amounting to
$21,986,875 to the
companies named below. The money will be used for the purchase of ecjuipreconstruction work and for meeting of maturities as follows:
AflPi
Atchison
Topeka & Santa Fe Ry. (for the purchase of equipment
mcluding 2.,SOO refrigerator cars)
^aroUna Clinchfieki & Ohio Ry. (to assist in financing inmicdi-$5 493 600
pressing maturities)
2.000.000
Ar»ni^ Harbor Tenuinal
^ransas
Ry. (reconstruction of part of its liae).
135,000
oangor & Aroostook Ry (reconstruction work)
.
200 000
J*'^- (f*"" the purchase of equipment, including
i^aA?,^*'"*'''''
1.000 refrigerator cars)
.
.
4 511 7,50
.
o'i','5?'*"'''
-t\'
'
& Quincy RR.
(for additional equipment"). .1
'^'*- ladditional] (for additionidicquipmcut)..
V^''
in p.
110,
2657.
1
.
Hurlington
Mifflin
&
Co., Boston.
&
Augusta-Aiken Ry,
Elec. Cor-^t.— Option for City Pur.
James U. Jackson, former V.-Pres., is of the opinion that the city would
take a long step in the direction of progress if it should acquire the control
of that company, and. through a commission named for the purpose, undertake to operate the railway and the power plant. Mr.Jackso n says
part:
"Appreciating the importance of bringing about such negotiation as would
place the city in absolute control of the situation. I have secured an option
on control of the stock of the company. This control will be 20,00U.shares
of Common, at $10 per share, and 2,500 shares of Pref., at $25 per share,
makmg a total cost to the city of $262,50). To duplicate the Augusta
Aiken property to-day at present prices for material and labor would cost
$10,000,000. If this amount was to bo raised by a bond issue, the bonds
to yield this amount of money would have to bear not less than 8%.
The
present outstanding bonds on the property about 86,000,000 bear 5%,
equal to a saving of $500,000 per annum." V. 110. p. 2487.
m
——
—
— Governmejit Loan. —
—
Buffalo & Lake Erie Traction Co. — Suspends Line. —
Bangor
&
Aroostook Ry.
See Atchison Topeka
&
Santa Fe Ry. above.
V. 110, p. 2191.
Justice Wheeler in the Supreme Court at Buffalo, on the application of
S. Bullock, receiver, on July 1 handed down a decision allowing the
company to discontunie its lines within the State of New York, effective
Sept. 15.
The request of the company that it be allowed to dismantle the
road IS denied. The court directs that the receiver advertise for bids for
the property in full or in part and to report such bids to the court on Sept. 1.
The line between Fredonia and Dunkirk is excepted from the order. The
coiu-t believes this section can be operated successfully.
V. 110, p. 2291.
Canadian National Rys.
—
— To
Dispose of Electric Lines
in Ontario to Hydro-Electric Commission.
Negotiations between Sir Adam Beck, Chairman of the Hydro-Electric
—
D
Commission of Ontario, repre-senting the municipalities, and Hon. J.
Reid, Minister of Railways and Canals, representing the Dominion, have
resulted in the Federal Government offering to dispose of all the electric
lines of the Canadian National Railways system,in Ontario to the municipally-owned hydro-radial enterprise. The conditions accepted bv the
Dominion Government are in accord with those submitted bv Sir Adam
Beck. They provide that the electric lines shall continue to be feeders of
the national system, offer the opportunity of complete co-ordination of the
two publicly-owned systems, and effect a sound business alliance between them.
The proposed terms and the roads to be taken over are:
(1) Toronto Eastern Ry. (V. 101, p. 1887).— Price, $706,000, payable by
Hydro-Power Comm ission 4)4 % 50-year bonds, guaranteed by the Province
of Ontario.
(2) Toronto Suburban Ry. (V. 108. p. 685).
On this railway there are
•?2,628,000 of outstanding 414% bonds due 1961
This is to be taken over
by the Hydro-Power Commission, and the Hydro-Power Commission
to assume the bonds.
(3) Niagara St. Catharines & Toronto Ry. (V. 110, p. 1749).
Price for this
railway to be $3,544,374. On this road there are $1,098,000 5%, bonds
due 1929. The Hydro-Power Commission will assume these bonds and
give Hydro-Power Commission bonds guaranteed by the Province of
Ontario 4J^^% 50-year bonds for the difference between $1,098,000 and
$3,544,374.— V. Ill, p. 188.
—
.
—
—
—
Carolina Ciinchfield & Ohio Ry. Government Loan.
& Sante Fe Ry. above.
Norman S. Meldrum, Chairman of the Texas & Pacific and a member of
the firm of Blair & Co., New York, has been elected President, succeeding
Mark W. Potter. —V. 110, p. 2192.
Chicago Burlington & Quincy RR. Govt. Loan.
See Atchison Topeka & Santa Fe Ry. above. — V. 110, p. 2657.
Chicago & Eastern Illinois RR. Report by Bondholders'
Committee as to Reorga^iization Prospects. Henry Evans, as
Chairman of the protective committee of holders of the 5%
General Consolidated and First Mtge. bonds of 1887, in
circular dated at 62 Cedar St., N. Y., July 1, addi'essing
See Atchison Topeka
—
—
—
—
the depositors of said bonds, says in substance:
Rumors. As misleading rumors have appeared regarding a
tion, a brief report by your committee seems appropriate.
—
reorganiza-
—
Foreclosure Proceedings.
In a creditors' action receivers were appointed
May 27 1913, and in Nov. 1915. after default upon the interest on yoiu"
bonds, the trustee under the mortgage called the principal due and payable
and began foreclosure proceedings.
The trustee for the bonds of the Chicago & Indiana Coal Railway Co.
claimed in such foreclosure that their mortgage was also a lien on the road
of the Chicago & Eastern Illinois, which secures yom- bonds.
This claim
was vigorously opposed and the court decided against it. That decision
was affirmed on appeal, and may be regarded as final.
Reorganization Delayed Federal Compensation Controversy.
During 19161917 your committee had under consideration with other committees a
plan of reorganization which should have been satisfactory to the holders
of the 5% bonds, but the entry of the United States into the war prevented
the carrying out of that plan.
From Dec. 31 1917 until Feb. 29 1920 the United States was in possession
of the railroad. The compensation which it must pay for the use of the
road has been the subject of controversy. The amount offered, was. the
court held, insufficient. The board of referees appointed by the Inter-State
—
—
Commerce Commission reported that the compensation should be approximately .$4,450,000 per year $1,170,000 in excess of the offer. "With this
figure as a basis, the several committees representing seciunties of the
Chicago & Eastern Illinois RR. Co. again considered a reorganization.
However, the Government refused to abide by that report, and fiu-ther
procedure OTth the reorganization had to be postponed. By order of court
the receiver has filed a claim for compensation with the U. S. Court of Claims
in which court, by the provisions of the U. S. statute, the report of the
board of referees in prima facie evidence of the amou nt of just compensation
and of the facts therein stated. The claim can hardly be determined before
the end of the sununer.
Cash Requirements. $6,000,000 of receivers' certificates are outstanding,
and so much thereof as the court may allocate to yoiur road must bo paid
or refunded in a reorganization.
The amount of cash available is. therefore, an important factor in the
reorganization, and the difference between the claims of the Government and
the receiver is so wide that the dispute must be settled before reorganization
can proceed.
Diu-ing the receivership the ph.vsicGreatly Improved Physical Conditions.
Under the receiver,
cal condition of the property was greatly improved.
there was expended during the years 1913-1917. inclusive, for reconstruction
and improvement, $31,020,878, wliicli was charged to maintenance (as
compared with $18,456,175, the aggregate for the same lines of railroad
during tho preceding period of five years), and $8,229,944 was expended
and charged to additions and betterments.
As a result of these expenditures the road was enabled:
(n) To carry 10,488.274 tons of coal in 1917 and 11,394,967 tons of coal
in 1918, whereas its capacity was strained in 1913 to carry 7,548,321 tons.
(6) To gain 3,027 good-order cars since July 1 1014.
(c) To increase its credit balance for equipment rents from $254,028,
tho average amoimt thereof during the .seven years preceding July 1 1914,
to $1,080,957 for tho calendar year 1917.
On June 30 1914 the railroad had 71.19% of its cars in good condition,
whereas on Dec. 31 1917 it had 87.96% of its cars in good condition.
Tho report of the referees also states that for tho cal. year 1917 the
railway operating revenue of the receiver was $21,012,172. tho railway
operating expenses were $16,398,363, and tho annual railway operating
—
—
such
notes, are requested to lodge them at the office of the Law Debenture Corp
i-td., 26 Old Broad St., London, to be exchanged for certificates for
debenture stocks and shares of the South American Assets Co., Ltd.. in accordance
Atchison,
^ The
University of Georgia, and pubUshed by Houghton.
—
-V. 109, p. 1526.
—
GENERAL INVESTMENT NEWS.
A
—
Atlantic Coast Line RR. History of System.
"A History of the Atlantic Coast Line Railroads" is the title of a 200-page
prize volume, prepared by Prof. Howard Douglas Dozier, PhD., of the
Geo.
[A proposition to increase the Capital stock is pending.]
Voting Trust Ends.
Effective Jan. 15 1919, the voting trustees, having
completed their duties, resigned and the voting trust has, therefore, been
prices for coal.
393
4;446!523
235,400
income was .$4,408,030.
Basis of Plans Suggested.
— Both the plans of reorganization considered by
your committee contemplated tho exclusion of the Chicago & Indiana Coal
Ry. Co., the operation of which, it is believed, has been a drain on your
railroad, and that you should receive 5% bonds of the same principal
amount as your bonds and either bonds or cash for j-our unpaid interest.
THE CHRONICLE
294
—
Outlook.
The late stril^es of coal miners and strikes of railroad men have
affected the operations of the road, but we aire reliably informed that your
road is in physical condition to handle its business economically, and that
with the settlement of the wage questions and the increase of rates which
will be granted the railroads, tne receiver expects the earnings of your road
wiU be very satisfactory. V. Ill, p. 73.
—
—
Rys. — Fare
Chicago Elevated
Petition.
Attorney Gilbert, counsel for Chicago Elevated Rys.. at a hearing before
Commission
stated
that
a 10-cent fare is necessary imU.
the Illinois P.
mediately in order to avert bankruptcy, and later probably a 12-cent fare
He stated that if the present rate of 7 hi cents continues
will be necessary.
V. 110, p. 464
there will be a deficit of 82,300,000 by end of current year.
—
— Neio Director. —
Bank
John Washburn. —
Chicago Rock Island & Pacific Ry. — Bo7id Application.
Chicago Great Western RR.
C. T. Jaftray, President of the First National
been elected a director, succeeding the late
of
Minneapolis, has
V. 110, p. 1972.
The company h.as filed a petition before the Illinois P. U. Commission
asking for permission to issue bonds totaling SI. 500, 000. The bonds are
said to be needed to reimburse the treasury for amounts paid to the Government. V. 110, p. 2657.
—
Chicago Surface Lines.
— Bond
Application.
—
Application has been made by the Chicago Surface Lines to the Illinois
P. U. Commission for permission to issue $1,016,836 5% First Mtge. bonds,
due Feb. 1 1927.— V. ill, p. 73.
& Aurora
Cincinnati Lawrenceburg
RR.
Electric St.
The Indiana
P. S. Commission authorized the company, effective July 9,
to increase its city fare from 5 cents to 7 cents, and to sell 8 tickets for 50
cents.
It also authorized company to increase its passenger fare from
Lawrenceburg to Aurora from 10 cents to 12 cents. V. Ill, p. 73.
City Ry., Dayton, O.
After being shut
down
—
— Fares and
for 17
—
Wage Increases.
days owing to a strike of its employees,
was resumed on July 6. The men agreed to work at a sliding scale
pay from 58. 60 and 62 cents, for three, six and 12 months, respectively,
pending award by an arbitration board. The new arbitration agreement also
provides workmen's committees to confer with officials on daily grievances.
City Commissioners on July 6 agreed to pass an ordinance granting street
ser\'ice
of
car companies the right to charge a 7-cent fare, with 8 tickets for 50 cents,
free transfer and a 4-cent half-fare.
The increases affect the Dayton
Street Ry.. the City Railway, the Oakwood Street Ry., the Dayton Springfield & Xenia Southern Ry. and the People's Railway.
V. 110, p. 359.
—
Connecticut Co. — Jitney Regulation. —
The Bridgeport, Conn., Common Council on July 7 adopted an ordinance
prohibiting jitney buses from using the central streets ot the city, and outnew routes for the buses. The Connecticut Co. had notified Mayor
Wilson that it would discontinue service in Bridgeport on July 15 because
of jitney competition, but Pres. Storrs has announced that troUey service
will be continued 30 days to see whether the ordinance was effective.
—V. 110. p. 2657.
lining
Ford.
— The
—
&
Detroit Toledo
Ironton Co. Purchased by Henry
this road was taken over by Henry
control of
Ford on July 9 by the purchase for cash of approximately
97 % of the "Adjustment Mortgage bonds and the Preferred
and Common stock. The price paid was $600 for each
$1,000 bond, and $5 and $1 for each share of the Preferred
and Common stock, respectively.
Fosburgh, Pratt & Osboru of New York, who negotiated the sale, in an
announcement state:
"The managenaent firm of Fosburgh, Pratt & Osborn announces the sale
to Henry Ford of the Detroit Toledo & Ironton RR.
"This road underwent a drastic reorganization in 1914 when it was taken
over by the First Mortgage bondholders of receivers' certificates. About
$1,000,000 of new money was then provided to improve the condition of the
property.
Frederick Osborn, of this firm, was retained by the larger security holders to represent them in the management of the property.
it became evident that improvement of this road was a vital
necessity to Detroit, and it was through the efforts of Mr. Osborn to raise
capital for the road from the larger industries of Detroit that the sale to
Henry Ford was brought about.
"Mr. Ford, for some time past, has been devoting much of his time to a
fundamental study of the engineering and mechanical problems involved in
railroading, and with the large means at his disposal and his own genius
along lines of large production, interesting developments may well be
looked for.
"For the immediate future a program of large purchases of heavy rails,
ballasting, construction of cut-offs and elimination of grades has been
adopted and will be put into effect at once, and the capital thus provided
by the automobile industry for the development of this Detroit road will
enormously relieve the serious rail congestion which has existed in Detroit
for some years past."
It is stated that there will be no public offering in connection with the
financing of the purchase of the road, although it is intimated that the
purchasers may negotiate a loan for a brief period as they did in the csise of
the purchase of the minority interest in the Ford Motor Co.
It is also stated that all the employees of the Detroit Toledo & Ironton
win share in the Ford bonus distributions.
See V. Ill, p. 188; V. 110,
p. 2075.
Early this year
Detroit United Ry.
Judge Arthur
—
Suits
Dismissed.
—
the U. S. District Court, has signed a decree
dismissing the suits to enjoin the enforcement of the municipal street railway
ordinance which were filed by the D. U. R. and the New York Trust Co.
last May.
(V. 110, p. 1748.)
Following a hearing on a motion by the city to dismiss the suits. Judge
Tuttle ruled that while the ordinance adopted by referendum at the April
election (V. 110, p. 1526) did not empower the city to purchase any of the
D. U. R. lines, it was valid and operative for the construction of a mimicipal
street railway system.
V. Ill, p. 188.
J. Tuttle, of
—
East
St.
Louis
& Suburban
Co.
— Wage Increase. —
The Arbitration Board appointed to settle wage disputes between the
employees and the company has awarded the men increases ranging from
40% to 52%. AU conductors and motormen will receive 70 cents an hour
and for the working day of 9 J^ hours will receive $6 65, with time and onehalf for overtime.
They had demanded 87 }4 cents an hour and an 8-hour
day. Conductors and motormen had been granted a sliding scale from 46
to 51 cents an hour by the War Labor Board. As a result the fare was
advanced by permission of the Public Utilities Board from 5 to 6 cents.
Increases also were granted to shopmen from 48 cents an hour to 63 cents
Extra men will be guaranteed .S80 to $90 a month.
President W. H. Sawyer, on nearing of the award, is<[uoted as saying:
"I am shocked and really afraid to express myself at this time as to what
the result of this wage award will mean to this commimity. Whether most
radically increased fares can produce enough money to pay such wages is a
very serious question." V. Ill, p. 188.
an hour.
—
El Paso
& Southwestern
Co.
Annual
Report.
—
Corporate Income Account.
—
Corporate Income Account
Gross income, incl. Fed. compens., $4,135,114
Taxes, rentals and deductions-.
Dividenas
1919.
1918.
(8%)2,000,000
$6,791,706
3,240,007
2,000.000
$1,128,710
$1,551,699
$5,599,094
2,470,384
Surplus
Fedtral Operating Statement.
1919.
Operating revenue
Operating expenses
$12,761,391 $14,790,468
8,629,020
8.886,443
Net operating revenue
—V.
$3,874,948
107, p. 82.
Grand Trunk Ry.
1918.
of
Canada.
— Price
$6,161,448
Arbitration.
—
William H. Taft has been appointed to represent the Grand Trunk Ry.
system on the Board of Arbitration that is to determine the amoimt to be
[Vol. 111.
paid by the Dominion Government for the stock of the corporation. The
other members of the board are Sir Walter Cassels. Chief Judge of the
Exchequer Coiu-t, who will be Chairman, and Sir Thomas White, representing the Canadian Government. V. Ill, p. 74.
—
—
—
and
on
onCanisteo
—
Hudson & Manhattan RR. (Hudson Tubes). — Fares. —
Hornell (N. Y.) Traction Co. Fare Increase.
By order of t'le New York P. S. Commission fares have been
the city lines
to 8 cents
16 cents
increased
V. 105, p. 2272
line.
Fiu'ther suspension from Aug. 2 to Sept. 1 of the operation of the tariffs
providing for an increase in local fares between points on its lines in N. Y.
City, Jersey City and Hoboken, N. J., was ordered on July 14 by the
I.-S. C. Commission.
The Commission previously suspended the proposed
tariffs from April 4 to Aug. 2.
The suspension does not affect certain increases permitted in April, although under investigation by the Commission.
Increases proposed by the company of an uptown rate of 10 cents
were specifically suspended. V. 110, p. 2657.
—
—
—
Central RR. Government Loan.
& Santa Fe Ry. above. V. Ill, p. 182.
Indianapolis Union Ry. Decision.
Judge John W. Peck of the U. S. District Court at Cincinnati on July 6
handed down his final order granting the petition of the Indianapolis Union
Ry., the Cleve. Cine. Chic. & St. Louis, the Pitts. Cine. Chic. & St. Louis
and the Vandalia RR. companies to require the Cincinnati Indianapolis &
Western RR. to assume the obligations of both the Indianapolis Decatur &
Springfield Ry. and the Cincinnati Hamilton & Indianapolis Ry., under the
Illinois
See Atchison Topoka
—
—
—
contract of Sept. 20 1883, as amended Aug. 20 1906, for the use of the
terminal facilities at Indianapolis.
The petition was filed in the foreclosure proceedings of the Equitable
Trust Co. of New York, et al., vs. the C. t. & W. Rj-., and was a result of
an attempt of the railroad company, which was the purchase of the property
of the railway company in tnis action, to reject that portion of the contract
which gave to the Ihdianapolis Decatur & Springfield Ry. rights to the use
of the terminal.
In passing on the case. Judge Peck held that the merger of the lines of
the original signers of the contract made the Cincinnati Indianapolis &
Western Ry., as successor to both lines, subject to the terms of the contract
as to both, and that when the railroad company purchased under the decree
of foreclosure it became bound in tJe same manner.
Exceptions to the order were noted by coimsel for the railroad company.
V. 110, p. 167.
—
Interstate Consolidated Street Ry.
— Fares. —
The company's tariff, increasing fares from 6 to 7 cents, has been suspended by the Mass. Department of Public Utilities and the company has
filed a 5-cent fare schedule with plans for the formation of new zones which
have been approved by the Commission. V. 110, p. 1849.
Kentucky Traction & Terminal Co. Fare Increase.
Effective June 14, fares were increased from 6 to 7 cents on local lines
and to a minimum fare of 7 cents on the interurban lines. V. 110, p. 360.
—
—
—
—
Lexington Ave. & Pavonia Ferry RR.
See New York Railways below.
Long Island RR. Annual Report.
—
Corporation Income Account
—
—
1919.
Tot. income, incl. Fed. compens. ($3. 221, 948)-Rents, taxes, int., &c
Net income
Federal Operatino Account
Total operating revenue
—
1918.
$3,941,224
3,258,719
$3,736,488
3,276,562
$682,5050
$459,926
1918.
1919.
$24,381,973 $22,241,156
$2,508,572 $4,229,104
Net operating income
—V.
Comm.
-Protective
110, p. 2487.
—
—
Municipal Service Co. Notes Offered. Baker, Ayling &
Young, Boston, recently offered at 99 M and int., netting
8.30%, $650,000 3- Year 8% Coupon Notes. Circular shows:
Callable up
Int. payable J. & J.
1 1920, due July 1 1923.
1921 at 102; up to July 1 1922 at 101: thereafter at par and int.
may,
to pay the
far
as
it
legally
Company
agrees,
so
Denom. $1,000 (c*).
normal Federal income tax up to 2%. Tax-free in Penn. and Mass.
Philadelphia Trust Co., trustee.
Outstanding Capitalization.
SI. 465.000
Bonds
$2, 776, 500 Preferred stock
810,000
Notes (this issue)
650.000 Common stock
Debentures
700,0001
Earnings Calendar Years and Year ending April 30 1920.
1919.
1919-20.
1918.
1917.
1916.
Gross earnings
$660,895 $1,460,226 $1,730,269 $2,105,880 $2,220,142
$536,405
Oper. rev., after taxes & maint., incl. int. on sub. co. bonds
183,138
Bond interest and debenture interest
353.266
Balance available for note interest, amortization, &c
Purpose.
To provide fimds for additions and betterments and to refund
the notes maturing this year.
Company. Serves 16 communities in four States, furnishing principally
light and power and some traction service in connection therewith: the
receipts being about 75%) from electric light and power and 25% from railway operation. Company serves a population of about 300.000. valuation of the various properties is given by Day & Zimmermann. Inc., as
$7,100.000.— V. 109, p. 371.
Dated July
to July
1
1
J
—
—
Nashville Chattanooga
&
St.
Louis Ry.
— Bonds Listed.
The New York Stock Exchange has authorized the
listing of $1,250,000
1928, making the total
were issued to retire
additional First Consol. Mtge. 5% bonds, due
These bonds
for $14,858,000.
$1,250,000 First Mtge. 7%> bonds, mattu-ed July 1 1913.
Income Account for Four Months ending April 30 1920.
$1,053,427
Operating revenues
$3 ,6 18, 032 Non-operating income
1,220,022
Expenses and taxes
3,451 ,4371 Gross income
charges
696,489
other
&
income
166,595llnt.
Operating
amount applied
1
Net income
Compare annual
$523,533
report in V, 110, p. 2286, 2292.
—
—
National Properties Co. Syndicate Managers.
The managers of the underwriting syndicate mentioned last week are
John J. Henderson, E. Clarence Miller and Le^vis L. Dunham. See plan.
V. Ill, p. 189.
—
—
—
New York Railways. Committee for Underlying Bonds.
Wage Increase Subsidiary CompanyFranchiseAbandonment
Default having been made in the payment of the interest falling due
March 1 1920 on the $5,000,000 Lexington Ate. & Pavonia Ferry RR. 1st M.
—
5s. dated Aug. 24 1893. the committee named below, at the request of the
holders of a large amount of said bonds, have consented to act as a bondholders' protective committee.
The committee invites the holders of said bonds to deposit the same, accompanied with the coupons falling due March 1 1920, and all subsequent
coupons, on or before Sept. 3 1920, with Central Union Trust Co. of N. Y..
No. 80 Broadway. N. Y. City, as depositary.
.
^
^
, ^t .«
Committee. F. J. Fuller, V.-Pres. of Central Union Tru.st Co. of N. Y.;
Reginald
U.
S.;
of
the
Society
Assur.
Life
A. R. Horr, V.-Pres. of Equitable
Foster, Gen. Counsel, New England Mutual Life Insur. Co., Boston, witn
Alexander & Green, counsel. 120 Broadway, N, Y., and Charles E. Sigler.
Sec. 80 Broadway, N. Y. City.
^
„ ., „
All employees have been granted a 10% advance in wages, effective
July 18'^
.
X J
Under the new agreement, which has been approved by Judge Mayer,
conmotormen
and
established
for
is
a maximum pay of 67 cents an hour
New men are to get
ductors, beginning with their tenth year of service.
The receiver is permitted to hire men at other than the
57 cents an hour.
scale fixed, provided no old men are discharged to make way for newcomers.
Job E. Hedges, receiver, said that a raise in street car fares is now Imperative, as the payroll will be Increased S500,000.
V. Ill, p. 74, ISO.
See also Twenty-Third Street Ry. below.
—
^
—
Niagara St. Cath.
&
Toronto Ry.
See Canadian National Railways above.
— V.
— Municipal Oper. —
110, p. 1749.
'
—
July 17
1920.]
& Western
Norfolk
V
Ry.
— Application
THE CHRONICLE
and
Approved. —
Com. Commission on
l.-S.
Phila.
—
—
No Action on Divs.
News Bureau" on July 12 said: "No meeting of the directors
dividend,
payable
July 31 has yet been
semi-annual
2^2%
Philadelphia Rapid Transit Co.
"The
to act on the
held, and according to unofficial report action on the dividend may not be
taken for a week or more, in \iew of the forthcoming P. S. Commission
fare deci.sion, which may have an important bearing on the dividend policy."
—V. HI. p. 74.
Pittsburgh Cincinnati Chic.
&
St. L.
RR.
— New Bonds.
given notice that it is now prepared to issue
temporary 5% bonds under the new 50-year General Mortgage (V. 110.
p. 1290. 2292) in exchange for certificates of deposit of Panhandle stock.
Bonds will carry a coupon due Dec. 1 1920, for five months' interest.
Holders of certificates of deposit of stock, who are entitled to receive their
dividend payable July 26, are requested to present their certificates for
exchange for bonds promptly on the date set. Compare V. 110, p. 1188.
1290. 1974, 2193, 2292.
The Pennsylvania Co. has
Pittsburgh Rys.
— Fare Increase Not
Effective.
—
The proposed increase in fares from 7J-2 cents to 8 1-3 cents which was to
go into effect July 14 did not go into effect, the P. S. CommLssion having
V. Ill, p. 74; V. 110. p. 2658.
failed to give its consent to the increase.
—
Puebla Tramway Light
& Pow.
Co.
— Deferred
Interest-
schtxluled for June 15 to vote on certain
See
provisions on the deferred interest has been postponed to July 30.
V. 110, p. 2292.
The bondholders' meeting
Rapid Transit in New York
Mayor Hylan
City.
a letter to the Board of Kstimate proposes "for the city
to enter into an agreement with an operator to cover the entire city (under
the present law the operator must be a corporation) to purchase and operate
buses imder the strictest municipal regulation and supervision." The
Board of Estimate has set a public hearing on the proposition for July 21.
Public Service Commissioner Lewis Nixon has stated that under the
decision of the Court of Appeals the Commission has jurisdiction to change
the established rate of fare on at least 24 troUey lines within the city (see list
in New York "Times" of July 14).
The Board of Estimate has approved the expenditure without public
letting of 8300,000 to be raised by corporate stock and which is to be used
for the installation of a mimicipally operated trolley line over the Williamsburgh Bridge. This line is now operated by the Bridge Operating Co.,
which is jointly owned by the New York Railways Co. and the B. R. T
V. Ill, p. 190.
system.
in
—
Richmond Light & RR.— Court
Stops City Seizure.
—
Federal Judge Chatfield on July 14 refused to grant the application of
John J. Kuhn, receiver of the company, for an order restraining the Board
of Estimate from declaring the franchise of the company forfeited and taking
possession of the property for mimicipal operation.
The ground of the
Court's refusal was that the city was without power to take possession of
control
the
Federal
property in
of
Court, and that therefore the restraining
order asked for was unnecessary.
In his decision Judge Chatfield said:
"The Court of Appeals seems to hold that the action of the Board of
Estimate in declaring, by the passage of a resolution, that a charter has been
is acting in a legislative nature.
decision of the Circuit Court of Appeals is controlling over the
present application in this respect, and it must be held that this court has no
authority to determine whether the passage of a resolution forfeiting a
charter is purely an executive act like the cancelling of a contract by a single
official involving possible judicial determination.
"The court, therefore, cannot grant the motion to enjoin the Board of
Estimate from considering and passing a resolution declaring the franchise
forfeited and the temporary injunction order must be vacated.
"No individual employee or agent of the city, even if a resolution of
forefeiture should be adopted, can proceed to interfere with the operation of
the receivers before this court has an opportunity to pass upon the validity
of the resolution in question.
"Under the circumstances the restraining order should be continued and
the injunction applied for granted to the extent of specifically forbiding any
physical interference with the operation of the receiver or any attempted
action under or enforcement of the resolution declaring the franchises forfeited, if the threatened action be taken, until application has been made to
this court for an order vacating the injunction forbiddmg such action."
—V. 110, p. 2658.
forfeited
"The
—
—
Paul Union Depot Co. Notes Sold. A syndicate
composed of J. P. Morgan & Co., Kuhn, Loeb & Co., First
National Bank and National City Co., this week sold priSt.
7%
vately an issue of $1,500,000 3 >i-yr.
notes, dueDec.15'23.
The notes are guaranteed by the nine railroads which jointly own and
use the depot.
These roads are the Northern Pacific; Chicago Milwaukee
& St. Paul; Great Northern; Chicago St. Paul Minneapolis & Omaha;
Chicago Great Western; Chicago Burlington & Quincy; Minneapolis St. Paul
& Sault Ste. Marie; Minneapolis & St. Louis, and Chicago Rock Isl. & Pac.
The proceeds from the sale of the securities, it is stated, will be used to
complete the new $10,000,000 terminal which is being erected ac St. Paul.
—V.
110, p. 2293.
—
—
Savannah (Ga.) Electric Co. — Suspension Approved. —
The company's
abandon
on
Whitaker
Savannah
by
RR. Comm. —
Scranton (Pa.) Railway. — Wage Increase. —
Salt
&
Utah RR. Additional Government Loan.
Topeka & Santa Fe Ry. above. V. 110, p. 2388.
Lake
Srr Atchison
petition to
has been granted
—
the
service
the Georgia
St. line in
V. Ill, p. 19().
Under the award of the majority of the arbitrators chosen to pa.ss on the
wa^es and other working conditions, the maximum scale of pay for trainmen
is fixed at 60 cents an hour, an Increase of 20%.
The mechanical workers
have been awarded a 12% advance. V. Ill, p. 74.
—
'
—
—
Shore Line Electric Ry. (Conn.). Appraisal.
appraisal of the property by William R. Dunham Jr. and
An
Shepherd
B. Palmer, filed with the Superior Court in Norwich recently by receiver
Robert W. Perkins, shows a valuation of $1,907,766 (mostly on scrap ba-sis):
New Haven via Guilford and Saybrook to Chester (scrap)
$356,447
Ferry Road Junction via Flanders to Crescent Beach (scrap)
89,732
Saybrook Power House (scrap)
47,787
Flanders Corner to New London (scrap), $301,779
71,991
Norwich to Hallvillo (scrap), $214.854
. .
41,700
Fort Point Branch (scrap), $20,463
3,807
Hallville to Stale Line (scrap)
104,662
Westerly to Groton (reproduction basis)
784,056
Old Mystic Line (reproduction basis)
78,867
Groton-Stonington cars
61,400
Other cars, not included above
147,600
Material and supplies, real estate, &c
119,717
Where properties were not being operated and where petitions for abandonment of service were before the court the appraisal was made at scrap
value.
Where these properties were still being operated, with reasonable
expectation of operations being continued, the properties were al.so appraised
on the basis of reproduction cost less depreciation. It is the belief of the
appraisers that where the two values are given the property may be made
to realize a value somewhere between these two extremes.
("Electric
Railway Journal.") V. 110. p. 2568.
—
Southern Pacific Co.
Upon
other Atlantic and Gulf ports, tne Inter-State
July 9 decided that such service is not in the Interest
of the public.
It was held that a grant of the application would exclude or
prevent competition between rail carrier and boat lines. V. 110, p. 2653.
Orleans, Galveston,
C. Commission has approved tne application of the company
/•or authority to coiuinue the issuance of Common stock in exchange for
and acuinst "the surrender and cancellation of an equal amount in par value
(o) $13,300,000 stock in exchaugo for
of convertible bonds as follows:
(6) $18.the convertible 10-20-yr. 4% gold bonds payable Sept. 1 1932.
353.000 stock in exchange for the convertible 10-25-yr. 4H7c> gold bonds
for
the
conpayable Sept. 1 193S. (c) .§17,91.5.000 stock in exchange
vertible lO-yr. GTc gold bonds payable Sept. 1 1929.— V. 110, p. 1973.
The
'£25
— Application Denied. —
the application of company to operate Atlantic steamship lines
between N. Y. City and Port Arthur. Sabine I'ass, Texas City, Houston
and other Texas ports, and between Portland, Me., Boston, Fall Riv"r,
New Bedford, Mass., Providence, R. I., Philadelphia, Baltimore, N^-'w
Springfield (Mass.) Street Ry.
—Bonds
—
—
Authorized.
The Mass. Department of Public Utilities has authorized the company
to issue $2,964,000 20-year 7% bonds.
Of this amount $2,230,000 will be
used for the retiring or refunding of bonds coming due within the next
few years. The remainder of the proceeds will be devoted to additions and
betterments, except for the payment of $75,000 already borrowed to pay off
bonds of the Woronoco Street Ry. V. 110, p. 1850.
—
Staten Island Midland RR.— City
Special Revenue Bonds to Buy and Operate
Votes $300,000 in
Trolley Cars.
The Board of Aldermen has sanctioned the application of Commissioner
Grover Whalen for an appropriation of $300,000. to be raised by an issue
of special revenue bonds, for the piu-chase of trolley cars to be used on the
lines of the company, and wherever else an emergency exists.
The Midland
is also in the hands of a Federal receiver, and is therefore immune from seizure by the city under Judge Chatfield's ruling.
(See Richmond Light
6 RR.
—
above.)
Of the $300,000, $200,000 will be for cars, $10,000 for the purchase of
parts, $40,000 for the erection of a barn, $30,000 for the rail connection
with the barn, and the remainder for repairs and miscellaneous expenses.
—V. Ill, p. 74.
Syracuse
& Suburban RR. — Fare Increase. —
The New York
P. S. Commi.ssion on July 6 authorized the company lo
charge for the balance of the year 3.6 cents a mile for cash fares, 3.1 cents
for ticket fare, 2.4 cents for mileage book rates, with a minimum fare of
7 cts. for each class, and 1.8 cts. for commutation rates.
The order further provides that after Jan. 1 1921 fares shall be at the
rate of 3.5 cents a mile for cash fares, 3 cents for ticket fares, 2.3 cents for
mileage book rates, with a minimum fare of 7 cents for all classes, and 1.7
cents for commutation rates.
Present fare rates are Cash, 3 cencs a mile; ticket, 214 cents; mileage rate,
2 cents, and commutation rate, 1.5 cents.
V. 11(), p. 2193.
Toledo Terminal RR.
—
— Compensation.
—
The board of referees of the I.-S. C. Commission has awarded the Company $252,999 annual compensation for the period the road was under
Government control. The road had asked ahnual compensation of $412,601.— V.
110. p. 1291.
Toledo
&
Western RR.
—
—
Protective Committee.
The
following protective committee has been appointed to protect the
holders of the $1,250,000 First Mortgage bonds, due 1926.
Willard F. Robison of Robison Realty Co., Chairman; Marion M. Miller.
Home Savings Bank Co.; Samuel R. Dority, Citizens' Safe Deposit & Trust
Co.; Frank P. Kennison, Ohio Savings Bank & Trust Co.; LeRoy E. Eastman, Secretary and counsel. Citizens' Safe Deposit & Trust Co., depository.
See V. Ill, p. 74.
— Municipal Ownership. —
—
Toronto Suburban Ry. — Municipal Ownership. —
Canadian
—
Tri-City Railway & Light Co. — Wage Increase. —
Toronto Eastern Ry.
See Canadian National Rys. above.
V. 101, p. 1887.
National Rys. above.
See
V. 108, p. 685.
A majority of a board of arbitration has favored a wage increase of
16 2-3%, or iO cents an hour for the Tri-City Ry. of Davenport, motormen
and conductors. The new scale calls for 60 cents the first six months, 65
the second six months, and 70 cents thereafter. The old scale was 54, 57
and 60 cents an hour. The company intends to ask the Illinois P. U.
Commission for an increase In fares to offset this increase. V. 110, p. 2568.
—
—
Twenty-Third St. Ry., N. Y. Franchise Abandonment. —
Stockholders wiU vote Aug. 10 upon a declaration of abandonment of
routes adopted by the directors at a meeting held July 7, abandoning the
right, privilege and franchises of this company to construct, maintain and
operate a street surface railway in, upon and along Second Ave. from 23d
St. to 29th St. and in 28th St. between First and Second Aves. and in 29th
St. between First and Second Aves., and in First Ave. between 28th St.
and 34th St., New York City.— V. Ill, p. 74.
Twin City Rapid Transit
Co.
—
Strike Averted.
—
A
strike of the employees to enforce an increase in wages, and scheduled
for July 1, was averted through the Intervention of business men.
A board
of arbitration has been appointed to inquite into the men's demands for
higher wages and to consider the company's claims for higher fares. V. 110
—
p. 2193.
—
(The) United Railways & Elec. Co. of Baltimore.
Earnings. Secretary William Early has favored the "Chronicle" with the following interesting statement covering the
operations from Jan. 1 to May 31 1919 and 1920, saying:
—
Effective Jan. 1 1920 a fare of 7 cts. was authorized by the Public Service
Commission of Maryland, and the enclosed comparison is made with a
6 ct. fare, which was operative from Jan. i to Sept. 30 1919, after which
date to Dec. 31 1919 a 63^2Ct. fare was in effect.
Earnings for Five Months to May 31 with 6 ct. Fare in 1919, 7 Cts. 1920.
1920.
1919.
1920.
1919.
s
s
S
S
Passenger revenue. .6, 971, 125 5,709,060 Operating Income. ..1,676,810 1,348,247
Non-oper.
Other revenue
59,052
47,062
income.
22,034
9,585
Total
—7,030,177
Oper. Exp. & Taxes
Way and structures.
Gross income
Fixed charges
5,756,122
,698 ,853 1,357,832
1,359,943 1,323,181
1
409,625
268,849
461,249
^48,000
Net Income
338,910
34,651
478.077
Oper. Statistics
505,433
Conducting transp. .2,233,387 1,906,715 Car miles
15,049,393 14,447,428
Traffic
5,863
10,007 Rev. passengers. 103,114,440 96,897,586
493,664 Tr.ansfer pass'gers 37,254,119 33,863.386
General & miscel
658,414
351,509
287,806 Per car mile:
Depreciation
6.85
727,877
614,157
Rev. pass'gers.
6.71
Taxes
Maint. cost...
.0594
.0444
4
cost..
Total
-.5,353.357
Deprec.
.0234
.0199
,407,875
The company has issued a pamplilet entitled Memoranda for Security
Owners," together mth letter of President Emmons. -' 111, p. 75.
Equipment
Power
—
—
—
United Rys. of
St. Louis.
Wash.
Annapolis Elec. RR. Dividends.
Common dividend
Receiver's Ctfs. Authorized.
—
Federal Judge Farris has authorized Rolla Wells, receiver, to issue 7%
receiver's certificates totaling .$4,200,000 to provide for i)ayment of $1 ,948,000 St. Louis RR. 43-.% bonds, due May 1 last, and .?2 .300,000 receiver's
certificates due Sept. 2 1920.
See V. 110, p. 1974, 24SS.
The
Bait.
directors
reduced from
&.
—
1H%
to
1%
quarterly.
Washington-Virginia Ry.
The "Washington Post"
Indebtedness,
—
announced on Juno 23 that the
the
Compare V.
—
Protective Committee.
of July 15 stated that "In addition to the
Washington-Vlrglni.i
has
was
110, p. 1291, 1189.
outstanding
Ac.
—
bonded
$1,400,000
ot
which mature Jan. 1 1922. These notes are held largely
by Washington, Baltimore and Philadelphia bankers. Wh'-u it was learned
several weeks ago that Interest on the underlying bonds could not be paid,
the noteholders formed a protective committee, made up of R. Golden
Donaldson, Chairman of the Board of the Commercial Xatlonal Bank,
Clarence F. Norment, Pres. of the National Bank of Washington. Van Laer
short'-term notes,
Black, VIee-Pres. of the Fidelity Trust Co. of Bait., Joseph Wayne Jr.,
Prps. of the Girard National Bank of Phlla., Howard S. Graham, of Graham,
[The "Post" states that the Interest on the several
Parsons & Co., Phlla.
Issues of Washington Arlington & Kails Church bonds as well as the interest
V. 110, p. 1850.
on the Washington Alexandria & Mt. Vernon 53 Is overdue.)
Western
—
—
Maryland Ry. Asks Permission
Notes.— The company has applied to
to
Issue
the I.-S.
C. Commission for permission to issue SG ,000,000 notes to
.SG,000,000
THE CHRONICLE
296
e used to retire obligations totaling §6,000,000, whicli mabonds of
m-e this vear, A-iz.: 81,000,000 First Mtge.
Coal & Iron Ry., due Aug. 1, and §5,000,000 3-year 7%
secured notes of Western JNIarj-land Ry. due Nov. 1.
The notes will be 7J^ % convertible notes, dated Aug. 1, maturing Aug. 1
To be secured
1925, and redeemable, all. but not In part, at 101 and Int.
by tbe deposit and pledge witli trustee of SS, 571, 000 of 1st & Ref. Mtge.
5% bonds of the company. To be convertible at any time prior to maturity
5%
or
call for
redemption Into deposited First
&
Ref. Mtge.
5%
bonds.
In Its application the company says' "The company has endeavored to
procure through the instrumentality of private banks and bankers, an
adequate cash underwriting to meet its financial necessities in this respect,
but, owing not only to the financial conditions now prevailing and affecting
other railroad companies, but also to the peculiar facts and circumstances
with regard to the operation and utilization of Its property during the period
of Federal control, resulting In an abnormal situation which, though In
process of readjustment, has not yet been fully corrected, the company Is
V. 110, p. 1416.
not able at present time to make such financial provision."
—
INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co., N. Y.
Value Common Shares to $.50 Par
— Proposed Change No Par
Value — New Director, &c. —
to
Samuel Strasburgcr has been elected a director, succeeding George C.
The stockholder.s on July 8 voted to Increase the board from 9 to 11
members, but did not elect the two additional directors.
Holt.
The
stockholders also
recommended that the
directors take steps to
Common stock on the New York Stock Exchange and to change
Common shares from no par value to S50 par.— V. 110, p. 2,568.
the
Alabama Power Co.
—
Offers Pref. Stock
list
the
— Report. —
The company is offering SI .000,000 7% Cum. Pref. stock to its customers
and employees. The proceeds will be used for development and extension.
Terms of payment: (a) on cash basis: As many shares as are desired or the
company miay have to offer at $9.3 and div. (ft) on partial payment: Any
ntmiber of shares, up to 25, paying $5 per share down and $5 per share each
month until the purchase price is paid.
Should partial payment purchasers at any time desire to withdraw before
completing their purchase, mofiey paid in can be withdrawn in full with int.
6% upon ten days' notice. Div. Q.-J. See Alal^ama Traction, Light &
Power Co. imder "Reports" alsove, and compare V. 110, p. 1850.
at
American Bosch Magneto Corp. —Listing — Earnings. —
The N. Y. Stock Exchange has authorized the listing, on and after
July 15, of 16,000 additional shares of capital stock, no par value, on official
notice of issuance, as a 20% stock dividend, payable July 15 to holders of
record July 1, making a total amount applied for of 96,000 shares.
'e' Income account for five months ending May 31 1920 shows: Gross sales,
§4.519,059; net sales, 84,449,50-3; operating profit, $1.,359,.335: manufactiu-ing profit, .5933,163; reserve for 1920 Federal taxes. $230,300; Dividend
paid April 1 1920, .§200,000; balance, surplus, §502,863.
Output of magnetos for the five months ending May 31 was 180,098.
Orders on hand for the same period were .§7,056.833. V. Ill, p. 75, 190.
—
Amer. Brake Shoe
& Foundry
Co.
— Listing—Earnings.
The New York Stock Exchange has authorized the listing of temporary
certificates for $4,600,000 (auth. $10,000,000) of new 7% Cum. Pref.
stock, par $100, on official notice of issuance, in exchange for 46,000 shares
of the present outstanding Common stock, and temporary certificates for
§5.000.000 of the new Pref. stock and for 150.000 shares (auth. 400,000
shares) of new Common stock, no par value, on official notice of issuance,
in exchange for 50.000 .shares of the present outstanding Pref. stock; with
authority to add 10,000 additional shares of Common stock, on official
notice of issuance to employees, making the total amount applied for
$9,600,000 Pref. stock and 160,000 shares of Common stock. The stockholders voted July 1 to readjust the capital stock as per plan in V. 110, p.
2293.
Consolidated income accoimt, quarter ended Mar. 31 1920: Earning
from operations of plants, after deducting manufacturing, admtnistratire
and selUng expenses and depreciation of plants and equipment, and including other net income ($19,091). $707,913; Dividends received from other
companies, .§43,725; interest (net) $57,058; total income 8808,696. Deduct
interest on bonds, $5,019; Federal taxes for 1920 (e.st.), $179,281; Preferred
divs., §148,146; Common divs., $77,922; balance, surplus, $226,008.
Dividends paid by subsidiary companies on stock not owned by company,
$1,227; surplus for the quarter, $397,099.
V. Ill, p. 75.
,
—
—
—
American Chain Co., Inc. Recapitalization Approved.
The stockholders on July 9 approved the plan providing for an increase
In the authorized Preferred .stock from $5,000,000 (par $100) to $10,000,000
(par $100) for the issuance of new stock to be known as Class "A" and Class
"B," aggregating $5,000,000 (par $100) and also for the issuance of 150,000
shares of Common .stock without nominal or par value in place of the present
,
authorized Common, consisting of 50,000 shares (par $100).
V. Ill, p. 190.
American Chicle Co.
—
—
Compare
and Outlook.
Hornblower & Weeks, White, Weld & Co. aud Low, Dixon &
Co. are offering by advertisement on another page a limited
amount of the 82,500 shares of new Common stock at $40
a share. The bankers report in substance:
Since the present management took control in March 1916, the gross
business of the company has been increased over 350% and the earnings
available for Common stock over 250%, compared with 1915. The net
Stock Offering
Stat^is
earnings follow:
Net Earnings Available for
Common
Stock (now. increased to 162,500 shares)
[Net after all taxes, interest charges and Preferred dividends.]
Year ended Dec. 31 1919
$1,419,745
$8 731 Per share on
Average for last ten years.
1,082,393
6 66/162,500 shares
ReUef from special taxes and the extraordinary cost of sugar will, it is
expected, result in still larger earnings. With the exception of two years
the company has paid di\'1dends since 1902. The recent rate has been .$4
per share per annum, and the company states that it intends to continue
dividends on the increased capitalization at this rate.
Statement^ by President Darwin R. James Regarding Benefits to
Chewing Gum Industry from Improving Mexican Situation.
Disturbed political conditions in Mexico in the past have been a facto
in the adoption by the company of a policy of turning more and more to
Guatemala, Honduras, Venezuela, &c., for chicle. More than half of this
material used by the company is now obtained from these States.
With improvement in Mexico, that country is again Ukely to become
the
cliief
source of supply as settled poUtlcal conditions will benefit produc-
raw material and its collection and transport, with advantage to
the chewing-gum industry.
|f The size of
the interests involved may be gathered from the fact that sales
of chewing gtun amount to $100,000,000 a year and 9,000,000 pounds of raw
chicle are used in the manufacture of the gum.
The chicle situation is, however, well in hand in Central America. In
BritLsh Honduras, for instance, the company had been buying at quoted
prices from the producer, itself paying the Govermnent tax.
This policy
was changed, and we offered a fixed price at the port, taxes paid. The producers, compelled to pay the Government duty, started an agitation for its
reduction. The result was a drop on the price of raw chicle from about
tion of
75 cents to
.55
cents a pound.
The chewing-gum market,
it may be noted, has bsnefited markedly
througa the war, which helped among other things to popularize the habit
of chewing gum in European countries. In France, it is said, for instance,
that the first words learned by the French children from tne American
soldiers were the words "Chewing gum."
In Paris tlie shops are now regtiarly carrying chewing gum where before the war they carried none.
The high price of candy has resulted furthermore in Increasing the demand
for chewing gum, which has maintained its low pre-war price without decreasing the size of the package. Prohibition, of course, is a strong factor
in increasing consumption.
We have thus found that the demand has inreased more rapidly in the last three years than in any previous three
years in the history of the company.
fVOL. Ill,
To meet the conditions the American Chicle Co. has just completed a new
Long Island City with a capacity of 30,000,000 sticks of chewing
gum per day. Its operation at full capacity is expected to effect a saving
plant at
of
from
2c. to 4c.
a box in manufacturing cost.
V. Ill, p. 75.
—
See also V. 110, p. 2569
—
American Home Furnishers Corp. Pref. Stock Offering.
Hambleton & Co., Baltimore, and Trust Co. of Norfolk
(Va.) are offering, at 97 3^ and div., yielding 8.20%, §1,500,Convertible Pref. stock.
Divs. Q.-J. Red., all or part, after 3 years, on any aiv. date on 60 days
Conv. share for share at the option of the holder
notice, at 110 and div.
into Class "A" Common stock at any time prior to July 1 1927, imless
sooner called for redemption. Class "A" Common stock participates
equally with Class "B" Common stock as to dividends and assets, and in
event corporation fails to pay a minimum div. of §5 per share in any one
year, it will have equal voting power. Commencing with July 1 1920, an
8%
000
annual sinking fund for the retirement of the Pref. stock out of net profits
provided, amounting to 20% of the net earnings, after Pref. divs. and
Federal taxes. Minimum amount in any one year is to be not less than
§100,000, payable quarterly.
Data from Letter of President Harry Levy, Dated July 2 1920.
Company.- To be incorp. in Virginia and will acquire the business, goodwill, &c., of Phillip Levy & Co., Inc.: American Home Furnishers Corp.,
American Cabinet Mfg. Corp. and all the stock of the Granby Phonograph
Corp. The two first named companies are credited with doing the largest
retail furniture business in the South, with branches in Baltimore, Md.,
Richmond, Norfolk, Newport News, Roanoke, Suffolk and Franklin, Va.,
is
—
and Savannah, Ga.
—
Authorized.
Issited.
Capital'n, after Present Financing (No Bonds')
Convertible Preferred stock
$1,500,000 $1,500,000
Class "A" Common stock (no par value) witn qualified voting powers reserved for conversion of Pref.
15,000 shs.
stock
30, 000 shs. 30 ,000 shs.
Class "B" Common stock (no par value)
Proceeds will be used to provide additional working capital
Purpose.
required by expansion of business and for other corporate purposes.
Earnings. Annual net earnings after taxes for the 3 years ended Dec. 31
1919 of the combined companies have averaged over three times dividend
requirements on the total authorized issue of Pref. stock, while for 1919 they
were §608,807. Net earnings after taxes for 1920 are estimated to be in
excess of §750,000.
8%
—
—
American Linseed Co.
— Negotiating for
Sale to British.
Stron.g financial interests connected witi the company are reported to be
negotiating w ith a British syndicate for the sale of a large interest in the
company. The British syndicate, it is stated, is headed by Lord Lever-
who
President of the Lever Co., of England.
probable outcome of the negotiations will be the
merging of the American Linseed Co. and the Lever Co. and the formation
of a holding company, stockholders of the two companies to be given the
Stockright to exchange their holdings for stock in the new company.
holders who will not want to exchange their holdings, it is stated, wiU be
given the right to surrender their stock at par.
The Lever Co. carries on the same business as does the American company, and a merger of these two companies would give them practical conV. Ill, p. 191.
trol" of the world's market.
holme,
is
It is stated that the
—
American Railway Express
—Co., Inc.
— Increased Express
the Reasons for Them.
To enable it to continue in business at a time of unusual transportation
difficulties, the company recently filed a petition with the Inter-State Commerce Commission, asking permission to put into elfect a new and higher
The proposal is now being considered by the Comscale of express rates.
Under the Transportation Act, the Government guarantees the
mission.
express carrier against an operating deficit until Aug. 31 of this year, and
after that date this company must trust to its own resources to finance its
operations. An otficlal circular says in substance;
For the calendar year 1919, when the American Railway Express Co.
acted as the agent for the Director of Railroads, U. S. Railroad Administration, there was an operating deficit for the 12 months of $25,105,946
This deficit was met by the Government, under the
(see V. 110, p. 2289)
original contract between the express carrier and the Administration.
The operating deficit for the remainder of the period of guaranty (i. e.,
8 months ending Aug. 31 1920) will, according to present indications, exceed
$18.000,000 a loss which no private enterprise could of itseU' successfully
vrithstand.
.
„_ „„„
The proposed general increase in express rates averages 25.32%, which,
return
earn
carrier
to
a
the
will
enable
favorable,
if general conditions are
not exceeding 6% on the actual value of the property devoted to the express
This, it is hoped, will make the express business sufficiently
business.
attractive to investors, that further capital may be obtained tor the purchase
of additional equipment needed to handle the greatly increased volume of
At least
traffic that has been thrust upon express channels in recent years.
1,000,000 shipments are handled by express in the United States each day.
[Representatives of the four express companies, the American Express
Co. the Southern Express Co. the Wells-Fargo E.xpress Co. and the Adams
Express Co., have made application to the l.-S. C. Commission for a formal
order approving the continuance of the consolidation, as the American Railway Express Co. Separate operation of the companies, on the former
ba.s"ls of operations, it was said, is impossible, because of the increase in
expenses and other factors which make the dissolution of the consolidation
unwise. It is stated that the express companies at the present time need
$31,000,000 to carry on their business.] V. 110, p. 2289.
Rates and
.
—
,
,
,
—
American Tobacco Co. — 75% Stock Dividend. —
Exchange
New York
has ruled
Stock
Securities of the
stock be not quoted ex 75% stock dividend until Aug. 2.
It is understood that G. J. AVhelan, Pres. of United Retail Stores Corp.,
and Thomas F. Ryan, who are on their way to Europe, are representing a
group of American tobacco manufacturers and retailers who are endeavoring
to purcnase the tobacco monopoly of France or be appointed its managers.
The
Negotiations, it is understood, have reached a verj' delicate stage.
tobacco men, it is said, have arranged their financing, and all that remains
Official
Government.
of
French
the
to complete the deal is the assent
statements of details have been withheld, but it is understood that the
French Government has been offered about 8400,000,000 as the purchase
V 1 1 1 p .75.
price, in addition to which the re would be a division of profits
The Committee on
Common "B"
.
.
,
& Telegraph
— Earnings, &c. —President
H. B. Thayer, in a circular
American Telephone
cular
—
Co. — Official
Cir-
letter to stockholders, says in substance:
Death of Mr. Vail. I have the sad duty of notmg officially the death of
Mr. Vail, who has guided the destinies of the company during the past ten
For some months before his death his active interest in the
or more years.
basiness was in so arranging that the operations of the company might
proceed with the least interruption in the event of his being unable to conNo words from me are necessary to impress upon
tinue their direction.
you the value of Ids services to the company and thi-ough the company to
—
the nation.
Settlement with U. S. Government.
—The company has recently receivedj m
^,
,
.
.
from the U. S. Treasury the balance due the Bell System for operations
under Federal control, in accordance with the settlement set forth m the
full
annual report.
—
.
,
j.
.
_
New Business. Adjustment to conditions followmg the war is proceeding
more rapidly than we would have dared to hope.
Since Jan. 1 the Bell System has ah-eady added over 308.000 stations.
This is a new high record and in addition there are over 200,000 unfiUed
orders for station installations in excess of normal. These stations are
being installed as rapidly as possible in view of the present difficulties or
production and transportation. Provided materials can be obtained and
installed, present indications are that this year will show the greatest
CTowth in business in the history of the Bell System.
Earnings. You will note from the follo\ving earnings report that our
Comearnings are well in excess of our accustomed di^^dend rate of 8%
parison of the six months' resiUts with those for the same period last year
For the six
are not shown, as properties were then under Federal control.
months ending June 30 1917 the period just prior to Federal control, the
for
with
$8,646,320
compared
balance after dividends was $3,756,100, as
the six months ending June 30 1920, as shown below.
—
.
—
July 17
—
—
Earnings Report for Six \f07Uhs ending June 30!1920, One Month Est.
3 lonlhs Ended March 31 1920 (One Month Est.) Inserted by Ed.
Six Months. 1st Qitar.
--$17,897,835 $8,570,214
--Dividends
14,531,282
7,221,899
Interest and' other revenues.
4,348,315
8,450,663
Telephone traffic (net)
$40,379,781 $20,140,428
2,340,138
4,644,627
4,747,845
9,406,491
(2)8,839,873
17.682,343
(4%)
Total
Expenses, incl. prov. for Fed. & other taxes
Interest charges
Deduct dividends (at 8% per ann.)
-- 88,646,320
$4,212,572
—Rates. — Rate increases already established
and those confidently
Balance, surplus
expected will enable our associated companies to continue to pay wages
which will attract the highest grade of workers and will furnish such earnings
We are
as will continue this company's shares as an investment security.
warranted in looliing forward to the future with confidence. V. 110. p.2389.
—
—
—50% of Subscriptions
new Common
American Woolen Co.
The syndicate managera
of the
Called.
stock underof their subscription Is due to
§20.000,000
writing have notified participants that 50%
be paid on July 21 and the balance on Aug. 6.
The Boston Stock Exchange on July 9 authorized for the list, as the same
are issued and paid for, 200,000 additional shares (par $100) Common stock,
making the total number authorized for the list 400,000. V. Ill p. 191.
Arkansas Natural Gas Co.
— Preferred
—
,
Stock Called.
—
The company has
called all of Its $2,365,000 outstanding Preferred Participating stock for redemption on Aug. 2 at the office, 1612 Benedum-Treea
Bldg., Pittsburgh, Pa., at 110% of the par value.
Dividends on said stock
win cease Aug. 2. See V. 110, p. 1851, 2077.
The "Wyoming Oil News" of July 10, reports that the Arkansas Natural
Gas Co. has recently begun operating in Fallon and Carter Counties,
Montana. The Company, it is stated, has a drill in use on Beaver Creek
10 miles North of Ekalaka, gas being expected at a depth of about 2.000
V. 110, p. 2389.
feet and oil at a depth of 4,000 feet.
—
Arlington (Mass.) Gas Light Co.
— Gas Rate Increase.—
The Mass. Department of Public Utilities has granted the company an
increase in the price of gas sold after July 1 1920 from $1 25 to $1 70 net
per 1,000 cu. ft.— V. 106. p. 2231.
—
—
&
Armour
Notes Oversubscribed.
Co., Chicago.
The $60,000,000 7% Ten-year Convertible notes which were offered
for
subscription in the latter part of last week, were largely oversubscribed.
Compare V. Ill, p. 191.
Arundel Corporation.
The company,
— Contract. —
stated, has received a contract to build more than
100 miles of canals in the Everglades of Florida, at a cost of between
It is expected that the entire contract will be
33,000,000 and $4,000,000.
completed in four years. The corporation obtained the contract through
the Bowers-Southern Dredging Co., of Galveston. Tex., under an arrangement whereby the Baltimore company acquires part of the properties of the
Bowers-Southern Co. V. Ill, p. 75.
it is
—
Associated Dry Goods Co., N. Y.
—
Dividend No. 2.
dividend of 1
has been declared on the outstanding Common stock,
payable Aug. 2 to holders of record July 19. An initial dividend of 1%
was paid in May last. V. 110. p. 1848-
A
%
—
Atlas Tack Corp.
— Dividend No.
Brown Shoe
— Credit with Colombia, &c.
Baldwin Locomotive Works has established a credit of $2 ,000,000 in favor
It is understood to be for ten years, and allows Colombia to
draw upon it at any time. So far no orders for engines have been placed.
At cost of $50,000 each the credit would cover 40 engines.
Baldwin has also received an order for spare parts for locomotives from
Rumania and shipment will be promptly made. Terms, it is understood,
are cash against documents, Rumanian Government iiaving established a
credit in tais country.
This order is in addition to order taken by President
Vauclain, while in Rumania, covering 25 engines and spare parts, to be
paid for by monthly shipments of oil over five years.
("Phila. News
of Colombia.
Bureau.").
The company has about 16,500 men on
number since 1918, when operations were
pay-rolls to-day, the highest
in full war swing.
This means
that the plant is operating at slightly better than 80% of capacity and with
operations expanding every day. In 1918 the average number of men employed at the works at Philadelphia and Eddystone, exclusive of subsidiary
companies, was 19,632, and in 1919 the average was 15,000. At one time
last year, following heavy cancellations of orders by the Government and
before foreign business had developed in earnest, the forces were reduced
to about 10,000 men, indicating about a 50% production.
Output at the
Baldwin plants is nearly evenly divided between domestic and foreign
business.
V. Ill, p. 75.
its
—
&
Paper Co., Binghamton, N. Y.
—
Capital Increase, &c.
The stockholders voted June 30:
to increase the capital stock from
81,500,000 (par $100), all common, to $2,650,000, the increase to consist
of 11,500 shares of 8% Cumulative Preferred stock, par $100; (6) to issue
the Pref stock for the purpose, among others, of conversion of the company's
bonded debt.
On or about Aug. 1 the holders of 6% bonds may exchange same into
8% Pref. stock, par for par, after removing bond coupons due Aug. 1 1920.
Exchanges may be effected either at the office of the company, 401 Phelps
Building, or through any bank in Binghamton.
The Pref. stock is issued
solely for conversion purposes.
Divs. Q.-F. V. 98, p. 239.
(a)
.
—
Brompton Pulp & Paper Co.
No Par
Vol. Shs.
— Div. Inc.
Common
The stockholders voted on July
8 to Increase the present
capital
stock from 70,000 shares, par SlOO, to 210,000 shares of no par value, and
to Issue two no par value shares for each share of SlOO par.
The remaining
70,000 shares are to be held in the treasury to provide for future contingencies in the way of new financing.
A quarterly dividend of
has been declared on the
stock
(equal to SI 50 per share on the new stock), payable Aug. 7 to holdera of
record July 31.
Previous statements were 1 J^
each Jan. and April 1920;
3%
1919,
of
1%
114%
Common
%
quarterly, which rate has been paid since the Initial
regular and
% extra in Feb. 1917. V. 110, p. 2659.
M
—
—
payment
—
—
Bush Terminal Co. Listing Earnings.
The New York Stock Exchange has authorized the listing on and
after
%
&
Total.
Total gross earnings
Operating expenses.
$736,586
191,178
$664,446
334,156
$75,0.37 $1,476,069
54,492
579,826
Earnings from operation..
Other income
Earn, from Manhattan prop
$545,408
104,956
$330,290
18.866
6,366
$20,545
87
$896,243
123,909
6,366
$650,363
159,288
196,043
$355,523
9,723
44.701
820,631 $1,026,518
7,618
266.277
349,043
34',677
34,677
54,424
Total net earnings
Taxes
Interest on bonded debt
Interest on loans.. .
Sinking fund..
iJeduct from surplus of Bush
Term. Uldss. Co., accrued
ttiv. reported in Busn Term
Co. under "other income".
99,o71
153,000
Sales.
—
—
—Leases Property. —
The property, it is stated, has been taken over by M. A. Hanna & Co.,
Cleveland, under a four years lease. Pres. Frank B. Baird and Harry
Yates, who has had a large interest, will relinquish all control. C. A.
Collins, 2d V.-Pres., will remain with the new interests.
V. 109, p. .75.
—
&
Butte
Superior Mining Co.
1920— June
—
—Production. —
—
1920—6 Mos. 1919.
1919
9,750,000 Zinc (lbs.).. .55. 600, 000 48,875,000
185,000 Sliver (oza.).. 1,011,000
936,000
Zinc
(lbs.)--. 8,250,000
Silver (ozs.)..
160,000
V. 110, p. 2490.
—
—
Cameron & Barkley Co., Charleston, S. C. Additional
Data. Mention was made in these columns in V. Ill p. 192,
of the sale of $500,000
S. F. Cum. Pref. stock by Charleston Security Co. Pres. C. B. Jenkins in a letter to the
bankers, dated June 15, says (much condensed):
—
,
8%
Company.
—
Business established in 1865 and was incorp. in South Caro.
1887 with a paid-in capital stock of $22,10fl, which was increased slightly
from tune to time. Business: Machinery supplies of all descriptions, packing for steam and gas engines and a large variety of items used in the maintenance of saw mills, cotton gins, phosphate mines fertilizer factories, dry
mixing plants and to a limited extent textile establshments. In 1915 we
put in in Charleston a line of automobile accessories, and as we develop this
line it is our present expectation to install it in all of our branches.
Sales and Net Profits, Years 1915 to 1919, Inclusive.
in
1915.
1916.
1920(es<.)
1917.
1918.
1919.
Sales.. $720 ,6 13 $1,018,115 $1,695,835 $1,993,667 $2,275,814 $3,000,000
Net... $25,263
$78,673
$133,771
$117,790
$61,854
Purpose. To increase working capital to take care of increasing business.
Capital'n, after This Financing (.No Bonds)
Authorized. Outstang'g.
Ciunuiative Preferred stock, this issue
$500,000
$1,000,000
Common stock
_. 1,000,000
500,000
,
In order to provide the $500,000 Common stock, a stock dividend of 50%
will be declared [on the present $273,500 Common stockj and $89,750
Common stock will be sold for cash to present stockholders. The present
Pref. stock issue of $109,000 will be retired.
Preferred Stock Provisions.
Preferred as to assets and dividends.
Callable at $110 on any div. date on 30 days' notice. On April 1 of each year it
must call for payment at $110 per share .sufficient of Pref. stock to exhaust
the money In the sinking fund, which begins April 1 1922. See advertising
pages of last week's "Chronicle" and V. 111. p. 192.
—
—
—
Canadian Connecticut Cotton
Tae
dividend of
be paid Aug. 2 (not Aug.
initial
Mills, Ltd.
1)
—
Initial Div.
recently declared on the Common stock will
to holders of record July 15.
V. Ill, p. 192.
10%
—
Canadian Northern Prairie Lands Co. — New Div. Dates
The
Empire Trust Co.. Ltd., announces that they have received
company has altered the dates for payment of divi-
British
cable advices that the
dends from AprU 1 and Oct. 1 to Jan. 15 and July 15. and that the directors
have declared a dividend of 4% the half year ended June 30, 1920
payable on July 15. V. 81, p. 267.
—
Central Leather Co.
President Walter S.
Hoyt
— Obituary. —
died July 14 in
Cerro de Pasco Mining Co.
—
New
York.
—V. 110,
— Copper Output
—
Decrease.]
—
p. 1852.
(in Lbs.).
1920 6 Mos. 1919.
28,100,000
82.000 26,788.000
1920 June 1919.
3,944,000
4,026,000
V. 110, p. 2490, 2078.
1
—
Decrease.
1,312,000
—
Charlestown (Mass.) Gas & Elec. Co. Gas Rate Increase
The Mass. Department of Public Utilities has granted the petition of the
company for an increase in gas from $1 05 to $1 35 net per 1,000 cu. ft.
Price went into effect June 20.
— V.
110. p. 2196.
—
Charlton (Cotton) Mills, Fall River. Extra Dividend.
extra dividend of 8% has been declared on the outstanding .SSOO.OOO
capital stock (par $100), along with a quarterly dividend of 2%, both payable Aug. 20 to holders of record July 12.
In May last an extra dividend
of 8% and a regular quarterly of 2% were paid.'.as compared with 7% in
An
February
last.
—V.
110. p. 1645.
—
—
Chile Copper Co. 13th Quarterly Report, for 3 Mos.
ending March 31 1920. Pres. Daniel Guggenheim reports:
The production of copper for the quarter averaged 8,463,662 lbs. per
month as compared with 7,638,913 lbs. per month during last quarter of
1919.
The output, in lbs., compares as follows:
First Quar.
January
February
March
1920.
7,505,048
8,629,540
9,256,399
Fourth Quar.
1919.
1918.
1919.
6,900,740 8,548,844
6,565,148 October
5,375,248 November
10,000,000 9,854,714
4,568,528 December
6,016,000 10,901,956
Total lbs-. .25,390,987 15,508,924
Total lbs.. .22,916,740 29,305,514
Sold, lbs
16.466,812 14,366,138
32,704,410 3,977,849 Sold, lbs
During the quarter ended March 31 there was treated 1,004,146 tons of
ore, averaging 1.53% copper; in the preceding quarter, 974,016 toias, averagin 1.58% copper (955,996 tons averaging 1.61% reported in error in last
quarterly report).
Combined Earnings of Chile Copper Co. and Chile Exploration Co., Based
on Copper Actually Sold and Delivered.
4th Quar.
1st Quar.
1919.
1920.
Net prof it on copper delivered (aft. deducting depr.)$l .849,749
t$300.2H
Miscellaneous income
and bank balances of Chile Cop .Co.
58,587
147,754
423,967
105,444
Amort, discoimt on 15-year 6% convertible bonds..
Accrued bond interest of Chile Copper Co
Expenses of Chile Copper Co
$2,056,091
$35,000
786,499
1,555
$229,200
$35,000
785,818
Cr. 701
Balance undivided profits, both companies
tLoss.—V. Ill, p. 183.
$1,233,036
t8590,916
Int.
on
call loans
— Ore Leases. —
Auburn, N. Y. — Nexo
See Great Northern Iron Ore Properties under "Reports" above,—
V. 110, p. 2570.
Columbian Rope
A
33,441
Surplus for period
$24,509 def..$21 ,664
$285,309
$288,154
Compare annual report for cal. year 1919 in V. Ill, p. 185.
Co.,
Stock.
—
Albany on Juno 25 increasing the capital stock
from $1,500,000 to $6,000,000. As company is practically a private corporation, no facts regarding the increase are made public. The company
owns a large plant at Aubiu-n. N. Y., where it maiuifacturcs cordage, incertificate
was
filed at
cluding manila rope, sisal rope, oil well cordage, transmission rope, paper
twine, ring yarn and spim yarn, broom, sail and mattress twines, tarred
goods, binder twine, clothes lines, hide, hay and bale rope, jute and American hemp twines and Italian and Russian flax twines. Edwin F. Mot-calf
is President.
— Foreign Planes Barred. —
Mines, Ltd. — Dividctids. —
Curtiss Aeroplane Motor Co.
See Wright Aeronautical (^orp. below.
De Beers Consolidated
— V.
111. p. 193.
A dividend of $2
36 per share lia.'; been declared on the "American" shares,
be pavablc by the Cent ral Union Trust Co. of New York on July 28
V. 110. p. 2660.
to holders of record July 26.
and
will
Dominion Coal
33,941
— June
Cleveland Cliffs Iron Co.
July 15 of $156,200 additional Common stock (auth. $7,000,000), on official
notice of issuance as a 23^
stock dividend, payable July 15 to Common
stocliholders of record July 7.
Income Account of Bush Terminal Co.
Sub. Cos. for 4 Mas. end. Apr. 30 '20.
BushTerm. BushTerm. BushTerm.
Co.
BIdgs. Co.
RR.Co.
Co., Inc.
Buffalo Union Furnace Co.
—
Baldwin Locomotive Works.
297
Sales for June are reported atS4 ,294,590, an increase of $58,726 over 1919.
For the six months ending .Tune 30 1920, sales were $21,355,592, as against
$16,343,784 in 1919, an increase of about 30%. V. 110, p. 2490.
2.
A second quarterly dividend of 75 cents per snare has been declared on
the Common stock, no par value, payable Aug. 2 to holders of record
July 1. An initial div. of 75 cts. wa<? paid in May last. V. 110, p. 1851.
Bayless Pulp
—
THE CHRONICLE
1920.]
—Also
Outlook
—
—
— Exchange Option. —
—
Co. — Exchange Option. —
Co., Ltd.
See Dominion Steel Corporation below.
Dominion Iron
&
Steel
See Dominion Steel Corporation below.
V. 110. p. 2570.
— V.
109, p. 2174.
THE CHRONICLE
—
bonds dated July
398
Dominion Steel Corporation.
The stockholders on July
— Plan
Plan. —President
Ratified.
15 voted to ratify the merger plan.
M.
R.
Official Circular as to Merger
in circular issued last week says in substance:
Merger Plait. Your directors, after mature consideration, recommend
the enclosed agreement providing for the exchange of the Ordinary shares
of the company for Preference and Common stock of the British Empire
The British Empire Steel Corp. Ltd. is organized
Steel Corporation Ltd.
under the Companies Act of the Province of Nova Scotia with an authorized
Of this amount it is intended at the present
of
8500,000,000.
capitalization
time to issue $191,782,815, to be divided approximately as follows:
Wolvin
—
,
,
,
,
New Company
—
To Be Iss'd.
S36,250,000
25,000,000
65,532,815
65,000,000
The "7% Cumulative Preference stock" of the new corporation is held
principally for exchange of the Preference and Preferred shares of the companies wnich will constitute the British Empire Steel Corporation, Ltd.
Such exchange of Preference shares will be at the option of the holders of
the same. The aforesaid new Preference stock will rank with the 8%
Cimiulative shares as a first preference both as regards dividends and distribution of assets on a winding up.
The 8% Cimiulative stock is to be sold to secure additional capital to
extend and improve the properties to be acquired by the new corporation,
and it has been agreed that not less than $20,000,000 of the $25,000,000 thus
placed in the treasury will be spent in the improvement, development and
extension of the undertakings of the Dominion and Nova Scotia companies.
The "7% Cumulative 2d Preference stock" ranks ahead of Common as to
dividends and distribution of assets on a winding up. These shares are to be
exchanged on the oasis hereinafter set forth for tne outstanding Common or
ordinary shares of the Dominion Steel Corporation, Ltd.
P» The operations of the British Empire Steel Corporation wiU include the
following companies (and "*" also their subsidiaries);
Dominion Steel Corporation, Ltd. *Halifax Shipyards, Ltd.
*Nova Scotia Steel & Coal Co., Ltd. Davie Shipbldg. & Kepair'gCo., Ltd.
Maritime Nail Co., Ltd.
*Canada Steamship Lines, Ltd.
CoUingwood Shipbuilding Co., Ltd. |Century Coal Co., Ltd.
The exchange of securities is based primarily on the approval of the proposals under consideration by the shareholders of the Dominion Steel Corp.
Ltd., the Nova Scotia Steel & Coal Co., Ltd., and the Canada Steamship
In the event of any of the other companies failing to accept
lines, Ltd.
the proposals submitted to them, sucn comijany or companies will be eliminated from the British Empire Steel Corp., Ltd., ana the balance sheet
Capital Stock of
Authorized.
$40,000,000
7% Cumulative Preference stock
8% CumiUative and Participating Preference stock 100.000,000
150,000,000
7% Cumulative 2d Preference stock
Common stock
210,000,000
|
1
amended
accordingly.
Terms of Exchange.
—receive
The holders of the Common shares of the Dominion
new stock
the British Empire Steel Corp.,
Steel Corp., Ltd., will
in
Ltd., on the following basis of exchange:
Ninety-five shares of 7% Cumulative 2d Preference stock [$9,500] and 40
shares of Common stock l$4,000] of the par value of .SI 00 of the British
Empire Steel Corp., Ltd., for 100 ordinary shares ($10,000] in the Dominion
[In other words, $40,850,000 new 7% Cum. 2d Pref.
Steel Corp., Ltd.
and $17,200,000 new Common for the $43,000,000 Common stock of
Corporation.
Ed.l
Dominion Steel
The holders of the Preference shares in the Dominion Steel Corp., Ltd.
and the Preferred stock of the Dominion Coal Co. Ltd. and the Dominion
Iron & Steel Co. Ltd. wUl have the option to exchange their shares on the
following [S for $1 basis:
One share of 7% Cumulative Pref. stock of the par value of $100 of the
British Empire Steel Corp., Ltd., for one 6% Preference share of the Dominion Steel Corp., Ltd. [Total issued, $7,000,000. Eq.]
One share of 7% Cumulative Pref. stock of the par value of $100 of the
British Empire Steel Corp., Ltd., for one share of 7% Preferred stock of the
Dominion Iron & Steel Co., Ltd. [Total issued, $5,000,000.)
One share of 7% Cimiulative Preference stock of the par value of $100 of
the British Empire Steel Corporation, Ltd., for one share of 7% Preferred
stock of the Dominion Coal Co.. Ltd. [Total issued, $3,000,000.]
Bonds.
The bond issues of the companies composing the Cominion Steel
Corporation, Ltd., the Nova Scotia Steel & Coal Co., Ltd., and the Canada
Steamship Lines, Ltd., will not be disturbed in any manner.
Balance Sheet. Enclosed with this letter is a projected balance sheet of
the British Empire Steel Corp., Ltd., consolidating the assets and liabilities
of the constituent companies as at Dec. 31 1919 and including in the cash
Ttiis
assets tlie funds to be derived from the sale of stock to be issued.
balance sheet (given in V. Ill, p. 192] is based upon the reports of the
Canadian Appraisal Co. and the American Appraisal Co. as to the value
of the assets of the said companies.
Earnings. Marwick, Mitchell & Co., chartered accountants, certify
that the average earnings of the various companies concerned during tne
past three years has been over $15,000,000 per annum.
The improvements made to your properties during the
Additions, &c.
past four or five years have been very extensive and are of the most modern
character, but further important renewals and improvements are necessary
These
to increase output and insure continuously profitaljle operation.
will necessitate the expenditure of large sums of money which the company
has not now at its command, and which must be provided through some
form of capital financing.
The Dominion Steel Corporation, Ltd., and
Further Development Work.
the Nova Scotia Steel & Coal Co.. Ltd., own a very largo proportion of the
world's available iron ore supplies, and in addition control extensive coal
properties.
It is felt that these two companies as partners in the ownership
of such large resources are under obligation to further develop them in the
national interest and for the common good. This cannot be done without
greater expenditures of capital, and the new capital which is to be paid into
the treasury of the British Empire Steel Corporation, Ltd., will be largely
applied to necessary extensions to, and improvements in, ore and coal
—
,
,
,
,
—
—
—
—
—
mining
facilities
and
steel
manufacturing plant.
operation of the properties of these two companies will not only
eliminate dupUcation of capital expenditure, but should result in increased
production and decreased costs.
Steamships and Shipbuilding .—The acquisition of the Canada Steamship
Lines. Ltd., provides an efficient transporation organization and valuable
shipping facilities through which to transport the increasing quantities of
ore, coal and finished products which the companies composing the new
corporation will produce.
The modern siiipbuilding and ship repair plants to be acquired will furnishj
an assured market for the product of your plate mill at Sydney, and wil
extend the activities of your company into the large field of shipbuilding.
The shipbuilding berths controlled by the new corporation will be available
for the construction of vessels which will be required in large numbers by it
as its business expands. These shipbuilding plants are most advantageously situated and are equipped to take care of the business of ship repairing
n graving docks on the Great Lakes and on the Atlantic seaboard.
t
The combining of these various enterprises into the
Effect of Merger.
British Empire Steel Corporation will result in the company being absolutely self-contained, controlling as it wUl the natural deposits of ore and
coal and everything required for their development into every form of manufactured steel product, and their transportation to consumers in all parts of
the world: and must tend, when operating jointly, towards a more imiformly profitable operation as a whole, and to less fluctuation in earnings.
The purchase of a substantial interest in this corporation by leading steel
masters of Great Britain establishes connections which will greatly assist in
providing markets for our diversified products, but ^\ill also bring us the
benefit of their wide experience in developing the properties and in marketing.
sent
[Compare original merger
plan
to
shareholders of Nova
Scotia Steel & Coal Co. in V. 110, p. 2573 (since modified by omission of
Port Arthur Shipbuilding Co., Ltd., and Canada Foundries & Forgings,
Ltd.), and revised balance sheet of British Empire Steel Corporation in
The joint
—
K
V. Ill,
192.]
^ [Hectorp. Mclnnes, who, with others, was recently omitted from the board,
has been re-elected.
— V. Ill,
p. 193.
—
Dominion Textile Co. Bond Issue.'
See Financial Report imder "Annual Eeports" on a preceding page.
—V. 111. p. 193.
W' Duquesne Light Co., Pittsburgh.
Offering of Bonds.
Ladenburg, Thalmann & Co., Harris, Forbes & Co. and Lee,
—
Higginson & Co. are offering at 85 and int., yielding 7}i%,
$8,000,000 First Mtge. & Coll. Trust 30-Year 6% gold
(Vol. 111.
1 1919, due July 1 1949, and fully described in V. 109, p. 176.
Data from Letter of Pres. A. VV. Thompson Dated July 14 1920.
~"Caintai"Ayt'^'fMsy'iiiancing
—
Authorized. Outstanding
-.$25,000,000 x$18.226,000
10,000,000
5,941,000
First Mtge. & CoU. Trustee % bonds of 1949
(including present issue)
100,000,000
31,718.500
Bonds of leased & sub. cos. outst. with public
Closed
y2,931,500
X $3,500,000 additional Common stock is held in the company's treasury.
y Additional bonds amounting ito $1,725,500 are outstanding, of which
$521,500 pledged under this mortgage, $169,000 are deposited under a
subsidiary company mortgage, $35,000 are held in the treasury and $1 ,000,000 are pledged under the respective indentures securing the Philadelphia
Co. 1st Mtge. & Coll. Trust 5s. due 1949 (V. 108, p. 579) and Consolidated
& Collateral Trust 5s, due 1951. The Duquesne Light Co. has purchased
the last mentioned $1,000,000 bonds subject to their delivery from under
the liens of said Philadelphia Company. All the foregoing $1,725,500 face
value bonds are non-interest-bearing from the standpoint of the Duquesne
Light Co. system.
Purposes.
Proceeds will be employed principally for expenditures incident to increasing to 120,000 k.w. the originally contemplated initial
installed capacity of 60,000 k.w. of the new Colfax power plant, and for
Increasing from 120,000 k.w. to 160,000 k.w. the capacity of the company's
Brunot Island power station.
^s^ai
Combined Earnings. Including Subsidiaries, Year ended May 31 1920.
Gross earnings
$14,242,234
Net earnings, after maintenance and taxes
$4,676,156
Fixed charges, &c., including interest on bonds now offered
2,221,101
Balance, surplus
$2,455,055
Net earnings over twice^the above fixed charges. Compare annual report in V. 110, p. 2382.
Physical Property.
System includes 7 electric generating stations, having
an aggregate rated generating capacity of about 156,200 k.w. The most
important generating station is on Brunot Island, in the Ohio River,
Pittsburgh; has a present rated generating capacity of about 120,000 k.w.
(which will shortly be increased to 160.000 k.w.). This plant is one of the
largest and most Important power plants in the country.
Current of system
is distributed through 178 substations over 8,738 miles of electrical conductor. Large part of Pittsburgh is served by underground lines, the system having altogether 921 duct miles of underground conduit. There are
now in service 108,194 customers' meters, and current is being supplied to
105,445 customers. Present connected load of system is about 309,129 k.w.,
and f or the year ended May 31 1920 the electrical output of the system
was 710,617,630 k.w.h.
New Colfax Power Plant. The Cheswick Power Co. was incorporated in
the latter part of 1919 by interests closely allied with the company, and has
now under construction a large new power plant at Cheswick (known as the
Colfax power plant) which is proposed to have an ultimate capacity of
300,000 k.w. Buildings, intake tunnels. &c., are now being constructed
for a plant of 120,000 k.w. capacity and two 60,000 k.w. three-unit turbogenerator sets will be initially installed, of which the first is expected to be
Compare V. 109, p. 176. and see annual
in operation about Oct. 1 1920.
report for^calendar year 1919 in V.;110, p. 2382.
,^
Coimnon stock (8% dividends)
Preferred stock (7% cumulative)
,
—
—
—
,
Eastman Kodak Co.
—Extra
~-~
—
Dividends.
An extra dividend of 5% has been declared on the Common stock, payable
Sept. 1 to holders of record ^July 31; an extra of 2}4 % was also declared on
the Common, along with the regular quarterly dividend ot 214 7c. payable
Oct. 1 to holders of record Aug. 31. An extra ,of 6% was paid in June
and 2}4% on July 1 last. Extras "of 7>i% were paid in January and
April last.— V^110._p^2571 21 87.
^_
last
5;;
Edison Electric Appliance Co.
____„„„=_
— To
Increase Capital. —
The stockholdera will vote July 28 on increasing the Common stock from
50,000 shares to 61,000 shares of no par value and the Preferred stock from
See off ering of bonds i n y .__lJ\.P._7J_^
SI. 590, 200 to $2 ,650,200 ( par §100 ).
—
—
Dividend Increased.
Electric Storage Battery Co.
A quarterly dividend of 3 % has been declared Jon the outstanding Capital
stock (both Common and Preferred), payable Oct. 1 to holders of record
Dividend record:
Sept. 13.
1901 to 1907. 1908-09. 1910
p. a.
SMP-a.
_See also jg.lll. p. 193
to
1918.
4%
6%
Jan. -July 1920.
1919.
2H%quar.
5%
_
.
,
Oct. 1920.
3%
—
'--Exchange Buffet Corp.^^5iocA; Offering. Miliet, Roe
are offering at S99 per share, subject to prior sale
and change of price, a limited number of shares, no par
Operates a chain of
value.
(See advertising pages).
31 moderate-priced restaurants and 37 tobacco stands
located at business centres in N. Y. City, Brooklyn and
Newark. Business, established in 1885, has shown a
steady and consistent growth. A quarterly di^^dend of S2
per share has been declared, payable July 31 to stockholders
of^reeord of July 15.— V. 110, p. 1530.
& Hagen
;
—
—Output —Other Buys Control—Loan PaidToledo— & Ironton
Ford Motor Co.
RR.
of Detroit
Acquisitio7is
Ironton RR. above..
off.
See Detroit Toledo &
It is understood that the company plans production of 4,000 machines
per day in the near fumre, or as soon as it can arrange to get raw material
for steady output on that basis.
It is unofficially reported that Henry Ford will take over the Great Lakes
Engineering Works, which is being advertised for sale. The jSIichigan
Land & Iron Co., according to reports, was recently acquired by Ford
Motor Co.
It is stated that holders of the Ford investment certificates which Ford
employees were privileged to buy at the beginning of 1920, have been
notified they are to receive a 5% semi-annual payment in addition to the
guaranteed interest of 3% on these certificates. The company promised
only 3% semi-annually, but the added 5% makes the interest 8% for the
Another interest payment will be made in December.
first six months.
On July 16 the company paid the remaining $35,000,000 6% 90-day notes
The
then maturing without, we are informed, any renewal whatever.
credit arranged for the company in July 1919 by Bond & Goodwin and
associates, called for an authorized issue of $75,000,000 to be in form of
three months' bills -with three renewals with the privilege of paj-iug any
amount at renewal dates. Only $60,000,000, however, was actually
availed of and $10,000,000 of this amount was paid off Oct. 16, 87,500,000
Jan. 16, $7,500,000 April 16 and now the remaining $35,000,000 has been
discharged.— V. 110, p. 2491.
Ford Motor Co. of Canada, Ltd.
— 15% Cash Dividend. —
A 15%
cash dividend was payable July 15 on the outstanding 57,000.000
Common stock to stockholders of record July 12. This distribution compares with 35% in dividends paid for the year 1919.— V. 109, p. 1S95.
Gardner Motor
Co., St. Louis.
—
Stock Oversubscribed.
—
Weeks, New York, and Lorenzo E. Anderson,
& Co., St. Louis, announce that the 50,000 shares of no par
value stock offered by them at $27 per share was largely
Hornblower
&
oversubscribed.
Data from Letter of Pres. Russell E. Gardner, Dated June 21 1920.
The company [was incorp. July 15] in New York to succeed to the business
assets and good-will of the partnership of the same name with an authorized
no par value with 155,000 issued.
President Gardner, who established the Banner Buggy Co., which became one of the largest and best-known companies of its kind in the world,
and who for a number of vears assembled and distributed the Chevrolet
car in the Southwest in 1918 sold his plant toj the General Motors
Corp., but repurchased it last March and immediatel.v started constructing
the Gardner car. The production in March was 317 cars; in April 485 cars,
in May 502 cars, and in June 700 cars; estimated July production, 1,000 cars.
capital of 300,000 shares of
The "Gardner
light foiu-" is made in both open and closed models of
and is in the popular priced class (selling for $1,195 f. o. b.
attractive design,
—
July 17
—
.
—
General Chemical Co.
—
—
Extension of Cleveland Plant.
G. Shite Engineering Corporation announces that they have received commission from the General Chemical Co. to build a very large
addition to the National Works of the General Chemical Co. at Cleveland,
It is expected
O., notably a sulphate of alumina plant of large capacity.
Compare
that the construction worlc will be started at an early date.
plants
in V. 109. p. 1790.— V. 110. p. 2571.
description of present
J.
General Electric Co., N. Y.
Stock Dividend.
—
Holders of fractional shares of stock of record June 10 received on July 15
on account of 2% stock dividend a check from the Farmers' Loan & Trust
Co N. Y., at the rate of S141 a full share, the market price for said stock
June 10 1920.— V. 111. p. 77.
General Motors Corp.
— To
—
Dissolve Syndicate.
rent year, it is expected production will approximate 9,000 trucks, and net
sales $40,000,000.
Earnings for the fu^t five months of 1920, aftre all
charges. Including taxes, were in excess of $1,700,000, or at a rate of more
than five times the di\idend requirements of the First Preferred stock.
Compare V. 110, p. 2071, 2295, 2391, 2572.
Kana'wrha-Elkhorn Collieries, Inc.
&
H. Woodin. Pres. of American Car & Foundry Co.; Owen D.
Young, Vice-Pres. of General Electric Co. and C. M. Wooley, have been
—
members of
—
(L. H.) Gilmer Co.— 100% Stock Dividend.
The company has declared a 100% stock dividend to Common stockThe company has plants at Tacony. North Wales
holders of record July 15.
and Mountalnville. Pa., also a spinning mill at Millen, Ga., and manufactures woven belting and endless belts and is said to be the largest manuSamuel K. Phillips,
facturer of automobile fan belts In the United States.
of Samuel K. Phillips & Co. of Philadelphia, Is Vice-President.
Guantanamo Sugar Corporation.
— Extra Dividend.—
An
extra di\idend of 50 cents per share has been declared on the new
Capital stock (no par value) together with a quarterly dividend of 50 cents,
On July 1 last an
both payable Sept. 30 to holders of record Sept. 10.
extra dividend of 10% in addition to the regular quarterly dividend of
was paid on the old S50 par value capital stock. Quarterly dividends
of 2 >i% have been paid since JiUy 2 1917. Compare V. 110, p. 2661, 2491.
,
2H%
&
(D. W.) Griffith, Inc.— Stock Offered.— Counselm&n
Co., Chicago, and Bertron, Griscom
Co., Inc.,
York,
are offering at $15 per share 125,000 Class
shares, no par.
Class A stock in any fiscal year shall receive divs. up to .SI 50 per share
before any divs. are paid on Class B stock and, before any such divs. on
Class B stock, a fund of .SI for each share of Class A stock outs'^anding must
be set aside on or before Sept. 1 in such fiscal year for the purchase of Class A
stock if tendered within 4 months at not exceeding S15 per snare.
After
Class B stock has received $1 50 per share in any fiscal year. Class A stock
will participate in any additional divs. in such year, share and share alike,
&
New
A
with Class B stock.
The respective preferential divs. of SI 50 per share
on the Class A and Class B stock are non-cumulative. Class A stock first
receives S25 per share out of assets in case of voluntary liquidation and $20
per share in case of involuntary liquidation, and after Class B has received
a like amount per share, both classes of stock share equally.
Data from Letter of D. W. Griffith. Dated June 28 1920.
Capitalization.— Authovized, 125,000 Class A shares (no par value);
375,000 Class B shares (no par value).
No funded debt escept real estate
mortgages aggresatinf. s'338,000.
Purpose.
Proceeds of the sale of Class A stock are to be used for additional working capital.
For the physical assets, other interests, and goodwill of the business conducted by D. AV. Griffith to be acquired by the corporation, it will issue all tne Class B stock.
Compavij.
Incorp. in Maryland June 30 1920 and will continue the production of high-grade motion pictures under the chief direction of
W.
Griffith (under a long time contract) assisted by the same management and
organization which has so successfully established the reputation of Grifflta
productions.
Mr. Griffith is known throughout the world as the producer
of such famous pictures as "Birth of a Nation." "Hearts of the World."
—
—
D
.
,
Broken Blossoms," &c.
The assets to be acquired by the company will include tae real estate,
studio and equipment (net value of which is appraised at $1,150,000) at
Mamaroneck, N. Y., ownership of a large number of productions, productions in process and rights to future productions and contracts with distributing companies and with the prominent members of the Griffith organization.
The company will also acquire a one-fifth interest in the United
Artists Corp., formed to distribute star pictures of D. W. Griffith, Mary
Pickford, Douglas Fairbanlis and Charlie Chaplin, each of whom owns a
one-fifth interest in the United Artists Corp.
Earnings.
Gross receipts from pictures produced by the Griffith organization during the past 27 months have been about $7,000,000 and it is
^timated tnat on completion of their runs, gro.ss receipts from these pictures
should exceed .$9,000,000 and after allowing for all expenses of production
and distribution, net earnings should approximate $3,000,000. Net earnings for the next 12 months, after depreciation. Federal taxes, &c., are
estunated at $1,500,000.
Company intends to pay dividends of at least
«1 50 per share per annum on the Class A shares about Jan. 1 1921.
—
Hanna &
(M. A.)
Co., Cleveland.
Union Furnace Co. above.
— V.
— Acquisition. —
105, p. 292.
Hocking Valley Products Co., N. Y.— Exchange Each
$20 Share for Three SIO Shares.—
'^^6 stockholders on June 17 authorized an increase of the capital stock
,
from .$920,000 to $1 ,500,000, the reduction of the par value of shares from
520 to SIO each, and the distribution of .$460,000 of such additional capital
stock pro rata to the stockholders of record June 30 1920.
President S. L. Chamberlaine. in adv. of July 12. notified the stockholders
™..aeppsit on and after July 15 1920 theu- present shares (par value $20)
with the Empire Trust Co., 120 Broadway, N. Y. City, and receive in
exchange for each share so deposited tliree shares of the new stock issue of
the par v.alue of $10 each.
Compare V. 110, p. 2394, 2384. 2661.
—
—
International Cement Corp. Earnings.
I"""f'tf' for the four operating companies of the
oH?® r^*"
v^ement
Corporation for the three months ending June
International
30, with June partly
reported
at $574,232, as against $287,066 for the quarter
»l,i'"^^A%^''
enacd March 31 1920; the final surplus, after all charges, was
as
$478,532, as.
t^'o.oo.,
against $198,362 for the first quarter.— V.
110, p. 265
^''^
International Mercantile Marine Co.
— Buys Leyland
Stk.
Atlantic Transport Co.. a subsidiary of the I. M. M.Co.,haspurat par 40,000 of the £10 Prcferonco shares of Frederick Le viand &
"''"^'^ ^° ^"y ^°y additional slian>s, otiier than those owned
bv
I ivr
A^ "*?.
"• o" the same terms. Prior to the transaction the
M. M".
On
^o ;.JSl'
ownod, 42% of the Pref. shares and 98% of the Common I.
shares.—
»
iiu, p. 2492, 248.5.
niJI^'^
cuased
•
^^International Motor Truck Corp.— Pre/. Stock Offered.
^7*^'^-"" ^tone & Co. are offering a limited amount of
7or
'
/o
Cum,
First Pref. (a.
(.current price on
listed).
Circular
& d.)
stock at 81
$100)...
7% Cum w,^Jro '"^'"'^ (par(par
Co^onstor?
'L^'"'"^-^',"''^'^
• ^^° I'^'" '^alue after$100)
completion
r^ r^,t\
ThH •rmvi,V-------:i
"
rt^n
fi
8.64%
shows:
T^^vluJ'V-^'? ¥'C/S- «ccpf $20,500 on Property)
of nrodi
flat, to vield
N. Y. Stock Exchange, where shares are
•i''"^'"^o'\'^'"='"''
in i.ui),
,j,,01(,ltruclts,
--
*<"
^^=^<"'^'
Antlwrized.
.
Issued.
$10,021,900 $10,921,891
5,347,800
5,331.700
of
-320,000 sh. 283,108 sh.
t'-ucks
is
shown by
tlie
record
During
tlie
cur-
First Dividend.
—
%
directors on July 10 declared an Initial dividend of 1
on the outstanding stock, payable July 20 1920 on stock of record July 15 1920.
W. H. H. Davenport is Treasurer, 217 EUicott Sq.. Buffalo,
Kresge Co.
(S. S.)
— Rights. —
Referring to the announcement of the company that stockholders of
record July 20 will be offered the right to purchase for cash at par with
accrued interest July 1, an amount of 7 % serial gold notes due Jan. 1 1922
to 1926, inclusive, at the rate of S5 principal amount of each maturity thereof for each share of Pref. and
or Common stock of record on said date,
the Committee on Securities of the New York Stock Exchange has ruled
that transactions in the Common and Preferred stock unless made specifically for cash shall be ex-rights July 20.
Right to subscribe expires Aug. 5.
V. Ill, p. 194, 7S.
—
&
(S. H.) Kress
1920 June 1919.
$2,410,283
$1,914,360
V. 110, p. 2492.
—
—
Co.
—
— June
Sales.
1920 6 Mos. 1919.
Increase.
$495,923 $12,825,197 10,479,711 $2,345,486
—
Increase.]
Iron Works. — Amalgamation Plans — Stock Divi—Belle
Annual Report. —
La
dend
See Wheeling Steel Corporation below and "Financial
Reports"on a
preceding page.
D. A. Burt has been elected President, succeeding R. C. Kirk. G. B"
Levan of Steuben\iUe, O., has been elected Vice-Pres. V. Ill, p. 194.
—
—
Lackawanna
—
Steel Co.
New Officers. The company
announces the following changes in its organization, due to
the death of its former President, Charles H. McCullough,
and the resignation of Charles R. Robinson, Vice-President
in charge of sales, viz.:
George F. Downs, President.
IHenry H. Barbour, Vice-President.
.'.'homasH.Mathias, V.-P.& Gen,
Earnings.
Lackawanna
Results
M.
Arthur
J.
Singer, Vice-President.
—Company reports for quarter & half-year.:
Steel
for—
I
Co. and Subsidiary Cos. Comparative Income Account.
Quarter end. June 30
—6 Mos. end. June 30
1920.
1919.
1920.
1919.
—
tNetearns..allpropertles $2,788,107
Deduct Int. on bonds &
other obligations:
Lackawanna Steel Co.
251,716
Subsidiary companies39,267
$446,757
$3,123,018
$2,444,749
227,668
41,091
488,325
79,367
458,068
83,017
Balance
$2,495,094
Appropriations for;
Exting. of mining inv.
59,641
Depr. & accr. renewals
553,508
$177,998
$2,557,326
31,903,664
63,957
347,127
113,420
1,011,680
109,863
819,779
—
Less
—
Total
sur.il ,881, 945 df.$233,086sr$l,432,226 sr.$974,022
Unfilled orders (gross tons) 484,267
122,399
481,267
122,399
1 Tne net earnin s are shown "after providing for all taxes, including
Federal taxes, and deducting all other expens&s, including ordinary repairs
and maintenance, but not renewal expenditures and other appropriations
for the current year," which are deducted separately as shown in table.
V. 110. p. 2492.
—
Laurentide Co., Ltd.
Sir
— New
Director.
—
Lomer Gouin, who recently retired from the Premiership
ernment of the Province of Quebec, has been appointed a
p. 566.
Lee Rubber
A
&
Tire Co.
—V. Gov110,
of the
director,
— Dividends—Earnings. —
quarterly dividend of 50 cents per share has been declared on the
outstanding 150,000 shares of capital stock, no par value, payable Sept. 1
In June last, a quarterly dividend of 50 cents
to holders of record Aug. 14.
was paid. The only previous di\-idends were three distributions of 50 cents
per snare and extras of 25 cents, paid on June 1, Sept. 1 and Dec, 1 1916.
The company confirms the report that the sales for the first half year
were approximately $4,400,000 and net profits, before taxes, amounted to
$500,000. Almost 50% of the sales are now of puncture-proof cord tires.
V. Ill, p. 194.
—
—
Lincoln Motor Co. (of Del.), Detroit. Dividend No. 2.
A second dividend of 21^2% has been declared on the 160,000 shares of
Class A stock, $50 par value, payable July 30 to holders of record July 20.
An initial dividend of 2)-i% was paid in April last.— V. 110, p. 1531.
Locomobile Co. of America. New Director.
Chaimcey H. Murphy, V.-Pres. of the U. S. Mtge. & Trust Co., has
—
been elected a director of the Locomobile Co.. Hare's Motors, Inc., and the
Mercer Motors Co. V. Ill, p. 194.
—
Lucey Mfg. Co.— Bonds
Offered.
—Potter Brothers & Co.,
Dominick and Hallgarten & Co., New York,
are offerng at 98 and int., to yield 8.30%, $1,500,000 TenYear 8% Conv. Sinking Fund Notes, Series "A." (See
Dominick
&
advertising pages.)
Dated .luly 1 1920, due July
Int. payable J. & J. in New York
1 1930.
without deduction for normal Federal taxes not in excess of 2%. Denom.
Convertible
into
Class
"A" stock at the rate of one
and
(c*)
,000
$500
$1
share of stock for each $55 face amount of notes. Callable at 105 and int.,
with right of conversion to run 30 days after date of call. Callable on any
Annual sinking fund
int. date at 115 and int. without right of conversion.
of 5% for five years and 7H7c thereafter will retire majority by 1930.
.
The bankers named above are also offering
Class "A" stock (par $50).
at $45 per
share 37,500 shares
Entitled, before any div. maj' be paid on Class "B" stock, to receive
divs. of $5 a share for each of tiie 3 years ending July 1 1923 and $8 a share
After Class "B" stock has dm-ing any one year
for each year thereafter.
received divs. equal to the rate being paid on Class "A" stock the two
classes will participate share for share in further divs. declared during that
year. Convertible, unless called at $80 per share into Cla.ss "B" stock,
share for sliare. Callable at $66 per share and divs., the right to convert
running for 30 days after date of call, or at $80 and divs., without right
of conversion.
Data from Letter of President J. F. Lucey, Dated July 8 1920.
Authorized. Outstanding.
Capitalization after This Financing
10- Year
S. F. Conv. Notes. "Series A"
$2,500,000
$1,500,000
shs.
"A"
Conv.
stock
(par
-.x64,773
Class
37,500 shs.
$50)
Class "B" stock (no par value)
yl50,000 shs. alOO.OOO shs.
—
8%
X 27,273 shaies reserved for conversion of notes, y Additional "B" stock
for conversion,
a Tlie nianageiiiont has taljen
Class "B" stock only for its entire interest in the business, with the excepClass "B" has sole
tion of $50,000 for retirement of the old Pref. stock.
voting rights.
Companu. Was started In 1908 in California by J. F. Lucey, and is
to-day one of the two largest manufacturers and distributors of oil weU
Througli its constituent companies it operates manudrilling equipment.
lias branches
facturing i>lanls in Cliattanooga, Tenn., and Houston, Tex.
and warcliousos in the principal oil fields in this country and abroad.
from
Funds
obtained
the
sale
of
these
securities
will be used
Ptirixisf.
to increase working capital, with the exception of $50,000 applied to tlie retironient of the old I'rcf. stock.
ICaniings.
Not operating profits applicable to interest charges for the
calendar year 1919, after allowing 6','; return on the new capital amounted
to $751,856 and were equivalent to over 6 times interest on the notes presFor he 3 calendar years ended 1919 suoli earnings averently to bo issued.
aged over 5 times and for the first 4 mouths of 1920 were over 9 times
win be issued as required
—
—
—
I
with not sales of $22,143,098.
—
The
Co.; William
elected to the board of directors.
Mr. Stettinius, Mr. Baker and Mr. Prosser were also elected
V. Ill, p, 77, 193.
the Finance Committee.
299
—
p. Morgan & Co. announce that on the closing of the subscription books
for the 3.223,291 shares recently offered to shareholders over 99% was subAs the sale has been completed of the stock to be taken by the
scribed for.
underwriting syndicate. It Is planned to dissolve the syndicate in a few days.
Co.; George F. Baker, Jr.,
Edward R. Stettinius, of J. P. Morgan
Vice-Pres. of First National Bank; Seward Prosser, Pres. of Bankers' Trust
J.
See Buffalo
—
THE CHRONICLE
1920.]
St Louis) has 1 12-inch whoel base Lycoming motor, Westinghouse system
the best units of construction that we can purchase; weight, 2,200 pounds.
Plant to^ay has a maximum capacity of 40,000 complete cars yearly.
Plansfor 1921 call for the production of 15,000 to 18,000 cars and net profits
V. 111. p. 193.
are estimated at $100 per car.
The
——
—
THE CHRONICLE
300
on the notes presently to be issued. After all prior
charges, sinking fund and taxes, net earnings are now running at an annual
rate equivalent to S14 per share on the Class "A" stock.
For the 3 years ended Dec. 31 1919 net profits, before taxes, but after
heavy deductions covering unusual losses partly caused by the T^ar, averaged "32 '7 on the capital invested in the business during the period. Unamount to about §7,000,000. V. 108. p. 1277.
filled orders at present
—
National Enam. & Stamping Co. Purchase Notes.
& Chemical Co- below. — V. 110. p. 1085.
interest requirements
—
— Listing—Earnings. —
Loew's Inc.
The Xeu- York Stock Exchange has authorized the
listing of 6,900 addi-
tional shares of capital stock (auth. 4,000,000 shares), no par value, upon
official notice of issuance and pajTnent in full, making the total amount
applied for 754,932 shares. Tne issuance of these snares was authorized by
tne directors on pril 19 1920, as payment to vendors for 50% of the capital
An
&
B. Amusement Corp.. P. & S.
Amusement Corp. and Harvard Amusement Co.
Tne above companies lease one theatre in Manhattan and five in the
Bronx, N. Y City having a combined seating capacity o 11,767.
The consolidated income account of Loew's Inc. and affiliated companies
for 24
eekslrom SepN 1 1919 to Feb. 15 1920, shows total income, $7,757.
034: total expenditures, 85,707,118; net earnings, $2,049,915: estimated
Federal income and excess profits taxes (25%), S512.479: profit for period
51,537,437.— V. Ill, p. 78.
stock the Chateau
lisemeut Corp., P.
Electrical Supply Co., Inc. — Plan for Refinancing — Retirement of All Pref. Shares — Change of
Par SlOO,
S3 ,000,000 Common
30,000 Shares of No
Par Value— Increase of Limit of Issue
250,000 Shares —
Manhattan
See St. Louis Coke
New
to
to
Increase of Outstanding Issue to 70,000 Shares by 10% Stock
Dividend (3,000 Shares), Exchange of 24,100 Shares for
SI ,205,000 Present First Pref. and Sale of 12,900 SharesUnderwriting Annual Report. The shareholders will vote
July 27 on substantially the following plan for refinancing
the enterprise:
Digest of Official Circular, Dated July 8.
It is the opinion of your board that the company should be internally
reorganized and refinanced so as to enable it to better meet existing conditions and to be prepared for future expansion.
The plan formulated will
provide a large amount of cash working capital, do away with all l*ref.
stock and provide tmissued capital stock which can be sold for cash as
required or used in other ways for the expansion of the business.
Summary of Plan to Be Submilled to the Stockholders for Their Approval.
1. Change of the Common capital stock from shares of SlOO each to
shares having no par value, by e.xchango upon an equal basis.
2. Redemption of the outstanding First and Second Pref. stocks (approximately §1,205,000 and §198,000, respectively), if and when the board in
—
—
their discretion shall so direct.
3. Authorization of 220,000 additional shares of no par value stock.
Forty thousand (40,000) of such additional shares shall be presently issued
as follows:
(a) 3,000 shares as a stock dividend, one to ten shares on Common stock.
(6) 24,100 shares, more or less, to be offered to First Pref. stockholders
in exchange for their stock, two shares of new stock for one of First Pref.
(c) 12,900 shares, more or less, together with any shares not taken in
exchange by the First Pref. stockholders, to be sold for proctu'ing working
capital and for redeeming Preferred stock.
4. The balance of 180,000 shares of new stock to be held subject to future
issue by the board in their discretion from time to time for capital requirements or otherwise.
The shareholders will also vote upon the following propositions:
(a) To authorize the board from time to time to enter into contracts for
the sale or undea-writing of the authorized but unissued stock, and to pay
commissions in connection with any such sale or underwriting.
(6) To amend the articles of organization, &c., so that no stock or other
security naving any preference or priority over the stock without par
value, can hereafter be issued, and no mortgage, lien or encumbrance, nor
any funded debt shall be hereafter created, if at a meeting duly called to
authorize the same the holders of at least one-third in interest of the then
issued and outstanding stock dissent therefrom; but the foregoing prohibitions shall not apply to notes, collateral loans or other obligations necesary
in the course of the current busmess or the giving of purchase money on
property hereafter acquii-ed, or the acquisition of property subject to mort-
gages and encumbrances thereon then existing.
In order to promote the speedy exchange of First Pref. stock and the sale
of new stock for capital and retlemption purisoses, the common stockholders are asked to waive any rights to subscribe pro rata co the shares co be
offered for sale and for exchange, as favorable arrangements have been made
in relation to the same.
Chandler & Co. are organizing a syndicate to underwrite (a) the 12,900
shares of stock to be issued to pro^ade additional capital and for redemption
of 2d Pref. stock, and (ft) the 24,000 shares which are to be offered in exchange for the outstanding First Pref. stock. The public offering price, it is
understood, will probably be made at S57 a share.
For balance sheet, &c., see "Financial Reports" above.
J. J. Gorman is Pres.; B. H. Ellis, 1st V.-Pres. & Treas.: 2d
Officers.
V.-Pres., J. F. Baisley; Edgar Whitmore, Sec.
Offices New York. 17 Park
Pace; Boston, Room 511, 53 State St. (company is a Massachusetts corporation).
V. 110, p. 1647.
—
—
Massachusetts Breweries Co.
— Suspends
Operations.
—
Officials of the company, it is stated, have decided to suspend operation
of the plants indefinitely.
There is no liquidation of sissets contemplated
at present.
V. 110, p. 2081.
—
Maverick
Mills,
Boston, Mass.
— Extra
Dividend.
—
extra dividend of 7ii% has been declared on the Common stock,
along with the regular quarterly dividend of 2H%. both payable July 19
to holders of record Julv 13.
Extras of
were paid in January and
AprO last. V. 110, p. 2492.
An
7H%
—
—
—
Mexican Petroleum Co., Ltd. Stock Dividend.
The Committee on Securities of the New York Stock Exchange has
amended its ruling of June 14 1920, so that the Common stock will be not
quoted ex-stock dividend of 10% until further notice. Information has
been received that stock certificates covering said dividend will be issued
and delivered on July 31 1920, or as soon thereafter as Usted, instead,.of on
July 10 1920. as heretofore ad\ised.— V. Ill, p. 78.
Milwaukee
&
Chicago Breweries, Ltd.
— Liquidation. —
The airectors and stockholders have directed that the company be woimd
up voluntarily and have appointed Charles Eves as liquidator. Funds
have been furnished the Illinois Trust & Savings Bank as agent for the
liquidator, to make a payment to American shareholders of the sum of
S3 79 Vi per poimd upon the number of pounds represented by the outstanding Trust Certificates.
All holders of Trust Certificates of the Illinois Trust & Savings Bank,
representing stock of the company, are requested to present their certificates at the bank on and after July 15 1920, endorsed for surrender and cancellation.
Upon stu-rendej of certificates, properly endorsed the English certificates
held by the bank in the name of Edwin S. Layman, against which the certi.110.
ficates are issued, will be delivered by the bank to the liquidator.
p. 1977.
—V
—
O. — Buys
Montgomery Light & Water Power Co.
See Alabama Traction, Light
V. 103, p.
& Power
—
—
Contract.
Co. under "Reports" above
1.596.
'organ Engineering Co., Alliance,
.
Plant.
The company has
acquired the U. S. Govt, ordnance plant in Alliance,
C, which was completed in 1917 at a cost of about $2,000,000. The
building is 900 ft. long and has five large wings.
Machinery and equipment
for the plant is said to have cost $6,000,000.
The company has made no
announcement concerning the use to ^ hich the property wiU be put.
Nash Motors Co.
A
— Common
Dividend of S6.
dividend of $6 per share has been declared on the Common stock,
payable Aug. 2 to holders of record July 20. In Feb. last $10 was paid,
tn AMg. 1919 $6, and in Feb. 1919 .§6.
V. 110, p. 665. 656.
—
Castle (Pa.)
Rubber Co.
— Stock
Dividend.
—
—
The
directors on June 22 1920 declared a stock apportionment of 42.38%
of the par value of the Common stock, payable on July 1 to shareholders
of record May 31. This company also on July 1 paid its regular quarterly
on its Preferred stock. [W. E. Duersten is Vice- Pres.
dividend of
IH%
At
last
Fu-st
accounts there was outstanding §366,000 Capital stock and §71,000
Gold
6s.]
& Honduras
N. Y.
An extra
— Dividends. —
Rosario Mining Co.
dividend of 2% has been declared on the capital stock together
with a dividend of 3%, both payable July 30 to holders of record July 20.
Like amounts were paid Jan. & Apr. last and Jan. 1919. V. 110. p. 1648.
,
Northampton Gas Light Co.
— Rate
—
Increase.
—
The MassachusettsTDepartment
of Public Utilities has granted the company an increase in the price of gas sold after July 1 1920 of from $1 25 to
$1 80 net per 1,000 cu. ft.— V. 107, p. 1197.
North Butte Mining Co.
June
1920
1,616,822
—
V. 110,
the
Stock,
fVOL. 111.
/ncT-casel
767.468
p.
2573.
Otis Elevator Co.
— Copper Output
(Lbs.).
1920— 6
Afoa.-^— 1919.
849,35419,153,995
5,940,301
1919.
— Half
Year's Earnings.
—
Increase.
3,213,694
—
Earnings for the Six Months ended June 30 1920.
Net earnings after operating expenses renewals and depreciation
$2,037,195
but before taxes
1,550 ,522
Net earnings after fixed charges and all taxes
1640.
V. 110, p. 1753,
,
—
Pabst Brewing Co.
—
—
Sells Property.
that the company has sold land and building, including railroad siding, located at Jackson Ave. near Harold Ave. .Long Island City,
V. 110, p. 2573;
to a syndicate for asumintheneighborhood of $2,000,000.
It is stated
—
Pacific Coast Co. — Dividends Resumed. —
%
A quarterly dividend of 1 has been declared on the Common stock
along with the regular quarterly dividends of 1 M % on the First Pref. and
on the Second Pref. stocks, all payable Aug. 1 to holders of record
1
Julv 24. Regular quarterly dividends of 1% have been paid from Feb.
1917 to Nov. 1919. inclusive: none since. V. 110, p. 267.
%
—
Pacific Development Corp.
— Subscriptions
to
New
Stock.
It is stated that the stockholders subscribed to nearly half of the $4,100,000 stock offered to them for subscription at $50 a share. The balance of
the offering has gone to the underwriters and considerable amounts, it is
stated, have already been definitely withdrawn for permanent holding.
V. Ill, p. 78.
—
Pan-American Petroleum
&
Transport Co.
—
Stock Div.
Securities of the New York Stock Exchange, amending
its ruling of June 14 1920, has decided that the Common stock and the
Common stock "B," be quoted ex-stock dividend of 10% until further
Information has been received that stock certificates covering
notice.
said dividend will be issued and delivered on July 31 1920, or as soon thereafter as listing is effected, instead of on July 10 1920, as heretofore advised.
V. Ill, p. 79.
The Committee on
—
Penn
Traffic Co. of Philadelphia.
— Extra
Dividend.
—
extra dividend of 1% has been declared on the capital stock, together
with the regular semi-annual dividend of 3%, both payable Aug. 2 to
holders of record Jul.v 15. A like amoimt has been paid extra with the
V. 109, p. 179.
regular semi-annual dividend since Feb. 1918.
An
—
Piggly Wiggly Stores, Inc., Memphis.
Operating Results
Sales
—
3 Mos. end. 3 Afos. end.
Jj/ne 30 '20. A/or. 31 '20.
$4,412,590
-- 37,031,163
—Income,
&c.
—
6 AIos. end.
June 30 '20.
Increase.
$2,618,573 $11,443,753
333.315
127,711
102,802
230,513
Netprofit
On July 15 1920 248 stores were in operation and approximately 50, fully
refrigerators
before opening on or about
only
for
waiting
stocked, were
Aug. 1 making a total of 300 stores.
General Balance Sheet, June 30 1920.
§553,694 Capital stock (no par value)
Cash
Merchandise inventories.. 3,163.714 Com. Class A, 150,000 sh. $5,850,000
3,750
Com. Class B, 37,500 sh.
Bldg. improvements and
*
538,732 Accounts payable for merestablishing stores
593,920
chandise
81,580
Organization expense
333,315
57,314 Undividend profits
Rents, insurance, &c
Contracts & leases, cost.. 1,053,754
,
Equip, of stores & offices. 1,235,267
„„ „„, „o$6.781,03o
Total, each side
96,979
Autos and auto trucks
Watkins & Co., New York, are interested. ="
The Chicago Stock Exchange has admitted to list 25,000 additional
V. Ill, p. 195.
Class A no par value stock,
,
—
Pullman Company.
— Rate
Increase
— Surcharge
Opposed.
22 filed a protest with the Inter-State Commerce
Commission against the suggested re-establishment of a surcharge for
saying in part:
Pullman
cars,
occupancy In
"The Commission has recently granted the Pullman Company authority
to increase Its rates as of May 1 1920, approximately 20%, to offset the very
great increase in expenses of all kinds, particularly wages, which has taken
place during the past three years, and it is the opinion of the company,
should this surcharge be revived, the benefit of this increase will be more
than offset by the falling off in gross revenue, without corresponding reduction In expenses.
"The application of a surcharge of H % per mile, the amount which was
In effect from June 10 to Nov. 30 1918, would be approximately equal to
the Pullman rates in effect prior to May 1 1920, would result In increasing
those rates, taking Into consideration the Increase in Pullman fares of
approximately 20%. to practically 120% over the rates In effect prior to
The company on June
May
1.
^.
the
is our firm belief that such an Increase would greatly discourage
use of Pullman accommodations, and while It would result in an apparent
theoretical
more
would
be
this
Increase
Increase in revenue to the railroads,
than actual, as there can be no doubt that large numbers of passengers who
ordinarily take Pullman accommodations would travel in day coaches,
resulting In a loss of revenue to the Pullman Company and to the railroads,
through their participation In the Pullman Company's revenue under their
"It
confiFicts
"This would be particularly true in our parlor car service, and the traveling public would undoubtedly find the expense of traveling so heavy that
travel
it would either entirely forego or greatly reduce the distance it would
on vacation, tourist and pleasure trips."
"Exhibit A, attached, shows that for the period from March 5 to June 16
1917 our gross earnings were $14,726,301. and for the same period in the
year 1918. prior to the application of the surcharge, the gross earnings were
816.979,554, an Increase of S2, 253. 254, or 15.30%, while for the period from
June 17 to Sept. 29 1917, gross earnings were $17,538,376, and for the same
This
period In 1918, 815,695,967, a decrease of 51,842,409, or 10.50%.
Indicates that the application of a surcharge had the effect of reducing
our gross revenue 25.8%, and we have every reason to believe that the
re-establlshment of this surcharge would have the same effect on our gross
V. 110, p. 83.
revenues."
—
Rand
Mines, Ltd.
—
1920 June 1919.
702,379
715.917
—V.
—Gold Output
1
Ill, p. 79.
Rainey-Wood Coke
—
(Ounces).
—
1919.
— 6 Mos. —4,147,484
13,57811,104.846
Increase. 1920
Co., Inc.
JDecrease.
—Guaranteed Equip.
42,633
Notes
A. G. Becker & Co. and Ames, Emerieh & Co.,
Offered.
New York, Chicago, &c., are offering at prices ranging
from 99.53 to 98.28% and int. j-ielding from 8% to 7.75%,
according to maturity, SI ,000,000 734% EquipmentiTrust
Gold notes. (See advertising pages) BankersIState:
—
July 17
THE CHRONICLE
1920.]
Guaronteed jointly and severally as to principal and interest by Alan
Dated Aug. 1 1920;
Iron & SteefCo., and AV. J. Rainey, Inc.
due $100 000 annually, Aug. 1 1921 to 1930, incl. Red. all or part on any
int date at a premium of 1 % for each year or fraction thereof of the unexNot less than all of any one maturity shall be called at any one
pired life.
time and if less than the whole issue is called the notes of the last maturity
Int. payable F. & A. at New York Trust Co., New
shall be first called.
York, trustee. Denom. $1,000 (c*). Company agrees to pay the Penn.
State 4 mills tax and any Federal income tax deductible at the source up
Wood
Pennsylvania
coal
—Will be secured by 400 new
RR. Standard design. Class H-25, of 70 tons' capacity, to be manufactured
by the Cambria Steel Co. and costing about $l,4ro,000.
assets of the company and the two
— The combined net tangible
reported to be
1920, were
guarantor companies as of July
excess of $24,500,000.
Earnings. — Combined average annual net earnings from the properties
years were
excess of
the two guarantor companies for the past
cars,
all-steel
Security.
Assets.
in
officially
1
six
of
in
$3,300,000. according to official reports. Net earnings of the RaineyWood Coke Co., Inc.. for the first five months of 1920 averaged approximately $70,000 per month. Compare V. 109, p. 781.
—
—
—
Republic Motor Truck Co., Inc. Earnings.
The condensed statement of earnings of Republic Motor Truck and
Torbensen Axle companies for the three months ending March 31 1920
shows; Net sales, $5,732,170; cost, general expenses, &c., $4,975,025; net
other income, $143,832; total income, $900,977; interest
charges, &c., $265,697; balance, siu-plus (incl. $198,254 net profit of Torbensen Axle Co.), $833,534. Compare "Financial Reports" above. V.
110, p. 2663.
profit, $757,145;
—
Riordon Corporation, Ltd.
— New
Directors.
—
Ross, a director of the Bank of Nova Scotia and of the Nova
& Iron Co., ans Senator W. C. Edwards. President of the Canada Cement Co.. Ltd.. have been elected directors. V. 110, p. 2663, 2573.
W. D.
Scotia Steel
—
(William A.) Rogers, Ltd.
—Accumulations. —
"The Financial Post," of Toronto, of July 9, stated that " at a recent
meeting of directors the decision was made to pay off at once one quarterly
dividend of 1 M % on account of accumulations arrears together with the
[This, it is understood,
regular dividend for the current quarter of 1 M % ."
12M% unpaid.,
The annual financial statement issued in April, showed profits for the
year 1919, standing at $526,382. as against a loss of $5,208 in 1918.
V. 110, p. 771.
will leave a total of
>»
—
—
Royal Dutch Co. Final Dividend.
The Equitable Trust Co. has received a final dividend for 1919 of 30
guilders a share (30%) on the Common stock, equal to $3.5425 a share on
"New York and American" shares. The dividend will be payable Aug. 4
This disto holders of "American and New York" shares of record July 20.
make
a total of 45% for the current year,
paid in January last. V. Ill, p. 79.
tribution will
—
15% having been
Ltd. —Extra Dividend. —
St. Lawrence Flour Mills,
An extra dividend of 1 % has been declared on the Common stock, together
with the regular quarterly dividend of 1 K % both payable Aug. 2 to holders
of record July 20.
An extra dividend of 1% has been paid quarterly since
.
Feb. 1919 to and including
St.
Coke
Louis
May 1920. — V. 110, p.
Chemical Co.
472.
— Notes
&
Offered.
—
Brown Brothers & Co., New York, Studebaker Brothers,
Ltd., Chicago and Mississippi Valley Trust Co., St. Louis,
are offering at 100 and int. to net
according to maturity,
Serial First Mortgage Convertible notes.
$1,500,000
Dated June 1 1920. Maturing $300,000 Dec. 1 1921 and $300,000 each
June 1 1922 to 1925, incl. Int. payable J. & D. at Continental & Commercial Trust & Savings Bank, Chicago, trustee, without deduction for
normal Federal income tax up to 4%. Denom. $1,000 and $500(c*).
Red. upon 60 days' notice, at 100 plus
premium for each full six
months' period from date of such redemption to maturity. In event of
8%
8%
H%
redemption prior to maturity of less than the total issue, the earlier maturities shall be retired first.
Authorized and issued, $3,000,000. The National Enameling & Stamping Co. has contracted to piu-chase $1,000,000
of this issue as an investment and $500,000 are held in the treasury of the
company.
Convertible.
— Convertible
at the option of the holder at Mississippi
Valley Trust Co.. St. Louis, on any int. date up to and incl. date of payment at maturity or redemption, on the basis of four shares of Pref. and
one share of Common stock for each $400 par value of notes.
Data from Letter of Pres. Clement Studebaker Jr., Chicago, June 30.
Company. The company will be, on completion of its 500- ton blast
urnace and 80 Roberts By-Product Coke Ovens, near Granite City, 111.,
one of the principal manufacturers of iron, coke and various by-products
In the St. Louis Industrial District.
The plant is now nearing completion
and it is expected that the blast furnace wUl be blown in on Aug. 15 1920.
—
Capitalization After This Financing
8% Serial First Mortgage Convertible notes
Preferred stock, 8% Cum. (par $100)
Commo n stock (par $5)
Auth.
$3,000,000
10,000,000
1,000,000
Issued.
x$3, 000,000
5,000,000
1,000,000
X $500,000 held in the company's treasury.
Security.
Secured by a first closed mortgage on the entire property of
the company which includes, in addition to its 500-ton blast furnace and the
80 coke ovens, valuable real estate, buildings, machinery and equipment,
trade names, trade-marks and licenses.
f* Purpose.
Approximately $5,000,000 cash wUl have been expended upon
the property before the apphcation of the proceeds of $2,500,000 of this
issue.
The proceeds of these notes wiU be used to complete the plant,
purchase additional equipment to further reduce operating costs and provide working capital.
Potential Operating Results.
The following figures covering estimated
net earnings of the company's plant for the first full year of operation are
based upon a recent report made by Alex. H. Twombly, Engineer, of New
York, who has made a study of the whole situation in connection with the
contracts with the National Enameling & Stamping Co., and the sale of
such excess products as remain in the open market at conservative prices.
This report has been checked and approved by Mr. Alex. C. Humphreys:
Gross income from sale of iron, by-products and surplus coke-$10,6.'>9,l 05
Surplus revenue, available for income tax, int., &c., more than.
3,500,000
"•This is equivalent to more than 14 J4 times the interest on this issue,
before Federal Taxes estimated at $1,600,000, and after taxes, balance
available is about 8 times the interest requirements of this issue.
^ For contracts with the National Enameling & Stamping Co., details as
to^ protection from competition, license, description of Pref. and Common
stock. &c., compare V. 109, p. 781, 686.
—
—
—
Shell Transport & Trading Co., Ltd.^
PThe Committee on Securities of the New York Stock
Exchange has ruled
that certificates for "American" shares be not quoted ex-Rights on July 19
1920,'and not until further notice. V. Ill, p. 195, 79,
—
—
—
Sinclair Consolidated Oil Corp.
Syndicate Extended.
The syndicate which underwrote the $50,000,000 Five- Year 714% Notes
110- P- 1754) has been extended to Aug. 14, in accordance with a clause
the agreement whereby expiraion date could be extended a month beyondjJuly 14.— V. Ill, p. 187.
m
•
i
Skelly Oil
Co.— Dividend
No.
2.—
A quarterly dividend of 2% has boon declared on the stock, payable
July 31 to holders of record July 21. An initial dividend of
2%, was paid
in April last.
President William G. SkcUy reports an Income for May. exclusive of
refining profits, of $409,486.
The company has 74 wells drilling, against
Oi last October, and it was announced that a substantial interest has been
'"
1^51'dland Refining Co.. the Inland Oil Co. and the NorPii
J-''^
H'"
uex w
itciinnm
<Jo.
I'res'dent Skelly reports an income from oil
M.\*,'"V'^«^o^;"r'L^°''PRalp« 11
wJ May
sales
of $135,502, compared with $71 ,869 for April.
The company
and is actively drilling in Texas and Oklahoma.
—V
ilo"'p"7420^''
—
—
——
301
South Porto Rico Sugar Co.
to Common Stockholders of
Aug. 6
— 100%
Stock Dividend on
Record July 24.
On July
1 1920 the stocknolders ratified the proposed increase of the
$12,500,000. Treas. F. M. Welty in adv. of July 14 says:
"At a meeting held this day, the board adopted resolutions providing for
the transfer from "reserve for working capital and improvements" account
to "Common capital stock account of S5, 602. 800 (in order to capitalize
a part of the earnings of the company invested in tne La Romana su r
factory and other improvements and development) and the full payment of
Common stock to
'
,
56,028 shares of the
"The board
new Common stock thereby.
>
also adopted resolutions providing for the distribution of said
56,028 shares of new Common stock (full-paid and non-assessable) to the
Common stockholders pro rata (one share of new stock for each share now
outstanding), such distribution to be made on Aug. 6 1920 to Common
stockholders of record on July 24 1920^
This new stock will carry dividends for the current quarter, beginning
July 1 1920 and ending Sept. 30 1920."— V. Ill, p. SO.
—
—
Spicer Manufacturing Corporation. Earnings.
Net profits for the first four months of the current calendar year, after
taxes and all charges, are reported at the rate of more than $6 per share on
the Common stock, which compares with $4 37 in 1919 and $3 88 in 1918
V. 111. p. 80.
Standard Tank Car Co.
—
—
Equip. Notes Offered. Bioren
Co., Phila., and Glover & MacGregor, Pittsburgh, are
offering at prices ranging from 99.05 and int. to 97.4.5 and
int., to yield 8%, according to maturity, $1,100,000
Equipment Note Trust Certificates. Circular shows:
&
7%
Dated May 1 1920; maturing quarterly from Aug. 1 1920 to May 1 1923.
Coupons payable Q.-F. Red. at 101 and div. at any div. date. Fidelity
Trust Co., Phila., trustee. Issued under Philadelphia plan. Free of
normal Federal income tax up to 2%. Principal and dividends unconditionally guaranteed by Standard Tank Car Co.
Security.
Secured by title to 599 new steel underframe tank cars, o
which 312 are of 8,050 gallons capacity and 287 of 10,050 gallons capacity
each, costing .$1,66(),542. Additionally secured by deposit with trustee of
$1,356,000 of deferred payment equipment notes of 17 different companies,
—
payment for these cars.
Company. Plant located near Sharon, Pa., is turning out between 25
and 30 tank cars per day. Company is paying divs. of 8% on .$3,000,000
Pref. stock and divs. on its 100,000 shares of outstanding Common stock
which is selling at Ijetween ,$50 and $60 per share. For the three months
ending March 31 1920 company reports net profit from operation, after
depreciation and reserve for income and excess profits taxes, of $416,000,
or at the rate of over $1,600,000 per annum.
V. 110, p. 771.
issued in partial
—
—
Stromberg Carburetor Co. of Am., Inc.
Allan A.
Rvan has
resigned as a director and
V. Ill, p. 80.
Studebaker Corp.
The
—
—
Resigns.
Chairman of the Board.
—
—
Removed from Detroit Exchange.
removed from Detroit Stock Exchange at the request
When the Common stock was Increased from $30,000,000
stocks have been
of the company.
to 545,000,000 (V. 109. p. 2077) the directors declined to file papers with the
Michigan State Securities Commission for approval of the capital Increase.
The Board of Governors of Detroit Exchange announced that action was
taken without prejudice to Studebaker or Its securities and intended simply
to conform with regulations of the Commission prohibiting trading in stocks
not approved.
V. 110, p. 1978.
—
Thatcher Mfg. Co.
—
—
Definitive Bonds Ready.
Trust receipts for the 10-year 7% Conv. Sinking Fund Mtge. gold bonds
are now exchangeable for the definitive bonds at the Guaranty Trust Co
of New York, trustee.
V. 110, p. 1979.
—
Times Square Auto Supply Co., Inc.
— Listing— Earns.
The New York Stock Exchange has
authorized tne listing of temporary
certificates for 189,780 shares (auth. 300,000 share ) of Common stock
no par value, with authority to add 704 shares on official notice of issuance
on conversion of outstanding 7% Cum. Pref. stock, making the total
amount applied for 190,484 shares.
There is now outstanding $17,600 of Preferred stock, which is convertib'e
into Common stock up to and incl. July 20 1920, at rate of 4 shares of Co mon stock for each one share of Pref. stock. This Pref. stock has also been
called for redemption on July 20 at $115 per share.
Earnings for Calendar Years 1914 to 1919 and Six Months of 1920.
Sales.
xNet Profit. Fed. Taxes'
$943,972
$128,345
1914. a
226,307
1.182,870
1915-a
188,158
1,338,803
1916-a
1917...
2,076,957
y45,053
2,034,407
102,632
1918
.530,512
280,441
1919
3,985,154
105,903
2,388,544
311,142 (est. )40, 00(1
1920 (six months)
a Combined earnings of the Times Square Automobile Co. and the firm
of Froelch, Mansbach & Froehlich, later taken over by the Times SquariAuto Supply Co., Inc. x After deducting Federal taxes, y Loss.
V. 110, p. 2083.
—
Trumbull Steel Co., Warren, O. To Reduce Par
Common Stock from $100 to $25 25% Stock Dividend.
—on
The
—
of
reducing the par value of the
stockholders will vote Aug. 16
stock from $100 to $25 per share. The par value of the Pref.
stock ivill remain at $100 per share.
President Jonathan Warner in a letter to the stockholders July 14, says:
"Directors have been considering the subject of the readjustment of the
capital stock and have given serious consideration to the various plans by
which this could be accomplished. They felt that at this time some initial
distribution of the surplus, which is now considerable, should be made
through the mediuna of a Common stock dividend, and thus a part of this
surplus would be transferred to permanent capital account, which in their
opinion, would be advantageous to both Common and Preferred stockholders; furthermore, it was the opinion that the par value of the Common
shares should be reduced to a smaller unit basis, as above.
"At a lower par value the employees and others would bo able to purchase
stock with a much smaller investment than is possible at the pr&sont value,
and the shares would thus command a broader and better mai-ket. The
It
lower par plan has been adopted recently by many large corporations.
can be carried out at a great saving to the stockholders, and will accomplish
practically the same results as any of the other j)lans considered.
"Accordingly, the directors on July 7 unanimously declared a stock dividend of 25%, payable on July 20 to the Common stockholders of record
July 7."
"The directors have provided that fractional shares shall bo adjusted on
the basis of $160 a share, allowing stockholders either to purchase fractions
at the rate of $160 a share through the Dollar Savings & Trust Co., Youngstown, Ohio, not later than July 31 1920, or to receive payment for their
V. Ill, p. 196.
fractional share as soon thereafter as practicable.
Common
Union Bag & Paper Corporation.
——
Status.
—
Co., 19 Congress St., Boston, have is,sued a circular describing
the company and its subsidiary, the St. Maurice Paper Co., Ltd.. and
earnings and balance sheet to April 30 1920 as furnished to
the
reporting
the New York Stock Exchange. V. 110, p. 2200. 2083.
Chase
&
—
—
—
United States Glass Co. No Extra Dividend.
A (luarterly dividend of $1 per share has boon doolarod on
the stock,
payable July 26 to holders of record July 17. In April last an extra diviwith
together
the
regular
paid,
dividend
of SI.
dend of 50 cents was
V. 110. p. 16.''>0.
United States Rubber Co.— Sells $20,000,000 Ten-Year
The company has sold Kuhn, Loeb ct Co.
Notes.
$20,000,000 Ten-Year 714% notes, secured by $25,000,000
6% bonds, issued under the 1st & Ref Mtge. of Jan. 2 1917^
—
714%
.
Owing
present time being unfa\ orabli' for the pl.ioing of long term
bonds on advantageous terms, the dirootors folt Ihat it was in the interest
of tlie oiinipany to borrow upon the bonds for a shorter period of t inie rattier
than to sell them under existing conditions. Company does not contemplate any further financing at this time.
to
tlio
THE CHRONICLE
302
The proceeds of these notes, with the current surplus earnings, will give
company sufficient funds for the completion of the plant extensions now
in progress" at Detroit, Hartford, Providence and Indianapolis, for the
increase of the company's tire production, which is far below the demand.
the
—V.
110. p. 1755.
United States Ship Corp.
—Exchange of
—
Stock, &c.
It is stated that stockholders of the United States Steamship Co. and the
United States Transport Co., each capitalized at $25,000,000. are to
receive four shares of U. S. Snip Corp. stock for each five shares held in
Tne U. S. Ship Corp. was organized in Maine
either of the old companies.
June 12 with an authorized capital of $40,000,000 to take over both these
companies.
Pres. H. P. Morse is credited with saying that the U. S. Transport Co.
at present operating 15 ships of about 150,000 deadweight tonnage, is
engaged in fulfiling contracts for transportation of more than 750,000 tons
of coal at an attractive figure, made with the ItaMan Ministry of Shipping
and with the Consortium Charbonnier Fluviel et Maritime of Paris, the
latter representing some of the principal manufacturers of Paris.
Homeward bound, tne ships run as tramps, picking up whatever cargo is available.
^Ir. Morse states that the company is considering engaging in the more
profitable passenger service.
George E. Macomber, President of the Augusta (Me.) Trust Co., and
William Guggenheim, of New York, have been elected directors. V, 110.
—
p. 2664.
— Unfilled Orders. —
United States Steamship Co. — Merger, &c. —
—
—
United Verde Extension Mining Co. — Output
United States Steel Corporation.
See "Trade and Traffic
V. 110, p. 2664.
Movements" on
a preceding page of this issue.
See United States Ship Corporation above.
—
1920 June 1919.
2.806.710
2,828.020
—V. 110, p. 2495.
V. 110, p. 2664.
(Lbs.).
—
1920 6 Mos. 1919.
21,310119,950,554
8,091.218
Increase.]
Increase.
11.859,336
—
—
Utica Gas & Electric Co. Bonds Offered. Harris,
Forbes & Co., New York, are offering at 98 and int. yielding
$1,700,000 7J^% Five-Year Gen. Mtge. Gold bonds.
8%
Dated March 1 1920. Due March 1 1925. Int. payable M. & S.in New
York. Callable on any int. date on 6 weeks' notice in blocks of not less
than §200,000 at 103 and int. on or prior to March 1 1922: at 102 and int.
thereafter to and including March 1 1924. and at 101 and int. thereafter.
Denom. $500 and .91,000 (c*). Central Union Trust Co., New York,
trustee.
Convertible on any int. date to and incl. maturity or redemption
date into an equal amount par value of 7% 15 year General Mortgage Gold
bonds (Series "B") dated March 1 1920 (none of which are outstanding).
Company agrees to pay interest without deduction for any normal
Federal income tax to an amoimt not exceeding 2% which it may lawfully
pay at the source and to refund the present Perm. 4 mill tax.
Data from Letter of Pres. F. M. Tait. Dated Utica. N. Y.. July 12 1920.
Company. Conducts all the commercial electric light and power business
and the entire gas business in Utica, Little Falls and other communities located in the Mohawk Valley, population served (est.), 200,000. Power
plants have an i nstalled capacity of about 41 ,000 k. w. of which over
21,000 k. w. is hydro electric. Company's water power sites and water
power rights are owned in fee. About 70% of operating income is derived
from the electric light and power business. Gross earnings from this source
increased over 121% since 1914.
—
Capitalization Outstanding After tids Financing.
$2,000,000
Capital stock (paying 10% dividends)
Bonds:
5 Y. Gen. M. Gold bonds (Series "A") (this issue). xl,700,000
Kef. & Ext. Mtge. 5s, due 1957 (closed except for refunding
4,610,000
$390,000 div. bonds)
Underlying Divisional bonds (three issues, due 1930, 1942, 1949)-y2,187.000
X $3()0,000 additional are in escrow with trustee and may only be issued
when net earnings are equal to twice the annual i nterest on all outstanding
bonds, including those proposed, y There are also $203,000 additional
held alive in sinking fund.
Purpose. Proceeds will be used to reimburse company in part for expenditures made for additions and extensions to i ts property which have
been largely i ncurred in the construction of the new 12,8()0 k. w. extension
to the hydro electric plant at Trenton Falls.
Earnings Year ended May 31 1920.
$2,522,973
Gross earnings
937,767
Net after maintenance and taxes (notincl depreciation
467,350
Annual interest on bonds with public, including this issue
Balance, surplus
470,417
—V. 110, p. 1533.
7H%
2H%
each quarter, beginning Oct. 1 1920. The two classes of Preferred
stock are jointly preferred over the Common stock up to their full par value
upon the liquidation of the company.
The only difference oetween tne 'A" Preferred and the "B" Preferred
stocks is that for 15 years the "B Preferred stock will oe entitled to an
additional dividend of >^ of 1% eacu quarter. At tne end of 15 years the
B' Preferred stock will automatically become "A" Preferred stock, unless
Immediately retired by the company.
Call Feature.
Eaca class of the Preferred stock is subject to retirement
as a whole at the price of $135 per share and accrued dividends, at tae option
of tne company, by a majority vote of the Common stock and after 60 days'
notice oy mail to each holder. But the company is not entitled to call in
the "A" Preferred stock oefore July 1 1927 or the "B" Pref. stock before
July 1 1935.
Convertible Rights.
The nolder of any shares of Preferred stock may con
vert all or any number of them into Common stock, share for share, at any
time befors July 1 1927: and if a stock dividend is declared before taat date
every stockholder entitled to tue conversion privilege must receive 60 days'
notice, witnin wnicn time ne may convert nis Preferred stock and get the
benefit of tne stock dividend.
Terms of Exchange. This corporation does not now propose to own or
operate any plants, but will for the time b( ing merely issue shares of its
capital stock in exchange for snares of stock of the three ope rating companies above named, on the following basis of comparative values, waich
has been carefully worked out by Price, Waterhouse & Co. after a thorough
examination of the books of the tnree companies.
Th's schedule and offer are based on the assumpfon tnat LaBeUe Iron
Works will first increase its Common capital stock 66 2-3%, that Wheeling
Steel & Iron Co. will first increase its capital stock 45% and that WhitakerGlessner Co. will first increase its Common capital stock 17K% (by transferring the necessary amounts from their respective surplus accounts to
capital stock accounts: in otner words, declaring stock dividend of tne percentages indicated on their Common snares and thus increasing their outstanding Common stock as shown in following table Ed.]
The Wheeling Steel Corporation, upon request prior to Aug. 15 1920. will
Issue for each share of stock [par SlOO] ol the several companies, when Increased as aforesaid, Its own SlOO shares as loUowa:
'
—
—
—
,
—
—
Wayagamack Pulp & Paper
Co., Ltd.
— Div. Increased.
—
Western Union Telegraph Co.
—Earnings for 6 Months
6 mos. end. 3
June 30
'20.
mos. end
Mor. 31 '20
Gross revenues, incl. divs. and Int. received
$59,955,000 $28,650,000
3,975,000
Maintenance-— Repairs and reserve for dc-prec
7,881,000
Other operating expenses, incl. rent of leased lines,
44.454,000 20,792,000
taxes and employees' income participation
333,000
Interest on bonded debt
666,000
Net ncome
*$6.954,000 $3,550,000
* Month of June estimated.
Operations for 1919 period not stated for comparison company under
Federal control in 1919 and corporate income derived from compensatione
for use of land line system, income from Atlantic cable system, and dividends and interest. V. Ill, p. 80.
—
—
Wheeling Steel Corporation. Amalgamation Plan Operative.
The stockholders of La Belle Iron Works, Wheeling
—
&
Iron Co. and Whitaker-Glessner Co. (see V. 110, p.
outlined
plan tentatively
the
2393) have approved
in "Chronicle" of June 19, p. 2578, in accordance with which
the Wheeling Steel Corporation was incorporated in Delaware on or about June 21 for the purpose of bringing about
"identity of interest and unity in control while retaining the
separate organization of each corporation as it now exists."
If all of the stock in each corporation be exchanged for stock in the new
company on the basis below shown, the relative participation will be as
follows:
The stockholders of Whitaker-Glessner Co. will have 37.35%
stockholders of La Belle Iron Works 41.49%, and stockholders of WheeUng
Steel & Iron Co. 21.16%, resulting, approximately, as loUowsSteel
Capitalization of Wheeling Steel Corporation If All Old Stocks are Exchanged.
Authorized. Now Iss'ble.
Common stock, par $100
$70,000,000 $40,112,099
Convertible Preferred stocks differing only
as to dividends rates for 15 years
Pref.
(par$100)
cum. (2% qu. beg. Oct. 1 '20) 130.000,000/ 1,311 ,900
A
8%
Pref.B.par$100,10%cum.tillOct.l'35,then8%)/
Funded
I
22,550,766
debt: La Belle, .$2,421,000 (V. 101, p.
2075: V. 102, p. 607): Wheeling, $2,308,574 (V.
101, p. 375, 4567); Whitaker-Glessner, $2,825,500
7,.555,074
(V. 102, p. 1353)
Offer of Exchange Made by Wheeling Steel Corporation June 23 1920.
Amalgamation. Representatives of LaBelle Iron Works, Wheeling Stee
& Iron Co. and Whitaker-Glessner Co., recognizing the advantages to be
gained by bringing the operations of these three companies into a closed
alliance, have united in organizing, under the laws of Delaware, tne "Wneeling Steel Corporation."
The comLtnittee which obtained the charter and
organized tne co. consisted of Alex. Glass, R. C. Kirk and Isaac M. Scott. i>k'
Stock Rights.
This corporation will have three classes of stock, each
having the par value of $100 and entitling tne owner to one vote with the
right to cumulate in the election of directors.
P=*
The "A" Pref. stock is preferred over the Common stock as to cumulative
cash dividends of 2% each quarter, beginning Oct. 1 1920. The "B" Pref.
stock is preferred over the Common stock as to cumulative casn dividends of
—
—
Xew
Existing Stock
Now. *As Increased
* As
Stock
*In Exchange.
$9,915,400 $9,915,400 LaBelle Pref. stock.. 1 sh. "B" Pref.stk., .$9,915,400
9,915,400 16,525,667 LaBelle Com. stock...! share Com. stk, 16,525,667
9.292.680 13,474,386 Wheeling stock., ((a) Vs sh. "B" Pref., 5,052,895
l(&) yg sh. Com. stk., 8,421,491
1.311,900 1,311,900 Whitaker-Glessner Preferred stock...
1 share of "A" Pref. stork,
1,311,900
19.359,500 22,747,412
do Com. stk. (1-3 sh. "B" Pref.stk., 7,582,471
1(6)
*
Tnese tabulated
known
are
to
(unofficial) figures
be substantially correct.
2-3 sh.
Com.
stk., 15,164,941
have been inserted by Editor but
This offer does not depend upon the assent of the holders of any special
proportion of the stock of tne operating companies, and tae acceptance by
any stocknolder within the period named will be final. This company
reserves the right to reject any subscription or assent not filed with it
prior to Aug. 15 1920.
[For earnings, &c., of Wheeling and LaBelle cos. see "Financial Reports"
above and for description of plants, products, &c., see V. 110, p. 2578.
The officers and
President:
directors are
announced as
M.
Officers: Issaac
Andrew
Scott, President of the
Glass, D. A. Burt and W.
follows:
Wheeling Steel & Iron Co.,
H. Abbott. Vice-Presidents'
D. A. Burt, Secretary and Treasurer.
Executive Committee: Alexander Glass, Chairman of the Executive Committee; A. H. Woodward, Vice-Chairman; C. R. Hubbard. A. C. Whitaker
J. J. Holloway, E. C. Ewing, Isaac M. Scott, and R. C. Kirk.
Directors: one-year term, 1921. Howard Hazlett. F. M. Work. E.
Oglebay, Isaac M. Scott, A. C. Whitaker and Joseph Coudon; two-year
term. 1922, Edward Hazlett, N. P. Whitaker, Andrew Glass, A. H. Woodward, D. A. Burt and E. C. Ewing; three-year term, 1923, J. M. Clarke.
Alexander Glass, Wilh'am F. Stifel, W. H. Abbott, R. C. Kirk, C. R.
Hubbard and J. J. Holloway. V. 111. p. 200.
W
—
—
Press reports state tnat the directors have increased the dividend rate
on the Common stock from 4 to 6%. V. 110, p. 1858.
[Vol. 111.
Wheeling Steel
—
&
Iron Co.
—
—Amalgamation
Plans
—
Stock Dividend
Annual Report.
See Wheeling Steel Corporation above and ."Financial Reports" on a
preceding page.
—V.
Ill, p. 200.
—Amalgaviation Plans— Div.
—
Co. — New Directors — Earnings. —
Whitaker-Glessner Co.
Stock
See Wheeling Steel Corporation above.
Willys-Overland
V. Ill, p. 200.
Ellsha Walker of Blair & Co. has been elected a director. It la reported.
Earnings are running at the rate of about 812.000,000 a year. This Is in
excess of any other year in the company's history.
The regular quarterly dividend of 1 % has been declared on the Common
stock, payable Aug. 2.
Treasurer Frank K. Dolbeer ia quoted as saying
that the company's present policy Is to strengthen its financial poaltlon
and that an increase in the dividend rate at this time Is not considered
advisable.
V. 110, p. 2664.
—
—
—
Wright Aeronautical Corp.
Court Enjoins Use or Sale
Foreign Planes Barred inU .S.
of Aircraft under Wright Patents
Judge Thomas I. Chatfield in the U. S. District Court, Brooklyn, has
handed down a decision in favor of the Wright Aeronautical Corp. of
Paterson, N. J., holder of tne patent rights of Orville and Wilbur Wright
and perpetually prohibits the Interallied Aircraft Corp. of New York from
using or selling foreign airplanes in this country.
The plan of Britisn interests to flood this coimtrj' with thousands of
obsolete British war airplanes at practically junk prices, thereby crippling
American aircraft manufacturers, thus appears to be defeated by Judge
Chatfield's decision.
Another suit is now pending against the Aerial Transport Corp. of
Delaware, which has planned to bring over here half of the British surplus,
which consists of about 15,000 airplanes and from 20,000 to 30,000 motors.
V. 110, p. 1858.
—
CURRENT NOTICES
—
Following the dissolution on
May
1
by mutual consent of the firm of
McCurdy, Henderson & Co., composed of Robert H. McCurdy. Norman
Henderson, Louis E. Hatzfeld and Norman H. Donald, the firm of Hen-
&
Co., composed of Norman Henderson, Louis E. Hatzfeld and
general partners, and Robert H. McCurdy, special
partner, was formed as a limited partnership, to take over and continue
the business at tne same address, 24 Nassau St., New York.
derson
Norman H. Donald,
—
"New York State Income Tax Individuals." This is the title of a
50-page pamphlet issued by The Equitable Trust Company of New York,
through its Income Tax Department, Franklin Carter, Manager. The
pamphlet contains along with an index the complete text of the law relating
to the Income tax on individuals, with all amendments made in the 1920
Amendments are in
session of the legislature adjourned April 24 1920.
Italics
and were approved as indicated.
and Bulkeley Smith announce
— Charles L. Morse. Charles Allen Blissname
of Morse, Bliss & Smith,
the formation of a partnership under tne
to deal in high-grade investment securities, in the offices formerly occupied
by Charles L. Morse at 822 Slater Building. Worcester, Mass.
Ransom N. Kalbfleisch and Ernest C. Rollins, both members of the
New York Stock Exchange, announce the formation of a partnership to be
known as Rollins, Kalbfleisch & Co., for the transaction of a general commission and investment business at 66 Broadway, New York.
The Central Union Trust Co. of N. Y. has been appointed transfer
agent of Class "A" stock of D. W. Griffith, Inc., and has been appointed
regi strar of th e preferred and common stock of Thatcher Manufacturing Co
(ig
The Columbia Trust Co. has been appointed trustee of .$300,000
go ld bon ds.
S. S. Stafford, Inc.. first refunding mortgage 20-y ear 8
—
—
—
%
Trust Co. of N. Y. has been appointed transfer agent
of preferred stock of the Southwestern Bell Telephone Co.
""^The Guaranty
—
.
1
July 17
1920.]
THE CHRONICLE
COMMERCIAL EPITOME
Friday Night, July 16, 1920.
is as a rule slow under
The story would be different were it
existing conditions.
not for the scarcity of cars, which entails a shortage of fuel
and raw materials, in the big manufacturing centres of the
United States. But unfortunately these drawbacks have
been but little relieved. As for retail trade however, warm
weather has stimulated it to some extent; also reductions
in prices whether they have been as marked as appears on
the surface or not. The clothing trades are the dullest.
Building is if anything slower. Collections are not so
prompt. How could they be with transportation so slow
and deliveries of goods and liquidation of accounts so difAnother unpleasant feature is the increase in the
ficult?
number of failures. Foreign exchange is also lower. Money
continues tight. Call longs have advanced at times. There
has been rather too much rain for the spring wheat crop in
parts of the Northwest. People are Umiting their purchases
of merchandise; they smart under the persistent high cost
of living, which by the way exists all over the world as a
The cotton crop looks better,
sinister aftermath of the war.
but it is a question whether the outlook yet promises and
adequate yield; opinion is divided on this point. The raw
Cotton goods have declined.
silk trade is still depressed.
Not few cotton and woolen mills are running on short time.
On the other hand, iron and steel business would be brisk
And it is a fact that goods
if transportation could be had.
The
are beginning to arrive more freely at the seaboard.
crops in the main look well. The corn crop is rapidly gaining.
Winter wheat harvesting is nearing its close, and spring
wheat in the main looks well. There will be a good crop of
Pastures are
oats; that of haj?- is the largest ever known.
in promising condition, and also the great Western ranges.
It looks as though the feeding crops would be bountiful, and
that meat will be cheapened during the coming season.
Thus far there seems to have been some gain in the cotton
crop which is unusual in July. Raw cotton has risen to
The
42c. for July on a sharp demand for that delivery.
cotton trade is cheered by more favorable accounts from
Lancashire, which in turn is encouraged by a favorable monsoon in East India, pointing to an increased buying power
There is even said
of its largest customer for cotton goods.
Business in
to be a boom in cotton fabrics at Bombay.
hides at American markets is better at lower prices, and
there is rather more activity in wool, though there is nothing
like the business that was done in the heyday of war activity.
The bane of American business life at the moment is the
breaking down of the transportation system of this country,
or, in other words, the inability of the railroads to supply
the requisite number of ears to keep American business
moving at a normal pace. Aside from this American trade
is in no bad shape.
It is stated that with the exception of some cotton destined for New England points practically all the freight
piled up on the coastwise steamship piers here during the
longshoremen's strike has now been removed. Most of the
longshoremen on the piers of the Oriental Navigation Co.
here returned to work despite a reported strike of 1,000 union
men. Although the union leaders declared the men would
not handle a cargo loaded by non-union truckmen; the company said they would have to and it was backed up by
the United States Shipping Board. The National Wholesale Dry Goods Association says that fall cancellations by
the retail trade have amounted to about 5%, and have now
nearly ceased, owing to the better feeling among country merchants.
At New Orleans the embargo on grain has
been lifted. There are 900 cars of grain on the track there.
The U. S. Shipping Board has found no buyers for twentyone wooden ships, bid3 on which recently were invited. The
wooden craft were among those built as a part of the war
program and aggregated 82,800 deadweight tons.
Last week 13,161 immigrants arrived at Ellis Island,
the highest number for any one week since June 1914.
Over
two thousand tons of Danish butter arrived here on the
_12th instant from Copenhagen consigned to American
importers.
High prices here make an attractive market
for European dairy interests. At Cohoes, N. Y. where there
is a strike in the knitting mills, workers are slowly drifting
back to the plants despite the close picketing of the mills
by the unions. A strike in Paterson, N. J. silk mills is said
to be imminent.
The workers demand a maintenance of
wages and working concessions, but the collapse in the silk
trade has forced manufacturers to reduce wages.
Announcement has been made that a committee of creditors has taken over the business of the Bauman Clothing
Corporation, manufacturers of boys clothing of this city and
Springfield, Mass. Cancellations of orders and labor troubles
are given as the reasons for the difficulty, which is believed
to be only temporary.
The London "Economist "index
number of British commodity prices declined 352 points in
June to 7,847, the lowest since January. The high record,
8,352 was reached in March. An act of the New Jersey
legislature requiring landlords to give notice to vacate to
monthly tenants three months in advance of the time set for
vacating is held unconstitutional by Justice Parker, of the
New Jersey Supreme Court.
Wholesale and jobbing trade
303
LARD lower; prime western 18.60 a 18.70c.; refined to the
Continent 21.75c.; South American 22e.; Brazil in kegs 23e.
Futures were at first inclined to be firm with grain especially
as packers bought on a fair scale. Yet at times July deliveries on meants have been more or less depressed owing to
the dullness of the cash trade. Later on prices fell with
hogs and grain partly on selling on stop orders. Today
prices advanced but they are lower than a week ago.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
July delivery
cts.19.10
September delivery
19.85
October delivery.
20.20
Mon.
18.95
19.70
20.05
Tues.
18.55
19.30
19.65
Wed.
18.17
18.87
19.17
Thtirs.
17.85
18.55
Fri.
18.25
18.95
PORK quiet and lower; mess, $35@$36; family, $46@$50;
July closed at $26 50 a decline of $2 for the week.
Beef
steady; mess, $18@.fl9; packet, $19@$20; extra India
mess, S32@33; No. 1 and 2, canned roast beef S3 25,
Cut meats slightly lower; 10 to 20 lbs., 31>^(5,34}/8C.;
picnic, 18^@19^c.; pickled bellies 6 to 12 lbs., 27@28c.
Butter, creamery extras, 56J^@57c.
Cheese, flats, 20
283^c. Eggs, fresh gathered extras, 52@53Hc.
COFFEE on the spot quiet and lower; Rio No. 7, 13J^@
133^c. No. 4 Santos 1934@20Hc.; fair to good Cueuta
18M@19c. Futures dechned with prices at Santos. That
market is the key of the present situation. Higher prices at
Rio and frost in that district, i. e., 32 to 52 degrees, were
overshadowed by the weakness at Santos. The world's
visible supply statement as of July 1st, showed a decrease
of 362,278 bags to 6,909,970 bags.
If the correction in the
Brazilian stocks had been taken into account it would have
brought the "-visible" do-mi to 6,675,970 bags. In any case,
it is the smallest total, it seems, since 1901.
The yearly
production of mild coffee is said not to exceed 6,000,000
bags. The world's visible supply on July 1 1919 is said to
have been about 14,000,000 bags, and now about 6,750,000
bags. But statistics play httle part in the making of pricesjust now.
Later prices broke again. Notices for July
delivery were stated at from 17,500 to 20,000 bags, or about
80,000 bags this month. There were rumors of a failure in
Santos, which are mentioned merely for what they are
worth. They had a more or less unsettling influence here;
the selling told. To-day prices feU and they end lower for
the week. Quotations were as follows:
@
12.57@12.65|December.ll.67@11.69|March
ll.74@ll.75
Il.79@11.80
1 1.59@1 1.60 |January---11.70@l 1.71 May
SUGAR. Raw on the spot weaker. Foreign sugar has
been arriving freely. Centrifugal 96 degrees test Cuban
and Porto Rican 18.56c. Spot sugar was rather quiet though
on the other hand it was not pressed for sale in the fore part
of the week.
Last week the sales are said to have reached
160,000 bags. Early in the week Cuba was held at 17 ^e.
cost and freight.
Peru molasses sugar of 89 degrees test sold
at 143^c. c. i. f. to a moderate extent.
Cuba it is said needs
rain badly for the growing crop.
Later raw sugar was easier.
Cuba sold at 173^c. c. f. Venezuela, centrifugal afloat at
17.25c. c. i. f.; Porto Rico, July shipment at 18.31c. c. i. f
Futures dechned partly on selling by Wall St., Havana and
importing interests in a rather small market. Outside sugars
July
September
—
1
&
competing with Cuba. The New York Coffee & Sugar
Clearing Association announced that members will be required to maintain an original margin per contract of sugar
upon their net interest in their contracts with the Association as follows:
Upon a net interest exceeding 500 contracts
and not over 1,000 contracts of sugar, $1,500 per contract
upon such excess. Upon a net interest exceeding 1,000
contracts of sugar, $2,000 per contract upon such excess.
This ruling is to take effect on clearance sheets filed on the
afternoon of Monday, July 19. To-day future prices declined with the close 110 points lower for the week.
16. 61 ©16.65 September 1C.61@16.65 January.. .13.35@13.45
July
16. 61 @16.65 December. 15. 05 ©15. 15
August
OILS. Linseed in small demand but steadv; carloads
$1 50@$1 60; five bbl. or more $1 56@$1 66; less than five
bbls. $1 53@$1 63 Cocoanut oil, Ceylon bbls., 15M@16J^c.;
Cochin, 16@16Mc; Ohve $3 10@$3 25. Corn car lots 18c.
Lard strained winter lower at $1 35. Cod, domestic steady
at $1 05@$1 10, Newfoundland $1 15 (5 $1 20.
Spu-its of
turpentine $1 59 Common to good strained rosin $12 50.
steady and in brisk demand; refined in
bbls. 23.50@24.50c.; bulk, 13.50@14.50e.; cases, 26@27e.
Gasoline active and steady; steel bbls., 30c.; consumers 32c.;
gas machines, 49c. Oklahoma and Cahfornia are 9tri\'ing
for oil production supremacj'.
Oklahoma according to the
latest U. S. Geological Survey is slightly in the lead.
In
Oklahoma, according to the statement there are at present
25,000 wells producing either oil or gas. The daily production for the month of May in that State averaged 284.032
bbls., against 278,581 for California.
California however
exceeded Oklahoma in daily production during January
and February of 1920 and has produced appro.ximately
275,000 bbls. more than Oklahoma during the first five
months of 1920. On the other hand production from
California, which is approximately the same amoun t as
that from Oklahoma comes from 9,300 wells, as against
Oklahoma's 25,000 wells, and therefore, the average per
well is much greater in California.
The wells average
30 bbls. per day in California. At the present time there
are 1500 wells being drilled in Oklahoma and less than 400
being drilled in California. A 500 bbl. well in the extension
of the Gushing field in Payne County, Oklahoma, was
brought in, in the earlv part of the week at 3.000 foot level
.with a flow of 4,000,000 to 5,000,000 feet of gas in addition
is
1
—
PETROLEUM
I
1
THE CHRONICLE
304
Reports received by the Department of Labor
to the oil.
say that 10.000 workers in the petroleum field around Tampieo, jNIexieo. haA^e struck for a wage increase of 75%.
Quotations follow:
$3 00
Pennsylvjinia
S3 63 Strawn
S6 10 Indiana
3 77 Thrall
4 25 Princeton
3 00
Corning
3 77 Healdton
2 75
Cabell
4 17 Illinois
Somerset, 32 deg.
and above
Ragland
Wooster
North Lima
South Lima
Pljonouth
3 98 Moran
Henrietta
4 00 Kansas & Oklahoma
3 50 Caddo, La., light2 10
4 05 Corsicana, light
3 00 Caddo, crude
3 73 Corsicana, hea^'y- 1 75 De Soto
3 50
3 73 Electra
3 00
3 00
3 50
2 50
3 40
RUBBER lower and quiet; smoked ribbed sheets 33 @33 3/2C.
Para quiet and lower at 34^ a 35c.
latex crepe 33e.
Centrals quiet and unchanged at 23c.
for up river fine.
for Corinto.
have remained quiet, though cars
are more plentiful and merchandise moves more freely from
the interior to the seaports. The truth is, however, that
trade is slow, though permits for export shipments are more
Coal is still
asily obtainable than for many months past.
and high, i. e., $17 to $20 a ton.
ers included 29 ,000 quarters grain from Atlantic range to Bordeaux,
C
Dunkirk or Antwerp at 14s. option Marseilles, 15s. 6d. July-August;
rom Port Hastings, C. B. to Copenhagen, $18 July; coal from Atlantic
nge to Adriatic S21 July; to Buenos Ayres, $12 50 July; coal from Atlantic
ange to Copenhagen or Gothenburg S17 July; sulphur from Sabine to
Leixoes and Oporto, $20 Aug. -Sept.; coal from Virginia to West coast of
South America $9 back; sugar from Caibarien to Philadelphia 38}4c. July;
Guano from Lobos Islands to Galveston-Boston, range $15 July; sulphur
from Freeport or Texas City to three ports Sweden $21 August; coal from
rginia to Rio Janeiro $11 prompt; to River Plata $12 prompt; deals from
anada to West Britain or East Ireland 250s.; clippecl oats from Buenos
Ayres or La Plata to United Kingdom 100s., undipped 110s. July.
is between season and devoid of striking features. An ordinary routine business is in progress as usual at
this time of the year and prices are uniformly steady. The
outlook for business this fall in both domestic and foreign
first
OCEAN FREIGHTS
TOBACCO
very generally regarded as promising.
COPPER steady at 19c. for electrolytic. There is a good
domestic and foreign demand. Although the market for
scrap copper has recently advanced dealers are not inclined
to sell, owing to the belief that there will be an upward
movement in the copper trade in the near future. British
copper stocks, totaling 21,743 tons at the end of June,
showed an increase of 5,707 tons over May. Tin more
active and higher, in sympathy with an advance in London
Spot tin here 50. .50c. Lead quiet and unchanged
prices.
Zinc higher at 7.90@8c. for spot St. Louis.
at Se.
PIG IRON has been firm for promt delivery but at the same
time is no great demand for the last half of 1920. Spot
iron is in demand as might naturally be expected, but it is
noticeable that buyers are chary about purehaisng for the
In a
rest of this year, particularly the fourth quarter.
word the trade is more or less dislocated in the presence of
ear and fuel scarcity and high prices which might not stand
tobacco
is
the test of better transportation and larger supplies of coke.
Of coke the output is said to be smaller and prices higher.
There can be no disguising the fact that the iron trade is
still
in an unfortunate predicament.
Coke for prompt
delivery is said to have sold as high as $19 this week; bituminous coal at the mines $10 to $12. Steel making irons are
Basic and Bessemer iron at Pittsburgh have
strong.
advanced $1. The central West complains of a scarcity
STEEL
business
is stiU
following table shows the week's total receipts, the
Aug. 1 1919 and the stocks to-night, compared
with last vear.
1919-20.
Receipts to
July 16.
Galveston
Texas City
Aransas Pass
Port Arthur, &c..
New Orleans
New
at the miU.
Friday Night, July 16 1920.
THE
OF
CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
23,481 bales, against 24,959 bales last week and 27,337 bales
the previous week, making the total receipts since Aug. 1 1919
6,764,802 bales, against 5,853,736 bales for the same period
of 1918-19, showing an increase since Aug. 1 1919 of 911,-
MOVEMENT
THE
—
Sat.
Galveston
MobOe
Tues.
Wed.
Thurs.
Total
Fri.
868
257
113
807
876
100
47
468
3,376
160
1,903
5,038
1,465
2,150
3,086
14,453
220
811
4
224
448
261
85
558
1,979
'145 "321
4
Texas City
Pt. Arthur, &c..
New Orleans
Mon.
Pensacola
Jacksonville
Savannah
Brunswick
451
Charleston
90
Wilmington
232
392
110
56
177
54
44
84
207
389
78
17
Norfolk
N'port News, &c.
New York
Boston
-
Baltimore
144
208
Philadelphia
196
446
38
25
301
75
121
1.283
38
389
714
301
75
ni
Totals this week.
3,64G
6,340
2,846
3.860
1.639
5.150
23,481
Stock.
Since Aug
1 1918.
Totals.
23,481 6,764.802109,144 5.853.736
Pensacola
Jacksonville
Savannah
Bninswick
Charleston
Wilmington
Norfolk
N'port News, &c.
New York
Boston
Baltimore
1920.
1919.
113,869
25,041
195,280
24,757
270,333
1,705
357,247
22.764
3,739
70,763
2,719
240,598
35,815
33,597
218,632
29,000
53,328
63.101
95,473
I
Philadelphia
Mobile
28,696
6,629
6,123
4,929
lb',566
9b",267
9,088
6,581
4,967
844.556 1,180,985
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
—
1920.
Receipts at
Galveston
Texas Clty.&c
New Orleans.
1919.
3,376
160
14.453
Wilmington
1916.
1915.
38
1,113
"2',644
"6"955
"5",254
"'475
23,481
109,144
33,395
41,665
44,455
27,303
""144
121
1,283
- .
Norfolk
N'port N.,&cAll others
Total this wk-
1917.
1,479
1,979
Charleston, &c
1918.
36,064
422
23,556
2,526
20,060
10,000
6,589
2,949
5,798
67
448
Mobile
Savannah
Brunswick
7,194
186
7,391
1,794
10,271
2,000
12,629
43
4,567
581
11,066
2,500
373
236
13,602
3,451
5,173
3,659
1,003
325
138
2,950
580
98
234
1,217
2,495
1.537
8,861
12,400
377
"7",399
246
4,984
Since Aug. 1.. 6.764.802'5.853.736 5.749.501 6.844,027 7,094.672 10388954
The
exports for the
week ending
evening reach a
this
which 11,539 were to Great Britain,
5,399 to France and 17,102 to other destinations. Below are
the exports for the week and since Aug. 1 1919:
total of 29,040 bales, of
Week ending July 16 1920.
Exported
to
—
From, Aug.
1 1919 to July 16 1920.
Exported to-
Exports
—
from
Great
.Ji
Great
Britain. France. Other.
Galveston..
Total.
BrUain.
5,176 15,664 1,329,027
230,064
70,284
10,488
Texas City.
Houston
France.
108,681
20,934
San Antonio
El Paso
"6',ii4 "e'iii
Pensacola
2,914
2,914
Brunswick
.
750
166
60
Norfolk
New
York..
399
1,759
500
75
750
2,324
60
500
75
489",958
124',743
91,054
19,013
21,614
306,067
176,796
94,263
29,363
114,788
9,788
15,406
5,015
3,555
25,216
"
2b8",346
19",i49
16,847
2,955
21,427
403
612
1,700
516
l"22",436
10',244
Los Angeles
Seattle
123
.
325
70
15
15
683,071 1,297,772
5,197 121,467
19,013
21.714
ioo
648,0091,162,422
176,796
29,727' 143,139
113,582 159.792
47,250 164,993
172,015 203,230
6,100
21,909
6,135
11,762
8,023
13,278
375
516
Total.
490,521 1,928,229
250,998
70,284
70
Mobile
Charleston
Other.
""§25
Pt. Nogalez.
2,164
276,204
56,702
39,221
123
Tacoma
Portl'd Ore
,
375
122,430
12,408
276,204
56,702
39,221
11,539
399 17,102 29,040 3,016,674
551,013 2,706 ,86li6,274,548
Tot. 18-' 19. 77,597
Tot. •17-'18. 11,290
4,658 43,619 125,874'2,561,353
5,011 25,707 42,0082,231,269
639,9221,306,6824,177,873
Total
755,443!2,011,72S'5,328,524
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
We add similar figures for
cleared, at the ports named.
York.
On
Shipboard, Not Cleared for
Ger-
Great
July 16
at—
Galveston
New Orleans..
Britain. France.
1,261
21,316
3,416
3,266
many.
"ll",344
Savannah
Charleston
TVTol'iilfi
Other
Cant.
New York*
Total 1920Total 1919Total 1918.-
—
wise
230
400
700
500
200
1,000
24,007
93.041
39,114
6,682
1,709
9,000
11,344
3,806
37,915
70,405
5.000
Leaving
Coast-
4.973
5,000
28,242
3,500 "i",26o
500
Norfolk
Other ports*
066 bales.
This
Week.
3,376 2,094,845 36.064 1,913,650:
160 342,836
422
120,0671
1,801
101,517
53 ,527
14,453 1,346.576 23,556 1,578 ,205
448 262,374
2,526
152 ,886!
15,795
9 ,812]
"76
20,089
21 ,6441
1,979 1,297,179 20,060 1,102 ,658'
160.137 10,000
145 ,180
144
443,891
6,589
213 ,3071
121
142,746
2,949
148 ,652^
1,283
344,495
5.798 326 ,881
38
4,410
67
3 ,5491
389
29,036
440
11 ,575
714
46,264
404
29 ,905:
301
89,912
118
20 ,961
75
20,899
75
1 .277
New
COTTON
1918-19.
Since Aug
1 1919.
This
Week.
badly hampered by the shortage
And some of the big mills
of cars, fuel and raw material.
have notified the authorities that the continuance of the
priority orders as to coal which hit steel interests so hard,
win simply mean that many mills wiU have to shut down.
orders for steel are naturally small. Export demand
has also fallen off and prices in some sases seem a bit weaker.
Wire products in some cases have been advanced nearly
$5 a ton. Common iron bars in the Pittsburgh district are
Some reports state that while shapes and plates are
$5.
rather weak sheets are very firm. But bars sold at 3.50c.
Receipts at
The
total since
Rnltiniorp
Philadelphia
basic.
of
[Vol. 111.
Total.
Stock.
14,650
64,168
4,700
500
240
400
900
1,500
99,219
206,165
66,063
240,098
1,475
33,197
27,796
83,495
757,508
7,100 87,048
2,625 171,586 1,009,399
972.362
6,850 59.964
Estimated.
Speculation in cotton for future delivery has been enlivened
rise of 310 points in July, which went to a premium over
October of 770 points. This was due to heavy covering
It is merely a repetition of previous
of shorts and hedges.
There has been
experiences in March, May and January.
grades
particular
of
the
season
this
scarcity
an increasing
required to fill contracts under the United States Cotton
Futures Act, and month after month has practically cornered
The 200-point limit on fluctuations in July has been
itself.
removed until the option expires at noon on Friday, July 23.
The July flurry means the culmination of this supply stringency for the season. Curiosity is agog as to whether a
by a
July 17
THE CHRONICLE
1920.]
similar state of things will exist during the season about to
Liverpool, Japanese and domestic trade interests
open.
Notices have been
but they
October has been in sharp
have had little effect.
demand and has risen some two cents per pound.
One of the things that put up cotton was the firmness of
July; another was the fact that the progress of the crop,
according to the recent National Giuners' report, has not
been so marked as many people had at one time supposed
For instance, for days it was rumored here and in
it to be.
Liverpool that the Ginners' report was to very bearish.
But on the 10th inst. it was announced as 72.1%, which was
only 1.4% better than the last Government report of 70.7.
The ten-year average for July 25th is 75.6. And there is a
good deal of talk about boll-weevil. It is recognized that the
pest has spread extensively over the belt this year, and it is
feared that unless there is a period of dry, hot weather
more or less prolonged without falling into one of serious
drought, the boll-weevil may do a good deal of damage. At
any rate that is a very general idea. Georgia has had heavy
rains.
So have Mississippi, Tennessee, the Carolinas and
Alabama. Parts of the Carolinas needed rain. But Georgia, Mississippi, Tennessee and Alabama, it is supposed,
would be the better for clear, warm weather. There is an
idea, too, among some that the tap root might be much
It is said to
better than it is in some sections of the belt.
have spread too much rather than to have struck straight
down into the soil, getting a good hold and securing the
proper nourishment.
And apart from the fact that on the 12th instant the Continent was buying here for the first time for some weeks,
it is pointed out in Liverpool advices that the quantity of
cotton distributed on the continent up to July 1 was 2,174,000
bales against 1,536,000 bales during the same time in the
previous season. Here is an increase of 638,000 bales or
about 41 per cent. This at least shows the stirrings of life.
The Continental textile industries in other words are gradually
This leads some to conclude that the
getting on their feet.
European consumption next year will increase very noticeably.
Another factor not devoid of interest by any means was
reports of a rather better state of trade in the textile indusPrint cloths here at times have
tries at home and abroad.
been noticeably steadier. And some have been inclined
to beUeve that these goods may not be very far from the
bottom. Both cable and mail advices from Manchester
have also been rather more cheerful. Not that Manchester
is doing a big business or anything Uke it.
But its trading
has increased somewhat. A fair demand has been reported
from Indo-China. Some Liverpool dispatches have even
gone so far as to say that the demand at Manchester for
some goods has increased considerably. Manchester advices
have at least been less pessimistic. It is contended, too,
that stocks of goods in India and China as weU as in many
other parts of the world are down to a low stage. From this
fact it is inferred that sooner or later the demand is bound to
have been buying July during the week.
issued
for
some
4,000
to
bales,
4,500
increase materially.
On
many
the other hand not a few think that there are too
things which mihtate against higher prices now-a-days
to warrant the expectation of any permanent or material
rise in cotton.
After all trade is stiU for the most part
quiet both at home and abroad.
Sales of print cloths at
Fall River are small enough to make this plain so far as
this side of the water is concerned.
And it requires no very
keen reading between the lines of reports fi-om Manchester
to see that the improvement is largely in the matter of tone,
or so to speak morale, in Lancashire rather than in actual
business. And some noted with interest that a large men's
clothing manufacturing concern in Philadelphia has decided
to reduce prices on fall goods.
The Passaic mills of New
Bedford, Mass. will hereafter operate on a five day schedule.
Also many think that the crop is on the whole doing very well.
The fields are blooming, it seems, to the northern limits
of the belt, and they are clean.
The plant is healthy and
fruiting well.
The weekly Government report said that as
a rule the damage by weevil in Texas has been hght. Texas
it adds has latterly made excellent progress hke most other
parts of the belt.
To-day Liverpool advanced Manchester
was reactive further heavy rains occurred into Central
and Eastern sections of the belt weevil damage is feared
and prices advanced. Later come a reaction partly on
reports of larger offerings of new cotton from Southern
Texas and of cotton enroute from Norfolk for dehvery here
on July contracts. But prices end far higher than a week
ago._ The more cheering news from Manchester in connection with a good East Indian monsoon counts for much.
Spot cotton ends at $42 50 for middling uplands July, a rise
for the week of 2 cents.
The following averages of the differences between grades,
as figured from the July 15 quotations of the ton markets
designated by the Secretary of Agriculture, are the differences estabhshed for deliveries in this market on July 22 1920:
,
Middling lalr
Strict Kood middling
Good middling
Strict middling
Strict low middling
I^w middling..
•Strict good ordinary
4.03
3.28
2 53
1.35
3.08
_8.48
12 40
•Good ordinary.
.15.28
Strict good mid. "yellow" tinged. l!22
Good middling ••yellow" tinged. .2.08
Btrlot middling ••yellow" tinged. 3.50
on
on
on
on
off
off
off
off
off
off
off
Middling
••yellow" tinged
r>.2r-,
•Strict low mid. "yellow" tlnged-T.OS
•Low middling "yellow'" tinged. 11. 10
Good middling "yellow^" stained. 4. 75
•Strict mid. •'yellow'^ stained. ..6.48
•Middling ••yellow" stained
.S.:i6
•Good middling •'blue" stained. .5. 95
•Strict middling ••blue" stained.. 7..''iS
•Middling ••blue" stained
9.20
off
ofl
off
off
off
oft
off
off
off
•These ten grades are not deliverable
upon new
style contracts.
The
305
quotation for middling upland cotton in the
market each day for the past week has been:
July 16—
Sat. Mon. Tues. Wed. Thurs.
Fri.
official
New York
July 10 to
Middling uplands
40..50
41.00
40.50
42.60
42.00
42.5
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 16 for each of the past 32 years have been as follows:
1920-C... --42.00
1919... . -35.25
1918
.-33.15
1917
--27.40
1916
..12.95
9.25
1915
1914.- . - 13.25
1913
--12.35
19i2.c.- ---12.45 1904 ,c.. ...11.00 1896.C..
...12.70 1895
...14.30 1903
16.40 1902
... 9.31 1894
... 8.44 1893
1909
...12.50 1901
... 9.81 1892
...11.00 1900
1908
...12.85 1899
... 6.19 1891
1907
... 6.19 1890
...11.00 1898
1906
...10.65 1897
... 8.00 1889
1905
... 7.06
... 7.00
1911
1910
... 7.12
... 8.19
... 7.25
... 8.38
.12.06
-.11.25
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns
which show at a glance how the market for spot and future
closed on same days.
Spot.
Futures.
Market
Market
SALES.
Spot.
Closed.
Closed-
Total.
lontr't.
I
Saturday
Quiet, unchanged..
Monday
Quiet, unchanged..
Tuesday
Steady, 50 pts. adv.
Wednesday. Steady, 100 pts. adv
Thursday .. Steady, 50 pts. adv.
Quiet, unchanged-.
Friday
Steady
Very steady.
Steady
Firm
Steady
Steady
Total.
600
2,200
100
2,200
100
2,900
2.900
600
THE VISIBLE SUPPLY OF COTTON
to-night, as made
Foreign stocks, as
as follows.
well as the afloat, are this wek'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.
up by cable and telegraph,
16—
July
is
1920.
bales. 1,000, 000
1919.
1918.
1917.
12,000
132,000
617,000
13,000
73,000
269,000
24,000
48,000
279,000
26,000
23,000
1,144,000
703,000
341,000
328,000
29,000
86,000
235,000
104,000
112,000
103,000
68,000
44,000
53,000
3,000
5,000
4,000
521,000
204,000
121.000
286,000
Total European stocks
1 ,665 ,000
907,000
462,000
India cotton afloat for Europe
100,000
33,000
15,000
Amer. cotton afloat for Europe.- 145,601
554,348
141,000
Egypt Brazil &c. afloat tor Eur .
36 .000
40,000
59,000
Stock in Alexandria, Egypt .
84,000
261,000
220,000
Stock in Bombay, India
1,350,000 1,018,000 *600,000
Stock in U. S. ports
844,556 1,180,985 1,032,326
933,790
Stock in U. S. interior towns
933,604
747,488
1.800
U. S. exports to-day
19,830
614,000
25,000
156,000
27,000
84,000
989,000
639,076
429,372
5,406
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Ghent
Stock at Bremen
Stock at Havre ..
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
,
,
,
*2,000
171,000
3,000
90,000
19,000
*1.000
Total visible supply
5,160,747 4,927,937 3,296,644 2,968,854
Of the above, totals of American and other descriptions are as follows:
American
—
Liverpool stock
Manchester stock
Contmental stock
bales.
American afloat for Europe
-.
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
—
314,000
12,000
13.000
86,000
100,000
_
36,000
84,000
1,350,000
-.
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c.
Total American
183,000
13,000
*242,000
156,000
639,076
429,372
5,406
3,165,747 3,336.937 2,157,644 1,667,854
Londons ock
Manches er stock
Continental stock
India afloat for Europe.
686,000
432,000
92,000
119,000
44,000
18,000
435,000
192,000 *107,000
145,601
554,348
141,000
844,556 1,180,985 1,032,326
933,790
933,604
747,488
1.800
19,830
185,000
13,000
29,000
12,000
33,000
40,000
261,000
,018,000
177,000
24,000
30,000
*14,000
15,000
59,000
220,000
*600,000
96,000
26,000
10,000
*44,000
25,000
27,000
84,000
989,000
.--1,995,000 1,591,000 1,139,000 1,301,000
...3,165,747 3,336,937 2,157,644 1,667,854
Total visible supply
5,160,747 4,927,937 3,296,644 2,968,854
Middling uplands, Liverpool
26.65d.
21.24d.
22.09d.
19 OOd
Middlinguplands, New York
42.50c.
36.30c.
33.60c.
26.75c.
Egypt, good sakel, Liverpool--.. 66.50d.
35.85d.
32.24d.
36.75d.
Peruvian, rough good, Liverpool- 46. OOd.
30.5Sd.
39. OOd.
26. OOd.
Broach, fine, Liverpool
20.10d.
18.85d.
21.33d.
18.35d
Tumevelly, good, Liverpool
21.35d.
19.10d.
21.58d.
18.53d.
* Estimated.
Continental imports for past week have been 48,000 bales.
The above figures for 1920 show a decrease from last Aveek
of 154,700 bales, a gain of 232,810 bales over 1919, an excess
of 1,864,103 bales over 1918 and a gain of 2,191,893 bales
over 1917..
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKE'i
—
S.
Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton on
Week ending
July 16.
Saturday.
'38.50
Galveston
New Orleans- --39.00
Mobile
Savannah
Charleston
Norfolk
lialtinioro
Philadelphia
Auf^usta
Memphis
;39.25
40.75
40.50
40. .50
41.00
40.75
41.00
39.50
Dallas
Houston
Little
Uock
Fort Worth
38.75
40.00
—
Monday. Tuesday. Wed'day.iTltursd'y, Friday
38.50
39.00
39.25
40.75
40.50
40.50
41.00
40.75
41.00
39.50
38.85
38.75
39.50
38.50
38.50
39.00
39.00
40.75
40.50
40.50
41.00
41.25
41.00
39.50
38.85
38.75
39.50
38. ,50
39.00
39.00
39.00
41.00
40.50
40.50
41.00
42.25
41.00
39.50
38.95
39.00
39..50
39.00
39.00
39.00
39.00
41.00
40.50
40.50
41.50
42.75
41.00
39.50
39.00
39.00
39.50
39.00
39.25
39.50
39.00
41.00
41.25
40.50
42.00
42.75
'41.00
39.50
39.20
39.00
39.50
39.00
THE CHRONICLE
306
FUTURES.— The
highest, lowest and closing prices at
for the past week have been as follows:
New York
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
July 10. July 12. July 13. July 14. July 15. July 16.
July—
Range
Week.
39.14-.50 39.50-.69 39.80-.40 40.75-.35 41.40-.75 41.50-.05 39.14-/05
40.30-.32 41.35
41.73-.75 41.50-.85
39.65
39.35
—
—
—
p Closing
August —
— — — 36.72-ZS8 36.55-.75 37.30-.60 38.30-.50 37.40-.70 36
Range
Closing
37.C5 — 36.50 — 36.37-.55 38.0O-.10 37.80 — 37.55 —
September —
— — — 34.90 — 65- 35.00 — 35.40 — — — —
Range
50
Closing
34.90 — 34.90 — 35.40 — 36.20 — 35.40 — 35.75-.00
—
32.95-.27 33.17-.60 33.22-.47 33.38-.10 34.04-.54 34.15-.68 32.957!68
Range
34.20-.23 34.45-.47
Closing
33.14-.18 33.35 — 33.37-.40 34
Not ember —
31.55-.60
Range
31.55-.60
Closing
32.14 — 32.35 — 32.35 — 33.10 — 33.20 — 33.83 —
December —
90 31.5O-.80 31.63-.35 32.14-.69 32.20-.90 31.40-C90
Range
80
Closing
31.61-.66 31.70-.73 31.78 — 32.30 — 32.26-.30 32.83-.86
—
January
30.80-.40 31.35-.75 31.40-.05 30.78-C05
Range
30.7S-.20 30.89-.15 30.8530.90-.92 30.98 — 31.03 — 31.40 — 31.42-.43 32.02-.04
Closing
—
February
— — 30.70 —
30.90 —
Range
30.65 — 30.70 — 30.70 — 30.95 — 31.00 — 31.50 —
2230.04-.68 30.55-.10 30.72-.30 30.04 630
30.17-.35 30.31-.53
Range
Closing.... 30.26 — 30.35-.36 30.38 — 30.68 — 30.76 — 31.25-.2G
April—
60Range
29.60-.80
30.05 — 30.05 — 30.05 — 30.40 — 30.50 — 31.00 —
Closing
.55-750
'
34.
_
.40
-1919-20July 16
Shipped
Via St. Louis
Via Mounds. &c
Via Rock island
Via Louisville
Via Cinciruiati
Via Virginia points
Via other routes, &c
—
.05
.
.40
.
.
29.
Range
.80
29.53-.77 29.60-.90 29.60-.77 29.25-.93 29.80-.18 29.90-.50 29.25 a50
29.68
29.70
29.85
29.90
30.40
—
29.65
Range
29.70
29.35
Closing
June
Closing
/42c.
; 3Sc.
Z
—
—
—
—
—
—
—
—
29.60
29.20-.75 29.80-.90 29.80-.30 29.20 a30
— 29.50-.75
29.53 — 29.55 — 29.75 — 29.80 — 30.25 —
37c.
A 34c.
c 32c.
6 31c.
a 30c.
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
Tuesday, Wed'day, Thursd'y, Friday,
July 13. July 14. July 15. July 16.
— 36.80 — 36.40-.50 36.80 —
— 33.21 —
— 36.23
33.50 — 34.20 — 34.20 — 34.60 —
32.73-.80 33.40-.55 33.
55 32.90 93
31.33-.40 31.33-.35 31.98-.01 31.92-.95 32.48-.50
—
30.78 — 30.75 — 31.18-.20 31.
14 31.80 —
— 30. 15 30.03-.05 30. 43- .45 30.36-.37
30.95-. 00
29.52 — 29.40 — 29.75 — 29.65 — 31. 18- .20
July
36.50-. 51 36.20
September
October
33.15
32.65-.74
31.33-.36
30.72
30.10
29.40-. 50
December
JanuaiT
March
May
—
Tone
Spot
Options
Quiet
Steady
.32.71-.75
50-.
12-.
13-.
Steady
Steady
Quiet
Steady
AT THE INTERIOR TOWNS
Steady
Very s'y
the
Steady
Steady
Quiet
Steady
movement— that
Towns.
Ala., Eufaula
Montgomery
.
..
74
Selma
Ark., Helena ..
Little Rock..
12
lis
Pine Bluff...
Ga., Albany
Athens
275
_
.
.
Augusta ....
2,188
2,149
Columbus
Macon
133
62
400
Rome
La., Shreveport
Miss.,Columbus
Greenwood..
50
156
Meridian
Natchez
Vicksburg.
Yazoo City
200
24
Clarksdale
Mo.,
NC
.
.
.
St. Louis.
Gr'nsboro
Raleigh
.
. ,
2,254
1,395
C,
Cincinnati
Okla., Ardmore
500
261
35
114
821
Hugo
Oklahoma
S.C, Greenville
Greenwood..
Tenn., Memphis
7,105
Nashville . .
Tox., Abilene..
6
3
Brenham
Clarksville ..
Dallas
Honey Grove
Houston
-
Season.
5,888
72,064
38,529
31,770
186,420
105,938
9,702
157,442
273,303
560,811
34,501
214,295
56,095
78,323
17,352
140,713
109,852
37,326
25,858
18,285
33,070
802,38
@FedFRASER