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finanrlal ronirb ^ INCLUDING & Ouotation Bank Railway Section SATURDAY, JULY 111. ^Ixe ^hxonitlt 3, Terms of Subscription One Year Clearings at $10 00 For Six Months 6 Oo 13 60 Earopean Subscription (including postage) 7 75 European Subscription six months (including postage) $11 50 Canadian Subscription (including postage) NOTICE. On account of the fluctuation* In the rates of exchange, '•mlttances for European lubacrlptlons and advertlsementa must be made la New York fundi. Subscription includes following Supplements— Bank and Quotation (monthly) Railway and Industrial (semi-annually) Elkctbio Bailway (semi-annually) Railway Earnings (monthly) State and City (semi-annually) Bankers' Convention (yearly) — — Per Inch Space $6 30 176 00 100 oO — B. DANA COI«PAN¥, Chicago Cincinnati Cleveland Detroit Milwaukee Indianapolis Columbus Toledo Peoria Grand Rapids Dayton Evansville Fort Wayne Springfield, 111... Transient mattei per inch space (14 agate lines) for each insertion Business Cards, twelve months (52 times) per inch " " SIX months (Vi6 times) per inch CHICAGO OFFICE 19 South La Salle Street, Telephone State 5594. London office— Edwards <S> Smith, 1 Drapers' Gardens, E. C. WILLIAm Week Ending June — 1920. — Payable in Advance of Advertising NO. 2871 Inc. or - Terms Electric 192U PUBLISHED WEEKLY. iTor Railway Section State and City Sectiojj Industrial Section Bankers' Convention Section Railway Earnings Section VOL. & Pablishers, Front. Pine and Depeyster rit»„ Nevr York. Youngstown Akron Rockford Lexington Canton South Bend Decatur Quincy Springfield, O-.. Published every Saturday morning by WILLIAM B. DANA COMPANY' Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Secretary. Addresses of both. Office of the Company. Bloomington Mansfield Danville Jacksonville, 111.. Lansing CLEARING HOUSE RETURNS. Lima following table, made up by telegraph, &c., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have been $9, 344,121, 176. against $8,321,459,572 last week and $7,470,915,809 the corresponding week last year. The O wensboro s 629,159,387 72,280,353 145,939,461 120,093,201 33,191,305 18,423,000 14,534,700 15,795,217 4,800,000 6,432,248 4,586,293 8,776,874 1,911,011 2,503,940 4,600,000 14,850,000 2,514,635 1,200,000 5,398,523 1,500,000 1919. i Dec. 1918. S % 549,808 346 + 14.4 54,848 945 + 31.8 103,634 646 + 40.8, 80,136 ,839 + 49 .9| 30,365 ,219 + 9.3 14,782 000 + 24.6! 12,818 000 + 13.4I 10,909 ,399 + 44.81 4,590 ,674 + 4.6' 4,585 838 + 40.3' 3,6.59 055 + 25.3 4,004 ,132 +119.2 1917. I I 549.395,649 489,085,200 36,422,986 80,243,265 50,090,908 24.062.670 13.483.771 10,232.200 9,289,462 5,363,361 4,364,567 2,837,462 2,156,569 1,327,291 1,729,147 3,417,298 7,405,000 1,497,985 575,301 3,354,228 943.463 803,821 1.138,544 1,289,762 1,058,378 893.746 769,194 296.969 1,020,937 716,818 385.909 321.878 63.419 756,641,509 61,997,4.54 100 200 +116.3 109,125,018 65,765,776 25,541,829 15,449,000 9,432,000 9,294,083 4,003,105 4,736,291 3,291,069 3,917,490 1,302,580 1,602,442 3,544,668 6,577,000 1,974,562 864,942 2,500,000 1,200,000 894,426 946,824 1,100,260 1,153,667 1,053,994 570,922 503,216 954.948 908.924 563.070 299,370 76.967 1,475 ,657| 2,193 ,322 4,207 676 12,362 000 1,817 ,729 1,300 ,000 3,737 341 1,000 000 1,637,061 1,403,046 1,710,704 1,527,511 2,050,302 792,841 537,398 1,842,392 868,614 1,131 ,425 1,331 ,363 1,103 ,9.33 1,595 933 1,350 885 676 ,868 450,000 599,883 217,711 705 .178 703 ,768 Ann Arbor Adrian Tot.Mid.West, 1,122,127,611 26. , 472 593 1,326 .375 1,008 335 +29.6 + 14.1 + 9.3 + 20.1 + 38.3 —7.7 + 44.4 + 50.0 + 44.7 + 5.4 + 55.0 —4.3 + 51.8 + 17 1 + 13.8 + 38.9 —13.9 —36.2 —14.8 +22.8j 890,540,546 123,217,140 + 26.0 42,663,000 + 77.1 36,120,978 +8,5 8,258,223 + 42.3 27,979,943 + 7.9 4,411,725 + 3.4 14,211,468 +7 8,535,852 + 12.6 3,908,583 + 45.1 2.042,855 + 18.0 1,154,181 + 46.8 2,033,316 + 150.9 2,597,540 + 32.0 1,155,683 + 52.7 949,346 + 33.5 650,000 + 24.6 1,256.383 + 87.3 included in total Not 109,148,083 28,275,000 37,138,198 8,413,910 23,632,766 4,381.625 12,162,570 6,026.621 3,163,623 1,791,930 814,899 608,292 500,000 979,188 98,964,726 28,066,000 21,033,161 5,501,718 13,636,021 2,604,648 12,037.626 5,104.345 2,441.806 2,128,386 866,733 1,437,287 1,409,921 801,659 580,369 430,000 639,198 913.743.674 I Clearings —Returns by Telegraph. Weekending July New York Per 1920. 1919. Cent. Seattle $4,341,047,435 552,503,864 439,877,402 332,409,037 185,570,398 133,472,890 + 23.9 + 30 4 + 45.4 + 5.9 + 44 5 + 24.2 + 21.4 + 67.5 + 49.7 + 15.7 + 17 5 Portland + 26 1 + 38 1 + 27 8 + 12.8 + 25.0 i. San Francisco 142,000,000 Pittsburgh Detroit Baltimore 152,486,708 •102,000,000 82,564,152 *60,000,000 $3,504,730,579 423,753,268 328,681,758 313,972,887 128,450,230 107,457,385 116,967,694 91,056,938 68,119,460 71,378,669 51,051,030 $6,563,928,886 1,175,946,271 $5,205,619,901 851,476,923 $7,739,875,157 1,604,246,019 $6,057,096,824 1,421,818,985 $9,344,121,176 $7,475,915,809 _ Chicago. _ Ptdladelphia Boston Kansas City St Louis . New Orlefl.TiR Eleven cities, five days Other cities, five days Total all cities, five All cities, one Total San Francisco Los Angeles days day all cities lor week Partly estimated. full details of the week covered by the above will be given next Saturday. We cannot furnish them to-day, clearings being made up by the clearing houses at noon on Saturday, and hence in the above the last day of the week has to be in all cases estimated, as we go to press Friday night. Detailed figures for the week ending June 26 show: Spokane Tacoma Salt Lake City... Oakland Sacramento San Diego Pasadena Stockton Fresno San Jose Yakima Reno Long Beach Santa Barbara Total Pacific. Kansas City... Minneapolis Omaha Paul * St. The Denver Joseph Dea Moines... Sioux City Wichita St. Duluth Clearings al Week Ending June — Lincoln 26. Topeka Inc. or 1920. 1919. Dec. 1918. 1917. % $ S S $ 4,411,783,153 4,343.366,625 + 1.6 3,691,632,062 3,507,083,504 Philadelphia 507,378,762 415,468,668 + 21.1 412,452,183 339,003,358 Pittsburgh 189,034,008 140,843,026 + 34.2 143,325,880 82,259,152 Baltimore 103,708,403 80,742,580 + 28.4 68,005,062 45,343,338 Buffalo.. . . . 44,566,561 35,239,756 + 26.5 19,072,515 16,738,862 Washington —0.6 15,761,482 15,850,000 13,814,137 10,354.797 Albany .. 4,184,163 5,659,963 —26.1 3,984,047 4,109,611 Rochester 10,574,111 8,375,177 + 26.5 6,653,191 6,095,572 Scranton 4,860.692 4,147,177 + 17.2 3,600,000 3,361,400 Syracuse 4,000,000 3,723,277 + 7.4 5,000,000 5,300,000 Trenton 3,665,455 2,705.201 + 35.5 2,735,576 2,302,400 Wheeling 5,299,867 4,596.945 + 15.3 4,089,032 4,194,918 Reading.. 2,569,228 2,142,886 + 19.9 2,621,830 2,542,706 Wilmington 3,270,947 4,125,403 —20.7 3,413,433 3,219,864 Wiikes-Barre.... 2,946,531 2,820,558 + 4.5 2,071,663 1,768,264 Greensburg 1,100,000 1,300,000 15.4 1,600,000 1,524,412 York 1,448.175 1,136,757 + 27.5 1,376,242 1,179,760 Erie 2,476,514 2,150,036 + 15.3 1.986,843 1,644,775 Chester 1,463.889 1,208,404 + 21.1 1,630,201 1,427,217 Altoona 1,071,027 904,340 + 18.5 706,375 703,177 Blnghamton 1,284,700 777,800 + 65.2 733,700 853,400 Lancaster 2,700,000 2,342,012 + 15.3 2,282,049 1,879,502 Montclalr.. 508,649 383,125 + 32.9 359,686 460,751 Bethlehem 4,050,588 .Not Included in total Huntington 1,599,590 Not Included in total Total Middle.. 5,325,656,317 5,080,009,716 + 4.8 4,393,140,767 4,043,350,740 New York- — Boston Providence Hartford New Haven Springfield Portland Worcester Fall River New Bedford Holyoke. Lowell Bangor Tot. New Eng. 357,292,777 12,016,700 8,195,242 5.1 0,000 .'^,000,000 2, .',00, 000 4,4.57,215 2.651.496 1,704,793 1,100,000 1.2 25,434 800,000 4 12,043,057 346,307,627 10,173,100 7,563,642 4,870,803 3,851,471 2,400,000 3,959,944 1,970,610 1,350,408 750,000 814,239 631,430 384.643,274 + 3.2 + 19.1 + 8.4 + 4.7 + 4.0 + 4.2 + 12.6 + 34.6 + 26.2 + 40.7 + 50.5 + 26.7 + 4.5 365,903,374 11,165,300 7,544,408 4,809,649 4,0.50,269 2,200,000 3,404,453 2,035,916 1,603,496 816,343 1,070,000 675,948 405,369,156 240,084,874 9,732,700 7,384,341 4,697,369 3,831,172 2.4,89,494 3.987,206 2,024,574 1,482,161 826,889 983,011 711.261 278.235.052 Cedar Rapids Colorado Springs Fargo Pueblo Fremont Waterloo Helena Aberdeen Hastings Billings Tot. oth. West. Louis New Orleans St. Louisville Houston Galveston 155,300,000 75,553.000 39,183,544 11,755,603 30,195,871 4,561,191 15,336,836 9,615,015 5,672,853 2,410,787 1,694,501 5,100,900 3,427,396 1,764,105 1,267,742 810,395 2,353,959 820,419 366,003,698 281,146,216 + 30.2 241,339,946 197,683,604 231,004,565 80,815,071 55,452,508 38,619,862 20,813,733 15,601,772 11,377,776 9,600.000 13,606,590 7,430,514 4,579,074 3,500,000 2,691,547 996.795 1,800.000 1,226,906 681,853 1,856,518 1,422,062 1,783,252 674,483 1,070.723 181,095,024 34,834,450 51,281,660 17,128,548 20,814,928 13,564,936 9,110,269 10,197,295 11,103,359 6,930,059 4.410.563 2.683.742 2.380.228 923.859 1.650.000 684.615 724,099 1.612.931 1.767.647 1,738,490 507,216 + 27.6 + 133.1 + 8.1 162,417,301 26,673,861 51,113,570 15,320,134 18,072,231 14,773.375 9.217.331 7.861,875 7,279,924 4,403,066 3,515,097 3,262,561 1,762,276 736,066 1,380,248 569,078 561,883 1,974.174 1,536,948 1,064,169 623,094 930.688 123,443,595 25,089,436 506.605.604 150,257.596 60,649..335 26.424.212 27.124.434 5.500.000 Richmond 56,760, .540 Atlanta Fort Worth 57.710,773 1 9,440,994 r8,4S4,109 7,700,000 21,484,055 9,897,352 19,571,961 11,903,846 3,396,658 2,686,526 8,805,700 9,935,971 2,340,099 11,453.926 4.800.000 5.900.000 1.500.000 4.278.289 32.675.301 257.366 526.423 12.797,334 4.759.885 Memphis Savannah Nashville Norfolk Birmingham Jacksonville Augusta Knoxville Chattanooga Little Rock Mobile Oklahoma Charleston Macon Austin Shreveport Dallas Vicksburg. Jack.son Tulsa Muskogee 815,9871,843,703 1,643,551 + 125.5 —0.0 + 15.0 + 24.9 —5.9 + 22.5 + 7.2 + 3.8 + 11.8 + 13.11 + 7.9 +9.r + 79.2 —5.9 + 15.1 —19.5 + 2.6 + 32.9 1,307,6.56 —18.3 376,451,574 + 34.6 + 4.2 144,267,457 58,212,261 15,889,064 16,500,000 5,591,167 48,282,705 48,751,383 13.923.302 16.448.266 8.318.892 12.792,799 8,939,369 10.675,487 8,939,8,85 2,815.116 2,119,457 7.234.284 6.737.199 1,844.628 9.932.872 3.700.000 1..300 .000 2.300,000 2.978.308 25,623.431 307.929 400,005 9,328.084 2.661.,S21 31,886,.303 12,580,869 13,150,614 13,400,617 7,151,242 5,810,057 5,396,578 4.020.531 3.529..805 2.358.128 2.113.915 450.000 1.512.515 5,50.513 610.793 2.285.404 1.640,479 987,657 518,409 914.222 335,048,906 259,401,682 138,996,888 43,765,853 20,986.953 11.536.239 3.657.631 44.048.363 38.489.914 11.769.941 8,483,177 6,933,483 12,257,985 6,709,872 3.987.488 4.013,540 2.380.760 2.313.593 5.232.724 3.658.216 1.380.934 6.512.068 3.053.537 1.320.000 1.900.000 1.900.000 12,300,000 25S.097 121,896,283 32,396,125 16,614,730 9,800,000 5.200,000 22,952,621 22,886,832 11,291,486 8,719,445 7.164,075 7.328,758 I + 4.2 + 66.3 + 64.4 —1.6 + 17.6I + 18.4 + 39.6 + 12.4 —7.4 + 67.9 + 10.71 + 83.3 + 33.2 + 20.6 + 26.8 + 21.7| + 47.5 + 26.9 + 15.3 + 29.7, + 353.8 —34.8 + 43.7, + 27.5 —16.4 + 36.6 + 37.2 + 77.6 347.-582 11.141.776 2.087,198 4.,807.174 3.504.892 3.464.336 1.977,602 2,300,000 3,376,513 2,555.448 1,242,413 5,587,547 2,676,743 1.100,000 1.600.000 1.012.525 10.109,211 194.158 365.104 5,883,530 1.345. .546 599.022.6851 49(5.915.171 Total Southern + 20.5 411.3H4.N1J 319, 952. h;')/ Total all 8 .32 1 ,459.572 7 .532 .909 .625 + 10.5 0.676.775.1, 5.S55.26.T.,>44 Outside N.Y.. 3.909.676.419 3.189.543,000 +22.6 2,985,143,115 2.748.182.040 THE CHRONICLE issued official weekly weather bulletins down to that date. It is to be noted that the weekly bulletin cover- THE FINANCIAL SITUATION. With the decline in silver the United States is in rather an anomalous situation in being obliged to Law at $1 per fine ounce, while foreign silver can be purchsaed at 10 cents less per ounce. This is attracting a good deal of attention, particularly abroad, and Samuel bu}^ silver under the so-called Pittman Montagu & Co., of London, in their latest circular, as quoted by us elsewhere to-day, enter into a discussion of the matter. They point out that "there are two good reasons, both touching the well-being of the people of the United States, why the silver sold under the Pittman Act should not be purchased at a dollar per fine ounce." First, they say, "there is the prospect that if the dollar limit were removed the silver could be acquired at a substantial discount of 25% or more under the dollar per fine ounce." The second reason they find in the circumstance that the balance of trade with China is against the United States, and "anj^ fall, therefore, in the price of silver must have material effect in reducing to the people of the United States the cost of commodities from the Far East." But the requirements of the Pittman Law are imperative and the law itself could not in any event be repealed until the reassembhng of Congress, and then it is certain that the move will be blocked by the silver mining interests who are now getting as a gratuity the difference between the market price and the much higher price the law compels the Director of the Mint to pay. In the meantime there has been a new development bearing on the future of silver that has not yet attracted the attention it seems to merit. We have reference to the discovery of a new source of silver production within India itself. Allusion to this appeared in the circular of Samuel Montagu & Co., as published by us two weeks ago. The circular spoke of "the recent discovery of a silver lode near the Tata Iron & Steel Company's works in Bengal," and said this was "of interest." But to those especially versed in such things, the matter is much more than that. Such people look . upon (Vol. 111. as of possible high significance, especially as the description in the circular goes on to say: "The reef is seven feet thick and has been uncovered to a length of 1,000 feet and a depth of 70 feet. The assay averages 200 ounces of silver per ton, together with some gold. The first bars from the mine were it expected in Calcutta at the end of last month. The 'Times' of India states that the presence of silver and gold in the transition rocks of South Bihar and Bengal has long been recognized, but hitherto these metals have not been found in remunerative quanti- ing the period ending June 29 was also a very favorable one and private advices for an even later date are equally so. Consequently it is to be presumed that the situation now is still better than on the 25th and the crop promise correspondingly improved. There is not the same inclination to accept the Department's announcement as to area planted, as is the case with the condition report, owing to the regular, and sometimes radical, revisions found to be necessary each year and which at times have served to turn what was originally reported as a practically unchanged planting into an increase, or greatly modify the reduction as at first reported. In 1908, for instance, the original report indicated only a nominal increase in the planting one-tenth of one per cent but revision added 1,289,000 acres, giving a gain of over 4%, while in 1911 an addition — — 4.7% was changed into one of 9.7% and an increase of 2.5% was raised to about of in 1913 7^%. The 1919 planting, moreover, at first reported as 33,960,000 acres is now revised to 35,133,000 acres. It happens that in every year the gains have been understated or the reductions overstated. This year the increase is stated as 1.1%; and the revision to be announced next May, may in like manner change it to a larger figure. Condition of cotton in the belt as a whole for June 25 is put at 70.7% of a normal, an improvement of 8.3 points since the May report, and comparing with 70 on the corresponding date last year, 85.8 two years ago, 70.3 in 1917 and a ten-year average of 79.8. The report as announced indicates a more satisfactory situation than a month ago in every important producing State, with the improvement most decided in Texas, Arkansas, Alabama and Tennessee. As contrasted with a year ago a higher status is indicated in all of the Southwestern States, but in the Atlantic sections and in the newer territory of the far less promising. West the outlook at the moment is It is sufficient to note, however, that there has already been a considerable improvement in the crop outlook as a whole and that the weather continues favorable. In the matter of acreage, the Government, as already noted, makes the increase 1.1% and this applied to its revised figures of area for 1919 gives a about 35,504,000 acres planted this spring. Decreases in area are noted in Georgia, Alabama, Mississippi and Louisiana, but in California the increase is put at 150%; Arizona 215%; New Mexico 300%; Oklahoma 15%; Texas 3%,; Arkansas 2%; total of and North Carolina 2%. A condition of 70.7% Further information regarding this new silver on June 25 according to the Crop Reporting Board discovery will, therefore, be awaited with tensest forecasts a total production of 11,450,000 bales of expectancy. 500 lbs each, the final outturn being dependent, of course, upon whether meteorological conditions hereThe cotton report of the Crop Reporting Board after are better or worse than average. This total of the Department of Agriculture, covering the concompares with the Department figures of actual dition of the crop on June 25 and the official estimate yield of 11,329,755 bales of like weight last year, of area planted this spring, was issued yesterday and 12,040,532 bales, 11,302,375 bales, 11,449,930 and being in close agreement, as regards the status bales and 11,192,000 bales, two, three, four and five of the plant at the date mentioned, with general years ago, and the 16,134,930 bales high record of expectations, was of negligible importance as a factor 1914-15, this latter produced from an area (the in the markets for the staple. In other words the Department revised figures of 37,406,000 acres) reports clearly, if not fully, reflected the improved 5.3% more than now officially reported as planted weather conditions experienced in almost all sections this year. The condition of that crop on June 25 quite continuously during June to the 25th, thus 191 was given as 79.6 confirming the situation as depicted by the regularly ties." July 3 THE CHRONICLE 1920.] policy of the Allies agreed upon at the Boulogne Conference, namely, to give the Greeks a free hand against the Turkish Nationalists did The Near East — not meet with anything like general favor with French pohticians, according to a Paris dispatch to the New York Herald" last Saturday. Almost coincident with the beginning of Greek hostilities in Turkey, former Premier Aristide Briand, in the French Chamber of Deputies, was reported to have attacked Premier Millerand's policy on this situation The correspondent called it Mille"viciously". rand's policy, but in a subsequent paragraph of his dispatch he observed that "it would appear from statements made in the Chamber that Premier Millerand was induced much against his will to sanction Premier Lloyd George's approval of Venizelos's campaign, France plainly preferring a policy that would seek peace with the Nationalists and a drastic As reported in the revision of the Turkish treaty." Paris advices, M. Briand's attack was rather severe. In contrasting the policy of Great Britain with that of France he was quoted as saying, "Why don't we remember that England needs us as much as we need " her? Why don't we say 'give', instead of 'take?' Apparentl}^ Premier Millerand tried to smooth over the situation, for he was reported to have declared that "union between England, Italy and France has never been closer than at the present time." According to information which the "Sun" correspondent claimed to have received at the French Foreign Office, "there is no likelihood of France assisting with troops in Asia Minor if the Greeks fail," and he asserted likewise, that "a very patent attempt was "Sun and made for in all official circles to place the responsibility whatever troubles may lie ahead upon Great Britain." speaking in the House of Commons several days ago, reported to have said that "no obligations have been entered into by Great Britain to- give^assistance to the Greeks in their operations against'; the 'Turkish Nationalists." He was said to have Chadded that 'the Nationalist Army is recognized as a combatant army subject to the laws of war." Announcement was made in a Paris cablegram Thursday morning that the Allies had received a reply from the Turkish peace delegation regarding the Treaty for that country. It was said to "minimize Turkish responsibility for the war, recognize the new states of Poland, Czechoslavia, Jugoslavia, and also the independence of Armenia and Hedjaz; recognizes also the protectorate of France over Tunisia and Morocco and renounces Turkish right is Libya Islands in the Aegean Sea; recognizes independence of Mosopotamia and Syria, Palestine and renounces all right to Egypt;^recognizes the rights of Great Britain in the Suez Canal and the Sudan and also British annexation of the island of Cyprus; protests against the allotment of Eastern Thrace to Greece and says that the Turks cannot adhere to the solution of Greek sovereignty and will cede Smyrna only by force of arms." It was added that the Turks asked for the recall of the Greek to the the Smyrna district. An Associated Press dispatch from Constantinople yesterday morning stated that "there is great exultation among the Turks in Constantinople because of the alleged victory of the Nationalists over the Greeks in the vicinity troops from the Pergama." Some credence appears to have been given to the reported victory because of the absence of an official Greek communique for two days. Word was received from Paris last evening of the receipt there during the day of a Greek communique, of week from Constanti- in which it was claimed that "the Greek army reLondon indicated victories for sumed its advance on Wednesday and captured the both the British and Greek forces in their military town of Balikesri." operations against the Turldsh Nationalists. That A further reduction in the military and police the effect of these reported defeats upon the Turks was pronounced was indicated in a cablegram from forces of Germany was one of the most prominent The dispatches early in the nople, Smyrna, and Constantinople which said that "depression preTurkish circles over the news that the Nationalists fled in disorder in the first attack against them" It was added that "the Turkish newspapers do not conceal their fear that the situation is becoming grave, owing to the reported heavy losses of the Nationalist band in the Ismid region." Quite a different spirit was displayed by Premier Venizelos of Greece who was quoted in an interview with a Paris correspondent of the "Sun and New York Herald" as saying that "we hope to take all the objectives planned by our General Headquarters Staff inside of two or three weeks, but if necessary we are ready to increase our army to a half miUion if the Turks cannot be beaten by less." Continuing to speak in a highly optimistic vein the Premier said "the fact is there is no danger of a working alUance between the Bolsheviki and Mustapha Kemal. Not only were the Turks beaten to their knees in the war, but distance coupled with the lack of suppUes and the lack of railway communication, makes the suggestion of Bolshevist aid impossible, at least for many months to come." Finally he said: "I am not at liberty to tell what the technical plans of the miUtary chiefs comprise, but they will make the vailed in discussed in cablegrams from Berlin. A correspondent at that centre of the "Sun and New York Herald" asserted that "the reduction of the Reichswehr, even if regarded in the light of an increase in the German police force as established by the Allies' note to the German Government, insisting upon the reduction of the German army, is considered in official circles as pushing Germany to the brink of calamity. The Government will raise the sharpest kind of protest in reply and will be prepared to make the most energetic representations at the topics Through another cablegram from the German capital it became known that "three Spa Conference." notes dealing principally with the question of German disarmanent have been received by the President of the German peace delegation." The dispatch stated "the Allies have determined Germany shall carry out the terms of the treaty and that their decision to reduce the German army to 100,000 men still stands. The notes added that "the security police must be disbanded within three months, but give permission for the disciplinary force to be increased to 150,000." A Berlin correspondent of that New York "Times," commenting upon these notes, said that they had "caused something apNationalist opposition ineffective and conserve the proaching a crisis here", (Berlin). Doctor Gessler, Greek and Allied possessions of territories as pre- Minister of Defense, on entering the new Cabinet, scribed by the treaty." Premier Lloyd George, is reported to have "informed the Chancellor that the THE CHRONICLE [YOL. 111. he would be unable to remain in office if the Entente that "the long note contained no proposition of what declared, insisted on the reduction of the regular amy to or when Germany intended to pay," and 100,000 men." The "Times" correspondent in furthermore, "that it is believed that Premiers MillerBerlin added that "when the notes were received here, and and Lloyd George will pay no attention to the Dr. Gessler placed his portfolio at the disposal of note since it does not come from the German GovernHerr Fehrenbach." At that time it was said that ment and the Allies naturally can negotiate with no "the Chancellor's decision has not yet been an- one else on the other side of the Rhine." nounced." The Chancellor himself, according to As the M^eeks pass the European dispatches make another Berlin cablegram, is reported to have taken in the Reich- it increasingly evident that the diplomatic and govquite a different stand in presenting stag a declaration of the Government's program. ernmental leaders generally of Europe have very little He was said to have made the following assertion: faith in the League of Nations. They seem to regard "German}', having accepted the Treaty of Versailles, it very largely as only a set of theories on paper, and cannot, so long as the countries formerly enemies do that it is not, and will not be, able to accomplish the not consent to modifications, do other than make purposes for which it was formed. If the facts were every effort by its internal and external policies to execute the engagements taken, in so far as that is Speaking specifically with respect to the possible." required reduction of the army he said "Germany must honestly and without reserve fulfill her engagement to reduce the army to effectives necessary to maintain internal order and police the frontiers. Germany must also fulfill the other measures of disarmament and devote herself to the work of reparations loyally and unreservedly." It will be recalled that Chancellor Fehrenbach was compelled to make two attempts before he could In the mean time there has been establish a Cabinet. more or less doubt as to whether the one finally named would be able to stand. Advices from Berlin this week indicated that President Ebert does not known probably most of the European authorities agree with the ideas credited to Marshal Joffre in an exclusive interview with a Paris correspondent of the New York "Times." Among other things, he In discussing the organization in its present state he is reported to have said: "I hope that the League of Nations succeeds later on in assuring the peace of the urged that the League of Nations be armed. But what can it do in the actual state What means has it now to use its authorof things ? In the United ity and make the disobedient obey? whole world. — — France everywhere there are policemen who maintain the law and protect the innocent States, against the guilty. But what force is at the dis- posal of the League of Nations to protect nations and to compel respect for international law?" Continuing to express his estimate of the League, he term. It is reported to have declared that "actually the League Reichstag to set an early date for a Presidential of Nations has only moral sanction in a world which The claim was made in other dispatches unhappily is dominated by material forces. Howelection. from the same centre that "German Majority Social- ever, its moral force will be sufficient in certain cases ists are in general agreement with the program of the to prevent international disputes degenerating into new Government headed by Konstantin Fehren- war. It is better than the old tribunal of The Hague, bach," according to a speech made in the Reichstag but it is not sufficient. It remains to give it the by PhilUpp Scheidemann. A special correspondent power that evildoers will respect in every case." in Berlin of the "Sun and New York Herald" That Marshal Joffre firmly beheves that the League says that "the German delegates will go to the Spa of Nations cannot accomplish anything worth while Conference prepared to make a definite proposal as without force would seem to be made clear in the to the sum for reparations, indemnities that they following assertions made in the course of the interconsider represent Germany's ability to pay." view: "Give to the League its poHce not a big He added that "they will support this estimate by army, but an international gendarmerie, and then exhaustive documentary evidence and financial its decisions and authority will be respected. Truststatements as to industrial and economic condi- ing its justice and power, the nations will disarm and tions," and he declared, furthermore, that "they will keep their energy for work and reconstruction." presume the purpose of the conference, in so far as In view of its unqualified support, in season and finance is involved, is to allow a discussion of Ger- out of season, of President Wilson and all that he many's ability to pay." does, a London cablegram in the New York "World" The correspondent at Brussels of the New York early in the week, relative to the League of Nations, "Tribune" endeavored in a cablegram yesterday was not a little surprising. The correspondent of morning to give a somewhat sensational touch to his that newspaper in the British capital, commenting account of the submission to the Allied representatives upon the Treaty of Versailles and the League of by the Germans of a memorandum on reparations. Nations, said that the first anniversarj^ of the signing He said that "it indicates that the German plan will be of the former "finds that document, in most importo meet the Alhed demands at Spa with a reply which tant respects, still a dead letter", and he added that practically amounts to a refusal to pay the bills "there are some thirty wars going on at the moment submitted by the Allies." Continuing, he asserted and the League of Nations is powerless to prevent that "in such an event, France intends, with the aid the smallest of them". He said also that "the of Belgium, to take payment for reparations by Covenant of the League of Nations, devised as the annexation of the Saar Valley and occupation of the sure preventive of all wars, and the foundation of rich coal basin of the Ruhr Valley." The New York the future peace of the world, not only remains "Times" correspondent at the same centre said that inoperative through the abstention of the United the communication consisted of 31 pages and was States, but is actually threatened with complete signed by 30 prominent Germans, and set forth the extinction." "steps the Allies should take to place Germany in a Announcement was made in Paris on Tuesday position to meet her treaty obligations." He added that "the date of the financial conference at Brussels beyond his present was stated that he had requested the desire to serve as head of the Nation — July 3 THE CHRONICLE 1920.] of the League of has been fixed by the Council July 23." Nations, which has decided it shall be held result of the Spa ConIt was stated also that "the reparations payment ference regarding the method of previously made to be made by Germany, will be will known by the "Council of the League, which them to the Brussels Conference with its refer recommendations as to the emission of an international Premier loan for the regulation of exchange." mandy where he had been "from the effects the fall from his train resting overwork and the shock of the early morning hours of May dispatch added that "it is stated in 24th." of in The official circles that the President has completely recovered and intends to stop in Paris and continue his work till after the National Festival on July 14, when he will go to Brittany to spend a few weeks at the home of It was said also that "the immehis father-in-law." diate reason for his return was the necessity to confer with Premier Millerand and his Ministers before the Brussels Lloyd George and his party left London for tomorrow on Thursday, where they will stay until Brussels and Spa conferences." when they will leave for Spa for the opening of the A special correspondent conference there on Monday It has been doubted, in spite "Times" cabled Thursday . in Paris of the New York of the rather active discussion of the question in the British House of morning that "in French Governmental circles there time in recent months, that feeling that the Spa Commons from time to is little concealment of the There that body would take final action on the Home Rule Conference is fated to bring no large results. Several future. better judgment Bill for Ireland in the immediate are hopes that it will, but it is the As for the Spa Con- weeks ago a prominent official of the Government of diplomats that it will not. that was quoted as saying that such action would be itself, there is little real expectation conference It the Allies will accept the German proposals." and Allies Germans is generally believed that the disaccord, but that this will will find themselves in not be so great as to cause the throwing overboard deferred until order prevailed again in Ireland. According to a London cablegram this week. Premier Lloyd George "let it be known that the Home Rule Bill would not be pressed for passage until the Autumn on German session of ParHament, confirming the prediction of all plans for an international loan based made recently that no real step would be taken until indemnities." restored in Ireland." A correspondent The advices from Brussels, Paris and London order was the "Sun and New York Herald" said that he yesterday morning did not indicate the existence of of learned early in the week that "further heavy any greater degree, of optimism on the part of the had reinforcements are going to Ireland this week." representatives of the other Allied nations that will said Announcement was made of the kidnapping of participate in the Brussels conference than was For Brigadier General Lucas by masked and armed Sinn to have existed in French political circles. Feiners, but about midweek the general was heard instance, a special correspondent at Brussels of the permitted to the eve of the from and it was said that he had been New York said that "Times" "on Inter-Allied conference to prepare the program tor the meeting with the Germans at Spa, the atmosphere surrounding the Allied statemen is very cloudy." The London correspondent of the New York "Tribune" cabled that "although one guess is as good as another the British are not over confident regarding the Spa session, and every precaution will be taken within the next few days to secure a united Alhed front to meet the Germans." He added that be made to settle all quesIt became known tions during the actual meeting." yesterday morning through a cablegram from Brussels that W. C. Boyden, of Chicago, and Col. James A. "every preparation will Logan, will attend the conference at that centre, and give advice it was said that "the Americans will regarding financial problems, particularly concerning reparations to be paid by Germany, which are to be settled before the Allied conference with the Germans at Spa." The Brussels conference was formally called to order at 11 o'clock yesterday forenoon. According to an Associated Press dispatch from that centre last evening, "a very unfavorable impression was created in conference circles" by the German memorandum an earlier paragraph of The dispatch added that "it was also this article. taken as confirmation of reports from Berlin that the attitude of Konstantin Fehrenbach, German Chan- on reparations outlined cellor and head of the in German Spa delegation, will be that financial settlement must be made on a basis of the present economic situation of Germany without taking into account any future economic improvement." write a report of his capture to his commanding is officers, inform his family that he is well and well treated, and give instructions for sending money, and letters through a certain shop keeper in Fermoy, County Cork." A London correspondent the of the New York "Tribune", commenting upon that affair, said that "in many ways it is assuming comic opera aspect which characterizes so many of clothes the recent developments in Ireland's current history." soIt was reported in Dublin on Thursday that the called Irish Parliament had been in secret session there on Tuesday and Wednesday and that "decrees were passed authorizing the establishing of courts of justice and equity and courts of criminal jurisdiction." It is said also that the National Land Commission had been appointed and that announcement was made that "the $10,000,000 international loan had been oversubscribed by $250,000." In view of the highly unsettled labor conditions pretty much the world over, it would seem strange indeed if a week were to pass without reports of more or less serious disturbances in several European The outbreak in Londonderry, Ireland, countries. with it last week was largely political, but coupled was a strike on the railroads of that country, because munitions. of the refusal of the employees to carry According to a cablegram from Dublin dated Jane 29, "the deadlock on the railways due to the munitions controversy is increasing. Nearly 60 engine drivers, guards, etc., have been suspended by various comAs a result of this situation hoarding of panies." Wednesday evening. A cablegram from Dublin Thursday morning stated terminus there had been tied up President Paul Deschanel of France returned to that the railroad because of the attitude of the emParis Wenesday morning from the chateau in Nor- the day before food in Dublin was reported THE CHRONICLE which already has been outhned. In a dispatch from London the assertion was made that "for the first time the gravest fears for the Irish ploj^ees, situation are expressed in hitherto have been most Government circles that optimistic for a settlement." (Vox.. 111. note circulation, this time of £4,818,000. The deposit items, furthermore, showed sensational increases, so that the proportion of reserve to liabihties has been reduced to 8.49, which is believed to be the lowest percentage on record. This compares with rise in The correspondent added that "Government circles 15.42% a week ago and 14.10% last year. Thus are frankly despairing now of being able to convince far in 1920 the highest percentage was 23.49% in any considerable section of Irish opinion to accept the week ending March 18, and the lowest 8.49, as an settlement made at Westminster, either in the just noted. In 1919 the highest was 24.20% on J'- shape of the present Home Rule Bill or something else. In a letter to the Secretary of the Ulster Unionist Council, Sir Edward Carson asserted that the Government was determined to provide "adequate Aug. protection for loyal subjects in Belfast, and added that if necessary the Government would organize our rectified people for defense against those whose crimes are ruining Ireland and making our country a byword among civilized nations." 14 and the lowest 9.25%, on Dec. 31. It should be recalled, however, that these figures reflect the enormous semi-annual payments of July 1, and in all probability will in large measure be speedily with the return of funds to the banks. Detailed changes include a gain of £2,121,000 in public deposits, an expansion of no less than £57,493,000 in other deposits, and an increase in Govern- ment securities of £37,075,000. Loans (other secur- were advanced £23,049,000. Total reserve has now been cut to £16,274,000, which compares with £27,070,008 in 1919 and £28,880,648 a year earlier. Circulation is £120,059,000. A year ago it stood at £79,947,855 and in 1918 £54,902,910. Loans aggregate £103,188,000, as against £83,493,763 and £112,936,818 one and two years ago, respectively. Clearings through the London banks amount to £780,489,000, as contrasted with £728,940,000 a year ago. The Bank has not changed its official discount rate from 7%. We append a tabular statement of comparisons of the different ities) week ended June 26 were smaller than the outgo, and the result was a decrease in Exchequer balances of £578,000, which compares with a substantial gain the week British revenue returns for the Expenses £12,086,000, against £8,117,000 for the week ending June 19, with the total outflow, including repayments of Treasury bills, advances and other items, was £200,582,000, in comparison with £73,181,000 last week. Receipts previous. from all sources totaled amount to £200,004,000. Of this revenues brought in £16,251,000, against £19,617,000 and savings certificates £750,000, against items of the return: BANK OF ENGLAND'S COMPARATIVE STATEMENT. £800,000. Other debt contributed £320,000, com1920. 1919. 1918. 1917. 1916. paring with £3,991,000, while from advances the July 1. July 2. July 3. July 4, July 5. £ £ £ £ £ sum of £143,256,000 was received. Treasury bills Circulation 120,059.000 79,947.855 54,902.910 40,202,705 36.366,185 Public deposits 15.747.000 24„557,689 38.179.431 41,672,768 58,949,045 to the amount of £39,152,000 were sold, as against Other deposits 165,964.000 166.924.589 152.067,775 130,579.220 103,606,994 Governm't securities 90,078.000 98,702,306 66,237.732 45..500,261 42,187.4.54 103,188,000 83,493.763 112.936.818 111.080,511 95,806,787 £39,457,000 the week previous. New issues of Other securities Reserve notes & coin 16.274,000 27,070,008 28.880,648 33,489,574 42.405,582 and bullion.- .117,882,041 88,567,863 65,333,558 55,242,279 60,321.767 Treasury bonds totaled £275,000, against £600,000 Coin Propertion of reserve 8.49% to liabilities 14.10% 15.20% 19.40% 26.08% a week ago. As repayments of Treasury bills were Bank rate 7% 5% 5% 5% 5% larger than the amount sold, the volume outstanding has been brought down to £1,069,626,000 in comparThe Bank of France, according to a special cable ison with £1,077,997,000 a v/eek earher. Temporary to the "Chronicle," reports a further small gain of advances, however, were augmented £5,007,000, to 276,725 francs in its gold item this week. The £218,324,000. The total floating debt is now Bank's gold holdings now aggregate 5,588,146,850 £1,287,950,000, which compares with £1,291,314,000 francs, as against 5,551,200,028 francs last year and in the preceding week, and £1,561,731,000 a year ago. 5,424,796,223 francs the year before; these amounts After deducting this week's loss of £578,000, the include 1,978,278,416 francs held abroad in 1920 Exchequer balance now stands at £3,297,000 against and 1919 and 2,062,108,484 francs in 1918. Durmg £3,875,000 last week. the week. Treasury deposits gained 30,234,000 francs . On the other hand, silver decreased 1,050,000 francs, Official discount rates at leading European centres bills discounted were reduced 238,004,000 francs, continued to be quoted at 5% in Berhn, Vienna, advances fell off 27,357,000 francs and general Spain and Switzerland; in Belgium and Norway; deposits were diminished by 128,239,000 francs. 6% in Paris, Bombay and Petrograd; 7% in London Note circulation registered a further contraction of and Sweden and43^% in Holland According to mail 218,801,000 francs, bringing the amount outstanding advices the Bank of Denmark advanced its rate from down to 37,325,103,000 francs, comparing with 6% to 7% on April 18 1920. In London the private 34,752,577,300 francs at this time last year and with bank rate has not been changed from 63^ 6 11-16% 28,952,188,840 francs in 1918. On July 30 1914, for sixty and ninety day bills. Money on call in the total outstanding was only 6,683,184,785 francs. London yesterday was quoted at in compariComparisons of the various items in this week's return son with last week. No reports have been with the statement of last week and corresponding received by cable, so far as we have been able to dates in 1919 and 1918 are as follows: ascertain, of private discount rates at other centres. BANK OF FRANCE'S COMPARATIVE STATEMENT. total, . 5^% . @ 6^% 4^% The Bank England announces a further slight gain in its gold item £66,626, bringing up the Bank's stock of gold on hand to' the large sum of £117,882,041. In the same week of last year the total was £88,567,863 and in 1918 £65,333,558. There of was, however, a large reduction in total reserve, in round numbers £4,751,000, the result of another Gold Holdings — In France... Abroad Changes Week. /or Francs. Inc. No Total Inc. Silver Dec. Billsdiscounted... Dec. Advances Dec. Note circulation.. Dec. Treasurv deposits. Inc. General deposits.. Dec. 276,725 change July 11920. Francs. 3.609,868,434 1;978,278,416 Status as of July S Francs. WW. 3,572,921.612 1,978,278,416 July i WIS. Francs. 3,362.687,738 2,062,108,484 276,725 5,588,146,850 5,551,200,028 5,424,796,223 239.808.495 303,172,089 263.832,524 1.050,000 920,925,002 1,267,713,947 238,004,000 1,547,996,298 919.769,631 27,357,000 1,832.788,000 1,268.933.698 218.801,000 37,325,103,000 34,752,577.300 28,952,188,840 56.561,922 105,280,000 54,873.340 30,234,000 128,239,000 3,449,778,894 3.373,866,805 3,838,786,638 July 3 THE CHRONICLE 1920.] The Imperial Bank of Germany in its report as of 23 indicates a decrease in gold of 23,000 June and an increase that accommodations arranged to-day would carry Tuesday morning. The lower quotations in the afternoon gave superficial observers at least encouragement in the idea that, with the resumption of business next week, local money market conditions would be easier and might continue so for some little time. Leading authorities, however, while admitting that with the heavy July 1 disbursements and Government payments out of the way, there may be a marks over until marks. Treasury certificates increased 304,124,000 marks, but advances fell 6,037,000 marks. Bills discounted were heavily reduced, viz.: 3,482,691,000 marks, and the same is true of deposits which registered a falling off Investments fell 3,423,000 of 3,732,829,000 marks. marks and notes of other banks 373,000 marks. Circulation slackening in the demand from strictly financial Securities increased 416,623,000 marks. continues to expand, this week's total gain being circles for a while, do not seem to entertain the Liabilities also belief that money will be substantially easier for an the large sum of 847,918,000 marks. The Imperial Bank's indefinite period They point to the many milHons of increased 114,158,000 marks. in coin of 278,000 . holdings are now reported at 1,091,631,000 marks. This compares with 1,117,800,000 marks in 1919 and 2,346,060,000 marks the previous gold dollars that are still tied and contend that the up on Liberty bonds cannot be liquidated in loans latter except through a rather long period; to the ever year. active commercial demand for money and to the probable calling upon this centre during the crop Saturday's statement of New York Associated moving season for larger sums than usual, they banks and trust companies, which is given in fuller add that the available supply of funds cannot be detail on a later page of this issue, was in line with greatly increased except through heavy liquidation previous expectations and recorded a gain in surplus and a general depression in business. They are not above legal requirements of more than $31,000,000, urging the wisdom of the former and do not look for thus transforming last week's deficit into an excess of the latter to materialize. The monthly review of approximately $28 ,000 ,000 The change was effected conditions in this country by the Federal Reserve mainly through borrowing at the Federal Reserve Board made public a few days ago was rather hopeful Bank of New York. With the exception of a heavy on the whole, although it was admitted that the high contraction in demand deposits, which of course discount rates put into effect and the precautionary by reducing reserve requirements aided to some statements that had been issued by the Board had extent in restoring the surplus account, the other not brought about as great a degree of relaxation in changes were not especially significant. In round the money market as had been hoped for. After all numbers net demand deposits fell $60,195,000, to is said and done, the demand for money is still This is exclusive of Government extremely active except for stock market purposes, $4,135,456,000. deposits of $111,375,000, the latter $174,000 less and promises with that exception to continue so. than a week ago. The loan item increased $3,121,000. The stock market demand would be active also if Cash in own vaults (members of the Federal Reserve prominent speculators felt sure that they could get Bank) declined $820,000 to $92,306,000, reserves of the money with which to finance a big upward member banks in the Federal Reserve Bank gained movement. This is the situation at the present $23,721,000, to $558,192,000, and reserves of State time and does not differ greatly from that which has banks and trust companies in own vaults decreased existed for many months. Reserves in other depositor$72,000, to $8,413,000. . banks and trust companies expanded $427,000 to $9,269,000. There was an increase in ies of State aggregate reserves of $24,076,000, bringing that total to $575,874,000, while surplus, as beforementioned, gained $31,905,250, not only eliminating last week's deficit, but leaving an excess of reserves of $28,057280. The figures here given for surplus are on the basis of legal reserves of 13% for member banks of the Federal Reserve system, but do not include cash in vault amounting to $92,306,000 held by these banks on Saturday of a week ago. The Federal Reserve Bank's statement, because of the renewed borrowing of the Clearing House banks, was a decidedly unfavorable exhibit. The ratio of reserve which at that time gained 2%, this week fell 3.3, to 39.2%. Member banks, which had reduced their borrowings the previous week, now increased them $69,746,000, while other Federal Reserve banks extended their borrowings by $24,230,000. There was no market for call money until yesterday afternoon when, after having renewed at 10%, the quotation dropped first to 9 and then to 8%. Although it was known that preparations for the heavy July 1 disbursements and the Government operations in the money market were completed several days ago, a continuance of high rates to-day would not have caused surprise in real let-up in the local the financial district, particularly in view of the fact Dealing with specific rates for money, loans on call for mixed collateral and all-industrials alike covered a range this week of 7@15%, which compares with 7@14% a week ago. Monday the maximum 'was 9%, which was also the renewal figure, while 7% was the low. On Tuesday 9% was still the highest, with renewals on this basis, but the low was 8%. Preparations for the July 1 disbursements brought about a sharp flurry in the call market on Wednesday and rates shot up to 15% for a time. Renewals, however, were negotiated at 9%, the lowest for the On Thursday a maximum of 14% was reday. corded, with 10% the minimum and ruling rate. Friday's range was 8@10% with 10% for renewals. This is the first time in two months that a rate of 15% has been reached, the last being on April 30, which also was incidental to dividend and interest payments. Funds were in light supply most of the week. In time money the situation remains about the same. Offerings are scanty and as the demand was almost correspondingly light, business was practically at a standstill, with rates nominally at 8@ for on regular mixed collateral and all-industrial money, the same as a week ago. Mercantile paper rates have not been changed from for sixty and ninety days' endorsed bills receivable and six months' names of choice character, and 8% for names less well known. Trading was fairly active, although transactions in the aggregate 8^@9% 8H% 7^% THE CHRONICLE 8 attained onl}- Out-of-town moderate proportions. institutions continue the largest buyers. Banks' and bankers' acceptances presented no new Dealings were not large, though prime acfeature. ceptances have been in moderate demand both by Rates ruled firm and local and country banks. without quotable change. Loans on demand for bankers' acceptances continue to be quoted at 5^%. (Vol. 111. the latter part of last May. Rumors also continue to circulate to the effect that the British Government is soon to ship additional ceived from Hong Kong in consignments of the precious metal coincidental to the payment of the balance of the Anglo-French loan still to be taken care of. While monetary conditions are admittedly rather strained, it is learned that informal negotiations are quietly going on for the extension of several large European Quotations in detail are as follows: Announcement was made yesterday that credits. Delivery Spot Delivery tcithin Sixty Thirty Ninety the efforts of Swiss bankers have met finally with 30 Days Days. Days. Days. bid 7 6M@eM 6J^@6H t>H@& EUglble biUs ol member banks The loan, which is for $25,000,000, is success. bid 7 6%®6}4 6^5@6H 65^®6K EUglble bills of non-member banks 7H bid expected to yield 8%, and on this basis probably will Ineligible bills 7'A®6}4 7H@6H 7H@6H be well received. Some interest was aroused in banks of Philadelphia and banking circles by the news that the $40,000,000 outThe Federal Reserve Atlanta have estabHshed a discount rate of 6% on standing Belgian acceptances would be paid from paper secured by Treasury certificates of indebted- the proceeds of the $50,000,000 Belgian Government ness bearing 6% ule of rates now No other change, so far as our knowledge goes, has been made in the Federal Reserve rates this week. The following is the schedinterest. in effect for the various classes of paper at the different Reserve banks: DISCOUNT RATES OF THE FEDERAL RESERVE BANKS IN EFFECT JULY Bankers' acceptances — notes) secured by- Federal Reserve Bank of^ Treasury Liberty Other- certifi- bonds member and banks disc'ted for cates of and wise secured indebt- Victory notes Boston 6 6 5H Richmond t6 5H 5H bVi 6 Chicago St. Louis *5M 5H 6 5M 6 bVi 5 5H *5H San Francisco. 6 bVi *5H7o on paper secured by 5M and 5% % 6 certificates, and 7 5H 5M 6 6 6 5H 6 6 5!^ 7 6 6 / 5H Minneapolis Kansas City Dallas 7 6 6 6 6 7 6 7 6 6 6 t6 5V2 Atlanta tances paper maturing maturing within 91 to 180 90 days days 7 5H 5J^ PWladelphla .. Cleveland tural and live-stock unsecured edness New York accep- 6H 5K 5H 5H 6 6 6 5y2 5% on paper secured by 4% % certificates. t Discount rate corresponds with interest rate borne collateral with minimum of 5%. by demand 3 Agricul- Trade on Saturday of last week was a trifle easier, and to 3 963^@3 96^, 973^@3 973^ and sixty days to On Monday increased weakness de- declined fractionally cable transfers to 3 2 1920. Discounted bills maturing uithin 90 days (incl. member banks' lb-day collateral loan floated early this month. Referring to the day-to-day rates, sterling exchange certificates pledged as — Note 1. Rates shown for Atlanta, St. Louis, Kansas City and Dallas are normal rates, applying to discounts not in excess of a basic line fixed by the Federal Reserve Bank. Discounts In excess of the basic line are subject to a progressive increase for each 25% excess or fraction thereof. H% 94^@3 95. veloped and there was a recession to 3 943/^@3 9Q}/2 for demand, 3 953^@3 97 J^ for cable transfers and 3 923^@3 943<^ for sixty days; trading was the dullest seen in some little time, the heavy foreign buying of the past few weeks having apparently for Inactivity marked Tuesthe time being subsided. dealings and sterling rates were again lowered; day's cable transfers to 3 9534@3 963^ and sixty days to 3 92^ @3 93^. Wednesday's market continued quiet with the trend still downward, and the range was 3 94^@3 95 for demand, 3 95H@3 95^ for cable transfers and 3 92^@3 94i^ for sixty days. Thursday was a bank holiday in London and the result was that transactions in sterling in the local market were almost negligible in volume, trading at times being at a complete standstill; rates, however, were steady and demand was a trifle higher, at 3 943^ 3 951^, cable transfers at 3 953^ @3 953^ and sixty days 3 933^@3 93^/^. Friday's market, though essentially a pre-holiday affair with business reduced to a minimum, was firm and rates were advanced to 3 943^@3 96 for demand, 3 953^@3 96^ for cable @ Sterling exchange experienced a dull atively uneventful and compar- week with trading during the of the time exceptionally quiet. In keeping with this, rates moved within narrow limits and the trend was sHghtly lower. Demand bills greater part ruled around 3.95, while the extremes for the week were 3. 94 3^ and 3.96^. Competent market observers attributed much of the lack of interest in sterhng to the approach not only of the Independence hoHdays here, but also to this week's Bank Holiday (on Thursday) in London which tended to reduce deahngs to a minimum. An added and perhaps more potent factor in the dulness has been the almost complete cessation of the buying of sterling bills by English banking institutions that was so prominent a feature of trading recently, and which in all probabihty indicated that the demand growing out of the July 1 semi-annual settlements has been satisfied. The arrival early in the week of nearly $4,000,000 gold on the SS. Mauretania previously announced and an additional shipment of $2,500,000 on the Olympic transfers and 3 93 @3 943^ quotations were 3 mand and 93^ for sixty days. Closing for sixty days, 3 953^8 ^ov de- 3 95J^ for cable transfers. Commrcial sight bills finished at 3 953^, sixty days at 3 91, ninety days at 3 883^, documents for payment (sixty days) 3 9034 and seven-day grain bills 3 943/8Cotton and grain for payment closed at 3 9534 So far as can be learned there were no gold exports this week, . except that $700,000 was withdrawn last Saturday shipment to the Dutch East Indies. Gold to the amount of $4,000,000 arrived early in the week from London while on Wednesday an additional $6,500,000 was received at San Francisco, the latter for account of J. P. Morgan & Co. The Mauretania gold was consigned to Kuhn, Loeb & Co., except about for $600,000 which was for the Bank of Montreal. Thursday, while exercising a sentimentally favoring was without effect on actual rates. It was reported that this gold was from the Transvaal and had been purchased by American bankers in the London open market. In addition $6,500,000 gold Inactivity has probably been the most notable feature of dealings in the Continental exchanges and here also there was a tendency toward lower levels. consigned to J. P. Morgan & Co. arrived at San Francisco on Wednesday. This was in Russian rubles and is an addendum to the $22,000,000 re- early irregularity ran off sharply to 16.97 for checks, a loss of 115 points from the top price of last week. influence, Italian lire, though not dealt extent, were under some in to any appreciable and after selling pressure Later there was a partial recovery as a result of lighter . July 3 . THE CHRONICLE 1920.] and a slightly better demand, and the close Last week the close was 5.49 and 5.47. Copenhagen was only a few points under that of the previous week. checks closed at 16.45 against 16.50 and cables at French exchange was relatively firmer, but also ruled 16.55, against 16.60. Checks on Sweden finished at below the levels of the preceding week, hovering alter- 22.00 and cable transfers at 22.10, against 21.90 and natively above and below 12.14, against a high point 22.00, while checks on Norway closed at 16.45 and last week of 11.64 until the extreme close, when cable transfers 16.55, against 17.15 and 17.25 the Belgian week preceding. The final range for Spanish pesetas there was a rally to 11.91 for sight bills. As was 16.40 for checks and 16.45 for cable transfers, francs moved in sympathy with Paris exchange. to German exchange, offerings were in larger supply as against 16.69 and 16.74 a week ago. With regard to South American quotations, the than for some little time and the quotation was marked down to considerably below the levels es- situation is practically unchanged and the check rate tabhshed recently. Speculative operators are said on Argentina continues to be quoted at 41.90 and to have sold extensively of this class of remittances cable transfers 42.00, the same as a week ago. The during the past week, manifestly because of the recent weakness is attributed to the drawing down of Berlin the gold deposits at Washington, also the fact that fact that the more recent advices from have been less encouraging than those previously exports from that country have lately fallen off. A favoring influence was the fact that Very little improvement is looked for until the received. the Board of Governors of the New York Stock opening of the Argentine wheat movement. BraExchange has readmitted to trading bonds of the zilian exchange was lower and finished at 23.75 for City of Frankfort, 10,668,000 marks 3^% of the checks and 23.85 for cable transfers, against 25.50 Chilian exchange was easier at 21 J^ loan of 1901, which had been stricken from the list and 25.65. against 22, with Peru at 4.99 against 5.00. on Sept. 26 1918. quoting lire and francs in cents Far Eastern rates are as follows: Hong Kong, The question of offerings per unit instead of units per dollar continues to be agitated, and it is learned that a letter from the committee special of the Foreign to be sent out shortly to all its Exchange Club is members naming a date upon which a majority of leading foreign exchange dealers will adopt the new method of quot- 72 @ 72H, against @ 73K 74; Shanghai, 102 @ @ 1021^; Yokohama, 51%@ against 51M ® 51^; Manila, 493^ @ 49^ 515^, (unchanged); Singapore, 4734 @ 473^ (unchanged); Bombay, 38 @ 38%, against 38 @ S8}4, and Calcutta, 38 @ 38%, against 38 @ 102M, against 102 -'^Ri/ ing these currencies in cents. London check rate on Paris closed at The New York Clearing House banks, in their compared with 47.60 a week ago. In New operations with interior banking institutions, have The official 47.13, York sight bills on the against cable 12.10; French centre finished at 11.87, transfers at 11.85, against 12.08; commercial sight at 11.91, against 12.13, and commercial sixty days at 11.98, against 12.21 the previous week. Closing quotations for Belgian francs were 11.32 for checks and 11.30 for cable transfers. A week ago the close was 11.50 and 11.48. Reichmarks finished at 2.11 for checks and 2.64 for cable remittances, comparing with 2.71 and 2.73. Austrian kronen, which have been well maintained throughout, closed at 00.72 for checks and 00.73 for cable transfers, against 00.72 and 00.73 last week. Italian lire finished the week at 16.47 for bankers' sight bills and 16.45 for cable transfers. This compares with 16.20 and 16.18 a week ago. Exchange on Czecho Slovakia closed at 2.36, against 2,38; on Bucharest at 2.40, against 2,31; on Poland at 75, against 65, and on Finland at 4.45, against 4.71 a week earlier. Greek exchange has ruled strong and higher, with the close 7.75 for checks and 7.73 for cable remittances, comparing with 8.54 and 8.52 a As was if anything duller than ever. At times the market took on a pre-holiday aspect and business was practically at a standstill. As a result quotations were largely nominal and devoid of particular significance. Guilders continue to rule weak and the same is true of Spanish pesetas and Copenhagen and Christiania remittances. Stockholm exchange was a shade firmer. Swiss francs have been fairly well maintained, although closing fractionally down. Bankers' sight bills on Amsterdam closed at S5%, 35^; cable transfers at 353/2> against S5%; commercial sight at 35 5-16, against 35 11-16, and commercial sixty days at 34 15-16, against 35 5-16 on against bankers' sight week. Swiss francs finished at 5.52 for bills and 5.50 for cable remittances. July 2. Out of Banks. Into Banks. Banks' Interior movement Sub-Treasury and Federal Reserve oper. and gold Imports & exports.. Net Change in Bank Holdings^ $9,378,000 S4,496,000 Gain $4,882,000 13,780,000 Total. 126,217,000 Loss 111,437,000 $23,158,000 8129,713,000 LossS106,555.000 The following table indicates the in the principal amount of bullion European banks: July 1 1920. July 3 1919. Banks 0/Gold. Total. Silver. Gold. Silver. Total. £ En gland .. 117,882,041 France a . 144,394,737 54,583,450 129,650,000 Aus-Hun 10,944,000 Spain 98,101,000 Italy 32,190,000 Netherl'ds 53,002,000 Nat. Bel. 10,659,000 Switz"land 21,327,000 Sweden 14,499,000 Denmark . 12,638,000 Norway .. 8,120,000 Russia* to the neutral exchanges, trading last Week ending Germany week ago. Friday of gained $4,882,000 net in cash as a result of the currency movements for the week ending July 2. Their receipts from the interior have aggregated $9,378,000, while the shipments have reached $4,496,000. Adding the Sub-Treasury and Federal Reserve operations and the gold imports and exports, which together occasioned a loss of $111,437,000, 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 $106,555,000, as follows: . 117 9,640, 000 154 175 2.50 54 12,375 ono 142 2,369 Olio i:( 24,703 0011 122 3,003 000 35 1.124 000 54 1,050 000 11 3,453 000 24 154,000 £ 882,041 88,567,863 034,737 142,916,864 ,7,58,700 55,820,150 025,000 129,650,000 :u:i,oool 10,928.000! 90,048.000 193,000 32,712,000 126,000 56,217,000 709,000 10,C14,000[ ,780,000 18,864,000 14 499,000 16,091,000 12 792,000 10„355,000 8,182,000 ,120,000 .so-l.ooo' 88 567,863 12,128 ioOO 1.55 ,044,864 997 ,150 56 817,300 12.375 ,000 142 025,000 2,386 ,000 13 ,314,000 20,112 .000116 ,760,000 2,964 ,000; 35 676,000 725 ,000 56 942,000 1,008 ,000' 11 ,622.000 2,745 ,000: 21 ,609,000 16 ,091,000 138 ,000 10 493,000 8 ,182,000 I Total week 707,990,228 58,046,2.50 766.036,478 671,565.877 61,578,150 733,144,027 Prev. week 707,826,621 57,961,800 765, 788,42ll674,081,203l 60,034,950734,116.15 a Gold holdings of the held abroad. * No Bank of Ft.ancc this year are exclusive of £179,131,137 figures reported since October 29 1917. THE DEMOCRATIC CONVENTION. The nominating convention of the Democratic Party, which assembled at San Francisco on Tuesday, differed in some respects from what had been anticipated, and in many respects from the Republican convention. That it was an enthusiastic gathering was to have been expected; poHtical Presidential THE CHRONICLE 10 [Vol. 111. usually verj^ great in that party. The fact that dissensions arose as to both candidates and platform meant merely that the usual experience of than in the end it will turn out to be. Some things seem already to have been settled by the conven- conventions would be repeated. But in two respects the San Francisco convention surprised many political observers in the energy with which the speeches and platform declarations took the off ensive instead of the defensive position, and in the e\ddence that the President and his policies were a vital force in leadership. The correspondents have indulged in numerous theories as to why the convention gave Mr. Wilson's name so hearty an ovation and why the Administration's influence seemed to be dominant in its discussions. But the explanation seems to us perfectly simple. To have abandoned or repudiated the Administration, or even to have given a cold greeting to the recital of its work, would have signified the disintegration of the party. for, enthusiasm is all — ' It would have foreshadowed certain defeat —unless indeed a new and radical policy was adopted of appeaHng, over the head of the existing party leaders, to the forces of discontent. As we write, the platform has been reported to the convention, but is still under discussion, and the balloting for candidates, although the speeches in behalf of the various aspirants have been made, has not begun There are, however, some conclusions which may be reached with reasonable safety. With the platforms and candidates of both parties before the country, there will immediately follow a more or less confused popular discussion of the prospects for the success of one party or the other. Usually the discussion is rather futile in the earlier weeks of the campaign. The ordinary citizen as well as the political expert is rather apt, in his memory of Presidential contests, to associate July and i tions, in regard to the coarse of the political contest; with all the crudity of the convention system and freakishness of its actual operation, it unques- tionably does in some respects indicate the general public's attitude. Even thus early in the campaign, some confident predictions of a little while ago as to what direction posed it would take have been already dis- of. not be a campaign in which the conservative elements of the country will have to fight extreme radicalism; for both platforms are in reality conservative. It will not be a struggle of labor against capital at the polls, as seemed not impossible a few months ago. It will not be a contest over changes in the currency or the tariff though for that matter nobody ever seriously imagined that it would. The It will — rather positive prediction that the issue of Prohibition or of the legislative interpretation of the Pro- amendment would be fought over has apparently come to nothing. hibition paign, in the cam- Perhaps the greatest uncertainty is, exactly what part the League of Nations argument will play in the campaign. The Republican platform was admittedly non-commital on that question, except that the covenant in the form in which President Wilson submitted it was distinctly opposed and that the action of the Senate's Republican majority was approved. Even the Chicago plank, however, declared the party's belief in an "international association" which should "secure instant and general international conference whenever peace shall be threatened by political action, so that the nations pledged to do upon what is just and fair may exercise their influence and power for the prevention of war." August with expectations which were not realized. The Democratic convention's "League plank" apThe general trend of opinion for a considerable time proves President Wilson's action, commends the after the nominations was that Hughes would be Democratic Senate minority for refusing to accept elected in 1916 and Bryan in 1896, and a good deal the Lodge reserv ations, and concludes: of doubt as to the outcome was expressed at the "We advocate prompt ratification of the Treaty same stage of the campaign in years, such as 1912 and without reservations which would impair its essential 1908, which turned out to be overwhelming and one- integrity, but we do not oppose reservations which would make more clear or specific our obligations to sided victories. The reason for this public has not is much that the voting mind how to vote, as not so made up its that the canvass has not progressed far enough for the political experts to learn what really is the public's feeling in regard to issues and candidates. There has been more than one Presidential election in the not very distant past, in which the electorate showed in the later stages of the campaign that it was not at and insist the associated nations." The final clause of this declaration was adopted platform comonly after a prolonged But as it stands, it defines the party's mittee. attitude, and it adopts, so it appears to us, a position whose reasonableness cannot be disputed. Most of the strongest advocates of the League of Nations admitted frankly from the start that the covenant contained clauses whose language rendered possible much difference of opinion as to their exact struggle in the interested in the "issues" which the convention had pushed to the front, but were deciding Some of these obscurities might have their preference by something entirely different. Mr. interpretation. Hughes apparently misinterpreted the mind of the affected matters in which our Government's action voters in the last Presidential year. The Democratic as a member of the League would- necessarily be Party attacked "personal rule from the White modified by our own constitutional law\ "ReservaHouse" in 1904 only to find that the people of that tions" or "interpretations," designed to remove such year really wanted it. In 1900 Bryan's denunciation questions from misunderstanding or dispute, have of "imperiahsm" fell on absolutely deaf ears; the certainly seemed to be advisable, and we understand voters were thinking of promoting prosperity. Mc- that the European Governments in the League have Kinley after his nomination in 1896 insisted on given evidence of their willingness to accept them. talking of the tariff until he was practically comBut the non-committal character of the Republican pelled by the newspapers and the political audiences declaration, taken along with the reasonable langto discuss the gold standard. uage of the Democratic declaration, makes it more That is what lends peculiar interest to these early difficult than ever to foresee what part the Leagaie of weeks of a Presidential campaign, and what makes Nations controversy will play in the campaign. But the present campaign a good deal more interesting that, after all, depends on what the American electhan it promised to be a few months ago, or perhaps torate really thinks on the merits of the question, all ' July THE CHRONICLE 3 1920.] 11 and even the politicians have shown much uncer- the throne of Heaven. You can overthrow them but The cam- until their power is re-established, as surely it will be, tainty as to what that attitude really is. paign may conceivably hinge upon the League of you will live in savagery," That Lincoln added later the opinion that this Nations dispute; if so, the course of the canvass will Or it may quite as eventually disclose the facts. probably be found that the electorate is mainly interested in other things, and that before November the "League planks" will have fallen to the background in pohtical discussion, and will be left by the electoral vote to the Senate and the Administration for settlement. country's contribution are "created free is the principle that all men and equal," that he was an op- ponent of slavery, waiting the ripeness of time to use his own power against it, that he then saw no cause for revolution in the United States, are mere corolBut his laries which do not concern the nation now. profound reverence for Law, does. In this there is beUef in the Jeffersonian principle that minorities THE LAW, THE GOVERNMENT, AND INDEFEASIBLE RIGHTS. have rights which majorities are bound to respect. And certainly, this "Man for the Ages" would look aghast upon the condition in the Republic of which At the centenary celebration of the Harvard Law School, on June 21, Charles E. Hughes delivered an ex-Chief Justice Hughes complains. address which should go directly to the people of the the Law School clearly shows how The address to this "passion for a bureaucracy, how it places large United States. So many quotable excerpts can be legislation" fosters made from its compacted thought that apology must discretionary power in administration, reasoning be given, or at least explanations, for the selection of thereupon: "We should know by this time that any. For our own purpose, at the moment, we call arbitrariness is quite as likely to proceed from an unrestrained administrative officer of the Republic attention to the following: "The self-restraint which should have been fos- reigning by the grace of an indefinite statute as by the tered by miscarriages of plans for legislatively con- not conspicuous. A legislation is not a sign of democratic progress, and in the mass of measures introduced in the Legislatures of our free Commonwealths there is too httle trived Utopias is passion for evidence of perspective and an abundance of elaborate and dreary futilities. Occasionally a constructive measure of great benefit is skilfully planned, but we are constantly impressed with the lost motion and the vast waste in the endeavor of democracy to function wisely." Irving Bacheller in "A Man for the Ages" puts this into the mouth of his chief character: "Well, Joe, we'll all do v,^hat we can to keep you from being "I've got a a shotgun lawyer," Abe Lincoln began. found it in a letter which good first lesson for you. I Rufus Choate had written to Judge Davis. In it personal government of a despotic king." There can be no doubt that one of the great quick escape from this thralldom of artificial enactments in the name of "progress." The eminent jurist proclaims it, and the wise Choate and Lincoln confirm it. If this is true, seizing upon a dream-future as basis for a and vital problems of this time is present world-constitution is condemned. If this is true, seizing upon a sublimated state of domestic harmony as a fit subject for current legislation is We behold not only majorities but forbidden. minorities, "classes" seizing upon the law as an compulsion. These countless petty statutes that bind the sweep of endeavor not only disregard the material conditions of life and progress, but they flout the contention of the slowness and For when the sureness of the spiritual advance. the confirmation of the he says that we rightly have great respect for the common judgment through decisions of the majority, but that the law is some- years is dominant the law expressing it will insensibly disthing vastly greater and more sacred than the verdict come into being without contest and without not specialized 'It is a thing/ says he, 'which has ruption and by universal consent, of any majority. stood the test of long experience —a body of digested rules and processes bequeathed to us by all the ages The inspired wisdom of the primeval of the past. East, the robust genius of Athens and Rome, the keener modern sense of righteousness are in it. The law comes down to us one mighty and continuous stream of wisdom and experience accumulated, an- agency of force. anarchy, a demand for "no law," where statutes multiply until confusion itself is confounded. No wonder law becomes an instrument of selfish power when exigency brings it into being no wonder it will not abdicate while flattering its tyranny with asserted sanction of the people. Beside this slow accretion and solidification of human judgment as to rights and processes in the common relations of life, the fungus growths of necessity in a world-convulsing war ought to wither instantly in No wonder there is — widening and deepening and washing itself clearer as it runs on, the agent of civilization, the To have lived through builder of a thousand cities. ages of unceasing trial with the passions, interests, and affairs of men, to have lived through the drums the sunlight of peace, even of cessation. The Law and tramphngs of conquest, through revolution and is charter as well code. Until the voice of the people reform and all the changing cycles of opinion to have is heard, it cannot be heeded, and it may not be attended the progress of the race and gathered unto spoken of man. Its office is service through exIt is not the plaything of circumstance, itself the approbation of civilized humanity is to have pression. proved that it carries in it some spark of immortal it is not the means of the exercise of power, it is " never the will, merely, of the administrative officer life.' And then the author adds this: "... That is a seeking, however honorably, to impose his ovrn Abe conception of the "public good." wonderful statement," Samson remarked. Scientific invention, migrations of men, outbursts answered: "It suggests to me that the voice of the people in any one generation may or may not be of savagery into wars gigantic, change the human The processes of "supply and demand,*' inspired, but that the voice of the best men of all relations. ages, expressing their sense of justice and of right, which never cease their compelling power, maj^ be The interrupted, but in proportion as they are immutable in the law, is and must be the voice of God. spirit and body of its decrees are as indestructible as they tend to swing progress back into equilibrium. cestral, , ., THE CHRONICLE 13 We but retard the return by statutory intervention. Reform properly is re-form. Reconstruction cannot evade the old foundations, the relations that are the For behind the "war" result of thousands of years. and the "tumult" there is the cause of the eternal advance, the purpose of the Infinite. Who can sweep back the tides or imprison the sunbeam ? The leaders are the prophets of to-morrow, but the judges To think is not to act; to dream is not to of to-day. Government is not all, man is all. How often do. Init is said there are no straight lines in nature. in us and through us. sensibly the cause works While we dwell in the commonplace, lo we attain it, [Vol. 111. it properly. Banking is like anybody can drive the machine provided both do locomotive-driving; just as delicious anybody can make the violin discourse music, provided the work is done exactly as the skilled engineer or the accomplished artist Success consists in properly adapting right means to legitimate ends. Any group of propowners who choose to associate for the purpose erty can form their own fire insurance company, and so can any one of them by and for himself; there are does it. fundamental principles which must have respect and compliance, and if they receive that, success is at the end of an open road. The laws of economics, finance, human nature, and physics, imperceptibly the heights. Before government as before law let the true "play no favorites;" favoritism is nominally obtainhelper of his time and place bow him down in humil- able by paper statutes which politicians enact, but Grants of discretion to those in high office are they prove futile when they encounter the perity. dangerous in proportion as they are given to the few. manent laws. Banking, like insurance, may be undertaken under To be specific the judgment of the Senate is more some conditions prescribed by statute; beyond that, But to be respected than that of the Executive. which comes down through the ages, it needs time, sound management, and fulfilment of before this Law the Judiciary of a nation also must bow. To con- inexorable rules of business. Given those, members ceive that a government of protection, builded by of labor unions can establish a bank and achieve bankconformity to advance and submission to popular ing success. Some of them, especially when they consent, is a sovereignty independent of the will of gather in convention and become excited, half perthe governed, to sustain it over the undelegated suade themselves that the outside world is "against" right of the individual because of the declarations labor and that capital in particular is its irreconcilAre able enemy, but that is just their mistake; the case of majorities is to make it supreme over man. there not indefeasible rights in man, that the citizen, stands the other way around, for they are the ones the government, the Law, and the Courts, are who are "against" and take the irreconcilable attitude. The property owners who think they bound to recognize? could do their own insuring have full liberty to proceed and to teach the companies how to do the BROTHERHOOD BANKING. business; the unions that disapprove capitalism and A report, not long ago, that organized labor was Wall Street are equally free to proceed and teach planning to have a bank of its own receives confirma- capital the lesson of a better and honester way. tion by the filing with the Comptroller of the Currency But if they "strike" against those laws of ethics of an application for organization papers of the and the rest, no politician seeking votes can help Brotherhood of Locomotive Engineers' Cooperative them; the arithmetic never discriminates, and the National Bank of Cleveland; the capital proposed is consequences wiU strike back. Action and reaction a million, and the head of the plan is Chief Stone of are equal, the textbooks say and life demonstrates; the engineers. It is supposed that the men have a and often the reaction is the force that holds out best very considerable amount put by somewhere, and When the engineers have opened their banking when the country-wide strike was threatened, during shop, will it be "closed", according to the strictest the Presidential campaign of 1916, a fund of several union orthodoxy, or will it be "open" as theenemies of millions was boastfully said to be in reserve against labor are said to want things? Banking is commonly emergency. It should be still larger now, and pre- very much open, only requiring that the customer sumably it is not drawing more than the current shall have something to do business with and there rate on balances subject to call, or, at the most, shall be no apparent likelihood that he will attempt a savings-bank rate. Any portion placed in what any crookedness; beyond this, no questions are asked. are ordinarily termed securities would be tanta- A savings bank in a large city may naturally have mount to a bond given to maintain order and not some nationality or "class" predominant among its cusdo what the men keep threatening to do; any portion tomers; but this would be because of its name or of of savings informally invested in life insurance or its location, and every bank opens its doors to all. even in savings banks is also tantamount to such a Must the customers of the Engineers' bank be in bond, since the insurance companies and the savings good and regular union standing, with all dues paid, banks and all public corporations stand upon rail- and must they produce the union card? Is an engiway credit as a large part of their foundation, and neer, or a fireman, or a conductor, or a trainman, against that foundation the railway unions contin- or a switchman, " a man for a' that," or does unionually make threats. Some of them doubtless do ism alone complete manhood? this ignorantly, being unable to mentally see what is And when Mr. Stone takes up his role of custonot very close to them; but the majority probably dian and husbandman of funds, will he adopt the do see that the revolt they threaten would involve methods which organized labor has not infrequently themselves, and this shows anew that they have denounced? The person who distrusts banks as always felt sure that the threat would suffice. robbers and prefers domestic hiding places takes The engineers may have persuaded themselves chances, as lately illustrated by a case in which the that banking is a profitable business which one savings of many years, temporarily rolled in a corner person can do as well as another a proposition of a rug, were lost out of a window into a crowded quite correct if we change the order of the words street by a hapless little girl who had a desire to tidy and say that one person as well as another can do up, and when she heard something drop feared to — — several July 3 THE CHRONICLE 1920.] 13 But in practice, the men confess themselves wrong about the labor market by immediatly proceeding to close that market to their late employer; they appeal to a tribunal which is unbiased and final, and then try to force its decision. In all the long course of industrial revolts not more than one or two instances can be recalled in which striking employees have not sought to prevent others from taking the abandoned jobs.- The Clayton law forbids any injunctive attempt to prevent using any "peaceful and lawful means" of dissuading others in such cases, but their emotions overcome them at times and their practices indicate that any dissuasive means short of bringing to bear machine guns or boat without getting their own feet drawn down other implements of modern warfare appear to them with the feet of all others. Will he then be likely to be peaceful and lawful. Judicial decisions on to realize (and regret) the falsity and the mischief what means may be used are neither many nor immediately, lest she be punished for shakThe ignorant hater of ing a rug from a window. banks may tell you that banking is truly a nice business, consisting in charging a man for the use of his own money, a statement which has barely enough When Mr. Stone attempts truth to make it witty. to pay interest on deposits or to perform other services of ordinary banks he must lend in order to have an income. If he lends by security-investments, or if he uses the other modes of lending, he will find that he is acting upon the safety of property, and then (possibly for the first time) he will begin to realize that property must be conserved or nobody is safe and that he and his fellows cannot scuttle the report it epigram long ago said to have been uttered by him, that wages are always a first lien, and receivers' cash is as good as any? It is at least an interesting proposition when men who have obstinately refused to give a thought to the welfare of the business which has employed them attempt to conduct a business themselves. If they keep their bank a union concern it can hardly outgrow the dimensions of a union savings-bank; if they throw it open to the public they must consider, and care for, and serve the public, which will be a new experience. In the one attempt or in the other they will encounter laws which no man made and no man can alter, laws which will remain indifferent and unshakable before all the kicks and protests and threats that have been found so potent in railway service. They cannot acquire some existing bank by a variant of the Plumb plan; if they get a bank they must build one. To build one will require real cooperation, a breadth of view which unionism in the sardonic has not yet attained, a willingness to let others live, and a regard for property rights. The result will be worth watching. Perhaps it will be educational in a manner not expected by the proponents. It may teach them that in trying to make a part independent of relationship to the whole the railway unions, and all other unions also, have been wasting strength and injuring the whole of which they are an inseparable part. The experience cannot fail to be somewhat corrective, and if it prove painful also it will be what unionism needs and keeps inviting. PICKETING, PEACEFUL AND OTHERWISE- JUDGE KILLITS'S DECISION. When any body man, small complete; it may therefore be helpful to look at the interpretation lately given upon peaceful inducements by Judge John M. Court in Toledo. The Killits of the Federal District was peculiar and was unusually flagrant in the wrong action complained of. The Vonnegut Machinery company of Indiana had contracted for certain work to be done for it by the Toledo Machine company of Toledo, but the work was interrupted by the fact that a machinists' union had called a strike upon the latter corporation because it was doing work for still another concern (the WillysOverland Company) which concern had already been condemned as "tainted" and "unfair" and a strike had been called against it. For convenience, let us case itself designate these three concerns, in the order named, as Nos. 1,2, and 3. Then the case was that the union had no quarrel with No. 1, but having forbidden No. 2 to work for the "bad" No. 3, forbade it to work for No. 1 either, in order to complete the stricture upon No. 3. In the words of the court, these men struck, not because they were in any manner dissatisfied with wages or conditions or had any difference with their employer, "but simply and solely because they did not like a customer with whom the employer was doing business only because they did not care to work on certain contracts their employer had." It was as if A, an employee, said to his employer B, "I like you in all respects, but I will not let you finish some contract work for C (about whom I care nothing) if you also do work for that abominable D." Nothing more openly declaratory of right and power to dictate to an employer — as to who he shall accept as customers could be conceived. Of course, "picketing" was begun, and the Voncontinue working, they in effect declare that the negut company brought action gainst the Toledo existing wage and other conditions are less favorable company, against the machinists' union, and against to themselves than the market requires that as to ten individuals. The defendants sought cover under this they are right and the employer wrong. They Section 20 of the Clayton law which prohibits anj^ of or large, refuse to — appeal to the arbitration of current events as those develop. If the employer, under the free operation of supply and demand in the employment market, can replace them upon his conditions, he proves the men have been wrong on the facts; if he cannot replace them he as surely and as convincingly proves that he was wrong and they were right. Left to itself without interference, the result settles itself in a manner which nobody can question and which cannot, ordinarily, cause more than a very temporary inconvenience to the public. So much as this is too natural and too plain to need more][than the mere statement. quitting to restraining order or injunction in a case "involving or growing out of a dispute concerning terms or conditions of employment," unless such relief were necessary to present irreparable injurj^ to propertj^ Judge Killits held that the object was "to compel the emploj'er to refuse to accept certain contracts and was therefore not to determine conditions of employment," so that the dispute did not come within protection of the Clayton law; further, that since the employees struck for an object not under favor of the law they "lost or a property right, etc. employees and were in no better position than mere strangers to the employer." their status as — THE CHRONICLE 14 The words "terms and said Judge Killits,. conditions of employment," mean such matters as naturally mitted." granted. A [Vol. 111. temporary injunction was therefore wages, hours, classification, sanitary and physical conditions, opportunities for reasonable redress of grievances, and for bargaining in respect to hiring Such a situation, said Judge Killits, "is'^not protected by any legislation whatever and is condemned by the undeviating current of judicial opinion." It is certainly quite time it were condemned also But, said Judge Killits: conditions. "In no case, however, does it seem possible that by an undeviating and a continually strengthening the definition of this term should be so wide as to public opinion. make the emploj^ee a dictator to his employer. . . .the employee may refuse to work for any reason, however frivolous; but if he strikes for a whim the controversy so brought about does not gain the status which would bring into operation the law in question. If the 'shop committee' can direct the stopping of the employer's business on the ground that the latter's customer is offensive there is no limit to its domination Congress surely over the employer's affairs. . . . THE RAILWAYS AND THE PEOPLE. In so vast a territory as that comprised in the United States, transportation agencies are of transcendent importance. They unite the people and Internal waterways ought distribute their products. more than they are, but can never supplant the direct and quick service of the railways. cripple the industries of the Entering upon a new period of growth and expansion, never intended to so country, to so broadly and unfairly discriminate in returned to the control and operation of their owners, . . to be used far . favor of a class, to so violate the clearest public policy." these factors of industrial life should receive the the encouragement and support of the public as a whole. interfering persons stood in no special relation to the If there is such a thing as an economic duty it should employer but were the same as other outsiders now receive the consideration of every man in have much interest, but what we especially set out business enterprise. Public opinion, as a motive It appeared in force, can do much to strengthen and sustain those to consider is the "picketing." evidence that the 8 to 12 pickets used, to the several who conduct these indispensable integers of the hundred employees who had to pass by them, language commercial life. First, they should be recognized abusive, insulting, threatening, and even obscene, for what they are; second, be tendered the utmost calling them scabs and the like, and bidding them good will. remember that they were marked for future identiFinanqial manipulation of the affairs of the railfication; it was also in evidence that the city govern- roads is not now charged and had only a slender ment permitted erection and maintenance of a shanty basis in the past. It is also well to recall that many between the curb and the sidewalk near the entrance of them had to descend to practical bankruptcy in of the place, "in which a stove was kept, that the order to admit of reorganization according to conpickets might warm themselves," and this went on ditions superinduced by building and operation many weeks. through a period that could not forecast the growth Judge Killits does not think that peaceful picketing of cities, the settlement and improvements of arable ends only with machine guns or that any persuasive lands, the direction and destination of surpluses in methods are lawful which do not cause the body of agriculture and manufacture, the changes in the the person to be persuaded to collide with some wants and needs of communities. Consolidations Of peaceful and systems were a natural consequence, and finanmaterial object, club, brick, or fist. influencing he says: cial opportunity for manipulation came though a survey of the whole must establish not only genius "In ordinary conduct men use the vocabulary of their class, and when their interests are actively in organization, but recognition of the immutable aroused and their passions stimulated the bonds of benefits of a perception that highest service at least their own conventions are soon snapped and their cost is the only foundation of stability and success. We would Time has demonstrated this, for time has so increased verbal weapons begin to lose refinement. expect a picket line of college metaphysicians or of who were really spiritually sweet and values as to absorb what is commonly termed This argument — and the proposition that — theologians, supernaturally self-controlled, to maintain, under extreme aggravation, a course of action which might be calmly persuasive and well within the theory of the law; but men of more vigorous pursuits, especially if their vocations as well as their avocations bring them into more robust and more wordly contacts, tend much more quickly, when milder measures seem to effect little of their aims, to what is known in radical parlance as direct action, and when that element comes into the picket line, even in vocal form, peaceful persuasion takes its flight." quoted the late Judge McPherson in a railway case, who said that "there is and can be no such thing as peaceful picketing, any more than there can be chaste vulgarity, or peaceful mobbing, Judge Killits also or lawful lynching; when men want to converse or persuade they do not organize a picket line; when they only want to see who are at work they go and see, and then leave, and disturb no one, physically or mentally." In this case of unlawful conspiracy, where the purpose "was to injure the employer as a means of assisting the coercion of another employer", there was nothing really peaceful and "overt acts of intimidation and coercive espionage were com- "watered stock," but which in reality is cost inherent in the necessary wasteful the excess method of early pTOJection and untried operation. It was from this period that arose, that lingered on, a popular distrust and became the progenitor political attack. This induced the creation of commissions for control but more than this, fanned Against this adverse distrust into antagonism. of feeling — and despite the solidifying of the country's (which the railways not only helped to create but were themselves bound by), notwithstanding the undue pressure put upon them by the Commissions yielding to popular sentirnent, these railways under their enforced systems were emerging into larger life and service when suddenly the world-war came and they were taken over bodily by the Government. This period of railway history has ultimate consequences that cannot now be measured. We have alwaj's questioned the necessity for war purposes of taking over the whole of the common carrier business in order to It has seemed fill war's needs and requirements. to us that systems or parts of systems or of industrialism into rigid forms, — — July THE CHRONICLE 3 1920.] have been taken over temporarily to move war supplies and munitions and troops without taking in charge the whole mileage and equipment and then operating it as if it were governBut that mentally owned, controlled and directed. need be mentioned only to point out that excessive wages and the losses of operation continue on into the new period now opening, and constitute a vital element in the new (old) management. We are now concerned with the outlook and the A new law is in being under duty of the people. It is not which private ownership is to operate. might roads say that it recognizes many of the pre-war days and seeks to obviate them. It approaches this task not in antagonism but in support. But the major fact, it seems to us, that the people must recognize is, that this re-birth of the railways and the consequent growth will not again be hampered by a past that the roads had practically outlived before the war began. That there will be constant changes is true but projecting long lines into undeveloped territory and its consequences will never again be encountered. Not only this, but all that experience in management and applied invention have contributed is now an open possession and is a firm foundation on which to operate and extend. It is true, too, that certain elements of "consolidation" brought about by war may remain, giving greater efficiency. On the other hand it is possible that developing foreign trade may shift somewhat the routes of cross continent freight. But the very fact that traffic already is burdening the roads as they are, indicates that with proper support and freedom they now enter a period of prosperity never enjoyed before. They are more too much to difficulties of — 15 should be a generous and spontaneous support. Like taxes, charges cannot come down save with the general leveling process over an extended period of time. In fact charges must increase of necessity soon, and should be promptly acquiesced in —for the remuneration increased service that lies to the people in the certain to follow. is Credit enters upon a new period. There is no general breakdown to be anticipated in this new if we are correct in believing that the former such period was an inevitable condition and has now Investment in railway securities, corrected itself. because of present conditions and because of the period clearances and reorganizations of the past, with the heartly support of the people to the operation of now the roads themselves offer attractive invest- ments to those who put their surplus capital in As to stocks, if our diagnosis is correct, bonds. they simply cannot be unduly manipulated as of yore they were in some instances. What we seek to impress and promote is the sense of common railways ownership in the —a command common use of the and universally use we individually we pay for it a use far — as than the Govern- different that which would be permitted to us if ment owned the properties— and lastly a common ownership in use such as prevails in the common use of our factories and farms. This can be sub- served and strengthened by the power of public opinion. Thus the people have all to gain and nothing to lose. We shall have taxes enough to pay in the next decade without running the risk of any more experiments in Government operation. Two things are necessary, resistance to the claims of and willingness to pay increased charges strikers we now know cannot be avoided. and business is more certain, In so far as discretion is vested in a political body than ever before. And nothing but the lack of popular which is representative, such as a commission, it goodwill, or future enactment of inimical regulations is necessary that public opinion declare itself. If and laws, can prevent the railways from enjoying in the past the Interstate Commerce Commission unprecedented prosperity and furnishing unrivaled has yielded to the public attitude of the people certain of business, service. towards the railways, on this ground, They have to contend with obsessions and still onslaughts of socialistic politics. But we fail to read the mind of the people aright if we do not find a ready willingness to give the new private ownership As we said, under favoring laws and a chance. rulings no period of depression depends. That has been survived and has worked itself out. The open and clear —as still a menace. a problem of practical industrialism. And the support of public opinion should be to the effect that political agitation shall not again interfere and destroy. •way is The "strike" the people is But the body of awake to the truth that the public is That the facility with which hundreds is the loser. thousands of employees can be herded into unions capable of exerting the malign power of stoppage of traffic, constitutes no right of action more than it would in any other industry, the people of now know and appreciate. can be done at the next election, and we believe will be done. Keep the "key" in the hands of people so far as uninterrupted operation is concerned. In matters of charges and credits manifestly there It again. the way of these companies. is it will do so clear to aid in the progress But aside from this the people and the press by a recognition of the elements of the opening period can do much to prepare the way for operation that by service and service alone wiU justify itself. been a great step to "turn the roads back". a renewed sense of proprietorship in the release. It is attractive to those who can feel the prescience of private ownership and common public It has There is use according to the demand and command of the individual citizen. In public ownership no such use can exist, for the only approach is by and through the command of the whole people collectively expressed. We are proud of our progress in "civil- meaning our physical and spiritual advance. We own it in its benefits and its uses. Each can take from it what he wants "according to need" They have already given that need determined by himself and not by an evidences that they are the owners of the uses of the railways, though they do not own, or wish to own, their physical properties. The plain economic duty under the new regime is to prevent by political power at the polls any further onslaugh by socialistic politics. And ization," official overlord. And in this way we commandeer, control through use, all our agencies, agriculture, manufacture, now again transportation. and Farmers ask and receive immunity at law from the anti-trust act. They wish to combine for certain processes of business. But they do not surrender their privately owned lands and stock. Even "labor" asks immunity from the same act designed as a check upon monopoly. — THE CHRONICLE 16 [Vol. hi. by the fact that these electric railways had suddenly become subject to a ne"w form of competition in the for railways and the people. And Even the effect, however, there has appearance of the jitneys. general a commendation of the roads as been?^ criticism, those who manage will feel the of the jitney (treating the entire body of electric railthrill of popular approval, without which no business ways as a whole, irrespective of the conditions in particular localities and on particular roads) went no can prosper. The same purpose, the same holds good when there is as process, COURSE OF ELECTRIC RAILWAY EARNINGS IN 1919. Our annual compilation of the gross further than to hold in check the steady growth which previous experience had shown could be confidently counted upon. and net earn- After the standstill in revenues, however, in 1914 United States, and 1915 the upward trend in gross was resumed, and ings of the electric while continuing to disclose the presence of high oper- in 1916, 1917, 1918 and 1919 was carried still further. ating costs, indicates at the same time that fare in- In 1918 and 1917 the upward course of the net was creases are having their intended effect and that retarded because of the great increase in expenses. slowly an improvement in net results is being wrought. But in 1919, as already stated, this unfavorable trend In In the gross the record is the same as in the past, and was corrected and a recovery in net recorded. expansion. This expansion, how- our present compilation for 1919 we have complete reflects further ever, is no longer the sole result of a growth in traffic; comparative figures for 315 roads and the total of the The gross earnings of these roads in 1919 was $752,278,in no small part it is due also to higher fares. improvement in the net, though moderate, contrasts 057, as against $636,751,762 in 1918, giving, therevery favorably with the losses which appeared during fore, an increase in the substantial sum of $115,The net earnings for the the two preceding years, owing to the great augmen- 526,295, or 18.14%. Our statements, which are very same roads aggregated $176,251,349 for 1919 as expenses. tation in comprehensive, cover the calendar year 1919 in com- against $160,839,099 for 1918, thus recording a gain of $15,412,250, or 9.58%. In other words, a parison with 1918. electric railways had varied conditions to gain of $115,526,295 in gross was attended by an The contend with. The normal tendency of traffic to augmentation of $100,076,710 in expenses, whereas increase was accelerated by the wonderful activity in 1918 a gain of only $45,026,428 in gross was On the other hand, wage in- attended by an augmentation of $77,458,557 in of trade and business. In these figures we are dealing with the creases were encountered everywhere and were of tre- expenses. mendous extent. Advances in railroad fares became general totals. In the case of the separate roads inevitable, owing to mounting costs, but were by no the improved character of the net is still more strongly means universal. In some cases they were readily emphasized. For, altogether, out of the 315 roads granted; in other cases acceded to only grudgingly, included in our detailed statment at the end of this and in still other cases not at all. The installa- article, only 32 show a decrease in gross, though 96 In the previous tion of new efficiency devices and the elimination have suffered a decrease in net. of non-paying lines marked other efforts to cope year, 94 roads showed a decrease in gross and no less railways of the with a trying situation. In certain directions there was a decrease in the cost of materials entering into street railway operation, but only as compared with the extraordinary prices of the previous year. An idea of the situation in that regard can be gleaned from the following comparison showing the costs of various materials in 1919, 1918, 1913 and 1910. It will be noted that, while most items are lower for 1919 than for 1918, the decreases are trifhng alongside the tremendous advances in cost prior to 1919. These figures have been obtained from the annual reports of a street railway company which did over $15,000,000 gross business last year. Brass, per lb... 26-inch steel car wheels, each Cement, per barrel Copper, per pound Jt^-lnch galvanized span wire, per Rail, per ton 1919. $.26 25.00 2.32 .26 c. It.. Barlron, percwt M-lnch cold-rolled steel, per cwt 3.20 67.50 4.07 5.35 1918. S.34J4 24.00 2.27 .35"^ 3.85 78.00 4.07 6.66 1913. S.21 14.00 1.49 1910. S.18H 1.20 .18 .14 1.53 1.62 39.55 2.10 2.24 1.80 1.90 Unfortunately, the further wage advances more than neutraUzed the slight decline here recorded in the prices of certain materials. In the case of the road whose material costs we have just cited, the wages of train men went up 12 cents per hour during 1919, track labor was paid 7^/^ cents more per hour than during the previous year, and shopmen received an increase of 103/2 cents per hour. Expansion in revenues, gross and net, is the rule under ordinary circumstances with the electric railways as with everything else in this country. Apparent exceptions to the rule, obtained from a retrospective glance over the past, are readily explained. For example, in 1914, and again in 1915, the upward course of the gross earnings was interfered with than 223 a falling off in net. Ih presenting our detailed statement for the last two calendar years, it is proper to say that as in the case of preceding annual reviews, we have sought to procure comparative returns from all the street and electric railways in the country. The success at- tending our efforts can be judged from the tables themselves. Manifestly, any compilation dealing with electric railways is made up in considerable part of street railways, since these latter are now practically all operated with electricity as motive power. And yet the tables include many other electric roads, for electric lines connecting various suburbs have become quite common, and there are also numerous electric interurban roads of large magnitude. We may repeat what we have said in previous yearly reviews, that the task of obtaining these figures for the twelve months of the calendar year is not Where companies furnish monthly altogether easy. returns it is of course not difficult to make up the figures. But the number ing monthly returns of electric railways supplj'-- exceedingly meagre notwithstanding that, with the increase in the capital is still invested in these properties, the policy of secrecy in their affairs, which formerly prevailed so widely, has in large measure given way to more enlightened methods. Besides the roads which have furnished returns of both gross and net earnings, 8 other roads have favored us with comparative figures of gross alone. Adding these on, the number of roads is increased to 323, and the total of the gross raised to $757,382,493 in 1919, and $641,107,056 in 1918. The in- July 3 THE CHRONICLE 1920.] $116,275,437, or 18.14%, the being the same as that in the previous percentage crease in this case is complete returns. total of ROADS REPORTING GROSS ONLY. 1918. 1919. Roads. Increase. Decrease. S S Gross earnings reported below S 752.278,057 636,751,762 119,129,421 (315 roads). 173,750 986,966 813,216 Citv Railway Co 61,755 18,725 80,480 JoUet & Eastern Traction Co 276,564 24,802 Muskegon Traction & Ltg. Co 301,366 Pacific Gas & Electric Co. (Ry. 137,037 671,104 534,067 Dept. only) 466,174 18,502 Portsmouth Street RR. & Lt. Co. 484,676 164,095 152,966 Union Traction Co. (Tenu.) 35'480 209,712 245,192 Vlcksburg Light & Traction Co. 351,975 1,829,711 Wisconsin Minnesota Lt. & Power 2,181,686 S 3,603,126 — 757,382,493 641,107,056,119,889,692 1116,275,437 Total (323 roads) Net Increase (18.14%) lV,i29 3,614,255 have furnished only exhibits of the gross, it seems safe enough in their case to arrive at an approximation of the net by taking expenses for the two years at the same ratios to gross earnings as are found in the case of the roads which have furnished reports of both gross and net— 76.57% in 1919 and 74.74%, in 1918. While the 8 roads in the foregoing We make the computation, of course, only in the case Obviously, it of the total of the whole 8 roads. would not be safe to apply such an arbitrary rule as regards any particular road. Adopting that method, we are able to combine the two classes of roads and get complete results as to both gross and net, as is done in the following: -Gross-NetIncrease. Increase. 1919. 1918. 1918. $ S S S S 315 rds.752.27S,057 636,751,762 115,52"i,295 176,251,349 160,839,099 15,412,250 95,822 8 rds. 5,104,436 4,355,294 749,142 *1, 195,970 *1, 100, 148 Calendar 1919. S Year— 17 Large though the totals in our final summary are, they fall considerably short of recording the entire earnings of electric railways in the United States. The minor roads not represented would not swell the amount to any great extent, but it happens that a few large companies are also missing, because no data concerning their income could be obtained. Among these may be mentioned the Bay State Street Ry., the Denver Tramway System, the Cincinnati Traction Co., the Pacific Electric Ry., and the United Railways Co. of t. Louis. Even with these roads and many minor ones missing, our total of the gross for 1919, it will be observed, is $783,available. 514,781, and the total of the net over $185,000,000. Of course, many of the electric railways furnish and power purposes, besides being engaged in the railway business, and the earnings from that source form part of their total income^ On the other hand, in a number of cases the earnings from lighting and other sources have been separated from the street railway income, and the latter alone is included in our table. This is true, for instance, of the Public Service Corporation of New Jersey, where we take simply the results from the operation of the railway properties; it is also true of the Philadelphia Company (of Pittsburgh), the Pacific Gas & Electric Co., the New Orleans Railway & Light Co., the Little Rock Railway & Electric Co., the San Joaquin Light & Power Corporation, the Union Railway, Gas & electricity for lighting and some others. We have been making up these annual compila• For these roads the net merely an approximation, no figures having been tions continuously for fifteen years now, and to furnished by the companies. show how constant and general the increase has been It will thus be seen that the aggregate of the net from year to year and how the totals have been growon the foregoing whole 323 roads Electric Co., 323 rds.757,382,493 641,107,056 116,275,437 177,447,319 161,939,247 15,508,072 is basis for the reaches $177,447,319 in 1919, against $161,939,247 The an increase of $15,508,072, or 9.58%o. totals given all relate, as already stated, to in 1918, roads which have favored us with statements for the calendar year, or whose figures we have been able to make up months. In order carry the investigations a step further, we have to thought it best, as in previous years, to furnish an indication of what the totals would amount to if we took into account the roads whose figures are available for other periods, and particularly for the fiscal year ending June 30. In the summary we now furnish we start with the total of gross and net for the calendar years 1919 and 1918, as given above, and then add the earnings of all the roads for which we have returns for the twelve months ending June 30. The two combined make a very comprehensive aggrefor that period of twelve gate, as follows: -Gross1919. S -Net1918. S 1919. 1918. Forcal.yrs.asabove (323roads). 757,382,493 641,107,056 177,447,319 161,939,247 Foryearsend. June 30 (10 roads). 26,132,288 22,465,515 7,629,982 6,831,683 Grand total (333 roads) Increase The roads) 783,514,781 663,572,571 185,077,301 168,770,930 (18.08%) 119,942,210 16,306,371 (9.66%) total of the gross earnings (comprising 333 1919 is $783,514,781, and for 1918, $663,572,571, an increase of $119,942,210, or 18.08%. Net earnings total $185,077,301 against $168,770,930, for an increase of $16,306,371, or 9.66%. To guard against misleading the reader, we wish to reiterate what we have said in previous annual reviews of the earnings of these electric railways, namely that this is not an attempt to indicate the aggregate of the gross and net earnings of all the street and electric railway undertakings in the United States. It is simply making use of all the figures that^have been'^placed at our disposal, forjwhich are we ing in magnitude, of the furnish the following summary comparative totals of gross and net for each back to 1905: of the years GROSS EARNINGS. Current Year. 1906 1907 1908 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 • •• •• • •• •• • " • •• • •• " •• " 1905. 1906. 1907. 1908. 1909. 19101911. 1912. 1913. 1914. 19151916. 1917. 1918. Previous Year. $306,067,145 300,567,453 306,266,315 351,402,164 374,305,027 435,461,232 455.746,306 486.225,094 529.997,522 553,095,464 567,901,652 626,840,449 670,309,709 696,066,585 783,514,781 Period-1905 com pared with 1904. $281,608,936 269,595,551 280,139,044 348,137,240 345,006,370 405,010,045 428,631,259 457,146,070 500,252,430 548,296,520 569,471,260 574,382,899 618,529,309 649,5.50,990 663,572,571 Per Increase. $24,458,209 30,971,902 26,127,271 3,264,924 29.298,657 30,451,187 27,115,047 29,079,024 29,745,092 4,798,944 * 1,569, 608 52,457,550 51,780.400 46,515,595 119,942,210 Cent 8.68 11.49 9.33 0.94 7 49 7.51 6.33 6.36 5.94 0.87 0.28 9.13 8.37 7.16 18.08 Decr(iase. NET EARNINGS. Period-_ 1905 com pared with 1904. •• 1906 1905. •• 1907 1906. •• 1908 1907. • 1908. 1909 • 1910 1909. 1910. 1911 •• 1912 1911. •• 1913 1912.. •• 1914 1913.. •• 1914.. 1915 •• 1915.. 191R •• 1917 1916.. •• 1917. 1918 " 1919 1918. • . Current Year. -. -5130,884, 923 126,580,195 126,002,304 142,262,417 160,394,765 178,037,379 186,001,439 194,309,873 -. •_ 204,422,429 211,020,088 214,319,303 234,402,450 221,090.740 178.226,716 185,077,301 Per Previous Year. Increase. $118,221,741 114,024.076 121,050,703 141.144,213 140,647,906 167,100.351 175,527,542 179,915.760 193,393,045 212,146,403 217,440.533 215.917.573 228.585.929 $12,663,182 12.556,119 4,951,601 1,118,204 19,746,859 10,937.028 10,473,897 14,394,113 11,029,384 •1,126,315 *3. 121,230 18,484.877 •7,495.189 2 12 ,,570.030 168,770,9.30 34.344.214 16.306,371 Cent. 10.71 11.01 4.09 0.79 14.03 6.54 5.96 8.00 6.70 0.53 1.43 8.56 3.28 16.16 9.66 Decrease. be observed that, while in the first year our final total showed aggregate gross of only $306,067,145, the aggregate for 1919 reaches $783,514,781. The net, due to unprecedentedly high operating costs, has fallen off considerably, but notwithstanding this fact amounted in 1919 to $185,077,301. Of course, to some extent, our exhibit is more comprehensive now. In the main, however, the increase is due to the growth of traffic and revenues in the interval. It will be noted that each and every one of It will the fifteen years, except 1915, shows some increase in gross earnings, that even 1908 the year following the panic proved no exception, though the increase — — — a a a THE CHRONICLE 18 then was relatively small, and that the total of the gain in gross for the whole fifteen years, taking the aggregate of the increases for the separate years, amounts to S504,436,404. In the net earnings, however, growth has been retarded, the augmentation in expenses and rise in operating cost having caused decreases in net in three out of the last five However, years. as previously stated, the latest [Vol. 111. results place the situation in a more favorable and show substantial recovery in further growth in gross. The light net as well as the detailed statement already two calendar years, which shows separately the comparative figures for each road contributing returns of gross and net in the two years. following is referred to for the last ELECTRIC RAILWAY GROSS AND NET EARNINGS FOR CALENDAR YEARS. GROS'S. NET. ROADS. 1918. 1919. $ 690,850 el33,900 16,312.231 485,457 1,679.020 222,422 458,332 784,112 184,106 112.773 641,904 1,104,890 143.217 290,080 1.094,675 371,269 1.103.241 100,598 789,320 4.577.356 81,832 29.498,582 187,723 948,554 Albany Southern Railroad Co.a & Railway Co.a American Railways Co.a Arkansas Valley Interurban Railway. a Arkansas Valley Ry., Lt. & Power Co.a Atlanta Northern Railway.a Atlantic Coast Electric Railway.a Albia Light Atlantic City & Shore Railroad Co.a Atlantic Shore Railway (Kennebunk, Atjantic & Suburban Railway.a Me.).b Auburn & Syracuse Electric Railway.b Augusta-Aiken Railway & Electric Corporation.a Aurora Plainfield & Joliet Railway.a Austin Street Railway, b Bangor Railway & Electric Co.a Baton Rouge Electric Co.a Berkshire Street Railway.a Biddeford & Saco Railroad. b Binghamton (N. Y.) Railway Co.a Birmingham Ry., Light & Power Co.a Blue Hill Street Railway.a Boston Elevated Railway.b & Plainville Tramway Co. Boston & Worcester Street Ry.a Bristol (Railway only).b Brooklyn Rapid Transit Brooklyn Heights Railroad Co.a Brooklyn Queens County & Suburban Railroad. a Coney Island & Brooklyn Railroad. a Coney Island & Gravesend Railway.a Nassau Electric Railroad Co.a New York Consolidated Railroad. a South Brooklyn Railway Co.a Buffalo & Depew Railway.a . Buffalo & Lake & Erie Traction Co.a g Buffalo Southern Railway Co.a Buffalo WLlliamsville Electric Railway Burlington County Transit. a Co.a Butte Electric Railway.a Calais Street Railway.a California Street Cable. a Capital Traction (Washington). b Carolina Power & Light Co.a Chamber? burg Greencastle & Waynesboro Street Ohambersburg & Ry.b Gettysburg Electric Railway.b Charleston Corsolidated Ry. & Lighting (Ry. only). a. Charleston (W. Va.) Inttrurban Railroad. a Charlottesville & Albemarle Ry. (Railway Dept. only).b Chattanooga Railway & Light Co.a Chautauqua Traction Co.b Chicago & Interm-ban Traction Co.b Chicago Lake Shore & South Bend Railway.a iChicago North Shore & Milwaukee Railroad.a Chicago South Bend & Northern Indiana Railroad, b.. Chicago Surface Lines. a Chicago & West Towns Railway.a Choctaw Power & Light Co. (incl. Pitts. County Ry.).. Cmcinnati Lawrenceburg & Aurora Elec. Street Ry.b.. Citizens' Traction Co.a Cleveland & Chagrin Falls Railway.a Cleveland & Eastern Traction Co.a Cleveland & Erie Railway.b Cleveland Painesville & Ashtabula Railroad. b Cleveland Painesville & Eastern Railroad. b Cleveland Railway Company, b Cleveland Southwestern & Columbus Railway.a CUnton Street Railway.a Coal Belt Electric Railway.a Colorado Springs & Interurban Railway.a Columbia Railway, Gas & Electric Co.a Columbus Delaware & Marion Electric Co _. Colimibus (Ga.) Electric Co.a Columbus Marion & Bucyrus Railway.a Columbus (Ohio) Railway, Power & Light Co a Concord Electric Railway.a.... Conestoga Traction Co.a Connecticut Company, a Connecticut Valley Street Railway.a Corning & Painted Post Street Railway.a Cortland County Traction (Railway only). a m Cumberland . . . . County Power & Light Co.a Dayton Covington & Piqua Traction. Dayton Sprmgfield & Xenia Southern Railway.a Dayton & Troy Electric Railway.b Des Moines City Railway Co.a.. Detroit United Railway Co.b Dover Somer.sworth & Rochester Street Railway.a. . Du Bois Electric & Traction Co.a Dubuque^iElectric Co. (Railway Department only). a.. Duluth-Superior Traction .b Eastern Pennsylvania Railways Co.a . . . .. Eastern Texas Electric Co.a . East St. LouLs & Suburban Co.a . Elmira Water, Light & Railroad Co. (Ry. Dept. only)".b EI Paso Electric Co.a Empire State Railroad Corporation.a . Evanston Railway. a. Evansville & Ohio Valley Railway Co.a I. .II. Evansville Suburban & Newburgh Railway.a Fairmount Park Transit Co.a-- -Federal Light & Traction Co. and subsidiary Cos. a I'ltchbirg & Leominster Street Railway a Fort Ftnn'x Light & Traction Co.a. Fort Wayne & Decatur Traction Co a Fort Wayne & Northern Indiana Traction Co.a Fostori.i & Fremont Railway a l''lh ,1 Electric Railway.a G urg &'!Kewanee Electric Railway b. 1 < I <" O .' V Gen on- Houston Electric Vi aralso Railroad Co.a • trcet Hallway Corporation.a va .Seneca Falls & Auburn Railroad, inc. Increase. ' Georgia ::ai:way & Power Co. (combined companies). Grand Rapids Railway Co.a Gulfport & Mississipp'i Coast Traction'a Hagerstown & Frederick Railway b. - . Hanover & McSherrytown Street Railway a . '"I Harrisburg Railways Co.b. Hartford & Springfield Street Railwavia $ 652,872 104,268 14,234,405 328,611 1,480,548 184,567 406,967 551,903 171.638 91,157 724,237 $ 37.978 29.632 2,077,826 156,846 98,472 37,855 51,365 232,209 12,468 21.616 1,023,831 96,732 273,184 438,077 267,809 1,058.007 86.815 648,227 3,742.865 78,304 21,062,693 151,748 882,266 81.059 46.485 16.896 656,598 103.460 45,234 13.783 141,093 834.491 3.528 8.435.889 35.975 66.288 09,726,350 1.594,529 2,148,412 107,596 5,741,555 17,066,343 852.187 16,942 2,181,771 126,318 40,669 78,501 700,321 60,882 533,311 4,535,661 1,249,809 267,241 59,282 709,849 735,426 50,957 1,272,093 154,648 394,012 803,327 3,237,921 1,031,771 08,167,017 1,350,309 1,750,820 79,966 4,592,037 14,359.820 839,354 Decrease. 1,559,333 244,220 397,592 27.630 1,149,518 2.706,523 12.833 /i43,963,438 $ 82,333 36, .538 78 ,,348 710,934 43,1.53 455,219 3,629,855 1,015,382 222,665 46,373 .589,862 578.428 40,107 1,843,947 132,265 316,483 763,782 2,899,975 820,218 /i34, 710,098 594.773 370,161 129,329 640,802 95,568 . 246,807 164,509 162,794 517,930 12,443.950 1,531,294 183,698 112,593 367,476 1,562,152 663,190 1,181.413 45,817 4,264,486 175,205 792,221 431,922 149,216 772,336 106,442 298.714 181.288 191,207 654,325 15.660,945 1,870.404 210,898 103,412 487,547 1,458,685 848,972 1,309,281 52 022 4.997.971 261.766 hl,465,122 ftl.257,715 11,043,805 9,935,750 293,756 237,204 87.590 77,684 104,056 90,969 ,768,600 m3 ,226,900 F7n2 229,029 197,752 267,589 r221,484 392,583 359,932 1,856,098 1,715,337 24,683,038 19,014,018 134,239 112,414 72,630 68,683 321.489 250,579 1,959,436 1,686,485 1,644,562 1,192,995 1,390,350 1,131,753 4,258,919 4,215,887 549,222 483,386 1,574,676 1.257,633 8.57,553 749,858 207,080 171,491 407,686 330,743 224,260 240,218 176,.585 128,980 3,897.518 3,497,231 499.365 462,886 850,365 693.981 74,344 57,303 2,548,485 2,058,117 79,937 98,582 69,059 53,645 103,017 80,756 2,691,332 3,095,151 98,020 88,885 526,574 F 385,579 115.3,50 105,673 8,836,53.'; 10,592,498 1,572,142 !? 1,278,348 385,730 M 316,480 946,352 718,632 79,432 71,175 1,603,339 1,280,535 257,214 229.199 . 7.729 78,092 1,005,806 234,427 44,576 12.909 119,987 156,998 10,850 571,854 22,383 77,529 39,545 337,946 211,553 9,253,340 197,448 61.761 19.887 131,534 10,874 51,907 16,779 28,413 136,395 3,216.995 339,110 27,200 9,181 120,071 . 103,467 185,782 127,868 6,205 733,485 86,561 207,407 1,108,055 56,552 9,906 13,087 458,300 31,277 46,105 32,651 140,761 5,669,020 21,825 3,947 70,910 272,951 451,567 258,597 43,032 65,836 317,043 107,695 35,589 76,943 15,958 17,041 490,368 18,645 15,414 22,261 403,819 9,135 140,995 9,677 1,755,963 293,794 69,250 227,720 8,257 322,804 28.015 c3,537,668 128.954 636,699 46,744 13,450 110,980 20,593 13,453 32 6.749 2,211 3,192 458,286 109,814 29,538 .15.762 7i8,978,161 165,416 140,374 67,086 205,399 23,555 109,176 31,051 24,376 246,230 4,677,809 457,366 71,641 def 66, 467 120,022 jl87,508 cl86,705 612,055 14,628 1,702,649 73,319 118,916 117,790 30,264 155,923 23,292 67,017 23,382 13,672 190,221 3,692.135 300,806 67,438 1,665 98,509 i316,624 cl51,605 614,100 12,368 1.151,417 24.534 1.209,429 def34,330 26,820 17,773 m954 ,666 m925,736 51,179 43,940 103,649 225,055 4,890,510 13,950 13,679 34,852 c386,322 426,044 536,673 778,666 137,431 452,413 217,736 c42,357 118,534 43,806 63,496 1,235,780 91,147 280,387 16,529 549,292 28.272 17,361 24,352 819,016 5,743 57,237 40,154 96,731 293,619 4,255,679 9,877 15,760 20,919 c392 ,803 278,334 469.593 912„570 131,915 387,322 215,494 c40,830 67,956 56,248 27,011 1,052,309 89,480 230,930 9.606 8,837 111.690 18,540 229,064 2.091 60,661 86.099 2.355 2.731,648 7.399 34.106 01,988,935 179,482 321,072 16,131 816,040 4,314,876 193,500 defl9,099 69,227 def 8, 663 2.278 14,502 def33, 752 16,813 3,688,412 386.086 60,274 384,243 39,507 614,093 def3.270 S 108,661 114,670 137, .535 0954,011 43,237 258,592 23,946 485,218 3.362,050 121,369 def20,140 159,827 8.421 def 1,503 6,884 def 121, 878 3,229 143,407 cl, 704, 502 398,443 86,301 16,538 15,037 241.899 14,980 345,897 def4,258 116,759 59,383 773,235 271,600 9,3,589 Decrease. S 14.809 7,346 789,348 54,038 68,472 ,30,465 /!524,689 1,213.771 11,969 7,225 17,018 10,613 Increase. $ 151.207 /)10,709,423 2.459 137,484 37,475 4,131 153 47,605 400,287 36.479 156,384 S 166,016 e37,811 c4,327,016 182,992 605,071 46,712 122,111 225,650 13,844 15,664 140,727 348,472 45,300 87,859 438.077 139,696 defl3,906 18,564 132,970 1918. 96,696 326,387 121,166 def 242, 970 20,655 72,309 1.179,5441,094.445 def7,396 def5,041 5,798,243 3,066,596 35,817 43,216 157,113 123.007 19,401 2,044.287 88.843 1919. 1,034,924 136.245 62.480 7.815 330.822 952.826 72,131 1.041 90.600 17.084 3.781 7.618 88,126 4.702 7,931 121,980 cl, 446, 794 349,1.59 78,734 11,166 130,458 229,237 6,858 402,334 14,386 77,363 116,782 867,585 207,910 M20.034 255,1.56 28, .501 6,777 5,267 841,082 8,991 61 ,042 18,467 2,984,565 257,861 59,133 247,244 38,274 427 ,.536 2.706 ' 21.427 257.708 49.284 7.567 5.373 _^ 115.421 12,662 8.122 56.437 18.644 . 39.396 57.399 94.350 63.690 1.731.262 46,500 22,584 26,832 49,476 263 42.159 7,669 10,704 56,009 985,674 166.660 4.203 68.132 21.513 128.116 35.100 2,045 2,260 561,232 48,785 104,566 4,342 46,299 19.595 765 28.930 . 6,658 3.786 6,918 68.564 634,831 4,073 2,081 13,933 6,481 147,710 67,080 133.904 5,516 65,091 2,242 1,527 50,578 -- - 12,443 26,485 183,471 1,667 49,457 6,923 294,137 229 10,584 19,085 22,066 3,248 32,547 1 ,644 703,847 128,225 1,141 136,999 1 ,2,33 186,557 « 5,976 a. . a THE CHRONICLE July 3 1920. 19 NET. GROSS. ROADS. 1919. 1918. Increase. $ 354,596 315,144 39.452 44,831 39,735 5.096 918,883 702,169 216.714 320,067 Houghton County Traction Co.a 297,151 Hudson River & Eastern Traction. a 21,251 22,598 Hudson Valley Railway Co.b 1,118,942 1,126,839 Illinois Traction System. a 17,756,584 15,261,003 .495,581 Indianapolis & Cincinnati Traction Co.b 677,075 532,143 144,932 ,165,442 / Indianapolis Street Railway. a 4,738,941 3,573,499 Indiana Railways & Light Co.b 867,239 673,946 193,293 Interboro Rapid Transit Co. (New York). a 47,464,471 40,881,933 ,582,538 International Railway (Buffalo, N. Y.).a ,901,401 9,300,437 7,399,036 Interstate Consolidated Street Railway Co.a 223,022 187,091 35,931 Inter- Urban Railway Co.a 967,968 1,324,521 Interurban Railway & Terminal Co.a 212,653 224,118 Iowa Railway & Li^t Co.a 2,375,253 2,121,985 253,268 Iowa Southern Utilities Co.a 77.516 528,495 450,979 Ithaca Traction Corp. a 226,993 224,664 2.329 Jamestown Street Railway. b 313,804 444.913 Jersey Central Traction Co.a 317.174 283.614 33.560 Joplin & Pittsburgh Railway Co.a 806,826 134.460 672,366 Kanawha Traction & Electric Co.a 744,512 102.187 642,325 Kansas City Clay County & St. Joseph Railway. a 1.041,965 843,529 198.436 Kansas City Kaw Valley & Western Railway, a 338,147 247,139 91 .008 Kansas City Railways Co.a 8,818,767 8,404,254 414,513 Kansas Electric Utilities Co. (and controlled cos.)_a 407,001 59,202 347,799 Keokuk Electric Co.a 317,237 264,236 53,001 Key West Electric Co.a 227,260 202,873 24,387 Kingston Consolidated Railroad. b 191,359 159,878 31.481 Knoxville Railway & Light Co.b 1,396,099 1,223,305 172,794 Lake Shore Electric Railway (entire system). a 2,611,756 422,431 2,189,325 Lehigh Valley Transit Co.a /3.771,303 /3. 320, 145 451.158 Lewisburg Milton & Watsontown Passenger Railway. a. 63,563 68,406 Lewistown & Reedsville Electric Railway. b 146,217 178,285 Lincoln Traction Co.b 1,061,008 1,004,658 56,350 Little Rock Railway & Elec. Co. (Railway Dept. only).b873,932 742.053 131,879 Long Island Electric Railway. a 269,105 42.111 226,994 Los Angeles Railway Corporation.b 7.403,590 823,082 6.580,508 Louisville Railway Co.b 3,537,234 3,711,446 Lowell & Fitchburg Street Ry.a 103,871 128,808 Macon Railway & Light Co.a 766.573 657,469 109,104 Madison (Wis.) Railways.a 349,224 51,146 298,078 Manchester Traction. Light & Power Co. and sub. cos. 2,020,619 355.584 1, 665,035 Manhattan Bridge Three-Cent Line.a 186.453 145,503 40,950 Manistee Railway Co.a 16,700 13,927 2,773 . Marion & Bluffton Traction Co.a 140,922 101,726 39,196 Massachusetts Northeastern Street Railway Co.a 971,700 782,204 189.496 Memphis Street Railway. a 2,675,110 2,034,325 640.785 Michigan Railway Co.a 4,839,612 4,067,992 771,620 Middlesex & Boston Street Railway, b 1,141,906 970,571 171,335 dMilwavikee Electric Railway & Light Co.a 14,888,446 12,010,271 ,878,175 Milford Attleboro & Woonsocket Street Railway. a 149,422 117,026 32,396 Milford & Uxbridge Street Ry.a 346,728 324,378 22,350 Millville Traction Co.a 75,046' 60,801 14,245 Milwaukee Northern Railway. a 529,376 423,444 105,932 Mobile Light & Railroad Co.a 966,442 725,626 240,816 Monongahela Valley Traction Co.a 4,418,700 3.787,328 631,372 ontoursville Passenger Railway (Ry. Dept. only). a 32,983 29,262 3,721 Morris County Traction Co.b 435,101 418,977 16.124 Nashville Railway & Light Co.a 3,224,384 2,866,213 358.171 New Bedford & Onset Street Railway. a 250,574 223,175 27.399 New Jersey & Penna. Traction Co. (Princeton Div.).b.. 123,339 101,741 21,598 New Orleans Ry. & Light Co. (Railway Dept. only).b.- 6,539,207 4,991,145 ,548,062 Newport News & Hampton Ry. Gas & Electric Co.a 2,718,837 2,168,487 550,350 Newport & Providence Railway. a 160,584 196,759 New York & Long Island Traction Co.a 568,490 507,628 60,862 New York & North Shore Traction Co.a 146,711 151,859 New York & Queens County Railway. a 1,136,346 967,319 169,027 New York Railways, a 13,104,254 11,212,760 ,891,494 New York & Stamford Railway. a 434,002 374,392 59,610 New York State Railways, a 9,405,911 8,470,160 935,751 New York Westchester & Boston Railway.a 752,307 173.776 578,531 Niagara Gorge Railway.b 197,639 129,107 68.532 Northampton Street Railway, b 276,768 204,918 71.850 pNorthamp. Tr. Co.fexcl. Nor.-Easton& Wash.Tr.Co.)a 153,717 156,942 North Carolina Public Service Co.a 856.756 705,373 151.383 Northern Massachusetts Street Ry.a 261,554 222,993 38,561 Northern Ohio Traction & Light Co.a 9,227,840 7,224,142 .003,698 Northern Texas Electric Co.a 3.387,854 458,094 . . 2,929,760 Northwestern Pennsylvania Railway.b 411,528 380,693 30,835 Ocean Electric Railway (Long Island). a . . 206,578 156,929 49,649 Ohio Electric Railway Co.b 4,606,322 4.098.088 508,234 . Ohio River Electric Ry. & Power Co.a 85,793 111,006 Oklahoma Railway Co.a 1,739,545 1,294,326 446,219 . Omaha & Council Bluffs Street Railway.a 4,156,175 3,344,053 812,122 I Omaha & Lincoln Railway & Light Co.a 152,959 115,785 37,174 Orange Coimty Traction Co.a 237,947 203,693 34,254 Oregon Electric Railway.b 1,093,070 .. 1,021,696 71,374 Ottumway Railway & Light Co.a 456.267 .. 402,162 54,105 Owensboro City Railroad 98,490 82,378 16,112 Peekskill Lighting & Railroad (Railway Dept. only). a. 81,677 61,660 20,017 Pennsylvania-New Jersey Railway.a 239,326 258,357 Pennsylvania & Ohio Railway 144.778 118,096 26,682 Pensacola Electric Co.a 543,592 506,050 37,542 I.I Petaluma & Santa Rosa Railway.b 370,181 340,508 29,673 Philadelphia & Easton Electric Railway 150,433 129,682 20,751 Philadelphia Company Pittsburgh Railways Co.a 16,487,625 14.056,034 2,431,591 Beaver Valley Traction Co.a.. . . 518,389 444,864 73,525 Pittsburgh & Beaver Street Railway.a.. 89,942 14,426 75,516 Philadelphia Rapid Transit Co.a 36,039,519 31.704,428 4,335.091 Philadelphia & West Chester Traction Co.b 818,794 630,392 188.402 . Philadelphia & Western Railway.a 732,301 619,151 113,150 Pittsburgh Harmony Butler & iSTewcastle Railway.b... /1 ,109,422 239.073 /870,349 Pittsburgh Mars & Butler Railway.b 390,402 334,949 55,453 Plattsburgh Traction Co.b 37,766 33.907 3,8.59 Port Jervis Traction Co.a.. 27,616 10,562 17,054 Portland (Ore.) Railway, Light & Power Co.a. 8.591,001 7.667.129 923,872 Poughkeepsie & Wappinger Falls Railway.a 231,617 196.404 35,213 Public Service Ry. (N. J), incl. Public Service RR.a.. 23,217,945 19.989,666 3,228,279 Putnam & Westchester Traction. a .. 11,906 5,146 6.760 Republic Railway & Light Co.a 6,259,612 711,566 5.548,046 '"_ Rhode Island Co.a 6,970,675 "I"I 6,311,285 659,390 Richmond Light & Railroad Co.a.- I'll" 538,703 94,450 444,253 Rochester Lockport & Buffalo Railway.a.. .... 553,566 455.483 98,083 Rochester & S>Tacu.se Railroad Co., Inc. a 130,490 1,014,145 883,655 Rochester & Manitou Railroad. a 35,515 26,905 8,610 Rome Railway & Light Co.a 242,905 42,409 IIIIIIIII. 200,496 Rutland Railway, Light & Power Co.a. 487,444 468.327 19,117 Saginaw-Bay City Railway.a 742,215 584,131 158,084 St. Albans & Swanton Traction Co.a 35,115 4,792 30,323 St. Joseph Railway, Light, Heat & Power Co.a 2,053,384 365,100 1, 688,284 Salem & Pennsgrove Traction Co.a 143,998 231,341 Salt Lake & Utah Railroad. a 708,026 171,006 537,020 San Diego Electric Railway.a 1,034,969 1, 088,363 Sandusky Norwalk & Mansfield Electric Railway.a . 6,408 57,296 50,888 San Francisco Napa & Calistoga Railway.a 3,38,704 326,916 11,788 r San Francisco- Sacramento Railroad .a 291,710 1,173 .,506 881 ,796 San Joaquin Light & Power Corp. (Railway Dept. only). 115,912 96,974 18,938 Schenectady Railway Company. a 1,664,282 241,628 1, 422,654 Scioto Valley Traction Co.b _ 818,188 1,023,108 Seattle & Rainier Valley Railway Co.a 426,206 76,079 3,50,127 Second Avenue (New York City). a 921 ,552 820,747 100,805 Shamokin & Mt. Carmel Transit Co a 197,339 216,579 Shore Line Electric Ry. Co. (Conn.). a 1,238,469 1.578,739 Shreveport Railways Co a 447, .5.55 322.774 124,781 Sioux City Service Co.a. . . . 288,965 1,302,290 1,013.325 Slate Belt Electric St. Ry.b 8,005 131.907 123.902 South Carolina Light, Power & Railways Co.a -. 692,746 655,777 36,969 Southern Michigan Railway.b .. 288,135 209,642 78,493 Helena Light & Railway Co. a Henderson Traction Co Holyoke Street Railway_a ] Decrease 1919. $ 22,916 1,347 7,897 356.553 11.465 131,109 71.847 4.502 159.782 69.037 3,042 191,284 5,212,403 242,427 1,078,937 381,950 15,611.780 1,329,813 44,682 124,249 defl6,053 631,591 143,817 def6,095 34,630 42,086 199,3.32 203,206 c364,093 106,098 def 728,911 120,963 53,381 79,510 43,330 590,463 716,223 /1 .044,923 4.843 32.068 174.212 24.937 7,991 21.229 207.758 291.309 def 3. 651 1.824.048 742.794 21,938 211.376 86.268 688.992 19.187 744 36.823 165.026 846.112 1,430,657 196,118 c3 ,336 ,072 M 36.175 "5". 148 3.225 25.213 14,217 50,002 def 12, 172 190,010 207,179 1,399,646 def 1,150 102,287 788,088 52,369 33,424 2,339,971 732,598 22,441 33,683 def2,161 def 132 ,412 def 376, 683 21,503 1,668,550 def 58,097 69,040 28,021 21,634 291,363 def 1,1 89 3,049,325 1.237,937 76,260 51,917 1,370,437 def 5, 056 620,486 835,949 40,695 48,703 def81 ,946 113,948 18,2.33 19.031 — 87.343 53'.394 ... 204.920 19.240 340.270 14,002 17,989 11,513 102,274 120,608 37,745 1.995.522 72.712 33,499 11,645,690 274,344 263,638 /78,089 def 29, 464 11,416 def2,211 3,099,508 def 11, 031 4,341,080 1,925 cl ,517,644 420,527 def 26 ,796 127,770 212,879 1,966 72,455 125,270 74,229 803 288,645 def21,714 242,428 def 147 ,299 def 1,920 132,438 284,592 32,182 193.275 220,111 56,671 47,844 70,651 defl93.508 147,777 332.303 31,685 2,30,212 126,486 1918. Increase. Decrease. $ 49,072 22,775 9,014 4.512 75,886 83,896 35".542 104,579 1,362 1,680 261,746 7b",462 4,294,005 918,398 142,626 99,801 1,156,092 77J55 298,744 83,206 14,996,939 614.841 871.002 458,811 21 .040 23,642 124.996 747 def 82. 384 66, .331 577.821 53,770 124,953 18,864 def8,847 2,752 32,186 2.444 38,498 3.588 140,970 58,362 192,015 11.191 c320,176 43.917 75,114 30.984 822,803 1.551.714 77.365 •43.598 "¥.046 59,427 84,364 4,854 50,612 7.282 572,284 18,179 596,242 1119.981 /886,525 2158.398 11,437 3.446 20,982 247 152,167 55,591 246.524 44.785 def2. 134 1.517 1.590.785 233.263 1.. 327.475 5841681 31,9.38 10.000 210,965 410 82,400 3.868 560,257 128.735 16,498 2.689 def3,070 3,814 35,075 1,748 69,200 105,826 578,810 267,302 1,106.798 323,859 181.413 14,705 c2. 445. 648 890.424 def 20, 959 35.176 50,410 408 def 26 ,226 14,054 153,208 36.802 191,187 15.992 1,173,669 225.877 def2,465 .1.315 118,838 16.551 939,346 151.258 22,619 29.750 27,403 6.021 1,704,507 635.464 611,034 121.564 68,637 46,196 33 ,406 277 4.634 "6J95 def22 1.887 89.475 2,053",586 1,676,897 17,283 4.220 1,291,789 376,761 defl20,643 62,546 33,504 35,536 22,537 5.484 44,823 23,188 273,869 17,494 def40,470 39,281 2,418,4,50 630,875 1.045,927 192,010 66,131 10,129 52,726 809 1,197,415 173,022 def990 ¥,066 446,618 173,868 694,416 141,533 31,312 9,383 43,302 5,401 def 30, 192 51,754 135,255 21,307 17,062 1.171 def8,898 22,900 40.503 22.514 20.860 9.347 145.668 43.394 92.640 27,968 31.549 6,196 1.679.609 315,913 55,770 16,942 4,908 28,591 11,334,856 310,834 234,440 39,904 216,351 47.287 /22,116 55,973 def28 ,066 1,398 9,409 2,007 deflO.484 8,273 2,540,094 559,414 def 12, 975 1,944 5,136,466 795.386 def517 2,442 01,411,128 106,516 591,484 170.957 38,239 65,035 74,883 52,887 128.191 84,688 def218 2.184 49,102 23.353 142,449 17,179 33.824 40.405 """456 1.253 395.748 107,103 46.213 67,927 150.883 91.545 def45.170 1021129 1.789 3,709 164.559 32.121 251.618 32 .974 12.187 19.995 91.759 101.516 309.685 89,574 55.598 1.073 106.726 58l882 55.415 15l236 209", 452 15.944 99.697 48.080 284,256 48.047 32,861 1.176 316,808 86,596 84,278 42.208 • ' . THE CHRONICLE zo [Vol. 111. NET. GROSS. ROADS. 1919. Southern New York Power & Railway Corporation. b Southwestern Traction Co.a Springfield Electric Railway. a Springfield Street Railway Co-a Springfield & Xenia Railway Co-a Stark Electric Railroad. b Staten Island Midland Railway.a Steuben\-ille East Liverpool & Beaver Valley Trac.a Syracuse Northern Electric Ry., Inc Syracuse & Suburban Railroad. a Tampa Electric Company. a itTerre Haute Indianapolis & Eastern Traction Co. a Texas Electric Railway.a Thn-d Avenue (N. Y.) Stjstcm.a Tide.vater Southern Railway.a Toledo Bowling Green & Southern Traction Co.b Toledo Fostoria & Findlay Ry.a Toledo & Indiana Railroad.a Trenton Bristol & Philadelphia Street Railway. b Trenton & Mercer County Traction Co. a Troy & New England Railway Co. a Tuscaloosa Railway & Utilities Co.a Twin City Rapid Transit (Minneapolis) . b Union Ry., Gas & Electric Co. (Railway Dept. only).b.. Union Street Railway, a Union Traction Co (California). b. Union Traction Co. of Indiana. a United Light & Railways Co. (subsidiary companies). a. United Railways & Electric Co.a United Traction Company (Albany). b Utah-Idaho Central RR : . Valley Ra ilways .a Virginia Railway & Power Wallkill Transit Co.b Co.b Washington Baltimore & Annapolis Electric Railway.a Washington Railway & Elec. Co. (and sub. railway cos.) a Washington Water Power Company. a Waterloo Cedar Falls & Northern Ry. a WaterviUe Fairfield & Oakland Railway.a West Chester Kennett & Wilmington Electric Railway.a Westchester Street Railway Company, b Westchester Street Railroad.a Western New York & PennsylvaniaTraction.a Western Ohio Railway, a Westmoreland County Railway Co.b West Penn Railways Co.a Wilkes-Barre & Hazleton RR. (and affiliated cos.)-b Wilkes-Barre Railways Co.a Wilm. & Phila. Trac. Co. (incl. So. Penna. Trac. Co.).b_ Winona Interiu-ban Railway.b Gas & Electric Co.a Public Service Co.a Wisconsin Wisconsin Wisconsin Wisconsin Wisconsin Railway, Light & Power Co.a Traction. Light. Heat & Power Co. (Ry. only) a Valley Electric Co. (Railway only)_a .Worcester Consolidated Street Railway Co.a f York Railways Co.a Y'oungstown & $ 493.192 46,701 112,706 ,064,637 Total (315 roads) Increase or decrease Per cent of increase 410,974 36,307 104,757 2,592,330 88,641 494,161 3,934,2.56 3,.341,713 1 ,091 ,851 420,967 249.040 1918. Increase. 26,539 733,895 24,054 $ 118,787 3.402 def375 395,313 6,864 137,893 def 119,144 72,636 8,442 36.148 507.574 1.250.668 1.213.233 2,367,348 def 61. 149 153,187 945,452 59,651 21.292 180.797 def 710 102.581 3.048,420 949.705 192,800 9,210 899,186 2,885,193 226,468 6,759 2,761,-337 c3 ,453 ,023 82,218 10,394 7,949 472,307 25,608 23,527 78,033 69,833 19,726 34,166 206.702 715,021 570,036 ,514,882 28,210 57,507 c3, 332, 942 312.991 336.818 106,971 3,647,188 17,200 596,007 641.791 1.742.429 35.768 14,445 7.947 104,058 def 50, 188 52 ,.380 378,613 384,507 123.162 2,972,137 13.573 765,495 831,317 2.50.302 3,167 .592.543 277. .3e4 65,781 45,139 752.278,057 636.751.762 119129421 1919. $ 152.786 8,971 7,023 114,249 517.688 281,8.38 359,871 770,76 840.600 85,665 105,391 138,808 172,974 1,062,546 1, 269,248 3,882,516 4,597.537 2,381,475 2.951.511 12.192,770 10,677,888 183,854 212,064 490,101 547,608 267,494 307,611 4'M17 295,698 58,130 353,828 170,893 144.354 879,501 281,031 1,160.532 33,037 36.428 3,391 244,182 35,703 279.885 9,711,194 1,782,284 11,493,478 2,228,324 589,892 2,818.216 1,145,113 1,439,769 294,656 71,400 56,756 14.644 3,198,821 582,733 3,781.554 9,176,443 10,169,725 993,282 14,794,234 11,929,701 2.864.533 2,530,057 318.815 2,848,872 1,038,866 82,750 1,121,616 378,843 497,486 118,643 7,909,966 1,274,603 9,184,569 70,198 77,725 7.527 2,902,015 2,168.120 3,998,778 1,.394 ,308 5,393.086 2,927,379 742,713 3,670,092 752,139 123,390 875,529 104,108 1,32.991 28,883 12,262 63.588 75,850 185,464 225,153 39,689 242,830 298,585 55,755 475,276 451,222 841,364 967,257 125,893 60,869 57,702 9,685,448 1,369,674 11,055,122 570,248 103,643 673,891 1,633,229 4,54,648 2,087,877 3,637,506 641,731 4.279.237 247,745 33.090 280,835 .344,831 2.106,440 2,451,271 722.412 215.843 938.2.55 488.094 116.184 604.278 169.295 228.619 .59,324 73,705 27.406 101,111 1.369,215 486.748 294.179 Ohio River RaiU'oad.b Youngstown & Suburban Railway.a Decrease Increase. 1918. $ 119,.560 def67,886 113,311 def2,157 25,243 442,270 1,177.760 945,217 2,164,250 2,804 156,631 935,223 39,923 25,6 200,750 5,052 79,560 2,707,221 623,614 185,022 6,938 823,424 Decrease. 33.999 5.569 7,398 168.845 105 18.333 51,258 40.675 10,599 10,905 65,304 72,908 268,016 203,098 63.953 3.444 10,229 19.728 4.387 19,953 5,762 23.021 341,199 326,091 7.778 2,272 75,762 123,856 120.081 65,622 47.689 16,191 675,051 3,627 169,488 189,526 287,527 26,946 10,252 6,189 34,876 8,520 1,454,902 8,822 4,193 1.758 69.182 def 58, 708 108,189 187,025 55.809 63,277 30, .336 22.855 3,750,270 3,459.776 221,102 228,818 n67,758 ndef 1.52, 027 1,372,553 1,006.803 40,947 53,313 304.861 311,338 309, 65P 206,0.50 1.38.085 219,997 c37,910 18.061 23.301 12.084 501.243 432,771 C418.263 C311.213 119,517 115,078 90.122 70,183 "7",48i 290,494 7.716 219,785 365,750 12,366 6,477 103,606 81,912 19,849 11,217 68,472 107,050 4.439 19.939 3,603,126 176.251,349 160,839,099 26,427.249 11,014,999 15,412,250 115.526295 (9.58%) (18.14%) a After deducting taxes. rf Including earnings of the Milwaukee Light, Heat & b Before dedi:cting taxes. c After deducting depreciation, Traction Co., which was acquired by the Milwaukee Electric Railway & Light Co. on Feb. 11 1919. ("Earnings were adversely affected by the coal strike during Nov. and Dec. 1919. /For years It is estimated that net earnings would have been .S3.50() more, bad not this strike occurred. ending Nov. 30 1919 and 1918. g known as the Erie County Traction Corporation, ft For years ending Jan. 31 1920 and 1919. f Including Chicago & Milwaukee Electric Ry. -Milwaukee City lines, i After deducting operating expenses, taxes, interest on Parr Shoals bonds and dividends on Parr Shoals pref. stock, k Excluding Indianapolis Street Railway Co. I Earnings as reported for 1918 are for the Indianapolis Trac. & Term. Co. OT 1918 figures include Lewiston Augusta & WaterviUe Street Ry. (now Androscoggin & Kennebec Ry.). whose gross earnings in that year were $894,784 and net, after taxes, .$103,678. ?i After deducting rentals. o Includes e,arnlngs of the Brooklyn City RR.: this road was leased to the Brooklyn Heights RR. up to Oct. 19 1919 upon which date the lease was terminated and the road turned back to its owners. have, however, included the earnings of the Brooklyn City RR. subsequent to the termination of the lease, which wore as follows: Gross, .$2,100,481; net. after taxes, S2r2.078. p 1918 figuies obtained from unofficial sources, r Known as the Oakland Antio;h & Eastern RR. up to Jan. 1920 After deducting Interest, q Now We . (fAxvvcnt %x(cvLts zma ^xscnssions CONTINUED OFFERING OF BRITISH TREASURY mate BILLS. The usual was disposed The gold is believed to be sent here in anticipation of the Anglo-French maturity, but it is not ear-marked for that purpose, going into the general British Government balance here. It will be sold to the Federal Reserve Bank, the usual procedure. Total receipts of gold for British Government account since tne movemen tstarted some months ago approxi.578,000.000. offering of ninety-day British Treasury bills week by J. P. Morgan & Co. on a discount basis of 6%, the rate which has been in effect for some time past. The bills in this week's offerfng are dated June 28. of this GOLD SHIPMENT FROM GREAT BRITAIN CONSIGNED TO KUHN, LOEB & CO. The shipment of gold consigned to Kuhn, Loeb & Co., of on the Mauretania, which arrived here June 26, amounted to ,?3, 2.50, 000, consisting of 66 boxes. Reference to the gold carried by the Mauretania was made in these columns last Saturday, page 2612. this city, received on Saturday RATE ON FRENCH TREASURY BILLS CONTINUED AT W2%. The French ninety-day Treasury bills were disposed of this week on a discount basis of 6}^% the figure to which the rate was advanced March 26; it had previously for some time been 6%. The bills in this week's offering are — dated July 2. Besides the amount brought for the bankers, about $600,000 of gold, it is said, was consigned to the Bank of Montreal. Regarding the later shipment, the "Wall Street Journal" of June 29 said; At the local office of the Bank of Montreal it was stated that the bank was merely acting as agents for a client whose name it did not wish to disclose. GOLD SHIPMENT FROM HONG KONG CONSIGNED TO J. P. MORGAN & CO. The third gold shipment to be received in a month's time at Pacific Coast Ports from the Far East consigned to J. P. Morgan & Co. arrived at San Francisco on June 30. As two previous shipments, received at the end of May at Seattle and San Francisco both totaling $22,200,000 the latest consignment has been deposited with the Federal Reserve Bank of San Francisco for the account of the British Government. The present week's shipment consists of 12,000,000 rubles gold, valued at approximately .S6,,500,000. Stating that "the shipment is assumed to be part of the gold deposited in Hong Kong as security for the loan to the Kolehak Government, roughly $22,000,000 of which has previously come forward," the "Journal of Commerce" yesterday added: last, It is understood that the gold will remain in New York. The shipment came consigned to "the holder of the bill of lading on the Mandala." The Mandala is owned by the British Steam Navigation Co. That .$600,000 Mauretania gold consigned to "the holder of bill of lading per Mandala," and now in hands of the New York agents of the Bank of Montreal, probably came from the East. The Mandala arrived in London on May 22 from Bombay and sailed again for Port Said on June 2. in the case of the — — BRITISH TREASURY ENCOURAGES GOLD SHIPMENTS. U. S. In London advices the "Wall Street Journal" of June 30 said: Gold movement to America is expected to continue in increasing volume. Though gold is not now moving from the Treausry. it is significant that the British Government is encouraging private export to America as part of a definite policy of re-establishing, as fast as possible, the time honored custom of having a free market for gold in London, wliich, in itself, will automatically help to rectify exchange, thus tending toward the restoration of healthy trade conditions. Present outflow of gold is regarded differently from the war time gold exports. The latter was a drain on England, but ^ July 3 THE CHRONICLE 1920.] in the present instance more gold is being imported here than exported. The government only wants to keep enough gold to meet Immediate The prospect is that for some time the surplus will be exported. needs. It is emphasized that America should always get the preference. It was India's demands dm-ing the last nine months which prevented the carrying out of this policy earlier. That comparatively little is now going to India will be to the advantage of the United States. The fact that India is demanding less gold is a matter of much satisfaction to the British Government. There will be no hesitation on the oart of the British Treasury to send gold again in connection with war loans, but at present it is not regarded as a necessary measure. The In regard to the control of Victory Bonds members of the Montreal Stock Exchange have decided to renew the agreement with the special Victory Loan Committee, at the request of the Finance Minister through that body, thereby insuring the continuance of price stabilization of the bonds for the next few months. There was some doubt as to whether the agreement would be continued, but it was finally considered that such a plan would be best. No action has as yet been taken by the Toronto Exchange, although it scarcely thought that the request will be refused. is The market committee, in a letter, says: "The Minister of Finance feels that it would be an inopportune moment to allow any maturities of the 1917 and 1918 issues to find their level on the open market." The agreement in connection with the 1919 issue terminates at the end of this year. British last Spring Jones Government is still hearing reports that the big movement was in connection with the Argentine loan requirements. Dow, »1 & Co. is was absolutely assured that the gold sent to the United Statse at that time for the Anglo-French loan maturity and had nothing to do with the Argentine situation, which was merely incidental. PURCHASE OF ADDITIONAL SILVER BY U. BELGIAN ACCEPTANCE CREDIT PAID S. MINT. BELGIAN LOAN DEFINITIVE NOTES. On June 30 J. P. Morgan & Co. and Company announced that they were the Guaranty Trust prepared to deliver Kingdom of Belgium external gold loan one-year and fiveyear notes in definitive form in exchange for the trust, The loan was offered in Janureceipts now outstanding. are, and details were given in the "Chronicle" of Jan. 17, page 203. 6% OFFERING OF SWITZERLAND BY LEE, HIGGINSON & CO. authorized for the following from i Advices from Madrid say that subscriptions for Spanish Treasury bonds of 300,000,000 pesetas at 4J4% have been offered. The whole amount is expected to be covered promptly. The Spanish government has decided to put up for public tender the manufacture of matches, heretofore a government monopoly. The municipality of Madrid various improvements. is to issue a loan of 60,000,000 pesetas for According to recent announcement the issue of Treasury bonds to the amount of 400,000,000 pesetas was planned by Spain to meet a deficit. RENEWAL OF SPANISH LOAN TO FRANCE. Under date of June 17, the daily papers printed the lowing from Paris: fol- Renewal of the Spanish loan to France of 35,000.000 pesetas has been arranged by a Spanish bankers' consortium, according to Madrid dispatches quoting gossip in financial circles there. It is said this step was taken with the authorization of the Spanish Government. JAPANESE INDUSTRIAL BANK TO MAKE ADVANCES TO BUSINESS MEN. According to a Tokio dispatch June 29 to the newspapers here, representatives of twenty-five Japanese banking associations have delegated the Industrial Bank to advance capital to business men to tide them over their present financial difficulties. CITY OF FRANKFORT {GERMANY) BONDS RESTORED TO TRADING ON NEW YORK STOCK EXCHANGE. The City of Frankfort on Main (Germany) 3J^% loan of 1901 was restored to the Stock Exchange list on Jime 30. of the Exchange the New York "Times" July 1 daid: It was announced yesterday by the Stock Exchange that City of Frankfort 3i4% bonds, put out in 1901, had been reinstated or trading on the Exchange. The issue amounts to 10,668,000 marks. The bonds were stricken Regarding the action list on Feb. 26 1918, or nearly a year after this country entered the war. It develops that during all that time the Stock Exchange was ignorant of the fact that it stUl was permitting trading in the bonds of an enemy country. This lapse came about, it is said, through the fact that the bonds were inactive, few, if any, transactions being recorded. Eventually the Stock Exchange discovered the condition and rectified it by striking the bonds from the trading list. from the BRITISH INDIA'S REMOVAL OF RESTRICTIONS ON GOLD IMPORTS. BONDS Official announcement was made yesterday (July 2) by Lee, Higginson & Co. of this city, that $25,000 ,000 bonds of the Government of Switzerland would probably be offered in this city next week. The announcement follows: It is understood that the Government of Switzerland has concluded negotiations with their fiscal agents in America for the sale of .'$25,000,000 twenty or twenty-five year Sinking Fund Bonds. There are liberal Sinking fund provisions, and the bonds will be offered at a very attraccive rate, probably on Tuesday, by the same Syndicate which has conducted the Swiss business heretofore, Lee, Higginson & Co., Guaranty Trust Co., National City Co., and A. Iselin & Co. — The above statement had been preceded by advices to the daily papers from Berne June 27, regarding the intention of the Government of Switzerland to raise a loan in this Country, these advices stating: The Swiss Government has decided to raise a loan of from $20,000,000 to $30,000,000 in the United States. The rate of interest is to be from 6 to 7%. The date of emission 'of the loan has not yet been fixed. A year ago a syndicate headed by Lee, Higginson&Co., the Guaranty Trust Company and the National City Company floated an issue of $30,000,000 Government of Switzerland gold bonds, the offering having been referred to in our issue of July 26, 1919, page 329. 5H% MONTREAL STOCK EXCHANGE RENEWS AGREEMENT FOR CONTROL OF CANADIAN VICTORY BONDS. Referring to the decision of the Montreal Stock Exchange to renew the agreement between the members and the Special Victory Loan Committee, the "Monetary Times" of Canada says: is 2: ^ OFF. instalment of $40,000,000 of the .$50,000,000 Belgian acceptance credit granted a year ago was paid off on June 30. The first $10,000,000 of the credit was paid The credit was arranged by a at its maturity June 10. syndicate of American banks in behalf of Belgian industrial interests to provide funds for the purchase of American goods. Payment of the loan was made possible through the disposal of the $50,000,000 twenty-five-year New Kingdom of Belgium external 73^% loan floated by J. P. Morgan & Company and the Guaranty Trust Company. This offering was referred to in our issue of Saturday last, page 2613 and June 5, page 2341. final PROPOSED "Financial America" London July Over 5,000,000 ounces of silver have been bought by the Director of the Mint since the purchase of 1,500,000 ounces from the American Smelting & Refining Co., referred to in out issue of June 19, page 2531. Last week (page 2613) we noted the additional purchase of 1,700,000 ounces; since then it is reported that on June 26 100,000 ounces were bought at $1 an ounce for delivery at New York, Philadelphia and San Francisco; the purchase of 700,000 ounces for delivery at the Mint at Philadelphia was announced on June 28; on June 29 it was stated that there had been a further purchase of 40,000 ounces; on June 30 the purchase of 1,000,000 ounces for delivery at the Philadelphia Mint was reported; yesterday (July 2) the purchase of 200,000 ounces for the mint at San Francisco and 900,000 ounces for the Philadelphia ]Mint was announced. The SUBS CRIPTIONS TO SPANISH TREASURY BONDS. advices to Washington with regard to the remova' import restrictions on gold coin in British India, are of the reported as follows in "Commerce Reports" of June 25: The A cablegram from Counsel General Skinner in London, June 22 1920, states that the Government of British India has announced that from June 21 1920, all restrictions on the importation of gold bullion and foreign coin are removed, and that until July 12. the ratio will be 15 rupees to the pound. After July 12, all restrictions on the importation of British gold coin will be removed, but such coin wiU cease to be legal tender, pending new legislation on the subject. A reference to this appeared in these columns last week, page 2613. ^_^__«_^^^.^— SAN SALVADOR ENDS MORATORIUM The moratorium which had been in operation in Salvador World War began and has profoundly affected commerce and finance, was terminated on June 28 bj^ an since the executive decree, according to a cablegram to the daily papers from San Salvador. DEPOSIT OF GOLD IN ARGENTINA TO RELEASE FUNDS IN FEDERAL RESERVE BANK On June 26 it was announced from Buenos Aires that additional gold had been released from the deposits of the Argentine Embassy in Washington for the purpose of liquidating Argentine debts in the United States, this it was said, bringing the total amount released up to $30,800,000. The New York Federal Reserve Bank in its report for June, issued this May week says: Argentina has avoided exporting gold to this country by drawing against her deposits with the Federal Reserve Bank. II or ImportSince 1 , THE CHRONICLE i2 have depositedlwlth theiTiGovernment gold that would othermse have had to be shipped to settle indebtedness, and the Government has arranged for such settlements by drawing against her credit balance here to the extent of about $22,000,000. As far as the Federal Reserve Bank was concerned the transaction amounted simply to a transfer of credit on its books and no gold was withdrawn, inasmuch as the Argentine funds held by the Federal Reserve Bank have been in the form of a deposit credit and not of earmarked gold. ___^_^_«___^.i^^__— ers CONTROL OF CREDIT PRODUCING RESULTS ACCORDING TO FEDERAL RESERVE BOARD According to the Federal Reserve Board's review of business conditions for the month of June, "control of credit and discrimination between non-essential and speculative borrowing is producing some results, although these are reported as developing themselves slowly and gradually." The report, made public July 1, saj's: Considerable variation in business conditions, taking the country as a whole, is reported by Federal Reserve agents. In agricultural production there is a perceptible improvement in prospects, due to seasonable weather, good distribution of moistiu-e. and the replanting of crops. In manufacttu"Ing, conditions are in some districts reported as chaotic, ranging from extreme optimism to equally extreme pessimism. The railroad situation has been somewhat improved, but as yet not sufficiently to warrant a belief that the effect of the breakdown has been overcome. There is stiU great congestion of goods. In retail trade there is evidence of a decreased volume of demand in many Quite parts of the coimtry. although some of this decline is seasonal. generally there is a tendency to settle down to a readjustment basis and to proceed with business upon the new level of prices and demand. Control of credit and discrimination between non-essential and speculative borrowing is producing some result^, although these are reported as developing themselves slowly and gradually. The present price situation is unsettled and is being closely watched. WhUe some price reporting agencies fehow reductions, others, including among them the Bureau of Labor Statistics, show Increases in prices, due perhaps to the different characters of the commodities used in making up index numbers and the methods of construction, rather than in discrepancy in prices themselves. Foodstuffs and essential commodities except clothing and shoes, show little indication of reduction. Luxuries and 'unessentials' have been in may lines distinctly cut. fVoL 111. partially overlooked by the fine building of the Royal Exchange; easily be made the largest and most magnlficient structure in the city of London. portion is The bank can Mail advices to the Associated Press from London, 26 had the following to say regarding the growth of the and the plans May Bank for enlarging its quarters. is to be rebuilt. The governors and court of directors of the institution for the past twenty-five years have considered the advisability of replacing tne black, one-story "Old Lady of Threadneedle Street" with a more modern and commodious structure. The inadequacy of the venerable pile to meet present day needs has necessitated the establishment, since the beginning of the war. of six outside branch offices in various parts of London to house the bank's growing army of clerks and The Bank of England newly created departments. Established in 1691, the Bank of England is the oldest national bank in Millions of people throughout the world know the outside of the low, black building which for more than two centiu-ies has been the Empire's financial centre. Its central part was erected in 1732-4, but the outer part, which one sees from adjacent streets, dates from 1788. The present building spreads over foiu- acres of what is perhaps the most valuable real estate in the world, in the heart of London's world trading centre. At least once, in December, 1825. it saved the country from bankruptcy. During the Lord George Gordon riots of June, 1780, it withstood a two-days' attack by a mob which was driven off by soldiers stationed outside and clerks and bank officials who mounted the walls. Since that date the bank has been guarded every night by a detachment of thirty-six soldiers, who, commanded by an officer, march down from London Tower and take up their positions on the walls at sundown A number of windows, which broke the blank sohdarity of the bank's outer walls, were closed with huge blocks of granite after the rioting, but their outline is traced by the remaining sills. Europe. . NEW FRENCH TAXES— COMPARISON OF UNITED STATES AND FRENCH TAXES. A cablegram from Paris June 27 to the Herald" stated that "France's post-war special eopjTight "Sun and New York efforts to adjust her financial difficulties take tangible -will form to-morrow when the new taxes become effective and incomes are to be subjected to a scrutiny as rigid as those prescribed in any AlUed countries during or since the war." all COMPARATIVE FIGURES OF CONDITION OF CANADIAN BANKS. It also said in part: In the folio-wing we compare the condition of the Canadian banks, under the last two monthly|; statements with the return for June 30 1914: ASSETS. , May 31 1920. April 30 1920 June 30 1914. f S $ 63,830,589 66,864,526 28,948,841 16,483,966 16.368.0iO 17,160,111 — Gold and subsidiary coin In Canada Elsewhere- Total... 83,348,492 181,808,584 46.108.952 92,114.482 5,956,029 5,956,078 108,650,000 108,050,000 245.845.678 265,156.786 Loans and discounts.. 1,622,858,235 1,623.372.538 Bonds, securities. &c. 383.963.018 370,982,232 Call and short loans in Canada. 119.114,493 125.644,859 Call and short loans elsewhere than in Canada 206.229.451 213.964.182 Other assets 118.718,811 121.333.535 6,667,668 3,050.000 123.608.936 925.681.966 102,344.120 67,401.484 80,198,599 172.068,567 Dominion notes.. Depos. with Minister of Finance for security of note circulation Deposit of central gold reserves. Duefrom banks. Total 137.120.167 71,209.738 3,080.682.658 3.083,537.509 1.575.307.413 LIABILITIES. $ 197,075,000 119,522,300 119,266,664 126,475,000 $ 192.866,666 115.434.666 114.811,775 113.368.898 223,387.731 226,335,037 280.222.303 236,789.621 980.153.957 991,052.704 1,229,073,515 1.209,573,990 58.380,484 58,302.441 6,977,077 6,047.677 52,738,511 55,876,215 99,138.029 44.453.738 4C5,067.832 663.650.230 32.426.404 20,096,365 12,656.086 -> Capital authorized Capital subscribed Capital paid up 197,075,000 121, .522,300 121,266.885 128,575,000 Reserve fund.. Circulation. Government Demand deposits deposits Timedeposits Due to banks.. BUls payable. Other liabilities Total, not including capital or reserve fund. 2.803,477,210 2,811,434,053 1,330,488.683 Note. Owing to the omission of the cents in the official reports, the footings in the above do not exactly agree with the total given. — PROPOSED NEW BUILDING FOR THE BANK OF ENGLAND. From the New York "Evening Post" of June 19, we take the following: The Bank of England, an architectural landmark of London, despite the fact that it is only one story high, is likely to become a ".skyscraper" on a very modest scale, according to a report printed by the London "Daily Telegrapn." The plan, the newspaper is informed, "is to erect on the present site a palatial building six or seven stories high and architectiu'ally worthy of the most important and most valuable area in the world. In these days of famine in office accommodation it is regarded as an anachrom'sm that in the very heart of the chief city of the empire there should be a building of such magnitude of only one story in height. Sorry as many citizens will be to sec the familiar old stnicture change its appearance, busy merchants and other City men, harassed by the want of office room and suffering from the extortions of landlords, will view with satisfaction the handsome and spacious pile that will eventually appear. Today the bank is completely dwarfed on all sides by the tall, imposing structures surrounding and hemming it, and lies in a "well" formed by the great office buildings in Prince's Street. Lothbury. St. Bartnolomews' Lane nd Threadneedle Street, though in the latter case only the southeastern Minister of Finance Marsal hopes to obtain 20,000,000,000 francs yearly, thereby meeting the entire cturent budget and is instituting a systematic organization of tax collecting which will not allow even the smallest contributor to evade payments. Minister Marsal has had a hard battle to gain the approval of the Senate and Chamber, but he has won. He has not taxed the ordinary citizens beyoiid their means, while the millionaires' tax reaches a total representing more than 40% of their income, with reductions ranging from 4% to 10%, according to the size of their family. War profits are also the subject of an additional 25% tax. declaration of which must be made immediately, although if tne contributor has rendered a war service he is entitled to elimination, this as national recognition of his patriotism. From the New York "Times" of June 27 we take the foUomng special correspondence from Paris, June 10, comparing the taxes paid in France and this country: In view of the criticism frequently voiced in the LTnited States that the French are not paying as high taxes as they might, the French Ministry of Finance supplies "The New York Times" with an official estimate of taxes which will be due from a man with an income equivalent to .$50,000. The estimate has been made on the basis of a French income of 260,000 francs, which would be equivalent of $50,000 at the normal exchange rate of 5.20 francs to the dollar, and also upon a French income of 600,000 francs, which would be equivalent to an income of .550,000 at the rate of 12 francs to the dollar. A comparison of the 1-919 French taxes with the 1920 tax schedule shows how the French Government has increased the burden on its taxpayers. The French Ministry of Finance, for the purpose of making its estimate, assumes that the Frenchman's income would be equally divided between professional or business direct income and income from investments. It takes as typical a married man with three children. Here is the table of taxes paid by a Frenchman with an income of 260,000 francs: Total Taxes Tax on income of 130.000 francs from securities Tax on security transfer, estimated Tax on 130,000 francs profits from business Income tax on 260,000 Ten per cent luxury francs, less exemptions. tax, cafesc clothes, jewelry, &c., 60,000 francs Tax upon 6,000 6,000 600 468 600 902 1.500 4.500 15.000 6.600 66,130 $12,717 payments, stock purchases, and document taxes about One automobile. 24 horse-power Indirect taxes and tax on business transactions, about Communal and departmental taxes . — 113,482 $21,823 all Or. at 5.20 exchange Following is the official estimate of taxes paid by a French income of — 600,000 francs: Tax on income of 300,000 francs from seciu-ities Tax on security transfer, estimated Tax on 300,000 francs profit from business Total Taxes about automobiles, 12 and 35 horse-power Indirect taxes and taxes on business transactions Communal and departmental Or. at 12. exchange taxes, about 224,330 20,000 1.500 7.600 1,500 1.860 26,000 11,000 169.186 $14,098 362,680 $30,223 1.000 Two — Francs. 1919. 1920. 15,000 30,000 15,000 25,000 13,500 24,000 Income tax on 600,000 francs, less exemptions 94,720 Ten per cent luxury tax on purchases of 200,000 francs.. 20,000 Tax upon all payments, stock purchases and document taxes, — Francs. 1919. 1920. 6,500 13,000 6,500 10.830 6,850 10,400 34,312 50,160 966 : July THE CHRONICLE 3 1920.] Thus it will be seen that under the new French tax scheme a man with an income equivalent to §50,000 would pay approximately 50% to the Government. Taking the case of a Frenchman with an income of 60.000 francs, which might be said to bo equivalent to $10,000 at normal exchange, or about $4,500 at the present exchange, the Government's figures show that he would pay slightly more than 20% in taxes. The following schedule shows — this: Tax on income of 25 ,000 francs from securities Tax on seciu-ity transfers Tax on 25,000 francs income from business Income tax on 50,000 francs, less exemptions Ten per cent luxury tax on 10,000 francs purchases Tax upon payments, stock purchases, &c Total Taxes — Francs. 1920. 1919. 1.250 2 ,500 2,000 1,000 797 1,465 1,040 1,658 1,000 1,000 200 795 600 and taxes on business transactions Communal and departmental taxes Indirect taxes 250 2,000 800 7,300 11,055 It will be seen from these official tables that the effect of the new French tax laws is to increase more rapidly the income tax on larger incomes. The man whose income is 50,000 francs will pay in 1920 a smaller income tax than in 1919. The man whose income is 260,000 francs pays 50% more income tax, while the Frenchman who has an income of 600,000 francs will pay 250% more next year than this. The income tax being a comparatively new institution in France, the Finance Ministry now faces the task of building the great machinery needed to collect it. Corresponding American Taxes. The following is the income tax return of an American citizen, resident of New York State, based as nearly as possible on the French model gross income, $50,000, married, living with his wife and ha\-ing three minor — children: Gross income Business or profession Interest on 1919. $25,000 5,000 10,000 10,000 securities Rents Estate 23 To meet this situation and give American travelers the advantage of current exchange rates, the American Express Company has announced the introduction of two new forms of travelers cheques. One is a French franc cheque, for use in the Republic and the other a pound Sterling cheque, cashable in the United Kingdom. The^e are calculated to help American tourists in Great Britain and Franco, to protect themselves against the operations of exchange agents in those countries, who seldom give them the best end of the bargain in changing the American dollar for local currency. American travelers who lay out their itinerary to include England and France are thus enabled to purchase currency of such countries before they leave the United States and secure the advantage of favorable exchange rates and the cheques are cashable into the currencies of France and Great Britain, at face value less a nominal stamp tax. "«i It is expected that the action of France and the introduction of these special cheques will remove many of the inconveniences and annoyances which have heretofore faced Americans, planning tours abroad. AMERICAN CHAMBER OF COMMERCE IN FRANCE.— CA TALOGUE SYSTEM. An extensive catalogue system for the purpose of assisting French purchasers seeking American goods, and of assisting the American export trade in general, has been inaugurated by the American Chamber of Commerce in France. A circular issued by the Chamber in explanation of the system says: If you are making efforts to increase yoiu" foreign business, this Chamber in a position to assist you greatly. It has inaugurated a catalogue-file system, the object of which is to place catalogues of American firms before important and reliable French buyers. Under this method preliminary correspondence can be abolished. French buyers come to this Chamber and from an inspection of the catalogues choose the articles they desire, without loss of tinae. They can then communicate immediate' y with the seller without having to wait two months or more to receive trade literature. Your catalogues in our file serves the purpo.se of a representative in is It brings your line of goods to the attention of French buyers and consumers. The catalogue file is given extensive publicity and all important French firms know of it. France. Total Deductions: Business expenses Losses Depreciation Bad debts .$50,000 $5,000 2,000 500 1,000 500 ' Real estate taxes Total ITALY'S 9.000 Net income subject $41 ,000 to surtax Credits: Personal exemption Three dependents $2,000 600 Total Income subject Normal tax: 2,600 to normal tax.. $4,000 at 6% $34,400 at 12% Total normal tax Surtax on $41,000 Total Federal tax Total State tax $38,400 1920. 1919. $240 at 4,128 at 4% 8% $160 2,752 $4,368 3.495 $2,912 3,495 $7,863 .$6,407 788 Total income tax .$7,105 $7,863 In France the real estate taxes would be included in the communal tax, and the State tax in the departmental; the surtax and normal tax would be divided between the tax on securities and the tax on business profits. Luxury taxes are the same here as they are in France and are levied in a similar manner. In the above table the State tax is tnat of New York. Taxes on automobiles and legal paper transaction fees differ in various States. PROPOSAL FOR DISCHARGE OF FRENCH DEBT TO THROUGH TRANSFER OF ITS COLONIES. consortium established last October, but similar in organization and method of operation to the others, has been created for the purpose of acquiring, It is known as Consorzio Nazionale del Riso milling and distributing rice. and will operate in two sections: one will take in producers only, and the other, all who are engaged in the milling and distribution of rice and its by-products. The capital is put at 10,000,000 lire for each section. All rice producers in the Kingdom nave the privilege of becoming members. The consoritum will continue its operations until Sept. 15, 1921, when its duration may be extended for another year. The cost of rice per quintal (220 pounds) to the milling secion, including wages, transportation to the mills, treatment, and operating expentes of the cost 66.60 lire, average yield 66%'; section, are as follows: Ordinary rice second quality cost 69.10 lire, average yield 63%: first quaUty cost 71.60 lire, average yield 55%. S. Regarding a proposal that France discharge her debts to the United States by transferring to the latter certain French colonies, press dispatches from Paris, June 4, said: A serious discussion of a proposal that France wipe out her debt to the United States by turning over to that country certain colonial possessions has been aroused through the advocacy of such a course by Charles Gide, professor of political economy in the University of Paris and one of the country's most eminent economists. Professor Gide says he regards such a course as desirable, not only because it would relieve France from the necessity of straining her resources to develop burdensome possessions, but because the day may come when France will not be in a position to defend some of her distant colonias. France's colonial aspirations, Professor Gide declares, should be confined to Africa. "Algeria, Morocco and Tunis, properly exploited, should amply suffice to keep us supplied with what we need," Professor Gide said to-day. MODIFICATION BY FRANCE OF LAW LIMITING FUNDS OF DEPARTING TOURISTS. The American Express Company has issued the following regarding a modification in the laws of France affecting the amount of money which departing tourists may take out of the country. Word has been received by officials of the American Express Company that Prance has modified its law, prohibiting the departure of tourists from that country with more than a tliousand francs, equivalent to $200 in American money in normal times. It is stated that travelers may now enter or leave Franco with any amount of money provided it be in the form of American currency, rather than in French notes. — — — The cost of rice per quintal to the distributing centers of the milling and distributing section, placed on railway cars at point of shipment, exclusive of sacks, on the basis of the above cost of natiu-al rice and average yield: Ordinary rice whole, 95 lire, broken, 64 lire; second quality whole 102.10 lire, broken, 64 lire; first quality whole, 116.50 lire, broken. — 64 — — lire. prices at which rice and its by-products are sold by the cistributing centers are: Rice (delivered free, exclusive of sacks, at railway station at desMnation) ordinary and second quality 110 lire, first quality 114 lire; by-products (delivered at plants, exclusive of sacks) broken rice, etc., 64 lire, small rice not polished 50-50 lire, milling residuum 25 lire, other The — residuums 10 U. NATIONAL RICE CONSORTIUM. In its monthly circular, issued July 1, the Italian Discount & Trust Company of this city has the following to say regarding the National Rice Consortium in Italy. A new consortiiim, not included with the other grains in tne cereal C. W. — lu'o. WHITTEMORE ON NECESSITY OF PROTECTING FOREIGN TRADE. The necessity of protecting the foreign trade of the United States against increasingly strong competition was emphasized in a statement issued by Charles W. Whittemore, President of the Chamber of Commerce of the United States Mr. Whittemore, who has been in the in the Argentine. United States explaining to financial and commercial interests the necessity of allocating a certain percentage of the raw and of the United States for foreign trade, despite the present domestic demand, has returned manufactured products Buenos Aires. Mr. Whittemore said: During the months of February, March and April of this year 1 visited a nimiber of South American countries, and since the first of May have been I havo boon in New Orleans, San Francisco, Chicago in the United States. and New York, and have had numerous interviews and meetings with individuals and groups interested in commercial matters, and esoccially in I have been impressed with the fact that the multitudinous export trade. problems connected with production, which are confronting American manufacturers today, are so occupying their minds that they seem to be overlooking the fact that abroad foreign competitors are active to a degree which makes our foreign trade efforts seem insignificant. The foreign trade frame of mind, which forms a part of the popular governmontal attitude in many foreign countries, and more especially i'^ Great Britain, is lacking in the United States; and there are amnio grounds for the fear that by the time the American manufaetiu-ors havo solved their problems of I)roduction and have developed the foreigiv trade frame of mind, they will find the foreign markets so fully covorc<i by competitive nations that they to bo at a serious disadvantage. Unless the present foreign trade opporis grasped promptly the American manufactiu-er wUl find great What can be had now. difficulty in regaining ground he is now losing. will tunity THE CHRONICLE 24 hence require extreme exeralways present that the existing advantageous tions, position, if lost, may never be recovered. The emporium of southern South America is Buenos Aires, and Argentina wlU be the battleground for commercial supremacy in a large area outside In that field, the British are making earnest efforts to of its own borders. regain the ground lost during the war, and it is to be regretted that we have to admit that during the last year they have made more progress than we without much effort or expense, will five years and the probability is have. AMERICAN INTERESTS IN GERMAN GENERAL ELECTRIC COMPANY. Supplementing what we have already given in these columns on the acquisition of an interest by 'American capital in the German General Electric Company (our last item appeared in the "Chronicle" of June 19, page 2528), we annex the following from the May 31 number of "The Trans-Atlantic Trade," published by the American Association of Commerce and Trade, Berhn: Independence, whether personal or industrial, is not readily given up. The pre-war self-sufficiency of German industry has made it difficult for German industries to become reconciled to the idea of taking foreign capital Side by side with the dangers appear the into their undertakings-. advantages. Under pressure of the times the latter only can be considered, and the German press, in several instances, is beginning to support the idea of taking in foreign capital, so far as it concerns Americans, and maintains that the advantages far offset the dangers. Illustrative of the working of American capital in Germany, is the recent transaction between the A. E. G. (Allgemeine Elektrizitat.? Gesellschaft) and a group of American bankers, by which the latter become shareholders in the A. E. G. to the extent of 25 milhon marks, which simi is to be paid in dollars at current rate of exchange. At a general meeting of tne A. E. G. it was voted to increase the company's capital by 100 milhon marks, bringing it up to 300 milhon; this increase including the 25 milMon in American shares. By agreement these American shares cannot be resold without consent of the Berhn office. This transaction estabUshes a precedent; it has been favorably commented upon in the German commercial press. What does this American participation in the A. E. G. mean? First of all the A. E. G. has a credit in the United States, highly important in the purchase of raw material; secondly, the nature of the undertaking makes them almost entirely dependent upon copper of which America is a great producer, and thirdly, the presence of American capital in the undertaking will greatly faciUtate the mpany's commercial deahngs with the United States. The "Indusl ie- und Handels-Zeitung" states that the A. E. G., guided by the capable Dr. Walter Rathenau, undoubtedly had its very good reasons, and then adds, that other German industries w uld do well to look into the reasons and follow the example. The pohtical world is striving for a League of Nations, but on this question there are many men, consequently many minds. The gods alone really know what is going o i. n the meantime the agents of commerce and trade are actively engaged in breaking down prejudices, crossing and recrossing frontiers, trying to level up the wants and needs of the world. Large amounts of American capital a e already bee invested in Austria, and the German opportunity Is beroming more attractive. All this activity has its significance. It means that the commercial world Is going right ahead, and in spite of itself, will estabhsh a commercial League of Nations. — t possession of land, crops and cattle, together with the aid and encouragement given by the Military Government to agriculture and commerce, are responsible for this showing annex and for the present prosperity of the country. herewith the statement furnished by Mr. Mayo: We statement Showing the Principal Articles Exported in 1919 and 1918. Decrease. Increase. 1919. 1918. Kilos 22,418,335 18,839,472 3,578,863 do 3,917,012 4,094,372 $ 8,011.384 Sugar, raw Kilosl62,321,601 120,032,748 42,288,853 do $ 20,697,761 11,991,399 8,706,362 Kilos 20,302,095 15,199,840 Tobacco, leaf 5,102,255 do $ 6.661,033 3,623,780 3,037,253 •6.607 Coffee Kilos 2,209,446 2,286,053 — Years Cacao, crude do 947,421 $ Total value exported Total value imported Balance of trade... Gross Collections During the First Four cabled advices also say: Chancellor Renner made this announcement to the Finance Commission of the Assembly to-day (June 2) at the opening of the debate on the Taxation Bill. The plan contemplates that part of the bonds shall be given to the countries which already have advanced credits. Further credits win be similarly secm-ed. The bonds are payable in 1925, according to the plan, in the currency of the creditor country. The Chancellor said the greatest caution was necessary before acceptance, as it meant virtual surrender of Austria's internal sovereignty. The Pan-Germanist members denounced the scheme, saying it was too great a price to pay. The press is unfavorable, the "Abend" pointing out that it is foreign credits in return for complete enslavement. PROSPERITY OF DOMINICAN REPUBLIC AS EVIDENCED BY INCREASING EXPORTS. A statement comparing the principal articles exported by the Dominican Republic this year and last offers evidence of the increasing prosperity of the republic under the administration of affairs by the military government. The statement H. Mayo, LieutenantU. S. Navy, officer administering the affairs of the Department of Finance and Commerce for the Military' Government. is Commander $17,582,765 00 Months of 1920 as Compared with 1919. January February $415.597 531,488 716,255 577,986 March April Total 1919. $2,241,327 54 Increase. 1920 . RUMANIA SEEKING U. S. $285,013 84 345,669 79 36 46 07 65 326,24124 313,039 80 , $1,269,964 67 $971,362 87 LOAN— NATIONAL DEBT. Mail advices from Bucharest June 1 to the Associated Press, published in the New York "Evening Post" of June 23 said: Rumania is seeking to place a loan in the United States and wants to give 6% as security her national bonds, without lien on her forests or her oil properties. According to "Les Progres." the country's most pressing problem is the reorganization of finances, which are in a confused condition, partly due to the dumping in Rvimania of several bllUons of Austro-Hungarian crowns. Russian and Ukrainian rubles and other worthless moneys. Within the past ten months the value of the lei has decreased from 10 to the dollar to 55.80 to the dollar, according to the fluctuations of the market. "Le Progres" states that at the beginning of the war the Rumanian national debt was only 550,000,000 lei and that now it is more than 30,000,000,000, with no means of estimating the exact amount of p per money in circulation. The standard paper money of the country at present is that In June paper money printed in issued by the National Bank of Rumania. the United States will go into circulation and all other moneys will be withdrawn, it Is believed. PLANS OF BALTIMORE BANKS FOR FINANCING GRAIN MOVEMENT Plans of the Baltimore banks for financing the grain movement were approved by representatives of the institurooms of the Bal- tions concerned at a meeting held at the Clearing House Association on June 29. The BOND ISSUE BY AUSTRIA. movement for the creation of a credit of between $20,000,000 According to Vienna cablegrams of June 2, the AlUed Powers have proposed that Austria issue a 6% bond series secured by aU the existing national assets and sources of Income as a means of reconstruction. The daily papers in ttheir 410,848 $39,601,892 00 22,019,127 00 536,573 1920. timore ALLIES' PROPOSAL FOR !VOL. 111. furnished to us by Arthur (S.C.) Attention is especially invited to the trade balance for the year 1919 of $17,582,765 in favor of the republic, which is approximately 77% of the value of all merchandise imported during the year, though the importations were the second highest in the history of the republic. It is of interest to note, too, that in spite of the average reduction of 25% in customs charges made effective Jan. 1 1920, and the placing of such material as transportation media, all articles having to do wdth agriculture, &c., on the "free list" that the importations are wonderfully increasing, as shown by the comparison of the receipts from customs charges for the first four months of 1920 as compared with the same period of 1919. It is contended that peaceful conditions, with security of and .$25,000,000 for the purpose was refererd to in our issue A meeting of banks, members of of a week ago, page 2617. the Federal Reserve system, was held on Saturday last \vith a view to developing the plans, and at that meeting the bankers pledged themselves to raise the required funds a committee being named to work out the details of the plan This Committee consisted of: Henry B. Willcox, of the • Merchants-Mechanics-First National Bank, chairman; William Ingle, President of the Baltimore Trust Company, representing non-Clearing House banks; Charles E. Rieman, President of the Western National Bank; T. Rowland Thomas, president of the National Bank of Baltimore, and William H. Hay ward. President of the Chamber of Commerce representing the grain trade. The Committe decided that instead of raising a pool of $20,000,000 or $35,000,000 the better course would be, according to the Baltimore "American" of June 30, to let each bank take care of its own part of the obUgation in handling the credit, with the understanding that when any one bank is unable to meet the full demands of any of its customers, it "v\dll call upon one or more of the other banks This course was approved at Tuesdays' meeting by the banks interested. "American" referring to the plan approved said: for assistance." While satisfaction is expressed that the huge task wnich faced the banks of caring for this tremendous volume of export grain has been arranged it very is felt In many quarters that this action on their part represents a high order of concern for the welfare of the city and for the development While, of course, the banks are expectant they will of the local port. lose no money through their participation in this financing scheme, the driving force behind their concern was not profit, but a genuine desire to protect not only the grain merchants but at the same time advance the interests of the port. It is felt, too, that this agreement for concerted action, caused through mutual Interest in the city's welfare, has brought the Baltimore institutions together in a very personal manner, and that in future, when danger or hardship threatens or the advancement of the export or import trade Is to be assisted, they will be willing to continue such concerted action as was adopted yesterday in the grain crisis. Aside from the member banks of the Federal Reserve, three concerns the Commercial Bank, Maryland Trust Company and the Baltimore Trust Company entered into the agreement. These banks are pledged — — July 3 up to half THE CHRONICLE 1920.] their capital and resoiu-ces in handling the grain merchants' credits. The Baltimore "Sun" of June 30 prints out that the banks can use up to 50% of their capital and surplus in the creation of these credits when based on bankers' acceptances. In special instances, and when approved by the Federal Reserve bank, the banks can go to the full 100% of their capital and surplus. SENATE INACTION ON APPOINTMENT OF COMPTROLLER OF CURRENCY WILLIAMS. The following indicating the status of the appointment of as Comptroller of the currency, appeared in the "Journal of Commerce" of June 17; being a dispatch from that paper's Washington correspondent, under John Skelton Williams date of June 16: Among undisposed of by Congress at the recent adjournof John Skelton Williams to succeed himself as Comptroller of the Currency. The nomination first made by the President in December 1918, is in the hands of the Senate Committee on Banking and Currency where it awaits the favorable or unfavorable recommendation to the Senate for a final vote on confirmation. It is now seventeen months since the nomination was made and when Congress meets in December two years will have intervened between the date of nomination and the possible consideration of the case. No similar delay in action on an executive appointment to a position of such prominence and importance in the administration has ever occured. Lesser places have been the subject of controversy between party majorities and the executives, such, for instance, as the noted Dr. Crum case in Charleston, where a Senator prevented the confirmation of the appointee as Collector of the Port for over three years because he was colored. But no such delay has ever happened in connection with a high adminLstrative office in the Government, and especially where the incumbent has held the place and administered its duties with such eminent success as in the The Senate Committee on Banking and case of Comptroller Williams. Currency in February, 1919, acted favorably on the nomination of Mr. Williams, but a filibuster prevented action by the Senate. At the extra session the nomination was again sent to the Senate in June, 1919. By a strict party vote in the cmrency conunittee a favorable report was prevented, but no adverse report was made. The session adjourned without action. When the last sesssion met the nomination was again sent to the Senate and referred to the committee, but no report whatever was made the matters left ment was the appointment upon it. Comptroller Williams demanded as a matter of fair play to himself and to his standing as a public official that the Senate should act one way or the In the meantime by a recess appointment by the Secretary of the other. Treasury under an old statute the Comptroller continues in his office and will do so to the end of the Wilson administration, unless the Senate should reject his nomination next session, which is altogether unlikely. It is unlikely for the reason that the Republican leaders have from the first decided that they would prefer to have Comptroller WUhams continue to the foiu"th of next March, when they expect to see a Republican President inaugurated and can have the opportunity to name a Republican Comj)troller. The term of the Comptroller is for the period of five years, and if the Senate had acted two years ago promptly on the Williams nomination another appointment could have been made, against which probably no objection could have been made to stand, and then there would have been a Democratic Comptroller in power for a term extending over the greater part of the next Presidential term. It is to be said that during the six years Comptroller WUliams has served in his present office the national bank system has emerged into a period marked by unprecedented strength. There has been a greater growth in resources, a vastly stronger condition of solvency, a greater absence of failures and an unmeasured importance in the pubUc poUcies of the Government than at any other period in the history of the national banking system The campaign conducted by the present Comptroller against usury in the first year of his incumbency corrected a horrible evU in the life of Western farmers and settlers. That single act of courage should have entitled a public official to generous consideration at the hands of the Senate. ' F. 25 more spectacular than atjany^ timeXsince thejarmistice for he says "the forces which have been operating for months past to produce liquidation of commodities have culminated in a manner which the public has been able to clearl y see and to plainly feel." He further comments as follows: Cancellation of orders by retailers had been reported for some weeks but this factor had no appreciable reaction in the form of reduced prices to the consumer or lessened earnings on the part of wage-earners until it had had time to reach back to the actual producer of goods. That it had done this by the end of May, however, became apparent with the announcement the first week in June that the largest woolen mill corporation in the country had decided to run its plants at Lawrence and other centers on a four-day a week basis which was subsequently reduced to three, a program of curtailment quickly followed by numerous other concerns in the textile industry, some of which shut down altogether for a fortnight or more. Shoe factories were likewise speedily affected by having sent back to them m illions of dollars worth of goods and by cancellation of orders delayed In delivery. The immediate cause of this slowing down of activity has been not only cancellation of orders already booked, but the great caution and hesitancy of retail merchants in making commitments for faU goods, coincident with liquidation of current stocks at greatly reduced prices on account of the unseasonable weather, and increasing unwillingness of the public to purchase at former prices. Reductions by retaU shoe dealers have been accompanied and stimulated by the disposal of enormous stocks of footwear by the makers at special sales to the consumer direct, one combina^ tion of Lynn manirfacturers hiring a large vacant store in Boston for this purpose where thousands of pairs 'of the finest grades of women's shoes in the latest styles of the season are being disposed of for $5.50, the nearest approach to pre-war price levels yet reached by any class of merchandise. Most retailers attribute current price reductions wholly to transient factors in the situation and to the perfectly normal instinct of every sane and sensible merchant to liquidate when he is overstocked with unseasonable goods and to proceed with caution in'the matter of commitments for the futiu-e under such conditions as at present exist, but they are convinced that the needs of the public for the coming fall cannot be supplied at the level of last autumn's prices when confronted with the cxrrrent quotations of manufacturers and jobbers. On the other hand the conviction has been steadily growing that not all of the price which the consumer has been paying for staple merchandise can be properly attributed to underproduction or even increased labor costs, much of it being due to speculation which has now been largely squeezed out of the situation by the policy of the banks with respect to loans: the public is buying with greater discrimination, due partly no doubt to the fear of lessened purchasing power accompanying a recession of industrial activity; and it is a known fact with respect to at least one of the great current necessities of life, wearing apparel, that neither present prices nor further increases can be attributed to any shortage in the supply of wool or silk. AU of these factors may make the retention of the price levels of the past year difficult. Where prices have dropped there is some difference of opinion as to whether a restoration to former — — — levels will occur. In reviewing these incidents in the industrial life of New England, Mr. Curtiss says "there is cause for profound gratitude and hopefulness for the future in the fact that the readjustment which we were bound to pass through, following the great war, has proceeded in such orderly fashion." He likewise says: There is sufficient money which it is the policy of the Federal Reserve Bank, while covmseUing the elimination of loans for non-productive and purely speculative purposes, to make available for all legitimate demands of trade and industry; liquidation of commodities on a very considerable scale has been accomplished without business disaster; liberal increases in wage rates have gone far toward forestalling serious disturbances that might otherwise have ensued from curtailment of or intermittent employment; and the response of the public to reduced price sales has demonstrated that there is still a great reservoir of unexhausted purchasing power, which If it but be drawn upon with increasing discrimination in favor of things that are really needed to the foregoing of extravagant desires, wiU promote a reaction along lines at once progressive, sound and healthy. PROVISION IN AGRICUTURAL APPROPRIATION BILL FOR STUDY OF RURAL CREDITS SYSTEM. A provision in the Agricultural Appropriation bill, signed BOSTON FEDERAL RESERVE BANK by President Wilson on May 31, calls for the appointment DOWN OF INDUSTRIESON SLOWING of a joint committee of the Senate and House to investigate ORDERLY LIQUIDATION OF COMMODITIES Discussing the New England industrial situation during the and report on the practicability of estabUshing a system of H. CURTISS OF month of June, Frederick H. Curtiss, Chairman and Federal Reserve Agent of the Federal Reserve Bank of Boston, states that"Nor not within the memory of the oldest dealer in leather has the Boston market for this commodity been so stagnant as during the past two months, many tanneries being closed down altogether, thus reflecting the absence of demand due to the unprecedented cancellations suffered by the shoe manufacturers. Even more critical" he says "is the situation created in the wool industry due to accumulations of vast quantities of this commodity both here and abroad just at a time when the new clip will shortly be coming on the market and aggravated by the demand of an extravagant public for clothing made only of the finest Mr. Curtiss in his review of the month, made fleeces." public on June 30, says further: The Western growers in their protracted refusal to accept lower prices losses such as the trade in Boston have absorbed in amounts probably running into the millions, have now come upon a time of curtailed production at the mills and consequent reduction in the demand for vheir product. The general reaction on the part of the public as indicated by a greatly decreased volume of business by wholesale dry goods houses, has not been without its effect also on the New England cotton goods industry which reports a decreased consumption of the raw material and a reduction and take in the number of active spindles. The outstanding features of the month in the New England situation are found by Mr. Curtiss to have been The following is the provision short term rural credits. in question: Short Time Rural Credits Committee: There is hereby constituted a joint committee of the Senate and House of Representatives, to consist of the Chairman of the Senate Committee on Agriculture and Forestry, the chairman of the House Committee on Agriculture, and the chairman of the Committee on BanMng and Currency of the two Houses, and two other members of each of said committees, to be designated by the Chairman of the respective Committees, and it shall be the duty of said joint committee to investigate and report at as early a date as may be possible as to the practicability of establishing a system of short-time rural credits in the United States and to recommend such legislation as may be deemed practical and dasirable to that end. The said committee is hereby authorized to hold meetings either during or between sessions. The sum of $5,000 is hereby appropriated, the same to be immediately available, out of any funds in the Treasury not otherwise appropriated, to defray all necessary expenses of said joint committee, payment of said expensas to be made upon vouchers by the chairman of said joint committee, who shall bo selected by the committee. FEDERAL RESERVE BANK ON EFFECT OF HIGH DISCOUNT RATES— CONTINUED EKTRAVAGANCE. N. Y. Referring to the credit situation, Pierre Jaj', Federal Reserve Agent of the Federal Reserve Bank of New York, in his monthly report on business conditions dated June 30, alludes to the advance in the discount rates on commercial paper during the month from 6 to 7%. with corresponding increases in other rates, and says: — , THE CHKONICLE 26 The result of the higher KederaljReserve Bank rates, as far as we can learn, has been to impress borrowers with the necessity of borrowing as credit. little as possible, and of presenting a sound case when appljing for The increasing number of sales, not only of manufactured goods but of raw materials, dxiring the past month, is clearly indicative of the desire to Producers and distributors reduce stocks of goods which are being carried find that necessary credit is avilable, but there is greater discouragement Rates on commercial paper in of borrowing for less necessax-y purposes. . H% to 8%, and the banks the open market have i-isen during the month in some of the smaller industrial cities at which rates have not been raised are finding an increasing pressure upon them for loans at their lower rates. According to the report "extravagance is still in evidence," and "the sales of necessities, apart from food, have declined more than the sales of luxuries." The comments on retail trade are as follows: Retail trade recei^-ed a strong stimulus from the wave of price reductions and the huge volume of advertising which they received. But it did not, apparently, revert to the high levels of ihe first of the year, and soon relapsed To a large degree the into the dulness which was manifested in April. consumer returned to his waiting attitude, partly in the hope of slill further price cuts. But extravagance is still in evidence. The sales of necessities, apart from food, have declined more than the sales of luxuries. The first two weeks of June have revealed a dulness In the retail jewelry trade, and still more so in clothing. But the demand for automobiles, particularly the lower-priced cars, has held up fairly well. Places of amusement are stUl crowded and money is spent lavishly on things that go to make a good appearance. How much the stocks of department stores were reduced by lower prices be estimated from figures for stores in New York City. Even with the heavy sales recorded, reports shew that their stocks decreased only about 4% from April. In many instances stocks have been added to by the arrival of goods delayed in transit. Values of stocks of merchandise held by these stores in April were 54 % greater than for the corresponding month last year, and this figure was increased to 56% In May. The slowing down in sales has led to many cancellations and the volume of these has become so large that manufacturers and wholesalers are taking steps to make contracts more binding, and to protect themselves from a repetition of present conditions. In many lines collections are reported as much slower than in recent months. may [Vol. 111. BILL PROPOSING FEDERAL RESERVE ASSESSMENTS TO PROVIDE OFFICES FOR RESERVE BOARD. A proposed amendment to the Federal Reserve Act, authorizing the levy of assessments upon the Federal Reserve banks so as to provide suitable and permanent offices for the Federal Reserve Board in Washington was called for House by was referred to the Committee on Banking and Currency and by the latter committed to the Committee of the Whole House. A report from the Committee on Banking and Currency accompanyin a bill introduced in the Representative Piatt on June 3; of Representatives it ing the bill said: The Committee on Banking and Currency to which was referred H. R. 14386 report the same back to the House with the recommendation that the bill do pass without amendment. The Federal Reserve Board now occupies offices in the Treasury Building though it is not a bureau of the Treasury. The Secretary of the Treasury authorized in Section 10 of the Federal Reserve Act to assign offices for the use of the board in the Treasury Department, but is not required to do so, and the offices now occupied are needed by Treasury bureaus. The Federal Farm Loan Bureau, for instance, is in rented quarters outside In the Bond Building. New York Avenue and Fourteenth Street. Section 10 of the Federal Reserve Act undoubtedly gives the Federal Reserve Board authority to assess on the Federal Reserve Banks as a part of its expenses the cost of rented quarters, but there is doubt whether the authorization would cover the purchase of property or the erection of a building for permanent quarters. This bill removes that doubt and provides that the title to any property acquired shall be In the United States to be held for the use and benefit of the Federal Reserve system. It also fixes a limit of $1,000,000. The following is the text of the bill: is |H. R. 14386] Section 10 of the Act approved Dec. 23, 1913, known as the Federal Reserve Act. Be it enacted by ihe Senate and House of Representatives of the United States of America in Congress assembled. That Section 10 of the Federal Reserve Act, as amended by the Act approved March 3 1919, be further amended by striking out the period at the end of the third paragraph thereof and adding lieu thereof the follo^ving: "and, shall have power in its discretion to levy assessments upon the twelve Federal Reserve banks sufficient to provide itself with .suitable and permanent offices In the City of Washington: Provided. That in case of the purchase of property or the erection of a building the amount assessed shall be limited to $1,000,000, and the title to any property acquired shall be in the United States to be held for the use and benefit of the Federal Reserve system. All funds derived by the Federal Reserve Board from assessments upon the Federal Reserve banks shall be expended in accordance with the terms of the Federal Reserve Act and all accounts of salaries and other expenses of the Federal Reserve Board shall be audited by a certified public accountant in Ueu of any other audit at least once every six months, and a certified copy of each audit shall be transmitted by the Federal Reserve Board to the Speaker of the House of Representatives." ___^_^^_^^^^_^_^_^_^_^ A bill to amend , COMMITTEES OF NEW JERSEY AND NEW YORK m BANKERS ASSOCIATION TO ASSIST IN CONSERVATION OF CREDIT. The action of the New Jersey Bankers Association in its convention in May, a resolution authorizing the President of the Association to appoint a special committee of five or more members to assist in the conservation of credit and the appointment of the committee with Judge Gardner as its Chairman are commented upon in the monthly report of the Federal Reserve Bank of New York as "important steps in the present credit situation." The resolution is given as follows: As a result of the war the United States, in common with nearly every adopting at other country, finds itself with a highly expanded volume of credit, with prices more than double their pre-war level and with a supply of labor and of most materials wholly inadequate to supply the demand of the immense and widely diffused buying power at present prevailing. The bankers of New Jersey believe it essential that further expansion of credit and prices should be checked and that a reduction of both should be gradually effected: and recognizing their responsibility to assist in th"'s process by exercising a stricter control of the credit they create, they ARTHUR REYNOLDS ON PROBLEMS OF DAY—EXPANSION OF FEDERAL RESERVE BANK. , therefore be authorized to appoint a special committee than five members to assist and coordinate the efforts- of the bank- Resolve, that the President of not less ers of New Jersey: In conser^nng credit and thereby labor and materials for the production and distribution of those goods for which there is the most pressing need. 2. In effecting the postponement of public and private improvements, extensions and expenditures not now urgently needed. 3 In stimulating the accumulation of savings as the most effective method of combating prasent extravagant and unnecessary expenditures. 4. In such other plans as they may develop to bring about a gradual reduction of credit and prices. 1. _ It is pointed out that the New York State Bankers Asso- ciation at its convention on June 17-19 also authorized the president of the association to appoint a committee for similar purposes. INCREASE IN NOTE CIRCULATION OF FEDERAL RESERVE BANKS Regarding the increase in the total note circulation of the Federal Reserve Banks since the first of the year, the Federal Reserve Bank of New York, in its monthly report made public July 1 says: The increase in total note circulation of all Federal Reserve Banks from Januarj' 2 to June 18 was S31, 000,000. or l&ss than 1 % during a period of nearly six months. This compares with an increase of 19% from July 1919, to January 1920, and a decrease 1.2% from January 1919, to July 1919. Total money in circulation in the United States increased from $5,960,000,000 in January to 86,102.000.000 in June, or 2.4%. There has been a fairly consistent inci-case In Federal Reserve notes in cii-culation since the first of January but it has been largely offset by a decrease in Federal Reserve Bank notes. Federal Reserve notes increased from $2,999,000,000 to 83.104,000,000, but Federal Reserve Bank notes declined from $258,000,000 to 8183,000,000. The circulation of Federal Reserve notes in this district on January 2 was $811,000,000 and on June 18, $854,000,000, an incrca.se of .S43,000,000. During this period there have bee J shipments to Cuba by six banks in New York of $42,000,000 in currenc J chiefly Federal Reserve notes, and in addition .scattering amounts have been shipped to Mexico. Porto Rico, the Virgin Isles, and Canada. From the chart inserted above thowing deposits, loans and note circulation all Federal Reserve Banks l may be seen that sLuce the Armistice total te circulation has increas .(about 28% while rediscounts have risen arly 47%. Speaking of "Conditions Confronting Us To-day" in an address before the Illinois Bankers' Association at Galesburg, Illinois, on June 22, Arthur Reynolds, Vice-President of the Continental & Commercial National Bank of Chicago warned that "we must not make the mistake of thinking that because we have the Federal Reserve Banks we can go on expanding without limitation." Mr. Reynolds preceded this with the statement that "there is a reported shortage of commodities all over the world, and holders have the comfortable feeling that as fast as produce, raw materials and manufactured goods can be moved to market, they can be converted into cash with which to pay indebtedContinuing his admonitions as to the limitations of ness." the Reserve Banks Mr. Reynolds said: The object in creating those institutions was to assist legitimate business, not to foster undue expansion or speculation; in fact they were designed partly as a steadying factor; it was the intention that they should call a halt when necessary to correct a situation that might be getting unhealthy; and they were also intended as a resource to which the individual banks could apply for help In meeting the seasonal ebb and flow of industry as a whole. There need not be any currency panic now, for there is authority in the Federal Reserve law under which, in emergencies, currency can be supplied in the volume actually required for all legitimate transactions. But the ability to furnish currency and the reasonable assumption that there can be no panic to dispose of merchandise must not be confused with the great problem of credit expansion. If we are to make an honest study of conditions we must admit at the outset that this constitutes the biggest problem that confronts the m orld of business today. In it we see a reflex It has of all the others about which there has been so much complaint. been the last to project itself forcibly Into the whirlpool of difficulties growing out of the war; and as agricultural, industrial and commercial activities enter into the creeiit situation, cumulatively, is it not fair to assume that its acuteness represents the sum total of all the conditions affecting On that hypothesis, now that there is a general reaUzation business? of the strain, a realization which has been fruitful of remedial steps, is it not also fail- to assume that the imperative improvement of the credit situation will set corrective forces at work in all departments of industry and business? In other words, our expansion of loans is the yardstick by which we measure all other expansion. As it has become necessary to check expansion there, will it not mean a positive check elsewhere? And this is not happening as the preconceived design of any group or coterie of men. Everybody is agreed that it must be done for the good of all. Up to now, in our orgy of general expansion and extravagance, the thought seems to have been common that credit was limitless, like air; that all the producer of raw materials had to do was to find a purchaser who would promise to pay almost any price and then ship the materials, that the manufacturer could do the same, and that the retailer could follow their example. The opinion seemed to be that the banks could supply the credit without any limitation whatever as to amount. . July 3 . THE CHRONICLE 1920.] Suddenly there is an awakening. It is now plain to all that in order to grant credits the Federal Reserve Banks and the commercial banks as well must have reserves. There must be a reserve of money, the same as there must be a reserve of foodstuff, fuel, clothing and all other human necessities. Loans, and payments passing from one man to another, or from one firm or corporation to another, create deposits in the banks, and against those deposits the margin of reserve must be adequate. Just as the exhaustion of the reserve stock of cereals, sugar, meat and vegetables means a famine in food, so an exhaustion of reserve money means a famine of credit. If food stocks approach the point of exhaustion, there must be extraordinary effort to prevent waste, curtail use and renew production; and when reserve money, which is depleted as loans expand, gets low, an effort must be made to encourage a more careful use of credits; there must be curtailment here and there and some liquidation to renew the supply. That is what is happening now. It is in the common interest that this should be done. It will be recalled that there was official recognition of the dangers hidden in the intoxicating pace set by those who were venturing into new fields of speculation and indulging in riotous extravagances. In its utterances the Reserve Board issued warnings, which may have been belated; but whether belated or not. if it had been possible to begin slowing down in earnest a year or more ago. the breaks would not have to be applied with such vigor now. and there would be less squeaking as the machine was being — brought under control. Perhaps this could not have been done, for the ramifications that enter into the case are most beyond calculation. How could you compel the laborer who was earning $5 a day where formerly his pay was $2, or $10 where in other years it was $4. to see the importance of economizing? His intellingence confirmed his notion of his ability to spend. Both were His children were all big earners as cominfluenced by the pay envelope. pared with other season, and the leader of his union or his co-worker told him things would never be different, that the war had completely changed the old order of things. He could not see why his present prosperity should not be turned to good account in the entertainment of his family and his friends. The farmer whose produce had been selling higher than he had dreamed would ever be possible, and whose land had over night advanced $50. $100, or even $200 per acre, could not understand why the Federal Reserve Board should worry when he was riding around with his family in a fine car. The small dealer felt about the same way. The jobber whose sales and profits were astonishing even himself, the manufacturer and many bankers could not very well see over the fence. One cause a primary cause of the present difficulty was the surrender to the belief that the continuation of cheap credit after the war, would stimulate production and so assist in bringing about a reduction in the high cost of living. Cheap credit for the Treasury during the war was desirable and probably advisable because the end could not be foreseen and any error in fixing bond rates could always be corrected in subsequent issues by giving conversion privileges. But the cheap credit policy as a means of stimulating production and lowering the price level has been a complete failure. Fifteen months after the armistice, the loans of the reserve banks were $800,000,000 more than in the preceding year and upon the basis of these enlarged reserves the commercial banks had expanded their credits to several times that amount. The Treasury continued to place certificates at low rates for more than a year and the ease with which money was obtainable contributed to fundamental extravagance and all the machinery of war. except troops, was maintained. The railroads continued to be run at a loss. The cry for a bonus to soldiers was raised, and production was not increased. Suddenly we find that cheap credit is an illusion and we proceed to make credit dear. The Reserve Bank's rates are increased and then increased again, and they may be mcreased again. Sliding scales are adopted in some cases to penalize heav-y borrowers. The Treasury rate on its new issues of notes is advanced to 5% and then to 6%. Talk of a panic is — — heard. It is all too recent to require analysis. Panics come when we have reached the end of our credit resources. We have not reached that point as yet. Late as we were in realizing our error we were not too late. Thirty-five or forty per cent, reserve requirements mark an arbitrary danger line. The approach to it serves as a warning. In the present case it tells us of our error in thinking that cheap credit would increase production, but it does not mean panic or cataclysm or economic depression. We would be safe with thirty per cent reserves. we would be safe with twenty per cent, unless we lost our heads. The Bank of England has been running along on less for many months. I would prefer a panic if there were no other way. but there is another way. It is not a question of the percentage of reserve but of our capacity to control the situation of our ability to prevent the situation from running away with us. Time is necessary, not for the banks, but for business to become readjusted we are going to have further expansion if it is necessary. The price level will come down slowly and production will be raised to the point of meeting the demand with equal slowness. — — Besides credit, Mr. Reynolds observed that the other most vital problems of the moment are Transportation, Labor and Production. We must, he said, divorce the transportation problem from politics and consider it as an economic question; under present circumstances, he contended, we can make progress in restoring our transportation system to efficiency only by work, and time will be required. Mr. Reynolds expressed the hope that the labor question can be solved, adding: "and I think it will be, without recourse to severity, without subjecting any one to deprivation, but we cannot go on as we have been without coming to a serious break." He also said; The essential and first point in the settlement of the labor problem a clear understanding by all parties that in most establishments the only possible source of a permanent increase in wages or profits must come from an added value to the product relative to the capital and labor expended, and in the end, neither wages nor profits can be increased at the expense of the other. Any attempt to shift the burden of added wages or profits to the consuming public in the way of added prices is likely to defeat itself quickly by lessening the demand. And if this does not happen wo must remember that the great mass of con.sumers are also workmen, so that the burden in the case is merely shifttxi from one set of workers lo another. The remedy then is larger production per man and per dollar employed. The increase of capital and its smaller employment, the incrca.se in number of workmen by shortening hours, except on a proved basis of efficiency, will bring no lasting re,sults. is Too short hours, with weakened morale are as bad as too long hours with physical strain. Idleness is worse than overwork. The wise use of leisure stands for progress, the unwise use means social deterioration. 37 REPRESENTATIVE PHELAN ON ACHIEVEMENTS OF FEDERAL RESERVE SYSTEM. A resume of what the Federal Reserve act has accomplished was presented by Representative Phelan of Massaehussetts, ranking Democratic member of the House Com- mittee on Banking and Currency, in addressing the House of Representatives on June 2. His remarks are made available in the issue of the Congressional Record of June 21. His commendation of the act was offered in contrasting the record of the Democratic Party in Congress with what he cited- as the failure of the Republican Congress. In making what he termed "a suggestion of the achievements of the Federal Reserve System, Representative Phelan said: has rendered extraordinary service before the war. during the war, It and after the war. It took the ultimate control of our banking and currency organization, 1 of our loan and credit system, out of the hands of private bankers and placed such control in the hands of the United States Government. 2. It broke up the centralization of the banking power and substituted therefor decentralization withoiit any diminution of strength. 3. Before the war its tendency was to stabilize and lower interest rates. In normal times it will continue to have this tendency. 4. It was the first banking and currency bill ever passed by the Congress of the United States which made special provision to meet the peculiar needs of the farmer. 5. It entirely eliminated seasonal scarcity and tightness of money and attendant high rates, afflictions from which the country had suffered annually at crop-moving time. 6. It gave assurance for the first time to the banker, that financial crisis could be averted and financial panics avoided. 7. For the first time since the Civil War it guaranteed to the business man at all times ample funds and credit for the maintenance of legitimate business. 8. It insured the wage earner against lack of employment, due to unnecessary financial disturbance and panic. 9. It made certain at all times an ample supply of currency, or what is commonly called money. time in American history it made provision for the establishment of American banks in foreign countries and furnished adequate banking means to finance and develop our foreign trade. For the first time in financial legislation it made commercial paper 1 1 rather than stock-exchange collateral the basis of our credit system. 12. It unified our entire banking system and transformed a system wherein thousands of individual banks were forced at times to pull apart into a system where all these banks would pull together for their common strength. 13. It concentrated our reserves and gave our whole financial system the benefit of the strength which such concentration created. 14. Subject to certain modifications, such as the power to loan on Government obligations, it inaugurated the new but sound principle that our reserves could be used as a basis for credit only by those who should use such credit for the purposes of production or distribution. 15. It gave the country what had been lacking since the CivU War. an essentially sound financial organization not alone of great strength and power, but also of proper elasticity and flexibility. 16. It enabled the Government and the people of the Nation to finance the war and it contributed more than any other one governmental agency in the winning of the war. In two sessions of this Congress the Republican Party although clothed with power to do so has not made a change or alteration in a single principle contained in the Federal Reserve act. 10. For the Among first other things Representative Phelan also said: period of our own participation in the Great War was the period during which was to be demonstrated in its fullness the marvelous strength, capacity for service, and sustaining power of the Federal Reserve System. Never before in the history of mankind was any country called upon to assume financial obligations so huge in volume as was the United States during the war and subsequent thereto. In addition to the vast sums raised by taxation the Treasury issued Liberty bonds to the amount of $16,937,490,850 and Victory notes to the amount of $4,495,014,226. This over $21,000,000,000 of United States bonds and notes were issued by the Government and absorbed by the country in a period covering approximately only two years. Within the same period over ,$9,000,000,000 weie loaned European and other countries by this Government. In addition to this. United States certificates of mdebtedness issued in anticipation of Government loans or collection of taxes were put out and absorbed. The amounts of these certificates outstanding at any one time varied, but on May 5 1919, in attaining their highest point, these certificates were outstanding to the amount of $6,467,525,000. The whole people of the Nation responded promptly and patriotically in the flotation of Government bonds, note>--, and certificates Without their enthusiastic and self-sacrificing .support, our bond flotations would not have been a success, and serious difficulties would have arisen in the financing of the war. In spite, however, of the noble response of our American people, it is beyond conception how the war could have been succes^ully financed if it had not been for the Federal Reserve System. In the first place, through a provident provision in the act, the Federal Reserve banks could be used as the fiscal agents of the Government. There already existed, therefore, a ready-made Liberty-loan flotation organiz;ition consisting of the 12 Federal Reserve banks and their branches. This organization avoided the necessity of delay and vexatious effort which would necessarily attend the creation of an organization to do the work. It was through the Federal Reserve banks and (heir branches therefore that the entire work was done. In passing, duo credit should bo given the various banking institutions and individuals and organizations for their co-operation in this work. Important as it is, however, the service of the Federal Reserve banks as an organization for the flotation of bonds and certificates was only an incident compared to the far greater financial assistance rendered the Government through the system. Individual banks were called upon in every loan to make vast credit commitments in order that the people might take up these bonds and make the sales successful. These banks never could have so extended their credit, and it would have boon entirely unsafe for them to attempt to do it if the Federal Reserve banks had not stood behind ready at all times to give .support. In fact, the Fedeial Reserve banks were continuously giving supi^ort by taking over volumes of bonds and certificates and furnishing funds and credit to the various individual banks whereby thoy in turn could furnish funds and credit to their patrons. Some conception of the load which the Ftxleral Reserve banks were obliged to The THE CHRONICLE 28 carry to sustain our Government in its war financing and in its after-tiiewar financing may be estimated from a glance at a few figures. On Feb. 7 1920. the combined statements of the Federal Reserve banks showed that they had total earning assets of 83,279,232,000. This huge total practically represents the total sum of fimds and credits fiu-nished directly or indirectly by the Federal Reserve banks to the Government and to On May individuals," partnerships, and corporations for their financing. 16 1919. the Federal Reser\'e banks in the aggregate had discounted bills secured by war obhgations of the Government to the amount of $1,863,476,000- These amoimts just mentioned show the cash and credit afforded through the Federal Reserve System to the Government and to the people of the country, but this is only a small part of what the Federal Reserve System did for the Government and for private enterprise. The funds and credit it furnished the member banks gave these banks loaning power far beyond the figures presented here, and, moreover, the individual banks could extend their own credit with safety far beyond what would have been possible if we had had no Federal Reserve System to sustain our financial The people of this country could not have purchased the output structm-e. of Liberty bonds and Victory notes but for the loans given them by the National and State banks. The National and State banks could not have made the immense volume of loans necessary but for the extension of credit and support accorded them by the Federal Reserve banks. The establishment and maintenance, therefore, of the Federal Reserve System was what made possible the remarkable success of the Liberty bond and Victory note lotation. Perhaps no one feature of the Federal Reserve System can be pointed out more to uphold our financial stability than that which enabled the Federal Reserve banks to accum-ulate a vast hoard of gold and keep it as a reser^'oir. Our whole credit system, except for the relatively unimportant pro\Tsion as to lawful money, is based upon gold. The less gold the Federal Reserve banks have the less funds and credit can they supply. The more gold they have the greater their power to furnish cash and credit. Under the old national banking system the same principle The Federal prevailed, but then the individual banks had to have the gold. Reserve act enabled the Federal Reserve banks to accumulate a stxjre of gold to a volunje not remotely possible to the National and State banks under the old system. It was this reservoir of gold which was at the basis It was this reservoir of the extensive loaning power of our banking system. of gold which enabled us to meet the tremendous demands for financing the war and to the Federal Reserve act can be attributed the means whereby this gold reservoir was buUt up. Without the Federal Reserve act no one can conjecture how the war could have been financed. It is definitely certain that the old national banking system would have completely broken down under the burden of temporary measures had been taken to support the national banking system, they would at best have been makeshifts, and the country would have paid an enormous price for its lack of a sound and efficient banking organization. At all events, the Federal Reserve act was the financial rock upon which we buUt, and the people of this day and of the future will ever be under an obligation of gratitude to the greatest and best financial institution that has ever been created for the service that institution rendered in the winning as contributing of the war. APPROVAL BY PRESIDENT WILSON OF BILL FOR VOLUNTARY LIQUIDATION OF JOINT STOCK LAND BANKS. On May 29 President Wilson signed the bill passed by Congress amending the Federal Farm Loan Act so as to provide a method whereby the Joint Stock Land Banks may go into voluntary hquidation. The biU, as reported in our issue of May 15, page 2030, had passed the Senate on May 6. The Senate bill passed the House on May 22. Representative Piatt in stating in the House on that day that he did not think any extended debate on the bill was necessary, observed that "it does not require any of these associations to hquidate, but merely gives them an opportunity to do so if they wish to." He added, "it supplies a deficiency in the original Federal Farm Loan Act. The act now contains no provision for voluntary hquidation of the joint stock land banks." A question by Representative Cannon as to "whether a joint stock bank could make any arrangement with the farm loan bank by which it can rid itself of its liabiUties for the bonds it issues and put that hability upon the Federal Farm Loan Bank" figured in the debate. Representative Wingo in answer said: the situation, I will suggest to the gentleman: The holders of the Joint Stock Land Banks bonds have certain securities; first of all, the farmers' land, upon which a mortgage is given, and against wMch the bonds are issued. Of course that UabUity can be enforced against the land if it were not paid off. If they are paid off under the loan itself to a mathematical certainty these payments will retire the bonds. If any default Here is should be made, then the farm is liable and there would be a primary liability upon the stockholders of those banks only in the event that the farms should sell for less than the debt, then, of course, the creditors of the corporation could go upon the stockholders to the extent of their capital stock. But unless the holders of the bonds agree or unless the liquidation goes to the court and notice given and they are brought in and submit their claims and the assets are subject to the demands of the claims then, of course, they are not bound. I think there is no danger. We anticipated the very question which the gentleman asks and went Into it, and I do not think there is any danger. It is proposed to put in what was not in the original law, a plan by which the corporation may liquidate upon a two-thirds vote of its stookholdcrs, upon a plan to be approved by the Federal Loan Board, and any Federal Land bank, if it desires on the approval of the Federal Farm Loan Board, might take over the assets of any one of these banks on terms agreed upon. Now, of course, those assets are of the same character as the assets of the Farm Loan Banks; the bonds are Issued under the same limitations, against the same class of securities, which were rigidly inspected, and that is the reason why some of the Joint Stock Banks would liquidate, because they are held to a pretty strict regulation, and they have come to the conclusion they cannot make as much profit out of it as they first thought they could, and for that reason they are willing to get out. It was pointed out by Representative Piatt that any Federal Land Bank may, with the approval of the Federal rvoL. 111. Farm Loan Board, take over the assets of the Joint Stock are not required to do so. He also said that "inasmuch as these are usually loans of a larger amount than Federal Land Banks loan, it is expected this wall be a rather profitable business to the Federal Land Banks during the period when they are unable to do any other business, because of the holdup of the Supreme Court in reference to the rehearing of the case as to its constitutionability." The following is the bill in the form in which it was approved by President Wilson: AN ACT to amend section 16 of the Act of Congress approved July 17 1916, known as the Federal Farm Loan Act. Land Banks, but they it enacted by the Senate And House of Representatives of the United States America in Congress assembled. That section 16 of the Act of Congress approved July 17 1916, known as the Federal Farm Loan Act, be amended by adding thereto the following: "Any joint-stock land bank organized and doing business under the provisions of this Act may go into voluntary liquidation by making provision, to be approved by the Federal Farm Loan Board, for the payment of its liabOities: Provided, That such method of liquidation shall have been duly authorized by a vote of at least two-thirds of the shareholders of such joint-stock land bank at a regular meeting, or at a special meeting called for that purpose, of which at least ten days' notice in writing shall have been given to stockholder. "For the purpose of assisting in any such liquidation duly authorized as in the preceding paragraph provided, any Federal land bank may, with the approval of the Federal Farm Loan Board, acquire the assets and assume the liabilities of any joint stock land bank and in such transaction may waive the provisions of this Act requiring such land bank to acquire its loans only through national farm loan associations, or agents, and those relating to status of borrower, purposes of loan and also the limitation as to the amount Be of , , of Individual loans. "No Federal land bank shall a,ssume the obligations of any joint-stock land bank, in such manner as to make its outstanding obligations more than twenty times its capital stock, except by the creation of a special reserve equal to one-twentieth of the amount of such additional obhgations assumed." Approved, May 29 1920. REPRESENTATIVE MORGAN'S PROPOSAL FOR NATIONAL FARM CREDIT BANKS. A bill designated "The National Farm Credit Act" intended to provide short term credit for farmers was introduced on June 2 by Representative Morgan and referred to the House Committee on Banking and Currency. It proposed the creation of National Farm Credit Banks, in each Federal Land Bank district, its principal office to be located in the same city and in the same building, wherein The bill called for a the Federal Land Bank is located. subscribed capital of not less than $2,000,000 in $5 shares for every National Farm Credit Bank, the provisions of section 5 of the Federal Farm Loan Act relative to subscriptions of the capital of the Federal Land Banks, being made apphcable, in the case of subscriptions to the capital of the National Farm Credit banks. The following are some of the provisions in the bill: Power of National Farm Credit Banks. That every national farm credit bank may receive deposits, Sec. 8pay interest thereon, borrow money, loan its funds to Federal farm credit and rediscount the notes of said societies and the notes and sell debentures as provided in this Act, and do and perform such other acts as may be authorized by law. societies, discount of their shareholders, issue Discount by Federal Reserve Banks. That upon the indorsement of any member bank of the Federal Reserve System, or of any national farm credit bank, any Federal reserve bank may rediscount notes taken by any Federal farm credit society in the usual course of business, or the notes of such society which have a maturity, at the time of discount, of not more than six months. Sec. 9. Government Depositaries. That national farm credit banks organized under this Act, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, except receipts from customs; they may also be employed as financial agents of the Government, and as such depositaries and agents shall perform all such reasonable duties as the Sec. 10. all Government may require. may loan to Federal farm credit societies such percentage of Government deposits as may be prescribed by the Secretary of the Treasury, and under such conditions and regulations, with reference to the security therefor, as said Secretary may prescribe to insure the payment thereof. Said banks Special Deposit for Loan Purposes. That the Secretary of the Treasury is hereby authorized to deposit with national farm credit banks a sum of money not to exceed in the aggregate $12,000,000 in any one calendar year to be loaned by said banks Sec. 11. to Federal farm credit societies in such amounts, at such rates of interest not to exceed 5 per centum per annum, with such security, and under such rules and regulations as shall be prescribed by the Federal Farm Loan Board with the approval of the Secretary of the Treasury. Sec. 12. Farm Credit Debentures. That any national farm credit bank may issue farm credit debentures under the terms of this Act, with the approval of the Federal Farm Loan Board, when application therefor is made through the farm loan registrar. With said application said bank shall tender the said registrar, as collateral security, the indorsed notes of Federal farm credit societies or United States Government or Federal farm loan bonds, duly assigned to said registrar, not less in aggregate amount than the sum of the debentures proposed to be issued. On approval by said board for an issue of farm credit debentures the said registrar shall proceed as soon as practicable thereafter to procure the proper execution of said debentures and the dehvery thereof to said bank. The notes or bonds accepted as collateral security for the issue of farm credit debentures shall be assigned to said registrar trust, reserving the right m July 3 THE CHRONICLE 1920.] of substitution, and shall be hold by him'as coUaterallsecurity. for th:> payment thereof. The Federal Farm Loan Board shall prescribe rviles regulating the redemption of said notes or bonds, allowing the right of substitution of other similar notas and bonds for any portion thereof, and for the safeguarding of such securities in the hands of the registrar. Debentures issued by any national farm credit bank shall not exceed the amount of collateral security pledged therefor, or be more than ten times the amount of the capital stock of said bank, and it shall be the duty of the registrar to enforce this provision. The debenturas shall be issued in denominations of .$10, $25, .S50, $100. $500 and $1 ,000, shall run for such time as may be prescribed by the Federal Farm Loan Board shaJl bear a rate of interest not to exceed 5 per centum per annum, shall be in such form and in series of such amounts as the Federal Farm Loan Board shall prescribe, and may be tssued as coupon bonds with coupons for Interest payments attached, or as registered bonds, and the same shall be interchangeable. That the provisions of the Federal Farm Loan Act relative to the pre, paration, engraving, and delivery of farm loan bonds are hereby applicable to farm credit debentures. Liahility of National Fartn Credit made Banks credit bank issuing farm credit debenturas shall be primarily liable therefor, and shall also be liable, upon presentation of farm credit debenture coupons, for interest payments due upon any farm credit debenture issued by any other national farm credit Sec. 13. That every national farm bank, and remaining upaid in consequence of the default of such other national farm credit bank: and every such bank shall lilvewise be liable for svich portion of the principal of farm credit debentures, so issued, as shall not be paid, after the assets of any such other national farm credit bank shall have been liquidated and distributed: Provided, That such less, if any, either of interest or of principal shall be assessed by the Federal Farm Loan Board against solvent national farm credit banks liable therefor in proportion to the amount of farm credit debentures which each may have outstanding at the time of such assessment. Every national farm credit bank shall be primarily liable for all its contracts, debts, liabilities, and financial obligations of every kind and character: and every such bank shall likewise be liable for such portion of the debts, liabilities, and financial obligations of any other such bank which shall not be paid after the assets thereof shall have been liquidated and distributed: Provided, That such lo.sses, if any, shall be assessed by the Federal Farm Loan Board against solvent banks liable therefor in pro portion to the amount of their capital stock at the time of such assessment; Provided further. That the Federal Farm Loan Board shall, by order duly made, create and establish a guaranty fund to which all such banks shall be required to contribute and equitable amount annually, the amount to be fixed by said board, and from which shall be paid any of the debts, liabilities, and financial obligations of any such bank after the assets thereof shall have been liquidated and distributed: but the creation of such guaranty fund shall in no way relieve any such bank from its liability to make further contribution under any a,sse.?sment which .shall be made by the Federal Farm Loan Board under the provisions of this section. Every national farm credit bank shall, by specific provision in its organization certificate, and by appropriate action of its board of directors, duly recorded in its minutes, obligate itself to become liable as provided in this section. Farm credit debentures shall be signed by the president of the bank issuing the same and attested by its secretary, and contain such other matter as may be proscribed by the Federal Farm Loan Board. Coupon or interest payments upon debentures shall be payable at the national farm credit bank by which they were issued, in gold or lawful money, and on payment shall be duly canceled by said bank. The Federal Farm Loan Board may authorize such payment at any national farm credit bank or at any other bank. The Federal Farm Loan Board may by rule and regulation not inconsistent with the provisions of this Act further regulate and control the issue terms and payment of farm credit debentures and the application of payments made thereon. The bill also provides for the organization of Federal Farm Credit iSocieties, by ten or more persons, with a subscribed capital of not less than $10,000. DENIAL OF REPORTS OF INVESTIGATION OF CURB MARKET BY NEW YORK STOCK EXCHANGE. Reports that an investigation of the New York Curb Market was being conducted by the New York Stock Exchange were denied in a verbal statement issued of the latter on June 29 as follows. in behalf The Stock Exchange is not investigating the Curb Market Association. has been the practice of the various committees of the Exchange for many years to investigate matters relative to the business of its members and the use of its facihties such as tickers and private wire connections. The Stock Enchange has always regarded the information given to its committeas by non-members as confidential, and does not disclose it to This, however, does not prevent any non-member appearing others. before a committee making any statement he chooses relative to such appearance. It The New York "Times" of June 29 in referring to the denial of the reports made by the Stock Exchange, said: It was reported in the financial district yesterday that the New York Stock Exchange has for four months been investigating the New York Curb Market Association. A statement to this effect appeared in one of the financial magazine?-, and when this was called to the attention of the Stock Exchange a flat denial was made of the rumor. Inquiry, however, developed that the Stock Exchange has been carrj^ing on an investigation relative to outside firms, some of which are members of the Curb Association, who have been accorded prfvileges of wire accommodation by the Exchange. This is in conformity with the custom of years past, the firms accorded this wire privilege having entered into an agreement in recognition ef the favor, whereby the Stock Exchange was to have the privilcgo of examining the firms' books. This situation was misconstrued by some members of the Curb Association, it is reported, who considered (hat the practice was perhaps the carrying out of an undertaking which the Stock Exchange announced some time ago that it would endeavor to regulate the Curb market. The result was a sharp letter of censure sent by some of the Curb brokers to the Stock Exchange, but which, .so far as can be learned, didn't have the full support of the Curb Market A.ssociation It is understood that this letter requested that the Stock Exchange in the future conduct any investigations with reference to Curb market members through the official Curb Market — . 29 A.s.sociation This letter was rec -ived by the Stock Exchange several days ago and it could not be learned yesterday whether any response had been made by the Exchange. The Exchange is always reluctant to discuss in any particular the investigations which it is cari-yin? on, whether with reference to its own members of those memliors of other organizations who have been accorded wire privileges because of their close bus nes relations with Stock Exchange firms. While the Exchange feels that it is bound to secrecy in .-uch casas, there is no obligation to secrecy on the part of out ide firms, and it is because of this that news of the present proceedings came to the attention of others than the directly interested parties. . BALTIMORE STOCK EXCHANGE MEMBERS BARRED FROM MANAGEMENT OF CORPORATION DEALING IN SECURITIES Effective July 1, members of the Baltimore Stock Exare required to dissassociate themselves from corporations dealing in securities. The requirement is contained in the following resolution which was adopted at a special meeting of the Governing Committee, on March 16 1920: It was unanimously resolved that no member of the Baltimore Stock Exchange can be actively associated with a corporation dealing in securities, nor participate in the management or earnings of such cor oration other change through dividends paid proportionately to all stockholders: nor his name to be used in connection with uch business: nor conduct his business from the office of such corporation. All than drawa salary or allow members of this Exchange now associated with a corporation dealing in securities are given until July 1 1920, to comply with this rul'ng: failure to comply with it will subject such member to the penalties proscnbed by Article 17 of the Constitution. PROTEST FROM MASSACHUSETTS REAL ESTATE EXCHANGE REGARDING LOANS ON LIBERTY BONDS. A protest against the course adopted by the Federal Reserve banks with respect to loans on Liberty Bonds, which has resulted in the estabhshment of a rate of or more by loaning banks to purchasers of the bonds, has been made to Secretary of the Treasury Houston, by the Massachusetts Real Estate Exchange, through the latter 's PresiThe suggestion is made by that body dent, William Felton. that "if arrangements can be made to continue to rediscount loans with the Federal Reserve banks secured by Liberty Bonds in the hands of the original subscribers at a little higher rate than is borne by the bonds securing such loans ... it will help to stabilize the Liberty Bond market and indirectly the entire security market." The following is the letter of the Exchange: 6% June 28 1920. David F. Houston, Secretary of the Treasury, Washington, D. C. Dear Sir: We are writing to respectfully protest against the course adopted by the Federal Reserve banks with respect to loans made to purchasers of Liberty Bonds. When subscriptions were being solicited to the various issues, at least to the last two Lssues, people were told that if tney would make a purcnase of tne bonds they would be permitted to borrow from the banks up to approximately 90 % of their par value at a httle higher rate than the rate of the bonds for an indefinite time, providing, of course, that such loans were frequently reduced by partial payments and paid in With this assurance and in order to promote full within a reasonable time. the success of the issues many people from patriot c motives purchased bonds far beyond their capacity to immediately pay for them. The rate has now been raised by the loaning banks to 6% or more for the reason t la the rate on rediscounted note secured by Liberty Bonds, has been correspondingly increased by the Federal Reserve Ba s and the effect, as you know, has been that many borrowers have felt obhged to sell their bonds at even depreciated prices. Another fact which has operated severely against borrowers on Liberty Bonds has been the position taken by some of the banks that a loan on this class of collateral should be included in figm-ing the total amount that a bank can loan to one borrower. This also is a departiu-e from the interpretation of the rule that loans on Liberty Bonds to subscribers would not be included in figuring the maximum which a ba:ik could loan to a single H n. — ; < borrower. M nute Men and other During the Liberty Loan Campaigns, the Four workers were authorized to say that a good market would be maintained for the Donds and tnat they would practically be currency for their face value How far results nave diffe ed from thjse in the pockets of the holders statements is only too apparent. There is a very general feeling that the rates on this class of loans are working a Ui^rdship which peo le ouglit not to be called upon to bear and that the effect is to penalize people for their patriotism. Thus we f el that, in a number of ways, the Government is breaking faith with the people who came forward to aid it in a time of stress and we are hearing the same opinion expressed by bankers and by employees of labor who ar? fie luently being called upon by employees to repurchase Liberty Bonds at their face value to make good (ho representations which had been made to them. This apparent lack of good faith, it seems to us, may have a very bad effect on the minds of a certain typo of people who have little knowledge In fact it is difficult to appreciate the harm that may of financial matters. result from the feeling thus engendered. If arrangements can be made to continue to rediscount loans with tne Federal Reserve banks secured by Liberty Bonds in the hands of the original subscribers at a little higher rate than is borne b.v (he bonds securing such loans, providing they are not now loans but renewals of loans made when the bonds were purchased, and provided also that the loans are being frequently reduced to a reasonable degree by payments on the principal, it Bond market and indirectly the en(iro security market and remove the stigma of bad faith now attaclied by many people to the operations of the Government. The desire of the Federal Reserve Board for deflation of credit can be acconipli.shcd, so far as this class of loans is concerned, by requiring that all loans of this character shall be reduced at each maturity in such amounts will help to stabilize tne Liberty , , THE CHRONICLE 80 seem reasonable under the penalty of a much higher rate if such reduction not made. Another important point, we think is that if the bonds are left in the hands of the original owners who have borrowed to pay for them these loans will be liquidated out of tbe income of the borrowers, but if the bondholders are forced to sell this element of thrift will be lost. We are writing this letter to you in the hope that something may be done to ameliorate the conditions we have set forth. Yours very truly, as is MASSACHUSETTS REAL ESTATE EXCHANGE, By WILLIAM S. FELTON. President. BILL PROPOSING INSURANCE OF $25,000,000,000 BONDS TO RETIRE LIBERTY BONDS, TREASURY CERTIFICATES, ETC. A introduced in the closing days of Congress for Senator Frelinghuysen of New Jersey (on June 2, calendar day June 4) proposed the issuance of bonds to the amount of §25,000,000,000 to refund the Fu-st, Second, Third and Fourth Liberty Loans, the Victory Liberty Loan, Treasury A similar bill Certificate and War Savings securities. introduced by Senator FreUnghuysen on March 22 called for an issue of $30,000,000,000 of bonds to retire Liberty Loan issues, and its text was given in these columns March That bill was referred to the Committee on 27, page 1247. Finance, as was likewise the latest bill which was evidently intended as a substitute for the earUer legislation proposed. Senator New introduced the later biU in behalf of the New Jersey Senator. The bonds called for would bear interest at 33^%. Under the provisions of the newer draft the owner of any bond, Treasury Certificate or War Savings security retired under the bill which bore a higher rate than S}4% would receive a rate of interest equal to the rate on his bond The following is the text or other securety exchanged. of the biU which was introduced on June 2. [Vol. 111. and who shall exchange any such bond, tax Treasury certificate, or war savings securities, for any of the bonds hereby authorized, si all receive, notwithstanding any statement to the ontrary in .said bond contained or expressed, a rate of interest equal to the rate of interest paid under the terms and provisions of the bond, tax certificate, Treasiu-y certificate, special Treasury certificate, or war savings security by him exchanged under the authority of this Act, until such time as the date of maturity of the bond, certificate, or war savings security by him exchanged pursuant to the provisions of this Act, and this notwithstanding the date of maturity of any bond issued under the authority of Federal supertaxation , certificate. I of this Act. For the purpose of carrying into effect the p^o^'isions of tnis Act, theSecretary of the Treasury is hereby authorized, required, and empowered to make and adopt such rules, regulations, and requirements for the purpose of establishing that the income of any individual is not subject to supertaxation, as the Secretary may determine. That tnis Act shall take effect immediately. Sect. 4. bill (S. A BILL 4504.] bonds to refund the national war debt. Be it enacted by the Senate and House of Representatives of the United Stales of America in Congress assembled, That the Secretary of the Treasury is hereby authorized and directed to issue from time to time, as may be necessary to fulfill the purposes of this Act, bonds of the United States to to authorize an issue of amount of $25,000,000,000. The bonds herein authorized shall bear interest at the rate of 33^ per centum per annum, payable semiannually, and shall be payable in fifty The principal and interest thereof years, except as hereinafter provided. the shall be payable in gold coin of the United States of the present standard of value and shall be exempt from all taxation, except estate or inheritance taxes, imposed by authority of the United States, or its possessions, or by any State or local taxing authority; but such bonds shall not bear the circulation privileges: Provided, That when (if ever) the rate of taxation upon net incomes shall be reduced to the normal rate in force on the 1st day of January, 1914, then and in that event and thereafter the incomes derived from bonds hereby authorized shall be subject to such normal rate of taxation. The bonds herein authorized, except as hereinafter provided, shall be issued solely for the purpose of retiring such bonds of the first, second, third, and fourth Liberty loans, and the Victory Liberty loan, converted or unconverted, and outstanding tax certificates. Treasury certificates under the Pittman Act, special issue of Treasury certificates and the war savings securities as shall be offered to the Secretary of the Treasury in exchange therefor, as hereinafter provided. The Secretary of the Treasury is hereby authorized and directed to issue the bonds herein authorized in exchange for such bonds of the first, second, third, and fourth Liberty loans and the Victory Liberty loan, converted or unconverted, and outstanding tax certificates. Treasury certificates, and the war saving securities, as may be offered to him in exchange, par for par, pursuant to the provisions of this Act, at any time within the five fiscal years beginning July 1 1920, following the effective date of this. Act. The Secretary of the Treasury is hereby authorized and directed to issue and sell at such price or prices, not less than par, as he may determine, such of the bonds herein authorized as may be necessary to from time to time redeem and pay such of the Liberty bonds. Victory Liberty loan notes, tax certificates, Treasm-y certificates, and war savings securities as may mature and shall not have theretofore been received by the Secretary of the Treasury in exchange or the bonds herein authorized. The bonds herein authorized shall be accepted by the Secretary of the Treasury at par with accrued interest in payment for estate and inheritance taxes which may become due to the United States. Sec. 2. That for the fi.scal year beginning July 1 1920, and for each fiscal year thereafter until the maturity of the said bonds, there is hereby appropriated out of any money in the Treasury not otherwise appropriated for the purpose of retiring said bonds and the payment of interest thereon the sum of SI ,200,000,000. WTien and as the loans of the United States to foreign coimtries shall mature and be paid, the proceeds of such loans, if not otherwise appropriated, shall be applied to the payment of such bonds of this issue as the Secretary may call. At the time of the second pajrment of interest upon said bonds in each year, the Secretary of the Treasury shall apply the balance of the moneys appropriated by this Act for that purpose, to payment at par of such of the bonds of this issue as ho may be call select. The Secretary of the Treasury is hereby empowered and authorized to annually call for payment any of the bonds of this issue. Notice of call of any bonds as above provided shall be given by the Secretary in such manner as he may determine at least thirty days prior to the second interest date of said bonds in each year. In making calls for bonds under the authority of this Act, the Secretary shall give preference to such bonds bearing the highest rate of interest as may be offered for payment in advance of their due date. Bonds issued under authority of this Act may be registered at the election of the holder. Sec. 3. That the owner of any bond of the United States issued after April 6 1917, o'- of any tax certificate. Treasury certificate, special Treasury certificate, or war savings securities, issued after said last named date, which by its terms shall bear a higher rate of interest than 3}4 per centimi per annimi, payable semiannually and whose income shall not be the subject LIBERTY BONDS AND VICTORY NOTES RETIRED DURING MAY. Figures were published in June purporting to show that the Government had retired during May $327,415,630 of outstanding Liberty Bonds and Victory Notes. In its account of the reduction effected, the "Wall Street Journal" of June 8 said: The greatest reduction yet shown of outstanding Liberty bonds and Victory notes for any month was effected in May. According to preliminary Treasury figures the aggregate reduction in the four issues of Liberty bonds amoimted to $187,004,575 and in Victory notes $140,411,055 a total of $327,415,630. Total reduction to date in Liberty bonds and Victory notes $1,784,210,467. is The heavy decrea.se in outstanding bonds in May does not mean that the full amount specified was purchased in the open market by the Treasury for the bond purchase fund. The total includes a large amount of bonds taken over from the War Finance Corporation which has ceased functioning. Many issues of Liberty bonds made their record low prices in May. the Fourth Loan bonds selling at a discount of 18% and the rally at the close of the month led to the belief that the upward movement was due to heavy purchases by the Treasury. Of the $187,004,575 Liberty bonds retired in May, $100,923,025 consisted of Fourth Loan bonds which sold at the greatest discount and the market price of this block of bonds probably would not have averaged more than $85,000,000. The bonds which were to be taken over from the Railroad Administration by the War Finance Corporation at the direction of Congress were to be paid for at par, and consequently the Treasiu-y in taking over these bonds from the War Finance Corporation would have to pay par for them. The reduction in Liberty bonds in May is shown in the following figures of amounts outstanding at the end of May and April: Decrease. Loan: May 31, 1920. April 30, 1920. $362,650 First $1,952,905,730 $1,952,543,080 54,073,500 Second... 3,393,620,050 3,339,546,550 31,645,400 Third 3,709,874,295 3,678,228,895 100.923.025 Fourth 6,514,741,938 6,413,818.913 $187,004,575 Total$15,384,137,438 $15,571,142,013 Reduction from origroal issues as shown by latest Treasury figures follow: May Loan: 31, 1920. $1,952,543,080 3,339,546,550 3,678,228,895 6,413,818,913 First Second... Third Fourth Total. $15,384,137,438 Reduction in Victory Loan was Amount Issued. Decrease. $1,989,455,550 3,807,865,000 4,175,550,050 6,964,566,250 $36,912,470 468,318,450 497,321,155 550,747,337 $16,937,436,850 1,553.299,412 as follows: May Total February March April $36,000,000 $230,911,055 $36,500,000 $18,000,000 At 4% an approximate average interest rate, the saving to the Government from the $1,784,210,467 Liberty bonds and Victory notes retired amounts to $71,368,418 per annum. Interest pajTuents on the public debt in May amounted to $84,579,273 as compared with $116,776,278 in AprU and with $111,457,688 in May, 1919.&:For the 11 months of the fiscal?year interest payments totaled $866,278,864 against $528,166,242 for the corresponding period of 1919. $140,411,055 ^WARISAVINGS SECURITIES REDEMPTION SlIN EXCESS OF SALES. From the "Wall Street Journal" of June 18 we take the following: patriotic stimulus of war removed sales of war savings securities off and for some months redemptions have exceeded sales. i.Sales inlMay aggregated $3,552,962 as compared with $6,558,198 1919, and were the smallest ever reported. The campaign is now in being carried on as a department of the Federal Reserve banks. The plan is to stimulate thrift through the sales of war savings securities and also to educate people to the benefits of holding on to their Liberty Loan bonds and to put aU savings In Government securities. interest, compounded quarterly, and to a War savings securities bear With the have been dropping May 4% person who holds them until maturity the yield is about 4.27%. With Liberty bonds selling in the market at a discount as great as 15% and yielding up to and in excess of 6% there has been redemption of war savings stamps and certificates by holders to put the proceeds into Liberty bonds and Victory notes, thereby increasing their Income in some cases as much , as 50%.lJiSa^*;« Sales of war savings secimties and redemptions fiscal year are shown in following table: -" 1919. Redemptions. Sales. 1920. fcr- by months for the present Redemptions. Sales. $i5,762,558 $9,124,292 14.923,768 8,020.436 Nov $16,551,895 17,494,242 7,316,467 Oct 18,458,727 18,896.373 6.111,944 Sept 15,159.552 17,533,268 6,201,164 Aug 16.773.277 16,220,691 5,176,865 July In the fiscal year Sale of savings stamps was initiated in Dec. 1917. ended June 30 1918, gross sales were $307,092,391: in the fiscal year ended June 30 1919, $783,177,605 and in 11 months of present fiscal year $70,Redemptions for the first 10 months of this year are reported 591.603. at $167,774,355. May $3,552,962 April... 4,815.437 March.. 6.063.359 Feb ... 5,221,213 8.987.462 Jan Dec July 3 1920.] THE CHRONICLE REDUCTION IN GOVERNMENT DEPOSITS IN SPECIAL DEPOSITARIES The reduction which has been effected in Government deposits held by special depositaries prompts the following Washington advices in "Financial America" June 23: Sharp contraction of government assets deposited in various parts of the country in various depositaries, has occured as a part of tne new policy now being followed by the Treasury in managing the present difficult fianncial situation of the government. So far as possible the Treasury is putting to full use the millions of dollar which hitherto have been kept in depositaries With the constant increase in in all sections for emergency purposes. money rates and the general tightening of money conditions, it has been found wiser and more economical to put these idle funds to use in financing current government needs rather than make fresh borrowings at present high rates. Only a glance at the Treasury's statement of its condition shows the decisive measures taken to utilize to the fullest extent its assets, and for the general curtailment of expense. Government deposits in special depositaries, or money deposited in specially qualified banks as received from the sale of government securities, now total little more than $312,000,000 as compared with much larger sums heretofore neld by the banks for government account. Similar reductions nave occurred in other money held by the banks for the Treasury. In the case of foreign banks, funds totalling more than $30,000,000 deposited abroad for the use of the army and navy, now total slightly more than $8,000,000. Government deposits in national banks now total approximately $26,500,000 as against a sum more than double that amount some months ago. Deposits in Federal reserve banks according to latest available figures, now total $168,093,951 compared with considerably higher amounts before the Treasury adopted its new policy of reducing its bank deposist o a minimum. Suffering a similar reduction. Treasury deposits in Federal land banks have been reduced to the new low total of $5,950,000 Unclassified and unsorted currency deposited has been reduced to the amount of $15,583,718. Treasury deposits in the Philippine Treasury have been reduced to $2,941,064. The cutting down of the Government depositaries, which has operated to reduce the Government holdings by depositaries, was noted in these colums Feb. 14, page 613, and April 10, page 1488. U. S. CHAMBER OF COMMERCE OPPOSED TO GOVERN- MENT OF PUBLIC WORKS. A proposal that the Chamber of Commerce of the United States advocate the establishment of a government Department of Public Works failed to carry in a referendum of the Chamber's membership, the result of which was announced on June 6. The votes on the three propositions submitted were: Shall a Department of Public Works be established by the national government? In favor, 826; against 549; necessary to carry, 917. Shall a Department of Public Works be established by a suitable modification of the existing Department of Interior, excluding therefrom the non-related bureaus and offices by change of name from the Department of Interior to the Department of Public Works ? In favor, 675; against 679. Shall a Department of Public Works be established by creation of an entirely new department? In favor, 282; against, 992. 31 rather than by shifting burdens by so-caUed "revision." Even the lifting of those tax burdens that are the most vexatious to business is hardly practical so long as the Nation hawks its short-'^ime notes in the money market and its outlay outruns its income. The first thing the Republican Congress was called upon to do was to demonstrate its ability and determination to reduce expenditures. That has been gloriously accomplished, and the new session which meets in December, if ad goes well in the meantime, should find a condition of the Treasury and the finances justifying the early consideration of measures of real and permanent relief from excessive and obnoxious tax burdens. We have accomplished the essential preliminaries; we have cleared the way; we have brought expenditures within income; we have reduced the appropriations for the next year to an extent making possible a well-nigh 50% reduction in the war overhang. We shall enter the new session in December, and the new Congress in March, with the way cleared for a considerable reduction of the tax burdens; and, of course, the first burdens to be lifted should be those which most hamper business and those that have proven inequitable. Dealing with the appropriations for the year and the and expenditures. Representative Mondell had the receipts following to say: Effect of Saving in Appropriations for the Fiscal As I have heretofore stated, the Year 1921. made during the permanent annual and miscel- total appropriations session that has just closed, including all laneous appropriations for 1921, as well as the deficiency appropriations for the fiscal year 1920 and prior fiscal years, amount to $4,859,890,327 30, and I shall refer to this figure later in utilizing the statement of classification of appropriations made by Mr. Good, of Iowa, Chairman of the Committee on Appropriations, and published in the Record of Monday, June 14 1920. In order, however, to arrive at the actual sum of the appropriations, regular, permanent annual, and miscellaneous, for and on behalf of the fiscal year 1921 and chargeable to that year, it will be necessary to subtract from the above sum the deficiency appropriations made dm-ing the session just closed, amounting to $486,495,048 23. Subtracting this sum of deficiency appropriations for 1920 and prior fiscal years from the above total and we have the sum of $4,373,395,279 07 as the total of the appropriations, regular, permanent annual, and miscellaneous, for the fiscal year ending June 30 1921 the coming fiscal year. It is interesting to compare the above total appropriations for the fiscal year 1921 with the total estimated expenditures for like purposes for the fiscal year 1920 just closing. That total, it will be remembered, is estimated at approximately $6,500,000,000, and subtracting the appropriations of $4,373,395,279 07 for 1921 from this estimate of expenditure for 1920, and we have a saving of $2,126,604,720 93 in the appropriations for the fiscal year 1921 below the expenditures for the fiscal year ending June 30 this year. Of this reduction in the amount made available for the next fiscal year below the amount which will be spent the present fiscal year $1,474,422,602 16 is directly traceable to the reductions which have been made, as I have heretofore stated, in the appropriations for 1921 below the amount of the estimates. Treasury Statement as to Receipts and Expenditures, Fiscal Year 1921. The report of the Secretary of the Treasury for 1919, heretofore referred to, contains an estimate of receipts for the fiscal year 1921, exclusive of those arising out of the public debt, of $5,420,000,000. A more recent estimate is $5,490,000,000. I prefer to take the more conservative estimate. Deducting the total of the appropriations for the fiscal year, amounting to $4,373,395,279 07, from this total of estimated revenues we have the goodly sum of $1,146,604,720 93 as a conservative estimate of the total income of the fiscal year 1921 over and above the total expenditures for the same period. It may be urged that in this estimate we are not taking into account possible deficiencies. All possible deficiencies should be more than provided for by the $70,000,000 of difference between the Treasury's estimate of 1921 receipts made last fall, which I have used, and their larger and more recent estimate to which I have referred. It is interesting to note that the estimate above made of $1,146,604,720 93 as the excess of income over outlay in the fiscal year 1921 is about $328,000,000 less than the actual reduction in the appropriations for 1921 below the estimates, and this fact serves to clearly illustrate not only the vast sum but the direct beneficial effect of these reductions According to the Treasury's own statements, had it not been for the vast cuts made in the estimates we should be facing not a surplus of over .$1,100,000,000 for the coming'^fiscal year but a deficit in excess of $1,400,000,000. — Out of the 1250 member organizations entitled to vote upon the propositions, 477 took advantage of the opportunity to record their vote regarding a Department of PublicWorks. The returns disclosed an especially strong sentiment against the creation of an entirely new and independent department, the vote being about four to one against it. The referendum was taken at the instance of the Engineering Council, an organization member of the National Chamber. The proposal submitted by the Engineering GREETINGS OF DEMOCRATIC NATIONAL CONVENCouncil was reduced to three main propositions by a comTION TO PRESIDENT WILSON. mittee of eleven of which Charles Nagel, formerly secretary A messa.ge hailing the achievements accomplished during of Commerce and Labor was Chairman. The other members his administration was sent to President Wilson on June 28 were: Samuel B. Botsford, Buffalo, J. Parke Channing, New York City, L. S. Gillette, Minneapolis, Minnesota, by the Democratic National Convention in session at San Francisco. It was presented to the Convention by Governor Ira N. HoUis, Worcester, Massachusetts, Frederick Newell, Gardner of Missouri, and was unanimously adopted as Urbana, Illinois, William C. Redfield, formerly Secretary follows: of Commerce, New York City, F. A. Seiberling, Akron, In recognition of the fact that the mantle of Jackson and Jeffa^on has Ohio, F. Harper Sibley, Rochester, New York, M. C. Tuttle, fallen on yoiu* shoulders as the unquestioned leader of our party, the hosts Boston, Massachusetts, W. F. Willoughby, Washington, of democracy, in national convention assembled, have directed me to send you the following resolution of appreciation and greeting: D. C. The Democratic Party, assembled in national convention, extends to the REPRESENTATIVE MONDELL ON PROPOSED LOWERING OF TAXES. A reduction in the tax burdens imposed by Congress was by Representative Mondell of Wyoming, Republican Leader of the House, in his statement to Congress on the final day of the late session, June 5. Representative Mondell's review of the work and accomplishments of the first and second sessions of the Sixty-sixth Congress are contained in the Congressional Record issued under date of June 21. As to the likelihood of the lowering of the taxes forecast he said: While in their operation the excess profits and other taxes as interpreted and administered have been inequitable and even confiscatory, in some cases the more indefensible effects of the law have been duo more to blundering administration than to the law itself and the shifting of burdens from large incomes and profits to those that are ordinary and normal is, of course, as impossible as It would be improper. Kellof should come where It Is possible to afford it by repeating iuoqultable and obnoxious taxes President of the United States its admiring and respectful greetings. For seven of tne most fateful years in tne history of our country Woodrow Wilson nas occupied and by his character, learning and power bas adorned the highest office in the gift of his countrymen. He nas initiated and secured the adoption of great progressive measures of immca.surablo value and benefit to the people of the United States. As the Commander in Chief of the Army and Navy of the United States he has led the patriotic forces of his country through the most momentous struggle in history and, without check, roscrs'o or retardation to an honorable part in the immortal victory for liberty and democracy won by the free nations of the world. Wo hail these achievements, Sir, and are proud that they have been accomplished under your Administration. We rejoice in the recovery of your health and strength after months of and affliction, which you have borne with courage and without complaint. Wo deeply resent the malignant onset which you have most undeservedly been called upon to sustam from partisan foes, whose judgment is wari)ed and whose perceptions arc obscurwl by a party malice which constitutes a lamentable and disgraceful page in our history. At this moment, when the dclogativs to this convention from every St.ate Lq the Union are about to enter upon their formal proceedings, wo pause to send an expression of cheor and admiration and of congratulation. suffering THE CHRONICLE '62 and felicate you upon your speedy recovery from your recent and congratulate America tliat. though temporarUy blocked in body, you have been able, with unclouded vision and undaunted courage, to Dress on for the great reforms which you have fathered for the preservation of peace throughout the world in the interest of humanity and the advancement of civilization. Long may you hve to serve America and the world. We rejoice iUness U. S. GRAIN CORPORATION RETURNS TO U. S. TREASURY. S350,000,000 U. S. Wheat Director Barnes announced on June 30 that the Treasury would receive $350,000,000 as a result of the action of the stockholders and directors of the United States Grain (Corporation on June 29 in voting to return this money and reduce the capitalization of the Corporation from $500,000,000 to 8150,000,000. He also said: This first step in the liquidation of the United States Grain Corporation returns to the Treasury 8350,000,000 in the same fiscal year in which it was withdrawn, and is the total amount drawn from the Treasury by the United States Grain Corporation of the one billion dollars appropriated for it« use by Congress on March 4 1919. The $150,000,000 original capital of the Corporation will be returned to the Treasury in full in the final Uquidation of the United States Grain Corporation now in process. COTTON FUTURES ACT CONTINUED— COMER AMENDMENT Under the REPEAL. agricultural appropriation bill signed by Presi- dent Wilson on May 31 an appropriation is provided to continue in effect the Cotton Futiires Act, as amended March 4 1919, under which trading on the Cotton Exchange The amendment relating to cotton, in carried on. Section 6 of the wheat guaranty Act approved March 4 1919 hmiting the number of grades of cotton that may be deUvered on future contracts, (the text of that act was given in our issue of March 29 1919, page 1222) are under the agricultural appropriation bill of May 21 1920 "hereby recognized and declared to be permanent legislation." The Agricultural Appropriation bill as it was approved by President Wilson on May 31 also included the Comer amendment pro\dding that half of the deliveries on Cotton Contracts shall be of fair to middling grades. This amendment originally carried in the Senate bill, was stricken out in conference, both houses agreeing to the conference report, and the insertion of the provision in the final draft of the bill as submitted for the approval of the President occurred through some mishap; regarding it a member of the Senate agricultural committee was reported as saying: The mistake is unexplainable; it was one of those lapses that probably is wlU not occur again for years, but which might take place again to-morrow. It probably can be laid to the rush that is always experienced in the closing days of a session. As we stated in our weekly review of the cotton market June 5, page 2404, the inclusion of the provision in the agricultural Bill brought about the suspension of trading on the Cotton Exchange for a day and a half until the error was corrected. The matter was remedied through the passage of a joint resolution passed by the Ln the Chronicle of House and Senate on June 1 and approved by President Wilson on June 2. We give herewith the joint resolution correcting the error: [H. J. Res. 370] JOINT RESOLUTION To amend the Act entitled "An Act making appropriations for the Department of Agriculture or the fiscal year ending June 30 1921," approved May 31 1920. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the provision of the Act entitled "An Act making appropriations for the Department of Agriculture for the fiscal year ending June 30 1921," approved May 31 1920, which reads as follows: "That hereafter each lot of cotton classified as tenderable in whole or in part on a section 5 contract of said Act as amended shall give to the buyer the right to demand that one-half of the contract shall be delivered in the official cotton standard grades of the United States from the grades of middling fair, strict good middling, good middling, strict middling, and middling, and that the seller shall have the option of delivering the other half of said contract from any of the official cotton standard grades as established in said Act," be, and the same is, hereby repealed. 14,000 TONS OF SUGAR PURCHASED IN ARGENTINA BY AMERICAN TRADING CO. TO BE DISTRIBUTED BY GOVERNMENT. Seeking to relieve the sugar shortage, which has existed a more or less acute form in the United States for the past eight or nine months, the Department of Justice has made arrangements to secure 14,000 tons of sugar from Argentina. The purchase was made under the Department's supervision by the American Trading Company, and the sugar will be distributed through Government agencies. President Irigoyen, on the solicitation of the American in Ambassador, waived the provision of his recent decree on sugar exports (referred to in these columns on June 12) requiring exporters to deposit with the Government an [Vol 111, amount of sugar equal to thirty per cent of the quantity exported. Explaining the agreement between the Department of Justice and the American Trading Company, by which the sugar was purchased and consigned to this country, Howard Figg, special assistant to the Attorney General, on June 24 issued this statement: The sugar purchased in Argentina by the American Trading Company was purchased under the direction of the Department of Justice, and representations made by the State Department to President Irogoyen that the same was purchased and would be distributed under the direction of Government agencies are entirely correct. The American Trading Company ^vith the assm-ance of the Department of Justice that a permit would be issued for the exportation of certain sugars, entered the Argentine market and purchased these sugars at the prevailing market prices. When 14,000 tons had been seciu-ed a formal request was made for permits to export. In the meantime a decree providing certain restrictions had been issued by the Argentine Government. When proper representation was made to President Irogoyen for the issuance of the permit he consented to do so on the assurance that these sugars were for distribution by the Department of Justice and not purchased by private American interests. On arrival in New York this sugar will be distributed by the United States Government to the essential industries and household consumers. Press dispatches from Buenos Aires the early part of June conveyed tlie idea that the 14,000 tons of sugar had been bought directly by the American Government. Subsequently, hovv'ever, Mr. Figg pointed out that the press reports Avere erroneous. Mr. Figg said: It was incorrectly stated that the Government had purchased this sugar. The Government is without authority to purchase sugar, but arranged the purchase for American firms. The shipment will arrive in the United States between the first of July and the first of September, and will greatly relieve the prevailing sugar shortage. The supply will be sufficient for essential industries for sixty days, and .should release sugar in sufficient quantities to take care of the housewife's needs through the coming canning and preserving season. On April 25 a cable was received by the State Department from the American Ambassador in Argentine indicating that the Argentine Government would lift the embargo on surplus stocks of sugar if the United States would indicate the American firms to handle it. FRENCH GOVERNMENT FIXES PRICE OF SUGAR. At a recent conference with beet sugar growers and manufactures the French Government entered into an agreement on the price to be paid for the 1920 beet crop. Producers, according to Consul D. B. Levis, at La RocheUe (France), will receive 145 francs per metric ton (2,204 pounds) for beet, of a specific gravity equal to about 15 per cent, of sugar, a compensation based on an average price of 250 francs per 100 kilos (220.46 pounds) of No. 3 white sugar during November and December, 1920, with a variation of 65 centimes per ton for each franc in the price of sugar above or below 250 francs per quintal. Beet sugar acreage in France decreased from 620,000 acres to less than 200,000 during the war, due to the fact that 142 out of 206 sugar factories were in the war zone. MAXIMUM PRICE ON HOME GROWN WHEAT IN GREAT BRITAIN. The British Government, it became known on June 15, has decided to do away with the controlled maximum ABOLITION OF price of 100 shillings per quarter for home-grown wheat at the end of December, so as to enable farmers to take the This was announced by Arthur Griffith-Boscawen, Unionist for Dudley, during ruling price of imported wheat. Sir discussion in the House of Commons of the Agricultural bill, which, by guarantee of prices and security of tenure, seeks to encourage the farmers to grow wheat. Sir Arthur explained that the Government fear«d a world shortage in wheat and beUeved prices would rule high for a long period. CANADIAN GOVERNMENT CONTROL OF WHEAT TO CONTINUE. Power to extend the life of the Canadian Wheat Board till August 15, 1921 is given to the Canadian Government a measure which passed the House of Commons on June 28. Just before final vote on the bill Sir George Foster, Minister of Trade and Commerce, who sponsored the measure, announced that fifty per cent of the amount due farmers out of the profit made by the Canadian Wheat Board would be paid on or after July 15. With reference to the passage of the bill referred to a staff correspondent of the Toronto "Globe" at Ottawa had the following to say on June 28: When the enabling bill to allow the Government to continue wheat conthroughout the coming year, if found necessary, was taken up. Sir George Foster drew attention to statements made in the House last week by Quoting from Hansard, Sir George said J. A. Robb, Chief Liberal Whip. that at that time Mr. Robb had inferred that Dr. Magill of Winnipeg had said the Government had sold short in selUng 50,000,000 to 75.000,000 bushels of wheat in England. Sir George drew attention to Dr. Magiirs trol , July 3 THE CHRONICLE 1920.] 33 statement, which only said the Government had suggested to Hon. A. L. Sifton, who was then in England, that 50,000,000 to 75,000,000 bushels should be sold. Dr. Magill, Sir George pointed out, had made no reference ORDER ISSUED BY CANADIAN BOARD OF COMMERCE TO CURB SPECULATION IN SUGAR. to selling short. Action looking toward elimination of profiteering in sugar was taken by the Canadian Board of Commerce on June 18 when it issued an order which prohibits handling of granulated sugar by "any other middleman than the wholesaler or retailer." Speculation in sugar is made unlawful under the order, the provisions of which were outlined by the Canadian press as follows: Donald Sutherland of Oxford drew attention to tne statement of the Board of Commerce last November that the milling interests were too largely Sir George Poster replied that represented on the Wheat Control Board. the Government had appointed the members of the board only after careful consideration and the consensus was that the board had given good service. Reimburse Losses. Mr. Sutherland said that Western Ontario had received no consideration from the wheat control, and he would like to see trade going through ordinary channels. An amendment moved by Sir George Foster was adopted, which provides that, should wheat control be continued after trading in the 1920 wheat crop has commenced, the board shall have power to make payments from the funds of the board in respect to actual losses If the grain exchanges incurred by reason of bringing control into effect. opened. Sir George explained, traders might make undertakings wtiich would probably occasion financial losses, should control be resumed and the exchanges were closed. Keplying to a suggestion made by Hon. T. A. Crerar and R. C. Henders, that the Government should decide early whether control was to be continued, so as not to close the exchanges after tney were open a month or two. Sir George said the matter would be given fullest care. Preference to Flour. An amendment adopted providing that the fixing of prices should be governed as nearly as possible by prices obtaining in the world market. Also that, as between wheat and flour, a preference shall be given to the exportation of flour, except in cases where the public interest would be adSir George Foster explained that this amendment versely affected, thereby. was in the interest of the live stock industry and the bread-consuming weis public. Just before the prorogation of Parliament on July 1 the Governor General, in a speech from the Throne, complimented it on its provisions for continued government wheat control. He said: provision to continue authority for the supervision of the mai'keting of the Canadian wheat crops if events in the world's markets should render this the most advantageous method of protecting the interests of the Canadian people. It may be noted in connection with the above discussion that the continuance of the Canadian Wheat Board had been advocated by the Council of Agriculttu-e, the represenThe Council, tative agricultural body in the Dominion. through its Executive Committee, telegraphed to the Government at Ottawa on June 2 urging that the necessary steps be taken to have Federal control of the wheat crop continued for at least another vear. ARGENTINA NEGOTIATING FOR WHEAT SUPPLY Reports that Argentina was negotiating with other nations for the release of 600,000 tons of wheat were contained in newspaper dispatches from Buenos Aires, June 25, which dealt with the difficulty experienced by Ai-gentina in obtaining wheat, owing to the fact that the supply had been bought up by England, France, Italy, etc. We quote these accounts as follows: The Argentine government, having procured the enactment of a law imposing four pesos supertax on wheat exports in order to secure funds with which to purchase wheat to manufacture bread and reduce the pi'ice to the public, is now confronted with difficulty in obtaining wheat, owing to the fact that most of the available supply appears to have been contracted for by England, France, Italy and other foreign governments. The Argentine Government is negotiating with these Governments through their ministers here for the release of 600,000 tons, but thus far has been unsucessful owing to inability to reach an agreement on the price. It was learned to-day that the ministers set forth that the price proposed by the Government was considerably less than the price at which they contracted for the wheat and objected to assxmiing this loss in addition to paying the heavy supertax on the balance of their contracts. The negotiations are continuing, but Government officials intimate that President Irigoyen may decree complete prohibition of exportation of wheat in the event that a price agreement satisfactory to Argentina is not reached. The enactment of the law imposing an export duty on wheat and wheat products in Argentina was referred to in our issue of June 19, page 2.537. It provides for an export tax of 5 pesos per 100 kilograms on wheat flour, 4 pesos per 100 kilograms on wheat, and in addition a duty of 20% ad valorem on products containing wheat used for food. CONSORTIUM OF BALKAN BANKERS OFFER WHEAT TO SPAIN. Madrid advices to the daily papers, June 27 state: A consortium of bankers from the Balkan States has \isited Senor Ortumo, Minister of Public Works, and offered to deliver at the approaching harvest time quantities of wheat to the Government on better terms than the grain bought from Argentina. PRICE OF ARGENTINA CORN ADVANCES. The spread of 5% oetween refiners' and retailers' prices is ordered as the Refinders are forbidden to increase their prices without the consent of the board, and the resale of raw sugars by refiners, except to other refiners, is forbidden. Retailers are restrained from increasing prices on their stocks to conform to increases in market prices. Two-cent Profit for Retailer. is now an indictable offense. The board's order from selling to other than wholesalers, manufacturers or retailers; wholesalers from selling sugar to other than manufacturers or retailers; retailers from selling to other than manufacturers and consumers and that in quantities greater than normal requirements in trade or household; all other persons from selling sugar in excess of the reasonaDle requirements of the buyer's household. The profit which sugar dealers may make is restricted to two cents per pound, or 5%. The practice of advancing prices on stocks when refiners' prices advance is prohibited, and the system is ordered of fixing tne price of sugar at a profit of 5 % based on the average Speculating in sugar restrains refiners , invoice coi^t of all sugar in stock at the time of sale. How the Prices Are Fixed. cents per pound over refiners' prices at Montreal, Chatham or Vancouver, central points, tnree districts of the Dominion, is declared to be the maximum profit. With the refiners' price now standing at 21 cents or under a retail price of more than 23 cents per pound is declared to be unfair prof it^taking on general sales and in cases where the sale of one-pound lots may involve a loss for the dealer, a special price of 23 cents per poimd may be charged, or the dealer may refuse to sell less than four pounds at a time, and may charge not more than 98 cents for the foiu- pounds, or may In special require the purchase of two pounds, charging 47 cents therefor. cases, where a spread on refiners' prices may necessitate higher prices, a ma."cimum price of 95 cents for four pounds is fixed. Wholesalers are restrained from charging a percentage higher than refiners' prices which will prevent retailers from selling at the prescribed 5%. All these pric&s refer to granulated sugar. Icing sugar, lump sugar or sugar in cartons are excepted. Two , You have wisely made OF A maximum. following Buenos Aires "Wall Street Journal" of July 1: advices appeared in the Since the beginning of the year price of corn in Argentina has advanced $1.12 a bushel, which for 1,000,000 tons would mean an aggregate increase in the market value for this amount of grain of $44,000,000. Advances are said to be due to news o the contract made for the purchase of 1,000,000 tons by a Dutch firm for the League of Agriculturists of Germany. The contract is said to be guaranteed by the present German Government and provides for payment from month to month as the grain is delivered. One year ago corn was being used as fuel in parts of Argentina. M Handling of Rate Product. Drastic regtilations are made for the nandling of raw sugar. The Canadian refineries are forbidden to sell raw sugars acquired up to Sept. 30 next, except to another refinery, or with special pei'mit from the Board of Commerce. Refineries are required to file with the board copies of every contract for raw sugar. All the foregoing regulations are effective imtil Sept. 30 next, and pereons concerned may file any objection they nave to make with the board, which promises to make special orders where justice and reasonaoleness demand. Retail Price Stands at 23 Cents. Refiners are also restrained from increzising their price on granulated sugar without the consent of the board which means that vmtil such consent is obtained the retail price to the consumer stands at 23 cents a pound on an cents a pound in special and isolated cases. average and no more than 23 The order is made a regulation under Section 26 of the Board of Commerce Act, and persons indicted under this regulation will be prosecuted by the Attorney-General of the Province in which the offense is committed. , M CUBAN SUGAR INTERESTS FIX PRICE AT 24: CENTS A POUND. A eommitte of twelve was appointed on June 29 to act as a selling agencj^ for Cuban cane growers, sugar-mill owners, and brokers at a mass meeting held in Havana. Participants, claining to control 2,180,000 sacks of unsold sugar, agreed, it was said, to withdi-aw from the market all offers for the sale of sugar and to sell none except through pledged to make no pound. The amount of unsold Cuban sugar was said to have been estimated by a member of the selling committee at 3,920,000 the medium of the committee, which is sales for less than twenty-four cents a sacks. AMERICAN WOOLEN COMPANY JULY TO CLOSE MILLS 10. The principal mills of the American Woolen Company, now operating only three days a week, will be shut down completely for an indefinite period on July 10. In making tliis announcement on July 1, William M. Wood, president of the company, said that cancellation of orders filled or ready to be filled and curtailment of orders for next season's goods, made the stopago necessary. President Wood said it was impossible to forecast how long the mills would have to be kept closed. BOOKLET ON WOOL AND WOOL MANUFACTURE ISSUED BY FIRST NATIONAL BANK, BOSTON. An interesting booklet upon wool and wool manufacture written primarily for the layman has been issued by the It has been wTitten by First National Bank of Boston. James Paid Warburg of the staff of the bank and follows the wool industry from the raising of the sheep to the marketing — THE CHRONICLE 34 of the finislied products. The United States grows onha bout one-half of the wool consumed in this country and 70% of the wool imported comes into the United States through the port of Boston. About one-half of this amount or 35% of all the wool imported into the United States, is financed by the First National Bank of Boston. Part 1 of the booklet is devoted to the raw material and covers such subjects as sheep raising, shearing and marketing of fleece wools and general classification of wools; part 2 covers the various processes of worsted manufactm-e; part 3 covers woolen manufacture; part 4 is devoted to the financial aspect This section gives in brief the methods of the wool industry. raisers of sheep to the distributers of of financing from the the manufactured products. The booklet is written with as Uitle technicality as is possible and contains only such statistics as are necessary for the adequate understanding of the subject. It is generously supphed with illustrations. It should be foimd of interest to those engaged in any branch of the wool industry and to those indirectly connected therewith. A copy may be had by addressing the commercial ser\'iee department of the Fii'st National Bank of Boston, APPROVAL OF BILL CALLING FOR COLLECTION OF LEATHER AND HIDE STATISTICS BY CENSUS. A bUl authorizing and directing the Director of the Census publish monthly statistics concerning hides, to collect and skins and leather, was passed at the recent session of Congress and approved by President Wilson on June 5. Its adoption by the House had occurred on June 3, the Senate ha\ing passed the bill on June 4. Senator Sutherland in xirging consideration of the biU by the Senate stated that the collection of the statistics had been attempted by the Department of Agriculture through the Bureau of Markets, but that it had been very imperfectly done, and was not of The proposed method he said "wiU give a real value. much more complete \'iew of the situation with reference to hides and leather, and tend to steady the market. All those who are interested in the subject, the tanners and the leather people, think this a very much better way to In reply to an iuquirj^ by Senator Smoot as to get at it." the appropriation "that has been made in the Agricultural appropriation bill for this very purpose" and whether that was repealed "or are they going right on and spend that money and then spend this amount under the Director of the Census," Senator Sutherland said: The understanding is that the Department of Agriculture will cease the attempt to get these statistics and that it will not require any additional appropriation for the Census Bureau. It will be done with the same force. The bill does not carry any appropriation and does not require any on the part of the Census Office. This will obviate the necessity of the Bureau of Markets collecting these statistics. Senator Sutherland further said: "Under the present law there are no penalties and the figures supplied to the Bureau have not been at aU complete. They have been very misleading. There is a penalty provided in this bill and the work is done under authority of law in a much more strict and more valuable way." The following is the text of the biU as approved by the President: [H.R. 10011.1 AN ACT authorizing and directing the Director of the Census to collect and publish monthly statistics concerning hides, skins and leather. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the Director of the Census be, and he Is hereby, authorized and directed to collect and publish statistics monthly concerning (o) The quantities and classes of hides and skins, owned or stored, and the quantities and classes of such products disposed of during the preceding census month by packers, abattoirs, butchers, tanners, jobbers, dealers, wholesalers, importers, and exporters; (6) The quantities and classes of hides and skins in the process of tanning or manufacture, the quantities and amount of finished product for the preceding month: (c) The quantities and classes of leather owned or stored and manufactured during the preceding census month by tanners, jobbers, dealers, wholesalers, importers, exporters, and establishments cutting or consuming leather. Sec. 2. That the information furnished by any individual establishment under the provisions of this Act shall be considered as strictly confidential and shall be used only for the statistical pm-poses for which it is supplied. Any employee of the Bureau of Census who, without the written authority of the Director of the Census, shall publish or communicate any information given into his possession by reason of his employment under the provisions of tins Act shall be guilty of a misdemeanor and shall, upon conviction thereof, be fined not more than $1,000 or imprisoned not more than one year, or both. Sec. 3 That it shall be the duty of every owner, president or treasurer, secretary, director, or other officer or agent of any abattou- and of any packing, tanning, jobbing, dealing, wholesaling, importing, or exporting establishment where hides and skins are stored or sold, or leather is tanned, treated, finished, or stored or any establishment is engaged in the cutting of leather or in the production of boots and .shoes, gloves, saddlery, harness, <x other manufactures of leather goods, wherever leather is consumed, when wquasted by the Director of the Census or by any special agent!or other , [Vol. 111. employee of the Census Office acting imder the instructions of said director to furnish completely and accurately to the best of his knowledge, all the information authorized bo be collected by Section 1 of this Act. The demand of the Director of the Census for such information shall be made in writing or by a visiting representative and if made in writing shall be forwarded by registered mail and the registry receipt of the Post Office Department shaU be accepted as prima facie evidence of such demand. Any owner, president, treasurer, secretary, director, or other officer or agent of any establishment required to furnish information under the provisions of tliis Act, who under the conditions hereinbefore stated shall refuse or wilfully neglect to furnish any of the information herein provided for or shall wUfuUy give answers that are false, shall be guilty of a misdemeanor and upon conviction thereof, shall be fined not more than $1,000. Approved, June 5, 1920. NORTH DAKOTA NON-PARTISAN PROGRAM UPHELD BY UNITED STATES SUPREME COURT. The Supreme Court of the United States in an opinion rendered June 1 in which every one of ;the Justices concurred, denied the petition of a group of North Dakotans who sought to prevent the State Government from carrjang out certain progressive measures passed by the 1919 session of the Legislature. The acts involved were those establishing a state industrial commission; a state bank capitahzed at $2,000,000 and operated under the commission's supervision; a milling and elevator association and a home building association. Another statute provided for a $10,000,000 revolving fund from which loans could be made by the bank on real estate. A dispatch from the Washington Bureau of the Pioneer Press said: Washington, June 1. The United States Supreme Court to-day in , — refusing to interfere with decisions of the North Dakota Supreme Court, declaring constitutional laws providing for an industrial program in North Dakota, made clear it is not passing judgment on such so-called socialistic laws. "With the wisdom of such legislation, and the soimdness of the economic policy involved, we are not concerned," Justice Day said in the opinion. "Whether it will result in ultimate good or harm it is not within our province to inquire. "When the constituted authority of the State undertakes to exert this taxing power, and the question of the validity of its action is brought before this court, every presumption in its favor is indulged, and only clear and demonstrated usurpation of power will authorize judicial interference with legislation," the court said. "In the present instance under tne authority of the constitution and laws prevailing in North Dakota, the people, the legislature and the highest court of the State have declared the purpose for which these several acts were passed to be of a public nature and within the taxing authority of the State. With the united action of the people, legislature and court we are not at liberty to Interfere unless it is clear beyond reasonable controversy that rights seciu-ed by the Federal Constitution have been violated." Those attacking the law charged that property was being taken without due process of law. The court referred to a previous decision in regard to Maine, whore that State authorized cities to establish public fuel yards. In that case the opinion goes on to say: "We reiterated the attitude of this court toward State legislation and repeated what had been said before, that what was or was not a public use was a question concerning which local authority, legislation and judicial, had especial means of securing information to enable them to form a judgment; and particularly the judgment of the highest court of the State declaring a given use to be pubUc in nature, would be accepted by this court unlass clearly unfounded. think the principle of that decision is applicable here." We PRESIDENT SIGNS WATER POWER BILL. development of water power in the United States, which has been before Congress in one form or another for ten years, has now become a law. It was approved June 10. While it was generally thought that the measure had received the "pocket veto," announcement was made at the White House on June 18 that it had been signed by the President along with seven other minor bills. No explanation of the delay in announcing the President's approval of the water power measure was made. The White House statement said: The biU providing for the The President having been advised by the Attorney General in a formal opinion that the adjournment of Congress does not deprive him of the ten days allowed by the Constitution for the consideration of a measure, but only in case of disapproval of the opportunity to return the measure with his reasons to the House in which it originated, has signed the following bills each within the ten days period, of course. The bULs not signed failed to become law under the usual practice. Some of the main features of the water power bill were outUned in Washington dispatches of June 18 to the Baltimore "Sun" as follows: The Water Power law releases power for almost unlimited industrial country and is considered one of the most important laws enacted during the sixty-sixth session. By its terms a commission, composed of the Secretary of War, Secretary of Agriculture and Secretary of the Interior, is authorized to lease water power rights on all public lands, forest reservations, Indian reservations and navigable streams for terms not exceeding 50 years. At the end of the lease period the Government has the option of taking over the plants that have been built at an appraised valuation of releasing or of leasing to some other concern. Inqiiiries received by the Department of the Interior indicate there will be an immediate rush of capitalists to obtain leases. The Water Power Commission is authorized to specify the royalties on the leases that wiU be charged. The effect of the law is expected to be particularly noticeable in the West, where undeveloped water power sites are plentiful. It is extimated the potential horsepower available on the sites under Government control is 54,000,000. which is more than the total of 42,000.000 development in this : : July 3 horsepower : now : THE CHRONICLE 1920.] in operation in all water, steam and gas operated plants in the country. Most of the 42.000,000 horsepower is east of the Mississippi river and north of Kentucky and West Virginia. The potential 54,000,000 additional horsepower is mostly west of the Dakotas. Nebraska and Kansas. It is expected factories wUl start in various western points, calling operaAn early result, it is predicted, tives from the over-crowded eastern cities. will be electrification of railroads, conserving coal and oil which are becoming scarce and costly. The final approval of the water power bill marks the end of years of Persons favoring conservation of Government resources have agitation. The bill passed was insisted upon extreme care to protect Federal rights. drawn by Government attorneys who believe necessary protection is given, at the same time permitting industrial progress to be made. Failure to make known the President's action on the water power measure prior to the adjournment of Congress (June 5) was first taken to indicate that the measure had been Strong killed, as already stated, by the "pocket veto." protests were made to the President on this supposition. SECRETARY BAKER APPOINTED CHAIRMEN OF FEDERAL POWER COMMISSION. Secretary of War Baker has been appointed by President Wilson Chairman of the Federal Power Commission created under the recently enacted Water Power Bill. The Commission, which is composed of the Secretaries of War, Agriculture and Interior, is authorized by the law to perform "any and all acts, to make such rules and regulations, and as may be necessary and to issue such orders proper for the purpose of carrying out the provisions of this Act." ... UNION BOYCOTT OF NON-UNION GOODS A "CONSPIRACY AGAINST PUBLIC WELFARE" SAYS JUSTICE FAWCETT. While a man may enter any vocation he chooses, yet if he selects a field " indissolubly linked with the rights of the public, such as that of a common carrier, he must subserve his own rights to that of the public welfare." Tliis was the statement made in a decision rendered by Justice Lewis L. : : 35 are expressly dealt with by the United States Shipping Act, just as if they were common carriers The representatives of those companies who declined to furnish service are clearly violating the law. and their employes who strike or threaten to strike to compel them to violate the law are clearly engaged in an illegal combination. The affidavit of Thomas P. Alder for the United States Steel Products Co. says "I am informed and believe that if the Overseas Shipping Co. should attempt to enforce any orders or regulations upon the checkers or stevedores employed by it, contrary to instructions of the unions to which those men belong, such action woul precipitate a strike and would prevent the operation of the stevedores of the United States Steel Products Co., to Its great loss and to the detriment of the best interests of the general public." appears the carriers knew of the rules laid down by the employees, go, have acquiesced in them without any proCommon carriers owe affirmative duty to perform Impartial service, and it is unlawful to subject plaintiff to undue prejudice. Their duties call upon them as common carriers to serve the plaintiff and not discriminate a.gainst it. If the carriers and their terminal agencies. Instead of joining with the unions in this combination by submitting to this discrimination for fear of a strike, had stood squarely for the performance of their public duties, it is doubtful if the plaintiff would now be in court. The carriers appear to have aided, abetted and encouraged the unions by seekin.g to evade their duties to handle the plaintiff's goods without disIt and so far as the papers test. crimination. The facts herein seem to present a conspiracy within the definition "A conspiracy is sufficiently described as a combination of two or more persons by concerted action to accomplish a criminal or unlawful purpose or some purpose not in itself criminal, or unlawful, by criminal or unlawful means." They show a combination to violate the positive provisions of the Shipping Act and the provisions of Section 5440 of the Revised Statutes. Under the provisions of these statutes (the United States Shipping Act) it seems clear that a refusal on the part of the carriers to transport the plaintiff's merchandise constitutes a violation of law and a crime, and that the defendant unions and officers are engaged in an unlawful conspiracy when they induce, aid and abet the carriers In committing this misdemeanor and threaten them with a strike unless they commit the misdemeanor. Waterhouse v. Comer. CO Fed., 149, 157; Stephens v. The Ohio state Telephone Co.. 240 Fed., 759; Chicago, B. & Q Ry. Co. v. Burlington, C. R. & N. Ry. Co., 34 Fed.. 481; Wabash Ry. Co. v, Hannahan 12i i^ed., 563; Alaska S. S. Co. v. International Longshoremen's Association, 236 Fed.. 964. The case of Toledo A. A. & N. M. Ry. Co. v. Pennsylvania Co is inThere the plaintiff railroad company secured an injuncdistinguishable. tion against a connecting railroad company, its employees and seiTants, from refusing to handle frei.ght delivered by the complainant, on the ground that the complainant had a strike with its employees, and also an injunction against the head of the union from enforcing any order requiring such refusal. The injunction was upheld. Subsequently, one Lennon was held in contempt (same case, p. 746), and his punishment for contempt for quitting work was sustained by the United States Supreme Court. (In re. Lennon. 166 U. S.. 648.) In the original case Judge Taft says " Any one, though not an officer or agent [of the carrier] successfully aiding, abetting or procuring such officer or agent to violate the section will be punishable under it as a [of the Interstate Commerce Act] principal. cil, "Again, for the men In furtherance of Rule 12 either to refuse to handle the freight or to threaten to quit, or actually to quit, in order to procure or to induce the officers of the defendant companies to violate the provisions of the Interstate Commerce Law, would constitute acts in furtherance of the conspiracy and would render them also liable to the penalty of tlie same section." The unions and their officers who advise, aid or abet in the scheme become principals with the carriers and are liable to prosecution under the statutes. U. S. v. Debs. 64 Fed., 724, 764; U. S. v. Cassidy. 67 Fed., 781. "When doing the work of the corporation, their [employees] are made criminally liable for disobeying the commands of the law to the corpora- straining tion." Fawcett in the N. Y., on June New York Supreme 9, Court in Kings County, when a temporary injunction was issued drivers, chauffeurs, lumber handlers and steamship clerks' union, the Transportation Trades Coun- truck against a union organization, and several steamship lines, rethem from refusing to transport lumber for the Burgess Brothers Company, where a strike is in progress. Union boycotts of " open shop " merchandise, said Justice Fawcett, constitute a "conspiravj agamsi pubxic welfare" and a "crime" on the part of both carriers and employes when the carriers encourage the unions "by seeking to evade their duties to handle merchandise without discrimination." "If combinations of this character are lawful," he pointed out, "then it is impossible for any trucking to be done in New York City and vicinity, except on terms that the Truckmen's Union permits, and it becomes entirely practicable for the Truckmen's Union to decide what merchandise it will haul and what merchandise it will not haul." The Court's decision was published in the N. Y. "Evening Post," June 15, in part as follows The moving papers herein show that all of the parties are engaged in a combination having for its object the exclusion of plaintiff's (Burgess Bros. Co.) merchandise from transportation by defendant carriers, both where The conplaintiff is the shipper and wliere its customers are the shippers. tinuance of this condition makes it Impossible for plaintiff to carry on If combinationsj of this character are lawful, export trade in any form. then it is impossible for any truoking to be done in New York City and vicinity except on terms that the Truckmen's Union permits, and it becomes entirely practicable for the Truckmen's Union to decide what merchandise It will haul and what merchandise it will not haul. The affidavits of the union defendants generally admit the specific acts Charged and assert their legality. The affidavit of defendant Joseph Ryan, vice-president of the International Longshoremen's Union and secretary of Local 991, states that the Transportation Trades Council is composed of checljers, clerlss. foremen, ligliter captains, coal handlers, scalemen and weighers and it is generally admitted that it includes the truckmen and chauffeurs. This Trades Council adopted unanimously the following policy. " None of the members would handle any non-union goo<ls or any goods ; transported in any way by firms, corporations or individuals, who refused to employ union labor or refuse to enter into a contract to transport their goods under union terms." The affidavit of James T. Hennessey, business agent of Local 874. Commercial Checkers' Union, states the policy of the affiliated unions as follows: " That no union member should thereafter work with any non-union labor and that they should not handle the products of any non-union labor and should not assis^t in the transportation of any goods "vhioh was to be forwarded by any firms, individual or corporation which either refused to employ union labor, or refused to enter into contract or agreement with the various unions represented by the Trades Council." And it furthrr stat?s that " As transportntion of goods throughout the city was distributed among various trade unions all of whose work was a nocess.iry link in said transportation and as thi> interests were identical, that which hurt one would hurt all. and that which helped one would help all." The affidavit of defendant George Campbell, business agent of Steamship Clerks' Union, Local No. 975, makes similar assertions and adnilts he left lists of the unfair concerns at the piers of the defendant carriers. This se<Mns U> me to be a combination to i^ain control over transportation and to blockade the channel? of trade against all but union merchandise and against all cnncerns which do not make union contracts. Such a combination to exclude open shop merchandise from the channels of trade and commerce and from the markets of the nation is a conspiracy against public welfare and deprives the public of their sovereign right of choice to purchase such sroods as they wnnt, because by artificiaJ :uethods it keeps such goods out of the market. They will not permit anyone but themselves to handle shipments. The affidavits of the defendant carriers deny the statements to the effect that lists of unfair hunbor dealers were left at the piers; while the union defendants admit that such lists were loft there. nn<l tlint one luiion ottlccr was suspended for failure to distribute this Information in one instance. The United Port Service Company was shown to be an agency of Norton, Lilly & Co., and the Overseas Shipping Co. was an agency employed by the United States Steel Products Co. Tnese teuninal agencies and facilities A combination and conspiracy to bring about a violation of the Federal is also a violation of Section 5440 of the Revised Statutes of the United States, which provides as follows "If two or more persons conspire to commit any offense against the United States, and one or more parties do any act to effect the object of the conspiracy, all the parties to such conspiracy shall be liable to a penalty of not more than ten thousand dollars or to imprisonment for not more than two years, or to both fine and imprisonment, in the discretion statute the court." of The common law obligation discrimination is of the carriers to serve the public without incontrovertible. (Root v. L. I R. R. Co., 114 N. T., & H. R. R. R. Co., 82 Misc., 38, aff'd 300; Windsor v. N. Y. Central 220 N. Y.. 695). It does not follow, however, that the relief sought by the plaintiff would impose involuntary servitude upon members of the defendant unions. No employee is forbidden to quit work by the injunction or to accept better employment if he may find it or to change his position as ofteu Every citizen is entitled to the same opportunity to proas he sees fit. Equal protection is afforded cure a living that is accorded any other. The law cannot force any man to remain in every one under our laws. the public, but he has certain obli.gations when engaged in the service of public service and i»e is bound by public statutes as well as his employer. While it is indisputable that a man may enter any vocation that he chooses, yet if he sees fit to select a field indissolubly linked with the rights of the public, such as that of a common carrier, he must subserve his own rights to that of the public welfare and must at all times stand ready and willing to assume all of the exacting duties which he knows are owed the public. When he enters the public service he impliedly acquiesces He must either get out of the transin assuming all of these obligations. portation business or serve all persons alike. Employees of steamships and those employed in and about the docks and all others associated In or connected with and necessary to the conduct of business of common carriers should perform their usual services regardless of whether the merchandise is worked upon, or handled, received or delivered by union or non-union men. and such service should l)e impartial and uninterrupted. The plaintiff Is not asking anything unjust or unfair It dees not in Insisting upon the free use of the transportation lines. lie with union leaders to lay down the proposition that the last word in deciding what merchandise shall or shall not be transported should vest exclusively in them. This is a case where the court may properly say to the members of "You are not constrained to remain In the emthese defendant unions: ploy of the common carriers, but If you choose so to do your duty Is to serve all mendiers of the public alike and you must handle the luml)or of this plaintiff as well as that of any other members of the community." (In re Lennon. supra.) It appears that the carriers [steamship lines], whatever their motive, have united with the unions in an unlawful scheme, contrary to positive statutory provisions, to bar the plaintiff's goods from transportation. The nature of the inducements offered by the unions in order to prevail upon the carriers to join the unlawful part.v is imniatorial. Kconomic pressure, like threats of injury to business, hiis induced many competitors to Join the unlawful combination which threatens injury to their business, but such circumstances do not relieve the yielding party from legal responsibility T/ikewise, the fact that the fear of a strike may have alone for his acts. Induced the carriers In this case to grant the unions' roiuost that a crime Undoubtedly the carriers be committed does not constitute a defence. w.int the plaintiff's business, but they also want to agree with their emplo.vees. When they had to choose l)etwe<>n the law of the land by discriminating against the plaintiff and even violating contracts for transportatiiui of plaintiff's goods the curriers joined the unlawful jiarty to excUide the plaintiff's goods and. from the strategic nature of the postlion, became tlie principal actors In accomplishing the unlawful purpose. The defendants, carriers and unions, are presumed to intend tlie natural consequences of their acts, and since they are acting, willing or unwillIncrly, In furtherance of the coniiiion end of dlscriiuinatinir nirainst plaintiff's shipments, each Is bound as a conspirator by all the acts and Etat»ments of the others. The companies and unions named in the in.1unction were the North and South Atlantic Line, the American and Australian Steamship Line, the Mediterranean Levant Line, the Prince Line, Cunard Steamship Company. United States , THEICHRONICLE 36 Steel Products Company, Drivers and Chauffeurs' Local 807. Greater New York Lumber Handlers' Union 17,122, Steamship Clerivs' Union of Brooklyn and Staten Island, Local 975, Transportation Trades Council and the clerks, checkers and weighers employed at the piers of the defendant shipping lines. held in that case that Mrs. Green, with legal residence in Vermont had been doing business in New York State within the meaning of the Transfer Tax (Inheritance) Law and that therefore her estate must pay a tax on $38,144,234, which was said to represent the capital she used in doing business in this State at the time of her death. The tax was estimated at above SI ,500,000. An important element in the Hetty Green decision, says Controller Travis in "State Finances," "will be its farreaching effect in other matters now awaiting decision." Already, he declares, "the case has been heralded as a signal victory which is bound to add additional miUions each year." The Controller writes in part as follows: Hetty Green was known throughout New York State as a wealthy busmess woman. Up n her death four years ago her estate was estimated at a value of nearly $100,000,000. When my office, represented by Lafayette B. Gleason, ttempted to coUect the tax, the attorneys for her estate endeavored to avoid payment upon the ground that she was not a resident. Surrogate Fowler upheld this view, declaring her to be a resident of Vermont, although the proof showed she resided there only four or five weeks each year during the Summer months. This decision was appealed, but the State was defeated in the Appellate Division. Mr. Gleason thereupon Instituted proceedings to tax the property used in business in this State to the value of about $38,000,000, his contention being that it was taxable under an amendment drawn by ControUe Travis's office. Surrogate Fowler again decided against the State, and the case was again taken to the Appellate Division, which reversed the Surrogate's decision. On the report of the appraiser Surrogate Fowler again held this property non-taxable, and it was from this decision that the appeal was taken which just has been decided favorably to the people. Another important element in the Hetty Green decision wiU be its farreaching effect in other matters now awaiting decision, and already the case has been heralded as a signal victory which is bound to add additional millions each year. It also has bearing upon an amendment to the transfer (inheritance) tax law which for the last five years I have repeatedly urged. Ha this change been effected liti ation of this character would have been prevented and our inheritance laws would have been restored as they existed up to 1911, when the present exemptions were enacted. It would have also netted the State over $40,000,000 which was lost because of the change which relieved non-residents' estates from the payment of a tax similar to that imposed in almost all other States. The Controller has attempted, ineffectually, to have the law restored and finally succeeded in getting an amendment through which taxes real estate, goods, wares and merchandise of non-residents as weU as their property used in business in this State at the time of their death, and it is on this amendment that the Hetty Green decision is based. Last year I caused the enactment of an amendment which included the stock of New York corporations, and I believe we should do as nearly all other States do and add shares of stock and bank deposits as well as bonds owned by residents in New York. By the amendment of 1911 almost the whole burden of our inheritance tax is upon the estates left by our citizens, while the non-resident who accumulated property within the State spent his whole business life here without his estate ever paying the State of New York for the protection and advantages he enjoyed while his property was accumulating. The Controller's amendments have brought a large portion of the estates of non-residents who accumulated property within this State under this tax equally and proportionately with the estates of our own citizens, but the Controller and his attorneys feel that the Legislatm-e should amend this law so as to tax the transfers of the property of those who avail themselves of the facilities and advantages of our State but find it convenient to have their home in an adjoining States, and to restore the law as it existed in New York State upward of twenty-four years prior to July 1 1911. ; . The opinion of the Appellate Division, written by Justice E. S. K. MerreU, was handed down on May 14 as the unanimous opinion of the Court. The opinion was quoted at some length which said: in the "New York Times" of the following day The decision reversed a ruling by SuiTogate Fowler that the evidence did not show that Mrs. Green was "doing business" in this State, either individually or through corporations formed by her. The higher court had reversed a previous decision by Surrogate Fowler that the State Controller could not conduct an Inquity to learn whether the fortune of Mrs. Green, the greater part of which was in this State, was used in "doing business." The estate had escaped with a tax on about $6,000,000 of property, which was conceded to be subject to a tax here. The higher courts had upheld the Siu-rogate's first decision that Mrs. Green was a nonresident of New Yo k when she died. In the previous decision by the Appellate Division ordering the inquiry as to the use of Mrs. Green's money in this State the court had said: "It is unnecessary to determine upon this appeal whether continuous investment and reinvestment, as one's sole occupation and for the purpose of making money, constitutes doing business, for it is quite evident, and tis not disputed, that engaging regularly and so frequently and habitually as to constitute a course of dealing in the practice of lending money would constitute doing business. "The evidence taken by the appraiser is insufficient to determine whether Mis .Green was merely making investments of surplus income from time me and, if so, whether this was done in such a manner, in such volume Vol. 111. and so regularlyland frequently as to present the question whether the course of dealing constituted doing business, or, on the other hand, whether she was engaged in the business of money lending." The opinion of Justice Merrell, pointing out why the court decided that Mrs. Green was doing business in this State, says that the evidence showed that during the last 730 days, or two years, of her life Mrs. Green lived in this city at least 644 days, and that her son. Colonel E. H. R. Green, the executor under her will, testified that she was here solely for the transaction of business and that she was "nothing but business, business, business". Counsel for Colonel Green had made this concession: "It is conceded by counsel for the executor, for the purposes of this pro" ceeding only, as follows: From the date of the death of the decedent's husband, in 1902 to the time of her own death the City of CONTROLLER TRAVIS PREDICTS HETTY GREEN DECISION WILL HAVE FAR-REACHING EFFECTS ON APPLICATION OF TAX LAW. Eugene M. Travis, State Controller of New York adverts New York staying In the current issue of "State Finances" (official publication of the Controller's office) to the decision recently handed down by the Appellate Division of the New York Supreme Court in the ease of the Hetty Green estate. The Court I ... was the centre of the decedent's business activities, and while at Hoboken she would ordinarily go to New York City in the day- time to prosecute her business. "During most of this period she had one or more safe deposit boxes in New York City in which from time to time she placed important documents and securities owned by her. She constantly kept large deposits of cash in New York banks. The decedent's interests were largely centred upon the conversion and enlargement of her finances, and practically her entire time and attention were given to business matters and to the investment and reinvestment of her principal and income." The court points out that this concession is in "violent contrast" to the present contention of Colonel Green that his mother was not engaged in business here at the time of her death, which contention, Justice MerreU says, was not made until "it became necessary to avoid paying taxes as a non-resident." The evidence before the court on the present appeal showed for the first time that Mrs. Green had until her death $38,144,234 which, the ControU contends, was capital invested in her business in New York and on which no tax had been paid. This capital included $26,608,390 to her credit in the Westminster Company, formed by her in 1911 for the purpose of carrylag on her individual business, with a capital of $125,000. The Controller is willing to deduct capital represented by foreign stocks and mortgages, leaving $23,324,431 invested through the Westminster Company. The remainder of the capital, contended to be subject to tax, consists of bank deposits, bonds, certificates of deposit, securities and $682,520 to her credit in the Windham Company, organized by her for transacting her business with $10,000 capita After deciding that the business of buying notes and securities through the Westminster Company was taxable, the court took up the question as to whether the business of money lending engaged in by the Westminster Company was Mrs. Green's personal and private business. Short term investments of $7,185,000 were made in 1914 with money furnished by her and after Jan. 1 1914, new loans aggregating $12,111,100 were made by the Westminster Company. The company on July 3 1916 held $5,812,000, representing sixty-three New York mortgages. Referring to the decision of Surrogate Fowler that Mrs. Green was not doing business in this State, the Appellate Division says: "The use of the term "doing business in this State' is criticised by the learned Surrogate as uncertain and practically meaningless. It is, however, the same term used in the above statute and, until the present case, the courts have never seemed to be troubled about the use of the term, and taxes have been constantly levied upon such capital and property as was found within this State invested in any enterprise of a non-resident. In many cases the courts have referred to such capital as being invested in 'business interests.' "The testimony clearly shows that Mrs. Green, as an individual, negotiated her loans, complained about rates of interest offered on mortgages, kept a large amount of her funds invested in liquid securities, thus enabling her to take advantage of fluctuations in the money market, especially in respect to call money, and was otherwise engaged in this State as a money lender. "The President of the Title Guaranty and Trust Company testified that decedent was a very frequent ^Tsitor at his office, purchased mortgages in large numbers, and that her son, the Colonel, was simply a messenger. This fact the latter seems to admit in his testimony, as he says he consulted his mother about all of her investments. The learned Surrogate, in considering the question as to what is meant by the term 'business,' seems to rely largely on similar situations which he says might have arisen in ancient Rome. "The Siu-rogate bases his decision that the decedent was not engaged in business in this State upon the fact that she did not have a public place of business into which she invited the pubUc for the purpose of permittlog the public to transact in such place their own Dusiness. "Capitalists of the present day who make a business of loaning money would hardly think of opening a public resort for the transaction of such business. It would seem that the gigantic and numerous loans made by the decedent from her liquid estate were operations which, in our American way of thinking, classes the decedent as one engaged in business. '"'It is hardly consistent with our American ideas to say that the only capitalists who are engaged in business are those who follow the vocation It is of money lending in a place open to the pubUc for such purpose. true that decedent had no office upen to the public, and placed no money Nevertheless her whereabouts was lender's sign or device above her door. well known and she was frequently and constantly sought by those who herself went about loaning it. would borrow her money, and she "In fact the evidence is replete with facts showing decedent's constant and persistent endeavor to obtain for herself larger loans and good securities Moreover, she did not conduct her affairs at at high rates of interest. the place of her domicile, but voluntarily came to this city to market her money, and here she made it her constant ijusiness to loan her money to the best possible advantage. Had her transactions been conducted in her individual name in a public place or office she would undoubtedly have been a money lender and, therefore, a business woman within the rule laid down by the learned Surrogate." The importance of the decision upon the tax on the estates of non-residents was emphasized last night by Eugene M. Trains, the State Controller, in It would have an important bearing, he said, his comment on the case. in computing the inheritance tax on the estate of William Waldorf Astor. The principle involved in this decision has a great effect upon property owned by non-residents and employed in this State, he said. Since the Hetty Green decision of four years ago approximately $40,000,000 in taxes has been lost to the State from the estates of Henry M. Flagler. L. V. Harkness, Jamas J. Hill. Henry C. Frick and others who were non-residents at the time of death. In a news item on the Hetty Green decision, the New York Journal" of June 15 had the following to say: Mrs. Green had for several years before her death been doing so much business in this city as a money lender that she had to form a corporation known as the Westminster Company and the Windham Company with In the Westmmster Company offices at No. 7 West Nmetieth Street. "Law ,' alone, organized in 1911 for the purpose of relieving her of the details of The report business, Mrs. Green had invested more than $26,000,000. of the last appraiser found that Mrs. Green had been using at least $38,000,000 of her $100,000,000 fortune in this city and State in her busmess as a lender of money. The evidence in former appeals showed that for the last 730 days of her As a result of life Mrs. Green spent 644 days doing business in this city. former rulings she was declared a non-re.;ident on the theory that she had a permanent residence in Vermont, which she occupied in summer. The surrogate based his decision that Mrs. Green was not engaged In business in this State upon the fact that she did not have a pubUc place of business into which she invited the public for the purpose of permitting — , July THE CHRONICLE 3 1920.] the piiblic to transact in such place their own business. He relied largely on similar situations which he claimed might have arisen in ancient Rome and said; "It is very clear that in Roman law a rich woman, two thousand years ago, might have loaned and invested and reinvested her billions of sesterces at her private chambers, or private office, if you please, without any danger of being classed by the public authoritias within the negotiatories and accused of carrying on business, provided she had not opened a tahcrnia argenlania or money shop, where the public could resort for transactions of their own." "Surely," said Justice Merrell, "this two thousand-years-old illustration hardly applicable to the instant case. Capitalists of the present day who make a busmess of loaning money would hardly think of opening a public It would seem that the gigantic resort for the transaction of such business. and numerous loans made by the decedent from her liquid estate were operations which in our American way of thinking classes the decedent as is one engaged in business. "The fact that decedent transacted her busmess in a manner peculiar to She and her property were here in this herself does not alter her status. State, under the protection of our laws, and she was operating here for the sole purpose of obtaining the greatest return possible from her vast estate. This certainly was doing business. RAILWAY EXECUTIVES ASSOCIATION APPOINTS ADVISORY COMMITTEE TO DEAL WITH TRANSPORTATION EMERGENCIES. Appointment of an advisory committee "to deal promptly and effectually with transportation emergencies through the co-operative action of all the roads of the country"' was authorized by the Association of Railway Executives, at a meeting in New York on July 2. After the meeting Thomas DeWitt Cuyler, Chairman of the Association of Railway Executives, authorized the following: The Association of Railway Executives met to-day in New York to consider problems growing out of the present transportation situation. It was the largest meeting of Railroad Executives that has ever been held. By unanimous action, the Association authorized the appointment of an Advisory Committee of nine to deal promptly and effectively with transportation emergencies through the co-operative action of all the roads of the country. Mr. Daniel Willard, President of the Baltimore & Ohio Railroad Company will act as Chairman of this Advisory Committee. The other members of the Committee are: General W. W. Atterbury, Vice-President, Pennsylvania RR. Co. Mr. C. H. Markham, President, Illinois Central RR. Co. Mr. W. H. Truesdale, Delaware Lackawanna & Western RR. Co. Mr. Hale Holden, President, Chicago Burlington & Quincy RR. Co. Mr. E. J. Pearson, President, N. Y. N. H. & Hartford RR. Co. Mr. W. B. Storey, President, Atchison Topeka & Santa Fe Ry. Co. Mr" Howard Elliott, Chairman, Northern Pacific Ry. Co. Mr. B. F. Bush, President, Missouri Pacific RR. Co. This action by the Association was taken after a full discussion of the report of a special committee of which Mr Willard was Chairman. In its report this committee said: "It was clearly the purpose of Congress as expressed in the Transportation Act of 1920, that private ownership and operation of the raih-oads should continue to be the established policy in this country, but yom- committee is firmly of the belief that in the final analysis the test of private ownership which the public will apply will be the ability of the carriers to render efficient service to the country as a whole and under all conditions. While we believe that the best results from private ownership can only be realized under conditions which promote the fullest opportunity for individual initiative and action under normal circumstances, we also believe that in order to preserve private ownership, it is incumbent upon the individual companies by voluntary action and co-operation to establish an agency, authorized to deal promptly and effectively with such emergencies as contemplated in Section 402 of the Transportation Act." The Advisory Committee will advise concerning matters relating to transportation, maintenance and operation brought to its attention by the Inter-State Commerce Commission, the American Railroad Association or from any proper source. It will establish co-operative relations with the Inter-State Commerce Commission. Subordinate to the Committee, there will be local Committees of Executives at leading railroad centres such as Boston. New York, Philadelphia, Chicago, St. Louis, Atlanta. &c. These local committees will seek to secure the largest measure of co-operation between the carriers in order that the best possible public service may be obtained from the railways. REPORT BY RAILWAY EXECUTIVES ASSOCIATION ON DISTRIBUTION OF REVOLVING FUND. The prelimiary report of the Association of Railway Execuwith the subject of loans to the carriers from the revolving fund provided in the Transportation Act was presented this week to the Interstate Commerce Commission. The report proposes the distribution among the roads of $86,000,000 to be used in rebuilding and repairing 12,616 ears and locomotives and in the purchase of 898 new locomotives and 45 ,000 freight cars, and $35,000/000 for additions and betterments to promote the movement of cars. Some of the important features of the report were brought out in Washington press dispatches of July 1 which said: tives dealing Twenty-five roads would receive the total fund for additions and betterments, including improved round-house and engine terminal capacity, the extension of sidings, additional yard tracks and the like. Twonty-fivo roads would receive .$26,868,629 for the acquisition of ,599 freight locomotives and 2.S9 switching locomotives having a total value of $53,7.37„358; nineteen roads would receive $.52,260,5.37 for the purchase of 45,021 freight cars including 7,950 rofrigorating cars of a total value of approximately $14.3,569,730, and nine roads would receive $7,026,000 for the purpose of additions and betterments to existing equipment which would restore to efficient .service 12,616 cars and locomotives. The committoo also rocommondod reserves from the not members fund for smaller roads of the association as follows: For equipment .$7,750,000 and for additions and betterments $4,700,000. The New York Central would receive the largest amount of the $26,000,- 37 000 for the purchase of new locomotives, its allotment being $4,807,000. Central would receive .$2,987,500, the Atchison Topeka and Santa Fe $2,149,000. the Northern Pacific $1,850,000; New York New Haven & Hartford $1,750,000, the Chicago Biu'lington & Quincy $1,742,000, the Great Northern $1,375,000, the Erie $1,240,000, the Boston & Maine $1,245,000, the Southern Pacific $1,168,000, the Chesapeake & Ohio $1,058,000, the Philadolpliia & Reading $1,033,000. Of the $35,000,000 addition and betterment fund, the New York New Hzven & Hartford would receive $6,130,000, the Chesapeake & Ohio $4,750,000 the Northern Pacific $2,400,000, the Delaware & Hudson $2,250,000, the Virginian $2,000,000, the Texas & Pacific $1,688,000. Boston & Maine $1,814,000, Chicago & Western Indiana $1,800,000, the Great Northern $1,550,000, the Erie $1,496,000, the Hocking Valley $1,371,000, Wheeling & Lake Erie $1,461,000. Of the $52,000,000 for the purchase of freight cars, the New York Centra! would receive $11,192,000; the Atchinson Topeka & Santa Fe, $7,8.50.000; the Fruit Growers Express, $6,750,000; the Southern Pacific, $6,331,000; the Chicago Milwaukee & St. Paul, $3,150,000; Wheeling & Lake Erie. $3,600,000; the Chicago Burlington & Quincy. $2,973,750; the Chesapeake & Ohio, $1,658,000; Northern Pacific, $1,746,000; Illinois Central, $1,524,000; Minneapolis & St. Louis $1,240,000; and Western Pacific, $1,000,000. It is understood that the Commission is preparing to act promptly upon these recommendations. It was announced that the roads had already arranged to purchase and finance out of their own resources 28,000 cars and 518 locomotives, costing $144,157,400. The loan fund will enable the acquisition of equipment to the value of more than the amount of the loan because the loan can be used as the basis of credit to make an initial payment, the balance to be paid usually in fifteen-year installments. The outstanding feature of the report which has been submitted to the commission is the fact that the total set aside by the commission has not all been allocated. The explanation for this is that at the time the hearing was held in New York not all of the carriers which were in need of financial assistance were represented at the meeting and, furthermore, that all of the applications of those roads not represented were considered by the committee. This, it is pointed out, will render imperative a fm-ther and additional report by the committee. The date for rendering this report has not as yet been made known. In its report submitted to the Interstate Commerce Commission, the special committee on the loaning fund of the Association of Railway Executives suggests that a sum of $7 ,062 ,053 be set aside for a number of carriers for additions and betterments to existing equipment. For additions and betterments which wUl promote the movement of cars a sum of $35,050,289 is suggested. For freight and switching locomotives a gum of $26,868,629 is recommended. For refrigerator and other needed freight cars, $52,260,537, and for roads which are asking aid to meet maturities a sum equal to onefourth of the sum actually needed. The Illinois HUSTLING THE RAILROAD LABOR BOARD. "One who considered all the things that have been done that are adapted to make the Railroad Labor Board a failure might reach the conclusion that there is a widespread conspiracy to destroy it," says the "Railway Age" of this city. "The board has announced that it will render an award in the wage proceedings now pending before it by July 20. This announcement has been received in most quarters with satisfaction and even acclaim. The circumstances in which it was made should cause it to be received with apprehension. Why we say this can best be made clear by a review of the developm.ents in connection with the board's creation and work." The Age then proceeds as follows: When the Transportation Act was passed there were pending ready to be referred to the board, wage demands from railway employees amounting to a sum exceeding the total expenses of th.' United States government before the war. It was not the board's fault that action on the demands of the employees had been postponed month by month by the government's Railroad Administration, or that President Wilson delayed to appoint its members. It would have been a herculean task for any body of men to determine, as between the different classes of railway employees and as between them and the public, the equities involved in demands coming to $1,000,000,000 a year. Nevertheless, ever since it was appointed tremendous pressure has been put on it to make it 'step lively.' The 'outlaw' strikes of railroad employees have seriously interfered with transportation. But they have also afforded the best demonstration of the need for some agency for dealing intelligently and impartially with railway labor controversies Nevertheless, the heads of the railroad labor brotherhoods, and even some business men who ought to know better, have used the outlaw strikes constantly to put pressure on the board to make it hurry. These efforts to hustle the board culminated last week, when the leaders of the brotherhoods called at the White House. After their call President Wilson sent the board a message in which he said: 'Reports placed before me show the transportation situation hotu-ly growmg more difficult, and I am wondering whether it would not be possible for your board to announce a decision with reference to the pending wage matter.' If such reports were placed before the President they were false, because at the time he sent his message transportation conditions were better than they had been at any time since the 'outlaw' strUces began. Throughout .Tune the railroads moved a substantially larger amount of freight than they were moving It was immedibefore the strikes began or than they moved in Juno 1919. ately announced, however, that an award would bo made by July 20. At the same time there was a report, evidently emanating from labor union sources, that an average advance in wages of 22 per cent would be granted which would amount to almost $700,000,000 a year. The fact appears to be that when it was announced that an award would be made by July 20 the board did not know what its award was going to be. If its members agree by that date, it can make an award, but suppose they However, all signs are that the board has at last dont't agree by then? yielded to the bullying to which it has boon subjected and that it will make an award on schedule time, whether its members believe they have con.-idcred the matter sufficiently to have reached an intelligent conclusion or not. This is an amazing way to handle a controversy over whether the American public snail bo required in future to pay tho railway employees $1,000,000,000 more annually than they are now receiving. When tho public receives the bill or the performance it may find it not altogether to its liking. W. N. Doak, vicivpresident of the Brotherhood of Railroad Trainmen, on .Tune 23, gave out an interview in Washington in which he said: "We desire the public to know that this much horaldwl and advocated method of adjusting questions of this character, according to the present indications, Ls a rank and hopeless failiu"e.' Like the other labor loaders, Mr. DoaU has . THE CHRONICLE 38 still is opposed to any Railroad Labor Board on wtiich the public as well as the companies and the employees has representation. Certainly, if many other persons continue to act as they have recently, the Railroad Labor Board will prove a 'rank and hopeless faUiire." been and AMOUNT OF INCREASED FREIGHT RATE JUSTIFIED. CLIFFORD THORN E AS TO Clifford Thome, in a statement on behalf of shippers before the Inter-State Commerce Commission on June 25 during the hearings on the application of the railroads for higher freight rates contended that "the issue in this case is not whether an advance in rates should be granted, but the "All of those issue is how much of an increase is justified." for whom I speak," he said "want to see the railroads selfsustaining. The public interest demands an adequate transService is of the first importance, but portation ser\dce. the charge for that service is also of importance; and the economic effect on our commercial hfe of such stupendous increases in the transportation tax as are here contemplated must be seriously considered." In refemng to the fact that the railroads "are asking for an increase in freight rates which will produce $1,017,770,995 annually" Mr. Thorne said "this is the first bilUon dollar case ever tried before the Commission, or before any tribunal." "At this moment" he continued "railroad labor is demanding a bilhon dollar increase in wages. It is distinctly understood that the rate advance in this case will not care for any portion of the increase that may be necessary because of wage advances ordered by the Labor Board: that wiU be followed by another freight advance as a matter of course." The increases in rates asked for by the railroads Mr. Thorne contended are $386,000,000 more than is required to give the standard return. He argued that the "book value" of the railroads is "excessive by several thousand million dollars" and he claimed that the carriers had failed to make any allowance for depreciation. He suggested "the propriety of eapitaUzing the standard return guaranteed to the eaniers during the war period, and adding thereto the value of additions to the property made since December 31, 1917, and also the investment in non-Federal controUed'^hnes." Adapting^the foregoing method, he continued" capitalizing the standard return at 6 we obtain a total value amounting to $16,611,050:649." If, he argued, "the railroads are entitledj,to earn upon this value under the Cummins-Esch Act their total net railway operating income should equal (above all expenses and taxes) $996,663,036" An increase in iheir total revenues of 12.85% (instead of 19.46% as estimated by the carriers), Mr. Thorne said "wiU enable the railroads of the United States to earn upon the value of their properties, arrived at by capitalizing the standard return at 6%, and adding the increases to property subsequently made. If the entire increase is confined to freight traffic^the advance should be 18%, (instead of 27.85%, as proposed by the carriers)." We give in part Mr. Thorne'i statement herewith: 6% % 6% 6% Vahte of Railroads. The aU the computations of the railroads In this case is their so-caUed property investment account, which they claim represents the value of their properties. This aggregates for the United States, $20,616,573,399. That represents the book value of American railroads, and in no sense constitutes the actual investment. I believe that the facts which we shall offer will demonstrat;e that this amount is excessive by several thousand million dollars. The carriers have failed to make any allowance for depreciation. They have assumed that aU their cars, and locomotives, and rails, and ties today are brand new, right out of the shops. Such a method of appraisal is unjust and has been specifically repudiated by the Supreme Com-t of the United basis for States. This single item of accrued depreciation for the railroads in this case amounts to $995,384,881. Unquestionably tliis sum should be deducted from the base figure purporting to represent the value of the railroad properties. At the present time railroad securities are selling much below par. But we were able to raise them all up to par, to make them all worth one hundred cents on the dollar; and then, if we added three billion dollars to that figure, we would have a sum equivalent approximately, to the value used by the railroads in this case. In other words, we are asked to consider if the value of ^Vmerican railroads to be three thousand million dollars greater than the total par value of all their stocks and bonds outstanding in the hands of the publici Market or Commercial Value. rather inter&sting figure offered of record is the present market value of aU the raUroads in the United States. We have used the market quotations of all securities quoted, and the par value of those not quoted. The computations cover more than 90 per cent of all the securities outstanding in the hands of the public, and the ratio thereby secured has been applied to the balance. In this manner we have estimated that the present market value of American railroads is approximately $12,200,000,000. Contrast this with the value demanded by the railroads in this case aggregating §20.600,000,000. They desire to add $8,000,000,000. A Par Value of Railroad Securities. of all raUroad capital outstanding in the hands of the 31 1916, was $16,332,578,328. have written to the companies handling over 95 per cen^ of the traffic in the United States, The par value public December We (Vol 111. relative amount of securities issued since that date, the total outstanding as of the present time being substantially less than $17,000,000,000. Contras!. that figure with the $20,600,000,000 demanded as a basis by the railroads in this case. and find a very small Bureau of Valuation Figures. witness for the railroads has introduced evidence of the reproduction cost new, found by the Valuation Bureau of the Interstate Commerce Commission for some fifty properties. Again the carriers have failed to deduct accrued depreciation. We wUl use the term "present value" as meaning the cost of reproduction new, less depreciation, of all property other than land, plus the present value of the land, used for carrier purposes. The present value of these properties which we were able to secure equals $2,691,949,667. This is equivalent to 83.21 per cent of their so-caUed property investment. If this is typical for the country as a whole, the present value of all American railroads is approximately $17,155,050,000, compared to their book value of over $20,600,000,000. used by the raUroads in this case. The railroads have suggested that an allowance for "going value", working capital, and materials and supplies should be added to the figure above stated. Going value has been subject to much litigation. The present record is wholly lacking in any conpetent figures whatsoever as to the amount of such values, if the shoiild be added. As a possible offset to working capital, and materials and suppUes, we have shown that when the railroads were taken over by the Government they had an unappropriated surplus in such form as to be readily avaUable (in cash, bank deposits and securities in unaffUiated companies) aggregating more than $800,000,000. As another possible offset to the items named, it must be remembered that much of these properties has been built out of earnings. The figures for the Pennsylvania verified by its officials in another proceeding, showed that this amounted to more than $300,000,000 for that system alone. This Commission has unanimously held in a previous case, and the presidents of two leading raUroads in the United States have declared under oath on the witness stand that such items should not be capitalized for the purpose of justifying increased rates. A Capitalization of Standard Return. of the present value of these railroad properties we suggest the propriety of capitalizing the standard return guaranteed to the carriers dining the war period, and adding thereto the value of additions to property made since December 31 1917, and also the Investment in non- As further evidence federal controlled lines. Adopting the foregoing method, capitalizing the standard retinrn at six we obtain a total value amounting to $16,611,050,649. If the railroads are entitled to earn six per cent upon this value under the Cummins-Esch Act, their total net railway operating Income should equsd (above aU expenses and taxes) $996,663,036. This is equivalent to adopting the standard return, and adding thereto In view of six per cent on all additions to property subsequently made. the entire situation, for present purposes, this method is probably the best. The railroad officials have estimated what would be the net revenues during the coming year on the present basis of freight and passenger rates. They have created a constructive or imaginary year by applying the unit costs anticipated for the next twelve months, to the traffic of the year ending October 31, 1919. In other words they have made full aUowance for aU increased expenses, but have made no allowance whatsoever for per cent, increased business. Making your computations upon these basic principles we have shown that an increase in their total revenues of 12.85% (instead of 19.46% as estimated by the carriers) wUl enable the r.iilroads of the United States to earn six per cent upon the value of their properties, arrived at by capitalizing the standard return at six per cent and adding the increases to property subsequently made. If the entire increase is confined to freight traffic the advance should be 18% (instead of 27.85% as proposed by the carriers.) If our conclusions are sound the railroads have exaggerated the percentage necessary. Appljing their percentage to the earnings of the ensuing year would produce approximately $386,000,000 more than that required. If our computations are substantially correct, in addition to the increased revenue dirived from advanced rates which we have estimated to be $752,050,325, the carriers wUl also receive increased revenues from maU pay and from the increased volume of business, sufficient to bring their total net up to $996,663,036. This is above taxes, and above all increase expenses which the railroads have claimed in this case. There wiU be othe increased expenses which they have not mentioned, including a car mile allowance on tank cars, and other items. On the other hand there are some of these higher costs (for example the additional cost of coal, also the $57,000,000 inter-company car and joint facUity rentals, also the cost of lumber which may be subject to very serious modification. We have accepted all their alleged increased expenses at their fuU face value. In the foregoing computations we have made no allowance for increased efficiency. This computation assimies that we can handle no more traffic today with a ton of coal than we did last year; that we can handle no more traffic per hour of labor than we did last year; that we can handle no more traffic per train mile or per car mile than we did last year. • ^ This computation assumes that the railroads under private operation are going to be no more efficient than they were last year under federal , control I cannot believe that progress has stopped. I believe that our estimates ~ -^v! A of the earnings under the proposed rates are conservative. The railroads must prosper. All industry depends upon their efficient operation. At the same time the railway companies must not be exorbitant in their demands. are now discussing the amount of the. retin-ns above all expenses that goes to the stockholders and bondholders.'5>We have nothing to say at this Hme as to what the raUroads should earn.' net; we have accepted the declaration of Congress on that issue, and simply have tried to apply that rule, so established, to an accounting that is fair, reasonable and just. We NEW JERSEYITO NEW YORK INCOME TAX LAW. PROPOSED PROCEEDINGS IN It TEST was stated on June 26 that State Attorney General F. McCran of New Jersey is about to institute proceedings in the U. S. District Court to enjoin the collection of the New York State income tax from New Jersey residents. An announcement to the effect that an appropriate action would be instituted to test the validity of the New York State income tax law as amended was made by Mr. McCran early last month. The act^was_amended at Thomas — July 3 THE CHRONICLE 1920.] this year's session of the New York Legislature, so as to grant to non-residents the same exemptions as are allowed to residents of the State, the law so far is applied to nonresidents having been changed to overcome the conclusions of the U. S. Supreme", Court which on March 11 declared to be invalid the provision in the law denying to non residents the exemptions allowed'to citizens of New York State. The amendment to the law passed by the Legislature following this decision, was given in our issue of April 17, page 1611. In ad"vising that residents of New Jersey comply with the amended law under protest, Attorney General McCran under date of June 3 said: • — Gentlemen: I am replying to your letter concerning the amended New York Income Tax Law. I wouln suggest, at the present time, that you comply with the law, under formal protest. A written protest should be addressed either to the person withholding the amount claimed as tax, or to the agency to whom the same is payable. This was the practice advised by this department, prior to the action which resulted in the decision by the Supreme Court of the United States, sustaining the claim of the State of New Jersey, that the previous act was imconstitutional because of its discriminations. An appropriate action to test the validity of the amended law will be Instituted and every effort made to protect the citizens of our State. The Philadelphia "Ledger" of June 27 stated that Mr. believes "that the new law is still discriminatory as applies to non-residentb of New York state and ib unques- McCran it tionably retroactive since it undertakes to provide for the collection of taxes for the year 1919." The "Ledger" also said: New Governor Edwards, the fiscal officer of Jersey, and members of the Legislatiu-e are now giving serious consideration to a proposal for retaliatory legislation when the Legislature reconvenes again next September. It has been proposed that in lieu of the present tax upon personal property New Jersey should impose an income tax applicable alike to residents of this state and to individuals or corporations doing business in New Jersey, It is proposed that in levying this income tax no allowance shall be made for the income tax imposed in New York, so that the threatened reprisal would in many instances involve a double tax. State Comptroller Travis of New York in calling attention from non-reiidents were due on a statement issued a few days prior to that date to the fact that returns June 30, in said: When the Legislature, "put through amendments giving exemptions to non-residents, they squarely met the objections of the U.S. Supreme Court when it declared this part of the income tax law unconstitutional. If a non-resident single person during 1919, had income of 81,000 or more, from personal services, from property, from a business, trade or profession in New York State, he is required to file a return. Married non-residents need not fiU out a blank sheet unless their income was over $2,000." SENA TE RE SOL UTI ON CALL ING FOR INFORMATION REGA RDING TAX RET'URNTWF CORPORATIONS'^ '~~ ""~~ EARNING OVER 25%. . ^ A joint resolution passed by t he S e nate o n the da y Co ngress adjourned, namely June 5, calls upon the Secretary of the Treasury to furnish to the Senate certai n informa tion _ from the income and^profi t s taxreturns for 19 18 of cor pora^ tionsjwhich^earned^over 25 %_on_their capital. It was"1re^ ferred to the House Committee on Wa ys and' Means. ""Sen^ ator Smoot of Utah in objecting to the request of Senator Harris that the unfinished business of the Senate be temporarily laid aside for the purpose of considering the resolution, warned the^Senate^JhatJt_^_astaking_the responsibility, if the resolution became a law, of disrupting the worlHng'force He also said that "the Finance of the Treasury Department. Committee learned that the report could not be finished within some six to nine months, would cost $600,000, and not only that would disrupt the whole organization of the Treasury Department." The following is the resolution a., it A. L. LATHROP ON ORGANIZATION AND DEVELOPMENT OF TRUST DEPARTMENTS. "The Organization and Development of a Trust Department" was discussed by A. L. Lathrop, Trust Officer of the Union Bank & Trust Company of Los Angeles at last month's annual convention of the Oregon Bankers' Association at Eugene, Ore. Addressing the bankers in a State where the trust business is in its infancy, Mr. Lathrop pointed out that the creation and organization of trust departments must be carefully planned, and that "the utmost care, judgment, discretion and forethought must be exercised." He continued: The selection of a head, and in turn, the choice of subordinates, must be made on a practical basis, and not as a matter of convenience. The foimdation must be carefully laid, and the frame work placed thereon with the utmost precision and particularity. Broad guaged general policies must be decided upon and adhered to. Nothing should be left to chance, in fact, the same carefixl thought and judgment should prevail in all things in replation to the formation of the trust department as governs in the formulation of a banking department. Mr. Lathrop also said in part: The assumption of the responsibilities incident to fiduciary relations are entirely foreign to banking; the intricacies and pitfalls of the trust business are known only to men trained in the administration of ttu^ts and other fiduciary matters. very small percentage of the business of commercial banking gives any cause for alarm savings business is practic" ally free of complications but of the trust business, at least 75% is of a A — — class faught with possibllties of litigation and disputes. Therefore, to begin with, I say to you who may have in contemplation the organization of trust departments; write it on yotu: tablets. "Do not try a makeshift; begin right by securing a trust man who understands and is familiar with the trust business." The working organization of a trust department and the flow of authority and responsibility for the transaction of its business has been the subject of much thought, experiment, and practical effort on the part of trust officers over the United States in the past few years. No standardized plan has as yet been put into practice. Each trust department has a di<"ferent system for segregating and handling its work, and the various systems are good, bad, or indifferent, according to the ability of the men in charge. However, a definite effort, during the past year, has been made by a committee of the Trust Company Section of the California Bankers Association, of which committee I am a member, to produce a plan of a model internal trust company organization, and this committee at the Convention of the California bankers at Lake Tahoe last week, presented its report, which was unanimously adopted by the Trust Company Section of that organization. The report embodied a comprehensive chart, with separate explanatory text, depicting, graphically, what the committee conceived to be a model organization for a trust department. It covers all the business which comes to the trust deparment, classifies, and segregates it, and allots it to the respective departmental and bureau chiefs, whom likewise the plan contemplates and provides for. It is complete and comprehensive, and solves the problem of internal organization for the handling of trust business. It may be adapted, by contraction, to the one-man department, or expanded without limitation to the largest administrative trust department force. It would only bore you to attempt to detail it to you, but to those interested and desiring to see it, I may say that I shall be glad to show a copy of both the chart and report, as I have them with me, and if any one wishes to possess them, they can be obtained by writing to Senator L. H. Roseberry, Vice-President, of the Security Trust and Savings Bank of Los Angeles, who or several years has served as Chairman of the California Trust Company Section. For half a century, the trust departments of America have served the public. During this extended time their record, almost without exception, has been clean. There have been no trust department scandals. I have never heard of defalcation by a trust officer. Invariably the duties and responsibilites towards beneficiaries have been scrupolously fulfilled, altho, in the very nature of things, opportunities constantly arise for dishonest practices, and the taking of advantages, which, possibly within the letter of the law, would yet be beyond the pale of personal honor and good conThis record must never be changed. We of today in tne trust science. business must seek to perpetuate and make lasting those high ideals and standards which have heretofore governed our predecessors and contemporaries. The attitude of the older trust companies towards those newly established should be one of co-operation and helpful suggestion rather than cold and disinterestedly competitive. The trust companies in practically all parts of the Union have attained an assiu-ed position in the nation's economic life. The public is well and honestly served. And so it must ever The work of developing the vast volimie of potential trust business be. that is ready to come into life under the influence of educational publicity and co-operative effort on the part of the trust companies, offers a prospect of great profit, coupled with the assumption of heavy responsibilities and obligations towards not only the strong man' of business affairs, but the weak and passed the Senate: 39 defenseless. [S. J. Res. 146.] JOINT RESOLUTION Directing the Secretary of the Treasiu-y to fimiish the Senate certain detailed information secured from income and profits tax returns of taxable year 1918. Resolved by the Senate and House of Representatives of the United Stales tf America in Congress assembled, That the Secretary of the Treasury bo, and he is hereby, directed to furnish to the Senate the following information to be secured from the income and profits tax returns for the taxable year 1918 of all corporations which have earned in excess of 25 per centum on their capital stock: Capital stock; invested capital: net income; tax (1) income, (2) excess profits, (3) total; per centum of total tax to not income; not income, after deducting tax; per centtun of not income to capital stock; por c(!ntum of net income to invested capital; per centum of not income, after doductin!; tax, to capital stock; per ccntunj of net income, after deducting tax, to invested capital; capital stock, 1917; not income, 1917; por centum of net income to capital stock, 1917; excess or decroa.se of the per centum of not income to capital stock for 1918 above or below the percentage for 1917. That the information bo transmitted in form similar to that obtaining Senate Document Numbered 259, Sixty-fifth Congress, second session. which contains the information transmitted by the Secretary of the Treasury in response to the resolution of the Senate of Juno 6 1918, and that the corporations bo listed in the same sequence and imder the same symbols, as far as possible, as obtain in Senate Document Numbered 2.59. Passed the Senate June 2 (calendar day, Juno 5), 1920. in CHAIRMAN OF SUB-COMMITTEES IN CHARGE OF CONVENTION OF A. B. A. dozen subcommittees who will have charge of various phases of the work of arranging for the annual convention of the American Bankers Association which is to be held in Washington, D. C. in October, have been announced following a meeting of the executive committee, of which Robert N. Harper is chairman. The subcommittee chairmen, who Avill also be members of the e.xecutive committee, are Joshua Evans, Jr., hotels: Harrj^ V. Haynes, entertainment and George 0. Vass, vice-chairman; Maurice D. Rosenberg, souvenir booklet; W. T. Galliher, badges; W. W. Spaid, music; John Riordan, automobiles; George O. Walson, convention meetings; Frank G. Addison, Jr., committee on sa\'ings bank 'section; E. P. Wilson, trust company section; W, J. Waller, national bank section; G. W". White, clearing house section; Maurice Otterback, state Chairmen bank of a section. . THE CHRONICLE 40 PROGRAM COMMITTEE OF A. B. A. CANVASS- ING FOR SPEAKERS. The American Bankers Association Program Committee October has sent out the "S. O. S." (send orators sud denly-) fo r bank-orat ors to put onThe~program of~what is being termed the "Banters Common-sense Conference" to be held October 18-24. Thomas B. McAdams, Richmond, Va., member of the Program Committee, sent out a request last week to all members of the Executive Committee, representing every state in the Union, asking that all bankers with reputations for expressing themseh'es well from the platform be reported to the program committee. "We want to make this a real bankers meetWe want to hear from all the representatives bankers ing. "Our national meeting of the countrJ^" said Mr. McAdams. Conditions of this year is going to lose aU hurrah features. the countrj' require the attention of the bankers and we want to assemble a truly representative attendance at the American Financial Congress". for the Washington convention in [Vol 111, Maryland are advertising the practice of law; to confer with representatives of the trust companies and with the trust company section of the American Bankers' Association on the subject and to formulate such bills as may be deemed advisable and necessary and report them to the association. The adoption of the resolution followed the discussion of the subject "Trust Practice of Law." Companies in Their Relation to the LYNN H. DINKINS ON COOPERATION OF TRUST COMPANY SECTION OF A. B. A. WITH BAR. In his remarks before the Trust Company Section of the Pennsylvania Bankers' Association on June 17, to which we refer elsewhere today, Lynn H. Dinkins, who is President of the Trust Company Section of the American Bankers' Association had the following to say regarding the work of the Committee on Cooperation With the Bar. A special committee known as the Committee on co-operation with the Bar, was also created at the Chicago Convention in 1918. In the resolution calUng for the appointment of such a committee it was recognized that a misconception and lack of understanding of the necessary functions of a company existed in the mind of the legal profession and that the companies of the United States and the American legal profession were mutually co-ordinated activities having common interests and public duties to perform. Also, that it would be to the advantage of both to have mutually helpful relations established and to this end the President of the Section was empowered to appoint a special committee to investigate the entii'e subject and recommend to the Executive Committee of the Section plans for cultivating more friendly relations with the American Bar. The Committee made a nation wide investigation of this subject and reported to the Executive Committee of the Section at the Spring meeting of the Association, held at White Sulphur Springs in 1919. Among other tnings, it submitted analyses of laws prohibiting the unauthorized "practice of law" which had been enacted in nine states. Among the acts prohibited, were the following: 1. Sohcit appointment to any fiduciary capacity. 2. .Solicit trust estates for purpose of administration. 3. To appear as attorney for otner person before any judicial body. trust tru.st DIN KINS ON WORK OF LEGISLATIVE COMMITTEE OF A. B. A.— AMENDMENT TO REVENUE ACT. LYNN H. Reference to the bill amending and simplifying the Revenue act of 1918 was made by Lynn H. Dinkins, President of the Trust Company Section of the American Bankers' Association and President of the Inter-State Trust & Banking of New Orleans in an address on "The Protective Constructive Work of the Trust Company Section of and the American Bankers' Association," delivered on June 17 before the Trust Company of the Pennsylvania Bankers' The postage of the Association at Bedford Springs, Pa. the House of Representatives on May 27 biU in question by was refeiTed to in our issue of May 29, page 2248. In his remarks thereon Mr. Dinkins said: Company One of the subjects given legislation. major consideration at The Committee on Legislation is all times is that of charged with the handling The Committee on Protective Laws of Federal Legislative matters. handles State Legislative matters and the Special Committee on Legislation created at the White Sulphur Springs meeting in 1919, acts in conjunction with similar committees from the State Bank and Savings Bank Sections, in the consideration of matters affecting all state chartered banks and trust companies. A. A. Jackson, Vice-President of the Girard Trust Company of Philadelphia and an ex-President of the Section, is a member of this Committee. Numerous bills have been considered and acted upon by the two first named Committees. During the session of Congress just closed, active attention was given to two bills. One bill known as HR-13259 was designed to amend the Federal Revenue Law in order to determine the value of taxable estates and thereby avoid the annoying experience of paying a tax and afterwards paying an excess tax levied on the estate anywhere from two to six years after it is settled and possibly distributed. The second bill known as HR-14198 was introduced in the House of Representatives on May 22. It was referred to the Hoa.se Committee on Ways and Means, from which it emerged without change and was finally passed by the House on May 27. The bill was introduced in the Senate but was not This measure was designed considered by that body before adjournment. to amend and simplify the Revenue Act of 1918 for the purpose of ascertaining the gain realized or the loss sustained from the sale or disposition of property, real, personal or mixed, for purposes of taxation. A hearing was requested upon this bill and every effort will be made upon its represontation to'amend certain portions of the measure. Observing that no. bills of special importance to trust companies were reported as having been passed by the State Legislatures, Mr. Dinkins said: During the year 1919, thirty-three state legislatures mot and many legislative oddities were presented for passage. Only a few state legislatures have met during the present year. No bill of special importance to trust companies were reported as having passed. Several, however, were presented. An effort was made in Mississippi to require national banks operating trust departments to include the word "trust" in their corporate titles. In Kentucky a bill was introduced to prohibit trust companies from the so-called "practice of law." In Louisiana an effort is being made to provide for the extension of trust powers by trust companies and State banks. MARYLAND STATE BAR ASSOCIATION CONCERNED AS TO PRACTICE OF LAW BY TRUST COMPANIES. A resolution commending the efforts of the Trust Company Section of the American Bankers' Association to co-operate with the bar, and calling for the appointment of a committee to inquire into the extent to which trust companies of Maryland are advertising the practice of law, was unanimously adopted at a meeting of the Maryland State Bar Association at Atlantic City on June 25. The resolution given as foUows in the Baltimore "Sun" of June 26. That trust companies are not constituted or organized for the purpose of furni.shing legal advice to clients, drawing wills or furnishing legal services. That the efforts of the Trust Company Section of the American Bankers' Association to eliminate evil practices on the part of trust companies be encouraged and the effort to co-operate with the bar be cordially welcomed. That a special committee of throe be approved by tne president of the a Jsociation with power to ascertain the extent to which trust companies in 4. 5. Hold self out as entitled to practice law. Render or furnish legal services or adv-ice. Draw agi-eements, wills or other legal documents. Advertise to furnish legal advice, ser\'lce or counsel. 8. Advertise that it owns or conducts law office, or office for furnishing legal advice or service. 9. Solicit claim or demand for purpose of bringing action. 10. Sohcit claim or demand to represent as attorney, or for furnishing legal advice or service sued or to be sued, or who may bo affected by any proceeding. The penalties range from a fine of not more than .S5,000 to a fine of not more than .SlOO although in one state the penalty is not fixed, and in nearly all of the states where these laws exist the officer, director or agent is held guilty of a misdemeanor, which carries a fine or imprisonment, or both. One of the principal expressed objections of attorneys has been the writing of wills by trust companies but with particular emphasis laid upon the advertising to draw wills free of cuarge or otherwise. Under the direction of the Committee on Cooperation with the Bar, the Secretary of the Section has communicated with trust companies in different parts of the country giving certain facts ascertained by the Committee and incorporated in its report. The cooperation of these institutions has been sought where it was believed their practices tended to disturb the cordial relations Very gratifying results have obtained. of trust companies and attorneys. These facts v.'ere brought to tne attention of the leaders in the American Bar Association and at the last conference of the State and local Bar Associtions held in conjunction with the Convention of the American Bar Association in Boston, Sept. 1919, there was discussed "The relation of the trust company to the practice of law." Several trust company officers from different parts of the country represented the Committee at this meeting and entered into the discussion in order to present the viewpoint of the trust company. Following the presentation by both sides, a resolution was adopted in which the efforts of the Trust Company Section of the American Bankers' Association to eliminate certain practices on the part of trust companies were recognized and the effort to cooperate with the Bar was cordially welcomed. The resolution also included a reconmaendation to State and local Bar Associations that tney bring to the attention of the Trust Company Section of the American Bankers' Association objectionable practices of trust companies or bankers of which they were aware in order that the bankers' organization may, like the lawyers' organization, purge its ranks of wrong doing or error. The resolution further provided for the creation of a special committee to prepare for the use of state or local Bar Associations a careful brief defining the "practice of law" by laymen or layagencies and "that said committee report at the next Convention. 6. 7. — FESTUS J.WADE ON PLANS OF COMMITTEE WHICH GOES TO EUROPE IN BEHALF OF A. B. A. A statement made by Festus J. Wade, of St. Louis, before Europe as a delegate of the Chamber of United States, and chau-man of the Committee of Five chosen by the American Bankers' Association to represent it at the Paris meeting of the International Chamber of Commerce beginning June 21, appeared as follows in the "Wall Street Journal" of June 9. his departure for Commerce of the We are going to Europe to study economic conditions as reflected in the We will suggest the organization of International Chamber of Commerce. an International Bankers' Association and will innate the bankers who will be delegates from all the countries of Europe, attending the Paris conference, to attend the next convention of the American Bankers' Association to be held in October, of which R. S. Hawes of St. Louis is president. At the Paris conference, we will discuss various plans for the stablizing of exchange of all countries in order to bring about the return to normal Our committee 1 iternational commercial relations as speedily as possible. will hold meetings on the ship to formulate such plans and outUne our course. The proposed Committee to Europe was noted week ago, page 2355. trip of the in these items of a : July 3 : THE CHRONICLE 1920.] This is the the second quarter of 1920. during the first quarter of the year. LABOR UNION PROHIBITED BY JUSTICE FAWCETT. J'lCKETING BY An iiijunotiou agaiust officers aud members of the Holdins that employers have the ri.yht to hire anybody they choose and they muy exclude members of any or all labor unions, even thou},'h it makes collective impossible. barsaininj: Justice Fawcett in .Sujireinc Court today issued an injunction against the olBcers and members of the Children's Shoe Workers Union, which prohibits "picketing and other acts." The injunction was issued on complaint of the Grand Shoe Company, Inc.. which conducts a factory in the Williamsburg section, and which alleged that after the union w-orkers "walked out" because of the refusal of the manufacturers to grant an im-rease in pay. there were assaults and violence by pickets. Fines Inflicted on those who assaulted men who wanted to work were paid by the secretary of the union, Justice Fawcett was same rate aspaid Chil- the union from was issued in the Supreme Court in Brooklyn on June 5. Regarding the decision handed down by Justice Fawcett, the Brooklyn "Eagle" on June 5 said dreu's Shoe Workers Union, to restrain picketing the plant of the Grand Shoe Co., ihat 41 At a meeting Bank to be held July 12 the stockholders of the this city will vote upon the propo.5al to increase the par value of the stock from .S50 to $100 per share reducing the number of shares from 20,000 co 10,000. The capital under the pla.i will remain unchanged at $1,000,000. Pacific of The New York Trust Company has been appointed Transfer Agent of the Founders' Participating Shares and the Ordinary Shares of the Capi tal Stock of the First Federal Foreign Banking Association. The opening of the latter was referred to in our issue of Saturday last, page 2618. told. "Violence against persons and tangible property will not be permitted," said Justice Fawcett, " And neither will attacks on intangible property rights like business, good will or trade be permitted." Justice Fawcett pointed out that the work of the union pickets tended to deprive the public of the .services of men in useful employments, and added that men who want to work have the right to pursue their labors unmolested. OPERATION OF STEAMSHIP LINES BY STEEL PRODUCTS COMPANY NOT A VIOLATION OF PANAMA CANAL ACT The Interstate Commerce Commission in a decision rendered on June 1 declared that the operation of a line of steamships by the U. S. Steel Products Company, between ports on the east and west coasts via the Panama Canal, does not violate the prohibitions of the Panama Canal Act. While there can be no doubt, the Commission said, that the applicant is interested in railroad lines which might be competitive such competition " is unsubstantial and nominal." The Steel Products Company has under construction thirty steamships of 9,680 tons each, the Commission was informed, and plans to place as many of these in the coast In its opinion to coast traffic as conditions may warrant. the Commerce Commission said and probably for some time will bo, with an acute condition of car shortage, and they are, and untheir utmost capacity to render in a reasonably doubtedly will be, taxed to satisfactory way the service demanded of them, and it may be seriously questioned that even the selfish interests, either of the railroads serving the steel manufacturing sections of the Bast and Middle West or of the transcontinental carriers, would lead them to offer competition or take steps to discourage the forwarding via rail and ocean routes through the Eastern ports of steel products hitherto moving all rail to the Pacific coast. The railroads of the country are, faced ITEMS ABOUT BANKS, TRUST COMPANIES, &c. No sales of bank or trust company stocks were made at the Stock Exchange or at auction this week. The New York Stock Exchange membership Ryan Avas reported sold this v, of Allan A. eek for $98,000. A three-day holiday over July 4 will be observed by the Stock Exchange, the Board of Governors having on "Wednesday granted the petition of members to close the Exchange to-day (Saturday, .June 3), in addition to Monday, the 5th, on which Independence Day is this year celebrated. Although Memorial Day (May 30) was also celebrated on Monday, the Governors then denied the petition for the closing of the Exchange on the preceding Saturday. The Exchange, the Philadelphia, Boston and New York Cotton Detroit Stock Exchanges, have all decided to avail of the New York triple holiday. A. Iselin & Co., of this city, announce, with regret, that Columbus O'Donnell Iselin has withdrawn from the firm. They also announce that Rudolph I. Iselin and John J. Rudolf have been admitted to membership in the firm. Alexander Wilson, for many years one of our leading representatives in the outside business field and a highlj' capable and efficient man has, to the regret of the publishers, severed his connection with this newspaper. Mr. Wilson is entering a new line of endeavor in the financial world. He will hereafter devote his energies to the booklets and other publications issued by "The Financial Press," in which he has acquired an interest. — — The Italian Discount & Trust Co. on June 28 announced that extra compensation would be paid to its employees, based upon 10% of the salaries received during the period from Jan. 1 to -June 30. Harry D. HaU was ier of this the National City week appointed an Assistant Cash- Bank of New York. The Standard Bank tors of this city announces that its direchave authorized the distribution of extra compensation to all emi)loyees of 40% of the salaries paid to them during As announced in these columns last week, the consolidation The Mechanics & Metals National Bank of the City of New York and the New York Produce Exchange National Bank, under the name of The Mechanics & Metals National Bank of the City of New York, became effective on June 21. By this merger the combined capital, surplus and profits of the enlarged bank are $25,000,000, and the deposits exceed $200,000,000. The Mechanics & Metal National Bank was originally a national bank without branches. The New York Produce Exchange was originally a State bank vdth eight branches, in addition to its main office. In order to make the consoUdation possible, the New York Produce Exchange Bank became a national bank. Until very of recently it Avas not legally permissible for a national bank, in the United States to have domestic branches. In fact. The Mechanics & Metals National Bank is now one of only three national banks in the City of New York which have branches. The officers of the enlarged bank are Gates W. McGarrah, President, John McHugh, Frank O. Roe, Walter F. iJJbertsen, Harry H. Pond, Samuel S. Campbell and North McLean, Vice-Presidents; Joseph S. House, Cashier; John Robinson, Ernest W. Davenport, Arthur M. Aiken, William E. Lake and Arthur W. McKay, Assistant Cashiers. Mr. McGarrah, who was President of the Mechanics & Metals National Bank before the present consolidation, had also been President of the New York Produce Exchange Bank for several years. The stockholders of The Mechanics & Metals National Bank have elected to the Board of Directors the following former Directors of the New York Produce Exchange National Bank: John E. Berwind, Vice-President of the Bervdnd-White Coal Mining Company; WiUiam H. Childs, President of the Barrett Company; Walter C. Hubbard, Hubbard Bros. & Company; Ambrose G. Todd of Reeves & Todd. The present is the fourth consolidation to which The Metals National Bank has been a party. Established in 1810, it is one of the oldest banks in America. Originally named the Mechanics' Bank, and operating under a New York State Charter for 55 years, it surrendered its Alechanics & State charter following the passage of the National Bank Act, becoming, in 1865, che Mechanics' National Bank of the City of New York. In 1904, the Leather Manufacturers National Bank, of which Gates W. McGarrah was President, was merged with the Meehaincs' National, Mr. MeGarraJi taking the presidency of the enlarged institution. The year 1910 saw a consolidation of the business of the National Copper Bank with the Mechanics' National under the present title of The Mechanics & Metals Naiional Bank, and in 1914 the Fourth National Bank was absorbed, its exceptionally excellent quarters, extending on Nassau Street from Pine to Cedar, being remodeled and made the home of The Mechanics & Metals National Bank. The branches of the Bank Manhattan Borough and have been reequipped to make available to their customers the facilities of the trust, bond and foreign departments of The Mechanics & Metals National Bank. are excellently .situated throughout New York of Oscar H. Riggs on July 1 1920 became a member of the firm of Babcock, Rush ton & Co. of New York and Chicago. State Bank of New York announces the removal of Madison Square Branch from 7 West 26th Street to The new location in the Fifth Avenue at 30th Street. The its building in which it is now located formerly known as the Holland House, enables the bank to serve its depositors with The Branch is under the direction of greater efficiency. H. W. Vogel, Vice-President, A. J. Van Pelt, Assistant Cashier and W. J. Gilpin, Assistant Manager. H. C. Richard is President of the Bank. — THE CHRONICLE 43 The Equitable Trust Co. pamphlet form the addi-ess of New York has published in by Commendatore A. Pogiiani, President of the Banca Italiana di Sconto, Rome, Italy, deahng with the present financial, industrial and political Copies of this address upon request. situation in Italy. Extracts from the address were given in om* issue of June 5, page 2341. [Vol. 111. The Directors of The Peoples National Bank of Pittsburgh, Pa., have declared a bonus to its employees, payable June 30th, of 10% covering the first six months of the j'ear and based on annual salaries for the calendar year. The Cleveland Trust Co. of Cleveland, Ohio has purchased of the West Park Banking & Savings Company (capital $50,000), of West Park. The stockholders of the The Yonkers Trust Co. of Yonkers, N. Y., is disposing of latter authorized the sale on June 22. It will be known as the S100,000 of new stock at $150 per share, par $100. The West Park branch of the Cleveland Trust Company. F. A. new issue "w'ill serve to increase the capital from $150, COO Colbrunn, President of the West Park Bank wiU be manager control branch and H. O. Rice Secretary Manager. of the to $250,000. Henry D. Quinby, formerly Citj^ Treasurer and for three years City Comptroller of Rochester, N. Y., has joined the staff of the Guaranty Trust Company of New York as an Investment Analyst in the Trust Department. In this capacity Mr. Quinby vnll assist in passing upon the standing of securities carried by the Company in its trust and custody accounts. At a meeting on June 23 the directors of the Iroubound Trust Company of Newark, N. J. made the following promotions in the offical staff: Rufus Keisler, Jr., Secretrary & Treasurer was made a Vice-President; F. D. MacFadden Assistant Secretary was made Secretary & Treasurer and E. F. Reilly was chosen to succeed Mr. Mac Fadden as At the annual meeting on June 8, the directors of the of Boston, Mass. added the following to the board of directors: Gennaro Gubitosi, Charles Ponzi Athay Spilidepoulos, Charles Pizzi, James E. Farrell, F. A. Goduti, John R. Poole, John S. Dondero and Lorenzo Avanzino. All the former officers and directors were Hanover Trust Co. re-elected. merce. The directors of the Manufacturers' National Bank of Cambridge, Mass., at a meeting on June 15 elected Wilbur F. Beale President of the institution. Mr. Beale had heretofore been Vice-President of the Citizens' National of Boston. At a meeting of the directors Bank of Philadelphia on June The National Bank of Commerce of Sioux City, Iowa, has its name to the Toy National Bank of Sioux City. changed « At a meeting on June 17, A. J. Garfunkel, heretofore Vice-President, was elected President of the Exchange Bank of Savannah and of its branch office to succeed the John J. Powers previously Cashier late W. W. Osborne. was made Cashier and Vice-President of the Main Bank and A. A. Lawrence was elected Vice-President of the Branch Bank. Charles Garfunkel was added to the directorate of the Exchange Bank and Dr. Elton S. Osborne made a director of the Branch Bank. An At a meeting on Jime 22, the stockholders of the Hub Trust Co. of Boston authorized an increase of $300,000 in the capital, thereby raising the amount from $200,000 to $500,000. The latter will become effective Aug. 1. The surplus is to be increased to $125,000, the new stock being disposed of at $125 per $100 share. James Solomont was elected a Vice-President of the company. The following were added to the board of the institution: Charles Sumner Smith, President of Old Dominion Co., Arizona Commercial Co. and Anglo-American Textile Machinery Co.; Henry H. Learnard, President of the New England Rendering Co.; James T. F. McGarry, Vice-President and General Manager of WiUiam F. Mosser Co.; Charles Goldman, Treasurer of H. Goldman & Sons, Inc.; Paul S. Burns, Manager of Mutual Life Insurance Co. of New York; James Solomont, President of Massachusetts Realty-Commercial Co.; Augustus A. Fales, Treasurer of SwaUow Fales & Co.; Charles T. Conway, Vice-President of Liberty Mutual Insurance Co.; Captain A. E. Pinansky, Assistant General Attorney of Boston Elevated Railway Co.; Clarence H. Blackall, of BlackaU, Clapp & Whittermore. Bank be Assistant At the annual commencement of Dartmouth University on June 23 an honorary degree of Master of Arts was conferred on Lucius Teter President of the Chicago Trust Company of Chicago, 111. "because of his study of and work in social relations of a great city." Mr. Teter has for many years been president of the Infant Welfare Society; is president of the Chicago Council of Social Agencies and a member of He has the local Board of Managers of the Y. M. C. A. also been president of the Savings Bank Section of the American Bankers Association, a member of its executive council as well as being active in other of its committee work and is a former president of the Chicago Association of Com- Assistant Secretary. An application has been made to the Comptroller of the Currency for a charter for the Merchants National Bank of Buffalo, N. Y. Capital $400,000. will Northwestern National William C. Ranagan was 15, of the appointed Assistant Cashier. On June; 22, WiUiam T. Gabell, director and clerk of the wrecked North Penn Bank of Philadlphia, was found guilty of conspiracy and receiving deposits when he knew the bank was insolvent by a jury in Quarter Sessions Court before Judge J. Wilhs Martin. Mr Gabell is, we understand, the third official of the defunct North Penn Bank to be convicted of wrecking the institution, the others being Elwood Strang, Paying Teller, (who pleaded guilty, see our issue of Oct. 11) and Ralph T. Moyer, Cashier. increase of $500,000 has been made in the capital of the City National Bank of Dallas, Texas, thereby raising the amount effective from June 12 from $1,000,000 to $1,500,000. The plans to enlarge the capital were ratified by the stockholders on May 11. The additional stock was disposed of at $350 per $100 share. The England National Bank of Little Rock, Ark., has added $100,000 to its capital, thereby raising the amount from $200,000 to $300,000. The new capital was authorized by the stockholders on June 10 and became operative on June 14. The additional stock (par $100) was disposed of at $130 per share. « ' — made in the capital of Yakima National Bank of Yakima, Wash., thereby the The issuance raising the amount from $100,000 to $250,000. stock was approved by the stockholders on May of the new The enlarged capital was made effective June 7. 10. An increase of $150,000 has been Application has been made to the Comptroller of the Currency for a charter for the Metropolitan National Bank of The new institution will Seattle, Wash., capital $300,000. represent a conversion of the Metropolitan Bank, which was organized in 1909. The officers of the^new institution wU'. e H. C. Henry, President; J. T. McVay and A. T. L. WiUiamson, Vice-Presidents; G. C. Morrill, Cashier, and F. W. Martin, Assistant Cashier. The par value of the stock is $100 per share; we are advised that it has been sold at $225 per share to the present stockholders. Outside bids, it is announced, have ranged as high as $260 to $275. According to an announcement made June 18, the Bank Nova Scotia of Hahfax, plans to open a branch office in London to be located at 55 Old Broad Street. E. C. McLeod who for the past seven years has been manager of the Kingston, Jamaica branch, wiU have charge of the London branch^ which, it is expected, will be opened about August 1. Previous plans to open a branch in London were upset by the war. of R. E. Saunders, New York agent of the National Bank of South Africa, Limited, has just received a cable dispatch from the bank's head office in Pretoria reporting increased prosperity reflected in every branch of the,bank's activtiies. The message also comments on the continued progress of July 3 THE CHRONICLE 1920.] commercial industries in the South African Provinces. The dispatch says: The annual meetinir of the shareholders of the National Bank of South Africa. Limited, was held here to-day. J. Emrys Evans, C. M. G., ViceChairman, presiding in the absence of the Chairman. The balance sheet These showed paid up capital figures of March 31 1920 were reviewed. of £2.965,000; deposits of £61,323,000; notes in circulation amounting to £4,327,000; cash assets of £13,761,000; investments of £12,185,000, all of the latter being gilt-edged and wTit ten down to or below market quotations. as well as bills of exchange amounting to £14,429,000, and liquid assets of £40,375,000, reprasenting 58% of the bank's liability to the public. Bills discoimted, loans, &c., were £32,961,000. Substantial increase is reflected in all departments of the bank. Net available profits, including carry forward, were £538,683, after allocating £50,000 for reduction of the bank's premises account and making full pro\ision for bad and doubtful debts. absorbing, The board recommended a dividend of 7% and a bonus of 1 with dividend already paid, £235,483. It also recommended the allocation of £60,000 to the officers' pension fund and £200,000 to the reserve fund. The latter is thus brought to £1 ,250,000. Forty-three thousand two hundred pounds is left to carry forward. The capital and reserve now amount to All these recommendations were adopted. £4,200,000. The mining, farming and commercial industries of South Africa were surveyed at the meeting and particular reference made to the industrial growth of the Union, The board spoke hopefully of the country's advancement, notwithstanding any possible temporary setback. % , 43 or bring about purchases for the Indian Bazaars, where silver always has been in good request at a reasonable price. INDIAN CURRENCY RETURNS. — May 15. May I In Lacs of Rupees Notas in circulation May 22. 16729 4028 16991 31. 16692 4137 and bullion in India 3987 and bullion out of India Gold coin and bullion in India 4436 4349 4286 Gold coin and bullion out of India 100 142 74 Securities (Indian Government) 2491 2833 3118 Securities (British Government) 5977 5377 5077 The coinage during the week ending 31st ult. amoimted to 30 lacs of rupees. The stock in Shanghai on the 5th inst. consisted of about 40,33t,000 ounces in sycee, $20,000,000. and 20 lacs of silver bars and U. S. dollars, as compared with about 38,1.50,000 ounces in sycee, $27,000,000 and 40 lacs of silver bars and U. S. dollars on the 29th May 1920. The Shanghai exchange is quoted at 4s. ed. the tael. Silver coin Silver coin , Quotations — Bar Silver per oz. Cash. June 7 56%d. 5 .56Hd. 7 54Jid. 43fgd. 45Jid. 8 9 10 " 2 Mos. 56Jid. 56?^d. 54Md. 48%d. Average Standard 51.687d. Gold per oz. Fine. 105s. 5d. 105s. 9d. 9d. 105s. 3d. 48>^d. 46d. iSVid. 51.833d. 10.5s. 10.5s. 3d. 105s. 5.8d. one of the largest maintains more than 400 The silver quotations to-day for cash and forward delivery are both 8j8d. below those fixed a week ago. branches throughout South Africa, playing a .significant part in aiding the commercial and industrial development of We have also received this week the circular written under date of June 17 1920: The National Bank banks of Scuth Africa in the British colonies. It is GOLD. that territory. The Bank Banque Industrille de Chine, 27 Pine St., New York, has received advice by cable from their head office in Paris, that, at the stockholders' meeting, net profits for the past year were reported as 16,240,000 Frs. A dividend of 14% was declared representing about 6,000,000 Frs. with a balance of over 9,000,000 Frs. of profits, carried forward to new account (after writing off the reserves). The Isist price of the Bank's stock was Frs. 1,100 per share, of Frs. 300 and Frs, 850 per half paid share, of Frs. 250 equal to a quotation of 350%. THE ENGLISH GOLD AND SILVER MARKETS. We reprint the following from the weekly circular Samuel Montagu & Co. of London, written under date of of June 10 1920: GOLD. The Bank of England gold reserve against its note issue is £115,879,550 a ftirther substantial Increase of £1,958,860 as compared with last week's return. A considerable amount of gold came tnto the market this week and was taken for India, South Africa, Switzerland and the trade. The currency reform law of the Zemstvo Government embodies a novel element. The new money is to be guaranteed by a gold, silver and platinum reserve, valued at 71,000,000 gold rubles. In view of the wide variation in the intrinsic value of the last two metals, it would be interesting to know what ratio of valuation is adopted. Russia mines platinum extensively and circulated coins composed of that metal in the last century. SILVER. The passing of the American quotation below the dollar limit per fine ounce has been awaited with deep interest in this market, owing to the indication which it was likely to afford as to whether purchases under the Pittman Act would stabilize to any material extent the world price of the metal. The tenor of news from the United States hitherto has betrayed what appeared to operators here undue optimism in this respect. Shipments from the United States have been for some time on such a scale as to suggest that American supplies had been held back, moreover, a bull position on American account was reported as having been built up in London. The Eastern position at the present time does not appear to warrant favorable views. Chinese export trade has been brought to a standstill, silk, tea, &c. being heavily overstocked; whilst the balance of trade is dead against India, and therefore does not encourage purchases by the Indian Bazaars. Moreover with a lower China exchange the present stocks of sycee, dollars, &c. at Shanghai are unnecessarily large. Further the London market has had for many months, and is likely to have for a long time to come, a substantial source of supply from melted continental coin, and is therefore able to fix the fair price of the metal as based upon the actual conditions of supply and demand. When it became evident that buying \mder the Pittman Act was likely to be dealt with in a half-hearted fashion, a lack of confidence was felt which at once demoralized the market. But it did more than that; it showed that the world still looked to London as its silver market, rather than the Western Hemisphere, which, producing the major part of the metal, naturally seeks to protect the interests of the seller. The "Times" correspondent indicated this in his cable of the 8th inst.: "Silver experienced a severe break under pressure to sell and in sympathy with the heavy decline in London, conxmercial bars declined 1034 cents to 84 cents," that is to say. New York followed the London price. The same correspondent telegraphed yesterday that "it is doubtful whether the Treasury has purchased even an ounce of silver so far." In these (;irrumstances prices have fallen away with rapidity. Daily decreases (commencing on Monday) of 23-^d., 6d. and 2Md., were recorded in the cash quotation. This year has beer^ remarkable for wide fluctuations in the price, but the drop of 6Kd. on March 5th was not nearly so great proportionately as that of Od. on the 8th inst., for in the former c;iso it was only 7.29% as against 11.03% in the latter. The total fall in three days of 19.25% is a record. The cash quotation yesterday was nearly half the record high price of 89>2d. fixed Feb. 11 last, and was the lowest for over two years, namely, since April 10 1918. To day some reaction took place which is not unusual after a heavy fall. It is difficult to see however whence permanent steadying influences are tolbe derived. A shortage of supplies would bo merely a temporary palliative. The only real cure for falling prices would be purchased for coinage say Indian and-or American or some very heavy reduction in the price of silver which would completely alter the basis of trade with the East, — — of England gold reserve against its note issue is £116,729,240, an increase of £849,690 as compared with that of last week. The gold on the market this week was taken for India, U. S. A., the Straits Settlements, Switzerland and the trade. The Transvaal gold output for May 1920 amounted to 699,041 fine ounces, as compared with 686,979 fine ounces for April 1920 and 724,995 fine ounces for May 1919. SILVER. The reaction which had set in, when we last addressed you. carried the cash price to 513id. on the 11th inst. On the 12th inst. the quotation eased IHd. but next day it fell heavily, 5J-8d. After which the market remained steady until to-day, when a fresh advance took place of 4Jid. owing to a demand for China. The week has been remarkable for a premium on cash silver which arose in consequence of a consideraole order for prompt delivery on the 11th inst. The appreciation of cash silver however gradually diminished until on the 14th inst. it was quoted at a discount of Jid. The discount in its turn disappeared by degrees until on the 16th inst. the quotations became identical. The fluctuations of the price and the varying relation between those for cash and two months delivery indicate that market operations have been On some days China has posed both as a buyer subject to cross currents. and a seller, and India also has been in evidence both ways, but Continental Meanwhile offerings of melted coin have been checked by falUng rates. America has maintained its quotations above parity and has even acquired silver in this market. Falling exchange rates have been a deterrent from heavy purchases for the Indian bazaars. The monsoon prospects in Bom.bay are considered good, and in Bengal somewhat uncertain, but it is too early to forecast with any degree of accuracy. have received a cable to-day stating that the Director of the U. S. Mint has instructed the assay offices to accept such portion of "silver in" tendered metal as is of U. S. origin, though mixed with alien produced silver in the process of refining, provided such silver was delivered by U. S. mines to the refineries since January 17th last. Nevertheless, there are two good reasons, both touching the well-being of the people of the United States of America, why the silver sold under the Pittman Act should not be pm-chased at a dollar the fine ounce. First, there is the prospect that if the dollar limit were removed the silver could be acquired at a substantial discount of 25% or more under the dollar per fine ounce. Second, the balance of trade with China was against the United States to the extent of U. S. .$14,684,000 in 1914 and in 1919 had Any fall thereincreased to U. S. $48,639,000 (nearly 3H times as much). fore in the price of silver must have material effect in reducing to the people In the of the United States the cost of commodities from the Far East. above figures a fall of 50% in the price of silvef would only show an apparent gain of £5,000,000 to the people of the United States of America, but it would really mean many times more, for the trading and manufacturing profits connected with the raw material imported from China would be to a large extent, proportionately lessened by a reduction of the wholesale We and retail prices. fact that the silver coin for the United Kingdom (and also for East Africa) is to be minted at the fineness of .500 (notwithstanding the fall of the price well below the old minting value, 66d. the standard ounce) is indicative of the severe blow which had been dealt to silver as the material for subsidiary coinage. This change in attitude here as well as that on the Continent cannot fail to have great influence upon the estimation of the metal as mea-sured in gold. The mystery as to what has happened to the 65,500,000 silver marks (about 10,000,000 ounces) which were withdrawn recently from the Reichsbank Reserve is cleared up partiaUy by the following information which has reached us: The German Government have recently shipped 60.000 kilograms of silver (about 2,000,000 ounces) to Holland, which had been deposited with the Netherlands Bank, but not yet sold. A further quantity of 15 million marks' worth of silver (about 2,400,000 ounces) was lodged with a Dutch Colonial Bank, having been shipped by private banlcs from Germany, and was destined to serve for repayment of debt in gold marks, the colonial bank in question endeavored to ship 4 million florins" worth of this silver to New York, but the high export duty of 10% was demanded The by the Netherlands Government, and prevented the transaction from taking It is understood that the duty has been fixed at this high rate to prevent the export of melted down Dutch currency. On the other hand, large <iuantitics of Belgian silver are said to have been smuggled into the Country, melted down, and exported as bullion. place. INDIAN CURRENCY RETURNS. — May 22. May In Lacs of Rupees Notes in circulation and bullion in India -and bullion out of India Gold coin and bullion in India ._ Gold coin and bullion out of India Silver coin Silver coin Securities (Indian Govei-nmcnt) Securities (British Government) 31. June 7. 16729 4028 16692 4137 16663 4167 4349 4286 74 3118 5077 4257 207 3555 4477 142 2833 5377 —— H H . . : . THE CHRONICLE 44 The coinage during the week ending 7th inst. amounted to 27 lacs of The stock in Shanghai on the 12th inst. consisted of about 39.rupees. 24<. ,000 ounces in syeee. S17.500.000. and 18 lacs of silver bars and U. S. dollars, as compared with about 40,330.000 oimces in sycee, 820,000,000 and 20 lacs of silver bars and U. S. dollars on the 5th June 1920. The (Vol. 111. Totals for merchandise, gold and silver for eleven months: 11 .Vos (0008 Merchar.dise Gold. Silver Ezceis Excesi j Shanghai exchange quoted is Quotations — 2 14 44Kd. 44Md. 44%d. 49^d. 44Md. 15... Mos. 51d. oOd. SOJ-ld. 12 Gold per oz. Fine. 104s. 2d. oz. Standard. ^IHd. June 11 " • omU the tael. Bar Siher per Cash. 4s. 6d. 44d. lO.s. 4d. 104s. 4d. ' 104s. 2d. 44HdII lel •• 103s. 6d. 493^d. 17 47.208d. 104s. 1.2d. 47.187d. Average"! The silver quotations to-day for cash and forward delivery are Md. and %<i. above those fixed a week ago. •• ENGLISH FINANCIAL MARKETS— PER CABLE. daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: The Ju:e26. June'ZS. Juie29. Tues. Sat. Man. d. 503^ 63 52M Holiday 46 Ji 46 Ji Holiday 84J< 84J^ Holiday 77 76% London, \n'e€k ending July 2 Silver, per oz H per cents Consols, 2 British, 5 per cents British, 4 H per cents 103s. 7d. 104s. Gold per fine ounce French Rentes (in Paris), fr. French War Loan(inParis),rr. The 58.20 88.25 price of silver in Wed. July 2. July I. Thurs. 76% Exports, ports. Ex- of Exports port*. ' pmu. /Excess 0/ $ $ 78,284 216,819 05,638 36,647 24,176 21,485 of imports. 5 Mos. Merchandise. Ex- Gold. Excess of Ezports. Im- ports. ted). f 96,338 71,747 64,977 32,768 30,971 25,488 Similar totals for five months since Jan. years make the following exhibit: (OOOs omit- Exports ports. ports. Ez- six Siher. Excess Exof Exports ports I Im- ports. for 1 ports. Im- '• port*. Excess of Ezports $ $ S $ $ 1920 .'3,611.189 2,391,888 1,219,301190,096 97,688; 92.403 1919 13,129,043 1,317,596 1,811,447| 14,030 24,311/10,275 1918 2,490,427 1,285.054 1,204,773 18,799 18,232' 507 1917 2,714.500 1,246,193 1,468,3671135,370,386,826/251460 1916 12,016.935 1,039,301 976,634 58,094 64,245' /6,151 1915 11,433,201 708,115 725,146' 4.76ll 92,583/87,822 I 104s. 104s. 104s. 58.30 88.30 58 88.35 $ t $ 77,706 49,517 28.189 129,496 35,511 93,985 85,211 29.789 55,422 29,762 15.917 13,846 26.398 12,229 14,169 20.880 12.119 8,761 / Excess of imports. on the same day has been 99H 99>^ 93 Domestic, per ounce.. -cts. 99)^ cts. 90 Foreign, per ounce Im- ;$$isi$$!s I •19-20 7,474,194|4.C85.742 2,788,452 461,273 123,778,337,495 174,022 •18-19 6,303,903 2,802,804 3,501,009; 33,603 30, 2291 /2,626 2S8,56G 17-18'5,435,914 2,085,305 2, 750, 607,188, 148' 92,52li 95,627 130,015 •UV-17'5, 710, 580 2,352. 732 3, 363, 848 224, 757:885, 837 /eOlORO' 69,315 '15-163,808.79711,952,088 1,916,709' 81,938 371, 275 /2S9337i 55,147| •14-152,500,042 1,510.475' 983,507 143,402 119,227 24,175 46,973 New York Silver in I Ex- 0/ ports. Fri. Holiday 51 Holiday Holiday Holiday 52 46 84Ji 58.70 88.30 58.85 88.30 New York JuneSO. Excess I IM- Exporta. ted). 99>^ 91 92 99K 89% 99}^ 90H TREASURY CASH AND CURRENT LIABILITIES. The cash holdings of the Government as the item:. stood 31 are set out in the following. The figure^ are take.i e.iiirely from the daily statement of the Umted States May IMPORTS AND EXPORTS FOR MAY. Washington has issued the statement of the country's foreign trade for May and from it and pi*'?vious statements we have prepared the following: FOREIGN TRADE MOVEMENT OF THE UNITED STATES. The Bureau Treasury <'or of Statistics at (In the lollowlng tables three ciphers are !n all cases omitted.) May January February S722.06t 645,145 819.962 684.717 739,300 March April May June. July August September October November December 1918. 1919. $622,037 585.097 603.142 714.800 603,967 928.379 568,688 646,054 695.214 631.619 740.013 681.416 1920. 1 $504,797i 411,362 622,900 500,443 550,925 483,799 507,468 527,014 550,396 $473,824 467,402 523,923 495.739 431,000 1918. $212,993 235,124 267,596 272,957 328,926 292.910 343,746 307,293 436.449 401,846 424,810 380,710 501,861; 522,236 565,886^ J7 .920.426 $6,149,087 Total 1919. $233,942 207,716 242,162 278,981 322,853 260,360 241,878 273.003 261,669 246,765 251,008 210,887 Imports. Exports 1920. 1918. 1919. 1920. $3,390 3,110 3,803 1,770 1,956 82,973 64,673 46,189 29,051 44,149 51,858 46,267 $3,746 6.084 2,809 3.560 3,599 2,704 7,200 3,277 2,284 2,178 3.048 1.580 $368,185 $41,069 $47,817 43,023 47.049 44,644 7,562 Januarj- February March April May June July August September October November December Total S12,01S 4,473 16,985 48.524 15,688 1919. 1918. $2,113 3,945 10,481 6,692 1,080 26,134 1.846 2,490 1,472 4,970 2,397 12,914 $4,404 2,549 1,912 2,746 6,621 31.892 2.597 1.555 2.611 1,470 1,920 1.766 $76,534 $62,043 Gold coin Gold bullion LiahVities. $ 377,812,748 01 Gold certfs. outstanding 576,352,791 1.768.650,458 5h Gold settlement fund. Fed. Reserve Board. .1,17b, 785, 139 * 162, 979 ,025 Gold reserve Avail, gold in gen'i fund 238,246,250 To.^1 2,140,303,206 59 SILVER DOLIARS. LiabilUies. Assets. Silver certs, outstfnding S 134,423,984 00 Treas. notes of 1890 out. Available silver dollars in general lund Total 125,290,037 00 134,423.984 00 Silver dollars 134.423,984 00 March April May 1919. $24,628 15.865 13.939 16,413 6.862 January February $19,615 33.100 23,106 25,077 28,699 12.608 8,262 13,809 12,928 12.270 19.052 30.595 June July August September October November December Total 1920. 1918. 1920. S239.021 $8,817 $6,628 6.519 13,432 1919. 1918. Assds. Avail, gold fsee above). Available silver dollars (see above) United States notes Federal Reserve notes.. Fed. Res've bank notes. National bank notes Certif'd checks on banks SuDsldiary silver coin Minor coin SHver bullion Unclas>lfied 9,441 10,705 8.083 12,251 46,381 8,566 40,686 20,549 10,340 32,038 7,150 48,306 $252,846 $6,998 $71,376 4.4-iy 0.963 5.081 7,298 5,35i 5,220 7,267 7.172 6.766 6.490 4,330 EXCESS OF EXPORTS OR IMPORTS Merchandise. 1920. 1919. $ Jan.. Feb.. + 248.240 + 177.743 Mar. +296,039 April. + 188,978 May. +308.300 June. July. Aug . Sept. Oct.. Nov . Dec. Total + Eiporta. $ +409,044 + 349,973 + 335.546 + 441,843 + 275,041 Gold. ctu'rency, (unsor.cd &c.) 00 00 00 50 59 75 67 1,667,73995 16,341,536 32 7,473,119 9,490,672 22,274,609 1,998,692 22,284,475 161 ,.546 8,052,480 1920. 1919. 1920. 1919. $ $ $ $ $ + 221.462 +228.072 + 635,463 + 224,942 + 338,761 + 159,765 + 229,774 + 315,203 + 340,706 + 223.449 + 265,590 + 254.014 + 288.727 + 2.55,096 + 271,228 + 364,999 +4,016,061 + 3.117.874 — Imports. credit Treas., U. S. credit of other officers 76,820.529 79 Total Note. 7,637,434 64 reserve) creditors of inaolv- en t banks 1,175,776 16 Po.«tmasters, clerks of courts, &c. eral of 25,830,440 89 Fed- Reserve notes (5% fund) Redemption 233,604,757 39 of FedReserve bank notes (5% fund)... eral 96.220.000 00 8,263,169 84 12,556,737 16 11 .797 ,080 36 10,594.670 00 Redemption of national bank notes (5% fund) Deposits in Philippine Treasury: To credit of Treasurer. U S.. and other Government officers (5% 998,106 91 41,038,540 89 Comptroller of the Currency, agent for Redemption sales of certificates of To To Depos. of Govt, officers: Post Office Dept Board of trustees, Post.il Savlnep System 9,532,313 47 Deposits for: 5,950,000 00 banks Deposits in Federal Reserve banks..... Deposits in special depositaries account of Treasurer's checks outstanding.. 13.135,388 50 Retirement ol addi tional circulating notes. Act May 30 1908. Exchanges of currency coin , , &c 146,S10 00 1 ,267 .922 .39 350,429,838 77 Net balance 201,868.990 24 3,278,876 18 552,298,829 01 —The amount to the credit Book credits 13. Total 552,298.829 01 ol disbursing officers and agencies to-day for which obligations of foreign Government.s was :-.re 51,398.757,309 by the United States amount to ,¥80,736,629 05. Under the Acts of Jul} 14 1890 and Dec. 23 1913, deposits of lawful money !o.the retirement of outstanding national bank and Federal Reserve bank notej are paid into ihe Treisnry as miscellaneous receipls. and these obligations are mi:t;e under the Acts mentioned a part ol the public debt. The :\mouDt of such obligations to-day was $30,771,022. held sutler. 1918. + 1.283 + 15,811 + 14.039 —835 + 3,394 + 26.343 —6.678 +4,498 + 14.908 --3,880 —4,922 + 5,708 + 18,010 —8,126 + 876 —1,221 + 20,686 + 66.839 + 6,529 + 62,827 +2,734 + 42,699 + 5,482 + 27,679 + 6,389 + 39,179 + 3,548 + 49.461 + 12,033 + 33.343 +20,910 + 291.651 + 149.011 + 270.856 + 35,799 + 203.647 + 38,550 + 280.738 +30 064 ,660,828 00 7,473,119 00 I.iabUUiea 238,246,250 44 Deposits in Fedeial Land Government $5,576 6,767 8.198 7,067 7,913 7.079 5.528 8,327 7.539 8,722 7,019 9,685 $89,410 12,471 Total 1 GENERAL FUND. To credit Treas. .U. S. Deposits in nat. banks: Iniporu. 52 63 44 ..2,146,363,206 59 — positaries: Exports. Total 00 *Note. Reserved against $346,681,016 of U.S. notes and $1,660,828 of Treasury notes of 1890 outstanding. Treasury rotos are also secured by silver dollars in the Treasury. Indebtedness Deposits in foreign de- SILVER. LIABILITIES. $ S3,904,365 $3,031,213 GOLD. AND ASirts. Imports. Ezports .ASSETS GOLD. MERCHANDISE. 1920. 31: CURRENT TRADE AND TRAFFIC MOVEMENTS. UNFILLED ORDERS OF STEEL CORPORATION.— The United States Steel Corporation on Thursday, June 10 1920, issued its regular monthly statement showing unfilled orders on the books of the subsidiary corporations as of May 31 last, to the amount of 10,940,466 tons. This is an increase of 580,719 tons over the unfilled tonnage on hand at the close of April and a gain of no less than 6,658,156 to over the orders on hand at the end of May 1919. In the following we give comparisons with previous months: — — — - Tom. TonM. 31 1917.. 11,474.054'Sept. 31 1916.- 11.547.286 Aug. 30 1916.. 11.058,542 July 31 1916.. 10.015,260 June 30 1916.. 9.522.584 May 31 1916-. 9,660.357'Aprll 31 1916.. 9,593,592>Iar. 30 1916.. 9,640,458]Feb. 31 1916.. 9,937. 798'Jan. 30 1916-. 9.829,551]Dec. 31 1916.. 9.331,001 Nov. 29 1916.. 8,568,966 Oct. 31 1916-. 7,922, 767i8ept. 31 1915.. 7.806.220 Aug. 30 1916.- 7.189,489:July 31 1915.. 6,165.452 June 30 1915.. 5,317.618 May 31 1915.- 4,908.456'AprU 31 1915.. 4.928,540 Mar. 30 1915.. 4.678.196 Feb. 31 1915.. 4.264.698 Jan. 30 1915.. 4.162.244 Dec. 31 1916.. 4.255,749 Nov. 28 1916.- 4.345,371 [Oct. 31 1916-. 4.248.671, Sept. 31 1914.. 3.836, 6431AUfi. 30 1914.- 3.324,592;july 31 1914-. 3.461.097 June 30 1914.. 3.787.667iMay 31 1914.. 4,213,331 April 31 1914.. 4.168,589 Mar. 30 1914.. 4. 032, 857, Feb. 31 1914.. 3.998.160 Jan. 30 1914.. 4.277,068 Dec. 31 1914.. 4.653.825 Nov. 28 1914.. 6,026,440 Oct. 31 1914.. 4,613,680 Sept. 31 1913.. 4.282.108 Aug. 30 1913.. 4.396,347 July 31 1913-- 4.613,767 31 1920. .10.940,466 Jan. 30 1920. -10,359,747 Deo. Apr. Mar, 30 1920. . 9,892,075 Nov. Feb, 2S jaD. 31 Dec. 31 Nov. 30 Oct. 31 Sepl, 30 Aug. 31 31 .lulv June 30 May 31 Apr, 30 Mar. 31 Feb, 28 Jan, 31 Dec. 31 Nov. 30 Oct, 31 Sept. 30 Aug, 31 July 31 June 30 Mav 31 April 30 Mar. 31 28 31 Dec, 31 Feb. Jan. Nov. 30 Oct. 31 Sept. 30 Aug 31 Julv 31 June 30 May 31 April 30 Mar. 31 Feb. 28 1920. . Oct. 9,285.441 Sept. I'jiy. 8,2115,366 Aug, 7,128,330 6.472,068 6,284.63^ 6,109.103 5,578,661 4,892,855 4.282.310 4.800,685 5,430.572 6,010,787 6,684.268 7.379.152 8,124,663 1918. . 8.353.298 1918. . 8,297.905 1918. . 8,769,042 1918. . 8,883.801 1918. . 8.918.866 1918. . 8,337.623 1918. . 8,741.882 1918- . 9.056.404 1918. . 9,288,453 1918. . 9.477.853 1917. . 9,381.718 1917. . S.897.106 1917. . 9.009.675 1917. . 9,833.477 1917. .10,407.049 1917. .10,844.164 1917. .11.383,287 1917. .11.880,591 1917. .12.183.083 1917. .11.711,644 1917- .11.676,697 July 191^0. - - 9.,v02 OSl 1919- . 1919. 1919. . 1919. 1919. . 1919. . 1919. . 1919- 1919. . 1919. . 1919. . 1918. 1918. . June May April Mar, Feb. Jan, Deo. Nov. Oct. Sept. Aug. July June May April Mar. Feb. Jan. Deo. Nov, Oct, Sept. Aug, July June May April Mar. Feb. Jan. Dec. Nov. Oct. Tom 30 31 31 30 31 30 31 28 31 31 30 31 30 31 31 30 31 1913.. 1913.. 1913 1913.. 1913 1913.. 1913.1913.. 1913.. 1912.. 1912.1912.. 1912.. 1912.. 1912.. 1912.. 6.003,786 6,223.468 6.399.356 6.807.317 6.324,322 6.978.762 7,468.956 7.656,714 7.827.368 7,932.164 7.852.883 7,694.381 6,551.507 — — 6,163.37.'! 5.957,073 5.807,349 5,750,986 6,664,885 6.304,841 5,454,201 6,379,721 5,084,765 4.141,958 3,694,327 3,611.315 3.695,985 3,584,088 3,361,087 3.113.154 3.218,700 3,447,301 3.400.543 3.110,919 2.674,750 2,760.413 2,871,946 3.148.10f 3,537, 12t 3.970.931 1912— 30 1912.. 31 1912.. 29 1912.. 31 1912.. 31 1911.. 30 1911.. 31 1911.. 30 1911.31 1911.. 31 1911.. 30 1911.. 31 1911.. 30 1911.. 31 1911.. 28 1911-. 31 1911.. 31 1910.. 30 1910.. 31 1910.. 30 1910.. 31 1910.. 31 1910.. LAKE SUPERIOR IRON ORE SHIPMENTS.— The shipments of Lake Superior iron ore during May 1920 aggregated 6,976,085 tons, an increase of 360,744 tons over the shipments for the corresponding month last year. The tonnage moved up to June 1 1920 amounts to 7,206,939 tons, contrasting with 8,027,580 tons for the same period last year and with 9,028,101 tons in 1917. Below we compare the shipments from the different ports for May 1920, 1919 and 1918, and for the respective seasons to June 1: -May- — 1920. Port Escanaba MarquetteAshland Season 1919. 1918. 1920. to June — 1 1918. 1919. 795,673 583.463 655,495 795,673 654,880 655,495 -. 375,036 151,749 495,043 375,036 151,749 505,751 1,013,049 669,647 898,647 1,013,049 817,005 898,147 1,983,660 1,250,536 1,088,029 2,189,246 1„352,267 2,187,591 1,662,971 2,957,338 3,055,083 1,688,239 3,751,387 3,112,074 1,145,696 1,002,608 1.600,434 1,145,696 1,300,292 1,669,043 tons Superior Duluth Two Harbors The July 45 6,976,085 6,615,341 8,792,231 7,200,939 8,027.580 9,028,10 1 Week — 1920. Barrels. Indies No Am Brit 17,000 Flour. Wheat. Corn. Oats. 56 lbs. 2,584,000 202,000 bbls.l96lbs. bvsh. eOlbs. bush. Chicago Minneapolis.. Duluth 155,000 Milwaukee 14,000 Toledo Detroit St Louis Peoria Kansas City.. 86,656 45,000 Omaha Indianapolis. Total wk '20 '19 '18 Same wk Same wk Since Aug 1919-20 1918-19 1917-18 300,000 247,000 206,000 308,000 1,454,000 598,000 35,000 46,000 22,000 542 ,000 26,000 999,000 585,000 52,000 4,647,000 1,480,000 1,429,000 642,666 77,000 15,000 731,000 473,000 271,000 948,000 671,000 6.614,000 3,580,000 4,470,000 Rye. Barley. 32 lbs. bushASlbs. bttsh.56lbs. 281,000 117,000 1,223,000 107,000 186,000 95,000 9,000 8,000 305,000 224,000 128,000 99,000 28,000 36,000 340,000 13,666 5,000 284,000 34,000 4,000 61,000 268,000 262,000 bttsh. 2,902,000 620,000 5,441,000 3,066,000 5,413,000 402,000 655,000 579,000 115,000 Total Total 1918-19 560,511 21,397,565 I2I2669 20,554,909 1919. Bushels. Bushels. Bushels. 1 61,135,167 93,317,572 174,330 13,730 156,923 679,948 58 378,931 1 Since July 1 1919. June 26 1,000 33,000 3,891, 112'l55 ,220,747 3,883,6471165.027,039 34,000 14,000 2,507,243 246,500 91,969 1,052,131 36,970 13,702 3,948,515 5,623.015 The world's shipment of wheat and corn for the week ending June 26 1920 and since July 1 1919 and 1918 are shown in the following: Wheat. Exports. Corn 1919-20. Week 1919-20. 1918-19, Week 1918-19. June 26 Since July 1 Since July 1 June 26 July Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. 2,804,000 8,586,000 89",836',666 3,76l",666 137",b94",666 43',246",666 226,000 89,669,000 70,868,000 288,000 5,623,000 1,911,000 3,955,000 f,75b",666 4",766",666 Since North Amer- 7,341,000 312,836,000 352,601,000 Since July 1 1 Russia Danube Argentina 4,992",666 236",757",666 Australia _-India Oth countr's Total 12,559,000 641,461,000 522,883,000 3,761,000 141.648.000 56,598,000 The supply of grain, comprising the stocks in granary at principal points of accumulation at lake and seaboard ports June 26 1920 was as follows: visible GRAIN STOCK United States New York Wheat, — 475,000 2,000 _-. 2,451,000 2,148,000 2,485,000 1,831,000 2,218,000 159,000 12,000 1,283,000 - . 216,000 91,000 1,259,000 3,640,000 100,000 4,567,000 Boston Philadelphia Baltimore New Orleans Galveston Toledo Milwaukee Duluth Minneapolis St Louis Kansas City Peoria Indianapolis Omaha On - - canal and river Total Total Total Total June June June June Corn. bush. bush. Rye. bush. Oats, bush. 24,000 5,000 91,000 192,000 79,000 322,000 511,000 117,000 44,000 21,000 725,000 55,000 440,000 401,000 37,000 32,000 1,351,000 1,000 17,000 2,000 529,000 340,000 ,234,000 163,000 857,000 62,000 17,000 139,000 350,000 13,000 777,000 20,000 84,000 23,000 131,000 89,000 145,000 324,000 215,000 102,000 359,000 434,000 71,000 440,000 491,000 96,000 bush. 41,000 631,000 206,000 102,000 227,000 Barley 409,000 445,000 66,000 290,000 ,702,000 1 1 130,000 190,000 848,000 ,000 37,000 4,000 30,000 244,000 336,000 120,000 2,000 26 1920 19 1920 28 1919 29 1918 24,035,000 3,372,000 4,288,000 6 ,335,000 2.953,000 28,558,000 2,759,000 5,310,000 7 ,054,000 2,001,000 8,680,000 4,038,000 18,094,000 ,981,000 10,166,000 785,000 11,364,000 13,167,000 747,000 2,089,000 A'ote Bonded grain not included above: Oats, 459,000 ew York, 1,212,000 Buffalo afloat, total 1,671,000, against 6,000 bushels in 1919 barley New York 22,000, total 22,000 bushels, against 115,000 bushels in 1919. — N , . Canadian Montreal 4,846,000 Ft William & Pt Arthur- 1,614,000 Other Canadian..2,745,000 Total Total Total Total June June June June 9,000 295,000 234.000 659,000 885.000 780.000 522,000 113,000 9,205,000 9,276,000 8,421,000 4,703,000 9,000 6,000 6,000 124,000 1,188,000 897,000 4,674,000 8,872,000 885,000 920,000 223,000 1.415,000 1,516.000 2,799,000 1,328.000 -24,035,000 . 9,205,000 3,372,000 9,000 4,288.000 1,188,000 6.335.000 885,000 2,953,000 1,415,000 26 192019 1920. 28 1919. 29 1918. Summary 1 18,559,000 415,709,000 199,188,000 197,301,000 31,171,000 34,868,000 15,735,000 400,823,000 196,365,000 274,913,000 91,069,000 37,894,000 14,807,000 165,299,000 228,213,000 304,535,000 52.304,000 23.067,000 Total receipts of flour and grain at the seaboard ports for the week ended June 26 1920 follow: — Flour. Wheat. Corn. Barrels. Receipts at Bushels. Week i 2,065,111 1,669,078 1,782,652 1 51, 986 Onlakes... — Barrels. ColS- Other countries afloat Receipts at 1920. since Corn. ] Since July 1 1919. 1 June 26 United Kingdom 95,899 6,886,513 Continent 391,626 11,243,098 So & Cent Amer4,000, 1,106,313 Chicago — [ i Week Since July 1 1919. 1 June 26 Detroit Breadstuffs figures brought from page 104. The statements below are prepared by us from figures collected by the New York Produce Exchange. The receipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: Wheat. Flour. Exports for Week and Since July 1 to West week and destination of these exports for the 1919 is as below: 1 Buffalo Total . . THE CHRONICLE July 3 1920. May - Bushels. Bushels. New York^-Philadelphia - BaUimore NewportNews New Orleans Galveston Montreal Boston 122,000 23,000 26,000 3,000 112,000 713,000 186,000 515,000 105,000 29,000 42,000 945,666 103,000 99,666 2,000 81 ,666 1,819,000 1,000 1,666 29,000 Rye. Barley. Oats. Bush e% 572 ,000 Bushels. Bushels. 27,000, 1,288,000 14,000 10,000 3,000 412,000 1 76,666 117,666 20,000 124,666 American Canadian Total Total Total Total June June June June 26 1920. 19 192028 1919. 29 1918. -33,240,000 3,381,000 5,476,000 -37,834,000 2,765,000 6,207,000 -17,101,000 4,044,000 22,768,000 . 5,488,000 11,488,000 22,039,000 BANK NOTES— CHANGES 7.220.000 4,368,000 7,974.000 3.517,000 9.204,000 12.965,000 747,000 3,417,000 AND IN TOTALS OF, IN DEPOSITED BONDS, &c.— We give below tables which show all the monthly changes in national bank notes and in bonds and legal tenders on deposit therefor: Bonds and Uyal Tenders on Deposit for Ctrculatton Afloat — — 125,000 Under 1919 20 Total wk Since Jan 1 '20 396,000 '20 10,195,000 Week 1919.-- 944,000 4,219,000 65,861,000 1,410,000 SinceJan 1'19 19,970,000 102,845,000 278.000 8,940,000 290,000 3,092,000 1,828,000 714,000 6,965,000 36,197,000 17,682,000 22,460,000 The exports from the several seaboard ports for the week ending June 26 are shown in the annexed statement: Wheat. Bushels. New York 266,112 Boston Corn. Flour. Bushels. iBarre!s. 143,511 2.000 46.000 32,000 137,000 138,000 3,000 2,000 22,000 I Rye. Oats. I Barley. Peas. Bushels. Bushels Bushels Bushels 599,415 1019277 I Philadelphia Baltimore Norfolk - 291,000 300,000 Newport News.(Jrleans Total week 1919 Week ' Apr 30 Mar. 31 Feb 2S Jan. 31 I i 461,000 1,586,000 987,000 3,891,112 3 R83.647 628,415 2089277 202,000 903 r>^^S. 644 089 1234020 14 noo r2r?fii!t 31 $ S 706,307,750 704,884,000 70 ,000,000 70I.4i;9,450 699,936,250 699.357,551' 698,196.300 695.822,030 696.288,160 694,621,710 693,343,210 692.2.52 950 691.052,300 31,030,887 31,288,577 32,439,832 32,S92.677 33.241.792 32.649.434 33,140,680 34,727.572 34,024,987 35,328,665 34.629,207 36.19.0333 37,152,677 Legal Tenders. 1 Total. | 6S6.22."i.000 602.1111.105 601,408,020 6S0.7 t,s..".7N 699.866.398 691,689,2.58 088,995.580 087.666,753 6S7.460.2'23 689,235,005 686,278.555 683,086 600 685.61 2. 243 S 31,039,887 31. 288.67; 32,439,832 * 717,264.887 723,392.772 7-23,938,752 33.241.792 32,649.434 33.146,580 34.727,572 34.024.987 35.328.666 34.629,207 36 190 333 37.152.677 722 I'.U 2.=>5 733.108.190 724,338,692 722,142,160 722,391.325 721,485.210 724,563,670 720,907.762 719.276.935 72-:, 764 ,920 May secure! by :i2.S92.ii77 31 (all The following shows the amount of each class of U. S. bonds held against national bank circulation and to secure public 19,000 713,000 202,000 34,000 560,511 AUE. 30 July 31 June 30 1920 -. 1920.. 1920.. 1920.. 1920.. 1919.. 1919-1919.. 1919.. 1919.. 1919.. 1919.. 1919 - Bonds. $192,739,700 Federal Reserve bank notes outstanding U, S. bonds), against 8175,220,320 in 1919. 10,000, 69,000 Nov 29 Oct. 31 Sept. 30 Mav 1357,000 I Galve.stou Montreal May 31 Legal Tenders. S Uec 31 Exports from— Now Bonds. 809,000 151,000 1,828,000 10,270,000 5,726,00027,845,000 10 00 moneys held in national bank depositaries on ISIay 31: — • THE CHRONICLE 46 U. May S. Bonds Held Deposit to Secure Federal 31 1920. Reserve 2s TJ 23 U Held. Xotes. s 569,502,350 63,939,400 47,642,240 25,223,760 706,307,750 S 583,390.750 66.532,400 48,025,740 25,509,060 259,375,000 982,832,950 following shows the amount of national bank notes and the amount of legal-tender deposits May 1 and June 1 and their increase or decrease during the month of The afloat Maj^: — Total Afloat— National Bank Xotes Amount afloat May 1 1920 Net amount retired during May Amount §723,392,772 6,127,885 of bank notes afloat June 1 1920... Legal-Tender Notes Amount on deposit to retleem national bank notes Net amount of bank notes retired in May 8717,264,887 — Amount on deposit to redeem national 1920 1 bank notes June 831,288,577 248 ,690 1920 1 531,039,887 NEW YORK— MONTHLY FOREIGN TRADE OF STATEMENT. Merchandise Movement May at New Customs Receipts York. at Month. 1919-20. July Aiigust September October .. November DecemberJanuary .. February . March April May New 1918-19. 1919-20. S S 179,457 ,378 96,101 747 237 163,182 188 122,452 147 264 251.529 ,S81ill5,731 ,61S 267 214,756 ,732105,821 ,699 324 231.808 .185] 98,787 ,677 237 221.159 ,962 91,969 ,882 204 280,997 .659! 85,880 ,208 257 260.144 ,811110.759 849 301 292.275 ,856 130.844 ,316 396 270,147 ,137 145,065 157 302 224,033 ,443il78,233 4771343 1919-20. 1918-19. S 237 731,66 209 108,295 197 ,725.054 182 657,1.89 231, 464,051 222 987 ,.829 264 ..544,534 311 ,376.177 ,929,064312 ,904,175: 495,893 331 394,915] S ,532,410 ,759,378 ,365,966 ,627,015 ,666,749 ,779,114 ,151,089 ,626,954 ,323,392 280 ,404,527 Movement and of gold silver for the 11 Gold Movement at Month. Imports. New 9,215,233 8,589,023 8,438,132 7,350.2.50 7,390,251 6,342,5.30 8.026,387 19.323,958 9,856.349 22,429,000 10,600,101 19,999,693 12,881,216 17,981,6691 12,318,060 21,2.84,852 months: Silver— New Yu.k. York. Impo'ts. Exports. Er ports. 1919-20. .. Marcb April May Total... 1919-20. 1918-19. 1919-20. S S 23,609,186 3,921.003 6.279,491 S S 393,587 1,310,313 287,011 2,S83.73o 1.230.283 November December. January .. February . 1918-19. S August . . . September 791 .436 183.085 1.458,285 1,708,182 55,156,705 1,682,127 66,884.749 627,829 688,892 559,988 456,282 531,690 861,071 649.358 529.787 668,246 699,827 506,758 3,903,71." 2r)8,B00 12,110,14" 22,246.193 17,790,299 24.814,399 35,247,500 34,820,300 2,649,762 6.779,728 185. .568,243 16,284,296 1,974,668 1,680,894 1,777,994 2,039,159 261,913 1,858,736 2.327,316 3,132,386 1.770,599 3,315,928 1,106,666 737.990 381.200 221 ,832 985,950 2,517.289 2,346,310 2.311,250 1,187,332 1,422,830 3,0'i0,16S S 1,193,471 1,901,535 2,881,673 ,549.939 1,738,094 14,251,9.86 709,700 232.476 460,2.50 1,903,704 1,009,870 21.246,269 26.832.698 — 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 Companies: The First National Bank of Big Stone Gap, Va Conversion of Tiie Interstate Finance & Trust Co. of Big Stone Gap. President, C. S. Carter; Cashier, J. B. Wampler. The First National Bank of Fairfield, Ala Conversion of The First Bank of Fairfield. President, Robt. Jeml-son; Casliier, C. N. Gilley. The First National Bank of Warsaw, N. C Conversion of The Citizens Bank of Warsaw. Pre.sident, J. E. AVillianis; Cashier, L. D. Grady. The Exchange National Bank of Clyde, Kan. Conversion of the State Exchange Bank of Clyde. President, J. B. Lower; Cashier, C. L. Potter. The First National Bank of Rosemount. Minn Conversion of the State Bank of Rosemount. President, S. A. Netland: Cashier, F. A. Ruhr. The First National Bank of Watertown, Minn.. Conversion of the Citizens State Bank of Watertown. President, John W. Boock; Cashier, Geo. V. Moline. The Minneapolis National Bank, Minneapolis, Minn Conversion of the Minneapolis State Bank. Minneapolis. President. J. P. Bruer; Cashier, Howard Hall. Onginal Organizations: The Security National Bank of Wichita Falls, Texas t Original organizations: The First National Bank of Mercedes, Tex C jrrcspondent, C. E. Van Berg, Mercedes, Tex. The Farmers' & Miners' National Bank of Hartford, President, J. 1. Staley; Cashier, N. M. Clifford. First. Nai.ional Bank of Carnegie, Okla President, P. Breckenridge; Cashier, A. M. Kelly. Capital. $50,000 25,000 25,000 200,000 400,000 Barbara, Calif 150,000 $400,000 125.000 100,000 50,000 30,000 100,000 100,000 100,000 125,000 1,800,000 100.000 375.000 75,000 100,000 50,000 100,000 100,000 150,000 50,000 200,000 550,000 50,000 50,000 100,000 50,000 ,100,00 100,000 300,000 75,000 30,000 80,000 100,000 75,000 500.000 250.000 200,000 50.000 50.000 125,000 200.000 1.000.000 50.000 250.000 $3,440,000 VOLUNTARY LIQUIDATION. Calif. Capital $300,000. To Liquidating Agent. Walter Shoemaker, Fresno, Calif. Assets purchased by the Bank and Trust Company of Central California, Fresno. The i mers National Bank of Fresno, .' {..Lu effe May I. 6 1920. — Canadian Bank Clearings. The clearings for the week ending June 24 at Canadian cities, in comparison with the same week in 1919, show an increase in the aggregate of 20.7%. Clearings at Week ending June — 24. Inc. or 25,000 Canada President, Franklin Williams; Cashier, Vernor Gowin. The Community National Bank of Buffalo. N. 200,000 President, Edward A. Duerr. The First National Bank of Biola, Calif. (P. O. Kerman, Calif. . 25,000 President, Fred Nelson; Cashier, H. B. Bier. The Waba.sh National Bank of Saint Paul, Minn 200,000 President, P. M. Reagan; Cashier, Roy E. Pope. The State National Bank of Comanche, Okla 50,000 President, C. S. Wade; Ca.shier, Geo. H. McCleskey. The First National Bank of Lynchburg. Ohio 50,000 President, Thos. E. Moorhead; Cashier, W. H. McAdow. The First National Bank of Florence, Kan 25,000 President. J. W. Roberts; Cashier, H. E. Rodgers. The First National Bank of Woodlawn, 111.. 25.000 President, Charles M. Roach; Cashier, Earl A. Hill. Montreal Toronto Winnipeg Vancouver Ottawa Quebec Y 1920. 5 139,512,264 Halifax. Hamilton St. John London _ . Calgary Victoria Edmonton Regina Brandon Moose Jaw $1,455,000 CONSOLIDATION. York," with capital stock of $10,000,000. CHANGES OF TITLE. The Merchants' National Bank of Sallisaw, Okla., to "First National Bank in Sallisaw." The National Bank of Commerce of Sioux City, Iowa, to "The Toy National Bank of Sioux City." Lethbrldge Brantford Fort William New Westminster Medicine Hat .. Peterborough Sherbrooke Kitchener Windsor Prince Albert Total Canada. 19 It. Dec. % 39,389,495 16,860,676 11,305,998 6,711,640 4,672,595 7,566,875 4,188,782 4,444,458 6,597,492 3,318,466 4,534,044 4,099,523 722,374 2,176,015 1,625,865 666,243 1,447,800 823,097 722,158 466,967 1,050,598 1,053,180 1,243,592 3,433,474 473,279 S 131.074,406 78,698,800 32,418,041 10,099,338 8,669,974 5,484,024 4,323.543 5,860,331 2,844,590 2,800,968 6,476,337 2,212,701 4,049,823 3,615.559 605,538 1,938,618 1,630,250 652,104 996.953 604,868 530,332 468,760 969,554 1,064,131 886,814 1,691,540 369,210 + 40.3 + 103.0 + 28.2 375,348.008 311,049,107 + 20.7 106,241,0.38 Saskatoon 111. The Mechanics & Metals National Bank of the City of New York, N. Y., Capital $9,000,000, and The New York Produce Exchange National Bank, New York, N. Y., Capital $1,000,000, consolidated under charter and corporate title of "The Mechanics & Metals National Bank of the City New $350,000 25,000 50,000 25,000 5,000 50,000 50,000 50,000 25,000 300,000 50,000 125,000 50,000 75,000 25,000 50,000 40,000 70,000 25,000 150,000 25,000 25.000 25,000 50.000 25,000 0,000 25,000 100,000 40,000 5,000 30,000 30,000 20,000 350,000 150.000 100.000 25.000 25,000 25,000 50,000 500,000 25.000 . 50,000 25,000 Cap. when of Increased. The Astoiis National Bank, Astoria, Ore The Union National Bank of New Brighton, Pa The Merchants National Bank of Wadena, Minn The First National Bank of Ooopersburg, Pa The Nation.il Bank of Fairmount, N Dak The First National Bank of Ridgewood, N. J The Citizens National Bank of Longview, Texas The First National Bank of Centerville, S. Dak The Jenkintown National Bank, Jenkinjown, Pa The Citizens National Bank of Los Angeles, Calif The First National Bank of Kings Mountain, N. C_ The Commercial National Bank of Fond du Lac, Wis. The First National Bank of MontoursvUle, Pa The First National Bank of Monte Vista, Colo The First National Bank of Johnstown, Colo The First National Bank of Shawano, Wis The First National Bank of Menomonie, Wis The Homer National Bank, Homer, La The First National Bank of Masontown, Pa The Suffern National Bank, Suffern, N. Y The First National Bank of Comanche, Okla The First National Bank of Sleepy Eye, Minn The First National Bank of Coalville, Utah The First National Bank of Orange, Calif The Massauutten National Bank of Strasburg, Va.. The First National Bank of Chico, Calif 7'he Planters' National Bank of Fredericksburg, Va_ The American National Bank of Roanoke, Va The First National Bank of Durand, Wis The Downs National Bank, Downs, Kans The First National Bank of Talequah, Okla The First National Bank of Jefferson, Ohio The First National Bank of Fowler, lud The Utah National Bank of Ogden, Utah The Third National Bank of Gastonia, N. C The First National Bank of Stevens Point, Wis The First National Bank of Asheboro, N. C The West Baden National Bank, West Baden, Ind.. The First National Bank of Mount Joy, Pa The Exchange National Bank of Long Beach, Calif. The City National Bank of Bridgeport, Conn The Farmers' National Bank of Hutchinson, Minn.. County National Bank & Trust Company of Santa Tota 50,000 25,000 $2,460,000 The Vienna National Bank, Vienna, Va of Ark CAPITAL STOCK INCREASED. 30,000 Total 60,000 Correspondent, David Moore, Hartford, Ark. The Succeeds the Woodlawn Bank, Woodlawn, Capital. Bank of El Segundo, Calif $25,000 Correspondent, J. D. D. Gladding, El Segundo, Calif. The Crc-^-ent Heights National Bank, Crescent Heights, Calif. 25,000 Corre.spondeut, O. N. Beasley, Hollywood, CaUf. The Westwood National Bank, Westwood, Calif 50,000 Correspondent, Fletcher L. Walker, Westwo od. The Bear Lake National Bank of Montpelier, Idaho 100,000 Correspondent, John F. Quayle, Montpelier. The Peoples National Bank of Proctor, Minn 25.000 Correspondent, H. W. Rice, Proctor, Minn. The Merchants National Bank of Buffalo, New York 400,000 Correspondent, R. E. Wiufield, 230 Main St., Buifalo, N. Y. The Brotherhood of Locomotive Engineers Co-operative National Bank of Cleveland, Ohio 1,000,000 Correspondent, Warren S. Stone, Cleveland. The First National Bank of Okarche, Okla 25.000 Correspondent, F. W. Wiedey, Okarche, Okla. The Farmers National Bank of Lockhart, Texas 75,000 Correspondent, W. B. Kelly, Lockhart, Texas. The Fii-st National Bank of Beckville, Texas 25,000 Correspondent, A. Roberts, Beckville. The First National Bank of Pennington, Gap, Va 25,000 Correspondent, R. E. L. Chmnbley, Pennington Gap, Va. Conversion of State banks and trust companies: The Aibertville National Bank. Albertville, Ala .$100,000 Correspondent, Hogau Jackson, Albertville, Ala. Conversion of the Bank of Albertville. The City National Bank of Bessemer, Ala . 100,000 Correspondent, W. W. HoUiugsworth, Bessemer, Ala. Conversion of the United States Savings Bank. The Colonial National Bank of Roanoke, Va . 400,000 CoiTespondent, E. W. Tinsley; Treas., Colonial Bank Tru.^i Co., Roanoke, Va. Amount 15,281,139 15,444,278 16,740,934 16,792,158 21,023,969 19,376,716 1919-20. July APPLICATIONS FOR CHARTER. First National 1918-19. 2589493 232 1281647777 3138257025 2782298413 205,678,366 101,007,532 Total. October York. Exports. Imports. [Vol. 111. Original organizations: The Total 276.525,200 ToUl — to S 13,888,400 2,593,000 383,500 285,300 259,375,000 Consols of 1930 . Loan of 1925 Panama of 1936 Panama of 193S S S S S Secure to Secure 1 4s, tJ SI Bank .National Bank A'otes. U May On Deposit On Bonds on Deposit 2s _ + 6.4 + 35.0 + 21.5 + 66.9 + 30.4 + 22.4 + 8.1 + 29.1 + 47.2 + 58.4 + 1.9 + 50.0 + 12.0 + 13.4 + 19.3 + 12.3 —0.3 + 2.1 + 45.4 + 36.2 + 34.7 —0.4 +8.4 —1.0 1918. S 90,613,056 75,376,722 37,161,273 10,699,830 6,713,916 3,931,017 3,709,548 5,143.267 2,097,973 2.278,801 5,381,881 1,783,205 3,074,836 3.003,078 520,823 1,705,018 1,209,887 869,112 1,017,082 590,816 433,082 364.211 555,998 831,479 497,870 1,044,167 196,271 260,604.219 1917. $ 91,093,931 59,644,143 41,982,136 7,666,041 7,030,295 4,0/1,638 2,427.790 4,446,815 1,944.878 1.842,500 6,055,134 1,752,367 2,215,906 2,789,655 423,554 1,492.793 1,115,825 814,850 737,584 594,372 339,156 529,069 584.069 554,612 525,371 242.672.484 — July 3 — M H . 1 . THE CHRONICLE 1920.] Auction Sales.— Among other & By Messrs. Adrian H. Muller New Sons, York: By Messrs. Wise, By Shares. S per sh. Day & 19 Co., Boston: S Per sh. Stocks. 93 165 Arlington Mills, ex-div Sullivan Machinery 15 8 25 96 lot Viscoloid, pref Sealshlpt Oyster System, com.] trust certifs. B 100 U. S. Machine Gun trust ctfs. Class III $ per sh. Stocks. Shares. 97H Stocks. Shares. $ per sh15 U. S. Mach. Gun. trctfs. Cl.IIHSOc. lot / 15 Hopkins & Allen Arms, pref 10 Draper Corporation 50 U. S. Metals Products, pref 131 Ji 45c I 1 "t 100 Spok.& Inland Emp.RR.,pf10 Boston Arena pref 10 MarUn-Rockwell Corp. v.t.CJ 10 Boston Arena, com I I , By Messrs. Barnes & Per cent. & Dutton Bldg. S3 80 Trust 4Hs, 19.32.. lot $1,000 Savannah Elec. 5s, 1952, and 2 shs. com. stock and 3 shs. pref. $455 lot stock of Savannah Elec Bonds. $4,000 Houghton Lofland, Philadelphia: $ per sh$ Per sh. Shares. Slocks. 4 Farmers & Meehan. Nat. Bank (In liquidation) 5H Excelsior Tr. & S. F., S.'JO each. 66 1 Philadelphia Finance, com 80 15H Hardwick & Magee.. 28 Trenton Banking, $50 each 110 Bullfrog Alliance G. Min., $10 2 Insur. Co. of Stateof Penn 91 $6 lot each 1 Penn. Academy of Fine Arts 25 Goldfield Cons. Mines, $10 ea.Sll lot 32 Phila. Bourse, pref., $25 ea..l9-19>i ea_S2 lot Silver Pick Cons. Minrs, $1 941^ Gill Glass, Inc., pref 25 Bullfrog Nat. Bk. Mg., $1 ea-.Sl lot -. 5 Bullfrog Gold Bar Mg., $1 ea--$l lot 126 GUI Glass. Inc., com 385 Ji Com Exchange Nat. Bank Shares. Stocks. Delaware County Nat Bank..285M 1 2 1 500 100 200 100 300 27 DIVIDENDS — Change Method in Michigan Limestone & Chem., pref .(qu.) Moline Plow, 1st pref (quar.).. Second preferred (quar.) Mountain States Power, pret. (quar.).. Mt. Vernou-Woodberry Cotton Mills Pref. (payable in preferred stock) National Licorice, common Common Per Baltimore & Preferred Payable. *1H Ohio, preferred (quar.) & WUliamsport, preferred New London Northern (quar.) Extra Elmlra When Cent. Belt RR.&Stk.Yds., Indianap.,com.(qu.) - Pittsburgh & West Virginia, pref. (quar.) Rich. Fred. & Pot., com. & dlv. obi Street and Electric Railways. Carolina Power & Light, com. (quar.).. Cln. Newp. & Cov. L. & Tr., com. (qu.) Sept. Sept. Books Closed. 1 Days Holders Inclusive. of rec. July 30a 1 Holders of rec. July 1 IH July 1 1 3.16 July Holders of rec. 2M July 2 June 16 to July 2 June 16 H to *i;4 Aug. 31 Holders of rec. 4)^ June 30 June 20 to 2 3 July 17a IH IH — June 18 July July 2 2 3 Aug. June 30 Banks. S. *5 July 2 July Trust Companies. Mortgage & Trust (quar.). 1 Holders of rec. July Holders of rec. ^ 1 June 26 10c. Alabama Fuel & Iron (quar.) IH July Alliance Realty (quar.). IH July July American Beet Sugar, com. (quar.) 2 American Chicle, common (quar.) Aug. $1 American Glue, preferred Aug. 4 American Ice. pref. (quar.) IM July BellTelep. of Pennsylvania (quar.) *1H July *4 Borden Co., common Aug. '. Preferred (quar.) *1H Sept. Preferred (quar .) Dec. *1!4 Canadian Explosives, pref. (quar.) IJi July *2 Carbon Steel, conunon (quar.) July Cities Service. Bankers Shares (mthly.) 45.62c Aug. Columbia Gra'phone Factories, pf. (qu.) $2 Aug. •2 Commonwealth-Edison (quar .) Aug. Continental Paper & Bag Mills Com. & pref. (payable in com. stock). /50 Aug. Products Refg., com. (quar.) July 1 Com Common (extra) Preferred (quar.) Davison Chemical Dearborn Truck, pref. (quar.) Delaware Lack. & West. Coal (quar.)-. Diamond Match (quar.) Dodge Steel Pulley, pref. (quar.) of Boston (quar.) Edison Elec. 111. Elder Corporation (quar .) Emerson Phonograph, pref. (quar.) Eureka Pipe Line (quar.) Fall River Gas Works (quar.) Fisher Body Corp., com. (quar.) Preferred (quar.) IM $1 I'A $1.25 *2 I'A 3 75c. *2 3 3 Ingersoll-Rand Co., com. (quar.) International Paper, pref. (quar.) Laurentide Power (quar.) July July Aug. July July Sept. Aug. Aug. July July Aug. Aug. $2.50 Aug. *lJi Aug. Globe-Wernlcke, pref. (quar.) 1^ GoBsard (W. H.) Co. (quar.) »$1 Great Lakes Transit, pref. (quar.) IM Hart, Schaffncr & Marx, com. (quar.)._ 1 Harvey Crude OH (monthly) 1 Holly Sugar Corp., pref. (quar.) 1% Indiana & Illinois Coal Corp., pref 3};, •2^ IH •1 Holders of Holders of 1 1 Aug. 18 Aug. 18 rec. rec. July 20 Holders of rec. June 30 Holders of rec. July 1 Holders of rec. July i" 2 I'i 25c. Aug. Aug. 2 *1H Holders Holders 2 12 '.^c Holders of Holders of Holders of 2 15 June 30 June 30 of of of of of of of of of of of 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. July July July July July Holders Aug. 2 Holders July 15 Holders June July 1 Holders June IH July 1 Holders June 50c. .'^.ug. 7 Holders Submarine Boat Corporation July I 'A Aug. 2 Holders Superior Steel Corp., com. (quar.) July Aug. 16 Holders First and second pref. (quar.) Aug. SI. 20 Aug. 20 Holders Swift International July 1 15c. Aug. Holders Texas Chief Oil (monthly) July Aug. 2 Holders United Drug, 1st pref. (quar.) July 87HC. .^ug. 2 Holders First pref eiTCd (quar ,) July Sept. 1 Holders 1 Second preferred (quar.) Aug. United Gas & Elec. Co., pref 2H July 15 Holders June July 15 Holders 2 U. S. Rubber, common (quar.) July July 15 Holders 2 preferred (quar.) First Julv 3 'A June 30 June 30 U. S. Safe Deposit Co I'A June 30 Extra June 30 July 20 Holders of rec. July' Vulcan Detlnning, pref. (quar.) dividends) hi July 20 Holders of rec. July Pref. (acct. accumulatea 15i July 15 Holders of rec. June Western Grocers. Ltd., otCan.,pf. (qu.) SI. 75 July 31 Holders of rec. Julyl Westlnghouse Air Brake (quar.)... July 10 Holders >f rec. June 50c. White Eagle Oil & Ref. (quar.) 1 July 15 Holders of rec. July Woods Petroleum (monthly) July 3 IH I'A 2 2 m ,v.; m 15a 20 20 6 15 30 22 15 24 15 2 20 5 15 15 16 30 31o 3lo 14a 14a 30 5 30 1 Below we give the dividends announced in previous weeks and not yet paid. This list does not include dividends announced this week. Per When Books Closed. Cent. A'ame of Company. Payable. Days InclusUe. Railroads (Steam.) Alabama Great Southern, preferred Atch. Topeka & Santa Fe, preferred S 1.76 RR common Atlantic Coast Line . , Canada Southern -.Central RR. of N. J. (quar.). Chicago & North Western, common Preferred Chic. St. Paul Minn. & Omaha, common Preferred Cleve. Cin. Chic. & St. Louis, pref.(quar.) Cuba Railroad, preferred Delaware Lackawanna & Western (qu.) Detroit Hillsdale & Southwestern Detroit River Tunnel.. Georgia RR & Banking (quar .) Great Northern (quar .) tKansas City Southern, pref. (quar.)..fLehlgh Valley, common (quar.) Preferred Louisville & -- (quar.) Uttle Schuylkill Nav..RR.& Coal 2H 3H IH 2 2>A S'A 2,4 July July July Aug. July Aug. July July July Ljuly Holders Holders HoUlers Holders Holders Holders of of of of of of Holders of Holders of Holders of Holders of Holders of Holders of Holders of Holders of Holders of rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. June 21 July July July July July July Aug. Sept. 10 lOo 24 15 9 6 1 1 Dec. 1 June 30 July July July July 10 15 15a 15 Holders of rec. July 16 Holders of rec. June 30a Holders of rec. June 18a Holders of rec. July la Holders of rec. July 20a Holders of rec. June 18a Holders of rec. June 18a Holders of rec. Aug. 2a Holders of rec. Aug. 2a Holders of rec. July In Holders of rec. June 30a Holders of rec. July 6a Holders 01 Tec. June 19a Holders of rec. July 8a July 2 to July 14 Holders of rec. July 20 Holders of rec. June 30a Holders of rec. June;i2a Holders of rec. Junetl2a June 22 to July 15 Holders of rec. July 19a Holders of rec. July 16a Holders of rec July la June 26 to July 14 Holders of rec. July la Holders of rec. June 30a Holders of rec. Aug. 31 Holders of rec July 31 Holders of rec. June 30a Holders of rec. July 2a June 30 to July 11 July 1 to July 11 Holders of rec. July) 15a Holders of rec. June lOo Holders of rec. July 20a Holders of rec. Aug. 24a Holders of rec. June 22a June 20 to June 30 Holders of rec. July 2o July Aug. Aug. .Tuly July Aug. Aug. 3K IK July 3 $2.50 2 3 3 July July July July IH Aug. Aug. July July $1.25 July $1 July 1 87Hc 3H Nashville Aug. Aug. .-Vug. Mahoning Coal RR.. common $5 Aug. 2 $1.50 Jmy Mine Hill New York & Schuylkill Haven RR. (quar.) N. Y. Chicago St. Louis, 1st pref Norfolk & Western, common (quar.) Preferred (quar.) Central & — Northern Central Northern Pacific (quar.) Northern Securities Philadelphia & Trenton (quar.) Plttsb. Cin. Chic. Pittsb. Ft. Wayne First preferred (quar.). Second preferred (quar.) 5 *IH. *l 2 3 2H & St. Louis & Chic, pref. Reading Company, common July Aug. (quar.) (quar.) -- 2 I'A $1 United N. J. RR. & Canal Cos. (quar.). Western Pacific RR. Corp., pret. (quar.) Street and Electric Railways. Consolidated Traction of N.J July Sept, Aug. July Aug. July July July July Aug. 50c. Sept. 50c Duquesne Light, pret. (quar.) Monongahela Valley Traction, Miscellaneous. Acme Coal Mining 19 19 15 15 8 8 15 15 15 31 2 — rec. July 150 of rec. July 15 Holders of rec. July 3 Holders of rec. July 3 Holders 2 July July July July July July July 2 'A . Holders of rec. July 15 July 1 to July 15 July 1 to July 15 Holders of rec. June 22 Holders of rec. July 8 Holders of rec. July la Holders of rec. July 20a July 1 to July 7 Holders of rec. July 15 Holders of rec. July 1 Holders of rec. July 21 Holders of rec. Sept. 1 Holders of rec. July 21a , U. ml9 _ Holders of 31 Sept. Sept. Michigan Central. Aug. July July Preferred (quar.) Green&Coate8Sts.Phlla.,Pass.Ry.(qu.). *$1.30 July Securities Corp., pref. (qu.) IH July Kentucky 2 July Manchester Tract., L. & P. (quar.)..MUwaukee Elec. Ry. & Lt., pret. (qu.) nvi July *82 July Phila. & Grays Ferry Pass. Ry Public Service In v. preferred *1H .^ug. July 75c. Sound Power & Light, pref. (qu.) Puget 1% Aug. West Penn Power Co., pref. (quar.) IH Sept. West Penn Rys., pref. (quar.) YorkRys., pref. (quar.) 62H0. July Harriman National (extra) *1H Noiseless Typewriter (quar.) Otis Elevator, com. (quar.) Preferred (quar.) Packard Motor Car, com. (quar.) Producers* Ref. Corp., com. (quar.) Preferred (quar.) Realty Associates Sierra Pacific Electric Co., pref. (quar.). Southern Canada Power, Ltd., pf. (qu.). Spicer Mfg., pref. (quar.) Slevens-Duryea, pref. (quar.) We A'ame of Company. 1% IH IH IH July Aug. July July July of Reporting Same. have changed the method of presenting our dividend We now group the dividends in two separate tables, record. rirst we bring together all the dividends announced the current week. Then we follow with a second table, in which we show the dividends previously announced, but which have not yet been paid. |& The dividends announced this week are: Railroads (Steam). Atch. Topeka & Santa Fe, com. (quar.) 2H 3 . 78 8 Boston Wharf, ex-div 110 Merrimac Mfg., com on deposit at branch 139,600 rubles of Nat. City Bank in 3c. Russia 226 205 Worsted, 1st prer... 79 75 Trust Touraine Sayles & Sons, com., 29 each Messrs R. L. lot Hobbs & Arnold, Boston: Stocks. Shares. 3 York Manufacturing 5 Fairhaven Mills, com 5 U. S. 1 Hotel 55 A. L. $25 sh. When Payable. IM Inc., pf. (qu.) (quar.) Preferred 60 U. S. High Speed Steel Corp. (deUvery Sepo. 1920).-- $200 Bonds S106 per sh. Malleable Iron S40 lot $500 Engineers Land Corp. 10-yr. 6s 400 Okla. Oil. prel., $1 each $275 S51 lot 6.000 Okla. Oil. com.. SI each Co--.S15H per 30 Columbia Mach. Works & Miscellaneous {Concludedt. Lima Locomotive Works, Lowell Electric Light Corp. (quar.) Maple Leaf Milling, com. (quar.) Stocks. Shares. Slocks. 1,026 Dutord Garage Per Cent. securities, the following, sold not usually dealt in at the Stock Exchange, were recently at auction in New York, Boston and Philadelphia: Shares. 1 2H IH 2 1=4 July July July July Holders Holders Holders Holders of of of of Holders .\ug. of rec. rec. rec. rec. rec. rec. rec. rec. rec. rec. June 30a July 1 pref .(qu.) Montreal Lt., Ht. & P. Cons. (quar.).. pref. (quar.) Ottumwa Ry. Light, Pacific Gas & Electric, common (quar.). Philadelphia Co., common (quar.) Philadelphia & Western Ry., pref San Francisco-Sacramento RR., pret.-. 37><c July IK Aug. July Holders Washington Wat. Pow., Spokane(quar.) IM luIy Holders 2H luly July 5 Aug. 3 3 2 Holders of rec. July 2 Holders of rec. July 2 Holders of rec. June 30a July 6 Holders ol rec. June 22 & *1H July July 75c. I'i luly Fuly 3H Holders of Holders of Holders of of of June 30a July 31o June 30 June 3ua July 1 June 30a Jime 30 June 25 Banks. Atlantic National (quar.). Extra Corn Exchange (quar.)... Trust Companies. Title Guar. & Trust, extra (In stock).. e2 Fire Insurance. Holders Holders Holders Holders Holders Holders Holders Holders of of of of of of of of rec. Aug. 9 rec. July 6o rec. July 6a rec. July 6a rec. July 30 rec. June 15 rec. July 1 rec. Aug. 31 July 22 to July 31 Holders of rec. July 15 Holders of rec. July 5 Holders of rec. June 26 Holders of rec. July 15 Holders of rec. July 15 Holders of rec. July 20 Holders of rec. July 20 Holders of rec. June 30 Holders of tec. July 8 Holders of rec. June 26 Holders of rec. Aug. 20 Holders of rec. June 29 Holders of rec. July 15 Holders of rec. July 8 Holders of rec. July 9 Holders of rec. July 9 Holders of roc. June 30 52.50 15 Continental Fidellty-PhenlxFlre.. July July Holders of rec June 28a Holders of rec June 28 Miscellaneous. & Paper, common Air Reduction (quar.) All America Cables (quar.) AUis-Chalmers Co., common (No. 1).. Preferred (quar.) Alvarado Mining & Milling (quar.) Abitibi Power Amalgamated Oil (quar.) Amer. Agrlc. Chem., com. Preferred (quar.) (quar.) American Bank Note, com. (quar.) Amer. Bosch Magneto, stock dividend American Gas (quar.) Amer. Gas & Elec, pret. (quar.) Amer. La France Flro Eng., com. (qu.). Amer. Rolling Mill, com. (quar.) Preferred (quar.) American Seeding Machine, com. Common Preferred (quar .) American Shipbuilding, com. Common American (qu.) (extra) (quar.) (extra) Steel Foundries, com. (quar). $1.50 luly 1 July 15 $1 IK July 14 Aug. 15 1 IK July 15 July 15 50c. $1.50 July 5 July 15 2 IK July 15 $1 Aug. 16 (•20 July 15 1 Sept. 1 IH 2H Aug. Aug. 75c July IH July IK July 1 July IH July IK 2K 2 Ifi 15 15 15 15 15 .Aug. 2 Aug. 2 75c July 15 Holders of rec. July 5 Holders of rec. June 30 Holders of rec. June 30a Holders ot rec. July 31a Holders ol rec. June 30a Holders ot rec. June 30 Holders of rec. June 30 Holders of rec. July 2a Holders of rec July 2" Holders of rec -Aug. 2a Holders of rec July n 1 HoUlera of rec. Aug. 180 Holders of rec July 150 Holders ot rec Aug. 2a Holders ot rec June 30 Holders of rec June 30 Holders of rec June 30 Holders of rec June 30 Holders of rec June 30 Holders of rec July 150 Holders of rec, July 15ri Holders of rec July la . . . , . . — —— . — . Per of Company. Mlicellancous (.Coiitinued) Amer. Sugar Refg., com. & pref. Common Cent. (qu.) H 3M (extra) American Sumatra Tobacco, preferred.. American Telephone & Telegrapli (quar.) .\mer. Tobacco, com. (in Class B com.). American Type Founders, com. (quar.). Preferred 2 Wlicn Payable Oct. Oct. Sept July t75 Aug 1 (quar .) July July July IH \H Preferred (quar.) (Xo. Preferred (quar.) Associated Oil (quar.) Atlantic Gulf & W. 1. SS. Lines, com.. Austin, Nichols & Co., pref. (quar.) Barnhart Bros. & Spindler First and second preferred (quar.) Bamsdall Corporation, Class A (quar.). Class B (quar.) (No. 1) Barrett Co., preferred (quar.) Bell Telephone of Canada (quar.) Canada Cement, Ltd., ordinary (quar.) Canadian Car & Foundry, pref. (quar.) Canadian Converters, Ltd. (quar.) Canadian Coimecticut Cotton Mills Common, Class A Participating preferred (special) Canadian Cottons, Ltd., com. (quar.).. Preferred (quar .) Canadian Fairbanks-Morse, pref Carbon Steel, 2d preferred — &B Cedar Rapids Mfg. Central Coal Common & IH 5 . July July July Aug. I'A I'A 10 Aug. Aug. 2 IVi 3 6 & Power July July July July H (quar.) (quar.) I'A (payable in common stock) Preferred B (monthly) Coca-Cola Co., common (quar.) July I'A 2 Common .fuly IH Chicago Pneumatic Tool (quar.) Cities ServiceCommon and preferred (monthly) Aug. 16 July 1 Coke, com. (extra) Preferred (quar.) Central Leather, common (quar.) Aug. *H */lM *^ July Aug. Aug. Aug. July rec. rec. rec. rec. rec. rec. rec. Holders Holders Holders Holders Holders Holders Holders Holders July July July Aug. IH of of of of of of of June 26 June 1 July July 1 1 June 30a June 30a July 23ri of of of of of of of of rec. rec. rec. rec. rec. rec. rec. rec. Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders Holders of of of of of of of rec. rec. rec. rec. rec. of of of of of Holders Holders Holders of of of Holders of rec July 26a June 30 7 June June June Jime June 30a 29 30 30 26 July 31 July 15 July 15 June 25 June 25 June 30 July 2fia July 31 June 30; June SOn rec. rec. rec. rec. June 30 ; rec. July 9« rec. July 15» rec. rec. rec. rec. rec. rec. rec. rec. July 15 July 15 July 15 SI June 30a 1 July Holdeis of June 25« Consolidated Cigar, common (quar.) July L%*Hclriers of *1H July 6 Consolidated Textile Corp. (quar.) 75c July 15 Holders of June 30a Continental Candy Corp. (quar.) 25c. July 20 Holders of June 29 Continental Motors, preferred (quar.).. 'IH July 15 Cosden & Co., common (quar.) 62HC. Aug. 2 Holders of rec. June 30a Cramp (Wm.) & Sons S. & E. B. (quar.) I'A July 15 July 2 to July 15 Creamery Package Mfg., common (qu.) n'A July 10 Holders of rec. July 1 Preferred (quar.) July 10 Holders of rec. July 1 Crucible Steel, common (quar.) 2 July 31 Holders of rec July 15a Common (payable in common stock) _ /16 5\ July 31 Holders of rec July«15a Cuba Company, preferred *3H Aug. 2 Holders of rec. June 30 Cuban-American Sugar, com. (quar.).. \H Sept.Sf Holders of rec. Sept. lOa Preferred (quar .) I'A Sept. 3f Holders of rec. Sept. lOa *1% July 5 Holders of rec. June 25 Cudahy Packing, com. (quar.) De Beers Cons. Mines, Ltd (V) 2 Detroit Edison (quar.) July Holders of rec. June 30(i 2 Dictograph Products Corp., pref. (quar.) Julv Holders of rec. June 30a 25c. Dome Mines, Ltd. (quar.) July Holders of rec. June 30a Dominion Coal, pref. (quar.). I'A Aug. Holders of rec. July 12 Dominion Power & Trans., preferred Z'A July June 20 June 30o to Dominion Steel Corp., pref. (quar.) lA Aug. July 16 to Aug. 1 Dominion Textile, Ltd., pref. (quar.).. I'A July Holders of rec. June 30 du Pont (E. I.) de Nemours & Co., lA July Holders of rec. July 10 -. debenture stock (quar.) *1A Aug. Holders of rec. July 20 du Pont(E.I.)de Nem. Powd., com.(qu.,' *IH Aug. Holders of rec. July 20 Preferred (quar.) <2H July Holders of rec. July l Eastern Steel, common (quar.) J Aug. Holders of rec. AuR. la Eisenlohr (Otto) & Bros., com. (quar.).. *2 Aug. Holders of rec. July 22 Elgin National Watch (quar.) 60c July Holders of rec. June 30 2 Everett Heaney & Co., Inc. (quar.) Aug. Holders of rec. July 15n Famous Players-Lasky Corp., 7 pf. (qu.) IH July Holders of rec. July 1 Firestone Tire & Rubber, pref. (quar.). i'A Aug. Hrlders of rec. July 21a 75c FLsk Rubber, 1st pref. (quar.)_ ._ July Holders of rec. July 10 1«4 Franklin (H. H.) Mfg. Co., com. (qu.) July Holders of rec. June 25a General Cigar, common (quar.) I'A Aug. Holders of rec. July 24a Preferred (quar .) IM Sept. Holders of rec. Aug. 25a Debenture preferred (quar .) I'A Oct. Holders of rec. Sept. 24a General Electric (quar.) 2 July Holders of tec. June lOn e2 Extra (payable in stock) July Holders of rec. June 10a 25c .Aug. General Motors, common (quar.) Holders of rec. July 15u 1-4P Aug. Common (payable in common stock). Holders of rec. July 15a Preferred (quar.) IM Aug. Holders of rec. July 5a Debenture 6 'Jc preferred (quar.) lA Aug. Holders of rec. July 5n Debenture 7% preferred (quar.) I'A Aug. Holders of rec. July 5a Globe-Wernicke Co., pref. (quar.) I'A July Holders of rec. June 30 Goodrich (B. F.) Co., common (quar.).. IH \ue Hi'lriers of rec. Aug 5a Greene Cananea Copper 50c. Aug. 23 Holders of rec. Aug. 6a Harbison-Walker Refractories Common (payable in common stock). /SO July Holders cf rec. July o5i Preferred (quar.) IH July Holders of rec. July 10 HIilcrest Collieries, common (quar.) IH July Holders of rec. June 30 Preferred (quar.) IH July Holders of rec. June 30 5c. Howe Sound Co. (quar.) July Holders of rec. June 30 Hupp Motor Car Corp., com. (quar.).. 25c. Aug. Holders of rec. July 15 Illinois Brick (quar.) *1M July Holders of rec. July 3 Indian Packing Corp. (quar.) 25c. .luly Holders of rec. June 30 Indiana Pipe Line (quar.) $2 Aug. Holders of rec. July 17 Inspiration Con.sol. Copper (quar.) $1 July Holders of rec. July 9n Intemat. Agric. Chemical, pref. (quar.). IK July Holders of rec. June 30 International Harvester, com. (quar.).. IJi July Holders of rec. June 25a Common (payable in common stock). •/12K International Mercantile Marine, pre{._ 3 Aug. 2 Holders ol rec. July 15a Pref. (accoimt accumulated dividends) AS Aug. 2 Holders of rec. July 15a Jones Bros. Tea, common (quar.) 50c. July 15 Holders of rec. June 30a Preferred (quar.) _ *lJi July 15 Holders of rec. June 30 Kaminlstiqua Power, Ltd. (quar.) 2 Aug. 16 Holders of rec. July 31 Kay County Gas (No. 1) *5c. July 15 Holders of rec. June 30 Kayser (Julius) & Co., 1st & 2d pf. (qu.) IH Aug. 2 Holders ol rec.July 20a Keystone Watch Case (quar.) IJ^ Aug. 1 Holders of rec. July 22a Kress (S. H.) & Co., com. (quar.). *l Aug. 1 Holders of rec. June 20 Lehigh Coal & Navigation (quar.) SI Aug. 31 Holders of rec. July 31a Libby, McNeill & Libby (in stock) 'eSO Aug. 14 Holders of rec. June 6 Liberty Match, Inc. (quar.) 2,^ Aug. 1 Holders of rec. July 15 MacAndrew & Forbes, common (quar.)_ *2H July 15 Holders of rec. June 30 Common (payable in common stock) . 'fSO July 1 'Holders of rec. June 30 Preferred (quar.) 'Ij^ July 1.5 Holders of rec. June "iO Manufacturers' Light & Heal (quar.) 2 July 15 Holders of rec. June 30a Marland Refining (quar.).. *12l4c July 15 Holders of rec. June 30 Massachusetts Gas Cos. (quar.) ]% Aug. 2 Holders of rec. July 15 Massachusetts Lighting Cos., pref. (qu.) S1.50 July 15 Holders of rec. June 25 — Computing-Tabulating-Record Co. (qu.) . — Department Stores 2 Sept. (payable In common stock). /33 1-3 July Preferred (quar). Ij^ Oct. Mays Food Products, Inc., pref. (quar.) 2 July Mexican Petroleum, common (quar.) July 2'A Common (payable In common stock) . /lO July Mexican Telegraph (quar.) *2J^ July Iddle States 1 Corp (in stock) e50 July Mohawk Mining (quar.) SI 50 Aug. Montreal Lt., Heat & Power (quar.) 2 Aug. Montreal Telegraph (quar.) 2 July National Biscuit, commou (quar.) l J^ July National Cloak & Suit, com (quar.) l^ Tidy 1 Preferred . . Holders Holders Holders Holders Holders Holders of of of of of of Holders of of of of of Holders Holders Holders Holders Holders Holders rec Aug 16 rco. lune 2it/rec. Sept 15a rec. June 30 rec. June 19o rec. JunerlDa rec. June 30 rec. JunetU'^ rec. July 10 rec. July 31 rec. June 30 of rec of rec. June 30 July 7a Per (quar.) '" '_ Niagara Falls Power, pref. (quar.) Nipisslng Mines Co. (quar.).. ..!_ Northern States Power, pref. (quar.)"" Nova Scotia Steel & Coal, com. (quar.). '_ Preferred (quar .) Ohio Brass, pref. (quar.) -IIIIII"" Ohio Fuel Supply (quar.) IIIIII'I Extra (payable in Victory 4 ji % bonds) Oklahoma Natural Gas (quar.) Pacific Development Corp. (quar.) & Preferred (quar.) Parish & Bingham (quar.)...I.I"IIIIII Penmans, Ltd., common (quar.) Preferred (quar.) Pennsylvania Salt Mfg. (quar.) Pierce Oil Corporation Common (quar.) (pay. in com. stock) Pittsburgh Coal, common (quar.) Preferred (quar.) Prairie Oil & Gas (quar.) Extra Prairie Pipe Line (quar.) & Gamble, common (quar.) Common (payable in common stock) Procter _ Eight per cent preferred (quar.).. Punta Alegre Sugar (quar.) Quaker Oats, common (quar.) (quar.) Rand Mines, Ltd Realty Associates Republic Iron & Steel, com. (quar.) Riordon Pulp & Paper, common (quar.) Santa Cecilia Sugar, com. (quar.) Preferred Sears, (quar.) & Co. (payable in Roebuck Common common stock) Shawinigau Water & Power (quar.) Sinclair Cons. Oil (payable in stock) Smith (How.ird) Paper Mills, com. (qu.) Preferred Payable. 2H July 15 40c. 20c. 2 2 Aug. 15 July July July 2H July 5 July 4 July IJi July 25c. July July IJi July 2 July IH July 62 He July 50c July 62 He July $1 (qu.ar .) IH p$5 Preferred Stewart Mfg., common (quar.) Times Square Auto Supply, com. Preferred (qu.). (quar.) Transue & Williams Steel Forg. (quar.). Truscon Steel, common (quar.) Tucketts Tobacco, common (quar.) Preferred (quar .) Underwood Computing Mach., pf. (qu.) Underwood Typewriter, com. (quar.).. Preferred (quar.) Union Natural Gas Corp. (quar.). United United United United United Alloy Steel Corp. (quar.) Fruit (quar.) Gas Improvement, com. (quar.) Paperboard, pref. (quar.). Shoe Macliinery, com. (quar.).. Preferred (quar .) United Retail Stores Corp., com. (In stk.) United Verde Extension Mining (quar.). LT. s. LT. s. Food Products (quar.) Industrial Alcohol, pref. (quar.).. U.S. Smelt., Refg. & Min., com. (quar.) Preferred (quar .) U. S. Worsted. 1st pref. (quar.) Vanadium Corporation (quar.) Virginia-Carolina Cliemlcal, com. (quar.) Common (extra) Preferred (quar .) Virginia Iron, Coal & Coke Westchester Title & Mortgage West Coast Oil (quar.) Western Power Corp., pref. (quar.) Western States Gas & Elec, pref. (qu.)_ Western Union Telegraph (quar.) Westinghouse Elec. & Mfg., com. (qu.) SI July 2 Aug. Aug. $1.25 July ;2H I'A IH 3 3 3 Worthlngton (quar.) Pump & Mach., Oct. July July July July July 5 Aug. Aug, /4 July $1.25 July 15 •3 July 15 Aug. 31 2 IH (z) 3 July IH 2H Aug. 2 Aug. 15 Aug. 2 Aug. 2, 25c. I'A /40 I'A elT 2 2 4 2 SI 2H SI 62 He .ruly July July July July July Aug. July Aug. July July July Aug. Aug. July July July July July SI. 25 July 4 July July \'A July i'A Oct. 2 Oct. I'A Oct. 2H July July $1 3 July SI July •IH July SI. 50 July 37H July Aug. /5 50c Aug. IH July I'A July SI. 50 July 87 He July July I'A SI. 50 July 1 Aug. 2 Oct. 2 July 3 July 5 July SI. 50 July 1'., July *l'A July I'A July $1 July July SI 62 He July »2 July 1 15 15 10 15 com. (qu.) of rec June 30a rec. July 17 rec. July la rec. June 30a rec. June 30a of rec. July 6a of rec. June 28a of rec. June 21 of rec. June 30a of of of of to of of of of of of of July 18 June June June June June J\me rec June rec. rec. rec. rec. rec. rec. 30 30a 30 30 30a 30a 26 2a Holders of rec. July July 1 to July 15 of lec. of rec. of ol of of of rex". June 19a JuneilPo June J9a June 30a Aug. 5 rec. rec. rec. July rec. June 21 30o Holders of rec. Aug. 31a Holders of rec. July 9a Holders of rec. July 9a Holders of rec. June 30 Holders of rec. June 30 Holders of rec. June 30 July 25 to Aug. 15 July 25 to Aug. 15 'Holders of rec. June 26a Holders of rec July la Holders of rec. July 1 •Holders of rec. Aug. 2 JJuly 1 to July 7 Holders of rec. July 6 Holders of rec. July 16a Holders of rec. Aug. 6 Holders of rec. July 20a Holders ol rec. July 20a Holders Holders Holders Holders Holders May IH July 1 Holders Jnclusite. ol rec. June 18s of rec. June 26 of rec. June 30a 20 of rec. July 10 20 of rec. July 10 15 Holders of rec. June 30 1 Holders of rec. July 20 10 Holders ol lec. June 30 1 Holders of rec. July 10 20 Holders of rec. July 6a 15 Holders of rec. July 1 15 Holders of rec. July 1 15 Holders of rec. July 31 1 Holders of rec. July 16 15 Holders of rec. June 30 15 Holders of rec. Jime 16 3 Holders of rec. June 19a 6 Holders of rec. June 25a 6 Holders of rec. June 25a 15 Holders of rec. June 30a 15 Holders of rec. July 5 15 Holders of rec. June 30 15 Holders of rec. June 30 1 Holders of rec. Sept. 18 Holders of rec. Sept. 4a 1 1 Holders of rec. Sept. 4a 15 Holders of rec. June 30a 20 Holders of rec. July 6 15 Holders of rec. June IPa 15 Holders of rec. June 30a 15 Holders of rec. 1 6 Holders of rec. June 15 6 Holders of rec. June 15 16 Holders of lec. Aug. 2a Holders of rec. July 6o 1 19 Holders of rec. July 2a 15 Holders of rec. June 30a 15 Holders of rec. July 6 15 Holders of rec. July 6 9 July 15 16 July to 15 Holders of rec. July 6 2 Holders of rec. July 15a HoldeiB of rec. Sept. 15a 1 3a 15 Holders of rec. July 26 July 7 to July 26 S Holders of rec. June 30 5 Holders of rec. June 30 15 Holders of rec. June 30 15 Holders of rec. Jime 30 15 31 15 15 16 Aug. 2 July 10 Sept. 1 lA Holders Holders Holders Holders Holders Holders Holders Holders Holders July 1 Hohiers Holders Holders Holders Holders Holders Holders 2 Preferred (quar.) Will & Baumer Candle, com. (quar.) Preferred (quar .) Wilson & Co., common (quar.) Wire Wheel Corp., pref. (monthly) Woods Mfg., common July 15 IH »S1 Preferred (quar .) Sullivan Machinery. Symington (T. H.) Co., com. (quar.)... Temtor Corn & Fruit Prod., A & B (qu.) 15 Aug. 16 July July IH Days 20 20 Holders 15 Holders 15 Holders 15 Holders 15 Holders 15 Holders J1.50 July Southern California Edison, pref. (quar.) *\'A Spicer Mfg., common (No. 1) 50c. Stearns (F. P.) & Co., com. (quar.) $1 Steel Co. of Canada, com. & pref. (quar.) "Wi Steel Products Co., com. (quar.) 3 Stetson (Jolm B .) Co. common *10 , Books Closed. 15 15 15 16 10 15 15 IH Teleg., pref. (quar.).._ Pan-American Petroleum & Transport Common and Class B, com. (quar.).. Com. & CI. B, com, (in CI. B stock).. Preferred When Cent. Company. , 16 Holders of rec. June 19a Holders of rec. June 30a Holders of rec. June 30a Holders Holders Holders Holders Holders Holders of rec. July of rec. July of rec. July of rec. July of rec. Aug. of rec. July 1 1 21a 1 26 3a From unofficial sources, t Conditional on receipt from the U. S. Government of the rental now due. J The New York Stock Exchange has ruled that stock will not be quoted ex-dlvldend on this date and not until further notice, a Transfer books not closed for this dividend. 6 Less British Income tax. d Correction, e P.i\ able in slock. /Payable In common stock, ff Pay able in scrip h On account of accumulated dividends i Payable In Liberty Loan bonds. of an adequate payment quoted I N. Y. Stock Exchange has ruled that Lehigh Valley RR. com. stock be ex-dividend on July 2. m P, y.ai le in preferred stock. n N. Y. Stock Exchange has ruled that .American Bosch Magneto be quoted ex- the 20"v stock dividend July 15. N. Y. Stock Exchange has ruled that Harbison-Walker Refractories be quoted ex-the 60% stock dividend on July 15. p Payable In Class B common stock, T Declared 8% payable in stock In quarterly Installments as follows' 20% July 15 to holders of rec. June 30. 2%, Oct. 15 to holders of rec. Sept. 30, 2% Jan. 15 1921 to holders of rec. Dec 31 1920. and 2% April 16 1921 to holders of rec, March 31 1921 i N Y Slock Exchange has ruled that Sears, Roebuck & Co. com stock be quoted ex-the 4(1% stock dividend on July 15. « N. Y. Stock Exchange has ruled that Middle States OH be quoted ex-the 50% stock dividend on July 12. u N. Y. Stock Exchange has ruled that Crucible Steel be quoted ex the 16 2-3% slock dividend on Aug. 2. u; N. Y. Stock Exchange has ruled that May Dept. Stores be quoted ex-the 331-3% stock dividend on July 12. 1 N. Y. Stock Exchange has ruled that Pan-American Petroleum and Mexican Petr.ileum be quoted ex-the 10% stock dividend on July 12 y Dividend declared by De Beers Cons. Mines Is 30 shillings per share on the deferred stock, par £2. 10s. American shares Issued in the ratio of 6 American shares for 2 English shares. 2 Divi lenl declared by Rand Mines, Ltd., is 3 shillings on English shares (par American shares Issued in the ratio of one .American share for_2H 5 shillings). , (quar.) of New York Dock preferred ._.'" New York Mutual Gas Light. New York Transit Pacific Telep. luly 2 I'A la la of rec Aug. 16a of rec. June 19o Holders Holders Holders Holders Holders I'A July 62 He July 62 He July [Vol. 111. Miscellaneous (Co'C uded) National Fuel Gas (quar.) National Leather National Oil Co. of N. j., pref ."('quar )" National Paper & Type, common (quar ) of rec. Sept. of rec. Sept. Holders Holders IH Aug. ; Name Inclusiie. of rec. July Ibn of rec. July 10a of rec. Julv 10a June 18 to June 27 Holders of rec. July 15a Holders of rec. July 17a Aug. 1) Asbestos Corp. of Canada, com. (quar.) M . Boots Closed. Days Holders Holders Holders Holders Holders Holders Holders Amer. Woolen, com. & pref. (quar.) Amer. Zinc. Lead & Smelt., pref. (qu.) SI. 50 -Aug. Anaconda Copper Mining (quar.) SI .Aug. .\nglo-.\merican Oil, Ltd H5 Julv Arkansas Xatiu-al Gas, common (quar.) *2M July Common Common — THE CHRONICLE \ame May — — / 48 sterling . shares. . . . July 3 THE CHRONICLE 1920.] — Philadelphia Banks. The Philadelphia Clearing House statement for the week ending June 26 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. For trust companies vaults" is not a part of legal reserve. not members of the Federal Reserve system the reserve required 15% on demand is deposits Ju & Loans, dlsc'tB Investrn'ta. 88,432,0 720,010,01 Exchanges for Clear. House- 27,479.0' Due from banSs 118,714,0 Bank deposits 130,743,0, Individual deposits 514,419,0, Time deposits 7,774,0, Total deposits 652,936,0 U. S. deposits (not Included) Res've with Fed. Res. Bank 51,6S9'o; Reserve with legal deposit's. Cash in vault* Total reserve and cash held. Reserve required Excess res. & cash In vault.. • Cash In vault Is not e 12 1920. 1920. Total. S4,301,0 S37,376,0 537.376,0 12.007,0 100,439,0 100,.342,0 35,656,0| 761,666,0 767,584,0 32,330,0 423,0 27,902,0 17,0 118,731,0 126,511,0 289,0i 131,032,0 134,505,0, 20,501.0l 534,920,0 545,272,0, 7,920,0' 150,0 7,924,0 20,940,0, 673,976,0 687,697,0: 11,193,01 11,445,0 53,409,0, 51,689,0 2,585,0 2,393,0 2,393,0 13,753,0! 924,0: 13,381,0 69,747,0; 3,317,0! 67,463,0 53,370,0; 53,188,0 3,059,0 16,377,0: 258,0' 14,275,0 S33, 075.0 I 12',457',6 64,146,0( 50,129.0 14,017,0 — members for the 100,342,0 776,961,0 27,433.0 117.447,0 131,007,0 541,937.0 7,862,0 680.806,0 2,r,78,0 52,380,0 2,536.0 14,094.0 69,010,0 54,085,0 14,925,0 — Boston Clearing House Banks. We give below a summary showing the totals for all the items in the Boston Clearing House weekly statement for a series of weeks: BOSTON CLEARING HOUSE MEMBERS. NEW YORK WEEKLY CLEARING HOUSE RETURNS. — {Stated <n thousands of dollars Net Week endlngState, Changes from June 19 previous week. 26 1920. 000 000 Individual deposits, incl. 000 Due to banks 000 Time deposits 000 United states deposits 000 Exchanges for Clearing House 18,285, 000 Due from other banks 54,863 000 Cash In bank & In F. R. Bank 75,401 000 Reserve excess In bank and 2,945 613,418 U.S 455,974 106,062 17,408 13,396 & Loans, dlsc'ta Investments Federal Reserve Bank Deo. 1,000 000 Inc. 1,.582, Dec. Dec. Dec. Dec. 7,204,000 7,786,000 869,000 2,326,000 200,000 3,133.000 6,267,000 25,900.000 Dec. 5.081,000 Inc. Inc. Inc. 12. 1920. 2,946 611,836 463,238 113,848 16,539 11,070 18,085 57,996 81,668 000 3, 013,000 000 617, 260,000 000 461, 539,000 000 110, 861,000 000 16, 278,000 000 1, 809,000 000 23, 969,000 000 53, 744,000 000 79, 916,000 31,071,000 29.959,000 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 June 2.5 1920, in comparison with the previous week and the corresponding — date last year: Resources June 25 1920 — 83,530,415 71,627,879 40,931,550 — Total gold held by bank Gold with Federal Reserve Agent Gold redemption fund 196,089,844 283.547,331 33,974,600 Total gold reserves Legal tender notes, sUver, etc 513,611,775 106,490,700 Total reserves Bills June IS 1920 620,102,475 June 77,727,643 110,284,235 40,931,550 228,943,428 284,137,331 33,965,800 547,046,559 105,794,219 652,840,778 210,322,000 255,520,000 465.842,000 292,311,000 24,829,000 782,982,000 51,541,009 834,523,000 discounted: Secured by Government war obllg'ns: For members For other Federal Reserve banks... 477,811,723 40,691,300 441,896,069 15,899,100 567,632,000 518,503,023 457,795,169 567,632,000 NBA Bills bought Total bills in U. 230,790,944 186,810,957 53,485,000 100,822,000 875,397,070 1,456,900 50,000 133,029,500 721,939,000 1,302,000 50,000 63,901,000 1,089,659,989 1.009,933,470 3,657,601 3,597,039 787,192,000 3,972,000 50,000 117,248,500 Total earning assets 5% redemption fund against F. R. Bank notes. Uncollected Items and other deductions from gross deposits All other resources LlabUttiei 53,485,000 1,4.56,900 Bank premises Total resources. 208,959,362 21,831,582 970,904,589 on hand... S. Government bonds S. Victory notes S. certificates of indebtedness U. U. 241,789,391 21,269,683 263,059,074 189,342,402 open market 3,116,520 3,005,970 1,844,000 155,757,487 1,471,829 193,549,542 1,282,031 175,776,000 2,941,000 .1.873,765,901 1,864,298,832 1,806,248,000 — Capital paid In Surplus Government 24,668,5.50 45,081,9.32 deposits Due to members— reserve account Deferred availability Items other deposits, incl. foreign govt, credits 244,649 745,306,943 101,295,877 31,331.859 Total gross deposits F. R. Notes in actual circulation F. R. Bank notes in circulation— net llab All other liabilities 878,179,328 859,231,985 37,724,400 28,879,706 Total LlabllitlPS Ratio of total reserves to deposit and F. R. note liabilities combined Ratio of gold reserves to F. R. notes In circulation after deducting 35% against 24,668,5,50 45,081,933 602,001 715,450,678 124,533,739 32,985,800 873,572,219 854,828,050 37, 791, -100 28,350,682 2,000 42.5% 143,5781 Bank of America j5,500; j6,051 National City..! 25,000 58,875| Chemical Nat.. i4,500'il4,400i 1,000, 1,009[ Atlantic Nat'l.. Nat Butch & Dr, 300 NatBkofComm Pacidc Bank...! Chath & Phenlx Hanover Nat'l . Corn Exchange Imp & Trad Nat National Park. East River Nat Second National First National.. Irving National N Y CountyNat Continental Bk. Chase National. Fifth Avenue.. Commercial Ex. Llucoln Nat'l.. Garfield Nat'l.. Firth National Nat Bk N Y Prod Exch & Nat Union Exch Nat Coal Iron Brooklyn Trust. Bankers Trust. U 9 Mtge & Tr. Guaranty Trust Fidelity Trust.. Columbia Trust Peoples Trust.. New York Trust Lincoln Trust.. 162 5,000, Amcr Exch Nat Liberty 21,445,000 21,117,000 15,363,000 730.278,000 126,268,000 103,869,000 38.3% 45.7% 6,088,731 Banti De- Circm- posits. lotion Iverage Average $ $ Average .iverage Avgt. S S $ 4,645 32.185 4,249 759 13,480' 100,790 10,782 20,567 155 OX 3,884 V,6o" 7,118' 50,548' 1.781 74,773; t632,737] 37 018 "36 14,788' 111,550 1815 ,33 2,373' ^3 17,337 734 6,4831 2,780' 11,224 2,255 573,617; 14,025 160,826; 1,745 20,827| 4,916 126,978 1 > 441, 98 > 1,934! 6,366j 725 3,744 28,389] 1,275; 21,453; 1,545' 364 916 2,807; 162,337 1,554 327,792! 24,813! 125,042; 2,571' 129,272 33,665 149,414 36,068 210,945 11,743 22,986 323,756 199,861 14,439 8,233 5,277 2,ooo: 3,3551 1,345! 5,000' 10,633i 36,437; 301 1,775' 1,005 6,261; 478 10,105 876 2,230 464; 2,661 761 3,925 904 33,798] 645 6,731 2,320 56,550 440 1,519 1,156 11,301 1,123 3,356 45l! 8.363 3.166 530, 627 3,556! 1,000 18,650 121,467 23,899 615| l,482i 4,2641 14,437 760i 2,965' Metropolitan Tr Nassau N.Bklyn Farm Loan & Tr, k2,000 kl,560; Columbia Bank. 366,666! 19,779 7,531 9,077 18,349 15,778; 15,075 49,520 89,857 21,272 20,336 42,205 299,839 02,184 536,454 13,147 83,531 33,648 89,127 25,153 1,241 5,529; 5,538 4,80. 6,655 22 107,918' 13,152 4,592 129,662 100 263,873 24,131 37,117; 150,030 11,1571 18,418 167,485 189,718 13,004 6,270 999 21,984; 5,814 24,944 831 1,716; 127 93S; 5,651 37,761 2,90l! 1,005 527 1,233 418 1,180 796 530 28 S 3,702' 98,387] 609; 13,419j 34,438' 3,493' 14,787; 17,638; 5,4271 20,646! 25,000 31,040 1,000 1,697 7,000' 7,272 3,000 19,529 2,000 2,910 4,620 8,776 1,500 8,651 5,000 21,582 796 1,000 1,000 4,450: 10,000 35,505 9,000 10,340 384 1,000 731 1,000 15,000i 22,227 2,348 500 967 200 795 400 2,089 1,000 1,478 1,000 620 1,000 4,395 1,000 7,161 5,000 1,5.80 1,500 1,571 1,000 2.504 1,500 20,000 18,547 4,803 2.000 25.000; 31,757 1,367 1,000 7,453 5,000 hl.SOO hl,900 3.000 11,256 925 1,000, 9.693 51 35 3,389 4,858 890 100 49 619 7,049 7,684 2,079 938 100 300,986 12,936 2,233 194 1,063 20,17l| 7,453 8,933 17,528 15,107 13,222 47,109 74 125 524 503 210 388 244 65 76,639! 2,765 1,922 15,538 20,076 2,477, 2,0051 647 464 402 392 6,197 253,340 16,109 8,857 50,244] t538,944l 34,969 27,621; 11,296! 358 83,067 32,142 60,591 4,454 2,021 1,999 24,070, 26,6271 14,267| 9611 tl28,357 1,332 1,060 12,220 22,304] 231 50 „l. 228.020 422,346 4,980.133 95,478 549,070 c4,048,781 218,725 34,905 Average nditionjjune 26:4,994,5081 92,306 558,192 c4,033,921 217,467 34,831 Totals, actual CO; 218,900 34,995 ndltion June 194,994,220! 93,126 534,471 4,094,7791; Totals, actual CO 5 ndition June 12 4,948,900 94,773 574,191 4,083,142 211,876 34,940 Totals, actual go""; Members / State Banks. Not gl,678 Greenwich Bank gl.OOO' 839 250 Bowery Bank.. 54.2% o Federal Reserve Isank 18.971 2,428] 1,624 2,000! 1,508 5,509 66,349 3,507| 2,020 19,642! 5,351] 29,939, 37,076 3,250 4,026 90,829 6,656 3,965 54,932j 37,076 June 26 Totals, actual CO ndition June 19 Totals! actual co!°'J!t!°" June 12 Totals, actual coPl'^'"" 91,191 90,238 93,829 6,4881 4,133 3,712 55,091 37,157 ,, 54,224 36,738 55,675 36,681 State Bank Average 661 3211 6,583 6,796 4,167, Mem bcrs Trust Compan,'^'- iV ot 5,000 12,906 Title Guar & Tr Lawyers T.& Tr 4,000; 5,994 of Fe deral Re serve Bank 951 45,823 3,434, 991 26,795 1,528 29,196 16,400 910 407 9.000; 18,901 72,618 1,942 4,962 45,596 1,317( Totals, actual co,°dition |June 26, Totals, actual condition .June 19 Totals, actual condition June 12 74,915! 73,035] 1.925 1,902 1,985 5,136 46,444 46,648 45,539 1.354 71,347 5,1301 4,977] 1,310' 1,313] Gr'd aggr, avge 240,270,445,274 5 143,580 104,078'557,9971d4,149,309 257,11834,905 709]-26,700l —78,030 + 2,728l —86 + 1,153 Comparison, pre v. week — Gr'd aggr. act'l cond'n June Comparison, pre V. week Gr'd Gr'd Gr'd Gr'd 26l5, 160,614*100,719,567 ,46lte4, 135,456 255,978]34,831 8921 —976] +3,12ll 24148! —60,195 — —164 + aggr, act'l cond'n June 19 5,157,493101,611543,313 aggr, act'l cond'n June 125,1 14,084;103,554 583,3351 aggr act'l cond'n June 5 5, 129,348106, 187:575,0991 aggr act'l cond'n May 29;5. 145. 1SL102. 142 581.510 4,195,651 256,954 34,995 4,184,356 249,870 34,944 4,193.966 251,41435,109 4,272.925, 251,455 35,009 branches not included in total footing as follows' t Includes deposits in foreign National City Bank, S138,817,000,Guaranty Trust Co., 8119,495.000, Farmers Loan & Trust Co., 521,260,000. Balances carried in banks In foreign countries as reserve for such deposits were: National City Bank, §44,674,000, Guaranty Trust Co Sll 789 000, Farmers' Loan & Trust Co.. $1,022,000. c Deposits in foreign eU. S. deposits branches not included, d U. S. deposits deducted, 8111,337,000. deducted 5111,375,000. Bills payable, rediscounts, acceptances and other liabilities April 5 1920. h As of f April 12 1920. $1,046,603,000. kAs of March 4 1920. i May 1 1920. g As of June 1 1920. j As of May 1 1920. p As ot June 19 1920 I STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANK8 AND TRUST (JOMPANIES. 975,778,000 737,437,000 35,143,000 15,328,000 75.1% 6,088,731 Time lories 203,802 57,078 Avera^tes. Cash Reserve in Vault. Members 6,656,000 1,942,000 Trust companios*. Total Total Total Total Reserve in Depositaries Total Reserve Reserve R«iuired Federal Reserve banks.. State banks'* deposit liabilities Ratio of reserves to net deposits after deducting 40% gold reserves against F. R. notes in circulation Contingent liability on bills purchased for foreign correspondents 7,040 3 51,501 & MetalS- Pl0,000pl5,800 1,873,765,901 1,804,298,832 1,806,248,000 39.2% Average. S NJeeh Average All other: For members For other Federal Reserve banks... « Manhattan Co. f5,000fl6,146| Metropolitan Net 1 S $ S Gold and gold certificates Gold settlement fund F. R. Board Gold with foreign agencies 27 1919 Ac. 28, ! Seaboard Nat'l. $ S Circulation June wUh Legal Demand Deposit Deposits. i of Bank Bkof NY. Feb. Naf Reserve Tr.Co3..Feb. 281 1920. Fed. Res. Loans, May (,000 omUted.) June 26 that is, three civhers [,000] omitted.) Capital. Profits.] Discount. Cash Investin Nat'l, ments, Vault. 4i Commonwealth le 1920. of the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given: Members -537,376,0 counted as reserve for Federal Reserve Bank members Ju New York City Clearing House week ending June 26. The figures for the shows the condition MEMBERS June 19 Memberso/i Trust F.R. System Companies, Capital Surplus and profits Statement of New York City Clearing House Banks and Trust Companies. The following detailed statement CLEARING HOUSE Week ending June 26 1920. ciphers (00) omitted. 49 and includes "Reserve with legal depositaries" and "Cash in vaults." Two . I June 26.. June 19.. June 12.. JiHio 5.. I 549,070,000 549,070,000 .532,903,280 9,887,760 3,965.000 10,621,000 6,839,400 6,904,000 4,962,000 8,598.000 557,997,000 566,595,000 8,783,000 584,097,000 593,480,000 8,955,000 565,153.000 574,108,000 8,987 ,000|571, 967.0001580,954,000 549, 630, 4-10 559,731,330 550,283,310 558,494,350 Surplus Resent. S 16,106,720 733,240 64,600 16,964,560 33,748,670 •23,824,690 22,459,650 . . THE CHRONICLE 50 Actual Figures. b Catb Re^erre iB Vault. Members Federal S S S 558,192.000 558,192.000 530,933,740 4.133,000 10,621,000 9,916.380 5.136,000 7,061,000 6.966,600 27,258,260 704.620 94,400 8,413,000 8,485,000 8,781.000 8,987.000 567,461,000 543,313,000 583,335.000 575,009,000 28,057,280 33,847,970 38,098,910 28.567,400 $ Trust companies* June 26 June 19 June 12.. June 5 Not members • a This Svrplv» Ret err c. Reicrre Require A. 6,4ss"656 1,925.000 Reserve banks State banks' Total Total Total Total Total Reierte in Depoiitarlci of Federtl 575,874,000 551,798,000 592.116.000 583,914.000 547.816,720 555,645,970 554,017,090 555,346,600 S Reserve Bank. the reserve required on net demand deposits In the case of State banll and trust companies, but In the case of members of the Federal Reserve banks Inolades also amount of reserve required on net time deposlta, which was as follow?: June 26, S6, 561,750, June 19. Se,4SS,2S0. June 12. S6. 304. 950. June 5, S6, 352,050. b This Is the reserve required on net demand deposits In the case of State banks ond trust companies, but In the case of members of the Federal Reserve Bank Ipcludes also amount of reserve required on net time deposits, which was as follows. June 26. 86.524,010, June 19. $6,567,180, June 12. S6,356,280, June 5, $6,404,100.Is [Vol. 111. New York City State Banks and Trust Companies.— In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished by the State Banking Department, the Department also presents a statement covering all the institutions of this class in the City of New York. For definitions and rules under which the various items are made up, see "Chronicle," V. 98, p. 1661. The provisions of the law governing the reserve requirements of State banking institutions as amended May 22 1917 were published in the "Chronicle" May 19 1917 (V. 104, 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). . STATE BANKS AND TRUST COMPANIES IN NEW YORK State Banks. Trust Companies. Week Ended State Banks House. and Trust Companies Not in Clearing —The State Banking Department reports weekly the condition of State banks and trust companies in New York City not in the Clearing House, as shomng figures follows: SUMMARY OF STATE BANKS AND TRTJST COMPANIES IN GREATER NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT. (Figures ., Loaiis , FurnUhed by State Banking Department.) Differences from June 26. , and Investments $787,406,500 8.444,700 Currency and bank notes. 18,352,100 Deposits with Federal Reser^'e Bank of New York.. 77,533,500 Total deposits. 856,967,400 Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companles In N. Y. City, exchanges and U. S. deposits 758,300,000 Reserve on deposits 144,956,600 Percentage of reserve, 20.3%. 5,P^<^'^ June 26 1920. - preHovs trcek. Dec. 819,000 Dec. 272,300 Inc. Inc. Dec. 131,200 2,752.900 8,943,000 Dec. 49,054,800 Dec. 1,103,300 June 26 1920. Capital as of Feb. 28 Surplus as of Feb. 28 Loans & investmentsSpecie Currency & bk. notes Deposits with the F. R. Bank of N. Y.. _,„„. Cash ,. In vaults. , Deposits m banks & 73,237,500iDec. 3,063,000 214,024,200 Dec. 273,100 857,394,800pec. 19,562,600 2,069,254,200 Dec. 10,400,500 126,815.100|Dec. 3.599,600, 287,021,300 Dec. 5,901,300 Deposits Reserve on deposits.. P. C. reserve to dep.. 19.2% iDec. 0.4% 16.9%, 0.3%,! —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 I Trust Companies 579.276,300 28,960,100 22.29% $108,236,400 19.66% is, three ciphers 1000 omitted.) 14.40% $36,720,200 — that in thousands of dollars (.Stated 6.26%, Loans, CLEARING Banks and Trust Companies in New York City.— The averages of the New York City Clearing House banks and trust companies combined with those for the State banks and trust companies in Greater New York City outside of the Clearing House, are as follows: Loans and " Mar. 6 Mar. 13 Mar. 20. Mar. 27 April 3 April 10.. April 17 AprU 24 1. 8 15 22 29 June 5.. June 12 Jime 19 June 20 BMM^l^n^tM'""'"''^ Demand Investments — Deposits. $ 5,887 ,539,200 5.871 ,844.300 5.871 .656.000 6.890 .723,400 6,891 .763.200 5,884 .557.500 6.934 ,438.800 6.946 .884.600 5,959 .998.300 5,970 ,588,000 5,929 ,153,600 5,935 ,200,400 5,923 ,805,600 6,928 .544.600 6,901 ,424.000 5,918 ,063.600 5,911 ,312,000 5.930,,652.500 5,930,,986,500 5 4,883 820,600 4,837 .357.300 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 ,836,900 4,985 879.800 5.032 577.100 4,975 ,186,300 6.034 ,693,800 4,907 609.000 ^°^'^' *"'^'"" '®^"' June 26 Nat.bks. May Unvest8tatebks.Feb.28 ments, Tr. COS. Feb. 28! &c. 1920. Members of Fed'l Res. Bank. Battery Park Nat. Mutual Bank New Netherland.. WR Grace* Co.. Bank... Yorkvllle COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN GREATER NEW YORK. * Total Cash <n Vault. Reserve in Depositaries. First Nat Bk,JerC Total 133.387,31)0 131.309.500 128.548,900 127.495,800 '*°'"'™' °a«onaI 642,654.000 673,921,100 647,225.300 679.329.400 649,253.400 679.267,600 688.403.300 729.909.700 694,405,700 694,100,200 689,051,100 658,932.400 694.904.700 674.250.800 700.111.800 697.525,700 699,402.600 662.435,000 685,640.800 bank notes and Federal S 1,500 200 600 600 200 400 3.400 Reserve with in Legal Vault. Deposi- Cash Net Net Demand Time Nan Battlt De- De- area- posits. posits. lotion. tories. Average Average Average Average Average Averao4 S $ $ $ $ S '188 244 2,026 12,796 78 1,616 15,551 242 1,662 11,714 308 691 11.075 225 1,037 296 676 9,882 6,833 5,849 22 649 4.097 735 1,017 410 13,512 1,243 7,382 670 6,496 "388 9,308 659 1,051 8,820 1,353 6.024 66.177 1,702 3,609 14,697 6,897 850 2,113 25,203 437 9,409 9,071 1,461 7,667 61.642 7,912 463 219 1,936 1.240 373 3,656 15,933 6,796 "343 3,249 1.832 26,386 443 592 366 363 482 7.273 6,668 839 4,402 846 576 State Banks Not Members of the Fed'l Reserve Bank. of Wash Hts. Colonial Bank International Bank Bank 135,817.600 136,837.300 137.477.500 137.498.800 134,062,200 132,585.200 129.262.500 134.487.200 129,740,800 131,772,400 126,207,200 136,312,000 131,500,400 131,116,200 129.100,500 Discounts, NON-MEMBERS We«k ending May May May May May Differences from previous week. HOUSE. Banks 15.25% 7.04% - Feb. 21 Feb. 28. 1920. RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARXNQ ...525,114,000 trust companies 11.606,200 rota' Week ended June 26 116,700.000 179,589,000 420,800 1,993,974,500 Inc. I 2,428,600 242.800 11,328,000 Inc. 38,200 1,934,000 3,400 18,367,600 Dec. ] RESERVE. State Differences from previous week. 28,600,000 52,703,000 740,658,200 Dec. 4,809, eOOIDec. 30,192,700iDec. CITY. Total 100 600 600 1.200 444 1.332 337 100 Trust Companies Not Members of the Fed'l Reserve Bank. Hamilton Tr, Bkin Mechanics Tr, Bay 500 200 1,023 18,480 958 12,941 5,241 Grand aggregate.. 5,300 Comparison prevlo us week 9,599 108,800 + 347 6,909 + 124 10.344 a90,968 13,596 Gr'd aggr June IP Gr'd aggr June 12 Gr'd aggr June 5 9,5P9 108.613 9,599 107, 7-18 9,599 107,960 6,785 10.965 10.516 9.954 --— 700 Total 5,300 5,300 6,300 5.9'^9 5,693 a U. S. deposits deducted, 51.025,000. Bills payable, rediscounts, acceptances and other E.\cess reserve, 5397,030 decrease. —611 —340 —239 91,308 13,836 13.712 89,626 13.614 89.74<i 676 + 17 659 576 578 liabilities, 56, 392,000. The Federal ReserTe Banks.— Following is the weekly statement issued by the Federal Reserve Board on June 25. Ihe 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 ea«h of the twelve banks. The Federal Reserve Agents' Accounts (third table following) gives details regarding transactions In i<ederal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal Reserve banks, In discount operations and coiTespondiiig additions to deposit haodities are indicated In the Federal Reserve Board's -necklv bank statement issued as at close of Ijustness on June 2.5, 1920. Di ring the week the Ijanks gained 7.1 inillions in gold and 7.7 millions in total cash reserves, while Federal Eeserve note circulation increased 11.9 millions ^^^'^ changes is seen in a decline of the reserve ratio from 44.5 i .o*?^'* °^ to 46.0%. secured by IT. S. war obligations show an increase for the week ^f^}lH or 46.1 millions, other discoimts on hand an increase of S9.5 millions aiid acceptances holdings— an increase of 0.6 millions. decline of 21 7 millions Treasm-y certificates on hand represents the amount of special certificates retired by the Treasiu-y during the week. These certificates are held to cover advances to the Government pending the collection of funds from depository institutions. Total earning assets are shown 114 6 imlhons larger than the week before. Of the 1.278 millions of paper secured by United States war obligani'llio^s. of 48% were secured by Liberty bonds. 289.3 milUons, "^'^o' 5JJ -8 or 23.4%, by Victory notes. and^67.9 millions, or 28.6%. by Treasury certificates, as against 49, 23.3 and 27.7% of a corresponding total of ^^^Jj']^*'^.'?*i?l ifl95.<'a'Ses — m A , Total discounts held bv the 1,231.8 inillions sho-n-n the "week before. Boston. New York and Cleveland banks are inclusive of about 225 milUonS of paper discoimted for 7 other Reserve Banks in the South and Middle West, while acceptances holdings of the Boston, Cleveland and San Francisco Banks include 6.6 millions of bills piu-chased from the New York and St. Louis Banks. As against a decline of 42.2 millions in Government deposits the Banks report an increase of 31.9 millions in reserve deposits, and of 23.3 niillions in other deposits, including foreign government credits and non-member banks' clearing accomits. Following the collection of the large volume of checks and drafts received by the Government in payment of June 15 taxes and credited to its deposit account by the Federal Reserve Banks the "float" carried by the Reserve Banks and treated as a deduction from gross deposits, shows a reduction of 91.6 millions. The result of the above changes is seen in an increase of 104.6 millions in calculated net deposits. for the first time shows the reserve percentages for each The statement Federal Reserve Bank. These percentages range between a minimum of 39.2% for the New York Bank and a maximum of 56.8% for the Boston Bank.Q Combined Resources and Liabilities of the Federal Reserve Banks at the Close of Business June 25 June 26 1920 June 18 1920. June 11. 1920 June 4 1920 May 28 1920 May 21 1920 May 14 1920. RESOURCES. Gold coin and certlflcatee Gold settlement fund, F. R. Board. III. Gold with forelKD agencies '.'. Total gold held by banks Gold with Federal Reserve agents Gold redemption fund Total gold reserves I. 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 May 7 1920. 171.208.m)0 S 172,683,000 389.149.0O(! 392,751.001; 112.781.000 1920. June 27 1919 112,781,000 314.135,000 597,046,000 685,279,000 911,181.000 675.242,000 678,215.00(1 673,138,000 711,629.000 703,117,000 682.405.000 707.277.000 1,150,175,000 1,161,784.000 1,103.751,000 1.110,864,000 1,112,040.000 1,098.823.000 1,115.902.000 1.121,311,00( 1.113,824,000 133,921,000 122.779,000 125.295.000 150.101,000 142.054.00( 137.946.000 149,678.000 142,712.000 158,489.000 1,969.375,000 1.962,32 1 .0001 1 .965 ,058,000 1,960,853.000 1.953.103.000 1.939.717.000 1.939.141.000 1.941.680.000 2,147,784,000 C July 3 . THE CHRONICLE 1920.] June 25 1920 June 18 1920 June 11 1920 Legal tender notes, silver, 139,230,000 Ac Total D. U. bills 28 1920 139,393,000 Mav 21 1920 Matt 14 139.821,000 Mav . 139,252,000 7 1920 June 27 1919 68,472,000 134,507,000 1,277,980,000 1,231,841,000 1,440,931,000 1.433,415,000 1.447,962,000 1,446,723,000 1.5C8.104.000 1,444 175,000 1,573,483,000 244,557,000 1,153,814,000 1,064.296,000 1,082,019,000 1,130,843.000 1,071,469.000 1.053,663,000 1.043.186.000 1,060,447,000 304,558,000 413.292.000 409,834,000 418,600,000 417,368.000 403,896.000 410,688.000 398,591,000 399,185,000 Secured by Govt, war obligations U. 138,087,000 2,108,605,000 2,100,900,000 2,102,591,000 2.098,940,000 2,092.496.000 2.079,538,000 2.078,593.000 2,076.087,000 2,216,256,000 Total reserves Bills discounted" All other. Bills bought In 138,579,000 Mav June 4 1920. 137,533.000 51 - open market 2,830,979,000 2,694,728,000 2,926,846.000 2,974,946,000 2,938,031,000 2.917,754,000 2,964,582,000 2,914.456,000 2,122,598,000 27,130,000 26,794,000 26,796.000 26,976,00(1 26.796,000 26.795.000 26,796.000 26,795,000 26,793,000 335,000 69,000 69.000 68,000 69,000 69,000 69,000 69,000 69,000 204,104,000 279,531.000 276,761,000 279.463.000 273,037,000 274,816,000 280,108,000 347,091,000 325,434,000 on hand 8. Government bonds 8. Victory Notes S. certificates of Indebtedness All other earning assets 3,183,275,000 3,068.683,000 3,233,819,000 3,276.626,000 3,244,425.000 3,221,380,000 3,270.910.000 3,214,357.000 2,354,167,000 Total earning assets 12.530.000 11,257,000 12,668,000 12,942,000 12,658,000 12.293.000 13,111,000 13,492,000 13,254,000 BanlE premises Uncollected Items and other deductlont 686,063,000 772,903,000 781,844,000 949,977,000 705.603,000 789,616,000 755,476,000 807.445.000 from gross deposits 747,190.000 9,714,000 11,794,000 12,148,000 12,110.000 11.745.000 12,081,000 12.128.000 11.787,000 11,862.000 6% redemp. fund agst. F. R. bank notes 10,551,000 5,751,000 8.053.000 5.761.000 6,590,000 5,640.000 5,023,000 5,006,000 resources All other 5,699.000 6,105,954,000 6.152.977,000 6,139,969.000 6,195,509,000 6.114.340.000 6,086,161,000 6,186 071,000 6,026.229,000 5,288.008,000 Total resources LIABILITIES. 82,764,000 94,284,000 94,462,000 94,108.000 92,536.000 94,506.000 93,786,000 93.107.000 94.000.000 49,466.000 120,120,000 120.120.000 120,120,000 120.120,000 120,120,000 120,120.000 120.120.000 120.120,000 73,614,000 21,830,000 56,356,000 37,113,000 22,437.000 14,189,000 24,368,000 44.153.000 36,433,000 1,870,240,000 1,858,774,000 1.852,916,000 1,833,665,000 1,874.145.000 1,818,615.000 1,713,030,000 ,831,916,000 1,800,017,000 534,420,000 574,684,000 626,580,000 601,639,000 539,480.000 550,012,000 578,883,000 630.427.00(; 553,703.000 115,693,000 86,282,000 84,627,000 99,265,000 99.368.000 107,950,000 102,939,000 98.075.000 98,578,000 Capital paid In Burplus Government deposits Due to members, reserve account Deferred availability items Other deposits. Incl. for'n gov't credlts.. 2,504,067,000 2,567,580,000 2.553,036,000 2, .'596, 79 1,000 2,541.630,000 2.539,855.000 2.646.800.000 2,479.900,000 2,436,757,000 Total gross deposits 3,116.718,000 3,104.810.000 3,112,205,000 3.127.291.000 3,107,021.000 3.085,202,000 3.083,234.000 3.092,344.000 2,499,180,000 F. R. notes In actual circulation 177,185,000 181,382,000 183.904,000 181,252.000 177,972.000 185,604.000 177.371,000 176,805,000 179,185,000 F. R. bank notes In circulation netllab. 42,656,000 78,942,000 82,101,000 75,947.000 63,357.000 84,939,000 69,827,000 66,005,000 72,384.000 All other liabilities — 5,288,008,000 Total liabilities -. 6,105,954,000 6,152,977,000 6.139.969.000 6,195,509,000 6,114,340,000 6,086,161.000 6.186.071.000 6.026,229.000 Ratio of gold reserves to net deposit and 49.9% 40.2% 39.9% 39.7% 39.8% 39.4% 39.8% F. R. note liabirt es combined 41.6% 40 7% Ratio of total reserves to net deposit and 52.1% 43.0% 42.5% 42.7% 42.7% 42.2% 42.7% F. R. note liabilities combined 44.5% 43 6% Ratio of total reserves to F. R. notes In 64.2% circulation after setting aside 35 ?J 47.5% 46.9% 47.1% 49.4% 47.1% 46.6% 47.1% 48 3% against net deposit liabilities — $ S S S S S DiitrVtution by MaturUiei 75,449,000 101,902,000 112,306,000 100 113.000 109,970.000 119,338,000 109.631,000 120,799,000 117,630.000 1-15 days bills bought In open market.. 1,484,822,000 1,283.470,000 1,193,472,000 1,440,942,000 1,480,231,000 1.460,744.000 1.419,910.000 1.507.422.800 1,492.965.000 1-15 days bills discounted 25,279,000 18,237,000 8,300,000 11.954,000 15.856,000 86,316,000 17.943.000 18,098,000 62.873,000 1-16 days U. 8. certll. of indebtedness.. 1-15 days municipal warrants 8'8',285".666 "8"7',388'.666 '64,13'6'.o6o "8'6',836'.666 '79,906',600 '9T,779'.666 77,906.000 '7'2',8b6',o66 83.588.000 16-30 days bills bought In open market.. 123,334.000 246,996.000 245,573.000 237,443,000 279.341,000 271.990,000 291,222,000 259.574,000 335,105,000 18-30 days bills discounted 494,000 6.982.000 4,796,000 2,040,000 2,624,000 2,640,000 8,655,000 3,962,000 7,559,000 16-30 days U. 8. certif of indebtedness.. 16-30 days municipal warranto 113,389,000 166,942,000 175,165.000 163,403.000 173,536.000 169,617,000 f8'2',153',666 153,773,000 152.918,000 81-60 days bills bought In open market.. 122,083,000 508,484,000 486,228,000 477.708.000 414,728.000 406.720,000 495,258.000 473,116,000 469.460,000 31-60 days bills discounted 4,092,000 13,172.000 11.500,000 7,579,000 12,510.000 9.637,000 13,385.000 8.600,000 13.100,000 81-60 days U.S. eertlf of Indebtedness.. . . 81-60 61-90 61-90 61-90 81-90 Over Over Over Over days municipal warrants days bills bought In open market.. days bills discounted days U. S. certif. of Indebtedness.. days municipal warrants 90 days bills bought In open market 90 days bills discounted 90 days oertif of indebtedness 90 days municipal warrants — 47.514.000 237,256.000 27,918,000 4'6,767",6o6 '4'3,20"o',666 289,520,000 35,869,000 'ie'o'n.bbb 264.006.000 13,106,000 267,702.000 16.100.000 vf.yos'ooo 308,978,000 28,831.000 "m,65"o"666 324,059,000 12,836.000 "sT.s'sli'ooo 257,812,000 24,200,000 83.766.000 212,035.000 . Federal Reserve Note» '4'6",4"74'.600 41,880,000 259.993.000 29.867.000 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 48,172.000 220.512.000 43.435,000 238,628,000 31,270,000 160,199,000 56,531,000 14,040.000 3,396,168,000 3,375,826,000 3,376.028.000 3 ,.377. 189. 000 3,359,493,000 3,354.194.000 3.344,705.000 3,340.477,000 2,694,640,000 195,460,000 261,471.000 263,823,000 248,133,000 249,898.000 252,472,000 268.992.000 271,016,000 279,450,000 Outstanding. Held by banks In actual circulation Fed. Ret. Notes (.Agents Accounts) Received from the Comptroller Returned to the Comptroller — 2,499,180,000 3,116,718,000 3,104,810,000 3,1 12,205 ,00C 3,127.291.000 3,107,021,000 3.085,202.000 3.083.234.000 3,092,344,000 7,091,560,000 7,049,580,000 7,005,980,000 6.962.440.000 6.932.540.000 6,899.860.000 6.854.740.000 6,817,580,000 4,656,260,000 3,240,103,000 3,213,860,000 3,187,928,000 3,163.167,000 3,141,713,000 3.115,807.000 3.089.741,000 3,069,369.000 1,548,848,000 Amount chargeable to Fed. Res. agent 3,851,457,000 3,835,720,000 3,818,052,000 3.799.273.000 3,790,827,000 3.784.053.000 3.764.999.000 3,748,211.000 3,107,412,000 412,772,000 420,294,000 422.084.000 431,334.000 407,734.000 442,024,000 429.859,000 459,894,000 In bands of Federal Reserve Agent 455,289,000 3,396,168,000 3,375,826,000 3,376.028,000 3,377,189,000 3.359,493,000 3,354,194,000 3,344.705,000 3,340.477.000 2.694,640,000 Issued to Federal Reserve banks Bote Secured — By gold coin and certificates By lawful money By eligible paper 259,226,000 261,227,000 258.552,000 258,552.000 258,352,000 257,802,000 257,793,000 257,692,000 219,998,000 2,245,993,000 2,214,042,666 2,272,27"7",666 2.2"66.325'.666 2.247.453.000 2.255.370.000 2,228,803,000 2.219,166.000 1,580.816,000 Gold redemption fund With Federal Reserve Board 113.081.000 777,868,000 113,987,000 786.570,000 108.897,000 736,302,000 108.698.000 743.614,000 106.675.000 747,013,000 107.847.000 733,175.000 97,369,000 760,740,000 92.979.000 770,640.000 81,024,000 812,802,000 2,694,640,000 ... 3,396,168,000 3,375,826,000 3,376,028,000 3,377,189.000 3.359,493.000 3.354,194.000 3,344,705,000 3,340 477 000 Total. Eligible paDerdellvered to F.R. Agent.. '2,788,397.000 2,641,202.000 2,862,936,000l2,908.673,000 2,865,104,00012,861.121.000 2. 896 ,865 ,000 12 854,072,000 2,034,457,000 WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE Two ciphers (00) omitted. Boston. New York. PMla. Clerdand Richmonc $ 10.252.0 51,444.0 9,146,0 S 2,440,0 15,167,0 5,465,0 Total gold heJd by banks 81,243.0 Gold with Federal Reserve agents 116,509,0 Gold redemption fund 16,552,0 196,090,0 283,547,0 33,975,0 54,330,0 70,842.0 86,652,0 149.321.0 1.076,0 14,414,0 Total gold reserves Legal tender notes, silver, 214,304,0 8,058,0 RESOURCES. S S 83,530,0 71,628,0 40,932,0 $ 1.082.0 44,326.0 8,922,0 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE Atlanta. Chicago. 9 S St. Louis. Minneav. Kan.Cilv. S S S 472,0 27,195,0 Dallas S 5,287.0 7,732,0 2,900,0 San Fran. S 13.607,0 41.117.0 5,131,0 25 192t Total. 171,120.0 402.628.0 111.531,0 Ac Total reserves Secured by Government war obligations (a). 24,276.0 56.546,0 13,272,0 3,583,0 12,813,0 5,242,0 7,223,0 6,271,0 3,011,0 23,072,0 40,797.0 6,724,0 18,671,0 94,094,0 49,034,0 174,208,0 7,740,0 26,950,0 21,638,0 45,416,0 5,218,0 16,505,0 32,329.0 8,0 33.020,0 36,265.0 3,460,0 685,279,0 15,919,0 59,855,0 25,186,0 110,911,0 1,150.175.0 133.921.0 9,992.0 7,812.0 513,612,0 155,396,0 221,239,0 1,729,0 275,0 100,491,0 70,593,0 123,0 75,445,0 295,252,0 1,682,0 9,217,0 72,272,0 7,359,0 48.842.0 79,0 72,745,0 1,572,0 48,917.0 180,758,0 1,969.375.0 139.230.0 650.0 1.995.0 222,362,0 Gold coin and certificates Gold Settlement Fund, F. R. B'd Gold with Foreign Agencies 620,103,0 155,671,0 222,968,0 70,716,0 77,127,0 304.469,0 79,631,0 48,921,0 74,317,0 50.912.0 181,408,0 2.108,605.0 86,196,0 00,020,0 33,183,0 518,503,0 161,234.0 119,577,0 203,059,0 29,187.0 53,833.0 2,012.0 53.822,0 189,342,0 48,302,0 50,765,0 8,171,0 48,984,0 130,747,0 65,074.0 296,208,0 4.621,0 54,648,0 54,601,0 52.078.0 3.057.0 5.096,0 67,029.0 4,205,0 33,287,0 76,851,0 2,102,0 29.228.0 44,247.0 405.0 11,4.53,0 61,648,0 8,142,0 7,915,0 6,741,0 4,015,0 5,353,0 Bills discounted: All other Bills bought in opeti D. S. 0. 8. U. S. market (b). 970,904,0 192,433,0 227,232,0 107,238,0 118,679,0 481,603,0 110.336.0 1,233,0 114.0 833,0 4,477,0 1.153.0 1,386,0 1,457,0 10,0 3,0 50,0 117,248,0 36",b9'r6 24,025,0 12",26b",6 15,066.0 39",63V,6 17".'3V6'6 76,330,0 112,240,0 116,0 8,866,0 13.079,0 73,SSO,0 180.705,0 2,830.979.0 26,793,0 2,632.0 3,966,0 l69.0 8",495",6 325,434,0 if.Vos'o 201.8S6.0 1,089,659.0 229,910,0 252,100,0 120.731,0 134.462.0 525,711,0 128.805.0 739,0 589,0 2,116,0 1,155,0 866,0 1,388,0 592,0 3,657.0 84,932,0 134,186.0 556.0 730.0 86.341,0 194.542.0 3,183,275,0 13.492.0 872.0 232.0 on hand. 179,309.0 Government bonds.. 560.0 Government Victory bonds 5.0 Total bllla certificates of Indebtedness 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 21.932.0 64,484,0 1,072.0 429,0 187,115,0 3,116,0 1,473,0 63,343,0 1,300,0 690,0 79,111,0 871,0 417,0 58,183,0 28,865.0 100,726,0 451,0 274,0 523.0 237.0 1,557,0 1,205,0 42,455,0 523,0 491,0 1,0 8,486'',6 21,074,0 568,0 471,0 57.529.0 916.0 331.0 38,761,0 '"* 586,0 Total liabilities 12,148,0 ,.6,690,0 I 7,532.0 8.3.59.0 52,810.0 3,812.0 Total gross deposits 175.673.0 R. notes In actual circulation. 280,017,0 R. bank notes in oircuiatiOD —net liability 14,019,0 All other liabilities 5,431,0 F. F. 665.0 374.0 491,631.0 1,905.123,0 451,500,0 550,622,0 251,094,0 241,803.0 935.784.0 252,771,0 156,522,0 268,009.0 177,670,0 417.419,0 6,105,9.54.0 Government deposits. 1.103,0 Due to members, reserve account 117,948.0 Deferred avallHblllty Items All other deposits 40.19S.0 .781.844.0 "^ V 198,0 LIABILITIES. Capital paid in Surplus 42.225.0 1.277,980,0 95.463,0 1,153,814,0 359,185,0 43,017,0 8,320,0 10,125,0 24,660,0 8,805,0 9,089,0 45,082,0 274,0 1,488.0 244,0 745,307,0 103. ,508.0 136,379,0 101.296.0 51.017.0 58,430,0 4,204,0 4.690,0 62.690.0 4,823,0 5.820,0 1,708.0 50.704,0 44,735,0 2.488,0 3,779.0 13.290.0 4.695.0 14.292.0 1.029.0 4.025.0 53.229,0 2.52.674.0 22,255,0 67.284.0 7,242,0 1,878,0 4,247,0 3,724.0 945.0 65,885,0 36,866,0 2,717,0 909.537,0 160,703.0 199,287,0 105,755,0 78.391.0 331,225,0 106,413,0 859,232,0 248.785,0 315,789,0 122,109,0 140,592,0 531,449,0 126,289.0 4.308.0 6.116.0 623.0 82.677,0 54.823,0 2,752.0 94.506.0 3,744.0 6.3M.0 120.120.0 3.030.0 7.539.0 14,189.0 1,029.0 1.242.0 51,140.0 121.745.0 1.831.916,0 ,550.012,0 25,621.0 19.236.0 107.950.0 1,463,0 12.469.0 62.263.0 140.875.0 77.728,0 97.622.0 79.253.0 154.692,0 2.504 .0(>7.0 82.351,0 234,155,0 3.116.718.0 3,269.0 3.569.0 419.0 44.660.0 15.639,0 1,545.C k 37,724,0 28,879,0 19,143,0 5,744,0 10,096,0 0,236,0 491,631,0 1,905,123,0 451,506,0 556,622, 9,489,0 3,098,0 11,024.0 3.322,0 31,328,0 14,200,0 8,765,0 3,333,0 7.057.0 2.636,0 15.218.0 3.870.0 7.059.0 2.233,0 8.682,0 5,957.0 185.604.0 84.939,0 251,094,1 241.SC3.0<i35.784,o' 252,771, 3156,S22,( 268,009.0 17 7,670,0 417,419,0 6,105,954,0 . , THE CHRONICLE 5Z Ttco ciphers (00) omUUd LIABILITIES (.Concluded)— Ratio ol total reserves to net deposit and F. R. note liabilities combined, per cent Utmoranda New Boston S Cleveland Richmond Atlanta 3 Phila S 56.8 — York 3 3 $ 39.2 45.0 51.1 [Vol. 111. Chicago Mlnneap Kan Louis St 3 3 3 Boston. York A'«u) PMla. Total S S S 3 41.7 40.6 40.0 41.9 41.1 41.1 41.4 7,960,0 24,950,0 25,523,0 23,672,0 12,958,0 5,000,0 432,0 768,0 416,0 52.0 43.6 124,967,0 1,210,0 1,312,0 784,0 576,0 1,904,0 1,210,0 752,0 736,0 16,217,0 50,868,0 124,967,0 1,210.0 1,210,0 5,394,0 "sfV.o STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OP BUSINESS JUNE Hplteri (00) omUled. San Fran 24,904,0 Contingent liability as endor ser on: Discounted paper rediscounted with other F. R. banks Bankers' acceptances sold to other F. R. banks Contlng. Uabll. on bills puroh. for foreign correspondents 1,168,0 6,089,0 1,280,0 (a) Includes bills discounted for other F. R. banks, viz 12,128,0 61,971.0 <e) Includes bankers' acceptances bought Ir om other F. R. banks: With their endorsement Without their endorsement 5",bb2'o Tuo Dallas City Clevelana. Richmond Atlanta. Cbteaeo. St. Louis. 25 1920. Minneap Kan.CUv Dallat. San Fran Total. * Federal Reserve notes: Received from Comptroller Returned to Comptroller... s s s $ $ s % $ 598,300,0,2,199,600,0 600,080,0 600,940,0 332,280,0 350,980,0 10564S00 332,860.0 166,580,0 226,180,0 167,660,0 459,620,0 7,091,560,0 255,804,0 1,090,951,0 301,341,0 245,512,01174,969,0 138,446,0 410,017,0 171,700,0 76,545,0 117,558,0 70,875,0 186,385,0 3,240,103,0 Chargeable to F. R. Agent.. In hands of F. R. Agent 342,496,0 1,108,649,0 298,739.0 355,428,0 157,311,0 212,534.0 646,463,0 161,160,0 53,700,0 128,600,0 38,260,0 26,920,0 30,694,0 67,945,0 62,540,0 16,840,0 90,035.0 108,622,0 10,625,0 5,040,0 96,' 85,0 273,235,0 3,851,457,0 10,875,0 3,350,0 455,289,0 288,796,0 980,049,0 260,479,0 328,508,0 126,717,0 144,589,0 583,923,0 144,320,0 79,410.0 103,582,0 85,910,0 269,885,0 3,396,168,0 196,608.0; 13,939,0 13,052,0 1,677,0 17,600,0 47,081,0 10,331, 5,121, 9,734, Bsued to F. R. bank, less amt. returned to F. R. Agent for redemption: Collat'l security for outst'g notes Gold coin and ctts. on hand Gold redemption fund Gold Set'm't Fund, F. R. B'd 900,0 32,025,0 14,763,0 17,296,0 73,000,0 71,8S9,0'100,000,0 696,502,0 173,827,0 179,187,0 18,609,0 97,000,0 Eligible paper, mln'm required 172,287,0 rotal 288,796,0 Amount of eligible paper delivered to F. R. Agent 179,399,0 F. R. notes outstanding F. R. notes held by bank 3,797,0 37,000,0 85,920,0 2,500,0 4.034,0 9,063,0 42,500.0,165,145,0 95,555,0 409,715,0 3,810,0 1,875,0 39,731,0 98,904,0 3,405,0 32,860.0 67,317,0 60,724 259,226,0 19,502,0 113,081,0 91,409,0 777.868,0 158,974,0.2,24.5,993,0 980,049.0 200,479,0 328,508,0 126,717,0 144,589,0 583,923,0 144,320,0 288,796,0 8,179,0 P. R. notes In actual circulation. 280,617,0 79,410,0 103,582,0 85,910,0 269,885,0 3,396,168,0 968,861,0 175,059,0 225,563,0 104,064,0 118,673,0'481,513.0 110,311,0 980,049,0 260,479,0'328,508,0^ 126,717.0 144.589.0.583,923.0 144,320,0 120,817,0 11,694,01 12,719, Oi 4,608,0 3,997,0 52,474,0 18,031,0 68,367,0 11^2,218,0 79,410,0 103,582,0 1.682.0 5,960,0 73,880, 170,489, 0'2,788,397,0 85,910, ,0 269,885, o;3,396, 168,0 3,559, 01 35,730, 279,450,0 859,232,0 248,785,0 315,789.0' 122,109,0 140,592,0 '531.449,0! 126,289,01 77,728,0 97,622,0 82.351,0 234,155,0 3,116,718,0 Member Banks of the Federal Reserve System.— FoUowing is the weekly statement issued by the Federal Reserve Board gmng the principal items of tae resources and liabihties of the Member Banks. Definitions of the different items n the statement were given in the statement of Dee. 14 1917, published in the "Chroniole" Deo. 29 „ ^^^ ,^ ^^^ v^ij.iv^xAix^»vj x-r-cvj. ^ij 1917, page 2523. ^ xa±ij yorf^t) ^U^O. STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL ^..liiMttAL RESERVE AND OTHFR KtbtKVl!, OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 18 1920. , Government operations in connection with the collection of income and excess profits taxes, also the redemption of about 700 millions and the issue of 419 millions of Treasury certificates, are reflected in the Federal Reserve Board s weekly statement of condition on June 18 of 814 member banks in leading cities. As against a net reduction of 70.7 millions in Treasury certificate hold_ mgs and of 14.1 millions in loans secured by U. S. war obligations, the banks report increases of 17.6 millions in loans secured by corporate stocks and bonds and of 65.6 millions in other loans and investments, the net result of the week's operations being a decline of only 1.3 millions in the total loans and mvestments of all reporting institutions. A somewhat different development is sho\vn for tSie member banks in New York City which report an increase of 3.5 millions in then- certificate holdings together with a decrease of 13.2 millions in their loans secured by U. .S. war obligations and mcreases of about 8 millions in loans secured by stock and bonds, of 56.2 millions in other loans and investments and of 51.8 millions in total loans and investments. As the result of the large revenue collections. Government deposits show Data 1. TTiree ciphers (000) omitted. Iwew York Boston. Number for all reportme banks Philadel, Cleveland. of reporting b.-inks U. 8. bonds to secure circulation Other U. S., Incl. Liberty bonds... V. S. Victory notes U. 8. certificates of Indebtedness 46 312,311 13,979 7,086 29,332 115 846,658 250.203 86.907 251,266 57 311,347 30,335 9.250 44,649 Total U.S. securities. Loans and Investments, Including bills rediscounted with F. R. and other banks: Loans sec. by U. S. war obligation Loans sec. by stocks and bonds.. All other loans and Investments. . 62,708 635,034 53,924 499,436 192,578 1,330,462 797,232 4,046,604 Total loans and Investments Incl. rediscounts with F. R. banks.. 1,106,442 6,511,536 Reserve balances with F. R. Bank.. 78,683 663, .581 Cash In vault Net demand deposits 120,323 812.790 5,286,562 144,782 419,159 20,015 129.632 24,2361 Time deposits Government deposits payable with F. R. BankSecured by U. S. war obligations. Bills 30,098 Another. 92 25,280 57.02S Data each Atlanta. 60,700 19,592 34,995 95,581 157,161 96,693 197,879 572,551 Banks 18. June Kan. 35 S7.321 9,928 10,484 83,822 57,092 193,158 39,891 78,584 341,616 912,184 33,751 106,668 387,778 28.296 106. .539 1.'7.59, 370 962,704 1,489,545 62,679 97.1.59 17,261 35,045 662,395 895,416 32,903 363,696 18,165 22,760 612,019 38,285 17,623 341,865 103,810 558,427-2,526.462 30.069 190.596 13,302 67,828 271,410,1,434,444 151,5441 621,492 4,101 36,624 .S41.874 72,128 41,3461 30,592 254 58,796 14,361 38.114 26.2091 Chicago. June 18. 31,4.54' All June 11. 73 U. Other U.S. bonds. Incl. Lib. bds. 0. 8. Victory notes U. 8. certificates of Indebtedness. 73 50 50 36.961 217,384 77,176 233,005 36,961 218,734 78,634 229,475 1,438 26,787 12,540 25,465 24,328 12,407 33,079 Total U. 8. securities Loans and Investments, Incluiing bills rediscounted w Ith F. R. banks: 564,526 563,804 66,230 71,252 1,438 F.R.Bank June 18. 280 98,655 340,757 and All 18. Total. 10,444 19,292 3,432 6,624 814 $269,703 607,727 199,907 510,493 25,663 52,474 48,921 136,327 1,587,832 18,392 30,744 287,738 27,009 79,215 513,615 11,930 36,703 238,681 362,537 21,059 8,656 672,313 43,090 215,7.56 420.2.58 64,266 97.681 8,669 336,235 1,291,487 17,049,347 24,160 78,189 1,368,251 10,145 27,007 366,091 229,079 622,479 11,512,804 49.332 511,371 2,684,497 3.123 12,595 267,613 9,604 1,384 7,030 14,927 907 23,929 85 13,208 3,626 45,664 6,285 60.676 1,287 15,489 32,764 1,026,225 145,001 3,113,141 977,395 11.322,149 21.443 672,498 285 1,174 1,977 59,455 283,837 875.761 Other Reporting Banks Branch Juxe San Fran. 67 $34,485 61,892 12,684 27,266 11,610 65.397 230.885 Cities 11. 48 319,573 450 Cities. F. R. June Dallas. 22,740 15,416 Bank and Branch 83 315,316 22,126 4,588 619,640 40.701 9,738 320,350 124,461 7,514 88,282 7,822 46,233 6,343 City 38.907 126,515 414,327 4 67.395 58.3651 414,674 3,5081 41,124 In Federal Reserve 11. Louis. Minneap. St. 35 $16,925 12,835 2,697 7,452 York. June Chlcaoo. 107 $21,549 64,140 40,253 67,216 131,034 199.157 for Three ciphers (000) omitted. district. 47 314,135 28,306 4,167 278,004 New of reporting banks 8. bonds to secure circulation. of .59.9 miUions, (44.3 millions in New York City), Cash in vault, largely Federal Reserve notes, declined 7.4 millions. 82 $28,211 33,991 7,885 13,735 Three eipheri (000) omitted. Number — lOO' rediscounted with F. R. BankSecured by U. 3. war obligations. All other reporting banlis, and of 103.6 millions all at tlie New York City banks. Other demand depo.sits (net), on the other hand, in consequence of the large June 15 individual and corporate tax payments, show a reduction of 82.9 millions. For the New York City banks the decrea.se in net demand deposits is only 9.4 millions owing largely to the increases in the balances held to the credit of coimtry correspondents, these increases offsetting withdi-awals of fimds in connection with tax payments by local depositors. Time deposits show a total gain of 13.8 millions, of which 7.6 millions represent the share of the New York City banks. Total accommodation to reporting banks, as shown on the books of the Reserve banks, declmed from 2,053.7 to 1.833.3 millions, most of the decline affecting paper secured by Treasurj' certificates. For the New \ork City banks a reduction imder this head from 661.2 to 550.1 milUons IS shown. As a consequence of those large reductions, the reserve balances ol the reporting institutions with the Federal Reserve Banks show a decrease Rlchm'd. Blll.a t In an increase of 215.6 millions at Cities. Ju-ie 11 All Other Reporting Banks. June 18. 107,691 357,306 279 98,654 337,998 109,185 394,813 198 70,898 144,186 52,236 96,411 198 70,883 145,338 53,038 120,389 100,152 122,784 39,980 904,409 940,651 363,731 389,648 336 June 11. 336 99,997 Total. June 18. 814 June 11. June 20'19 .56,776 121,831 40,199 65,986 269,705 607,727 199,907 510,493 813 269,534 605,167 202.422 581.189 771 268,540 638,781 388,738 1,040,664 319,692 328,013 1,587,832 1,658,312 2,336,723 Loans sec. by U. 8. war obllg.. 470,236 483,410 72,911 74,766 783,450 795,348 137,321 138,929 105,4.54 105,984 1,040,261 1,040,261 al, 41 1,950 Loans sec. by stocks and bonds. 1,175,2.56 1,167,308 348,103 338,537 2,202,055 2,179,332 490,806 499,457 420,280 416,703 3,113,141 3,095,502 I a All other loans and Investments 3,574,337 3,518,073 1,051,879 1,035,541 7,264,879 7,189,984 2,167,372 2,169,920 1,889,898 1.896.614 11.322,149 11,256,518 / 10738113 Total loans & Investments, Incl. rediscounts with F. R. banks: 5,784,355 i,732,595 Reserve balances with F. R. bank 617,682 661,989 Cash In vault 106,8.32 108,692 Net demand deposits Time deposits Government deposits IIIII" 4,760,834 " 306,2.59 I" payable with F. R. BankSecured by U.S. war obligations 126,069 298,716 22,478 241,827 319,325 Bills All other BUIs rediscounted with F. rT B'¥Secured by U.S. war obligations All other Ratio of U. S. war securities and war paper to total loans and Investments per cent ,770,222 123 131,679 1,.539, 36.9.50 978.282 280.494 18.045 36,899 11514793 11105315 3,159,230 3,197,964 2,735,324 2,747,314 17.049,347 17,050,593 14,787,308 134,168 996,425 1,054,727 206,314 209,683 165,512 163,823 1,368.251 1,428,233 1,268,989 38,615 208,302 213,714 73,720 71,314 84,069 88.513 366,091 373,541 358,588 967,084 8,062,298 8,102,441 1,700.172 1,782,032 1,690,334 1,711,232 11,512,804 11,595,705 10,321,405 280,840 1,226,613 1,212,426 868, .505 871,0.59 589.379 587,223 2.684.497 2,670,708 1,736,134 3,629 208,921 37,370 35,340 8,542 23,352 6,109 267,613 52,021 823,236 ,.520,096 51,078 435,342 573,300 143.421 127,630 180,738 17.2 135.939 206,009 17.6 8,698 168,011 8.9 a Exclusive of rediscounts with Federal Reserve banks. 7.794 163,348 9.5 236, .567 609,997 14.2 242,885 636,080 14.' 179,171 974 93,735 450 111,912 672,498 724 923 1,174 1,897 / 30,856 141,616 31,469 137,037 16,414 124,148 16,965 122,937 283,837 875,761 291,319 896,054 / 13.6' 14.3 11.9 12.21 13.81 864,383 11,062,499 14.; I 300,522 July 3 THE CHRONICLE 1920.] 53 DAILY TKAN8ACTIONS AT THE BOSTON, PHLLADELPHIA ANL. BALTIMORE EXCHANGES. PhUaOelphia Botton Baltimore Week enaing Wall Street, Friday Night, July 2 1920. Railroad and Miscellaneous Stocks. On a volume of business said to be the smallest since the Armistice was signed the stock market has been exceptionally steady. As an illustration of this fact we note that up to the close on Thursday Beth. Steel, Chandler Motors, Gen. Motors and Pierce Arrow had fluctuated within a range of less than 2 points. There were exceptions, of course, including Am. Car and Foundry, Cruc. Steel, Vanadium and Mex. Pet., which covered from 6 to 9 points stocks which have recently covered from 20 to 50 points or more within a single week. The railway list, as usual, held within a much narrower range, practically all active shares covering less than a full point. Comment in detail upon such a market seems hardly worth while. Among the influences which have contributed to these conditions has been a decidedly firm money market, until to-day, the impending protracted holiday and perhaps the interest which now centres in the National Democratic Convention at San Francisco. The former predominates, however, as a factor. On several days this week call loans have run up to 14 and 15% and 8% has been asked on first class commercial paper. This has been mentioned as the highest rate quoted for that kind of security in a more than 25 years, or since the panic summer of 1893. The money market is expected to assume more normal conditions soon after the half-j'early settlements have been completed. To-day's market was more active, the transactions aggregating nearly double the average for previous days of the week and the tendency of prices steadily upward. Net gains, however, were not large. The money market ruled easier, 10% being the maximum rate recorded. The following sales have occurred this week of shares not represented in our detailed list on the pages which foUow: — — Sharu July 2 1920 Saturday Bond 5,943 12.681 7,573 9,436 8,155 9,845 Tuesday Wednesday Thursday Friday Total 14,552 $223,900 2. Range since Jan. Range for Week. Week Lowest. Highest. 1. Highest. Liowest. $ per share 5 per share Am Teleg& Cable... 100 280 47 Am Tobacco com B.. 100 100 210 Am Woolen rights 13,457 H Assets Realization 10 200 3M Atlantic Refg pref... 100 300 104 Austin, NichoIs&Co«opar 250 23 Baldwin Locom, prel. 100 100 97 Barnsdall class B 25 100 39 Brown Shoe Inc 100 200 104M Brunswick Terminal. 100 500 6 Case (J I) Plow. _-no par 900 14 Case Thresh Mach'pf 100 200 933^ Chicago & Alton 100 700 6 C St Omaha.. 100 1,250 58 Continental Insur 25 300 269 DeBeers Con Mines «o par 50 Zi% S per share. S per share. Feb 175 95 Mar July July 2 47 M June30 46 M June 52 June29 210 June29 210 June 210 June30 June29 Juue26 ZVi June28 5s July 2 105 H July 'A 3K 103 23 1 June28 23 K June26 July 2 97 June26 39 97 35 93 July 2 June26 June29 1041^ June29 June29 6 June29 July 2 16 June26 14 June30 93^^ June30 93 June28 7K June30 6 June30 58 June26 58 June28 70 K June26 769 June26 34 H June26 34 M DulSS& Atlpref...lOO 400 8K June29 7 June29 Durham Hosiery 50 700 51 Juce29 53"^ June29 491^ Gen Am Tanlc Car no par 8,850 52 June26 67>-.i July 2 49 General Chemical... 100 300 170 June29 170 June29 150 Gen Motor rights 471,127 % June28 1 June30 Houston Oil of Texas. 100 100 75 July 2 75 July 2 75 Int Motor Truck.. ?)o par 1,600 575^ June28 605.; July 3 50 First preferred 100 300 77 K June28 78 June30 72 Second preferred .. 100 300 66 June28 66 June28 60 Invincible Oil 50 28 ,300 36 K July 1 40 H July 2 36 H Island Oil & Tr 10 47 ,300 6H June26 7 June30 &% Lake E & West pref. . 100 400 17 June28 17 June28 16 Liggett & Myers B..100 100 142 July 1 142 July 1 140 Maxwell Motor 100 100 22 H June28 22). June28 18H Certificates of deposit. 200 June30 lb\i June28 15 2d pref ctfs of deposit. 200 li'A June29 15 June29 14 J^ StP&SS Marie.. 100 100 July 2 671^ July 2 63 Preferred 100 100 85 June28 85 June28 80 M Phillips Petroleum. ?.o par 19,900 42 H June28 44 ^ July 2 37 Pitts C C & St L ctfs dep 1 ,800 73 July 1 75 K June26 69 Pitts Steel pref 100 200 85 July 1 85 July 1 73 'A Pure Oil 25 4,200 40 > July 1 41> July 2 Reis (Robt) & Co.no par 600 15 June30 16 June30 15 First preferred 100 100 77 June29 77 June29 75 San Cecilia Sugar_«o par 1,100 21"- June28 22 H July 1 21} Standard Oil of N J sub rects part paid 1 ,000 100>8 June28 10214 July lOOK PM& M Steel Tube Am of pf. 100 200 89 Texas Pac Coal & Oil. 10 33,600 47 H Sub rects full paid 200 50'.;; Twin City pref.. 100 200 80 United Drug rights 33,500 1 Wickwire Spencer 5 800 25 M RT July 1 89 89 46 July June26 51 M July July 2 50J.2 July July 1 80 July June29 July 2| 15-8 June Feb Jan June June 6M Apr May 114 Feb 24 May 102 U Jan 43 H May 118M May 8H Mar July 19 M June May 101 Jan June June June Feb Feb UH Feb Feb June 66 Mar June 82 Jan June 36 Jf May Apr 11 Feb June 67 H Jan June 67 K July June 192 Mar June IH June July 75 Apr Feb 84 Feb 71 Jan Apr H July 7 June 22 H Mar July 40 June Feb June 155M Feb 38 May Apr Apr 35 J^ Jan 30 H Jan 80 Mar 94 Feb 44 U July May 75 H June June 94 M Jan July 41 H July June 23 Apr June 84 Apr June 25 M June June Feb June June June 102 y^ July July 01 'A June June 51 M July 50J;; July 50y, July 79 June 80 June June 13^ June July 265^ July June29 1 25 H 265^ July 2 TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY RailToaa, &c.. Stocks. Week ending Ju 2 1920. Stiares. !/ Saturday 125,135 250,610 215,370 352,970 265.897 598,915 Monday Tuesday Wednesday Thursday Friday Total at Exchange. Stocks — No. shares Par value Bank shares, par & Mun. Foreign Bonds. United States Par Value. Bonds. 510,827,500 20,449.750 18,585,750 32,436,000 22,934,200 56,931,500 1,643,000 1,888,000 1.760„500 1,820.000 1,877,500 1,410,500 8,766,000 735,500; 11,495,000 1,052,500 9,077,600 59,842,000 55,202,000 554,863.100 $853,000 1,808.897 $162,164,700 Sahs State, Week ending July 1920. 981,000 801,500 Jan. 2. 1919. 5421,000 1 1 to 1920. Bonds. S3, .599,000 13,4.58,000 8,467,500 July 2. Itll9. 1.808.897 6,215,180 126.062.978 1.52.3.56.531 5162,164,700 $546,892,000 511,170,380,225 513,495,019,030 $1,400 .$47,200 Bonds. Government bonds State, mun. Ac, bonds. RR. and misc. bonds.. Total bonds 554,863,100 5,202,000 9,842,000 $33,222,100 $1,594.991, .500 3.72().50() 202.0S1.800 297.987,500 51,171,114,700 I77.7S7.500 284.701,500 569,907,100 $45,857,000' 52,095,060,800 $1,633,603,700 8.909,000 90 7,037 $82,200 2,696 1,621 — dends. The demand thus created has been met in part by liberal offerings of the new Belgian Government 73/2S, the price of which has advanced from 97 J^ on Monday to par to-day. few other issues have been notably strong including General Electrics, Penn. 7s and Consolidated Gas 7s, the latter, presumably, a 25% advance in the price of its produet. On the other hand some of the local tractions have been weak. Iterboro 5s lost 2 points on Thursday and Inter. A Met. 43^s are nearly a point lower than a week ago. Of a hst of 22 relatively active, well known bonds 10 have advanced, 10 decUned and 2 are unchanged. United States Bonds. Sales of Government bonds at the Board are hmited to $1,000. 2s reg. at 100 and the various Liberty loans. — Daily Record of Liberty Loan Prices. \june 26 June 28 June 29\june 30 July First Liberty Loan 3M8. 15-30 year, 1932-47 High <Low. 91.&6 91.50 91.50 479 85.10 85.10 85.10 f I Close Total sales In $1,000 units Second Liberty Loan (High 10-26 year conv. 1942 ^Low. 4a, Close I Total sales In $1,000 units Second Liberty Loan 4s. convertible, 11 High <Low. f 1932-47 Total sales In $1,000 units Third Liberty Loan 4)i8 011928 High ( ^Low Total sales In $1,000 units Third Liberty Loan 4>i8 of 1st High ( L L conv,'32-'47< Low (Close Total sales In $1,000 units Third Liberty Loan High 4M8 of 2d L L conv, •27-'42< Low. f (Close 89.06 88.80 88.80 862 86.10 86.00 86.10 115 85.34 85.24 85.26 530 Total sales In $1,000 units Fourth Liberty Loan 4 Ms 85.78 85.52 85.52 869 High <Low. f of 1933-38 (Close Total sales In $1,000 units Fourth Liberty Loan f 91.90 91.20 91.16 90.98 90.98 91. 3*0 91.10 90.80 90.80 205 820 1,436{ 85.10 85.00 85.00 85.00, 84.6,8; 84.50 84.50 84.30 84.64 23 85.70 7 88.86 88.66 88.70 1.156 86.00 85.80 85.90 119 85.28 85.04 85.14 1,804 85.60 85.34 85.34 3,105 42 85.60 85.60 85.60 30 88.72 88.36 88.44 2,272 85.90 85.60 85.66 99 85.14 84.70 84.70 3.068 85.44 85.10 85.10 2,667 20 85.80 85.60 85.56 85.50 85.56 \July 91.14 89.10 Sfl.lO 172 85.00 84.74 85.00 44 85.60 85.60 85.60 2 91.12 91.00 91.04 453 85.40 85.20 85.36 43 85.70 85.60 85.60 3 21 5 88.72 88.14 88.60 89.30 88.70 89.10 1,859 86.00 85.78 85.90 82 85.50 84.82 85.30 1,313 86.00 85.20 85.70 4.350 89.64 89.10 89.86 1,120 86.20 85.90 86.10 145 85.64 85.30 85.64 2,210 85.90 85.74 85.90 2,213 95.52 95.54 95.76 2,386 95.90 95.52 95.76 2,613 95.96 95.76 95.86 1,044 95.86 95.70 95.84 1 236 1,131 85.84 85.56 85.76 140 84.94 84.54 84.82 992 85.30 85.04 85.16 2,429 High I 4>is.lst ClOSB LL 2d conv.'32-'47< Low. Total sales In $1,000 units Victory Liberty Loan High 45is conv gold notes. •22-'23< Low. 95.64 95.54 95.04 412 95.60 ( (Close Total sales In $1,000 units Victory Liberty Loan High ajis.conv gold notes. •22-'23<Low. f July May 170 5532,250 3,071 $5,700 17,000 7,000 37,000 10,500 5,000 — (Close Par. Shares 289 1,291 1,050 State and Railroad Bonds. No sales of State bonds have been reported at the Board this week. The market for railway and industrial bonds has improved as the week advanced doubtless in anticipation or as a result of the heavy mid-year disbursements of interest and divi- I American Express.. .100 3,615 126Ji June28 148 Shares Sales 564,100 96,050 148,050 129,150 68,900 26,000 1,783 2,998 2,275 21,350 30,200 62,300 78,400 18,000 (Close STOCKS. Week ending July Sarles for Bond 1,860 2,565 $13,6.50 53,633 Monday Shartt Sales I Total sales 95. .54 95.58 421 Close In $1 ,000 units 95.60 95.52 95.54 2,232 95.58 95.50 95.58; 95.60 95.50 95.50 776 95.58 95.52 95.54 95. .54 387 1,396 555 95.60 95.50 95.60 2,399 95.58 95.50 — Foreign Exchange. The market for sterling has ruled quiet and steady at fractionally lower levels. Continental exchange was somewhat irregular but also inactive and without important change. The range for foreign Sterling Actual for the week Low for the week High — exchange for the week follow.s: Sixty Days. — German Bankers' Marks— Cfiecks. 3 95 3 925^ 3 94 5^ 3 96% Cables. 3 97i^ 3 95Ji Paris Bankers' Francs High Low for the week for the week 12.08 12.33 11.87 12.22 High for the week 2.72 ... Low for the week ... 2.50 Amsterdam Bankers' Guilders High for the week 35 5-16 35H Low for the week 34 15-16 35H Domestic E.xchange. Chicago, par. St. Louis, 15@25c. per discount. Boston, par. San Francisco, par. Montreal, S125 per premium. Cincinnati, par. — — 11.85 12.20 2.74 2.52 35J^ 35>$ $1,000 SI. 000 — Outside Market. Trading on the "curb" this week was exceptionally dull, the volume of business being the smallest in months. Fluctuations in prices were narrow with the tone of the market about steady. Oil shares received the most attention, though the list dealt in was decidedly the smallest in some time. South American Oil shares were firm. Tropical Oil advanced from 203/s to 21 and reacted finally to 203^. Maracaibo Oil after early loss of a point to 221^ sold up to 24}^. Simms Petroleum was active and erratic, selling as high as 17^ and down to 15%, the close to-day being at 1634^. Sapulpa Refining sold up from to G. White Oil fell from 19 to 19 and closed to-day at 19^. MidAvest Refining, which has been quiet for some time, was traded in down from 144 to 143, then up to 149 and at 148 finally. Skelly Oil rose from 9^8 to lOii and closed to-day at 105^. Industrial issues were without feature. General -A.sjihalt com., usually an active issue, was very quiet, moving dovv^n from 73 J^ to 72}^ and up to 74, the final figure to-day being 73^. Chicago Nipple was one of the most active among the low-priced issues and ran up from 35^8 to 93^. Guantanamo Sugar after an improvement from 22^4 to 25 reacted to 24. Bonds were traded in to only a moderate extent. H M ^ . 1 1 New York 64: Stock Exchange—Stock Record, Weekly and Yearly Daily, OCCUPYING THREE PAGES For record of sales during the week of stocks usually Inactive, see preceding page BtVa AND tow SALM rMICaS—PBlt BHAna. NOT PBM CSNT. Saturday June 26 i per share 797s 73I2 791s 7318 •7 •83 8 85 31 30I2 41 41 IH4 IIU •7I4 Monday Tuesday June 29 June 28 113U 8 21 7»4 32I2 49I4 68 6758 1121s II2I2 102i£ •7I2 •2114 32I2 4S5s 6714 •21 49 98 36 98 72I4 62^8 *71l2 50 50 *45l8 *64l4 *2]34 73 62 52 66 2'2'34 "22S4 S9l2 8912 ""434 "434 62 *40 *40 87 193 5 10 1134 I9I4 12 13U 13I4 691.. 70 35- 19U 35I4 •1214 1158 I8I2 1278 691.1 14 35I4 *12l4 *29 29I2 •29 *8]l2 83 81 •8 21 32I2 32I2 ^838 487s 67I4 68 •9734 101 3558 3618 7II2 7II2 *61i2 63 6738 365s 8 22 7I2 SI2 2134 325s 3612 2234 •2134 48 45 •45 *40 87I4 83I4 19434 I95I4 193 5 24 48 45 87 35 35 81 *3l2 378 *3lo 378 *3l2 •ni4 III2 nu 1138 •nu •ISI2 17 17 *16 14 2812 81 •42 •41 •98 47 42 100 4OI2 I3I2 405s I3I2 6 6 •838 17 *42 18 *12 6934 35 *12l4 4OI4 6 99 *9S 3812 99 3934 6l8 534 578 9 884 834 9 9 25 4058 4II4 24I2 4034 2434 4084 2418 401s 2478 4034 578 578 512 8134 29 2938 17 •88 71 17 90 7II2 7II2 62I2 5258 6212 5258 63 2234 45 40 23 48 50 8912 89 193 10 III2 HI2 18 18 "6934 35 66 2234 49 50 89 168I2 35 12 19 69 3514 28 8134 *81 »35s III4 1034 1134 I8I2 I2I2 7"o"l2 82 8118 334 III4 37s III4 4134 •98 3838 4134 981? 3878 4112 *98 *27 *53 45 2938 *16 *88 4034 4II2 99 558 6 6 •834 24I4 4OI2 2434 4138 934 987s 38I4 558 9 125s 3558 14 30 8I34 378 III4 4134 99 3812 68 68 29 63 49 *27i2 68I4 28l2 *55 *45 2878 *1634 8812 2938 18 00 2878 49 7II2 3834 71 38I4 18 8812 7II4 3858 25 24 24 90 68 •2612 *50l4 45 29 6834 2812 65 45 2478 4078 407s •514 534 •16 x67 18 88I2 7II2 3838 88I2 7134 3858 24 24 578 68 45 29I2 1634 293s 1734 71 578 33 51 60 49 2834 •1658 88I2 9 6712 2812 67I2 2812 *27l2 *50i4 578 2478 4138 3112 33 •45 2938 578 9 2438 4034 9 24I4 •31 68I4 63 49 5378 30 32 281'. 63 37 7II4 I212 512 3II2 •53 •45 3612 14 25 •27I2 3658 7212 14 •28 4934 68"4 43 39I4 •1234 6712 98 36I4 49 8 22 33 98I4 100 5 934 III2 I8I4 1234 7OI2 35I8 3i'> 4178 3234 I93I2 434 5 III2 4034 '7l2 21 49I4 67I4 98 •71 •45 •40 87 312 43 6718 *213s •1114 4114 49 2134 37s 44 *7l2 834 II2I2 114 5II2 52 22 32 53 1112 I7I2 41 99 •3158 89'8 87 ni2 ISlo I2I2 6934 •1214 2812 2138 8I2 6II2 62 53 434 9I4 III4 I8I4 I2I2 693s 14 29I2 8II2 62 52 *7l2 II2I2 11278 5134 42I4 8 8 •21 32I2 4934 49 6712 67I2 •9734 IO2I2 3614 36 7II4 7II4 III4 9I4 70 35 8I4 21 32I2 47s 958 434 IOI4 1134 1878 1318 8I2 •734 II2I4 II2I4 5II2 4234 7134 3838 2412 89 89 l70 2812 59 49 2978 1634 89 25I8 705s 3838 241 •75 75I2 •2734 28 76 74I2 28I4 •28 •72 29 76 8434 •41^8 •43I2 24I2 S5I4 84 43 24 43I2 43I2 2334 8458 43I2 43I2 2438 8334 *4178 *42l2 23I2 I2I4 1238 I2I2 1234 12=8 1234 23I4 23I2 23 2378 23 23 13 2334 92I4 23I4 54I2 927g 2334 9218 23I4 9134 23I4 92 6I2 IOI2 9178 23I2 23 65 55 401 4OI2 39I2 9238 2358 55I2 3958 44I2 *72 •72 741 28I4 841s 847s 43 43 44 233s 28I4 •72 76 8458 43 43I2 2334 38I4 *23i2 43I2 2358 84 43I2 *43i2 2378 •30 •2712 30 11334 11378 62I4 6234 •9I2 IOI4 •2034 22I2 738 7=8 23 223g 9I2 934 '3958 II3I4 II3I2 6218 63 *9i2 10 •2034 22 7I4 2218 934 "4"o" •2712 30 11258 113 62i8 6238 •9I2 •2014 10 22 7I4 7I4 738 •22 •14 23 •54I2 3934 63 958 958 7I4 I2I2 92I4 23I4 55 40 •21 22 7I2 •738 23 23 15 •14 23 15 9'4 9I2 938 938 2612 934 18 2612 •2612 27I2 18 14 *62 28 •25 30 34 64 •2734 32I2 30 32I2 •3II2 64 64 •63 6 10 9158 2338 •5412 27I2 57 28I4 29 76 72 8478 4312 4412 4312 43I2 24 33 31 8434 24 32I2 •31 •63 34 67 "•114 2612 63 978 •63 61 138 •2 "3712 sYij *85r2 86'58 36 •76 8634 •86 9014 •86 •42I2 44 44 42I2 •41 •8912 •40 •90 •82 113 4018 139 91 91 8512 44 44I2 243s 934 65 •63 65 61 6 134 '918 14 26 •II4 2i8 36l2 8678 II2 2I4 37 80 8634 9012 4212 •86 •42 *41 44 91 8934 32 31 63 34 66 3612 37 37I4 '3634 8678 •85 •86 4034 3,700 2758 H3I4 100 4,450 9I2 6338 IOI2 2,300 100 22 22 113 633s "2'2" 7I4 738 2212 23 14 738 23 15 ""9'ii 19 27I2 6412 27 62I2 33 3512 34 64 3312 63 91 44 44 897s •4214 41 8912 861s 42I4 41 8912 •82 113 27 65 10 16 34 35 64 62 138 2I4 '3'7'i8 II2 2I4 37I2 138 37I2 75 87 87 90 44 44 87 186 9OI4 8458 43 44 44 4II2 80 86 90 45 44 90 9118 115 40 89 11518 4012 905s 11578 116 3978 411s 139 139 isgfs 13'9"34 80 •11 1534 1138 1584 90 90 •11 83 "9778 •99 "i6i'4 III4 83 "98" 100 'l"6"34 III4 1578 89 42 •58 85 11 82 •90 9658 •99 •35 1638 2338 •2312 24 •74 •58 76 •73 5834 9II2 5758 •9014 37I2 8678 •9OI4 I24I4 I24I4 IO8I4 IO8I4 • Bid 123 His III2 16 •1534 17 16 8918 •89 90 90 91 89I2 1078 llij 11 I6I2 60 58 92 11 *81l2 83 93 •90 96 86 11 IOI4 1034 83 93 8212 8212 97I4 •9878 100 9738 100 87 "otU 9878 "98"l4 99 prices; 1618 2358 7312 57 90 I6I2 2378 73I2 57I2 1618 236s 73I2 57 90 37I2 I 93 3778 86I2 9734 99 37I2 I6I2 U 7812 •90 1658 24 74I2 58 90 38 157s 2378 7312 5818 90 86I2 XS7 •86 I21I2 126 IO5I4 IO5I4 106 IO6I2 122 105 87 •122 no 87 125 sales on this day. 86I2 11 801^ 60 8712 "79" 93 98 •90 98 §99 •35 IO2I2 I6I2 2378 7412 I6I4 23I2 73I2 5912 5938 90 92 37I2 377s 88 125 109 t Ex-rights. 92 43 •59 58 85l2 8512 11 11 I6I2 *41l4 17 91 42 IO6I4 IO8I4 and asked lUs •Ills 1578 123 A 5 tr ctf8..100 trust ctfs..lO0 3,500 St Louis Southwestern Do pref 3,100 4,500 Seaboard Air Line Do pref 3,400 12,000 Southern Pacific Co 30,300 Southern Railway 100 100 100 100 100 100 Do pref 100 Texas 4 Pacific 100 Third Avenue 100 Twin City Rapid Transit. .100 Union Pacific 100 Do pref 100 United Railways Invest. ..100 800 Do 300 ...100 100 100 100 pref 1,000 Wabash.Do pref 3,200 A Do prefB 2,000 Western Maryland (n«ai)..100 Do 2d pref 100 100 600 Western Pacific Do pref 100 200 WheellDg 4 Lake Erl« Ry.lOO 1,800 Do pref 100 100 WlBConaln Central 100 Industrial 8c Miscellaneous 100 . 1,700 Adams Express 100 200 Advance Rumely 100 Do pref 100 50 1,100 AJax Rubber Ino Alaska Gold Mines 10 900 200 Alaska Juneau Gold Mln'g.lO 5 8838 '7'9'34 93 99 99 37I2 I6I2 2378 75I2 60 92 38 May20 Apr21 x82is June 18 2758 Feb 13 401s IOI2 7 June28 June23 Jau 3 May20 110 47 Feb 13 Feb 13 7 1978 3014 45I4 May24 Feb 6 Feb 13 67 June24 98 June28 23l2Feb 13 6414 Feb 13 54 Feb 11 42 Feb 6 May 19 62 20 4714 Feb 11 Feb 16 Mar $ PIT lAors 86I2 Mario 82 Jan 3 878 Feb 24 93 Jan 3878 4978 Feb 24 Feb 24 17 1314 134 5912 1078 2718 4212 6II2 9112 120 7 Marl5 Marl5 Jau 3 Mario Feb 20 Feb 28 Marll Marll Mario Jan 6 41 Mar 78 Feb 21 8 66I2 Mar 65 68 27 Feb 24 Feb 19 5II2 Mar25 1 Maris 8 43 Jan 16 June29 Feb 10 Junel7 9934 Maris 168 4 210 9 Feb 11 42 83I4 OijFeb 13 June21 9 Jan 3 1638 Feb 24 1658 I7I2 I2I2 6534 May20 25 Feb 9 June 12 33 Feb 13 I712 8434 4178 Jan 24 28 Jan 24 8078 Feb 13 7 314 9I2 1358 May20 Feb 13 May 5 3934 Mayl9 May24 97 JunelO 40 15 34 9334 434 I6I2 I912 Feb 24 Feb 24 Feb 24 Marl 3 Marl9 May 5 Aprl4 Mario Marl3 Marl5 Feb 24 Mar 38I4 July 2 48t2 4714 11212 6218 Feb 13 I8I2 Mar May22 May24 II Feb Feb Feb 3118 4934 Feb 21 Feb 19 Feb 28 Feb 24 Mar29 Feb 20 Mario Marll Marll Marl2 Mario Mario Mario Maris Mario Feb 19 Feb 27 3I2 7 21 38 4I4 11 U 18 13 758 JunelS 64I4 Feb 13 4712 77I2 3612 31 2334 50 Feb 13 Aprl3 41 14 May 4 23I2 Feb 11 16 Feb 6 8414 JunelO 6634 Junel2 37^8 May24 2214 May20 July 2 57 39 June 8 50 Feb 11 21i2Feb 11 70 Feb II 6434 3278 3314 Feb II I514 Feb 13 Mar Mar 9 9 62 50 35S4 2178 lOOis 8458 4312 32 68 Jan Marll Apr 26 Mar26 so 45 45 2578 18 May24 30 July July 881s 18 60 25 1 1 13 14 13 13 38 11 27i4June23 110 Feb 13 6I14 8I2 17 7 May24 May25 May21 May20 20ijFeb 11 14 June21 858 Feb 13 14S4 Feb 13 2OI2 Feb 13 6412 Feb 5 9 June23 5 94»4 Apr3 7 34 Feb Feb Feb Feb Apr 9 8OI4 3314 Feb 11 6 10 5 Mar20 61 23i2Jan 14 11 20i8 1 Mario Jan 938 I8I2 10538 2638 5834 47 1712 Apr 27 Apr 27 June 1 Feb 20 Feb 24 Feb 21 Feb 19 Mar Jan 1 Mar 3 I Maris Mar22 Mar26 35 Jan 26 12512 6914 1338 Mario Jan 3 Maris 29S4Jan 27 Feb Feb Feb Feb 20 12 Feb 3234 Apr IOI2 31 2OI2 127s Sept 74 5514 32 63 19 48 45 9112 I7212 312 6i8 1238 I8I2 1354 7618 31»4 7 30 Deo Dec Feb Dec Apr Feb Dec Dec Dec Dec Jan Sept 8578 Dec Dec 3is Mar 10 13 40 4012 10478 37»8 9i8 458 8I2 2213 3712 414 Dec Nov Dec Dec Aug Dec Jsn Feb Jan Nov Deo Dec 28J4 Apr 6634 Dee 23»4 Sept 60i2 Dec 40 Nov 2518 I6I2 Dec 96 77 397« I2i« Nov Dec Dec Deo J&n 66 Mar 89 44 24 75 Apr Apr Dec Dec Dec Dec Dec 737t 33 33»4 10'4 20 107g 23 Jan Dec Dec Dec Dec Dec 65g 12 917g Nov 2OI4 Dec 627» Dec 2712 Jan 11 Dec 29»4 Dec I19i« Aug 63 714 15 Dec Jan Jan 7U Deo Dec Dec 958 Apr 16 Dec 21 5612 Jan Jan Jan 72 Hj Dee Jan 30 Jan 8178 Jan 39 June 2 Feb 13 48ii 4OI2 May 19 45i2Jan 28 7-134 90 Feb 13 Jan 20 2.100 Amer Bosch Magneto.. //o par 100 6,800 American Can 100 Do pref.. 500 4,500 American Car 4 Foundry. 100 100 Do pref 100 500 American Cotton Oil 101 Mayl2 Jan 28 9612 Jan 16 AprI6 93 Jan 5 128'4 Jan 2 10334 3 3 9 15<8Jan 14 8514 May20 May24 38 53 Feb 6 Feb 13 8O34 May24 IOI4 JuneSO Feb 13 96 Apr 26 Feb 13 9958 IO914 74 91 82 I May20 118i2Feb 4 Mar 1 5438 Jan 3 June 4 88 Mar26 JuneSO 3038 122 66 Mar24 8453 107s I514 Jan Jan 3 3 5312 Marl9 68 Jan 2 I2OI2 Jan 3 1^4 87 192 33 42 62 84i2 427» a;9S 84ig 113 3958 88 67 May 6038 Jun» 122»4 May 88 Jan 2412 July 165s July 2518 July 3878 July 6834 Junt 14 Maf 50 Sept 83^4 Jun* 33U July 70 Apr 6312 July 407g July 2414 July 112i2May 997( 48i2 3311 May May Dec Deo 70 53 18 Deo 72 Sept 44*4 Junt 841} Jua« 935s Junt 3812 Feb 3912 May 27*4 July 37 May 2338 Jun* 377* Jun* 12 July 2334 July 115 33 June May 7212 May 7012 July 2658 July 60 Jun* 13812 74»« May Mar 157g July 34«4 July 133s July May 26 6II2 July Jan I814 64 64 76 113 May May July JVC* Jui7 414 iai^ 314 Jul) 97 Oct Sept 1 1334 May 5158 Mar 66 49 July May Feb Dec Feb Jan Jan Jan Nov 371s 64>4 62«8 Aug Apr 7 Jan 27 44I8 Mar Mar 86 58 100 73I2 June29| 83 Mar30 56 14 May20i 89 May 21 72 Jan 3 lOOUJan 13 60 Mar22 June22} 93i2Jan 19 122 June 7 14258 Apr 14 102 May 20 11 884 J an 20 e Jun« Dec 103 IOI4 1318 71I4 Apr 8 z Ex-dlvidend. Sept Jan Jan Jan 8434 Jan June 1! 107 Mar 9 Feb 13 44 Jan 2 1158 Apr 15 1778 Junele 16»4 Feb 13 3012 Jan 5 May 20, May 3114 Jun* 26I4 May Jan Jan Jan Fob 101»4 95 Oct Oct May 14378 Nov 0858 Sept 1075s June 148»8 Nov 119 July 67i2 July 93 Apr I4I4 Mar 43ig July 1421* Oct 7eij JuD* 76I4 Jun* 13314 Got 14ljJan 22 9612 3054 35 85 918 July July July 417* Jan 12 8834 Jan 5 79 104 May Jan May20 May21 3978 July July 2314 10058 5234 1278 4012 Dec 25I2 106 May 33 17 Apr 6 134 .Tan 101 Jan 14738 Apr July 201* 25 2958 34i4June 7 88=8 June28 12418 Feb 26 I512 July 24 S«pt 2»*t Sept Apr I Mar29 Apr May Feb Feb 4234 4658 238 116 Mar Feb 11 ^) July 31»4 May 6812 July 6I12 May 7>4 17 25 1 July 547g Junf 6218 33 II4 JuD« Mar 217 May 22I2 95 a Ex-dlv. and rights, 32U Jlny 84 73 May20 July 2 May 20 Feb 4 Jan Jan Dec Aug Feb May 19 61 July May 2218 15 60 76 106 133 68 25 1418 May20 Less than 100 shares, Dec July 19 24 19 7 May 21 ...100 Do 1,800 Amer DrugKi^ts Syndicate. 10 1,300 \merican Hide 4 Leather. 100 100 Do pref 900 100 100 American Ice 100 Do pref100 4,200 Amer International Corp. .100 10 1.500 Am La France F E 100 4,000 American Linaeed 100 Do pref 100 11.700 American Locomotive 100 Do pref 650 Grain No par Amer Malt A "9,160 American Safety Razor 25 2,600 Am Ship 4 Comm Corp.no par 400 Am Smelt Seour pref ser A. 100 5,600 Amer Smelting 4 Refinlng-lOO Do pref..100 100 4.700 ^m Steel Found tem ctf».33't ^Vc pnr Pref temp ctfa 300 200 American Sugar Refining.. 100 100 Do pref 7 77 Nov 12 3078 May 62»4 July 25it July 147g July 301* July May24 100 100 85 116 Jan Dec Dec Dec 3, 76 Mf g pref 3418 4878 14 3OI2 7414 Do 714 21 2OI4 500 Amer Agricultural Chem..l00 100 Do pref 60 100 American Bank Note Preferred 50 American Beet Sugar 100 1,100 100 Do pref. 3,100 Allia-Chalmers % per siart $ per share SOij Dec 104 May Jan 767g Dec 89 6 Mar I5I2 July 8712 Dec 107 May 6514 May 2S«4 Dec 5912 May 3812 Dec 10 Doc 33ig July 2SI4 July 5 Dec 12618 Dec 1707g July 61ij Dec 6812 May Mar29 Feb 20 Feb 20 Feb 24 66 HtahM 24 24 3 Mar31 5378 Jan 3 92 Jan 3 pref III4 1578 2378 74I2 58I4 9184 3818 8678 Preferred 2758 60 138 2I4 138 •2 138 2d pref 3,900 St Louls-San Fran 30 61 II2 2l8 Do 300 33 I3I2 2334 6I2 1134 9234 NH N 25 56 978 32I2 3.900 Erie 100 3,420 Do let pref 100 1,800 Do 2d pref 100 8,642 Great Northern pref 100 1,700 Iron Ore properties ..iVo par Gulf Mob 4 Nor tr ctfs.-.lOO '"160 Preferred 100 1,700 Illinois Central 100 600 Interboro Cona Corp-.A'o Par 500 Do pref 100 100 Kansas City Southern 100 100 Do pref 100 1,300 L«hlgh Valley 60 300 Louisville 4 Nashville 100 2,000 Manhattan Ry guar 100 100 Mlnneap 4 St L (.new) 100 1,800 Missouri Kansas 4 Texas. 100 500 Do pref 100 5,200 Missouri Pacific trust etfs-100 2,700 Do pref trust ctfs 100 300 Nat Rys of Mex 2d pref... 100 600 Now on Tei 4 Mei T t 0..IOO 5,000 New York Central 100 200 N Y Chicago 4 St Louis.. 100 First preferred 100 Second preferred 100 4,550 N Y 100 4 Hartford 400 Y Ontario 4 Western. ..100 1,400 Norfolk 4 Western 100 7,200 Northern Pacific ...100 14,505 Pennsylvania 50 4,200 Pere Marquette v 1 100 100 Do prior pref v t 100 Do pref V t c... 100 100 Pitts Cln Chic 4 St LoulB..100 900 Pittsburgh 4 West Va 100 Do pref 100 50 15,000 Reading.. 1,200 Do lat pref 50 2334 5534 4OI4 6 10 30 600 Delaware Lack 4 W88tern..50 2.600 Denver 4 Rio Grandt 100 3,400 Do pref ...100 I 738 22I4 64l2 •82 91 91 II3I4 •113 11312 114 116 39I4 3934 •39I2 4012 4OI2 40 89I4 89I4 8858 8858 *88l2 9012 I39I4 13914 I39I4 137 13S78 13812 13958 •107 IO8I2 •105 IIOI2 •105 IIOI2 4434 45 II3I2 4OI4 76 72 5 Certificates oJ deposit III2 92I4 1338 2358 16 •2734 2914 S P*r iiaT» 76 Feb 11 pre! L0W4tt Biattst 100 Atlanta Blrm A Atlantic. .100 Atlantic Coast Line BR. .100 Baltimore 4 Ohio 100 Do prel 100 Brooklyn Rapid Transit. .100 Do PES aUAItM Bane* for PT**icm$ Tear 1919 1 iatii of 100-(tar« lott Railroads Par Atob Topeka A Santa Fe..lOO 2.200 Canadl-^n Paclflo „..10D 1,400 CheaaDeako * Ohio 100 1,300 Chicago Great Western... 100 200 Do pre! 100 1.400 Chicago Milw * St Paul.. 100 3,600 Do preJ 100 4,900 Chicago 4 North western.. 100 200 Do pref 100 9,810 Chic RocS lal <h Pao 100 500 100 7% preferred 700 100 9% preferred 900 Clev Cin Chio 4 St Louis.. 100 Do pref 100 500 Colorado 4 Southern 100 Do Ist pref 100 Do 2d pref .100 11,500 Delaware 4 Hudson 100 1338 2334 6I2 III4 9218 2358 55I2 40I4 II2I2 II3I4 6212 6234 '22" 7012 3834 2434 27 •2134 *31l2 1318 23I4 40 9I2 9I2 •25 •60 2334 *27l2 30 II2I2 II3I4 6218 6258 27 63 10 •14 *26l2 '2712 1318 3838 2438 57 38% 3812 24I2 Om LOtMSl ' •714 8 II2I4 II2I2 52I2 51 Kange since Jan. EXCHANGE 7 361' 7214 62I4 *9S HKW PBK SHAItB STOCKS YORK STOCK Wttl 83 5234 21 32 49 Friday July 2 July 1 per share $ per share Shares $ per share S per sfiare $ per share S 7912 7934 6,600 7934 80 793s 7934 79U 79I2 79I2 7934 •71 7234 7234 73 5,300 73 14 7334 i73 73 7314 7334 •7 •7 8 •7 •7 8 8 S 84I4 84l2 500 84 84 84 85 *S So •S3 30 '8 3012 3OI4 3034 4,765 3018 305s 31 30 301s 30 4II4 41 40^8 41 2,730 4018 4OI2 4OI2 4OI2 40Is 41 III2 1138 1138 11 500 *ioi2 iHs •1034 1134 8I2 113 »51 Thursday Wednesdau June 30 Sdl*» for tht Full paid. 3934 26 7938 Olij 94 33I4 Jan Jan Dec Dec Dec Dec Dec May 91 Dec IIII4 113l« Jan Jan 89 Nov 983g Apr II712 Oct 109*4 July 63 Aug 47l» Oat 941* Jun* 89»4 July 10953 July 47 961* July Aug 148% Oct 119 May New York Record— Continued— Page Stock 55 2 For record of salet durinft the week of stocka usually InactlTe. see second patfe preceding. WW aiQB AND Monday SatUTiav June 26 *86 92I2 *210 235 *S6l2 •8612 42I4 14 *47 55I4 91 91 93I4 96 *94 *41 I4I4 4714 14 50 961 *13l2 42I4 52 94I2 95 43 64I4 55"4 93 225 88 9534 96 9258 8934 *8l8 •8312 4834 105 7I4 1 90I4 7I2 734 127, 2238 18 68I4 3012 6758 29I2 *66l2 *58l2 66I2 68 "1512 66I2 101 "4^4 42I2 101 12 101 *94 15 'Uh •29 30 •34I2 35 2778 *75 S3 2912 •83 67 •79 *34l2 33I2 54I2 54 30 84 83 29I2 14038 14234 8818 7I4 *90 79 5218 79I4 6134 62 5018 I8I2 67I2 2912 *65l2 30 68 *56 6034 66I2 6534 *98 4'2'" *19l2 22 •36 •76 88 101 98 15 29 77 35 2938 33I2 54 30 83 2958 *83 67 *79 79I2 I3I2 3312 8534 9334 103 *90 95 •3258 •77 24 72 77 2418 72I2 •84i2 6214 87I2 72 87 •36 2358 38 3OI2 •82 7458 •31 16 *7l2 48l2 21 12 •8212 8412 62I4 87I2 6II2 35 30 3012 61 82 85 75I2 74 31 33 I6I4 1312 3314 8712 7878 •1314 3214 8414 1358 3234 8414 11 9458 Ills 1118 14812 150 9258 5238 7914 5158 62 79I4 5II4 19" 36 36 20 82 881s I3I2 IOI2 8712 3634 110 120 72I4 86I2 8412 24I2 2412 72I2 86I2 61 61 35 20 30 60 88 35 20 30 60 84 86 39 3OI4 62 84 75 33 82 73I2 31 74I2 251s 72I2 86I2 611? 87 36 19 89 38 30 7538 31 33 16 16 16 7I2 7l2 7I2 4934 4758 2158 48^8 2158 4734 4914 4878 49I4 2II2 23 83 12884 129 8212 83 12884 130 107 83 ' .107 3058 3II4 8918 8938 3II2 I7I4 76I4 I7I4 I7I2 3II2 8958 1712 75I2 75 75 74 1758 7475 46 44 44I2 44 44 I7I4 2II2 •25I2 2778 •6934 •145 2612 I6I4 24 IO6I4 99 70 2612 2234 102 94 55 2434 28 27 71 6912 37I8 155 100 2034 I6I2 24 99 70 2558 271? 6984 371 100 45 26I2 I6I4 •43I2 48 48 •10534 125 •10534 125 I35I8 I35I8 136 136 •94 •63 60 120 100 65 60 120 2284 IO6I2 •103 145' 155 26I4 155g •95 •55 24I2 85I4 3058 8912 3II2 9034 I712 7458 75 1768 •59I2 no 66 6OI4 120 24 107 99 70 44 48 20 82 88 97 8212 8818 I3I2 36 10 96 55 24 27 27I2 6912 28 6912 2612 1578 •45 60 •10534 125 I3GI4 I3GI4 63 •59I2 110 100 60 6OI4 120 2688 I5I2 45 5984 110 87 96 87 96 81 83I4 16^2 "isu •35 120 { 66I2 65 14112 142 *75l2 7812 2458 2518 z72l2 7212 i86 86 6II2 6212 87 87 7412 3II2 7535 16 16 778 9058 I7I2 7578 32 I6I4 712 738 49 50 23 2II2 8358 8358 12878 I3OI4 105 3112 9078 17 7618 7412 44I2 3178 92 1714 7034 74I2 44I2 10 3II2 24 2478 27I2 99 70 2538 2778 90 •55 25 107 99 70 2038 7012 2612 1512 26l2 48 1534 140 100 65 00 •110 00 120 29 14 72 2918 155 100 450 4,900 2918 28 145 •91 155 100 2OI4 2658 1578 157g 4812 48l2 •10534 125 l.i734 93 62 60 138 100 65 6018 Less than 100 shares, Par Amer Sumatra Tobacco 100 Do preferred 100 Amer Telephone 4 Teleg-.lOO American Tobacco 100 Do preJ (new) 100 Amer Woolen of Mass 100 Mi«eell. (Coa) Do pref100 200 500 Amer Writing Paper prof.. 100 300 Amer Zinc Lead 4 Smelt... 25 Do pref 25 200 6,600 Anaconda Copper Mining.. 60 100 100 Aaseclated Dry Goods Do 1st preferred 100 100 Do 2d preferred 100 Associated Oil... ...100 I SB Line. ..100 7,900 Atl Gulf & W Do ..100 AT Corp no par Autoaales Corporation 50 6% pref temp certlfs 50 pref Securities 72,800 Baldwin Locomotive Wks.lOO 100 Barnsdall Corp CI A 26 100 19,300 Barrett Co (The) 500 Do preferred 100 100 Batopllas Mining 20 3,400 Bethlehem Motors No par 100 Bethlehem Steel Corp 100 14,600 Do Class B common.. 100 100 Do preferred Do cum conv 8% preflOO 700 Bosth Fisheries No par Brooklyn Edison, Inc 100 300 Brooklyn Union Gas 100 900 Burns Bros.. .100 1,800 Butte Copper <t Zinc v t e..5 100 Butterlck 100 1,000 Butte A Superior Mining.. 10 1,800 Caddo Central Oil tc Ref..lOO 900 California Packing No par 1,900 California Petroleum 100 100 Do pref... 100 Calumet * Arizona Mining. 10 4,200 Central Leather 100 100 Do pref... ..100 2,700 Cerro de Pasco Cop No par 7,100 Chandler Motor Car No par 100 Chicago Pneumatic Tool. .100 2,100 Chile Copper 26 3,410 Chlno Copper 5 Cluett, Peabody A Co 100 4,070 Coca Cola... No par Colorado Fuel A Iron 100 1.000 Columbia Gas * Elec 100 9,600 Columbia Graphophone iVo pa 100 Do pref 100 1,100 Consolidated Cigar No par Do preferred 100 6,000 Consolidated Gaa (N Y)..100 t Highest S per share 77 Feb 13 84 Feb 16 9218 209 8514 941, May22 May21 May20 May24 94i2June29 37 1234 May20 May20 45 64 28 65 60 92 June 9 137 Feb 26 Feb 13 May25 May24 June 5 May 19 Lottest Higitsi $ per share 10634 Mar22 105 Apr 12 10034 Maris 283 Jan 5 97'4 Jan 16512 Jan IO6I2 Jan 29 3 6138 Jan 2112 Jan 9 9 5912 Jan 66i| Apr 6 6714 Jan 3 7453 Jan 17 7 7534 Jan 125 Jan 8 6 17612 Jan % per stare i per siar* Jan 7 3 7458 Jan 1914 Jan 8 3083 Jan 16 6134 July 1 5133 May20 9058 95 1917a 9353 45I4 9438 2768 11 40 12012 June Dec 100 May Dec 10858 Mar Feb 31412 Oct Dec 106 Jao Jan 1691| Deo Feb IIO84 June Jan Jan Jan 5458 I7I4 July July 7778 July Nov 61 Oct 69 29 65 Mar Jan 6612 82 Deo Aug May 5818 Feb 68 92 64 Jan 142 Feb 19258 Jan 7612 7583 2O84 3512 156I4 May 145 119 July 65lj Dec I4I2 Nov 8OI4 Nov Oct Deo De« Deo 8 20 June 4 10312 Feb 13 Apr 23 14812 Apr Mar 154i2Junel9 llli2Jan 6 5 138 Jan 103 110 Apr 9 26 May 6512 663g Jan Jan 107»4 Julj 90 Dec July Sept July 40 114 102 May20 3 SOig 1 June 4 Feb 9 Feb 11 Feb 27 Feb 26 102l2Jan Jan 14 IO214 97 106 7I4 88 May 19 6I4 12 20 I5I4 Feb 4 May20 May21 May20 May20 67I2 June29 26 66 May21 66I2 Mayl9 May24 62''8 F«b 40i8 9712 Junel7 78 Feb 26 I414 May20 2773 June28 June21 30I4 75I2 3 Feb 24 May24 11 851* Apr 1 Mar20 Apr 7 Jan 41 115 5ig 106 31 Jan Mar29 Apr 8 90 68 Nov Jan 3 Jan 3 Jan 3 Jan 2 Jan 3 Jan 9 Jan 5 Jan 14 16»4 3213 603a 3712 3484 3914 6O84 28 50 May20 M»y20 Mayl9 4034 4414 2712 May 13 66I2 9284 70tf Mar22 8312 Apr 1 9373 Mar22 2083 Jan 5 46I4 Apr 26 67 Junel7 6512 Feb 10 81 17614 Feb 13 Feb 11 91 147 104 95 6 3 5 9158 Apr 15 lOl'ii 83 9 25 Mar20 3814 3918 317g 8984 42 Oct 54 14 May 87ij Deo 667g Oct 8658 Sept 8684 July II6I2 July 114 July 6712 July I4114 Nov II312 Nov 2914 July 607g July Deo 108 4358 Nov 56 69 July Oct 7514 9612 Jan Jan 76 Oct 23 37I2 Nov 103>4 June 110 1688 99 June Oct Oct 10978 July Feb 261 Jan Jan Oct Oct Oct June 8638 July 106Sg July Oct July 106 56 Mar 8773 Deo Deo Oct May July July Juno June Deo Aug 1071g Deo Dec 123 July Dec Dec MarSO Jan Jan Jan Jan Jan Jan Jan Apr 17 Jan n410 I6I4 Jan Dec 43 39 49 Dec 247g Dec 43 Dec 101 88 80 June 160 May 14 1612 4434 13473 Jan Nov 231} July 48I4 July 173 65 Oct Oot Mar 26 48 3612 I912 7638 9484 W n Par value $100. 2 3 Aug May 39»4 July 3712 July Apr , Dot Feb Feb 573 ' May May Nov Aug Aug Dec Aprl6 46 Aprl4 102 107 Jan 9 4333 Apr 29 5218 27812 Apr 7 100 Jan 7 91 2088 5938 Apr 14 69lj 857g Jan 21 Aprl7 nl60 n605 105g 13 Jan 3 2388 28 Jan 2 Mar25 Feb Feb 30'i Dec 66I2 Feb IOOI2 Oct IO84 Sept I412 IO5I4 Jan Jan Jan Jan Jan Apr Deo 7884 10284 Jan 22 46 29 Got Get 112 108 118 25 102 92 166 9Hj Dec 54 «78 Apr 9 98 Dec Dec Dec Dec Feb 1678 Feb 1914 Dec 48I4 Jan 2038 Jan 6418 Jan 6684 Mar 66121 Feb IO411 Jan 5 5 3 213 46 Jan 16 6 Jan Jan Jan Feb Jan Sept 1016s Jan 5 9 Mar28 69 10434 IO8I2 613s I6434 11173 2114 4158 Oct Jan Jan II4 62 129 lll2Jan 9 26 Jan 6 29i4Jan 12 28I4 Jan 6 8512 Jan 28 46 Jan 3 10 99i4Junel5 78 9634 647g 6 May21 114 Jan Mayl7 15 Jan 4812 JuneSO 93 3212 9638 29 9 Mar26 1712 7712 8II2 75 13 May20 25 Feb 27 par 1,700 Consolidated Textile... .Vo 78 Feb 13 2,200 Continental Can, Ino 100 9734 June22 Do preferred 100 lO's May24 900 Continental Candy Corp A'o par 76I4 Feb 13 12,000 Com Products Refining.. 100 Do preferred 100 101 Jan 26 30 May24 no par 2,000 Cosden A Co 36,600 Crucible Steel of America. 100 II5I2 May24 9238 JuneSO 100 Do preferred 100 14,100 Cuba Cane Sugar No par 3912 Feb 26 78 June>3 4,300 Do preferred 100 7,600 Cuban-American Sugar 10 n400 Jan 9 914 May 19 200 Dome Mines, Ltd. 10 18 May24 100 Elk Horn Coal Corp 60 33 Feb 17 Do preferred 100 50 20 Feb 6 Emerson-Bran tlngham 1 00 78I4 Mayl4 Do preferred 100 86 June 2 1,400 Endlcott-Johnson 50 93I2 May 18 200 Do preferred 100 0518 Feb 11 17,400 Famous Players Lasky No pari 80 May20 2,900 Do preferred (8%) 100 10 Jan 6 Federal Mining A Smelting 100 26 U Jan 2 200 Do preferred ..100 300 Fisher Body Corp No par 10012 Feb 13 27I2 May20 2,100 Flsk Rubber 25 1,200 Freeport Texas Co No par 20 May20 200 Gaston A W, Inc No par 11 May20 68l« Feb 27 600 General Cigar, Inc 100 7914 May25 Debenture pref 100 1,400 General Electric 100 134 May20 73 May25 100 General Motors Corp pref .100 121,600 Do temporary otfs.. no par 2213 June22 Do Deb stock (6%) ...100 687g May21 2,000 400 Do deben stock (7%)..100 80 May 3 5812 May20 3,600 Goodrich Co (B F) 100 87 June22 700 Do preferred 100 31 Feb 25 200 Granby Cons P 100 19i2June24 400 Gray A Davis. Inc 25 27I2 June23 1,000 Greene Cananea CoppM..100 55I2 Apr29 300 Gulf States Steel tr ctf8..100 8II2 May20 Hartman Corporation 100 15,100 Haskel A Barker Car No par 50 Feb 13 30 May20 200 Hendee Manufacturing 100 13 Feb 13 5,700 Hupp Motor Car Corp 10 084 May26 3,900 Indlahoma Refining 6 4753 June28 10,400 luaplr.'ition Goes Copper 20 13i2reb 13 200 tnternat A?rIoul Corp 100 69 Feb 11 200 Do preferred 100 11234 Feb 17 2,000 Inter Harvester (new) 100 Do Preferred, new 100 105 June 4 27l2Feb 11 5,200 tnt Mercantile Marine 100 76i2 Feb 13 9,800 Do preferred 100 15'^ MayiO 4,600 International Nickel (The1-25 6214 May20 3,900 International Paper 100 70 Feb 16 100 Do stamped pref 100 1,.500 Iron Products Corp No par 3rti8 Mar 1 8 May 21 300 .lewel Tea, Ino 100 31I2 July 1 Do preferred 100 100 2012 May22 Jones Bros Tea, Inc 100 98'2 May20 300 Kelly-Springfleld Tire 25 95 Junel7 Temporary 8% preferred 100 6318 May.'O Kelsey Wheel, Inc 100 7,200 Kennecott Copper No par 24 's May 20 21 '2 May 20 3,200 Keystone Tire A Rubber. ..10 63 Fob 26 2,200 Lackawanna Steel 100 37 May22 100 Laclede Gas (9t Louis) 100 100 Lee Rubber A Tire No par 26I4 May30 Liggett A Myers Tobacco.. 100 1 1484 June 15 99 Juue21 100 Do preferred 100 2512 Feb 11 3,200 Loew's Incorporated no par 14 M.iyl4 2,200 Loft Incorporated no i>':ir 44 May21 100 Looae-Wtles Biscuit tr otfs.lOO Do 2d preferred 100 10558Mayl9 900 Lorfllard (P).. 100 13134 May 19 Do preferred 100 103 May27 64 Maokay Companies Febie 100 59'4 June.30 400 Do pref 100 Feb 11 100 Manatl Sugar 100 108 Ex-dlv. and rights, 'Aug 73 75 500 Cons Inter-State Call Ms.. 10 Ex-rlghts. Bange for Pretioat Year 1919 1. basis of l00->Aar« loX» MSA 75 33 •62 5984 38 12018 33I8 331 22I2 2212 6OI4 105 3118 33 93 120 38I4 30 81 8978 1718 7612 10 22 6OI4 10534 125 100 65 * Bifl «n<I asked prices; no sales on this day. 78 30 48 16 95 6338 7812 5134 30 60 49I8 2II2 2II2 85I4 12858 12878 13612 13012 •135 •63 3678 I53I2 I55I2 201 49 146 2612 48 10534 125 94 87 38 7038 155 100 96 12 104 36 IO6I2 IO6I2 •104 6912 26I4 1534 738 96 55 27 145 74I4 22I4 107 99 70 2478 155 99 36 20 29 10 2.458 •145 99 14134 14134 7834 2458 2514 7212 7212 86I2 865, 6058 6II2 3112 22I4 102 67 86 44' Vs" 2478 •97 •63 38I4 77 1578 22 81 10 •2234 36 31 7I2 3158 8912 •103 •94 •55 IOI2 60 74I2 33 3158 •88I2 •44 8II2 8818 87 2OI4 30 103 ¥0 36 •15 75 88 95 •81 77I4 86I2 61 62 85 1158 912 64 77I4 2414 7212 III4 9478 19 36 65I4 8OI4 87 61 65I4 I39I2 142 86 62 65 85 79 7878 1334 3314 51 65 77 24 72 80 7878 1334 3234 78 65 86 13958 13958 67I4 6714 79 6258 3238 8OI4 3578 33I2 5434 3012 9018 32I4 79 30 77 75 5258 78i2 32I4 16 89 35I8 15434 3218 I6I4 758 " 95 104 3234 2212 1212 7I2 22 83 '52" ¥2"" 758 16 9434 •103 35 151 80 11934 11934 3238 32I2 13934 13934 79 81 94 37 119 67 I3I2 8T34 8818 I3I2 3634 *35 *110 30 81 3612 1538 33I4 54I2 29I2 6412 2938 6684 104 95 15 29 35 80 i34 6O34 32 35 32 79 103 68 35I2 54 54 3018 "si" IOI2 65 *80 33I2 88I4 1312 "1212 'iVli 6512 65I2 •8OI4 85 •I38I4 140 2834 68 66 56 92 95 15 29 1478 2218 I8I2 681 3234 9934 99; 4134 4234 IOII2 10234 42 92 35 13234 87I2 734 13 68 68 IOII4 10134 29 2878 18 42 I5I2 i35 2178 18 •9878 101 93 88 88I2 3238 2118 I2I2 93 15 89 96 82 96 37 120 101 *87l4 8OI2 8818 33I4 6O34 6512 2II2 65 4112 4158 10034 10134 104 107 738 •56 15 75 82 *35 *110 107 738 5934 65I4 20 82 9612 37 120 109 738 31 57 6434 98 11 38I4 8878 9038 3II4 22 20 82 88 2II2 8878 9118 21 6758 •18 *36 •15 •76 19 I42I4 14538 102 10278 30 68 94 978 41 6758 3038 •6512 22I2 I8I2 6758 11 51 40 •1258 •2118 1833 6818 *21l2 I8I2 67I2 2934 *65l2 94 49I2 95I2 •35 •112 88 II9I4 12134 41 I45I2 10334 10334 •1 lis 21 2138 86 89I2 8912 90 108 "67i'2 I3I2 3312 52I4 "' 79I4 38I4 *10l2 * •40 145 7I4 7I4 2912 81 10 23 ' II8I2 II9I2 4,618 100 1,400 4812 54 84 67 81 5118 79I4 5234 7934 6178 *15 *75 87 I3I2 10 23 I66I2 164 16412 6134 6134 8312 90 106 32 33 54 3458 3458 14612 14834 20 82 88 87 101 35I2 38I4 80 87 6578 35 33 54 19 *36 80" 68 60 5634 32 57 70 8 90 106 22I2 I8I2 6712 29I2 4II2 42I2 10018 10018 *91 951 •15 I512 2814 2878 958 "7914 8684 •IOI2 8I2 7I4 *21l2 9318 95 90 8938 8I2 IO5I4 IO5I4 86 53I2 79I2 15 8912 lis 21 5578 100 * 110 •1 2OI2 *83l2 4812 2212 1812 681s 35 62I2 Us 2012 48 55I2 31 57 56 6712 * 11734 11914 *39l2 41 14134 146 •102 *1 2014 111 •90 10 23 * 43 14 50 14 33 60 1278- 94I4 •103 10418 *103 10418 36 3414 34 I49I4 I5OI4 I45I2 14834 95 15978 * 40 40 8I4 •82 *80 78 *57 •50 *85 160 64 90 *13i2 33I2 *67l4 81 31 100 98I4 43 42I4 I3I2 50 55I8 32 60 75 *54 *85 Zl59 10 23 734 *47 55I2 5538 9612 96I4 4,600 & PER SHARB Range since Jan. On Lowest abarei Indus. 88 97 42I4 I3I2 48 32 11634 11778 8912 9618 •94 I4I4 57 100 e 68I4 8OI2 7834 I4I2 33I2 6758 "1334 Y3'34 •32I2 33 8234 8534 94I2 55I4 ' IO5I4 IO5I4 60 101 35 60 75 4834 •5812 *65l2 4212 48 *62 1 *83l2 105 •66 •98 47 8I4 8=8 90 •2ir2 ¥3"" 19 19 •6818 •2912 *13l2 I6OI4 162 2078 89I4 14 *55 *85 > 2078 95 *31 *54 54"8 ' llg 9634 95 EXCHANGE Week 85 87 NEW YORK STOCK fOJ the S per share 8778 89I4 91 9278 93 22134 22134 222 88 222 •87 9618 94I2 47 55 35 60 75 *81 100 100 163 *158i2 161 62 66 64 5454 56 • 10 10 23 23 118 11878 11658 118 40 41 •40 41 I47I4 14812 14212 147 '102 •103 106 106 21 225 88 *13l2 *30 •54 •57 •85 •160 •62 •1 20«4 *205 *87 222 *87 225 88 PER SHARE STOCKS aalei Friday July 2 July 1 S per share $ per share 88I2 87i2 88 87 *85i2 91 9234 93 9318 93 S per share 8738 88 Iper share 87S4 88I4 Thurslay Wednesday June 30 Tuesday June 29 June 28 $ per share 87i2 88 90 *S6 210 BALB PRICBS—PBR SHARE NOT PER CENT. 172 15 Dec Doc Jan 6438 July 38>4 July 967g July 47 90 Jan 6 Apr 20 8678 Jan 5 IO2S4 Jan 66I2 Jan 4984 Jan 3818 Jan 8478 Jan 108 Jan 77*8 Apr 14 46I4 Aprl9 2314 Apr 9 934 Apr 6 6178 Apr 8 Aprl4 27 8838 Aprl5 14212 Apr 13 115 Jan 24 3 5178 Jan 5 11178 Jan 7 2684 Jan Feb 101 176 82 86I4 Dec I44I2 Jan 96 8212 Feb 9ih Apr Aug Oot June 04 9134 797s 51I2 2184 4514 Mar 18 Jan 3 Jan 27 Jan 9 Jan 10 30 Jan 6 15212 Jan 5 105 Jan 21 96 Apr 9 3312 Apr «Si2 Jan 91 84 Jan 43 7 6 6 Marl5 3878 Jan 6 207 J.an 10978 Jan 31 36 28 70 66I2 Jan 4712 4638 32l2 49I2 6414 S3>3 109i| Apr Dec 80 Jan Deo Dec Feb Jan 40 Feb 421] Feb Jan 48 Jan llOlg Jan IOI2 111 2II4 92S4 205j 3OI4 6384 Nov 4712 July 8918 Oct lOOig Dee 71)g July 687g 37»4 917g 14968 Dec 120 Jan Feb Dec Jan Jan 3878 24>4 Dec Dec Dec Dec 68 Jan 104 10 llg 34 Deo IIOI4 114>4 2768 3868 O2I2 Nov 15 33 21 195 107 Jan Dec July July July July June 6784 July 1281s May 337g June 82 80 65 48 91 44 62 34 Oot Aug 102 Nov July Nov Mar Mar July Nov Oot Oot July 1261j July 43 Jan 107^ Nov Jan 83 40 Oot Dec 26OI4 Aug Jan 116 July Jan Deo Apr 12 10 Jan 3 Jan 3 II5I2 Jan 19 2 183»4 Jan HON Jan Si 0934 Jan 7 64<4 M:ir22 ISlij Apr 14.1 e Old stock, 2513 4018 Deo Feb 91 147«« Feb Apr 24.? Jan 116 107 03 sn3 130 Dec Jane Deo 276» 81 120 797g SA 137 i Ex-dlvldend. Deo July June July July May July Deo J . New York Stock Record 56 1 —Concluded— Page 3 For record of sales during the week of stocks usuallylnactlTe, see third page preceding. LOW 8AL3 FKICaS—FBIl 8BAXB. NOT PBK CENT i9B i ND Monday Satwdas/ June 27 Wednesday Jun ; 30 Tuesday June 29 June 28 \ Thursday July 1 Manhattan 1 *8l4 •68 •92 70 97 J7578 7578 •102 93I4 77I4 •102 103 1234 987s 50 31 50 58l2 1234 1234 9878 31 59I8 9834 3OI2 55 •67 •93 93I4 7714 103 75 •102 121? 31 •30 •45 32 52 30 45 60 56 51 571? 5812 15534 16 •1514 •1514 397s 16 4038 •1514 3978 54 •48 57I2 54 55 50 4578 45 32 •30 4934 4534 457s 30 30 32 •95I2 97 45I2 IOOI4 10178 95I2 94 •32 33I2 •32 9812 33 52 -.-31 46 581? 5534 16 1534 401? 8I2 SI4 70 95 77I2 105 I2I2 31 51 67 93 75I2 102 I212 834 95 5518 46 53 54 4 41s 6I4 41s 6I4 46 4 6I4 51 105 I2I2 97 3II2 45 99 32 52 55 55 23 46 231s 497s 2r45 30 32 5034 4 41s I2II2 125 I2OI2 130 4934 4534 46 4I8 6I4 55 50 45 32 23 Is 46 50 44 30I4 24 55 50 4512 32 24I4 46 i50 48 30 26 55 IO2I2 10078 10238 9412 95 32 33 10134 10378 95I2 961-. 32 34 92 1534 •5914 •85i2 1734 98I4 3"5'34 357s 36 *85 92 1534 23I8 59 86I4 1834 99 *97 99 9934 * 112 101 IOII2 IOII2 •96 9612 •96 96 •96 108 32I2 2338 33 33 2418 2534 i353s 5118 "3618 36I4 5178 3738 1512 1578 59 8512 17 59 59I2 591-> 60 60 851s 86I4 85I2 ^17 183,, 85I2 18'4 9934 96 111 10134 96 106 112 9958 101 95 96 I.5I0 8234 86I2 1834 * 9934 63 112 99I2 *17 9812 997, ill 101 Is 3-100 97l-> 95 97 97 I6I4 161,1 16 8310 9118 8"4"34 605r 845s 6n5s 84"l2 •6OI4 8434 9=8 •200 1578 49 49 *48 9I4 95s 204 •206 " "7258 Ys"' 3II4 3158 70 •87 •270 •104 §651 71 50 47 9I2 208 Ys" 315s 70 89 300 108 660 200 '73' 3II4 69 87 275 *104 §653 10218 IO2I2: IO2I2 10378 103 108 651 39 40I4! •3918 72 72 7034 7112 71 72 6918 1 7058 "934 ""9'34 45 6884 *88 1518 87I4 3112 43I2 •109 *40 •198 7858 87I2 125 47 2OOI4 79I4 •16 4358 1634 45 *6h 6I2 6658 6658 92I2 92 1534 *94 56 56l8 S6is •94I2 95I2 •10778 10838 57I2 57I2 •42 43 57 J42 1838 •50 4938 1858 *81 * *8l8 74 106 74 106 I8I4 1838 58 43 8I2 8438 74I4 106 I8I2 4938 •81 12 83 104 104 4938 49I2 1858 •81 * 52 » iiid 108 67 90 68 0512 9134 106 no 1812 50 66 92 55I2 9412 5512 5812 43 92-38 163s 43I2 7 61? 66I4 925s 93 57I8 9434 5634 951s IO8I4 7934 51-34 59 43 45 7 6678 9334 66I4 8038 4434 *6i2 4478 2:66 93I4 59I4 45 43I4 95 66I4 93 87 7378 IO6I2 *105 106 114 52 52 4"9"/8 I8I2 81 104 104 1 ' SO es this 8I4 104 110 1884 I8I2 5612 8234 5II2 101 94 101 978 92 7412 IO512 110 I8I2 52 10512 49I4 49I2 49I2 49I2 50 52 52 52 19 52 52-34 1834 19 19Is I8I2 82 8I-34 57I2 59 IO5I4 I05I2 100 11012 67 IS 54I2 55 I8I2 110 IO718 1 8134 2:4834 •81 ^74 105 104 64 80 67 89 68 day. 57 *65 } 8I34 82 59 5812 59 IO6I2 IO6I2 105 IO8I4 510538 1053s 68 16612 68 8I-34 89 68 Less than 100 shares, Development Gas A Gleotrlo Mall 83 . 100 5 pref. Roebuck A Co Febl3 Febl3 IO6I2 May20 107 53 JunelS Junell 9238 May25 Feb 6 8 par 6378 May20 100 92-34 May27 100 72-34 Feb26 100 .100 ilOOis May21 M Shattuok Aril Copper Transp & Trading 44 83 100 10 t Highlit 378 7134 5234 6912 10054 Janl2 Jan 3 Jan 6 Jan 6 Jan 6 Jan 6 Jan 7 Jan 6 40 41i4May20 June21 Janl3 71*4 Febl3 30 37 6734 Feb 13 May 21 30 1978 30 3378 45 88 Feb25 May20 May20 May24 July 2 16 May20 81 May 13 5II2 Febl3 85I2 July 1 15 8May24 Feb 13 84 96 June 3 63 10834 Mayl9 May24 Feb25 74 88'4 May20 92i2May 3 16 Marl5 58!sMay20 34V Feb26 84 ij Feb27 94 May24 37 Mar 4 9378 Febll 14i-> Jan 2 41 "May 13 SI2 61 Jan 6 40 77 98 126 118 Mar19 IO212 13 8912 IO2I4 9314 203 534 95s 157 8'-4 June25 72i2June25 x Ex-dlv. e Mar Jan Oct 63 43i| July Nov 45 Sept 76 87 107 112 Nov Aug OH2 Oot Oct 138 Dec Sl21 92 Jan 70 103 Mai July 45ig Dec Dec Feb IO814 Mar 2434 July 8838 Juni 93 64 Jan Jan 604 102 Sept 112 8«t 13U Nov Feb Feb 9II4 19I2 4414 Mar May Oo« 9411 July 2178 July 14584 Oot 7084 July 75 67 July July 97 Juni 47 46 Jan Jan a36>4 Feb 6178 July 43 Jan 55 July III4 Nov Nov Nov 8 Apr 6 Aprl4 Jan 6 Jan 2 Jan 2 6II4 Jan 6 3888 Jan 9 46 June22 116-38 Aprl4 111'4 Aprl4 4712 Jan 6 Mar Nov 61? 128 149 34I2 Dec 65 78 46 Mar 74 70^4 581j 80 29lj! Dec Dec Feb 7514 July 4238 July 22 67 Jan Jan 140U Ooi 9284 Dec Dec Apr Dec 36>4 42 Apr 8 Feb 9 Jan 10 Jan 3 Jan 8 23U Jan 8 Jan 7 98 42I2 8278 IO8I2 66 Apr 8 9II4 2758 Jan24 Jan 6 Aprl2 113-'4 104 168 124 120 IO6I2 10634 2234 94 9278 12434 1063i 5534 Feb 2 Jan28 Marl 9 Aprl9 Aprl2 Feb20 Jan 6 Jan 3 May 4 Jan 3 Janl3 Jan 2 123-3sMaylO 1778 Aprl2 83^3 2158 1278 9OI4 4834 8214 9414 N a Ex-dlv. and rights, Jams Apr 7 Nov 40 2912 4178 MayiS May25 243 I Ex-rlghts. June26 June28 Jan 3 Jan 9 Jan 3 80 £2 Sinclair Cons Oil Oorp No var 2834 May24 ] 61 May20 Jlosa-Shefflela Qtcel A Iron 100 87 June 5 Do preferred 100 Febll 310 200 South Porto Rico Sugar... 100 Do preferred 100 108 MaylS 116 .Standard Oil of J. 100 §625 May21 •850 do pref non-voting 100 100 !( Junel7 11338 Slij 375s May20 Stewart Warn Sp Corp. .no par Febia II814 50 Stroraberg-Carburet .No par 59 May24 12638 Studebaksr Corp (The) .,100 92 June 7 10112 uo pref 100 FeblS 41 60 Superior Steel Corp'n 100 romtorCorn & F pref A no par 4OI2 Mny20 47 38 Ma'-26 38 do pref class B no par I3I4 914 Febl3 Tena Copp & C tr otls.iVp par C41X, Febll C57-34 Texas Coitpany (The) 25 .'^hcll % V*T ihari % PIT ihmri 38l2 Jul; 28 Aug 23 Dec 317i Not 00 Jan 131»4 Oct 104 Jan 110 May Oct 162«4 Jan 264 99 Dec 11S>4 Bept 21 3284 Jul7 Nov 32 Oct 7I84 Nov 4OI4 Feb 6284 Jul7 54 Nov 83 Jnlf 100 Nov IO6I4 Feb Mar26 107 222 106 26 MayiO Febl9 6 107 May20 2178 May 20 477s May21 4934 June28 HiOhMl Lowiit t PIT than 3312 Jan 6 3012 Jan 8 13712 Aprl9 Jan 2 Jan 7 Aprl2 Jan 3 110 1712 Jan 6 113sMay24 9OI4 Junel9 117U Jan 6 30 Feb 10 4812 Jan 3 Febll 46 61 Jan 3 48 May20 5918 June26 Jan 491s May21 77U 2238 Apr 17 1534 Junel5i 37 May20 607a Jan Feb 13 44 6512 Apr 8 M 45% IO512 IO6I2 66I4 67 8l8 ! 67 94 575s 59 Is 9478 97I4 IO8I4 IO8I4 59-38 5938 571s 75 75 7 99 925s 93 IO5I2 106 93IR 106 47 201 79I2 I6I4 10734 IO8I2 59 47 201 8718 1838 on 781-^ 200 8678 181?. 66 78I4 I6I4 8l8 110 110 sales 44 pref 30'4May 3 32-34 May24 32I2 May24 30,900 6O34 May20 4,300 Tobacco Products Corp.. 100 85 Mayl2 Do pref 100 I314 May24 11,500 Traagoontinental Oil.. No per 800 Traaeue & Williams St./v'o par 48''s Mav25 400 Jnderwood Typewriter 100 16412 Junell 73I2 May22 900 Dnlon Bag * Paper Corp. 100 27 May24 5,800 Onion Oil. . no par 1,400 Onltod Alloy Steel No par 4OI2 Febll II212 June29 400 amtedDrug 100 47 June28 300 Do lut preferred 60 Febll 1,900 United Fruit 100 176 Febl3 04 19,100 United Retail Store? -.No par 1534 Feb 13 500 n S Cast I Pipe i Fdy-- IOC 4216 June 5 400 Do pref 100 Apr20 6 600 a S Express100 FeblS S'.-'s 3,600 O S Food Products Corp.. 100 77I2 Feb 13 10,700 O S IndusTlnl Alcuh.-'l ...100 96 May 14 20 Do pref 100 40 Feb 13 1,900 U 3 Realty A Improvemo/it 100 89 May20 13,900 'Jiilted States Rabbet ...100 10578 Mav21 700 100 Do Ist pref 56 June23 2,500 U S Smelting Ref * 50 4178 jimeH 100 Do pref 50 8 J '8 Miiy24 45,900 OnUed Stataa StMl Corp. .100 3,200 Do pref 100 10438 JunelS 6412 June28 10 3,100 Utah Copper 7 Is Mayl9 600 Utah Securities v t a 100 Feb 13 42 r.o par 90,200 /an.adlutn C<)ra 5018 Feb 13 Ctii3ia.._100 700 Virginia-Carolina 100 104 May 3 300 Do pref... Kei'13 76 100 200 Virginia Iron C 4 G Mayl9 17 no par 1,400 V Vlvaudou 48 May 19 100 2,200 v'J'ells, Fargo Express 81 June30 1,500 Western Union Telegraph. 100 60 103 May24 400 Woatlnghouac .^Ir Brase 44 12 May 20 5,700 Westlngfiouie Eleo A Mfg.. 50 47 May20 50 2,100 White Motor... 1 6>s May20 25 14,850 WiUys-Overland (TheV 7773 May21 Do pref (isw) 100 700 5712 JuneSO 4,300 >^Uaon&Oo,Ino. v t -i.-No var 100 100 June 3 800 Wuolworth (F W) Do pref 100 1 0:5 14 June 4 20 r.o May20 1,300 Worthlngton P A i«l » t 0..IOO Fcti2.5 88 iOO Do pref A 66 June29 inn orefB . 100 V>n 170 86I2 87 3II2 32 4378 44 86I4 8478 5834 5934 10614 107 66 44 1(K) 400 St Joseph Lead 10 200 Savage Arms Corp 100 2,100 Saxon Motor Cat Corp No par ""l",l66 170 9I4 51 no 16,800 176 18,518 100 4,600 25,500 91I4 I6I4 6634 7312 18"5s prices; 400 12,100 19,400 "i"o"" 157s Sis 82 69 90 68 1,300 200 500 100 5II2 88 preferred 100 25 100 100 Do pre? 100 Pond Creek Coal 10 Pressed Steel Car lOO Do pref 100 Public Serv Corp of N J.. 100 Pullmiin Company 100 Punta Alegro Sugar 56 Railway Btesl Spring 100 Do pref-_ 100 Ray CousolMoted Copper. .10 Remington Typewriter vto 100 RepIoRle Steel no par Republic Iron A Steel 100 Do pref 100 Republic Motor Truoti.A'o par Royal Dutch Co (N Y she^res) 300 300 51 4218 16 86I2 3II2 Do 6,600 29,000 2,900 47 70 31-38 Pacific Paoirio Pacific Pacific 466 3178 7234 95 Suit National Lead Sears, 7812 7278 .% * Cable. iVo Nat Enam'g * Stamp'g Do pref 1,800 100 '"r,766 4578 6934 6GI2 1061?, 1838 "16" 86I2 86I9 31 -5s 4414 45 IO-5I2 8I2 S4Vs 7334 82 7II4 10 1558 931s 94 108 58 43 1834 74 4578 703s' 9112' National Cloak 300 200 "7"3"r2 _ preferred par 100 lOO 100 100 3,000 P'sree Oil Corporation 100 Do prof 1,600 Pittsburgh Coa! of Pa 166 _ no par 60 Teleph A feleg 100 3"8,266 Pan-Am Pet A Trans 60 5,200 Do Claea B 50 200 Parish & Bingh.im nn par 2,500 Penn-Seaboard Sfl vto Nc par 300 Peoples G L A C (Chlo)..100 3,500 Philadelphia Co (Pltlab)...50 8,400 Plerce-Arrow Car...iVo par 89 40 50 66-3s 81 104 493.1 87 9214 49I2 8734 16 45 6I2 9134 92-5s IO5I2 IO5I2 65I4 6514 104 and asked 43 92 96 84 61 *65 •80 •66 7758 1614 10734 IOSI2 8358 7334 3034 705s May 19 May 4 National Blacult 205 "73" 4258 200 65-34 8I2 200 47I4 958 69 95 100 100 Acme Nat .-\nlllne & Chem vtc.nc Do preferred v t c 566 II2I2 113 5OI2 10534 10534 •104 •64 •80 •66 3II4 44I4 61? 58 43 47I4 9I2 50 *164l2 175 457s 6934 175 85 45 *638 55I2 9334 49 10 48 198 167s •50 83 60 3:50 16 §96 47 11234 113-34 45I2 6914 52I4 *164 78% 92 98 11314 IOOI4 lOOis 9Gi2 9612 9612 9612 16i8 16 6OI4 60 8512 87 9234 94I4 50" 50 4018 92 1558 3138 31-34 4418 441s II2I2 1121? 16 52 5018 I8I2 88 52 175 86 7738 9134 92I2 105 10534 6412 6538 8258 "9"7s 7834 5618 9412 9434 10778 108 9234 93 IO5I2 IO5I2 6478 6518 9 •81s 83I4 84I4 74 •105 Yo" I5I4 43 40 "978 1534 6I9 66I4 100 655" 659" §651 10378 104 Is 1037s 1041s 93 68I2 45 1734 9978 §647 4934 4234 93 45 198 89 290 4934 *41l8 681^ 911? 77I8 1678 *43l2 6I2 6534 9078 3078 7OI2 72 45 44 "7"4"" 7II4 4434 681s 47 199 87 205 7158 "'978 32 44 125 47 200 71 95s 7018 4512 6938 87I4 3038 7OI2 311.1 50 7038 931? Yo"" 3II2 95 49 "4 41 44 •110 63 8578 9234 73I4I ' 49-34 87 32 43I2 161s 72 41 55 97 105 40 74 49I2 _ '7V- I0312 10418 4OI4 *39 I5I4 174 200 73" 650 §650 1037s 4OI4 72 52 175 86 9I2 91? 290 660 7II4 6978 9312 88 97 6II2 May24 800 Nevada Consol Copper 6 375 New York Air Brake 100 700 New York Dock.. ...100 100 Do preferred 100 700 North American Co 100 1.100 Nova Scotia Steel A Coal.. 100 200 Nunnally Co (The) no par 7,400 Ohio Cities Gas (The) 25 Ohio Fuel Supply 26 6,800 Oklahoma Prod 4 Ref of Am 5 2,500 Ontario Silver Mining 100 300 OtiB Elevator no par 3,100 Otis Steel no par Owens Bottle 25 108 41 •49 47 SO 4434 68I2 _ 174 69-34 87 89 300 4934 4538 6912 9II2 1534 1.55r 206 "725s I303s 10134 II2I4 113-34 1534 1534 50 ,200 3178 7OI4 "io" 43 92 47 471-) 9I2 "7"3""| *40 4934 •40 1558 ^47 9I2 206 92 112-34 11438 50 9I4 853i 925s 95 47I4 49 II3I2 11438 1578' *15l2 16 721^2 •87 •270 *104 §653 92 11413 3II4 6912 89 300 92I4 92 47I2 1734 100 97I2 95 97 106 84 6OI2 Feb 6 40-38 National 300 112 161s 113 83 113 161s •4734 11334 114"l4 •1512 1578 1578 100 63 I6I4 92 95 49 151s 113 111 101 83 91 *92 93 95 •92 84-34 53 88 *96 63 85I4 15-38 I5I2 98 100 63 98 1518 16 16 •6OI4 8278 92I2 5II2 88 511? 51 8334 59 *85l2 *17l4 63 112 97 A MulUns Body Do Maris May24 187, 22<4 Preferred Do 88 6 Corp 10 Ordnance.. 50 Mont WardACoIllsCorp no par Do $ V4T tian 2484 May29 20 June 8 111 May20 98I4 June22 161 Febll Oil Montana Power 1,760 97 95 1512 8334 86I4 1734 •111 361-. 23I4 5034 6OI2 • 34 24 86 36I4 2318 3534 501s 3612 3612 24I2 Middle States Mldvale Steel 1,450 100 49 32 10334 IO514 97I4 98I4 100 100 100 pre! Miami Copper "3,766 3212 2338 36 23I4 10234 10358 preferred 600 Nat Conduit 5II4 •40 102 Do 106 7612 . 55I8 Do Mexican Petroleum 6912 16 40 4l8 6I4 5OI4 I2I4 4OI4 6I4 6 1201s 121l2'^120l2 130 22I2 2234 23 231s 46 55 *46 55 5014 •44-38 4I4 6 •12012 130 2»i2 2212 •46 •SO 40 47 56 76 *102 103 9812 4OI4 •47 103 70 96 771,' 1234 9834 55 4l8 70 95 77 67 93 103 12is 13 56 4I4 6I2 67 93 75 8I4 9 •1218 •51 4l8 6I2 8i-> 9 Shirt Martin Parry Corp May Department Stores.. 100 1 878 Par 25 no par Mungi for PriMoui Yiar 1919 1. of 100-«tar« loll Lowtal IndustrlaI&:MI«c.(Con.) | 878 On boiU EXCHANGE ShartM S per share S per share S per share S per share S per share $ per share 241" 26 25 25 100 *24i2 26 I9I4 2II2 2"2i4 +1914 22 •19 .... •1914 22 »19 22 114 112 112 •108 112 400 112 112 110 111 •111 114 111 102 9834 97 9812 *95 *95 99 • I84I4 189 "23,865 I76I4 178341 I77I4 17912 ISOI4 18234 ISI34 184 17814 ISO 9312 97 9312 97 *93lo 95 2OI4 2OI4 20 2018 1,060 2OI4 2OI4 2018 2OI4 201s 2014 29I4 2958 2938 3058 32,000 2734 2934 2918 2958| 2734 2834 2734 29 4II4 4134 4110 4118 5,700 4II4 4012 41 41 411s 41Io| 405s 41 60 60 200 *60 60 65 60 65 •60 65 65 *60 62 *96i4 965s 96 98 96 98 100 •96 "4 98 98 98 •96 98 32I4 3234 32I4 33 32 5,630 32 3218 331s 33 33 •37 37 39 39 •37 37 39 •37 39 39 •37 39 3412 34I2 300 •3334 341? •3378 34I4 •3334 42 337s 34I4 74I4 74I4 7512 76I4 7412 76 26,700 73 75 77 77 77 76 9II2 93I2 9312 9334 6,100 95I2 97 95 96 96 98 94 951? 105 107 •10712 110 105 110 103 106 •103 108 6OI4 60 60 466 •60 62160 6OI2 6OI2 62 •60 6212 •60 95 100 95 100 •95 •93 •93 100 100 100 997s 95 PBU SBAKM Kange since Jan. WSW YORK STOCK for 1&4 '•«* Friday July 2 1 PBM SBAKB STOCKS SaUi 42 27I2 32 Jan 3884 Jan lOUi Jan 16 Jan 30 Dae Feb 93 46 86I2 1238 *59 100 60 110 Mar Feb Feb Mar Doc Nov 104 Mar Aug Dec Aug Dec 8318 Jan Janl3 6I4 Aprn I8SI1 Jan 6 Jan28 Jan 5 Jan26 Aprl9 Aprl4 Jan 6 10 74 84 Apr 8 Apr 8 JanSl Apr 8 Apr 7 MarSl Apr Apr 7 6 Oct Oct July 9l>4 Jaa 132i{ July 9SI4 Dee IO712 Not Junt 271s July 105l« Oot 53*4 Dee Nov IO6I2 July 74ij Nov July July Feb Feb 23014 Dec Dec Feb 81 84 Mar 1914 July Dec 04U Nov Nov 89 9711 July Jan Jan 257 Oot 117 Sept Jan Jan Jan Jan lOOij Det- 934 1714 Oct Oct 151 104i2 Nov 647j Junt Jan «346 Jan 116 Dec Dec Jan Jan Jan Dec Jan Jan July Feb Aprl4 42'-j Jan 16»4 Feb 86 Apr X971S Dec 96l« Jan Jan Jan Jan Jan Jan Jan 7 JuiJel7 June 7 I714 43'-< 88I4 Feb IHI4 Dec 651s Fob 8«4 5412 61 ilO 54 120 625g Oct Dec lOG July 45tg Oot 58«8 July 17518 July 681s May 216 Oot Deo Dec Feb Jao 7484 July 3284 May 918s Oot 167 111 60 Mai II6I1 July ll7i» July S7it July 218a 62 June Deo 92it July 1167g Oct Mar 28S Nov 79 82 Sept S2it Jan 8 Jan 3 94'-: Jan Jan Jan 2314 Jan 87»4 Jan HoSg Jan May May 607| June 139i« Nov 119»2 July 78I4 Nov 6II4 Jan 3 Jan 6 Jan 6 Aprl4 145 II6I4 Jan e 95- Jan27 93S4 Janl3 Jan 76 Nov 7478 197'.2 MarSl Maris Mar29 May Oot Just Jun* Aug 119U Oct 3884 Aug Jan 46 Jan 6 11534 Jan28 8O34 Jan 3 1278 Jan 2 AprlB 97 Reduced 109 IOC May Oct 92 32 Mar27 S2i8 3112 Mar26 109 32 93 98 Aus Dec 73 109 6518 6912 OC! Oot 29 26»4 «6»4 Jan 6 Jan 13 Jan 3 lie Apr Mar25 Mar26 Apr 8 89:4 May Mar 25 69-34 119 21 76 Des Nov July Mar 4812 14334 II6I2 8OI4 II212 Deo 9411 4118 S5 132 107 Oot Oot 2858 May IO5I2 Onl 7458 July 121 17 121 Apr 6 Jan 6 116-3s Jan 8 10334 Jan 6 47-°'s 63 67 43 99 111 145 Jan nlS4 Jan 3 725g Jan 7 9712 106 38-34 Jan 6 3434 66I2 Jan 3 37U AprlS 115 200 Aprl4 127 75 Jan 6 3458 38 Jan 6 37>8 53 Janl4 90it 148 Jan 13 50 53 Apr] 4 157 224 9612 Jan 3 80 Is 2612 Jan 3 14 76 1047g 47«4 Jan Jan 4412 Sept 7112 IQO 95I2 5511 3778 7838 41 Apr Feb Feb 112 51 6SI2 19 fS 46 3914 126 Dee May May July JUIM Oot 40U Jun* 4012 6e7g i5 88 120 112»4 60 88 66 to basis of $25 par. Feb Dec Feb Jan Jan SSU May 10478 July ! 388a May ll7i| July 117 9Si2 81 Oot Oot 00 n Par JIOO. — . J New York ST3 BONDS STOCK EXCHANQB Week U. endlag Week Price Last High No. I 85.64 9917, ;81 10 'U 89.86 8400 ,8:i80 '',t 95.86 95.54 100 100 104 lot 100 78 83 85 85 95.50 95.42 9249 94 70 95.50 95.90,6608194.64 100 100 100 IOOI2 June'20 100% 105 June'20 IM4 104 June'20 Sale Sale 1011 161I2 IO5I2 IO5I2 10112 M O I Feb 100 71 7138 M 8 finer at 5g 0: 1914 se'" A.-li*4V r .194PF Kxtornal loan 4 . . . A OS 58 F A 9OI2 91 90% 80^8 82l2 80% June'20 72 June'20 7178 73 86I2 Sale 85 86% 97I4 97% 97I4 9734 88I4; 87% 88 ! 8818 , iJoaolQion of ijanada g I A 13 :i. "it l«2f A do .1931 A do 2-yr5i23go!d notes Aug 1921 do do deoond ssfus i\ii do <3; "aarm;!!! 19if J 1931 J 19.14 53 M M Marseilles (City of) 15-yr 631934 Mexico 3xtcr loan £ 5i of 1899 Q Qold debt 4fl of 1904 1954 J 19.? A Paris (City of) S-yaar ea City 03 loan ol 1912 Tokyo Jf at Brit A Ireland— .192 'JO bsa 5-year .193^ F 20-year ioM boafl — 1 5H% j 75 sm M M 9812 9OI4 Sale 7oU Sale 7334 Sale 92 i t .192H F d'022 F State and City Securities. City 4Ks Oorp siook.itfeo 4}i3 Corporate stock .._19*J4 4}i3 Corporals atook , .1966 4)^3 Corporate stock July 196 4 H3 Corporate atook ._..196ci 1963 4^8 Corporacs stock .193'J 4% Corporate stock 4% Corporate stock. .. -195x 4% Corporate stock 1957 4% Corporate etook re« .1956 New 41^3.. -1957 corporate stosk, ..1957 Corporate stock... 1954 3>i% Y State 43 .1981 1961 Jaaal improvement 49 J«Qal Improvoment 48. .1962 Janal Improvement 4a 1960 Tknai Improvement 4HJ.1964 Ok3al Improvement 4^8. 1965 aigbway Improv't 4 Mis. .1963 Highway Improv t 4)^b..1965 — 4H% — J J i J J M M Virginia .'unded flebt 2-39.. 199.' J 53 deferred Brown Bros otfB.. 90^8 75% 74% 76 55 J 84% 85 85 3434 37% 29 26% 92% 30 52 52% s30 93I4 Sale 5234 53I2 8434 8514 Sale 8912 Sale i5 V 93 Sale *91 85% 91 85% 87I4 92 92% 92% 93 92I2 )ale Oeuer.1l 4a . _ 44 74% SOV 4s 12 . *82% ^ 8212 82% 86 86 86 83 90 88 33 'tI« 87 18 23; 83l 937g Ann Arbor IBS .aiJB g 4a. k danta Fe ... iQIuatmi-it Koia 49 . aetflBts.-ed . 89% 071, 92 69 95% 67% 31 96 112 82 77 76 54% 71 S434 84'S 92'» 29 26 *91 1 *91 i *95 J *100 >4 50 .1199C »199( »199f, 195 1960 43..-192i Eas» Okla UI7 1st e R.jcky Mta DIv lat is.. .I9.'i;i Trans Cop 3hort L lat 4a,195J Cal-Arlz Ist * rii 4Ka"A"19B'.' 5 Fe Prea * ?b 1st a 5H .194'.; Atl Coast L Ist goia 48. . .tl952 lO-yejr secured 7s 1930 Gen AXs.. iinitloQ Ala Mid Bruns i ..oarlea . .192' Ist -01952 1934 1934 . 1925 il92i 4194S .41948 gold 5s * Oaio prlof 3^i!. . Registered. Ut 8l)-7oar KOia *< iteg'.stered . 93 71 100% 81% 90 8,=\34 W Va 3ya ret id. . i M O N M .»? » O O i i A Q A O Q 75 W ?ltta Clev r il * aJfalo CIn R * . 64 Sale 6534 7834 Sale 7914 Sale Ha * 4 Mab & Plus t! 4o m ..1957 199h A temp aeour Os June I92i< Chatt Dlv pur money k 4a 195! Mac * Nor Dlv let g Sa ll)4f Mid Oa4 Atl Dlv Bs l'J4,' Mobile Dlv 1st g Bs I9i'' 10-yr 67 69 ... 82 67% 69% ..pl9,-?7 1987 Jiiueral 4a Stamped 19-<7 4a stamped 'Jo.ieral 5s 99 "0 51 IBS" 1879-1929 1879- 1929 1879- 1929 Osbeuture 6a 1921 Registered 192 Jinking fund deb 6a 1933 Registered 1933 Oea Plaines Val lat gu 4H« *47 ffre'jj E'k A Mo V 1st 08..193:? MauG B A N lat 3 Wa. 1941 91 97 99 107% 60% A3 M!iw 48% 58 W L I9tgu3>i9 .1941 9734 95% 69 67% 68% 68% 92=8 Ma'- '20 88% 92 78 Jan '20 67% 75% 129% Auk 15 110 60% 62 62 Sale 93% 101% 105 Aug 19 105 July 16 84% 79 78% Sale 78 79 59 58 69 21 M Sale 58% 50% 59% 58 84 Sale Sale 68% 531') Sale 85 !»if( 68 I 4438 '<(' 68 92% 92% 7^' T8 ^^ 81 81 57% rt.' 143 91 63 5734 J .'0 in 63 i i 63% } 54 71% ~.\.., 49 68% VI cr 2.. It .Mar' I -(5 M 45/ 88i8 73 7 f'> •v 71% 77% 8634 75 89 77 7538 77 85 901^ 45 7734 .v 83% 7'<'4 731. ''2\, 85 20 98 8S 100 97% 100 7734 87 ''1»4 12, B 20 77 89 06% 75I2 86'4 84 88 94 85% 85% 741. f.lny lu 90 M-ylS 97% l-.i.e 9134 j^i. d Due April 17 19 « lat coll tr u 4s Col Dlv 1st g is V? Val Dlv lat g 4b 1 St L A G lat g 48 . W -.199f' ...194" . Ft 4 Deo C 1st « 89 "onu A Pas RIvs lat g 4h 'ubB HH lat 50 yeur Ss i Oel L-iOlt 4 WeBterri Mori'? <t ••;'(? Ist gu 'IHii. Y L^icS . 4 W lot flS CoiB'T'jc'lon 86 Term i Improv 4a Due May. (?DueJuna. ADueJuIy. t Due Aug. .!»2' 7S liin.' 78 77^0 77«4 96i4 • . 72 55 94% Feb 'io 96 dept 19 Jan 20 20 95 95 99% Oct '19 82 82 92 Oct '19 J J 7'S 77 »4 Jan J 81 M M M M Q 80 60% 71 8538 96 A A A A A 86 94 . '92" "i'['8i% I ^,|"69% "68% I 2 ,"67" June'20 70 85 99 80 70 85% 707i 84% 98 103 Apr 20; 109% Apr 161 94 June'20 91% Feb '20 "92 9!% 94I2 96% June'20 '99"% 98 97% 99 "97' Mar' 19 «^ M M M „ 2 61 60% 70% Apr 19 71% 71% 71% 96% 97 84% 84% 85% 84% 85% 97 Nov lo i '8458 '9()7g 101% Oci, 16 105% Novl9 A J J Jan iS 64% 99 '7 6478' 9338 98% 9954 M'a'y'20 9934 Apr 20 I 98% 93% 100% 100 Sept li.|, 90% 96% 92% 100 70 May 20 64% 69 74 82 80 82 , 1 --,-'1 2 I 63 761% Oct 89 100 83% 80 V 85% 905« 90 100 N,)V'19 I . Ma- 111 "20!. . 103 61 8! .1 H 3 5 ... I I . ' 81 70 77 84 75 62 60 69 79 68 565» 60»4' . , 62% 72 61% 68 74% iu.il M,)v 16'. 74% 74% June'20 6% 19, 84 90 74% 77% 82-, depi K931, May 19 lU^>t Oi't IH 101% 7«»4 6,S% S'lvl'. 7OI4 51 51% 51% 23% Ma.v'20 53 I5I4 20 74% 2 --- 47 IS 56 27 1 73 74 88% 85% 77 74I4 Sale 0678 Sale 74 75 75 66% 67% to 34 92I4 r M 98 53 1 26 63%' 69 72 79 79 69 June'20 58% Juue'20 63 Junc'20 63% 87% 80 62I4 65 66% 104 . 100 54%' Jan Si SO 70 73 I Mayi;!. 8j Sale Sale 64 ---I 65 12 68 2 98 . I I 69 62 ...'] . June 19 100 53% 57% 67"»4 , . 54% Sale 71 63 72 78 68 76% 60', 68'; I 671« 70 100 65 84 36 95 98 72% 87>4 . June'20 N.iVHlj. May'lS'. 118 100% 9612 ;o 19 67% June'20 60 59% '79' '82" M 63 99»4 993^ 95- 79 66 19 64% 87% Apr 20 9714 Feb 19 98% 102 i May 64 '8 62 97 '65' '69' 60 Sale > f 68%' 68% 70% .193s J . 1 92 .I94J A . 68 80% . 102 . .. 97 58 58% 98% May20 i 194'' J . 57% 61% 93', . Colorado A Sou 1st g 48 Refund 4 Ext 41^3. ?l 61 69% 54% 9^34 .*193* tl93r' Registered. "in 8 4 Cl cons Id' g 58 .192s I C C A 1 gen oona g 68,. 1934 i 'nd B A Ist prel 48 . . 1940 A • ind A ".V lat prof 5a .al9:^b <J •^eorlaA East lat cona s.lS'+C A 19'"' ^ Income 4b OlevBShortl. l8tgu4H!i ..i»'' A • \V IS' May A 64% 70 * 64 t iBi gi< 4!< g 162.' Vi lat 0OC9 4 1.i;k 19.i: > St L gen 49.. 1993 ) Dlv 70 50 52 ti^ M.ir'20 72 54 ) W M 90% 97 80i> Mayli' 1 ' 'i 88% 70% Mav V 9ri;« 19 46 88 \s Junc'20 Jau Jl,' Apr 20 7734 6934 •'IT fr'l>> 98% 98 7734 86 I. — .\Iar20 62% 55 80 W 1 3 94% W •iO year dob 4hs 1931 liaera! Sa .Series B . ..,1993 lairo Olv Ist gold 4a 193t' in A Dlv lat g 4h. .199: 9; 60 ' I 63 Sale Sale 72 M •1 29 Ollij 68 50 50 i 547g .:une'20 i 1st g 5b VV lat gu 53 i'l 281? 19% Jan 20 Mar'20 67% 69% 6934 54 54% 53% Sale Sale 92 A 811, 20 61% 92% Feb '16 Sale ^"!.K1 92 83'4 A Pao RAN 76 84 "67"' Ic 17 a»- - 51 80 '.53'% "55I2' A F 4, 49 38 98 5934 64% D»r * Mlob ev CIn Gil A 73 65 "47 62% May 20 77 Sale 66% C Mar' 68 63 Q M , 81% 5738 8 42 34; 96 19 64 73 Mar-20 72 61 1934 A :; R IF* N .1921 4 Cb Okia A O COUSK59 1952 M ieok A Oea Molnt-s lat ee 192;' ^ St Paul A K C 9h L Ist 4Hg'41 hlc St P 1930 » A O cons 69 Oona 88 reduced to 3^3. .193': } Debenture oa 1930 l» North Wlaconsin 1st 6s.- 1930 J auporlor Short L lat 53 g ''1930 Ohio T H A 80 Eaat l8t .58.. 1960 J Ohio 4 West led gen g 68 .»193-' <J Conaol 50-year 4s 1 962 y.l^ n A D 2d gold 4Hs 1937 ) 60 70 61% 64% May'20 60% 70 ,1 57% 0S34 4 72% •No price Friday: latest this week. aDueJan. 70 95% 97% 68 98 '7'4'i4 >1 77i Isl 66% 5738 20 June'20 Apr 20 8')% 75 '77'" 5 Apr 20 97 . 76ij 68% 78 51% SurlG 67 60% 68 50 50 7o 3»j<iiivi|( genira! gold 45 .198- i Reslstored 198- i rtofUDdlns g)ld i^ 193'! A . Rl ArXA Loula lst4Ha..l934 .9,^, 47 Rock tloag') 88 51'4 101% 100 77I4 % '19% I 66 36 9'J'2 i-BJ 75 70 50 51 W W 64% 69 17 85 98I4 .J 7> M ir'20 *62% ... 1 53 Aui; 46 1 7 52% 90 88 87% 89 71% 73 7 62 60 73 82 ' So 72 1 Jun'>'20 » 73I4 ... 125; 6 Fo!) '20 no 5734 53 3 59% -54| 58% 7i) 62 42 9334 J J 77 69»4 , 20% June'20 82% A 95 78, ^5 72% 25 L '^ 4 vVest l9t g 6a 1921 E^t A Imp a f gold 5s .1929 F 4gt!l'»ad Dlv l^t g 6s . 1925 m Mich iJ'iv lat 3o\d fla-.i92' Mil Spar A N ist gu 43 194" m 9t L Pao A N 1st gu 5g 194- i S'.:S4 67% '20 Apr 81 112 C 165 82% 70 '19 71 23 > 18791929 A fund 68 Raglstered.. dl.\!i;ng fund 68 Registered 10-% 10- 33 June'20 64% June'20 67 67 71 June'20 95 June' 19 "21' 70 70% 7834 9734 Sale 193" lat gu g 6s . V94;> lat gold Rs. .1921 OoQsol lat g 98 .. 192'.' Canada .Sou oouo gu ft. 5«. 19«'/ Car JIlDoh 4 Ohio Ist 39-yr 5b 'Js Central of Ua Ist gold 6s. ..3I9I6 Consol gold Ba 194;^ 7\\t>&: Sjch Registered 89 ^l 91 94 84 "68% 194 64% 61% 79% 61% Tol 'Jon,iol 4 4;! Weat lat '?>-i .•Jli>s"iS 6434 June'20 7312 June 18 64% 84% 192'.. lai i 6; dlv lat ref 4i A 195',i P Ben g 6s.. ..193? /k 71 70% 67% June'20 58 1st goid i :,^9 192! Ist og 1^8 .1931, con lat g /is. . I93'< !tR lat « 5s . 193(, . f --- 8334 8334 9)7g Oct 19 8534 "7212 Sale . " May'20 5734 Sale OsntODio R Jl Lor 4 ^UIo River Qenerhl gold Sa.. Sale 6458 M E& 83% m Wis Valley Dlv lat 6a ...1920 J Chic 4 N'west Ei 48 . .I888-'26 F 1S,''6 1926 F Registered General gold 3 Mi a, .1987 91% 100% 91% 100% Nov" 19 64% HO M N . Ijuthw Olv J J . . 91 4334 June'20 68% 71 193'^ lO-yr conv fi'/i? . t«f'und dc gon 69 Series 4 1995 Temporary 10-yr 66 . .. 19'29 .'Itta Juna lat gold S*! .. .1922 7 lunc A Olv Isi g 3 v4« 1926 ? L } lat a Os. U20 A 3:ju iasum g .. '924 .Wllw 4 Mor l9T ext 4 A^- 1934 Cona 9xtendad 4Hs 1935 >VIa A MiuuOlvgBa. ...1921 . '-•argo 90% Mar'20 el98i; . Dubuque Dlv 95% 80 June'20 .194/ . W 95'4 8034 100% June' 18 7^% nee 18 53% 50 June 20 55 67 1st . F J i 86 86 June'20 Apr 20 107% lao 20 Mir'20 99 83% 85 Bu sold 3B. du gold 48. 1938 J Sav lat go!1 7s.l93f J W L * N coll goid 4a.. ^av F 4 97 i8t goid Ba Bait .190:. . Iflt 4 O Q Nov Nov M N .199, A ..199r A stamped gold 4a is ISB J« of IBIO A J el989 cl989 General '-J a Gen A ret Ser A 4 ^3 ... &2014 Glan ref coqv Ser B 53 .a2014 Oonvorilble 4H9.. . 1932 Permanent 48 .1925 .. . 35-year debenture 4e.1934 .1921 Jhic A L Sup Dlv g 58 Ghlc A Mo Ulv Dlv 6a .1926 OQlc A P .1921 Ist g 53_. O 4 Puget Sd lat sju 46.1949 85% 82% . B Series C 4 9534 9434 92 49 M fM M Registered aen'l gold 3H9 Ser 9234 9234 81 June'20 Dec 85»4 June' 19 32 51 M 12 7Si« 69 63 60 97»4 Veb C --.5'! ---I 2 84 June'20 Juii 20 60 8,8% Sept 16 62I4 113 Feb 15 42 42 41% 42 32 32 Sale 32% !<'«!. i\i 98 "6"6'l2 Sale 66 66% 73% 74% 73 June'20 1 M 90% 100% 47 J i ...1947 Ind A Loalav 1st gu 4S- .1950 i 195« J Ohlc Ind A Oou 50 -yr 4j.. Ohio L S * Kaal Ist 4 Ha 1969 J Cb A atP gen g 4s set A el 989 i 61 881,4 70 56% 61% 56% i lai 5s. ..1936 i Chicago (Jreat West lat 4a.. 1959 Oalc Ind A Loulsv— Ref 6a 1947 J 9lii lOO^is 45 i 93% 90% June'20 102 "62"% J Sale Ghic4 ladfJ Ry 88% 93% 94 ; 57% . 93 100 91 7438 Sale J J Pa.'jh 43 37 170 27 190 37 .19''.- Refunding gnid oa. Refunding 43 derlea 478 92% June'20 92^4 91% 92% 92% 75 Jaue'2() 91" 81% 98% Aug '19 .• 71 A ii!l Registered Conv Conv Q 9S% Sale F li 'IS 70 Apr 20 80 June'20 86 8 86 8 78 a June'20 70 8 713s 86 I4 Mar' 17 70 71% 73 74% 5738 57 Js •S2-.1 .May lb Guar Tr Go ctle ol dap. money lat coal 53-.l94i F 84% 92% Railroad. Atchison ropska Gen g 4s .^txmpe 9.^% 96 19l 9II2 '94U 1 87 'Jeneral oonsol Ist 5i .. . .19.'. O 9 Mtg 4 Tr Co ctta of dep 208 K N N S *100 S istooaaol gold 03.- 7,; 92% June'20 8534 m dep. rtts ol 79 7 May'20 May'20 82 195-- S« 90V 8634 A Tr Co a Mr? Jan 42 & Imp rel 111 192? 1927 7178 83% 93 4 S . SO': 9714 *81 . U q;,!-. N P Ohio 97% 276 85% 207 89% 352 88% 92% 86% 78% 70% .195' 100 82% I N N 50 3 93% 8134 c :J2,^ ^?9b^a3ka Kxteoalon Reglstored 4.? 8434 41 7 57% Sale Sale A O 7=, Apr lOOIg 82 , 1 '20 til 96 C M M SI M M 93% 96% Sale A M 86% 97% ! t M X 85 37 84% 97% 89% 7234 J t 5714 Sale 84% 85I2 N M M i" IK fW 8 73% N 5 14 92 88% 86 A A C 789 85 42% 75% 90% 42% I 97I2 B 100 9734 8434 19*', (lllaoislJIv 3HiS-_. Ullnola Dlv 48 1945 Joint bonds See Orea;, Norii'. 99% 79 97 1 O O O lO-yeir aonv 541 A 5-year conv oV^a XThese are prices on the basis of S5«o£ NY . siamp" sterling loan 4a Lyons (Clry on 15-yr UK A 90 (Kingdom of) .Ser A 6 5^s '25 F Japanese Uoyt — j6 4oau « ^48 .192? F 4 I ...li)2:i 10-year 5118 Italy 1:16 93:2 15: 75% Sale 58 ol 1904 J &Q — 99% 2086 J t 106 =, 1 99% 44 43 1(11% 101 79% 89% 86% 87% J J M J. July'lS 7912 Apr -20 87I2 Ma'- 20 I 9912 Sale 7114 70 9912 Sale 84->8 8512 8 41; ,)9 98U Mar' 19 99 A 99 1. :, 11)0 75% .1939 IN ..199i fH .1992 Reglaterad ^0-year oonvertlbls 4 Via .1930 30-year oonv aecurod 5J-.1946 Big Sandy Ist 49 1944 Coal River Ry lat gu 4a.. 1946 194(J 3rals Valley lat g 5a 191'i Potta Greek 3r lat la •^ 4 A Dlv 1st con g 49... 198' 2d conaol gold 43 1989 Jroeabrlar Ry 1st gu g 43 194(j •^ arm Springs V lat « 53 .1941 :la!<' 4 Alton RB ref s 33... 194',' K'Mirr.y lat lien 3^? 195" Cliic U Je-J^-cr Dlv 4s. 1922 Jan. I Q M 4H8 Since Last Sale A sit Low Hign ^o.'low High 80% 81% 80 June'20 ---- 79 81% 5 90 100% 91 91% 91% 9 87'4 99i„ 90 89% Safe" 89% 96'8 98»4 97% 99 97% Apr 20 Y 4 Long Br geu leueral gold Week's Range for Bid RR It B of Ga ooU g fig. 1937 M of N J gen gold 8a 1987 1 O 0.1 Range Price Friday July 2 ^5, g 4a_.1911 :Vl tui '/ermon'. Isi su g 4a..«l«2( Q iisaa & fund .t liiiL>t 63 .1929 i 'at conaol g'jid 5g . .. . 193f SI', 57 bouttt. for inlereit ReglBterad D N D 3 N 86.20; 700 84.00 S4 00 85,56 84,70 88.14 J m 4L' Jii 8i mi, 111 94.00 94.50 95.00 June'20L. 86.00;i543i 82.00 (ft no 85.90 Sale 85.04 Foreign Government. Anglo- (•'rencb 6-yr dsExter lOir Argentine Internal 58 oJ 1909 Belgium 25-yr ext sf 7^23 g.l945 Bordeaux (O.ty ot) 15-yf t*a.li>Ji Chinese (BaSuang Ry) Ss o! 191': CJopenhagen 26-yr 8 f Svi3.-194^ DomlQlcanRep ConsAJm 1 ,)•;. " Weekly and Yearly — except and defaulted Reslsrered . .4198' Am D,wl5 * Imp gj 6s . .laJ; Leh & iJad P.lv gen gu 5a 192:1 I 86.10 Sale 85.64 Sale 89.86 Sale LL — iiitiraal debt cent 85.801 66 83 00 85.10; 183; 81,40 85.36 84.30 85.60 Sale 85.36 Sale iitereal" BONUS 91.90,3565 91.04 Sale ,89.10 " ; Friday, "and N. Y. STOCK EXCHANGE Week ending July 2 or ;3nt D Seconl Llbeity Loan lat L L oonv . . . 1932-'47 43 1927-'42 2U(1 L L 43 Thlrtl Liberty Loan l8t L L conv. _ . 1932-"47 4 >i3 4^3 2nd L L oonv-. 1927-'42 1928 4^i3 3rd L L Fourth Liberty Loan l8t 2nd oonv 1932-'47 4>i3 1933-'38 4H3 4tnLL. Vict'^ry Liberty Loan 1922-'23 4Ji3 oonv g notea 1922-'23 3Hs oonv g notes 41930 23 oonsol reglatered4ii)30 2s oonsol ooupoQ ... 192;. 43 reglsterad coupon ... -lyif 4is il9:)(i Pan Jaaal lO-SO-yr 2s Pan '.auai I'j-SO-yr 2b r«s .1938 103' Panami Cana! 3« e 1931 Registered!.. 191i s Philippine Island 43 Cuba ebanoed an4 prtcss are now Sae Ask Low Bid First Llbsrty Loan 3^3 l9t 16-30 year . . 1932-*47 J 1 1 . s Rmje July 2 Gozernment. S. finrnti loai Friday July 2 — - Exchange—Bond Record, — Stock Jan. 1909 tA« Bzcttantt mttfioi of fooanj? N. Y. ' 1 92 June'20 ... J 74 97 I 1 "70" Apr' 26 69 66% 75 91% 98 H'fo" 73 I I I .'.'O'"/ ia2-; !('.''' J J 64% t 91% 98 87% 95 6534 9878 100 1,'>'.''! j Due Oot. 63 I I ; pDueNov. June'20 98% Juue'20 92% May 90 -20 Jiinc'20 Due Deo. . . . . ... ... ... . .. » ' 63 707i 98% 100 92% 97«4 . 90 Option 94 sile. —— — — — New York Bond Record— Continued—Page 58 N. T. BONDS STOCK EJCCHANGE Week ending July Delaware Lack Warren Delaware * West Ist rel 2 Friday LuM Bid Conel. gu g 8H8. 2000 July 2 Ca- V Hany* Week's Kmnt4 or price A 10218 Jan. Sal4 High No. Low Ask Low Peb 9618 96 70 73 67 4 H8 M N fia N M 81 72 12 6778 72 7g 63 38 39 75 7OI2 49 43I2 76 58 48 67 62 80 691a 927g 927s 9018 86 84 86 98 80 92 96 93I2 80 92 93 D W M — H M W 47 38 47 Ys'u '7934 30l8 4134 30 34 41 79 'im'a 48 '8II4 55 7414 80 5618 9212 96 89 70 9514 8512 1981 1961 iW 1961 1962 M 1952 1956 Forcbaaed Unea SHa 1962 J L N O 4 Texas gold 48.. .1963 Registered 1958 16-year secured 6lj8 1934 J Cairo Bridge gold 48 1960 Litchfield Dlv let gold 3e.l961 Loulsv Dlv 4 Term g 3 Via 1953 Middle Dlv reg 6a 1921 •t Louis M M M 4 Term g 38.1951 Gold 3Hl Registered— 1961 1961 Gold 3Hi 1061 1981 Joint 1st ref 6a Seriea A. 1963 Memph Dlv lat g 48. ..1961 Retlstered 1981 Bt Louis Sou lit gu g 48.. 1931 iSd III 4 Iowa lit E 4a 1980 J in 4 Ureal Nor lit g 6a 1919 funea Frank 4 Clear Ist 48.1989 i K»neaa city Sou lit gold 38.1980 Registered I960 Rel 4 Impt 58 Apr 1980 Kansas City Term Ist 48... 1960 Laki Erie 4 Weet iBt g e8..1937 2(1 gold 8e ..1941 north Ohk) lit guar g e8-.194e Leb Val T Ist gu g 4HI..1940 ReglBtereO 1940 Lehigh Val (Pa) cons g4B..20o3 General eon» 4Hi 2003 «S Registered M M 63 N 65 6734 6834 5578 6238 6234 Sale i N K 8518 J O 68 J 51 J 58 A 95I8 5018 5012 5678 89 70 54 62 63 61 63 6318 A A 6518 7618 83 78 97 92 83' 78 99 96I4 IO6I2 9234 911s 70 86I4 100 Aug 69 102 62 63 Jan '19 85I4 9118 55I2 iai2 5812 6934 66 73 78 79 ig 64 78 83i8 72 '21 Dec '19 '20 74I2 65 6334 5958 7612 6334 7218 83 93I2 68 '66 June'20 80 69 69 Apr '20 '20 '20 6II2 Feb 52 53 62 53 6II2 60 6512 6II2 S 70I4 82 6414 '95' 9012 74 68 J H "52" 80 Sale 66I4 Sale 63 6314 72 60 '78"' 'ei" 70 and aaked tbla Sale 76'4 Deo Nov'19 Jan "20 78 '19 62I4 5II2 78 23 78 4978. 59 Oct 09 78 66 67i8 805g 81 80 62 65 80 78 60 TOtj a 72 Feb -17 Aug '19 May'20 6918 waek. 6314 6314 64 72 12 6334 72 67 7978 83i8 6912 80 7514 76B» 8188 8714 6OI2 Dua 60 69 69 Is Jan. » ' "90"l8 72I4 9658 9812 96I4 83 67 7612 95I2 37I4 4238 3612 3378 68I4 SO 70 37 3834 71I2 Sale 9212 68 87 8558 •70 52I2 5234 Sale Due Feb. 72 83 e Due 4812 June 58 pr lien Central 68 June. 34I4 47 68 65 70 77 Sale 79I2 7934 61 NovlO '20 Jan 66I2 Sale 63 84 6418 89 3478 Dec 5218 23i8 2712 3018 2412 Feb 2134 2OI4 20 59 45 35 50 June'20 51 S214 9734 9734 58 Oct '18 60 88 70 38 60 20 7912 109 82 July' 14 4 20 20 69 98 67»4 70 7934 76li 87 80 94ia 66ig I 16 66I2 6638 807g Oct '17 6438 6438 70 63% 72 May20 86 80 9214 '20 5178 9214 83l2 9lia 89»8 60 June'20 June' 19 71 37 9612 51 ll 76l2 June'20 9058 IIOI4 99 28 26 23 45 '20 June'20 397b 25 23 14 24 23 78 66 80 607g 32I2 7 10 June'20 9214 10278 9558 91 517g 59 1 7612 77I2 7578 78 74I2 68 8918 97^ Apr Mar'20 Apr '20 69 90'>8 Mar'17 20 I7I4 30 June'20 20 2378 9678 Feb '13 15 Jan '20 59I2 587, 9034 JuDe'20 1935 Sale 92 49I2 50 49 8678 Sale 6284 6312 6912 Sale 86I2 63 87 63 6912 6912 1997 6178 Sale 6I34 15 16 68 66 90>4 4II2 10 49 1935 1998 2013 A RR 96 86I4 93I4 63 72 79 6912 ""I M n 87 i - 6914 Rlv 61 7IS4 Sale Due Sept. 6212 May'20 72 70 66I2 June'20 57 Sale 64i8 96' '27, 6H4 70 61 69 66I4 "39' 6412 8212 76I4 May'20 6212 62 60 57 56 6212 66 7138 7878 June'20 64 ei7| 49 42 56 75 55 Mar'17 Feb '20 49 4912 82i2 9534 Jan '20 Nov' 16 8238 82 73 73 7612 7512 " 154 May'16 73 June'20 61 M July, June'20 78l2 June'20 8714 8714 6178 77I2 91 32 33 20 51 3834 78 68 8834 95I2 9212 71 '16 Apr '20 May'20 Dec '16 Deo '19 52I2 7012 77I2 44 82 91 Nov'19 June'20 53 91 68 36I4 701* 88 May'20 66 42 91 1 24 4334 42 40 69 May20 28 78 5178 9514 67U 76 May'20 5233 80 9214 Sale 86 05 85 96 94 Mar20 81 102 82 89 93I2 8II4 6518 Mar'lO 28 50 20 78I4 79 86I4 87I4 8018 8412 52I4 Sale 9734 98 89 93I2 7612 6212 Dec '14 3578 June'20 34 49 57 28 3478 1977 68 Due O 4^8.1957 R S } 65 89 20' 71 June'20 37I4 37I4 71I2 70I2 33 76 '051 Mar'20 42 40 24 24 1838 23 29 51 4o 5178 lOlig IOII2 6318 75 8II2 8778 72 8212 9514 Feb 671, June'20 37I4 37I4 91 88 87 95 166 63 '20 97 73 68 37 '965^ 9778 May'16 98I4 Dec '19 93I2 Jan '20' 7612 7612 77 75 85 95 100 100 I Feb 95 89 61 N 28 5934 91 101 8558 90 IOOI4 103 May'20' 62 72 5934 '85 Registered 1997 1934 Debenture gold 4a Registered. 1934 1998 Lake Shore ooll g 3Ha Registered 1998 Mich Ceat ooll gold 3 Ha.. 1998 Registered-.1998 Battle Cr 4 Stur lat gu 3a. 1989 Beech Creek lit gu g 4e..l936 Registered 1936 1936 2d guar gold 8a Reglitarad 1936 Beech Cr Bxt lit g 3He.M951 Cart 4 Ad lit gu g 4i 1981 Gouv 4 Oawi lit gu g 5a.. 1942 J Mob 4 Mai lit gu g 48.. . 1991 guar 1st 4a.. . 1986 F J Juaa Y 4 Harlaa g 3^1.. .2000 N N Sept'19 87l2 June'20 301a New York Cent 4 Hud Mortgage 3^8 7018 6912 99 95I2 Nov' 191 IOII4 Apr -20! 6318 June'20 82 June'20' 3478 Oonsol 4a Series A Ref 4 Imp 4Hb "A" 77I2 Aug*19 93 6t 66 83 59 W Nov'17 65 65 85 26 26 Conv deb 7378 June'20 6912 Feb '20 4758 8II4 9612 6218 72I4 1st 4 refunding 5s B«r C..192G General 4a 1975 Missouri Pae lit eons g e8..1920 40-year gold loan 4e 1946 8d 7a extended at 4% 1938 Cent Br U P 1st g 48 1948 Pac R of Mo 1st ext g 4s.. 1938 2d extended gold 5s 1938 BtLIrM48geBC0ng68 1931 Gen con stamp gu g 5a. .1931 Unified 4 ref gold 4b ..1929 Reglatered 1929 Rlv 4 G Dlv lat g 4a-. .1933 Verdi V I 4 l8t g 5a.. .1926 1927 Mob 4 Ohio new gold 68 »1927 lat ext gold 6s General gold 48 1938 Montgomery Dlv lat g 68.1947 St Louis Dlv 58.. 1927 St L 4 Cairo guar g 4s 1931 Nashv Chatt 4 St L 1st 6a. .1928 Jasper Branch Ist g 68.. .1923 93 95 7912 Jan 19 97I2 9712 4534 June'20 24 24 Non-cum Income 84 66 7212 76 9II2 94 8712 100 8412 72 2712 June'20 22ia Deo 19 NO 95I8 Feb '19 65I2 July' 18 73I2 6978 Mar'2n 29 25 32 New York June'20 46 60 76 of Mex prior lien 4^8.1926 1951 Ist consol 4a New Orleans Term Ist 48...1953 Mexico Ist 68... 1925 Tex 4 Nov'lO 11712 May'lO Mar' 19 73 84 May20 27I2 Guaranteed general 48 May' 19 86 N Nat June'16 Nov' 16 80Ss 7912 73 94 '19 85'>8 99 6912 Aug'19 Dec June'20 92I2 IOOI2 10118 Apr 20 8718 95 100 Feb '20 *66l2 98I4 737g 67 68 June' 19 8712 June'20 75I2 7612 81 12 Sept'19 87i2 June'20 99I4 101 83 101 Sale 8338 85 C1990 Nat Rys of Mex June'16 Jan 85 D D D N 66 85 68 60 6818 63 67 62 60 6038 11 901.S 8118 M M 94 55 7 62 1 Jan 92 86 8778 90 7612 Sale sinking fund iHa.. 1936 J Trust Co certfi of deposit Bt Louli Dlv lit ref g 48.. 2001 A 6% aecured notes "ext" '16 Dall & Waeo lat gu g 5s-.194C Kan City 4 Pac Ist g 4e..l990 1941' Mo K 4 B lit gu g 5s K 4 Okla lit guar 68.. 1942 K 4 T of T Ist gu g 68 1942 Sber Sb 4 So 1st gu g 6s. .1942 Texas & Okla let gu g 5s. .1943 Missouri P&olflo (reorg Co) Ist 4 refunding 5« Ser A.. 1965 lat 4 refuBdlflg 6s Ser Ba 1923 83I4 92 D 8 D D D D D 9533 Bept'12 6758 6758 6334 Mar' 20 6234 6078 61) 92 6512 June'20 Gen 8314 Julj'OO 80 6912 J m N price Friday; lateet bid 80 62 6512 Oct '19 Trust Co certfi ol deposit 1st ext gold 58 1944 lat 4 refunding 4a 2004 Trust Co certfs of dep 881: 9612 1053a 6234 '6234 6234 99I4 0:1. '06 8312 June'20 67 Jan '20 95 .. .. — 4fl 92 S*---- 92 M4 & Mav'20 65I2 90 C* D 2d gold 83 S N No 6234 8 J J J fpringl Dlv let g 3Hl 1961 Western Lines 1st g 4a 1981 Registered 1961 Bellev 4 Car lat 6e 1923 Oarb 4 Shaw Ist gold 4I..1932 Rl Ohlc St L 4 N O gold 58.. 1981 J Registered ...1961 • 62S4 A lat gold 3b... 1951 Dlv O O Mo 77 92 79 72 6038 Sale 1st oona 58 1938 lat Chio Term a f 48 1941 S8 A lit g 48 Int gU-'26 Mississippi Central 1st 6s. ..1949 Kan Tex lat gold 4a 1990 M 73 8458 85 64 65 S MStP4SSMooDg48lDtgn.l93g 'ee" 73 843i June'20 '20 59I8 RR— M Jan 9818 79 62 — '92" 95 103 9818 9II2 6018 Sou lines 4b. ..1936 Internal lit cobs g 4s. .1977 Staiaped guaranteed 1977 Midland Term lat e f g 58.1926 Minn St Louli lit 78. .1927 Pacific Ext Is*, gold 68 1921 1st consol gold 61 1934 refundlDg gold 48 lat 4 1949 Ref 4 ext 5©-yr 5a Ser A.. 1962 Des 4 Ft lat gu 4b. .1936 Iowa Central 1st gold 6e..l938 Refunding gold 48 1951 'ml 92 Jan '20 Oct '13 66 61 Mex 7 8912 73 7538 85 Manila 52 1 1. High 89 64 85 Gen oona gu SO-year 58.1963 Jeff Bdge Co gu g <s...ie4f L& 40 98i8 83 N 4 C Bdge gen gu g 4 H8.1945 Pensae 4 Atl 1st gu g 68. .1921 8 & N Ala cons gu t 5s-..1936 91 91 Jan. Slh M 90 79 8834 Sale 105 L4N4M4Ml8tg4Ha 44 6612 83 I HlQh No. LotD 89i2 June'20 113 Mar'17 92 78 94 8418 & Mem Dlv 4g..l946 Bt Loula Dlv iBt gold 68. .1921 2d gold 3s ,1980 Atl Knox 4 Cln Dlv 4s ...1956 Atl Knox 4 Nor lit g 58. .1940 Hender Bdge Ist § f g 6a. .1931 Kentucky Central gold 4s. 1987 Lez 4 East lit 50-yr Ss gu 1965 1945 L 4 N-Soutll Joint 48.. 1952 Registered »1952 X-J Fla 4 8 lit gu g 68 1937 56 H Extended Ut gold 3Ha.-.I961 94 M N 100 90 Range ] ^ Lasi Sale Ask Low 1941 Faducah D Omaha Dlv gu g 63.. 1941 M M Reglatered gold 3a eterUng Registered OoUaterai trust gold 4l Registered lit refundlns 4a... 1st Week's Range or B13 86 HeglstGred 1933 lat Int reduced to 4s 1933 Leh 4 N Y lit guar g 49 1945 Registered 194E Long Isld 1st cons gold 5S..A1931 1st oonsol gold 4s fil931 General gold 4s 193S Ferry gold 4)^a... 1922 Gold 4e 1932 Unified gold 4s 1949 Debenture gold 5s 1934 20-year p m deb 5b 1937 Guar rofundlcg gold 4s 1949 Registered 1949 N Y B 4 B Ist con g 58-1935 N Y 4 R B lat gold 58 1927 Nor Sh B ist con g gu 6s-0l932 Louisiana 4 Ark lat g 58 1927 Louisville 4 Nasbv gen 68.. 1930 Gold 58.. 1937 Unified gold 48 1940 Registered 1940 Collateral trust gold 5b ..1931 10-year secured 7s 1930 L Cln 4 Lex gold 4)^8—1931 O4 iBt gold 6s 1930 2d gold 68 1930 8518 5834 6278 M lit 2 Leh Val RR 10-yr ooll 68..nl928 Leh Val Coal Co lat gu g 53.1933 9678 10314 IOOI4 M N — Leb V Term Ry 98 70 73 67 D W Week ending July 1. ^S Price Friday July 2 High -us June'20 J 1922 J 6 71 7078 67 1943 21 7334 73 Sale 1935 A O May'20 61U 0514 1946 A O Alb * SusQ conv 3Hfl IOOI4 IOOI4 9978 104 Renss &. Saratosa lat 7e..l021 IN Denver A Rio Grande 48 61 Sale 60 eUs! 1936 J 1st conn e 4a 7 6418 64 6438 68 19361 J Oonaol gold 4X8 5 65l2 66I2 6518 6518 J Improvement gold 6s 1928J 38 44 4434 4414 Sale 1965 F A Ist 4 reJundlng 6a 42 June'20 Trust Co certfs ol deposit 75 Jan '20 40 Rio Or Jmio Ist gu g 68.. .1839 6I14 Apr '11 7018 1940 Rio Or Sou Ist gold Aa 37I2 34 July' 17 1940 Guaranteed— 62I4 Sale 63 'es" Bio Or West 1st gold 4b. .1939 4838 4838 49% Mtge 4 coll tnui; 4s A. .1949 78 82 Deo '16 Del 4 Mack~lst Ilea g 4a.. 1996 2512 July' 16 199S Ck)!d 43 70 697s 70 Det Rlv Tun Ter Tun 4Hb.. 1961 IH N 9318 931 931s Dnl Mlssabe 4 Nor gen 6a.. 1941 J J 86 June'20 A O 7818 87 Dul 4 Iron Range let 6e....l937 IO512 Mar-e8 ...1937 A O ReglBtere4 77 70 83 June' 19 J Dul'Sou Shore 4 Atl z 58.. .1937 J 85 78 86 May'20 Elgin Jollet 4 Kast let g 6a.. 1941 93I2 June'20 94 95 • 1920 Erie let conaol gold 7e 80 Jan '20 N Y 4 Erie Ist est e 48... 1947 IW N 87 92 Jan '20 1923 M S 8rd est gold 4Ha 93 96 93 .1920 A O «th ext gold 86 85 9434 Nov'15 J 1928 Bth ext gold 48 9812 Aug' 19 S '93'i8 100 let g fd 78.. 1920 YLE& N 33 47 i9M J J 46i2 47I2 47 Erie let cong g 4i prior 84 Deo 16 1»9« Keglflterea 35 Sale 38 39 s 38 lit conaol «• Hen g 4a.l»»< 73 June' 16 19»« BedstereO 6312 6918 7458 Apr 20 pcnn coll truct gold 4S..19S1 6 34 37 35 3438 SO-year ceav 4s Sar A..19i 14 34I4 34 35 34 1968 do Series B 43 35% Sale 34I2 36 Q«n OODT 48 Sertet D...19S3 71U 7334 70I2 June'20 Otilo 4 Erie lit gold 53... 1982 m N '17 83 10678 Jan J Olev 4 MakoB Vail g &a..l93« J 7878 8834 Mar'20 J Brie 4 Jersey Ist i f 68...19£S J 80 77 79 79 i Ginesee RWsr lit i f •8...1957 J IO8I2 Sept'19 \V4i A O Long Dosfc eouel g 6s 92 103 Jaa '18 N Goal & RE 1st «Kr gu 6a..l92H Feb '20 75 91 J Dock & Imvt let ezt &s...l944i J 83 85 Jan '18 N Y 4 Greea L ga g 68.. .194* M N N T Susd 4 li Iref 5a. .1937 J J 47 50 52 June'20 26 IOOI4 De« '06 1937 F A ad goM «H8 '44" 39 Is May'20 1940 F A Genera! gold fig.. 88 97 Deo '18 Termlaai let geld 6a 1943 N 72 72 Nov'19 Uld of N J Ist eit 68 194S A O 59 48 June'20 Wllk 4 East 1st gu e 58. .1942 23l2Jan '17 Bv 4 Ind lat caas gu g 6a.. 1026 8II4 8II4 92 90 Svansv 4 T Ist com 6a. .1921 68 Deo '19 1942 lit general gold 68 NoT'll 108 Mt Vernon Ist gold 68. ..1923 95 June' 12 Bull Go Branch 1st g 5s. .1930 74I4 79 74I4 7414 Florida E Coast 1st 4M".-.19*9 92 Aug '10 Fort St U Co Istg .>^e„1941 54 56 Feb '20 Ft Wortb 4 Ri« Gr let s 48.1928 64 76 Deo '19 1938 Qalv Hous 4 Hen let 6s 93I4 Sale 92I2 9334 631 Nor C B 4 Q coll 4e..l92i Great 89 June'20 '"'2 »1921 Registered 74I4 74 7338 74 19ei lit 4 ret 4}^e Series A 98 June'16 Registered 1981 7812 84 June'20 et Paul Man i& 1933 4 97 98 9712 June'20 1933 lit oonsol g 68 96 98 118 Apr '17 Registered 1933 8212 8434 8312 8312 Reduced to gold 4)^8.1933 84 Bcslfltered 1933 '75' 78I4 I0212 May'16 7618 June'20 Mont ezt Ist gold <9...1937 80 Sept'19 Reglatered 1037 86 Mar'20 pacific ezt guar 4a £ 1940 83 6614 78 Mar'20 Minn Nor Dlv lat g 48.. 1948 S 78 9412 Ulnn Union let g 6i 97 Feb '20 1022 9634 9834 100 June'20 Uont C 1st gu e 68 1937 Registered 13614 May06 1937 S5l2 88 1st guar gold 6i 9234 Apr '20 1937 8458 9034 OUs Apr '20 Will 4 8 F let gold 68. .1938 55I2 Mar'20 5318 areen Bay 4 deb ctfs "A" Fab " "7"l2 7 Debenture ctfi "B" 7 May'20 Feb 4 S I Ist re! 4 t g e8..M962 J J 5838 61 65 Apr '20 Golf 62 Sale 62 62 Booking Val Ist coai g 4K8 1999 J 73I2 June'18 Beglatered J 1999 O 65 OOl 4 V Ist ezt g 48 1948 731a Oct '18 76I4 Apr '19 Col4ToI l8teit4a 1988 A 62 75 95 aouslon B«It 4 Term lit 68.1937 Mar'20 78 J 81 Olinolfl Central lit gold ii..l9Sl 80 May'20 J Registered 02 e«pt'17 1961 J "66' 6318 64 June'20 lit gold 3«B 1»»1 J 62 Regis teres 1961 84 Nov'15 J l3t lien eaulp g 4 ref ia Ist BONDS STOCK EXCHANGE Reglatered. * Hudaon 20-year oonv N. Y. Since [Vol. 111. 2 75l2Jan 8912 64 Duo Oct. 64 » '20 '16 Feb May'20 Option sale. "64* "64 — — July 3 — — — New York Bond Recorc— Continue d—Page 1920.] ncc BONDS N. T. STOCK iiJCCHANQB *Bes andlag July 2 H Y Cant A, H R aii (Con)— Ht«c Nor^hera Ist g ie.l92'i W Y * Fu 1st oona £U e 48-1993 pine Creek reg guar 69 B §« A A 1932 j W A O c>SD let ext 6a. -11922 -1941 a BGtland Ist oon g 4^8-. OS & L Cham Ist ge 48 g- 1948 Rut-Canada lat gu 8 48-1649 it Lewr 4 Adlr Isfg 58_-.ie90 1896 SO gold 69 OtJca A BIk Blv ga g 48—1922 tBkeShoregoiaSJ^B 80 J 3H9— 1954 1955 1956 195P COBV debenture 3 Hs Conv debenture 88-1948 Cons Ry non-con V 48.... 1930 Non-conv deben 4b 1954 Non-conv deben 4a 1956 Won-conv deben 4s 1955 Rcn-conv deben 4a 1956 Harlem R-Ft Ches let 48.1954 B A Y Air Une lat 4s. .1955 Cent New Eng 1st gu 4a. .1961 aartford St Ry let 4a 1930 Housatonlo R coca g 5a. -1637 Faugatuck KR lat 4a 1954 W Y Prov 4 Boston 48 -.-1942 N WYWchesAB 9012 COBBOl 4S 1945 Providence Seour deb 4a.. 1957 Prov & Bprlnglleid lat 58-1922 providence Term Ist 4s.. .1956 4 Con Bast lat 4H8-.-1943 ref 1st g 48 91992 «YO4 Registered 16.000 only..Bl992 General 4s 1955 Norfolk Sou Ist 4 ref A 6s. .1961 1941 !f orf 4 Sou lat gold 68 aorl 4 West gen gold 68 1931 improvement 4 ext g 98.-1934 Sew Elver 1st gold 6a 1932 4 By lat oone g 4a .1996 Begtotered 1996 Dlv'l Ist Hen 4 gen g 48.1944 10-2e-ye«f eonv 48 1932 SO-20-year sonv 4a 1932 10-26-y«ar coqt 4 Kb... 1938 lO-year conv 69 1929 W W FocabC4CtolQt4a...l94] M M M 3 J A J Q J J M '78" 8134 J A j m 4 Imp 4^8 ser A R3 Oonsol 4H8 General 4He General Sm 1960 1966 1968 10-year secured 78 1930 Atleg Val gen guar g 4E...1942 D B RR 4 B-ge lat ga 46 g 1930 niUa Bait 4 let g 4b.. 1943 odua Bay & Sou lat g ea.l924 anbury 4 L^wls let g 4a. 1036 U If J RR 4 Can gen 48.. 1944 f eanaylvanla Co Guar let gold 4He 1921 Begutered 1921 Guar 3H9 coll trugtr eg A. 1937 W Gear SHsooll trust serB.1941 Qoar 8 Ha trust ctJs 0...1942 Guar 3H8 trust otfs D.-.1944 Guar 16-26-year gold 48. .1931 4e-year guar 48 otti Ser B.19&2 OIn Leb 4 Nor gu 4s g...l942 01 4 Mar let gu g 4 Ha... 1936 01 4 P gen gu 4Hb aer A.1942 Series B 1042 Int reduced to erleaCSHs-. D enea B 4H« P 4H8 A. .1931 6312 65I2 6714 Sale 65 Sale 99I4 79 95I4 '17 Nov'18 N0VI9 87 87 6618 6338 June'20 66% 66% 6338 70% 72 72 68% 6714 Novl7 64I2 6618 6512 67I4 65 '64'% 15 64!l4 74% 64 7178 1 '19 97 12 June'20 70 June'20 '94'lj "97'% 68% 79 45 June'20 45 4518 Feb Apr 45% 45% 44% 48% 44% 66 48 '20 '20 4512 June'20 48 K K '75' 65 Feb 81 8 134 io' 46 r June'20 3912 40 68I2 69 >s 50 Oct 17 j 91I2 Jan j 60 49 51 j A m F 3 68 79I2 A J m j M J M M 87 83 6978 37I2 29 75 74 58 65 7114 70% Sale j Oct 76 Dec 73% 73% 9S% Jan '20 70 70 70 June'20 55 70 80 97% g 70% May'20 5134 60% 60% 70 96 97 Feb 78% Oct 100 I 64 63 65 j 7038 M 7478 93I2 79 Sale Sale Sale Sale Sale 7512 8534 75I2 8234 10238 7314 82 M E T Va 4 Ga 82 65 1 89 81U Apr 20 75% 78 83 10258 7214 June'20 83 Feb '20 May20 78 102 Jan 697» Dee 11 93% 8II4 15 62 129 89 833t 75% 88% 83 92% 73 847« 83 93% 464 101 103 72 14 83 83 83 78 82% W '17 80% 92 j 9758 Sale 97 M 65% 58% 70 58% 63 P j J A m M M 9778 14 Apr '20 69% Mar'20 69% Feb '20 9638 j 60 "62" J a 76 67 64 84'i2 8OI4 8OI4 J M u Friday; latest bid and asked, 89% 69% 69% 71% 76 84% 96% 80 84% 84% 84% May 18 71% 79 Deo "16 96U Feb '12 90% Oct '12 88% Feb '17 7.) Apr '20 79% May' 19 76% Apr 20 7368 81 67 07 79 86»* 90% 9334 70% 76 8078 N0T'19 93 77'4 68 May'lO Apr '17 75 8234 87% NoVie 88% 8epfl7 77 79 83 80 80 80 87% 72 80 80 80 May'20 Apr '20 90% Oct 73% May20 90 90 80 '19 7338 a Juno'20 Due Jan. 6 Due Feb. 72% 84 ff Due June, a Due 82 5538 .. 54% 53 Sale 6534 67 8238 Sale 60 47 Sale Sale 47% 93% 95 8II4 8734 66 93% 61 5934 Sale 45 54 52% Sale 5138 Sale Mid N J 54 49 33 41 55 50% Sale Sale 54 72% Due SO 70 86 60 8678 39»4 50 5134 5 31 48% 66% 49 69 54% 62 May20 55 50% June'20 321,1 33% 51 40 41 16! 54 1 54 64 64% '14 60 6078 4978 61 30 38 54 64 41% 80 May'20 Dec 81% 49 64% 64 '16 Mar'20 Sale Sale 761; 90 74 95 68 87% 75% 62% 8658 '88S4 12 49 105 53 75% 94 937s 106 65% 78 75% 82% 60% 70 6278 Oct Mar'20 87 95 85% 8478 87 Nov -18 100 87 "81% "85'% 8478 Oct '16 8458 89 8458 May'20 8458 9334 90% 9478 94 94 85 June'20 93 94 91 Sale 96 Mar' 19 Mar'20 100% Oct '17 9834 Apr '20 91% Apr '20 87 98S4 96 96 6278 7358 68 77 87% 92% June'19 627s 99 91% 93% 85% 9378 86% Apr '20 86 96 6278 Sale' 85 6278 July 19 71 7034 Sale 697, 78% 7938 77% 85% 8eptl9 Sale 5534 Sale 54 5534 97 67 172 51% 52 51% June'20 '"7 71 _ 71% 7178 71% 58% 60 61% June'20 77 80 80% 81 7634 June'20 78% Apr '20 7934 '54" "61% 58% 50 71% 90 61% 67% 763,. 7634 78% 8058 "l2! 81% 88% 83 June'20 60% 55 8153 Sale 54 557s 815s 52% 68 Oct '19 89% 91 May'20 83 44% 94% 73 55 87% 55 81% Mar '16 92% 80% 91 91 81%i 8I34 8134 9378! 92 July'19 51 52 Jan '19 9534 9258 'so' 66 9578 99% Jan '20 97% Apr '20 80% May'20 65 Aug '19 92% Nov'19 99% 100 97% 80% 90% 96 60 Feb '20 102% June' 11 86% 160' 96 Jan '20 82 Deo '16 '93" 104% Mar'20 82 90 7934 82 80 May'20 "95"% 55 66 597s 80% "70" '77"% 79 60 70 7034 50 60% '79" 62 75 25 75 46% '4'7' 82 80% 80% Apr -19 80% May'20 83 Apr '20 75l2 80 83 65 76 65 88 86% 73% 82% 85 76% 86 62% 66 7634 82 62% 37% 36 75% 47 82ls Apr '20 May'18 Nov'04 May'20 Apr '20 Feb '20 62% Doc 'IB Feb '19 May'20 83I4 84% 77% 80% 70 82 62% 73 74 42 ?8 47 75% 47I4 347s Sale 6478 '77"% Sale 82 58 7634 951s 9534 84 24 70% 71% 9 96S4 9634 2; 82% June'20 76 75% 88% 88% '67, 89 8OS4 » Due Nov. 33 '58 67% 97% 25 82 79% 67% 7834 8434 77% June'20 Sale Sale 9534 Sale 6634 70% 81% S3 75% Sale 87% 89 79% 86 64% 68 86% 82 Sept 17 77 79% 67% 9678 90 80 70 80 55 18% Mar' 16 12% 18 Aug 'IS 64% 68 65 May'20 " '9"% 96 89% 55 80% June'20 55 106% 83% 83% 81% 77% 69 70 85 35 60 95 77% 62% '65% 68 June'20 81% 83 82% Apr 20 Oct. 7378 Sept' 16 81 Mar 61% 73 '18 100 81 64% Feb '14 74% 96 69 95 88% D Due Aug. 5678 63% 86 W * 93% 100 '211 July'19 8658 Mar'20 96% May' 19 8734 1 W 93% 60 61% 50 Apr '20 52% 52% 60 59 87% 56% 66 3978 50% 9478 102 9234 85 60% lOl 747s 81 95 93 95 Dlv g 6s. ..1930 Ser 7184 81 98% Jan 60% 62 89 59% Jan 86 7834 62% Mayl6 May n 947s 87% 52 June'20 923s 71 77 72 '55' '60 9478 June'20 60 61% 93% 93% 48, 20 225 520 83% 60% 47% 85 78 90 87% 71% 42 54% 313 66% 20 655g 82.% 60 7578 5978 40 May'20 55 8478 W July. 7538 74% 79 77% May20 85% 85% June'20 85 M W W 83% 66 80 7358 104 . M M M W 98 9638 73 >8 Jan '20 77 Nov'19 76 June'20 66 66 80 Feb '20 68 78% 9534 963s 97I4 78% 70% M j 9.-?% 64 4HB-68-..1996 4-6B..1921 E 68 1926 1926 F 5s General 68 1936 Va 4 So'w'n let gu 68. .2003 Ist COGS 50-year 6a. .1968 O 4 1st cy gu 48 1924 Bookane Internat Ist g 68. .1965 Term Asan of St L Ist g 4 Ha. 1939 1894-1944 lat cons gold 68 Gen refund a f g *3 1963 St L Bridge Ter gu g 68-1930 Texaa 4 Pao let gold 8b 2000 2nd gold Income 68 f2000 La Dlv B L 1st g 68 1931 MIn 4N Ist gu 681930 Tol & Ohio Cent let gu 68.. 1936 Western Dlv lat g 6a 1935 General gold 68 1936 Kan 4 lat gu g 4s 1990 1927 2d 20-year 68 TolP4 lat gold 48 1917 pr lien g 3H8.1926 Tol St L 4 60-year gold 4b J960 Ooll trust 4s g Ser A. .^.1917 Trust 00 otfs of deposit Tor Ham 4 Buff 1st g 48. .11946 Ulster 4 Del 1st ooub g 6b ..1928 1962 Ist refunding g 48 1947 Union Pacific Ist g 48 1947 Registered 1927 20-year conv 48.. Iat 4 refunding 4s c2008 10-year perm secured 68.192S Ore RR 4 Nav con g 48. .1948 Ore Short Line 1st g 68... 1922 I8t oonsol g 6s 1946 1929 Guar refund 48 Utah 4 Nor gold 68 1928 iBt extended 48 1933 Vandalla cons « 4« Ser A 1956 Consola 48 Serlee B. 1967 Vera Crui 4 P Isfgu 4143.. 1934 Virginia Series Series '93 m 743s 72 Mob 72% 42 5 May'20 Apr '20 Apr '20 Dec 'l' Sale 95 69 B 102% 100% 78 597s 74I4 Sale 1966 1st gold 5b 1938 Tenn reorg lien g 6fl Oa Midland Ist 3b 1946 1922 Ga Pac Ry 1st g 6b Enoxv 4 Ohio lat g 8s. ..1925 4 Blr prior lien g 58.1945 Mortgase gold 4e 1946 Rich & Dau deb 5s Btropd.1927 1948 Bich 4 Meek 1st g Os 103% 108 30 89 8534 7558 75 82% 73% June 17 Mar' 16 90 Cons '17 82% j 81% '19 '19 '16 101% .. 69 98 96 65 100% Feb 751s 76I4 -. I '20 6378 84% 75% 10 May20 103% 10778 637a Sale 80% 67% 67% 49% 56I4 June'20 37% Dec t 1 69 '26 May 19 76 94 68 86 77 99 6338 Sale J W 1st g 8878 97 May20 97 100 87 77 4434 _ 1951 Bt LoulB dlv lat g 4a Ala Gt Sou Ist oona A 68. .1943 &tl 4 Chari A L 1st A 4H8 1944 1st 30-year 58 Ser B 1944 Atl & Danv let g 4s 1948 id 49 .1948 Atl & Yad let s guar 4s.. 1949 Nov'19 98% Apr 97 93 J 70% Dlv High 76 81 T Mem No. Low 76.8 June'20 65 80% J J 1894 1894 1956 Develop 4 gen 4e Ser A Mob 4 Ohio coll tr g 48. ..1938 - 05 82% 73% 104 — lat cone g 68 ReglBtered 76 60 40 80 J eoutbern '19 Since Jan. 1. 997s Nov'19 Tex 4 N O con gold 5a... 1943 1956 So Pao RR Ist ref 48 70% 78% 77% 96 67I4 5OI4 F 80 94% 10434 72% 80 98% 98% 7OI2 Sale 6714 6878 5OI2 Sale F 103 '19 9634 9534 V A 6714 70 J J 103 17 Mar20 7034 J '20 71 N Ho NOT'16 80 7778 Sale 4 &4 N W 5fii4 87 10034 "64" dlv lat g 8s '30 Waco 4 1941 iBtgug SB Louisiana 'West lat 6e 1921 Morgan's La 4 let 8s. .1920 of Cal guar g 69 1938 Ore & Cal 1st guar g 68.-. 1927 Bo Pac of Cal—Gu g 6s.. .1937 So Pac Coast 1st gu 48 B..1937 San Fran Terml 1st 48. ..1950 7758 775s IO2I4 1045i 76 9534 Sale 7312 75 94I4 6878 68 .. F '20 60 71% June'20 71% June'29 6978 A W 61% 60 49 May 20 Fob M GH48AM4Pl8t 40 52 7038 J m M M (k M 32 71% 72 6912 J Q Apr 122 103 70 79 p A a A 34% 64 29, 55 7758 IO2I4 103 58 Sept' 17 55 A 41949 f 1928 1934 Cent Pac 1st ref gu g 4s_.1949 Registered 1949 Mort Huar gold 3«8..Jtl929 Through St L 1st gu 48.1964 6al931 1831 2d esten 6S euar Gila V G 4 N l8t gu g 68. .1924 Houa E 4 T let g 6a. -.1933 1933 ^ iat guar 58 red. fit & T C 1st g 5s Int gu...l937 J 1921 Oon gold 4& int guar '13 74% Dec '19 55% 55% 92% Jane'12 60 Apr '20 5518 Sale P M M 44 M»r'20 9978 Deo '13 8838 Feb '14 675s J 11 39 70 40 38 _ 35I2 97 Registered 20-year conv 48 ao-year conv 68 July' 14 Aug O Gold 4b (Cent Pao ooll)..*1949 May'15 IO6I2 37 Ist land grant est g 68. .1930 Consol gold 6b 1943 Ga Ala Ry lat con 58. .01945 Ga Car No Ist gu g 68.-1929 Seaboard Roan Ist 63. .1826 Bouthem Pacific Co 4 '17 50is 48% M M m 65 39% 50 65 76% Deo 4818 Sale 7558 BIrm 30-yr Ist g 4a..el933 Oaro Cent let con g 4b 1949 •* Fla Cent 4 Pen 1st ext 68.1923 J Oct '19 Nov'19 65 6278 196'J Atl 12 66I2 j 46 A ^ Hig! Ranre -33 Co o Co 82U Apr '20 73% June'20 H M M M W AsK Low 72 72 M Refunding 4s July 18 J 3912 Sale 68I2 Sale ..1953 j Serlrs04a 1043 C C 4 St L gu 4H8 A. .1940 A Series B mar 1042 A Series O goaf 1042 Series D 48 gnar 1044 Series R gije guar gold. 1940 f No price 93I4 9514 May'20 Mar'20 99I2 M • Aug 685a 8Ha..l942 a 1948 93I4 May'17 Jan 09 85 Brae fU 71 45 39 39 43 45 70 72 '60"l2 94I2 60 Range or Last Sate [Bid D F N 61921 1st Ser A 68.1956 Ist Series B 4s 1956 Philippine Ry 1st 30-yr s 1 48 1937 Pitta Sh 4 L B Ist g 68 1940 lat consol gold 5h 1943 Beading Co gen gold 4e 1997 Registered 1997 Jersey Central coll g 48 1961 Atlantic City guar 4s g..-1951 St Job & Grand Isl Ist g 4s . .1947 St Louis 4 San Fran (reorg Co) Prior lien Ser A 4s 1850 Prior Hoc Ser B 5s 1950 Prior lien Ser C 69 1928 O Cum adjust Ser A 6b ftl956 A Income Series A «s 61960 0«* J St Louis 4 Ban Fran gen 6s. 1931 J Goceralgoldea.... 1933 J St L A S F RR cons g 4s.. 1990 J Southw Dlv let g 68 1947 A K C Ft a 4 cons g 6s. 1928 ^ C Ft a 4 Ry rel g 48.1936 A C 4 R 4 B let gu 58.1929 A St L S lat g 4s bond ctfs..l988 2d g 48 Income bond 0tl8.pl98y • Oonsol gold 48 1932 i lat terminal 4 unifying 6a-195a •• Gray's Ft Ter lat gn g 68.1947 J 194" J S A * A Pasa Ist gu g 4b Seaboard Air Line g 48 1960 ^ Gold 48 stamped 1960 * Adjustment 6s 01849 f 2d gold 4H9 Fere Marquette 87% 74% 84% May 20 82 77 70 72% 74 aerlee 1950 F 3Hb Pitta gu g SHe B..1940 j Series ..1940 j Gr 1 ei lat gu g 4HB.1941 j Ohio Connect lat gu 4b 1P43 Pitta Ash let cone 8s. 1927 4 O R4 Y4 Tol W V 4 O .. '64" 2047 J N 65 69 76 N0V19 9912 9812 64 62 93% 93% 7814 7634 93I4 99'2 M Jan 13018 6234 J J 52 53 '20 69 78 76 M L4P 97% 'lO 95U June'20 a A A m 95 May'20 Feb '20 103 9714 M O & T 1st guar gold 63.1922 j V 4 N E ist fu g .ia..l989 M orthem Padlio prior lien railway 4 land graat g 43 1997 Q Beslatered1997 Q General ilea eold 8s o2047 q ReglBtered ca04i Q . Eel Sale j m Oct 4 G May20 8412 76 St. L (Cos.) Series F guar 48 gold. ..1963 J Series 1957 4s guar Series I cons gu 4H8-..1963 ? est Ist cons g 59. .1932 A Peoria 4 Pekln Vu lat 6b g..l921 Q Apr May'15 6512 June'20 7SI4 7818 SclO St Faul-Duloth Dlv g is.. 1996 St P 4 P gen gold 6b. ...1923 Registered oertIllcate9.-1923 et Paul 4 Dulutii let S8..1931 lit CODSOi gold 4s 1968 Wash Cent ist gold 48 194S Sor Pae Term Co let g 8b. .1933 Oregon-Waah 1st & ref 4a. ..1901 PaoUIo Coast Co l«t g 6S-..1948 Faduoab 4 nii Ist 1 1 4Ha..l956 Pennsylvania lat g 4a. .1923 OauBol sold 4a 1943 OODSOl gold 48 1948 ' '65 J High P. O. O. Week's Price July 2 Week ending July 2 92^8 59 3 Friday 1. 101 103 A J 95 77 52 60 9258 Y. If. '19 Nov'16 Kov'16 «3l8 Jan '20 76 Ist aer I 4H8'46 J BoBton Terminal let 48... 1939 A Wew England cons 5s 1945 J W 78 60 S * Connect 1st su 4^8 A..1953 F W T R H & Hartford ^cn-conv deben 4b 1947 M Won-conv deben SHs 1947 M Son-conv deben 3H8 Ron-coDT deben 4b .. Won-cocv deben 4e 7814 9612 J 1997 1997 lieglfltered 1928 Debenture goW 4b .1931 88-Fear gold 4s 1931 Bcglsteredea A <fc a R 1st su c 68. -.1938 1934 alahon CI RR 1st 68 Fltts 4 1/ Erie 20 g 58-. -01928 FlttS McK & Y l9t BU 88.. 1932 19o4 3d guaraDtsefi 6s «llohlgaD Central 6a 1931 1931 BeglBtered 1940 «t 1940 Registered 1951 i L 4 8 Ist gold 1952 goiaSJiBao-year debenture 4a.. 1929 S V Chi & St L lat g 48 -.1937 Registered 1937 Debenture 48 1931 »eat Shore Ist 4e guar. ..2361 SeglHtersd 2361 Y C Lines eg tr as. .1920-22 EQUlp tniEt «H8.. 1020-1926 92S8Jan '20 113 '5T18 J J Since High No. Low Low BONDS STOCK EXCHANGE Range Jan. Last Sa:e Ask \Bld 88I4 .-el's 88 96 3:9 Week's Range or Friday July 2 j m ' Feb Deo 74% 86% 77 77 78% 8878 68 95 68% 81 9634 101 82 1 81 103 93 74% 85 88% 92ll| 'IS '19 80% June' 18 36 May' 19 « Due Deo. » Option sale — — " 1 Price w»el! ending July 2 Since A M DW Income 59 pl943 Wastern Pao Ist ser A 5b ..1946 WHeellng A L E 1st g 5s 1926 Wheel Dlv 1st gold os 1928 Sxten 4 Impt gold 5s 1930 Befunding 4Hs series A. .1966 RR l9t consol 4s 1949 Wlnston-Salem 3 B 1st 4fl..l960 syia Cent 50-yr Ist gen 48... 1949 auD 4 Dul dlv 4 term Ist 4b '36 N y 74U 76 81% S3 A 7412 A A 63I4 6918 O 47 81 56 22 J o 8 O J J J 54 52 52 74 12 Ocfl Apr 20 69 82 Aug'lS s A M M 8.) 66 4812 82^8 Sale 78^2 Sale 831^ 89 SO 75 4812 811 8II2 56 Oof 17 79 51 69 3 5 6 "26 Apr 20 Feb' 17 90 's Mar' 17 46 JUQe'20 5238 Apr 20 62I4 Apr 20 63I4 Juae'20 67 May'20 48 81 54 8878 5512 '72 53 92 63l2 8.« 921? J J 5912 61"8 6912 63 6312 65 45is 52 % 53 56 62I4 62I4 60% 7 Am 24 2II4 231' 38 36 32 44 SSVg 617s 6ljl2 61 60 23 66 70 67 Sale f A A O J J A A O O J D ref 5s ser M M S F S A F 38 27 22 A J D J w N J J A O J J 41940 M Savana Eleo oonsol g 58.. 1952 F A 3ud8on Co Gas iBt g 6s 1949 M N Kan City (Mo Gae Ist g 6B.1922 A O CIngB Co El L4 Pg 08 1937 A o No price Friday; latest bid '20 77 70 Jan 60 6OI2 40 42 75 20 32 2014 31 512 5 7-34 June'20 4% 7I2 51 5014 6478 Jan '20 Dec 19 55 90i2 Feb'17 50 55 64% 64% 95 80 40 July'17 Jan '20 4018 11 80 40 35 2OI4 . 52 2334 2OI4 2034 65.% 30 25-14 21 21 23 2OI4 87 93 90 60 69 80 41<i 75 31 84 8778 92 66 75I4 47l2 47lj "25" May'20 2312 June'20 23I2 6533 6538 2214 12 30 30 20% 30 63 of W A m o s J J 84% 84 82 83 8312 70 Pow 75 F A 5914 J J F A 72 M N 83 J J 75 F A ... M M M J s J J J J M i J S 84 Septl9 Deo '19 851s 84% 8412 90 98 June'20 Apr' 19 85 89 « 71 72I4 1 Feb 7634 '20 721 70 82% May 20 IO4I2 Apr 82% 8312 74'4 77 82 105 60 89 7812 13 82 75 8138 73I2 Sale 77 82I2 8712 '17 SUs 80 80 60% Jime'20 89 89 Apr '20 77 7812 May'20 34 8512 6534 79I2 90% 72% 83 Apr'19 July'17 ... A 8II2 Am Agrlc Chem Conv deben Am 66 74 May'17 Apr 20 70 85 8y7s ... May 20 97»2 88 10 91 70 8412 May'20 and asked, a Due Jan. 6DueAprU. 89 70 9838 Oct' 17 8412 Mar'2ii July 19 82 90 88 86 84% S8 c Due May. 94 \ 8734 Sale 73 57% 59 85 ' '70 70% "65% 102 71 797g 82 ! 92 95 89 84 78 75 83 94 59 May 7278 56 81 90 94 89 84 20 Apr 96 20 73I4 72% 83% June'20 2 M:ir 211 85% 78% 5 108-34 86 88 95% 95 89 95% 76S4 86 75 Apr 20 83i| Apr 14 June 16 59 88 85 85 76 70 71% June'20 81 7178 583a 20 62 20 9078 July 19 May 90 93 85 71% May'20 67% 91 59 70 95 82% 21 97% 78% 82 75 93 24 70% 83 50 100 102 74 62% 60 60 90 78 84% Maris 91 Apr 20 101% Oct '19 85 May'20 90 97 S2 72 90 8734 Sale" 84% Sale 86% 8734 19 84 85% 27 9138 8734 88 8734 66 96 98% 96% 86 84 Writ Paper a '70' 1939 J 7-68 1 87 75 75 91% Ist 26-year a f 5s 1934 "* Cuba Cane .Susar conv 73 ..1930 J Distill Sec Cor conv 1st. g 5b 1927i A I du Pont Powder 4 v^fi ig.lrtjJ General Baking let 25-yr 8s. 1930 i Gen Electric deb g 3 i^e 1942!* 1S52IM 89 95 97 Is Sale 77 79 95I4 96 91 89 63 67 85 90 1940I 98% 78% N 4 ref a 76 100 -1932:"* Y Imp 4 Susq Iron Debenture 5s Buff 8 f Cahaba C M Co lat gu 6b Colo F 4 I Co gen s f Ss.. al926 M Am 'ish 95 88 Oct 81 99^8 72 74 105% 87 49 5 84 j June'20 79 June'20 74 90 87 843/ 99I4 7734 103% 90 94% 105 911, 'I , , 5 95I2 " 101 9734 93 93 89% 9738 77 89 7734 86% 78 72 72 95% Julyl9 Nov 19 Deo 14 June'20 72 98 73% June'2 1 74 76 Feb 85% 40 30 , ' 99>4 93% 897« 92% 90 June'20 85% 86% 86% 78% Sale 77% 78% 85% Sale Sale 93% 91 88 96 16 77 9634 83 '19 771 ' 97% 93% 7878 101 78 "8() 88 91 '14 82 100 78 lib 77 I '20 June'20 May 20 May 20 .4 8978 89% 77 100 I 86 85 76% 85% 72% 84 83% 93% 8G 90 90 84 94% 99% 76% 1 i 8512 70 80% May'2ii 84 84% 75% 83 84% 85 6884 84 89% M '7'6"% Sale '85 62 82% 80% 96 80 7 71 70 86 "' June'20 8334 May 20 89% 90 88 June 20 8634 70 80% 82 72 93 67 -""'i 361 80 88% I 9934 88 99% Novl9 Mur 19 80% 83% 8014 June'20 & Telephone 48_.2397 2397 gen 5s... 1937 O Q N Y A N J Telephone 6e g..l920 M N Y Telep lat A gon s 4 Hs 1939 M f 30-yr deben s f 63. ..Feb Pacific Tel A Tel 1st 5s South Bel! Tel A T Ist e f 5s West UuloD coll tr cur 68- .. Fund A real eat g 4 Ha Mut Dn Tel gu ext 59 Due July, i 60 W lat g Norrhwe^t T^l «u 4Hfl 74 .1929 J .193HM 1933 30-yr temp ooll tr 58 1946 J 7-year convertible «9 1925 F Cent Dlst Tel Ist 30-yr 59. .1943 J ft 77 91 72% 73% 73% M Telep 4 Tel coll tr is Convertible 4a.. 20-yr convertible 4 Ha Due June, 1017g 77 91 " " M Talegraph 100% 91% 90% 78% Sale 78% 77% 78 93% '-'-'-'91% 75s 1922 J 1943 F Col Indus 1st A coll 58 gu..l934 ^ Cons Coal of Md lBt4ref 6s- 1 950 J Elk Horn Coal conv 6s. 1926 J Illinois Steel deb 4^8 1910 * Indiana Steel lat 68 1952 M Jeff A Clear C 4 I 2d 58 1926 • Lackawanna Steel lat g 58.. 1923 * lat cone 5s series A 1950 MIdvale Steel A O conv s f 681936 Pleasant Val Coal lat a f 58.1928 J Pooah Con Collier lat s f 58 1957 J Repub 14 8 10-3()-yr 58 e f.l940 * St L Roc. Mt A P 58 8tmpd.l955 J Tenn Coal I A RU gen 5a. .1951 J U S Steel Corp fcoup <11963 8f I0-60-year68irog (J1963 1931|M Utah Fuel lat a f 09.. Victor Fuel lat 8 f 58 _.1953'J Va Iron Coal A Co.e Ist g 5r lP-19 •* — 102 77 94 Apr 84% 9934 111 97% 95% June'20 --16 91% 92% 91% 92 93 June 20 94% 95 16 9414 Sale 94% 94% M Ss. 5b 20 78% 93', 97 9958 99% 99% 86% 81 102% 77 93% 70% 81 9554 74 96 I92h J 1942 1930 J 1932 J 5s f 102% 91 76 Sale 81 Sale 9934 Sale 7834 Sale Steal A .8 87 beo.jr.l922 J a 8' 76 87 M m4 4 18 May 84 83 89 60 99% Jan 20 104 1930 J of Cal ist 58. 1 1931 J U S Realty 4 1 oonv deb g 5g 1924 J U S Rubber 5- year sec 78. . . 19'22 J Ist 4 ref 6s series A. 1947 J U 8 Smelt Ref 4 conv 68 1926 F Va-Caro Chem Ist 15-yr 59.1923 J Conv deb 6e «1924 * 4 77 82 Stamped Union on Co f 76 95% 95% 98% Nov 96 76 100% 100% 97 95% 100 85% 85 85% 92% 91% 96 92% SO 83% 88 June'20 M & 96% 103% 105 Air Bra.e lat conv 6s 193-; "^ Standard Milling lat 58 193(,' The Texas Co conv deb 6a 1931 J Union Bag 4 Paper Ist 6s.. 1930 J Ist ext s ref 6b guar 95 95 -3 June'20 89 June'20 63 63 85 86 86% 77 101 75 91 92 Juue'20 97i'> 96% 76% June'20 1935 J f Elec'rlc let 6s 91 83% 81% 97% 98 91 77 91% 73% Dec 18 May'20 Sale 119 74 91 70 90 98 101 1935 J conv ser A. . .19471-Llggett 4 Myers Tobac 78 1944'A 69 ..1951IF Lorlllard Co (P "s 1944 A 58 1951 i^ Nat Enam 4 Stampg Ist 58 1929 • Nat Starch 20-year deb Sa 1930 J National Tube lat 69 !9»2 "* lat 90^ Sale 74 117 SeofU. 70 68 89% 86% 79 51 June'20 May 20 May 20 93W 94 E Debenture 58 20-year ileb. 63.. Fob Ingersoll-Rand let 58 Int AgrloCorp lat 20-yr 6s. Int Paper conv a f g 5a 8758 100 92 9934 92% 92% 92% 92% 79 June'20 79% 80 77% Sale 77 14 78 117 117 May'20 '7"5" Baldw Loco Wor.B Ist 5s.. 1940 * Cent Foundry Ist 8 f Ss 1931 r Cent Leather 20-year g 5K-.1925 * Consol Tobacco g 4s 1951 ! Corn Prod Refg s t g 59...Il931 '* Apr 8534 3 10 3 June'20 I 73%' 83%' 92 90 75 .--I 84 66 96 Sale 78% 78 1928 A 1924 F lat c 58 5s Registered Cumb T A r 1st A J Keyetoiie Telephone l8t5e..l93.T J Mich State Teleph Ist 6s. 1924 f 88 '18 84 65 71 71 76 Feb 71 71 58 72 I on debenture 5s. 1931 * Am Sm A R Ist 30-yr 6s ser A '4' A Am Tobacco 40-year g 68 1944 A Gold 4a 1951 F 67 80 85 83% -Am Cot 58 8512 847, 8018 90% 59 Manufacturing & Induitrlal June'20 1 85 19 101% 73 1 i 71i« 71^8 20 Oct 19 75 90 84 66 73% 97% . 60 Apr'17 17 72.34 8.5I4 60 Mar'17 May'19 58 20 10 102 77 Commercial Cable 100 89 76 11 10 73 M 88>» 70 55% 11% 10 Sale Sale 71 A 88% '20 11% 71 M 89 81 85% 55 66 70 1943 J 88% Mur'20 60 N M 95 90 Feb 18 Feb '13 6OI2 8 IK 9512 8234 77is 84 " "8"4 M 8712 95I2 1941 _ 20-yr p 79 fis N 79 86 89 101-34 95 171j Sale 102 Sale 98 75 1 938 J .1966 A 10-20-year Ssa erles 3. . 1932 J Y Doc. 50-yr let g 49 . 1951 F Niagara Falls Power lat 5a 1937 J Ref 4 gen 68 al93'.' A Nlag Loc- & O Pow 1st 58.. 1954 Nor States Power 25-yr 5s A 194! A Ontario Power N F lat 68..I943 F Ontario TranamlsBlon 5e 1945il*' Pub Serv Corp N J gen 58 1959 A Tennessee Cop let conv 68 1925 Wash Water Power 1st 68 1939 J Wilson 4 Co lat 25-yr s f 68. 19 A 10-yr conv s f 83 192S J 8212 98" 5sI[Il040 r a let 58 Morris 4Colst8f4H8 MtgeBonds(NY 4a aer 2 lat 79 June'20 M 8778 59" D J 82 8412 June'20 83 N N N O 99I2 79 Apr '20 95I2 Apr '20 8234 June'20 8 O June 19 10 '39 J f let s Mercan Marine 81 '20 Apr 84 June'20 11% Computlng-Tab-Rec a f fi8..194I J Qranby Cons MS4P con fis A '28 "• Stamped 1928*' 70 79 81 June'20 Mar Nov 95 87 88 56 52 1955 J Buildings 58 guar tax ex.. 1960 A ChlcC 4 Conn Rys a f 5a. ..1927 A Chic Un Stafn Ist gu 4 Hs A 1963 J l3t Ser C 6123 (ctfs) 1963 J Chile Copper 10-yrconv 7s. 1923 M Coll tr A COQV 68 ser A 1932 A Beth Steel 98I4 79 94 100 8478 84 91 91 92I2 87l8 100 9478 86 8II2 72 14 Sale 87I2 D D J | 97 93 90 79 867« O J 85 85 7378 A M A M Sale 093g Sale J J M N 72 86 84 84 87 M M M M 66I4 1 Hs Ist real est 4 Coal, Iron 9OI2 103 Sept'15 68I4 68I2 eSijSale 80 72 S 1 1938 '9412 77 51 51 Htjh 73 96 74% 88 Booth Fisheries dob a f 68. ..1926 A Braden Cop coll trs f 6s. .1931 F Bush Terminal Ist 4s 1952 A West G L N Y Ist cons g 68. 1932 m s Qas 4 Elec Berg Co o g 5s.. 1949 J D ' 58 7 17 512 6912 5334 _ . 46% 92" 22 75 May 20 8912 June'20 73 May 19 60 Dec 19 66I2 June 20 47I2 Apr 20 80 June' 17 J O O 619 4% Sale Sale 50 35 19.34 1 13lj I3I2 21I2 June'20 2II2 June'20 82 87if. 13 73 July'19 66 94 40 22 75 69 68 60 23 78 6714 67 51 J 60 68 54 40 21 40 61 7219 N "32 JUne'20 July 19 N J 31 18 June'20 June'20 Mar 20 Dec' 19 Apr 20 21 40 54 92 77 70 2378 512 Sale 578 5 N 711 66I2 40 2OI2 A O 28 53I2 54I2 Oct' 19 57 21 20 fiO 51 51 75 72 So — 57 64 63 60 '20 68 J J Jan I9I2 78 Apr '20 1434 137s 1434 1434 5II2 4618 8118 J J 6712 66I2 July ly 01 19 94 J J '»YGELH4Pg 60 58 56 45 40 39 J 58.1933 J PurchaBe money 68 1997 Convertible deb 8b 1 925 ea El II! Bkn Ist con g 48. 1939 - «o Gas L of St L Ref 4 eit 58 "34 klllwaukee Gas L ist 48 1927 Newark Con Gas g 6s.. 1948 68 1948 Purchase money g 49 1949 Ed Elec III Ist cone g 6b.. 1996 ^ ¥ *Q El L4P ) it con g 6s . 1930 Pacific G 4 E 'o'o Cal G 4 E Corp iinlf-Ing 4 ret 5s. ..1937 Pacific G A K gen 4 ref 68.. 1942 Pao Pow 4 1. 1 1st 4 ref 20-yr 68 International Series 1930 fat 4 Passaic G 4 El 58... 1949 '«op Gus 4 C let cons g 89.1943 Refuartlng gold 58 1947 Ch O-L 4 Coke 1st gu g 68 1937 ConGCootChlBtgug5s 1936 Ind Nat Qae A Oil 30-yr 681936 Mu Fuel Gas let gu g 58.. 1947 pnlladelphla Co conv g 58.. 1922 Stand Gab A El conv a f 6b. .1926 Jyracuee Lighting lat g 68. .1951 ^yraeaae Light A Power 68.. 1954 I>ei,ton O A El Jat g 58 1949 Uulou Elec Lt A P Ist g 68. .1932 KefuLdIng A extension 6fl- 1933 Fuel Gap Ist • f fie.. 1936 T'nitf 77 525 A aI960 A 66I2 8 Stampe' ...1927 J J Clolumbus Gas 1st gold 68.. 1932 i J Jonsol Gaa 6-yr conv 7a. .-1926 Q F Ouna Gas EL4P of Bait 6-yr 58'2 M N Detroit City Gas gold 6b J 1923 J 4 53 May 20 6212 65 1378 Sale I312 48I4 Sale 53I2 51 51 58 June 20 53 23 78 73 57 53 5678 Sale 1914 Sale M 38 6OI2 55 M N let 60 57 50 51 23 4OI2 58 coll tr 66 80 60 1937 rn-Clty Ry 4 Lt let a 1 58.. 1923 Oodergr of London 4 Ha 1933 Income 88 1948 Onlted Rys Inv 5fl Pitts Iss" 1926 Onlted Rye St L let g 48 1934 J St Louis Transit gu 59 1924 A •Jnlted RRb San Fr s f 48 1927 A CnlonTrCNY otfBdep Edison lat 31I2 3718 75 64 M act and Elactrlc Light Atlanta G L Co let g 5s 1947 3Siy Bll'ion Inc gen 59 A 1949 iislyn Un Gas Ist cons g 58.1945 Olccln Gas 4 Elec lst4ref 5b 1956 Oolumbla G 4 E let 58 1927 June'20 80 60 M M EQultTrCNY InterctfB Va Ry 4 Pow Ist 4 ref 58.. .1934 35 35 J 53 53 » Y State Rys Ist cons 4 He" 1962 Portland Ry 1st 4 ref 68 1930 Portld Ry Lt 4 P 1st ref 58-1942 F Portland Qen Eleo let 68.1936 J J« Jos Ry L 4 P let g 68. .1937 •t Paul City Cab conB g 6s. 1937 J Tblrd Ave let ref 49 1960 AdJlncomeSs r»l!-d Ave Ry Ist g 371 33 28 50 47 45 66 Apr "20 May'18 Dec '19 4s H 3334 2II4 J El let g 4-6s...l950 Stamped guar 4-58 1956 Kings County E Igt g 48. .1949 Certificates of deposit. 21 72-8 Un W 21 June'20 23 12 June'20 4110 39 36:8 M N 1949 Nassau Eleo guar gold 48.1951 Jbicago Rys 1st Ss 1927 :onn Ry 4 L 1st 4 ref g 4 Hs 1951 Stamped guar 4^8 1961 Oet United Ist cons g 4 Hb.. 1932 ft Smith Lt 4 Tr l8t g 5s. ..1936 •3na 4 Manhat 5s ser A 1957 Adjust Income 58 1967 N Y 4 Jersey let 68 1932 iJterboro-Metrop coll 4HS.1966 Certificates of Deposit... Jaterboro Rap Tran let 58.. 1966 Jachat Ry (N Y cons g 48. 1990 Stamped tax-exempt 1990 njanlla Elec Ry 4 Lt sf 5a..l963 Metropolitan Street Ry Bway 4 7th A V Ist c g 68.1943 Col 4 9th Av let gu 8 59- 1993 Lex Av 4 P P 1st gu g 68. .1993 «let 9 EI (Chic let g 48.. 1938 rfllw E!ec Ry 4 Lt cons g 68 1926 Refunding 4 exten 4^8 1931 «4ontreal Tram let 4 ref 58.1941 ^9W on Ry 4 Lt gen 4 Hs 1935 « TMunlclpRy Istsf SsA 1966 W Y Rye Ist R E4ref 48. 1942 Certificates of deposit... SO-year adj lne68.. . 01942 68 series B Va Ist 58 Montana Power Certlllcates of deposit Certificates of deposit stmp'd 8k City let cons 5s. .1916-1941 J B^ U Co 4 8 con gu g 58. .1941 8!slyn Q Co 4 3 1st 59 1941 J Stamped guar SS 1948 1925 I92e 1920 M deb as A Conv deb Great Falls 23 Low N. High 73% 88I2 1950 coll tr g Is Alaska Gold iQt Str*«t Railway a)ooklyn Rapid Tran g oB..1945 1st retund conv gold 4s 2002 !-yr 7% secured notes. .41921 Ask Low Bid 73% 74 Consol 58 7678 9012 Range Since Jan. 1. Mlicellaneout Adams Ex Armour 4 Co 87^8 100 S S M N 48 56 36 334 Aug'l June'20 7818 9012 ... 45I4 48 5OI2 52 A vVeHloheater Ltd gold 6s Nov Week's R'lnge or Last Si e i A Lt let 58 1944'F Ulloa Elec L 4 P l8t g 5b. ..19501 Utlca Gas 4 Elec ref 5a 1957 97.2 July'19 7034 1 8S78 Mar'20 7513 J (Concl.) Utah Power 74i_ 68I2 J J F 95I8 Price I Aug'lS no. iVoL. Friday July 2 July 2 Ga« & Electric Lt 74 June'20 74I2 75 Week ending 1 " 4 Htgl. 82 90 J O Lotr 7214 J S Nov M Jan. Ask Bid 1962 M 1939 m 1939 F 1939 J Debenture series B 1921 Ist !len eQUlp s fd g 58 1954 1st Men oO-yr s term 49 1941 Det 4 Ch Ext Igt g 59 Dee Moines Ist g 49.. 1939 1941 Om DIv Ist g 3^9 1941 Tol * Ch Dlv g 4s *Mb Terml Ist gu 3Hs 1945 let 40-jT guar 48 1945 1952 West Maryland Ist g 4s Weet N Y 4 Pa 1st g 58 1937 Qen gold 48 ..1943 Virginian 1st 69 series » abash Ist gold os aa gold 09... "Detroit " BONOS N Y STOCK EXCHANGE Range Friday July 2 BONOS STOCK EXCHANGE Bulyn J New YorK Bond Record— Concluded— Page 60 Y — 1 u 194i( O A O i J i A 65 KCJ "83"% 74% S8 J 193,- i j! M W Nl Nl June'20 77% 73 75 94 92% 81% 81% 78 89 I 78% 75 89 27 80% 83% 8218' 29 25 7634 14 76 1' June'20| 60 70' 74 89 76% 62% 69 77% 85 72% 83-34 92 99% 81% 96 60 81 i I 97 1 '20 18 Apr '16 June 20 99% Jau 20 Sale Sale Sale 7634 Sale 73 70 3 lOS 71 98 83 88 80% 73 I 5 81% Apr 60 83% 82% '" 771, " 68% Jan "78'-8 89 74% 73-34 70 Nl U'5(i 194! 74% Sale Sale Sale J .. 1937 J 194) i 77% 74% 93% 81% 64% 86% 82% 96 99', 99% 72% 81% 81 9634 76% 88n 78% 85% 7)ii 86% 74 81% 101% Sept 17 94 Nov 16 ! Due Oct. p Due Nov. {Due Deo. 193^ J Due Aug. » » Option sale. 5 1 BOSTON STOCK EXCHANGE—Stock JxiLY 3 1920.] SHAKM PUCES—NOT PER CENTUM PRICES. Saturday Monday June 26 June 28 I24I2 *120 124 6II2 62 62 •123 62 *82 123 63 S2 82 33 ' 321'' 33 I •40 •130 ..'-.' 135 'SO 32 *40 *130 *120 62 *80 32I4 *32 *40 135 137 Thursday Wednesday June 30 Tuesday June 29 I 122 62 130 122 63 63 82 32 40 137 July 1 122 80 Frldav July 2 122 123 32I2 33 63 80 32I2 40 135 135 135 •80 32 42 135 •7 5 9 133 74 •334 •7 ._, 74 5 *7 5 9 133 * *74 74 74 133 74 75 *60 •29 *61 29381 *2878 6212 73I2 29 73I2 *73 73I2 •71 80 40 71 40 80 40 51 51 51 22 •39 51 •434 *ll2 •7 93I4 8OI2 •74 634 •478 II2 134 7I2 8 9312 SOI" 76 8OI2 7 *6 93 •75 17 1534 29 8 •2 *2 8I2 10=8 2I4 2I4 •1334 •5 3258 •20 65 75 146 •145 •31 •15 •3914 •25 'I8I2 _ 137s 5I2 3258 2012 _^ '•ii" 3II2 17 39I2 26 20 50 6I4 28 478 7 9212 z79l2 81 76 8 17 29 *20 •65 145 3034 *13 39I4 24 1834 *46 238 2is 1334 2OI2 I912 6712 75 146 144 38. 15 41 2434 2II2 21 3978 3978 •108 10812 80l8 57I2 2 1358 5I2 •5 32I2 I9I2 75 144 144 9OI4 *145s 1478' 38 24 45 678 I2I2 678 160 I2I2 95 95 81 73 60 68 I 40 24 2434 39I2 I 15 20 2434 67 25I4 40 3934 108 64 ' 3912 107 2434 39I2 24 2058 21 31 30 30 I9I4 I9I2 I9I2 I9I2 72 •60 73 63 74 74 63 68 68 34I2 153 58 '34" 100 100 Mergenthaler Linotype 100 255 Moxloan Investment Inc.. 10 122 New England Telephone.. 100 Ohio fk)dy A Blower no par Orpheum Circuit Inc 1 "3"5' " '3'8' 22 2012 4012 IO8I4 24 I6I2 205s '1434 3778 '1434 3778 22 20 4OI2 IO8I4 31 24I2 3978 3984 237s I6I2 2OI2 I9I4 I8I2 74 19 74 63 68 26 61 66 25I2 •25 25I2 61 66 25I2 10 A no par 26 5 30 Feb 18 Feb 11 39 134 Jan 6 Jan 28 24 1658 2084 10 Do 68 60 100 5 210 WIckwIre Spencer Steel 23 12 Feb II 81 May 28 85 M:n- 29 73i4June21 15 Jan 20 70 June 15 38 May 17 49i2May 25 4i4May 24 1 Feb 24 5 Feb in 80 Apr 30 i79i2June 29 7134 July 2 5 July 2 xl5 June 21 28 June 14 8 June 29 .80 •28 •2I2 •10 9 .05 320 .95 .80 .95 6134 63 •6158 30 28 28 3 11 10 910 .09 320 258 9 *.05 314 .25 30 234 10 9I2 .09 315 29I4 29I4 2658 III2 37I2 4I4 121'> 1158 3Sl2 3758 •414 838 29I0 12 38I4 4I2 8I2 12 I2I4 8I2 12 v» 4I0 8I2 1218 4I2 2 5 4I2 *2l2 268 *2l2 '58' 8134 30 134 12 83 878 1618 •.50 •138 8l8 1214 SI4 I2I4 III2 3734 134 *4l2 Hs 5 25s 21') 258 1 34 1 81 30 30 80 30 80 30 338 13s 338 3I2 158 312 212 212 312 5I2 5% 5I2 *2 I6I2 *5l2 4I4 2734 12 3734 4I2 3:81 2I2 3I2 •27 .09 310 83 30 13s 61 9I4 57 158 334 334 458 27I2 234 10 5612 138 •338 5I2 .07 301 30 5634 3I2 •2 5 9 .40 i56l2 338 3 134 258 934 .75 63 5834 338 •3 .75 64 6 5 61 17 3 212 458 6II2 *16l4 5 6II2 1678 24I9 26 •35 •50 40 52 3812 40 4I4 61 I6I2 26 28 85 II2' 33s 5I2 7 878 1612 .60 3 2I2 2 834 138 II2 138 49 .09 30 258 10 9l2 .09 8 I2I4 838 24I2 37I2 8I4 17s 414 5 2I2 •1^ 34 5612 57I2 =214 3 3 2 338 5I2 4I2 31 6 4I2 Last Sale 2 Last Sale '3I2 5I2 4I4 I6I4 138 24 50 8I2 I6I2 .75 II2 884 I6I4 •.14 238 .20 .14 434 5 434 50 I5I2 •5 4 334 4 334 •334 5 4 2 .65 134 134 134 158 2 *.60 .65 *.55 158 612 134 212 .75 I512 .75 .65 *ll2 .75 16 .75 * 238 .20 .14 5I2 II2 2I4 .50 I5I2 Bid and asked prices. .65 1% II2 1' 1«4 ll2 21 •2I4 .75 .50 .50 I5I2 17 7.') 15 134 134 6I2 II2 61k .60 16 .35 6 Ez-atook dividend. .75 <l 158 4OI2 14 112 llo " 6 II2 Superior 25 Superior 540 TriQitv 134 ll2 .25 S..^ 4 Boston Conpi'r 10 26 Winona « Assessment paid, ft fi 6 1 Ex-rlghts. Jan 8 Jan 2 132 86 3i2 2i8 132 84 1 Mar 30 Mar 5 365s Mar 10 70 Jan 6 86 94 z71 72 70 86 85 86 597, 2514 Mar 31 Dec Dec Dec Jan Oct Sept Dec Nov Nov Oct Feb Mar Mar 15 Oct 38l2 Sept 1 June 7 8iiJune24 lOO'-sMarlS Apr 20 167 Jan 13 83 19 Jan 6 Apr 20 38 3619 Jan Jan 70c 11 30 136 90 110 Jan Jan Nov Jan Feb Jan June June 78i» July Jac 40>4 July 99it Aug Oct Jan May JaD Apr JUDf 5 Dec 7I4 56c ; Sept Jan Apr 914 Nu\ Aug AUK 2I0 > 2 Dec Feb 108i« May 162 Nov 78U Jan Dec 16 84i« 21ij Not 171 Jan 261s Dee 7 1 21. Dec Dec Dec 13ljMa> 1 9."; 1 79 : I ! Dec 14l2May28 14 13 60 188 47 7i4MarlS 2 97 38if July 116 105 23 100 50 58 82 API SOU Apr Oct Jan 31 45'4 Jan 3 5518 Jan 6 87 145 83 2il2Marn 1 Higk$$l Dec Dec Dec Dec Dec Apr Jan 3 Jan 5 11 11 May! 140 28 Feb 13 15 June 12 39i4June 2:s Apr 1 * 16 1434Junel9 45 June 21 4.34 M.'f 4 12 June 29 9I2 Apr 30 94 June 16 Feb 6834 fi 57 June 8 123 July 1 33 June 16 8258May 8 24 May 20 28 June 10 100 May 25 90 June 16 14t4May 4 36!2June 4 21i2June 19 Feb 13 13 2378June25 I214 Feb 11 Febl'^ 17 30 June 18 18l2May21 51 59 Mar 2 May 5| 60 23 Feb Feb 6j 25: 75c Mar 22 60 May 25' 35I4 10 61" 28i4June24i Mar 2838May 8S Apr 157 Feb 3612 Jan 23 3 7 8 20 2 3 I 8 ! 47g N.)^ 161* Ma: 412 Dec 39 Apr 138 2312 Oct Oct 28 Apr 19 76 June 10 Jan 2 Feb 7 81s Apr 8 Si's Apr 8 11 Jan 8 IOII2 Jan 10 82 June 24 63 Jan 20 Jan 3118 6 ! 26 June 60 May 25 Mar 68lj July 90 Jan 878 34 24 79 172 38»4 38 Jvat Not Der Der Jai- Not Mai 27 45 8OI2 Ian 21 53 Jan 26 89I4 Jan 3 36-38 Jan 3 13812 341s Mar 30 17618 Jan 19 Jan 12 99 16 Jan 2 65 Jan 3 3110 Jan 7 25I2 Apr 6 4934 Apr 8 133 Jan 2 73 Mar 10 28 Apr 13 Jan 2 49 26 Feb 11 19 Mario 2314 Apr 7 44I2 Jan 26 26 Feb 3 134 77 I2 42 Dec Nov 36 Feb 11 Jan Nov 99 86 Dec Feb 149 Jac Jao June 47IJ Nov 72 July 83 Sept tie Mai 145 Feb Jan Jan 199 Not 90 6714 60 130 1 938 71 93 14 35 30 1 ! I5I2 321, 116 62l2 1 44 1 251? 734 16 July Dec Dec Jan Jan Jan Jan Oct Jan May 28 Aug 17 16 37 38 Mar 160 Mky 7412 Nov 55 31 May JaD 2058 No? 2|i2 July Feb 43 26 83 July July Jon Jan 7212 May 80 July Oct -...._ -_•>• Apr 6212 Mar 91 10c Apr Dec 62 4I2 Mat 9911 Dec 16 May 5911 Oot 36I4 Dao 27I4 N«V 5914 0«' 60 321: Jan 5 Apr 27 Jan 2 Jan 3 Jan 10 Jan 5 Jan 5 Mar 3 Jan 5 Jan 3 21? Jult II4 July July July Apr 7 75--. Oct JaD 1 Jan 3 Jan 6 Jan 7 May 20 Feb 5«4 5158 Feb 27 258June28 Oo» Sept 28»8 79 June 18 66 Jan 21 70 Jan 9 3012 Mar 22 25oJune 9 9 61>)M;ir I'^l May 'Oi S'' 1078 40c 10»4 May 17 May '20 16 5I4 21 Feb 13 Mar 12 I2 24i'>Jun 25 37l2Jun*^24 1 Is May 13 Mario lOe lOcMay 1 4l2 Foljll 3i2May 20 II2 Apr 1 60cMavl9i li2May'20, June 26 6 1 l3sJun«26 June 14 40c June 15 2'- 1 May 19 16 I4 July i Ex^dlvldend. 1 w 72 24 7io 29 89 I2I2 2112 I214 12 39 2 4S4 8 13s 4 200 60c 42 78 24 3i« Jan 5 Jan 8 1 23 |UMar22 Half-paid. Feb May 3»4 I4I2 Oot 21 Aur 6S4 Jul) Oij July Ti May 2 5534 88i2 41 eig 2% Jul> July July July May Jtllj 7«8 Jul} 6I1 July 458 Oct 10 July 13i« June 10 July July 29U July I2it July 28 Ocv Nov 87 83 131jMa) Feb Apr 20S8 July 30lt 13 112 Mar Mar Mar Mar Mar Jan Mar 40C Sc Jan Jan * Mfur 1 Mar lU 1 1 S's 3i! 2 Mar Mar 46 62 40 2»4 Jan 6 Jan 8 Jan 7 Jan 10 Jan Oct May 6 AS Jan 29 Keli20 Apr Apr Der SU Jau 6 6 2 7 2I2 Apr 15 25c Jan 10 6 Jan 7 9H 20 82 Feb Mar Apr Apr Feb Jan Feb Feb 26c 750 3 3 Jan 19 H» Jan 10 3 Jau 23 May May 67*4 Jan 3 S Feb Feb 14»4 6I4 87, Apr20 Jan Jan Jan Jan Jan July July 36-Ss Jan 2 2I2 491 May July 2 2 Is May 12 May 12 90c Mar 4 July lOifMay Mar 480 3 8O0 Jan 27 258 Jan 26 58 65 68 19 Jan 18' May Mar Mar Mar 99c Mar 27 3711 Jan Nov 20c 360 I 59 Feb 8 SOOJune 30 409 40i8 I712 Feb 13| lUiJunell I6I2 37l2June2I 4858 3 Jan 3 47s 14I4 8 June 30, 1134 Feb 111 16 1 June 25 412 Apr 7 41 > Feb 13 eisMarSl 2 May 19 4 Jan 6 60c Mar 26 34 Jan 14 39 Feb 13 59 June 25 77 Apr 21 82 June 21 29 May 20 38 Jan 3 3' June 16 5 Mar 24 1^6June22 214 Jan 5 3 May 20 478 Apr 7 23gMay 12 3it Jan 3 l-\sMay24 3 Jan 21 esg Jan 3 SisJune 15 21 6 May 11>4 Jan 2 7l2 Jan 2 4ViMay 14 26 26 26 28 279 Wolverine 25 Wyii'iriotte.. .75 6 26 Victoria Last Sale] 2I4 Junc'20 Last Sale] .50 June'20 •15 17 1612 16 .25 A 510 Tuolumne Copper 890 Utah- Apex Mining. 380 Utah ConsoIJdated 1,000 Utah Metal 4 Tunnel 658 Ez-dlvldend and rights. M 10 26 8 5 33s 7 49 June 15 38 May 20 12t2May 24 320 Shannon South Lake 100 South Utah 158 Mar Mar 7 11 1278 Feb 2 lijMaye 8 J 15 13 18 23 IP IOC) 65 Osceola 26 Qulnoy Last Sale 238 June'20 .14 •.15 .20 .201 Last Sale, /uno'20 *3<!4 334 4 4 2 2 2 2 •.50 .65 .65 .65 6l8 1'2 2I2 6 214 134 26 25 26 6 6 100 Mar 11 Feb Apr June I2I2 Apr 384 Feb 27'4 Feb 19 Feb 63 Feb 25 26 39 50 I3I4 138 6 26 2 6 25 25 26 13 St Mary's Mineral Land.. 26 %o par 10 Seneca Copper Corp 9I4 25 14 •1314 26 25 26 62 80 28 40 130 May 21 May 28 38 46 143 178 178 79 Feb Ifl iSi2june 30 15 Feb 13 130 887 Nlplsfllng Mines 2,700 North Butte 39 50 40 52 Mohawk New Cornelia Copper New Idrla Quicksilver New River Companj Do pref •24 40 25 40 Mine North Lake Ollbway Mining... 70 Old Dominion Co.. 39 50 134 138 9I4 3812 3812 1334 21 9 *24 178 158 84 25 40 52 39 *38l2 •138 158 370 June'20 June'20 86 85 I6I2 171.1 1658 Last Sale .75 June'20 Last Sale II2 June'20 I3I4 6I2 16 16 1^8 158 160 I6I2 Last Sale 6 Last Sale 27 1334 6I2 II2 234 .75 6178 I6I2 158 6 4W 1658 I3I4 Uf> " 558 4I4 Valley Mass Consol 666 Mayflower-Old Colony 185 Michigan 5I2 1612 83 Mason June'20 June'20 I6I2 7 .50 Keweenaw Copper Lake Copper Co 110 La Salle Copper 538 62 28 1 3 6II2 334 . 2 4l2 2I2 3018 301s 3I2 3I2 338 Last Sale l'^6 June'20 Sale 3 Last June'20 3 3 314 61 •3812 I2I2 30 61 50 . 338 138 238 134 4I2 2I2 30 3I2 158 334 3I4 2I4 1334 •334 •134 12 2 1'8 434 284 9 30 138 •60 13 62 241 3812 52 4OI2 •178 SI2 80 1334 .14 8I2 30 138 178 .08 fi .09 79 1334 238 .20 5I2 .10 •414 6178 26 40 50 42 200 Adveniure Consolidated.. 26 Ahmeek 25 Aliiomah Mining 26 Allouea 26 300 Arcadian Consolidated 25 400 Arizona Commercial 100 Bingham Mines IC 750 Butte-Balaklava Copper.. 10 102 Calumet A Heola 2£ 1 2,205 Carson HUI Gold Centennial 25 25 105 Copper Range Co Daly- West 20 K 1,302 Davlfl-Daly Copper.. 10 851 East Butte Copper MIn, 476 Franklin 25 26 15 Hancock Consolidated 500 Helvetia 26 Indiana Mining 2f 885 Island Creek Coal... 1 Do pref.... 55 278 Isle Rdyale Copper 2f f 120 Kerr Lake .95 Last Sale .75 June'20 57I4 5712 5612 5712 7912 79I2 7812 80 138 178 .80 10 9 .05 I3I4 •.14 •5 .95 Last Sale 6I34 June'20 Last Sale .25 June'20 Last Sale 28I4 June'20 234 284 234 3 10 10 1084 9I2 9 9 121) 13 134 *4l2 212 *138 334 3I8 2I2 3I2 5I2 4I2 .80 310 316 300 310 310 320 27I2 27I2 27 28 28 28 1158 I2I2 Last Sale 12 June'20 37I2 3712 *37l2 3812 3812 39 4I4 4I2 Last Sale 438 June'20 158 87s I6I4 .75 II2 .50 3812 9 .40 33s 834 1618 .50 38 258 10 .75 63 8412 1638 .75 *24l2 *.25 28 3I2 8412 16 .50 615s no IP 2 Apr 17 Apr 23 Apr 14 Mining •6158 6712 Jan 8712 Jan 993s Jan 12 Jan 3 " 38 May 24 100 IO6S4 June 18 6434 July 1 24i2July 1 39i2June 18 pref... 2rt Mar 132 Lowett IOC 4i2June 4 Jan 28 8 130 Jan 30 74 June 7 no par 36 Torrtngton 25 22 Union Twist Drill 5 1,607 United Shoe Maob Corp 25 96 Do pref.. 26 S,046 Ventura Consol Ol! Fields. 5 10 1 ,962 Waldorf System Ino 56 Waltham Watch.. 100 305 Walworth Manufacturing. 20 150 Warren Bros 100 5 Do 1st pref ..100 40 74 63 68 100 65 211 107 pref Shawmut SS 1,035 Slmms Magneto 122 Stewart Mfg Corp 596 Swilt 4 Co 22 39I2 Do 405 Pacific Mills 15 Plant (Thos Gl pref 25 Reece Button-Hole 1,460 Root 4 V Dervoort CI 9338! I6I4 I914 1st pref 100 455 Massaohuaetts Gas Cos 58 65 *73 MoEHwaln (W H) 807s 85 68 '25l'2 on A Trans Corp.. 10 930 Llbty. McNeill 4 Llbby...lO 80 Loews Theatres 10 1,010 Island 7 I2I2 115 30 207s • lOf. no par no par pref 57 24 2438 5f 8078 57 125 2058 1634 60 684 12 10 6434 2412 3968 40 I6I4 •2434 2014 6734 2434 I6I4 25I4 3712 2134 108 24I4 30 31 9338 *14l2 22I2 2034 4OI2 2034 50 85 85 Last Sale 2912 June'20 Last Sale 28 Juae'20 I6II4 161 8412 'i4h 22 16 2058 2078 32I2 I 3612 38 2418 I 1658 I 160 '1458 45 95 81 57 123 9OI4 3734 2434 2OI2 201i 39I2 4012 IO7I2 IO8I4 67 160 6% 12 10 25 37 I 658 50 10 12 146 146 3012 801?. 22I4 I 2434' 60 39I4 144 Do pref._ 315 Anglo-Am Comml Corp.no par 50 Art Metal Construe Inc.. 10 733 AtlasTackCorporatIon.no par 13 Beacon Chocolate 10 6,797 Blgheart Prod * Refg 10 205 Boston Mex Pet Trusteeeno par 395 Century Steel of Amer Inc. l»i 190 Connor (John T) 10 East Boston T.and 10 786 Eastern Manufacturing 5 190 Eastern SS Lines Inc . 25 Do pref.. 100 180 Edison Electric Ilium 100 115 Elder Corporation no pa»Oorron-Pew FIsherleR 60 102 Greenfield Tap A Die 25 237 Internal Cement Corp.no par 400 Internat Products no pa 50 Do pref -...100 30I2 Last Sale 3934 June'20 39I4 3912 3914 40 24 24 24 2418 I7I2 19 I712 19 3II2 15 39I4 •94 95 12 I3I2 I3I2 1312 Last Sale 5 June'20 32I2 3212 32 327s 20I2 2OI2 20I2 20 Last Sale 74 Mjy'20 20 Do 10 Service.- 2£ Amer Telep 4 Teleg 75 Amoskeag Mfg 8 2 60 60 Am Oil Engineering 10 2,447 1312 32I2 934 28 29 *70i' 2434 2 I3I2 8078 81 5734 58 •I23I2 125 126 125 32I4 3238 33I2 34I2 8434 85 8412 8434 26I4 •25 2612 2734 2812 29 58 •30 25I4 •2 Street.. pref Amer Pneumatic 2I4 2I4 8I2 End May 25 MIscellaneou* 270 1038 2I4 58 94 8II2 73 63 68 *62 lOls 2I4 2I4 2I4 18 31 20 •25" 1038 lOis 214 45 •30 •60 10 28 Elec stampd.lOC pref. 100 Central. 100 4 Hartlord.. ..lOf' N YNH 165 West 59 Do 2934 29 1734 10 28 8 45 67s I2I2 1534 1534 8I2 1038 2I4 Maine lor Ry & Northern New Hanip!!hlre_10(; Norwich 4 Worcester pref. 100 93 Old Colony... ...100 Rutland pref 100 Vermont A Massachusetts 100 73 14 6 17 5 pref_ Do 10 261 80 6 17 100 100 AUSY Do Georgia 93I2 16 1934 684 93 80 7134 9314 8012 29 46 25I4 19 6 24 934 10 50 8 144 12 *48 50 16 28 •18 46 2434 1978 7912 7134 "7"34 I9I2 39I4 55 25I4 71 73I2 6I2 67 75 144 9278 9338 7912 •13 •2434 3978 •2378 I6I2 2078 2078 I9I2 9284 7912 26 2II2 21 *39l2 40 IO7I2 IO8I2 3934 2378 16 2078 IOI4 23s S 15 39I2 68 1634 S 7 75 5 514 512 5I2 Last Sale II2 June'20 7 8 7 134 24I2 67 40 24 79I2 48 478 13 68 68 93 478 *ll2 24 160 38 40 50 3034 638 22I4 80 3II4 13 10 94I2 •14 22 75 39 •3034 6l8 25 28 73I2 3034 15 39I2 160 •1478 8 73I2 6I2 734 1534 17 2812 29 •12558 126 34I2 32I2 34I2 85 8434 85 26 2612 •2214 134 33 94 80 58 •159 478 II2 7I2 93I4 73I2 50 •5 95 29 39 50 3212 •94 •28 80 33 I212 'ss' •25 7312 5 2 1358 934 * 29 3278 214 10 59 128 29 21s 137s 012 10 1278 8II2 29 * Maine A Providence lOf) Boston Sub irban Elecno par no r" Do pref 50 Boat * Wore Elee pre 00 pa Chic Juno R 101 Last Sale 10334 Oijf 19 Last Sale 72 Mar'20 6212 6212 2918 2918 2812 2912 Last Sale 81 June'20 Last Sale 85 Mar'20 73 73I2 73I4 73I2 Last Sale 22 June'20 Last Sale 75 Jun '20 39I2 39 3912 39 6212 8 10 10 8II2 6212 8I2 IOI2 2I9 2 1378 5I2 1278 •58 •125 621? 22 ^75 39 50 I 5 134 •1534 IOI2 *73 22 5I4 •28 •8 • *61 6212 2938 74 75 10' 10' pref_. Feb 17 119 60 "" 80 10' pre 64 Boston Last Sale 8 June'20 Last Sale 130 Juae'20 I Do Do 5 9 133 76 Kaage for Prtutmt I H10»M Loviett 55 Boston 32 42 135 Dec'19 Jnn Year 1919 62 Boston 4 208 Boston Elevated 6212 11 Last Sale lOc •334 Itanor Since Railroads Albany 123 62I2 80 61 See Next Page EXCHANGE Week. Shartt . BONDS Record STOCKS BOSTON STOCK Salet/of the J 2 7ic "' l.>ec Dw May 71, II4 Jan Jan l'-* 1 Mar 1 July July .52ij July 73 July 83 July 75 July 2«it July 4I4 July 1«» *!* SIf 50c JUQt Aug II4 June ft'i, Nov 1 514 June 2 S» 3ep« 358 June 12i« July 6 i\ July July Jul> July 50c Jan 16 .Mar 3 31 40c Mar 1% May — — — M .5 — — — . • THE CHRONICLE %2 [Vol. 111. Baltimore Stock Exchange. ^utside^tock^iXcM — Boston Bond Record. Transactions in bonds at Boston Stock Exchange June 26 to July 2, both inclusive: —Record Friday Last Week's Range Sales for of Prices. Last Sale. Price. Bonds U S Lib 91.54 85.24 85.04 86.10 85.50 89.90 85.90 95.92 915/g 915^ 2d Lib L'n4Ms.. 1927-42 3d Lib Loan 4Ms... 1928 4th Lib L'n 4)43.1933-38 1922-23 i%s Am Chem 5s... 1924 AtchTop&Sre4s...l995 Atl G & W I SB L 5s ..1959 Victory Agrlc Belgium 7K>s 70« 70M 69 1945 Gt Xor-C B & Q 4s. ..1921 "'93K K C Ft S & Mem 6s. . . 1928 93 1929 Mass Gas 4K>s Miss River Power 5s. .1951 N E Telephone 5s Swift & Co 1932 1944 Tel 5s. . 1932 1st 5s Western Tel & High. Low. 90.64 85.24 84.84 85.54 84.50 88.14 85.00 95.24 Loan 3>^s. 1932-47 1st Lib Loan 4s. 1932-47 2d Lib Loan 4s.. 1927-42 1st Lib L'n 4^8.1932-47 85 H 78 70 98M 98M 93 H 93 80 71)^ 78'A 85)^ 77 Range since Jan. 93)/s 93 80 llVi 78Ji 85-^ 78 Low. $2,750 950 1,200 4,000 23,050 77,850 45,450 28,500 1,000 2,000 6,000 1,000 3,000 1,000 1,000 1,000 10,000 1,000 6,000 89.04May 82.04May May 82. 04 82.14May 8 1.60 May 86.00May 81.74May 94. 84 May 915^ 70 H 69 98 }i 93ya 93 80 695^ June June June June 78 82 May May 77 June July July July Mar 1. High. Jan Jan Jan Jan Jan Jan Jan Jan 91^ June 81yi Jan 81 Jan 98 K June 95% Jan 100.00 93.04 92.34 93.80 92.98 94.96 92.98 99 30 93 July 91 M Mar 76 Jan 85 Mar 93 K Jan 84 Jan — Last Stocks Par. (*) Albert Pick & Co Amer Radiator, new 100 Amer Shipbldg, pref...lOO Sale. Price. 620 270 50 40 74 73 92^ 15Ji 1,755 3,126 1,755 91 15 93K 15% 15% QlVs 93M June Feb 9VA July 47 49 54 June June June Beaver Board (J I) (*) Chic City & Con Ry -(*) Pt sh com Chicago Elev Ry, pref. 100 Commonw'th Edison.. 100 Continental Motors 10 Cudahy Pack Co, com. 100 Diamond Match 56 14 M IJi Libby McNeill & Libby . 10 , Rights 10 Mitchell Motor Co (*) National Leather 10 Orpheum Circuit, Inc 1 Piggly Wlggly (*) Quaker Oats Co, pref.. 100 Reo Motor 10 Root & Van Dervoort-.(*) Sears Roebuck, com 100 W W, com (*) 100 15 Temtor Prod C&F "A"-(*) Thompson, J R, com 25 Union Carb & Carbon. . . 10 United Iron Wks, v t C..50 United Pap Board com 100 , . (*) 1.20 Western Knitting Mills. (*) Wilson & Co, pref 100 Wrlgley Jr, July H Jan 450 920 com 25 185 8% 8M 26)4 273/8 27M 3,553 150 89 39 89 43 90 21M 21K 21 3934 8H 109 82 16 16 12 16M 12K 15 16 Vs l\H lOM "39 k" 67)^ 12)4 UH 39 M 205 206 661^ 72 M 107 35)^ 40 J^ 30 65)4 26 Ji 49 33)4 17M 88 76 39 4034 107 109 35 Ji 3534 40 M 41 30 30 64 65)4 28 28 26 3i 26 esH 63)4 39 M 4934 32 333i 17 17)4 88 88 76 76 375 165 2,080 100 45 885 1,210 2,795 985 275 30 2,665 25 200 175 1,120 2,510 695 35 75 Bonds Chicago City Ry 5s... 1927 Chic City & Con Ry 5s 1927 Chicago Rys 4s, Ser B - 1927 Commonw Edison 5s. . 1943 Morris & Co 4Ms 1939 Peo G L& Cref g 53. .1927 Pub Serv Co 1st ref g 5s '56 South Side Elev 4>^s..l924 Swift & Co 1st s f g 5s. 1944 78 72 85 64 40 35 78 72 59 M 67 63)^ 85 64 42 36 SI, 000 59^ 2,000 4,000 20,000 2,000 1,000 67 63)4 85 M 1.000 2,000 3,000 78H 73 Pittsburgh Stock Exchange. —Record Pittsburgh Stock Exchange June 26 to clusive, compiled from official sales lists: Friday Last Week's Range Storks- Par. Amer Vitrified Prod com 50 AmWinGlassMachcomlOO Arkansas Nat Gas com. 100 Sale. Price. Barnsdall Corp class A. .25 Class B 25 PrefeiTed 5 Fidelity Title &Trust.'."l6o Guffey-Gilles Oil. .(no par) Habishaw El Cable (no par) 3V2 300 26 5 50 Preferred 50 Ohio Fuel Oil 1 Ohio Fuel Supply .25 Oklahoma Natural Gas. .25 Oklahoma Prod & Ref 5 Pittsb Coal pref 100 Plttsta-Jerome Copper 1 Pittsb OH & Gas 100 Pittsb Plate Glass 100 Stand Sanit Mfg com.. 100 Third National Bank.. 100 Union Natural Gas 100 West^house Air Brake 50 We.st'house El & Mfg com 50 We.st Penn Rys pr«f 100 1'4 4 300 253€ 1434 26 14 3i 96 3 2 2 154 155 13334 133)4 Kay County Gas 1 La Belle Iron Wks com. 100 Mfrs' Light* Heat Marland Petroleum Nat Fireproof ing com 12 96 3 Ilarb-Walk Refract pf.lOO Indep Brewing com 50 100 25 50 High. 110 110 113i 1234 403i 4034 39 39 IK Carbo-Hydrogen Co com. Preferred Lone Star Gas of Prices. Low. 12 12 27 26 51% 43^ 63^2 13M 4)4 e'A 13 223^ 27 53 434 63i 13K 23 50 50 51 31% 313i 32 4c 15 155 120 "so" OH Price 1 Commercial Credit, pf B.25 Conson Gas, E L & Pow 1 00 Consolidation Coal 97 3434 70 16)4 40 8934 80 80 13)4 18 30 30 30 85 97 88 73 92)4 94 97 96 86 85 97 88 72)4 92)4 93 34 97 96 86 90 47 3i 6134 45 59 5934 8934 70 100 20 167 184 115 45 220 26 35 70 K 13 13 3,253 334 "70"" 100 Ry & Electric. ..50 Wash Bait & Annap 50 50 in- June 20 June 953i Feb 74 3i June Jan 40 434 Apr 3.40 Jan May 6 8 1. High. June 2% Feb 1.05 June 30 100 76 Penn Water & Power.. 100 Low. 178 3K United Range since Jan. Shares. 31 iV« 33i l.OS 1.20 e% 634 8% 83i 21 21 96 97 75H Monon Vall Trac, pref.. 25 Mt V-Woodb Mills v t r 100 Preferred High. 334 100 Cosden & Co, preferred. .5 Davison Chemical.. no par Houston Oil pref tr ctts. 100 Preferred v tr_ Low. 30 10 10 Preferred both Week. 10 Cent Teresa Sugar 2, 9% Jan Jan 11 25 |Jan 103 M Jan May 89 4% Jan Feb Apr May 44 3i 93 3i 87 74 Feb June June Feb 70 95 8434 Mar 65 11 13 May 10 1634 40 May 30 July 15 2034 36 Jan Jan Jan 334 32 A 6734 1434 40 113 4 8934 20 1,442 I'eb 17 Jan Jan Jan Jan 3 Bonds — Ala Cons C& I 5s M & St P— C P W 5s 1933 Consolidated Gas 53 ..1939 Consol G,E L & P 4)431935 5% notes 6% notes 7% notes Erie prior lien 4s 1996 United Ry & Elec 4s.. 1949 Income 4s 1949 Funding 5s 1936 do small 1936 6 per cent notes 8934 86% 91 47 3^ 6134 45 59 34 60 8934 85 97 88 7234 9234 93 9634 96 83 89 47 3i 55 42 56 56 85J4 .51,000 1,000 1,000 4,000 27,000 6,000 2,000 5,000 9,000 3,000 1,000 4.000 6,000 2,000 700 3,000 July June June June June June June Jan May May J>me May Mar Mar Mar May 88 Jan 97 June 96 Jan 81 Jan 95 Jan 96 Jan 10034 Jan Apr 983i 9334 Apr 95 M Jan 473^i 69 4834 6234 63 91 June Jan Jan Jan Jan Feb 1)4 June 16 1 26)^ 16K 12ys 100 Wahl Co Ward, Montg & Co, w Jan 13M 13H 16 Stew Warn Speed, com. 100 Swift & Co Swift International Mar 500 56 40 400 300 49}.^ 109 82 IIM • 85 80)4 llOM Jan 17H Mar 1,830 48 1 Warrants Lindsay Light Mar Jan IK 48 49 54 75 30 100 25 575 9,915 18,675 564 510 25 100 10 July 505^ 95 H Feb 58 Mar 75 Jan 56 July 2434 Apr 88 Harf man Corporation. . 100 Holland Amer Sugar 10 Hupp Motor Feb High. 7H 7Ji lOlJi 102 10 lOK (*) common (*) Cal & C Can & Dock Co. Briscoe, • Low. 40 74 Ji 75 74 75 91 of Prices. 50 Cosden &Coconvsf Elkhorn Coal Corp 6s. 1925 1. Week. Shares. 40 100 Preferred _ High Celestine Sales for Consol'n Coal conv 6s- 1923 Range since Jan. 40 74 Preferred Shaw of Prices. Low. Sales for 100 Armour & Co, pref Armour Leather Case Week's Range Par Arundel Corporation Atlantic Petroleum C Chicago Stock Exchange. Record of transactions at Chicago Stock Exchange June 26 to July 2, both inclusive, compiled from official sales lists: Friday Stocks- Week's Range Sale. Week. Friday of transactions at Baltimore Stock Exchange, June 26 to July clusive, compiled from official sales lists: 4 85)4 4c 14)4 155 114 110 117)4 105 48 3i 71 43^ 85)4 9c 15H 156 114 110 121 100)4 50 71 Sales for 3 May 1013i June 834 May 88 May 105)4 June 813^ May 15 Feb 13 Feb June 12 July 1154 July 5 May 25)4 June lOM June 27^ 39 89 July July May 21 May 3734 June 205 May 61 Feb 37 Feb 1063^ June 35 June 40 May 29 H May 5434 Apr 24 3i May Feb 20 633^ July 3634 Mar 313-g May 17 June 133i 101 1253^ May Jan Apr Apr 233-8 32 23€ May 123^ June 8H July 25 95 9,480 25 525 100 130 75 1,880 150 15 35 Mar 43 July 9814 Jan 28 Mar 52 Jan 243 90 Apr Apr Apr 503^ 128 55 49 5234 7434 42 29 703^ 53 J^ 40 Jan Jan Mar Mar Jan Apr Mar Apr Apr Mar Jan Jan Apr 1. 100 130 200 100 1,679 189 4,215 195 85 195 82 786 500 100 23,000 4,899 105 50 100 40 1634 May 135 45 39 36 June June June 234 134 47 45 3% June 5 June 300 June 39 June 18 June 102 June 534 Jan 234 Apr Jan Jan Apr Apr Jan Jan June Jan Apr Jan Apr Apr 1023^ Feb 120 May 25 June 51 June 4 May 15934 June 136 June 45)4 Jan 6)4 June 13 June 22)4 July Apr Apr 44 Feb 313i June July 4 8534 June July 4o 61K 6)4 9)4 19)4 Mar lOK Jan Jan Jan 92 25c 11 May June no Mar no May Jan Jan 3434 55 3i 5234 155 114 11734 June 104 May 345 45 H May 15' 71 June 255 High. 109 2534 1434 Week's Range Week. of Prices. Low. High.- Shares 18 172 225 130 11834 55 79 Apr Mar Mar Apr Mar Mar Jan Jan Jan Jan G Brill 00 100 1 125 10 Co 100 100 50 50 Lehigh Navigation Lehigh Valley Steel 443 pref. Lake Superior Corp Mldvale 37 100 100 Elec Storage Battery General Asphalt pret Hunt & Broad Top Price no par J Range since Jan. 95 American Gas American Rys pref American Stores Jan of transactions at 2, both in- 300 Par. 15K July May Stocks Insurance CoofNA Rects full paid 7234 Feb 42 June July 36 7834 May Apr 79 Mar 65 June 67 66 3< Mar 92 K Jan IVi Sales for Last Sale. Apr 60 M May 34 Feb 31 May 66 Mar 73 June 58 May 67 June 63)4 May 8234 June UK official sles lists: Friday 44 July 88 733^ May 1134 June from Range since Jan. 1. Mar 105 183^ 23 5i 98 H 813^ Low. inclusive, compiled Feb Jan Feb Feb 83i 108 Week. Shares — Philadelphia Stock Exchange. Record of transactions at Philadelphia Stock Exchange, June 26 to July 2, both & Ord 13 57 50 Pennsyl .Salt MfgPennsylvania 50 50 38 M 36 3234 22 18 K Philadelphia Co (Pitts) . .50 Pref (cumulative 6%)-50 Phila Electric of Pa 25 Phila Rapid Transit 50 Philadelphia Traction. .-50 Tono-Belmont Devel Tonopah Mining Union Traction United Gas Impt. 1 1 1 50 .50 Preferred 50 U S Steel Corporation. .100 West Jersey & Sea Shore. 50 York Rys pref 50 37 30 40 4334 44 3-^ 117 125 110 1,10 63i 63i 29 30 28 34 2834 4034 4034 13 1334 57 583< 403i 41 3i 41 41 6634 6734 38 3i 38% 36 36 31 3234 2134 22 19 18 50 51 134 IK 3-16 13-16 13-16 29 2934 41 4234 29 34 42 • 93 H 50 9234 36 31 50 93 M 36 82 1,142 1.378 3 100 132 3 30 225 366 133 82 26 2,022 75 242 1.873 2.045 80 885 300 655 599 18 20 31 31 Low. High. Apr June 5634 6434 Feb Jan 37% Feb 463-4 Mar Feb 141 193 13 3754 31 30 99 92 May 6K June Mar 2734 2734 40 Apr 12 May May 57 June 4034 May 41 May 6634 June May 38 34 May 2954 May 2034 May 16 May 50 Jime 134 May 3-16July 2834 June 41 June 1 June 50 90 35 30 May Jan May 30K 5834 22 65 4754 5134 76 43 H 4234 3634 2534 28 63 Jan Jan Feb Jan Apr Apr Mar Mar Mar Jan Jan Mar Jan Jan Jan Jan Jan 3 1-16 Jan 2K Feb 37 Jan 57 Jan 50 June 10834 Jan Feb 40 32 Jan Bonds U S 1st Lib L'n 4143. '32-47 2d Lib Loan 4)4 s 1927-42 3d Lib Loan 4 3i3_ . . 1928 4th Lib L'n 4)43.1933-38 1922-23 Victory 4Ms Amer Gas & Elec 5s.. 2007 do small 2007 Baldwin Locom 1st 58.1940 Elec & Peoples tr ctfs 4 1945 Keystone Telep 1st 5s- 1935 Lehigh Valley coll Os. . 1928 Lehigh Val Coal 1st 5s 1933 Natl Properties 4-6s..l946 Penna RR 10-year 7s. 1930 Philadelphia Co Cons & coll tr 5s stpd '51 Phila Electric 1st 5s.. 1966 small.. .1966 do Reading gen 4s 1997 Spanish-Am Iron 68 1927 United Rys Invest 53.1926 Welsbach Co 5s 1930 54 85.70 84.74 88.20 85.16 95.40 72 71 9234 54 68)4 92 K 85 334 10134 78 82 75 3i 98 6734 82 83 75 98 65 94 K 86.00 $1,500 85.50 80,450 88.94 70,500 85.86 148,150 S5.84 105,450 72 1,000 71 500 1,000 9234 15,000 54 1,000 6834 5,000 92 K 9,000 85 K 3K 12,000 102 53,000 78 8234 84 7534 983-i 6734 94 85.70June 83. 20 May 86.40May 82.30May 94.70May 70 71 9234 54 67 92 3i 85 3)4 100 ^g May May June June June June July June Apr 1,000 77 Feb 20,000 1,400 7,000 82 83 72 June 2,000 37,000 5,000 98 65 94 Apr Jime June May Apr 91.78 Apr 91.90 Jan 94.60 Jan 92.88 Jan 99 34 Jan 82 y2 Jan 82 Jan 993 Jan 65 Jan 85 Jan 102 5i Jan 99 Jan 30 Jan 102 June K 81 93 93 K 8234 10134 76 Jan Jan Feb Apr Jan Jan 98% Mar — Ne'w York "Curb" Market. Below we give a record of the transactions in the outside security market from June 26 It covers the week ending Friday to July 2, both inclusive. afternoon. should be understood that no such reliability attaches on the "Curb" as to those on the regularly organized stock exchanges. It to transactions On the members New York of the Stock Exchange, for instance, only Exchange can engage in business, and they — are permitted to deal only in securities regularly listed that 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 — July — H . . In the circumstances, particularly as regards mining shares. out of the question for any one to vouch for the absolute trustworthiness of this record of "Curb" transactions, and we give it for what it may be worth. it is Friday Loot Week's Range 2 Sale. Price. Par Stocks Industrial Acme Coal-r & i & Fdy com Am Candy Co,com(no Amer Chicle, r (no oar) par) 100 Preferred, r T Securities 6 100 100 Brit-Amer Chem.r 10 ord.bear.fl Ord inary bearer _ r £1 BucyrusCo-r 100 Canad Car & Fdry pf_r 100 Caracas Sugar Car LtR & Power, r Cent Teresa Sut; com Chicago Nipple. r Cities Serv Bankers shs Cieve Auto Co new lOlH 91 7H 24 36 M 7?4 25 30 72 Hercules Paper. r..(nn par) Hydraulic Steel com.r.(ti Preferred .r lOO Indian Packing Corp.r (t) Intercontinental Rubb. 100 Kay County Gas.r 2M 24 22 Ji 30!^ 95 9.% 1 2 Keystone Solether.r 10 LIbby McNeill & LIbby . r 10 Llgget's Int Ltd com rlAlOO Llg Mar Coal Mining- r_.l Lincoln MotCoci A.r..50 Mercer Motors, r. . (no par) 13 National Leather, r 10 National Vanadium . r 1 Nor Am Pulp & Paper, (t) Peerless Truck & Motor. r. Perfection T <fe R.r 10 Phiia Electric new^r Radio Corp of Am. r.. (t) Preferred, r 6 Ranier Motor. r..(nr. pur) Republic Rubber. r (no par) Reynolds (R J) Tob B r 26 Root & V ander voort com 1 00 Roy dc FranceToUet Prod 5 Singer Mfg.r. 100 Stutz Motor Car r (no par) Submarine Boat r t c (t) Sweets Co of Amer.r fwift & Co. r 14H 36K 63 9H 2514 9M WVi 40 Ji 57 33 78 30 72 7H H I'/i 2M K H 90 8H 12 1% 2H 16 "i% 1% 1. H 2 34 2 22 21M 22 500 IVs 1 2% 39 2% 39 H 800 39"^ 36 42 36 H 2% 2 2 41>^ 38 6 5% 117 12H 119 250 250 250 13 I'A 108 12 1 108 « iH (t) United Profit Sharing.. 25c 1 14 H 2H 5S li'A 31 H 1% 2H 35 M 33 170 65 m % 1 14M 31 Ji 2% 2% lOH 400 2,890 365 35 5,100 3,600 100 800 5,300 260 1,200 3,800 6,300 2,400 1,600 3,500 11,500 lOH 73 Warren Bros.r 3,200 1,400 74 18% 19 'A 89 61 50 H 89 67 51 400 200 1,100 100 Jan Mar 15 June Feb June 20 83 40 88 May May 5 May 39 H May June 61 55 H June 10 July 90!^ June UVi June 51 May 100 88 30 June June June June 4^i Apr June 10 M 36 Jan 40 Jan June 96 47 '4 June July 90 llH 68 68 56 Feb Apr 18 June June Feb 94 Apr 15 H May June 61 102 91 33 July July 14 22 May 85 58 June June 9H Jan 28 >i Jan 28H Jan 32 June June 85 July 60 6 H!^ July Mar 2!^ iH 3H 35 55 Feb Feb June May 21) '4 3H 9U 9 44^ Jan .July Jan Mar Jan Jan Jan 7H 28 H June July 51 62!^ May 15 July 125 June 1 1 22 H Jan Jan June 14 50 63 53 82 '4 14 H Mar Junp June 101 7H. 10 May 20 Feb 1% June Feb 13 12 H June 106 K June IH Apr 42 M June May May 12 11 IH 4H Jun Feb 18 3H 7 '4 2 21 l"i May May 47 22 3 June 5% 4H Feb June 54K May 45 54 K IH 39 36 June 5 May 6 2'A 9% Mldweflt,-Texas Oll.r Noble Oil & Gas North American Oll.r Ohio Fuel Oll.r Oklahoma Nat Gas.r Omar Oil & Gas H 19'A 35 >A & 6H 24 A 16 15J^ 148 10c 1 1 5 22 1 25 31',^ 6 14J Jan Jan June June June June July Jan Jan Jan June June Mar Jan Jan Jan Apr Jan May Jan June 6 6 16 "4 10 16 H H 10 Skeily Oil Co.r 10 Spencer Petrol Corp Stelner Oil Corp.r. (no par) Superior Oil.r (no par) Superior Oil C T receipts. Texas Chief Oil.r 10 Trinity Oil Corp.r Tropical Oil Corp.r United Tex Petrol. r Victoria Oil.r 17 19} America Mines. r Arizona Globe Copper Arizona Silver. r .Atlanta Mines. r Belcher-Dlvlde.r Belcher Extension Big Ledge Copper Co 1 1-161 5-16 1 May 14 May 1'4 10 Feb 52 May May 18^i June June June 2c 2'Ao 3'Ag 7-16 Booth. r 1 Boston & Montana Dev..5 1 Caledonia Mining Calumet & Jerome Cop. r.l Canada Copper Co Ltd.. Canilalaria Cop Co Ltd.. 1 Carson Hill Gold.r 1 Cash Boy Consol 5 Consol Copper Mines Consol Virginia Silver. r.. 1 Cortez Silver. r 1 Divide Ex tension El Salvador Silver Mln.r.l '23c" 58 50 Rights. Arkansas Natural Gas.r.. Caracas Sugar. r New.Iersey Zinc.r Royal Dutch. r Shell Transport & Tradlngr United Drug.r H 1'4 VH 13 I'A IH IH 12M 13 31 20 32 20 Ji 1 IH H 6,.500 9,000 1,300 1,200 4,100 9,500 June 1 lA July H Mav 30 May 1 1 21 H % Apr June Kewanus .r Knox Divide, r A 9'Ac 7c 1 1 lie 1 5J^c 20 34 H Nlpls.slng 100 N Y.r.lOO Standard Oil of Other on 101 381 Prince Cons 1 101 387 1 ,945 10 .080 19 101 May .lulv 31 143 I'ol) 370 May 480 Mar Allen Oll.r i J iy» 25c Amalgamated Royalty. r.l Anna Bell j Arcadia Oll.r 1 Arkansas Nat Gas. 10 Atlantic Gulf Oil Corp. 100 Blgheart Prod & Ret 10 'A 1,000 I'A 85,100 5,000 9,300 9.500 % IIH 12K 1,100 81H 80 81 lo'A 900 loys 3'A 2H 15 ib 19 'A Oll.r 5 r- 5 2 28c 34c 12H S Boston-Wyoming 011.r..l Carib Syndicate r new 23c 30c I Boston-Mexican Petrol.r.l Coaden & Co., com.r Gushing Petr Corp com Mln Cop Corp IVn H 3H 2H 13 10 1 18 19?i 2 4 7 TVs 1,900 17,700 1,.500 68..500 1,700 800 500 25.600 IH 22c 25c dUc H H 79 h 9H 11 3 Jan June May May June June June Apr Feb Jan Jan Sunburst Cons Mlne3.r..l Sutherland Divide. r 1 '"2Hc 1 Apr Tonopah Tonopah Tonopah Tonopah Apr H Apr 15!^ June 2 June I'A 6H May '4 June 13 7H 3H Apr Apr Jan Jan IH Mar Divider lOc Washington Gold Quartz. winH>rt Mining May 3 Victory 5 He 7-16 "SHc Mining. r 1 United Eastern Mining.. 1 2 U S C'ontinental Mines. r.l Jan 4 Feb June June Apr June Feb June May Jan 22 H July Mar H 15 Jan Mar 20 19 June Jan June 1'. June IH Jan Jan 1 23 H Jan IH Jan •2H Jan 9H Jan •50 Jaa 8H Jan '4 47 H 51 ...1 2,800 900 4,200 20,145 H H 77 200 9 7-16 H 48c 3c 8,200 10,210 3,900 1,700 10,300 7.100 10.400 6c 1-16 IH H 13 IK 7Hc 1 9-16 H 1 3'- 16 1« IH 1.5-16 7 He 5c 1 1 ,5-10 2c 10c 4c 4Hc 6c 25c 3c 2!5c Ic IH I'H 1.16 IH IH 1 13-16 1 H 2H 1 1 H IH 2c 9c 4c H 3 7 He 6c 6c 5c 1 1 5-16 2c lie 5o 1 16,200 4,000 6,390 9.300 12.400 12.500 May Mar 8c 5c 'i H 1 3H Mar 1 1 2H 15c 15c 4c 40c 4Hc Mar 4H Mar -16 June June HA June H Jan 97c 32c liHcMay May 78c Jan Apr Jan Feb 300 12 H IH 3-16Jau 1 H 2H 140 Jan 1-16 June 'jcJune 1 IH 19 May IH May 1 120 June 3-16 Jan 3c Jan 14c June 1 s May Mar H June Apr H May 30« 2c 2c Jan Jan Jan '120 i June 12 Jan Jan 150 ^ May 6c Mar May 5-16 June 1-16 Feb Jaa 27c 12c 15o May 4JicMar 192 Feb 20 Feb June June Jan June June Jan Jan Jan Jan Feb Jan Jan 23g 15 May 10c June H 16 Mar 15-16 Jan 15-16 Apr 3 1 74c Jan Jan June 15-16 Jan 10 61c Apr 5c Ic Mar 1-16 6H 15-16 Jan 15 H May 2c Jan Jan Jan 12c June June 1 Jan IH May lo Ic Apr 40 1 5HiJune He Jan Jao June Jan 3-16 Jan July .790 21.330 2.690 2,860 6,060 10„500 Jan Mar 7c Mar June 9-16 Feb June 62c June H June 1 Apr 6H May Feb 2 15..500 2c 5c H % 7c H 2H 3-16 Mar 15-16 June 1 91c 42c 52c 22c 1,100 2,400 7,400 6,700 4.000 19.900 1,200 100 1,100 H H 5-16 Feb June June June 2% May 2 May 16,.500 6c 5Mc 3-16 1 Jan 63 1 1 Exteaslon 10c y» 3c 1 West End Consol'd 5 White Caps Extension. lOc White Caps Mining lOc Jan WH Belmont Dev Divider 1.3c Vi Vi 13 _ Apr Jan Jan Jan 4HcJune 3,200 11,. 500 11,700 9,500 11,500 1,000 7,900 12,900 14c 6c 38c 1-16 I'A 1 3H 45 90 Apr H May .945 ,800 5-16 'A S% 15-16 i^ June 1 IHc 5Hc H H 1 (no par) 1 'A 196 Silver Dollar Mining. r..-l Silver King of .4rlz new Silver King Divider 1 Sliver Pick Cons'd. r 1 Simon Silver Lead.r Standard Sllver-Iycad 1 Succ(!tw Mining 1 Jan 7 73H 13H Jan 4c 3Sc 49c 20 15,900 6.800 H 4Hc 7-16 1 2 10 & Allied Oll.r-. Cas'i 101 381 Feb May 3-16 May 40 May 580 Mar July 22c 1-16 June 13-16 July 21, .500 'A 76 5 Ophlr Silver Mines, r June June Stocks Boone on 100 Mines May Rico DIv.r Rex Consolidated % 76 197 St Croix Silver 24 Feb June June 3.- 2,600 12,500 10,800 16M 12c 1,; Ic 2c 400 600 4H 4 16'A n-iR 516 Seneca 23 £1 Ic H % % 18,650 300 1,100 29,300 28,100 6,400 15„800 20,700 9,200 13c 2c Ic Ic 1 Jersey Zinc.r H 10c 5c Louisiana Consol New Subsidiaries IH Mar Jan May 3 40 'S 4H 7K 19 May 3>3 June 320 7Hc IHc lie Ic MacNamara Mining, r 1 1 H 8c 7c 5Hc 1 Roper Group Mining Anglo-Amer Oll.r Eureka Pipe Line Jan Jan Jan 90 9 H Jan Ifi June lOH Jan 7'A 26 56 Jime 200 720 70c Ic 10c 5 Apr 'A H 1 1 July 'A H H K 15 A 17,500 15,800 20„500 21.200 14,400 7,000 13,100 3,000 7,000 15,100 6c 63c 24c H 15-16 1 Gold Zone Divider 12c Bend.r 1 25c 4 1-16 Hecla Mining Honduras Amer Synd.r(t) 16 H Iron Blossom. r 10c 1 Jim Butler. r 13c Jumbo Extension 1 5'Ac M.ay 1 4Hc 60c 22c Gre;it La Rose Mines Ltd 2c 3c 4c 2e 3c 7-16 'A 10 10c 3H IH Former Standard OH 45 H 1,600 H Mountain States Silv-r..l 1 Murray MogM.Ltd 31 Mar 42H Mar 35 June Feb Feb 18H June 13 June 330 H H 1-16 H Ys'-ie 13-16 1 1-16 5-16 5-16 'A 27 28 6 Ac 4Hc 7e 3 '4 3 "ill 2 2H 61c 61c 59c 26c 26c 22c 2 2'A 2H 7 6 8H Motherlode. r 600 600 • 1 Ic i'Ac Silver. Goldfield Consol'd r Goldfleld Devel.r Goldfield Merger. r 1 'A 'A Marsh Mining. r 67 IH 2% 1 10c 10c 5 Mar 27 21 3H 1 19 Jan Jan Jan 19 40 Ji Feb Jan 3H 4H Jan 12H Jan 80 June 26 H Jan 100 Jan Jan 85 51H June 11,200 M 19 1 May May 3H 1-16 M H Feb Jan Jan Jan Jan 4H Jan 190 Jan H Jan 1 5-18 Apr 5H Jan 2% Mar May i% May 500 19 16 51 IH 2H 1 12 18M 3H 5 19 H 20'A Eureka Croesus Mln.r 1 1 Eureka Holly. r 1 Forty-nine Mining. r 5 Gadsden. r Golden Gate Explorn.r..5 Apr Feb Jan 19Ji 5 16 !4 19 16 1 Emma May IH May lOJi IK "]9M 2 'A 9H May Mining Stocks Alaska-Brit Col Metals.. Apr I'A 13 9y» 16H 20H Apr Jan 38 41 27 22 H 21 July 6 14 9 16 3 ll'A Jan 77 47 30 H 12,900 22,900 600 100 11.400 2.800 800 4. 800 5.700 62.400 1.700 4.740 8,600 8,.500 2.200 2,500 Jan Jan June IH May H May 250 H Jan 21 June 27!- Apr 151 Apr 5 11 6 10,000 6'A 17 15 16 5 Vulcan on. r White Oil Corp.r.. (no par) Woodburn Oil Corp.r.. (t) 59 3.500 6 15M June Jan 3H May IH Mar June June June 6 800 1 Mar 108 July 59 Jan il'4 May 230 Apr Jan 78 3H 33 32 5\ 6 May 6r- 900 400 1 H 10 735 July H 28 « H % Mar 9-16 June 3 Feb 19 June 31 June 600 400 6H Feb I'A 3,100 7,000 2,300 14H May 9 1,000 6 16 7 'A Feb 16 14 2,600 400 500 63 6 47 25 July June Apr Feb IH 1 June 108 34 27 151 60 16 16 1 117 Jan 5,600 1,400 15M 15 2% 33 5 par) 250 6H 4H 9% 24 H H 5 Oil 7 150 1 128 22 H 27 'A Slmms Petroleum r(no &O 2,2.50 40,.500 8 Jan Jan 39H Feb 13-16May 143 149 10c 6c 9 16 H 3H 3'H 22 19 31 33 6H 5 1 3H --Vpr 8H May May 2 May Apr 16 25 7 i i'A 10 H 27 1,700 2,600 9,000 1,400 2,600 1,000 6 61 63 P33H Mar 60 H 3-16 19 July 500 27 H 3% Gas.r Sapulpa Refining. r Tex Pac C 25 H 1% Salt Creek Prod ucera.r.. 2.5 Savoy 9H 9 Pittsburgh on & Gas.r. 100 Producers & Ref . r 10 Rock on 36 Feb y» Feb 57 400 Mar 7H May May May May Jan Jan 10 11 Jan 6 25 ?i June IH Jan 1,500 2,400 12,300 1,000 33H 35H 39 H May 1% May 6,600 21 15 16 15 16 26 A 2 5 31 7-16 1. H>gh. 9H June 3H May 7H May 1 May 3-16 May 10,800 5 1% H 34 H 100 10 Preferred. r H 19 10 Pennok Oil.r 2'A 75 71 Low. 700 500 26 'A Panhandle Pr&Ref comr(t) Re<l 2% 9H 30H 31H 2H 2H 9% 9H 2H 8 2 10 10 ..10 50 Mexican Panuco Oil Mexico Oil Corp Midwest Retg .r IH H 7H 3 16 25 'A & R.l July IH May 30 Merritt Oil Corp.r Texas-Ranger Prod Apr 1S% Apr Apr 32 June 109 53 39 9'A Oil Explor-r(t) TexonOil& Land 2H 2% "2% 4 1 I'A pd rect Jan Jan Jan 17 July 33 Maracaibo full Apr Jan 33 40 3H 7« Internat Petrol. r £1 Invincible Oll.r 50 Livingston Oil Corp.r 1 Livingston Ret pref 10 Lone Star Gas.r 25 Manhattan Oll.r. (no par) Apr 2H 25 H 29 40 Jan June Apr Apr June Range since Jan. 800 2,100 2,700 20,700 9,800 6,000 2,000 1,000 12.000 2,700 10 10 Federal Oil 5 Fe sland Oil (no par) Gllllland Oil com.r. (no par) Glenrock Oll.r 10 Grenada Oil Corp cl A. r.l. July 8H 54 53 130 34 132 2 10 5 Rlcard Texas Co.r 91 July July Dominion Oll.r Duquesne Oll.r Elk Basin Petrol. r... Engineers Petro! Co.r 1 Esmeralda Oil & Gas.r..l Ryan Cons'd.r.w Ryan Petroleum. r 25 29 May on Apr June June June June June 9 37 57 29 72 Other Stocks (Condudetl) July Feb iH 5,300 8,900 29 J 165 64 100 Willys Corp. com.r. (no par) First preferred. r 100 Second preferred.r..lO0 Wood Iron & Steel. 9Ji 13 2 13 13 107 2Ji 1,300 200 7,100 500 1,700 1,300 100 600 600 5,200 600 300 8,200 2,300 500 30,200 40,320 6,500 4,400 1,500 700 4,900 2,900 6,600 200 1,400 1,400 3,000 1,000 1,100 700 3,700 6,600 1,400 9,300 34 H 29 170 64'^ U S High Sp Steel & Tooi(t) U S Light & Heat, com.r. HI U S Steamship.. 10 U 3 Transport. r 10 25 24 32 95 IH Sales Week's Range for Sale. Week. of Prices. Par. Price. Low. High. Shares Last Harvey Crude Oil Houston Oil com.r 100 1 Hudson Oil Indian Refining new.r High. 7 2,700 650 33,000 7'A 35 ;4 2 5 16 TlmesSquare Auto Sup r(t) Todd Shipyards Corp. r.(t) Candy. r-(t) 2Ji 17 U 35 Retail St's 2H 42H 44H 35 H Un 8« 28>^ 29K 51 53 72 74 15 17 127 128 15 (t) 7 6 12H 100 Union Carb * Carbon r UntdPlctureProdCorp r 3 9\i 35M 106 M 10 Swifl Internat.r 900 45 800 85 60 13 16 11 1,200 100 5,700 32 2% 6H 3% 22 22 29 100 1,900 500 500 200 7H H 14H 57 1 Guantanamo Sugar. -r.(t) UK 61 102 91 32 37 I 1 58 100 88 31 6 25 10 38 7% Empire Tube & Steel FarreIl(Wm)&Son com r(t) Franklin (H H) Co 51 Gen Asphalt, com.r 100 73% Goldwyn Picture r (no par) 17 Goodyear Tire & Rubb w Grape Ola Prod Corp com 2 1 16 Preferred H 62 (t) 100 900 400 90 23 85 58 9H Preferred, r. 16 91 22).^ 96 14 14 14 59 r(t) 65 56 22 83 47 90H IIK 25 10 Colombian Em'd Synd new Conley Tin Foil (t) Continental Motors. r.. 10 Davies(Wm.)Ca.Inc.r.(t) Dominion Steamship. r Empire Steei & I com.. 100 41 7,300 800 4,300 600 600 200 100 1,900 1,400 600 400 55 10 10 59 Preferred. r Brier Hill Steel.. 90 8 61 Atlas Trucl<: Corp r (no par) Automatic Fuel S.r Borden Co com.r 3 10 20 40 40 65 100 Preferred, r Amer Tob Low. High. Shares Low. 15 90 47 K 90 (no par) Armour Leather com. r.. 15 Brit Range since Jan. Week. of Prices. 2% 9% 3 Allied Packers. r.. (no par) Aluminum Mfrs-r.(no par) A Sales for 63 Guffey-Gillesple OiI.r..(t) Gum Cove Oil new.r 10 Miscell. Aetna Explosives. r(no part Preferred, r Amer Braise Sh Preferred H FrUay of those Week enaing July H THE CHRONICLE 3 1920. who make it a business to furnish daily records The possibility that fictitious transacof ihe transactions. tions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind, lists H 5 . 1 1 June Jan Jan June Jan Feb Apr Jan 30c Mar 9-10 June H Jan 70 Jan 4lc .\pr 7c Jan 3H Jan 4^8 Jan June 2 I.VIO Jan 3-16 May 3H Jan 4H Jan 2H June 1-16 June .5-16 6c May Uc Apr 5c June 29c Jan H May 1'4 Ic June M.ay OHcJune 4c June IH .Vpr 2 7-16 Jan 3c Jan 20c 12c Apr Mar — H — ^ — —A THE CHRONICLE 64 J - - [Vol. 111. Frida-t Last Bond* Pack conv deb6s Allied Week's Range Sale. Price. 0/ Prices. 6% 1924 notes. r -\naconda Cop M 6s r 1929 87 99 Anglo-Amer Oil 7Hs-r-'25 1925 Belgian Govt 6s. r 6'^c e5M 1924 notes. r W 7s w i.r..l930 Clilc &N Con 1929 Textile deb 7s.r.l923 100 85 Ji CCC&StLRy6sr French Govt 4s French Govt 5s Goodrich (BF) Co 7s. 1925 Interboro RT H H 59 73 94 H 66 7s. r... 1921 Kennecott Cop 7s.r.-1930 Russian Go\-t 5)'2S.r..l921 SinclairConOil 7 M s r. . . '25 Swedish Govt 6s June 15 '39 Switzerl.in^ Govt 5 Hs. '29 97 H 85M 85 Texas Co 7% notes-r.l923 Western Elec conv 7s.r.'25 97 H 98 M 69 Low. High Week. 72 Low. 70 H 93 K 92 1^ r'39 Amer Tel & Tel 6s. r.. 1922 Range Ssnce Jan. Sales for S75.000 103,000 5.000 3.000 60,000 152.000 33,000 225,000 70.000 3.000 400.000 478.000 85.000 57.000 22.000 12.000 10,000 48,000 52,000 100,000 73,000 K eiH 9SH 915-4 93% 87 14 87 H 99)4 99% 92 H 96 98 H 98^ 100 99 84 853/8 92 92 >^ 56 J^ 59 74 73 H 9iH 95 70 K 93 >4 26 97 J^ 85 '4 85 97 98 M 64 92 M 26 K 85 82 H 97 H 97 H 98H May 89 J^ Jan 97 M Jan 96 >^ Jan 98 >^ Jan 1005i Mar 99 June 99 H Jan 100 July 89 Jan June 91 915i June 87^ June 99 H June June 85 96 H 99 K 82 92 55 69 93 H 62 Apr June Apr June 103K Apr Feb Jan 97Sxl May May 82 82!^ July 97 H June Mar 98 German Government and Municipal Bonds (Dollars per 1,000 Marks) Berlin 4s-r Greater Berlin 4s. r Bremen 4s-r Coblenz 4s. r Cologne 4s. r Danzig 4s. r Essen 4s Dusseldorf 4s-r Frankfort 4s. r Marks 25 28 "27" Frankfort 5s. r German Govt 3s. r German Govt 4s. r German Govt 5s-r Hamburg 4s. r Hambiu-g Leipzig 4Hs.r Leipzig Ss.r 26 J^ 28 4.'AS-r Leipzig 4s. r 27 . 24 M 24H H 27 261^ 27 27 28 H Vienna 4s. r 241^ 24!^ 26 27 26 M 28 27 26"^ 27 29 15 18 21 24 J^ 2473000 25 Ji 400,000 26 50,000 29 H 55,000 281^ 250.000 30 1-4 200.000 27 50.000 7,500 2syi 400,000 29 34 300,000 15 100.000 150.000 19 22 200.000 26 950.000 261x4 1300000 27 M 100,000 28 180,000 250,000 29 27 15,000 28 H 50,000 100,000 26H 15 18 22 25 25 M Mainz 4s Munich 4a. r 24 H 241^ 26 28 26 M 28 27 27 27 32 8 245-i 27)^ 26! 2 27 27 26 H June June June June June June 28 26 27H June June June 29 H July 29 K June 30M June 27 July 281/2 July June June June June June June June June June June June June June June June June 31 34 15 31 23, 28 27 K 27 V- July July July 28i.i July June June June 29 27 29 June July July 9 June June * Odd lots, I Listed on the Stock i Listed as a prospect. t No par value, New stock. Exchange this week, where additional transactions will be found. r Ex-stock dividend. rUnUsted. w When Issued, i Ex-dlvldend y Ex-rights, . t Dollars per 1,000 lire, flat, New York City k Correction. CURRENT NOTICES. —The tax department of the Equitable Trust Co. 37 Wall has issued as part of their valuable series of publications regarding the tax laws o^ the Federal Government and the State of New York a summary of some of the principal amendments made to the laws of this State in the session of the Legislature which was adjourned April 24 1920. David Dangler and Ralph Lapham, formerly Manager of the bond department of the Standard Trust & Savings Bank, Chicago, have formed a partnerstiip, under the name of Dangler, Lapham & Co., to engage in a general investment business, with offices in the Harris Trust Building. Henry Wittekind, Vice-President of the Rogers Park National Bank, of Chicago, and G. F. Wittekina, announce the formation of an investment firm of U'itteklnd & Co., 163 "West Washington St., Chicago, to deal in investment bonds and real estate mortgages. O. G. Drake, who has been associated with Hallgarten & Co. for the last five years, has been admitted to general partnership in the firm Of Moore, Leonard & Lynch, members of the New York Stock Exchange, with offices at 111 Broadway, New York City, Pittsburgh and Philadelphia. Langley W. Wiggin, who recently resigned as Vice-President of the Columbia Trust Co., of this city, became a special partner in the firm of Evans, Stillman & Co.. members New York Stock Exchange, at 60 Broadway, on July 1 1920. C. E. Denison & Co., investment bankers, announce that, owing to the sale of its present office building, it will move from 78 Devenshire St., Boston, on July 1 1920 to the Equitable Building, Suite 60, No. 67 Milk St., Boston. Powell, Garard & Co., dealers in investment securities, 39 South La Salle St., Chicago, announce the purchase of the bond investment business of Chas. S. Kidder & Co. at 108 South La Salle St., Chicago. St. . Realty and Surety Companies All prices dollars per share. Alt SM Att RIty 90 74 255 70 85 Lawyers Mtge 115 Mtge Bond.. 80 120 Surety. Bid 80 70 Amer Bond 4 Q„ 245 60 City Investing Preferred.. 75 Alliance M , — — — — — — N Y 4 Title Mortgage.. 127 All prices dollars per share. 6<akt Bf N y 207 AaierExoh... 265 ASlantic 200 Battery Park. 190 3jwery» 425 SroadwayCen 145 3roni Bore'- 105 aronx Nat... 150 Bryant Park* 146 autoh & Drov 38 J»nt Mere .. 220 Zbaa* 400 Ghat & Phen. 270 Chelsea Ezch* 137 Obemlcal 550 405 Olty Co&I A IroQ.. 250 Oolonlal* 350 Oolumbla*... 180 Commerce 224 icaerlca* Comm'l Ex». "420 Oommon- wealth'... 210 Continental*. 120 Com Exeh*.. 420 SosmoD'tan*. 112 Cuba (Bk of) J 180 Baat River... 160 Flltb Avenue* 920 Fifth 158 yirat... 890 Qarfleld 238 ; ' Gotham 195 225 815 ilarrtman 330 Im[> <k Trad.. 520 Banks 213 275 215 205 NY 235 (Liberty 385 Lincoln 280 Manhattan *. 215 Meeb A Met. 325 Mutual* 400 Nat American 150 New Neth*.. 180 New York Co 145 New York 460 ij I 125 160 156 42 4T0"' 278 145 4"7'5 l.'<5 595 340 610 360 €25' 450 190 200 160 175 173 850 375 oYo' Public Republic* Seaboard Second State* Tradesmen's* 23d Ward*... Union Eich.. United States* ' Wash H"tB*.. 430" YorkvUIe*-.. 125 190 940 BrooUyn Coney Island* 140 First 206 168 Greenpolnt... 910 245 210 Hillside* Homestead*.. Mechanlca'*.. MoBtauk Jreenwlch*... * [ jNasijau 3fi0 j 535 195 Park 220 aanover 245 395 290 225 335 Pacific * 565 420 North Side*.. People's \ 160 110 90 88 100 205 195 145 Trust Co's Bit Atk 345 365 325 145 300 288 390 Fidelity 200 Fulton 270 Guaranty Tr. 343 355 375 335 Nta 210 (ndustrlal* .Irving Nat of U6' 200 229 430 Att I 1 York American Bankers Trust Central Union Columbia Commercial.. Empire Equitable Tr. Farm L A Tr. Hudson Law Tit 185 183 Tr 138 Lincoln Trust Sf ercantlle 200 294 397 210 290 348 IRO * 150 iVs" 170 Tr 315 Metropolitan. 260 Mutual (Westchester) 105 N Y Life Ins 4 Trust... N Y Trust... bond prices are 270 126 625 620 338 415 830 Brooklyn Tr. 490 Hamilton 262 Kings County 660 Manufaocurere People's 190 Pe Shot Pot Bid. Auglo-Amertoan Oil new.. £1 *23 100 1150 Atlantic Refining 100 104 Preferred Borne-Scrymser Co 100 425 Buckeye Pipe Line Co 60 *84 Chesebrough Mfg new 100 220 100 103 Preferred new Continental Oil 100 113 Crescent Pipe Line Co_ , 50 •27 Cumberland Pipe Lln«. ..100 145 98 Eureka Pipe Line Co 100 42 Galena-Signal Oil com. ..100 90 Preferred old... 100 90 Preferred new 100 150 Illinois Pipe Line.. .100 Indiana Pipe Line Co 50 *84 International Petroleuin. £1 •34 National Transit Co... 12. 50 25 New York Transit Co. -.100 153 Northern Pipe Lint Ca. 100 90 Ohio on Co 26 *275 Penn-Mex Fuel Co . 25 *42 .100 550 Prairie Oil 4 Gas Prairie Pipe Line .100 194 Solar Refining . . loe 340 Southern Pipe Llns Go. .100 120 South Pcan OH .100 265 Soutbweat Pa Pipe Lines .100 64 Standard Ol! (California). 100 310 Standard Ol! (Indiana) . .100 650 Standard Oil {KansaL-i)...100 520 Standard Oil (Kentucky) 100 360 Standard Oil (Nebraska). 100 420 Standard OH of New Jer.iOO 650 Preferred 100 104 Standard Oil of New Y'k.lOO 382 Standard Oil (Ohio) 100 420 103 Preferred 70 8waa 4 Finch IOC Union Tank Car Go 100 105 .. Vacuum on... Washington Oil Ordnance Stocks Per S Aetna Biplusivea pref 100 Atlas Powder common IOC Preferred lOO Baboock & Wlloox 100 Bliss (E W) Co common. 6C Preferred 6C Canada Fdys 4 Forglnga.lOO Carbon Steel common 100 1st preferred 10€ 2d preferred ..100 Colt's Patent Fire Arms I) Preferred Phelsn-Dodgs Corp SoovUl Mnnufacturing Iron Winchester Co 00m let preferred 3nd preferred Woodward Equipment 6s 4 Soutbtm 36 26 Colorado Equipment &H% 95 280 45 560 198 360 125 275 68 Hooking Valley Iron 10( i?ref erred Louisville 100 Gas i Eleolst pref 100 Puget 8d Pow & Light . 100 . 314 660 540 380 450 505 272 700 205 »270 92 110 216 206 160 . M Mobile 360 10418 387 440 105 4 Ohio 6a Equipment 4 Ha ;h«w York Cent 4H3, 5s, 7s N Y Ontario 4 West *H»Norfolk A Western 4H«-. jNorthem Pacltic 7s . Pacific Fruit Express 7s 90 RR Pennsylvania 109 Equipment . 4b - St Louis Iron Mt 4 Sou 53 . 8t Louis A San Franotaou 5s Seaboard Air Line Ss Equipment 4 Ha .. Southern Pacific Co 4Hs. 7s Southern Railway 4H3--- Toledo & Ohio Central Union Pacific 7s Equlpment Virginian Banks marked with a sbange this week. (New are State banks, t Sale at auction or at Stock Exstock. « Ex-dlvldend v Ex-rlghta .62 6.62 6.75 7.60 7.50 7.25 7.25 6.75 7.25 7.25 7.00 6.80 7.00 Atlt. 132 85 160 I4I4 I4I4 *1334 Conley Foil (new) no par Johnson Tic Foil A Mst.lOO MaoAndrews A Forbes.. 100 *25 105 170 80 600 465 85 620 485 120 100 130 87 94 Preferred 100 Reynolds (R Tobaoco.lOO J) B common 100 100 100 iOO IOO atook Preferred roung (J 8) Co FMlerred . 27 115 175 Short Term Securities le T Cent Am Cot Oil 6s 1924.. MAS i 8912 91 Amer Tel A Tel 8% Cs 1924. F&a notes 1922 AAO 78 1920. notes 1921 notes 1922 notes 1923 7% 7% 7% 9IS4 93I2 9978 lOOis 99»4 99 9934 991 99I2 100 911 MAN MAN MAN MAN Amer Tobacco Anaconda CopMln '29.JAJ Anglo-Amer Oil 7l8S '25 AAO Beth St 78 July 15'22. JAJ 15 7% notes July 15 •23JAJ15 Canadian Pao fis 1924.M<*S i Del 4 Hudson 58 1920.. FA.'* federal Sug Rig 6s 1934MAN Goodrich (BF)Co7s '25 AAO Great Nofth 5s 1920... MAS K C Term Ry 4Hs i921.J4J 6s Nov 16 1923. .MAN It Laclede Gas 7s Jan 1929F4A 93 88 87 99I2 9934 98 9812 9612 97 92;i 93I4 99I2 lOO 9II2 93 94I2 95 99I4 99 92 92 89 95 93 91 LiggettAM yerul'ob6E'31 JAJJ Fenn Co 4Hb 1921. .JAD li Pub Ser Corp Nj 78 '22 MAf 96l2 971 9678 9738 82 85 Reyn (RJ) Tob 95I2 Sl0B8-SheI S eouthern Ry 4 6s '22-FAA I 66 '29 -FA , 87 91 MA& FAA U 6b 1923.. 9578 85 SwlftACo 6e 1021 .. . Texas Co 73 1923 MA.S ntsb H«o Corp (IH 2'.l MAS 16 West Elec conv 7a 1925. AAO 9134 97I2 98 97t| 9734 84 86 98'-!; 9858 Industrial and Miscellaneous ACierioan Brass 100. American Chicle 00m. no par 68 67 82 16 ' 750 7.60 7 25 7 25 6.50 6.50 7.00 6.75 6.75 6.75 7.00 7.00 7 60 7.50 7.26 7.25 6.60 7 25 8.75 6.87 6.90 Brlt-Am Tobao. bearer.. £l 98 200 400 33 440 95 65 54 90 56 10 40 85 98 15 36 6s 7.50 7.75 Amer Machine A Fdry.-lOO 150 British- Amer Tobao orfi...£l *13ii 78 220 9o 14 _. 43. 750 8.50 8.75 8.75 8.75 8.25 8.25 7 50, 7 50 8.00 7.50 7.75 7.7S 7.50 7.50 8.75 8.50 8.25 8.25 7.50 8.25 7.60 7.15 7.25 7.50 7.50 7.60 8.60 8.75 8.25 8.25 7.50 8.25 8.25 8.00 7.00 7.50 Per Sh are. Pat Bid. Aiaariosn Cigar common. 100 128 Preferred 80 ..100 8II2 64 63 80 Ry 58 7.62 7.90 7.90 7.90 6.75 7.50 7.25 7,25 7 25 7.50 7.50 7.75 8.20, 7,25 8.00| 7.15 7.50I 6.50 Tobacco Stocks 78 40 55 50 80 - 4 Ha... Reading Co 4!^8 74 Light LAP . Missouri Pacific 6a 102 100 i53 7 100 34 100 South Calll ErtlBoa oom..i00 83 Preferred 95 100 Standard Gas *E1( Del). 50 •13 Preferred 60 •34 1. Tanueeoee Ky ooiQ. 100 2 Pref«rreu 100 United Lt A Ryscom 19 100 66 iBt pr«ferrfd. .. 100 14 Western Power Corp 100 56 Prefsrrsd 100 Ry 4 Nashville 3i 1 420 80 215 88 Preferred Eepubllc • Equipment 6s St P 4 8 S 4H«— Equipment 5s & 78 Missouri Kansas 4 Texas Ce M Pref en- ed 4 Minn 00m Worth Texas Eleo Co 00m 100 . .. Michigan Central 6a Preferred Pacific Central 5b Equipment iHn Sanawha 4 Michigan AHr. 106 ''b *100 37 60 •36 123 Amer Lt & Trao 00m 100 120 83 Preferred IOC 79 50 Amer Power 4 Lt ooia...lOfl 45 70 Preferred 65 100 10 Amer Public Utilities ootkIOC 15 Preferred ..100 '16 28 Carolina Pow4Llght com IOC Cities Service Co com. . . 100 324 328 65 64 Preferred _..100 10 8 Ooiorado Power com 100 85 80 Preferred 100 19 16 Com'w'th Pow Ry A Lt. . 100 41 38 Preferred 100 85 80 Elec Bond 4 Share pre!.. IOC 7 9 Federal Light * Traction. lOC 45 43 Preferred IOC 74 78 Great West Pow 5s 194fi.JAJ I2I2 10 Mississippi Rlv Pow 00m. 100 50I2 47 Preferred. 100 72 14 711. First Mtge 5a 1961. -.J4j *7 15 Northern Ohio Elec Corp.(t) 40 25 Preferred 100 35 30 Iforth'n Statea Pow Jom.lOO 81 Pref ei-red 100 i77 iuieo 4ia) Equipment 6a Illinois 8.62 7 6n 7.60 7.60 7.50 8.50 8.12 8.10 8 10 8.75 8.75 8.75 8.50; 6s. 165 83 375 *23 415 90 ., Srls 6e 157 72 35 75 215 93 98 93 175 IOC IOC IOC 6C iOC lOr 100 . W 295 oom tat 68 Chicago 4 Eastern Isl SV;* Chic Ind 4 Loulav iHx... Chlo St Louis »• N O 5o. Chicago 4 N 4m... . Chicago R i4Pao4X8 . 93 155 87 285 Preferred 4Ha Ohio Alton Equipment 51 ...100 IOC .100 Hlles-Bement-Pond com. 100 Pieferred Hsrcules Powder & Chicago 45 93 •49 4 Iron ccm.lOC 4 Equipment 6s 30 101 Debenture stock Thomas Chesapeake 112 791; Bnais. Ha 4b Central of Georgia 160 101 IOC IOC Eastern Steel Steel Equipment de Nemours A Co common Ohio 4i<8 Pittsburgh 4 Equipment fls Canadian Pacific iHtA Os.. Caro CJlnchfleld 4 Ohio 6a . 108 118 35 Mfg OuFont (E Kmplre 1200 105 475 86 230 hare. 60 155 81 108 400 *70 190 83 97 70 A 4 Baltimore Buff Roch 23I2 97 380 33 95 100 370 10 •27 Preferred Ask. 200 195 3912 41 60 70 A mcrlcan Hardware 100 135 Amer Typefounders OCE. 100 40 138 Preferred PrefBrred.. iiio ...100 84 Horden Company com ..100 101 89 100 Preferrea Celluloid Company 100 155 100 H2 Preferred ...100 6 1st g 6s Jun« 1 1923.. J-D /SO I2I2 Intercontlnen Rubb 00m. 100 1 laternattonal Salt 100 60 l8t gold 5b 1961 A-O 67 22 Internationa! Sllvo;- cre'.lOO •90 59I2 LehlKb Valley Coal Salea.. 60 •82 16 Hciyal Baking Pow oom_.100 120 59 Preferred 100 80 Singer Manufacturing 100 116 Slncer MfR Ltd ^21 _.£l Havana Tobacco Co I I ! I i • 170 "f.' RR. Equipments -PcrC2 Standard Oil Stocks Preferred Brookltin 166 216 165 120 150 "and interest" except where marked .; 550 610 Title Qu * Tr 328 U 8 Mtg A Tr 390 United States 800 MG 4 Quotations for Sundry Securities All mer Qad 4 Banks and Trust Companies. City 110 160 West 4 Bronx 134 Title Public Utilities New York 87 194 Nat Surety.. 190 Alt Bid Realty Assoc (Brooklyn). 105 U S Casualty. 150 U S Title Guar 90 Apr 62 June 74 June Apr 99 76 Jan 9Sys Jan Feb 38 Apr 98 97 Jan 93 Jan 99 M May 993^ Apr June June May 90 23 1. Htgh. 43 88 103 92 160 2I2 10 57 14 ':6' 95 87 130 83 119 3I2 (•) . •Per share. 6 Busts, d Purchaser also pays accrued dividend. /Flat price n Nomina!, i Ex-dlvlUend V Ex-rlghts. « New atook . July 3 . . . THE CHRONICLE 1920.] 65 RAILROAD GROSS EARNINGS STEAM following table shows the gross earnings of various roads from whioh regular weekly or monthly returns oan be obtained. The first two oolumns of figures give the gross earnings for the latest week or month, and the last two oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways wrt brought together separately on a subsequent page. The Latest Gross Earnings. ROADS. Week or Month. Current Year. Jan. Previous Year. $ 264.778 228.273 3d wk June 86,081 78.441 Atch Topeka & S Fe May 15214482 13827409 Gulf Colo & S Fe. April 1,861.985 1.515,299 Panhandle & S Fe May 678,472 438.965 Atlanta Birm & At). May 457,744 443.054 Atlanta & West Pt. April 231.115 222,410 Atlantic City May 385.294 458.519 Atlantic Coast Line- May 5,739,371 4.994,37" Baltimore & Ohio.. April 15226698 13301 950 Chic Term. April 88,272 120,878 Bangor & Aroostook May 581,914 427,962 Belt Ry of Chicago. May 252,540 307.712 Bessemer & L Erie. May 787.540 1.452.739 Bingham & Garfield AprU 142.239 86.929 Birmingham South . May 59,389 38.771 Boston & Mane April 6.517,187 5.484,927 BUyn E D Terimina) AprU 21.213 77.753 Buff Roch & Pittsb. 3d wk June 370,879 255,447 Buffalo & Susci May 224,414 161,443 Canadian Nat Rys. 3d wk June 1,820,408 1,435,594 Canadian Pacific 3d wk June 3.578,000 3,024,000 Can Pac Lines in Me May 175,247 124,379 Caro Clinch & Ohio. April 609.225 446,073 Central of Georgia. . April 1.957,022 1,774,178 CentralRRof N J.. April 2.354,940 3,482,128 Cent New England. May 566,293 694,716 Central Vermont April 431,809 448,729 Charleston & Car May 301,891 255,394 Ches & Ohio Lines. . May 6,739,755 6,528,053 Chicago & Alton May 2,200,366 2,156,632 Chic Burl & Quincy April 12380912 11161011 Chicago & East 111. . April 1,852,938 1.828,764 Chicago Great "West April 1,615,240 1,585,432 Chic Ind & Louisv. . April 1,030,989 952,838 Chicago Junction . May 218,883 314,915 Chic Milw & St Paul AprU 11879407 1196/299 Chic & North West May 12744632 11335680 Ohio Peoria & St L February 208.128 113.706 Chic R I & Pacific. April 8,960,968 8.272.617 ChicR I& Gulf.. April 476,599 377.268 Chic St P & Om. April 2,328,241 2,031.348 ChicTerreHfe SE. AprU 239,527 287,355 Cine Ind& Western. May 318,277 246,894 Cin O & Tex Pac. May 1,487,727 1,350,291 Colo & Southern 3d wk June 509,137 476,358 FtW&DenCitV- April 903.274 824,231 Trin & Brazos Val April 115.384 95,342 Colo & Wyoming May 90.799 94,011 Copper Range April 67.839 75,984 Cuba Railroad April 1.467,108 1,274,864 Camaguey & Neu v April 192.424 215,926 Delaware & Hudson May 2.836,639 2,865,022 Del Lack & West. . . May 5.626.096 6,121,589 Deny & Rio Grande May 2.953,227 2,388,883 Denver & Salt Lake April 49,526 191.430 Detroit & Mackinac April 1.37,491 109.266 Detroit Tol & Iront. April 285,913 284.417 Det & Tol Shore L. February 116.751 160,707 Dul & Iron Range. . April 217.753 516.227 Dul Missabe & Nor. May 1.995.178 3,361.898 Dul Sou Shore & Atl 3d wk June 102,489 92,047 Duluth Winn & Pac April 209,929 151,592 East St Louis Conn. April 36,592 92,205 Elgin Joliet & East. May 1,770,149 1,.522. 132 El Paso & So West. May 1,021,969 1.0.53,023 Erie Railroad May 7,541,320 7.769.062 Chicago & Erie.. May 1,029,803 902.257 New Jer & N V.. April 76,8.59 84.548 Florida East Coast. May 1,114,726 8,56.479 Fonda Johns & Glov AprU 109,881 102,313 Ft Smith & Western May 141,418 125,945 Galveston Wharf April 124,205 69,274 Georgia Railroad April 538.700 528,309 Georgia & Florida.. April 110.147 80,726 Grand Trunk Syst. 3d wk June 2.Q13.144 1,746,055 Ch D & CGT Jet. April 83,335 149,866 Det Gr H & Milw April 322,376 347.864 Grd Trunk West- AprU 847,123 1,097,015 Great Northern Syst May 9,695.801 8,474,019 Green Bay & West. April 87.267 85,908 Gulf Mobile & Nor April 305,766 194,790 Gulf& Ship Island May 262,390 204,974 Hocking Valley April 780,836 765, .5,58 Illinois Central AprU 9,475,760 8,015,773 Illinois Terminal April 64,593 72,091 Internat & Gt Nor. May 1,308,792 1,245,946 Kan City ex & Or May 114,535 115,634 K C Mex & O of Tex May 120.552 84,709 Kansas City South. May 1,574,482 1,2.38,016 Texark & Ft Sm . May 165,836 103,680 Kansas City Term. AprU 86.547 101,355 Kansas Okla & Gulf April 195,628 101,505 Lake Terminal April 96,377 96,016 Lehigh & Hud River May 216,136 212,545 Lehigh & New Eng. May 447,338 34t5,415 Lehigh Valley May 5,203,205 5,291,551 Alabama & Vicks Ann Arbor April B&O W M N M & Salt Lake May & Arkan_ May Ry & Nav April Louisville & Nashv. April Louisv Hend & St L April Maine Central May Mineral Range 3d wk Minneap & St Louis AprU Mmn St P& S S M. April Mississippi Central. May Los Ang Louisiana Louisiana 1,687,127 1,395,316 313,987 181,364 348,112 280,050 8.920.403 8.600.940 226.489 228,212 .686.684 1.304,251 June 13,1.58 10,822 1,202,325 1,007,539 3,039,766 3.131.747 78.112 88.5,53 1 Current Year. 488.718 ,439,709 ,417,020 .938.696 735,136 901,414 1,530,937 27,955,311 50,199,190 472,125 2,238,328 ,715,241 .539,270 1,268,807 ,543,222 4,319,664 442.076 582,539 266.090 236,173 ,981,911 20.320.398 145.998 275.407 .151.178 6.636.911 .131.736 828,251 ,093,405 39,674,034 ,970,000 70,870.000 ,374,040 1,435,195 ,187,447 1,796,087 ,422, .337 6,717,673 .071.705 13,174,502 .201,716 2,574,376 ,878,254 1,645,303 ,438.452 1,298,390 ,796,586 28,066,217 ,669,533 9,892.886 ,063,750 44.566,854 ,154,083 7,455,375 ,433.359 6,429,860 ,496,081 3.529.240 244,618 1,378,650 ,122,215 44,149.524 ,977,889 50.069.^46 410.082 239.012 ,918,204 31,882,242 ,149,873 1,463,458 ,900,3.56 ,551 ,058 ,674,181 ,730,699 ,684.461 ,924,656 603,380 360,059 289,486 ,130,721 8,295,824 1,257,461 1.132,958 6,922,737 11,174,881 3,262,740 405,108 473.522 323.720 4.889.697 ,996,379 13,038,820 ,539,970 27,931,940 ,509,015 11,529,155 695,399 562,722 ,107,186 445,261 662,554 452,983 1,199,332 365.830 893,400 5,090,222 1,958.228 691,266 361,238 8.791.618 5,233.845 34,300,424 4,144,042 313,222 4.656,586 363,690 594,449 264,199 2,093,614 334,278 .548.835 613,453 ,434,019 303,112 615.362 .857.950 .243,0.59 794,898 419,349 ,805,919 ,681,762 ,799,363 ,268,160 384.766 .217.981 422.740 732,754 393,570 .304.522 1,126,027 .726.952 4,061.519 .767.522 38,340,910 .389.101 .385,709 .192.181 ,176,490 ,229,952 768,432 926.658 2.216.568 32.772,805 328.265 5.506.510 465.685 404.419 5,896,427 785,263 .540„567 4.58, .303 410,656 399,049 ,093,5,56 ,887,694 276.388 ,845,582 613,626 665,746 766,414 384,990 934,148 .381,883 971,862 ,724,326 1,283,848 ,058,606 23,840,380 ,370,909 6,939,405 ,721,605 869,448 ,328,256 1,1.35.916 ,577,082 33,606.502 475.7.53 303,129 317,796 914.396 6.716,995 412,9,53 ,058.284 3.810.739 ,446.531 12.131.329 384.777 ROADS. Previous Year. 892,231 .043.078 ,089.915 1,824,538 .170,103 64,737,465 ,485,564 5.778,536 .267,215 1,994,600 .317.616 2,002,199 398,227 Week or Month Kan & Tex Missouri April Mo K & T Ry of Tex! April Mo & North Ark...! May jMay Monongahela |May Monongahela Conn. JMay Montour May Nashv Chatt & St LMay Missouri Pacific Nevada- Cal- Oregon '3d wk Nevada Northern.. May Newburgh & Sou Sh May Ne\7 Orl Great Nor. May Orl _ , j P of Texas. St L-S April St Louis .Southwest. April St L S of Texas April St Louis Transfer.. 'April San Ant & jVranPassiAprll San Ant Uvalde & Gulf' April I W I Seaboard Air Line. _ [May South Buffalo May Southern Pacific [May Arizona Eastern. April Galv Harris & S A March Hous & Tex Cent. March Hous E & Tex, May Louisiana Western April Morg La & Texas April Texas & New Orl. May Southern Railway.. 3d wk June Ala Great South. May Mobile & Ohio.__!May Georgia Sou & FlajMay South Ry in Miss. May Spokane Internat! -May Spok Portl & Seattle May Staten Island R T. . May Tenn Ala & Georgia 3d wk June Tennessee Central . . May Term RRAs.sn of StL' April W L Mer St Bridge T April Texas & Pacific 2d wk June Toledo St L & West. May Ulster & Delaware.. May Union Pacific May Oregon Short Line April Ore-WashRR&N AprU Union RR (Penu).. May Utah Vicks Shreve Virginian RR & April Pac. AprU Wabash Railroad.. jMay 1st 2d 3d week Apr week Apr week .^pr week Apr Week May week May week May week May (10 roads). 9 roads) (13 roads). (14 roads). (15 roads). (18 roads). (16 roads). ( Current Year. 8.2)9.825 7.165,878 Previous Year. 6,617,762 6,2,54,497 Increase or Decrease. + 1,602 063 + 911 .381 + 826 + 2,076 ,040 NW 7, .506 ,473 15.033.356 8.717,923 April Yazoo & Miss Valley April % Mileage. Ctirr.Yr. Hue 22.69 J July - --. 232.169 .226,654 August .233.423 September .232,772 . October. . .233.192 M'>vi>rab>" .233.032 Decemb' .233.899 January .. ..232.611 February March April . . ..2?l 1.304 ..213.'t34 .221.725 to Latest Current Year. Previous Year. Date. Previous Year. 103.488 2.565,829 11,826,472 1,944.485 9,240.717 755,6.30 109.489 7.194.940 44,167,859 276,451 1,349,785 73,051 1,263,917 401,206 123.947 1.584.851 9.790.722 121.622 8.511 139. .561 768,424 635,161 151.348 164.011 1,026,204 545,554 2.991.069 963.360 185,420 87,398 835.908 451,038 3.096,837 ,257,424 590.676 ,666.488 299.848 734.183 445.599 601.028 125.513 674.797 704,796 881.777 541,087 744,173 523,469 ,0.34.215 25331086 22701274 102083559 467.178 467.285 587,866 496,169 2,957,346 682,051 848,592 742,297 3,983,473 ,687,754 6,199,722 6.166.489 31.377.211 ,163,730 269,198 244.464 1.277.746 ,264,269 6,318,219 5.539.159 33.208,2,56 480,2,52 754,893 1 ,934 ,664 10,946,097 306,615 628.104 591,208 3.196,838 ,096,713 295,097 351,594 1.370.164 ,037,944 1,850,564 1,962,284 10,060.193 570,274 10000392 8„507,620 44,919,039 ,662,272 1,0,30,375 3,935,101 950,005 „525,284 414,781 335,663 1,641,203 6,423,482' 5,925,049 30,300,435 891,394 ,519,960 600,994; 501,723 3,241,995 479,445 633,425 120,399 73,565 7,981,879 7,574,797 42, 405 ,,530 37 524,437 456,274 95,248 545,690 95,099 637,437 545,246 2,679,490 2 128,598 .708.162 485,397 430,266 2.135.230 1 34003 251 36S25582 149870926 143409 179 516,784 504.897 117,714 118,781 987 .900 855,455 374,408 .504.751 ,888,687 2,033,322 2,328,054 8.231,848 451,204 395.583 105,429 102,870 ,453,860 513,066 639,208, 2.329.321 749.920 640,701 145. .524 114,829 ,020,358 8.32,378: 3.132.199 808,451 531,476' 1.5.36.811 .046.265 701 ,698 .940,762 8,082,920 6,920,967 26.073.527 629.725 492,891 99,800 105,7011 ,982.716 2,215,523 2,690,531 10.869.327 418,161 472.725 95,121 91,391] 487.204 358,141 57,448 138,517 7,294,060 6,003.318 34.188.619 26 ,6.59,742 446.794 643.829 135,487 103.703 463.703 329.639 86.770: 93,774 715.438 529.159 184,1.53 107,986 ,055.598 771.440 134,588 2,32,284 336.858 418.066 95,698 91,2601 ,160.205 925,815 1,073,375 4,726,083 778.9.50 685.472 309,844 332.144 1 .793.499 459,643 406,006 2,109,862! 861.290 206.205 205,945 1,017,155' 6,556,381 5,855,857 28,029,004 23 .370.321 423.653 652,3701 101,078 158,541 535,062^ 412.689 113,289 124,918 ,998^853 989,182 6,317.249 1,408,491 ,856,896 680,827 429,321 2.879,020 320.392 70,823 450,613 44; 522 .280.674 295,7,58 1.453.783 378.979 314 834 446 328 146 797 98 043 .093,274 3,903,663 3. 326, .503 20.706.939 496,532 52.3991 533.150 123,193 ,046,809 15784.821 13114866 71,732.292 ,248,132 281 ,588 235,920 1.304,999 ,967,323 1.951.316 1,581,654 5,875,481 ,950,566 818.733 656,096 2,791,549 28,103 178.401 214.573 918,636 .229,231 395. .306 318,814 1,661,888 328.904 785.673 546,759 3,266,612 411.342 704,247 663,418 2,997,253 2,722,130 2,428,388 ,075.879 844.677 887,247 4,195 032 ,821,662 378.187 325,234 2.250 160 ,976,954 1,410,920 1,241,280 7.386 257 691 ,949 140,485 785 .812 128,225 370,305 604 ,348 89,540 112,725 ,768,369 724,519 541 ,022 3.361 ,989 863,035 825 6.58 209,248 202,.500 26,438 78 541 1.920 3,024 ,052,795 178.737 1.192 578 241,954 ,171,523 290.913 1 .380 026 225,072 861.791 206.100 1.192 286 157,.381 ,794.222 742,514 705.972 17,540 136 ,853.519 944,545 596,805 4,124 390 378.472 449 610 89,645 115,290 205.957 8,422,271 46.47.5 32.S 9.4.80,312 2.705.544 2,823,799 13,S9^ ,><S5 11 ,077,218 ,307,165 2.173.492 2,049,4,54 10„5S9 245 ,08S,.564 706,105 3.312 894 748.201 355.200 602 563 64,379 105,306 ,028.271 237.839 1 .443 332 388.321 ,973.434 1.004.699 1,051.219 5.853 288 ,449.064 2. 926. ,393 3,880.977 16,457 826 ,007,214 ,384,427 263,281 8,054 .501 ,191,941 792,809 830,827 4,128 261 885.329 208,665 235,873 443 129 ,317,290 1,302.742 1.270.653 5.629 131 8.-8 663 574 663 173.486 150.178 2.003.526' 1.798,694 9.452 835 ,336,040 . and Monthly *Month!y Summaries. 24.21 14.57 12.38 13.81 15.97 11.53 11.89 17.70 6.679,491 12,957.316 7.517.103 + 1.200 820 2d 12,366, .554 11.088.114 + 1.278 440 3a 12.180.226 10. 885. .509 + 1 ,294 717 4th (16 road.s). 17.271.709 15.097.292 + 2.174 417 1st '>e'k .June ''2 roads . 10.450,316 8,878,546 + 1,571 770 2d week June (16 roads). 12. .3.39 .698 10„527,110 + 1.812 ,588 17.22 3d week June (15 roads) 11.609.848 9,820,863 + 1.788 985 18.22 * We no longer include Mexican roads in any of our totals. 4th l8t April Western Maryland. 3d wk June Western Pacific... April Western Ry of Ala.. April Wheel & Lake Erie. May Wichita Falls A Current Year. 2,669,604 2,313,706 141,023 8.633.771 250,686 273,420 108,656 2.072.974 June 6.971 163,437 119,868 203,871 566,476 199,230 185,449 720,354 & Nor East May Beaum S L & W_ . May St L Browns & M May New York Central. . AprU Ind Harbor Belt. May Lake Erie & West May Michigan Central May Cincinnati North. May ClevC C& St L.. May Pitts & Lake Erie May Tol & Ohio Cent. April Kanawha & Mich April N Y Chic & St Louis May N Y N H & Hartf . May N Y Out & Western May N Y Susq & West.. May Norfolk & Western. May Norfolk Southern.. May Northern Alabama. May May Northern Pacific Minn & Internat. May NorthwesternPaclfic May Pacific Coast April Pennsyl RR & Co.. April Bait Ches & Atl.. May Cumberland Vail. February May Long Island Mary Del & Va.. May N Y Phila & Norf April Tol Peor W Jersey & West. May & Seash April Grand Rap & Ind February Pitts C C & St L. April Peoria & Pekin Un_ May April Pere Marquette May Perkiomen Phila Beth & N E.. May Phila & Reading... May Pittsb & Shawmut.. May Pitts Shaw & North April Pittsb & West Va.. May May Port Reading Quincy Om & K C. April Rich Fred & Potom May Wash Southern.. February Rutland May St Jos & Grand Isl'd April St Louis-San Fran. . April Ft W & Rio Gran, April New N O Texas & Mexico May AGGREGATB OF GROSS EARNINGS— Weekly *Weekly Summaries. ijan. 1 Latest Gross Earnings. 1 to Latest Date. Current Year. Previous Year. Prev Yr.l 232, 68_'424 035 872 393 ,898 226 934 '4.54 „588 513 169 2 16 ,7.33 233 203:469 .868 6:s 502 505 ,334 232 349 195 123 397 So sro ,475 233 1.36,508 023 8.5,^ 189 0--1 ,35S I ''3'> 911 436 551 130 a->o 233 814451 991 330 40 481 232 210 494 706 125 392 027 231, 017 421 ISO, 87fi;34S 749 ojo 770 408. .5S2, 4fi7l317 090 2J(T 918 387 ''SO 9S2I372 S2S 1 Xfi QsO 121 ,365 I5Z 115 Increase or Decrease. % S + — 30.769.974 14.658.220 —32.636.656 4-9.252.922 - 18.942.496 —2. .593. 438 7 83 3 13 6.40 97 1 3.87 59 2,61 26.90 + 11.510.206 +101778760 + 72,431 ,0S9 2(1.77 + 61.492.190 17.72 + 12.S.52,S67i 3.45 — ' THE CHRONICLE 66 Latest Gross Earnings by Weeks. —In the table which we sum up separately June. The table covers the earnings for the third 15 roads and shows 18.22% week of increase in the aggregate over the same week last yeat. follows » Roads. Kan City Mex&O-b... May Jan Increase. Decrease. 1919. 1920. Ann Arbor Canadian Pacific ,820,408 ,578,000 Colorado 509,137 & Southern 476 ,.358 92,047 1,746,055 2.336 Duluth South Shore & Atlantic. 102.489 Grand Trunk of Canada Grand Trunk Western M 2,013.144 Detroit Grand Haven & Mil Canada Atlantic Mineral Range 13,158 1 May to Gross Earnings Net Earnings Current Previous Current Previous Year. Year. Year. Year. (^ $ $ $ 114,535 115,634 def53,016 def39,.379 613,626 465.685 def212.320 def246,996 120,552 665,746 31 84,709 def90,634 def43,330 404,419 defSOl ,794 def302.617 1,574,482 7,229,952 1,238,016 5,896,427 348,908 1,344,494 207,084 715,341 216,136 934,148 212,545 971,862 86,246 46,865 51,915 141,019 Lehigh & New Eng.b... May 447,338 Jan 1 to May 31 1,724,326 267.089 10.822 6.971 8.511 2,428.388 ,722,130 1.920 3,024 263,281 384,4271 Buffalo Rochester & Pittsburgh Canadian National Rys 7.640 115.432 384,815 554,000 32,779 10.442 78,441 255,447 1.435.593 3,024,000 31 Kan City Southern. b.. May 345,415 1,283,848 169,409 406.569 223,545 5,203,205 5,291, 551 dfl. 152, 246 25,058,606 23,840,380df2,947,708 341,195 1,107,110 Jan S 86,081 370.879 May to 1 KanCMex&OofTex.b.May Jan Third Week of June. (Vol. Ill, Lehigh 1 May to & Hud Jan 1 to 31 River. b. May 31 May Lehigh Valley. b Jan 1 to May 31 1 May 112-,144 I Los Ang Jan J Nevada-California-Oregon Southern Railway Tennessee Alabama & Georgia.. Western Maryland 1.540 293,742 11.609.848 9.820.863 1.790.525 1.788.985 Salt to Lake. b-May 1,687,127 May 7,370,909 31 1 to May 31 May Maine Central.b -I- Total (15 roads) Net increase (18.22%). 1 Louisv& Arkansas. b.-. May Jan 1,104 121,146 & Jan 1,540 1 to May 31 1,395,316 6,939,405 389,273 1,753,702 194,768 1,538,056 313,987 1,721,605 181,364 869,448 79,107 567,136 def 796 16,258 1,686,684 7.303.129 1,304,251 79,520 5,164 6.716.995 def710,467 def376.534 Mississippi Central.b. .-.May Jan 1 to May 31 — 78,112 384.777 def7,700 88,553 398.227 defl83. 773 May 141.023 755,630 109.489 def33.095 def54.808 590.676 defl02.235 def288,218 Net Earnings Monthly to Latest Dates. The table following shows the gross and net earnings with charges and railroad and industrial companies resurplus of Mo&NorthArk.b ported this week; MonongahelaConnec. b-May 273,420 Jan 1 to May 31 1,263,917 Montour. b May 108,656 Jan 1 to May 31 401.206 L.b.. May 2,072.974 9,790.722 1,584.851 7,601,028 May 163,437 768,424 139,561 674,797 Newburgh&SouSh.b..May 119.868 635,161 566,476 2,991.069 151.348 704,796 545,554 2.541,087 203,871 1,026,204 164,011 881.777 199,230 963,360 185,449 835,908 720,354 3,096,837 185,420 744,173 STEAM -Gross Earnings Cvrrent Year. Roads fl* May AnnArbor.b 426,583 Previous Year. d> 328.175 Net Earnings Current Year. ^ 47,250 Previous Year. c* 47.673 Jan 1 to May 31 135,549 157,081 1,871,639 1,598,713 Atch Top & Santa F-b. May 15,214,482 13,827,409 2,138,959 3,108,474 Jan 1 to May 31 83,170,103 64,737,465 21,484,387 13,143.665 Panhandle &SFe.b.. May def3,291 def64,179 678,472 438,965 Jan 1 to May 31 3,267,215 1,994,600 defl54,317 def555,351 Atlanta Birm Jan 1 to & Atl-b.. May May May Atlantic City. b Jan 1 to May 457,744 2,317,616 385,294 1,439,709 31 31 98.657 443.054 def97,440 2.002,199 def216,053 def586,759 189,047 458,519 103,556 101,794 268,783 1,530,937 Atlantic Coast Line.b.. May 5,739,371 4,994,377 Jan 1 to May 31 31,417,020 27,955.311 Bangor & Aroostook. b. May 581,914 Jan 1 to May 31 2,715,241 BeltRyofChiragO-b...May 252.540 Jan 1 to May 31 1.539.270 Bessemer & Lake E.b.. May 787.540 Jan 1 to May 31 3,543,222 Birmingham Sou.b Mav .59,389 Jan 1 to May 31 236,173 Buffalo & Susquehanna. May 224,414 Jan 1 to May 31 1,131,736 Buff Roch& Pitts. b May 1.588.768 Jan 1 to May 31 7,100,912 Canadian Pacific. a May 16,459.986 Jan 1 to May 31 75.577,011 Can Pac Jan Lines in 1 to Me.b. May May 175,247 1.374,040 31 452,016 6,500,190 515,3.30 5,129.712 27,530 132,269 235.159 380.189 17.292 26.383 13,225 def32,787 567.315 1.452,739 def61,957 628,501 4,319,664 defl92,082 5,853 38,771 7,497 76,942 266,090 9,043 161.443 def33.060 def24,420 828,251 def64,981 defl27,420 988.329 def21,897 def2]5,095 5.437,515 def233,079 def490,157 13,569,411 3,197,942 3,033,761 63.144,993 8,797,369 9,196,057 124,379 def35,722 def54,412 1,435.195 defl75.947 def89.734 427,962 2,238,328 307.712 1,268,807 New England _b May 566.292 694.716 def48.823 Jan 1 to May 31 2,201,716 2,574.376 def822,479 Charleston* WCaro.b.May 301,891 2.55.394 8.490 Jan 1 to May 31 1.438,452 1,298,390 47.549 Chesapeake & Ohio.b.. May 6,739,755 6,528,053 1,392,722 Jan 1 to May 31 31,796,586 28.066,217 5,381,390 1,974,886 5,408,512 Chlc&NorthWest.b. .May 1,197,446 Central 12,744,632 11,335,680 1,120,672 188.199 63.105 35.744 190.419 Jan 1 to May 31 58,977,889 50,069,946 4.233,799 4,384,441 Chicago & Alton _b May 2,200.366 2.1,56,632 137,699 156,750 Jan 1 to May 31 10,669,533 9,892,886 678.478 739,922 Chicago Junction. b May 218,883 314.915 dof252,128 defl2,258 Jan 1 to May 31 1,244,618 1,378.650 def567,985 def437,886 Cinlnd& Western. b... May 318,277 246,894 def31.148 def43.5S2 Jan 1 to May 31 1,674,181 1,132,958 defl07,742 defl73.598 CinN O & Tex Pac. b-. May 1,487,727 1,350,291 430,189 128,745 Jan 1 to May 31 7,730.699 6,922.737 1.668,559 1,102,621 Colorado& Wyoming. b May Jan 1 to May 31 Delaware & Hudson. b.. May Jan 1 to May 90,799 360,059 94,011 7,515 473,522 13,863 2,8.36,639 2,865,022 def225.890 13,996,379 13,038,820 def418.047 31 DelaLack& Western. b. May 5,626,096 6,121.489 26,539,970 27,931,940 Denv& Rio Grande. b. -May 2.9,53.227 2.388,883 Jan 1 to May 31 14.509,015 11,529,155 Detroit & Mackinac. b.. May 155.127 130,480 Jan 1 to May 31 .. 717,850 583,462 Det Tol & Ironton.b...May 399,292 247.653 Jan 1 to May 31 1,833.312 1.446.986 Duluth & Iron Range. b. May 1.328,242 1.159.270 Jan 1 to May 31 1,943,605 2,052,670 Dul Miss & North-b... May 1.995,178 3,361,898 Jan 1 to May 31 2,857,950 5.090.222 Elgin Joliet& East. b... May 1,770,149 1,522,1.32 Jan 1 to May 31 8.805.919 8.791.618 Jan 1 to May 31 ElPaso&Southw.b May 20,589 99,228 303,325 427,060 1,329 def49,192 1,573,189 5.960,560 514.225 1,695,527 defl3,231 defl25.350 1.880 111.019 3,38,693 1,477.203 766.226 3,779,265 .32.797 def322.398 771,409 113,355 1,192,405 100.465 699,957 481,541 2,557,944 2,544,263 .330.502 335 8.58 2.402.904 1.889.901 1.0.53,023 240,068 384,886 5,233,845 1,702,373 1,966.700 May 7.541 ..320 7.769,026 def769.275 784.685 36.799.363 34.300.424df3,228.832dfl,407,322 May 1,029.803 902,257 265,031 246,837 4,268,169 4,144,042 395,074 553,287 New Jersey & b. May 103,628 93.537 7,975 14,819 Jan 1 to May 31 488,395 406,759 24.354 defll,576 Florida East Coast. b... May 1,114,726 856,479 326,338 165,014 Jan 1 to May 31 6,217,981 4,656,586 2,307,432 687,143 Ft Smith & Western- b.. May 141,418 125,945 def 908 13,668 Jan 1 to May 31 732,7,54 594,449 defl5,036 53,128 Great Northern_b May 9,695.801 8,474,019 1,125,3,58 1,264,947 Jan 1 to May 31 43,767,522 38,340,910 4,120,609 4,024,685 Gulf & Ship Island-b-. -May 262,390 204,974 def4,939 29,618 Jan 1 to May 31 1,176,490 926,658 31,567 def29.478 Internat & Gt North. b. May 1,308,792 1,245,946 def 178, 266 def6,265 Jan 1 to May 31 6,845,582 5,506,510 def620,567 def608,309 Jan 1 to May 31 Erie.b Jan 1 to May 31 Chicago & Erie.b Jan 1 to May 31 NY. 1.021.969 5,681,762 Jan 1 to May 31. --•_-. May Missouri Pacific. b Jan 1 to May Nashv Chatt& Jan 1 to St May 31 Nevada Northern. b Jan Jan 1 1 to to May May 545.810 5,249,589 884.462 2,248,270 73,051 734,183 70,448 349,268 defl9,162 def96,659 123,947 def29,306 defl6,090 8,633,771 7.194.940 44,167,859 34,666,488 31 31 31 New Orl& Northeast. b. May Jan 1 to May 31 New Orl Great Nor.b. .May Jan 1 to May 31 NewOrlTex&Mex.b..May Jan 1 to May 31 BeaumSL& West. b. May Jan 1 to May 31 St L Browns &Mex.b. May Jan 1 to May 31 New York Central System defl0,783 def60.032 445, .599 detl58,892 defll6,989 289, .541 1,051,621 67.294 259.913 def9,870 def34,641 159,150 616.255 90.009 67,540 51,711 244.111 31,217 135,095 54.239 94.064 17,283 108.218 def741 129,104 defl2,929 44,415 def 12,833 31,347 451,038 2,034,215 34,571 212,886 186,133 677,483 244,464 1,163,730 CleveCinCh&StL.b.May 6,318,219 5,539,159 Jan 1 to May 31 33,208,256 26,264,269 def31,451 253,434 def93,923 7,548,632 58,923 250,976 1,235,980 4,958,022 Cincinnati North. b.. May Jan to 1 May 31 87,398 523,469 269,198 1,277,746 36,454 68,029 146,378 612,234 Harbor Belt.b... May 587,866 496,169 def 11 8, 020 def62,086 Jan 1 to May 31 2,957,346 2,467,285 def469,469 def260,080 Lake Erie & West. b.. May 24,484 def34,719 848,592 742,297 Jan 1 to May 31 330,618 def24,221 3,983,473 3,682,051 Michigan Central.b.. May 6,199,722 6,166,489 348,563 1,303,522 Jan 1 to May 31 31,377,211 28,687,754 4,197,304 5,876,826 Pitts & Lake Erie.b. .May 754,893 l,934,664dfl, 450,364 def97,904 Jan 1 to May 31 10,946,097 11,480,252 def797,242 1.176.700 New York Chi & St L.b. May 1,850,564 1,962,284 415,289 4,56,395 Jan 1 to May 31 10,060,193 10,037,944 2,255,884 2,450,121 Inci N YN H & Hartford. b. May 10,000,392 May NYOnt&West.b Jan 1 to May Jan 1 to N Y Susq & Jan Norfolk 1 31 31 818,744 8,507,620 452,975 44,919,039 38,570,274 May 1,030,375 109,863 950,005 3,935,101 3,662,272 def389,573 We.stern.b.May to May 31 414,781 1,641.2,13 335,663 56,395 1.525.284 def280,691 & Western. b.. -May 6,423,482 5,925,049 30,300.435 29,891,394 May 600.994 Norfolk Southern. b 501.723 Jan 1 to May 31 3.241.995 2,519,960 120,399 73,565 Northern Alabama. b... May 479,445 Jan 1 to May 31 633,425 Jan 1 to May 31 646,002 1,398,544 defl8,628 276,599 12,493 164,061 May 7,981.879 7.574,797 def236. 207 Northern Pacific. b Jan 1 to May 31 42,405,530 37,524.437 5.555.619 Minn & Internat. b.. May 95,099 def21.447 95,248 52,688 Jan 1 to May 3l 545,690 456,274 545,246 194,006 Northwestern Pacific-b. May 637,437 422,321 Jan 1 to May 31. 2.679.490 2,128.596 Pennsylvania RR-— 117,714 def54,489 Bait Ches & Atl.b... May 118,781 504,897 516,784 defl62,051 Jan 1 to May 31 144,713 Longlsland.b May 2,033,322 2,328,054 Jan 1 to May 31 8,231,848 8,888,687 def884,141 May 105,429 102,870 def26,995 Mary Del &Va.b 451,204 defl56,108 395.583 Jan 1 to May 31 May 250,686 276,451 def34.764 Monongahela.b Jan 1 to May 31 1.349.785 1.299,848 def41.339 &Pekin Union. b. May Jan 1 to May 31 May Perkiomen.b-.Jan 1 to May 31 Peoria PhilaBeth&NE-b Jan 1 to May 31 Phila& Reading. b Jan 1 to May 31 Pitts & Shawmut.b Jan 1 to May 31 99,800 629.725 105.701 492.891 91,391 418.161 57,448 358,141 95,121 472.725 May 138,517 487,204 May 7,294,060 6,003,318 34,188,619 26.659.742 May 135.487 103.703 643.829 446.794 def20,650 def31.916 43,901 211.732 16,617 def53,843 2,044,567 2.931.483 25.887 95.298 1,070,941 2,015,962 206,009 9,063 64,785 68,609 916,062 5.150.490 22,674 11,893 4,761 3,119 749,472 7,621,528 def9.877 3.313 156.325 187,679 defl2,801 defl0,696 622,286 1,052,326 defl2.453 def27,169 57.913 304.336 def35.523 defl61.725 29.253 181,037 def6,259 29,673 787,362 defl60.040 defl2.186 defll0,314 107,986 defl0,l79 def69,215 Pittsb& WestVa.b May 184,153 Jan 1 to May 31. 529,159 defl85,092 def301.018 715,438 120.651 232.284 64.609 May 134,588 Port Reading-b 398,376 162,122 Jan 1 to May 31 771.440 1,055,598 252,827 525,919 Rich Fred & Potom.b. -May 925,815 1,073,375 Jan 1 to May 31 4,726,083 5,160,205 1,524,267 2.197.228 23.007 406,006 def93.014 Rutland-b May 459,643 Jan 1 to May 31. 2,109,862 1,793,499 defll5,124 def23,372 57,309 Seaboard Air Line-b.. -May 3,903.663 3.326.503 def333. 885 Jan 1 to May 31 20.706,939 17,093,274 1,036,776 1,330.705 def6,9.56 52,399 26,349 South Buffalo. b.. May 123.193 110,113 496,532 92,598 Jan 1 toiMay 31. 533.150 — July — , THE CHRONICLE 3 1920.] Sofuthern Railway. b Jan 1 to May 31 May 12.050 .629 9,968,538 60,972 .416 49,182,855 887,247 May 844 ,677 Ala Gt South- b 4,195 ,032 4,075,879 Jan 1 to May 31 325,234 May 378 ,187 GaSou&Fla.b 2,250 ,160 1,821,662 Jan 1 to May 31 May 1,410 ,920 1,241,280 Mobile & Ohio.b 7,386 ,257 5.976,954 Jan 1 to May 31 140,485 128 ,225 South Ry & Miss-b--May 691,949 785 ,812 Jan 1 to May 31 Mayl 5,784 ,821 13,114,866 Southern Pacific. b 71,732 ,292 62,046,809 Jan 1 to May 31 178.401 HoustE& WTex.b-.May 214 ,573 728.103 918 ,636 Jan 1 to May 31 663.418 May 704 ,247 Tex & New on. b 2,997 ,253 2,411.342 Jan 1 to May 3189.540 May 112 ,725 Spokane Internat.b 370.305 604 ,348 Jan 1 to May 31 541.022 724 ,519 Spok Port & Seattle- b.. May 3,361 ,989 2,768.369 Jan 1 to May 31 ' R T_b...May 209, 248 Jan 1 to May 31 825, 658 May 241 ,954 Tennessee Central. b Jan 1 to May 31 1,192, ,578 Texark & Ft Smith. b_.. May 165 .836 Jan 1 to May 31 785 .263 Tol Peoria & West. b_.. May 145 .524 Jan 1 to May 31 749 .920 Tol St Louis & West. b.. May 944 .545 Jan 1 to May 31 4,124,,390 May 115,,290 Ulster & Delaware. b Jan 1 to May 31 449,,610 Union Pacific. b May 9,480,,312 Jan 1 to May 31 46,475, 328 Union RR of Penn.b... May 748 201 Jan 1 to May 31 3,312, 894 May 1,004, 699 Virginian, b Jan 1 to May 31 5,853, 288 Western Maryland. b May 1,450 ,168 Jan 1 to May 31 8,876 ,736 Current Year. Previous Year. $ $ 963,438 2,894,222 12,670,166 4,258,811 156,814 242,160 560,828 951.727 40.247 def21,808 124.003 322,190 def38,845 def39.941 104,588 def419,361 19,817 def38,531 def5.257 def33,096 2,425,933 3,479,611 12,851,240 9,272,712 23,791 def74,030 141,880 def62,393 112,648 1,702 90,738 108,551 29,869 29,611 94,691 227,362 121,344 52,904 585,128 861,842 202,500 863,035 178,737 Staten Island 1,052,795 22,971 24,371 def64,751 80,325 30,927 def32,276 94,452 defl82,939 103,680 540,567 69,332 344,883 18.952 70,277 114,829 640,700 596,805 853, 519 defl6,454 7,479 233,961 859,016 defl5,377 def43,187 75,079 425,173 89,645 378,472 :, def4,237 defl 1,975 def84.977 defl08,466 2,588,114 2,719,360 8,422,271 41,205,957 14,338,604 12,555,384 102,246 24,536 706.105 339,718 3,088,564 def261,231 371,307 178,235 1,051,219 383,049 3,973,434 1,370,976 Wheeling & Lake Erie. b.May 1,302, 742 Jan 1 to May 31 5,629, 131 1,259,340 5,637,360 1,270,653 4,317,290 95,241 def48,665 192,327 604,190 111,708 def209,540 324,247 161,200 Net after Taxes Gross $ Cuba Railroad Co Apr "20 1,467,108 lOmos Other Fixed Income Chargis % 410,620 442,347 2,900,387 2,474,504 '19 1,274,864 '20 11,452,858 '19 9,856,122 Gross Income 19,770 29,666 116,289 142,044 430,390 472,014 3,016,676 2,616,548 102,949 103,469 1,018,114 1,064,685 Camaguey & Neuvitas' RR Co Apr '20 192.424 57,382 10 mos '19 '20 '19 Electric 215,926 1,502.345 to 1 May -Net EarningsCurrent Previous Year. Year. 333,462 3,419,277 170,107 1,831,312 211,173 3 ,082,824 53,464 574 ,454 31 N Northwestern 1 to May 33,278 398,928 162,022 37,315 10,762 179,974 13,213 1 ,135,516 to May 31 7.230.886 Philadelphia Oil Co. a.. May 161,121 Jan 1 to May 3l 822,528 Reading Transit & Light 1 May May 31 RutlandRy.Lt&PCo.aMay June 1 to May 31 Sandu-skyGas&ElCo.a June 1 to May May 31 Sayre Elec Co.a June 1 to May 31 Southern Canada Power Oct 1 to May 31 May May VermontHydroElCorpaMay June 1 to May 31 910,559 ,136,525 707,646 ,395,022 159,871 23,774 261,669 1,976,167 182,470 2,662,426 69,400 943,134 9.407 141.562 321,168 l,9d4,346 213,674 2,349,093 63,451 30,633 1.695 67.052 34.617 572.384 4,957 139,207 44,067 271,551 2,848,079 43,800 534,919 56,551 627,288 11.245 145.637 53.682 448,100 39.266 540,719 946,972 6 327,063 60,459 530,803 538,904 4,378,868 135,816 662,591 384,932 3,460,151 45.434 445,645 223.573 21,434 356,717 8,978 153,216 4,854 88,244 def 227 37,974 2o,309 223,287 17,820 204,061 41,367 37,018 42,393 10,397 47,098 390,748 34,907 a Net earnings here given are after deducting taxes, Given in milreis. Gross Net after Fixed Earnings. May 12 Carolina Power & light Co 19 & May Co Erie Lighting Subsidiaries 20 mos May 12 mos Taxes. Charges, $ '20 '19 '20 •19 '20 "19 '20 "19 79,204 66,587 1,000,758 1,077,083 19 mos 20 12 19 May Idaho Power Co 20 196,2,i7 19 1,981,481 19 1,59(^,739 May & Kansas Gas 160,684 mos 20 12 20 19 Co Light 2,379,063 20 ,476,714 ,180,477 ,471-, 621 ,950,359 May Milwaukee Elec Ry & 2, 941, .540 19 12 270,333 210,397 mos 20 Co Electric 19 5 nios 20 19 May Nebraska Pow Co 20 225,329 188,762 19 mos 20 12 ,614,250 ,114,203 19 May Nevada-California Elec Corp 20 250.658 214,442 19 5 mos 20 1 19 May North Caro Public Service Co 20 mos 20 12 19 Light May & Power Pacific Co 20 19 mos 20 12 2 ,367.238 1 ,949,453 19 May & Portland Gas Coke Co 20 209,064 165,495 19 mos 20 12 2 ,352,997 1 ,994,132 19 May & 20 623,506 491,776 19 mos 20 ,048,092 ,727,216 1 ,190,532 19 May Southern California Edison Co .142,420 91.'1, 441 83.637 65.890 921.548 759.793 204.110 166.572 19 20 19 882,563 mos 20 11,,4.30,785 19 9,,334,304 20 1 ,102,180 1,,000,592 May Third Avenue Railway System 19 mos 20 10 ,657,291 11 & May Elec 9 ,360,472 20 19 Utah Power Light Co 971,957 800,850 mos 20 11,,293,525 9,,570,230 20 482,789 406,794 May & 19 mos 20 6,,073,407 19 5, 588,142 Washington Balti- April 20 more & Annap Elec 19 RR Co 4 mos 20 213,068 214,687 584,749 783,577 68,693 45,783 712,919 534,280 12 19 May Yadkin River Power Co 20 19 mos 20 12 19 7,853 8,981 2,464 20,989 182.504 14.146 63.270 51 ,704 706.944 569,389 128,915 95.099 1,398.286 1,089,501 23.423 20.500 269,868 214,199 37,144 33.031 420.838 366,639 5,181 5.170 Commonwealth Pow, Ry & Lt Co 5 Northern Ohio Corp Electric May mos May mos 62.228 62.021 17.453 15.753 195.583 187,167 '1390.298 X335.374 $ 8,204 7,218 89,883 84,043 $ 16,578 229,271 156,601 12,623 375,231 386,287 252,963 214,921 1,202,292 1,090,125 42.316 41.811 243,564 213,167 15,083 14.307 177.674 185.402 108,683 83,094 989.032 74i.233 63.571 39.091 36.353 469,488 443,888 47,309 403,633 436,561 2,311,147 2,172,714 63,118 77,723 448,291 453,446 28,217 58, .383 35. .394 811.538 757.754 196.453 274.549 1,354.990 1,228,717 68,413 64,808 904,723 745,534 129,647 129,526 579,200 529,148 24,683 20,998 292,025 278,241 88,290 74,117 520.537 441,884 1,112,2.39 893,889 86,209 69.439 992.232 856.032 126,391 118,602 1,734,495 1,355,612 753,942 550,390 6,352,550 6,799,044 144,184 206.911 1.496.848 1.605,597 317,982 259,649 3,997,939 3,135,997 202,452 186,575 2,876,264 2,913,951 93,906 79,164 155,446 286,604 25,690 26.591 370.221 356,634 186 913 158 .385 926 .016 815 .010 33 .023 25 .774 383 .917 309 .593 58 .065 56 .907 292 319 291 .293 13 .210 13 .168 158 .4.53 157 .959 Balance. Surplus, $ 6.329 9.360 139,-388 72.558 1.50,670 221,640 1,108,855 1,08^,589 224,569 238,946 2219,266 2252,944 13,134 defl ,684 197,556 200,885 276,405 251,416 2596,203 2o39,006 216,510 223,139 2294,888 2334,324 220,936 2124,362 2497,910 2478,658 267,328 239,619 2612,938 2479,982 270,389 272,4;;2 2283, o61 2236,130 11,473 7,830 1.33,572 120,282 244,843 229,731 2589,423 2368,729 255,733 40,413 2637,235 503,468 229,823 121 ,663 229,034 114 ,048 2502,025 1,408 897 2262,656 1,322 110 497,509 256 ,433 283,996 266 394 3,040 435 3,312,115 3,066 ,489 2,732,555 225 673 2def64,698 2460 219, 75 2,435 b542def763,510 2,430 1792def 68 1.623 2163.085 158 ,291 2108.798 152 574 1,867 802 22.169.911 1,807 .574 21,359,319 273,707 142 539 254,832 140 082 1,660 991 21,342,740 21,317,643 1,727 ,910 273.806 24 204 253.748 26 224 282.784 82 202 2181.499 109 045 212.136 14 638 212.464 17 ,373 2202.805 185 ,838 2186,009 212 425 44 .747 46 092 531 .764 534 .334 30 .478 29 .026 355 .080 352 .564 Net Earnings. '20 2,438,654 •19 2,055,620 '20 12,574,061 •19 10,322,201 '20 1,009,513 '19 761,606 '20 4,705,142 '19 3,566.715 839,275 871,761 4,800,010 4,408,283 297,968 265.803 1..590. 827 1.222.117 Fixed Chgs. & Taxes. $ 738.549 690.493 3.600.466 3.380.036 191.622 158.633 923.291 804.169 Balance, Surplus. $ 100,726 181,268 1,199,543 1,028.247 106.346 107.170 667. .536 417.948 FINANCIAL REPORTS Financial Reports. —An index to annual reports railroads, street railway of steam and miscellaneous companies which have been published during the preceding month will be given on the last Saturday of each month. This index will not include reports in the issue of the "Chronicle" in which it is published. The latest index will be found in the issue of June 26. The next will appear in that of July 31. Great Northern Railway. Annual Report Fiscal Year ended Dec. 31 1919.) The full text of the remarks of President Ralph Budd is given on subsequent pages; also the income account and — {31st traffic statistics for the late calendar year, the general balance sheet as of Dec. 31 1919 in detail, &c. RESULTS OF LINES OPERATED AS GREAT NORTHERN RY. AND THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS WESTERN RY. AND DULUTH TERMINAL. — 220.255 116,424 2224.513 1163.097 223.216 119.354 Fixed Charges. 14,5.33 S> Statistics Balance. Surplus. $ after Taxes. X After allowing for other income received. 8,950 c Asheville Power & Light Co 19 Gross Earnings. 50.483 21,861 7,967. 247,577 90,116 45,729 562,000 c6,262,000 c5,217,000 594,000c27,261,000c23.473,000 1,948,411 31 Co and subsid Natural Gas Cos.a...May System. a June 1 to 20 mos 20 5 121,173 1,562,516 Philadelphia Jan Co Light Ry & Ohio Power Co. a May June 1 to May 31 Pennsy Utilities Syst.a.May June May Dayton Power & 19 63,441 288,547 Braz Tr, L & P Co,Ltd.aMay cl0985000 c9 Jan 1 to May 31 c50,166,000c44 Duquesne Lt Co and subsid Elec Lt & Power Co a May 1 ,098,983 Jan 1 to May 31'. 6,080,740 5 General Gas & El Co. a. May 885,286 June 1 to May 31 9,940,172 8 Metropol'n Edison Co.a May 219,274 Jan 1 to May 31 2,517,302 J Power &Lt Co. a... May 33,173 June 1 to May 31 390,193 Jan mos 20 19 12 -Gross EarningsPrevious Current Year. Year. June 1 to May 31 Binghamton Light, Heat & Power Co. a May June 1 to May 31 Beaver Valley Trac Co and Pitts & Bea St Ry^a.May 1,097,713 894,440 5,715,383 4,567,029 280,505 214,053 1,534,895 1,211,658 19 5 Corp ings.— The following table gives the rturns of ELECTRIC railway and other public utility gross and net earnings with charges and surplus reported this week: Alabama Power Co. a. ..May 20 19 Railway and Other Public Utility Net Earn- Companies. May Consumers Power Co United Gas 105.452 504,379 485,189 1,316,471 mos 20 19 12 327,441 368,545 1,998,562 1,551,863 20 19 12 12 Bala nc Surp us S Net , May Citizens Trac Co & Subsidiaries Republic Ry Light Co a Net earnings here given are after deducting taxes. b Net earnings here given are before deducting taxes. Eaitiings S Gross Earnings. $ 79.847 60.895 858.177 684.654 -Net Earnings- Gross Earnings Previous Current Year. Year. Roads. 67 Average miles operated. — Operations Passengers carried 1919. 1918. Federa I Data 8.178 8,260 1917. 1916. — Companti Operations 8,233 8,098 8.530.661 7,264,346 8.382.0.35 8.168.937 Pass, carried one mile. .704. 978.961 601,023.056 667.036,000 608.621,000 2.360 cts. Av. rev. per pass, per m. 2.784 c(s. 2.374 cts. 2.608 cts. Revenue freight (tons).. 27.390.432 30.948,659 30,650,814 30.389.386 8.018,210 do one mile (000)... 7,973,569 8,844,787 8,399,349 Av. rev. per ton per mile .9701 cts. .8699 cts. .7614 cts. .7655 cts. Rev. train-load (tons).. 663 684 671 661 Earns, per pass, train m. $2,107 $1,539 $1,673 $1,601 Earn, per fgt. train mile. $5.03 $6.44 $5.95 S5.14 Gross earnings per mile. $10,271 $12.9(33 $12,191 $10,762 THE CHRONICLE 68 COMBIXED RESULTS FOR CALENDAR YEARS Eamings TO 1919. -Co. Oper.1917. $15,836,341 64.300.666 6,342.062 2.119,666 $88,598,735 1916 Federal Operation 1919. 1918. — Passenger Freight Mail, express. &c Other than transportation Gross operating revenues Ex P f71 5 €5^"^ 319.623,859 §15,672,420 77.351.472 76.937,445 6.277,063 5.707.159 _- . 3.309.750 2.381,4 96 --$106.562.145$100,698.520 Maintenance of -way, &c Maintenance of equipment 318,176,655 $17,405,470 $11,570,157 20,200,065. 20,757,399 11,890,989 Traffic expenses 678,088 778.989 1.336,870 General exnenses-1.846.851 1.737,401 1,510,405 44,482,867 43,024,345 32.262,502 Transportation expenses 1,246.744 Miscellaneous operations 1,586.165 1.13^.911 Cr.184.416 Cr. 521. 102 Cr.422,678 Transportation for investment Total operating expenses ---S86. "86.273 $84,429,245 $59,282,156 Net earnings ..-S19, 75.872 $8,887,779 $29,316,579 COMBIXED IXCOME ACCT. (Under Fed'l Operation in 1919 and 1918). 1919. 1918. — CONSOLIDATED BALANCE SHEET DECEMBER 1918 1919 Liabililies Ry . , Miscell invest't Cash on hand Advanced chges Loans & bills rec Other accounts 14,842 3.656,727 3,285,519 22,025,928 21,971,361 25,352 723,999 RR A Other assets U S 4,876,700 Div 9,885 Depreciation 32,272,753 Insur ,&c .funds 1.664,101 Additions. &c_- 37,444,657 , RR Adm 5,061,015 26,780 30,734,904 1,681,313 34,972.209 , Other work & receivable .&C- RentsU S matured &c mat'd Interest defd 7,093.084 6,899,058 def liabilities 58,698,182 2,223,981 credits.. 1.230,447 24,321 5,385,635 52,607,820 2,186,976 1,101,199 21,860 6,397,085 160,515 72,238,929 S RR Adm Unadj 54,125,791 Fund dt retired 6,805,171 Sink fund res' ve 1,448,136 Misc fundres^. Approp surplus deferred assets 57,417,430 Other def assets 6,987,400 TJnadjus debits 1,585,652 Profit Total 757.269,012 745.924,974 110, p. 2568. —V. and Annual Report President Clarence wrote in substance: W. loss. Total 303,871 75,411,395 . 757,269.012 745,924,974 — Year ended Dec. 31 1919.) Huntington, New York, May 1, — — — — — — — CLASSIFICATION OF FREIGHT PRODUCTS OF (TONS). Agnail. Forest. Animal. Mines. Mfrs.. &c. Total. 1919 44.630 3,747 5,553.655 198,798 182,994 5,983,824 1918 42,580 5.253 6.423,507 204,388 190,360 6,866,089 1917 51,885 4,521 6,544,923 289,670 205.533 7, 096 ,,532 1916 50,922 4,207 5,595,243 293,073 149,568 6,093.013 In 1919 bituminous coal tonnage was 5.463,321, against 6,279,289 tons in 1918. 6,398.8.36 in 1917 and 5,509,798 in 1916. Average mileage Tons (revenue) carried 1,000 tons carried one mile Rate per ton per milePassengers carried Passengers carried one mjleRate per passenger per mileGross earnings per mile 513 5,983,824 2,114.771,380 0.486 cts. 1,121,661 25.283.393 2.86 cts. $23,093 $1,838,773 2.662,387 56,343 4.421.566 201.214 Cr. 5, 281 General expenses Miscellaneous operations. &c Total operating expenses Net revenue $800,852 1,608,197 71,645 2,839,328 191,872 186,968 $1,532,407 2,676.011 69,029 4,815,019 193,319 Cr.7.867 .$9,175,001 .$9,277,918 85,698,862 $2,900,304 $2,628,526 .$4,543,611 CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS. Mmimuni compensation $3,247,603 300 .973 33,467,240 .$99,534 .$.50,819 Cr. 163 .602 Total income General expenses Expenses prior to Jan. 11918 .$3,247,603 219 ,637 $3 ,548 ,576 Income from other sources 83,377 167,985 , Tax 1918. 1919. accrued (standard return, see text) accruals Net income $3,165,060 $1,475,000 10,925 35,259 185,710 $3,612,645 Interest on fvmded debt $1,475,000 Interest on equipment trust notes Other interest 87,835 Rent of tracks, yards, terminals, &c 185,070 Income tax on bond interest due by holders of bonds but assumed by Miscellaneous Net to profit and company 14,918 4,189 $1,845,632 loss 13,505 $1,444,064 598 31. [Exclusive of aforesaid items approved conditionally or not approved.] Assets 1919. S — 1918. S Pioperty invest---94.205.410 92,767,473 Inv. in cos _- 4.265,668 affll. Other investments 1,645,900 Cash---21,846 Miscel. accts. recInt. and divs. rec- Other cur. Rent rec. Govt U. S. 13,463 40,533 a.ssetsU. S. 3,876,207 4,383,020 1,673,750 13,146 168,931 40,284 39,295 5,795.231 Other def. assets-7,351 Unadjusted debits 10,146 — S. Govt. liabilities 2,347,603 U. Govt. def. assets 1919. 1918. s s Common stock 31 ,271,500 31,271.500 Preferred stock 27 ,955,000 27,955,000 Long term debt 29 ,.500,000 29,500,000 Loans paya ble 1,630,000 1 ,450,000 Traffic, &c., bal.. 6,191 6,286 33,018 Accts. and wages. 698,584 260,284 Interest accrued.. 259.776 Rents accrued. &c. 30.833 31,966 Liabilities def. 5,345,591 Other def. liab 5,926 Unadjusted credits 25,192 Add, through surp. Profit and loss 7 589,019 102,093 16,999 169,673 10 831,991 6.715,026 78.702 197,021 142,985 8,988,520 Total 109,881,755106.810,212 -V. 110. p. 1291. The Hocking (21st On 1918. 513 6,866,089 .473,474,055 0.424 cts. 989,657 22,227,921 2.87 cts. .$22,941 Total 109,881 ,755 106,810,212 Valley Railway Company. Annual Report — Year ending Dec. 31 1919.) be found the text of the annual report, signed by President Geo. W. Stevens and Chairman H. E. Huntington, together with balance sheet of Dec. 31 and the results for the calendar year 1919. V. 110, p. 1642. subsequent pages will — 1919. 1918. 1917. 9,618,539 11,799.891 10.674,854 2,969,053 3,444,959 4,191,981 0.548 cts. 0538 cts. 0.40.5 cts. 0.111 cts. 0.912 cts. 0.652 cts. 1,170,466 1,293,257 1,699,494 43,897,829 42,551,2.54 50,001.632 2.441 cts. 2.798 cts. 1.923 cts. Revenue per passenger per mile 12,584,592 15,244,850 14.866,835 Revenue freight tons carried.- Revenue tons carried one mile--l,502. 582, 1.53 1,892,824,838 1,966,272.286 0.646 cts. 0.599 cts. 0.456 cts Revenue per ton per mile $33,280 $37,620 Oper. revenue per mile of road$30,596 Rev. coal & coke carried (tons). Other rev. freight carried (tons) Av.rev.per tonof rev.coalper m. do other than coal per mile. Passengers carried Passengers carried one mile CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS. % General expenses (corporate) - _ Railway tax accruals (war tax.) Inc. or Dec. 1918. 1 919. .$2,637,167 $2,637,167 7.7 73,767 68, .508 Inc. $5,259 14,200 Inc. 93,800 660.6 108,000 Net .$2,455,401 Standard return Dec. $99,059 42.326 3.9 54.8 Interest on debt -32,490,359 $2,631,744 Dec. $141,385 1,460,491 1,271,915 Inc. 188,576 5.4 14.8 Net income $1,029,868 $1,.3.59.829 Dec. $329,961 24.3 Other income, net 34,958 Total .$2, .5.54,460 77,284 Dec. term "standard return" as here used means the "average annual railway operating income for the three years ended June 30 1917, as defined by the Federal Control Act, less one-half of war taxes for year 1917. which has been certified tentatively by the Inter-State Commerce Commission as $2,637,167. * Tlie INCOME ACCOUNT FOR CALENDAR YEARS— OLD [In 1919 & 1918 Federal Revenues— Freight Pas.senger Mail Express" Miscellaneous Total & company 1918. 1919. .$9,703,937 $11,343,613 Total Net revenue Taxes, &c 1916. $6,681,262 917,935 52,836 82,903 465,483 $11,654,517 313,155,861 310,696,434 $8,200,420 Maint. of way & struc-- $1,329,868 Maint. of equipment--. 3.935,248 Transportation General 1917. .$8,974,873 961,700 60,419 99,347 600,095 1,228,282 42.201 110,839 569,257 1,038,843 54.342 106,202 612,860 EXT) 671 S6S Traffic BASIS. statements combined for comparison.] $1,490,446 3,718,010 83,422 4,912,857 312.565 $945,590 2,365,944 120,675 3,716,384 260.530 2,156,129 101,989 2.364.020 187.802 $9,766,372 $10,517,300 $1,888,145 $2,638,561 649,1.57 726,317 $7,409,123 .$5,597,889 .$3,287,312 839,467 $2,602,531 591.093 72,202 4,109,051 320.000 .$787,949 1917. 513 $1,161,828 Operating income xl61.699 Other income (balance). $1,989,404 $2,447,845 693.263 $2,011,438 576.977 Gross corp. income-.- $1,323,528 x$l,427,767 Interest on debt TRAFFIC STATISTICS FOR CALENDAR YEARS. 1919. 585,091 592.879 GENERAL STATISTICS FOR CALENDAR YEARS. Mileage Owned. A branch of 2.49 miles was constructed in 1919 from line near Eobson. W. Va., to newly developed coal mines on Beards Fork. Double Tracking of Ciarks Gap Hill.— The 3.2 miles of the last section of 5.1 miles has been completed and put hi operation, and work on the remaining 1.9 miles, mainly Micajah and Ciarks Gap tunnels, will be completed during 1920 and 1921. Coal Alines.- On Dec. 31 1919 there were 101 coal mines in operation on or adjacent to the lines of your company in Virginia and West Virginia, of which 7 began shipping dm-ing the year; 54 of the mines are served jomtly by your railway and the Chesapeake & Ohio Railway and 1 is served jointly by yoiu- railway and the Norfolk & Western Railway. Federal Compensation. The amount of $3,247,603 certified by the InterState Commerce Commission as the "standard return," not being considered a fair compensation for use of oiu' property, we applied for compensation of not less than $5,200,000 per annum; no agreement has yet been reached. There was received to Dec. 31 1919 $2,619,000 in cash on account of such compensation. Additions, cSc. The Railroad Administration expended and charged to your company during the year 1919 for additions, improvements and equipment. .82,066,542. of which 31,649,133 was main line, $127,139 branch lines, $48,342 equipment. In addition there were expenditures of $115,456 approved conditionally and $126,471 which, while charged to yoiu- company by the Federal Railroad Administration, have not been accepted and entered upon the corporate books. New Equipment Trusts.- During the year there were allocated to and accepted by yoiu- company from the Director-General of Railroads 20 heavy Mallet locomotives, and to finance the cost thereof yoiu- company joined the Director-General in an equipment trust agreement with the Guaranty Trust Co. of New York, known as "Equipment Trust No. 76," under which $1 ,630,500 6Sc notes dated Jan. 15 1920 have been is.sued, payable in annual installments on Jan. 15 1921 to 1935, inclusive. Contracts are also being negotiated for acquiring 1 ,000 1 20-ton all steel coal cars. 6 Pacific type locomotives, 10 all steel passenger coaches, 4 all .steel mail and baggage cars and 1 all steel club car. To assist in financmg the purchase of this equipment there have been issued and sold imder the Philadelphia plan .$5,200,000 6% •'Virginian Railway Equipment Trust. Series C" certificates, payable in semi-annual installments of $260,000 from Oct. 1 1920 to April 1 1930, incl. It is expected that this equipment wil be received dm-ing 1920. Virginian Limestone Corporation 1st M. 5% Bonds. Of the $300,000 bonds received in 1918 [on sale of quarry, &c., at Ripplemead], $22,000 were returned and $2,000 were redeemed through staking fimd. leaving $276,000 bonds on hand at Dec. 31 1919. main 1917 .$9,064,503 $12,075,305 311,906,444 $10,242,473 Traffic cxi)enses Conducting transportation Virginian Railway. (10th 1919 liab credit items (net) XJ — Maintenance of way. &c ^Maintenance of equipment TENTATIVE BALANCE SHEET— DEC. , 2,989,852 10,956,869 8,793,507 5,653,671 10,798 55,890 Gross revenue Operating Expenses S . 2.992,405 10,333.705 8.127.377 9,847.036 1919. 1918 $10,268,428 $10,478,622 742,508 6.54,427 1,064,369 773,395 Freight Passenger Mail, express and miscellaneous 1918 S prop &inv_412,260,555 409,379.7.30 Capital stock. ..249,477,150 249,477,150 Misc phys prop 4.937,666 4,986,556 Premoncapstk 81,268 81,268 Dep improv'ts, Grants In aid of sink fund.&c 219.788 183,327 construction.. 104,102 89,904 Halfint inC B Funded debt-.. 270,868.941 270.994.496 & Q stk held Acc'tS & wages. 186,308 250,937 by trustee of Other acc'ts pay 6,402,924 6,408,823 joint bonds.. 109. 114,810 109.114,810 Accrued taxes. 1.539,802 1,492,778 Other holdings— Acer int &c.. 499,112 492,675 Stocks 80.934.739 78,835,714 Loans&bills pay 1,475,000 2,500,000 Bonds oth cos 26,787,600 26.787.600 Traffic, &c bal 1,831 40,240 Notes Advances Operating Revenue — 31. 1919 — FEDERAL OPERATING STATEMENT FOR CALENDAR YEARS AND imS—CORPORATE 1917. 1917. Netearnings $29,316,579 Compensation accrued. _. $28,686,973 $28,686,973 Railway taxes accrued... 883.076 1,514.363 6.302.952 Operating income .$27,803,897 $27,172,610 .$23,013,627 General interest received 30.535 27.393 671.116 Dividends and interest on securities- - 2.366.212 642,625 5.785,950 Rents received and miscellaneous 998,548 401. 508 1 .574 ,074 Gross corporate income .$31,199,192 $28,244,136 $31,044,767 Deduct Rentalspaid 310,916 $12,583 $1,082,933 Bond interest accrued 7,431.387 7,435.498 6.772.641 MisceUaneous 1.350,636 466,118 60,132 Pension fund 60.475 Dividends on stock (7% per annum). 17.462.890 17,462,842 17.462.960 Reserve to fund obligations 2.576,230 640.583 5.385.635 Amortization of discount 266.667 266.667 88,889 Total deductions $2:y,oy»,/i:6 .'Ji26.284.292 $30,913,665 Balance, surplus $2,100,466 $1.9.59.844 $131,103 (Vol. 111. $3,141,108 $1,265,294 .$1,207,195 (4)439,980(5^)604,972 $2,588,415 $1,212,288 Dividends (4%)439,980 547,7.50 32, .537, 154 (4)439.980 7, 096, .532 ,514,639,000 0.360 cts. 969,965 22,431.931 2.52 cts. $19,981 Balance, surplus .$544,220 $831,880 31.328,940 $936,147 X Excluding interest charged or credited lietween the company and the U. S. Government except interest during construction of additions and betterments credited to Federal income, and interest on note covering loan from the V. S. Railroad Administration charged to corporate Income. — July 3 1 . THE CHRONICLE 1920.] BALANCE SHEET DECEMBER 1918. 1919. S & equipm't. 48,421, "51 47,442,972 Road Sees, of aftll., &c., Assets— companies Stocks pledged- 10S.0S9 300,000 150.000 47,100 400,000 108.28!) Bonds pledged.. Bonds unpledged 450.000 46.000 500.000 bonds 9,600.000 2,697,634 6<~c bills 390 47,655 Securities in treas. (unpledged) 1st M.Col.&Tol.4s 2,441,000 Two-year notes 184,301 . , Unmafd Adv. to propriet'y, afiil. & cont. cos. Special depos. with trus. (mtge. fd.) Deferred items U.S.Gov.def.assets 5.060,793 S. 185,133 92,327 14.085 2,709,151 145,639 4,421,283 x519,576 9,940,259 504,210 9,676,126 Govt, def'd liabiUties 2,686,614 4,201,222 Appropriated 70,950,013 56,266,974 11,555 21,358 608,176 5,992,185 115,843 Deferred items... U. 980,000 1,215,000 4,064 interest, sur- plus Profit and loss Total 19 ,97 382,124 dividends, &c.. 285,257 110,867 Taxes accrued 423,335 Accrued deprec'n. 3,108,541 436,130 127,295 U.S. stand, return and int. accrued 3,122,596 1,841 7,260 56,278 56,278 2,441.000 5,000,000 7,500.000 2,315 Traffic balances.. 3,204 Audited vouchers and wages 91,795 Miscellaneous 200,451 Mafd int div ,&c rec_- Traffic balances.. Miscellaneous 1919. 1918. LiabilitiesS $ 1 1 ,000 ,000 11.000.000 Capital stock 1st Cons. M. 4 '^s. 16, 022 .000 16,022,000 lstM.C.&H.V.4s. 1,401,000 1,401,000 Five-year notes Total 1919. $3,450,903 369,051 Operating income Federal tax accruals $3,355,950 126,930 ,$3,081,852 $3,229,020 133„527 102,506 446,171 221, 201 $2,980,180 93,271 498,238 44,472 $4,480,705 96,992 78,207 454,540 48,662 .$4,132,425 $3,700,418 $5,159,105 $370 ,086 $369,317 138,925 1,986,889 900,000 250,000 C3.ntral of Georgia Railway Co. Annual Report Year ended Dec. 31 1919.) Charles H. Markham, Chairman Mar. 10, wrote — substance: Miscellaneous Gross income.Deductions ' — Benning Junction and Fort Benning, Ga. Funded Debt. Since Dec. 31 1918 $100,000 equipment trust obligations and Greenville & Newnan Main I^ine bonds and Upper Cahaba Branch bonds, aggregating $60,000, matured and were paid. — — New General and Refunding Morlijagc Collateral Bonds. Because of the limitation of the rate of interest to a maximum of 5%, the inflexibility of the tax-free covenant, and other reasons, it was deemed advisable to cancel the General & Ref Mtge. of 1912, and to issue in its place a nev/ mortgage. Accordingly, as of April 1 1919, the outstanding General & Refunding bonds ($122,000j were purchased and together with all authorized bonds in the treasury (.$11,135,000), were surrendered for cancellation, the mortgage was canceled and satisfied simultaneously with the execution of a new "Refunding & General Mortgage" dated April 1 1919 and due April 1 1959. Of the new bonds, $11,000,000 Series "A" were drawn from the trustee and pledged as security for the $8,000,000 10-year 6% Secured Gold . Bonds. The $8,000,000 Ten-Year 6% Secured Gold Bonds, dated June 1 1919, maturing JuVie 1 1929, were issued and sold in June for the purpose of providing funds for miscellaneous capital expenditures made and to be made by your company and by the U.S. Railroad Administration and to repay temporary loans heretofore made for such purpose. (See V. 108, p. 1822, 2240, 2329, 2432.) —— Loans and Bills Paiiable. The floating debt has been paid in full. Road and Equipmeni The U.S. RR. Administration has reported jiit expenditures during the year far road and equipment, including additions and betterments to leased railway property, to a total of $1,705,945, including $1,005,395 on account of locomotives. GENERAL TRAFFIC STATISTICS FOR CALENDAR YEARS. 1917. 1916. 1918. 1,918 1,919 1,922 6,893,225 6,273,089 5,600,353 Rev.fght. carried 1 mile. 989, 022,9201143774, 703 1050607,516 907,370,746 Avge. rev. per ton perm. 1.33 cts. 1.13cts. 0.99 cts. 0.96 cts. Rev. per fght. train mile $5.32 $4.38 $3.56 $3.39 Avge. rev. tr. load (tons) 467.19 388.75 370.85 343.61 Passengers carried 6,893,421 6,299.616 5,476,758 4,511,520 Pass, carried one mile.. 249,976, 909 246,409,389 205,250,088 164,830,331 Av. rev. per pass, per m. 2.60 cts. 2.39 cts. 2.07 cts. 2.01 cts. Earns, per pass. tr. mile. SO 86 $1.71 $1.54 $1.09 Op. rev. per mile of road "$11,310 $10,787 .$8,352 $7,142 1919. 1,918 6,066,408 INCOME ACCOUNT FOR CALENDAR YEARS. — Operating Revenues Freight Passenger Mail, express, &c I ncidental Total operating revenues Maintenance of way, &c Maintenance of equipment Traffic Transportation Miscellaneous operations General, &c Total operating expenses Not earnings Taxes. &c Operatir g Income Other income Gross income Deductions Net inoome — Rent for leased roads Other rents, &c 1919. 1917. 1918. .$13,136,534 $12,877,851 $10,097, 9.'')3 6,489,995 5,876,488 4,253,700 . 1,375,971 1,209,996 1,133,101 694.0 11 728,552 539,783 .$21,696,511 $20,692,888 $16,024,537 . $4,368,741 $2,981,908 ,$2,143,141 . 4,471,773 4,131,793 2,672,947 429,452 377,070 480,492 9,242.120 7,893,216 5,265,402 51,621 24,074 18,477 725 ,717 465,390 638^37 .$19,289,423 $16,046,496 $11,045,849 . $2,407,088 $4,646,392 $4,978,688 955,356 896,3 78 887,152 . $1,451,731 $3,7,50,014 $4,091,536 782,816 758.2081 No proper . $2,234,548 $4.508.223 comparison . 2,776,738 2.495,131 available. -I "I" I eef.$542,190 $2,013,0921 384,735 2,094,954 900.000 250,000 Interest on funded debt Preferred dividends (6%) Common dividends (5%) 101,672 84,2,58 .$4,589,908 109.2 03 $369,249 151,818 1,997,411 900,000 2,50,000 Total deductions Balance, surplus —Note. —The Ed. $3,999,775 .$3,645,131 .$3,668,477 $132,650 $55,287 Sl.490,628 figures for 1917 have been adjusted for comparative purposes. CONDENSED GENERAL BALANCE SHEET DECEMBER 1919. — 1918. s S equipm't. 67 509,799 65,960,827 Improv'ts on leased ra.lway property 785,484 028,511 Depcsits in lieu ul mortgage prop132 132 Misc. piiys. prop-. 380,234 416,296 In v. in affil. cos.: Stocks 4 .799,102 4,799,102 Bonds 661,000 650,000 Road & Notes & certifs. 566,760 of indebt'ness. Advances 1 .429,005 1 ,224,277 11,864 Other investments. 880,199 Cash Loans & bills rec. Traffic, &c.,bal.rec. 572 891,217 9,114 107,537 Miscellaneous Materials & supp. & divs. receiv. Int. U. S. Gov't acc't-. 11 .326,884 Deferred assets... 21,653 Unadjusted debits. 521,228 U.S. Gov't comn'n Total — Average miles operated. Rev. fght. carried (tons) secm-ities in Federal Control. The contract with the Director-General of Kailroads, dated Feb. 25 1919, but effective Jan. 1 1918, fixed the net compensation to be paid by the Government for the use of th^ three properties at .$3,444,159, being the "Standard Return" for three years ended June 30 1917, as follows: Central of Georgia Ry., $3,450,903; Sylvania Central Ry., $3,284; Wadley Southern Ry. (deficit), $10,028. Thereafter the Commission found that during the "test period," rents for use of lands, right of way, warehouses, &c., aggregating .'i;126,283, were credited to "Rents of buildings and other property," an "operating revenue" account, and should have been credited to "miscellaneous rent income," a "non-operating income account, causing an overstatement of $42,094 in the standard return. Your company thereby became entitled to receive for corporate account during Federal control the rents from such property, resulting in a small net gain to your company. The rental now to be paid for the use of the three properties is $3,402,064, as follows: Central of Gesrgia Ry. Co., $3,408,809: Sylvania Central Ry. Co., $3,284; Wadley Southern Ry. Co. (deficit), $10,028: net compensation, $3,402,064. The U. S. RR. Administration has paid on account of compensation, $5,993,237, of which $3,430,237 was credited on general account with the Administration and $2,563,000 was paid in cash. Road. The miles operated Dec. 31 1919 were 1,924.42, an increase of 6.13 miles, due to trackage rights over U. S. Govt, line between Fort — . Net operating income Rents. &c., received Income from funded Dividend income Assets- — 1917. 1918. U. S. Railroad Adm. compensation-. ..$3,408,809 Items applicable to prior period 52,859 70,950,013 56,266,974 X Includes in 1919 additions to property through income since June 30 1907, $181,409; funded debt retired through income and surplus, ,§131,331; appropriated surplus again.st contingent liaoility for freight claims, $120,000; resers'e invested in msurance fund, $49,787; and other reserves, $37,048. This company and the Toledo & Ohio Central Ry. severally endorsed, in 1901 upon 5% First Mortgage bonds of the Kanawha & Hocking Coal & Coke Co. due 1951 ($2,842,000 outstanding), and In 1902 upon 5% Fu-st Mortgage bonds of the Continental Coal Co. due 19.'>2 ($1,569,000 outstanding, less credit on foreclosure of $507 per $1,000 bond), pm-ported guaranties thereof. The enforceability of these alleged guaranties has been in litigation for several years. Since Dec. 31 1919 a settlement of this litigation has been arranged, pursuant to which, in consideration of this company assuming one-half of the unpaid liability upon the bonds of the Continental Coal Co., it has been relieved of any liability in respect of the bonds of the Kanawha & Hocking Coal & Coke Co. All of the outstanding bonds of each issue, together with the guaranties thereon, have been duly discharged and canceled pursuant to this settlement; and mutual releases between the railway companies, the coal companies and the bondholders have been exchanged, thus finally disposing of this liability. V. 110, p. 1642. {25th 69 CORPORATE INCOME ACCOUNT FOR CALENDAR YEARS. 31. — Gen. M.6'~<, bonds not out (contra) 9,783.000 800.000 Equip, trust oblig. 37,750 Loans & bills pay- 1,450,000 Misc. unpledged Oth.inv. (pledged) Gen. M. Cash Loans & — — . - 551.760 919.319 975,072 1,182,776 21,578 50,899 334,331 X Since June 30 1907.— V. — Equipm't oblig'ns600,000 700,000 Mgte. bonds outst. 31, 141,000 31,323,000 Coll. trust bonds.. 12, 840, 000 286,250 Income bonds outDebt to affil. COS.. Loans & bills pay . 4.840,000 288,350 3,275,000 900,000 9,545 702,780 60,114 241.167 400,040 176,163 7,200,969 99,871 349,008 298,652 4.484,708 127,389 950,000 3,716,307 229,213 5,087,755 .- Trat.,&c.,bal.pay. Acc'ts & wages pay Misc. acc'ts pay'le 594,303 :14,-l9i" Interest matured - 229 ,141 Int. & rents accr'.l 403,193 Deferred liabilities 21.979 U. S. Govt, acc't. 9,036,376 Tax liability 101,611 Insuiance reserve. 347,873 Renewal, &c., reS299,337 ""43,628 Accrued deprec'n- 5,601,851 5,240,540 Unadjusted credits 101, .563 27,645 Gov't adv. on comp 213,4.54 Add'ns tlu-o. inc.. x3, 733, 805 3,444,159 Debt retired x229.213 Piofit & loss— bal. 5,344,172 91,126,063 85,400,031 31. 1918. Liatnlities $ Common stock.-. 5,000,000 5,000,000 Preferred stock-. .15,000,000 15,000,000 1919. S Total 91,126,063 85,460,031 110, p. 2487. Atlanta Birmingham & Atlantic Raii'way Co. {Report for Fiscal Year ending Dec. 31 l'J19.) Pres. W. G. Brantley, Feb. 28, A\Tote in substance: — Federal Contract. The compensation contract with the U. S. RR. Administration was executed Dec. 5 1919, providing for an annual compensation of $480,000 during Federal control. This compensation is based on t'-" standard i-etm'n, subject to changes by the Commission. \^teuerui Operation. There were increases of $134,805, or 3.82% in freight revenue; $120,301 or 14.14% in passenger revenue, and a total increase in revenue from operations of $i57,691, or 5.47%. The average revenue per ton mile for calendar year 1915 was .623 cts., — , for 1916 , , .603 cts., for 1917 .571 cts., 1918 .641 cts.. — and 1919.799 cts.- Operating Expenses. Expenditures for maintenance of way and structures were $1,159,043, an increase of $93,151 (or 8.73%) over 1918, resulting from a wage increase of $170,437, depreciation decrease of $176,698, and increase in cost of materials, supplies, &c., $99,412. The decrease in depreciation here shown is due to the elimination of all depreciation accrued in 1918 on the Federal books for roadway structiffes. which was instructed by the U.S. Railroad Administration for the reason no depreciation was accrued on roadway structures during the test period, the tliree years ended June .30 1917. Expenditures for maintenance of equipment increased $292,067, or 23.30%, and transportation expenses increased $317,837, or 12.86%. During 1919 the U. S. Railroad Administration executed agreements with several of the labor organizations, which brought about increases in wages in the maintenance departments aggregating $294,784, and in transportation department of $413,269. Coal. Notwithstanding an increase in the average price per ton of coal over 1918 of 60 cents, a saving of over 58,000 tons reduced the fuel bill. Coal Consumption 1916. 1918. 1917. 1919. — — Tonsconsumed 184,635 269,632 257,629 211,515 $1.46 .$3.61 .$2.28 $3.01 $763,569 $811,592 $569,769 .$269,500 Rolling Stock. The book value of equipment on Dec. 31 1919 was $3,191,957, consisting of 84 locomotives, 2,815 freight cars, 65 passenger and baggage cars, 44 caboose cars and 128 work cars. The above figures do not include 200 steel underframe box cars and 150 steel underframe composite gondola cars assigned to us by the U.S. Railroad Administration and delivered during the year. Equipment trust agreement, dated Jan. 15 1920, made to the Guaranty Trust Co. of N. Y., as trustee, fixes the maximum pm'chase nrice of this equipment at $1,026,241 and the minimum purchase price at .§959,750. on account of which $1,250 was paid in cash and equipment notes are delivered in paJ^nent of balance. [See page 6 of "Railway and Indu.strial Section."! Federal Account. The statement of accounts with U. S. RR. Administration as of Dec. 31 1919 shows a balance of $177,829 due that body on current settlement and on final settlement [subject to adjustment! a balance of $922,631 due the company, the items involved being as follows: (1) Due A. B. A A. Raihray Co., $2,847,554 Cash and cash items of Dec. 31 1917 (since collected) $1,670,817 Road and equipment retired or converted 21(),737 Standard return 960 ,000 (2) Due U. S. Railroad Administration, $3,025.384 Liablls. Dec. 31 1917 paid ($1,400,810) & other corp, items.. SI ,493,386 Additions and betterments 701,298 Cash advances 830,700 Average price per ton Total cost of coal — — — Deferred Assets of Company (to be settled for Material and supplies Accruetl depreciation since Dec. 31 1917 on equipment (3) 764 .518 335,342 Balance due from U. S. Railroad Administration $922,031 Securities Owned. The company owns (a) $656,093 of its income bonds (b) $1,424,000 First & Ref. bonds authorized, but none sold. $700,000 being pledge*! as collateral on note for .$475,000, $125,000 as collateral on note for .$90,000. and $599,000 held by the trustees, the piu'pose for which they were authorized not ha\ing been accoinplishwl. Road and Equipment .-— Under Federal control expenditures aggregating $204,300 have been made lor additions and l)etteriiu'nts by the U. S. RR. Administration and charged to your company. The al)ovc doe-! not include cost of 200 l)ox cars and 150 coal cars, referrtxi ti under " l^quipm-..>nt" above. Agricultural and Industrial. Swift & Co.. owners of the paclcing house at Moultrie, Ga.. have made extensive additions, and tlie packin'j hou.se built by local capital at Tifton was purchastxl by .\nnour & Co. 1're.sent annual packing house capacity of plants in (Georgia is 1.500.000 hogs and 250.000 head of cattle, being considerably ahead of production. In 1015 Oevirgia pa<'kers purcliasixl from (Jeorgia farmers 125.000 head of hotfs; two vears later. 275.000 head; in 1919 (four packing houses). 550,000 head valued at The nunilier of cattle similarly purchased, while not so great, $14, ,520. 000. has made satisl'actory progress. — — — 1 increased remarkably, as this shows: Alabama. Crop Georgia. 191/. -11, 625,000 bu. 13,500,000 bu. 1918- -11. 960 ,000 bu. 14,208,000 bu. 6,290.000 bu. 1919-. 13,064.000 bu. 14,194,000 bu. The production of sweet potatoes has Alabama. Crop Georgia. 1914.. 6.715,000 bu. 5,859,000 bu. 1915-. 8,075,000 bu. 7,200,000 bu. — 7,520,000 bu. . — - - . THE CHRONICLE 70 1916- — . total crop in 1919 in Georgia and Alabama was 27,258.000 bushels, of the total production in the South (including Texas, Okla. & Ark.) or 31 The growing of bright leaf tobacco has shown remarkable development. In 1914 15 acres were planted on our line: in 1910. 19,175 acres, averaging about 500 lbs. per acre. The growing of peanuts for confectionery trade, and manufacture of oils has continued to develop satisfactorily. There was a decrease in the production of cotton in 1919 in both Georgia and Alabama, % due primarily to abnormally wet weather. Satisfactory progress has been made in increasing the acreage of peach orchards. There has been a moderately active movement of settlers into our territory. The Atlantic Refining Co. has about completed an oil refinery at Brunswick with a daily capacity of 10,000 bbls.. one of the largest refining plants on the -Atlantic coast. The Imperial Tobacco Co., Richmond, Va., has commenced the erection of a large stemming and redrying plant at Tifton. GENERAL TRAFFIC STATISTICS FOR CALENDAR YEARS. 1918. 640 800,047 30,846 2.757 cts. 2,405,314 549,452 0.641 cts. $7,350 2.344 cts. 2,275,636 522,265 0.571 cts. $6,220 FEDERAL INCOME STATEMENT AS COMPARED WITH COMPANY'S ACCOUNT FOR PRIOR YEARS. — 1919. 1918. 1917. $3 ,659 ,465 970 .847 330,760 Mail, express, &c 1919 $ Plants and properties 154 Other Investments sinking funds Prepaid taxes, &cDlscount & exp on 1918 $ cap stks Issued 4, 752,788 Material & supp.. 2 751,535 Miscellaneous 13,209 Accts & bills rec, less reserve 2 337,232 Cash 027,700 Discount, exp., &c. 574,943 Installments rec from subscribers to First Pref stock Liberty bonds Employees' sub- $3,524,660 850,546 328,175 $2,981,087 696,492 305,789 111. 31. 1919 LiabtlUies— 1918 S t stock 34 004,058 34,004,058 First Pref stock- -29 ,976,780 24,927,805 Original Pref stock 72,800 75,800 Stock of sub cos not held by company, &c 240,518 12,599 bonds.36,542,000 36,542,000 Subsid cos bonds 44,412,400 45,333,300 Common 054,204139,315,996 508,756 590,370 455,364 207,546 197,478 69,466 4,022,757 2,178,889 18.132 PG&E N Cal cons Pow Co & sub 6,048,006 2,457,673 Notes payable by 4,9.50,141 Cal Pow Co 240,283 4,782,539 Accounts pay &c 1 ,241,871 Meter, &c dep-. 687,497 Accrued interest-. 1 ,488,360 Acer tax, not due. 868,1.55 27,314 Deprec reserve 6 ,634,717 392,450 Other reserve fds. -x2 ,004,913 Cal Pow Co 170,269 reserve 1 ,799,577 Unp'd dlvs &C-548,094 Drafts outstand'g350,765 Surplus a5 .868,331 N 823,481 432,853 1,444,104 647,238 6,790,261 . , ,070,230 259,700 scriptions 25,986 640 790,485 29,834 2.824 cts. 2,159,093 458,393 0.799 cts. S7,753 FOR 1918 Passengers carried (No.) do carried one mile (000) Revenue per passenger per mile Revenue tons carried carried one mile (000) do Revenue per ton per mile Operating revenue per mile of road — Assets 1917. 640 1,946,235 34,380 1919. Average miles operated Operating Revenue Freight Passenger BALANCE SHEET DEC — The Vol 1,999,961 N 123,377 288,484 5,738,222 , Total 173,029,126159,183,543 a Surplus Total 173,029,126159,183,543 1919 includes $1,077,914 invested in sinking fund and $4,790,417 unappropriated, x Includes $1,849,321 reserved against "amounts charged during 1913, 1914, 1915, 1916 and 1917 to consumers in excess of rates allowed by city ordinances. Note. Treasury bonds subject to sale not included in assets and liabilities consists of General and Refunding bonds, $1,000,000, of which $875,000 is pledged in San Francisco rate cases and 358,952 bonds of subsidiary companies. V. 110, p. 1855. in — — Inyincible Oil Corporation. Statement to the New York Stock Exchange, (Dated June 17 1920.) The official statement made to the New York Stock Exchange in connection with the listing of 358,010 .shares of Capital stock of $50 par value will be found on subsequent pages of this issue. The statement contains full particulars regarding the organization and properties of the company and its subsidiaries, together with tables, showing the net production of oil of the several companies and fields, and the eonsoHdated income accounts and balance sheets for four months to April 30 1920 and year ending Dec. 31 1919. V. 110, p. 2662. (Official Total 84,961,072 $1,159,043 1,545,076 95,712 2,788,678 152,643 General, &c $5,038,455 335,074 194,782 $3,322,257 661,111 180,652 $971,815 ..-- Total expenses Net earnings Taxes, &c $3,983,368 $583,824 673,533 183,554 1,755,886 127,572 191,7.34 Traffic expenses Transportation-- $4,703,381 $1,065,892 1,253,009 96,176 2,470,841 152,537 $5,741 ,153 780 ,081 Maintenance of way, &c Maintenance of equipment $529,856 $480,459 Operating income CORPORATE INCOME STATEMENT FOR CALENDAR YEARS. 1918. 1919. Standard return Operating income Other income $480,000 63,821 ""77',686 $543 ,821 204,500 227,250 $435,738 204,500 ' Gross income Interest on A. & B. Ry. bonds Interest on income mortgage bonds.. Expenses prior to Jan. 1 1918 Miscellaneous charges \ 1917. x$358,058 $544,041 204,500 227,195 54",360 I 43,683 ""5b',454 def $14 ,901 Net income 126 ,972 $133,194 $61 ,892 / X Income from standard return for 1918 is shown as $358,058. Agreement with Director-General of Railroads provides for standard return of The difference, $121,942, for 1918 was credited to profit and $480,000. loss in 1919. — Note. Income bond interest, $227,250 for 1918, was not shown, but it has since been determined the amount was earned and payable. These adjustments for 1918 would show a net balance to profit and loss for that Vear of $27,886, after paying all charges. ' BALANCE SHEET DECEMBER — 1919. Assets 1918. $ $ Liabilities 31. — 1919. 1918. $ $ Road & equlpm't. 39,492, 816 39,380,741 Common Misc. phya. prop. Depos. in lieu of mtged. property Other investments. 8,077 20,865 94,105 366,720 Cash Special deposits..- Loans 460,618 & bllJa rec'le 3,540 2,714 18,610 Traffic, &c., bal-- Miscellaneous Deferred assets 696 964,573 Unadjusted debits. Interest and dividends receivable U. S. Govt, def'd assets 2,529 2,987,725 Total 8,677 stock. --30,000,000 30,000,000 lStM.5s(A.&B.Ry.J 4,090,000 4,090,00,0 5% Inc. M. bonds. 4.543,907 4,543,907 14,317 Traffic. &c., bal-. 8,680 20,776 89,619 Aud.accts.A wages 351.113 13,269 20,405 Miscellaneous 2,484 2,569 120,342 Int. mat'd unpaid459,854 119,579 3,540 Accrued deprec'n617,760 289,406 3,701 Unmat'd Int. accr. 118.375 9,811 55,316 Other curr. llablls830,286 121,218 1,077 Loans & bills pay565,000 565,000 365,075 U.S. Govt. def.llab- 2,194,684 2,043,061 Tax liability 4,029 1.841 Other unadj. cred12,736 149,048 Add'ns thro, surp1,930 1,930 2,543,622 P. & L. bal.. surp627,380 634,666 44,424,189 42,608,270 Total — $479,591 64,450 44,424.189 42,608,270 Waltham Watch Company. (Report for Fiscal Year ending March 31 1920.) Treasurer Harry L. Brown, May 20, wrote in substance: The demand for the company's product continued to exceed the supply through the year, and every effort has been made to restore watch production to a pre-war basis. The year's earnings have been distributed as follows: $300,000 has been paid in dividends on the Preferred stock and Common stock. The regular rate of depreciation allowed by the Government on machinery and plant has been taken, amounting to $275,000. Any items of doubtful value in the merchandise account have been written off. and an appropriate reserve made to take care of Federal $175,000 on the The company's loan during the year has increased nearly $2,000,000, which is balanced by corresponding Increases in merchandise and accounts receivable. This necessary increase in working capital is caused by th« wage increases granted during the year and reflected so heavily in the value of work in process and in the increased demand for the higher grades or product, which in turn greatly increases the accounts receivable. This gratifying development seems to have already justified the extensive advertising of Waltham quality which the company has carried on for the past two or three years. 31. 1919, 1920 1919 1920 BALANCE SHEET MARCH — Assets S (14</i Gas & Annual Report The remarks Electric — of President All Frank G. following table indicates the increase in business in recent years and also the expansion of its electric installations for the service of its customers, new and old. which the company has enjoyed statistics Dec. 31 Gas consumers (No.).-- 1919. 1918. 1917. 269,870 Electric consumers (No.) 2.35,719 254,432 209,412 12,705 463 243,182 194,374 12,655 446 163,003 164,075 106,568 636,855 Water consume. s (No.)Steam consumers (No.). Installation in H. P. 14, .587 — 443 Hydro-electric plants.-. Steam electric plants... Connected loan (h. p.).. 210,924 120,643 773,808 263, .5.39 663,399 1918. 1916. 232,748 178,630 10,025 391 155,027 106, .568 Mamtenance and depreciation Uncollectible accounts, &c Total deductions Net earnings from operation Profits on merchandise sales, &c 3,248,483 201,000 2,870,841 336,000 240,000 $17 ,749,127 $14,730,329 $12,854,691 $8,189,245 $7,865,187 .$6,958,690 644,316 510,201 508,347 If ^ Total net income Bond and other interest Bond discount and expense Further depreciation reserve Preferred dividend (6%) Common dividend (5%) Balance, surplus. America Cables, Inc. $8,833,561 4,285,257 207,951 1,000 000 1,528,961 1,708,095 $8,375,388 4,117,065 187,019 1,000,000 1,490,463 .$7,467,037 $103,297 $1,580,840 $1,709,975 4,100,907 185,050 1.47r.i65 1917. 1918. 1919. $4,584,888 1,838,469 — $4,273,397 1,211,677 2,746,419 $3,061,720 $3,344,744 Net income from operations Add Revenue from investments. 156,028 445,079 244,775 interest on bank balances, &c Net profit, before charging Federal $3,789,823 $2,991,194 $3,217,748 income and war profits taxes 1,390,567 653.783 809,110 Federal income and war profits taxes Net profit, carried to balance sheet. ,$2,980,713 $1,600,627 $2,563,965 — .:, 144,039 $5,124,752 Profit and surplus loss, 1,382,896 $2,983,523 1,218,634 $3,906,119 Pre^^ous siu-plus Total Depreciation of investments Stock dividends Cash dividends (6%) 839,484 $2,144,039 BALANCE SHEET DEC. 599,343 1917. $19,813,381 8,904,330 1,253,239 2,457,121 Gross opera'ang revenue $25,938,372 $22,595,516 Operating & administrative expenses. 12,337,606 9,740,549 Taxes.--. 1,962,038 1,782,939 1,673,976 20,659,6'JO 18,344,399 Total $5,628,635 Gross revenue from operations Deduct Operating and general exp.. 2, 283^190 INCOME ACCOUNT FOR CALENDAR YEARS. 1919. 255,000 485.394 150,000 INCOME ACCOUNT FOR CALENDAR YEARS are cited fuUy on subsequent pages, together with the income account, balance sheet and numerous statistical tables. The S 7,000,000 5,000,000 305,028 3,495,000 (Report for the Fiscal Year ending Dec. 31 1919.) 31 1919.) Drum S 3,711,376 Common stock-.. 7,000,000 7,405,466 Preferred stock.-- 5,000,000 265,134 4,302,000 Accounts payable2,696,500 278,526 Notes payable 3,000,000 1,720,358 Coupon notes Notes pay secured by Liberty bds. 504,750 479,083 350,000 Mlscell reserves-. 150,000 71,922 Reserve for divs.. 2,068,953 Surplus Total 20,659,670 18,344,399 V. 110. p. 369. Company. — Year ended Dec. — Liabilities S Real est &mach-. 3,704,911 Merchandise 8,603,515 Trade names. &C-- 4,302,000 Cash 204,942 Accts & notes rec- 2,924,014 Montreal and London companies504,750 Liberty bonds 225,000 Deferred assets--. 190,538 -V. 110. p. 969. Pacific added to taxes. In addition to this approximately $400,000 has been surplus. 1919. — 1918. Liabilities Assets 31. — Plant and equip. .13 ,650,063 10,345,721 Capital stock Inv. (approx. val.) 4, 600,073 5,718,723 Notes payable Mexican Teleg. Co Capital stock Max. (net) 8 663,760 Teleg. Co-x - 628,741 295,309 Accounts payable Inventory Sundry creditors Accts. receivable Mexican Tel. Co. Int.acc.oninvest. Dlvs. receivable- Cash 95,466 431,098 92,357 120,584 867,950 1919. 1918. S S 22 ,655,260 13,991,400 1 ,000.000 163.974 146.902 809.110 Federal taxes 396.463 Dlv. pay. Jan.72.263 137,374 Res. for fire losses 311,091 Surplus 3 ,906,119 61,876 403,593 & South Amer. Govts. Sundry custom's Central 4.210.101 $6,774,066 218,000 4,399,998 773,172 $1,382,896 153.470 1.390.567 209,871 31,854 2,144,039 eiV.sis Total --29,150.091 17.921,201 Total X Represents ownership of $4,813,200 (48,132 shares) of the $4,995,200 outstanding stock of the Mexican Telegraph Co. at purchase price of $180 Ed.]. V. 110, p. 1643. per $100 share [paid In stock, at par. 29,150,091 17,921,201 — — July 3 THE CHRONICLE 1920.] Timken-Detroit Axle Co., Detroit, Mich. (Financial Statement for Year Ending Dec. 31 1919.) & Co., New York, have issued an interesting descriptive circular regarding the company, showing earnings, dividends and balance sheet as below. Current assets on Dec. 31 1919 aggregated -116,392,796, and current liabilities $2,542,219. The firm's Detroit office writes: "The company is doing a tremendous business. Their axles and ball-bearings are used on 80% of the motor cars manufactured in this country and extensively in every other country. The company is paying now regular dividends on Common stock every two months. A good stock dividend is expected but on that I have been unable to obtain any information. Morton Lachenbruch — Net Earnings (After Taxes) Applicable to Dividends Calendar Years. 1917. 1916. 1915. $2,786,699 $1,71,... 805 $2,951,656 .S2,068.425 $2,270,111 Dividend Rate on Common Stock for Calendar Years. 1919. 1918. 1910. 1917. 1910. 1915. 1914. 1913. 1912. 1911. 1919. 24% 1918. 12% * Also paid 45% *64% 12% 34% 12% 200% in stock. 65% 60% 30% Dividends on the Common are being paid at the rate of 4% bi-monthly 24% per annum) with extras, the payments in 1920 being 4% and 2% extra Jan. 15, and again March 15 and May 15. [An unconfirmed press report from Detroit yesterday annoimced the declaration of a regular dividend of 4 payable to holders of recor July 5 but said nothing of any extraw hich may or may not have been paid. Ed.] (or % — , , INCOME ACCOUNT. YEAR ENDED DEC. Manufacturing profit Admin, and selling exp Operating profit Other income BALANCE SHEET DEC. 1919 $ Lands, bldg chinery, &c 5 ,584,666 Prepaid exp &c.Good-will, patents 119,700 Sundry secur &c. Unpaid employees' 172,960 , 1 , stock subscrlp.. 427,090 Cash U S 1 ,495,725 1 ,000,000 668,550 Securities Securities Customers' notes and accounts 3 014,313 inventory.. 10 214,208 Mdse Total 4,761,359 143,302 1918 . 1 Surplus 10 59,991 Federal taxes (est ) 1 Accounts payable. 2 249,213 Accrued accounts. 723,137 1,498.700 573,911 ,175,580 986,415 214,269 327,950 S 1,700,000 2,902,200 1,925,000 7,035,616 1,200,000 2,129,767 428,981 2.594,676 6,717,273 22,697,214 17,321,565 a Authorized $15,000,000. Compare 7% Cum Common 7% notes 1919 — S Pf stk a 5 ,000,000 stock, b. 2 ,993,000 Liabilities ma- , 31. 1918 S — Assets 31 1919. $4,35j,613 Gro.ss income.. ,$4,738,147 906,855 Provision for estimated Federal tax.. 1,951,448 $3 ,446 .758 Net profit 1,291,389 $2,786,699 1 Total .22,697,214 17,321.565 $10. V. 110, p. 1979. b Authorized $30,000,000, par Pref. stock offering in V. 109, p. 2077. — Kaufmann Department Annual Report {7th — Stores, Inc. Year Ended Dec. 31 1919.) 1919. 1918. 1917. $2,039,381 136,500 $781,213 141,750 $1,902,881 Balance, surplus. $639,463 X After deducting yearly all depreciation 1917, 1918 and 1919 all Federal taxes. and 1918 $ — Assets Plants, &c S 787,653 5,500,000 1,874,784 Investments 785,725 Prepaid Ins., &c.. 46,808 Inventories 3,833,396 Accts & notes rec a2, 966, 525 Cash in banks, &c. 721,777 Liberty bonds 237,240 &o Total Liabilities 864,686 5,500,000 1,917,392 328,009 48,208 2,796,838 2,243,955 770,136 251,692 16,753,909 14,720,916 ,$723,114 $1,021,670 154,000 147,000 $576,114 interest charges BALANCE SHEET DEC. 1919 Good-will, Leases. 1916. Not stated $18,312,482 $15,391,161 $13,184,493 Preferred divs. (7%)... $867,670 and also in 1919 — Preferred stock... Common stock... Accounts payable. Notes payable. Surplus 1918 S 1,875,000 $ 1,950,000 7,500,000 2,014,636 400,000 4,964,273 7, .500 ,000 734,523 1,475,000 3,061.393 Total 16,753,909 14,720,916 — & Foundry Co. Production Achievements in the Great War.) The American Car & Foundry Co. early this year issued a profusely illustrated volume recording the leading facts regarding the company's achievements in the line of munition work at its several plants during the great war. A brief summary follows (V. 108, p. 2639; V. 110, p. 2684): General.— As has been remarked, it was not alone the quantity of the (Its company's output of munitions, nor the quickness of procedure that taxes comprehension; it was also the mastery of ways and means that made it possible for men and plants accustomed to the building of railway cars to give birth to stich a myriad progeny of war materials. » At Detroit, Depew and Berwick the company both forged and wrought thunderbolts of war, ranging from the 18-pound 3-inch Rus.sian shell forging to the giant -American 10-inch monster, three of which tipped the scale beams at a ton. Record on U. S. Shell Contracts. Starting work in Nov. 1917, by Sept. 1918 Detroit's daily average was 6,200 forgings for the 165-millimeter shell with an occasional record of 7,0(X); while Depew, making the same shell, two months later chronicled its red letter day with 6,575 forgings. The — contract from Uncle Sam came in Nov. 1917 and three months later the production of these heavy shell forgings at Detroit was under way. Depew completed its plant in four months, and 11 months thereafter had to its cre<lit over 600,00.1 forgings. Berwick's 2,5.10,000 forgings for 3-inch naval shells also is notable. Together, Berwick, Depew and Detroit forged over 3,800,000 of these thunderbolts of war. Shell-Makinq at Berwick Plant. The Berwick plant started its war activities, producing 341,162 Russian 3-inch high explosive shells between June 1915 and Dec. 15 1916. They also completed at Berwick 2,502,860 U. S. naval 3-inch shells. This work employed 850 workmen, who with 125 machines averaged 6, (00 complete .shells a day. » Detroit I'lnnl. -Contracts were closed in 191,')-16 with the British Government for forging and machining 510.000 9.2-inch and 45.500 8-inch Uritish high explosive shells. This entire order was completed March 31 1917. The freight car paint .shops Nos. I and 2 were selected as production shops and shop No. 3 was equipped as an experimental and reclaim department and later was used as a "booster." A new tool room, 90 x 1 10 ft., was built. The first U. S. shell contract was assigned to Detroit on June 13 1917. The orders from this source included (a) 299,360 10-inch heat-treated common shells: (ft) 400.000 9..')-inch shells, later changed to 240 niillimetor-s. The required .schedule necessitated a large increase in space and machining facilities. A schedule of l.COO per day of each size was reached in Sept. 1918. From Sept. 1916 until the armistice in Nov. 1918, the Detroit shell shops wore operated by two shifts, 22 hours per dav. A British contract for 240,000 forgings for 9.2-inch shells was received first — — in May — — — — dry house Ili0x240 ft. was built. Berwick they made 105.000 steel helmets Miscellaneous. (1) At and over 17 miles of smokestacks and pipe for U. S. cantonments and camps. (2) At St. Charles, Mo., escort wagons and all the woodwork for the artillery vehicles built at Detroit. (3) At Buffalo. Detroit, Chicago and St. Charles, Mo., 11,875 cast iron camp stoves. V. 110. p. 2655. — — West Penn Traction & Water Po'wer Co. West Penn Railways Co. and West Penn Power Co. — and completed — (Report for Fiscal Year Ending Dec. 31 1919.) and 8600,000 notes (the cost of the new building and fixtures being $2,298,The rent payable by the company to the Investment Land Co. will 015;. provide for the payment of the bonds in full and the contingent liability of the bonds and notes is, therefore, remote. -V. 110, p. 1752. late in 191() — A new 31. a Less reserve for bad and doubtful debts. Note. The company guarantees $900,000 Investment Land Co. bonds American Car Contracts from the U. S. Govt, in 1917-18 called for 1,750,000 155millimeter shell forgings, divided between the Detroit and the Depew This required the plants, also forgings for 90,000 240- millimeter shells. installation of a new forging plant. In all, 851,340 forgings were shipped from the Detroit plant, distributed as follows: Depew plant, 426,342; Detroit Shell Co., 250,000; Harroun Motors Corporation, 100,000; Jackson Munitions Co., 35,216; International Arms & Fuze Co., 25.000: Army Reserve Depot, Columbus, O., 14,782. When work on the 240-millimeter shell forgings was suspended a total of 19.261 had been completed. Ih5-Millimetcr Projectiles at Depeu\- The initial order was for 970,000 shells. On receipt of forgings from Detroit, the manufacture of shells was begun on Feb. 21 1918. On April 30 the Depew plant was producing approximately 2.00(. shells a day. Approximately 460 machines of various types were installed for this work. In 11 months Depew completed 970,000 finished shells and 616,t;00 shell forgings. Copper Shell Bands. For the United States, Canada and Great Britain they turned out at Detroit between Dec. 1915 and June 30 1917 a total of 3.465,500 copper driving bands for shells of various sizes, the daily consumption of copper reaching approximately t5 tons. 50,000 Artillery Vehicles. During 1917 the Detroit plant received orders for ,53,319 vehicles to complete 3-inch, 4.7-inch and 75-millimeter gun batteries. These caissons, caisson limbers, battery wagons, forge limbers and store wagons were machines, rather than vehicles, being made almost entirely of metal, workmanship accurate to the thousandth part of an inch, armored against attack, and with giant axles, weighing in the rough from 390 to 551 lbs. A total of 47,825 such vehicles were completed and accepted along with hundreds of thousands of extra parts. About 475 machines for the manufacture of the vehicles were purchased and installed; two additions of 42.000 sq. ft. each were built at the former car-erecting shop; also a building 160 ft. by 320 ft. for finishing and painting, an addition of 18.500 sq. ft. for storage of .supplies as well as a warehouse covering 18.000 sq. ft., and for boxing and crating two buildings with an area of 7,200 sq.ft.. oneof 4,300 sq. ft. and one of 1 ,800 sq.ft. For making vehicle axles, 60,000 sq. ft. was required and 225 machines were purchased. The construction of these vehicles required 265,679 steel castings weighing 5, .584. 784 lbs., 638.090 bronze castings weighing 1,188,095 lbs., 41,154 grey iron castings weighing 823,080 lbs., and 58,941 aluminum castings weighing 6,549 lbs. Bencick's Motor Trucks. From Oct. 1 1917 to Aug. 7 1918 came orders from the U. S. Government for building artillery repair trucks and bodies for equipment trucks. Of the artillery repair trucks, 1,010 were driven to Philadelphia under their own power. The remainder of the 1,332 and the 48 motor train units were shipped by raU. Monster Railway Gvn Mounts. The initial contract for model 1918-MI was dated April 27 1917. The first car was shipped from the Berwick shops on June 23 1917, 50 days ahead of schedule. Seventy-seven model 1918-MI gun cars were built by us. This mount was used with the 8-inch army rifle, the 12-inch seacoast type mortar and the 7-inch naval rifle, monsters which weighed with their mounts complete from 160,000 to 180,000 pounds. Wherever tracks could be laid these monster guns would go, playing tag with the enemy's heavy artillery, firing their shots and then taking new positions so that the counter-fire could not find them. In one of these mounts the gun could be swung entirely around a horizontal circle, aimed and fired at any point without moving car or tracks. In addition to this fleet of mobile guns, able to fire their charge and in 30 minutes' time hurry away, they built one giant model E for the 14-inch army rifle, which fires its 1,200-pound projectile close to 20 mUes. Primarily designed for seacoast defense, this mount ready for service with the gun in position weighed 436,700 pounds. It was an experimental mount and not fated to be of service in the great war. Submarine Chasers. &c. In 1917 eight .submarine chasers were built in the car shop at Wilmington and hauled half a mile to Brandywine Creek. In addition 5,695 solvent cars were built for powder plants; also 1,772 miscellaneous powder cars, some 600 shell carriers, 573 gun-cotton storage cars. 7,033 welded steel acid buckets, 556 power dryhouse cars, 1 ,00( field ranges (all steel, weighing 160 lbs. each), 120 airplane trucks, 8,372 mess tables, 18,697 mess table benches, much pontoon equipage, &c. The diverse and manifold articles naanufactured at JefJeffersonville. fersonville included 3,500 escort wagons, complete, 181,042 forgings for base plugs for ^.0-inch .shells. 23,972 army field ranges, 191,356 boilers for cooking, wa.shing. &c., 14.035 meat hooks. 143,271 tin dippers, 153,586 bake pans. 210.000 mess stools, 121,092 folding army cots, &c., &c., &c. — INCOME ACCOUNT FOR CALENDAR YEARS. Net sales X Net profit 71 1917.)| Pres. A. M. Lynn, Pittsburgh, Pa., May — 14,wrote in subst; West Penn Traction & Water Power Co. -Practically all income of this company is derived from dividends on its holdings of stock of West Penn Railways Co. At Dec. 31 1919 the company, in addition to its ownership of the entire outstanding Common capital stock ($8,054,700 par value) of West Penn Railways Co., held $1,938,200 of the total of $7,365,300 outstanding Preferred stock of that company. The income statement for the calendar year 1919 shows: Dividend? received from West Penn Rys., $630,768and total income of $631,712. After allowing for charges of $123,291 (expenses and taxes, $12,534; interest on Collateral Gold notes, $102,834; and amortization of discoimt on said 7% notes, $7,923) and Preferred dividends (6%), $483,282. there remained a balance to surplus of $25,139. New Financing Guaranteed Note Issue. At the consolidation under which the present West Penn Railways Co. was organized, a considerable amount of funded debt was retired by the issuance of 6% cumulative Pref. stock of the con.solidated company. Of this stock a substantial block was taken by bankers who had underwritten its issue. Your directors early in the year arranged with the bankers for a purchase of this stock by West Penn Traction & Water Power Co. on the following terms, viz., the company purchased the stock ($2,538,200 par value) and gave in payment $2,000,000 of its 7% Collateral Gold Notes guaranteed by West Penn Railways Co. and secured by deposit of this Preferred stock and a like amount of Common stock of West Penn Railways Co. The notes were dated as of June 15 1918 and mature $400,000 annually, with a renewal privilege extending $300,000 of each maturity to Juno 15 1923: payment of all notes may be anticipated at any time and collateral in proportion released. The company has sold either for cash or on installment plan to emiiloyees and patrons such an amount of Pref. stock that $1,527,000 of the notes remained outstanding at Doc. 31 1919 and of these more than $300,000 additional will be retired before maturity through the completion of sales The sales already made of stock already made on the installment plan. have retired all notes not maturing upon, or renewable under the agreement — — June 15 1923. No. of Pref. Stockholders. On Sept. 15 1917 the."e were approximately 1,400 holders of Pref. stock; on Dec. 15 1919, 2,4,50 holders. West Penn Railways Co. This subsidiary operates 339.25 miles of electric railways largely intorurban in western Pennsylvania, the Pan Handle of Wast Virginia" and eastern Ohio. In addition to the railway lines owned in fee, it owns dirt^ctly or indirectly, the entire capital stock of all subsidiary railway companies, except J^ of 1% of A\ heeling Traction Co. (6) all the CVimmon .stock ($10,000,000) of West Penn Power Co, and (c) the entire stock of Allegheny Valley Light Co., and Brooke Electric Co., Hancock C^o. Elec. Co. and Wellsburg Elec. Light, Heat & Power Co. Of the Common stock of West Penn Power Co. $6,000,000 Is pledged to secure First Mortgage Bonds of (former) West Penn Railwaj's Co. dated April 1 1905 and $4,000,000 to secure 1st M, bonds of West Penn Traction Co. dated June 1 1910. Annual Income Statement of West Penn Railways and Subsidiaries. The consolidated income statement (excluding Intor-company items) of West Ponn Railways Co. and subsidi.aries for the year 1919, compared with 1918, shows increases as follows: In gross earnings of $1,281,706: in operating expenses and taxes of $1,095,775: in net earnings of $185,931; in miscellaneous income of $86,960, which, with a docrea.se in "deductions" of $23,4,")4, loaves a not balance of $1,644,166, contrasting with SI ,,347,822, an increase of $296,34-1. Tho "deductions" In 1919 include Interact and amortization of discount, $1,898,541. and dividends paid to outside stockholders of subsidiary companies, $192,952. to, — — — — — In addition to current maintenance and repairs amounting to SI ,547,629. there was set aside the sum of SS02.o53 for renewals and replacements, of which S402..553 wa^ charged to and included in operating expenses. upon the Dividends amounting to 6% upon the'Pref. stock and Common stoclc were paid by West Penn Rys. Co. during the year out of surplus and net profits. Financing b<j Siibaidiani Companies. The Pan Handle Traction Co., a subsidiary of Wheeling Traction Co., issued as of Oct. 1 1919 and since then has placed with the public. SIOO.OOO 6% Equipment Trust of 1919 maturing serially at the rate of -SIO.OOO per year from Oct. 1 1920 to Oct. 1 These notes are secm-ed by nine new. all steel, double truck, air 1929. brake, double ended passenger cars of latest type and design. Notes payable of West Penn Railways Co. and subsidiaries amounting to Sl.UO.lSl on Dec. 31 191S were reduced to S544,043 outstanding on Dec. 31 1919. The consolidated property and Capital Eipendilurcs b'j Subsidiaries. plant account of West Penn Railways Co. and subsidiaries shows a net Increase of §4.073,41 S. as follows; Capital expenditiu-es of West Penn Power Co. and subsidiaries. viz.: Springdale Power station. 82,449,456: development of coal mine. S274.266: Windsor and Connellsville power stations, S166.312: transmission and distribution systems, $487,357; substations, S246.11S: miscel., .S60.155: total $3,683,665 Capital expenditures of West Penn Railways Co. and other subsidiaries: (rolling stock. S13S.543: track and roadway construction, S161.458: distribution and transmission systems, 696,814 S251.96S, &c.) Less difference between plant account of AVheeling Bridge Co. deb. 307, 061 and cost of stock owned Wheeling Bridge Co. In previous years, accounts and earnings of Wheeling Bridge Co. were included in consolidated statements of West Penn Railways Co. and subsidiaries. Because approximately 20 % of the stock of AVheeling Bridge Co. is oAvned by outside interests the consolidated balance sheet for 1919 includes only cost of stock and the consolidated income and undivided profits includes only dividends received from Wheeling Bridge Co. Electric Railway Earnings and Expenses. During the year costs of labor and material continued to increase. The trainmen's hourly wage scale, which in Apr. 1917 ranged from 26c. for 1st 6 months, 26c. to 34c. for 5th year and thereafter, had on Apr. 1 1920 increased to for 1st 3 months to 55c. for next 9 months. 5Sc. and 2nd year and thereafter 60c., the increases thus aggregating from 76'^ to 123'~e. Due to readjustment of fares and growth and development in the territories served by the electric railways, earnings have kept pace with increased costs of labor and material as follows: Increase. Electric Railways Ypar"1919. Year 1918. Gross earnings $543,434 .$4,992,989 $4,449,555 Operating expenses and taxes 338,771 3,571,394 3,2.32,623 Miscellaneous income Dec. 4. 928 Cr.243,.378 Cr.248,307 — — — — — Balance $199,735 $1,664,973 $1,465,238 With an increase over the pre\ious year of between 4 and 5% in number of car hours and car miles, gross earnings of railways increased over 12%. The railway lines promise good returns from fi'eight and express traffic, and two additional 57 foot, double truck cars are therefore under construction. West Penn Power Co. Earnings. This subsidiary conducts over 90% of the light, heat and power business of the entire West Penn System. ser\-lng a temtory of over 4.000 sq. miles with 113 cities and towns, each with population of over 1.000 and 178 smaller towns and communities population served exceeds 500.000. Franchises unlimited as to duration, except in a few small communities furnishing le.ss than 3% of its gross earnings. The consolidated income account, excluding inter-company items, shows increases as follows: In gross earnings, .$415,821; in operating expenses and taxes. $470,809; in miscellaneous income, .SI 16, .522; with a decrea.se in deductions )f $16,201, leaving a balance, after deductions of $1,223,529; being an increase over 191.S of $77,734. Dividends aggregating 7% on the Preferred stock and 8% upon the Common stock were declared and paid during the year out of siu-plus and net profits. Financing by West Penn Power Co.- -On Dec. 10 1919 the company issued andsold $2,500,000 Five- Year 6% Convertible Gold Debentm'es due Dec. 1 1924. The pr6ceeds were used in part to pay off the $1 .143.500 Two-Year 7% Collateral Gold Notes of Feb. 1 1918. redeemed Dec. 10 1919 (V. 109, Holders have the right to p. 1899) and in part for con.struction purposes. convert each debenture of SI. 000 into ten shares of this company's 7% Cumulative Preferred stock at any time between Dec. 1 1920 and Dec. 1 1924 (V. 109, p. 2446.) The company also issued and sold for cash at par diu-ing the year $150,000 — 7% Cumulative Pref. stock. Notes payable of West Penn Power Co. and subsidiaries amoimting to $500,386 on Dec. 31 1918 were reduced to .$3.57 on Dec. 31 1919. M'eto Springdale Poiocr Station. -One unit of the new steam power station at Sprincrdale on the Allegheny River will be put into operation about July 1 1920 and the second unit probably on or before Sept. 1. The two units will add 40.000 kilowatts (over 53.600 h. p.) to the generating capacity of West Penn System, an increase of 40%. The cost of this station with transmission lines exceeds $6,022,500, 40% of which amount, Under the .$2,409,000. the National Government has agreed to advance. original contract of Aug. 3 1918 the company agreed to provide all funds in excess of .$2,409,000. Since Dec. 31 1919. in lieu of leaving contingent the amount of refund, a supplemental contract iias been made with the National Government, the details of which will be included in the next annual report. One-half of capacity of new station has already been sold. (V.109, p.2173.) 70 \eic Steel Coal Cars. The shortage of rolling stock was largely responsible for the great difficulties experienced during 1919 in keeping the Connells\-ille power plant supplied with coal. To meet this situation the company purchased 70 new. all steel, self clearing hopper cars of 55 tons capacity each. These cars were delivered earlv in 1920. Windsor Coal Co. On Sept. 16 1919 West Penn Power Co. and Central Power Co. (now Ohio Power Co. (V. 109. p. 2266) Ed.] each acquired and now owns one-half the entire capital stock of Richland Block Coal Co. (now called Windsor Coal Co.) a company operating the coal mine adjacent to the Windsor power stations. An average of 1.200 tons of coal per day is being mined and it is planned to increase the output to over 2.000 tons per day. The entire production is consumed at the Windsor power station. West Penn Power Company and Central Power Company each own power stations at this location constructed under one roof and under contracts and lease arrangements are operating their power stations for their respective systems in common in order to secure the benefit of economy 1919. — Assets 1918. $ S CO. —BALANCE SHEET 1918. 1919 — UabUUies S Pref. stk.6% cum. 8,054.700 Inve $ Bt. in stock of ,054,700 Bub«id. cos 30.109,400 30,109.400 Common stock. ..22,054.700 22 ,054.700 Tempory invest, in 7% coll. gold notes 1,527,000 pref. stock of 20,195 Accts.. Ac, pay'le 5,827 W. P. Rys. cost. 1.527.236 Due to subsid. cos. 126 26,156 Cash 18,578 22,812 Pref. div., payable Due from S'jb. COB. 2S.190 59,989 Feb. 16 1920... 120,821 Dividend recelv'le. Deterred charge.. »120.821 20.538 36,449 61,589 Surplus Total 31,824,762 30,192,201 Total 31,824,762 30,192,201 Note. ^There remamed unpaid at Dec. 31 1919 accumulated dividends of on $6,500,000 Preferred stock outstanding. 163^ X Represents l^i on West Penn Rys. Common stock, paid Feb. 14 1920. — % % WEST PENN RYS. CO. AND SUB. COS.— CONSOLIDATE D ACCOUNT FOR CALENDAR YEARS. INCOME $10.634 .61 1 $6,801,227 357,295 1918. $9,352,905 $5,722,236 269,491 $3,476,089 452,256 $3,361,178 365,296 Gross income $3,928, .345 Interest on funded debt 1,916,348 Less int. charged to imnrovement accounts Cr.201,387 Interest on floating debt 69,830 Amortization of discounts 113,750 Divs. paid on Pref. stock of West Penn Power Co. held by public 192,952 $3,726,474 1,708,442 Net income Estimated Federal income and profits taxes. .523,556 $1,611,527 263,705 441,918 523,556 $678,693 $382,349 1919. Gross earnings Operating expenses (incl. .$402,553 for deprec.) Taxes (excl Federal income and profits tax) . Net earnings Miscellaneous income $1,836,8.52 192,686 441,918 Preferred dividends Common dividends Balance, surplus For consolidated balance sheet see V. 110, Cr. 34, 278 85,390 160,079 195,314 p. 2487. WEST PENN POWER CO. AND SUB. COS. — CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS. Gross earnings (incl. sales, $828,184 toaffU. cos.).. $5,773,309 Oper. expenses (incl. .$289,142 for depreciation) . _. $3,728,667 Taxes (excl. Fed. income and profits tax) 136.839 1918. $5,357,488 $3,252,144 106,120 Net earnings Miscellaneous income $1,999,224 313,279 1919. — total [Vol 111. WEST PENN TRACTION & WATER POWER DECEMBER 31. 6H% its . THE CHRONICLE 79 of — — • $1 ,907 ,804 429,801 Gross income 88 .066 Cr. 194,317 $2,312,503 651,420 14,418 155,267 Cr.30,784 201.721 201,721 .$1,361,763 138.233 192.500 800,000 $1,320,461 174,666 192,500 700,000 .$231,029 Interest on fimded debt Interest on floating debt Amortization of discounts Interest charged to improvement accounts Connellsville power house rental (paid to Penn RaUways Co.) $253,295 $2,337,604 831, 313 49,0.59 West Net income Provision for est. Fed. income and profits tax Preferred dividends Common dividends Balance surplus , WEST PENN PO WER CO. AND SUB. 1918. 1919. Property — & invests Total 34.499.257 32.913,435 1919. — Liabilities cum. pref. stk_ 7% Common Cap. stock -BALANCE SHEET DEC. 31 1918 1919 l.st M. bonds S13,723,000?13,273,000 Conv Gold debs . . 2 500 ,000 1 ,500 ,000 U. S. Govt. advs. on Springdale power station.. a2,000.000 2,000,000 Purch. M. payable 24,000 500.386 357 Notes payable incl. Accts. pay. 693,294 670,105 accnied wages.. 36,096 Comsum'ssec, &e. 347,020 218.259 Accrued interest-. 188,708 253.395 292,058 Accrued taxes 241.001 Due to attll. COS.. 6,358 648.512 984,276 Res- tor deprec. ,&c. bS55,850 791,967 Surplus Liabittiie^ iconcl.) plant_27 ,980,359 24,296,694 321 321 Current cash 261,880 314,846 Cash tor const., &c 2,355,465 5,098,214 842,117 Accts. & notes rec. 693,689 Materials & supp. 510,202 346,198 Due fromatfil. cos 983,5.52 783,029 Deterred charges-. 1,565,361 1.380,445 Temp'y COS.- 1918. $ S 2.900,000 2.750,000 10,000,000 10,000,000 . , stk. of sub. CO. held by public. _ 7,525 7,525 .34,499,257 32.913,435 Total a Settlement on this item has been made with the U.S. Govt, since th* date of the balance sheet. b Including accrued dividend on Preferred stock. $32. .535. Compare "Elec. Ry. Section. pages 111 and 112 and V. 110, p. 2487. " — — and — Merger. On Dec. 10 1919 Butler Light, Heat & Motor Co. sold all of its property, &c.. to West Penn Power Co., which owned the entire stock. Output in Kilowatt Hours of Large Power Stations. 1919. 1918. 202.071,380 210,519,100 179,433,798 118,438,180 Consumers. At Dec. 31 1919 there were 42.421 consumers taking service from the light, heat and power companies of West Penn System, an increase of more than 17% over 1918. Neir Headqiinrters. The general offices have been divided between four different locations in Pittsburgh and (Connellsville. Additional space was needed. Through West Penn Realty Co.. all of whose capital stock is owned by West Penn Railways Co., the Hartie Building, at the southea.st corner of Wood St. 3.nd First Ave.. Pittsburgh, was purchased. This 12-story fi.-enroof structure is now known as West Penn Building and the upper eight floors will be occupied by the West Penn during May 1920. Connellsville Windsor — — WEST PENN TRACTION & WATER POWER CO. — STATEMENT OF INCOME FOR CALENDAR YEARS. Expenses and taxes Interest on 7% Collateral gold notes Amirtization of discount on 7% collat. gold notes. P/eferred dividends Balance to surplus. RAILROADS, INCLUDING ELECTRIC ROADS. — reliability. Dividends received from West Penn Rys. Co.: Common. $.523.5.56: Preferred, $107,212 Miscellaneous income GENERAL INVESTMENT NEWS 1918. 1919. .$630,768 944 .$631,712 $12.5.34 $453, .594 281 $4.53.875 $10,980 102,834 7,923 483,282 413,321 $25,139 $29,575 Albany Southern RR. Fare Increase. — P. S. Commission has authorized the company to estaolish fares on a basis of 3 Vj cents a mile, with a minimum single fare of 5 cents, and a maximum single fare of $1. The present mileage rate is 2U, cents a mile.— V. 110. p. 2290. The New York Atlantic Coast Line RR. & — Lifting. — The New York Stock Exchange recently admitted Co. receipts for 10- year secured V. 110. p. 2075. 2184, 2386. Baltimore 7% to the gold notes, due & Ohio RR. — Earnings — Pref. P. Morgan See 15 1930. list J. May Dividend. — Combined Income Statement for the Six Months to June 30 1920 Partly Estimated. Compensation accrued under contract with Director-General for the two months to Feb. 29 1920. and as guaranty under $13,874,412 the Transportat on Act to June 30 1920, partly estimated 2.392.415 Non-operating income $ 1 6 ,266 .827 Total income [Decrease compared with same period of 1919 of $56,849] .... 11 ,834.538 Total corporate income deductions [An increase compared with same period of 1919 of $435,391] Net income ^-.^^VoV, [A decrease compared with same period of 1919 of $492,2391 on Pref. stock for 6 mos. to June 30 1920Deduct dividend of 2 % ^^,432,289 1,200,000 $3 ,232 .289 Balance, surplus for the six month period The directors on June 30 declared the usual semi-annual di\-idend of 20% on the $60,000,000 Pref. stock payable Sept. 1 to holders of record July 17.— V. 110, p. 1642. Boston Elevated Ry. The Mass. Department — A pprones Use of Subwii/ Funds. &c. approved as reasonably of Public Utilities has necessary the use, from amount paid the company for the Cambridge .subway of (a) $1 ,000,000 for txtension of elevated structiu-e. construction, &c (6) $269,755 for payment and cancelation of an equal amount o. floating debt incurred through permanent additions and improvements: (c) $1,800,000 for payment of West End Stieet Ry^bonds maturing Aug. 1. .pending issue of additional stock or bonds of the W» st End and (d) $1 .501 • , — July 3 , THE CHRONICLE 1920.] 245 to cancel outstanding debt incurred through improvements to West Co. property. „ -w^ r^ The trustees on Jun*^ 23 completed orsanizat'on of the Hyde Park TransEortation District, which is a corporation created by recent act of the eglslature to take over and operate in behalf of the City of Boston the street railway lines in Hyde Park district now operated by Eastern Massachussetts Street Railwav. John F. Stevens, trustee of Boston Elevated, was elected President of the new corporation. All preliminary steps required of trustees of the Elevated have now been taken, and it is said they are in a position to take charge of the street railway service in Hyde Park V. 110, p. 2567. as soon as the act becomes operative under it« terms. End , Boston & Maine RR. — Stockholders' , — Suit. — Judee Morton of the I'nited States District Court at Boston on July 1 issued an order of notice returnable Aug. a to show cause why a receiver should not be appointed for the road on petition of E. F. Brown and C. M. Green, stockholders, who express the oelief that in view of impaired earnings the property can be protected from creditors only by the intervention of a court of equity. — V. 110, p. 26.57. Brooklyn Rapid Transit Co. —— • —Earnings — Columbus Railway, Power & Light Co. Data. Official B. R. T. System Lines Rapid Transit Lines 1919. 1918. 1919. 1918. 1918. 1919. Cal. Years— ^ ^ S S S S Gross op. rev.17, lib. 363 15.860,182 17,066.342 14,359,819 35,065,704 30,982,034 14,540,030 11.509,661 12,787,479 9,200,110 26,513,833 20,035,790 Oper. exp Netop.rev. 2,570,333 Taxes 1,031,354 4.350.521 1.044,991 4,278,863 916,813 5,159,709 844,833 8,551,871 10,946,244 2.200,633 2,613,750 Oper. inc.. 1,538,979 474,291 Other income- 3,305,530 476,562 3.362.0.50 363,035 4.314.876 288,990 6.351.238 751,396 8,332,494 414,566 Tot. Income 2,013,270 Charges 4,044,133 3.782,092 4,428,233 3,725.085 4.500,593 4,603.866 4,178,481 7,102,634 8,142,996 8,747.060 7,263,244 — Extension Notes Due Jul:/ 1 to July 1, 1922 at 8%.— The holders of the outstanding .$2,392,000 two-year collateral trust notes. Series "D" due July 1 have been requested to extend their notes for two years to July 1. 1922 at 8% per annum. The notes will be secured by the deposit of the following collateral: (A) .¥2,.500,000 First Ref. & Ext. S. F. Bonds, due 1940. and (6) $2,700,000 Gen. Mtge. Bonds, due 1928. Notes are callable at par on any int. date on 30 days notice. President Charles L. Kurtz in a notice to the noteholders says (much condensed): Briefly summarized, the company has the following capitalization. of S2 .392 ,000 Common 7% 7% $6,005,600] 1st and Ref. bonds $4,500,000 5,816,00017% notes due July 1 2,392,000 Closed Mtgs. on Ry. prop 7,005,0001 Property.- Property conssits of a total of 124 miles of single track, fully equipped, combined generating stations total capacity 55,000 K. W. with distributing system completely covering Columbus and surrounding villages. During 1919 carried 71,962,308 passengers and has on its books 32,878 electric consimiers, with a sale of 126,235,078 k. w. h. for the year. Poperty is conservatively estimated at $21,000,000. Population served over 237,000. Earn. Cal. Years: 1918 1917 1919 xl920 Railway dept .$2,387,097 $2,119,163 $2,481,529 .$2,752,468 Electric dept 1,178,142 2,128,301 2,516,442 2,813,645 Non-oper, dept 17,022 18,947 4,136 4.483 stock stock Preferred .'iiir/ace 73 — . New York "Times" Further Official Statement from of June 26 (Revised for "Chronicle") Comment as Results — $4,264,486 3,113,068 $5,002,107 3,779,458 .$5,-570,596 2,943,929 $1,080,258 $1,151,417 $1,222,649 $1,942,347 — 5% — — British Columbia Electric Ry. — Fare Continued. The company's — Government. by Dominion Butte (Mont.) Electric Ry. — Fare Increase. — The Montana Commission June — company on — Chicago & Eastern Illinois RR.- New year 6 cent fare on the order of the lines "V. 110, p. 2291. to charge a authorized this P. S. straight 8-cent fare (i-Cent has been continued for another its lines, 10. effective V. 110, p. 2657. Director. William J. Jackson has been elected a director succeeding Donald P. McPherson. The Indiana & Illinois Coal Corp. which has taken over coal property, formerly owned by the Chicago & Eastern Illinois RR., has declared an initV. 110, p. 2567, 2057. ial Pref. dividend of 3J4 %.See that company below. — — & Milwaukee RR. Notes Offered. Co., and National City Co. are offering at 92 and int. yielding atont 8.20%, S1..500,000 Ten-Year Secnred Sinlring Fnnd Gold notes Series "A." Dated June 1 1920. Due June 1 1930. Int. payable J. & D., in New York or Chicago, without deduction for Federal income taxes now or hereDenom. $1,000, after deductible at the source, to the extent of 2%. $500 and $100 (c*). Red. all or part upon 30 days notice at 101 and int. Illinois, Chicago, trustee. indenture under The Central Trust Co. of Chicago North Shore — Halsev, Stuart & 7% which these notes are issued provides for a semi-annual sinking fund, amounting to 2% of the notes of each series then outstanding, to be used of notes of in the purchase and cancellation of the pro rata amount each series at a price not to exceed the redemption price. Data From Letter of Chairman Samuel Insull, Chicago, June 28 1920. Earnings and Expenses Twelve Months ended May 31. 1920. 1919. 1918. Total operating revenue $3,564,714 $3,255,953 $2,096,015 Net after operating expenses, includ533,687 ing maintenance and taxes 771,778 921,017 6,216 Miscellaneous income 16,163 11,945 AvaUable for interest charges 787,941 932,961 539,902 Annual interest on $4,060,000 1st M. 5s. $1,760,000 7% notes and 363,340 .$619,0006% Equip, notes requires. Present value of the physical property of this company Valuation. and of the Milwaukee City Lines as of May 1 1916, as reported by independent examining engineers, plus capital expenditures to Dec. 31 1919, amounts to in exce.ss of $14,500,000 against the outstanding funded debt, including these notes, of $6,899,000. For description of property, franchises, &c., see V. 103, p. 1031; V. 105, See annual report for Calendar p. 388; V, 107, p. 694; V. 109, p. 887. year 1919 in V. 110, p. 969. — Chicago Surface Lines. — Fare Increase. — By order of the Illinois P. U. Commission an 8-cent fare, effective .luly 1 was allowed the Chicago Surface Lines. The Commission held that the 6-cent fare, which had been in force since last Dec. was no longer adequate The necto meet the situation and that an 8-cent fare must bo allowed. essitj' of rehabilitating the system's credit, the increase of $6,000,000 in operating expenses incidental to the pay raise of 15 cents an hour to all trainmen on June 1 and high prices for materials and supplies were given V. 110, p. 2567. as reasons for allowing the increased rate. — & St. RR. The North Bend (O.) City C^ouncil has approved a two years' emergency franchise, granting the company permission to increase fares on the lino running through Addyston, Cloves and North Bond. Addyston and V. 110, p. 1415. Cleves already have approved the franchise. Cincinnati Lawrenceburg Aurora Electric — Columbus & Ninth Avenue Ry. See New York Railways below. — Committee for Bonds. — V. 61, p. 871, — , Commonwealth Power Ry. & Light Hodenpyl. Hardy Co. —Earnings. — & Co. call attention to the following statement shoAving the recovery that has been made over war time operation contrasting the low point in Oct. 1918, when the Pref. dividend was not earned, witli the present time when the Pref. dividend is earned practically 2i4 times. Gross Net Net Applic. to Earnings. Earnings. 12 Mos. Ended Pref. Stock. .$91-6.995 Oct. 31 1918 $21,534,194 $8,300,450 Jan. 31 1919 22,367,145 8.898.424 1.274.139 July 31 1919 24.138,4.58 9,846,129 1,802,078 Jan. 31 1920 26,414,305 10,768,571 2,534,914 27,833,724 11,052,582 Apr. 30 1920 2,670,967 annual report, &c. in V. 110, p. 657, 359, 1748, 1972. Compare — — — Fare Increase. Dallas (Tex.) Ry. The Dallas City Commission gi-anted the company — — 3.628.249 xYear ended June 30. Prior to April 1, 1920, Company operated for 8 tickets for 25c Fares. with universal transfer Effective April 3, 1920, obtained an increase to 6c cash fare or five tickets for 25c with universal transfer. Reason for Extension. Notwithstanding the excellent showing which company has been able to make under the improved conditions it has been absolutely impossible to secure the underwriting of a note issue to refund the present issue owing to the generally disturbed investment markets over the country. For this reason it has become necessary for the company to. request its note holders to extend their holdings for a perioO of two years," and the banks of Columbus owning some .$750,000 of these notes, and being entirely fa'miliar with the whole situation, have promptly assented to the renewal. Noteholders are requested to deposit their notes with the Commerical Trust Co., Phila., depository. The July 1 1920, coupon will be paid at maturity and should be collected in the usual manner. V. 110, p. 2192. —Deficit of Over $1,800,000 Expected on Rapid Transit Lines in 1920. The figures presented do not reflect the currently excessive cost of maintenance met through charges to reserves prior to July 1919, so far as the surface lines are concerned, or the excess outgo over charges as to rapid transit lines which the contract with the city requires shall be met from funds set aside on a tentative basis at the beginning of a year and revised at the end of the year. This item, it is estimated for the current fiscal year, will probably exceed $600,000, indicating a deficit on rapid transit lines of over $1 ,800.000. During the week ended Nov. 21 1918 the total pay-roll of the Wages. B. R. T. sy.stem amounted to $322,768, which was at the rate of $16,783,936, and for the week ended .^pril 15 1920 the pay-roll was ,$477,283, or at the rate of $24,818,716 a year, an increase of ,'?8. 034,780 annually, which is equivalent to an investment ot of $160,000,000 absorbed by labor. Company's Preferential. On the basis of the accounting called for under the city contract at the time of the receivership Dec. 31 1918, the amount of unearned preferntial to which the company is entitled before the city getsany return on its investment was $2,328,589. On April 30 1920 those figures reached the total of $5,664,194. The city's unearned charges on Dec. 31 1918 were $8,820,087 and on AprU 30 1920, $13,534,286. V, 110, p. 2487, 1526. to .$4,024,186 Avail for interest Balance... c'ef.2,030.863def.646,141f'ef.775..508sur.425,385dn,040,362 srl,483,816 For the 10 months ending April 30 1920 the deficit after fixed charges on the surface lines was $2,029,288; on the Rapid Transit lines, .51,159,489, and on the B. R. T. system, ,$1,891,995, contrasting respectively with the results shown above for the entire calendar years 1919 and 1918. Carl M. Owen, counsel for Receiver Lindley M. Garrison, explains that it is difficult to present a proper comparison of earnings with the prereceivership periods, because of unadjusted claims, and particularly those But arising from the deplorable Malbone St. accident of November 1918. "to indicate the trend sufficient comparable data are obtainable," he say of results now accruing and these have been assembled." In October 1919 the Brooklyn City RR. lease to the B. R. T. Co. was terminated, which explains some marked changes in the figures of the surface lines. Total gross Oper. exp. and taxes June 25, to charge a straight 6-eent Danbury & Bethel St. fare. Ry. — V. i)ermission, effeciive 110, p. 2^.87. — Fare Increase. — of the company have been increased to 10 cents or 25 tickets for $2. The fare increase was made necessary by the wage increase recently granted to the employees. V. 109, p, 2171. Fares on all lines — Denver Tramways Co. —Eiijoined from Cutting Wages. — An injunction has been issued by the District Court against the company This will restraining i^s officers from cutting the wages of the employees. avert the possibility of a strike until an appeal to be taken to the Colorado Supreme Court as to jurisdiction, is decided. V. 110, p. 2387. Duluth Ry. — — Municipal Ownership Plan — Defeated. At a special city election held June 21 the proposition to issue $3,500,000 bonds to acquire the street railway system was defeated, the vote against Municipal ownership was also defeated a being 9,272 and for 4,121. year ago — V. St. 110. p. 2291. Eastern Massachusetts Street Ry. on Ref. Mtge., Series A 4^% and B Deferred. — — Interest due July 1 5% Bonds of 1919 Chairman Homer Loring announces that "ihe coupons due July i 1920 on the Refunding Mortgage bonds of Series A and of Series B \vi\\ not be paid at maturity. Further announcement will be made as to the payment of these coupons or as to the issue of negotiable receipts in exchange therefor tne interest represented thereby is extended in accordance witn the provisions of the indenture of mortgage." Failure to pay the interest on these bonds will not amount to a legal Under the terms of the mortgage, interest payable on these oonds default. at any time prior to June 30 1921 may be extended if there is no availoale income. Such deferred interest, however, plus 20% of its amoiuit, must be made up when earnings warrant, but in no event later than Dec. 31 1925. Lee, Higginson & Co. state: "The above notice does not refer to the if Refunding Mortgage One-Ten- Year Serial 6% Bonds, Series SA, which guaranteed by the Commonwealth of Massachusetts, imder the provisions of Chapter 188, Special Acts of 1918." -V. 110, p. 26o7. are, in effect, —Earnings. — Co. — Notes — Electric Railways. For gross and net earnings of 315 separate companies during 1919 1918, see "Editorial" pages of this issue. and — Guaranty Trust Offered. EI Paso Electric Co. and Stone & ''.Yebster, Inc., New York, are offering at 96 and int., to yield about 8%, $800,000 5-year 7% Gold Notes (Series A). Dated July 1 1920, due July 1 1925. Int. payable J. & J. in New York without deduction for normal Federal income tax up to 2%. Denom. Company will agree to refund the Penn 4-mill $1,000, $500 and $100 (c*). Red. all or part, at any time, on 45 days' notice, at 103% before tax. July 1 1921; 102% July 1 1921 to June 30 1923; 101% July 1 1923 to June 30 1924; 100% July 1 1924 to maturity, plus interest. Guaranty . Trust Co. of New York, trustee. Data from Letter of Pres. C. F. W. Wetterer, Boston, June 24 1920. Comparative Statement of Earnings, Calendar Years. Net & Other Int. A Amort Bal. for Res Over. Exp. Gross Calendar Income. Charges. ^ Dirs. & Taxes. Earnings. Year $466,321 $51,356 $414,965 $575,471 $1,041,792 1914 452,154 59.128 393,026 658,564 1916 1,110,718 387,322 79.693 307.629 870,311 1,257,633 1918 91.367 ,361.046 1,122.262 452,413 .. 1,574,675 1919 528,041 yl06,000 422,041 1.182,618 1920.x 1,710,659 — X Year ending May 31. $56,000 on this note issue. y Includes Capitalization After This Financing Common interest of 850,000 — .-. stock Outstand'g. $3,000,000 1,000,000 3.000.000 1.000.000 $2,914,100 x7S3,700 SOO.OOO 1.000.000 Preferred stock, 6%, (non-cumulative) Five- Year 7% notes due 1925 (this i.s.sue) Coll. Trust 5s^due Jan. 1 1932 (closed) ~x $216,300 additional liold in company's treasury. — Management.- Property has been mider Stone ince 1902,— V. 106, p. 2010. on bonds and Authorized. & Webster management — 74 Grand Trunk Ry. of . THE CHRONICLE Canada. — Government Loan. — loan of $25,000,000 to the company is provided for in the supplementary estimat-es of 562.002,483, presented June 26 to the Canadian House of Commons. This loan is to be made under the direction of the Minister of Finance toward meeting expenditures made in betterments of the road, or for deficits or interest on fimded debt incurred by the system or its subsidiaries before March S 1920. when the railroad was taken over by the notes becoming due Government. The company had $12,500,000 July 1. V. 110. p. 2291. — Great Northern Ry. — Report — Executive Committee. — — — Fares. — Cincinnati Traction Co. See Union Traction Co. of Indiana below. — V. lOS. p. 784. Y.— Stockholders' Interborough-Metropolitan Corp., N. — Rights Not Forfeited. Judge Julius M. Mayer, in the U. S. District Court June 21. filed an opinion holding that the owners of 3 ,085 shares of Pref stock of this companj' did not forfeit any rights because they failed to exchange their shares for Pref. stock of the Interborough Consolidated Corp. now in bankruptcy. James R. Sheffield, trustee in bankruptcy, has come into possession of $57,330 which had been set aside for dividends on the above shares. Judge Mayer says that the General Corporation Act is clear in holding that no stockholder in a merged corporation shall lose any right because of failiu-e to exchange his stock, and consequently the money in question is to be reserved for the stockholders mentioned and wiU not go into the fund for . — V. 109, p. 887. Interborough Rapid Transit Co. Interest — Paid. ,Iuly 1 Int. — on the outstanding $160,893,000 Pir.st Refimding being paid at the company's office, 165 Broadway, N. Y. City. due July 5% bonds is —V. 110, p. 1 2657. — Dividends Interstate Rail'ways See United Power & Transportation Co., below. V. 109, p. 2357. Kansas City Rail'ways. Independent Report. Harry Benner, 209 S. La Salle St., Chicago, Secretary of the Protective . — — — Committee, representing holders of the company's bonds and Secured Gold notes (Arthur Reynolds, of Chicago, Chairman), has favored the "Chronicle" with a copy of the report made in February last by the Committee of One Hundred of the Kansas City Chamber of Commerce, appointed to investigate and report upon the local street railway situation in Kansas Mr. Benner says; "This is an entirely independent report, City, Mo. ably prepared, which we regard as entirely fair and just to all parties. It is hoped that as a result of negotiations, many of the suggestions recommended in this report, favorable to the Kansas City Railways Co., and for the betterment of the street railway service in Kansas City, ^\^ll be adopted." (It would appear that this report, so broad in its scope, should also be helpful in the solution of the trolley problems of other cities and communities, Ed.]— V. 110, p. 1289, 1526, 2292, 2568. — & Allegheny Street Ry.; (/) Central Traction Co.; (g) Duquesne Traction (h) Pittsburgh, Canonsburg & Washington Ry.; (i) Pittsburgh Crafton Mansfield Street Ry. 5% Gold bonds. 0) Pitcaim & Wilmerding Street Ry.; (.k) West Liberty Street Ry. (Z) West End Traction Co.; (m) Pittsburgh & West End Passenger Ry. (n) Second Avenue Traction Co.; (o) West Liberty & Suburban Street Ry Washington & Canonsburg Ry. V. 110, p. 2658. (p) & — — — Louisville & Nashville RR. Listing. The New York Stock Exchange recently admitted Co. receipts for ten-year secured V. 110, p. 2075. 7% Middle West Utilities Co. — Earnings, 1919-20 x$2,463,566 265,949 1,126,975 Year Ending April 30: Total income Expenses, tax., etc Interest Preferred dividends Common dividends gold notes, due 1918-19 $2,009,503 197,319 897,671 30,000 May etc. — 1917-18 1916-17 $1,824,069 257,257 540,227 645,862 142,129 .$1,955,210 238,236 675.273 720,000 385,986 Balance surplus $1,070,643 $884,513 def. $64,385 $238,594 from revaluation of securities. coll. gold notes series "A" which fell due Julv 1 and being paid off from proceeds of the preferred stock as outlined in the recapitalization plan in V. 110, p. 2076, 2192, 2568. X Including $116,896,profits The $1,000,000 3-year 6% National Properties Co. Interest due July 110. p. 2487. 1 — on the 4-6% National Rys. of Mexico. — .luly 1 Interest Passed. bonds has been defaulted. — New — See V. Director General. — Francisco Perez has been elected Director General, succeeding Paulino F. P. de Hazos is General Agent, with office at 233 Broadway. Fontes. New York City. V. 110, p. 1409. — — — Gas Co. Valuation. Ne'V? Orleans Ry. & Light Co. The valuation of the New Orleans Gas Light Co. has been apijraised 88,6,52.729.— V. 110, p. 2193. — — — — offered Industrial Outlook. are producing a large — The zinc and lead mines in Missouri and Oklahoma and increasing tonnage. industry in Kansas, Oklahoma an4 Texas is also continually expanding resulting in a very large and continued increase in the movement of oil over the railway, as well as an increase in the corresponding freight in the way of supplies, casing, machinery, tank steel, c&c, for producing and storing the oil. There are two additional new and increased coal fields on the road which promise a large additional tonnage of coal of good quality, and it is expected within the next few months that these coal mines will bo in production. Crops.^-The small grain crops along the company's lines are expected to yield about the normal quantity of wheat, oats, eye, &c. There has been some slight decrease in acreage for the year 1920, account of labor shortage, but this is made good by the extra yield, for crops, while late, due to the late and wet Spring, are now progi-essing favorably. New Rolling Stock. ^Witnin the past 10 months 40 additional new heavy locomotives and 4,500 new modern freight cars have been added to the The oil — — The gross earnings continue to expand, showing an Increase some 18%, over last year, and it is expected for the year 1920 vvill be considerably In excess of any previous period. of There is also reason to expect a satisfactory increase in rates in near the future, and such being the ca^e, the system should be in evry comfor table position as regards both grcss and net earnings. The company's present and recent results from operation show better than any of the neighboring roads in its territory. Altogether, the outlook is considered very encouraging. V. 110, p. 2488, 2388. — San Francisco-Oakland Terminal Rys. Calendar Years: Gro.ss operating revenue 1919 .$5,793,501 .$809,638 Net after oper. exp., taxes, etc Bond etc., interest Other 1,112,666 100,734 charges at — 5% Adjustment Mtge. 5% bonds of 1912, on July 1 filed notice in the Federal District Court of its intention to prosecute a foreclosiu-e suit for the purpose of .selling the property covered by the mortgage. There has been a default in the payment of interest on the outstanding bonds, and because of the default, under the terms of the mortgage, principal and interest are due and payable. Interest due July 1 on the outstanding $1,500,000 Twenty- Third St. Ry. Impt. & Ref. 5% bonds of 1962 has been defaulted. A Protective Committee has been formed to represent the holders of Columbus & Ninth Avenue RR. ,$3,000,000 First 5s of 1993. The members of the Committee are; C. Robert Adams, of Jos. Walker & Son; Frank Coenan, of Pouch & Co., G. E. Warren, Vice Pres. Columbia Trust Co. with Frank D. Pavey as Counsel, Arthiu- N. Hazeltine, as Secretary and Colimibia Trust Co. as Depositary.. V. 110, p. 2658. — New York State Railways.— TFagfe Increase. — A board of arbitration has awarded motormen and conductors employed by the company in Rochester. Syracu.se and Utica an increase of 15c. an hour in wages, making the wage 60c. V. 110. p. 2488, 2658. — Northwestern Pacific RR. The Calif. —Bonds — Authorized. RR. CommLssion has authorized the company to issue 000 bonds, to De purchased oy the Southern Pacific Co., nearly amount to oe used for improvement. V. 110. p. 2488. Panama Railroad. — New — Director, SI ,008,of the all &c.— Newton D. Baker, Secretary of War, has been elected a director succeeding Benedict Crowell. T. H. Rossbottom, the assistant to the Vice-President, has been elected to the newly created office of Third Vice-President in charge of railroad and steamship operations at N. Y.— V. 104, p. 1899. — Philadelphia Rapid Transit Co. Suspends New Rates. On the rfxjuest of the Pennsylvania P. vS. Commission to suspend the operation of the proposed faro increase until the hearings to determine the reasonableness of the fares sought had been completed and a decision had been rendered by the Commission, the company announced; "Upon the request of the P. S. Commission, until further notice the company wil not begin the collection of the legal rates of faro which became effective July 1."— V. 110. p. 2482, 2488. — — 1918 1917 $4,578,620 $882,925 $1,045,734 1,099,573 1,095,963 92,405 91,438 .$5,100,030 .$305,443 $403,762 $145,277 — State Supreme Court Decision. According to a decision of the State Supreme Court which sustains the finding of the Superior Court affirming the action of the P. S. Commission granting the company the right to increase its rate of fare from 5 to 7 cents, fare agi-eements between municipalities and street railway companies that deprive the State of its police power and prevent enforcement of adequate public service are not binding. The decision, written by Chief Justice J. Hays Brown, covers the appeal of the city of Scranton against both the order of the P. S. Commission and its affirmation by the Superior Court. Tne Commission permitted the company to increase its rates on April 22 1919. despite an ordinance that existed between the city of Scranton and the company which provided that the fare should not exceed five cents within the city limits. Tne Superior Court dismissed the appeal taken by the city, and affirms the Judgment of the lower Appellate Court. V. 110. p. 2488, _ Ne'W York Rys. Foreclosure Suit Interest on Sub. Co. Bonds Passed Committee for Underlying Bonds. The Farmers' Loan & Trust Co., trustee of the outstanding $30,616,847 — deficit —Earnings. — V. 110. p. 2568. — Seattle — Offer Block These bonds will be offered to the public at the day-to-day price estabon the Stock Exchange, where they are already listed. The block of bonds, which is said to represent from .?5. 000, 000 to $10,000,000, constitutes practically all of the bonds of this description originally received by French investors in exchange for the St. Louis & San Francisco General Lien 5% bonds at the time of the reorganization of the property in 1916. (See V. 110, p. 2389.) Prospects. Several of the leading officials of the company recently made an examination of the property and investigated its prospects. Their reports are summarized as follows: Physical Condition. The condition of the property is very fair, and wnile some deferred maintenance existed on March 1 last, this has been largely corrected, and the property, taken as a whole, is in very good physical condition, large sums being spent in the renewal of rails and ties, as well as in upkeep. Large additions also are being made towards shop and roundhouse facilities, which will result in reducing to the minimum the number of engines and cars out of service and needing repair. Traffic. The company is handling the heaviest traffic in its history, and its present earnings are only limited by its ability to handle the business Balance — Payment of Bonds. — Scranton Railways. — Morgan's La. & Texas RR. & SS. Co. The "Chronicle" is officially advised that the $1,494,000 Alexandria Extension First Mtg. 6% gold bonds maturing July 1 1920 will be paid at office of Southern Pacific Co., 165 Broadway, N. Y. V. 106, p. 1461. — lished Earnings. P. Morgan 15 1930. See list J. to Bonds Purchased from French Government. A banM'ng syndicate composed of Hemphill, Noyes & Co., Colgate, Parker & Co.. A. B. Leach & Co., Low. Dixon & Co., West & Co., Hitt, Farwell & Park and others has been formed to take over from Speyer & Co. the block of Income 6% bonds which Speyer & Co., in company with the Guaranty Trust Co., recently purchased from the French Government. equipment. to the — Syndicate Louis-San Francisco Ry. St. of For annual report, see under "Financial Reports" above. The company's executive committee consists of Louis W. Hill, AVilliam B. Dean, Erasmus C. Lindley. Ralph Budd and Jackson E.Reynolds. George H. Hess Jr. Is Comptroller and G. R. Martin is Vice-Pres. in charge of the executive department. V. 110, p. 2568. general creditors. [Vol. 111. Co.; 5H% & — (e) A Indianapolis — . Pittsburgh (Pa.) Railways. July 1 Interest. An advertisement slates; Interest due July 1 1920, on bonds listed below will be paid when due; (a) Federal Street & Pleasant Valley I'assenger Ry., Consolidated Mortgage bonds; (6) Perry Street Ry.; (c) Troy Hill Passenger Ry.; (d) Allegheny & Belle-vue Street Ry. & Rainier Valley Ry. — Fare Increase. — Effective Jime 12. fares were raised from 6 to 7 cents within the corporate The comlimits of Seattle, by order of the Washington P. S. Commission. pany has filed another new passenger tariff to become effective July 19, increasing fares to 10 cents because the municipal lines are to charge 10 cents for single cash fares. V. 110. p. 1291. — Staten Island Midland RR. — — Franchises Revoked. June 25 revoked ten of the company's franchises on the ground that the company had failed properly to operate the lines. Nothing has been done as yet by city authorities to dispossess company, and it is said the company is still operating its cars. V. 110, p. The Board of Estimate on — 1643. Terre Haute Indianapolis & Eastern Traction Co. See Union Traction Co. of Indiana below. Texas State — V. 110, RR.— Appropriation. — p. 1416. The Texas Legislature has passed a bill to appropriate $50,000 for maintenance and operation of this road, 32 miles long from Rusk to Palestine, Tex. A minority report to direct the State Prison Commission, which operates the road, to sell it for junk was defeated. The road was offered V. 110, p. 2488, for sale by the State some months ago, but without result. Toledo & Western RR. — July — — Interest Defaulted. Interest due July 1 on the $l,2o0,000 Toledo & Western Ry. 1st Mtge. 5s and the .$250,000 Toledo Fayette & Western Ry. 1st Mtge. 5s has oeen defaulted according to a notice sent to tne bondholders by Pres. F. R. Coates. President Coates states; "The gross revenue between the years 1914 and 1919 inclusive Increased from $367,000 to $533,000 while during the same period the operation and maintenance Increased from $307,000 to $546,000. The interest charge for the cwo issues of fii-st mortgage bonds amounted to $75,000 per year which has not at any time during the period oeen earned in full and in 1919 the road dia not even earn enough to pay its During the first five months of 1920 operating expenses by some $12,000. the road has not earned its operating expenses by about $34,000." -V. 107, 1 — p. 605. — — — Twenty-Third July 1 Interest Passed. St. Ry. New York Rys. above.- V. 106, p. 500. Ulster & Delaware RR. Governmetit Compensation. See — A board of referees of tne I.-S. C. Commission has fixed $176,472 as the annual payment to be paid the company during the period of Government control. The company had asked compe.isation of $518,510 annually, but the Railroad Administration offered only $12.'j.269 as annual compensation. V. 106, p. 2(i51. — Union Street Ry. of New an hour, bringing the maximum Wage Bedford, Mass. Inc. — received an increase in wages of 5 cents pay to 60 cents an hom-. V. 110, p. 262. Motormen and conductors have — — July — Fares 3 Cents per Mile. of Indiana. Comnussion authorized this company, the Terre Haute, Eastern Traction Co., and the IndianapoHs & Cincinnati Union Traction Co. P. S. Indianapolis & Traction Co. to cnarge 3 cents per passenger per mile effective July 1. The Union Traction Co. was authorized to put into effect, if it wishes, ticket fares of not more than 5% less than the 3-cent fare, provided all casn fares collected are accompanied by redeemable slips calling for a rebate of the difference oetween the caso fare, based on 3 cents a mile, and the ticket V. 110, p. 1090. fare betriveen the points. — Union Traction Co. — New Cruz. — Fare of Phila. Director. — 110, p. 1850. 1527. Union Traction Santa Co., Increase. — California KR. Commission on June 9 authorized the company to increase its fare from 6 cents to 10 cents, and to sell books of tickets of eight coupons for 50 cents. V. 107, p. 803. The — United Power & Transportation Co. — Dividends. — "Phila. News Biu-eau" on June 25 said: "The directors have taken the usual action providing for payment of July coupons on United Rys. gold trust certificates. trust certificates and the Delaware County gold After rental income has been received next month (July, 1920) matter of providing for the August coupon of Interstate Railways 4s will come up United Rv. trust ctfs. have recently sold at 38 and Interstate 4s for action. [See full description in "Electric Railway Section" of April 24, at 30." page 1051.— V. HO- P- 563. 1920, The — Equipment — m & American Water Works Electric Co. See West Penn Traction Light & Power Co. under "Reports" above — V. 110, 2077. p. — American Woolen — Listing. Co., Boston. The New York Stock Exchange has authorized the listing on and after 7 1920, of $20,000,000 additional Common stock (par $100) on official notice of issuance and payment in full, making the total amount applied for $40,000,000 (total auth. issue). Holders of Preferred and Common stocks of record Jime 7 1920, are entitled to subscribe at $100 per share to said stock to the extent of 33 1-3% of their holdings, payable 50% on or before July 7 and 50% on or before Aug. 9 1920. The cash received is to be used for working capital i e. In part in Uquidatlon of notes and accounts payable, and the balance to be used for the current and ordinary business. V. 110, p. 2077, 2293, 2489, 2569. July , , . , — 4% 4% 75 For the 5 months ending Jime 1 net earnings, it is reported, increased $2,000,000 over 1919, while the gain in gross was $12,000,000. This is an annual rate of nearly $5,000,000 increase for net and $29,000,000 gross, or at the rate of $11 a share more on its old Common share capital after taxes than in 1919. Business of its cigar subsidiary, American Cigar Co., is also said to be showing up excellent shape. V. 110, p. 2489, 2389. William C. Grav has been elected a director to succeed the late John H. Chestnut.— V. — THE CHEONICLE 3 1920.] The Indiana — — — Anaconda Copper Co. — 1920 June 1919. 12,700,000 10,530,000 V. 110, p. 2659, 2194. — Production Increase. I 2,170,000193,250,000 — (in Lbs.). — 1920—6 iWos.— 1919. Anglo-American Oil Co., Inc. Increase. 79.980,000 — Final 13,270,000 Dividend. — An 8% advertisement announces that the dividend mentioned last week is a final dividend of 3 shillings payable July 15 at the Guaranty Trust Co. of N. Y. and the National Provincial & Union Bank of England, Bishopsgate, London. This distribution will being the total dividends for the fiscal year ending Dec. 31, 1919 of 6 shillmgs.— V. 110. p. 2659. 1644. Due serially semi-annually July 1 1921 to July 1 1930. Int. payable J. & J. at Maryland Trust Co, Baltimore, trustee. Red. as a whole on 30 days' notice at 100 and int. plus a premium of ^ % Company will agree for each year or fraction thereof to date of maturity. Appalachian Power Co. Description of Notes. The $5,000,000 notes mentioned in V. 110, p. 361, are an issue of Ten-year 7% Bond Secm-ed gold notes dated Jan. 31 1920, due Feb. 1 1930. Int. payable F. & A. at Bankers Trust Co., N. Y., trustee. Denom. $100, $500 United Rys. Certifichtes Sold. & Electric Co. of Baltimore. —Alexander Brown & Sons this week offered and sold at 100 and int., yielding 8%, $875,000 Car Trust Gold certificates, series of 1920!" The Bankers state: Dated July 1 1920. it may la^vfvllIy do so, that interest warrants shall be paid without deduction for the normal Federal income tax not to exceed 2%. Security. The equipment under the trust will consist of 33 new safety cars and 100 new trail cars to be built by the J. G. Brill Co. at a total cost of $1,094,983, upon which company has agreed to make an initial payment of $219,983, or over 20%. Official Memoranda as to Decisions of Maryland?. S. Com. The Public Service Commission of Maryland on Jan. 1 1920 allowed this company a full 7-cent fare for adults, at the same time laying down the principle that it was to "the best interest of the public" that the company should earn -SI, 500. 000 surplus over all operating expenses (including liberal allowances for depreciation and maintenance) taxes and interest charges The average pre-war surplus of the (including Interest on Income bonds) company over Interest charges was $848,802 (V. 110, p. 2382). The importance of this decision does not seem to have been realized by investors and for their benefit the company has issued a printed memorandum for security owners concerning the decisions of the Commission Copies may be obtained upon appliin so far as these affect the company. cation at the office in Baltimore. President C. D. Emmons on May 18 wrote: "While the company showed a deficit of $49,000 for the first four months of 1919, it has shown a surplus of $188,000 above all interest charges during the same period of 1920, a net increase of •t237,O00 during what is always known as the least profitable period of the year. This surplus for the first four months of 1920 is the largest surplus, during the same period, since the consolidation in 1899, except in the years 1916 and 1917."— V. llu, p. 2382. so far as — , . West Penn Rys. The company — Fares and Wages — Annual Report. — wages to meet carmen's scale of 70 cents maximum paid in Pittsburgh, and raise fares to meet the increase. See West Penn Traction & Water Power Co., under Financial Reports above.— V. it is said, will raise 110, p. 1749. — — Western Pacific RR. Corp. Dividend Increased. A quarterly dividend of 1J^% has been declared on the $27,500,000 Dividends Preferred stock, payable July 12 to holders of record July 2. were reduced in May 1919 from 1H%, to 1% quarterly, and have been paid at that rate to April 1920, incl. Winnipeg Electric Ry. — V. 110, p. 2193, 1974. —Preferred and $1,000 Authorized, $5,000,000; issued, $3,500,000: balance (c*). The shareholders will vote July 27 (a) on ratifying and approving a by-law of the directors providing for the payment of the dividend on the issue of .$3,000,000 7% Cumul. Pref. stock, approved by the shareholders May 3 1920, quarterly instead of half-yearly, and (5) on sanctioning and confirming a by-law of the directors repealing the by-law authorizing the issue of paid up Common stock as a bonus in connection with the sale of said Preference stock, and (c) on authorizing the directors to sell and dispose of the issue of Preference stock for such price and on such terms and conditions as they may think advisable. V. 110, p. 1947. — — Arizona Commercial Mining Co. jurisdiction In the action above referred to. — V. — Officers. R. A. Mitchell has been elected Treasurer, succeeding H. S. Swan. R. M. McCletchie has been elected Comptroller, a newly created office. V. 110, p. 1850, 1186. All-America Cables, Inc. — New Cable— Report. — The company on June 26 announced "the opening of its American-owned caoles to Rio de Janeiro and Santos, Brazil." It is stated that the rates over the company's cables from New York to Brazil will De 65 cents instead of 85 cents a wora from now on. The annual report for 1919 is cited above. V. 110, p. 1643. — American Bosch Magneto Corp. — Stock The stockholders on June 29 authorized the Div. — declaration of a stock divi- dend of 20% payable July 15 to holders of record July 1 and Increased the stated capital from .$2,500,000 to $2,580,000.— V. 110, p. 2568, 2388. , . American Brake Shoe & Foundry — Simplification Co. of Capithl Stock— Authorized Issues of $10,000,000 7% Cum. Pref. (Par $100) and 400,000 Shares of No Par Value Common to Replace Present $5,000,000 7% and Participating Preferred and $5,000,000 Common, Par $100— Terms of Exchange.— The shareholders voted July 1 on a plan for recapitalization in accordance with which: (a) Holders of the present Preferred stock will be entitled to receive in exchange for each share thereof one share of the new 7% Cumul. Pref. stock and three shares of the new Common stock. (6) Holders of the present Common stock will be entitled to receive in exchange for each share thereof one share of the new 7% Cumul. Pref. stock. The plan approved calls for the issuance of $10,000,000 7% Cumul. Pref. stock, red. at 110, and 400,000 shares of Common stock of no par value. Compare V. 110, p. 2293, 2.569. American Chain Co. — New Class "A" Common Stock. — forrwl stockholders are given tht right to subscribe for a new Lssue of Class "A" pariiciputing Common stock. The riglit to subscribe will expire on July 9 1920. It is understood that Thomson, Fenn & Co., Hartford, and Hincks Brothers & Co., Bridgeport, are fiscal agents in the matter. V. 110, p. Tht Pr — 2659. — American Chicle Co. ^Common Dividend. A dividend of $1 rer share has been declared on the no par value Common stock, payable Aug. 2 to holders of record July 24. Dividends at the rate of 1% have been paid quarterly on the Conmion ($100) stock from Feb. 1919 to May 1920.— V. 110, p. 2569. 1974. American Tobacco Co. The 110, p. 1644. Armour & Co.— Sells $60,000,000 Convertible Bonds.— bankers associated with the company declined to confirm the company has arranged with a group of New York and Chicago bankers for the sale of $60,000,000 10-year 7% bonds, understood to be convertible into stock at a price said to be around par. The bankers negotiating the arrangement are said to include Continental & Commercial Trust & Savings Bank, Chicago; Halsey, Stuart & Co., National City Co., Chase Securities Corp. and Guaranty Tru.st Co. New York report that the V. 110, p. 2194. Arundel Corporation. — Earnings, &c. — for the past six months are reported at about $170,000, which was not quite sufficient to meet the dividends for that period. The directors have declared the usual quarterly dividend of l~j4% on like the stock, payable July 14 to holders of record June 30. amount was paid in Jan. and April last.—V. 110, p. 80. The net earnings A Common — — Stricken From List. A. T. Securities Corp. The Conunon stock (no par value) was str cken from the New York Stock Exchange list on June 28. Compare V. 110, p. 2490. — Baldwin Locomotive Works. The Eddystone plant at Phila., which was turned over to the U. S. Government at the begumlng of the war. was closed down by the Government on June 30 and will now revert to the Baldwin Co. V. 110, p. 2659. & Co. —Property — — Sold. At a special sale conducted by the Alien Property Custodian on June 18 James Colgate & Co. purchased the entire property of the company in the form — V. of voting trust certificates for 12,02J shares 110, p. 2490. Bond & Mortgage Guarantee Co. for the sum of $1 ,202,000. — To Increase Capital. stockholders will vote July 14 on increasing the Capital stock from $5,000,000 (par $100) to $6,000,000 (par $100). The increased capital is for the purpose of a 20% stock dividend recommended by the Executive Committee. See V. 110, p. 2195. The — — Canton Co. of Bait. Extra Div.- Board Increased. Edwin G. Baetjer and ,Tohn K. Shaw have been elected directors, inMr. Shaw was also creasing the board of directors from 9 to 11 members. INDUSTRIAL AND MISCELLANEOUS. — — Decisions. — The Massachusetts Supreme Court on June 24 declaed that the Massachusetts courts have no jiu-isdiction in a suit brought by the company The mines of both companies in Arizona against the Iron Cap Copper Co. adjoin each other and the Arizona Commercial Co. sought to recover more than $3,000,000 for the allegea conversion of ore by tne Iron Cap Copper Co. The Maine Law Court, In a decision handed down, nolds that it has — Alabama Power Co. may be issued under certain restrictions all as defined in the trust indenture. Secured by deposit with trustee of $6,000,000 2d Mtge. 6% gold bonds, dated Jan. 31 1920 and due Feb. 1 1930. V. 110, p. 361. Beer-Sondheimer Stock. —^ — — — TimcExtendcdfor Scrip Conversion. directors hav<i (^xlend<'(I the time for the conversion of its scrip into Common class "B" of the company to July 14 1920 instead of July 1 1920 elected Vice-President succeeding George C. Jenkins. of 1 was payable July 2 to holders of record An extra dividend of June 28, together with the regular semi-annual dividend of 3%. V. 106, H p. 815 Chalmers Motors Co. % — — — Time Extended. Mortimer N Buckner is Chairman has notified the holders of the 1st Mtge. 6% 5-yr. Gold notes that the time to deposit their notes under the deposit agreement dated June 15 has been extended The committee to July 20.— V. of which 110. p. 2490. . — California-Oregon Power Co. Reorganization Plan of May 21. The bondholders' committee named below on May 21 announced substantially the following plan, adopted by the signatures of a majority of the committee: — Bonds of the face value of $4,310,000 of the total outstanding issue of $4,442,000, had been deposited to May 21 with the Mercantile Trust Co. of San Francisco, as depositary for the committee. Bondholders' committee: W. 1. Brobeck, J. W. Churchill, J. A. Donohoe, J. D. Grant, C. de Guigne, A. S. Holmes, Joseph Hyman, 1. Kahn, J. Henry Meyer, John D. McKee and A. J. Rosborough, with J. C. Thompson as Secretary, 129 Leidesdorff St., San Francisco. In order that the holders of 5% bonds of 1952 shall become the owners of the properties, subject to the underlying bonds, the present .stock being eliminated, it is planned to organizo a new corporation to acquire the properties and assume the liabilities other than said 5% bonds. The present bondliolders will receive $500 new Pref. stock and $1,000 new Common stock in exchange for each $1 .000 bond plus all unpaid coupons Interest has been paid to date on the $1,158,000 underlying bonds, but interest on the company's $4,442,000 5% bonds has been in default and unpaid beginning with the coupons dated July 1 1915. — New Securities after Reorgatxizalion. Bonds. Total authorized bond issue. $10,00 ,0(!0, covering the properties, subject to the underlying bonds. The rate of interest and other terms Reserved for future to bo determined bv the reorganization committee. use, $7,000,000, i.s.suable only with consent of Calif. RK. Commission, for not over 80% of the cost of extensions, betterments and additions, if and when the net earnings are I'H times the bond interest, including the bonds proposed to be Issued. The remaining $3, 000, (00 bonds to be presently is,<;ued as follows: For the refunding or exchange of underlying (undisturbedl bonds. SI ,158,000 For sale to provide new capital, and to pay expenses of reorgani1,842,000 zation and dividend to non-assenting bondholders Preferred Slock, 7% non-assessable, preferred as to dividends and as to assets and cumulative as to dividends after three years. Total auth.. $7,500,000. Now issuable in partial (50%) ex.82,221,000 change for existing .$4,442,000 5% bonds... Common Stock. Total auth., $7,500,000. Now issuable as fully paid up and non-ssses.sablo. in partial (100%; exchange for 4.442,000 existing $4,442,000 5% bonds . , THE CHRONICLE 76 Comparison of Outstanding Securities and After Reorganization Before Before. Underlying bonds Companv bonds (to be left Preferred stock Common stock After. $1,158,000 4,442,000 undisturbed) $1 .158,000 8,2S3,0u0 x 2,221,000 4,442,000 X The proposed new bonds are lot shown in this table, as theii- proceeds will be utilized largely for capital expenditures, adding to plant value. llnserted by Ed.]. List of Vnderlying Bonds to Be Undisturbed and Assumed — due Jan. 1 1922, Siskivou Electric Power Co. 1st M. 6s of 1902. 8135,000 not callable (V. 93. p. 800: V. 94. p. 491) SiskiTou Elec. Power & Lt. Co. 1st & Ref. M. gold 5s of 1908. due May 1 193S (V. 93. p. 800: V. 94. p. 491) Callable at 105 and Annual .sinking fund beginning May 1 1918. 2% of outint. standing bonds. Auth.. SI. 000.000: canceled, $812,000: re53,000 served for Siskivou 1st Cs, $135,000; outstanding Kogue River Elec. Co. 1st M. 5s of 1907. due July ^ 1937. callable 105 & int. Sinldng fund from July 1 1909. S7.000 p. a. at 625.000 (closed) Mortgage (V. 93, p. 537, 1607) Klamath Power Co. 1st M. gold 6s of 1911. due April 1 1931. 348.000 Value of Properties Supporting the Securities after Reorganization. — Non-Oper. $171,393 Properties Oregon 3,927 California xDunsmuir AVater Properties -5175,321 Total Operating. Total. $2,814,219 4,316,313 127,314 $2,985,612 4,320,241 127,314 $7,257,847 $7,433,167 X Valuation submitted but not yet approved by Railroad Conunission. The valuations of the operating properties are based on valuations fixed by the P. S. Commission of Oregon and the Railroad Commission of California, plus additions less retirements, since the date of the valuations. The value of the non-operating property is fixed at the cost of acquisition. The present replacement value of the properties is largely in excess of the To the figures shown, owing to the increased cost of labor and materials. above valuation will be added the value resulting from the application of new bonds. proceeds of Earnings for Past Eight Years Current Revenue. — Net Rev.] $169,37711916 Gross Rev. Net Rev. $307,040 $426,107 S212.427 203.515 1917 261.407 347,262 487,916 222.122 1918 502.2e9 385.331 257.119 226.89211919 398.350 726,079 406.304 since January 1915 have been devoted to additions, The net revenues betterments and improvements. Since June 1919 the average net revenue has been in excess of $40,000 monthly. The monthly net revenues for 1920 are in excess of those for 1919. and it is estimated that the net earnings for 1920 will total $480, OOo. The fixed charges after reorganization as compared with the $48 j .000 of estimated net revenue for 1920 are calculated as aggregating $323,520. as follows: (n) Interest on underlying bonds. $r3.000: (b) interest on $1,842,000 new bonds at 6^ $110,520; the proceeds of these bonds will be used progressively during 1920 and 1921 (with a credit for interest on unused funds) and the additional earnings resulting should in whole or part take care of such interest charge; (c) additions and betterments in lieu of depreciation. S150.L00; (d) estimated balance of earnings. $156.480. V. 110, p. 2389. 766. Gross Rev. 1912 1913 19141915. . — Choate Offered. Oil Corp., Oklahoma City, Okia. — Notes — Frazier & Co., Phila. and New York are offering at 98 and int. to yield about 8.50% with five shares of Capital stock, $900,000 .5-year 8% Sinking Fund Conv. Gold Notes. Dated June 1, 1920. Due June 1, 1925. Int. payable J. & D. CaUable Denom. $1,000 (c*). all or part at 10214% and int. on 30 days' notice. Penna. State tax refunded. Free of normal Federal income tax up to 2% under existing laws. Land Title & Trust Co. Phila., trustee. Data From Letter of John W. Choate, Pres. of the Corp. Authorized Outstanding Capitalization: $1,200,000 x.$988,000 3-year 7% Conv. Gold Bonds (V. 109, p. 1611) 2.500.000 1.000.000 5-year 8% Conv. Gold Notes 229,786 ySOO.OOO Capital stock (no par value) X $212,000 retired by sinking fund, y 110,000 of the 270,214 unissued shares are reserved for conversion of bonds and notes. EorninffS.— Average net earnings applicable to Interest charges for the past five months are estimated at rate of about $880,000 per annimi, and for the last three months at the rate of approximately $1,150,000 p. a. Convertible at any time at the option of any holder into shares of stock as follows: On or before June 1, 1921 50 shares for each $1,000 note; on or before .lune 1, 1922 40 shares for each $1,000 note; on or before June 1, 1923 33 shares for each $1,000 note: on or before maturity 30 shares for each$l,000 note.—Compare V. 109, p. 1611: V. 110, p. 1418, 1529. Cleveland Automobile Co. — Earnings. — for the period frora Jan. 1 to June 20, is reported to have shipped 7,668 cars. Production for the full calendar year of 1920 it is thought, may reach 19.000 cars. V. 110. p. 1852, 1418. The company, — Columbia Motors Co., Detroit. — Status, Production. &c.. CapitaUzation was originally capitalized- at $500,000. increased to $6,000,000 about April 1 1920, at which time the directors The company was declared a 700% stock dividend and the stockholders bought $1,000,000 additional stock at par, bringing the outstanding capital up to $5,000,000. Two cash dividends of 6% each were paid during 1919 and four 6% diviThe initial div. dends have been paid the cturent year [to June 11 1920). under the new capitalization is payable June 30 to holders of record June 15 on a 1% monthly basis, which is equivalent to 8% on the old stock. Lee, Gustin & Co. (investment bankers), Detroit, report: (1) Oi-ganized in 1916 and is classed with the best manufacturers of medium priced cars. (2) Production increased from 6 cars a day early in 1919 to 20 cars per day in December quarter; 30 per day in first quarter of 1920, and 55 cars during first week in June. (3) All bills discounted for long period; large cash balances. (4) Production of about 4,000 cars in 1919: estimated 15,000 or more in 1920. (5) An attractive car in 5 models embodying best standard V. 110, p. 1529. parts, including Continental motors. Consolidated Coppermines Co. Annual Re-port. 1919. 1918. Calendar Years — — — Totalincome — $117,777 176,550 191,647 General expenses, taxes, &c Interest on bonds Discount on bonds $90,216 37,970 161,600 2,640 $250,420 Balance, deficit $111,994 Sales of copper in 1919 amounted to 3,811,959 lbs., which sold at an average price of 16.9917 cents per pound. V. 108, p. 976, 83- —— Consolidated Gas Co. of N. Y. Temporary Injunction Companies Restraining Authorities from Enforcing 80c. Gas — — Allowed to Charge $1 Pending Final Decision Special Master Appointed to Hold Difference Between New and Old Rates The U. S. District Court on June 29 handed down a temporary injunction, effective July 1 restraining the P. S. Commission and the coimty and State officials from enforcing the 80c. gas law of 1906 and permitting the gas companies to charge at the rate of .$ 1 per 1 ,000 cu. ft. beginning July 1 until the case has been settled by the higher courts. The companies concerned are the Consolidated Gas Co. and its subsidi, aries, the Central Union Gas Co., New Amsterdam Gas Co., New York Mutual Gas Light Co., East River Gas Co. Northern Union Gas Co., and the Standard Gas Light Co. The Kings County Lighting Co., an indjpendent concern, was also awarded a temporary restraining order against the enforcement of the 80cent gas law on the same terms. Richard Wellington has been appointed special master to hold the difference between receipts at the 80-cent and the newly authorized $1 rate for ultimate disposition. The New York Trust Co., the United States Mtge. & Trust Co. and the Title Guaranty & Trust Co. are made depositories of the fund, a verified statement of which shall be made by the companies to Mr. Wellington on Atig. 15 and the 15th day of each month thereafter. Sfc Mayor Hylan has directed Corporation Counsel O'Brien to carry the fight on the $1 gas rate to the U. S. Supreme Court "to the end that the V. 110, p. 2196. people's rights will be properly protected." — fVoi Consol. Interstate-Callahan Mining Co. 111. —Acnuisilions Pres. John A. Perclval, it is stated, has just completed the purchase of the controlling interest in the Chicago-Boston Mining Co. and the Killbuck Mining Co., both of which own large silver and lead properties in the Coeur d'Alene district, near Wallace, Idaho. No new financing was required by the Callahan company, it is said. V. 110. p. 2491. — Continental Paper & Bag Y.— Mills, N. Stock Div. of Stock, on Botli Comm,on and Pref. The company, formerly the Continental Paper Bag Co., has declared a stock dividend of 50% on both the Common and Preferred shares, payable in Common stock Aug. 15 to holders of recore Aug. 9. On May 17 the stockholders voted to increase the authorized Common stock from $2,500,000 to $7,500,000 and the Preferred frora $2,500,000 to Amounts outstanding last accounts. $2,000,000 Common and $5,000,000. $1,500,000 Preferred .stock.— V. 110. p. 2196. 50%, Payable in — Common Corn Products Refining Co. — Extra Dividend. — The extra dividend of y^ of 1% and the regular quarterly dividend of 1% will be paid on the Common stock July 20 (not July 15) to holders of record July 6.— V. 110, p. 2660, 1852. Cosden & The Co., Baltimore. — Shipments. — shipments for June, we understand, was about $5,100,000, compared with about $1 .700,000 in June 1919 and $3,900,000 in May last. The production of the refineries is now running at an average of total value of 28,000 bbls. daily. — V. 110, p. 2570, 1751. Cramp & Sons Ship & Engine Building Co. in Capital Stock — 150% Stock Dividend Proposed. (William) — Increase — The stockholders voted July to increase .the capital stock from 16,2.50.000 to .$20,000,000. Copy of Resolutions Adopted April 29 1920 by Board of Directors. "Whereas large amounts of surplus earnings have been from time to time for over 15 years through the necessities of the business, owmg to its expansion, placed under service as capital; and whereas it is the opinion of the board that this matter should be adjusted by permanently adding to capital these large surplus earnings and issuing stock therefor to the stock1 holders; Now therefore be it Resolved, That the board deems it advisable, if it meets with the approval' of the stockholders of the company, to increase its capital stock from $6,250,000. divided into 62.500 shares of the par value of $100 a share, to $20,000,000 divided into 200,000 shares of the par value of $100 a share; and "Be it further Resolved, if said increase is made by the stockholders, that out of the said $20,000,000 a stock dividend of 150% be declared to stocldiolders of record on a date to be fixed hereafter by the board on the present outstanding stock amounting to $6,098,000 and the balance of the increased issue to be issued and placed in the hands of the trustees, to be used as may be hereafter directed by the board of directors: and "Be it further Resolved, that the proper corporate meetings to carry this increase of stock and the distribution thereof into effect be called and the stock increased and the dividend declared and paid and the balance of the stock placed in the hands of trustees for the purpo.ses of the company." See also American Ship & Commerce Co. above. V. 110, p. 2570, 1971. — Crown Oil Co. — Indicted— Not White Oil Subsidiary. — See White Oil Corporation oelow. Cuban Telephone Co.— PUn for $25,000,000 & Telegraph Co. for Latin- America. tional Telephone Interna— The stockholders of this company on May 26 and the stockholders of the Porto Rico Teiephone Co. on June 28 voted to approve the plan for the organization of an international elephone and telegraph company for Latin- America, as outlined below, and the steps necessary to carry the same into effect. The Cuban Telephone shareholders voted: (1) The authorization by the Cubaj Telephone Co. of $5,000,000 Ten-Year 8% Debenture bonds. (2) The authorization of the sale by the Cuban Telephone Co. to a syndicate, in aid of said plan, of $3,600,000 of such debentures and of $500,000 Pref. 5tock and $250,000 Conmion stock of the CubanAmerican Telephone & Telegraph Co. Digest of Circular Signed by Pres. Hernand Behn, Havana, May 6. Your directors have been studying plans for obtaining the additional capital required for the urgently needed enlargements of local plants and long-distance lines, and for the laying of submarine cables to connect Cuba with the United States, while at the same time assuring to the stockholders equitable and uninterrupted income retiu-n on their investment. In view of the limited local market for new issues, your directors have concluded that to insui'e the certain provision for additional capital over a continuing period of years, the local corporations will have to be combined or associated with a corporation having an international character, whose securities may be quoted not only on local exchanges, but also in New York, London and other markets, and whose organization will make possible a more efficient service at less cost. After consultation with bankers in Cuba and New York, a plan has been outlined for the organization in the United States of an international telephone and telegraph company (which may be referred to as the International Company) empowered to acquire the shares of stock and other securities of the Cuban Telephone Co.. the Porto Rico Telephone Co., the CubanAmerican Telephone & Telegraph Co., and any other desirable telephone and telegraph companies in Latin-American countries. The latest statistics available show that there are only about 300,000 telephones in the West Indies, Central and South America, with a total population of 90,000,000, and that the investment has not greatly exceeded $75,000,000, with annual gross earnings of $15,000,000, and an average of only one telephone per 300 of population, against over 33 in the United These statistics make apparent the practicability of great enlargeStates. ments of the telephone systems in West Indies, Central and South America. The companies to be associated with the International company wall be operated independently as local enterprises so that the Cuban Telephone Co. will continue in its present organization with a local board of directors. Condensed Summary of Plan Dated May 1 1920. New International Company. To be formed in the United States with an authorized capital of .$25,000,000, in shares of $100 each, and acquire, through a syndicate, $3,600,000 of Ten-Year 8% Debenture bonds of Cuban Telephone Co. (part of a new issue of $5,000,000), $400,000 of Ten-Year 8% Debenture bonds of Porto Rico Telephone Co. (part of a new issue of $500,000), and $500,000 Preferred stock and $500,000 Conmion stock of Cuban- American Telephone & Telegraph Co. In consideration of the transfer of such sectu-ities and the payment to it for working capital of $250,000 in cash, the International Company is to issue to the syndicate $6,250,000 of its full paid and non-assessable capital stock. The International Company is also to make to the holders of the outstanding common stocks of the Cuban Telephone Co. and Porto Rico Telephone Co., an offer to issue its stock in exchange for any and all of such Cuban Telephone Co. Common stock and such Porto Rico Telephone Co. Common stock, at the rate of 1 H shares of International Company stock for each one share of Cuban Telephone Co. stock or Porto Rico Tel. Co. stk. The amount of cash receivable by the Cuban Telephone Co. and Porto Rico Telephone Co upon such sale of securities will be sufficient t odischarge their contracts for purchases of material and to provide for its present cap[The new International Telephone & Telegraph Co. we ital requirements. are informed was incorporated in accordance with the plan in Maryland, on July 1 1920.—Ed.] The Syndicate. A syndicate is to be formed with a nominal capital of $5 000,000, but no member is to be called upon for more than 70% of his participation except with his express assent. The syndicate is to acquire for transfer to the new International Company the stocks and bonds The organizers of the syndicate will offer the right specified in the plan. to become participants in the syndicate to the holders of Preferred and and Common stock of Cuban Telephone Co., Porto Rico Telephone Co. said Cuban- American Telephone & Telegraph Co., and will offer to sell to shares of stock of the Internashareholders of said companies, severally, tional Company (out of the $6,250,000 acquired) at the price of $,5 per — . — . share, payable in cash. ,. j ^i. i. The aggregate compensation of the syndicate managers and others who have developed the plan, is to be 7M % of the said $6,250,000 stock, or the Stockholders of the associated companies until stockholders' Privileges. and including May 21 will thus have the right to accept the following — — — July THE CHRONICLE 3 1920.] Common stockholders of Cuban Telephone Co. and of Porto Rico Telephone Co. the right to receive from the International Company 1 Jj shares of its stock in exchange for each share of the Common stock of each transferred to the International Co. (2) Stockholders (both Common and I'referred) of Cuban Telephone Co., of Porto Rico Telephone Co. and of Cuban-American Tel. & Tel eg. Co. to have the right to purchase from the syndicate stock of the International Co. at the price of $75 per share in cash, for a par amount not exceeding the par amount of their several holdings of stock in the respective companies. (.3) Stockholders (both Common and Preferred) of Cuban Telephone Co., Porto Rico Telephone Co. and Cuban-American Telep. & Teleg. Co., the right to take participations in the syndicate for amounts equal to the par amounts of their stockholdings Such participations in the syndicate and in said companies, respectively. of stock to be sold by the syndicate, will be subject to ratable reduction 6% 5% 5% Cudahy Packing Co. 8% — — Notes Called. The following $1,360,500 5-year 7% sinking fund gold notes, namely, 1234 "M" notes of $1,000 each, 207 "O" notes of .$500, and 230 "C" notes of $100, have Oeen called for payment July 15 at 101 and int. at the Illinois Trust & Savings Bank, La Salle and Jackson Streets, Chicago, and at office of Lee, Higginson & Co., in New York and Boston. V. 109, p. 2360. 2355. — Dalton Addinp Mach. Co., Cincinnati. — Capital Globe-Wernicke — — Davison Chemical Co. Dividends Resumed. A dividend of $1 per share has been declared on the no par — stockholders voted June 22 to increase the Common stock from $2,500,000 to $6,000,000 and the Preferred stock from $1,000,000 to $2,000,000. Subsequently directors met and declared a stock dividend, its amount being said to be 100%, but no official announcement of its percentage was made. See V. 110, p. 2571, 2390. Gorham Mfg. Co. Two hundred and fifty — Dodge Brothers, — New Detroit. Officers. — executive personnel as announced is as follows: Pres. & Treas., Horace E. Dodge: Fred. J. Haynes. V.-Pres. & Gen. Mgr.; Arthur T. Waterfall, A.sst. Gen. Mgr.: Preston G. Findlay, Director of Traffic: R- H. Allen, Director of Purchases: and Charles W. Matheson, Acting Sales Mgr. Howard B. Bloomer, attorney, has been elected a director. The company was incorporated July 7 1914 in Michigan with an auth. capital .stock of $5,000.o00. which was increased to $10,000. '00 late in 1917. —V. 110, p. 364. The new — Durham Duplex Razor — Co. Bonds Called. Convertible Gold bond of 1911. due July 1 1921, were called for payment July 1 at 105 and int. at the Guaranty Trust Co., New York. Company, incorporated in New York in June 1908. manufactures razors, shaving accessories, &c. Plants located in Jersey City, N. J., and Sheffield, England. T. C. Sheehan is Pres.: C. S. Campbell, Vice-Pres.; T. C. Durham, Treas., and W. H. Adams, Sec. Twenty-one ($20,000) 6% Eastern Steamship Lines, Inc. — New Officer. — Eddy Co., Ltd. — — Debentures — Called. Twenty-two ($22,000) First Mtge. 6% 30-year debentures have been called for payment Sept. 14 at 102H and int. at the Royal Trust Co., 105 St. James St., Montreal, Canada. V. 109, p. 681. — — — Edison Electric Appliance Co. Bonds Offered. First Trust & Savings Bank and National City Bank of Chicago are offering at 98 and int. yielding about 7.75% (see advertising pages) .SI, 000 ,000 First Mtge. Three-Year 7% Gold Bonds. Bankers state: Due April 1 1923. Int. payable A. & O. 1, without deduction of Normal Federal income tax up to 2% Denoms. $500 and $1,000 (c*). Callable at 101 and int. on any int. date upon 60 days' notice. Auth. $1,500,000. First Trust & Savings Bank, Chicago, and Dated April 1 Purpose. — in the construction of additional fvu"ther Great Atlantic pay temporary loans incurred facilities and to provide manufacturing now — — Security. Secured by a direct first mortgage on all the property, consisting of lands, buildings and equipment now owned or hereafter acquired. Company. Plants are now located at Chicago, 111. and Ontario, Calif. The physical assets consisting of real estate, plants, equipment, &c., have a sound replacement value of over $2,000,000. Company is the largest manufacturer of household electrically heated applicances. Tlirough ownership by the General Electric Co. a valuable channel of distribution for its products Control. available. — 51% of tne Common shares are owned by the General Electric is Co., which has agreed to retain its investment at least to this extent during the life of these bonds. General Electric Co. also owns 66% of the outstanding Preferred stock. Earnings.- Earnings for 1919 after Federal taxes, but before interest, were $373,458 or over 5 times the interest requirements of the present issue. Increased earnings are assured by the construction of the additional plant facilities. For the first 4 months of 1920 net profits before interest or taxes were over 3 times the interest erquirements of this issue for the entire year. President, George A. Hughes. — Edison Electric Illuminating Co., Boston. The company has reduced the price of electricity 5% to — Rates, &c. all of its retail lighting customers, which will affect 115,000 clients out of a total of 125.000. of all of its employees have been raised 10%, effective July 1. —v. 10^. p. 1529. The wages Electric Bond Calendar Years— Gross income-Net income Preferred dividends Common dividends Surp lus * An & Share Co. — Earning?. — 1916. 680.546 $3,140,020 $2,066,390 487,710 644,889 $2,170,915 $1,.566, 932 375,558 *458,222 $257,762 1 $355,216 $933,790 $733,163 additional special dividend of $1 ,000,000 p. 2332. — was paid Flint Mills of Fall River. Dividend. dividend of 10% was payable July 1 making A in 1916. — V. 108, — a total of 42% for the In 1919, stockholders received a total of 16%. V. 106, p. 2652. General Motors Corporation. Debenture Stocks, &c. A new circular relative to the debenture stock.s has been prepared by Dominick & Dominick. It points out the strong position enjoyed by these issues as a result of the new financing recently accomplished which has provided the company with approximately $64,000,000 of additional new year. Tea Co. Pacific sales for the first three against $43,055,584 in 1919, — Sales. Great Northern Iron Ore Properties. — Calendar Years 1919. Receipts from proprietary companies. $5,816,370 Other income 27,879 Expenditures 93,617 Dividends 6,000,000 Do. per share ($4) Balance surplus or Previous surplus , and 869.995 — months ending May 29, were $65.884,721j an increase of $22,829,137 or over 53% "Official."— v. 110, p. 1530, 265. — Annual Report 1918. 1917. $89,722 $4,557,000 37,725 72,222 6,000,000 1,236 101,366 2,250,000 ($1.50) ($4) def .$249 .368 df $1 ,477 ,496 df $2 ,260 ,408 602,279 2,079,775 4,340,183 deficit loss surplus —v. 110, p. 1191. Great Western Sugar Co. $352,911 $602,279 $2,079,775 — New Mill.— It is stated that the company is to erect a new sugar mill of 1,000 tons daily capacity at Miiliken Colo ,at a cost of about $2 ,000 000 1 1 ,p 365 • . Greist Manufacturing V . Co. — . . Pref. Stock Offering. offered $350,000 8% Cum. Pref. — Richter & Co., Hartford, in May (a. & d.) stock at par and div., yielding 8%. Div. Q.-M. Callable all or part for sinking fund at $115. Capitalization, authorized. Common, $350,000; Preferred, $750,000; issued. Common, $350,000: Pref., $350,000. Company is to-day the largest manufacturer of sewing machine attachments in the world. President, H. M. Greist, New Haven, Conn. — — Harbison- Walker Refractories Co. Listing Earnings. listing, on and after July 15 1920, of $9,000,000 additional Common stock (par $100). on official The New York Stock Exchange has authorized the notice of issuance, as a stock dividend (V. 110, p. 2661), amount applied Combined for $27,000,000 (total making the total authorized issue). and Loss Account for Three Months ending March 31 1920. Earnings, after deducting $175,100 expenditiu-es for aO ordinary repairs $704,740 Depreciation 155 ,070 Profit Dividend on Preferred stock (1H%) Dividend on Common stock il}4%) 144,000 270,000 Net surplus.. Previous surplus Profit and $135,669 12,750,509 loss surplus, March 31 1920 ...$12,886,179 Stock Exchange has ruled that the Common stock be not quoted ex stock dividend of 50% on July 2 and not until July 16. The stock dividend was declared on June 23, payable July 15 to holders of record July 5. V. 110. p. 2661, 1752. Securities of the New York — Haverhill (Mass.) Electric Co. — Stock Approved.— The Mas.3. Department of Public Utilities has approved the issue of 3.140 shares of new stock at $100 a share, proceeds to be applied to the payment of floating debt as of March 31 last. V. 107, p. 1007. — — Hershey Chocolate Corporation. Notes All of the outstanding $3,000,000 Serial 6% Debenture Retired. — gold notes of the Hershey Chocolate Co.. dated Aug. 1 1919, due $1,000,000 each Aug. 1 1922, 1933 and 1924, have been called for payment Aug. 1 at 101 and int. at the Guarantee Trust & Safe Deposit Co., Phila., tru.stee. For reincorporation, new bond issue, &c., see V. 110, p. 2571, 2491. — — Houston Oil Co. of Texas. Listing. The New York Stock Exchange has authorized the listing of temporary interchangeable certificates of beneficial interest for $25,000,000 of Common stock (total auth. issue) par $100, on official notice of issuance in exchange for present outstanding certificates. Earnings for Year ending Sept. 30 1919 and 4 Months ending April 30 1920. — Timber Realization Acct. Oil Fields 4mos. 1920. Year •18-'19. 4 mos. '20. Fear •18-'19. Total revenue Oper. & gen. expenses.. Preferred dividend — Balance, surplus V. 110, 2571. — — money. Net earnings for 1919 and the first four months of 1920 were at the rate of about ten times dividend requirements, and these stocks, (ho circular states, are now quoted at prices showing a yield of over 8%. V. 110, p. 2660. — $530,224 170,652 340,250 $1,690,599 489,322 680,350 $31,919 10,906 $482,943 230,325 $19,321 $520,929 $21,013 $252,681 p. — — Hudson Navigation Co., N. Y. Protective Measures. In view of the "fact that action to protect the interests" of the seciurity holder may become necessary, F. J. Lisman & Co., 61 Broadwav, N. Y. City, are requesting the holders of the [$2,403,000] Sinking Fund 6s due Feb. 1 1938 to communicate with the firm, giving names of holders and numbers of bonds held by them. (Compare V. 101, p. 849.) There are also outstanding some $1,392,900 N. J. Steamboat Co. 1st 5s of 1891, due March 1 1921, and $203,000 CoUat. Trust 5s of 1903, due Jan. 1 1923. V. 106, p. 2653. — Indiana — & — Illinois Coal Corp. Initial Dividend. dividend of 33^% has been declared on the Pref. stock for the six months ending June 30. payable July 15 to holders of record July 8. The company recently succeeded to coal properties formerly owned by the Chicago & Eastern Illinois RR. See V. 110, p. 470, 365. An initial Indianapolis Water Co. The 1917. 1919. 1918. $3,114,871 $2,599,674 $1,197,471 $1,450,082 511,773 11,342,255/ / & The Increase , plant and inventory extensions required to complete business on hand. 1 Copper Output (in Pounds'.. 1920 May 1919. Increase.] 1920 1919. 5 Mos. 2,131,219 1,848,802 282,417110,487,558 9,617,563 —v. 110, p. 2197, 1854. . trustees.Proceeds will be used in part to — ($250,000) First Mtge. Granby Consol. Mining, Smelting & Power Co. 1920. Melvin A. Tray lor, Called, &c. 7% Serial gold bonds, 1918, have been called for payment Aug. 1 at 102 and int. at the Rhode Island Hospital Trust Co., in Providence, R. I. See also Silver Smiths Co. below and plan in V. 110, p. 2660, 1418. dated Feb. The Committee on J. A. Coates, formerly general agent of the Clyde and Mallory Steamship companies, has been elected Vice-President. V. 110, p. 2390, 874. (E. B.) — Bonds . value Capital stock, payable Aug. 16 to holders of record July 30. An initial dividend of $1 was paid in June 1916, on the shares of the holding company, the Davison Chemical Corp. (now dissolved); none since. see V. 110, p. 2660, 1529. V. 110, p. 2491. The Profit Incr. According to reports, the stockholders have authorized an increase in the capital stock from $2,750,000 to $10,000,000. The new stock, it is said, will be issued from time to time as needed. V. 99, p. 470. Offered. See Edison Electric Appliance Co. above. after of 6% — Sub. Co. Bonds — — Co. — Approves Stock Increase. — General Electric Co. privileges, viz.: (1) in case of over-subscription. Upon consununation of the plan, the International Co. should realize all expenses, charges and taxes, revenues sufficient to pay a dividend the first year; and in view of the increasing earnings and the prospective acquisition of other and valuable properties, it is believed that such dividend rate may be increased in the near future. Carlos L. Parraga is Secretary of Cuban Telephone Co. Office, 161 Aguila St., Havana, or 68 William St., New York. [The Cuban Telephone Co., Dec. 31 1919, had outstanding $6,340,3.38 Common stock, $2,000,000 Cum. Pref. stock and $5,006,243 of an Convertible bonds of authorized issue of £2.000,000 1st M. 40-year 1911, due Jan. 1 1951 (V. 97, p. 1506): a further $2,652,431 of these bonds has been deposited as collateral for the company's $1,098,000 of outstanding Convertible Collateral Trust bonds. The Porto Rico Telephone Co. has outstanding $600,000 Common stock, $290,000 Cum. Pref. .stock [$10,000 of this is about to be paid off] and $884,400 of an authorized $1,200,000 1st M. 6s of 1914, due Dec. 1 1944 (V. 100, p. 1677).— V. 103, p. 2431. 77 capital stock — — Capital Increase. was recently increased froni $5,000,000. all Common, by the creation of $2,000,000 7% Pref. stock (par SlOO). Application has been made to the Indiana P. S. Commission to issue $295,of the Pref. stock, proceeds to reimburse the company for additions 0(50 and betterments made between Nov. 1 1918 and May 31 1920. V. 103, to $7,000,000 — p. 941. — — International Harvester Co. To Increase Capital to Thke Chre of Stock Dividends, etc. The stockholders will vote July 29 on increasing the capital stock and on appro%'ing the stock dividend as per plan in V. 110, p. 2572 12 The company, it is reported, has purchased a 140-acro tract in Port Wayne, Ind., as a site for a motor truck plant which it will build immediately to relievo congestion at its Alo-on. O., plant. The first unit will cover M% 12 acres and will employ 1,000 men. Vice-President Philip Sidney Post died on June 28 at Winnetka. V. 110. p. 2662. 2572. — International Paper Co. — III. S2ibsidiary Company Declares Stock Dividend New Director. See Continental Paper & Bag Mills above. Percy H. James has been elected a director to succeed the late F. B. Jennings.— V. 110, p. 2295, 2197. a 50% — — — THE CHRONICLE -iS — — ST24,4-16 S6.59.336 519,460 476.148 $645,150 443,927 $204,986 Net $183,188 $201,223 Present Capitalization: Interstate Electric Corp. bonds, .112,855; UnderJying bonds. $677,000; 2 and 3-.vear notes, S301 ,500; Prei. stock, $1 ,077.100: Common stock. ?1 .000.000. The directors of the company are A. E. Fitken, Vic^Pres.; M. B. Webster. Asst. Treas.. and R. W. Davidson, Sec, all of New York; W. C. Har^v. Treas., of Boston, R. E. Wilsey of Chicago, and William H. Hopple, President.— V. lOS. p. SS3. Iron Cap Copper Co. —-Decision. — See Arizona Commercial Mining Co. above. Island Oil & Transport Corp. — V. 109, p. 1278. — Listing, &c. — In connection with the listing of .S22 .500.000 (v. t. c.) capital stock the .company's statement to the New York Stock Exchange shows: The company owns stock Company — outstanding. Mex. de Petroleo LaLibertad," S. A S2.50 Compania IMetropolitana de a $25,000 $25,000 $25,000 in Pref. stock at par, the directors — — 1919. % — — Capital Increase. — T. Rockwell, Cleveland, .stated on June 24 that the stockholders on June 2.M ratified propo.sal of directors to increase the Common stock from $10,000,000 to 830,000,000. and to reduce the par of the shares from $100 to $25. Such action will be taken as quickly as possible, it was said. To provide a broader iriarket for the stock, the stockholders approved a plan to list the shares on the New York Curb. Such action is left to the discretion of the directors, but it is understood that plans to that end wUl be early consummated. Compare V. 110, p. 2197. Nipissing Mines Co., Ltd. — Cash, etc., Dividend. — quarterly dividend of 5% has been declared payable July 20 to holders of record June 30. Financial Statement Showing Total Cash, etc.. .$5,061,903. June 22 March 13 Cash in bank, incl. Canadian & U. S. War bonds $3,376,497 .$3,568,536 Bullion and ore in transit, and at smelters, etc. 1,685,406 1,041,430 V. 110. p. 1532, 1295. The usual % North American Co. — Further Purchase Data. — "St. Louis Globe Democrat" on June 26 said: "32,500 shares of .stock ($3,250,000) in the North American Co., held by the estate of the late James Campbell, have been sold to a New York syndicate for approximately $2,000,000. The New York syndicate is head"ed by Robert L. Warner, former Vice-President of the United Railways Co. and now VicePresident and acting President of the North American Co. — "Negotiations, consummated yesterday, were conducted through the firm of Dominick & Dominick of New York. "The Mercantile Trust Co. also sold to the Warner syndicate 3.700 shares of North American at an average price of $61 a share, the amount paid for — Injunction AgainstSOc. Gas. — Increase Detroit, Mich. — Plans V. 110, p. 1854. the Campbell holdings." Harrison Williams and other representatives of the purchasers were to last week elected to the board. Current earnings available for dividends are said to be at an annual rate of $10 per share, as against $2,545,967 for the entire year 1919, this last amount being equal to about $8.55 a share on the outstanding $29,793,300 Serial Notes. The stockholders will vote July 7: (1) on increasing the Common stock from SlO.nOO.OOO to $20,000,000: (2) on fixing the value of. and price at which, 82,000,000 of the increased stock .shall be subscribed and paid for by the stockholders, but not less than par. either directly or through a subscription by the stockholders to an issue of not exceeding $3,000,000 7% Serial Gold Notes, bearing detachable stock purchase warrants, and on authorizing the directors to sell, at not less than the price fixed, any part of the $2,000,000 Common stock or any part of the 7% Serial Gold Notes, bearing detachable .stock purchase warrants, not subscribed by the stockholders, after they have had a reasonable opportunity to make .subscription of their proportionate shares thereof. V. 110, p. 2492, 2662. — — Stock The — — Dividend. Guy Increase. 7% — . National Refining Co. $1,729,082 Stockand Create a $3,000,000 Issue of — Extra extra dividend of 2 was payable .Ttily 2 to all stockholders of record on that date on the Common stock in addition to the regular semi-annual dividend of 2}^ In January last, and in July 1919, an extra of 2% was paid, and in Jan. 1919, 1%. V. 110, p. 82. Kings County Lighting Co. Common Co. % An as compared with 107,592 ounces in 1919; total production for the five months ending May 31 V. 110 .silver, as against 530,580 ounces in 1919. p. 2197, 17,52. Kresge Co., Licorice , was 422,978 ounces of S.) — — National Kerr Lake Mining Co. Silver Output. for May was 48,834 ounces of silver, (S. 110, p. issue $116,680 stock for the piu-pose of acquiring the capital stock of the Glen Cove Light & Power Co. V. 103, p. 1892. The output See Consolidated Gas Co. above. dividend this Nassau Lt. & Pow. Co., Roslyn, L. I. To Arquire Stock. The company has asked the N. Y. P. S. Commission for permission to — $6,357,484 — — Compare V. 1. 2572, 2565, 2493, 2485. — 1 $297,574 1.$8,086,566 $1,423,943 SI. 721, 517 V. 110, p. 2295, 1854. — have formally declared payable July 15 to stockholders of record July 1,797,204 5,158,975 2.747.259 9,703,437 Jones Bros. Tea Co., Inc. May Sales. 1919. Increase. 1920 5 Mos. 1920 May Dividend. — a Pledged as collateral security for (1) the $2,773,500 3-jt. collateral notes due Sept. 1 1920 on which securities these notes are a first lien (2) the $1,272,000 2 '^->t. 7% collateral notes due Sept. 1 1920 (being a .second lien), x Owned by Island Refining Corp. y Pesos. The Island Oil & Transport Corp. is about to enter into a contract with the Massachusetts Oil Refining Co. to supply its oil requirements, and as part consideration for such contract the Island Corporation will acquire 51% of the Common stock of the Refining Co., which was organized in Mass. on Dec. 11 1919, and is constructing a refinery located in the vicinity ,of Boston, Mass., covering over 96 acres, with an initial capacity of 5,000 barrels per day and which should begin operation in Aug. 1920. (See V. 109, p. 1797). Summary of Production in Barrels by Subsidiary Companies. Total. •20(47?ios.) 1919. Company— 1918. Compania Mex. de Petroleo, "La 2,689.375 1,797,204 892,171 Libertad," S. A 4,266,804 2,747,2.59 7.014.062 Capuchinas Oil Co 110, p. 2662, 2492. — Extra Mt. Vernon- Woodberry Mills, Inc. Approves Plan to Pay 19% Accumulated Pref. Dividends in Pref. Stock. More than 75% of the holders of the Common and Pref. stocks having approved the plan to pay the 19% of accrued dividends on the Pref. stock .$25,000 $25,000 $25,0.00 Oleoductus, S. A S50 $125,000 $125,000 .S75,000 a Esfuerxo Tampiqueno, S. A.. 25c. .$289,200 .§203,700 $109 $5,000,000 a Antillian Corporation .$50 $5,000 Capuchinas Oil Co., S. -\ .'S5,000 .S5.000 a $25,000 .$25,000 .$25,000 SlOO Island Oil Marlceting Corp ylOO.OOO ylOO.OOO Cia Petrolera "Palo Blaco.'S.A. ylO y 100 ,000 vlO.OOO ylO.OOO ylO.OOO Cia Petrolera "Navarit," S.A.. 50c. Transportas Island. S. A.ylOO y25,000 y25.000 y25,000 Cia de Island Refining Corporation. ..$100 $10,000,000 $10,000,000 $10,000,000 $10,000 $10,000 $10,000 X Island Refining Corp. of La.. $100 X Cia Refinadora Mexicana (IslylOO.OOO yl00,000 yl00,000 ylOO and). S..A. X Cia Refinadora Cubana (Isl$100 50,000 O.N. 50,000 O.N. 50,000 O.N. and), S. A Total 111. extra dividend of $1 per share has been declared on the stock, along with the regular quarterly dividend of $1 per share, both payable Aug. 2 to holde-s of record July 15. Extras of 50 cents a share were payable quarterly from May 1919 to May 1020. incl. V. 110, p. ^188," 1977. O.&T.Corp. Issued. 110, p. 2391, 2081. An Owned by Authorized. Par. A Compania — V. Midwest Refining Co. in the following companies: Capital- 'Vol. few months ago in the nominal value class. On the first tract on April 5 well No. 1 at 560 feet deep began oil production of over 120 barrels per day. We have since completed 10 additional wells on this lease and one on the 114-acre lease, all of which in this shallow sand are good oil producers with an average daily production for the 12 wells of over 1 ] barrels per well We have five machines constantly engaged drilling additional wells. In every probability you will, in the ensuing quarterly period, receive cash dividends regularly, as you have in the past, on the stock as increased from time to tune. If jou have been a stockholder dtu-ing the last two years including this present stock allotment, you will have received a total of more than 185% in stock upon yoiu- original holdings, in addition to your regular cash dividends, and so holding yoin- original stock and your 185% in stock allotments, these are bringing you in quarterly c ish dividends at the rate of 16% per annum, which actually amounts to over 45% cash dividend on yom- original holdings. On Jan. 1 1920 stockholders participating in dividends averaged 13.28 shares per stockholder. The ])resent average is 27.21 shares per stockholder. In spite of a general tight money market, your company has not been a borrower for a cent of money, and has no debts of any kind, its only liability being that for common stock Dec. 31 '19 June 30 19 Dec. 31 -IS Earnings: Gross../. Operating expenses . The most important increases resulting from our development work In the Osage County in northern Oklahoma are in two areas in which your company has lease interests, on^ of 640 acres and one of 114 acres held a & Tel. Co. (of Latin America). Cuban Telephone Co. .-ibove. Interstate Electric Corp.- -Earnings. Officers. International Tel. Set» ^V. — — capital stock. Compare V. 110, p. 2662, 876. — — Ohio Cities Gas Co. New Name, &c. The companj^'s name has been changed to the Pure Oil Co., effective July 1, as more appropriately describing the company's major activities. The change will in no way affect the charter of the company as it will continue an Ohio corporation. An — authoritative statement savs in substance: The change is made the more clearly to identify the company's interests and activities. 90% of which are devoted to petroleum and petroleum "The name chosen, however, is not entirely a new one. as the products. Pur Oil Co, has been a subsidiary of the Ohio Cities Gas Co. since 1915. voting Common stock (trustee's certificates), par $100, and $5,000,000 Class B Common stock (par $100), having exclusive voting power. Compare V. 110, p. 2492, 2572. previous to which it was one of the largest of the independent concerns. A recent report shows the Pure Oil Co.'s assets aggregate more than $131,600,000. As producers, refiners, transporters and marketers of oil and oil products the company owns and controls every plia.se of petroleum Its drilling operations at the production from the well to the consumer. present time cover nine States. It owns 3,000 producing wells, thousands pipe lines, refineries producing 25.000 barrels a day. 2,000 tank of miles of cars, storage and distributing plants in 44 cities, 44 drive-in filling stations, its own telegraph lines and many fleets of motor trucks. The company at present is jjlanning a large program of expansion to cope with the increased demand for gasoline and oil. V. 110, p, 2662, 2493. Circuit, Inc. Dividends No. 2. A quarterly dividend of 50 cents per share was payable July I to holders of record June 15, on the Common stock, together with the second quarterly dividend of 2% on the Pref. stock. Initial dividends of like amount were paid on both the Common and Pref. stocks in April last. V. 110, p. 1648. Liggett's International, Ltd., Inc. Charted Granted. The Ma.s.sachu.¥etts Commissioner of Corporations on June 26 granted a charter to this company with an authorized capital of .<?50.000.000, divided into .$35,000,000 8% Cum. Pref. stock (par $50), $10,000,000 Class A non- Loew's Inc. — New It is stated that a Financing Contemplated. — committee of directors has been appointed to consider 7the ad\Tsability of offering additional stock for sul^scription to the present shareholders. It is stated the actual offering of the shares if recommended will not DC before Sept. or Oct. The amount of the offering may reach 250.000 shares at $25 a share, which would be equal to one new share for each three now outstanding. The new money realized will be used for the piu-chase of additional theatres. V. 110, p. 1647. — Magna Oil & Gross income for Refining Co. May Orpheum — Earnings. — reported at $221,734: general and operating .expenses, $41,576: net income, $180,158. The net oil production for May is said to be 57,734 bbls. of oil from 124 wells, as compared with 60,050 bbls. in April last.— V. 110, p. 2296, 1093. Mexican Eagle is Oil Co., Ltd. — Interim Dividend. — Listing Pacific Development Co. The N. Y. Stock Exchange has authorized the — — — Stock Dividend. — The Committee on New York Securities of the Stock Exchange has ruled that the Common stock be not quoted ex stock dividend of 10% on June 18 and not until July 12. The stock dividend of 10% was declared in June, payable July 10 to holders of record June 19. V. 110, p. 2492,974. — — —Presi- Middle States Oil Corp. 50% Stock Dividend. dent P. D. Saklatvala in adv. of July 1 addressed to the shareholders says in substance (see advertising pages): Checks for 4% cash dividend for the current quarter have been mailed you, and on July 12 you will receive a free stock allotment amounting to 50%. At the beginning of the current quarter the total outstanding capital stock was $3,500,000, to which has been added $1,700,000 of stocks issued and sold for the acquisition of property and the development thereof, making a total of $5,200,000 outstanding, to which tliis 50% free allotment amountmg to .$2,600,000 will be added, making the total outstanding capital stock after July 12 $7,800,000. The report in detail for this quarter will reach you in due time, and should show gratifying additions. In my opinion .development and asset value are regularly outgrowing stock increases. — — Earnings. — listing of .$4,312,950 additional capital stock (auth., $25,000,000), par $50, upon official notice of The stock applied issuance, making total amount applied for $12,933,80(5. for is offered to stockholders of record Jime 18 at par at rate of one new (V. 110, p. 2493). Proceeds will be share for each two shares held. devoted to increasing tiie capital of subsidiary companies and to the general purposes of the corporation. Since the last annual report, dated June 30 1919, the corporation has An interim dividend of 6%, or at the rate of 29.85 cents per share, was payable July 1 upon presentation of Preference Share Coupon No. 21, or Ordinary Share Coupon No. 14, at the American Exchange National Bank, 128 Broadway, N. Y. V. 110, p. 566, 358. Mexican Petroleum Co., Ltd. — — j ' acquired the following additional subsidiary companies: (a) The Sun Cheong Milling Co., organized Aug. 25 1917 in the Philippine Islands, to construct a vegetable oil mill and refinery at Shanghai, China. These plants have been contracted for and will be erected dtiring the present year on a river bank site in progress of acquisition near Shanghai. The decision to establish a modern oil mill and refinery at Shanghai was formed as a result of a thorough investigation by experts of International A'egetable Oil Co., and the plant will crush peanuts, cottonseed and other oil-bearing nuts and seeds grown in China and refine the product which will be disposed of either in China or I i ' for export. South Seas Pacific Co., Inc., organized Oct. 6 1919 in New York, to furnish supplies of corpra from the South Pacific to the mUls of the InterHeadquarters are at national Vegetable Oil Co. and the general market. Pago-Pago, American Samoa, where it has acquired a wharf and a small warehouse property, from which it plans to operate a small group of trading schooners under the American flag. One vessel, an aitxiliary ketch of 165 (6) Commenced business in March 1920. is already in operation. G. Pratt & Co., Ltd., organized Aug. 27 1919 in Great Britain, to provide London offices primarily as an additional outlet for exports from tons register, ' (c) W. * — — July The corporation owns 10% of the capital stock of the Chinese- American Bank of Commerce, organized during 1919 by an American group composed of Chase National Bank interests, Hayden, Stone & Co. and the Pacific Develoi)ment Corp., in co-operation with Chinese interests. The bank's V. S. gold, of which one-half is paid in. the latter part of 1919 loaned the Chinese Governgold, secured by a lien on the wine and tobacco taxes of China, together with an option for further loans on the same security. It is believed that the organization of the new bank and the loan to the Chinese Government are factors which have not only greatly increased the prestige of the corporation in the Far East, but have had a nationally l)eneficial effect on relations between the United States and China. Income Account Year ended Dec. 31. 1918. 1919. 1918. 1919. Total income $697,718 $627,299 Unused reserve for taxes, &c $19,633 Total expenses.-- 309,871 281,095 is .'510,000,000 The corporation in ment ,S5,500,000 U.S. I Dividends paid... 443,025 $330,391 Net income $387,847 $346,2041 $119,268 $103,454Balance Prev. surp —V. 110. p. 2493. Gas .$83,723 $119,268 — Co. — Bonds & $6,094,870 Balance, surplus $9,004,702 cited fully elsewhere The report for the cal. in this issue. See also map in "Railway and Indus'rial Section." page 208.—V. 110. p i855. Listing Earnings, &c. Pacific Mills, Lawrence, Mass. The Boston Stock Exchange on June 23 placed on the list 193,280 -shares capital stock, par $100, with authority to add 6,720 additional shares on year 1919 is — — or after July 15. The company was incorporated in 1850. In Dec. 1919 the authorized The $5,000,000 capital was increased from $15,000,000 to $20,000,000. additional stock was offered to stock of record Dec. 3 1919 for subscription at $150 per share (V. 109, p. 2177; V. 110, p. 366). Company manufactures prints and fancy cottons and worsted dress goods. Plants located at Lawrence, Mass., Dover, N. H., and Columbia, S. C. At Lawrence, worsted department operates 92,464 worsted spindles, 31,360 spindles for combed cotton yarns and 3,851 looms making cotton-warp and all-wool women's dress goods. Cotton department there operates 184,096 spindles and 3,833 looms making cotton cloths for printing, dyeing and bleaching. Print works department operates 48 printing machines, with dye-house and bleachery for printing, dyeing, bleaching and finishing cotton fabrics. Cocheco Department at Dover, N. H., operates 150,144 spindles and 3,612 looms making cotton cloths for printing, dyeing and Hampton Mills Department at Columbia, S. C, operates bleaching. 198,736 spindles and 4,800 looms making cotton cloths for printing, dyeing and bleaching. Company has paid dividends as follows: From 1884 to 1905, Dividends. incl., 10%; 1906 to 1912, incl., 12%; 1913 to 1915, incl., 6%; 1916 to 1918, incl., 8%; 1919, 11%. Extra dividends have been paid as follows: 1900, 20%; 1905, 10%; 1907, 20%; 1909, 4%; 1917, 1%. and 1918, 12%. Finished Product of Mills and Income Account Calendar Years. Dividends Worsteds. Net Net xCotton Paid. Profits. Yards. Sales. Yards. — 1919 1918 1917 1916 149,568,753 186,864,798 ' ~ 204,009,264 -198,430.625 ' 16,100,489 $44,702,213 20,369,614 57,044,065 22,004,403 36,941,446 23,278,034 28,274,759 $1,650,000 3,000,000 1,230,000 960,000 $5,682,921 6,731,623 4,475,509 2,749,775 X Figures include the purchase of cotton cloth for printing, which in 1916 amounted to 84,844,044 yards, in 1917 to 87,778,500 yards, in 1918 ot 53,221,430 yards, and in 1919 to 54,059,078 yards, but not the yarns sold which in 1918 amounted to 2,121,534 lbs., and in 1919 to 787,006 lbs. Balance Sheet as of Dec. 31 1919. Assets — Liabilities I — Cash $2,552,874 Accounts payable Due from commission 12,618,506 Notes payable Accounts receivable 450,107 Unclaimed wages Mdse. and supplies (net) . 12,961,394 Capital stock •Cotton Research Co., Inc 40,000 Surplus Chemical Foundation, Inc 1,000 Mach.. land, &c. (net).. 17,896,853 Total (each side) —V. 110, p. 770, 366. Pan-American Petroleum & Transport Co. the New York Stock $4,178 16,225,000 33,551 16,746,360 13,511,645 — Stock Div. Corp. — Bonds Penn Public Forbes & Service Co. and E. H. Rollins & Sons, — Offered. New — Harris, York, are and int., yielding over 8%, .$8.50,000 1st & Ref. M.tge. gold bonds (73^% 15-year Series B) dated July 1 1920, due -Julv 1 193.5. Bankers state: Int. payable J. & J. in New York. Callable on any int. date on 6 weeks 95^ notice at 111}^ and int. on or prior to July 1 1921, and thereafter at a premium of ^i of 1 for each unexpired year or portion thereof to maturity. Denom. $1,000 (c*). Bankers Trust Co.. New York, trustee. Bonds are free of the present Penn. 4-mill tax and company agi'ces to pay interest without deduction for any normal Fiidcral income tax to an amount not exceeding which it may la\vl'ully pay at the source. Corporation owns and operates an electric light and power system serving over 50 communities in Western Pennsylvania, including Johnstown, SomiT.set, Clearfield, Indiana, Phillijisbuig and Blair.sville. It also does sonii! incidental gas and steam heating lui.sincss. Population, est., 400,000. Franchises in opinion of counsel are uiiliniitcd in time with a few exceptions. Gross earnings of the system have increased during the past 5 years over 145% and the net earnings over 158%, and are now twice bond interest charges. Approximately 90% of the not earnings are derived from the electric light and i)ower business. V. 110, p. 770. % 2% — Philadelphia Electric Co.— fo Create a .$15,000,000 Authorized Issue of.S% Pref. Stock of Which $0,000,000 is to be Issued — Underwritten. — 79 , pro rata for subscription at par. This issue of $6,000,000. it is stated, has been underwritten by Drexel & Co., who have associated with them Brown Bros. & Co. and the National City Co.— V. 110, p. 1849. — — — Pierce Oil Corporation. Listing Output. The New York Stock Exchange has authorized the listing of an additional $1,144,300 (auth. $33,000,000) Common stock, par $25, on official notice of issuance as stock dividends (V. 110, p. 2198), making the total amount applied for .$23,872,750. The output of the corporation and its subsidiaries for the calendar year 1919 totaled 6,382.384 (42-gal.) bbls., as follows: Refined oil, 1,170,203; gasoline. 1,603.658; lubricating oils, 286,470; crude fuel and gas, 3,213.076. Mexican road oil, 53,197: miscellaneous, 55,781. It is estimated that the 1920 output will not fall below that of 1919. See annual report in V. 110, p. 2198. Porto-Rico Telephone Co. See Cuban Telephone Co. above. — Amalgamation Plan. — V. 101. p. 2076. — — Public Service Corp. of Quebec. — Dividend Increased. — & Producers —-New Refiners Corporation. Director. W. E, Lockhart, Vice-Pres. & Treas., has been elected a director, succeeding E. P. Shove. V. 110. p. .^494, 2392. A quarterly dividend of 1 }i % has been declared on the $1 .COO.OOO Capital stock payable July 15 to holders of record June 30. A quarterly dividend of 1 %, was paid in April last, and initial dividend of 1 % in April last. The Shawinigan Water & Power Co. owns 51% of the Capital stock of the corapany. — — — Pure Oil Co. New Name Listing. The Ohio Cities Gas Co. has changed its name to The Pure Oil Co., effective July 1 such change in name in no way affecting the corporate , identity of the company or its rights, powers, &c. The New York Stock Exchange has authorized the ILsting of temporary interchangeable certificates for $9,002,100 (auth. $90,000,000) 5i4% Cum. Pref. stock, par $100 each, and temporary interchangeable certificates for $45,937,500 (auth. $100,000,000) Common stock, par .$25 each, on official notice of issuance of such temporary interchangeable certificates bearing the name "The Pui'e Oil Co." in exchange for the present outstanding certificates bearing the name "The Ohio Cities Gas Co.," with authority to add (a) $5,000,000 additional Common stock, on official notice of issuance in exchange for outstanding 8% Cum. Conv. Pref. stock; (bj $(5,250,000 additional Common stock, on official notice of issuance, in exchange for outstanding 7% Conv. Serial gold note.s, and (c, $500,000 additional Common stock, on official notice of issuance and payment in full, making the total amounts applied for of Pref. stock. $9,002,100; Common stock, $57,687,500. The company now owns the foIloAving stocks (for which its Preferred and Columlous Gas Common Common Ouned by Capitalization Co. and Issued. Sub. Cos. Incorp. Par. Authorized. Fuel Pref. Ohio $100 .$6,000,000 $6,000,000 .$5,977,300 & .Onio Ohio Ohio Onio Co Gas Co Federal Gas Fuel Springfield stock was issued): Where Company— Ohio Pure Oil Pipe Line Co Pa. Pure Oil Pipe Line Co Prod.&Refiners'PipeL. Co-Pa. Moore Oil Ref 'g Co .—Pref. Ohio ,000,000 100 50 1,071,000 610.000 z5 aOO 1,772, .400 100 800,000 100 250,000 100 2,500,000 300,000 100 10,000 10 100 10,000,000 100 7.500.000 . Dayton Gas Co.—Pref Conunon.-. Mountain State Gas Co... W. Va. 3,000.000 1,LOO.OOO 610,000 1,752,100 649,400 .57,200 2,1.30,000 ,999.600 1,000,000 610.000 1,744,300 648,100 i, .57,200 2,1.30,000 300,000 300,000 10,000 10,000 1,000.000 1,000,000 Common 2.000,000 1.000,000 Francs. Francs. Francs. Francs. Union desl'etrolesd'Okla. France 100 25,000,000 25.000,000 22.633.300 Ordinary 100 15.000,000 15,000.000 2,676.000 Preference The Union des Petroles d'Oklahoma is a holding company and its principal investment is the ownership of $3,000,000 Pref. stock and $6,148,000 Common stock of the Oklahoma Producing & Refining Corp. of America. The Ohio Cities Gas Co. also made a substantial investment in the Common V. stock of the Oklahoma Producing & Kelining Corp. of Ami^rica. 110, p. 2494. — Rand Mines, Ltd. (Transvaal Gold Mine Holding Co). See "Report" in last week's "Clu'onicle," page 2678 and 2679, and compare with "Chronicle" (June 19), page 2565. V. 110, p. 2663, 2573. $46,520,734 The Committee on Secxirities of Exchange has ruled that the Common stock be not quoted ex stock dividend of 10% on June 18 and not until July 12. The stock dividend of 10% was declared in June last, payable July 10 to holders of record June 19. V. 110, p. 2493. offerinK at . The stockholders will vote Sept. 1 on creating an authorized issue of $15,000,000 8% Cumulative Preferred (a. & d.) stock (par .$25), of which $6,000,000 will be p-.^esently issued. The present authorized Common stock is $50,000,000 of which $30,000,000 is outstanding. President Jos. B. McCall in notice to the stockholders dated July 1, says: "In the annual report for 1919 (V. 110, p. 1745) attention was called to the policy of the company in providing in part for its financial requirements by the sale of its stock. Under present financial conditions, your board has determined that it is to the best interest of the stockholders to create an issue of $15,000,000 8%, Cumulative Preferred stock, of which $6,000,000 will be presently issued. "The proceeds of the stock now to be issued it is intended shall be used in the completion of the new generating station. Beach and Palmer Sts., Deleware River, now under construction, and for the necessary distribution system. It is expected that 60,000 kilowatts from that station will be in operation for the coming Winter requirements. "The expectations of your management of the continued prosperity of the company after the war, have been more than realized. The growth of the business is continuing satisfactorily, the demand upon the system having increased diu-ing the present year about 25%. Without reference to this increase, it will be noted that as a result of last year's business, as shown by the last annual report, the earnings will more than provide a sufficient amount to pay the dividends upon the Preferred stock now proposed to be issued and the present outstanding .stock of the company." The Preferred stock is to be redeemable at $28 and dividends. Convertible into Common stock par for par: will have the same voting rights as the Common stock. The stock shall first be offered to the stockholders — Report. Lit<ted Pacific Electric The New York Stork Exchange has authorized the listing of $3,500,000 .additional (auth. $150,000,000) Gen. & Ref. Mtge. 5% 30-year bonds. Series A, due 1942, making the total amount applied for $37,542,000 (see V. 107, p. 2477). On April 30 1919 the status of the authorized $150,000,000 Gen. & Ref. Ijonds is as follows: $815,000 Canceled under sinking fund provisions of Gen. & Ref. Mtge_. Reserved for refunding all underlying bonds of the company.. 50.417,900 61.225.100 Reserved for future additions, betterments and extensions 36, .542, 000 General & Refunding bonds outstanding in hands of public 1 ,000.000 General & Refunding bonds in treasury Income Account, Year ending April 30 1920. $208,628 Gross oper. revenue .$28,108,124 Bond discount & expenseOper. & admin, expenses. 13,640,155 Bond and other interest.- 4,408.073 1,000,000 Taxes 2.081,911 Add'l reserve for deprec. Mauit. & deprec'n res've 3,548,479 Balance to .surplus $3,387,400 Other deductions 209.800 Previous surplus .$6,027,820 31,949 Total deductions $19,480,345 Misc. adjustment (Cr.).. 1,646,017 Net earnings .$8,627,779 Preferred dividends 1,706,282 Miiscellaneous income 376.923 Common dividends Totalincome — THE CHRONICLE 3 1920.] the Far East and to handle exports from Great Britain to the Far East. Maintains offices in London. Commenced business on Aug. 27 1919. (d) Societe Anonyme Meurer Freres was organized Jan. 30 1920 as a French corporation with offices in Paris, to take over tlie business in France and in Indo-China of the French commercial firm of Meurer Freres, trading with Soutli China and Indo-China (the business of which, without assumption of liabilities, was purchased by the corporation as of Oct. 1 1919). This company also acts as agent of the other trading subsidiaries of the corporation in France, Italy and North Africa. Authorized and issued stock, 1 000 000 francs (all owned by the corporation, except qualifying shares of directors) will shortly be increased to 2,000,000 francs in order to provide funds for general corporate purposes. capital — — Dividends. — Royal Dutch Co. A dividend of 30% has — been declared, according to cable advices. It is understood that the distribution will take place on July 9. This will make a total of 45% for the cm-rent year, an interim dividena of 15% having been paid January last.— V. 110. p. 2663, 2573. Sears, 1920 Roebuck & Co. June — 1919. \ $15,075,578 $15,7(i7.675 V. 110. p. 2663, 2392. — Shaffer Oil & — June Sales. — — — Increase. 1920 6 Mos. 1919. Increase. .$692,097 |$140,467.92SS104,0()9,903$36,407.027 Refining Co. —Earnings. — Gross earnings for the 12 months ending May 31 were $10,807,497: net earnings before deduction for Federal taxes were $3,857,512. Net earnings for May, before taxes, increased $115,042, compared with May 1919. V. 110, p. 2494, 1856. Shawinigan Water & Power See Public Service Corporation above. — Co. — V. — Sub. Cos. Divs. — 110, p. 2663, 867. — Sheffield Farms Co., Inc. Increase in Price of Milk. The cortipany has announced an increase of 1 cent a quart m price of milk Grade A milk is advanced from IS to 19 cents a quart and for July. Grade h from 15 to 16 cents a quart. The increase is made on account of the increa.sed price to the farmer. The Borden's Farms Products Co. has also increased the price of milk one cent a quart for July. & Trading Co., Ltd. —V. 110, — New p. 1420. — Slock. Shell Transport In connoi-tion with the suDscripti(Ui to the new shares, the Equitable Trust Co. nas announced that holders of ".Vraerican shares" must jiay .?10 Such payment i920. for each new "American share" on or oeforo -Vug is for the purpose of covering the subscription price thereof at the then existing rate of excnangc, fee for depositing tne now stock under the agreement of Aug. 28 1919, and expenses. Any balance not required for these purposes will subsequently oe returned to the subscriber. See V. 1 10, p,2663 t I THE CHRONICLE 80 — Silversmiths Co. Extends Certificates of Indebtedness for One Year, Increasing hiterest Rate from 5% io 8% Per Ammun. By unanimous vote of the directors, passed June 23. the undersigned committee on reorganization and refinancing was empowered and directed to talie all necessary steps to effect a plan of reorganization, one featm-e of wnich involves the extension of the 5% Gold Certificates of Indeotedness, due July 1 1920 imtil July 1 1921 [about .$1,100,000 outstanding]. Holders of more than 80 Tc of the certificates have consented to such extension. Interest will be paid at the rate of 8% per annum, and ample security will be pledged with the Rhode Island Hospital Trust Co., trustee, for the payment of both principal and interest. Certificates should be presented at the Rhode Island Hospital Trust Co. for certification of ext«nsion. — Frank W. Matteson, Chairman, John S. Holbrook, Wnlliam Commiltee. Viall. Herbert J. AY ells, James S. Utley. Compare plan in V. 110, p. 2663 A. Simmons Hardware Co. — To Pay Notes. — — Capital Increase. — The stockholders on July 1 approved an increase in the authorized Comstock from 36.000,000 to $12,500,000. It is stated that most of the increase will be issued to the present Common stockholders pro rata to capitalize the earnings invested in the raw sugar factory and other developments of the Santo Domingo properties. The Common stock now outstanding is about .S5, 602.800. V. 110, p. 2392. mon — — — New Officer. B. Benson, not B. Vernon, of Merrill, Lynch & Co., has been elected Vice-President, succeeding H. D. WilMams. V. 110, p. 2663, 1649. Spicer Manufacturing Co. Earmngs—Net profits after maintenance, depreciation and Federal taxes, for the four years ended Feb. 28 1920 averaged $3,123,943 per annum. reqiurement of this issue is $560,000 per annum.— 17 1 ??>^'''™'J,'?,^l°*®''^^* V liU, p. Z49o. . United States Smelting, Refining Boston.— iVe< Effective July the rate for gas 1, order of the Mass. of Public Utilities, ncreased to $1 45 per 1,000 cubic ft. V. 109, p. 686 The stockholders on June 29 authorized an Common stock from $5,800,000 increase m the authorized 110, p. 2494. Compare V. to $12,000,000. 2574. — Stewart-Warner Speedometer Corporation. for the list 60 ,000 shares, of no par value. Common stock, the same to be placed Listing. The Boston Stock Exchange has authorized additional on the list at such times and in such amounts as it is issued in exchange, share for share, for shares of Stewart Manufactiu-tng Corp. See V. 110, p. 2494. Stromberg Carburetor Co. of Amer., Inc. —Board Incr. G. F. Lewis and H. B. Tibbits have been elected directors. 2494, 2074. — — V. 110, p. Stutz Motor Car Co. Chairman Allan A. Ryan Expelled from New York Stock Exchange Statement of Mr. Ryan. — See last week's "Chronicle," page 2620. Tennessee Valley Iron — — V. 110. p. 2574. Co. — & RR. Sold. — Special Commissioner E. L. Doak, in the case of the Muskegon Boiler Works vs. the Tennessee Valley Iron & RR. Co., recently sold the property of the company at Colltnwood, Wayne County, Tenn., to Henry O. Evans of Pittsburg, Pa., for $650,000. Mr. Evans, it is stated, is making plans for a big reorganization of the company, which will be called the Tennessee Charcoal & Iron Co. The new company will operate the wood alcohol plant, which has been in operation by the Wayne Wood Products Co., and will operate the iron furnace, making pig iron; extend the railroad and open new ore beds. The creditors of the old company, it is said, are taking stock in the new company. V. 109, p. 1793. — Timken-Detroit Axle Co. —-Dividends Bi-Monthly, &c. See financial report under "Annual Reports" above. 1857. — V. Net — — Todd Shipyards Corp., N. Y. Stock to Employees. The corporation on July 1 began the distribution of a "loyalty bonus" among 727 employees, in stock having a market value of over $1,000,000. The employees received from one to fifty shares of stock, worth from $165 to $8,250, as a reward for their loyalty to the company through the war, when they were called upon to put forth their greatest efforts. The premiiun plan will be continued for the next four years, with the further feature that men who have now received a stock premium may leave half of their stock on deposit in the compay's treasury and have it doubled in four years in addition to any premium they may then receive. The stock is said to have been paying 12%. V. 110, p. 2393. Utah-Idaho Sugar Co. —— Bonds Offered. —George H- Co., Halsey, Stuart & Co., and Bankers Trust Co., are offering at prices ranging from 99 and int. to 94 J^ and int., to yield about 7^%, according to maturity, $8,000,000 Gold Bonds. First Mtge. Serial Dated July 1 1920, due $500,000 annually July 1 1921 to 1929 and July 1 1930. Int. payable J. & J. at Bankers Trust Co., N. Y., $3,500,000 trustee, without deduction for Federal income taxes now or hereafter deductible at the source, not in excess of 2% Denom. $1 ,000 and $500 (c*) Red. at 101 and int. on any int. date upon 60 days' notice, all or in series, provided that in case less than all the outstanding bonds sliall at any time Burr & M 7% . be redeemed, such bonds shall be redeemed in successive series beginning with the first serial maturity then outstanding. Data from Letter of C. W. Nibley, Gen. Mgr., Salt Lake City, June 25. Company. Is one of the largest producers of beet sugar in the U. S., its present production of from 1,500,000 to 2,000.000 bags per annum reiDresenting about 10% of the total beet sugar production of the country. Business was founded in Utah in 1891 as Utah Sugar Co., and reincorporated in 1907 as Utah-Idaho Sugar Co., acquiring at that time the properties of Idaho Sugar Co. and Western Idaho Sugar Co. In May 1917 the auth. capital was increased to $30,000,000, all of one class, of which amount $23,730,000 is now outstanding. Owns and operates 15 sugar factories in Utah, Idaho and Washington, each factory manufacturing and refining the best quality of granulated beet sugar. Plants have an aggregate cutting capacity of over 11,000 tons of beets per day and are located at West Jordan, Lehi, Spanish Fork, Payson, Elsinore, Delta, Brigham City and Garland, Utah; North Yakima, Toppenish and Sunnyside, Wash.; Idaho Falls, Sugar City, Shelley and Blackfoot Idaho. The appraisal value of these properties has been set at $20,642,000 as of June 1920 by The Dyer Co., engineers. Security. Secured by first and closed mortgage on all of the land, buildings, machinery and equipment of the company (except farm lands exempted to facilitate transfer or lease to farmers, if desired), subject only to a purchase money obligation of $600,000 on the factory at Delta, Utah. The mortgage will cover the company's interest other than stock interest in — — certain irrigation properties. — Purpose. To refund indebtedness of about $5,000,000 created by the purchase of plants at Brigham City and Delta, Utah: and Whitehall, Mont, (the latter now being moved to Honeyville, Utah) and to provide the additional working capital required by the growth of the business. Balance Sheet Feb. 28 1920 (adjusted to include this issue irith the proceeds , thereof applied to the reduction of indebtedness then current.) yissets 1920. 1919. Current assets Real estate, plant and equipment Irrigation propertues Other assets Deferred assets Total Liabilities — Capital stock Surplus Total $10,268,590 $13,598,863 22,055,0161 18,360,744 831,799/ 969,017 1,2.52,534 796,332 101,385 $35,204,272 $33,030,009 Current liabilities Other liabilities... First mortgage bonds - profits j2 884 840 p. Vanadium Corp, $1,487 „561 940,285 8,000,000 23.730,000 1,046,425 $7,691,812 658,862 23,626,350 1,052,985 $35,204,272 $33,030,009 of AmeTica..— Dividend No. 2.— quarterly dividend of $1 50 per share has been declared on the stock payable July 15 to holders of record July 6. An initial dividend of like amount was paid April last. V. 110, p. 2298; 1533. — m Ventura Consolidated Oil Fields.— Dividend No. 2.— A quarterly dividend of 50 cents per share has been declared on the Capital stock payable Aug. 2 to holders of record July 15. An initial dividend of 50 cents was paid May last. V. 110, p. 2393, 2298. — m Vulcan Detinning Co. A — Accumulated Dividends. — dividend of 1 % on account of accumulations has been declared on the Prel. stock, along with the regular dividend oi \%%, both payable July 20 to holders of record July 14. This distribution will reduce back dividends to 31%.— V. 110, p. 2574, 1650. West Penn Power Co. See West Penn Traction above. V. 109, p. 2446. — — Annual & Water Power Report. — Co., under Financial Reports Western Union Telegraph Co.— Brazil Cable Rates Cut. Following the announcement of the reduction in cable rates from 85 cents to 65 cents to Brazil by the All- America Cables. Inc. (see above;, the ^^?''° Union Telegraph Co. issued the following statement1 he new cable which the Western Union Co. will lay to Brazil in connection with the Western Co., has ah-eady had the effect of reducing the Brazilian rate from 85 cents to 65 cents per word, and as soon as the WesternUnion- Western cable is in operation the rate will be further reduced to 50 F^^ ?,T* word. The reason this rate can be made is that the new route of the Western Union goes directly to Brazil, whereas the All- America route goes down the west coast, crosses the Andes to Buenos Aires, thence up the east coast, making a much longer route." V. HO, p. 1650. — West India Sugar Finance Corp. The — To Increase Capital. stockholders will vote July 7 on increasing the authorized Common stock from .$2,000,000, par $100, to $2,500,000, par $100, and on authorizing the offering of the 5,000 new shares for subscription to the Common stockholders at not less than $400 a share and to sell any stock not subscribed for at a price not less than $400. V. 110, p. 1650. — — White Oil Corporation. No Any of Company' s Subsidiaries. — Federal Indictment against Vice-President Frank H. Bethell states that the Crown Oil Co., Indicted by the Federal Grand Jury, has no connection with Crown Oil & Ref. Co. of Texas, a subsidiary of White Oil. [The other three independent oil companies indicted for alleged defrauding of Investors are the W. P. Williams Oil Co., the Great Western Petroleum Corp. and the Ranger See the "New York Times" of June 25. Ed. V. 110, p. 2578. — Oil Co. 1650. — I — — — Wickwire Spencer Steel Corp. Listing Earnings. The New York Stock Exchange has authorized the listing of $7,500,000 — 110, p. 1979, Mining Co., Output of (an — V. 110, coal1421. increase of 93"% over Y9Y9y.".'.V.V.V.V.V.'-'l25 ,244 tons — Springfield (Mass.) Gas Light Co. — Rate Increased.— by Department was — Standard Textile Products Co. — Capital Increase. — & of 1920.— Consolidated earnings for 5 months to May 31 1920 . -13,637,059 Reserve tor depreciation, depletion, Federal taxes. &c 752,219 Months Profits First Five A The entire issue of 59c serial seciu-ed gold notes dated July 1 1916 has been called on July 1 and the funds for their redemption have been placed with the Philadelphia Trust Co.. Philadelphla.^V. 110, p. 2083. South Porto Rico Sugar Co. [Vol. 111. 8%, First Pref. stock, par $100; $1 ,250,000 Common stock, par $5, being the total authorized issues. On Feb. 14 1920 the name was changed from Clinton- Wright Wire Co. to the present title. (See V. 110, p. 474.) There is also outstanding 80,000 shares Class "A" Common stock (nominal value $5 per share). Consolidated income account for three months ending March 31 1920 (subject to adjustment): Sales (net), $7,603,031; cost of sales, $6,315,154; administrative and selling expense. .f285.951: miscellaneous charges, $121,499; net income, $880,426; miscellaneous income, $28,102; net profit for quarter applicable to interest on funded debt, depreciation and Federal taxes, $908,528.— V. 110, p. 2664, 1755. Will & Baumer Co. — Common Dividend No. 2. — A quarterly dividend of 62)^ cents per share has been declared on the Common stock, payable July 15 to holders of record July 1. An initial dividend of 62 J^ cents was paid in April last. Net earnings as reported for the year ending June 30, is estimated at about $5 per share on the Common stock. V. 110, p. 1195, 1096. — Williams Tool Corporation. — Dividends. — Regular quarterly dividends of $2 per share have been declared on the Pref. stock, payable Oct. 1 1920 and Jan. 1 1921 to stockholders of record Sept. 20 and Dec. 20, respectively. regular quarterly dividend of $2 per share was paid on July 1 and an initial dividend of $2 in April last V. 10, p. 2393. 2083. A — CURRENT NOTICES — Edwin Bird Wilson, Inc., of New York City and Chicago, announces that George K. Reed, who has been for a number of years Manager of Rand McNally Bankers' Directors, Blue Book, has joined the Wilson organization and will take charge of the Chicago office and territory in the Middle West. Mr. Reed's fu-st banking experience was with the bank of T. Mellon & Sons, now the Mellon National Bank of Pittsburgh. He left the Mellon Bank to become Assistant Secretary of the Colonial Trust Co. of Pittsburgh, and at the time of the merger of the Colonial Trust Co., the Columbia National Bank and the Germania Savings Bank, now the Citizens Savings Bank, Mr. Reed was made Advertising Manager of the alUed institutions, in which position he remained until he accepted an About ten offer from Rand, McNally & Co. to handle their Blue Book. years ago Mr. Reed and Mr. Wilson, President of the company, were connected with banking institutions in Pittsburgh, whose buildings almost adjoined. Together thay organized the Bankers' Ad Association of Pittsburgh, which is now known as the Bankers' Club. Mr. Reed comes to Edwin Bird Wilson, Inc., with a large acquaintance among the bankers of the United States and with broad training in financial advertising, in which the company specializes. Lyon, Gary & Co., one of the oldest investment banking houses In Chicago, announce a change in the name to Baker, Fentress & Co. in recognition of the personnel who in recent years have guided the affairs and business policies of the organization. During the past thirty years Lyon. Gary & Co. have specialized in timber bonds and with the enviable record that no investor in their secm-ities has ever suffered any loss of principal or There will be no change in the officers, who are: Lucius K. interest. Baker, President; William W. Gurley, Vice-President; Frederic T. Boles, Vice-President; Walter A. Graff, Vice-President; Clark M. Cavenee, VicePresident; Walter K. Fifield, Secretary; Calvin Fentress, Treasiu-er. — , — H. Courtney Burr, Laurence A. Davis and Arthur S. Kleeman have been admitted to membership in the firm of George H. Burr & Co. H. Courtney Burr is Manager of the Philadelphia office of this firm, Laurence A. Davis is General Sales Manager of the commercial paper department, and Arthur S. Kleeman is Manager of the firm's investment department. . July 3 THE CHRONICLE 1920.] 81 aud ^otumtnts. §ljep^0rts GREAT NORTHERN RAILWAY COMPANY THIRTY-FIRST To REPORT—FOR THE FISCAL YEAR ENDED DECEMBER Stockholders: the The Board of Directors submits the follomng report for the year ended December 31 1919. CAPITAL STOCK. There was no change during the year in amount of authorized share capital; same remains at $250,000,000.00. Of the capital authorized, there had been issued to December 31 1918 $249,478,250.00 which remains the same on December 31 1919 and which is represented by: Stock certificates $249,471,100.00 7,150.00 Scrip, full-paid Total $249,478,250.00 There remained unissued December 31 1919, of Great Northern stock for acquiring 17H shares 14 shares of The St. Paul Minneapolis & Manitoba Railway Company, of which 10 shares are in the Treasury of the Company and 4 shares still outstanding; also under the $19,000,000.00 issue, 5,200 shares not as yet offered for subscription by Company. the BONDED DEBT. The balance sheet gives amounts of bonds outstanding December 31 1919. A comparison with the figures of December 31 1918 follows: 1919. 1918. Increase ( + ) or Decrease (.—) Outstanding in iiands of the Public $162,910,515.16 $163,051,515.16 in the Company's 26,413,000.00 17,716,000.00 500,000.00 Held Treasury Held in Pension Fund.. Held by Mortgage Trus- 39,813,393.93 tees —$141,000.00 +8,697,000.00 — 500,000-00 39,813,393.93 .$229,136,909.09 $221,080,909.09 $ + 8,056,000.00 Totals The decrease in amount of bonds outstanding in of the Public was caused by bonds redeemeu through operation of the Sinking Fund of par value, The Saint Paul Minneapolis & Manitoba Railway Company Consolidated Mortgage Bonds, of wcich $106,000.00 were 4H per cent and $35,000.00 were 4 per cent bonds. hands $141,000.00 = The increase in bonds "Held in Treasury" was caused Company's First and Refunding Mortgage Gold Bonds, Series "A" 4Ji per cent, from the Pension Fund to the Company's Treasury $500,000.00 by issuance of the Company's First and Refunding Mortgage Gold Bonds, Series "A" 414 per cent from the Pension Fund to the Company's Treasury 500,000 00 by issuance of the Company's First and Refunding Mortgage Gold Bonds, Series "A," 4M per cenc, of par value.. 8,197,000.00 These bonds were issued in accordance with tlie terms of by transfer of the the mortgage, against the acquisition of the following shares of stock: Great Northern Equipment Co., $7,080,000.00 (70,800 shares) Total The decrease in $8,e9.,.o0.00 amount of bonds held in the pension fund was caused by the transfer of the Companj "s First and Refunding Mortgage Gold Bonds, Series "A" 4 M per ceflt, from the Pension Fund 'o the Company's Treasury $500,00L.00 GENERAL. Charges for the year on account of construction of new lines aggregated $21,7.58.2], consisting principally of intere.3t on construction charges made in previous years on lines not yet completed and put into operation. This amount has been charged to "Investment in road." The details of expenditures for Equipment are given in the President's report, which follows: During the period of Federal control, the United States Railroad Administration contracted for and allocated to this Company 4 steam locomotives and 1,500 freight service cars, all of which have been completed and delivered. An Equipment Trust Agreement, dated January 15 1920, has been entered into between Walker D. Hines, DirectorGeneral of Railroads, this Company, and Guaranty Trust Cornpany of New York, as trustee. The actual cost of the equipment has not vet been determined but will not be less than .$4,204,900.00 nor more than $4.632, 71(i.00. The Great Northern Equijjment Company on December 31 1919 authorized the i)urchase from the El Paso & Southwestern Railway Companv of five Mikado locomotives at an estimated cost of .$200,000.00. The locomotives have since been purchased and wll be in(;luded in report for year ending December 31 1920. 31 1919. To meet the increasing demand for additional equipment the Great Northern Equipment Company is conducting negotiations for the purchase of 1 ,000 ore ears and 45 Mikado locomotives, delivery to be made during the year 1920. There were expended for Additions and Betterments, the sum of $3,165,843.95, which was charged to "Investment ixi road." Of the total, cost of Betterments, $2,518,182.60 was paid from and del>ited against "Appropriated surplus not specifically invested" and was credited to "Additions to property through income and surplus." The account "Appropriated .surplub not specifically invested" was also credited with $233,4.55.60, net profit from ^ale of town lots, timber and lands not forming a portion of the railway property or land grant. The Company's investment in Canadian Companies, on account of advances made to pay for property, construction, additions and betterments, has been increased during the year as follows: Manitoba Great Northern Ry. Co $1,486.10 894 .C9 Brandon Saskatchewan & Hudson's Bay Ry. Co Nelson & Fort Sheppard Ry. Co 2.370.79 Cr. 72.06 Red Mountain Ry. Co Crow's Nest Southern Ry. Co 5,991.34 Total -$10,67( .26 The property investment of the Minneapolis Western Railway Company was increased $5,715.09, by expenditures for additions and betterments. The records of the Pension Department show the following: Number of pensioners on the rolls December 31 1918 73 Employees added to roll during year Pensioners died during year Number of pensioners on the rolls December 3x91919 Pensions paid during year Pensions paia September 16 1916 to December 31 1919 28 5 96 $29,225.06 18.854.02 The pensions paid to former employee, of the Companies whose properties were operated by the United States Railroad Administration included in above figures have been paid by the Director-General and treated as a part of railway operating expenses. The work in connection with Federal valuation of this Company's property still continues. During the year the tentative engineering report of the Bureau of Valuation was served upon the Company and a general protest against the findings shown therein was filed with the Inter-State Commerce Commission. Conferences have been and are stiU being held with the Commission's representatives in an endeavor to arrive at some agreement with respect to the differences now existing between the Commis.^ion and the Company, so that no definite figures have as yet been announced. When all possible has been accomplished in this manner, hearings will be necessary to consider the differences still remaining. This valuation when completed will be the basis upon which the returns allowed to earners under the Transportation Act, 1920, are computed, and every possible effort is, therefore, being made to have a just and fair value determined. The President of the United States on December 24 1919, by proclamation, fixed midnight February 29 1920 as the termination of Government operation of railroads. This date was affirmed by the "Transportation Act, 1920," passed by Congress and approved by the President on February^ 28 1920. This Act also pro\ades that (1) carriers subject to Federal control; (2) carriers which competed or connected with a carrier at any time under Federal control; (3) sleeping car companies subject to Federal control; (4) express companies under Federal control; shall be guaranteed with respect to their operating income for a period of six months, beginmng March 1 1920, if they accept that proThis Com-vision of the Act on or before March 15 1920. pany has accepted the provision of the law, as to the guaranty and will therefore receive during the six months commencing March 1 1920, as its guaranteed net railway operating income, one-hajf of the annual standard return named in its contract with the Director-GeneralThe Act also enlarges the powers of the Inter-State Commerce Commission and authorizes it to adjust rates so that railway companies as a whole shall receive a fair return upon the value of the property devoted to transportation ser\-ice. For the two years beginning Mandi 1 1920 the Commission shall take five and one-half per cent of the aggregate property values as representing a fair return, and may. in its discretion, add thereto a sum not exceeding one-half of one per cent of such values to pro\ide in part for impro\ements, betterments or equipment which are prop(n-ly chargeable to After that ])(>riod, the rate of return is to capital account. be determined from time to time by the Inter-State Commerce Commission. The valuation upon which this rate of return is to be computed, is also to be fixed bj' the Commission. THE CHRONICLE 82 The return of the property of this Company to private control and operation has made necessary a reorganization list of the officers and enlargement of its official staff. of the Company as of March 1 1920 is given on page 3 of A [pamphlet report]. this respectfully calls the attention of the Stockholders to the reports of the President, of the Comptroller, \vith customary balance sheets and statistical tables, and of the Land Commissioner. For the Board of Directors. The Board LOUIS W. HILL. Chairman. April 30 1920. To the Board of Directors: Herewith report for fiscal year ended December 31 1919. The operation and maintenance of the railways of this Company and certain of its subsidiaries, during the year 1919, continued under Federal control and therefore were not subject to the jurisdiction or direction of the corporate Statistics and other information relative to such officials. operation appear as an appendix of this report, the figures given therein being taken from reports compiled by the United States Railroad Administration and furnished to the Company in accordance with the terms of the agreement with the Director-General. NEW LINES. lines were constructed .during the year. No new EQUIPMENT. Of equipment contracted for and undelivered on December 31 1918, the following has been received during the year: 25 Steam locomotives; 7 Steam locomotives of the Milcado tj-pe, 28-in. x 32-in. cylinders, weighing 220, 000 lbs. on drivers. 18 Steam switch locomotives of the eight wheel type, 26-in x 28-in. cylinders, weighing 232,600 lbs. on drivers. During the year the following equipment was assigned to Company by the Director-General, all of which was this December 31 Concrete retaining wall 84 feet long between Coram and Columbia Falls, Mont.; 150 feet of double track concrete and timber snow shed at Highgate, Mont.; 120 feet single track timber snow shed at Essex, Mont.; 32 feet timber extension at east end of snow shed No. 4, Talbot, Mont. Also 858 feet single track and 402 feet double track timber snow shed on east slope of Cascade Mountains and 1,010 feet double track timber snow shed on west slope, between Leavenworth and Tye, Wash., renewed in kind. Tracks were built at 5 mines on the Mesabi Iron Range, and at 68 regular stations. The net increase in mileage of sidings, spurs and other tracks, is: Lines owned by the Great Northern Ry. Co Lines owned by Controlled Companies in United States Lines owned by Controlled Companies in Canada, Decease REPORT OF PRESIDENT. received prior to (Vol. 111. 1919: Total additional side track mileage on old lines 29.43 miles No telegraph construction or improvement program was of that class was therefore approved for 1919 and no work undertaken. Embankments were widened or restored to original width or grade line on 1,710.08 miles of road; ballast was restored and an additional lift given on 8.86 miles; ballast was restored to its original height on 143.85 miles. Bridges were erected as follows: 706 lineal feet of steel, and 318 feet of concrete in replacement; 32 lineal feet steel over an under grade crossing established during the year; 7,252 lineal feet of bridging were filled with solid embankments. To provide for waterways at bridges filled, 9 concrete, 22 concrete pipe culverts and 1 timber culvert were put in. 253 timber box and sewer pipe culverts were replaced with concrete or east iron pipe culverts. An overhead steel highway bridge 763 feet in length in replacement of a timber bridge at Ward St., and a steel highway approach 412 feet long to Passenger Station in replacement of a timber approach, were constructed at Minot, N. D. The approximate yardage heretofore mentioned is: The Company built 2 baggage and express cars, 1 express refrigerator and 1 caboose car at its shops. One locomotive crane purchased in 1918 was paid for in 1919 and taken up in the work equipment account. In Changes of lines and reduction of grades have been continued, such as electric headlights, superheaters, power grate shakers, automatic stokers and additional air pumps for locomotives; electric lighting for passenger cars, etc. Expenditures have also been made to comply with Federal safety appliances " .67 Net increase of main tracks laid with 90-pound rail during year aggregated 155.55 miles. During the year 104.470 miles of wire right-of-way fences were built, and 18.405 miles of woven wire were placed on existing barbed wire fence. 4 Steam locomotives, of the Mikado type, 27-in. x 32-in. cylinders, weighing 239,000 lbs. on drivers. 1,500 Freight service cars, being box cars, double sheath, steel underframe,, 40 ft. long, 80,000 lbs. capacity. Improvements 29.79 miles " .31 of material moved 1 Widening banks and raising sags in the 14,921 cu. yds. 391,095 49,059 503,812 Ballasting (gravel) Fining bridges Total... work " .958,887 cu. yds. to rolling stock And there were placed upon old lines: 7,884 cu. yds. 29.127 Concrete Riprap 37,011 cu. yds. Total laws. Total amount expended for equipment purchased by the Great Northern Equipment Company, and for improvements and betterments to equipment in service, was $1,190,413.52, of which $146,528.89 was for the Company and $1,043,884.63 for the Great Northern Equipment Company. There were taken out of service: 4 Baggage, mail and express cars, 2 Gas-Electric motor cars, 276 40 82 53 5 10 Box Refrigerator cars, Stock cars, Flat and coal cars, Sand 33 Ballast cars, 1 cars, Wooden Caboose car. 3 Cinder cars, 73 Boarding cars, 5 Derrick and tool cars, 1 Snow dozer, cars, 1 Hydraulic pump. ore cars. The original cost of this equipment, $456,031.64, has been to "Equipment Account." This amount, less amounts received for equipment sold and salvage from equip- credited Frame depots were built at 3 stations, including 2 replacing depots burned, and 1 brick depot was constructed; 2 depots were extended; portable depots at 1 station; 2 permanent and 3 portable loading platforms; 5 section houses, including 4 to replace section houses burned; 3 mail cranes; stockyard facilities were improved at 12 stations; 150-ton track scale in place of an 80-ton scale at Vancouver, B. C. A new three-stall enginehouse was constructed at Tacoma, Wash., in place of an enginehouse destroj^ed by fire. Improvements to roundhouses and shops were also made at other points. Two new 50,000-gallon water tanks were erected; two 50,000-gallon tanks were replaced in kind; three 50,000gallon tanks were replaced with 100,000-gallon tanks; an ment destroyed, has been charged against various equip- additional 20,000,000-gallon reservoir at Chester, Mont., ment "Retirement" accounts under Operating Expenses, or was erected, and capacity of reservoir at Power, Mont., was gallons. to "Equipment Depreciation Fund." The amount remain- enlarged to provided additional capacity of 9,400,000 wells, Improvements in water service such as additional ing to credit of this "Fund" December 31 1919, $30,270,762.33, represents full equipment then date on all of which appears on page 36 depreciation to that in service, list The difference [pamphlet report]. between this amount and the amount shown by balance sheet on page 25, [pamphlet report], represents the amount of this "Fund" carried on the books of the Canadian Companies. The following transfers and conversions were made: 10 Coaches converted into Passenger and Baggage cars, 1,113 Sand cars transferred from Freight equipment to Work equipment. These cars, when purchased, were classed and numbered in the freight equipment series. As, however, they are mainly in work service, they have been renumbered as work equipment and transferred to that class of equipment to conform to their use. 997 Steel ore cars transferred from Freight equipment to Work equipment Ballast cars. These cars (Steel underframe Hart Convertible) when purchased, were classed and numbered in the freight equipment series. They nave, however, been renumbered as work equipment and the transfer made to conform to the service in whicn they are principally used. — The conversion and adjustments resulted in a net credit of $2,990.16 to the Company's "Equipment Account." ADDITIONS AND BETTERMENTS. The ballasting of second tracks placed in service in 1918 between Campbell and Breckenridge, Kandiyohi and Pennoek, and Long Lake and Dalano, Minn., and other improvements described on page 20 of the thirtieth report have been completed. Other important work carried out during this year is the following: gasoline tanks, extension of suction lines, additional outlet dams, connection with city mains, new stand pipes, pump houses, and pumping plants were made at 28 stations. Automatic block signals were installed on 116.9 miles; 2 automatic three-position semaphore signals installed; new tower house and interlocking machinery at Brookston, Minn., in place of structure and machinery destroyed by fire. Half interlocking plant with six levers installed at crossing of British Columbia Electric Ry. at Georgia St., Vancouver, B. C. Crossing alarm bells at 4 crossings, crossing gates at 1 crossing. Other improvements include: 41 box car bodies placed at different points for use as dwellings and shelter purposes; 1 oil heater house; 1 immigration building; 4 frame office buildings; 1 bunk house for living quarters of storekeeper; 1 bunk house for signal operator; 3 signal maintainers' houses; 1 eating house; 2 laborers' bunk houses; 1 locker building for enginemen; 1 portable building for employment office; 1 portable building for operator's dwelling. Also 1 14-foot addition to ice house, and 8 ice houses equipped with motordriven ice hoists. 1 agent's house; 1 coal and oil house and 2 signal maintainers' houses to replace structures destroyed fixtures, by fire. Following is a classified statement of amounts actually expended during the year for Additions and Betterments, the names of the accounts given being those prescribed by the Inter-State Commerce Commission: — 7 July THE CHRONICLE 3 1920.] — Additions. $1<).415.37 Land for transportation pxirposes.*277 ,4 11. 96 30,706.28 Gradiiis 24.01 Tunnels and subways ,39,559.64 Bridges, trestles and culverts 78,866.33 Ties 32.354.96 Rails 76.213.17 Other track material 57.708.27 Ballast 88,075.74 Track laving and surfacing 45,365.12 Right of'way fences Snow and sand fences and snow- Accounts Eagineeria? • 37.794.24 18,029.54 *33,895.42 28.950.18 *6.629.86 *1,260.24 *60.624.84 sheds Crossings and signs Station and office buildings Roadway buildings "Water -stations Fuel stations Shops and enginehouses Grain elevators Whar\'es and docks Coal and ore wharves Telegraph and telephone lines *10,209.95 223.99 *665.71 329,559.30 Signals and interlockers Power plant buildings Power distribution systems Power line poles and fixtures 480.74 2.006.31 12. .570. 90 Miscellaneous structures Paving 1.563.08 805.36 1.962.53 Roadway machines Roadway .small tolls Total. Betterments. S43,274.12 $62,689.49 *277,411 96 333,152.81 51, .562. 69 456,772.43 31,170.85 311.319.60 374.672.27 14.624.09 30,061.00 3.914.59 363,8.59.09 110,036.74 73,910.16 158.158.30 12.965.93 163,530.25 13,809.71 75.271.38 267.95 *3,099.04 147,830.98 91,939.70 124,262.88 41.916.11 51.586.70 496,332.07 110,037.18 .343,674.56 4.50.885.44 72.332.36 118,136.74 49.279.71 1,56,900.39 12, .549.47 14.646.54 267.95 *13.,308.99 4.677.10 210.107.27 391,596.78 4.248.14 1.899.37 2.173.71 15.090.86 3.384.43 2,615.20 2.205.53 4.4.53.11 210.772.98 62,037.48 4.248.14 1.418.63 167.40 2.519.96 1,821.35 1,809.84 243.00 Assessments for public improve- ments Shop machinery Power plant machinery 24,055.53 10,672.71 24.914.04 24.0.55.53 *1,246.73 21.130.98 11,919.44 3.783.06 Total including Canadian Lines.. .1531. 421. 33 $2,584,625.75 $3,116,047.08 *49,796.87 Total Canadian Lines *116.240.02 66.443.15 Total Great Northern Ry. Co.. $647,661.35 $2,518,182.60 .$3,165,843.95 * Credits. The : 83 STATEMENT OF ACCOUNT WITH UNITED STATES RAILROAD ADMINISTRATION, DECEMBER 31 1919. — Due Compami Cash. December 31 1917 $28,224,759.53 Agents and conductors. December 31 1917 376,849.19 Working fund advances, December 31 1917.. 37,568.10 December 31 1917, As.sets, collected Property retired and not replaced Revenue prior to January 1 1918 Corporate transactions Collections Compen.sation for two years. .$57,542.721 .56 Less Payments received 35,516,794.00 — — 22,025.927.56 Accrued interest on unpaid compensation and open accounts Total Due U. S. Railroad Administration Liabilities. December 31 1917, paid Expeases prior to January 1 1918 Corporate transactions Payments Additions and betterments 1 ,564,022 .55 $64,019,186.48 — $20,716,903.90 2,623,553.72 19,187.015.01 16,170,709.09 — Total 58,698,181.72 Balance due Company, subject to current settlement $5,321. 004. 7& Deferred Assets (to be settled for at end of Federal con