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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
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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
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60
92
38

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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

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Feb 20
Feb 28
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Marll
Mario
Jan 6

41

Mar

78

Feb 21

8

66I2

Mar

65
68
27

Feb 24
Feb 19

5II2

Mar25

1

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8

43

Jan 16

June29
Feb 10
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9934

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168
4

210

9

Feb 11

42
83I4

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9 Jan 3
1638 Feb 24
1658

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6534

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25

Feb 9
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33

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I712
8434
4178

Jan 24
28 Jan 24
8078 Feb 13
7

314
9I2
1358

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May

5

3934

Mayl9
May24

97

JunelO

40

15

34
9334
434
I6I2
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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
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Mario
Mario
Mario
Maris
Mario
Feb 19
Feb 27

3I2

7
21
38
4I4

11

U

18

13

758

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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
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9
9

62
50
35S4
2178
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8458
4312

32
68

Jan

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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
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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

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6
10

5

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61

23i2Jan 14
11
20i8

1

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Jan

938
I8I2

10538
2638
5834

47
1712

Apr 27
Apr 27
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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

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IOI4

JuneSO
Feb 13

96

Apr 26
Feb 13

9958
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74
91
82

I

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88
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3038

122

66

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8453

107s
I514

Jan
Jan

3
3

5312

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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 control)
Material and supplies
$12,154,097.80
Accrued depreciation since December 31
1917
3,270,073.24
Total

Total

15,424,171.04

Due from United

States Railroad Administration

$20,745,175.80

The above represents the book balances as of December 31
1919 and such balances are, of course, subject to readjustment and change to conform with the terms of this Company's contract with the Director-General.

CONSOLIDATED GENERAL BALANCE SHEET DEC.

"Land for transportation purposes" was occasioned chiefly by writing out of the Comcredit to the account

pany's investment account t