Full text of Commercial and Financial Chronicle : July 9, 1921, Vol. 113, No. 2924

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Financial

Ti^f
I
omnium#*

VOL. 113

rjn m ic b

NO. 2924

JULY 9 1921

Published every Saturday morning b y W IL L IA M B . D A N A C O M P A N Y Preuld en i, Jacob Selbort Jr.; Vice-President, Arnold O . Daria; Business Manager, William
D . Riggs; Secretary, Herbert D . Selbort. Address o f all. O ffice o f the Com pany.

CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JULY 2
June.

In c . or

1021.

1020 .

I Dec.

S

New Y o rk _________
Phil ult)':)Ida...........
Pittsburgh..................
Baltimore___________
B u ffalo...................... ..
W ashington________
A lbany_____________
Rochester___________
Scranton__________
Syracuse____________
T renton____________
W heeling___________
Reading____________
W ilm ington________
Wilkes-Barre_______
Harrisburg_________
Greensburg_________
Y o rk _______________
E rie________________
Chester_____________
A ltoona________ ____
Binghamton________
Lancaster__________
Beaver C o., P a _____
Norristown________ _
Frederick___________
Franklin____________
M ontclair__________
Oranges____________
Hagerstown________
Bethlehem_________
Huntington________
Cam den____________
Lebanon___________
Niagara Fails_______
Total M iddle.
Chicago___________
Cincinnati_________
Cleveland__________
D etroit____________
M ilwaukee________
Indianapolis__________
Columbus____________
T oled o_______________
Peoria_______________
Grand Rapids_______
D ayton ______________
Evansville___________
Fort W ayne______ ..
Springfield, 1 1 1_______
Youngstown_________
A kron_______________
R ock ford____________
Lexington____________
Canton______________
South Bend__________
D ecatur_____________
Quincy _ _____ ________
Springfield, O _______
Bloom ington_____ I . .
Mansfield____________
Danville_____________
Jackson______________
Jacksonville, i l l . I ____
Paducah_____________
Lansing______________
Lim a________
Owensboro_______
F lin t_________________
Lorain_________ I ____
Ann A rbor___________
Adrian_______________
G a ry ________ I . I . I . I
New A lbany. I IIII1 1
H am ilton____________
Aurora_____
Total M iddle West.
San Francisco_______
Los A ngeles.. ______
Seattle______________
Spokane___________
Portland. _ ......... ..........
T a c o m a _____ _____
Salt Lake City .. I _ I ..
O akland____________

Sacramento..

San Diego
.1 .
Pasadena___________
S to ck to n ._
Fresno______________
San .lost;. _
Yakim a__________ I _
Boise___________ I . I I
O gden....................... II
; - - no
Long Beach.
Bakersfield
. pie
Eugene . .
. _
Berkelv ,
Santa Barbara! - _
_

Modesto

Santa Rosa.
Blllm gbarot.

8-11),379,002 20,508,735,371
769,343,970 2,282,807,639
761,264,430
570,0 >0,000
427,805,095
306,987,059
204,984,307
151.428,34.8
83,369,109
70,897,960
20,689,780
18,525,917
53.820,411
42,000,908
22,963,064
21,033,887
21,777,980
17,230,093
1S,139,S95
15,546,999
24,232,127
IS,455,565
13,812,923
11,579,157
14,530,716
11,118,224
12,918,508
11.S04.186
18,114,287
16,504,901
6,359,049
5,594,369
7,172,705
4,543,960
12,545,530
9,245,971
7,318,714
*4,287,647
5,059 731
4.360,925
5,706,400
3,804,880
13,274,990
9,788,826
3,551,817
2,668,113
4,100,799
2,971,164
2,489,610
1,953,705
3,824,025
1,476.020
2,529,312
3,556,411
4,722,258
4,088,612
3,385,469
2,609,604
11,132,456 N ot included
8,080,896
7,488,921
25,412,208
21,339,653
3,005,314
3,718,426
4,673,209
3,700,000
20,012,293,184 24,614,927,789
2,105,603,263 2,734,338,077
315,346,663
232.993,013
381.406,491
610,183,358
555,706,267
409,706,357
151,697,603
118,603,768
84.2.31.000
63.628.000
64.013.000
55,695,400
68,922,585
48,526,437
28,154,990
15,408,998
30,777,614
24,270,908
21,263,334
17,290,933
22,045,973
18,749,748
8,572,727
7,516,920
11,900,810
9,697,599
19,641,473
18,453,059
27.461.000
59.433.000
8,395,862
11,869,452
6,661,584
5,232,936
16,257,864
24,151,995
9,089,897
9,032,246
6,879,787
4,820,249
0.964,095
5.187,326
8,177,751
5,394,771
5,675,474
8,283,209
8,132,377
5,420,325
4,231,371
3,563,477
7,988,284
5,419,404
1,250,914
2,402,409
7,652,064
7,239,793
8,755,994
7,455,000
4,149,762
3,467,665
2,153,880
1,391,219
12,427,782
7,088,885
1,811,712
1,485,028
2,916,976
2,481,565
1,087,652
963,495
4,651,441
6.674,100
763,356
610,373
2,727,051
2,616,803
4,383,102
3,983,428
3,674,097,462

Week ending July 2.

Six Months.

Clearings at—

4,944,614,117

1921.

1920.

Inc. or
Dec.
1

$
S
%
%
— 17.8 98,016,1'6,522 125,737,740,861 — 22.0
— IS.5
— 22.5 10,214,.229,473 12,57v,i35,543
,217,059,544 — 12.6
— 2 i.3. 3.635,30 \ 191
2.367,246.693 — 17.1
— 28.2
1,962,312,836
913,583,527
1.122,601,1 13 — 18.6
— 26.1
— 5.5
431,923,030
458,006,182
— 4.2
127,155,494
— 9.3
— 10.5
115,290,088
298,191,739 — 19.1
— 22.0
241,366,348
— 7.7
121,061,075
131,095,722
— 8.5
— 20.9
015,150,606
129,387,061 — 18.7
— 7.4
89,489,933
96,685,292
— 14.3
116,984,823
140,295,379 — 10.6
— 23.8
66,187,262
— 16.2
83,542,703 — 20.8
62,013.804
95,084,629 — 34.8
— 23.5
65,353,153
73,296,285 — 10.8
—8.6
— 2.2
100,057,208
102,262,708
— 8.9
— 5.8
— 12.0
30,985,695
32,876,346
33,658,709
41,624,052 — 19.1
— 36.7
— 15.9
— 26.4
57,115,250
67,930,548
— 41.4
27,238,388
42,065,492 — 35.2
— 3.6
24,533,089
25,455,514
— 13.8
23,720,280
32,278,100 — 26.5
— 33.3
— 17.3
70,339,767
85,086,445
— 26.3
17,403,658
21.179,475 — 17.8
— 24.8
22,497,442 — 25.8
16,694,187
— 27.5
13,468,623
15.822,363 — 14.9
— 21.5
— 61.4
9,520,559
19,950,655 — 52.3
11,809,190
15,009,928 — 21.3
— 28.9
— 8.9
22,017,455
24,175,423
— 13.4
20,199.365 — 16.8
16,800,395
— 22.9
total
75,024,691 Not included In
i total
— 4.3
45,908,882
47,676.408
— 7.3
— 8.3
122,477,633
*133,£49,172
— 16.0
20,554,714 — 20.0
16,440,820
— 19.2
— 0.1
23,974,624
24,010,305
—20.8
— 18.7 116,920,559,983 148,449,619,895
—23.0
— 23.1
— 36.5
— 26.3
—

21.8

-2 4 .5
— 13.0
—29.6
—41.1
— 21.1
— 18.7
— 14.9
— 12.3
— 18.5
— 6.0

—53.8
— 29.3
— 21.4
— 32.7
— 0.6
— 29.9
— 25.5

—34.0
— 31.5
— 33.3
— 15.8
— 32.2

-16.

—4.1
-25.9

— 21.2

13,085,669.476 16,502,427,577
1.803,933,109
1,426,579,960
2,556,882,042
3,371,401,581
2,226,311,122
3,053.287,093
721,287,201
889,329,531
477,943.000
366,475,000
330,772,000
365,074,600
304,567,026
398.479,211
153,831,842
101,203,958
1S2.607.244
138,962,520
106.517,424
131,874,067
103,1ST,436
135,977,69o|
45,333,832
55,144,377
65,214,672
72,897,868
121,897,664
105,041,548
169,010,000
319,012,000
70,093,949
50,300,799
41,452,842
74,246,933
92,358,627
136,679,511
49,962,124
63,591,450
29,000,604
41,935,618
3,645,466
54,837,856
37,420,096
48,764,148
37,637,907
55,120,074
32,633,074
44,053,385
22,167,646
25,807,630
31,690,468
43,861.276
9,031,654
16,518,729
51,145,944
41,281,611
49,510,443
40,856.000
22,088,187
28,899,531
11,938,829
22,696,422
35,268,897
75,754,265
10,981,129
8,749,845
14,577,008
15,309,848
5,151,616
8,399,946
33,947,878
34,555,566
3,170,292
4,512,557
18,521,796
15,176,277
23,451,526
25,624,949

1
i
!

Inc. or
Dec.

S

%
— 15.2
— 23.8
— 28.6
— 30.6
— 32.2

:,412,846,410 5,199 ,334,800
571 ,999,699
435,701,368
130,0 10,000 182 ,109,630
82 564,152
57,266,293
46 705,748
31,683,036
19 ,364,97)
17,816,253
5,500,000
6 , 000,000
13 ,622,528
10,604,813
5 ,357,656
4,204,298
7 ,513,650
4,818,545
4 ,185,698
3,703,315
5 455, S52
4,462,395
4 080,055
3,097,378
2,419,409
3 ,530,744
2 .855,735
2.403.131
4 300,000
4,122,780
1 751,922
1,192,121
584,921
1,358,790
2 ,941,892
2,332,625
1 825,542
958,485
1 136,122
1,022,684
1 358,600
883,840
2 ,801,965
2,410,855

—8.1

— 8.3
22.2
— 20.4
— 35.9
—

—11.5
— 18.2
— 24.1
— 31.5
— 15.8
— 4.1
— 31.9
— 14.3
— 20.7
—47.5
— 10.0
— 35.0
— 13.9

382,914

597,187

-36.0

3,524,538
1,036,747

4,867,433
2,072,351

4,022,814,809 — 18.7
3,268,400,000
531, UK).000
693,000,000
+ 8.0
2.062,292,000
1,909,433,000
353,224,000
336,263,000
183,219,624
733,457,048
1,101,175,13c — 33.4
123,712,913
248,841,439
333,296,944 — 25.3
42,862,100
55,190,161
166,042,542
726,383,328
933,391,256 — 22.2
121,188,070
138,726,548 — 37.4
86,879,990
22,640,190
-36 ,
14,334,963
322,791,74-1
447,504,228 — 27.9
40,080,272
72,995,360
— 4.8
258,852,262
47,684,132
271,933,286
41,634,824
>
127,849,696
25,723,318
147,172,939 — 13.1
19,640,987
— 9.2
76,128,312
69,143,904
12,455,543
11,437,925
82,497,425
56,841,009 + 45.1
13,610,384
8,769,464 + 55
22,354,200
i
125,763,901
141,124,201 — 10.9
19,757,500
)
95,793,518
127,070,671 — 25.2
17,017,195
13,622,551
40,704,171
53,497,767 — 23.9
6,088,601
8,703,998
45,860,341 — 36.3
7,411,407
)
29,218,248
4,745,340
49,648,491 — 48.0
i
25,512,937
7,501,375
3,91 1,823,
5
45,592,271
70,782,541 — 35.6
6,775.597
9,342,678
16,772,93f
4.080,142
21,994,401 — 23.7
-30.
2,845,069
+ 17.2
1
88,378,181
75,418,091
11,473,738
16,215,137
— 1.7
5,753,545
i
32,083,8532,633,481
5,201,4551
)
13,386,12'
2,802,904
20,023,821 — 33.1
2,4)2,372
•15.9
7,126,931
8,475,68!
18. 5
1,471,066
1.199,8691
+ 7.0
73,812,53'
78,994,3 K
12,114,784
- 7. 4
13,077,658
21.754,94.
3,762,14'
3.762,1491
3,248,332)
13. 1
total 1
1
10,108, OK N o t included li
2.100,000 Not Included
+ 7.7
1,796.182
*8,740,09
1,578.079
1
9,415,395
---10,468,63 *
2,010 0 0
3,321,827
12,70' ,32

1919.

1918.

S
,453,769.348 3,523 - 03.737
367,269.1 (,9
415,012,716
I 10,099,1 1 <
119,608.435
66,003,261
89,871,808
40,886,272
21,136,432
15,500,000
13,568,649
6,248,895
6,144,987
9,660,744
11,347,249
5,257,908
4.400.000
5,329,697
4.600.000
2,832,382
3,163,635
0,350,304
6,398,317
2,736,829
2,895,901
4,200,000
3.565.705
2,096,089
2,975,669

~i .ooolooo
1,342,454
2,302,024
1,393,459
962,747
1,140,500
2,126,161

' 7,440,430
1,047,922
2,237,473
1.448.706
849,338
917,000
2,351,518

412,108

386,132

-27.6
- 21.0

5,146,473,623 6,179,918,856

— 22.2

22,592,406,816

1920.

$

i

— 20.7
— 20.9
— 24.2
— 27.1
— 16.6
— 23.3
— 9.4
— 23.6
— 34.2
— 23.9
— 19.2
— 23.3
— 17.8
— 10.5
— 13.8
— 47.3
— 28.2
— 44.2
— 32.4
+ 27.3
— 28.7
— 33.5
— 23.3
— 31.7
— 25.9
— 14.1
— 27.7
— 45.3
— 19.3
— 17.5
— 23.6
— 47.4
— 53.4
— 20.3
— 4.8
— 38.7
— 1.8
— 29.7
— 18.1
— 8.5

29,022,956,088

1921.

486,263,952
52,457,688
71,557,621
78,250,375
26,408,711
14,587,000
12,423,900
9,454,500
3,905,441
5,043,489
3,193,610
3,972,912
2,155,037
1.700.000
3.580,157
6.070.000

659,848,886
73,708,536
138,723,627
118,792,156
35,954,640
21.549.000
14,963,300
14,188,355

— 16.7 5,191,538,218 4,155,113,426
— 26.2
— 28.8
— 46.3
— 34.2
— 26.6
— 32.3
— 17.0
— 33.4
— 33.4.
— 25.2
— 31.7
— 29.5
+ 0.3
— 15.0
— 32.5
— 54.2
— 33.3
— 20.0
— 32.6
— 3.1
— 31.1
— 33.6
— 27.9
— 30.3

425,753,268
50,017,173
104,793,946
81,852,726
32,000,000
15,298,000
12,123,300
12,200,256
4,389,690
4,037,159
5,568,023
4,673,856
1,590,463
1,595,411
6,217,948
9.587.000
2,205,324

— 12.9

959,536
1,400,000
1,713,739
1,607,663
1,372,910
717,516

459,645,586
51,874,112
87,835,492
56,574,843
30,503,540
18,913,000
10,273,900
8,775,052
4,515,789
5,252,264
4,061,998
4,499,680
1,578,895
1,833,069
3,932,744
6.798.000
1.550.000
830,000
2.300.000
1,343,739
880,538
1.327,246
1,250,273
1,204,754
847.896
710,284

-0.9

644,444

415,959

2,287,870
1,092,956
533,465

-27.7
-32.5
-40.7

865,267
1,055,425
633,361

1,040,090
1,040.843
697,493

700,000
207,041

— 17.9
— 39.9

629,005
62,212

377,475
105,951

806,236,998 1,149,773,974

— 29.9

789,304,135

772,693,505

121,000,000

6.000,000

3,324,592
1.550.000
1,108,909
1,082,812
1,555,676
1.325.000
1,198,354
880,061

6,745,052
4,678,197
5,634,519
2,149,441
2 , 000.000
5,304,563
13.253.000
2,998,573
1.500.000
4,932,707
1.600.000
1,609,847
1,629,963
2,158,770
1,900,000
1.535,448
1,010,084

578,458

583,978

1,653,000
737,284
316,115
574,861
124,483

2,000,000
1.200.000

—22.0

1. 100.000
3,539,514

1 , 100,000

81,195,000
24,594,483
7,718,896
24,759,890
3,130,122
12,065,688
10,032,732
3,725,554
2,564,639
3,328,514
3,642,100
2,676,238
1,729,380
988,000

107,900,000
77,155,000
40,122,793
11,524,420
37,708,072
4,731,201
18,433,749
11,164,404
5,128,547
3,268,419
1,949,090
5,184,400
3,165,915
2,594,129
1,388,040

— 27.9
+ 5.2
— 38.7
— 33.0
— 34.3
— 33.8
— 34.5
— 10.1
— 27.1
— 21.5
+ 70.7
— 29.7
— 15.4
— 33.3
— 28.8

116,967,694
41,264,000
27,768;987
7,500,000
21,892,735
3,829,683
10,637,888
8,133,549
4.003.808
2,267,743
1,281,678
2,431,164
2,805,395
1.075.809
822,393

119,140,010
30,779,000
34,075,840
7,343,972
22,413,808
4,356,783
14,351,517
0,491,681
3,227,842
2,282,850
1,054,098
1,550,895
1,546,758
1,177,176
681,977

(ill),000
3,649,615

850,000
3,083,013

— 29.4

353,127
1,300,000

015,000
1,205,478

722,108

869,650

16.9

204,935,653

252,294,685

+ 19.0

L

Total Pacific
) 1,417,290,637 1,737,050,026
4
8 ,5'l 0.180,021 10,108,860,7981
C J r u r i l t ! ' . b v I c b - g r a p h o n p r y < 154.
Cleering'* continued on page 15
' Incomplete
t Noi included in total; comparison incomplete.
a Estimated.

15.5

308,126,0101

390,221,4601

-22 ,2

110

THE CHRONICLE
THE FINANCIAL SITUATION.

The letter which the Secretary of the Treasury,
Andrew W. Mellou, has written to Senator Frelinghuysen, with reference to enacting Congression
al legislation for granting a huge bonus, out of the
public treasury, to the American soldiers who took
part in the war, is timely, and has the true ring.
The letter was made public on Wednesday, and was
in reply to Mr. Frelinghuysen’s request “ to indicate
what the passange of the bill would mean to the
Treasury of the United States.” There was need for
information at this juncture, inasmuch as on Tues
day afternoon the Senate voted, by 48 to 4, to make
the bonus bill “ the unfinished business.”
The Secretary’s reply is frank and clear, and un
compromising. The financial burden imposed de
pends on the choice made by the beneficiaries among
the five optional plans proposed, and therefore it is
impossible, says the Secretary, with evident correct
ness, “ to make accurate estimates at this time,
either as to the total cost to the Treasury or the
time when the payments would have to be made.”
If the majority chose “ adjusted service pay,” this
would fall mostly on the near future, and if “ ad
justed service certificates” were mostly chosen, the
burden would be spread over twenty years; the total
cost, according to “ the most conservative estimates,”
would range from iy 2 billions by the former elec
tion to 5% billions by the latter.
So we are confronted— and are once more remind
ed of the fact— by complete uncertainty as to the
weight of the load the country is asked to assume.
Is there a sane man anywhere who would commit
himself to some building enterprise without feeling
sure of more than that it might cost a certain sum
or four times that sum, and might be off his back
as a burden in a few years, or might remain there
for twenty? We did enter upon the war without
possible knowledge of what burden was involved
therein, but did so because we must, the only alter
native to taking arms being complete destruction;
but burdens are not assumed in this manner in times
of peace.
Not the least disturbing effect of the bill, says
Secretary Mellon, is its proposed postponement of
the principal benefits to the next fiscal year. This
means, he says, giving no immediate aid to the bene
ficiaries, but commitment to a huge financial lia
bility which must be carried through if once as
sumed, however embarrassing it might prove to be
at the time. Incidentally, this feature “ tends to mis
lead the people into the belief that in some way the
proposed program can be accomplished without im
posing a serious burden.” Truly so; this soothingassurance has been offere'd, the sponsors of the thing
telling the people that it will probably not cost as
much as some have thought and, at the worst, will
not begin for a while yet, and the burden can be fit
ted to the nation’s shoulders, somehow or other, so
as not to be felt. This is the argument of the spend
thrift, or (if such a figure be admissible) it is like
the method by which the somewhat fabled vampire
soothes its sleeping victim against awaking and rea
lizing his danger.
Even to distribute this load over a series of years,
says the Secretary, must increase our war stresses.
To quote his own w ords:
“ It would greatly swell the cost of government
and virtually defeat the Administration’s plan of
economy and retrenchment. It could be financed

[VOL. 113.

only by adding to the burden of debt and taxes un
der which the country is now staggering . . . throw
ing a load on the whole people in the form of in
creased interest charges, increased taxes, and in
creased cost of living; this burden, moreover, would
be in addition to that already imposed in most of
the States, which have provided bonuses in varying
degrees of liberality.”
Note the refunding work which we have before us
and must face, adds the Secretary. There are early
debt maturities of about iy 2 billions, of which about
5 billions fall in the same fiscal year in which cash
payments under this bonus bill are proposed. The
refunding operations will be seriously embarrassed
and their cost greatly increased, so says Mr. Mellon,
and everybody who is at all competent on financial
topics knows that this must follow inevitably. Fur
ther, “ the market for outstanding Government se
curities would be adversely affected, and holders of
Liberty bonds would have to face further depression
in them” ; on the other hand, Mr. Mellon says le
knows of nothing which would so strengthen those
bonds “ as the assurance that Congress had once for
all given up consideration of a soldiers’ bonus.”
Still further, the detailed financial statements al
ready submitted for the present ayd the next fiscal
years show that, without any expenditures under
this proposed bill, there is grave danger that neces
sary disbursements in the near future will pass cur
rent receipts, thus leaving deficits to be met by more
borrowing or more taxation.
So says the Secretary, also protesting that this
bonus scheme would react harmfully upon its bene
ficiaries with all others, involving “ grave danger of
renewed inflation, increased commodity prices, and
unsettled business conditions.” Can any thinking
man doubt this? Is the country— and are the hold
ers of its bonds— willing to prolong and even in
crease the discount from par at which the bonds
were patriotically purchased? The credit of a na
tion, even in its own financial markets, is governed
by factors essentially like those which govern indi
vidual credit, and where would an individual stand
if, while already heavily in debt and seeking further
credit, he were known to be running the costliest
make of motor cars, pricing large yachts, and get
ting estimates for building himself a fine summer
residence at a fashionable resort?
This thing “ would virtually defeat the Adminis
tration’s program of economy and retrenchment.”
How could it fail to do that? We are congratulat
ing ourselves (or, at least, some of us are) on the
firm intention and the already accomplished begin
ning which give real hope of a more “ business-like”
Government and a substantial tax reduction. Aside
from the fact that, over our own country and parts
of Europe, there is an unmistakable movement to
wards buckling down to less quarrelling and more
production, this reasonably-entertained promise of
a gradually reformed governmental administering
in the United States is the best augury of better
times which we have to-day. Any scheme of indis
criminate largess is utterly inconsistent with that
expectation of recovery and destructive of it. If we
are determined to act madly, or (which is virtually
about the same) to sit idly while our representatives
in Congress act so with us and for us, let us at least
not be self-deceived ; let us, instead, say that we love
taxation, thrive upon it, believe it is our meat and
our help, and that we want more of it instead of less.
The “ Chronicle” does not return once more to this
subject because it is novel or pleasant, or because

J uly 9 1921.]

THE CHRONICLE

there are no other important and troubling topics
before the country for determination. But this one
is imminent, and while it is meeting some determined
opposition, that opposition is far too much left in
{lie minds of the people and unspoken. Those who
want the monstrosity are alert and actively working
for it; those Congressmen who are against it but are
afraid to stand openly by their convictions and their
duty are awaiting the roll-call test and doing noth
ing except perhaps to shiver; while the people in
general are just quietly awaiting the result. Their
passiveness as to this, as also upon the matter of
decreased taxation, is liable and naturally almost
sure to be interpreted as indifference if not as as
sent.
Is it not perfectly clear that now is the proper
and the crucial time for concentrating and express
ing unmistakably the disapproval of the country?
Shall we not speak now, instead of deploring our
silence when too late?
The grain crop situation in the United States on
July 1, according to the report of the Department
of Agriculture issued yesterday, reflects the unfa
vorable conditions prevalent over much of the grow
ing area in June, and is somewhat less promising
than a month ago. Both winter and spring wheat
suffered deterioration (the latter variety having
been adversely affected by drought), and in conse
quence the current promise is for a yield some 20
million bushels less than foreshadowed by the June
1 condition. A marked drop in the status of oats,
moreover, is registered, and the outlook is now con
sidered to be for an outturn 75 million bushels less
than a month earlier. As regards corn, early pre
dictions as to area are confirmed by this report,
which shows an increased planting this spring, but
the addition has been strictly moderate. Condition,
however, is much better than at this time last year,
and this encourages expectations that with normal
weather hereafter an ample crop of this very essen
tial cereal will be secured.
The condition of corn on July 1, at 91.1, compares
with 84.6 last year, 86.7 in 1919, and is well above
the average for the ten-year period— 83.7. The area
planted is reported at 108,901,000 acres, or a little
over 4% greater than that of 1920. Following its
usual method of interpreting the condition figures,
the Crop Reporting Board announces the July 1
promise as for a total product of 3,123 million bush
els, or 344 million bushels more than the promise
at this time in 1920, but 109 million bushels less
than the final harvest that year.
The spring wheat deterioration in June is placed
at no less than 12.6 points, thus reflecting the ad
verse effect on the plant of the drought that pre
vailed over much of the belt. The present status of
Hie crop is 80.8% of a normal, this contrasting with
88 on July 1 1920, and the ten-year average of 85.
r lie promise of yield, therefore, has been reduced to
i
235,000,000 bushels, but this compares with only
209,365,000 bushels, the actual yield last year.
4Vinter wheat, which had shown considerable de
terioration in May, owing to adverse weather and
ihe depredations of insects, fell off but little further
in June (seven-tenths of a point), but condition at
77.2 was below the preceding year and under the
ten-year average. The Department cuts its estimate
of production only slightly, however to 574,000,000
bushels and unless there should lx; occasion to
make further reduction the crop will practically

111

equal that of the previous year. The outlook, there
fore, is now fo ra wheat aggregate (spring and win
ter combined) of 809,000,000 bushels, or precisely
the total estimated a year ago as the probable crop
of 1920, but 20 million bushels greater than the ac
tual yield.
Oats condition exhibited a drop of 8.1 points dur
ing June and stood at 77.6 on July I against 84.7 a
year ago. The current promise is officially an
nounced to be for a yield of 1,329 million bushels,
against 1,524 millions last year and 1,232 millions
two years ago. Barley, with condition quite a littleunder a year ago, and acreage reduced, is expected
to show a decrease of about 18 million bushels in
the yield, but of rye, with the status better, despite
a smaller planting, a slightly greater production
than in 1920 is looked for.
Continuing to reflect the obvious contraction in
activity in mercantile and industrial lines in the
United States, accompanied by progressive deflation
in prices for many commodities, the volume of clear
ings for June 1921 makes the same general compari
son with a year ago as did the totals for several
months preceding. This is not only true of the
larger centres of trade, which play such a predomi
nating part in the compilation as to overbalance a
contrary result elsewhere, but is true even more
so of many of the smaller cities prominent in manu
facturing, and especially where the automobile in
dustry is conspicuous. Specifically, no less than 184
of the 193 cities included in our compilation, pre
sented on other pages of this issue, exhibit losses
from a year ago, and in numerous instances they are
of strikingly heavy proportions. Developments in
the speculative markets of late have, of course, been
of a far from reassuring nature, more particularly
so on the Stock Exchange, where the recent trend
has been quite steadily toward a lower level of
values.
Without further comment, we note that the aggre
gate of clearings for June 1921 at 193 cities, at $30,082,678,144, compares with $38,448,732,775 in 1920,
this latter having been the high record for the par
ticular month, and consequently a loss of 21.8% is
shown. There is also a decrease of 12.2% from the
month in 1919, but compared with 1918 there is an
expansion of 10.1%. For the first half of the cur
rent calendar year, moreover, there is a decline of
22.7% from the high-water mark of the preceding
year, and a decrease of 4.1% from 1919. At New
l rork the falling off for June reaches 17.8%, con
trasted with last year, and there is a diminution of
14.7%, compared with two years ago, and the six
months’ aggregate runs under 1920 and 1919 by
22% and 6.2%, respectively. Outside of this city,
the month’s total is 26.2% below that of last year,
and 8.7% less than in 1919, while for the period
since January 1 the aggregate is smaller by 23.4%
and 1.3%. As regards the individual cities, only
13 report totals for the current half year in excess
of those of a year ago. On the other hand, the losses
are in many cases conspicuously heavy, exceeding
30% at such'prominent centres of trade and indus
try as Kansas City, Omaha, Denver, Des Moines,
Sioux City, New Orleans, Richmond, Atlanta, Mem
phis, Fort Worth, Dallas, Norfolk, Savannah,
Peoria, Akron, Seattle, Tacoma, and a host of cities
of lesser prominence. Analyzed by groups, the six
months’ totals are in every case lighter than in 1920
to a noteworthy extent, and, reflecting the lessened

112

THE CHRONICLE

activity of the second quarter of 1921, the clearings
for that period fall 3y2 billion dollars below those
for the first three months, and also show a greater
decline from 1920 than does the comparison for the
first three months.
Stock transactions on the New York Exchange in
June not only showed a moderate gain in volume
over those of May, but actually were the heaviest of
any month thus far in 1921, and almost double the
aggregate for the corresponding period in 1920. At
the same time, however, dealings were at the expense
of value, the drop in many issues having been quite
pronounced. The sales totaled 18,204,671 shares,
against only 9,354,267 shares last year, but in 1919
they reached no less than 32,860,365 shares. For the
six months, operations covered only 93,667,053
shares, against 125,197,966 in 1920, and the high
record for the half year of 176,055,746 shares estab
lished in 1901. Bonds, on the whole, were not quite
as actively dealt in as in June of 1920, but the mod
erate decline shown was due wholly to the decrease
in the volume of transactions in Liberty loan and
Victory issues, of which the turnover was only 2 14 ^
million dollars par value, against 2 5 6 ^ millions.
The dealings in railroad and miscellaneous, on the
other hand, were no less than 74 millions, against 40
millions, and State, city and foreign securities also
sold a little more freely. For the half-year the trad
ing in all classes of bonds, ascribable to the contrac
tion in sales of United States Government issues
(over y2 billion dollars), was much below the corre
sponding period of 1920— 1,545 million dollars com
paring with 2,018 millions— and was a little less
than in 1919. At Boston the share sales were smaller
than in 1920, covering for the month only 225,931
shares, against 297,253 shares, and for the half-year,
1,854,644 shares, against 3,234,722 shares. Chicago,
however, reports a heavier aggregate for the month
— 322,551 shares comparing with 254,916 shares—
but for the six months the total is only 2,371,442
shares, against 3,518,953 shares.
Canadian bank clearings, in line with earlier
months of 1921, recorded contraction in June from
the like period of a year ago, with all cities except
Winnipeg contributing to the falling off. The de
creases, however, were moderate, as a rule, and in
the aggregate for the 26 cities reporting the decline
reached 11.3% from last year, while contrasted with
1918, a gain over 9.5% is exhibited. For the six
months since January 1 the total falls behind the
high record aggregate of 1920 by 10.2%, but exceeds
1919 by 17.5%. Dealings on the Montreal Stock Ex
change in June were very much less than a year ear
lier— 197,813 shares comparing with 522,923 shares,
and the six months’ total is only 1,313,729 shares
against 2,231,109 shares.
The release from prison of several Sinn Fein lead
ers late last week caused considerable surprise, but
this week’s events have furnished the explanation.
There was a rather general inclination to regard the
release as further evidence of a pronounced change
in the policy of Lloyd George, his Governmental as
sociates and advisers in dealing with the trouble
some Irish situation. Be this as it may, the cable
advices from Dublin a week ago this morning stated
that soon after regaining their freedom the “ Sinn
Fein members of Parliament met Eamonn de Va
lera at the Mansion House here and were in private
consultation for a considerable time.” The report

[V ol. 113.

was that “ the attitude to be adopted at next Mon
day’s conference with representatives of the South
ern Unionists was under discussion.” A rumor was
said to have been in circulation that “ if all goes
well at Monday’s conference in Dublin between De
Valera and the Southern Unionists, and if De Va
lera accepts Lloyd George’s invitation to the pro
posed London conference, a truce will he agreed
upon, resulting in the immediate cessation of hostil
ities.” The London correspondent of the New York
“ Times,” in a cablegram dated last Sunday, said
that “ there are few here who believe that the day on
which America celebrates its independence will
eventually be selected as the date for commemorat
ing the inception of an Irish republic, but there will
be almost a universal feeling of relief and gratifica
tion among the British public at large if to-morrow’s
meeting is found to contain the germs of a satisfac
tory settlement of one of the gravest problems with
in the British Empire.”
Knowledge of the fact that a conference regard
ing peace measures was about to be held evidently
did not stop the disorders of the Sinn Feiners. The
Associated Press correspondent in Dublin sent out
a dispatch on the very eve of the gathering, in which
he said in p art: “ Ambushes to-day at Mora, County
Tipperary, and Tallow, County W aterford; an un
successful attempt to blow up a troop train at Celbridge, County Kildare, and other incidents on the
eve of the conference of the representatives of north
ern and southern Ireland here Monday indicate no
arrangements for a truce.” The first meeting of the
Sinn Fein leaders and Southern Unionists was held
in the historic Mansion House in Dublin on that
day. The following were present: Eamonn de Va
lera, the Irish Republican leader; Arthur Griffith,
founder of the Sinn Fein; Earl Midleton, Sir Mau
rice Dockrell, Sir Robert Henry Woods and Andrew
Jameson, Southern Unionists. The Associated
Press correspondent said that the conference lasted
three hours and that “ the members of the confer
ence were reticent regarding what took place at the
meeting, but points of agreement were reached on
the financial question and the disadvantages of par
tition.” He added that “ popular sentiment is very
hopeful of peace.” It became known that adjourn
ment had been taken until Friday. The Dublin cor
respondent of the New York “ Herald” was hopeful
and even optimistic over the results of the first
meeting. He said in part: “ The cause of peace in
Ireland made a definite step forward to-day when a
conference between the leaders of the two factions
in the south of Ireland reached several fundamental
agreements which it is believed laid a concrete foun
dation upon which negotiations for a final settle
ment of the seven-century strife can be built.” The
Dublin correspondent of the New York “ Tribune”
cabled that at the close of the conference he “ was
given to understand that complete accord was
reached by the Ulster and Sinn Fein leaders and that
De Valera will meet Premier Lloyd George in the
discussion the latter requested to solve the Irish
difficulties.”
London heard from Dublin Monday evening that
General Jan Christian Smuts, Premier of the Union
of South Africa, would arrive in Dublin the next
day “ for a conference with De Valera and other
Irish leaders.” An official announcement to that
effect was said to have been made in Dublin. The
“ Daily Mail” of London declared that “ the visit to

J uly 9 1921.]

THE CHRONICLE

Ireland of General Smuts will not be official. lie is
not an emissary of the Government, but he is going
in response to an invitation of certain Irish lead
ers.” Advices from Dublin Tuesday evening stated,
that General Smuts had arrived there and that he
was the guest of the Lord Mayor. The Associated
Press correspondent in London cabled that “ it is un
derstood here that the purpose of his visit to Ireland
is to confer with Sinn Fein and Unionist leaders of
South Ireland preliminary to the resumption of
their conference next Friday.” The London corre
spondent of the New York “ Times” noted Wednes
day morning that General Smuts “ crossed on the
way Lord Midleton, South of Ireland Unionist, who
brought to London certain impressions of yester
day's conference with De Valera which have been
conveyed to Premier Lloyd George and other mem
bers of the British Government. Sir James Craig,
Ulster’s Premier, is also en route to London, and
there is a greater spirit of hopefulness in the atmos
phere than has been known for a long time past.”
He added that “ there is, however, a long and rough
road to be trodden, it is felt here, before an Irish
settlement is reached.” The London correspondent
of the New York “ Herald” cabled Tuesday evening
that “ highest hopes of an Irish settlement were ex
pressed in Downing Street to-night, after the ar
rival in Dublin of General Smuts, Premier of the
Union of South Africa, to confer ‘unofficially’ with
South Ireland leaders, coupled with the report of
Monday’s meeting of South Ireland leaders, brought
personally to Premier Lloyd George by Lord Midle
ton, one of the Southern Unionist delegates.”
Lord Midleton was quoted in one newspaper as
saying that “ the participants in the Dublin confer
ence had no reason to be dissatisfied with what had
been accomplished.” Attention was directed by the
correspondent to the fact that “ the Imperial Con
ference adjourned for an hour this morning to en
able Mr. Lloyd George to talk with Lord Midleton,
and again for an hour this afternoon, at which time
Sir Hamar Greenwood, Chief Secretary for Ireland,
drove up in a fast motor car and rushed into the
Premier’s private office.” The New York “ Tribune”
representative in Dublin declared that “ if Ulster
will agree to the setting up of a Federal, self-govern
ing Irish State, Sinn Fein will meet Premier Lloyd
George in conference in London to arrange a settle
ment of the Irish question. It is said that this is
essentially the position of Eamonn de Valera, Presi
dent of ‘the Irish Republic,’ and his colleagues. They
will agree to give Ulster a more generous measure
of autonomy than it now enjoys, if a Federal State
within the British Empire can be set up, but are de
termined not to treat with Lloyd George on the
basis of the present Horne Rule Act. If satisfactory
assurances on this point are forthcoming from Bel
fast, De Valera will not even insist on the prelimi
nary meeting with Sir James Craig, Ulster Premier,
which he has been asking as a prerequisite to at
tendance, at any conference with Lloyd George.”
I he London correspondent of the same paper as
serted that General Smuts, before leaving for Dub
lin, was “ equipped with powers tantamount to those
of a plenipotentiary.” Do also said that “ Smuts
v '-nt to Ireland as the result of pressing invitations
from Sinn Fein, as well as Nationalist leaders, and
the confidence which he enjoys on all sides is expect
ed to prove a powerful factor in bringing early
peace.” Continuing to discuss the situation, he
tnh'd that “ in influential quarters in London it is

11*

admitted that the trend of present discussions is
toward dominion home rule for Ireland. The next
step will be the arranging of an armistice, but not
much difficulty is expected in this direction, as both
sides would welcome a cessation of hostilities, and
the British are no longer insistent that the Republi
cans surrender all their ammunition before peace
can be discussed.”
General Smuts returned to London early Wednes
day morning and later had breakfast with Premier
Lloyd George at the latter’s official residence, 10
Downing Street. The New York “ Times” corre
spondent said that “ while General Smuts had some
hopeful things to report” he had to inform the Pre
mier “ that De Valera was still arguing for an Irish
Republic and the unity of Ireland, and so long as
that continues to be the Sinn Fein leader’s attitude
there can be no possibility of agreement. The unity
of Ireland is within the compass of possibilities, and
is provided for by the Act for the better government
of Ireland. It is a consummation devoutly wished
by at least a strong majority of the British Cabinet
and by the bulk of the British electorate. But
linked up with the claim for an Irish republic, inde
pendent of and possibly antagonistic to, the com
monwealth of nations, which is the British Empire,
it ceases to be admissible, either from the British
or imperial point of view.” He added that “ General
Smuts is not disposed to take too serious a view of
this extreme demand. To begin with, an Irish re
public and Irish unity are irreconcilable hypotheses.
Ulster and the Southern loyalists would have the
complete support of England, Scotland and Wales,
and also the backing of the major portion of the
dominions in resistance to a republic. The union of
North and South Ireland is not to be achieved under
the republican flag.” Wednesday evening, at a din
ner given in his honor by the South African colony
in London, the General said that “ the Irish problem
is soluble if we all help to create a better atmos
phere and are determined to wipe out what is really
a stain on the Empire’s record.” The New York
“ Tribune” correspondent in London asserted that
“ there is every reason to expect that an armistice
will be declared this week, and that a peace confer
ence will open in London within a fortnight, if not
earlier.” In reply to questions, Premier Lloyd
George stated in the House of Commons on Thurs
day that “ he understood General Smuts went to Ire
land on Tuesday last on the invitation of Eamonn
De Valera, the Irish Republican leader,” and that
“ none of the Dominion Premiers would attend the
proposed Irish conference in London, to which Mr.
De Valera and Sir James Craig, the Ulster Pre
mier, had been invited.”
The United Press correspondent in London, in a
cablegram Thursday afternoon, announced that
“King George aqd Premier Smuts discussed the
Irish situation to-day.” In an Associated Press dis
patch from the same centre yesterday morning it
was said that “ neither General Smuts nor Sir James
Craig, the Ulster Premier, is expeetd in Dublin for
the conference in which Eamonn De Valera and
other Irish leaders will participate to-morrow.” The
correspondent added that “ it is considered improb
able that Mr. De Valera or his colleagues will go to
London in response to Premier Lloyd George’s in
vitation, unless the proposed conference there is im
proved.” The London representative of I l ie New
York “ Tribune,” on the o i l i e r hand, cabled that “ the

114

THE CHRONICLE

Irish settlement hinges on the outcome of to mor
row’s conference in Dublin between Eamonn de Va
lera, President of the ‘Irish Republic/ and Earl
Midleton, the southern Unionist leader. A t this
session, adjourned from Tuesday, the Irish leaders
will attempt again to formulate a common policy
to be followed at the proposed meeting with Premier
Lloyd George in London. A dispatch from Dublin
says that De Valera has decided to accept Lloyd
George’s invitation to a parley, but only awaits the
results of to-morrow’s discussions.” In an inter
view with the Dublin correspondent of the New
York “ Herald,” De Valera was quoted as saying in
reply to a query as to the prospects for peace that
“ it all depends upon whether the British Govern
ment really desires peace and whether it has the will
to seek a peaceful solution, which is one based on
right and justice. If it does, it will find that the
Irish people will display good-will toward their rep
resentatives.” The latest cable advices received
from Dublin last night before the “ Chronicle” went
to press, did not give the final results of yester
day’s meeting. The Associated Press correspond
ent in Dublin said that the unexpected presence
there of General Sir Nevil Macready, military com
mander in Ireland, “ created the belief among those
following the conference that a truce would be ar
ranged to-night” [last night].
Naturally the act of President Harding by which
technically a state of peace now exists between the
United States and Germany, has caused much dis
cussion both in this country and in Europe. Refer
ence is made to his signing of the Porter joint Con
gressional resolution, “ declaring peace with Ger
many and Austria, just two years and four days af
ter the ill-fated Treaty of Versailles was signed,” to
use the words of a reporter for the New York
“ Times.” The signature was attached at 4 :10 p.m.,
daylight saving time, Saturday, July 2, in the coun
try home of United States Senator Joseph S. Frelinghuysen, near Raritan, N. J. The Washington
correspondent of the “ Times,” commenting the next
day on the signing of the resolution, said that “ now
that peace is with us, nobody is in a position of
authority who appears to understand what to do
with it.” Continuing to explain the situation as he
understood it, the correspondent said: “ The rela
tions between the United States, on the one hand,
and Germany and the late Royal and Imperial Gov
ernment of Austria-Hungary on the other, will still
remain in their present unsettled condition. The
rights gained by the United States through the ar
mistice agreements with Germany and AustriaHungary and the Treaties of Versailles, St. Germaine-en-Laye and the Trianon are retained in the
language of the peace resolution signed by the Presi
dent, but as the United States has ratified none of
these treaties the enactment of the peace resolution
does not bring any actual change in the relation
ships of this Government with its former enemies.”
The Washington correspondent of the New York
“ Tribune” introduced another idea when he said
that “ direct discussions with Germany— the first
since Johann von Bernstorff was packed off to Ber
lin after the resumption of unrestricted submarine
warfare— will be the next step in the Harding peace
program. The signing by the President yesterday
of the Knox-Porter resolution, re-establishing a
state of peace, clears the way for this final touch in
restoring normal relations between Germany and

[V ol. 113.

the United States. The negotiations will result in
a treaty of amity and commerce, the kind which this
country has with nearly every country in the world
the kind that was abrogated with Russia because
of the pogroms. This treaty will contain also, ac
cording to the best information obtainable here,
clauses approving those sections of the peace resolu
tion signed yesterday, with a view to safeguarding
all American rights provided in the armistice and
in the Treaty of Versailles.” In a cablegram from
Berlin Tuesday morning it was observed that
“ American flags flew over Berlin to-day for the first
time since the American declaration of war, but the
American Mission and the German Foreign Office
have not yet been formally notified that Congress
lias concluded peace.” The correspondent said that
“ the newspapers, in the absence of the text of the
peace resolution, confine their comment to the hope
that there will be a speedy resumption of peace
time commercial relations.” Pending the receipt of
an official copy of the peace resolution, the corre
spondent said that the opinion of the German For
eign Office was summed up unofficially as follow s:
“ An intolerable situation is ended, but we do not
know what to expect, or what the peace conditions
will be— whether the United States will subscribe
to the Versailles Treaty in toto, or at all. We are
awaiting to be officially apprised of the terms of
the compromise resolution and what the next move
will be.”
Dispatches from Washington Wednesday morn
ing made it known that the afternoon before, fol
lowing his return from Senator Frelinghuysen’s
home, President Harding had summoned Secretary
of State Hughes for a conference at the White House
relative to “ the international situation and Ameri
can foreign policy as affected by the passage of the
Knox-Porter peace resolution.”
The New York
“ Times” correspondent explained the situation in
part as follows: “ With the passage of this resolu
tion by Congress the responsibility for action in the
direction of the re-establishment of peace relations
between the United States and Germany centres
more than ever on the White House Senators, who
are eagerly awaiting the next steps to be taken by
the Administration in that respect.” Continuing,
he said: “ The peace resolution merely declared
peace between the two countries, with a reservation
of Am erican. rights under the armistice and the
Treaty of Versailles, but does not actually restore
peace or restore diplomatic relations between the
two nations. That can only be achieved, it is con
tended, by some form of treaty to which Germany
will be a party on one side and the United States on
the other— some sort of a separate treaty of peace—
unless it be the intention of the President to use as
a basis for the final treaty of peace such parts of
the Versailles Treaty as the Administration might
think this country wished to retain.” Discussing the
features of the situation that must be taken up first,
he said: “ The immediate question which the Ad
ministration is considering is whether the passage
of the Knox-Porter resolution should be followed by
the issuing of a proclamation of peace by the Presi
dent. Other problems being considered by the Ad
ministration are how long the American troops shall
be held in Germany, whether a separate treaty of
commerce and amity between this country and Ger
many shall be negotiated and sent to the Senate,
and whether some parts of the Treaty of Versailles
may be used as the basis of a treaty.” According to

J uly 9 1921.]

THE CHRONICLE

the Washington correspondent of the New York
“ Herald,” President Harding “ is seeking a compro
mise between the recommendation oL Secretary
!
Hughes that an expurgated draft of the Treaty of
Versailles be resubmitted to the Senate, and the
attitude of the Senate irreconcilables who want that
treaty wholly discarded.”
The reconstruction of Austria’s finances has been
a big problem, and is still unsolved. The Paris cor
respondent of the New York “ Times” stated in a
cablegram last Saturday morning that “ the Council
of Ambassadors has addressed to the Government of
the United States a note asking if America would
agree to postpone for twenty years her claims
against the Austrian Government. These claims,
amounting to some $20,000,000, relate to food relief
advances.” He explained that “ the project of with
holding for twenty years all claims against the Aus
trian Government is the basis of the League of Na
tions plan for the financial rehabilitation of Aus
tria. England and France have agreed to postpone
their reparation claims for twenty years, and it is
understood that Italy is expected to do likewise.
England has also agreed to the postponement of her
claims for food relief advances, which amount to
about half the American claims.” Continuing to
outline the situation, the correspondent said that
“ this is not the first time the proposition has been
called to the attention of Washington. The League
has already communicated to the American ,Govern
ment the basis of the plan, expecting to get an an
swer as to the American attitude, but it is under
stood that no reply has been received. However this
note is not written on the League of Nations’ sta
tionery, but on that of the Council of Ambassadors,
on which America has a member.” M. Avenoi, the
French member of the League of Nations’ Austrian
Finance Commission, stated that “ the plan has two
main features: One is the postponement by Aus
tria’s creditors of all claims for twenty years, and
the other the adoption of fiscal reforms by the Vien
na Government.” He added that “ the Vienna Gov
ernment had agreed to the reforms the Commission
had demanded, and that it was assured that the
National Assembly would vote the necessary laws.
M. Avenoi said that if all Austria’s creditors would
agree to suspend their claims, the bank which is pro
posed would be assured of resources to carry it for
the first six months, after which it was hoped that
Austria could make her own way, inasmuch as she
would be free of pressing obligations.” Finally, he
declared, “ I have the conviction that the United
States, although it did not take part in our work,
will not press for the advances it made for food
relief.”
It became known early in the week, through dis
patches from Rome, that Signor Bonomi had ac
cepted the task of forming a new Italian Cabinet,
suceeding that of Signor Giolitti, which resigned re
cently. At that time it was expected that the new
Premier would assume the portfolio of the Minister
of Interior as well. A cablegram from the Italian
capital Tuesday morning gave the names of the
members of the new Ministry. It was headed by
Signor Bonomi, as had been forecast. The Associ
ated Press correspondent said that “ the Cabinet is
composed of the Centrist elements, Signor Bonomi
having excluded both the Extreme Lefts and Rights
and the Nationalists and Socialists.” He added

115

that the Premier would act as Minister of Foreign
Affairs temporarily, as Marquis della Torreta, who
had been appointed, had neither accepted nor re
fused the office.
The International Chamber of Commerce, which
had been in session in Paris for several days, held its
final meeting a week ago yesterday. Walker D.
Hines, formerly Director-General of Railroads in
the United States, delivered an address on “ the ne
cessity for restoration of transportation facilities.”
Various' important resolutions, having to do with
such questions as “ the alteration of the heavy bur
den on international trade through the system of
double taxation; recognition of the necessity of the
establishment of credits under Government auspices
for reconstruction of the impoverished countries of
Europe; the obtaining of a uniform international
ocean bill of lading, and a recommendation for the
abolition of export taxes on raw materials, except
in the case of certain countries which needed to im
pose the taxes to balance their budgets.” A. C. Bed
ford, Chairman of the Board of the Standard Oil
Co., was quoted in an interview with the Paris cor
respondent of the New York “ Times” as follows,
relative to the results of the meetings: “ We have
all been delighted with the success of the gathering.
Its value has consisted quite as much in an inter
change of opinion and in getting to know each oth
er’s point of view as in the formal resolutions. It
was also noticeable how much of real agreement
there was when we came down to talking things out
in the committees. There was the most frank dis
cussion, but we had little difficulty, once we under
stood each other, at reaching an agreement. I really
think as a result of all this it will be possible to get
together and co-operate heartily and effectively for
the reconstruction of world commerce.” He also
said that “ George E. Roberts, of the National City
Bank, made a particularly valuable speech, setting
forth American conditions, that did much to inform
the European representatives.”
According to a Paris cablegram to the New York
“ Herald” Wednesday morning, “ France is preparing
to order 500 locomotives of the latest type and 25,000
railroad cars from Germany.” He added that “ this
will be the first important order placed in the enemy
country since the war. The negotiations will be
concluded July 11, when the German envoys, Bergmann and Guggenheim, will resume the conferences
commenced last week.” He added that “ it is also
expected that an order will be placed immediately,
without waiting for the signing of a definite accord,
for Germany to furnish a large number of transport
able houses to be erected as samples in various parts
of the devastated regions. It is believed that, in
view of the fact that the French are preparing to pay
out another 40% of the indemnity to war sufferers,
the result will be that thousands of orders will be
placed as soon as the specimens are shown here.”
The statement of the British Board of Trade for
June reflected an increase in imports into the United
Kingdom of £1,880,000 in comparison with May of
this year and a decrease of £82,311,000 from the
returns for June of last year. British exports for
June were £4,930,000 less than for the preceding
month and £78,202,000 below June 1920. The
excess of imports last month was £42,950,000 against
£35,990,000 for May and £34,015,000 for June a

in ;

THE CHRONICLE

year ago. The figures for June and the first six
months of the year follow:
--------- -,/u
1921.

Total exports

_____

45,230,000 136.476,0(0

ixoefis imports.,__________ . _ 42,950,000

Ju/i. i lo June 30----1921.
1920.
8
572,230,000 1,034,827,833
368,860,000 637,466,292
49,000,000
135,889,152

—

1020.
£
£
niportd-________________ . . . 88,180,000 170,491,100
.ritUh exports___________
38,150,000 116,352,000
----------------. . . 7,080,POO 20,124,000
exports

34,015,000

418,520,000

773,355,444

153,710,000

261,472,389

The British Treasury statement of national
expenditures and revenues for the thirteen weeks
beginning April 1 and ending July 1, the first quarter
of the fiscal year, showed that expenses totaled
£271,420,000, while revenue was only £204,108,000,
thus leaving a deficit of £07,252,000. It should
be explained however that this deficit has been met
by the issuance of Treasury bills, the total outstand
ing at present being £l ,221,647,000, also by temporary
advances which now amount to £152,324,000. The
floating debt on July 1 stood at £1,373,971,000, or
an increase since March 31 of £98,641,000. Various
interpretations are being placed upon the action of
the Government in placing six months’ Treasury bills
again on sale at the Bank of England. Some declare
it indicates a further lowering in the Bank of England
rate, while others assert that it portends the tightening
of monetary conditions. The Treasury’s estimate
is that the recent coal strike cost the State something
like £75,000,000 in additional expenditure and while
the indirect loss in revenue cannot as jret be estimated,
it is said that there is no prospect whatsoever of a
budget surplus.
Official discount rates at leading European centres
continue to be quoted at 5 % in Berlin and Belgium;
6 % in London, Paris, Rom e and M adrid and 43^%
in Holland and Switzerland. Cable advices from
Copenhagen and Christiania under date of July 5,
state that the bank rate of the Banks of Denmark,
Sweden and N orway have been lowered to 6 % , as
against the previous rate of 6^4%. In London the
private discount rate is easier for short bills, beingnow 5 % , comparing with 6 % a week ago. Ninety
days, however, are quoted at 5^g% , against
5 % % a week ago. M oney on call has ruled around
4M%> against 4 % the previous week.
A further small increase in gold, namely £2,356,
was shown by the Bank of England statement,
although total reserve was again reduced, this time
£100,000, owing to continued expansion in note
circulation. The increase in this respect totaled
£102,000, bringing up the total of notes in circulation
to £129,108,000, against £122,743,815 last j^ear and
£79,595,430 in. 1919. The proportion of reserve to
liabilities, furthermore, fell to 11.90% , in comparison
with 12.10% a week earlier. Public deposits in
creased £4,424,000, but other deposits were cut
£2,698,000. Loans on Government securities regis
tered an expansion of £2,596,000, although loans on
other securities declined £725,000. The Bank’s
stock of gold on hand aggregates £128,369,083. A
year ago it stood at £120,737,702 and in 1919 £88,670,445. Reserves total £17,710,000, which com
pares with £16,443,887 in 1920 and £27,525,015 the
preceding year. The loan total is £85,101,000, as
against £83,894,614 and £83,335,770 one and two
years ago, respectively. N o change was announced
in the Bank’s minimum discount rate, which remains
at 6 % , the same as a week ago. Clearings through

[ V ol . 113.

the London banks for the week were £859,230,000.
Last week the total was £597,629,000 and a year ago
£799,899,000. W e append herewith a tabular state
ment of comparisons of the different items of the
Bank of England return:
B A N K OF H X G IA S O 'H COVIPABTIVIC S T A T E M E N T .
1921.
1919.
1920.
1918.
1917,
July 6,
J uly 7.
July 9,
July 10.
July 11.
£
£
£
£
£
Circulation________ 129,108,000 122,743,815 79,595,430 55,093,210 39,930,070
Public deposits_____ 19,720,000 17,886,048 24,794,687 38,343,481 42,087,527
Other deposits_____ 129,041,000 117,035,455 2 0 5 , 316,035 140,419,130 126,103,441
Covornm't securities 63,798,000 52,424,853 136,945,806 57,378,032 45,465,501
Oder securities___ 85,101,000 83,894,614 83,335,770 109,922,060 108,600,131
Reserve notes & coin 17,710,000 16,443,887 27,525,015 29,335,891 31,952,043
Cola and bullion. - 128,369,033 120,737,702 88,670,445 05,968,101 53,432,111
Proportion of reserve1
to liabilities_____
11.90%
12.18%
12.30%
16.40%
19%
Bank ra te.. ______
6%
7%
5%
5%
5%

The Bank of France continues to report small gains
in its gold item, the increase this week being 187,000
francs. Aggregate gold holdings now stand at
5,520,505,200 francs, comparing with 5,588,511,896
francs on the corresponding date last year and with
5,556,052,041 francs the year before; of these amounts
1,948,367,056 francs were held abroad in 1921 and
1,978,278,416 francs in both 1920 and 1919. During
the week silver gained 236,000 francs, while advances
rose 79,169,000 francs. On the other hand, bills dis
counted fell off 155,779,000 francs, Treasury deposits
dropped 07,029,000 francs and general deposits were
reduced 81,191,000 francs. Note circulation for the
first time in several weeks registered an expansion,
the amount being 244,993,000 francs. This brings
the total outstanding up to 37,667,080,000 francs,
contrasting with 38,012,119,265 francs at this time
last year and with 35,007,822,980 francs in 1919.
On July 30 1914, just prior to the outbreak of war,
the amount was only 6,683,184,785 francs. C om 
parisons of the various items in this week’s return
with the statement of last week and corresponding
dates in 1920 and 1919 are as follows:
B A N K OF F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
C h a n g es
for Week.
Gold Holdings—
Francs.
In France________ Inc.
1S7.000
Abroad___________
N o change
T o ta l___________ Inc.
Silver_____________ Inc.
Bills discounted___Dee.
Advances . . . ......... Inc.
Note circulation...Inc.
Treasury deposits.Dec.
General deposits..Dec.

--------------------- Status as of---------------------July 7 1921.
July 8 1920.
July 10 1919.
Francs.
Francs.
Francs.
3,572,138.144 3,610,233,4S0 3.577,773,625
1,948,367.056 1,978,278,416 1,97S,27S,416

187,000 5,520,505,200 5,588.511,896 5,556,052,041
236,000
274,562,495
247,447,335
301,999,201
155,779,000 2,746,690,298 1,822,834,707
874,948.013
79,169,000 2,287,305,000 1,970,699,650
975,260,645
244,993,000 37,667,080.000 38.012,119,265 35,007.822,9S0
67,029,000
22,932,000
52,285,572
73,679,994
81,191,000 2,689,365,000 3.40S,105,394 3,185,996,567

The Imperial Bank of Germany in its statement,
issued as of June 28, showed even more drastic
changes than the preceding returns of that institution,
and advances and declines of staggering amounts in
some of the principal items were recorded. Bills
discounted registered the huge expansion of 15,076.700.000 marks, deposits increased 9,279,800,000
marks while Treasury certificates were reduced
2.165.798.000 marks. One very unfavorable feature
was the expanding of note circulation to the extent of
3.334.382.000 marks. These changes were said to be
traceable not only to the half-yearly settlements but
to financing operations incidental to reparations
payments. Notes of other banks declined 2,987,000
marks, advances 121,564,000 marks and other
securities 113,754,000 marks. Other liabilities in
creased 82,468,000 marks and investments 24,168,000
marks. Gold was reduced nominally 1,000 marks,
while total coin and bullion increased 005,000 marks.
Total gold holdings are now reported at 1,091,503.000
marks. Last year live amount held was 1,091,080.
000 marks and in 1919 1,110,400.000 marks
Note

J u ly 9 1921.]

THE CHRONICLE

117

circulation has reached the stupendous total of sence of large offerings of new issues. A group of bank
75.321.095.000 marks, which compares with 53,- ers did put out $25,000,000 Canadian National Rail
975.180.000 marks in 1920 and 29,968,360,000 marksways bonds, but otherwise the individual amounts
were small. The opinion was expressed in investment
the year before.
circles that if new issues of any account were held
The Federal Reserve Bank statement, issued at off the market for several weeks more those already
the close of business on Thursday, showed that while in the hands of dealers would be pretty well cleared
for the whole system gold reserves increased $16,000,- up. The buying was represented as being largely
000, gold holdings of the New York Bank declined of an investment character. The demand for the
nearly $40,000,000. There was moreover an expan semi-speculative issues was relatively light. A
sion in the borrowings from the banks, both locally favorable impression was created in railroad and
and for the system, $38,000,000 in the first mentioned banking circles by the announcement of Secretary
and $29,000,000 in the latter. Federal Reserve of the Treasury Mellon that during .the next six
notes in circulation increased $37,000,000 for the months the Government would pay in the neighbor
twelve banks and $13,000,000 for the New York hood of $500,000,000 to the railroads. If Mr.
institution. The reserve ratio was only slightly Dawes can carry out his plans relative to a budget
changed, the gain in gold offsetting the increased system for the Government its finances at the end
deposits and note liabilities, so that the figure is of the present calendar year should be in a consider
now 60.0%, against 60.8% a week ago, but for the ably stronger position than they are now. ' It was
New York Bank the heavy cut in gold reserves served gratifying to note that the Government already finds
to draw down the reserve ratio to 66.8%, in compari itself able to retire a further amount of its indebted
ness. Industrial corporations continue to omit
son with 70.7% in the week previous.
dividends, even on their preferred shares. This will
Last Saturday’s statement of New York Clearing lessen the amount of their outgo and likewise the
House banks and trust companies reflected the 1st funds of investors to put back into securities. The
of July operations and showed some striking changes. withdrawals by the Government from local institu
Surplus was cut more than $16,000,000, while there tions this week were fairly large.
was an expansion in net demand deposits of $60,884,000, bringing the total up to $3,754,330,000, which is
As to the detailed money rates, loans on call this
exclusive of Government deposits amounting to $170,- week ranged between 5]/£ and 6%. A week ago the
650,000. The last-mentioned item represents a con range was 5 @ 6 % . Monday was a holiday (Inde
traction of no less than $51,661,000 and is proof of pendence Day). On Tuesday the high was 6%,
the heavy Government withdrawals, but also explains which was also the renewal rate, with the low 5]^% .
the growth in mercantile deposits, the money having On Wednesday and Thursday a flat rate of 5)^%
been checked out by the Government. Two weeks prevailed, this haying been the high and low and rul
ago Government deposits totaled $243,151,000. ing figure on each day. On Friday, while renewals
Net time deposits increased $574,000, to $221,327,- were still put through at 5)^% , the low figure, at the
000. Cash in own vaults of members of the Federal close the rate advanced to 6% . Funds on call were
Reserve Bank declined $7,318,000, to $69,496,000, in liberal supply and in the outside market loans were
(not counted as reserve), while member banks again negotiated at 4)^ and 5% during the latter part of
reduced their reserves with the Reserve Bank, this the week. The figures here given apply to mixed
time $7,970,000. Reserves of State banks and trust collateral and all-industrial securities without differ
companies in own vaults fell $270,000, but reserves entiation. For fixed date maturities, the situation
of these same institutions kept in other depositories has improved, and as predicted last week, funds are
expanded $42,000. As a result of the growth in available in larger amounts than for quite some time.
deposits and the drawing down of member bank As a result all periods from sixty days to six months
reserves, surplus decreased $16,156,830, and the total are now quoted at 6%, as against 6 H % for sixty days
of excess reserves is now $10,211,760, which com to four months and 6 @ 6 ^ % for the longer maturi
pares with $26,368,590 the previous week and $53,- ties a week ago. It should be noted, however, that
425,650 for the corresponding week of 1920. Loans the volume of business is still comparatively light and
were cut $13,723,000. The above figures of surplus the market is called quiet; transactions were esti
are based on reserves above legal requirements of mated at between $3,500,000 and $4,000,000. Bank
13%, for member banks of the Federal Reserve ers attribute the relaxing in monetary conditions to
system, but do not include cash in vault amounting the return of July 1 payments to the banks.
to $69,496,000 held by the Clearing House banks on
Commercial paper has been in fair demand and here
last Saturday.
also a lowering in rates has taken place. Sixty and
ninety days’ endorsed bills receivable and six months
As was predicted last week, money was in larger names of choice character range between 6}/± and
supply following the July 1 disbursements. Call Q}/2%, in comparison with 6 ^ @ 6 % % , the quota
money was quotably lower. Not much change in the tions previously current . Names not so well known
open quotations for time money was reported, but require 6 ^ @ 6 ^ % , against 7% last week. Sales
borrowers said that two of the most conservative fi of New England mill names constituted a feature of
nancial institutions in this city offered four months the week’s business. Country banks continue the
funds on all-industrial collateral at 6% . The official principal buyers. An improved demand is reported
quotation did not drop below 6)/£%. The investment for high-grade names.
houses said that the demand for bonds, particularly
Banks’ and bankers’ acceptances moved briskly
Government and railroad issues, was materially better and both local and out-of-town institutions were in
than at any time for several weeks. This was attribut the market on the buying side to a larger extent than
ed to the return to regular channels of the July 1 inter for quite a while. Private investors again took
est and dividend money and also to the continued ab active part in the dealings. This, of course, was the

THE CHRONICLE

118

natural sequence of the relaxation in the call market,
and rates were lowered about
1 ^ for prime eligi
ble bills, also for eligible bills for delivery within
thirty days. For call loans against bankers’ ac
ceptances, the posted rate of the American Acceptance
Council continues at 5 % % . The Acceptance Coun
cil make the discount rates on prime bankers’ ac
ceptances eligible for purchase by the Federal Reserve
banks 5% bid and 5% asked for bills running 120
days; 5Vo(S>5H for ninety days; 5%(di5% for sixty
days, and 5 % @ 5 % for thirty days. Open-market
quotations follow:
SPOT D ELIVERY.
90 Dayst.
Prime eligible bills-......................................................5>£@5 %

60 Days.
5 H @ 5 'A

30 Days.
5 H © 5 )4

FOR D ELIVERY W ITH IN TH IR TY DAYS.
Eligible member banks__________ __________________________ ______— 5^s bid
Eligible non-member banks.............................................. ................................................. 5 % bid
In e lig ib le biin k b ills ...........................

................................................................. ..................... 6 M b id

There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF TH E FEDERAL RESERVE BANKS
IN EFFECT JULY 8 1921.

F e d e r a l R e s e rv e
Bank o f—

Boston________________

New York...........................
Philadelphia.............. .........
Cleveland____________
Richmond_______ ____
A tlanta______________
C hicago..............................
St. Louis..............................
Minneapolis........................
Kansas City__________
D allas................... ...............
San Francisco________

D is c o u n te d
b i l l s m a lu H n o
w ith in 90 d a y s (i n c l u d i n g
m em b er banks
1 5 -d a y c o l  B a n k e r s '
accep
la te r a l n o t e s ) s e c u r e d b y —
ta n ces
T rea su ry
O th er
d i s c ’ ed
L ib e r ty
n o tes a nd
w ise
fo r
bonds
m em ber
c e r t if i c a t e
secu red
and
V ic to r y
banks
o f in d eb t
and
u n secu red
ed n ess
n o te s

6
6
6
6
6
6
6
6
6
6
6
6

8
6

5H

6
6
6
6
6
6
6
6
6

6
6
6
6
6
6
6
6
6
6
6
6

o'

6
6

0

M
«

•

6
6
6
8
6
8
6

X

A o r ie n tlu r a l a n d
T rad e
liv e - sto ck
accep
p ap er
ta n ces
m a tu r in g m a tu r in g
91 to 180
w ith in
days
90 d a y s

6

8

8
6
6
6

6

0
0
6

8
6

OH

OH

6

6

OH

OH

6
6
0

6
6
6

X o t e .—Rates shown for Kansas City are normal rates, applying to discounts not
in excess of basic lines fixed for each member bank by the Federal Reserve Bank.
Discounts in excess of the basic line are subject to a 1 % increase in the discount
rate for the first 100% by which the amount of accommodation extended exceeds
the basic line, and thereafter to an increase of 2 % .

The sterling exchange market has experienced a
dull and relatively uneventful week and rate vari
ations have been confined to about 2 cents in the
pound in either direction, though the trend has been
towards slightly lower levels, and the undertone was
weak during most of the time. It was a broken
week on account of the Independence holidays and
trading has been dull to the point of stagnation, with
the market on some days all but motionless. Conse
quently the volume of business transacted has been
exceptionally small. At the opening demand bills
sold at 3 72% ; later there was an advance to 3 73%,
but before the close the quotation had sagged off to
3 69% , with the final rate 3 69% .
While it was asserted by some bankers that dis
appointment and uneasiness over the tariff outlook
had been partly responsible for the depression and
lack of buying power, the consensus of opinion
seemed to be that this had exercised little more than
a sentimental influence, since not a few confidently
believe that important modifications and changes
will be made before the Fordney tariff bill is enacted,
and that in any event passage of the measure is still
a good way off. The explanation most generally
accepted for the prevailing inactivity and loweringin price levels is that it emanates almost entirely
from London, which is still the dominating factor
in exchange affairs, and is mainly due to the aftermath of the protracted and costly strike of the

[V ol.

113.

British mine workers. The crippling effects of the
partial stoppage of trade and transportation for a
period of three months is beginning to be realized,
and many prominent financiers predict that it will
be some little time before the losses are retrieved
and British industry is once more on the road to
complete recovery. An additional factor in causing
hesitancy on the part of large operators is the un
settlement caused by the Irish situation and the dis
position is still to await improvement in the general
outlook before adventuring upon new undertakings.
Announcement that Great Britain was arranging
for the payment of maturing United Kingdom of
Great Britain and Ireland 5 % % notes was without
appreciable effect on actual quotations, since it is
understood that the British Government has on hand
sufficient funds in this country to retire the whole
amount. Offerings of commercial bills, as has been
the case in recent weeks, were at no time excessive,
but the lack of buying power was so marked as to
bring about a lowering of rates with each attempt to
sell. Talk is heard in various quarters of the placing
of new foreign loans, but confirmation is still lacking.
Reports are also being circulated of a large loan soon
to be placed in this market by Germany, now that
peace has been signed. In a majority of instances,
however, the feeling appears to be that the transition
from a technical state of war to a peace basis is un
likely to have any very pronounced influence upon
actual dealings between this country and the former
German Empire. Readjustment of international
trade relations with the assurance of satisfactory
credit arrangements are the vital elements of a resto
ration to normal exchange conditions. To sum up,
the market is still in a waiting mood and disinclined
to take chances in the absence of more reassuring
developments.
Referring to the day-to-day rates, sterling exchange
on Saturday last was a trifle easier and demand
declined fractionally to 3 72% @ 3 73, cable transfers
to 3 7 3% @ 3 73% and sixty days to 3 67% @ 3 67%;
trading was exceptionally dull, with the market at
a standstill much of the time. Monday was a
holiday (Independence Day.) Inactivity was the
chief characteristic of Tuesday’s dealings, although
prices were maintained and the range was 3 7 2 % @
3 7334 f©r demand, 3 72% @ 3 73% for cable trans
fers and 3 6 6% @ 3 67% for sixty days. On Wednes
day weakness developed; London sent lower quota
tions and demand sterling rates here declined to
3 7 0% @ 3 71% , cable transfers to 3 71@3 72% and
sixty days to 3 65% @ 3 6 6 % . Trading was if
anything even duller on Thursday and there was a
further recession to 3 7 0% @ 3 70% for demand,
3 70% @ 3 71% for cable transfers and 3 65 and
3 6 6 % for sixty days. On Friday the market ruled
quiet and weak with demand down to 3 6 9% @ 3 70% ,
cable transfers at 3 7 0% @ 3 71% and sixty days at
3 6 4% @ 3 65%. Closing quotations were 3 64% for
sixty days, 3 69% for demand and 3 70% for cable
transfers. Commercial sight bills finished at 3 69% ,
sixty days at 3 62% , ninety days at 3 6 0 ) 2 . documents
for payment (sixty days) at 3 62% and seven-day
grain bills at 3 69%. Cotton and grain for payment
closed at 3 68)4 • Gold arrivals included consignments
from a variety of sources. The Aquitania brought
81,500,000 from London, the French liners France
and La Lorraine, approximtely $10,000,000, a small
consignment of Turkish gold coins, also some ingots,
being part of the cargo of the latter vessel; and S

J uly 9 1921.]

THE CHRONICLE

packages of gold involving’ a considerablelamount on
the Nieuw Amsterdam from Rotterdam AR Smaller
lots were received as follows: 6 packages^of gold on
the Morro Castle from Progreso, 2 packages on the
King Alexander from Patras, 20 boxes on the Tecla
from Buenaventura, 24 bars and 2 cases on the
Hellas from Colombia and 2 chests on the F. J.
Luckenbach from Rotterdam. Shipments of the
precious metal are expected on the Carmania, the
Mauretania, the Olympic and the Lapland, now en
route.
Trading in the Continental exchanges was likewise
dull and featureless, with very little activity in any
direction. Most operators continue to evince a
strong disinclination to entering upon important
commitments under present unsettled conditions.
The feeling seems to be growing in some quarters
that while the reparations problem has in a measure
been removed as an active market factor, the outlook
for prolonged tariff uncertainties and failure to
satisfactorily adjust international trade relations is
likely to prove quite as unsettling in its potentialities,
and it would not be surprising if frequent sharp
fluctuations were witnessed, with the tendency in
some instances to materially lower price levels. Fur
thermore, preparations on the part of the German
Government from time to time to meet reparations
payments is almost certain to depress currency
values; also, in the course of the next few weeks sell
ing of grain and cotton bills incidental to the cropmoving season. As against this, it should be noted
that financial and economic conditions abroad are
slowly but steadily improving; that is, in the case
of the leading European nations, and that there is
very little likelihood of the impending tariff bill
passing in anything like its present form. What
may go far toward preventing drastic reductions
for the time being is the small volume of exports
passing.
Individual movements in rates on the Continental
centres were not significant. French and Belgian
francs moved within narrow limits, namely, 7.83@
8.08 and 7.80 and 8.05, respectively. Lire were
somewhat irregular, declining 12 points to 4.7734?
recovering to 5.03, only to relapse to 4.73, all on
light trading. German exchange was in neglect and
prices were not materially affected by the Adminis
tration’s signing of peace terms, and marks sold at
about 1.36 for checks, with a decline in the latter part
of the week to 1.3134 on freer offerings. Austrian
kronen remained at very close to the low levels of last
week, closing at 00.15, while exchange on the midEuropean Republics moved generally parallel to other
Continental currencies. Greek drachma were heavy,
breaking at the close to 5.65, on unfavorable po
litical developments. Polish marks remain at
the sensationally low levels recently current,
being quoted nominally at around .0534. Recent
dispatches from Warsaw state that Polish exchange
has fallen at that centre more than 500 points in the
space of two days, and the financial crisis is said to
have reached such a stage that the Polish Diet is con
sidering emergency measures. The American dollar
has been selling at 2,530 Polish marks. The drop,
which is in the face of splendid crop prospects and a
healthy state of industries, is said to be due to the
decline in remittances from America, resulting from
less favorable employment conditions among PolishAmerieans in this country, who for the past two years

119

or more had been sending to the homeland on an aver
age of $9,000,000 per month.
The official London check rate on Paris finished at
46.63, in comparison with 46.63 last week. Sight
bills on the French centre closed at 7 9234? against
8.01; cable transfers 7.9334? against 8.02; commercial
sight bills at 7.9034? against 7.99, and commercial
sixty days at 7.8434? against 7.93 in the preceding
week. Closing quotations for Antwerp francs were
7.7834 f°r checks and 7.7934 for cable transfers, com
paring with 7.96 and 7.97 a week ago. Reichs
marks finished at 1.32 for checks and 1.33 for cable
transfers. Last week the close was .1.3334 and
1.3434- Austrian kronen closed at 00.15 for checks
and 00.16 for cable transfers, against 00.1534©
00.1634
week previous. For lire the final range
was 4.7334 for bankers’ sight bills and 4.7434 for
cable remittances. This compares with 4.90 and
4.91 last week. Czecho-Slovakian exchange fin
ished at 1.33%, against 1.35; Bucharest at 1.48,
against 1.51; Poland at 534? against 4%, and Fin
land at 1.70, against 1.75 a week earlier. Greek
exchange closed at 5.65 for checks and 5.70 for cable
transfers, in comparison with 5.80 and 5.85 a week
ago.
There is nothing new to report in the former neutral
exchanges. Trading was dull and lifeless and
movements for the most part unimportant. Guild
ers received somewhat better support and early in
the week advanced fractionally to 33.15 for checks,
only, however, to recede later on to 32.55. Swiss
francs followed a similar course and after an advance
to 16.96, sagged off to 16.75. Scandinavian ex
change displayed some irregularity but without
pronounced variation. Spanish pesetas opened firm
and moved up fractionally to 13.10 for checks, but
followed the course of the other exchanges and after
a while dropped back to 12.75.
Bankers’ sight on Amsterdam finished at 32.55,
against 32.85; cable transfers at 32.60, against 32.90;
commercial sight bills at 32.50, against 32.80, and
commercial sixty days at 32.14, against 32.44 a
week ago. Swiss francs closed at 16.75, for bankers’
sight bills and 16.76 for cable transfers, as compared
with 16.81 and 16.83 last week. Copenhagen
checks finished at 16.48 and cable remittances at
16.53, against 16.82, and 16.85. Checks on Sweden
closed at 21.65 and cable transfers 21.70, against
21.90 and 21.95, while checks on Norway finished
at 13.94 and cable remittances 13.96, against 14.20
and 14.25 a week earlier. Closing quotations for
Spanish pesetas were 12.83 for checks and 12.85
for cable transfers, which compares with 12.93 and
12.95 the preceding week.
With regard to South American exchange, further
sensational losses have taken place and the check rate
on Argentina established a new low of 29.62%,
with cable transfers 29.75, against 30.12 and 30.25
last week. Brazil was also lower, receding to 10.50
for checks and 10.6234 for cable transfers, comparing
with 11.12 and 11.20 a week ago. Chilian exchange
was heavy' but closed at 10.6234? against 10.50,
while Peru finished at 3.90 against 3.94.
Far Eastern exchange was favorably affected by
the improvement in silver prices and for a time Hong
Kong and Shanghai currency moved up to 51% and
70% respectively; with the close 50@50% for the
former and 7034@70% for the latter. Yokohama
finished at 48@48%? against 48% @48% ; Manila,

THE CHRONICLE

120

[V

ol.

113.

40(u
(unchanged); Singapore, 45@45,1i , against
45(u 15 C ; Bombay 241.1(u/241•, against 2 4 ^ @ 2 5 )^ ,
>
and Calcutta 2 tG (u 2 tN , against 25(0,201

CABLE

B U Y IN G R A T E S F I X E D B Y F E D E R A L R E S E R V E
J U L Y 1 1921 T O J U L Y 7 1921, IN C L U S IV E .

Country and, M onetary U n it.

BANK.

N oon Buy lay Hale for Cable T ransfers in New Y ork .
Value in United States M oney.
Ju ly 1.

Ju ly 2.

Ju ly 4.

EUROPE—
* Austria, k ron e.
...
.001644 .001613
Belgium , franc______
.0797
.0795
Bulgaria, l e v . _
______
.0108
.0108
.0136
C z e c h o s lo v a k ia , krone __ .01344
.1682
D enm ark, k ron e____
1675
3.7335
England, p o u n d ______ __ 3.7335
.0166
0162
Finland, markka ...............
.08023
.08017
France, franc ____________
.01347
G erm any, reichsm ark____ .01344
.0588
.0583
Greece, drachm a. . ______
H olland, florin or guilder
.3283
.3288
.0038
.00371
H ungary, k ron e__
.04012
Italy, lira ............ ................. .0492
.0067
Jugoslavia, krone _____ _ .00674
.1419
.1423
N orw ay, krone____ _
Poland, Polish m ark_
.00045
.0005
.1291
Portugal, e scu d a __________ .1278
.01511
.0151
Rum ania, leu ....... _
r— Rucsia, ruble- . . _________
Serbia, d in a r_ _____ . _ _ _. .0272
,0272
.1294
Spain, peseta______________ .1294
.2190
Sweden, krona _ __ _ _
.2194
.1684
.1684
Sw itzerland, franc _ _
A S IA —
H ongk on g, dollar _ __ . .4938
.4916
Shanghai, M exican dollar. .4833
.4874
.6610
Shanghai, ta el_____________ .6634
_______
Tientsin, Peiyang d o lla r ._
India, rupee
.479292
.47908
Japan, ye n . _
.32
Java, florm or gu ilder_____
.3175
M anila, p e so _____
.4250
Singapore, dollar - ______
. .42
N O R T H A M E R IC A —
Canada, dollar. _ . _ _ _ .877292 .879167
.989792 .9888125
C uba, peso______ .
.491458 .4917
M exico, peso.
.
S O U T H A M E R IC A —
.6801
A rgentina, peso (g o ld )____ .6806
B olivia, B o livia n o_________
.10661
Brazil, milreis __________ .1062
Chile, peso _ . _
Colum bia, dollar__________
—
E cu a d o r. sucre______ i ___
Peru, lib ra .
.6299
U ruguay, peso_____________ .6326

J u l y 5.

Ju ly 7 .

.001675 .0016
.00171
.0785
.0783
.07943
.0109
.0107
.0109
.013594 .01338
.0134
.1682
.1676
.1674
3.73
3.712625 3.711
.0171
.0169
.0168
.079345 .079485
.08009
.01324
.01342
.013265
.0581
.0562
.0562
.3271
,3268
.00373
.003695 .00373
.04903
04796
.048235
.00671
.0067
.006715
,1415
.1412
L418
.0005208 .000531 .000588
.1285
.13
.12881
.0151
.014975 .01479
S -i.
0273
.027i
0269
.1280
.1289
.1278
.2175
.2178
.2181
.1679
. 1678
.1683

IIQ L IDAY

.4976
.4888
.68

__

.4238

__

.4952
.4908
.6785
____
.23625
.4788
.3192

.4895
.4855
.6652

.23708
.47925
.3167

__

B_

Ju ly 6.

.4225

.4225

_

.882708 .8796875
.99004
.989835
.491042 .4892

__

.2350
.47908
.3192

_

.879792
.9884
.48792

.6758

Ngr .

.6709

.6654

.1052

__

.10421

.1032

—

.6296

—

__
—

.6257

.62133

* M a y 6: Austria, inland krone, .0016; April 13 1921, .0016792

The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $7,932,089 net in cash as a result of the cur
rency movements for the week ending July 7.
Their receipts from the interior have aggregated
$8,762,534, while the shipments have reached $830,445, as per the following table:
C U R R E N C Y R E C E IP T S A N D S H IP M E N T S B Y N E W Y O R K
I N S T IT U T IO N S .
W eek ending July 7.
B ank s’ interior m ovem en t _ _

Into
Banks.

Out o f
Banks.

S3.762,534

B A N K IN G

Gain or Loss
to Banks.

$830,-445 Gain $7,932,089

As the Sub-Treasury was taken over by the Fed
eral Reserve Bank on Dec. 6, it is no longer possible
to show the effect of Government operations on
the Clearing House institutions. The Federal Re
serve Bank of New York was creditor at the Clear
ing House each day as follow s:
D A IL Y C R E D IT B A L A N C E S OF N E W Y O R K F E D E R A L R E S E R V E B A N K
A T C L E A R IN G H O U SE .
Saturday,
July 2.

M onday,
July 4.

$
61,800,000

S
H oliday

Tuesday,
July 5.

Wednesday,
July 6.

Thursday,
July 7.

Friday,
July 8.

Aggregate
fo r W eek.

$
S
S
$
$
76,400.000 45,900,000 58,700,000 57,000,000 Cr. 299,800.000

The foregoing heavy credits reflect the huge mass
of checks which come to the New York Reserve Bank
from all parts of the country in the operation of
the Federal Reserve System’s par collection scheme.

Germ any
Aus .-Hun
S p a i n ____
Ita ly . . . .
N e th e r! ds.
N at. B elg.
Sw itz’land.
Sweden Denm ark .
N orw ay __

03
c
rt>

c
0
3

These large credit balances, however, show nothing
as to the results of the Reserve Bank’s operations
with the Clearing House institutions. They repre
sent only one side* of the account, as checks drawn
Rursiuuit to the requirements of Sec. 403 of the upon the Reserve Bank itself are presented directly
Emergency Tariff Act of M ay 27 1921, the Federal to the bank and never go through the Clearing
Reserve Bank is now certifying daily to the Secretary House.
o the Treasury the buying rate for cable transfers
The following table indicates the amount of bul
on the different countries of the world. We give
lion in the principal European banks:
below the record for the week just past. The Federal
Reserve Bank does not proclaim the rates until the
July 7 1921.
July 8 1920.
morning of the following day, and therefore the latest
Gold.
Silver.
Total.
Gold.
Silver.
Total.
i
figures it is possible to include in our table are those
£
£
£
£
£
£
______ 128.369,083 120,737,702
England - - 128,369,083
for Thursday noon, announced on Friday:
France a - 142,885,526 10,960,000 153,845,526 144,409,339
9,890,000 154,299,339
54,578,150
560,250 55,138,400 54.581,656
187,950 54,769,606
10.944,000
2,369,000 13,313,000 10,944,000
2,369,000 13,313,000
99,509,000 24,902,000 121,411,000 98,102,000 24,822,000 122,924,000
33,048,000
3,000,000 36,048,000 32,190,000
3,003,000 35,193,000
50,580,000
1,028,000 51,608,000 53,025,000
1,158,000 54,183,000
10,662,000
1,535,000 12,197,000 10,659,000
1,049,000 11,708,000
21,760,000
4,431,000 26,191,000 21,324,000
3,466,000 24,790,000
_______ 15,635,000 14,498,000
15,635,000
14,498,000
12,642,000
154,000 12,792,000
205.000 12,847,000 12,638.000
8,115,000
8,115,000
8,120. ()()()
8,120,000
—
..........

T otal week 588,727,759 48,990,250 637,718,009 581,228,697 46,098,950 627,327,647
Prev. week 588,696,973 48,726,500 637,423,473 578,340,378 45,661,600 624,001,978
a G old holdings of the Bank of France this year are excluslve*of
held abroad.

£77,934,082

ADJUSTING THE DEBT OF THE ALLIES TO
THE UNITED STATES.
The era of sentimentalism is past— whatever
may be said of idealism. The cold realities of the
consequences of war have settled down upon every
people. For ourselves we cannot now separate our
motives and sa y : this we did in defense of rights
contravened on the high seas— that we did to
make the world “ safe for democracy.” The fight
ing is over, peace is actually declared, but the war
remains with us in its costs and burdens, and will
so remain for more than a generation. Every peo
ple knows this— some feel it far more sensibly than
our own. Complete acceptance of the static condi
tions that now obtain, like acceptance of the uni
verse, is a test that amounts almost to a religious
ritual. Payment of the debt of the Allies to the
United States cannot be waived. In justice to our
selves and to the coming generations we have no
more right to cancel this obligation than the debtor
nations have to ask for its gratuitous extinguish
ment in justice to their own morals and maintenance
of friendly relations.
But every code of justice must include the qual
ity of mercy. In this case quality means leniency.
This debt of a little more than ten billions of dollars
in its final sum should be put into fixed form. Time
of payment should be extended in accordance with
the ability of peoples to pay— consideration being
given to their present circumstances. The rate of in
terest in contemplation of the long period to run
should, we believe, be slightly lower than an average
market interest rate projected over that time. And
it would be better for both parties if the whole debt
thus declared anew in negotiable form be amortized.
There should be no taint of advantage attached to
tlie terms of settlement. It may be found advisable
on conference to still further extend the time of
interest payments— at least for a few years. As to
a clearing house settlement between other countries
as to their own debts, we have not the right to in
terfere. On the contrary, for ourselves, looking at
the amounts involved and the financial standing of
the various countries, it is plainly not “ good busi
ness” that we consent to any form of substitution of
one debt for another.
The simplicity of these propositions brings u s i o
say that no discret ionan power should be vested in

J u l y 9 1921.

THE 01 IKON ICEE

any official in the adjustment that wou ld permit him
to mingle sentiment with good sense. We are facing
inexorable facts. If, as might be expected, provision
for refunding, from time to time, be included, it;
should be upon approved methods. There is .no need
for intermingling this final fixation of an honest
debt with our own financial affairs. Our own war
debt owned by our own citizens is a thing apart. We
will take care of that in good time in an independent
way. These foreign bonds thus tendered to us in
final payment, before they could be floated among
our own citizens, would have to be guaranteed by the
United States Government. It is better that they
be not thrust upon the market, guaranteed or other
wise, that our “ liberty bonds,” which present a prob
lem by themselves, be not further depressed. Talk
of “ canceling” this huge debt, rather than having it
paid in “ cheap goods,” or rather than have it fur
ther depress our domestic bond market, is not well
considered. These new foreign bonds, in fixed form
locked up in our Treasury vaults as a substitute for
the due-bills now held there, in no way will change
our present financial condition save to strengthen
it by eliminating uncertainty and easing the situa
tion for the debtor nations.
There is an old adage which individual money
loaners all accept, that, in arranging the terms of a
loan it is better to have all the quarrels “ at the be
ginning.” The rigidity of the requirements in this
preliminary settlement should not be lessened in any
degree because of what has gone before. Nor should
they be left to the future will of any man or board.
The service has been rendered— the value received
has been accepted. When this is established a debt
is a debt, no matter what the cause of its creation,
or the results of its use. W e say, again, that all sen
timentality has been squeezed out by the sobering
of time. It matters not whether a “ League” is or
is not, whether the world is saved or is not, whether
future wars wall come or will not, in the highest
spirit of helpfulness this huge sum was loaned with
the understanding that it was a loan-—and it should
and must be paid. Economic safety demands such
a course. The war has left the country with tax
burdens which, unless speedily lightened, must
prove crushing. In these circumstances we cannot
become an almoner of the world of nations, even if
we would.
THE ECONOMIC LESSON OF THE HARVEST—
THE SOVEREIGNTY OF NATURAL LAW.
Our readers, we feel, will not object if we con
tinue to draw economic lessons from “ The Harvest.”
For most of us, the “ good old summer-time” has in it
the lure of the “ vacation.” There is afforded a brief
cessation of business cares and activities. Cool re
treats invite us, the mountains and the seashore
draw us away from stifling cities. Poets tell us
it is the ever-recurring “ call of the wild.” It is not
so with the farmer; it is Ms “ busy time.” And yet
when we go “ to the country” for our rest and recrea
tion we are compelled to qualify this statement. The
farmer, too, has his leisure time, even in the sum
mer season, for he has so adapted himself to the
seasons that when the hay and the wheat are gar
nered and the corn “ laid by,” the “ dog days” may
find him at some resort for two or three weeks— at
the end of a trifling journey of two or three hun
dred miles in bis own “ machine.” And now-a-days
he has the “ machine.”

121

When we shall have attained that Utopian exist
ence pictured for us in socialism, there is going to
be one condition that will give us pause in establish
ing the vaunted equality in pursuits and posses
sions. We may establish, “ daylight saving” for our
sore striving city populations, but we cannot move
the seasons in their appointed course to conform to
our desires. The farming communities must accept
the edicts of Nature. The primal laws of original
production will not abrogate for any form of “ Gov
ernment.” As we have just said, the long-ascending
life of the “ tiller of the soil,” the agricultural ad
vance, has taught the producer the beneficence of
adjustment to environment. He may by machinery
in the fields hasten the time consumed in the an
nual gathering of the crops— but he knows the value
of the suns and showers of mid-summer and. the im
possibility of distributing his work equably through
out the year. Does it not occur, therefore, to our
theorists that one part of the equation, “ equality of
effort” for all, lies beyond our jurisdiction? Is it
not true in an economic sense that “ man proposes,
but God disposes” ?
In our own city there is a little object lesson we
might all dwell upon with good effect— the experi
mental garden in Bryant Park. There, we are
taught the laws of growth, the rotation of crops,
the values of cultivation. It is only a miniature,
but of great moment if we will expand this small
plot of earth into our national domain and consider
the larger truths it inadequately suggests. For our
own part we cling steadfastly to the principles of
individualism. W e believe firm ly that our “ form of
Government” rests upon the theory of “ limitations,”
that there are many things Government cannot do,
was not designed to do, and that true democracy im
plies freedom of initiative, of toil and enterprise,
and the ownership of property or capital as the re
ward of labor. That “ representative” democracy is
a recognition of the limitations imposed upon dele
gated authority. And when we look upon the farm
ers in their fields we discover that adaptation to en
vironment, acceptance of natural law, is not only
obeisance to the Infinite, but a religious conformity
to the “ living conditions” provided for man, which,
in itself, is a sacred form of worship to which all our
“ idealism” must bow!
The malevolent force of Trotzky and Lenin, we
are told now, has come in bitter humiliation to ac
knowledge defeat. From what we are able to learn
and conjecture their dream of “ internationalism”
has never touched the real heart of the peasantry in
the wide reaches of Russia. Cowering in terror,
perhaps, at the oncoming sweep of this terrible des
potism, they have lived on “ close to the soil,” exist
ing somehow, but existing, under an absence of law
and government, though firmly refusing to be
drawn into the deadly maelstrom of communism.
Reduced to one form of generalization, they have
again become sun-worshippers— they realize in
their abject submission to the seasons the bounty
and beneficence of Nature. They know, as few of
us know, the limitations divinely set upon “ Govern
ment,” whatever be its nature.
Machinery has worked marvelous changes in our
mode of living. The complexities of our advance in
civilizations have brought forth varied problems.
One by one “ improvements” in production and dis
tribution have come. Our whole problem of prog
ress can be summed up in tin; axiom, the largest

m

THE CHRONICLE

service to the greatest number at the least cost in
toil. But we are reminded by “ the harvest,” if we
will but reflect upon it, that we have not materially
changed the man and his environment, and that it is
still many men with many minds at many tasks that
constitute the key to all our prosperity, all our com
fort and enjoyment. Each farmer is one of the origi
nal factors, and each field. And they are what they
are.
If we cannot, then, build for ourselves a “ new
world” by the devices of Government, why do we
resist the freedom and individualism that have
brought us so far along the appointed way? We
need not, though it is an important matter, con
sider the long tendency of the National to over
shadow the State Governments in our dual system.
But these reforms and ideals that fly about us, and
fling whirlwinds of dust in our eyes, must surely
lead us to face this question: When by the growth
o f bureaucracy there is universal control of life’s
activities by a “ strong centralized Government,”
what will be the difference between that end, and
the condition of slavery superinduced by socialism?
And what then will become of the reciprocal rela
tion of city and country, factory and farm, as we
now know them ?
We are individuals, divinely constituted and di
vinely endowed. And the limitations of Government
set by the “ founding fathers” must be held as recog
nizing this unchangeable fact. They did not, there
fore, in their conception of a new form of govern
ment in a new continent, have to vision all the busi
ness complexities of a long future and provide for
them by artificial laws, for they believed them to be
under the sovereignty of natural law, which by di
vine wisdom is beneficent. Our dominance in manu
facture surely is through the application of natural
forces and powers. Summer-time and the harvest
still teaches us conformity to natural law is our
only hope of success, plenty, content. Why then
this exhaustive struggle to alter by law living condi
tions and human relations that are primally unal
terable?
THE N EW MEN, THE N EW SPIRIT AND THE
NEW DAY.
Excepting, possibly, a Presidential election,
there is no event which means so much to the coun
try as the recurring college commencements.
The graduating classes in our institutions of
higher learning, this year in the aggregate excep
tionally large, are the young people w
rho are to
mold the life of the nation in the near future. Their
temper and training are therefore of supreme impor
tance. The war, for the time being, arrested the
educational course of many of them. They re
turned to their studies bringing the impressions
which, whether they were sent abroad or not, the
war made upon them. They come out of college
sensitive to the outer world, its ideas, its problems,
its needs, as earlier graduates were not. Life can
not fail to be to them a much more serious affair.
Their responsibilities are more obviously greater,
and the question of their preparation is more im
portant. So much at least can be taken for grant
ed without reference to individual instances and
without particular inquiry.
The more evident fact this year has been the un
usual attendance of the alumni at the Commence
ment gatherings. At the ball games and the boat

[V ol. 113.

races there has always been a crow d; the real busi
ness that lies behind them, of which they are only a
flourish, is easily overlooked; but this year the
gathering of the graduates, old and young, of the
particular institution, and the keen interest they
have shown in its affairs, have been the marked fea
ture.
The war may have something directly to do with
this, for there are many tender memories. The nu
merous great “ drives” for money have doubtless
done more. Far and wide the alumni have been
called to help to secure the funds for which our col
leges have found themselves in such sudden need,
and the response has been as remarkable in its way
as the response of the public to the country’s appeal
for the great needs of the war. In this instance the
alumni, which includes, of course, the alumnae,
found themselves drawn into a new connection and
intimacy with their fellow-graduates of every class,
and, to their surprise, able to share in doing what
they never had done before and what they did not
know they could do— raise the large sum which
would give their alma mater a new life and, in fact,
set it in a new position among the colleges of the
country. It is not strange that this year college
graduates from Oregon to Maine should be moved
to come in droves to their college commencement.
This new interest of the alumni is more than a
response to the new interest of the undergraduates.
Oliver Cromwell said of his Ironsides, that he “ had
raised up a body of men who made a conscience of
what they did, and had never been defeated. Which
was a matter of no small moment to the State.”
Here, also, is the going up of a vastly greater body
of men who may be regarded as not falling far short
of “ making a conscience” of what they have done,
and are far from having ever been “ defeated.” It
may be accepted as evidence that the country is
awakening to the whole subject of education, espe
cially in the higher schools, as affecting the life of
their sons and daughters, and also as of great mo
ment to the nation.
The movement has many interesting aspects. It
means much for Democracy. It evidences a new
solidarity which began in the army and the navy,
where men discovered a new interest and even a
brotherhood in their companions whose life sur
roundings had been so different from theirs. On
this must rest the new spirit and methods which in
the relations of the management and the workmen
in industry will mark the sense of a common man
hood on which the future depends.
A new epoch has opened and a new world has
come. Problems abound. Democracy means selfexpression; the world is learning that beyond re
lease from autocracy or oligarchy it means system
and organization, and protection against anarchy
and waste. Wise leadership will be more necessary
than ever. Hence, the new interest in education.
The Nation may well ask how fit are these favored
and elect young men and women to be our leaders.
The new epoch lays hold upon the schools. The
questioning of the people is urgent.
Perhaps we may not speak with equal confidence
of the college men, but we have the best authority
for saying that the college girl is to-day a better
educated, an abler, a more serious-minded girl, than
were the girls of even 25 or 30 years ago. The older
institutions regard traditions and move slowly ; but,
in them all, courses of study long established, and

J u l y 9 1921.]

THE CHRONICLE

even those held essential for an “ educated gentle
man,” are under sharp and incessant scrutiny, not
necessarily to their disadvantage, hut more particu
larly with relation to the new demand.
The colleges, while emphasizing the value of the
cultural and spiritual side of college life, are bracing
up and quickening the pace of their established
courses under the test of visible attainment, and are
modifying their curriculum so far as to provide
courses in studies which may be regarded as underly
ing special technical training, leaving this to be sup
plied in post-graduate and special schools.
It is
probably all that the colleges, and even the universi
ties, can undertake, in view of the pressure now
upon them to supply broadly scientific and funda
mental instruction. This will obviously be their dis
tinct field.
At this point some recent words of President
Hadley are worth quoting: He says: “ The war
has for the moment, at any rate, distorted our stand
ards. It has compelled us to look too much for im
mediate efficiency rather than permanent utility;
to seek tangible effects and disregard intangible
ones. Doubly important is it to renew our supply
of tradition and inspiration, to bring home to the
students who shall live within these walls the les
sons of affection and loyalty and love of the beauti
ful which should go into the life of an ancient col
lege.
“ Not that we would crowd out the practical. The
world needs men who can do things. It needs men
who can do them in the spirit of the gentleman and
of the idealist, rather than of the materialist or the
philistine. Between these two opposing views of
life the university must make its choice. The place
that prides itself on being exclusively practical
tends to develop as time goes on an atmosphere of
blind rage against that which its inhabitants can
not See; to work for the gains of the present and
shut its eyes to the lessons of the ages. Thank God,
our American colleges in general, and Yale in par
ticular, have chosen the better part. Yale is to be, in
the providence of God, not only a happier place in
which to live for the moment, but a stronger and
more inspiring and more compelling place in which
to prepare coming generations for the work that
awraits them, whether of sacrifice or of triumphant
leadership.”
All this appeals directly to men having the means
with which to send their sons and daughters to col
lege and to give them the broadest possible educa
tion. Many of our great State universities and
some of the larger independent ones have definite
technical or vocational schools closely connected
with the university, or recognized departments of it,
over which the university has supervision and to
which it opens certain courses and extends its ad
vantages. Cornell University, with its Mechanical
and its Agricultural; Harvard and New York, with
their Business and Administrative Departments;
Dartmouth, with its Thayer and Tuck Schools, are
illustrations.
Carnegie Institute, in Pittsburgh, Pa., is perhaps
the most notable of the newer wholly vocational
schools. Its courses are so extensive, covering every
branch of business and industry, aiming to fit those
who would be teachers or superintendents of others,
as well as those who would do the actual work, and
opening courses to children from the public schools,
as well as to students of higher grades, that it would

123

seem that no one need be debarred valuable techni
cal training if preparation for daily work is really
desired. The country certainly offers abundant op
portunity for its young people, though we are still
finding much of it so new that pains should be taken
to see that the advantages be brought to the knowl
edge of those seeking it.
Distressing as was the illiteracy and general lack
of competency of the youth of the country brought
to light by the draft, there is reason for much
encouragement in the awakening that exists to
day.
UNDERSTANDING THE BANK.
The appearance of full-page advertisements in the
daily newspapers by one of our prominent banks,
setting forth the character and services of a bank as
an independent integer in business, marks a culmi
nation in bank advertising that the public should
not fail to appreciate. On occasions in the past we
have pointed out the need of this better under
standing and the mutual good that would flow from
it. And we are pleased to note in this, as in many
other ways, the bank is taking hold, on its own mo
tion, of the matter ot dispelling certain popular de
lusions that still cling about this essential quasipublic institution.
This form of advertising, going, as it does, be
yond the individual necessities of the particular
bank in its own behalf, is a credit to banking and
also to advertising. And in the midst of a welter of
economic theories it is most opportune. For in
stance, what could be more clear in the present state
of affairs than this declaration which we take from
one of these page pronouncements: “ Nobody would
expect a bank with deposits of $1,000,000 to make as
large an aggregate of loans as one with deposits of
$2,000,000, but within the past year a great many
banks in this country have lost from 25 to 50% of
their deposits, and yet many people have wondered
why banks have found it necessary to restrict the
granting of credit.”
It has been our common practice to phrase this
matter by saying that the people own and control
their own banks. Stockholders are not more pow'erful than depositors in forming the character and
work of the banking institution, be it large or small,
in that the latter provide the bulk of the means for
the extension of credit and by their business needs
and their conservative acceptance of conditions di
rect and maintain the commercial progress of their
own vicinage. And just as the business man is not
first and foremost a philanthropist, or a medical
practitioner, so the bank must not be held to be the
sole and original agent of prosperity.
When and where there is complete understand
ing there follows naturally complete reciprocity.
The people in their respective communities must
serve the banks in proportion as they expect to be
served. The volume of deposits is variable— is be
yond the control of our respective commercial cen
tres— is subject to world-wide .influences. This ap
plies to the prairie farmer’s deposit as well as to
that of the large eastern importer. And when de
positors “ understand” the nature of the deposits
they make, class demands, in an interdependent
banking system, will disappear.
And consequent
local support and obedience to banking customs will
bring good to all. There cannot be too much of this
“ advertising.”

m

THIS CHRONICLE

THE COSTLINESS OE THE PARCELS POST TO
THE GOVERNMENT.
The efforts of Postmaster-General Hays to get the
Government deeper into the postal savings business
do not appeal to us. W hat he says, however, in criti
cising the present operation of the parcels post,
stands on an entirely different basis. He finds a
departmental loss on this line of work estimated by
some as high as 80 millions a year, and he proposes
to install a system of accounting (as a corollary to
the budget reform) which will correctly disclose
what the facts are. As examples, he finds Govern
ment hauling such material as ore from mines over
heavy grades on Western “ star routes,” and doing
so at a heavy loss; he finds fourth-class postmasters,
whose compensation is figured on their total stamp
cancellations, naturally interested in encouraging
this unprofitable service; and he is also querying
whether the Department does not lose more on the
parcels post right here in New York than anywhere
else, because of local deliveries from the stores.
Now if we turn back to inquire into the reasons
for things which we do, we discover that communi
cation is essential to national existence and wel
fare; without mails whereby to disseminate infor
mation and keep people who are separated by dis
tance in touch with one another, we could not have
a country. So, as has been necessarily pointed out
many, times, mail matter of the first and second
class must be carried at one uniform rate, without
regard to distance, and since no private organiza
tion could afford to thus carry it the amount of loss
which cannot be escaped by the best attainable man
agement must go into the general expense account
of the country and be met by taxes. Small articles
of merchandise have long gone through the mails
at an unprofitable rate, but this does not figure
enough in the total deficit to be worth disputing
over, and it is for the general convenience. But
•when we add a parcels post we may ask on what
basis that stands, other than that it is undeniably
an individual convenience and does assist depart
ment stores, mail-order concerns, and other retail
traders. It attempts discrimination by establishing
several “ zones,” based on distance, yet not closely
on comparative facilities and expense of transporta
tion within those zones; yet the question remains
whether a non-supporting convenience to individ
uals should be a part of a mail communication which
is indispensable and for which there could be no sub
stitute.
When the original suspension bridge over the
East River was opened, not only vehicles but pedes
trians paid tolls; the abolition of those tolls -was
“ gratefully” received by bridge users, but it added
its equivalent to the general city tax burdens, and
those fell on this borough as well as on Brooklyn.
A scheme of local transit without collecting fare
would seem quite pleasant, and a cash bonus ap
pears to the reeeivers-expectant as so much manna
falling from the air; but the unadorned truth is
that there is nothing “ free” except wind and weath
er, and that when any political division of the coun
try, be that, division small or large, undertakes to
make a present of any material or any service to the
people its cost has to be taken out of the people, and
that cost is unlikely to be distributed in close pro
portion to the supposed benefit conferred.
Mr. Hays will look into the parcels-post portion
of his departmental field, and will see how it can be

[ V ol . 113.

reformed. Let him. Perhaps it can be brought
nearer to being self-supporting, but why might we
not properly inquire whether this part of goodscarrying ought not to be left to private companies?
COURSE OF ELECTRIC RAILWAYS
EARNINGS IN 1920.
Our annual compilation of the gross and net earn
ings of the electric railways of the United States
(covering this time the calendar year 1920) records
continued expansion in gross revenues. But this
must not be taken as indicative alone of a growth in
traffic. To no small extent, also, it reflects the ef
fect of fare increases. High operating costs, how
ever, are still very much in evidence. Nevertheless,
the fact that, notwithstanding the heavy augmenta
tion in expenses (labor and coal were considerably
higher for the greater part of the year than in 1919),
net earnings register some improvement over the
previous year, moderate though it be, cannot be re
garded otherwise than as encouraging. .Our state
ments are very comprehensive, and we have been
put to no little trouble in compiling them. As al
ready stated, they cover the calendar year 1920, in
comparison with 1919.
On the whole the electric railways, like the steam
roads, have had a trying experience in recent years.
The large number of fare advances permitted them,
however, is evidence that their plight has been
generally realized, and that a large part of the pub
lic is willing to help the carriers bear their burden
in order that they may be able to render satisfactory
service. Outside of two or three large cities, where
the politicians and the sensational newspapers have
been influencing popular sentiment, public officials
have evinced a disposition to “ play fair” with the
local transportation companies. Traffic was in
creased by the favorable business conditions which
prevailed until towards the very close of the year.
But, as already intimated, much the greater part of
the gain in gross was, as in 1919, consumed by the
further augmentation in expenses. Labor, not satis
fied with the exorbitant wages already in effect,
made demands for additional increases. It was ob
viously impossible for the companies to continue to
meet these demands indefinitely, and the latter part
of the year a rift in the clouds appeared with an
nouncements of some wage reductions. Neverthe
less numerous advances were made earlier in the
year and these served to swell the expense accounts
to a considerable extent.
Another important item entering into the cost of
street railway operation which continued to rise in
price was fuel. The cost of coal soared to the high
est level on record, and this served further to swal
low up the gains in gross revenues. There may have
been some decline in the cost of certain other items
which figure in operating expenses, but these con
stituted trifling savings alongside the rise in wages
and coal.
Under ordinary circumstances expansion in reve
nues is the rule with local traction concerns, as with
everything else in the country. As noted in pre
vious annual reviews, apparent exceptions to the
rule, obtained from a retrospective glance over the
past, are readily explained. In 1914 and again in
1915 the upward course of earnings was interfered
with by the fact that these electric r a i l w a y s had sud
denly become subject to a new form of competition
in the appearance of the jitneys. Even the effect,

J u l y 9 1921.]

THE CHRONICLE

however, of the jitney (treating the entire body of
electric railways as a whole, irrespective of the con
ditions in particular localities and on particular
roads) went no further than to hold in check the
steady growth which previous experience had shown
could be confidently counted upon. Following the
standstill in revenues in 1914 and 1915 the upward
trend in gross was resumed, and has been assuming
larger proportions with each succeeding year—
aided of course in more recent periods by the ad
vances in fares made necessary by the rise in oper
ating costs. In 1917 and 1918 the upward course
of the net was reversed because of the great increase
in expenses. In 1919, however, this condition was
corrected to some extent, and a good recovery re
corded.
In some respects the showing as regards net in
1920 does not measure up to the favorable results of
1919. For one thing the gain in net is consider
ably smaller, and furthermore the number of roads
reporting decreases in net is very much larger
than the number of those showing a falling off in
1919. And yet, as contrasted with the experience
of the steam roads, which passed through what was
probably the worst year in their history, the man
agers and owners of the electric railways have rea
son to congratulate themselves.
The steam
carriers, with an increase of no less than $1,026,235,925 in gross, were unable to show any gain in net;
in fact, a decrease of $303,953,253 was reported. In
our present compilation for 1920 we have complete
comparative figures for 328 electric roads, and the
total of the gross earnings of these roads in 1920
was $906,500,824, as against $776,821,264 in 1919,
giving therefore an increase of no less than $129,679,560, or 16.69%. The net earnings for the same
roads aggregated $185,069,630 for 1920, as against
$179,961,047 for 1919, thus showing a gain of $5,108,583, or only 2.84%. In short, a gain of $129,679,560 in gross was attended by an augmentation of no
less than $124,570,977 in expenses. Out of the 328
roads included in our detailed statement at the end
of this article, only 34 suffered a decrease in gross
but 168 sustained a falling off in net. In the pre
vious year 32 roads showed a decrease in gross and
96 a slump in net; in 1918, on the other hand, no
less than 223 roads reported a falling o ff in net.
W ith reference to our detailed statement it is
proper to say that as in the case of preceding annual
reviews we have sought to procure comparative re
turns from all the street and electric railways in
the country. The success attending 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 the latter are now practically all operated with
electricity as motive power. The tables include many
other electric roads, for electric lines connecting
various suburbs are now quite common, and there
are also numerous electric interurban roads of
large magnitude.
W e may repeat what we have said in previous
yearly reviews, that the task of obtaining these fig
ures for the twelve months of the calendar year is
not altogether easy. Where companies furnish
monthly returns, it is, of course, not difficult to
make up the figures. But the number of electric
railways supplying monthly returns is still exceed
ingly meagre—notwithstanding that with the in
crease in the capital invested in these properties,

125

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, five other roads have
favored us with comparative figures of gross alone.
Adding these on, the number of roads is increased to
333 and the total of the gross raised to $908,506,252
in 1920 and $778,711,139 in 1919. The increase in
this case is $129,795,113, or 16.67%.
ROADS R EPO R TIN G GROSS ONf.Y.
R oad s—
1920.
In crea se.
1919.
Gross earnings by roads making
returns of both gross and net
S
$
8
(328 roads)______ __________
776.821,204 135,424,464
City Railway Co............................... 1,108,427
121',461
986,966
Joliet & Eastern Traction Co___
81,235
80,480
755
Northern States Power Co.—
Fargo-Moorhead Division___
139,406
126,395
13,011
St. Albans & Swan ton Traction.
23,659
35,114
Washington & Old Dominion R y .
652,701
660,920

___

Total (333 roads)___________ 190S,506,252 778,711,139 135,559,691
N et Increase (1 6 .6 7 % ).......... . —
—
129,795,113

D ecrease.

8
5,744,904

11,455
8,219
5,764,578

W hile the five roads in the foregoing have fur
nished . 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—79.58% in 1920 and 76.83%
in 1919. W e make the computation, of course, only
in the case of the total of the whole five roads. Ob
viously it would not be safe to apply such an arbi
trary rule as regards any particular road. Adopt
ing that method we are able to combine the two
classes of roads and get complete results as to both
gross and net, and is done in the follow in g:
C a le n d a r
Y ear—

— — —— —

1920.

s

G r o s s ------- — —

1919.

*----------------------------- —N e t -----------------

In crea se.

s

s

1920.

s

1919.

=
—

In crea se.

$ .

s

3 2 8 roads 9 0 6,5 0 0,8 2 4 7 7 6,8 2 1,2 6 4 1 2 9,6 7 9,5 6 0 185,0 6 9,6 3 0 1 7 9,9 6 1,0 4 7 5 ,1 0 8 ,5 8 3
5 roads 2 ,0 0 5 ,4 2 8
1 ,8 8 9 ,8 9 5
1 1 5,553
*409,508
*437,889 x28,381
3 3 3 roads 9 0 8,5 0 6,2 5 2 7 7 8,7 1 1,1 3 9 1 2 9,7 9 5,1 1 3 185,4 7 9,1 3 8 1 8 0,3 9 8,9 3 6 5 ,0 8 0 ,2 0 2
* For these roads the net is merely an approximation; no figures having been fur
nished by the companies, x Decrease.

It will thus be seen that the aggregate of the net
on the foregoing basis for the whole 333 roads
reaches $185,479,138 in 1920, against $180,398,936
in 1919, an increase of $5,080,202, or 2.82%.
The totals given all relate, as already stated, to
roads which have favored us with statements for
the calendar year, or whose figures we have been
able to make up for that period of twelve months.
In order to carry the investigation a step further,
we have thought it best, as in the 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 particu
larly for the fiscal year ending June 30. However,
the number of roads reporting for periods other
than the calendar year is steadily diminishing, and
in the present compilation we have but six roads
that fall in that category. In the summary we now
furnish we start" with the total gross and net for
the calendar years 1920 and 1919, 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
aggregate as follow s:
------------- Cross------------- ---------------N et---------------

1920.
*

1919.
*

1920.
*

1919.
*

F o rcal.y rs. as above (333 ro ad s).9 0 8,5 0 6,2 5 2 7 7 8,7 1 1,1 3 9 185,479,138 180,3 9 8,9 3 6
For years ond. June 30 (6 roads). 3 5 ,4 9 0 ,6 6 2 2 8 ,4 5 3 ,8 4 6
6 ,8 8 1 ,7 1 1
5 ,8 4 9 ,3 3 3
Grand total (339 roads)______ 9 4 3,9 9 6,9 1 4 8 0 7,1 6 4,9 8 5 192,360,849 1 8 6,2 4 8,2 6 9
I n c e a se .................................................. (1 6 .9 5 % ) 1 3 6,831,929
(3 .2 8 % )
6 ,1 1 2 .5 8

126

THE CHKONIOLE
GROSS KARN1NGS.
Current
Year.

Period—

Previous
Year.

1005 compared with 1904
- * 3 0 6 ,0 0 7 ,1 4 5
1000
1 9 0 5 .,
3 0 0 .5 6 7 ,4 5 3
1007
1 0 0 6 ------------ 3 0 6 .2 6 6 .3 1 6
1008
1 9 0 7 - - . ........... 3 5 1 ,4 0 2 ,1 6 4
1909
1908
- 3 7 4 ,3 0 5 ,0 2 7
1010
1909
. 4 3 5 ,4 6 1 ,2 3 2
1011
1 9 1 0 - . . .......... 4 5 5 ,7 4 6 ,3 0 6
1012
1 9 11 .................. 4 8 6 .2 2 5 ,0 9 4
1013
1 0 12 ------------ 5 2 0 ,9 9 7 ,5 2 2
1014
1913
. 5 5 3 ,0 9 5 ,4 6 4
1915
1914
. 5 6 7 ,9 0 1 ,6 5 2
1016
1 9 15
. 6 2 6 ,8 4 0 .4 4 9
1017
1 9 10
6 7 0 ,3 0 9 .7 0 9
1918
1 9 17 ------------ 6 9 6 ,0 6 6 ,5 8 5
1919
1918
........... 7 8 3,5 1 4,7 8 1
1 920
1919
.......... 9 4 3 ,0 9 6 ,9 1 4

Increase.

¥ 2 8 1,6 0 8,0 3 6
2 6 9 ,5 9 5,5 5 1
2 8 0 .1 3 9 .0 4 4
3 4 8 ,1 3 7 ,2 4 0
3 4 6 ,0 0 6 .3 7 0
4 0 5 .0 1 0 .0 4 5
4 2 8 ,6 3 1 ,2 5 0
4 5 7 ,1 4 6 ,0 7 0
6 0 0 ,2 5 2 ,4 3 0
5 4 8 ,2 9 6 ,5 2 0
5 0 9 .4 7 1 .2 6 0
5 7 4 ,3 8 2 ,8 0 0
6 1 8 ,5 2 9 ,3 0 9
6 4 9 ,5 5 0 ,9 0 0
6 6 3 ,5 7 2 .5 7 1
8 0 7 ,1 6 4 ,9 8 5

.

i he total of the gloss earnings (com prising 339
roads) for 1920 is 1943.996,911, and for 1919, $807,104,985, an increase of $136,831,929, or 16.95%. Net
earnings total $192,360,849, against $186,248,269, an
increase o f $0,112,580, or 3.28%.
I'o guard against misleading the reader, we wish
to reiterate what we have said in previous annual re
views 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, or
which are available. 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. It is true that the minor roads
nut represented would not swell the amount to any
great extent, but it happens that a few large com
panies are also missing, because no data concerning
their income could be obtained. Am ong these may
be mentioned the Eastern Massachusetts Street
Kwy. Co. (form erly the Bay State Street R ailw ay),
the Denver Tramway System, the Union Railw ay
Cas & E lectric Co., the Michigan Railway, the New
Orleans Rwy. & Light Co., the Shore Line Electric
Ry. (C onn.), and the Jacksonville Traction Co.
Even with these roads and numerous minor ones
missing, our total of the gross for 1920, it will be
observed, exceeds $943,000,000, while the total of
the net is over $192,000,000.
Of course, many of the electric railways furnish
electricity for lighting and power purposes, and the
earnings from that source form part o f 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 result of
the railway properties on ly; it is also true of the
Philadelphia Company (of Pittsburgh), the North
era States Power Co., the Columbus Railway,
Power & Light Co., the Eastern W isconsin Electric
Co., the San Joaquin Light & Pow er Corp., and some
others.
W e have been making up these annual com pila
tions continuously for sixteen years now, and to
show how constant and general the increase has
been from year to year and how the totals have been
growing in magnitude, we furnish the follow ing
summary of comparative totals of the gross and net
fo r each of the years back to 1905:

[ V ol . 113.

* 2 4 ,4 5 8 ,2 0 9
3 0 ,9 7 1 ,9 0 2
2 6 .1 2 7 ,2 7 1
3 ,2 6 4 ,9 2 4
2 9 ,2 9 8 ,6 5 7
3 0 ,4 5 1 ,1 8 7
2 7 ,1 1 5 ,0 4 7
2 9 .0 7 9 ,0 2 4
2 9 ,7 4 5 ,0 9 2
4 ,7 9 8 ,9 4 4
* 1 .5 09 ,6 08
5 2 ,4 5 7 ,5 5 0
5 1 ,7 8 0 ,4 0 0
4 6 ,5 1 5 ,5 9 5
1 1 9 ,9 4 2 ,2 1 0
1 3 6,8 3 1,9 2 9

Per
Cent.
8.68

1 1 .4 9
9 .3 3
0 .9 4
7 .4 9
7 .51
6 .3 3
6 .3 6
5 .9 4
0 .8 7
0 .2 8
9 .1 3
8 .3 7
7 .1 6
1 8 .0 8
16.95

N E T E A R N IN G S .

Current
Period—
Y ear.
1905 compared with 1904____ ____$130,884,923
1900
" 1905___ ---- 126,580,195
1907
" 1906____ ----- 126,002,304
1908
" 1907... ----- 142,262,417
1909
" 1908____ ----- 160,394,765
1910
" 1909____ ----- 178.037,379
1911
" 1910___ ----- 186,001,439
1912
" 1911____ ----- 194,309,873
1913
" 1912____ ----- 204,422,429
1914
“ 1913____ ----- 211,020,088
1915
" 1914____ -----214,319,303
1916
“ 1915____ ----- 234,402,450
1917
“ 1916___ ----- 221,090,740
1918
“ 1917____ ----- 178,226.716
1919
" 1918____ ____ 185,077,301
1920
" 1919____ ----- 192,360,849

Previous
Year.

Per
Increase.

¥ 1 1 8,221,741
1 1 4 ,0 2 4 ,0 7 6
1 2 1,0 5 0,7 0 3
1 4 1,1 4 4,2 1 3
1 4 0,0 4 7,9 0 6
1 0 7,1 0 0,3 5 1
1 7 5 ,6 2 7 ,5 4 2
1 7 9 ,9 1 5 ,7 6 0
1 9 3 ,3 9 3 ,0 4 5
2 1 2 ,1 4 6 ,4 0 3
2 1 7 ,4 4 0 ,5 3 3
2 1 5 ,9 1 7 .5 7 3
2 2 8 .5 8 5 .9 2 9
2 1 2 .5 7 0 .9 3 0
1 6 8 .7 7 0 .9 3 0
1 8 6 ,2 4 8 ,2 0 9

Cent.

* 1 2 ,66 3 ,18 2
1 2 ,5 5 6 ,1 1 9
4 ,9 5 1 .6 0 1
1 ,1 1 8 ,2 0 4
1 9 ,7 4 6 ,8 5 9
1 0 ,9 3 7 ,0 2 8
1 0 .4 7 3 ,8 9 7
1 4 ,3 9 4 ,1 1 3
1 1 ,0 2 9 ,3 8 4
* 1 ,1 26 ,3 15
* 3 ,1 21 ,2 30
1 8 ,4 8 4 ,8 7 7
* 7 ,4 95 ,1 89
* 3 4 ,34 4 ,21 4
1 6 ,3 0 6 ,3 7 1
6 ,1 1 2 ,5 8 0

10.71

1 .0
11
4 .0 9
0 .7 9
1 4 .0 3
6 .5 4
5 .9 6
8.00

5 .7 0
0 .5 3
1 .4 3
8 .5 6
3 .2 8
1 6.16
9 .6 6
3 .2 8

* Decrease.

It w ill be observed that, while in the first year our
final total showed aggregate gross of only $306,067,145, the aggregate fo r 1920 reaches nearly one
billion dollars, or to be exact, $943,996,914. Owing
to the unprecedently high operating costs the net
has fallen off considerably, but nevertheless foots
up for 1920 $192,360,849. 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, although in the last sev
eral years, as already noted, the expansion has been
due in no small measure to fare increases and is no
longer the sole result of growth in traffic. It w ill
be observed that each and every one of the six
teen years, except 1915, shows some increase in gross
earnings, and even 1908— the year follow ing the
panic— proved no exception, though the increase
then was relatively small, and that the total of the
gain in gross for the whole sixteen years, taking the
aggregate of the increases of the separate years,,
amounts to $641,268,333. The growth in net, on the
other hand, has been retarded by the rise in operat
ing costs.
The follow ing is the detailed statement already
referred to for the last two calendar years, which
shows separately the comparative figures for each
road contributing returns of gross and net in the
two ve a rs:

E L E C T R IC R A I L W A Y GROSS A N D NET E A R N IN G S FO R C A L E N D A R Y E A R S .
GROSS.
ROADS.
1920.

Albany Southern Railroad C o . a _______________________
Albia Light & Railway C o .a ___________________________
American Railways C o .a _______________________________
Androscoggin & Kennebec R y .a _______________________
Arkansas Valley R y ., L t. & Power C o _ a ______________
Arkansas Valley Interurban R ailw ay_a_______________
Atlanta Northern R ailw ay.a___________________________
Atlantic Coast Electric R ailw ay_a____________________
Atlantic City & Shore Railroad C o .a _________________
Atlantic Shore Railway (Kennebunk. M e . ) . b ________
Atlantic & Suburban R ailw ay.a_______________________
Auburn & Syracuse Electric Railw ay, b ______________
Augusta-Aiken Railway & Electric Corporation.a___
Aurora Plainfield & Joliet R ailw ay.a _________________
Austin Street R ailw ay.b________________________________
Bangor Railway & Electric C o .a ______________________
Baton Rouge Electric C o .a ____________________________
Benton Harbor-St. Joe Railway & L t. C o .a _________
Berkshire Street R ailw ay.a____________________________
Biddeford & Saco R ailroad. b_________________________
Binghamton (N . Y .) Railway O o .b __________________
Birmingham Railway, Light & Power C o .a __________
Boston Elevated Railway _b........................................
Boston & Worcester Street R y .a ______________________
Bristol & Plainville Tramway C o. (Railway o n ly ) .b .

1919.

Increase.

Decrease.

$
8 3 7 ,5 7 6
1 6 0 .3 6 3
1 8 ,8 3 6 .2 2 5
1 ,1 5 7 ,5 3 0
1 ,8 6 5 .7 4 3
5 4 7 ,3 7 5
2 5 5 .0 0 9
5 1 5 ,36S
9 7 2 ,4 8 4
2 2 3 .3 8 3
1 3 6 ,1 2 1
6 9 2 ,6 0 0
1 .2 5 1 .1 5 4
1 5 7 ,2 4 7
3 4 8 ,9 3 6
1 .2 6 2 ,7 7 9
4 7 1 ,1 8 7
7 6 4 ,9 6 4
1 ,0 5 0 .5 4 5
1 0 9 ,5 1 8
9 7 7 ,2 8 6
5 ,6 6 9 ,2 3 6
3 4 ,0 3 1 .8 5 2
9 3 5 ,8 4 0
2 0 3 ,7 1 2

8
6 9 0 ,85C
e l3 3 ,9 0 C
1 6 ,3 1 2 ,2 3 1
r l ,0 8 7 ,0 9 4
1 ,5 7 9 ,0 2 0
4 8 5 ,4 5 7
222 422
4 5 8 ,3 3 2
7 8 4 ,1 1 2
1 8 4 ,1 0 6
1 1 0 ,5 0 9
6 4 1 ,9 0 4
1 ,1 0 4 .8 9 0
1 4 3 ,2 1 7
2 9 0 ,0 8 0
1 ,0 9 4 ,6 7 5
3 7 1 ,2 6 9
6 3 1 .6 3 0
8 8 3 ,5 9 1
1 0 0 ,5 9 8
7 8 9 ,3 2 0
4 .6 0 5 ,7 8 9
2 9 ,4 9 8 ,5 8 3
9 4 8 ,9 3 6
1 8 8 ,4 1 3

$
1 4 6 ,7 2 9
2 6 ,4 6 3
2 ,5 2 3 ,9 9 4
7 0 ,4 3 6
2 8 6 ,7 2 3
6 1 ,9 1 8
3 2 .5 S 7
5 7 .0 3 6
1 8 8 .3 7 2
3 9 .2 7 7
2 5 ,6 1 2
5 0 ,6 9 6
1 4 6 ,2 6 4
1 4 ,0 3 0
5 8 ,8 5 6
1 6 8 ,1 0 4
9 9 ,9 1 8
1 3 3 ,3 3 4
1 6 6 ,9 5 4
8 ,9 2 0
1 8 7 .9 6 6
1 ,0 6 3 ,4 4 7
4 ,5 3 3 .2 6 9 ;

$

1 3 ,0 9 6
1 5 ,2 9 9 !

1920.
$
1 6 3 ,4 7 8
4 5 ,2 1 2
c 4 . 1 7 6 .5 9 3
1 4 7 .8 1 4
6 0 8 .6 3 2
1 8 9 .1 8 6
4 4 ,6 6 5
3 4 ,7 7 3
2 6 2 ,2 3 0
2 4 ,8 6 1
7 ,9 8 9
1 1 3 ,6 2 9
4 3 0 .2 7 9
c3 7 .0 0 4
7 3 ,7 9 9
4 6 2 ,0 0 2
1 5 7 ,6 7 8
1 9 8 .9 0 4
d e if3 2 .3 0 6
6 ,7 5 5
2 6 2 ,8 1 8
9 2 (.1 4 1
8 ,2 6 2 ,7 3 0
6 6 .6 8 7
3 3 .6 7 7

1919.
1 6 6 .0 1 6
c 3 7 ,8 1 I
c 4 .3 2 7 .0 1 6
/T 5 3 .6 S 8
5 3 6 .5 9 9
1 8 2 ,9 9 2
4 6 ,7 1 2

Increase.

D ecrease.

$
2 .5 3 8
' 7 .4 0 1
1 5 0 .4 2 3
5 .8 7 4
7 2 ,0 3 3
6 .1 9 4
2 ,0 4 7
8 7 .3 3 8

122,111
2 2 5 .6 5 0
1 8 ,8 4 4
1 3 .3 9 9
1 4 0 ,7 2 7
3 4 8 .4 7 2
4 5 .3 0 0
7 1 ,3 5 9
4 3 8 ,0 7 7
1 3 9 .6 9 6
1 6 9 .3 4 4
d e f l 3 .9 0 0
1 8 ,5 6 4

3 6 .5 8 0
1 1 .0 1 7

1 7 7 .9 7 0

81.8 IS

6 6 7 .3 1 6

5 .7 9 8 .2 4 4

t 5 7 .4 9 5
3 6 ,5 0 7

5 .4 1 0
2 7 .0 9 8
8 1 ,8 0 7
S .2 9 6
2 ,4 4 0
7 8 ,9 2 5
1 7 .987
2 9 .5 6 0

IS 100

11.809

.S.'P

.464.486

9 0 .8 0 8
7 880

THE (MIUONTCLE

J uly 9 1921.]

127
ND'r.

GROSS.
roads.

1920.

$
B rook lyn R apid Tranalt-jw 10,038,321
m B rook lyn Heights R ailroad C o n
B rooklyn Queens C ou n ty & Suburban R ailroad _ «
1,097,88)
2,345,971
C on ey Island & B rooklyn R a ilroa d -a
120,942
C o n e y Island & G ravesend R ailw ay ..a
5,500,210
N assau Electric R ailroad C o a
20,410,092
New Y ork C onsolidated R a ilro a d -a
931.382
South B rooklyn R ailw ay <’< a -------->
19,348
B u ffalo & D epow R ailw ay a
2,321,179
B uffalo ^ L ake Erie T raction C o_a
49.723
B u ffalo it W illi am sville E lectric R ailw ay C o .a
152,054
Butler R ailw ays a
--------------------------- --------194,943
B urlington T ra ction C o
--------------------540.073
C alifornia Street C a b le -a ---------------------------------------------------5,400,518
C apital T raction (W a sh in g ton ). a ------------- -------—
1,598,558
C arolina Bower it Light 0 o _ a
— ------ ------------------ —
320,170
C ham bersburg Green castle & W ay n esb oro Street R y b
C ham bersburg & G ettysbu rg E lectric R a ilw a y , b
59,007
C harleston C onsolidated R y . & L igh tin g (R y . on ly ) . a .
880.307
C harleston (W . V a.) Interurban R a ilr o a d .a
913.087
C h arlottesville it A lbem arle R y _ b
198.229
182,133
C hautauqua Tract ion C o b
--------- -449,883
C h icago it Interurban T raction C o . b
____
C h icago L ake Shore & South B end R a ilw a y .a
924,810
ft C h icago N orth Shore & M ilw au k ee R a ilro a d , a 4,193,669
C h icago Surface L in e s.a __________________________________
1 .000,090
C h icago & W est T ow n s R a ilw a y .a ________
- -- » — ___
602,979
C h octaw P ow er & L igh t C o. (inch P itts. C ou n ty R y .) .
C incinnati Law renceburg & A u rora E lec. Street R y . b ___
170.449
C incinnati T ra ction O o _ a __________________________________
f 8,499,1.63
C itizen s’ T ra ction C o .a . . _________________________ ___
805,429
C levelan d & Chagrin Falls R a ilw a y , a ___________________
121,011
C leveland it E astern T ra ction C o . a . _____ .
__________
360,654
C leveland & E rie R ailw ay., b ______________________
___
151.770
C leveland Painesville & A sh tabu la R a ilr o a d .b _
_
___
190.701
C leveland Painesville & E astern R a i l r o a d . b . . __________
743,300
C leveland R ailw ay C o m p a n y , b __________
______ ___
17,382.358
2.1 77.829
C levelan d Southwestern & C olu m bu s R a ilw a y .a .
___
145.029
C oal Belt E lectric R a ilw a y .a _____________________________
C olora d o S w in g s & Interurban R a i lw a y .a ______________
548,487
1 ,049.524
C olu m b ia R a ilw a y , G as & E lectric C o . a ________________
C olum bus D elaw are & M a rion E lectric C o ______________
1,048,714
1,547,353
C olu m bu s (G a.) E lectric C o . a ____________________________
C olu m bu s M a rion <t B u cyru s R a ilw a y .a ________________
64,330
C olum bus (O hio) R y ., P ow er & Light C o . (R y . D e p t .) - a .
3,527,512
C on cord M a yn a rd & H udson Street R a ilw a y .a _________
77,910
C on estoga T raction C o _ a ____________________ _____________
1,691.375
C o n n ecticu t C o m p a n y .a ___________________________________
303,758
C on n ecticu t V alley Street R a ilw a y .b ____________________
98,752
C orn ing & Painted Post. Street R a ilw a y .a _______________
C ortlan d C ou n ty T raction C o . a __________________________
110.670
3 H 4 008
C um berland C ou n ty P ow er & L igh t C o . a _______________
3,200.392
D allas R ailw ay C o _________________________________________
132.003
D a n bu ry & B ethel Street R a ilw a y , b _____________________
D a y to n C ovin g ton & P iqu a T r a c t io n .a __________________
240,513
417,674
D a yton & T r o y E lectric R a ilw a y , b _____________________
D es M oin es C ity R ailw ay C o . a ___________________________
2.103,578
D etroit U nited R ailw ay C o . b _____________i _____________ _ 28,986.228
139.223
D o v e r Som ersw orth & R och ester Street R a ilw a y .a _____
D u B ois E lectric T raction C o . a __________________________
244.339
D u luth-S u perior T r a c tio n _ b ________________________________
1.945.887
545,274
D urham P u blic Service C o _________________________________
E astern P ennsylvania R ailw ays C o . a ____________________
1,932,751
E astern T exas E lectric C o . a ______________________________
1,619.242
E astern W iscon sin E lectric C o . (R y . D e p t. o n l y ) . a _____
649,078
East St. L ou is & Suburban C o . a _________________________
4,368,922
Elm ira W ater, Light & R ailroad (R y . D ep t. o n ly )_ b ___
571,970
El Paso E lectric C o . a _________________________ .__________ _
1.931.629
E m pire State R ailroad C o r p o r a tio n .a ____________________
925,066
E rie C o u n ty T raction C o r p .a _____________________________
135,728
E van ston R a ilw a y _ a _______________________________________
234,425
E vansville & O hio V alley R a ilw a y C o . a ___________________
462.797
E vansville Suburban & N ew bu rgh R a ilw a y .a _____________
374,025
Fairm ount Park Transit C o . a ______________________________
209.515
Federal Light & T raction C o. and subsidiary c o s . a ______
4,606,421
F itchburg & Leom inster Street R a ilw a y , a _______________
542.997
F ort Smith L igh t & T raction C o . a ________________________
291,018
F ort W ayn e & D ecatu r T raction C o . a ___________________ _
98,984
Fostoria & Frem ont R a ilw a y .a ____________________________
124.290
Frankford T a co n y & H olm esburg R y . a ___________________
186.017
Fresno T raction C o . a _____________________________________
299,262
114,484
Galesburg & K ew anee E lectric R ailw ay _ b ________________
G a lveston -H ouston E lectric C o . a __________________________
3,808,953
G ary & Valparaiso R a ilr o a d .a _____________________________
117,254
G ary Street R ailw ay C o r p o r a tio n .a _______________________
878,588
G eneva Seneca Falls & A u bu rn R ailroad , I n c . a __________
127,288
G eorgia R ailw ay & P ow er C o . (com b in ed com panies) _a . _ 13,051,997
G rand R apids R ailw ay C o . a ______________________________
1,804,293
Hagerstow'n & Frederick R ailw ay _ b _______________________
1,240,174
H an over & M cS h errytow n Street R a ilw a y , a ______________
88,411
H arrisburg R ailw ays C o . b _________________________________
1,807,165
H artford & Springfield Street R a ilw a y .a __________________
264,954
H elena Light & R ailw ay C o . a _____________________________
373,384
H enderson T raction C o ______________________________________
48,002
H olyok e Street R a ilw a y , a __________________________________
1,090,604
H ough ton C ou n ty T raction C o . a _________________________
320,421
H udson R iver & Eastern T r a c t io n .a ______________________
27,315
H udson V alley R ailw ay C o . b ______________________________
1,139,448
H um boldt T ransit C o . a ____________________________________
95,019
Illinois T raction S ystem , a _______________________________
21,317,730
Indianapolis & C incinnati T ra ction C o . b ________________
765,652
Indianapolis & L ou isville T ra ction R y . a __________________
286,444
Indianapolis Street R a ilw a y , a _____________________________
5,367,936
Indiana R ailw ays & L igh t C o . b __________________________
1,088,916
Indiana Service C o r p o r a tio n .a _____________________________
2,968,067
In terboro R ap id T ran sit C o. (N ew Y o r k ) _ a ______________ 54,247,577
International R ailw ay (B u ffa lo, N . Y . ) _ a ________________
11,273,696
Interstate C onsolidated Street R ailw ay C o . a _____________
248,236
Inter-U rban R ailw ay C o . a _________________________________
909,657
Interurban R ailw ay S Term inal C o . a _____________________
c
230,445
Iow a R ailw ay & L igh t C o . a _______________________________
2,998,580
Iow a Southern U tilities C o . a ______________________________
670,167
Iron w ood & Bessemer R y . & L igh t C o . (R y . D e p t .) .a ___
128,156
Ith a ca T ra ction C o r p .a .
299,666
Jackson R ailw ay S Light C o . a ______ ________ ___________
c
228,382
Jam estow n Street R ailw ay b
401,699
Jersey Central T raction C o . a _________ ........................ ...........
273,808
Johnstow n T raction C o .a
1,221,300
Joplin S Pittsburgh R ailw ay C o a _____________ ________
c
882,486
Kanawha T raction S E lectric C o . a . .
c
94 5,4 57
_
Kansas C ity C la y C ou n ty S St. Joseph R a ilw a y .a _ _
c
1,157,978
Kansas C ity R aw V alley S W estern R a ilw a y .a ___________
c
467,281
Kansas Electric Utilities C o . (and con trolled c o s .) _ a ___
500,343
K eokuk E lectric C o a
356,842
K e y W est Electric C o a
.....................
260,003
K ingston (Consolidated Railroad
224,647
Lake Shore E lectric R ailw ay (entire s y te m )_ a ______ __
3,286,353
Laurel L igh t S R ailw ay C o __________
c
204,976
Lehigh V alley Transit C o. a
_____ 1 1 1 1 1 1 1 1 --................. £4 ,468,776
Lcw /sburg M ilton S W atson town Passenger R ailw ay a . .
c
71 ,821
Lewi stow n S Reedsville E lectric R a ilw a y .b
c
211,503
Lincoln T raction C o b
l , 106,680
k ittle R ock R ailw ay & E lec, CoT (R a ilw a y"D ep t7 oiAy) I b l
1 ,018,995
Long Island E lectric R a ilw a y .a __________________________
827,879
\/O A ngeles Ral Iway <Corporation . b
s,
9,185,161
fxraisvlJJe R ailw ay C o b
4,146,507
f/OwelJ S, F itchburg Street R y a
r
91 ,206
■
Aw or/ R a ilw a / Sc L igh t C o . a _I I I I I I I I I I I I I Z I I I I I I I I
905,090
M adison (W in.) Rail w ays, a
398,221
M armbsstcr Tra* t»or», Light S, Power C o . and sub. cos n
r
2,372.587

1919.

Increase,

Decrease.

1920.

1919.

Increase.

Decrease.

i

$

$

8

$

%

%

’*9 .72 0,35 0
1,594,529
2.148,412
107,596
5,74 1.555
17,060,343
852,187
16,942
2,181,771
40.669
126,286
158,825
514,610
4,535,661
1 ,249,809
267,241
59,283
709,849
735,426
153,011
154,648
394.012
803.827
3,237,465
13,963.438
792,221
431.922
1-49,094
17,117,834
655,307
1 06,442
298,714
181,288
191,207
654,325
15.459,234
1 .870 404
103,412
487.547
1,458,685
848,972
1,309,281
52,022
2,485,665
86.340
1,443,978
11,043.804
293,756
87.589
104.056
2 768 600
2.509.386
<?138,020
229,029
392.583
1,856,097
24,683,038
134.239
193,255
1.959.436
462,718
1.629,386
1,390,350
607.803
3,213.152
549,222
1,574,676
857,553
126,318
207.080
407,685
224.260
176,585
3,897,518
499.365
238.521
74.344
98,582
174,041
308,458
103.017
3,095,151
98.021
526,614
115.801
10.592,498
1,572.142
946.352
79,544
1.603,339
257,214
354,596
44,831
918,884
297,151
21,251
1 ,118,942
92,270
17,682,338
677,074
<7248,850
4,738,941
867,228
2,548,485
47,464,471
9,355,323
222,023
967,967
212.653
2,375,252
528,495
126,580
226,993
188,648
313,804
317,174
<7961,436
806,826
744,512
1,041,965
338,147
407,001
317,236
227,260
191,359
2,611,755
188,024
£3,771,303
63,563
153,853
1,061,008
873,932
269,105
7,403,589
3,537,234
103,87)
766,573
349,224
2.020.619

311 ,971
103,352
197,559
19,346
235,345
3,349.749
79,195
2,40()
139,708
9.054
25,768
36,118
31 .457
930,857
348,749
58,929
216
176,458
177,661
45,218
27,485
55,871
121,483
956,201
1 1 .383.947
207,875
171 057
27,355
1,381,319
150,122
14,569
61.940
5,494
88.975
1.923.124
•307 425
41.617
60,940
190.839
199,742
238,072
12,308
1 .041.847
247,397
2 045.513
10,002
11 .163
6-614
3 4 . 5 408
691.008
17,484
25,091
247,481
4,303.190
4.984
51,084
82,556
302.365
228,892
41,275
1.155.770
22.748
356,953
67,512
9,410
27,345
55,112
149.765
32,930
708.903
43.632
52,497
24,640
25U 08
11,976
11,467
713.802
19,233
351,974
11,487
2,459.499
232,151
293,822
8,867
203,826
7,740
18,788
3,171
171,720
23,270
6,064
20,506
2,749
3,635,392
88,578
37,594
628,995
221,678
419,582
6,783,106
1 ,918,373
26,213
17,792
623,328
141,672
1,576
72,673
39,734
87,895

29,512

8.430

6,017

13,549

9,196

58,310

k
43,366

259,864
75,660
200,945
116,013
129,134
93,342
39,606
32,743
33,288
674,598
16,952
697,473
8,258
57,650
135,672
140,063
58,774
1.731i562
609,273
138,517
48,997
351.968

12,665
------

m d f4 6 8 .422
r/i964,011
del' 10H,3()::
43,237
d e f28,4 59
258,592
6,129
23,946
def4 92,557
485,218
2,085,862
3,362,050
223.05 '
121 ,369
101 ,683
d e fl 8,615
dofJ0,706
1,849
1 12,4 19
159,827
<72,859
(/d efl .50.3
4,362
cd cf9 ,82 0
c2,69fi
12.525
33,968
23 353
10,615
70,446
82.462
) .622,729
1,391.167
231.562
47,764
398,443
446,207
02,239
86,301
19,537
2,999
16,538
83.708
68,671
15.037
348,753
248,340
100.413
73 851
J3.624
87.475
d e f 15.610
def4 .2 58
116.759
62,139
52,305
59,383
49,972
823,207
773,235
12.026,992 10.709,423 1,317.569
171 .267
153.416
17.851
229.582
140.374
89,208
54,854
56,964
281,739
fi ,958,030 / 1 .670 2 0 7
246,302
205,399
40,902
1,714
25.269
23,555
109,176
104,780
d e f2 4.8 6°
31,051
d e f 21 .300
219,520
246,229
_
4.476.092
2,316.307
381,010
453,118
d e f76,426
______
d e f66,467
120.022
98,901
n 87.508
2377,614
190,102
c l 86.705
c214,549
27.844
582,363
612,055
683
15,301
i 4 ,6 1 y
354,556
c l 20,908
c475,4&4
d e f 31.731
d e f 3,454
571.867
516.806
55,061
1.213,770
d e f53.590
23,158
70.710
32,090
7,225
24.865
17.018
12,791
971.174
054.666
16.508
319,989
309,930
10,759
d e fl8 ,1 8 1
C4.405
29,690
51.3 79
90.611
io2.e;4P
225,054
363,976
138,922
4.860.519
3,981,062
d e f 7,988
18,818
49.010
39,69?
917
359,987
386,32 9
147.501
118.377
29.184
<7496,045
' 8.186
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7
6 0 9 .56 p
72.893
138,589
181.845
673,640
1.046.223
372.575
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130,439
604.459
452 ,41 °
152,046
220.248
217,736
2.512
2,461
8.421
c44,635
2.278
c4 2 .35 “
118.293
118.534
54,980
43.805
11.175
71.620
5 3.49p
18,134
1,408:378
172.598
i . 235,780
96,890
91,147
5.742
52,103
41 .997
10.106
16,744
3.493
13,251
28.279
30.955
2.683
232
373
d e f c.52.050
C87.712
8,244
12.352
1,126,505
819.016
307,489
6,460
10.491
195,925
92,555
103,370
45,256
35,786
9,470
3,952,868
3.688.412
264,456
337,929
386,086
448,046
384,243
63.803
38,438
39.619
688,928
614.093
74,835
d e f24,160
def4,273
67.231
71,847
1,592
4.502
151,171
159,782
62,160
69,037
4,949
3,042
1,907
152,450
191,284
d e fl ,040
d e f 6,770
5,730
5,821,128
5,138,157
682,971
172,772
242,427
88,529
<763.930
24,599
790,582
1.078,937
416,744
381,950
34,794
532,003
549,292
17,051,126 15,611,780 1,439,346
c l ,657,207 cl .384,699
272,508
19,101
44,683
100,844
124,248
def22,394
d ef 16,053
842,799
631,591
211,208
175,660
143,817
31,843
24,506
38,998
19,419
d e f 6.096
25,515
45,570
50,931
68,616
34,630
33,986
d e f 7,780
42.086
283,791
166,501
117,290
229,425
199,332
30,093
246,592
203,205
43,387
327,004
364,092
119,054
106,098
12.956
156,028
120,963
35,065
83,383
53,381
30,002
96,126
16,616
79,510
48,061
43,330
4.731
798,606
716,222
82.384
63.068
81,070
18.002
£872,588 £1,045,400
2,868
10,859
7,991
18,554
18,254
300
2 1 1,303
207,758
3,545
331,476
40,167
291,309’
16,800
20,451
d e f 3,651
J ,888,468
1,305,814
582,654
174,520
917,320
742,794
23,883
21,938
1,945
184,602
21 1 ,375
94,327
86.268
8,059
729.533
«80.307
49,130

1,417,483
2 1 1 ,540
287,061
17,817
977,775
1,276,188
47,408

12,016
24,069

1.1,352
54.620
7.078

2,1 10

4 .396
55.913
45.676
26.703
2.159.791
72.108
9,959
21.121
29,692
2 8,280
1,267,360
47.558
4.227
22,586
21.489
13,038
929.447
26.806
2 6.335

4 3,2 56
6,992
5.960
241

141
139,762
4,108
4,031

48,157
1,181
19,887
4,616
2,910
8,611
6,877
38,834
69,655
288,355
17,289
25,582
23,404
6,341
14,492
5,361
49,866

37,088

172.812

26,773

-----------

128

THE CHRONICLE
1920.

r

NET.

OHO

HOADS

Manhattan bridge Three-Cent Line.a________________
Ala aha t tan Queen* Traction O o r p .a
___________
Maryland Electric Railways___________________________
Massachusetts Northeastern street Kailway Co_a_____
Mem phis Stree t Rail way . a ___________________________
Mesaba Kail vv'ay OO - a _______________________
Middlesex A boston Street Railway .a
Milwaukee Electric Kailway A Light Co a ____________
Milford Attleboro A Woonsocket Street Railway, a ___
Milford A Uxbridge Street Ky_a_____________________
:
Millville Traction Co a
________________ __________
Milwaukee Northern Railway, a _______________________
Mobile Light A Railroad C o .a ____________
Monmouth County Electric C o .a ____________________
MonongaheJa Valley Traction C o.a ________________
Montgomery Light A Traction Co. (Ry. Dept. only), a .
Mon to ursxi lie Passenger Railway (Ry. Dept. only)_a__
Morris County Traction Co_ b ________________________
Muskogee Electric Traction C o .b ____________________
Nashville Railway A Light C o .a __ ________________
New Bedford A Onset Street Railway b
New Jersey A Penna. Traction Co. (Princeton Div.). b.
;
Newport News A Hampton liy., Gas A Electric C o .a __
Newport A Providence Railway.a___________________
New York A Long Island T raction .a.________________
New York A Queens County Railway.a______________ _
New York Railways.a. _____________________________ p
New York A Stamford Railway.a_____________________
New York State Railways.a
_ . __
Nl-w York U rsi Chester A Boston Railway.a___________
Niagara Gorge Railway.b____ _______________________
Northampton Street Railway,b_______________________
North Carolina Public Service C o .a __________________
Northern Cambria Railway_____________ _____________
Northern Massachusetts Street Railway _ b _____________
Northern Ohio Traction A Light C o.a _______________
Northern Texas Electric C o .a ________________________
Northwestern Pennsylvania Ry. (combined earnings)_b.
JSTorthwestern Ohio Railway A Power C o .a _____________
Ocean Electric Railway (Long Island)_a_______________
Ohio Electric Railway C o .b ___________________________
Ohio River Electric Railway A Power C o . a ___________
Oklahoma Railway C o .a _____________________________
Omaha A Council Bluffs Street Railway.a_____________
Omaha A Lincoln Railway A Light C o .a ______________
Orange County Traction C o .a _________________________
Oregon Electric Railway, b ____________________________
Ottumwa Railway A Light C o .a _______________________
Owensboro City Railroad_____________________________
Pacific Electric Railway.a____________________________
Peekskill Lighting A Railroad (Railwray Dept. only)_a..
Peninsular Railway.a___ ____________________________
Pennsylvania-New Jersey Railway.a__________________
^Pennsylvania A Ohio Railway__ ______________________
JPetnluma A Santa Rosa Railroad.b___________________
Philadelphia A Easton Electric Railway_______________
Philadelphia Company— Pittsburgh Railways C o .a ___
Beaver Valley' Traction C o .a ________________________
Pittsburgh A Beaver Street Railway.a______________
Philadelphia Rapid Transit C o .a ______________________
Philadelphia A West Chester Traction C o .b ___________
Philadelphia A Western Railway. a ____________________
Piedmont A Northern Railway_a ______________________
Pittsburgh Harmony Butler A Newcastle Railway.b___
(The) Pine Bluff Co. (Railway' Department on ly).a___
Pittsburgh Mars A Butler Railway.b________________ r_
Plattsburgh Traction C o .b ___________________________
Port Jervis Traction C o .a ____________________________
Portland (Ore.) Railway, Light A Power C o .a ------------Poughkeepsie A Wappinger Falls Railway.a----------------Public Service Ry. (N. J.), incl. Public Service R R .a —
Putnam A Westchester Traction.a____________________
Reading Transit A Light Co________________ _________
Republic Railway A Light C o .a _____ __________________
Rhode Island C o .a _____________ ____________________
Richmond Light A Railroad C o .a ____________________
Rochester Lockport A Buffalo Railway.a______________
Rochester A Manitou Railroad.a______________________
Rochester A Syracuse Railroad Co., In c.a _____________
Rome Railway A Light C o .a __ ______________________
Rutland Railway'. Light A Power C o .a __ _____________
Sacramento Northern Railroad.a.____________________
St. Joseph Railway', Light, Heat A Power C o .a ________
Salem A Pennsgrove Traction C o .a __________________
Salt Lake A Utah Railroad.a___ _____________________
San Diego Electric Railway.a_________________________
Sandusky Norwalk A Mansfield Electric Railway.a___
San Francisco Napa A Calistoga Railway, a____________
San Francisco-Oakland Terminal Railways, a __________
i San Francisco-Sacramento Railroad.a_______________
San Joaquin Light A Power Corp. (Railway Dept. only)_a
San Jose Railroads.a_________________________________
Schenectady Railway' Company, a____________________
Scioto Valley Traction C o .b __________________________
Seattle A Rainier Valley Railway C o .a _______________
Second Avenue (New York City)_a___________________
Shamokin A Mount Carmel Transit C o .a _____________
Shawnee-Tecumseh Traction C o .b ____________________
Shreveport Railways C o .b ____________________________
Sioux City Service C o .b ______________________________
South Carolina Light, Power A Railways C o .a ________
Southern New York Power A Railway Corporation, b ___
Southern Public Utilities C o .a _________________________
Southwestern Traction C o .a __________________________
Springfield Electric Railway, a ________________________
Springfield Street Railway C o .a _______________________
Springfield A Xenia Railway C o .a ____________________
Stark Electric Railroad, b _____________________________
Stockton Electric R R . a . . . __________- ________________
Syracuse Northern Electric Railway, Inc_______________
Syracuse A Suburban Railroad.a_______________ ______
Tampa Electric Company.a__________________________
I"Terre Haute Indianapolis A Eastern Traction C o .a ___
Texas Electric Railway.a_____ _______________________
Third Avenue (New York) S y s te m . a ________________________
Tidewater Power Co. (Railway Dept. only)_a__________
Toledo Bowling Green A Southern Traction C o .b _____
Toledo & Indiana Railroad.a_________________________
Trenton Bristol A Philadelphia Street Railway.b_____
Trenton A Mercer County Traction C o .a _____________
Troy & New England Railway C o .a __________________
Tuscaloosa Railway A Utilities C o .a __________________
Twin City Rapid Transit (Minneapolis) _b____________
Twin State Gas & Electric Co. (Ry. Dept. only)_a____
Union Street Railway.b______________________________
Union Traction Co. (California).a____________________
Union Traction Co. of Indiana.a____________________
Union Traction Co. (Tennessee) _a ____________________
United Light A Railways Co. (subsidiary companies)_a_
United Railways A Electric C o .a ______________________
United Railways Co. of St. Louis.a__________________
United Traction Company (Albany) _b________________
Utah-Idaho Central R R .a ____________________________
Utah Light A Traction C o .a _________________________
Valley Railways.a___________________________________
Vicksburg Light A Traction C o .a _____________ _______
Virginia Railway A Power C o .b ___________ ___________
Wallkill Transit C o .b ___ ____________________________
Warren A Jamestown Street Ky_b_ __ ___
Washington Baltimore A Annapolis Electric Railway a

[V o r„ 1 1 3 .

1919.

&
$
285,630
189,837
233,788
272,033
488,896
430,299
1,073,466
971,700
3,342,213
2,681,436
326,823
318,054
1,345,724
1.141.906
18,867,754 14,888,446
164,669
149,422
362,748
346.728
79,770
75,046
629,287
529,376
1,121 ,341
966,442
105,934
93,198
5,922,244
4,418,700
470,730
91 121
36,493
32,983
537,981
135,101
228,363
148,190
3,675,209
3,224,384
331,038
250,723
109,538
119,665
2.765 198 2.718.837
160,584
126,249
528,835
568.490
1,190,874
1.136,346
10,140,272 p l 3 ,773,052
494,443
434,003
10,454,410
9,406,173
912,265
752,307
224,732
197,532
344,038
276.768
1,025,705
856,756
8*2,12H
72.394
266,254
261,554
10,909,630
9.227,839
3,951,650
3,387,854
453,834
411,528
467,713
366,399
255,955
206,578
5,019,989
4,606,322
128,590
85,793
2,048,306
1,739,545
4,807,529
4,156,175
204,674
152,959
257,258
237,947
1.093.070
1,408,856
216,918
188,606
106,910
98,490
15,340,346 11,278,016
81 .677
91,410
306.381
354,417
283,662
293,221
144,778
115,918
456,653
370,181
177,008
150,433
21,137,223 16,353,535
604,865
509,617
109.099
89,942
38,807,354 36,039,519
818.794
879,647
801,162
732,302
1,344.846
1,743,642
1,289,519
1.109,421
173,431
167,734
468,164
390,401
37,766
33,123
18,619
27,616
8,591,001
9,564,615
231,617
263,423
26,956,813 23,258,326
11,906
11,200
2,642,526
2,953,653
6,259,612
8,420,387
8,304,147
6,970,675
538,703
734,793
553,566
572,464
35,515
33,013
1,014,145
1,176,535
291,621
242,905
509.766
589,641
1,532,130
1,674,104
2,053,384
2,481,764
143,998
140,499
708.026
876,948
1,034,970
1.379,032
57,296
57,049
350,874
338,705
5,793.501
6,704,001
1.167,889
1.309,622
115,912
133,117
401,587
351,782
1,664,282
1,905.313
861.874
818,188
426,206
477,393
921,552
867,229
268,934
197,339
69,096
84,714
652,840
447,555
1,302,290
1,468,690
692,746
695,665
527,398
493,601
2,815,358
3,621,796
54,058
46,701
112,137
138,389
3,064,637
3,819,351
133,694
114,247
627,353
517,688
271,151
320,457
105,391
128,547
172,974
161,462
1,269,248
1,673,630
4,597,536
5,444.836
3.460,184
2.951,511
12.438,585 11,397.978
456,246
404,328
547,608
649,055
353,828
391,442
124,785
144,354
1.160,532
1,401,863
36,428
39,442
372,106
279,885
13,070,738 11,493,478
17,817
15,711
1.440,858
1,732,066
71,401
85.787
3,781,554
4,005,755
152,967
157.765
11.956,517 10,169,725
17,313,500 14,794,234
20,267,730 16,592,680
3,253,973
2,848,872
1,062,317
1,121,616
1,855,281
2,069,483
501,891
497,486
245.192
290,966
9,343,337
1 1,018,016
77,725
77.796
183.340
159,474
2,168.120
2.092,334

In crease.

1 Decrease.

1920.

1919.

Increase.

D e c re a s e .

$

f

$
27,762
455
47,963
78,801
875,462
0 Si
166,249
C2.830.312
5,288
16,556
def 21,162
188,410
200,843
def 3,006
1,867,847
15,733
defl, 956
120,965
71,338
695,877
42,671
clefl ,580
404,384
18,814
def 71,085
def228,991
pdf1165,401
12,858
1,463
def87,735
95,851
37,529
285,614
20.712
16,863
9,430.649
1.299,262
84,868
74,263
41 ,957
918,244
9,567
524,341
777,877
50,215
24,567
def128,777
20,446
12,732
c2,714,412
1.131
def C23.121
def 786
def 21,944
118,859
54,631
2,520,923
113,917
38,823
10,205,175
281,079
267,098
213,779
241,923
41,189
77,290
3,498
defl 0,522
c2,815,918
12,514
2,150,438
2,244
(7256,782
1,863,993
601,454
def47,638
95.112
1,834
C268.318
78,155
132,899
cl 38,445
222,512
def 12,845
255,296
146,377
def 7,422
127,728
C935.731
253,946
36.024
C74.483
181,274
277,777
60,852
defl29,674
70,671
28,682
146,487
180,113
256,425
85,011
1,149,992
12,975
14,630
585,497
6,978
146,655
C28.054
14,719
2,389
558,695
1,327.013
1.447,112
1.529.724
59,965
131,368
25,356
19,822
151,505
def 6,825
120,S76
3,275,904
def4,186
429,384
8,602
934.510
32.182
3,275,252
4,143,336
c3.555,587
104,767
301.495
580,200
2 7 ,172
82,888
0.570,508
12,557
40,54 <
506.982

$
20,238
2 1,858
53,539
183,59-1
852,438
141,530
100,615
6*3,336,072
14,217
50.002
d ef12,17 I
190,010
207,179
def 2,447
1,397,682
def79,357
def 1,151
102,287
17,103
788,088
59,341
32,372
523,864
22,440
33,683
def132,112
pdef258,772
2! .503
1,669,112
def58,097

$

$

95,793
58,597
101,766
660,7 77
8,769
203,818
3,979,308
15,247
16,020
4,724
99,911
154,899
12,736
1,503,544
79,309
3,510
102,880
80,173
450,825
80,315
46,361
54,528
60,440
1,047,937
159,958
27,200
67,270
168.919
9,734
4 ,700
1,681,791
563,796
42,306
101 .314
49,377
413,667
42,797
308,761
651,354
51,715
19,311
315,786
28,312
8,420
4,068,330
9,733
48.036
86,472
26,575
4,783,688
95.248
19.157
2,707,835
60,853
68,860
398.796
180.098
5,697
77.763
973,614
31,806
3,698,487
311.127
2,160,775
1,333,472
196,090
18,898
162,390
48,716
79.875
141,974
428,380
168,922
344,062
12,169
910.500
141.733
17,205
49,805
241.031
43,686
51,187
15,618
205,285
166,400
2,919
33,797
806,438
7,357
26,252
754,714
19,447
109,665
49,306
23,156
404,382
847,300
50S.673
1,040,607
51,918
101,447
37,614
241,331
3,014
92,221
1,577,260
292,108
14,386
314,201
4,798
1,786,792
2.519,365
3,675,050
405,101
214,202
4,405
45,774
1,704.679
71
23,866

38,245

10,127
34,335
39,655
3,632,780

9,559
28,860

4,643
8,997
706

2,502

3,499
247

54,323
71,595

11,512

19,569

_
2,106

_____
_____
_____
59,299

__ __.
.
75.786

7,524

23 02 i
5 63 r

470,165
95,090
18,678

51,236

21,403
5,576
104,793
ll",255
505,730
8,929
3,446
8.991
1,600
6,336
559
3,805
92,211
16,670
36,952
119.480
3,626
104,768
96,579
906,629
8,645
205,433
29,638

68, i]
27,037
7,272
30,257
291,363
5,749
3,562
17.150
53,066
36,203
7,278,125 2,152“ 524
61,325
1,237,937
8,608
76.260
61 .976
12,287
9,960
51,917
1,370,437
452,193
def 5,056
14,623
96,145
620,486
835,949
58,072
40,695
9,520
24,136
48,703
def 81,947
46,830
26,874
6,428
18.233
5,501
c-897.772 1,816,640
14.002
12,871
def C47.564
24,443
72,669
71.883
33,457
11,513
120,608
1,749
16,886
37,745
727,446
1,793,477
45,154
68,763
33,500
5,323
11,645,690
1,440,515
274,344
6,735
272,038
4,940
defl00,281
314,060
119,489
122,434
51,253
lb’.064
def21,297
98,587
11.416
7,918
8,311
def2,211
c3,099,508
283,590
25,241
37,755
2,553,271
402,833
319
1,925
(7412,358
155,576
291.328
1,572,665
180,927
420,527
20.842
def26,796
32,658
127.770
133
1,967
55.439
C212.879
5,700
72.455
14,693
147.592
108,236
C246.681
66,133
288,645
def21,714
8,869
12,868
242,428
def147,299
293,676
5,577
defl ,845
4.710
132,438
229,396
c706,335
30,647
284.593
3,842
32,182
2,772
c71,711
12,001
193,275
57.666
220.111
2,874
57,978
177,51S
47,844
12,094
58.577
1,310
29,992
5.984
152,471
152,190
332,303
228.770
27,655
41.475
126,486
259,708
890,284
4.004
8,971
4,149
10,481
190.184
395.313
5.881
12,859
8,762
137,893
98
C27.956
6.277
8,442
33,758
36,147
51.121
507,574
1,250.668
76.345
233,879
1,213.233
411.684
1,941.498
22.490
82.455
21.819
153.187
34,295
59,651
1.470
21,292
27.389
178.594
def 710
6.115
102,580
18,296
3,048,420
227.484
4,298
112
317.008
112.376
609
9.211
899.186
35.330
6 IS
32,830
390.059
2,885.193
690.313
3.453.023
c2.289.04l 1.266,546
208,224
312.991
3 5 .3 2 3
336,818
29.3 '9
609,529
54.01;
81,189
5. 1
00
88.288
2 3 5 , iIS
3.805,956
4.6 13
17.200
456
40,091
89 .o : *
596,007

J uly

1 VJ

THE CHRONICLE

9 1921.]

N ET.

GROSS.
HOADS.

W ashington R ailw ay & B loc. C o. (and su b . railway c o s . ) - »
W ashington W ater Power C om pan y . 1
W a te rlo o Cedar Falls & N orthern Rail w a y .a
W est C hester K ennett & W ilm ington E lectric R a ilw a y .a
W est C hester Street R ailw ay C o m p a n y . b
W estchester Street Railroad a
W estern New Y ork & Pennsylvania T r a c tio n .a
W estern O hio R ailw ay, a
. . . -------- --------- --------—
W estm oreland C ou n ty R ailw ay O o .b
W est Penn Railways C o - a ---------------------------------W ilkes-B arre & Hazleton R R . (and affiliated c o s . ) _ b .......
W ilkes-B arre R ailw ays C o . a ---------------------------------------W iln i. ct Phila. T ra c. C o. (incl. So. P en n a. T ra c. C o .)_ b _
W in on a Interiirban R a ilw a y , b ---------------------------------------W iscon sin Gas & E lectric C o . a ---------------------------------------W iscon sin-M in n esota L t. & P o w . C o . (R y . D e p t. o n ly )_ a _
W isconsin Public Service C o . a -----------------------------------------W isconsin Railw ay, L igh t & Pow er C o . a ------------------------W isconsin T raction . Light, K oa t& Pow er C o . (R y . on ly) a
W isconsin Valley E lectric C o . (railw ay o n ly )_ a _ _ ............ ..
W orcester C onsolidated Street R ailw ay C o . a -----------------k Y o rk R ailw ays C o . a ---------- -------------------------------------------Y ou n gstow n & Ohio R iver R ailroad . b ___________________
Y ou n gstow n & Suburban R a ilw a y .a ---------------------------------

1920
$
7,232,758
'1,004,894
l ,07 1,367
80,518
- 252,410
239,039
560,548
1,158,808
78.176
13,607,950
673,890
2,308,105
3.212,369
322,571
3,318,210
191,146
1,223,689
696,140
245,224
120,340
4,360,357
1,679,123
639,497
330,614

1919

Increase.

i
*
5,939,086 1,293,672
93 1,802
3,670,092
195,838
875,529
4 .068
75,850
27,257
225,153
298.585
109,326
151,222
191.551
967,257
20,474
57,702
1 0 ,6 3 4 ,6 11 2,973,339
754,333
2,087,877
220,228
4.279,237
41,736
280,835
866,939
2,451,271
178,949
12,197
285,434
938,255
604,278
91,862
16,605
228,619
19,229
3,934,256
426,101
309,908
1,369,215
486,748
152,749
294,179
36,435

T o ta l (328 ro a d s )______________________________________ 906,500,824 776,821,264 135424464
Increase or d ecrease________________________________________
129679560
P er cen t o f increase________________________________________
(1 6 .6 9 % )

Decrease.
$

59,546

80,443
1,036,868

1920
$
cl .557,627
2,299,737
76,239
d e f 2 ,316
72,247
d e f49,049
57,595
191,226
29,689
3,368.345
228,818
734,399
829,945
49,420
c2 9 4 ,589
36,228
246,407
167,835
70,248
32,540
395,203
466,658
202,264
80,199

1919
$
c l , 187,791
1,742,429
35,768
7,947
104 ,058
d ef5 0 ,1 .8 8
52,380
250,302
22,855
3,283,403
231,363
754,261
1,372.553
53.312
311,338
68,692
309,656
2 J9,997
72,203
33,301
501,243
418,263
156,265
90,122

Increase.
369,836
557,308
40.471

Decrease

10,263
31,811

1,139
5,215
59,076
6,834
84,942
2,645
19,862
542,608
3.892
J6,749
32,464
63,249
52,162
J ,955
761
106,040
4 8,3 95
45,999

9,923

5 .744,904 1 85.009,f)3ol 179,961,047 24,116,365 19,007,782
5,108,583
(2 .8 1 % )

a A fter dedu ctin g taxes, b B efore d edu ctin g taxes, c A fte r d edu ctin g depreciation , d A fter d edu ctin g interest, e E arnings were adversely af~
fected b y the coal strik e during N o v . and D e c. 1919. It is estim ated th a t n et earnings w ould h av e been $3,500 m ore, had not this strike occu rred
/ R eceipts, expenses and taxes o f M ill C reek V alley lines o f the O hio T ra ctio n C o . n o t included,
g A fter d edu ctin g rentals,
h R esults under Federa
and C orp ora te con trol, i K n ow n as the O akland A n tio ch & E astern R R . up t o Jan. 1920. j E xclu din g Indianapolis Street R y . C o . k For year
ending N o v . 30 1920 and 1919. I A fter d ed u ctin g operatin g expenses, taxes, interest on P arr Shoals b on d s and dividends on Parr Shoals pref. s to c k
m Includes earnings o f th e B rook lyn C ity R R .; this roa d was leased t o th e B rook lyn H eights R R . up to O ct. 19 1919, u pon w hich d ate th e lease wa
term inated and the roa d turned b ack to its ow ners. W e h a v e , h ow ever, included the earnings o f the B ro o k ly n C ity R R . subsequ en t to the term ina
tion o f the lease (in order to a fford com p a rison ), w hich were as follow s: In 1920, gross, $9,962,308; n et, d ef. after taxes, $482,467. In 1919, gross
$2,100,481; net after taxes, $202,078. n In clu din g th e C h icago & M ilw au k ee E le ctric R y ., M ilw au k ee C ity Lines, o F or years ending Jan. 31 192
and 1920. p Earnings o f E ighth A v e . R R . and N in th A v e . R R ., inclu ded fo r sake o f com pa rison , a lth ou gh the properties h ave been separately op er
ated since July 11 1919 and Sept. 26 1919, resp ectively. T h e earnings o f these roads during th e cal. year 1920 were as follow s: E igh th A v e . R R .,
gross, $1,032,915; net after taxes, d e f., $315,164; N in th A v e . R R ., gross, $418,731; net after taxes, d e f., $150,725. q 1919 figures ob tain ed fro m un
official sources, r N in e m on th s to Sept. 30 1919 are operation s o f L ew iston A u gu sta & W aterville Street R y .

(Current guruls mid Qi&tuszxons
NEW

TREASURY BOND OFFERING BY
GREAT BRITAIN.
Announcement that the British Government had decided
to offer for subscription at 97 an issue of 53^% Treasury
bonds, due April 1 1929, was made by Sir Robert Horne,
Chancellor of the Exchequer, in the House of Commons
on July 5. The Associated Press accounts from London
July 5 of the proposed offering said:
T h e p rospectu s, th e C h an cellor said, w ou ld b e issued July 11. N o
d efin ite am ou nt fo r th e loan w ou ld b e specified , he add ed. T reasu ry b on d s
ou tstan din g as o f June 11 1921 am ou n ted to £23,000,000.
Sir R o b e rt stated th a t th e sole p u rp ose o f th e issue w as t o p ro v id e fo r the
red em p tion o f m aturing obligation s and to a v o id undue recou rse to T reasu ry
bills and W a y s and M ea n s a dva n ces. H old ers o f 5 % E xch eq u er b onds
m aturing O ct. 5 and N ation al W a r b on d s m atu rin g in 1922 and 1923, th e
C hancellor declared, w ou ld b e able to con v e rt th e m in to th e new issue.
I t is u n derstood th e issu e o f th e cash loan ann ou n ced b y Sir R o b e rt has
fo r a long tim e been con tem p lated b y th e E xch eq u er. A fte r allow ances for
d epreciation and th e p a ym en t o f death duties b y w ar b on d s, a b o u t £300,000,000 o f obligation s will m a tu re during th e cou rse o f 1921 and early in
1922, o f w hich £82,000,000 are in th e U n ited S tates and C anada.
D uring th e next fiv e yea rs E n glan d has h ea v y m atu rin g obligation s.
T h e y fo rm th e b la ck clou d on th e fin an cial h orizon and th e G ov ern m en t is
anxious, so far as p ossible, to clear a w ay th is em barrassm ent.

J. P. MORGAN & CO. TO PURCHASE MATURING
UNITED KINGDOM NOTES.
Notice that it was prepared to purchase United Kingdom
of Great Britain and Ireland notes, due 1921, was issued by
J. P. Morgan & Co. in the following announcement on
July 6:
J. P . M orga n & C o . an n ou n ce th a t durin g th e next tw o w eeks th e y are
prepared to p u rch ase, fo r th e a ccou n t o f th e B ritish G ov ern m en t, U nited
K in gd om o f G reat B ritain and Ireland fiv e-y ea r 5 H % secu red n otes, due
N o v . 1 1921, a t 100 and a ccru ed interest.
N o te s should be presented at their o ffic e in N ew Y o r k C ity p rior to
July 20 1921.

The notes maturing on Nov. 1 next are part of an issue
of $300,000,000 5 H % collateral gold loan of the British
Government issued in November 1916, one-half of which
matured in three years and the other half in five years.
Details of the offering were given at the time in our issue of
Oct. 28 1916. In referring to the plans for the purchase
of the maturing notes, the “ Journal of Commerce” July 7
said:
G reat B ritain’s determ ination and ability to red u ce its indebtedn ess in
this cou n try, now in th e h ands o f investors, was fu rth er d em on strated yes
terday b y th e announcem ent from th e M orga n o ffice s th a t fu n d s were
available for p ayin g o f f at this tim e th e ou tstan d in g B ritish G overn m en t
n otes due next N ovem ber. P reparations fo r th e op era tion , so fa r as th e
record s show , w ere com pleted w ith ou t resort to shipm ent o f gold .
T h e am ou nt o f th ese notes originally Issued w as $150,000,000, b u t p u r
chases in the open m arket for British G overn m en t a ccou n t h av e redu ced
th e total outstan din g con siderably b elow th is figure. In presenting the
budget estim ates th e C hancellor o f th e E xch equ er told th e H ouse o f C o m 
m o n 1 th at th e issue had been reduced b y th e end o f the fisca l year, M a rch 31.
.
to $i 15,000,000. O perations for retirem en t sin ce th a t tim e h av e b rou gh t
the aggregate to well below $100,000,000, it was learned y esterd a y .
in banking quarters it is expected th a t a m a jority o f th e ou tstan din g
note -//ill b e presented for redem ption under th e present offer.
From the
investm ent stan dpoin t m uch b etter yields would be m ade available b y a
switeh to oth er first class securities, bankers said, the notes recen tly h avin g
been a ttra ctive m erely as a "m o n e y p ro p o sitio n .’ ' Purchases fo r the
Britj ,h G overn m en t, togeth er with th e app roach o f m a tu rity, h ave resulted
in on -,\ varc-e in th e qu otation to ju st a sh ade below par.
t\

RESPONSE TO BRITISH CONVERSION LOAN.
In its advices from London July 5 relative to the proposed
offering of Treasury bonds by the British Government,
the “ Journal of Commerce” stated that the offering is “ the
sequel to the insufficient response to the recent conversion
loan.” The fact that the response to the conversion loan
was unsatisfactory has been noted in cablegrams on more
than one occasion; one of these to the “ Journal of Commerce”
from London June 1 said:
O ut o f the £632,000,000 N a tio n a l W a r b onds con v e rtib le on ly -1 48 ,0 00 ,
000 h av e been surrendered fo r con v ersion in to 3M per cents. T h is is belt
the general e x p e cta tio n . T h e exp la n ation is th a t a large m a jo r ity o f h old e
o f these sh ort-term b o n d s d o n o t desire to exch an ge in to w h a t is p ra ctica lly
irredeem able sto ck . T h is resu lt m eans th a t th e G ov ern m en t m u st m ake
further arrangem ents fo r the w ar b on d s m atu rin g durin g th e n ext fiv e
years, the first m atu rities o f w h ich w ill fa ll in O ct. 1922.

The time for receiving applications to the conversion
loan expired May 28 last. The details of the offering are
taken from the “ London Stock Exchange Weekly Official
Intelligence” of M ay 2 as follows:
Three-and-One-half Per Cent Conversion Loan.
T h e B an k o f E n gla n d and the B an k o f Irela n d are au th orized to receiv e
fro m h olders o f N a tio n a l W a r b on d s due on or b efo re Sept. 1 1925, applica**
tions fo r th e con v ersion o f th eir h old in g s in to this loan . H o ld ers o f tb
b on d s m a y surrender their h old in g s fo r con version as on A p r il 1 1921 an
receive in exch an ge th erefor h old in g s o f 3 3^ % C on version L o a n ca lcu la te
as under:
[ £3 10s. per cen t C on version L oa n in
£163 ■{exchange fo r each £100 n om in a l ofr due O ct. 1 1922
h£5 per cen t N a tio n a l W a r B on ds J
"
A p r. 1 1923
£162
“
Sept. 4 1923
/
"
F eb . 1 1924
£161
::
::
‘ ‘ O ct. 1 1924
‘ ‘ A p r . 1 1925
£160
1
"
S ep t. 1 1925
/

v
.

In terest to A p ril 1 1921 fro m the d ate o f th e la st p recedin g d iv id e n d w ill
b e p aid on co m p le tio n o f con version in resp ect o f C o n v e rte d b on d s th e
h a lf-y e a rly in terest on w h ich was p a y a b le on d ates oth er than A p r il 1 a n d
O ct. 1. R egistered h o ld in g s w ill be co n v e rtib le in to s to ck , w h ich w ill
in each case be tran sferab le in th e sam e m anner as th e co n v e rte d h o ld in g .
B earer b on d s w ill b e co n v e rtib le in to s to ck ‘ ‘tran sferable in th e booksP
o r ‘ ‘tran sferable b y d e e d ," a t th e o p tio n o f th e h old er. B earer bondssurrendered fo r con version m u st be a ccom p a n ied b y a ll co u p o n s d u e subse
qu en t to A p r il 1 1921.
T h e principal and interest o f th e loan w ill b e a charge on th e C on solid a ted
F u n d o f th e U nited K in gd om . T h e loan will n o t be redeem able b e fo r e
A pril 1 1961, b u t on and a fter th a t d a te m a y b e redeem ed a t par on a n y
h alf-yearly interest d a te a t th e o p tio n o f th e G overn m en t on th ree m onths"
n otice bein g given in th e ‘ ‘ L on d on G a z e tte ." C om m en cin g w ith th e
h alf-year ending A pril 1 1922 a sum equal t o n ot less th an 1 % o f th e a m ou n t
o f th e loan ou tstan d in g at th e close o f a ny h alf-year during w hich th(
average d aily p rice o f th e loan, as certified b y th e B ank o f E n glan d, ha:
been below 90 will b e set aside as a sinking fu n d to be em p loy ed durin
th e su cceeding h alf-yea r in th e purch ase o f th e loan in th e m arket fo r
can cellation. In te re st will be p a ya b le on A p ril 1 and O ct. 1, th e first
d ivid en d , fo r a full h alf-yea r’ s interest, being p a ya b le on O ct. 1 1921.
In terest on stock w ill be paid b y w arrants tran sm itted b y p o st; interest
on b o n d s to bearer will be p a id b y cou p on . T h e b o o k s o f th e loan w ill
be k e p t a t the- B ank o f E n glan d and at the B an k o f Ireland. H oldings
m ay bo in th e form o f (1) Inscribed stock "tran sferab le in th e b o o k s ,"
(2) R egistered sto ck "tra n sfera b le b y d e e d ,” o r (3) b on d s to bearer in
denom in ation s o f £50, £100, £200, £500, £1,000 a n d £5,000. and th e
several fo rm s o f h old ing will b e interchangeable w ith ou t p aym en t o f ai
fee. S tock will b o tran sferable in sum s w hich are even m ultiples o f o
p en n y . Bowers o f a ttorn ey for th e tran sfer o f In scribed sto ck , dee
fo r th e tran sfer o f R egistered stock , and b ond s to bearer will b e free
stam p d u ty . A com m ission will b e allow ed to ban k ers and stock broke
in resp ect o f app lication s bearin g their stam p, o f 5s. per £100 nom inal
N ational W ar b on d s con v erted , on applications received n ot later than M
18 1921; and o f 2s. Od. per £100 nom inal o f N ation al W ar b onds con v erted ,

130

THE OHKONICLE

on application" received after May 18 1921. Applications must be lodged
at tile Bank of England or the Bank of Ireland not later than May 28 1921.
N.B.- National u ar bonds of the post office issue will not be convertible
at the Bank of England They will be convertible at the post office under
the arrangements set forth in the separate prospectus issued by H.M.
Postmaster-Genera l.

DEFICIT IS BRITISH TREASURY IN LAST QUARTER
£67,000,000— LOSS THROUGH COAL STRIKE .
According to press advices from London July 1, the
British rove mu* for the last quarter is down nearly £111,000,000 sterling, while the deficit will total £67,000,000. It
is added that the Treasury estimates that the recent coal
strike involved the State in £75,000,000 sterling* additional
expenditure. The indirect loss in revenue cannot yet be
estimated, i! is said, but the prospect of a budget surplus
has entirely disappeared.

CHANGE IN BRITISH TREASURY BILLS .
A special cablegram to the New York “ Evening Post”
July I said:
The money market has been disturbed by the alteration in Treasury
bills by which yearlings are discontinued and six months bills .substituted
at 5 )4 % , with three months bills retained at 5. As bills dated July 1
are payable Dec. 31, very heavy buying and borrowing from the bank
result. The reason for the change probably is that the maturity is more
favorable to the Government, owing to revenue payments for the first
ci uarter of the year.

“ Financial America” yesterday (July 8) said:
A cable from London says the sale of six months’ Treasury bills has
been suspended. They have been on tap just one week.

NOVEL PLAN FOR REFUNDING ANGLO-A USTRALIAN
DEBT.
On June 28 the “ W all Street Journal” said:
The Australian and British Governments have just entered into an .agree
ment for refunding the latter’s war advances to the former—an agreement
which is of peculiar interest at present when the United States and British
Treasuries are engaged In framing an scheme for settling their own accouhts. The Anglo-Australian scheme has undoubtedly come under the
consideration of the Treasury at Washington and possibly it may be found
embodied in whole or in part in the agreement eventually to be made with
London.
Australia owed the Imperial Government large sums borrowed during
the early days of the war and other sums for maintenance and transport
of Australian troops. As in the case of the American war advances to the
Allies, there were also large arrears of interest . Dates of payment of these
arrears and redemption of the loans were not fixed but left to the decision
of the Chancellor of the Exchequer and the Treasurer of the Common
wealth.
The recent agreement, which has been published only in Australia, is
based upon the idea of payment of an annuity of 6% of the total indebted
ness. Senator Millen, Australian delegate to the Assembly of the League
of Nations, and later in charge of the financial negotiations in London,
explained it in the Australian Senate as follows:
“ This annuity is to be devoted in the first instance to the payment of
interest at the moderate rates of
%, 4 X % and 5% . The rate of 3H %
A
applies to the comparatively small portion, amounting to £1,263,158.
The rate of 4 ^ % applies to a total of £11,500,000, and the remainder of
the principal, amounting to £74,218,900, will carry interest at 5%. The
difference between these interest rates and 6% will be devoted towards re
duction of the principal, and will repay the whole in less than thirty-seven
years.”
The terms must be considered distinctly favorable, seeing that the Aus
tralian Government’s own bonds are yielding investors 8% in interest alone.
As for the arrears of interest, amounting to £4,000,000, the Imperial
Government agreed to postpone payment till exchange is more favorable,
and to accept bills without interest at six and twelve months' date, by which
time it is hoped that exchange will become easier. A small sum of £ 570.000,
due for interest accrued price to July 1917, was embodied in the funded debt.
Senator Millen, the author of this scheme, while not a financier, enjoys
a reputation for great natural ability in handling intricate financial prob
lems.

[ V ol . 1 1 3 .

mit recommendations to Congress with assurances that they
would be enacted immediately. As to a conference on June
23 between President Zayas and members of Congress
press advices said:
The conference between President Zayas and the lower House lasted more
than two hours and was held behind closed doors. An official statement
issued later stal ed that the President had complied with a resolution adopted
by the chamber last Tuesday and had facilitated such information as would
help Congress co-operate intelligently in solving the prevailing financial
crisis.
While the President's report was along general lines it was understood that
he characterized the present situation as ‘ critical’' but expressed confidence
that with non-partisan co-operation by Congress in enacting legislation
the credit of the republic could be restored to a point that would make
possible the floating of a foreign loan if such a measure was found necessary.

The question of a loan to Cuba lias figured in the news of
the current week. As to the prodeeures therefor, the
“ Journal of Commerce” of yesterday (July 8) said in part:
Conversations now proceeding between the Administration at 'Washington
and the Cuban Government are expected by bankers to develop the basis on
which a loan to Cuba will be made. Banking opinion toward such a loan
is now pretty well crystallized, there being quite general agreement as to
the conditions upon which a flotation may bo arranged, if not upon the
terms. The latter will be determined largely by the position and require
ments of the investment market at the particular time when the loan is
undertaken The former are now believed to be the subject of diplomatic
negotiation.
The position of bankers is that the unsecured credit of the Cuban Govern
ment is not a sufficient guarantee upon which to float a loan. This attitude
reflects not so much doubt as to the ultimate ability of Cuba to meet its
obligations as recognition of the practical circumstance that an unsecured
Cuban Government obligation would carry very little appeal to the investor,
it was indicated yesterday.
The conditions on which bankers will be willing to grant a loan to Cuba,
therefore, include some measure of fiscal intervention, the degree of which
is not as yet defined. According to information obtained yesterday, such
intervention would certainly involve control by a board designated by the
bankers or by the United States Government of revenues sufficient to insure
the repayment of the loan. Another condition which may be deemed ad
visable is that a satisfactory adjustment of expenditures and revenues to
the point of approximate balance be made.
N o N e g o tia tio n s H e r e .

There are no negotiations actively under way here regarding the loan, but
discussion of the subject and of Cuba’s plight in general is well to the front
these days. The head of one large banking institution said yesterday that
his study of the situation had convinced him that it was the most compli
cated with which he had ever dealt and expressed the opinion that the future
of Cuba could not be dissociated from the future of sugar.
“ In the final analysis Cuba and sugar will stand or fall together,” this
banker asserted. “ The ultimate euro of the Cuban situation is to be found
only in the solution of the sugar problem. What is needed is increased con
sumption and consumption is a matter of price, not so much higher or lower
price, but stabilization of prices. In Cuba’s case, markets for sugar outside
the United States must also be found.”
None of the bankers who have recently expressed their views on the Cuban
crisis disagree, however, with the opinion that a loan to Cuba will prove
helpful if the proceeds are properly applied. Such application will be in
sisted upon by the bankers handling the loan operation, it was said yesterday.

In special advices from Washington the New York
“ Evening Post” last night also had something to say regard
ing Cuba's finances and the question of a loan. From that
paper we take the following:

General Crowder, who is now in Cuba, is keeping the State Department
currently informed as to conditions in the island. His reports have been
such as to lead officials of the Department during the past week to give
Cuba their solitous attention.
Cuba has been in bad shape economically for many months, and the
solution of her financial troubles has not been found. The political situa
tion in the island is giving officials here less anxiety. Cuba’s economic
troubles are twofold. She is in a bad way industriously and commercially,
chiefly because of the lack of a market for her sugar crop. She is also put
to it to find adequate funds to meet the genera! expenses of government.
One apparently pressing necessity is for a loan. The figure now being
talked about is $70,000,000. The State Department’s special concern in
this matter arises from the fact that under the P.att amendment Cuba was
forbidden to contract any public debt which could not be financed out of
the ordinary revenue of the island, after defraying the current expenses
of government . As this amendment is part of the Cuban Constitution as
well, it will be readily seen how vital is its bearing on the present financial
problems of the island.
CUBAN F IN AN CIA L AFFAIRS— COMMISSION TO
In order to embark on any large scale of Government financing, there
DRAFT N E W L A W S — PROPOSED LOAN.
fore, Cuba must either increase her revenues or decrease her expenses, or
It was announced in Havana dispatches to the daily papers both. The difficulty is that the stagnation of business of itself has impaired
Cuba’s ability to do this by cutting down the island’s revenues, which are
July 6 that, following a conference on that date between naturally to a large extent measured by business activity.

President Zayas- and the Presidents of both Houses of Con
gress, a call was issued for a joint commission which, with
the President, will draft laws intended to solve the banking,
taxation and sugar problems. It was added that assurance
is given that Congress, in extraordinary session, will take
prompt action on the commission’s measures. On June 22,
in reporting plans for the establishment in Cuba of a bank
along the lines of the Federal Reserve system, Havana press
dispatches said:
Plans for a banking institution similar to the Federal Reserve of the
United States are being prepared by President Zayas and will be submitted
soon to the Cuban Congress. Details of the organization are still unset
tled, it was declared last night by Jose M . Cortina, Secretary to the Presi
dent, and Chief of the Cabinet, but he indicated the institution would be
a ‘ ‘combination of Cuban and American banks, subject to Governmental
intervention and control.” The necessary connections with American
commercial interests would be established, he said.
Senor Cortina added that a loan, if one should be floated by the Cuban
Government, would not necessarily be connected with the proposed bank.
He asserted that such a loan probably would be for $40,000,000.

On the following clay it was stated that a commission
would be named to review proposed remedial acts and sub

In itia tiv e I s f o r C u ba.

It is recognized that whatever solution may be reached of Cuba’s pending
problems, the initiative must come from the Cuban Government. The
United States has from the start played the part of a friendly observer,
anxious at all times to use her good offices in sotting Cuba on her loot
Besides acting as a friendly observer, the United States, as already indi
cated, must play the part of watchdog of the Island treasury, on account
of the Platt amendment.
On the industrial and commercial side, the island is suffering uot alone
from her troubles with her last year’s sugar crop, but from consequently
inadequate facilities for the handling of her now crop. Thirteen of her
principal banks, handling 60% of the island’s banking business prim* to
the moratorium, have been in liquidation, although to some extent this
situation has been relieved by the action of the foreign banks in expanding
their business to meet this curtailment of local banking facilities
The
Cuban Government finances are also involved in this situation. Invauso the
Government has large deposits, somewhere in the neighborhood of 815,000,
000. in the Cuban National Bank, one of those in liquidation.
The economic condition of the island is in such a constant state of tlu\
and change that it is difficult for any program of relief to bo devised one
week which will not have to be altered the next week to moot some uov.
situation. As a result of this fact. General Crowder has not been able to
make any final or conclusive report on the situation, but has chosen rathe,
to keep the Government advised currently as to developments
One
hopeful factor, in the eyes of officials here, is that the political stain ion

seems to have boon straightened out by our friendly action in sustaining the
courts and the laws of the island at the last election, which led to the
seating of l)r. Zayas.

On July 7 the “ Journal of Commerce” printed the following
respecting the adjustment of banking losses incident to the
Cuban crisis:
Banking losses and crodit congestion duo to the Cuban crisis have been
quite general in the financial district among institutions and houses having
an interest In that situation, but opinion in well informed quarters is that
the worse is over. The largest losses, it was said yesterday, have already
been established and written off, and such as may develop from now on are
expected to bo taken care of from earnings. The storm, in the view of
many financial leaders, has been weathered satisfactorily a,s measured by
the casualties incurred. Several of the major Cuban banks have been
forced to suspend and liquidate, but American interests in the field have
escaped, if not without embarrassment in some quarters, without failures
being recorded.

SUSPENSION

OF

BANCO DE
HAVANA.

PROPEITARIOS,

In announcing tho supension of the above bank on June
lfy Havana press dispatches said:
Suspension of payments by the Banco de Propietarios, Industriales y
Arrenlatakios, announced to-day by the Federal Bank Liquidation Com
mission, marked the last day of the moratorium, declared Jan. 31 last for the
purpose of proserving Cuba’s financial system from the results of the col
lapse of the sugar market. Since the plan for allowing banking institutions
to meet their obligations in four instalments, the last falling due June 15,
went into effect, three large institutions and twice that number of small
concerns have been forced to ask the liquidation commission to take charge
of their affairs.
Reorganization of the large banks, the Banco Nacional, Banco Internacional and Banco Espanol, is now being carried on by representatives
named by the liquidation commission. It is expected that these institutions
will be ready to resume business by the time Congress enacts financial
legislation which President Zayas and his advisers, including Gen. Enoch H.
Crowder are now outlining.

JAMAICA

PROPOSES SUGAR LOAN.

The Department of Commerce at Washington announced
on June 29 that according to a cablegram from Consul W m .
W . Heard at Kingston, Jamaica, dated June 24, a loan of
£400,000 is proposed by the Government of Jamaica in
order to prevent the collapse of the sugar industry. It"!s
added that the proposal is for loans to be placed- at 8 %
through a specially created board, the government borrowing
at 7 % from local banks, repayment to the government to be
secured by first hen on property. Regarding the sugar
crisis in Jamaica, a copyright cablegram to the New York
4
'Times” from Kingston June 25 said:
An unemployed problem threatens here as a result of the slump in the
price of sugar. Some estates have suspended operations and others will
close unles sthe Government grants the suggested loan to planters.
Hundereds of Jamaicans are returning from Cuban canefields. Reports
from Cuba state Jamaican laborers are suffering and it is not unlikely that
many will have to be repatriated by the Government.

THE

131

T H E Oil IIONJOLE

J uly 9 1921.]

DEBT OF THE PHILIPPINE ISLANDS— THE
BANKING SITUATION.

The Senate at Washington on July 6 amended and sent
to conference the bill, passed by the House of Representatives
on June 20 (V. 112, p. 2785), authorizing an increase of the
Philippine Islands’ debt limit from $15,000,000 to $30,000,000. A dispatch to the New York "T im es” from Washing
ton, D . C ., dated July 6 said:
The House bill authorizing an increase of the Philippine Islands debt
limit from $15,000,000 to $30,000,000 was passed to-day by the Senate and
sent to conference.
The legislation was recommended by former Governor General Forbes
and Major Gen. Leonard Wood, who have investigated conditions in the
islands for President Harding. In anticipation of its enactment, arrange
ments have been made for an immediate issue of $10,000,000 of new Phil
ippine bonds.
Chairman New of the Senate Territories Committee said that the bill was
designed to meet a serious situation.
‘ The Philippine Bank,” said he, “ is practically insolvent through bad
investments, bad management and inefficiency of its former officers. The
Government has about 9,000,000 pesos on deposit in the bank whichit
cannot withdraw and therefore cannot pay current Government bills.”
Inefficient management of the bank, Senator New said, had been “ cor
rected” by having American banks sent to Manila to take charge
A Senate committee amendment proposes the stabilization of Philippine
exchange the insular peso now being worth about 45 cents, Senator New
explained.
Senator King of Utah raised the question of Philippine independence,
asking whether such action by Congress was contemplated. Senator New
replied that no such proopsal had been made.

With reference bo the banking situation in the Philippine
in a special copyrighted cable dispatch to the New York
4
'Tim.es” from Manila under date of June 23 and appearing
in its issue of June 27, had the following to say:
Unless speedy Congressional aid is forthcoming the Philippine Govern
ment must go into bankruptcy. This situation is due principally to the
troubles of the Philippine National Bank.
The insular Government until recently had on deposit with the National
Bank about 70,000,000 pesos in cash. Besides, it had in 1918 and 1919a gold
reserve fund of $41,000,000 in the United States in accordance with Jaw,
which It used to maintain the pesos at par o two for one with the gold
dollar
During Governor General Harrison’s administration this gold
reserve was placed to the credit of the National Bank’s New York branch,
which sold exchange gaalnst it and thus transferred the money to Manila,
which lent It out and cannot now liquidate the loans.

A few weeks ago tho Government’s deposit in the National Bank wa s
reduced on paper to 50,000,000 pesos, when about 20,000,000 peso were
put Into National Bank stock, the paid up capitalization of the Institution
being increased by that amount. While this still loaves 50,000,000 pc >
o
in cash to the Philippine Government’s crodit on the book of the bank I»
cash reserve Is below the 20% of deposits required by law.
It Is claimed that the bank’s assets comprising outstanding loans and
bills receivable, more than cover the Government’s cash deposits, but the
collection of this money is out of the question now. The province outside
Manila have I 1,000,000 pesos deposited In the bank.
Government in Need of Money.

Tho Government has now reached a point where It must have more cash
to carry on properly as reduced revenues, owing to tho stagnation of lm
ports and curtailed local business, have made an Imperative call upon the
cash balance in the bank, but the Government refrains from taking this
cash, because it knows the bank lacks money. Unless further funds are
forthcoming, tho Government will be seriously embarrassed in its opera
tions, even though wholesale economies are being effected.
On tho other hand the national bank must have money to carry out its
obligations and finance the country's business and industry. Private
banks are not in a position to extend further aid. They have done every
thing possible, and their capital is already tied up in commercial loans, for
which there is little prospect of early liquidation.
So precarious is the general state of business that unless the national bank
immediately comes to the assistance of important business and industrial
enterprises, a panic owing to wholesale failures may result. Some incidents
of this result would be the taking over of important local enterprises by for
eign interests. This is why the Philippine Government is asking Congress
to increase the present indebtedness limit of $15,000,000 gold to $55,000,000 or $60,000,000.
Acting Governor Yeater thinks that the $15,000,000 increase asked by the
Wood-Forbes mission will suffice only to rehabilitate the gold standard
reserve in the United States for exchange operations, thus lowering the
exchange rates, whose wide and rapid fluctuation is seriously handicapping
business, but that it will not help much in tiding over the local crisis.
Wood and Forbes Investigation.

The story of the national bank, it is asserted in some quarters, will
throw a condemnatory light upon the Harrison Administration and give
an index of what may be expected of Government control by experienced
native politicians, for that is what the Harrison regime really was. Gen.
Wood and Mr. Forbes are now probing this phase of the Philippine Gov
ernment .
Ex-President Venancio Concepcion of the national bank, this week
published a defense of his conduct of the bank’s affairs, placing the blame for
the bank’s affairs placing the blame for the dissipation of its funds upon the
shoulders of his American predecessors and assistants. Previous to his
assumption of the bank’s management in 1918 he was poor but prominent
in Nationalist Party circles. He had had no banking experience.
The bank’s activities during the sale of German business concerns by the
Alien Property Custodian in 1918 also are a subject of American investiga
tion. These sales were largely financed by this bank and men without
money or credit, it is charged, became owners of millions of pesos, worth of
properties overnight. Some of these concerns now verge on bankruptcy.
Acting Governor Yeater and E. W. Wilson, the new Manager of the
National Bank, are making strenuous efforts to save these institutions, but
they have a difficult task.. It is felt that the National Bank's failure would
react unfavorably upon the prestige of the American Government and that
Congress is in duty bound to render every possible assistance to prevent an
economic catastrophe in the islands.
When the four principal local products, sugar, hemp, tobacco and cocoanut oil, begin moving abroad a gradual improvement in the situation is
expected. At present exports of these products are practically nil and
merchants are caught with large stocks of every conceivable variety of
commodities. With sufficient funds to tide over the present stagnation
the islands should not have difficulty under the new administration and with
a competent Governor General, it is said, in returning to normal conditions.
To this end the help of Congress is asked.

PIERRE M A L I DESIGNATED TO ATTEND MEETINGS
OF INTERNATIONAL GROUP OF BANKERS
ON MEXICO.
Thomas W . Lamont of J. P . Morgan & C o., Alternate
Chairman of the International Committee of Bankers on
Mexico, announced on July 1 that with the approval of
Baron de Cartier, the Belgian Ambassador to the United
States, Pierre M ali, the Belian Consul in New York C ity ,
had been designated by the Association for the Protection of
Plolders of Public Funds, of Antwerp, to attend the meetings
of the American Group of the International Committee as the
representative of the Blegian Group. The membership of
the International Committee includes American, British,
French, Swiss, Dutch and Belgian banking groups.

M E X I C A N DECREE PROHIBITING CIRCULATION
OF FOREIGN MONEY EXCEPT GOLD.
Consul C . E . Dawson at Tampico reported to the Depart
ment of Commerce this week that a Presidential decree
has been published prohibiting the circulation of foreign
money, excepting gold coin, after July 1 1921. As Ameri
can currency is widely used throughout the country, the
withdrawal of this money after July 1, it was said, undoubt
edly will cause great hardship in business and will result
in vast speculation.

REMOVAL OF I T A L I A N EXCHANGE RESTRICTIONS.
It was announced at Washington on June 21 that the
Italian Government had decided to abolish immediately
all restrictions on foreign exchange transactions, according
to a cablegram from Commercial Attache H . C . MacLean,
Rome, dated June 14 1921. The activity of tho National
Institute of Exchange will, it is stated, be limited to secur
ing exchange for Government payments.

THE CHRONICLE
CANADA CONTINUES BAN ON EXPORTS OF GOLD.
The ban on the export of gold coin and bullion from
Canada, which was imposed for a period of one year under
a proclamation issued June 30 1920, has been extended
for another year by a proclamation, published as follows in
the Canada ^Gazette” of June 25:
A PRO CLAM ATIO N .

Whereas tn and by Section 3 of Chapter 21 or the Statutes of the Parlia
ment of Canada passed in the session thereof held in the ninth and tenth
years of Our Reign, entitled “ An Act to provide for the continuance in
force of a certain proclamation made under the Finance Act 1914, and to
authorize the prohibition of the export of gold,” it is amongst other things
in effect provided that our Governor by proclamation to be published in
the Canada “ Gazette’ ’ may from time to time and for any period or periods
declare and proclaim that the export of gold coin, gold bullion and fine
gold bars from the Dominion of Canada shall oe prohibited except in such
cases as may be deemed desirable by the Minister of Finance and under
licenses to be issued by him;
And Whereas, a proclamation bearing date the 30th day of June, in the
year of Our Lord, 1920, was issued under the provisions of the said section
directing that the export of gold coin, gold bullion, and fine gold bars from
the Dominion of Canada be prohibited except in such cases as might be
deemed desirable by our Minister of Finance of Canada and under licenses
issued by him, such proclamation to continue in force until the first day
of July of the present year;
And Whereas, Our Governor-General in Council has authorized that our
said proclamation be continued in force and effect until the first day of
July, A. D. 1922, unless an earlier termination thereof is by proclamation
declared;
Now Know Ye that by and with the advice of Our Privy Council for
Canada, we do hereby proclaim and direct that our said proclamation
bearing date the 30th day of June aforesaid, be continued in force and
effect until the first day of July, in the year of Our Lord, 1922, unless an
earlier termination thereof be by proclamation declared.

BALANCE SHEET OF DISCONTO GESELLSCHAFT.
Adolf Koehn, of 25 Broad Street, this city, representative
of the Diseonto-Geselischaft, Berlin, advises us of the re
ceipt of a telegram from the Diseonto-Geselischaft giving
the following balance sheet figures, which include the Norddeutsche Bank in Hamburg, and the A . Sehaaffhausen’schen
Bankverein, Cologne, controlled and completely owned by
the Diseonto-Geselischaft:
1920.

1919.

Marks .
Gross earnings________________________
404,330.598
128,665,615
198,593,792
59,861,000
General expenses___ ______
T a x e s______________
45,603,396
15,301,385
Net profit___________
160,133,409
53,503,229
D ividend_____________
16%
10%
10,600,000,000
Deposits______________________________ 15,100,000,000
Turn-over------------------------------------------- 1,116 billions
398 billions
Transferred to special reserve__________
50,000,000
20,000,000
Transferred to building reserve_________
The capital will be increased by 90,000.000 marks to 400,000,000 marks.
Ma rks.

LOAN FROM CHINA TO JAPAN REPORTED.
A special cable dispatch from Shanghai, July 6, copyrighted
by the Public Ledger Company, appeared as follows in the
New York “ Evening Post:”
It is reported from a trustworthy source that the Government has mort
gaged the former German concessions at Hankow* and Tientsin to the Japan
ese, the first payment being S3,000,000, although the full sum is not known.
Poverty is forcing the Government to mortgage further territory.
Surprise is expressed here that the British would permit the mortgage
on the Hankow concession to the Japanese, since the Yangtze Valley is
generally regarded as within the British sphere of influence. Perhaps a
new regional understanding has been reached in view of British activities
in China's Northwest, formerly the Russian sphere.

INTERNAL LOAN FOR CHILE.
A bill providing for an internal loan of 100,000,000 pesos
paper and 50,000,000 pesos gold was passed by the Chilian
Chamber of Deputies on June 30. Santiago press advices
June 30 said:
The loan would pay 8 % interest and be redeemable in five years. It is
intended to cover pending deficits inv
the Government’s finances. Reduc
tions in the budget amounting to 60,000,000 pesos are planned to avoid
a further deficit, w
rhile new revenue bills pending in the Congress will, it is
estimated, increase the revenues by 60.000,000 pesos.
These measures are intended to restore the financial equilibrium.

W H Y PESETA IS ONCE MORE DOWN.
The following is from the “ Journal of Commerce” of June
17:
The decline in the value of the peseta is due to a number of causes, ac
cording to the “ Manchester Guardian.” During the war the Government
borrowed at 4% and permitted the Bank of Spain to fix the bank rate at
the same figure. With the exchange in favor of the peseta during that
period and the great demand for capital abroad, investors could get a much
higher interest rate by investing in foreign securities, and a large amount of
capital left the country.
The prosperity of Spanish commerce and industries during the war re
sulted in the accumulation of large profits. These, for the most part, wore
not spent in the extension of plant facilities, but were used for speculation
in foreign exchanges and commodities, some of the banks even engaging in
these activities at the expense of commercial credit at home. Part of these
profits was spent on luxury goods, imported from abroad in ever increasing
quantity in the two years since the armistice. Largely as the result of these
changes, the balance of trade for 1920 was unfavorable to Spain to the tune

[ V ol. 113.

of about 400 million pesetas, as compared with a favorable balance of 417
millions in 1919.
Thu Royal decree of October last authorizing the Bank of Spain to increase
the note issue to 5,000 million pesetas may have had some adverse effect on
the exchange late, but it does not seem likely that this can have been a
very important contributory cause. Even with this inflation of the cur
rency the gold reserve in the bank bears a ratio of 58.6% to the paper out
standing, in comparison with 28.1% before the war. The actual ratio of
gold and silver in the bank's vaults to notes issued stands at the high figure
of 71.6%.
Several authorities, including a former Premier and Minister of Finance,
have pointed out that the Bank of Spain has not made use of these great
reserves, amounting to some 2,500 million pesetas in gold and nearly 600
millions in silver to give proper support to business enterprises and to other
banks
Nor has it pursued the vigorous policy necessary to tide the com
mercial and industrial concerns over the period of depression, preferring,
apparently, to maintain a very conservative position.
Shutting Out Foreign Goods.

When to all t hese factors in the situation are added the general depression
and uncertainty as to the future of Spanish industry and commerce and the
menace of syndicalism and agricultural unrest, the causes for the fall in
exchange are reasonably clear. The drop, however, is not appreciable when
compared with the exchange rates in other European countries. With the
great natural resources of the country and the Impetus which the war gave to
the spirit of development, the outlook should improve as the world returns
to normal.
Recent fiscal legislation passed by the Government has been directed
against foreign goods and foreign capital operating In Spain. Through the
efforts of the Catalan and Basque manufacturers, seconded by the wine
growers, the emergency tariff law of Nov. 1920, was put through ostensibly
to retaliate on the French imposition of a high duty on Spanish wine.
The act was a very sweeping one, raising duties on practically all manu
factured gooas from 50 to 300%. The chief result so far has been to 6hut
out British and American goods in many lines, only countries with a de
preciated exchange, like Germany, France and Belgium, still finding it
possible to compete. It is significant that Spanish production is not
adequate to supply the demand for many of the articles barred out by these
duties, and in this fact alone lies large hope for a modification of the tariff.
Even more drastic is the law of April 29 1920, relating to the taxation of
Xjroflts and capital of Spanish and foreign banks and commercial concerns.
This law has not yet been put into effect by publication in the “ Royal
Gazette” but if it is rendered operative it will be very disastrous to foreign
banks and agencies. It provides that “ the minimum annual tax on the
capital of foreign banks established in Spain shall be composed of the sum
of the following items: (a) One per thousand of the entire capital of the
company, and (& two per thousand of the part of the said capital corres
)
ponding to the business transacted in Spain.” (Section III, Provision X I.)
The law also imposes severe „axes on profits of all business and industrial
enterprises which will affect British capital operating in the mining and steel
industries very adversely. Strong representations are being made to the
Government by the foreign chambers of commerce in Spain and by the
interests which will be hurt by the enforcement of this act. They point out
that, far from producing large revenues for the Treasury, or giving a legiti
mate preference to Spanish interests, the effect of the act would be to make
it impossible for foreign capital to remain in Spain. It would have to with
draw, as the American life assurance companies have already done. The
coun jry would thus be deprived of the outside capital and technicians whose
assistance is needed in developing its resources and commerce, to the
detriment of credit and general prosperity.
This legislation is no doubt partly to be explained as an outcome of the
increased spirit of nationalism in industry which was the logical result of
expansion during the war. It found expression 'n the Act of March 3 1917,
which provided State protection and subsidies for Spanish concerns and
gave every encouragement possible to the development of new enterprises.
But the desire to secure further revenues for the Treasury may very well be
at the back of this policy of discrimination against foreign goods and capital

GEORGE E. ROBERTS ON DOLLAR CURRENCY IN
INTERNATIONAL TRADE AND CREDIT.
An article in which he states that “at the moment dollar
credits are rapidly losing ground in favor of sterling/’ has
been written for the June number of the American Ac
ceptance Council’s “Acceptance Bulletin” by George E. Rob
erts, Vice-President of the National City Bank of New York.
Mr. Roberts sets out that “the only world currency that can
survive is one that is dependable in rough water as well as
when business is calm and untroubled.” Sterling, he de
clares, “has been through many storms and has weathered
them a ll; the dollar exhibited a bad case of stage fright at
its first real trial.” He contends that “what is now needed
is to quickly set about the task of rebuilding world confi
dence in dollar credits and to make the facilities for hand
ling and disposing of them as readily available as would be
true in the case of sterling.” To make dollar exchange the
peer of sterling exchange in carrying on the world's busi
ness, he says, “ requires, first of all, the establishment of an
open discount market in New York, with large enough fa 
cilities to instantly absorb any amount of paper that may
be offered.” In short, he contends, “ if we are to make dol
lar exchange and dollar acceptances as readily acceptable
in the markets of the world as sterling we have got to du
plicate the facilities of the London discount market and to
develop a set of acceptance dealers and exchange experts of
truly international vision.” Pointing out that “we have
fallen far short of the opportunity offered by world condi
tions since 1914 and that sterling exchange is rapidly re
covering the ground it lost in competition with dollar o\
change during the war years.” Mr. Roberts’s article goes
on to s a y :
To put the dollar on an equality with sterling in international trade tv
quires an international vision, and in spite of our enlarged perspective as a
result of our increased trade of the last six years we are still too prone to

J uly

1 1921.]
)

THE CHRONICLE

look at everything from our own standpoint and to expect the other fellow
to do business our way rather than some other way to which he may have
become accustomed through decades of business transactions. The British,
on the other hand, have no such difficulty to overcome. They have been,
and are, the world’s premier trading nation and in the face of the most stu
pendous task ever faced by a nation they have kept sterling in the front
rank as the currency in which the world transacts its business.
It is well enough to say that America is the only free gold market in the
world and that exchange drawn in dollars is the only exchange, that can in
fact be collected in gold. That is the theory and if practical results al
ways followed theoretical principles everything would be lovely, but the
practical results which are actually occurring are that traders everywhere
consider first the ease of disposing of whatever exchange or other forms of
credit that comes into their hands, and seldom or never consider the more
or less academic question of final payment in gold. They know that
sterling bills always can find a market and of all world currencies sterling
moves freest and quickest.
To make dollar exchange the peer of sterling exchange in carrying on
the world’s business requires first of all the establishment of an open dis
count market in New York with large enough facilities to instantly absorb
any amount of paper that may be offered. Such a market as we should
have would require the use of far greater quantities of liquid funds than are
now available for this purpose and requires the establishment and main
tenance of reasonable and stable interest rates, and although we have made
a beginning, we have still far to go. In short, if we are to make dollar
exchange and dollar acceptances as readily acceptable in the markets of the
world as sterling we have got to duplicate the facilities of the London dis
count market and to develop a set of acceptance dealers and exchange ex
perts of truly international vision.
The first step in the establishment of such a market will have to be the
removal of the restrictions which now bar foreign banks from operating
in a broad way in the New York market or of establishing branches here.
Our policy in this respect is inhospitable and provincial and it is injuring
our status as a world financial power to a marked degree. Not only is it
strongly militating against the upbuilding of dollar credits throughout the
world, but it invites retaliatory measures against the branches of American
banks in other parts of the world, which in turn damages American traders
everywhere.
If the various foreign banks w'ere allowed to open branches in New York
City it would immediately increase the marketability of bills drawn in
dollars and far from taking business away from American banks would
really strengthen dollar credits in all the other world markets. If the
Credit Lyonnais, one of France’s great international banks, for example,
were to be allowed to operate a branch in New York City, its managers of
branches in other parts of the world would know that in buying dollar bills
the head office would be able to forward them to New York for eventual
payment, just as they know it is possible to forward sterling bills originat
ing in any part of the world to London for collection. As matters now stand,
dollar credits are a disadvantage because when they come into the hands
of such branch banks in foreign countries an indirect and unsatisfactory
means of collection must be resorted to.
In all business transactions the best interests of all concerned are most
furthered when everybody is satisfied. This is true in world commerce
just as much as in the smallest domestic transaction and if the admission
of foreign banks to New York would contribute so greatly to the ease with
which dollar credits would be purchased by bankers throughout the world,
what logical argument can be advanced against their admission? American
banks need not fear competition from such a source and clearly the inter
ests of all American exporters, importers, manufacturers and traders would
be advanced by having a genuine world market for bills drawn in the same
currency with which they carry on their day-to-day business.
At the moment, dollar credits are rapidly losing ground in favor of ster
ling. The volume of outstanding dollar credits has shrunk at a much greater
ratio than sterling. Even allowing for the drop in raw material prices and
the decreased volume of international transactions that have marked the
past six or nine months, the comparative drop in the total amount of dollar
credits far outweighs the drop in sterling. One of the reasons for this is
that the American business community was too quick in running for cover
when trouble appeared on the horizon. The attempts which were made to
avoid payment for foreign purchases under confirmed letters of credit drawn
in dollars hit dollar credits a very hard and most unfortunate blow. The
Courts were quick to set the offending American banks and the customers
right on this matter, but not until after the psychological damage which
followed the attempted evasions had been done.
The only world currency that can survive is one that is dependable in
rough water as well as when business is calm and untroubled. Sterling has
been through many storms and has weathered them a ll; the dollar exhib
ited a bad case of stage fright at its first real trial. What is now needed
is to quickly set about the task of rebuilding world confidence in dollar
credits and to make the facilities for handling and disposing of them as
ready available as would be true in the case of sterling.
With more than half the world’s supply of gold within the borders of this
country and with a productive capacity that can add so much to the con
sumable goods of international commerce, it would be a pity if steps can
not be devised that will assure for our currency an equal standing in world
markets with that of England, our only competitor in this matter. The
task is a hard one and one that requires the fullest measure of co-operation
from everybody. The Federal Reserve Board can lend a great deal of
assistance, while those who control large funds must realize the necessity
of creating in New Vork City a free and open discount market of very
large proportions. The world’s trade is not going to be financed in the
future on any penny-pinching basis and dollar credits cannot maintain
their standing throughout the world if the home discount market is only
supplied with funds at times when other means of employment are not
available. Jhe thing to keep in mind is that business is done on the basis
of purely mental factors which seldom consider a long chain of economic
facts. Jhat is, while it may be true that doller credits are the only ones
at present readily convertible into gold, it is also true that world traders
will in most cases ignore this entirely and will prefer to do business with
credits which pass from hand to hand most readily. Our problem is to
m;;ke dollar credits as free and readily exchangeable in every market of the
world as any other credits with which they may come in contact.

DR. J . T. HOLDSWORTH ON ACCEPTANCE SYNDICATE
PLAN POP FINANCING EX POUTS.
‘ Tbo Acceptance Syndicate Plan for Financing Exports”
wan the subject of an address by Dr. J. T. Holdsworth,
Vice-President off the Bank of Pittsburgh, at Pittsburgh,
Pa., before the Ninth Annual Convention of the Association
of Reserve Cityf Bankers, held at Buffalo June 2. Dr.

133

Holdsworth wont into the subject at considerable length
and in observing that this type of financing is in its infancy,
stated that it is capable of very large expansion, lie also
said that “ the necessity for prompt organization and opera
tion of adequate facilities for financing our foreign trade
is attested by the continuous decline, not merely in money
value but in volume of our exports in recent months and by
.
the activities of other countries in promoting their inter
national commerce.” He alluded to the fact that “ with the
British manufacturer foreign trade comes first,” adding
“ he knows by long experience that foreign business cannot be
slighted when the domestic demand is active and. then recap
tured at will when home business slackens. Right now English
business and English banks are co-operating in a world-wide
campaign to regain war lost trade and especially to reoccupy
the fields from which in pre-war days they had been driven
by the Germans.” In his concluding remarks.he said:
In the new situation that the war has brought about every man, woman
and child in America is vitajly concerned in this question of foreign trade.
Its focal point now is and for years to come will be credit. We have become
a great creditor nation. Other nations cannot pay for the food and raw
materials they must buy from us in gold; they do not have it to pay. They
can pay only in goods, but they must be given time in which to produce
these goods. Their necessity and our opportunity— yes our imperative
duty—hinges upon this question of long-time credits. To avoid the con
tinued withering of our foreign trade with corresponding depression in our
domestic markets, in employment and in general business, we must mobilize
our credit and our capital behind the only agency thus far proposed big
and commanding enough to meet the present crisis— The Foreign Trade
Financing Corporation.

From Dr. Holdsworth’s speech we also quote the following
The grouping of credit resources and banking facilities which had been
encouraged by the adoption of the Federal Reserve System and greatly
stimulated by the conditions of the war has been continued with interesting
new developments to meet the post-war situation. The appearance of dollar
credits, dislodging in part the long-time supremacy of sterling brought to
American banks, especially to financial institutions located in the larger
seaports through which the bulk of our international trade moves, a new
responsibility and opportunity which could not adequately be met with the
old individualistic machinery and methods of financing. Concentration of
buying and selling have called for corresponding concentration of banking
and credit.
This development has led to an increase in the syndicate plan of financing
exports and imports requiring the participation of many banks and groups
of institutions interested in foreign trade. Naturally the banks at the
seaboard have carried the burden of this new business. In many instances,
however, their facilities have been overtaxed and it has been found necessary
to distribute the burden of financing foreign trade among interior banks to
which ordinarily such business would not come directly.
Advantage and profits have accrued both to the syndicating banks and
to the participants in these credits. The syndicating bank which arranges
the credit is thus enabled to finance the export orders of the customer who
otherwise would either have to forego the business altogether or to negotiate
for the necessary financing through other channels less economical or
satisfactory as to terms and other considerations. Through the acceptance
syndicate plan many inland banks have gained their first lessons in the
modus operandi of the acceptance business. They have had to devise
machinery and records for this new type of financing; have learned at first
hand of the significance to our modernized banking system of the open dis
count market; have discovered a new facility for serving their own customers
through the extension of credit by the acceptance medium, and incidentally
have added a new source of profit.
This rather highly-specialized subject, “ Acceptance Syndicate Plan for
Financing Exports,” will be considered from the following viewpoints:
negotiations for and arrangement of the credit; reasons for participation and
analogy to other underwritings; geographic and credit conditions affecting
and determining distribution; the syndicate manager, his duties and re
sponsibilities; compensation to syndicate manager and participants; possible
future development of this plan; its relation to other export financing media.
1.
Negotiations for and Arrangement of the Credit.— There is nothing
peculiar to the negotiations for an acceptance credit to finance exports
which would distinguish it from the negotiations in any other type of credit.
The exporting concern desiring credit, or more commonly the foreign buyer,
approaches the bank with a complete layout of the proposed transaction,
its export contract, its selling plan and all the information available bearing
upon the proposition. The bank in turn will make a searching inquiry as to
the standing of the proposed purchaser, political and economic conditions
of the country to which the goods are to be exported, the terms of the sale,
the security offered if any, the standing of the domestic customer who asks
for the acceptance credit, and all the other considerations which would apply
in the case of a domestic credit. If the bank decides to extend the credit
it will have to determine whether to handle it alone or to bring in other banks
which may be willing to participate in such a credit. The question of divi
sion or allotment will depend primarily upon the size of the credit i^roposed
which may exceed in amount what the banks feel justified in extending to any
one customer or in placing in any one country. Then, too, as a matter of
business courtesy or reciprocity, a bank having a large volume of good busi
ness of this nature may be willing to share it with its friends or constituent
banks.
The considerations affected the geographical distribution of credit will
depend in part topon the location and status of the syndicating bank. There
is coming to be a fairly well recognized group of banks which are particularly
interested in export business, which have become familiar with the conditions
surrounding and the particular machinery required in financing it, and which
usually are ready to consider participation in a good export acceptance
credit. The opinion has been expressed that in this kind o f business it is
desirable that the participating banks be as close together as possible to
facilitate the prompt handling of documents and other details.
In
this rospect distribution of the credit may be predicated upon
considerations somewhat different from those which obtain in bond under
writings, where it is often desirable l’or the underwriter to associate with
Itself the strongest houses in various sections of the country in order to secure
the widest possible distribution among investors. Not infrequently in the
distribution of domestic securities to the buying public the name of the con
cern being financed practically sells the security without reference to the
underwriters or local distributors. In the case of acceptance credits, how
ever, it must bo borne In mind that the acceptance must go out into the open
discount market where the pape rof the small or comparatively unknown

134

THE CHRONICLE

interior bank which may be given opportunity to participate in an export
credit would without the endorsement of a bank better known in the market
find glow gale or have to be gold at a less fevorable rate.
The bank which originally arranges the credit or which undertakes to
form a syndicate for this purpose lays before the bank it wishes to have
associated with it in the syndicate all the information at its command, and
requests such banks to indicate whether they would care to participate in
such a credit up to a certain amount, the maximum participation for each
bank usually being suggested. These secondary banks thus applied to
decide whether or not they wish to participate upon substantially the same
basis of information and inquiry as in the case of the original bank. It will
be observed that the foregoing considerations are analagous to those which
enter into any other underwriting or syndicating plan.
Possible Development of this Plan.—This type of financing is, of course, in
its infancy, as indeed is the whole acceptance procedure in this country,
and is capable of very large expansion.
While some houses not eqipped
to handle this particular type of business have been attracted to it by the
possibility of additional profit outside their regular line of business, its
development has in the main been conservative, even cautious, with the
result that barring one or two exceptions, which involved import rather than
export credits, the business has been placed upon a basis that forecasts safe
and profitable extension when normalcy in world trade and finance has been
restored. The breakdown of international exchange and the necessity for
establishing larger and longer credits to Europe has developed the mechan
ism and speeded up the financing machinery already in operation under the
Federal Reserve System, including the financing of exports by the acceptance
plan here under review. The necessities of the new international trade
situation are very urgent demanding the most effective utilization of our
banking and credit resources. As banks become more conversant with the
demands and the procedure of financing foreign trade, and as they form the
habit of co-operation especially in the building up of an open discount
market, these acceptance credit participations promise to increase in number
and importance and to embrace a wider range of participants.
Edge Act Banking.— Our discussion of this subject would be incomplete
without some specific reference to the enlarged facilities for financing foreign
trade afforded by the amendment to Section 25 of the Federal Reserve Act,
known as the Edge Act.
This law provides for the organization of foreign trade banks empowered
to establish long-term credits and to conduct a specialized foreign business
exclusively, under regulation by the Federal Reserve Board. These long
term credits now so urgently needed in the restoration to normal of inter
national commerce cannot be extended by exporters, nor is the average
commercial bank in a position to accord such credits for periods beyond,
say, six months, a time insufficient to permit realization upon the merchan
dise against which the credit is established. It is to meet this need that
Edge law banks have been provided for with authority to finance foreign
trade upon a basis of such credit terms running if need be up to several
years, as may be necessary in the particular business involved. It is im
portant to note that the funds required by such banks to finance there longer
credits will be investment money. Their operations will involve the loaning
of capital as distinguished from the liquid banking loars of ordinary com
mercial banking.
At the outset it is to be noted that the Edge Act provides for two separate
types of foreign trade banks, one functioning upon the basis of acceptance
credits, the other upon the debenture plan. An Edge bank must operate
exclusively upon one or the other basis. If it sells its debentures it cannot
make acceptances without express authority from the Federal Reserve
Board: if it operates on an acceptance basis it cannot issue debentures.
Thus far the only Edge corporation proposing to operate on the debenture
plan is the Foreign Trade Financing Corporation now in process of organiza
tion with an authorized capital of $100,000,000. Two Edge banks of the
acceptance type have been in operation long enough to demonstrate their
methods and usefulness. It should be noted that though they make accep
tances based upon foreign trade transactions, they do not compete directly
with commercial banks doing an acceptance business. Edge Law banks
are not permitted to take deposits subject to check in the United States.
They are practically excluded from the domestic field.
Though under the supervision of the Federal Reserve Board they cannot
become members of the Federal Reserve System which connotes that they
are not to enter the field of liquid banking funds dependent upon bank
deposits subject to check, but that their resources and activities are to be
devoted to time loans or to short investments. In the main they finance
in the open discount market, and as previously explained make acceptances
on longer terms than are permitted to or customary with commercial banks.
They may make acceptances up to a year in tenor under regulations of the
Federal Reserve Board. Member banks are permitted to make acceptances
up to six months, but there has been little disposition to make bills beyond
a usance of ninety days because ^uch bills could not be sold to the Federal
Reserve banks and so had no popularity in the open discount market.
In May of this year, however, the Federal Reserve Board adopted a new
regulation under which the Reserve banks are allowed to purchase six
months’ bills created to finance export and import business. The regulation
applies only to purchases and not to discounts, the ninety-day maximum
limit of which remains unchanged. The Federal Reserve Bank of New York
says of the new regulation:
“ The effect of the longer eligible maturity is expected not only to provide
to the discount market a class of paper for which there heretofore has been
an unsatisfied demand, but also to place more effectively the facilities of the
open discount market at the service of overseas commerce."

[V ol. 113.

On the other hand, foreign trade banks of the Edge law type are per
mitted to make acceptances up to several times total liabilities limited to
ten times) their capital and surplus because they do not have large deposit
liabilities. They may hold only such deposits as are incidental to their
foreign business or such as are made in their foreign branches. These
banks have the advantage of specialization in the financing of exports and
imports with the result that they must have a familiarity, not always
available to other banks which do not so specialize, with foreign markets and
prices and a multitude of considerations that go into the successful conduct
of foreign trade. They have the advantage, too, of constant contact wdth
with their branches abroad who keep them informed as to foreign conditions,
markets and prospects. Through these branches they are able to follow
up the collection of drafts, to dispose of merchandise unclaimed or refused,
bo givo the foreign merchant a market for Ills bills upon America, and to af
ford the American exporter credit information which can hardly be dupli
cated by a bank not having its own branches. As Edge Law corporations
are forbidden to accept deposits from domestic customers, they do not need
to maintain balances against credit lines and so may effect, a net saving of
credit cost in this way. It has been said of Edge Law banking that “ the
exporter pays for credit only as he uses it.” These banks financing foreign
transactions which involve credit for from 90 days to a year and beyond
bridge the gap between commercial and investment banking, and are playing
an important role in the solution of our present foreign trade financing
perplexities. An illustration of their unique possibilities in foreign finance
is found in the so-called “ refining credit” arranged by the two existing
Edge Law banks under which payment was provided for cotton consigned
to Czecho-S'lovakian mills, the bankers being reimbursed from the sale of
goods manufactured from this raw material. This transaction, while not
fairly typical of the normal operations of these bamks, demonstrates their
flexibility and service in helping to move staples and merchandise to foreign
markets gravely in need of them which otherwise would continue' to pile up
in the already congested home market.
The necessity for prompt organization and operation of adequate facili
ties for financing our foreign trade is attested by the continuous decline, not
merely in money value but in volume, of our exports in recent months and
by the activities of other countries in promoting their international com
merce. As an illustration of the latter the recently announced export
credit plan of Belgium may be cited. Under this plan if a consortium of
banks agrees to finance the export of machinery to Bulgaria against Bul
garian Treasury bonds at five years, the Belgian government will guarantee
the bonds upon assumption by the manufacturers of ono fourth of the risk.
In the darkest days of the war England did not neglect her foreign trade
and with the return of peace she has redoubled her efforts to regain ovv rseas
markets. To this end there exists a veritable network of banks, associa
tions, combinations and Government departments reaching out into every
corner of the world. The Federation of British Industries, a non-govern
mental trade organization of some 20.000 British manufacturers and ex
porters, maintains trade commissioners in all important colonial and foreign
markets. . With the British manufacturer foreign trade comes first. He
knows by long experience that foreign business cannot be slighted when the
domestic demand is active and then recaptured at will when home business
slackens. Right now English business and English banks are co-operating
in a world-wide campaign to regain war-lost trade and especially to reoccupy
the fields from which in pre-war days they had been driven by the Germans.
Out of the sheer necessities of the post-war situation which finds much
of Europe on abject need of raw materials and machinery for economic
rehabilitation but without the ability to pay for them as formerly in gold,
services or goods, the cumbersome methods of barter have been resorted to
in many cases, or group financing supported by the Government. Of the
latter the Ter Meulen credit scheme proposed at the Brussels International
Conference last September is an illustration.
This scheme operating under a committee supported by the League of
Nations and composed of representatives of all nations desiring to take
advantage of the plan contemplate the mobilization of credits to finance the
essential imports of the nations temporarily unable to make payments in
the usual way. The International Commission, consisting of bankers and
business men of international repute, will appraise the gold value of specific
credits which the Government of any participating country may wish to
assign as security for commercial credits to be granted by the nationals of
export countries. Against such assets the participating Government, may,
upon approval by the Commission, issue the bonds which will be their
respective obligations and the service of which will be specifically secured
out of the revenues of the assigned assets. The Government may either
pledge its own bonds as collateral to credits for approved imports or lend
them to its nationals to be pledged in similar manner in connection with
essential imports.
The Ter Meulen plan may work something after this fashion: A group
of cotton manufacturers in Czechoslovakia wishing to buy raw material,
but unable to pay for it until converted into cotton goods, applies to its
Government for Ter Meulen bonds sufficient to secure a note of indebted
ness drawn, say, at 6 months in favor of the exporter, representing the
purchase price of the raw material. Within the period of the credit the
manufacturer makes his turnover, receives payment and gets back from the
foreign exporter the bonds pledged for the credit, which bonds he will return
to his Government, thus liquidating the transaction. The foregoing are
cited merely as examples of the activities and co-operation of banks, business
groups and governments abroad in the effort to restore and foster foreign
trade.
Foreign Trade Financing Corporation.— Reference has been made to the
Some look upon the new ruling as of littie importance because the Federal type of Edge law corporation intended to operate on the debenture plan
Reserve banks no longer occupy the doininating position in the bill market Under this plan the Foreign Trade Financing Corporation is now being
that they formerly commanded, the large discount houses having built up organized with a subscribed capital of $100,000,000 and surplus of $5,000.a market for acceptances that has relieved the Federal Reserve System of 000. The organization of this corporation has been rather slow owing to
much of the burden. However, as the Federal Reserve banks were the fact that the original act requires payment of the entire capital before
largely instrumental in building up the open discount market on short. the corporation may begin business. An amendment now pending in
bankers’ bills, their aid and co-operation will be helpful in supporting the Congress will make it possible to open for business when 25% of the auth
market when necessary for longer bills thus popularizing six months’ bills orized capital is paid in, the balance to be paid on call of the board of
with investors who hitherto have not been interested because of the fact directors. [This amendment has since been passed by Congress and become
a law.—EdJ
they could not be resold to the Federal Reserve banks.
This type of foreign trade bank bears some resemblance to the “ invest
There is ample room and urgent need for all these types of banks designed
to foster and facilitate the financing of foreign trade. Member banks have ment trusts” so long and favorably known in England and other European
rendered admirable service in this regard and as they gain familiarity with countries. It will function by extending short or long-term credit to Amer
this new mechanism they will function even more helpfully and profitably ican producers and exporters and to foreign buyers of American goods. It
in the financing of short-term export and import credits. But these banks is authorized to invest in securities, purchase bills of exchange, and engage
operate under definite limitations. They cannot make acceptances beyond in all those activities that are required in the financing of foreign trade.
100% of their capital and surplus. In view of their liability for demand Funds will come from (1) its capital and surplus, and (2) the proceeds of
deposits the total volume of credit extended upon the basis of acceptances debentures which it will issue under authority of the Federal Reserve
must necessarily be restricted. And as to the actual investment of money Board against foreign securities or other collateral held in trust and \\hioh
In banks engaged in foreign banking, national banks are Hunted to 10% will be sold to the investing public. It may issue debentures up to ten thues
of their capital stock and surplus. Ten per cent of capital and surplus its capital and surplus, thus giving the corporat ion a credit issuing maximum
\
is also the maximum which a bank may accept, for any one creditor unless in excess of one billion dollars. Its largo capital and resources n ill givo the
secured by relative documents or other actual security growing out of she corporation a striking position and prestige both at homo and abroad and
same transaction a9 the acceptance. Finally, they cannot accept bills its corresponding credit capacity will enable it to moot the hea\ y demands
having more than six months to run and such bills are available at the Fed which from the outset, will be made upon it. It will establish agencies and
branches abroad and will finance foreign trade in every part ot the "orId
eral Reserve banks only when within three months of maturity.

July 9 1921.]

TIIE CHRONICLE

A majority of tho stock must always bo held by

Americans and its directors
must bo citizens of the United States. The organization plans contemplate
a board of from 36 to 60 members, at least three directors to bo selected
from each Federal Reserve District, one to represent the commercial and
Industrial interests, one the producing interests, and one the financial
interests, the rest to bo chosen at large. It will thus bo representative of
all interests and sections of the country, a huge foreign trade co-operative
enterprise of (.ho American people designed to do for overseas commerce
what the Federal Reserve system has done and is doing for domestic busi
ness. Its debentures will bo issued in such denominations as will insure
the widest possible distribution among investors of all classes, thus enabling
all our people to share in the bonofits o f an institution that will be at once
promotive of thrift and of domestic prosperity through the quickening of
foroign trade.
Tho corporation will not compoto with banks now financing foreign busi
ness on the basis of short-term credits or doing a foreign exchange business.
It begins whore properly they leavo off. Because of their demand liabilities
they should koep most of their assets in paper that can promptly be redis
counted at the Federal Reserve banks. The Federal Reserve Act limits
their acceptances to 90 days or in the case of agricultural paper to six months.
But under the Edge Act amendment they may contribute as much as 10%
of t-heir capital and surplus to the capital of corporations specially designed
to extend these longer term credits now required in our foreign trade. This
limitation prevents banks from tying up too much of their capital in long
time transactions and leaves room and opportunity for all industrial, com
mercial, producing and individual interests to participate in an enterprise
the successful launching and operation of which concerns all of them so
vitally at this time.
The corporation will serve the banks not only by providing a supplemen
tary machinery for financing foreign trade but by quickening and perma
nently promoting that trade, which in turn will have a marked influence
for good upon all domestic business. It will serve the manufacturer by
enabling him to continue and expand production for foreign markets which
are now unable to deal with him because of the lack of long-term credit
machinery. It will serve the farmer, too, by keeping foreign markets open
for his surplus products. The heavy decline in the price of all agricultural
produce in recent months, accompanied by the piling up of vast stocks of
cotton, grain and like staples, was due primarily to the partial closing of
foreign markets in need of these products because of the break-down of
credit. And finally, it will serve labor by providing through the extension
of credit an outlet for tho products o f farm and factory, of forest and mine
with resulting employment at fair wages.

CHANGES IN POSTAL SAVINGS SYSTEM PROPOSED
BY POSTMASTER-GENERAL BAYS.
Plans for the revision of the postal savings system, with
a view to making it more attractive to depositors, are pro
posed by Postmaster-General W ill PI. Hays. Mr. H ays pro
poses that the rate of interest on postal savings deposits be
increased from 2 % to 3 % , and his proposals would also
provide for an enlarged hoard of directors, including a rep
resentative of the Federal Reserve Bank. The PostmasterGeneral figures that the adoption of his plans would draw
forth a billion dollars which are now withheld from circula
tion, and should, he argues, be made available to assist in the
industrial revival. A t Sullivan, Ind., on July 3, after con
ferences with Middle Western bankers, Mr. Hays stated
that the present treatment of depositors in the Postal Sav
ings Bank amounted “almost to fraud,” while the Govern
ment has profiteered at the expense of the depositors to
the sum, in the last year alone, of $1,720,000. H is general
plan of reorganization, which will be submitted to Congress
has, it is stated, been approved by bankers of the East and
Middle W est at conferences held in Washington, New York,
Terre Haute and at his home in Sullivan. Mr. Hays assured
the bankers that he had no intention of entering the postal
savings bank in competition with private savings banks,
but rather hopes to make it a feeder of established banking
institutions. W hile asking Congress to make the interest
rate double the average paid now, he pointed out it would
still be below the average paid by the majority of savings
banks. Private banks are not and cannot hope to reach the
vast hoarded wealth which offers a particular field for
postal savings expansion, Mr. H ays said. He pointed out
that 7 0 % of the present 508,000 depositors are of foreign
extraction, and that they, as well as others of their coun
trymen who are accustomed to postal savings systems
abroad, will trust no one but the United States Government.
To reach this field of depositors, Mr. Hays plans the follow
ing basic changes in the present postal system :
1. Increase the interest from 2 to 3 %.
2. Payment of interest on deposits held less than one year.
■ Removal of the restriction against depositors under 10 years of age.
'
4. Provision for joint and trust funds.
■). Establishment of postal savings banks in 50,000 post offices instead
of the present 6,3 .
6. Compensation for fourth class postmaster on the basis of the deposits
they handle.
7. JRjdeposit of the funds in local banks, with more liberal qualification
rule , for such depositories.
o. An enlarged board of directors, including a representative of the
Ieder;jJ Rf'serve Bank and possibly one or more civilians.

The Postmaster-General said :
There is a lot of business in this country that i ready sick, still dagger
.
ing under the shell shock of war arid the debauch o f extravagance, but
Vn<r‘ - ); ■ good deal more that is merely malingering. What wo need more
>
.
fh;>n anything else J« the common sense of courage and confidence. There
> of course, the greatest era of expansion and prosperity ahead that the
hasever teen Every oneknovrsthis and the only question discussed
r nhen it will start Well, ftlsthm to go out and m eetii. This we propose
s
to heip do.

m

H is statement regarding the present treatment of de
positors said :
It I k very certain the postal savings system must be reformed. With ;*
treatment of depositors that has amounted almost to fraud, with the num
bor of offices receiving deposits reduced from 12,823 In 1912 to 6,8J4 In
1920. and with no roal effort to secure deposits, the postal savings, never
theless, has practically twice as many depositors as any other saving* bank
in the country and pays less than half as much Interest on deposits.
With $161,000,000 on deposit last year from 508,000 depositors, and with
the law providing that 2% Interest be paid, tho Government because of the
system paid less than \l % interest to those depositors, and by redeposA
iting at 2 14 % Interest made a not profit over all interest payments and ex
penses of $1.720,000.
This was shoor profiteering. This money belonged to the depositors.
The certificates issued unequivocally pledge 2% interest and fall to say
anything whatever about no interest being paid if the deposits are not loft
for a year. The Government is not in the banking business for profit.
The Government is in the banking business to facilitate and increase tho
national savings and to promote economy and thrift. The postal savings
has not scratched tho surface, notwithstanding tho magnificent conception
of public duty that inspired its founding.
Postal savings shall not compete with savings banks. We do not want
depositors from savings banks. But there is a tremendous hoarded wealth
in tho country, estimated by many well informed at SI ,000,000,000. Tho
savings banks cannot bring it out. The postal savings has not yet brought
it out. Nothing can bring it out but the faith in the security of the Govern
ment of the United States and a larger interest return on the deposits, and
the acquainting of the holders with our purpose and their opportunity.
This we hope to do.
If a billion dollars can be brought out of stockings and closets and saved
from waste and “ wild cats,” it will do incalculable good. This money is
needed in circulation now. It will make general bank depositors and ulti
mate Government bond owners out of the timorous, it will give small capital
a chance for an honest return, the same as large capital, it will furnish the
tonic to conclude the business convalescence in the country, and will help
to make economy and thrift a national trait which is much needed.

GRAIN DEALERS DEPLORE GLASS LEGISLATION—
OPPOSE UNITED GRAIN GROWERS, INC .
A t a meeting held in Cincinnati June 27, and called by
the Grain Dealers’ National Association, a resolution was
adopted, holding “all class legislation to be vicious, inde
fensible and inimical to the general welfare.” A t the meet
ing, according to the Cincinnati “Enquirer,” an executive
committee of five was appointed, with power to take steps
to meet the emergency caused by the United Grain Growers,
Inc., organizing with the purpose of eliminating the middle
man and substituting a distributing system of their own,
and to appoint a General Committee not limited in number.
The appointment of a Finance Committee to obtain pledges
of funds amounting to not less than $250,000 to be used in
combating the propaganda being disseminated by the United
Grain Growers, also was authorized. The Enquirer also
says :
Charles Quinn, Secretary of the Grain Delaers’ National Association, discussing the subject after the adjournment of the meeting, said the United
Grain Growers, among other things, have formulated a legislative program
in Washington which includes the passage of a bill by Congiess to render
them immune to the Sherman anti-trust law, which if passed would give
to them privileges denied any other body of American citizens.
“ Such a bill,” he said, “ wculd enable them to form a monopoly in products
of the farm, especially of grain, and any organization that gets a monopoly
extends the price as far as possible. We are not afraid of their competition,
as we are more efficient. If the Steel trust requested the passage of such a
bill they would all be thrown in jail. They are against the consumer and
favor the interests of the producer alone.”
A part of the United Grain Growers’ legislative plan in Washington, as
explained by Mr. Quinn, was the recent passage of the tariff bill which
contained a stipulation excluding the importation of all foreign grains.
Eight hundred million bushels of wheat are grown in the United States, of
which between five and six hundred million bushels are consumed at home,
while the rest is available for export, M r. Quinn said.

The resolution adopted states:
The grain trade and general business interests are directly menaced by
adverse legislation— both State and national— arising on demand of organ
ized special interests.
We hold all class legislation to be vicious, indefensible and inimical to
the general welfare.
We deplore the attempt of special interests by class legislation to break
down the present competitive, individualistic business principle and the
substitution therefor of bureaucratic control.
This menace of adverse legislation is the result of widespread dissemina
tion of misinformation and false economic theories.
It is the duty of every loyal citizen to oppose movements which are
destructive of the best interests of this country.
Therefore be it resolved, that the representatives of the organizations
here assembled pledge tjiemselves to a campaign of education for the cor
rection of the erroneous impressions which are widely prevalent and which
have resulted from the spread of these false doctrines, and that we pledge
ourselves to organized opposition to all class legislation, both State and
national.

Benjamin E. Clement, Waco, Texas, President of the
Grain Dealers’ National Association, presided at the session,
and announced the appointment of the following Executive
Committee:
R. E. Mansfield, Chicago, Chairman; L. W .
Forbell, New York; Joseph Lawther, Dallas, T exas; John
J. McHugh, Minneapolis, and Benjamin F. Hargis, Kansas
City.
In stating that out of <»8 invitations to the meeting issued
by headquarters of the Grain Dealers’ National Associa
tion in Toledo, only three failed to send representatives,
l lhe “ Enquirer” added :

136

THE CIIKONICLE

Twenty important grain exchanged were represented by one or more
delegates, and the following associations had proper representation
Country Grain Dealers' Association; Wholesale Coal Dealers' Associa
tion, Wholesale Lumbermens Association; Wholesale Implement Vehicle
Association Wholesale Grocers’ Association; National ilay Association;
Millers' National Federation; National Feed Dealers’ Association; National
Heed Men’s Association, and the United States Chamber of Commerce.

$50,000,000 POOL

IN A l l ) OF LIVE STOCK INDUSTRY.

Conferences have been held in Chicago this week to perfect
detail >of the plans for the formation of the $50,000,000 pool
for cattle financing.
It was stated yesterday in Chicago
dispatches that the pool will be in operation in two weeks.
It is also said that a satisfactory plan for rediscounting live
stock paper at the Federal Reserve banks was arranged at
the Chicago conference. The New York “ Evening Post”
of last night said:
The plan, approved by the Federal Reserve Board, provides rediscounting
o f original cattle paper instead of making eligible participation certificates
representing loans made by the pool, which bankers objected to as setting
a dangerous precedent.
The original cattle paper, reduced in maturity from two years to six
months, is eligible for discount under the Federal Reserve Law. The banks
propose to renew the loans several times. The paper will be deposited with
the Chicago Federal Reserve Bank and allocated when rediscount is desired
by a member bank. Applications for loans in excess of $1,000,000 already
have been received.

The proposed pool in aid of the live stock industry was re
ferred to in our issues of June 18, page 2593, and June 25,
page 2698.

WASHINGTON CONFERENCES LOOKING TO RELIEF
OF COTTON SITUATION.
Conferences having for their aim the institution of meas
ures for relieving the cotton situation have been participated
in by Secretary of the Treasury Mellon, Secretary of Com
merce Hoover, Eugene Meyer Jr., Managing Director of
the W ar Finance Corporation, and representatives of
Southern cotton growers. In a reference to these confer
ences the “ Journal of Commerce” of yesterday (July 8)
had the following to say in an account from Washington:
Both Secretary of the Treasury Mellon and Secretary of Commerce
Hoover declared to-day that they are meeting, with Eugene Meyer, Man
aging Director of the War Finance Corporation, with representatives of the
growers with a view to relieving the cotton industry.
Several conferences already have been held by officials with the cotton
growers for a discussion of the principal aspects of their problem, and further
meetings will be held, it was said, until some program is formulated de
signed to aid that industry. Inquiries have been sent out. Secretary Hoover
declared, as to the credit needs of the grower^ in financing the new cotton
crop.
It ’s hoped, Secretary Hoover declared, that full information will be in
hand within a week and officials here enabled to ascertain exactly the
situation existing as to the Southern cotton credit needs and the necessity
o f action. Until officials here have been fully acquainted with the funda
mentals of the problem, it was said, plans and action to remedy the situa
tion must be held in abeyance
Secretary Mellon to-day [July 71 refused to indicate whether the pooling
action, used to relieve the live stock industry, again would be resorted to
to relieve conditions apparently similar, existing in the cotton industry.
Although such action is favored by officials for the reason that active Gov
ernment assistance under such a program is unnecessary, the Secretary
pointed out that such a course might be found to be inapplicable because of
conditions peculiar to that industry.
The plans to be made by officials to remedy conditions in the cotton in
dustry, it was stated follow studies of the situation by both Eugene Meyer
of the War Finance Corporation and Secretary of Commerce Hoover.
Both officials from the first have professed a keen interest in the troubles
and problems of the Southern cotton growers. It is thought generally
here that if the Southern cotton situation is relieved the improvement will
make itself felt in other agricultural lines and provide a general relaxation
for the whole agricultural situation.

INCREASE IN FARM MORTGAGES IN TEE
NORTHWEST.
The number of farms in the Northwest has been increas
ing rapidly during the past decade. The June review of
the Northwestern National Bank of Minneapolis, in stating
that this is indicated by the "census reports now gradually
being made available, gives the following further informa
tion in the m atter:
In the States of Minnesota, North Dakota and Montana, the increase was
22.3% from April 15 1910 to January 1 1920. Including the States of
Wisconsin and Iowa, the increase is 10%. (South Dakota is very impor
tant in our group of Northwestern States, but its figures have not yet been
made public.) Montana naturally shows the largest increase in this re
spect, the number of its farms having increased 120% in the last ten years.
Tenancy is on the increase, 22.5% more farms being occupied by tenants in
1920 than in 1910, in the five States named. In Minnesota there is an in
crease in the number of farms operated by tenants of 34.5% ; in North
Dakota, 86.8% ; in Montana, 178% ; in Wisconsin, 10.5%. These States
all report a larger number of farms; Iowa experienced 'a decrease in the
number of farms and an increase of 8.4% in tenancy.
In these census reports that have been quoted, the record of farms en
cumbered by mortgages quickly arrests the attention. The 237,866 farms
which were occupied by their owners and covered by mortgage in 1910, in
these fives States becomes 300,258 in 1920, an increase of 26.2%. During
this time, as has been said, there was an increase of 10% in the total num
ber of farms. There was a slight decrease in the number of mortgaged
farms in Iowa, but the other States show increases. The percentages given
below are not entirely comprehensive, as statistics concerning mortgages on
farms operated by tenants and managers are not available.

[ V o l . 113.

Increase in
Number of
Farms.

Increase in
Number of
Mortgaged
Farms
Operated by
Owners.

Minnesota _________ ____
14.3%
2 3 .9 %
North Dakota__________ _____ ________________
2 7 .5 %
i5
Montana ____________
_______
1 20.0%
5 2 0 .0 %
Wisconsin _
_ _____ __________________
2 2 .2 %
6.9%
It is not possible to report the amount of the farm mortgage debt, as
statistics are incomplete; in Minnesota, for instance, there were 69,545
mortgaged farms operated by owners on Jan. 1 1920, and only 57,585 of
these owners reported on the amount of the debt; while in 1910 there were
56,145 mortgaged farms operated by owners in this State, and 41,775 re
ported on the amount of the debt. But the comparison of partial figures
roughly indicates the tendency and the incomplete results are given here:
Mortgage Debt.

Minnesota

1920.
$254,475,222

...............

North Dakota

M ontana.............. .............. ................... .........
Iowa.....................................................
Wisconsin......... ...............................................

1910.
$77,866,283
108,284,682 47,841,587
7 7 ,9 4 9 ,6 7 9
10,741,28
489,816,739 204,242,722
354,574,391
146,815,313

$1,285,100,713

$487,507,185

While this increase in the mortgages on our farm property was taking
place, the total value of all farm property in these five States, including
land, buildings, implements, machinery and livestock, increased from $7,958,034,041 in 1910 to $17,735,673,509 in 1920.
No attempt is made here to comment or moralize on these results. Many
puzzling currents and counter-currents in a decade of decided abnormality
have combined to bring about a situation. Any increase in tenancy is de
plored by bankers and communities. That the mortgage debt should have
increased a possible 164% while the valuation of all farm property in
creased 123% is disturbing, and particularly so as the property might in
the near future be inventoried at a figure considerably below this January
1920 estimate, whereas the mortgage debt, incurred to some extent at in
flated values and interest rates, must be paid off during a period when the
value of the dollar will be appreciably increased.
As other census figures are published from time to time, we get valuable
sidelights on the recent trend of affairs. It is interesting, for instance, to
observe that the value of agricultural implements manufactured in this
country during the five-year period ending 1919 increased 85.9%, while
during the same period the actual number of implements manufactured, with
the exception of one class only, threshers, decreased. There were 2,634,000
plows, harrowr and cultivators manufactured in 1919, and 3,245,000 in
s
1914, and 379,000 mowers and reapers in 1919 as compared with 605,000
in 1914. On the other hand, the output of passenger automobiles was
1,553,349 in 1919, and only 543,438 in 1914 ; also, the number of player
pianos manufactured in 1919 was 176,700, and 85,300 in 1914.

PRESIDENT HARDING SIGNS BILL TO INCREASE
DEPOSITS IN FEDERAL LAND BANKS.
The bill amending the Federal Farm Loan Act so as to
increase the amount which may be deposited in the Federal
Land banks became a law with its approval by President
Harding on July 1. The bill was originally passed by the
Senate on June 2. The text of the bill as thus passed was
given in our issue of June 25, page 2697; in authorizing the
Secretary of the Treasury, upon the request of the Federal
Farm Loan Board, to make deposits for the temporary use of
any Federal Land Bank out of any money in the Treasury
not otherwise appropriated, the Senate bill stipulated that
“ the aggregate of all sums so deposited by the Secretary of
the Treasury shall not exceed the sum of $50,000,000 at any
one time.” As also announced in our June 25 item the
Banking and Currency Committee of the House on June 20
adopted a substitute measure providing that the Secretary of
the Treasury might, in his discretion, make deposits with the
Federal Land banks beyond the present $6,000,000 limit,
but that the aggregate of such additional deposits outstanding
at any one time should not exceed the difference between
the aggregate paid in capital stock of the twelve Federal
Land banks and the sum of $50,000,000. The House Com
mittee’s substitue bill was passed by the House on June 24
by a vote of 317 to 4, and the Senate on June 27 (without a
record vote) concurred in the House substitute. In the
Senate on June 24 Representative Wingo sought to amend
the bill by changing the amounts mentioned therein from
$50,000,000 to $75,000,000, but his amendment was re
jected by a vote of 115 nays to 73 in favor; similarly an
amendment proposed by Senator Crisp on June 24 to sub
stitute the figures of $100,000,(M for the $50,000,000 given
X)
in the bill was voted down, by 59 ayes and 98 noes. The
following is the text of the bill as enacted into law.
That Section 32 of the Federal Farm Loan Act, approved July 17 1916.
as amended, is hereby amended by adding after the first paragraph a new
paragraph to read as follows:
“ Until such time as the aggregate paid-in capital stock of the twelve
Federal Land banks shall be $50,000,000, or more, the Secretary of the
Treasury may in his discretion make deposits in addition to those author
ized by the preceding paragraph, to bo secured, redeemed, and paid \u the
same maimer as provided in such paragraph, except that any additional
deposit made hereunder shall be called by the Secretary of the Treasury
and redeemed by the bank or banks holding the same, within fifteen da>s
after the conclusion of each general offering of Farm Loan bonds by such
bank or banks. The aggregate of such additional deposits outstanding
at any time shall not exceed the difference between the aggregate paid in
capital stock of th* twelve Federal Land banks on the last day of the

J uly 9 1921.]

THE CHRONICLE

preceding month, and the sum of $50,000,000. The certificates of indebted
ness issued to tho Secretary of the Treasury by the Federal Land Bank
for such additional deposits shall bear a rato of Interest not exceeding by
more than one-half of ono por centum por annum tho rate borne by tho last
bond issue of tho Land bank receiving such deposits."

Representative Strong in explaning in the House June 24,
tho difference between the bill originally passed by the Senate
and the House substitute, said:

137

Loans arc not now being made because financial conditions will not
permit of tho salo of bonds, but, with an easing of the money market Which
is to bo expected before long, the bank will resume lending
Its loans will hereafter be made for a term of forty years Instead of thirtythree years as now made, interest remaining at 6%.

A dividend of 8 % , payable during the ensuing year, was
declared at the meeting. Officers were re-elected as follows:
W . E. Barkley, President; L. E. Southwick, W. II. Wallace
and J. A. Reicheabach, Vice-Presidents; Don L. Love,
Treasurer; Katherine Dougan, Secretary. The following
are members of the executive committee: J. L. Teeters,,
II. B. Grainger and W . 0 . Jones.

Now. what is the difference between the original bill as It came from tho
Senate and this committee amendment? They both accomplish exactly
tho same purpose. The Senate bill provides that the Secretary of the
Treasury may, in his discretion, deposit with tho Farm Loan banks up to
$50,000,000 for tho purpose of facilitating tho issuance of those bonds. It
does not say ho must deposit $50,000,000. Two members of tho Federal
Farm Loan Board themselves stated to us that they did not expect to ask
the Treasury to deposit more than they would need, and if their bond issue REVIEW OF BUSINESS IN JUNE BY FREDERIC If.
did not exceed $50,000,000 they would not need or ask for more than $25,CURTISS OF FEDERA L RESER VE BA NK OF BOSTON.
000,000. The committee amendment provides that the Treasury shall
deposit with the Federal Farm Loan Board the difference between their
Frederic H. Curtiss, Chairman and Federal Reserve
capital stock, which is $25,000,000 and $50,000,000, which will give them Agent of the Federal Reserve Bank of Boston, discussing
the $25,000,000 they will need to float a $50,000,000 bond issue, which is
business and industrial conditions in the Now England
all they expect to attempt to float in a single issue.
That being the case, this committee amendment provides all the money District in June, makes the following comments in his state
that the Federal Farm Loan Board need, and they came before our com
mittee and said so. They do need this difference between their capital ment made public July 2:
It cannot bo denied that there has been a slight recession in the spirit of
and $50,000,000, which they will get by this amendment, and I hope no
Member of this House will bo led away by the statement that we are de optimism which followed the extreme depression of mid-winter. Thcro
tracting from the benefits to be received by agriculture in this bill if we adopt has been a gradually increasing appreciation of the seriousness of the Euro
pean situation, the continued drop in commodity prices, the large number of
the amendment that the committee has suggested.
There is one other feature in the amendment that I think is a good one. commercial failures, and the persistent, drastic liquidation of the stock
After the bill was first reported we were also advised that amendments would market.
The effect of falling prices is almost always to curtail business operations,
be offered limiting to three years this authority of the Treasury to make such
deposits upon the theory that by the time the three years had expired the and that condition certainly holds true to-day. Many business men had
capital of the Federal farm loan bank would have reached $50,000,000 and been led earlier in the year to believe that the decline in prices would be
would make this deposit no longer necessary. This bill provides that until halted in the spring, and for a time the movement of several basic com
the capital of this Federal Farm Loan Board shall have reached $50,000,000 modities actually was upward. The index of 12 basic raw materials main
this action by the Treasury shall be performed. It is a good amendment to tained by the New York Federal Reserve Bank increased 2.4% during
a good bill and will enable the Federal farm loan system to function and give May, the first upward movement in a year. During the third week in June,
however, it experienced a decline of 4.7% and on June 25 was only 5%
relief to agricultural interests.
above the 1913 level. Another factor in the price situation which is holding
In the Senate on June 27, Senator Curtis offered the fol back the business community is the unevenness of the deflation, the prices
lowing explanation:
of agricultural products being within 17% of the pre-war level while build
The Senate provided for $44,000,000 additional. The House reduced the ing materials, clothing, house furnishings,—to mention a few groups,—
amount to the difference between the actual paid-in capital stock and $50,- are still about twice their pre-war prices.
It is an old custom for some business men to be influenced in shaping
000,000 which would limit it to between $24,000,000 and $26,000,000, and
they add $6,000,000 to that, which would make about, $30,000,000 addi their views of the future by the movement of the stock market. An average
tional. I have talked with all the members of the Farm Loan Board and of industrial stocks reached its high point in the period of post war inflation
they are so anxious because of the emergency to have the bill passed this in November, 1919, and declined with only a few interruptions during the
morning if possible, that they say they are satisfied they can get along with following 13 months or until December. 1920. During the succeedingweeks
the market gave evidence that it had temporarily reached bottom and in
;t as passed by the House.
We also quote from the Congressional Record the following March started to rise. Remembering that sentiment is the effect and not
the cause, it may be assumed that the rising market partly accounted for
remarks by Representative Dunbar during the debate on the better feeling in the business world. But after the'first of May the
the bill in the House on June 24:
market started on another decline which by the 20th of June had carried
The bill under consideration cannot be objected to on account of the the average to a new low price. A large number of commercial failures,
Government not being able to assume financial obligations to the Federal entailing a proportionately large amount of liabilities, combined with the
Farm Loan Bank. It is a governmental institution created by the Govern knowledge that the number of failures in the country would be very much
ment, and it is the duty of the Government to see that it is able to properly larger if creditors’ committees had not been as lenient as they have proved
function. When the amount of $50,000,000 was first thought of as being to be, has had an inevitable sobering effect.
the necessary amount to enable these banks to meet their pressing obliga
But these factors are offset by several of a truly optimistic nature, doubly
tions the last issue of $40,000,000 Federal farm loan bonds had not been so because of their very fundamental character. The first is that the dis
all sold, since which time those have all found a market with the exception tribution of goods to the consumer continues without interruption. This
of about $137,000, so that now there is not the occasion or the necessity to is evidenced by the reports from department stores, not only in New Eng
appropriate as much money to enable these banks to function as there land, but throughout the country, which have shown month after month
was when the idea first occurred to Senator Curtis of Kansas to introduce that the net sales of these stores in dollars has been very nearly equal tohis bill for $50,000,000.
their sales in the corresponding months of the year previous. When it is
The assets of the Federal Farm Loan banks for May 31 1921 amounted to considered that retail prices in most cases have been reduced to the present'
$402,000,000, $350,000,000 of which has been loaned to farmers.
replacement basis, it will be seen that the physical volume of sales through
The present bill proposes to deposit with the Federal Farm Loan banks the out the country is larger now than a year ago. Other evidence to this,
difference between its capital stock and $50,000,000 which, together with effect is given by the number of freight cars loaded with freight, which by
the $6,000,000 of Government loan they already have and $25,000,000 to June 11 was 18% higher than during the worst of the depression. This'
be received, will amount to $31,000,000. When the capital stock of the increase is larger than a merely seasicnal one would be. and indicates that the
banks reaches $50,000,000 the Government will cease to feel obligated to railroads of the country are carrying approximately 80% as much freight
deposit additional funds. But at that time it will be possible for the as during boom times. Reports on unemployment bear out the contention
Federal Farm Loan bank to have loaned to farmers approximately $1,- that goods are steadily being consumed. The most comprehensive survey
000,000,000, due to the fact that they are privileged to issue bonds to the carried on under conditions that permit analysis month by month is that of
extent of twenty times their capital stock.
the United States Bureau of Labor Statistics; data are regularly compiled
These bonds, bearing 5% interest, non-taxable, should, if the provision of showing the number of men employed and the amount of pay roll for
the law is carried out in making loans, be the best security almost in the selected establishments in fourteen industries: iron and steel, car building
land. Loans are made to farmers not to exceed 50% of the value of the and repairing, leather, paper making, coal mining, cotton manufacturing,
land and 20% of the value of improvements. Provisions are made that es cotton finishing, hosiery and underwear, woolen, silk, men’s clothing shoes,
timates of value shah be conservatively made. Money has been com cigars and automobiles. The industries considered employed in the spring
manding a high rate of interest but this, like other commodities is now of 1920 approximately three-quarters of a million men; in March of 1921,
demanding a less price.
28.1 % fewer men were employed than during the same month of the previous
Call money in New York is now 5%. The Federal Reserve Bank of year, while similar comparisons for April and May showed, respectively,
New York has reduced its discount rate to 6%. Bank securities in New declines of 27.2 and 25.5%. This outward stability of employment totals
York are selling on a basis of 6.2% income to purchatrs, so that a non- at a level of possibly about 25% below that of a year ago is the result of Iwo
taxable Federal Reserve land bank bond bearing 5% interest will soon be in counteracting forces; a loss, in contrast with last year, in such industries
demand, and there is no reason why the Federal Farm Loan banks will not be as iron and steel, car building and repairing, leather, paper making and coal
able to sell their issue when offered at determined intervals. There is now mining—“ jjroducers’ goods’ 1
—and gains in another group of industries that
no real occasion for the Government to deposit in Federal Farm Loan banks in the main constitute a distinct type: cotton manufacturing, cotton fin
the amount of money in excess of $25,000,000. It has been mentioned that ishing, hosiery and underwear, woolen, silk and men’s clothing—'’consum
the Government deposits in national banks receive 2}^% interest, whereas ers’ goods.” Comparatively little demand for labor in industries making
in the Federal Farm Loan banks the Government will receive 5 38 % interest, "producers’ goods.” which are several steps removed from the final con
but deposits in Federal Farm Loan banks remain permanent until such time sumer contrasted with a very substantial and increasing demand for labor
as provisions will enable the banks to permit the Government to withdraw on the part of industries manufacturing goods that on leaving the factory
its deposit, whereas in banks in which the Government money is deposited arc practically ready for final consumption, indicates that it is the ultimate
money so deposited is liable to be checked out at any time. Sometimes the consumer who is buying, and the manufacturer or distributer himself who,
Government has on deposit in banks three quarters of a billion dollars and in his desire to reduce inventories to (he lowest possible point, is running on
other times but little over 31005:000.000.
a hand-to-mouth basis. It is essential in any period of readjustment that
One is practically a time deposit and the other a checking deposit.
the surplus products left over from the preceding period of inflation shall
1 am glad of the opportunity to vote for tho bill under consideration. be worked off by actual consumption. The present retail distribution of
It will assist an industry tho most laudable of any that exists.
goods from merchants and producers into the hands of tho consumer is the
best kind of evidence that inventories of manufactured goods, if not already
be so.
LOANS BY LINCOLN JOINT STOCK LAND BANK low, must soonwinter there was much loose talk about the “ consumers’
During the
TO RUN FOR FORTY YEARS.
strike” or the “ buyers’ strike.” VVhat we have been through is a pro
Loans by tho Unwin Joint Stock Land Bank of Lincoln, ducers’ depression, and it is more neatly true that manufacturers and mer
chants rather than i he ultimate consumer are not free buyers to-day. De
.
will hereafter bo made for a period of forty years, partment. store reports made to this bank bear out this statement when they
according to a statement by W. E. Barkley, President, show month after month that their outstanding orders are from 5 to 10%
made at the annual mooting of the stockholders and direc of their total purchases during 1920.
A second Improvement, also necessary before any business readjustment
tors of the bank on June 28. M r. Barkley said:
period Is over, has already taken place in this count ry: -: hat is the ex Iraorin-

138

[V ol. 113.

TH E C liliO N IC L E

Lounsberry, 24 Broad Street. Proceedings against the
firm, it is said, have been dismissed with the consent of its
creditors, and all claims due to Stock Exchange houses have
been met. The suspension of the firm from trading occurred
on Deo. 22 last.

STA TE IN STITUT10NS A DM ITTED
RESERVE SYSTEM.

TO FEDERAL

The following institutions were admitted to the Federal
Reserve System in the week ending July 1:
District No. 7—

Total
Capital. Surplus. Resources.

Blanchard State Bank, Blanchard, Mich______ $25,000 $5,000 $212,905
District No. 9—
First State Bank of Clyde Park, Mont________ 25,000
2,000
95,554
District No. 11—
The First State Bank of Coahoma, Texas______ 25,000
126,997
Security State Bank, Cooper, Texas__________ 100,000
909S49
_

ary banking condition of (ho United htatea Lu-day Total loans of all (ho
banks in (ho country have docroased apparently about 7% from the maxi
mum tu the present amount Money rates, to be sure, are high, and here
gain worldwide conditions are in a large part responsible After the Civil
\ ar the price of money was high for at least 10 years. Nevertheless the
\
fundamentals of our banking situation are steadily improving and may be
considered satisfactory to-day.
lu New ling land the woolen and worsted industries are experiencing con
siderable activity, operating on the whole at 75% of capacity or better. The
t , v wool ii arki i h is been quiet throughout June and prices have weakened
v
slightly T h e cotton goods division of the textile industry has not fared as
well as h a v e the woolens and worsteds. The consumption of cotton by
New England mills in May while showing a considerable improvement over
the pro a dina mouth of April, was slightly less than in March. Cotton
goods prices hav e remained fairly stationary throughout the month of June.
The production of boots and shoos does not show the increase that the
industry had hoped for, while factories are of course somewhat busier than
they wen during the worse of the depression last winter, they are still not
operating ,,u t h e whole more than 50% of capacity. The smaller factories
seem to h r e fared better in this respect than have the larger.

BY WAR FINANCE CORPORATION FOR
INSTITUTION A UTH0R1ZED BY FEDERAL RESERVE
EXPORT PROVISION LOAN.
BOARD TO EXERCISE TRUST POWERS.
Finance Corporation announced on July 1 that

ADVANCES

The War
it had approved another advance of $500,000 to be made
to a bank to finance the exportation of provisions to Great
Britain, Germany, France and Holland.

ADVANCE BY WAR FINANCE CORPORATION TO
STAPLE COTTON CO-OPERATIVE ASSOCIATION.

The Federal Reserve Board has granted permission to
the following institution to exercise trust powers:
First National Bank in Wellington, Wellington, Kansas.

SECRETARY OF TREASURY MELLON OPPOSES
SOLDIERS' BONUS BILL.

Secretary of the Treasury Mellon has voiced his opposition
to the so-called “ Five-way” soldiers’ bonus bill which was
favorably reported by the Senate Finance Committee on
June 20. Secretary Mellon, in a letter to Senator Frelinghuysen under date of July 2, made public with the opening
of debate on the bill in the Senate on July 6, states that the
The Staple Cotton Co-operative Association is a co-operativo association most conservative estimates show that the bill would cost
of cotton planters in the Delta District of Mississippi, composed exclusively about $1,500,000,000 to about $5,250,000,000. A plan to
of the growers of what is known as staple cotton, the total average yield
disburse even over a period of years up to $4,000,000,000
of which is approximately 600,000 bales. There is pledged to the Associa
or $5,000,000,000 as “ adjusted compensation” he says,
tion 220.000 bales.
The advance will be made on a basis of approximately one-half the market “ must inevitably increase by that much the war burden
value of the cotton, and it is expected that the financial assistance afforded
thereby will permit the Co-operative Association to market the cotton which the American people have to bear.” He points out
that the burden would be in addition to that already im
in an orderly way without unduly forcing sales.
The advance will be for a maximum period of one year, but may be repaid posed in most of the States which have provided bonuses,
sooner if and as the cotton is exported.
The Association considers the advance as arranged sufficient to relieve and, he adds: “ Nor could the vast payments required by
the pressing necessities of the growers arising out of the expenses of the the bill be financed without introducing grave complica
crop during the year and will give time for the orderly marketing of the crop. tions into the refunding operations which will be necessary
While the War Finance Corporation makes it a rule not to publish names
and details in connection with its advances, exception is made in this within the next few years.” Mr. Mellon furthermore states
case, with the approval of the borrowers, as a matter of public interest that “ there is grave danger that the necessary expenditures
at this time.
____________________________
§8 of the Government in the near future will exceed its current
1
receipts, thus leaving deficits to be met by new taxes or
COMPTROLLER CRISSINGER REQUIRES NATIONAL further borrowing.” In these circumstances, he says, “ I
BANKS TO REPORT ON SAVINGS DEPOSITS.
believe that the best interests of the country demand that
National banks, in making their statements of conditions action be deferred upon the soldiers’ bonus or the bill to
as of June 30 to the Comptroller of the Currency, will for provide so-called adjusted compensation.” M r. Mellon,
the first time report on separate items concerning “ savings” while stating that “ the country is under a solemn obligation
money on deposit, it is noted in the New York “ Times” , to those who fought its war,” adds:
which adds:
Our concern, of course, should be to make full provision for the needs of
On July 7 the War Finance Corporation announced that
it had agreed to make an advance of $5,000,000 to the
Staple Cotton Co-operative Association of Memphis, Tenn.,
to finance 100,000 bales of long staple cotton to be held in
warehouses by the Co-operative Association for export.
The Corporation in its announcement says:

In the blanks which have been received by the banks from D . R . Crissinger, Comptroller of the Currency, are spaces for the following, listed
under “ time deposits,” “ savings deposits or deposits in interest or savings
departments, time certificates of deposits.”
Heretofore these two items have been grouped and it has been impossible
to determine just exactly the amount of deposit to the account of savings
in national banks. The Comptroller of the Currency notes that the term
“ savings accounts" shall be held to include those accounts of the banks
in respect to which, by its printed regulations, accepted by the depositor
at the time the account is opened, (a) the passbook, certificate or other
similar form of receipt must be presented to the bank whenever a deposit
or a withdrawal is made, and (5) the depositor may at any time be required
by the bank to give notice of an intended withdrawal not less than thirty
days before a withdrawal is made.

disabled veterans. To that object the country is pledged to give without
stint of its resources. It would be unfortunate in the extreme while we are
still struggling with that problem to dissipate our resources in a sweeping
plan for cash payments to able bodied soldiers and sailors. The best
interests of the veterans cannot in the last analysis be considered separate
and apart from the best interests of the country as a whole, and I should be
derelict in my duty to the country and to the veterans themselves if I failed
to give this warning of the inevitable financial consequences of the pending
bill.

The following is Secretary Mellon’s letter in full:
TREASURY DEPARTMENT.
Washington, D. C. Juli/ 2 1921.
My dear Senator—I received your letter of June 24 1921, with regard to

the bill now pending in Congress (S 506) “ to provide adjusted compensation
for veterans of the World War.” In accordance with your request I am
FEDERAL RESERVE BANK OF NEW YORK FILES glad to indicate what financial obligation this bill would place upon the
Government and what its enactment would mean to the Treasury of the
BUILDING .PLANS.
United States.
Plans were filed on July 7 for the construction of the
The bill which has been reported to the Senate provides, as you know, for
fourteen-story building which the Federal Reserve Bank of five optional plans, (1) adjusted service pay, (2) adjusted service certificates.
New York will erect on the block front on the east side of (3) vocational training aid, (4) farm or home aid, and (5) land settlement
aid. The financial obligation which its passage would impose on the Treas
Nassau St., between Maiden Lane and Liberty St., with the ury depends in large measure upon the choice of plan which may be made
exception of the Montauk Building, located on the west side by veterans entitled to the benefits of the bill. It is, therefore, impossible
of William St., between Maiden Lane and Liberty St. to make accurate estimates at this time either as to the total cost to the
Treasury or as to the time when the payments would have to be made. The
The new structure will have a frontage of 153.4 feet on l'eat tiros of the plan which would entail the greatest expense arc (I) the cash
Nassau St. and 363 feet on each side street and will be payments to be made as adjusted service pay. (21 the payments and loans
to be made on adjusted service certificates and (3) the payments involved
erected at an estimated cost of $12,000,000.
in the so-called farm or home aid.
Practically all the buildings on the site have been de
The most conservative estimates show that the bill would cost from about
$1,500,000,000 (if the bulk of the payments were on account of adjusted
molished to make way for the proposed structure.
service pay, the greater part of which would fall in the near future' to about
$5,250,000,000 (If most veterans elected to take adjusted serv ice cert ideates,
FOSTER & LOUNSBERRY REINSTATED ON THE the payment on which would he distributed over a period of twenty >oars'
The actual cost, of the bill should fall between these two extremes accord
NEW YORK STOCK EXCHANGE.
ing to the choice of plan made by the veterans. If. as seems probable, at
According to the “ Journal of Commerce” of July 8, least one-half should elect the cash payment plan and about one half
announcement was made in the New York Stock Exchange the certificate plan, with one-third of the latter borrowing on their oertid
eates, the ultimate cost of the hill, It Is estimated, would bo over $3,330on Thursday of this week (July 7) of the reinstatement of 000,000. These estimates take no account of expenses of admlnlst ration or
J. Hegeman Foster, the floor member of the firm of Foster & possible cost of affording vocational training aid, farm or home aid. or find

J uly 0 1921.]

THE CHRONICLE

settlement aid to veterans who oloc.t such benefits. These will Involve
substantial additional expense.
tTndor title V. of tlio bill, for example, any veteran who elects farm or
homo aid may obtain in one payment or instalments an amount equal to Ids
adjusted service pay Increased by 40% for the purpose of enabling him on or
after Jan. 1 1022, to purchase or make improvements on a city or suburban
home or farm. If any considerable proportion of the veterans should choose
this form of aid, the effect would be to throw a heavier expense into the
first two or three years, and perhaps greatly increase the aggregate cost of
the plan.
These estimates, incomplete as they are, show the heavy obligations to
which the pending bill would commit the country. To impose those vast
additional liabilities upon tko Treasury, particularly under present condi
tions in industry and commerce, would in my judgment croate a serious
situation.
Not the least disturbing feature of the bill is the plan to postpono actual
distribution of the principal benefits conferred by the bill to the fiscal year
1923. This means that, without conferring immediate benefits on oxserivee men, the country would be committing itsolf to a stupendous inde
terminate liability, which, once assumed, it would have to carry through, no
matter how embarrassing it might prove to tho finances of the Government
and the business of the country when tho time comes for'fulfillment. Inci
dentally, this feature of the bill tends to mislead the people into tho belief
that in some way the proposed program can be accomplished without im
posing a serious burden on the Treasury or tho country. The result is to
secure for the bill more favorable consideration than it could receive were
the situation presented in its true light.
As a matter of fact, a plan to disburse even over a period of years up to
$4,000,000,000 or $5,000,000,000 as “ adjusted compensation” must in
evitably increase by that much the war burden which the American people
have to bear. It would greatly swell the cost of Government and virtually
defeat the Administration’s program of economy and retrenchment. It
could be financed only by adding to the burden of debt and taxes under
which the country is now staggering. However financed, no sum could
be taken out of the public Treasury without throwing a corresponding load
upon the whole people in the form of increased interest charges, increased
taxes and increased cost of living. This burden, moreover, would be in
addition to that already imposed in most of the States, which have provided
bonuses in varying degrees of liberality to veterans of the late war.
Nor could the vast payments required by the bill be financed without
introducing grave complications into the refunding operations which will
be necessary within the next few years. The Government has to face
early maturities of public debt amounting to about $7,500,000,000, of which
about $5,000,000,000 fall in the same fiscal year in which it is proposed to
begin cash payments under the bill.
The greater part of this maturing debt will have to be refunded, and if a
soldiers’ bonus must also be financed, the cost of that refunding will be
vastly increased and the refunding operations themselves seriously embar
rassed. The market for outstanding Government securities would be ad
versely affected and the patriotic holders of Liberty bonds, instead of
looking forward to improved market conditions, would have to face the
threat of further depression. I know of no one thing, for example, that
would so greatly strengthen the market for Liberty bonds as the assurance
that Congress had once and for all given up consideration of a soldiers ’
bonus.
I have already submitted to Congress, in my letter of April 30 to the Chair
man of the Committee on Ways and Means, a detailed statement of the
condition of the Treasury, the latest estimates of the receipts and expendi
tures of the Government for the fiscal years 1921 and 1922, and an outline
of the Treasury’s program for dealing with the short-dated debt. The
figures given in that letter show that even without any expenditures on
account of adjusted compensation under the proposed bill, there is grave
danger that the necessary expenditures of the Government in the near future
will exceed its current receipts, thus leaving deficits to be met by new taxes
or further borrowing.
In these circumstances I believe that the best interests of the country
demand that action be deferred upon the soldiers’ bonus or the bill to provide
so-called adjusted compensation. This is not a time to impose severa
billion dollars of new liabilities on an already over-burdened Treasury.1
It seems particularly inappropriate to give present consideration to the
measure when we still have before us the pressing problem of revising the
internal tax laws and finding sufficient revenues to meet the existing re
quirements of the Government.
This problem must be dealt with in the midst of extreme and widespread
industrial depression. These conditions affect not only every industry
in our own country, but are world-wide, and our past experience furnishes
no sure guide as to their duration. The revision of the tax laws, therefore,
so as to adjust them to present conditions and at the same time produce
sufficient revenues to meet the existing requirements of the Government,
is a matter of great difficulty, and even without the burden which would be
imposed by the bonus, industrial and commercial earnings in the current
year have so decreased that it is a matter of grave concern to the Treasury
as to the amount of revenue that will be received in 1922.
The country is under a solemn obligation to those who fought its war.
Our first concern, of course, should be to make full provision for the needs
of disabled veterans. To that object the country is pledged to give without
stint of its resources. It would be unfortunate in the extreme, while we are
still struggling with that problem, to dissipate our resources in a sweeping
plan for cash payments to able bodied ex-soldiers and sailors.
The best interests of the veterans cannot in the last analysis be considered
separate and apart from the best interests of the country as a whole, and
I should be derelict in my duty to the country and to the veterans them
selves if I failed to give this warning of the inevitable financial consequences
of the pending bill. Its direct consequences are inescapable, and I have
already indicated what they would be. It would also involve grave dangers
of renewed inflation, increased commodity prices and unsettled business
conditions. The result would be serious injury and loss to tho whole coun
try, and iri the long run even the veterans themselves would lose far more
than they would gain.
I cannot bring myself to believe that this would be “ adjusted compensa
tion'’ for a service that was performed as the highest duty of citizenship
and a sacrifice that can never be measured in terms of money.
Very truly yours,
A. W. MELLON, Secretary.
To,(fori Joseph ft. Frolinghuysen, United (States Senate.

PRESIDENT HARDING OPPOSED TO BONUS LEGISLA
TION NOW— WANTS TARIFF AND TAX BILLS
PUSHED.
PrbHirJqnt Hard in#, it in understood, indicated to members
of theJSenate on Thursday of this week that he is in accord
wit hlHeoretaryfof' the Treasury Mellon in thinking that it

13 9

is inadvisable to press soldier bonus legislation at thi ;
time, in viow of the fact that it might prove a :.< iion em
barrassment to the Treasury. Secretary Mellon’s views,
as set out in a letter to Senator Frelinghuysen, are referred
to by us in another item to-day. President f larding, accord
ing to the New York “ Tribune,” in answer to a question as
to his attitude on tho bonus bill, said:
Tho Executive w ;in publicly committed a long while ago to a favorable
attitude, but may express to Congress soon ids position In a more formal way.
The question of recess was discussed, A great many of in; think we would
expedite the tilings for which the extra session was called by some process
of recessing and getting tho committees together on the things for which
tho extra session was distinctly called.

The President, it is reported, has suggested that all other
legislation be suspended to permit tho enactment of the
tariff and new tax measures as soon as possible. Tho work
of expediting these two pieces of legislation was urged upon
Chairman Fordney of tho House Ways and Means Com
mittee by the President on June 23, and it is understood
that during a conference with House leaders on June 30 he
impressed upon them his view that no legislation should
be allowed to delay the passage of tariff and revenue bills.

PRESIDENT HARDING IN FOURTH OF JUL Y MESSAGE
TO LONDON “ TIMES."
President Harding in a message to the London “ Times”
congratulating its editor in publishing a special Fourth of
July edition states that that clearer understanding which the
editor will promote “ will prove the surest antidote to that
unfortunate irritation which is too often caused by the ac
tually unimportant but sometimes aggravating utterances of
thoughtless demagogues and irresponsible agitators.” The
following is the President’s communication as made public
at Washington July 5.
I congratulate the London “ Times" and its proprietor on tbe liberality of
view no less than tbe enterprise, wbicb prompt tbem to celebrate tbe birth
day of American independence by the publication of a special “ Fourth of
July edition.”
In tbe development of civilization in the extension of ever widening areas
of the world’s surface of the idea of law as the bedrock of Uberty tbe two great
English speaking peoples have played a part of immeasurable importance.
The splendor of past achievements should and must be an inspiration to
continued effort. Our complementary power for good, however, can only
be exerted in full beneficence if there be mutual understanding not only of
national hopes and ideals but of national problems and difficulties. Such an
edition as tbe “ Times” is to publish in which American questions will be
discussed by eminent Americans must promote such understanding.
A common language and a common source from which we have taken our
institutions have laid the foundation of accord. Upon this we may firmly
build, knowing that the welfare of the world and the immediate interest
of our respective peoples are alike concerned in the continuance of a friend
ship which has withstood the shocks of more than a hundred years and a
maintained regard for the rights and aspirations of all mankind.
That clearer understanding which the “ Fourth of July edition” will
promote will prove the surest antidote to that unfortunate irritation which is
too often caused by the actually unimportant but sometimes aggravating
utterances of thoughtless demagogues and irresponsible agitators.

FIRST BUDGET REGULATIONS— PRESIDENT HARD
ING SAYS WORLD IS WATCHING EXPERIMENT.
On July 1 the initial regulations for the operation of the
new budget system were issued. These regulations, ap
proved by President Harding, were promulgated coincident
with the second meeting of Government officials on the
budget called to order by President Harding. The previous
meeting, presided over by the President, was, as indicated
in our issue of a week ago, page 27, held on June 28 at the
instance of Charles G. Dawes, Director of the Budget. The
meeting on July 1 took place at the headquarters of M r.
Dawes in the Treasury Department Building and was
attended by some thirty representatives of the Federal
departments and agencies. The budget regulations issued
on the 1st Inst, follow:
1. The budget officer for each department or independent establishment
will secure from the head of each bureau or branch thereof responsible for
the obligation of appropriations an estimate of the portion of the funds
available for the fiscal year 1922, the expenditure of which is indispensable
in carrying on the activities of such bureau or branch, and the resulting
balance which may be saved under each appropriation; and will submit such
estimates to the head of his department or establishment for approval or
modification. Upon such approval or modification by the head of the de
partment or establishment the estimates will be returned to the budget
officer thereof who will communicate them to the Director of the Budget.
The Director of the Budget will, in his discretion, confer directly with the
head of the department or establishment, or with the chief of the bureau
or branch, with a view to a modification of tho estimates, or will make
recommendations in regard thereto to tho President.
2. Tho estimated savings under the several appropriations will be sub
mitted by the Diroctor of the Budget to the President for his approval,
and upon such approval the balancos thus saved, which will be designated
as “ general reserve,” will be so carried under their respective appropria
tion titles on tbe records of the Director of the Budget, and of the depart
ment or independent establishment.
3. The amount approved the President for expenditure under an appro
priation title shall he considered as the maximum available for obligation
during the fiscal year. The estimates of expenditures, once approved, will
ho subject to further study and revision during tho course of tho fiscal
year, and all posslblo additional savings therefrom will bo effected. To this

140

THE CHRONICLE

bail the ticu > of bureaus auil brauchcb will inaiutain upon their financial
.lL
records, adilitioaai s>um reserved from obligations, so that if the develop
a
ments of the fiscal year permit these amounts may be added to the general
reserve.

[ V ol . 113.

to the Chief Justiceship was reported in our issue of a week
ago, page 28. Attorney-General Daugherty, in commending
the appointment, at Baltimore on July 3, had the following
to say:

In addressing tiio.se in attendance at the July 1 gathering
Probably no appointment ever made by the President has received the
President Harding stated that "the world is watching this
universal commendation i hat the appointment of former President Taft
weil-resolved experiment” anil a dd e d " l take it that perhaps as Chief Justice has received. Many telegrams and letters have been
habits and practices of extravagance in Governments are received by the President and by the Department of Justice since the
not peculiar to the United States of America and the whole the death of Chief Justice White, and at least 90 or 95% of them have
been favorable to the appointment of former President Taft as Chief Justice.
world would like to profit by our example.” The following
tiis recognized attainment as a profound lawyer is appreciated by the
leading lawyers everywhere I have seen or heard no criticism except that
are the President’s remarks:
I am very kuippy to come over and meet you this morning because I feel
that the success of the very great work you are undertaking lies in a more
intimate touch between those who are responsible for details and those who
must report to the President.
1 remember a very striking incident during the war period that led me to
resolve that 1 would try to know a little more about what is going on. One
morning I hud left my office in the Senate Office Building to go to the Com
mittee on Commerce to discuss the very critical question of getting steel for
fabricating ships. I had barely taken xiiy seat in the committee when a
telephone call came in that a gentleman wished to see me in the anteroom
and I found it was the head of the Steel Industries Board. He said he had
noted in the papers that the matter of obtaining steel was the question before
onr committee, and asked if he might see me a moment. I saw him in the
ante-room of the committee room, and he opened up his memorandum and
said:
"it is published that fabricating plants cannot get any steel, and we have
furnished them every pound they have asked for. Something is wrong
somewhere."
“ I asked him, Have you met Mr. Hurley, Chairman of the Shipping
Board?"
“ No I have never met him."
“ Have you met Mr. Piez, Chairman of the Emergency Fleet Corpor
ation?”
“ No I have never met him.”
There was that striking situation—the country' at war, and the Chairman
of the Shipping Board and the Chairman of the Emergency Fleet Corpora
tion had never met the Chairman of the Steel Industries Board, and the
failure to get steel was due to the fact that they had never understood each
other. The Emergency Fleet Corporation was trying to go over the head
of the Chairman of the Steel Industries Board. I recite that as a recollec
tion of wartime inefficiency.
It isn't possible of course, for the President to see every one representing
the Bureau of the Budget, bu he wants you to start on this great work with
the knowledae that he is deeply interested, that he wants you to succeed,
and that he has unbou ided faith in your chief.
He is going to have all the authority' of this Government back of him.
There yvill be many heart burnings. It isn't any simple thing to bring about
the severance of cornections with the Government. It isn’t any easy' thing
1 1 change the habits of a certury. It isn't an easy thing to stand up against
those who want to spend. Oar own country is calling for a change and if it
will add to your interest in your work let me tell y'ou something else. This
may seem like an extravagant statement.
The world is watching this well-resolved experiment.
It is no violation
of confidence to tell you that one of the distinguished diplomats in Wash
ington at this time told me that his own country' had already cabled him to
keep close watch on every step of our budget enterprise and report to his
country.
I take it that perhaps habits and practices of extravagance in Govern
mental expenditures are not peculiar to the United States of America, and
the whole yvorld would like to profit by' our example.
I have come this morning just to help establish the liaison and to assure
you that the Executive is intensely' interested in this enterprise under the
command of General Dawes. I want you to give it your earnest support
and know that as far as the Executive can return it I promise y'ou the
assurance of appreciation.
Is there anything else now? I can’t stop to follow the meeting through.
I only want to say before I go that the rules to be promulgated this morning
by General Dawes have been gone over deliberately and he comes with full
authority that what he says in this matter is not questioned.

which is traceable to other reasons than those reflecting upon his ability,
integrity and qualification as a great jurist. In fact, there was less opposi
tion to former President Taft's appointment than I would imagine there
would be to the appointment of any other man in the United States to
any of the higher offices.

Mr. Taft’s proposed conference in Washington with
President Harding and Attorney-General Daugherty regard
ing his appointment as head of the Supreme Court has been
delayed on account of the argument in Montreal incident
to the arbitration proceedings of the Grand Trunk Ry.—Mr. Taft being a member of the Arbitration Board. On
July 1 Mr. Taft, in a telegraphic message to newspapermen
from Murray Bay, Quebec, expressed himself as “ very
grateful” to President Harding “ for the confidence shown
that 1 can discharge the important duties of this exalted
office.” Mr. Taft also stated that he would resign the
Presidency of the League to Enforce Peace and his Yale
Professorship.
__________________________

WILLIAM BURGESS BECOMES MEMBER OF U.
TARIFF COMMISSION SUCCEEDING
F. W. TAUSSIG.

S.

William Burgess of Pennsylvania qualified on July 6 as a
member of the U. S. Tariff Commission. Mr. Burgess,
who succeeds Frank W . Taussig resigned, was named to the
Commission by President Harding on June 23 for the term
expiring Sept. 7 1928. The nomination was confirmed by
the Senate on June 27.

E.

M.

MORGAN SWORN IN AS POSTMASTER AT
NEW YORK.

Edward M . Morgan, whose ’re-appointment as Post
master at New York was referred to in our issue of Saturday
last (page 30) took the oath of office on July 1. With his
return to the service Air. Morgan was tendered a royal
reception by the employees, and was the recipient of many
floral p i e c e s . __________________________

COMMISSION OF POST OFFICE DEPARTMENT TO
STUDY QUESTION OF USE OF RADIO SERVICE
FOR FURNISHING OF FARMING INFORMA TI0N.

The Post Office Department announced on July 1 the
appointment by Postmaster-General Hays, acting with
Secretary of Agriculture Wallace, of a Commission to study
further the broadcasting of livestock, grain, fruit and
vegetable market quotations and other information to the
CONFIRMATION OF J. RAYMOND McCARL AS COMP farming communities by means of the radio sendee operated
TROLLER-GENERAL— A SSI STANT COMPTROLLERby the Post Office Department in connection with the air
GENERAL ALSO CONFIRMED.
mail service. The Commission consists of R. B. Howell
On June 29 the Senate confirmed the nomination of J. Ray of Omaha, Neb., Chairman; William A. Wheeler, specialist
mond MeCarl as Comptroller-General of the United States. on information in the Bureau of Markets in the Department
As we announced in these columns last week (page 28), the of Agriculture, and J. C. Edgerton, radio expert of the
nomination was sent to the Senate by President Harding on Post Office Department. The Department says:
Mr. Howell will visit foreign countries at his own expense in connection
June 27. As was also indicated by us a week ago, the post is
of the service. In several foreign cities, notably Budapest,
one created under the new Budget Law. The nomination with the study has been made in broadcasting information by telephone.
much progress
of Lurtin Rufus Ginn as Assistant Comptroller-General of
Market reports are now sent out three or four times a day by the air
the United States (sent to the Senate June 28) was confirmed mail wireless service in the Post Office Department through the broadcasting
stations at Washington. D. C., Cincinnati, Ohio, St. Louis, Mo.. Omaha
on June 30. This appointment was likewise noted in last and North Platte, Neb., Rock Springs, Wyo., and Elko, Nev. Each of
week’s issue of our paper.
these stations covers a radius of from 300 to 500 miles.

APPOINTMENT OF S. PARKER GILBERT JR. AS UNDER
SECRETARY OF TREASURY CONFIRMED.
The nomination of S. Parker Gilbert Jr. as Under-Secre
tary of the Treasury was confirmed by the Senate on June 29.
This appointment by President Harding was noted in our
issue of Saturday last, page 28. The post is created under
the Deficiency Appropriation hill approved June 16 1921.

UNITED STATES DECLARES WAR WITH GERMANY
AND AUSTRIA AT END.

President Harding on Saturday July 2, approximately
two years and eight months after the signing of the armistice
which ended the Great War, and two years after the signing
of the Treaty of Versailles affixed his signature to the
joint resolution of Congress declaring at an end the state of
war between this country and Germany on the one hand and
FORMER PRESIDENT TAFT’S COMMISSION AS CHIEF the Austro -Hungarian Government on the other. Interest
JUSTICE OF SUPREME COURT SIGNED.
ing circumstances attended the signing of the document.
The Commission of William Howard Taft as Chief Justice It was at 4.10 p. m. that the President having returned to
of the United States Supreme Court was signed on July 1 the home of Senator Frelinghuysen of XewJersoN at Raritan.
by U. S. Attorney-General Daugherty and was immediately N . J., after a game of golf, signed the resolution. The
delivered to President Harding, who affixed his signature President was spending the week-end at the Senator's home.
to it the same day. Former President Taft’s appointment Mrs. Frelinghuysen wanted the blotter used b\ the President

J uly 9 1921.]

THE CHRONICLE

141

after the signing of the resolution and the President accord quence of hostilities, or of any operations of war or otherwise, and also
ingly picked up an unusually copious supply of ink on the shall have granted to persons owing permanent allegiance to the United
States of America most -favored-nation treatment, whether the same be
end of the pen*. The ink, drippnig from the pen as the national or otherwise, In all matters affecting residence, business, profession,
President attached his signature to the declaration, made a trade, navigation, commerce and Industrial property rights, and until the
blot, it said, the size of a 5-cont piece, almost effacing the Imperial Gorman Government and the Imperial and Royal Austro-Hun
garian Government or their successor or successors shall have respectively
middle initial “ G .” The resolution which was,a compromise confirmed to the United States of America all fines, forfeitures, penalties
between the Knox resolution and the Porter House resolution and seizures Imposed or made by the United States of America during the
was adopted by the House on Thursday June 30 as reported war, whether hi respect to the property of the Imperial German Govern
ment or German nationals or the Imperial and Royal Austro-Hungarian
out from conference. The following day Friday July 1, Government or Austro-Hungarian nationals, and shall have waived any and
it passed the Senate by a vote of 38 to 19. The next morn all pecuniary claims against the United States of America,
Sec.
contained shall be
ing the resolution was sent by a messenger from the White amend 6. Nothing hereinthe joint resolution construed to repeal, modify or
the provisions of
‘declaring that certain Acts of
House to Raritan, N . J., where the President by his signa Congress, joint resolutions and proclamations shall be construed as If the
ture, made the declaration contained therein effective. war had ended and the present or existing emergency expired, approved
March
"An Act
The vote on the resolution in the Senate was as follows: making.3 1921, or the passport control provisions of an Act entitled the fiscal
appropriations for the diplomatic and consular service for
Ball
Borah
Brandegoo
Bur sum
Cameron
Capper
Cummins
Shields

Ashurst
Broussard
Carraway
Fletcher

FOR THE RESOLUTION 38.
Republicans—
-35.
Nicholson
Sterling
Curtis
LaFoIlette
Norris
Dillingham
Lodge
Sutherland
McCumber
Oddie
Townsend
Gooding
Poindexter
Wadsworth
Johnson
McKinley
W arren
Jones (Wash.) McNary
Shortridge
Moses
Smoot
Watson (Ind.)
Willis
New
Spencer
Weller
Kenyon
Democrats—
-3.
Watson (Ga.)
Walsh (Mass.)
AGAINST THE RESOLUTION— 19.
Democrats—-19.
Overman
Smith
Gerry
Heflin
Swanson
Glass
Hitchcock
Ransdell
King
Robinson
Underwood
Harris
McKellar
Sheppard
Harrison

The resolution does not wind up or solve all of the problems
and diplomatic perplexities which technically have existed
between the United States and the Central European
Powers since President Wilson signed the Versailles Treaty
and which the U. S. Senate has refused to ratify. The
resolution, as a matter of fact, makes no reference to the
Treaty or League Covenant contained therein. During
the discussion on July 1, in answer to a question by Senator
Harrison of Mississippi, Senator Lodge, the majority leader,
informed the Senate that he had no information of any kind
that justified the expectation that the Treaty of Versailles
in any form will ever be re-submitted to the Senate by
President Harding. The full text of the resolution, as
signed by the President, follows:

year ending June 30 1922," approved March 2 1921, nor to be effective to
terminate the military status of any person now in desertion from the mili
tary or naval service of the United States, nor to terminate the liability to
prosecution and punishment, under the Selective Service Law approved
May 18 1917 of any person who failed to comply with the provisions of said
Act, or of Acts amendatory thereof.
|
i l l
I

BORAH DISARMAMENT RESOLUTION ADOPTED BY
THE HOUSE-PRESIDENT HARDING’S VIEWS ON
DISARMAMENT STATED IN LETTER TO
REPRESENTA TIVE MON DELL.
The Borah resolution, an amendment to the annual Naval
Appropriation Bill, authorizing and requesting the President
to invite the Governments of Japan and Great Britain to
send representatives to a conference for the purpose of dis
cussing reduction of naval armaments, was adopted by the
House on June 29; the vote being 330 to 4. Action by the
House followed the reading before that body of a letter
written by the President to Representative Mondell, Re
publican floor leader, in which the Executive asked for a
favorable expression by Congress “relating to this world
question.” The Senate had passed the Borah resolution
some time previously, but there had been quite a delay in
the House, on the measure, due apparently, to the fact that
there was uncertainty as to the acceptability to the President
of the terms in which that resolution was. couched. The
President’s letter to Air. Mondell, however, dispelled what
ever doubt or uncertainty might have been entertained
toward the matter, for, he plainly said, “ I am vastly more
concerned with the favorable attitude of Congress on this
question than I am to the form of expressing that attitude.”
The four members of the House, who, on June 29 voted
against adoption of the Borah resolution were:

Joint resolution terminating the state of war between the Imperial
German Government and the United States of America and between the
Imperial and Royal Austro-Hungarian Government and the United States
of America.
That the state of war declared to exist between the Imperial German
Government and the United States of America by the joint resolution of
Congress approved April 6 1917, is hereby declared at an end.
Carew, New York; O’Brien, New Jersey: Campbell, Pennsylvania, and
Sec. 2. That in making this declaration, and as a part of it, there are Moores, Indiana.
expressly reserved to the United States of America and its nationals any and
The President’s letter to Air. Alondell, to which we already
all rights, privileges, indemnities, reparations or advantages, together with
the right to enforce the same, to which it or they have become entitled under have referred, was dated June 25 and was as follows:
the terms of the armistice signed Nov. 11 1918, or by any extension or
THE WHITE HOUSE.
modifications there; or which were acquired by or are in the possession of
Washington, June 25.
the United States of America by reason of its participation in the war or
My dear Mr. Mondel—Thers has come to my attention the questions in
to which its nationals have thereby become rightfully entitled; or which,
under the Treaty of Versailles, have been stipulated for its or their benefit; disagreement between the two houses of Congress on the Naval bill, and I
or to which it is entitled as one of the principal Allied and Associated understand they are in process of adjustment, but that some difficulty has
Powers; or to which it is entitled by virtue of any act or acts, of Congress, been experienced in arriving at a satisfactory arrangement as to the lan
guage to be used in expressing the favorable attitude of the Congress toward
or otherwise.
Sec. 3. That the state of war declared to exist between the Imperial and efforts to secure international agreements for the limitation of armaments.
A number of members of Congress have been good enough to inquire
Royal Austro-Hungarian Government and the United States of America,
by the joint resolution of Congress approved Dec. 7 1917, is hereby declared as to the form of expression on the part of Congress which might seem most
advisable from an administrative viewpoint.
at an end.
I have said to inquirers, as I am now pleased to say to you, that it is
Sec. 4. That in making this declaration, and as a part of it, there are
expressly reserved to the United States of America and its nationals any and not of particular concern to the Administration what form the expression of
all rights, privileges, indemnities, reparations or advantages, together with Congress shall take, though it is most agreeable that Congress shall express
the right to enforce the same, to which it or they have become entitled under itself in favor of securing, if possible, an international agreement upon a
the terms of the armistice signed Nov. 3 1918 or any extensions or modifi program for the limitation of armaments.
I think it has been pretty well understood that the administrative branch
cations thereof; or which were acquired by or are in the possession of the
United States of America by reason of its participation in the war, or to of the Government has already been seeking information with regard to the
which Its nationals have thereby become rightfully entitled; or which, under attitude of foreign nations on the general subject of disarmament. These
the Treaty of Saint Germain-en-Laye, or the Treaty of Trianon, have been inquiries and negotiations will be continued and the time and manner in
stipulated for its or their benefit or to which it is entitled as one of the prin which the matter may be formally presented to foreign Governments can
cipal Allied and Associated Powers; or to which it is entitled by virtue of only be determined after the fuller development of inquiries already ini
tiated.
any Act or Acts of Congress or otherwise.
It is wholly desirable to have the expression of a favorable opinion on the
Sec. 5. All property of the Imperial German Government or its suc
cessor or successors and of all German nationals which was on April 6 1917 part of Congress relating to this world question, and it would seem to me
in or has since that date come into the possession or under control of, or has amp’e If it should be expressed in the broadest and most general terms.
I am vastly more concerned with the favorable attitude of the Congress
been the subject of a demand by the United States of America or of any of
its officers, agents or employees, from any source or by any agency what on this question than I am to the form of expressing that attitude. You
soever, and all property of the Imperial and Royal Austro-Hungarian may be sure that the Executive will be ready to give every consideration
Government, or its successor or successors, and of all Austro-Hungarian to such expression as the members of the two Houses of Congress find
nationals which was on Dec. 7 1917 In or has since that date come into the themselves disposed to make. Very sincerely yours,
WARREN G. HARDING.
p jssession or under control of, or has been the subject of a demand by the
United States of America or any of Its officers, agents or employees, from
CommontpLg on the adoption of the Borah resolution by
any source or by any agency whatsoever, shall be retained by the United
States of America, and no disposition thereof' made except as shall have been the House on Juno 29 a Washington correspondent of the
heretofore or specifically hereafter shall be provided by law until such time New York “ Times” said:
the Imperial German Government and the Imperial and Royal AustroThere was opposition to this amendment bylllouse leaders on the ground
Hungarian Government, or their successor or mecessor:-:. shall have respec that It was restricted in applying only to navies and to agreements by the
tively made suitable provision for the satisfaction of all claims against United States with Great Britain and .Japan. The House Foreign Affairs
.nft Governments respectively, of' a persons, v beresoever domiciled, who Committee had presented a sub-disarmament resolution expressing the
,II
,
owe perma.no it a.l'egiance to the United HI-.:, . of America and who have concurrence of Congress In the President's declared purpose to call an in er,■
iff,yed through tl:e aef s of (hr Imperfa.l :; orn -i 11 Government. or its agents, uational conference to consider the limitation of armaments and with his
of, the imperial and Royal Austro-Hungarian Government, or Its agents, announcement .hat this nation was ready to co-oporate.
^
since July 31 19)4, loss, damage or Injury to their persons or property,
The attitude of indifference of the President as to tlio form given to*tho
directly or indirectly, whether through the ownership of shares of stock In expression of Congress's approval of limitation of a-maments and a confer
German, Austro-Hungarian, American, or other corporations, or in conse ence for that purpose determined the House leaders to abandon their oppo-

113

THE CHRONICLE

silica to the liorah amendment ami accept it. Mr. Momiell made the
explanation of the position of the House on the matter after having the
letter from the President read.
With announcement of his desire to comply with the President's request
for a declaration from Congress in favor of the limitation of armaments,
Mr Mondeli said
“ The Borah amendment Is unwisely restricted, it does not express
American sentiment for reduction of armaments of all kinds, of armies, as
well a& of navies. 1 surrender my views and accept the Borah amendment,
because to send this navy bill back now to the Senate for agreement with
the broader and better declaration by the House on the subject of world
disarmament will be to delay Its enactment into law. I know that the
President will make all effort to general disarmament despite this restricted
expression of opinion."
Representative Garrett, Democrat, Tennessee, told the House that it
was not necessary for that body to again express itself in favor of limitation
of Dud armaments, because it had demonstrated its attitude by the reduc
tion of the United States Army.
It is most desirable under the present situation that the House concur
in the Borah amendment," he said. "Having expressed our view on the
army, we now have an opportunity to express an opinion as to the navy.
1 am glad that the President has spoken. During four weeks there has been
much interest in the House and Senate as to what the President thought
of this legislation. Our position was known. 1 am gratified he has come
to the support of this, the greatest question of the hour."
When Representative Kelly of Michigan, who was piloting the legislation
through the House, made his motion for concurrence with the Borah reso
lution shouts and demands for a record vote came from many members,
and the roll-call was taken.
Agreement on the Borah amendment to the Naval Appropriation bill
paved the way for the final passage of that measure to-morrow, and its
enactment into law before the beginning of the fiscal year July 1. Had the
bill been permitted to go over without enactment into law before July 1
the Navy would have experienced considerable embarrassment from lack
of funds.
The bill carries a total of about S403.000.000. The House succeeded in
Inducing the Senate to abandon about S82.000.000 of the S88.000.000 it
had added to the bill as it came from the House. The only Senate pro
visions of great importance that had been attached to the bill accepted by
the House were the Borah disarmament amendment, an appropriation of
$1,000,000 for additions to the naval hospital at San Diego, Gal. and
authority for creation in the Navy Department for a special Bureau of
Aeronautics.
________________________ _____

PRESIDENT HARDING SIGNS A R M Y
APPROPRIATION BILL .
The annual Arm y Appropriation Bill providing for
reduction of the regular enlisted force to 150,000 men by
Oct. 1 next, was signed on June 30 by President Harding.
Simultaneously the President sent to Congress a special
message advising that in his opinion further legislation might
be required to relieve the Government of the embarrassment
of violating its obligations to enlisted men whose discharge
the reduction will make necessary. President Harding
told Congress that he would not feel justified in asking the
Secretary of W ar to enforce the dismissal of men who had
enlisted for a definite period, and it seemed there was a moral
obligation involved the violation of which would be demoral
izing to the spirit of the army itself.
“ The Secretary of W a r” the President said, “ will seek to
avoid the creation of any deficit, but if a probable deficit
develops in a just procdeure to reduce our enlisted forces I
will report to the Congress at the earliest possible day and
ask it to relieve the embarrassment of the Secretary of W a r .”
The President did not go into details as to the manner in
which Congress would be asked to relieve the Secretary of
the possible embarrassment to which reference was made.
He is understood to have adopted this course rather than
veto the army measure, because there would not be sufficient
time to reenact a new bill before the beginning of the fiscal
year for which funds are appropriated.
In his message to Congress the President said:
I am advising Congress of my approval of H. R. 5010, a bill making
provision for the maintenance and support of the United States Army for the
fiscal year ending June 30 1922. I cannot resist calling to the attention
of the Congress at this time the very great embarrassment in carrying out its
provisions, while dealing justly with the enlisted forces of the army, so that a
later cal for a slight modification may not be wholly without notice.
The bid necessitates a very large reduction in the enlisted personnel of the
army, and it is doubted that this reduction can be brought about without
the summary dismissal of many thousands of men, who have a right to
expect at the hands of the Government the same moral obligation which
the Government requires of them when they enlist for service.
In perfect good faith the Secretary of War will proceed to reduce the
army to figures contemplated by the Congress. The normal expiration of
enlistments probably will approximate one-half the reduction which the
Congress has directed, and every effort will be made to meet the require
ments of the Congress at the earliest possible day.
I would not feel justified in asking the Secretary of War to enforce the
dismissal of men who have enlisted for a definite term of service. There
seems to be a moral obligation involved, the violation of which would bo
demoralizing to the spirit of the army itself, and might prove a very serious
discouragement when enlistments are desired in the future.
I have thought I ought to say these things to the Congress now because in
its earnest desire to reduce the army personnel and limit army expenditures
the Congress has especially provided that no deficit shall be created.
The Secretary of War will seek to avoid the creation of any deficit but if a
probable deficit develops in the just procedure to reduce our enlisted forces,
I will report to the Congress at the earliest possible day and ask it to relieve
the embarrassment of the Secretary of War, and make such provision as
will be necessary to deal justly with our enlisted men, while attempting to
keep faith with the Congress to the fullest possible degree.

[V

ol.

113

JAPANESE AMBASSADOR. BARON SIIIDEIIARA , DE
PENDS THE ANGLO-JAPANESE ALLIANCE— SAYS
IT IS NOT IN I M IC A L TO UNITED STATES.
A formal statement giving assurances to this country that
it is “ the firm and fixed determination of Japan” to maintain
“ her traditional relations of good will and good understanding
with the United States,” was issued at Washington on July 3
by the Japanese Ambassador, Baron Shi debara. The pur
pose of the statement, primarily, was to counteract the
influence of a campaign, which, it was declared, seemed to
be actively at work misrepresenting the possible effect on
the United States of the renewal of the Anglo-Japanese
Alliance, one of the chief subjects, which is to come up before
the British Imperial Conference now in session at London.
Contrary to reports which have been current recently in
this country and in London, Ambassador Shidohara’s state
ment announced that negotiations between Japan and England looking to the renewal of the alliance had not yet been
begun. The statement reviews quite at longth the history
of the alliance, declaring that “ by no stretch of the imagina
tion can it be honestly stated that the alliance was ever
designed or remotely intended as an instrument of hostility
or even defense against the United States.”
Following is the Ambassador’s statement in full:
Negotiations looking to the renewal of the Anglo-Japanese Alliance
have not yet begun. In the meantime, a campaign seems to be actively
at work misrepresenting the possible effect of the alliance upon the United
States. By no si retch of the imagination can it be honestly statod that the
alliance was over designed or remotely intonded as an instrument of hos
tility or even defense against the United States.
The Anglo-Japanese alliance, in its history for nearly twenty years, has
twice been renewed. In each case the fundamental policy underlying it
has remained unchanged. It aims jiornianently to preserve and to consoli
date the general peace of the Far East. The original agreement of 1902, in
line with that policy, was calculated to localize any war which might be
forced upon either contracting party in defense of its defined interests or
vital security. It was made when China was under the menace of foreign
aggression, and the United States, showing the utmost friendliness toward
both parties to the alliance, viewed the compact with sympathy and
approval.
In 1905, when the alliance was renewed and revised to meet the changed
conditions that followed the Russo-Japanese war, no thought occurred to
the Statesmen of either country that the United States might possibly
become a potential enemy of either, and for that reason, and that alone, no
provision was inserted taking so remote a contingency into consideration.
The allian-e was again revised in 1911, and Article IV of that agreement
contains the following provision:
Should either high contracting party conclude a treaty of general arbitra
tion with a third power, it is agreed that nothing in this agreement shall
entail upon such contracting party an obligation to go to war with the power
with whom such treaty of arbitration is in force.
This provision, in its relation to the United States, has often been made
the subject of conflicting interpretations. To a practical mind, however,
the circumstances which led up to its inclusion should at once serve to
remove all doubo regarding its significance. The idea of revising the alliance
in 1911 was conceived primarily with the object of facilitating the negotia
tions which were known to be then in progress between London and Wash
ington for the conclusion of a general arbitration treaty.
Neither Japan nor Great Britain has ever contemplated, under the
alliance, any casus foederis prejudicial or inimical to the interest of the
United States: and any plan designed to remove the possibility of an armed
conflict between the United States and Great Britain was, of course, agree
able to Japan. It was in pursuance of this policy that the quoted provision
of Article IV was adopted.
The same policy inspires Japan as strongly to-day as ever before. It
has nob, in any degree, been affected by the fact that the Anglo-American
general arbitration treaty failed to secure the approval of the United
States Senate. Nor is it practically necessary to carry on the legal analysis
of the question as to whether the Peace Commission treaty, signed and
ratified by the United States and Great Britain in 1914, should be construed
as a general arbitration treaty within the meaning of Article IV of the
Anglo-Japanese agreement. For, apart from that question, it was already
well understood at the time of negotiating the existing agreement that the
alliance should in no case be directed against the United States.
In explanation of Japan’s attitude. Count Uchida, the Japanese Foreign
Minister, made the following statement to the Budget Committee of the
Japanese House of Representatives on Feb. 4 1921:
As far as I understand, when Article IV of the treaty (Anglo-Japanese
Alliance) was inserted, the United States was specifically in mind, and there
fore, as a practical matter, the question whether the general arbitration
treaty mentioned in Article IV has been ratified by the United States
Senate or not makes no particular difference. In other words, looking
at the matter from a broad point of view, we can safely say that already at
the time of the conclusion of the treaty (Anglo-Japanese Alliance) it was
understood that there should be no application of this treaty to the United
States.
Japan is naturally anxious to strengthen the ties of friendship and loyal
co-operation between herself and the British Empire, which sbe regards
as of the utmost importance to the stability of the Far East. At the same
time, it is the firm and fixed determination of Japan to permit nothing to
hamper her traditional relations ot good will and good understanding with
the United Staces. She is satisfied that these two affiliations are in no way
incompatible, but, on the contrary, complementary and even essential to
each other.
Charges have sometimes been made that the alliance tends to encourage
aggressive designs on the part of Japan in China i f this were the case it
would be contrary to the preamble of the agreement, which provides for
the preservation of the common interests of all powers in China by insuring
the independence and integrity of the Chinest Empire and the principle of
equal opportunities for the commerce and industry of all nations In China
Japan fully realizes that any such venture of aggression would bo not
only hopeless of attainment, but destructive of her own security and wel
fare. She sincerely wishes for China an early achievement of peace, unity
and stable Government She desires to cultivate her relations with tha
coun.ry along the path of mutual respect- and helpfulness. Her vast com
mercial Interests alone, if for no other consideration, point unmistakably
to the wisdom of such a policy.

J u ly

THE CHRONICLE

9 1921.]

This is a basic principle of the A ngfl©-Japanese alliance.
direction has the alliance over exerted its Influence.

In no ad verse

MYRON T. IIKRRICK SAILS TO A S S U M E DUTIES AS
A MBA SSA DOR TO ERA NCE A MBA SSA DOR
WALLACE RETURNrNO.
M yron T . Herrick, recently appointed Ambassador to
Franco, sailed on the Steamship La France on July 7 to again
assume the duties of the Ambassadorship. On July 6,
Hugh C . Wallace, retiring U . S. Ambassador to Franco,
loft Paris for Cherbourg for his return to America on the
Steamer Olympic. As is known, M r . Herrick held the post
of Ambassador to Franco some ten years ago; his reappoint
ment was referred to in our issue of April M 1921, page 1821.
O
On the eve of his departure this week, Ambassador Herrick
was tendered a luncheon by the France-America Society at
the Bankers’ Club on July 6, and in tho evening of the same
day, he was the guest of honor at a dinner at the Hotel
Vanderbilt given by M artin Knecht, Chief of the Informa
tion Service of the French High Commission to the United
States. A t the luncheon messages from President Harding
and the French Ambassador to the United States, Jules
Jusserand were read, both bespeaking the eminent fitness
of M r. Herrick to serve as the representative in France of
the United States. President Harding’s letter said:
THE W HITE HOUSE
Washington, D . C ., July 6 1921.
M r. Frederick Cunliffe-Owen, Chairman France-America Society, 248 Central
Park West, New York.

On the occasion of the farewell luncheon to be given by the FranceAmerica Society in honor o f Ambassador Myron T. Herrick, I desire to
join in the spirit with those present in tribute to Mr. Herrick and to share
in their expressions of esteem and good wishes. The favorable impression
made by Mr. Herrick during his former official residence in Paris leaves no
doubt of the success of his present mission and is an assurance of the pro
motion of good understanding and most cordial relations between the
United States and France. It is particularly gratifying to me that I was
able to obtain the services o f one so eminently fitted to represent us in
France, and I think the country is to be felicitated on his willingness to
serve it in this representative character.
,
i
W ARREN G. HARDIN G.

The message from Ambassador Jusserand follows:
AMBASSADE DE LA REPUBLIQUE FRANCAISE AUX-ETATS-UNIS
Washington, Independence D ay , 1921.
M y dear Chairman— All those who know my admired colleague and friend.
Myron T . Herrick, wilrunderstand how deeply I regret not to be with him
and you when he goes to be once more the representative in France of the
American President, the American Nation, and, more than all, the American
heart.
In those days which are now crystallizing into history, when only the
chief points remain visible, but will continue so forever; in those days of
the supreme French peril, a man stood among us as the living emblem of
two of the sweetest and strongest o f human feelings, hope and affection,
and he was the American Ambassador to France. We trusted in what he
stood for and were not mistaken. Do you wonder that we love him?
Indeed, we do love him, and the fact that he gives up a well-earned rest in
order to return to our shores still increases our sentiment for him and for
his nation.
May the blessings he so well deserves fall to his lot all the time, over there
and elsewhere.
fBelieve me, my dear Chairman,
Most sincerely yours,
JUSSERAND.
Fred. Cunliffe-Owen, Esq., Chairman, France-America Committee, 248
Central Park West, New York.

M r. Cunliffe-Owen also paid tribute to M r . Herrick's
worth, and the latter in an address at the luncheon ex
pressed the hope that he might 1
‘accomplish something of
what Canning predicted when he said that America would
some day be called upon to redress the Old W o r ld ." The
following were M r. Herrick's remarks upon this occasion
as reported in the New York “ T im e s":
In these tragic years since 1914 I have come to feel that any man who
represents this nation in any foreign country, whether he be Ambassador,
Consul or Secretary, is a soldier, going forth from a great nation which has
perhaps not yet realized its own power in the world, and the need for exer
cising that power in a concrete way. Years ago an Ambassador was as a
sort of rspy, sent to learn the secrets of the other country. Later he saw
in his position an opportunity for his own social advancement. But in
these recent years, when the world has been and is still struggling against
economic and moral breakdown, he has become much more than an emissary
to better his own land, more even than one charged with forming better
relations with the land to which he goes.
From our nation to-day every representative to every nation takes up
a sacred arid serious mission from the people of the United States. America
does not yet quite understand her part; her soul is great, but it not yet
organized so as to function concretely, as would a great business organi
zation. I hope that in years to come we shall be able to function as a
Government quickly and promptly. That is what even those who are
closest to affairs, those at the centre of things, do not seem to understand,
how ail nations are turning to us for the solution of their problems, the
solution which alone will bring the world to a higher plane, and which can
only come with that understanding.
7 i go back to France with affection for her, with the feeling that the
Embassy In Baris is not only near the Government, but near the heart of
France. \ hope i may accomplish something o f what Canning predicted
when he said that America would Homo, day bo called upon to redress tho
OJd World. If that call has come, then every diplomatic representative
who thinks of his own interests first does not carry the feeling of the United
Btates
We have talked of our friendship for France; now the time for
action has come.

143

In his speech at tho dinner at the Hotel Vanderbilt A m 
bassador Herrick also referred to the reliance which the
nations of the world place in the United States for the work
ing out of after-war problems, saying, according to the
New York “ T ribu n e":
The nations of tho world can look with confidence to the part that A murk i
will play in the future. Our history is an indication of the role that the
United States is still to play In the settlement of world problems.
Before the idealistic rehabilitation of the world can be accomplished,
however, there must be built up the economic framework that will r<
store business and commerce to normal. You can’t have Ideals on an
empty stomach.
Ail the nations of the world are looking to America for moral support
in this juncture. America did not help gain peace and victory for France-,
or Italy, or Belgium. It helped gain it for that which was started 2,000
years ago, the advancement of human rights, gained it for mankind. That
is what the war meant.
The return of hope is what the world needs to-day. That is the great
potentiality. When it come the w'orld win smile again.
If the nations would know what America win do in the future let them
look at our history. There aro some pages which may be passed over
quickly, but there is enough there to point the way that America will follow.

A letter from Ambassador Herrick figured in the July 4
exercises of the American Chamber of Commerce in Paris.
M r. Herrick in his message, which was read by Walter V . R .
Berry, President of the Chamber, stated that one of his
‘ ‘pleasantest anticipations in returning to France is the re
sumption in the brightening years ahead of the cordial rela
tions with the American Chamber of Commerce. They
must be for all of u s ," he continued, “ hard years of work and
care, but the clouds which for so long darkened the world are
passing and there is light ah ea d ." The letter follows:
It is a source of very real regret with me that I cannot join with you and
my fellow members, and the distinguished guests of the American Cham
ber of Commerce, in your observance of Independence Day, and especially
that I cannot be with you to add my contribution to the appreciation of the
fine and patriotic service so ably and unselfishly rendered our country by
Ambassador and Mrs. Wallace.
I had not expected to leave my own country during this trying period of
reconstruction, and was not ready to go at once to my post, a delay which
gave me no concern, since the duties of the position are being so admirably
fulfilled by Ambassador Wallace.
On my visit to France last year, I was delighted to learn how efficiently
and sympathetically he has represented the interests of the United State
in France during these difficult years, and with what great ability and charm
the Ambassadress has met the enormous demands upon her, demands which
take heavy toll of energy and health. I know full well the splendid sacrifice
the beautiful and inspiring devotion and the courage that must be laid on the
altar of duty by a gentlewoman who must play a vitally important part in
an embassy as the helpmate of the Ambassador. In the achievement of
these things our country and our friends in France honor Mrs. Wallace no
less than her distinguished husband.
I am glad that my delay has made it possible for Ambassador and Mrs.
Wallace to extend once more to Americans in Paris and to our friends in
France their very gracious hospitality.
Until I can be with you once more in person, I beg that you will convey
to all those present my greetings. Very soon after my first coming to Paris
I was delighted to find myself on excellent terms with your splendid patriotic
organization, and the affectionate admiration with which I then regarded
it has deepened with the passing of the tragic years between.
One of my pleasantest anticipations in returning to France is the resump
tion in the brightening years ahead of the cordial relations with the American
Chamber of Commerce. They must be for all of us hard years of work and
care, but the clouds which for so long darkened the world are passing and
there is light ahead. If not in this generation, then surely in the genera
tions soon to come, civilization will be at length firmly restored and the
tribulations which we now endure will find their compensation in the glory
and satisfaction of having solved the tremendous problems we have now to
face, that humanity everywhere may have that peace, security, prosperity
and happiness which God intended it should enjoy.
The spirit of America and France working together in a great trust and
faith, bound together by the solemn inspiration of those who sleep in Flan
ders Fields, will not fail in the accomplishment of these things and will
bring them to a triumphant ending.

W ith the departure from Paris on July 6 of retiring A m 
bassador Wallace a notable gathering assembled to extend
farewell greetings. Members of the diplomatic corps and
French Cabinet together with Premier Briand, Raoul Peret,
President of the Chamber of Deputies; Prince Albert of
M onaco, Jules Cambon, French Representative in the
Council of Ambassadors and Marshal Foch were among those
who bid him farewell. Premier Briand in the name of the
French Government expressed appreciation for M r . W allace's
services to France and to the allied governments in maintain
ing always, both in and out of the Council of Ambassadors4
“ wise, moderate policies."

II. C. WA L L AC E RETIRING AMBASSADOR TO FRANCE
CONVINCED LEAGUE W A S BORN TO L I V E .
The declaration that “ I shall never give up m y faith that
the League of Nations was born to live and that America
will join it in due season" was made by Hugh C . W allace,
the retiring United States Ambassador to France in an ad
dress at tho annual Fourth of July dinner given in Paris
by the American Chamber of Commerce in Paris.
In the
Associated Press account of his speech Ambassador Wallace's
remarks are given as follows:
Friends for 150 years, Frenchmen and Americans ought now to be
brothers In all but blood. Stretching back through the years are the joint

U4

THE CHRONICLE

memories of two great alliances ami many victorious fields. As we stood
together at Yorktowu and, more than a century afterward, fought side
by aide In the Argonne and on khe Marne, so we should align ourselves in
the future. There can be no break in an alJiauce between two peoples
whose hearts and minds keep time and tune in tne harmony of a common
understanding which has endured for *ve generations.
Hut that alliance should be perfected. The world is in a state of transi
tion and along with new boundaries and the birth of new States will come new
interests, new hopes and alas plentiful opportunities for discord and disagreemen t.
1 shall never give up my faith that the League of Nations was born to live
and the hope that America will join it in due season—supposing it active and
efficient in exercising its power for good. There will still be much need
for the individual support which France, America and Great Britain are
best able to give it. That support must rest upon a purpose in which na
tional ambit ons shall be willing to forego something in the interest of the
common weal.
It Is not enough that the great States of the world shall be an example
to the small ones and point the way which leads to good government and
prosperity to all For a time at least they must be willing to take their
feebler brothers by the hand and help them to the proper enjoyment of the
new birth of freedom which came with the end of the great war.
But France before she can do much more for a world she did so much to
save, must receive her due. It is an anomaly in history that the victor
s h o u ld fare worse than the vanquished, but will any one deny that France
emerged from the World War in worse plight than her great enemy? Worst
of all— because lowering over all— Is a heavy burden of debt.
The world knows the answer and divine justice will assevss the penalty.
Germany must pay. And she must pay in full. The Treaty of Versailles
was framed not to be broken or evaded, but to be enforced. No great treaty
in history received more anxious or careful consideration through weary
months.
A grea. President of the United States came to the conference with the
single ambition to do justice to all. He asked for nothing for America,
but he sought a lasting peace in Europe and his colleagues of France and
England saw and felt as he did. They tried to make a peace that would
end war. . . . I hope with all my heart for future peace among the nations
— that peace of justice which all sought to bring about at Versailles— for our
children and all who shall come after them.

Supplementing the above, the New York “ Times” in a
copyrighted cablegram from Paris July 4, reported A m 
bassador Wallace to the following effect:
He took pains to state that he was not talking for the American Ad
ministration, past or present, but for himself.
Mr. Wallace declared that the people of America would never feel truly
at peace with Germany until Germany had repaired the damage she had
done to France. He said France should remain upon the Rhine until
Germany paid up. The retiring Ambassador, who has represented the
United States on the Council of Ambassadors, declared Germany, who
came out of the war better off than France, was trying to cheat France of
her dues.
Painting a picture of France the victor, in worse shape than Germany,
the conquered, Mr. Wallaco* asked, “ To whom does France owe this?
Who invaded and sought to destroy her?
“ The world knows the answer and divine justice will assess the penalty,”
he declared. “ Germany must pay. And she must pay in full.”
He said the Treaty of Versailles might contain mistakes, but one mistake
that was not made was undue severity to Germany.
The retiring Ambassador said that Germany “ fought in battle to conquer
and destroy. She quibbled iu council to evade the righteous sentence
imposed upon her.”
Preferred Treaty on German Soil.
The speaksr said he always believed that the Treaty should have been
made in Germany and the Allied army withdrawn only as Germany fulfilled
the peace terms.
“ Fifty years ago,” he said, “ France showed Germany how to pay a debt.
Until Germany follows that example by paying what she owes to France,
let France see in the Rhine a boundary between them.
“ If I know the American people,” Mr. Wallace later said, “ I voice their
sentiments in saying this— that until Germany repairs rhe evil she has done
to France, to Belgium, to Italy and to the world, and until she pays the debt
she owes to civilization to the last stiver. America cannot feel truly at
peace with her. We entered the war as friends of France and friends we
remain.
“ Let my parting tribute be a health to that France— great and glorious—
standing hand in hand with America, her best and truest friend.”

only by the W ays and Means Committee. In the House on
the 7th, when the bill was formally taken up, the day was
devoted to the reading of the bill, and was marked by un
successful efforts on the part of Representative Blanton to
secure action on a motion to allow amendments during the
debate under the five-minute rule. Following the adjourn
ment, of the House on the 7th, according to Associated Press
dispatches from Washington, the Democratic members held
a conference at which, it was said, with “ half a dozen ex
ceptions,’ ’ it was agreed that the party should stand as a
unit against the bill. Some of the members, it was added,
decli nod to bo bound by instructions, but leaders predicted
the final vote would show but few breaks in the Democratic
ranks. A resolution was adopted at the conference declaring
that the measure violated all principles and traditions of the
Democratic Party and reaffirming the part’ s stand against
a high protective tariff. Representative Fordney in his
majority report described the measure as a “ Magna Charta
for the perpetuation of American standards of livin g."
The report also said:
The reason for tariff revision at this time is well known. The present
law is wholly inadequate. Its failure is recognized beyond dispute. The
prophesies of its proponents have proven false. The framers of the Act
of 1913 have contended that lower rates would reduce jjroduction costs and
enable Americans to capture foreign trade, with resulting industrial activity
and general prosperity. From the date of the enactment of the low rates,
however, until the outbreak of the war in Europe, exports not only did not
increase, but declined with rapidity and alarming regularity, while imports
increased. America did not capture foreign markets, but foreigners
captured American markets. Industry languished and unemployment
prevailed.
The war checked the flood of foreign goods and created a demand for
supplies of every description and the adverse conditions of the fall and winter
of 1913 and the spring and early summer of 1914 were to a large extent for
gotten during the continuation of hostilities.
With the ending of the war and the resumption of production in Europe,
foreign competition is once more being keenly felt. Industry and trade in
the United States is at low ebb. This industrial depression is the inevitable
result of the offering of foreign goods upon the American market at less than
the American cost of production.
The enactment of the bill herein recommended will do much to relieve
the present situation. Rates of duty are proposed which will permit the
products of American labor to compete with foreign goods in the American
markets without sacrificing the American standards of living.

Discussing the provision in the chemical schedule placing
a limited embargo for a period of three years on the impor
tation of coal-tar products, the majority report says in part:
The present dye industry in this country is absolutely a product of the
late war. Up to that time Germany controlled the market of the world in
dyestuffs, and such dye works as we had here were mere assembling plants
for German materials and supplied only about one-tenth of the American
market. To-day more than 200 different concerns are supplying something
like 90% of the American market for coal-tar products in quantity, though
not in value. The absolute necessity of saving and fostering such an indus
try as this would seem to be beyond argument, and the only question
that should arise is by what legislative method can its permanent continu
ance be assured?
Your committee is of the opinion that no tariff duties, no matter how high,
can meet the conditions that would arise when Germany is again in a posi
tion to force her dyes and dyestuffs upon the American market. However,
other German industries may have suffered as a result of the war, the Ger
man dye syndicate is as rich and powerful as ever. The great dye factories
during the war were turned over to the production of explosives and posion
gases, and the chemists and laborers in these factories were immune from
the draft. A vast amount of dyes and dyestuffs has been accumulated in
recent years, and their factories are now running at full time in the produc
tion of others, and the whole huge German dye industry, capable before the
war of supplying the entire demand of the world, is now combined in a single
immense trust organized on purpose to fight its way back to the former
German world monopoly.
*

PERMANENT

TARIFF B I L L - M A J O R I T Y
MINORITY REPORTS.

AND

The Administration’s new permanent tariff bill was
formally brought before the House on July 6 when it was
reported from the W ays and Means Committee. The bill
had been introduced on June 29 (not June 30 as inadvertently
stated in our issue of last Saturday, page 28) by Representa
tive Fordney, Chairman of the House W ays and Means Com
mittee. On June 5 Representative Frear of Wisconsin, a
Republican member of the Committee, filed a minority
report which with the Republican majority report of Chair
man Fordney (in which it is understood all the members of
the Committee joined except Representative Frear) was
formally presented to the House on the 6th inst. A state
ment relative to the bill was issued by Representative Ford
ney on July 1, and this we refer to in another item to-day.
On July 7 the Democrats of the W ays and Means Com
mittee filed a minority report, the signatories to this report
being Representative Kitchin of North Carolina, Garner of
Texas, Collier of Mississippi, Oldfield of Arkansas, Crisp of
Georgia, Carew of New York and Tague of Massachusetts.
A t a conference on July 6 the Republicans of the House fixed
July 21 as the date for the final vote on the bill. The con
ference also adopted a rule whereby the bill will be open to
amendment on the floor as to (lie hide, dyes, oil and cotton
schedules, the other schedules being open to amendment

[ V ol . 1 13.

*

*

*

*

*

France and Japan some time ago, in the interest of their Governmentaided dye industries, placed more or less complete embargoes upon the im
portation of dyestuffs. Only recently Great Britain and Italy have placed
a complete embargo upon dyestuffs—in the case of Great Britain for a
period of ten years. Russia is out of business. The market of the United
States, therefore, is, except that of China, Germany’s last opening. To
penetrate it and destroy our domestic industry she will stop at nothing.

Regarding the tariffs on agricultural products, the report
states:
This is an all-American tariff on a normal basis. The Act of 1913 prac
tically placed the farmer on the free list. In the rehabilitation of our in
dustries the products of agriculturel industry, in which some 30,000,000 of
our people are engaged, are entitled to protection on the same basis as those
of other industries. From the farms come the raw materials for two prime
necessities of life— food and clothing—in the production of which we should
at all times be self-sustaining.

The report in dealing with Title IV ., which embodies the
American valuation plan, has the following to say:
Title IV is a revision and codification of laws governing the collection
and protection of duties. These provisions are the nearest approach since
1 7 9 9 to a complete revision and codification of the customs administrative
laws.
There are two chief considerations which influenced the committee to
recommend the adoption of the American valuation basis
(1) The assessing of duties on home values will to a large degree eliminate
fraudulent undervaluation, a long-continued practice.
(2) The assessment of ad valorem duties on American v a l u e s will eviuali c
the amount of duty to be col oleted on similar articles from narious countries,
regardless of variation iu foreign market values and fluctuation* iu currency
The necessity for this remedial legislation Is accentuated by after war
conditions which have resulted iu the depreciation iu the value of the cue
roncy of the nations of Europe iu general- The effect of depreciated cue
roncy has been to reduce production costs iu many countries with whose

THE CHRONICLE

products American goods must compete, it is against these countries
that protection is most noodod. An ad valorem duty assessed on a low
foreign value affords little or no protection. Likewise, an ad valorem duty
assessed on a high foreign value may make the duty much larger than Is
necessary- An ad valorem duty assessed upon foreign values affords the
largest measure of protection where protection is least needed and gives the
smallest degree of protection whore protection is needed the most.
Several proposals have been submitted to the committee to overcome
adverse conditions resulting from the depreciation of foreign exchange.
Afor much careful consideration of the question In general, the committee
has come to the conclusion that the assessment of ad valorem duties on
values of comparable articles in the principal markets of the United States
will have a beneficial result and In a largo degree overcome the difficulties
occasioned by the rapid decline in the value of the currency of some of the
principal competing nations.

W ith regard to the sugar schedule, the report said the duty
proposed would yield $120,000,000 a year without increasing
the cost of sugar to American consumers, adding that since
the emergency tariff with its sugar duty went into effect the
price of sugar had continued to decline despite predictions
of opponents of such a tariff that the price would increase.
As to the paper schedule the report says:
Tho paper schedule removes from the dutiable list wood pulp of all kinds
and standard news print. The designation of standard news print is a new
term, but thoroughly understood both in the trade and in the customs
offices. American consumption of both pulp and standard news print is
greatly in excess of our production. Sufficient authority is given the
President to protect American interests should any discrimination be shown
against us by foreign nations.

Representative Frear in his minority report stated that
the measure was “ subject to criticism for many unnecessary
high duties that will increase the burden of the consumer.”
He also characterized some provisions of the bill, particularly
the dye schedule, as “ indefensible” and as an abandonment
of party pledges. As to the latter he said in part:
The dye schedule as presented in the bill is without precedent in any
tariff law ever passed by Congress and grants embargo powers to the Tariff
Commission which will be compelled to act largely on the advice of experts
of a dye monopoly that now controls the American trade. If any com
mission experts are dangerous to the interests of the dye monopoly they will
be given position, price and power by the monopoly and taken over for
“ foundation" purposes, judging from past experience, or the commission
itself will be forced to submit to the monopoly.
Importers who violate any of the manifold rules, regulations and orders
of the commission will lose their license or “ registration” and be put out of
business ever thereafter. No registered importer can import even after
he has answered the commission’s catechism perfectly until he has given a
bond, to be fixed with accepted sureties and the bond will be forfeited if
any of the conditions are broken. All prices paid or agreed to be paid shall
be furnished in a sworn statement, and “ any other information” relative
to the importers’ business or antecedents that may be desired by the
commission.
Under (j) the commission and its agents during a period of five years
may visit and inspect all papers, documents, etc., from Maine to Porto
Rico and to the Philippines and Panama at Government expense. Any
person (n) who fails to comply with all the rules, regulations and orders of
the commission shall be fined $100 a day until he, she or it pays the fine.
When the commission (o) shall determine a person wilfully misrepresented
any fact, all further importations shall be refused said culprit for a term
of five years.
Any person (p) who wilfully misrepresents any fact regarding the delivery
of “ such product” from customs duty shall be fined not more than $5,000
and jailed for not more than two years or at the pleasure of the commission.
Any produce (q) believed to be improperly brought in may be “ destroyed”
so as not to compete with any home-grown trust product. To help the
commission in its destruction of property, jailing and fining of American
citizens $100,000 is appropriated by Congress in this bill for the balance
of the fiscal year 1922.
After reading the provisions of this highly penal act that puts the “ Gov
ernment into business" with a dirk knife, it is not hard to understand why a
draft of the bill by the Tariff Commission could not be furnished the com
mittee before June 27, two days before the bill was introduced in the House.
The dye schedule grossly discriminates against American textile manu
facturers by prohibiting the importation of dyes manufactured abroad and
yet permitting importation of every fabric, textile, or other substance on
which foreign dyes are used.
This bill compels American textile manufacturers, with hundreds of
thousands of employees and over $2,000,000,000 invested to compete with
imported goods colored with rare foreign dyes that are refused to them. If
enacted into law, it will force 100,000,000 people to use inferior domestic
dyes at the instance of dye interests, and also to force the public to pay
three or four prices for second grade dyes. The only alternative will be to
buy foreign fabrics with fast colors, thereby discriminating against the
American manufacturer of textiles iD favor of the imported articles.

While directing his censures on the chemical schedule
on the chemical schedule particularly, Representative Frear
attacked the bill in. principle and specifically at other points.
Duties on cement, he said, would be assailed by critics of
the bill as benefiting the cement trust rather than consumers.
He pointed to duties proposed on glass “ when glass is reported
to have been increased in price 3 0 0 % by a glass combine,”
and referred to duties proposed on aluminum “ and other
items in the same category,” which he described as the
“ exactions of trusts and monopolies well able to walk alone
under lower rates than are contained in this bill.” Steel,
Representative Frear contended, needed no protection when
the price of rails had advanced from $28 a ton to $47, and
under the bill, he said, the farmer for the first time in history
would pay duties on the bags for his grain.
H e also con
tended that excessive tariff rates “ will prevent a return to
normal business conditions, and in this day of consolidation
and monopolies such rates will enable favored industries to
demand excessive profits from the people wherever a com

145

bination of prohibitory tariff rates and monopoly prevents
competition,” tho report continues.
The Democratic members >f the House Ways and Means
Committee in their report on the bill characterized the
measure as a “ conspiracy to benefit a few favorites at the
expense of all hum anity.” The minority members state
It is doubtful if in tho history of political affairs a mouHuro so irredeemable
and universally vicious has over boon submitted to the law-making power
of a civilized society as JI. It. 7450.
In these days, when the cost of living is so high and unemployment so
widespread that many millions arc finding it increasingly difficult to obtain
means of subsistence, the American Congress is asked to make dearer, and
therefore scarcer, the commodities essential to the support of human life.
At tho vory time when extraordinary efforts are afoot to save from utter
ruin great nations devastated by tho late war it is proposed by this bill to
declare a savage commercial war upon the whole human family. Its
adoption will be establishment by the United States of an economic boycott
against the civilized world.
The countries that fought with us in the late war will be victims of its
savagery in exactly the same degree as those who fought against us, while at
the same time it will oppress grievously our own people, who would indeed
be its chief victims were it not that nations reduced to extremity of distress—
literally gasping for breath—through the most destructive war ever waged
will suffer still more severely from its operation because all efforts to restore
their industrial life to normal conditions will be grievously impeded, if not
wholly frustrated, by the drastic restrictions on trade which it “ imposes.”

The report also says:
No reasons of public advantage can be advanced to justify a measure such
as this. None of the arguments in favor of protection as a policy with which
we became familiar in former years can have any force under the conditions
now confronting the human family.
Fear of foreign industrial competition, which is the vital principle of pro
tection, can no longer be entertained by an intelligent, nor professed by a
candid man.

Pointing to the rapidly decreasing American foreign trade,
the report says, “ we need no tariff to cut off the imports and
the exports of the United States.” Calling attention to
the foreign trade of the United States fell from $1,188 ,2 5 5 ,4 4 9
last July to $527,378,825 in M a y 1921, the report says:
Certainly the natural process is preferable to the infected knife of inter
ested surgeons which by selecting the industries to protect and those to
destroy, can reap the harvest their campaign contributions seeded last fall.
Verily, the oil men are entitled to their reward, and the lumber men, the
wool men, and all the others who cast their bread on the waters of a Repub
lican tide.

Dealing with the plan for American valuation of imports,
the report says:
First among the subtle covert infamies that mask their way through
this bill is the proposal to change the base for ad valorem duties from the
actual price paid for them wtj.en purchased by the importer to a specula
tive, indefinite, uncertain, nebulous opinion reached by an appraiser hidden
in the recesses of a custom house.
In the face of the uncertainty which this bill necessarily compels as to
duties, it will be impossible for any importer to continue in business, and the
result of this provision will be the destruction of the import trade of the
United States.

Charging that the bill was prepared outside the W a y s and
Means Committee, the minority report says the manner
of its making up “ cannot be defended.” The Democrats
state in their report that they vainly sought tofhave the
committee refer the bill to the Treasury Department with
a view to obtaining information as to the probable amount
of revenue to be derived, as well as the economic effect
upon the country. They Jalso said that they sought to
obtain action through the committee from which the rates
and classifications in the bill might be compared with the
Underwood and Payne-Aldrich laws.

METAL SCHEDULE OF THE PROPOSED TARIFF BILL,
W ITH COMPARISONS.
From the “ Iron A g e” of July 7 we take the following:
Neio B ill.

P resent T a r if f .

P ayne-A ldrich
T a riff.

Iron o r e ______ __________ F r e e _____________________F r e e __ ________ 15c. per ton
P ig ir o n ______________ __-Sl.2 5 ___________________ F r e e ____________$2.50
Spiegeleisen_____________ $ 1 .2 5 ___________________ Free ____ _______ $2.50
S cra p .....................................$ 1 .2 5 ___________________ F r e e __________ 2 -S 1 .0 0
♦M anganese o r e ________l c . per lb . M n .c o n te n t.F r e e _____________ Free
aFerrom angane.se_______2 l- 5 c . per lb . M n .c o n t F r e e ____________ $2.50 per ton
Steel b illets_____________2 -1 0 c. to 6 c. per l b _____B ess.& O .H .free.7 -4 0 c. to 7 c. per lb.
B ar Iron ______________
Mo,,
to A c .
per l b 5 % _______ 3-1 0 c. per lb.
B eam s, & c., p la in ____ t_ 7 -2 0 c. per l b ___________ 1 0 % ..................... 3-10 to 4 -1 0 c. per lb .
P la tes____________________ 7 -2 0 c. to 5- 10c. per l b - 1 2 % ____________7-20 to 5 - 10c. per lb .
W ire ro d s------------------------- 3 -1 0 c. per l b .......... .........1 0 % ____________ 3 -1 0 c. per lb.
G a lv . w ire for fe n c in g -_ A e. per l b ____________F r e e ____________ W ire d u ty plus
2 -1 0 c. per lb.
A xles--------------------------------- 6 -1 0 c. per lb ___________ 1 0 % ----------------- He. per lb.
R a ils ....................................._7-40c. per lb ___________ F r e e ___________ 7 -4 0 c. per lb.
C ast iron p ip e __________ 1 0 % ............ .........................1 0 % ________________ He. per lb.
C u t nabs and spikes____ 4 -1 0 c. per lb ____________ F r e e ---------------- 4 -1 0 c. per lb.
B arbed w ire_____ _______ F r e e ............................
F r e e ............................... He. per lb.
M ach in e to o ls ______ . . . 35 % .......................... ........... 15 %
..................30%
C h a in ...................... ..l c . to 4 c. per l b ........... - 2 0 % ________ He. to 3c. per lb.
Aluminum In gots______ 5 c. per l b ..........................2c. per l b ...........7 c. per lb.
Tin, p ig ............ .................. 2 c. per l b _ _ .....................F r e e .......................Free
N ickel, In gots............_ _ 5 c . per l b _______________ 1 0 % .......................6 c. per lb
F lu orsp a r............................. $5 per t o n .........................$1 .50 per t o n ..F r e e
M a g n e s ite ........................... A e. to He. per lb.
_

July 9 1921..]

♦Above 30% Mn. a Above 1

rbon.

U6
OIL

THE CHBONICLE

TAXATI ON, &c.— LEADING MEXI CAN
PANIES SUSPEND PRODUCTION.

COM

[ V o l . 113

The new tax on light crude is 43 cents a barrel, as compared with a former
tax of 17 cents; on heavy the new tax is approximately 34 cents a barrel,
against a former tax of 10 cents. In spite of this great- increase in the tax
1ate the increase will, in my opinion, reduce the receipts of the Mexican
Government from oil taxes by at least one-half.
The price of crude light oil at the wells is just now about 40 cents a
barrel, so that the tax is more than the price of the oil. There Is no demand
in this country for oil at the price that would have to he paid under this
new tax.

Mexican oil shares for several months past have been
much depressed on the New York Stock Exchange by
rumors of various kinds, notably of an alleged increase in
the menace from salt water, and the consequent danger of
early exhaustion of the wells. (See “ Chronicle” of June 18,
The “ Oil Trade Journal” for July further explains the new
p. 2608 to 2606.)
Mexican tax as follows:
These rumors have been attributed by interested parties
Confusion as to Exact Amount of New Mexican Tax.
to ‘‘bear raids,” and on Juno 30 the Editor of a W all Street
Following the announcement of the new tax, confusion ensued as to
news letter” was arrested following his indictment for
criminal libel upon Edward L. Doheny, President of the just what the exact tax would be in dollars and cents. This was largely
due to a (misleading) statement made in the Mexican capital at the time
M exican Petroleum C o., in connection with the advice that the new tax would represent an average increase of 25% over the
repeatedly given by the Editor in his letter to sell the stock old rate.
The tax as announced by the Mexican Government at Mexico City and
of the company “ short” in anticipation of a fall in the price.
later confirmed by J. Vasquez of the Mexican Government’s financial
On Jan. 13 1921 this stock sold at 167 M; in January 1920 at bureau in New York City, was as follows
(a)
Crude petroleum of .96 density or loss, 2.50 pesos per cubic meter,at a
222; whereas last week it fell from 11SJ4 to 96, and on
temperature of 20 degrees centigrade; (b) crude petroleum having a density
Wednesday, July 6, to 8 7 % , closing yesterday, July 8, of more than .96, 1.55; (c) fuel oil 2 pesos; (d) gas oil, 4.64 pesos; (e) crude
at 93.
gasoline 9.40 pesos; (J) refined gasoline 4.70 pesos crude kerosene 3 pesos;
A t the present time, however, two new elements have (/i) refined kerosene 1.50 pesos; (i) lubricating oil 2.80 pesos. Under
the new tariff the tax on exports of asphalt will be 28 centavos per ton and on
come into the calculation of values for Mexican oil shares, paraffin 2.20 pesos per ton. This rate it was explained was additional to
both tax measures. One of these is the new Mexican ex the 10% ad valorem duty or oil stamp tax on crude and fuel oil which is
port tax which went into effect July 1. The other is the computed on the oil laid down in New York Harbor at values arbitrarily
fixed by the Mexican Government from month to month.
insertion in the Fordney tariff bill at Washington last week,
How Values are Fixed for the Ad Valorem Duty.
at the last moment before the bill was made public, of a
The values fixed for May and June 1921, by the Mexican Government,
provision to subject crude oil and fuel oil, both of which are on which the 10% ad valorem duty is computed and to which duty the new
now on the free list, to import taxes amounting to 35 cents and or extra tax must bo added are as follows, according to 8enor Vasquez:
(a) Crude oil, 97 density or over, 11.49 pesos per metric ton; (b) crude oil,
25 cents, respectively, per barrel. (See V . 113, p .2 9 .)
91 density or over, 21.50 pesos per metric ton; (c) fuel oil. 91 density or over,
The Mexican export tax which was added July 1 to the 19.07 pesos per metric ton; (d) fuel oil, 97 density or over, 11.49 pesos per
previously existing tax on oil turns out to be much heavier metric ton; (e) gas oil, 85 density or over, 41.60 pesos per metric ton.
On gasoline and kerosene the existing ad valorem duty is 3% on the fol
than it at first appeared to be, representing an increase
lowing arbitrary values per liter:
reckoned as from 100 to 1 5 0 % or more over the old tax.
Gasoline, refined, 0.14 pesos; gasoline, crude, 0.13 H pesos, and kersoene,
So heavy, indeed, is the newr tax on crude and fuel oils that both crude and refined. 0.0491 pesos.
most of the principal producers consider it prohibitive, and
Producers' Figures on Tax— Comparison With Old Tax.
on July 1 suspended operations, although in the Vera Cruz
Computations of what the new tax amounts to and comparisons in
field the British companies are said to have “ speeded up American money -with the old tax rate were made for the producers and
operations instead of decreasing their working forces.” according to representatives of the Association of Oil Producers in Mexico
they are as follows:
Gasoline is less heavily taxed and the Mexican Petroleum
(a) Heavy crude, 96 density or over, including Panuco and other heavy
Co. has therefore continued the output of that product oils—new tax 23.4c. per bbl., old tax 10c.
(b) Light crude, 96 density or less, covering all fields—new tax 43.5c.
in large volume. All loading of oil at Tampico is at a
standstill and this is said to include 9 0 % of the entire per bbl., old tax 17.2c.
(c) Heavy fuel oil—new tax 24.2c. per bbl.. old tax 10c.
Mexican output.
(d) Light fuel oil—new tax 31.2c. per bbl., old tax 15.2c.
President Obregon resents the stoppage of oil exports as
(e) Crude gasoline— new tax 3.7c. per gal., old tax 1.6c. per gal.
an attempt to force him to remit the new tax, and has ordered
(/) Refined gasoline— new tax 1.9c. per gal., old tax .Sc. per gal.
the oil companies to pay indemnities on account of the loss
(< ) Crude kerosene—new tax 1.2c. per gal., old tax .6c. per gal.
7
of wages suffered by their Mexican employees, aggregating,
(h) Refined kerosene—new tax .6c. per gal., old tax .3c. per gal.
It was pointed out that these figures were computed when values were
it is said, some 10,000 or more in number, due to the ces
higher than at present and the statement was made that prices have been
sation of exports. He has also, it is stated, levied new
falling steadily since in the market for all Mexican oil products as well as
taxes on gold and silver production to offset the loss of domestic oils, making the increased tax proportionately greater with each
revenue from oil taxes. The M a y shipments of oil from price decline.
W ith respect to the petroleum provisions of the Fordney
Tampico are reported as aggregating 13,680,000 barrels,
while the total production of petroleum in Mexico by all bill. Guy Stevens, Director of the Association of Producers
companies in 1920 aggregated 156,062,707 barrels, against of Petroleum in M exico,in a statement issued July 6, says:
I am quite sure that when the facts are understood the public will strongly
87,072,955 barrels in 1919.
a duty
material.
The United States gunboat Sacramento with 136 men oppose putting United on such a basic rawestimates, only one-sixth of the
According to
States Government
arrived at Tampico on July 7, having been sent there to petroleum reserves of the world are located in the United States; fivelook out for American interests and the cruiser Cleveland is sixths are located in foreign countries. At the present time two-thirds of
the current needs of the world for petroleum products are being supplied
reported as not far outside the port.
out of this one-sixth of the total petroleum reserve supply.
W . C . Teagle, President of the StandaixTOil Co. of New
This means, according to Governmental statistics, that our American re
Jersey, on July 1 made the following statement as to the serves will be practically exhausted in from fifteen to twenty years, and the
result of this will be that the other nations of the world, which are to-day
discontinuance by his company of the shipment of oil from keeping relatively their five-sixths of the world supply, and are supplying
their current needs from our reserves, have a practical monopoly of the
Mexico:
Under existing marketing and economic conditions, the new taxes are con
fiscatory and prohibitive and we are advised that they are unconstitutional
from the standpoint of Mexican law as well.
Since April 1917 the law of Mexico has imposed ad valorem duties on
crude petroleum and .its products shipped out of that country determined
by the app lication of certain fixed percentages to the value of oil in Mexico.
The percentages established by the law are not in themselves unreasonable,
but the Mexican Treasury Department has from the beginning fixed values
for the purpose of the tax in excess and with entire disregard of actual
values and the terms of the law, with the result that the taxes demanded
have been, generally speaking, not less than double the amounts legally
assessable.
Against this arbitrary and illegal administration of the law the Standard
Oil Co. of New Jersey, with other members of the Association of Producers
of Petroleum, has repeatedly protested. * * * Our sworn figures
have been ignored, and the valuations, instead of being reduced, have been
progressively increased.
These taxes have been paid under protest and suits brought in the Mexi
can courts to test their validity—without as yet any relief being afforded.
Effective July 1 1921, the law of 1917 was repealed, and two new de
crees, recently promulgated by the Chief Executive, took its place. Their
cumulative effect is to impose upon oils exported from Mexico taxes amount
ing to practically 100% of their value. Protest to President Obregon has
been made without avail.
■11-

Guy Stevens, Secretary of the Association of Petroleum
Producers in Mexico, discussing the new Mexican tax says:
As is generally understood the tax was not imposed by the Mexican
Congress, but was put into effect by an executive decree. We contend
that President Obregon had no right to take such action.

petroleum supply of the world.
A further direct result of such duties Mill be to divert to foreign countries,
at the expense of American consumers and labor an important part of the
refining activities of American companies.
More than 85% of the Mexican crude oil goes into fuel oil. Consequent ly .
outside of the gasoline taken off, it does not compete with domestic crude
except to a small extent, as in the sale of domestic fuel oil, principally in
Texas and Louisiana. On the other hand, it is sold in close competition
with coal for ships’ bunkers and for important industries of all kinds along
the Atlantic Coast.
It would, in my opinion, be hard to conceive of a more effective means
for promoting a rapid depletion of our domestic petroleum resources, dis
couraging the acquisition by Americans of foreign production, and in the
meantime increasing to all consumers the prices of gasoline, kerosene, fuel
oils, lubricating oils, and other petroleum products.

William N . Davis, President of the Mid-Continent Oil
& Gas Association, with a reported membership of 2,600
independent producers in the States of Kansas, Oklahoma,
Arkansas, Louisiana and Texas, on the other hand makes
a plea for the small oil producers of the United States, who
ho asserts are in danger of being forced out of business by
cheap Mexican oil. He admits that the proposed tariff on
oil would net the United States Treasury only S50,(X>0JXX)
per annum but he adds it is a“ stop in the right direction,”
and the import duty of 35 cents on crude oil and 25 cents
on fuel oil, per barrel, might be materially increased.

THE CHRONICLE

J u l y 9 1921.]

Production o f Finished Rolled Iron and Steel by Lending Product a, (h o . T on., 1920.

STEEL PRODUCTION I N 1920.
The American Iron & Stool Institute under date of .Juno 10
issued a statistical bulletin giving the official figures of steel
production for tlio calendar year 1920. The output of stool
in that year was considerably higher than that of 1919, the
product being 42,132,934 tons, against only 34,671,232 tonsIn the following we show the make of steel by the different
processes for each year back to 1904:
Production o f Steel Ingots and Castings bg Processes.
Open-Hearth.
Bessemer.

Yoars.
Basic.
1005__
1906 ..
1907 _.
1908
1909
1 9 1 0 ..
1 9 1 1 ..
1 9 1 2 ..
1913 . .
1 9 1 4 ..
1916 —
1 9 1 6 ..
1 9 1 7 ..
1 9 1 8 ..
1919 __
1920. .

A cid.

1

Cru
cible.

Total.
10,941,375
12,275,830
11.667,549
6,116,755
9,330,783
9,412,772
7,947,854
10,327,901
9,545,706
6,220,846
8,287,213
11,059,039
10,479,960
9,376,236
7,271,562
8,883.087

7.815,728 1,155,648 8,971,376
9.658,760 1,321,653 10.980,413
10,279,315 1.270,42111,549,736
7.140,425 696,304] 7,836,729
13,417,472 1,076,464 14.493,936
15,292,329 1,212.18016,504,509
14,685,932 912,71S] 15,598,650
19,641,502 1,139,221120,780,723
20,344,626 1,255,305 21,599,931
16,271,129 903,55517,174,684
22,308,725 1.370.377 23,679,102
29,616,658 1,798,769 31,415,427
32,087.507 2,061.386,34,148.893
32,476,571 1.982.820 34,459.391
25,719.312 1.229.382]26,948.694
31,375.723 1.296,172'32.671.895

Elec
tric.

102.233
127,513
131.234
63.631
3~,
107,355 "l~ 762
122,303 52,141
97,653 29,105
121,517 18,309
121,226 30,180
89,869 24,009
113,782 69.412
129,692 168,918
126,710 304,543
115,112 511.364
63,572 38-4,452
72.265 502.152

M iscellancous.

Total,
Gross
Tons.

8,96320,023,947
14,07523,362,594
6,13214.023,247
9,18523,955,021
3,19426,094,919
2,84423,676,106
2,85331,251.303
3,83131,300,874
3,62223,513,03©
1,52732,151,036
60442,773,680
49545.060,607
32944,462.432
2.95234,671,232
3.53542.132,934

Statistics regarding production of finished and rolled iron
and steel are also furnished. For 1920 the production of all
kinds of iron and steel rolled into finished forms (including
blooms, billets, and axle blanks rolled for forging purposes
and semi-finished products which were rolled for export in
that year) shows an increase of 7,246,319 tons, or 2 8 .8 7 % ,
as compared with 1919.
Total Production o f A ll Kinds o f Finished Rolled Iron and Steel, 1887-1920.

Years.

Iron and Plates and
Steel Rails Sheets.

1887
.: 2.139,640
603,355
_ 1.403.700
18 8 8
609,827
1889
_ 1,522.204
716,496
1890
_ 1.885,307
809,981
1891
_ 1.307,176
678,927
18 9 2
_ 1.551.844
751,460
18 9 3
_ 1,136,458
674,345
18 9 4
_ 1,021,772
682,900
1 8 9 5 . . . . . . 1,306,135
991.459
1896 ______ 1,122,010
965,776
1897
_ 1.647.892 1,207,286
1898
_ 1,981,241 1.448,301
1899
_ 2.272.700 1,903,505
1900
_ 2.385,682 1.794,528
1901
_ 2,874,639 2,254,425
19 0 2
_ 2,947,933 2,665,409
19 0 3
_ 2,992,477 2,599.665
1904
_ 2,284.711 2,421,398
1905
_ 3.375,929 3.532,230
1906
_ 3,977,887 4,182,156
1907
... 3,633,654 4,248,832
1908
_ 1,921,015 2.649.693
1909
_ 3.023.845 4.234,346
1910
_ 3.636.031 4.955,484
1911
... 2,822.790 4,488,049
1912
_ 3,327.915 5,875,080
1913
_ 3,502,780 5,751,037
1914
_ 1,945,095 4.719,246
1915
_ 2.204.203 6.077.694
1916
_ 2,854,518 7,453,980
1917
_ 2.944,161 8,267,616
1918
_ 2.540.892 8,799.135
1919
_ 2,203.843 7,372,814
1920
_ 2,604,116 9,337.680

N ail
Plate.

W ire
Rods.

308,432
289,891
259,409
251,828
223,312
201,242
136,113
108,262
95,085
72,137
94,054
70,188
85,015
70,245
68,850
72.936
64.102
61,601
64,542
54,211
52.027
45,747
63,746
45,294
48,522
45,331
37.503
38,573
31,929
30,088
22.864
18,310
12.832
20.577

279,769
363,851
457,099
536,607
627,829
537,272
673,402
791,130
623,986
970,736
1.071,683
1.036,398
846,291
1,365,934
1,574,293
1,503,455
1,699,028
1,808,688
1,871,614
2.017.583
1,816,949
2,335.685
2,241,830
2.450,453
2,653,553
2,464,807
2.431,714
3.095.907
3,518,746
3,137.138
2.562,390
2.538,476
3.136.907

Structural
Shapes.

453.957
387,307
360,305
517,920
495.571
583,790
702,197
850,376
815.161
1,013,150
1,300.326
1,095,813
949.146
1.660.519
2,118.772
1,940,352
1,083,181
2,275.562
2.266,890
1,912,367
2,846.487
3,004,972
2,031,124
2,437,003
3,029,964
3.110,000
2,849,969
2,614,036
3.306,748

147

A ll Other
Finished
Total.
Rolled
Gross Tons.
Products.
2.184,279
2.034.162
2.374,968
2,618,660
2,644,941
2,579.482
2,104,190
1.795.570
2,487.845
2,236,361
2,497,970
3,239,760
4.146.425
3,575 536
4,772,329
5,383,219
4,952,185
4.597,497
6,398,107
7,383,828
7,972,374
4,311.608
7.711,506
8.475,750
7,316,990
9.908,475
10,030,144
7.204,444
10,546,188
15,493,093
15,585.921
14.385.058
10,359,543
13.941.835

5,235,706
4,617,349
5,236,928
6,022,875
5,390.963
6,165,814
4,975,685
4,642,211
6.189.574
5,515.841
7,001,728
8,513.370
10.294,419
9.487.443
12,349,327
13,944,116
13,207.697
12,013,381
16,840.015
19,588,468
19,864,822
11.828.193
19,644,696
21.621.279
19,039.171
24,656,841
24.791.243
18,370,196
24,392,924
32,380,389
33,067,700
31,155,754
25,101,544
32,347,863

Products.
R a l l s .............. ......... .
P la t e s a n d s h e e t s

_______ ______

Iron ,

Steel.

________

Nall and spike plate. _______ _________ __________
W ire r o d s ._____ _______________ ________________
Structural shapes..............................................................
M erchant bars....................... ..................
Barn for reinforced concrete w ork.
Skelp, flue, and pipe Iron or steel
H o o p s ........................................... ............................
Bands and cotton -ties
_
_
Bong angle splice bars, tie-plate bars. Aec
Rolled sheet piling, n ot Including fabricated.
Railroad ties _______ _______
R olled forging bloom s, forging billets, H.e
r
Bloom s, billets, sheet bars, Ace., for exp ort.
All other finished rolled p r o d u c ts ._.
T o t a l.............................................. ...........Gross to n s.

3 4 ,3 J 1
4 ,7 2 1

m
6 6 3 ,0 3 2
608
2 5 2 ,4 0 3
3 ,3 4 5
5 3 ,6 3 6

258
3 6 4 ,8 7 4

Total.

2 ,6 0 4 ,1 16
9 ,3 0 3 ,6 6 9
2 0 ,5 7 7
3 ,1 3 2 ,1 8 6
3 ,3 6 6 ,2 6 0
5 ,4 6 7 ,2 0 8
5 7 1 ,7 4 7
2 ,9 6 7 ,8 8 6
3 3 3 ,4 40
3 8 5 ,5 1 7
5 2 2 ,1 9 4
2 0 ,7 1 6
2 6 ,3 1 0
4 4 7 ,0 7 6
1 3 6 ,4 5 7
1 ,7 2 6 ,0 3 8

2 ,6 0 4 ,1 16
9 ,2 3 7 ,6 8 0
2 0 ,6 7 7
3 ,1 3 6 ,9 0 7
3 ,3 0 6 ,7 4 8
6 ,1 3 0 ,2 4 0
6 7 2 ,4 4 5
3 ,2 2 0 ,2 8 9
3 3 3 ,4 4 0
3 8 8 ,8 6 2
5 7 5 ,8 3 0
2 0 ,7 1 6
2 0 ,3 1 0
4 4 7 ,3 3 4
1 3 6 ,4 6 7
2 ,0 8 9 ,9 1 2

1 ,3 7 7 .5 6 6 3 0 ,9 7 0 ,2 9 7 3 2 ,3 4 7 ,8 6 3

In addition to the 20,716 tons of rolled sheet piling above
reported there were produced by rolling mills and steel works
in 1920 about 3,941 tons of fabricated sheet piling, as com
pared with 3,773 tons of the same land of piling in 1919.

STEEL PRICE A N D WAGE REDUCTIONS .
Steel wage and price reductions have been among the
incidents of momont during the week. The Bethlehem
Steel Corporation on July 1 announced a reduction of 1 5 %
effective July 16 in the wages at its Steelton (Pa.) plant
effective July 16, this reduction applying to* all employees
except salaried men, whose wages will be cut 1 0 % effective
Aug. 1. The labor rate is reduced from 32 to 27 cents or
one-half cent higher than the rate paid on Oct. 1 1917.
Time-and-a-half rates for Sundays and holidays will not be
changed. The company also announced a reduction in the
rent of all houses owned by it from 8 to 1 0 % . The reduction
in rents is said to wipe out all increased in rents made by the
company during the past 15 years. Reductions in the price
of steel, effective July 5, were announced by E . G . Grace,
President of the Bethlehem Steel Company on July 4 ,— the
new prices representing a reduction of $4 per ton on bars,
structural shapes, plates, skelp, billets, sheet bar, slabs and
blue annealed sheet; $5 per ton on black and galvanized
sheets and $10 per ton on tin plate. In announcing these
reductions M r. Grace says 4
‘present manufacturing costs do
not in any sense warrant these reductions, but this company
desires to contribute even more than its full share to re
establish conditions in the steel trade on what might be
regarded as a normal basis / 9
The United States Steel Company also made known this
week its intention to put into effect price reductions ranging
from $4 to $10 a ton, and to abrogate, as of July 16, the socalled “ basic” or “ over-time” day made operative during
the war as an emergency measure. Further price cuts by
the United States Steel, announced yesterday (July 8),
are referred to below. The present reductions follow those
of April (referred to in our issues of April 16, page 1578, and
April 23, page 1694). The announcement made this week
by President Grace of the Bethlehem Steel Company re
garding price reductions follows:

Rolled blooms and billets for forging purposes are included
from 1905, while semi-finished products rolled for export are
included for 1912 and subsequent years. Prior to 1892
structural shapes were included in “ all other finished rolled
products.”

B eth leh em , P a . , J u ly 4 1921.
E. G. Grace, President of the Bethlehem Steel Company, authorizes the
following statement:
The Bethlehem Steel Company announces a new schedule of steel prices,
effective Tuesday July 5. The changes are as follows:

Production o! Finished Roiled Products, Showing Iron and Steel Products Separately,
Gross T ons, 1909-1920.

Bars_______________________
Structural shapes________________________________
Plates__________________________
Sheet bar_________________
Billets, 4x4_______________________________ _______
Slabs_______
Blue annealed sheets_____________________________
Black sheets_____________________________________
Galvanized sheets________________________________
Tin plate________________________________________
Skelp. _ __________________________________________

Years.

Iron.

Steel.

Total.

1 9 0 9 .. 1.709,431 17.935.259
_
1 9 1 0 .. 1.740,156 19,881,123
.
191' — 1,460.615 17,578,556
1912
__________
1,637,582 23.019.259
1913
__________
1.673,257 23,112,986
1 9 1 4 .. 1.167.776 17.202.420
.

Years.

Iron.

Steel.

Total.

19,644,690
21,621,279
19,039,171
24.656,841
24.791,243
18,370,196

1 9 1 5 ..
1 9 1 6 ..
1 9 1 7 ..
1 9 1 8 - ..
1 9 1 9 ..
1920.

.
1.294,833
_
1,822,571
.
1.867,757
1,573,976
.
1,059.451
1,377,566

23,098,091
30,557,818
31,199,943
29,581,778
24.042.093
30,970,297

24,392,924
32,380,389
33,067,700
31,155,754
25.101,544
32,347.863

Production o f all K inds o f Finished Rolled Iron and Steel, by Stales, Gross Tons,
1915-1920.

Stales.

Malne, Massachusetts __
Rhode Island, Connecticut
Nfiw York .... ........... ........

Mew Jersey..
Pennsylvania_ ___ .
_
Delaware, Virginia______
Maryland
West Virginia .
K e n t / , North Carolina
Tennessee, Georgia, Texas
A Jabama........... ..........
O h i o _____________ ______

1916.

1918.

1919.

1920.

217,689
218,962
181,113
203,033
225,479
75,111
81,255
81,317
79,523
105,051
1,322,988 1,492.769 1,640,182
974.928 1.562,058
235,739
238,972
217.480
204,180
218,903
15,428 563 16,018.871 13,836,445 11,477,176 13,718,265
37,337
41,584
62,403
79,279
103,438
386,708
368,458
416,213
241,914
458,577
777,328
831,594
731,477
682,017
957,242
J 332,797
322,444
239.224
184,676
306,822
856,445
5,846,024

Indiana_________ _____ 2.9)9.004
Illinois......................... 2,686.674
Michigan
' 4 71.802
WUteonMlti. Minnesota
/
M
» r). Io v/a, ()k la., Kan.
1
150,603
Colorado, Ctah. Wash
518,043
California-.......................
1 18,634
Total__ ____ ________

1917.

884,500
6,141.465
3.135,689
2,713,428
696,605

765,468
6.171,332
2,844,429
2,470,223
733,038

709.697
4,975,254
2,607,547
1.679,107
414,602

896,418
6.454,004
3,499,855
2.487.085
514,768

146,380
673,660
140,239

116.085
614.170
166,974

103,803
355,138
129,671

151,772
496,609
197,617

32,380,389 33,067.700^31 ,J 66,764 25,101,544 32,347,803

Old
P r ices

2.10
2.20
2.20
39.00
37.00
38.00
2.85
3.75
. 4.75
6.25
2.20

N ew
P r ic e s .

1.90
2.00
2.00
35.00
33.00
34.00
2.65
3.50
4.50
5.75
2.00

The new prices represent a reduction of $4.00 per ton on bars, structura
shapes, plates, skelp, ^bil ets, sheet bar, slabs and blue annealed sheets’
$5.00 per ton on black and galavnizod sheets; $10 00 per ton on tin plates.
Present manufacturing costs do not in any sense warrant these reductions,
but this Company desires to contribute even more than its full share to
re-establish conditions in the Steel trade on what might be regarded as a
normal basis.
There has been so much said about steel prices not having been reduced
to pre-war levels that an analysis of the new prices is desirable and will be
illuminating to. both the trade and the general public.
The increase in freight rates has been the largest factor in increasing the
cost of manufacturing steel products because the making of a ton of finished
steel involves the transportation of more than 5 tons of raw materials.
The cost factors next in importance are materials and labor.
Taking as an example the price for structural shapes, under the new
schedule of prices, 2c. a pound or $44.80 a gross ton, the comparison with
pro-war prices, reflecting concretely the three more important cost factors
is as follows:
1.
The Increase over pre-war cost in transportation on ore, coal, lime
stone, scrap and miscellaneous supplies amounts to $7.86 per ton o finished
steel.

148

THE CHRONICLE

[ V o l . 1 13.

2 The iuci’aiuiti in the cost of coal, orti, limestone, alloys, refractories,
$2 00 per ton
1 1 "i
a n d 1, in ________
lubricants and miscellaneous supplies at point of shipment amounts to
1, in to 6 in., inclushe
4 00
“
17.10 per ton of finished steel
7 in to 12 in., inclusive_________
6 00
“
3.
The increase in the cost of Labor under the present wage scale, as
s i / . os a t ) y \ Q 12 ill
4 00
“
compared with pre-war wages in the steel plant proper, is $5.64 per ton of Boiler tubes:
finished steel
_____
Ioo
These items account for an increase in present day costs over pre-war
2 in tO 3 in., inclusi
12 00 “
costs of $20 59 per ton of finished product. The new price of $44.80 for
3 1 in and larger
(
10 oo
structural steel is equivalent to a pre-war price of $24.21 per ton, or and that wire nails be reduced to $2 75 per keg base, plain wire to $2 50
1.08c. per pound.
per 100 pounds base, and other wire products relatively.
statistics covering the last 20 years show in only one month (Dec. 1914)
has structural material been sold as low as this figure (1.08c.). The tenyear pre-war average (1901-1913) was 1.51c. per pound.
KAIL WAGE CUTS TO BE PUT TO REFERENDUM
The figures l have used are the results of actual compilation made by the
OF MEMBERS OF BROTHERHOODS.
Company's Comptroller in the every day conduct of the business.

Elbert H , Gary, Chairman of the United States Steel
Corporation, issued on July 6 the following regarding the
proposed price reductions to be made by its subsidiaries:
We have decided to recommend to our subsidiary companies that they
reduce selling prices to correspond with the existing prices of competitors.
prices as follows:
Bars____________
_ #1.90 Blue annealed sheets__ ____ $2.65
Structural shapes _
3.50
.
2.00. Black sheets...... ........... .. ___
Plates_________
4.50
2.00 Galvanized sheets_____ ___
Sheet bars_____
5.75
. 35.00 Tin plate______________
2.00
Billets, 4x4_____
_ 33.00 Skelp_________________ ___
Slabs___________
_ 34.00
Also pipe and possibly some other products relatively.
Also to abrogate as of July 16 1921, the so-called “ Basic" or “ overtime"
day put into effect during the war as an emergency measure.

A comparison of present prices and those of April 12 follows
New
Price.

Per Ton
Former ReducPrice.
lion.

Bars____________________________
$1.90
$2.10
Structural shapes____________
2.00
.230
2.00
2.30
Plates_______________
Blue annealed sheets_______________________
2.65
2.85
Black sheets___ ____
3.50
3.75
Galvanized sheets__ _______________________
4.50
4.75
Skelp_______________________________
2.00
2.20
♦Sheet b a rs_____________________
35.00
39.00
♦Billets, 4x4_____________
33.00
37.00
♦Slabs____ ______
34.00
38.00
aTin plate__________
5.75
6.25
♦Per ton. aPer base box. All other prices per hundredweight.
Also pipe and possibly some other products relatively.

$4
6
6
4
5
5
4
4
4
4
10

In its comments on the price reductions the “ Journal of
Commerce” of July 7 said in part:
The establishment of one price for the above products for the entire
industry has been talked of for some time in local circles, but it was not
expected that the Steel Corporation would make known its policy until
about the middle of the month. The speed with which the leading interest
followed the lead of the Bethlehem and other independents was cause for
considerable comment here yesterday. One peculiarity pointed out yester
day was that the Corporation’s announcement tallied in every detail with
the price schedule of Bethlehem, even to the arrangement of various items
in the price list.
Officials of independent companies yesterday appeared unwilling to pre
dict whether this last price cut would mark the end of the present move
ment or whether still further reductions would be in order. It was pointed
out that the present situation, created through the establishment of a single
price for the leading items of manufacture, should prove an incentive to a
real wave of buying on the part of consumers and users of steel products.
It was also pointed out that the latest price level is generally lower than the
scale which obtained prior to the war period.
The opinion was expressed in local circles that the program for rehabili
tation by the railroads of bad order rolling stock would undoubtedly call
for an increasing amount of steel products. This work, which has been
held in abeyance recently, is expected to get under way within a short time,
steel makers say. because of the large number of bad-order cars at present
on the various lines. Further improvement in the fabricated steel situa
tion is likewise looked for in the near future.
As far as the new price schedule which has been announced is concerned,
there has been little surprise evident, since for some time past most of the
business which has been reported has been put through at prices similar
to those which have been made public. The advantage to be derived from
the formal statements which have been made is expected to lie in the ten
dency toward an orderly readjustment in the industry.
The next few weeks will be watched with keen interest for signs of a real
revival in the buying movement. As yet officials of the manufacturing
companies are unwilling to make any predictions as to the outcome of the
action which has been taken, but definite indications of the trend of busi
ness are expected within the comparatively near future. In some quarters
it has been stated that the tide has turned and that an upward tide is about
to start.

The same paper also said:
The result of the reduction annoimced by the leading interest is to bring
the general market price of a number of steel products to the same level as
that recently adopted, by the Bethlehem Steel Corporation and followed
•'resterday by the Republic Iron & Steel C o., Lackawanna Steel Co. and other
independent manufacturers. For the first time since the dissolution of the
War Industries Board, early in 1919, there is one “ official" price for steel
products.
The v age loss to mill workers of the Steel Corporation through the abro
gation
the “ overtime" day is estimated at 10%.

The I 1idvale Steel & Ordnance Co. lias met new price
lists annoimced by Bethlehem Steel and other steel concerns,
and the xniand Steel Co. has likewise reduced prices on the
base pTeducts to conform with the new schedule of the other
independent steel producers and that of the U . S. Steel Corp.
Supplementing the price reductions announced by the
United States Steel Corporation on July 6, Judge Gary
yesterday (July 8) announced reductions ranging from $2 to
$12 a ton on pipe and tube prices, and $5 a ton on wire and
wire nails. This announcement follows:
Referring to our statement of July 6 inst. concerning selling prices,
and in accordance therewith, we havo decided to recommend to subsidiary
companies that the present prices of tubes be reduced as follows:
standard steel pipe:

After a series of conferences begun at Chicago on July 1
and continuing up to and including the 5th inst., the railway
union leaders on the latter date made known the decision
to refer to a vote of the members of the brotherhoods the
question of acceptance or rejection of the 1 2 % wage reduc
tion ordered by the U . S. Railroad Labor Board. These
wage cuts have previously been noted in detail in these
columns— June 4, page 2377, and July 2, page 33.— W e
likewise indicated in our issue of a week ago, page 34. that
the railway union leaders were in conference at Chicago and
that the wage problem had then been referred for solution
to a committee of five. The final decision to refer the
matter to a referendum of the unions was voted on the 5th
by the General Chairmen representing the Brotherhood of
Lcomotive Engineers, the Brotherhood of Locomotive Fire
men and Enginemen, the Order of Railway Conductors, the
Brotherhood of Railroad Trainmen and the Switchmen’s
Union of North America. It was resolved by these Chair
men that they could not assume the responsibility of accept
ing the wage reductions, and that a vote on the question by
the members be taken not later than Sept. 1. The resolution
authorized the chief executives of the brotherhoods to make
arrangements to meet a committee of railroad executives to
adjust if possible, all matters in controversy, and “ clearly
to place the representatives of the railway corporations
on record as to whether or not they will request further
decreases in rates or compensation, the adoption of schedule
rules or regulations or the elimination of time and one-half
time.” The following are the resolutions:
Whereas the General Chairman representing the Brotherhood of Loco
motive Engineers, the Brotherhood of Locomotive Firemen and Enginemen,
the Order of Railway Conductors, the Brotherhood of Railroad Trainmen
and the Switchemn’s Union of North America on Amen can railroads where
wage reductions have been authorized by the United States Railroad Labor
Board have assembled to take action thereon; and,
Whereas they are required not only to consider a wage reduction, but in
many instances railroad officers have served notice of their intention to
abolish time and one-half for overtime in road, freight and yard service,
and in addition thereto to revise schedules for the benefit of the railroad
by abolishing many rules and conditions which in the aggregate means the
loss of much money and the creation of less favorable conditions for various
classes of employees; and.
Whereas much unrest and uneasiness exist, which cause deep concern,
add to the seriousness of the situation, and establish a condition of affairs
which makes it practically impossible for this body of General Chairmen to
take the responsibility of deciding these important questions, for the reason
that we hold that no reduction in wages of the various classes is justifiable;
and,
Whereas it is the earnest desire of the reprasentatives assembled to do
everything possible, compatible with their duty to those whom they repre
sent, to avoid any inconvenience or loss to the public: and
Whereas in keeping with this thought we hereby authorize and direct
our executive offices to acquaint those in authority with these resolutions:
further, that they call attention to the fact that certain carriers, namely the
Missouri & North Arkansas and the Atlanta, Birmingham & Atlantic
Railroad, have disregarded the decisions and flouted the authority of the
United States Railroad Labor Board; and,
Whereas despite all these provocative circumstances, coupled with a
common desire to refrain from talcing any action that nrght precipitate a
denlorable situation;
Resolved. That the General Chairman here assembled cannot assume the
responsibility of accepting the wage reductions, and that not later than
Sept. 1 1921. the entire subject matter be referred to the membership
through the various General Chairmen for acceptance or rejection; be it
further
Resolved, That we authorize our chief executives to make arrangement A
if possible, to meet a committee of railway executives to be selected to meet
a sub-committee representing the organizations named here to consider and.
if possible, adjust all matters in controversy, and that our chief executives
and the committees who are handling these questions be directed clearly to
place the representatives of the railway corporations on record as t o whether
or not they will request further decreases in rates or compensation, the
abolition of schedule rules or regulations, or the elimination of time and
one-half time.
The ballot when submitted to the men shall contain an impartial and
unbiased recital of all that is involved, and the wishes of the men as expressed
by ballot shall determine the matter in accordance with the laws of the
resnective organizations.
The above resolution will be considered by the properly constLuted
authorities oi the other standard recognized ra'lroad labor organisations,
and it is hoped that they will have announced their position within the next
forty-eight hours.

The organizations represented at the conference at which
the decision to have a referendum vote was made wore:
Brotherhood of Locomotive Engineers; Brotherhood of Locomotive
Firemen and Enginemen; Brotherhood of Railroad Trainmen; Order of
Railway Conductors, all known as the “ Big Four" brotherhoods Brother
hood of Railroad Signalmen of America; Brotherhood of Railway and

July 9 1921.]

THE CHRONICLE

Steamship Clerks, Freight Handlers, Express and Station Employees;
Brotherhood of Railway Carmen of America; International Alliance of
Amalgamated Sheet Metal Workers; International Association of Machln
ists; International Brotherhood of Blacksmiths, Drop Forgers and Helpers’*
International Brotherhood of Bol ermakers, Iron Shipbuilders and Helpers
of America; International Brotherhood of Electric Workers; International
Brotherhood
Firemen and Oilers; Order of Railroad Telegraphers
Switchmen's Union of North America, and the United Brotherhood of Main
tenance of Way Employees and Railway Shop Laborers.

All but the B * Four brotherhoods are members of the Rail
i&
way Employees' Department of the American Federation
of Labor of which B. M . Jewoll is president. The chief
executives and general chairmen of the sixteen organizations
decided upon their united course of action after the general
chairmen of the Brotherhood of Locomotive Engineers,
Brotherhood of Locomotive Firemen and Enginemen, Order
of Railroad Conductors, Brotherhood of Railroad Trainmen,
and the Switchmen's Union of North America had advised
the other organizations that the plan proposed be followed.
The 12 % wage cut was put to a referendum of the 1,500,000
railway employees on July 6 by the 1,500 general chairman.

119

the long, Federal control record of incompof cney and demoralization In the
transportation service and n a t u r a l l y fe.lt it expedient to hill just a much
of the appalling financial results off upon the shoulder:: of the railroad
corporations as possible. They were grasping desperately at the only
semblance of a vindication of their abounding miscalculation In sight
Thus It became clear why no carrier except a few which had to have cash
on any terms, would or could afford to offer such an opponent any tutnet --.sion
from (lie letter of Its contract lights. Home relaxation of attitude has now
taken place on both sides. An avenue of possible approach has been found
by Director Colston of the Commerce Commission's Division of Finance,
who has reached a tentative agreement with a committee: of railroad execu
tives on a formula for determining just maintenance charge for the six
months' guaranty period. Settlement of the guaranty lies with Die com
mission, whereas the Federal Control accounts are still In the hands of the
Railroad Administration, with the commission as a possible referee.
Application of this formula to the claims of a particular system, one of the
larger ones will now be undertaken as a test case. When the sum due the
carrier has been determined and the proposed settlement ha been approved
by t he Commission, the same principles can then be applied to the cases of
the other carriers and the arrears due them on the guaranty paid up,
possibly within two or three months. Some railroad men expect, and others
hope that the same formula will be found acceptable in adjusting the
claims covering the Federal Control period, in which case these might be
disposed of during the latter part of this year.

SECRETARY OF TREASURY MELLON ON PLANS FOR
ADVANCES OF $500,000,000 TO RAILROADS.
PULLMAN COMPANY AUTHORIZED TO MAKE WAGE
Secretary of the Treasury Mellon made known on July 7
CUTS BY LABOR BOARD.
After yielding to the order of the U . S. Railroad Labor that it was expected that negotiations would be completed
Board that wage negotiations be held with union represen in a few days between Government officials and railroad
tatives instead of the employees en masse, the Pullman executives involving refunding arrangements whereby the
Company on July 1, received permission to make wage roads would receive approximately $500,000,000 in addi
reductions for shop craft employees. The reductions, 6 to tional Treasury advances within the next six months. The
8 cents an hour, were made effective on the 1st inst. The Associated Press advices from Washington stated:
The advances would be equivalent to the sums expended out of railroad
company conferred with employees last month and proposed
earnings by the Government in capital betterments during the period of
a wage reduction equal to that granted to railroads by the war-time control, he added.
Additional appropriations by Congress, Mr. Mellon indicated, may be
Labor Board. The employees refused to accept the cut and
needed before all the money can be furnished, but a part of it may be ad
the Board held that under the Transportation act con vanced by the Treasury out of present authorizations, if arrangements
ferences should have been held with duly selected represen already tentatively reached are confirmed.
The Government will receive 6% securities from the individual roads
tatives of the majority of the employees. Negotiations were
involved in exchange for the advance, and the railroads will be enabled to
then begun with B . M . Jewell, head of the shop crafts, but pay off outstanding accounts for supplies, and embark upon repairs of rolling
when no agreement was reached the company again sub stock and other maintenance which have been deferred because of corporate
deficits.
mitted its petition to the Board.
Both Mr. Mellon and Secretary of Commerce Hoover, who commented
The Pullman Company lost its open shop fight before the upon the negotiations later, said the plan contemplated would be of great
United States Railroad Labor Board on June 21, when the business value to the country in easing credits and furnishing employment.
Board upheld the contention of union leaders that the com Mr. Hoover estimated that 200,000 additional men could be employed by
the roads if funds were available.
pany had not obeyed "th e letter and spirit" of the Trans
Mr. Mellon pointed out that the transaction, if completed, will not in
portation act when it conferred with its employees in mass volve loss, but may involve profit for the Treasury, since the railroads will
pay 6% on the money advanced, and Treasury borrowings have been
meetings.
obtained generally at lower rates.
In upholding the provision of the Transportation act
In the negotiations with Treasury officials T. DeWitt Cuyler, President
specifying that conferences to settle disputes shall be held of the Association of Railway Executives, represented the railroads gen
erally, Mr. Mellon said, but officials and attorneys for individual corpora
with "representatives of the employees," the board referred tions were called into the discussions.
to its own direction of April 15 1921, when it set forth a set
In a report to it from its Washington Bureau regarding
of principles to govern negotiations. One of these principles the plans of Secretary Mellon, the "Journal of Commerce"
declares: "T h e majority of any craft or class of employees yesterday said:
shall have the right to determine what organization shall
Financial assistance to the railroads by the Government through the
represent members of such craft or class. Such organization Treasury’s program for the funding of the railroads’ indebtedness to the
will involve the disbursement of more than $500,000,000.
shall have the right to make an agreement which shall apply Government the Treasury Mellon in discussing the progress being made in
Secretary of
to ail employees in such craft or class." The unions contended formulating the railroad funding program indicated to-day that the amount
that they properly represented the majority of employees of advances to be made probably will exceed that sum.
Recommendation must be made by the Treasury to Congress, it was said,
of the Pullman plants.
for a further appropriation of $300,000,000, especially for the disbursement

SENATE RAILROAD INVESTIGATION
TEMPORARILY SUSPENDED.
The investigation of the railroad situation by the Senate
Committee on Inter-State Commerce was suspended on
July 1 by Senator Cummins Chairman of the Committee
until the middle of August. It is stated that the Senator on
the ad vice of his physician will take a rest of several weeks.
In pointing out what the investigation has already accom
plished the "W a ll Street Journal" of July 7 said:
After having taken testimony for nearly two months, the Senate Commit
tee on Inter-State Commerce quietly adjourned its inquiry into the railroad
situation without declaring any findings or results. Yet it has already
produced results of an inidrect sort which are valuable to the carriers and
to the public. They may be roughly summarized a follows:
0 ) President Harding is impressed with the fact that the failure to settle
Federal control accounts is the keylog in the transportation and industrial
jam, and with the aid of Secretary Hoover has adopted “ direct action”
methods to break it.
fZ) Shippers and the public have been convinced that no general freight
<
rate reduction can be made until a wholly new schedule of operating costs is
a working reality.
'■ ) Publicity given to railroad labor conditions by the proceedings before
'>
the Labor Board at Chicago has been at least doubled by the Committee’s
restudy ofitbe subject. Shippers have been shown the real basis of the
rate , they have considered inordinately high. A species of unofficial review
of the Labor Board's activities by a higher political power has been going on.
Federal Settlements in Prospect.

I'or the first time the Committee brought into the daylight the reason
//hy there had been and could be no rapid winding-up of the Railroad
Administration si/ch as the Transportation Act contemplated, namely the
arbitrarily hj>Ktile attitude of the former Railroad Administration, which
insisted upon construing every clause and comma of the act as severely
against the carriers as interpretation, no matter how strained, could make It.
Every Director General before the present incumbent had contributed to

of additional funds to the railroads in order that the proposed relief may be
extended and the companies assisted to weather the present period of busi
ness inactivity.
$200,000,000 Available.
The Treasury already has available for immediate disbursement, ir was
said, approximately $200,000,000 which may be used in the settlement of
pending railroad claims.
Officials made it plain to-day that no conclusion has been reached on the
Treasury’s funding programme designed to relieve the financial condition
of the companies until ousiness activity is resumed. Furthermore, it was
said that it is possible that the proposed plan now pending may not be
successfully completed. This outlook, however, merely is a possibility*
it was admitted, for it generally is expected at the Treasury that the funding
programme will be perfected and ready for announcement possibly before
the end of the present week.
Advances will be begun immediately by the Treasury on the pending
claims out of the $200,000,000 fund now being held in the Treasury for the
benefit of the railroad this fund will suffice it is thought until a
request for authority to disburse additional funds for the aid of the rail
roads may be transmitted to Congress and the necessary appropriation
obtained.
Appropriation Reouired.

Officials are of the opinion that beyond the $200,000,000 now held in the
Treasury a further appropriation of funds must be made and consequently
will make no advances in excess of this amount until Congress acts favorably
on the Treasury's recommendation. This position is taken in opposition
to the contention of the railroad executives that a further appropriation by
Congress is not necessary for the advancement of Government funds to the
railroads.
In carrying out the program for the funding of the railroads’ indebted
ness to the Government and the immediate payment of the carriers’ claims
against the Government, growing out of tho period of Federal railroad oper
ation, officials pointed out that such a course is not in opposition to the
Treasury’s policies as opposed to tho financing of private needs with Gov
ernment funds.
Disbursements by the Treasury on tho pending railroad claims, it was said,
virtually amount to tho payment of debts owed by tho Government to the
railroad companies, and take the form of actual loans only to tho oxtout that
the companies must pay interest charges on advances until the claims and

THE 01 IRON IOLE

150

i uuiU'-c claims oxistlng between the Government ami tiw railroads can be
adjusted and settled.
Because of the interest charges paid by the carriers on the advances, the
transaction is a profitable one to the Government and betters the Treasury’s
condition, in addition to materially aiding the railroads during the present
period of critical railroad finances.
Humor's Views.

Secretary of Commerce Hoover who also has been giving serious thought
to the railroad problem in an effort to recommend some plan for the relief
of the carriers, declared that a fund of between $500,000,000 and $600,000,000 probably would meet the Immediate requirements of the companies and
to "start the railroads running again.”
It is the object of the funding program now being negotiated by the
Treasury with the railroad executives to put additional funds in the hands
of the railroads and thus enable the companies to meet their immediate re
quirements until revenues improve. The money would be paid by the
Treasury on account of claims of the roads for additions and betterments.

WORK RESUMED I E BRITISH COAL MINES.
General resumption of work took place in the British coal
mines on July 4 when the protracted strike, which had
begun April 1, was formally terminated. By reason of the
neglect which some of the pits suffered during the strike
they are likely to be closed permanently, it is said, and many
thousands of workers will be idle for quite a time, while
other mines are being placed in working order. With the
resumption of operations in the mines the Board of Trade
announced the immediate removal of restrictions on coal
and coke exports.
That the loss to the workers as well as the operators and
Government by stoppage of work would be very great
when figured in dollars, was to be expected,and although no
official computation yet has been made public, the United
News Service on July 5 gave an idea of the extent of the losses
to all parties concerned in the following cablegram from
London:
Speaking before the House of Commons, Sir Robert Horne declared that
the Government’s emergency expenditures In „he crisis were approximately
$100,000,000. And a "defense force” —still exceeding 78,000 men— is
costing the Government $250,000 every day.
For the miners, Dr. T. J. McNamara, Minister of Labor, reported that
more than 70,000,000 miners' working days were lost, with a loss of produc
tion of 52,000,000 tons of coal.
The damage to England’s export trade, the general industrial depression,
and the other economic losses incurred because of the strike, he declared,
were incalculable.
Scores of mines are still to be restored, while numerous pits have been
so damaged that they will never be operated agin. Thousands of miners
are as a consequence still out of work.
And there are still smouldering evidences of unsettled disputes. A hun
dred thousand Derbyshire miners were locked out Tuesday over a technical
method of loading coal in which the owners insist upon their owm regula
tions being carried out. An there is every indication that the independent
owners will not operate their pits unless they can do so on a sound economic
basis.
__________________________
G E R M A N Y S I GN S T R A D E A G R E E M E N T W I T H CHINA.

That a new agreement, according to Germans civil rights
in China, and re-establishing relations of “amity and com
merce between the two countries,” had been signed on May
20 became known on May 25. when William R. Giles, corre
spondent of the Chicago “Daily News,” sent advices to that
effect to that paper. According to Washington advices un
der date of July 6, formal notification of ratification of the
Treaty were exchanged in Peking on July 1 between Dr. W.
W. Yen. Chinese Minister of Foreign Affairs, and M. von
Borcli, on behalf of the German Republic. The official text
of this full resumption of diplomatic and commercial rela
tions has not yet been received by the State Department, but
the Chinese Foreign Office, according to the Peking press,
has issued an official statement, of which the following is
a summary:
By the signature, on Friday noon, of an agreement concluded between
China and Germany, relations of amity and commerce between the two
countries have been re-established. Germany also gives China a declaration
in which she consents to the abrogation of the consular jurisdiction in
China, expresses her inability through forefe majeure to effect restitution to
China of all her rights and privileges in Shantung, and undertakes ot ful
fill the obligations arising from the articles in the China section of the
Versailles Treatv, to restore to China all the German “ Glacis” and to reimburse the expenses of the interment of the German military forces in
China.
The agreement, which applies the principles of equality and reciprocity
and of the respect of territorial sovereignty, consists of seven articles.
Seven Articles Outlined.

The first deals with the mutual right of appointing diplomatic repre
sentatives, and the second with the right of appointing consuls and con
sular agents. The third article provides that the nationals of either of the
two countries have the right to travel, to reside and to engage in trade in
all places in the other where nationals of a third nation are allowed to do
so; that their life and property are under the jurisdiction of the local
courts and that they shall pay no imposts, taxes or contributions higher than
those paid by nationals of the country wherein they reside. The fourth arti
cle provides for tariff autonomy subject to the proviso that nationals of one
shall not pay import or export or transit duties higher than those paid by
nationals of other nations. The fifth article stipulates that the declaration
and the agreement shall be the basis for a definitive treaty ; the sixth arti
cle declares the French text to be authentic, and the seventh article sets
the date of the coming into force of the agreement on the day when the two
Governments shall have notified each other of their ratifications.

[ V o l . 113.
Exchange of Notes.

The plenipotentiaries of the two high contracting parties also exchanged
notes. In the note from the German representative to the Chinese Minister
of Foreign Affairs it is stated that with reference to the Sino-Qerman agree
ment and the German declaration there are certain interpretations, as fol
lows :
1. Though provision is made in Article 4 of the agreement with regard
to the customs duty on Chinese goods, China is still entitled to the privi
lege of applying Article 264 of the Treaty of Versailles.
2. By reimbursement of internment expenses, as stated in the declaration,
is meant that Germany, in addition to indemnifying China according to the
principles of the Versailles Treaty, is also willing to refund to China the
internment expenses. As to the war indemnity, Germany agrees to pay in
advance a portion thereof in a lump sum, which represents the equivalent
of one-half of the proceeds from the liquidated German property and onehalf of the values ot the sequestrated but not yet liquidated German prop
erty, which amount will eventually he agreed upon and which will consist
of $4,000,000 in cash and the balance in Tsin-Pu and Hu-Kwang railway
bonds.
3. Chinese property in Germany shall be returned at the ratification of
the agreement.
4. The German Government will assist Chinese students in Germany in
securing their education or practical experience.
Five Queries Answered.

In the same note there are also queries concerning the following matters,
to which answers are requested:
1. The security to be given in future to German property in China.
2. The judicial guarantee of German residents in China.
3. Cases in the mixed court.
4. China’s Trading with the Enemy Act, and,
5. The liquidation of Sino-German indebtedness.
The reply from the Minister of Foreign Affairs to the German represen
tative, while acknowledging the receipt of M von Borch’s letter contain
r.
ing the explanations on (1) the customs tariff on Chinese goods imported
into Germany; (2) the payment of indemnity; (3) Chinese property in
Germany, and (4) Chinese students in Germany, answers the queries from
the German representative as follows:
1. The Chinese Government promises full protection to German residents
in China, undertaking not to further sequestrate their property except in
accordance with principles of international law and the laws of China;
provided that Chinese would receive similar treatment in Germany.
2. Lawsuits in which Germans are involved shall be tried in the modern
courts according to the modern codes and following the regular procedure,
and the assistance of German lawyers and interpreters is permitted.
3. As to German cases in the mixed court, the Chinese Government will
try to find a solution so as to insure justice and fairness to both sides.
4. At the ratification of the agreement China’s Trading With the Enemy
Act will lose its effect, and all German trade marks which had been regis
tered at the Custom House will also recover their validity if registered
again by the owners. As to the German imports into China, the customs
duty may be paid according to the general tariff prior to the adoption of
the national tariff.
5. China has no intention of joining the clearing house system gener
ally established by the Allied and Associated Powers.
As to Indemnity Payment.
It is further stated that the Chinese Government, in consideration of the
fact that Germany undertakes to pay in a lump sum a portion of the war
indemnity, agrees to cease at the signature of the agreement all further
liquidation of German property, and on receipt of aforesaid indemnity
and after the ratification of the agreements agrees to return to German
owners all the proceeds from the liquidation of German property and all
the German property still under sequestration.
As to the Deutsch-Asiatic Bank and the Chin-Hsing Mining Corporation,
the Chinese authorities concerned will discuss methods of settlement with
the bank and with the corporation themselves.

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. Extensive
tables reporting bid and asked quotations, deposits, surplus,
&c., of banks and trust companies in all important cities in
the United States are published monthly in the “ Bank and
Quotation” Section, the July issue of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all
New York City bank and trust company stocks are also
published weekly in another department of this paper and
will be found to-day on page 173.
Hope of saving the Banque Industrielle de Chine, whose
suspension was reported in these columns last week, has
not yet been entirely abandoned, according to special copy
right cable from Paris to the New York “ Times,” dated
July 7. “ The latest appeal in the bank’s favor,” the dis
patch states, “ comes from the union of Lyons silk merchants,
whose yearly turnover with China is upwards of 600,000,000
francs. The appeal is addressed to the Minister of Foreign
Affairs— Premier Briand himself— and points out the con
fidence of Eastern silk merchants in the bank, due princi
pally to the optimistic statements about it by French diplo
matic and consular agents in the Far East. The entire
subject of the bank’s affairs, especially as they relate to the
Government’s foreign policy in the East, will come up for
discussion in the Chamber shortly on an interpellation b\
M . Outrey, Deputy for Cochin-China, but it is whispered
that he and other advocates of the bank may get a shook,
as critics are preparing to ask awkward questions supported
by a mass of figures and arguments.” A Pekin dis
patch early in the week stated that the Chinese Finance
Ministry and the Bankers’ Association would advance

J uly

9 1921.]

THE CHRONICLE

funds to redeem the outstanding bank notes of the Banquo
Industrielle de Chine, “ in order to maintain trade relation
ship between China and France without interruption.”
The dispatch further stated that if is estimated these notes
total 2,000,000 taels. This Chinese measure, we under
stand, doos not affect the other liabilities of the institution.
That t he Yokohama branch of - the failed bank has been
closed and annoucement made that clients would bo paid
in full is reported in a dispatch from that place under date
of July 4.
John A. Myers, Assistant Cashier of the National City
Bank of this city, has been appointed an Assistant VicePresident.
As a result of the expansion in its business the Harlem
branch of the Columbia Trust Co. of this city concluded
arrangements for the erection of a building of its own on
property at 151 and 153 West 125th St., which was recently
acquired by the trust company. The exterior of the new
building will be of selected limestone, while the interior mil
be of marble and American walnut.
The Guaranty Trust Co. of New York has issued a con
densed statement as of June 30, showing total resources of
$729,006,336 60, with capital, surplus and undivided profits
aggregating $55,545,372 84, and deposits of $534,460,674 33.
Substantial reductions are noted in the company’s redis
counts with the Federal Reserve Bank, now aggregating
$46,311,355 51, as compared with $85,489,945 09 on Feb.
28 of this year, the date of the company’s last previous
statement, and present outstanding acceptances in New
York and foreign offices of $34,595,477 70, as compared with
$55,731,926 48 on Feb. 28. The figure of undivided profits
of $5,545,372 84 is arrived at after charging off determined
losses and setting aside reserves for future contingencies.
Comparative figures of the undivided profits account of
the company as of June 30 for the last three years are given
as follows:
June 3 0 1 9 2 0 - . - ..............$ 8 ,2 6 0 ,5 0 9 241 June 3 0 1 9 1 8 - ................- .$ 1 ,8 1 5 ,3 6 1 51
June 30 1 9 1 9 ------------------ 4 ,4 7 9 ,8 7 6 83 i

151

Pacific Coast banks are represented among the incorporator i
of the new corporation, which has a capital and surplus of
$2,50,000. The new Robert Dollar Building, which now
houses the Shanghai office, is declared to be the most modern
and imposing business structure in that city. The Equitable
Eastern Banking Corporation occupies a suite of office: on
the ground floor. A number of prominent officials and
directors of The Equitable Trust Co. are among the incor
porators. The officers are Alvin W. Krech, Chairman Board
of Directors; George L. LeBlanc, President; Homan Dowd,
Vice-President; Ernest D. Kracht, Vice-President; Richard
R. Hunter, Secretary and Treasurer; Alfred B. Schumacher,
Manager New York Office; Henry C. Titus, Manager,
New York Office; James J. Rogers, Manager, Shanghai
Office; Dinar D. Funck, Assistant Manager Shanghai Office.
On .June 29 the Corporation showed assets and liabilities as
follows:
Assets —
C a sh on hand and in b a n k s_________________________________________
$ 2 7 8 ,8 3 6
N e w Y o r k S tate b o n d s _______________________________________________
92 3
D u o from foreign ban k s an d b ra n c h ______________________________ 2 ,5 8 8 ,0 6 5
B u llion on hand and in tra n s it_____________________________________ 2 ,2 5 4 ,4 7 0
A d van ces and d iscou n ts_____________________________________________
1 8 1 ,4 8 9
C u sto m e rs’ ’ iab ility on accep tan ces________________ $ 6 9 8 ,2 5 6 00
Less acceptances a n tic ip a te d _______________________ 6 5 0 ,0 0 0 0 0
--------------------4 8 ,2 5 6

57
75
25
60
01

00

$ 5 ,3 5 2 ,0 4 1 16

Liabilities.
C a p i t a l ___________________________________________
S u rp lu s___________________________________________
U n d ivid e d p r o fits ______________________________
A c cou n ts p a y a b le ______________________________
A ccep tan ces o u tsta n d in g ______________________
T im e drafts o u tsta n d in g ______________________

$ 2 , 000,000

00

5 0 0 ,0 0 0
3 0 2 ,8 8 5
899
6 9 8 ,2 5 6
1 ,8 5 0 ,0 0 0

00
82
34
00
00

$ 5 ,3 5 2 ,0 4 1 16

The statement of condition of the Corn Exchange Bank
dated July 1 shows that deposits have increased to $199,167,816 against $195,728,476 on Jan. 1 and $136,015,512
three years ago. Since the beginning of the year demand
loans have been reduced nearly $13,000,000 and other loans
$5,600,000. The bank has increased its investment in
Government obligations from $42,094,603 on Jan. 1 to
$64,064,532 on July 1.

The statement shows cash resources of $146,009,560 77.
Arrangements have been made by the Chatham & Phenix
National Bank of this city for the establishment of a new
branch office in the Pictorial Review Building at Thirty,
ninth St., where it has taken a ten-year lease on quarters
comprising about 5,100 square feet. The new branch will
be fitted with every banking facility and will open for business
about Sept. 1.
At the regular meeting this week of the Board of Directors
of The Bank of America of this city, William A . Bostwdck,
President of the International Nickel Company was elected
a member of the Board.

The Harriman National Bank on July 7 declared a regular
semi-annual dividend of 5 % and an extra dividend of 5 % ,
both dividends payable July 8.
A press dispatch from Boston dated July 1 states that
Judge DeCourcy of the Supreme Court has authorized Bank
Commissioner Allen to pay a dividend of 30% to depositors
in the savings department of the Cosmopolitan Trust Co. of
that city. The institution was closed by the Commissioner
last September.

The Comptroller of the Currency has issued a charter
to the First National Bank of Clifton, N. J. The new
institution will have a capital of $100,000. The officers
The balance sheet of the Discount Corporation of New chosen for the new bank are C. Wesley Bensen, President;
York as of June 30 1921, shows total assets of $64,727,950. Peter Cimmino, Vice-President, and William E. Walter,
Of this amount $62,159,169 is represented by Acceptances Vice-President & Cashier. The following are the directors:
Discounted and $2,553,738 by Cash and Due from Banks. C. Wesley Bensen, Peter Cimmino, Wayne Dumont,
On the debit side of the statement the major items are Loans John H. Finley, Robert H. Fordyce, Gottkard Kattermann,
Payable and Deposits, $29,928,912 and Acceptances Redis Albert S. Laber, William B. Mackay Jr., Joseph Opici,
counted and Sold with Endorsement, $27,487,688. The Frank E. Smith, William E. Walter. Mr. Bensen is also
combined capital, surplus and undivided profits of the cor a Vice-President & Treasurer of the United States Trust
poration is given at $6,768,640. Although established but Co. of Paterson. M r. Cimmino is Secretary & Assistant
thirty months ago, the Discount Corporation of New York Treasurer of the United States Trust Co., and M r. Walter
has already discounted and resold to investors no less than a Vice-President of the United States Trust Co. of Paterson.
$3,555,696,664 of acceptances. The aim of the corporation, The latter has also been examiner for the Department of
to which all its resources and energies are devoted, is the de Justice, Washington, Federal Reserve Board, Washington,
velopment and maintenance of an open discount market. and Department of Banking and Insurance, Trenton, N. J.
r he Discount Corporation has, through its operations, Director Mackay is Senator from Bergen County, N. J.
l
gathered in funds from every section of the United States The bank is expected to be a great help in the upbuilding
and placed them at the disposal of those interested in Amer of the section of Clifton in which it proposes to locate and
ica’s foreign commerce and in the establishment of dollar a great convenience to the people of Clifton, Passaic and
exchange as the peer of the pound sterling.
Garfield. The new bank building will bo constructed on
the corner of Parker Ave. and Center St. in the Botany
The directors of the Equitable Eastern Banking Corpora section of Clifton. The price at which the stock is disposed
tion at a meeting held June 30 declared out of the six months of is $150, par $100.
earnings an initial dividend of 3 % , payable July 5 to stock
of r<-cord June 30. The Equitable Eastern Banking Corpora
That the affairs of the Prudential Trust Co. of Boston
tion, a subsidiary of the Equitable Trust Co. of New York, were in a worse condition than he supposed when he closed
was organized in December 1920 for the purpose of develop the institution last September, and that there is no immedi
ing the Far Eastern business at that time being done by the ate prospect of the depositors in the Commercial Depart
Equitable Trust Co. of New York. Many important ment receiving a dividend, are disclosed in the report of

THE CHRONICLE

152

Bank Coruwi&filoner Joseph C. Allen to the depositors on
June 24. In his letter, as printed in part in the “ Boston
Transcript” of the same date, he says:
On Sept. 10, 1920, there was actual cash on deposit and on hand of
$138,018.06.
U p to and including Wednesday, June 15, 1921, we received
m addition, through liquidation of assets. $179,405.18, m aking a cash total
ot $617,4 : l - 1
. I here is on hand in actual cash as of June 15, 1921, $442,831.42.
i he difference between the above sum of $617,423.84 and the
actual cash on hand is represented by the following item s:
________________________________________________________ $91,544.01
C urrent expense __________________________________________________
33,919,39
Old
0,179.03
m n.
36.892.54

,1

______

_______________________ $174,592.42

"Suspense” means money advanced to protect second or th ird mortgages
against roreclosures of first mortgages.
T h is “ Suspense” is secured and
we hope there w ill be no substantial loss on this item.
“ C urrent Expense” means the total expense of carryin g on ttie liq u id a 
tion of both departments of the hank since Sept. 10, 1920. If it is rig h t
to charge a portion of this expense to the savings department, it w ill be
done. T h e liquidation has been most economical.
W e have collected as
interest $16,802.52 and as rents $20,818.45, a total of $37,620.97. I t w ill
he seen that the total interest and rent income of the commercial depart
ment exceeds the expense of liqu idating both departments to date.
A m ong the assets of the bank w hich were carried on the books as repre
senting actual values, a large quantity was found to he notes of debtors who
had been discharged in bankruptcy, or were in process of being discharged,
or were hopelessly insolvent, or could not possibly pay in fu ll, or could not
be found at all, or who, if they pay at all, w ill pay slowly.
Th e bank was closed because of the excessive quantity of bad, doubtful
and slow loans, as w ell as the constant w ith d ra w a l of deposits. As a m atter
of fact, the bank has proved to be in worse condition than was supposed.
Furtherm ore, bad business conditions have increased the d ifficu lty of col
lecting m any notes, otherwise fa irly collectible.
There appeared as of Sept. 10, 1920, to be outstanding claims of credi
tors against the commercial department, am ounting to $1,338,925.19, and
book assets am ounting to $1,590,243.41.
Th e total claims have been re
duced by law ful set-offs and in various ways to the present figure of allowed
claims, $917,497.07, and rejected claims of $27,495.83.
Claim ants whose
claims were rejected have the rig h t of appeal to the court.
Th e commercial department now holds the following assets besides the
cash mentioned above:
Real estate, mortgages, mostly second mortgages, many’ of which
are not yet due______________________________________________ $127,917.85
Dem and notes, •
all overdue________________________________________ 287,591.97
T im e notes, all overdue____________________________________________ 251,543.33
T o t a l ___________________________________________________________ $667,053.15
Th e utmost care and diligence is being employed in collections.
We
hope to sell the mortgages for cash, believing it better not to w a it u n til
m a tu rity if we can get a reasonable offer, even though this m ay involve a
sm all depreciation from book values.
It was necessary to ask for the instructions of the C ourt as to the proper
method of dealing w ith the question of the cash taken out of the savings de
partm ent and placed in the commercial department contrary to law. Th is
case has been heard before Charles S. H ill, Esq., master, appointed by the
Supreme Ju d ic ia l C ourt, to report the facts. He has not as yet made his
report.
Th e Commonwealth of Massachusetts, the U nited States of Am erica, the
County of Suffolk, and various individuals have made claims for fu ll pay
ment of their deposits. A ll of these adverse claims w ill be contested by the
bank commissioner in behalf of the commercial depositors as a whole. Th e y
involve such a large portion of the cash on hand that a dividend at the
present tim e is not feasible.
T h is is made plain from the fact that the amount of cash on hand in the
commercial department is $442,831.42, while the amount claimed as p rio ri
ties is $112,612.95, leaving a total of $230,218.47. Th e savings depart
ment claim for transfer of funds of $269,251.94, if allowed, w ill reduce this
to $60,966.53. Th e p rio rity claims, if allowed, w ill reduce the liabilities
to $804,884.12.
Th e C ourt has been inform ed of the demand of the Commonwealth
against the P rudential T ru s t Com pany and has advised the bank commis
sioner that no dividend should be paid to the commercial depositors u n til
the question of the p rio rity of the Commonwealth and others is decided.
Another legal d ifficu lty m ust also be disposed of. Acts 1908, Chapter
520, Section 4, provides that “ the capital stock of such corporation (a
trust com pany) w ith the liabilities of the stockholders thereunder shall be
held as security for the paym ent of such deposits and the persons m aking
such deposits or entitled thereto shall have an equal claim w ith other
creditors upon the capital and other property of the corporation in addition
to the security provided for by this A c t .”
T h is law has never been con
strued by the courts of Massachusetts. Lawyers and other authorities d if
fer as to its meaning.
W e are pushing the liquidation and as soon as
practicable w ill apply to the Court for authority to pay a dividend to the
commercial creditors.
v

J. Willison Smith, Vice-President of the Land Title &
Trust Co. of Philadelphia, has been elected President of the
West End Trust Co. of Philadelphia, succeeding Charles
B . Dunn. Mr. Smith has been connected Math the Land
Title & Trust Co. since April 1895. He was for a number of
T
years manager of the building operation department of that
trust company, and in 1916 was made Real Estate Officer
of the Land Title & Trust. Mr. Smith also served during
the war on the United States Shipping Board. He is also
General Appraiser of the Philadelphia Company for Guar
anteeing Mortgages.
A plan for the amalgamation of three Cleveland financial
institutions was announced on July 1. They are the Cleve
land Trust Co., the Northern National Bank and the North
ern Savings & Trust Co., the two latter being affiliated
institutions. Under the proposed plan, we understand, the

[V ol. 113.

Northern Savings & Trust Co. will be merged with the
Northern National Bank, and when the consolidation be
comes effective the Cleveland Trust Co. will take over the
assets and assume the liabilities of the resulting institu
tion. A s a result of the combination the Cleveland Trust
Co. will have deposits of approximately $106,000,000 and
resources In excess of $128,000,000. During the last two
years the Cleveland Trust Co. lias acquired the People’s Bank
and the Forest City Bank, two of the oldest and strongest
financial Institutions on tin* West Side of Cleveland, as well
as the Hough Bank and the West Park Bank, and has also
greatly expanded its branch bank facilities, recently enter
ing the industrial field by establishing a branch bank at
Nela Park. The Northern National Bank has a capital of
$500,000 and began business on September 15, 1919.
The
Northern Savings & Trust Co. began business in October
1920 and lias a capital of $250,000.
At the annual meeting of the directors of the Society for
Savings of Cleveland, Ohio, on June 28, Myron T. Herrick,
President of the Society and newly appointed Ambassador to
France, was elected Chairman of the Board, and John H.
Dexter, Secretary and Treasurer of the Society, was made
President . This is the third time in the history of the Society
that changes have had to be made in the executive staff
because of the election and appointment of Mr. Herrick to a
political office. He became President of the Society in
1894 and ten years later, during his term of office as Governor
of Ohio, he resigned. Three years later he again became
President and in 1912 his office in the Savings Society was
again interrupted with his appointment as Ambassador to
France by President Taft. M r. Dexter has been associated
with the institution for 16 years, and had been with the
Peoples Savings & Trust Company before his connection with
the Society for Savings. Besides the changes in the official
staff of the Society for Savings on June 28 indicated above,
Charles O. Patch was elected Executive Vice-President;
the dual office of Secretary and Treasurer, formerly held
by M r. Dexter, has been divided, and J. C. Hoffman, formerly
Assistant Treasurer, has been made Treasurer; and Howard
M . Yost, formerly Assistant Secretary, has been made
Secretary; R. T . Edison, formerly Assistant Secretary, has
also assumed the office of Assistant Treasurer.
The Chicago Trust Company, of Chicago, 111., has deemed
it necessary to provide for more adequate quarters; ac
cordingly the C. T. C. Building Corporation, the stock of
which is owned by the Chicago Trust Company, has pur
chased from the Louis M. Stumer estate, Benjamin J. Rosen
thal. Louis Eckstein and A. E. Norman the leasehold and
building and the fee and building at 109 to 115 South Clai'k
Street, 48 x 90.5. In reporting the purchase, the Chicago
“Economist” of June 29 said:
In M arch, 1920, the company acquired from the E . J . Lehm ann estate
the attractive property north and adjacent, form erly known as the Rector
bu ilding , fronting 91 "feet on C la rk Street, w ith a frontage of 90.5 feet in
Monroe, and w ith the holding just purchased has a frontage of 139 feet in
South C la rk Street and 90.5 in Monroe.
Th e object of the purchase was
because the bank required more room than it has in the four stories it now
occupies in the b u ild in g w hich bears its name at the southwest corner of
State and Madison streets. Also the bank wanted a permanent home of its
own in a section in the direction of w hich the business of the bank has
been grow ing. Th e purchase of Nos. I l l to 115 is logical, as it w ill make
i t a more profitable business enterprise because of the increase in the u nit
value of the two properties as well as the economies effected through the
unification of the operation of the properties.
Of the properties just acquired the land im m ediately south and adjacent
to the Rector bu ilding , 24 x 90.5 feet, at 109 to 111, belongs to Harry
M . and S. L . Marks, and is under lease for 99 years from M ay 1, 1905, at
an annual rental of $6,300, or 4 % on a valuation of $157,500, being at
the rate of $6,562.50 a front foot and $72.53 a square foot.
Th e piece
south and adjacent, No. 115, 2 4 x 90.5, was purchased in the spring of
1905 from General John R. Page and W illia m R . Page for $142,500, or
$5,937.50 a front foot and $65.60 a square foot.
Th e land is improved w ith four-story buildings, the first story of each
being occupied w ith a restaurant, w hile the three upper stories are fin 
ished for and occupied as offices by the Federal Reserve Bank of Chicago,
w hich also occupies the greater part of the Rector building.
Th e bank does not intend to make any change in the property at present,
as it w ill be some tim e before i t w ill obtain possession of either bu ild in g ,
as the Federal Reserve Bank cannot move u n til its new b u ilding at the
northwest corner of La Salle Street and Jackson Boulevard is completed.
T h e sale of the property was negotiated by the Central Realty Com pany.
Th e legal details in behalf of the purchasers were attended to by Fisher,
Boyden, Kales & B ell, w hile the sellers were represented by D 'Ancoua &
Pflaum .
As the bank grows the officers of that institution see the necessity more
and more of preparing for the future in having accommodations adequate
to provide for w hat they must as conservative business men look forward
to the years w hich are to come.
Th e bank is grow ing vapidly and its
grow th promises to be more rap id in the years which arc to come.
T h e Chicago T ru s t Com pany was organized in 1902 w ith a capital of
$250,000, and increased this to $1,000,000 in 1910. Th e management has
been’in the hands of men who combine conservatism w ith progressive methI ods, and its success has been steady and substantial.
It is a State institu-

153

THE O im O N IC LE

J uly 9 1921.]

tion, a member of the Federal Reserve System and tbe Chicago Clearing
House Association. In addition to conducting a regular banking business
the Chicago Trust Company does a substantial trust, bond and real estate
loan business,

T he C om ptroller of the C urrency announces a change
in the title on June 28 of the Jefferson Park N ational B ank,
Jefferson Park, C hicago, 111., to the Jefferson Park N ational
B ank of Chicago.
The Adams State Bank, o f Chicago, 111., has increased its
capital from $100,000 to $200,000. The enlarged capital be
cam e effective June 1. The surplus has been also increased
from $10,000 to $20,000. The additional stock was author
ized by the stockholders on A pril 20 last. The new issue
(par $100) was disposed of at $135 per share.
At a meeting of the B oard o f D irectors o f the Noel State
Bank o f Chicago, on June 29, Lym an T. Burgess w as elected
Cashier, succeeding Jam es T. Perkins, resigned.
Loren Felts, Cashier o f the First National Bank o f H ar
risburg, 111., was on July 3 arrested in connection with a
shortage o f $12,000 in the funds o f the institution recently
discovered by Federal bank examiners. T he accused had
been Cashier of the bank fo r ten years and w as well and
favorably known in H arrisburg.
The M anhattan Bank and Trust Company o f El Paso,
Texas, capital $100,000, has received authority from the
Banking Department o f that State to do business. Its stock
is in shares of $100 each and was disposed o f at $110 per
share. The com pany is scheduled to begin business about
August 1. E dw ard G. Perry is President o f the new insti
tution, and W ebster C. Haden. V ice-President and Cashier.
On June 20 the C anal-Com m ercial Trust & Savings B ank
of N ew Orleans, opened its handsom e new bank building at
the corner of C om m on and Carondelet Streets. Other banks
and m any of the com m ercial institutions of N ew Orleans as
well participated in the event b y sending flowers, and all day
long the banking room s were thronged w ith the patrons and
friends o f the institution who called to offer congratulations.
The interior of the bank is finished in Travernelle Claire
Italian m arble of a bu ff tone, w ith floors of w hite Italian
m arble. The walls are of Caen stone witli ornate cornices
and ceilings and the colum ns are encased in m arble. The
cages of the tellers are o f m arble, bronze and glass, highly
decorated, yet simple in design. T he m ain banking room
has a clear height in the centre of thirty feet from the floor
to the glass roof or skylight, above the centre of the room .
A mezzanine floor extends around the fou r sides o f the
room which is reached b y an elevator and private stairw ay.
On this floor the large clerical force of the bank has its
quarters. On the C arondelet Street fron t of the banking
room the officials of the institution have their desks. The
bank has a com bined capital and surplus of $6,000,000.
W . R . Irby is Chairm an of the B oard of D irectors and
J. P . B utler, J r., President of the institution.
T he H ibernia B ank & Trust C om pany of N ew Orleans
declared its regular quarterly dividend of 6 % payable on
July 1. This is at the rate of 2 4 % per annum , the b an k ’ s
usual rate, and is payable to shareholders upon their invested
capital and to em ployees of the bank on their invested
time, effort and loyalty. T he dividend to em ployees is based
upon annual salaries. This dividend to em ployees is one of
several plans maintained b y the bank in the interest of their
em ployees. It is so arranged that a prem ium is placed upon
continuity of service, but even the newest w orker in the big
institution com es in for extra com pensation.
T he H ibernia
B ank, in addition to its p rofit sharing plan, also maintains
life insurance for its clerks to the extent of one year’ s salary.
Over on the Gulf Coast— at Pass Christian— the institution
maintains “ Hibernia C ottage” a sum m er hom e for the use
of em ployees both as a vaction spot and as an ideal place to
spend restful week-ends.

-----♦
----The First National Bank o f Han Diego, Cal., announces
that it has recently opened a Bond Department, o f which
A rthur Dewar has been appointed manager. In its new
departm ent the bank will actively engage in the distribu
tion o f Government, municipal and corporation bonds.

Vast throngs attended the formal opening, on June 27, its
anil 29, o f the Bank o f Italy’ s new head-office buihiine in
Han Francisco. On the first day, we are Informed, between
the hours o f 12 o ’clock noon and 10 o ’clock p.m., 25,140 poo
pie visited the building; on the second day, between the
hours o f 10 a.m. and 10 p.m., the visitors numbered 30,017,
and on the last day the number admitted between the hour
o f 10 a.in. and 1 p.m. was 8,691.
--------*-------

Press dispatches from Beattie under date of July I report
the closing of the Scandinavian-A m erican Bank of Seattle
on that date with a com bin ed capital and surplus o f m o r e
than $1,250,000 and total deposits o f approxim ately $11,800,000. A ccord in g to the Seattle “ P ost-In telligen cer” of
July 1, on the night of June 30 the board of directors of the
bank voted to suspend business im m ediately and place the
bank in the hands of the State Supervisor of -Banking. T o
this end the following- resolution was adopted:
Whereas, T he interest o f all the depositors o f this bank will be best ser ved
b y the immediate suspension o f business o f this bank, and b y turning over
its affairs to th e Supervisor o f Banking. N ow , therefore, be it
Resolved, By this board o f directors o f the Scandm avian-Ameriean Bank
o f Seattle, that said bank forthw ith suspend business and place itself
under the control o f the Supervisor o f Banicing as provided b y law, and
th at there be im m ediately posted on the doors o f this bank th e following
notice: “ This bank is in th e hands o f the Supervisor o f Banking, and that
such officers be im mediately notified accordingly.”

John P . D u k e, the State Supervisor o f B anks, subsequent
to the closing o f the institution, the “ P ost-In telligen eer”
states, m ade a statem ent in w hich he absolved the present
m anagem ent o f the ban k from blam e in the failure. This
statem ent is as follow s:
The failure o f the Scandinavian American Bank o f Seattle is largely
attributed to a shrinkage of values during the last year and a half, and
recent abnormal deposit decreases.
The present management, headed b y Ralph Stacy since Jan. 1920. is
in no way to blame for the unfortunate situation and a great deal o f credit
is due it for its earnest and untiring efforts to protect the interests o f the
depositors and carry the bank over its troubles.

M r . D uke is also further reported as saying: “ E very
effort will be m ade to expedite the liquidation o f the bank
so that depositors will not be su bjected to any unnecessary
delay in receiving their share o f the assets o f the in stitu tion .”
R . A . Langley, we understand, has been a ppoin ted special
D ep u ty Supervisor in charge o f the liquidation o f the
institution. W e also understand that the Clearing H ouse
A ssociation o f Seattle has m ade the announcem ent that
reasonable advances against depositors’ claims will be
arranged b y .t h e A ssociation as soon as the State B anking
D epartm en t through the D e p u ty Supervisor in charge is
able to furnish p ro o f o f claims to depositors.
The follow ing prom otions in the official staff o f the U nion
N ational B ank of Seattle, becam e effective J u ly 1: D ietrich
G . Schm itz, form erly M anager o f the B on d D ep artm en t,
becam e a V ice-P resident of the institution in charge o f the
B ond D epartm ent; .0 . W . Tu pper, heretofore an Assistant
Cashier, p rom oted to the Cashiership; E . B . A n sley, form erly
an Assistant Cashier in charge o f the Business Service
D epartm ent, becam e Assistant V ice-President in charge of
the Business Service D epartm ent; E . J. W h itty , heretofore
an Assistant Cashier in the C redit D epartm en t, m ade
M anager o f the C redit D epartm en t, and Leland I. T olm an,
form erly Assistant M an ager of the Foreign D epartm en t,
prom oted to M anager of that departm ent. Other p ro 
m otions were N . Carl N eilson to Assistant Cashier; Caspar
W . Clarke to Assistant M anager of the C redit D epartm ent
and H . F . K elley prom oted to A u ditor.
THE ENGLISH GOLD A N D SILVER MARKETS.
W e reprint the follow ing from the w eekly circular of
Samuel M ontagu & C o. of L on don , written under date of
June 16 1921:
GOLD.
The Bank o f England gold reserve against its note issue is £126,547,440,
as com pared with £1^6,545,430 last week. T he fair am ount o f gold that
came into the market was taken for Now Y ork. The Transvaal gold output
for M a y 1921 am ounted to 687,776 fine ounces, as com apred with 681,382
fine ounces in April 1921 and 699,041 fine ounces in M a y 1920.
S IL V E R .
Business has been com paratively inactive during the week. India has
figured as a buyer and also (yestorday and to-day) as a seller, while a small
purchase has been reported for China, possibly in the nature o f bear covering.
The Continent has sold silver, and some speculative interest has been taken
in the same direction. T h e market has shown a front o f apparent steadi
ness. A good doal o f this is owing to the appreciation o f gold reflected in
the U. 8. exchange, and to a consequent indifference to make silver sales
from that quarter. On the whole the position o f China with regard to silver
is im m obile. On the one hand are obstinate speculators who have sold
sterling (that Is to say, bought silver); on the other, are banks which hold a
different view o f the relation between sliver and sterling.
India has been a powerful force this year, but m ay be said to have shot
its b o lt for the mom ent, and, pending an assured and favorable m onsoon.

154

THE CHRONICLE

s hardly likely to figure heavily as a buyer unless more gold is available for
iexport than has recently been making its appearance. The rupee has been
airly maintained of late, but an untoward monsoon would certainly have
lan unusually ill effect. At present the rains, which arrived late, seem
somewhat uncertain
it may be mentioned that the intrinsic value of the
rupee, with silver at 35d., is not much over Is. Id.
Trade demand for silver is almost non-existent—luxury trades are begin
ning to feel the stress of the times and the pockets of many spenders are not
so well filled or the owners are not inclined to part readily with the contents.
In other words, caution is the mot d ’ordre.
Behind, however, the apparent steadiness (helped by lessened production
and U S purchases under the Pittman Act), looms the possibility of unseen
and powerful factors arising out of the European demonetization of the
metal. t he changed attitude toward currency acts in two ways: it prevents
fresh purchases on behalf of mints and it places from time to time supplies
on the market of more or less importance. The “ Frankfurter Zeitung"
referred in its issue of June b 1021 to a stock of one million kilos (32,150,000
ounces, which the Reichsbank proposes to pledge with the object of obtaili
ng funds for the discharge of German obligations due on Aug. 31 for repara
tions to the Allies. The collection of the silver from the various branches
of the Reichsbank may cake some time. Various banks are said to have
been approached in England, America, Holland, Sweden and Switzerland
on the question of advancing the money. The difficulty of easily disposing
of such a large accretion of silver seems to be the reason why the idea of
borrowing is entertained, rather than that of attempting an immediate sale.
Obviously, also, the reduction of the quality of British silver coin from .925
to .500 is resulting in a surplus stock of silver. Whether one or other, or
both, of these substantial accumulations be realized—and it is difficult to
see why they should be held unsold for an indefinite period— the fact of some
sixty or even eighty million ounces of demonetized silver being held in
abeyance is a serious factor in estimating the sterling value of silver. Not
withstanding an undoubted shrinkage of supplies brought about by the
higher cost of mining, and by the operation of the Pittman Act, bull opera
tors will find it difficult to avoid the sensation of skating upon very thin ice
(In Lacs of Rupees)—

Indian Currency Returns.
M ay 22.

M a y 31.

June 7.

Notes in circulation__ :______________
.16708
16781
16789
Silver coin and bullion in India____________- 6641
6717
6719
Silver coin and bullion out of India__
Gold coin and bullion in India_____________ 2430
2430
2436
Gold coin and bullion out of India___
Securities (Indian Government)___________ 6802
__
6799
6799
Securities (British Government).................... 835
835
835
No coinage was reported during the week ending 7th inst.
The stock in Shanghai on the the 11th inst. consisted of about 38,700,000
ounces in sycee, and 27,000,000 dollars, as compared with about 40,100,000
ounces in sycee, and 27,500,000 dollars on the 4th inst.
The Shanghai exchange is quoted at 3s. 4d. the tael.
— Bar Silver, per Oz. Sid.—
Bar Gold,
Quotations—
Cash.
2 M os.
per Oz. Fine.
June 10---------------------------- 35%d.
35%d.
Ills .
“ 11______________ _____ 35%d.
35%d.
.............
“
13____________ ______ 35%d.
35%d.
110s. od.
35%d.
110s.
“
14___ _____ _________ 35%d.
“
15__________________ 35d.
35d.
109s. 2d.
" 16-............ ............ _-_.34% d.
34%d.
108s. 7d.
Average___________________ 35.375d.
35.229d.
109s. lOd.
The silver quotations to-day for cash and forward delivery are respectively
%d. and %d. below those fixed a week ago.

[ V o l . 1 13 .

Clearings by Telegraph Sales of Stocks, Bonds, &c*
'Vim subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Clearings—Returns by Telegraph.
Week ending July 9.

1921.

1920.

Per
Cent.

New York - ______________ _____ _
_
Chicago___ ..................
Philadelphia____ ___ ____
Boston______ _
Kansas City.. ________
St. Louis__ _ _______ ____
San Francisco............ . _
Pittsburgh___
_
Detroit___
Baltimore_____
New Orleans__ ________

$2,447,200,000
335,788,385
272,681,853
187,753,396
93.409,482
74.800.000
88.500.000
*85,000,000
56,885,289
61,130,990
35,742,690

$3,031,999,816
446,183,928
326,712,098
245,439,269
161.475,397
108,582,144
107 O O 000
O
113,095,138
68,000,000
79.209,627
53,148,779

—19.^
—24.7
16.5
—23.5
—42.1
—31.1
_ 1 ^
7
- 24.8
—16.4
—22.8
—34.6

Eleven cities, 5 days._____
Other cities, 5 days__

$3,738,892,085
871,463,928

$4,740,846,185
1,001,472,413

—21.1
—13.0

Total all cities, 5 days.......................
All cities, 1 day__ _ __________

$4,610,356,013
1,124,692,463

$5,742,318,598
1,453.514,874

—19.7
—22.6

Total all cities for week___________

$5,735,048,476

$7,195,833,472

—20.3

* E stim ated.

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the six months of 1921 and 1920 are given below:
6 M o s., 1921.
Par Value.

D escription .
S t o c k /S h a r e s ....................................................... ..
\Par value
_ _ ................................
R ailroad b o n d s . _..
U nited States G overn m en t b o n d s _______ _ .
State, foreign, & c., b o n d s . _____
_________ . .
B ank s to ck s _______ ____ _______ ___________________

93,667,053
125,197,966
$6,934,557,380 $11,081,515,525
450,627,100
294,289,000
950,168,040
1,573,066,000
150,505,300
j 13,912,600
1,400

T o ta l par va lu e____ ________________________

$13,099,376,225

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1921
and 1920 is indicated in the following:
SALES OF ST O C K S A T T H E N E W Y O R K ST O C K E X C H A N G E .
1921.

No. Shares.

1920.

par Values.

The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
M on.
T ues.
W ed.
Thurs.
F ri.
Week ending July 8.
July 2. July 4. July 5.
July 6 . July 7.
July 8.
Silver, per o z ______________ d. 3 5 %
35%
36%
36%
36%
36%
G old, per fine ou n ce_________ I lO s .ld . 110s.3d. 1 1 0 s.Id . 110s.4d. 110s.9d. 110s.lOd.
Consols, 2 % per cents------------------- 48
47%
47%
47%
47%
British, 5 per cen ts---------------- — — 8 8 %
88%
88%
88%
88%
British, 4 % per cen ts--------------------- 8 1 %
81%
81%
81%
81%
French R entes (in P a ris)_ _fr. H olid a y 56.15
56.30
56.40
56.50
56.55
French W ar Loan(InParis) fr. H olid a y 82.70
82.70
82.70
82.70
82.70

The price of silver in New York on the same days has been:
Silver in N. Y ., per oz. (cts .):
D o m e s t ic _____ ____________ 9 9 %
F oreign ____________________ 5 8 %

99%
58%

TRADE

T R A F F IC

AND

99%
59%

99%
59%

99%
59%

99%
60

M OVEM ENTS.

S T E E L P R O D U C T IO N IN J U N E .— According to a
statement prepared by the American Iron & Steel Institute,
the production of steel in June 1921 by thirty companies,
which in 1920 made about 8 4 .2 0 % of the steel ingot produc
tion in that year, amounted to but 1,003,406 tons. This
contrasts with 2,980,690 tons for the corresponding period
last year. By processes, the output was as follows:
Open hearth_______________________
B e s s e m e r_________________________
A n o t h e r ____________
T o t a l ____________________ - - - - -

June 1921.
808,286
193.644
1,476

June 1920. 6 M o s. *21. 6 M o s. ’20.
2,287,273
6,918,884 13,477.262
675,954
2,073,973
4,070,810
17,463
13,998
S6,362

1,003,406

2,980.690

9,006,855

17.634,434

L A K E S U P E R IO R IR O N ORE S H IP M E N T S .— The
shipments of Lake Superior iron ore during June 1921 totaled
only 3,600,989 tons, as against 9,233,566 tons in June 1920,
a decrease of 5,632,577 tons. The movement for the season
to July 1 is more than 10,069,278 tons behind the shipments
for the corresponding period last year.
Below we compare shipments from the different ports for
June 1921, 1920 and 1919 and for the respective seasons to
July 1:
-------------------- June------------------------------------- Season to July 1--------------Port—
1921.
1920.
1919.
1921.
1920.
1919.
E scanaba__tons_
138,756 1,147,136
759.647
210,S04 1,942,809 1,414,527
38,959
553,367
296,127
52,944
928,403
447,876
M a r q u e t t e _______
\shland
___ 309.398 1,299,820
951,287
526,937 2,312,869 1,768,292
Superior"............ ..
873,674 2,256,250 1,889,294
1,716.230 4.445.406 3,241,561
D uluth
_______ 1,681,411 2,528,446 2,947,650
2,908.299 4,216,685 6,699,038
T w o H arbors_ 558,791
1,448.547 1,136,833
956,013 2,594,243 2,437,125
T o t a l................... 3.600.989 9,233,566 7,980,839

6.371,227 16.440,505 16.008.410

No. Shares.

Par Values.

M on th o f J a n u a ry . _____ _
F eb ru a ry .......... ....
M a r c h __________

16.144,876 $1,327,513,750
795,420,453
10,169,671
16,321,131 1.178,823,470

19,880,166 $1,781,060,200
21,805,303 1,929,409,800
29,008,749 2,585,G53,325

T o ta l first quarter______

42,635,678 $3,301,757,673

70,754,218 $6,295,523,325

15,529.709
17,236,995
18,264,671

28,447,239
16,642,242
9,354.267

M on th o f A pril_____ _______
M a y _____________
J u n e --------

1.044,593,548
1,218,686,698
1,369,519,461

T o ta l second quarter____

51,031.375 S3.632,799,707

Six M o n th s ____ ____ ____

ENGLISH FINANCIAL MARKETS—PER CABLE.

6 M o s ., 1920.
Par Value.

93.667.053

2,534,782,100
1,434,029,950
815,179,150

54,443.748 $4,785,991,200

6,934,557.380 125,197,966 11,081.514,525

The following compilation covers the clearings by months
since Jan. 1 in 1921 and 1920:
M O N T H L Y C L E A R IN G S .

Clearings, Total All.

Clearings Outside Now York.

M onth
1921.

1920.

%

1921.

1920.

%

$
$
1
$
$
J a n ___ 33,599,927,206 41,688,893,871 — 19.4 15,026,882,881 18,479,173,765 — 18.7
F e b - - . 26,639,072,624 33,311,265,390 — 20.0 12,110.457.551 15,167,212,967 — 20.2’
M a r c h 31,017,896.613,41,338,257,691 — 25.0 14,335,908,350 19,004,994,830' — 24.6
1st qu. 91,256,896,443! 116338418,952 — 21.6 41,473,248,782 52,651,381,562 — 21.2
April _ 28,907.388,782 39,679,843.476 — 27.1 13,371,573,631 17,879,399,381 — 2 5 .2
M a y _ _ 28,594,983.121 36,845,151,356 — 22.4 12,747,678,413 17,103,627,351 — 25.4
June _ _ 30,0S2,678,144 38,448,732,775 — 21.8 13,233,299,142 17,939,997,404 — 26.2'
2d q u . 87,585,050.047 114973.727,607 — 23.8 39,352,551,186 52,923,024,136 — 25.fr
6 m o s . 178841946 490 231312,146,559 — 22.7 80,825.799,968 105574,405,698 — 23.4

The course of bank clearings at leading cities of the country
for the month of June and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
B A N K C L E A R IN G S A T L E A D I N G C I T I E S .
■June-----------------------------------Jan. 1 to June 3 0 1921.
1919.
191S1920.
1921. 1920. 1919. 1918.
(000.0006'
s
$
$
$
$
omitted.)
S
$
S
N ew Y ork
, _ .1 6 ,84 9 20,509 19,754 14.S5S 98,016 125,738 104,512 85,330C hicago
_______ . 2,106 2,734 2,386 2,077 13,086 16,502 13,636 12.016
8,068
7,391
7,061
9,760
_ 1,202 1.648 1,527 1,531
B oston _______
9,165
Philadelphia ------ _ 1,769 2.283 1,850 1,700 10,244 12,577 10.333
3.S87
3,094
3.7 SO
624
4,322
677
696
505
St. L ou is_____ _
2,363
4,217
3.409
614
568
3,685
576
761
P ittsb u rgh _____ _ _
4.023
3,160
2,558
461
3.268
693
552
531
San F ran cisco____ _
1.487
1,804
1.322
1,427
239
248
315
_
233
Cincinnati _
1,962
2,367
1.966
294
1,387
353
307
428
Baltim ore
____ .
3,817
6.161
4,951
4,753667
1,002
845
_
593
Kansas C ity ___
3,371
2,427
1,967
2,557
387
610
456
_
381
C le v e la n d ___
1.739
1.414
1.420
187
l ,090
250
259
161
N ew O rleans-------755
1,595
1,719
959
110
366
156
.
273
M inneapolis
502
589'
93
609
560
71
127
100
Louisville_____ - _
3,053
1,923
2,226
1.406
2S7
346
410
556
D e tro it___________ .
775
702
721
869
115
137
152
119
M ilw a u k e e ---------- _
987
1,909
736
2,062
120
353
336
180
Los A ngeles---------295
363
261
48
261
47
59
43
P r o v id e n c e ____ 1,443
1,771
1,381
234
978
202
247
159
O m ah a___________ _
914
646
521
1.123
86
205
150
151
B u ffa lo___________ 367
428
835
818
63
184
S3
144
St. P a u l__________ .
364
362
478
366
65
84
65
64
In d ia n a p olis_____
720
951
548
589
162
128
SO
115
D en v er______ 1,279
1,204
1.618
174
1.028
212
157
251
R ic h m o n d _ ____ _
_
317
402
699
366
37
78
01
55
M e m p h is -. - —
912
806
733
1.101
164
153
.
124
1S3
Seattle _ _
_
209
201
226
260
35
35
42
34
H artford - ___
300
315
323
448
63
40
7S
60
Salt Lake C lty _ -_
T o t a l _______ - -27,563 35,057 31,861 25,212 163,139 210,321 171.492 144.371
15.899 12.587
15,703 20.991
O ther cities---------- 2,519 3.392 2,394 2,106
T o ta l all_.
30,082 38,440 34.265 27,318 178.842 231.312 180.301 150.983
Outside N ew Y ork 13,233 17.940 14,501 12.460 80.820 105.574 81.879 7 l .028

J uly

9 1921.]

THE CHRONICLE

155

BAN K CLEAR IN (]S —CON TIN UNI) FROM PACK 109
ill

1921.

1920.

$
?
1,202,071,051 1,648,131,831
Boston____ ____
59,369,900
42,700,500
Providence_________
34,129,150
41,873,686
Hartford___________
27,380,978
22,401,141
New Haven _______
17.881,082
24,119,574
Springfield. -----------13,729,775
11,004,844
Portland...............—
15,304,091
19,917,726
\ oroester__________
\
11,598,441
5,897,032
Fall River _______
8,996,540
5.813.899
Now Bedford.
4,786,811
3,374.728
Holyoke----- ----------4,980,354
5,781,252
ell
....... ..........
3,842,364
3,737,374
or
. - . .........
7,000,000
9,613,700
Waterbury------ ------12,772,384
3,114,421
Stamford__________
4,675,835 'vl'ot included i
Lynn........... ..............

Week n u l i n o July

Six M o n t h s .

J u n e.

Cleu /Lilya

I n c . or
D ec.

%

27.1
—27.0
IS.,')
— 18.0
25.9
15 0
22.9
49 2
—35.5
29.5
13.8
—2.7
—27.2
-1-310.1
i total.

1021.

1920.

S
$
7,001,917,327 9,759,710,456
200,673,400
363,065,800
226,099,329
200,470,486
141,862.103
164,599,531
110,816,203
134,357,938
7*5,166,907
69,276,027
91,946,842
116,757,954
30.784,226
72,012,257
33,515,862
55,771,598
24 ,035,888
25,225,954
28.121,918
33,377,376
22,231,003
22,530,505
41,021,400
51,249,100
60,354,526
15,436,940
9,829,158 Not included in

t m or
D ec.

%

—27.0
—28.2
18.2
— 13.9
L7.5
- 9.1
—21.2
—48.9
—39.9
—4.7
— 15.7
+ 1.3
— 18.8
+ 291.0
total.

1921.

1920.

I n c . or
D ec.

$
$
%
273,882,140 400,841,007 —31.7
11,511,400
10,210,800 —29.0
12,170,549
24.0
9,244,070
0,600,000 — 15.9
5,405,398
0,232,079 —32.3
1,217,015
3.000. 000— 15.0
2,550,000
3,847.099
4 ,955,440 —22.4
1,282,830
2,758,485 —53.5
1,927,297 —36.9
1,215,905
700,000
1.000.000 —30.0
1,327,980 — 15.4
1,122,197
092,125 + 0.1
092,980

2.
1010.

1918,

S
386,173,102
9,400,700
9.071,904
5,497.075
4.617.484
2,600,000
4,064,008
2.070,713
1,209,169
800,000
1,036,980
572,649

3 J2,411,623
12.331,200
10.023, J36
6.804,701
4,479,020
3,018,263
3,930,148
2,274,078
1,860,921
866,189
1,100,000
818,021

—31.0
—40.6
—29.2
—37.3
—7.1
— 17.6
—36.6
— 19.1
—36.1
—15.7
—26.9
— 19.3
—46.3
—32.3
— 18.2
—36.9

427,209,772
170,380,117
38,382,429
48,823,602
15,087,931
18,812,598
15,283,273
10,027,040
10,217,229
6,969.923
11,776,600
2,761,572
4,977,743
2,345,050
786,626
3,435,970

300.013 444
144,146,166
20,186,720
42,510,820
14,256,730
21,303,111
10,526,912
10,054,725
7,491,244
3,791,616
6,992,056
2,850,000
3,885,035
1,990,923
752,212
1,641,984

1,210,761
3,121,145
693,628

2,163,073 —44.1
1.749,737 + 78.5
1,141,540 —39.2

1,808,958
1.905,465
9,366,659

1,643,938
1,901.893
729,869

+ 000,000 Not included In tota
1,351,128 Not included in tota
457,622,427
223,002,193
81,744,149
53,302,148
36,065,482
21,776,703
14.224,617
11,127,993
8,667,950
7,040,779
12,578.885
2,803,457
5,325,646
2,936,587
1,100,000
2,777,644

Total Now England 1,389,914,836 1,882,256,999 —26.2
592,755,108 1,001,527,090 —40.8
Kansas City-----------273,337,703
366,498,948 —25.4
Minneapolis________
247,216,949 —35.9
158,531,402
Omaha____________
184,254,462 —21.7
144,085,183
St. Paul-------- -------162,273,405 —29.0
115,214,943
.Denver____________
70,182,884 —39.6
42,369,018
St. Joseph.................
54,674.715 —34.6
35,747,901
Des Moines.... ..........
43,219,596 — 45.6
23,508,885
Sioux City-------- _ - 36,975,225 —20.5
29,401,804
Duluth____________
66,709,585 —30.3
46,469,076
Wichita___________
12,449,694
15,298,192 —18.6
Topeka____________
23.918,413 —42.6
Lincoln------ -----------13,735,281
12,442,145 —28.9
Cedar Rapids______
8,846,863
4,806,038 —15.5
4,061,521
Colorado Springs----14,163.397 —43.7
7,975,395
Fargo-------------- —
9,733,239
15,230,923 —36.1
Sioux Falls___ _
9,398,683 —39.5
5,687,806
Waterloo_________
7,214,675 + 95.7
Helena________ _ _
14,127,557
4,795,902 —45.5
2,611,866
Pueblo____________
7.S07.434 —41.3
Joplin____ ________
4,586,000
5,557,000
7,518,408 —26.1
Aberdeen________ 2,385,783
3,552,518 —32.9
Fremont......... ..........
3,648,019 —25.8
Hastings----------------2,707,650
5,408,734 —38.6
Billings__ _________
3,323,727
5,075,000
6,549,000 —22.5
Grand Forks_______
1.906,447 —27.8
1,376,919
Lawrence__________
2.365,078
Iowa City.. ----------2,962,681 —20.2
Oshkosh. -------------2,791,801
3,426,028 —18.5
21,099,893 —23.0
16,237,503
Kansas City, Kan----Lewistown____ _____
1,733,137
2,235,368 —22.5
Great Falls
4,509,695
6,910,311 —34.7
2,194,128i
2,023,178 + 8.4
Rochester____ _____
Minot__ _
_____
1,127,876
1,493,340 —24.5
5,835,664
8,975,156 —35.0
Springfield, Mo_____
3,624,905 —31.1
Mason City______ _
2,498,696
2,708,112 —7.3
Pittsburg, Kan_____
2,511,973

8,209,576,515 11,150,433,905 —26.4
3,810.906,942 6.100,530.479 —38.0
1,595,452,402 1,719,034,617 —7.2
978,053,506 1,771,369,696 —44.8
834,660,657
817,805,257 + 2.1
950,915,004 —38.1
588,976,119
274,822,250
480,656,326 —42.8
371,969,900 —37.1
234.09S.973
154,181,738
305,765,388 —49.6
149,930,722
186,478,456 —19.6
208,662,150
368,363,098 —27.1
72,144,582
93,147,179 —22.4
92,504,575
162,054,536 —42.9
57,152,638
83,998,053 —32.0
31,533,089 —24.2
23.895,299
74,827,019 —34.2
49,219,001
105,122,784 —43.0
59,928,147
36,693,089
58,582,888 -3 7 .4
69,375,586
49,053,422 + 41.4
25,273,291 —14.7
21,564,270
27,331,000
50,385,093 —45.8
31,504,612
42,986,147 —26.7
13.448,108
22,886,893 —41.2
15,072,455
24,952,366 —39.6
33,308,219 —37.9
20,698,116
30,384,000
42,514,400 —28.5
11,790,790 —28.1
8,480,610
15,635,114
19,774,750 —20.9
17,457,147
19,448,965 —10.2
103,681,834
108,814,045 —4.7
12,568,632
13,777,575 —8.8
28 459 668
44 223,670 —35.7
10+42,862
13,387,497 —18.0
6,593,442
8,714,962 —24.3
39,036,254
58,630,956 —33.4
14,705,336
28,158,456 —47.8
15,864,084 —8.9
14,459,851

315,732,910
132,442,881
57,877,094
33,419,093
33,504,097
17,943,456
9,016,434
7,892,127
5,538,332
5,937,821
9,181,191
2,253,461
2,901,123
1,987,934
900,000
1,752,612

1,300,000!
447,767
480,541
800,000

1,591,790
631,517
737.072
1,180,091

— 18" 3
—29.1
—34.9
—32.2

1,576,533
691,280
466,556
3,276,937

963,826
548,674
507,216
1,177,347

Total other West-- 1,607,468,115 2,432,650,759
St. Louis.. _ ____
695,533,954
504,700,000
New Orleans_______
259,264,553
161,154,881
127,132,922
Louisville___
___
99,727,116
Houston. . _______
109,120,805
95,537,947
Galveston__________
29,177,991
25,886,800
Richmond
_____
156,978,088
250,755,290
254,530,345
Atlanta.. _____ 154,358,202
44,906,244
Fort Worth________
86,462,003
Memphis _ ______
54,570,461
91,577,919
Savannah__________
18,020,545
34,533,853
65,351,418
Nashville_________
99,783,981
Norfolk___ ________
29,354,809
44,934,449
Birmingham _ -------71,202,757
81.552,428
Jacksonville.____ __
37,273,613
52,347,124
Augusta___________
6,259,855
14,877,137
Knoxville__________
11,769,479
14,413,220
Chattanooga_______
37,357,442
21,846,390
Little Rock____
47,767,899
34,783,684
Mobile__ _________
6,225,747
11,413,567
Oklahoma____ _____
97,920,797
55,154,016
Charleston___ __ _ _
10,962,536
21,640,488
Columbia_________
7,743,116
13,701,538
Macon__
18,926,161
34,486,157
Austin.................... .
4,969,454
5,343,319
Beaumont_________
4,052,696
6,564,143
El Paso____________
21,623,927
27,000,000
Columbus, G a _ .___
2,630,497
4,413,087
Wilmington, N. C___
4,832.690
2,369,370
Vicksburg. ________
1,061,001
1,513,368
Jackson........... ........
2,882,065
2.810,943
Tulsa __ __________
30,658,126
59,485,467
Muskogee___ ______
13,491,742
20,528,424
W aco____ ___ ____
8,228,694
11,205,300
D allas......................
93,724,950
145,590,235
Newport News_____
2,395,047
3,803,075
Montgomery_______
7,120,560
4,769,000
Tampa.... .................
10,243,000
10,834,709
Texarkana_________
1,777,669
3,035,814
Raleigh____________
4,836,973
6,312,246
Shreveport.................
14,795,485
21,661,360
Port Arthur________
1,800,000
1,880,693
Wichita Falls______
7,924,885
18,247,055
Lawton---------------1,318,640
1,6.54,810
McAlester.... ........ .
1,808,962
2,975,000
Asheville_________
6,187,887
5,500,000
Meridian..................
2,000,000 Not included

9,788,581,687 14,376,099.350 —31.9
3,094,129,698 4,322,244,222 —28.4
1,089,863,770 1.739,034,391 —37.4
560,467,054 + 8.6
608,716,892
586,416,984
705,602,347 —16.9
182,477,221 + 1.6
185,543,025
1,028,388,837 1,618,496,771 —36.5
1.040,530,893 1,764,678,135 —41.0
306,894,182
517,400,518 —40.8
698,937,622 —47.6
366,403,252
266,029,168 —56.6
115,490,128
435,074,202
616,008,446 —29.4
181,897,726
278,274,896 —34.7
502,195,454 —15.0
426,685,598
270,331,148
327,154,332 —17.4
126,446,754 —62.4
47,570,309
75,137,385
85,979,873 —12.6
212,595,844 —35.6
136,806,456
224,466,194
328,364,183 —31.8
43,477,307
65,019,579 —33.1
337,606,122 + 77.7
599,769,731
70,023,634
133,448,692 —47.5
51,346,743
100,391,029 —48.8
108,127,403
205,650.985 —47 4
43,935,832 —21.8
34,366,626
28,896,794
40,324,804 —28.3
173,841,340 —19.7
139.533,159
18,130,824
30,944,482 —41.4
29,585,082 —47.7
15,475,119
11,350,471 —33.2
7,577,723
17,415,837
19,191,331 —9.3
339,163,014 —36.7
214,537,683
117,521,234 —22.4
91,144,841
85,103,602 —29.8
59,729,620
641,060,202
993,562,115 —35.5
24,762,539 —41.5
14,475,766
55,247,689 —38.7
33,860,034
69,365,419 —9.5
62,740,982
12,643,685
20,186,652 —37.4
45,642,091 —36.3
29,079,886
100,525,975
139,670,980 —28.0
10,726,135 — 1.0
10,620,908
135,502,771 —54.6
61,454,340
9,527,549 — 18.6
7,758,136
11,954,740
19,402,000 —38.4
28,616,993
35.476,653 —19.3
17,799,870 Not included in total

330,602,061
106,500,000
39,016,478
21,323,622
19,219,466
6,524,450
36,079,975
36,449,874
9,741,285
10,547,156
4,105,833
1,424,905
5,806,578
14,960,120
7,378,600
1.805,251
2,901,025
4,265.063
6,869,066
1,500,000
21,315,999
2,400,000

493,669,061
154,111,319
61,739,682
28,920,091
22,030,233
5,815,976
54,552,966
54,227,015
18,132,471
18,278,586
7,967,808
20,167,193
9,864,653
19,385,232
11,585,056
3,904,478
3,474,265
7,332,070
9,369,599
2,500,000
10,157,418
4,700,000

—33.0
—30.9
—36.8
—26.3
—14.7
+ 12.2
—33.9
—32.8
—46.3
—42.3
—48.5
—29.4
—41.2
—22.8
—36.3
—53.8
— 16.5
—41.8
—26.7
—40.0
+ 109.9
—48.9

369,334,991
107,457,385
50,680,662
13,643,518
16,000,000
6,913,527
49,588,340
46,361,980
14,834,024
15,804,396
9,021,154
10,984,723
10,915,843
10,794,662
5,282,608
3,543,351
2,473,117
5,660,851
7,109,067
1,589,593
10,816,616
3,300,000

305,940.913
123,350,836
40,673,505
21,969,041
11,467,937
4,077,944
39,376,875
35,645,003
9,760,149
8,980,059
5,807,801
11,957,121
7,081,469
5,109,403
4,520,759
2,769,485
2,924,217
4,320,826
4,145,212
1,390,043
6,551,173
3,100,000

3,731,683
1,300,000

7,500,000 —50.2
1,500,000 —13.3

1,540,000
3,000,000

1,400,000
2,770,596

214,128
650,000
5,883,220
2,218,953

409,271 —47.7
642,131 +1.2
13,763,223 —57.3
4,805,596 —53.8

391,563
462,729
10,693,508
2,570,554

381,953
564,320
9,259,468
1,631,761

19,956,537

30,463,757 —34.5

24,698,416

14,000,000-

3,164,730

4,066,982 —22.2

2,525,145

1,558,797

1,981,613,920 2,837,233,085 —30.1 12,734,690,860 18,144,536,723 —29.8

410,070,997

591,867,071 —30.7

448,657,335

386,554,753

Total Southern___

—33.9
—27.4
—37.8
—21.6
—12.4
+ 12.7
—37.4
—39.4
—48.1
—40.4
—47.8
—34.5
—34.9
—12.7
—28.8
—57.9
—18.3
—41.5
—27.3
—45.5
+ 77.5
—49.3
—43.5
—45.1
—7.0
—38.3
—19.9
—40.4
—51.0
—29.9
+ 2.5
—48.5
—34.3
—26.6
—35.6
—37.0
—30.0
—5.5
—41.4
—23.4
—31.7
—4.3
—56.6
—20.3
—39.2
—11.1
in total

Total all.... ........ . 30,082,678,144 38,448,732,775 —21.8 178,841,946,490 231,312,146,559 —22.7
Outside New York. 13,233,299,142 17,939,997,404 —26.2
Canada—
Montreai...... ...........
602,810,816
012,304,11/ — 17.C
Toronto.....................
444.487.22S
469.284.72C —5.2
Winnipeg__ _ ___
199,743,82?
182.749.25C
+ 9.2
Vancouver................
57,920,556
73,870,444 —21.C
Ottawa.....................
37,835,O S
S
45,680,12’) — 17.)
Quebec........... ..........
25,431,28?
30,315.23C —16.]
Halifax_____ .
14,833,546
24,586,071 —39.C
Hamilton_____
26,620,53^
32,859,43/ —19.C
St. John..................
11,715,25:
16,335,20! —28.)i
London............. .......
14,460,931
5
19,167,70?i — 24 .C
<>aJgary---------------29,191,282
30,214,71*i —3.<1
Victoria__________
1J,422,6)81i
12,478,12?* —8..3
Edmonton...............
20,399,74:S
21,742,94)) —6.)d
Regina. ...... ..........
16,006,00.'i
18,746,16)) —14.*3
Brandon__________
3,073,13)d
—9./3
3,300,49'
Saskatoon................
7,517,78*J
9,636,88 1 —22.*)
Moose Jaw________
5,814,7851
7.298,37)i —20..i
Letbridge____ _____
2,86)1,09
3,287,40 —13 J)
Brantford. ________
5,233,31 )
6.480,61 * —19.)i
Fort William... . . .
3,302,64.1
3,984,84*) —17. l
' few We#tmInster__
2,668,37*i
3,404,10 ) - 23.
Medicine Hat.........
1,908,1 V >
2,098,74' >
01
Peterborough . __
3,686,25/i
18, J
4,531,02'i
Sherbrooke_______
4,76)6,62)i
6,297.97*>
10*)
Kitchener
____ .
4,675,62'7
5,889,21'7 -20.*5
Windsor. _______
14,170,25
2*)
14.461,13
Moncton__________
4,795.85'7 Not Included J totft1
n
K ingftton ..................
3,278,044) Not intffbded in tota I
Iota! Canada.. . 1,472,667,78/i 1,660,166,16 L —ll.i i

80,825,799,968 105,574,405,698 —23.4

7,317,242,645 9,269,072,850 —21.1 7.481,040,104 6,232,610,326
2,904,396,235 4,069,738,050 —28.7 3,027)270,756 2,708,756,589*

2,906,327,551
2,541,147,63?
1,203,303,30):
349.792.60C
213,382,654
154.571.96S
92.196.22f
153,729,97):
72,493,85c
84,947,14)
173,754,06)
61,892,27/
123,411,05()
93,463,22'7
17,390,85,)
45,848,67
34,001,97
16,425,18)i
32,180,78
21,011,27*)
15,337,06))
10,745,63))
28,295,96 )
29,395,40'7
25,207,86*)
78,669,13'7
28.794,92?i
6.905.06)J

.3,464,983,854
2,671,980,188
1,149,805,192
419.703.01C
268,575,302
172,718,558
124,611,02/;
185,037,894
89,472,44?
97,884,15/
201,454,538
71,172,564
151.320.97C
105,131,75/
18,540,724
54,173,72')
41,240,94'
21,009,01]
36,781,02?
22,227,02]
17,861,20)
11,954,01*
24,704,14'
30,005,08?
31,478,04'
77,490,79'f
Not included Iri
Not included 1i
;

—16.1
—4.9
+ 4.7
—16.7
— 17.5
—10.5
—26.0
—16.9
— 18.9
—13.2
—13.8
—13.0
—18.4
—11.1
—0.2
—15.3
— 17.3
—21.8
—12.5
—2.8
— 14.1
— 10.1
—5.7
—2.0
—19.9
l- i 5
total
total

106,277,100 103,213,530
98,356,385
79.350,471
40,966,418
32,687,77/
13,737,662
14,962,871
6,300,00/
*6,220,475
5,046,157
4,846,50);
4,104.357
3,344.781
5,842,648
5.227,062
2,637,254
2,418,29)
3,084,92/
2,695,336
6,638,42)
5,469,83?
2,500,40'
3,234,87*
3,500,00*
3,444,247
3,400,00)
3,504,70*
569,014
618,388
1,831,367
1,622,24]
1,383.04/
1,347,64)
574,10C
636,758
1,119,90*
1,165,41)
661,357
598,17;
580,438
734,622
400,00C
309,30?
900,824
811,92/
860,104
1,000,49)
891,37*
932,25)
2,J73,20)
3,174,59)
1,001,05; Not Jneludet
690,87? Not lncludet

8.574.613.32'7

9,551,318,44

—10 2

315,246,90(

283.408.13)

+ 3.0
+ 24.0
+ 25.3
—8.2
—1.2
+ 4.1
—18.5
+ 11 +
—8.3
—12.6
+ 21.4
+ 24.S
+ 1.6
+ 4+
+ 8.*
—11.4
—2.G
+ 10.8
+ 4.1
—9 X
—21.6
—22.8
— 91

+ 8.8
+ 4.6
+ 40.6
in tota 1
in tote 1
+ 11.2

106,761,149
71.479,825
29,603,959
10,075,247
7,551,330
6,640,479
5,079,816
5,768,759
2,501,159
3,162,938
6,390,472
2,408,078
3,409,638
3,301,668
563,367
1,673,666
1,341,822
659,833
990,136
62052
564,816
407,978
040,197
726,719
780,615
1,506,970

103,577,603
69,901,546
35,241,008
10,248,772
6,883,018
4,648,633
4,287,287
4,728,118
2,423,364
2,972,870
5,534,341
1,941,122
2,878,210
3,265,804
553,846
1,595,408
1,212,566
715,530
1.105,948
757.508
469,608
313,292
777,639
722.508
590.610
1,052,946.

274,611,208

208.409.104

THE CHRONICLE

156

C T o m m cv ct.il m u l i U L . c e U a u e o i i s

Name

National Banks. —The following information regarding
<
C
1 ‘i ticmal bail ks is fr l>m the office of the < omptroller of the
1
Curr e n o y , r{ Yeas avy Dopart merit:
APP1 J C A l MO NS 'r o O R G A N IZ E REC R E IV E D .
rttt IS tiianal Bank o f L em on C ity . F lo rid a ___
June 27— T h e IiM
fa
Outre spoutlent lle i *nian K auz, Lem on Ci ty , Fla.
I
June 9 ( 1 __ T h e 1Cuchoir N;Rian lm B ank o f C h ica g o , III____________
C o ire spoil clen t : Heiary S. H enshcen, 108 La Salle S t.,
/ 411
lr» |
V>1iCcigO.
J
July
1 — T h e \ alley Nai Mona,1 Bank o f Santa IVIariu,, C a l...............
C or reSpOIKlent vv. H . R ice. Santa M aria , C al.
A P P L IC A T IO N T O O R G A N I Z E AP P R O V E D .
0
June 25 —T h e I'forth ArliLugto.ii N a tion a l B ank (P . < . A rlin gton ,
Con*

d e n t : A rthur B . A rch )b o ld ,
. JO

11

2 0 0 ,0 0 0

50,000

25,000

P. O. Arlin

A P P L IC A T IO N T O C O N V E R T R E C E I V E D .
June 30— T h e A llian ce N ation al B an k , A llia n ce, O h io ___________

150,000

Conversion of the Alliance Bank Co., Alliance, Ohio.
Correspondent: Alliance Bank Co.

A P P L IC A T IO N T O C O N V E R T A P P R O V E D .
June 29— T h e First N a tion a k o f F o rt L a u derda le, F lo r id a _______
C on version o f the S ecu rity State B ank o f F o rt L au 
derdale .
C orresp on d en t: M a x w ell B axter. F o rt L a u derda le, F la.
CHARTERS

♦’apital.
C
>25,000

25,000

IS S U E D .

June 29— 11,985 T h e First N a tion a l B an k o f H oh en w ald , T e n n ._
3 5,000
C on version o f the C itizen s B a n k o f H ohen w ald.
Presiden t : W . J . E d w a rd s. C a sh ler: W . P . B ry an t .
June 29— -11,980 T h e First N a tion a l Bank o f B ru ce, W is .______
2 5,0 00
Presiden t: P. S. K ra n iz. C ashier: M . N y g a a rd .
July
1— 11,987, T h e First N ation al B ank o f W h ite B ear
L a k e, M in n ___________________________________________
25,000
C on version o f the W h ite Bear State B an k , W hite
B ear L ake.
President: Jam es C . F u lto n . C ashier: F . J. R e if.
J u ly
1— 11,988, T h e F irst N a tion a l B ank o f F lem in g , K y _____
25,000
C on version o f th e B an k o f M e R oberts, F lem ing, K y .
Presiden t: J n o. E . B u ck in gh am . C ash ier, M . E . L y k in s.
July
1— 11,89, T h e N ation al C ity B an k o f S t. L o u is, M o _____ 1,00 0,00 0
President: B . F . E d w a rd s. C ashier: W . M . S ton e.
C O R P O R A T E E X IS T E N C E E X T E N D E D .
5895 T h e N orth field N a tion a l B a n k , N o rth fie ld , M in n . U n til close o f
business June 27 1941.
5894 T h e First N a tion a l B an k o f T h ie f R iv er F alls, M in n . U n til close o f
business J une 28 1941.
5897 T h e G rah am N a tion a l B a n k , G rah am , T e x a s. U n til close o f business

June 28 1941

5898 T h e First N a tion a l B an k o f Salem ,

of business July 4 1941.

S ou th

5911 T h e First N ation al B an k o f C lev ela n d , O k la.
J u ly 4 1941.
C H A N G E OF T IT L E .

D a k o ta .

U n til close

U n til close o f business

June 28— 10,108, T h e Jefferson P ark N a tio n a l B an k , Jefferson P ark ,
C h ica g o, 111. to “ T h e J efferson P a rk N a tion a l B an k o f C h ic a g o ”
June 28— 10,792, T h e Farm ers and M erch a n ts N a tion a l B ank o f A y den,
N o rth C arolin a, to “ T h e F irst N a tio n a l B ank o f A y d e n .”
C O N S O L ID A T IO N .
1— 5,986, T h e First N a tion a l B an k o f E u rek a, C a l., capital $200,000
and 10.528, T h e H u m b old t N a tion a l B an k o f E u rek a, C a l.,
ca p ita l $ 20 0,0 0 0. C on solid a ted u n der the p rovision s o f th e A c t
o f N o v . 7 1918, and under ch arter and co rp o ra te title o f (N o .
5 ,9 8 6 ). “ T h e First N a tion a l B an k o f E u re k a ” w ith capital
o f $300,000.
L IQ U ID A T IO N S .
9220— T h e A la m ed a N a tion a l B an k , A la m ed a, C a l. C a p ita l $100,000.
E ffe ctiv e June 30 1921.
L iq u id a tin g A g en t: W a lla ce M erria m , A la m ed a, C al.
A ssets to be purchased b y the A la m ed a Savings B a n k .
5027— T h e First N a tion a l B an k o f Sistersville, W . V a . C a p ita l $100,000.
E ffe ctiv e Jun e 30 1921.
L iq u id a tin g C om m ittee: A . C . Jackson and J. J . M c K a y . Sisters
v ille , W . V a .
S u cceeded b y th e F irst-T y le r B an k and T ru st C o m p a n y o f S istersville.

J u ly

Auctions Sales.— Among other secur t es, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Stocks.
S per sh.
15 American Press Association-_S52 lot
50 Navy Gear Mfg. Corp., pref — 1$17
20 Navy Gear Mfg. Corp., co m .__, lot

Shares.

Shares. Stocks.
$ per s?i.
225 Cuban Land & SS., $5 each__ §20 lot
100 Central Sugar Corp., com ____ 80c.
100 Central Sugar Corp., pref____
7%

By Messrs. R. L. Day & Co., Boston:
Stocks.
S per sh. Shares. Stocks.
S per sh.
75 Mass. Elec. Cos. pref. ctf.
10 Nashua & Lowell-HR-------------- 102
555 Fajardo Sugar Co. Comm, of
dep. rep. com. stk. only.
30 East. Mass. St. Ry.,com.
Porto Rico________________50
18 E. Mass. St. Ry., 1st pf_ S3,755
7 Mass. Lighting os., com------------4
74 E. Mass. St. Ry. opt.war. for lot
104-12ths No. Boston Ltg. Prop’s.
$352 E. Mass. St. Ry. adj.stk_
10c. per l-12th
815,000 E.Mass.St.Ry, 6% notes.
10 Farr Alpaca__________________ 107

Shares.

By Messrs. Wise, Hobbs & Arnold, Boston:
Stocks.
S per sh. Shares. Stocks.
§ per sh.
3 U. S. Worsted, 1st pref_______21%
525 Purdy Tow & Water Boat, $25
each. ____________________12
90 Package Confectionery, com
50c.
75 Mass. Bonding & Insurance— 62
60 rights No. Bos. Ltg. Props___ 10c.

Shares.

By Messrs. Barnes & Lofland, Ph ladelph a:
Shares.

26
20
45
18
21
24

Stocks.
$ per sh. Shares. Stocks.
S per sh.
Miners Bank of Pottsville______90%
6 Tacony Trust.
— 269%
Continental Passenger R y ........ 60
Germantown Passenger R y ----- 70%
Bonds.
Per cent.
Phil. & Grays F. Pass. R y------- 55
§4,000 Enterprise Mfg. of Pa. 1st
Fairmount Savings Trust--------- 10
s. f. 5%s, 1930____________ 96
Horn & Hardart of N. Y., pref.,
250 Indiana Service Corp. adj.
with 12 shares common bonus. 130%
3-6s, 2020................ ............. 19

DIVIDENDS.
Dividends are now grouped in two separate tables. In the
first we bring together all the dividends announced the cur
rent 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:

of

[V

Company.

R ailroads (Steam.)
Central of Georgia R y., common ______
Preferred .
__ ____________________
Pen- Marquette lilt . prior pref. (qu.)_
Street and E lectric Railw ays.
Carolina Power & Light, com. (quar.)__
Consolidated Traction of New Jorseylluly oke Street Ry.
Northampton Street Ry _ ___ ___
Public Servlet Investment, pref. (quar.)
Winnipeg Electric R y., pref. (quar.)___
Banks.
Corn Exchange (quar.)____________ _
Haniman National- _______ _________
E x tr a ........................... ............................
T ru st C om panies.
Mutual of Wesch ester C o ____________
M iscellaneous.
Amor. Bank Note, common (quar.)___
American Cigar, common (quar.)______
American Coal - _______________________
American Light A Traction, com (qu,)Coiiiinon (payable in common stock)
Preferred (quar.) __ ____ _________
American Radiator, common (quar.)_
_
Preferred (q u a r .)..................... ..............
Anglo-American Oil
________ _____
Art Metal Construction__________ _____
Art Metal Construction________________
Baragua Sugar, pref_________ __________
Borden C o., com m on-____________ _____
Preferred (quar.)
________________
Preferred (qu ar.)_____________ _____
Brown Shoo, pref. ( q u a i) ___
______
Chesapeake Oil & Gas, preferred_______
Chief Consol Mining (quar.)__________
Cleveland Elec. I bum., 8% pref. (quar.)
Commonwealth Edison (qu ar.)________
Consolidation Coal (quar.)____________
Edison Elec. 111. of Brockton (quar.)-----Elec. Storage Battery, com. & pref. (qu.)
Electrical Utilities Corp., pref. (quar.)__
Fajardo Sugar (quar.)________________
Federal Sugar Refining, com. (quar.) —
Preferred (quar.)____ ______ ________
Hillman Coal & Coke 5% pref. (quar.) __
Seven per cent preferred (quar.)------Homestake Mining_____________________
Hupp M otor Car Corp., common (quar.)
Illinois Northern Utilities, pref. (quar.)_
Kamintstlquia Power, Ltd. (quar.)_____
Kelly-Springfield Tire, com. (quar.)____
Preferred (quar.) __________________
Kress (S. H.) & Co., common (quar.)_
_
Lancaster Mills, common (quar.)...........
Preferred (quar. ) .... .................... ..........
Miami Copper (quar.)______ ___________
Morris Canal & Banking, preferred_____
Consolidated stock_________ _________
New River Co., preferred-.......................
Northwestern Electric, pre*. (quar.)___
Penn T ra ffic._________ ________________
Reynolds Spring, pref. A (q u a r.)-______
San Diego Cons. Gas & Elec., pief. (qu.)
Shell Transport & Trading...................*S
Superior Steel, common (quar.)...............
First and second preferred (quar.)____
Union Oil of California (quar.)________
E x tr a _______________________________
U. S. Rubber, first preferred (quar.)--U. S. Safe Deposit----------------------------Wheeling Steel Corp., pref. A (quar.)__
Preferred B (quar.)_________________
Wheeling M old & Foundry, pref. (quar.)

Per
When
Cent. Payable.

ol.

113.

Books Closed.
Days Inclusive.

June 30 Holders of roc. June 30a
June 30 Holders of rec. June 30a
AVg • i Holders of rec. July 14a
I

2%
3
1%

% Aug. 1 Holders of rec.
.July 15 ♦Holders of rec.
*2
July 1 June 26 to
3
July J June 26 to
.
3
1% Aug. 1 lloldeis of roe.
l H July 2 Holders of reft.

July
June
June
June
July
June

15
30
30
30
15a
23

5
5
5

Aug.
JilU
July

1 Holders of rec. July 30
8 Holders of rec. July 7
8 Holders of rec. July 7

3

July 15 Holders of rec. July 14

Aug. 15 ♦Holders of roe. Aug. 1
Aug. 1 ♦Holders of rec. July 15
Aug. 1 July 12 to Aug. 1
Aug. 1 July 15 to July 28
Aug. 1 July 15 to July 28
Aug. 1 July 15 to July 28
Sept. 30 ♦Holders of rec. Sept 15
Aug. 15 ♦Holders of rec. Aug. 1
July 15 Holders <Joupon No. 21
July 3 Holders of rec. July 8a
Aug. 31 Holders of roc. July 8a
July 15 Holders of rec. JUly 5
Aug. 15 ♦Holders of rec. Aug. 1
Sept. 15 ♦Holders of rec. Sept. 1
Dec. 15 ♦Holders of rec. Dec. 1
Aug. 1 ♦Holders of rec. July 20
4
July 15 Holders of rec .June 30
*5c. Aug. 1 ♦July 11 to July 19
2
Sept. 1 Holders of rec. Aug. 15a
*2
Aug. J Holders of rec. July 15
1% July 30 Holders of rec. July 15a
*2% Aug. 1 ♦Holders of rec. July 15
3
Oct. 1 Holders of rec. Sopt 12
1% July 15 Holders of rec. July 5
*1% Aug. 1 ♦Holders of rec. July 20
1% Aug. I Holders of rec. July 21a
1% Aug. 1 Holders of rec. July 21a
1% July 25 July 16 to July 25
1% July 25 July 16 to] July 25
25c. •July 25 Holders of roc. July 20
2% Aug. J Holders of rec. July 15
*1% Aug. 1 ♦Holders of rec. July 19
2
Aug. 15 Holders of rec. July 31 a
/3
Aug. 1 Holders of rec. July 15
2
Aug. 15 Holders of rec. Aug. 1
*1
Aug. 1 Holders of rec. July 20
2% Sept. 1 Holders of rec. Aug. 24
1% Aug. 1 Holders of rec. July 20
50c. Aug. 15 Holders of rec. Aug. la
*5
Aug. 2 ♦July 16 to Aug. 1
*2
Aug. 2 ♦July 16 to Aug. 1
*1% Aug. 1 ♦Holders of lec. June 20
1 % July l June 25 to June 30
10c. Aug. 1 Holders of rec. July 15a
1% July 1 Holders of rec. June 23
*1% July 15 ♦Holders of i’ec. June 30
1.85% July 20 ♦Holders of rec. July 13
75c. Aug. 1 Holders of rec. July 16
2
Aug. 15 Holders of rec. Aug. 1
*2
July 28 ♦Holders of rec. July 12
*1
July 28 ♦Holders of rec. July 12
July 30 Holders of rec. July 15a
2
5
June 30 Holders of rec. June 30a
*2
July
*2% July
*1% July
♦$1
*2
1
i
/1
1%
*81
*1%
15
15c.
10c.
3%
*4
*1%
*1%

Below we give the dividends announced in previous weeks
and not yet paid. This list does not mclude dividends
announced this week.
Name of Compauy.

Railroads (Steam).
Alabama Great Southern, pref. ..............
Atchison Topeka & Santa Fe, com. (qu.)
Preferred__________________________
Atlantic Coast Line RR., common____
Canada Southern______________ ______
Central RR. of New jersey (quar.)------Chicago & North Western, common----Preferred__________________________
Cleve. Cine. Chic. & St. Louis, pref.Cqu.)
Delaware Lackawanna & Western (qu.)_
Detroit River Tunnel_________________
Georgia RR. & Banking (quar.)_______
Great Northern, preferred (quar.)---------t
Kansas City Southern, pref. (quar.)___
Little Schuylkill Nav., RR. & Coal___
Louisville & Nashville________________
Mahoning Coal R R ., common_________
Michigan Central____________________
New York Central RR. (quar.)________
Norfolk & Western, common (quar.)__
Adjustment preferred (quar.)_____ __
Northern Central____________________
Northern Pacific (quar.)______________
Northern Securities__________________
Philadelphia & Trenton (quar.)________
Pittsburgh & Lake Erie_______________
Fittsb. & West Va., pref. (quar.)_______
Reading Co., 2d pref. (quar.)__________
Common (quar.)........ ................. .........
First preferred (quar.)______________
United N. J . RR. & Canal Cos. (quar.)__

Per
When
Cent. Payable.

$1.50
1%
2%
3%
1%
2
2%
3%
1%
$2.50
3
3
1%
1
$1
3%
$5
2
1%
1%
1
$2
1%
4
2%
$2.50
1%
50c.
$1
50c.
2%

Aug. 18
Sept 1
Aug. 1
July 11
Aug. 1
Aug. 1
July 15
July 15
July 20
July 20
July 15
July 15
Aug. 1
July 15
July 15
Aug. 10
Aug. 1
July 29
Aug. 1
Sept. 19
Aug. 19
July 15
Aug. 1
July 9
July 10
Aug. 1
Aug. 31
July 14
Aug. 11
Sept. 8
July 10

Books Closed.
Days Inclusive.

Holders of rec. July 14
Holders of rec. July 29a
Holders of rec. June 30a
Holders of rec. June 25a
Holders of rec. July la
Holders of rec. July 20a
Holders of rec. June 23a
Holders of rec. June 23a
la
Holders of rec. July
Holders of rec. July 11a
Holders of rec. July 8a
July 1 to July 14
Holders of rec. July 2a
Holders of rec. June 30a
June 21 to July 17
Holders of rec. July 12a
Holders of rec. July 15a
Holders of rec. July la
Holders of rec. July la
Holders of rec. Aug. 31a
Holders of rec. July 30a
Holders of rec. June 30a
Holders of rec. July 2a
June 29 to July 10
July 1 to July 11
Holders of rec. July 15a
Holders of rec. Aug. 1
Holders of rec. June 27a
Holders of rec. July 19a
Holders of rec.Aug. 23a
June 21 to June 30

Street and Electric Railways.
Cin. Newp. & Cov. L. & Tr., com. (qu.).
1% July
Preferred (quar.)__________________
1% July
Duquesne Light, pref. (quar.)_________
1% Aug.
3
July
El Paso Electric Co., preferred------------Kentucky Securities, pref. (quar.)___
1% July
2
July
Manchester Tract., L. & Pow. (quar.)__
Milwaukee Elec. Ry. & Light, pref. (qu.)
1% Aug.
Montreal L., H. & P. Cons, (quar.)----1% Aug.
Philadelphia Co., com. (quar.)------------ 75C. July
Phila. & Western Ry., preL (quar.)----1% July
Puget Sound Power & Light, pref. (qu.)
1% July
Aug.
Railway & Light Securities, com. * prof - 3
fe
2% July
United Gas & Eloctric Co., pref________
Washington Water Power, Spokane (qu.)
1% July
York Railways, preferred (quar.)--------- 62 % 0 July

15
15
1
11
15
15
1
15
30
15
15
1
15
15
30

July l to
July 1 to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of ret'.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec,

Miscellaneous.
Air Reduction Co. (quar.)__________
$1
1%
All America Cables (quar.)___________
»
>
Alliance Realty (quai.)----------------------Allied Chem. & Dye Corp., com. (qu.) __ $1
1
Allis-Chalmers Mfg., com. (quar.)------Pre ferred o i u a r )
-------1%
$1 50
Amalgamated Oil (quar.)

15
14
IS
l
16
15
le

Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
1Udders of

July
July
July
Vug.
Vug
July
July

July
July
July
July
July
July
July
July
July
June
June
July
June
June
July

15
15
1
la
6a
la
30a
31a
la
30a
28a
13
30a
24a
20a

ree June
rec. Juno
roe July
roe. July
roe. July
rec June
roe. June

30a
30a
Sa
I5.i
25a
24 a
30*

Ju l y

9 1921.

Name of Company,

THE
Per
Cent.

1 hew
1
Payahie.

157

C l I K O N IO L E

Hooka Closed.
Days Inclusive.

M iscella n eou s (Continued)
1 K July 15 Holders of roc. June 30a
American A rt W orks, com .
prof, ( q u .)
*$1
A u g . 15 ♦Holders of roc. A ug. la
American Bank N olo, com . (quar.)
1 K July 9 Holders I'o roc. Juno 20a
American ('van lm id, prof. (quar.)_
Am or. Gas & Elec., pref. (q u a r.)----------I K A ug. 1 H olders of roe. July 15
a
4
A u g . 1 1 1 older,s of r o c . J uly 1i\
American Glue, preferred
I K July 25 Holders of roc. Juiy H
a
American Ice, com m on (quar.) —
I K July 25 1loldors o f roc. July 8a
Preferred (quar.)
A m . La France Fire E n g.,In c..com .(q u .) 25c. A ug. 15 Holders of roc. A ug. 2a
to
July 16
A m or. Laundry M ach., prof, (qu ar.)i H J ul.v 15 July 0
A m er, Roiling M ill, ........ (q u a r.)......... - 50c. July 16 Holders of roc. Juno 30a
six per cent preferred (quar.) _ - , -----I K July 15 Holders of roc. Juno 30a
1% J uly 15 Holders o f roc. Juno 30a
Seven per cent profoired (q u a r.)-- Amer. Seeding M a ch ., com . & pref. (qu.)
I K July 15 Holders of rec. Juno 30a
American Shipbuilding, com . (q u a r .)-.
1K Aug. 1 H olders of rec. July 15
<Jommon (extra)
----------2M A ug. 1 Holders of rec. July 15a
1% Aug. ] Holders of rec. July 15a
Prefei red (qu a r.).....................................
75c. July 15 Holders of roc. July
la
American Steel Foundries, com . (qu a r.).
2
A ug. 1 Holders of rcc. July 15a
Am er. Sumatra T ob a cco, com . (q u a r .)..
3 H Sept. 1 H olders o f rec. A ug. 15a
S
Preferred - _______ ___ ____
Amer. Telephone & Telegraph (q u a r .)..
2 K July 15 Holders o f rec. Juno 20a
1
July 15 H olders of rec. July 9a
Am erican T y p e Founders, com . (qu a r.).
Preferred (q u a r.)_____________________
I K July 15 H olders of rec. July 9a
to
June 28
Am erican W oolen, corn. & pref. (qu a r.).
I K July 15 June 17
la
Asbestos C orp. of Gan., L td ., com . (qu.)
I K July 15 H olders of rec. July
la
Preferred (q u a r.)......... ............... ............
I K July 15 H olders of rec. July
l
Associated D ry G oods, com . (q u a r.)____
Aug. 1 H olders of rec. July 16a
First preferred (quar.) _ _____ _______
I K Sept. 1 H olders o f rec. A ug. 13a
Second preferred (quar.)_
__________
I K Sept. 1 H olders of rec. A ug. 13a
Associated Oil (q u a r.)__________________
I K July 25 H olders of rec. June 3()a
Atlantic L obos Oil, pref. A ........................ $8
July 15 H olders of rec. June 24
$2.52 July 15 H olders of rec. June 24
Preferred class B ______________________
Atlantic Refining, pref. (quar.)
_
_
I K Aug. 1 H olders o f rec. Ju ly 15
Auxiliary Fire Alarm & T el., pref. (quar.) * 2 K Sept. 1 * Holders of rec. A ug. 25
Barnhart Bros. < Spindler—
fc
First and second preferred ( q u a r .) ...
I K Aug. 1 Holders of rec. July 26a
2
July 15 H olders of rec. June 30a
B ayuk B ros., In c ., 1st & 2d pref. (qu.)__
2
July 15 H olders of rec. June 30a
Bell Telephone of Canada (q u a r.)............
Bush Term inal, com m on . _
_
2 K July 15 H olders of rec. July 6a
July 15 H olders of rec. July 6a
C om m on (payable in com m on stock) _ / 2 K
P re fe rre d ______
3
July 15 H olders of rec. July 6a
to
July 10
California W ine A ssoc., com . (q u a r.)___
2 K July 11 July 1
1
to
July 10
Preferred (q u a r.)_ __
_
_ ______
I K July 11 July
Canada Cem ent, com m on (qu a r.)______
I K July 16 H olders of rec. June 30a
Canadian C ar & F oundry, pref. (q u a r.).
I K July 12 H olders of rec. June 28a
Canadian Converters (quar.)_
__ _
I K A ug. 15 H olders of rec. July 30
3
July 15 'Holders of rec. June 30
Canadian Fairbanks-M orse, p r e f . - ____
A ug. 1 H olders of rec. Juiy 15
Can. General E lec., com . (stock d iv.)__ f20
Cartier, In c ., preferred (quar.)_
I K July 30 H olders of rec. July 15a
Cedar R apids M rg.
Pow er ( q u a r .) ...
K A ug. 15 H olders of rec. July 3 i
Central B ond & M ortgage, pref. (quar.)
I K July 20 Holders of rec. July 10a
Central Coal & C oke, com m on ( q u a r .)..
I K July 15 H olders of rec. June 30a
Preferred ( q u a r .) _ _ _ ______
_
_____
I K July 15 H olders of rec. June 30a
Central Illinois P u b . Serv., pref. (quar.)
I K July 15 H olders of rec. June 30a
1
July 25 H olders of rec. July 15
Chicago Pneum atic T ool (quar.)_
.
1
Cincinnati T o b a cco W arehouse (quar.) _ _
July 15 H olders of rec. July ‘ a
Colum bia Gas & E lectric (quar.)
I K A ug. 15 H olders of rec. July 30a
July 11 H olders of rec. June 24a
C om putin g-T abu latin g-R ecord. (q u .) ___ $1
Congoleum C o ., com m on (quar.)_
July 15 H olders of rec. Jjune 29a
$1
Consolidated Asbestos, Ltd. (q u a r.)____
I K July 15 H olders of rec. June 30a
Consolidated Cigar, pref. ( q u a r . ) . ___
I K Sept. 1 H olders of rec. A ug. 15a
to
July l o
Continental M otors C orp., pref. (quar.)
I K July 15 Julv 8
Corn Products R efining, com . (quar.)__ SI
July 20 H olders o f rec. July 5a
50c. July 20 H olders of rec. July 5a
C om m on (extra). _
Preferred (quar.)_
I K July 15 H olders of rec. July 5a
Cosden & C o ., com ., no par (q u a r.)____ 62Kc . A ug. 1 H olders of rec. June 30a
C om m on, par So (q u a r.)_____________ 1 2 K c. Aug. 1 Holders of rec. June 30a
July 10
Cream ery Package M fg ., com . (quar.)__ 50c. July 10 July 1 to
1 to
July 10
Preferred (qu a r.)_______ .
1 K July 10 July
July 30 H olders of rec. July 15
1
Crucible Steel, com m on (q u a r.)_____ __
Cuba C om pany, preferred. _____
3 K Aug. 1 H olders of rec. June 30a
Deere & C o ., preferred d in a r .)..
I K Sept. 1 H olders of rec. A u g. 15a
la
D el. Lack. & W est. Coal ( q u a r .) _ _ ___ *$1.25 July 15 ♦Holders of rec. July
D etroit Edison (quar.) _ _
2
July 15 H olders of rec. June 30a
D iam ond M a tch (quar.)
2
Sept 15 H olders of rec. A u g. 31a
2
D ictograph Products C orp ., pref. (qu .)_
July 15 H olders of rec. June 30a
D om e M ines (quar.) _
25c. July 20 H olders of rec. June 30
D om inion C oal, L td ., pref. (quar.)__
I K A ug. 1 H olders of rec. July 12
D om inion Oil
5
I K A ug. 1 H olders of rec. July
Dom inion Steel C orp ., com m on
K July 12 H olders of rec. A pr. 16a
Preferred (q u a r.)____
_
to
A u g. 1
I K Aug. 1 Julv 16
D om inion T extile, pref. (quar.)
I K July 15 H olders o f rec. June 30
Driver-H arris C o ., pref. ( q u a r .)..
to
June 30
I K July 1 June 22
du P ont (E . I.) de N em ours & C o.
D ebenture stock (quar.)
I K July 25 H olders of rec. July 9
E agle-Pkher Lead, pref. (quar.) _
io
July 14
I K July 15 Julv 6
East B ay W ater, pref. Class A (q u .)____ *1 K July 15 ♦Holders of rec . June 30
3
Edison Elec. Ilium , of B oston (q u a r.).
A ug. 1 H olders of e c. Ju ly 15
Eiseniohr (O tto) & B ros., com . ( q u a r .)._
I K A ug. 15 H old eis o f re c. A ug. l
Elect ricil Securities, pref. (quar.)__
*1K Aug. 1 ♦Holdi rs of roe. July 20
Elgin National W atch (q u a r.)_
_
*2
Aug. 1 * H olders oi rec. July 21
2
Eureka Pipe Line (q u a r.).
Aug. 1 Holders of rec. July 15
2
Fam ous Players-Lasky C orp ., pref. (qu.,
A ug. 1 H olders of rec. July 15a
la
Firestone T ire & R u bber, 6 % pf. (a u .).
I K July 15 H olders of rec. July
Fisher B ody Ohio C orp ., pref. (quar.)_
*2
1
July 11 ♦Holders of rec. July
50c. July 11 July
1
to
July 11
Franklin (H . H .) M fg ., com m on _____
General Cigar, com m on (quar.) _
I K Aug. 1 H olders of rec. July 23a
Preferred (q u a r.)______ ______
I K Sept. 1 H olders of rec. A ug. 25a
Debenture preferred (q u a r.).
I K Oct.
1 Holders of rec. Sept. 24a
2
General Electric (quar.) . .
July 15 H olders of rec. June 8a
e2
Extra (payable in stock) __
July 15 H olders of rec. June 8a
25c. A ug. J Holders o f rec. July 11
General M otors C orp ., com . (q u a r j_ _
Preferred (qu a r.) _ .
1 K A ug. 1 H olders of rec. July 11
Six per cent debenture stock (quar.)
I K Aug. 1 H olders o f rec. July 11
Seven per cent debenture stock (quar.)
I K A ug. 1 11olders of rec .J u ly 11
G lobe W ernicke, prof, (quar.)
I K July 15 Holders of rec. June 30
Griffith (D . w \ ), Ine.. Class A _________ 50
la
July 22 H olders of rec. July
O
H am ilton W oolen _____ _
July 11 H olders of le c . June 27o
H arbison-W alker R efra ct., p ref.(qu ar.)
9a
I K July 20 H olders of rec. July
Harris Bros. C o ., preferred (q u a r.)___
I K A ug. 1 ♦Holders of rec. July 11
H a r t . Scbaffner < M arx, com m on ( q u . ; . *1
&
Aug. 31 ♦Holders of rec. Aug.. 20
Hi Merest Collieries, com m on (quar.)
I K July 15 Holders o f rec. July 4a
Preferred (q u a r.)__________
I K July 15 H olders of roc. July 4a
Hodgman R ubber, preferred (q u a r ,)..
Aug. 1 ♦Holders o f rec. July 15
*2
Imperial Oil, com m on (m on th ly).
1
July 15 H olders of rec. June 30
Preferred (q u a r ;
July 15 H olders of rec. June 30
2
9 1 / July 15 H olders o f roc. July
Indiana & Illinois Coal C orp ., pref.
8a
fridi ina Pipe Line (quar.;
Aug. 15 H olders of rec. July 18
$2
Ingersoll-Rand C o ., com m on (q u a r.). .
2 K July 30 H olders of rec. July 8a
Interriat. Harvester, corn. ( q u a r ,)..
I K July 15 H olders o f rec. June 24a
C om m on (payablein com m on stock)
July 25 H olders o f rec. June 24a
/2
Intarnat, M ercantile M arine, p r e f..
A ug. 1 H olders o f rec. July 15a
3
Interiiationai Paoer, pro* errod (quar.)
Holders of roc. July 8a
1 K July 1
Kanxe ,
G ulf C o. (quar.) _
to
July 17
July 15 July 6
3
y.-i / er (Julitll!) & ( '>
First and second preferred (quar.)
Aug. 1 Holders of rec. July 26a
IK
K elsey Wheel Go . pref. (quar >
A lig. 1 H olders of rec. July 2 la
IK
Kerr Lake M ines, Ltd. (quar.)
la
12K c. July 16 Holders of rec. July
1
(
quar.)
1 *H olders of rec. July 28
*1K
Laurent de Pow er (quar.)__
Hold :rs o f rec. June 30
July J.
X
Lehigh Goal A Navigation (quar ).
\ 1 1 (J
1'
Holders of rec. July 30a
$1
Lima LoeomOtive, pref, (quar.)
1 % Aug. J Holders of rec. JulyGfJ.5'/
Loose - iles Biseeit 2d pref. (quar.)
I K A u f'. j Holders o f rec. July 18a
Loui-.vjlP f /■--■ f; 1-Jec,, pref. (quar.)
Holders of rec. July 1
/ uly J
IK
LyaJJ ( p y Const ruction C o. (quar.)
1uly I 1 Holders o f rec. June 30
2
M aeAndrev/s G Forbes C o ., corn, (quar.)
I K July J6 Holders o f rec. June 30a
Pti U rred (quar.)
July 15 Holders of rec. June 30a
IK
M ann G /s urers’ Light fc He at (quar.)
2
July 15 Holders o f rec. June 30a
M aple f.eaf M illing, eornmon (quar.)
July V Holders of rec. July 3
3
Pref'erred (quar ;
3
July U Holders of rec. July
IK
M aeon 7 Ire
R u bb er, pref. (quar.)
I K A ug. 20 H oldesr o f rec. June 30

Name of Company.
M IncoI1nncouA (Qoucltided)
Massaehusel t,;i ( las ( Jos., com m on (q u .)
M assachusetts Lighting C o s,, pf. (qu.)
Eight per cent prof, (quar.) M ay 1iopartm en t Stores, c o m . (quar.) - _
1 UOfeired
(quur )
M exican Petroleum, com m on (q u a r.)..
M ichigan Limestone A < '■hem , pf. (qu.)
t.
M idw ay Gas, com m on (quar.)
Preferred (quar.)
M idw est Oil, com m on (q u a r .)................
Preferred (quar*)
M idw est Refining (quar.) ..
Extra
M ontreal Light, Ile a t& Pow er (q u a r.).
M ontreal 'Telegraph (q u a r .)...................
M o to r W heel, preferred (q u a r.)________
M ountain States Pow er, pref. (q u a r.).
N ational Biscuit, com m on (q u a r.)---------N at. Enameling
Stamping
C om m on (q u a r.)____________________ .
C om m on (quar.)_ — -------------------Preferred (q u a r.)_____________________
Preferred (q u a r.)__________ __________
N ational Oil G o. (N . .J.), pref. (q u a r.)-.
N ational Paper & T y p e , com . & pref.(qu)
New Jersey Zinc (q u a r.)-------- ---------------New Y ork D ock, pref
___
N ew Y ork Shipbuilding (q u a r.).
New Y ork Transit (q u a r.)_____ ______
New Y ork Transportation ______ ______
Niagara Falls Power, pref. (q u a r.). __
Niplssing Mines C o . (q u a r.)____________
N orthern States Pow er, pref. (q u a r.)_
_
N ova Scotia Steel & C oal, pref. (quar.) _ _
Ohio Brass, com m on (q u a r.).
Preferred (q u a r.)_ _______
_
.
____
Ohio Fuel Supply (quar.)
_
Oklahom a Natural Gas (q u a r.)_________
Ontario Steel Products, preferred (quar.)
Oriental N avigation, first pref. (quar.)__
Otis E levator, com m on (q u a r.)___
__
Preferred (auar.) __ ___________
Pacific Gas & E lec., com m on (q u a r.)___
P acific O il_______________________________
Pacific T elep. & T eleg., pref. (quar.) —
Pan A m er. Petrol. & T ran s., com . (qu .)_
C om m on class B (quar.)__ _ ________
Peerless Truck & M o to r, com . (quar.)__
C om m on (q u a r .). . . _ ______________
Penmans, L td ., com . (q u a r.)_____ ____
Preferred (quar.)_ _ ________________
Pennsylvania Salt M fg . ( q u a r . ) ____
Phila. & Camden Ferry (quar.)_
___
Phillips-Jones C orporation, pref. (quar.)
Pick (Albert) & C o ., com . (q u a r.)______
Pittsburgh C oal, com m on (quar.)
Preferred (quar.) _ __ __ __________
Prairie Oil & Gas (q u a r.)__________
__
E x t r a _______ __
_________________
P ra;rie Pipe Line (quar.) ____________
P rocter & G am ble C o ., com . (q u a r.)____
C om m on (payable in com m on stock) _
Preferred (q u a r.)____ __
_ ______
-Pub. Serv. C orp. o f N o . 111. com . (qu.)
Preferred (q u a r.)_____________________
Public Service C o. of Quebec (q u a r.)____
Quaker Oats, preferred (q u a r.)________
R anger T exas O il. _______________ ____
R ealty Associates __ __ _______________
Russell M o to r Car, com m on (q u a r.)____
Preferred (quar.)
____________ _
Salt Creek Producers (qu ar.) _
Seaboard Oil & G as_______ ________
Securities C om p a n y ____
__ ____
Shaffer Oil & R efining, pref. (q u a r.)____
Shawinigan W ater & Pow er (q u a r.)____
Smith (H ow .) P a p .M ills ,L td .,c o m .(q u .).
Preferred (quar.)
_____
Southern Canada Pow er, L td ., p f. (qu .)_
SpanishRi v . Pu lp& P aperM ills, c o m . (q u .)
Preferred (quar.) _______
Standard U nderground C able (q u a r.)_
_
Stearns (F . B .) C o. (quar.) __ __ __
Steel C o. o f Canada, com . & pref. (quar.)
Stetson (John B .), co m m o n _________ _
P re fe rre d _________ ____________ ____
Sullivan M achinery (q u a r.)____________
Swift International______________________
Swift International
Sym ington (T . H .) C o ., com . (q u a r.)___
T a y lo r M fg ., com m on and pref. (quar.) _
Texas Chief O il. __________ ____ __
_
7 Tan sue A: Williams Steel F o ig . (quar.)_
T m sco n Steel, com m on (q u a r.)___
T u ck ett T o b a c co , com . (qu ar.)__ Preferred (quar.) __ __ . _______
U nderw ood Typew riter, com . (q u a r.)___
Preferred (quar.) _ _________________
Union N atural Gas C orp. (q u a r .)______
United Cigar Stores, com m on (m onthly)
U nited D ru g, first preferred (q u a r.)____
United Fruit (quar.) _ __ _____________
U nited Gas Im p t., com m on (q u a r.)_____
Preferred (quar.) __ _ __ _ ________
U nited Paper B oard, pref. (q u a r.)_____
_
U . S. Can, com m on (q u a r.)_ _________
Preferred ( q u a r .) _____________________
U . S. Glass (q u a r.)____ __________________
U . S. Industrial A lcoh ol, pref. (quar.)__
U. S. Sm elt., R e f. < M in ., pref. (quar.)
fc
Ventura Cons. Oil Fields (quar.)_
_ _
V ictor Talking M achine, com m on (qu.)_
Preferred (q u a r .) ____________
Virginia Iron, Coal & C o k e_______ ______
W arner (Charles) C o . o f D e l.—
First and second pref. (quaq.) ................
W estern Grocers, L td . (C a n a d a ), p f . (qu.)
W estern Pow er C o rp ., pref. (q u a r.)_____
Western Union Telegraph (q u a r.)______
W estlnghouse Air Brake (q u a r.)_______
W estinghouse idee. & M fg ., com . (q u .).
Preferred ( q u a r .) ____________________
W h ite Eagle Oil & Refining (quar )
W inchester-H ayden, In c., pref. (q u a r.).
oW rigley (W m .) Jr. C o ., com . (m th ly .).
a Preferred (quar.)
W orthington Pump A M a c h ., c o m . (q u .) c

Per
When
Cent. Payable.
IK
IK
2
2
IK
3
lK
50c.
$1.40
2
3
$1
$1
2
2
2
IK
IK

Aug.
July
July
Hept.
O ct.
July
July
.) uly
July
July
July
A ug.
A ug.
A ug.
July
Aug.
July
July

1
15
15
I
1
11
16
15
15
15
J5
1
1
15
15
16
20
16

Hooka ('Aimed
Days Inclusive,
H olders
H olders
H olders
Holders
Holders
Holders
H olders
H olders
H olders
Holders
Holders
Holders
H olders
H olders
H olders
H olders
Holders
H olders

of
Of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

rec.
rec.
rcc.
rcc.
rec.
rec.
rcc.
rcc.
rec.
rec.
rcc.
rcc.
rec.
rec.
rec.
rec.
rec.
rcc.

July
.in no.
June
Aug
Bapt.
June
Juno
June
,/uxic
June
June
July
July
July
June
July
June
June

J<
25
25
If)a
16a
16a
30a
30
30a
30a
30a
16a
15
31
30a
31
30a
30a

IK
IK
IK
IK
2
2
2
2K
$1
4
*50c.
IK
15c.
IK
2
6
IK
62K c
50c.
IK
2
2
IK
IK
$1.50
IK
$1.50
$1.50
50c.
50c.
2
IK
$1.25
*5
IK
40c.
IK
IK
3
2
3
*5
*/4
2
♦ IK
*1K
3K
IK
1
3
IK
IK
3
3
2K
IK
IK
2
2
IK
IK
IK
3
SI
IK
*10
*4
$1
$1.20
SI 20
*50c.
2K
1
SI
IK
1
IK
2K
IK
2K
IK
8 7K c.
2
50c.
87K c
IK
50c.
IK
*1
IK
87 K c
50c.
10
IK
3

Aug. 31 H olders o f rec.
N ov. 30 H olders o f reo.
Sept. 30 H olders o f reo.
D ec. 31 H olders Of rcc.
July 15 Holders of rec.
July 15 H olders o f rcc.
Aug. 10 H olders of rec.
July 15 H olders o f rec.
Sept. 1 H olders o f rec.
July 15 H olders o f rec.
July 15 ♦Holders o f roc.
July 15 H olders o f rec.
J uly 20 July
1
to
July 20 H olders of rec.
July 15 H olders of rec.
July 15 H olders of rec.
July 15 H olders o f rec.
July 15 H olders o f rec.
July 20 H olders o f rec.
A ug. 15 H olders ot rec.
July 25 H olders o f rec.
July 15 H olders o f rec.
July 15 H olders o f rec.
July 15 H olders of rec.
July 20 H olders of rec.
July 15 July
1
to
July 11 H olders of rec.
July 11 H olders of rec.
Sept. 30 H olders of rec.
D ec. 31 H olders of rec.
A ug. 15 H olders of rec.
A ug. 1 H olders of rec.
July 15 H olders o f r^c.
July 11 ♦Holders of rec.
Aug. 1 H olders o f rec.
A ug. 1 July 26
to
July 25 H olders o f rec.
July 25 H olders of rec.
July 30 H olders o f rec.
July 30 H old eis o f rec.
July 30 H olders of rec.
A ug. 15 ♦Holders oi rec.
A ug. 15 ♦Holders of rec.
July 15 H olders o f rec.
A ug. 1 ♦Holders of rec.
A ug. 1 ♦Holders of rec.
July 15 H olders of rec.
A u g. 31 H olders of rec.
A ug. 1 H olders of rec.
July 15 H olders of rec.
A ug. 1 H olders of rec.
A ug. 1 H olders of rec.
July d30 H olders of rec.
July 27 H olders of rec.
July 15 H olders of rec.
July 25 H olders of rec.
July 11 H olders o f rec.
July 20 H olders of rec.
July 20 H olders of rec.
July 15 H olders of rec.
July 15 H olders of rec.
July 15 H olders of ic e .
July 11 July 3
to
July c H olders of rec.
A ug. i H olders of rec.
July 15 ♦Holders of rec.
July 15 ♦Holders of rec.
July 15 July 1
to
A ug. 23 H olders of rec.
T?ph 91 7 H olders af rec.
7
July 15 ♦Holders o f rec.
July 11 July
1 to
A u g. 1 H olders of rec.
July 15 H olders of rec.
July 15 H olders of rec.
July 15 H olders of rec.
July 15 H olders of rec.
O ct.
3 H olders of rec.
O ct.
1 H olders of rec.
July 15 H olders of rec.
July 25 H olders of rec.
Aug. 1 H olders of rec.
July 15 H olders of rec.
July 15 H olders of rec.
Sept. 15 H olders af rec.
July 15 H olders o f rec.
July 15 H olders of rec.
July 15 H olders of rec.
July 25 ♦Holders of rec.
July 15 H olders of rec.
July 15 H olders af rec.
A u g. 1 H olders of rec.
July 15 July
1
to
July 15 July
1
to
July 27 H olders of rec.

A ug. 11a
N o v . 10a
Sept. 10a
D e c. 10a
July
la
June 30a
July 30
July 5a
A u g. 12a
June 21
July
1
June 30a
July 17
June 30
June 30a
June 30
June 30
June 30a
June 24a
July 30
June 30a
June 30a
June 30a
June 30a
June 20a
July 15
June 15a
June 15a
Sept. 1
D ec. 2
A u g. 5
July 21
June 30a
June 24
July 20a
July 31
July 8a
July 8a
June 30a
June 30a
June 30a
A u g. 7
A u g. 7
June 25a
July 15
July 15
June 30
A ug. la
July 15a
July 5
Juiy 16a
July 16
J u ly d l5 a
July
1
June 30a
June 30
June 27
July 9
July 9
June 30a
Juiy 8a
July 8a
July 11
Juned30a
July 9
July
1
July
1
July 15
July 23a
Jan.n21a
June 15
July 14
July 10
July
5o
July 5a
June 30
June 30
Sept. 3a
Sept. 3a
June 30a
July ca
July 15
June 20a
June 30a
A u g. 31a
July
la
June 30a
June 30a
July 15
June 30a
July 8
July 15
July 5
July 5
June 22a

IK
IK
IK
IK
$1.75
51
SI
50c.
8 7K c.
50c.
IK
IK

July
July
July
July
July
July
July
July
July
Aug.
O ct.
July

June
July
Juno
June
June
June
June
June

28
15
15
15
30
30
15
10
25
1
1
16

H olders of rec.
July
1 to
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.
H olders of rec.

30
4
30
25a
30a
30a
30a
30a

H olders o f rec. July 25
H olders of rec. Sept. 25
H olders of rec. July 5a

* From unofficial sources. X T h e N ew Y ork Stock Exchange has ruled that stock
will n ot b e quoted ex-dlvldend on this date and not until further n otice, a Transfer
books n ot closed for this dividend, b Less British Income tax. d Correction.
e P ayable in stock . /P a y a b le In com m on stock , o Payable In scrip, h On a c
count o f accum ulated dividends. < P ayable In Liberty or V ictory Loan bonds.
o
D ividends o f 50c. a m onth declared on com m on stock , payable on the first, day
o f each m onth to holders o f record on the 25th day of the m onth procoding date of
paym ent. A lso three quarterly dividends of 1 K % each on the preferred stock ,
payable July 1, O ct. 1 and Jan. 1 1922 to holders o f record Juno 25, Sept. 25 and
D o e . 25, respectively.

1

TH E CHRONICLE

Transactions at the New York Stock Exchange daily,
weekly and yearly.— Brought forward from page 162.
Stocks.

Stale, Man
& Foreign
Bonds.

BOSTON CLEARING HOUSE MEMBERS,

#604,500 $12,023,000
1,257,500 8,410,(00
894,800 7,056,000
1,029,000
5,582,600

2,668,1 35 $220,932,550 $15,848,000 $3,785,800 $33,107,600
Week ending July 8.

Sates at
New York Slock
Exchange.

1921.

1

Jan. 1 to July 8.

1921.

192C.

1920.

Stocks— No. shares__
2,668,035
96,748,265
129,111.146
3,048,168
Par value__________ #220,932,550 $270,044,800 $7,190,096,630 $11,440,425,025
Bank shares-------------$1,400
Bonds.

Govenment b on d s_
_
State, muu., &e., bond.
HR. and raise, bond__
Total bonds_______

$33,107,600 $32,916,650
3,785,8 )0
4,205,000
8,768,000
15,848,000

Changes from
previous week.

$989,190,140 31,627,908,150
148,752,900
206,286,800
470,106,600
306,755,500

$52,741,400 $45,889,650 $1,608,049,640 $2,140,950,450

D A IL Y TR A N SAC TIO N S AT T H E BOSTON. P H IL A D E L P H IA AN D
BA LTIM O R E E XCH AN G ES.

Oiroutatl m
Loans, disc is & investments.
Individual deposits, incl. U S .
Due to banks__ ____________
Time do-malts______________
United Stales deposits .
Exchanges for Clearing House
Due from other banks ...........
Gash In bank and F. R Bank
Reserve excess in bank and
Federal Reserve Bank ..

$
2,618,000
521,714,000
382,615,000
85,251,000
20,373,000
1I.3H.000
15,191,000
53,503,000
41,020,000

June 25

Junr 18

1921.

1921.

$

July 2

1921.

HOLIDAY
HOLIDAY
$4,813,000
3.221.000
5.252.000
2.562.000

314,825 6 A1,819,750
. , 76,273,000
.i .at
342 130
612,430 51,768,300

Boston Clearing House Banks.—Wo give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

y±4

Total..................-

Par Value.

Shares.

Saturday
Monday - . .
Tuesday__
__
Wednesday----------Thursday_ - - _
F riday__ ________

Railroad,
&C
L .,
Bonds.

=>!

Week end mo
July 8 1921

[ V ol. 113

16,000
6,385,000
1,530,000
3,875,000
196,000
3,645,000
1.464,000
1,769,000
371,000

$
2,602,000
528,099,000
381,085,000
81,376,000
20,177,000
18,026,000
13,727,000
51,734,000
40,649,000

$
2,609,000
534,802,000
392,321,000
87,568,000
19,996,000
13,692,000
14,207,000

148,000

344,000

1,718,000

Inc.
Dec.
Inc.
1n c .
Inc.
1>ee.
In c ,
Inc.
Inc.

492,000 Inc.

53,149,000

43,541,000

Statement of New York City Clearing House Banks
and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending July 2.
The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated In thousands of dollars—that is. three ciphers [000 omitted.)

Boston
Week ending
July 8 1921.

Baltimore

Philadelphia

Bond Sales

Shares

Shares ,Bond Sales

IIOLI DAY
HO LI DAY
4,416
$99,60(i
5,352
36,000
3,282,
77,400
1,799
30,000

642
1,102
268
119

813,100
11,000
38,000
6.000

14,849

2,131

$68,100

Saturday _______
M ONDAY______
Tuesday_____ _ _
Wednesday______
Thursday..............
F riday.............. .

8,233
10,587
10,864
5,783

$44,950
27,350
50 >-1
’
12,000

Total____ _____

35,467

3134,850

Bond Sales

Shares

$243,000

New York City Non-Member Banks and Trust Com
panies.— Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the ‘‘Clearing House Returns” in the next column:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars— that is, three ciphers [000 omitted.)
! Net

Loans
Net
Net
Reserve
Capital. Profits. Dis
CLEARING
with Demand Time
counts , Cash
NON-MEMBERS
De
Nat.bks.Apr.28 In v e st
De
Legal
in
Week ending Statebks.Feb28 ments, Vault. Deposi posits. posits.
July 2 1921. Tr. cos. June30 & .C .
tories.

Nat’l
Bank
Circu
lation.

Average Average Average A verage Average Average
$
%
%
$
$

Members o f
Fed’l Res. Bank.
Battery Park Xat_
Mutual B a n k __
W R Grace & C o. _
Yorkville Bank__

3
1,500
200
500
200

$
S
1,619 11,709
790 11,574
980 5.023
731 16,895

196
271
39
644

1,431
1,621
435
1,463

9,681
11,114
2,480
8,620

T otal-.
State Banks.

2,400

4.121 45,201

1,150

4,950

31,895 10,434

Bank of Wash. Hts
Colonial Bank___

100
600

440 3,764
1.589 16,352

459
2,142

211
1,184

3,479
17,383

Total__________
Trust Companies

700

2.030 20,116

2,601

1,395

20,862

30

Not Members of the
Fed'l Reserve Bank.

Not Members of the
Fed'l Reserve Bank.

84
277
1.301
8,772

195

....
—
195

30
—

—

200

530

9,275

397

188

3,775

5,573

—

200

530

9,275

397

188

3,775

5,573

—

Grand aggregate. _ 3,300
Comparison previo us week

6,681 64,592
— 152

4,148
+ 10

6.533 a56,532 16,037
+ 804 + 161
— 27

195
+2

Gr’d aggr. June 25
Gr’d aggr. June 18
Gr’d aggr. June 11
Gr’d aggr. June 4

6,696
6,696
6,696
6,696

74,744
75,792
75,002
74.725

4,138
4,210
4.377
4.089

6,560
6,855
6,831
6.555

15,876
15,823
15,778
15,798

193
196
194
196

Mechanics Tr, Bay
T o ta l-., _____

3,300
3,300
3,300
3,300

a55,728
a58,518
a59,982
a57.880

N et i L oa n s,
C LE A RIN G
C a p ita l. P r o f i t s . D i s c o u n t ,
HOUSE
In v e s t
M E M BE R S.
(.000 o m itt e d .) Nat’l, Apr. 28 m e n t s ,
& .C .
W e e k e n d i n g State, Feb. 28
J u ly 2 1921 Tr. cos. ,Feb. 28

Week ending July 3 1921.
Two ciphers (00) omitted.

Members of
Trust
F .R. System Companies

June 25

1921.

June 18

1921.

Total.

Capital_________________ $33,225,0 $4,500,0 $37,725,0 $37,725,0
Surplus and profits_____
13,080,0 105,261,0 106,961,0
92,181,0
Loans, disc’ ts & lnvestm’ts 651,299,0 34,295,0 685,524,0 688.471,0
452,0 29,601,0 23,111,0
Exchanges for Clear. House 29,149,0
Due from banks_________
93,862.0
22,0 93,884,0 82,833,0
263,0 101,064.0 103,284,0
Bank deposits___________ 100,801,0
470,371.0
18,596,0 488,967,0 404,364.0
Individual deposits_____
12,866,0
Time deposits___________
12,583,0
270,0 12.853,0
Total deposits. _ _ . ___ 583,755,0
19,129,0 602,884,0 580,51 1,0
22,559,0 29,196,0
U. S. deposits (not la d .) ..
2,477,0
Reserve with legal deposit’s
2,4 3 1
2,130,0
47,690,0
47,690,0 46,147,0
Reserve with F. R. Bank-.
1 1,744,0
11,152,0
Cash In vault*__________
10,394.0
758,6
3,235,0 61.319,0 60.021,0
Total reserve and cash held 58,084,0
47,963,0 47.447,0
45,193,0
2,770,0
Reserve required__
465,0
13,356,0
12,574,0
12,891,0
Excess rec. & cash In vault
.
* Cash in vaults not counted as reserve for Federal Reserve members.

$37,725,0
106,961.0
695,463.0
26,231,0
90,547,0
107,922,0
480.468,0
12,887.0
601,277,0
29,493.0
2,198,0
46,568,0
11.804,0
60.570.0
48,452,0
12,118,0

V a u lt.

A verage

$
26,020
102,147
140,799
46,846
*492,738
92,488
13,184
3,927
81,28 S
228,701
22,794
96,066
97,616
45,574
146,633
26,112
134,056
10,704
16,737
267,053
171,087
12,826
5,368i
213,199;
17,800
8,761
15,060
12,339
41,209
11,553
18,436
25,662
*218,058
50,395
+08,632
17,897
69,298
34,933
115,358
20,348
22,726
12,967
*101,160
22,942
*161,692

Time

Battik
C ir c u 
la 
tio n .

D e
p o s it s .

A verage A vge.

$
1,505
13,037
2,117
847
22,493
1,612
889
88
3,805
2,439
122
15.613
. . . .

580
15,518
35
2,148
1,217
83
10,443
1.662
695
100
8,482

1,356
__ _
1,325
350
237
294
4,826
____
4,492
100
_______
______

51
5,408
50
635
7,100
2,498
197
____
1,086
______

37
395
297 , 24S
717
66
327
40$
327
390
3.321 ____
8,284 ____
4,827 ____
19,204 - - - 630 .
2,243 - - - 1,339
2,246
419
___.
713
432
50
14,652 ____
488 . . . . .
9,584 —

Avge. July 2 — 271,400 462,083 4,423,853 77,229 487,469 c3 ,636,792 175,615 32,555
Totals, actual co ndition July 2 4,406,907 69,496 490,022 c3,657,562 174,001 33,126
Totals, actual co nditlon June 25 4,420,675 76.S14 497,992 c3 ,598,227 173,952 32,436
Totals, actual co ndition June 18 4,435.078 75.2S5 524,691 c3.643.917 187,701 32,591
N o t M e m bers o f

1,000
250
2,500

1,933
839
2,718

F. R. Bk.
17.S09
5,346
76,205

2,523
624
3,158

1,670
304
1,992

17,999
50
___ _
5,073
29,077 45,611

-

____
—

5,491

99,360j

6,305

3,966

52,149 45,661

Totals, actual co ndition July 2
Totals, actual co ndition June 25
Totals, actual co ndition June 18

99,536
98,972
98,426

6,081
6,419
6,467

3,965
4,118
4,215

52.365 45.S71
51,983 45,405
52,059 45,184

—

Trust C os. N o t M e m b e r s o f F. R. Bk.
46,175
Title Guar
Tr 6,000 12,314
24,117
Lawyers T1 «fc Tr 4,000 6,157

1,411
S12-

2,891
1.554

2S.301
15,910

906
506

—

Avge. July 2 —

Philadelphia Banks.— The Philadelphia Clearing House
statement for the week ending July 2 with comparative
figures for the two weeks preceding is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits* and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” is not a part of legsl reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”

in

R eserve
w ith 1
N et
L egal
D em an d
D e p o s i D e p o s its .
to ries.

A v era g e A vera g e A v e r a g e
Members o f
$
$
Fed. Res. Bank
$
3
$
2,000 7,186
629 3,566
35,777
Bk of N Y.NBA
Manhattan Oo_ 5,000 17,135 122,805 1,999 14,256
Mech & Metals. 10,000 16,812 177,606 8,915 18,397
5,500 6,107
54,869 1,599 6,149
Bank of A m er..
National C ity .. 40,000 65,507 466,332 9,692 52,587
Chemical Nat 1_ 4.500 15,331 123,765 1,499 12,279
10,970
360
1,775
Atlantic Nat 1__ 1,000 1,129
k221
k500
591
5,036
96
Nat Butch & Dr
1,142 10,843
Amer Exch Nat 5,000 7,990 106,611
Nat Bk of C om . 25,000 33,149 307,147 2,061 31,090
1,000
1,726
22,043
1,185 3,233
Pacific Bank_
_
Chat & Pnenlx, 7,000 8,379 117,271 4,562 13,337
3,000 20,950 109,803
908 12,930
Hanover Nat L
2,500! 4,281
43,320 3,009 6,541
Metropolitan - Corn Exchange. 7,500 9,772 165,642 6,106 20,990
1,500 8,848
772 3,424
34,382
Imp Trad Nat
National P a rk .. 10,000 23,258 167,922 1,098 17,725
1,000
777
11,597
283| 1,565
East River Nat_
1,000 4,814
827 2,432
21,607
Second N at’l_
_
635 36,925
First National . 10,000 35,434 314,173
Irving National 12,500 11,089 171,257 6,426 22,189
1,000
472
12,082
691
1,751
N Y County Nat
1,000
772
139
930
6,895
Continental___
Chase National. 15,000 20,133 285,248 4,863' 28,097
500 2,374
20,269.
984j 2,492
Fifth A venue..
400,
828
8,546
402 1,148
Commonwealth
1,000
1,585
16,098
453| 2,156
Garfield Nat’l
1,000
731
12,841|
287 1,617
Fifth National.
3,000 4,949
48,967 1,005 5,550
Seaboard Nat’l.
817 1,358
1,500 1,505
15,934
Coal & Iron____
1,582
442 2,505
19,038
Union Exch Nat 1,000
32,3661
718 3,576
Brooklyn Tr Co 1,500! 2,752
1,129 28,600
Bankers Tr Co_ 20,000 19,502 237,410
59,739
675 6,612
U S M tg & TrCo 2,000 5,053
Guaranty Tr Co 25,000 1 37,727 434,016 2,385 38,895
362 2,482
1,619
18,177
Fidel-Int Tr Co 1,500
72,811
1,085 8,859
Columbia Tr Co 5,000! 7,610
1,329 3,216
l,500i +814
39,478
Peoples' Tr C o.
962 15,433
N Y Trust Co__ gl0,000igl6,067 144,252!
21,649
447 2,903
Lincoln Tr C o ._ 2,000| 1,108
27,157
585 2,816
Metropol Tr Co 2,000 3,438
1,349
16,395!
432
NassauNat ,Bkn l,000i 1,477
869 11,761
Farm L & Tr Co 5,000 11,403 108,428
2,000
1,589
26,466
611 2,835
C o lu m b ia _____
1,754 17,704
Equitable Tr Co 12,000 16,077 143,656

State Banks.
Greenwich Bank
B o w e ry _______
State Bank------

a U. S. deposits deducted, SI,921.000.
Bills payable, rediscounts, acceptances and other liabilities, $866,000.
Excess reserve, $129,340 decrease.

C ash

3,750

___

10,000 18,472

70.292

2,223

4+45

44.211

1.412

—

Totals, actual co ndition July 2
Totals, actual co ndition June 25
Totals, actual co ndition Juno 18

69,859|
70.378!
71,014

2,287
2,219
2,253

4.646
4,451
4,47$

44,403
43,236
43,909

1,455
1,396
1.411

____

Avge. July 2 ____

—

Gr’d aggr. avge. 285,150 4S6.047 +593,505 85,757 495,880 3,733,152 222.688 32 , 555
week___
+ 4,086 — 1,798 -15,900 + 35,198 —4.587 + 26
Comparison, pre vlous v
Gr’d aggr., act’l con’dn July 2 4,576,302 77,864 498,633 3.754,330 221,327 33.126
60.884 + 7*7-I + 890
Comparison, pre vlous w eek___ — 13,723 — 7,588 —7,928
Gr d aggr., act 1 cond’n Ju n e25 4,590,025 85.452 506,56 l £3,693.446 220.753 32.430
Gr d aggr., act 1 cond’n .lime 1814,604,518 84.005 533.384 3.739,885 234,296 32.591
Gr’d aggr., a ct’l oond'n June 11 4,489,007 87.960, 534,328 3.737,15,8 238,281 32,676
Gr’d aggr.. act’l cond’ n June 44,550,265 87.596 509,517 3.724.900 237.864 *>2.558
Note .— U. S. deposits deducted from net demand deposits in the general cu .ds
above wore as follows: Average for wee's July 2. s I97.05a.o00 act tun term July 2.
8170 650,000 June 25. $222,311,000: June IS. S2TL 151,000; June It. s it 3S? 000:
June -l, $15,889,000. BilE payable, rediscounts, accept tuves and ether Uabilitnv**
average tor week July 2, so i s ,715,000; actual totals July 2, ''612.00V .000: June 25.
$639,415,000: June IS. SO13,735,000: June 11. ''.53.880 000; June L 8798.107 Odd
* Includes deposits In foreign branches not Included In total footin'-: ns nS’owj,
National City Bank, $98,005,000; Bankers I'rusi Go . SR .078.000; Giuu\u\t> IVo.si
C o,, 8111,666,000: Farmers’ Loan A I'rust Co.. St *.870,000 Equitable Cost c o
$28,783,000. Balances carried In banks in foreign countries as reserve ter such
deposits were: National v'Ity Bank, $39,552,001 : Bankers Gust Go
Sl.H.OOO
Cluaranti Trust Co , $13,U 9 ,0 0 0 : 1
1
4
Go., $

Trust Co., $5,080,000, o Deposits In foreign brunches not Included
April l 1921. k As of May 6 1921.

: ys V
v

Ju l y

COM BI N ED

STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.

Members Federal
Resorve bonks.. State banks*........ Trust companies----Total
Total
Total
Total

July
Juno
Juno
Juno

2----25----18----11-----

159

THE CHRONICLE

i) 1921.]

Reserve
in
Depositaries

a

Reserve
Required.

Total
Reserve.

Surplus
Reserve.

c
8
$
487,469,000 487,469,000 478,061,4 10
9,386,820
6.305.000 3.966.000 10,271,000
2.223.000 4.445.000 0,668,000 6,631,650

%

495.880.000
51 1,780,000
529.440.000
509.215.000

504.408.000
520.584.000
538.383.000
518.452.000

9,417,600
884,180
30,350

194,069,880 10,338,120
489,602,830 30,081,170
496,895,030 41.487,970
494,757,570 23,694,430

$
_______ - 6.346.189.000
------- 6.302.431.000
5.308.777.200
M
5.260.725.000
----21
28
---------- 5,220,460,900
5,190,335,300
4
5,133,016. 100
1
1
18........ ............ 5.169.297.200
5,202,318,800
25
5,20-1,031,100
2

April 30
May 7

COM PAN II

Demand
Deposits.

*Total Cash
in Vaults.

Reserve in
Depositaries.

%

Roans and
Investments.

Week ended—

%

8.528.000
8.804.000
8.943.000
9.237.000

RESULTS OF BANKS AND I ittJH'I
GREATER NEW YORK.

$
116.466.700
114,043,500
1M 149,600
L
1)2,070,200
113,031,400
111,270,400
115,862,000
111,206,200
112,400,100
100.716.700

670,658,600
68 J,404,300
577,106.200
572,421,300
671 3 '• 700
580,576 000
503,030,000
615,166,100
505,220,400
580,04 J,200

4.290.295.400
4,34 0,06/, 100
1.303,1 H .900
4,249,874,800
4,245,54 1,100
4,291,078,300
4 .344,640,400
4.356.385.400
4,29),073,600
4,326,379,000

May
May
la s
June
June
June
June
July
* This Item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.

Actual Figures.
Cash
Reserve
in Vault.

Members Federal
Reserve banks----State banks*...........
Trust companies___
Total
Total
Total
Total

Jnly
June
June
June

2----25___
18___
11___

Reserve
in
Depositaries

b

Surplus
Reserve.

Reserve
Required.

Total
Reserve.

$
8
$
490,022,000 490.022,000 480,703,090
o.osV.ooo 3.965.000 10,046,000 9,425,700
2,287,000 4.646.000 6,933,000 6,660,450

S
9,318,910
620,300
272,550

496,789,240
488,830,410
495,297,210
495.725.580

10,211,760
26,368,590
46,806,790
48,286,420

$

8.368.000
8.638.000
8.720.000
9.084.000

498.633.000
506.561.000
533.384.000
534.328.000

507.002.000
515.199.000
542.104.000
543.412.000

* Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows:
July 2, $5,268,450; June 25, $5,416,110: June 18, $5,765,580; June 11, $5,751,030.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
July 2. $5,220,030; June 25, $5,218,560; June 18, $5,631,030: June 11, $5,757,840.

State Banks and Trust Companies Not in Clearing
House.— The State Banking Department reports weekly
figures showing the condition of State banks and trust com
panies in New York City not in the Clearing House, as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.')

k July 2.
.$610,526,100
6,949,001
17,010,300
52,812,000
645,373,000

Differences from
previous week.

Loans and investments__________________________
Dec. $2,373,700
G old________________________ ' _________________
Dec.
29,200
Currency and bank notes_______________________
Dec.
955,200
Deposits with Federal Reserve Bank of New Y ork ..
Dec.
724;600
Total deposits__________________________________
Dec. 1,396.900
Deposits, eliminating amounts due from reserve de
positaries, and from other banks and trust com
panies in N. Y. City, exchanges and U. S. deposits 593,227,600 Inc.
110,000
Reserve on deposits_____________________________ 109,020,900 Inc.
636,400
Percentage of reserve, 20.1%.
RESERVE.
------- Stale Banks------- — Trust Companies—
Cash in vaults___________________ *$26,217,300 16.48%
$50,554,400 14.07%
Deposits in banks & trust companies. 7,885,700
4.96%
24,363,500
6.78%
Total____ ______________________ $34,103,000

21.44%

$74,917,900

20.85%

* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on July 2 were $52,812,000.
k The Equitable Trust Co. is no longer included in these totals, it having become
a member of the Cleaiing House and being now included in the ttatem?nt of the
Clearing House member banks. The change began with the return for Sept. 25.

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:

Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business July f> 1921, in
comparison with the previous week and the corresponding
date last year:
July 6 1921. June 29 1921. July 9 1920.

Resources—

$
_
_
253,815,189
32,942,623
-------286,757,813
509,298,078
36,000,000
832.055,891
72,920,658
904,976,550

Gold and gold certificates_____ _____ __
Gold settlement fund— F. R. B oa rd .--Gold with foreign agencies.------- -------Total gold held by bank_____ ______
Gold with Federal Reserve Agent..........
Gold redemption fund_______________
Total gold reserves...... .....................
Legal tender notes, silver, &c_________
Total reserves......................................
Bills discounted: Secured by U. S. Gov
ernment obligations— for members__
For other F. R. Banks.................

$
239,251,448
87,211,311
326,462,759
509,479,478
36,000,000
871,942,237
81.610.136
953,552,373

_$ _____
82,218,000
83,980,000
40,932,000
207,130,000
281,827,000
35,979.000
524,936,000
106,846.000
631,782,000

188,984,317
145,766,427 524,441,000
24,015,000
32,049.850
19,789,000
212,999,317 177,816,277
544,230,000
All other—For members_____ 229,970,110
230,590,609 287,147,000
For other F. R. Banks...... ...........
7,000,000
7.400.000
16,308,000
236,970,110 237,990,609
303,455,000
Bills bought in open market__________
11,615,417_____ 7,361,809 154,180,000
Total bills on hand________________ 461,584,846
423,168,696 1,001,865,000
U. S. Government bonds and notes___
3,270,300
1,131,300
1,507,000
U. S. certificates of Indebtedness—
One-year Certificates (Pittman A ct)_.
52,776,000
52,776,000
59,276,000
All oth ers________________
9,531,000
5,485,500
19,938,000
Total earning assets_________ 527,162,146
482,561,496 1,082,586,000
Bank premises________________
5,375,468
5,302.436
3,767,000
6% redemp. fund agst. F. R. bank notes
1,864,210
1,874,610
3,100,000
Uncollected items_____________ 141,927,164
117,750,780 161,762,000
All other resources___________
2,587,567____________ 3.389.861____ 1,417,000
Total resources........ ................
1,583,893,106 1,564,431,558 1,884,414,000
ii!

•

"•
"

—. —_

—

...

Capital paid in.............
26,896,050
26,896,050
24,675,000
Surplus_______
59,318,368
55,414,456
51,308,000
Reserved for Government Franchise Tax.
17,100,010
16,700,000
-Deposits:
Government.________________
7,408,610
1.601,823
613,000
Member Banks— Reserve Account_ 651,727,367
664,103,374 738,232,000
AllOther____________________
11,907,018
12,149.904
23,974,000
Total deposits.................
671,042,996
677,855,101 762,819,000
F. R. notes in actual circulation_ 6S4,615,500
671,522,445 871,467,000
F. R. bank notes in clrcul’n—net liability
28,096,200
25,522,200
37,487,000
Deferred availability items______
93,661,996
82,112,597 113,276,000
All other liabilities.....................
3,161,985
7.408.709
23,382,000
Total liabilities_____________ 1,583,893,106
1,564,431.558 1,884,414,000
Ratio of total reserves to depost and = = = = = = = ■
■
F. R. note liabilities combined_____
66.8%
70.7%
39.8%
Ratio of total reserves to F. R. Notes
in circulation after setting aside 35%
against deposit liabilities________
97.9%
106.7%
43.8%
Contingent liability on bills purchased
for foreign correspondents_____
40,657,651
41,449,494
6,088,731
Note .— In conformity with the practice of the Federal Reserve Board at Washing
ton, method of computing ratios of reserves to liabilities was changed beginning with
the return for March 18. Instead of computing reserves on the basis of net deposits—
that is. including in the total of deposits “ deferred availability items” but deducting
“ uncollected items” — the new method Is to disregard both amounts and figure the
percentages entirely on the gross amount of the deposits. For last year, however,
the computations are on the old basis; that is, reserve percentages are calculated on
basis of net deposits and Federal Reserve notes in circulation.
A further change was made beginning with the return for April 8. This change
consists in showing the ratio of reserves to Federal Reserve notes aftei setting aside
35% against the deposit liabilities. Previously the practice was to show the ratio
of reserves to deposits after setting aside 40% against the Reserve notes in circulation.

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on July 7.
The figures for the system as a whole are given in the following table, and in addition we present the results for seven preced
ing weeks, together ’with those of corresponding weeks of last year. The second table shows the resources and liabilities sepa
rately for each of the twelve banks. The Federal Reserve Agents’ Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
T o ta l a ddition s o f $37,400,000 to th e volu m e o f ou tstan d in g Federal
reserve n ote circu la tion , a ccom p a n ied b y increases o f $ 29,800,000 in b orrow 
ings b y m em ber banks and o f $27,400,000 in d ep osits, m ark th e princip al
changes in th e co n d itio n o f Federal reserve banks fo r th e w eek en din g
J u ly 6 1921. G o ld reserves sh ow a fu rth er gain o f $ 1 5 ,80 0 ,00 0, w h ile oth er
cash reserves, i e ., silver and legals, declin ed by $ 10,100,000 durin g the
week, th e result bein g a net gain o f $5,7 00 ,0 00 in to ta l cash reserves. T h e
ban k s’ reserve ra tio show s a d eclin e from 6 0.8 to 6 0 % .
Federal reserve b an k h old ings o f p a oer secu red b y G ov ern m en t o b iga tion ssh ow an increase for th e week o f $ 2 6 ,6 0 0 ,0 0 0 , and oth er d iscou n ts—
an increase o f $ 3,2 00 ,0 00 , w hile h old ings o f a ccep ta n ces b o u g h t in open
declined by a b ou t $500,000. N o ch an ge is show n in th e to ta l o f P ittm an
certificates h eld , w hile oth er T reasu ry certifica tes on hand sh ow an increase
or $3,700,000. In con sequen ce o f the changes n o te d , to ta l earning assets
o f th e reserve banks on Jiily 6 s tood a t $ 2,0 95 ,5 00 ,0 00 or 3 5 % b e lo w the
total reported on J u ly 9 o f last year.
O f the tota l holdings o f $674,400,000 o f p ap er secured b y U n ited States
^overnmerit obligation s, $423,200,000 or 0 2 .7 % were secured b y L ib e rty
and of her L\ S. b ond s, $166,500,000 or 2 4 .7 % b y V ictory n o te s, $ 4,6 00 ,0 00
or 7 % by Treasury notes and 880,100,000 or I 1 . 9% b y T reasu ry certifica te s,
com pared with $436,100,000, $ 17 0,300,000, $2,800,000 and $38,500,000
sh ow n th e w eek before

C o m b in e d R e s o u r c e s

and

L ia b il it ie s

of t h e

D iscou n ted b ills h eld b y th e B o sto n and N ew Y o r k banks in clu d e
$41,500,000 o f b ills d iscou n ted fo r th e R ic h m o n d , M in n ea p olis and D allas
ban k s, com p a red w ith $ 47,900,000 rep orted th e w eek before. T h e tw o
form er banks rep ort a red u ction o f th e ir co m b in e d a cco m m o d a tio n a t th e
N ew Y ork R eserve B an k fro m $ 39,500,000 to $ 3 1 ,00 0 ,00 0, w h ile th e D allas
bank show s an increase in its red iscou n ts w ith th e B o sto n ban k fro m $8,400,000 t o $ 10 ,500,000.
G overn m en t deposits sh ow an increase fo r th e w eek o f $ 18 ,600,000,
reserve deposits— an increase o f $10 ,60 0 ,00 0, w h ile oth er deposits, co m ,
posed largely o f n on -m em bers’ clearing a ccou n ts and cash ier’s ch ecksd eclin ed b y $ 1,8 00 ,0 00 . T o m eet th e large d em an d fo r cu rre n cy in co n 
n ection w ith th e op en in g o f th e sum m er v a ca tio n and travel p eriod the
Federal reserve banks o f B o sto n , N ew Y o r k , C h ica g o and San F ra n cisco,
im m ed ia tely b efore th e F o u rth o f J u ly issued large am ounts o f Federal
reserve n otes, th e net increase in Federal reserve n ote circu la tion fo r the
w eek being $37 ,40 0 ,00 0, besides an increase o f $900,000 in F ed eral reserve
ban k n ote circu la tio n .
D u rin g th e w eek th e reserve banks p a id th e regular sem i-annual 3 %
d ivid en d a m ou n tin g to $ 3 ,0 36 ,0 00 , and increased th eir surplus b y $11,789,000. A ll th e banks, e x ce p t th e D a llas b an k , rep ort surplus a ccou n ts
in excess o f th eir su bscrib ed ca p ita l. T h eir reserve fo r G overn m en t fran
ch ise tax a m ou nted at the close o f th e fir st h a lf o f the year to a b o u t $41 ,0 0 0 ,0 0 0 .

F ederal R

eserve

B anks

at the

C lose

of

B

u s in e s s

J u l y 6 1921

July 6 1923 . June 29 1921 June 22 1923. June 15 1921. June 8 1921. June 1 1921. May 25 1921. May 18 1921. July 9 1920.
RESOURCES.

Gold Mid gold certificates____________
Gold settlement fund, F. H. Board"""]
Gold with foreign agencies.

$

338.957.000
403.146.000

$

323.900.000
407.234.000

%

315.472.000
400.841.000

$
311.017.000
456.211.000

$

297.476.000
521.539.000

$

281.098.000
504.740.000

-S

279.261.000
474.952.000

$

325.391.000
454.105.000

$

168.929.000
402.760.000
111.531.000

Total gold held by banks
742.103.000 731.134.000 716.313.000 767.228.000 810,016,000 785,844,000 754.213.000 779.496.000 683.220.000
oid with Federal Reserve agents_____ J,698,265,000 1,597,219.000 1,598,128,000 1,550,817,000 1,460,358,000 1,477,665,000 1,505,229,000 1,458,619,000 1,145,102,000
Gold redemption fund___
137.438.000 133.576.000 136.047.000 127.623.000 151 299,000 145,144, 00 133.505.000 140.791.000 142.994.000
Total gold reserve

2,477,806,000 2,461,931,000 2,450,488,000 2,446,568,000

2,408,653,000 2,392.947,000 2,378,906,000 1,971,316,000

T] 1E CHRONICLE

1(50

[V ol. 113

IJu.y 6 1921. \ J u n c 29 1921. June 22 1921. June 15 1921 y u n e 8 1921 June 1 1921. May 25 1921. May 18 1921 July 9 1920.
£
%
3
3
$
$
S
L e g a l t e n d e r LioCctt illv
153,405,000 163,527,000 169.517,000 170.056,000 161,874,000 160,172,000 165.285,000 170.228.000 136,877,000
AO
TOlttl rodt)f Vcd_______________________ 2,631,211,000 2,625,458,000 2,620,005,000 2,615.624,000 2,592,546,000 2,568,825,000 2,558,232,000 2.549,134,000
2,108,193,000

ttillB dleeuUUttd .
deoured by U, S. G ovt. obllgatluiid
674,377,000 ! 647,761,000 657,980,000 664,296,000 747,006,000 773,863,000 793,951,000 774,869,000 1.296.350.000
All o th er._ ____ ____ _ ______________ 11,12ti ,986,000 1,123.801,000 1,095.963,000 1,043.383,000 i .1 19 3 13 i 00 1,152,370,000 1,076,305,000 1,067.684.000 1.265.243.000
Hilly bought lu open market. --------31,136,000
31,601,000
39,488,000
53,200,000
69,501,000
77,072,000
87,138,000
81,667,000 372,591,000

Total bills on band_____ . . ______
1,832,499,000 1,803,165.000 1,793.451,000 1,760,879,000 1,965,860.000 2,003,305,000 1,957,394,000 1,924,220,000 2,934,184,000
V rt Government bonds and n o u s __
36,610,000
34,549,000
33,729,000
35,066.000
32,662,000
32,915.000
25,574,000
25,92 i ,000
U 8 Victory notes................... ..............
23,000
23,000
23,000
23,000
26y
862>0d0
U d. oenlllcat.es of linlebtednessi
One-year certificates (Pittman Act) . . | 215,875,000 215,875,000 222,375,000 222.375.000 225,375,000 226,875,000 233,375,000 234.875.000 259,375,000
All other___________________________
10.551,000
6,908,000
32,848,000 300.513.000
1,652,000
6,614,000
46,754,000 128.936.000
22,567,000
Total earning assets*________________ 2,095,535,000 2,060,495,000 2,082,403,000 2.318,833,000 2,225,572,000 2,269,732,000 2,263,120,000 2,31
3,978,000 3,242,988,000
Bank premises_________ ______________
24.861.000
24.845.000
24.717.000
24.442.000
23.842.000
23.497.000
23.396.000
i 0734,000
23.192.000
5% rederap. fund agst. F. R. bank notes
9,679,000
10.042.000
10.176.000
10.194.000
10.449.000
11.174.000
10.427.000
11.476.000
12,293,000
On collected Items ____________________
557,162,000 506,454,000 564,105.000 722,766,000 541,495,000 547,094,000 510.175.000 580,270,000 796,233,000
13.088.000
411 other resources___________ ________
14.747.000
14.404.000
15.338.000
13.482.000
13.663.000
15.114.000
12.430.000
4,936,000

5,331,536,000 5,242.041.000 5,315,828,000 5,707,179.000 5,407,386,000 5,434,689,000 5,379,760,000 5,490,480,000 6,178.377,000

Total resources_____________________

LIAB ILITIES.
102.103.000 102.184.000 102.177.000 102.156.000 102,066.000 102,216,000 102.173.000 102,116,000
Capital paid In________________________
94.639.000
213.824.000 202.036.000 202.036.000 202.036.000 202,036,000 202,036.000 202.036.000 202,036,000 164,745,000
Surplus . ...........................................
42.065.000
Reserved for G ovt franchise t a x ______
40.910.000
4 .41)0,000
39.057.000
38.057.000
35.271.000
36.283.000
34.014.000
34.024.000
Deposits— Government _______
15.352.000
14.597.000
17.957.000
20.261.000
32.353.000
17.323.000
15.632.000
15.919.000
1,651,757,000 1,641,156,000 1,647,709,000 1.866,455,000 l .684.075,000 1.656.581.000 1,655,609,000 1,665,517.000 1,839,704,000
Member banks— reserve account_____
27.371.000
All other_______________ ______ _____
29.280.000
48.175.000
31.581.000
30,721,000
31.456.000
33.024.000
55.159.000
35.493.000
T o t a l ____________________________ 1.713.152.000 1.685.788.000 1.697.247.000 1.929.227.000 ,735,057,000 1.720.390.000 1.705.956.000 1.716.642.000 1.910.782.000
K. R notes In actual circulation_______ 2.671.916.000 2.634.475.000 2.639.319.000 2.674.435.000 2,700,723,000 2.751.299.000 2.734.804.000 2.767.415.000 3.180.948.000
K. K. bank notes In circulation— net llab
133.303.000 132.400.000 135.004.000 135.050.000 141.054.000 143.493.000 144.834.000 147.766.000 190.287.000
438.455.000 412.214.000 467.928.000 594.207.000 447.357.000 448.087.000 424.929.000 491.004.000 594.434.000
Deferred availability Items.....................
Ail other liabilities____________________
16,718,000
32,034,000
31,011,000
31,717,000
31,036.000
29,757.000
30,885.000
29.487,000
42,542,000
Total liabilities........................................ 5,331,536,000 5,242,041,000 5.315.828.000 5,707,179,000 5,407,386,000 5,434,689,000 5,379,760.000 5,490,480,000 6,178.377,000
Ratio of gold reserves to deposit and
F R. note liabilities com bined.........
56.5%
56.9%
53.1%
56.5%
54.9%
53.9%
*53.1%
53.9%
38.7%
Ratio of total reserves to deposit and
60.0%
F. R . note liabilities com bined.........
60.8%
60.4%
56.8%
58.3%
67.4%
57.6%
56.8%
41.4%
Ratio of total reserves to F R. notes In
circulation after setting aside 35%
76.0%
against deposit liabilities......................
77.3%
76.8%
72.6%
73.2%
70.4%
71.5%
71.7%
45.2%
Distribution by Maturities—
8
S
$
19.311.000
1-15 days bills bought In open market16,225,000
21.019.000
1-15 days bill discounted____ _______ 1,049,879,000 1,032,489.000 1.006.319,000
4.228.000
2,600,000
1-15 days U. S. certif. of Indebtedness.
25,337,C00
7.706.000
6.708.000
7.668.000
16-30 days bills bought In open market.
169.610.000 165.256.000 184.746.000
16-30 days bills d is c o u n t e d -..-..........
4.700.000
16-30 days U. S. certif. of Indebtedness
6.528.000
1 304.000
3.434.000
4.760.000
81-60 days bills bought In open market.
7.788.000
250.130.000 271.088.000 267.860.000
81-60 days bills discounted__ ______
20.959.000
17.669.000
81-60 days U. S. oertlf. of Indebtedness.
16.172.000
1.683.000
2.910.000
61-90 days bills bought In open market.
3.013.000
223.550.000 213.178.000 210.194.000
81-90 days bills discounted__ __ ____
39.482.000
34.814.000
61-90 days U. S. certif. of indebtedness
52.340.000
78.194.000
89.551.000
84.844.000
Over 90 days bills discounted_________
157.057.000 161.172.000 157.070.000
Over 90 days certif. of Indebtedness___
federal Reserve Note*—
Outstanding______________________
Held by banks........ ................. ...........

S
S
S
S
S
S
28.520.000
47.069.000
39.353.000
56.289.000
51.006.000 105.303.000
986.528.000 1,150,725,000 1,183,810,000 1,108,808,000 1,090,790,000 1,437,411,000
301.500.000
2.955.000
36.607.000
6.430.000
86.332.000
26.705.000
10.781.000
16.408.000
15.279.000
15.317.000
18.057.000
67.968.000
186.993.000 186.586.000 192.155.000 188.845.000 193.790.000 285.693.000
3.947.000
15.206.000
5.400.000
4.769.000
4.500.000
6,600,000
10.237.000
11.060.000
10.014.000 163.173.000
12.148.000
12.806.000
261.852.000 294.204.000 283.352.000 322.907.000 316.268.000 486.603.000
13.120.000
11.340.000
9.227.000
10.629.000
10.320.000
19.400.000
3.662.000
3.771.000
2.293.000
1.917.000
2,590.000
36.147.000
190.103.000 188.961.000 191.833.000 179.564.000 178.111.000 272.743.000
22.547.000
25.736.000
25.640.000
26.197.000
22.118.000
36.533.000
82.203.000
75.883.000
63.594.000
70.132.000
75,083.000
79.143.000
178.585.000 184.784.000 189.812.000 203.329.000 226.313.000 192.704.000

3.014,824,000 2,996,025,000 3.002.066,000 3,030.050,000 3,073,599,000 3,080,993.000 3,091,119,000 3,112,067,000 3,454,488,000
342.908,000 361,550,000 362,747,000 355,615,000 362,876,000 329,694,000 356,315,000 344,652,000 273,540,000

In actual circulation_______________ 2,671,916,000 2,634.475,000 2,639,319.000 2,674,435,000 2,710,723,000 2.751,299,000 2,734,804,000 2,767,415,000 3,180,948,000
Amount chargeable to Fed. Res. ageni 3.784,499.000 3,803,365,000 3.807,463,000 3.837.1S7.000 3,875,729,000 3,879,866,000 3,885,837,000 3,903,548,000 3,908,001,000
769,675,000 807,340,000 805,397.000 807,137,000 802,130,000 798.873,000 794,718,000 791,481,000 453,513,000
!n hands of Federal Reserve Agent___
Issued to Federal Reserve banks___
How Secured—
By gold and gold certificates...... .........
3y eligible paper._

3,014. $24,000 2,996.025,000 3.002,066,000 3.030,050,000 3,073,599,000 3,080,993,000 3.091,119.000 3,112,067,000 3,454,488,000

Gold redemption fund...... ........... .........
With Federal Reserve Board .. _____

344,993,000 344.992.000 345.093.000 345.093.000 345.093.000 343,852,000 343.853.000 293.852.000 259.226.000
1.416,559.000 1.398.806.000 1,403.938,000 1.479.233.000 1,613,241,000 1.603.328.000 1.585.890.000 1.653.448.000 2,309,386,000
126,558,000 127.264.000 128.760.000 121.141.000 116.727.000 126,000,000 127.424.000 112.347.000 116.285.000
1,126,714.000 1.124.963.000 1,124,275,0C0 1.084.583.000 998.538.000 1.007.813.000 1.033.952.000 1.052.420.000 769.591.000

T o t a l___ ____________ ________ ___

3,014,824.000 2,996,025,000 3,002,066,000 3,030,050,000 3,073,599,000 3,080,993,000 3,091,119,000 3,112,067,000 3,454,488,000

Eligible paper delivered to F. R . Agent 1,773,005,000 1,744,990,000 1,732,677.000 1,690,448,000 1.90S,988,000 1,931.726.000 1.898.796.000 1.874.SIS.000'2,855,592,000
•Revised figures.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 6 1921.
Two ciphers (00) om itted.
Federal Reserve Bank o f —

B oston .

N ew Y ork.

P h ila .

Cleveland . Richmond

A tlanta.

C hicago. St. L ouis. M ln n e a p . K an.C U y.

S
S
8,377,0 2,110.0
7,734,0 35,693,0

San Fran

S
$
S
$
1,793.0 6,029,0
2,703.0
253,815,0
32,943,0 57,397,0 5S,446,0 20,046,0

Total gold held by banks.. ._ 63,373,0
Gold with F. R . agents.. ______ 181,044,0
Gold redemption fund._ _____ 15,655,0

286.758,0 59,190,0 64,475,0 22,749,0 14.057.0 91,973.0 19,990,0 16,111,0 37,803,0 11.986,0 53.63S.0 742,103,0
509.29S.0 134,428,0 1S5,604,0 38.023,0 59,832,0 230,213.0 48,572,0 20,031.0 33,607,0 14,751,0 142.862.0 1.59S,265.0
9,631,0
3.820.0 3,258,0 3,317.0 2,691,0 9,418,0 137,438,0
36,000,0
4,514.0 8,253,0 5.5S9.0 35.292.0

260,072,0
Total gold reserves,___ __
_ 16,525,0
Legal tender notes, silver, &c_

S32,056,0 203.249,0 254,593,0 69,025,0 79,478,0 357,478,0 72,382,0 39,400,0 74,727.0 29.42S.0 205,918,0 2,477.S06.0
903.0 3,967,0 5,772,0 3.032.0 153.405,0
72,921,0 3,11S,0 6,233.0 4,424.0 7.00S.0 16,803.0 12.699,0

Total reserves_______________ 276,597,0
Secured by
31,904,0
U. S. Govt, obligations___
All other.. __ . . .
_ _ _ _ 53.935,0
7,905,0
Bills bought In open market____

904,977,0 206,367,0 260,826,0 73,449,0 S6.4S6.0 374.281,0 85,081,0 40.303,0 78,694,0 35,200,0 208,950,0 2,631,211.0
7,757,0 24,181,0 10,470,0 45,121,0 674.377.0
212.999,0 84.043,0 54,259.0 29,658,0 35,063,0 106,366,0 32,556,0
236,970,0 39,317.0 98,005,0 74,280,0 65,754,0 218.535,0 54,597,0 65,977,0 55,319,0 49,674,0 114,623.0 1,126,986.0
31.136.0
20,0
110,0 1,459,0
962,0 2.306,0
3,390,0
11,616,0
1,228 0 2,036,0
104,0

93,744,0
555,0

461,585,0 126,750,0 153,492.0 105,974,0 101,779,0 327,207,0 87,257,0 73,734,0 79.520,0 60,254,0 161,203,0 1.832.499.0
305,0
36,610.0
145,0 8,868,0 3,979,0
1,627,0
843,0
1,233,0 10,142,0 4,490,0
3,270,0
1,153,0

Total bills on h a n d _________
U. 8. Bonds aDd n o t e s ________
U. S. certificates of indebtedness:
One-year ctfs. (Pittman Act).
All other. . . .
. . . .

IS,936.0
36,0

Total earning assets__________ 113,271,0
3,716,0
Bank premises. _ _
5 % redemption fund against Fed772,0
eral Reserve bank notes..........
Uncollected items____ _____ __ _ 50,190,0
377,0
All other resources. _______

52,776.0 26,780,0 21,799,0
13,0
9,531,0
612,0

7,260,0

14,564,0 36,112,0 11,568,0
1,0
55,0
225,0

5.4S0.0
51,0

8,320,0
26,0

S
8
8,674.0 19,673,0
3.312.0 33,965,0

Total.

S
RESOURCES.
7,821,0
Gold and gold certificates.-___
Gold settlement fund—F. R . B’d 55,552.0

a Bills discounted:

S
§
S
4.5S6.0 20,578,0 2,798,0
9,471,0 71,395,0 17,192,0

D allas.

2,400,0

9,880*0
1.0

S

338,957,0
403,146.0

215,875,0
10,551.0

2,095.535.0
527,162,0 155,769,0 176,147,0 114,467,0 126,486,0 367,864.0 100,203.0 79.410,0 96,734,0 66,633,0 171,38
560,0
24,861,0
657,0 2,659,0
3,878,0
1,883,0
529,0 2,174,0 2,051,0
627,0
5,375,0
236,0
916,0
494,0
275,0
1,239,0
1,786,0
523,0
700,0
363,0
511,0
1,864,0
141,927,0 45,878.0 50,808,0 43,379.0 19.2S0.0 66,642,0 2S,97S,sj 15,119,0 38,728,0 21.848,0 34,38;»,0
2.554,0 2,420,0
491,0
680,0
1,890,0
111,0
259,0
777,0
447,0
495,0
2.5S7.0

9,679,0
557.162,0
13,088,0

Total resources____________ 444,923,0 1,583,892,0 409,502,0 491,971,0 234.156,0 234,195.0 816,341,0 215,907,0 135.875,0 218,222,0 128,35:1,0 418,198.0 5,331,536,0
L IA B IL IT IE S .

7,911,0
Capital paid in________________
Surplus_________________ _ _ 16,342,0
2,272,0
Reserved for Govt, franchise tax.
Deposits: Government_________
2,006.0
Member bank— reserve acc t 109,740.0
1,122,0
All other_____ __________ .

4,346,0 4,222.0 7,32o.O 102.103.0
4,512.0 3.553,0
26.S96.0 8,613,0 11,047,0
5.322,0 4,097,0 14,259.0
9,330,0
7.113,0 15,207,0 213.824.0
9.114,0 7,303,0
59,318,0 17,564,0 22,263,0 11,026,0 8.708,0 30,536,0
2,145,0
42.065 0
1,587,0
1.335,0
2,737,0
982,0
1,633,0
1,679,0 2,584,0 8,011,0
17,100,0
34.024,0
1,867,0
1.734.0
1,844.0 2.615.0
1,923,0 3,652,0
1,873,0 6,622,0
7,409,0
1,623.0
856,0
651,727,0 100,065,0 136,991,0 54,176,0 43,807,0 229,515.0 60,952,0 41,929,0 71,455,0 42.312.0 109,088.0 l .651,757,0
27,371,0
378.0 6.965.0
529,0
1,230,0
775,0
605,0
469,0
355,0 2.253,0
11,907,0
783,0

Total deposits_______________ 112,868,0
F. R. notes In actual circulation. 254,169.0
F. R. bank notes in circulation—
9,509.0
net liability_________________
Deferred availability Items_____ 40,901,0
951,0
All other liabilities_____ _______

671,043,0 103,218,0 141,418,0 55,501,0 56,035,0 23S,390.0 63,358,0 44,378,0 74,599.0 44.557.0 117,787,0 1,7 IS,152.0
684,615.0 224,513,0 254,854,0 120,202,0 149,636,0 454,379,0 104.739.0 59,613,0 7S,633,0 45,398.0 241,165.0 2.671.916.0
28,096,0
9,827,0 16,133,0 5,606,0 9,438,0 17,450.0 6,370,0 5.364,0 14,518,0 4,362,0 6,630,0 138,303.0
93,662,0 42,370,0 43.711,0 33,828,0 12,977,0 50,190,0 25,975.0 13.087.0 33,956,0 21,569.0 26,229,0 43S.4.v ».0
1,133,0
1.710.0
16,718.0
1,242,0
1,253,0
660,0
857,0
992,0
720,0 3.126.0
3,162,0
912,0

Total liabilities______________ 441,923.0 1,583,892,0 409,502,0 491,971.0 234,156,0*284.195,0 H16,341,0 215,007,0

8 • 218.222,0 128,354.0 »is 198*0 5 ,8 8 1 5 x 8 6 ,0

THE CHRONICLE

9 1921.]

Ju l y

L I A B I L I T I E S (C o n clu d ed )
T w o c i p h e r s (00) o m it t e d .

—

B o sto n .

N ew Y ork .

P M la .

$

$

C l e v e l a n d . R ic h m o n d

$

M cm ora n d a.
Ratio of total reserves to deposit;
and F. R. note liabilities com-

75.4

65 .H

63.0

06.8

Contlng'ent. liability as ondorscr on
discounted paper rediscounted

C h i c a g o . S t. L o u i s . M i n n e a p . h 'a n .C i t y

A tla n ta .

$

%

$

'11.8

161

«

$

%

54.0

44.2

%

50.0

19,875,0

Contingent liability on bills purchased for foreign correspond’ts 2,336,0
■ Includes bills discounted for
10,450,0
other F. R. banks, viz.:

40,658,0
31,015,0

2,560,0

2,624,0

51.4

1.568,0

3,808,0

1,152,0

1,504,0

$
68.2

39. J

864,0

1.536,0
—

.r

T o ta l.
%

10,460,0

I1,140,0

..........

—

8

%

38.8

S an F ran

D a lla s.

60.0
4 1.465,0

832,0

1,472,0

60,914,0
41,465,0

..........

STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS JULY (> 1921.
F ed era l R eserve A g e n t a t—

B o s t o n . N eto Y o rk

R esou rces—
( I n T h o u s a n d s o f D o lla r s )
Federal Reserve notes on hand........ — _____________
268,401
Federal Reservo notes outstanding.. --------- ----Collateral security for Federal Reserve notes outstanding:

Gold settlement fund—Federal Reserve Board____ 155,000
Eligible paper (Amount required— ------------------- 87.357
(Excess amount held_____________ •6,387

P h lla .

C le v e .

C h ic a g o

R ic h m ’ d A t l a n t a

S t. L .

M in n .

K .

C ity

D a lla s

San F r .

T o ta l.

$
$
$
$
261,200 21,420 43*120 20,189 69,974
833,937 242,295 275,821 126,748 158,577

%
$
$
3
$
$
$
171,140 25,920 11,850 3,580 25,892 27,360 769,675
491,648 125,056 61,392 86,144 49,079 295,726 3,014.824

286,925
23,775
3.400
21,373 13,039 16,829 2~023 5,432
201,000 121,389 145,000 36,000 51,000
324,639 107,867 90,217 88,725 98,745
100,072 3,173 63,275 15,920 3,017

6,110 13,052
6,131
344,003
15,569 3,931 J,770 2,247 5,386 18,506 126,558
214,644 38,531 5,200 31,360 3,234 124,356 1,126,714
261,435 76,484 •1,361 52,537 34,328 152,864 1,416,559
1
65,404 10,625 31,460 26,943 25,109 5,061 356,446

Total . ........... ..................................... ........... 631,219 2,029,146 509,183 658,037 289,605 390,145 1,219,840 286,657 166,094 202,811 149,159 623,873 7,155,769

L/MIOILHiuo

Net amount of Federal Reserve notes received from
Comptroller of the Currency____________ _____ _ 356,431 1,095,137 263,715 318,941 146,937 228,551
Collateral received from
/G old ____ ____ ________ 181,044 509,29S 134,428 185,604 38,023 59,832
Federal Reserve Bank!Eligible paper----------- ------ 93,744 424,711 111,040 153,492 104,645 101,762

662.7S8 150,976 73,242 89,724 74,971 323,086 3,784,499
230,213 48,572 20,031 33,607 14,751 142,862 1.598,265
326,839 87,109 72,821 79,480 59,437 157,925 1,773,005

Total___________ ____ ___________________ 631,219 2,029,146 509,183 658,037 289,605 390,145 1,219,804 286,657 166.09 1202,811 149,159 623,873 7,155,769
Federal Reserve notes outstanding. _______________ 268,401
Federal Reserve notes held by banks____ __ ________ 14,232

833,937 242,295 275,821 126,748 158,577
149,322 17,782 20,967 6,546 8,941

491,648 125,056 61,392 86,144 49,079 295,726 3,014.824
37,269 20,317 1,779 7,511 3,681 54,561 342,908

Federal Reserve notes in actual circulation _- ___ 254,169

684,615 224,513 254,854 120,202 149,636

454,379 104,739 59,613 78,633 45,398 241,165 2,671,916

Member Banks of the Federal Reserve System.— Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
in the statement were given in the statement of Dec. 14 1917, published in the “ Chronicle” D ec. 29 1917, page 2523.
1TATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BAWKSIN FEDERAL RESERV1
BANK AND BRANCH CITIES AND ALL OTHER REPORTING B A N K S AS AT CLOSE O F BUSINESS JUNE 29 1 9 2 1 .
A g g reg a te liq u id a tio n o f o v e r $ 3 0 ,0 0 0 ,0 0 0 o f G o v e r n m e n t s e cu ritie s,
as a ga in st an in crea se b y $ 1 5 ,0 0 0 ,0 0 0 o f in v e stm e n ts in c o r p o r a te secu ritie s
a n d o f loa n s s u p p o rte d b y su ch secu rities is in d ic a te d in th e F e d e ra l R e se rv e
B o a r d ’s w e e k ly c o n s o lid a te d s ta te m e n t o f co n d it io n on J u n e 29 o f 817 m e m 
b er banks in le a d in g c itie s .
L o a n s secu red b y co r p o ra te o b lig a tio n s s h o w an in cre a se f o r th e w e e k
o f a b o u t $ 1 1 ,0 0 0 ,0 0 0 , th e m em b er b a n k s in N e w Y o r k C it y r e p o r tin g
n e a rlv a ll o f th e in crea se, w h ile o th e r loa n s a n d d is co u n ts , in c lu d in g loa n s
se cu red b y G o v e rn m e n t o b lig a tio n s a n d c o m m e rc ia l lo a n s p r o p e r , s h o w b u t
n o m in a l ch a n g es. H o ld in g s o f U n ite d S tates b o n d s a n d V ic t o r y n o te s
d e clin e d o y a b o u t $ 2 ,0 0 0 ,0 0 0 , T re a s u ry n o te h o ld in g s fe ll o f f $ 1 3 ,0 0 0 ,0 0 0
a n d th ose o f T re a s u ry ce rtifica te s $ 1 7 ,0 0 0 ,0 0 0 , w h ile c o r p o r a te secu rities
on h an d s h o w an in crea se fo r th e w eek o f $ 4 ,0 0 0 ,0 0 0 . C o r r e s p o n d in g
ch a n ges fo r m e m b e r b a n k s in N e w Y o r k C it y in c lu d e an in crea se o f $ 3 ,0 0 0 ,0 0 0 in U n ite d S ta tes b o n d s a n d V ic t o r y n o te s a n d d ecreases o f $ 3 ,0 0 0 ,0 0 0 in T r e a s u ry n o te s a n d o f $ 2 ,0 0 0 ,0 0 0 in T r e a s u ry ce r tific a te s .
T o t a l loa n s a n d in v e stm e n ts o f all re p o r tin g b a n k s, in co n s e q u e n c e o f th e
ch a n ges n o te d , s h o w a re d u c tio n fo r th e w e e k o f $ 1 6 ,0 0 0 ,0 0 0 , w h ile fo r th e
N e w Y o r k C it y b a n k s, b eca u se o f th e r e la tiv e ly s m a ll n e t liq u id a tio n 1

o f T r e a s u ry n o te s a n d c e r tific a te s , an in cre a s e o f a b o u t $ 7 ,0 0 0 ,0 0 0 in
t o t a l lo a n s a n d in v e s tm e n ts is n o te d .
A c c o m m o d a tio n o f r e p o r tin g b a n k s a t th e F ed era l R e se rv e b a n k s sh ow s
an in crea se fo r th e w e e k fr o m $ 1 ,2 0 8 ,0 0 0 ,0 0 0 t o $ 1 ,2 1 5 ,0 0 0 ,0 0 0 , th e r a tio
o f su ch a c c o m m o d a tio n t o t o t a l lo a n s a n d in v e stm e n ts re m a in in g u n ch a n g e d
a t 7 .9 % .
F o r th e N e w Y o r k C i t y b a n k s a d e cre a se in a c c o m m o d a tio n
a t th e lo c a l reserve b a n k fr o m $ 2 8 7 ,0 0 0 ,0 0 0 t o $ 2 8 3 ,0 0 0 ,0 0 0 a n d in th e
r a tio o f a c c o m m o d a tio n fr o m 5 .9 t o 5 .8 % m a y be n o te d .
A s a ga in st a r e d u ctio n o f $ 7 5 ,0 0 0 ,0 0 0 in G o v e r n m e n t d e p o s its , o th e r
d e m a n d d e p o s its (n et) s h o w an in crea se o f $ 5 7 ,0 0 0 ,0 0 0 a n d tim e d e p o sits
an in crea se o f $ 1 4 ,0 0 0 ,0 0 0 . A t th e m e m b e r b an k s in N e w Y o r k C it y a
re d u c tio n o f $ 4 3 ,0 0 0 ,0 0 0 in G o v e r n m e n t d e p o s its is -a c c o m p a n ie d b y in 
creases o f $ 7 1 ,0 0 0 ,0 0 0 in o th e r d e m a n d d e p o s its a n d o f $ 8 ,0 0 0 ,0 0 0 in tim e
d e p o s its .
R e se rv e s o f th e r e p o r tin g m e m b e r b a n k s w ith th e F e d e ra l reserve banks
are sh ow n $ 1 3 ,0 0 0 ,0 0 0 less th a n thr. w e e k b e fo r e , w h ile ca sh in v a u lt w as
$ 8 ,0 0 0 ,0 0 0 in excess o f th e p re c e d in g w e e k ’s t o t a l. M e m b e r b a n k s in
N e w Y o r k C i t j re p o r t a $ 3 ,0 0 0 ,0 0 0 d ecrea se in reserves a n d a n o m in a l
d ecrea se in ca sh o n h a n d .

1. Data for all reporting member banks in each Federal Reserve District at close of business June 29 1921.
F ed era l R eserve D is tr ic t.

B oston .

N ew Y ork

49

112

P h U a d e l. C le v e la n d . R i c h m 'd .

88

58

A tla n ta .

82

C h ic a g o .

43

Three ciphers (000) omitted.

S t. L o u is . M i n n e a p . K a n . C ity

80

D a lla s.

San F ran .

52

T o ta l.

817

Number of reporting banks_____________
Loans and discounts, including bills re
discounted with F . R . bank:
Loans sec. b y U . S . G o v t. obligation s..
Loans secured b y stocks and bonds_
_
All other loans and discounts________

S
$
38,866 265,199
196,327 1,258,119
606,072 2,764,163

$
S
S
S
S
S
S
S
$
S
S
72,228 62,138 25,376
19,312
86,499
20,420
12,565 21,954
660,296
6,877 28,862
190,698 337,198 110,743
52,350 446,632 119,348
33,429 72,052 36,689 149,409 3,002,994
379,171 672,696 332,834 310,829 1,246,007 324,836 233,145 378,759 210,280 751,159 8,209,951

Total loans and discounts_________
U. 8. bonds______ ______________________
U. 8 . Victory notes_____________________
U . S. Treasury n o te s ___________________
U. S. certificates of indebtedness_______
Other bonds, stocks and securities_____

841,265 4,287,481
34.549 309,937
5,875
81,233
3,454
77,357
4,842 133,811
131,332 734,829

642,097 1,072,032 468,953
47,725 100,989 59,960
6,355
17,171
5,064
12,582
4,572
1,364
11,174
13,779
4,945
161,199 283,695
55,001

Total loans, disc’ ts & investments, incl.
bills rediscounted with F. R . B ank_ 1,021,317 5,624,648
_
Reserve balance with F . R . B ank______
70,377 608,834
Cash in vault......... .......................................
21,070 108,038
Net demand deposits_____________
702,384 4,635,931
Tim e deposits______________ _______I l l ”
175,005 433,115
Government deposits___________________
26,977 214,445
Bills payable with Federal Reserve Bank:
Secured by U . S. G ovt, ob lig a tio n s.._
97,418
10,181
All other__________________
Bills rediscounted wi h F. R . Bank:” ”
Secured by U. S. G ovt, obligations___
8,645
24,423
All other______
45,621 216,616

113

37

35

382,491 1,779,138 464,604 279,139
30,707
73,047 25,661
16,582
2,004
2,726
30,585
837
461
7,942
1,211
342
1,332
22,821
2,161
613
36,677 350,168 67,405
21,614

881,132 1,492,238 595,287 454,394 2,263,701 563,046
60,342
30,614 27,197 170,832 37,704
86,951
19,191
30,347
15,025
10,091
55,580
7,243
604,716 779,440 299,560 218,148 1,239,107 285,818
41,110 431,140 119,581 146,907 660,430 142,838
38,026 32,940
8,576
2,744
28,682
10,656

472,765 253,846
31,822
32,535
1,241
3,026
1,079
2,086
8,426
2,194
46,310
10,555

319,127 563,428
17,950 41,023
13,354
6.917
171,720 367,988
72,579 106,883
6,298
6,506

68

929,430 11.873,241
101,740 865,254
15,384
171,501
115,341
2,891
14,927 221,025
175,520 2,074,305

302,450 1,239,892 15,320,667
20,240
69,401 1,241,465
9,494
30,938 327,468
188,267 553,319 10,046,398
61,360 542,170 2,933.118
5,824
387,378
5,704

39,314

26,411

24,728
1,738

13,469

51,126
1,550

14,899

3,475
248

12,289
53

4,190
1 840

21,501
189

319,001
5,618

20,463
37,762

7,152
91,164

2,768
44,757

4,855
32,302

14,205
152,073

2,866
38,013

494
34,568

3,704
31,355

499
12,433

3,846
60.133

93,920
796,797

2. Data of reporting member banks In Federal Reserve Bank and branch cities and all other reporting banks.

T h ree cip h ers

(000)

N ew
o m itted .

Y o rk C ity .

C U y o f C h ic a g o .

A l l F . R . B a n k C i t i e s . F . R . B r a n c h C i t i e s . A ll O th e r R e p o r t . B k s

June 29 June 22. June 29. June 22. June 29.

Number of reporting banks
70
52
52
70
Loans and discounts, incl. bills rediscounted with F. R. Bank:
$
8
S
8
Loans see. by (J. B. Govt, obllg’ns 240,701 241,351
63,229
61,159
Loans secured by stocks f r bonds. 1 , 096,144 1,086,449 325,796 321,520
All other loans and discounts___ 2,461,256 2,460,553 797,851 801,375
Total loans and dlscounts.
3,798,101 3,788,353 1,186,876 1,184,054
U. B. bonds____
265,071 262,408 20,475 20,370
U. B. Victory notes
72,897 72,731
12,466
12,559
U S. Treasury notes........
3,291
72,965
75,811
2,310
U S. certificates of indebtedness..
128,851 131,063
13,314
J2,127
Other bonds, stocks and securities
559,691 559,973 143,363 149,166
Total loans f r dlsc'ts, fr, invest’ts
incl. bills redisc'ted with F.R.Bk 4,897,576 4,890,339 J,377,710 1,382,661
Reserve balance with F. f t . Bank.
564,745 568,126 123,297 123,552
Cash In vault
94,71J 95,467
32,184
3 J,755
Oct demand deposits________
4,159,849 4,089,336 864,895 875,285
Time deposits__________
270,496 262,015 3 J8,288 315,483
fiovernment deposits
208,443 251,102
16,437 20,054
Bills payable with F. k . Bank:
Bec'd by u . B. Govt, obligations..
73,286
21,448
73,153 20,086
Ail o t h e r _______________
975
1,550
Bibs rediscounted with F. It. Bank:
Scc'd by V . B. Govt, obligations .
32,677
22,626
9,349
8,975
Ail o t h e r .................. ..............
187,262 181,070
91,699
87,697
Ratio of b J '. payable f r rediscounts
iJ
with F. f l . Bank to total loans
and Investments, oer rent
5.8
5.9
8.9
8.6
K
ite

282

T o t a l.

June 22. June 29. June 22 June 29 June 22 June 29’21 June 22’21 July 2 ’20

282

215

215

320

320

817

817

814

8
8
8
8
8
8
S
8
8
473,087
472,705 104,897 102,648
82,312
85,770
660,296
661,123 1,022,917
2,103,474 2,089,736 477,612 " 478,745 421,908 424,005 3,002,994 2,992,486 3,119,466
5,338,324 5,331,589 1,484.688 1,489,533 1,386,939 1,388,338 8,209,951 8,209,460
(a
7,914,885 7,894,030 2,067,197 2,070,926 1,891,159 1,898,113 11,873,241 11,863,069
444,375 443,166 209,516 210,538 211,363 210,487
865,254 864,191
100,376
101,329 42,623 44,409 28,602
174,472
28,734
171,501
93,609
101,822
10,164
115,341
127,857
1J,568
13,868
12,167
166,801
178,724
32,584
35,429 21,640
237,566
23,413 221,025
1,132,339 1,132,029 592,856 589,656 349,110 348,213 2,074,305 2,069,898

(a)
878,711
198,875
419,954
(a)

9,852,385 9,851,100 2,950,244 2,964,826 2,512,038 2,521,127 15,320,667 15,337,053 16,885,954
920,869
929,348 181,539 187,543 139,067 137,769 1,241,465 1,254,660 1,445,713
184,847
358,252
184,450
75,694 327,468
319,461
66,613
59,317 76,008
7,079,294 7,019,706 1,538,581 1.545,628 1,428,523 1.423,979 10,046,398 9,989,313 11,487.857
1,354,289 1,342,870 924,174 920,607 654,655 655,855 2,933,118 2,919,332 2,700,371
313,080
107,790
37,411
43,088
44,304
31,210
387,378 402,488
380,773
175,535
2,870

179,088
2,395

96,396
1,731

100,334
1,645

47.070
1,017

45,136
1,071

319,001
5,018

324,558
5,111

67,249
543,713

78,784
527,341

17,907
123,079

10,892
123,352

8,764
130,005

8,478
123,040

93,920
796,797

104,154 279,891
773,733 1,033,621

8.0

80

8.1

8.2

74

7.0

7.9

7.9

740,572
2,346

12.2

THE CHRONICLE

16 2

ja n k e rs'

[ V o r , 113

U nited States B onds. -Sales of Government bonds at
the Board are limited to S I,000 Pan. 2s reg. 1936 at 100,
$1,000 Pan. 3s reg. at 75, and the various Liberty Loan issues.

(G a zette.
Friday Night, July 8 1921.

R ailroad and M iscellaneous S to ck s.— Business in the
stock market on Tuesday, following the protracted holiday,
was exceptionally limited in volume and equally negative
in character. Prices dropped automatically from sheer
inertia and practically every industrial issue traded in lost
from 2 to 9 points. Railway stocks were less affected by
the general depression, but in most cases closed lower than
last week. On Wednesday, however, the whole tone and
trend of the market changed to one of buoyancy and aggres.
site activity. This movement continued until near the
close on Wednesday, when the railway list showed a recovery
of from 2 to 7 points and the larger, more active industrial
group was from 3 to 13 points higher. The change men
tioned is a perfectly logical reaction from the extreme depres
sion which has characterized the market for months past
and is now fostered by the vastly improved condition of the
Federal Reserve Bank system and the resultant ease in
money market— by the prospect of a decided change for the
better in the railway world— by another drop in the prices
of manufactured steel and by a more hopeful outlook for
nearly all the important crops of the country, now nearing
maturity.
To-day’s market has been reactionary on discontinuance
of two or three rubber dividends and the absence of invest
ment buying sufficient to counteract the effect of activity
on the bear side of the market. As a result, railway shares
are about a point lower on the average and the miscellaneous
list is from 2 to 4 or 5 points lower than at the close yesterday.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.

Week ending Ju ly 8.

Sales
fo r
W eek .

HP*

Range fe r Week.

Lowest.

Range s tn ce J a n . 1.
Lowest.

H ig h est .

H ighest.

P a r . Shares S per share
S per sh a re. $ per sh are. S per sh a re.
Jan 53
A m B rake S & F . . n o p a r
July o 42
Apr
July 5 45
100 45
June 29
A m erican C hicle .n o p a r
July 8 15
Jan
200 15
July S 15
A m T e l & T el r ig h t s ... 20,486
%
Assets R e a liza tion ____ 10
600
1%
A tla n tic P etroleu m ___25 1,000 13%
A u to Sales C orp . pref.oC
100 11
Barnsdall class B ____.2 5
750 15%
B low n Shoe I n c . . _ .100
200 38%
Case Thresh M p re f. .1 0 0
200 73
C & E 111 tr rec 1st pel___
200
5%
C St P M inn & Om pf 100
100 7 5 %
C ertain-Teed P rod no p a r
100 25
Cluett, P e a b o d y & C o 100
100 40
C uban A m Sug p r e f. _ 100
100 76
D avison C hem ical.w o p a r 1,000 3 5 %
Eastm an K o d a k _____ 100
oo 340
E lk H orn Coal p re f____ 50
100 39 %
E rie & P ittsb u rgh ____50
10 54
G en A m T a n k Car no p a
100 41
H om estake M in in g . .1 0 0
200 55
Indian R efin in g____ .1 0
200
7%
K elsey W heel, I n c ___100
800 58
K resge (S S ) , p re f____ 100
300 98
L iggett & M cl B ____100
220 145
Lim a L o co m pref____ 100
100 SS
M ark et St R y _ ____ 100
100
4
Prior preferred____ 100
300 3 4 %
M arland O i l ..
__wo pai 1.700 13%
M artin Parry _ .n o p a r
100 16%
M axw ell M o o r . _ _ _ io o
200
3%
1st preferred______ 100
200
4
M ullins B o d y ___ no p a r
200 17 %
N orfolk S outhern____ 100
200
9%
N o rfo lk < W est p re f. 100
fc
100 65
O tis E le v a to r. _ __ 100
200 r90
Parish B in gh a m , wo p a r
200 U %
Pitts Ft. W & C p r e f. _ 10 t
50 120
Pittsburgh Steel p re f. 100
20C 80
R and M ines L t d ..w o p a r
100 19%
Shattuck A r i z ________10
100
6%
Stand Oil o f C a l _ _ ___25
100 71
Stern Bros p r e f . . ___100
200 112%
T e m to r C & F P cl A wo par
100 10
T ex C o full paid re c ___
200 33
T h ird A ven u e R y ____ 100
700 14 %
T o l.S t L & W pref tr rects
100 IS
U nited D ru g- _____ 100
6,900 8 1 %
W e st’h’se E < M 1st pf 50
fc
100 56
W right A eron a u t. _ wo p a r
400
7%

July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July

i 9 -1 6
2
5
5 15%
i 11
5 17
8 39
8 75
S 6%
7 75%
8 25
7 40
7 76
5 36%
7 345
5 39 %
jr 54
8 41
7 55
5
7%
s 60
6 98
6 145
6 88
8 4
7 34%
«> 15%
•
8 16%
6 4
8 4%
8 19%
7 9%
6 65
6 92
6 12
8 120
5 SO
7 19%
6%
6
6 71
114
7
8 10
8 33%
8 16
18
i
S 85%
56
8
7%
5

July 5
% June
% M ay
3 % Jan
July e
1% June
July 6 12% June 23% A pr
July 7 10
Apr 15
Jen
July 7 14% June 35
Jan
July 8 33
Fob 42% M a y
July e 73
July 8 5 % Feb
June
July 6
5
7% M ay
July ( 70
July 80
June
July 8 23% June 44
Jan
July 7 36% June 62% Jan
July 7 75
Feb
June 95
M ar 44
July 6 23
M ay
Juiy 7 340
M a r 390
Feb
July 5 39
JaD 40% M a y
July 8 54
July 54
July
July 8 4 0 % June 53
Jan
July 7 49% M ar 61
M ay
July 5
7% June 15% Jan
M ar 62
July 5 35
M ay
6 97% June 103% M a y
July
Apr 153% M a y
July 6 137
July 6 88
June 95% M a y
July S
M ay
7
M ay
3
July o 34% June 4:5% M a y
July 7 12% June 21% M a y
Jan
July 8 14% M ar 21
July 8
7 % Jan
2% Jan
Jan
July 5
3% June 12
July 7 17% July 28% Jan
July 5
Api 13% M a y
9
July 6 62
June 67% Jan
M ay
July 8 x90
July 148
July 7
9% June 15% Apt
July
July 120
July 8 120
M ar 85% M a y
July 5 79
Jan
July 7 19
A pi 25%
Jan
July 6
4%
7% M a y
July
July 6 67% June 71
Jan 114
July
July 8 85
July 8 10
June 25% Jan
June 33% July
July 8 32
Jan 2 0 % M a r
July 6 13
Jan
Apr 20
July 7 16
Jan
July 6 81% June; 106
July 8 56
M a y 62 % M a r
July n
l
6 % June) 7 % June

For volume of business on New York, Boston, Philadel
phia and Boston exchanges, see page 158.
State and R ailroad B o n d s.— N o sales of State bonds
have been reported at the Board this week.
Ignoring the irregularities of the stock market, the market
for railway and industrial bonds has been generally steady
or firm.

In a few issues, for special reasons, like Kelly-

Springfield Tire and some other rubber bonds, prices have
declined, but for the active list as a whole it has been well
sustained.

The now Burlington— N o.

Pac.— Great.

N o.

bonds have been very active at slowly advancing prices, and
the investment demand is illustrated by an advance of more
than a point in Penn. 7s.

D a ily R e c o rd o f L ib e r ty L o a n P rice s

P in t Liberty Loan
High
3 % % bonds of 1932-47- - .
Low
(Firat 3 % a)
Close
Total sales In $1,000 units..
Converted 4 % bonds of High
1932-47 (First 4s)
Low
Close
Total sales In $1,000 units.
Converted 4 % % bonds of High
1932-47 (First 4% s)
Low
. Close
Total sales In $1,000 units.
Second Converted 4 % % High
bonds of 1932-47 (FlrsT Low
Second 4 % s)
Close
Total sales In $1,000 units
Second Liberty Loan
High
4% bonds of 1927-42
Low
(Second 4s)
, Close
Total sales In $1,000 Units
Converted 4 % % bonds of f'lligh
Low
1927-42 (Second 4% s)
Close
Total sales In $1,000 units
Third Liberty Loan
nigh
4% % bonds of 1928
Low
(Third 4% s)
Close
Total sales In $1,000 units
Fourth Liberty Loan
High
Low
4% % bonds of 1933-38
(Fourth 4 % s)
, Close
Total sales In $1,000 units.
Victory Liberty Loan
High
4 % % notes of 1922-23
L O W
(Victory 4% s)
, Close
Total salea In $1,000 units
3 % % notes of 1922-23
High
(Victory 3 % s)
Low
, Close
Total sales In $1,000 units.

Note. —
bonds.

2. J u ly 4. J u ly 5. J u ly 6. J u ly 7. J u ly 8.

J u ly

1
1
1
1
1
1
1
1
1
1
1
i

>*
<

1
1
1
i
>
l
1
i
1
i
K
*
<

a

0

Q
l-H

0

86.44
86.26
86.26
247

87.60
87.20
87.60
9
87.78
87.40
87.58
107

86.82
86.60
86.70
433
87.40
87.10
87.40
2
87.68
87.40
87.50
148

86.78
86.60
86.60
337
87.34
87.34
87.34
1
87.56
87.32
87.46
80

87.22
87.10
87.22
20
87.26
87.06
87.20
1,338
91.16
91.02
91.04
919
87.50
87.24
87.34
1,142
98.44
98.26
98.36
2,463
98.40
98.36
98.36
1.551

87.12
87.08
87.12

o

1
i
a
w

i

S

V
m

o

fc

<
m
o
w
1

1
1
1
1
1
1
1
1
1
1
1
1

w
I
Q
w

s
o
w
o
&
w
o
1
1
1
t

1
1

1
1
1
1
(

87.10
87.00
87.10
13
87.20
87.00
87.10
572

01 02
90.90
91.00
879
87.40
87.18
87.34
1,458
98.40
98.26
98.34
1,790
98.40
98.24
98.34
8,536

2

87.33
87.16
87.20
1,056
91.12
91.00
91.02
1,1.68
87.46
87.28
87.28
1,148
98.36
98.28
98.36
2,485
98.38
98.30
98.36
655

86.68
86.30
86.30
727
—

87.42
87.20
87.22
27
96.38
96.38
96.38
2
87.00
86.94
86.94
2
87.22
87.00
87.12
549
91.04
90.90
91.00
408
87.34
87.04
87.12
794
98.38
98.3o
98.3S
1,95*
98.36
98.3?
98.34
59

T h e a b ov e table includes on ly sales o f co u p o n
Transactions in registered bonds were:

3 5 j l s t 3 H s -------- - ______ 86.20 to]86.72| 19 3d 4 % s ............... - ........... 90.62 to 9 1 .0 0
21 1st 4 s ______________
87.40
31 4th 4 % s _______________86.94 to 87 .34
1 2d 4 s ____________________ 86.50
341 V ic t o r y 4 % s ___________ 98.14 to 9 8 .3 0
14 2d 4 % s ----------------------------86.88
to 87.20 ! 150
V ictory 3 % s _98.34

Foreign E xchange.— Sterling ruled dull and weak, with
quotations little better than nominal most of the time. In
the Continental exchanges also inactivity was the chief
characteristic and the trend was fractionally downward.
To-day’s (Friday’s) actual rates for sterling exchange were 3 64 % ©
3 65% for sixty days, 3 69 % @3 70% for checks and 3 70% @3 71% for
cables. Commercial on banks, sight, 3 69% @ 3 70%: sixty days, 3 62@
3 63; ninety days, 3 60% @ 3 61 %, and documents for payment (sixty days),
3 62% @3 63%. Cotton for payment, 3 69% @3 7024, and grain for pay
ment, 3 69% @3 70%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 7 84 @7 87
for long and 7 90@7 93 for short. German bankers’ marks are not yet
quoted for long and short bills. Amsterdam bankers’ guilders were 32.14©
32.19 for long and 32.50@32.55 for short.
Exchange at Paris on London, 46.63 fr.; week’s range, 46.55% fr. high
and 46.77 fr. low.
The range for foreign exchange for the week follows:
Cables.
Sterling Actual—
Sixty Days.
Checks.
High for the week
____
3 73%
3 73%
___ 3 67%
Low for the week____ _____ _____ ___ 3 64%
3 69%
3 70%
Paris Bankers' Francs (in cents per franc) —
High for the week. __________ __ __ 7.93
8.02
8.01
Low for the week_______________ ___ 7.83
7.92
7.93
Germany Bankers' Marks—
High for the week. ________
1.35
1.36
Low for the week ________ ______
1.32
1.31
Amsterdam Bankers' Guilders—
High for the week.. _ _____ ____ ___ 32.44
32.85
32 90
32.55
32.60
Low for the week___________ ____ ___ 32.14

Domestic Exchange.— Chicago, par. St. Louis, 15©25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $137 18 per
$1,000 premium. Cincinnati, par
The Curb M ark et.— Except for an occasional flurry in
dealings, the curb market was dull this week and movements
erratic. An improvement in values usually yielded to profit
taking sales and the market closed with a heavy tone. Prioe
changes for the most part were unimportant. Oil stocks
were heavy at the close. Maracaibo Oil advanced from
18
to 2 2 7 and dropped back to 20, the close to-day being
/g
at 2 0 ^ . Carib Syndicate lost two points to 3}4 arid ends
the week at 3 % . International Petroleum weakened from
123^ to 1 1 J'g, recovered to 12 % and reacted finally to 12 Vs .
Ryan Consolidated declined at first from 4 5/s to 4 1$ and sub
sequently advanced to 5. Simms Petroleum rose from 6 l $
to 6J4 and sold finally at 6 • Glen Alden Coal was the lead
ing feature in industrials and after early improvement from
3 6 % to 383/s, moved downward to 3 3 12, the close to-day bo.
ing at 34. Car Ltg. & Power broke from 1 1-16 to 75c., but
recovered to 95 and finished to-day at 94. Ohio.
East
111. new common advanced from 14 to 14% and sold finally
at 1 3 % . North American Co. new stock was traded in for
the first time to-day at 34. Trading in mining shares was
smaller than usual. Bonds were without feature.
A complete record of the curb market transactions for the
week will be found on pages 171 to 173.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P YIN G TH REE PACES
F o r salen d u r i n g t h e w ou k o f s t o c k * u s u a l l y I n a c t i v e , Nee p r e c e d i n g p a g e .

HIGH A N D LOW SALE PRICE— PER SHARE, NOT

Mondau
Saturday
July 2 | July 4

S ner share

s «cr s/iarc

Tuesday
July 5

Wednesday
July 6

$ per iftare |$
80%
7012
+2l*>
86
37%
48%
10%
*0
107%
533S

80%
76%

3 I

86
38%
48%
11
S
108
54%

per share

Thursday
July 7

81% 81%
774i
77%
3 | *2U
88% *86%
39%
38%
49%
50
11
11
*n
8
*658
*6^8
1 0s
13% 1 1 1 %
5 3 % 55% 5 5 %
34

71t
71.1
7 % 7%
17 | 17hi 1 7 %
17
26lo 26%, 26% 28
39
39%' 3S% 41%
04% 64%
65l4 66
*95
98
98 I *95
32%! 3 1*8 33%
31%
723) 728.)
72% 73
*621$ 64 I 63% 74%
*34
3 9 1 *34
39
*57% 62 12 * 5 7 % 62%
3 8s) 38% 38%
38%
I
____ ____1 47
47
*95
98 i *95% 98
*175% 185 *175i.i 85
%
%
58
%
1%
1%
1%I * 1
4
*212
4 | *2*2
*41*>
6 !
6
13
13%
1 3 % 14
19
19 j 19% 20%
14
14%
*13% 14
663$
71%
65
65%
27%' 27% 27%
27
9 1 *7
9
*7
*20
23
23
*20
91
90% 90%
90*4
4
3%
3%
3%
12
*10% 12% *11
26% 27
2534 25%
50
49
49
49
*1H2 12% *11% 1 2 %
23
*20
*20
23
4 9 3 4 503s 50% 51%
111% 1,2
112*4 118
42
42
43
43
12% 123$
12% 127$
70
70

—

■<

•
<
2

pq
0
£
a
i
£

O
!Z
j
<
K
H
*

J
L
—
s
Q
£

9

1
a
H

o
o

a
0
z
<

0
w
o
a
w

{sj

o

o
m

*

2
*314
1934
*38
4
52%
68%
*46
*59

*57

17%
*17
94%
68%
34
20
*50
*35
27
*72
65%
24

2
43$
20«4
39%
4
52%
69%
50
63
60
17%
19
95%
69%
34%
20%
54
42
27%
75
66%
____

53
68%
50
*58
*57
17%
18%
95%
68%
34
20
*50
*35
27%
*72
66
39

24%

24

25

23%
337$

24%
337$

23%
*31%

24%
33

9
7384
1984
45%
2234
*38
117%
63%

9
74%
20
46

2284

43%
117%
63%

*784
8%
21% 22
*14
16
10
10%
*18% 19
*24% 28
*64
68
884 8%
*28

31

*37
14
*38%

2
*3%
20
38%

2%
4%
21%
40

778
17%
27%
40%
65%
97
32%
73%
64%
*34
*57^2
38
52
4 7%
98
ISO
%
1%
*2%
5%
1334
20
14
68%
28%
8
*201}
91%
334
11%
26%
50
1 2%

2234

51%
116%
42
12%

9%
9%
74% 75'%
19% 207$
45% 46 1
24%
23
*38
43%
117 1197$
63% 63%
8%
8%
21%
21
8%
8
22
22%
15
15
10% 1 0 %
18% 19%
26%
25
66
66
9%
8%
17%
17
32
*28

24%
331?
24%
33%
10
75%
21
47%
23%
*39
1187$
6334
9
20%
8%
22
*14%
10%
19
26%
*64
9
17
*28

3784

20
*%
*1 %
38%
31%
37
62%
28%
*50
26
*76
123%
18
35%
4%
*115
10%
*48%

37
39
38%
14 ' *13
14%
1412
41
*38% 41
*38%
2f)1? ahfa
21%
2 0 % 2 1%, 2 1%
58
%
%
*%
1%
1%
1 % *1%
38%
38% 3 9 % 387$
8 8 11
31% 1 31
32
32%
1 -- 377*
37
367$
37
62% *55
65
62
20% 29%
277$
28%
60 I *50
60
*50
j ....
35
26%
27
27%
79
*76
80
J24
124 125% 125
*108 110 *108
18
18% J8%
18%
36% *36
42
4%
43)
4-V
412
125 1*116 125
121
10*g
11
11
JJ
5JI4
50%
50% 51%
66

33%
*8*)
23%
56
*79

34%
35
33*2 367j
9
•Hh
9
9
24
22% 231;
24
56
*60
60
58
80
80% 82'
82%
*100
106 *100
106 1*102
4 % 45
4%
47#1 4*4
7 % 7*t 1 7% 7 %'
7%

Bid ;,/id anked prlcis: n o sales on this day

per share

833$
81%
777$
77
*21?
3
88
*85
40%
377$
51
*50
11 % *10
7 % *G&8
13 1,1 1 1 0%
56%
5 3 3 .1
“4
7
8
78
73)
77$
177s
17*2
26%
28%
39%
42%
673$
6412
*95
97
313$
33%
74'% *73
64
64'%
39
37%
62%. *5712
387$
52
47!2 ____
9 9 % 96
so
1793$
58
34
13$
1%
3%
*212
*5
5%
14%
13%
20%
19%
14% *14
68
71%
29%
29
*7
8
22% * 2 0
92%
9112
3%
38 4
1112 *11
25%
27%
51 ' 501$
1 2 % *123.4
2234 2 1
52% *50%
117% 114
41%
42%
123$
12

23$
23$
4
*314
20% 215$
39*4 403$

53*2
53%
71
70
50%
507
8
63
*58
61
19%
18
18%
173 4
96%
96
73%
7234
3538
35
21
20%
54
*50
42
*35
28%
28
75
*72
68%
67%
39%
39%

Friday

1 July 8

$ per share 1 $

80%
76%
*2
86*2
37*8
49

Sales
for
the
Week.

PER CENT

.54
72%
5078
62
61
19
18%
97
75%
3512
213$
54
42
287$
75
70%
39%

*2%
*314
197$
3S%

82>
::

5,.300
773$
1,500
3%
900
S7»)
393$ 26,200
51
1.090
300
11%
8
17,300
12
56% 10,200
1
300
100
78
7 7$
900
1 7 5$ 1,300
273)
9,900
41% 12,800
3,100
65
100
98
82% 25,700
800
75
647$
1,200
100
37%
____
62%
1,220
100
200
97%
1,100
300
.80
1,700
3)
.3$
1.000
______
4
100
7
1 3 3 4 10,700
5,400
19%
1,500
14%
17,200
69%
1,900
29
100
9
23
1,600
9 1%
1,200
3 34
100
12
2634
7,600
50%
600
143$
200
200
21
52
3,400
3,900
11512
800
4212
1,200
12
300

2%

4

21
395$

NEW YOR K STOCK
EXCHANGE

Railroads.

Par
Atoll Topeka A Santa F e --I0 0
D o prof________________100
Atlanta Hlrm A A tla n ta.. 100
Atlantic Coast Line R R _ 100
_
Baltimore A O hio________ 100
I)o prof______ _________ 100
Brooklyn Rapid Transit,.. 100
Certificates of d o p o s lt..
Canadian Paolflo__________100
Chesapeake A O hio_______ 100
Chicago Great W estern___100
D o prof______ _______ 100
Chicago MIlw A St Paul___100
D o prof. ____________ 100
Chicago A N orthw estern.. 100
D o prer.............................100
Chlo R ock Isl A P ao______ 100
7 preferred- ___________ 100
6 % preferred___________ 100
Clev Cln Chlo A St L o u is ..100
D o pref________________100
C olorado A Southern_____ 100
D o 2 p r e f _____________ 100
Delaware A H udson______ 100
Delaware Lao) k W estern. 50
D enver A RJo G rande____100
D o p r e f..
__________100
Duluth S S A Atlantic____100
D o pref________________100
E rie_______________________ 100
D o 1st pref____________ 109
D o 2d pref.......................100
Great Northern p r e f . ____ 100
Iron Ore properties.,Vo par
Gul M ob A N or tr ot s . . 100
Illinois Central___________ 100
Interboro Cons C orp .-lV b par
D o pref________________100
Kansas C ity Southern____ 100
D o pref________________100
Lake Erie A W estern_____ 100
D o pref________________190
Lehigh Valley____________ 50
Louisville A Nashville____ 100
M anhattan R y guar______ 100
Minneap & St L (new)____100
M inn St P & S 8 M arie____100

2,800 Missouri Kansas A Texas. 100
6 600
4,700
100
800
13.600
400

Missouri Paolflo trust ot s.100
D o prei trust etis_____ 100

New Orl T ex & M ex v t O ..100
70=8
'N ew York Central_______ 100
51
N Y Chioago A St L o u is .. . 100
62
61
175$ 18% 11,500 N Y N H & H artford_____ 100
700 N Y Ontario & W estern___100
17% 173)
2,500 N orfolk & W estern______ 100
97
*96
715$ 74
41,000 Northern Pacific__________100
34% 3o3$ 16,460 Pennsylvania_____________ 50
193,i 21%
7,600 Pere M arquette v t o _____ 100
54
*50
D o prior pref v t o ____100
42
*35
2 7 1 4 2 7 3 4 4,200 Pittsburgh A West V a ____100
*72
75
67% 687$ 27,800 R e a d in g ________________ . 60
300
D o 1st pref___________ 50

697$
*49

247$

25

237$

2 oh
34

237$ 2434
3212 32%

3319

Shares

STOCKS

14.S00 St Louts-San Fran tr ctfs.-lO O
100
7,300 St Louis Southwestern____100
500
D o pref______________ 100

600
9%
D o p r e f.. ____________ 100
763$ 52,000 Southern Paclflo C o ______ 100
21% 12,800 Southern R ailw ay.............100
2,100
46%
D o pref________________100
2234 5,800 Texas A Paclflo___________ 100
43%
Twin City Rapid T r a n s it..100
120% 13,800 Union Pacific_____________ 100
6334
2,900
D o pref________________100
800 United Railways Invest_ 100
9%
_
700
20%
D o pref________________100
1,600 W a b a s h _______________ _ 100
8%
0,800
22%
D o pref A _____________ 100
100
D o pref B ______ _______100
17
3,100 Western M aryland! neie)._100
10%
3,700
193$
D o 2d p r e f ____________ 100
26
2.000 Western Paclflo___________ 100
200
66
D o pref......... .. . .
100
2,800 Wheeling A Lake Erie R y .1 0 0
9%
1,00C
16%
D o pref______ _______ 100
Wisconsin Central. _ __ .100
32
Industrial Sc Miscellaneous
1,700 Adams Express_ ________100
41
_
3 9 % *38
400 Advance Rum ely________ 100
14% *12
14%
41
D o p r e f ______________ 100
*38%
200
4 , 2 0 0 Ajax Rubber In c__________60
22
20% m i
20C Alaska Gold M ines_______ 10
]2
°8
*2
134
600 Alaska Juneau Gold M ln ’g 10
1 3$ *15$
4,300 Alllod Chera A D y e ___no par
39
39
38
300
88i,i
88
HHh
4 , 0 0 0 Allls-Chalmers M fg______ 1Q0
3 3 % 31% 32
10 0
_
D o pref_ _______ _ .100
72% 72%
2,800 Amer Agricultural Chem__100
37%
3 7 3 4 37
20C
D o pref____________ ..1 0 0
62
*02% 70
277$
3.50C American Beet Sugar_____ 100
30%
27
Do prel------------------ .- .1 0 0
60
80C Amer Bosch M a gn eto..W o par
36
35% 35%
4,000 American C an ....... ...............100
277$
26*8 273$
D o prof ________ . . 100
3,800 American Car A Foundry. 100
1267$ 125 126
Do pref________ _____ 100
110 *108 110
700 American C otton O il_____ 100
17
18%
200
Do pref_______________ 100
47$
43)
45g
1,600 Amer Druggists Syndicate. 10
200 American Express . . ____100
123 1 * 1 1 5 122
1,10f American Hide A Leather. 100
11% 1 *j j
12%
3,300
D o p r e f ______________ 100
53
60% 51*4
100 American loe_____ ________ 100
56
Do p r e f.. ........... .......... 100
14,00( Amer International Corp .100
377$
33% 34
97 *
100 Am La France F E ______
10
9 I *87$
5,801 American Linseed_______ 100
24») 1 25
27
700
D o pref___ ___ ___
100
58 ! 00«4 63
4 ,10( American Locom otive_ 100
83%1 80
813)
_
D o pref
...
.100
106 I* 103 106
4 r$ 2,701 American Safety R a io r .... 25
>
1
4%
_ .n o v a r
1,700 s rn '-Oilo H C om m _
73$
7%
7»)

10
9
767$
75
217$
20
46
48
24%
22
43
*38
1213$ 119
64
635s
9%
9
21
20
8%
8%
23
21%
15% *15
10%
10%
20%
19
27
25%
66
68
93$
9%
177$
16%
32
*28

t Ex-rlghts.

S Less than 100 shares,

a Ex-dlv. and rights.

per

»n

Lowest
per share4
771$ Juno24
75% Jau 3
2i4 Fob 26
77
Apr27
30% M arl 1
47 Mar 11
I)*? Juno 13
6% Junel7
10L JuncjO
46 Juno20
% Apr28
% Apr28
6% June23
14 JunelK
2 2 June20
32 June21
60% AprM
95 July 1
22% M arll.
68% Mar 12
56% June21
32 June21.
60 Fob 3
27% Jan 8
49 Jan 3
42 Jan 26
90
AprM
176 June20
% June30
1 M a r2 1
1% Mar24
4% Feb 23
11% M ar 12
16% JuneJl
11% A p rl4
60 Junel4
25% June24
7% M a rl2
20 June24
85% M a rl2
3% JunelJ
9 JunelS
18% Feb 7
4 5 % Jan 25
10 M a r ll
19 Mar21
47% J u n eil
97
A prM
36% Junel4
9 M a r ll
65 Junel4
85 M a y 3
2 M arlO
37$ July 1
16 M a r ll
33% M a r ll
3% June23
46 Juue21
64% June21
39 June20
59% June22
54 June24
13% June23
16 M a rl l
S8% June21
61% Junel4
32% June23
15% M a r ll
50
Apr29
35 Jan 19
24% June21
70 M a r ll
60% June20
36% June24
38% June25
19% M a r ll
277$ June23
19% June23
28 June24
5% AprlO
8% M a r ll
67% June21
17% June20
42 June21
1618 Jan 5
36% Jan 10
111 June21
63
Apr29
77$ June24
17% June23
7 Mar 11
IS M a r ll
12% Mar 12
8% June23
14% June23
22% June20
x61 June21
7% June21
13% Jnne21
28 June20

Highest

t

Lowest

Hig keel

per ehare 1 per ehare t per than
84% M ay 5
76
Feb
90*8 Nov
79% Jau 24
72 M ay
82
Jan
7% Jan 4
4u D ec
12% Hep«
SO*# June 16} *82
IJer 104% Got
493g Oot
27% Fet
42*8 M a y 9
64 Jan 11| 4(Ph June
54
Oot
M tgJan 26!
17 Mar
9% Aug
10 Jan 26;
13% Mar
512 Sept
119% Jau 111 1093$ Dec 134
Jan
70*g Nov
65% M ay 9,
47
Fob
6 * 4 Jan 29

14% Oot
9% M ay 9
6% Deo
333$ Oot
20% M ay 9
I 5 I4 Dee
4 4 1 2 N ov
31 Jan 12
21
Dec
46% Jan 12
65
Oct
363), Dec
91% Mar
71 Jan 11
60
Dec
Jan
110 Jan 24
98 June 120
41
Mar
34% M a y l8
21U Deo
84*4 Oot
78 M ay 10
64
Feb
71% Oot
07% M ay 10
54
Fob
313$ D ee
62 Sept
48 Jan 20
69
Oct
66 M ar 3j
60
Deo
36% Oct
39% M ay 6;
20
Feb
54
Oct
53*s A pr27i
46 July
46
Deo
47% July 71
35
Aug
Oct
1037$ M ay 11,
83% Juno 108
249 M a y 161 105
Feb 200% Sept
9
Jan
2% Jan 29
12 Nov
16% Feb
4% Jan 31j
% Nov
8
Oot
4% Jan 3 ’
3 M ay
1234 Oct
55$ Deo
73s Jan 171
213$ Sept
9% Feb
15% M ay 9.
30% Oct
22% M a y 9|
16U Dec
223) Sept
157$ Jan 12
12
Dec
913$ Nov
79% Jan 29
65% June
4178 Mar
247$ Dee
32% Mar 4
17% Oot
7
Jan
11% M ay 10
3 5 3 4 Oot
26 Feb 1
97% Oot
93 M a y 9
80"$ Feb
6% Oot
3
Aug
57 Jan 25
8
17% N ov
16 Jan 25
8% D ec
27% Oot
287$ M ay 6|
13% M ay
52 Mar30
52% Oot
40 M ay
24% Oot
14% Jan 13
8% Feb
40
Oct
28 Jan 25
16
Feb
561$ N ov
561$ Jan 5
39% M ay
11S July 6
94
Aug 112% Jan
58% Jan 25
65*4 Oot
38% July
21
Oot
14% M a y 9
8% D ec
9034 Oct
73% M a y 9
63
Feb
95 N ov
93 Jan 11
80U June
11
Feb
3 Jan 31
2% Deo
18
Feb
534 Jan 10
3 * 4 D ec
31*8 Feb
23% M ay 18
11% Dec
55% Oct
43% M a y 9
333$ D ec
8% Oct
6% Feb 7
3 1 2 D ec
S57* Oot
77% Feb 17
31 June
84% Nov
7 4 % Jan 12
64% Feb
65
Oot
54% M aylO
23% Feb
73% Oot
65 June 6
50
Apr
70
Oot
60 M ay IS
41% M ay
37% Sept
23% Jan 12
15*2 Dec
27*8 Oct
20% M a y 6
16
Feb
1047$ Feb 19
84% June 105% N ov
957$ N ov
663) June
88 Jan 28
44
Oot
4 1 % Jan 12
3778 M ay
32
Feb
237$ M ay IS
14
D ec
68
Feb
57 Jan 20
50
D ec
57% Oct
45 Jan 6
37
D ec
39% Oct
32 Jan 10
21% Feb
84*4 Sept
76% J u n e il
667g Aug
89% Jan 15
64% Feb 103 Nov
327g Mar
61
Oot
55 Feb 7
65% Oot
33% Mar
337$ Oot
25% M a y 9
15% Feb
48% Oct
231? Jan
40 Sept
11
Feb
3012 M ay 9
49*4 Oct
41 Jan 13
20% M ay
117$ Oot
7% M ay 9
6& D ec
8
20% Oct
12% M aylO
8% D ec
118*8 Nov
101 Jan 3
88% Feb
247$ Jan 13
33% Oot
18
Feb
66% Oct
60 Jan 13
50
Feb
47 Mar
27% M a y 16
14
Deo
43
Oot
55% Apr 7
27% June
122% M a y 9 110
Feb 129% Nov
69% Jan
67% MarlO
61% M ay
15% Oct
12% Mar 3
7% Aug
32% Oot
14
Aug
26 M ar 3
13
Oct
7 M ay
9 M ay 9
34% Oct
24% M aylO
17
Dec
23% Oot
12is D ec
15% M ay 5
15% Sept
11% M ay 9
8% Feb
27% Oot
11 July
21 M a y 6
40 Sept
307 M ay 9
$
20% Feb
78 Nov
70% Jan 10
64% Feb
10
Oot
11% M a y 9
8% Dee
28
Oct
15 May
19% M ay 9
48
Oot
37% M ay 9
25 M ay

July 5
% M ay25
1 Jaa 3
35 June23
83 June23
287$ June23
693/ June21
35% June 9
56 Junel3
25% June23
55 June22
32U June28
23% June21
76*4 June25
115>) Juuel7
108 M ay23
157$ June23
35% July 5
4 Junol3
116 June22
8
A prl4
40% Fob 2
42 Jan 25
57 Jan 8
29% June23
8 Juno 7
20 June18
56 Ju1v 5
73% June20 I
98i/i Juno20 |
4*8 Juno23
7 Marl 11

Ex-dividend

Hangs for Prscions
Year 1920

1

26% Jan 3
12 June20
38 June23
20

P E R HU A t t n

au k

Range tines Jan. I .
On Oasis o/ lOQ-thart lots

M ay 9
8
52% Feb 17

22
14
40

3 9 % Jan 11
1% Feb 9
1% Feb 9
6512 J&Q 13
937$ Jan 26
39% M ay 2
83 Mar23
6 6 * 2 Jan 6
90 Jan 20
51 Feb 15
747$ Jan 5
65% M ay 2
32% Jan 29
88 Jan 20
1295$ M ay 5
114 Feb 25
23% Jan 28
67
Apr26
8 3) Jan 11
135 M ay 9
133$ M ay 18
073,i M ay 18
59 '2 M ay 2
65
Apr27
533$ M a y 6
113$ Apr 18
6212 Jan 31
93 Jan 29
91% M a y 5
107% Feb 26
10 Jan 7
14 Jan 20

24

46

1 9 3 4 Jan

Deo
D ec
Deo

423) Apr
46% Mar
72
Jan

Dec
% Deo

8 8 * 4 Jan

*4 Dec

43% Deo
26% Deo
67% Dec
61
D ec
79
Deo
32*4 Deo
75
Ocl
45i8 Dec
21% Dec
72% Deo
111
Deo
105% July
15% Deo
69i2 D ec
6*8 Dec
95
Feb
6
Dee
36
Dec
37
Aug
53
Feb
30% Deo
8% Dec
42
Deo
80
Aug
74
Deo
96% Juno
6% Deo
7% Deo

2*8
3
62*8
92%
637$
92
95
961$
103*4
93
128*4
61*4
101
147%
116%
86
15%
175
30*8
122
63%
68

Mar
Mar
Sept
N ov
Jan
Jan
Jan
JaD
Apr
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Jan

14%
95
99%
109%
107

Jan
Apr
JaD
Apr
Mar

30%

Jan

54*4

120% Jan

177 June
$

104
H IG H

ilurday
July 2

New York Stock Record— Continued— Page 2
1 ta sd r ^tb we o s c s uullyluc iv, s eic o dps e ln p g
fus le ulu e ek f to k s a
ac e e c a r r d f a f
AN

OW 3 A LB PRICE— FER 81l A HE , NOT PER CENT.
nduy
Uy 4
r share

i.p er

Wt duett
Judy ¥ \

1 Tuesday
July 5

72
89

69%
893.4
523.1
*72
81
03
102%
4
18 I4 1183
8834 ♦87
16=8 118%
70>a
69*4
*93
98
27i|
8%
____
37%
37% 3814
32
*28
♦28
65
*6212
*6012
61
*44

5
22
____
____
____
0934
*95
____
45
____
96l-t
*33.(
*85
*84
4%
22*2
*12
U1.J
*55
38%
70
4U
*4l-i
3334
*69%
253
4

STOCK

EXCHANGE

CLOSED— E X T R A

H O L ID A Y .

5114

«
o
A
A
W
3
A
ii
—
1
Q
o
A
O
K
O
A
<
n
o

M
o
o

H

Friday
July 8

$ per share $ per sftare 8 per 5/ are 8 per share Shares
*68
70
68
68
67% 67=8 *67
200
*67
58
38*8 39
2,100
303-4 37
37
38*2 38*2
♦0034 7034 ♦67
70
*70*4 71=4
72
*70
3,400
2512 26
25 1 25U
4
25?s 27%
25*4 26
683.4
89
52 a4
*75
103
118
8834
1101(4
69
*04
271-4

r.

Thursday
July 7

Suits
for
the
Week.

50
101.4
237
s
29*8
*26
55
5
*20

*29
253s
*65
*5*8
861*
*16D
*43
*74U
1
i 6334
*100
271.4
54^2
*75
9

24=8
133s
17
58
543
4
*75
*7
*23
*73
1 20
4734
85

53

38
32
65
58

8*2

100

128
107S
66
6378
73%
*29
*6434

128%
11%
66
63%
73%
31%
67

11%
20%

11%
20%

33
§54
54'
54
*15
17
*15
5334
515s 53
*1119 12
12
2%
2%
2U
33
327 3 3 %
8
734
7%
73s
38%
3714 3 7 %
7S58
7S*2 79
10=8
48
*28
*66*2
*58
13%
53

10 %
48
30
67%
611-5
14%
53

U I4

11%

234
3%
10% 11%
32%
32

____
83
4

*54

100

*6212

2838 26%
2314
____
21% 23
21
____ ____
____ ____
713
s
69% 70=8
74*2
____ ____
99
____
43
43
*46»2
45
50%
4638
49%
____
96 14
9 7 % 97‘ 2
4%
4l.i
438
* 3=8
92
*87
97
*90
85
85
87
87
434
434
*4
43
4
23
23
23
2234
123g 12=8
13l2
13
11
11‘4 *10% 11%
5612 56*2 56*2
57=8
38% 39%
39
38>4
70
70% 70*2
4*2
412
4%
4%
____ ____
8
34i8 33% 35
34%
“ 0*2
70
70
71*2
26
25% 25*2
26
5134 54^8
5212
52*2
50
49% 4934
51
10% 1012
1038
103s
23%
23°s 24
24
2934
29=8 30
29%
27
29
55^8 56
55
55%
512
5's
5U
5*8
25
*19% 22
23
30
34
30
*30
2634 *25*2 27% *26
70
70
*65
5 I9
5U
5*2
512
86s4
86% 87%
8612
17%
18% 19
17
44%
44
45
44
95
1
1
%
%
04% 68
64
66%
102
101 101
*99
28
28% 29
28
56%
54% 59j2
57*2
*75
82
82
*75
9
938
9*2
9
243S 25*8
23%
24%
14
13
13%
14%
_
____
17
17%
17U IS
583
4
59%
58
59
94
94
94
54% 58
55U
5612
80
80
80
80
_ i-ii
_
71?
*512
____
24
24
76%
76
76
76
1234 12%
1234
12=8
13
133.i
13
lh
5334
51%
4838
49%
85
85% 87
87
57

24%
8

73
64
893,1
87
5534
50*2
83*2 *71
03*8 102%
207 1 1 6 I4
8
89
89
119% 116
7334
67%

39
32
66
60

38
31%

22%

293S 30

47%
28
66"s
13%
52%
11%
26
23.1
10

19
37
36%
*72
78
19
1838
n%
11%
38
37%
52
263.4
MS
*145 148
*97%
*97'-t 103
1012
1012 10&f
3512
*74
19
1 's
37

8*8

ii

128 128%
107 11%
s
64% 64%

*20
8

68
72%
90
883
4
65
54%
83% *71
05
103
2 0 % 119*4
89
89
18=8 119*8
73
69
97
,

28
23
77=8
____
50
51*2
___
4=8
97
87
434

24
1438
11%
573.1
40
419
30**2
71%
27
5584

51
10%
2434
30%
56*o
5•
1>
23
34

27*2
70
6
87*2
1838
44

273.,

• Bid nnd naked prices; no sales on this day.

273-,
__- -

____
38
38=8
30
30
*6212 66
61
*53

200

500
9,100
500

300
300
23
72,700
1,200
20
______
______
73=8 76% 64,000

1 warn 1

27
20

500
48=8 4858
473,! 493,1 52,200
90
90
100
*90
200
____
100
____ .
*90
95
87
400
87
700
4%
4*4
____
1,600
____ ____
1,100
900
10*8 10*2
500
*5734 58*4
3,400
36% 38%
300
1,500
4*4
4*4
100
4%
4%
343,,
34
7,900
300
*0934 72
1,800
27
26
34,100
50*4 53
50
1,000
50
5,900
10% 10*2
23
2,900
23%
2834 30
11,800
300
2,10 0
5538 55*2
8.100
5%
5
300
2112 22
200
31*2 31*2
*20
500
27*2
70
*65
5*2
4,400
5
1,500
86*2 83*->
10%
15
4,900
700
44*2 44%

Lowest
la d u a . tk. M iacell. (C o n .) Par
Am Smelt Seour prof ser A 100
Amer Smelting A Refining 100
100
D o p r e f . ____ . . . .
Am Steel Fdry tern ctfs 33 1-3
Pref tern o lfs ________ 100
American Sugar Refining 100
D o pref______ _____ ___ 100
Amer Sumatra T o b a c c o .. 100
Do pref _______ _______100
Amer Telephone A T e le g .. 100
Amer T o b a c c o .................... 100
100
D o pref (neto)...........
D o com m on Class B — lo o
Amer Woolen of M aes____100
_
_________100
D o pref_
Amer Writing Paper p r e f.. 100
Amer Zinc Lead A Smelt — 25
Du p r e f . . _____________ 25
Anaconda Copper M in ing. 60
Associated D ry G ood s____100
D o 1st preferred______ 100

1 per share
63 Jan 11
32*8 June23
67 j une20
24 .Iune21
82 J une20
64 July 8
85 % Junelfi
40=8 June20
70% June2l
95=4 Jan 3
111% JnncJl
87 Jan 4
110 Jan 3
57 Feb 21
93 Fob 21
24 June24
7% J uue22
23*2 June23
33% Jan 3
24 Jan 26
55 *i Jan 6

Associated O il____________ 100
Atlantic F r u it.. ......... No par
At Gulf A W I SS Line____100
100
D o pref______ _____
Austin, Nichols <r C o . . N o par
S
Do
pref__
______ 100
Baldwin L ocom otive W ks.100
D o p r e f..
.................... 100
Bethlehem Steel C o rp ------100
D o Class B com m on ___100
D o p r e f..
. .100
D o cum oonv 8 % pref 100
Booth Fisheries__ ___No par
Brooklyn Edison. In o_____100
Burns Bros_______ _ - 100
Butte Copper A Zinc v t o
5
_
- ___100
Butterlck . . . _
B u t t e * Superior M in in g .. 10
Caddo Central Oil A R e f . . 100
California P ackin g____No par
California Petroleum _____ 100
Callahati Zinc-Lead______ 10
Case (J I) Plow W ks___No par
Central Leather......... ........ 100
D o pref___________ ____ 100
Cerro de Pasco C o p _ No par
_
Chandler M otor C a r ..N o par
Chicago Pneumatic T o o l . .100
Chile C opp er-------------------- 25
Chino C opper____________
5
Coca C ola —
..
- . N o par
Columbia Gas A E lectric. 100
Columbia GrapbophoneWo par
D o p r e f - __________-_100
Com putlng-Tab-RecordlnglO l)
Consolidated C igar____No par
Consol Distributors, Inc.no par
Consolidated Gas (N Y ) — 100
Consolidated T ex tile.-W o par
Continental Can, In o ........ 100

1
%
68
64%
IOM4
102
29*4
27*8
56
00=8
82
*75
912
8*2
25*2
22%
143S 12%
1?34

1
2,700 C ontint’l Candy Corp.Wo par
66% 11,300 Corn Products Refining— 100
1013-1
200
Do
pref____________ .100
9,000 Cosden A C o -------------- No par
27=8
58% 53,800 Crucible Steel of Am erica. 100
82
D o pref________________100
8% 12,400 Cuba Cane Sugar_____ N o par
24% 11,100
Do
pref______________ 100
13%
6,100 Cuban-Amerlcan Sugar— 10
300 D om e M ines, L td ------------- 10
200 Elk H orn Coal C orp ______60
61%
5734 69*2 10 ,100 Endlcott-Johnson_________50
94
200
D o pref________________100
5734
49*2 56% 30,400 Famous Players Lasky No par
D o preferred ( 8 % ) ____100
500
80*2
Federal M ining & SmeltlnglOO
*5*9
7*2
9^2
24
24
*23
100
D o pref____
____
100
76
76
600 Fisher B ody C orp ____N o par
76
113.4 12=4
133S
7,100 Fisk R u bber_____________ 25
14
13% 13*2
700 Freeport Texas C o ____ N o par
1is
300
1U
1]4
5434
4734 53*4 146,600 General Asphalt--------------- 100
87
85
50C
D o pref________________100
85
200

128% 12934
11% 11=8
63%

63%

31%
67

32
67

3,900 General E lectrlo__________100
127% 129
11% 11=8 48,900 General M otois C o rp ..N o par
300
D o p ie f_ _ ______________ 10C
67% 67%
D o D eb stock ( 6 % ) ___10C
300
74
D o D eb stock ( 7 % ) . ..10C
74
300
1,400 Goodrich C o (B F ) ----------- 10C
30
30*2
*6434 67%
D o p r e f . ..........................10C
100

11=8 11%
2134 2134 *21%
*734
8%
*712
33
34
35
54
56
55
55
17
17
*15
*15
55
54
5534
51=8
12%
12% 12*2
11*2
2%
2%
3
2%
3338 34
333-1
33=8
*684
*634
8
7=4
3S%
37% 37%
37%
82*>
82%
SO
73*2
100
11
11
11*2
50
48 3 49=4
4
47*8
2919 30*2
28*;
30*2
67
68
67*2 6712
613-1
6134
MS14
14=8
13%
553^ 54
56*.|
51*2
691^ 6912
12%
1238
12
11*2
28*3
3
2%
23.1
10 %
10
10*2
29
2914
31=8
19
38*;
38% 40%
36*2
77
77
*71
*71
19
20*4
19
1934
113
12% 13%
10 %
40*.
39*2 41
39
52
263.1
27*
27% 273
151 151 *145
MS
*98 101
103
*98
10=
io% 10% 10*2

__

68% 71,500
883.1 2,800
55% 17,900
83*2 ______
03
4,834
20
12,700
89
300
1,900
18*.|
70*2 63,000

TEH SHAKE
Itanye since Jan. 1.
Oh basis of 100-shars lot

ST O C K S
N EW Y O R K S T O C K
EXCHANGE

21=4
8*2
55%
17
54%
12%
3
34
8
37%
80%
100
11
4S3j
31
69

300
200
200
700
650
8 ,S0(
2 ,70(
9,900
1,900
900
400
21,500
180
500
4,40(
1,710
600

G ray & D avis, In o------------25
Greene Cananea Copper..IOC
Guantanamo Sugar— Wo par
Gulf States Steel tr otrs— 10C
Haskell & Barker C a r..W o par
Hendee M anufacturing___10C
Houston Oil of Texas_____ 10C
H upp M otor Car C orp — 10
Indiahoma Refining---------- 5
Inspiration Cons C o p p e r .. 20
Internat Agrlcul C orp ____100
D o pref______ ___
10C
Inter Harvester (netc) ____100
D o pref (new)_ ______ 10C
Int M ercantile M arine------100
D o pref_____ ________ -10C
Internat M otor Truok.W o par
D o 1st pref__________ lOt

6,601 International Nickel (The) 25
17,SO International Paper______10C
U
D o stamped pref____
IO
C
200
11%
5,90( luvinolble Oil C orp ----------60
30( Iron Produots C orp ___No par
2 % 24,100 Island Oil & Transp v t 0 . . 11
4,200 Jewel T ea, In o ___ ____ -100
D o pref. . _____ . .
UK
29%
1,201
1 00 Jones Bros Tea, In o ______ UK
38*: 1S.80C Kelly-Springtleld T ire____25
Tem porary 8% pref------UK
77
4,501 K ennecott C opper. . . N o pat
19=
12*.
6,20t Keystone Tire A Rubber... 10
.101
39%
6,301 Lackawanna Steel
10 c Laclede Gas (St Louis) — UK
1,000 ; Lee R ubber A Tiro . No pal
27=j
200, Liggett 1 M yers T o b a c c o -100
%
155
D o pref. _____________ HK)i
103
5,600 Loew 's Incorporated
No r> iH
<
10=(
14
54^2

} Loss than 100 shares,

t Ex-rights,

a Ex-dlv. and rights,

93 J uno20
5
Apr 20
18 June 17
15=.i June 17
8*8 Junel3
52*2 JunelO
02*4 June24
95 June27
39*2 June24
4U 2 J une23
87 Junel3
90 Junc24
3% J une 8
88 Jan 8
81*4 Jan 8
4 June20
14% Jan 3
10*4 June20
10 Junel6
54
A prl3
25 Jan 5
68*2 Jan 4
4*4 June22
4 JuneM
3 I38 Apr 7
68*2 A prl3
23 MarlO
48=s June25
49 June29
9 M ar 9
19*2 Mar30
19 Feb 24
2534 June 13
52 Junc20
4*2 June23
17% June28
28=4 June21
21U june24
65
A prl9
5 July 8
77% Jan 6
15 July 8
42 June 6
90
Apr 4
% July 6
59 June20
96 J u n elo
25% M ari'51*2 June23
77 June27
8*8 Junel7
22% July 8
12'8 July 8
10% Jan 3
16 Jan 24
62 Jan 6
87 Jan 5
48 Jan 3
76% Jan 3
5% JunelS
2 1 3 June23
4
75 June28
11% Jan 3
12% June21
1 June 6
40% Jan 3
80 Jan 3
54 Jan 3
80*8 Apr25
120% Jan 10
9*2 June20
63 Juue21
61 June24
70*2 June22
26°.“ June24
62*2 June23
17*8 June24
9 Jan 6
20*4 July 6
7% June21
25 June21
50*2 June20
13 June20
47 June23
10*2 June21
2 June30
29°s M a r l2
6*2 June24
36i2 June 9
73*2 July 8
99% June2C
9*2 June20
42 June24
28 July 6
66% July 1
5o= June22
4
13 June23
46 Jan 3
68*2 June21
10 June20
24 J u n eli
234 July 5
4 Jan 6
8*2 Jan 4
14% Jan i
34 June 7
70% M a y 31
16 M ar 11
8*4 Jan 3
32 June23
40 Jan 3
17*j Jan M
138U Jan 2i
97& Jan i1
h
10 June -

H iuheel

PER SHAKE
Kanye for Precious
yea r 1920
Lowest

Hlyheel

% per share $ vet share 1 per share
61
72*8 June 6
Deo
83
Mar
443 M ay 2
4
29% Deo
72
Jan
83 Jan 20
64*| Deo 100% Jan
26 N ov
31*2 Jan 11
Mar
50
79% Deo
93% Jan
91
Mar 7
96 Jan 19
82% Deo 142% Apr
107% Jan 27
97% Dec 118*4 Jan
65
88
Mar 1
Dec 106*4 Mar
79
91=4 Feb 17
Deo 105
Apr
108*2 Mar29
02% M ay 100*4 Mar
129=4 May24
Jan
104% Deo 283
94 Jan 31
85*4 M ay
97*4 Jan
127*4 M a y 23
100*8 Deo 210 June
55*j Dec 105% Jan
82% M ay 5
88*2 Deo 105% Jan
98 Juno 1
28% Deo
39*2 Jan 20
01% Jan
634 Deo
10 M ay 16
21% Jan
33 Jan 14
25*2 Deo
59% Jan
30
66% Apr
Deo
*3*2 M ay 1 *
35*2 M ay 6
18
Deo
67% Jan
74% Jan
49% Deo
65 M ay 3
ay
0 1 M mv ‘>1
.
75»i
l0 7 i2 Mar23
84
Deo 125 " Jan
9 Jan 3
0*8 Deo
20% Aug
76 Jan 3
7 1 % Dec 176% Jan
Jan
44*2 Jan 7
42
Dec
75
13% Jan 12
8
Deo
24 M ay
70 Jan 21
67% Deo
82 June
94% Jan 11
78
Deo 148% Apr
102% Jan 25
92
Dec 102% Jan
62% M ay 6
Dee
06% May
47
65 M a y 6
48% D ec 102% Jan
93% Jan 11
Aug 102% Fob
90
Jan
107% Jan 18
99% Dec 114
Jan
5=4 Jan 27
15
2*4 Deo
95 M a y 6
82
Deo
96*4 Apr
Apr
93 M ay20
76
Deo 129
0 Jan 8
11% Jan
3*4 Deo
Jan
25*8 June29
Dec
10
26
15=4 M ay 2
Deo
29% Jan
8
19=8 April)
28% Jan
9*8 Doc
64% Feb 17
85% Jan
55% Deo
Jan
43
IS8* N ov
*
49=8 M ay M
03
751* Jau
7% Jan" 8
D ec
20 % Jan
4
10% Apr27
19*4 June
5*8 Dec
43% Jan 19
30*2 D ec 104*4 Jan
96 Jan 12
80*4 Deo 108% Jan
32% Jan 20
24% Deo
61% JaD
86
Apr30
59% D ec 104*4 Mar
70*4 Jan 11
60 N ov 111% Api
12=4 Feb 10
7% N ov
21% Jan
27*4 M ay 11
16% D ec
41% Jan
31*2 Apr29
Dec
18
40*4 Jan
4 4U
22
Jan
63 Jan 29
67
50 M ay
12=4 Jan 8
D ec
65% Jan
e
62*4 Feb 10
52% Dec
02*4 Jan
Jan
42% M ay 9
34
Deo
56
Aug
59% Jan 11
51% D ec
80
80 Feb 18
89% Aug
70
10 Mar26
93% Mar
91=8 M a y 17
7134 Dec
Dec
40% Apr
21% Jan 7
16
Apr
66 Jan 29
Dee
52
98
102*4 Jan
14% Apr
5 Jan 7
3% Dec
Dec 105% Apr
76*2 Mar26 , 01
Jan
104% Jan 17
97
Dec 107
24>2 Dec
43% Apr
43=4 Apr29
107*2 Jau 11
Dec 278% Apr
70
Jan
91 Jan 17
8 D j D ec 100
59% Apr
26 Feb 14
16% Deo
54
D ec
68% Feb 28
85% Jan
Apr
33% Feb 25
21% Dec 0605
Jan
9% M ay
21=4 Apr21
13
Jan
2534 M a v 6
13Ss
28
Jan
69*4 M a y 2
47 * Deo 147
Jan
96 M a y 7
84
Dec 104
Jan
40
D ec
95
82*2 Apr29
91% Apr
90
Apr27
66
Dec
9 Mar23
16% M ar
Dec
5
44% M ay
29% Jan 28
21% Dec
90 Jan 11
Dec 134% M ar
78
Jan
1938 M a y 5
10
D ec
48
2 0 % Jan 17
36% Jan
12% D eo
19% Jan
1% D eo
Deo
32% D ec
43
78% M a y 5
71% Deo
79% Deo
117*2 M ay 5
51
75*8 Jan
78=4
94*4 Jan
Jan
16% Deo 172
138% M arlS
16% Jan 11
42 Mar
12% D eo
64% N ov
71=4 A prlS
89*4 Jan
7 0 % Jan 13
85% Jan
58% D ec
A pi
82 Jan 24
69
94
Deo
4 4 % Jan 11
27
Deo
85% Jan
85 Jan 7
70
Dec 102*4 Jan
15
55*8 Jan
25 Jan 26
D ec
8% Deo
49*4 Jan
16=4 Mar23
15
Dec
25*2 M a y 3
38% Jan
20% Aug
16 % Jan 8
11% D ec
25
84% Jan
D ec
4S% M a y 6
78% July
51% Deo
60% Feb 15
12% Deo
46% Apr
25*8 Apr25
55% D ec 116% Sept
86 M ay 6
23% Apr
9% D ec
16=4 M ay 2
5% Aug
9*4 Apr
7% Jan S
61% Apr
28
Deo
37% M ay IS
Apr
9% D ec
27
13=4 Jan 11
40% D ec
88% Apr
57 Jan 7
SS N ov 142*1 Apr
100% Feb 16
Jan
110 Jan 29 100 N ov 115
10% Deo
61% Jan
17% Jan 11
44 N ov 111% Jan
6 3 % Jan 11
Apr
28% Deo 170
42 M a y 6
Jan
84
6S N ov
76 Jan IS
AD
C
64% Apr25
54% Deo
71
11*8 Deo
26% Jan
17 M a y 2
91*4 Mar
38*5 Deo
73-% M a y 17
75 Jan 20
79% JHU
69% Deo
Deo
47% July
19
26 Jan 20
.S U
51% J k
40 Jan 11
27% Deo
4
Deo
7% July
4=4 Jau S
31% Jan
3
Deo
11*4 M a rl7
45% Jan
7% Sept
32*2 July 5
Jan
Dec
30
25*" Jan "7
IS
25% Deo 162% Jan
54% M ay 5
Jau
Dei 106
76
9 1 Jtu> 25
14% Dev
33*8 Apr
May 11
5*1 1%8
48*1 Jan
17 % M ay 45
Deo
9l% Jan
58% Jan U
VN
U
67% i\>l
35
57*2 M ay 1 7
S8% Jau
29=4 \pr JO
15% Deo
Jau
155 May 23 - 127% No> 20Jau
95
105's Feb 8
Aur
21*" M a r ‘ k
14%

a Bar value $100.

o Old stock

« t'\ dlv Ulcud

New York Stock Record- Concluded—
F o r milott d u r liitt t h e wnolt o f

u tu m lly li m c t iv e ,

JS M I C H - Pint SHARE!, NOT pint CENT
—
----- ——
—
Saturday
July 2
$ per share

M onday
July 4
$ per share

Sales

July 8

8 per share
8% 9
*3(>3ii 3 3
*94
145%
100
63%

115

10%
•>:4io
*4/
*90
17
*15
1 10
106
*29
67
1%
44%
*88
74%
101
11

1 1%
23%
49
98%
17
16
1 16
114
32
67
1%
44%
91
747g
105

1 4 5%
105
63%
*55
56
37
37
____
____
90% 98%
_„ _

S per share

$ per share
884
8% 9
*32
8212 33
*94
115
*94
153%
14(1% 150
105 *100
*100
____ _ _ _ _ *63%
_ „ _ .. ____ *55
____ ____
82% S3
S3
__
87% 101 % 6 7 3 4
____
i ____
21%
21%
21
1()7S 11%
XUs
23-% 24l*> 24%
49
*47
49
*90
M l *90
19
18%
19
*15
15%
1534
1 13
112

*29
31
*60
67
2
*1%
*43
4612
90
90
75
75
104%
*101
11
11% 11%
_ _58
58
32
32
*30% 32%
5219 *46
53
*46
60
60
58
58
25% *22
25
*217S
*9
97g
9%
9%
2
1% 2
1%
2 2 % 22%
10
10
30
30
29% 30
8%
*8% 10
8%
52% 53
53
53%
34% 3 5 I4
34% 35%
43%
42
39% 50%
38
37
3534 45
7^4
77S
S%
9%
49%
49
oOk 52
2 9 3 4 30%
16% 17%
1 7 % 18
18%
18% 20
18
37% 38
39% 40
8%
8%
8%
8%
60
59
O
O
55
55
55

>
<
<

ft

*
<1

a
0

z

<
a

a

Q
Z

a
a
a

ft

m

O

a

z

z
K
t
1
Q
a
m
O
a
o

a
o

z

<

z
a

a
o

z
o
o

p m s i i a itm
Ranye »fnce Jan. 1
On baiit o / U)0-*Atir« loti

Week.

July 7

July 0

Jult 5

*13
707*
68
9 3%
28
26%
82%
aoo
1 2%
*18%
18
4 o12
*80%
13%
55!8

15
71

13%
70%

95%
28
2638
83

12%
12%
22
20%
19% *18
45%
453
4
84
*80%
13%
56%
5442

2%
n% n%
.
3% 3%
63% 65%
*14% 15%
§417* 417S
19% 20
34
*32
72
*65
<130 138
107 107%
*72% 76
24% 24%
31
31
74% 75%
94
94
*6
7
____
8
33%
19%
53
8?
8

*2

*10
63%
15
41%
19=8
34
*65
135
10634
*72%
24%
33%
7434
*92
5%
434
2938
7%
32%
19
53%
*77^
734

97

2 884
27%
83
1234
21
22
513
4
84
Hi
H
56%

36
II;,
*94 • 1 15
Do 2d preferred______ 100
1533.1 1 1 3% H7%
1,200 Lorlllard (P )_____________ 100
105 *100 105
D o prof_______ ___ ____ 100
65
100 M aokay Com panies______ 100
»03% 65
55
100
5 5 % 55
n o prof______________ 100
- - - - ____
1 7 5 Manatl Sugar....... ........ . 100
81% 81%
700 M ay Department Stores-.100
83
____;
•
n o prof_______________ 100
102%
93
90% 229,400 Mexican Petroleum____.100
____
Do pref___ ______
_ 100
21
21%
1,900 Miami C opper______________ 5
22%
113,
11% IJ% 20,000 Middle States Oil C orp ____1 0
24%
23% 24%
5 ,4 10 M idvale Steel * O rdnanoo.-50
49
*47
49
100 M ontana Pow er_________ 100
98%
98% *90
n o pref.................. ...... -100
17-% 17%
18%
M on t WdACoIUs C orp.N o par
____
15%
2 0 0 National A cm e___________ 50
200

Ho:

13%
71%

14%
72%

14
70%

14
71%

600
1,300

96
28%
2634
83
*100
12%
22
*20
48%
*80%
13%
56

98%
92-%
28%
28
27
26%
81%
83
108 *100
12%
13%
23% *19*2
23
18%
5034 47%
84
*8 on
1334
13-%
55
55^2

95%
28%
26=s
81%

300
4,600
4,000
5,900
500

2%
12
4

2
10

69
16%
41%
21%
35
73
136%
107

64
15
41

534
18
53%
92
50%
50
52%
53$4
94% *96
30%

50%
56
99
30%

1934
33

*65
137%
10678
*72
25-38
23-%
25
34
33%
3578
78
78% 82%
____ *92
5%
512
5%
4%
4**4
4*2
31
31% 31%
7%
8
lh
3334 34%
3 3%
20%
18%
19%
54
52
55-8
* 7 7 % 82
*77%
8%
8
7%
34
34
*31
64*4 64i4
187s 1 9 %
19>8
25
*24
105% 1 0 7 3 4 101%
52%
5.3% 5 5 %
14%
44
44
0?
'4
*5*2
5*8
17
1 7 3 4 18%
53% 54%
51%

13
24
18%
48%
84
14
56

100
500
800
29,600
66%
900
15
1,825
41% 40,500
20%
1,000
33'%
75
300
13 7%
2,500
106%
74
1,200
23%
1,500
34% 203.200
8U,i
100
93%
2,800
5%
1,000
4%
500
31
680
/% 24,900
34
12,000
19%
5,200
53
82
7,900
100
8
34
100
3,000
19-4
28
10,100
106
12,800
54%
200
1.4%
200
200
oh
3,300
171.1 0,900
5 3%
2,600
■19% 71,700
300
50%
96%
100

74%
73 >
2
no
109
4 9 % 48*4
9%
934
28%
28%
26
26%
70
70
*70
*07*
7
5%
*55
58
*55
4i.-_
86 %
»
42% 43
43%
31 % 32
32%
9
9
8%

7434 76%
75%
73% 75%
109
109 100% 109 109
49;% 49% 51U
50
49
9
8%
8%
8%
m
298i
30
287{ 30
3134
28%
27% 28% *26% 29%
70
70
70
71% 71%
80
*70
80
7
7
7%
7
7
*54% 58
58
58
*55
86% 86h
86% 86%
80%

6%
32 >
4
84
109
104
241
*73%
*56

7%
32 It
84
1 12
41
80
59

9

6%
7%
32*4 33
*22
35
>1 0
no

*100
42
*74
*56

• HP) »,ri'I nakefl prtees; no sale ori this flay.

41
80
5 8 81

44%
33

7

4 5%
33

9

7%
33
35
35
112 1 1 2
* 104
4 11 4 5 %
2
80
80
69
80 %

48
48-%
96%

44
32%
8%
9
7
36
♦n o
* 1Of
*42

*70

( Lww wian lOOtiharnfl.

2,500
700
300
18,700
1.000
16,800

2
1 0%

19
28
106
55%

44%
32*4

Lowest

94 a. June23 lo o
M a rll
130 Fob 3 161% Feb 28
100 Jan 5 107 Fob 3
59% Jan 3
68 Jan 21
55 June 7
67% Feb 2
37 July 5
89% Fob 14
65^2 Jan 4
93% Apr 13
95
M arl8 101% Apr 7
87% July 0 167% Jan 13
84 Junel7
91 Jan 11
15% Jan 3
24 Apr 26
10% Juue23
Joh Apr 25
.
22 J une21 33% Jan 1
146% Junol 4
66% Jan 11
93 June15
98 JunelS
14% Feb 3
25 M ay 2
13% June23
30 Jan 4

100
Deo
120'« i > C
C
97
Dec
66
Deo
56
Deo
63% Deo
66
Deo
96% Oct
148
Aug
88 Mar
14% Dec
10
A uk
28% Dee
47% Dec
93
Dec
12% Deo
25% Dec
Oft -

106 Jan 3
25% Jan 5
35% Jan 18
25% Deo
55% Jan 4
79% M aylO
59% Deo
1 Apr 13
5 Jan 10
Dec
2
41, Juno23
65 Feb 14
45 Nov
89 J u n ell
N ov
95 Mar 9
88
69 June20
81. M a y 7
63% Dec
100 Juried) 103 M a y 4
100
9 Mar31
13% M a y 11
8 N ov
55 JunelS
89 Feb 19
D ec
66
20% Feb 9
39 M a y 19
16% Dec
45 Jan 26
851*
54% Feb 7
6178 M ay l8
48 ~ M ay
20% JunelO
39 M ar 29
26
Dec
8% M ar 8
12% Jan 8
Dec
9
4 Jan 7
1% May31
2% D ec
21% Jtme23
23 Nov
30% A pr 29
9% June28
16 Jan 11
12
Dec
28 Junel3
54% Jan 11
z427 Dec
a
8% July 1
19% Jan 8
10% Dec
46% Jan 19
56 M a y 19
41% M ay
27% Ma,rl2
41% Jan 4
35
D ec
39% July 6
79% Feb 17
69% D ec
35% July 6
71% Jan 12
64% D ec
17 Jan 17
6% June20
6% D ec
33% Jan 3
57% M ay 17
Aug
27
29 June20
3 5 % Jan 11
30% Deo
16 Junel7
3 1 % Jan 8
26% D ec
15% June22
D ec
42% M a y 2
15
34 June22
88 Mar28
59
D ec
7 Junel3
11% Jan 8
9
Deo
54 June 3
78 Jan 7
72
D ec
52% June24
647g M a y 3
51% Feb
827 Jan 8
8
83
12% M a rl5
Pond Creek C oa l___________ 10
16% M a y 6
12
Dec
64 June25
96 Jan 24
Pressed Steel Car_________100
72
Dec
83 June22 104 Jan 24
90U
54 Jan 15
52
89% Junel4 110% Jan 21
Pullman C om pany_______ 100
95% D ec
25% J u n e ll
Punta Alegre Sugar_______ 50
5 U 2 Jan 11
40
Dec
24% June21
Pure Oil (The) Jt___________ 25
36% M a y 6
29% Dee
7 3 % June24
90% M aylO
D ec
Railway Steel Spring_____ 100
73
98
Apr21 109 M ar 3
11 M ar 12
R ay Consolidated C o p p e r.. 10
15 M a y 11
10 N ov
17% June20
Remington Typewriter vtc 100
38% M a y 11
24% D ec
39% Jan 12
18 June21
Replogle S t e e l . . _____ No par
30
D ec
41% June23
Republic Iron A Steel_____ 100
7 3 % Jan 13
55% D ec
79% June22
84
96% M ar 2
D o pref_______________ 100
D ec
12% June23
Republic M otor T ru ck .N o par
2412 Jan 25
16% D ec
Royal D utch C o (N Y shares).
46% June20
49% D ec
69% M a y 5
10^8 Junel3
10
2 June23
San Cecilia Sugar v t e .N o par
5% Feb 16
2% D ec
Savage Arms C orp_______ 100
9%June23
23% Jan 11
9
D ec
27a Jan 3
Saxon M otor Car C orp .N o par
6% Apr30
2% Dec
63% June23
Sears, Roebuck & C o _____ 100
98% Jan 3
85% D ec
12% M a r ll
20% Jan 17
14% Oct
Seneca Copper . ____No par
Shell Transp A Trading___£2
38% M ar 2
49 M a y 9
33% D ec
17% June20
Sinclair Cons Oil Corp .N o par
28% M a y 6
20
D ec
32% June29
56 Jan 11
Sloss-Sheffleld Steel & Iron 100
43
Dec
6814 June29
73% Feb 28
D o p r e fe rre d __________100
75
Deo
Standard Oil of N J ________ 25 124% June13 167% Jan 13 *142% D ec
105% Jan 3 110 Jan 20
D o pref non voting____100
7 3 % June 8
Steel A Tube of Am pref___100
82 F3b 7
77
Dee
21 June 6
24% Deo
Stewart Warn Sp C orp .N o par
37 Jan 24
25% June21
46 Apr 30
Stromberg-Carburet___No par
22% Dee
42% Jan 3
93% Apr 29
Studebaker Corp (T h e)___100
37% Dee
83 Jan 5
D o pref_____________ .100
97 M a y 4
76
D ec
5% July 7
Submarine B oa t______ A7 par
o
10% Jan 7
8% D ec
4% July 8
Superior Oil _. . ___No par
13% Jan 11
11% D ec
26 June20
48 Jan 13
41
Superior Steel C orp 'n _____ 100
Feb
7 M ar 12
Tenn Copp A C tr ctfs.N o par
10% Apr 26
6% Dec
29 June21
45 Jan 10
Texas Com pany (T h e)_____ 25
40
D ec
16% June21
36% Jan 21
Texas Pacific Coal & O il___10
22
D ec
T obacco Products C orp ___100
45 M ar22
58% M ay24
48
D ec
78% June28
91 Jan 13
D o pref________ _______100
80
Dec
65& M ar 12
13 Apr 25
Transcontinental O lL .N o par
5% D ec
28 June25
347
8
Union Bag & Paper C orp- lOO
6218 June27
75 Jan 13
81*4
19ig
25% M avl.9
34 Jan 4
United Alloy Steel_____ No par
19 June 8
27% Dec
*95% June20 207 Jan 7 176
Un ted Fruit_____ ________ 100
Feb
48 Apr 1 62% M a y 23
United Retail Stores_ No par
_
45% D ec
11% Jan 3
19 M a y 6
U 8 Cast 1 Pipe A F d y ____100
10% N ov
39% Jan 3
50 Mar24
D o pref________________100
38
D ec
5% June20
7 Jan 13
U S Express______________ 100
5% Dec
15 June23
2 7 % Jan 19
U S Food Products C o r p .. 100
15
Dec
48% June23
74% M ay 3
U S Industrial A lcohol____100
56)a Dec
85 June24 102 M ar 8
D o pref____________ ..1 0 0
90
Aug
58% M ay 18
357 N ov
«
U S Realty A Improvement 100
41% M a r ll
70% Apr 30
United Stages R ubber____ 100
53
48% July 8
D ec
91% June20 10378 Jan 4
Do 1st pref___________ 100
95% Dee
26 Apr 1
35% Jan 27
29% Deo
U S Smelting Uof A M _____ 50
39 June25
44% Jan 3
39% D ec
D o prof_________________60
70 It June23
76% Dec
86% M a y 6
United States Steel C o r p ..106
104% D ec
D o pref_______________ 100 105 June21 112 Jan 27
59% Jan 19
44% D ec
45% Mar31
Utah Clopper.. ___________ 10
8% Feb 25
12% M url7
7
Aug
Utah Securities v C c . _ ___100
41 Jan 11
Vanadium C orp_______ No par
25% June21
28% Deo
42 % Jau 11
24% Deo
Vlrglnla-Carollua Chom ___100
23% June23
60 June23 102% Jan 18
D o pref_______________ 100
88% Deo
95 Jan 25
70
Feb
Virginia Iron O A C .
.100
78 June 9
9% M ay 11
5% D ec
5% M a r ll
V V l v a u d o u .._______ No par
72 Jan 20
46% N ov
49% Jan 4
W gIIh Kargo Express_____ 100
94 Apr 12
80% July
84 Jan 3
Western Union Telegraph. 100
907# Jan 14
89% N ov
88 Juried)
Westlnghouse Air Brake_ 50
_
407g Mar 29
41.'% June23
Deo
40
Westlrighobse Elec A M fg__50
30% Deo
44 M ay 2
White M otor_____ ._
..5 0
29% June23
17% Jail 8
7% June28
13% Deo
White Oil Corporation.N o par
18% Jan 11
19 Nov
14 >4 Apr 11
Wlekwlro Spencer Steol_____ 5
10% M ay 4
WUlys-Overland (T h e )_____ 25
0% Jan 3
5% D ec
20
reo
26% June23
42 M ay 3
Do pref (new)
. . . 100
34% Deo
47 Jan 7
32% June 8
Wilson A C o, Inc, v t o .N o par
1 17% Apr 1 . 100 June
1
IO8 I1 Feb 24
Wool worth (F W ) ________ 100
1)0 pref. _____ _____ .100 105 Juno24 111 Feb 2 102 Dec
35% Deo
55 i,i M ay 5
33 % J u n ell
Worthington P A M v t 0 . .100
Deo
73
81 Feb 11
71 JaD 7
Do prof A ___ ________100
53% Deo
56U Jun e21 65% M ar 4
D o pref B . . . ____ ...1 0 0

17%
19%
40
734
60%
56%

11%
59
32
*46
58
*24%
*9%
1%
22%
____
2934
9%
53
3434
48
42%
9%
51

29
67
____
46%
91
76

1914 19%
18*4
* 243.1
25
*22
104% 106
105%
53
53h
53U
___
15
15
43
43
5%
*6%
*5 %
17% 17%
1 7%
52
52
52
*_
_
92
48% 50
48
51%
49% 51%
*93
94%
94%
7 S%
no
48%
*8%
28
26
*68

IHijhr.nl

29
29
2 0 0 National Cloak A Suit____100
*63
67
100
D o pref- ............. ........ 100
*1 19
2
2 0 0 N at Conduit A C able.N o par
44% 46
1,900 Nat Euam'g A Stam p's___100
*88
91
100
n o pref_______________ 100
*75
77
700 National Lead____________ 100
*101 105
11%
11% *11
800 Nevada Consol C opper_____ 5
____ ____
59
200 New York Air Brake_____ 100
32
32
*28
300 New York D o ck __________100
*46
50
58
58
800 North American C o ______ 100
58
25% *22% 25
N ova Scotia Steel A C oal._100
10%
9%
9%
400 Nunnally C o (T h e)____No par
2
1 % 1,900 Oklahoma Prod & Ref of A m .5
1%
_ _ Sg
^_ _
23
800 Orpheum Circuit, In c_______ 1
1 0%
10%
600 Otis S t e e l ___________ No par
2934 *28
31
500 Owens B ottle---------------------- 25
9%
9%
9%
480 Pacific Developm ent_________
53%
53
53
2,600 Pacific Gas & Electric____ 100
36%
34
35
20,000 P a d ilc OH___________________
50%
4558 48% 95,800 Pan-Am Pet A Trans______ 50
41% 42% 11,000
4334
D o Class B ____________ 50
9% 11,200 Penn-Seaboard St’ l vtc No par
978
8%
51
52
51
4,300 People’s G L & C (C h ic)-.1 0 0
_
30
30%
1,200 Philadelphia C o (P lt ts b )...5 0
2,200 Phillips Petroleum ____No par
m 8 _ - ____
2 0 % 19
20
19,201 Pierce-Arrow M C ar___No par
42
2,400
D o p r e f _____ _______ 100
7%
2,000 Pierce Oil Corporation_____ 25
8%
7%
60%
60%
58
D o p r e f ______________ 100
1,600
1,S00 Pittsburgh Coal of P a _____ 100
57
z 55j2 55^2

29
*63
____
4 5%
*88
76

*2
*10
4
66%
15
41%
20%
3434
*65
*130
106%

2%
12
____
67
15%
4134
21%
34%
76
135
107
76
25
3434
80
95%
6%
434
29%
78.1
34
20%.
55%
82
8

Lowest

fid i H
Rauue tor
Year
IH u f ft
t

8 per share Shares 1m1u 4 . 0c MIMtrel 1. (C o n .) Par $ per share $ per than l per ifibre I per ihare
9
0 % 7,300 Loft Incorporated_____ No par
8% July 6
12*4 Jan 10
9% Nov
28
Jan
3 l Jan 6
*3 1 ,
36
300 IjOose.WllcH Blsoult tr ctfs 100
42 Jan 31
26
i >eo
70
Jan

69

95

2 8'8
26'8
82%

*2

*7%
327*
19
53
*78
7^4

13%
70%

0

STO C K S
NJCW YORK S T O C K

for

1«5

Page 3

ililr b p r e r c c d lu ij p u d « .

41%
33

9

7%
36
>1 2
15%
32
60

1,300
4,800
400
9,000
2,000
400
600
80 i
1,300
1,100
1,700
6,900
600
500
500
700
100
200

t Kx-rlgMH.

a

E x -d lv . and rights.

X

Ex-div.

o

Reduced to basis of *25 par.

116%
183%
110%
09%
04%
101 *2
l.'57i2
)07

Jan
Jan
Jan
Jan
Mar
Airr
Apr
Jan
Jan
222
Jan
106
Jan
20
71% Jan
52% Jan
09% Jan
>00% Jan
40 Mar
40 Mar
Jan
125
116
Jan
Jan
80
102% JaD
13
Apr
89% Jan
102% Jan
93% Apr
110
Jan
17% Jan
117% Jan
48% Jan
61
Jan
61% Oct
77% Jan
22% Apr
5% Mar
28% Sept
4178 Jan
65
Jan
78
Jan
61% Jan
41% D ec
116% Apr
111% Apr
36% Apr
45
Oct
42% Jan
44% July
827* Jan
108% Jan
23% Jan
98
Jan
72% Sept
91% Jan
27% Jan
113% Apr
104% Feb
68
Jan
124 Mar
120
Apr
50% Jan
106% Apr
107 N ov
22% Jan
94
Jan
93% July
124% Jan
1 0 6% Jan
55% Jan
123% M ay
177* Apr
25% June
83% Apr
21% Jan
243
Apr
23% N ov
90% Jan
48% Jan
82% Jan
94% Apr
c212% Mar
113% Mar
91% June
51% Mar
118% Apr
126% Apr
101% Jan
14
Oct
20% Sept
60
Apr
13% Mar
c57% Jan
53% July
95% Jan
106
Jan
38% Jan
66% Jan
127
Apr
38
Jan
53
Jan
2247* Oot
96% Jan
25% Jan
55% Apr
377* Apr
78% Jan
116% Jan
103% Jan
69% Apr
143% Jan
116% Jan
76
Jan
47% Mar
109
Jan
115% Jan
80% Jan
14
Oct
97
Apr
80% Apr
112% Jan
120% Sept
21 June
76 Mar
92% Oct
119
Jan
55% Jan
69% Mar
25% Oot
32% Sept
32
Jan
93
Jan
82% Jan
Apr
145
Jan
116
Jan
95
93% Jan
78
Jan

n Far $100.

New York Stock Exchange—BOND Record, Friday, Weekly and Yearly

i

1

ju'J tbo Mtchuaot ratLhud of quotinj bonds was cftanyed and prices are now— "and interest"— except for income and defaulted bonds

BONDS
a

f , STOCK EXCHANGE

a£

Week ending July 8
U. a Gavernjnent.
Flrei Liberty Loan —
of 1932 1947 . ................
Cunv \% of 103^ 1947............
Conv 4 %% of 1932 1047.........
2d Jonv 4% % Of 1032 1047 —
Second Liberty Loan—
4% Of 1927 1942--- ............
Conv 4 Vi% of 1927 1042.........
Third Liberty Loan—
4 % % of 1928____________ ___
Fourth Liberty Loan—
414% of 1033 1038....................
victory Liberty Loan—
4 44% Notea 0 ! 1922 1923........
3
Notes of 1922 1923------id conaol tegistered. . __ 41930

Price
F iday
July 8
bid

i
J
J
1

L)
L
>
D
D

86.30
87.00
87.22
96.33

Week's
Ranqeor
Last bale

Ask Law

Sale
87.30
Sale
Sale

86.20
6720
87.32
96.38

Biyts No. Low

80.82
87.60
87 78
96.3}

BONDS
N. Y. STOCK EXCHANGE
Week ending July 8

Ranye
Since
Jan. I
Hiyb

1044 80.00 93.50
12 85.24 88.50
2821 86.40 88.60
32 94.00 100.50

M N 86.94 Sale 80.44
MN 87.12 Sale 87.00

87.22 337| 85.34 88.80
87.33 3515 35.30 88.40

M S 9 L.00 Sale 90.90

91.10 3374 88.00 91.92

A O 87.12 Sale 87 01

87.50 4537185.34 88 60

J D 98.38 Sale 98 20 98.44 80891 95.50 98.80
J D 98.34 Sale 93.21 98.40 11333 95.80 98.86
100 100
% 1 100 100% 100 June’ 21
100 100 If 100% J une’20
104 105%
4a registered_______________ 10251Q F 104% - - - - 104% June’2 L
102% 104 %
_____ _ 1925 Q F 104%____ 104)2 June’21
4a coupon __ . . .
100
1 0 0 % 100
100 100
Pan Canal 10-30-yr 2a .._-*1938lQ F 1 0 0
N 100 100% 99 July’ 18
Pan Canal 10-30-yr 2a reg...1938
1
1 ^^—
74 ____ 79% Apr'20
Panama Canal 3a g ________1001 Q M
74 ------ 75
75
79%
Registered__ ___________ 1961 Q M
1 75
1 aretyn (jovernmdfit.
^
69
69
70
I
Argentine Internal 5a of 1999__ IV 3 09
67
72
100% 218 95% 100%
Belgium 25'FT ext « I 7M a g.1945 J D 100 Sale 99%
117| 87
93
93 Sale 92%
97%
Jaii 1925
5-year 6% acted.
195 96% 100%
100
2l>-year a f 3a_ - _________ 1941 F A! 9918 Sa»e 99
9734 1 4 93% 9838
Bergen (Norway) 8 f 58-.-- 1945 M N 96 Sale 96
98%
18 Sale 98
9278 99
Bern* (City of) 8 f 8a _........ 1945 M N
84%
79% 3 2 ! 74
Bordeaux (City of) 15 yr 6a 1934 M N 7938 Sale 7378
97*i Sale 97%
9734 20 97
97%
Brazil, L 3 extern 3s
F
___ 1941 J
91% 20 85% 93
Sale 91
Canada (Dominion of) g 5a--1926
86*i Sale 86
87% 91 83% 90%
do
do
.-.1931
8
99%
99*8 99 7 9934 July’ 21
98
2-yr 6H * sold notes Aug, 1921
9i*g Sale 90%
91% 104 87% 94
10-year 5M a-...................... 1929
96% Sale 95 %
96% 207 92
99%
Chile (Republic) ext af S s .. 1941
\\
: 4578 Sale 45
8 40% 49
Chinese (Hukuang Ry) 5* of 1911
98% Sale 98
98% 16 94% 99%
Christiania (City) a t Sa___ 1945
76% 95 72
7014 Sale 75
77
Copenhagen 35 yr a t 5Ms -1944
797 80% 80 June’21
$
82%
77
Cuba— External debt 6a of 1904_
78
7 9 3 4 Juno’21
80
75% 81
Exter dt of 5a 1914 ser A .1949
69
69%
3 63
69% 68%
71%
External loan 4M9............ 1949!F
99% Sale 99
79 95% 100%
100
Danish Con Municipal Sa a " 1946 F
997
8 34 95% 100%
99% Sale 99
Bedes B.......... ...........
1946 F
997
g
1 0 0 % Sale
100 % 120 95% 100-%
Denm ark external s * 8 8 __ 1945 A
80 Sale 79%
80
10 70% 8334
Dominican Rep <'one Adm sf 5a ’58 F
99 Sale 93%
99% 251 96 101%
French Republic 25-yr ext 8a. 1945 J
95 Sale 95
95% 341 95
95%
20-year extern loan 7Me - - 1941 J
Qt Brit A Ireland (U K of) —
133 97% 100
5-year 5M % notea........ ..1921 M N
8 0 % Sale
847$
87
230i 83
87%
20-year old bond 6H s..l937,F
8 8 % Sale
8 8 % 400
88%
91%
86
10-year conv 5 Ha________1929 F
97% Sale 97 Mi
97% 123 94
9778
3year conv 534s__pl922 F
87%
87 ____ 87%
87
Italy (Kingdom of) 9er A 6M8.'25 F
81
10
847$ 87| 75% 85%
84% Sale 3434
Japanese Govt— £ loan 4 >48.1925 F
847$ 32 75% 85%
84% 85
84%
Second series 4 M s........... 1925 J
69^8 51 56
69)2 Sale 6938
70%
Sterling loan 4s__________1931 J
79% 26 74% 85
80
787$
Lyons (City of) 15-yr Ga.. .1934 M N 79
79% 32 74
787$
79
80
84%
Marseille© (City of) 15-yr 6s.1934 M N
45% 78 40
55
Mexico— Exter loan £ 5a of 1899 Q J 44% Sale 4334
34 Sale 33%
34%
6 29
41
Gold debt 4a of 1904_____1954 J
10 2 %
102 Sale 1 0 0 %
70 96% 105
Norway external 8 f Ss........ 1940 A
997$ Sale 9934
10 0
182 94 100
Pari3 (City of) 5-year 6s___ 1921 A
96
95% Sale 95
14 95
98
San Paulo (State) ext s - 8s- 1936 J
r
8 41 Sale
2
85
84
77 81% 88 %
Sweden 20-year 6 s _________ 1939 J
106
101 10278 103
Swiss Confederation 20-yr s f 3s ’4 0 ___ 104% Sale 10434
1 0 2 7 $ June’21
102 104%
Switzerland (Govt of) a f Sa 1940 J J
62%
57
57% 57% July’21
43
Tokyo City 5a loan of 1912____ M S
98% Sale 983$
99% 35 94
99%
Surlch (City of) a 1 Ss______ 1945 A O
XTbese are prices on the basis of $5 to

State and City Securities.
83%
82% 88
N Y City— 4>£e Corp stock.1960 M 3 83% Sale 83%
S438
83% Sale 83%
82% 88 %
4K» Corporate stock___ 1964 M S
82% June’ 2 1
82% 88
4Ks Corporate stock........ 1966 A O *33%
88 %
88% Sale 88 %
87% 93%
4Ms Corporate stock July 1967 ___
88 %
ss% 89% 88%
87% 92i2
434s Corporate stock........ 1965 J D
8S% 89% 88 % June’21
87% 94
434 a Corporate stock____ 1963 P S
fl
84
so Sale SO
80
79
4% Corporate stock_____ 1959 fV N
!
79% 80
79% June’21
78% 84%
i% Corporate stock____ 1958 M N
79% 80% SO Juno’21
78% 84%
4% Corporate stock........ _1967 M N
80% 81% Apr’ 21
81% 83%
4% Corporate stock reg
1956;M N
SS% June’21
S7% 93%
New 434s_______________ 1957'M N ~S9~ 93
S9% SS%
S9
88%
86 % 93%
4 34% Corporate stock.__ 1957 fV N
S
71% 72% 73% Apr’21
73% 74
3M% Corporate stock__ 1954 M N
90 Dec’20
N Y State—4s............ ........... 1961j!V! S
89 Sept’20
Canal Improvement 4s___ 1961 3 3 * _______ 88
, 93 July’20
Canal Improvement 4s___ 1960 J J
Apr’ 2 l
Highway Improv t 4348..1963.M S 94 ____ 101
101 101
Highway Improv’t 4>£s-.1965.IV S ___ 94 | 95 July’20 ___ |
!
............... i
Virginia funded debt 2-3s___1991 J J 61% ____ 71% Oct’20
75% Dec’20
6a deferred Brown Bros ctfs.
Railroad.
I
5S
51% June’ 21
Ann Arbor 1st g 4a________ *1990 Q J 53
77
233
Atoh Top A S Fc— Gen g 4s -.1995 A © 76% Sale 76
75
Registered____________ 1995 A O 75 Sale 75
4
70
69% 75
69%
7
Adjustment gold 4s______*1995 Nov
71
22
70% Sale 70%
Stamped___ _________ *1995 Nov
70% 20
69
Conv gold 4s_____________ 1955 J D
82
10
79%
Conv 4s Issue of 1910____ 1960 J D 80% 82
83%
83% 87% 83%
1
East Okla Dlv 1st g 4s____1928 M 3
69
6S June’21 ___
Rocky Mtn Dlv 1st 4s____1965 J J
July’21 ___
72%
Trans Con Short L 1st 4s_1958,J J "7134 74
Cal-Ariz 1st A ref 4 Ms "A ” 1962, IV S 77% 7S% 77 June’ 21 ___
I
8 6 % June’21 _ ___
0 Fe Pres A Ph 1st g 5s__ 1942 M s 86%
76% 20
Atl Coast L 1st gold 4s____ *1952 M s 76% Sale” 76%
10 1
1
10-year secured 7s_______ 1930 (V N 101% 102 1 0 1
3
73% 74% 7 4 % June’21 __ __
Gen unified 434a........ ....... 1964 J D
92 3
4
Jan 21
91
Ala Mid 1st gu gold 5s___ 1928,M N
Jan’21 —
Bruns A W 1st gu gold 4s__1938!J J 74% ~77% 79
1297 Aug’ 15
s
Charles A Sav 1st gold 7a..1936, J J 100
70
69% Sale” 6 8 %
14
L A N coll gold 4s............ 01952 M N
1007 Nov’20
a
99
Sav F A W 1st gold 68------ 1934 A
89 June’ 21
94
89
1st gold 5a____________ 1934 A
83% 36
83% Sale S3
Balt A Ohio prior 3J4a_____ 1925 J
79% Mar’21 ___
Registered______________ *1925 Q
67% 29
67% Sale 67
1st 50-year gold 4a.............*1948 A
67 June’ 21 _
Registered______________ *1948 Q
685$ Sale 68%
136
10-yr conv 434s..................1933
71
70 Sale 69%
36
Refund A gen 5s Series A -.1995 j "
89% 73
89 Sale 88%
Temporary 10-yr 6s_____ 1929 J
m’ 1 2
95 ____ 112
Pitta Juno 1st gold 6s____ 1922 J
7978
1
P June A M Dlv 1st g 3348.1925 M N 79% 797S 7978
64%
14
P L E A W Va Sys ref 4a.. 1941 M N 64% Sale 63%
22
8
78
Southw Dlv 1st gold 3 34a. .1925 J J 787 Sale 7S
Mar’S
Cent Ohio 1st 0 g 4 Ms__ 1930 M S S0% ____ 8 6
86
1
Cl Lor A W con 1st g 5s. .1933 A O S5%____ 86 %
4
84% SS
85
85
Ohio River RR lat g 5s__ 1936
Feb’ 21
76% ------ 84
General gold 5s..............1937
96% ____ 95% May’ 21 _. _ „
Pitts Clev A Tol 1st g 63..1922
12
Tol A Cln dlv 1st ref 4s A . .1959: J J 53% Sale 5278
SS%------ 93 Apr’ 21
Buffalo R A P gen g 5s.......... 1937 M S
SO June’2 1 ___ _
77
83
Consol 4 M s...................... 1957|MN
69% ------ 71 M ay‘21
All A West 1st g 4s gu___ 1998, A O
8 3 % ------ 85
Clear A Mah 1st gu g 5s__ 1943 J J

50
73%
75
67%
68
67%
79
S3
65
723$
77
86%
73%
99
72%
91
78%

52%
79%
77%
73
73
72
84
85
72
76%
84%
88
81
103%
78
91
79

663$ 73
89
79%
79%
64%
67
65
66
87%

89"
84%
79%
703$
67
717$
72
93%

683$ 81%
61% 66%
73% 79)4
S6% 91%
85
SS
84
84
96-%
9 5)4
50% 55%
91
93
79
85
71
71

*N o price Friday; latest bid and asked. aD ueJan. dDue April. oD u eM ay.

If

Ruoh A Pitts Con 1st g 6 s 1922 J
Janada Sou cons gu A 6 s ..1962 A
Canadian North deb s f 7 s._1940 J
Car Clinch A Ohio 1st 30-yr 5a.38 j
Central of Ga 1st gold 6 s__ pl946 F
Consol gold 6 ft ............ ....... 1946 M N
1 0 -yr temp secur 6 a June..1929
Cliatt Dlv pur money g 48.1961
Mao A Nor Dlv 1st g 5 s..1946
Mid Oa A Atl Dlv 6 s____ 1947iJ
Mobile Dlv 1st g 6 a_____ 1946; J
Cent RR A B of Ga coll g 68-1937 M
Cent of N J gen gold 5a____ 1987j J
Registered................... 61987jQ
Am Dock A Imp gu 6 s ___ 1921 J
N Y A Long Br gen g 4a__ 1941 M
Cheaa A O fund A impt 5a__ 1929jJ
lat consol gold 5s________ 1939,61
Registered.... .............._.1939 n
d
General gold 4 Ms________1992 I I
V
Registered ._ _________1992'M
20-year convertible 4 *48. .1930 F
30-year conv secured 5a__ 1946 A
Big Sandy 1st 4a__________ 1944!J
Coal River Ry lat gu 4s___1945 J
Craig Valley lat g 5a......... 1940 J
Potta Creek Br lat 4a_____1946 J
R A A Dlv lat con g 4a___1989 J

Registered____________ 1 9 3 3 I S N
V
10-year secured 7s g_______ 1930
15-year secured 6 Ms g ____ 1936
Des Plaines Val 1st gu 4Ms-_’47
Frem Elk A Mo V lat 6s__1933
Man G B A N W 1st 3M8-1941
Mllw A S L 1st gu 3 M s ...1941
Mil L S A West Imp g 5S..1929
Ashland Dlv 1st g Qs_ 1925
_
Mich Div 1 st gold 6 s__ 1924
Mil Spar A N W 1st gu 4s. 1947
St L Peo A N W 1st gu 5s. 1948
Chic R I A P— Ry gen 4s____1988
Registered____________ 1988
Refunding gold 4s_______ 1934 A
R I Ark A Louis 1st 4M8--1934jftl
Burl C R A N 1st 5s____ 1934 A
C R I F A N W 1st gu 5s._1921jA
Ch Okla A G cons 5s.......... 1 9 5 2 M N
Keok A Des Moines 1st 5s. 1923] A O
St Paul A K C Sh L 1st 4M s-’4l | A
F
Chic St P M A O cons 6 s___ 1930'J D
Cons 6 s reduced to 3Ms__1930!J D
Debenture 5s____________1930,1V! S
North Wisconsin 1st 0s_.._193O| J J
Superior Short L 1st 5s g ._el 9 3 0 ,M S
Chlo T H A So East 1st 5 s..1960 J D
Chlo A West Ind gen g 6s..el932 Q M
Consol 50-year 4s________1952 J J
Cln H A D 2d gold 4Ms____ 1937 J J
C Find A Ft W 1st gu 4s g.1923 M N
Day A Mich 1st cons 4M8-1931 J J
Clev Cln Ch A St L gen 4S..1993
20-year deb 4 M s................1931
General 5s Series B _______ 1993
Ref A impt 6 s Series A ___ 1929
Cairo Dlv 1st gold 4s_____1939 J
Cln W A M Dlv 1st g 4 s ...1991 J
St L Dlv 1st coll tr g 4s___ 1990 M N
Spr A Col Dlv 1st g 4s___ 1940 M
W W Val Dlv 1st g 4s___ 1940 J
C I St L A C 1st g 48........ *1936
Registered____________ *1936
Cln S A Cl cons 1st g 5s_..192S
C C C A I gen cons g ___1934
Ind B A W 1st pref 4s___ 1940
O Ind A W 1st pref 5s...<n938;Q
Peoria A East 1st cons 4s. .1940 A

t/Due Juno. ADuo July.

ItDuo Aug.

Ranis ot
Last Sals

99% ____
837$ 6
10 1
Sale
70»2 ____
89)$ _«. _ _
82 Sale
857$ Sale
6 6 % _ ___
79% ____
77% „ . m_
8 U$ —
.
76% 79
95% Sale
9934 1 0 0

.^

81

____

%

817$
91)2

90

"74"% Sale

Many
Sines
Jan. 1

l l
la

BiOb No. Low

Ask Low
99%

Bid

Warm Springs V 1st g 6 a_1941 jI I 8
V
Chic A Alton RR ref g 3s___ 1949, A C
Railway 1st Hen 3Ma_____ 1950 J J
Chic Burl A Q—IU Dlv 334a.l949!j J
Illinois Dlv 4 s ...................1949 J J
«
Nebraska Extension 4a__ 1927 rv N
Registered...... ..........
1927 I I N
V
General 4a________________1958 fV S
I
Chic A E 1 1 ref A Imp 4.8 g_.1965 J J
1
U S Mtg A Tr Co cts of dep......
1st consol gold 6 a________ 1930 A O
General conBd 1st 6 a.......... 1937 M N
U S Mtg A Tr Co ctfs of dep
Stamped________________
Guar Tr Co ctfs of dep____
Chic A Ind C Ry lat 5a___ 1936
J
Chicago Great West lat 4 s ...1959
S
Chic Ind A Loulsv— Ref 6s__1947
J
Refunding gold 5s________ 1947
J
J
Refunding 4s Series C ___ 1946
Ind A Loulsv 1st gu 4s___ 1956
J
J
Chic Ind A Sou 50-yr 4s___ 1956
D
Chlo L S A East 1st 4>*8_.-1969
Ch M A St. P gen g 4s ser A_el989
J
Registered____________ ol989
J
J
Gen’l gold 3 Ms Ser B____ el989
J
General 4 Ms Serlea C____ el989
O
Gen A ref Ser A 4 Ms____ a 014
A
Gen ref conv Ser B 5s___ a2014
D
Convertible 4Ms_________ 1932
D
Permanent 4s____________ 1925
25-year debenture 4s........ .1934 J J
J
Chic A L Sup Dlv g 5s___ 1921
J
Chic A Mo Riv Dlv 5s___ 1926
J
C M A Puget Sd 1st gu 4S..1949
J
Fargo A Sou assurn g 6 s__ 1924
D
Mtlw A Nor 1st ext 4M8___1934
D
Cons extended 4 Ms___ 1934
J
Wls A Minn Dlv g 58_____1921
A
Chic & N ’west Ex 4a__ 1886-’26
A
Registered________ 1886-1926
General gold 3 Ms...............1987 M N
Registered..................._pl987 Q F
General 4s_______________ 1987 M M
Stamped 4s____________ 1987 M N
General 5s stamped_______ 1987 M N
Sinking fund 6 s.......... 1879-1929 A ©
Registered________ 1879-1929
Sinking fund 5s______1879-1929
Registered________ 1879-1929
Debenture 5s........ ..............1921
Registered____________ 1921

Cleve Short L 1st gu 4 Ms----- 1961
Colorado A Sou 1st g 4s-------.1029
Refund A Ext 4M s_......... 1935
Ft W A Den C lat g 0a----- 1921
Conn A Pas Rlvs 1st g 4a— 1943
Cuba RR lat 50-year 6 a g ...1952

Week’s

fried
Friday
July 8

1
99%
83 June’ 2 1 —
144
102%
10 0 %
3
71%
72
90 May '21 —
9
84
82
14
85%
85%
68 June’ 21 —
90 May’ 18
97% June* 17
83
Apr'21 . _ _.
-m
77 June’21 -■m
04
95%
94 May’21
100% June’21 —
78
Apr’21 ____
1
81%
81%
6
91%
8 8 %
78% June’20
9
73
75
86
Mar’ 17
36
75
76
109
81
82
Apr’ 21 . . . .
67
Jan*21 . . . .
66
Jan’ 21 —
73
69 Juue’ 19
70% June’ 21 __ _67 May’21 . . . .
69
Apr’ 21 . . . .
7 4 3 $ Apr’21 . . . .
42
42% 14
13
33? 8
33%
3
72%
72
11
79%
78%

H ii*

99%
81%
997$
08
8 8 I
.1
80%
847$
67%

9934
%
102%
76
95%
89
91
69

83
75%
92%
94
99
78
79
87

83
84
10 0 %
97%

88

10 0

78
84%
93%

71% 77%

Sale
71% 78
81)2 Sale
85
79
67
67
67
70
65
05
_____
70%
73
73
593$ _ ___
70*2 73
74
70
60%
07
67
__
62)$
69
09
74%
73% 743$
42
42%
46
41
3 3 7 $ Sale
307$ 397$
723$ Sale
69% 70%
7834 7 9 3 4
77-% 825$
8
88
Sale 88
4
88
8 6 % 893
907a Oct’ 19
12
77% 78
7434 82
78
77%
29% 35
857$
28% May’21 —
28
29 Sale 28%
85 28
34
39
90% 91
90% June’ 21 —
90% 95%
87 Sale 87
7 82
87%
90%
87
—
89)2 84% June’21
90%
78
72% 6 8 % M ay’ 21 . . . . 50
70
—
88
85 June’ 21 —
90%
78
32 Mar’ 17
49% Sale 49%
16 47% 54
50
92
93
1
92
92 j
91% 98
76% 76% 76% June’21 1 —
76% 81%
67
___
60)2
08
___
70)2 03
68
73
70 May’ 21 ___ 70
71%
73% ____ 76 June’21 —
76
78
31 63% 71%
65)2 Sale 65
66
—
92%
5938 597$ 57%
5734 61
73 Sale 73
20
74
713$ 7934
60% Sale 60
30 57% 05
61
6 6 % Sale
65%
02
72%
65% Sale 65%
40 6234 72
74 Sale 73%
783
4
1
27 70
57% 60
:
6
58%
55% 683
4
98
97% 98%
82% 90
89% 91
53
63% 61%
6
6S34
60
90 _ _ _ _ 102
76% 33
70% June’2 li
76% 81%
1_ _
_
74)2 80
84%
84% 84%
I----- 98% 993$
99% June’21|
87)2 ____ 88
88 1
89
1
____ 84% Mar’ 211 ------ 85% S5
*82
|
84%
63 % 64)2 64%
1
4 62% 69
68
08
68
7434 77
74%
78
— _ 72% 74% Apr’211 — 1 71% 7734
73%
92% Sale 91%
! 1 7 87% 96
96 1 0 0
99%
99
99
98%
985$
— - 97
*89%
89%
*87%
94% Feb’20
99% Feb'21
99% 9938
98 Mar’ 19
90 Sale 90
90
87% “91%
90% Nov’ 20
1U1% Sale 100% 10178
99% 104%
99% Sale 99
96% 102
99%
79 ___ 101% Oct’ 16
99% 101%;ioo% M ay’21
—, 100% 10234
65
1
7 0 Mar’ 21 —
70
70
65
i__
91 Sale 91 June’21
93%
91
98% ____ 99 Mar’21
99
99
98% ____ 98% June’21
98% 90%
76
76% 75
1 1 74
76
787$
84
87% S5% June’21
S5% 90
72 Sale 71
72%
73%
67
*64 ____ 67% Feb'21 ___ i 67% 67%
66% Sale 66 %
66 7$ 55 64
69%
65% Sale 65%
53 64
693$
66%
83% 92
86
June’ 21
85% S6
9S% ____ 97% Feb’ 19
____ 31% S0% June’21
79% 82
62% 68% 62% June’ 2 1
62% 73
63% Sale 63
63% 14 61% 6 8 %
100% 105 1 0 0
6 1 9734 1 0 2 %
10 0
8 0 % ____ 81% Jan’21
81% 81%
____ S3
80% June’ 21
80% 84
118 Nov’ 16
95 May’ 18
64
75
68
May'21
64
68
100% 101% 1 0 1 % June’ 2li — - 1 0 1 1 0 1 %
58% 59
59
5S%
53
62%
75
78% 75 June’21
72«4 75
88 Mar’ 17
81
Jan’20
81.
6634
66 %
65"$ July’21
6534 72
75 Sale 74
75%
72
81
78% 85
82 June’21
81
83%
Sale 85%
8 S
88
85% 91
70% 73
73
74%
73 June’ 21
62% 657$ 62%
62% 69
62%
67% 69
65% June’ 21
65% 71
71
SO
77 June’ 21
68
77
___ 75
84 Nov’ 16
'4% ------ 75%
75% 757$
75%
85% 82% Sept* 19
85%
_ 85% 85%
85% June‘31
98
96
- 98% 98%
98% May’2 1
68 %
74 Nov’20
67%
57% 59
6 V
%
54
57
57
Sale 2 1
21
2 1
26
IS
79
81 Sale SO
84%
81
82
84
81% 82
81%
737$ Sale 78%
76%
72
74%
99
l 98
98%
98
99
98%
7534

Is

68

0Due Got.

% Side

03»$

pD ueN ov.

03%!

#Due Dee.

2 ! 59% 73

167

New York BOND Record — Continued— Page 2
BON DS
N . Y . STO C K EXCH ANGE)
Week ending July S

is 3
a£
•
-«

Prioe
Friday
July 8

Week.'*
Ranye or
Last Hale

H

man No. Low man
Ilia
Auk Low
On! I .nek A Western—
4 00 % 70%
601,1
07%
07% 69
Morris A Essex 1st gu 3HB2000 j O
a
9(0 1
95
95*8 97
N Y Lack A W 6a.............
mm
93% . . . 94% Juno 21 m m 91
l
93k
Term A Improve 4s .. _ _1923 M N
59 ____ 102% Fob’08
-2000 F A
Delaware A Hudson—
10 96% 97%
97%
9712 97 k 97%
lat Hen equip g 4HB- — .1922 J J
4 74% 81
78 Siiic
78
78
Ifpt A ref i s ______________ .1943 M N
83%
81 # 4 82*2 83%
78
84
30-year conv 6a_________ -1936 A O
31 l(K)l,i 1 0 1 %
102%
10-yoar secured 7a----------- -1930 J D 1 0 m 1 0 2 3 4 101
68% Junc’ 2 1
6818 70
68% 73%
Alb A Susq oonv 3 H a------ .1940 A O
19 11 M N
Konaa a oarui'UBu ~,u > >
64 Sale
6334
64k
02
66
Den A R Or— let cons g 4s_ .1936 J J
3 66% 72
69 Sale
09
69
Consol gold 4Hfl________ .1930 J J
6812 (*9 % 69% June‘ 21 —
,
67% 72
Improvement gold 6s------ .1928 J D
17 40% 46-k
4112 Sale
40%
41%
1st A refunding 6fl_...... .. - .1955 F A
b 37% 48
35 ____ 37%
37%
Tnw t Co oertlfs of deDOBlt _
72
7434 72% June’ 2 1 . . . .
72% 75
Rio Gr Juno 1st gu 6s------ .1939 J D
*S ____ 61 % A pr’ 1 1
1940 j j
8
10
2978 297 D ec’ 20 . . . Guaranteed________ - - .1940 J J
6434
6 434
15 61% 6078
Rio Gr West 1st gold 4s_. .1939 J J 0434 67
20 47% 54
5012 5078 50%
50%
Mtge. A coll trust 4s A . .1949 A O
57 M a y ’ 21 —
5S12 78
57
57
Det A M ack— 1st lien g 4s._ .1995 3 D
50
Gold 4a__________ ______ .1995 J D *50 ____ 50 M a y ’ 2t ____ 50
55 74% 77-k
76
77%
77 Sale
a
Det R lv Tun Tor Tun 4 H a. -1961 iv n
92% June’ 21 . — 1 92% 92%
93 1 2 93%
Dul Mlasabe A Nor gen 6s. _ .1941 j J
2 87% 91
88
89 ____ 88
Dul A Iron Range 1st 6s------ -1937 A O
105% M ar’08
1937 \ O
83 Feb ’ 21
79
83
Dul Sou Shore A Atl g 6s— .1937 J 1 65
83
8 412 ____ S6% June’ 21 —
Elgin Joliet A East 1st g 5s_ -1941 M N
l
86% 89%
/r
9$% 99
95' M a y ’ 21
1930 i\ c
95
99k
T
SO
Jan’ 20
I 9 4 7 IM X
91 M a y ’ 21
____ 95
3rd ext gold 4Hs__ _____ .1923 M S
91
!
91k
90
Apr421 ____ 1 90
87
89
4th ext gold 6s---------------- .1920 A O
90
.
fl p
9434 N o v ’ 15
192R
1
98% Auff’ 19
N V T. E A W 1st 7a pxt, 1
T
M s
4 51
54
5 3k 547§ 53%
Erie lat cons g 4e prior. __ .1996 J J
66
58% O ct’ 20
Registered 1996 j J
91 39% 45
4234 Sale
41%
43
1st oonsol gen lien g 4a_ -1996 3 J
73 June’ 16
Registered
1996 j J
1OKI p A
79 lo 7*^50
7314
77% 73 M a y ’ 21
48 35% 40k
38
39
38 Sale
60-year conv 4s Ser A . . .1953 A O
39 34% 41
38 Sale
37%
39
do Series B _________ .1953 A O
28 37
42 Sale
42
42%
_
Gen conv 4s Series D _ .1953 A O
45%
1 75
76
76
76 Sale
?
Chic A Erie 1st gold 6s___ .1982 fV N
81%
7834 . _ _ 1067 Jan'17
8
Clove A Mahon Vail e 6s 1938 j J
72
7612 76% July’ 21 ____ 76% 88
Erie A Jersey 1st s f 6s __ 11955 J J
1Q67 T 1 70
75
Q
1
81 M ar’ 21
80
1QQfi A A
90 ------- 97 Jiine’ 21
97
T
103
Jan IS
1922 M X
1Q T s 7 8 % ____ 78% A pr’ 21
d.Q
76
78k
194Q ftfl A
T 70% 77
85
Jan’ 18
57% M a v ’ 21 ___
48 ~ 577
8
55% ’ e f "
N Y Susq A W 1st ref 6 s ._ 1 1 9 3 7 J J
40
A pr4 ___ 40
21
2d gold 4 H s
1937 F A
40
46 June‘ 21 ____ 46
General gold 6s_______ .1940 F A ____ 46
60
7034 8 0
81% Jan’ 21
Terminal 1st gold 5s .1943 IV N
I
81% 81%
71*2------- 72 Nov*19 . . . .
Mid of N J 1st ext 5s_____ .1940 A O
1 47% 54
47
50
47%
47%
Wllk A East 1st gu g 6s_ .1942 J D
_
j
1 Q3Q j
23% Jan’ 17
*r.v A Tnri 1st eons 2 1 1 a fta
99% JuDe’ 21
Evans A T H 1st cons 6 s
Q
89% Q 3^
1921 J i
A pr’ 21 ____ 8 8
87 ____ 8 8
1 st general gold 6 s
1942 A O
____ 69% 71
5314____ 69% A pr’ 21
M t Vernon 1st gold 6 s . . .1923 A 6
21
5314------- 69% Apr4 ____ 69% 69%
Bull Co Branch 1st g 6 s_ .1930 A 0
_
71% June’ 21 ____ 71% 77%
72% 75
.1959 J D
Florida E Coast 1st 4 He
Apr’ 21 ____ I 6 6
64 ------- 6 6
Fort St U D C o 1st g 4 H s ._ .1941 J J
6 6
F t Worth A R io Gr 1st g 4s .1928 J J 6 3 % ____ 65 M a y ‘ 21 ____ 6 1 8 4 65
6 3 k ____ 63 M ar’ 21 ____ 1 62% 63
_
Galv Hous A Hend 1st 5e_ .1933 A O
95 9934 1 0 2 1 9
1023s
Grand Trunk of Can deb 7s. .1940 A O 1 0 1 Sale 10034
957
97
93
Q
Q
9 7 % Sale
Great Nor Gen 7s ser A
1936 J J
7 7k 78% 78 June’ 21 ____ 77
1st A ref 4 H 8 Series A ____ .1961 J J
82%
96 Jun8*16
Registered..
1961 J J
823
4
8 2 % ------- 8234
gt Paul M A Man 4s_____ .1933 J J
4 813 84
4
1 0 1 %
1 st consol g 6 s________ .1933 J
J 10034 102 1 0 0 %
1 1
99% 10219
99 Sept’ 20
Registered_
_
1933 J J
83
89% 8 8
8 8
Reduced to gold 4 H 9 -- .1933 J J
1 1
87
92
S6
95 120% M ay'16
Registered_
_
1933 J jl
7834 80k 79% June’ 21 . . . .
D
M ont ext 1st gold 4a___ .1937 J
79% 82k
80 M ar‘ 21 —
Q
Q
Registered
1937 J D
80
J J ____ 8 6
83 M ar’ 20
Pacific ext guar 4s £
1940
7Q10
7fi
K Mlnrj Nor Dly 1 st g 4s 1948 A O
7 3 % ____ 79% M a y ‘ 21
99 M ar’ 21
Q
Q
QQ1.
Minn TTnlon 1 st g 6 s
1922 J J
2
99
99
99 Sale
M ont C 1st gu g 6 0 ........... .1937 J J
90% 103 "
9 9 % ____ 136% M a y ’ 08
Registered.. .
.1937 J J
8 8 %
90% 94% Jan’21 ____ 90
1 st guar gold 6 s ________
1937 J J
94k
8 8 -%____
90
Jan’ 21 ___
Will A 8 F 1st gold 6 s_ _.1938 J D
90
90
Green Bay A W Deb ctfp “ A •
48
55
70
Feb'21
7fl
Feb
65
S
6
7%
6 %
6 %
5%
8
Feb
Debenture ctfa “ B ” ____
65 July’ 21
6Q3^
Gulf A S I 1st ref A t g 5s &1952 J J ____ 70
6 8 %
70
Hocking Va, lat cons g 4Hs_ .1999 J J 69% Sale
12l 67% 76
1
73% June’ 18
Registered_
_
1999 J 1
____
673g 70
73 *2
Oct’ 18
Col A H V let ext g 4s____ .1948 A O
Col A T ol 1st ext 4p
65
69
67% M ay 21
1955 F A
67% A75o
Houston Belt A Term 1st 5s .1937 J J ------- 83% 77 June’ 21 . . . . 76
84
1
83%
Illinois Central 1st gold 4s .1951 J J 83k - - - 83%
81% 84
J J *62% 80
92 Sept’ 17
Registered..........
1951
70 ____ 6 8 June’ 21
1 st gold 3H s
1951 J J
6 8
71%
6 2 % ____ 84 N o v ’ 15
.1951 J J
Registered. _______
_ _—
_
Extended 1 st gold 3 H 9 --- .1951 A O *70 ____ 70% D e c’20
Registered....................... .1951 A O * ____ 6 8
80 July’ 09
1st gold 3s sterling
1951 M s
70 Sale
69
70
Collateral trust gold 4s__. .1952 m s
67% 74
w
9538 Sept’ 19
Registered.......... ..
1952 A 0
1
7438
74%
74% Sale
1st refunding 4a. ............. .1955 M N
7134 77%
1
6 2 % ------- G578 M a y ’ 21
Purchased lines 3 H s _____ .1952 J J
65% 6934
52 6 6 k 72%
69% Sale
68
69%
L N O A Texas gold 4s_ .1953 M N
_
Registered______
6 8
D ec’ 20 ___
1953 M N
8 8
Sale
7 8534 92%
8 8
8 8 %
15-year secured 5 H s _____ .1934 J J
69 ------- 73% Jan’ 21 . . . .
Cairo Bridge gold 4a_____ .1950 J 0
73k 73k
5934 ------- 58 June‘ 21 ____ 58
Litchfield DJv 1st gold 3s_.1951 J J
58%
62% 6 6 % 65% M a y’ 21 ____ 64% 6 8
Loulsv D lv A Term g 3 Ha .1963 J J
Middle D lv reg 6 a _______ .1921 F A
102 June’ 16
Omaha D lv 1st gold 3 s .. . .1951 F A
57 ------- 60 June’21 . . . .
50
60%
St Louis D lv A Term g 3s_ .1951 J 3
563 58%
4
5 6 % ------- 5634 June’ 21 —
64% June’ 21 ___ 64k 64k
Gold 3 H s ................. ..
63% 6 8
J 3
Spring! D lv 1st g 3 H s ____ . J951 J J
58 ------- 80% N ov’ 16
Western Lines 1 st g 4s. _ _.1951 F A
6 8 k
69% 69% June’ 21 . . . .
69 k 75
Registered___ . _
92
N ov’ 10
1951 F A
Bellev A Car 1st 6 s ____ .1923 J D
9 2 % ____ 94 M a y’ 21 . . . .
94
94
C&rb A Shaw 1st gold 4a. .1932 m S
M ar’ 19
70 ____ 73
Chic 8 t L A N O gold 5 s .. .1961 J D
8 7 % ------- 8 6 k June’ 21 _ — _ 8 6 8 4 91%
Registered.
.1951 j I)
8 5 % ____ 8 8 % Apr’ 21
8 8 %
8 8 %
Gold 3 H « - _______
3 D
62 k ____ 65% July’ 18
Joint 1st ref 6 s Series A .1963 J D
7 78% 87
78%
79'%
78% Sale
MernDh D lv 1st g 4a. _ .1951 J D
6 6 %
71% 70% Apr’ 21 ___ 67k 73
Registered. .
1951 j D
65
N ov’ 17
Bt Louis Sou 1st gu g 4a. _ .1931 M S
73 ------- 7778 M a y ’ 21 ____ 75
77%
Jnd 11J A Iowa lat g 4s
6 8 %
7278 6 8 i4 July ’ 2 1
1960 .1 l
68 k
76k
Int A Great Nor 1st g ext 7s. .1922 M N
8 8 %
90%
87k - - - - 90% M a y’ 21
/ames Frank A Clear 1st 4s .1959 J D
2
73 Sale
73
73
73
75%
Kansas C ity Sots 1st gold 3s .1950 A O
57%
57 Bale 56
51 54
66«4
Registered_________
A O
78
O ct’ 09
Ref A 1 Dt 6 s . . . _A Dr 1960 A J
in
75
75«4
39 72
77
75k Sale
Kansas C ity Term lat 4s . I9601 J
71
7 ]%
29 69% 74
71% Bale
J
19271 J A
Lake Erie A West 1st g 5s
7 79
79 Sale
79
79
83
2 d gold 6 s_ _______
~J 941 J J
69 June’ 21
64
72
6414 69
North Ohio 1st guar g 6 s. _1946| A O
52
70
65
A ug'1.9 ___
1
Leh Val N 7 1st gu g 4 H s._ .1940 J J
83%
83
84
84 k 837a
85
Registered
1940 jJ J
3 80
80
80
80
80
1MbJgh Val (Pa) con* g i s . . .2003 M N
6 8
Sale
6 8
68
67% 6 8
1
General cone 4H «
. 2003 N N 75% 79
1
2
75
75%
72% 84
• N o price FrMay: latent bid anrl asked this week,

a Duo Jan.

b Due Feb.

T
B
?
jl
I ft.

BONDS
N . Y . STO C K E X C H A N G E
Week ending July S

Ranyu
tiince
Jan. 1

Loh VTorrn R y 1st gu g 6a. ..1941 A o
Registered. . .............1941
A o
Loh Val R R 10-yr coll 6s__nl928
Loh Val Coal C o 1st gu g 5H..1933 1 J
R egistered............................. 1933 J J
1st Int reduced to 4s______ 1933 J A
Loh A N Y lat guar g 4 s . ____1945 M S
Long laid lat cons gold 5s__/il931 Q A
1st oonsol gold 4s_______ h i931 Q A
General gold 4s___________1938 J D
Ferry gold 4 H a___________1922 IV
I
Gold 4h............. .....................1932 J D
Unified gold 4h____________ 1949 rvi S
Debenture gold 6s............... 1934 J D
20-year p rn dob 6s............... 1937 IV N
!
Guar refunding gold 4s____1949 M H
l
R e g iste re d -------------------- 1949 IV S
I
N Y B <t M B 1st con g 58.1935 \ o
N Y < R B let gold 5s____1927 M s
fc
Nor Sh B 1st con g gu 6a.al932 G J
L ou isian a* Ark 1st g 6 s. ...1 9 2 7 M s
Louisville < Nashv gen 6s_ 1930 J D
fe
_
Gold 5s_______ ________...1 9 3 7 rvi N
Unified gold 4s___________1940 J J
Registered........... .............. 1940 j J
Collateral trust gold 6s____1931 M N
i
10 year secured 7s__ _____ 1930 rv
L Cin A Lex gold 4H 8____1931 M N
N O & M 1st gold 6s______ 1930 J J
2d gold 6s______________ 1930 j J
Paducah < Mem D lv 4s_ 1946 F A
fc
_
St Louis D lv 2d gold 3 a ___1980 m S
Atl K noxv < Cln D lv 4s__.1955 M N
&
l
Atl Knox * Nor 1st g 5s_ 2946 j D
_
_
Hender Bdge 1st s f g 6s_ 1931 M s
Kentucky Central gold 4s_1987 J j
Lex * East 1st 50-yr 5s gu.1965 A o
L & N & M & M l s t g 4H 8.1946 M s
L A N South M Joint 4s_ .1952 .T J
Registered_____
. „_hl952 Q J
N Fla & S 1st gu g 5 s _ ____ 1937,F A
N & C Bdge gen gu 4 H s ___1945 J J
Pensac < A tl 1st gu g 6s___1921 | A
fc
f
S & N Ala cons gu g 5s____1936|F A
Gen cons gu 50-yr 5s____1903, a Q
La < Jef Bdge C o gu g 4s____1945! M S
fe
Manila R R — Sou lines 4s
1936 rw ‘M
M ex Internal 1st cons g 4a
1977 M 5
Stamped guaranteed______ 1977 M s
Midland Tftrm— 1st, a f 0 6s 1Q2/> i o
Minn St, Lonls 1st 7s
__ 1927 I D
1st consol gold 5 s ............ .1934 M N
1st & refunding gold 4s____1949 M s
R ef * ext 50-yr 5s Ser A ___1902 Q F
Des M < F t D 1st gu 4s___1935 J J
fc
Iowa Central 1st gold 5S..1938 J D
ra
Refunding gold 4s______ 19511v 3
M St P &S S M con e 4s Int srn’ 38 .T j
1st cons 5s
_
1938
1st Chic Term 3 f 4s
... 194llM F
4
M S S M & A 1st g 4s Int gu’ 26 J J
_
Mississippi Central 1st 5s_ 1949 J J
M o Kan < T ex— 1st gold 4s. .1990 J D
fc
2d gold 4s_______________ (?1990 F A
Trust Co ctfa of deposit
1st ext gold 5 s ._ ......... ........ 1944 M H
1st & refunding 4s________ 2004 M S
Trust C o certfs o f deposit_ __
_
Gen sinking fund 4 H a____1936 J J
Trust Co certfs of deposit___
St Louis D iv 1st ref 4s____2001 A o
5% secured notes “ ext” ___1916
D ali * W aco 1st erii 2 5s
1940 M
Kan City & Pac 1st g 4s___1990 F A
M o K & E 1st aru 2 5s
1942 A O
I
M K & Okla 1st guar 5s___1942 iV N
M K & T of T 1st gb g 5s 1942 M 5
Sher Sh & So 1R go g 5 s
t,
1942 J D
TflXas A. Otrla lat an a .Pa 1Q4X M s
r
Missouri Pacific (renra CrO—
1st & refunding 5s Ser A . .1965' F A
1st & refunding os Ser B .01923 F A
1st & refunding 5s Ser C ..1 9 2 6 F A
General 4s_______________ 1975 I 3 S
V
MlsRnnrl Pfl.c 40 vpar 4a
T946
3d 7s extended at 4%
1938 M N
Cent Br T P 1 s f,? 4a"
T
1948 J D
Pac R of M o 1st ext g 4s___1938 F A
2d extended erold 5s
1938 J J
St L Ir M & S gen con g 58.1931 A O
Gen Con stamn em 2 6 a 1931 A O
Unified < ref gold 4s____1929 J J
&
Registered
1929 J J
R lv & G D iv 1st g 48
1933 M N
D
Verdi V I & W 1st g 5s
1926 fV s
M ob & Ohio new gold 6 s
1927 J D
1st ext gold 6 s_ ................_A1927 Q J
General gold 4s
1938 M s
M ontgom ery D lv 1st g 5s 1947 F A
St Louis D iv 5s....... ............ 1927 J B
St L & Cairo guar g 4s
19,31 J J
Nashv Chatt * St L is t 5 s~ I'l9 2 8 A O
Jasper Branch 1st g 6 s____1923 J J
Nat R ys of M ex pr lien 4 H a. 1957 J J
Guaranteed general 4s
1977 A o
_
N at o f M ex prior lien 4 H s _ 1926 J J
1st consol 4 s ___________ 1951 A o
NO * N ’ E lst ref & lm pt 4H sA ’ 52 J J
New Orleans Term 1st 4s____1953 J J
N O Tex * M exico 1st 08
1925 J D
Non-cum Income 5s A . ...1 9 3 5 A o
l
N Y Cent R R conv deb 6 s_ 1935 M N
_
10-year coll tr 7s__________1930 M s
Consol 4s Series A
1998 F A
R e f * lmpt 4Ha “ A ” _____ 2013 A O
Mortgage 3 H s ____________ 1997
Registered.
1997
Debenture gold 4 s________ 1934
Registered
1934
30-year deb 4s
1942
Lake Shore coll g 3 H a_____ 1998
Registered_______ _______1998
Registered_______ __

..1 9 98

Beech Creek 1st gu g 4s_ 1936
_
Registered
1936
2d guar gold 5s
1936

J
J
M
l
M
J
F
F
F
F
J
J
J
J
A
j

b Duo July.

74
78
9 1k 92
82
8 6
o3% Sale
68
Sale
56
7534 ____
SO
98
87% Sale

70k

71

6634 Sale
80% 90
9938
99
—
95
58% 60
72
81
71
8 8 %
74
76
93
93k
98% . . . —
*2 0 % ____
2 0 %
25
2S34
25
____ 16
GS34 Sale
63 Sale
91
9278
56 Sale
8934 Sale
1 0 1
Sale
67% Sale
7634 Sale
66

64
77
72%
61%
58
60
55
47%
76%

D

n Duo Sept,

Week't
Ranye or
Laui Hale

Ranau
Mine*
Jan. 1

ma
Auk Low
fliyh No IjhV
8934 92
91 3 4 M ar’ 21
91k
113
M u r'12
90 Sale
90
00*4 ” 7 95%
91%
91 JUne‘ 21
91%
106
O o f 13
77% - - . . ------....
67'% 87i,i 71% Jan’ 21
71%
88 . . . . 91
91
1 85%
78
82k 8 2 k June 21
82k
07 June’ 21
07
70
00
93% 98% 91 k Feb'21
91
92%
99 k O o f 06
68 —
04%
04%
I 03%
07
09% 72 M a y’ 2i —
68
01 Sale
58
01
1 57%
64
64 June 21
00
04
95
Jan’ l l . . . .
87 S.do
87
87
jl 84
Apr*21
83% ___ _ 83
83
7534 80
7534
July’ 21
75%
66% J une 21
66^8 G8
63%
99% N ov’20
92k June'21
90k —
90
81% Sale
80%
81%
29 1 78 k
*78 ____ 78
F eb ’ 21
78
85% 88
85%
85%
4| 85%
10334 Sale 103%
104
20* 100
86
m 2 87% M a y ’ 21 ____ I 87
96% 98% 98% M a y ‘ 21
98%
92
Feb ’ 2 0
98% 100
72
75
71k D e c’20
94 k
50
50%
51
51
2 50k
703 72
4
72
72
10, 69%
. _ 9 5 % N ov’ 19
*8134
10 J 100 M a y ’ 21 . . .
99k
100
70% S?le
70%
70%
70
83
97
81 June* 21
83
78
~ ! 80
83
80 June’ 21
533 603g 66
4
66%
25 \ 04%
a
95
F eb ’05
85% 92% 90
Jan’21
90
77% —
85 June% 1
81
993s 9934 9938 M a y ’ 21
99
89 ------ 9 4k Jan’21
91
8034 85
80% June‘ 21
80%
66 Sale
65
66
2 64k
42a8
77
M ar’ 10
75
N o v ’ 10
99
July’ 20
89%
95
M ar’ 20
69
70
6834
6834
1 67%
40 Sale
40
41
3 39
41 Sale
41
41%
10 397g
43 Sale
43
43
1 40
69% 70
68
70
2 08
38% 4-0% 40
July’ 21
39
78% Sale
77%
78k
25. 7 5 3 3
91%
90 June’ 21
87
79
85
D e c’20
8 9 k M a y ’ 21
8 8 % _____
8884
70 . . . . 70-% June‘ 21 ____ 703g
5934 Sale
5 8k
'60
76 56
3534
35%
35%
37
3 35%
34% 37% 35 June 21 ____ 35
25
30
30
Jan'21 ____ 25
50
53
49% June’21 ____ 1 49%
52
48% June’ 21
48%
38 June’ 21
37k 40
30%
35% 40
40 M a y ’21
33
17% 25
17 June’ 21
17
40
50
43 M a y ’21 ____ 37
60% June’ 22
60k _
51%
5438 _ _ _ _ 57 M a y ’ . l
57
45
42
D ec’ 20
68 k
60% 71% 08
A pr’ 21
55
57
64
62's O ct ’ 2 0
*
32 M a y ’ 21
30
50
50
37
O c f 20

J
3
N
N
J
A
A
A
A
D
J
J
J
o

J D
vi b ' / I I »V U I n u r j U ^ U o » • l
T *i A Ar n It 1 U i n i ft Pa IQ
C
»
^l.P A J
Lake Shore gold 3 H » ____1997 J D
R e g iste re d _______ _____ 1997 J D
Debenture gold 4 a _____ 1928 M S
25-year gold 4a_________ 1931 M N
I
R e g iste re d ___________ 1931 IV N

a Duo Juno,

Pric6
F’ 0ay
July H

♦

Sale
65%
Sale

77 June’ 21
913S
92
82 June‘ 21
53
54
58
O c f 18

q Due O ct.

99

75%
8638
8134
5034

99 k
93%
. „. _
71%
91
83 U
75
91%
00%
72
03%
69k
87
83
7034
69
....
93%
84%
78
92
104%
89%
101%
100 k
55
73%
100
72
87k
8134
7134
90
85
9934
94k
83
68

72%
45
48
47
76
44
84%
91
90%
7038
61%
42
42
30
55
54
40
40 %
17
43
63
58
69
32
80
92%
87
56%

7534
68
1
67
June’ 19
77 June’ 21
1 75% 78k
79k M a y ’21
79 k 79k
8578
87%
S3 " 9012
8
102 Juiy’ 14
70 3
4
~
71 “ i
6634 73%
80 7 O c f 17
8
6 6 k
67%
75 643g 71%
87 Sept’20
9834
98'k
2
94 1 0 0
90
M ar’ 21
90
90
62
58 June’21
57
30
71
D ec’20
30
77
M ar’ 21
85
77
73% June’ 21
77
72
91% June’ 21
91% 94%
99
99
99k
1
98
213S June’ 21
26%
2 1
24 June’ 21
27
24
30
A pr’ 21
30
30
16% June’21
16% 33
4
68 k
6834
6634 703
1
63
63
6134 67%
1
92
92
1
99%
90
8
53%
56
7 53% 647
92%
89%
90
87 87
100k
10134
68
98 103%
67%
68
19 05
72%
74%
7G34
82
13 71
68

68

64
6134
76%
6 6 %
7234
75
62
62
59% 57
62
62
57
49
81%
"80
77% 95k
104
59
73

76'k
60 k
70
78k
82%
6 8 %
05
63% 64
83% 84%
81% Sale
80

3

Hi O
k
91k

66

109

June’ 21
77
June’ 20
June’ 21
62
June‘ 21
62
June’ 21
Feb’20
Apr'21
N ov'10
M a y ’ 10
June’ 21
June’20

8

5
I

67% June’21 ____
64% June’ 21 . . . .
83%
84%
50
7,
81
82
2 ,
80
80
1
» Option sale.

62%
i'k
71

6

69%
67%
80%

72
76%
59% 64%
60
56
68
59
62
57
81%

81%

59

59%

65
04%
82
78 3
4
80

71k
67
8 6

85
82

1(*s ___________
1 1 1

I t

Pried
p iday
July 8

Wotk »
Hanye or
La*l Suit

Hatkjo
Since
Jan. 1

l il

BONDS
N. Y. STOCK EXCHANGE
Week ending July 8

41J
Aik Low
N Y Cent ± id R RR (CYm)—
H lyb No. Low H ijt 1
Muli A Mill Ul gu g Id__ .1991 \ 1 a 7212 73*2 rto Dec'2(J —
w
85*4____ 93% May’20
Mahon C l HR lee 6 e----- .1034 J i
. . . . mm m
90% June' 2 1 1
Michigan Central 5d----. . .1031 /V S
I
90
90%
.1931 Q fri
98 w Nuv’ lb
4b
1940 j 1 7 0 % ____ 82 Nov* 1 | _. . . 1
9
mm
mm
Hugldtorud . . . . . . . . . .1940 4 J
74% Sept* 20|
J L i d lee gold 3 He .. _. 1051 M 5 65 _____ 6 6 % Mar'20 _. .
71
lee gold ii ^d----- . . . . . . .1952 rv N 6 8 ____ 67% Juae'21 ....J 0 2
t
i 74
75i2 76% 75%
75%
79%
2 i> year debenture 4e
.1920 A 0
—
70% Apr‘ 2 1
70% 70%
Pi J Juao HR guar 1st 4a.. .1930 F A
68
____ 6 8 June’ 2 1
n v a Harlem g 3 Ha.
i
, 2 0 0 0 rv N
68
70
t
N Y A Northern lat g 5a. .1923 A O 91% 94
92% June'21 ___ 92% 92%
N Y A Pu let eons gu g 4a-1993 A O _ _ _ _ _ — . 6 8 Jurie'21
08
73
9 0 % ____ 1 113 M ay'16
Pine Creek reg guar Ha. . . . 1932 J 0
2
R W A O con lat ext 5a__ 51922 A O M «* - —
98%
98%
97% 98%
Rutland lat con g 4 ‘^a
. 1941 J J 6 6 ____ 71% Nov 20
1
55% 0 0
Og A L Chain lac gu 4 » g .1940 J J 60 ____ 0 0
00
Rut-Canada lat gu g 4a.1949 J J 5o . . . . 50
Feb'21 . . . . 50
50
Apr’21 - - - - 1 70
St Lawr A Adlr lat g oa . . . 1990 J J ---- . . ___ 76
76
1990 a a
103 Nov* 10
Utica A Hlk Rlv gu g 4a. . .1922 J J 96 ____ 93
Jau'2i
93
93
Pitta A L Erie 2d g 5a___ L1928 A O 8 3 % ____ 90 May *21 —
i
84% 90
97 ____ 130% Jan’09
Pitta viuK A Y lat gu rta 1932 J i
1934 J J 9o ____ 95% June’ 2 0
Weat Snore lat aa guar__ .2301 J J 71% Sale 70 '
71% 16 67% 71%
Rog laCored . . ____ _ .2301 J J 6 8 % 70
68
68%
66
73
H Y C r.lneaaq tr 5h 1920-22 \t N
I
l
9 9 1 * Feb’ 19
KrniIn truat 4 -t
1920-1925 j j
67% June' 2 0
18
78 "
80
N Y Gilo A St L lat g 4a__ .1937 A O 77% 79
77% 82
85 Nov'17
1937 A O _ . Registered
Debenture 4a........ ........... .1931 fV N 71% 71% 71
71
I
70% 71%
71% June’21 —
N Y Connect lat gu 4 Ha A_ .1963 F A 73% 76
71% 78%
N Y N H A Hartford—
41 ____ - — Apr'21 —
46
Non-conv deben 4a_____ .1947 I 1 S
Y
37
Apr'21 —
Non-conv deben 3 Ha___ .1947 M S 36 ____ 35
35
40%
40
37 June’ 2 1 —
Nun-conv deben 3 Ha___ .1954 A O 36
35% 45
Non-conv deben 4a_____ .1955 J J 41% 42% 43 June’21 ------j 38% 50
45
42% June’21 —
Non-conv deben 4a_____ .1950 fV N 44
I
39% 49%
37% 35% June’ 21 ----- 1 35
45
Conv debenture 3 Ha___ .1950 J J 36
1 1
Conv debenture 6 e -------- .1948 J J 60 Sale 59%
60%
72%
58
.1930 F A
50
O ct'17
Cone Ry non-conv 4a
6 ()
Julv’ L
S
1955 J J
Non-oonv dehen 4 a
Non-conv deben 4a
.1950 1 I
49
O o f19
Harlem R-Pt Ches lat 4a 1954 rv N 64% 67
63% Juno’21
l
63% 69
B A N Y Air Line lat 4a. _.1955 F A 58 ____ 64% Nov’20 . . . . .
Cent New Eng lat gu 4a.. .1961 J J 43% 45% 44% June’21 - - - - 1 39% 63
4; 70% 70%
70% Sale 70%
Houaatonlc Ry cona g 5a_.1937 M N
70%
Naugatuck RK lat 4a.
1954 I 1 N 6 7 % ____ 87 July’ 14
V
N Y Prov A Boston 4s
1942 A O 6 0 % ____ 83 Aug'13 —
N Y W’chea A B lat Ser I 4H8 ‘46 J J 35% Sale 35%
36% 19 33% 43
New England cons 5a
68
.1945 J J 67
Consol 4a .................. .1945 J J 56% 64
70 Sept'17
25
32
Providence Secur deb 4a. _.1957 rv n
27 June’ 21 __ -L 27
30
i
6 8 % ____
Providence Term 1st 4s
1956 (V s
883s Feb’ 18
I
1943 J J
74% Dec’ 19
W A Con East lat 4Ha
56%
06%
N Y O A W ref lat g 4s____ 01992 M 3 56% 60
65
56
Registered $5 QO0 only
69% Nov ’ 2 0 . . .
01992 M $ ____ 58
46
59
General 4a__...................... .1955 J D
59 M ay’21 ___ | 49% 59
27 39
54%
40
Norfolk Sou lat A ref A 5a._ .1961 F A 40 Sale 39
73
731o
Norfolk A Sou lat gold 5a
1941 (V N 70% - - - 7 3 W.Tima*ft 1
I
mn3< indSo
Norf A Weat gen gold fta
1931 rv n 1 0 0 %
t
1 0 0 3 4 Mav’ 21
_ 122 Nov’ 16
Improvement A ext g fia .1934 F 4 99%
.
New River lat gold 09___ .1932 A O 1 0 0 % 1 0 2
97% June’ 21
97% 101%
10
76
N A W Ry lat cona g 4a__ .1996 A O 76 Sale 75%
73% 80
1996 A O
Regtatered
74
Oct’20
Dlv’l 1 st lien A gen g 4g 1944 J J 763s____ 75% June’21
781j
74
3 75
10-25-year conv 4s
1932 J D 90% ____ 80%
8 0 %
80%
92% 96
10-20-year conv 4a___ .1932 M S 90 ____ 9234 Apr*21
Apr‘21 . . . . 90
90
10-25-year conv 4H 8-- .1938 M S 85% . . . . 90
41 99 105%
Sale 1 0 1 % 1 0 2 %
1 0 -year conv 6 a_______ .1929 M S 102
Pocah O A O joint 4a
76% 73 june’ 2 1
1941 J D 73
70% 80
C O A T 1at guar gold 5s 1922 J J 98% ____
___
Sdo V A N E 1st gu g 4s..."l9Si9 M N 74
75 May’21
75
77
Nortnern Pacific prior lien rai 2 2 1 ! 73
76
79
way A land grant g 4a___ .1997 Q J 7 5 3 4 Sale 75
1997 Q J 71% ____ 75 Dec’20
Registered
28 5234 5634
5 5 %
General lien gold 3 a __ __ a2047 Q F 54% Sale 54
Registered.......... ......... a2047 Q F ------ 52% 54% Feb’21
51% 54%
L34 9638 9S
9S
Ref A impt 6a ser B _____ .2047 J J 97% Sale 97
Ref A Imp 4 Ha ser A
2047 J J 74% 75% 75l* June’21
73
81%
Apr’ 21 ___ j 88
St Paul-Duluth Dlv g 4s_ .1996 J D 86% ____ 88
88
98% 889 96% 98%
N P-Gt Nor joint 6 Ha__ .1936 J J 97% Sale 97%
St P A N P gen gold 6s__ .1923 F A 98% 100% 98% May*21 —
98% 99%
99% 100
Registered certificates. .1923 Q A 97% ____ l00 M ay’21 —
89
93% 97
Feb* 19 ___
St Paul A Dulutb 1st 5s __ .1931 Q F
71 ____ 75% May’ 21 __ _. 75% 75%
lat consol gold 4s_____ .1968 J D
7038 37% Dec’ 16 ----- i
!
Wash Cent lat gold 4a__. .1948 Q IV 62
m n« iCRio
1
J J
63 R71o 741*
71
1961 J J 71 Sale 70%
65% 70
65 June’ 21
Pacific Coast Co lat g 58. __ Ll946 J D
70
65
83
76% Jan’21 ____ 76% 76%
Paducah A Ills 1st s f 4Ha-- .1955 J J 70
Pennsylvania RR lat g 4a__ .1923 M N 94% ____ 94% M ay’21 ___ 93% 95%
81
SI
Apr’21 ___
84
Consol gold 4s__________ .1943 M N 80
81
5 7634 85%
7634
Consol gold 48__________ .1948 ivi N 76% S0% 7634
6 S3
87
92%
Consol 4Ha____________ .1960 F A 8534 Sale 85%
76% Sale 76%
78% 65 7438 82%
General 4H s____________ .1965 J D
84% 146' 81
General 5a
.............. .. .1908 J D S4 Sale 83%
92
103% 100 100 105%
10-year secured 7a_ ____ .1930 A O 103 Sale i01%
276 94*2 100%
98
15-year secured 6 He____ .1936 F A 97% Sale 97%
Alleg Val gen guar g 4s__ .1942 M 3 77 ____ 80 M ay’ 21 —
Sl%
80
D R RR A B’ge 1st gn 4s g 1936 F A 7 9 % ____ S3
Feb’20
9934 June’ 21
Pennsvlv Co eu 1st g 4Hs
1921 J J
9S% 99%
99% May’ 21
Registered
e
1921 J J
99
99%
_ 69% Mar’20
Guar 3 h»3 coll trust r^g A 1937 M S 67%
F A 63% 7338 67 Dec’20
Guar 3 Ha coll trust 8cr B 1941
Guar 3 Ha trust ctfs C__ .1942 J D 64% ____ 69 May’ 21 ___ 68
69
1O .T D 67
A4
A7
7 n
1 76% 83%
77
77
Guar 15-25-year goid 4s __ .1931 A O 77% 79
io-vear guar 4s ctfs Ser E_ .1952 M N 69 v 72
72 June’21
698 72%
4
Gin Teh A Nor en 4s e
Ip42 M N 6 3 % ____ 80
Feb’20
__ _ S0% 80%
I
ui A Alar 1st gu g 4 He__ .1935 IV N 80% ____ S0% Apr’ 21
88% Feb’ 21 ___
Cl A P gen gu 4 He Ser A_ .1942 J J S4% 96
ss% SS7s
Dec’ 15
Series B
1942 A O 84% ____ . 04
Int. reduced to 3 Ha
1942 A O 69 ___ l 96% Feb’ 12
68 % ____ 90% Dec’ 12
Series C 3 He
1948 M N
Series D 3 Ha_________ .1950 F A 68 % ____ 67
Jan’21 ___ 67
67
1QdO J J 70% 73lo
Series C _____ _______ .1940 J J 7 0 % ------ 79% May’ 19 ___
78% Juue’ 21 ___
Or R A I ex 1st gu g 4H9- .1941 J J
7S% 82
Ohio Connect 1st gn 4s
1943 M S 1 66
SO
80 Sept’20
8 9 % ____ 93 Mar’ 10
Pitts Y A Ash 1st cons 5s 1927 M N
Tol W V A O gn 4 HR A
861> Oct’20
*
1931 J J 81
84
Series B 4Hs._
1933 J J SI ____ 82 Dec’20
88 % Sept’ 17
Series C 43
1942 M S
P C C A St L gu 4He A_. .1940 A O 8 2 % ____ 82% June’21 ___ S2% 85%
Series B guar.
1942 A O S2% . __ 86 M ay’21
S6
85
821* S53s 84% Dec’20
Series C guar
1942 M N
___ 82
Series D 4s guar_____ .1945 M N
82
78% ------ 82 M ay’21
75% 75%
Series E 3 He guar gold 1949 F A 7 7 % ____ 7 5 1 ° Feb’ 21
Series F guar 4s gold
1953 J D 7 8 % ____ 82% Apr’20
7 8 % ____ so ’ May ’ 2 1 ___ SO
81
Series G 4s guar____ _.1957 M N
Series T cons guar 4 Ha 1963 F A 78% ____ 72% June”20
25 79
82
S7
General 5s Series A__ .1970 J D S2 Sale 81 "
C St L A P 1st cons g 58. .1932 A O
92 ____ 95% May’21 ___ 95% 95%
___ 80 SO
80 Mar “21
Phlla Balt A w let g 4s. .1943 M N
Rod us Bav A Sou 1st g 5s. .1924 J J
02
Jan’03
1 S0 10 80%
S2 ___ m % June 21
U N J RR A Can gen 4s_ .1944 (VI s

1

1

|

• N o price Friday; latest bid and aaked

a Due Jaa.

b Due Fob

0

>*

Page

e.

3
90U9J

eu> ua
N. Y. STOCK Bl
XCHAN JE
Woe k ending July 8

New York BOND Record— Continued—

Price
Friday
July 8
Hid

Wttk't
Hanyt or
Latt Salt

A*k Low

3^

Hanoi
Sines
Jan. 1

Hiyb No Low

Ui$k

Peoria A Pekin Un 1st 6 s g
1921 o F
91% O o f20
2 d gold 4Ha.............. .1.-51921 M N
SO% Sept’20
Pere Marquette lat Ser A 5a 1950 J J 80% Sale 79%
80% 24 77% 85%
lat Serlea H 4a
1956 j |
70
63
Philippine Ry let 30-yr 0 f 4a 1937 1 j
38
45
Pitta Sb A L E lat g 6 a_____ 1940 A O 8 6 % ____ 90 June’ 21
8 l a4
91
lat conaol gold 6 a .. . . _____1943 J J 8 3 % ____ 97% Dec’ 17
84 71?s 83
Reading Co gen gold 4a.___ 1997 J J 73% Sale 73%
7478
Registered _____ _____..1997 J J
77
Dec’ 20
Jeraey Central coll g 4a_ . . 1961 A o
5 76
76
76% 76% 76
87
Atlantic City guar 4a g___ 1961 J J
St Joa & Grand ial lat g 4a_. 1947 J J 59% 61% 59 June’21
59
64
St Loula A San Fran (reorg Co)—
0 1 % 19 L 58
Prior lien Ser A 4a
1950 J J 60% Sale 60%
Prior Hen Ser B 5a________1950 J J 72% Sale 72
73% 31
70 “
Prior lien Ser C 0a
1928 J J 87% Sale Sfilo
87% 28 84% 90
6 6 % Sale
Cum adjust Ser A 6 a____ 61955 A o
66
67% 209 6134 6 8 %
8
53% Sale 52%
51% 307 j 44% 543
Income Series A 0a_____ 61900 Oct
St Loula A San Fran gen 6 a .. 1981 J J 94 ____ 94 July ’21 . . . _i 93% 98
Genernl gold 5a
1931 j J
871* Mav’ 21
89 3
4
87
St L A S F RR cons g 4a__ 1990 j 1
6 7 % ____ 67
Oct‘ 20
South* Dlv lat g 5a___ 1947 A o
75%'____ 77
Jan'21 — ^1 77
77
7 0934 96
91*i
I ! N 94% Rale 9 3 I0
V
10 L 02
K C Ft 8 A M Ry ref g 4a 1930 \ o
68%
8234
K C A M R A B lat gu 6 a__ 1929 A o
78% . . . . 78 Mar’ 2i
78
65% 62%
10
St L 8 W lat g 4a bond ctfs. _. 1989 M N 65
62% 69
65
■ J
58
65
Conaol gold 4a
1932 1 n
" ~28* 0 0 %
31 62
69%
1st terminal A unifying 5a. 1952 J J 65% Sale 65
66
j
Gray’d Pt Ter lat gu g fia 1947 j D 63% .
98% Jan’ 13
633
4
8 A A A Paaa lat gu g 4s____ 1943 J
62% 51 58
J 0 2 % 62% 62%
61
61% 62
1
Seaboard Air Line g 4a_____ 1950 A o
62
58% u%
51
53% 51
2
57
Gold 4a atamped..............1950 A o
51
50
■ .»%
V
57 25
Adjustment 6 a..................01949 F A 26 Sale 25
31
13 30
43
Refunding 4e_ ____ _____ 1959 A O 38% 40
37%
-10
55
let A coua 0a Serlea A ........ 1945 M S 48 Sale 47
49% 1 0 0 46
52
61
59% 65%
Atl A Blrrn 30-yr lat g 4a.el933 M s
62 June’ 21 —
,
_
Caro Cent lat con g 4a___ 1949 J J 60 ____ 63% May’21 ■ __ 63% 63%
94% Mar’21 . . . . 94% 96%
Fla Cent A Pen 1st ext 6 a. .1923 J J 90% 92
lat land grant ext g 5a__1930 J J ____ 87% 89% Apr’21 ----- 89% 89%
74i* 7 7 % 77% June’2L
81%
Consol gold 6 a
1943 a 1
75
T 1
765ft Vfftv’ 2 I
7fiS 80
ft
73
80
Qa Car A No lat gu g 5s
1929 j 1
83 ____
3534 85%
I
Seaboard A Roan 1at 6 s
1926 i J
92 Nov*25
Southern Pacific Co—
Gold 4a (Cent Pao coll)__ *1949 J D 69% 70
68%
69% 1 1 6 6 % 73
67% 70% Oct’ 2 0 . . . . ___ ____
Registered____________ *1949 J D 64
78 Sale 78
20-year conv 4a
01929 M s
78% 1 1 0 7 6 % 79%
1
8 6 % 89
20-year conv 5a
1934 1 I> 84
89
cO 1 0 0 j
S
Cent Pac lat ref gu g 4a__ 1949 F A 72% Sale 71%
72% 64| 70% 76
____
Registered
1949 F A
8 7 1 * Sept’ 16
3 75% 79
Mort guar gold 3H s__ *1929 J D 78% 79% 781*
79
Through St L 1st gu 4a. .1954 A O 67 ------ 6 8 % June’21 . . . . 67's 73%
841* 8 8 %
G II A S A M A P lat 6 a
1931 M M 84% 8 6 % 84% .1 une’2 1
92
2d exten 5a guar
1931 r i 76
87 ~ M ay’ 21
87 ” 90
90
Gila V G A N 1st gu g 5a. .1924 M N 90% 92
90
Feb’ 21 . . . . 90
Houa E A W T lat g 5s
1933 M M 81% ____ 83% Feb’ 21
83% 84
87%
lat guar 58 r e d . . . .......... 1933 (V N 81%'------ 8 6 “ Mar‘ 2l . . . . 8 6
!
8 6 % June’2 _ . - 8G38 8 8
H A T C 1st g 5a lnt gu___ 1937 J J 84% 8 8
Waco A N W dlv lat g 6 a 1930 M M 85 ____ 94 Mar’ 19
84
A A N W lat gn g 6 a
1941 J J
84
Jan’21
84
9 5 3 3 Sepf 20
Louisiana West lat 6 8
1921 J J
89% 93% 90% Feb 21 - ^ — 8 8 % 90%
No of Cal guar g 5a........... 1938 A o
19 8 8
91%
Ore A Cal 1st guar g 6 s___ 1927 J J 89% 89 ‘s 89
89%
94
/f
94
8 0 Pac of Cal— Gu g 5a
1937 N N 89 ------ 94 June 2 L
80% Ang'9.0
8 0 Pac Coast 1st gn 4s g
1937 J J 79% 8 6
Tex A N O con gold fia
1943 J J 76% 83% 85 Juiv’ 19
7534 169 73% 78%
So Pac RR 1st ref 4a_____ 1955 J J 751* Sale 75
2
76
70 Sale 70
70
68
8 an Frau Terml 1st 4a___ 1950 A o
471 80
90
8234
Southern— 1st cons g 6 s____ 1994 J J 8 1 % Sale 81%
Registered
1994 j J
8 4 1 * Oct42 0
71 55
61%
56 Sale
Develop A gen 4g Rer A
I960 /V o
58% 61
57% 60%
Mob A Ohio coll tr g 4a__ 1938 M s
59%
59%
1
86
S0%
1
Mem Dlv 1st g 4Hs-5s___ 1996 J J 80% Sale 80380
71%
67
St Louis dlv 1st g 4a_____ 1951 J J 67 ------ 71 Mar’21
85
86
82
82 May’ 21
Ala Gt Sou 1st cons A 5a 1943 J D 77
77% June’ 21 _— 77% 79%
Atl A Chari A L 1st A 4H8-1944 J J 79% 81
4 84% 92%
S'34 85
85
1st 30-year 5a Ser B___ 1944 J J 84
65
70
64 June’ 21 ------1 64
Atl A Danv lat g 4a_____ 1948 J J 63
42% 56
81% Mar*lb
2d 4a
1948 j j
63% ------ 67% Feb’21 ___ 67" 67%
Atl A Yad lat g guar 4s__ 1949 A o
1 88 % 90%
89
8934
893
4
E T Va A Ga Dlv g 5a___ 1930 J J 87
84% 90%
8 S July’21 —
Cona lat gold os________1956 M N 81% 89
76
80
88
Feb’21 ----- 87% 89%
E Tenn reorg Hen g 5a___ 1938 M s
55
50
57
50 M ay’21
50
Ga Midland 1st 3a_____ 1946 A o
Ga Pac Ry lat g 6s ............ 1922 J J 97% 99% 98 M ay’21 . . . . 96% 99
96% Jan’21 ___ | 96% 96%
Knoxv A Ohio 1st g 6s___ 1925 J J 92% 96
T J 75% - - - S0 i9 May'20
_
____
Mortgage gold 4s
1945 J j! 55% - - - - 65 " Aug* 19
89%
87% 89% 89 M ay’ 21 ------1; 88
Rich A Dan deb 5a atmpd.1927 A o
60
Apr‘ 2 1 !..- . 5S
Rich A Meek lat g 5a____ 1948 M N 56 ------ 58
89%
90
85 June’ 21 —
85
So Car A Ga 1st extd 5HS.1929 M N 82
89% ------ 88% Dec’20
Virginia Mid Ser E 5a____ 1926 T! s
V
90
82% ------ 90
Jan’21
I 90
i
Series F 5a____________ 1920 rv s
86 % 89
General 5 8 ____________ 1936 M N 85% 86% 87 M ay’21
5 1 80
81 %
SO
Va A So’w’n lat gu 58____ 2003 J J 80 ------ SO
61
60
65
Feb'21
60% 66
1st cona 50-year 5a____ 195S A o
____ 8 5' 4 85%
)
W O A W 1st cy gu 4a___ 1924 F A 86-s ------ 85% Mar'21
71
6 S% June’ 21 —
68% 68 %
Spokane Internat let g 5a___ 1955 J J 70
85
75 ------ 85
Jan'21 —
86
Term Aaan of St L 1st g 4H8.1939 A o
83% 88
lat cona gold 5a
1894-1944 F A 83% ------ 87 June’21
72
1 67
60% 68 %
68%
Gen refund a f g 4s_____
1953 J J 67
—
85% ------ 81 July’ 20
St L M Bridge Ter gu g 5a. 1930 A o
14 77
81%
79% Sale 79%
SO
Texas A Pac 1st gold 5a
2000 1 n
50
50
2nd gold Income 5s
02000 Mar 45 ------ 50 Mar'21
68
66
Apr'21
66
La Dlv B L lat g 5s__ _ Il931 i J 62% 71
E
60 ------ 106% Nov*04
i 84% 90%
Tol A Ohio Cent lat gu 58__ 1935 J J 82% 84% 84% May‘21
75
76
S3
75
Feb’ 21 ----- j 75
Western Dlv 1st g 5 s ____ 1935 A o
65% Jan’21 ..._ i 65% 65%
General gold fia
1935 j o
71
66% 69% 71
Apr‘21 ___ I 69
Kan A M lat gu g 4a_____ 1990 A o
80% 80%
80% May’21
2d 20-year 5 s _________1927 IJ J 77% 8 0
52
36
Feb’ 19
Tol P A W lat gold 4a
1917 J J
76
82
73% June’ 21
Tol Sf L A W pr lien g 3H S 1925 J J 75
i ^
42
47
47 June’ 21 I___ 1* 45% 53
50-year gold 48. _ _
__1950 A o
15%
----- j 15
Goll trust 4a g Ser A __ ..1917 |F A 15%------ 15% June’ 21 1
____ 18'S 15 Nov’20
----- ; 1 63% 70
85
63% June'21 1
Tor Ham A Buff lat g 4a__ *1946 J D 65
77
Ulster A Del lat cona g 5a___ 1928 J D 75% 7 . % 75% June'2 1
l*
52
lat refunding g 4a
1952 A O 55 ------ 52 M ay’ -■! ___ o2
84%
81% 162 7S
Union Pacific lat s 4a
1947 J J 80% Sale SO
5 i 77% 81%
78
Registered
_ 1947 ;J J 78 Sale 78
81%
84% 24 81
20-vear conv 4a
1927 J J 83 Sale S3
80%
7 4 % Sale
74%
75% 25 73
lat A refunding 4a______ 02008 M s
99% 61 97% 101%
10-year perm secured 6s__1928 J J 98% Sale 98%
Ore RR A Nav con c 4a_ .1940 J D 75% 77% 75 July'21 j----99% 1 19 * 97% 99%
Ore Short Line lat R 68___ 1922 F V 99% 99% 99%
88% 87 June’21 j..-.- 80% 92
lat conaol g 5a------------- 1946 J J 87
81 77% Sl%
SO'*
|
Guar refund 4a -_ ___ 1929 J D SOI* Sale 7934
94
95
91
91 1 3, 89
Utah A Nor gold 5a_ . 1926 J J 91
Feb* IS
lat extended 4a..........1933 J J 7 9 % ------ 89
Vandttlle emit) e 4a Rer A
1955 F A 7 l % ------ 76% Mar -1 i^^«« 72% 76%
72%
69% _ . . . 72'* Jan’21
!
Conaol8 4a Series B ______ 1957,M N
24
24 Mar‘21 1- - - -1! 28
Vera Crua A P lat gu 4 Via— 1934 J J | . . . . 24
Sa
!
85 t 10
Virginian lat fia aeries A ........ 1962 (V N SO Sale SO
80% 26 8 s 90
Wabash lat gold 6a_________193U nil N S5 Sale 1 84
80
78 1 7 j 79
2d cold fia______
_____ 1939 F A 1 72% 73% 1 72%
______
so
i 90
Aug'18
J
Debenture aeries B r t a ____ 1939 .1
•v»
Wit 2)
v>
’MYH
02
’ at linn 50 vr c term 4a
»
1954 f i

1

h D ae July

* D ue Aug.

o Due Got.

p Dae Nov.

q Duo Deo*

i OpUou a.Ue

New York BOND Record— Concluded— Page 4
nT
o3
BONDS
I f . Y . STOCK EXCHANGE
Week ending July 8
Wabash (Concl.) —
Dot A Ch Ext. 1st g 5b____ 1041
Dos Moines Dlv 1st g 4«_--1939
Om Dlv 1st. g 3 % 8_______1041
j
Tol A Oh Dlv 8 4s__.......... 1041
Wash Terml 1st gu 3 H b ------ 1045
1st 40 yr guar 4s___ _____ 1045
West Maryland 1st g 4s------- 1062
West N Y A Pa let g 6 s____ 1037

J J
J .1
A O
I1 S
V
F A
F A
A O
J J
A ()
Income 6a_ ____________ 271043 Nov
V
Western Pao 1st sor A 6s----- 1040 I 1 s
Wheeling A L E 1st g 5b_. __1920 A o
i J
F \
Refunding 4 ^ 8 series A — 1006 M s
M $
Winston Salem 8 B 1st 4s— 1000 J J
Wla Cent 60 yr 1st gen 4s___ 1040 J J
Sup A Dul dlv A term 1st 4s’ 36 ni N
Stroot Railway
Brooklyn Rapid Tran g 6s— 1045 A o
1st refund conv gold 4s----- 2002 J J
3 yr 7% secured notes— *1921 J J
Certificates of deposit-----------Certificates of deposit stmpd__
i 1
Bk Q Co A Soon gu g 6s __1941 IV N
!
Bklyn Q Co A S 1st 6s___ 1041 J J
Bklyn Un El 1st g 4 6s___ 1950 F A
Stamped guar 4 6s__ __1956 F A
Kings County E 1st g 4s. .1949 F A
Stamped guar 4s
.1949 F A
Nassau Eleo guar gold 4s__1951 J J
Chicago Rys 1st 6s_________ 1927 F A
Conn Ry A L 1st A ref g 4 ^ 8 1951 J J
Stamped guar 4J^s___ ..1951 J J
Det United 1st cons g 4H8--1932 J J
_
Ft Smith Lt A Tr 1st g 5s_ 1936 fv S
a
Hud A Manhat 5s ser A ____ 1957 F A
Adjust Income 6s___ — 1957
N Y A Jersey 1st 5s_........ 1932 F A
Interboro Metrop coll 4 HQ--1956 A O
Certificates of deposit________
Interboro Rap Tran 1st 5s__1966 J J
Manhat Ry (N Y) cons g 4s__1990 A O
Stamped tax exempt______1990 A o
i
Manila Eleo R y A L t s f 5s. .1953 ra s
Market St R y 1st cons 5s----- 1924 M s
Metropolitan Street Ry—
Bway A 7th Av let o g 6s_.1943 J D
Col A 9th Av 1st gu g 5s_.1993 M s
Lex Av A P F 1st gu g 5s__1993 M s
Vfef-. W S F fChlel 1st p 4s 1938 F
,1
Mllw Elec Ry A Lt cons g 59.1926 F A
Refunding A exten 4H0---1931 J J
Montreal Tram 1st A ref 5s. .1941 J J
| j
V V Munleln T4v 1at, a f 6r A 1966 | j
Y Rys 1st R E A ref 4s_._1942 J J
Certificates of deposit_________
30 year adj Inc 5s_______al942 A o
Certificates of deposit______
If Y State Rys 1st oons 4H8-1062 M N
Portland R y 1st A ref 5s___ 1930 M N
Portld R y Lt A P 1st ref 5s__1942 F A
Portland Gen Elec 1st 6s 1935 J i
St Paul City Cab cons g 5s__1937 J J
Third Ave 1st ref 4s_.......... .I960 J J
Adj Income 5s__________ al960 A O
Third Ave R y 1st g 6s______1937 J i
Tri City Ry A Lt 1st s f 5s_.1923 A o
Undergr of London 4H s___ 1933 J J
Income 6s
___ ________ 1948
United Rye Inv 5s Pitts lss__1926 fV N
I
United Rys St L 1st g 4s____1934 J J
St Louis Transit gu 5a___ 1924 A o
United RRa San Fr s f 4s___ 1927 A o
Union Tr (N Y) ctfs dep______
Eqult Tr (N Y ) Inter ctfs__
V* Ry Pow let A ref 6e_
.1934 J J
Gas and Electric Light
Bklyn Edison Ino gen 5e A . .1949 J J
General 6s series B
..1930 J J
General 7a series C ______1930 J .T
General 7s series D __ ..1940 J D
Bklyn Un Gas 1st cons g 5s__1945 M N
Cincln Gas A Elec 1st A ref 5s 1956 A O
Columbia G A E 1st 5s______1927 J J
8tamped _ _ _____________ 1927 J J
_
Columbus Gas 1st gold 5s_ 1932 J J
Consol Gas 5 yr conv 7s___ 1925 Q F
Cons Gas ELAP nf Ralt. 6 vr5s ’ 21 A N
/T
Detroit City Gas gold 5s___ 1923 J J
Detroit Edison 1st coll tr 5 s . . 1933 J J
1st A ref 5s ser A _..........*1940 M S
1st A ref 6s series B ______hi 940 M S
Duquesne Lt 1st A coll 6s. .1949 J J
Eq G L N Y 1st cons g 5b
1932 rv s
i
Havana Elec consol g 6s
.1962 F A
Hudson Co Gas 1st g 6s
1949 M N
Kan City (Mo) Gas 1st g 6s__1922 A O
Kings Co El L A P g 6s_____1937 A o
Purchase money 6s............ 1997 A o
V
Convertible deb 6a _ _____1926 FI 8
Ed El HI Bkn 1st con g 48.1939 J J
Lac Gas L of St L Ref A ext 6a ’34 A O
Milwaukee Gas L 1st 4a___ 1927 M N
Newark Con Gas g 6s______1948 J D
I f Y G E L A P g 5 s . . . .........1948 J D
Purchase money g 4s____ 1949 F A
Ed Eleo 1 1 1st cons g 6s_ 1995 J J
1
_
N YAQ El LAP 1st con g 5s 1930 F A
Pacific G A E Co— Ca G A E—
Corp unifying A ref 5s___ 1937 M N
Pacific G A E gen A ref 6s__.1942 J J
Pao Pow A Lt 7st A ref 20 yr 6b ’30 F A
Pat A Passaic G A El 6fl
1949 M s
Peop Gas A C 1st cons g 6a__1943 A O
Refunding gold 6s___ ...1 9 4 7 M s
Oh G L A Coke 1st gu g 58.1937 J J
Con G Co of Ch 1st gu g 6fl 1936 .1 1
/nd Nat Gas A Oil 30 yr 5h 1936 M N
Mu Fuel Gas 1st gu g 6 s.. 1947 M N
Philadelphia Co conv g 5S...J922 M N
Stand Gas A El conv 8 f 6s_. _1926 J D
Syracuse LIghtln g Jst g 6s
1 961 J J)
Syracuse Light A Power 5s 1964 J J
Trenton O A El 1st g 5s___ 1949 rv 8
i
Union Eleo Lt A P 1st g 5s. . 1932 M S
Refunding A extension 5 s .. 1933 FI N
V
United Fuel Gas 1st s t 6s
1936 J ./
Utah Power A Lt 1st 5b
.1944 F A
Utica Elec L A P 1st g fig __ J950 J J
Utica <
A Elec ref 6«___ 1957 J J
Westchester Ltd gold 5s___ I960 J D
FVZlseellftnoous
___ 1948 rv S
i
Adams Ex coll tr g 4h
Alaska Gold M deb 6s A
1925 M s
t ymv
ft* ut*rit*rt t<
io '»s •V*

Prlci
Friday
July 8
Did

Weo/c’t
Range or
Last Dalit

Ear 0*

P ,

Jan .

High No. |Low IliU ft
. % M ar'20
80
Aug’ 12
61 May * 2 1
51% 0 1
58% May’ 21 ____1 553# 59
6 8 % M ay ' 2 1
0 0 % 08%
78 June’21 —
79%
78
5 11 51% 501 a
52%
53
1
83
83
89%
83
5 0 0 % 03
61
61
36
Oot’ 17 ------1
77%
SO
39 75% 88
85 June‘ 21 ------1 82
85
84
Oct’20
j
90% M ar'17
47% Jime’21 ___ | 47
50
1 51 \ 59
55
55
a
71 June’ 21 —
71
00
64% June*21 —
03lft 71%
G Juno’21 ___ | 05
O
73
I
27 June’2 1
32
25
30 Feb ’21 ------1 25
33
7 403ft 50
47
48
4.8 July’ 21
50
39
40 June’21 —
47
____ 37
04
iaec'20
80 M ay’ 18 —
21
Doc’20 —
3 58
64
64
05
7 03
64
64
65%
1 53
55
55
55
-- _ _ 53
6 1 % June’21
54%
247# Mar’ 21 - - _ _ 18
24%
62
647ft 20 58
66%
61 June’ 21
61
60
60% June’ 21 ____1 57% 60%
2
58
69%
63%
58
58
JaD’2u ----- 1
66| 59
06
66%
69%
39%
40% 405. 23% 40%
85 June’21 - - . -1 82
85
16%
17% 66 13% 21%
120 1t% 19%
13%
15
380 48% 58%
54%
56
557ft
557ft
58
54
55
55%
60
53
63% M ay’2 1 --_ J 633 03%
4
76 70
70%
71
74

47%
55
0 7%
64%
63

55
58
()8%
66%
69

25%
27
47
46%
42%

30
50
Sale
4S
45%

____ 90
____ 25
64
65
64 ____
53% 55
5 1 % ____
18% 22
64% Sale
62 ____
62 ____
60% Sale
56 ____
60% Sale
40% Sale
83
97
16% 18
13% 15
54% Sale
55% 55%
5 4 % ____
------ 65
70% Sale

8 8

Apr4 —
2l
40
44% 43
37
15% Mar’ 21 —
------ 20
15%
21 ____ 25% M ay’21 —
21%
54
Dec’ l l ___
92
Apr’ 21 - . . . 92
____ 93
69 ____ 71% June’ 21 —
71%
72% June‘21 —
____ 74
67%
50
Feb 2 . _
50
___
57 July’ 19
18% 21% 21% July’21
‘ 17%
18% 19% 1S% June’21 ____ 16
5% 5% 5% June’ 21 ------1 3%
5% June’21 ____
4% 4%
3
8 46%
55
55
Sale 53%
69 M ay’ 21 ___ 1 69
69%
24 56
6778
69
68 Sale
7 9 % ____ 90% Feb’ 17
7‘ % June’21
------ 95
‘ 74%
13 40%
48
47 Sale 46
79 25
30
30 Sale 29
11, 75
77
77 Sale 77
90 1' 2 88%
89 ____ 90
68 Mar’21 —
68
____ . . i . 50 Sept’20 --_ -l
4 65
66
66
65% 63%
47 M ay’21 ----- 1 47
36 Mar’ 21 —
36
31% Apr’ 21 ------1 29
28% 29% 30 July’ 21 ___
26
28% 29% 28% June’ 21 _m
26%
64% June’ 21 ____I 60
65% 67
80 Sale
87% Sale
96% Sale
98% Sale
7 9 % -----83% Salt
81% 84
81% 86
101% Sale
91%
88%
79
Sale
Sale

71% 79
72
75
96 ____
85 ____
9612 98%
87% 95
8 1 % ____
7 4 % ____
81% 81%
05 ____
847# Sale
67% Sale
88 ____
7 5 % ____
84
84%
76% Sale
75% Sale
72
80
8 6 % ____
72 Sale
77
77%
70 ___
95% Sale
8 1 867^
71 ____
70 ____
73 ____
7 8 % ____
7 2 % ____
81 ____
77 Sale
73 ____
------ 96

71h
69
11

____

V
.
a

I
ft.

79%
80
87%
88
96
96%
96'%
<
98%
77%
77%
83%
83%
80%
80%
81 June’21
87 June'19
100%
101%
79
Apr’20
95% Apr'20
88% June'21
77%
78
86%
87
90%
91%
94
Feb’ 18
74% June’ 21
91 8ept’ 19
90 M ay’21
81% Apr’ 21
97%
9734
92
Dec’20
75 June’ 21
74 June’ 21
81%
81%
104% Apr’ 17
84%
85
67'%
673ft
86% Apr’21
78% M ay’20

12
2
11
24
1
1
1l
---- - !
70

76
87
95%
95%
71
83%
80%
31

93
74
74%
50
25
22
6%
578
55
72'
75
74%
48%
33%
81%
93
68
70
50%
36
36%
36
36%
69
80
89%
98%
98%
78
85%
89%
86

98% 1023ft

_ ___

___

87%
76%
86
88

14
10
34
I

90
82%
90%
91%

66

75

87
90
81% 81%
ll 93 100
-------.1
_—
_| 73
763ft
_ __ 68% 75
1 79
81%
_. _

_

9
18

85
81
64% 69
86% 86%

4 82%
83%
84
17| 75%
76
76%
75
75%
6 73%
105 July’ 17
89% June’21
84
4 63%
72
72
l| 72%
75
75
100
Apr’ 17
89 Mar’ 17
75 M a y '19
9434
95% 29 88
__
83% June’2i.
81
70% Nov'20 —
| 683ft
68% Mar*2J
73 June’21
73
79 June’ 21 _ . _ . | 78%
82 July*) 9 .-.-1
J
81
.i
81
23 76
76«4
77
95 Mftr'20 _ . . >\ ____
87 Nov’ 19
77 M ay’ 21 ____ 77

Sale 59
60
U
11 % June’2 1
10
ioi«
»0

44
19
25%

86%
79
79
89%
75
76%

68%
73
79
81
81

j

4
i

Armour A Co let real e«t 4H « 1939 1 D
Atlantic Fruit conv deb 7« A .1934 1 D
l
Atlantic Rofg dob (I ^ h. _ . 1031 iV H
Booth FlMhorioH deb h f 0m
1920 A O
Braden Cop M ooll tr a t 6 b. .1931 F A
BuHh Terminal let 4 h____ .1952 A O
J J
!
Consol 5 h____
_
Bulidliu 5s guar tax ex_ I960 A o
Oorro de P
op 8 s _____1931 * J
A o
Chlo C A
J J
Chic Un Hta'n lm gw a y^o
i
1st Her O 6
(ctfs)______1963 J J
I
Chile Copper 10 yr conv 7h_ 1923 V N
Co 1 tr A conv 6h ser A _ ..1932 A o
Computing Tab Reo a f 6 a ..1941 J J
l
Granby OonsMS&P con 6a A 1928 iV N
I
Stamped________ ______.1928 (V N
Great Falls Pow lat h f 6a___ 1940 M N
Inter Meroan Marine a f 6a__1941 A O
Marl and OH sf 8m series A ..1931 A O
Mexican Petrol s I 8s
___ 1036 M N
Montana Power 1st 6s A ___ 1943 J J
Morris A Co lata f 4 H s____ 1939 J J
N Y Dock 60 yr 1st g 4a_____1951 F A
Niagara Falla Power lat 5 s ..1932 J J
Ref A gen 6s
_ a 1932 A O
_
Nlag Lock A O Pow 1st 6s_ 1954 M N
_
Nor States Power 25-yr 5a A .1941 A O
Ontario Power N F 1st 6a_ 1943 F A
_
Ontario Transmission 6a___ 1945 (A N
Pun-Araer. P .& T .lst 10-yr7sl930 . _ _
Pub Serv Corp of N J gen 6 s .. 1959 A O
l
Sinclair Con Oil conv 7%s---- 1925 IV N
Standard Oil of Cal 7s-- -wl931 H
I
Tennessee Cop 1st conv 6S..1925 V N
Tide Water Oil 6 H s _______ 1931 F A
Union Tank Car equip 7s — 1930 F A
Wilson A Co 1st 25-yr s f 6s__1941 A O
10-year conv s f 6s________1928 J D
M anufacturing and Industrial
Am Agric Chem lot c 5s___ 1928 A O
Conv deben
5s_________ 1924 F A
1st ref s t 7%s g __________ 1940 F A
!
Am Cot Oil debenture 5s___ 1931 W N
Am Sm A R 1st 30-yr 5s ser A 1947 \ O
Am Tobacco 40-year g 6s_ 1944 A ©
_
Gold 4s__________________ 1951 F A
Am Writ Paper s f 7-6s_____1939 J J
!
Bsldw Loco Works 1st 5s___ 1940 iV N
Cent Foundry 1st a f 6s____ 1931 F A
Cent Leather 20-year g 5s_ 1925 A O
_
Consol Tobacco g 4s________ 1951 F A
3
Corn Prod Refg s f g 5s
1931 V N
BN
1st 25-year s f 5s________ 1934 V
Cuba Cane Sugar conv 7s____1930 J J
Cuban Am Sugar 1st coll 8s 1931 m S
Diamond Match s f deb 7
1036
Distill Sec Cor conv 1st, g 5s 1927 A ©
_
E I du Pont Powder 4H s_ 1930 3 D
lu Pont de Nemours & Co 7Hs ’31 M N
General Baking 1st 25-yr 6S..1936 J D
Gen Electrlo deb g 3 H s____ 1942 F A
Debenture 5s____________ 1952 M S
20-year deb 6s_______ Feb 1940 F A
!
Goo lyear Tire& Rub 1st sf8s’ 1941 IV N
Ingersoll-Rand 1st 5s
1935 J .1
B
Int Agric Corp 1st 20-yr 6s__1932 iV N
_
Iraernational Paper 5 s _ ._ 1947 J J
Kelly-Springfield Tire 8s___ 1931 M N
Liggett A Myers Tobao 7° ...1944 A O
5s---------------------------------- .1951 F A
...1944 A ©
Lori Hard Co (P) 7s___
5s------------------------ -------- ..1951 F A
Nat Enam A Stampg ist 5s._1929 J D
Nat Starch 20-year deb 5s_ 1930 J J
_
l
National Tube 1st 5s
.1942 IV N
l
N Y Air Brake 1st conv 6S..1938 iV N
Packard Motor Car 10-yr8s 1931 A O
Standard Milling 1st 5a
1930 M N
Steel A Tube gen s f 7s ser C.1951 J J
Union Bag A Paper 1st 6s_ 1930 J J
_
Stamped-------------------------- 1930 J J
Union Oil Co of Cal 1st 5s_ 1931 J J
_
U S Realty A I conv deb g 5s_1924 J J
U S Rubber 5-year see 7s___ 1922 J D
1st A ref 5s series A ______1947 J J
10-year 7 H s_____________ 1930 F A
U S Smelt Ref < M conv 08 1920 F A
fe
Va-Caro Chem 1st 15-yr 68.-1923 J ©
Conv deb 6s
*1924 A 6
12-years f 7 H s _________ 1932 M N
West, Electric 1st 5s Dec
1922 .1 .1
Westlngh E A M 7s
1931 M N
Wickwlre Spen Steel 1st 7s .1935
Coal, I r o n & Steel
Beth Steel 1st ext a t 6s
.1926 J J
l
1st A ref 5s guar A _ _ _____1942 IV N
J
J
Buff A Susq Iron s f 5a
1932 J D
l
Debenture 5s
«1926 IV S
Cahaba C M Co 1st gu 6s
1922 J o
Colo F A I Co gen a t 5a_____1943 F A
Col Indus 1st < coll 6s gu .1934 F A
fc
Cons Coal of Md 1st A ref 6a. 1950 J D
Elk Horn Coal conv 0a
1925 J D
Illinois Steel deb 4 H b_______1940 A O
l
Indiana Steel 1st 5s________ 1952 IV N
Lackawanna Steel 1st g 6fl 1 923 A o
1st cons 6s series A ___ ..1950 M s
Lehigh C A Nav a f 4Hfl A ..1954 .0 J
Midvale Steel A O oonv 0 f 6a 1936 M s
Pleasant Val Gnal Int a f F
ia 1028 J J
Pocah Con ColllerB lat a f 5a.1957 J J
Repub I A S 10-30-yr 6a a I..1940 A o
St L Rock Mt A P 5a atmpd-1955 J J
Term Coal I A R R gen 6a_ 1951 J J
_
MN
8 f 10-00-vear 5s/reg
dl963 M N
Victor Fuel lat a f 5 a _ __
1953 J J
Va Iron Coal A Coke lat g 6a_1949 fVI 8

77

50% 63%
11% 1934
1

t

Rang* or
Laat Dal«

53
**\

Range
Hlnce
Jan. 1

J It No J Ijo d Hiok
fig
x
77%
78% 2 0 7U
83
40
7 40
40%
73
45 9o% 10 J%
10 0 %
10 1 %
90
Feb* 1 8 - -... j
83% Junc’ 2 1
80
85%
70
7l'%
70
71%
7 J%
5 67% 72
74%
13 67% 75%
75%
J0 73
/j
■ 9 J0IU 1J J
1
109
58 Mar’ 18 ____1
78
2 77
827#
79%
103%
20 10 J 1003ft
104
9 90
93
94%
J7i 00
71 .
71%
707ft
3 77
77
78
82 ’
82 M ay’21 ___
80% 82
95
Apr’20 - . . .
____ 87
86 ____ 86 June' 11 - 82
80
7 8 '% Hale
78%
79 B 59 1 77% 84
23; 93
94%
____ 9 1% 93%
97%
93% Sale 93%
95% I JO 92% 99%
84 Sale 83%
21 82
84
88
O 71% 70%
73
73% 73
73
2 ! 02
70% Sale 70%
70%
70%
5' 80% 91%
86% 86% 86%
87
4 90
91
92% 91
91
92%
85% 89% 86% M ay‘21 ____| 83
89
2 70
78
78% 78%
78%
80
1 76% 82%
8 1 % ____ 82
82
70% Mar’ 21 —
71% 75
67% 70%
89 Sale 89
89% 35 87
90
64
7 57% 687ft
65
Sale
05
91% Sale 91
91% 296 90% 94'%
1023ft Sale 101%
102% 115( 101 103%
86% June 21 ----- j 80% 94%
------ 86
94% Sale 94 h
95
90% 99%
1003,4 Sale 100%
10034 111 100 1 0 1
171
30 82% 90%
83% Sale 833ft
84
24 77% 87%
77% Sale 77%
78
J
13 88
90 Sale
89i2
90
98%
100% ____ 100‘4 M ay’21 ------1 87% 1007ft
43 j 92% 97
96% Sale 94%
97
5 65
73
72% 73
73
75
75%
53 73
76 Sale
76%
78%
117
117 117
Jan ’21 —
1 09
69
69
74
69
69
70
71% 7i% July'21 —
67
76%
92% July'21 —
93 34
92 ____
91
72
84% 70 Mar’ 21 ____ 70
70
8 86% 93
89 Sale | 88%
89
____
____ 73% 73% Dec’ 18 ------1
8 4 % ____ 89*2 Mar’ 21
8912 88%
89% 95
89% July’21 ___ 1 89% 92 “
57
6234 3631 57
57% Sale
86
97% Sale 97%
32| 96 10238
98%
103 1033a 1023«
12 101% 103
103
643ft .Tune’ 21
____ 65
64% 77
____ 81% 79 M ay’21 ___
79
79
67 96 100%
97% Sale 97
98
90 Sale 90
90
90
90
66 July’21
68
70
70%
06
43! 84
85% Sale 85%
86%
90
35' 99% 102
100% Sale 100%
102
98%
108 97% 102
99%
99% 3ale
96 N ov’ 18 ----- i
|
72
73
71% July’21
71
75%
i 80
81% 81% 81% June’21
83%
92%
306 92% 99%
94% Sale
95
1 0 1 102
103% Sale 106
107
108
5' 77% 85%
8 5 % ____ 86
87
5 103 108%
:|
____ 1057ft 107
107
8534
85% 86
85%
3 78
86
8)
90% 87% M ay’ 2i
87% 90%
88
92
88
Feb 21
88
88
91
92
91 July’21
91%
87
88% 90
87% July’21
93%
87
95% Sale 9434
9534
23 9 4 1 0 1 0 0 %
1 85 " 88%
86
86% 86%
86%
92
12 91% 95%
93 Sale
93
82% 817ft 81 June‘ 21
85%
81
80 ____ 86% Nov’20 _. _ _
86% Jan’2 1 '----____ 92
86% 86%
86% Sale 85%
20 79% 87 34
86%
| 9478 100
96% 97% 95% July’21
4
7734 3 0 6 75
77% Sale 763
79%
99% 8ale 98%
53 95% 1 0 1 %
100
i 89% 94%
____ 93% 9.1% Juoe’ 21
5 S9% 95%
90% Sal3 90%
90%
84
87
85 June’ 2 L
95%
85
89 Sale 88%
23 87% 9384
90
063,i Sale
32 Q33o inn
96%
1013ft 126 94% lo l%
101 Sale 100
93 June‘2i
90
92
92% 95
j
90% Sale 90%
3 86% 95
95 16 78% 86%
81% Sale 80%
81%
7734
77% Sale 77
19 747ft 82%
81% 84% 93% July’ 19
___
81% 8134 Apr* 21
81% 8134
9 6 % ____ 101
Dec*14
76
78% 77 M ay’ 21
82
76
72
73
72
72%
3 62% 72%
75 ____ 75
Apr’ 21 ____ 72
75
98
Feb'19
80 Sale 79
8 70
80
82%
88% 90
88
88
92
11] 86
941ft
94
94% 94
3 91
95%
70% 75
75% June*2l
73
78
80 ------ 83 May,’21 ___
83
83
74%
22 73
75 Sale
79
75%
79
80
79
79
80
76% 79% 78 N ov’20
83
84% 81 July’21
803ft 867ft
71 Sale
66
71
2 66
75
833ft 88% 88% M ar’21
863ft 91
92% 96%
95 Sale 9 4 %
95
97l
93% June‘ 21
93% 85%
62
52
____ 75
Jan’21
62
82
85
85
3 81
85
85
Attk Lotf)

78% Hale
39
41
100% Hale
63 ____
82% 83%
70
703ft 71%
75 Sale
108 Hale
------ -------79% Hale
103% Halo
93% 1■
il<
7 1% Sale
77 Hale

A
HTa I a a II t.r d a
1Q9CI J J
78% Sale
Convertible 4s
1930 mi s 7 0 % ____
82% 87
20-year conv 4 Ha _
1933 m s
30-year temp coil tr 5a _ .1946 J D 82% Sale
A
97% Sale
Bell Teleph of Pa s T7b a _ 1945 A O 104 “ Sale
_
Cent Dlat Tel 1st 30-year 50.-1943 J D 86 ____
Commercial Cable lat g 4a ..2397 Q J 60
Ciiral) T A T 1st A gen 5a___1937 J J 78 Sale
l J
Mich State Teleph lat 6a._ 1924 F A 86% 87%
N Y Tolep Int A gen h f 4HS.1939 M N 80% Sale
30-year deben h f 6h Fob 1949 F A 93 Sale
F
Northwest/n Boll T lat 7h A 1941 1 A 100% Sale
83% 84%
Pacific Tol A Tel iHt 5 s ___ 1937 J J
.1
81 S ile
South Bell Tel A T iHt s f 5ml94J
85 Sale
Worn Union coll tr cur 5s___ 1938 J J
80% 81
Pwnrt A real owt tf
1050 IV NT
I

A m TftlAn

95%
83%

Pnc*
Friday
July H
Hid

Anti. Lout

8 2 '8 ____
60% 6 8
60
60
5712 63
67
70%
75 ____
62% Sale
82% 84%
59% 65
____ . . . .
79% Sale
88 ____
83
85

90%
87%
78
87
91%

1

BONDS
N. Y . STOCK EXCHANGE
Week ending July 8

l(i 9

78
70%
87%
82
97%
103'ft
86
04%
78
98
85%
79%
92%
99%
83%
80%
85
80%

783»
70 %
87%
82%

9 1 73 %
1 03
1 80
170 77%
975ft 232 94 u
1 0 4 %;
7 7 , 10034
86
j une*21
Feb’ 21 - -1 64%
13 78
78
Apr’ 16 .... J
1 85
85%
43' 75
80%
3J.j 87%
93
i 007ft 232 90%
June’2 J
.
80
3 80%
81
2 83
86
1 77%
80%

♦No price Friday; la teat bid and asked. aDueJan. 6 Due April. iDue M ay, yDuc June. ftDueJuly. ADuo Aug. ©Due Oct z>Duo Nov tfDue Deo. ^Option sale

80
72
90
835ft
102
106%
86%
64%
81
88%
8L%
93
1007ft
85
88

86%
81%

no

BOSTON STOCK EXCHANGE-Stock Record

Saturday
July 2

| Monday
July 4

Tuesday
July 5

I
i
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i
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I
I
|
|
1

Da 1 2 1 * 2 1 2 1 * 2
(55*2 65*2 65
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82*2 83
19
18*2 19
•20
*23
1 1 0 * 2 1 1 0 * 2 *1 1 0 * 2
12

•3*2
•130
*05
39
39
18
18
63
*58

*3*2
*130
•63*2
*38
18*a
*58
*97
59s4 61
60*2
*17
19*2
I' 1
*70
41
41*4 40*2
61
51
50*2

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.25
3*«

*.05

121*2

122

65*8 65*4 6 0 * 4
85
•83
85
20

20

20

Last Sale
120

•1 1 0 * 2

120

Last
Last
Last
Last
Labi

Sale
Sale
Sale
Sale
Sale

12 1

122

.
83
83
19
19
20 June’21
•1 1 0 * 2 1 2 0
.25 Jan’21
75 Feb’21
3*2
Mar’21
130 June’ 2 1
63*2 June’S!
*38
39

70
*38
39
39
4
19*8 183 I83.t
Last Sale 61
63

10

10

107S 1078
*15
20
*19
20*2
*19
1434 1434
*.50
.75
47*2 48
.15
.15
*20

2 1

10

05
3*8

.25

0

10

*20
*2

.75
49
.25
22

2*9
*7*2 8*4
10
10
*9
.06
.06 *_
222
227
225 225
1134 12*4 1 2 *s 12*9
9
8
*8
7»s
32
33
32*2 33
*258
3
234
3
57
s
*5S
4 6
o'S
734
734
734 8
*2
*2
2*8
2 *s
234
*2*9 3
*2 * 2
1
*.80
1
1
.50 *.40
.50
*.40
*64
65
65
65
79
79
79
79
20
19
*18*2 2 0
234
3
234
2 7
s
*1*4
*1 * 8
1*2
13
4
*25S 3
3
*2 ^ 8
2
* 1
*1 * 2
1*2
* 1
1*2
1*4 v 1J4
*13j 2 * 2
*134
2*4
*3*2 4
*3*2 4
*1*2 1»4 *1*2 2
49
49
47*2 48*8
143
4 14*4 14*4
*14
*___
.50
.50 *
*40
*46
__
84
84
4*s
4*s
4*s 4*s
9 !
9
9
9
*.25
.50 *.25
.50
*1*4
1*2 *1*4
112
24*4
21*9 21*2 22
*25
28
*25*2 28
*27
3S*2 *37*2 38*2
34
34
*33
*33
.95
*.80
.95 *.S0
1
*.50
1
*.50
.10
*.04
.10 *.04
4
3*4
*3*s
*2 * 4
*1
U s
1*4
1*8
13s
13s
*1*4
1*2
.60 *.55
.60
.60
*2
2*2
2*2 *2
334 4
*3*2 4
1*8
1*8
1*8
1*4
1*2
*1*4
1*2 *1*8
.50 !
.50
.50 *.4
10
8*3 8 * 9
10
*.39
.50 ___ ___

Bid and asked prices.

*2 *s
*7 1 *
*9
*.03

4

2*2
8

* 10

10*2
11

*10

10*2

___ _.
Sale 1 7 June’21
Sale 19 June’21
Sale 20 June’21
13*2 *123 13*2
4

Do

pref___________

5 Boston A Previdence

10

535

Miscellaneous

158
25
2,055
103

Do pref

par
par
par

Do

___

10

par

40

..10
.10

par

100

1

1

1

1

Last Sale .40 June’21
64
64*2* *64*2 65
7934 7934' 7934 7934
20

20*2

*20

21

3

3 1 *234
3*4
Last Sale l *4 June’21
Last Sale\2Z>s June’21
1*2
* 1

1*2

* 1

1*2

-_10
..10
-.10
...5
. _25
-100
.100

10

Do

pref

140
50
105 Gardner Motor____

par
par

Gorton-Pew Fisheries.

-.60
-.25

294

par

. -60
.100

Do pref

230 Internat P
r<

par

Do prof
295 Island Oil A
537 Libby. McK

48
927
26S
37
3
640
1,541
210

.100
.-10
__10
.-25
McElwaln (W H) 1st pref.-100
-100
Do pref
-100
-100
.1 0
National
-.10
__10
.100
par
Ohio Body A Blower..

41
30 Pacific Mills.

...I

.100
-.10

par

-.-6
.100
..26
..-5
-_26
-.26
--_5
-.10
-100
__20
-.50
-.60
-.50
- 5

45
489
134
363
113
2,551
735
110

35

15

Do

pref

Waltham
Warren Bros...
Do 1st pref.
Do 2d pref-.
Mining

.-25
.-26
..26
..25
..25

120

50 Algomah Mining.

50 Arcadian Consol
ioj Arizona Comme
250 Bingham Mines.

...5

Butte-Balaklava

59 Calumet A Hecli
890 Carson Hill Gold.
125
366
15
375 Davis-Daly
260
525
535

Hancock

90
Do pref
16
240
190 Kerr Lake.

Keweenaw
Lake Copp<
<
50 La Salle C
385 Mason Vail
Mass Cons
200

134! * 1
134
1 »8
13
4 *1&
8 2*4
180
334
4 ! *3&s 4
Last Sale' 2
June’21
4
310
49
49 1 483 4834
100
14*4 14*4 *14*4 1438
Last Sale .50 Ap ’21
Last Sale 57 May’21
24
Do pref
*83
85
So
85
233 Nlplssing ft
*4*4 4*2
4*s 4*s
620 North Butt
9*2 97
s
9*2 9*2
Last Sale1.5 0 June’21
Last Sale 1 1$$ June’21
1,962
2338 24
24*4 25
30
*26
27
26*2 27
12
37
37
*37
38*2
20
35
33*2 33*2 *33
Last Sale\ 80 June’21
.
South Lake..........
Last Sale 1 ' May’21
Last Sale .05 June’21 ______ South Utah M A 8.
190
*3*4 4
3*s
3*s
300
*1
1*4
Us
1*8
650 Trinity Copper Corpn.
1*2 1*2
13,6 1'2
1,950
.55
.551 .55
.55
185
2
2
2
2
130 Utah Consolidated.
*3*2 4
*3*2 4
l 8i6 1*4
1 *4
1*
4 1,325 Utah Metal A Tunnel.
Last Salt 13$ June’ 21 ___ __
*.45
.50
50 Winona —
*.45
.5
141 Wolverine .
*10
12
10
10
Wyandotte
Last Sale .25 June’ 21

Ex-dlvldend and rights.

§

10 0
10 0

.10
. -25
..60
100

200

Last Sale .50 June’21

50
*49
51
.30 *.20
.30
Last Sale 20 June’21
*2 * 8
2*2
2 l i 2 Mi
A
*7 * 9
8*2
8
8*4
*9
10
9
9
Last Sale .03 June’21
225 225
225 225
12
12*2
12*4 12*4
*8
9
8*2
8*2 1
32*2 33*2 327 33
s
*234
3
*2h
3
57 8
6
6
6
8
8
734
8
1*4 2*8
1*4 1S
4
Last Sale 3 * 4 June’21

Lowest.

Boston Suburban Eleo-_nc par
Do p ref_________ no par
Boat A Woro Eleo pref-no par
100
Do pref
100
Maine Cent!
100
NYNHA
100
100
100
Old Col
100
Rutland pref.
100
100
.-50
Do pref_________ .-50

1

50
*.20

Manye time Jan.

77, Boston A
.10 0
108
10 0
119
Do pref___________ 1 0 0
292 Boston A Maine__ _____ 10 0

66

90
3*4

1 1
*10*4 1 1
Last
*16
18
Last
*19
20*2
Last
*19
1334 1334 *1234

*.50
4S
*.15

R ailro a d s

June’21
Apr'21
203
61*2 6 U2
61*2 •61*2___
10
19
*18*2 19*2 *18*2 19*2
Last Sale 70 June'21 _____
41
41
41
351
41*4 4U4
59
51
51
50*2 50*2 51
Last Sale

__ ____
2*2
2*2
il
tl
12
12
11
11
* 11
*3 1
103 103*4 103 103*4 U)234 103*8 1 0 2 3 103*4
4
___
85
88
88
88
85*4 *85
*75
Last Sale 7 5
July’21
*75*2 81*4
.15 * 0 1
Last Sale 10 June’21
* 0 1
.15
Last Sale 13*2 May'21
*13* ___ *13*4
Last Sale 16 June’21
16’
*15
•15*2 17
.50
.50 *25
1
*25
1
*25
1
Last Sale 4U Mar’21
.20
*.15
.20
.20
20
*.15
.35 *.25
Last Sale .25 July’21
*.25
.35
Last Sale 12 June’21
*113.1 1 2 * 2 *U «8 1 2 * 4
*334
4*4 *334
Last Sale 3 1 2 June’21
4*4
*143s 16*4 ♦143s 15
Last Sale 1 5 * 4 June’21
22*9 2 2 * 2 ___ _ _
_
*2 2 * 2 2 2 « 4 *2 2 * 2 23
90
90
Last Sale 7 0 May’21
♦75
*75
158 15934 159 159
159 159*2 159*2 159*2
*734
*734
9
8
9
*734
9
8
14
13
*13
13*2 13
13*4 13*4 *13
6
Last Sale 6 We May ’ 2 1
*5
6
*5
26
Last Sale 2534 July’21
*25
26
*25
20
20
2 1
19
19*2 2 0
19*4 2 0
40
Last Sale 37 June’21
*37
40
*38
Last Sale 80 June’21
8034 *80
*80
80*2
*5*2 6
5
5
5*2 5*2
5*2 534
*15
Last Sale 1 7
July’21
17*2 *15
17*2
3
3
234
3
278
27 8! *234
3
7*2 734
7*2 734
7*2 7H
14h 1438 15
14
14
15
14*2 14
73
75
7478 75
73*2 74
73*2 74
78
77
75
77
78
77
76*2 76*2
*60
62
61
60
60
60*4 60*2 60*2
119 119 *117*2 U9 *117*2 119
*117*2 119
26
26
27
24
25*2 27
25
25*2
634
634
6 34
6 78
6 58
CS
V
6*2
6*2
Last Sale 9 .1 0 Aor’21
102
102 103
103
1 0 2 * 4 103
102
102*2
Last Sale 8 * 4 June’21
*7
*7
8*2
8*2
22*4
22*8 23
22*4 2 2 *o 2 2 * 2
160 160*2 160*2 160*2 *160*2___ *160*2 ___
Last Sale 80 June’21
14
Last Sale 14 June’21
*13
*13*4 14
Last Sale 20 June’21
*19
*19
20*2
20*2
534
534
6
6
*6
6
*5*2 0
897 9Q 4
8
3
91
90*4 91
90
90*4 91
Last Sale 47 July’21
50
51
*48
*48
1378 * 1 2 * 2 137 * 1 2 * 2 1378
13
13
13
8
3534 36
35*8 36*4 35*2 36
35
35*2
4
23*9 23*2
2334 2334 2334 2334 233 24
167S 17*4 17
17*4 17
17*8
17*4 17
1S34 19
1834 1834
4
19
19*2 193 1934

a

0

--

.25
3*8

121*2

Friday
July 8

BOSTON STOCK
EXOHANQE

Shares 1

Wednesday | Thursday |
July 7
July 6

1
I

STOCKS

Sales I
far
the
Week.

HIGH AND LOW SALE PH ICE— PER SHARE, NOT PER CENT.

Assessment paid. A Ex-rlghts.

x

Ex-dtvldond.

o

-.10
-.10
-.26
-- 1
.-26
-.25
-.20
-.10
-_10
-.26
-.25
__25
-.26
1
___1
..25
-..6
-_26
-.26
-.26
_--5
-.25
-.25
-.25
-.25
-- 5
5
100
-100
-- 6
-.16
-.26
.-26
__25
-.26
.-26
..26
-.10
--25
-- 5
-.26
-.10
__ 6
-- 6
1
.. 1
--26
.-26
-.26
. .26

1.

mutual.

Many* for Previous
Year 1 9 2 0 .
Lowest.

Htohssi.

119 Apr 16 129U Feb 26 119 Feb 134 N o v
617# Jan 11 668 gMay 1 0
60 May 0 8 O o l
78
Jan 7
8 6 May 24
74*a Deo 8 9 * i N o v
15i4June20 26«4Feb 8
13*a Dec 4 0 S e p t
20 June 22 30 Jan 4
25 Deo 4 9 O c t
110 June22 133 Jan 21 124 Jan 143 M a r
26 Jan 29
.25 Jan 29
10c Deo 2 5 o Oott
.76 Jan 29
7
M ar
99Jan 28
76o Deo
3i4 Jan 19 384 Feb 16
3 Nov 11 M a r
130 Feb 20 130 Feb 26 130 Jan 132 Ja n
63*2June 16 73 Feb 4
66*a Deo 80 J a n
36*4 Mar 19 43*2 Feb 3
32 Deo 76 B ept
13*2June 18 23*4 Jan 12
15*4 Deo 37*4
60 Apr 11 75 Feb 23
76 Deo 86 J a n
66 Apr 26 76 Jan 27
77 July 89 JUU
58 Mar^l 76 Jan 19
60 Dec 86 A p r
15 Apr 23 21 Jan 12
16 Jan 27*4 O o t
70 May 24 76 Feb 9
70 June 89*4 N o v
40 Jan 3 43i2 Mar 3
36 Deo 45*4 J a n
49 Jan 8 53 May 5
48 July 66*a Jan
.25 June 15
7 *4 M a r
3 Jan 5
80 Deo
2 Jan 21
3*2 Nov
4*4 Apr30
1 Fob
8 I2 Jan 3
5 Feb 13*2 N o v
1 6 * May 2
2
96*8 Jan * 109 Mar 30
*
80
A p r 100*4 S e p t
74 Jan 3 90 May 7
70 Nov 167 A p r
73 Feb 24 81 May 5
70 Nov 8 3 J a n
19
Jan
07 Jan 6
.16 Feb 9
l o Deo
12 Jan 21 13i|Mar 8
10 Nov 3 8 A p r
15 Mar 29 20 Apr 29
14 Deo 35*4 A p r
.50June 24
10
Apr
4 Jan 8
3 7a Deo
4*4 Mar 18
6 Deo 127a A p r
6*8 Jan 3
3*8 J a n
.20June 15
60o Nov
96 Jan 10
7
Ja n
.25 Mar 9
49o Deo
1 Jan 10
*8
ll*2June22 13*2 Jan 10
12 Nov 14*4 S e p t
0 ij M ar
3*2May 4
4i2 Feb 11
3*8 L )«o
80*1 J a n
13*2June 9 23 Jan 8
21
D eo
28*8 M a y
16 Jan 10 2334May 7
16*i D e e
88
Apr
70 Jan 17 75 Apr 16
62
Aug
152 Jan 3 164 Jan 25 1 4 0 M a y 104 N o v
8 June 23 17 Jan 8
15*i Deo 36*2 Jan
—
13 July 1 23U Apr 12 „ _ _ _ — __ ___ ____
534 Mar 8
8 Deo 26 J u n e
8 Jan 3
25 June 9 35i2 Jan 17 32*4 D e c 6 0 M a y
29*4 O c t
19 July 6 26*2 Apr 18
16
A pr
36 June 20 4U2 Feb 7
40
Deo 7 4 1 2 J a n
80 May 3 86 Mar 28
80 Deo 9 6 J a n
3 May 25 13 Jan 8
0*8 Deo 4 5 J a n
17 July 1 32 Jan 7
24 Deo 80*2 F e b
8*s A p r
2 .iJune 30
3
4 Deo
47 Mar 18
8
7*4June 21 13 Jan 11
10*8 Nov 3l7g A p r
nil Jan 3 18 June 7
o 9 * j A p r 012*2 Sep*
73 June 15 92*2 Feb 23
89*2 D e c 101*2 JftB
80
N ov
74 June25 85 Jan 8
68*4 Feb
59*4 Jan 6 64 May 9
67 June 6 8 *4 N o v
117*2June 9 122 Jan 26 118 Nov 138*2 Jan
15 Deo 53 Ja n
15 Mar 3 35*8 Apr 25
6*2 June 28
7** Deo 12 J u ly
9*4 Jan 13
8*s S e p l
2i2 Apr22
4 8 Nov
&
4i2 Feb 2
95U Jan 3 105 May 9 1 825 May 101 N o v
s
9 Deo 30*8 J a n
8 June 6 10*2 Jan 7
2l58june23 30*.i Apr29
23*4 Dec 34*a M a r
146 Jan 3 107i4 Feb 18 140*4 Dec I76*a Ja n
86 Dec 99 JaD
80 Mar 8 87 Feb 17
13 Nov 16 JaD
12*2 Apr 14 14 Jan 10
17 Jan 29 24 Mar 23
177a Dec 56 Jan
6 Nov 25*2 A p r
5%July 5
9*4May 2
89*2June 16 IO534 Jan 12
97*2 Nov 133 Jan
47 June 16 61 Feb 15
50 Dec 70 M a r
12*2June24 22 Jan 10
21 Nov 2 8 A p r
32*2 Dec 49 Jan
z33*2June 14 39*4 Jan 4
227 Sept 20 F e b
a
2 2 14 Apr 1
25 Jan 14
12*4 Feb 19 M a r
163sJune 22 19 Mar 1
15 Deo 23*4 A p r
167 Jan 5 22 M ay-8
s
14*j Dec 44*2 Jan
9*2June 1 17 Jan 5
14 Dec 26 F e b
934 May 27
17 Feb 18
19*2 Dec 39*2 J**11®
11 Apr 13 22l2Apr 28
27 Deo 38 Jan
19 Apr 1 29*2 Apr 18
25 Deo 36 Jan
18 Apr 0 30 Jan 11
15 Deo 32 S e p t
1334July 6 18*a Jan 11
134 F e b
.40 Mar 29
40o: Aug
.75 Mar 3
40*4 Dec 77 JaD
43*2 Apr 5 56 Jan 19
i2 Jan
20o Deo
.15 July 5
.50 Apr 7
15 Dec 42 Jan
16 Apr 5 23*2 Feb 11
4i2 A p r
2 Aug
2 June 10
334 Jan 7
678 Jan 3
10 Apr 28 | 6*4 Deo 1534 Jan
«i2 Mar 107s A p r
8 Mar 8 10*4May 13
2c Oct 40c Jan
.03 Jan 6
.08May 25
210 Apr 5 259 Jan 4 200 Dec 409 Jan
1134June21 16*8 Jan 17
10*4 Nov 40*s Jan
6ij Dec 16*2 J a n
7 Jan 4 10 Jan 28
26 Dec 4S*s Ja**
27 Jan 3 368
4May 3
47 M a r
s
3*2 Dec
4*4 Jan 18
258May 3
47$ Dec 14*4 Jan
7*2 Jan 6
5*4 Mar 28
16 Jan
7*4 Deo
758 Jan 3 10*8 Jan 8
5*4 A p r
60c Aug
1 8 Apr 2
3
3*4 Jan 6
6*s M a r
2 Dec
134Mar 30
3i2 Jan 6
4
Ja n
1 Aug
l June 20
2*2 Jan 7
34 J a n
25c Nov
25 MarlS 95 May 27
39 Feb 6 0 S e p t
48 Jan 3 6834June 16
75 Nov 82 J u n e
75 Jan 6 80 June 6
16U Jan 3 22 May 11 i 16 Dec 38 Jan
5 Mar
3&sMay 16 1 2*8 Dec
23s Mar 14
2U Jao
Us Deo
is4 Apr 12
1*8 Apr 1
47g A p r
l*s Dec
3U Feb 16
2 Jan 4
114 Dec
3*8 J a *
1*4 Jan 25
2U Feb 11
3 Jan
90c Dec
134 Feb 25
1U Jan 22
o& Jan
s
1*4 Dec
.55 Apr 9
35s Jan 8
1134 Jan
3*4 Deo
S%June21
5*4 Jan 8 1
7*2 Jan
1 * Dec
4
2 May 24
3*2May 5
40*? Dec 72 Mar
43*2 Jan 3 55 May 5
Ja n
12*4 Nov 24
12*2 Mar 31 1634 Apr 25
7i2 Jan
.95 Jan 7 36c Dec
.50 Apr 25
21 Mar 48 O o l
40 Feb 4 57 May 10
79 Feb 95 Sept
80 Jan 4 95 Mar 7
7 Deo 12*2 Jan
8*2 Jan 20
4isJune 7
8 Dec 21*s A p t
8 Mar 23 12*2 Feb 21
80c Jan
*4 Oct
.50 Jan 7
.25 Mar 8
2*8 Jan
17 Jan 6 1 1 Dec
8
1^ Feb 9
8
15 Dec S7*s Jan
1 & Jan 3 25 July 7
68
20*2 Dec 58 Jan
23 Mar 30 33 May 14
34** Dec 65 Jau
35*2 Jan 3 43 May 3
26*4 Dec 58 Jau
28 Jan 3 40 Apr 26
2 Jan
60c Dec
.75 Jan 3 1We Jan 28
2*s Apr
10c Mar
2 Jan 18
1 Jan 22
3c Deo 25c Jan
.12 Jan 8
.04 Mar 4
6 Jan
3** Dec
4*2 Feb 11
3 MarlS
Jau
1 Dec
2*4 Feb 17
1 June 23
4 TA ia
Ph
0
Jau
.76 Jan 17 33c Dec
.40 Jan 3
4
O ot
XW Aug
e
3 Jan 6
2 Mar 28
Fob
6 Jan 12 43*t Dec
3 Jan 3
3% Jau
Jo Nov
.95 Jan 1 2 We Jan 31
3*s Jau
i Deo
3*4 Fob 17
.40May -t
2 Jan
.36 Jan t
80 Mar 4 35c Sept
8 Dec 23 Jau
U Feb 21
8*2 July 6
****
16c Oct '
48 Jan 18
‘i5June 28

Par value $10 per share.

r ld a g
L a st

Outside Stock Exchanges
Sates
Friday
for
Last Week's Range
o f Prices.
Week.
Salr,.
Price. Low.
m m - Shares.

Bonds—
1932-47
M ;\ i,u> ijQan
1st Lib Loan 4s . 1932-47
1st Lib L'n 4 % 8 1932 17
2d Lib L'n 4 %s 1927-42
3d Lib Loan 4 %m 192S
4th Lib L'n 4 %S. 1933*38
Victory 4 % ...... 1922-23
Am Auric t'Lem 7 h 1941
Am Tel A Tel coll 4s. 1029
AM G A W 1 SS L 5.S..1959
( 'arson Hill Gold 7s _1923
Miss River Power 5 s.. 1951
N E Telephone 5s. . . 1932

78 1\
49
77%
85
81

Swift. A Co 1st 5s- ..1944
Western Tel A Tel r S..1932

80.04
S7.24
87.04
86.74
90.74
87 .04
97.20
94 %
78 %
49
98
77
81 A
SI A

85
81

86.34
87.24
87.52
87.36
91.20
87.70
98.40
94 %
78%
50
98

$000
100
1.750
9,050
14,450
23,750
30,550
3,000
1,1.00
20,000
1,000
77%
8,000
82
2,000
8 1 1■ 1,000
■
85
4,000
81
5,000

Range sin ce Jan. 1.
Low.

m oh,

85.84June
85.64 May
85.62 Jan
85.54 Jan
88.10 Jan
85.34 Jan
95.78 Jan
94% July
75 % Jan
49
June
90
Jan
74 % Jan
79 % Jan
81 1■ July
.
80% Jan
78 >4 Jan

92.90 Jan
87.74 Juno
88.(14 June
88.72 Jan
91.84 June
88.54 Jan
98.58Juno
94% July
79 M Apr
62
Jan
100
May
78% May
86
May
8JL; July
87% Apr
83
Apr

Chicago Stock Exchange.— Record of transactions at
Chicago Stock Exchange July 5 to July 8, both inclusive,
compiled from official sales lists:
Friday
Sales
for
Last Week’s Range
W eek .
o f Prices.
Sale.
Par. Price. Low.
High. Shares.

Armour A Co, pref___ 100
Armour Leather________ 15
Briscoe, common______(*)
Case (J I) _ _________ (*)
Chicago Elev R y, pref _100
Chicago Rys part ctfs ser 2
Commonwealth Edison 100
Continental Motors___ 10
Cudahy Pack Co, com.lOh
Diamond M a t c h ___ 100
Great Lakes D & D ___ 100
Hart, Schaff A M , com _100
Preferred. __
__ 100
Holland-American Sugar 10
Hupp Motor _ ______10
Libby, McNeill & Libby. 10
Lindsay Light _ _
_. 10
Mitchell Motor C o_____(*)
National Leather. _ _ __10
Peo Gas Lt A Coke__ 100
Piggly Wiggly Stores,
Inc “ A ” __
_____ . (*)
Quaker Oats C o---------100
Preferred._ ____ ..100
Reo M otor. _ _ ______ 10
Sears, Roebuck, com. _ 100
Shaw (W W ), com------- (*)
Stewart-Warner Sp,com 100
Swift & C o___________ 100
Swift International. _ __15
Temtor Prod C&F “ A” .(*)
Thompson (J R ), c o m ..25
Union Carbide & Carbon 10
United Iron Works v t c_50
Wahl C o .____________ (*)
Ward, Montgomery, A Co
when issued________ 20
Wilson A Co, pref__ .100
W rigleyJr.com _______25
Yellow Mfg C o________ 10

12%
10%

5%

5%

12%
7%
4
5%
6%

14
90
64%
42%
23%
'89%

24%
10%
40
42

40
17%
73
92%

Bonds—
Chicago City R y 5s__1927
Chicago C&C Rys 5s_1927
Chicago Railways 5..1927
Commonw Edison 5s_1943
Metrop W S Elev 1st 4s ’38
Peoples Gas Lt A C—
Chic G L & C 1st 5s 1937
77
South Side Elev 4 %s_1924 _
Swift A Co 1st s f g 5s_194A 84 %
♦ N o par value, x Ex-dividend.

86% 87
12% 12%
10% 11
4%
4%
2%
2%
2
2
107% 108%
5%
5%
50
51
95
95
80
81
70
70
103
103
5%
6
12% 12%
7%
7%
4
4
5%
5%
6%
6%
49% 49%

Range since Jan . 1.
Low.

High.

84
200
128
12^6
9
200
195
4%
75
2%
70
2
360 102
720
4%
70 46
100 95
375 61
50 65
50 103
350
5%
525
10%
1,090
7%
4
60
80
4
3,075
6%
100 34%

Jan
Jan
Jan
July
July
Feb
Jan
June
June
July
Jan
Jan
July
July
June
June
June
June
Juno
Jan

94%
15%
24
10 %
5
3
110
7%
63
105
94%
75
105
8%
16%
13
7%
9%
9%
57 A

Jan
Jan
Mar
Apr
Jan
Jan
Apr
Jan
Jan
Mar
May
Jan
Jan
Jan
May
Jan
Jan
Mar
Jan
May

725
14
75 85
25
73
25
17
1,925
63%
670
38
3,850
21%
2,945
89%
580
22
50
10
275 27%
6,55t
40%
50
8
25 z36%

Feb
19%
June 149
June 91
June 27%
July
87
Feb
66
June 36%
June 105%
Apr
31%
Mar
26
Jan
46
June 62
July
15%
June
50%

Apr
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Jan
Jan
May
Jan
Mar
Feb

14
90
82
17%
63%
42
23%
89%
24
10%
39
41%
8
40

15
90
82
17%
69
43%
25%
91
25
10%
40
43%
8
40

17%
78
72%
92%

18
78
73
92%

145
5C
226
25

16
Feb
Julv
78
69% Mar
Mar
74

24 % May
Apr
86
77% May
113% May

63%
34
62%
82%
47

63%
34
62%
S2 %
47

2,000
1,000
2,000
26,000
3,030

Jan
60
34
July
61% Jan
78% Jan
Jan
45

67% Apr
41% Apr
66% May
Jan
88
Apr
49

77
67%
84%

77
67%
84% l

6,000
1,000
1.000

77
July
61
Jan
80% Jan

77
July
67% July
87% Apr

Pittsburgh Stock Exchange.— Record of transactions at
Pittsburgh Stock Exchange July 2 to July 8 (July 2 and July 5
holidays), both inclusive, compiled from official sales lists:

Stocks—

Friday
Sales
Last Week's Range
for
Sale.
o f Prices.
Week.
Par. Price. Lov).
High. Shares.

Am Wind Giass M ach. .100
Preferred _____ _____ 100
Arkansas Nat Gas______10
Barnsdall Corp class B ..2 5
Consolidated Ice, pref__ 50
Guffey-Glllespie Oil(no par)
HarbishawEl Cable (no par)
Lone Star Gas.
25
Mfr h Light A Heat____ 50
Mariand Refining_______5
Nat Fireproofing pref--.5 0
Ohio
I
Ohio Fuel Supply______25
Oklahoma Natural Gas. 25
Pittsburgh Coal com - _. 100
Plttsb A M t Shasta Cop J
Pit.tsb Plate Glass com. 100
Union Natural Gas . 100
_ i.00
West'house Air Brake. 50
West’ho use Elec A Mfg 50

60
10
______
.

9
6
45
___ ___
...

13
42
- - - - - - - - - - -

120
114
36
_____
...........

Bonds—
Indep Brewing 6s____ 1955

59%
72
9%
17%
23%
8%
6
19 %
45 '
1%
14%
11%
41%
21
55
20c
115
112
36
88
45

60
72
10%
27%
23%
9%
6
19 %
45
1%
14%
14
42
21
55
20c
120
114
36
89
45

55

55

Range since Jan. 1.
Low.

280
49%
10 71 1A
6,723
7
100
17%
20
20%
665
6%
100
6
1(K /
580
j-uZ .
140 42
85
1%
60
12
350
11%
745 40
50
19
35
53%
500 20c
200 113
35 110
50
30
100
88
50 42%
$40,000

High.

June
Mar
July
Jan
June
July

19
35
28%
29%
12
9ft
June 53
June
3%
Jan
18
July
19
June 50
June 30%
June 63%
June 36c
June 116%
June 119
June 40
June 97%
June 49%

41

Feb

Jan

115

55

Apr
Jan
May
Feb
Feb
Jan
Jan
Mar
Jan
Mar
Jan
May
Jan
May
Mar
Mar
Jan
Mar
July

Baltimore Stock Exchange. -Record of transactions at
Baltimore Stock Exchange, July 5 to July 8, both in
clusive, compiled from official sales lists:
Stocks—

Friday
Sales
Last Week’ s Range
for
Sale.
o f Prices.
Week.
Par. Price. LffV). High. Shares.

ArundeJ Corporation_ .50 27
Celeatlner>1
1
... 1 -----( /got l ereea Hug pref. .. ir. - - - - - Commercial Credit..
25
Consol ( fit;-: L L A Pow 100 85
Consolidation Coal
100
Cosdon A Co, prof
... Da'/Con Cri'-roi'-.H no war

27
27
.40
.40
3%
3%
43
43
84
85 %
M 'A 82%
3%
8%
36
36

60
1,500
G
O
r

90
60
13

S u its

Week’s Range

Sale.
O f P r ic e s ,
Stocks (Concluded) P a r . Price. Low. High

Boston Bond Record.— Transactions in bonds at Boston
Stock Exchange July 5 to July 8, both inclusive:

Stocks—

m

THE CHRONICLE

July 9 1921.]

1loiiHlon Oil prof tr olifu
Manufacturer:; Finance
Ponnsyl Wat A Pow
United Ry & Elec
Wash Balt A Annap
.
Profei red . _

100
J00
K)
M
50
50
50

IjO W .

21% Mar
.40 Juin
2% Juno
39
Jan
81
Jan
J uno
82
3% J an
23
Mar

High.

28%
.95

7
46%
92

88%
C
43 %

Apr
J an
Jan
June
Jan
Jan
A pr
M ay

Range Since Jan. 1.

Shares.

L ow ,

1

High.

62
13
75
80
30
4,5

72%
42
77%
9
J2
26

June
July
Jan
June
Jan
July

75
Bait Spar Pt A O - %s 1953
1
75
82.000
72% 73
6,000
< O G E LA P 4 %H1936
JonH l
96% 90 % 6,000
3 , not< j
.
96 1| 95% 96 \ < 18,000
7%% notes______
Consol Coal ref 5s.
I960 80
80
3,000
80
ui!4 91%
1.000
Cosdon & Co oonv s f
ElkhOru Coal Oorp 6s. 1925
90
90
2,000
Md Hoe R y 1st 5s.
1.9 1
3
82
82
2,000
Pennsyl W A P 5s__ 1.940
83
83
1,000
United Ry A j-: 4b. . 1949
.
61% 01 % 6.000
42% 43
4,000
Income 4s____ __ 1949
Funding 5s small__1936
62% 62%
100
7%% notes___
J.000
............ 101% 101 %

75
72%
93%
95%
72
90%
89
80
80%
61
42%
60
99%

July 80%
June 76%
Jan 97%
June 98%
Jan 80
Jan 97%
Jan 92%
Jan 84%
Jan 8 3
June 65 %
June 47%
Jan 64%
Jan 102%

42

85
j,3

73

42

83 % 85
9% 9%
13
13
26
26%

B on ds

44

Jan
May

30

M ar

88
A pr
12% Jan
14% Mar
Jan
Jan
Jan
Apr
May
May
Apr

Mar
Apr
•an
J

Jan
Feb
Mar

Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, July 5 to July 8, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range
for
o f Prices.
Sale.
Week.
Par. Price. Low.
High. Shares.

Stocks—

17
Alliance Insurance___ _ _ 10
28
American Gas . ___ .100
American Rys, pref— .100
57
American S to re ___ no par
94
1st preferred ______ .100
Cambria Iron
__ __ ..5 0
Elec Storage Battery. _ .100 103%
51
General Asphalt--------- .100
Insurance Co of N A _. __1()
J G Brill Co . ______ .100
Keystone Telephone. _..5 0
8%
Lake Superior Corp— .100
7%
Lehigh Navigation_ ..5 0
_
Lehigh Valley
..5 0
Minehill A S H ____ __50
Permsylv Salt M f g _ __50
_
Pennsylvania ______ __50
Philadelphia Co (Pitts) __50 30%
31%
Pref (cumulative 6% )-50
Phila Electric of Pa. _. _ .25
21%
Preferred
25
Phila Insul Wire___ no par
50%
Phila Rapid Transit.. ..5 0
16%
Philadelphia Traction. _ .50
Reading
_ _ . _ .50
1st preferred. __ _. _.50
Tono-Belmont Dev el ____1
1%6
Tonopah M in in g ._ . . . 1
_
1%
Union Traction____ _ .50
31%
.100
United Cos of N J
United Gas Improv’t. _ .50
Preferred
.5 0
West Jersey A Sea Shore.50
28
B onds—
U S 1st L L'n 4 %s_ 1932-47
2d Lib L’n 4%s.l927-42
3d Lib Loan 4% s__ 1928
4th Lib L’n 4%s_1933 38
Victory 4% s___ 1922-23
Victory 3% s___ 1922-23
Amer Gas & Elec 5s_ _ 2007
do
small___ 2007
Amer Tel A Tel 4s___ 1929
BellTelep of Pa 7___ 1945 104
54%
Elec A Peop tr ctfs 4s. 1945
do
small___ 1945
Keystone Telep 1st 5s. 1935
66
Lehigh C A N cons 4%s ’54
85
PennsylvaniaRR 6%s 1936
Philadelphia Co cons A coll
trust 5s stamped__ 1951
Phila Electric 1st 5s_ 1966 85
do
small___ 1966
Reading gen 4s_ ______ 1997
75
Standard G A E 6s___ 1926
86
United Rys gold tr ctf 4s ’49
35

17
17
27% 28
20% 20%
57
57%
94
94
34 V 34%
>
101% 105%
50% 52%
28% 28%
30
30
8%
8%
7
7%
63
63 A
50% 51%
43
43
66% 67
34
35%
30% 30%
31
31%
21
21%
25% 26%
50% 51%
16% 17%
54% 55%
67% 69
39% 39%
1 1 1-16
1% 1%>
31% 32%
163
165
33% 35%
49% 49%
27
28

87.48
86.92
90.94
87.20
98.22
98.34
72
72
78%
103%
54%
53
65%
85
97%

87.48
87.28,
91.10
87.62
98.46
98.34
72
72
78%
104
54%
53
66
85
98

78
85
84%
75
86
35

78
85%
84%
75
86
35

Range since Jan. I.
Low.

22
17
27
128
6
17
44
217
87
40
34
10
92
1,840
230 45%
27%
103
80
30
7
50
565
6%
75 62%
30 47
32 43
45 64%
1,449
32%
70
30%
31
296
21
1,515
91)
25%
136
50
1,065
15%
51
113
160 62%
100 39%
1
2,300
515
il
A
207 29%
51 163
1,351
30
28
49%
34
27

High.

Apr
19
.Jan
J une
32
Jan
Jan
25% Mar
Jan
60
May
Jan 94
June
June
37
Jan
Jan 119
Apr
June 70
Jan
Jan
29% Jan
June
Jah
56
Apr
May
10
June
Jan
10
June
71
Feb
J une
56% Jan
Apr
49’ Mar
Jan 74% Mar
Apr
Jan
42
June 35% Jan
June 34
Jan
Apr
22% Feb
Apr
28% Feb
June
52% Jan
Jan
19% May
Mar
57
May
June 88
Jan
July
51% Jan
June 1 11-16 Jan
June
1% Mar
May
Jen
33
Julv 170
Feb
Jan
May
38
Jan
Mav
50
•June 37% Feb

86.47 Mar
81,000
14,950
84.40 Jan
23,950
S8.2C Jan
59,100
85.6C Jan
14,700
94.50 Jan
10,000 98.34 July
2,000
68% Jan
Mar
500 6S
5,000
78% July
Jan
20,000 101
Jan
5,000 .53
Mar
300 50
Jan
16.000
59
Feb
7.000 84
94% Apr
13.000

87.80May
88.30 Jan
91.54June
88.58 Jan
98.46 June
98.34 July
74% May
74
Apr
78% July
104
July
56% Apr
Apr
57
66% May
85% May
100% Feb

76% Feb
82
Jan
Jan
■S
I
June
72
July
86
Jan
33

82% May
85% May
87% Apr
84% Feb
July
86
Feb
36

1,000
30,000
500
1,000
5,000
6,000

New York Curb Market.— Below is a record of the
transactions in the New York Curb M arket from July 2 to
July 8 (July 2 and July 4 having been holidays), both in
clusive, as compiled for the official lists. As noted in our
issue of July 2, the New York Curb M arket Association on
June 27 transferred its activities from the Broad Street curb
to its new building on Trinity Place, and the Association
is now issuing an official sheet which forms the basis of the
compilations below:
Week ending July

Stocks—

8—

Friday
Sales
for
Last Week's Range
ee/c.
o f Prices.
Sale.
Par. Price. Low.
High. Shaies.

Industrial & Misccll.
Acme Coal___ ________ l
Acme P a ck in g ________ 10
Aetna Explosives, (no par)
Bache certificates. .
Amalgam Leather, com .(t)
Amer Gas A Elec com 50
A merl onn I-Iawatian SS 10*
Amer Lt A Trac, com _ J 00
Benford Auto Products__ 5
Bethlehem Motors _________ rt
Borden Co, com . _____ 100
Brit-Am or Chord leal_____ 10
Brlt-Am Tob ord bear____ £1
Ordinary___________________ £1
Carlisle Tiro ____________________
( Jar iJght lng A Pow - . 25

Ramge sin ce Jan. 1.

73

for
W eek.

Celluloid Co p rof_'__ 100
central Teresa Sugar. .10
Chic A East Ills, new com.
Now preferred _____ _

Chic Nipple Mfg, Class A 10

cities Service c o in ..
100
Preferred _ _
too
Cities Horv Bankers’ sh (t)
( Cleveland Automobile _ (t)
Colombian Emerald Syrnl .
<Joinrnonwealth 11ofcl .
( / '/nnwealth F Inunco eom(f)
’
'
Preferred
100

Range since Jan. 1.
Low.

High.

Apr
2
1% 1 1 16 1 5 16 7,400
A •Mar
5% Feb
2,700
1%
1% July
1%
May
12% July
12%
9
12% 12%
100
June
12
12
12
200
8% Apr
Apr
16% May
7
6,000
11
12
95% July
95% July
600
95^8
Apr
32% Jan
23% 23%
23 1
10 2 m
June
July
81
78
78
10 78
1 June
70c
65c
70c
500 65c .July
7Gc
76c
2% Apr
76c
400 75c June
96% July
Jan
85
75
96%
93
July
4% Jan
1
200
1
1
Jan
14
12% 1.2 U
G O 11% Mar
O
i B
13% Feb
11% Mar
1.2% 12%
400
2% July
2% July
300
2%
2%
July
75
3% Feb
94c
75c 1 l 16 13,320
98% June 103% May
101%
135
101% 101
July
July
10
2
2
2
2
100
14% May
12% June
13%
13% 14% 3,100
28% June 32% Mar
500
30
30%
30
July
7% Jan
400
4
4%
4
4%
Feb
June 255
2,876 106
J16
115
109
71.
Feb
June
998
43 1 •
35
42%
41%
31% Apr
2,350
12% July
12% 1.2%
12%
Jan
June
50
27
4.50 25
26
4% Jan
1
80c
3,300
80o
% June
July
July
50
50
50
50
60
Apr
4 1 % June
85
43
16
42
42
Feb
74
1,628 44
May
r>3% 56

172
Stock* (Cunclud d) Par

THE Cl I RON1CLE
b riday
Sal es
Range since Jan. 1 .
Lu-il Week's Range
for.
i.f Prim*
Sale.
Week, ___ _
H igh. Shares.
Lou).
High.
Price. Low.

14
14
Conley Tin Foil_______ (T
J
< uiitlUfcftil.al MOtOrti
10
54
‘
5Y
% 5 \t
Dictograph Prod Corp 1 0
3
2 -i
Durant Motors __(no pari
22
Elgui Motors-------44
44
Empire Food Products (t ) 2 0 1a
19 G 20 4
l'arrell (WinjAiSou.com - It)
13 4
13!,
xm
Garland Steamship. .(t)
14
14
Glea Alden Coal- .(no par)
34
33 V 384
%
Goodyear l a K . coiu 100
9
9
94
Griffith (D W), Inc- - ..ft)
IQ! j
10 4 10 4
Hey don <’hem
(no par)
lH
m
14
IdefGeo P)&Co,Inc(iio par)
13
12
Imp fob of G B A Ire £1
84
8H
Intercontinental Rubb 100
7T
ij
m
84
Lake l orpedo Boat- .. 10 75c
1
75c
Preferred
______ It)
l4
L4
14
75
Libby. McNeill A Libby 10
8
1%
Lig-Mar <'oal M ixiing
i
H
e
18c
6c
Locomobile i ’o,com(no p «.r) 75c
62c
l
Lord A Taylor, com
luO
12
12
Mercer M otors___ (no par)
2
2
Morris Philip Co., Ltd.,10
44
34
44
National Leather com
10
04
7
North Amer Co new com
34
34
34
Nor Amer Pulp A Paper (t)
2%
34
>
Certificates of deposit.
2
Peerless Truck & M otor.50
27
27
Penna Coal A Coke__ .50
34
3 1%
Perfection Tire A Rubb. 10 75c
75c
83"
Radio Corp of Amer. . . O
l4
l4
Preferred_____________ 5
2 4
ik
m
Republic Rubber . (no oar)
38c
35c
Reynolds (RJ) Tub B ..-2 5
34 4 3 1G
Southern t oal a Iron .__ 5
i
1
1 4
Stand Corn'l Tob Cl B .(t)
58
58
58
Stern Bros, pref__________
85
85
Sweets Co of America__ 10
3
3
34
Swift A C o___________100
90 4 90 4
Swift International____ 15
24
24
Tobacco Prod Exp____ (t)
54
54
Todd Shipyards Corp. r .(t ) 01
0 0 4 61
Un Carbide A Garb (no p-tr)
424
42 4 43
Dnlted Profit Sharing.. 25c
l4
1 4
On Retail Stores Candy (t)
64
74
64
U S Distributing com__ 60
22H 234
U S Light A Heat com. 10 1 3-10
1 1- 1 6 1 4
P referred ................ 10
1 5-16 1 5 16
U S Ship Corp_________10
15c
19c
C S Steamahlo_________10
J
27c
28c
25c
Wayne C o a l ____ _____5
1H
14
l4
Welch Grape Juice (no par)
30
30
West End Chemical ___ 1
94c
90c
Wlllys Corp, com .(no par), 50 c
50c 63c
First preferred_____ 100
15
15
Former Standard OH
Subsldiariea
Anglo-Amer Oil___ . . .£)
16 K
164 16 4
Continental Oil______ 100
1C5 n o
Eureka Pipe Line_____ 100
81
85
Galena-Signal Oil_____ 100
31
31
Illinois Pipe Line___ .100
150 154
Indiana Pipe L i n e .___ 50
75
75
Ohio O H - . . ________--25
24S
245 250
Prairie Oil & Gas______100
425 425
Prairie Pipe L in e ____ 100
178 17S 1S4
Southern Pipe Line___ 100
80 H
SO 4 82
South Penn Oil________100
165 165
Standard Oil (L u d)____ 25
04 ■
}$ 63.4 65 X
Standard Oil of N Y __ 100 303
303 30S
Swan A Finch_______ 100 See no te below.
Washington Oil________10
32
32
Other Oil Stocks
Aetna Petroleum_________
Allen Oil _. . ___ _ _ 1
Allied OLE._____________ 1
New________________ 10
Amalgamated Royalties. _.
Arkansas Nat Gas. com. 10
Atlantic Lobos O il._ _(f)
Atlantic Petrol old____
Barnett Oil & Gas_______1
Boone Oil........ .................6
Boston-Wyoming Oil___ 1
Burknett Van Cleave Oil. i
Carlb Syndicate _______
Circle Oil _ _ _
_ _ 5
Continental Petroleum__ 5
Cosden A Co, com (old)__5
Cosden A Co., preferred-.5
Creole Syndicate. ______
Cushing Petrol Corp____ 5
Denny Oil______________ 1
Elk Basin Petrol________6
Engineers Petrol C o____ 1
Ertel Oil__ ______ ____ 5
Fay Petroleum__
__]
Federal O IL .....................6
Fensland Oil _ _ _ (no par)
GillHand Oil, com___ _(t)
Glenrock Oil __
____ 10
Grenada Oil Corp Cl A 10
Guffey-GUlesple OH___ (t)
Harvey Crude O i l . . __ 1
Home Oil_____ _______
Hudson OU_____________ 1
Imperial Oil __ ______ 25
Inter Petrol______(no par)
Invader Oil of Delaware. Invader Oil of Oklahoma._
Keyst Ranger Dev Co___ 1
Livingston Petroleum____
Lyons Petroleum__ ______
Magna Oil & Refining__ 1
Maracaibo Oil Expl___ (t)
Marlin Oil _ _
__ _____
Meridian Petrol
Merritt Oil Corp_______10
Mexico Oil Corp_______10
Midwest Oil, com________
Midwest Refining_____ 50
Mountain A Gulf Oil_____
Mountain Producers _
National Oil of N J _____
Noble Oil A Gas________1
Noco Petrol, pref . _ __
North American Oil . __5
North Star Oil & Gas__
Northwest Oil___
Ohio Range ____________ l
Okmulgee Products_____ 5
Omar OU A Gas___ ____10
Pennock O I L . __ _____ 10
Pennsy 1
vanl l Gasoline.
Producers A Refiners__ 10
Red Rock Oil & Gas____ 1
Rickard Texas Co______ 5
" Consol___

15c
5c
28c
7c
10

1243
30c
58c
6c
3X

55c
45c
4c
23c
5c
9H
iik

3
47c
25c
50c
6c
34

1Z
A

90c
6
3k

3
19c

64
38c
m

94
75c

26c
8V
%

123^

ik

S0c

20 X

16c
S
50c
24
8

19c
34
ISc
9c
m

34
25c
3H
27c

55c
60c
5c
31c
6e
10 4
13 X
3

100

400
1,20 0

3 >0
500
4,650
1,500
2,500
19.100
200
200

3.500
20

300
800
2i)n
100
200

IS,100
3,160
100

600
7,200
1,150
200

1,050
30
100

700
8,400
1,500
2,700
1,300
10 0
.

3,400
200
100

7,500
480

10(1

600
150
4 50
9,900
5,700
800
4,200
100

34,510
17,580
2,100
100

3,700
4,300
200

600
20

85
10

no
14
75
10

30
95
10

6.300
425
10
200

7.800
37,925
2,975
10.700
10.070
1.700
20(

47c
1.000
0
36c 1 1 9
62c 108.600
6c
200
5 4 45.700
100
14
90c
1,500
6

34
3M
97
% 34
18c 20 c"
15c
15c
64
64
35c 44c
13c 24c
3c
2c
1 4 1 3 16
94
94
2 3-16 3 4
55c SOc
4
34
9
84
3c
3c
13c
13c
26c 35c
8H
84
11 Vs 124
25c 25c
62c 62c
70c
63c
14
14
SSc
80c
1
14
194 2 2 4
1 4
1 4
13c- 16c"
8
84
39c
63c
24
24
130 130
60c 60c
8
S
75c
75c
16c
19c
3 4
34
14
34
34
13c
ISc
7c
9c
* 3c
3c
14
14
34
44
25c 25c
3
34
25c
37c
44c 44c
di .

100

1,655
3 000
43^00
1 000

4,400
9,100
6 000
13X>00
36.500
600
1,600
71,700
500
200

500
100

14,050
300
7,355
1.0 0 0

200

3,200
700
1,300
2,000

31,450
300
9 400
1,500
44,600
7,200
100
1,000
100
100

86,600
100

700
200

8,300
5S.S00
400
4,300
700
* 100
2,600
s, 100
100

• *>1 r
y v

June
June
Juno
Jan
July
Apr
.1uue
11
Mar
1s
33 4 July
June
4
J uly
1 '
l 4 Mar
12
July
Mar
4 4
TH June
li
44
34
13
44
l^

ft

1 X J uly
7 4 June
6 c July
4 Jun**
12
July
2
July
9 4
June
6 H Julv
Julv
34
2
A pi
•
> July
Jan
19
June
34
V Apr
s
1 H \pr
14 Apr
30c June
Jan
31
July
1
41 4 Apr
84
May
Jan
2
J il>
90
Apr
23
5 June
59
June
June
40
14 Mar
6 4 June
214 Apr
1 1-16 July
H Jan
Ys May
4 June
l
July
30
July
V June
s
Vi Mar
134 June

19 4

Jan
8
•
an
July
3
M iv
214
4 4 July
20 4 July
Jan
21
1 4 Apr
50
May
2 i G Jan
11
Jun 3
3 4 Feb
July
13
9 4 Mar
14 4 Feb
'? 4 June
i 4 July
Ian
n
5-16 Mai
4
J.n
12
July
Jan
6
J.n
6
10
Jan
34
Julv
5 4 Jan
*
> July
Apr
30
35 4 June
2 4 Feb
2 4 Mar
2 4 Jan
14 Jan
J 1
39
Apr
10
June
60
July
85
3 4 May
Jan
106
2S 4 May
Jan
9
72
Fe >
Jan
60
1 4 Jan
Jan
9
Jan
35
Mar
1 4
1 4 June
1?8 J in
1 4 Jan
2 4 Jan
July
30
1 13-16 May
Jan
3
2 5 4 Jan

144 June
June
105
June
79
31
July
140 June
69
June
June
233
June
395
160
June
June
79
165
July
604 June
296 June

103
259
77
385

May
July
July
Jan
May
Mar
Apr
May
Mar
Mar
Jan
May
Apr

July

32

July

July
July
June
J Uy
June
Mar
June
Jilly
July
July
Jol
July
July
July
July
Apr
June
Mar
June
June
June
July
June
June
J une
June
June
July
June
June
July
July
Apr
June
July
July
July
Apr
June
June
June
Jan
June
Julv
June
June
July
June
July
June
July
July
July
Jan
July
July
Julv
July
Julv
June
Jul
June
Apr
Jan

55c
14
20c
1 7-16
5c
184
25 4
3
47c
24
14
6c
104
14
90c

32
55c
45c
4c
28 c
5c
74
114
24
47c
25c
41c
6c
34
14
90c
54
34
2
10c

4
54
35c
13c
2c
14
74
2

55c
24
54
3c
13c
3-16
7
114
25c
62c
4
14
81c
4
104
1

13c
7
4
24
120

55c
7X
A
75c
15c
34
14
34
13o
7c
2c
I4e
3X
20'
24
4
4
44

22
11C

85
51
183
86

820
515
202

July
Feb
Jan
June
June
Apr
Apr
June
July
Jan
Mar
July
Jan
July
July
.TTv
6
4
May
4 4 A pr
4 Jan
14 Jao
Apr
10
1 11-16 Apr
2-1c Jnlv
Mar
1
2 4 Jan
Jan
15
24
Jan
2 4 Jan
9 4 May
Feb
30
Mar
10
13c July
11-16 May
Feb
14
174 JaD
25c July
62c July
1 3-ie Apr
3 4 Jan
SSc June
3 4 May
32 ^3 Mar
1 4
July
1
Julv
134 Feb
Feb
2
2 4 June
May
151
60c July
124 Apr
SSC June
13-16 Jan
4 4 May
3 4 Jan
3 4 June
June
IS
4 Apr
6c June
2 4 Jan
6 4 Jan
25c July
5 4 Jan
1 4 Feb
4 Jan
Tmv 144 J xn
’

Ocher Oil Stocks*
(Concluded)

[ V ol. 113

Par

b'riday
Saiee
for
Last Week"e Range
Sale.
Week.
Price. Low.
High. Shares.

Sale Creek Producers n ew ..
1 ()
Sapulpa Refining _____ ,5
34
Sivoy OU
. 5H
105
h OU & Refining i 28c
Simms Petroleum (no par)
64
Skelly OU.
.10
34
Southwest Oil
Texas Ranger.
_____ 6
Taxon Oil A Land. - > , . . 1
75c
Victoria oh
1
85c
Vulcan o n __________ _ _ 5
Wholen Oil
__
__
26c
While Eagle O&R (no par)
Wilcox Oil A Gas_______
Wood burn Oil Corp. _ .(t)
99c
"Y " Oil A ( ;as.
1
Zapata PtfcR.
1 4

10

10 4

1,20 0

4
54
20c
64
34
lc
40
68c
85c
50 0
12c
1 54
1 ■
5
80 c
1O
f*
14

34
54
28c
64
44
4c
4c
76c
870
50 c
26c
154
14
99c
22c
14

1.700

2

Mining Stocks —
Alaska-Brit Col Metals__ 1
38c
42c
40c
Amer Tin & Tungsten___ 1
12c
12c
Arizona Patagonia Min __l
52c
57c
57c
Beaver <‘on sol
22 c
22 c
Belcher Extension. __ lUo
lc
2o
Big Ledge Conner O o___ 6
13c
‘2()c
17c
Boston & Ely____ _______
46c
48c
46c
Boston A Montana D ev..6
54c
45c
53c
Brok<(i . hii
1
1
Butte & N Y .
13c
13c
Caledonia M ining.-........ 1
103
9c
Calumet A Jerome Cop__ 1
12c
17c
12c
Canada Copper Co_______
31o
25c
31c
Candalarht Silver. _____ i
25c
33c
31c
2
Carson River C o rp -_____
2
14
Cash Boy Consol. _ ___ 1
5c
4c
5c
_____ 5
Con Ariz Smelt
3c
3c
Consol Copper Mines___ 1
14
14
Consol Virginia of Xcv new 24c
21c
24c
1
1
1
Copper Canyon_____
Corp Mines of Amer..........
25c 76c
37c
Cortez Stiver. . .......... . 1
76c
73c
76c
Cresson Cou Gold M & M l
1 4 l 13-16
14
2
Darwin Silver. _________1
14
19c 22 c
Divide Extension........ .1
2! c
Dolores Esperanza____ 5
24
24
24
El Salvador Silver Mines. 1 13c
12c
15c
Emma Silver.
1
2c
2c
2c
Eureka Croesus_____ ..1
29 c 32c
29c
Eureka Holly. .............. 1
14
14
14
Goldfield Consol'd. ___ 10
6c
7c
Goldfield Devel. ____ 10c
Ic
lc
Ic
Goldfield Florence_______
29 c
25c
26c
Gold Zone Dlvl#1«___ . 1
9c
11c
10c
Green Monster Min___ 50c
12c
12c
Guanajuato M & M ______
15c
15c
Harmlll Divide________10c
12C 17c
12c
Hecla Mining________ 25c
34
34
2
Howe Sound Co_________ 1
*
>
2X
18c
18c
(ron B l o s s o m ....___ 10c
18c
Jerome Verde Copper___ 1
12c
18c
Jim Butler.... ............. ..... 1
8c
7c
2
Kerr Lake
. . .
5
34
34
Knox Divide. ........ .. 10c
10c
13c
11c
La Rose Consol______ _5
22 c
22 c
Lorn Star
3c
3c
____
3c
7c
9c
MacNamara Crescent.__ 1
7c
17c
MacNamara Min ng____ i
13c
13e
Magma Copper.............._5
IS
184
184
Marsh Mining__________1
5c
5c
5c
Mason Valley Mines____ 5
14
14
IX
McIntyre Porcupine_____
14
24
15c
18c
M c Ki nl tv- Darrag h-Sa v __ 1 1 6c
Motheriode___ _________ 1 Al/p
54 c 54 c
60c
National Tin Corp___ 50c
sol
50C
Nevada Ophir.. ________
30c
33c
32c
8c
16c
Nevada Silver Hills______
9c
New Dominion Copper___
1 4
14
14
111
111
New Jersey Ziac_____ 100
u .
X Y & Honcl Rosario___ 10
34
4
Nl pissing Mines_________5
44
4
8c
6c
Ohio C op p er_____ ___ 1
15c
17c
Ophir Silver Mines new__l
16c
lie
9c
Porcupine Vi pond ___
26c
26c
Prince Consol___________ 2
Rav HeronDs
5
15c 22 c
Rescue-Eula_____ _____
20 c
22 c
22c
8c
7c
Rex Consolidated Min__ 1
7c
3c
4c
San Toy M in in g__ __ _.I
4c
5c
5c
Seven Metals___________ l
30c
26c
Silver Hills__ __ ______ 1
29c
8c
6c
Silver King of Arizona__ 1
55c
55o
Silver Ki it UtVi _ ____
55c
1 1-16
Silver Mines of America 1
1X
1 4
75c
65c
Simon Silver-Lead_______1
8c
9c
Sliver Pick Coos’d. ____ 1
South Amer Gold < P __10
fe
44
44
15c
12c
Standard Silver-Lead___ 1
15c
4c
3c
Stewart Mining.
_ .l
Superior & Boston Cop .10
14
14
98c J 1-16
Tonopah Belruont Dev__ 1 1 1-16
79c
SSc
Tonopah D ivide.. .......... 1
82c
lc
lc
Tonopah Hasbrouck Min
lc
14
14
Tonopah Extension_____ 1 1 7-16
9c
9c
Tonopah Midway.
.
Tonopah Mining________1
1 4 1 3 16 1 4
3c
2c
Tonopah North Star__ __
55c 61c
Tuolumne Copper
60c
United Eastern Mining.
2 4 2 3 16 2 4
24
24
United Verde Extension 50c
47c
40c
U S Continental new__ _
47c
lc
lc
Victory Divide
10'
lc
54
5 4
Unity Gold Mines______ 5
78c 84c
West End Consol’d _____ 5
Sic
19c
24c
Western Utah Copper___ 1 24c
6c
Sc
White Gaps Mining
10c
20
20
Yukon-Alaska Tr (no par)
SSc 98 c
97c
Yukon Gold C o ._ _____ 5
Allied Pack conv deb 6a *39
A1uminum Mirs 7 -1925
Am erTeiA Tel 6s___ 1922
6a. r ______________ lb24
Amer Tobiv.'© 7s. _ . 1923
Anaconda Cop Min 7a ’ 29
6 % notes Series .A-.1929
Anglo-Amer Oil 74 « - 1925
ArinourAOo 7% notes ’30
Barnsdall Corn Ss___ 1931
Beaver Board Cos 8s _. 1933
Beth Steel 7*, notes. (922
Beth Steel 7‘ « notes. 1923
Equipment 7s_
.1935
Canadian Nat ltys7s_ 1935
Canadian Pacific 6s . 1924
Chic A East Ills 5s. . 1951
Chic R l A Bac 6s
1922
Chic Union Stat 6 4 s 1963
Coua Gas of N Y Sa 1921
Consol Textile deb 7s 1928

42 4
964
98 4
96 4
100

92 4
99 4
95 4

99 1i
97 4
94 U
109
95 4
59; 1
97 4
103 4
100 4

101

39
4
974
954

96

100

914
854
97
95
90
75
99 4
97 4
94
100

9 54
59 4
97 4
101 4
1004
inm,

100

. 100
16,600

11,200

9,360
i . j00
42,800
5,700
200

1.300
100
100

3 150
4 50 i
3,500

Rarnge since Jan.
Low.
OX
2 4

44

20c

54
3
lc
4c
68

H
11

12c

154
lV
s
76c
4
14

Feb
June
June
July
June
June
July
June
July
Jan
Jan
July
J uly
June
July
Fob
July

1

High.

14 4
54
9
30 0
124
04
4c

May
Ja n
Ap r
July
May
Fob
July
H Mar
1
Mar
1
Jan
Feb
1 4
26c July
17
Jan
5
Feb
2
Jan
4
Apr
4 June

Jan
4 June
June
7-32 May
43c May
57c June
22c July
22c July
Jao
lc June
60
7-16 Jan
13c Julv
46c June 50C July
Jao
Jan 76c
37o
July
1
1
July
12c June
5-16 May
Jao
Sc J un * 17o
12c July
7-16 June
25c June
31c July
I2o
Jan 55o May
2
Apr
May
1
Jao
3 4 0 Jan
9o
June
1
3c July
1 4 June
2 4 Jan
21 c July
2 lc July
July
2
Mar
1
25c July
76c July
Jan
G2o
70c June
Apr
15- 1 6 Mar
2
Feb
2
14 June
18c J une 65c Mar
2 4 May
1 4 May
8c June
9-16 Jan
Apr
lc
Jan
4c
2
240 June
Mar
Jan
2
14 May
11c
Feb
5c Apr
4 cJune
3c Mar
20c June
46 c Feb
9c July
26o
Feb
12c June
12c June
15c J ily
15c July
70 May
Feb
34c
Feb
tv
3 4 Jan
14 May
3 4 Feb
12C J m
4 Feb
10c June
15c June
Feb
70 Mar
19o
2
July
3 4 Mar
7 4 o Jan 24c Mar
4 Apr
4 June
Feb
2c June
Sc
Feb
4c June 20c
3lo May
13o Mar
Mar 254 Feb
17
11c May
4c June
1 June
1 4 May
1 4 June
1 4 June
Jan
15c J ilv 30c
4 4 0 Apr
5 4 c July
7-16 Mar 1 9-16 May
33c July
16c June
8c July
16c June
1 4 July
1 4 July
111
Jul / 158
Jan
9
Jan
3 4 July
4
July
8 4 Jao
6 c June
7c June
June
25 May
12
9c July
11c July
4 Jan 38c June
15c Julv
4 Feb
17c June 22 c July
Jan
4c
.Apr
14o
3c July
4c June
5c July
5c July
Apr
17c June 56c
5c June 10 c July
55c July 55c July
Feb
36c
1 4 Mav
9-16 Mar 1 1-16 May
Apr
Jao
3c
l ie
3 4 Feb
0 4 Jan
12c June
3-16 Jao
3c June
4c June
1 4 July
1 4 July
Jar
98o July
IX
79c June 1 7-16 Apr
lc July
lc J uly
1 1-16 May
m July
9c July
9c July
1 4 Apr 1 11-16 Mar
3c July
2 c June
4 Mav
4 May
2
June
Mar
3
July
July
24
24
Vs June 11-16 Apr
6c Mar
lc June
July
5
7 4 Jan
4 June 1 3-16 May
Feb
Mai
15
40
10c
Jan
3 4 oM ay
Feb 20
Feb
20
X Apr
m May
4

300
12,500
1,000

4,5(0
72,150
3,000
165,300
600
500
2 500
21,500
8,500
30.600
1.10!)
10,200

400
900
3,100
200

1,400
10.700
3,900
300
16,100
2,200

34.830
1,000

41,400
4.000
2,300
5,900
25.100
36,000
1,000

SO
O

110,100

400
2,500
2,000

4,400
1 500
1,10 0

17,550
1 000
1,300
14000
17.600
400
2,500
500
600
2,300
650
19.300
19.500
13,300
1.500
10
200

4.090
3,000
3,600
.5 000
usoo
23 0 0 0
24,0~0
5,599
7 000
KL200
1,300
300
10 700
l.’ lOO
9.000
3,500
1.000

3,000
100
2 ,00(

36.251
1.50C
95(
1.000

1.600
3.000
1.400
10.300
100

4,000
2,000

SO
O
11.600
8.600
3.000
10

2,750

10c

S
434 127,000 38
984 10.090 96
9S V 282.000 94 X
96 4 29.000
92 H
100 4
9.000 99 4
924 68 ,0)()
91
5.000 S3
99 4 41.000
974
96
81,000 93 4
90
90
2.000
76
12.000 65
99 4
t.000 99
98
95
22.000
94 4 2 i.OOO 92
100 4 10,000 100
95
l .000 94
59
60' v 20,000
97 4 25.000 97 8
196.000 1004
10-1
too 4 38.000 98 Vi
» } «'-M
\ 02
im y

May
Mar
Jan
Jan
Mar
Jan
Jan
June
JUIK
July
May
Feb
June
June;
Mat
J\nvk
June
Jub
June
Jan
M

Jan
Jan
July
Jan
July
Jan
Jan
Jan
Jan
Fob
Feb
Feb
Apr
May
Jan
102
p-\ 4
' .• •
70 M m
97 4 July
July
104
un June
un 4 June

60
97 4
98 4
97
100 4
94 M
894
u ;i y
984
08
99 4
99 4
98
96 4

J l y 9 1921.]
u

THE CHRONICLE
F r id a y
W e e k 's R a n g e
L a st
S a le .
H ig h .
P r ic e . L ow .

Bonds (C o n c lu d e d )
( ?oppor Exp Assn 8s
1922
S'1 notes
,,
Fob 15 1923
8% notes, .Feb 15 1924
8% notes. -Feb 16 1926
Galona-Slgnal Oil 7s 1930
Goodrich (B F) Co7s .1926
Grand Trunk Ry 0%0.1986
Gulf OH Corp 7s_ -----1933
Heinz (II J) Oo 7s- --1930
Humble Oil A Ref 7s 1923
1
llinols ( '(M 6 1 hw 1 1936
il -j
Interboro R T _ ____ 1921
Kennecott Copper 7s 1930
Laclede Gas Light 7s
Libby McNeil & Libby 7s ’31
Llgg & M yers Tob 6s. 1921
Morris A Co 7%s.
1930
Nat Cloak A Suit 8s. -1930
National Leather Ss 1925
N Y N II A Ilartf 4s. .1922
Philadelphia Co 6S-- ---Procter & Gamble 7s 1922
Reynolds (It J) Tob 6s. 1922
Sears, Roebuck A Co 7s ’21
7% ser notes. -_Oct 15’22
7% ser notes.-_Oct 15*23
Sharon Steel Iloop 8s. .1941
Solvay A Cie 8s_------1927
South Ry 6% notes. .1922
Southw BellTelep 7s - 1925
Stand Oil of N Y deb 6% s '33
7 % ser gold deb 7s . 1925
7% ser gold deb. -.-1926
7% ser gold deb---.1927
7% ser gold deb___ 1928
7% ser gold deb___ 1929
7% ser gold deb___ 1930
7 % ser gold deb___ 1931
Sun Co 7s_--------------1931
Swift A Co 7s_,..........1925
6s_______________ 1921
TexasCo7% equ’nts. 1923
Troy Laun Mach 8s. _. 1936
United Drug 8s_____ 1941
United Ry of Hav 7%s_ 1936
Vacuum Oil 7 b ______ 1936
Western Elec conv 7s.-1925

-

9 9 % lOO'i' $1,000
9 9 % 100% 24,000
too
O
ioo% 9 9 % 1 0 0 % 31.C O
!00 ( 10,000
1,00% too
93
93 % 27,(.00
931
i
88% 89 % 35,000
89
94 % 95% 77,000
94 H
90% 9 5 % 96% 19,001
98 1 1 9 7 % 98% 23,000
96% 96 % 96% 210,000
97% 97% 98% 335,000
76
78% 111,000
70 %
27,000
93% 91 % 9 l
1,()()()
90
90
90
94 104,(k 0
93% 93
99 % 99 % 15,000
99 %
90 % 96 1• 1,000
>
94% 94 % 1.000
1,000
9 1 1, 94 % 94%
53% 54
20,000
99% 99% 2,000
99 % 99%
1,000
99
99
2,000
99
99 % 9 9 % 100% 57,000
98
20,000
98
97%
96% 9 5 % 96% 25,000
95% 95 % 1,000
99% 97% 99 % 8,000
96
96% 12,000
96 % 96
96% 24.000
99% 99 10C 166,000
101% 101% 101% 17,000
4,000
1 0 1 % 101%
101% 101% 101% 9,000
3,000
1 0 1 % 101%
7,000
101% K2%
102% 102 102% 14,000
104% 104% 104% 18.000
91
90% 91% 31,000
96% 95% 96% 12,000
99% 99% 99% 5,000
99% 98% 99 % 92,600
97% 97% 1,000
100 100% 63,000
6.0C0
91% 92
100% 100% 101% 97,000
99% 100
50,000
100

Foreign Government
and Municipalities.
§ Berlin 4s_ ..
French Govt 4 s _____ . _
os.
_ ________ _
§German G o v t___ ____
§Hamburg 4%s____ _____
§ Munich 4s_ _ _____
Russian Govt 5%s___ 1921
Switzerland Govt 5 'A s . 1929

11
49
59
12%
84%

11%
49
59
1
10% 1
12% 13%
12
13
13
14
84
84%

1.

R an ge s in c e J a n .

S a le s
fo r
W eek.

g l1,000
5.000
1.000
g8,000
g28,0C0
g io .o o o

3,000
55.000

L ow .

100%
100 1
6
100 1,
100 %
97
93%
97%
98 %
98%
97 %
98%
83
94%
94
95%
99 %
99%
97
96 %
70
99%
99%
99
109%
98%
98
99%
102%
96%
96%
100%
102%
102
102%
102%
103
103%
104%
95%
98
99%
99%
97%
100%
100%
10 1%
100%

July
May
July
Mnv
July
May
Jan
Fob
May
Apr
July
June
Jan
Jan
May
July
Jan
May
Jan
Jan
July
July
July
July
May
May
May
Jan
Jan
Feb
May
Jan
Jan
Jan
Jan
Jan
Mar
July
Apr
Jan
July
Feb
June
June
Feb
July
Jan

Jan
Jan
Feb
July
July
July
Jan
Jan

16%
50
59
15
17%
16
21
86%

Jan
Feb
July
Feb
Jan
Jan
Mar
Jan

* Odd lots, t No par value, i Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found, o New stock,
r Unlisted, w When issued. i E x dividend. yEx rights, z Ex stock dividend,
t Dollars per 1,000 lire, flat. § Dollars per 1,000 marks, g Marks. Jc Correction.
N o t e .—Sold last week (June 28) and not reported: 100 Swan & Finch @ 30.

New York City Banks and Trust Companies.
All prices dollars per share.
Banks—A Y B i d
T
America*___ 170
Amer Exch__ 233
Atlantic__ __ 215
Battery Park. 150
Bowery*
425
Broad way Cen 115
Bronx Bor *. 105
Bronx Nat__ 145
Bryant Park* 145
Butch A Drov 140
Cent Mercan. 185
Chase___ __ 320
Chat A Phen. 250
Chelsea Exch* 75
Chemical___ 435
Coal A Iron.. 225
Colonial*___ 350
Columbia*__ 150
Commerce_
_ 207
Commonwealth*___ 210
Continental _. 120
Corn Exch*__ 298
Gosmop'tan*. 90
East River__ 170
l Ifth Avenue* 900
Fifth______ 150
First_______ 845
Garfield___ 215
Gotham____ 185
Greenwich*. _ 240
Hanover___ 775
Harrlman___ 350
Imp A Trad__ 490
Industrial*.. 1 140
1

Banks
Irving Nat of
N Y _____
• Manhattan *_
160 Mech A Met.
450 Mutual*
130 Nat American
125 Nat City
155 New Neth*__
155 New York Co
150 New York__
195 Pacific*.........
330 Park
256 Public______
100 Republic*___
440 Seaboard____
240 Second_____
__ — State*______
_
165 Tradesmen’s *
210 23d Ward*__
Union Exch__
220 United States*
130 Wash H’ts*__
305 Yorkville* _.
105
___- 1 Brooklyn
925 Coney Island*
165 : First
860 ; Green point__
225 Homestead*. _
195 j Mechanics’ *__
255 Montauk*_
_
790 Nassau
360 ! North Side*..
.505 People’s____
155

Bid

A sk

175
238

* Banks marked with (*) are State banks.
this week t New stock, x Ex-dlvIdend.

175
187
2S0
490
130
307
140
130
400
300
355
235
230
460
217
200
190
160
160
350
425

N ew

183
191
285
510
150
312
150
140
415

245
480
218

140
215
160
80
87
85
220
195
150

V

Trust Co,* Bid
8

A sk

A sk

York

American___
Bankers Trust 293
Central Union 320
277
Commercial __
Em pfrp
.800
Equitable Tr 260
Farm L A Tr 347
Fidelity Inter 200
Fulton
250
246
Hudson
150
Law Tit A Tr 105
Lincoln Trust 155
Mercantile Tr 285
Metropolitan 230
Mutual (West
Chester __ 105
N Y Life Ins
A Trust.
550
N Y Trust.
305
Title Gu A Tr 294
U S Mtg A Tr 390
United States 850

360
245

170
175
425

155
230
180 Brooklyn Tr.
100 Kings County
95 Manufacturer
95 People's____

299
330
287
135
366
266
355
210
200
252
115
165
305
240
125
565
310
298
405
875
435
660
210
275

425
650
200
265

205
160

t Sale at auction or at Stock Exchange
Ex-rights.

New York City Realty and Surety Companies.
All prices dollars per share.
Bid

A

AJllan R’lty.. 70
Amer Surety. 63
Fiend < M G. 200
fe
City i n vesting 60
Preferred
76

sk I

Bid

Lawyers Mtge 113
67 Mtge Bond-. 75
206 Nat Surety-. 176
66 N Y TitJc A
83
Mortgage-. 112
------------1

Ask

Bid

II

118 (Realty Assoc
82 |J (Brooklyn). 90
182 U 8 Casualty. 160
U H Tltl Guar 70
118 West A Bronx
I Title A M G 160
I

A sk

96
160
80
160

Quotations for Short-term U. S. Govemm’t Obligations.
Sept
Sept
Oct
Oct.

1 6 1 9 2 1 ___
ir , 1921.
16 19 2 1 ___
15 1921
16 1921

0%

6%%
6%

6 %%
6% %

B id .

G

A tlg

in t.
R a le.

| _____

M a tu rity .

A s k e d .!

M a tu rity .

100 % 1 > ' 16 1921
<
10 0*#a Feb 10 J922
100 %, Mar. 16 1922
100%
100%

June J6 1922
June 161924

/ n l.
R a le.
0%
6 %%
6% %
6% %
6%%

B id .

J00%;
t o o 11
3
1 0 0 %,
100*82
100 % ,

Quotations for Sundry Securities.
All bond prlcoM are “ and In te re st” except vi here marked “ f.

H ig h .

9 9 % June
98 % Mar
98% Mar
98% Mar
hi % July
83
Jan
02% June
Mar
94
94 % Jan
94 % June
97% June
Jan
67
87% Jan
84 % Jan
91% June
Mar
99
96
Jan
91
Feb
93% Juric
Apr
47
09% June
99% July
97% Mar
97% Jan
94% Mar
94% Mar
95% July
97 June
94% May
92
Jan
97 June
1 0 0 % Jan
Jan
100
100% Jan
100% Jan
100% Jan
100% Jan
1 0 1 % Feb
89% June
93% June
95% Jan
98% Jan
97% June
100 June
91 June
99% June
97% Jan

12%
42
58
10 %
12%
12
12
79%

m

A sked .

100 %,
100*32
100 %,

[00*ja

100 %,

Standard Oil Stock ttP a r B i d . Ask.
HR. Equipment a— P e r C t . Hasis .
Anglo American OH new £1 no«4 17 Baltimore A Ohio 4 %s_
7.60 0.76
Atlantic Refining_____ _IC I 825 950 Buff Itoch A Pittsburgh 4 %n 7.00 0 40
X
Preferred--------------- _100 106 109
Equipment 4 m
7.00 0.40
Borne Scrymser Oo____ 100 34 0 360
Equipment 6 s_______ _
_ 6.90 0.40
Buckeye Pipe Lino Co... . 50 ♦77 80 Canadian Pacific 4^ hA fls.., 7.26 0.60
Cheflobrougb Mfg new.. . 100 100 170 Caro Cllnohfleld A Ohio On.
8.00 7.00
Preferred new__ ___ 100 90 99 Central of Georgia 4 %h ___
) J ■ 0.76
Continental Oil ..
-100 107 111 Chesapeake A Ohio 0% h___ 6.90 0.40
Crescent Pipe Line Co_- - 50 ♦27 28
Equipment 6 s__________ 7.26 0.00
10 7.50
Cumberland Pipe Llne__ .100 110 125 Chicago A Alton 4% h, fin__
Eureka Plpo Line Co__ .100 84 87 Chicago A Eastern III 6 % b.- 8.76 7.60
Galena Signal Oil oom._ -100 31 34 Cblc Ind A Loulsv 4%a____ 7.60’ 6.1 5
Preferred o l d . ------ -100 88 92 Chic St Louis A N O fin____ 7.20 0.60
Preferred now______ -100 88 92 Chicago A N W 4%s______ 7.00 0.60
6.86 0.4 0
Illinois Pipe Une_____ -100 150 155
Equipment 6 %s.
Indiana Plpo Line Co__ - 60 *77 80 Chicago It J A Pac 4%s, fin.- 7.76 7.00
International Petrol.(no par) ♦12U 12>2 Colorado A Southern 6 s___ 8.00 7.00
National Transit Co__ 12.50 •23 I 24 Erie 4Hfl. 6 s A 6 s ________ 8.00 7.37
138 Hocking Valley 4%s, 6 s___ 7.60 0.75
New York Transit Co— 100 133 1
Northern Pipe Line C o.-100 87 91 Illinois Central 6 s_________ 7.00 6.50
7.00 0.60
Ohio Oil C o .- ..........
26 248 252
Equipment 4%s________
Penn Mex Fuel Co_____ 26 •20 | 25
Equipment 7s A 034s___ 0.80' 0.40
Prairie Oil A Gas---------- 100 400 1410 Kanawha A Michigan 4%8_. 7.50 0.76
Prairie Pipe Line---------- 100 177 180 Louisville A Nashville 6 s___ 7.00 0.00
Solar Refining_________ 100 330 350
Equipment 6 % s ________ 6.90 6.40
Southern Pipe Line C o._100 81 81 Michigan Central 5s, 0s____ 0 80 6.37
South Penn Oil________ 100 170 175 Minn St P A S 8 M 4% sA 5' 7.60 0.05
7.37i 6.05
Southwest Pa Pipe Lines. 100 60 65
Equipment 6 i2s A 7s____
Standard Oil (California). 25 •72 77 Missouri Kansas A Texan fia. 8 .00 |7.00
6 *3
Standard Oil (Indiana)
25 • 4 4 65 Mlssouf I Pacific 6 s________ 8.00 7.00
Standard Oil (Kansas) — 100 530 550
7i2 6.50
Equipment 6 %s___ _____
Standard Oil (Kentucky). 100 3/0 385 Mobile A Ohio 4% b, 6 0 ____ 7.60 6.75
155 New York Cent 4%a, 6 s___ 7.15 6.45
Standard Oil (Nebraska)-100 145 1
Standard Oil of New Jer_ 25 135 136
Equipment 7 s _________ 7.20 6.45
Preferred___________ 100 1 0 6 34 107 N Y Ontario A West 4%a__ 8.00 7.00
Standard Oil of New Y’k.100 303 307 Norfolk A Western 4%s___ 7.00, 6.40
7.00j 6.50
Standard Oil (Ohio)-------100 365 380 Northern Pacific 7s_______
Preferred___________ 100 109 111 Pacific Fruit Express 7 e ___ 6.851 6.45
7.00i 6.50
Swan A Finch_________ 100 25 30 Pennsylvania HR 4 % s...
100
7.00 6.50
Union Tank Car Co------ 100
Equlpment 4s_______
96l2 Pittsburgh A Lake Erie 0%a 7.00 6.40
Preferred___________ 100
7.00 6.50
Vacuum OH___________ 100 260 270 Reading Co 4%s_________
8.00 7.00
Washington OH................. 10 *28 32 St Louis Iron Mt A Sou fis.
8.00, 7.00
Other Oil Stocks
St Louis A San Francisco 60
7.75 7.00
Imperial OIL............ — 25 *80 85 Seaboard Air Line 5s___
7.75 7.00
Magnolia Petroleum----- 100 125 130
Equipment 4%s_____
7.00 6.50
Merritt Oil Corp------------10 *8% 83S Southern Pacific Co 4 M o __
0.85 6.40
Mexican Eagle OH_____ 5 *1812 2112
Equipment 7s_______
7.50 6.75
Midwest Refining_______ 50 *129 131 Southern Railway 4%a__
7.50 6.75
Tobacco Stocks—
Equipment 5s_______
7.50 6.75
American Cigar common. 100 72 78 Toledo A Ohio Central 4s__
6.7516.37
Preferred___________ 100 79 83 Union Pacific 7s_______
7.25 6-65
Amer Machine A Fdry__100 120 135 Virginian Ry 6 s_______
American Tobacco scrip___ 102 104
Public Utilities
*100 101
1 2 34 Amer Gas A Elec, com__ 60
Briti8h-Amer Tobac ord__£l *12
Brlt-Amer Tobac, bearer..£] * 12% 1238 Preferred____________ 60 *35l2 37
14 Amer Lt A Trao, com___ 100 80 82
Conley Foil (new)__ no par *11
Helme (Geo W) Co, com. 100 155 162
Preferred...... ...............100 77 80
Preferred___________ 100 90 93 Amer Power A Lt 6 com..100 52 55
* 83
4 9i4
Imperial Tob of G B A Ire.
Preferred___________ 100 64 67
5
Johnson Tin Foil A Met. 100 90 93 Amer Public UtU, com__ 100
MacAndrews A Forbes. .100 85 93
Preferred_________ __100 10
33 412
4
Preferred___________ 100 79 83 Amer Wat Wks A El. . . . . 100
Porto Rican-Amer T ob..100 60 70
48% 50
1 st preferred________ 1 0 0
78 83
8
Scrip.______________
9
Participating pref____ 100
Reynolds (R J) Tobacco. 25 *60 70
5s, 1934___________ AAO 56R 57
B common stock_____ 25 •34 36 Carolina Pow A Lfc, com. 100 26 29
Preferred___________ 100 98 100 Cities Service Co, eom__ 100 115 117
Tobacco Prod Corp scrip___ 92 95
Preferred___________ 100 41% 42l2
5
7
Weyman-Bruton Co, com 100 158 165 Colorado Power, com __ 100
Preferred__________ -100 90 94
Preferred___________ 100 74 79
9i2 10%
Young (J 8) Co______ .100 80 90 Com’w’th Pow, Ry A Lt_100
Preferred__ _______ -100 89 93
Preferred___________ 100 30 31
Rubber Stocks (Cleve a n d v t i c e s ) Elec Bond A Share, pref-100 80 84
6
7
Firestone Tire A Rub, com 10 •51 5 2
Federal Light A Traction. 100
80
6% preferred............. .100
Preferred___________ 100 39 41%
7% preferred______ 100 63 65 Great West Pow 6 s 1946 .JAJ 763 77
4
Gen’l Tire A Rub, com. _-100
200
Mississippi Rlv Pow, com 100 11 12%
Preferred__________ 100 70 85
Preferred___________ 100 61 63
934 10
Goodyear Tire A R, com -100
First Mtge 5s, 1951__ JAJ 77% 78
Preferred__________ .100 23 23%
4
S f g deb 7s 1935__ MAN 90 913
Miller Rubber________ -100 45
Northern Ohio Elec, (no par) *5 — —
56 60 "
«... .
Preferred__________
Preferred_____ _____ 100 10 — .0
Mohawk Rubber_____ 100
85 North’n States Pow, com. 100 45 48
Portage Rubber, com___ .100
Preferred___________ 100 79 81
Preferred__________ .100
10
North Texas Elec Co.comlOC 74 77
40
Swinehart Tire A R, com .100
Preferred_____ ____ _10G 69 72.
Sugar Stocks
Pacific Gas A El, 1st pref-100 76 78.
Caracas Sugar____ ____ .50 *18 22 Puget Sound Pow A Lt__100 17 19
Cent Aguirre Sugar com. .20 *46 49
Preferred___________ 100 71 73
5
3 Republic Ry A Light----- 100
6
Central Sugar Corp. (no par)
15
Preferred__ _______ .100
Preferred___________ 100 13 17
Cupey Sugar common. 100 75 100 South Calif Edison, com. 100 91% 93
Preferred_____ _____ 100 75 85
Preferred___________ 100 97U 100
Fajardo Sugar _
100 40 50 Standard Gas A El (Del)_.50 *9 10
Federal Sugar Ref, com.. 100 94 97
Preferred_____________50 *32 34
i2 1*2
Preferred .......... ......... 100 94 97 Tennessee Ry, L A P.comlOO
3
5
Godchaux Sug Inc__(no par) *20 25
Preferred___________ 100
Preferred .
100 60 65 United Lt A Rys, com— 100 22 24
Great Western Sug, com. 100 140 160
5 7 h 5912
1 st preferred________ 1 0 0
97 103 Western Power Corp___ 100 231 26i2
2
Preferred___
100
Holly Sug Corp, com (no par) 12 17
Preferred___________ 100 65 68
Preferred____
100 45 55 Short Term Secmities — P e C e n t
4
Juncos Central Sugar
100 50 100 Am Cot Oil 6 s 1924..MAS2 883 90
4
National Sugar Refining. 100 98 103 Amer Tel A Tel 6 s 1924.FAA 96% 963',
98% 9812
Santa Cecilia Sug Corp, pflOO 10 25
6 % notes 1922_____ AAO
Savannah Sugar, com (no par) •14 20 Am Tob 7% notes 1921MAN 109 H
0012Preferred_______ ___ 100 30 40
8 O
7% notes 1922.........MAN 997 IO I4
West India Sug Fin, com. 100 175 225
7% notes 1923_____ MAN 99% 100 %
Preferred _.
100 70 80 AnacondaCop Min 6s’29i JAJ 85% 86%
7s 1929 Series B____ JAJ 92% 92%
Industrial 8c Miscellaneous
Anglo-Amer Oil 7%s’25 AAO 99% 99%
American Brass________ 100 159 162 Arm’rACo 7sJuly 16*30JAJ16 95% 95%
132
American Hardware____ 100
Deb 6 s J’ne 15 *22 _JAD1.‘ 98
Amer Typefounders, com.100 40 43
Deb 6 s J’ne 15 *23 .JAD1.‘ 95% "97 "
Preferred___________ 100 80 83
Deb 6 s J’ne 15 ’ 24 _JADU 94% 96
Bliss (E W) Co, new_.no par *21 26 Beth St 7s July 15 '22.JAJ16 99 99%
Preferred____________ 60 *50 60
7% notes July 16 ’23 JAJ16 97% 98
Borden Company, com..100 93 96 Canadian Pac 6 s 1924.MAS2 95 95%
Preferred___________ 100 84 87 Federal Sug Ref 6 s 1924MAN 95 96
Celluloid Company____ 100 90 102 Goodrich(B F)Co 7s’25.AAO 89 89%
Childs Go com_________100 83 86 Hocking Valley 6 s 1924.MA8 91 92%
Preferred____ ______ 100 94 .96 Interboro R T 7s 1921-.MAS 77 78
du Pont(E I) de Nem&ColOO 115 120 K C Term Ry
Debenture stock......... 100 67 69
0s Nov 15 1923__ MAN16 95 95%
1
2 Laclede Gas 7s Jan 1929 FA A 89% 91
Havana Tobacco Oo___ 100
4
6 Lehigh Pow Sec 6 s 1927-FAA 67% 68
Preferred____ ______ 1 00
1st g 5s, Ojne 1 1922. _JAD /45 50 LlggettAMyersTob68’21 JAD 99% 100
7
8 Pub Her Corp N J 7s ’22-MAS 92 94
Intercom/ Rubb, com__ 100
International Salt_____ 100 45
Reyn (R J) Tob 6 s ’22. FAA 98% 99%
1st gold 5s, 1951___ AAO
SlO Sheff S A I 60 ’29..FAA 82 85
Sfl
International Silver, prof. 100 •88%
Southern Ry 6 s 1922— MAS 95% 96%
Lehigh Valley Coal Sales.50 05 07 Swift A Co 0s 1921--- FAA15 99% 100
Phelps Dodge Corp_____ 100 145 150
7% notes Oct 16’26 AA016 96% 96%
Royal Baking Pow, corn. 100 05 75 Texas Co 7s 1923_____ MA8 99 99%
Preferred__ ____
100 70 75 U B Rubber 7 % 0 1930--FAA 99% 99%
Singer Manufacturing__ 100 •93 90 Utah Sec Corp 0s ’22-MAS16 86 % 87%
2 West Elec oonv 7s 1926-AAO 99%'100
1
Singer Mfg, Ltd_____ _£1 *2
—

♦Per share. 6 Baals,
/(Flat price. ALast sale,

d

Purchaser also pays accrued dividend. «]New stock.
Nominal. $ Ex dividend, v Ex-rlghts.

n

lu u e stm c u t

am t

ita iU o a d

I w t e llig m c * .

RAILROAD GROSS EARNINGS
The fc ,11/V
Z-c111

l .lt ?

me snows me ■
*'oss ;u iiin - of various STEAM roads from which regular weekly or monthly returns
he first two e Limns of figures give the gross earnings for the latest week or month, and the last two
<
for the period nuiu jan. i to and including the latest week or month. The returns of the electric railways
troi

i.

X H u run s

it oar a 1

a su b se q u en t p a y e.

Latest Gross E a rn in g s .
HOADS.

Week or
M o u th .

| C u rre n t 1 Previous

Y e a r.

J a n . 1 to Latest D a le, j

C u rre n t I P revious
Y e a r.
Y e a r.

Latest Gross E a rn in g s .
ROADS.

| Week or

M o n th .

| C u rre n t

Y e a r.

J a n . 1 to Latest Date.

Previous
Y e a r.

C u rre n t
Y e a r.

P revious
\ <-<n .

L

$
$
$
*
$
$
$
%
A la ba m a A V ick sb - M a y
256,012
273,734 1 351,012 i 1,395,713
M o K A T R y o f T ex M a y
2,037,178 1,961,943 11,182,314 11,201,478
A n n A r b o r ------------ s * wk June
00,520
93,419 ! 2,166,690 2,142,251
M o A N orth A rkan. M ay
96,502
138,168
473,458
770,547
A tch ' I'opeka & S Ee M a y
M issouri Pacific
15218054 15214482 74,349,901 83,170,103
M ay
8,651,373 8,773,414 4 3,8 16 ,5 <2 44,997,776
G u lf C o lo A S Fe- M a y
2,453,118 l .881,229 111 .573,277 110,366,794
M o b ile A O h io _____ 4 th wkJune
429,383 9,336,801 8,577,697
108,753
1 1&y
Y
Panhandle H F«
♦ ,2 0
i'll
6 '>. 4 2 | 3.395,74(1 3,26 215
C olu iu A G reen v . M a y
1 12,i 18
128,225
785,813
6 /3 ,5 5 4
A tla n ta B irin A A tl_ M a y
238,127
478,971 | 1,228,284 1 2,401.751
M o n o n g a h e la ______ M a y
292,218
251,517 1 ,577,633 1,422,835
A tla n ta A W est Pt_ M a y
217,585
228,411 1,048,717 1,241,847
M on on gah ela C o n n , M a y
61,690
273,420
318,295 1,263,917
A tla n tic C ity _ —
____ M a y
414,020
387,622 1,416,444 1,443,623
M o n to u r
____ iM ay
i Oh ,6.>7
401,206
215,924
659,422
A tla n tic C oa st Bine- M ay
5,350,050 5 .6 7 3 .3 // 31,677,223 3 1,465,864 I N ash v C h art A St L !M a y
1,649,927 2.072.971 8,483,501 9,790,766
B altim ore A Or do
79,914,928 *2 ,20 1,81 5
M ay
L
5722738 18263113
N evada-( ’ alif-Ore
4 th wkJune
7 ,5 1 K
7,150
146,801
184,744
B A O (.'hie T erm M a y
823,736 1 N eva d a N orthern
193.483
120.011 1,013,214
768,424
L6.57!
163,437
193 29?
B angor & A roostook M a y
533,947
581.914 1 3.337,176 2.715,241
N ew bu rgh A Sou Sh iM ay
82,810
635,161
119,868
549,167
B ellefon te C en tra l. _ A pril
203,87 | 1
4 ,955
7,964
25,904
30,170
New <ni ( treat N or 1M ay
195.3‘ D
1,026.204
Bell R y o f t 'h ie a g o _ M a y
N O T exas A M e x ico M a y
242.099 1 2,04 6,20 5 l ,554.249
4 15,400
182.138
191,904 1,175,65
943,852
Bessem er A L E rie. M a y
1,161.108
M ay
793,222 4,266 822 3,646,553
B eau m S L A V
V
139,544
193,266
974,'-26
844,766
B ingham & G arfield M a y
12,865
169,030
95,069
St L B row n s A M M a y
751,569
452,922
711,439 2,604,225 3,108,766
B oston A M a in e ----- M a y
6,277,762 6,832,046 30,708,909 30,763,083
M ay
N ew Y ork C entral
26566190 272 18826 129660157 133186826
mo 8 0
56 1 963
B kly7i E l> T e r m .
lnd H arbor Belt M a y
lo t 131
1 i
M ay
7 12,299
5 7 1,309 3.680,131 3 ,093,206
B u ff R o c h A P itts b . 4 th w kJune
377,925
L ake Erie A West M a y
555,926 7,389,244 10,081,006
780,577
936,771 3,679 8 11 4 ,171,474
B u ffalo A S u sq -------- M a y
905,198 1.131,011
163,980
224,375
M ich iga n C entral M a y
5,885,226 0,148,241 28,152,700 31,839.840
C an adian N a t U y s . 4th w kJune 2.446,683 2,471.419 50,284,390 45,561,824
C iev e C C A St L M a y
6,647,934 6.177,101 32,650,879 32.778,828
C an adian P a c ific ----- 4th wkJune 4 ,38 7,00 0 5 .060,000,82,278,000 90.570.000
C in cin n ati N o r th , M a y
267,565 1 .381.618 1,265,007
302,512
C a ro ( Clinch A O h io . IVlay
601.212
550,891 2 ,972,636
P itts A Lake Erie M a y
803.713
2,023.435
992,662 10,720.434 11,229,086
C en tral o f G eorgia
M ay
1,789,188 1.828,365 9,19 1,25 0 10,259,648
T o l A O hio G e n t, M a y
907.086
910,324 4 , 071 ,579 4,175,529
M ay
C en tral R R o f N J
K anaw ha A M i c h , , M a y
4,194,258 3,532.857 20,722,908 16,604,562
456.079
471,484 1,822,620 1,832,260
C en t N ew E n gla n d . M a y
N Y ( ’ hie A Si Louis M ay
621,086
579,627 3,425,293 2 ,226,458
2,192.123 1,835,520 [10.91 1 ,061 9,98 0,90 4
C en tral V e rm o n t___ M a y
N Y C o n n e ctin g ___ M a y
558,816
638.460; 2,553,601 2,566.715
282,554
1.453,248
C harleston A W C ar M a y
M ay
N Y N 11 A H artf
303,951 1,450,410 1,439,721
9 ,423.486 9,965,805 45,282,315 44,823,599
271,939
C h es A O h io L in es. _ M a y
N Y O ut A W estern M a y
8,017.907 6,663,381 33,318,434 32,200,287
1 ,2 0 5 ,9 1 1 1,036.196 5 .156.228 4 ,183,022
2.455.398 2 200 266 l 1 .886,993 10,669.533
C h ica g o A A lto n .
M ay
N Y Susq A W e s t , _ M a y
331,229 i 413,761 1,698,449 1,648,304
C h ic B url A Q u in cy . M a y
12534 930 13087310 0 5,0 54 ,0 59 .6 9,1 51 ,0 60
N orfolk S o u th e rn ,. M a y
599,815 3,227,243 3,234,657
606.554
C h ica g o A E ast 111
M ay
1,983,645 2,044,554 10,748,971 11,293,306
N orfolk A W estern , M a y
6 ,613,062 6 .350,722 32.141,052 32,018,451
C h ica g o G reat W est M a y
1,934,209 1,655,241 9,655,292 9 ,088,600
N orth ern Pacific*
7.037,077 7,981 .879 33,018,535 42. 105,530
M ay
( ’hie 1nd A L ou isv
M ay
1 ,2 M .420 J ,160.876 6 .026.550 5,656.958
N orth western P ac_ _ M a y
642,536 2,856,219 2,684,094
730.616
C h ica g o J u n ctio n . _ M a y
409,419
219,577 2 .042,576 1,243,776
Pen n sylv R R A C o . M a y
40773400 40408665 205316708 190279593
C h ic M ilw & St Paul M a y
B alt Ches A A t l, _ M a y
118,781
11059949 11707771 55,416,579 62,430,155
501,897
127,075
562,323
C h ic A N orth W e st- M a y
C in e Lob A N or__ M a y
10365927 12835152 55,742.173 59,377.806
107,741
439,785
91.191
436,362
C h ic P eoria A St L_ M a y
157,451
140.218
796,029
G ran d R a p A ln d M a y
933,355
682,222
521,128 3.468,370 3,440,167
C h ic R l & P a c if ic ., M a y
L on g Island
■May
10180563 10203562 51,206,501 51 ,121,766
2. 172,3(7 2,033,322 9,974,357 8 ,231,848
C h ic R 1 A G u l f .. M a y
622,977
4 44,255 2,922,075 2,648,772
M a r y ’d D el A Va_ M a y
105,429
103,030
426,632
395,583
C h ic St P M & O m . M a y
N Y Phila A N o rf M ay
549.590 2,451.257 2,878,911
1,926,903 2,297,845 10,901 .451 12,393,414
461,052
C h ic T erre H & S E M a y
383,872
371,267 1,988,978 1,959,880
T o l P eor A W e s t . M a y
127,824
825,540
153,365
696,696
293.298
C in e ln d A W estern M a y
325,40V) 1.408,942 l 687.003
W Jersey A Seash M a y
970.714 4 ,438,045 1. L02.913
1,071.097
C o lo & Southern — 3d wk June 326,703
P itts C C A St L_ M a y
548,268 11,664,559 12,959,874
7,598,923 9 ,282.004 10,235.127 42,968,390
tyv • 97.“, 1*0 l. u o .mi 4 o m n*q
F t VV A D on O itv M a y
Peoria A P ekin Un_ M a y
100,895
705,491
121,479
644,585
T rin & B razos Val M a y
136,299 1,008,711
Pere M a r q u e tte ____ M a y
218,327
739,680
3,088,511 3,198,718 13,812,562 14,262,165
W i ch i t a V alley - M a y
P erkiom en _ ____ M a y
94,957
100.438
722,190
541 ,102
116,105
684,536
96,261
472,388
C u m b V al A M a r t ’s M a y
66,070
285.533
Phila A R e a d in g ___ M a y
135,267
585,061
7,009,505 7,410.185 35,106.724 34.188.026
D elaw are & H udson M a y
P ittsb A S h a w m u t,, A pril
114,474
508,341
3.691,724 3,141,652 18,714,847 14,507,849
47,694
453,806
D el L a ck & W estern M a y
P itts Shaw A N orth M a y
103,502
7.294,702 5.692,236 34.713,852 28,170.702
100,064
499,528
567,205
D e n v A R io G rande M a y
P ittsb A W est Va__ M a y
756,264
182,138
775,872
2,390,573 2.923,986 12,382,259 14,414,891
183,039
D en v er & Salt L ake M a y
P ort R e a d in g ____ __ M a y
771,354
200.427
194.976
863,171
134.266 1.048,968
907 ,454
200,375
D e tro it & M a ck in a c M a y
Q u in cy O m A K C_ _ M a y
155,560
103,764
519,118
521.831
103,894
170,363
739,432
718,679
D etroit T o l A fr o n t . M a y
R ich Fred A P o t ora . M a y
399.292 2.31 9,54 5 1,833.312
744,405
859,993
925,815 4,605,130 4,726.083
D e t & T o l Shore L __ M a y
M ay
165,899
R u t l a n d ____
416,324 2,329,891 2,115,984
206.589
951,079
481,388
825.313
D u l & Iron R a n g e . _ M a y
541.397 1,328,946 1,426,728 1,963,070
St Jos A G ran d Isl d M a y
242.167
249.921 1,255,732 1,267,077
D u l M issa be A N o r . M a y
St L ou is San F ran , M a y
1,618.782 1,995.205 2 ,503,579 2,873,333
6,343.077 6,VD5.3‘m 3 3 ,5 1 1 . 3 m 34,971.331
687,321
102,489 2,146,114 2.24 3,05 9
D u l Sou Shore & A tl 3d w k June
F t W A R io Gran M a y
787,268
134.898
145,782
76,864
674,507
D u lu th W in n A P ac M a y
St L -S F o f Texas M a y
139,444
183,680 1,271,412
131,122
701.646
110.391
978,579
St L ou is S ou th w est. M a y
E ast St L ou is C o n n . M a y
77,626
1,406,061 1,687,857 6,943 902 8 003,128
130,713
682,601
496.976
683. 30 3.019.1 6 3,502,591
St L S W o f Texas M a y
E astern SS L in es— M a y
418,531 1,259,183 1,093,233
569,532
416,137
T o ta l s y s te m ____ 4th wkJune
E lgin Joliet A E a s t. M a y
734,063 11,801,805 13,835,316
559,528
1,366,269 1,770,149 9.103.223 8.80 5,92 0
543.754
E l P aso & So W e s t .. M a y
St L ouis T ra n sfe r, _ M a y
90,107
93,140
880.257 1,020,382 4,977,296 5,801,581
478,015
M ay
328,316 2,288,935 1,796,115
San A n t A A ran Pass M a y
E rie R ailroad
8,471.806 7,478,373 41.484,188 36,773,841
490,635
611.781
522,541
San A n t U vald e A G M a y
155,403
C h icago A E r i e ., M a y
131,456
1,011,900 1,024,344 4,576,774 4 ,27 7,16 0
Seaboard A ir L i n e ., April
3,551,336 3,636,521 15.752,133 16,803,275
N J & N Y R R ___ M a y
103,058
489,766
131.983
595,966
Southern P a c ific___ M a y
F lorida E ast C o a s t. A la y
1.158.329 1,115.7m 7,420,791 6.318,081
15593883 15784821 74,835.559 71.722,292
Southern P a cific C o M a y
F on d a Johns & G lo v M a y
21345217 21 607549 107 204137 101295119
113,309
127,003
557,666
549.744
249,696 4,387,840 2,325.380
A tla n tic SS L in es, M a y
F t Sm ith A W estern M a y
707,525
141,418
732.755
146.301
804,445
340,051 1,406,268 1,645.051
A rizona E astern , M a y
196,989
G a lv eston W h a r f— M a y
225,444
118,177 1,045,322
516,747
G a lv H arris A S A M a y
1,862.578 2,026,443 10,898,945 9,846.860
G eorgia R a ilro a d — M a y
532,682 2,224,070 2,639,869
408,548
H ou s A T ex C e n t, M a y
866.310 4,997,036 4,408.949
955,846
G eorgia A F lo r id a ,. M a y
101,438
106,891
548,520
563,465
255,002 1,112,980 1,195,860
H ou s E A W T e x , M a y
211,959
G rand T ru n k Syst__ 4 th w kJune 2,785.053 2,926,623
414,624 1.799.120 2,114,414
Louisiana W estern M a y
165,473
A t l A St Law rence M a y
249,599
214,538 1,418,471 1,221,285
803,097 3,725,762 4,119.923
C h D e t C a n G T Jet M a y
740.579
M o r g La A Texas M a y
148,695
89,336
833,720
648,161
729.147 3.504,154 3,818,801
T exas A N ew Orl_ M a y
613.653
D e t G H A M ilw . M a y
278.500
280,138 1,433.702 1,587,212
Southern R a ilw a y ,_ 4 th w kJune 4,212,791 4,758,445 82,312,105 91,745,557
G ran d T rk W e s t , M a y
1,285.777 1,804,103 5,588,437 5 ,711,224
844,677 3,951,317 4 ,195,032
A la G reat S o u th , M a y
705,161
G reat N o rth System M a y
7,315.244 9,8 IK.125 33.455.184 44.390,802
1,506.502 1,487,727 7,426.930 7,730.699
C in N O A T e x P_ M a y
Green B a y A W e s t , M a y
101,242
101 .684
503.786
583,382
343,811
378,187 1,889,395 2,250,160
G eorgia Sou A Fla M a y
G u lf M o b ile A N o r , M a y
328,827
311.498 1,743,308 1.465.490
505.951
566,476 2,786,577 2,991,069
N ew Orl A N o r E _ M a y
G u lf A Ship Is la n d , M a y
235,211
262,390 1,166,210 1,181,538
381,130
633,425
120.399
N orth ern A la ____ M a y
64,535
H ock in g V a lle y ------ M a y
1,302,738 1,000,681 4,860,010 5,094,237
106,672
531,576
604,348
112,725
Spokane In te rn a t, _ M a y
Illin ois C e n tra l------ M a y
11018806 10713131 57.472,152 54,600.825
577,886 2,851,728 3,215,073
Spok P o r t! A Seattle M a y
609,303
In te rn a l A G rt N o r , M a y
1.784.091 1.240,542 8,012,700 6,752.311
824,179
209,67?
981.009
212,942
Staten Island R T . M a y
In tern at R y in M e . . M a y
175,247 1,450,068 1,374,040
157,540
80.178
3,321
55.335
1,814
T e n n A la A G eorgia 3d w k June
K a n C ity H e x A Or M a y
115,785
167,550
625,980
717,273
247,973
982,349 1,194,501
174,118
Tennessee C e n tra l, _ M a y
K C H e x & O o f T ex M a y
122,722
201,302
682,152
881,881
349,733 1.830 212 1.729,759
360,817
T erm R R Assn o f StL M a y
K an sas C ity Souths M a y
1,663,915 1,574,483 8,365.128 7 ,229,952
272,830 1,467,628 1,465,116
St L M e r B dge T_ M a y
294.606
T ex a rk A Ft Sm _ _ M a y
940,598
827,101
170.232
165.802
746.190 17,064.407 18.396,842
3d w k J line
595,709
T exas A P a cific
K ansas C ity T e r m . _ M a y
103.805
121,758
578,844
638,512
939,749 3,617,535 4,298.056
746,767
154.700
T o le d o St L A W est M a y
K a n O kla A G u lf. _ _ M a y
193,042 1.004,951
959.457
456.079
520.171
112,686
114,893
U lster A D e la w a r e ,, M a y
L ak e Sup A Ishpem M a y
19,528
221,888
47,828
250,264
7.968.522 9,480,312 19.920.801 46.475.328
U nion P a c ific ---------- M a y
L ak e T erm inal R y . . M a y
100,967
109,626
603,615
494.617
12753 799 15494 753 >3.993.999 76,977,900
T o ta l S ystem ____ M a y
L ehigh A H u d R iver M a y
261,279
276.006 1,325,466
946,612
Oregon Short Tune M a y
2,504.149 3,514,122 13,030,719 17,413,008
L ehigh A N ew E n g . A la y
395,443
445,332 1.779.553 1 ,696.437
O re-W ash R R A N vi a y
2,28 1.12 " 2,50 0.31 " 1 1 4 0 2 , 1 7 0 18.089,562
L ehigh V a lle y _____ M a y
6,349,402 5,131.818 30.262,306 25,136,676
786.853
748.201 4.125.928 3,312.894
U nion R R ( P e n n ) ,, M a y
Los A n g A Salt L ake M a y
1,563,705 1,748,446 8,205.637 7,568,010
713,770
501,569
111,206
82.632
28Q 0 16 3 1 1 .396 1.tlQ.240 1 .7 19.01 A. U t a h _______________ M a y
Louisiana A A rk a n . M a y
329,691 1,707,372 1 881,935
V icks Shrev A P a c ,, M a y
343.869
L ouisiana R y A N a v M a y
300.120 304,914 1,571,985 1,633.171
972.892 7.592,109 5.853,289
V irginian R ailroad _ M a y
2.065.374
L ou isv ille A N a s h v . M a y
9,893,633 9,600,516 47,774.593 49,421,174
M ay
1.854.265 3,929.838 24,093.299 20.918,233
W ab ash R R _____
L ou isv R en d A St L M a y
232.160
243,478 1,188,582 1,228,222
35 1.1 33 325.291 S .563.8 >5 7,167,580
W estern M a rv la n d _ 3d w k June
M a in e C e n t r a l ____ M a y
1,553,955 1,714,261 8,880,930 7,305,680
965,942 1.152,098 4,592.600 5.27 5.300
W estern P a c ific ____ M a y
354.453
M id la n d V a lley ------ M a y
398.062 1,930,484 1,881.031
215,032
222,423 1,009.713 1,149,898
W estern R y o f A l a , , M a y
M ineral R a n g e _____ 3d w k June
317,796
3,593
13.158
186,254
1,367,494 1,821,869 5 ,264.102 5 ,6 2 /,5 2 1
W heel A L a k e E rie , M a y
M in neap A S t L ou is. 4 th wkJune
270,170 353.268 7,739.753 7 ,781.125
972,400 l .085.479
173,278
218.613
W ich ita Falls A N \Y M a y
M in n S t P & S S M . M a y
3,084.886 3.751,382 16,097.584 17,257,664
1,501,315 2,388, SO5 S. 181.474 11,841.640
Y a z o o A M iss V alley M a y
M ississippi C en tra 1_ M a y
87,209
80.80S
416.216
383.568
M issou ri K a n A T ex M a y
2,616,071 2,994,579 13,334,026 15,256,506

AGGREGATE GROSS EARNINGS— Weekly and Monthly.
C u rren t

*W

e e k ly S u m m a r ie s .

Y e a r.

$
3d T w eek A p ril (16 r o a d s )____ 12,471,90?
4th w eek A p ril (1 1 r o a d s )____ 10,360,370
1st w eek M a y (19 ro a d s )____ 12,550,735
2d week M a y (19 r o a d s )____ 12,519,005
3d w eek M a y (19 r o a d s )____ 12,840,249
4 th w eek M a y (20 r o a d s )____ 17,266,158
1st week June (20 r o a d s )____ 12,659,519
2d week June (19 r o a d s )____ 12,9? : 712
3d week June (18 r o a d s )____ 12.977.363
4th* w eek June (13 r o a d s ) ------ 15,455,421
* W e n o longer Include M ex ica n roads in

P r ev io u s
Y ear.

In crea se or
D ecrea se.

S
13,112,592
— 640,685
10,981,830
— 621,460
13,850,741 — 1,300,006
14,283.332 — 1,764,327
14,192,371 — 1,352.122
19.814,490 — 2,548,332
14,148.035 — 1,488,516
14,544,922 — 1,571.210
14.424,221 — 1,446.858
17,296,277
1,840.856
any o f our totals.

%

* M o n t h ly
M ile a g e .

Sum m a r i e s .

C u r r .Y r .

J u ly ________ -22 0 ,4 5 9
A u g u s t____ _ 199,957
9.as S e p te m b e r, ,2 2 6 .9 5 5
O cto b e r____ ,2 3 1 .4 3 9
12.35
9.53 ! N o v e m b e r _ .2 3 5 ,2 1 3
D ecem b er, _ 229 422
12.86
January — .2 3 2 ,4 9 2
10.52
10.80
February - - .235,653
10.03 j M a rc h _____ .234,832
220.310
\m il _
10.64
4.89
5.66

P r e v .Y r .

218,918
199,418
224,922
229,935
233,839
228,134
231.513
234.510
233,839
2 19,7 13

C u rren t
Y ear.

P r ev io u s
Y ear.

S
467.351,544
441,423.158
594.192.321
633,852,568
592.277,620
539,197,615
169,784.542
105,001,273
456.9 78.940
11 t .279,83 l

$
401.376.485
3 6 1.Sbo.bl S
ISO. 108.046
503.281.630
138.038.0 18
113.12 L l 76
503.011.129
12 l , 172.3 18
158.162,330
381.112 8 11

In crea se or
D ecrea se.

$

/Q

1643
19.98
_ o .t'8
• '' |
35.21
2 1 68
83.22 p ,pS 6 60
l 9 . 1 . \.0 ,5 1 52
l , 183.390 00 32
. 91
i 30,1 eo 98

4-6v5.925.059
■O PP ,PoO
4 11 3 •So •■o
1305 2 '''^
154 ' 19 1
r 9 6 .0 . v> 1o9
.

Latest Gross Earnings by Weeks.— In the table wind)
follows wo sum up separately the earnings for the fourth wook
of June. The table covers 13 roads ami shows 10,64% de
crease in the aggregate over the same week last year.
1921.

Fo u rth Week of Ju n e

Increase. Decrease.

1920.

1
if
555,926
377,925
B u ffalo Rochester & Pittsburgh
2,440,683 2,!7 1,410
C anadian National Railways _
4,387,000 5,060,000
Oanadian Pacific
Grand Trunk o f Canada
Grand Trunk Western
D etroit Grand Haven & M il
■
C anada A tlantic
M inneapolis & St L ou is- —
Iowa ( Jentral
M ob ile & <>hio
N evada-C alifornia-O regon _
St L ou is S ou th w est# !1 -----Souhern R a ilw a y ------------------T o ta l (13 r o a d s )-----N et decrease (10.64*2.)

£

$,

178,001
24.736
673,000

2,785,053 2,926,623

141,570

270,170
353,268
429.383
408,753
7,518
7,150
734,063
559,528
4,212,791 4,758,445

83,098
20,630

3(38

15,455,421 17,296,277

l7 I
545,654

368 1.841,224
1iM 0.856

Net Earnings Monthly to Latest Dates.— The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
reported this week:
Gross fro m
R a ilw a y.

*

163,980
224,375
905,198
’20 1,131,011
558,816
C entral V erm on t
M a y ’21
638.460
’20
Jan 1 to M a y 31 ’21 2,553,601
’ 20i 2,566.716
622.977
C h icago R I
M a y ’21
444,255
& G u lf
’20i
Jan 1 to M a y 31 ’21 2,922,075
’20i 2,648,772
383,872
C h ic T erre H au te M a y ’21
371,267
& S E
’20
Jan 1 to M a y 31 ’21 1,988,978
’20 1,959,880
C olorad o &
M a y ’21 1,000,634
Southern
’20• 1,130,481
Jan 1 to M a y 31 ’21 5,391,868
’20» 5,622,540
T rin ity &
M a y ’21 218,327
136,299
B razos V alley
’20i
Jan 1 to M a y 31 ’ 21 1,068,711
739,680
’20
D e t & T o l Shore
M a y ’21
206,589
Line
’ 201
165,899
Jan 1 to M a y 31 ’21
951.079
825.313
’20i
D u lu th &
M a y ’21 541,397
Iron R an ge
’ 20> 1,328,946
Jan 1 to M a y 31 ’ 21 1,426,728
’201 1,963,070
D u lu th South
M a y ’21
361,602
Shore & A tla n tic
’20)
497.197
Jan 1 t o M a y 31 ’21 1.889,738
’2 0 ' 2,004,408
D u lu th W in n
M a y ’21 140,391
& P a cific
’20
183,680
Jan 1 to M a y 31 ’21 1,271,412
’20
978,579
G alveston W h a r f
M a y ’21
225,444
118,177
’20
Jan 1 t o M a y 31 ’21 1,045,322
’20
516,747
G rand Trunk System —
Grand Trunk
M a y *21 1,285,777
W estern
’ 20I 1,004,103
Jan 1 to M a y 31 ’ 21 5,588,437
*20 5,711,224
G u lf M ob ile &
M a y ’ 21
328,827
N orthern
’20)
311,498
Jan 1 to M a y 31 ’ 21 1,743,308
’20 1,465,490
G u lf < Ship
fe
M a y ’ 21 235,711
Island
’20i
262,390
Jan 1 to M a y 31 ’ 21 1,166,210
’20 1,181,538
International R y
M a y ’ 21
157,540
o f M ain e
~ ’ 20
175,247
Jan 1 to M a y 31 ’21 1,450,068
’20 1.374,040
Lake Superior
M a y ’21
19,528
& Ishpem ing
’ 20
221,888
Jan 1 to M a y 31 ’ 21
47,828
’20
250,264
L os Angeles &
M a y ’ 21 1,563,705
Salt Lake
’201 1.749.446
Jan 1 to M a y 31 ’ 21 8,20 5,63 7
’ 20 7,568,010
Louisiana R y &
M a y ’ 21
300,120
N avigation
’ 20
304,914
Jan 1 to M a y 31 ’ 21 1 .571,985
’20» 1,633,171
M in n St P & S S M M a y ’21 3,084,886
„
’20 3.751,382
Jan 1 to M a y 31 ’21 16.097,584
’20 17,257,064
H O Te xa s &
M a y ’21
182,138
M exico
’20
191,904
Jan 1 to M a y 31 ’ 21 1,175.650
’20
943,852
B eaum ont 8 L
M a y ’ 21
139,544
& W
'20
J93,266
Jan 1 to M a y 31 ’ 21
974.026
’20
844,766
W Louis
May ’21
452,922
Brownsv & M o x
’20
71 1,439
Jan 1 to M ay 31 ’ 2J 2 ,604,225
^
’20 3,108,706
N orM western
i
May ’21
730,616
Pacific
’20
642.536
Jan J to M a y 31 ’ 21 2,856,219
’ 20 2,684,094
■T
•f 1,--i/J
F t W o rth &
M a y ’ 21
145,782
R io G rande
*20
134 ,898
J an J to M a y 3) ’ 21
687,321
’20
787,268
St JvOuJs~8an Fr M a y ’21
131,122
o f Texas
'20
139,444
Jan J to M a y 31 '21
701 .646
'20
674,507
B u ffalo & Susq

M a y ’21
’20
Jan 1 to M a y 31 ’21

17 f>

THE CHRONICLE

J uly 1 1921.]
)

N e t fro m
R a ilw a y.
<
n
*
•
i
d

N e t after N e t after
Taxes. Equip.R ents.
<
n
*
«>
B

— 34,306
— 31,006
— 44,653
— 50;953
— 213,812 — 230,312
— 112,080 — 144,380
— 163,657 — 184,633
— 57,416
— 40,001
— 595,730 — 700,370
— 553,844 — 640,899
137,835
149,281
33,563
15,679
467,776
400,419
607,544
517,442
6,952
— 15,547
— 34,265
— 53,765
— 117,167 — 223,730
— 74,349 — 170,849
206,469
130,580
— 209,554 — 269,467
1,141,933
751.578
983,771
700,690
22,404
29,605
— 31,944
— 39,167
— 31,068
3,572
— 244,765 — 286,062
50.207
64,207
44.047
54,046
189.375
251.375
133,461
213.245
67,265
106,580
770,457
698,529
— 621,834 — 720,255
96,155
— 15,192
— 88,521 — 115,532
33,672
— 46,515
— 175,352 — 332,458
— 54,153 — 216,411
— 29,600
— 38,420
— 1,322
— 12,058
136,359
70,694
118,922
66,716
105,444
88,444
34,572
18,772
475,907
390,902
95,750
20,150

823
- 29,100
— 1 11.180
36 - 27
- 5,120
- 13.889
174,377
- 61,205

Net from
Railway.
%
31,464
181
94 ,854
140,848

N et after
Net after
7'axes. Equip.Rents.

1,862,578
’20 2,026,443
Jan 1 to M a y 31 ’ 21 10,898,045
'20 9,846,860
955,846
Houston &
M ay ’ 21
866,310
’ 20
Texas Central
Jan I to M ay 3 1 ’ 21 4,997,036
’ 20 4,408,949
H ou ston E & W M a y ’ 21
21 1 ,959
’ 20
T exas
255,002
Jan J to M ay 31 ’ 2! 1,112,1
’20 1,195,860
M a y ’21
T exas &
613,653
N ew Orleans
’ 20
729,147
Jan 1 to M a y 31 ’ 21 3,504.154
‘ 20 3,818,801
M a y ’21
106,672
Spokane
International
’ 20
112,725
Jan 1 to M a y 31 ’21
ay
531,576
’ 20
604,348
M a y '21
S pokan e P o rt
609,303
land & Seattle
’ 20
577,886
Jan 1 to M a y 31 ’21 2,851 ,728
’ 20 3,215.073

84,312
141,11 3
1,464,447
21 ,047
28,037
38,400
331 ,932
163,419
13,139
5 \ 963
46,968
129,054
- 183,978
15,725
— 281,120
111,849
31,446
29,61 1
154,513
227,362
217,394
117,912
726,992
934.639

41 ,04 1
15,64 8
219,527
335,137
1 ,247,053
652,470
-3 2 7 ,2 1 7
810,825
10,482
51 .310
8 8 ,5 6 1
107,723
J i 1,323
105,863
\ 001
J43,971
5,200
501
— 63,704
—72,248
0,923
66,023
172,994
•227,892
-281,128
■204,455
— 40,454
52,801
5 931 ■ 504 .078
5 006
J 18,325
23,834
17,913
24,107
18,929
118,775
90
201,852
171,648
136,577
128,948
27,312
7,081
314,942
300,367
518.094
465,543

San Antonio

M ay ’2
’ 21

'20
Jan 1 to M ay 3 1 ’ 21
’20

u valde & <*
■

Southern I’ aeil'lc System
Galveston liar
May ’ 21
rlsburg & S A

5,669
60,859
173.676
— 168,982
•37,646
- 33,893
351 ,471
227,743

28,675
2,497
80,54 7
152,773

18,501
10,938
20,513
200,589

WAY AND PUBLIC UTILITY

<
J
p

— 3,001
— 817
— 15,086
52,803
— 202,870
— 74,993
— 732,598
— 722,714
110,104
17,283
270,069
492,254
25,464
38,593
— 77,822
224,058
113,473
— 271,767
852,147
775,931
7,557
— 47,998
— 112,168
— 355.149
7,973
6.932
19,457
— 43,383
74,470
705,486— 734,337
104,403
— 126,034
— 65,814
— 401,082
— 300,030
— 40,005
943
64,033
71,123
88,657
20,757
390,310
29,539

191,167
135,653
— 797
— 103,451 — 154,574 — 380,508
161,332 — 101,237 — 837,949
221,551
— 14,992 -1 ,0 9 1 ,2 0 1
1,625
— 21,060
--3 1 ,6 0 8
26,152
— 40,091
— 63,083
72,734
— 8,693
— 38,727
— 159,720 — 231,169 — 261,096
41,883
22,002
17,955
29,618
17,111
18,525
138,510
40,650
53,888
15,106
— 47,482
— 20,065
— 35,405
— 50,404
— 65,452
— 35,722
— 47,922
— 63,335
195,532
120.532
45,585
— 175,947 — 236,947 — 316,706
— 26,307
— 30,278
— 31,665
150,280
145,327
142,338
— 217,339 — 244,395 — 241,065
— 28,316
— 57,710
— 60,251
193,164
101,396
61,373
544,867
428,109
468,466
1 ,099,314
629,942
427,174
1,912,419 1,513,097 1,441,730
74,198
57,940
40,146
— 3,840
— 17,843
— 37,123
169.018
88,472
— 1,653
146,116
75,787
— 23,659
3,748 — 257,068 — 327,222
574.136
191,898
181,961
— 9 4 7 ,3 0 9 - -2 ,4 1 5 ,0 8 3 - -2 ,7 0 7 .6 6 8
1,666,848
— 90,786
75,622
31,203
14,067
14,609
— 25,690
— 37,853
— 56,837
293,091
208,696
186,778
33,511
— 97,989
— 25,075
24,186
21,008
7,063
28,939
26,080
10,431
255,280
239,754
175,815
178,526
165,224
101,680
102,813
87,943
64,175
162,420
59,229
149,514
491,903
418,406
276,966
599,549
277,154
541,834
209,776
179,245
174,443
199,420
173,773
168,758
363,771
210,989
198,54 1
41 1,871
283,373
239,258
4 ,500
- 25.279
- 92,692
— 17,749
— 3,112
12 002
- 163,933
- 51,789

(irony, from
Railway.
%
131 .456
155,403
522,54 1
61 1,781

N a m e o f Road
or Com pany.

A labam a Pow er C o_.
A ppalachian P ow C o.

k B arcelona T ra c,L & I
B a to n R ou ge E lec C o.
B la ck ston e V G l
Brazilian T r ,L & P .

N assau E le ctric___
South B r o o k ly n ..
N ew Y o rk C on sol

Cent Miss Val El Co.
Chattanooga Ry & L
Cities Service Co___
Citizens Traction Co.
C olora d o P ow er C o_
C olu m b ia Gas & Ele<
C olu m bu s E le c tric. _
C o m ’w ’th P, R y & L
C on n ecticu t P ow er C_
Consuin P ow (M ich )
O um b C o P & L t C o_
D a y to n P ow & L t C o.
D etroit E dison C o . . .
D uluth-Sup T ra c C o.

Latest Gross E a rn in g s .
M o n th .

Previous
Y e a r.

J a n . 1 to L
C u rre n t
Y e a r.

P revious
Y e a r.

M ay
M ay
M ay
A pril
A pril
M ay
M ay
M ay
M ay
M ay
M ay

$
$
%
369,353 364,450 1,930,322 1,839,357
365,258 333,449
205.036 153,851 1,155.379
926,835
17,980
17,396
71,743
54,738
111,697
98,474
469,010
375,646
2862.358 2647.592 15,188,278 12,280,584
48,328
38,236
234,057
190.134
63,442
57,019
300,077
288,547
67,560
53,463
261,874
357,889
280,530 248,099 1,422,720 1,314,634
14462000 10985000 65,942,000 50,166,000

M arch
A pril
A pril
A p ril
A p ril
A pril
A p ril
A pril
M ay
M ay
A pril
M ay
A pril
A pril
A pril
M ay
M ay
M ay
M ay
M ay
M ay
April
M ay
M ay
M ay

957,207
6,193
217,165
5,996
350,849
68,617
1873,082
207,624
52,551
42,084
112.798
1198,111
77,192
77,640
59,090
80,234
1197,409
139,348
2558.384
116,789
1130,024
252,575
327,990
1751,889
146,940

M ay
A pril
April
Eastern Texas El Co. M a y
Edis El 1 1 Co of B]
1
M ay

Elec Lt & Pow of
ington & Rockland. M a y
El Paso Electric Co__ M a y
Erie Lt Co & Subsid__ April
Fall River Gas W
<
M ay
Federal Light & Trac. A pril
Ft Worth P & Lt Co. M a y
Galv-Hous Elec C o .- M a y
General Gas & El Co. M a y
Georgia Lt Pow & Ry April
Great West Pow Sys M a y
Harrisburg Ry Co__ A pril
Havana Elec Ry & Lt A pril
Haverhill Gas Lt Co. M a y
Honolulu R T & Land M a y
Houghton Co El LtCo M a y
Houghton C o T r a c ___ M a y
Hudson & Manhattan M a y
Hunting’n D ev& G Co A pril
Idaho Power Co____ M a y
d Illinois Traction__ M a y
In ter boro Rap Tran—
Total system_____ M a y
Keokuk Electric Co. _ M a y
K ey ston e T elep C o

C u rren t
Y e a r.

cos.

M ay
Key West Electric Co M a y
Lake Shore Elec Ry __ A pril
Long Island Elec Co. April
Lowell Elec Lt Corp. M a y
A pril
M an h & Queens (R e c A pril
M e tro p o l’n E dison C o M a y
M iss R iver P ow er C o . M a y
M u n ic Serv C o & su b - M arch
N ash ville R y & L t C o April
M ay
N ebraska P ow C o .
N ev a d a -C a lif E l C orp M a y
N ew E ngland Pow er M a y
N ew Jersey P ow & L t M a y
N ew p N & JI R y G & it April
N ew Y o rk D o c k C o . . M a y
N Y & L ong Island _ A pril
N Y & Queens C ou n ty A pril
b N Y Rail ways i ____ April
b E ighth A ven u e. . April
h N inth A v e n u e . _ _ April
N o C aro P u b Serv C o M a y
N or n Ohio E lec C orp M a y
N orth w O h io Ry& PC )o M a y
N o rth T exas E lec C o . M a y
Ocean E lectric C o . _ April
P acific Pow & lit C o . M a y
Paducah E lectric C o M a y
P e n n C e n tL t& P & S u b April
PonrmyJv Util System M a y
Philadelphia C o and
Subsld N a t G as C os M a y

849,189 2,664,937 2,401,385
6,876
24,281
27,032
197,301
726,510
794,154
5,994
19,926
18,939
526,958 1,463,968 1,977,063
,5 7 ,8 9 6
279,414
274,991
1776,021 7,190,069 6,861,787
156,328
636,086
574,482
50,607
263,536
236,666
38,087
210.853
197,906
111,093
447,313
432,639
2219,330 7,143,786 10,606,056
77,661
336,148
307,045
65,082
358,276
276,514
57,094
232,909
217,956
91,071
1139,390 6,805.308 6,467,439
127,373
713,114
653,416
2438.654 13,282,785 12,574.060
120,948
601,486
600,258
1097,713 6,039,552 5,715,383
239,901 1,058,719
940,752
284,271 1,790,691 1,549,434
1669,922 9,896.183 8,701,199
161,373
756.624
809,054

1301,904 1098,983
321,944 300,067
43,038
38,564
142,502 127,686
103,151 110,976

7,062,257
1,375,619
168,325
717,394
521,076

6,080.740
1,338,745
159.712
625,341
565,976

25,639
24,465
194,255 152,988
82,069 102,334
84,648
68,913
392,316 369,612
207,046 168,716
318,013 334,843
911,699 885,285
139.497 137,628
591,093 446,879
138,006 142,745
1062,636 965.734
41,933
34,335
80,355
70,204
37,669
37,352
17,950
23,533
881,451 802,784
103,212 136,871
199,634 196,257
1332,210 1188,899

134,703
952,670
386,841
394,864
1,684,241
890,029
1,557,276
4,704,456
577,234
3,052,934
560,964
4,241.613
203,707
382,091
239,200
123,412
4,343.186
400,023
862,561
9,211,294

133.776
762,984
424,155
341.593
1,552,585
811,071
1.434.904
4,344,858
564.879
2,317,186
563,016
3,641,076
183.593
339,731
214,850
136,947
3,468.496
538.712
823,690
8,386,023

4730,491
- 30,405
145,171
21,867
205.575
28,142
92,258
24,557
28,240
215,019
233,222
209.210
319,178
235,906
232.714
423,504
36,175
215.521
487,449
46,722
102,477
794,644
104.1 19
47,891
92,101
626,3 5
36,937
303,362
15,505
238,556
41. 149
190,856
183,518

4597,479
27,519
144.3'3
22,851
273,799
25,261
94,395
23,266
22,283
219.273
238.349
197,105
315,116
225,329
250,658
472,459
33,173
209.980
465,171
43,018
97,131
718,833
85,345
34,581
83,638
1009,513
32,263
331,347
12,798
209,1 10
37,267
180,835
162,840

758,375 1135,516

23,675,145 22,986,332
136,239
149,369,
717.821
723.397
107,330
115,248
995,044
816.064
82,819
97,487
512.777
487,158.
85,708
93,690
75,926
102,920
1,113,4011 1,102,249
1,146,666 1,050,389
592,332
657,835
1,283,371 1.220,313
1,310,2911 1,169.219
1,222,024 1.142,420
2,159.655 2.273.905
185,5631 172,626
3
1.112 1641 ! 030 0 1
2,587,969 2.270.824
137,174
169,492
330,687
382,333
3,504,654' 2,511,851
268,937
381,856
88,905
177,898
406,490
464,519
3.717.278 4,705.142
148,347
177,098
1,564,856 1.579.825
41,602
48,993
1,171 ,162 1,007,920
218,423
198,511
786,537
721,280
851,865
1,026,308
6,619,176

176

THE CHRONICLE
\Jan. 1 to Latest Date.

Latest Gross Earnings.
S a m e oj Ruud
or C om pany.

Philadelphia Oil G o ._
Phi la A, vvnsteru
Phila Hap 'Tran-tit C ,
Portland Gas & ( ’ok e,
Portl d R y , L A P Go
t
Porto Rico U always
Puget Sd PowAcLt Go
Heading 'I'raiisAtLtSys
Republic Hy A Lt Oo_
t
Richm ond Lt A R K
t
Rutland Lt A P ow er_
t
Sandusky Gas A Elec
t
Sayre E lectric C o ____
Second A ven u e_
_
17th St Inol Plane Co
Sierra Pacific Elec C o
Southern Cal Edison.
South Can Power Co_
Tam pa Electric C o .
Tennessee Power Co_
Tenn R y, Lt A Power
t
Texas Pow A Lt Co__
t
Third Avenue SystemTwin C ity Rap T rail.
United Gas A El Corp
t
Utah Power A L ight.
t
Utah Securities Oorp_
Verm ont H ydro-E lec.
Virginia Xfcy A P ow er.
t
Winnipeg Electric Ry
Youngstow n A Ohio
t

Month.

M ay
May
May
M ay
April
Vi arch
M ay
M ay
M ay
April
M ay
M ay
M ay
April
viay
M ay
M ay
M ay
M ay
April
April
M ay
M ay
April
M ay
M ay
M ay
M ay
April
March
M ay

Current
Y ea r.

$
94,020
i A 563
3769 18
291.360
827.747
1l / 9 7 ,
799,785
26 1 ,980
602,005
62,269
13,707
55,075
13,954
78,365
3 971
74,537
1508,277
59,757
140,342
201.323
554,580
353,973
1221,060
1146,869
1000,199
523,410
675,836
35,855
840,991
504,624
43,334

Previous
\ car

$
161

1 2 1

i 2 bU
U
3379 173
209,06 1
738,752
110.9 1i
789,833
271 ,551
633,962
51 .821
43,799
56,550
1 1,245
69,057
3123
63,413
l 190,532
53,683
48,889
196,923
544,139
338,309
l 102,179
1017,813
919,907
482,789
633,229
39,265
780.363
456,914

Current
Year.

Previous
Y ea r .

$
$
822,527
598,230
.)2 2 . 2 i 6
^9. j ,t)gl)
17 987.696 15.475 733
l ,569,304 1 ,038,915
3,399,221 2,958,907
316.95 l
3 10.885
1,359,558 4,173,088
1,225,154 1,218,344
250,121
226,036
319,611
83.277
281,159
16 53$
347,475
6,280,377

183,803
206,055
290,083
62,030
191,068
15.043
324,069
4,780,739

728,112
555,408
826,106
777.466
2,229,621 2,102,017
2,068,413 1,716,602
5,531.782 4,601,845
4.717,181 4,135.037
5,341,382 5,062,836
2,822,286 2,710,954
3,609,799 3,442,702
209,567
222,439
3,419,192 3.111.07i!
1.487,578 1,400,625
- ____
220,270

a The Brooklyn City HR. is no longer part o f the Brooklyn Rapid Transit
System , the receiver o f the Brooklyn Heights R R . C o. having, with the
ap proval o f the C ourt, declined to continue payment o f the rental; therefore,
since Oct. 18 1919 , the Brooklyn City RH. has been operated by Its owners
b
The Eighth Avenue and Ninth Avenue RH. companies were formerly
leased to the New York Railways C o., but these leases were terminated on
July 11 1 9 1 9 . respectively, since which dates these roads have been operated
separately, c Includes M ilwaukee Light, Heat and Traction Co. d In
cludes all sources
e Includes
constituent or subsidiary companies.
/E a r n in g s given In inilreis. y Subsidiary cos. on ly, h includes Tennessee
Hallway, Light & Power C o ., the Nashville Railway & Light C o ., the
Tennessee Power C o. and the C hattanooga Railway A Light C o. i Includes
c
both subway and elevated lines, j Of Abiugton A Rockland (M ass.)
c
k Given In pesetas

Electric Railway and Other Public Utility Net Earn
ings.— The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Com panies.

Gross EarningsCurrent
Previous
Year.
Year.

$
American P ow & Lt C o (sub
sidiary cos o n ly )_____ M a y 1,957,013
1,641.315
June 1 ’20 to M a y 31 ’21 -.23 ,9 9 2 ,8 1 4 18,091,649
Southwestern P ow & Lt Co
(subsidiary cos o n ly ).M a y
790,598
700,686
June 1 ’ 20 to M a y 31 ’ 21.10,398,364 7,411,179
Gross
E arnings.

N et after
Taxes.

■Net Earnings
Current
Previous
Year.
Year.

671,866
7,845,050

578,691
6,902,888

318,196
3,723,553

265,484
2,959,243

Fixed
Charges.

8
$
$
67,560
Bingham ton Eight , M a y ’ 21
21,651
10,761
Heat & Power Co
53,463
’20
*222,524
123,740
12 m os ending M a y 31 ’ 21
850,388
’20
569,222
*179,973
99,234
250,373
General Gas & Elec M a y ’ 21
911,699
C o & Subsid Cos
885,285
182,470
’20
12 m os ending M a y 31 ’ 21 11,724,165 *2,806,371 1,956,275
’20
M etro Edison C o M a y 21
. 215,019
81,807
69,400
219,273
’20
591,558
*932,715
12 m os ending M a y 31 ’ 21 2,820,982
521,984
*955.366
’20 2,444.793
New England Pow M a y ’21
73,972
154,677
423,504
System
66.904
472,459
’20
150,108
957,824
12 m os ending M a y 31 ’21 5.842,193 1,753.989
’20 4,973,703 1,517,783
767,349
New Jersey P ow & M a y ’21
10.811
36,175
9,406
’20
Light C o
33,173
*155,849
12 m os ending M a y 31 ’ 21
75,398
478,055
75.211
381,218
*138,818
’20
2,591
N orthwestern Ohio M a y ’ 21
36,937
1,351
R y & Power Co
’20
32,263
68,742
*74,829
12 m os ending M a y 31 ’ 21
495,866
*61,921
68,924
385,143
’20
54,578
Penn sy lv U til Co
M a y ’ 21
183,518
& Subsidiary Cos
34,384
162,840
’ 20
*604,813
12 m os ending M a y 31 ’ 21 2,473,627
435,229
*578,135
412,030
’20 1,947,054
29,933
Reading Transit & M a y ’ 21
261,980
Light Co
21,433
’20
271,551
*264,594
12 m os ending M a y 31 ’ 21 3,033,362
89,786
*357,012
145,199
’20 2,839,392
163,315
602,005
R epublic R y & L t
M a y ’21
*164,922
.119,903
633,962
Co
’20
*160,989
12 m os ending M a y 31 ’ 2 1 8,373,997 *2,043,806 1,740,047
’20 7,051,679 *2,013,424 1,400,584
R utland R y , L t & M a y ’ 21
9,858
43,707
Pow er C o
’ 20
8,978
43,799
12 m os ending M a y 31 ’ 21
*130,352
98,644
586,478
*153,215
104,392
’20
513,045
18,067
55,075
Sandusky Gas &
May- ’ 21
4,854
J)6,550
Elect ric Co
’20
75,946
*147,911
12 m os ending M a y 31 ’ 21
772,777
*88,243
624,289
’ 20
53,615
2,478
13,954
Say-re E lectric C o M a y ’ 2 1
’ 20
— 227
11,245
12 mos ending M a y 31 ’ 21
22,605
*39,867
192,037
142,357
20,963
*37,973
’20
Southern C alif
M a y ’ 2 1 1 ,508,277
347,401
951,453
’ 20 1 ,190,532
Edison Co
256.433
753,942
12 m os ending M a y 31 ’ 2 1 16 ,147,535 9,290,135 3,344,104
’ 20 II ,,430,785 6,352,549 3,040,435
* Southern C alif
M a y ’ 21 1 ,379,671
347,400
*951,453
Edison
’20 1 ,062,377
*753,942
256.433
5 m os ending M a y 31 ’21 5 ,664,409 *3,816,583 1,438,070
’20 4 ,170,079 *2,760,660 1,256,383
Verm ont H ydroM a y ’ 21
35,855
14,136
Electric C o
’20
17,819
39,265
12 m os ending M a y 31 *21
115,175
557,607
*205,476
’20
538,166
83,276
*211,579
* After allowing for other income received.
* C ity o f Los Angeles on wholesale basis.

Balance,
Surplus.

98,784
80,739

[ V ol.

113

Vi • of . Taxes— -'Jross---------Su p uf.er Charges—
1921
1920.
1921.
1920.
1921
1920.
8
$
$
$
$
$
Baton Hon jo Else Co —
May
48,328
38,236
16,129
14.710
11,770
10,998
12
mos
515,111
418,351
156,080
163,721
104,942
121,541
BKckstone Val Gas & El Co—
May
280,530
80,870
248,099
69,341
52,952
44,481
12
mos
3,3/ 4,994 2,949.172
910,764
896,882
592,901
598,137
<’:qn Briton Klee Go, Ltd
May .
52,551
50,007
11,387
8,413
5,000
2,847
12
mos
678,878
588,804
97,387
97,972
28,920
33,024
Ceritr. I Miis Val Elec Co
May
42,084
38,087
1 1 ,549
9,700
7,889
0,920
12
mos
503,931
457,046
124.703
93,870
85.258
02,959
Colombo ! i
0 0
May _
139,348
127,373
70,538
43,071
47,646
10,593
12
mo>
1,607.051 1.457,034
711,231
633.192
315,519
264,246
Connecticut Power Co—
M a y __
11.6,789
120,948
59,561
50,334
30,393
39,940
12
mos
1,474,828 1,358,987
583,415
547,562
343,933
313,107
Eastern Texas Klee Co—
May
142,502
127,080
47,411
46,609
27,844
31,309
12
mos
1,711,296 1,475,508
614,940
574,350
399,742
417,469
Edison Elec ill Co of Brockton
M a y __
103,151
110,970
22,706
30,830
21,097
28,408
12
mos
J,257,800 1,214,578
328,505
418,449
292,915
353,207
El Paso Ellec 0 o—
M a y __
194,255
152,988
07,843
50,194
56,949
41,888
12
mos
2,121,316 1,710,059
672,443
528,041
545,220
432,070
Elec lit & 1 Co of Abington & Rockland
?
M a y __ _ .
25,639
24,405
3,578
2,657
1,771
3,006
12
mos
_ 357,904
55,044
316.359
57,789
50,833
45,206
Fall River Gas Works Co—
May
84,048
68,913
19,543
17,187
19,300
17,183
12
mos
962.971
824,305
220,228
155,702
If 7.161
217,530
Galv Houston Elec Co May . _.
318,013
331,843
84.694
104,950
48,944
69,044
12
mos . . . 3,931,326 3,315,950 1.129,305
884,761
705,431
462,421
Haverhill Gas Lt Co—
May . 34,335
41,933
10.637
3,554
2,999
9,779
12
mos
470.756
422,368
56.074
64.940
72,378
63,905
Houghton County El Lt Co—
M a y __
37,669
37,352
9,414
— 2 1 1
-5,318
5,448
12
mos_
595,506
480,096
82,630
145,47)
20.277
98,788
Houghton County Trac Co—
May _ _
23,533
17,950
2,953
5,100
— 7,515
2 ,10 2
1 2 mos. . . .
306.886
307.893
30,992
09,418
22,074
-23,420
Keokuk Elec Co—
May . _
30,405
7,970
27,519
0,781
4,315
4,351
12
mos. _ - 365,303
333.932
81,387
57,222
28,569
44,250
Key West Elec Co—
May
21,867
22,851
0,127
9,151
4,253
7,178
12
mos _
267,930
240,292
87.230
91,220
04,319
66,518
Lowell Elec Lt Corp—
M a y __
92,258
94,395
-4,017
27,225
22,340
27,216
12
mos
_ 1,210,259 1,096.437
308,764
279,937
332,149
257,245
Miss River Power Co—
M a y __
233,222
238.349
173.712
80,013
185,862
09,258
12
mos.
2,831,648 2,545,231 2,132,770 2,009,180
788.560
910.708
Northern ’LYxas Elec C oM a y __
104,344
303,302
331,347
107,321
129,200
81,933
1 2 moT
3,936,682 3,691,526 1,371,961 1,447,500 1,009,400 1,149,028
Paducah Elec Co—
M ay ... _
37,269
4,808
1 0 ,110
10,898
1,995
12
mos
503,480
131,170
48,259
Puget Sd Power & Lt Co186,199
789,833
M ay . _
337,070
141.776
283,885
12
mos
10,180,901 9,413,757 4,256,570 3.814,824 2,373,882 1,998,358
Sierra Pacific* Elec Co—
23,832
63,413
31.S3G
M a y __
74,537
38,165
29,778
267.144
355,421
283,545
747.755
12
mos. ___
S02.G51
341,836
Tampa Elec Co—
36,661
115,848
48,889
40,995
44,448
May . . .
140,342
4S8.105
M2,985
540,17S
12
mos_
1,579,375 1,375,727
591,726
* Includes adjustment on account of St. Louis contract.

FINANCIAL REPORTS.
850,906

341,157
433,382
80,705
83,204
S96.165
750,434
80,451
63,607
6,087
— 7,002
169,584
166,105
174,808
211,813
1,607
41,086
303,759
612,840
31,708
48,823
71,965
34,628
17,262
17,010
604.052
497.509
5,946,031
3,312,114
604.053
197.509
2,378,513
1,504.277
90,301
128,303

Financial Reports.— An index to annual reports of steam
railroads, street railway 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 25. The next will appear in that of July 30.
El Paso & Southwestern Co.
(7th Annual Report— Year ended Dec. 31 1920.)
President T. M . Schumacher, New York City, June 1,
wrote in substance:
Operating R esults .— The operating revenues for 1920 show an increase o f
$2,111,223, or 16.54% over 1919.
^
.
Freight revenue increased $1,229,199, or 12.31% . This increase was
brought about b y increase o f 85,764,363 revenue ton miles, and also b y
increase in freight rates granted b y (ho Inter-State Commerce Commission.
Passenger revenue increased $508,429, or 23.14% , due to increase of
7.868,456 revenue passenger miles, and by increase in passenger rates.
M ail revenue increased $253,155, or 394.57 % . This increase is accounted
for in decision o f the Inter-State Commerce Commission o f Dec. 23 1919,
which granted increased rate for this transportation, basing same on a
space instead o f a weight basis, also due to the fact that these rates were
retroactive to N ov. 1 1916.
^
,
Operating R atio .— This ratio for the year 1920 was ,2 .6 6 % as com pared
with 69.61% for 1919.
,
, .
,
„
..
M a in O n a n te .— Charges to maintenance ot way and structures, tor tne
year 1920, amounted to $2,835,948. an increase o f $545,505 over 1919,
brought about largely by the so-called national agreements, and by the
heavy increase in wages o f track labor granted by the 1 • S. Railroad Labor
Board effective M a y 1 1 9 2 0 ,
.
_, , ,
Consideration m ust also be given to the condition in which the property
was returned to you at the end o f Federal control tFeb. 29 1920% which
has made it necessary to expend an unusual sum in order to place the track
in first-class operating condition.
The principal items making up this increase are as tollows; Mipermten
deuce $ 3 9 9 0 $; road wav maintenance. $2iU .i27; bridge > trestles and out
,
verts,’$62,096; b .Blast, $58,383; track la\ ing and surfacing. $22S.5T l ; water
stations, $106,520; and roadway buildings, $34,719; offset in nan hy the
following credit items: Ties, $164,933; other track material. $74.9oS; and
shops and enginehouses, $48,197,
,
. , .
. .
v,v
v ...
During the year 188.508 new cross ties were placed m track in tin wn>
o f renewals; steel rail replacements amounted to 42.61 track miles.
Average A m ounts Charged to Operating Expenses <'or M aintenance o f H e; and
Structures per M ile

o

f

Road Operated.

1912. 191- • 1914. 1915.
1916. 1917. 1918 1919. 1920
Per mile. -$958 $1,407 $961 $1,280 $1,213 $1,221 $ 1 . 3 S $2,228 S3 ;9
% op. exp-18.82 24.1819.59 2 1 3 7 19.69 17.21 16.41 3o . . - 6 21
The weight o f rail in the 9 9 1 6 miles o f main line and branches on
Dec. 31 1920 was: On 256.58 miles, 90 lbs on 535 miles Sd 8 o U
\s on 2o$
miles, 70-75 lbs.; balance chiefly 60-70 lbs.
_
Maintenance o f equipment charge was $3.8 13.. 0 8 . an increase ot $ U ' . t i l
due to the national agreements, the wage increase (efU vtu c Ma> i I9..v '
and to the condition o f equipment at the cud o f Federal control

J uly

THE CHRONICLE

9 1921.]

This latter expense has not yet boon fully reflected in the accounts, for
the reason that approximately 800 cars the m ajority o f which had been
o ff the line a major portion o f the entire period o f Federal control have
only recently begun to come back to us in quantities, and most o f them are
In very poor condition.
A ver aye Expenditure per M ile o f Road for M aintenance o f Equipment.

1912

1913.

1914.

1915.

1910.

1917.

1918.

1919.

1920.

Av.p.m.$l, 199 $1,200 $1,131 $1,150 $1,458 $1,588 $2,404 $2,400 $2,707
% op.ox.23.56 21.70 23.12 21.91 23.09 22.37 28.04 28.40 20.32
New Cars,
In Sept. 1920 we ordered 75 steel oil tank cars <i 10.000
>
gallons capacity each, to cost $3,091 per unit, or a total o f $231,825. They
were all delivered In Jan. and Fob. 1921.
Five heavy Mikado type freight: locom otives wore sold to the ( front
Northern Equipment G o /a n d delivered in Jan. 1920 for a total o f $253 439,
being cost plus $ 1 , 0 0 0 for each locom otive and less depreciation.
Additions and Betterments. The net expenditures for road and equip
ment on the various lines aggregated $1,013,371, viz.: $(>,505 Federal and
$1,036,867 corporate.
Federal Valuation. The Director o f Valuation o f the Inter-State Com 
merce Commission submitted, on M arch 21 1921. a copy o f land report
upon the property o f the system., with request that we file any objection
before the serving upon us o f a tentative valuation by the Commission itself.
Our objections and criticisms were submitted to the Commission on M ay 28
1921, and we hope to submit our final valuation figures o f all properties by
June 30 1921.
Capital Stock Chance .— On Jan. 1 1 1921 an application was filed with the
Inter-State Commerce Commission requesting authority for change in the
present authorized capital stock o f the com pany from $35,000,000, par
value $100 a share, o f which $25,000,000 is outstanding, to 1 .000,000 shares
o f no par value stock; 750,000 shares o f no par value stock to be exchanged
for the present stock, 3 shares for each $100 share, and 250,000 shares to be
unissued until further order o f the board. This application is now pending.
Express Contract .— Contract was entered into with the American Railway
Express C o., effective Sept. 1 1920. granting them the privilege o f operating
over the lines o f your com pany until midnight Aug. 31 1925, and thereafter
until the expiration o f four m onths’ notice in writing by either party, such
notice not to be given before Aug. 31 1925: Provided, however, this com pany
shall have the right, on not less than six m onths’ notice, to terminate this
agreement Feb. 28 1923A similar uniform contract was executed by other railroads, with provision
for a distribution o f net incom e among all the railroads classified under
geographical groups. It is not possible as yet to make any definite state
ment as to advantages or disadvantages o f this contract.
Pullman Contract .— Our contract o f 1906 with the Pullman C o. expired
on Feb. 1 1921, but we are still operating under its terms. These afford us
no participation in the profits over and above the maximum earnings pro
vided in the contract. An effort is being made to secure a new contract
putting*us on the same more advantageous basis as other lines.
Schedule o f Investments D ec. 31 1920.
1. Stocks o f A ffiliated C os., Total Book Value $24,654,373—
Par Value. Book Value.
El Paso & Southwestern R R . C o _______________ $14,000,000 $14,000,000
El Paso & N ortheastern C o ______________________ 12,000.000
8 . 000,000
N acozari R ailroad C o ____________________
1,000.000
1,500,000
M oren ci Southern R y . C o _______________________
750.000
750,000
B urro M ou n tain R R . C o ________________________
400,000
404.373
2. Bonds (Total Book Value, $5.1 16 ,4 00 )—
E l Paso & Southwestern R R . C o _________________ 5,055.000
5,055,000
N ew M e x ico R y . & C oal C o . 1st C on sol. & C oll - _
50,000
47,500
N ew M ex ico R y . & C oal C o ., 1st & C o ll________
15,000
13,906
3. N otes— C lou d croft C o ___________________________
69.000
, 69,000
4. A dvances .— Alamagordo & Sacramento M t. R y.

C o., $13,228: Burro M tn . R R .. $74,261: Dawson
R y .. $918,982: El Paso & N . E . R y .. $617,594:
E! Paso & R ock Island R y ., $1,310.607; El Paso
& N . E. R R .. $258,276; El Paso & S. W . R R . o f
Texas, $1,437,562____________________ _________

Estimate o f $2,492,245 Believed to Be D u e from Director-General o f Railroads
as per Com pany's Books.

[Books have been kept in accordance with instructions o f R R . Adm in.]
(1) D u e the E * Paso & Southwestern C o., $15.298.437—
C orporate m on ey collected b y the D irector-G en era l____________$3,302,463
Standard return for tw o years a n d tw o m o n th s _________________ 8,959,413
R eturn on p rop erty acquired subsequent to Jan. 1 1918______
221,511
Interest on m on eys due the C orp ora tion b y th e D irector-G en era l
272,713
A ccru ed depreciation on eq u ip m en t__________
1,054,717
A gents and con d u cto rs ’ balance D e c . 31 1917___________________
412,196
R oad p rop erty and equipm ent retired and n ot re p la ce d ________
273,466
B alance, m aterial and supplies____________________________________
747,523
Other item s________________________________________________________
54,434
(2) D u e to the Director-General, $14.410,272—
M o n e y paid b y the D irector-G en eral fo r a ccou n t o f com p a n y:
(Liabilities as o f D e c . 31 1917, $4,067,597: expenses prior to
1917, $288,166; corp ora te transactions, $ 7 7 3 ,8 3 0 )_____________ $5,129,594
A dd ition s a nd betterm ents m ade to p ro p e rty b y D irector-G en 1_ 2.486,721
Interest on m on ey adva n ced for a ddition s and b etterm en ts____
254,702
Paym ents on a ccou n t o f standard retu rn ______ _________________
6,449,100
A gen ts’ and co n d u ctors’ balance F eb. 29 1920. & c _____________
90,155
(3) A dditicnal Claims o f C om pany, filed M a r . 21 1921, Aggreaa.tin g $ 1.604,080—
Claim a ccou n t ch an ge in standard retu rn _______________________
$187,678
Claims for failure to m aintain roa d p rop erty o f the co m p a n y
during Federal c o n t r o l . - _______________________________________
583,872
• laim for failure to m aintain equipm en t and to charge to op er
ating expenses a su fficien t sum for depreciation o f equipm en t
as provided in Federal c o n tr a c t________________________________
832,530

O P E R A T IN G S T A T I S T I C S F O R C A L E N D A R Y E A R S .
„ . ,
1920.
1919.
1918.
1917.
R evenue freight t o n s . 4,692,401
4,591,031
5,95 7,62 8
6 ,23 1,04 0
Rev. fgt. 1 m ile, to n s . _,8 7 8 ,1 0 2 ,7 0 2 792,338,339 1115720,117 1144535,531
A vge. rev. per ton per m .0 .01277 cts. 0.0126 cts. 0.0105 cts .
0.092 cts.
Passengers c a r r ie d .____
496,845
454,697
433,432
530,134
Pass, carried on e m i le ._ 76,950,286 6 9,081,830 72,8 44 ,5 58 73,670,489
A vge. rev . per passenger
$5.45
$4.83
$5.38
$4.43
IN C O M E A C C O U N T FOR C A L E N D A R Y E A R S .

[Operated by U . S. R R . Administration from Jan. 1 1918 to F eb .29 1920/
1920.
1919.
1918.
1917.
Mileage
1.028
1.028
1.028
1.028
f reight revenue
..$11,212,405 $9,983,205 $11,785,975 $10,584,191
Fassen ger reven ue _
2,705,267
196,838
2,334,758
2,350,791
Mail, express, Ike
731,963
400,239
529,744
510,757
incidental revenue
222,978
181,108
189,992
189,124

Operating revenues. $14,872,614 312.761,391 $14,790,4 6 8 $13,634,863
Maine of way & struc
$2,835,948 $2,290,443
Ma1 P• °q nip men t __ 2,843,758 2,528,666 $1,4 16,820 $1,258,632
2,471 ,400
1,633,177
J ra ff jc r;xpensos
24 J.017
120,726
155,628
249,781
\'rarjsportation expenses 4,219.057
8,542,638
4, J65,189
3,706/186
122,194
543,957
387

95,245
309,643
Or.919

Operating expenses
SI 0.806.819
N et revenue.
4,066,295
Railway tax accruals.
31 .252.958
Cncollectible ry. revenus
74 I

$8,886,443
3.874,948
$724,181
778

* *4
• Railway oper income
Net hire o f equip Or
Net joint facilities
Net rriiscell. incom e.

$2,812,001
152,418
78,789
Cr. 18.726

S3 149.989
64.798
89.587
2,194

'/ef% y. op' r income

32,910,006

$2,993,415

Tran sport’n for invest’t~

IN C O M E A C C O U N T FOR Y E A R 1920.
Federal G uar. Perlod Sept. 1
Control
M a r . 1 to
to
Ja n . < -Fed) A ug. 31 . Dec. 31 .
V
Total.
%
$
%
$

( 'or por ate
/ ncome
for Year.
%

Railway oper, rev
3,007,245 6,661 ,051 5,204,339 14,872,014 J 1,866,369
Railway oper. exp 1 ,980.000 4,988,040 3,838,272 J0,806,319 8,826.313,
Railway tax accruals 143,082
665 923
443,949 J,252.954
1.109,872
Uncol. railway revs
457
69
215
74 1
285
Railway oper, Inc
883,700 1,006, 998
Net rov. misc. oper Or A 1,147 Ur. 3. 814
Total oper. incomo
N on Oper. 1ncome:

872,553 1,003,183

921,902
Cr.480

Cr. J5,4.48

2,812,601

1,928,900
Cr A ,301

921,416

2,797/152

1,924,599

1 1 ire fgt. cars, ( Ir.bai
33,075
2,702
35,777
126,098
Rent from equipm ’ t
37,697
J04,434
268,228
Joint facility rent
1 .517
2,84 5
6.808
2,446
Rental for lease o f road to IJ. 8 . G ovt. for 2 mos. end. F e b .29 ’ 20
M isccll. rent income.
17,210
1 1 . 544
5,665
Dividend income.
Inc. from fund, secs
7,389
—
7,389
Inc. from unfunded
securs. & accounts
12,362
721
829
13,912
1 1
247,918
M iscell. incom o____ 247,894
13

230,533
5,291
689,185
17,210
251 ,875
298,500
107,596
24

Gross in c o m e ____ 1,212,487 1,147,104 1.034,804
Hire o f freight cars—
debit b a la n c e ____
47,126
Rent for equipm ent.
i 2,97 f
48.600
42,891
Joint facility rents. _
34, 740
26,468
19,340
Rent for leased roads
Miscell. rents, & c_
_
414
116
3,592
M aint. of inv. org’n .
— —
247/760
M isc. income charges
13

3,394,395

3,524,814

47,126
104,462
80,547

44,424
91 ,491
54,080
1,948,859
529
40,357
247,760

N et ry. oper. inc_ _1/169,084 1,083,351
D iv. approp. ofin c__
—
— —

2,910.006

677,571
—

4,481
247J73

1,097,314
1,097,314

B A L A N C E S H E E T D E C E M B E R 31.

1920.
1919.
1919.
1920.
Liabilities—
S
S
S
S
Inv. in road & eq.a 7,475,414 7,124,715 Capital stock .-.25,000,000 25,000,000
Inv. in affil. cos.:
Traffic & car ser
83,884
Stocks_______24, 654,373 24,654,373
vice bal. payable 680,438
Bonds_______ 5, ,116,406 5,116,406 Audited Acc’ts and
69,000
50,093
Notes______
69.000
wages payable.. 1 791,457
Advances____ 4, ,660,510 4,316,652 Misc. acc’ts pay’le. 3. 783,614 2,872,414
Other investments. 1,,403,990 1,423,990 Divs. mat’d unpaid 500,000
500,000
Cash___________1, ,666,398 1,209,016 Liab. for provident
24,689
96,465
Special deposits__
funds_________
32,110
91,476
73,174 U. S. Govt. def.
Traf..&c.,bal.rec__
671,556
Bal. from agents &
liabilities_____ 9. 158,594 7,341.069
conductors____
561,475
267,126
Tax liability _____
Misc. acc’ts receiv. 4,,804,648 4,222,352 Acer, depr., equip. 1 997,113 1,842.283
Materials & supp_ 1,,947,958
492,820
Other unadj. cred _ 329,702
Int. & div. receiv.
126,375
126,375 Approp. surp. not
Other curr't assets.
1,384
specifically inves
1,761
Work, fund adv__
607
ted ------------------- 6 ,205,258 6,205,258
3,350
U. S. Govt. def.
Profit and loss___ 9, ,248,134 10,122,341
assets _________ ,793,557 5,624,749
Unadjusted debits. 529,386
480,205
Assets—

T o ta l_________59,287,896 54,534,852
T o ta l_________59,287,896 54,534,856
a This item represents El Paso & Southwestern C o. on ly .— V. 112, p. 'hi

N o r fo lk S o u t h e r n R a ilr o a d .
4,660,510

Total investment in affiliated com panies__________________ $34,500,390
. Other Investments (Total Book Value $1,403,990) —
El Paso Fair Association stock _________
81,000
1
Tucson Cornelia & Gila Bend R R . Co. s t o c k --425.000
425,000
u . S. L ibety Loan C onverted_________________ 1,000,000
978,989

M isee IIan eons operations
General expenses.

177

87,774
348,947
Cr. 16,239

88,505
363,899
Cr. 221

.629,020
6/161,448

$7,299,959
14,904

■-’ 8

Comparison for this
period not available.

(11 th A n n u a l R e p o r t — Y e a r e n d e d D e c . 31 1920.)
President Joseph H. Young, Norfolk, Va., April 1,
reported in substance:
R esults .—-For the calendar year 1920, during which the road was under
Government control for the first two m onths, and operated by its owners
during the remaining eight m onths, the gross incom e was $1,115,178, made
up o f railway operating deficit o f $569,079 (for the 10 m onths ended D ec. 31)
and non-operating incom e o f $1,684,257. [This latter item, embracing,
with other miscellaneous items, the compensation from the U . S. Railroad
Administration for the use o f the road during Jan. and Feb. 1920, about
$211,000, and the guaranty, $1,311,701, for the half-year ended Aug. 31
1920-— Ed.] After allowing for interest on bonds and other deductions,
there was a deficit for the year o f $53,561, against a surplus o f $312,986 in
1919.
Federal Guaranty .— For six months beginning M arch 1 1920 a railway
operating income was guaranteed your com pany under the Transportation
A ct o f 1920. The amount foim d necessary to make good this guaranty
was $1,311,701- Advances on account o f operations during this guaranty
period were made between July 20 and N ov . 6 1920, aggregating $700,000,
and final payment o f the balance, nam ely, $611,701. was made on Jan. 29
1921, being the first final settlement made by the Governm ent with any
road for the amount due from guaranty period operations.
E ffect o f Federal Control .— The property was returned to your com pany
on M arch 1 1920, following the termination o f Federal control with the
cost o f all materials greatly increased, wages out o f all proportion to reve
nues, and burdensome labor rules, and traffic, which represented years o f
constructive work, in a large measure arbitrarily diverted to other lines.
W hile freight rates were increased 25% and passenger rates from 2 H e. to
3c. per mile, effective June 25 1918, the additional revenues resulting from
these increases fell far short o f meeting these increased operating expenses.
A comparison o f the years o f 1917 and 1919 shows that operating revenues
increased $1,573,319, or 31.35% , while operating expenses increased $2,754,273, or 80 % .
Further Increase in W ages, & c .— On July 25 1920 the U. S. Labor Board
granted further wage increases to all employees, retroactive to M ay 1 1920This required the paym ent o f approximately $240,000 in back "wages and
further increased our payroll approximately $ 1 , 0 0 0 , 0 0 0 per annum.
The Inter-State Commerce Commission in July 1920 ordered an increase
o f 2 0 % in passenger rates, but restricted the increase in freight rates to 25% •
These increases were made effective on your line as o f Aug. 26 1920, except
on intra-State freight and passenger traffic in N orth Carolina, as to which
they became effective Sept. 15 1920 and March 16 1921, respectively. A
statute fixing the maximum passenger rate at 3c. per mile prevented an
increase to 3.6c. per mile, and it became necessary for the Commission to
issue a special order to put this increase in effect. The .benefits derived
have not, so far, been such as to offset the reduction in the operating income
since the beginning o f Federal control.
D epression in General Business .— In the fall o f 1920 there came a tide of
depression in business conditions to this territory. T obacco, one o f the
principal crops in N orth Carolina, which in 1919 averaged 51c. per pound,
sold around 21 H e.; the*price o f cotton dropped from 38c. to 14H e. C er
tain grades o f tobacco were so low at times they did not pay the farmers
the actual cost o f bringing their product to market. Approximately
420,000,000 pounds o f tobacco was produced in N orth Carolina in 1920.
which was an increase over 1919 crop of 30% and an increase over 1915 o f
111%. The lecession in prices o f these two crops had a very depressing
effect throughout the territory traversed by your line,
Through Traffic A riangem ent. -Arrangements were made with the
Southern Railway C o., effective Aug. 1 1920, for the establishment of
through rates and divisions via Charlotte, which placed your line in a posi tion to handle through traffic between points in the North and Northeast
and nearly all the territory south, southeast and southwest o f Charlotte, as
well as some points in the Central West. It is expected that a very substan
tial increase in long-haul traffic will result from this arrangement.
N ew June. -During the year the Now Holland Higginbotham & M t.
Vernon R R . C o. began the construction o f a railroad from Wenona, N . C ..
a point on the Bel haven Branch, t> Now Holland, N. C ., on Lake M attamuskeet, 34 miles. This road, it Is expected, will he com pleted within
five or six m onths,and the developm ent o f the territory sol ved by it should
be o f increasing value lo your property.
industrial Tracks.
During the year 21 new tracks wreo constructed to
serve industries as follows: Storage warehouse, 1; oil tanks, 3; paving c o n 
tractors. 3 ; coal trestles, 2 ; lumber and logging operations. 6 ; brick opera
tions, 2; tobacco plants, I; agricultural developments, 2; sand pit, 1. More
over, 1 1 extensions o f existing tracks wen* made for one fish scrap and oil

Til E CHRONICLE

178

>
plant * pa v itag con t rac tors, 2 li; ’iculbural developm ents, 5 storage ware
house -8 and l luml me aaid loggi < operation.
1
Ter.t \ tiLf C(on pari sun .- ThiC fol
O
the c a leindar year l 920 and the rear ended June M 1910
UfLjiliLieai l[(fflttf ) 19:2 0 l909 IOC ’t/rn/nudilies (tons)
/l
1920.
1909 10.
Agric i iltlire pr<Jtlucts 393, 456 197,
L
Miscellaneous—
-30,615
Less than ear
26,
VuiiiL;A pnod lit
1 2 .696
_ 7 21 ,993 139, i rs
loads (a ll)____ 250,856
25,024
M ine prOducfc
>
Fore*!t B
iroduc:ts __ 698, 5 7 • 816. 52
Total all c o m .)-2,803,766 1.183,100
Mannifac fcucert-i’ prod .723.,193 248,
Th<i tcinruigid o f pi*'otl uc:ts of agr
years; pi ■odiietis o f nlinesi hav e increased four-fold; manufactured products
n
e bled : and inorti tha n te• times the volume o f less carload, goods
near 6
was ha iitlied tlflan dliirlng the earlHer period. Products o f the forest, which
i n 191 1 0 equa led 55 04 > o f the• total tonnage moved represented only
j f the total toni) age c»f 19
24.91
t
this i en -year perioi l on ly ! 4 .5 1
These figure^ strikingly point to the healthy development o f traffic on
com- line and ' u < ample assurance o f the substitution o f other tonnage
for Lumber and logs as the supply o f forest products available for transpor
t a t ion d imin ishes.
Least.
Effective M ay 27 1920, your com pany leased, for a period o f 99
years, the property o f the Durham & South Carolina R lt., 40 miles in
length from Duncan to your line at Durham, N. C ., one o f the largest
manufacturing cities in that State. This new arrangement is expected,
under normal conditions, to very materially increase the am ount o f tonnage
to be transported over your line, especially its western end.
Funded Debt. — During 1921) $45,000 First & Ref. M tge. bonds were r e 
deemed through the sinking fund and $61,400 Equipm ent Trust N otes were
paid.
o f Jail. 15 1920,
. _
securing $132,000 6
notes issued In payment for fifty 60-ton com posite
gondola cars allocated lo your com pany by the U. S. UR. Administration.
These notes are payable in 15 equal annual installments.
Loans from the Government.— T h e Inter-State Com m erce Commission
has approved our application for 6 ' Federal loans aggregating >311,000,
viz.: a) $ 1 1 1 . 0 0 0 on account o f the cost, $ 2 2 2 , 0 0 0 , o f nine used consolidated
freight locom otives and three new switching locom otives; (b) $ 2 0 0 ,0 0 0 ,
representing about half the cost o f changing grade and alignment on parts
o f line from Raleigh to C harlotte, N . c , which, when com pleted, will give
a maximum operating grade o f 1 % on the lino between Raleigh and Colon,
in place o f an existing 2 .2 ci grade, and otherwise im prove grades and curves.
The loan o f $ 111,000 is to be repaid in ten annual installments o f $ 1 1,100
each; the loan o f $200,000 is to be made in four installments o f $50,000
each, maturing ten years from the making thereof. T o secure these loans
the com pany has deposited with the Secretary o f the Treasury $222,000
First Lien 6 % Equipm ent Trust N otes, duo Oct. 22 1931, and has agreed
to deposit $50,000 First & Refunding M tge. 5% G old Ronds, duo 1961. for
each $50,000 o f the $200,000 loan.
Equipm ent. — The follow ing additional equipment was received during the
year: ( a) Eleven used locom otives purchased from N ew Y ork Central R R .
C o.; (o) three new Baldwin switching locom otives; (c) fifty com posite gon
dola cars allocated by U. S. R R . Administration; (a) fifteen used Pullman
tourist cars for conversion into passenger train cars.
R a i l . — During the year 38.14 miles uf 80-lb. rail was laid in the main track,
releasing 60-lb. rail. T hirty-four miles o f the rail so released was sold at a
price o f $58 per gross ton, or more than sufficient to pay for 23 miles o f
heavier rail purchased.

The comparative operating accounts for all lines, with
statistics, &c., was in V. 112, p. 2078.
[The profit and loss surplus D ec. 31 1920 stood at $2,761,412, after
deducting the net incom e (deficit) for the year 1920, $53,561, and after
crediting sundry items, notably: (a) P rofit on purchase o f First & Refr.
M tge. bonds, $23,084; (5) profit on retirement o f $460,000 bonds o f John L.
R oper Lum ber C o .. $92,000; (c) IT. S. Railway mail pay, $13,876; ( d ) profit
on land and old rail sold, $140.999.]— V . 112, p . 2078, 2537.

S T A T E M E N T O F I N C O M E , P R O F I T A N D LO S S , F O R Y E A R E N D E D
D E C E M B E R 31 1920Steam.
Electric. D u rh a m D iv . To ta l.
Revenue, 10 M o s . M a r . 1 -D ec. 31

F r e ig h t___________________________$4,137,062 $195,095 $108,778 $4,440,936
Passenger________________________ 1,503,232 238,564
1,643 1,743,439
M a il______________________________
110.065
509
110,634
Express___________________________
123,846
1,913
125,757
M iscellaneous____________________
160,133
23,653
514
184,299
T o ta l_______
oint facilities.

$6,034,338 $459,792 $110,935 $6,605,065
5,337
______
______
5,337

T otal operating revenue______ $6,039,675 $459,791 $110,935 $6,610,402
Operating E xpenses —
M aint. o f Avay and structures___ $1,236,404 $80,457 $70,788 $1,387,649
M aintenance o f equipm ent_____ 1.348,148
76,729
4,471 1,429,347
Traffic expenses__________________
165,856
5,753
2,081
173,690
Transportation expenses________ 3,351,667 240,377
31,372 3,623,416
Miscellaneous operations_______
______
2,567
---------2,567
General expenses----------------------324,985
17,551
159
342,695
Total operating expenses______ $6,427,060 $423,433 $108,871 $6,959,364
N et revenue from operation____def$387,3S5
$36,358
$2,063def$348,962
$10,000
$219,416
Less — R ailw ay tax accruals-------- $209,416
U ncollectible railway revenue.
700 ------------------700
T o ta l_________________________

$220,116

$210,116

$10,000

N et operating incom e_______ def$597,501
Other Incom e —
Hire o f equipm ent — C r ------------- $841,585
Joint facility rent incom e-----------13,270
Miscellaneous rentals----------------20,791
M isc. non-operating phys. prop_
10,108
Incom e from funded securities __
14,380
In com e from unfunded securities
35,021
and accounts________________
18,339
Incom e from sink, reserve funds.
Incom e from dividends_________
60,800
Incom e from lease o f road. (incl.
211,145
Fed. com p. 2 m os. to Feb. 29) _
25
Miscellaneous incom e----------------F ed . guar. for 6 m os. en d . A u g .31 1,300,515

$26,35S

12,000

211,145
25
1,312,515

T otal __________________________ $2,525,979

$13,515

$108 $2,539,602

,928.478

$39,873

Gross incom e_________________

D eductions from In com e —
H ue o f equipment — D r -------------

Rent o f join t facilities__________
Rent, o f leased lin e s ____________
Interest on funded d eb t_________
Interest on unfunded d e b t______
Amort , o f disc, on funded debt__
Miscellaneous incom e charges___

$893,782
19.556
76,866
894,436
20,494
28,620
33,725

T o ta l_________________________ $1,967,478
N et Incom e (def.) for year ended
D ec. 31 1920__________________
PR O FIT

$2,063def $569,079
$841,585
13,270
22,306
10.107
14,380

$1,515

$108

35,129
18,339
60,800

$324

$39,000sur$39,550

,970,523

$6,499
$324

$2,171

$900,281
19,880.
126,648
894,435
20.494
28,620
33,725

49,782

$56,281 $2,024,083
$54,109

$53,560

LOSS S T A T E M E N T FOR Y E A R S (John L . Roper Lum ber C o .).

Sales______________________________
C ost o f sales (including stumpage)
Selling and general expense_______
D epreciation______________________

xl91 7.
1920.
$1,670,747 $1,780,542
1,232,679
1,772,844
217,9081
133,960/
$86,199
174,428

$7,697
56,290

T otal incom e________________
Deductions from incom e_______

$260,627
133,196

$63,987
62,518

N et profit carried to surplus,
x Latest available figures.

$127,430

$1,469

P rofit from operation____________________
A dd— Incom e from other sources__________

113.

[ V ol.
B A L A N C E S H E E T D E C E M B E R 31.

1920.

1919.
1919.
1920.
Liabilities—$
$
8
Road A equip’t._e30,587,667 30, 151,555 Capital stock.......16 , 0 0 0 ,0 0 0 16,000,000
c
Real est. not used
Funded debt (see
la operation___
134,342
“ Ry. & Indus.”
135,438
Leased rail,
110,756
114,515
Section)____ .19 ,852,200 19,826,600
Securities of under
Traffic, &c., foals.
113,123
14,536
lying & other cos 5,912,041 6 ,,039,327 Vouchers & wages.
932.611
117
Inv. in aftll’d cos._ 323,951
318,494 Notes [)ay able___
569,784
144
36,817 Miscellaneous ac
Depos. with trus..
67,880
74,345
counts payable.
6,229
4,592
Sinking fund.
510,369
138,842 Coupons due and
Notes receivable._ 266,176
613,279
60,805
74,345
u p id
na
__
Miscellaneous___
_____
88,360 Agents’ drafts___
47,379
i raffle bahun e i ec
1 35,091
Temporary loans.
90,481
Hal. from agents.122,518
Divs. mat. unpaid
10
Materials, &e___
796,233
Accrued Interest,
Due U. S. Gov't- _ 570,787
rents, &c_____
325,808
302,271
Un ex ting’d disc’t.
940,860
969,480 Taxes accrued, &e.
929
26,506
Indiv. & co’s cur
Deferred & unad
rent assets____
253,675
100,879
justed accounts.
32,297
i inferred assets
i 0,719
29,143 Reserves_________
170,954
10,816
U.8 .Gqv.def. assets 1,580,956 2, 236,614 U. S. Government
Other deferred ,&c.,
deferred ltabll’s. 2 ,335,921 1,480,870
37,770 Surplus__________ 2 ,761,412 2,541,244
Items____ _____
154,032
A ssets—

$

T o ta l_________ 42,798,744 40,883,979
T o ta l------------- 42,798.744 40,883,979
e Includes road, $25,578,129, and equipment, $5,256,804, less deprecia
tion reserve, $735,328; balance, $4,521,476; and $487,962 general expendi
tures.— V . 112, p. 2537.

R o y a l D u tc h P e tr o le u m C o m p a n y .
(Report for F i s c a l Y e a r ending D e c . 31 1920.)

Prom the Dutch report (the English translation not yet
being ready for distribution) the ‘‘Stock Exchange Gazette”
of London has compiled the following statistics:
T A X E S P A I D B Y T H E C O M P A N Y A N D IT S SU B S.— I N FLO R IN S.
Taxation in H olland
Other
&
Dutch Indies.
Countries.

1 9 1 5 ..
1 9 16..
1917._
1918
1919-_
1920__

____________________________________ 5,901,000 2,161,000
___________________________________ 14,982,000 5,020,000
___________________________________ 26,218,000 9,570,000
___________________________________ 30,733,000 17,140,000
____________________________________37,161,000 27,964,000
___________________________________ 38,724,000 41,421,000

P R O D U C T IO N OF C R U D E O IL .
Dutch Indies (T on s )—
1919.
1920.

South Sumatra______________________
N orth Sumatra____________________
B o r n e o _____________________________
Java________________________________
Ceram _______________________________
T o ta l__________________ ___________
Other Countries (T on s)—

302,011
194,340
1,455,128
311,677
20,980
2,284,136

301.274
176,703
1,372,006
235,814
7.120
2,092,917

1918.
283,651
194,417
999,174
225,879
3,554
1,706,675

71,366
84,342
144,412
Saraw ak_________________
231,179
277,300
149,901
E g y p t -----------------------------327,891
300,140
238.632
Rumania (Astra Romana)
V enezuela________________
42,500
78,570
(Barrels )—
N orth America (Roxana)
_________ 3,627,000
2,808,000
______
California (Shell)____________________
6,164,800
6,703,295
______
M exico (Tam pico-Panilo w ells)______
4,266,000
3,413,000
---------It will be noted that the entire M exican Eagle production is not included
here, but it is announced that the total production o f the companies con
trolled b y the com bine was over 10,000,000 tons, as compared with 7,000,000
tons in 1919 and with 4,640,000 tons in 1918. Owing to the new export
duty a reduction in the output from D utch Indies is foreshadowed (and
the same might also be said regarding the M exican production— see ‘ ‘ Current
E vents” above— E d. o f ‘ ‘ Chronicle. ” 1
.
The report refers to the decline in freight rates during the year from
250s. to 40s. per ton, and mentioned the increase o f the tonnage o f the
com bine’s fleet from 544,669 tons to over 1,000,000 tons.
R E SU LT S FOR C A L E N D A R Y E A R S .

1919.
1920.
In com e_________________ 138,736,206 118,269,391
Expenses, taxes, & c____ 9,285,842 18,169,508
P r o fit ________________ 129,450,364 100,099,883
D ivs. on Pref. shs. (4% )
60,000
60,000
1,282,500Priority shares (4H % ) 1.282,500
Ordinary shares (6 % ) - 19,243,620 12,829,080
Surplus_______________ 108,864,244 85,928,303
Available for ord. d iv .—
93% o f above surplus. 101,243,747 79.913,322
12,829,080
6 % on ord. as a b o v e .. 19,243,620
1,146,230
Brought forw ard________
927,664
Bonus share issue______
3,472,312
3,257,132
Commissaires’ proport’n 4,174,570
129,061,913 97,145,764
A m ount o f ord. d iv ____ 128,290,800 96,218,100
(45% )
Rate per cen t___________
(40% )
927,664
Carried forw ard_____
771,113
(In Florins)

1918.
96,677,145
24.486,834
72,190,311
60,000
1,282,500
10,263,264
60,584,547

1917.
49,740,074
5,366.505
44,373,569
60,000
1,282,500
5,131,632
37,899,437

56,343,629
10,263,264
737,715

35,246,477
5,131,632
106,685

2,223,382
1,305.978
69,567,990 41,790,772
68,421,760 41,053,056
(48% )
(40% )
737,716
1,146,230
B A L A N C E SH E E TS OF D E C . 31.
1919.
1920.
1919.
1920.
Florins.
Assets—
Liabilities—
Florins.
Florins.
Assets—
Florins.
Share capital.--370,000,000 370,000,000 Unissued share
capital______ 49,273,000 156,1S2,000
Preference shares 1,500,000
1,500,000
Priority shares.. 28,500,000 28,500,000 Share holdings,
less res’ve (see
***
Unclaimed divs.
901,102
541,700
below)_______ 345,857,405 208,279,366
do on prior
93,396,040 28,253,611
ity shares..
281,309
198,436 Cash________
Due to creditors. 77,718,309 44,095,694 Book debts____ 154.556.41S 185,023,406
i
Interest account 2,616,833
571,116 Dividend priority shares____
641,250
641,250
Undistrib. divs.
927,664
1,146,230
Bonus shs., 1918 3,472,312
-----------Reserve______ 28,356,220 31,726,574
Profit balance--129,450,364 100,099,883 Total each side-643,724,113 57S,379.6 ob
C O M P A N Y 'S S H A R E H O L D IN G S A T D E C . 31 1920 A N D 1919.

----------------- 1920------------------------------------- 1919-------------Florin.!?.
Par Value—
£ & $, &c.
Florins.
£ & $, &c.
126,000. 0 0 0
Bataafsche C o _____
ISO,000.000
Anglo Saxon Pet
£ 4 ,800 ,000= 57.600. 0 0 0
roleum __________£ 9 ,600 ,000= 115,200,000
Shell C o. o f C a lif a . $47,2S4,1 7 4 = 118,210,434 $2 0 ,1 2 0 ,9 2 5 = 50.302. 312
Shell Transport &
17,414. 352
26,121,528 £1.451.196
Trading C o., L td. £2,176,794=
25.200. 0 0 0
Asiatic Pet. C o _____ £2 , 1 0 0 ,0 0 0 -— 25,200,000 £2.100,006
2.219. 1 '
4.438,944 lei4,6 2 3 ,9 0 0 =
Astra R om ana-------- !ei9,247,8 0 0 =
5.617, 500
Roxana (ord , ) ------- $17,976,000= 44,940,000 $2,247,000
2 . 1 0 0 .0 0 0
$840,006Roxana (p rof.)___________________$ 8 42 . 100.000
0,0 00=
449.
$179,766
Ozark Pipe Line— $8,268,960 = 20.072.400
2,495. 710
11.738.740
Various____________
_________
2 8 9 .3 9 8 . 776
T otal nominal (par) value. _
-548,622,046
Reserve for difference between par
81.1 19. 1 1 0
value and book value’ ’ _ _
202,764,641
Balance as per balance sheet
345.857,405
208/ *9. non
3 45.857,405
The report o f the com pany s ally, the Shell Transport N Trading t o .
Ltd. (£2,176.794 o f whose capital stock is owned by the Royal Dutch C o .\
is cited below.
„
, .
*
A press dispatch from Holland on July a 1921 reported the passage h>
e First D utch Chamber o f the bill giving the Batavia Oil t o . a subthe
slcliary o f the Koval Dutch C o., a com plete monopolx o f the IViamln oil
fields on the Island o f Sumatra, not withstanding the protests ot the VmorIcan Government (compare V. 112, p. 2268 to 22.0V
V I f - - P- ' 120. la: L

THE CHRONICLE

J uly i) 1921.]

T h e “ S h e ll” T r a n sp o r t & T r a d in g C o ., L td .
(23d A n n u a l R e p o r t — Y e a r e n d e d D e c . 31 1920.)

The shareholders voted on July 4 to increase the authorized
limit of Ordinary stock from 120,()()(),()()() to £30,000,000,
but it is commoidy understood that no part of the new stock
will be issued in the near future.
The directors submit the audited accounts for the year
1920, saying in brief:
Results.— In clu din g th© balan ce, £1,242,621 19s. 10(1. brought, forw ard
fro m 1910, Chore is a credit to the profit, and loss a cco u n t o f £8,911,264.
D educting nianagom ent, interest, legal and oth er expenses, w hich in all
am ou nt to £41,221 16s. ()d., there rem ains £8,870,042 4s. Od. to be carried
to the balance sheet. From this a m ou n t P referen ce d ivid en d s (absorbin g
£100,000) and interim dividends (absorbin g £1,932,129 12s.) h av e-a lread y
boon paid
Final Dividends.— A fter p a ym en t o f tho d ivid en d s d istrib u ted there
rem ains a balance o f £6,837,912 12s. fro m w hich the d irectors recom m on d
th a t a furt her and fin al d ivid en d fo r tho yea r 1920 o f 5s. p er share be paid
on J u ly 5, m aking 3 5 % fo r the yoar (as fo r som e years past— E d .], and
le a v in g a sum o f £ 2 ,0 0 /,5 8 8 12s. to be carried forw ard to the cu rren t year
su b je ct to provision for excess p rofits duties and corp ora tion tax
T h e d ivid en d s on the o rd in a ry shares are paid free o f in com e tax.
T h is com p a n y ’s p rofits depen d on the d ivid en d s d eclared b y the com 
panies in w hich it is a sh areholder, and it is on this basis th a t the accou n ts
are presented.
Depreciation.— T he d irectors are satisfied th a t am ple p rov ision for
depreciation has been m ade over the num erous com pan ies in w hich th ey
are interested, and the rep orts received from th em en able the d irectors to
assure the shareholders o f th e con tin u ed p rosp erity o f the business.
New C hairn-an— W ith great regret the d irectors a nn ou n ce th e resignation
o f Sir M a rcu s Sam uel, B a rt., w ho has fo r so m a n y years presided o v e r the
com p a n y (the new C h airm an is H on . W a lter H . Sam uel, M .C .— E d .].
Allied Cos.— T h e representation o f th e co m p a n y on th e boards o f the
A n glo-Saxon P etroleum C o , L td , and the B ataafsch e P etroleu m M a a tsch a pp ij, has been a ltered, the representatives on the b oard o f the form er
now bein g th e H on. W a lter H . Sam uel, M r . Sam uel Sam uel, M .P ., and
Sir R obert W a le y C oh en , and on th a t o f the latter the H on W a lte r H .
.Samuel, M r W . F o o t M itc h e ll, M r . R . J. B la ck , Sir R egin a ld M a cL e o d ,
and B rigadier-G en eral D ru m m on d .
N e w D irectors.— On the in v ita tion o f the d irectors, M r . H . C o lijn , M r .
A S. D oben ham and L t -C o l. B ertram A b e l Sm ith, D S O , M .C ., have
jo in e d t-he b oard since the p eriod cov ered b y the S tatem ent o f accou n ts.
(C om pare R o y a l D u tch P etroleu m C o. a b o v e ]
IN C O M E A C C O U N T FOR Y E A R S E N D IN G D E C . 31.

1918.
1917.
1920.
1919.
1916.
£
£
£
£
£
Interest_______________ 486,439
189,383
121,700
119,094
92,119
Dividends_____________7,182,203 4,573,341 2,771,903 2,655,536 1,613,724

179

“ I). II. M cD ougall, Vice-President o f British Empire steel Corporation,
Ltd . lias been ©looted Vice President o f i Ills corporation, tn. . HI
/li» <ui<,r
and Vico-President o f the Dominion Coal C o., Ltd,, and the Dominion Iron
Sc Steel C o ., IAd.
Coal Output. -“ The quantity o f coal raised /luring tho y e a r - , although
greater than the output- o f tho previous year, wan restricted by renditions
which have already boon noted.
TO TA L P R O D U C T IO N FROM A L L C O LL IE R IE S FOR P A S T
E N D IN G M A R C H 31 (tom ).

YE A R S

1920-21.
3,563,954

1919-20.
1918-19.
191,7-18.
1916-17.
3.502,009
3,622,644
3,781,615
4,279,772
Steel Works. “ It was only possible; to operate the steel works upon a
satisfactory scale during about half tho year-, but notwithstanding the vary
moderate operations during tho remainder o f the year, the output compares
e
favorably with that o f the previous year.
O U T P U T OF P R IN C IP A L CLASSES OF IR O N .A N D 81 EEL
D U R IN G Y E A R S E N D IN G M A R C H 31 {io n s ).

1921.
.207,678
-243,565
_ 08,994
. 7,480
. 3,985
. 55,853
. 2,207
. 23,122
. 15,550
. 38,894

Pig ir<
Steel
Light
Wire * __
Nails, &c.

1920.
184,229
219,943
20,105
08,970
3,3)9
44,430
1,245
15,542
12,380
3,252

* This includes wire used in manufacture o f nails, &c., shown on next line.
CONSOLIDATED PROFIT & LOSS ACCOUNT FOR YEARS END. MARCH 31.

1920-21.
1919-20.
1918-19.
1917-18.
S
$
$
$
8,768,054 11,030,112
5,532,529
Net earnings_______ 7,212,750
1,384,241
1,266,855
1,304,322
Depreciation, &c----- 1,583,662
1,064,209
970,777
1,013,263
Interest------- --------1,004,059
. . . .
- Discount on bonds__
420,000
420,000
420,000
420,000
Pref. div. (corp.)----560,000
560,000
560,000
560,000
Pref. div. (sub.)_. Dividend arrears___
Common dividend__ 2,226,000 (6)2,029,629(5%) 1765373(4%) 1444396

1916-17.
$
12,967,874
1,859,595
1,230,203
326.909
420,000
560,000
350,000
(1)320,977

Balance, surplus.- 1,452,311
Prev. bal., surplus._ 8,211,236

251,984
7,959,251

3,705,094
13,754,157

6,157,264
6,038,182

7,900,188
4,037,389

Total----------------- 9,663,547
Bond discount-------Reserves___________ 1 0 ,0 0 0 , 6 6 6

8,211,235

17,459,251

12,195,447

11,937,577
2,899,395
3,000,000

9,500,000

6,038,182
12.195,447
CONSOLIDATED BALANCE SHEET MARCH 31.
1920.
1921.
1921.
1920.
Total incom e______ 7,668,642 4,762,724 2.S93.603 2,774.630 1,705,843
Assets—
s
Liabilities—
S
S
$
Expenses_____________
41,222
49.354
39,234
21,474
14,450
Dominion Steel Co.:
Int. on loans__________
98,798 Cost of properties
95,370
7.000. 000
Preferred stock 7,000,000
of constit. cos._83,217,835 79,861,902
Invest, depreciation__
—
19,228
33,498
1,425
Inventories of sup
Common stock 37,100,000 37,100,000
3.000. 000
Coal Co. pref-- 3,00u,000
9,490,369
plies, &c., abt_ll,243,286
P rofit________
7,627,420 4,713,370 2,852,944 2,638,058 1,559.097
5.000. 000
6,737,807
Accts.receivable- 4,443,177
I.& S .p ref___ 5,000,000
Pref. div. ( 5 % ) ______ 1 0 0 . 0 0 0
10 0 ,0 0 0
10 0 ,0 0 0
10 0 .0 0 0
10 0 ,0 0 0
Ord. div. (3 5 % )______ 6,762,453 4.507,625 2,813,927 1,749,911 1,429,015 Loan. &c., int__ 2,606,475 2,222,037 Funded debt___ 20,067,659 20,450,683
Employ’s bal. on
Accts. pay., ac
3,881,634
Viet. bd. subsc.
_____
crued wages,&c. 3,378,363
196,155
Balance____________ 764,967
788,647
30.082
105,745 — 60.983
4,844,860
Brought in ___________ 1,242,622 1,136,877 1,239,032
1,674,668 Bank loans_____ 1,497,062
450,385
420,303 Cash, sec. loans,&c 874,760
Prepaid insur., &c. 571,159
583,985 Current liabilities 4,514,231
208",666
Cash
182,000
145,752 Def. payments-Carried forw ard------- 2,007,589 1,242,622
1,136877*1,239,032 450,385with trustees 163,833
643,966
Bal. rec. by Dom.
Divs. declared__
644,000
* After allocating £41,172 to reserve.
* 230,378
I. & S. Co. from
Accrued bond int. 224,735
“ During the war several important subsidiary companies were giving no
2,074,449
sale Corp. stock 1,538,704
1,732,530 Reserves__ _____ 2,387,633
revenue to the parent concerns, but were employing their profits in developProfit and loss__ 19,663,548 18,211,237
ment and extensions. Presumably some o f these are now paying dividends,
and there is, o f course, the enhanced revenue from the com bine’s interest
104,659,231 102,645,205
Total
T o ta l______ 104,659,231 102,645,205
in M exican Eagles.”
-V. 113, p. 75.
B A L A N C E S H E E T D E C E M B E R 31.
A m e r ic a n C iga r C o m p a n y .
_.
.
1920.
1919.
1918.
1917.
Lia b ilitie s —
£
£
£
£
(.R e p o r t f o r F i s c a l Y e a r e n d i n g D e c . 31 1920.)
Capital---- ---------------------- 21,321,296 14,857,641 10,039,791
6,997,561
The Annual report, dated Jersey ity, N . J., M
shows net
Reserve, & c-------------------- 5,000,000
5,000,000
1,060,000
4,060.000 earnings o f $2,489,870 in 1920 forCthe American arch 1 1921, and those
Cigar C o.
Subsidiary cos’ acct_____
565,226 companies all o f whose stock is owned b y the American Cigar C o., after
Creditors------------------------175,602
290,867
86,770
174,854
unclaimed dividends____
19 762
34,677
373,498
279,666 deducting all charges for expenses, management and Federal taxes.
25,000
Pref. div. accrued_______
Calendar Years —
1920.
1919.
1918.
1917.
25,000
25,000
25,000
Profit balance___________ 8,770,042
5,750,247
3,950,804
2,988,443 N et earnings (incl. cos.
ow ned), aft.chgs., &c_x$2,489,870 $2,175,799 $2,318,982 $2,213,755
T otal. „ ------------------------35,311 702 25,958,432 15,535,863 15,090,750 Preferred divs. (6 % )___
600,000
600,000
600,000
600,000
A ssets —
Com m on divs________y (8% )800.000 (8)800,000 (6)600,000 (6)600,000
Property (shares, & c.)— 16,588,461 12,036,905 11,019.820
9,510,859
Debtors and loans_______
353,146
Balance, surplus
__ $1,089,870
$775,799 $1,118,982 $1,013,755
412,484
226,154
87,395
Dividends due___________ 4,435 331
2,349.477 Total surplus________ - - $9,308,584 $13,218,715 $12,442,916 $11,323,934
4,635,614
1,387,525
Investments-------------------- 13,812! 051
8,112,506
3,037,526
2,764,923
Cash-------------------------------122,713
x After deducting Federal taxes.
760,923
137,441
105,493
y In addition to the 8 % cash dividend on Com m on stock, a stock divi
dend o f 50% was paid D ec. 15 1920, thereby increasing the outstanding
T otal--------------------------- 35,311,702 25,958,432 15,535,863
. . ‘^ e investments, taken at market price or under on D ec. 31 include Common stock to $15,000,000. (Compare V. I l l , p. 1853, 2142.)
N o te .— The above statement o f earnings includes only the dividends
£ 4 ,0 o/,o0 o National W ar bonds. £698,130 V ictory bonds, £1,463,600
Exchequer bonds, and £7,3/5,592 British Treasury bills. The investments received from those companies, a part only o f whose stock is owned b y the
andi Wcash ----- io>> C ' h O only ! £2,653.698______4- ana____ .the shareholdings . and while com pany, but it includes the total net profits o f companies all c f whose
amount wictu tue 1snaxenoiuings thanwniie 1
to
less ______ 1 ___
• ~ ,l
in
f
I
r. I
.1
^
J Y y *urs •h oe shareholdings /(at cost or under) have increased I.
by £5 .- stock is owned b y or held in trust for the com pany.
r ’I a tile investments and cash have been increased b y £11,032,399.”
B A L A N C E S H E E T D E C E M B E R 31.
— v . 1 1 2 , p. 2420.
(Consolidated with companies all o f whose stock is ow ned.)
1919.
1920.
1919.
1920.
D o m in io n S te e l C o r p o r a tio n .
Assets—
$
Liabilities—
$
S
$
Real est., mach.
Preferred stock-__ 10 , 000,000 10 .000.oco
( R e p o r t f o r Y e a r E n d i n g M a r c h 31 1921).
&c., less cleprec. 2,914,972 2,988,745 Common stock__ 15 , 000,000 10 000,000
Brands, pat., &c_. 3,315,685 3,315,685 Prov. for Pref. div
150,000
150,000
President Roy M. Wolvin, says in substance:
Leaf tobacco, &c_. 19,208,6C8 17,288,561 Accts. & bills pay- 8 ,148,635 8 613,927
5
‘ Tn Decem ber last the Exchequer Court handed down Stocks and bonds. 6,863,935 6,783,615 Tax reserves------372,050
47S.041
fivinrr'f l
?ase o ff P e d o m in io n Iron & Steel Co. against the Crown,
Cash___________ 1,927,183 1,525,602 Res. for deprec__ 8 ,323,354 7, 101,252
r-n ir°i o/L !rJC?
paid for raiJs rolled m accordance with Orders-in-Coun- Liberty bonds___
1,019,738 Surplus__________9 ,308,584 13, 218,715
fjV-al year d 1919‘ Settlement had n o t been completed at the end o f the aDue from cos___ 12,505’,589 10,562,252
Bills & accts. rec_. 4,537,861 5,795,322
dnrfn^ S h iJ t
"A fter about eleven m onths’ successful operation,
Prepaid ins., <fcc_.
134,781
176,424
liririgv.hich 40.000 tons o f excellent plates were produced, the Government,
which
T o t a l ...- _____ 51,408,614 49,455,944
Total__________ 51,408,614 4 9 ,4 5 5 , 9 4 4
to
for
a Amounts owing to this com pany b y companies in which it, directly
finrir.fr *V, ... , • 7" '7 r>
l/llCJU iu UttlTjr UUt l/Ue Contract or indirectly, owns part o f the stock.— V. 112, p. 935.
mjnng the remainder of its term. On Feb. 19 the Government cave fora

Profit&loss surplus 19,663,547

8,211,235

7,959,251

a

,

,

M a s s a c h u s e tts G as C o m p a n ie s, B o s to n .
pcnsation
nr»r* t
or

{>
\
rnj,l . com ing at a time when there was no
r.rfxhi/t'' fp'!,r>Yir-' l! l(' C W
IO )r>any’s stocks o f raw materials into marketHt.w-1 and r-oal i j m l n l u l ’ was th® cause o f m urh embarrassment to both tho

(18th R e p o r t — Y e a r e n d e d D e c . 31 1920.)
President James L. Richards, Boston, April 5. said in brief:
Property A ccou n t .— This account on Dec. 31 1920 included:
,
Owned.
*Outsiand.
Owned.
Co Slocks <5
<
g
Co. Stocks—
$

*Outsiand.

$
N.Eng.F. & T.Co_25,000,000 25,000,000
N. Engl. Mfg. Co_
13,625
27,500
Beacon Oil Co...... 1,487,212^3,500,000
Ind.Crk.&N.Ry.Co 500sh.
(?)
LawrenceBldg.,lncl ,000sh.
(?)
* Supplied, not In report, x Par of shares, $25: other shares $100.— Ed.
T he Beacon Oil C o ., capitalized at $3,500,000, o f which approximately
42 % % is owned by the Massachusetts Gas C os., began operations on
July 6 1920 and paid an initial dividend o f 5% in December.
The New England M fg . C o. during the year retired in partial liquidation
2,225 snares at $100 per share leaving outstanding 275 shares, o f which
on Dec. 31 we held 130% shares.
The Lawrence Building, Trem ont and West Sts., Boston, was purchased
M ay I 1920, primarily to house the Boston Consol. Gas C o ., which had out
grown its old quarters. The Gas C o. occupies the 3/1, 9th, 10th and 11th
floors and tho rest o f the building Is rented to other tenants.

Bost* Cone. G. Co.15,111,600 15,124,600
East Boh. Gas Co.
x575,000 575,000
Newton Water'’n
560,000 560,000
Citizens of Quincy.
918,000 918,000

TILE CHRONICLE

Gas Companies.
O perating co s ts o f the b o s to n C on solid a ted Gas C o . reach ed record
figures during the year; la b o r, fuel and o il all ad va n ced m aterially.
T w o increases in the standard price o f gas under the S liding Scale A ct
were d eterm in ed b y the P. U. D ep a rtm en t, perm ittin g an a d va n ce to SI 10
per 1,000 o n . ft. on M a rch 5 and to SI 35 on J u ly 23. A n increase o f 30
cen ts per 1,000 c u ft. in tno price o f gas sold to oth er gas com p a n ies was
a p p ro v e d and put in to effect on J u ly 22.
T h e relief so gran ted was not su fficien t to e n ab le th e co m p a n y to m eet the
rising cost o f s e n ir o so th at a d eficit resulted durin g the p eriod , as show n
by the fin ancial figu res, after the paym ent o f the stan dard d ivid en d .
T h e ( i i : o f B oston engaged A rthur D . L ittle, Inc ., to in v estiga te the
op era tin g e fficie n cy o f the B oston C on solid a ted G as C o . A th orou gh in
vestiga tion was m ade and after receiv in g the report and a hearing, the
D ep artm en t fixed the stan d ard price tem p ora rily at $1 40, e ffe ctiv e Jan. 4
1921, statin g that the rem edies h eretofore a fford ed h ave been “ ta rd y and
in a d e q u a te ."
T h e D ep artm en t further qu oted from th e rep ort o f the experts (in b rief):
“ W e tin d that from an en gin eeiin g stan d poin t the plants and system are
adeq u ate and well op era ted . T h e efficien cies are g o o d and th e prices paid
for m aterials are reasonable. T h e service is better than that ob ta in e d in th e
average c it y o f com p a ra b le s iz e ."
T h e E ast B o sto n G as C o ., C itizen s’ G as L igh t C o . o f Q u in cy , and N ew ton
& W atertow n G as Light C o ., b u y in g as th ey d o their entire ou tp u t o f gas
from the B o sto n C o m p a n y at a co m p a ra tiv e ly low price, were n ot a ffected
s o seriously b y the increased co s t o f fuel, o il and la b or. A n increase o f 30
cen ts in the p rice o f gas furn ish ed b y the B oston C o m p a n y to these oth er
com p a n ies was a llow ed and a corresp on d in g increase in the selling p rice to
the consum ers was au th orized .
Operations of Sub-Companies— Increases Over 1917.
Subsidiary
Add'ns to
— Gas to Consumers—
Meters
Companies— •
Street Mains.
Total Cu.Ft.
Increase. Net Gain.
B oston C on sol. G a s ________
937 ft.
6 ,7 7 8 ,7 9 9 ,0 0 0
7 .5 0 %
1.844
E ast B oston G a s __________ 1,271 ft.
668 ,77 3 .00 0
4 .1 3 %
559
N ew ton A W a t ’n G as Id .. . . 19,112 f t .
9 38 .55 9 ,00 0
1 0 .3 7 %
677
C itiz e n s ’ G as L t. (Q u in cy) _ 10,031 ft .
2 9 0 ,80 2 ,00 0
1 4 .4 9 %
477
Commercial Companies.
T h e year 1920 as regards p rod u ction , shipm en t and d istrib u tion o f co a l,
lik e the year 1919. has been on e fu ll o f ch an ging co n d itio n s and anxieties.
In th e ea rly m on th s there w as a severe sh ortage in the stock s o f bitu m in ous
coa l
P rod u ction o f c o a l, h ow ev er, increased tow a rd s tn e last h a lf o f the
year and was at its m axim u m w hen general business began to recede. B e
fore the close o f the year th e su p p ly greatly exceeded the d em an d . N ever
theless, th e C oa l D ep artm en t m ade a sa tisfa ctory sh ow in g for the year.
Since Jan . 1 1921 prices h a v e d rop p ed even m ore ra p id ly , and in m an y
instances g o o d grade b itu m in ou s coa l is no\v being sold b elow co st o f p ro 
d u c tio n and h an dlin g. T h ere is v e ry little if any dem and fo r steam co a l.
B u yers are deferring m akin g con tra cts, influen ced b y th e existin g business
depression or in h op e o f o b ta in in g low er prices. P ro d u ctio n is ste a d ily
decreasin g and m a n y m ines are being shut d ow n .
T h e T ra n sp orta tion D ep artm en t, on a cco u n t o f low er off-sh ore freigh t
rates, show s a d e cid e d fa llin g o f f as com pa red w ith the previou s year.
T h e ou tp u t o f Federal N o . 1 M in e for the year w as 429,795 ton s, c o m 
pared w ith 635,033 ton s in 1919. th e decrease b ein g d u e w h o lly t o in ad equ ate
ca r s u p p ly . F ederal N o . 3 M in e p rod u ce d 161,190 ton s, this b ein g its first
fu ll y e a r’s op era tion .
T h e In d ia n C reek A N orth ern R y . C o . was organ ized to bu ild a railroad
t o the E m p ire C o a l p rop erty (m en tion ed in p reviou s reports) and oth er coa l
properties in th at region . C on stru ction o f the railw ay has been con tin u ed
th rou g h ou t the year. Shipm ents from F ederal N o . 3 M in e and oth er c o m 
p an ies’ m in es, for wrh ich sidin gs are n ow bein g co n stru cted , ca n b e m a de to
a ll p oin ts served b y the N ew Y ork C en tral Lines, P en n sylvan ia R R . and
B altim ore & O h io R R .
Sale of J. B. B. Coal Co.— T h e N ew E n glan d Fuel & T ra n sp o rta tio n C o .
sold its interest o f 6 0 % o f th e stock o f th e J. B . B . C o a l C o . to ou tsid e in
terests on A u g . 17 1920, and the M a ss. G as C o s. d isposed o f th e b on d s w h ich
it ow n ed .
Reservation o / $80 0,0 0 0 by Commercial Cos. for Dividends.— T h e C o m m e r
cia l C om p an ies h av e set aside ou t o f th e earnings o f 1920 reseives fo r fu tu re
d iv id en d s a m ou n tin g t o 8 800,000.
IN C O M E A C C O U N T OF M A S S A C H U S E T T S G AS COS.
Calendar Years—
1920.
1919.
1918.
In terest on b on d s, n otes, A c _________
8 33,914
8 75,737
$102,703
D iv id e n d s re ce iv e d ___________________
3 ,441,032
3,33 6,49 7
3,22 3,44 2
T o t a l in c o m e _________________ $ 3,4 74 ,9 46
$3,412,234
Deduct— G eneral exp en ses___
$188,285
$163,115
B o n d , A c ., in terest__________
432,181
402,061
D iv id e n d s on Preferred shares (4 % )
1 000,000
1,000.000
C o m m o n d iv id e n d s _________ (7 )1 ,7 5 0 ,0 0 0
(7 )1 ,7 5 0 ,0 0 0
B alan ce, surplus

$104,480

$ 3,3 26 ,1 45
$346,304
423,989

1 , 000,000

x l , 166,667

$97,059

.$389,185

RESULTS OF S U B S ID IA R Y COS. FOR C A L E N D A R Y E A R S.
E . Boston Gas Co. New. & Wat. G .L . Citizens' G. Lt. Co.
1920.
1919.
1919.
1920.
1920.
1919.
$
$
$
$
$
$
G ross in c o m e ___ 785,660 617,464 1094,049 835,434 412,666 327,792
E x p en ses________ 707,820 581,562 995,070 765,365 341,372 250.767
N et from o p e r .
M is ce ll. in c o m e .

77,840
1,893

35,901
1.662

98,979
6,147

70,069
6,409

71,294
729

7 7.025
790

N et ea rn in g s, _
Deduct— Interest
D iv id e n d s ____

79,733
3 0,000
4 3,1 25

37,563
2 6,599
11,500

105,126
41,207
61,600

7 6,478
36,187
30,800

72,023
6.094
61,635

7 7,815
10,852
52,010

9,491
14,953
2,318
4,294
d ef.5 3 6
- N . E. C. & C. Co.--------------N . E . F . & T . Co. ----1920.
1919.
1920.
1919.
$620,148 $ 1 7 ,31 5 ,01 4 $ 11,693,047
G ross in c o m e ____________ $ 1,4 44 ,0 10
E x p e n s e s ________________
9 64,978
438,161
14.9S6.291
9,36 2,45 4
B a l.. s u r p lu s ._

6 ,608

N et fro m o p e r a t io n s ..
Deduct— In te re st________
D iv id e n d s _ _ _ _ _ ..........

$ 479,032
$181,987
$52,494
S 6 f,4 8 0
2 40,000 ( 6 ^ ) 9 7 ,5 0 0

$2,328,724 $2,3 30 ,5 93
$183,346
$166,456
2 ,0 0 0 ,0 0 0
2 ,12 5,00 0

B alan ce, s u r p lu s .____
$ 186,538
$ 18,007
$ 145,378
$ 39,137
BOSTON C O N SO LID ATED GAS CO.— Y E A R E N D E D D E C . 31.
------------------- Calendar Years------------------- Half-Year
1920.
v 1919.
1918.
1917.
G ross in c o m e _____________ $ 9 ,7 5 9 ,8 9 6
$ 7 ,7 0 5 ,0 8 4 $ 6,7 91 ,5 72 ^2,766,489
E x p e n s e s ________________ 8 ,6 6 4 ,2 5 6
6,41 1,72 3
5,541,361
2 ,078 974
N et in com e _
. _ $ 1,0 95 ,6 40
M iscella n eou s in com e
18,702

$ 1,2 93 ,3 60
23,028

$1,250,211
18,492

$687,515
11,405

N e t earn in gs______ ___ $ 1,1 14 ,3 42 $1,3 16 ,3 88 $ 1,2 68 ,7 03
$698,920
Interest
__
_
$189,428
$85,165
___
$316,256
$285,101
D iv id en d s
_ _ ___ (7 % )1 .0 5 S .7 2 2 (7 )1,05 8,7 2 2 (7 )1 ,0 5 8 ,7 2 2 (3 ^ )5 2 9 ,3 6 1
B alan ce, su rp lu s, _ _ .d e f .$260,636 d e f $27,434
$20,553
B A L A N C E SH EET OF M A S S . GAS COS. DEC. 31.

$84,393

1919.
1920.
1919.
1920.
Liabilities—
$
$
S
S
Property account _52,390,638 61,031,195 Common stock — 25,000,000 25,000,000
Cash in banks___
519,675 Preferred stock__ 25,000,000 25,000,000
6S2.077
Notes receivable-.
366,122 2 0 -year bonds----- S',280,000 S,476,000
2 0 ,0 0 0
______
Accts. receivable.73,267 Notes payable----- 1,350,000
10,579
Bond disc’t, susp__
32,289
150,391
217,657
261.5S1 Accounts payable.
Accr. int. & taxes.
Mass. Gas Co. bds.
132,528
15,000
155,552 Pref. div. accrued194,601
83,333
83,333
in treasury____
Liberty bonds----Com. div. accrued 291,667
291,667
44,900
Reserve for taxes.
Mass.G.Co. shares
120,356
acct. prof .shares
Reserve for doprec.
9,244
of securities___
and employ___
120,749
10S.279
___ Res. for diva, on
Int. pd. not accr d
11,861
_____
pref. sharos___
416,667
Surplus____ _____ 3,862.351 3,174,438
Assets—

T o t a l_________ 63.572,313 62,416,636

— V . 112, p . 1746.

Total ................ 63,572,313 62,416,636

113.

[ V ol.

Bush Terminal Co., New York.
(I n c lu d in g

B u sh

T e r m in a l

B u ild in g s

C o.

and

S u b s id ia r ie s .)

31 1920.)
President Irving T. Bush, June 0 1921, wrote in subst.:
(R eport fo r

F isc a l

Y ear

en ded

D ec.

Results. T h e year 1920 was a d ifficu lt year fo r in d u stry in general.
T h e iuiak o f op era tin g co s ts was reached and this adversely a ffected all
earnings. Our increased incom e fro m new ren tals began to o late in the
year to o v e rco m e en tirely the e ffe cts o f th e d ifficu lt first eigh t m onths.
A la ig e p art o f ou r incom e is d erived fro m fixed leases, aggregating now
ap p rox im a tely $ 1,000,000 per annum and from warehouse business w hich
is at its best durin g dull tim es, when m erchandise is n o t required for co n su m p t on and goes in to w arehouse.
1 think 1 am safe in statin g that the
com p a n y has passed its period o f d iffic u lty . T h e w ar p eriod was acu te
for us, d u e to th e fa ct th a t operatin g expenses were increasing b y leaps and
b ou n d s and income, fro m fixed leases cou ld n o t be increased, excep t as th ose
leases expired. Our situ a tio n was som ew h at sim ilar to that o f th e rail
roa d s e x ce p t th at th e in com e was n o t regu lated b y p u b lic a u th o rity .
Outlook.
VVe n o w face a new and m u ch m ore fa v o ra b le situ a tio n . O p er
atin g expenses are decreasin g, with the excep tion o f taxes and leases w hich
are bringing in a su bstan tia l increase in ren tal are in e ffe c t. T h e next
few years o f industrial rea d ju stm en t, w hile d ifficu lt fo r all in d u stry , m ay
b e faced w ith co n fid e n ce because o f th e co n d itio n s w hich 1 h ave o u tlin ed .
IN C O M E A C C O U N T OF B U SH T E R M IN A L CO

FOR

A h . Y E A R S.
1917.

1919.

1918

G ross earnings fro m sto r
age, A c., A net incom e
fro m railroad d e p t ____ $2,731,142
O perating exp en ses______ 1,053,367

$2,124,458
595,590

$2,131,571
499.069

$2,157,210
546,818

N e t earn in gs__________ $ 1,677,775
O ther in c o m e _____________
281,221

$1,528,868
248,362

$1,632,502
240,067

$1,610,392
128,377

T o t a l net in c o m e $ 1,958,997
Deduct—
In terest on b o n d s _
585,537
T a x e s ______________
472,435
D e p re c ia tio n ______
28,970
P referred d ivid en d s (6 % ) 138 000
C o m m o n d ivid en d s (5 % ) 315,540
L o s s e s _____________
382,341
Sinking fu n d _____________
_______
R e s. in c. ta x ., 1918 _____
_______
M isce lla n e o u s____________
_______

$1,777,230

$ 1,872,569

$1,738,770

$492,141
449,747
29,345
138,000
300,385
12,677

491,853
359,773

451,858
302,465

138,000
285,959

138,666
272,302

29,690
91,860
116,544

30“ 030

C r .12,117

B alan ce su rp lu s________
$36,173
P reviou s su rp lu s_________ 6,06 0,30 8
P r o fit on sale o f p r o p ____ Cr.82,756
R eal est. a p p re cia tio n ___
_______

$366,760
6 ,028,510

$358,891
2,84 2,92 0

$508,542
2 ,623,746

T o t a l____________________ $6,179,237
Deduct—
R e s. fo r b a d d e b ts ________
5 0,000
C o m m o n stk . d iv . ( 5 % ) .
316,118
I n c . tax fo r 1917_________
_______
M isce lla n e o u s_____________
62,799

$ 6,3 95 ,2 70

$ 6,3 56 ,3 05

$ 3,132,288

_______
300,886
_______
34,077

_______
2 86.388
33,389
8 ,018

— --272,588
-----1 6 ,/8 0

P . A L . Su rp lu s________ $ 5,7 50 ,3 19

$ 6,060,307

1920.

_

180

35,571

_______C r3,154,494

________

$ 6,028,510 $ 2 ,8 4 2 ,9 2 0

E A R N IN G S OF B U SH T E R M IN A L BLDGS. CO. FOR C A L . Y E A R S
Balance,
Calendar
Rentals Net after Other
Bond
Preferred
Surplus.
Year—
Received.
Taxes.
Income
Int.
Dividends.
1920______ $ 2,224,602 $816,050 $96,316 $458,570 (7 % )$ 2 9 2 ,3 0 3 $161,493
1919_____ 2 ,0 6 6 ,7 6 5
830,489 14,599 4 50,758 (7 % )1 8 5 ,0 3 3 209,297
132,291
1 ,909,838
735,157
4,637 432,503 (7 % )1 7 5 ,0 0 0
1918_____
86,033
1917_____
1 ,480,939
620,637
6,638 356,242 (7 % ) 175,000
1916_____
1,230,931
622,022
7,804 3 53,908 (7 % ) 175,000 100,918
128,963
1915_____
1 ,100,830
660,963
3,726 360,726 (7 % )1 7 5 ,0 0 0
8,551
1914_____
903,523
527,939
2,871 347,259 (7 % )1 7 5 ,0 0 0
B A L . SH E E T D E C . 1— C O M P A N Y PROPER ALSO IN C L . SU PSID S.
[Bush T erm in a l C o . A S u b. C o s ., and elim inating in te r-co m p a n y item s.]
----- Bush Terminal Co.------ ----------- Consolidated---------1920.
1919.
1920.
1919.
Assets—
R eal e sta te______________ $ 9,189,099 $ 9,232,899 $ 12,603,174 $ 12,645,999
W areh ouses, piers and
19,469,310 18,728,407
7,00 8,51 9
oth er im p ro v e m e n ts . _ 7,06 4,33 0
E xpenses during and in
1,351,833
1,392,557
cid e n t to con stru ction
3,000,000
3 ,0 0 0 ,0 0 0
3 ,00 0,00 0
G o o d -w ill________________ 3",000,000
C o m . sto ck B u sh A d v .
1 ,075,404
1,074,435
4 ,05 6,19 0
Service ________________ 4 ,2 7 9 ,0 8 4
8 5,500
296,100
Securities o w n e d -----------782,502
6 96,005
624,274
E q u i p m e n t _____________
709,189
403,441
67,804
63,653
F u rn itu re and fix tu r e s . _
343,551
3 49,724
348,469
C o n str. a d v . to B .T .R R .
158,472
158,473
163,489
D u e fro m U . S. G o v t ----163,489
950,905
6 21,808
496,123
C a s h _____________________
982,154
918,281
2 ,14 8 ,0 9 6 y 2 ,691,508
A cco u n ts re ce iv a b le ____
147,903
1,159,405
P ro m o tio n e xp en ditu res.
b l 66,776
137,008
300,000
B in s re ce iv a b le _________
15,000
O ther in v estm en ts_____
C o ll. tr. n otes (in treas.)
9,254
46,562
4 6,562
6.666
A ccru ed storage A la b o r .
7 6,980
134,905
W o r k . a d v . to B . T . R R .
341,263
432,617
206,954
205,763
M a teria l, supplies A fuel
864.974
______
93,704
M erch a n dise in v e n to r y .
1,199,977
999,570
999,570
1,199,977
L ib e rty b o n d s .a -----------352.942
511,445
377,285*
232,175
M is c e lla n e o u s ___________
5,613
17,722
17.722
5,613
U . S. G o v t . A g e n cy a c c t.
T o t a l _________________$29,530,217 $29,770,223 $ 4 3 ,8 /5 ,3 4 3 53>42,530,bS9
Li a b i li ti cs__
P ref.stk .in h ands o f p u b . $ 2,3 00 ,0 00 $ 2,300,000 $ 2,3 00 ,0 00 S 2 .300.000
d o su a r. b v B . T . C o .
_______
_______
2 .95 8,30 0 b l . / o l , 1 0 0
C om .stk .in h ands o f p u b .
6,39 8,79 5 6,09 0,89 8
6,39 8,80 6
F irst m ortga ge 4 s _______ 2,87 7,00 0
2 ,9 1 /,0 0 0
2 ,8 / /,0 0 0
2 ,9 1 /,0 0 0
C o n so l, m ortga ge 5s
6,62 9,00 0 6 ,62 9 ,0 0 0
6,62 9,00 0
6 ,62 9,00 0
C oRS tru st serhd n o t es 11
l ^ o i o O O 2 ,0 0 0 ,0 0 0
1,750,000
2 .0 0 0 ,0 0 0
B o n d A m tg e. D im e S av.
B an k guar .b y B .T .C o
_______
_______
1 ,325,000
1 ,0 /0 ,0 0 0
F irst m tg e . s. f . gu ar, b y
* 0
n , OA AAA
B u sh T erm in a l C o . _ _
_______
_______
S ,998.000
9,18 0.00 0
A ccru e d co m m o n s to ck
_
~
d iv ., p a y a b le J an . 1 5 160,010
152,300
160,010
A cco u n ts p a y a b le ______
1,523,596
1 ,645,765
b ,6 3 1 ,8 L
_,0 40 l l E xpen ses n o t p a id _______
30,927
48,303
3 l ,1 0 z
F reigh t a g e n ts’ d ra fts—
---------1 <0/9
_ 1'0/J
B ills p a y a b le
1,021,055 1 ,062,000
1,10 6,89 5
1,062.000
U S. G o v t ______________
54,699
75,152
5 4,699
‘ 5.151
A ccru e d in terest A taxes
274,681
2 94,655
4 8 ./ 44
.\
P re f. d iv . o f B . T . , C o
6 9,0 00
6 9,000
6 9,0 00
6 9.000
C o m m o n d iv id e n d _____
159,701
152,059
159.701
lo_.0o9
R eserves, A c ____________
5 ’ 2,275
2 7 2 ,/0 3
081,801
o2 6,S 8 o
P r o fit and lo ss __________
5,75 0,31 9
6 ,0 6 0 ,3 0 8
5,335,754
b .lL w '.o l
M is c e lla n e o u s __________
19,155
---------8 7,7 05
—
T o t a l ________________ $29,530,217 $ 29 3

0

*0 *89

y In clu d es a ccou n ts re ce iv a b le , $761,611; and a cco u n ts receivable inter
c o m p a n y , $ 1 ,3 86 ,4 85 .
.
„
a $998,670 h y p o th e ca te d E x h ib itio n B u ildin g, In c. s u b je c t to a mo r t u a
tio n ).

mortgage sinking fund 5s guaranteed b> Bush Terminal Co >5
current, A c., liabilities. $679,986. and profit and loss, surplus.

S vv,

The total assets and liabilities of the Bush Terminal U K as ot Dev a i 1019
were $359,161.

V . 112. p. 260,

J uly

THE CHRONICLE

9 1921.1
A m e r ic a n R a ilw a y Express Co.

P h ila d e lp h ia

1920 - L a t e r E a r n i n g s ) .
Below aro shown the earnings and balance sheet for the
calendar year 1920 as filed with a leading public utility
commission, concerning which the “ Wall St. Journal” of
June 0 comments as follows:
( R eport fo r

Results in Report

Y ear

Nero Contracts.

R oport o f Am erica!) R ailw ay Express,

sh o w in g $39,835,887 not. d eficit for 1920, com pared w ith $21,209,290 in

ilh0 previous year, is n ot o f m aterial significan ce. T h e loss was borne by
the G overn m en t.
_^ _
When (.he guaranty ended, Sept. I 1920, the com p a n y s co n tra ct w ith the
railroads was revam ped so that 6 % m inim um earnings are assured until
1923, at least. (See V. 112, p. 565).
Kami nos Since Sept. 1 1920. Earnings for the six m onths since Sept. I
1920 equal $3 49 a share, or $6 98 annually, despite the fact that receipts
f r o m operation have dropped nearly 5 0 % .
G ross and net, b y m on th s, are
as follow s;
Gross.
Net.
Month G)oss.
Net.
I Month—
$29,327,825 $246,398
Fob. 1921
$16,992,027 $194,716 N o v . 1920
30,545,418 269,125
Jan. 1921
_ 22.311,438
1 77,4201Oct. 1920
30,133,938 281.056
D ec. 1920
28,341,198. 2 1 0 ,9 3 6 1Sept. 1920
T ota l net o f $1,379,651 for the h a lf year ended F eb. 28 1921. exceeds 6 %
on the $34,642,100 capitalization by $340,388, and, as b y term s o f the con
tract, h alf o f this surplus m ust be returned to the roads at the end o f the
year, net for six m onths, on paper, m ust be red u ced to $1,209,457.
Dividend Paid in 1921. -D irectors, on A pril 14, declared a dividend
am ounting to $1,212,474 ou t o f earnings from Sept. 1 to M a r. 31, to pay
which profits o f on ly six m onths were needed, tw o o f these m on th s being
the dullest o f the year. T h e ou tlook for at least m ain tain in g the 6 %
dividend rate, when the b oard considers a ction again n ext m on th , is con
sequently favorab le.
(See V . 112, p . 1743).
Outlook.— Business is rep orted still abn orm ally p oor, b u t exh ibitin g signs
o f im provem ent in the E ast, ow in g to a gradual resum ption in m a n u fa ctu r
ing. Shipm ents from w est to east are at low eb b , som e fru it grow ers claim 
ing rates are too high to w arrant shipping.
Express officials say rates ca n n ot be red u ced until wages are cu t. T h e
co m p a n y ’s dispu te w ith em ployees, w ho refused any redu ction s, has been
carried to th e R ailroad L abor B oard. P resu m ably a decision w ill be handed
dow n corresponding to th a t rendered in case o f the carriers.
Non-Transportation Revenue.— W hile earnings o f the co m p a n y are at a
7 % rate, revenue from actual transportation is n ot giving the 6 % p ro fit
on capitalization w h ich the In ter-S tate C om m erce C om m ission intended.
T h e d fferen ce is m ade up b y non -tran sportation revenue, w h ich is inclu ded
in m on th ly earnings statem ents publish ed, and com prises operation s o f
banking character.
T h e 1920 incom e a ccou n t filed w ith the In ter-S tate C om m erce C om m is
sion shows non-tran sportation revenue fo r the year a m ou ntin g to $ 3 ,6 0 4 ,509, or $10 40 per share. In com e from securities and a ccou n ts a m ou ntin g
to $1,640,610, or $4 74 a share, is also show n, w h ich , as distinguished from
n on-transportation rev en u e, is n ot inclu ded in m on th ly earnings sta tem en ts.
N either o f these classes o f incom e is shared w ith th e railroads under
present arrangem ent. T h e carriers receive 9 7 Y>% o f op eratin g revenues,
after expenses and taxes. T h e 2 A % rem aining accrues to th e express
l
co m p a n y , and is intended to be equal to a 6 % return on the p ro p e rty in
vestm en t, b u t in reality has been less.
W hen better con dition s result in attaining the 6 % earnings fro m actual
tran sportation to w hich th e com p a n y is entitled, ad d ition o f in com e from
these outside sources should thus m ake for m aterially increased earnings.
IN C O M E ACCO U N T
-Calendar Years1920.
1919.
Charges for tran sportation ____$333,890,026
$285,905,404
Express p rivileges______________ 141,829,491
143,429,820
R evenue from tra n sp orta tion ! 192,060,535
Other rev en u e__________________
3.604,509

Six M os. to
Dec. 31 1918.
$128,128,621
64,237,728

$142,475,585
8,560,310

T otal operatin g rev en u e______$195,665,044 $151,035,895
Operating expenses_____________ 234,809,540
174,081,557
U ncollectible rev en u e_____ _____
37,1011
2 ,0 6 0 ,2 8 4 i
Express ta xes____________ ____ _
_
2,18 2,46 2 /

$63,890,893
2 ,538,952
$66,429,845
7 5,527,534
6,927
765,699

Operating in c o m e ____
d e f.$ 4 1,364,058 d ef $25,105,946 d ef$9,870,316
M iscel. rent in c o m e ______
435,186
108,132
In com e from fun d ed securities
47,949
896,650
22,061
In c. from unfund. sec. & a ccts
1,592,661
170,592
Gross in com e------------------------d ef$ 39 ,2 88 ,2 62 d ef$2 4,20 9,29 6 def$9,569,531
M iscellaneous ren ts---------------- 183,8331
196,055/
22,314
Interest on unfunded d e b t_____
3 6 3 ,7 9 2 /
i
H
N et in co m e ------------------------- d ef$ 39 ,8 35 ,8 87 d ef$2 4,20 9,29 7 def$9,591,855
PROFIT A N D LOSS A C C O U N T FOR C ALEN D A R Y E A R 1920Debit— B alance from incom e a cco u n t______________________________$39,835,887
Deduct A m ou n t collectib le from the U . S. R R . A dm inistration
representing n et d eficit, resulting from operations for the tw o
m onths ending F eb. 29 1920, determ ined in a ccord a n ce with
Section 8 o f A greem ent m ade June 26 1918 w ith the U. S.
R R . A dm in istration ______ ________________________________ _____x ] 0,359,240
A lso d ed u ct am ou nt collectible from U. S. Treasu ry represent 
ing net d eficit from operation s for six m on th s ending A u g. 31
1920 as cov ered b y gu aran ty for con tin u an ce o f provisions
o f aforesaid agreem ent against such d eficit for the h alf year x30,823,900
M iscellaneous cred it ite m s ______________________ _
42.911
M iscellaneous d ebits____________________ 4 1 3 ^
3
B alance surplus------------------------------------------------------------------------- $1,385,828
x Section 27 o f th e agreem ent referred to reads as follow s: “ I f during the
opera ti on under this con tra ct, the gross con tra ct in com e hereunder fo r a ny
expenses and taxes
ed th at th e am ou nt
------ ---------— —
a ny paym ents due the D ire cto rueneraJ. thereafter, as a further allow an ce b y the D irector-G en era l to
the Express C o m p a n y /’
B A L A N C E SH EET DECEMBER
1920.
1919.
Assets—
%
$
Liabilities—
Prop. & equlp’t . 234,691,199 33,284,724 Capital stock. _ _
B. 8 ctfft. of 1ml. 12,100,299 12,000,000 Loans and notes
Liberty bonds _ 1,032,500
1,059,500
payable______
Other Invest- _ _ y3,002,952
2,002,327 Audited accts. &
va /V /
&
- 13,218,104 30,210,741
wages unpaid.
-N balance rec,
et.
Ml sc. accts. pay.
fro m agents _ 8,575,776
8,483,958 Exp. prlv. llab
MiflC acctH. r e c , 1 4 ,4 6 5 ,3 4 0
18,579,049 Est. tax liability
m . 4: supplies. 2 , 8 0 6 5 0 7
1,473,124 ()ther curr. Ilab.
P H . d iv s. rec. <fec
422 298
488,006 Dot. liabilities
Load debits,
1,992,319
613,411 Oper. & Ins. res
Acer. dep. bldgs.
Acer. dep. equip
Mine, unad. crcd
Corporate surp .
Total.
108 104,000
Total____ - -

31.
1920.
S
34,642,000

1919.
S
34,642,109

311,343

223,571

5,075,276
3,478,657
11,602,266
532,929
5,779,898
36,705
27,009,546
914,358
5,519,209
419.278
1,385,828

5,983,761
5,555,296
37,158,558
1,097,674
4,496,028
51,999
15,110,816
539,830
3,240,429
94,829

97,307,294 108,194,900

<><J I f * ‘ f Y''; *'
:
(,f $1 .406,475 during the year s due to a $2,448.
O 'f ki * rr'ffiit fv 'V
0 1 pr.no:it, front cash or oth er working assets loss $J,
Vob,Hi fj credit for p rop erty retired.
mobile
y /■

834.691 J 99, includes, it is stated, build
'V-' D ud, $4 JJ7,2J5; 19,452 horses; 2,075 gasoline auto
T r: '■'! ° r?r
dou ble wagons; 9,563 single wagons;
V 112 ' p 2m '
'
;
r,H' n v > tnw;ks aml 2 ,1 6 # ca r
s

1

181

(2*ird

Annual

R eport

&

R e a d in g
Y ear

en ded

R a ilw a y .
D ec.

I 1920.)

IN C O M E A C C O U N T FOR C A L E N D A R YEARS
1920.
1919.
O om ponnatlon accrued under Federal co n tro l, Jan.
and Fob. 1920 and on-tiro year J9I9
[' $2,650,513 $10,009,826
Incom e accrued under the guaran ty p rovision s o f
T ran sp orta tion A ct, 1920, M a r. ] t o A ug. 81 ’20
7,960,539
N ot railw ay op era tin g incom e, 4 m os. e n d . I)ec. 3 1 .. xA ,6 7 2 ,7 17
rA ,672,717
’ Total com pen sation and net R y . op or. Incom e
N on operating in c o m e ................ .
___ ___ ___

$15,298,769 $10,009,826
216,153
342,066

G rO SS

in co m e
____
$15,514,922 $16,351,892
Deductions from Gross Income—
R ent for leased r o a d s ______________ _____ _________
$3,488,832
3
M iscellan eous rents. _-----J56,347
128,758
M iscellaneous tax a ccru a ls_____ _ _ . _ ______ ______
3 1,21 1
20,084
1 m ©rest on funded d e b t
i
_____
1,956,195
1,901,582
10,020
In terest on unfunded d e b t - _ _____
_
_
4 2,826
M iscellaneous incom e charges
231,656
1,000,343
U . 8. incom e taxes Jan. 1 to A u g. 31 1920 and for
entire year 1 9 1 9 -.............. ......
. „ ____
_____
596,000
1,089,515
C orp ora te expenses. Jan. and Fob. 1920 and year
ended D e c. 31 1919---------------------------------------------33,269
161,261

N e t in c o m e _______________________________________
Other A ppropriations—
F o r investm en t in physical p r o p e r ty _______________ $2,538,571
F o r sinking and other reserve fu n d s ________________
41,394
D ividen d s paid durin g the year (to R ead in g C o .—
V . 112, p . 2742; V . 113, p . 6 6 ) . . ................... ...........
6,372,255

$8,460,763
$4,500,100
4 .248,170

B a l., w ith “ a d ju stm en ts” a d d ed , to p ro f. & lo s s .
$58,570 d e f.$287,507
T o ta l surplus D e c. 3 1 _____________________________ $10,113,114 $10,410,339
x O perating results Sept. 1 to D e c. 31 1920- R a ilw a y op er. revenues,
$38,547,921; railw ay oper. expenses, $31,587,469; railw ay tax a ccru als,
$981,454; un collectible railw ay revenues, $14,569; net hire o f equ ip m en t,
deb. $1,240,409; net jo in t fa cility ren ts, d e b . $51,302; balan ce, net railw ay
operatin g incom e, $4,672,717.
OPERATING ST A T IST IC S FOR C A LE N D A R Y E A R S.
1920.
1919.
1918.
1917.
M i l e a g e - - - - - - _________
1,127
1,127
1,127
1,127
All tons, 2,000 lbs.—
M d se, ea rn ed __________ 29,716,679 2 6,074,519 3 0,918,225 3 2,5 48 ,0 33
A n th racite coal(revenue) 15,121,124 13,815,371 16,277,781
16,239,859
Bitum inous coal (revenue) 24,875,761 23,320,574 2 4,078,596 22,549,852
T o ta l tons all freigh t____ 69,713,564 63,2 10 ,4 64 7 1,2 74 ,6 02 71,337,744
AH freight 1 mile (000) _ _ 7,172,042
6,648,922
7,428,639
7 ,398,550
A v . rev . per ton per m ile 0.1059 cts.
0.848 c ts . 0.873 cts.
0.72 cts.
Passengers carried_____ 31,556,953 29,9 22 ,2 90 27,291,268 26,245,714
Pass, carried one m ile ---5 0 0 ,5 4 9 ,2 2 1 510,774,112 414,112,056 408 ,94 5 ,61 8
R a te p er pass, per m ile _ - 2.304 cts.
2.125 cts.
2.097 cts .
1.913 cts
OPERATING A C C O U N T FOR C A L E N D A R Y EARS.
[R o a d operated b y U . S. R R . A d m in , fro m Jan. 1 1918 to M a rch 1 1920.1
1920.
1919.
1918.
1917.
Freight— C oal (rail and
w a te r)________________ $40,730,913 $30,891,280 $34,065,532 $27,957,122
Freight— M e r c h a n d is e .. 3 7,312,117 26,958,903 3 2,689,556 26,797,957
P assenger_____________
,822,326
8,683,464
11,532,277 10,854,210
178,808
M a i l ____________________
430,472
2 29.820
190,013
998,852
1,446,156
E x p re s s ._________________
1,350,430
1,489,830
Al 1 other tran sportation _ 1,516,714
1,356,167
1.100.643
1,327,667
1,669,154
2 ,323,502
In cid e n ta l_______
1,936,553
1.435.643
6,180
Join t fa cility -,_________
10,279
T o t a l oper. revenue .$94,819,755 $72,871,823 $80,769,563 $66,831,398
M a in t. o f w ay & struc. $10,746,542 $7,490,427 $7,316,702 $4,295,826
M a in t. o f equ ip m en t___. 26,994,997 19,296,540 19.354,094 12,323,201
495,762
583,517
709,292
482,181
T r a f f i c ______________
T r a n s p o rta tio n ___
. 48,578,612 35,476,881
37,144,651 28,245,557
M iscellan eous operations3
307,662
233,002
204,753
177,987
G eneral_________ ^___ _ . 2,162,870
1,646,549
1,402,973
1,101,625
Cr. 17,407
T ran sp . fo r in v estm en t. Cr. 13;736
Cr.28,430
C r.29,564
$89,486,240 $64,608,174 $65,889,372 $46,699,283
$5,333,515 $8,263,649 $14,880,192 $20,132,115
R a ilw a y tax accruals___
2,512,846
1,659,029
1,718,737
2,036,568
1,897
3,746
U n collectib le railw ay rev
24,005
329
R ailw ay oper. in c o m e . $2,796,664
N e t hire o f eq u ip ., D r__ $3,338,486
N e t jo in t facil. rents, D r.
113,286

$6,602,723 $13,161,126 $18,091,802
$3,443,369 F urther com p a ra tiv e fig 76,074 ures
are
unavailable.

N e t ry . oper. p r o f i t ._d e f$655,107 $3,083,280
A n adva n ce com p a ra tiv e b alan ce sheet w as p ublish ed in V . 112, p. 174:

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Geneal Railroad and Electric Railway News.— The
following table summarizes recent railroad and electric rail
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading “ Current Events and Discussions'7
(if not in the “Editorial Department’7 either in the week
),
the matter becomes public or shortly thereafter.
Illinois Commerce Commission.— T h e Legislature o f Illinois has passed
th e State A dm in istration ’s bill, creatin g the Illinois C om m erce C om m is
sion in place o f the present State U tilities C om m ission. "While bill was
to p rovid e “ h o m e ” rule, it provid es fo r appeal to the State b o d y fo r fin al
d ecision .
RR. Hearings Before Senate Committee June 23 to 28— Hearings Adjourned
Julu 1 Till August or September. - “ R a ilw a y A g e ” J u ly 2, p . 19 to 24.
Warfield Plan for Reincorporating and Enlarging Scope of National Railway
Service Corp. Organized. Under Maryland Laws in July 1920 and Instrumental
in Financing Railway Equipment to the Extent of About $ 3 0 ,00 0 ,00 0.— Id em ,
p . 1924 (also “ C h ron icle” July 2, p . 36 [C ol. C o ls to n ’s p lan ]).
Gene?at Wage Reduction of 1 2 % , Effective July 1, Estimated to Mean a
Reduction of $365,000,000 to $400,000,000 in RR.'s Annual Operating
Cost— Order Includes All Glasses of Employees of Practically all the Large
Carriers— Clamor for Lower Freight Rales— Progress in Rate Reduction.
— “ R y . A g e ” J u ly 2, p. 3, 8, 13.
Settlements with U. S. Govt. Under Consideration— -Government Views
Apparently Divergent. Id em , p. 9 a n d 2, and 17.
Miscellaneous.— (a) R egulations and w orking con d ition s agreed to by
Pen n . R R . C o . and its em ployees, Id em , p. 14. ( b ) H ea vy P a cific typ e
lo com otiv es on Southern P a cific handle 1 1 passenger cars on 1 l % grade.
A
Idem , p. 15. ( c ; R R s. and p u b lic utilities urged b y C hairm an C lark of
I.-S . C . C om m ission to buy co a l now . Idem , p. 18. Id) L ivin g wage
con tracts (Fitzgerald H all, G en . C ounsel N ash . C h att. & St. L .j, p . 2 9 ^
Idle Cars Decrease. On June 23 the idle good order cars num bered '477.
850, against 381,746 Juno 15 (a redu ction o f 3 ,8 9 6 ;; 507,274 M a y 23 and
256.749 Jan. 8 1921.
Surplus box cars totaled 140,627, a decrease o f 3 .3 0 8 , while surplus coal
cars num bered 163,982, an increase o f a b ou t 4,500 from the total for
June 15. ’ This is due principally to a correction that h ad to be m ade in
figures resulting from a m istake o f on e o f the largo carriers. Surplus a u to
m obile and furniture cars declined 460, fla t cars 388 and stock cars 1.140
in th e period.
N. Y . “ T im e s” July 4.
,
Surplus ( I d l e ) Cars as Reported do not I n c l u d e 3 11.000 Bad Order Cars.—
A d d in g these o v e r 7 0 0 ,0 0 0 , or 2 8 % o f total, is idle " B y . A ge J u ly 2, i> I •
.
Secretary of Treasury Announces that a Provisional Plan About, Completed
for Funding the Indebtedness of the RRs. to the 1'. S., by which the Roads Will

182

THE CHRONICLE

[V ol. 113.

\ i t h i n th e N e x t S ix M o n t h s R e c e iv e A b o u t $500,000,000 o f A d d i t i o n a l A d r
\
v u n eed o n A c c o u n t o f T h e ir C l a i m s A g a i n s t th e G o v e r n m e n t .— See “ Current

Trust C o., X gyv York, and Continental & Commercial Trust
& Savings Bank, Illinois Trust & Savings Bank and First
G o v e r n o r o f P e n n s y lv a n i a V e to e s G r a d e C r o s s in g B ill a s T o o B u r d e n s o m e .—
Trust & Savings Bank, Chicago, have sold at 9 fi1• and int., to
>
* ‘Eng. News Record" June 23, p. 1008.
yield about 0 .8 0 % $25,000,000 25-Year 6 % % Sinking Fund
H ig h P r i c e o f S t e e l R a ils a n d R R . P u r c h a s i n g P o w e r . — “ R y. R eview"
July 2, p. 20 to 22.
Cold Debenture Bonds. The Dominion of Canada guaran
R R . E m p l o y e e s to \ o t e by S e p t . 1 o n A c c e p t i n g W a g e R e d u c t i o n , & c . — The
1.000 general Chairmen o f the R R . brotherhoods announced on July 5 that tees principal and interest by endorsement (see adv, pages).
Events" above.and "T im es" July 8, p. 23, and “ Post" July 7, p. 1.

they could not “ assume the responsibility of accepting wage reductions,"
and that they would therefore not later than Sept. 1 refer the entire matter
of decreased wages, abolition o f time and a half wages for overtime work,
&c., to the membership through the various general Chairman for acceptance or rejection. See “ Current Events" above and “ Tim es" July 6,
p. 17; July 7, p. 20.
P u l lm a n C o m p a n y 's S h o p W a g e s C u t . — See Pullman Co. below.
F o r d 's $6 a D a g o n D e l . T o l . & I r o n t o n R R.- — “ R v. Review" July 2, p. 16.
A etc R u le s f o r A l t o o n a S h o p s o f P e n n . R R . — R e -e s ta b lis h / n e iit o f P i e c e W o r k
a n d ' 48- H o u r D a g . — See Penn. R R . below.
RR S h op s R eop en
The reopening of shops is announced; various com
panies, including a> Delaware & Hudson at Colonie and Oneonta and
( urbond lL- I‘a , wilh _ 000 men; hi II. & O. R R . at M ont Clare, M d .,
Keyser, YV. Va . and Olenwood, 3,600 men; (c) St. Louis-San Francisco
R y. at Springfield, M o., 900 men.
I r o n O re R a te s fr o m W i s c o n s i n a n d M i c h i g a n t o G r a n i t e C i t y , 111., H e l d
U n r e a s o n a b l e . — “ Iron Age" July 7, p. 11.
R e d u c e d R a te s o n C a l i f o r n i a P r o d u c t s t o b e E f f e c t i v e A u g . 15.— “ Times’

July 4, p. 3.

C a n a d i a n E x c h a n g e R a t e . — The

rate o f exchange for shipments of freight
between Canadian and United States points from July 1 to July 14 incl.
will be 13 15-16' . The surcharge on this traffic will be 8% , in accordance
with the order of the Canadian R y. Comm, of Jan. 14. The surcharge on
international passenger business will be based on 14% exchange. “ Fin.
A m ." July 2, p. 4.
H e a v y D e f i c i t s o f T r o l le y L i n e s in L o n d o n , B e r lin a n d P a r i s . — “ Tim es’
July 4, p. 2.
C a r s L o a d e d w it h R e v e n u e F r e i g h t . — During the week which ended on
June 25 the loadings aggregated 775,061 cars, which was a decrease of
5,680 from the preceding week and a decrease of 136,442 and 70,623 com
pared with the corresponding weeks in 1920 and 1919, respectively.
The loading o f grain and grain products for the week was 38,821 cars, or
2,173 cars less than the preceding week; merchandise and miscellaneous
freight, which includes manufactured products, amounted to 468,107 cars,
a decrease of l ,416 cars; forest products, 49,427 cars, decrease 1,045: coal,
156.999, decrease 244 (but 38,500 cars less than in 1920); live stock. 28,229
cars, decrease 312; coke, 4,557 cars, decrease 545; ore, 28,921 cars, increase
55 cars.
M a t t e r s C o v e r e d i n “ C h r o n i c l e ” o f J u l y 2. — (a) International R R . Equip
ment Association proposed, p. 19. (b, Wage reduction of 12% extended
to practically all R R s., p. 33. (c) Acceptance of wage cut left to com
mittee, p. 34. id ‘> National RR. rules to continue temporarily pending
separate agreements; time and half wage rates curtailed, p. 34. ( e ) Tele
graphers’ agreements not affected by termination o f national R R . agree
ments, p. 34. ( f ) Reduction in wage o f R R . shop employees, p. 34. (g;
Am. R y. Express Co. seeks wage reduction, p. 35- (h) Duty o f Security
owners in R R . crisis (John Pulleyn), p. 35.
i; Funding of R R . indebtedness to U. S. urged by Phila. Bourse, p. 35.
( i Early adjustment of R R. claims desired by President Harding, p. 36.
(k) Rail financing plan (Col. W . A. Colston), p. 36; compare p. 19 of
Ry. A ge" for July 2. (1) R R . situation considered by R R . executives,
p. 36. (m) Tentative valuations o f R R s., p. 37.

Alabama Tennessee & Northern R R .— F a r e s

R educed

.—

The company has made a reduction of 16 2-3% in passenger rates. The
decrease applies on one-way and round-trip fares with a return limit of 30
days. A decrease of 33 1-3% is made on round trip rates with a return
limit of 5 days. #See also V. 112, p. 1616.

Ann Arbor R R .— B o n d s

Chicago Burlington & Quincy R R .—

S trick en fr o m L is t.

See Chicago Milwaukee & St. Paul R y. below.— V. 112, p. 2642.

Chicago Milwaukee & St. Paul Ry.

-S tr ic k e n f r o m L i s t .

The Now York Stock Exchange lias stricken fro the list the following
_____ om
matured bonds: (1) Chicago Milwaukee & St. Paul Rv. (Chicago Sc Lake
s:
Superior and Wisconsin & Minnesota divisions) 5% bonds; (2) Evansville
& Terre Haute R R . 1st Consol. Mtge. 6% bonds; (3) Louisiana Western
RR. 1st mtge. 6% bonds; (4) Northern Pacific-Great Northern (C. B. & Q.
joint) collateral 4% bonds; (5) Pennsylvania Co. guaranteed 4 1 %
4
b o n d s — V. 113, p. 70.

Chicago Rock Island & Pacific Ry.— L o a n . —
See National Railway Service Corp. below.— V. 112, p. 2642, 2413.

Columbus Ry. Power & Light Co.— L o a n

^ Arkansas Valley Ry. Light & Power Co.— P r o p e r t y

—A letter to the stockholders regarding the
Pueblo flood says in part:
L ittle D a m a g e d .-

The Pueblo plant is intact, the damage there consisting mostly of watersoaked electrical apparatus which can be dried out and shortly be put in
operation
Large quantities of mud and debris, which will be removed
within a few days, cover the ground floor and basement. We fully expect
to have the Pueblo plant in full operation within two weeks and in the mean
time to furnish increasing partial lighting, power and street railway service.
The Canon City power plant and transmission and distribution lines are
undamaged and continue furnishing service to the Cripple Creek and coal
mining districts and the several adjacent communities. The transmission
lines out of Pueblo to the west are out. of commission to the extent o f two
miles, but the damage is such that speedy repairs can be made. The main
transmission line supplying the Valley east o f Pueblo is very little damaged.
Full service will be given the La Junta, Rocky Ford and Ordway districts
as soon as the Pueblo plant is in operation, or within two weeks.
W e are confident the property loss will not exceed $100,000 and probably
will be less. Holders o f our securities may be assured that their investment
therein has oeen out very slightly impaired, and that the future of Pueblo
and the other communities served by our company is as bright as ever it
was before the deluge of a few days ago.— V. I l l , p. 2422.

A tlanta Birmingham & A tlantic R y.—

S p e c ia l M a s t e r .

Albert G. Foster. Madison, Ga., has been appointed special master in re
ceivership.— V . 112, p. 2082, 1739.

Buffalo Rochester & Pittsburgh Ry.— B r a n c h

L in e .—

The I. S. C. Commission has authorized the company to construct a
branch line of railroad in Indiana County, Pa., and to retain for a period of
10 years the excess earnings of the line to be constructed. The proposed
line will extend from a connection with the Jacksonville branch at Aultman
Branch Jet., in a generally southerly direction, a distance of 10.400 ft.,
terminating in a tract o f coal land owned b y the Pittsburgh Gas Coal Co.
Estimated cost of branch is $183,633.— V. 112, p. 2408.

(The) Camaguey (Cuba) C o .,'L td .— P o w e r

E x t e n d e d .—

Notice is given that under the Canadian “ Companies A ct." the powers
o f this company have been extended to include: “ To distribute among the
shareholders o f the company in specie or otherwise the whole or any partof the property or assets o f the company and in particular any shares, de
bentures or securities in any other company belonging to the company or
which the company may have power to dispose o f." — V. 103, p. 144.

R e p a id

.—

The War Finance Corp. announces that the company has repaid its loan
of $642,000 made in 1918 and 1919.— V. 112, p. 2413, 2305.

Connecticut Co.— P o w e r

C o n tr a c t. —

The company will hereafter be furnished with power for the operation of
its cars in Derby, Ansonia and Shelton, Conn., from the Derby Gas &
Electric Co. Formerly current was generated by the Connecticut C o .’s
owrn plant in Shelton.— V. 112, p. 2747, 2642.

Des Moines City Ry.— I n t .

D e fa u lte d

— C o m m itte e . —

Interest due July 1 on the outstanding $4,821,000 Gen. & Ref. Mtge. 5s
having been defaulted the holders have been requested by the committee
named below to deposit their bonds with Harris Trust & Savings Bank,
Chicago.
Protective Committee.— D. Mark Cummings, Stanley Field, C. W . Beall.
W . E. McGregor and Chester Corey, Sec., 115 W . Monroe St., Chicago;
Gardner & Carton, Counsel, Chicago.—V . 112, p. 2536.

Erie R R .— A r b itr a tio n

B o a r d s —-E q u i p m e n t O r d e r s . —

The company has established local arbitration boards which it is hoped
will be able to handle all questions of mutual interest to the company and its
employees without assistance from the Railroad Labor Board.
The company has ordered 1,000 box cars of 40 tons capacity from the
Standard Steel Car Co. at Hammond, Ind.— V. 112, p. 1865-

Evansville & Terre Haute R R .— S trick en

A u t h o r iz e d .—

_ The I. S. C. Commission has authorized the Company to issue $2,000,000
6% Improv. & Extension M tge. bonds; $1,925,000 of which are to be
pledged in substitution for a like amount of 5% bonds issued under its
original Improv. & Ext. M tge. of 1911 and $75,000 in exchange for a like
amount of the 5% bonds now held in its treasury.
The supplemental mortgage is dated N ov. \ 1920, and provides; (1)
for increasing from 5% to 6% the int. rate on bonds issued and to be issued;
(2) for reducing the amount of bonds theretofore certified and delivered
from $2,500,000 to S2.000.000. by the surrender of $500,000 to the trustee
which have already been so surrendered.
There now remain §2,000.000 5% bonds to be exchanged for 6% bonds:
(l) Pledged with the Sec. of the Treasury for U. S. lo a n s _______ $1,300,000
Pledged with Director-General o f RRs. as security for indebtd’ns.
525,000
Pledged with the War Finance Corp. as security for a demand note
100,000
Held in treasury__________
____________
75 000
— V. 112, p. 1976, 848.

Central RR. of N. J.— B r a n c h

S e c u r i t y .- Canadian counsel advises that these guaranteed bonds are
secured by the full credit and taxing power o f the Dominion of Canada
equally with its direct obligations.
B u n d s .— Dated July 1 1921.
Due July 1 1946. Int. payable J. & J.
in gold in N. \ City at the agency of the Canadian Bank o f Commerce.
Denom. 81 4100c*. Auth. $25,000,000. Chase National Bank, New York,
trustee. Not callable.
S>nk>ng F u n d .— A sinking fund, commencing immediately, of $500,000
p. a. is to bo made available in equal installments during each six months
lor the purchase of bonds in the market, if obtainable at or below par.
Any unexpended balance reverts to the company.
C o m p a n y Company is owned by the Government of the Dominion of
1 / ‘ " ‘'da and forms part of the Canadian National Railways System, which
will consist ot over 22,000 miles extending from the Atlantic to the Pacific
ocean and reaching every important traffic centre in Canada.
L i s t i n g .—-The New York Stock Exchange has admitted to the list the
above bonds "when issued."— V. 112, p. 2184, 2078.

fr o m L i s t .—

See Chicago Milwaukee & St. Paul R y. above.— V . 112, p. 1519.

Georgia Railroad.— O b i tu a r y . —

Treasurer W . S. Morris died in Augusta, Ga., June 20.— V. 110, p. 1289.

Georgia Light, Power & Railways.—

T e n d e r s .—

The New York Trust C o., 26 Broad St., N. Y . City, will, until Aug. 1.
receive bids for the sale to it o f First Lien 5% 30-year gold bonds, dated
Sept. 1 1911, to an amount sufficient to exhaust §76.147. and at a price
not exceeding 105 and int. to Sept. 1.— V . 110, p. 1642.

Grand Trunk Ry. of Can.— I n te r e s t

P a y m e n t s . —■

The interest on the Grand Trunk Pacific Mountain, Prairie and Lake
Superior 4% bonds, due on April 1 is being paid by the Bank of Montreal,
Threadneedle St., London. The interest due April 1 on the Grank Trunk
R y. of Can. 6% notes and Northern Third Preference bonds is being paid at
the offices of the company.—V . 113, p. 70.

Great Northern Ry.—

S y n d ic a te D i s s o l v e d — M e r g e r . —

The banking syndicate which sold §230,000.000 Northern Pacific-Great
Northern Joint 15-Year 634% bonds (C. B. & Q. Collateral) was dis
solved July 5See also Spokane Portland & Seattle R y. below.— V. 112, p.2747, 1866.

Greene County R R .— U. S . L o a n , & c . —
The I. S. C. Commission has authorized the company to issue $75,000
1st Mtge. 6% gold bonds for pledge with the Secretary of the Treasury as
collateral security in part for a loan of $60,000 from the U. S. to be used to
pay o ff certain indebtedness and §19.000 for delivery to Forest Greene
(who owns 98% of the stock) a creditor in full payment of an indebtedness
of $18,890.
,
^
,
The company owns and operates a line of railroad about 19 miles long,
extending from Apalachee to Monroe. Ga. The proposed issue o f bonds
will be secured bv a first mortgage dated June 1 1920, made to Trust Co.
of Georgia , as amended by a supplemental indenture M ay 31 1921. under
which the issuance of SI00.000bonds is authorized. The bonds will become
due March 1 1950.
Hot Springs (Ark.) Street Ry.— N e w

O ffic e r .—

W . I. Boyer has recently been elected Secretary and Treasurer, succeeding
W . E. Johnson.— V . I l l , p. 1752.

Hum boldt Transit Co., Calif.— C ity

P u rch a se.

It is stated that the purchase of the company operating the local street
cars in Eureka, Calif., by bonding the city for the purchase price, was
voted by an overwhelming majority June 20.— V . 112, p. 1866.

Interstate R R ., Virginia.— S tock A u t h o r i z e d , cfee.—
The I. S. C. Commission has authorized the company to issue and sell
$3,000,000 capital stock, proceeds to be used for the purchase of property
for. and the construction of, an extension of its railway from the present
terminus at Norton, Wise County, Va., to a connection with the Carolina
Clinchfield & Ohio R y., about 25 miles. Company shows that the cost
of construction of this extension, including the purchase of a certain portion
of the railroad and right-of-way of the Norton & Northern R y., which will
constitute a portion of the completed extension, will be approximately
$2,967,500. The proceeds of the $3,000,000 of capital stock are to be
used to defray this cost.
Authorized capital $10,000,000 of which $4.387.100 has been issued and
is outstanding. All of this stock, except 6 shares qualifying directors, is
held by the Virginia Coal & Iron Co. The company states that sale of the

L i n e .—

The I. S. C. Commission has authorized the company to acquire in part,
to construct in part, and to operate a branch line of railroad in Cumberland
County of N. J. The proposed branch would include: (a) about 3.13 miles
of plant track, constructed by the Seabrook Farms C o., which the company
contemplates purchasing; (5) abotit 1.89 miles of track heretofore constructed
by the company as an industrial spur to connect its New Jersey Southern
division with the above plant track; and (c) about a mile of additional track
which company proposes to construct as an extension to said plant track,
a total of 6.02 miles of track.— V. 112, p. 2747.

Canadian Northern Ry .-— G u a r a n te e d

D e b e n t u r e s S o ld . —

Dillon, Read & Co., National City Co., Guaranty Co. of
New York, Blair & Co., Inc., Lee, Higginson & Co., Bankers

Kansas City Terminal R y.— U. S. L o a n .—
The I.-S. C. Commission has approved a Government loan of $580,000
for the road to enable it to meet iis 4?i % secured gold notes, due July i
1921, and other indebtedness.— Compare offering of $2,000,000 6 '- %
notes in V . 112, p. 2642.
Louisiana Ry. & Navigation

C o.—

Application Denied.

The I. S. O. Commission has denied the company's application to exeeuie
an agreement dated Dec. 27 1920, between compan> and the Y ar l V o .la 
Y
ment of the V. S., for the purchase of one locomotive for § Jo ,000 as -.he
application did not come within the jurisdiction of the Commission V. 107, p. 1192.

Louisiana Western RR.— S t r i c k e n

fr o m

L ist.

-

See C h ica go M ilw au k ee & St. P au l R y . a b o v e ancl V . 113, p . 71.

Mexico Tramways.

■ la n
P

A pproved.

See M e x ico Light & Pow er C o . under “ In du strials”
p . 2748, 2642.

below .

V. 112,

Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
G r a n t e d to P u r c h a s e W i s c o n s i n & N o r t h e r n R R .—

A u th o r ity

T h e I. S. C . C om m ission has authorized th e com p a n y (a) to purchase all
the p rop erty used for railroad purposes b y the W isconsin ik N orthern K y .,
and (b) to issue $2,671,000 1st C on sol 5 % M tg e . bonds o f 1888 in part p a y 
m e n t for such p rop erty .
T h e consideration to be paid for the p rop erty Is $25,000 per mile, or a
tota l o f $ 3,3 39 ,5 00 . O f this am ou nt $5,000 per m ile, or $868,500, is to be
p aid in cash and the balan ce, $20,000 per m ile, or $ 2,6 71 ,0 00 in 1st C on sol.
5 % M ortg a g s bonds. These bonds are to be a cce p te d by. the W isconsin &
N orthern at par and the p rop erty is to be transferred free and clear o f
indebtedness and encum brances o f every kin d .
T h e W isconsin & N orthern on D ec. 31 1920 had ou tstan d in g $ 1 ,1 9 7 ,0 0 0
C apital s to ck and u nm atured fun d ed d e b t o f $1,555,600 in addition to
w hich it had current liabilities o f $699,591.— V . 113, p . 71.

Minneapolis & St. Louis RR.— L o a n .—
See N a tion a l R y . Service C o rp . b e lo w .— V . 113, p . 71.

Missouri Kansas & Tsxas Ry. of Texas.— E q u i p .

N otes.

T h e C en tral U nion T ru st C o ., N ew Y o r k , has boon a p p oin ted trustee
o f the $450,000 6 % receivers’ equipm en t notes, due serially J u ly 1922 to
J u ly 1936.— See V . 112, p . 2643, 2748; V . 113, p . 71.

Monongahela Power

&

Ry.— W a g e s . —

T h e com p a n y announced J u ly 1 th at it h ad closed a co n tra ct for th e en
suing year w ith loca l unions in C larksburg and F airm on t p rovid in g for a wage
reduction o f 8 cents an hou r and a closed sh op . E m p loyees in the tw o cities
and on interurban lines betw een th em and to W e sto n , M anningfcon and
W o lf Sum m it are a ffected . C arm en under th e new scale receive fro m 43 to
55 cents an h ou r.— V . 112, p . 2191, 2414.

National Railway Service Corp. —

TJ. S . L o a n s .

—-

T h e In ter-S tate C om m erce C om m ission has ap p rov ed a loan o f $ 3,304,000
to W h eelin g & L ake E rie R y . (see b elow ) $ 1,568,540 to C h icago R o ck
Islan d & P a cific, and $386,190 to M in n ea p olis & St. Louis fo r purchase o f
equipm en t th rou gh N a tion a l R a ilw a y Service C o rp .
T h e equipm en t to b e purchased for C h ic. R o ck Islan d & P a cific R y . C o .
inclu des 15 Santa Fe lo com otiv es at a cost o f $78,673 each , 10 M ik a d o
lo co m o tiv e s at $66,705, 10 m ou n tain ty p e lo co m o tiv e s at $ 70 ,10 3 , 50
ca b ooses at $4,463 and 500 50-ton gon d ola s at $ 2,300.
T h e equ ip m en t to be p urch ased for W h eelin g & L a k e E rie inclu des 2,000
gon d olas at $2,650 each and 1.000 b ox cars at $2,960 each.
T h e equipm en t to be p urch ased for M in n eap olis & St. L ou is includes 15
freigh t lo com otiv es a t $64,365 ea ch .— -V. 112, p . 2084,-1144.

N ew

York Central RR.— O f f i c e

B u ild in g R ea d y f o r

U se

.—

T h e new b u ild in g fo r th e execu tive offices o f th e N e w Y o r k C en tra l Lines,
L exin gton A v e . from 45-46 S ts., N . Y . C ity , is rea d y fo r o ccu p a n cy and al
rea d y a n u m ber o f departm ents h av e m o v e d in . E v e n tu a lly p ra ctica lly all
the departm ents n ow hou sed in G ran d C en tral T erm in a l w ill fin d a h om e in
th e new b u ild in g .— Y . 112, p . 2748, 2537.

Northern Ohio Traction & Light Co.— W a g e s

R edu ced.

W ages o f trainm en on C ity and In teru rban R a ilw a y lin es o f the co m p a n y
operatin g an exten sive system o f electric railw ays betw een C levela n d,
A k ron , M a ssillon and oth er im p orta n t centres in northern O hio, h av e been
red u ced a p p rox im a tely 2 5 % as th e result o f decision ju st rendered b y a
B o a rd o f A rbitrators.
U p on exp iration o f w age agreem ent on M a y 1 last, co m p a n y p rop osed
new scale for forth com in g year based u pon red u ced co s t o f liv in g and pre
va ilin g w ages p aid fo r sim ilar classes o f service b y oth er tra ction com panies
op eratin g in N orth ern O h io, and as an a ltern a tiv e , to a rb itra te th e m atter
a w age read ju stm en t .v B o th p rop osa ls w ere re je cte d b y th e trainm en w ho
p r o m p tly v o te d to go' ou t on strike. A fte r bein g o u t seven d ays, the m en
d ecided to return to w ork a t the red u ced scale a n d le a v e th e qu estion o f its
term in ation in the h ands o f a B oa rd o f A rb itra to rs to co n sist o f on e repre
sen tative selected b y th e m e n , an oth er b y the co m p a n y and th e th ird n am ed
b y the G ov ern or o f O h io and Judge P a rk er o f C a n ton , O h io.
A fter variou s conferences and an in ten sive stu d y o f existin g con d ition s,
th e B oa rd fin a lly has m a de k n ow n its decision w h ich results in a s lig h tly
larger w age red u ction than th a t con ta in ed in th e co m p a n y ’s orig in a l p ro 
p osa l. M o r e th an 950 trainm en are a ffected b y the d e c is io n — V . 112, p.

2638, 2528.

Norton Taunton

183

THE CHRONICLE

9 1921.]

p uly
J

&

Attleboro St. Ry.— R e c e i v e r s h i p .—

A receiver has been asked for this m u n icip a lly ow n ed tro lle y line b y the
T a u n ton C oal C o ., w h ich has entered a suit alleging th at th e roa d ow es
it $ 4,294 in payment, o f coa l purchased.
T h e railw ay is ow n ed b y the cities o f A ttle b o ro and T a u n ton , and b y
the tow ns o f M a n sfield and N o rto n . M em bers o f the b oard o f directors
represent the fou r m unicipalities, and its Presiden t is M a y o r L e o H . C ou gh 
lin , o f T a u n ton . W . P . M c D e r m o tt, C hairm an o f the M a n sfield B oard
o f S electm en, is Y ice-P resid en t.— Y . 110, p . 1290.

Orangeburg Ry.— A b a n d o n m e n t

A u th o r iz e d

.—

T h e I. S. C . C om m ission has authorized the co m p a n y to a ba n d on the
line o f railroad extending from O rangeburg to N o rth , S. C . t 17.7 miles.
T h e line w as com p leted a n d p la ced in operation in 1913. T h e original
p lan , to exten d throu gh to C h arleston , C olu m b ia and A u gu sta, w as never
con su m m ated. T h e com p a n y leased the necessary rails fo r this con stru c
tion from the Seaboard A ir L in e R y . B on ds am ou ntin g t o $100,000 were
issued o f w hich C ity o f O rangeburg ow ns $20,000 and $80,000 are h eld b y
the Seaboard as collateral secu rity for loans and a dvan ces. T h e roa d has
never earned fix e d charges and a receiver w as a p p oin ted in 1916 (V . 106,
p . 1127; there being at th at tim e a d e b t o f $50,000 o f w hich $40,000 was
ow ing to the Seaboard. T h e latter n ow also holds $63,000 receiv er’s
certifica tes. Service was d iscon tin u ed on O ct. 16 1920 b y order o f the
C o u rt h avin g ju risd iction o f the receiversh ip.— V . 106, p . 1127.

Pawtucket Street Ry.—

P r o p e r tie s

T r a n sfe r r e d

,

& c

.—

See U n ited T r. & E lectric C o . system b elow .

Pennsylvania Company.—

S tr ic k e n f r o m

L ist

.—

See C h ica g o M ilw au k ee & St. P a u l R y . a b o v e .— V . 112, p 2749, 2414.

Pennsylvania RR.— A U o o n a S h o p s N e w R u l e s . — P. F.
Smith, Jr., Works Mgr., Altoona Works, Pennsylvania
system, makes the following announcement:

“ 6. C lassification o f w ork under a wide spread o f rates w hich perm its
the establishm ent rates o f p a y based on skill required rather than a fia t
rate and gives a man d oin g m ore important; work a higher ra .e o f p a y .”
[T h e Treasurer is prepared to com m en ce d eliv ery on .July J J o f d efin itive
15-year 0 * % b o iid s.ou surrender o f in terim ce rtifica tes a t the o ffice o f the
,{,
c o m p a n y , 85 C edar 8 t . r N . V . C ity , or at the T reasu rer's o ffice , Broad
street Station , P h ila ., Pa. (See o ffe rin g o f $ 60,000,000 15-year 0 % C o ll.
T ru st b onds in V . 112, p . 470]. — V . 112, p . 2749.

Phila. Rapid Transit Co.

R e n ta l

D e c isio n

R eversed .

T h e Pen n sylvan ia Suprem e C o u rt, J u ly 1, reversed th e decision o f the
Superior C o u rt in the transit case in v olv in g the question o f /’eduction o f
rental o f Pa. H. T . underlying com pan ies. T h e low er co u rt had held th at
the P 8. ( iom m issiou did n o t have ju risdiction over the. question in dispute.
T h e decision o f the Suprem e ( iourt sends the m atter back to the C om m ission •
fo r con sideration and action .
In this opin ion the Suprem e C o u rt says: “ T h e final question specified
b y us is " I f the appeal lie, then had the P. S. C om m ission the pow er, should
that p ow er h ave been exercised at the tim e the C om m ission m ade the orders
com plain ed o f, to require the underlyin g or ow ner com pan ies to m ake answer
to tiie com p lain t and g o to hearing on the com p la in t and answ er?
" T h is is the main p o in t in the case, and it was correctly d ecided b y th e
Superior C ou rt. In answ ering it- w e are n o t con cern ed with, w h at the Legis
latu re m ight have done, b u t w ith w h at it a ctu a lly has done; for w e are all
o f op in ion the a ct does n ot authorize the C om m ission to alter the leases o f
the underlying com panies.
“ K; fo llo w s that appelee was righ t in o b je ctin g to in terven ers’ attem p t
to su b je ct the rentals to the ju risdiction o f the C om m ission , b u t was w rong
in su pposing th e rem edy for its error in n o t dism issing the intervening co m 
p la in t was b y an a p p e a l.” — V . 112, p . 2749, 1978.

Pittsburgh (Pa.) Rys.—

W a g es R educed

.—

T h e m otor men and co n d u cto rs, e ffe ctiv e July 1, w ill h av e their w ages cu t
1 5% or from 64, 68 and 70 cents an hou r to 54, 58 and 60 cents an h ou r.
T h e receivers in a statem ent to the ca rm en ’s w age com m ittee, June 30, said:
T h e p rop osed decrease in wages goes in to e ffe ct J u ly 1, and w ill be de
d u cted w ith the first b i-m o n th ly p a y , J u ly 15, unless otherw ise ord ered, the
co m p a n y later to rebate b a ck to th e m en a n y a m ou n t due th em should
arbitration fix a low er w age cu t or rule against a ny re d u ctio n .— Y . 112, p .
2084, 2414.

Pittsburgh & West Virginia Ry.— S e t t l e m e n t ,.—
Pres. H enry E . Farrell has ann ou n ced th at the directors h av e authorized
the settlem ent o f tota l claim s against th e G overn m en t for $1,800,000. P a y 
m en t is to b e m ade to the roa d in cash w ithin 10 days.
T h e co m p a n y has declared th e regular quarterly d ivid en d o f 1 V % on
2
the Preferred stock , p aya b le A u g . 31 to s to ck o f record A u g . 1.— See also
V . 112, p . 2643.

Providence Cable Tramway Co.—

P r o p e r tie s T r a n sfe r r e d .

See U nited T r. & E le ctric C o . system b elow :

Public Service Corp., N. J.—

F are D e c isio n

.—

See P u b lic Service R y ., N . J. b e lo w .— Y . 112, p . 2306, 1978.

Public Service Ry., N. J.—

Su prem e

C o u rt R u le s

H ig h e r

.—
The appeal taken by the company from the decision of the
P. U. Commission denying the emergency application of the
company for a 10-eent fare on the trolley lines, was sustained
July 1 by Justice Bergen of the New Jersey Supreme Court
who referred the company’s application back to the Com
mission for more consideration in order “ that it may fix a
just and reasonable rate based on the evidence in this par
ticular case.”
F ares

J u stifie d — M a tte r

sen t

B ack

to

P.

U .

C o m m issio n

T h e com pa n y sou gh t perm ission to increase its fare from 7 cen ts, w ith an
add ition al cent fo r each initial transfer, to a fla t rate o f 10 cents. In d en y
ing this application, the C om m ission held th at th e em ergen cy fo r w h ich the
increased revenue was desired to relieve was ra p id ly passing w ith the progress
b ein g m ade tow ard a restoration o f norm al e co n o m ic con dition s.
T h e con clusion reach ed b y th e C o u rt is th a t th e m a jo r p ortion o f the
desired increase is requ ired to p a y the co s t o f op eration and m aintenance
and th a t, w ith ou t a dd ition al incom e to m ake rep a irs, th ey ca n n ot be m a d e ,
th ereb y endangering the lives o f the passengers.
T h e decision says in part:
“ A rate w hich does n o t p ro v id e fo r th e d epreciation fu n d im posed b y the
b o a rd , nor for the operatin g expenses o f the u tility co m p a n y is n o t, in our
ju d gm en t, a ju st and reasonable ra te, w h ich the statute con tem plates. T h e
eviden ce clearly show s th at the present rate under existing con d ition s w ill
b an k ru p t the co m p a n y as w ell as endanger th e lives o f its passengers for
w a n t o f funds to m ake im perative repairs. T o require a m aintenance fu n d
to b e carried, and at the sam e tim e refuse an in com e to p ro v id e it, is, to say
the least, a peculiar exercise o f discretion under our statute relating to the
p ow er o f fixin g rates.
“ T h e b oard in its rep ort o f its con clu sion denies relief fro m these con d ition s
and treats the situation as an em ergen cy th a t w ill soon pass. W h y it so
con clu des is n ot apparent from the eviden ce w hen the evid en ce show s th at
fo r over three years the con d ition s w hich p rod u ced threatened b a n k ru p tcy
and lack o f repairs dem an ded h av e n o t o n ly con tin u ed , b u t are con sta n tly
increasing. T o call this situ ation an em ergen cy and to refuse relief for
th at reason is giving a m eaning to the w ord em ergen cy w h ich neither our
statute nor a dju dged cases w arrant. T h ere is n o eviden ce in this record
fro m which it can b e inferred th a t the present cost o f operation and m ain
tenance w ill n ot con tin u e, and w ith it th e so-called em ergen cy u n til its
victim shall have collapsed to th e great in ju ry o f its stock h olders and es
p e cia lly the p ublic, w ho depen d upon it fo r tran sportation .
" T h e relief was denied u pon th e grou nd th a t the con d ition s creating the
d e ficit were the result o f a sudden happenin g p rod u cin g a crisis tem p ora ry in
ch aracter, w hich the b oa rd ca lled an em ergen cy. W h y an increased tax,
enhanced cost o f lab or, o f op era tion and o f necessary repairs sh ou ld b e called
an em ergency soon to b e assuaged lik e a sudden flo o d is n o t apparent to iis.
either fro m the eviden ce or con d ition s, o f w hich we can take n o ju d icia l
n otice, n or, as the b o a rd d id , can w e assume th a t oth er con d ition s w ill
sh ortly exist.
“ In support o f the conclu sion s o f the b oa rd th at th e present rate is su ffi
cien t to p ay cost o f operation s and fix e d charges in the present em ergen cy
and to show that there is n o d e ficit for th at purpose, it subm its a schedule o f
actual con ditions for 1920 and th at estim ated for 1921. T h e actual d eficit
for 1920 was $630,799, allow ing $144,669 for m ain ten ance, instead o f $ 800,000 required b y order o f the b oa rd . T h e estim ates for the year 1921 are
rather speculative than reliable and on this the b oard con clu d es th a t there
w ill be a surplus, not. n ow . b u t at the end o f the year, w ith o u t m akin g a ny
allow ance b eyon d $800,000 for im perative im provem en ts w hich the eviden ce
show s w ill exceed at least $1,200,000.
“ So th at, assum ing the estim ate o f the b oa rd is correct, there w ill b e a
d e ficit o f $400,000 if th e service is to be e fficien t and safe for th e p u b lic use,
w ith ou t taking into a cco u n t the losses for 1918, 1.919 and 1920, am ou ntin g
to over $1,600,000.
If Hits b e called an em ergen cy, it is' on e th a t needs
p ro m p t relief, and ou gh t n o t to be p ostp on ed un til th e b oa rd has reached a
result in another case in v olv in g the fixin g o f a ju st and reasonable rate based
on valu ation . T h e prosecu tor is entitled to co st o f op eration and fair return
on capital invested, under the statute, and to h ave its rights determ in ed on
th e case m ade b y it in this p ro ce e d in g .”

“ E m ployees at A ltoon a w orks, principally d e v o te d to m an ufactu re, have
agreed with the management, on new rules cov erin g w orkin g con d ition s to
take the pJeee o f the so-called shop cra ft national agreement . T h e new
rules, which becom e effec tive July 1, w ere form u lated b y a com m ittee
representing the em ployees a t A ltoon a w orks.
J heso representatives, a com m ittee o f 75 em p loyees, elected b y secret
Australian ballot, supervised jo in tly by the m anagem ent and the em ployees,
to represent the em p loyee at the four sh ops com prisin g A ltoon a works,
n ave also form ed them selves into a perm anent organ ization , know n as the
A ltoon a W orks E m ployees' A ssociation .
C o m m i s s i o n to A p p e o .l C o u r t O r d e r — C o m p a n y F i l e s B r i e f . —
I* In general the m ost im portan t o f the new rules agreed to b y the m en
A n appeal to th e C o u rt o f E rrors and A p p ea ls to settle the issue o f juris
and trie m anagem ent provide:
d ictio n between th e'S u prem e C o u rt and the Board o f P. U . C om m issioners
I
Re estabJ/shJTient o f piece work under th e principle previously
will be taken b y the b o a rd .
I n ann ou n cin g th e in ten tion to take an appeal,
announced by railroad narnc.i.v, under rates set so that piece workers can
tb o board said: “ T h o b oard considers the order o f th e Suprem e C ou rt is n ot
earn a rate which is higher than the d a y w ork rate w hich m a y from time w arranted b y law in th at it orders the b oa rd to fix a rate higher than 7 cents
to tim e be established for d a y workers.
u pon th o evid en ce s u b m itte d .”
2.. A 48 hour bask; week with not m ore than 9 hours on a n y one; d a y
In a b rie f filed July 5 w ith th e P . U . C om m ission b y th e co m p a n y in the
or less than H hours on a n y d ay except Saturday. T his perm its the /non
valu ation case, the co m p a n y places the va lu e .of its p rop erty fo r rate-fixin g
to d ecide themselves whether they shall work eight hours per d a y or more
purposes at $200,898,906. T h e b rie f m aintains th at a 10-cent fare is the
than eight hours on som e days during the week in order to get a h alf-h olid ay
low est that the co m p a n y can charge to m eet operatin g expenses, taxes,
on S a tu rd ays.
re pi a,cements and t o p a y a return on its stock .
3. When a reduction in expenses becom es necessary, it m a y bo a cco m 
T h e value/ fixed b y th e co m p a n y is nearly $76,000,000 higher than the
plished either by reduction in force or reduction o f hours o f w ork, as the $125,000,000 valuation fixed b y Ford, B acon & D a vis for tho State V alua
em p loy ee:, themselves decide.
tion C om m ission, v . 112r p 2749.
_
:
'4. O v er'u n e to be paid pro rata for the ninth and tenth hours and
time arid one ha If after the tenth hour.
Reid Newfoundland Co. O p e r a t i o n s C o n t i n u e d .—
■ . .Seniority based on Jongt.h of service with the com p a n y rather than
>
An agreem ent for a co n tin u a n ce o f operation o f the railw ay Hues b y the
lengf h jo f m em bership in a particular craft.
co m p a n y until a new schem e o f operation can be w orked out has been

181

TILE CHRONICLE

hod bet ween re presen ta t i ves o f the co m p a n y aiid the ! G ov e rnm ent.
rial."» o f th e co i n pan v anno u n ced recen tly that op e ration o f the railw ay
Id c ease at mi< Inight June 30 unless G ov ern m en t ilid we re extea id ed.—
v . 112, p. 2538.

R h o d e I s la n d S u b u r b a n R y.

-Properties Transferred, Ac

See U n ited T r . & E le ctric C o . system b e lo w .— V . 112, p . 2191.

R o c k I s l a n d A r k a n s a s & La. R y .— Bonds

Authorized.

T h e L -S. O. C om m ission has au th orized the co m p a n y to issue $227,000
1st M tg e . LVa % g old b ond s and to d eliver them to the C h icago R o ck Island
*
Jt, P a cific R y. in reim bursem ent o f adva n ces for a dd ition s and b e tte r
m ents. T h e C h ica g o R ock Island & P a cific R y ow ns all the capital
stock except d irectors’ q u a lifyin g shares, and operates its p rop erties under
a 999-year lease execu ted Jan 31 1906, and a su pplem en tal indenture
d a ted M a rch 1 1 910.- V . 103, p. 1688.

S a n D ieg o & A r iz o n a R y .— Promissory

Notes.

The. i s C C om m ission has authorized the co m p a n y to issue w ithin
60 days tw o p rom issory notes o f $688,818 each , and in t. th ereon a t the
rate o f 6 % per annum fro m M a rch L 1921 to d ate o f issue, o n e p a ya b le to
the Southern P a cific C o . and the oth er to th e J. D . & A . FI. Spreckels
Securities C o. w ith int at the rate o f 6 '{, per annum , to co v e r certain d e b t
fo r a dva n ces m a de by those com pan ies
T h e c o m p a n y ’s ca p ita l sto ck ,
except 6 shares q u a lifyin g d irectors, is ow n ed in equal parts b y Southern
P acific C o . and the J D & A. B. Spreckels Securities C o ,
V . I l l , p . 190.

S a n F r a n c is c o -O a k l a n d T erm . R y .—Plan

Approved.—

A cco rd in g to press rep orts from San F ran cisco a p lan fo r reorgan ization
o f the co m p a n y was u n an im ou sly a d op ted b y th e general co m m itte e at its
m eetin g June 27. T h e plan it is said is being printed and w ith a letter, w ill
be d istrib u ted sh ortly to a ll the secu rity h olders.
T h e reorga n ization co m m itte e con sists o f John D ru m , P. F . R o w le s,
B . 11 D ibb lee, P .
Sinsheim er, G eorge T o u r n y , H erbert F leish h ack er,
V \V G a rth w a ite, J F . C a rlston , G a v in M c N a b and A . C ra w fo rd G reene.
V
— V . I l l , p . 2230.

S a v a n n a h ( G a .) E le c tr ic C o .— Reorganization Plan —
Philip Stockton and George J. Baldwin, the Committee
under a stockholders’ agreement of Dec. 26 1919, present
substantially the following plan of reorganization:
t A new co m p a n y shall be organ ized (p r o b a b ly under the law s o f G eorgia
w ith n am e o f Savan n ah E le ctric & P ow er C o .) w hich shall a cq u ire all o f
th e p rop erties o f S avannah E lectric C o ., and its subsidiaries; this p ro p e rty
to b e co n v e y e d su b je c t to existin g m ortgages and the b on d s issued under
th ese m ortga ges t o be assum ed b y th e new co m p a n y .
2. Initial Capitalization.
Old bonds assumed by new company and not disturbed in hands of holders.
Savan n ah , T h u n d e rb o lt & Isle o f H op e Ts, d u e 1947 (c lo s e d ) ____$ 1,000,000
Savan n ah E le ctric C o . 5s, d u e 1952 (c lo s e d )______________________ 2,14 7,00 0
(a) New Bond Issue (Authorized issue see below)—
First and R efu n d in g Series A , 20-year 7 l % b o n d s, due 1941.
A
T o fin a n ce su bsid iary co m p a n y n otes, b a n k loans o f the c o m 
p a n y and a sm all p rop ortion o f th e floa tin g d e b t , all o f w hich
are less than th e cash exp en ded for a dd ition s and im provem en ts
to the p ro p e rty to b e acquired b y th e new c o m p a n y ------ -------l ,750,000
A d d itio n a l First and R efu n d in g Series A B on d s to m eet th e
dem an d s created b y increasing business.
(It is anticipated
th a t b onds w ill b e p resen tly issued to p ro v id e m eans for
securing funds fo r a new u n it in the p ow er station and other
co n stru ction im m edia tely re q u ire d )______________________________
750,000
(b) Stock Issues— (Shares $100 par)—
D eb en tu re s to c k , Series A , 8 % cu m u la tiv e.
(T o b e issued to
fin a n ce th e balan ce o f th e d em an d n otes and u n paid interest
th e r e o n )___________________________________________________________ 1,300,000
P referred s to ck 6 % cu m u la tiv e after O ct. 1 1926.
[T h is s to ck ,
ca lla b le a t 120 and P r e f. as to assets and d ivid en d s, is t o b e issued
t o th e present h old ers o f th e $ 1,0 00 ,0 00 6 % P ref. stock share
fo r share w ith ou t assessm ent or oth er c o s ts ]____________________ 1 ,000,000
C o m m o n s to c k . [T h is s tock to bo issued to th e present h olders
o f th e $ 2 ,5 0 0 ,0 0 0 C o m m o n s to ck share fo r share w ith ou t
assessm ent or oth er c o s ts ]________________________________________ 2,50 0,00 0
T h e new First & R e f. b on d s and d eben tu re stock are issued o n ly to fin a n ce
o b lig a tion s w h ich n ow h a v e p riority o v er the Preferrred and C o m m o n s to ck
and to p ro v id e fo r con stru ction essential to th e new co m p a n y , so th a t the
e q u ity o f th e s tock h old ers w ill in n o w a y b e im pa ired b y the p lan .
Receiver's Earnings for the 12 months ending April 30 1921 and Fixed Charges
Based on the Plan.
G ross earn in gs_______________________________________________________ $ 1,886,857
O p era tin g expenses and ta x e s______________________________________ 1,141,906
N e t ea rn in gs____________________________________________________ _
In terest ch arges (S avan n ah , T h u n d e rb o lt & Isle o f H o p e 4s and
S avannah E le c tric 5 s )___________________________________________
In terest charges on First. & R e f. Series A 7 H s ____________________
D iv id e n d on 8 % Series A D eb en tu re s t o c k ________________________
D iv id e n d on 6 % P referred s t o c k ____________________ : _____________

$744,951
147,350
187,500
104,000
60,000

B a la n c e _____________________________________ ___________ ___________ $246,101
T h e earnings on the basis o f th e new ca p ita liza tion are th erefore
su fficien t t o p a y all charges and d ivid en d s u p o n th e n ew d eben tu re sto ck
a n d P referred s to ck w ith am ple m argin .
E a ch d ep ositor w ill b e b ou n d b y th is p lan unless he files n o tice o f his
dissent th erefrom 'within th irty d a y s. I t is h o p e d th a t all stock h old ers
w h o h a v e n ot y e t d ep osited their s to ck w ith O ld C o lo n y T ru st C o ., D e 
p o sita ry , w ill d o so p r o m p tly and th ereb y ob ta in th e fu ll b en efit o f th e p lan
F u rth er P articu lars from Plan D ated June 23 1921.
Floating Debt.— T h e E le c tric C o m p a n y has ou tstan d in g p rom issory notes
represen tin g loan s m a de b y va riou s banks and trust com pan ies a m ou n tin g
as o f June 20 1921 to $275,128, also ou tstan d in g dem an d notes o f $ 1,1 68 ,4 38 .
T h e re are also issued and n ow ou tstan d in g $353,000 o f First C o n so lid a te d
M o r tg a g e B on d s p led ged as secu rity fo r flo a tin g d e b t, w h ich b o n d s are to
b e surrendered and ca n celled in co n n ection w ith th e p rop osed reorganizati on
Savannah Power Co.— T h e E lectric C o m p a n y con trols Savannah P ow er
C o . w h ich ow n s th e p ow er p la n t su p p ly in g th e E le ctric C o m p a n y w ith m ost
o f its p o w e r, th e ca p ita l stock o f th e P ow er C o m p a n y b ein g h eld in trust
fo r th e E lectric C o m p a n y . T h e p ro p e rty o f th e P ow er C o m p a n y is su b je ct
t o a m ortga ge secu rin g an issue o f $ 1,2 50 ,0 00 b o n d s w h ich are gu aran teed
b y the E le ctric C o m p a n y . It has ou tstan d in g d em an d n otes a m ou n tin g
as o f June 20 1921 to $ 1 ,1 2 5 ,8 3 8 , fo r w h ich said b o n d s o f th e P o w e r
C o m p a n y are h eld as colla tera l secu rity .
1
Chatham Traction Co.— T h e P ow er C o m p a n y also ow n s all th e ca p ita f
s to ck o f C h a th a m C o u n ty T ra ctio n C o . w h ich ow n s a lin e o f ra ilw a y o
about. 5 m iles in len gth w ith n o in d ebtedn ess.
Funding.— T h e n otes o f th e P ow er C o m p a n y and b an k loan s and dem an d
o f th e E lectric C o m p a n y w ith u n paid interest, all o f w h ich are less in
a m ou n t th an th e cash h eretofore expen ded fo r a dd ition s and im provem en ts
t o th e p ro p e rty w h ich w ill be acq u ired b y th e N ew C o m p a n y , w ill b e paid
or refu n ded b y an issue o f b on d s and d eben tu re s to ck o f th e N e w C o m p a n y
as h erein after sta ted , and th e b on d s o f th e P ow er C o m p a n y w ill b e sur
ren dered and ca n celled and its m ortga ge d isch a rged . T h e h olders o f a
large p art o f su ch ob liga tion s h a v e already agreed t o th e p rop osed refu n din g.
New First
Refunding Mortgage.— T h e new co m p a n y w ill execu te a
m ortga ge au th orizin g th e issue o f b on d s fro m tim e to tim e in series, the
b o n d s n ow to b e issued to b e “ Series A ” and to bear interest at 7 A % and
t o b e p a y a b le in 20 years. B on d s o f later series w ill b e eq u a lly secu red b y
said m ortg a g e, b u t m a y bear d ifferen t rates o f interest, m a y m atu re at
d ifferen t d ates and m a y d iffer in oth er details.
T h e m ortga ge w ill con ta in su ita ble restriction s against th e issue o f
a d d itio n a l b on d s w hich m a y be issued o n ly up to 7 5 % o f th e co s t o f addit ional
p ro p e rty and o n ly w h en net earnings durin g 12 m on th s ended w ith in 3
m on th s o f th e d a te o f th e new isuse shall h a v e been equal to at least 1 %
tim es a ll interest charges on b on d s in clu d in g the b o n d s then to be issued,
p ro v id e d , h ow ev er, th a t th e foregoin g restriction shall n o t a p p ly to the
issue o f b on d s to refund u n derlyin g issues.
S u ch a m ou n t o f b on d s w ill be issued as m a y b e n ecessary to refu n d th e
n otes o f the P o w sr C o m p a n y , th e bank loan s o f th e E le ctric C o m p a n y and
a sm all p ro p o rtio n o f th e d em an d n otes o f th e E le ctric C o m p a n y . B on ds
to be issued fo r refu n din g purposes w ill be taken or so ld at su ch valu es
as m a y b e d eterm in ed b y th e C o m m itte e .
T h e m ortga ge m a y also p ro v id e for an a d d ition al issue o f Series A b on d s
o f su ch a m ou n t as m a y be necessary to p ro v id e cash fo r a new u n it fo r th e
p ow er station and oth er im m edia te con stru ctio n requ irem en ts.

[V ol. 113.

Debenture stuck. T h e N ew C o m p a n y w ill also a u th orize an issue o f
d eben tu re s to ck to rep lace notes alread y ahead o f the s to ck .
D eb en tu re stock m a y be issued fro m t im e t o tim e in series w h ich m a y
bear airfereni d ivid en d rates and red em p tion p rice and ca rry a sin k in g fund
but will l)e en titled to the sam e p referen ces and priorities. T h e d eben tu re
SV i \ U V u> *)0 issued will b e Series A 8 % cu m u la tiv e . Such a m ou n t
()V
i j , 1 1 uru stock will be issued as m a y b e necessary to fin a n ce o r refund
1
the b alan ce o f the ob ligation s sp ecified as a b o v e to lie refu n ded . D eb en tu re
stoek to be used for refu n din g purposes w ill be taken o r sold at su ch va lu e as
m a y be d eterm in ed b y the co m m itte e .
4 he aggregate o f now bonds and d eben tu re s to ck to b e issued fo r th e
foregoin g purposes is n ot exp ected to exceed $ 3 ,8 0 0 ,0 0 0 fa ce or par va lu e.
heoi gaiuzation Managers. Stone & W ebster, Lnc., has been a pp oin ted
R eorgan ization M a n ag er. T h e tim e w ithin w hich tills plan m a y b o d e 
clared o p era tiv e is lim ited to Sept. 30 1921, b u t th e C o m m itte e m a y extend
said tim e fo r n o t to exceed 90 d ays.
.V . i l l , p . 1279.

Seaboard Air Line Ryt— I n t e r e s t D e f e r r e d o n t h e I n c o m e
-F i x e d I n t e r e s t n o t A f f e c t e d . —
The directors
on July 1 voted to defer the semi-annual interest payment
usually made Aug. 1 on the $25,000,000 5 % Cumulative
Income Adjustment bonds of 1909. These bonds had re
ceived their interest at the full 5% rate from Aug. 1 1910,
when they became cumulative, to Feb. 1 1921, both incl.
A d ju s tm e n t B o n d s

A fter the m eetin g o f th e d irectors, R obert L. N u tt, T reasurer o f the
c o m p a n y , m a de the fo llo w in g explan ation :
“ U nder ord in a ry con d itio n s the directors m igh t h av e con sidered an a d 
va n cem en t o f the necessary am ount a lth ou gh n o t earned b u t since the
in terest is cu m u la tiv e and because o f general depressed business con d ition s
th rou g h ou t the co u n try , in the op in io n o f th e b o a rd the co m p a n y w ould
n o t b e ju s tifie d in a d va n cin g unearned interest on the in com e b o n d s,
w hich w ould take from the p rop erty m on ey con sidered essential t o its
p rop er m ain ten ance. A fu rth er con sideration was th e fa c t th a t the red u c
tion o f w ages d oes n o t take e ffe ct until after July 1 .”
It. is furth er p o in te d out th at the d irectors o f the S eaboard A ir L in e R y .
in deferring the interest on th e In co m e A d ju stm e n t b on d s o f th e co m p a n y
a cted con se rv a tiv e ly in arranging to p ro te ct th e p ro p e rty by p u ttin g the
m o tiv e p ow er in co n d itio n p rep aratory to m eetin g the increasing business
o f the w inter season. In co m m o n w ith m ost railroads, th e m o tiv e p ow er
and oth er p ro p e rty was u n der-m ain tain ed d u rin g F ederal co n tro l,a n d
in this con n e ctio n the S eaboard has substan tial claim s for underm ain ten an ce
against the R a ilroa d A d m in istra tion and now aw aiting settlem en t; to a d 
vance unearned in com e b o n d interest under these and the u n satisfactory
co u n try -w id e business con d itio n s and du rin g the p eriod before the red u ction
in wages w en t into e ffe c t, was con sidered ill-a d v ised .
F u rth erm ore, under term s o f th e A d ju stm e n t b o n d , w h ich is an in com e
b o n d , the interest is p a y a b le o n ly o u t o f incom e earned durin g an interest
p eriod. T h is interest is cu m u la tiv e and is th erefore p a y a b le .o u t o f incom e
later earned in a n y p eriod until all accru als are p aid. T h e a m ou n t earned
on a cco u n t o f in com e b o n d interest th e p ast p e rio d [for the 6 m on th s endin g
A p ril 30 1921. after m eetin g prior fix e d charges a n d allow in g fo r oth er
d e d u ctio n s as p ro v id e d in the A d ju stm e n t m ortga ge was $ 30,000, w h ich is
to be carried in to th e su cceed in g p e rio d .— V . 112, p . 1519, 1284.

Southwestern Ry. (Texas).— T o

Be

Junked.

—

T h is co m p a n y , exten din g 27 m iles fro m H e n ry e tta to A rch er C ity , T e x .,
w ill b e ju n k ed w ith in a s h o rt tim e as th e resu lt o f a d ecision in a case heard
b e fo re F ed eral Ju d ge W ilso n . T h e State o f T ex as h ad sou gh t to en join
th e tea rin g u p o f th e roa d . Ju d ge W ils o n ’s d e cisio n , ju st ann ou n ced d is 
solves th e S ta te ’s te m p o ra ry in ju n ctio n and p erm its re m o v a l o f th e rails.
T h e ro a d w as co m p le te d to A rch er C ity in 1910, b u t has n o t been op erated
fo r several yea rs.— V . 105, p . 2 27 3, 597.

Spokane Portland & Seattle Ry.— M e r g e r

P rop osed .

—

A cco rd in g to the “ O regon ia n .” this ro a d , the sto ck o f w h ich is held
jo in tly b y th e G reat N orth ern a n d N orth ern P a cific R y s ., will be m erged
w ith th e G reat N orth ern , p r o b a b ly b y Jan. 1 n ext. T h is is planned as
an e co n o m y , it is stated .
T h e roa d w as built b y the G reat N orth ern and the N orth ern P a cific .
I t is u n derstood the G reat N orth ern w ill b u y the N orth ern P a cific interest,
bu t term s o f the purchase are n o t as y e t d ivu lged . T o ta l value o f the
p ro p e rty , w ith rail lines from S ook an e to P ortlan d and su bsidiary roads
con sistin g o f the A storia & C olu m b ia R iv e r, from P ortla n d to A storia;
the Oregon E lectric, the O regon T ru n k , the U nited R ailw ays a n d oth er
assets, is a pp rox im a tely $ 10 0 ,0 0 0 ,0 0 0 .— V . 112, p . 163.

Tennessee Alabama & Georgia RR.— S a l e . —

D . L . G ra y son w ill sell th e entire ro a d , & c ., on A u g . 6 at. C h a tta n o o g a ,
pursuant t o a decree o f th e F ederal C o u rt entered J u ly 5. T h e ord ei o f
sale co m e s as th e result o f litig a tio n begu n b y Joseh S locu m et a l., as
execu tors, against th e roa d to foreclose certain m ortga ges h eld against th e
co m p a n y . It in clu d es all co n tra ct righ ts w ith oth er road s, all o f th e roa d 
b e d and eq u ip m en t, togeth er w ith all real estate in T en n essee and G eorgia.
- V . 112, p . 2414, 1284.

Texas Electric Ry.— T e n d e r s .—
T h e O ld C o lo n y T ru st C o ., trustee, 17 C o u rt S t., B o sto n , M a s s., w ill
un til J u ly 18 receive b id s fo r the sale to it o f T e x a s T r a c tio n C o . 1st M . 5 %
g o ld b o n d s, due Jan. 1 1937, to an a m ou n t su fficien t to absorb $78,947 and
at a p rice n o t exceedin g 110 and in t. In t. on a ccep ted b on d s w ill cease
J u ly 2 1 .— V . 104, p. 953.

Union RR., Providence.— P r o p e r t i e s

T r a n sfe r r e d .

—

See U n ited T ra ctio n & E le c tric C o . b elow .

United Electric Rys., Providence.— S u c c e s s o r

U n d e r P la n

See U n ited T ra ctio n & E le c tric C o . S ystem b e lo w .— V . 112, p . 654.

United Railways of Havana.— B o n d s

C a lle d .

—

T w e n ty -tw o F irst M t g e . 5 % b on d s o f 1890.o f £1,000 each . 52 b on d s at
£500 each , and 117 b on d s a t £100 each (tota l, £ 59 ,70 0 ), h a v e been called
for red em p tion July 1 at par and int . at the cou n tin g-h ou se o f J H en ry
Schroder & C o ., 145 L eadenhall S t., L on d on , E n g .— V . 112, p . 2538.

United Traction & Electric Co. System
Island).— R e o r g . P l a n — P a y m e n t o f I n t e r e s t , A c

(Rhode
—

T h e jo in t reorga n ization com m ittee, M ich a el F . D o o le y , C hairm an, in
a n o tice to h old ers o f ce rtifica tes o f deposit representing (1) U nited T r a c
tio n & E le ctric C o . 1st M tg e . 5s o f 1933; (2) R h o d e Island Suburban R y .
1st M tg e . 4s o f 1950; (3) Paw tu xet V alley E le ctric Street R y . 1st M tg e .
5s o f 1 9 3 3 ,and (4) C u m berla n d St. R y . 1st M t g e . 6s, d u e O ct. 1 1918. states:
In a cco rd a n ce w ith th e plan (V . 112, p . 564) th e properties h eretotore
belon gin g to U nion R R ., P a w tu ck et St. R y ., P rovid en ce C able Ira n i w ay
C o . a n d R h o d e Island Suburban R y . h av e been or are in process o f b ein g
transferred to the new co m p a n y (United Electric Railways Company).
T h e b on d s o f the new com pa n y to be issued in exch an ge fo r th e a b o v e m en tion ed certifica tes o f deposit are n o t yet rea d y for d e liv e r y . but interest,
th ereon fro m Jan. 1 1921 to July 1 1921 w ill b e p aid on and after July 20 1921
T o ob ta in such interest certifica tes m u st b e presented on or after July 20
to the d ep ositary w hich issued th e certifica te o f d eposit.
T h e fo llo w in g table show s the a m ou n t o f interest p a y a b le as atoresaia
u p o n th e new b on d s to be issued in exch an ge fo r each $1,000 o f old b on d s
represented b y th e a b ov e m en tion ed certifica tes o f deposit
Certificates of Deposit for—
Amount ot ItUeresf.
U n ited T ra ctio n & E lectric C o . 1st M . o s ------------------------------- ---------- £0
—
fjf:
R h o d e Island Suburban R y . 1st M . 4 s --------------------------P a w tu xet V a lle y E lectric Street R y . 5 s ------------------------{ft
C u m berla n d Street R y . 1st M . 6 s----------------------------------- —
1 8 ot»
— V . 112, p . 2 085, 1868.

Wabash Pittsburgh Terminal Ry.

-D i s t r i b u l i o n .—

T h e E q u ita b le T ru st C o ., trustee, has issued a n o tice to 'Jd M t.se. >
5 0 -Y ea r G old B onds d ated M a y 10 1904, o f W abash P ittsburgh reru n ual
R y ., ann ou n cin g th a t it has received a sum o f m on ey as proceeds ox the sale
o f certain u n m ortgaged assets, and there is d istrib u ta b le to the holders ot
th e a b ove-m en tion ed b o n d s the sum o f $1 per b on d w hich w ill bo paid u pon
presentation at o ffice o f E q u ita b le T ru st C o ., 37 W all S t ., N . » t d> . on
and a fte r J line 22 1921.— V . 112, p . 1026.

Western Pacific RR.Corp.—- S e t t l e m e n t w i t h Govern ’w*--.
— Pres. Alviu W . Kreeh, in a letter to the stockholders
June 15, says in substance:

J uly

9 1921.]

THE CHRONICLE

185

“ T h o m onth brought a net loss o f M furnaces, the 76 which wore active
D uring G ov ern m en t operation the IT. S. expended $ 2,100,000 for l In
*,
a ccou n t o f the com p a n y in addition s and betterm ents, the con stru ction o f
July I having a daily ca p a city o f 32.195 tons, whereas tlie 90 furnace
in blast June I had a d aily ca p a city o f 38,080 tons.
which wore a p p ro v e d in advance* b y the co m p a n y , and in a dd ition expended
“ For the six m onths en din g June 30 the c o u n tr y ’s pig Iron o u tp u t,
$111,598 fo r a ddition s and betterm ents w ith ou t a pp rov al by the co m p a n y .
D u rin g G ov ern m en t operation road p roperty retired and n o t replaced
exclusive o f charcoal iron, was 9 ,12 8,00 0 tons, against 18,139,000 Lores
am ou n ted to $28,870; equipm en t retired and n ot re placed am ou nted to
In the first h alf o f 1920.
(4) “ W hile railroad buying is restricted to the last degree, there are
$33,488; depreciation on equipm en t com p u ted on the basis b y the <o.
signs th a t more business will be released by A ug. I. T h e con d ition o f
prior to and applied subsequent to fed era l con trol a,mounted to $456,527.
rolling s to ck and in som e case o f track is such as to com pel a ction . T h e
P rior to th e term ination o f Federal con trol the G overn m en t adva n ced to
Illinois Central s lo co m o tiv e inquiry is for 100 to 130, representing over
the co m p a n y on a ccou n t o f com pen sation $1,950,000
3 ,090 tons o f steel. T h e Southern P a cific is inquiring for 4 ,800 kegs o f
p rio r to the term ination o f Federal con tro l, negotiation s look in g to an
spikes and 3,300 kegs o f track bolts.
agreem ent upon a contract between the G ov ern m en t and the co m p a n y were
“ A u tom ob ile plants are m ore o f a fa cto r in the Central W e J
T h e Ford
carried on but the best offor w hich the eo. was a ble to obtain was $ 2,322,
C o . has bought 1,090 Ions o f ligh t plates and is a b o u t to place a m onth
000 as “ tota l annual com p en sa tion .” rI his offe r w hich would h ave am ounted
—
for the entire period o f Federal con trol to $ 5,0 31 ,0 00 was rejected by
requirem ents in oth er form s.
“ Negotiations are practically completed by which the American L o c o 
the co m p a n y .
As a con sequen ce o f the ina bility to reach an agreem ent the
motive Co. will supply 45 locomotives to Mexico.
co m p a n y a pp lied to the I. S, C . C om m ission for the a p p oin tm en t o f a board
“ Fabricated steel business has show n som e im p rovem en t.
In the
o f referees to a d ju d ica te the com pen sation it was entitled to. T h e case fo r
E ast 10,00 ) tons o f w ork was co n tra cte d fo r, w ith 3,000 tons p ractically
the co m p a n y was com p leted on April 15 1921.
A fter the introduo ion o f eviden ce cov erin g all claim s presented b y tho
settled ami 2,500 tons in volved in new p ro je cts.
(5) “ T h e m on oton ou s record o f recessions in pig iron prices con tin u es.
co m p a n y , that is after the closing o f the co m p a n y ’s case, the D ire cto r-G e n 
In the South the prevailing price is d ow n 50c. [to $21 a t B irm ingham , A la .,
eral offered:
against $22 June 7 1921, and $42 J u ly 6 19201 and p rodu ction is to be
(1) T o p a y the sum o f $ 4,200,000 in cash.
(2) T o discharge the railroad com p a n y from the d e b t arising from prior
further curtailed. Other centres report redu ction s o f from 50c. to $J and
a dva n ces in the am ount o f $ 1,950,000.
there is no evidence that b o tto m has yet been stru ck.
(3) T o discharge (he C om p a n y from ob ligation s arising from expenditures
(6) “ O pposition in tihs steel trade to the m etal sch edule o f the new
o f the G overn m en t in addition s a n d betterm en ts a m ou ntin g to $ 2,211,588.
ta riff bill centres on the m anganese ore and ferrom anganese duties, w hich
(4) T o transfer to the railroad com p a n y m aterial and supplies on hand at
steel m anufacturers con sider far to o high. T h ere is also the a n om a ly
th e term ination o f Federal con trol in ven toried at $ 1,3 91 ,1 80 .
that 20 units o f m anganese in spiegeleisen pay $1 25 d u ty , whereas 80 units
( 5 ) T o deliver to the railroad com p a n y a Bill o f Sale foi* 5 M ik a d o lo co m o
in ferrom anganese pay $39 42, or a t n early an eight -fold rate. T h e general
tives purchased by the railroad com p a n y from the G ov ern m en t a t a p rice
provision for Am erican valu ation s w ould be o f little h elp in k eepin g o u t
European steel, since n early all steel duties are sp e cific and hen ce d o not
o f $276,302.
R eceiving in return a com p lete release from the railroad co . discharg
in v o lv e valuations.
ing the G overn m en t fr©m lia bility on a ccou n t o f claim s fo r com pen sation ,
“ O ver and a b o v e the d u ty on the foreign ores th ey use, d om estic m e r 
also on a ccou n t o f claim s, m aterial and supplies taken by th e G overn m en t
ch an t produ cers o f ferrom anganese h ave close to $15 p er to n p rotection
then inventoried at $ 1,0 60 ,6 05 , and for cash taken a n d n ot a cco u n te d for , against the B ritish p rod u ct. T his m argin w ou ld en cou rage m o re steel
$322,412 loss in road p rop erty a n d equ ip m en t retired (as a b o v e ), dam ages
com pa n ies to m ake th eir ow n a ll o y .”
(See also “ Iro n A g e ” J u ly 7, p . 16
sustained, and all oth er claim s or dem an ds, excep t certain m inor a dju stm en ts
to 22 and p age 27 and 45 t o 48 fo r fu rth e r d eta ils as to m eta l sch ed u les o f
to be su bsequ en tly effected .
th e new b ill.— E d .]
A fter full con sideration th e directors con clu d ed that the settlem en t offered
Coal. “ C oal A g e ” o f July 7 reports in brief as follow s:
should be a ccep ted , and a final settlem en t in a ccord a n ce w ith such o ffe r has
(1) “ P rodu ction o f so ft coa l gained sligh tly in the week en ded June 25.
been e ffected betw een th e co m p a n y a n d the G ov ern m en t. T h is settlem en t
m ou n ting to 7,669,000 n et ton s from 7.55 6.00 0 ton s the next previou s w eek.
after d edu ctin g the balance o f $322,112 due to the co m p a n y o n a cco u n t o f
“ The. rate o f p rod u ction in th e M id d le W est in the first quarter o f this
cash taken and n ot otherw ise a ccou n ted for and allow ing fo r m aterials and
year has been exceeded on ly b y th e w ar years o f 1917 and 1918, and by
supplies th e sum o f $ 1,0 60 ,6 05 , is equivalen t to a net p a ym en t o f $8,646,053
1920. Illinois and Indiana are ahead o f 1916 and previous years. Penn
fo r com pen sation a n d d am a ges.— V . 112, p . 2614.
sylvan ia, on the other h an d, has been goin g at a rate equivalen t to 1903
and 1904. and W est V irginia is h ittin g a p a ce no better than in 1910.
Wheeling & Lake Erie Ry.— National Railway Service
(2) “ Prices continue to soften , ‘ C oal A g e ’ In d ex o f bitu m in ous coal
^pot p rices recording a d rop o f tw o p oin ts to 89 on J u ly 5 from 91 on June 28Cory. Loan From U. S. Govt., &c.—
T his is th e eighth con secu tive w eek o f declin e in these p rices. P ocah on ta s,
T h e I .-8 . C . C om m ission has authorized the co m p a n y (1) to issue and
A labam a and C learfield w ere th e three coals suffering n ota b le declines
deliver to the B ankers T ru st G o ., trustee under N a tio n a l R a ilw a y S ervice
in price, the market, on sm okeless goin g go pieces in the M id d le W est w ith
C orp . E qu ipm en t T ru st A greem en t, Series A , Lease basis, $13 ,62 9 ,00 0
rent note? pursuant to a con tra ct d ated June 1 1921, k n ow n as Carrier h e a v y offerings, A labam a relapsing w ith sum m er heat and C learfield
suffering from over saturation in the N e w E n glan d m arket. Slight gains
C o n tra ct N o . 3; said $13,629,000 ren t notes bein g equal to $8,260,000
r»r 5c. and 10c. per ton — were record ed b y Standard (Illinois) and western
principal and $4,783,747 61 interest o f prior lien and deferred lien ce rtifi
K e n tu ck y coals in the W est and P ittsbu rgh N o . 8 in the E ast.
cates, and $585,252 for the con tin gen t fu n d , as p ro v id e d in C arrier C on 
(3) “ T h e tw o outlets fo r so ft coal that are given cred it fo r m aintaining
tract N o . 3 a n d in trust agreem ent: and
p rod u ction around the 8,00 0,09 0 to n m ark in M a y and early Jun e— the
(2) to assum e ob ligation or lia b ility, h v execution o f a contract, o f
L ake and foreign exp ort— h ave n ow been closed, fo r the tim e being at least.
indorsem ent and gu a ra n ty, in respect o f ob ligation s o f the N a tion a l R a i l 
“ A ccu m u lation s o f coal loads at L ow er L ake p orts w aitin g d u m pin g for
w a y Service C orp - to a U . S. loan aggregating $3,3 04 ,0 00 . T h is loan w ill
m ovem en t to the N orth w est and C anada are being draw n oh fo r the con
be available for use b y the Service C orp . in aiding th e W h eelin g & L ak e E rie
tin uation o f record b oat loadin gs, and until the surplus a t dum pin g p orts
to p rovid e certain equipm en t.
is very m u ch red u ced — it was dow n to 17,090 cars last, w eek from a m a xi
In order to secure the rep a ym en t o f th e $ 3,3 04 ,0 00 lo a n , co m p a n y is
m um o f 30.000 cars— loading at the mines will be discou raged.
authorized to pled ge w ith the Secretary o f th e T reasu ry: (a) $779,000
“ T h e tonnage o f s o ft co a l du m ped at low er L a k e E rie p orts during the
R e f. m tg e. 5 % series B , (the issue o f w h ich was authorized b y the C om m is
w eek ended June 26 was 1.096,035 net ton s, against 1,116,459 tons in the
sion June 3 0 ); (&) $ 1,592,000 R e f. m tg e. 5 % , series B , su b je ct to the exist
w eek preceding. T h e total m ovem en t fo r the season has been 9 ,115.768
ing pled ge th ereof w ith th e Secretary o f the T reasu ry as secu rity fo r certain
net ton s, an increase over 1920 o f m ore than 5,50 0,00 0 ton s and but 88,734
notes given b y the com p a n y to D ir. G en . o f R R ., coverin g its d e b t to the
tons behind 1919.
TJ. S. arising o u t o f Federal con trol; and also a n y a d d ition al securities w hich
“ A lth ou gh the T id ew ater piers at H a m p to n R oa d s were op era ted at
m a y hereafter be p led ged w ith the Secretary o f th e T reasu ry as secu rity
record speed last w eek and m a n y boats are y e t aw aiting their turn at the
fo r such d e b t to the U . S ., th e pledge th ereof as secu rity fo r the rep a ym en t
oiers, buyin g o f coa l fo r exp ort has again reced ed to th e slow and u n 
o f the loan o f $ 3,3 04 ,0 00 . and a n y ob ligation or ob ligation s eviden cin g the
interesting con d ition p recedin g the spurt in M a y and June. D u rin g the
sam e; (c) $ 3,8 00 ,0 00 R e f. m tge. 5 % series B , and $800,000 R e f. m tg e. 6s
w eek ended .Tune 25, 298,569 net ton s w ere du m ped fo r foreign ca rg o and
series C , su b je c t to th e pled ge th ereof w ith the Secretary o f the Treasu ry
71.981 ton s for bunker, an increase in cargo coa l o v e r the w eek p receding
as secu rity for loan s m ade b y the U n ited States to th e co m p a n y ; and also
o f 9,681 tons and a decrease in bunker fuel o f 24.999 ton s.
any a n d all securities (in clu din g the $660,000, series C , p rop osed to b e
(4) “ A n thracite is slow ly losin g grou n d . P ro d u ctio n , estim ated at
p ledged for the fou rth installm ent o f the loan fo r a ddition s and b e tte r
1.847,000 net tons in the w eek en ded June 25 was 90,000 ton s below the
m ents, if a u th ority to issue said b on d s is granted b y th e C om m ission) that
w eekly o u tp u t obtain in g fo r several w eeks. W ith clo ck lik e precision , the
m a y be hereafter p led ged w ith the Secretary o f the T reasu ry as secu rity
‘ com p a n ies’ added the cu sto m a ry 10c. on J u ly 1 and an a dd ition al 15c. to
fo r loans.
co v e r the new P ennsylvania State ta x. In depen den ts m ade no changes
C om p a n y is also authorized to transfer to B ankers T r u st C o ., trustee
in prices, thus decreasing their lead o v e r co m p a n y co a l, and in C h icago
under N ation al R a ilw a y Service C orp - E q u ip . T ru st A greem en t, Series A ,
falling behind. [On July 5 1921 the co m p a n y sp ot p rice fo r s to v e coa l,
Lease B asis, all o f its righ t, title, interest or e q u ity in and to th e a b o v e
gross tons f.o .b . at m ines, was $7 7 0 @ $ 8 10. con trastin g w ith $7 6 0 @ $ 8 10
m entioned securities, su b je ct, h ow ever, to th e p rior pledges, liens, interests
on June 28 and w ith $8 15@ $8 60 the independent price at b o th dates.]
or equities therein resp ectively, w h ich h av e been or m a y be gran ted to and
(5) “ Final returns com p iled b y the statistician o f the M assach u setts
vested in th e U . S. or in the Secretary o f the T re a su ry .— V . 112, p . 2307,
Fuel A dm inistration show th at A pril receipts o f anthracite in N ew E n glan d
2192.
but th
m in ous
ere
below norm al.
Wisconsin & Northern RR.— Acquisition by Soo Line.— were uh e a v y , receipts at f receipts o f bituA pril 30 ww ere m4u ch 1,00 0 n et ton s,
C u m lative
o a n thracite to
,18
See M in n . S t. Paul & Sault Ste. M a rie R y . a b o v e .— Y . 112, p . 2192, 1284.
increases o f 4 8 % and 3 6 % o v e r 1919 and 1920, resp ectively. C u m u la tive
receipts
Wisconsin-Northwestern Ry — Abandonment Auth'd.— in 1919 o f bitum inous w ere 5,47 7,00 0 net ton s, as against 5 ,119,000 ton s
and 5,973,000 in 1920.
T h e X.-S. C . C om m ission has authorized the co m p a n y to a ba n d on its
1 Crude O il O utput Breaks R e c o r d — In an article w ith this title, the
1
lin e o f railroad exten d in g fro m G irard Jun ction to T a y lo r R ap id s, W is .,
P etroleum Section o f “ Oil P a in t & D ru g R e p o r te r” o f N . Y . fo r J u ly 4
18.3 m iles. T h e line was con stru cted a bou t 1903 b y a co m p a n y ow ning
(pages 10 and 22) show s in barrels:
large tracts o f tim ber, to enable it to cu t th e tim ber and haul it to the
saw m ills. It appears th a t th is tim b er is now exhausted.
Bbls .—
Dom estic
To ta l
To ta l
a Stocks on
E st. Con - b N e w
M o n th — P rod uction. Im p o rts . E xp o rts. La st D a y .
su m p tion. W ells.
1921, M a y_4 1.90 0.00 0 9 ,100.000 900,000 c ! 5 5 , 300.000 4 2,000,000 1,401
A p ril.40,100,000 10,000,000 700,000 c l 4 7 . 100,000 4 3,0 00 ,0 00 1,224
INDUSTRIAL AND MISCELLANEOUS.
M a r _ 4 1 ,000,000 12,300,000 700,000 cl4 0 ,7 0 0 ,0 0 0 44,3 00 ,0 00 1,452
F eb -3 5 ,3 0 0 ,0 0 0 11,400,000 800.000 cl3 2 ,5 0 0 .0 0 0 3 8,700.000 1.574
General Industrial and Public Utility News.— Th<
J an __37.900.000 13.200,000 700.000 cl2 5 ,2 0 0 .0 0 0 48,400,000 1,832

following table summarizes recent industrial and publi<
utility news of a general character, such as is commonb
treated at length on preceding pages under the captioi
“ Current Events and Discussions’ ’ (if not in the “ Editoria
Department” ), either concurrently or as early as practicable
after the matter becomes public.

Steel A Jro n . — T h e B ethlehem Steel C o . on J u ly 5 ann ou n ced a low e
schedule o f prices for itg prod u cts a n d also a cu t in w ages. T h e Lackaw ann;
Steel C o . to o k sim ilar action and th e R ep u b lic Iron < Steel C o . and oth e
fc
independents were reported as takin g steps to m eet these co m p e titiv e rates
On July 6 the U . S. Steel C orp . ann ou n ced th at it h ad decided to re com.
m end to Its subsidiaries th a t th ey again reduce selling prices to correspond
with the existing prices o f com p etitors, the red u ction s ranging from $4 t<
per ton and as m u ch as $10 per ton in the case o f tin plate, and also tha
th ey a brogate as o f J u ly 16 1921 the overtim e d a y p u t in e ffe ct during th
war, m eaning, it is u n derstood, the elim ination o f wages at m ore than th
regular h ourly rate for work done? in excess o f eigh t hours a d a y.
Th
-.a*/jng in wages is estim ated a t 1 6 % . T h e previou s price cu t to o k p la c
i F o **(s0 ,y ’
P Jo78, for full particulars as to the new pric
sen eouje <ve. See “ C urrent E v en ts” a b o v e and "T im e s ” o f July 7, p. 1921
I h e Iron A g e” o f July 7 says in brief:
f y . b i '’eductions in prices o f various steel prod u cts form ally mad
on J u ly o by the Bethlehem Steel C o ., a m ou ntin g to $4 per ton for bars
l ,
shapes, billets, skelp, sheet bars and blue annealed sheets. % 5 fo
&
u a / v and galvanized sheets and $10 for tin plate, have been m et by icl
o f the oth er producers as were n ot alread y selling at th e new Bethleher
level
i he /a ct is that as to som e p rod u cts the ann ou n cem ent morel
rooorU' O who.t the m arket already had done.
/h a t the 8 tool C orporation will m eet the m arket io inferred from recer
evidence >baf /h e schedule o f April 13 was not ri 'id ly observed by som e c
its subsidiaries.
J .Q ,
r'-/J"';f.iori o f 15% in mill wages and o f 10% in salaiios is a pai
o; the Lef hh hem read jusfrnent, o.nd fresh wage reductions a t various wester
' enrisyjvo.oio and Y oungstow n, O hio, plants are exported a b o u tJ u .lv 1/
• /f) ■ ! f' l { l>: h v ,t:' fo r n a e e s o u t o f J89 in John stow n . Pittsburgh, When
x
i ng and ,v ah on mg and Mhonango Valley districts; were operatin g o v e r July
T
V 'i n ou s stacks being banked.
T h u s in operations and in sales the fir.
week ir» July has been m aking a low reeord.
y /d g iron production in June was 1.061.833 tons (against 1,221.22) i
being .mailer than in a n y m onth since .Jon 1908, follow ing th
1 ) 0 7 pan ic.
B ut ca p a city then was on ly a b o u t h alf o f to d ay's.

1920. M ay.36,500,000
1919, May_30.000.000
1918, M a y .30,400,pop

7,000.000 700,000 127,200 000 42,900.000 2,237
4.700.000 2 0 0 ,0 0 0 el32.200.000 35,100,000 1,954
3,600,000 400,000 el37,400,000 35,500,000 1,798

a P ip e line and tan k farm sto ck s o f d o m e stic p etroleu m plu s M ex ican
petroleum held in U . S. b y im porters, b These figu res represent the
num ber o f p rodu cing oil wells com p leted din ing the m on th , c N o t d irectly
com parable w ith stock s for previou s years; for com parison a d d 17.800 000
b bls. e Stocks o f M ex ican petroleu m held in the TJ. S. held b y im porters
n o t available.
Gasoline P rice R eductions. —-T he w h olesale p rice o f ga solin e has been re
d u ced 2 cen ts a gallon in fo llow in g -n a m ed S tates: A la b a m a , to 21; F lorid a
t o 20; G eorgia to 21; M ississipp i and L ou isian a t o 19 K - A re d u ctio n o f
I K in S ou th C arolin a, t o 1 9 K • G asolin e has been red u ced 1 cen t in P en n 
sy lv a n ia and D elaw are, t o 2 2, and K cen t in O h io t o 21 cts . K erosene
d eclin ed 1 cen t fro m 12 to 11 cts . in P en n sylvan ia and fr o m 1 2 K to 1 1 K
m D elaw are.
Other Prices.- — On J u ly 5 o ld w h eat N o . 2 red sold d ow n to 142 (new on
J u ly 6, $1 31 K ) , against $2 12 Jan . 12 1921 a n d $2 60 J a n . 7 1920.
A substan tial red u ction is a n n ou n ced in th e p rice o f P a ck a rd m o to r cars
(th e secon d cu t, th e first h a v in g boon m a de last S e p te m b e r), also fo r the
O ak land , L ib erty , C h alm ers, D o r t and M o o n cars.
N ew Y o rk cem en t dealers h ave c u t p rices 20 cts . “ T im e s” J u ly 4,
E d it. S ec., p. 17. Q u ick silver has been red u ced $1 t o $46 per flask .
Legislation M a tte rs .-— (a) F o rd n e y ta r iff b ill d eb a ted in H ou se. “ T im e s”
J u ly 7, p . 2; July 8, p . 1
(b ) B onus bill in Senate u rgen tly op p osed in letter
rom Secretary M ellonT “ T im e s ” J u ly 7 , p . 1; J u ly 6 , p. 1. (c) P h ip p s
H ighw ay Bill goes to Senate C o m m itte e . “ E n g . N ow s R e c o r d ,” p . 35.
(d ) Grain futures bill (C a p p e r-T in ch o r bill) was rep orted fa v o r a b lv b y th e
Senate A gricultu ral C o m m itte e on J u ly 7. “ T im e s” J u ly 8, p . 23.
19 Cement Com panies Sued by U . S. Govt, under Sherm an A n t i- T r u s t A c t .—
See A lpha P ortland C em en t C o . b e lo w .
M e xic a n O il and Other 7 'axes.- —
See C u rrent E ven ts a b o v e .
Wages. -New Y o r k builders ask 100,000 e m p loy ees to a cce p t $1 a d a y
wage cu t; men o p p ose red u ction a n d w an t increase o f sam e a m ou n t; agree
m en t expires Jan. I 1922. “ T im e s ” J u ly 7 , p . 1.
Intornational Paper ( Jo. offers 21 % wage cu t. See th a t co m p a n y b elow .
C ok e workers in the in d ep en d en t plants o f the C on n ollsv ille co k e region
have received a 10% re d u ctio n in w ages, th e secon d th is year. T h e new
rate is a b o u t 33 1-3% less than on Jan. I , b u t 1 5 % , it is said, a b o v e th e rate
in 1912. A bou t 7 % o f th e independen t oven s are op era tin g.
A m erican Brass (Jo. on J u ly J p u t in e ffe ct an oth er re d u ctio n in wages
averaging a b o u t 1 0 % .

186

THE CHRONICLE

Pennsylvania Coal C c ., operating 34 bituminous mines, announces reduc
tion in all salaries, averaging about 2 0 % . “ Tim es" July 6 , p. 17.
Philadelphia pressmen who struck M ay 1 returned to work July 6 with
no concessions granted. “ Tim es" July 7, p. 4.
Labor conditions in the building trade are reported by ' engineering News
R ecord" July 7 in substance as follows: (a) Labor is plentiful in Minneapolis,
but, although $1 per hour is the rale for bricklayers as set M ay 1 by the
employers $i 12 C is being paid rather generally. The rate in Boston,
Montrealand Atlanta is reported as 90 cents, in New York, Chicago, &c\,
as SI 2 5 , and in Denver $1 37 C cents, (b) The rate for carpenters in
j
Minneapolis is 80 cts., but they are reported to be working for as low as
7 0 cts. to 7 5 cts.; the rate in Montreal is 65 c t s ., in New York and San Fran
cisco $1 12 C , and in Chicago, Cleveland and St. Louis Si 25. (c) At
Minneapolis the standard rate for common labor is 50 cts., but this is not
constant, wages going as low as 40 cts. an hour In some cases. At Atlanta
and Birmingham 25 cts. is quoted, at Boston 55 cts., at Cincinnati 35 to
40 cts. New York 75 to 80 cts., Chicago $1. "In the July 1 schedule just
issued by the building trades of Pittsburgh, bricklayers are listed at $ 1 1 2 H
as against 81 50, the old rate, and carpenters and structural iron workers at
81 against $ l 25
Denver reports that carpenters and painters have accep
ted the wage award of $ 1 per hour, thus ending a controversy that has
lasted several m onths."
a) b ■8 . cotton acreage report
Matters Covered L " Chronicle" of Jl ly 2 .
n
ib) British coal strike at end, p.
shows 28.4% decrease in planting, p.
652- u:) W ar Finance Corporation advances 84,000.000 to aid exports of
cotton to Europe, &e., and freight cars and tobacco to China, p. 23. (d)
Farm Export Corporation. Hoover's view of Norris bill, p. 24. (e) Pro
posed cotton and other agricultural inquiries, p. 24.
if) Bond trading unit fixed at $1,000 by N. Y. Stock Exchange, p. 26.
(g) N . Y. Curb Market housed, p. 26.
hi Permanent tariff bill, p. 28. (i.) Lackers* Regulation Bill passes both
Houses :it Washington, p. 29. (j) Confirmation of E. M. Morgan as N . Y.
Postmaster and James M . Beck as Solicitor-General, p. 30.
Wool-growing industry, report of U. S. Tariff Commission, p. 30.
1) Commission on Canadian pulp wood restrictions, p. 31. (m) Frelinghuysen Coal Bill sent back to Committee, p. 31. (n) Gompers re-elected
President of Am. Federation of Labor, p. 31. (o) Marine strike called off,
p 32. CP1 Shipping Board must be reorganized, p. 33. (q) Evils of taxexempt securities, p. 38. (r) N. Y . State income tax payments for year
1919 analyzed, p. 39.
Adirondack Power & Light Corp.— A n n u a l R e p o r t .—
C a le n d a r Y e a r s —
1920. ^
1919.
Gross earnings-----------------------------------------------------$4>714>526
$2,1.52,338
Operating expenses and taxes---------^
--------------------a.3,376,660
1,322,405
Gross income_____________________

$1,337,866
736,401
Dividends______________ - _______________________
189,007
Deduct by order of P. S. C. Jr. to Pref. dividend__
125,000
Interest and other deductions------------------------------

Balance, surplus_______________ _______ ________

$287,437

$829,933
347,800
344,000
--------$138,132

a Includes $ 1 9 1 , 3 2 0 for the credit of reserve for renewals and replace
ments.— V. 112, p. 2086.

Aetna Explosives Co., In c.— D is s o lu t io n .—
The stockholders will vote July 27 on dissolving the company. The
Hercules Powder Co. has purchased its entire assets.— See V. 112, p. 2539,
2308.
All America Cables, In c.— R ale to B ra zil C u t .—
A reduction o f 11c. a word in the rate from New York to tdrazil has been
announced by the company, effective July 7. The new rate of 54c. a word,
cut from 65c., applies to messages for both the company's stations at
Rio de Janeiro and Santos. The rates to the Amazon River district will
also be reduced as follows: First zone, from $1 12 to 95 cents; second zone,
from SI 36 to SI 25.— V . 112, p. 2539.
Allied Packers, In c.— R ea d ju stm en t P la n M o d i f i e d . — The
committee on readjustment, of which George W . Davison is
chairman, has modified the plan dated April 30 1921 {see
V . 112, p. 1980).
The modification of the plan (a) extends the voting rights of the Prior
Preference stock; (5) limits the authority of the board of directors to declare
dividends, other than the Cumulative 4% dividend upon the Prior Prefer
ence stock; (c) provides for the establishment of a sinking fund for the
purchase or redemption of the Prior Preference stock, and (d ) postpones
payment of part of the 7% dividends upon the Preferred stock until after
the payment of the participating dividend upon the Prior Preference stock.
The "modification of the plan has been made at the request of the repre
sentatives of holders o f debentures, with the assent of the representatives
f s took of both classes and upon assurances that additional deposits would
made if and when such modification was effected.
There is now on deposit more than 44% of the debentures, more than
% of the Preferred stock, and more than 50% of the Common stock.
The time for deposit of all classes o f securities has been extended until
the close o f business on July 27 1921.
_r , . ^
^
The Central Union Trust C o., New York, is depositary, with First
National Bank, Philadelphia, Fort Dearborn Trust & Savings Bank,
Chicago and First National Bank, Boston, sub-depositaries. See V. 112,
p. 19S0,’ 2081, 2086, 2751; Y . 113, p. 73-

Allied Power Industries.— O r g a n iz e d .—
The Allied Power Industries is the name o f a $10,000,000 trust estate
which has been formed by the merger o f the Gnaden-Goshen Coal C o., the
Atomized Fuel Industiies Co. and the Ohio Gas & Power Co., all of Colum
bus. The plans are to erect a large power station and gas plant- at the
mouth o f the mines of the Gnaden-Goshen Coal C o., near Uhrichsville, in
Tuscarawas County. L. W . Winchester, Pres.; Braman H. Loveless, Sec.
& Treas.; and Robert S. Fletcher, Chairman & Gen. M gr.— ("Coal Trade
Journal" June 30.)
Alpha Portland Cement Co.— D is s o lu tio n S u it .—
Attorney-General Daugherty announced June 30 that the District
Attorney at N- Y . City had been instructed to file a civil suit under the
Sherman Anti-Trust Act against the Cement Manufacturers’ Protective
Association, its officers and members. The suit ordered by the Depart
ment, o f Justice is supplementary to the indictment returned in New York
last March against a large number of cement manufacturers (V. 112, p. 934).
The defendant members are Atlas Portland Cement C o ., Allentown Port
land Cement C o ., Alpha Portland Cement C o ., Bath Portland Cement C o .,
C oplay Cement Manufacturing C o., Dexter Portland Cement C o ., Edison
Portland Cement C o., Giant Portland Cement C o., Glens Falls Portland
Cement C o., Hercules Cement Corn., Knickerbocker Portland Cement
Co Inc., LawTence Cement C o., Lehigh Portland Cement C o., Nazareth
Cement C o., Penn-Allen Cement C o., Pennsylvania Cement C o., Phoenix
Portland Cement C o ., Security Cement & Lime Co. and Vulcanite Portland
Cement Co. All the corporations, with the exception o f the Security
Cement & Lime C o., are named as defendants in the March indictments,
which are still pending. (See also N . Y . "T im es" July 1) .— V. 112, p. 934.
American Agricultural Chemical Co.— R ev iew o f P a st
F is c a l Y e a r .— Chairman Robert S. Bradley, interviewed by
the Boston “ News Bureau,” is quoted:
Sales for year ended June 30 1920, were the largest in com pany’s history,
bein°- $10,000,000 greater than those of year previous. In fact, the demand
for the com pany’s products in the spring of 1920 considerably exceeded its
productive capacity, and at the close of the year prospects for the coming
year were never brighter. In anticipation of an increased demand for
192021 and in accord with the usual and necessary practice in the industry,
manufacturers had contracted for a large percentage of their requirements
o f raw materials early in the year, before prices o f farm products had begun
^0cliii0
Our business remained normal until O ct., when collections began to fall
o ff especially in the South, owing to a rapid decline in the price of cotton
and other farm products, which, before the spring selling season opened,
had carried cotton down from the peak o f 43 cents a pound to 12 cents,
wheat from $3 a bushel to $1 50, potatoes from $10 a barrell to $1, and
other crops in proportion.
„ 4 . _.
,
Furthermore the U. S. Department o f Agriculture, under whose super
vision the fertilizer industry had been placed by the Lever Control Act
(sincerepealed, demanded an unreasonable reduction in fertilizer prices for

[ V ol .

113

the spring season -regardless o f the cost o f the goods to the manufacturers—uiul au\ i'td the farmers to postpone buying as long as possible. All these
factors conspired to great 1 delay the movement of fertilizers, until many
*
manufacturers, under pressure of heavy inventories, began to cut prices
wi i ti apparent disregard to the cost of their goods, which finally led to a
general demoralization of prices over a wide area.
The purchasing power of the farmers, moreover, had been seriously
crippled b" the great decline in crop prices and by their inability to obtain
i h usual credit for financing their operations. Sales were consequently
v
sharply curtailed, and for the first eleven months o f the year (to June 1st)
our gross sales (including products other than fertilizer) declined in volume
about 2V , below those of the corresponding period of the year previous.
Notwithstanding these exceptional conditions our collections have been
practically normal, outside of the cotton Slates and Cuba, which represent
about one-third of our trade. With these included, cash collections from
our 1920 sah s in all sections were nearly 80' o f the matured accounts at
June l I Owl
Lncollected accounts are being secured by collateral.
\ bat our business will be for the present fiscal year it is impossible to
\
forecast, but prospects for more stable conditions in the trade this fall are
encouraging. Economies are being introduced wherever possible without
decreasing Gticionev
llnt.il readjustment;, however, lias run its course and
general business conditions have become more normal no one can foretell
what lies in the immediate future for any industry; but so long as agri
culture is recognized as the foundation o f the country’s prosperity the
fertilizer industry must bo classed as a basic and essential one, being so
ultimately and necessarily interlocked with agriculture.— V . 112, p. 2751.

2539.

American Light & Traction Co.— Stock D iv id en d of 1%.
The directors have declared a cash dividend of I U % on the Pref. stock,
a cash dividend of I
on the Common stock, and a stock dividend at the
rate of 1 share of Common stock on every 100 shares of Common stock
outstanding, all payable Aug. I to holders of record July 14. In Feb. and
M ay last, quarterly cash dividends of 1% and stock dividend of 1% each
were paid on the Common stock, compared with 1% % in cash and a like
amount and 2 jo % instock were paid quarterly from 1920 to M ay 1920.—
V. 112, p. 1520, 1027.
American Locomotive Co.—E q u ip m e n t O rd ers. —
The company announces that it has received foreign orders for 41 loco
motives of various typos, as follows: 20 consolidated typo locomotives, 157
tons each, National Rys, o f Mexico; 7 Mikado typo locomotives, 220 tons
each, National Railways o f Mexico; 4 consolidated type locom otives, 147
tons each, Monterey Iron & Steel Co. of Mexico; 3 Pacific type locomotives,
146 tons each, Pekin-Kalgan l t y ., China; 2 Mikado type locomotives, 148
tons each, Peldn-Kalgan Ry. China; 6 10-wheel type locomotives, 82 tons
each, for Trinidad C o . eminent R y.; 5 consolidated type locomotives, 78
tons each, for Imperial Karafuto Government R y., Japan; 4 Pacific type
locomotives, 140 tons each, for the Shantung R ys., China. ,
Recently the com pany obtained a contract for 42 locomotives, valued at
about $2,600,000, for the Chinese railroad.— V. 112, p. 1980.
American Motor Body Corp.— E a r n in g s .—
Income Account for the Period Aug. 11 1920 to Dec. 31 1920.
Sales.............................................................. .......................................... $8,523,875
Cost of sales, $7,952,010; expenses, rentals, &c., $354,417; profits
217,448
Other income, $131,569; total income______ _____ ______________
349,017
Interest and Federal taxes_____________________________________
79,560
Net profits_____
— V. I l l , p. 2142.

$269,457

American Sugar Refining Co. — R eg u la r D iv id e n d s —
A statement accompanying the regular quarterly dividend check of
1 % % each, on both the Common and Preferred stocks says in part:
"C entral Jaronu, which is now in process o f construction is situated 64
kilometers due east of Central Cunagua in the Province of Camaguev,
Cuba. When completed the new factory will in most respects, be a dupli
cate of Central Cunagua. Together they will have a capacity o f 1,200,000
bags of raw sugar per year.
"T h e cane lands for Central Jaronu are all virgin soil. M any thousand
acres have already been cleared and planted. The program calls for grind
ing of the first sugars during the 1921-22 crop, and the progress to date
makes it certain that this will be done.
“ When completed. Central Jaronu, together with its parent plantation.
Central Cunagua, will constitute the finest raw sugar estate in the world.”
About 600 men and women packers in the plant o f the company at Kent
Ave. and South Fourth St., Brooklyn, went on strike July 5 when the
company announced a cut in wages. The reduction cut the wuges o f the
women from $12 a week for a 9-hour day to $11 for the same period. The
decreased scale cut the wages o f the men 40 cents a day for a 1 0 -hour day.
Officials o f the company denied that there was a general strike in the plant,
which employed 3,000- They said that all but those who walked out had
accepted the 1 0 % cut, and expected to be able to fill the places o f the
strikers in a few days.— V . 112. p. 2751.
Anaconda Copper Mining Co.— T e n d e r s .—
The Guaranty Trust C o., trustee, 140 Broadway. N. Y . City, will until
AuS- 30 receive bids for the sale to it of either 10-year Secured Series “ A ”
6 % and Series “ B ” 7% gold bonds, due Jan. 1 1929, in such amount as will
exhaust- $750,000 now in the sinking fund at prices not to exceed a price
at which the rate of return, based on the yield from Aug. 30 1921 to Jan. 1
1 0 9 0 would be not- less than 6 % .
Interest on all bonds purchased will
8 ?Tse on Aug. 31 1921.
(See offering in V. 108, p. 81, and V. I l l , p. 1568.)
— V. 112, p. 1970.
Anglo-American Oil Co., L td .— F in a l D i v . — E a r n s .—
The company lias resolved to pay to shareholders out of the net earnings
,r the year ending Dec. 31 1920 a final dividend of three shillings per share,
ee o f income tax in the United Kingdom. This, with the interim dividend
' three shillings per share declared on Dec. 16 1920 and paid Jan. 15 1921
ill make a total dividend of 30% for the year ending De9. 31 1920. .
T h e dividend will be paid on and after July 15 by the National Provincial
Union Bank of England, Ltd., of Bishopsgate London, or at any of its
•anches or bv the Guaranty Trust Co. of N. \ ■ 140 Broadway, N. Y .
,
itv at the equivalent in U. S. currency of S3 SO per pound sterling (equal
, 5 7 cents per share) to all holders of share warrants to bearer issued by
ie company upon presentation o f coupon N o. 21.
, . . ,
.
Profit for Vear 1920 amounted to £2,931,885. Surplus fund, it is stated
lows a balance of £2,128,884.' V. 113, p. -4.
Atlantic G ulf Oil Corporation.— P r o d u c tio n .—
The company is reported to have produced from its Los Naranjos and
icamizt-le wells in June 938,376 bbls. of oil and shipped 919,098 bbls.—
. 112, p. 2752.
Atlantic G ulf & W est Indies SS. Lines — B a n k L o a n s .—
The company, it is stated, has paid off about $500,000 o f the 82,500.000
ink loans which are due Oct. 1, and it is expected that the remainder will
taken care o f at maturity. The bank loans originally amounted to
i 0 0 0 00 0 but some time ago the company paid oft J o.300.000.
Financing by which $9,900,000 additional short-term debt will be taken
ire of was approved June 24. See V . 112. p- 2539. _ 6 le.
Baldwin Locomotive W orks.— O rd ers.
President Vauclain has announced that he has entered < p outer tor the
vi
Vo Pacific tvpe passenger locomotives for the Mc\ican National Kailavs 4 for the United States o f Colombia, and 45 for repairs
the Erie
p • also S Mikado type locomotives for Mexican National Ka.ilwa
’
\
acificTt-ype passenger ^ g in e s for Pekin Hankow Ry . o f Chum and a large
•der of locomotive forging for India.— \ . 1 L . P -540, -309.
Bethlehem Steel Corporation.— P m w R educed —
The company announced July 4 further reductions m the price ot steel.
P r e s id e n t ^ /c . Grace, in making the announcement-, said that
lanufacturing costs do not in any sense warrant these reduet om , l u ho
unpanv desires to contribute even more than its Bill share to u e.ia l si
m d it ions in the steel trade on what might bo regarded as a uoimal
The new price schedule shows the following changes.
.
Bars from $2 10 to $1 90; structural shapes, front
-0 to > \
*om &2 °0 to $2; sheet bar. from $39 to $35. billets. i by -L h‘v U ;■A \
V* *
•
abs from $38 to $34; blue annealed sheets, from N- ^ ^
loots from $3 7 5 to $ 3 50; galvanized sheets, from M . o t o i l d . u i L a u .
■om $ 6 25 to $5 75; skelp, from $2 20 to $*..

187

THE CHRONICLE

J uly 9 1921.]

The new prices represent a reduction o f $4 a ton on bars, structural
shapes plates, skolp, billets, sheet bar, slabs and blue annealed sheets. $5
a ton on black and galvanized sheets and $1.0 per ton on tin plate.
The com pany recently announced a 15% reduction in wages, effective
July 16.—V . 113, p. 74.
Borden Co., New Y o rk .— U s u a l D iv id e n d s .
The com pany has declared the usual semi-annual dividend o f 4% on the
Common stock, payable Aug. 15 to holders of record Aug. , I , and . also two
v .( .m illio n
.
i
~ ' ' ' , v , i/>. % — i payable. .Sept. “ r and
quarterly dividends on the Orel, stock ol i w /w each, -----1.»
Dec. 15 to holders o f record Sept. 1 and Dec. 1, respectively. V .112, p. 1870

Range, Spies. (3) Mesabi Range: Bingham, Fowler, North Star, C rosby,
Boeing, IHII Trumbull, Wadc-Helmer, Meadow.
Oliver Iron Mining Co. operates the Hematite, Hard Ore and Section 10
mines. Ownership in these mines and also in Athens, Negaum.ee, Webster,
Bingham, N o r t h Abar, Boeing, Hill Trumbull and Wade 1 elmer mines 5.
1
shared with other companies.
Company'. Ore Shipments (in Tons).
s
1855.
1880.
1910.
1917.
1918.
1919.
1920.
1,499
212,748 2,669,491 3,729,103 3,713,557 2,459,536 3,817,883
Compare “ Iron Trade R eview ” o f June 23, p. 1722 and 1723. V. Il l ,
p. 2142.

British Empire Steel C orporation.— A n n u a l R e p o r t o f
S u b s id ia r y C o m p a n y .—
See Dominion Steel Corporation under “ Financial Reports” above.— V.

Com m onw ealth Edison C o., Chicago.
H ands S o ld .—,
It is reported that the com pany has sold an issue o f $6,000,000 6% 1st
mtgo. bonds to a syndicate o f C hicago banks and investment houses and
is being offered to Investors at 91 l to yield approximately &% % . The
A
bonds mature In 1943.— Y . 112, p. 2753.

112, p. 2416.

Burm ah Oil Co., L td .— S e c u r itie s O f f e r e d —
The offering in London o f this com pany’s £3,000,000 8%, Cumulative
8 °,
Preference shares at. par (£1) is o f interest to holders o f American Oil shares
in view o f their holdings In the Far Fast.
The Burmah Oil Co. holds 55 square miles on mining lease and 150
square miles on prospecting license from the Government o f India, owns

and tankers aggregating 23,710 d .w .t., and operating on such a large scale,
the company has pursued a very profitable career. The present issued
capital in order o f priority, is: 6% Cum. Pref. shares o f £ l, £250,000; 6%
Cum. 2d Pref. shares o f £10, £750,000; 8% Cum. Pref. shares o f £1, £3,
000,000; Ordinary shares o f £1, £5,150,804.
Sir John T . Cargill is Chairman. Head office, 1 /5 |W. George St., Glas
gow; London office. Brittanic House.
For further details o f history, property, earnings, & c., see London
“ Statist” June 18 1921.

B ush Term inal Co.— U s u a l Stock D iv i d e n d .—
The regular semi-annual cash dividend of 214% and a stock dividend o f
214% have been declared on the outstanding Common stock, par $100,
payable July 15 to holders o f record July 6- Special dividends o f 2 ^ %
each in Common stock have been paid semi-annually on the Common shares
since Jan. 1916.— V . 112, p. 260.
B utterick C o.— E a r n in g s I n c r e a s e d .—
President G. W . W ilder in a letter June 30 says in part:
“ In view of the delay involved in the preparation o f corporation reports
to conform to the complicated requirements o f Federal and State income,
corporation and capital taxes, which in our own case will extend to August
at the best, the directors have directed the management to submit to you
an informal statement as o f this date, covering the com pany’s progress in
the six months ended June 30.
“ Throughout the six months period com pany has shown increased earn
ings. When the auditor’s report is completed after adjustments o f reserve
and taxes, it is confidently believed the figures will show $600,000 earned
for the period as against $59,400 a year ago.
“ As a result, accounts and bills payable and other obligations have
been greatly reduced, and with the continuation o f the present volume o f
sales and earnings, toward which all signs point at this time, com pany
should b e‘in a position b y the close of the year to determine its policy with
regard to dividends [company has not paid dividends since 1916].” — V . 112,
p . 1286.

By-Products Coke Co.— N e w O f f i c e r s .—
C lifford D . C aldw ell, o f C h icago, has been elected President, succeeding
H . H . S. H andy, who becomes Chairman o f the Board, succeeding W illiam
L . Brown. The follow ing officers were also elected: James A . Galligan,
Assistant to the President; D onald S. B oynton, Treas., and Seymour
Wheeler as Secretary.
,
'
^ __
E . L. P iercean d A . W . Hudson resigned as Vice-Presidents; M . D . W hitford as Treasurer, and E . D . W inkworth as Secretary.
The com pany’s headquarters will be rem oved from Syracuse to Chicago.
— V. 112, p . 2416, 2309.
C allahan Zinc-L ead C o.— O ffic e r s , & c . —
The following officers have been elected for the ensuing year: John Borg,
Pres.; M . G. Rodearmel, 1st V.-Pres ; M ilie Bunnell, 2d V .-Pres.; H . T .
M cM eekin, Sec. & Treas. Directors: John Borg, M . G. Rodearmel,
Joseph B. Cotton, D onald A. Callahan and Gust Carlson were elected as
the Executive Committee for the ensuing year.
Since Jan. 1 last, the wage scale for mine labor has been reduced approx
imately 30% in the Coeur d ’Alene District. When the property resumes
capacity shipments, the scale now in effect should result in an approximate
saving o f $240,000 per annum in this item alone.— V. 112, p. 375Canadian Collieries (D unsm uir), L td .— L is t e d .—
The London Stock Exchange has allowed dealings in the following secur
ities— £620,940 “ A ” Incom e Debenture stock; £620,940 “ B ” Incom e
Debenture stock; $523,610 Com m on stock in shares o f $1 each; and
$1,047,220 Preferred stock in shares of $10 each. The com pany was
recently reorganized. See V . 112, p . 1402.
Carib Syndicate, L td .— P la n R a t ifie d . —
The stockholders on July 7 ratified the plan by which the Syndicate will
sell all o f its property and assets, the Texas C o. acquiring control and
management. A new com pany, Carib C o ., In c., o f M aine, w ill be formed
with an authorized capital o f 10,753 shares, par $25- See V. 112, p . 2752.

Central Sugar Corp.— M eeting Adjourned .—

The stockholders’ meeting scheduled for July 6 to vote on issuing $3,000,000 bonds was adjourned until July 25 for want o f a quorom .— See
V . 112, p . 2645.

Childs Real Estate Co., N. Y.— Bonds Called.—

Sixty Series” A ” and 19 bonds o f Series “ B ” have been called for payment
Sept. 1 at 110 and in t. at the Empire Trust C o ., New Y ork .— V . 110, p . 2659

Cities Service Co.— A ction to E njoin Payment of Preferred
Dividends in Scrip .—
Goldstein & Goldstein, attorneys for some preferred stockholders on June
3 m ade application in the New Y ork Supreme Court for an injunction
restraining the com pany from paying dividends in scrip. The attorneys
contended that the com pany should pay cash dividends on the preferred
stock or no di vidend of any kind on the other issues.
Jonah J. G o l d c cin , one o f the attorneys, is quoted as saying: “ There has
been a continued neglect of the equitable and legal rights of the preferred
stockholders. This has resulted in the anomalous situation that the pre
ferred stock is selling for 44 and the com m on stock at 130. T o issue scrip
di vidend is a clear discrimination against the preferred stock. In addition
to the present injunction to restore the preferred stock to a cash dividend
basis, other steps are being taken to secure for the holders o f preferred stock
preference in security as well as in the payment of dividends.”
Frank W . Frueauff, Vice-President of the com pany, in commenting on
the action taken in the courts, is quoted as saying:
The court refused to enjoin the issuance o f i he scrip dividends o f Cities
Service Com pany. Our attorneys attach no importance to this suit.”
Th e Cities Service Oil C o., Toledo, has filed notice at Columbus of an
increase in capital from $1,000 to $625,000.— V. 112, p. 2646, 2416.

Citizens’ Gas Light Co., Quincy, Mass.—Larger Div.—

A dividend o f 2% has been declared on the stock, payable? July 29 to
holders of record July 25. 'This compares with '/& o f ) % paid in the proviou quarter. All o f outstanding $743,000 capita) stock, par $100, is
owned by the Massachusetts Gas Companies. V. I l l , p. 592.

Cleveland-Cliffs Iron Co.

70th Anniversary■ -Shipments.

In commerriorh t ion o f its fovcntj.ei.b anniver-.ary, the com p a n y h a s issued
a booklet giving a history o f the enterprise, which now includes 29 mines,
;»■ folio:
(I) Marquette. Range: ( a ) Jshpeming District — Cliffs Shaft,
Salisbury, Lake, Holmes, Section 10, Hematite,
( b j Negaunee District
Athens, Negau nee. Maas. South Jackson,
(c)
North Lake District Larne Keeker.
Morris Lloyd.
(d)
Gvvinn
District Austin,
Gwinn,
Gardner, I r ur i f i , Mackinaw, Stephenson, Princeton,
( a ) Michlgam m o
District- Webster. (/) Republic District
Republic. (2) M enom inee

Consolidated Gas El. Lt &, Power C o., B a lto .— R a te .—
The Maryland P. 8. Commission has granted the com pany permission,
effective Juiy 1, to increase the rate for gas 17 cents on the primary rate and
10 cents on the secondary rate. This will make the primary rate 92 cents
for 1,000 cu. ft., Instead of 75 cents, and will make the secondary rate 70
cents, instead o f 60 cents, as at present. The average rate will be 88 cents,
instead o f 6714 cents.
James E . Aldrcd, Chairman, regarding the increase granted, says: “ It
is to be regretted that the Commission did not grant the application o f the
Consolidated Gas, Electric Light & Power C o. for an increase o f 25 cents
in the primary and secondary rates for gas. While the decision rendered
furnishes, a measure o f relief to the com pany, it does not put it in an advan
tageous position in respect to its necessary financing.
“ In order to be in a position to attract capital in large amounts the com 
pany must maintain a position o f high credit and must be able to hold out
the inducement of substantial return in order to bring from outside the
necessary capital.”
The com pany has announced a cut o f 10% in wages and salaries
from the president down to become effective July 15.— V. 112, p . 1148.

Corona Typewriter Co., Inc. —
Calendar Years—
N et earnings __ —
Other income __

—

E a r n s .. (fu e l. Sub . C o s .)—
1920.
1918.
1919.
____$718,698
$687,720
$369,116
____
52,265
49,912
29,829

T otal incom e----------------------------- ____ $770,963
Depreciation and amortization
____
98,110
Excess profit and income tax — _____ 147,935

$737,632
94,923
192,538

$398,945
71,482
134,712

Available for divs. and surplus. _
____ $524,819
— V..112, p. 2647.

$450,171

$192,751

Cuban Telephone C o.- - A n n u a l R e p o r t.—
Calendar Years—
1920.
1919.
Gross incom e______________ ______ . . . .$2,714,258 $2,281,720
Operating expenss.
_ .. --------1,018,307
790,682
Depreciation -------------- --- --------- ___
338,673
284,895
Interest on b o n d s -----— —
385,451
323,566

1918.
$2,087,333
687,631
270,586
351,896

Net income___________
Preferred dividends (6% )
Com m on dividends (8% )

$971,827
120,000
574,547

$882,577
120,000
479,221

$777,220

Balance, surplus___________________
— V. I l l , p. 1086.

$277,280

$283,356

$221,215

120,000

436,005

Darco C orporation.— P r e f . S tock O f f e r e d .— Gillespie,
Meeds & Co., New York, &c., are offering at 100 and div.,
with a bonus of 5 0 % in Common stock $1,500,000 8 % Cumul.
S. F. Pref. Class “ A ” stock. (See adv. pages). Bankers state:
R ed. at 110. D ivs. payable A . & O. 1. Atlas Powder C o. has agreed to
pay initial dividend from date o f purchase to Oct. 1 1921, in exchange for
stockholders’ rights thereto.
Corporation.■
—M anufactures, under patents which it owns, “ D a rco ,” a
pure, neutral, porous refining carbon used for decolorizing and refining
purposes in the sugar, oil, pharm aceutical, chem ical, confectionery and
other industries. “ D a rco” is pronounced b y experts to be 25 to 30 times
as efficient as bonechar, now in general use. The raw material is lignite,
cheap and practically inexhaustible. The demand for carbon like “ D a rco”
in the United States totals 400,000 tons a year.
Control.— Management and control b y Atlas Powder C o .,W ilm ington,D el.
Purpose.— T o erect 6,000-ton plant, net earnings o f which, it is estim ated,
should be about $600,000 per annum. Equivalent to over $10 per share
earned on Common stock after paym ent o f taxes and preferred dividends.
Compare V . 112, p. 2647.

D ayton (T enn.) Coal & Iron C o.— F o r m e r O w n e r to B u y .
A proposition to repurchase the properties o f the former D ayton C oal &
Iron C o ., has been made b y the former owner, H . S. M atthews, according
to an announcement b y W . B . Allen, trustee o f the com pany, at Chatta
nooga, Tenn. M r. M atthews lost the property some months ago through
inability to meet payments upon it. He had contracted to buy it in 1917
at a foreclosure sale. Th e present offer is said to be for $280,000. I f M r.
M atthews makes satisfactory arrangements it is believed that the creditors
will accept his offer.
Upon his original purchase, M r. M atthews agreed to pay $400,000 for
the D ayton Coal & Iron C o. After having paid about $200,000 and having
spent approximately $100,000 on improvements and new machinery he
failed (“ Iron Trade R eview ” ).— V . 105, p. 74, 183.
(Jacob) Bold Packing C o., B uffalo, N. Y .— P r e f . Stock
The company recently increased its 6 H % cumul. pref. (a. & d.) stock
from $3,500,000 to $6,000,000 (par $100)
The increased stock is now
being offered for public subscription at par by the com pany. Subscriptions
may be made and paid for through Citizens Trust C o ., M arm f’s. & Traders’
National Bank, Marine Trust Co. and Liberty Bank, all o f Buffalo. Pref.
stock is callable at 110 and divs. Divs. payable Q.-J. N o mortgage with
out consent o f 2-3 o f pref. stock.
On Jan. I each year co. will repurchase
from holders at par $100,000 o f prof, stock offered for repurchases.
Com 
mon stock, auth. and issued $2,500,000 o f which $200,000 held in tresury.
Data From O fficia l C ircu la r D ated J u n e 15 1921.
Company.— Established over 50 years ago and was incorporated Aug. 13
1888. From small beginning business has steadily increased to its present
output o f approximately 1,250,000 head o f livestock, representing a total
o f over 350,000,000 pounds o f product annually.
Business is that o f pork and beef packing in all o f its various features, and
on independent lines, and the manufacture o f its by-products into many
commodities looking towards their advantageous utilization. Packing
plants, properties and subsidiaries o f the com pany are located at Buffalo,
N . Y .; Omaha, N eb.; W ichita, Kans., and So. W ashington, Va.
Profits Before Chevying Intel est, Dividends apd Reserves.
*1913........
$793,894 xl9 1 7 ____________________ $1,161,717
*1914 ------------------------------842,088 y l9 1 8 ____________________ 1,335,321
963,301
x l9 1 5 ____________________
882,593 y l9 1 9 ____________________
x 1916------------------------------- 1,253,902 a l9 2 0 ________ 1__________
987,650
x Year ending D ec. 31. y Year en<ling Oct. 31
a Year ending Oct. 30.
Pur po s e ( a) Com pany intends to take up and pay o ff a portion o f the
remaining $2,000,000 7%, Serial N ote (V. 107, p. 1840) with part of the pro
coeds o f this issue o f Preferred stock, as advantageous opportunities offer
(b) additional working capital.
Condensed Balance Sheet, Nov. 1 1920 (Before this Financing).
Liabilities—
$3,293,112 7 % Serial gold notes. ___ $2,000,000
i -vi ( j . c n n i t :
1,862,897 Preferred stock ____ ___ 3,500,000
C a s h _____ _______________ 2,425,883 Common stock ______ ___ 2,300.000
N otes receivable___ ___
1,026 Notes p a y a b le .____ ___ 4,950,000
209,063
Customers’ acets. rec___ 2,619,350 Accoun ts payable - _. ___
Mi see I. accounts rec
163,744
85,675 Accrued Items______ ___
Stocks, Liberty bonds, &c. 1,739,4 55 Reserves ___________ ..... 1,402,455
Merchandise inventory4,31 1,310 Surplus— P r o fits ___ ___ 3,145,686
Supplies inventory.
600,338
I'repaid interest, ins., &/•.
138,048
Refrigerator cars, &c
593,854
Total (each side) .. ..$17,670,948
■vr , see v. io7, p, 1840; V. 112,
For history, description o f proper!
p. 2753.

188

THE CHRONICLE

[V

ol.

113

East Coast Fisheries Co . — S ale O rd ered —
Orders directing the receivers of the East Coast Fisheries Oo. and of
East Coast Fisheries Products Co. to dispose at public auction of all the
property and assets of these corporations were signed by Federal Judge
Clarence Hale at Portland, M e.. July 7
The auctions will be held at
Rockland % Aug. 16
m
Counsel tor holders of $1,000,000 of stock filed
notice of appeal.-—Y. 113, p. 75.

I res. I A. 1 ay lor states that under a plan to sell direct to the retailer
the company expects to eliminate the jobber, or middleman, in the distrinuiion or its production of silverware and bronze statuary.
The London
ottici is u> be discontinued, export business may be entirely dropped in so far
as Europe is concerned, and all efforts will be concentrated on domestic
sales
Every means will lie utilized to extend the sale and use of the m od
ucts ot the company through the U. S.— V. I 12, p. 1403.

East Coast Fisheries Products Co. - S a l e O rd ered .—
See East Coast Fisheries C o. above.— V. 112, p. 1871.
Eastman Kodak C o.— O b itu a ry \—
Frank S. Noble, a Vice President and a director, died in Rochester, N. Y .,
July 5
V 112. p. 2310, 2303.
Fajardo Sugar Co. — D iv id en d D e c r e a s e d ,—
A quarterly dividend o f l ‘ i
has been declared on the outstanding
Common stock par $100 payable Aug 1 to holders o f record June 20.
Dividends of
e tch have been paid quarterly on the Common shares
from May 1019 to May 1921, inclusive iu July 1920 a 70% stock dividend
and a 30%, cash dividend were paid.— V. I l l , p. 2516.

Greenfield Tap & Die Corp . — L is tin g —
The Boston Stock Exchange has authorized the listing of 9,953 additional
Common shares, par $25, making the total authorized for the list 129 952.
l iicse shares are issued to holders of the Common stock of Greenfield
.M a ch in e ( o and Morgan Grinder Co. upon surrender of said Common
stocks tor exchange.
I he ( ompany s factories at Greenfield, Mass., have been closed down
until Aug. 1. —V. 112, p. 2753, 1541

Falcon Steel Co., Niles, Ohio.— D iv id e n d s . —
The regular quarterly dividends of 2% on the Common stock and 1 '% %
on the Preferred, writ' both paid July l to holders of record June 20. The
payments were made from surplus, as iow prices and reduced earnings pre
vented the company from showing net earnings for the quarter.- V . 112,
p 1287.
( Wm. ) Farrell & Son, In c.— S egregates R etail B u s in e s s .—
The company has sold the wholesale part of its business to a new corpora
tion organized for that purpose under the name of Patterson & Bourns,
thus segregating the wholesale business from the retail trade.
Officers of the new company will be Gardner Patterson, Pres.; L. J.
Hunter V -Pres & Treas.; Clarence P. Morrell anti Preston Davie, V.-Pres.;
W . L. Whittlesey, Sec., and J. R. Edwards, Asst. Treas.— V. I l l , p. 2525.
Fisk Rubber Co.— P r e fe r re d D iv id en d s D e fe r r ed .

The directors have deferred action on the dividends on both the First
and Second Preferred stocks
Dividends on both issues are cumulative.
The last disbursement on the 2d Pref. stock was W \ % on June 15 and on
the 1st Preferred stock \ % % on M ay 1.— V . 112, p. 2753, 1512.

Ford Motor Co., Detroit, Mich.— T o I n c r e a s e O u tp u t .—
The output for June, it is stated, totalled 108,962 passenger cars and
trucks. This is at the rate of 4,190 cars for oach of the 26 working days.
The schedule for production at the Ford M otor works during July calls for
4,225 cars a day, 4.000 to be produced in the United States and 225 at the
Ontario and Manchester, Eng., plants. With 25 working clays about 105,100 cars are to be made during July, compared with 111,308 cars in M a y.—
V . 112, p. 2753, 2541.
General Cigar Co., In c. — T o R etire P r e f. Stock —
There was set aside on July 1 1921. the sum of $175,000 for the purchase
or redemption at not exceeding 110 and divs. of 1,500 shares of Debenture
Preferred stock. All tenders must be received at the office of the company,
119 West 40 St., N. Y . C ity, on or before Aug. 1.— V. 112, p. 1615, 749.
German Chemical Cos.— D iv id e n d s , Stock ., & c .—
Washington dispatches July 7 state; German chemical corporations lately
have awarded substantial dividends to their stockholders and have an
nounced plans for greater capitalization, according to authoritative informa
tion received in official quarters here. The Dynamit Aktiengesellschaft
Nobel & C o., it was said, has declared a dividend of 16% and intends to
increase its capital from 72,000,000 to 100,000,000 marks, the new stock
sharing in profits of the present year.
The Rheinische Westfalesche Sprengstoff has declared a dividend of
12.8%. and will increase its capital from 26,000.000 to 40,000,000 marks.
The Siegener Dynamit Fabrik has declared a dividend of 12.8% and will
increase its capital from 1.208,000 marks to 1,800,000 marks. The Ohemiscbe-Fabriken Borm Weiler-Ter-Meor has declared a dividend of 181% .
Gilliland Oil Co.— R e c e iv e r s h ip .—
John J. Satterthwait, Wilmington, Del., and P. J. Hurley, Tulsa, Okla.,
were appointed receivers by Judge Hugh M . Morris in Federal District
Court at Wilmington, Del., on July 7.
The Federal Court at Tulsa, Okla., recently api>ointed T. H. Markham,
Jr., Waite Philips and P. J. Hurley receivers. See V. 113, p. 76.
Gilmers, In c . — N e w C h a irm a n — S a les, & c .—
R. J. Goerke of Newark, has been elected Chairman and Gen. Mgr.
The company now has 15 stores in Virginia, North Carolina and South
Carolina. Sales in 1920. exceeded $9,000,000. The company has added
to its stores this year. Since Jan. 1 total sales are 62% ahead of last year
and business of the old stores, without those since added, reveals an increase
of 11% .— V. 110. p. 2491.
Glidden Co., Cleveland, O.— E x c h a n g e C o n tr a ct .—
The company, it is stated, has completed an exchange of stock with a
French concern under which it will market French products in this country
and the French will market Glidden paints in Europe.— V . 112, P. 1287.
(B. F.) Goodrich Co . — O rg a n izes F o r e ig n T rad e S u b s id .—
The com pany has completed the organization o f a subsidiary, the I n t e r 
n a t i o n a 1 P . F G o o d r ic h C o . , incorporated in New \ork, with an authorized
capital o f $10,000,000, par $100
The new company w ill represent B F. Goodrich Co. in all foreign coun
tries except Canada
It will take over the parent com pany’s interest in
factories (with selling organizations) located in France and Japan, as well as
its selling subsidiaries in Great Britian, Italy. Spain, South America.
Straits Settlements, and Port Rico, acquiring distributors in all foreign
countries
It will handle all the products o f the parent company, which
include tires for automobiles, trucks, motorcycles, and bicycles; rubber
footwear, and all sorts o f mechanical rubber goods and druggists’ sundries
in addition to the products turned out from factories in France and Japan
Officers o f the new company are B. G. W ork, Pres.; W. C. Arthur,
Yice-Pres.; F. C. YanCleef, Sec.: L. D. Brown, Treas.; H. Hough, C om p t.;
F. E. Titus, Dir. o f Sales; and W H. Aleen, Dir. o f Manufactures. The
directorate comprises; B. G. W ork, W. O Rutherford, H H Raymond,
L. D Brown, H. Hough, W . C Arthur, O B Raymond, F. C VanCleef
and W . C Geer. Administrative and operating offices will be located
at Akron, O.— Y. 112, p 2541, 1982
Gorham Mfg. Co., Providence, R. I .— N o P r e fe r re d D iv i
d en d S in ce J a n u a r y , but F in a n c ia l S tatus M u c h Im p r o v e d
a n d S ales S a tis fa c to r y .—

N o dividends on the 7% Cumul. Pref. stock have been declared or paid
since Jan. 1921. Dividend due April 1 1921 was not paid, and no action
has been taken on the dividend due July 1 1921.
In connection with the following balance sheet of Jan. 31 1921 as certified
b y Haskins & Sells, an officer of the company, writing June. 24, says:
“ Since the date o f the statement our current liabilities have been re
duced to approximately $3,000,000, of which $2,475,000 is to our depositary
banks. W e have at this time no street paper outstanding. Our volume
of sales since Jan. 31 1921 has been exceedingly satisfactory as compared
with one year ago, and our inventories as a resuit have been gradually re
duced from the amount shown in the accompanying balance sheet.’ ’
C o n s o lid a t e d B a l a n c e S h e e t J a n u a r y 31 1921.
L ia b ilitie s —
A. ssets__
Property (less depr. res.)_$2,892 ,129 Preferred stock_________$3,000 0 % )
Common stock____________ 3,000 ,000
Current assets ($S,399.003)—
Cash __________________
885 ,173 First M tge. bonds_______ 1,230 ,000
Working funds & adv__
26 ,547 Current liabilities ($4,386,508)—
Cash for taxes & bd. int.
49 ,357
Notes payable__________3,666 964
Loans payable.
Notes receivable______
301 878
33 721
Accounts payable_____
Accounts receivable (less
o51 ,851
Bond int. matured_____
44 205
reserve, $79,426)------ 1,583 809
Unclaimed wages______
3 ,543
Int. & divs. receivable.
36 957
Accrued accounts______ * 106 225
98
TJ. S . war savings certfs.
Inventories_____________ 5,515 184 Suspended claims (contra)
34 735
227 ,371
Skg. fd. for 1st M . c a s h ..
23, 840 Reserves 1_______________
Investment securities____
487, 586 Surplus_________________
157 ,485
Deferred charges________
198 807
Total each side. _
$12,036,100
Claims in susp. (contra)34, 735
N o t e . — There were contingent liabilities of $22,350 on account of drafts
discounted at Jan. 31 1921.

Guffey Gillespie Oil Co.— H e a r in g P o s tp o n e d .—
In the hope o f effecting a settlement hearings in the Tide Water Oil Co.
receivership proceedings against the company have been deferred until
July 13.— V. 112, p. 1982, 2753.
Haytian-Am erican Corp .— P e titio n in B a n k r u p tc y .—
A petition in bankruptcy was filed against the company July 5 by certain
creditors. James N. Rosenberg, who was appointed receiver last April
was to sell the property July 8.
It is stated that the $400,000 o f the $750,000 bank loan made earlv this
year by a banking syndicate composed o f Irving National Bank, N. Y.
Idetcher- American National Bank, Indianapolis, Continental American
Bank, Indianapolis National Exchange Bank, Baltimore, and Second
National Bank, Baltimore, has since been repaid.-— V. 112, p. 2754.
Holly Oil Co .— O rg a n ized by H o lly S u g a r C o r n .—
See that company below.
Holly Sugar Corp .— S tockh old ers G iven R ight to S u b scrib e
to Stock i n N e w H o lly O il C o .—
Pres. A. E. Carlton in a recent Iettor to the stockholders says in subst •
C o m p a n y s O il P r o p e r l y O ffe r s S p e c u la tiv e I n v e s t m e n t. -In letter o f April 14
attention was called to the discovery and development of oil in territory
adjoining the Huntington Beach factory site.
The wells then drilling on
this tract have since developed as producers, and several additional wells
have commenced drilling operations. As of M ay 27 there were 16 pro
ducing wells, 53 drilling and 45 building rigs, about double the number as
o f Feb. 10. While an estimate of settled production is not possible at this
time, the general opinion of oil men is that the field is one of the most
^m portant oil discoveries in California.
Believing that wells drilled on the corporation property will bring equally
favorable results as those of other companies, directors have decided that
drilling operations on the corporation property are justified and afford an
excellent speculative investment; and also to prevent the extraction of our
oil through wells on adjoining property.
Several strongly financed operators iu the field have offered to lease our
oil rights, but as the royalty terms offored do not seem adequate, the direct
ors have recommended and the shareholders on M ay 31 approved the fol
lowing plan for oil development:
T o F o r m N e w O il C o m p a n y . — The H o l l y O il C o . will be formed, to which
the Holly Sugar Corp. will convey all oil rights pertaining to the factory
site and to a lease obtained some months ago on a tract of 14.7 acres ad
joining the site.
C a p i t a l o f N e iv O il C o . — Capitalization of oil company will be 200.000
shares of no par value stock, and 182,000 shares will be issued to the Holly
Sugar Corp., which will agree to sell 91,000 shares and pay to the oil com
pany all the proceeds o f such sale lass $15,000 which was the cost of the oil
lease on the 14.7 acres. The moneys will be used for development.
R ig h ts to S to c k h o ld e r s — U n d e n o r i t t e n . — Arrangements have been made
with an underwriting syndicate, without cost, to buy the 91,000 shares to be
marketed at a flat price of $2 per share. Directors have required the
underwriting syndicate to agree that the shares sold to the syndicate shall
be first offered to shareholders o f Holly Sugar Corp., both preferred and
common, in proportion to their respective holdings, at the syndicate price
o f $2 per share.
Each holder of a share of either preferred or common of record as of June
30 was given the right under this arrangement to subscribe for one share of
stock in the oil company. Rights should be exercised and payment made
at office of Holly Sugar Corp., Boston Bldg., Denver, Colo., not later
than July 5 1921.
The oil company will agree to assure the syndicate a minimum allotment
of 9.000 shares at $2 per share in the event the Holly Sugar Corp. share
holders do not leave 9,000 shares to the syndicate. If the oil company
under this arrangement is required to sell to the underwriting syndicate
any part of the 9,000 shares so contracted, shares equal in number to the
shares so sold to the syndicate by the oil company will be issued to the
Holly Sugar Corp. without cost, so that the Holly Sugar Corp. will own
50% of the issued shares of the oil company.
S tockh old ers' M e e tin g to V ote o n B o n d I s s u e A d jo u r n e d .—
The stockholders’ meeting to vote on the proposed $5,000,000 8% bonds
has been adjourned to July 14.— V . 112, p. 2647.
Huron Steel Co., Cleveland.— R e c e iv e r s h ip .—
The company has been placed in the hands o f Frank M ooney, Receiver,
as a result of the filing o f involuntary bankruptcy proceedings in the Federal
court
The company, formerly named the Universal Steel Co. (Y. 108,
p 2440) had planned to build a mill in Huron, O., for the manufacture of
pipe, bars, billets, kelp and other products. The company has been
conducting a stock selling campaign for some time
Imperial Tobacco Co. of Can., Ltd.— N e w B o n d s , & c .—
The stockholders, it is reported, will vote shortly on approving the issu
ance of $6,500,000 ! V z % bonds to mature June 30 1971. Including these
bonds, the stockholders will be asked to approve a total increase in capital
ization of $9,000,000. This increase is sought, it is stated, in connection
with contemplated acquisitions, which will be submitted to the shareholders
for their approval. These include purchase of certain trade names and
brands from British-American Tobacco Co. for $2,000,000, payable in
ordinary shares of $5 par, and the purchase of the interest held by Sir
Mortimer Davis and his associates in two distributing and one cigar manu
facturing concern.— V. 112, p. 2647.
International Fur Exchange, In c.— Stock f o r C red ito rs.
The affairs of the company, in which a number of New York and St.
Louis banks were heavily involved through a credit acceptance arrange
ment, have been definitely settled through the turning over of the assets
of the Exchange to the recently organized Funsten Brothers & C o., Ine.,
and the F. C. Taylor Fur C o., Inc., in return for preferred stock in the two
corporations, which has been turned over to the creditors of the Interna
tional. The Preferred stock of the Funsten company amounts to $400,000
and of the Taylor company to $450,000. In addition, the Taylor company
issued $151,000 worth of short-term notes, which were taken over by the
International and distributed to creditors.
Under the arrangements with the bankers, the dividends on the Common
stock of the Funsten company are limited to $20,000 annually and those of
the Tavlor company to $17,500 annually until the Preferred stock is re
tired. Holders of old International Preferred stock are offered one share
of Common stock in each of the new companies on a basis of every five shares
of International held, the price of the two shares being placed at $35.
This offer expires on July 9. The Common stock so purchased must be
placed in a voting trust- for five years. The letters are signed by A. M.
Ahern for the Funsten company and N. R. Darragh for the Taylor com
pany. (N. Y . “ Tribune,” July 7.)— V . 112. p. 2754.
International B. F. Goodrich Corp.— O r g a n iz e d .—
See B. F. Goodrich Co. above.

In t. Lumber & Develop. Co.— S u c c e s so r C o .,
See Tropical Products Co. below.— V. 100. p. 401.

etc.—

International Motor Truck Corp.— S ta tu s. —
An official statement says in part “ The dividend on the 1st and 2d Fret
stock is paid out of current earnings. Trucks invoiced io customers since
January are in excess of 2.400.
'Phis is at the rate of 70l\ cl \
asl >ear
“ Net quick current assets are in excess of $20,000,000
\
ls ov° l
$3,500,000, while notes and accounts receivable are in excess ot $o.000.000
Inventories have been reduced more than $3,000,000 since Januar\ and \ ill
n

THE CHRONICLE

J uly 9 1921.]

be reduced still more during the next six months. Commitments for
material are very slight and only for current requirements.” V. 112, ]).
2512, 2311
International Paper C o.- R eop en in g o f M ills .
Letters wore sent by the company to its striking employees on July I
indicating Its intention to re-open the mills July 5. The men were invited
to return on the basis of the company's proposal of May 24, which according
to union leaders provided for an average cut of 21 % in wages, it is stated
that the company’s Buffalo plant, re-opened but that at. the Glens Kails
plant none of the employees reported for work.
Striking employees of paper mills in the United States and ( nnadn
having voted to accept the proposals made by manufacturers to submit to
to arbitration, several or the mills re-opened this week. The dispute
as to wages caused some mills to shut down on May 1 and ot hers on May ] i.
The International Paper Co. is not a party to the arbitration agreement.—
V. 112, p. 2542.
Island Creek Coal Co. - P rod u ction
The company produced 342,000 tons of coal in June last . making total
produced in the six months ending June 30 1921 approximately 1,590,000
tons. Compare V. 112, p. 2647.
Kaministiquia Power Co., Ltd. L is tin g .—
The 1 ondon Stock Exchange on Jun 20 granted an official quotation
to 2 000 additional shares of Capital stock of $100 each, fully paid. increasing
the amount listed to $2,200,000, and also to $372,000 additional 30-year
5 or eoid bonds.
The Stock Exchange “ Daily Official List,” .June 21
shows listed $1,902,000 of the auth. $2,000,000 bonds. V. 112, p. 658.

Kansas Gas & Electric Co .— T ru stee o f B o n d s .—

See Nebraska Power Co. below.— V. 108, p. 883.
Kelly-Springfield Tire Co. — O m its Cash D ivid en d
The directors have declared the usual quarterly stock dividend of 3% on
the Common stock, payable in Common stock Aug. 1 to holders of record
July 1,5 . This is the same amount as was declared three months ago, when
the directors decided to omit the quarterly cash payment of $ 1 a share.
(See V. 112. p. 1522.)
The regular quarterly dividend of $2 per share has also been declared on
the Pref. stock, payable Aug. 15 to holders of record A u g.l.—Y. 112, p.
2197. 2088.

Kern River Oilfields of Calif., L td .—
With reference to the statement, issued by the company in Feb last with
regard to the sale of the St. Helens Petroleum Co , McLeod lease, the
Board announces that all payments due to date, from the Receiver and the
Union Oil Co of Calif have been made, and steps were at once initiated to
settle the amount payable in respect of income and war profits taxes to the
U. S Government As the accounts in this matter date back to June 1913,
and the method of calculation has not yet been arrived at, some time may
elapse before the figures are agreed
Immediately the net profit in the
U. S. A has been ascertained and the assessment for British income tax
and E P D settled, the Board w ill decide the amount of the cash bonus to
be distributed
The new shares will rank equally with the old shares in
respect of this bonus.— V. l l l . p . 2234
Kilbourne & Jacobs Mfg. Co., Columbus, Q.— B onds.
Hyney, Emerson & Co., Chicago, are offering at 100 and int.. $900,000
first'mtge. 8 % serial gold bonds,dated M ay 1 1921. Company manufac
tures wheel-barrows, scrapers, warehouse trucks and trailers and heavy
industrial cars required in mining and quarrying operations.— V. 109, p. 376.

(S. S.) Kresge Co.— J u n e Sales .—

189

com pan v as at Jan. 31 1921 had outstanding $7,0(h),070 I’r e f .n d $0,638,474
Common stock, par $100.
Verne VI. Bovlo was recently elected President to uecood If. P Korebeck,
-V. 112, p. 2312.
Miami Copper Co. - C o p p er P rod u ction (in L b s.).
192! June— 1920.
Decrease. I 1921 0 Mas -1 9 2 0 .
Deerease.
3,939,000
4482,010
543,010126,022.000
28 M3 970 2,321,976
Official.— V. 112, p. 2312, 1746.
Montgomery Ward
Co., Chicago.— Ju n e B ales. —
19 2 1 June
1920.
Decrease.
1.921 6 Mos i92b.
Decrease,
>6 < 6.113
(
$9,379 772 $2 573,01 9 931 170 1
9
I I 192 ! 2,128,101
V. 112. p. 2419, 1983.
Nassau Light & Power Co., Mineola, N. Y. N ew B lock:
Pursuant to authority granted by the P. S. Commission, directors have
voted to issue and offer, pro rata, at par to the stockholders. 2,345 shares
of capital slock, (hereby increasing outstanding capilal to $1,407,000.
Each stockholder of record on June 20. is entitled to subscribe to one
share of new stock, at $100 per share, for each 5 shares then owned. Sub
scriptions must be filed and payments for the new stock made in full at the
office of the See'y, W. G. Sargant, care Hayden, Stone & Co., 25 Broad
St., New York, on or before July 15. Entire issue has been underwrltt en.- ■
V. I l l , p. 78.
National Transit Co.— O bitu a ry.—
Treasurer Duncan K. Mackenzie died June 30.— V. 112, p. 2312.

Nebraska Power Co. T ru stee o f B on d s. —
Central Union Trust Co.. New York, has been appointed trustee of
$1 100,000 General Mtge. 8 % go'd bonds, due May 1 1911, and $1,500,000
Kansas Gas & E'ec. Co. Gen. Mtge. 8 % bonds, due May 1 1941. These
bonds are deposited as part security for American Power & Light $3,500,000
20 -year 8 % bonds (see V. 112, p. 2193).— V. 112, p. 1030.
Nevada-California Electric Corp.— E a r n in g s . —
R e s u lts f o r M o n t h

of M ay

and

T w elv e M o n t h s

e n d in g M a y

May 1921.1921— 12

Gross operating earnings-------------------Operating expenses and taxes ------------Non-operating expenses----------------------

31.

Mos. — 1920.

$232,714 $3,154,122 $2,797,595
107,878
1,456,761 1,345,679
747
8,398
6,819

Total income_____________________ $124,089
Interest charges-------------------------------64,918
Times interest earned-----------------------1.91
— V. 112, p. 939.

$1,688,963 $1,445,097
749,598
696,168
2.25
2.06

New Bedford Gas & Edison Light Co.— B onds O ffered .—
Sealed proposals for the purchase of $572,000 1 st Mtge. 7 % Bonds due
Jan 1 1938, and alternate proposals for a like amount of similar bonds
bearing 6 l % interest, secured equally with $2,862,000 of its 1 st Mtge.
A
bonds now outstanding will be received at the office of the company No.
693 Purchase St., New Bedford, Mass, up to July 15
The $572,000 of 1 st Mtge. bonds now offered'will be dated Jan. 1 1918
and will carry 6 months int- coupons either at the rate of 7 % or 6 1 4 %
per annum, according to which proposal is accepted, payable Jan. 1 1922 —
V. 112, p. 2543.
New Britain (Conn.) Machine Co.— D efers P r e f. D i v .—
The directors have deferred action on the quarterly dividend usually paid
July 1 on the 8 % Cumul. Pref. stock. The dividend usually paid at this
time on the Common, shares was also omitted.

1921— 6 M o s . — 1920.
In crea se.
$211,689]$24,194,750 $22,161,153 $2,033,597

P re sid e n t H e rb e rt H . Pease states th a t th e o u tlo o k fo r increased a c t iv it y
a t th e c o m p a n y ’s ulant. is b rig h t. T h e c o m p a n y has been o p e ra tin g on a
cu rta ile d basis.— V . I l l , p . 798.

Lee Rubber & Tire Corp.— Bales In crea se, & c .—
Pres. John J. Watson, Jr., in a letter to stockholders, says: Sales for the
first 3 months showed a decrease, compared with the corresponding period
in 1920. However, since April 1, there has been a marked improvement
in the sales, making necessary day and night operations, resulting in record
production figures. Plant, is now working on a ticker of 2,000 tires per day,
which is the largest production record in history of company and demand for
our tires is now running ahead of the production.
Plant is modern and free from, all encumbrances. Total bank debt is
only $500,000 and cash on deposits is in excess of that amount. Inventories
of raw materials are normal and we have no abnormal contracts for future
deliveries of raw materials. Ample reserves have been set up for adjust
ment of such small amount of materials as we have coming in at prices higher
than the present market. Th" company's position is crude rubber on hand
and under contract is especially favorable.
Company has no mortgages, bonds, debentures or preferred stock out
standing. Current earnings are running well ahead of dividend require
ments.— V. 112, p. 2542.

New England Coal & Coke Co.— L arger D iv id en d . —
A dividend of 5% has been declared on the stock, payable July 29 to hold
ers of record July 25. In March last a distribution of 1 % was made. All
of the outstanding 81.500,000 capital stock, par $100. is owned by the
New England Fuel & Transportation Co.— V. 105, p. 612.

Lehigh Coal & Navigation Co.— N e w V ice-P resid en ts .—

New England Power Co.— P r e f. Stock O ffered . — Baker,
Ayling & Young, Blodget & Co. and Arthur Perry & Co.,
Boston, are offering at $100 and div. (with profit rights),
yielding 8 V z % for 10 years, and 6 % thereafter, $1,250,000
6 % Cumulative Pref. (a. & d.) stock.

1921— J u n e — 1920.
S4.245.317 $4,033,628
— 'Y. 112, p. 2754.

I n c r e a s e .1

E . M . R e y n o ld s , C o m p tro lle r has been elected V ic e -P re s . and C o m p tro lle r
in charge of a cc o u n tin g . A . S . L e a r o y d ,f o r m e r ly A s s is ta n t to th e P re sid e n t,
has been elected V ic e -P re s id e n t in charge o f canals, re a l estate, leased
p ro p e rtie s, e tc.— V . 112, p . 2755.

McCord Manufacturing Co.— Sells P la n ts. —
T h e c o m p a n y it is sta te d , has p la c e d its tw o p la n ts at W e st P u llm a n ,
C h ic a g o , on th e m a rk e t
T h e large st p la n t w i ll be disposed o f w it h com ple te
e q u ip m e n t n o w in s ta lle d fo r th e m a n u fa c tu re o '- iro n castings, pressed steel
specialties, etc
T h e s m a lle r p la n t w i l l be sold w it h o u t e q u ip m e n t
I t is also sta te d th a t th e c o m p a n y has disposed o f a la rge q u a n t i t y of
a u to m o b ile ra d ia to rs w h ic h h a d been co n stru cte d f ro m h ig h cost m a te ria ls
a n d is u n d e rsto o d to be w o r k in g in to a m o re s a tisfa cto ry p o sitio n
The
c u rre n t cash balance is sa id to be in excess o f 850 0 ,0 0 0 .— V . 112, p . 2755.

PW. H.) McElwain Co.— D iv s. on 1st P r e f. O m itted .—
T h e c o m p a n y , w h ic h w as re c e n tly take n o v e r b y In te rn a tio n a l Shoe C o .
tV . 112, p . 2418, 2 3 1 2 ), has o m itte d th e d iv id e n d on its 1st P re f. stock.
T h e d iv s . on th e C o m . a n d 2d Pre f. s to c k w ere o m itte d earlie r th is year.
ft is u n d e rsto o d th a t a b o u t 7 5 % o f M c E l w a in 1st P re f., 2d Pref." and
C o m . stocks h a ve been tu rn e d in u n d e r th e offer of exchange. M o s t of
1st P re f. stockh olde rs, it is sta te d , are electing th e o p tio n w h e re b y th ey
m a y exchange one sh are of M c E l w a in 1st Pref. fo r th re e -q u a rte rs of a
share of In te rn a tio n a l Shoe 8 % P re f. stock plu s 75 cents in ca sh .— V . 112,
p . 2419, 2312, 2197.

Mahoning Valley Water Co., Youngstown, O .— Called.
T e n ($ 1 0 ,0 0 0 ) F ir s t gold 6 % bon ds, d ^ te d M a r . 1 1914 and due M a r . 1
1921, h a v e been called for p a y m e n t Kept . ] a» 101 and interest a t th e D o lla r
S a v in g s & T r u s t C o . , Y o u n g s to w n , or F ir s t N a tio n a l B a n k , C le v e la n d .—
V . 110, p. 566.

Maracaibo Oil Exploration Corp.— D r illin g . —
T h e c o m p a n y has a n n o u n ce d th a t th e S ta n d a rd O il C o . ( N . J . ) has se
lected th e are as b e lo n g in g to the M a ra c a ib o c o m p a n y in V en ezu ela w h ic h it
proposes to d r ill a t once. T h e acreage selected is located in the M e n e
G ra n d e , th e M ir a n d a a n d P e rija fields, th e f irs t tw o o f w h ic h lio east of
th e G u lf of M a ra c a ib o , V e n e zu e la , the P e rija field ly in g so u th w e st o f the
G u lf .
O n th e M e n e <ira n d e area the firs t S ta n d a rd O il rig is a lre a d y u p in
close p ro x im ity fo wells fro m w h ic h the R o ya l D u t c h is no w d e riv in g its
p ro d u c tio n .
D r illin g a b o u t to be started b y S ta n d a rd O il is in a d d itio n
to th a t of the M a ra c a ib o c o m p a n y .
V . 1 )2 , p . 1872, 1746.

Massachusetts Gas Cos., Boston.

Bub. Co. D ies. —

,-A'U ( L ]'/(’i\
t'■
r.
E jtfh t d o ., Q u in c y , .M ass,, abov*-, a n d N o w E n g la n d
I* m o ! ?/ I ra;v porta » ion d o . and N e w to n & W a te rto w n G a s Light C o . be
■.
low'.
V . J 12, p . 1740.

Mexico Light & Power Co.— P lan A p p r o v e d 'I h- bon dh olders at a m eeting in L o n d o n J u n e 29 a p p ro v e d th e financial
plan o u tlin e d m V . 112, p . 2756, 2743.

Metropolitan 5-50-Cent Stores, Inc.

Defers Pref. Div.

I ho diroe tor in order io conserve cash r< ouroc :, decided to defer pas
m erit of the seuii ann u al d ivid e n d of %% % , du o J u l y I on the 7 % G U n»ii|.
f'ref. stoe)..
I )] vidonds a t the rate o f 7f/, per a n n u m h a v e been paid on the
Pref stock ' in ' J u ly I 1917. T h e stockholders on M a rc h 29 last voted 1o
Change the P re f. d iv id e id , from a p u a r l e l y to a semi an n u a l b a sis
The

New England Fuel & Transportation Co.— Sm aller D iv .

dividend of 1 % has been declared on the stock, payable July 29 to hold
ers of record July 25. This is a reduction of 1 % as compared with 2% paid
in the previous quarter. All of the outstanding $25,000,000 capital stock
is owned by Massachusetts Gas Companies.
See New England Coal & Coke Co. above.— V. 109, p. 1705.
A.

New England O i l Refining Co.— D e liv e r ie s .—
De'ivories from the Fall River plant during May are reported as followsFuel oil, 376.962 bbls.; gasoline, 50,989 bbls.; crude naphtha 5 789 bbls’
This resulted in an operating profit of approximately $447,000 for the
month.— V. 112, p. 1523, 1513.

Not, subject to call. Divs. payable Q.-J. Each share now offered
carries a transferable profit-right certificate calling for payment of $ 2 50
additional to holder each year from July 1 1921 to Julv 1 1 9 3 1 to be paid
quarterly out of surplus or net earnings otherwise available for common div.
O u tsta n d in g

C a p ita liz a tio n

(w ith

That

P roposed

to

Be

Issu ed )

First Mtge. 5% Bonds (incl. $180,000 held alive in sinking fund) $9 054 000
__
5 349 200
Preferred 6 % Stock (par $100)___________________ __
Common stock----------------------------------------------------------------- 1A 3 ’800 000
E a r n in g s . — Earnings for the 12 mos. ended March 31 1921 were over 2 93
times the preferred dividend requirements.-—V. 112, p. 254.3, 2 4 1 9

New England Tel & Tel. Co. — M e r g e r .—
Effective July 1 the company acquired direct control and operation of the
Providence Telephone Go in accordance with the act passed at the last
session of the Rhode Island General Assembly The territory o f the
Providence Telephone Co. will be known as the Rhode Island DiV. o f the
New England Tel & Tel Co.
Charles T Howard, Vice-Pres. and Henry S. Robinson, Sec. & Treas
of the Providence Company, have been elected respectively Vice-Pres.
and Asst. Treas of the New England Company.— V. 112, p 1873
New River Co.— Coal O u tp u t .—
During June, the mines produced approximately 196,000 tons of coal as
compared with 194,300 tons in May last. This brings the total production
for the 6 months ending June 30, up to approximately 910,000 tons — V

Newton & Wateriown Gas Light Co.— N o D iv id en d .—
No dividend has been declared on the stock for the current quarter
In
the previous quarter a dividend of 2% was paid. All of 1-ho outstanding
$560,000 capital stock, par $100, is owned by the Massachusetts Gas Cos.
— V. I l l , p. 595.
Nipissing Mines Co.— P ro d u ctio n .—
During Mav the eopipany mined ore of an estimated net value of $142,036.
The not value of silver production was estimated at 5 8 ) 4 e . per ounce. It
was reported that there were no unusual developments underground during
the month.— V. 112, p. 1747.
Norfolk County (Va.) Water Co. — Sale io C ity .—
The Norfolk Oily Council on Juno 22 authorized the issuance of bonds
aggregating $1 165,000 for t ho purchase on Aug. ] o f the company’s prop
erty and for the reimbursement to the Government of the expense o f
unifying the county and city water systems in 1918. See "State & City
Department” .July 2, page 104— V. 112, p 1623.
North American Co. C ap ital R ea d ju stm en t P la n . — A
committee of stockholders (see below) have recommended
to the stockholders a plan and agreement dated July 1 for
the classification and readjustment of capital stock

THE CHRONICLE

190

D a t a F r o m L e t t e r o f C o m m i t t e e D a t e d J u l y 1 1921.
P r o p o s e d P la n
Your subsidiaries serve rapidly growing
districts comptisUig some of the most important industrial centres in the
country; with the demand for increased facilities com - large requirements
for new capital
Continued >v luslve use by subsidiaries of bonds and notes
■
III 1
' ■ jit miuvo u 11
»
al setup fcopheavy iu Jrli'. and generallly to impair the credit of your ijom[.H)
I
Tltie rapid growth cjf the nroperties has» required a largidr amount of ca;pital
unil the subsidiaries could provide, aii( l il. has bee
essary to maWe up
□alauce from suriulus turnings, the q noted marktit d mount on the stook
, ita l
jquirements from iltie sale of addition;il amounts of* siuch stock. It- thus
aco rues imperative 1 hat a read just mem1 of capital!
1,1 be effected w(licit
will make it pra.-tic 11> to raise new capital and permit the distribution of a
1
larger proportion of then earnings to stockholders.
) ® ( j f i l l e d i% ‘(XdiUMtoftlcfU P i <m. -Present authorized
r
tal. $30,000,090
(al l common ) of which y j( ),79 L c100 outstanding. It is pro pos ad to provide
t
for an authoirized capital <> $60, 0 0 0 ,0 0 0 to consist of ( u ) $3 0 .0 i 1,000 of 6 %
f
G uinula tive Pref. stock, r< at 1
0
105; and lb) $30,0 )0,'!)Q of’ Onminion stock.
l[Jndtit* thbi pain there will tiet issued to each sfcoe!cholch3* for each 8100
1
sh 1 of his ij resent holdii
(re
i $50 of h J Gum. Pref. siSo ' . uul ( 2 ) $50
pair value of Common stock whieh requires the same a moil.lit 1 f stock as is
o
no’(V out standing.
Upon completion of tht* plan 1
recommended, the relLative po ui ion of each
stookholder js maintained ; that is, ho has the same propo rticmate interest
i
in the assets of the comm ,n y .
d
A d v a n t a g e o f P l a n .— T l le Preferred stock with its pref. i iv:i. of 6 % atul
tht) small pre>portion of tfaL total. earnings required therefor silould rank as
e
a high grade investment, stock. Mince the return on on1
*-half of the capitali
zation will be limited to 6 ,, all remaining earnings will be applicable to the
Common stock. The larger proportion of the total earnings which Is thus
left available for divs. on the Common should warrant this stock enjoying
such a market that additional amounts may be saleable from time to time
at par or above
lu this w tv provision can be made for financing the capital
requirements of the subsidiaries, and this, in turn, tnav permit the release
for dividends of a larger percentage of the subsidiaries’ earnings.
C o m m itte e to H a v e P u ll P o w e r . —The committee agree-: with assenting
stockholders to endeavor to accomolish the purposes of the plan and, in
assenting to this plan, the stockholders authorize the Committee to accom
plish the purposes thereof at such times and in such manner as the Commit
tee may deem best; and the Committee may either cla -ify the stock of the
present company, and authorize increases thereof, or may cause a new com
pany with the essential corporate purposes of the present company and with
authorized capital as herein indicated to be formed under the laws of New
Jersey, to acquire the assets of the orosent compare, through purchase,
consolidation, merger or otherwise. The Committee is authorized to deter
mine the details of the plan and to make any minor modifications therein.
It may determine its own rules o f procedure, add to its number, fill vacancies
and may act by agents; it may at any time at its discretion abandon the plan.
C o m m itte e . —.1
ohn I- Boggs, Edwin Al. Bulkley. Anson IV. Burcliard,
Bayard Dominick. Henry H. Pierce, with Frederick P. Smith, Sec., C
O
Broadway, N . A'. City.
T
'R e a s o n s f o r

Chairman Harrison Williams,
plan to the stockholders, says:

in

recommending

the

This matter has been given con .ideration since early in 1917. Prior
to the annual meeting of the stockholders in 1920. a plan was submitted
and received the approval of a majority of the stockholders; it, was later
withdrawn for further consideration ( V . 110, p. 975. 1-119'. The directors
believe the plan now offered obviates the only obiections which wore offered
to the plan ot' 1920. If the plan now- recommended and concurred in by the
directors is adopted, it is believed that future requirements for new capital
will be met and that larger dividends can be paid.— V. 113, p. 77.

Northwestern Bell Tel. Co.— P erm a n en t Bonds R ea d y .—
The New York Trust Co. is prepared to doliver the permanent First
Mtge. 20-year 7 % gold bonds, Series “ A,’" in exchange for temporary
certificates, at its main office, 26 Broad St., N. Y . City. (See offering in
V. 112. p. 264).— V. 113, p. 77.
Ohio Leather Co.— E a r n in g s .—
Net profits for the five months ending M ay 31 1921, after all charges,
but before Pref dividends are officially reported at $135,58 1, equal to about
1% on S i,600.000 Common after allowing for the Pref. dividend for the
entire year. Juno earnings wore slightly in excess of those of May which
amounted to $65,000, making an aggregate for the first half of $200,000.
Earnings in February were $13,000; in March, $27,000; $38,000 in April
and $65,000 in May.
it is reported that the company is operating about 70% o f capacity.
— Y. I l l , p. 2528
Packard Motor Car Co.— P rices R ed u ced . —
The company, effective July 5, reduced prices on all twin six and truck
models and on the sedan and coupe in the single six line. Reduction of
$1,150 on twin six touring car is approximately 19%, other models being
reduced in about the same proportion. Trucks are cut from $200 to
SI.050. Single six sedan and coupe are cut $275 and $400. respectively.
— V. 112, p. 2090. 1984.
Paragon Refining Co.— S u bsid iary C o m p a n y . —
The company has ineorp trated a subsidiary of the same name in New York
for the purpose of leasing tkeentire organization, works and equipment of
the Warren Oil Co. which controls works at Buffalo. Syracuse, Utica and
Jamestonn. and operates service stations from Buffalo to Albany.— Y. I l l ,
p. 2528.
Pathe Freres Phonograph Co.— P la n for R ea d ju stm en t
o f D ebt — C red itors’ an d N o teh o ld ers’ C om m ittees .—
’ Committees representing the creditors and the SI.500.000 3-yevr 8 %
sinking fund gold notes dated Aug. 2 1920 have prepared a plan of readjust
ment of debt of the company, dated April 15 1921. The plan proposes the
issuance of new securities, consisting of: (a) Jobbers’ notes; (b ) participating
6 % certificates; (c) new 7% notes: and (d ) deferred 6 % notes; in order to
pay off and fund the present existing debt, w-hich includes: ( 1 ) all liabilities
appearing on its books, including the 3 -year 8 % notes and amounts due
for merchandise billed but not delivered; (2 ) unpaid interest due thereon; and
(3) liquidated claims for damages contracted prior to Dec. 15 1920.
Assenting creditors will receive in payment for existing debt; (a) 15% in
cash; (ft) 2 0 % in participating 6 % certificates, but only to the nearest mul
tiple of $50; and (c) 65% in new 7% notes, but only to the nearest multiple
of S50. In addition, each assesting creditor will receive (subject to prior
offering during a period of three months of the Deferred 6 % notes to the
stockholders) Deferred 6 % notes equal to 20% of the new 7% notes to be
received by such creditor.
[Early in January last creditors entered into an agreement, not to enforce
any claims or to take any action whatsoever against the company until
Oct. 1 1921.]
C r e d ito r s ' C o m m itte e .— Edward Wasmnth, Peru. Ind.: AV. AY. Chase,
Cleveland, O.; H. Lauter. Indianapolis, Ind.; Philip Sheridan. So. Haven,
M ich.; G. O. Goss, Waterbury, Conn.: J. O'. Gillespie, James II. Perkins,
James Brown, James H. Carter and Edward Benneche. New' York; Frank
Bailey, G. Foster Smith and E. P. Maynard, Brooklyn, N. Y .; P. L. Ather
ton, Louisville, K y., with C. D. Bailey, Sec., 52 Broadway, N. Y ., and
Garrett A. Brow'nback. counsel, i l l Broadway, N. Y . Agents for com
mittee, James B. A. Fosburgh and Frederick Osburn.
N o te h o ld e r s ' P r o te c tiv e C o m m itte e . — Robert K. Cassatt, James H. Perkins,
A. Perry Osborne and Charles B. Wiggin, New York, and R, A .Wilbur,
Cleveland. O. Shearman & Sterling, counsel, 55 AYall St., N. Y . City;
Irwin C. Garverick. Sec., 14 Wall St.. N. Y ., and New York Trust Co.,
26 Broad St., N. Y ., depositary.— A-. 112, p. 168, 265.
7
Pennsylvania Coal & Coke Co.— Cuts S a la ries .—
The company on July 5 annoimced that it had made a complete revision
and reduction in all salaries averaging about 20% . The reduction applies
to all officers, superintendents, foremen, monthly men, clerks and steno
graphers. All operating departments, as well as the general offices in New
York, are affected.
A statement by officials says that only 9 of the 34 mines are operating,
“ owing to the impossibility of meeting competition in other fields operating
on the 1917 scale of wages. The 9 mines operating are only working from
one to four days a week . ” — \r . 112, p. 19S4.
Pittsburgh-Jerome Copper Co.— Stricken F rom L is t. —
The stock of the Company by order of the Securities Committee of the
Pittsburgh Stock Exchange has been stricken from tho list. The company

[V ol. 113.

had an authorized capital of $ 1 ,0 0 0 ,0 0 0 (par $ 1 ) o f which $3 ,0 0 0 ,0 0 0 was
oui.v,aiKiiug C ompany was engaged in the mining business, but never
iT L T f and^t 2 cams i‘n f & T ” ™ 1* 1 ‘iuantities The stock
°
*1 ^

Providence Telephone C o.— M e r g e d .—
See New England Telephone A Telegraph Go abov e.— V. 1 12, p. 1624.
Pullman Co.— W a g e C u ts .—
lb.' company has been granted permission to make reductions in wages
, , !’ l,op '['.lO’loyjH-s amounting to from 6 m 8 c, an hour, effective as of
.
1
•ms I., lows t he agree, ru t of i he comp n with the U , 8 . Railroad
1,a " " ,s •V' 1 » :"c h directed th:.’ w;.go negotiations be had with union
representatives instead of the employees en masse. A . 113, p. (18.
’
Reo Motor Car Co., Lansing, Mich. — To Shut D o w n . —
l he company Ims decided to close for two weeks, beginning July 4 all
departments, except the repair and service departments.— V. 1 1 2 , p. 67.
Republic Motor Truck C o., In c . — Q uarterly S ta tem en t .—
C o n s o lid a te d P r o fit a n d L o s s S ta tem en t for Q u a rter E n d in g M a r .
( I n c lu d in g R e p u b lic T ru ck S a les C o r p .)

31 1921

Net sales, $797,163; mfg. cost, 1653,384; gross profit____________ $ 1 4 3 7 7 9
______ 8174 163
Other income, $30,38o; total profits from all sources..
Helling, service, general and administrative expense_____ ______ .
270 578
Net loss from operation___ ..
Interest on bonded debt, hank loans, Ac
Factory exp., Ac., incurred during shut-down of plant, "".
Net loss for tho 3
-V . 112, p. 2757.

1110s.

$96,415
- $86,895
. . 184,198

ending Mar. 31 1921___________________$367,808

Republic Rubber Corp.— P rotective C o m m ittee .—
,,
committee (named below) urges all 1st Pref. stockholders to deposit
their stociv with the Dollar Savings & Trust Go., Youngstown, O., and asks
them to 'give their hearty co-operation and support to the commi1lee to
.

which the good-w ill, plant and properties may lie saved and preserved."
C o m m itte e . — II. M . Geiger, Fred S. Borton, Wilford F Arms.— V. 112,
p. 2757.
(Robert) Reis & Co.— Sales (In c h S u bsid iary C o s .).—
Combined gross sales for the three months ending June 30 1921 amounted
to $1,613,705, as compared with $1,619,561 in 1920,— V. 112, p. 1524.

River

Raisin

Paper Co., Monroe, Mich.- Bonds
Garard & Co., Chicago, are offering
at 99 and int. yielding over 8.10% , $2,200,000 8 % Sinking
Fund (closed) 1st Mtge. bonds. A circular shows:
O ffered . — Powell,

Dated June 15 1921. Due June 15 1936 Int payable J A D at Cleve
land Trust Go , Cleveland, trustee, without deduction for normal Federal
income tax up to 4% . Denom. $1,000, $500 and $100 (c* ). t aliable all or
part by lot on any int. date at 105. Bonn State tax of 4 mills refunded
(loin pan 7
Formed in 1910 in Mich. To-day tho company is recognized
as tho largest manufacturer of fibre board shipping cases in the world.
Company’s larger customers include Armour A Co , Swift A Co Quaker
Oats Co., Shredded AVheat Co., Liggett A Moyers Tobacco Co Fleischrnann Co., Lever Bros., National Sugar Refining Co., Horlick’s Malted
Milk Co.. National Dairy Co., Ac., Ac.
Property consists of about 505 acres of land, on 50 acres of which are
located the manufacturing buildings (including 5 largo paper mills, 3 box
factories and a silicate of soda plant), constituting the largest plant in the
world devoted exclusively to the manufacture of solid fibre and corrugated
shipping cases; daily capacity 40 tons straw paper; 75 tons silicate of soda;
300 tons fibre hoard and 240.000 boxes.
B a la n c e S h eet D e c . 31 1920 (A f t e r th is F i n a n c i n g .)
A ssets

L ia b ilitie s -

Land, bldgs., mach. &
F i r s t Mtge. 8 % b o n d s ... $2,200,000
equipm ent___________ $5,430,896 Purchase money obliga
C a s h __________________ 1,680.499
95.000
tions .............
Inventories____________
482,819 Capital stock .................. 5,080,000
Accts., Ac., receivables..
350,646 8 % Pref. stk. Monroe
U.S. Govt.Ac., securities
253.136
Corrugated Box C o_
_
100,000
Accrued interest on invts.
3.546 Accounts payable_______
187.917
Deferred charges_______
259.514 Accrued int., divs., A c ..
67,762
Goodwill. Ac., other in
Prov. for Fed. taxes_____ 1.191,250
tangible assets_______ 2.223,123 Surplus________________ 1.762,249
T o ta l________________$1 o 684.l r 8 1 T otal_____
P u r p o s e . — T o p ro v id e a d d itio n a l w o r k in g c a p ita l.
S in k in g F u n d .— Trust deed provides for annual payments

.$10,684,178

of $160,000 to
sinking fund which will retire the entire issue before maturity.
E a r n i n g s .— Net sales and earnings applicable to bond interest after deprec.
and before Federal taxes for the five-year period 1916-1920. have been;
Cal. Years—
1916.
1917.
1918.
1919.
1920.
Net sales_______$1,640,200 $2,348,669 $4,540,125 $5,526,702 $9,437,782
Net earnings___
481.238
6 8 6 .3S7
1.167,376
76S.798 2.616.151
D ir e c t o r s & O ffic e r s . — G. H. AVood. Pres.; F. P. Walter. V.-Pres.;
J. F. Gray. 2d AT.-P re s .; A. W. Stitt, Sec. A Treas, Monroe, Mich.: D . C.
Jenkins, Chairman, Kokomo, Ind.— V . I l l , p. 2528.
Roswell Gas & Electric Co.— S ale .—
G. A. Richardson, Special Master, in pursuance of a decree entered
M ay 11 last in the U. S. District Court, New Mexico, will sell the entire
property on Aug. 15 at Roswell, N. M ex., to satisfy a mortgage of $757,310.
int. on which has been defaulted since Aug. 1 1918. Guaranty Trust
Co., N. Y ., is trustee.

Rochester Gas & Electric Corp.— Bonds O ffered.- — J. P
Morgan & Co. are offering at 96 and int. to yield about
7 .35% 87,000,000 Gen. Mtge. 25-Year 7 % Gold bonds,
Series “ B .”

Dated March 1 1921. Due March 1 1946. Int. payable M . A S. in
N. Y. C ity without deduction for any Federal income tax or taxes not in
excess of 2% . Red. on and after Sept. 1 1931. Denom. $1,000 and $500
(c*Ar*) $1,000 and multiples. Bankers Trust Co., N. Y ., trustee.
The issuance of these bonds lias been approved by N. Y. Ik S. Contra.
Data from Letter of President Robert M. Searle. Dated May 31.

B u s in e s s .- — D o e s e n tire c o m m e rc ia l electric light a n d p o w e r business,
as w e ll as gas business in R o ch e ste r a n d a d jo in in g c o m m u n itie s .
P o p u la 
tio n , e s tim a te d , 325,000. C o m p a n y does n o street r a ilw a y business.

S -cu rit -.— Secured by direct lion on entire propo ty subject to $12,519,500
underlying bonds. Additionally secured by deposit of Si ,640,000 Consol.
Mtge. 5% bonds due 1954.
P r o p e r 1 1.— Principal hydro-electric and steam plants are located within
city limits on Genesee 'River. Owns and operates approximately 90%
of the water power of Oenessee River within city limits, derived from 4
waterfall having combined head of 259 ft. Hydraull •properties have a
general! tg capacity of 48,000 h.p. and furnish 651,• of t he electric current
sold bv the comp'uiy. Present generating capacity can he Increased to
approximately 70.000 h.p at small additional expense. A storage reser
voir, also vvitnin the city limits, enables company to carry peak loads with
its hvdro-plants during the minimum flow of the river.
Principal coal and water gas manufacturing plants are also located near
center of oitv. Coal gas plant is considered one of the most efficient in the
U. S. and capacity will he increased about 33‘ , out of funds derived in
part from the proceeds of this issue. This increase will give a total daily
capacity of 6,000,000 cu. ft. of coal gas and 8,730,000 cu. f t , of water gas
Electric distribution system consists of 3,25-1 miles of lines, of which 1,20n
miles are underground. Gas distribution system consists of 524 miles of

gas mains.
A u t h o r i z e d . O u t s t .n n o
C a p ita liz a tio n a ft e r th is fin a n c in g —$;’ .000.000 $1.7 76, '00
Preferred t7% Cumulative) stock------------------Preferred (5% Cumulative) stock------------------------ 3.000. 000 2.997.800
7,250,000
7 .2 4 S .2 0 0
C o m m o n s to c k -------—
------------Consol. Mtge. 5s 1954 (Mt-go. closed except for ref.) 14.000,000 10 .941.000
1.878. V00
i .578.500
Other underlying bonds (2 issues due 1927 A 1942)
Gen. M . 7s, Series “ B ". due Mar. 1 1946 (this issue) 7.000. 000 7.000.000

J

u l y

TH E CHRONICLE

9 1921.]

learnings Y e a r ended A p r i l 30 1921.
Gross oar ninths
_
_
O perating exp en ses, current m ain ten ance & ta x e s_..
R ep la cem en t reserve accruals (equal to 0 .5 8 % o f gross)
A n nu al interest on funded d eb t (in clu din g present. Issue)

$7,712,712
4,090,092
507,859
1,107,173

Balance _
------------------------------------„
—
$ 1»4Q31 587
P u r p o s e Proceeds w ill be used (a) to acqu ire $940,000 C o n so l. M tg e .

5 % b on d s now pledged to secure loans con tra cted t o m eet th e paym ent
o f u n derlyin g b ond s w hich m atu red in 1920; (h) to provid e for p aym en t o f
$700 000 underlying b onds w hich m ature J u ly 1 1921; (c) to p rovid e for
p a y m e n t o f $3,900,000 Series “ A ” G en . M tg e . b onds m aturing S ept. I
1921; {d) to p rov id e funds for 8 0 % o f cash co st and fair valu e o f im prove
m en ts, extensions and a d d ition s to p rop erty a lread y m ade or to b e m ade.
V . 113, i). 77.

Royal Dutch Petroleum Co.

D iv .-

Annual

R ep ort.

-

T h e E qu itab le T ru st C o ., as d ep ositary o f certain ordinary sto ck , under
agreement dated Sept. 10 1918, has received a d ivid en d on the ordinary
s to ck so held b y it o f 25 guilders per share, par value 100 guilders. T h e
d ivid en d is term ed b y the R oyal D u tch C o . “ fin al dividend over 1920 ”
T h e equ ivalen t th ereof d istribu table to the h olders o f “ N ew Y o rk shares”
is $2-716 on each “ N ew Y ork sh a re.”
T h is d ivid en d will be distributed
on July 30 to the registered holders o f “ N ew Y o r k shares” o f record July 19.
F or annual report see under “ Financial R e p o r ts ” a b o v e .— V . 112, p . 2420.

Salt’s Textile Manufacturing C o ., Bridgeport, C o n n .
— Bonds Offered.— W. A. Harriman & Co., Inc.; Halsey,
Stuart & Co., Inc., New York; and Hijacks Bros. & Co.,
Bridgeport, arc offering at 99}/s and int. to not over 8% ,
$3,500,000 1st Mtge. 15-yr. 8% sinking fund gold bonds
(see advertising pages):
D ated June 1 1921. D u e June 1 1936. In t. p a y a b le J. & D . at W . A .
H arrim an & C o ., In c ., N . Y . , or H alsey, Stuart & C o ., I n c ., C h icago,
w ith ou t d ed u ction for a ny Federal in com e tax n ot exceeding 2 % . C o . will
refund Pen n . 4-m ill tax and C on n ecticu t tax up to 6 m ills. D en om . $1,000,
$500 and $100 (c*& r * ). C a lla b le all or p a rt at 107% and int. up to and
in cl. June 1 1926, thereafter and up to and incl. June 1 1931, at 105 and
i n t ., and thereafter at 102 % and in t. G u a ra n ty T ru st C o . , N . Y . , T rustee.
D a t a F rom L e t t e r o f P r e s . F r e d e r ic E. K i p , B r i d g e p o r t , C o n n ., J u ly 1.
History & Business.-— Original “ S a lt’s ” com p a n y was fou n d ed in E ngland
in 1829. Present com p a n y , established in 1891, was in corp . in C on n ecticu t
in 1893, and is n ow the largest m anufacturer o f pile-fabrics in the w orld.
Plan ts a t D a rb y , P a ., cov erin g 10 acres, and at B ridgeport, C o n n ., c o v 
ering 13.8 acres, p rov id e com p a n y w ith m an ufactu rin g facilities fo r the
con version o f p ra ctica lly all k n ow n textile m aterials from their prim ary raw
state in to finished p rod u cts. T h ese plan ts are o f m odern m ill con stru ction ,
well equip ped and w ell m ain tain ed. Plants e m p lo y at tile present tim e
2 ,500 operatives.
C om p a n y also ow ns all th e stock o f a p ile-fab ric p lan t at L y o n s, F ran ce,
a d y e p la n t at St. Just, F ran ce, and ow ns a substantial p art o f the stock o f
oth er d yein g , finishing and fa b ric plants in F ran ce and E n glan d. M a n a g e
m en t o f these plan ts is under the control o f the A m erican co m p a n y .
Sinking Fund.— Sinking fu n d p rovid es fo r sem i-annual p aym en ts begin 
ning June 1 1922, o f 10% o f n et earnings applicable to d ivs. bu t n o t less
than $150,000 per yea r, excep t in 1922 w hen th e m in im u m is $225,000 to
be applied to red em p tion o f b on d s all call prices.
Net Sales— Calendar Years.
1912
_______ $5,741,711 1915 ________$6,194,903 1918________ $12,538,599
1913
______ 8,399,403 1916 ________ 9,023,493
1919_ 12,428,626
1914
______ 7,131.803 1 91 7________
9,790,853 1920_______ 12,671,638
A verage annual net earnings app lica ble to interest and Federal taxes fo r
4 yea rs ended D e c . 31 1919 were $1,761,077. F or 1920 co m p a n y m a de an
operatin g p rofit o f 82,493,031. H ow ever, due to the large in v en tory w hich
w as a cqu ired in a n ticip ation o f th e openin g o f a new m ill at the D a rb y
p la n t, w h ich openin g was delayed fo r o v er 6 m on th s because o f num erous
con stru ction strikes, com p a n y incurred a d e ficit, after all in t. charges o f
82,5 31 ,4 69 . F or 5 m on th s ended M a y 31 1921, n et earnings applicable to
in t. and F ederal taxes w ere 8610.855. or at the annual r a t e 'o f $1,466,052.
P urp ose. — T o p a y current ob ligation s and increase w orkin g cap ital.
Capital'n after this F in a n c in g —
A u th o rize d . O utstanding.
1st m tg e. 8 % b on d s (this issu e)______________________$ 3,500,000 $3,500,000
1st Preferred 8% s to c k ______________________________ 3 ,000,000
2,413,200
S econd Preferred 7 % s to c k ___________________________ 2,000,000
1,900.000
C om m on s to c k ___________________ ! __________________ 2 ,000,000
100,000
E a rn in g s Retained, in Business. — W ith the exception o f th e in trod u ction
in to the business o f a bou t 82,400.000, proceeds fro m th e sale o f 1st P ref.
sto ck , and except fo r th e proceeds from these b on d s, C o m p a n y from the
original capital o f 8100,000 has been expan ded t o its present size solely
fro m earnings retained in th e business.— V . 113, p . 77.

Shell Transport
Annual Report.—

&

Trading Co., Ltd.— Dividend—

T h e E qu itab le T ru st C o. o f N ew Y o r k , as d ep osita ry o f certain ordinary
shares, under agreem ent dated A u g . 28 1919, has received a d ivid en d on
th e ord in a ry shares so held b y it, o f 5 shillings per share, par valu e £1
sterlin g each . T h e equivalen t th ereof, d istrib u tab le t o h olders o f “ A m er
ican sh ares,” is 8 1 .8 5 % on each “ A m erica n sh a re .”
T h is divid en d wii) be d istributed b y the T ru st co m p a n y on July 20 to the
registered h olders o f “ A m erican shares” o f record as o f th e close o f business
J u ly 13.
A n extraord in ary general m eeting w as t o be h eld J u ly 4 to con sider a
resolu tion to increase th e capital to £33,000,000 b y the creation o f 10,000,000
addition al O rdinary shares o f £1.
F o r annual rep ort see under “ F inancial R e p o r ts ” a b o v e .— V . 112, p . 2420.

Standard Film Industries Corp.— Indictments.—
In d ictm en ts w ere returned against certain officials con n ected w ith this
co m p a n y for failin g to rep ort to th e V irginia State o fficia ls the sale o f
$359,000 stock o f th e corp ora tion . See N . Y . “ T im e s” J u ly 6.

Standard

Oil

Co.

of N.

J.— Mexican

Shipments.—

T h e com p a n y has a n n ou n ced that because o f th e new M ex ican export
taxes on o i l , it has been d ecided to discon tin u e shipm ents o f oil from M e x ico
and to w ith draw the c o m p a n y ’s tankers from th a t service.
T h e com p a n y had a con tra ct to su pp ly th e IJ. S. Shipping Board with
1 7,825,000 barrels o f fuel oil and it is stated, has n otified th e B oa rd th a t it
w ill n o longer inclu de M ex ica n cru de oil in its shipm ents, b u t w ill hereafter
substitute A m erican prod u ced oil.

Starts Drilling on Maracaibo Oil Exploration Corp. Property.
See M a ra ca ib o Oil E xp lora tion C o rp . a b o v e .— V . 112, p . 2544.

Stover Mf£. & Engine Co., Chicago.-—Reriulnr Dividend.

A dividend o f 2 % was paid on th e C om m on s to ck July 1 to holders o f
record June 20. T his is the sam e ra te as paid in April last. F rom April
1920 to Jan. 1920, inclu sive. 1 % regular and 1 % extra w ere p aid quarterly
on the C om m on s to c k .— V . 112, p . 1290.

Studebaker Corp. of America.— Prices, &c.—
An ann ou n cem ent b y th e com p a n y in V. 113, p . X X I X givin g the prices
o f trie cars effectiv e June 1 says:
During the first fi ve m onths o f 1921, our volu m e o f business has exceeded
thai, o f any oth er a u tom obile m anufacturer excep t F ord. T h e Studebaker
plants are running at ca p a city with unfilled orders on hand for over 7,000
car ;
In this quarter w e shall p rod u ce 21,000 au tom obiles against 11,000
in the corresponding period o f last year. T h is is an increase o f app roxi
m a tely 100% . N o other a u tom obile m anufacturer is m akin g a com parable
sh ow in g.— v . 112, p . 2757.

Submarine Boat Corp.

Semi-Ann. Dividend Deferred.—

T h e d irectors on J u ly 6 v oted to d efer p a y m e n t o f th e sem i-annual d iv i
d en d , u sually paid A u g. 7. T h e com p a n y had boon p a yin g d ivid en d s o f
50 cents por share sem i-an n u ally from Keb. 1920 to Feb. 1921. inclu sive.
T h e com pares w ith 75 cents per share, paid in A p rj! and J u ly 1917 and $1 50
per share p aid q u a rterly from Jan. 1.916 to J an . 1917, incl.- V. 112, p . 103.

Superior Steel Corporation. - Dividend Decreased.
A quarterly dividend o f % o f \% has been declared on the ou tstan din g
$0,000,050 C om m on stock , par $100, p aya b le A u g. 1 to holders o f record
July Jf;
D ividend record for C om m on shares N o v . 1 1917. 1 % % ; Feb.
1918 to M a y 1919, 6 % per annum (1 '/,% q u a r.); A u g. 1919 to F e b . 1920,
% % (75c q u a r.); M a y 1920 to M a y 1 92), inclusive, I % % quar.
V J12,

P. 1611.

191

Swift & Co.

Maturing Notes.—

A despatch froin C h icago states th a t the co m p a n y ha . not oonsideru-d
new fin ancin g and none will bo necessary to take, care o f the $26,000,000
n otes due A u g. 1.
V. 112, p. 2650, 2314.

Texas Co.

Control of Cavil) Syndicate A pproved. -

Bee O arib S yn d icate, L t d ., a b o v e and V . 112, p . 2762.

Tropical Products Co.

-Directors, &c.

Stockh olders o f tills com pa n y organized b y D. G . C ib b o iu y to save I he
assets o f the ban k ru pt International Lum ber < D ev elop m en t G o. (V . 100,
v
i). 401) at a m eeting June ,30 ejected the follow in g directors: George, V. .
E dm onds, R epresentative in Gongress from Pennsylvania; R ev. J. M S.
Isen l»c,rg, pastor o f T rin ity R eform ed G hurch; H arvey D . Narrigan acting
President o f the C om p a n y; R ich ard ll. R oily, J r., Drexel Building, arjd
Felipe B oltram o o f ’W ayne.
M r, lieltram o h old s a m ortgage on the c o m 
p a n y 's p rop erty in M e x ico for $202,000.
A* report by Miss G . T . Rershing, Bee. fr-T reas., showed the co m p a n y at
present has a cash balan ce o f $890; th at 2,286 stock h old ers in the Inter
national G o. h ave exchanged their chares for stock in the new c o m p a n y , and
that these shareholders have paid in fo the new co m p a n y $259,481 . T ota l
receipts since th e organization o f the T ropica) G o. on A u g. J 1919, to d ate,
were $263,172 and total expenditures $262,282.
A suggestion that the cap italization o f the co m p a n y be reduced, from
$800,000 to $550,000 was agreed to b y the sto ck h o ld e rs.

U nion Bag & Paper Co.— Mills Reopen.—
T h e m ills o f th e co m p a n y loca ted at H u d son F a lls, N . Y ., reopen ed
J u ly 6 t o th e exten t o f a b o u t 5 0 % o f ca p a city . T h e S t. M a u rice Paper
G o . reopen ed its m ills at c a p a c ity J u ly 4. T h is decision fo llo w s th e agree
m en t to arbitrate th e w age scale. See In tern ation al P a p er C o . a b o v e .—
V . 112, p . 2199.

United Alloy Steel Corp.— Increases Operations.—
O perations a t the Star division have been increased to a pp roxim ately
5 0 % o f ca p acity through resum ption o f w ork at 14 m ills recen tly sh ut d ow n .
T h is brings total operations a t all U nited A llo y properties close to 3 5 %
ca p a c ity .— V . 112, p . 1875.

U nited Cigar Stores Co. of Am erica.— June Sales.—
Sales in June are reported at $6,2 96 ,6 72 . a decrease o f $244,343 over
1920. Sales for the six m on th s ending June 30, it is said, were $ 37 ,522,248,
an increase o f $1,078,694 o v e r 1920.— Y . 112, p . 2775.

IT. £ . Rubber Co.— Common Dividend Deferred.—
>
T h e directors on J u ly 7 v o te d to d efer p a ym en t o f th e qu a rterly divid en d
o f $2 per share, u sually paid J u ly 30, on th e ou tstan d in g $81,000,000
C o m m o n sto ck , par $100. T h e co m p a n y has been p a y in g $2 qu a rterly on
the C om m on stock sin ce O ct. 1919, w hen p aym en ts w ere resum ed after
b ein g suspended fo r fou r years.
V ice-C h airm an L ester L elan d , J u ly 7, says; “ T h e directors a t their
m eetin g to -d a y declared th e regular qu a rterly d iv id e n d o f 2 % .on th e
Preferred stock , p a ya b le July 30.
“ Sales fo r the first six m on th s o f the y e a r h a v e been satisfa ctory under
th e business con dition s th a t h av e p reva iled . T h e d irectors h a v e m a de a
careful review o f the situ ation and th e o u tlo o k appears en cou ragin g, espe
cia lly as to tire and footw ea r sales.
“ W h ile the fin an cial con d ition o f th e co m p a n y is stron g, th e d irectors
deem ed it con servative to d efer a ction on th e C o m m o n d ivid en d fo r the
p re se n t.” — V . 112, p . 2776, 274^*.

United States Steel G orp.— Cuts Prices and Wages.— *
Judge E . H . G a ry , C hairm an, on J u ly 6, ann ou n ced a d ow n w ard revision
in p rices fo r various p rod u cts ranging fro m $4 to $10 a to n . th e latter in tin
p la te. W ages, also, have been reduced th rou gh the elim in ation o f th e tim e
and a h alf for overtim e w ork in excess o f eight hours per d a y . See “ C urrent
E v e n ts ” on a p recedin g p a g e .— V . 112, p . 2545, 2092.

Westinghou.se, Church, Kerr & Co., N. Y .— Obituary.
John F . W alla ce, con su ltin g engineer, N e w Y o r k , C h airm an o f the
C h icago R ailw ay T erm in a l C om m ission , C h airm an W estin gh ou se, C h u rch ,
K err & C o ., N ew Y o r k , and fo rm e rly ch ie f engineer o f th e P an am a C an al
C om m ission, died in W ash in g ton , D . C ., J u ly 3 .— Y . 110, p . 2393.

W heeling Steel Corp.— Omits Common Dividend.—
T h e directors June 29 v o te d to o m it the quarterly d ivid en d u sually paid
A u g . 1 on the C om m on s to ck . In M a y last a dividend o f 1 % was p a id .
A n official statem en t says: “ T h e question o f a d ivid en d on the C om m on
stock was given carefu l con sideration and in v iew o f th e presen t v e ry
u n satisfactory con d ition o f the steel in d u stry and th e rather g lo o m y p ros
p e cts fo r the im m ediate fu tu re , togeth er w ith the fa c t th a t th e corp ora tion
has n o t shown a p ro fit in a n y m o n th this yea r, the directors d ecid ed it
unw ise to m ake a cash d ivid en d o n th e C o m m o n s to ck a t this tim e .”
T h e “ Iron A g e ” June 30 has an illu strated article describing the W h ita k erGlessner C ontinuous m ill recen tly p u t in to op eration at th e P ortsm ou th
p la n t.— V . 112, p . 2205, 1973.

(F. W.) W ool w orth Co.— June Sales.—
1921— June— 1920.
Decrease. | 1921— 6 M o s.— 1920.
Increase.
$10,740,761
$10,817,985
$ 7 7 ,2 2 4 1$62,229,572 $60,385,673 $ 1,843.899
— V . 112, p . 2545.
C U R R E N T

N O T I C E S

— H allgarten & C o . a n d C h ase Securities C o rp . are o ffe rin g an issue c f
$ 1,000,000 P eop le o f P o r to R ic o (In su lar Possession o f th e U n ited States)
4 % % P u b lic Im p ro v e m e n t G o ld B o n d s , m a tu rin g se ria lly in fo u r series o f
$250,000 each year fro m 1937 to 1940, in clu s iv e , at p rices, a cco rd in g to
m a tu rity , to y ield o v e r 5 .2 0 % . T h ese bonds are issued u n der a u th o rity
o f A cts o f C ongress o f th e U n ited States and o f th e L egislatu re o f P o r to
R ic o and as co m p le te ly e x e m p t fro m F e d e ra l, State and lo ca l ta x a tio n in
th e hands o f in d iv id u a ls, as th e U n ited States G ov ern m en t L ib e r ty 3 % %
a n d V ic to r y 3 % % b on d s.
■ M essrs. N ew bu rger, H enderson & L o e b , m em bers o f N e w Y o r k and
—
P h iladelphia S to ck E xch a n ges, are a dvertisin g o n an oth er p age a b rief
analysis o f the balance sheet o f th e U n ited States Steel C o rp . o f D e c . 31
1920, com pa red w ith th a t o f D e c . 31 1914. A sim ilar and am plified analysis
o f fou rteen represen tative com pa n ies is given in th eir cu rren t circu la r
“ T ra cin g In du strial C o rp o ra tio n P ro fits 1 91 4-19 20 .” A c o p y o f w hich
w ill be m ailed on requ est.
— K id d er, P e a b o d y & C o . a nn ou n ce the open in g o f a branch o ffice at
45 E ast 42d Street o n J u ly 6, in charge o f John E llio tt. T h e b ra n ch is
equipped to transact a general business in in vestm en t securities, to purchase
and sell bills o f exchange and to issue com m ercia l and travelers’ letters o f
cred it.
,
— Paine, W eb b er & C o . ann ou n ce th at E . C . Stollen w erck has b ecom e
associated w ith them as m anager o f the B o n d D ep artm en t in their P h ila
delphia o ffice , loca ted at 1422 South P en n Square.
— H arrison II. M c C a ll announces the open in g o f o ffice s a t 725 T itle
Insurance B u ild in g,1 L os A ngeles, he will specialize in the M u n icip a l and
,
C orp ora te Securities o f the States o f M in n esota and Towa.
— T h e a tten tion o f in vestors is ca lled to th e a dvertisem en t o f R ed m on d
& C o . on th e a d vertisin g p age fa cin g C learin g H ouse R etu rn s, offerin g an
a ttra ctiv e list o f h igh grade b on d s fo r J u ly in vestm en t.
■ Jam es D o d d , V ice-P resid en t o f th e N ow Y o r k T ru st C o ., has been
—
elected a d ire cto r and m em ber o f the E x e cu tiv e C o m m itte e o f th e T a it
P aper S C o lo r Industries.
c
— A th ol V . Wise is now con n ected w ith the B on d D ep artm en t o f Parrish
& C o m p a n y , 1500 W aln u t Street, Philadelphia.
■ W illiam T . Shilling has b ecom e associated w ith H arrison, Sm ith Sc C o .,
—
121 So. 5th Street,. Philadelphia, in their Sales D ep a rtm en t.

THE OH HON I OLE

Th c (ff omm crc ia l Ti m e$.
COMMERCIAL EPITOME
JV
'eit’ I’wl,' F r i d a y N igh t, J u l y 8 1921.
Business on the whole remains very quiet.
iron anti
sceel are illustrations of this fact. Price cuts of $4 to $10
a ton in steel and 50c to $1 in pig iron fail to stimulate
trade. The pig iron output is 20% or less; it is tire smallest
for a dozen years or more. A bright feature has been a
sharp rise in the stock market, including shares hitherto
eyed askance, and this, so far as it went, had a cheering
effect in the commercial community of this country as pos
sibly marking the turn of the tide. Wall St., in other
words, is apt to be the herald; it discounts coming events
well in advance. Money rates, too, have been rather easy.
Silver has risen sharply, to the satisfaction of the Lanca
shire cotton trade, which can therefore sell all the more
readily to the Far East. Cotton has risen, partly owing
to a better foreign demand, including buying by Germany,
which has also bought wheat heavily. A revival of Lanca
shire’s cotton industry will react favorably on this coun
try's cotton trade. England gets 80% of its cotton from
the I’nited States. Wheat at times has advanced, though
the drought at the Northwest has been broken. For the
wheat crops of Great Britain and France will, it is said,
be short, and these countries, as well as Germany and
Greece, from present appearances, will have to buy largely
of American wheat, as well as more or less of our corn and
rye; also of hog products. An increased demand for lard
and other hog products partly for export has already ap
peared. France is suffering from the worst drought known
for 50 years. In the rubber trade the feeling is more cheer
ful here and in London. But the great industries, as a
rule, have been quiet. The woolen goods trade is in rather
the best shape. The big cotton centres are slow, though
here some goods of late have been rather more active.
Wholesale trade in general merchandise lags; it feels the
touch of an unmistakable midsummer sluggishness. Job
bing trade at best is only moderate. Retail trade has im
proved here and there, where retailers have faced the situa
tions squarely and reduced prices to something like replace
ment costs. The lumber trade drags. So do the shoe and
leather industries; also coal and coke. Collections are
none too prompt— in fact, they are rather slow. Wool con
sumption is rising. Chicago has done a big trade in hides.
Building is more active. Production of cheap automobiles
is said to be increasing as prices fall. Tire output is larger.
The prolonged drought has latterly caused some advance
in prices for corn. Mail order business is slow. The out
look for the railroads is more cheerful. Retail business is
better than wholesale, owing to seasonal ‘‘cuts.
At the
same time very hot weather at the West has in some sec
tions hurt retail trade; it is largest in the big towns and
cities. The feeling is more cheerful in Texas, especially in
the oil sections. Failures are still numerous, though smaller
than recently. But the number of idle cars is gradually
decreasing. The shelves of the world must be pretty well
depleted of general merchandise after such prolonged dulness. and no doubt trade will gradually make its way back
to normal standards. The feeling as to the future is not
uncheerful. Wall Street may be the bell wether in this
country and Lancashire and Germany in Europe. In Nor
way. Denmark and Sweden banks have reduced their dis
count rates. The world is slowly but surely maving back
towards pre-war conditions. But the pace is not and cannot
be rapid.
Virtually all of the pressmen who went on strike at job
printing plants in Philadelphia on May 1 have returned to
work. Striking pressmen in Montreal have returned to
work under the old contract. Some 2,000 shop striking em
ployees of the Delaware & Hudson Railroad in New York
and Pennsylvania have returned to work. The Stark Mills,
Manchester, X. H., which closed for the usual summer va
cation June 23, will reopen on July 11. The Chadwick-Hoskins Co.’s four cotton mills, at Charlotte, N. C., will resume
operations shortly, after being closed since June 1 by a
strike. The Lancaster Cotton Mills of Columbia. S. C.,
which closed down on June 21, will also resume operations
in the near future, and will bar oqtside interference. The
plant is one of the largest print cloth producers in the
South, employing about 1.S00 operatives when running full.
Eighteen cotton mills in Spartanburg County, S. C., last
week paid semi-annual dividends amounting to $567,000.
The Bourne Mills Corporation of Fall River has just paid
out its semi-annual bonus to employees, amounting to about
$75,000. A 15% reduction in wages went into effect at the
beginning of this week at the Kingston plant of the Collingwood Shipbuilding Company. A cut of 15% in wages and
a modification of working rules eliminating all overtime
pay for deck officers engaged on American ships will go
into effect on Aug. 1. A wage cut of 15% has become ef
fective at the Pottstown, Pa., plant of the Eastern Steel
Co. The present rate for labor is 2Sc an hour. At Kala
mazoo. Mich., •wage reductions ranging from 13% to 30%
and affecting about 3,000 men and women employed in paper

[ V o l . 113

mills there, were announced on July 6 for July 11. The re
duction is in addition to the decrease put into effect several
months ago when the post-war bonus was discontinued.
In carrying out the Govemnient’s economy program,
3,000 employees were laid off last week at the New York
Xuvy Yard. According to the Department of Labor, there
was a decrease of 2.9% in employment during June as
compared with May. Automobile companies continue to
reduce prices. The Oakland Motor Car Co. of Lansing,
Mich., which reduced prices on all models in May, has made
further reductions.
A revival of the foreign trade lias apparently started in
tin- packing industry, according to the monthly business re
view' in Armour’s magazine.
The review adds:
“This
means that within the near future it should spread to other
lines of business, and a market will be found for the surplus
goods produced in excess of domestic consumption.” W il
liam M. Wood, President of the American Woolen Co., just
before sailing for Europe on July 5, said the woolen in
dustry is getting better all the time, and the mills of his
company are operating at 95% capacity.
In England drought lias continued since mid-January,
and prayers are being offered for relief in many churches.
Heavy rains occurred in northern Scotland on July 6. A
London dispatch says the serious state of British finances
has made it impossible to continue the agricultural subsidy.
The Master Cotton Spinners’ Federation in Manchester
decided to continue the organized short-time schedule in
the mills for another two weeks, i.e., one week more from
say Monday next. There was a general resumption of work
on July 4 throughout the coal fields in Great Britain, even
in Lancashire, where to the last the miners had rejected
the terms offered by the owners. The unfavorable financial
position of various British woolen firms is spoken of in
London dispatches. Creditors’ meetings are of almost
daily occurrence, and extensions are being granted in nu
merous instances. A report from Rome says that unem
ployed in Italy number 500,000. Unemployment is growing
among agriculturalists of southern Italy and public works
on a large scale are to be undertaken.
As a result of the cessation of oil drilling in Tampico,
Mexico, more than 25,000 men are out of work. Crop pros
pects in Mexico, which were beginning to cause some con
cern, are much better as a result of recent rains.
Extreme heat caused a number of Rochester clothing fac
tories to close their plants on the 7tli instant. It has been
100 degrees at Grand Rapids, Mich., and after a cool spell
here of a couple of days it became warmer on Thursday.
In Chicago it has latterly been warm, with the temperature
up to 97; at Cincinnati, 96. The western hot wave has
moved eastward. In New York for two days both the heat
and the humidity have been high.
LA R D higher; prime Western 11.65 (a 11.75c.; refined to
Continent 12.75c.; South American 13c.; Brazil in kegs 14c.
Futures advanced early in the week despite the fact that
stocks at Chicago are large, for they are in strong hands.
No selling pressure has been felt from that quarter. On
the other hand, a restraining influence, of course, was the
decline in grain. But cash trade was fair and hogs at times
have advanced somewhat. Later trade in lard was active
at higher prices. To-day prices were unchanged but they
are higher than last Friday.
DAILY CLOSING PRICES OE LARD FUTURES IN CHICAGO.
S a t.

M on.

day.

day.

Julv delivery______cts. HoliSeptember delivery------

October delivery______

Iloli-

T u es.

10.52
10.85
10.97

W ed .

10.72
11.00
11.12

T h u rs.

10.77
11.07
11.20

F r i.

10.77
11.07
11.20

POR K steady; mess $24 @ $24 50; family $30 @ $33; short
clears $22@ $24 50. July pork closed at $18. an advance
for the week of 35 cents. Beef steady; mess $12@ $14;
packet S14@)$15; family $16@ $17; extra India mess $ 2 0 @
$22; N o. 1 canned roast beef $2; N o. 2, $3 25. Cut meats
strong; pickled hams, 10 to 20 lbs., 24 % @ 2 5 He -; pickled
bellies, 10 to 12 lbs., 14@ 17c. Butter, creamery extras,
38 @ 3 8 H e. Cheese, flats, 1 3 @ 1 7 H e. Eggs, fresh gathered
extras, 37 @ 3 8 c .
COFFEE higher; N o. 7 Rio 6 H @ 6 H e .; N o. 4 Santos
9 H @ 9 ^ c . ; fan- to good Cucuta 10@ 10.H e. Futures ad
vanced somewhat in the early part of the week. Private
cables said that the Brazilian Government had bought 3,000,000 bags and will guarantee a price of 14 $800 for all coffee
arriving at Santos in July and 14 $650 for arrivals during
August. The September delivery in Santos on the 5th inst.
was 14 $575. Rio and Santos advanced on the later months,
but Rio exchange declined. And there has been no great
demand here. It is said that the world’s production for the
year ending June 30 was 20,283,000 bags and the world’s
visible supply, according to French statisticians, on July 1
was 8,522,000 bags, against 6,701,000 a year ago. Ameri
can figures put the world’s visible supply on July 1 at 8.039,000 bags, against 6,910,000 a year ago. But it is believed
that invisible supplies after a prolonged period of abstention
from buying must have been considerably reduced during
the year'. Later Rio and Santos markets advanced. Cold
rainy weather in Brazil, it was feared, might portend frost.
But as an offset to the Brazilian coffee cables, Rio exchange
fell 3-16d. That was a fly in the amber not. to be jgnored.
Still the tone was stronger. To-day prices fell some 7 points,
but they are much higher than last week.
Spot (unofficial) GVj-5
-sc October______
J u ly __________6 .1 3@ <L 18

Septembor . . 6.38@6.40

D ecem ber___ 6.

(iv _ IM arch_____ 7.12 @ 7.13
"
79(S fi.SO I M a y _______ 7.28 @ 7 .229

.]

THE CHRONICLE

J uly 9 1921

SUGAR advanced; centrifugal, 96-degroos, Porto Rico,
4.25c. Futures declined somewhat in the early trading and
than rallied. Refined on the 6th mst. advanced to 5.40c.
There was a better demand for raw sugar. Refiners early
in the week took 100,000 bags, mostly Porto Rico, at 4c.
c. i. f.; also considerable Philippine, duo first week of Aug
ust, at 4c., and not a little San Domingo at 4c. e. i. f. and
2 9-10 to 2 % e. in bond. The permanent tariff bill provides
for unchanged duties. But it grants to the manufacturer
of domestic sugar the privilege of importing at 25% reduction
in the duty an amount of foreign sugar equivalent to twice
the quantity raised by domestic producers. It is suggested
that such an innovation might transfer much of the sugar
business to domestic beet manufacturers. Tn well-informed
quarters it is believed that the worst of the Cuban crisis is
over. The largest losses, it is said, have been written off,
and such as may develop from now on are expected to bo
taken care of from earnings. Refiners report a much
better demand for granulated sugar and one or two interests
have been compelled to restrict business to regular custom
ers. Later prompt shipment Porto Rico sold at 434< c. i. f.
l
Receipts for the week at Cuban ports were 38,350 tons
against 36,087 tons last week, 36,235 last year and 45,589
two years ago; exports, 27,484, against 33,137 last week,
86,222 last year and 68,765 two years ago; stock, 1,416,943,
against 1,406,077 last week, 540,320 last year and 1,135,231
two years ago. The number of centrals grinding was 11
against 17 last week, 13 last year and 25 two years ago.
Exports included 23,877 tons to United' States Atlantic
ports, 750 to New Orleans and 2,857 to Galveston. To-day
prices advanced 12 to 13 points and are up for the week.
Spot (unofficial) __ 4c [S eptem ber-. 3 .0 4@ 3.0 5| D ecem ber. 2 .7 7 ® 2.78
J u ly _______ 3 .0 0 @ 3 .0 2 IO ctob er____
2.94@ 2.961 M a rch ____2 .7 3 ® 2.75

OILS— Linseed steady but quiet. The little business
that is reported is chiefly in 5 and 10 bbls. lots. Exporters
are out of the market and paint and varnish interests are
buying very cautiously. Offerings of English oil are dwind
ling. July carloads 72 @ 73c. less than carloads 75@76c.
five bbls. or less 77©78e. Cocoanut oil. Ceylon 10 @10 34c •
;
Cochin 1 0 3 4 @ llc. Olive remains at 81 35@$1 50. Soya
bean quiet at 8 @ 8 34c- Animal oils quiet; lard strained
winter 87c. Cod oil quiet and unchanged; domestic 43c.
Newfoundland, 46c. Cottonseed oil sales to-day, 15,100
bbls. July closed at 8 .1 0 @ 8 .25c.; Sept, at 8.62@8.64c.;
October at 8.68@,8.70e.; Dec. at 8.45@8.48c. and spot at4c. Spirits of turpentine 5734c. Common to good strained
rosin, $5.
PE TRO LE U M quiet and somehwat easier. Develop
ment work has fallen off very markedly in the last six
months. Completions in the oil fields during the first 6
monthsof 1921 were 12,611 a decrease of 2,787 compared with
the same period last year. The new production credited to
these wells according to the Oil City Derrick was 1,328,637
bbls. a loss of 543,974 bbls. Dry holes aggregated 2,971
a loss of 204 and gas wells 1,072 a gain
92. Domestic
consumption of gasoline is increasing noticeably, but busi
ness for export is very disappointing, and no improvement
in the foreign demand is expected for some time to come.
Stocks of gasoline are large. Kerosene in poor demand.
And it is said refiners are running large quantities into
gasoline, owing to light kerosene consumption, and in this
way are disposing of their holdings more freely. Fuel and
gas oils are dull. Gas companies are buying very sparingly.
Bunker oil is also dull. The Standard Oil Co. of Ohio
reduced the wholesale price of gasoline half a cent a gallon
making the price throughout Illinois 21c. a gallon. Prices
are as follows; Gasoline cargo lots cases 3234c.; U. S. Navy
specifications 17c. Export naptha cargo lots 1834c.;
63 to 66 deg. 21 34c.; 66 to 68 deg. 2234c. Refined petroleum
tanks, wagon to store 13c. gasoline steel bbls. to garages
24c. Kerosene for port in cargo lots, bulk 6 to 7c.; in bbls.
15 to 16c.; eases 18@19c.
Pennsylvania. . . .82 25
Corning_____ ----- 1 20
C a b e ll______ ____1 1
1
Somerset, 32 deg.
and above. ____1 00
Ragland____ ____0 60
Wooster_____ ____i 80
L i m a ___. . . ------1 58

Indiana___________ $1 38
P rinceton_________ 1 27
Illinois____________ 1 27
P lym outh_________ 0 65
Kansas & Okla
hom a___________ 1 00
85
Corsicana, ligh t___
ICorsicana, h ea vy.
50

E lectra___________ $1 00
Strawn___________ 1 00
Thrall ...................... 1 00
H ealdton_________ 1 00
M o ra n ____________ 1 00
Henrietta_________ 1 00
r
C addo, L a., llg h t. 1 . o
C a d d o ,h e a v y _____
60

RUBBER firmer at 13c. for smoked ribbed sheets. First
latex pale crepe was quoted at 15c.; brown crepe thin, clean,
1034c. Although the demand has not increased to any
great extent, there is a better feeling in the market, due
largely to smaller offerings and a firmer tone in London and
elsewhere. Para steady but quiet; up-river fine, 1554c.
London cabled that an immediate reduction of 50% in out
put is recommended by rubber growers.
K 1DES liave for the most part remained quiet. Common
dry hides are quoted on the basis of 13 cents for Mountain
Bogota, with somewhat more inquiry of late. Wet salted
hides are very slow. So business is reported in City packer.
'I lie market lacks features of real interest. Leather has on
the whole been quiet, although now and then a somewhat
better imp dry has been reported. But in the main it has
been a Ji- ' ss affair pending further developments. A c
cording fo leports from the River Plale district, a United
State--; bn;
recently took 10,000 Campanas, frigorifico
steers, J i m .' sailing, at $42, a drop of 84 from the last sale
reported, and the equivalent here of 1434 to 1434c. In
Chicago big *a|e . of hides are reported. In a single day

193

tin’s month, it seems, Chicago sold more hides an in the
whole month of June.
OCEAN FREIGHTS remain quiet and rather easier.
Washington rumors say that the Shipping Board is now car
rying on negotiations with British conference lines for a di . ision of the Egyptian cotton traffic, which for many years
has been monopolized by the British companies. The Nor
wegian Ship Owners’ Association reports that one-fourth of
the Norwegian merchant fleet is laid up.

Charters Included coal from Atlantic range to Copenhagen, $6 50 July;
barley from San Erancisco to United Kingdom 57s. Od. July; 2 4 ,0 0 0 quarters
grain’ from G ulf port to Continent 2 7 p c . per 100 lbs. August; coal fom
Atlantic range to Copenhagen $6 25 July; to Piraeus coast $6 25 July; to
Potrograd $7. with option July; to Rotterdam $5 July; grain from N orth
Pacific port to United Kingdom or Continent 55s. July; from A tlantic range
to Rotterdam $5 July; to Bordeaux-Haxnburg range $5 25; from Jacksonville
to Algiers $5 75 July 16; to River Plate $4 50.
E&

TOBACCO has remained dull and prices are still for the
most part nominal. Now and then there are faint ripples
indicating a somewhat better inquiry. But they usually
amount to little or nothing. Certainly no noteworthy
business is done. Some nominal quotations for 1920 burley
crop arc 3 to 4c. for the poorer dark red-types to 45c. for
the best dark red leaf; bright rods brought from 5c. for non
descripts to 60c. for selections; colory stock 5 to 7c. for
green and mixed trash to 65c. for the best leaf; dark manu
facturing tobacco 3 to 25c., poor to best leaf. The weekly
Government report said that tobacco still needs rain in the
lower Ohio Valley and Tennessee, and is in rather unsatis
factory condition in Virginia. But it is growing rapidly
in New England. It was benefited by rain in South Caro
lina, where curing continues with reduced product. In
Kentucky tobacco is generally small, and growing slowly,
as the weather is too dry in most localities.
In Virginia
the stands are poor and progress slow. In New England
1 to 5 inches of rain fell over the central and southern por
tions, completely breaking the drought and making condi
tions favorable for rapid growth.
COPPER quiet and unchanged. Electrolytic was quoted
at 1234@13 c . Tin higher on an advance in London.
Quiet, however, with spot quoted at 29c. Lead quiet and
slightly lower at 4.40c. for spot New York. Zinc firmer
but quiet at 4.25@4.35c. for spot St. Louis.
PIG IRON has been dull and declining. Foundries are
operating at 20% or less of their capacity. Coke output is
steadily falling off. Southern prices have dropped 50 cents
and the output is being reduced. At other points prices are
off 50 cents to I I . And nobody seems to believe that the
bottom has been reached. The pig iron production in June
was the smallest since January 1908. The total in June was
1,064,833 tons, or an average of 35,494 tons per day, against
1,221,201 tons in M ay, or 39,394 tons per day. In June
1920 the output was 3,043,540; in 1919 it was 2,114,738 tons.
For six months ending June 30 the iron output in this coun
try, exclusive of charcoal iron, was 9,428,000 tons, against
18,139,000 tons in the first half of 1920.
STEEL has been dull and lower. Leading interests cut
prices 84 to 810 per ton. The overtime day is canceled.
Buyers, however, are holding off for further declines. At
Pittsburgh sheet mills have been leading in the price cut.
Furnace coke at Connellsville has been at 82 75. The Beth
lehem Steel Co. cuts were met by other producers. Rail
roads are buying very little, though their purchases may in
crease somewhat in August as a matter of compulsion, from
the condition of the roads. At Pittsburgh plates have been
at 2 cents, but it is also said that plates have sold at the same
price in Chicago. A slight increase is noted in fabricated
steel sales, but as a rule trade is dull.
WOOL has been on the whole quiet, though here and
there a moderate business has been done. The trade is
puzzling over the tariff. Some rates proposed are lower
than in the previous schedules. The Texas clip is said to
have been sold. Good medium and fine pulled wools sell
better than some. Scoured was dull; Australian and Cape
steady and in fair demand. Territory wools 34-combing,
50c.; fine and fine medium, 60 to 65c. for short lengths
French combing reported 65 to 75c. Montana, 20 to 2234c.
Foreign markets were less active but steady for the better
grades. In Australia, New Zealand, South Africa and South
America lower grades dropped. With the English coal strike
ended and the textile wage dispute ovor operations will be
resumed in Yorkshire this week. At Aldeaide 10,400 bales
were sold readily on July 1. Yorkshire and France were
the principal buyers. The selection was fair to good.
Compared with the last sales, merino greasy was unchanged
to 10% higher. At Wellington, of 10,000 bales offered on
July 4, 8,600 bales were sold. Attendance fair; demand
good. Half-bred medium sold at 7d. to 8d.; inferior, 514d.;
44- 16s. 35id. to 4 ;!.id.; 36-40s. 3d. to 4d.; inferior, 234dto 334d. Advices from Melbourne, Australia, said prices
were firm on July 4; the entire offering of 4,250 hales was
sold. The selection of top making wools was good. Eng
land and France wore the principal buyers. W ool tops at
Bradford, England, were easier last week with only limited
business doing. The War Department is to hold another
auction of 5,000,000 16s. of low grade carpet wool during
the third week of July at Boston. Secretary Weeks has
adopted no definite policy regarding wool sales, but it is
generally believed that monthly sales will be held as long
as they are reasonably successful. Approximately 33,000,000 Ihs. of low’ grade carpet wool remain at Boston.

194

TH E CHRONICLE

[V ol. 113.
On Shipboard, N ot Cleared for—

C O T TO N .
Friday Flight, July 8 1921.
THE M O VEM EN T OP THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
100,186 bales, against 103,328 bales last week and 100,160
bales the previous week, making the total receipts since
Aug. 1 1920 6,432,310 bales, against 6,741,321 bales for the
same period of 1919—
20, showing a decrease since Aug. 1
1920 of 309,011 bales.
M on .

Sal.

Tues.

Fri.

Total.
40,944
281
20,034
1,546
13,120
2,671

too

Thurs.

Wed.

4,762

100
15,298

T ota ls this w eek.

19,136

4,698

73
239

3,575
1,378

4,756
126

3,417
281
10,576
1,546
1,195
698

3,109

5,362

2,065

1,928

49
21
1,225

7,525

11,937

31
527
271

93
324
335

358
1 11
360
36

319

G alveston
_
_
Texas O itv . .. I toust o i l .
Port Arthur, ice
N ow Orleans M ob ile
Pensacola &c_
Jacksonville
Savannah
B ru n sw ick______
tCharleston. ... . W ilm in gton . _
_
N orfolk
N 'non: News, &e.
_ .
New Y o r k _
B o s to n _____
B a ltim o re ___
P h ila d e lp h ia ____

ill
17

8,605
—

—

9,458
1,371
230

2 ,1 18

__

2,834
41
355
82

52

—

9.727

___

274

13,640

23,560

12,752

544
221

355

—

1,390
2,273
30
507
17
544
850

21,371 100,186

The following shows the week’s total receipts, the total
since Aug. 1 1920 and stocks to-night, compared with the
last y e a
r : __________________ __________________
This Since Aug
Week.
1 1920.

This Since A ug
Week.
1 1919.

40,944 3,006.510
40,626
281
20,034 435,402
1,546
69,643
13,120 1,452,759
9,993
104,261
2,671
5
4,922
Too
15,298 681.357
13,140
89,014
575
94,640
1,390
2,273 288,504
36
2,119
507
35,297
17
38,410
50,080
544
850
15,628

G a lv e s t o n _____
Texas C ity . .
H ouston . _____
Fort A rt h ur, &c _ .
N ew O rleans_____
G u lfp o r t_________
M obile
Pensacola, & c____
Jacksonville . .
Savannah ____ .
B r u n s w ic k ______
C h a rle sto n _____
W ilm ington . _
N orfolk
___
N 'p o rt N ew s, &c
N ew Y o rk _ . .
B oston _____ ____
B a P im ore. _____
Philadelphia_____
T otals

Stock.

1919-20.

1920-21.

Receipts to
July 8.

5,211 2.091,469
361
342.676
—
70,284
33,034
11,471 1,332,123

100.186 6,432,310

____

599

1921.

1920.

339,398
15,516
............

131,694
27,736

456.044

267,286

17,977

1,689

1,634
135,695
3,124
245.109
24,916
98,134

3,739
74.600
2,719
240,454
35,694
38,112

157,831
10,186
1,475
8,503

34,998
6,363
4,922
4,842

24.959 6.741.321 1,515,542

874.848

261 ,926
15,795
20,089
1,295.200
160,137
443,747
142,625
343.212
4.372
28,647
45,550
89,611
20.824

—

3,781
10
15
1.176
29
523
657
1.066
60

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts a t —

1921.

i

G alveston____
Texas C ity.& c
N ew Orleans.
M o b ile ____
Savannah
Brunswick
Charleston
W ilm ington
N o rfo lk ______
N ’port N . , &c
A li others___i

40,044
21,8611
13,120,
2,6711
15,298

T o t. this week

1C0.186|

57 51
1,390,
2,273
36
2 ,0181

1920.

1919.

| 1918.

1917.

1916.

35,517
7.506
23.070
565
28,064
5,000
3,681
3,419
8,131
148
1.166

35,517,
7,503
23,070
565
28,064
5.000
3,681!
3,419
8,131
14S
1,166

10,737
627
8,342
1,052
5,785
2,000
105
618
211

9,939

13,707

8,411
1,788
8,904
4,000
494
103
3,025

10,045
2,354
9,161
1.000
5,965
596
4,851

2,585

5,668

1,262

116.267

116,267

32,062

42,332

48,941

Since Aug. 1 . . 6,43?,310'5 744.592 5,744.592 5,716,106 6,802.362 7,050.217

The exports for the week ending this evening reach a total
of 137,017 bales, of which 14,409 were to Great Britain,
14,106 to France and 108,502 to other destinations. Ex
ports for the week and since Aug. 1 1920 are as follows:
From Aug. 1 1920 10 July 8 1921.
Exported to—

Week ending July 8 1921.
Exported to—
Exports
from—
Galveston _ _
Houston
Texas C ity .
San Antonio
Port Arthur
P t. Nogalez

Great
Britain. France. Other.

5,877 11,487 50,606 67,970
20,034 20,034

Great
Britain.
773,308
162,924
10,096
2,198

New Orleans
117
Gulfport-_
_
M obile _
Jacksonvill 3
K ey W est... . . . . . .
Savannah
Brunswick .
Charleston _ 7,765
Wilmington
Norfolk .
650
New Y o r k ..
Boston_

2,619 10,633

13,369

333,814

2,342

2,342

~27C
,852
2,800

17,857 175857

210,069
11,079
33,626
5,700
61,848
10,081
4,390
426
414
16,694

7,765
4,935
100
310

......

—

5,585
100
310

1,425

Philadelphia
i.os Angeles
San F ra n ..
Seattle,
Portl'd, Ore

Total.

1,425

260

260

—

France.

Other.

Total.

330,036 1.365,146 2.46S.490
59.561 212,917 435,402
5,129
9,225
24,450
32.810
32.S10
2,198
2,050
2,050
2.992
2.992
77,316 555,375 966,505
9.993
9.993
25,642
60.394
6,900
210
3,010
5
5
50,555 253,274 513,898
11,079
43,625
9,999
97,351
91,651
98,283
36,435
55,334
73.811
8,396
8,441
12,950
119
5,795
1,246
4,123
2,641
3,055
61,850
30
45,126
SO,495
80,495
102,096 102,096
53,001
53,001
3,575
3,575
- - -

14,409 14,106 108,502 137,017 1,667,319

539,288 2,962,556 5,169,163

Total '19-'20
9,102
4,143 25,180 38,425 3,001,846
Total T8-'19 131,812 33,114 13,038 177,904 2,474,184

550,614 2,689,690 6,242,150
748,611 1,967,393 5,190,188

T o ta l____

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.

July 8 a t —
G alveston_____
N ew O rleans.
Savannah _____
c h a r le s t o n ___
M obile
N orfolk ______
New Y o r k f ___
Other p o r t s f - .

Great
B rita in . France. m any .
19,431
0,839

7,041
329

6,83 1

150

TOO
100
4,000 ............

30,850
5,436

Other
Coni' t.
45,813
12,019
a2,300
2,538

300
2,000

Coast
wise,

Total.

3,000 106,735
24,653
400
2,700
500
500
9,522
700
6,000

Leaving
Stock.
232,663
431,391
132,995
244,609
8,455
98,134
157,131
59,354

T ota l 1921 . 37.404
3,900 150,810 1,361,732
8,220 38,586 62,700
T ota l 1920
29,548
5,721 14,273 37 164 12,750 99,7561 775,092
T ota l 1919
102,039
3,006 1,102 60,7381 3,830 171,315 1 ,035,552
t Estim ated, a O f w hich 2,000 for Japan and China.

Speculation in cotton fo r future delivery w as at an ad
vance early In the week, ow ing partly to very cheerfu l a d 
vices from M anchester. It is doing a better business with
India, and its trade w ith China has also increased. Its
business in all goods, from the finest voiles to the coarse
goods for East Indian consum ption, lias greatly increased
since the coal and cotton strikes ended. The rise in stocks
has helped the m arket here. It w as supposed that big
shorts in cotton w ere h eavily short o f stocks, and when it
was said that these operators were covering in stocks, some
w ere inclined to believe they might start at any m ovem ent
to cover cotton. A rise o f 10 points in oil stocks on the 6th
instant was believed to give point to such an idea. Besides
L iverpool over the holidays w as stronger. Its spot sales
increased.
T rad e demand there w as better.
And July
n otices played but little figu re in Liverpool any m ore than
they had in New Orleans and New York. On the 6th in
stant they reached about 2,000 bales here, m aking a total
thus fa r o f som ething lik e 36,000 hales. In all three m ar
kets, nam ely, New Y ork, New Orleans and L iverpool, no
tices have stopped with a readiness that lias caused m ore
or less surprise. July on the 5th instant advanced in L iver
pool tw ice as much as the distant months. And people have
not finished talking about the last Governm ent report, put
ting the crop at some 8,400,000 bales, the sm allest since
1895-96, when it w as 7,147,000 bales. B elievers in high
prices argue that next season the w orld ’ s consum ption o f
A m erican cotton is hound to be much larger than it is this
season, and this they contend w ill o ffse t the w orld ’ s ca rry 
over o f 10,500,000 bales. T h ey argue that the revival of
business in Lancashire m erely shows that not only the Far
E ast but the w orld everyw here is short o f supplies and
must buy. China has been buying goods m ore freely in
this country as w ell as in England. At times gray goods
have been stronger here. The dem and fo r goods is said
to he larger. It is not doubted that invisible supplies o f
m anufactured goods in this country are dow n to a low stage.
M ill stocks o f raw cotton the w orld over are supposed to he
small. As f o r the crop, it has im proved in som e respects,
hut the plant is small iu parts o f the A tlan tic section. W h at
is m ore the w eevil is everywhere. In T ex a s it is said to
have done considerable damage. The w eevil reports are
underscored as som ething significant.
Th e eastern gu lf
States are believed to need m ore rain. Spot m arkets, m ore
over, have been stronger. The basis has risen. Germany
is said to have bought m ore freely. O f the recent exports
to the Continent, Germ any has taken a considerable pro
portion. There is a report, too, that Germ any is to secure
a big loan in New Y ork, and it is regarded as a fa ct not
altogether w ithout significan ce that Germ any lias been a
heavy buyer o f wheat during the week. Some argue that
this shows clearly enough that Germ any w ants A m erican
products. It is inclined to buy cotton as well as wheat.
A nd the fa rm er is not an anxious seller.
It is true that
he has sold som ewhat m ore freely o f late at some advance
in prices. But it is insisted that he is not w illin g to sell
freely at the present level. It means, it is figu red, about
9 cents per lb. fo r him, w hereas to raise cotton it costs him,
a ccordin g to variou s estimates, 14 to 17 cents. Some think
that 15 cents is a fa ir estimate. And yet stories are told o f
T exas farm ers w ho have recently sold cotton at $37 a bale
w hich m erely to pick cost them $40 a bale. P rices are down
some 72% from the top o f the w ar level. A t the same tim e
Southern and W estern Senators are trying to induce F ed
eral R eserve banks to low er the rediscount rates to the
Southern and W estern farm ers, evidently w ith a view o f
enabling them to hold back their products i f they see fit
to do so. W heth er such an e ffo r t on the part o f the men
at W ashington w ill com e to anything rem ains to be seen.
M eantime, however, silver has been rising sharply. That
certainly helps the Far East to buy goods o f the Occident.
It helps Lancashire as well as A m erica. In less than a
week the rise in silver in London w as 3d. Finally the tech
nical position here has been regarded as strong. The short
interest fo r W all St. and Chicago account is believed to be
large. L ocal traders are w atching it sharply fo r a chance
to “ help it cover.” Some shorts on stocks w ere supposed
to be heavily short o f cotton, so they appeared to he cover
ing stocks. Traders here were on the qui vivo fo r an at
tempt to cover in cotton. T he idea was to give the W all
St. shorts a warm reception.
On the other hand, cotton goods, as a rule, are dull in
this country, and it is also a fa c t that fu ll time has not boon
generally adopted as yet, even in Lancashire. Tattersall
talks skeptically as to the likelihood o f a boom at this time
in Lancashire's trade. Fall Uiver and New B edford are
quiet. E xports o f raw cotton have not been largo. Foreign

J uly

exchange has declined. The last weekly Government re
port was more favorable than expected. Atlantic States had
been benefited by copious rains. And even the hot dry
spell previously tended to keep down the weevil. As for
the western section of the belt the weather on Ihe whole
has been clear and warmer. These were the conditions that
were wanted after a rather prolonged period of cold rains.
Recent hot dry weather has tended, it is said, to produce a
good tap root; and even where the plant is rather small it
is reported to be doing well. Georgia sends such reports.
As for supplies, if the carry-over is to be 10,500,000 bales
and the crop 8,400,000, it is clear enough that the supply
for the season of 1021-22 will be 18,000,000 bales. That, it
is remarked, is a good deal of cotton. It will take a big
consumption to come anywhere near absorbing it.
Some
think the rise of late has been quite as much on the techni
cal position as anything else, and that when the short in
terest has been largely eliminated prices will come down
of their own weight. The failure of the China Industrial
Bank, it is suggested, may hurt French credit to a certain
extent. To-day prices were slightly higher, and show an
advance for the week of 22 to 25 points. Middling closed
at 12.20c*, being a rise of 20 points for the week.
The official ouotation for middling upland cotton in the
New York market each day for the past week has been:
J u l y 2 to J u l y 8—
S a t. M o n . T u e s . W e d . T h u r s . Fri.
Middling ui lands_____________ Hoi.

Hoi.

12.15

12.05

12.^0

12.20

N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
The quotations for middling upland at New York on
July 8 for each of the past 32 years have been as follows:
1921 _ c____ l ° . r 0 11913_c_____ 1 2.25 11905_c_____ 10.9011897-C_______7.88
1920_______40 0011912_______ 12.15 1904_______ 11.2511890_________ 7.44
1919_______24.80 11911_______ 14.50 1902_______ 11.0011895_________ 7.19
21.70 1191 0 ________15.40 1902_ _
9.2511894_________ 7.25
1918____
1 9 1 7 __________ 2 0 . 7 0 1 1 9 0 9 __________ 1 2 . 0 0 1 1 9 0 1 _ _ _
1 9 1 0 __________ 1 2 . 1 5 1 1 9 0 8 ___________ 11 . 2 0 1 1 9 0 0 . - .

1915________ 9 .2 0 1 1 9 0 7 ________ 12.40I1899___

8.75 11892_________ 8.00

_ _ _ 1 0. 1211892________ 7.31

___

6.19|1891________ 8.28

6.19 11 89 0 ________ 11.94

1 9 1 4 __________ 1 3 . 2 5 ! 1 9 0 6 ___________ 1 0 . 8 0 ( 1 8 9 8 - - _

M A R K E T A N D SALES A T N E W Y O R K .
The total sales of cotton on the snot, each day during the
week at New York are indicated in the following statement.
For the convenience of :he reader we also add columns which
show at a glance how the market for spot and futures closed
on same davs.
Spot
M a rk e t
Closed.
S a tu rd a y___
M o n d a y ___
T u e s d a y ___
W ednesday.
T h u rsd ay __
F r id a y _____
T o t a l,.

Ouiefc,
O uiet,
O uiet,
Q uiet,

15 p t s . a d v _ _
10 p ts . dec__
1 5 n t s .a d v _ _
unchanged __

Spot.

H O L ID A Y
H O L ID A Y
S te a d y _________
S te a d y ___
B arely s te a d v . _
B arely S tea dy _

_

C o n tr’t

To ta l.
19,700
1,000

19,700
1.000

1.100

1 ,1 0 0

1,600

1,600

1 , 1 1 7 . 0 0 0 1 ,0 2 4 . 0 0 0
2 ,0 0 0
1 2 ,0 0 0
9 3 ,0 0 0
1 4 2 ,0 0 0

590 000
1 4 .0 0 0
8 4 ,0 0 0

2 5 7 .0 0 0
2 4 .0 0 0
4 2 ,0 0 0

T ota l Great B rita in .
S tock at H a m b u rg _____

1 ,2 1 2 .0 0 0 1 , 1 8 8 ,0 0 0
2 0 .0 0 0
3 0 .0 0 0
6 " 3 .6 0 0
8 8 ,0 0 0
1 3 C .0 0 0
2 5 4 ,0 0 0
1 0 .0 0 0
1 1 6 ,0 0 0
108 0 00
° 5 ,0 0 0
9 4 ,0 0 0
2 ,0 ^ 0

6 8 8 ,0 0 0

3 2 3 ,0 0 0

1 4 1 .0 0 0
3 .0 0 0

1 1 0 .0 0 0
1 .0 0 0
0 ,0 0 0
3 ,0 0 0

a t G h e n t __________

T otal C ontinental S tock s______
T r tal E uropean stock s_____

536.000
5 3 6 .0 0 0

S to rk in Alexandria, E g y p t___

Stock in B om bay. Tnd‘

S tock in f S. oort':
S*ock In TT. S. m fr*~?or -c
U . S. exports to -d a y

5 6 4 ,0 0 0

5 1 .0 0 0
3 2 ,0 0 0
5 ,0 0 0

1 2 0 ,0 0 0

2 3 2 :0 0 0

4 4 2 .0 0 0
9 2 0 .0 0 0
18 .0 0 0
1 7 .0 0 0
4 8 0 .2 7 8
1 2 8 ,4 7 0
1 5 Q on o
72 OOO
42 000
24 0 0 0
2 1 0 0 OO
8 8 .0 0 0
2 0 8 .0 0 0
2 7 1 000
1 0 2 . 0 0 0 1 .2 4 0 0 0 0 1 .0 7 2 . 0 0 0
* 0 1 0 .0 0 0
1 5 1 5 ,5 4 2
8 7 4 , 8 4 8 1 2 0 0 8 0 7 1 .0 0 9 . 0 1 0
9 5 7 .4 9 7
9 8 0 .7 5 7
7 8 1 .0 4 1
1 .2 4 0 . 2 - 4
1 ,1 6 0
1 8 ,7 6 8
12 ,6 3 2
5 4 ,8 4 6
1 .7 4 8 .0 0 0

Tnd»a cotton afloa t for Europe
'^8 0 0 0
Aroe ica" cotton afloat for Europe■ 3 4 4 . 2 7 *
F g v ^ BrazO &c. afloat for Eur’e.
4 2 .0 0 0

1 ,7 5 2 . 0 0 0

n o ooo

T ota l visible m ip p lv _______
. 6 . 4 1 0 / 3 8 5 . 2 1 5 . 4 4 7 5 0 3 4 . 7 4 3 2 . 2 7 0 211
o f the a bove, totals o f A m erican and oth er description s are as follow s

A merfc/m— ■

L iverpool s to c k _____________b a le s,

7 1 1

000

7 ■ 000

M anchester* s to c k .

. 490 000
American afloat for Europe . __ _ I 244.274
TT 9 . T » n r t a t r m t r a
1.515 542
1 , 2 4 0 ”4
U . S. exports t o ’d a y T I "
18."68
T ota l A meric?» n ______
T nftfan , B razil, &r,'—
LIvemoo] s to ck ______
L on don stock

716.000
2 , 0 0 ooo
89 0 0 0
8 000
129 0 0 0
42.000
*105.000
4 58,000
2 1 1 .000
12,8 740
150 000
480.278
874 ,848 '|.206.867 l .069.010
9*0.757
957.497
781 .041
12.362
54,846
1/160

4 .3 6 8 /3 8 3,286,447 :3,380,743
. 406
2

000
000

17.000
73.000

Continental s to c k _______________
India ufloat for Europe_______

318

0 00
12 .0 0 0
12 .0 0 0

2

T o ta l A m erica n ,

.........

191 ooo
14.000
26.000

Total visible s-uppiy
Vjddling unkind*: Uverriool
M iddlin'' u eland'- ' '-w York
K'ryrti 'rood akej f/iyernool
P T iH / ’ a n r o u g h g o '* d . L i v e n
Broach fire- f / /e^pool
Tfririev'iiy good, Liverpool
T. ' 1r r?

*e d

2.029.000 1 654 000
0 5 1 .000 ?
4,3*8,155 :L 286,447 :L380,743

2

......... .......

0

ooI

,2

July—

— — — 12.00 .08 12.17 .30, J2.20-.22 12.00-.30
12.22 - 12.21 — — — —
12.15-. 20 12.08
12.38 -

Uelohei

Range ___
<'losing___
November—
Range------Closing___
December—■
Range____
Closing___
January—
Range____
Closing___
February—
Range____
Closing___
M arch—
R ange____
Closing___
A pril—
Range____
Closing___
May —:
Range____
Closing___
June—
Range____
Closing___

24 .0 0 0

*15 .0 0 0
18.000
72.000
216 O O
O
*610.000
1
2

158.000
,2 1 2 , 2 1 1

>
41'"028 .r 2 1 5 . 4 4 7 , .O2 4 7/18 .3.270 211
5
22 04(1.
20.98(1.
2 5 . 1 2 d.
7M d,
1 /> 'c .
3 5 , 8 5/-.
22.95c.
40 50-.
.9 l "’ Ll .
1 8 004.
64.50d .
70 58(1.
20 7/^1
7 9.000 ,
46 00d.
1 1 nod.
18,600.
21 260
7.55d.
10.85/1.
8,0* d .
21 . I0d.
18.85rl.
21-51d.

Week.

11.82-. 03 1 .66.85 1l .83-.04i 11.97-.23 ll.66-.23
,1
— -------11.9511.88 - 11.80 - 11.93

Itungo___
( ’losing
A unitsl - Range____
Closing _- September—
Range
■ lo In g ___

12.28 -

12.46 -

12 r-

— — —

12.54 .84 12.38 .57 12.55 .76 12.67-. 94 12.38-. 94
12.61 - 12.50 .52 12.65 - 12.68-.70 —
12.80 HOLIDAY

I-TOLIDAY

12.70 -

12.91 -

12.88 -

--------—

12.98-.28 12.85-. 03 j3.06-.25 1,3.1.6-.40 12.85-.40
13.05-.07 12.97-.98 13.13-; 14 13.16-.17 —
13.08-.35 12.94-10 13.14 .33 13.21-.46 12.94-.46
13.15 — 13.06 - 13.22 — 13.21 —■—
— — — — — — — — — 13.50 — 13.50 —
13.24 — 13.15 — 13.31 — 13.30 — --------—
13.41-.63 13.23-.41 13.47-.C3 13.53-.79 13.23-.79
13.42 — 13.36 — 13.53 — 13.53-.54 —
13.49 — 13.43 — 13.60 — 13.60 — — — —
13.73-.77 13.50-.G0 13.66 — 13.67-.02 13.50-.02
13.73 — 13.61 — 13.78 — 13.67 — --------—
13.78 —
13.78 —
13.80 — 13.70 — 13.85 — 13.74 -— —

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year— is set out in
detail below:

Receipts.

Towns.

Season.

Movement to July 9 1920.

Ship Slocks
ments . July
Week.
8.

Receipts.
Week.

Season.

Ship
ments.
Week.

Stocks
Juy

9.

Ala, Birm’g’m.a
22,820
921 5,060
251
2,712
25,858
___ 4,351
Eufaula _ _
150
9,653
1,420
•5,884
345 27,363
50,320
Montgomery.
208
9
79 5,776
71,900
33,349
34 15,517
633
Selma______
58
38,517
6
6
___
300 8,696
Ark., Helena..
50,083
3,758
31,770
Little Rock - 746 219,216 2,479 59,196
16 186,302
601 18,676
600 60,110
Pine Bluff. _ _
300 135,073
105,938 1,000 29,205
10,785
5 5,394
Ga., Albany__
2
9,702
4
913
Athens _ __
738 143,601 2,800 28,612
350 157,167 2,568 17,782
2,107 178,120 3,124 26,441 2,268 271,115 1,617 15,927
Atlanta____
A ugusta.__
2,185 358,442 6,200 109,446 2,042 558,662 2,220 71,003
3,704
Columbus__
800 21,808
37,828
34,501
50,247 1,165 12,820
346
200 214,162 1,031 12.000
Macon_____
R o m e _____
38,158
10,038
295
903 9,018
55,126
___ 57,047 1,566 77,923
La., Shreveport 1
90,506
100 26,502
12
250 1,413
17,352
Miss.,Columbus
9,853
1
23
611
Clarksdale__
1,717 112,750 3,583 41.350
70 140,663
570 42,500
19.312
Greenwood _ _
568 31,948
21 109,696
48
91,887
Meridian___
89
25,715
573 12.600
647
596 1,760
37,309
___ 10,449
Vicksburg__
18,085
402 5,451
12.668
___ 9,906
___
33,046
Yazoo C ity..
10 5,357
28,811
Mo., St. Louis. 12,610 816,023 12,161 32,113 13,216 812,126 12,952 16,848
60,982
266 10,500
N .C.,G r’nsboro
487
29,570 1.593 7,051
150
246
351
Raleigh____
7,094
100
15,527
67
203
150
Ok la., Alt us__
825 108,410 1,287 13,893
79,707
431 9,106
Chickasha__
82,780 1,330 9,487 1.022
1.011
Hugo__ __
25,562
1 1,918
200 1,434
3
17,700
15
613 5,408
60,797
Oklahoma__
60,751
208
193
115
S. C ., Greenville 1,664
89,824 2,244 20,180
500 146,525 1,252 17,500
___ 9,118
_ 3,830
15,104
Greenwood _ _
21,572
Term., Mem phis 6,857 909,045 10,855 275,637 5,390 1.198,454 9,719 295,929
1.03S
1,239
Nashville___
967
1,483
61,684
525 2,935
Tex., Abilene._
487
532
749 1,823
69,563
10 1,726
Bren bam___
85 3,724
7
6,826
62
12,403
39,854
900 4,995
22,850
800
Clarksville __
100 5,900
80,538
793 17,635
394
Dallas_____
570 24,668
2,576 136,953
35,877
11.2 3,004
300 3.500
Honey Grove
21,100
Houston___ 23,023 2,936,206 54,002 243,867 5,373 1,989,408 9,433 229,668
762 14,745
605 133,821
Paris ____
40 104,482
143 8,666
821
75
40,651
San Antonio.
48,905
441 1,101
438
68,000
500 24,500
Fort Worth*.
800
531 134,466 1,679 18,147
Total, 41 towns 60,186 7,340,595.112,688* 1240354 36,261 7,073,648 49,321 957,497
a Last year’s figures are for Natchez, Miss.
cinnati, Ohio.

* Last year’s figures are for Cin

O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:

1 2 , 2 1 1

168.000
2 / 1 ooo

106.000
2 1 .000
8 8 000
17.000
! 1 O. 0 0 0
Egyrg B razil.<*'/•. a flo a t7
4 7/000
34 .000
42 , 0 0 0
S trok in Alexandria E gyp t
271 ooo
88 0 O
O 268 0 0 0
Stock j rj Bom ba y , I n d i a ________ ! . 2 0 2 0 0 0 1,340.000 1 .073,000
Total East India, &c_

Saturday, Monday, 'Tuesday, Wed'day, Thursd'y, Friday,
July 8.
July 4.
July 5.
July fl. July 7.
July 2.

Week.

S tock at L iv e rp o o l_________ ba
S tock at L o n d o n ______________
S tock at M a n c h e s te r _________

at Genoa___________

F U T U R E S .— The highest, lowest and closing prices at
Now York for the past week have been as follows:

Movement to July 8 1921.

2 3 ,4 0 0 , 2 3 ,4 0 0

at R o t t e r d a m _____
at B a rcelon a ________

Continental imports for past, week have been. 09,000 bahts.
Tho above figures for 1921 show a decrease from last week
of 103,180 bales, a gain of 1,104,491 bales over 1920, an excess
of 1,383,195 bales over 1919 and a gain of 3,049,727 bales
over 1918.

SALES.

Fu tu re s
M a rket
Closed.

T H E V IS IB L E S U P P L Y OF C O T T O N to-night, as made
up by cable and telegraoh, is as follows. Foreign stocks, as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1918.
July 8—
1921.
1920.
1919.

S tock
S tock
S tock
S tock

195

THE CHRONICLE

9 1921.]

J u ly 8—
Shipped —
V ia St-. Louis _
V ia M o u n d s, &c _
Via R o ck Island
V ifi. Louisville
Via Virginia points
Via oth er routes, &c__

------- 1920-21—

Since
A u g . 1.

Week.

_ . _ 1 1,642

796,688
2 45,877
3 6/130
72,703
145,776
540,220

T otal gross o v e r la n d ______ _ ___ 28,950

Since
A u g . 1.
012,962 OB07,587

1,837,894

. -12 ,16 1
...... 2 ,56 2
121
568

Deduct shipinenls
Overland to N. Y ., B oston, &c . . . . 1,918
Between interior tow ns _
. .
316
In lan d, & c., from South
.. 3 ,814
T ota l to b e deduct e d _____ ..
Leaving t otal net overland *

6 ,01 8

Week.

3,892
504
1,724
2,597
5,923

425,865
24,656
122,099
229,812
489,513

27,592 2,099,532

139,415
4 7,3 70
306,331

2,306
594
4,395

184,632
7 l ,02 1
268,090

4 93,116

7,295

523,746

2 2,902 1 ,344,278

: In cluding m ovem en t b y rail to (1 attacki.

------- 1 919-20--------

a R evise d.

2 0,297 1,575.786

THE CHRONICLE

190

T h e fo r e g o in g s n o w s th e w e e k ’ s n e t o v e r l a n d m o v e m e n t
l, 1,
h a s b e e n 2 2 ,9 0 2 I > cilt , a g a in s t 2 0 ,2 9 7 b a le s f o r t h e w e e k la st
y e a r , a n d ttutt.fr r 1h 3 s e a s o n t o d a t e t h e a g g r e g a t e d n e t o v e r ise f r o m a y e a r a g o o f 2 3 1 ,0 0 8 b a le s .
la n d e x h ib it s a !
In Sight i
and Spin tiers
Ti

1919— ---20

------ 1923-21-----Week.

Receipts itt per
July 8 . ____ 100,186
Net overland r.u Jul] 8. _________ 22,902
Southern eousuLmpti<jii to July S-U 65,000

Since
Aug. 1.

24,959
20,297
75,000

6,432,310
1,344,278
2,920,000

Total marketed. . ____________ 188,088 10,696,588
380,413
Interior stocks in eX1ess___ ___ f 52,502
c
Came into sijght ditiring week - - 135,586
Total in sight Jul]r &
................ .............. 11,077 .001

Since
Aug. 1.

Week.

6,741,321
1,575,786
3,493,000

120,256 11,810,107
113,060
155,450
107,196

11,965,557

32,193 >,953,364
North, spinn s takirigs to July 8__ 38,068 1,950,814
t Decrease d uring week, a These figures are consu
available.
M o v e m e n L ini:o sigh t in p r e v io u s y ea rs:
t
Bales.
Buies. 1 Since .Aug. 1 —
eek—
11,206,857
1
___ 157,599 1918-19--Ju ly 1
1919—July 11-------11,915,579
1918—July 12_____
____ 99,105|11917-18-- July 12
12,720,362
1 v h —Julv i ,
____1 82.471!! -------------------------- - n a y
,
191 ■------ j l i l \ 13._
______ | i y i o - i / 1916-17-—J uly i13 ----------- u , / i u , o u i
* n ) r ( V r vv u> i 3 Va i f M I D D L I N G C O T T O N A T O T H E R
M ARKETS
iv lo w a re t h e c lo s in g q u o t a t i o n s o f m id d lin g
c o t t o n a t S o u t h e r n a n d o t h e r p r in c ip a l c o t t o n m a r k e t s f o r
ree
e a c h d a y o f th
Closing Quotations for Middling Cotton on—
July 8.

D O M E S T IC E X P O R T S O F C O T T O N
M ANUFAC
T U R E S . — W e g i v e b e l o w a s t a t e m e n t c o v e r i n g th e e x p o r t s
o f d o m e s t ic c o t t o n m a n u fa c t u r e s f o r M a y a n d f o r th e e le v e n
m o n t h s e n d e d M a y 31 1 9 2 1 , a n d f o r p u r p o s e s o f c o m p a r is o n
lik e fig u r e s f o r t h e c o r r e s p o n d in g p e r io d o f t h e p r e v io u s
y e a r a re a ls o p r e s e n t e d :
M anufactures
of
Cotton Exported.

M onth ending M ay 31. 11 M o s. ending M ay 31.

Piece good s ____________ yards
Piece g o o d s ___
value
W earing apparel—
K n it g o o d s . _ __
value
All ol hrr
value
- value
M ill w a ste____
\ '.n» . . _ ________
value
All oth e r_________
.valu e
T o ta l m anufactures-

11.50
11.13
10.00
11.13
1L
.00
HOLI- l L.50
DAY 12.40
11.00
10.50
11.25
10.25
10.35
10.40

11.50
11 13
10.00
11.00
11.00
11.50
12.30
11.00
10.50
11.40
10.25
10.25
10.30

11.65
11.25
10.00
11.50
11.00
11.75
12.45
11.13
10.50
11.65
10.25
10.40
10.45

11.75
11.50
10.25
11.50
Ll.5 5
?
11.75
12.45
10.50
11.65
10 .50

10.40
10.45

N E W O R L E A N S C O N T R A C T M A R K E T — T h e c lo s in g
q u o t a t i o n s f o r le a d in g c o n t r a c t s in th e N e w O r le a n s c o t t o n
m a r k e t s f o r t h e p a st w e e k h a v e b e e n as fo llo w s :
Saturday. Monday. Tuesday Wed'day Thursd'y. Friday,
July 8.
July 2. July 4. July 5. July 6. July 7.

HOLIDAY

11.34-.35
11.44 —
12.05-.07
12.44-.46
HOLI- 12.53-.55
DAY 12.85 —

11.34 —
11.44 —
12.04 —
12.44-.45
12.52-.54
12.82-.83

11.47 11.57 —
12.20-.23
12.62 —
V2.70-.72
12.98-.00

Steady Steady Steady
Steady Very sty. Steady

11.56 11.66 —
12.24-.2C
12.62-.6l:
12.70 —
12.99 —
Steady
Steady

W E A T H E R R E P O R T S B Y T E L E G R A P H .— T e le g r a p h ic
a d v ic e s t o u s th is e v e n in g f r o m th e S o u t h in d ic a t e t h a t in
t h e S o u t h w e s t d r y w e a t h e r h a s b e e n q u i t e g e n e r a l d u r in g th e
w e e k , a n d t h is , w it h f a v o r a b le t e m p e r a t u r e , h a s s e e m in g ly
b e n e fit e d c o t t o n .
E ls e w h e r e r a in h a s b e e n th e r u le , b u t
w it h p r e c i p i t a t i o n m o d e r a t e i n th e m a in .
T e x a s r e p o r t s th e
b o l l- w e e v i l a c t i v e b u t w it h d e m a g e d n ly m o d e r a t e as y e t .
T E X A S . — -General.— D r y w e a t h e r a n d t e m p e r a t u r e a b o u t
n o r m a l h a v e f a v o r a b l y a f f e c t e d c o t t o n , a lt h o u g h g r o w t h is
s till r a n k a n d fr u it in g r a t h e r p o o r . C o n d i t i o n o f c o t t o n
m o s t l y s a t is f a c t o r y t o v e r y g o o d e x c e p t s o m e w h a t p o o r in
E a s t a n d o v e r th e recen t sto rm a rea .
W e e v i l a c t i v e w it h
d a m age m od era te.
C u l t i v a t io n p r o g r e s s s a t is f a c t o r y e x c e p t
in s o m e f ie ld s , w h ic h a r e s till g r a s s y .
_____
Rain. Rainfall.
-------- Thermometer-----------

Galveston, Texss
— 2 days 0.16 in.
high 92
Abilene___________
---dry
high 94
Brenham__________ ________
dry
high 92
Brownsville_____________________ 1day
0.06 in.
high __
Cuero---------------------------------------- 1day
0.42 in.
high 96
D alla s_____________________
dry
high 98
dry
high 97
Henrietta__________________
dry
Huntsville___________ ______
high 93
Lampasas___ ______________ 1 day
0.08 in. high 100
Longview
dry
high 96
L uling_________________ ,__2 days 0.29 in. high 96
Nacogdoches
dry
high 99
Palestine ___________________
dry
high 96
Paris______ ________________
dry
high 103
dry
San Antonio_______________
high 94
dry
Taylor_____________________
high __
Weatherford_____________ _
dry
high 97
dry
Ardmore, Okla_____________
high 98
Altus__________ __________ _
dry
high 98
dry
Muskogee__________ _______
high 96
dry
Oklahoma City_____________
high 93
Brinkley, Ark_______________ 1day
0.41 in. high 102
dry
Eldorado___________________
high 99
Little B ock_______^________ 1 day
0.07 in. high 97
dry
Pine Bluff_ _______________
_
high 100
0.52 in. high 101
Alexandria, La______________ 1day
Amite_______________ 1_____ 4 days 4.84 in. high 98
New Orleans________________ 3 days 1.28 in. high
dry
Shreveport___________________
high 98
Okalona, M iss_____________ 1 day
0.13 in. high 103
C olumbus__________________ ld a y
0.54 in . high 103
Greenwood___________________
dry
high 103
Vicksburg_________________ 2 days 0.03 in. high 97
Mobile, Ala________________ 5 days 0.42 in. high 98
Decatur___________________ 3 days 0.44 in. high 100
Montgomery_______________ 3 days 3.31 in. high 98
Selma__ ___________________ 4 days 1.00 in high 100
Gainesville, Fla____________5 days 4.55 in. high 91
M adison__________________ 6 days 2.73 in. high 93
Savannah, Ga______________ 5 day
2.31 in. high 94
Athens________________
ld a y 0.45in.high 98
Augusta___________________ 4 days 1.40 in. high 94
Columbus_________________ 5 days 1.54 in. high 99
Charleston, S .C ____________5 days 2.19 in. high 93
Greenwood________________ 2 days 1.04 in. high 93
C olum bia_________________ 4 days 1.02 in. high
Conway___________________ 2 days 0.54 in. high 92
Charlotte, N. C ____________3 clays 1.90 in. high 95
Newborn__________________ 4 days 3.12 in. high 92
high 98
W eldon______________________
trace
Dyersburg, Term___________2 days 0.24 in. high 98
Memphis_____________
ld a y 1.14in.high 95

low 74
low 66
low 73
low 72
low 72
low 74
low 69
low 74
low 65
low 73
low 72
low 62
low 72
low 70
low 72
low 72
low 68
low 60
low 68
low 64
low 68
low 69
low 69
low 72
low 71
low 72
low 69
low
low 73
low 71
low 71
low 68
low 73
low 72
low 70
low 72
low 70
low 6S
low 70
low 72
low 69
low 71
low 66
low 73
low 6S
low 70
low 70
low 69
low 69
low 66
low 70
low 75

1920.

1921.

value

39,767,171
84,829,177

90,046,197

573,464
761,919
131,641
372.331
1.089,366

1920-21.

1919-20.

507,979,131 788,009,898
s 135,885,003 s 188,490,893

6,366,805
3,378,538
1,977,937
1,593,207
5,490,234

27,042,585
17,372,156
6,251,743
13,490,615
30,774,084

46,369,896
20.979,228
14,534,712
13,793,578
41,655,499

$7,757,898 S4 5,259,678 S231,716,186 S325.823.806

W O R L D ’S S U P P L Y A N D T A K I N G S O F C O T T O N .T h o f o l l o w i n g b r i e f b u t c o m p r e h e n s iv e s t a t e m e n t in d ic a t e s
a t a g la n c e th e w o r l d ’ s s u p p ly o f c o t t o n f o r t h e w e e k a n d
s in c e A u g . I f o r th e la s t t w o s e a s o n s , fr o m all s o u r c e s f r o m
w h ic h s t a t is t ic s a re o b t a i n a b le ; a ls o t h e t a k in g s , o r a m o u n t s
g o n e o u t o f s ig n t , f o r t h e lik e p e r io d .

Cotton Takings.
Week and Season.

1920-21.

1919-20.

Season.

Week.

Saturday. Monday. Tuesday. Wed'day. Thursd'y, Friday

Galveston_____
New Orleans.
Mobile _ ____
Savannah __ Norfolk _____
Baltimore__ _ HOLIDAY
Philadelphia___
Augusta_
_
Memphis . __
Houston__ ____
L i t tie Rock___
D a lla s ..............
Fort Worth___

J u ly _ ____ ____
August
____
October ____
December. ___
January
March__
Tone—
Spot ____ .
Options, _

[VOL. 113.

Season.

Week.

Visible supply July 1__________ 6.523,124
5,422,916
4.792,018
4,956,257
Visible Supply Aug 1__________
135,586 11,077,001 107“ 196 11,965.557
American in sight to .July 8 ____
56,000 3,415,000
550,000 2,616,000
Bombay receipts to July 7____
487.000
2,000
239.000
Other India shiptn’t to July 7__
52.000
753.000
1,000
609.000
59.000
Alexandria receipts to July 6 __
265.000
7,000
372.000
54.000
Other supply to July 6*. - __ __
Total supply___________
6,723,710 19,869,258 5,586,112 21,677,575
Deduct—
Visible supply July 8 _________ 6,419,938 6,419.938 5.315,447| 5,315,447
303.772 13,449,320 280.665 16,362,128
Total takings to July 8_a_____
Of which American_________ 220.772 9.693,320 234.665 11,870.128
46.000 4,492.000
Of which other_____________
83,000 3,756,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total includes the estimated consumption by Southern mills,
2,920,000 bales in 1920-21 and 3,493.000 bales in 1919-20— takings not
being available—and the aggregate amounts taken by Northern and
foreign spinners, 9.029 320 bales in 1920-21 and 12,869,128 bales in 1919-20
of which 6,773,320 and 8,377,128 bales American.
b Estimated.
B O M B A Y C O T T O N M O V E M E N T — T h e r e c e ip t s o f
I n d ia c o t t o n a t B o m b a y f o r t h e w e e k e n d in g J u n e 1 6 a n d f o r
th e s e a s o n f r o m A u g . 1 f o r th r e e y e a r s h a v e b e e n as f o l l o w s :
1919-20.

1920-21.

J u n e 16.
Receipts a t —

Week.

Since
A ug. 1.

Week.

2,453.000

B o m b a y ____________________

51,00C 3,252,000

Great Conti J a p a n &
B rita in . nen t. C h in a. T otal.

B om ba y—
1920-21. _
191920
19181 9 .- i~66o
O ther India*
192021
19192 0 ._
i~66o
191819._
T ota l all—
19202 1 -19192 0 -2~6oo
19-1918._

3 ,COO 29,000 32,003

Great
B rita in .

22.000

2~000

80,000
45.000

5.000

21.000

9.000
7.000

52.000
33.000

8,000 29,000 37,000

43.000
132,000
78.000

1 , 60b
5.000
5.000

2.000

5.000

2.000

4~66o
4,000

4.000
5.000

W eek .

Since
A ug. 1.

60,000 2,240,000

Since A ugust 1.

For the Week.
E xports
fro m —

Since
A ug. 1.

1918-19.

9.000
9.000

Conti
nent .

Jap an & j
C h in a. ! Total.

462.000 1.077.000 1.561.000
434.000 1.636.000 2.150.000
105.000 656.000 806,000
180.000
186,000

8,000

27.000
235.000
61.000

228,000
473.000

102.000

642.000 1.101,000 1,78°.000
620.000 1,871,000 2,623,000
113.000 717,000 908,000

A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S OF
C O T T O N . — T h e f o l l o w i n g a re t h e r e c e ip t s a n d s h ip m e n t s f o r
t h e w e e k e n d in g J u n e 15 a n d f o r t h e c o r r e s p o n d in g w e e k
o f t h e t w o p r e v io u s y e a r s :

mean 73
mean 80
mean 82
mean _ _
mean 84
mean 86
1918-19.
1919-20.
mean 83
1920-21.
Alexandria, Egypt,
mean 83
June 15.
mean 82
mean 84 Receipts (cantars)—
12,000
16,000
1,526
mean S4
This week
__ ______
4,819.063
5,644,153
mean 80
4,569.646
Since Aug. 1 _ _ _
mean 84
mean 86
Since
Since
Since
mean 83
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
mean __ Exports (bales) —
mean 82
213.312
103,347
200 24S.120
To Liverpool___________
mean 79
To Manchester, etc__ __ 4"J 25 83,647 1,807 145,546 4,813 108,317
mean 83
400 134,190 4,955 140.901
To Continent and India. _ 3,595 134,383
mean 80
44,513 1,311 287,835 1,700 61.955
To America____________
mean 80
mean 85
Total exports, _ _______ 7,720 365,899 3,718 815.691 '11,468 524.4S5
mean 84
mean 84
M A N C H E S T E R M A R K E T . — O u r re p o r t r e c e iv e d b y
mean 85
mean 86 c a b le t o - n i g h t f r o m M a n c h e s t e r s ta te s th a t th e m a r k e t is
mean 84 fir m f o r y a r n s a n d s t r o n g f o r c l o t h s .
T h e d em a n d fo r b o th
mean 86
mean 86 h o m e t r a d e a n d f o r e ig n m a r k e t s is g o o d . W e g i v e p r ic e s
mean 87 f o r t o - d a y a n d le a v e th o s e f o r p r e v io u s w e e k s o f tin s a n d
mean 87
> ^ c -l
v
— -mean 85
mean 85
mean 85
1920.
1921.
mean 85
814 lbs. Shirt- C o t' H
mean 85
SLC lbs. sh irt - Cot ’ n
Ings, Common M i d .
mean 85
325 Cop
ings. Common M id.
32s Cod
Coi s
to Finest.
moan 80
Twist.
U pl's
to F in e st.
T w ist.
mean 81
s . d. 1 (L
mean 83 M a y d.
a
d. s. d.
s. d. d.
d. s. d.
26.40
mean 83
42 6 @ 46 0
76
7.48 55
@ 17 0
@
@
13 16?1
1 9 H 16 0
26.14
mean 82
42 0 @ 4c 6
76
7.42 53 t9 @
19 H 16 0 @ 1 7 0
@
20 I Q U
26.10
mean 83
76
IS 0 @ 4 c 6
7.62 53 >9 @
16 0 @ 1 7 0
19
27
mean 83 June 16H
27 SO
mean 81
41 6 @ 45 6
76
7.47 53
@
@
1912 16 0 @ 1 7 0
3 16 H
27.86
mean —
41 6 @ to 6
76
7.75 53
@
@
19 V 16 0 @ 17 0
10 16 H
26.0 t
to 0
mean 82
41 10
75
7.47 52
@
19 >9 16 0 @ 1 7 0
17 It) H @
a 0
26
mean 81
40 6
74
7.00! 50
@
19 H 16 0 @ 1 7 0
24 16 H
@
mean 80 J u ly
25 61
mean 82
74
40 6 v 14 0
(ft
7.2 5,50
15 9 @ 1 7 3
19
1 17
@
t^ 0
2 5 ,1
40 0
mean 84
0 (ft 74
7.8 l
(ft 19 L 15 9 (a 17 3
s 17 X
mean 85

9 1921.]

J u i .y

THE CHRONICLE

S H I P P I N G N E W S . — A s s h o w n o n a p r e v i o u s pa ge p the
e x p o r t s o f c o t t o n f r o m t h e U n it e d S t a t e s th e p a s t w e e k have
r e a c h e d 1 3 7 ,0 1 7 b a le s .
T h e s h ip m e n t s in d e t a il a s made
u p f r o m m a il a n d t e l e g r a p h ic r e t u r n s , a r e a s f o l l o w s :
T o ta l Sales.

N E W Y O R K T o Piraeus J u ly ] -R iv e r Orontou, 100.
1
00
G A L V E S T O N - T o Manchester— July 2— Ascuncion do Land naira,
5,877 _______ _______________________________________________
5,877
T o Havre— June 30— Steadfast, 11,487___'____________________ 11,487
T o Bremen— June 30— Saco, 8,309_ July 2— Waxahachie,
_
18,799

T o Hamburg— June 30— Saco, 100
July 2— Fourth Ala
bama, 1 7 2 __________________________________________________
272
T o Rotterdam— June 30— Saco, 100
July 2— Fourth Ala
bama, 1,550________________________________________________
1,650
T o Antwerp— June 30— Steadfast, 900________________________
900
T o Ghent—-June 30— Steadfast, 1,450_________________________ 1,450
T o Japan— Jun o30— KeifultuMarti, 10,735
July 2— T oyloka
M aru, 13,800
July 7— Tsurugisah Marti, 3,000___________ 27,535
H O U STO N — T o Bremen— July 2— C ity of Lordsburg, 9,458___
July S— Houston, 10,570___________________________________ 20,034
N E W O RLEA N S— T o Liverpool— July 8-- Nubian, 117
_
_
117
T o Havre— July 1— Schoodic, 1,552; Virginia, 1,067__ .
2,619
T o Bremen— July 1— Ashworth, 2 ,i0 3 ...J u ly 2— La Perfuse,
5,214: Virginie, 1,083________________________________________
8,400
T o Rotterdam— July 2— Sagauche, 335________________________
335
T o Antwerp— July 1— Schoodic, 198___July 6— Lieut. Joan
Laurent, 100________________________________________________
298
T o Barcelona— July 2— Condo W ilfredo, 100__________________
100
T o Moxico—-July 1— Santiago, 1,500__________________________
1 ,5 0 0
M O B IL E — To Bremen— June 30— Seelconk, 2,342_________________ 2,342
SAVAN N AH — T o Bremen— July 6— W alden, 6,723_______________
6,723
T o Hamburg— July 6— W alden, 68___________________________
68
T o Barcelona— July 1—O asy, 6,077___________________________
6,077
T o Japan— July 2— Amazon M aru, 4,389_____________________
4,389
T o China— July 2— Amazon M aru, 600________________________
600
C H A R LE STO N — T o Liverpool— July 7— W ekika, 7,765_________
7,765
N O R F O L K — T o Liverpool— July 5— Ala, 650_____________________
650
T o Bremen— July 2— Algic, 4,285_______________
4,285
T o Rotterdam— June 7— Soestdijk.1200 ________
200
T o Antwerp— June 21— Mississippi, 450__________________I _I I
450
BOSTON— T o Hamburg— June 28— Deranof, 310_________________
310
SAN FR A N C ISC O — T o Japan— .1uly 2— Taiyo M aru, 1,425______
1,425
P O R T L A N D , O R E .— T o China— July 2— W est Kader, 260______
260
T o ta l

137,017

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great
Ger- — Olh.Europe—
China &
France. m a n y. N orth. South. Jaapn. M ex'
N ew Y o r k ___
__
iss - 100
G a lv eston ____ 5,S77 11,487 19,071 4.0 00
27,535
H o u s to n _____
____ 20,034
N ew O rleans. 'il7
2,619 8,400
633
100
1 .500
M o b i l e _______
_______
2,342
S a v a n n a h ____
6,791
6,077 4,389
600
C h a rleston ___ 7,76.5
___
N o r fo lk _______
650
4,285
650
B o s t o n _______
_______
310
San F ra n cisco.
_______
_
_
B___
1,425
P ortla n d , O re.
—
—
260
—
H—
14,106 61,233

5,283

6,277 33,349

Total.
100
67.970
20.034
13,369
2.342
17,857
7,765
5,585
310
1,425
260

2,360 137,017

LIVERPOOL.—By cable from Liverpool we have the fol
owing st -tement of the week’s sales, stocks, &c., at that port
_ ,
„ ,
June 17. June 24.
July 1.
July 8.
Sales o f the w ee r ___
________
17 000
14.000
2 9 ,0 0 0 '
40.000
____
12,000
O f w h ich A m erica
11.000
24,000
33,000
A ctu a l e x p o r t___________
1,000
7,000
6,000
5,000
F o rw a rd e d ________ __
.
. . .
13 000
12.000
18.000
29,000
T o ta l s t o c k ----------------------------- 1 I I I , 081,’000 1,089,000 1.100.000 1.117,000
O f w h ich A m e rica n _____________ 679,000
689.000
700,000
711,000
T o ta l im p orts____________________
86,000
25.000
34,000
51.000
O f w hich A m e rica n _____________
68.000
21.000
30,000
35,000
A m ou n t a flo a t____________________
1 4 3 000
176.000
177,000
_______
O f w h ich A m e rica n _____________ 100,000
129.000
129,000
_______

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M .

Saturday.

M fd.Upl’ds

F v l u ’ es.

Market.
4
P -M .

Tuesday.
Quiet.

Wednesday. Thursday.
More
demand.

Hardening
tendency.

Friday.
Good
business
doing.

7.49

Sale.!_____ HOLIDAY
Market
opened

Monday.
More
demand.

f
{
1

7.56

7.64

7.62

7.84

6,000

4,000

5,000

6,000

10,000

Steady,
16 © 20 pts,
advance.

J
(

Quiet,
1 @ 4 pts.
advance.

Seady,
Steady,
13@2,3 pts. 1@ 15 pts.
advance.
advance.

1

Quiet, 1 pt. Quiet, 1 pt.
Quiet,
dec. to
dec. to
1 pt. dec. to
1 pt. adv. 4 pts. adv. 2 pts. adv.
Quiet,
7@ 10 pts.
decline.

Steady,
Steady,
6 © llp ts. 11@14 pts.
advance.
advance.

The prices of futures at Liverpool for each day are given
below:
S a t.
J u ly 2
to
J u ly 8.

M on.

!

1234 12 K 1234

d.

July..................

’u i

October
November
December___
January
i ebruary
March________

n o r .:

DA A.

7.90
8.05
8.17
8.3 0
8.381
8.40|
8.51
8 . 55

A prfl _______

d.
7 .9 1
8 .0 3
8 .1 6
8 .2 -,
8 .3 6
8 .4 2
8 .4 7
8 .5 2
8 .5 8

8.63
8 .7 4

Jury:

W ed.

4 12H
p . m . p. m . p . m
1234 L

P. m

Autsufit . _____

T u es.

8 .6 8
8 .7 2

d.

d.

8 .0 4 7 .9 9
8 . 2 0 8 .1 4
8 .2 !) 8 .2 3
8 . 3 9 8 .3 3
8 . 4 5 8 .3 9
8 .5 2 8 .4 6
8 .5 6 8 . 4 9
8 .6 1 8 .5 5
8 .6 7 8 .5 9
8 .7 1 8 .0 3
8 -7 5 8 .0 7
8 .7 9 8 .7 1

4
p. m

d.
7 .9 6
8 .U .

T h u rs.

F r i.

1234

4
1234 4
p. m . p. m . p. m . p. m .

a.

7 .9 7
8 .1 2
8.22 8 .2 ).
8 .3 1 8 . 3 3
8 .3 6 8 .3 8
8 13 8 . 4 5
8 .4 6 8 .4 9
8 .5 1 8 .5 4
8 . 5 7 8 .6 0
8 .6 1 8 .6 4
8 . 6 5 8 .6 8
8 . 6 9 8 .7 2

d.

a.

d.

8 .0 3
8 .1 7
8 .2 8
8 .3 o
8 .4 5
8 .5 3
8 .5 7
8 .6 2
8 .6 8
8 .7 1
8.751
8.791

8 .1 4
8 .2 6
8 .3 7
8 .4 8
8 .0 4
8 .6 1
8 .6 0
8 .7 0
8 .7 6
8 .3 0
8 .8 4
8 .8 8

8 .1 7
8 .2 9
8 .4 2
8 .5 2
8 .5 8
8 .6 5
8 .7 0
8 .7 5
8 .8 1
8 .8 3
8 .8 8
8 .9 0

BREADSTU FFS

...

.

,

Friday Night, .July 8 1921.

r lour has been more or loss irregular, owing to the volatile
fluctuations m wheat. A t one time flour was weak when
/ Hu . (\ (‘\in(‘(l. Later it became a little m ore steady when
<
wlK;at rallied. ^Spring wheat mills on the whole have
eV-'i’ rn',r" mcI,r,,:fJ to *t,and their ground than recently,
inneajiob : mills are getting orders from other points than
<:w York. Home of the mills are said to bo not over

H)7

anxious for further orders for prompt shipment. Be: ides,
1lie Northwestern mills have t o pay big premiums on high
grade milling wheat. That of itself makes them cautious
about following any downward trend. On the other hand,
winter wheat flour has been more or le s s depressed at times
by increasing offerings of new crop product. Export
demand has not been brisk; far from it. Foreign buyers
seem disposed to await offerings of new wheat. Besides,
the fact that on the 5th inst. cash prices broke sharply,
including I) cents at Minneapolis, did not escape their observa
tion. New crop winter wheat flour lias been offered here more
freely. This made for all the greater irregularity of prices.
Wheal, declined early in the week on Western rains and
then fluctuated sharply. On the 6th inst. there were big
swings which at one time put prices 4 cents higher than on
the previous day. Export sales were estimated at 2,500,000
bales, largely to go to Hamburg, Germany, from North
Atlantic and Gulf ports for all July and August shipments.
Premiums at the Gulf were stronger. Atlantic No. 2 red
for the last half of July was quoted at 18 cents over Chicago
July, No. 2 hard at 25 cents over Chicago July, and No. 2
durum at 15 cents over. No. 1 Manitoba, American
price, was at that time 61 cents over July, No. 2 Mani
toba 59 cents over; Montreal No. 1 Manitoba, American
funds, 58 cents over July, and No. 2 Manitoba 56 cents
over. Wheat via the Gulf for the first half of July was 17
cents over July; last half 12 cents over July. For the first
half of August it was 10 cents over July; last half of August
9 cents over. On the 6th inst. Buenos Aires opened 1 to
2 cents lower; August, $1 46. The cause of the early fall in
prices this week was the breaking of the drought in the
spring wheat region, and also cooler weather in that secion.
In parts of the West it has been as high as 110 degrees, but
in some sections there was a fall of 30 to 40 degrees. Rains
covered the American spring wheat States and also the
Canadian Northwest. Winnipeg fell 5 to 7 cents last Mon
day. The Canadian crop, it is said, will be 300,000,000
bushels, against 233,000,000 last year. Belgium was said
to be buying in Argentina. Also the drought in Great
Britain and France was reported to have been relieved.
The French crop will be short, however. On the other
hand, exporters bought more freely in this country on the
drop. The visible supply in the United States fell off last
week 1,999,000 bushels, against a decrease in the same week
last year of 4,236,000 bushels. This brought the total down
to 8,061,000 bushels, against 19,799,000 a year ago. Farm
reserves in this country are put at 82,000,000 bushels,
against 101,000,000 a year ago.
Despite criticism of the measure by Secretary Hoove: and
other Government officials, Senator Norris intends to force
early consideration in the Senate of his bill creating a $100,000,000 corporation to aid in the exportation.of farm prod
ucts. Secretary of Agriculture Wallace has told the House
Committee on Agriculture that he does not feel justified in
changing Federal grades on spring wheat. The serious
state of England’s finances was emphasized in the House of
Commons Monday, when Sir Arthur Griffith-Boscawen,
President of the Board of Agriculture, and Sir Robert Horne,
Chancellor of the Exchequer, admitted the impossibility of
continuing the agricultural subsidy. It guaranteed minimum
prices to the farmer for his produce, and was estimated to
entail a subsidy amounting to from £20,000,000 to £30,000,000 yearly.
In Germany the outlook is described as favorable, but
heat is needed to mature the crop. In Italy harvest returns
are generally satisfactory. In Spain and North Africa
crops are in good condition. In Hungary harvesting is
progressing favorably. In the Balkans the outlook is good,
although the shortness of the wheat acreage is emphasized.
In Czeeho-Slovakia medium crops are expected. In the
northern part of India the monsoon is better, but in the
West continues unfavorable. In Australia severe storms
have occured. A French Government report under date of
June 1st shows the average crop condition is about 11%
poorer than that of 1920. The first vessel ever loaded in
Australia with a cargo of wheat in bulk recently took in a
load of 4,500 tons at Sydney and was dispatched to the
United Kingdom for orders. Australian wheat growers
have long been interested in the bulk handling of wheat.
The first shipment of wheat in bulk is largely experimental
and it will be the only shipment made until the results are
known.
Of late wheat has advanced 3 to 5c. on unfavorable crop
reports from North Dakota with black rust in Manitoba and
Saskatchewan. On much acreage in North Dakota the crop
it is asserted, lias been almost entirely destroyed by drought,
and in some parts of the State the quality, it seems, has been
injured. Some reports, too, give disappointing threshing
returns from Ohio, *Indiana, Illinois, Iowa and Missouri.
But some are not convinced that any serious damage has
been done. Winnipeg reports, moreover, that in 1915 the
“ Northwestern Grain Dealers” figures show that 376,448,000
bushels of wheat were raised on 12,540,000 acres, and that
this year the acreage is over 18,000,000. Moreover, the
Cappa-Tincher anti-option bill has been favorably reported
by the Senate Agricultural Committee. To-day prices
advanced, and they are about unchanged for the week.
D A IL Y
N o . 2 red

C L O S IN G

P R IC E S

O F W H E A T I N NF.W Y O R K .
Sat. Man. Tues. W ed. Thins.
Fri.
-H o lid a y s - 141
13 1 W 135
MlA

198

THE CHRONICLE

D A IL Y CLOSING PRICES OF W HEAT FUTURES IN
S a t.

July delivery________________ cts. HoliSeptember delivery_________ ____day.
December delivery-------------- ___

M o n , T u es.

W ed .

C M ICAGO.
T h u r s . F r i.

Holi- 117% 117 % 120>a 122 %
day. 115% 116% 121 % 120%
ll&H 118*1 123 % 124 H

I n d ia n c o r n d e c lin e d e a r ly in t h e w e e k w it h w h e a t a n d a ls o
b e c a u s e o f fu r t h e r r a in s o v e r m u c h o f t h e b e lt .
W i t h th e
c r o p o u t l o o k f a v o r a b le a n d s t o c k s la r g e t h e s e n t im e n t h a s
b e e n , o n th e w h o le , r a t h e r b e a r is h .
B e s id e s , e x p o r t d e m a n d
h a s b e e n lig h t .
O n th e 5 t h in s t . 1 5 0 ,0 0 0 b u s h e ls w e r e t a k e n
f o r e x p o r t , a n d o n th e 6 t h i n s t . 1 0 0 ,0 0 0 b u s h e ls .
M ost of
th e b u s in e s s w a s in o n e a n d t w o lo a d lo t s .
T h e r e is a s t e a d y
b u t n o t im p r e s s iv e d e m a n d f r o m f o r e ig n m a r k e t s .
N ew
Y o r k N o . 2 c o r n , fir s t h a l f o f J u l y s h ip m e n t ,w a s q u o t e d o n
th e 6 t h in s t . a t 15 c e n t s o v e r J u l y .
T h e v i s i b l e s u p p l y la s t
w e e k fe ll o f f 5 6 3 ,0 0 0 b u s h e ls , a s a g a in s t a n in c r e a s e in th e
s a m e w e e k la st y e a r o f 0 9 2 ,0 0 0 b u s h e ls .
T h is m a k es a t o t a l
o f 2 4 ,2 6 2 ,0 0 0 b u s h e ls , a g a in s t 4 ,3 6 4 ,0 0 0 b u s h e ls a y e a r a g o .
A b o u t th e o n l y b u ll p o i n t in t h e s i t u a t io n , in t h e o p i n i o n o f
m o s t o p e r a t o r s , is t h e r e la t iv e c h e a p n e s s o f th e p r ic e .
S till
t h e s h o r t in t e r e s t is b e l ie v e d t o h e r a t h e r la r g e .
A n d on
t h a t a c c o u n t n o t a fe w a re i n c lin e d t o g o s lo w o n t h e s e llin g
s id e .
L a t e r , p r ic e s a d v a n c e d o n c o n t i n u e d d r y w e a th e r .
T o d a y p r ic e s w e r e u n c h a n g e d o n S e p t e m b e r a n d
h ig h e r
o n J u ly .
H o w e v e r , t h e y a re lo w e r f o r t h e w e e k .
D A IL Y CLOSING PRICES OF CORN IN NEW Y O R K .
S a t.
M o n . T u es. W ed .
T h u rs.
F r i.
N o. 2 yellow _________________ cts_ —
Holidays— 79 % 79 hi 81%
77%
D A IL Y CLOSING PRICES OF CORN FUTURES IN CH ICAGO .
S a t.

M on.

T u es.

W ed .

T h u rs.

F r i.

July delivery_________________ cts. Holi- Holi- 58% 59% 61 %
61%
September delivery_____________ _ day. day. 58 % 59% 60 % 60 %
58
56 % 61% 69 %
December delivery_______________
O a t s , lik e a ll o t h e r g r a in d e c lin e d e a r ly in th e w e e k .
T hey
w e r e a f f e c t e d a ls o b y t h e r a in s a n d c o o l e r w e a t h e r a t th e
W est.
B e s id e s t h e c a s h d e m a n d w a s p o o r .
A ll t h is , w it h
t h e la r g e n e s s o f th e s u p p l y m a k e s it n o d i f f i c u l t m a t t e r t o
u n d e r s ta n d w h y so m a n y e y e th e o a ts m a rk et a sk a n ce a n d
h e s it a t e t o t r y t h e lo n g s id e e v e n a t t h e p r e s e n t r e la t iv e ly
lo w p r ic e s .
L a s t w e e k th e v is ib le s u p p l y in c r e a s e d 9 1 4 ,0 0 0
b u s h e ls , s h o w in g t h a t it n e v e r r a in s b u t it p o u r s .
F o r la s t
y e a r in th e s a m e w e e k th e r e w a s a d e c r e a s e o f 9 5 0 ,0 0 0
b u s h e ls .
A n d t h e t o t a l is n o w 3 4 ,4 0 1 ,0 0 0 b u s h e ls a g a in s t
3 ,6 2 3 ,0 0 0 b u s h e ls a y e a r a g o .
S e p t e m b e r o a t s s o ld o n th e
5 t h in s t . a t t h e l o w e s t p r i c e th is s e a s o n .
T h e m a rk et has
l a c k e d fe a t u r e s o f d i s t i n c t i v e in t e r e s t .
W i t h lit t le o r n o
d o m e s t i c d e m a n d n o c a ll f r o m e x p o r t e r s a n d v e r y lit t le s p e c 
u la t io n o a t s as a m a r k e t h a v e n o i n it ia t iv e .
T h e y s im p ly
f o l l o w t h e c u r r e n t o f o t h e r g r a in .
Y e t s h o r t s e llin g is m o r e
c a u t i o u s a s th e c r o p h a s b e e n d a m a g e d .
B e s id e s s e llin g th e
t a il e n d o f a b i d c r o p is p r o v e r b i a l l y d e c la r e d t o b e d a n g e r o u s .
L a t e r p r ic e s a d v a n c e d o n p o o r c r o p r e p o r t s .
T h ey spoke of
in f e r io r
q u a lity .
C o m m is s io n
h ou ses
b ou g h t.
T o -d a y
p r ic e s a d v a n c e d s lig h t ly a n d s h o w lit t le c h a n g e f o r t h e w e e k .
D A IL Y CLOSING PRICES OF OATS IN NEW Y O R K .
S a t.

M on.

T u es.

W ed .

T h u rs.

F r i.

N o. 1 white___________________cts. Iloli- H oli- 46
45% 47% 47%
N o. 2 w h ite ______________________ day.
day. 46
46% 47% 47%
D A IL Y CLOSING PRICES OF OATS FUTURES IN C H ICAGO .
S a t.

M on.

T u es.
34 %

W ed . T h u rs.

S a t.

M on.

T u es.

W ed .

T h u rs.

F r i.

July delivery_________________ cts. Holi- H oli- 113% 114% 117% 119%
September delivery----------------------- day. day. 102
103% 106% 108

T h e f o l l o w i n g a re c lo s in g q u o t a t i o n s :
G R A IN .
Oats—
Wheat—
N o. 2 r e d ________ SI 42%
47%
N o. 1 ------------------------------N o. 2 white_______________
47%
N o. 1 spring______
Nominal
N o. 3 white______________
Corn—
46%
Barley—
N o. 2 yellow______
SO.77%
F eed ing--------------------------- 70@75
Rye—
M a ltin g------------------------- 77 @81
N o. 2
1.36
FLOUR.
Spring patents______ $8 25@ $ 5 75 Barley goods— Portage barley:
Winter straights, soft 6 00 ® 6 7 5
N o. 1 ______________ $6 50
Hard winter straights 7 25 @ 8 00
N os. 2 .3 and 4 pearl 6 7 5
Nos. 2-0 and 3-0___ 6 40® 6 50
C le a r_______________ 7 2 5® 7 75
Rye flour____________ 7 25® S 25| Nos. 4-0 and 5-0_
_
6 75
Oats goods— Carload
Corn goods, 100 lbs.:
Yellow meal______ 1 95® 2 10
spot deliveiT______ 5 85 @ 6 05
Corn flour________
2 05 @ 2 25
W E A T H E R B U L L E T IN F O R T H E W E E K E N D IN G
J U L Y 5 . — T h e g e n e r a l s u m m a r y o f t h e w e a t h e r b u lle t in
is s u e d b y t h e D e p a r t m e n t o f A g r ic u l t u r e , in d i c a t i n g th e
in flu e n c e s o f th e w e a t h e r f o r t h e w e e k e n d in g J u ly 5 , is
as fo llo w s :

113

COTTON -Conditions were generally favorable for growth and cotton
made fair to very good advance in most sections o f the belt
The crop is
in good condition in Oklahoma, except that weevil are numerous in the
southern counties, and growth was favorably affected in Texas and Arkansas
There is still complaint of rank growth and rather poor fruiting in Texas,
while the condition of the crop varies greatly in Arkansas, ranging from
poor to very good
Fair progress was reported from Tennessee and Missis
sippi and some improvement from Alabama; progress very good in Georgia,
while the plants are still small they are fruiting well and the fields are
well cultivated
The crop is doing fairly well in North Carolina, while
the growth and general conditions were reported as fair to very good in
South Carolina where the early plants arc blooming freely. Weevil con
ti ties very active, however, with considerable damage reported from many
1 alities, although their activities have somewhat abated in Arkansas.
COR N
Moisture conditions were favorable in most of the corn growing
areas, although still dry in many sections
The moisture conditions
together with high temperatures, had a very good effect on corn, and this
crop made excellent progress and is mostly in satisfactory condition
Rain
fall in the Atlantic section was very beneficial
More rain is needed locally,
however, in parts o f the Ohio valley and Tennessee, in the upper and
ower Mississippi valley as well as in parts o f the Southeastern States
W IN T E R W HEAT -T h e harvest o f winter wheat progressed during
the week well to the Northern districts of the country under generally
favorable, conditions
Threshing progressed satisfactorily in the central
winter wheat belt, but the yield is disappointing in many localities, patricularly in the extreme lower Missouri and parts of the Ohio Valley.
SPRING W H E A T —Unseasonably warm weather continued in the
spring wheat belt during much o f the week and further damage was done
the crop, although the rainfall in the weastern portion of the belt the latter
part o f the week will be beneficial.
A G R IC U L T U R A L D E P A R T M E N T ’S R E P O R T
ON
C E R E A L S , & c .— T h e r e p o r t o f th e D e p a r tm e n t o f A g r i
c u l t u r e , s h o w in g t h e c o n d i t i o n o f t h e c e r e a l c r o p s o n J u l y 1,
w a s is s u e d o n th e 8 th i n s t ., a n d is as fo llo w s :
The Crop Reporting Board of the Bureau of Crop Estimates makes the
following estimates from reports of its correspondents and agents:
The condition of corn on July 1 last is placed at 91.1, compared with
84.6 on July 1 1920 and 83.7 the July 1 10-year average. The indicated
yield is 3,123,000,000 bushels. The December 1920 estimate was 3,232,000,000 bushels. The acreage in 1921 is estimated at 108,901,000 acres.
The condition of winter wheat on July 1 last is placed at 77.2, against 77.9
on June 1 1921, 79.7 on July 1 1920, and 81.0 the July 1 10-year average.
The indicated prodution this year is placed at 574,000,000 bushels.
The
December 1920 estimate was 578,000,000 bushels.
The condition of spring wheat on July 1 last is placed at 80.8, against
93.4 on June i 1921,88.0 on July 1 1920 and 85.0 the July 1 10-year average.
The indicated yield is placed at 235,000,000 bushels. The final estimate
in 1920 was 209,000,000 bushels.
The condition of all wheat on July 1 last is placed at 78.2, against 82.0
on June 1 1921, 82.5 on July 1 1920, and 82.5 the July 1 10-year average.
The indicated production this year is placed at 809,000.000 bushels. The
December 1920 estimate was 787,000,000 bushels.
The amount of wheat remaining on farms July 1 is estimated at 6.9%
of last year's crop, or about 54,435,000 bushels, as compared with 47,620,000
bushels on July 1 1920 and 29,328,000 bushels, the average of stocks on
July 1 for five years, 1915-1919.
The condition of oats on July 1 last was 77.6, against 85.7 on June 1
1921, 84.7 on July 1 1920, and 84.6 the July 1 10-year average. The indi
cated yield this year is placed at 1,329.000,000 bushels. The final esti
mate in 1920 was 1,526,000,000 bushels.
The condition of barley on July 1 last was 81.4, against 87.1 on June 1
1921, 87.6 on July 1 1920 and 85.7 the July 1 10-year average. The indi
cated yield this year is placed at 184,000,000 bushels. The final estimate
in 1920 was 202,000,000 bushels.
The condition of rye on July 1 was 86.9, against 90.3 on June 1 1921,
83.5 on July 1 1920 and 86.3 the July 1 10-year average. The indicated
yield this year is placed at 70,000,000 bushels.
T h e s t a t e m e n t o f th e m o v e m e n t o f b r e a d s t u f f s t o m a r k e t
i n d i c a t e d b e l o w a re p r e p a r e d b y u s f r o m fig u r e s c o l l e c t e d b y
th e N e w Y o r k P ro d u c e E x ch a n g e .
T h e r e c e ip t s a t W e s t e r n
la k e a n d r i v e r p o r t s f o r t h e w e e k e n d in g la s t S a t u r d a y a n d
s in c e A u g . 1 f o r e a c h o f t h e la s t th r e e y e a r s h a v e b e e n :
R eceipts at—

F r i.

July delivery_________________ cts. Holi- Holi34% 35% 36
September delivery_______________ day.
day. 36% 37% 38% 3 8 %
December delivery_______________
38 % 39 % 40 % 40 %
R y e b r o k e w it h o t h e r g r a in , a f f e c t e d b y th e ra in s a n d lo w e r
t e m p e r a t u r e s , h e a v y lo n g li q u i d a t i o n , d u ln e s s o f t h e e x p o r t
t r a d e a n d a la c k o f b u y i n g p o w e r in th e s p e c u la t io n a s w e ll
a s in t h e m o r e le g it im a t e s e c t io n o f th e m a r k e t .
A ca rg o fo r
S e p t e m b e r s h ip m e n t w a s s o ld o n t h e 5 t h in s t . a n d a lit t le
e x p o r t t r a d e w a s d o n e o n th e 6 t h .
A ls o th e r e w a s s a id t o b e
a p r e t t y g o o d in q u ir y f r o m G e r m a n y o n a 9 0 - d a y c r e d it
b a s is .
B u t a c t u a l b u s in e s s w a s a n o t h e r m a t t e r .
N ew
Y o r k N o . 2 r y e o n th e 6 t h in s t . w a s q u o t e d a t 2 3 c e n t s o v e r
J u ly .
T h e v is ib le s u p p ly la s t w e e k d e c r e a s e d 1 1 4 ,0 0 0 b u s h 
e ls , a s a g a in s t a f a llin g o f f in th e s a m e w e e k la s t y e a r o f 1 ,9 1 2 ,0 0 0 b u s h e ls .
T h e t o t a l is n o w o n l y 5 8 7 ,0 0 0 b u s h e ls , a g a in s t
4 ,4 2 3 ,0 0 0 b u s h e ls a y e a r a g o .
S u c h f ig u r e s m ig h t h a v e a
c e r t a in e f f e c t , b u t f o r t h e f a c t t h a t a n o t h e r c r o p is n e a r a t
hand.
L a t e r 2 5 0 ,0 0 0 b u s h e ls w e r e t a k e n f o r e x p o r t .
L a te r
p r ic e s a d v a n c e d 3 c . a n d 2 5 0 ,0 0 0 b u s h e ls s o ld f o r e x p o r t ; it
w a s n e w c r o p f o r S e p t e m b e r s h ip m e n t .
T o - d a y p r ic e s a d 
v a n c e d iy± t o 1 3 ^ c .
F o r t h e w e e k t h e y a re 1]^ h ig h e r o n
J u ly a n d
lo w e r o n S e p t e m b e r .
D A IL Y CLOSING PRICES OF R YE FUTURES IN C H ICAGO .

[ V ol.

F lo u r.

W h e a t.

j

Oats.

C orn.

R ye.

B arley.

b b lsA M lb s. bush. 6 0 lbs. bush. 5 6 lbs. bush. 3 2 lb s . bush A S lb s. b ush.56lbs.
C h ic a g o ___
M in n e a p o lis . _
D u lu t h _ . _ _
M ilw a u k e e ___

1 6 3 .0 0 0
2 5 ,0 0 0

S t . L o u is _____
P e o r ia -------------K an sas p i t y . .
O m a h a ________
I n d i a n a p o lis .,

9 2 .0 0 0
3 5 .0 0 0

—

----3 1 5 .0 0 0
2 8 6 .0 0 0
1 6 4 ,0 0 0

T o t a l w k . ’ 21
S a m e w k . ’ 20
S a m e w k . ’ 19

2 9 3 .0 0 0
9 6 .0 0 0
6 5 1 .0 0 0
1 ,7 8 8 ,0 0 0
4 3 .0 0 0
2 2 .0 0 0
4 2 0 .0 0 0
6 ,0 0 0
1 ,3 7 1 .0 C 0
2 5 8 .0 0 0
2 0 ,0 0 0

2 ,7 8 8 .0 0 0
8 6 5 .0 0 0
7 1 .0 0 1
2 0 8 ,00C
6 3 .0 0 0
1 0 .0 0 0
2 4 8 .0 0 0
2 0 7 .0 0 0
3 8 1 .0 0 0
2 1 9 .0 0 0
2 2 5 .0 0 0

1 .6 7 5 .0 1 0
3 3 0 ,0 0 0
5 0 .0 0 0
3 7 2 .0 0 0
1 1 2 .0 0 0
4 2 .0 0 0
2 7 0 .0 0 0
9 4 .0 0 0
1 0 4 .0 0 0
2 1 2 ,0 0 0
1 2 4 .0 0 0

1 1 6 .0 0 0
2 1 2 ,0 0 0
1 4 0 ,0 0 0
3 1 0 ,0 0 0

2 6 ,0 0 0
2 S .0 0 0
1 1 5 ,0 0 0
9 0 .0 0 C

1 9 ,0 0 0
S .0 0 0

l.CiO

4 .9 6 8 .0 0 0
3 .9 3 2 .0 0 0
9 2 6 ,0 0 0

5 .4 8 5 .0 0 0
6 .1 1 7 .0 0 0
2 4 ,0 5 1 ,0 0 0

3 .3 8 5 .0 0 0
3 .1 0 4 .0 0 0
3 .2 8 9 .0 0 0

5 0 5 .0 0 0
5 5 5 .0 0 0
1 ,9 8 0 ,0 0 0

-----2 6 0 ,0 0 0
5 7 5 .( 0 0
4 4 1 ,0 0 0

S in ce A u g . 1—
1 9 2 0 -2 1 ____ 2 4 ,9 6 5 .0 0 0 3 3 7 .4 1 9 .0 0 0 1 4 1 .5 0 4 .0 0 0 2 1 7 .0 6 8 ,( 0 0 2 8 .4 3 4 .0 0 0 1 8 .7 4 8 .0 0 0
1 9 1 9 -2 0 _____ L8,8 4 5 ,0 0 0 4 1 9 .6 4 1 .0 0 0 2 0 5 .3 0 5 .0 0 0 2 0 0 .4 0 5 .0 0 0 3 1 .7 2 6 .0 0 0 3 5 .4 4 3 .0 0 0
1 9 1 8 -1 9 _____ 1 5.S 9 9.00 C 4 0 1 .7 4 9 .0 0 0 2 2 0 .4 1 6 .0 0 0 2 7 8 .2 0 2 .0 0 0 9 3 .0 4 9 .0 0 0 3 8 .3 3 5 .0 0 0

T o t a l r e c e ip t s o f f l o u r a n d g r a in a t t h e s e a b o a r d p o r t s f o r
t h e w e e k e n d e d J u l y 2 1 9 2 1 f o l l o w :______________________________
F lou r.

W h ea t.

C orn.

Oats.

B arley.

R ye.

B a rrels.

B u sh els.

Bushels.

B ushels.

B ushels.

B u sh els.

R eceip ts at—

New York__
Philadelphia. _
Baltimore___
Newport News
New Orleans.*
Galveston___
Montreal___
Boston __ __

270,000
42.000
21.000
3,000
60,000
69.000
14.000

300.000
319.000
435.000

341.000
97.000
47.000

358,000
66.000
5,000

1,010,000
1.215.000
1.339.000

115,000

30,000

1,371.000
1,000

845,000
21,000

28,000

4,000

23.000

142,000

..........
143,000

—

75,0(0

194,000
226.000
Total wk. ’21
479,000 4,618,000 1.972,000 1,325.000
Since Jan.1’21 12,268,000 101.787,000 42,697,000 24,777,000 8,483.000 12.567.000
154,000
943,000
854,000
ISO,000
SOS, 000 4,394.000
Week 1920. _
Since Jan. 1*20 11.003.000 70.255,000 9,126.000 1,124,000 5,880,(00.28,787,000
* Receipts clo not include grain passing through New Orleans lor foreign ports
on th ro u g h b ills o f la d in g .

T h e e x p o rts fr o m th e sev era l s e a b o a rd p o r ts fo r th e w eek
e n d in g J u l y 2 a re s h o w n in t h e a n n e x e d s t a t e m e n t :
Exports from—
N e w Y o r k . --------B o s to n _ --------P h ilad elp h ia--------B a lt im o r e -_______
N ew port N e w s ..
N o w O r le a n s ------G a lv e s to n -------------M o n t r e a l -------------T o t a l w e e k ____
W o * k 19 0 _ _
_

Wheat,
Bushels.

Oats,
Flow',
Coni,
Bushels. Barrels. Bushels.

1,786*000
1 ,3 (3 ,0 0 0
917.000

Ou 110,
■

Peas,
Bl: \/} •

57.6S0

149,601
519.009
1 ,0 7 ,0 0 0

Rye,
Bushels.

10.06 '
25,000
i V s ’ ooo
356,000 27,000
8,000
143,000 1.33,000
4 8 5 .6 0

5,751,601 1,1 “ LOOP
3 .9 7 4 ' 0(
32.000

V0J

—

225,000

75.000
282,000 -----------

9,000

1 1.0 0 0

23,656 ! .288.000

2 6 .0 0 0 T'A.OtV

8 8 8 .0 0 0 188,680
00.160 M 7 2 .0 0 0
882 081 1 898 7 7 ' l e t . 121
07,855

-

9v>0
----------

J u ly

TH E CHRONICLE

9 1921.]

The destination of these exports for the week and since
July 1 1920 is as below :
Wheat.

Flour.
Exports for Week,
Since
Week
and Since
July 1
June 30
July 1 to—
1920.
1921.
Barrels.
United K ingdom . 46,642
225,533
.........
Continent
So. & Cent. Amor. 12,000
West Indies.
16,000
B rit.N o.A m .C ols.
285
Other Countries..

Week
June 30
1921.

Barrels.
4,408,072
7,203,079
1,152,421
931,031
1,255,640

T o t a l _________ 300,460 14,950,243
Total 1919-2C____ 6G7.855 22,005,420

Corn.

Since
July 1
> 1920.

Bushels.
Bushels.
995,000 100,566,093
4,616,601 235,638,101
(50,000
3,757,311
____
725,000

____

- .........

_____

5,099,300

Week
June 30
1021,

Since
July 1
1020.

Bushels. Bushels.
303,000 14,685,532
675X00 32,635,670
131,000 1,131,343
12,000 ! ,130,003
20,769
147,041

5,761,601 345,133,305 1,126.000 40,700,057
3,974,900 159,195,047
32,000 >
.930,5 1 ,

T h e w orld ’s shipment o f w heat and corn for the week
ending Ju ly 2 1921 and since July 1 1920 and 1919 arc
shown in the follow ing:
Corn.

Wheat.
Exports.

1920-1921.
Week
July 2.

Since
July 1.

1919-1920.
Since
July 1.

1920-1921.
Week
July 2.

Since
July 1.

1919-1920.
Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 9.520.000 444,799,000 321,779,000 1.644.000 53.413.000 2,818,000
Russ. & Dan.
330.000
1,032,000
399,000 15.428.000
Argentina_
_ 2.113.000 86.034.000 343,019.660 4.261.000 109,214,000 140,972,000
A ustralia_
_ 1.392.000 81.364.000 92.141.000
288,000
232.000 10.540.000
Oth. eountr's
1,911,000
230,000
5G0.0G0 5,837,000
1,750,000
T otal_____ 13,602.000 >23.999.000 359,138,000 6,804,000 183.S92.000 145,540.000

T h e visible supply of grain, com prising the stocks in
granary at principal points of accum ulation at lake and
seaboard ports Ju ly 2 1921 was as follow s:
U n ited S tates—
New Y ork _______________
B oston___________________
Philadelphia_____________
B altim ore_____ __________
Newport News___________
New Orleans_____________
Galveston_______________
B u ffa lo __________________
T oled o___________________
D e t r o it __________________
C hicago__________________
“
afloat___________
M ilw aukee______________
D u lu th __________________
M inneapolis_____________
St. Louts________________
Kansas C ity _____________
P e o ria ___________________
Indianapolis_____________
O m a h a __________________
On Lakes_______________
On Canal and R i v e r . . . __

G R A IN STOCKS.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
315,000
190,000
637,000
______
1,000
2,000
565,000
770.000
201,000
456,000
518,000
171,000
______
5,000
______
686,000
358,000
128X00
1,175,0-00
______
______
450,000 3,532,000 3,043.000
176,000
202.000
397,000
16,000
21,000
42,000
191,000 11,423,000 10,792,000
______
190,000
______
137,000
519,000
407,000
1,045,000
166,000 5,698,000
1,928.000
190.000 9,327,000
22,000
577,000
974,000
462,000
3,484.000
501.000
______
5,000
22.000
39,000
355,000
284,000
225,000
9S1.000 1.375,000
123,000
705,000
305,000
50,000
90,000
95,000

Rye,
Barley,
bush.
bush13,000
57,000
2,000
______
______
______
187,000
104,000
______
, _____ „
______
12,000
42,001
______
50,000
95,000
3,000
3,000
11,000
______
39,000
175,000
______
______
22,000
140,000
83,000
83,000
51,000
883,000
2,000
4,000
13,000
________
______
______
1,000
______
3S.000
12,000
30,000
______
______
____

Total July 2 1921____ 8,061X00 24.232.000 34,401,000
587.000 1,573,000
Totai June 25 1921____ 10,060,000 24,825,000 33,487,000
661.0C0 1,861,000
T otal July 3 1920____ 19,799.000 4,334.000 3.623.000 4,423,000 2,632,000
Total July 5 1919____ 6,708,000 3,799,000 19.055,000 9.014.010 10,807,000
Note.— Bonded grain not included above: Oats, 166,000 bushels New York; total,
166.000 bushel;, against 1,315,000 in 1920: and barley, New Y ork. 11,000 bushels;
Chicago. 88.000 bushels; Duluth, 2,000 bushels; total, 101X00 bushels, against 68.000
bushels in 1920.
C an ad ia n —
M ontreal_____________
1,284,000 1.245.00C 2.057.000
560.000
333,000
F t. William & P t. Arthur. 5,837,000
1,226,000
6.417.000
Other Canadian_________
198,000
143X00
1.277.000
Total .July
21921____ 7,319.000 1.245.000 9,751,000
Total June 25 1921_____8,314,000 1,550,000 10,643,000
Total July
31920___ 8,746,000
14,000 1.090.000
T otal July
51919___ 7.479,000
7,000 4,335,000
Sum m ary—
A m erica n _______________ 8,031.000 24,262.000 34.401.000
C an ad ian _________________ 7,319,000 1,245.000 0,751,000
Total
T otal
Total
T otal

July
2 1921___15,380,000 25,507,000 44,152,000
June 25 19 21.. 18.374,000 26,375,000 44.130,000
July
3 1920___28,545,000 4,378.010 4.713.000
July
5 1919___ 14,187,000 3,806,000 23,390,000

333.000
443,001
953,000
317,000

1,934.000
1.598.000
1,394X00
2,249,000

587.000
333.000

1,573,000
1,934,000

920.000 3.507,000
1.107,000 3,459,000
5.376,000 4,026.000
9,331,000 13,156.000

THE DRY GOODS TRADE.
Nevj York, Friday Night, July 8 1921.
M ore activity than fo r some time past has been apparent
in the markets since the b rief holiday. W ith the opening
o f Business on Tuesday fa irly slow, as is usual under such
conditions, inquiries and orders increased to such an extent
that at the close o f the week a fa ir volum e o f trade had
been transacted. All indications point to the opening o f
the spring 1922 season at an exceptionally early date, pos
sibly during the latter part o f the current month, and the
early opening is apparently at the demand o f the buyers,
who are insistent to see the new lines offered. In some
eases m anufacturers have goods already on display, though
they are in no hurry to accept business so fa r ahead. R e
port s from the entire country continue to show numerous
sales being conducted by dealers and retailers, which are
heinx carried out in a satisfactory manner and with a heavy
w orking off of reduced priced material. These goods are
largely composed of m erchandise that has shrunk greatly
in value while in stock ; and the e ffe c t o f its being re
priced for ales and fin a lly out o f the way is regarded
as a benefit to the trade. Although the reduced purchasing
pow er of the public has resulted in badly depleted production, retailer.- have also fell the strain, and are carrying
badiy spotted leeks, which they are expected to replenish

199

within the near future. These fa cts tend to throw an opti
mistic light on the opening o f the spring 1922 season, poin t
ing as they do to a stronger demand. One o f the features
o f the market at present is the continued demand fo r spot
and immediate deliveries, which continue to be received fo r
certain classes o f m aterials in seasonal goods.
D O M E STIC COTTON GOODS.— T he general conditions
surrounding the cotton trade appear to he improved, and
demand this week lias been stronger than lias been cus
tom ary recently. In some cases the m arket has even shown
signs o f strengthening, and there lias been a steady under
tone. The unfortunate featu re o f the trading during this
inter-seasonal period is the fa ct that certain classes o f ma
terials are still not experiencing any demand, w hile others
are being sought after. Until this condition rectifies itself
there can lie but slow return to the normal. The settlement
o f the British coal strike and the Governm ent report on the
condition o f the cotton crop in this country has had the e f
fect o f stim ulating demand. Certain m ills already have
orders on hand that w ill keep them busy fo r the n ext two
months, and while inquiries are increasing there is appar
ent a grow ing disposition to accept no m ore business fo r
future delivery at prevailing prices. T he gray goods d ivi
sion is quiet and steady. Ginghams, prints and percales are
still very much in demand fo r spot delivery, and m ore in
terest is being displayed in these classes ju st at present than
in any other. A price o f 6 % c fo r 3814-inch, 64 x 60’ s is
holding steady, and 39-inch, 68 x 72’ s is quoted at 7% e.
B uyers have expressed surprise at the fa c t that many o f
the m ills are sold well into the next two months, whereas
they had expected to place orders fo r prom pt handling w ith 
out d ifficu lty. Some sales o f 4-yard 80’ s have been effected
on the basis o f 1014c. Sheetings have been prom inent dur
ing the week with the announcem ent o f the sale o f large lots
fo r export. The bulk o f these export sales consisted o f
3-yard sheeting, and China has figu red as the heaviest
buyer. This export increase has been beneficial to the
sheeting houses, and several o f them report su fficien t busi
ness o f this kind on hand to enable them to run until Sep
tember. Fine goods generally are very quiet, though there
is still some activity noted on the part o f converters. Ducks
and heavy drills continue to be in very light demand.
W OOLEN GOODS.— The dress goods division o f the trade
has undergone very little change during the week. The out
look fo r the com ing season appears to be optim istic, and
cutters are busily engaged on a w id e ' variety o f goods.
Serges are receiving m ore attention ju st at present than
any other line in the dress goods field, and coat cutters are
using m ore broadcloth and velours. The men’ s w ear is ap
parently also going to receive an early spring 1922 opening,
although there is very little indication that the m anufac
turers are desirous o f opening b efore they have their fall
deliveries well in hand. In m any cases it is apparent that
deliveries fo r fa ll are going to be late and w ill not be com 
pleted before October, and ow ing to this fa c t there is no
desire on the part o f m anufacturers to speed up the spring
opening. H owever, the buyers are insistent in the m atter,
and showings are expected to begin in the very near future.
The first showings w ill featu re serges and staple lines in
conservative designs, ow in g to some indecision on the part
o f cutters as to popular styles fo r that season. The repeat
orders that are arrivin g on this current fa ll season are
specifying worsteds, tweeds and herringbones, to the exclu 
sion o f other goods. The m a jority o f the featured clothing
fo r the men’ s wear fo r the com ing season is o f soft finishing.
Lightw eight men’s summer clothing in the m etropolitan dis
trict continues to be given a decided impetus by the hot
weather, and m anufacturers are scouring the m arkets fo r
spot m aterials fo r this class o f clothing.
FO RE IG N D R Y GOODS.— There lias been no develop
ment in the burlap m arket during the week, and it con 
tinues to occupy a quiet place, w ith very little interest b e 
ing displayed in purchases. Several additional heavy con 
signments o f burlap have arrived in this country during the
week, and advices from Calcutta show fa irly heavy ship
ments en route. Th e attitude o f most dealers appears to be
a w aiting one, pending some d efin ite advice from India as
to the ultimate outcom e o f the m ill situation in that coun
try. T a r iff developm ents in burlap, as included in the
Permanent T a r iff now before the House, and carrying l c
specific on burlap, have caused very little com ment from
the trade. Burlap is now quoted in this m arket at 3.55c fo r
lightw eights and 4.30c fo r spot heavies. T h e Calcutta m ar
ket ranges a trifle higher, with the m arket there easy.
Linen lias not recovered from the setback in price which it
experienced last week. Prices generally are weaker than
they have been fo r some time past, and there is no great
volume o f business being reported. Im porters that have
representatives in Europe are returning discouraging re
ports as to the linen situation in Ireland and are generally
predicting a linen shortage. H owever, there is very little
evidence o f activity in bringing linens into this country on
the part o f importers. The supply on hand here is already
depleted, and, provided fall buying increases to anything
like normal, it will be necessary to make im portations
shortly.
Dealers are still w illing to adm it fa irly strong
demand from stores and hotels fo r lines o f cheaper grades
for spot delivery, but report no demand fo r covering future
requirements.

200

THE CHRONICLE

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L o n d o n O f f i c e --Edwards & Smith, 1 Drapers’ G a r d e n s . K . C .

W ILLIAM
F ron t,

B. DANA C O M PA N Y ,
Pine a n d

P u b lish ers,

D epeyster S treets, New Y ork .

S'laic ami ®itv< Lkpartuu'iU
MUNICIPAL BOND SALES IN JUNE.

[V o r, 113.

The stiles of permanent bond or debenture issues in the
Dominion of Canada in June amounted to $10,834,251,
including $5,000,000 6 % debentures sold by Toronto, Out.,
at 90.38 and $3,000,000 6 % debentures sold by the Province
of British Columbia at 93.11.
Below we furnish a comparison of all the various forms of
obligations sold in June during the last five years:
1921.
1920.
1919.
1918.
1917
Permanent loans (U S ) 107,778.085 45,113,020 100,378,461 27,821,083 38,510 832
’ I'nmu’ry loans (l s.) 49,251 500 31,894,225 36.470.00C 3t>,s 40,500 35,768 000
Canadian loans (perm1 ) 10,834,251 9 , 10 11.75.2 10,005,410 14,071,853 1 ,3 0 5 .3 1 6
1
Bonds U. S. Possessions
180.000
,None
None
None
None
Gen.fund bonds(N.Y.C .)
None
None
None
None
None

TO**!

168,043,836 86,167,997 146,853,871 78.733,136 66,674,148

Includes temporary sec iritles (revenue bonds and bills and corporate stock
uole-j is.su, ,1 by New York ( ity. $38,914,500 11.lime 192 i . $21,1-1.>000 in l o n e 1920,
1
$27,600,0001n June 1919, $21,801,501 In June 1018 and $30,550,000 in June 1917.

Tho number of municipalities in the United States issuing
permanent bonds and tho number of separate issues made
during June 1921 were 320 and 446, respectively. This
contrast with 314 and 399 for M ay 1921 and 266 and 335
for June 1920.
For comparative purposes we give the following table,
shoving the aggregates for June and the six months for a
series of years. In these figures temporary loans and bonds
issued by Canadian municipalities are excluded:

M unicipal bond sales in June, according to our compilation
reached a total of $107,778,085, eclipsing all other aggre
Month of
For the
MO'Uh of
For the
gates for that month with the exception of 1915, when the
Ju ’>e.
Sir. Mo ths.
Jure.
Sti Months.
1921________ $107,778,085 $458,449,543 1906, . . . . . . $21,686,622 $102,338,245
June total included $71,000,000 4J^% bonds issued by
1920________ 45,113.020 322.661,532 1905..
19,016,754
111,723,054
Now York City and reached $108,976,230. A number of 1919--- ___ 100,378,461 305,650,839 1904 ..
. . 24,425,909
137,869,155
1018________ 27.821,083
151,766,284 1903 ...
16,926,619
79,576.434
exceptionally large issues were floated during the month 1917--........
28,510,832
.87 fi?R 305
28 417,17*
221,579,100 1002
1916______
47,555,691
283)464)572 1901 ,
. 13,468,098
61)223)060
and are responsible for the magnitude of the total. New 1915________ £108,976,230 322,928,610 1900.. ______ 19,670,126
77.943,665
29,348,742
63,345,376
York State, which led the list, sold $31,800,000 5 % 1 to 1 9 1 4 ............ 54,403,737 357 557,177 1800
1913.............. 39,386,230 218,879.270 1893.. _____
9,701,925
44,078)547
50-year bonds consisting of $20,000,000 highway im prove 1 9 1 2 -... . . . 49,485,807 246,289,293 1897-- ______ 16,385,065
73,275.377
1911________
43,176,964
1896.- ______ 12,792,308
ment bonds, $5,000,000 State forest preserve bonds and 1910________ 27,470,820 223,262,370 1895.. _____ 15,907,441
56,991,613
19,369,775
162.846,110
1909________ *62,124,450 207.125,317 1894..
66,426,992
16,359,377
$6,800,000 barge canal terminal bonds to a syndicate of 1908 ___31,606,064
109,082,570 1803
32.663,115
1,888,035
21,390,486
49)093)291
115,347,889 1892.- ..........
12,249,000
N ew Y ork bankers headed by the National C ity C o., the 1907...........
First National Bank, the Guaranty Company of N ew Y ork,
*Incl. 840,000,000 4s of N. Y. City. * Incl. $71,000,000 4>£s of N. Y. City.
the Bankers Trust C o., Brown Brothers & Co. and H am s,
Owing to the crowded condition of our columns, we are
Forbes & C o., at 101.212, a basis of about 4 .9 1 % . The obliged to omit this week the customary table showing the
syndicate offered these bonds to investors at prices to yield m onth’s bond sales in detail. It will be given later.
about 4 .7 0 % , according to maturities. The $10,000,000
5 % soldiers’ bonus bonds offered on the same day were not
NEWS ITEMS.
awarded owing to the question as to the validity of the
Soldiers’ Bonus A ct. Other large and important issues dis
Columbus, G-a.— Commission Form of Government De
posed of during June were: State of N ew Jersey, which feated.— The proposition to change the present form of
on June 28 sold $10,220,000 of the $12,000,000 5 % soldiers’ government of the city of Columbus to a commission city
manager form was defeated at the election held June 15.
bonus bonds and $5,000,000 5 % highway bonds to various
Of 2,400 votes necessary to make such a change only about
banks and institutions in the State at prices ranging from 1,500 were east.
100 to 101; State of Pennsylvania, $8,805,000 (part of an
Missouri.— Soldiers' Bonus and Other Measures to be
issue of $15,000,000 5 % highway bonds offered on June 21), Voted on at Special Election.— Governor Hyde on June 22
awarded as follows: $8,000,000 to a syndicate headed by issued a proclamation submitting a proposed amendment
Drexel & Co. at 100, and $805,000 to a number of local to the Missouri Constitution, authorizing the issuance of
investors at prices ranging from 100 to 101.30; Chicago, 111., $15,000,000 in bonds for the soldiers’ bonus to the voters at a
$7,939,000 4 % street improvement bonds to a syndicate special election on Aug. 2. This, according to St. Louis
“ G lobe-D em ocrat,” is the fourth proposition to go upon
headed by the Guaranty Com pany of New Y ork at 92.347, the ballot at the August election.
a basis of about 6.48% ; Pittsburgh, Pa., $3,486,000 5 %
The other three bei-'g firstthe question of whether there shall be called
convention; second, a proposed amendment authorizing:
bonds, consisting of 14 issues of improvement bonds, to the a Constitutionalinterest as well as principal upon the §60,000,000 of road
the payment of
bonds approved by the voters on N ov. 2 1920, and, third, a proposed
Union Trust Co. of Pittsburgh, the Guaranty Com pany of amendment empowering women to hold office.
The bonus proposal empowers the Legislature to pay not to exceed $250
N ew Y ork and Brown Brothers & C o., at par; D etroit,
to any soldier. N o soldier is entitled to the bonus proposed unless he was
M ich ., $2,000,000 street railway bonds consisting of $1,- a resident of Missouri for twelve months prior to the 6th of April 1917.
The bonus is
000,000 o y 2% bonds and $1,000,000 6 % bonds to the Guar between April 6to be paid at the rate of §10 a month to soldiers who served
1917, the date of the declaration of war, and N o v. 11 1918,
when the armistice was signed.
anty Company of N ew Y ork , Harris, Forbes & Co. and the
O re g o n .— Results of Vote on Constitutional anti Other
National C ity Co. of New Y ork, join tly at 100.27, a basis
of about 5 .7 3 % ; Birmingham, A la., $1,323,000 bonds, Propositions.— Three of the five propositions submitted to
consisting of $1,000,000 5 % public school building bonds the voters of Oregon on June 7 (V. 112, p. 22161 were ap
proved. The total vote for and against each amendment
and $323,000 7 % public improvement bonds, awarded to and measure, together with the majorities, was given in a
R . M . Grant & Co. of N ew Y ork on a 6 .50% interest basis, special dispatch to the Portland “ Oregonian” as follows:
Legislative Regulation.— For, 42,924; against, 72,596; majority against,
and Hampden, M ass., $1,000,000 5 }4 % 3-year notes to
29,672.
Watkins & Co. of Boston at 97.6525, a basis of about 6.51% .
Soldiers' Bonus Bil .— For, 88,219; against, 37,866; affirmative ma
N o less than 114 issues of municipal bonds aggregating jority, 50,353. a u se M easure.-—For, 62,621; against. 4._ ,oe,. ___, .
Emergency C
5
majority
$56,794,657 were offered but not sold during June. The
H ygiene M arriage Bill.— For, 56,858; against, 65.793; majority against,
largest of these was by the State of M ichigan, which on 8 935.
Woman Juror’s B ill.— For, 59,882; against, 59,265; majority tor, 61, •
June 15 offered $30,000,000 5J^% soldiers’ bonus bonds,
but received only one bid which was not satisfactory. These
bonds were again offered for sale on June 28, but this time
B O N D C A L L S A N D R E D E M P T IO N S .
no bids were received. Some other municipalities which
D en ver (C ity a n d C o u n ty ), C o lo .— Bond Call.
were unable to sell their bonds are: New Y ork State, $10,i pursuance of Section 47 of the Revised Charter 1916, of the
itv and County of Denver, notice is given that sufficient
000,000 .5 % soldiers’ bonus bonds mentioned above; M il
oneys are in the hands of M . J. M cC arthy, Manager
waukee, W is., $2,850,000 5U j% 20-vear serial bonds, no
' Revenue and Ex-officio Treasurer, to pay the following
bids received, and Columbus, O., $1,557,500 consisting of
onds:
„
„ ,
16 issues of 5 l % bonds, no bids received.
A
Storm Sewer Bonds.
Sub District N o. 6— North Denver Storm Sewer District Mo. 1, bond
The total of $107,778,085 given above includes only per
o. 16, North Denver Storm Sewer District N o. 3, Bond No. 16.
Sanitary Sewer Bonds.
manent bond issues by places in the United States. There
Sub District No. 11, East Side Sanitary Sewer Distort No. 1. bonds
were also negotiated last month $49,251,500 temporary or
o. 66 to 69, incl, 75 to 95 incl., and 125. to 132 incl.
S outh Side Special Sanitary sow er D istrict N o. 6. Bond No , .
short-term loans, including $38,944,500 revenue bills and
Part, A Sub District N o . 3 West and South Side Sanitary Sower District,
bonds, corporate stock notes, gold exempt corporate stock
l'a r t A Sub District N o . 14, West and South side Sanitary Sew or District.
notes and tax notes of the City of New York.
ynd N o . 57.

J uly 9 1921.]

THE

C H R O N IC L E

Improvement Bonds.
E ast D en ver Im p rov em en t D istrict N o . 5, B o n d N o . 136.
E ast Side Im p rov em en t D istrict N o . 8. B on d N o . 47.
M o n tcla ir Im p rovem en t D istrict N o . J, B on d N o . 26.
N orth Side Im p rov em en t D istrict N o . 15, B on d N o. 57.
N orth Side Im p rov em en t D istrict N o . 17, B on d N o. 64.
N orth Side Im p rov em en t D istrict N o . 23, B on d N o. 70.
N orth Side Im p rov em en t D istrict N o . 29, B o n d N o . 20.
South D en ver Im p rov em en t D istrict N o. 4, B ond N o. 143.
South D en ver Im p rov em en t D istrict N o . 6, B o n d N o . 37.
S ou th D en ver Im p rov em en t D istrict N o . 8. B on d N o . 58.
South D en v er Im p rov em en t D istrict N o . 12, B o n d N o . 25.
W illiam s Street P ark w ay Im p rovem en t D istrict, B o n d N o . 34.
Park Bonds.
M o n tcla ir Park D istrict, B on d N o . 503.
Surfacing Bonds .
N orth D en v er Surfacing D istrict N o . 1, B on d N o . 74.
N orth D en v er Surfacing D istrict N o . 3, B on d N o . 18.
Surfacing D istrict N o . 4, B on d N o . 46.
Paving Bonds.
A lley P avin g D istrict N o . 24, B on d N o . 34.
A lle y P a vin g D istrct N o . 26, B on ds N o . 21 and 22.
A lley P avin g D istrict N o . 52, B on d N o . 10.
A lle y P a vin g D istrict N o . 53, B on d N o . 11.
A lley P avin g D istrict N o . 54, B on d N o . 8.
A lley P avin g D istrict N o . 56, B on ds N o . 4 to 12, incl.
A lley P avin g D istrict N o . 57, B on ds N o . 4 o t 10, incl.
A liev P a vin g D istrict N o . 58, B on ds N o . 3 to 10, incl.
B roa dw ay P avin g D istrict N o . 4, B on ds N o . 62 and 63.
E ast D en ver P a vin g D istrict N o . 3, B on ds 5 to 3 0, in cl.
N orth D en ver P a vin g D istrict N o . 1, B o n d N o . 24.
W est C olfa x A ven u e P a vin g D istrict N o . 1, B o n d N o . 6.
Sidewalk Bonds.
P ark H ill H eights Sidewalk D istrict, B o n d N o . 10.
A ll such b on d s are called in fo r p a y m en t, and at th e expiration o f
th irty days from th e first p u b lication o f tnis n otice, to -w it, o n th e 31st d a y
o f July 1921, interest on th e b on d s a b o v e described w ill cease.
U p o n th e request o f the h olders o f a n y o f th e a b o v e b on d s received ten
d ays b e f o r e th e expiration o f this call th e undersigned w ill arrange fo r their
p a ym en t at th e B ankers T ru st C om p a n y , N ew Y o r k C ity , b u t n ot otherw ise

Fort Morgan, Morgan County, Colo.— B o n d s C a l l e d . —
City Treasurer, L. C. Jaeox has called for payment paving
district No. 2 bonds number 1 to 36 incl., for $1,000 each.
Interest ceases July 23.
Portland, Ore.— B o n d C a l l . — Improvement bonds num
bered 27,859 to 28,009 inclusive, dated Aug. 1 1914, are
called for payment on Aug. 1 at the office of Wm. Adams,
City Treasurer.
Wheatland, Platte County, Wyo.— B o n d C a l l . — Notice
is given that sewer bonds, 1910 issue, Nos. 1 and 2, and
electric bonds, 1910 issue, Nos. 1 to 5 inch, will be redeemed
on July 15. After July 15 interest is to cease on said bonds.
Bonds should be presented to the State Bank of Wheatland,
Wyoming for payment.

BOND PROPOSALS AND

NEGOTIATIONS

this week have been as follows:
A D A M S C O U N T Y S C H O O L D I S T R I C T N O . I l l , W a s h .— BOND
SALE.— T h e State o f W a sh in g ton was th e su ccessful b id der on June 27
at par for 6s fo r the 81,500 b ld g , b on d s— V . 112, p . 2786. D e n o m . $200.
D u e in 5 years, op tion a l after 3 years.
A K R O N , Su m m it C o u n ty , O h io .— BOND OFFERING.— F . A . P arm elee, D irector o f F in a n ce, w ill receive sealed p roposals u n til 12 m . J u ly 20
fo r the follow in g 6 % b on d s:
$500,000 sewer b on d s. D en om . 81,000. D u e y e a rly on J u ly 1 as follow s:
817.000 fro m 1922 to 1942, in cl. and $16,000 fro m 1943 to 1951,
in cl.
27,200 im provem en t b on d s. D en om . 1 for 8200 a n d 27 fo r 81,000.
D u e yea rly on J u ly 1 as follow s: 82,000 from 1922 to 1924, in cl.;
83.000 from 1925 to 1930, in c l.; $3,200 in 1931.
15,400 im p rov em en t b on d s. D en om . 1 for $400 and 15 fo r $1,000.
D u e yea rly on J u ly 1 as follow s: 81,000 fro m 1922 to 1926, incl.;
$ 2,000 from 1927 to 1930, in cl. and $2,400 in 1931.
11,600 im p rovem en t b on d s. D en om . 1 for 8600 and 11 fo r 81,000 each.
D u e yea rly on J u ly 1 as follow s: $1,000 fro m 1922 to 1930, incl.
and 82,000 in 1931.
39,800 im provem en t b on d s. D en om . 1 for 8800 and 39 fo r $1,000 each.
D u e yea rly on J u ly 1 as follow s: 84,000 fro m 1922 to 1930, incl.
and 8 3,800 in 1931.
73.000 im provem en t b on d s. D en om . $1,000. D u e yea rly on J u ly 1
as follow s: 87,000 from 1922 to 1928, in c l., and $8,000 fro m 1929
to 1931, incl.
16.000 im provem en t b on d s. D en om . $1,000. D u e yea rly on July 1 as
fo llo w s: 82,000 from 1922 to 1927, in c l., and $1,000 from 1928
t o 1931, inch
D a te J u ly 1 1921. P rin. and sem i-ann. int. p a ya b le at th e N ation al
Park Bank in N ew Y o r k C ity . C ert, ch eck for 1% o f the am ou nt b id fo r,
p aya b le to th e a b o v e d irector, requ ired. Purchaser to p a y accrued interest.
Financial Statement.
In corp ora ted M a rch 12 1836.
Assessed valu ation o f ta xa ble p r o p e r ty _________________________ $350,000,000
R eal valu e o f all p rop erty (estim a ted )___________________________ 400,000,000
T o t a l d eb t inclu din g th is issue o f J u ly 20 1921__________________
19,184,582
F loatin g d e b t included in a b o v e _________________________________
N on e
Special assessment d ebt inclu ded in a b o v e ________$1,542,572
W ater w orks d eb t included in a b o v e ______________ 10,530,000
A m o u n t o f sinking fu n d __________________________
1,255,545
13,328,117
N e t d e b t------------------------------------------ ------------------------------------_ _ _ $5,856,465
P op u la tion , census 1920, 208,435.
Popu lation n ow (estim a ted), 175,000.
T a x rate, $2 06.
T h is C ity has never, defa u lted in p aym en t o f any o f its indebtedness,
either principal or interest.
ALLEN C O U N T Y (P . O. Fort W a y n e ), In d .— BOND OFFERING .—
L • O . K am pe, C ou n ty Treasurer, will receive bids until 10 a. m . July 14
for $44,000 5 % H illegass R oad On P erry T ow nsh ip) b on d s. D en om . $550.
Jiate July 10 J0 2 J . Inf M . V N . D u e $2,200 each six m on th s fro m M a y
i o 1922 to N ov . j 5 1.931 Inclusive.
BOND SALE. T he Lincoln National B an k w as the successful bidder
for the $43,000 5 % h igh w ay b on d s offered on June 24- -V . 112, p . 2659.
b y subm itting a bid o f par and a ccru ed interest.
AL L IAN CE, Stark C o u n ty , Ohio.
BOND OFFERING. -U n til 12 m .
July 15 scaled bids v/ill be received by C ity A u d itor, C harles O. Silver, for
the follow in g special assessm ent bonds:
$52,335 street Im provem ent bonds. D en om . $1,000 and $233 50. D u e
$5,233 50 yearly on Sept, l from 1922 to 1931, incl.
24,915 street Im provem ent bonds. D en om . $1,000 and $ 4 9 j 50. D u e
$2,491 50 yea rly on Sept. I from 1922 to 1931. incl.
22,850 street
improvement bonds. D en om . $2,000 and $285. D u e
$2,285 yearly on Sept. I from 1922 to 1931 , Iricl.
13,244 S treet im provem en t bonds. D en om . $1,000 and $892. D u e
$ 1,892 yearly on Sept. 1 from 1922 to 1928, incl.
9,415 ;treef
im provem ent bonds. D en om . $1,000 and $345- D u e
31 345 yearly on Sept. J from 1922 to 1928. incl.
8,799 street im provem ent bonds. D en om . 31,000 and $257. D u o
$1,257 yearly or Sept. | from 1922 to 1928. incl.
8,765 trieim provem ent
bonds.
D enom . $376 50. D u e $376 50
yearly on Sept. I from 1922 to 1931. incl.
*3,050 ifornri sewer bonds
D en om . 1 for 31,050 and 2 for $1 ,000. D u e
Sept. J 1924.

201

$2,298 sanitary sewer b on d s,
D en om . $766. D u e $766 yearly on Sept. 1
from 1922 to 1924, incl.
*1,235 san itary sower ( c it y ’s p o rtio n ) b ond s. D e n o m . $ 1,236. D ue
S ep t. 1 1923.
315 san itary sewer b onds. D e n o m . $105. D u o $105 yea rly on S ept. 1
from 1922 to 1924, incl.
D ate June 15 1921 • Prin. and semi arm. int. payable a t th e o ffice o f the
Sinking Fund T ru stees. C ert, ch ock fo r 3 % o f the a m ou n t bid for, payable
to the C ity Treasurer, required.
* T h ese bonds are th e o n ly tw o issues offered on J u ly 15 th at are n o t
special assessm ent bonds.
A R N O L D S C H O O L D I S T R I C T (P. O. Arn old ), W estm oreland
C o u n ty , Pa. HON/) SALE.- T h e First N ational Bank o f N ew K ensing
to n purchased the $80,000 5342% sch o o l b ond s offered on July 5 V . 113
p . 100.
A T T IC A , W yom ing C o u n ty , N. Y . -BOND OFFERING.
W illi; F.
H opkins, Village C lerk, will receive bids until 6 p. m . J u ly 11 for $28,000
registered water bonds n o t to exceed 5 3^ % interest. D en om in ation s to
Suit purchaser. D ate Sept. I 1921. Prin. and sem i-arm . int. ( M . & S.j
p ayable at the V illage T reasu rer’s o ffice . D ue in 28 e<\uai annual install
m ents beginning Sept. I 1922.
Bids are also requested for said issue on
sam e term s as a b o v e w ith further p rovision s th at bonds be redeem able at
the o p tio n o f the Village, o n Sept. 1 in a ny year after 5 years fro m date
upon givin g 30 d a y s ’ n otice, m ailed to the p ost o ffic e address o f the registered
holder o f the bonds as show n u pon th e village register. C ert, ch eck for
2 % o f am ou nt bid for, draw n u pon som e solv en t bank or trust co m p a n y ,
p aya b le to the Village Treasurer, required. T h e bonds will be ce rtifie d by
the B ank o f A ttica , A ttica , N . Y ., and will be delivered to th e purchaser as
soon after Sept. 1 1921, as b onds can be com p le te d , a t the o ffic e o f the T r e a s 
urer o f the Village o f A ttica , a t the B an k o f A ttica . Purchaser to p a y
a ccru ed interest.
Financial Statement.
Assessed valuation o f real estate, exclusive o f special fr a n c h is e s .-$ 1 ,497,400
Assessed valu ation , special franch ises_____________________________
37,366
$1,534,766
T o t a l -----------------------------------------------------------------Present b on d ed indebtedness fo r w ater w o rk s______________________
86,400
F loatin g indebtedness--------------------------------------------------------------------------------n on e
P op u la tion . 1921 census------------------------------------------------------------------------------ 2015
B A L D W I N C I T Y S C H O O L D I S T R I C T NO, 17 ( V . O. Baldwin City),
D ou g las C ou nty, K a n sa s.— BOND E L E C T IO N .— A n election w ill be held
durin g Septem ber to v o te on the question o f issuing $65,000 sch ool building
bonds.
B A L T IM O R E , Md.— BOND SALE.— A syn dica te com p o se d o f E sta b rook
& C o ., R em ick , H odges & C o ., H annahs, B allin & L ee, N elson , C o o k &
C o .: B aker, W atts & C o ., and the M e rca n tile T ru st and D e p o sit C o . o f
B a ltim ore, purchased the fo llo w in g tw o issues o f 5 % registered tax-free
s to ck offered on July 6— V . 113, p . 100. T h e p rice p aid was 9 6.5 1, a
basis o f abou t 6 .1 3 % .
$2,348,000 general im p rovem en t loan . In t. p aya b le M . & S. D u e yea rly
on M a r. 1 as follow s: $ 5 4 4 ,0 0 0 ,1 9 2 2 ; $ 5 7 2 ,0 0 0 ,1 9 2 3 ; $601,000
1924 and $631,000 in 1925.
1 ,929,000 water loan . In t. p a ya b le A . & O. D u e yea rly on A p ril 1 as
follow s: $175,000, 1929; $184,000, 1930; $193,000, 1931;
$203,000, 1932; $213,000, 1933; $223,000, 1934; $ 23 4,0 0 0,
1935; $246,000, 1936; and $258,000 in 1937.
B A R T H O L O M E W C O U N T Y (P. O. C o lu m bu s), I n d .— BOND SALE.
— O w ing to the fa c t th a t n o b id s w ere received fo r the $40,220 5 % h igh w ay
con stru ction b onds offered on J u ly 5— .V 112, p . 2786, the b on d s w ill be
taken b y the con tra ctor in p a ym en t fo r w ork.
B E V E R L Y , Essex C o u n ty , Mass.— N OTE SALE.— On June 30 B lake
B roth ers & C o. o f B o sto n purchased on a 5 .9 2 % d iscou n t basis plus a $1 80
prem ium $200,000 revenue notes d ated J u ly 5 and due N o v . 23 1921.
NO BIDS RECEIVED.— N o b id s w ere su bm itted fo r a $75,000 5 K %
loan offered on th e sam e d ate. T h e loan is described as follow s:
$16,000 sewer loan N o . 1 b o n d s, d ated M a rc h 1 1921, m aturing $6,000
M a rch 1 1922, $5,000 M a rch 1 1923 and 1924. In t. M . & S.
20.000 B ridge Street recon stru ction loan b on d s, d ated A p ril 1 1921, m a
turing $4,000 on A p ril 1 1922 to 1926 incl. In t. A . & O.
16.000 534 % street w iden in g loan b on d s, d ated June 19121. m aturing
$4,000 June 1 1922, $3,000 June 1 1923 to 1926 in cl., w ith interest
at, 53^% p a ya b le sem i-ann u ally on June and D e c . 1.
23.000 5 A % B rim bal A ven u e w ater m ain loan N o . 2. d ated June 1 1921,
l
m aturing $5,000 June 1 1922 to 1925 in ch , $3,000 June 1 1926.
In t. J. & D .
Principal and interest on th e a b o v e b on d s p a ya b le at Old C ol on v T ru st
C o ., B oston , M ass. B on ds w ill b e rea d y fo r d elivery on or a b o u t J u ly 15.
T hese b ond s are exem pt fro m ta xa tion in M assach u setts. T h ese b on d s
w ill be engraved u nder the supervision o f and certified as to their genuine
ness b y the Old C o lo n y T ru st C o . o f B o sto n , M ass. T h e fa vora b le op in ion
o f M essrs. Storey, T h orn d ik e, P alm er & D o d g e as to th e v a lid ity o f these
issues w ill be furnished w ith ou t charge to the purchasers.
A ll legal papers
in cid en t to these issues w ill b e file d w ith th e Old C o lo n y T ru st C o . where
th e y m a y be referred to a t a n y tim e.
B L O O M IN G G R O V E S C H O O L T O W N S H I P iP. O. Bloom ing Grove),
F r a n k lin County, I n d .— BOND OFFERING.— D e w a rd W ilso n , T o w n 
ship T ru stee, will receive sealed bids or proposals until 2 p . m . to -d a y (J u ly
9) fo r the purchase o f $ 21,000 6 % co u p o n sch ool b on d s. Denom /. $700.
D a te J u ly 9 1921. P rin. and sem i-ann. in t. p a ya b le at the N ation al B ro o k ville B an k o f B rook ville. In d . D u e $700 each six m on th s fro m June 15
1922 to D e c. 15 1936, in cl. C ert, ch e c k ^ o r 5 % o f a m ou n t b id fo r, p a y a b le
to th e Tow nsh ip, requ ired. Purchaser to p a y a ccru ed interest.
B O O N E C O U N T Y (P . O . L eb an o n), In d .— BOND OFFERING.—
G ranville W ells, C o u n ty Treasurer, w ill receive sealed bids until 10 a. m .
J u ly 12 for the purchase o f th e follow in g 4 3 ^ % h ig h w ay con stru ction and
i m p rovem en t bon d s .
$12,600 T h om as W . P a d gett; M a rio n T ow n sh ip b on d s. D a te D e c . 7
1920. D u e 1 b o n d each six m on th s.
18,800 D a vid W . R eed et a l., Jefferson T ow n sh ip b on d s. D a te N o v . 3
1920. D u e 2 bonds each six m on th s.
In t. M . & N .
B R A Z I L , B ra z il C o u n ty , In d .— BOND SALE.— T h e F irst N a tion a l
B an k o f B razil purchased a t par and a ccru ed interest th e $10,000 5 M %
b on d s offered on J u ly 5 in V . 113, p . 100.
B R O O K IN G S . B r o o k in g s C o u n t y , S o . D a k .— BONDS N O T SOLD —
BONDS RE-OFFERED.— T h e $60,000 6 % ligh t, h eat and p ow er system
b ond s, offered on .June 27— V . 112, p . 2787— were n o t soid .
T h e y will be re-offered o n J u ly 18.
B R O W N S V I L L E IN D E P E N D E N T S C H O O L D IS T R I C T (P. O.
Brownsville), Cameron C o u n ty , T ex.— BONDS STILL ON M A R K E T .—
T h e $175,000 6 % 10-40 year (o p t.) sch ool b ld g , b on d s, offered unsuccess
fu lly on June 1— V . 112, p. 2787— are still on the m arket. D e n o m . $1.000.
D a te A pril 20 1921. In t. sem i-annually p aya b le in N ew Y ork . T ota l
b on d ed d ebt (in clu din g this issue) $275,000. Sinking fu n d $15,000.
Assessed value o f ta xa ble p ro p e rty 1921, $7,702,400.
B R U N S W I C K C O U N T Y (P. O. So u th po rt), No. Caro.— BOND
OFFER!NG. — Bids v/ill b e received until 12 m . July 11 fo r the purchase o f
$300,000 6 % roa d b on d s o f 1921. D e n o m . $1,000. D a te A u g. 1 1921.
Prin. and sem i-ann. int. (F . & A .) p aya b le at the H a n over N ation al B ank,
N . V . D ue $12,000 yea rly on A ug. 1 fro m 1926 to 1950 incl. C ert, check
for $3,000 required. T h e b on d s ca n n o t sell b elow par. In order to m ake
the b on d s m ore desirable, all the m on ey n o t bein g required, fo r use a t on ce,
the co u n ty will m ake agreem ent with the successful bidder, if he elects to
m ake the sam e, to require o n ly $15,000 o f the proceeds o f the b on d s on
d elivery and n o t over $15,000 p er m o n th thereafter. T h e deferred fun ds
to be w ithhold b y the purchaser upon his depositin g w ith som e agreed
N ew Y o rk bank as agent and trustee, for the parties, the co u n ty bonds
on stock acceptable to said trustee o f the fa ce value o f 10% o f the total
deferred funds. T h e said deferred funds to draw 6 % interest after the
average life o f 't h e sam e has reached ten m on th s. B ids m ay b o delivered
to the Clerk o f the Hoard, W . II. W alk er, S ou th p ort, N . O . T h e assessed
valuation for taxation in 1920 was $1 1,360,435. T h e b on d ed d e b t on the
co u n ty Juno I 1921 was $62,000, with a sinking fund o f $12,000 for ferry
and road purposes on June I 1921 there was outstan din g notes in the sum
o f $95,000, w ith $30,000 in hand as a sinking fund to m eet p aym en t o f part
o f the said notes to m ature July I 1921. T h e total obligation s o f all the
tow nship in the co u n ty on June I 1921 was an aggregate o f $116,000. T h e
(ax rate for all Statu, co u n ty arid school purposes levied on the co u n ty p rop 
erty generally was 60 cents on the $100 value. T h e tow nship rate in

202

THE

C H R O N IC L E

[V ol. 113

ad d ition was fro m 8 to 22 routs. T h e co u n ty has never d efau lted on any
im
J- A I ., p a y a b l e at t h e o f f i c e o f t h e C o u n t y T r e a s u r e r ,
D ue J u ly l
count y ob lig a tion . T h ere is n o litiga tion p ending or threatened to a ffect
P M I , <»pi Miial 11• y 1 1 9 3 1 .
1
O ort, c h e c k for $ 2 5 0 r e q u ir e d .
Bonded d eb t
in a n y w ay these b on d s.
J u n e 2 1 1 9 2 1 . thi-: is s u e o n l y ; s i n k i n g f u n d , $ 7 4 0 , 3 7 ; a s s e s s e d v a l . $ 9 5 9 , 6 3 5 .
B U C H A N A N C O U N T Y P. O . S t. J o s e p h ) , Mo.
BOND DE8GBJP1 I N C I N N A T I , H am ilton C o u n t y , Ohio
ROND S A L E . - A syndicate
TtO \
Ciu-th.-r del ails aiv .«i. triad in con n ection w ith the sale o f the $409,
c o m p o s e d o f lla ise y s m a r t S C o . . G u a r a n ty C o m p a n y o f N. V ., B an kers
000 ’ 1 ' •* yr. I'Mv e r.) I ic five road bonds, aw ard o f which was renoi ed
.
:
T r u s t C o .. S ta cy S B raun, F ift h -T h ir d N a tio n a l Hank o f C in cin n a ti an d
c
y . l i t , | 100. D en om . si ,(>:»>.
»
D a te ,L in e 1 1.921.
Prin. a n d send -a. mi • Aim s . I m i r i c h N C o . h a s p u r c h a s e d a t 1 0 1 . 1 7 7 t h e SI . 0 0 0 , 0 0 0 5A, %
Int. ) .ft D
p a ya b le at th,? 8 t. Louis U nion T ru st C o . Bfc. Louis.
D ue
( o p t i o n a l j R a p i d T r a n s i t R a i l w o v s y s t e m c o n s t r u c t i o n b o n d s o f f e r e d July
$ 50,000 June I 1922 and 1923, $ 100,t»00 June 1 1924 to 1926, in 1.
5 1 V 1 12. p 2 5 5 9 '
It is n o w o f f e r i n g t h e m t o i n v e s t o r s a t 1 0 3 . 5 0 a n d i n t .
b'i nancia I Sta i°ment.
to y ield 5 C ‘ ;
T h e s e b o n d s , it is s t a t e d , a r e le g a l i n v e s t m e n t s f o r S a v i n g s
A ctu a l value o f taxable p rop erty , estim ated - -$ 1 8 0 ,0 0 0 ,0 0 0
B a n k s a n d T r u s t F u n d s in N e w Y o r k , C o n n e c t i c u t a n d o t h e r S t a t e s .
Assessed value o f taxable p r o p e r ty , 1920_
9 5,8 53 ,0 35
T o) al bond ed d eb t, including this issue____
_|1,192,000
C L A R E N D O N IN D E P E N D E N T S C H O O L D I S T R I C T ( P . O. Claren
Oftsh in sinking fun d
____ _ - ---------- - .
23,000
cl >n). 9<' i e v C o u n ty , T e x a s ,
/v \ />s \()TED.
A t an election h eld
1,169,000
J u l y I I $ 7 5 0 0 9 6<
I - 4 0 y e a r s c h o o l b l d g , b o n d s w e r e v o t e d b y 176 “ f o r ”
P op u la tion , 1920 cen su s, 93,684.
t o 91
a g a in s t .M D a t e o f sa le n o t y e t d e t e r m in e d .
B U F F A L O , N. Y . -BOND S .iL E .— D u rin g June the sinking fu n d pur
C L A R K E C O U N T Y S C H O O L D I S T R I C T NO 37, W a s h .— N E W
ch a sed the follow in g 4 % b on d s:
ELbX'TlON . - T h e $ 2 6 , 0 0 0 c o u p o n s c h o o l b o n d s , w h i c h w e r e o f f e r e d u n 
$16,343 03 m u n icipal light w orks. D a te June 15 1921 and due June 15
s u c c e s s fu lly o n J u n e 1 V . 112, p , 2 6 6 0 — w ill b e re v o te d u p o n a t a new e le c
1922.
tion .
4 23,746 32 certifica tes o f indebtedness. D a te June 30 1921 and duo J u ly 1
C L A Y T O N S C H O O L D I S T R I C T <p. Q. C la y to n ), Union C o u n ty ,
1922.
BO \ DS NOT SOLD. — N o
d o w a s m a d e on J u n e 27 o f th e
166,120 00 ci rt ificates o f in debtedn ess. D a te Juno 30 1921 and due J u ly 1 N . M o x .
w
0 0 9 6 ' .' 1 0 - 3 0 y e a r ( o u t . ) s c h o o l b l d g , b o n d s
V . 112, p . 2660. D e n o m .
192 ■
D a t e J u n e 1 1921.
Int . J . & D .
8 7,059 26 certifica tes o f indebtedness. D a te June 30 1921 and duo July 1 $ 1 , 0 0 0 .
1922.
C L I N T O N , Sam pson C o u n ty , No. Caro. —N O B ID S R E C E I V E D .—
BUR BAN K, Los Angeles C o u n ty , Calif.— BOND OFFERING. T h e $ 5 0 ,0 0 0 street, w a te r and sow er b o n d s , o ffe re d on Ju n e 2 7 — V . 112,
F . S. W ebster C ity C lerk , will receive sealed bids u n til 7 .3 0 p. m . J u ly 12 p . 2 7 8 7 — w e r e n o t s o l d , n o b i d s b e i n g r e c e i v e d ,
for s i 40,000 6 % sew er d istrict N o . I b o n d s. D e n o m . $1,000. D a te
C L I N T O N I R R I G A T I O N D I S T R I C T (P. O. C lin t o n ), Missoula
M a r. I 1921
Prin. and sem i-ann . in t. p aya b le at the o ffice o f th e C ity
C o u n t y v M o n t . -BOND OFFERING, — M r s , L . W a r d , S e c ' y , w i l l r e c e i v e
T reasu rer. D u e $4,000 yea rly M a r . I fro m 1922 to 1956, in cl. C ert,
b i d s u n t i l 1 0 a . m . t o - d a y ( J u l y 9 ) f o r t h e p u r c h a s e o f $ 2 6 , 0 0 0 6 % 1 0 -2 0
ch eck for 10 % o f a m ou n t b id , requ ired.
y e a r irrig a tion d is tr ic t b o n d s .
C A C H E C O U N T Y (P . O . L o g a n ) , U t a h .— D ESCRIPTION OF BONDS.
C L I N T O N S C H O O L T O W N S H I P (P. O. G re^ncastle), Putma n
— T h e $600,000 6 % tax-free co u o o n roa d b on d s v o te d b y 1,432 to 942 on
C o u n ty , Ind. PR ICE .— T h e price paid b y th e J. F. W ild & C o $ ta m
ite
June 7 V. 112, p . 2660— are in d en om o f $1,000 and are d ated July 1 1921.
B ank o f In dian apolis fo r the $15,000 6 % co u p o n tax-free sch o o l b u ild in g
In t. sam i-ann. p a y a b le at such p la ce as m a y be directed b y the successful
b o n d s .— V . 112, p . 2788— w as par and a ccru ed interest.
b id d er.
D ue serially beginning 5 years after date
T h e re is n o c o n tr o 
versy or litiga tion p en d in g or th reaten ed, the o fficia l a n n ou n cem en t savs,
C O A L P O R T , Clearfield C o u n t y , P a .— BOND OFFERING.— Archie
a ffectin g che corp ora te existen ce or boun d aries o f the c o u n ty or th e titles B a th g a te , C h airm a n o f th e F in an ce C o m m itte e , w ill receive sealed bids
o f its resp ective o ffice rs to their o ffice s , or the v a lid ity o f these b on d s.
u n til J u ly 15 fo r $10,000 5 % b oro u g h bond '.
D en om . $500 and $100.
T h e p roceedin gs are b ein g passed u p on b y John C . T h o m s o n , N . Y . C ity ,
D a te A p ril l 1921. D u e A p r il 1 1951, o p tio n a l A p ril 1 1931.
and his op in ion as to the v a lid ity o f the proceedin gs w ill be ob ta in ed before
C O L B E R T C O U N T Y (P. O. T u sc u m b ia ), A l a . — BOND OFFERING.—
b id s are received.
B ids will be received b y N . P . T o m p k in s. P rob a te Judge, u n t‘1 July 14 (not
Financial Statement.
J u ly 1 a ssta te d in V . 112, p . '2788 ) for 8 2 5 0 .0 0 0 road b on d s. D e n o m .81,000.
A ctu a l valu ation (estim ated) 1920 __________________________$60,000,000 00
D a te July 1 1921. In t. sem i-an n . D u e J u ly 1 1941. B ids are in v ite d
Assessed va lu a tion (equ alized) 1 920__________________________ 3 7,495.750 00
on three interest bases, n am ely, 6 % . 6 H % , or 7 % . C ertified ch eck for
T o t a l b o n d e d d e b t, in clu d in g present issue__________________
6 00,000 00
$2,500 o n a ban k d o in g business in A la ba m a , requ ired.
Float ing d e b
________________________________________________
4 5,000 00
C o u n ty tax rate 1 92 0 __________________________________________
7 50
C O L E M A N IN D E P E N D E N T S C H O O L D I S T R I C T (P. O. C olem an ),
P o p u la tio n in 1920___• ________________________________________
_
26,992
Colem an C o u n ty , Texas. -BOND E L E C T IO N . - - I t is rep orted th a t an
election w ill b e h eld J u lv 16 to v o te on tb e question o f issuing $35,000 5 %
C A M B R I D G E , Middlesex C o u n ty , Mass.— N OTE O F F E R IN G —
b ld g , b o n d s . D u e in 40 years, redeem able after fiv e years fro m d ate o f
H enry F. Lehan, C ity T reasurer w ill receive p roposals until 12 m . July 1 i
issuance.
fo r $300,000 notes d a ted J u ly 13 and due O ct. 31 1921. T h e n otes will
be issued under the supervision o f the First N ation al B ank o f B o sto n , w ho
C O L U M B U S S C H O O L D I S T R I C T (P. O. C o lu m b u s), Franklin
w ill c e r tify as to their genuineness and th eir leg a lity w ill b e a p p rov ed b y
C o u n ty . O h io .— BOND O F F E R IN G — T h e F in an ce C o m m itte e o f th e
M essrs. R op es, G ra y , B o y d e n & Perkins, w hose opin ion will be furnished
B oa rd o f E d u ca tio n w ill receive sealed bids u n til 12 m J u ly 15 at the o ffice
the purchaser. A ll legal papers in cid en t to this loan w ill be filed a t the
o f the C lerk o f th e B oa rd o f E d u ca tio n in the O h io N a tion a l B an k B ld g .,
aforesaid b a n k , w here th ey m a y be inspected.
C o lu m b u s, fo r th e purchase o f $ 2,500,000 5 } 4 % co u p o n sch o o l b o n d s.
D e n o m . $1,000.
D a te J u ly 15 1921. P rin . and sem i-ann . int. (J. & J .),
C A M D E N C O U N T Y (P. O. Cam den), No. C aro.— BONDS NOT SOLD.
p a y a b le a t the N a tio n a l Park B ank in N Y C ity .
D u e y e a rly o n J u ly 15
— T h e $36,000 6 % fu n d in g and road b on d s, offered on J u ly 4— V . 112, p.
as fo llo w s : $156,000 fro m 1927 to 1938, in cl , and $157,000 fro m 1939
2444— w ere n o t sold , due to lack o f bidders.
to 1942, in cl
B ids w ill b e received fo r a ll o r a n y part o f this issue in
C A N T O N , S^.ark C o u n t y . O h i o .—-BOND OFFER I N G .— Sealed bids
a m ou n t o f $ 1,000 o r m ore, and a n y bid fo r m ore than $10,000 m ust be
w ill be receiv ed b y Sam uel E . B arr. C ity A uditor, until 12.30 p . m . J u ly 18
a ccom p a n ied b y a ce rtifie d ch eck fo r % % of a m ou n t bid for, p a y a b le to
for the follow in g 6 % san itary sewe^ bonds:
B oard o f E d u ca tio n .
Purchaser to p a y a ccru ed interest.
$ 6,150 b on d s. D en om . 1 fo r 81.150 and 5 fo r $1,000. D u e y e a rly on
Financia l S taterncut.
M a rch t as follow s: $1,150 1923, $ 2,0 00 1924 and 1925, and
P o p u la tio n o f S ch o o l D istrict 1910, 183,000; 1921__________________ 240,000
$ 1,0 00 1926.
S ch o o l enum eration M a y 1920_________________________________________ 45,896
14,247 b on d s. D en om . 1 for $ 1,247 and 13 fo r $ 1 ,0 0 0 . D u e yea rly on
T a x va lu a tion o f d is tr ic t_____________________________________ $385,479,140 00
M a rch 1 as follow s: $ 4,247 1923, $ 4,0 00 1924 and S3.000 in 1925
T o t a l b o n d e d d e b t June 1 1921_____________________________
$ 2,568,000 00
a n d 1926.
Sinking fu n d June 1 1921-----------------------------------------------------$607,246 38
D a te M a rch 1 1921. P rin. and sem i-an n . in t. p a y a b le at the o ffic e o f the
T a x le v y fo r sch o o l purposes 1920-1921____________________
9 64 m ills
C ity T reasurer. C ert, ch e c k for 5 % o f a m o u n t bid fo r, draw n upon som e
L ast b on d issue, J u ly 1 1920____ _____________________________ $ 1,170,000 00
solv en t bank o f th e C ity o f C a n ton , p a y a b le . o the C ity Treasurer requ ired.
N o litiga tion p en d in g or threatened a ffectin g this issue.
All bids for such b onds shall be m a d e u pon blanks to b e furni; h e d b y th e
T o t a l issue a p p rov ed a t special election A u g. 10 1920_____
$5,8 44 ,0 00 00
A u d itor o f the C ity o f C a n ton , w h ich blanks m a y be h ad u pon ap p lica tion
C O M A N C H E IN D E P E N D E N T S C H O O L D I S T R I C T (P. O. Co
to him . T h e successful b id der shall print a t his ow n expense th e necessary
m a n c h e ), Com anche C o u n ty , T ex.— BONDS NOT SOLD.— N o sale was
blank b on d s on special b o n d borders, a n d necessary co u p o n sheets shall
m ade o f the 8110,000 6 % 10-40 yea r (o p t.) high sch o o l b o n d s on June 25—
be furnished b y said c ity . P urchaser to p a y a ccru ed interest.
Y . 112, p . 2660.
C A N T O N , L incoln C o u n ty . S o . D a k .— NO BIDS R E C E IV E D .— N o
C O N C O R D , Middlesex C o u n t y , Mass.— BOND S A L E .— M e rrill, O ld 
bids w ere receiv ed for th e $ 40 ,09 0 w aterw orks b onds offe re d June 2S
ham & C o . p urch ased at 100.812 fo r 5 }4 s. a basis o f a b ou t 5 .1 4 % . an issue
(V . 112, p . 2 787).
o f 875.000 m u n icip a l ligh t p lan t loan b o n d s offered on J u ly 1. D e n o m . $1 ,C A N T O N S C H O O L D I S T R I C T (P. O. C a n to n ), Miller C o u n ty ,
000. D a te J u ly 15 1921. P rin . and sem i-ann . in t. ( J . & J .) p a y a b le at
S o . D a k .— BONDS V O T E D .— A t th e election h eld June 20 (V . 112, p.
th e O ld C o lo n y T ru st C o . o f B o sto n . D u e y e a rly on J u ly 15 as follow s:
26601 $165,000 h igh sch ool b ld g , b on d s at n o t exceeding 6 % in t. w ere
$ 4,0 00 fro m 1922 to 1936, in c l., and $ 3,000 fro m 1937 t o 1941, incl.
v o te d . T h e v o te w as 403 “ fo r ” to 248 “ a g a in st.”
Financial Statement.
C A T A W B A C O U N T Y (P . O. N ew to w n), No. Caro.— BOND OFFER A ssessor’s v a lu a tio n fo r yea r 1918 less a b a tem en ts______________ $7,008,987 52
A ssessor’ s v a lu a tio n fo r yea r 1919 less a b a tem en ts______________ 7,079,101 89
I N G .— Sealed p rop osals w ill b e received un til 12 m . J u ly 29 (date changed
A ssessor’s va lu a tion fo r yea r 1920 less a ba tem en ts______________ 7,33 7,26 9 91
from July 14— V . 113, p . 101) for 8500.000 6 % serial roa d b on d s b y the
B o a rd o f C o u n ty C om m issioners. D a te J u ly 1 1921. P rin. and sem i
G ross net v a lu a tio n 3 y e a rs __________________________________ $ 21,425,359 32
arm. in t. (J .-J .) p a y a b le in gold a t th e Seaboard N ation al B an k , N . Y .
A v e ra g e v a lu a tio n ________________________
7,14 1,78 6 44
C ity .
D u e y e a rly on J u ly 1 as follow s: 840.000 1927 t o 1936, in c l., and
214,253 59
8100,000 1941. L eg a lity a p p rov ed b y S torey. T h orn d ik e, P alm er & 3 % = _____________________________________________________________
T o t a l d e b t o f all k in d s incurred & o u ts t____ $540,300
D o d g e . B oston . C ert, ch eck on an in corp ora ted b a n k or trust, co m p a n y
* D e b ts au th orized b u t n o t yet in cu rred ___
75,000
fo r 2 % o f th e fa ce v a lu e o f th e b on d s b id on . p a y a b le t o th e C o u n ty T reas
$615,300
urer requ ired. T h e c o u n ty w ill furnish the b en d s. B id s m a y be m ade
Less d e b ts ou tsid e d e b t lim it:
fo r th e w h ole or for lo ts n o t less th an $ 25,000. Purchaser to p a y a ccru ed
W a te r d e b t _______________________________ $1 S3.000
interest. O sborn e B row n , C hairm an.
Sewer d e b t ________________________________ 102,000
C E N T E R S C H O O L T O W N S H I P , H a n c o c k C o u n t y , I n d .— BOND
M u n icip a l L ig n t__________________________ 152,000
OFFERING.— R u fu s L . T em p le, T ow n sh ip T ru stee, w ill re ce iv e bids until
D e b ts a u th . b u t n o t in cu rr. ou tsid e d e b t lim it:
1:30 p . m . J u lv 23 at his o ffic e in th e L ee C . T h a yer B u ildin g on E ast M ain
M u n icip a l lig h t ________________________
75,000
$ 512,000
Street, G reen field. Tnd., fo r th e purch ase o f $25,000 6 % co u p o n sch o o l
103,300 00
N e t d e b t plu s au th . d e b ts t o be reck on ed in d eterm , d e b t lim it
b on d s. D e n o m . $500. D a te J u ly 1 1921. In t. sem «-ann. D u e $2 000
yea rly on J u ly 1 from 1922 t o 1933. iu ej., and $1.000 on J u ly 1 1934- C ert,
B o rrow in g c a p a c ity as o f Jun e 15 1921----------------------------------- $110,953 59
ch eck for $500, p a y a b le to the a b o v e trustee, requ ired.
Sinking fu n d s a p p lica b le d ebt w ithin lim it--------------------------------^ N one
C E R R I T O S S C H O O L D I S T R I C T , Los Angeles C o u n ty , C a lif.—
Sinking fu n d s fo r d e b ts o u tsid e_________________________________ $188,387 88
BOND OFFERING.— Sealed p rop osals w ill be received un til 11 a. m .
* A m o u n t presen t lo a n __________________________________________
75,000 00
J u ly 18 b y L . E . L a m p ton , C o u n ty C lerk and e x -o fficio C lerk B oard o f
P o p u la tio n (1920) 6,461.
C o u n ty Supervisors (P . O. L os A n geles), fo r $27,000 6 % sch ool bonds.
C O N N E A U T , A sh ta b u la C o u n ty , O h i o .— BOND OFFERING.—
D e n o m . $1,000. D a te J u ly 1 1921. P rin . and sem i-ann. int. p aya b le at
W illiam B . C o lso n . S r., C ity A u d ito r, w ill receive sealed p rop osa ls until
th e o ffice o f th e C o u n ty Treasurer. D u e yea rly on J u ly 1 as follow s:
SI .000. 1922 to 1932 i n c l .. a n d 8 2,0 00 . 1933 t o 1940 incl. C ert, or C ashier’s
12 m . J u ly 28 fo r the fo llo w in g 6%> b on d s.
ch eck for 3 % o f the a m ou n t o f said b on d s p a ya b le to the C hairm an B oard
$25,000 fu n d in g b on d s. D u e 10 years from date.
o f C o u n ty Supervisors, required. Purchaser to p a y accrued in t. B on ded
*400,000 b on d s. D u e 20 years fro m d ate.
% ,
D e n o m . $ 1,000. D a te June 1 1921. In t. sem i-an n u ally. C e rt, cheek
d e b t, $ 9,0 00 . Assessed va lu e o f taxable p ro p e rty 1920, $1,377,955. P o p u a tion (estim ated) 600.
fo r 10% o f a m ou n t b id for, p a y a b le to th e C ity Treasurer, requ ired. P u r
chaser t o p a y accrued interest.
C H A D R O N , Dawes C o u n t y , N ebr.— BONDS VO TED .— A t a recent
* T h ese b on d s are issued fo r th e purpose o f purchasing th e real and per
e lection b y 265 “ fo r ” to 51 “ a gain st” $ 45,000 sew er and septic tan k b on d s—
son al p ro p e rty o f the C on n eau t W a ter C o m p a n y , a p u b lic u tility op erated
V . 112, p . 2333— carried.
w ith in th e corp ora te lim its o f th e c ity and su p p ly in g w a ter t o th e inhabitants
C H A R T E R O A K S C H O O L D I S T R I C T , Los Angeles C o u n ty , Calif.
th ereof.
— BOND OFFERING.— Sealed p rop osals will be received until 11 a. n\.
C O T T O N W O O D , Idaho C o u n tv , Id a h o .— BOND OFFERING.— Bids
J u ly 11 b y L . E . L a m p ton , C o u n ty C lerk and e x -o fficio C lerk B o a rd o f
w ill b e received until 8 p . m . J u ly 11 fo r $20,000 6 % co u p o n m u n icipal bonds
C o u n ty Supervisors (P . O. Los A ngeles) fo r $50,000 6 % sch ool b on d s.
b y M . M . B elk n ap , V illa ge C lerk . D en om . $1,000.
Principal and semiD e n o m . $ 1,000. D a te J u ly 1 1921. P rin . and sem i-ann. int.., p a y a b le
ann int. (J. < J.) p a ya b le in g o ld coin . D u e in tw en ty years from date
fc
at. tho o ffic e o f the C o u n ty T r e a s u ^ r . D u e vea rlv on J " lv 1 as follow s:
issuance, su b je ct t o ca ll after the expiration o f ten years from the date of
$ 2,000 1922 to 1931 in c l., and $3,000 1932 t o 1941 in cl. C e rt, or cash ier’s issuance, at pleasure o f V illage. C ash ier’s ch eck fo r $ 2,000 p a ya b le to the
ch eck for 3 % , p a y a b le to the C hairm an B oard o f C o u n ty Supervisors* Treasurer o f th e V illage, requ ired.
requ ired. P urchaser to p a y a ccru ed interest. B on d ed d e b t, non e; assess,
\
BOYD
The
C R A W F O R D C O U N T Y (P. O. English), Ind.
BOND S A I F .
valu e o f ta xa ble p ro p e rty 1920, $ 1,9 07 ,3 80 ; p o p u la tio n (e st.), 1,200.
ing
follow in g tw o issues o f 5 % h igh w ay im provem en t b on d s offered on July o
C H A T T A N O O G A , H am ilton C o u n ty , T e n n .— BOND. S A L E .— T h e
— V . 1 12. p. 2788 -were sold at par and a ccru ed interest , the form er going
H arris T ru st
Savings B an k o f C h ica g o w as th e successful b id der on
F letch er-A m erican
to th e( .................................... C o . and the latter t o th e M oyer-K iser Bank.
July 5 for th e 8300.000 “ P u b lic School B on d s o f the C ity o f C h atta n ooga ,
b o th ovf In/d iia nvapn l ! o Inid ..*
f 1n l n i m olis. l i i l
N o . 2 ” — V . 112, p. 2660— at 101.211 for 6s, a basis o f a b o u t 5 .9 1 % . D a te
87,620 O tto A lstatt et a l.. Pat-oka T ow n sh ip b on d s
D enom SoSl
Duo
J u ly 1 1921.
$381 each six m on th s from M ay I '* 1922 to N ov . i.\ 1931. inclusive
9.000 W in . W Jones et a l., Sterling anil Union Tow nsh ips bonds
D enom .
C H A V E S C O U N T Y S C H O O L D I S T R I C T N O. 2, N. Mex.— BOND
Slot).
D uo 8450 each six m on th s from M a y 15 1922 to Nov 15
OFFERING.— W . W . C o le , C o u n ty Treasurer (P . O. R o sw e ll), will sell at
1934. in clu siv e.
public a uction 10 a. m . J u lv IS the $>2,500 6 % ta x-free co u p o n sch ool house
n .v h A I n l t ’ K 1( 10 1
b on d s recen tly v o te d — V . 112, p . 2660. D en om . $500
D a te J u ly I 1921.

THE CHRONICLE

J u l y 9 1 9 2 1 .]

C R A W F O R D C O U N T V (P. O. G irard), K a n .— BOND SALK. An
issue o f $240,000 6% roa d im provem en t b on d s has been aw arded to the
F id elity N ation al B ank & T ru st C o . and the C om m erce T ru st C o ., b oth o f
K an sas C ity . D en om . $1,000.
D ate .July 1 1921. Prin. and sem i-aim .
int. (J .-J .) ’ p ayable at o ffice o f State Treasurer, T o p e k a . D u e $24,000
yea rly from 1922 to 1931, inclusive.
Financial Statement.

Assessed valuation

- ......... -

i.ooo.ooo

T o ta l bon d ed deb I ___ ..
---2 10,000
P o p u la tio n , 01.000.
C R E S T O N , Lincoln C o u n ty , W a s h .— BONDS VOTED - - B y a v o te
o f 124 to 15 th e voters authorized th e issuance o f $20,000 6 % 10-20 year
(o p t.) w a ter system b on d s on June 6. B on ds will b e offered fo r sale soon .
C R O W L E Y C O U N T Y S C H O O L D IS T R I C T NO. 1 (P. O. Crowley),
C o lo .— BOND ELECTION A N D SALE.- -B enw cll P h illips & C o . o f
D e n v e r, h av e purchased $15,000 6 % 10-20 year (o p t.) sch ool-bu ildin g b on d s
su b je ct to election in the next th irty days.
C U M B E R L A N D C O U N T Y (P. O. Fayetteville), No. Caro.
BOND
OFFERING. Scaled bids will be received b y the B oard o f C o u n ty C o m 
missioners until 12 m . July 18 for (he purchase o f $340,000 6 % coupon
(w ith privilege o f registration) road and bridge b onds. D en om . $1,000.
D a te July 1 1921. Principal and sem i-annual interest (J. & J .) p ayable at
the G u aranty T ru st C o .. N ew Y o r k C ity , in gold . D u e July 1 1925.
C ertified check or cash for 2 % o f the par valu e m u st a ccom p a n y each bid .
B on ds w ill be prepared under the supervision o f th e U . S. M tg e . & T ru st
C o ., w hich w ill certify as to the genuineness o f the signatures and seal
im pressed thereon.
T h e a p p rovin g opinion o f C aldw ell & R a y m o n d , o f
N ew Y ork will be furnished Hie purchaser w ith ou t charge. B ids m ust bo
uncon dition al, or con d ition ed o n ly u pon a p o ro v a l o f said attorneys.
T h e purchaser m ust b e prepared to a ccept d elivery o f b on d s on J u ly *25
1921. D elivery to b e m ade in N ew Y o rk , or elsewhere if desired. D .
Gaster, C ou n ty Treasurer.
Financial Statement.
Assessed valu ation ta xa ble p rop erty 1920_______________________$36,410,137
E stim ated actual valu e o f taxable p ro p e rty ____________________ 50.000.000
T o ta l d e b t, b on d ed and floa tin g , inclu din g this issue____________
881,800
Sinking fu n d for redem ption o f b on d ed d e b t______________ 1___
72,649
C Y N T H I A N A , Harriscn C o u n ty , K y .— BOND OFFERING.— Sealed
bids w ill also be received b y B . R . R ob in son , C ity C lerk, fo r $35,000 6 %
w ater-w orks b on d s un til 2 .3 0 p. m . J u ly 12. D en om . $500. D a te June 1
1921. P rin . and interest p aya b le at the N ation al B an k o f C vnthiana.
D u e D e c . 1 as follow s: $1 000 192,5, $2,000 1926 to 1928, in cl.; $3,000,
1929 to 1932, in c l., and $2,000 1933 to 1940, incl. C ert, ch eck for 1 %
o f b id requ ired. L eg a lity a pp roved b y Schaffer & W illiam s, C incinnati.
C Y N T H I A N A S C H O O L D I S T R I C T (P. O. C y n th ia n a ), Harrison
C o u n ty , K y .— BOND OFFERING.— Sealed b id s w ill b e received b y C . M .
J ew ett. Secretary B oard o f E d u ca tion , until 1.30 p . m . J u ly 12 fo r the
$ 2 0 ,COO 6 % sch ool b on d s— V . 112, p . 2334. D e n o m . $500. D a te June 1
1921. P rin . and int. p ayable at the N a t. B an k o f C yn th ia n a. D u e $1,000
D e c . 1 1922 to 1941, incl. C ert, ch eck for 1 % o f b id required. L egality
a p p ro v ed b y Schaffer & W illia m s, C incin n ati.
D E E R L O D G E , Powell C o u n ty , M o n t.— BOND RESOLUTION.—
Pu blished resolu tion d irects th e a uthorization o f $82,000 6 % fu n d in g b on d s.
D en om s. $100, $500, $ 1,000.
D E F IA N C E C O U N T Y (P. O . Defiance), O h i o .— BOND OFFERING.—
J. T . M iller, C o u n ty A u d ito r, w ill receive bids July 14 fo r the follow in g 6 %
roa d b on d s:
$162,000 D efia n ce-P a u ld in g I. C . H . N o . 423 road im provem en t bonds.
D u e y ea rly on Sept. 1 as follow s: $10,000 1922 and 1923; $20,000
from 1924 to 1928, inclusive, and $21,000 in 1929 and 1930.
130,000 B ry a n -F o rt W a y n e I . C . K . N o . ?04 roa d im provem en t b onds.
D u e yea rly on Sept. 1 as follow s: $8,000 1922 and 1923; $12,000,
1924; $17,000 fro m 1925 to 1930. inclusive.
D e n om . $1.000. D a te J u r e 1 1921. Prin cipal and sem i-annual interest
(M . & S.) p ayable at the C o u n ty Treasurer’s o ffice , where the b on d s are to
b e delivered on J u ly 25 1921 to the successful b id der. C ertified ch eck for
$1,000 for each issue b id for. p aya b le to the a b o v e A u d ito r, required.
Purchaser to p a y a ccru ed interest.
D E F IA N C E C O U N T Y (P. O. Defiance), O h io .— BOND OFFERING.—
J. T . M iller, C o u n ty A u d itor, w ill receive sealed p rop osals until 10:30 a. m .
July 20 for $21,700 6 % B ry a n -D e fia n ce I. C . H . N o . 305, R a lston A v e
Section b on d s. D en om . 21 fo r $1,000 and 1 fo r 8700. D a te S ep t. 2 1921.
P rin. and sem i-ann. in t. (M . & S.) p a y a b le at th e C o u n ty T reasu rer’s o ffice ,
w here th e b on d s w ill b e d elivered on S ept. 3 1921. D u e yea rly on Sept i
from 1923 to 1931, in cl. C ert, ch eck fo r S500, p a y a b le to the a b o v e
a u d itor, required. Purchaser t o p a y a ccru ed interest.
D E L A W A R E C O U N T Y (P. O. M un cie), I n d .— BOND S A L E .— T h e
$ 69,200 5 % roa d b on d s offered on June 27— V . 112, p . 2788— were sold on
th a t d a te to W m . T orren ce o f M u n cie , In d . fo r par and a ccru ed interest.
D E L A W A R E C O U N T Y (P. O. Delaware), O h io .— BOND OFFERING•
— G eo. J. Y o u n g , C lerk o f th e B oard o f C o u n ty C om m issioners, will sell
a t p u b lic auction 1 p . m . July 18, $ 2*,7 00 6 % . J oh n n y ca k e -L ig g e tt R oa d
(in B erlin and B ershire T ow n sh ip) im p rovem en t b on d s. D e n o m . $650
D a te July 1 1921. P rin . and sem i-ann. in t. (M . & S.) p a y a b le at th e
C o u n ty T reasu rer’s o ffice . D u e $1.300 each six m on th s from M a rch 1 1922
t o M a r . 1 1931, in cl. C ert, ch eck draw n u pon a solven t ban k or trust
co m p a n y , for $500, p a y a b le to the C o u n ty A u d ito r, requ ired. B on ds to
b e delivered at th e C o u n ty T reasu rer’s o ffice . Purchaser to p a y accrued
interest.
D E 3D E M O N A
IN D E P E N D E N T
SCHOOL
D IST R IC T
(P.
O.
Desdemona), Eastland C o u n ty , T ex.— BONDS VOTED.— T h e $75,000
6 % 2 0-40-year (o p t.) sch ool b ld g , b on d s su bm itted t o the voters on June 3
carried b y a v o te o f 66 to 3. T h e b on d s w ill be offered in a bou t 30 or
40 d ays.
•
D E W E Y S C H O O L T O W N S H I P , Laporte C o u n ty , In d .— BOND
OFFERING.— G eorge M . Shults, T ow n sh ip T ru stee, w ill receive sealed
b id s at his o ffice in L acrosse, I n d ., fo r $15,000 6 % cou p on sch ool-h ou se
b on d s. D e n o m . $750. D a te J u ly 26 1921. P rin. and sem i-ann. in t.,
p a y a b le at th e First N a tion a l B ank in L an orte, Tnd. D u e $750 each six
m on th s from M a y 15 1922 to M a y 15 1929, in cl. C e rt, ch eck fo r 5 % o f
a m ou n t b id fo r required.
D O D G E C O U N T Y fP. O. Ju n e a u ), Was .— BOND S A L E — T h e $600 000 h ig h w a y b on d s offered on M a y 3— V . 112, p . 1186— h av e been bough t
b y T a y lo r , E w art & C o . o f C h ica g o.
D O R M O N T , Allegh en y C o u n ty , Pa.— BOND O FFER!NG.— Sealed

irector o f Finance
required.
b onds will be delivered at \h< office o f (he Guardian Savings
ar d Trust C o ., C leveland. AJJ bids m ust be for the entire $90,000. Purchaser to pay accrued interest.
Financial Statement June 16 l 291
'I r
value real estate and personal property
$ > 0 , 000 , 000.00
A ' 'vd
ajue, real estate and personal property (as per
57,970,930.00
A sv-ssed value, real estate and personal property (
pi i
19)
duplicate)
20,4 19,495.00
EsH/na'<d 1921 assessed value, real nr,d persona) property
03,000,000.00
lo fa l bonded d ebt, including $90,000 is su e
I ,607,655.00
f ndebu-d s<' existing in other form s
.00
T otal indebtedness o f every cbaraeiei ( e x c l u d i n g s p e c i a l as
-/•. rment debt)
j ,607,035.00
W afer debt included in foregoing
153,351. 39
( ;> :\ -aloe general sinking fund on hand
i
149.769. 99
Hqecjal av.v.'-v bond. Indebtedness (not Incl lr» foregoin g;
314,6341. 40
.(pern a I a
.merit sinking fund, cash value on band
14,362. 39
I o 'a I tax rate 1920, $2.20 per $100.00.
Popu la.fion , 1920 census, 27 292.

203

E A S T C L E V E L A N D , C u y a h o g a C o u n t y , O h io .
NO BIDS RE
C E I V E D . -N o b id s wore su bm itted for the $40,000 6 % general c ity o b lig a
lion b ond s offered o n J u ly 2 V. I 12, p . 2788. T h e b on d s will bo sold
at a private sale, the city bein g w illing to a cce p t par and interest.
E L B E R T C O U N T Y S C H O O L D I S T R I C T N O . 47, C o lo .
BOND
E L E C T IO N . On July 1 I $2,500 0 \- ( 10-20 year (opt.) will bo voted upon
/,
Johan n a H . W o o d a rd .
E L P A S O C O U N T Y (P . O . C o lo r a d o S p r in g s ), C o lo . -BOND ELEC
TIO N POSTPONED. -N ew sp a p ers state that, the proposed h igh w ay bond
election was indefinitely p o stp o n e d fo llo w in g the op in ion rendered b y
C o u n ty A tto rn e y W . O . R ob in son .
E L Y R I A , L o r a in C o u n t y , O h i o .
FIN A N C IA L STATEMENT.
In con n ection w ith the offerin g o f the $100,000 6 % co u p o n pavin g bonds,
for which bids w ill be received until 12 m . July I 1 —V . I 12, p . 2788— the
follow in g financial statem en t o f June 30 1921 has co m e to hand:
A ctu a l value o f ta xa ble p ro p e rty ( e s t i m a t e d ) ....................... $38,524 ,340 00
Assessed valu e fo r taxation .(last a p p ra isa l)------- 3 8,524,340 00
T o ta l b on d ed d e b t, including this issu e__________ _ _ __ ___ 2 ,4 5 8 ,4 9 8 01
_
W a te r works b on d s inclu ded in a b o v e ....... ........ ............ .....
1,527,500 00
___
236,498 61
Special assessment b on d s included in a b o v e ____ ___
C ash va lu e o f sinking fun d h eld fo r re d e m p tio n _____
_
_
191 ,006 92
F loating d e b t in ad d ition to b on d ed d e b t _____
________
11.096 61

Population, 1900 Census, 8,791; 1914, 14,825; 1920___________

20,474

I 9 1() t ax rat (.*
................. - _ ------ ----------20.2 mills
T h ere has never been a d efa u lt in p aym en t o f b on d s or interest. T h ere
has n ever been any p en d in g o r threatened litiga tion a ffectin g this issue.
E S C A L O N S C H O O L D I S T R I C T , San Joaquin C o u n ty , C a lif.—
BOND OFFERING.— B ids w ill be received until 10 a. m . J u ly 18 b y the
B oa rd o f C o u n ty Supervisors (P . O . S to ck to n ) fo r the $18,000 6 % sch ool
b on d s v o te d b y 108 to 12 on June 15— V . 112, p . 2560. D e n o m . $ 1,0 00 .
D a te J u ly 1 1921. In t. J. S J. D u e $3,000 yea rly on. J u ly 1 from 1923
c
to 1928, in cl. Assessed va lu e o f ta xa ble p ro p e rty 1920, $595,485; assessed
va lu e (e s t.), $ 2,000,000. P o p u la tio n is n ow estim ated to b e fro m 2 ,000
to 3,000.
E U C L ID V IL L A G E S C H O O L D I S T R I C T (P. O. Euclid), C u yah oga
C o u n ty , O h io .— BOND OFFERING.— L ou is H arm s, C lerk o f the B oard
o f E d u ca tion , w ill receive sealed b id s until 12 m . J u ly 28 fo r $ 25,000 6 %
co u p o n b on d s. D en om . $ 1,000. D a te J u ly 1 1921. P rin. and sem iann. in t. (A . & O .), p a y a b le a t th e D istrict T reasu rer’s o ffice . D u e $ 1,000
yea rly on O ct. 1 from 1925 to 1949, in cl. C e rt, ch eck fo r 1 0% o f a m ou n t
bid for, p a ya b le to th e Treasurer o f th e D istrict req u ired. Said b on d s w ill
b e sold to th e highest b id d er fo r n o t less th an par and a ccru ed interest.
A ll o f said b onds shall be d elivered t o th e high est b id der at the o ffice o f
th e Prosecu ting A tto r n e y , Old C o u rt H ou se, C le v e la n d , O h io.
E V E R E T T , Middlesex C o u n ty , M a ss.— L O A N OFFERING.— N ath an
N ich ols; C ity Treasurer, w ill receive sealed prop osa ls until 3 p . m . J u ly 11
fo r a tem porary loan o f $200,000. D e n o m . to suit purchaser. D u e
$ 50,000 each m on th on O ct. 14, N o v . 15, D e c . 15 1921, and on Jan. 16
1922. These notes are en graved u nder th e supervision o f, and certified
as to their genuineness b y . th e Old C o lo n y T ru st C o . o f B o sto n , M a ss.
T h is trust com pa n y w ill fu rth er ce rtify th at th e legality o f this issue has
been app roved b y M essrs. R op es, G ra y , B o y d e n & Perkins o f B oston ,
M a s s., a c o p y o f w hose op in ion w ill a cco m p a n y th e notes w hen delivered
w ith ou t charge to th e purchaser. A ll iegai papers in cid en t to this issue,
togeth er w ith an a ffid a v it ce rtify in g to th e p rop er execu tion o f the n otes,
are file d w ith the O ld C o lo n y T ru st C o ., w here th e y can b e insp ected at
a n y tim e.
F A IR M O U N T S C H O O L T O W N (P. O. Fairm ou nt), G ra n t C o u n ty ,
I n d .-B O Y D OFFERING.— Sealed bids w 1] be received u n til 2 p . m . J u ly
14 b y th e Secretary o f th e School B oard for $22,500 6 % co u p o n tax-free
b on d s. D enom . $500. D a te J u ly 15 1921. Sem i-ann. int. (J. & J .)
p ayable at the Fairm ount State B an k . D u e July 15 1931. C ert, ch eck or
cash fo r $200, required.
F A IR V IE W S C H O O L D I S T R I C T , Los Angeles C o u n ty , C a lif.—
BOND OFFERING.— U n til 11 a. m . July 18 sealed p rop osa ls w ill b e enter
tain ed b y L . E . L a m p to n , C o u n ty C lerk and E x -o ffic io C lerk B oa rd o f
C o u n ty Supervisors (P . O . L o s A n g e le s), fo r th e purch ase o f $25,000 6 %
sch ool b on d s. D e n o m . $ 1,000. D a te J u ly 1 1921. P rin . and sem i-ann .
in t. p aya b le at th e o ffice o f the C o u n ty Treasurer. D u e $ 1,000 yea rly
on J u ly 1 from 1922 to 1946. in cl. C e rt, or ca sh ier’s ch eck fo r 3 % o f the
a m ou n t o f said b o n d s or o f th e p o rtio n th e re o f b id fo r , p a y a b le to the
C hairm an B oard o f C o u n ty Supervisors req u ired. Purchaser t o p a y
accrued interest. B o n d e d d e b t, non e; assessed v a lu e o f ta xa ble p ro p e rty
1920, $844,680; p op u la tion (e stim a te d ), 300.
F O R S Y T H C O U N T Y (P . O . W i n s t o n Salem), No. Caro.— BOND
OFFERING.— A d d ition a l in form ation is at h an d relative to the offering
on July 25 o f the $300,000 6 % co u p o n roa d b o n d s— V . 112, p . 2661—
Sealed bids for these b ond s w ill be received u n til 12 m . o n th a t date b y
R . C . Vaughn, C o u n ty A u d ito r. D en om . $1,000. D a te J u ly 1 1921.
P rin. and sem i-ann. in t. p aya b le at th e N ation al P ark B ank, N . Y . D u e
$50,000 on Jan. 1 in each o f th e years 1925, 1927, 1929, 1931, 1932 and 1934.
C ert, check or cash fo r 2 % o f the a m ou n t o f b on d s bid fo r p ayable to the
co u n ty , required. Purchaser t o p a y a ccru ed interest.
T h e successful
bidder will be furnished w ith th e op in ion o f M essrs. R eed, D o u g h e rty &
H o y t o f N ew Y o rk C ity , th a t th e b onds are valid obligation s o f F orsyth
C o u n ty . T he b ond s are to be issued under a special act w hich authorizes
an unlim ited tax to p a y th em .
F O R T MILL, Y o rk C o u n ty , So. Caro.— BONDS VOTED.— A t the
election held July 5 (V . 112, p . 2789), $14,000 6 % w ater and street b onds
were v o te d . The v o te was 31 “ f o r ” to 18 “ a g a in st.” D a te o f sale n ot yet
determ ined.
F R A N < LIN C O U N T Y (P. O. Brookville), In d .— BOND SALE.— T h e
$8,230 4 A % b onds offered on J u ly 5— V . 112, p . 27S9— were sold to J. J.
l
Schuck et a l., at par.
F R A N K L I N C O U N T Y S C H O O L D I S T R I C T NO. 1 (P. O. Pasco).
W a s h .— BOND OFFERING.— Sealed b id s w ill be received u n tii 2 p . m .
July 16 b y E . D . Sheffield. C o u n ty T reasurer, for $112,000 sch ool b on d s.
D u e $5,000 1930 t o 1937, in cl., $10,000 1938 to 1943, in cl., and $12,000
m 1944.
F R E E M A N SB U R G S C H O O L D I S T R I C T (P. O. Freem ansbu rg),
N ortham pton C o u n ty , Pa.— BOND SALE.— T h e $6,000 5 % sch ool
bond® offered on July 5— V . 113, p . 102— were sold t o local investors at
100.01, a basis c f a b o u t 4 .9 9 % .
F R IO C O U N T Y (P. O. Pearsall), T e x .— BOND OFFERING.— Bids
w ill b e received until A u g. 1 b y John L. P ran glin. C o u n ty Judge, for the
$500,000 5 A % h igh w ay b on d s re ce n tly v o te d . In t. (A .*& O .), p ayable
l
at A ustin or H an over N ation al B an k , N . Y .
D u e in 30 years,’ optional
in 10 years.
F U L T O N C O U N T Y (P. O. W a u s e o n ), O h io .— BOArD OFFERING.—
i •
Lorry, C o u n ty A u d ito r, w ill receive b id s un til 1 p. m . J u ly 25 for
$18,825 6 % T o le d o -W a u se o n R o a d I. C . I I . N o . 20. Section M ‘ ‘ ,” im p ro v e 
m en t bonds. D en om . 1 for $825 and 18 fo r $1,000.
D a te A u g . 1 1921.
Int. J. & J. D u e each six m on th s as follow s: $825 J u ly 1 1922 and
$2,000 from Jan. 1 1923 to Jan. i 1927, in cl. C e rt, ch eck fo r $500 requ ired.
B on ds to bo delivered at th e co u rt h ouse in W au seon on A u g . 1 1921.
P urchaser to p a y a ccru ed interest.
G E A U G A C O U N T Y (P. O. C h a rd o n ), O h io .— BOND OFFERING.—
II. E . L each , C o u n ty A u ditor, will receive bids until 12 m . J u ly 18 for
$62,075 6 % Chargrin F a lls-G reen ville R o a d V 2, W 1 . I. o . If. N o 35 im 
provem ent bonds.
D en om . 1 for $75 and 124 fo r $500. D a te June 1 1921.
J m i. and sem i-ann. int. ( J . S D .) p ayable at the C o u n ty T reasu rer’s o ffice .
c
Duo each six m onths as follow s: $ 8,000 from D e c. 1 1921 to D e c. I 1924;
$8,500 June 1 1925; $ 3,000 from D ec. 1 1925 to D ec. 1 1928; $8,500 from
June. ] 1929 to June 1 1930; $3,000, D ec. 1 1930 and $3,075 on June 1 1931
Cert, check fo r $6,200 p a ya b le to the C o u n ty Treasurer, requ ired. Pur*
chaser to pay accrued Interest.
G E O R G E T O W N V IL L A G E S C H O O L D IS T R I C T (P. O. Georgetow n), Brown C o u n ty , Ohio.
BOND OFFERING. - A . W . Griswood,
( Jerk o f the B6ard o f E du cation , will receive sealed p roposals until 12 in.
'I jl y 2.> for $22,000 6 % cou p on sch ool bonds. D en om . $500. D a te June
IP
‘ >rin- and semi arm int. (A . S O .) p aya b le at the First N ational
c
Lank of G eorgetow n , O hio.
Due $500 each six m on th s from April 15 1932
to O ct. 15 1953, incl. C ert, ch ock for 10% o f am ou nt bid fo r. p a ya b le to
the a b ov e district, required. Purchaser to p a y accrued interest.
G L O U C E S T E R , Esnrx C o u n ty , Mass. BOND SALE.- T h e G lou cester
Wale D e p o s it S T ru st C o . purchased at 101.85, a basis o f a b o u t 5 .2 4 % ,
c
an issue o f $ 3 0 ,0 0 0 5 Vi% sold iers’ m em orial and p la ygrou n d b ond s offered

THE CHRONICLE

204

on July 6. ' Denom. $1,000
Date July 1 1921.
Hit. J. & J. Due $2,000
yearly on July l from 1922 to 1931, incl., anti $1,000 yearly on July l from
1932 to 1941. Inclusive.
GLYNN COUNTY
P O . B r u n s w i c k i , G a . — B O N D O F F E R I N G .—
Sealed Lids will l»e received by A. (). Townsend, Clerk of the Commissioners
of Enacts and Revenues, until 12 m . Aug. 2 for the purchase o f $ 210,000 5 %
g o l d coupon ( w ith priv ilege of registration) school bldg, bonds.
Date Jan 1
1920
Denom $1,000
Ini J.-J
Prin. and int. payable in New York.
Due $10,000 vi’ly Jan L 1927 to Jan. I 1947 Incl
Legality approved by
Chester B M a*»sii« h of N . \
Cert check for 2 % of amount bid for, payaide t o the Commissioners of Roads and Revenues, required. Bonds to be
furnished i»s the count s and to be delivered on date of purchase. This is a
part of an a u t h o r i z e d issue of $250,000 which has been approved by the
judgment of the Superior Court.
GRAHAM

SCHOOL

D IST R IC T ,

Los

A n y cles

C ounty,

C a lif.

O F F E R I N G — L E. Lampton, County Clerk, and Ex-officio Clerk
Board of County Supervisors P t> Los Angeles) will receive sealed bids
until 11 a. in July 18 for $11,000 6% school bonds. Denom . $1,000.
D ale Julv 1 192L Prin. and semi-ami. int. payable at the office of the
County Treasurer
Due $1,000 yearly on July 1 from 1922 to 1932, incl.
C en or cashier's check for 3 °i of the amount of said bonds, payable to the
C hairman Board of County Supervisors, required. Purchaser to pay
accrued interest. Bonded Debt $20,000
Assessed value of taxable
property 1920 $641,070.
Population (est.) 3,600.
B O N D

GRAND
V IE W
SCHOOL
D IST R IC T ,
C a lif .— BOND
SALE.-—
Reports say that the State Board of Control during June bought $4,800
6 % school house bonus at par and accrued interest.
G R A N T S PASS IR R IG A T IO N D IS T R IC T
P. O . G r a n t s P a s s ) ,
J o s e p h i n e C o u n t y , O r e . - B O N D C E R T I F I C A T I O N A S K E D — This

district has filed application with the State Engineer for the certification of
1325.000 development bonds. Previously $965,000 were certified for this
project.
G R E E N B A Y , B r o w n C o u n t y , W i s . — B O N D O F F E R I N G .— Sealed bids
will be received until 10 a. m . July 19 by W . L . Kerr, C ity Clerk, for the
purchase of $s0 000 5 % % coupon high school bonds.
Denom. $1,000.
Date July 1 1921. Prin. and semi-ann. int. payable at such bank as tho
C ity Council may designate. Due $1,000 July i 1927, $2,000 July 1 1928
and 1929. $5,000 July 1 1930 to 1934 incl. and $10,000 July 1 1935 to 1938
incl. Cert, check for $ i,0 0 0 required with each bid. Successful bidder to
furnish blank bonds. Official circular states: “ There has been no litigation
am.1 none now pending or threatened in any maimer affecting this issue of
bonds, and that no default has ever been made in payment of any obliga
tion
“ Also that there is no litigation o f indebtedness or taxes to pay
sam e.”
.
Financial Statement.
T otal bonded debt (including this issue)--------------------------------------- $891,250
Floating debt (additional)---------------------------------------------------------------21,000
Sinking fund---------------------------------------------------------------------------------------Assessed valuation 19 2 0 -------------------------------------------------------------------- 43,9o3,426
Tax rate (per $1,000) 1920---------------------------------------------------------------23.00
31,017
Population in 1920------------------G R E E N S B U R G , W e s t m o r e l a n d C o u n t y , P a . — B O N D O F F E R I N G .—
Paul S. Bair, Borough Treasurer, will receive bids until to-day (July 9) for
$160 000 5 1>C coupon tax-free improvement bonds. Denom . $1,000Date July 1*1921.
Erin, and sem i-ann. (J. & J.) payable at the Borough
Treasurer’s office. Due $5,000 yearly from 1922 to 1950, incl. and $15,000
in 1951- Cert, check for $1,000, payable to the above treasurer, required.
Purchaser to pay accrued interest.
GREYBULL,
B ig
H orn
C ounty,
W y o . — BOND
E L E C T I O N .—
On July 26 $75,000 6 % 15-year water bonds will be submitted to a vote of
the people. H . Higgins, Clerk.
G R O V E C I T Y S C H O O L D I S T R I C T (P . O . G r o v e C i t y ) , M e r c e r
C o u n t y , P a . — B O N D O F F E R IN G .— Until 1:30 p. m . A ug. 1 sealed bids

will be received bv M a ry F . Hanna, Secretary of the Board o f Education,
for the purchase of $90,000 4 % % , 5 % or 5 H % coupon or registered taxfree school building erection bonds. Denom . $500. Date A ug. 1 1921.
Prin. and semi-ann. int. payable at the office of the Treasurer of the Board
o f Education.
Due $20,000 in 10 years and $3,500 each year thereafter.
Certified check or cash for $1,500 required.
H A G E R S T O W N , W a s h i n g t o n C o u n t y , M d . — B O N D S A L E . — Alex.
Brown & Sons of Baltimore, M d .. purchased the $300,000 5 % sewer bonds
offered on Julv 5— V . 112, p. 2789. The price paid was 95.0823, a basis
o f about 5.48% . D ate July 5 1921. Due $25,000 yearly on July 1 from
1933 to 1947, inclusive.
H A L I F A X C O U N T Y ( P . O . H a l i f a x ) , N o . C a r o . — N O B I D S RE
C E I V E D . — N o bids were received for the $250,000 6 % road and bridge
bonds offered July 6 (V . 112, p . 27S9)
H A M B L E N C O U N T Y ( P . O . M o rristow n ), T e n n .— B O N D S A L E . —
The 8-14,000 6% funding bonds offered April 30 (V . 112, p. 1654) were
awarded to Caldwell & C o ., Nashville, at par.
H A N C O C K C O U N T Y ( P . O . G r e e n f i e l d ) , I n d . — B O N D O F F E R IN G .—
Grover Van D u yn , County Treasurer, will receive bids until 10 a. m . July
15 for $6,900 5 % John Lain et al. Vernon Township bonds. Denom .
S345- Date July 15 1921. Int. M . & N . D ue $355 each six months
from M a y 15 1922 to N o v . 15 1931, inclusive.
H A N C O C K C O U N T Y ( P . O . F i n d l a y ) , O h i o . — B O N D O F F E R I N G .—
J. R . Hanrahan, County Auditor, will receive bids until 1 p. m . July 15
for $33,000 6 % Findlay-Oarey Road, I. C . H . N o. 222 bonds. Denom.
SI 000. Date July 15 1921. Prin. and semi-ann. in t., payable at the
County Treasurer’s office. Due $3,000 yearly on July 15 from 1922 to
1932, incl. Cert, check for $1,000 required. Purchaser to pay accrued int.
H A V E R F O R D T O W N S H I P S C H O O L D I S T R I C T (P . O . L l a n e v c h ) ,
D e l a w a r e C o u n t y , P a . — B O N D S A L E . — The Girard Trust C o. of Phila

delphia. was the successful bidder at par and interest for the $65,000
5 H % school bonds. Dated June 15 1921- Due June 15 1951, which were
offered on Julj- 5— V . I i 2 , p . 27S9.
H I C K M A N C O U N T Y (P . O . C e n t r e v i l l e ) , T e n n . - B O N O S A L E .—
On June 30 the following b o n d s — V . 112, p. 2662— were sold, it is reported,
to Caldwell & C o. of Nashville, at par and interest .
5240.000 6 % highway bonds. Date July 1 1921. Due $6,000 yearly on
April 1 from 1922 to 1961, incl.
16,000 5 % school bonds. D ate July l 1921. Due $500 each six months
from Jan. 1 1922 to July 1 1929, incl., and $1,000 each six months
from Jan. 1 1930 to July 1 1933, incl.
H IL L S B O R O T O W N SH IP
(P . O . H i l l s b o r o ) , O r a n g e C o u n t y ,
N o . C a r o . — B O N D O F F E R IN G .— Sealed bids will be received by R . H .

C layton , Clerk of County Board of Education, until 12 m . A ug. 1 for
$100,000 6 % school bonds. Denom . $1,000. D ate July l 1921. Prin.
and semi-ann. interest (J.-J.) payable in gold at the office of the Hanover
National Bank. New Y o rk . D ue $5,0(\0 yearly on July 1 from 1922 to
1 9 4 1 , incl. Cert, check for $2,000 drawn to t h e order of S. Browning,
Chairman, required. Bonds are to be prepared under the supervision of
the United States Mortgage & Trust C o ., which will certify as to the
genuineness of the signature of the officials executing the said bonds, and
t h e seal impressed thereon. Legality will be approved by Chester B .
M asslich of New York C ity , and i J. L . Morenead of Durham, N . C .,
whose approving opinions will be furnshed to the purchaser without charge.
All bids must be on blank forms, which will be furnished by the above
clerk or said trust company. Bonds will be delivered to the purchasers
at the office of the United States Mortgage & Trust C o ., New York C ity,
on or about A ug. 10 1921, and must be paid for in New York funds. N o
bid of less than par and accrued interest will be considered, and the right
to reject any or all bids is reserved.
( P H U R O N C O U N T Y ( P . O . N o r w a l k ) , O h i o . — B O N D O F F E R I X G .—
W . H . Griffin, County Auditor, will receive bids until 12 m . July 11 for
$36,465 02 6 % Scranton Road N o . 170 and Hart land Cent er Road N o . 58
improvement bonds.
Denom. 1 for $465 02 and 72 for $50Q. Date July
1 1921. Int. A . & O. Due each six months as follows: $2,000 from April
1 1922 to April 1 1925. incl.: $2,500 from Oct. 1 1925 to April 1 1929, incl.,
and 2,465 02 on Oct. 1 1929. Cert, check for 5 % of amount bid for, pay
able to the County Treasurer, required. Purchaser to pay accrued interest.
IN D IA N C O V E I R R I G A T I O N D I S T R I C T (P. O . H a m m e t t), E lm o re
C ounty,
I d a . — P U R C H A S E R . — 'T he purchaser of the $150,000 6%

irrigation bonds— V . 112, p. 2662 wvs the Owyhee Farms C o ., Boise.
Denom . $100, $500, $1,0C0 and $ 1 0 .0 (0 . lilt. J. & J

[V

c ‘ S L IP U N IO N F R E E S C H O O L D IS T R IC T
S u f f o l k C o u n t y , N. Y .
B O N D O F F E R IN G ,

NO.

ol.

1 (P

113.

O

I sHd )

Fred O . Hendriricson
( ieik of the Board of Education, will receive bids until 8 p. m . July \ > at
the School Building, located at Fourth A v e ., Bay Shore, N Y , for $200 000
U U ovun privilege oi registration; honcls.
Ml
$ 1 hoo
- ' 1 coupon (with privilege of registration) bonds. Denom. $1 0 0 0
l 1920.
Erin, and semi-ami. payable at the Harriman National
Bank of Ne " ^ ork City
l'
Due $4,000 yearly on Oct. 1 from 19‘>l to 1930
iuel and $8,uuu vm Oct . I Iimu iyo i to iwou. mci. LiRTTiirifin cner.ir ir n an
i
v
*8 000 on
l from 1931
1950, incl. Certified check on

prepart
JACKSON,

M a d ison

C ou nty,

T e n n . — B O N D S A L E . — J. C . M ayer

n n K ully acquired at par the following 6 % street impt. bonds.
$66,000 10-year bonds.
33,000 20-year bonds.
Denom . $1,000. D ate June 1 1921. Int. J. & D .
JA C K S O N V IL L E , C herokee C ou n ty , Tex.
BOND ELECTIO N —
n is stated that the property owners of Jacksonville will be given an
opportunity July 12 to decide whether the city shall issue $1.50,000 water
works improvement bonds mentioned in V . H 2 , p. 2662.
J E F F E R S O N S C H O O L T O W N S H I P . P ik « C o u n t y , I n d .-B O N D
} . , E h lN G .
B . 11. Osgathrop, Township Trustee, will receivo sealed
bids until 2 p m . July 16 at the Otwell State Bank, Otwell. In d., for the
purchase of 831,000 6 % bonds. Denom . $1,000. Date July 16 1921.
I n n . and semi-ann. int. (J. & D .) payable at the Otwell State Bank
Otwell.
Due $1,000 each six months from June 24 1922 to June 24 1937
incl. Purchaser to pay accrued interest.
M id la n d ),

T O W N S H I P R U R A L S C H O O L D I S T R I C T (P. O .
C l i n t o n C o u n t y , O h i o . — BO N D O FFERIN G.
Harry Hall

Clerk of the Board of Education, will receive bids until 12 m Julv 20 for
825,000 6 % coupon school bonds.
Denom. $1,000.
Date July ‘>0 1921
Erin and semi-ann. int., payable at the Merchants & Farmers’ Bank
In Blanchester. Ohio.
Due $1,000 each six months from Sept. 1 1948 to
Sept. 1 I960, iacl. Oert. check for 3 % of amount bid for, drawn upon some
bank doing regular banking business in Clinton County payable to the
Treasurer of the Board of Education required.

check for 2 % of amount bid for, drawn upon an incorporated bank or
trust company, payable to tho above Chamberlain, required. The legality
of this issue of bonds will be passed upon by Caldwell & Raymond of
New York C ity, whose favorable opinion will be furnished the purchaser.
Purchaser to pay accrued interest.
K E N O S H A , K en o sh a C o u n ty , W ise .— B O N D S A L E . — On July 5 the
$100,000 6 % 1-20-year serial water-works extension bonds, “ Second
Series,” dated July l 1921 (V . 112, p. 2790), were sold to E . H . Rollins &
Sons of Chicago at 101.118 and interest, a basis of about 5 .8 5 % .
The
$250,000 6 % M ain Street bridge bonds offered for sale at the same time
were not sold, no bids being received. The following is a complete list of
the bids received for the $100,000 issue:

,

.

_

Premium.

First Wisconsin C o ., M ilwaukee___________________________________ $500 00
Northern Trust C o ., Chicago________________________________________
421 00
E . II. Rollins & Sons C o ., Chicago________________________________ 1,118 00
Continental & Commercial Trust & Savings Bank, Chicago_______
90 00
Harris Trust & Savings Bank, Chicago_____________________________
180 00
First Trust & Savings Bank, Chicago. _ ___________________________
•
156 00
Prudden & C o ., Chicago____________________________________________
137 00
First National Bank, Kenosha______________________________________
112 75
Paine, Webber & C o ., Chicago, having presented a bid for both
the bridge and water-works-extension bonds, agree to act as
agent for the sale of said bonds, including accrued interest to
date of delivery, providing they are paid commission o f_______ 5,000 00
There being no bids whatsoever received on the sale of M ain Street
bridge bonds, it was therefore recommended that the water-works and
extension bonds (second series) be sold to E . H . Rollins & Sons C o ., Chicago,
being the best bid received, and that no action be taken at the present time
as to the sale of the M ain Street bridge bonds.
K I N G C O U N T Y S C H O O L D IS T R IC T N O . 7, W a s h .— N O B I D S
R E C E I V E D . — N o bids were rece.ved on June 25 for the $60,000 coupon
bonds— V . 112, p. 2662.
K I N G C O U N T Y S C H O O L D I S T R I C T N O . 144, W a s h .— N O B I D S
R E C E I V E D .— At the offering on June 18 of the $35,000 coupon bonds—
Y . 112. p. 2662— no bids were received.
K N O X V I L L E , K n o x C o u n ty , T e n n .— B O N D E L E C T I O N . — An elec
tion will be held Sept. 8 to vote on the question of issuing $600,000 coupon
school bonds at not exceeding 6 % interest. Due $30,000 yearly.
L A D O N IA , F a n n in C o u n t y , T e x .— B O N D S V O T E D . — A t the election
held on June 27— V . 112, p. 2446— the $50,000 school bldg., $35,000 sewer
and $15,000 water 6 % 10-40-vear (optional) bonds were sanctioned by a vote
of 412 to 175L A F A Y E T T E S C H O O L D I S T R I C T (P. O. La F a y ette ), W a lk er
C o u n ty , G a .— B O N D S A L E . — A n issue of $85,000 6 % tax-free coupon
bonds has been awarded to Trust Co. of Georgia. Atlanta. Denom. SI ,000.
Date July 1 1921. Prin. and int. (J.-J.) payable in New York City. Due
on July 1 as follows: 82,000 1922 to 1926, incl.: 83.000, 1927 to 1931, incl.
and $4,000, 1932 to 1945, incl. Legality approved by Storey, Thorndyke,
Palmer & Dodge o f Boston.

F inancial Statement.
Assessed valuation (1920)----------------------------------------------------------------- SI ,300,000
T otal bonded debt (this issue)---------------------------------------------------------S5.000
Present population (estimated), 2,600.
L A G U N A S C H O O L D I S T R I C T , Los A n g eles C o u n ty , C a lif.—
B O N D O F F E R IN G .— Sealed proposlas will be eceived until 11 a. m .
July 18 by L . E . Lam pton, County Clerk and Ex-officio Clerk Board of
County Supervisors (P. O. Los Angeles) for $3,000 6 % school bonds.
Denom. $500- D ate July 1 1921. Prin. and semi-ann. int . payable at the
office of the County Treasurer. Due $500 yearly on July 1 from 1922 to
1927, incl. Cert, or cashier’s check for 5 % of the amount of said bonds,
payable to the Chairman Board of County Supervisors required. Pur
chaser to pay accrued interest. Bonded D ebt. none. Assessed value of
taxable property 1920, $835,610- Population (est.) 600.
L A M O N T C O N S O L ID A T E D IN D E P E N D E N T S C H O O L D IS T R IC T

p . 9796— at par, School Board to pay $2,810 to cover expenses of fitting
out bonds. This bid is equal to 98.00, a basis of about 6 .4 7 % .
L A R A M IE C O U N T Y S C H O O L D I S T R I C T N O . 10 (P. O. H illsdale)
W y o .— B O N D S A L E .— The State of Wyom ing was the successful bidder
on July 1 for the $30,000 6 % school bldg, bonds— V . 112. p. 2562— at par
and interest. Denom. $1,000. Date July 15 1921. Due yearly as follows:
$1,000, 1923 to 1932, incl.; and $2,000, 1933 to 1942, incl. There were no
other bidders.
L IN C O L N C O U N T Y S C H O O L D I S T R I C T N O . 13, C olo .
BOYD
E L E C T I O N — S A L E .— The International Trust C o. of Denver, has pur
chased $5,000 6 % 10-20 year (opt.) funding bonds subject to an election in
the next thirty days.
L IT T L E R O C K , A rk .— W A R R A N T S A L E . -T h e following $750,000
tax-free warrants, which were offered on June 28 Y . 112. p. 2662— have
been sold to P. W . Chapman & C o. and Ames, Emerich & C o ., both oi
Chicago *
.
8570.000 warrants. D ate July 9 1921- Due M ar. 25 1922
180,000 warrants. D ate July 25 1921. Duo Mar. 25 1921.
Denom . $1,000- Payable at the Union Trust C o ., Chicago.
Financial Statement,
Real value of taxable property, estimated
>90.PtH\000
Assessed value 1919
Total indebtedness, including this issue
-----------l.UUNO- \
P opulation. 1910 census.

15.941; 1920 census. 0 e .0 3 0 .

Total debt less than 2 l2% of assessed valuation.

J uly

9 1921.]

THE CHRONICLE

L O D I, Medina C o u n ty , Ohio. BOND OFFERING. S. B. M a rvin ,
Village C lerk , w ill receive sealed p rop osals until 12 m . J u ly 22 for Mm fol
low in g 6 ^ a s s e s s m e n t b ond s:
$4 700 00 A in sw orth Street, im provem ent, bonds.
D en om . $235.
Due
$235 each six m on th s from A pril l 1922 to O ct. I 1931, inch
1 873 88 H arris Street im provem en t b on d s. D u o 1 b o n d each six m on th s
from A pril 1 1922 to O ct. 1 1931.
D a te M a r. 22 1921. In t. A . & O. C ert, ch eck fo r 5 % o f a m ou n t b id
for, p a ya b le to the V illage, requ ired. Purchaser to p a y accrued interest.
L O R A IN , Lorain C o u n ty , Ohio.
BOND OFFERING. C harles L.
P a tterson , C ity A u d ito r, w ill receive sealed b id s until 12 in. July 18 for the
follow in g 6 % cou p on b on d s.
SIS 000 L exin gton A v e . p avin g bonds.
D cn om . $1,000.
D uo $2,000
yea rly on Sept. 15 from 1923 to 1931, inch
43 500 S eventeenth Street pavin g b on d s. D o n o m . one for $500 and 13 for
$ 1
000. D ue vearly on Sept. I as follow s: $4,500, 1922: $5,000,
1923: $4,000, 1924; $5,000, 1925; $4,000, 1926; $5,000, 1927;
and $4,000 fro m 1928 to 1931, inch
,000. D u o $1,000 yearly
8,000 W ood A v e. p avin g b on d s.
D on om .
S ept. lb from
to
on wept. 15 irom 1922 w 1929, me]
D a te June 15 1921. Prin. and sem i-am i. int. (M . & S.) p aya b le at the o ffice
o f the Sinking F u n d Trustees.
. . .

L U C A S C O U N T Y (P. O. T o le do ), O h io .— BOND OFFERING.—
A delaide E . S ch m itt, C lerk o f the B oa rd o f C o u n ty C om m isisoners, w ill
receive sealed bids un til 10.30 a. a m . J u ly 18 fo r th e fo llo w in g 6 % h ighw ay
im provem en t b on d s.
$18 500 W ash in gton T ow n sh ip ston e roa d im p rov em en t N o . 156 b on d s.
’
D e n o m . 1 for $500 and 18 for $ 1,000. D u e yea rly on A u g . 1 as
follow s: $2,500 1922 and $ 2,000 from 1923 t o 1930, incl.
9 500 W ash in g ton T ow n sh ip ston e road im p rovem en t N o . 164 b o o d s
D e n o m . 1 fo r $500 and 9 for $ 1,000. D u e yea rly on A u g. 1 as
follow s: $ 2,500 1922; $ 2,000 from 1923 t o 1925, in c h , and $1,000
in 1926.
23.000 W ash in g ton T ow n sh ip ston e roa d im p rovem en t N o . 165 b on d s.
D e n o m . $ 1,000. D u e vea rly on A u g . 1 as follow s: $3,000 from
1922 to 1924, in c l., and $2,000 from 1925 to 1931, in cl.
19.000 Springfield T ow n sh ip ston e roa d im p rovem en t N o . 166 b on d s.
D e n o m . $ 1,0 00 . D u e yea rly on A u g . 1 as fo llo w s: $ 3,000, 1922 and
$ 2,000 from 1923 to 1930, in cl.
12,500 O regon T ow n sh ip ston e road im p rov em en t N o . 168 b o n d s . D e 
n om . 1 fo r $500 and 12 for $1,000. D u e yea rly on A u g . 1 as follow s:
$ 2,5 00 , 1922; $ 2,000, from 1923 to 1926, in c l., and $1,000 in
1927 and 1928.
12.000 O regon T ow n sh ip ston e road im p rovem en t N o . 169. b on d s.
D e n o m . 8 1,000. D u e $2,000 y e a rly on A u g . 1 fro m 1922 to 1927,
inclu sive.
21.000 A dam s T ow n sh ip and M a u m ee V illa ge ston e roa d im provem en t
N o . 170 b on d s. D e n o m . $ 1,000. D u e y e a rly o n A u g . 1 as follow s:
$ 3,000, 1922 and $2,000 from 1923 to 1931, in cl.
D a te A u g . 1 1921. P rin . and sem i-ann . in t. p a y a b le at th e C o u n ty
T reasu rer’s o ffice . E a ch b id d er w ill b e required t o d eposit w ith his b id the
sum o f $500 in cash or a certified ch eck fo r said a m ou n t on a b an k d oin g a
regular b an k in g business in th e C ity o f T o le d o , togeth er w ith an agreem ent
in w ritin g th a t if his bid is a c c e p te d , h e w ill bake up said b on d s and p a y fo r
th e sam e a ccord in g to his b id , togeth er w ith th e a ccru ed interest th ereon .
A ll b id s shall b e w ritten w ith ink and in w ord s as well as in figures.
Said b on d s w ill b e d elivered at th e C ou rt H ou se in T o le d o , O h io, o n A u g.
1 1921.
T h e successful b id d er fo r said b on d s w ill b e required t o ta k e up and p a y
fo r said b on d s p ro m p tly on th e d ate herein fix e d fo r th eir d e liv e ry , and
p a y m en t fo r said b on d s shall b e m a de in cash or b y a certified ch eck on a
ban k d oin g a regular b an k in g business in th e C ity o f T o le d o . C on d ition a l
bids w ill n o t b e considered
BOND OFFERING.— T h e a b ov e official w ill also receive b id s until 10.30
a. m . J u ly 25 fo r $31,433.61 6 % W a ter S u p ply Line N o . 19, M a in Sewe~
D ist. N o . 3, con stru ction b on d s. D en om . 1 fo r $1,433.61 and 30 for $1,000
each . D a te A u g . 5 1921. P rin. and sem i-ann. int. p aya b le at the C o u n ty
T reasu rer’s o ffice . D u e yea rly on A u g. 5 as follow s: $4,433.61 in 1922 and
$3,000 fro m 1923 to 1931, in cl. C ert, check fo r $500, draw n u pon a bank
d oin g regular ban k in g business in T o le d o , O hio, required. Said b onds
w ill b e delivered at th e C ou rt H ou se in T o le d o , O hio, on the 5th d a y o f
A ugust 1921. and the d ate o f issue o f said b on d s w ill b e o f th at date. T he
successful bidder will b e required to take u p and p a y fo r said b on d s p rom p tly
on the d ate herein fix ed for their d elivery and p aym en t fo r said b on d s shall
be m ade in cash or b y a certified ch eck on a ban k d oin g a regular banking
business in th e C ity o f T o le d o . C on d ition a l b id s w ill n ot b e considered.
Statistics.
Assessed valu ation o f p rop erty for taxation on the 1920 duplicate,
$525,121,270.
P ro p e rty is assessed at its true valu e.
T a x rate per $1,000 for 1920, $19.40.
P op u la tion 1920, 275,000.
T o ta l b on d ed debt o f C o u n ty , foregoin g issue n o t in clu d ed, $5,164,156.06.
O f the b o n d e d d e b t o f th e C o u n ty , the sum o f $686,543.00 is paid b y a
le v y on T ow n sh ip s, and the sum o f $3,403,023.71 is paid b y special assess
m ents. T h ere has n ever been a n y d efa u lt in th e p aym en t o f principal
or interest.
M cC LEL L AN T O W N S H I P rp. O. Enos), N ew ton C o u n ty , In d .—
BOND OFFERING.— Ora A . Sellers, T ow n sh ip T ru stee, w ill receive bids
until 2 p . m . J u ly 15 fo r th e purchase o f $3,750 6 % sch ool b o n d s. D en om
$250. D a te J u ly 1 1921. P rin . and sem i-ann. in t. (.1. & J .) p a ya b le at
the Farm ers State B an k in M o r o c c o , Ind . D u e $250 y e a rly on J u ly 1 from
1922 to 1936, in cl. C ert, ch eck for $500, requ ired. T o ta l va lu a tion for
1920 was $ 1 ,8 05 ,7 24 . B on d ed D e b t n o t in clu d in g this issue is $ 25,000.
M cM IN N V iL L E , Y am hill C o u n ty , O re.— BOND D ESCRIPTION
T h e $20,000 6 % a rm ory con stru ction b on d s, aw arded on June 7 to E . L.
D evereaux & C o . o f P ortlan d a t 99 and interest— V . 112, p . 2791— answer
to the follow in g d escrip tion : D en om . $500. D a te June 1 1921. In t.
J. & D . D u e June 1 1941 op tion a l June 1 1931.
M AH N O M EN C O U N T Y ( P . O. M ahnom en], M inn .— BOND S A L E .—
An issue o f $150,000 6 % road im pt. b on d s w as aw arded to the D rakeB allard C o . o f M in n eap olis and the C ap ital T ru st & Savings B ank o f St.
P a u l.
M A H N O M E N C O U N T Y S C H O O L D IS T R I C T NO. 2 (P. O. Mahnom e n ), Min n .— BOND S A L E .— T h e M in n eapolis T ru st C o. o f M in n eapolis
has been aw arded an issue o f $75,000 6 % sch ool b on d s.
M A R IO N C O U N T Y S C H O O L D I S T R I C T NO. 7 (P. O. Marion),
So. Caro.
BOND OFFERING.— B id s will be received until 12 m . July 15
for $20,000 6 % sch ool-b u ildin g b on d s. Interest sem i-annually.
M A R T IN C O U N T Y (P. O. Inez), K y .— BONDS VOTED.— R eports
state th at $200,000 h igh w ay con stru ction b on d s were voted by a m a jority
o f 838, m ore than th ree-fou rth s o f the total num ber o f votes cast.
M E C K L E N B U R G C O U N T Y ( P . O. Charlotte), No. C aro.— BOND
.3/1LE. A . B . Leach & C o . , Jn o ., o f N ew Y o rk h ave purchased the $600,000
road b on d s which were m en tion ed in V . 112, p . 2791 a t par and interest.
T h ese b onds are cou p on b o n d s , registerable as t o principal. D ate June 1
1021. Serial designations and m aturities (June 1) are:
Series A , $150,000, m atu rin g 1926.
Series B , $200,000, m aturing $40,000 annually 1927 to 1931.
•Series C , $250,000, m aturing $50,000 ann u ally 1932 to 1936.
MENIFEE C O U N T Y ( P . O. F rcnchbu rg). Ky. BOND OFFERING.—
Bid ; will be received until I .30 p. rn. July 16 by W . 1,. C raig, Judge o f the
C o u n ty C ou rt for $20,000 5 % 5-30 year road b ond s.
B onds to be sold at
par and accrued interest.
Bids will b e entertained fo r a ny part o f said
j ,:-)uc. am ounting to n o t Jess than $10,000.
MERCER C O U N T Y ( P . O. Cclirn*), Ohio. BOND SALE. T h e fol
lowing tw o issues o f cou pon bonds offered on June, 18 were sold on th at
date to John \\. M yers o f W ren, Ohio, and John II. C ols o f St. H enry,
O hio, at par and accrued interest:
313 300 6 % Hawk road bonds.
D enom . $500. D ue yearly on July 15 as
follow s: 31,000, 1922; $2,000. 1923; % .500. *1924; $2,000, 1925;
\
$1 000, 1926; 32,000. 1927. $1,500, 1928; 31,000, 1929; $1,000.
1930 and $500 in 1931.

20 5

$16,000 5 % Zoh n road b on d s.
D en om . $1,000.
D u e yearly on July 1 as
follow s: 81,000, 1922; $2,000, 1923; $1,000, 192-1: $2,000 from
1925 to 1929, Jncl. and $1 ,000 in 1930 a nd 193!
D ate July 15 1921.
In f. J. & J.
M IAM I, O t t a w a C o u n ty , O k ln .
BOND E L E C I'/O N . On July \2,
$ 40,000 park bonds will be voted u pon ,
MIAMI C O U N T Y (P. O . T r o y ) , O h io .
BOND OFFERING. T B.
R adabaugh , C o u n ty A u d ito r, will rectave sealed proposals until 10 a., m.
July 15 fo r the purchase o f the follow in g 6 % cou p on special assessment
bonds:
$3,745 W heelook Road N o. 143 im provem en t bonds.
D en om . 2 for 372.50
and 18 fo r $200 each .
D ue yearly on A pril J as follow s: 3145
1922 and $400 from 1923 to 1931, incl.
4 662 Shearer R oa d N o . 142 im p rovem en t b on d s.
D on om . 2 for 331
and 8 fo r $200; 10 fo r $300 each.
Duo, yearly on April I as fo llo w s :'
$62, 1922; $400 from 1923 to 1926, in c l., and $600 from 1927 to
J931, in c l.
5,740 (tidings R oa d N o. 140 Section ‘ 'A ” im p rovem en t b ond s. D en om .
2 for $170 and 1.8 for $300 each.
D ue yearly on April I as follow s:
$340 1922 and $600 from 1923 to 1931 , Jncl.
4,270 Karns R oad N o. 141, Section “ B” im p rovem en t b on d s.
D enom .
2 fo r $335 and 18 fo r $200. D u e yea rly on A p ril ! as follow s:
$670 1922 and $400 from 1923 to 1931, incl.
C ert, ch eck fo r 5 % o f a m ou n t b id fo r, p a ya b le to the a b o v e A u d itor,
required. Said b on d s to b e delivered at the o ffic e o f the C o u n ty Treasurer
in M ia m i C o u n ty , T r o y , O h io, n o t later than ten days after th e award.
M IC H I G A N (State o f ) --— OFFERING OF BONDS A N D N O T E S — A s
a ttem p ts to sell $30,000,000 30-year 5 $ f % sold iers’ b on u s b o n d s in June
p roved unsuccessful (V . 112, p . 2791, and V . 113, x>. 103 ), new legislature
has been obtain ed and F rank E . G orm a n , State T reasu rer, is offerin g fo r
sale un til 1 p . m . J u ly 12 $ 15,000,000 on e-year notes in d en om in a tion s o f
$5,000 and upw ards. T h e n otes are issued pursuant t o th e p rovision s o f
A c t N o . 1 o f th e P u b lic A cts o f th e State o f M ich igan ,' first extra session o f
1921, as am en ded, fo r th e p u rp ose o f p rovid in g fun ds fo r th e p a y m e n t o f
soldier bonu s claim s m ade and a p p ro v e d u nder th e p rovision s o f said A c t.
T h e notes are d ated J u ly 15 1921 and m atu re J u ly 15 1922. B id s w ill
b e received fo r the $ 15,000,000 n otes bearin g a ra te o f interest o f h A % ,
p a ya b le sem i-annually; also $ 15,000,000 o f said n otes, bearin g 5 M %
interest, p aya b le sem i-an n u ady; also fo r $15 ,00 0 ,00 0 o f said n otes bearing
interest at the rate o f 6 % , p a y a b le sem i-an n u ally. A certified ch eck in a
sum equal to 1 % o f th e a m ou n t o f th e b id , p a y a b le t o th e order o f th e State
Treasurer o f the State o f M ich ig a n , m u st b e su bm itted w ith each b id . T h e
righ t is reserved to re je ct a n y or all b id s.
BIDS FOR LONG T E R M BONDS.— B ids also w ill b e received o n J u ly 12
fo r all o r a ny part o f $10,000,000 5 A % soldier b on u s b o n d s, ten , tw e n ty or
th irty-yea r m aturities; also h % % b on d s o f ten , tw e n ty o r th irty -y ea r
m aturities. A d ep osit o f 1 % o f th e b id is req u ired.
B ID S FOR H I G H W A Y N O T E S.— T h e a b o v e Treasurer w ill also receive
sealed b id s until 1 p . m . J u ly 15 fo r $ 3,0 00 ,0 00 h ig h w a y -im p rovem en t n otes
in denom inations o f $ 5,000 and upw ards, to b e issued b y th e State A d m in is
tra tive B oard, pursuant to p rovision s o f A c t N o . 25 o f th e P u b lic A cts o f
th e State o f M ich ig a n , E xtra Session o f 1919, as am en ded.
T h e notes w ill b e d ated July 15 1921 and w ill m atu re J u ly 15 1922 . B ids
w ill b e received fo r $ 3,0 00 ,0 00 o f said n otes bearing interest at 5 A % , p a y 
able sem i-annually; also fo r $ 3,000,000 o f th e a b o v e notes at 5 A % interest,
p aya b le sem i-annually; also $3,0 00 ,0 00 o f said n otes a t 6 % interest, p a y a b le
sem i-ann u ally.
BID S FOR H I G H W A Y BO ND S.— B ids w ill b e received at th e sam e tim e
fo r $3,000,000 co u p o n h ig h w ay b o n d s in d en om in a tion o f $ 1,000, t o b e
issued b y the State A d m in istra tive B o a rd , pursuant to th e p rovision s o f th e
a b ov e nam ed A c t . Said b o n d s to b e d a ted A u g . 1 1921 and to b e due
A u g . 1 1941 and w ill bear interest a t 5 A % , p a y a b le sem i-ann u ally. A
certified check fo r 1 % o f th e a m ou n t o f th e b id , p a y a b le to th e a b o v e nam ed Treasurer, requ ired w ith each o f th e a b o v e b id s. T h e righ t is
reserved to reject a ny or all b id s.
The official notice of these bond offerings may be found among the advertise
ments elsewhere in this Department.
M ISSO URI (State o f ) .— BONDS REGISTERED.— D u rin g the m o n th o f
June G eorge E . H ack m an n , State A u d ito r, registered roa d , drainage,
sch ool and p u b lic utilities b on d s a m ou ntin g to $ 2,278,570. A special
dispatch to the “ St. L ou is G lo b e -D e m o cra t” fro m Jefferson C ity under date
o f July 3 had th e follow in g to say w ith regard to the m atter:
“ State A u ditor H ackm an n ann ou n ced to -d a y th at he registered $2,278,570
o f roa d , drainage, sch ool and p u b lic u tilities b on d s during the m o n th o f
June. T his is the largest a m ou n t registered fo r a single m on th since
January 1917.
“ D uring the first tw o days in J u ly he registered $160.000 a dd ition al b on d s,
thus boostin g the total for th irty -tw o d ays to $2,438,570.
“ B onds m ust b e registered b y the State A u d ito r b efore th e y can be sold.
T h e large am ou nt registered, H ackm an n said, indicates th a t business is
im provin g .
“ T h ere has been con siderable discussion in the extra session to th e e ffe ct
th at the State ca n n ot sell the $60,000,000 b o n d issue w ith ou t great sacri
fice , b u t the apparent a ctiv ity in drainage, sch ool, co u n ty and special road
district b onds a pp aren tly upsets this argum ent.
“ H ackm ann believes th at b y the tim e th e State is rea d y to issue the first
b a tch o f the $60,000,000, a few m illion at m ost, th a t con d ition s w ill h ave
im p ro v e d so greatly th a t n o serious d ifficu lty w ill.b e en cou n tered in m ar
k etin g them.
T h e $60,000,000 roa d b on d s run fo r th irty years from date o f issuance and
bear 5 % interest. T h e red u ction o f the State, co u n ty and m unicipal tax
levies b y alm ost h alf, resulting from increasing assessm ents, w ill render the
b on d s m ore m arketable.
“ Under the old fraction al assessments, when a b o n d ow ner return ed a
b o n d in m ost o f th e com m u nities o f th e State, it was taxed at fa ce valu e,
w hile real estate and oth er personal p ro p e rty , excep t m on ey and notes,
which were assessed a t fu ll valu e, were assessed at fro m 15 to 6 0 % o f true
value.
“ T h e cu ttin g d ow n o f valu ation s u p on real estate and personal p rop erty ,
except intangibles, had the e ffe ct o f increasing tax levies to th e m axim u m ,
w h ich , when applied to the fa ce va lu e o f a b o n d , a bsorb ed nearly all o f the
interest return.
H ere are som e o f the larger b o n d issues registered b y H ackm an n fo r the
m onth o f June: M a co n School D istrict, $23,500, M u d d y C reek D rainage
D istrict N o . 1, $100,000; G rand R iv er D rainage D istrict N o . 2, G ru ndy
C o u n ty , $225,000; G arden o f E den D rainage D istrict, C harleston, $125,000;
N ew H aven ligh t and w aterw orks b on d s, $14,000; V icto ry D rain age D is
trict, Scotland C o u n ty , $60,000; St. L ouis C o u n ty roa d b on d s, $200,000;
St. Louis C o u n ty refunding b on d s, $100,000; N ew M a d rid C o u n ty road
b ond s, $225,000; C on solid a ted School D istrict N o . 1, M erce r C o u n ty ,
$28,000; E xcelsior Springs sew age-disposal plan t, $25:000; Jackson C o u n ty
C on solidated School D istrict N o . 2, $22,000; Sh elbyville Special R oa d D is
trict, $10,000; Bethel Special R oad D istrict, Shelby C o u n ty , $7,000; W eau bleau Special R oa d D istrict, H ickory C o u n ty , $27,500; School D istrict
N o . 36, S cott C o u n ty , $7,400; C on solid a ted School D istrict N o . 1, Saline
C o u n ty , $11,500; Poplar B lu ff School D istrict, $30,000; U nion T ow nsh ip
D rainage D istrict,* Lew is C o u n ty , $41,500; C on solid a ted School D istrict
N o. 2, H arrison C o u n ty , $45,000; School D istrict N o . 59 , Christian C o u n ty ,
$12,000; School D istrict N o. 40, C o o p e r C o u n ty , $45,000; E lsberry School
District}, L in coln C o u n ty , $20,000; () stark School D istrict, Christian C o u n ty ,
$35,000; School D istrict N o. 8 ) , Butler C o u n ty , $4,700; lliggin svillo ju d g 
m ent refunding b on d s, $13,565; Sparta School D istrict, Christian C o u n ty ,
$12,500; C on solid a ted School D istrict N o . 4 , B ates C o u n ty , $20,000;
In te r-lliv e r D rainage D istrict, Butler C o u n ty , $560,000; U niversity C ity
School D istrict, $90,000; N ow M a d rid C o u n ty road im provem en t issue,
$ 225,000; C on solid a ted School D istrict N o. 4, G en try C o u n ty , $20,000
11a y f i w ater-w orks s y s te m , $30,000; Stanberry Drainage D istrict C o .,
$68,000; Sugar Creek School D istrict, Jackson C o u n ty , $20,000; North
Kansas C ity School D istrict, C lay C o u n ty . $63,000.
“ Since July I H ackm ann registered the follow in g b ond s: Sikeston Fire
D epartm ent, $25,000; St. John Levee and D rainage D istrict, N ew M adrid
C o u n ty , $85,000; C on solidated School D istrict N o. 4, Jackson C o u n ty ,
$ 50 ,0 0 0 .”

200

r

n
rilK CHRONICLE

M O H A V E C O U N T Y S C H O O L D I S T R I C T N O . 13 (P . O . Y u c c a ) ,
A r iz . -BONIjS VnTEL) —B y 15 * fo r ” to 4 “ a gain st” the $8,000 sch ool
b u ild in g b o n d s
V . 112 p . 2 7 9 1 - -carried.
M O N T A N A .S t a t e o f
UDS RECEIVED
N o bids were
ceiv ed for the $700,000 •
'
[otiable co u p o i b onds offered June
(V 112, p. 2791).
M O U N T V E R N O N , W< r s te b e s te r C o u n t y , N. Y . BOND S A L E .— T h e
$80,000 railroad grade cros= •sing b on d s offered on Jun e 30— V. 112, p. 2792
were sold on that d ate to 8 h ii w ood A M r it ifield at $80,256, equal to 100.32
fo r 5 l y s , a basis o f abou t 5 -4 5 % .
D a le July 1 1921. D u e $8,000 yearly
on J uly 1 from 1925 to 19 34, incl.
M U N C IE S C H O O L CI TY i P. O . M u n c ie ', Dele w a re C o u n t y , In ti.
IN D OFF
'he B oard o f S ch ool Trustees , will receiv e b id s until
p m . Jul
follow in g 6 % co u p o n b on d s:
0 0.000 Ji
ilii
eh ool b on d s.
Denoxn. 80 fox 1,000 and 10 for $500

ou.uuu LlUl

no 1 B u ildin g b on d s.
D e n o m . 40 for $1,000 and 20
for $ ■)uu e eh
57,000 Blai
B u ild in g b on d s. D en om . 4.0 fo r $1,000 and 20 for
$500
Prin.
D ate A ug 1 102 1
ITin. and sem i-ann . int. (F. & A .) p a y a b le a t the
(F .
M e rch a n ts N ation al Bank o f M u n cie.
D ue A u g. 1 1926
C ert, check for
2 1 ‘ o f am ount bid for, p ayable to the sch ool city , required. Purchaser to
-a
p a y a ccru ed interest,

N E W C A S T L E , L a w r e n c e C o u n t y , P a .— BOND OFFER IN G .— C . E d ,
B row n , C ity C lerk will receive sealed bids u n til 10 a. m . July 25 fo r $100 000
•’ i
op tion a l i im provem en t b on d s. D e n o m . $ l ,000. D a te J u ly 1 1921.
Int i & J
D u e J u ly 1 1941, op tion a l July l 1936
C ertified ch eck fo r
$1 000 required
T h ese b on d s w ere offered u n successfully as 5s on June 20.
— V . 112, p . 2792.
N E W M E X IC O 1S ta te o f ) .— NO BEDS R E C E IV E D .— N o bids were
received on June 29 for th e follow in g 6 % bonds:
*4 0,0 00 State h ighw ay d eben tu res— V 112, p . 2 4 4 8 .
980 0,0 0 0 State h igh w ay d eben tu res— V . 112, p . 2664.
N EW Y O R K C I T Y , N. Y .— T E M P O R A R Y L O A N .— D u rin g June the
c ity issued the follow in g sh ort-term securities, con sistin g o f reven ue bills
a n d b on d s, corp ora te stock notes, tax notes and g o ld ex em p t corp ora te
s to c k , aggregatin g $ 3 8 ,94 4 ,50 0.
Revenue

Bills o f

1921, A g g r e g a t i n g

$15,100,000.
Amount. Int.Rate.
Maturity. Date sold.
$5,000,000 6% Sept 15 1921 June 7
100,000 6% Oct. 10 1921 June 10
5,000,000 6 % Oct. 15 1921 J une 15
5,000.001) 6% Oct. 1 1921 June 15

200.0(H)
50,000
50,000
100,000
200,000
33,500
20,000
70,000
220,000
1.000,000
2,000,000
100.000
200,000
100,000
500,000
500,000
850,000
500,000
275,000
160,000

Dec. 9 1921 Juno 9
Ja i
3 1922 June 19
Dec. 28 1921 Juno 15
i >ec ” 1921 Juno 15
Oct. 17 1921 Juno 15
Dec. 15 1921 June 15
June 16 1922 June 16
Special R ev en u e B onds o f 1921,
N ov. 14 1921 June 17
A g g r e g a tin g $530,000.
Dec. 16 1921 June 17
Dec. 19 1921 June 17
$30,000 6% June 2 1922 June 2
Mar. 20 1922 June 17
500,000 6% Jan. 3 1922 June 15
Sept. 22 1921 June 20
Oct. 24 1921 June 20
C o rp o ra te S to ck N o te s, A g g re g a tin g
N ov. 11 1921 June 20
$22,263,500 .
Dec. 28 1921 June 20
Rapid Transit ($6,502,000).
N ov. 28 1921 June 21
$150,000 6% Oct. 1C 1921 June 1
Dec. 27 1921 Juno 27
35.000 6 % Dec. 15 1921 June 1
Dec. 28 1921 June 28
500.000 6% Sept. 14 1921 June 1
Dec. 3 1921 June 2S
Dec. 28 1921 June 30
240.000 6% Dec. 2 1921 June 2
15.001 6 % Feb. 15 1922 June 2
($1,130,000).
110.000 6% June 1 1922 June 3
Dec. 2 1921 June o
75.000 6% Sept. 15 1921 June 3
(On or before!
15,090 6% Sept. 15 1921 June 6
June 2 1922/June 2
10.000 6% M ay 15 1922 June 6
100,000 6% N ov. 1 1921 June 6
0.000 6 % Dec. 14 1921 June 6
10,000 6% N ov. 21 1921 June 7
0.000 6 % Sept. 15 1921 June 6
50,000 6% Sept. 29 1921 June 7
loO.OJO 6% D ec. 2S 1921 June 6
25,000 6% Sept. 15 1921 June 7
75,0 JO 6 % Oct. 19 1921 June 6
10,000 6% Oct. 17 1921 June 7
June 15 1922 June 6
500,00) a
10,000 6% Dec. 2S 1921 June 10
(On or before 1
100.000 oH %
100,000 6% Dec. 2S 1921 June 14
June 6 1922'June 7
25,000 6% June 10 1922 June 15
100,000 5H % fOn or before/
10,000 6% Oct. 17 1921 June 15
\june 6 1922JJune 7
5,000 6% Mar. 14 1922 June 15
25.000 6% Dec. 28 1921 June S
200,000 6% N ov. 15 1921 June. 15
30.000 65b Dec. 28 1921 June 9
150,000 6% N ov. 28 1921 June 24
50.000 6% Dec. 19 1921 June 10
50,000 6% D ec. 27 1921 June 27
15.000 6% S_pt. 15 1921 June 10
125,000 6% June 2S 1922 June 28
10.000 6% Dec. 28 1921 June 14
Dock ($5,078,000).
20.000 6% N ov. 21 1921 June 17
$100,000 6% Oct. 10 1921 June 1
250.000 6 % Sept 19 1921 June 17
20,000 6% Sept. 15 1921 June 1
500.000 6% Sept. 19 1921 June 17
100,000 6% June 1 1922 June 1
100.000 6 % N ov. 21 1921 June 21
300,000 6% June 1 1922 June 2
52.000 6% Oct. 3 1921 June 21
250,000 5H % /O n or before \
25C.000 e>% Dec. 20 1921 June 27
1June 1 1922 |Juno 2
1 0 0.000 6% N ov. 28 1921 June 27
10,000 6% Feb. 15 1922 June 2
330.000 6% Dec. 27 1921 June 27
945,000 6% June 1 1922 June 2
155.000 6% Dec. 27 1921 June 27
100,000 6% D ec. 15 1921 June 3
1 .000.000 6% Dec. 27 1921 June 28
246,000 6% Oct. 3 1921 June 6
100.000 6 % Dec. 3 1921 June 2S
100,000 6% Sept. 15 1921 June S
50.000 6% Dec. 3 1921 June 28
20.000 6% N ov. 15 1921 J vine 10
5.000 6% D ec. 3 1921 June 28
50,000 6% Dec. 2S 1921 June 14
1.170,000 6% D ec. 3 1921 June 28
25,000 6% Dec. 2S 1921 June 16
50.000 6 % June 2S 1922 June 28
5,000 6% Dec. 14 1921 June 16
25.000 6 % June 28 1922 June 2S
300,000 6% Oct. 17 1921 June 16
100,000 6% Jan. 10 1922 June 16
Various Municipal Purposes $9,553,500).
250,000 6% Sept. 19 1921 June 17
$500,000 6% Sept. 14 1921 June 1 1,000,000 6% N ov. 17 1921 June 17
100.000 5 H % /On or before'
615,000 6% Dec. 27 1921 June 27
\June 1 1922/June
400,000 6% D ec. 3 1921 June 28
100.000 6 % Dec. 15 1921 June
25,000 6% June 2S 1922 June 28
100,000 6 % N ov. 28 1921 June
117,000 6% N ov. 2S 1921 June 30
15,000 6% Dec. 2S 1921 June
rax N otes A m ou n tin g to S I,050,009.
5,000 6% Feb. 15 1922 June
$50,000 6% M ay 15 1922 June 3
300.000 5H % /O n or before!
500,000 6% June 5 1922 June 7
June 2 1922jJune 2
500,000 6% June 15 1922 June 21
505.000 6% June 1 1922 June 3
500.000 6% N ov. 15 1921 June 3 G old Exempt C orp ora te S to ck for
300.000 5 H % ■On or before!
V ariou s M unicipal Purposes.
!June 6 1922 IJune 7
s i , 000 5 4 % June 23 1922 June 29
N O R T H B R U N S W I C K T O W N S H I P S C H O O L D I S T R I C T , M id d le
sex C o u n t y , N. J .— BOND OFFERING.— H e n ry M ille r , C lerk o f the
B oa rd o f E d u ca tion (P . O . N ew B ru n sw ick R . D . N o . 4 ), w ill receiv e bids
until S p .m . J u ly 15fo r 6 % c o u o o n (w ith p rivilege o f reg) b o n d s n o t to exceed
$ 64 ,00 0 . D e n o m . $ 1,000. D a te A u g . 1 1921. P rin . and sem i-an n . in t .,
p a y a b le at th e P e o p le ’s N a tio n a l B ank o f N ew B ru n sw ick .
D ue y e a rly on
A u g . 1 as fo llo w s. $ 2,000 from 1923 to 1928, in c l.; $ 3,000 fro m 1929 to
1945, in cl., and $ 1,0 00 in 1946. C ertified ch eck fo r 2 % o f the a m ou n t b id
fo r , draw n u p on an in corp ora ted b an k or 'trust co m p a n y , p a y a b le to the
C u stod ia n o f S ch ool M o n e y s , requ ired. T h e o p in ion o f G eorge S. C la y
o f N ew Y o r k C ity th a t th e b on d s are v a lid and b in d in g o b liga tion s o f th e
D istrict, w ill b e furnished th e successful b id d er. B on d s to be prepared
u n d er th e su pervision o f th e P e o p le ’s N a tion a l B an k o f N ew B ru n s w ick ,
w hich w ill ce rtify as to th e genuineness o f the signatures o f th e o fficia ls and
th e seal im pressed th ereon . P u rch aser to p a y a ccru ed interest.
O C IL L A , Irwin C o u n ty , G a .— BOND OFFERING.— Sealed b id s w ill
b e received un til 7 p . m . J u ly 11 for $25,000 im p ro v e m e n t b on d s (offered
u n su ccessfu lly M a r . 7— V . 112, p . 1054) b y M . J. Paulk, M a y o r . D e n o m ,
§ 1 ,0 0 0 . D u e D e c . 1 as follow s: $ 1,0 00 , 1934 t o 1942, in c l., and $ 2,000,
1913 to 1950. in cl. B ids w ill b e receiv ed fo r ten o r m ore b o n d s . C ertified
ch e ck for $500 requ ired.
O G D E N S C H O O L D I S T R I C T (P. O. O gd en ), W eb er C o u n ty , U ta h .
— B ID S .— T h e follow in g are th e b id s w hich were received and re je cte d fo r
th e $75,000 5 % 25-year sch ool b on d s:
In tern ation al T ru st C o ., D en ver; B osw orth , C h an u te & C o ., D e n v e r -_ 8 7 .32
P alm er B o n d & M tg e . C o ., Salt L ake C i t y ______________________ _______ 87.10
H arris T r u s t & Savings B an k , C h ic a g o _________________________________ 85-55
T h e n otice o f this d istrict rejectin g bids fo r the a b o v e b on d s was given in
V . 113. p . 104.
O L IV E H IL L , Carter C o u n ty , K y .— BONDS VO TED .— I t is rep orted
that an issue o f $15,000 sch ool bu ild in g and fun d in g floa tin g indebtedness
b on d s were v oted b y 205 “ fo r ” to 19 “ a g a in st.”
6%
6%
6%
6%
6%
5h%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
6%
Water
$160,000 6%
100,000 5 T %

[V

ol.

113.

OLNEY,
1 “ against

o u n g C o u n ty , T exas.
BONDS VO TED .— B y 1*»0 ’fo r ” to
$100,000 w ater and $40,000 sew er b on d s carried .~
O R A N G E U N IO N H IG H S C H O O I D I S T R I C T , Orange C o u n ty ,
C a lif.. o
BOND OFFERING^ Bids w ill be received b y the C lerk Board o f
........
b o n d s y Upel ' isors (1 ° ‘ Sallta A n a > u n til J u ly 12 fo r *160,000 6 % school
,
(S t a t e o f)
liOND S A L K .— T h e *1 .5 0 0 ,0 0 0 15 \i year
(avei ) State H ighw ay b onds, offered on Juno 28
V 112 P- °l>65
have, 0(,,m «olcU (i \. IV w ,i n i t i a l 100.4066 for
l
a basis o f a b o u t 5771% .
D a u July 1 1921
Due as fo llo w s : $37,500 Oct 1 1926, $37 500 each six
T h e fo lio w ing !s a V c
_9ct7- the bids
nnplete list o f .L \HIA ’ su b mand d 7,§0 0 A p ril 1 1946.
itte *3
Bidder—
Maturity.
Int. Rate % of Par Tot. Prem.
*A. M . Wright _
1Serial 1926 46 5 H %
100.4066 $6,100.00
/O c t . 1925
64 %
100.27
4 ,05 0.00
L add & T ilto n H ank_______
K W Presaprich & C o
ISerial 1926 46 6 %
101.662
2 4,9 30 .0 0
H . L. Allen & C o ____ ~_ /
► ct. 1925
O
6 .4 %
100.452
6 .780.00
B arr & S c h m e lt z e r ______
R u tte r & C o ______________ f
R alph Schneeloch C o _____
S ta cy & Braun ____ _______ } Serial 1 926-46 5 H %
100.13
1.950.00
K issel, K in n icu tt & C o .
2
O ct. 1925
v /2 c/o 100.39
J1 T
5 .850.00
E ld red ge & C o . _ _________
A n glo & L on d on ParisN t .Bk |
C ars tens < E a r le s _________ 1
fe
W in . It. C o m p to n C o _____
Serial 1926-46 6 %
101.2365 18,547.50
H alsey, S tu a rt & C o _____ _ |Oct. 1925
100.11
64 %
1,650.00
H allgarten & C o __________
L u m berm ens T ru st C o ____
N a tion a l C ity C o m p a n y .
J Serial 1926-46 6 %
101.28
19,207.00
C on tin en ta l & C om m ercia (
T r u s t & Savings B a n k .. \Oct. 1925
64%
100.08
1,207.00
John E . P rice & C o ___
B ankers T ru st C o ., N . Y .
G u a ra n ty C o m p a n y , N . Y .
Serial
6%
101.03
15,450.00
E . H . R ollin s & S o n s .___
A m es, E m erich & C o _____
* A w arded to A . M . W rig h t o n serial b on d s 1926-46 m aturities
Note.^ S e r ia l b on d s m a tu re $37,500 O ct. 1 1926 and the sam e a m ou n t
each A p ril 1 and O ct. l un til p aid.
P A W H L S K A , O s a g e C o u n t y , O k l a .— NO A C T IO N Y E T T A K E N .__
N o a ction has y e t been taken look in g tow ard the Holding o f an election to
v o te on the issuance o f th e $ 150,000 w ater-w orks bonds m en tion ed in V
112, p. 2448.
P A W N E E C I T Y , Pawnee C o u n t y , N eb .— BOND OFFERING.- -S e a le d
bids will be received b y H arry D . F lo ry , C ity C lerk , until H p . m . J u ly 18
tor $ 75,000 6 % electric ligh t b on d s.
D en om . $500. D a te July 1 1921.
I rin. and. sem i-arm . int. p a y a b le at C o u n ty T reasu rer’s o ffic e in Paw nee
G ity- D u o J u ly 1 1941, op tion a l after 5 years from d a te . C ert, ch eck
lor $ 1 ,0 0 0 required with each b id . T h ese bonds w ere a u th orized by a
special election held Jun e 17 1921 at w h ich 327 votes w ere ca st “ fo r ” and
110 “ a gain st” th e p rop osition , in a cco rd a n ce w ith C h ap ter 181. Session
L aw s o f N ebraska o f 1919. C ity in co rp o ra te d A pril 28 1886.
P op u la tion ,
1920 C ensus, 1,595. T o ta l va lu e o f ta xa ble p ro p e rty , $ 1,9 60 ,2 75 ; assess,
v a l., sam e; to ta l b on d ed in d ebtedn ess, inclu din g this Issue, $ 141,000.
PEN D O R E IL L E C O U N T Y S C H O O L D I S T R I C T N O. 29, W a s h .—
BOND OFFERING.— Scaled bids fo r $5,000 sch ool building bonds, at n ot
exceedin g 6 % interest, will be received until l p . m . J u ly 16 by S M .
M c G e e , C o u n ty Treasurer (P . O . N e w p o r t). D a te A u g . 1 1921. P rin cip al
a n d annual interest p a y a b le a t C o u n ty T reasu rer’s o ffic e .
D u e as follow s:
$250 A u g . 1 1923 a n d 1924, $500 A u g . 1 fro m 1925 to 1931, in c l., and $1.000
A u g . 1 1932, o p tio n a l a t a n y interest p a y in g p e rio d after 3 yea rs. T hese
are bonds w h ich were offe re d b u t n o t sold on Juno 10.
P E N N I N G T O N C O U N T Y (P. O. Rapid C ity ), So. D ak .— CORREC
T IO N .— U sing new spaper rep orts w e stated in V . 112, p . 2665, th at loca l
fin a n cia l in stitu tion s h ad p urch ased $500,000 cou rt-h ou se and jail b on d s
from th e co u n ty on June 12, b u t w e h av e since been advised b y M . K .
Steele, C o u n ty A u d ito r, th at th e rep ort w as in co rre ct as all th e bids received
on June 12 fo r th e b on d s w ere re je cte d . T h ese b on d s w ill be re-offered fo r
sale on J u ly 20, as alread y rep orted in V . 113, p . 104.
P E N S A C O L A , Escambia C o u n ty , F la .— BOND O FFERING.— .F . D .
Sanders, M a y o r , w ill receive sealed b id s un til 12 m . A u g . 8 fo r all or a ny
p a r t o f the $400,000 4 4 % gold d o ck and belt ra ilroad im p t. b on d s offered
w ith ou t su ccess on Jan. 10 (V . 112, p . 2 8 5 ). D a te Jan. 1 1920. D u e
Jan. 1 1950. C o p y o f o p in ion o f John C . T h o m so n o f N . Y . , w ill be
furnished su ccessfu l b id d er. B ids m u st be on fo rm o f p ro p o sa l furnished
b y th e C ity o f P en sacola.
P IC K E N S C O U N T Y (P. O. C arrollton ), A la .— BONDS VO TED .—
A n issue o f $200,000 road b onds has been v o te d b y a m a jo r ity o f 450 votes
P IN F C O U N T Y S C H O O L D I S T R I C T N O . 18. M in n .— BOND D E 
SC R IP TIO N .— T h e $30,0 O 6 % sch ool bld g, b onds a w arded to the H errick
State B an k o f K errick on A pril 23 at 9 4 .5 0 — V . 112. p . 2793— are in d en om .
o f $1,000 and are d ated Jun e 1 1919. In t. p a y a b le J. & D .
D u e in 15
years, su b je ct to call a t o p tio n o f h old er.
P IQ U A , M ia m i C o u n t y , O h i o .— BOND S A L E .— T h e $59,700 6 % street
im p ro v e m e n t b on d s offe re d on June 17— V . 112. p . 233$— w ere sold on
th a t d ate to D a v ies-B crtra m a t par and a ccru ed interest. D a te Jun e 1
1921. D u e fro m 1 to 10 years.
P IT T S F I E L D , Berkshire C o u n ty , M ass.— BOND S A L E .— H arris.
F orb es & C o . o f N ew Y o r k , B o sto n p u rch ased th e $132,000 5 4 % co u p p n
“ P a v in g L o a n o f 1921” b o n d s offered on J u ly 6— V . 113, p . 105. The
p rice p aid w as 101.08, a basis o f a b o u t 5 -3 7 % . D a te July 1 1921. D u e
in 1931.
’ P O L K C O U N T Y (P. O. Osceola), Nebr .— BOND S A L E .— T h e $125,000
5 4 % cou rt-h ou se b on d s offe re d J u ly 6 (V . 112, p . 2563) were a w arded to
Jam es J . W a c h o b o f Om aha a t p a r, less a com m ission o f $11,500, equal to
9 0.8 0.
P O N T O T O C C O U N T Y S C H O O L D IS T R I C T N O. 19 (P. O. A d a ),
O k la .— BOND S A L E .— On June 24 $10,000 5 % sch o o l-b ld g , and equ ip 
m en t b on d s were sold a t par and interest to th e Sinking F u n d o f C ity o f
A d a . D en om . $1,000. D a te June 1 1920. In t. J. & J. D u e June 1
1940.
P O R T O R I C O (P. O . Government of)— BOND S A L E .— On July 6
H allgarten & C o ., and th e C hase Securities C o rp o ra tio n , b o th o f N ew Y o r k ;
b id d in g jo in tly , were aw arded th e $1,000,000 4 4 % tax-free gold registered
“ P u b lic Im p ro v e m e n t B o n d s ” o f 1920— V . 113, p . 105— a t 88.1472 and
in terest. D a te July 1 1920. D u e as fo llo w s: $250,000 Series “ A ” on Jan . 1
1937, $250,000 Series “ B ” on Jan. 1 1938, $250,000 Series “ C ” on Jan. 1
1939 and $250,000 Series “ D ” on Jan. 1 1940. redem eable on Jan. 1 1936.
T h e o n ly oth er b id d e r w as th e R iggs N a tio n a l B ank o f W a sh in g to n , D . C .,
w h ich bid 8 4 .6 2 5 . In an a dvertisem en t w h ich appears on a p reced in g page,
H allgarten & C o ., are offerin g the b onds to investors to y ie ld sligh tly o v e r
5 .2 0 % .
P R IN C E G E O R G E S C O U N T Y (P. O . Upper Marlboro), M d .— BOND
OFFERING.— E . S. B u rrou gh , C o u n ty Superintendent o f S ch ool, will
receive sealed b id s u n til 12 m . July 19 fo r n o t less th an $45,000 nor m ore
than $47,000 30-year 5 % co u p o n sch ool b on d s. C e rt, cheek fo r $o00.
re q u ire d .
Q U A Y C O U N T Y S C H O O L D I S T R I C T N O . S2, N. Mex.— YO BIDS
EC
RE( E l V E D .— N o bids were su bm itted on June 23 fo r th e $32,000 6 %
sch ool b on d s— V . 112, p . 2564.
Q U A Y C O U N T Y S C H O O L D I S T R I C T S , N. Mex.— NO BIDS — N o
b id s were received on June 23 fo r the fo llo w in g 6 % 1 0-30-year (opt .> school
b on d s— V . 112, p . 2665:
$17,200 School D istrict N o . 54 b on d s.
19,890 S ch ool D istrict N o . 99 b on d s.
R A M S E U R S C H O O L D I S T R I C T (P. O. Ramaeur), R an dolph
C o u n ty , No. Caro. - B O Y D S A L E , -T h e Bank o f Kamsouv ot ham seur
b y su b m ittin g a bid o f par and a ccru ed interest acquired tthe oAKk> o
sch ool b o n d s on June 30— V 112, p . 2793- D a te July 1 U L l
D uo >earl>
as follow s: $2,000, 1926 t o 1935. in cl.; $3,000. 1936 to l94o. mol . and
$5,000. 1946 to 1950, in d .

J uly

9 1921.

TIIE CHRONICLE

207

S E IB E R T , Kit Canton C o u n ty , Coin.
BOND OFFERING
Scaled
RED L AKE C O U N T Y (P. O. Red Lake Falls), Minn.
BONDS NOT
bids will be received b e the T o w n t ’ lork nnf.il v
n». J u lv 1 I for the $50 finq
OFFERED.— W e are in form ed b y G eorge D upont., C o u n ty A u d itor, th at the
6 % 15-year tax-free registered w ater b on d s w hich were m en tion ed in V 112,
§ 177 000 road b ond s (V . 112, V • 2338) were n ot published for sale on July ]
o. 2066. D enom . $1 000.
D ote June ) 1921. Int.. .1. & I*, payable at
as was ordered b y the C o u n ty B oa rd , the C o u n ty B oard h avin g d ecided not
K ou n tze B ro s ., N . Y . D u e June 1 1936. C ert, ch eck for $500 p ayable
to offer the b on d s fo r sale at present.
to the T o w n requ ired.
R IC H M O N D T O W N S H I P (P. O. Palmer), M arquette C o u n ty , Mich.
— BOND S ALE.— A n issu e o f $25,000 6 % road b on d s offered on J u ly 1 was
SHF.LBY C O U N T Y (P. O. Shelbyville), Ind.
B O N D O F F E R I N G
sold on th a t d ate t o the N egaunee S ta te B ank a t 102.50, a basis o f a b o u t
GO irge It. C arlisle. C o u n ty T reasu rer, will receive bids until JO a . m .
5 4 7 % . D a te J u ly 1 1921. D u e on July 1 from 1922 to 1931, inch
J u ly 15 ror I I ,200 5 % W . F . Jones e t al. M oral T ow n sh ip b ond s. D en om .
$560. D a te April 15 1921. Tnt. M . 3c N .
D ue $560 each six m onths
R IP L E Y C O U N T Y (P. O. Versailles), Ind.-— BOND SALE. T h e
from M a y 15 1922 to N o v . 15 1931 incl.
fo llo w in g three issues o f 4• % b on d s offered on J u ly 5- -V . 113, p . 105
!'A
were at par and accrued interest:
.
.
S H E L B Y C O U N T Y (P. O. M e m p h i s , T o n n ,
N O T E
S A L E .
§ 9 i o o o John F F ox et a l., S h elb y T ow n sh ip b on d s.
D en om . $350.
D u e $1 ,050 each six m on th s from M a y 15 1922 to N o v .1 5 1 9 3 I , in c l. A b lo c k o f $138,000 6 % s ch o o l n otes has been sold to the G u a ra n ty B ank
& T ru st C o o f M em p h is, w h ich agrees to p a y 3 % on d e p o sit arid io purchase
50 000 W E d g ar Smith et a l., W ash in gton T ow n sh ip b on d s. D en om .
the rem ain in g $145,000 notes in J u ly
T h is togeth er with $17,000 sold
$025. D u e $2,500 each six m onths from M a y 15 1922 to N o v . 15
to p rivate in d iv id u a ls m akes th e tota l o f $304,000 a u th orized b y th e last
1931, inclu sive.
„ w
, .
__
,
legislature.
4 5 000 Grant W . T o o le et a l., Franklin and W ash in g ton
I ow nship b on d s.
D en om . $750. D u e $2,250 each six m on th s from M a y 15 1922
S K A M A N IA C O U N T Y S C H O O L D I S T R I C T NO. 3, W a sh . - BOND
to N o v . 15 1931, inclusive.
OFFERING
John C . W aeh ter. C o u n ty T reasu rer (P O Stevenson)
D a te J u ly 0 1921.
_
_
_
, .
, ,
w ill receive b id s until 3 o . m . J u ly 16 fo r $12,000 co u p o n b on d s at n ot
T h e first was sold to the H olton State B an k , th e second to th e Flotcherexceedin g 6 % interest. D en om . $500
Tnt. se m i-a n n u a lly . D u e $4,000
A m erican C o . ol In dian apolis, and last w as sold to th e State B ank o f M ila n .
y e a rly fro m 1939 to 1941, in cl , o p tio n a I after 5 years. B o n d e d D e b t
R IS I N G S T A R , Eastland C o u n ty , Tex.
BOND SA L E .— Issues o f June 29 1921 $16,000. Assessed v a lu e $795,060
$35,000 w ater and $30,000 sewer 0 % b on d s were sold at par to the Jam es
S L A T O N , Lubbock C o u n ty , T ex.— PONDS VOTED — A t a recen t
C on stru ctin g C o
subject, to bein g a pp roved b y the A ttorn ey-G en eral.
election the fo llo w in g 6 % 1-40 vea r serial ta x-free co u p o n b on d s, carried
D e n o m . $500. D ate M a y 2 1921. In t. M . & N . D u e $1,000 yearly.
$55,000 sew er b ond s
D u e $ 1,375 y e a rly on J u ly 1 fro m 1922 to 1961, incl
R O C H E S T E R , N. Y . — NOTE S A L E .— T h e fo llo w in g tw o issues o f
D en om . $1,375.
35.000 w ater w orks b on d s. D u e $875 y e a r ly on J u ly 1 fro m 1922 to
n otes offered on Julv 5— V . 113, P- 105— were sold on th a t d ate to th e
1961, in cl. D e n o m . $875.
L in coln -A llian ce Bank o f R och ester a t 6 % interest plus a $165 prem iu m .
D a te J u ly 1 1921. In t. J. & J. B o n d e d D e b t June 27 1921 these issues
$55,000 B row n Street su b w a y notes.
o n ly . Assessed va lu e $ 1,174,605- T o t a l tax ra te (per $ 1,000) $28 50.
90.000 garbage d isposa l n otes.
.
^
. T .
T
W . E . O liv e is C ity Secretary.
D u e in S m onths from July 7 1921 w ith interest at th e C en tral U nion
T ru st C o . o f N ew Y o r k C ity and w ill be delivered a t th e a b o v e tru st com 
SLIDE
IR R IG A TIO N
D IST R IC T ,
Id a h o .— BOND S A L E .— On
p a n y on July 7 1921*
F eb . 11 $95,000 bonds were so ld to th e C o n tin e n ta l P ip e M a n u fa ctu rin g
C o o f Seattle, W ash ., at par.
R O C K Y F O R D , Otero C o u n ty . Colo.— BOND E L E C TIO N CONSID
BONDS A W A R D E D I N P A R T .— O f the $15,000 6 % b ond s o ffe re d on
ERED.— N ew sp apers rep ort th a t S I .000,000 w ater w ork s b on d s is being
June 20— V . 112, p. 2338— *$5,000 h a v e been sold .
u rg e d .
S O U T H K I N G S T O W N , W a s h i n g t o n C o u n ty , R . I .— BOND OFFER
R U S H C O U N T Y (P. O. R ushville), I n d .— BOND OFFERING —
IN G .— Sealed bids w ill be rece iv e d u n til 12 m J u ly 11 b y H ow a rd E d w ard s,
C harles A . Frazee, C o u n ty Treasurer, w ill receive b id s u n til 2 p . m . J u ly 15
T o w n President (P. O. K in g sto w n , R . I.) fo r the p u rch ase o f 8100,000
fo r $51,180 5 % Joseph G reen et a l.. A n derson T ow n sh ip b on d s. D e n o m .
5H\ % serial cou p on b on d s. D e n o m . $1,000. D a te Jun e 15 1921
Prin
$429. D ate A p ril 15 1921: In t. M . & N . D u e $2,574 each six m on th s
and sem i-ann . int. (J. & D .) p a y a b le at th e W a k e fie ld T ru st C o . in W a k e 
from M a y 15 1922.
fie ld , o r at the R hode Isla n d H osp ita l T ru st C o . in P ro v id e n ce . R . J D u e
RUTHERFORDTON,
Rutherford
C o u n ty ,
No.
Caro .— BOND
y e a rly on D e c. 15 as fo llo w s : $ 1 ,000 fro m 1922 to 1925, in cl ; $2,000 fro m
OFFERING.— M . L . Justice. M a y o r , w ill receive sealed b id s u n til 2 p . m .
1926 to 1933, in c l.; and $10,000 fr o m 1934 to 1941, in cl. T h e b on d s w ill
J u lv 16 fo r th e follow in g 6 % sem i-ann . b on d s:
be issued under certifica te o f th e R h o d e Isla n d H o sp ita l T ru st C o , th e v a lid 
8 95,000 street-p avin g b on d s. D u e J u ly 1 as follow s: $ 3,000, 1932 to 1936, ity th e re o f .h a vin g been a p p ro v e d b y its cou n sel, M essrs T illin g h a st &
in cl.: $4,000. 1937 to 1941, in c l.; $ 5,000, 1942 to 1946, in c l., and
C ollin s. T h e valu ation o f th e tow n for ta xa tion as assessed in 1920 was
$ 7,000. 1947 to 1951, in cl.
$ 8,5 01 ,5 50 , and the in debtedn ess o f th e to w n , in clu d in g th is issue is ap
15.000 su onlem en tal w ater-w orks b o n d s . D u e J u ly 1 as follow s: $ 1,000,
p ro x im a te ly $237,000 th e to ta l ind ebtedn ess bein g less than th ree per cen t,
1922 to 1926. in c l.. and $2,000, 1927 to 1931, in cl.
o f the va lu a tion . T h e su ccessfu l b id d e r o r b id ders w ill be requ ired to p a y
D e n o m . $1,000. D a te J u ly 1 1921. C ertified ch eck s fo r 2 % o f am ou nt
fo r said b on d s w ith a ccru ed in terest fr o m June 15 1921, a t o r b efo re 12
o f b on d s bid fo r , p a ya b le to J. F . F la ck , T o w n T reasurer, req u ired. B on ds
o ’clo c k m ., J u ly 20 1921, a t th e R h o d e Isla n d H o sp ita l T ru st C o ., o r a t th e
h av e been printed and h a v e been a p p rov ed b y S torey, T h orn d ik e. Palm er
W a k e ld T ru st
Re
ill b e given b y
T
C
& D o d g e o f B oston , w h ose legal op in ion and a p p ro v a l o f sam e w ill b e fu r re ce iv fieg p aym en t C o . w illce ip ts wan geable fo r b ondsth ehenru st d y.o m p a n y
in
and
b e exch
w
rea
nished to purchaser o f said b o n d s . B o th o f said b o n d issues h av e been v a li
S O U T H M A Y D S C H O O L D I S T R I C T (P . O . S o u t h m a y d ) , G r a y s o n
dated and a pp roved b y a special A ct o f G eneral A ssem b ly o f 1921 and w ill be
C o u n t y , T e x .— BONDS VOTED.— T h e p e o p le o f th is d istrict h a v e ju st
sold pursuant to th e p ow ers con tained in said special A ct and general law
v o te d a b o n d issue in th e sum o f $15,000 and w ill erect a new b rick bu ild in g ,
o f th e State n o t in con sisten t th erew ith , as th e sam e m a y refer to any
it is stated .
m atters n o t cov ered b y said special A c t .
S A N D P O I N T IN D E P E N D E N T S C H O O L D IS T R I C T NO. 1 (P. O.
S P R IN G V A L L E Y , Fillmore C o u n ty , M in n .— C E R T IFIC A T E SALE.
S an dpoin t , Bonner C o u n ty , Ida.— BONDS N O T TO BE RE-OFFERED — W e lls-D ick e y & C o . o f M in n eap olis, has p urch ased $159,000 6 % general
A T PRESEN T.— W e are a dvised th at this d istrict does n ot exp ect to reoffer
ob ligation certificates o f in debtedn ess. D u e serially on J u ly 1 fro m 1922
to 1941 incl.
its $140,000 6 % 1 0 - 2 0 year (o p t.) sch ool bld g, b on d s, w h ich were offered
u n su ccessfu lly on June 13.— V . 112, p . 2793— fo r m ore tim e.
Financial Statement.
Assessed valuation 1920_____________________________________________ $1,009,139
S A N T A M O N IC A , Los Angeles C o u n ty , Calif.— PU RCH ASER S.—
T o ta l b on d ed d e b t__________________________________________________
214,000
T h e purchasers o f th e $70,000 5 % w ater w orks b on d s on June 29— V . 112,
Less w ater b o n d s -_________________________________ *
____
$3,000
p . 105— were B an ks, H u n tley & C o ., and th e C alifornia C o m p a n y , jo in tly .
Less P a vin g C ertificates______________ _________________ $192,000
T h ere were n o oth er bids receiv ed besides th a t o f the su ccessfu l on e.
N e t b on d ed d e b t____________
19,000
S C A R S D A L E , W estch ester C o u n ty , N . Y .— BOND OFFERING.—
P op u la tion 1920, 1,871.
A rth u r H erb ert. V illage Treasurer, w ill receive proposals u n til 12 m . July 13 . SUM M IT C O U N T Y (P. O . A k ron ), O h i o .— BOND OFFERING.— L . M .
at th e o ffice o f W illia m C . W h ite , 20 N assau S t., N . Y . C ity , fo r $250.000
K a u ffm a n . Clerk o f th e B oa rd o f C o u n ty C om m issioners, w ill receive sealed
5 l % cou p on w ater b on d s. D e n o m . $ 1,0 00 . D a te J u ly 1 1921. In t.
A
bids u n til 11 a. m . July 26 fo r the follow in g 6 % cou p on roa d -im p rovem en ts
J. ” J. D u e $10,000 yea rly on J u ly 1 from 1926 to 1950, in cl. C ertified
&
b ond s:
ch eck fo r 2 % o f am ou nt b id fo r, p a y a b le to th e a b o v e T reasurer, requ ired.
$36,000 b ond s. D u e yea rly on O ct. 1 as follow s: $5,000 fro m 1922 to 1927
T h e op in ion o f Joh n C . T h om son , a ttorn ey and cu on sellor at law , o f 120
in cl. and $3,000 in 1928 and 1929.
B roa d w a y , N . Y . C ity , a p p rov in g th e v a lid ity o f th e b on d s w ill b e furnished
31.000 b ond s. D u e $4,000 yea rly on O ct. 1 fro m 1922 to 1928 inci. and
th e successful b id d er. Purchaser to p a y a ccru ed interest.
$3,000 on O ct. 1 1929.
30.000 b on d s. D u e $5,000 y e a rly on O ct. 1 fro m 1922 to 1927, incl.
S E A T T L E S C H O O L D I S T R I C T N O . 1, K in g C o u n ty , W a s h . —
BOND O FF ER IN G — B ids w ill be received u n til 1 p m J u ly 18 b y W m A .
65.000 b ond s. D u e $33,000 yea rly on O ct. 1 fro m 1922 to 1928 in cl. and
G aines, C o u n ty Treasurer (P . O Seattle) fo r $ 1,725,000 cou p on sch ool
$34,000 on O ct. 1 1929.
137.000 b ond s. D u e $17,000 yea rly on O ct. 1 fro m 1922 to 1928 in cl. and
bonds
D en om $1,000. D a te A u g 1 1921
P rin . and sem i-ann int.
p a y a b le a t the fis c a l a gen cy o f th e State o f W ash in gton in N e w 'Y ork, or
$18,000 O ct. 1 1929.
at o p tio n o f purch aser, to be expressed in the b id , a t th e o ffic e o f th e C o u n ty
45.000 b on d s. D ue $6,000 yea rly on O ct. 1 fro m 1922 to 1926 in cl. and
Treasurer. Interest cou p on s p a y a b le before d ate o f d e liv e ry w ill be
$5,000 on O ct. 1 in 1927, 1928 and 1929.
ca n celed and returned b y School D istrict.
B on ds w ill run fo r period o f
137.000 b on d s. D ue $17,000 yea rly on O ct. 1 fro m 1922 to 1928 incl. and
fro m 3 to 40 years, on e sev e n ty -fifth o f the b ond s so ld to be p a y a b le the end
$18,000 on O ct. 1 1929.
o f the th ird year, a lik e a m ou n t to be p a y a b le a t th e end o f ea ch six m on th s
165.000 b on d s. D u e yea rly on O ct. 1 as follow s: $20,000 fro m 1922 to
th ereafter un til 1961. w ith an o p tion reserved b y th e d istrict to redeem the
1924 incl. and $21,000 fro m 1925 to 1929 incl.
b o n d s, as stated in th ree o f th e fou r p rop osition s u p on w h ich b id s are asked
D e n o m . $1,000. D a te June 1 1921. Prin. and sem i-ann. int. (A . & O .)
herein. A ll bids m u st s p e cify th e p rice and rate o f interest, n o t exceedin g
p a ya b le at the C o u n ty T reasurer’s o ffice . C ert, ch eck fo r 5 % o f the
6 % a ccru ed interest to d ate o f d e liv e ry a fter a llow in g for d etach ed cou p on s
a m ou n t b id for, p aya b le to the B oa rd o f C o u n ty C om m ission ers, required.
to be paid to th e S ch ool D istrict
T h e B oa rd o f D ire cto rs is secu rin g the
S U S S E X C O U N T Y (P. O. N ew to w n), N. J.— BOND S A L E .- T h e
op in ion o f C hester B M a sslich o f N e w V ork , on the v a lid ity o f th e issue o f
$60,000 5M % cou p on road inapt, b o n d s offered on J u ly 1— V . 112, p . 2666—
b on d s to b e so lo J u ly 18 1921, and this op in ion w ill be m ade a v a ila b le to
the su ccessful b id der. B id s m u st b e m ade in co n fo rm ity w ith th e a b o v e w ere sold to loca l investors at p ar.
co n d ition s and on th e fo llo w in g p rop osition s:
S W A M P S C O T T , Essex C o u n ty , Mass.-— BOND OFFERING.— P ro
posals will be received b y J. W . L ib b y , T o w n Treasurer, until S p . m . J u ly 12
First Proposition
for the follow in g four issues o f co u p o n and tax-free bonds:
B id s to be for $75,000 or a n y m u ltip le th ereof up to $ 1,7 25 ,0 00 ; b on d s to
$42,000 “ Sewerage L oan A c t o f 1920” b on d s. D en om . $1,000. D u e
be d elivered A u g. 1 1921, o r on deferred d eliveries as m a y be agreed upon
$ 2,000 on A u g. 1 from 1922 to 1933, in c l., and $1,000 on A u g. 1
when the oid is a ccep ted . B on ds t o con ta in a cla u se reservin g th e righ t o f
from 1934 to 1951, incl.
th e S ch ool D istrict to redeem on o r after ten years fro m d ate o f b o n d s, at
1 5 ,0 0 0 ‘ ‘ A tlan tic A ven u e L o a n ’ ’ b on d s. D e n o m . $1,000. D u e $3,00
a n y Interest p aym en t date
on A ug. 1 from 1922 to 1926, incl.
Second Proposition
10.000 “ Burr'll Street L o a n ” b onds. D e n o m . $ 1,000. D u e $ 2,0 0 o \
Bids to b e fo r $75,000 or a n y m u ltip le th ereof u p to $ 1,7 25 ,0 00 ; bonds to
A u g. 1 from 1922 to 1926, incl.
be delivered A u g 1 1921, or on deferred d eliveries as m a y be agreed u pon
7,500 ‘ Burpee R o a d ” b onds. D e n o m . 1 for $500 and 2 fo r $ r
<
when f he bid is a ccep ted , b on d s to con tain a clau se reservin g t he righ t o f the
D u e $ 1,000 on A u g . 1 fro m 1922 to 1928 in c l., and $500 A u g . 1 1929.
School D istrict to redeem on or after 20 years fro m d ate o f b on d s, at a ny
D ate A u g. 1 1922. P rin. and sem i-aim . int. (F. & A .) p a ya b le
the
in terest p a ym en t date.
First N ation al B ank o f B o sto n . T h e bidder to nam e interest rat e and
ic .
Third P roposilion
T h ese b onds are engraved under th e supervision o f a r d certified as t
B ids to be fo r $75 000 or a ny m u ltip le th ereof up to $ 1,725,000: bonds to
uineness by T h e First N ation al B an k c f B oston ; their legality v 1 b '
1
be delivered A u g 1 1921 , or on deferred d eliveries as m a y oe agreed upon
1
when the oid is a ccep ted
B onds to con tain a clause reservin g the right o f a p p rov ed b y M essrs. R op es, G ra y , B o y d e n & Perkins, w hose op in ion w 1
be furnished th e purchaser. A ll legal papers in cid en t to these issues v 1 he
the School List ri d to redeem on or after th irty years fro m d a te o f b on d s,
filed w ith said bank w here th ey m a y be inspected at a r y tim e.
at a n y Interest p a ym en t date.
T A N G I P A H O A P A R IS H R O A D D I S T R I C T NO. 1 (P. O. A m ite),
Fovrlh Proposition
La.— BOND OFFERING.— Sealed bids w ill be received b y F . C . W e ist,
f:yK to be for $75 000 or a n y m u ltip le th ereof u p to $1 725 000: b o n d s to
S ec’y o f th e P olice Ju ry, fo r $325,000 road b o n d s until 11 a. m . July 26.
r,e delivered A u g j 1921, o r on deferred deliveries as m a y be agreed upon
C ert, ch eck for $10,000 requ ired.
Issue a p p rov ed b y W o o d & O a k ley,
when the obj is a ccep ted , w ith n o o p tion fo r redem ption
Separate; bids m ay be m ade by each or a ny b id der under either o f the C h ica g o , and K em p & B u ck , A m ite , L a ., attorn eys.
a b o v e p rop osition s. T h e B oard o f D ire dors reserves the righ t to re je ct
T A R B O R O , Edgecombe C o u n ty , No. Caro.
BOND O F F E R I N G .—
any and aJi oids
All oids excep t th ose by the State o f W ash in g ton , m ust
Sealed bids will be received until 2 p . rn. J u ly 12 by .T. II. Jacoes, T o w n
r>e accom pan ied by a certified check or e.-f if b at e o f d ep osit fo r on e per OJeri*-. for the follow in g issues o f 6 % bonds:
cen tu ry J % ) o f ne pa.* value o f the oon d s oid for. p rovided n > Didder shall
$( 4 090 S reel im provem en t bone s.
D ue $4,000 July 1 1923 to 1938, in cl.
b< required to deposit m ore than $17,250 and th at there shall n ot be retained
8 0 1 OOO E lectric ligh t b o n d s.
D u e $1,000 .July 1 1923 to 1945, in c l., and
by |be B oard o f D irectors o f the S ch ool D istrict, m ore than o n e per centum
2,000 Juft I L940 to 1951, incl.
1 V
o) o f the bonds cov ered by any bid a ctu a lly a cce p te d , until t he sale shall
19.000 D e ficit b o n d s. D u e $1,000 J u ly 1 1922 and $2,000 J u ly 1 1923
be perform ed
to 1931, incl.
financial Statement ot Seattle School District N o. )
D en om . $1,060.
Prin. and sem i-ann . interest (J .-J .) p a ya b le in gold
Assessed valuation fo r year 1920
___
...
_
$248,344,981.00
at th e o ffic e o f th e U nited States M o rtg a g e & T ru st C o ., N . Y . C ert,
O utstanding w a r r a n t s ...____________________ _
24,570.33
ch eck for 2 % o f th e valu e o f th e b on d s b id , on an in corp ora ted bank or
O u ts ta n d in g b o n d s - ................................ 11111 1 ...........
7 ,6 1 1 , 0 0 0 0 0
trust co m p a n y , p a ya b le to the T ow n T reasurer, requ ired. T h ese b onds
are to be p rep a red under th e supervision o f the United States M o rtg a g e &
,, ,
The Assets oj the District are as jolloirs.
Ch.'Ii on hand, genera/ fund
T ru st C o . o f N . Y . C ity , which will ce r tify as to th e genuineness o f the
N one
Cu;,\\ on hand, b on d redem ption fund
signature’ o f the T o w n officials and the seal Impressed th ereon .
L egality
$103,505.14
Gash on hand, sites, bu ild in g and furniture fund
will b e app roved b y <T e s te r B . M asslich o f N . Y . ( 'ity , and J . L . M oreh ead
764,598 92
L nco Jlooted taxes for the current year due the Gen. Fund
o f D urham , N . C ., w hose a p p rovin g op in ion s will be furnished to the pur
1. 2 71 ,97 2 .9o
LricoJJeefed taxes for the current year due B ond red fund
199,604 8 n chaser w ith ou t ch arge. All bids must be on blank form s w hich will be
U n collected taxes, previous y e a rs ________________ ________
furnished b y the a b o v e C lerk or said T ru st C o .
171,034.33

THE CHRONICLE

208

Bonds will be delivered to ihe purchaser at the office of the United States
Mortgage & Trust Co. in N V. City on or about July 25 1921, and must
then be paid for in New York funds. No bid for less than par and accrued
interest will be considered.
TON A WANDA,
Erie C ou n ty , N. Y . —
BOND SALE. Sherwood
& Morrificld have been awarded at 100.14 a bais o f about 5.19% . the
$25,000 5 u •; coupon sewer bonds offered July 0 ( V. 113, p. 106). Another
bidder was the f irst Trust C o., Tonowanda, which bid 100.125.

■>f >!* • S ta io T r e a s u r e r , ov
*
^
, ott.lce
In N , u \ iirk G l l y .
Leg al i n v e s t m e n t fo l- s a v i n g s i n
N pw T ' V "
\ e u J e r s e y . I viiiuty lvaiusi . all N e w E n g l a n d S t a l e s a n d e ls e w h e ro * V l V i ’l i ’

invErttagpSSic'°aS follow^ 8 dePOS‘ t8- They are now
s
- ^ U o the’
Maturities and Brices (Accrued Interest to be Added).
. Imount.
Maturity.
trice. Yield. Amount.
Maturity
Brice Yield
$ 200,000 July 1 9 2 6
100.00 6.00
$ 200,000 J u l y 1
10 0 .0 0
6 .0 0
July
I nn
200,000 July 1'11927 100.50 5.90 *200.000 J u l y il ^ O il 103 6 6 g gjJ
200.000 Tnlfr 1 3 5
200,000
200,000 July 1 1928 101.14 5.80
200,000 J u l y 1 1936 105.06 5.50
200,000 July 1 1929 101.59 5 7 5
200,000 J u l y 1 1937 105.28 5.50
200,000 July 1 1930 102 09 5.70
200,000 J u l y 1 1938 105.48 5.50
200,000 July l 1931 103.03 5.60
200,000 July 1 1939 105.67 5.50
20 0,000 July 1 1932 103.25 5.60
200,000 July 1 1940 105.85 5.50
200,000 July 1 1933 103.46
.60
Financial Statement.
Assessed valuation all taxable property, 1920.
----------$1,193,923,659
Bonded debt, including this Issue (less than
of 1 % of
assessed valuation)_______
-----8,000,000
Population, 1910 Census,' l J 4 1,990"; 1920 Census, 1.356,621

T R O Y , R e n n s e l a e r C o u n t y , N. Y .— BOND S A L K .— An issue of
$50,000 O ', coupon or registered bridge bonds offered on July l was sold on
that date to Sherwood & Merrifield at 103-96, a basis o f about 5 46% .
Denom 40 for $1,000 and 20 for $500 each
Date Aug. 1 1921
Int.
semi-ann
Due $2,500 yearly on Aug. 1 from 1922 to 1941, inel
Financial Statement June 21 1921.
General debt--------------------------------$1,944,402.89
Water debt------------------------------------------------------------------2,340,161.24
Sinking fund _ - ---------------------------------------------------------130,956.38
Certificate of Indebtedness for harbor and dock and public
Improvements (temporary loans)_________ ________________
329,000 0 0
Revenue bonds for liquor tax rebates________________________
8 ,0 0 0 . 0 0
R i
<
sed valuation for 1921______________________ 57,497,194 00
d
lation for 1921________________________ 4 ,4 1 9 11 0.0 0
Total assessed valuation for 1921___________________________ 61,916,604.00
_______________
_____________
72,013
Population (1920 census) _
City has never defaulted in any of its obligations
Bonds are tax exempt
T U C S O N H I G H S C H O O L D I S T R I C T (P. O . T u s c o n ) , P im a C o u n t y ,
A r i z . - BON D OFFERING.— Bids will be received at any time by 11. R.
Baiteru>n.

Clerk, Board of County Supervisors, for the purchase of the
v ;..0,000 6 % gold coupon high school bonds, offered without success June
16- V 112. p. 2794). Denom. 81,000. Date June 15 1921. Int. J. & D.
payable at Tuseon or Chicago. Due $75,000 yearly on June 15 from 1932
to 1941, incl
Cert, check for 5% of bid payable to the Clerk Board of
Supervisors, required.
Financial Statement.
Bonded debt_________________ _______________________________
$750,000
Assessed valuation___________________________________________ 21,155,437
$32 80
Total tax rate (per $1,000)___________________________________
U N I O N C I T Y , O b i o n C o u n t y , T e n n . - B O N D OFFERING.— F. I,.
Pittman, Mayor, will sell at public auction on July 15, $102,000 6% gold
tax-free coupon street paving bonds. Denom. $500. Date July I 1921.
Cert, check for 10% payable to the said M ayor, required. Bonded debt
June 30 1921, $118,000. Floating debt (add’l), $21,500. Assessed value
1920, $3,784,985.
m U N I V E R S I T Y C I T Y , S t . L o u i s C o u n t y , Mo.— BONDS VOTED.— At
a recent election $7,000 Westgate A ve., impt. $17,000 fire apparatus and
,
$4,000 initial installation police and fire call system bonds carried. Date
of sale not yet determined.
V A N D E R B U R G H C O U N T Y (P. O . E v a n s v i l l e ) , I n d . — BOND SALE.
— P. J. Euler of 321 Washington A ve., Evansville purchased the $8,200
4 l % bonds offered on July 2— V. 112, p. 2794. The price paid was par
A
and accrued interest.
W A S H I N G T O N ( S t a t e o f ) — B O N D S A L E .— On July 6 $3,000,000 of
the $6,000,000 tax-free general fund bonds— V. 113, p. 107— were purchased
by a syndicate composed of the National City Co., E. H. Rollins & Sons,
Eastman Dillon & C o., Redmond & C o., Curtis & Sanger, Equitable Trust
C o., Hannahs, Ballin & Lee and Marshall Field, Glore, Ward & C o., at
101.52 for 6s. a basis of about 5.83% , with an option on the remainder until
Sept . 1 as 524s at 100.02, a basis of about 5.74% . The bonds, which were
purchased outright, are described as follows: Coupon bonds in the de-

[V ol. 113.

*\a yette
C o u n ty ,
O h io . — BOND S A L E
1 he
T
834,000 6 / 0 deficiency bonds offered on June 20— V. 112 p ‘>565 were
sold at par, plus a $ 1 premium equal to 100.003, a basis of about 5 .9 9 %

BOND SALE.—
1
ih l ^ ^ S o t e ^ l a n k ^ I f T ^ 5 1 ^ * S a *e n i ) » ! n d B U N D S A L E . - The
~ , v bonds
offered on Ju^°2— V*5?3\np . ° l ^ , di T'ho pricajJald^was p^r^uid^Mcme in t.
ued
s to 'n S

proposals f o r .$60

U r FY Kntv0 ' ( ^ tilliwat4 e r ] ’ M i n n . —
N
000

6

bonds n ot

% 'road b o n & o f f e f f i n s i ^

One July I 1036. ('em. cheek for *3,000, payable to the<hm,,tv T rm ln ri;
required. These bonds were not sold on the above date because ib fy had
not been approved b y the Highway Department.
Uley naa
W E B S T E R C O U N T Y (P . O . F o r t D o d g e ) , l a . — BOND SALE
M . Bechtel & Co. of Davenport were the successful bidders at
i Geo.
issue of *119,000 6% drainage bonds.
aers at par 1or an
W E S T F I E L D , H a m p d e n C o u n t y , M a s s . — TEMPORARY I O A N — A
temporary loan of *100,000 was recently awarded Estabrook & Co of
Boston.
1
C O U N T Y ( P . O . G r e e n s b u r e ) , P e n n . — NO BIDS

on JSffi? 30 for the $750,000 5%
-V. 112, p. 2795.
C u y a o u n a y , O h i o . — BOND SALE.— The
------C h o g t
© lW o n m e oP A R K ,
o EST
/ --------$138,040 0 % coupon special assessment street improvement bonds offered
Gi i\lnG ? ' , . 112, p. 2668— will be taken by Iafanaro & C o., Contractors
1
ot Cleveland, 11 1 payment for work.
road bonds offered on that date

,

Y ES, L ^ n ? ^ 7 ^ > VNT H ! P , W e s t T o w n s h i p , M a r s h a l l C o u n t y ,
S
’

In d .— BOA D Of f ERIN G.— Isiah J . Senior, Township Trustee, will receive
sealed bids until 10 a in. July 20 tor *55,000 5% bonds. Denom. *1,000.
Date July 1 1921. 1 ™ ■ and semi-ann. int. (J. & J.) payable at, the Ply
mouth State Bank of Plymouth, Ind. Purchaser to pay accrued interest.
W H IT E W R IG H T IN D EPEN D EN T SC H O O L D IS T R IC T
G r a y s o n C o u n t y , T e x a s . — BONDS VOTED.— An

$35,000 school building bonds has carried.

(W h ite-

issue of

L a w re n c e C o u n ty
Pennsylvania

NEW LOANS

NEW LOANS

$ 3 , 000,000

NEW LOANS

$ 15, 000,000

STATE OF MICHIGAN

STATE OF MICHIGAN

HIGHWAY IMPROVEMENT
NOTES

SOLDIER’S BONUS NOTES

also
Prices: To Net 5 Per Cent
C ir c u la r o n req u est

Biddle & Henry
104 South Fifth Street

H A R O L D G . W ISE

COMPANY

t

^

D
i G O ito o jv
'W A D D E L L

1 2 t h D A Y O F J U L Y , A . D . 1921,

$ 3, 000,000

at one o ’clock P. M . of said day, for the sale of
fifteen million dollars ($15,000,000) of State of
Michigan Soldier Bonus Notes in denominations
of $5,000 and upwards, to be issued by the State
Administrative Beard of the State of Michigan,
H IG H W A Y IMPROVEMENT
pursuant to the provisions of A ct N o. 1 o f the
Public Acts of the State of Michigan, first extra
BONDS
session 1921, as amended, for the purpose of
The undersigned will receive sealed bids at his j providing funds for the payment of Soldier Bonus
office in the City of Lansing, Michigan, until the claims made and approved under the provisions
of said Act.
1 5 th D A Y O F J U L Y , A . D . 1S21

STATE OF MICHIGAN

up to 1 o ’clock in the afternoon o f said day, for
three million dollars ($3,000,000) of State of
Michigan Highway Improvement notes in de
Private Wire to New York
nomination of $5,000 and upward, to be issticd
Call Canal 8437
by the State Administrative Board of the State
of Michigan, pursuant to provisions of Act N o. 25
of the Public A cts of the State of Michigan, Extra
Session of 1919, as amended. Said notes will be
dated July 15th, 1921, and will mature July 15th,
1922. Bids will be received for three million
dollars ($3,000,000) of the above notes bearing
interest at the rate of five and one-half per centum
MUNICIPAL BONDS
Underwriting and distributing entire issues ot per annum, payable semi-annually; also for three
Olty, County, School District and Road District million dollars ($3,000,000) of said notes bearing
Bonds of Texas. Dealers’ inquiries and offering! interest at the rate of five and three-quarters per
•olicited
centum per annum, payable semi-annually; also
Circulars on request.
for three million dollars ($3,000,000) of said notes
bearing interest at the rate of six per centum per
annum, payable semi-annually.
Bids will also be received at the same time for
&
three million dollars ($3,000,000) of State of
HOUSTON
TE X A S
Michigan Highway Improvement coupon bonds
Established 1915
in denomination of $1,000 each, to be issued by
the State Administrative Board of the State of
Michigan, pursuant to the provisions of the
above-named A ct. Said bonds will be dated
August 1st, 1921, and mature August 1st. 1941,
United States and Canadian
and will bear interest at the rate of five and oneMunicipal Bonds.
half per centum per annum, payable semi
annually.
A certified check in the sum equal to one per
cent o f the amount of the bid, payable to the order
02
of the State Treasurer of the State of Michigan,
must be submitted with each of the above bids.
Ground Floor Singer Building
The right is reserved to reject any or all bids.
89 Liberty Street,
New York
Telephone Oortlandt 3183
F R A N K E. G O R M A N ,
State Treasurer.

PHILADELPHIA

The undersigned will receive sealed bids at his
office in the C ity of Lansing, M ichigan. until the

Said notes will be dated July 15, 1921, and
mature on July 15, 1922. Bids will be received
for said $15,000,000 notes, bearing a rate of
interest of 5M % per annum, payable semi
annually; also for $15,000,000 of said notes,
bearing interest at a rate o f 5 H % per annum,
payable semi-annually; also for $15,000,000 of
said notes, bearing interest at the rate o f 6% per
annum, payable semi-annually.
A certified check in a sum equal to one per cent
of the amount of the bid, payable to the order of
the State Treasurer of the State of Michigan,
must be submitted with each bid.
The right is reserved to reject any or all bids.
FR A N K E. G O R M AN ,
State Treasurer.
Bids will also be received on July twelfth for
all or any part- of ten million soldier bonus bonds,
five and one-half per cent, ten, twenty or thirty
year maturities; also five and three-fourths
per cent, ten, twenty or thirty year maturities;
deposit of one per cent o f bid requirtxl.

New Jersey
'Securities
CUTW ATER & WELLS
18

Eich«n go Plato
T©l. 88
Jor«oy City, N. J.

THE CHRONICLE

July 9 1 9 2 1 .]
WILLARD,

H uron

C o u n ty ,

O h io .

BOND

K.

O F F E IIIN O .

K.

M cM orris, Village Clerk, will receive bids until 12 in. July IS for $5,000
6 % water and light plant improvement bonds.
Denom . $500.
Date
\prR 1 1921. Int. semi-ann. Due each six m onths as follows: $500 from
April 1 1923 to April I 1925: $1,000 on Oct. 1 1925 and $1,000 on April 1
1326. Cert, check for 3 % o f amount bid for, payable to the above cleric,
required. Purchaser to pay accrued interest.
W I L S O N G R A D E D S C H O O L D I S T R I C T (P . O . W ils o n ), W ils o n
C o u n t y , N o . C a r o . — B O N D S A L E .— A . B . Leach & C o ., In c., o f N . Y .
have purchased at par and int. the $300 ,000 6 % gold school bldg, bonds
offered June 30 (V . L12, p- 2 5 6 6 ).
Date July l 1921.
Due yearly on
Jillv 1 as follows: $ 7 ,0 0 0 . 1924 to 1929, incl.; $ 9 ,0 0 0 , 1930 to 1935 incl.;
$ 1 1 ,0 0 0 . 1936 to 1941, incl.; $13 ,0 0 0 , 1942 to 1947, in cl., and $15,0 0 0 ,
1948 to 1951 incl.
W I N T E R S E T , M adison C o u n t y , Io w a .— B O N D S A L E .— The $100,000
6 % electric light and power system bonds offered Juno 29 (V . 112, p. 2795)
were awarded on that date to Geo. M . Bechtel & C o . of D avenport, at
par. Denom . $500.
D ate July 1 1921 .
In t. J. & J.
W O O D C O U N T Y (P. O . B o w lin g G r e e n ), O h io .— B O N D O F F E R IN G .
— E . E . Coriell, C ounty Auditor, will receive bids until 1 p. m . July 25 for
$60,000 6 % coupon Porrysburg-Fostoria Road I . C . IT. N o . 273, Section
“ A ” bonds.
Denom . $1,000.
D ate A u g. 16 1921. Semi-ann. int.
( M . & S.) payable at the County Treasurer’s office.
D ue $6,000 each six
months from M a r. 1 1922 to Sept. 1 1926, incl. Cert, check for $500,
drawn upon a Bowling Green, Ohio bank, required. Bonds to be delivered
at Bowling Green. Purchaser to pay accrued interest.
W O O D C O U N T Y (P . O . G r a n d R a p id s), W i s .— B O N D S O F F E R E D
B Y B A N K E R S .— The W illiam R . Com pton C o ., Ilalsey Stuart & C o ., In c.,
both of Chicago, First Wisconsin C o . and the Second W ard Securities C o .,
both o f Milwaukee, have purchased and are now offering to investors, to
yield from 6 % to 5 .5 0 % , according to m aturity, $70 0 ,0 0 0 5 % tax-free
bonds. D enom s. $ 1,000 and $500 .
D ate April 1 1920.
Prin. and semiann. int. (A . & O .) payable at the office of the C ou n ty Treasurer. Due
$100,000 on April 1 in each o f the years 1927, 1930, 1932, 1933, 1935, 1936
and 1939.
F in a n cia l Statem en t.
Assessed valuation (1 9 2 0 )___________________________________________$ 44,656,962
T otal bonded debt, including this issue____________________________
863,500
Population, 1920 (Census), 3 4 ,6 4 3 .
W Y O M I N G (S ta te o f ) .— B O N D S A L E .— The State o f W yom in g was
awarded the $ 1 ,8 0 0 ,0 0 0 5 % highway bonds offered July 6 (V . 112, p . 2668)
at par.
D ate Sept. 1 1921.
D ue in 20 years; optional in 10 years.
Y A K I M A , Y a k im a C o u n t y , W a s h .— D E S C R I P T I O N OF B O N D S .—
T h e $ 2 0 ,0 0 0 6 % city hall bonds, which were sold over the counter to dif
ferent individuals at par and accrued interest— V . 112, p . 256 6 — are in
denoms. o f $500 and $ 1 ,000 and are dated June 1 1921. In t. J. & D .
D u e June 1 1926.
Y E L L O W M E D IC IN E C O U N T Y S C H O O L D I S T R I C T N O . 30
(P. O . C a n b y ), M in n .— P U R C H A S E R & P R IC E P A I D . — The purchaser of
the $ 2 2,000 6 % 5-15 year (opt.) funding bonds— V . 112, p. 2668— was the
Capital Trust & Savings Bank o f St. Paul. The price paid for these bonds
b y that bank was par and interest, less attorney’s fees. These bonds were
acquired on M a y 31.

N EW LOANS

209

Y O R K S C H O O L D I S T R I C T (P . O . Y o r k ) Y o r k C o u n t y ,
B O N D O F F E R / N O . — Proposals will bo received until 12 m . A u0 .
py
D avid N . Crider, Secretary o f School District, for $ 8 0 ,0 0 0 5 % coupon or
registered (purchaser's option) school bonds.
D enom . JO for $500, 60 for
$ 1 ,0 0 0 .
D ate A u g. 1 1921. In t. F . & A .
D ue $ 5 ,0 0 0 A u g. 1 1927;
$ 5 ,0 0 0 A u g . 1 1928 and $ 1 0 ,0 0 0 yearly on A u g. J from 1929 to 1933, incl .,
and $20,0 0 0 on Aug. 1 1934. Upon acceptance o f bid, successful bidder
will bo required to give certified check on a National bank or trust com pany
for $ 2 ,4 0 0 . Purchaser to pay accrued interest.
Bonds to be delivered at
C ity B ank, Y o r k , and are free of Pennsylvania taxes except succession and
Inheritance taxes. Legality o f the issue will be certified to by Tow nsend,
E lliott & M unson of Philadelphia.
The o ffic ia l n otice o f this bond o ffer in g w ill be fo u n d am ong the advertise
m ents elsew here in this D ep a rtm e n t.
Y O U N G S T O W N , M a h o n in g C o u n t y , O h io .
NO B ID S R E C E IV E D .
No bids wore submitted on July 1 for the $659 ,000 6 % deficiency bonds
offered on that date— V. 112, p. 2795.

CANADA, its Provinces

and Municipalities.

H U D S O N , Q u e . — B O N D S A L E .— T h e $ 3 5 ,5 0 0 6 % bonds offered on
July 4— V . 112, p. 2795— wore sold on that date to N esb itt, Thom son &
C o . o f M ontreal for 9 3 .1 9 8 . D a te July 15 1921.
D u e July 2 1951.
M O N T R E A L , Q u e .— B O N D O F F E R IN G .— E . T . Sam pson, SecretaryTreasurer of the M etropolitan Com m ission, will receive sealed tenders
until 1 1 a. m . July 19 for the purchase o f $ 4 0 ,0 0 0 6 % debenture bonds.
D enom . $ 1 ,0 0 0 .
Date M a y 1 1920. D u e M a y 1 1925. A deposit o f 1 %
o f the am ount tendered, required.
O U T R E M O N T , Q u e .— B O N D O F F E R IN G .— E . T . Sampson, C ity Clerkn
will receive sealed tenders at the C ity H all until 11 a. m . July 12 for $ 7 5 0 ,00u
5 Y > % debenture bonds. D enom . $1,000 (or such other denominations as
m ay be agreed upon).
D a te M a y 1 1921. In t. M . & N .
D ue M a y 1
1931. Certified check for 1 % o f the am ount bid, payable to the city,
required.
S A S K A T C H E W A N S C H O O L D I S T R I C T S , S a sk .— D E B E N T U R E S
A U T H O R I Z E D .— The following, according to the “ Financial P ost’ ’ is a
list o f authorizations granted b y the Local Government Board from June 11
to June 18:
Schools.— W aseca, $ 1 2 ,0 0 0 ; Thunder Creek, $5,0 0 0 ; W essels, $5,500;
Konockee, $5,000; Alardee, $900; Bainesville, $1,2 0 0 ; M ilfard, $4,800;
W ascana, $1,400; Grayson, R . C ., $ 6 ,0 0 0 ; Silton, $4,0 0 0 ; G osm il, $5,6 5 0 ;
Brindle, $3,500; Pioneer, $ 7 ,0 0 0 .
__ ____
D E B E N T U R E S A L E S .— Th e following, we learn from the same source,
is a list o f debentures, amounting to $56,000 reported sold in the same period:
M o ose Jaw, N o . 1, $ 4 5 ,5 0 0 , 10 years, 7 % ; Dominion Life, W aterloo,
O n t., M id d leto n *N o . 2 ,6 5 4 , $3,0 0 0 , 10 years, 8 % : N a y & James, Regina.
Lake M o n a , N o . 4 ,2 5 0 , $ 5 ,0 0 0 , 10 years 8 % ; C . C . Cross & C o ., Regina.
W im m er, N o . 4 ,3 7 7 , $ 2 ,5 0 0 , 15 years, 8 % ; W eybu rn Security B ank,
R adville, Sask.

ENGINEERS

ENGINEERS

$ 8 0 ,0 0 0
C ITY OF YORK, PA,
SCHOOL DISTRICT BONDS
Th e School District o f the C ity o f Y o rk , Penn
sylvania, will receive bids until 12 o ’clock noon,
o f A U G U S T 3 R D , 1921, for the purchase of
$80,000 school bonds, registered or coupon, at
the option o f the purchaser, o f which 820.000 are
in the denomination of $500 each and $60,000 in
the denomination of $ 1 ,000 each, dated August 1,
1921, with interest at five per centum per annum,
payable semi-annually on August 1st and Feb
ruary 1st, free of all Pennsylvania taxes except
succession and inheritance taxes. $ 5 ,0 0 0 of said
bonds are payable on the 1st day of A ugust. 1927:
$5,000 on the 1st day of A ugust, 1928; $10,000
on August 1st o f each year from 1929 to 1933,
both inclusive, and $20,000 on August 1st, 1934,
at the office o f the School Treasurer, Y o rk , Pa.
Th e successful bidder will be required to pay
accrued interest, if any, to the tim e of delivery,
in addition to his bid and upon the acceptance
of his bid will be required to give a certified check
on a national bank or trust company for tw entyfour hundred dollars. T h e bonds will be deliv
ered to the purchasers at the C ity Bank of
Y o r k , Pa.
Th e legality o f the issue will be certified to by
M essrs. Townsend, E lliott & M unson of Phila
delphia, Pa. T h e right is reserved to reject any
or all bids.
Further particulars on request.
Address bids, marked “ Proposal,” to David
N . Crider, Secretary School District of the City
o f Y o rk , Pennsylvania.

STONE & WEBSTER
IN C O R P O R A T E D

EXAMINATIONS REPORTS
VALUATIONS
ON INDUSTRIAL
AND PUBLIC SERVICE
PROPERTIES

New York

Boston

Chicago

$2 ,0 0 0 ,0 0 0

Consulting
Engineers
Specializing in
Public Utilities
and
Industrial Appraisals
Gas and Electric
Management and Operation,
Counsel and Reports,
Accounting and Purchasing,
Utilities Public Relations,
Valuation and Rates,
Design and Construction of
central station and industrial
power plants and gas plants.

WILLIAM A. BAEHR Organization
Peoples Gae Building

STATE OF COLORADO

Chicago

THE
HIGHWAY IMPROVEMENT BONDS

J. G. WHITE ENGINEERING
CORPORATION

The undersigned invites sealed bids at his office
Capital in Denver, until 10 A . M. W E D N E S 
D A Y , A U G . 3, 1921, for the purchase o f all or
any par Don of T W <) M JLI J O N O O L LA R S
($2,000,000) State o f Colorado Highway Bonds,
hearing five per centum p e r annum, payable semi
annually at office of , tate Treasurer or at banking
S
house of Kountze Bros., N . Y. C ity . Said Bonds
fT
J:
June j , 1921, issued in denominations of
v , ) ano mult iples t hereof as desired by successful
bidder , due June. 1 , j 951 . but optional Jun J, J93)

Engineers

Constructor*

- <o bid considered unless accom panied by cortiBuildings— Industrial Units
r<eo check or bank draft payable to order o f State
Public Utilities
I rea.surer equa l to at least three per cent o f am ount
hid
, .o interest, will be paid on said d ra ft or
Reports—Valuations—Estimates
* ro'T ^ w i K! responsible for loss
n
; -jM to or from his office. All I,iris m ust be
-.it.
D.f ' o r ti pann/i by aetaiJed statem ent o f denom ina
4$
XCHANGE
PLACE, NEW
YORK
tions required . T he balance o f price bid shall be
payabk; in cash upon delivery o f bonds, and suc• ■i
■
oidde/ ■iJJ be required to enter into
contract for purchase price th ereof on date o f sa le
upon said term s.
All bid-, ill be opened at said hour and all or
M ining Engineers and G eologists
any port.ion o f said bonds will be sold by State
ireasurer to highest and best bidders if a bid
satisfactory to State Treasurer be received- b u t 1 COAL AND MINERAL PROPERTIED
right i . reserved to reject any and all bids.

H. M. C H A N C E & CO.

A R T H U R M . ST O N G
ia b Treasurer, State of Colorado.

1

Examined, Managed, Appraised

Of (i i i

B ld g .

PH IL A D E L PH IA

I f There Is A M arket W e Can Find It
We hold sales of stocks
and bonds every Wednesday
charging $1.50 entrance fee
for each item. Our weekly
catalogues and postal card servioe
reach every market. We take
pleasure in furnishing quotations.

B a r n e s Si L o f la n d
S to c k B ro k ers & A u c t io n e e r s

147 S. 4th St.,

Philadelphia

: .r

_ ~

—

C lassi tied Department
Ttantycirii^ragigm itm iiiiainuim Lag

I N V E S T M E N T MEN

BU SIN E SS O P P O R T U N IT IE S

WANTED

E X P E R IE N C E D B OND M E N W A N T E D —
A large national investment bond house can
use in New York C ity the services of several
experienced bond salesmen.
W e handle origi
nal issues of investment bonds, and can offer
opportunities to several bond salesmen oi
ability. In reply give age, nationality and
previous business career. Address Box A - 18,
Chronicle, 90 Pine Street, New York C ity .

W ant Live Salesman
sell 125,000 issue of high-grade industria
preferred stock carrying bonus of common.]
Well-established nationally known enterprise.
Splendid leads furnished. State qualifications
fully in first letter.
Address T . M . t 2111 E . Susquehanna, Phila.

W A N T E D by Stock Exchange House, experi
enced bond salesman with clientele. In reply,
state experience and salary desired. Address
G . E ., P. O. Box 372, C ity Hall Station, N . Y .

TR A D E R S WANTED.
B O N D and Unlisted Trader wanted by prominent
Stock Exchange house. M u st have knowledge
of all markets. Address Box Z -1 4 , care of
“ Financial Chronicle,” 90 Pine Street, New
Y ork C ity.

A

B O N D M A N , now conducting profitable
unlisted department of large, prominent and
well regarded New York investment house, has
arranged to take over same, paying the firm a
rental for the use of their wires and for office
space, and desires to secure a partner in this
connection with $20,000.
Proposition will
bear strictest Investigation. Address B o x W -6 ,
care o f Financial Chronicle, 90 Pine Street
New York C ity .

SA LE S M A N A G E R (with substantial clientele)
of one of the largest investment houses in
New York, desires to get in touch with gentle
men of means that would be willing to back
him in forming an investment house to extent
of $100,000. Best of credentials. Address
Box W -7 , care of Financial Chronicle, 90 Pino
Street, New York C ity.

SU C C E SSF U L American firm with offices in
Central America, holding exclusive agency
contracts with leading American manufacturers,
including Ford M otor, Cadillac, National Cash
Register, Burroughs Adding Machine. Royal
and Corona typewriters, Diamond M atch,
American W oolen, British American Tobacco,
etc., desires additional capital with which to
take advantage of extraordinary opportunities
now offered. Propositions of from 85,000 to
$200,000 considered. 2t) to 5 0 % on your
mopey. First class bank references. Address
Box Y l . Care o f Financial Chronicle, 90
Pine S t., New York C ity .

Chicago Sales Manager
•

with over fifteen years’ experience as salesman and
take charge of Chicago

office of Eastern or Western House. M y past record
on La Salle Street speaks for itself.

PO SIT IO N S W A N TE D

DO YOU NEED
A BOND MAN?
T o m anage a b on d d epartm en t?
T o take c h a rg e N ew Y o r k , C h ic a g o o ff ice ?
T o m a n a g e a s a le s o r g a n i z a t i o n ?
T o do w h olesale-syn dica te d istr ib u tio n ?
W i t h w i d e f i n a n c i a l e x p e r i e n c e for
e x e c u t i v e o r m a n a g e r i a l work?
My a c t i v i t i e s c o v e r s u c h d u t i e s .
My
c r e d e n t i a l s will m e e t e x a c t i n g r e 
q u irem en ts.
A d d r e s s B o x Y 6, F i 
n a n c i a l C h r o n i c l e , 90 P i n e S t . , N . Y .

T R A D E R experienced in handling unlisted and
inactive securities desires engagement. W ill
consider out of town position. Can furnish
best of references. Address Box B -8, care of
Financial Chronicle, 90 Pine Streot, New York
C ity.

S T A T IS T I C IA N capable of analyzing railroad,
corporation and public utility securities wishes
engagement. Exceptional reference. Address
Box B -9 , care of Financial Chronicle, 90 Pine
S t., New Y ork C ity.

E X P E R I E N C E D T R A D E R , college graduate,
familiar with all markets, desires connection.
Address Box B -14, care of Financial Chronicle,
90 Pine Street, New York C ity.

I N V E S T M E N T M EN W A N T E D

sales director wishes to

'G
SlLlCiT^Iint iiiiim iil^ ^ ^ g g ^ ^

Address Box

S T A T IS T I C IA N -C O R R E S P O N D E N T , college
graduate, experienced correspondent and finan
cial writer, thoroughly familiar with securities
and analyses, desires connection. Address
Box B -16, care of Financial Chronicle, 90 Pine
Street, New York C ity.

B O N D T R A D E R now associated with small
but well regarded New York House desires
position offering greater possibilities. Address
Box A -2 , care of Financial Chronicle, 90 Pine
Street, New Y ork C ity.

B-10, Chronicle, 90 Pine Street, N. Y .
S U C C E S S F U L B O N D and U N L I S T E D T R A D E R
seeks engagement with New Y ork Stock E x
change House. Capable of taking entire charge
of Trading Departm ent. Address Box A - l ,
care of Financial Chronicle. 90 Pine Street,
New Y ork C ity.

Make a Habit o f It!

P U B L IC I T Y S T A T IS T IC IA N — Expert statis
tician desires connection with New Y ork Stock
Exchange or long established banking house,
where publicity experience will be an added
asset. Address Box X -1 4 , care of Financial
Chronicle, 90 Pine Street, New York C ity.

Statistician
Whenever you have need for or are seeking
a position as a

Competent to analyze corporation statements,
prepare bond circulars and answer correspondence
from a sales viewpoint.
Responsible references.
Address V . 10, care o f Financial Chronicle. 90
Pine Street, New Y ork C ity.

STATISTICIAN,
TRADER,
SALESMAN,
CASHIER OF A BANK
OR THE LIKE,
put an advertisement in this Department.
This will give prominence to your wants in
banking and financial circles throughout
the world.

EXECUTIVE’S ASSISTANT
W om an, law degree, fifteen years experience
legal, financial, commercial, thoroughly efficien t
assistant and secretary, wants position of respon
sibility with high-class executive. Address Box
V -17. Financial Chronicle. 90 Pine Street. New
York C ity.

BOND TRA D E R WANTED

BOND TRADER WANTED
Prominent Investment House has
need for an experienced trader. Only
a man that has proven his ability to
initiate business need apply . Address
Box A-4,care of Financial Chronicle,
90 Pine Street, New York Oitj .
Full text of Commercial and Financial Chronicle : July 9, 1921, Vol. 113, No. 2924

FRASER
