The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
TWO
SECTIONS—SECTION
OKB
INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric Railway Section
Railway Earnings Section
Bankers' Convention Section
State and
COPYRIGHTED IN 1993
BY WILLIAM 3. DANA COMPANY, NEWVORK,
Issued Weekly
VOL. 110.
NEW
$10.00 PsrYsar
YORK, JUNE 12, 1920.
CHARTERED
FARMERS'
NO. 2868.
Jfmancial
^financial
THE
City Section)
ENTERED AS 8ECOND.CLASS
HATTER JUNE 23, 1B79, ATTHE POST OET1CE AT NEW YORK, NEW
YORK, UNDERTHEAUT OP MARCH 3, 1879,
harvey fisk
1122
LOAN
TRU5T
&
& sons
The liherty^aiioiial Bank
32 Nassau St.
COMPANY
of Newlork
NEW YORK
capital™
*8,000,000.00
undivided
4TB Fifth Avenue, at 41at Stmt
NEW
*1,000,000.09
surplus
19. 18, 20 and 22 William Strmrt
UNITED STATES BONDS
YORK
profits.**,100,900.00
NEW YORK CITY BONDS
MANAGEMENT
CARE
OF
OF
Correspondents in all countries
AND OTHER CHOICE
Special facilities in Scandinavia
INVESTMENT SECURITIES
ESTATES
SECURITIES
DOMESTIC AND FOREIGN
Harris, Forbes &Co
BANKING
Pine
FOREIGN
LETTERS
OF
CREDIT
COMMERCIAL
York
New
Clearing
BONDS FOR
List
Profits,
House
SAVINGS
BARS
deal tn Government, munici¬
pal. railroad and public utility
on
INVESTMENT
Application
Cable'Address SABA. NEW YOBK
$14,000,000
Established
&
Act Mlflaoal agents for moniesDaitties and corporations and
PARIS
Member Federal Beserre System
C,
8m,
CHICAQO
Capital, Surplus and Undivided
and
FORBES A 60..
HARRIS TRUST
5th Avenue and 57th Street
LONDON
William
.
BOSTON
26 Broad Street
ACCEPTANCES
YORK
22 Austin Friars, LONDON. 1.
HARRIS,
Company
LETTERS
Corner
NEW
The New York Trust
EXCHANGE
Street,
Established
1892
1874.
John L. Williams & Sons
Edward B. Smith & Co
BANKERS
Corner
8th and
Established 181Q
Main Street*
RICHMOND, VA.,
Member New York and
The
Dattlmore^Oorr espondents:
R.
LANCASTER
G
WILLIAMS
*
CO.;
Inc.
Mechanics
and
National
AIRFIELD
Metals
Bank*"
Philadelphia
The Chase National Bank
STREET, where
FIFjTHiAVENUE
Capital
•
-
$9,000,000
-
-
$13,600,000
Deposits, May 4, 1920
-
$196,000,000
•
-
-
Crosses Broadway
Capital,
-
$1,000,000
Surplus,
New York
OF THE CITY OF. NEW
YOHI$"
National Bank
23rd
Philadelphia
Stock Exchanges
-
$1,000,000
A Bank for the Builders of Business
Surplus and Profits
of the
Gty of New York
57
BROADWAY
CAPITAL
*15.000.000
SURPLUS AND PROFITS
the
Foreign Exchange
Department
864,289,000
OFFICERS
Trust Department
american exchange
22,227.000
DEPOSITS (May 4, 1920)
A.
BARTON
HEPBURN.
Chairman of the Advisory Board
Bend Department
national bank
ALBERT
H.
WIGGIN.
Chairman of the Board of Directors
NEW YORK
Foreign Exchange
Resources
over
EUGENE
first national bank
Vice-President
Vice-President
GERHARD M. DAHL__
Francis Ralston Welsh,
Vice-President
SCHLEY
Henry W. Cannon
Hepburn
Newcomb Carlton
Frederick H. Ecker
Eugene V. R.
Mitchell
Guy E. Tripp
James N. Hill
Daniel O. Jackling
Carl J.
John J.
ELECTRIC
LIGHT AND POWER COMPANIES
Charles
109-111
Cashier
DIRECTORS
Albert H. Wiggin
OF RAILROAD, GAS AND
A* LAW, President
Vise-President
ALFRED O. ANDREWS..
A. Barton
BONDS
1
Vice-President
CARL J. SOHMIDLAPP
PHILADELPHIA, PA.
CHARTER NO.
..President
MILLER
EDWARD R. TINKER
$175,000,000
REEVE
Wm.
V. R. THAYER
SAMUEL H.
Letters of Credit
SOUTH
FOURTH
PHILADELPHIA
STREET
M.
Samuel
H.
Edward
Schwab
Miller
R. Tinker
Edward T
Nichols
Thayer
Schmidlapp
Gerhard M. Dahl
Andrew Fletcher
William B.
Reeve
Thompson
Schley
Kenneth F. Wood
H. Wendell
Endicott
William M, Wood
[VOL. 1G1
THE CHRONICLE
n
©tatoera of yortfsa
itfbtttmut ©ontt*
5}*P. MORGAN & CO, Maitland, Coppell & Co,
52 WILLI AM STREET
Broad
Wall Street, Corner of
NEW YORK
PHILADELPHIA
CO.,
&
l&EXEL
NEW YORK
Corner of 5th and Chestnut Streets
'Orrlen executed for all Investment Securities
Act as agents of Corporations and negotiate ana
BiUs
on
PARIS
CO.,
14 Place Vendome
Messrs. Mallet F/eres
'
Bank of
Commercial and Travellers
Letters ol Credit
& Cie, Paris,
And its Branches.
Foreign Exchange, Commercial Credits.
O
NEW YORK
BOSTON
Banco Nacional da Mexico,
Commission*
[Securities bought and sold on
■:
"
National Provincial & Union
England, Ltd., London,
The
&
17 Wall Si
115 Dsvtmslilre
of Exchange, Telegraphic Transfers,
Letters of Credit
No* 22 Old Broad Street
HARJES
KIDDER, PEABODY & 00.
Sssue Loans.
moAiTGiiSiiiZ&c^ London
•»BGAN,
:
on
Australasia.
Agents for the Bank of
Cable Transfers.
Travelers, available In
world.
•Scalar Letters for
al)
parts of the
TRAVELERS' LETTERS OF CREDIT
Available throughout the United States
BASING BROTHERS & GO, LTD.
LONDON
'BROWN BROTHERS &00.
'
BOSTOP
NEW YORK
PuoidkLPHIA
,*■
■
-
1
'
■
■
...
August Belmont & Co.
43
■
.
1
.11
■1 ■"
1
CREDIT
ISSUE LETTERS OF
l< & W.
for Travelers
Foreign Exchange
Available
Accounts
the world.
all parts of
in
Seligman & Co
and make Telegram "•••
Draw bills of Exchange
Transfers.
Credits
Commercial
ROTHSCHILD,
Paris and Vienna
London,
Deposit
YORK
Exchange.
Correspondents of the
and
Messrs.
Securities
Investment
NEW
Stock
York
New
Agents
—
mr,
PLACE,
EXCHANGE
Members
ALEX, BROWN <fe SONS, Baltimore
N?_54 Wall Street
the purchase and sale -A[
Execute orders for
Travelers' Credits
Bonds and Stocks*
NEW YORK
tJjmsmmsmsmmmtm mm
.1
1
rn
mmmmmm
m mm
——
1B0WN, SHIPLEY & CO*
NewY orkProduce Exchange
LONDON
National Bank
Broadway, Corner
T. Suffern Tailer
And Branches
James G. Wallas®
fraavBte Kane
Capital
-
-
-
-
BEAVER ST.
throughout Manhattan
$1,000,000.00
1,406,775.01
-
Surplus and Undivided Profits
Foreign
Transfers.
TA1LER4©
world.
ftednrandaCG
ACCOUNTS.. INVITED.
York
tC Pine Street. New
Exchange bought and sold.
Gable
Commercial and Travelers' Letters of
Credit available in all parts of the
Lawrence Turnure & Co,
■
investment Securities
Travelers'
America
sold
available
credits,
out the United States,
Central
-
•
-
N«w Yovk
Pittsburgh
Areede Bldg.
New York
Investment securities bought and
mission.
13 Pint St.
Union
64-66 Wall Street,
on com¬
Investment
Securities
through¬
Cuba, Puerto Rico, Mexico,
and
Make
Spain.
collections
litmbtra
in and issue drafts and cable transfers on above
Winslow, Lanier & Co,
Ntw York and
London Bankers: London Joint City
59 CEDAR STREET
Paris Bankers:
Pittsburgh
&
Steak Exchangaa
Midland Bank, Limited.
YORK
NEW
countries.
Heine & Co.
BANKERS.
HEIBELBACH, ICKELHEIMER & CO.
«0@)®8lt8
Received
Allowed
Subject
on
Deposits,
Bought
and
interest
Draft,
to
37 William
Securities
Sold
on
MEMBERS
N.
Street.
STOCK
Y.
EXCHANGE,
Com/pifflon
Execute orders for
foreign Exchange, Letters of Credit
purchase and sale of
HUTH
& CO.
Stocks and Bonds.
New York
30 Pine Street
Foreign Exchange Bought and Sold.
Issue Commercial and Travelers' Credits
Bonds for
available in all parts of the world.
Foreign Bonds & Investment Securities,
Commercial Credits,
Mffl&estment
Schulz & Ruckgaber
New York
17 Pine Street
Cable Transfers on
FRED? HUTH & CO., London
and
Investment Securities
ForeignlExchange,
on
the Continent of Europe
Foreign Exhange
Kean, Taylor & Co.
OewoMrcial
Credits
lamed
Lea don Agents, Messrs.
Monroe & Co.
BOSTON
"MW' YORE
Ponds
Goeehens & Cunliffe
BOISSEVAIN
52 BROADWAY,
Cabla Transfers,
&
CO..
49 Wall Street
New York
DEPARTMENT
FOREIGN EXCHANGE
MESSRS. PIERSON
Pari?
ALDRED & CO
Stock Exchange.
INVESTMENT SECURITIES
COMMERCIAL
Foreign Exchange
!?amercial Credits.
& CO.
NEW YORK
Members of the New York
Letters of Credit fctf Travelers
23UNROE
Doners.
Pittsburgh
New York
John
la
Sterling. Francs. Guilders. Pesetas, etc
& CO
Fiscal Agents for
'hibli-c Utility and Hydro-EIectri®
Companies
Amsterdam. Holland
JUNE 12 1920.]
THE CHRONICLE
m
IndettBKnt an& Jflnstuial Sontea
Lee, Higginson & Co.
Goldman, Sachs & Co. MlLLETT,
NEW
YORK
i37 So. La Salle Street
Investment Bankers
60
Congress Street
CHICAGO
14
BOSTON
Montgomery Street
INVESTMENT SECURITIES
421 Chestnut Street
SAN FRANCISCO
Boston
R0E& HAG£N
60 Wall Street
PHILADELPHIA
MEMBERS
New York
Chicago
Higginson & Co.
V
Members of New York and Chicago
Stock
Exchanges
NEW YORK STOCK EXCHANGE
Commercial Paper
,
80, Lombard St.
Securities
bought
London, E. C.
and
sold
on
commission
Foreign Exchange
Commercial
&
available
Travelers*
in
all
U WILLIAM ST.
Letters
parts
of
of
NEW YO»
world
the
Credit
j
rSornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
investment Securities
EQUIPMENT BONDS
Sltaoirt!: Teirinni Noftes
Accejpftsunices
MEMBERS
NEW
YORK, BOSTON AND
Mam
(CHICAGO STOCK EXCHANGES
©flsrect wires
to
all principal
EVANS, STILLMAN & CO.
Members New York Stock
markets
60
ijSoston
Correspondent Offices in 50 Cities„
Exchange
BROADWAY
NEW
YORK
Chicago
®)<3&r©H
Providence
ROBINSON & CO
Portland
Established 1888
Underwriters & Distributors
Industrial
FOREIGN
Bonds
Public
GOVERNMENT
selling considerably
&
Preferred
Utility
Stockc
U. S. Government Bonds
Investment Securities
Securities
Equipment Trust Certificates
Exchange Place
BONDS
•re
Officii National City Bank Buil<%
Uptown Office t Fifth Avenue and 43rd Sft
Counselman & Co*
below
their
normal
value due to the unprecedented fall In
Foreign
New Y®j?j4
Members New York Stock Exchange
Exchanges.
point to
an
Present
Indications,
however,
advancing tendency and
Investment Bankers
112
W.
ADAMS
ST., CHICAGO
a return
Conservative
W normal would yield unusual profits.
Write for our suggestions and Circular Ft B.
•'
Bond &
65
"
; :
I
I. M. TAYLOR & CO.
BROADWAY.
NEW
Yielding 6%
YORK
New York
Broad
ft Sanson
Now
Washington
Cleveland
INC. 1918
Pittsburgh
!
Sal tint ors
10 So. La Salle St.
Chicago
York
Pittsburgh
Lebanon
EST. 1868
Boston
Philadelphia
Streets
PHILADELPHIA
Underwriters
Distributors
Wilkes-Barr*
MALSEY, STUART & CO.
Incorporated—Successors to
Howe, Snow,
Corrigan & Bertles
Investment
GRAND
N. W.HALSEY A CO. CHICAGO
Bonds
Bankers
RAPIDS,
Short Term
MICH,
CHICAGO
|
PHILADELPHIA
DETROIT
YORK
MINNEAPOLIS
BOSTON
ST.
H. F. BACH MAN
MILWAUKEE
LOUIS
& CO.
64 PEACHTREE,
Established
BIRMINGHAM
JACKSONVILLE
1866
CHARLOTTE
Railroad
and Public Utility Bonds.
MEMPHIS
INVESTMENT
BANKERS
Cities and Corporations.
Members N. Y. and Phila. Stock Exchanges
1425 Walnut
61
St.,
T.
HOLTZ &
BONDS
CHICAGO
GOVERNMENT BONDS
FOR INVESTMENT
HARPER
& TURNER
INVESTMENT
BANKERS
STOCK EXCHANGE
SOUTH LA SALLE STREET
RAILROAD AND FOREIGN
YORK
CO.
INVESTMENT
39
Broadway
NEW
PHILADELPHIA
H.
ATLANTA
ORLEANS
NEW
Government, Municipal,
Fiscal Agents for
Notes
Stocks
Preferred
MEW
8%
Peabody, floughteling & Co.
7 Wall Street
Col
to
INVESTMENTS
Telephone 4600 BotsHng Qreen
Riazier
Investment Securities
Incorporated
Goodwin
BUILDING
WALNUT STREET ABOVE BROAD
PHILADELPHIA
Members Philadelphia Stock Exchange
Colgate, Parker & Co.
49 Wall
Street,
New York
[VOL. 110.
THE CHRONICLE
IT
FINANCE
WE
Light Enter¬
Power and
Electric
prises with records of
ESTABROOK & CO.
established
Members New York and
Stock Exchanges
earnings.
INVESTMENT
WE OFFER
and
Bankers
iflnantial
jfltianrfal
SSxmtM
Dealers
Investment
Proven Power and
Light Securities
Correspondence Solicited
BONDS
BOSTON
-
NEW YORK
24 Broad Street,
COMPANY
&
CHASE
SECURITIES
Street,
15 State
Boston
BOSTOB
19 CONGRESS ST.,
SPRINGFIELD
BALTIMORE
PROVIDENCE
ELECTRIC BOND & SHARE CO.
(Paid-Up Capital and Surplus$24,000,000)
•
71 BROADWAY,
I-,.,
'
•
'/•
..
"
'
/
/
•'
•.
'
",|4r
;
••
NEW YORK
EMERSON & CO.
E. S.
MUNICIPAL AND RAILROAD
Arthur Lipper
New Street and
& Company
Exchange Place
NEW YORK
V
;f: BONDS 1%^
Investment
Securities
For Conservative Investment
SECURITIES BOUGHT AND
SOLD
R. L. Day &. Co.
ON COMMISSION
BOSTON
69 STATE ST.
35 Congress St., Boston
Branch Offices
Members 1
Waldorf-Astoria Hotel.N.Y.
N. Y. Cotton Exchange
11 East 44th St., N. Y.
N.Y.Coffee & Sugar Exch. Saratoga Springs, N. Y.
N. Y. Stock Exchange
New York
Correspondents
REMICK, HODGES & CO.
Richardson, Hill & Co.
bstablished
Philadelphia Stock Exch.
Chicago Board of Trade
Atlantic City, N. J.
West End, N. J.
Long Beach, N.
1870
Investment Securities
PARKINSON & BURR
We
Congress St.
50
Members of the New York and
Boston Stock Exchanges
Specialize in
BOSTON
Government
53 State Street
? Wall Street
BOSTON
tfEW YORK
Y.
Members
(Boston Stock Exchange
(New York Stock Exchange
(Chicago Stock Exchange
and
Municipal Bonds
William |}.(ompton(o
INVESTMENT BONDS
Ooch ra n e, H a rper&Co.
W. F. Ladd & Co.
14
Wall Street, New
New Orleans
Chicago
Investment
Securities
$0 State St.,
Broadway
Ill
:vv'/
v
•
■
""
E. HOWARD GEORGE & CO.
Investment
NEW YORK
BOSTON
?
York
Cincinnati
St. Louis
/
Securities,
he.
Investment Bankers
BOSTON, MASS.
11 Stats Street
BONDS
New York
taker, Ayling & Young
George Pick & Company
-^BOSTON
»
ESTABLISHED 1865
PHILADELPHIA
eAxc/HL
Co
5 Nassau St.,
KONIG
BROTHERS
& GO.
MEMBERS NEW YORK
72
Securities
West Adams
Street
N. Y.
STOCK EXCHANGE
Chicago
Deal in
r
160 Pearl Street
Investment
NEW YORK
Underlying Railroad
Bonds
and
Commercial
and
Travellers'
Tax-exempt Guaranteed
Railroad &
& Preferred
Telegraph Co. Stocks
Letters of Credit
on
Watkins & Co.
New
England
Industrial Securities
KONIG BROTHERS, LONDON
tJYielding 6^% to 8%
and
NEDERLANDSCHE HANDEL-MAATSCHAPPY
ROTTERDAM
J. MURRAY
85
Devonshire Stmt
WALKER
Burton
7 Wall Street
NEW YORK
Investment
Securities
JUNE 12 1920.]
the chronicle
Catiabfan
Canadian
Government and Municipal
BANK OF MONTREAL
the canadian bank
Established
100 Years
over
of commerce
CAPITAL PAID UP
Bonds
bonds
offer
exceptional
oppor¬
tunity for sound investment.
If pur¬
now
they
will
yield
from
chased
20,000,000
PAID
UNDIVIDED PROFITS
TOTAL ASSETS
-
2,090,440
Principal and interest payable In
Head
U. S. funds
Sir
articulars C-20
General Manager, Sir John Alrd.
14
WALL
Toronto
STREET,
London,
YORK
NEW
Montrea
Ens.
In
C. J.
Travelers' Cheques and Letters of Credit issued
available in all parts of the world.
Banking and Exchange business
description transacted with Canada.
In the United States—New York, Chicago,
San
Francisco—British
American
LONDON
Montreal).
The Bank of
The Dominion Bank
HEAD OFFICE, TORONTO
THE BANK OF NOVA SCOTIA
.
(Incorporated 1832)
Municipal
Paid Up Capital
$6,000,000
Reserve Fund & Undivided Profits
7,739,000
.
Corporation
Total Assets
on
Scotland,
Lloyd's Bank, Limited.
SECURITIES
Lists
England,
The Bank of
CANADIAN
,
143,000,000
request
Sir Edmund Osier,
Clarence A. Bogert,
President
.
PAID-UP
CAPITAL
RESERVE
FUND
$9,700,006
AND
UNDIVIDED PROFITS OVER..
TOTAL ASSETS OVER
Head
General Manager.
18,006,006
220,000,001
Office, Halifax, N. S.
General Manager's Office, Toronto,
New York Agency,
A. E. AMES & CO.
74
O. S.
London
Broadway, NEW YORK
Toronto
every
BANKERS IN GREAT BRITAIN:
West Indies, British Guiana and West
Africa—The
Colonial Bank
(in which an
interest is owned by the Bank of Montreal).
&
of
OFFICE—2 Lombard Street. E. O.
Bank (owned and controlled by the Bank of
Government,
STEPHENSON,]
Buy and SeH Sterling and Continental
Exchange and Cable Transfers.
Collections
made at all points.
London, England, and at Mexico City.
Paris, Bank of Montreal, (France).
Spokane,
L. Jones.
Williams-Taylor
Branches and Agencies:
Incorporated
V.
H,
Office, 16 Exchange Place
F. B. FRANCIS,
C.L.FOSTER/
Agents
Throughout Canada and Newfoundland.
At
General Manager,
New York
General Manager.
Wood, Gundy & Co.
.$15,000,008
..$15,000,060
Assistant
Office—MONTREAL
Frederick
OFFICE. TORONTO
CAPITAL
President, SirEdmund Walker, C,V.O.,LL.D.»D.C.L
; 671,150,138
-
-
UP
RESERVE
SIR VINCENT MEREDITH, Bart., President.
SIR CHARLES GORDON, G.B.E., Vice-Pres.
7% to 7%%
Write for
HEAD
$20,000,000
--------
REST
These
-
CANADIAN
Cuba, Jamaica, Porto Rico, and in Boston, Chi¬
cago and New York.
Commercial and Travelers!
Credits Issued, available in all parts of the world.
Bills on Canada or West Indian points favorably
negotiated or collected by our branches in the
Branch, 73 Cornhlll
AND
Manager
FOREIGN
Ont.
300 branches throughout Canada, Newfoundland;
Howard, Agent
L. Jones,
S.
Montreal
51 Broadway
EXCHANGE
BOUGHT AND SOLD
United States.
New
York
Correspondence invited.
Agency1, 52 Wall Street*
H. F. Patterson, Agent.
TRAVELERS* AND COMMERCIAL
tCanadian
Government,
LETTERS OP CREDIT
cial, Municipal and Corporation
J Lo£do£ "J®1?4 City & Midland
In Great Britain
Provin¬
Correspondents
}Roy^Y ^ank "Gf
Scotland.
Bonds
Bought—Sold—Quoted
THE
GREENSHIELDS & CO.
R. C. Matthews & Co.
Members Montreal Stock Exchange
Dealers in Canadian Bond Issues
royal bank of canada
Established 1869
IT St. John Street, Montreal
Capital Paid Up
CANADIAN BONDS
^jjjjjjl
Bond Issues
18,000,000
550,000,000
Head Office
Montreal
SIR HERBERT S. HOLT, President
E. L. PEASE, Vice-Pres. & Man. Dlreotoi
O. E. NEILL, General Manager
Corporate bs Faueal
"Iflr
$17,000,000
Reserve Funds
Total Assets
TORONTO
C. P. 8. Bid,.
BUFFALO
670 Branches throughout CANADA and NEW¬
FOUNDLAND,
In
CUBA,
PORTO
RICO
REPUBLIC, HAITI, COSTA
DOMINICAN
Underwritten
RIGA, COLOMBIA and VENEZUELA, BRIT¬
BRITISHl
ISH and FRENCH WEST INDIES,
ENTIRE STOCK ISSUES
PURCHASED OUTRIGHT
HONDURAS and BRITISH GUIANA.
Daly &
R. A.
Go.
ARGENTINE—Buenos
Aires.
GOVERNMENT, MUNICIPAL
BRAZIL—Rio de Janeiro, Santos, Sao Paulo*
URUGUAY—Montevideo.
SPAIN—Barcelona, Plaza de Oataluaa.
LONDON OFFICE—Princes Street, E. O. 1
NEW YORK AGENCY—68 William St.
AND CORPORATION BONDS
F. T. WALKER, J. A. BEATSON, E. B.
McINERNEY and J. D. LEAVITT. Agents.
CANADIAN
CORRESPONDENCE INVITED
Mark Harris
8TOCK3 and
_
FRENCH
BONDS
Main Office
Mutual Ufa Bldg.
Buffalo, N. Y.
AUXILIARY:
Canada
Bank of Toronto Building
Canadian Brsneh
Royal Bank KMg,
The
Royal Bank
Rueidu
#f
(France), PARIS, 28
Quatre-Septembr8.
Toronto, Oat.
&
FEDDE
PASLEY
TORONTO, ONT.
Montreal Tramway 5s, 1941
Canadian Car & Foundry 6s, 1939
Rio de Janeiro Tramway 5s, 1935
Principal
and
and
All
iPtt&Iit Ss£$ro6as$SS
55
New York
Liberty St.,
GEORGE W. MYER,
Payable
Interest
Canadian
In
New
York
Canada
Issues
Dealt
|
t
Offerings on Request
?
Correspondence Invited
J
In
TRUAX, HIGGINS CO.
Montreal, Can,
Lewis Bldg.
CANADIAN
INVESTMENT SECURITIES
McDonagh, Somers & Co,'
Dominion
Bank
Building
TORONTO, CANADA
i
{
Thornton Davidson & Co.
JR.
Members Montreal Stock Exchange
Certified Public Accountant
CANADIAN
Private Wires
31
NASSAU
ST.,
NEW YORK
New' York, Toronto, Quebec, &e.
BONDS
Audits, Investigations,
Estate Accounting,
420-1-2 & 426 Transportation Building
MONTREAL/CANADA
Income Tax Returns.
Telephone Rector 5441
CANADIAN BONDS
GEO;
Principal and Interest
EDWARDS
B.
Payable In New York
INVESTMENTS
72 Trinity Place
FOR SALE—Timber
other
Confidential
NEW YORK
Coal Iron
properties.
Negotiations
N. Y.
Ranch and
Investigations
Settlements and Purchases of Property.
United States.
West Indies.
Thornton Davidson & Co. Ltd.
Transportation Bldg,
Canada
81 St. Pater St.
63
Sparks St.
Montreal
8uebee
ttawa
/Emilius Jarvis & Co.
INVESTMENT BANKERS
EstablishedI1891
JARVIS BLDQ-
TORONTO, CAN,
[Vol. 110.
THE CHRONICLE
VI
iforetgn
New Zealand
Australia and
LIMITED
BANK
wales
new south
BARCLAYS BANK
LONDON JOINT CITY & MIDLAND
banPTof
LIMITED
frith which has bean amalgamated the Loads**
Provincial & South Western Bank, Ltd.
OSSTABLI8BBD 1817.)
HEAD OFFICE
E<M-uo Capital
MO,000.000
Pund
•Mm
Liability of Proprietor*... SO,000,000
......
AGENCIES
and
In
E.C.2
^
■'/ :^
OFFICESIIN ENGLAND AND
■>!>,
...
1,450
OVER
,
WALES
K.B.E..
RUSSELL FRENCH.
Qenerai Manager.
BRANCHES
pJbjf, .*
...
106,000,000
141
Thread need Iel St., London,
0,
aggregate Asset* 80th Sept. 191S..833548L247
fit JOHN
HEAD OFFICEi
16,000,000
•serve
the
£38,063,446
....
10,797,195
Paid-up Capital
Reserve Fund
..
10,797,195
........
Deposits.(Dec. 31st, 1919)
......371,742,389
II, THREADNEEDLE
STREET. E.G. 2
£!30RaE STREET
SYDNEY
1,400 branches In England and Wales
over
Agents in all banking towns throughout
OVERSEAS BRANCH
AUTHORIZED CAPITAL
£14,210,881
£7,000,08.
RESERVE FUND
£290,081,181
,
EVERY DESCRIPTION
TIE 6HIGN BANK OF AUSTRALIA Limited
OF BANKING
BUSINESS TRANSACTED
Incorporated 1680
1687
£20,000,088
CAPITAL
ISSUED
Broad Street, London, E.C.2
65 & 66, Old
Bstabllshed
world
DEPOSITS
London Office
Head Office
and
the
Subscribed Capital
Australian States, New Zealand,
Fiji, 'Papua
(New Guinea), and London.
The Bank transacts
VfHrw description of Australian Banking Business.
Meel and ether Produce Credits arranged.
54, Lombard St., London, E. C., Ens.
Foreign Banking Business of
6%$3tal—
Authorised and Issued
........17,800*000
fRid-up Capital it,600,0001
To-
Address
The Foreign
t
Undertaken
Description
Every
Manager,
168, Fenchurch
teaerve Liability of Proprietors.... 68,000,000
Fund—£2.670,000/gether £9,070,008
Street,
E. C«, England
London,
•serve
Total Capital and Reserres
Bank has 41
f; £
Rt. Hon. R. McKENNA—Chairman
610.070.000
Branches in VICTORIA, 89 in
**W BOUTH WALES. 19 in QUEENSLAND,
In SOUTH AUSTRALIA. 11 in WESTERN
AUSTRALIA. 8 in TASMANIA and 44 in NBW
Affiliated Banks:
LONDON COONTY WESTMINSTER
BELFAST BANKING COMPANY LTD.
AND PARR'S BANK LIMITED
U
68 ALAND.
Seal Office." 71 CORNH1LL. LONDON. E. C,
inpver 110 Offices in Ireland
Manager—W. J. Estams.
ESTABLISHED IN 1836
THE CLYDESDALEIBANK LTD.
AaalvUni Manager—W, A. Laing
Over 150 Offices in
Chairman: Walter Leaf,
Scotland
THE
Deputy-Chairmen:
Commercial Banking Company
of Sydney
International Banking Corporation
LIMITED
55 WALL STREET, NEW
KitabHthed 1884.
incorporate in ATstr 8outM
Capital
WaUi.
Paid-up Capital....
Reserve Fund
and
8,040,001
....
Reserve Liability of Proprietors....
Authorized
Paid-up Capital
8,503,718
Reserve
8,750,000
(31st Dec., 1919.)
810,006.000
Deposit
Current,
HEAD OFFICE: 41, LOTHBURY, E. C. 2.
Chin*
Joint General Managers:
Java
F. J. Barthorpe,
Panama
Philippine Islands
Santo Domingo
Head Office, Branches and Agencies ef the Banl
is Australia and elsewhere.
Bill* en AustralasU
London
San Francisco
Office.
New
Sydney,
Lombard
Lane,
South
Reserve
Wales
MADRID: Avenida del Conde de Penalver 21 & 23
AFFILIATED
robert brunner
London
fork
Burma,
78
de la
rue
BRUSSELS, Belgium
Cable Address:
1
ULSTER BANK LIMITED
and
Aden
EXECUTOR AND TRUSTEE DUTIES
UNDERTAKEN
Telegrspblo Address, Uoisoo; London.
Saniibar.
Capital Authorised & Subscribed f10,000,000
Subscribed Capital
68,000,COO
Paid-up
Capital
£1,800,000
Reserve Fund
...£1,060,000
ffee Bank conducts every description ef banking
_____
Capital Paid Up.................
8,000,000
Reserve Fund
8,000,000
15—£1
STERLING.
NOTICE
RATES
Clermont & Co.
Call 6
At
3
to
7
HEREBY
INTEREST
are
At
BANKERS
IS
OF
deposit
en
at
Par
GIVEN
allowed
that
for
the
Central
Company discounts approved bank and
ooeptanoes,' receives money on de*
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
"Clermont's
CHRISTOPHER
English Scottish and Australian Bank, Ltd
The
Bead Office: 88 Lombard St., London. E. C. 8
Subscribed Capital
£1.078.875
9
8
NUGENT. Manages.
National
Discount
Company, Limited
Paid-up Capital
639,437 10
I
Further Liability of Proprietors.
639.437 10
9
Reeerve Fund
660.000
•
6
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection
Banking and Exchange business of every 0*
ssriptlon transacted with Australia.
*
R.
85
CORNHILL
LONDON, E. C.
Cable Address—Natdis London.
Subscribed Capital
821,166,625
Paid-up Capital
4,233,825
Reserve Fund
M. JANION, Manse*
INTEREST^ alio wed for
BANKING CORPORATION
as
money
on
j
15,000,000
GRANT DRAFTS. ISSUE LETTERS OF CREDIT,
JBOOTIATE OR COLLECT BILLS PAYABLE IN
BIKA. JAPAN, PHILIPPINES. STRAITS 8HTEkMENTS. INDIA.
WADE GARD'NER, Agent, 34 W
1
ROME
Special Letters ef Credit Branch in Reme
(formerly BebastI 6c Reali), 20 Piassa dl Spagna.
Fereign Branches: FRANCE: Paris, 2 Rue Is
Fcletier angle Bonld. des. Italiens; BRAZIL; Baa
Paula and Santos; NEW YORK: Italian Disceunt
% Trust Oe., 399 Breadway.
Offices at Genes.
Milan. Naples, Palerme)
for In.
Trieste,
Venice,
Florence.
Belogna.
Oatania. Leg hern, and ever 100 Branches in ths
Cingdam.
Lenden Clearing Agents: Barclay's Bank. Ltd.}
168 Fenchurch Street, B.C.
annum at call.
Approved Bank & Mercantile Bills discounted
Money received on deposit at rates advertised
from time to time: and for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP
IVERT
KIND
OF
BANKING
BUSINESS
TRANSACTED.
RATES OF
6M% at 7 and 14 days notice.
Beeerve Liabilities of Proprietors
it
Central Management and Head Office:
Banco
6% per
Bestrve Fund/In Gold
836.000.000 j
Lira 810,000,000
Fund............... "
41,000,000
deposit and Currant Accounts
(May 81, 1918)
" 8,098,000,908
ftaeerve
Deposit are
follows:
Paid bp Capital (Hong Kong Curr en cy).__S16,000,000
816,000,0001
\ln Silver..821,000,000/
Itallana
STERLING.)
NOTICE Is hereby given that the
Hong Kong & Shanghai
Bancarla
and the
2,500,000
(85=£1
Sconto
Societa Itallana dl Credlto Provincials
Per Cent.
mercantile
America
Societa
Di
Incorporated ths
Capital Fully Paid Up
Notice, 614
Tho
GUATEMALA,
Italians
money
follows:
Cant.
Days'
Banca
with which are
and exchange business.
Cable Adre*>z;
has Correspondents throughout the World.
it) CORNHILL.
London. E. C.
and
represented by Branches or Agents in all
Principal Cities and Tovms of the United King¬
of London, Limited
Uganda.
at
The Bank is
the
dom and
tranehes in India, Bnrma. Ceylon, British East
Uganda
Rue Lafayette
All cheques on the Ulster Bank will be collected
for Customers of this Bank, free of Commission.
Sinkers to the Government In Britlse East
iftrfea.
6,
AFFILIATED IN IRELAND
Osylon, Straits Settle*
Blshopsgate,
37, Rue de la Republique
NANTES:
Rennurb.
6780.794
NATIONAL BANK OF INDIA Limited
Office.-*#,
Foreign
22 & 24, Cours de l'lntendance
29 Rue Cannebiere
MARSEILLES:
The Union Discount Co.
Head
Paris
&
22, Place Vendome
BORDEAUX:
Lol
Edlundh, 64 Wall Strest
Africa and
FRANCE
Westminster
PARIS:
LYONS:
end
R. A.
Agency,
County,
IN
Bank, Limited.
Banker and Broker
Subscribed. ._61.9it,see
£750,sss
Liability of Sharaholdera......
675S.4W
Bvanchss In India,
Gran Via 9
BILBOA:
Mats, Federated Malay States. China, and Mauritius.
Use
Paseo de Gracia 8 & 10
BARCELONA:
Established 1879
Street. B. C.
Reeerve Fund and Undivided Profits...
114 and 116, Rue Royale
BRUSSELS:
Bead Office
15 Gracochurch Street, London
Authorized
Capital Paid Up
41, Place de Meir
ANTWERP:
SPANISH BRANCHES:
The Mercantile Bank of India Ltd.
Capital
BELGIAN BRANCHES:
Lyons
Lenden Office:
Blrchln
W. H. Inskip
J. C. Robertson,
Foreign Branch Office: 82, Cornhill, E.C.3.
Japan
It,
ac¬
£304,547,726
Settlements
Straits
Drafts payable en demand, and Letters a!
Credit are issued by the Lenden Branch en the
Bead
other
and
counts
896.600
India
Remittances cabled.
£33,000,000
Capital
v
Branches in:
I.OOO.OSS
10,040.061
R. Hugh Tennant, Esq.
Sir Montagu Turner,
YORK CITY
Surplus........
Undivided Profits.—
Al.000.66i
•cgetiated er eellected.
-
Esq.
HAROLD
WADE, Manager.
Espanol del Rio de La Plata
HEAD
OFFICE, BUENOS AIRES
London Office. 7 Fenchurch St.. B. C. 8
Cspital & Riarrw ■ dp! 148,215,765—£12435,41
All classes of Argentine.
Spanish and
European banking business conducted.
vn
THE CHRONICLE
June 12 1920.]
Jfoteign
jforefgit
^foreign
NATIONAL
SPERLING & CO.
Basildon House, Moorgat* S5
Banqae Nationals de Credit
AGENTS FOB
FISCAL
frs.
300,000,000
—..frs,
63,000,000
Capital
Public Utility
Surplus
and
Head Office—Cairo.
Established under Egyptian
Law
June, 1898, with the exoluslve right to
Issue Notes payable at sight to bearer.
frs.2,100,000,000
Deposits
Capital, fully paid.
Office:
Head
£3,000,00®
Reserve
Hydro-Electric Companies
£1,663,278
6
270 Branches in France
INC
129 BROADWAY.
Fund...
LONDON AGENCY
PARIS
NBW YOBK AGBNTS
SPERLING & CO.,
EGYPT
of
London* E. C.
BANK
*
I
AND
KING
7
WILLIAM ST.,
LONDON, E. C., 4, ENGLAND.
4 Branches in the Rhenish Provinces
THE
COMMERCIALE ITALIANA
SANCA
GENERAL BANKING BUSINESS
Head Office MILAN
RATIONAL PROVINCIAL AND
UNION BANK OF ENGLAND
931.200.009
Paid-up Capital
..311.8i0.CC0
tmrif Foods
Llnllaii
AGENCY
NEW
IN
YORK,
BROADWAY
188
(99»A.)
PAID-UP CAPITAL
End
Agency and London Office ef lbs
Italian State Railways. IS Waterlee P1ae«.
Recent St.. S. W.
Swiss Bank Corporation
33I.888.B6i
Italy, at all the
prlnolpal potnta In the Kingdom
Head Office:
"Representatives in New York and Agents
with
London Office,
West
Offices in
numerous
llcRegent Street
England
Wales
and
43 Lothbury, E. C. 2
Branch
End
ROTTERDAMSCHE
Waterloo Place S. W. 1
Italy" of the Banque Francalee et Itallenne
-
15, IISHOPSGATE, LONDON, ENGLAND
Neuchatel
La Chaux-de-Fonds,
)■
937.814.808
-
Basle, Zurich, St. Gall, Geneva, Lausanne,
errespondents to the Italian Treasury.
H Branohef In
-
RESERVE FUND
Manager: B. Oansele.
■Vest
9192,<"70.098
SUBSCRIBED CAPITAL
-aatfoa Office. 1 OLD BROAD STREET. S. C
I'Ameriaua du Sud.
•ear
Coenos
Rio
Ayres.
&c.
Santos,
de
Janeiro,
Socleta
San
BANHVEREENIGING
Paolo,
Commercials
d'Orlente. Tripoli.
Capital paid
up,
.
$20,000,000
.
Amsterdam
Rotterdam
$6,200,000
Surplus,
The
STAKSARD BANK OF SOOTH AFRICA, Ltd Deposits,
$190,000,000
....
HEAD OFFICE. LONDON. E. C.
^
Authorised
Capital...
Sobscrlbed Capital
AND
CAPITAL
350,000,0p0
331,250,000
.....
Hague
F.105,000,000
RESERVE FUND
Paid-up Capital & Reserve Fund 318,812.500
Total
Resources
Over
859
3308,125.415
Branches
and
Agencies
throughout
teach Africa,
H. MACINTYRE.
W.
Wall
88
COLLECTIONS
St..
Agent
Union De Banques
Snisses
Formerly Bank in Winterthur est.
New York
1862
OF
EXCHANGE
PURCHASE AND SALE OF
Toggenburger Bank est. 1863
representing The Bank of New South
Vales with branches throughout-Australasia.
CREDIT
LETTERS
FOREIGN
Alee
and CO.'S
LEU
BANK,
St. Gall,
Arnold Gilissen & Co.
Lausanne
and many more branches
ZURICH, (Switzerland)
80-81
1755
Capital Paid up and)
Reserve Fund
/
NESS
Fra. 52,600,000
THE HAGUE
ROTTERDAM
Frs.75,000,000
CAPITAL PAID UP
EtCabtiihei
" 10,000,000
RESERVES
Bills of Exchange
Cable Address: Achilles-Amsterdam
Foreign Exchange, Documentary Credits.
TRANSACTED.
Damrak
AMSTERDAM
Every Description of Banking Business
EVERY DESCRIPTION of BANKING BUSI
SHARES
Winterthur, Basle, Geneve,
LIMITED
Founded
STOCKS AND
ZURICH
1871
Negotiated and Collected
BANKERS AND STOCKBROKERS
Drafts and Letters of Credit Issued.
Telegraphic Transfers Effected.
FOREIGN EXCHANGE
Booking and Travel Department.
The NATIONAL BANK
PETROLEUM BANKING & TRUST CO. S. A
Apartado
(P. O. Box)
No. 468. Tamplco
of SOUTH AFRICA, Ltd. BANK OF BRITISH WEST AFRICA, LTD
15=11
Over 408 Branches in Africa
Tamaulipas. Mexico
Utmbtrt
of the
American
Bankert' Association
Offers every banking facility.
Payments and
•ollections made and Drafts sold on all parts of
Mexico and the United States, London, Hong
Kong, Paris,
and
Capital
Paid-Up
Reserves
-
-
-
•
$20,000,000 00
Authorized Capital
<10.000.0,;
Subscribed Capital ..............
7,250.008
Capital (Paid Up)
2.900.009
Surplus and Undivided Profits.—
1.295.188
Branches throughout Egypt, Morocco,
Wat Africa and the Canary Islands.
Bead Office, 17 & 18
Barcelona and Madrid.
Manchester
Offers to American banks and bankers Its superior
faculties fer the extension of trade
merce
CREDIT
SUISSE
R.
-
Funds
frs.
30,000,000
E. SAUNDERS, Agent.
80
Royal Bank of Scotland
Incorporated by Royal Charter. 1737.
Rast and
Zurich, Switzerland
£2,008,099
_
£35,841,823
Deposits
-
Geneva, Glarls, Kreuzlingen, Lugano
Luoerne, Neuchatel, St. Gall.
years,
London Office
Man
•
•
ger:
Glasgow Office
*
Wright.
8 Bishopsgato, E.C. I
Wm. Wallace.
and
BUSINES,
Foreign Exchange
Documentary Business, Letters ofCredlt
Branches
at
THE COMMERCIAL BANK
Established
Head
OFSCOTLAND, Ud
1810
Office—EDINBURGH
£S,5O0.ee
Capital (Subscribed)
Paid up—
250,000 "A" shares of £20 each £5 paid.—£1,250.ee
500.000 "B" shares of £1 each fully pald-.f 500,00#
Throughout Scotland.
£1,750,00*
Reserve
£1,000,000
Every Description of British,
Foreign Banking Business
Colonial and
Transacted.
Correspondence Invited;
Deposits
£36,071,1*2
kLEX. ROBB, Gen. Mgr. MAGNUS IRVINE, See.
London Office—62 Lombard Street, E. O. 8,
Glasgow
BANKING
has
Charter.
for transaction
established fo»
throughout Iht
Exchange Square
Agent: A. Dennisto on.
170 Branches
GENERAL
Royal
Alexandria, Cairo. Sea., In Egypt.
Head Office: Basildon House.
Moorgate Street.
LONDON, B. C. 2.
Also
St. Andrew Square, Edinburgh
Cashier and General Manager: A. K.
Frauenfeld,
by
Undivided Profits...... £1,882,279
Head Office
Branohea at Basle, Berne,
Incorporated
Offers every banking facility
with Greece, where It has been
Country.
Paid-up Capital
HEAD OFFICE
Tori.
Bank, Limited
Ionian
10 Wall St.
-
Capital paid up..frs. 100,000,000
Reserve
B. B. APPLEBY, Agent, 8 Wall Street, New
between this country and Africa.
New York Agency
Established 1856
and com¬
Leadenftall St.. London. 9.0.
1*6-108 Portland Street
Office,
Liverpool Office, 25 Water Street
Office—113 Buchanan Street.
of Credit issued
Drafts, Circular Notes and Letters
British, Colonial matt Porelcs
Banking and Exchange business transacted.
Agents—American Exchange Nat. Bank
aad every description of
New York
[VOL, 110
THE CHRONICIE
rm
got!
gmtfctrt onto JBtofcewotttefoe
CHICAGO
LOUIS
ST.
CHICAGO
TILDEN & TILDEN
Iaoerpecated
Dodge & Ross,
A. G. Edwards & Sons
i
New York Stock Exchange
88 Wall St.
410 Olive St.
CHICAGO
Bonds and Preferred Stocks
NEW YORK
LOUIS
ST.
188 SO. LA SALLE STREET
Spebializing in
Louis Stock Exchange
St.
INVESTMENT BONDS
(INCORPORATED)
INVESTMENT BANKERS
Memben
SGOTT
of
Public
and
Service
Industrial
INVESTMENT SECURITIES
111
•
MUNICIPAL
A STITT
Corporations
W. Monroe St.
CHICAGO
I
CORPORATION
111 Weit Monroe
BONDS
Street.
CHICAGO
l If JAMES D.
INDUSTRIAL
PREFERRED STOCKS
Greenebaum Sons
Bank andTrust Company
MUNICIPAL
Southeast Corner La Salle and Madison Sts.
GENERAL
ISSUES
Drainage,
Levee
underwritten
and
and
Road
Districts
We specialize in utility and
%% CHICAGO FIRST
Suitable for Estates,
expert verification
of
underlyingasset£
m
—— —
$2,000,000
132 §oP Michigan Av.b Chic&go
MORTGAGE BONDS
Trustees and Individual!
Write for Bond Circular C 25.
industrial
Issues of the Middle West and South.
BONDS
based always upon
BANKING
Capital and Surplus.
distributed.
TIMBER
Oldest Banking House In Chicago.
CINCINNATI
A State Bank
$250,000.00
Capital, Surplus and Profits
AKRON, OHIO
A. O.
$8,500,000
Slaughter & Co,
5^%
SCHOOL
Members
BOND
V
DEPARTMENT
Radon,
St., St. Louis.
The Provident Savings
Bank A Trust Co.
Investment
111 West
New York Stock
Exchange
New York Cotton Exchange
Bond Department
CINCINNATI, OHIO.
Frenches Co.
Securities
IOBERTSA
Municipal & Corporation Bonds
Members
Monroe Street
HALL
[New York Stack Exchange
Member*]Chicago Beard ef Trade
CHICAGO
[Cincinnati Stock Exchange
Chicago Board of Trade
St. Louis Merchants Exchange
St. Louis Cotton Exchange
St. Louis
$279,300,708
5.896,008
Population 200,000.
CHICAGO, ILL.
Lorenzo E. Anderson & Company
1-8.
STATEMENT.
Net debt
110 WEST MONROE STREET
ST. LOUIS
310 N. 8th
FINANCIAL
Assessed valuation
Chicago Stock Exchange
Chicago Board of Trade
Mississippi Valley Trust Co.
BONDS
Due 1922 to 1936 to yield 8
New York Stock Exchange
INVESTMENT SECURITIES
StockjExchange
Herndon Smith
Powell, Garard & Co.
Charles W. Moore
CINCINNATI
OHI®
William II. Burg
INVESTMENT SECURITIES
SMITH, MOORE & CO.
INVESTMENT BONDS
J
OLIVE ST.,
^T.
South
39
La
Salle
York
Philadelphia
Members New
N.
York
Louis
Stock
Stock
Broadway
Members
St.
Louis
Bankers
Investment
fleUbiieheti
300
St.
CHAS. S. KIDDER & CO.
MARK C. STEINBERG & CO.
St.
ROAD
Chicago
New
100
5% BONDS
and
Interest
ST. LOUIS, MISSOURI
LOUIS SERVICE
Members
Greenwood County, S. C.
Street
Exchange
Exchange
2898
108 South La Salle St.
CHANNER &
CHICAGO
SAWYER
Union Trust Bids.,
CINCINNATI, OHIO
ST. LOUIS
Stock
CINCINNATI
INVESTMENT SECUR1T1E!
TAYLOR. EWART & GO.
Louis
Weil, Roth & Co.
NEW YORK
Exchange
Ohio Securities—-Municipal Bonds
New York Stocks
a ad
Bonds
INVESTMENT BANKERS
STIX & CO.
804
OLIVE ST.
Municipal, Railroad and Public
Utility Bonde
ST. LOUIS
IN
INVESTMENT SECURITIES
CHICAGO
Investment Securities
DEALERS
108 Seuth La Salle Street
IRWIN, BALLUANN A CO.
828HKKMSS Walnut St.
TGLEWG
Municipal and
TUCKER, ROB!SON & CO
CINCINNATL OHIO
Dam r\<C*
BON DS
Corporation
1DGAR
FRI EDLANDEB
DBALSB
David Refeiwa Jr. & Sens.
Baafcere—Ket&fcl!sk«4 1874.
SHAPKER, WALLER & CO
18
SOUTH LA SALLE STREET
Mnridpl, RaBnal al Cupta&a Bends
John Bnrnham & Co.
High Grade Investment Se*
eurlties,
MUNICIPAL BONDS
Convertible
Note
Issues, Bonds, Bank Shares,
Unlisted Securities.
GARDNER BUILDING
TOLEDO,
OHIO
41
South
La
Salle
CHICAGO
OBI8
IHtlNGFiaS.
TOLEBO. OEIJS
Graves, Blanchet & Thornburgh
CINCINNATI
CHICAGO
Voted, and Ohio Securitloa
iBfftBtr Building.
IN
Cincinnati Securities
ILL.
Matheny, Dixon, Cole & Co.
Ridgeir-Farmers Bank BUHu
SPRINGFIELD.
ILLINOIS.
Illinois Municipal Bonds
and
St.
First
Mortgage
Farm
Lotus.
June 12
tx
THE CHRONICLE
1920.]
fieto gorit
Banfcew anil Btobtt*
MICHIGAN
PITTSBURGH
MICHIGAN
EloolW, fetoan & ©trtnatbs Co.
LYON, SINGER A CO
Members Detroit Stock
INVESTMENT BANKERS
Commonwealth
Charles A. Parcel Is A Co.
PITTSBURGH
Bldg.,
Solicited In
Inquiries
Carried
Securities of
Markets.
All
Stocks
Conservative Margins.
on
INVESTMENT SECURITIES
Pittsburgh District
•10
Pennsylvania Municipal Bonds
Eberhardt & Co.
Geo. W.
Members of Detroit Stock Exchange
Exchange
A. J.
Hood
A
Company
(Established 20 Years)
PITTSBURGH
OUTER BUILDING.
DETROIT, MICH.
Congress Bldg.
PENOBSCOT BUILDING. DETROIT, M1CB.
Members Detroit Stook
MICHIGAN SECURITIES
Stocks, Bonds, Grain
Specializing
BOUGHT—SOLD—QUOTED
and Provisions
Members Pittsburgh Stock Exchange
Beard
DETROIT
PENOBSCOT BUILDING.
■embers New York Stock Exchange
Boston Stock Exchange
Pittsburgh Stock Exchange
Chicago Stock Exchange
York Cotton
1721-3 Dime Bank Bldg., Detroit
GORDON, FORTIER &CO.
WHITTLESEY, McLEAN & CO.
Investment Securities
Municipal Bonds Corporation Bonds
Chicago Board of Trade
New
Securities
Trade
af
A. E. MASTEN A CO.
113 Fourth Ave.,
Detroit
We invite your inquiries.
Specialise InlMIchlgan Stocks and Bonds
Members New York Stock Exchange
Members Chicago
Exchange
Richard Brand Company
Suits
Exchange
Pittsburgh, Pa.
lilt.
Dime
Bank
Preferred Stocks
Building
Active Members of Detroit Stock Exchange
Telephone Cadillac 5060
Branch Office:
■stlonal Bank of West Virginia Bulldlns
Wheeling. W. Va
MICHIGAN
DETROIT
DETROIT
9054-56-58 Penobscot Bldg.,
Motor Stocks
F. N. Boyle & Company,
and
W. A. HAMLIN A CO,
Ine.
Ail Michigan Securities
Successors to L. J. DAWES & CO., INC.
Members Detroit Stock Exchange
MATTERS FINANCIAL
Motor Stocks, PubllcUtilitlei & Oils
Burdick-Thomas
Union
Arcade
Pittsburgh,
Company
Members Detroit Stock Exchange
856-961 Penobscot Bldg.,
Ps.
1911 Penobscot
W. Carson Dick & Company WATUNG,
DETROIT. MICH
Bids.,
& COMPANY
LERCHEN
MICHIGAN
DETROIT
KAY & CO.
Inc.,
Michigan Municipal Bo «ds
INVESTMENT BONDS
INVESTMENT BANKERS
Lossl
Corporation
Bonds and Stocks
890-898 UNION ARCADB BUILDING
DETROIT, MICH.
P.nolMcot Bid,.
MemberI Detroit Stock Exchange
Members Detroit Stock Exchange
PITTSBURGH, PA.
GRAND RAPIDS
DETROIT
CITY
KANSAS
DANSARD-HULL-BUMPUS COMPANY
W. C. Sylvester
Inv. Co.
GEORGE M. WEST & COMPANY
Established 1893
INVESTMENT SECURITIES
Investment Bonds
4T Congress St.,
Kansas City Securities
West
INVESTMENT BANKERS
DETROIT
DETROIT, H1CO.
UNION TRUST BLDG.
'
Iff Baltlmors
Kansas City, He
STREET & COMPANY
FENTON, CORRIGAN & BOYLE
Detroit 8]ock Exchange.
A. V/. Wallace &
BANKERS
INVESTMENT
Local Securities
Grand Bsplds
Detroit
Ohlcage
Missouri
Company
Investment Bankers
fc'anldpal A Corporate Bonds
Kansas City
Members
Members Detroit Stock Exchange
Underwrite and distribute entire issues
of Industrial and Publlo
DETROIT, HICB.
Tm.bmt Bid..
Tel. Cherry 2800
Utility securities
surrALO
Loew's Buffalo Theatres
Preferred and Common
_
,
CO. Allen G. Thurman A Co.
&
Bankers and Brokers
MUNICIPAL BONDS
Specialists In
.
HIGBIE
KEANE,
Bought and Sold
Canadian and Western New York Securities
Listed
»»
and
Ground
Slocum, Eckardt & Company
410
Ellicott Square,
T.
JOHN
Buffalo, N. Y.
STEELE
BUFFALO, N. Y.
Government, Municipal
end
Michigan
Floor,
GRAND RAPIDS,
a CO.
C, M. DEAKIN
Members Detroit
MICH.
Saginaw
Flint
Bldg.
Trust
Muskegon
Stopk Exchange
Correspondents
CURTIS
&
F. C. ANGER & CO.
.
VAN EMBURGH & ATTERBURY, New
CLEMENT,
Bonds
Unlisted Stocks and
DETROIT
GRI3WOLD ST.
CO.,
York
Chicago
Investments
801-2 Dime Bank Building
Corporation Bonds
Detroit
SPECIALISTS IN
1868-54 Penobscot Building,
Btiffslo tnd Western New York Securities
DETROIT, MICH.
Detroit is the market for
DETROIT MOTOR STOCKS
IRVING
T. LESSER
STOCKS AND BONDS
Rao
•
BUFFALO. N. T.
•
Ford
Packard
JOEL STOCKARD & CO.
Members
471 EOIeett Square
Paige
Continental &
Detroit Stock Exchange
WEBB, LEE A CO.
Members/Detroit Stock Exchange
I Chicago Board o I Trade
Correspondents
THOMSON & McKINNON
DETROIT. MICH.
880 Penobscot Big*
NEWARK, N. J,
DETROIT, MICH.
Nation alJUnlon Bank Big.
JACKSON, MICH.
COLUMBUS
CONSERVATIVE
CLAUDE MEEKER
Investment
Securities
Ipeelellet la Cltiee Service li
•
laat
Bread St.,
71 Bread way,
^
COLUMBUS, O.
NEW
YORK CITY
INVESTMENT SECURITIES
List upon reeuest
F. M. CHADBOURNE &CO.
FIREMEN'S INSURANCE BUILDING,
NEWARK, N. J.
HARRIS, SMALL & LAWSOH
INVESTMENT SECURITIES
44 CONGRESS
ST., W
DETROIT
[VOL. 110.
THE CHRONICEL
x
JBanfetw anfe Jkoftew «Puts(bt iltto gorft
PACIFIC
Howard Throckmorton
DENVER
COAST
PACIFIC
COAiT
Pacific Coast Securities
CALIFORNIA SECURITIES
Boettcher,
BONDS
Government
&
•f MUNICIPALITIES AND
Porter
Company
Bonds Municipal
CORPORATIONS
Corporation
BANKERS
INVESTMENT
Sarins
San Francisco
substantial assets
and earning newer
Alaska Commercial Building
COLORADO
DENVER
Quotations
and
Information
Purnished
en
WILLIAM Ra STAATS CO.
LOS ANQELES
Pacific Coast Securities
Established
1858
SUTRO&
SAN FRANCISCO
PASADENA
Sugar Stocks
INVE8TMENTEBROKERS
San Francisco
Ban
Frandtoce CteeS
and
Bend
Specialty
GREGG, WHITEHEAD & CO|
Exchange
BROWN & CO.
Blankenhorn-Honter-Duliu
DENVER
Municipal and Corporation
yOHTLANP. ORE.
MUNICIPAL
BONDS
CORPORATION
S80 Sansome Street, Corner California
FRANCISCO,
Bankers
Investment
Company
DEALERS IN
SAN
a
Members
618 Montsomerr St.
F. M.
SECURITIES
WESTERN
CO.
DISTRICT
and
BONDS
CALIFORNIA
MORRIS BROTHERS, Inc.
THE PREMIER MUNICIPAL BOND HOUSE
CAPITAL ONE MILLION DOLLARS
Government
California Securities
LOS
ANOELES
SAN
FRANCISCO
PASADENA
SAN
DIEGO
Morris
Los
Company
Angeles,
California
Wa specialize in California
PORTLAND, OREGON
.
&
-
SEATTLE, WASH.
COMPANY
INVESTMENT BONDS
BONDS
CLEVELAND
Bonds
Quarter Century
Building
HALL
Municipal & Corporation
Municipal
over a
Building
No. s, Central
Aronson and
and
Established
fcSTABUSHfcQ I»I2
Loss!
The Gondii ng-Jones Company
DRAKE,RILEY & THOMAS
LEWIS
and
PaeifSe Coast
SUKLDINQ-
Securities
PORTLAND,
Van Nuya Building
OREQOL
LOS ANGELES
DULUTH, MINN.
STOCKS-BONDS-NOTES
BANGOR
BUILDING,
CLEVELAND
Private Wires Coast
Correspondents Logan
Coast
to
Bryan
an
MINNESOTA SECURITIES
Railroad, Municipal and
A. H. Woollacott & Co.
OTIS & COMPANY
Corporation Bonds
Stocks, Bonds, Grain, Cotton
Investment Bankers
828-863 I. W. Hellman Building
Members of New York, Cleveland, Chicago,
Detroit and Columbus Stock Exchanges,
LOS
W. M. Prindie
ANGELES
&
Company
Duluth, Minnesota
New York Cotton Exchange.
Chicago Board of Trade.
INDIANAPOLIS
CLEVELAND
Boston
Detroit
Columbus
Cincinnati
Toledo
Youngstown
Akron
Denver
TORRANCE, MARSHALL & CO.
Colorado Springs
Fletcher American Company
California Securities
INDIANAPOLIS
Ohio Securities
LOS ANGELES
BOUGHT
SOLD
CALIFORNIA
♦
Capital
QUOTED
WORTHINGTON, BELLOWS 4 CO.
MtmhertiNew
York
Stock
Guardian
Building
Stocks
A.
Exchange
I Cleveland Stock Exchange
-
LEWIS
&,
Write
CO.
Corporation
CLEVELAND
Bonds
E.
fiunlclpal. Public Utility, Railroad and
Acceptances
BONDS of the PACIFIC COAST
Sacurity Bldg.
Unincorporated
CLEVELAND
109 Euclid Ave.
BUFFALO
Niagara Life Bldg.
CLEVELAND SECURITIES
Akron
Rubber Stocks
Roland T# Meacham
R. H. MOULTON & COMPANY
CALIFORNIA
Company
or
offerings
Indiana
on any
Security.
Information FurnUUd
BREED, ELLIOT! & HARRISON
INDIANAPOLIS
elmainnatS
Detroit
Chicago
HIIwa&SrSB
LOS ANGELES
Investment Securities
American Natl Bank
San Francisco.
Municipal Bonds
Traction, Gas and Electric
Lighting Bonds and Stocks
Bids.,
MAX I. KOSHLAND
Pacific Coast Securities
The Union Trust
Member
San
Vrandsce
Stock
and
Band Exchange
Mills Building
BOND
Company
DEPARTMENT
INDIANAPOLIS
SAN FRANCISCO
Building, Cleveland
Hunter Glover &
Statistical
or
$1,500,000
Title Insurance Buildlns,
Member Cleveland Stock Exchange
Guardian
MUNICIPALS
for bids
Indianapolis
Los Angeles. CaL
SHORT TERM NOTES
RITTER COMMERCIAL TRUST
us
-
Indianapolis Bank Stocks
Local Public Utility Bonds
Indiana Municipal Bonds
CHAPMAN DE WOLFE CO.
Bought and Sold
SI1-85S Montgomery Street.
investment
Bonds
SAN
and
Short Term Notes
Stocks
FRANCISCO. CALIF.
Stocks
information
and
NEWTON TODD
nd Bonds
Quotations
on
all
Paclfls
Coast Securities.
CLEVELAND
Member b San Francisco Stock & Bond Exchange
Local Securities and
Indiana Corporation Bonds and Stocks
416 Lsmcke Bldg.,
INDIANAPOLIS
JUNE 12 1920.]
THE CHRONICLE
XI
Sta&tr* ant JBro&enf Outsat ileto ffctk
ALABAMA
PHILADELPHIA
PHILADELPHIA
^
MARX
& COMPANY
BONDS
BANKERS
BIRMINGHAM.
Southern
STOCKS
SHORT-TERM NOTES
Graham. Parsons & Co.
43S2CHESTNUT IT.
118 BROAD1VAT
PHILADELPHIA
-
HEW
YORK
-
Municipal
Parsly Bros. & Co.
and
Investment Securities
BANKERS-
Corporation Bonds
1421
CHESTNUT STREET
Deal In and Purchase
PHILADELPHIA
CHATTANOOGA
Iaeuea of
MEMBERS PHILADELPHIA
STOCK EXCHAN0B
MUNICIPAL BONDS.
BONDS, NOTES AND PREFERRED STOCKS
LEWIS BURKE & CO.
el
Established 1865.
LOCAL AND SOUTHERN
RAILROADS, UTILITIES AND
INDUSTRIAL CORPORATIONS
bioren^g^
SECURITIES
..of
Seewe BoBdlna
■<:
\
ESTABLISHED VALUB
BANKERS
CHATTANOOGA
410 Chestnut St.
Philadelphia
Cable Addreee "Grace." (Philadelphia
Government,
HOUSTON
Municipal, Railroad and
Public Utility Securities.
SHERWOOD & KING
timbers New York and Philadelphia
Specialists in Texas Securities
Stock Exchangee.
emwmet.
Humble Oil & Refining Co.
Higgins Oil & Fuel Co.
BANKERS
HOUSTON. TEXAS
JOSEPH W. GROSS
(Americas Bankers Asm.
Texas Bankers Assn.
Houston Cotton Exchange
321
Chestnut St.,
Hydro-Electrlo Securities
Philtdelphla
Established 1837
BACON
vwwwwwwvw/vw^w
1431
CONTINENTAL
TRUST
C0MPAN1
CHESTNUT
STREET
PHILADELPHIA
PA.
Members New York and
Southern Municipal Bonds
Stock
AND
Philadelphia
Exchanges
AUGUSTA
Guaranteed Stocks
MACON
WANTED
GEORGIA
City of Augusta, Ga., Bonds.
SPARTANBURG. S, G.
Members Philadelphia Stock Exchange
JOHN W. DICKEY
A. Me LAW & CO., Inc
Masonic
DEALERS IN
INVESTMENT BANKERS
Augusta, Ga.
Bldg.,
Land Title Building
.
PHILADELPHIA
Stocks and Bonds
loa&bsra
Textiles
a
New York
Specialty
WM. E. BUSH & CO.
VA.
$200,000
Augusta, Ga.
spartanburg. 5. c.
NORFOLK.
Telephone Canal 4845
Lycoming County, Pa., Tax]Free|58
SOUTHERN
$100,000 due May 15.1930
100,000 duo May 15,1940
SECURITIES
to return
COTTON MILL STOCKS
MOTTU & CO.
421
Krtabliahed
4.80%
M. M. FREEMAN & CO.
Philadelphia
Chestnut Street
1893
Telephone, Lombard 710
MILWAUKEE
new
ecaroix, va.
tore;
80 Broadway
edgar. richer & co.
INVESTMENTS
Cast Water and Mason Streets
MILWAU
f
LOUISVILLB
JOHNSTON & COMPANY
3e. WIS.
Specializing)
^"SCONS,NCORPORAT,ON,SSUES
INVESTMENT SECURITIES
LOUISVILLE, KY.
Psul Jones Bldg.
RINNKArOUl
Second Ward Securities Co.
Seeond Ward Savings Bank Bldg.
John W. & D. S. Green
MILWAUKEE
Stmens-&-@oi
ESTABLISHED
lit South Fifth St.,
108
Louisville, Ky.
Dealers In all high-grade securities.
Continuously in Brokerage business
since 1888.
Both telephones 55.
tQIO
S. La Salle St.
CHICAGO
i
Specialists in
CORPORATION BONDS
f
iHm/fxrl? id or
AT~DA DPD'J
L^AINNEAROUS
steAvC"
Wisconsin Municipals
and
Henning Chambers & Co.
High Grade Investments
justus f. lowe company
MeKnight Building
INVESTMENTS
MINNEAPOLIS
Members New York Stock Exchange
404 West Main Street,,
morris f.lpx&co.
BONTGOMERY
B. W.
SOUTHERN
Investment Securities
V
j MiLWAUKEtWli
Strassburger
INVESTMENT
Menigamery, Ala
Specialising In
MINNESOTA CORPORATION ISSUES
LOUISVILLE, KY.
SECURITIES
Underwriters and Specialists in
Wisconsin
WB WILL BUY
Minnesota ft Ontario Pov. Ist8e
Powell
River Company let Se
River Lumber Co. let la
Minneapolis St. Ry. Extended?
Red
Issues
Write our Trading Department,
fELLS-DICKEY COMPANY,
MiooeipEs
THE CHRONICLE
xn
[vOL. 110.
financial
jjNnantfal
We Own and Offer:
Subject to Prior Sale;
$100,000
Board of Education
of'CIovis, New Mexico
Participating
SH% SCHOOL BUILDING BONDS
Dited January 1, 1920
Opt.
January 1, 1940
Due
January 1, 1950
Amum<1 valuation,
Total bonded debt.
i
Population
lilt
Leonard Morton
81,700,000
IllIoOO
(estimated)
& Co.
8,500
Price: 103.70 and interest yielding 5.20%
Full Circular on Requeet.
(With Common Stock Shares)
A successful
Chanute & Company
Bosworth,
Stock
Preferred
order
Investment Bonds
tomers
DENVER
year
Chicago retail mail
with
house
and
net
700,000
April
ended
cus¬
profits for the
before
30,
Federal taxes, of nearly $700,000.
H. Mountague
Vickers
Ask for
circular CC-50
BONDS
Founded
T.I. Hu. IIT0
1797.
i* Wall St.
H.M.Byllesby & Co.
Incorporated
GUARANTEED STOCKS
111
Investments
Broadway
^Providence
lOWtybossef St
Lincoln Trust Rights
30 State
Afreet:
Mortgage Bond Co.
Irving National Bank Rights
30 Pine Street
Glover & macgregor
New York
FRANK J,
845 Fourth Ave.,
DILLON
M.
71 Broadway
NEW YORK, N. Y.
Tel. 6460 Bowling Green
Central New York Securities
Consolidated
Water
Consolidated
PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
West Penn
•
Chicadc
JO
le
206 S.LaSalk St
NewYork
Seasoned
System Securities
Gulf Oil Corporation 6s
Am. Fruit Growers 7s
We Specialize in
PEERLESS TRUCK & MOTOR
Water Id 5a
let
9e
6s, 1925
Utloa
Electric Light & Power 1st Is
Utlca Steam & Mohawk Val. Cot. Cosa«
Watartown Lt.
ft Power Co. 1st is
Liberty Bonds
WARE & TRANTER
Utlca Gas & Electric Ref. 9s
61 Broadway,
N. Y.
v
Bonds of German Cities
Members New York Stock Exchange
Tel. Bowl. Green 10090
Argentine Government 5s
French Govt. 4s & 5s
Italian Government 5s
Isbawk ¥ alley Investment Corp.
BUCYRUS CO.
Japanese Govt. 4s & 4^s
INVESTMENT BANKERS
121 Genesee
Street
$100 and 5500 Bonds (all kinds)
Common & Preferred
Utlca, New York
Registered Bonds
Railroad Bonds
KIELY & HORTON
W. W. Lanahao & Co.
M Wall St.. N. Y.
Phone John 6330
Hartshorne & Battelle
25 Broad St.
Investment Securities
New Jersey Municipal
Descriptive List
Members
on
Bonds
Royal Typewriter Stocks
R^queet
[New y»ri; SfceefcTHxehange.
IBaltixnere Stack Exchange.
J.S. RIPPEL& COMPANY
Oftivert
Building,
Baltimore
19 CLINTON STREET
Telephone 8t. Paul 6778
We
Securities
ALFRED F. INGOLD&CO,
Specialise in
located
and
West
Bought—Sold—Quoted
NEWARK. R. d.
74 Broadway. N. Y.
COAL AND CO CE
Satire /st«6s of SecuritU* Negotiates
Lsseastsr Williams & Co., lie.
F.N.
Pennsylvania
Virginia.
Boyle & Company, Ire.
successors
to
L.
J.
Dawes
k
Company,
& MAG RAW
MUNICIPAL AND
Union
Arcade
BONDS
Pittsburgh, Pa.
...
Commercial
Paper
Laval Seeortttee af the Twin Ciller
Equitable Building;
■ALTIS8GRB
OOBPOBATIOB
Inc.
MATTERS FINANCIAL
INVESTMENT SECURITIES
Rector 8991
in
F.
I
Tel. Broad 7749
SHELL RIGHTS
MARYLAND
ST. PAUL, MINN.
Globe Building
Bought—Sold—Quoted
PROCTER & GAMBLE CO. lostpk WLnViizx
Membere New York Slock
INDIAN REFINING CO.
Westheimer & Company
■embers of ths
Now
York
Stock
Exchange
dnclanatl
Stock
Exchange
Chicago
Baltimore
Board
Stack
of
Trade
Bxchance
CINCINNATI, OHIO
BALTIMORE, MD.
II
Mous
Exchange.
Broadway
New York
WE WISH TO BUY HIGH-
GRADE
PENNSYLVANIA
A. G. Becker & Co.
COMMERCIAL PAPER
INVESTMENT SECURITIES
TAX-FREE SECURITIES.
Boenning, Garrison & Co.
187 South La Salle Street
CHICAGO
MemberslPhiladelphia Stock Exchange,
Stock
Exchange Building,
PHILADELPHIA.
Direct Private Telephone to BerdelllBros.. N. Y.
NEW YORK
SAN
ST.
FRANCISCO
LOUIS
June 12 1920.]
the chronicle
xin
Carrent ISonS Snqnlrftt.
Amer.
Water Wks.
&
Elec.
Grand Trunk Pacific 3s, 1962
Northern New York Power
6s, 1932
United Light & Railway
5s, 1934
Cleveland Metal Prod. 7s, 1930
Consumers Power 5s, 1936
5s, 1932
Continental Motors Serial 7s
Danv. Champ. & Decatur Ry. 5s, 1938
Duquesne Light 6s, 1949
Island Oil & Trans. 7s, 1920
Jones & Laughlin Steel 5s, 1939
Kentucky Utility 6s, 1924
Kingdom of Belgium 7)^8, 1934
Woodward Iron 5s,
Am. Brake
Sh.&Fdy. (newstocks)
American Light & Traction
Burroughs Add. Mach. Stock
Bucyrus Co., Com. & Preferred
Detroit Edison Co. Stock
Nevada-Calif. Elec. 6s, 1946
Northwest. Elev. RR. 5s, 1941
O'Gara Coal 5s, 1955
Twin States Gas & Electric 7s, 1921
Waterloo Cedar Falls & Nor. 5s, 1940
Goodyear T. & R. Com. & Pfd.
Hydraulic Steel, Com. & Pfd.
Peerless Truck & Motor
Packard Common & Preferred
Reo Motors
Merrill, Lynch & Co.
120
Pacific Gas & Electric Issues
Panhandle 5s, 1970, when issued
1952
Broadway, New York
Telephone 6070 Rector
Traders Telephone 7683 Rector
Private wires to Chicago, Detroit, Cleveland,
Youngstown, Grand Rapids and Lansing.
Wickwire Spencer Steel 7s, 1934
Woodward Iron 5s, 1952
Instantaneous
communication
between
our
offices is made
possible through their intercon¬
nection
by
private
wires.
New Jersey Zinc Rights
American Woolen Rights
General Motors Rights
Stern Bros. Pfd.
Imperial Tobacco
Pacific Devel. Corp. Rights
Morton Lacheribrach. & Co.
4f2 HrfocuL Slrccfc»
CHICAGO
"New"\br*l^
DETROIT PHILADELPHIA
PITTSBURGH
Babcock & Wilcox
Arkansas Natural Gas Rights
MacAndrews & Forbes Rights
American Tobacco Scrip
R. J. Reynolds (all
Continental Oil Rights
Niagara Fire Insurance Rights
issues)
Amer. Tob. "B" (when issued)
Corn
Exchange Bank Rights
Irving National Bank Rights
Bristol^ Bauer
C. C. Kerr & Co.
2 Rector St., N. Y.
RALPH BRISTOL,
Phone 6780 Rector
PAU LL F- BAUER.
120 Bfod&vJdtr lit Phone-. Rector 4594
STANDARD
Vwkli Summery
0
Will be mailed
te
•a
Standard
1
Oil
Issuer
CARL H.
Investors on
L
request
PFORZHEIMER A CO.
Armour & Co. 6s, 1920-24
Mark A. Noble
Theodore C. Corvrla
NOBLE &CORWIN
IB Brood St.
Now York
Chicago Rwys. 1st 5s, 1927
Peoples Gas 5s, 1947
BABCOCK, RUSHTON & CO.
Membera
Bankers
New
York. Chicago
Stock Exchange*
Trust
Dealers In Standard Oil Securities
Jfesnes 4809-1-2-3-4 Breed.
26 Breed St.. N. T.
HOME INS. BLDG..
CHICAGO
Chase National Bank
and
Boston
7 WALL STREET
NEW YOBK
Citizen National Bank
Air Reduction
American Chicle
Atlantic Lobos Petroleum
Carbon Steel
Central Aguirre Sugar
Quantanamo
Gulf
AMERICAN
Equitable Trust
National
DUNHAM & CO.
Investment Securities
At Exchange Piece
Circular
Otis Elevator Pref.
'Phone 8309 Hanover
Eastman
Kodak
Common
C-77
on
request
TOBEY & KlftK
Curtiss Aero Com. & Pref.
Members New
Tolephone 1111 Broad
Railroad
Bond
Public
Dept.
Mobile & Ohio 1st 6s, 1927
Pere Marq. Lake Erie & Det.
St.
Wabash & Mich.
43^s
4s
Louis
Bridge 7s, 1920
4^8
Memphis Union Station 5s
W. Virginia & Pittsburgh 4s
N. Y.
Canadian,
Cuban,
Penna. & Ohio
Atlantic & Yadkin 4s
Virginia Midland 5s, 1926 & 1936
Allegheny & Western 4s
Paducah & Illinois 4)/£s
Mexican
and other
Nashville Terminal 5s
International
East Tenn. Va. & Ga. 5s,
Industrial Bond
Securities
'30 & '56
Dept.
International Silver 6s, 1933-1948
Int. Tel. Sales & Eng. 6s, '21-'25
Meter 6s,
American
1946
Pond Creek Coal 6s, 1923
Elk Horn Piney Coal Min. 6s, '30
Standard Steel Works 5s, 1928
Kuczynski & Co.
Broadway
New York
Telephone Rector 6834
Consolidation Coal 4^s, 5s, 6s
Bank Stock
National
Bank
Rights
NEW TOSS
Utility Dept.
United Light & Ry. 5s, 6s, 7s
Great Western Power 5s, 1946
Standard Gas & Elec. 6s, 1935
Colorado Power 5s, 1963
Newp.N.&Hamp.Ry.G.&EI.Ss,^
American Power &
Southwestern Pow. & Lt. 5s,\'43
Carolina Power & Light 5s, 1938
Northern
States
Important Foreign Capitals
Power 5s
& 6s
Norfolk & Portsm. Trac. 5s, 1936
American Gas 6s, 2016
Detroit Edison 5s, 6s,
Industrial
Stock
7s
Dept.
F. H.
Symington, com. &|pfd. 1
American Mfg. Co. com. & pfd.
Fairbanks Company, pfd.
Jfc
Lehigh Valley Coal Sales S|j
Kanawha & Hocking Coal j
Splitdorf Elec. com. & pfd.
Willys Corp. 8% pfd.
Atlantic
Oil
Dept.
Refining
Exchange Bank Rights
S.
O.
Irving National Bank Rights
S.
O. of Indiana
Niagara Insurance Rights
S.
O.
Corn
CORRESPONDENTS
Light 6s, 2016
Laurentide Power 5s, 1946
ggg
Yadkin River Power 5s, 1941
Standard
Dept.
Park
York Block Exchange
li Brood Street
Lake Erie & Western 1st & 2d 5s
Cinn.
All
BOTTLE
Sugar
Oil
Corporation
Lone Star Gas
Penna. Coal & Coke
Savannah Sugar
Stern Bros. Preferred
Texas Pacific Coal & Oil
120
THERMOS
Bought—Sold—Quoted
Surety
of
of
California
Kentucky
National City Bank
CARRUTHERS, PELL
PRIVATE WIRES
Montreal
Toronto
Bonds,
Bank
Stocks,
15 Broad Street, New
Miscellaneous Securities,
York
&
CO.
Standard Oil Stocks
Phones 5161 to 5109 Hanover
Philadelphia Phone, Locust 572, Bait. Phone, St. Paul 9389
igirnrHfrTiniT~'^^
[VOL. 110.
THE CHRONICLE
XIV
implicit*
Current
F.
WANTED
J. LISMAN & CO.
Graniteville Mfg.' Com.
Bijou Irrigation District 6s
Ft. Wayne & Wabash Valley 5s
M*mb«ra Ntv York Stock Exchange
61
BROADWAY, NEW YORK
Clinton Water-Works Co. 5s
Birmingham Ry. 1st 5s, 1934 Falls Co. Stock
Chicago, Terre Haute & So. Eastern Ref. 5s Emmett Irrigation District 5s
Atlantic &
Des Moines & Fort
Dodge Railroad 4s, 1935
Shetucket Mills Stock
Joplin Water Works 5s, 1940
Galveston, Houston & Henderson RR. 1st 5s Lewiston Brunswick & Bath 6s
Great Northern Railway of Canada 1st 4s
WEjDEAL IN
Mason
Racine Water Co. 5s
Great Falls
City & Fort Dodge Railroad 1st 4s
Peoria Terminal &
City Water Co., Chattanooga, 6s
Railway 1st 4s, due 1937
Philippine Railway Company 1st 4s, due 1937
Rio Grande Junction
Union Terminal Company
H. C. SPILLER & CO.
Ry. Co. 1st 5s, due 1939
St. Paul Union Depot Company
INCORPORATED
5J^% Notes, 1923
IT Water St., earner
Devonshire St., BOSTON
83 Wall Street, NEW
of Dallas 5s, due 1942
Wisconsin Central RR. Refunding 4s, due 1959
Liberty Bonds"
Circular
Investment
WOOD, STRUTHERS & GO.
5
Securities
YORK
Opportunities in
SECURITIES
AND ALL RAILROAD AND STEAMSHIP
Mfg. Stock
Wichita Water Co. 5s
Minneapolis & St. Louis Ref. & Ext. 5s, 1962
NEW
SUTRO BROS. & CO
NEW YORK
Telephone: Rector 7360
of New York Stock Exchange
120 BROADWAY,
Street
ft&ssaii
request.
on
Member*
YORE
Kingdom of Belgium
7s, 1945
and
Underlying
Davies, Thomas & Co.
Railroad
Member* N. Y. Stock Exchange
all other Bonds and Notes traded in on
Nsu>
York Curb.
CONNELL
&
NICHOLS
New York
111 Broadway
New York
Bg Nassau St.,
Telephone: Rector 5467 and 622
Bonds
T*l*phoa* Rector 1821
Argentine Govt. 5s, 1945
(Listed & Unlisted)
Braden Copper 6s, 1931
Marine 6s, 1941
N. Y. Telephone 4^s, 1939
Chinese Railway 5s, 1951
Empire Gas & Fuel 6s, 1926
International Paper 5s, 1947
Pocahontas Cons. Coll. 5s, 1957
Holly Sugar Preferred
Goodyear Tire & Rubber Pfd.
VILAS &, HICKEY
49 Wall
Street
New
BOND
ORDERS
EXECUTED
ACTIVE
IN
BOND
DEALERS
McKinley & Morris
Tel.
N. Y.
John ITS
Combus. Engin.
York
BROKERS
ON
RAILROAD
ISSUES
Stock & Bonds
Coeur D'Alene & Pend
Or.5s, '60
Del. Lack. & Western Coal
AND
J. S.
FOR
COMMISSION
Marion
Light & Htg. Co.
Penn
Mary Coal Co. 1st
Empire Gas & Fuel Co.
Cincinnati Gas Transport.
Boyd Co. Pref.
Penna. Elec. Pfd. & Com.
Telephone Hanover 8317
Pub. Serv. Corp.
8s,
Ss,
8s,
5s,
1932
1939
1928
1933
SAMUEL K.PHILLIPS&CO.
of L. I. 5s, 1943
Thos. Cusack Co. Pfd. & Com.
United Publishers Pref. "A"
Taylor & White
43
Exchange Pl.r N. Y.
TeL Hanover 427-8-9
PHILADELPHIA
SOT Chestnut St.
44 WALL ST.,
Ashland Lt., P. & St. Ry. 5s, 1939
Bronx Gas & Electric 5s, 1960
Ala. Great Southern 5s, 1927-43
Consumers Power
Amer. Pneumatic Service 1st
5s, 1936
Duquesne Light 6s, 1949
Southern California Edison 6s, 1944
Cincinn.
Wickwire Spencer 7s,
Wanted
Central Vermont 4s, 1920
Gilbert J.
WEST SHORE
BROADWAY
Macon
Member* New York State Bankers' Association.
BAUER, STARR & CO.
Terminal 5s, 1965
K. T.
Ref. 4s, 2004
Oregon-Wash. RR. & Nav. 4s, 1961
Philadelphia Co. Conv. 5s, 1922
Toledo Terminal 4}^s, 1957
Under. El. Sys. of London 43^8 & 6s
United Rys. Invest. (Pitts.) 5s, *26
27
7416
Tel. Rector 1 & 2
Private wive
33erdelt tBr other#
WANTED
Southern California Edison 6s,
Publiclltilito Securities
III SSroaattmn
1944
Union Electric Light & Power 7s, 1923
We Offer for a Bid
WILL SELL
Appalachian Power Co. 5s, 1941
Telephone Co. (Canada) 5s, 1925
Binghamton L., H. & P. Co. 5s, '46
6s, 1933-1940
Carolina Pow. & Lt. Co. 5s, 1938
Empire District Electric 6s, 1949
Madison River Power Co.
N. Y.
PHILADELPHIA
Cleveland Electric Ilium. 5s, 1939
Island Oil & Transportation 7s, 1920
Detroit Edison Co.
William St.
LAND TITLE BLDQ.,
11B BROADWAY
N. Y. CITY.
Sector
Bell
M.
ABRAHAM & CO.
Ifmkrt American Banker*' Association.
WE
Vifabash & Mich. 4s, 1991
Gr. Trunk Western 4s, 1950
Postley
Duquesne Ltg. 6s, 1949
Empire Gas & Fuel 6s, 1924-1926
Lehigh Power Sec. 6s, 1927
Shaffer Oil & Ref. 6s, 1927
J. S. FARLEE & CO.
M
1935
T Wall Street
NEW YORK
Telephone Rector 9697
Reg. 4s, 1961
Pfd.
Canadian Pacific 6s, 1924
>
Consumers Power Co.
6s,*1935
5s, 1936
Empire District Elec. Co. 5s, 1949
EARLE A.
MILLER
& CO
Great Western Power Co. 5s, 1946
SPECIALISTS IN PUBLIC UTILITY SECURITIES
DIRECT
PRIVATE
TELEPHONE RECTOR 8060-1-2-3
WIRE CONNECTION
WITH
Oklahoma Gas & Elec. Co. 5s, 1929
CHICAGO
111 BROADWAY
Private PVtau ta rtuiadaiplla
*
*
Ac D*it*a
JUNE 12 1920.]
THE CHRONICLE
Current $Umt>
xv
3nquit(e«
Empire Lumber 6s
"Big Four"-St.
1990
Bklyn. Union Elev. RR. 5s, 1950
Guanajuato Power & Electric 6s
"Big Four"-Springf. & Col. 4s, 1940
Bway. & 7th Ave. RR^ 5s, 1943
Guanajuato Pow. & El. Com. & Pref.
Michoacan Power 6s
Central Mexico Light & Power 6s
Guanajuato Reduction & Mines 6s
Columbus
Ry., Power & Light 6s
Indianapolis Water Co. 43^s & 5s
Div.
Louis
4s,
Clev. Akron & Colum. Cons. 4s, 1940
Edison Elec. Ilium. Co. Bkln. 4s, 1939
Gila Val. Globe & North. 1st 5s, 1924
Kings Co. El. Lt. & Pow. P. M. 6s, '97
Harlem River & Portches. RR. 4s, '54
Lex. Ave. & Pavonia Ferry 5s, 1993
L.
Mallory Steamship Co. 1st 5s, 1932
I. City & Flushing 1st 5s,
1937
Long Island RR. Co. Cons. 5s-4s,1931
Canadian Connecticut Cot. Co. Com
New Eng.
Atares Wharf & Warehouse Com.
Peoria & Eastern Ry.
Savannah Riv. Lum. Co. Pref. &Com.
St. Paul Minn. & Man. Cons.
RR. Co. Cons. 5s-4s, 1945
Cons. 4s, 1940
43^8, '33
New Amsterdam Gas Co. Con. 5s, '48
N. Y. &
N.Y.&
Queens El. Lt. & Pow. 5s, '30
Westch.Ltg.Co.Gen.4s, 2004
Northern Union Gas Co. 1st 5s, 1927
Standard Woven Fabric Co. Com.
Georgia Light, Power & Rys. Pref.
Dayton Covington & Piqua Trac. 6s
Cumberland Co. Pow. & Light Pref.
HOTCHK1N
Wm.
Carnegie Ewen
2 Wall Street, New York
Tel. Rhetor 3273-4 and 3294
CO.
&
Clinchfield Coal
St.,
U. K. of G. B. & I.
5V2s, 1921
Davis Coal & Coke
Boston, Mass.
U. K. of G. B. & I.
5V2s, 1922
Del., Lackawanna & West. Coal
U. K. of G. B. & I.
51/28, 1929
Indiana & Illinois Coal
U. K. of G. B. & I,
51/28, 1937
Kana. & Hock. Coal & Coke Co.
53 State
Telephone
Main
460
Lt. & Trac.
Amer.
Corp.
Central Petroleum
Lehigh Valley Coal Sales
Pacific Gas & Electric
Pennsylvania Coal & Coke
BULL & ELDREDGE
Western Power
Members of the New York
Tel. Rector 8460
BROAD ST.. N. Y.
20
West Virginia Coal &
Wm. C. ORTON & CO.
Specialists in Short Term Securities
.VlaoQuold
&
it Wall
Tel. Reotor 9970.
St., N. Y.
Standard Tank Car Preferred
Central Argentine Ry. 1st 6s, 1927
Atlantic & Danville 1st 4s, 1948
Beueh
of 1927
Rollins, Kalbfleisch & Go.
N.
Members
Stock
Y.
Exchange
Teleph one Rector 2687-8-9
CONSTABLE & FLEMING
.
W/M. CONSTABLE
K. L. "FLEMING tJR^
_
71
OFFERINGS
Broadway N Y"
Bowling Green 6460
Telephone Co.
of
Canada
and
58
7s,
St. Louis-San Fr. P.
(Established 1874.)
BALTIMORE, MD.
ST.
Public
and
We buy and
REFINING
Stock &
Utility Bonds
sell for our o wn account.
Henry Nightingale
Scrip
Phone Broad 7US-6
Columbus Street Railway 5s, 1932
Evansville Gas & Elec. Lt. 5s, 1932
J. S. Bache & Co\
BONDS
Norfolk & Southern
Members New York Stock Exchange
New York
CO,
Tel., 6400 Broad
Cincinnati
Albany
Exehaaft
Illinois Central Traction
Kansas
Boston
E. D. MURPHY
St. Louis
Syracuse
Philadelphia
Chicago
TO ST. LOUIS
Rochester
City
New Orleans
Buffalo
Troy
National 7% Equipments
Louis Ref. & Ext. 5s
Aetna Explosives 6s
Portland Ry., Lt. &
Canadian
Memphis Union Station 5s, 1959
Norfolk & South. 1st Gen. 5s, 1954
New Orleans Grt. Nort. 5s, 1955
Manitoba Southwest Colonization 5s
Milwaukee Elec. Ry.
Current River 5s
Detroit
New Haven
Gulf & Ship
Erie-Penna.
Island 1st 5s, 1952
Det.
&
St.
Grand
Hav.
&
Milw.
Cons
& Northwest 5s, 1921,
Chic. T. H. & Southeast Inc. 5s '60
Chic.
L. E. & Det. R. 43/28, '32
Toronto Hamilton & Buff. 4s, 1946
Chateaugay Iron & Ore 4s, 1942
Fonda Johns. & Glov. 4^8,1952
Jamestown
WOLFF & STANLEY
Tslepene Beaker 2626
72
Trinity Plac., N. Y.
& T.
Issues
Mobile & Ohio Issues
SAM'L
Phone 5386-1-2-3 Broad
Granby Mining 8s
Edison
& Light 5s
7s
Rapid Transit 5s
& Light 5s
Chicago Railway 1st 5s
Cuban Government 4j^s & 5s
Dominican Republic 5s
Philippine Railway 4s
Twin City
'29, '33
Long Island City & Flushing 5s
L. & N.-St. Louis 6s
Franklin & Clear. 4s
K.
"B"
Pow. 5s, 1942
Manila Elec. Ry.
Seaboard Air Line 6s
M.
6s
33^8 & 4s
Coll. 4s
Pere Marq.
61 WALL ST.
Telephone 7358 Hanover
Chicago & East. Illinois 5s, 1937
Chicago & East. Illinois 6s, 1934
Meridian Terminal 4s, 1955
Minn.
5s, 1933
Pittsburgh
Cleveland
Baltimore
BROADWAY, N. Y.
RR. 5s, 1954
Equitable Gaslight Memphis 5s, 1929
BRANCHES and CORRESPONDENTS
Telephone 4390 Bowling Green
WIRE
I. HARMANiS FISHER & SINS
PROCTER & GAMBLE
LIBERTY REGISTERED
PRIVATE
Consolidation Coal Co. Securities
42 Broadway
INVESTMENT SECURITIES
34 Pin* Street
Now York City
6691*6 John
NEWBORG &
Tol. Brood 7«7«
Canadian and Foreign Government
Investments
1947
Joseph Gilman
€0
SO Brood St. N.. Y.
Railroad
INDIAN
Seligmanu
Members New York Stock Bxchange
L. 6s, 1928
Milw. Sparta & N. W. 1st 4s,
Atlantic Coast Line 7s, 1930
1925
Now York Stock
&
Bond*
Checks
Members Baltimore Stock Exchange.
Com. & Pfd.
If* xa bora
Currency
SOUTH
WANTED
New Haven Debenture 4s, 1922
Bell
EXCHANGE
and Sold on Order
Elk Horn Coal Corp. Securities
Wash. Bait. & Annapolis Securities
Specialists in Railroad Terminal Bonds
Tel. Rector 5109
Broo*
Consolidated Gas, Electric Light A
Power of Baltimore Securities
BROADWAY
66
Finlay & Davenport
Trinity PI.
Tol. 7166-1-1
Shuman
Bush Terminal Pref. Stock
72
York
FOREIGN
1932
Houston Belt & Term. Ry. 1st 5s, 1937
N. Y. State Ry. 1st 4^s, 1937 -
Brood St., Now
Mergenthaler Linotype
Southern Pac. Equip. 7s
Burlington Ry. & Light 5s,
Solvay Process 1st 5s, 1938
Mallory SS. 1st 5s, 1932
Securities
Specialist Reorganisation
26
Coady
Members New York Mode Sxchano«
Coke Co.
Stock Exchange
American Cities
Valvoline Oil
Pfd.
8% Pfd.
National Bank of Cuba
GOLDSGBUVfIDT
25 Broad Street
(VOL. 110.
THE CHRONICLE
XVI
Rican
Porto
5s,
Ry.
Jffnandal
jfimxuM
jrinanclal
1936
Montreal Lt., Ht. & P. 43^8, 1932
Cities Service, Com.
Recommend As
We
Norfolk & Western 4s, 1996
Cities Service, Pfd.
Union Pacific Ref. 4s, 2008
Grand Trunk Pacific 3s & 4s
Prov. of Brit. Columbia 5s, 1928
Prov. of Manitoba 6s, 1925
of Saskatchewan 4s,
Prov.
1923
A11 Cuban & Canad. Govt. Bonds
High Grade Short Time
A
Cities Service,
Cities Service,
Investmen
Bankers.
Bs.
Cuyamel Fruit Company
Cities Service, Cs.
Marine Equipment
Empire Gas & Fuel 6s, 1924
Notes
Gold
MILLER
& COMPANY
Members If. 7. aad Phil a. Stock Exchanges.
'Phone 7500 Rector, N. Y.
120 Broadway.
R.A.SOICH&CO.
10 Wall Street,
Maturing Monthly
Tel. Rector 5289-92
N. Y.
March 1921
July 1922
to
Price to Net
N. Y. &
Serial
Queens Elec. Lt. & P.
7%
Circular with Full Details
5% 1930
upon
New Amsterdam Gas Cons.
Request
5% 1948
Edison Elec. Ilium, of
Bklyn.
Investment Seoaritieo
Brooklyn City Railroad
Letters of
5% 1941
Credit
THEODORE
N. Y.
Securities Company
Foreign
Exchange
Incorporated
Travelers' Cheoki
L.IONSON
& CO.
Members New York Stock Exchange
10 Wall St.
Hibernia
FOUNDED 1852
4% 1939
Tel. Rector 78S0
Hibernia Bank Building
the World.
Correspondents Throughout
New Orleans
r*Knautf) •NariioO fcKuljne
Members New York Stock Exchange
Equitable Building
New York
"61
YEARS
OF
FARM
MACHINERY MAKING"
McSHERRY MANUFACTURING COMPANY
Moore,
Leonard &
THAYER, DREW & CO.
Lynch
Preferred & Common Stocks
Sales Representatives
MUNICIPAL BONDS
III
Broadway
L.N. Rosenbaum & Co.
Members New York & Pittsburgh
New
Stock Exchanges
Wanted
Broadway, New York.
135
York
Natast l etter 8418
Prick Bldg.
111 B'way
Ritz-Carlton
Pittsburgh
New York
Philadelphia
SILVER
EASTERN
BULLION
Chicago & Pacific Western 5s, 1921
Chicago & North Western 5s, 1921
Belgian Government 73^8, 1945
EXCHANGES
W. C. Langley & Co.
Week* "BuOUm Letter":
dent on Motuoet.
Investments
Broad
SRINIVAS
R.
WAGEL
118
Broadway,
New
15
H. D. Walbridge & Co.
14 Wall Street,
St.
Maurice
PHILADELPHIA
Foreign Govt. Securities
O\Jy0
CO.
Tel. 0810 Rector. 20 Breed St.. N. Y.
George La Monte & Son
BERTRON, GRISCOM & CO., INC.
G, F. Redmond & Co.,Inc.
INVESTMENT
SECURITIES
BOSTON, MASS.
Land Tide
40 Wall Street
NEW YORK
Building
WILK & COMPANY
PHILADELPHIA
140
S.
DEARBORN
ta;rbell
NEW YORK
Great
Atlantic
Nebraska Power 5s,
Denver Gas & Elec.
1940
Light 7s, 1922
Dayton Power & Light 7s, 1923
Southwestern Pow. & Light Pref.
Nebraska Power Preferred
Hepburn
Tel. 757 John
St., N. Y.
WANTED
CKTCAGO
ST.
Carolina Power & Light 5s, 1938
Kansas Gas & Elec. 5s, 1922
&
Pacific
85
Devonshire
BOSTON, 9
Tea
Notes
L.
KAUFMANN
FOREIGN
EXCHANGE,
& CO.
FOREIGN
FOREIGN SECURITIES
h. l. nason & co.,
RISSE
BROADWAY
&.
89 BROADWAY,
BONDS,
R
ualistsd ssouritles.
34 Pine
Italian Govt. 5% Int.Loan of '18
ALFRED
asd
Inquiries Invited.
Leonard F.
SECURITIES
Kowteao- Race 2797
Telephone 5204 Broad
BONDS
conservative tarns,
laaetive
INVESTMENT
Phones: Leeeet 0489. 0481. 0402. 0461
Bought—Sold—Quoted
—
Members Nsw York Stack Exchange
Exoluuiga BtsBdbsg,
Govt.5% Int.Loan ofl916
STOCKS AND
finch
SECURITIES
Russ.Govt.61/^% ext.Loan,dueT9
New York
Broadway
PHILADELPHIA
Scott & Stump
Russ.Govt.5V2% Int.Loan,due'26
61
bought and seld for cash, or carried sa
York.
Tat. Main 3138—Port Hill 920
Stock
PAPER
SAFETY
THEIR CHECKS
FOR
Mine*
Unlisted Oil, Mining, ft
Industrial Securities
INVESTMENT
New York City u.o
RATIONAL
Bay State Film
Wire to New
Of the Banks in
Over Q/W
F. HALL ft
BOUGHT AND SOLD
Direct Prieate
Street
1421 Chestnut
Currency
CHAS.
10 STATE ST.,
and Stock
MembersPhiladelphia Stock Exchange
Russian Govt* Bonds
New York
Public Utility Securities
French
Ltd.
Co.,
Paper
PAUL & CO.
Specialising in
and
Favor
York
Phone JOHN 2020
Bonds
El
William St.
New
3063
York City
Members New York Stock Exchange
IS PINE ST.
NEW YORK
Bros.
Montgomery
Telephone
114 N. La Salle St.
Chicago
111.
June 12
THE CHRONICLE
1920.]
XVII
Jflnatidal
James
Talcott, Inc.
General Offices
225 FOURTH AVENUE
Cheap Wood—
NEW YORK
Cheap Power
the
are
of
secret
Can¬
Agents, Factors and Correspondents for
pulp
ada's leadership in
and paper products.
g
►:
and Merchants in
Manufacturers
They are the reasons for
the growth of big indus¬
!
CITY
FOUNDED 1854
the United States and Abroad.
tries whose present suc¬
cess
and
is in evidence,
whose future
prosperity
Entire Production of Textile Mills Sold and Financed.
is assured.
Accounts Guaranteed and
Write for a copy of our
I
Discounted.
In-
of
edition
current
CABLE
vestment Recommenda¬
ADDRESS QUOMAKEL
tions.
It contains
list of
a
in¬
rendered
vestments,
attractive
doubly
SHORT TERM MATURITIES FOR BANKS
to
by
investors
American
of the premium
reason
on
con¬
Canadian
servative
American funds.
Collateral Gold Notes
?!
of the
General Motors Acceptance
agency of
I
i
Royal Securities
CORPORATION
$500
Cortlandt 3234
Tel.
-
$5,000
$10,000
Secured
by deposit with Trustees of buyers' obligations,
with ample equities, arising from the sale of
New York
165 Broadway
i
D
I T E
$2,500
$1,000
(cakada)
M
L. I
Corporation
Denominations
5 -6
Products of
General Motors Corporation
Address
Financial Sales Division
:
General Motors
30 Years
226 West 57th
in
Acceptance Corporation
Street, New York City
I
Export Banking
COMPANY
GAS
FOREIGN BANKING
7%
CORPORATION
5^4-
/
53
ill
KNOWLEDGE
the needs and habits of the
acquired
by
of
years
tries themselves,
people,
coun¬
23
Branches
8
South
in
Offices in
over
Panama
Port
is essential when
transacting business abroad.
Gold
Undivided
$5,000,000
au
Rio de
Price
Domingo, Dominican Republic
Correspondents throughout the world.
Fifth-Third
National Bank
Broadway
perous
Conn.
Industrials.
r
Growing
been
of
in
one
corporations
business for
year
soon
or
pay
have
'who
over
a
period
more—Have paid
stock
issues
and distributed
nish
them $100,000
once.
writers
or
dividends—Must have
500 stockholders or more—Can
Entire
underwritten
North American Bldg.
Philadelphia. Pa.
CAPITAL FURNISHED
will
»*COfteoi?*Tto
STREET, NEW YORK
Cnpftal Jfumfefjeb
36 Pearl Street
Hartfdrd,
HoIIister,White & Go.
Investment Securities
CINCINNATI, O.
Constructive Banking
15 State Street
of established and pros¬
request.
BOND DEPARTMENT
Specialist for eighteen
years in the Financing
M CEDAR
on
and Interest
Santo
Boston, Mass.
f60 OoagrtM 8ft.
Boston. 8. Mwt
97^
Yielding about 8%
City, Panama
Prince, Haiti
Janeiro, Brazil
Europe
41
payable
Chicago
America
LIMITED
Aftaqri
interest
York and
Complete description
Thomas C. Perkins
XM
1923
1,
semi-annual
in New
Direct Connections with India
New
:
Serial
Notes
Due June
and
Principal
Principal Branches
Brussels, Belgium
Buenos Aires, Argentina
HarbLn, Manchuria
Havana, Cuba
Manila, Philippine Islands
of
experience
and actual residence in the
Convertible
Broadway, New York
Capital, Surplus and
Profits
INTIMATE
CITIES
OHIO
AMERICAN
to
fur¬
$500,000" at
Address Consolidated Under¬
Syndicate, Inc., Stocks and
Bonds 139 N. Clark St., Chicago, Ills.
[VOL. 110.
THE CHRONICLE
zrin
jfinsmial
jftmmtial
National Properties
Company
"Concentration is the
Bondholders' Protective Committee
To the holders of the
of power."
secret
—EMERSON
SPECIALIZATION
4-6% Secured Gold Bonds of
National Properties Company
Owing to the fact that dividend upon the stock
pledged to secure these bonds
the fifteenth day of
and which would have been payable in ordinary course upon
June next, has been passed, the
to pay
National Properties Company will be without funds
the interest due upon July 1st upon its 4-6%
assertion of the
secured bonds, and default in
It is necessary for the protection and
rights of the holders of these bonds and the conservation of the value
payment of interest will occur upon that
day.
should be obtained. The
and for the pro¬
tection of the interest of all of the holders of the said 4-6% secured bonds who shall
become parties to an agreement which has been prepared, dated June 8th, 1920, an
executed copy whereof is lodged with the depositary hereinafter named.
of the security
pledged that concert and unity of action
IN theCompany there
Metropolitan
Trust
always
are
have
who
men
long specialized in
particular line.
their
undersigned have consented to act as a committee for this purpose
Holders of said bonds
Company for
617 Chestnut
requested to deposit the same with the
As
quick
and ready under-
grasp
requirements of clients
later than July 10th, 1920, at three o'clock
Said depositary will issue
transferable certificates of deposit there¬
accompanied with proper transfers thereof.
tend
and
soon as
conveniently may be, the committee will prepare a plan and submit
to the
depositing bondholders, who will be afforded the opportunity of with¬
drawing their bonds from deposit in case of dissent from the plan.
that
their
P.M., when the right so
Lives and Granting Annuities,
on
All registered bonds must be
same
of
consequence
standing of the specific
to do will cease.
for.
Pennsylvania
a
at its office,
Street, in the City of Philadelphia, the depositary named in the said
Insurance
agreement, not
the
are
AS
Z~V this,
It is essential
foster
to
helpful
constructive
tions between the
pany
rela¬
com¬
and those it serves.
speedy action be taken and the committee urges upon each bondholder the
necessity for a prompt deposit of his bonds under the agreement.
Copies of the Deposit Agreement may be obtained at the office of the Penn¬
sylvania Company for Insurance on Lives and Granting Annuities.
Dated June 8th,
EVAN
RANDOLPH,
517 Chestnut Street
JOHN
ARTHUR
TRUST
GRIBBEL,
Philadelphia, Penna,
L.
METROPOLITAN
COMPANY
1920.
J, CLARK, Secretary
JOHN
E.
J.
OF
NEW YORK.
716 FIFTH AVENUE
HENDERSON,
CLARENCE
BAYARD
SAUL,
THE CITY OF
6D WALL STREET
&
J
MILLER,
Committee.
;>>"•■!
PRICHARD,
Chairman.
V. MORTON,
EVANS,
High Yield Bond Values Tables
Counsel.
showing yields 6 to 15%
maturities 6
months
to
30
years
Price $6
also
Bond Values Tables
unicipal Road Bonds
to Yield 6
showing yields 5 to 8%
Cent
maturities 6 months to 50 years
Issued by Department of Insur¬
ance,
Secured
by taxes levied upon municipal and
agricultural lands worth several times the
total bond issue.
These taxes are liens prior
to any
mortgage.
The bonds are totally
exempt from Federal income taxes and mature
in from 1 to 30 years.
Canada.
Price $5
Stic
IPttattcial H?ttMtsWtt0@o.
Controlling the
Montgomery Rollins Publications
On request we will send you circulars listing
these desirable bonds and giving complete data
17 JOY STREET
BOSTON
concerning them. Just write for circular BF 89.
Mercantile Trust Company
Member Federal
Deserve System
Capital and Surplus
$10,000,000
ST
USGovernment
NEW ISSUE
Supervision
LOUIS
-2**
MISSOURI
BROOKS STEAMSHIP
BBS
Hanteii
Host.
WANTED
Banker of many years' experience In execu¬
tive positions is open for position in
Trust
woman
of
Company
as
Secretary to
Bank
or
man
or
desiring to be relieved of detail work
their
ondary
or
investment
business.
consideration.
Address
Salary
E.
L.,
sec¬
CORPORATION STOCK
LOST.—Notice is hereby given that Certificate
No. 31947, issued in the name of Dominick &
Dominick, for ten shares of Common stock of the
Crucible Steel Company of America has been lost.
Application has been made for a duplicate certifi¬
cate and all persons are warned
against nego¬
tiating said lost certificate.
DE COPPET & DOREMUS,
42 Broadway. N. Y. City.
care
Circular
on
Request
R.C.Megargel&Co.
Financial Chronicle, 138 Front St., N. Y. City.
SALE OF THE CONTROL
in Banks and Corporations negotiated
W. H. Goadby & Co.
Members New York Stock Exchange
NO. 74 BROADWAY
NEW YORK
confidentially.
JACOB BACKER, FINANCIAL
Exchange Bank Bldg.
BROKER
ST. PAUL, MINN.
27 Pine
Street, New York
June
12
THE CHRONICLE
1920.]
Jffnandal
financial
OCEAN
SAVANNAH
Extension
First
Mortgage
5
Gold Bonds*
Total
COMPANY
STEAMSHIP
OF
Issue.
zzx
of
Cent.
Thirty-Year
July 1, 1920.
Per
due
Closed
$1,000,000.
Mortgage.
Provision
CENTRAL-UNION TRUST CO.
of
New
Trustee.
York*
for Your
Mortgage Dated July 1* 1890.
Savannah, Ga., June 7, 1920.
Company offers to all holders extension
of the maturity of the principal from July 1,1920,
to July 1,1925, with semi-annual interest (January
and July) at 7% per annum until paid, subject
to redemption on July 1, 1922, or on any succeed¬
ing interest date at a premium of M of 1% for
each six months between the redemption date
Family
The
and tne date of maturity.
except direc¬
(owner of the entire capital stock,
tors' shares), which is not now a guarantor.
To
each extended bond tnere will also be attached an
Contract
and
a
coupon
new
sheet
bearing ten semi-annual coupons of $35.00 each.
Details are fully set forth in an agreement
dated June 30, 1920, between the Corporation
and the Trustee, copies of which may be procured
on application to Ocean Steamship Company of
Savannah, Box 727, Savannah, Ga., or Illinois
Central RR. Company, 32 Nassau Street, New
York,
or
Central-Union
Trust
Company ,o
New York, the Trustee, 80 Broadway, New York.
The bonds are seemed by absolute First Mort¬
gage on two steamships now insured for $600,000,
and on 247 acres of improved land at Savannah,
Ga., with over one mile of dock frontage on deep
water, oeing tne principal terminals of the Steam¬
ship Company and the Railway Company, and
recognized as tne most important terminals at
Savannah.
The
water
of
commerce
Savannah
argely exceeds that of any other Soutn Atlantic
poit.
On the basis of unit land values tentatively
announced by the Valuation Bureau of the Inter¬
state Commerce Commission, the land alone had
a market value as of June 30,
1915, of $2,494,941.18.
Present values are substantially greater.
The improvements are conservatively valued at
over $3,000,000.
Including insured value of the
ships, the value of the first lien mortgaged prop¬
erty is more tnan six times tne mortgage debt.
The annual compensation of the Steamship
Company under Federal control (standard return)
was $1,048,782.69,
equal to more than fourteen
times the 7% annual interest on the extended
bonds.
The Company has no otner mortgage
debt, and only $25,000 of additional interest
charges.
Holders should present their bonds on or
after June
21,
1920, at the office of the
Illinois Central Railroad Company
32 Nas¬
sau Street,
New York for attachment to each
bond of the Extension Contract, the new coupon
sheet of ten coupons, and the guaranty of Central
of
Georgia
Railway Company.
Holders
not
desiring to extend may receive in cash from Illinois
Central RR. Co. (owner of the entire capital stock,
except Directors' shares, of Central of Georgia
Ry. Co.) on presentation at its office, the full
face value of their
Coupons maturing July 1, 1920, will be paid
presentation to Guaranty Trust Co. of New
York, or to the Illinois Central RR. Co.
simon
possibility of
to take into consideration the
during
reverses
for the future out of the
be
can
done
lifp, and to provide
plenty of the present.
'
.
This
•
i
i '
'
•
J f
f
' 1 '
'
V
i'
;
'
"
by placing cash, securities
or
property in trust with this Company, the income
and the
The
a
principal to be paid
advantages of such
voluntary trust—are
enced
and
efficient
securities
or
for
the
set
an
as you
agreement—known
as
It provides experi¬
many.
administration
aside: it
direct.
assures
the
for
funds
safeguard
every
principal, and the highest interest return
consistent with
safety; it relieves the maker of the
frust of personal attention to the management of
the affairs
placed in
our care,
and at the
same
time
gives him the opportunity to direct their handling
in such
manner as
At any
of
may
be agreed.
offices members of
our
ment staff will welcome the
with
you
trust
our
Trust Depart¬
opportunity to discuss
the business phases of
individual
your
problems.
,
Guaranty Trust Company
of New York
140
A. WINBURN,
Broadway
Madison Avenue Office: Madison Avenue and 60th Street
Grand Street Office: 268 Grand Street
President.
borg & co,
Capital
$50,000,000
& Surplus
Resources
Members
policy
wise
Fifth Avenue Office: Fifth Avenue and 44th Street
bonds.
on
W.
is a
*
Payment of the principal and interest on each
extended bond will be unconditionally guaran¬
teed by Central of Georgia Railway Company
Extension
It
more
than
$800,000,000
of New York Stock Exchange
Ho. 46 Cedar Street
•
New Yos
-
HIGH-GRADE
INVESTMENT
SECURITIES
TCJO
GERMAN
*
CITY-
BONDS
for
Immediate
at lowest
delivery
prices
60 Broadway - /BoW!i^reen4}104
410 West 42 nd St • 311 East l49thSt.
NEW YORK
Chicago •
Boston
•
Philadelphia Milwaukee
our
we
United
head office in New York,
prepared to buy or sell
States
Liberty Bonds or
are
Victory Notes, in
We solicit your
any
amount.
inquiries and offerings.
•—
vonPolenx & Co.
•
AT
•
Denver
Berlin
American express
SECURITIES
DEPARTMB NT
Company
TELEPHONEBowling green 10,000
[VOL. 110.
THE CHRONICLE
XX
Sfoftienka
jfimntt&l
INDIANAPOLIS
CHICAGO
LOUISVILLE
&
RAILWAY COMPANY.
New York, June 10, 1920.
A semi-annual
the Preferred
on
docl&rocL
A dividend
the
Holders
»
of
been declared.
of
five-eighths
and
one
(1%%)
has also
the Common Stock of the Company
on
To
dividend of two per cent (2%)
Stock of Chicago Indianapolis
has to-day been
Louisville Railway Company
&
,
Both dividends are
payable June 29, 1920. at
& Co., 23 Wall
the office of Messrs. J. P. Morgan
First Mortgage
Notes of
Six Per Cent Five-Year Gold
Chalmers Motor Company
LIGHT
UNITED
undersigned have been requested by the holders
substantial amount of the above described
issue of notes, to act as a Committee to represent the
same, it being deemed that by united effort a situation
can be created whereby the more favorable and equitable
terms to which the notes are entitled, can be secured
under the Plan of Readjustment of Maxwell Motor
Company, Inc., and Chalmers Motor Corporation, dated
August 30, 1919, or the notes be otherwise safeguarded
and protected.
The
Chicago
Grand Rapids
Davenport
very
Preferred Stock Dividend No. 39
Committee appreciates that in the absence of
default and relying upon the lien of the First Mort¬
gage under which the notes are issued, there may be a
disinclination on the part of some to deposit their notes
under a Deposit Agreement.
It has been concluded,
however, that concerted action is not only desirable but
necessary and the co-operation of all holders is conf ifenwy anticipated.
(1H%) P61" oent on the
Stock, payable out of the surplus
earnings, on July 1, 1920, to stockholders of
record at the close of business, Tuesday, June 15,
and
one
one-half
First Preferred
1920.
First Preferred Stock transfer books will re-open
of
The\D epo^KAgreemen t
in
will provide that
no
commit¬
can be made by the Committee
except after submission to depositors and favorable
action thereon by holders of two-thirds in principal
amount of the deposited notes, that no depositor will be
personally liable! for any obligation of the Committee,
and that the notds will be chargeable only with the actual
outlays of the^Committee incurred in their protection,
in no event ttfexceed 1% of their face value.
premises
Agreement is in preparation and in due
course copieKmay be had upon application to the Secre¬
tary of the Committee.
Those who desire to avail of the
benefits of the Deposit Agreement and co-operate with
the undersigned should ON OR BEFORE JUNE 25,
1920, deposit their notes with October 1, 1920, and all
subsequent coupons attached with THE NEW YORK
TRUST COMPANY, 26 Broad Street, New York, which,
as Depositary under the
Deposit Agheemeiit, will issue
appropriate Certificates of Deposit thereforS^
16,
business, June
June 1,
H.
1920.
THE NEW YORK CENTRAL RAILROAD CO.
New York, June 9th, 1920.
A dividend of One Dollar and Twenty-five Cents
($1 25) per share on the Capital Stock of this
Company, has been declared, payable August 2,
1920, at the office of the General Treasurer, to
stockholders of record at the close of business
July 1st, 1920.
4
MILTON S. BARGER,
General Treasurer.
Raton, New Mexico, June 5, 1920.
COMMON STOCK DIVIDEND NO. 25.
has declared a dividend
the Common Stock of the
Company, payable June 30, 1920, to stockholders
of record at the close of business June 19, 1920,
The
above company
of One Per Cent upon
Transfer books will not be closed.
CHARLES
SPRINGER, Treasurer.
Chatham & Phenix
The
National Bank
the
of
A
the
capital
by
the
1920,
of
stock
of
Board
to
City of New York
dividend
quarterly
June
26
of
19th,
Secretary,
Street, New
Transfer
1920.
books
1920.
B. L.
HASKINS,
1920.
M.^N. Buckner, Chairman
Cook,|
Curts,
Broad
payable July 1st,
record at the close
Vice-President and Cashier.
The
Harvey D. Gibson
G.
declared
been
M. the 19th instant, and open
at 10 A. M. July 1st,
York, June 9, 1920.
Counsel.
B.
share upon
per
day
Directors,
shareholders
business
will close at 3 P.
of $4
this
has
New York, June 10,
A.
Alfred
& PACIFIC
ST. LOUIS ROCKY MOUNTAIN
COMPANY.
The Deposit
Dated: New
at the opening
1920.
HEINKE, Secretary.
transfer of stock certificates
for
The
ment
dividend
The Board of Directors has declared a
of
L.
any
AND
COMPANY
RAILWAYS
a
Secretary.
WYNN,
S.
F.
of
of record
8treet, New York City, to stockholders
at the close of business June 22, 1920.
Henry Sanderson,
Committee.
York.
Chase National
of the City
Bank
of New York
The Board of Directors has declared a
dividend of 4% on the
quarterly
capital stock of this bank,
payable July 1, 1920, to stockholders of record at
The transfer
the close of business June 23. 1920.
books will not close.
A. C. ANDREWS, Cashier.
June 9, 1920.
Commercial Exchange Bank
New
York,
June 4,
The Board of Directors has this day
a
LLOYDS BANK LIMITED.
Head Office: 71,
semi-annual
dividend of 5% on the
of
10%
and
1920.
declared
an
extra
capital stock of this Bank,
payable July 1, 1920, to stockholders of record at
1920.
the close of business June 21,
GEORGE
KERN, Cashier.
LOMBARD ST., LONDON, E.C.3
COAL
($5
Capital Subscribed
Capital paid
dividend
up
-
=
£1.)
8294,392,000
47,102,720
&
IRON
NATIONAL BANK.
regular meeting of the Board of Directors
of
New York the regular quarterly dividend of 3%
was
declared to Stockholders of Record as of
At
a
of the Coal & Iron National Bank of the City
June 9,
1920.
ADDISON
Reserve Fund
48,375,525
Deposits, &c.
-
Advances, &c.
-
.Nevada
1,629,692,180
678,817,955
H.
Consolidated
DAY, Cashier.
Copper Co.
25 Broad St., N. Y., June 3rd, 1920.
The Board of Directors of the Nevada Consoli¬
Copper Company has this day declared, for
quarter ended June 30, 1920, a distribution
Twenty-five cents (25c.) per share, payable on
June 30, 1920, to stockholders of record at the
close of business June 14, 1920.
C. V. JENKINS, Treasurer.
dated
the
of
Colonial and Foreign Department:
17, CORNHILL, LONDON, E.C.3.
The Agency of Foreign & Colonial Banks is undertaken.
I
Affiliated
Bank»:
THE NATIONAL BANK OF SCOTLAND LTD.
LONDON & RIVER PLATE BANK LTD.
Auxiliary :
LLOYDS AND NATIONAL PROVINCIAL FOREIGN BANK LIMITED.
YADKIN RIVER POWER COMPANY
Preferred
The Board
Stock
Dividend
No.
17.
of Directors of this Company has
the regular quarterly dividend of one
and three-fourths {!% %) per cent on the Pre¬
ferred Stock of the Company, payable July 1,
declared
1920, to stockholders of record at the close
business June 15, 1920.
WILLIAM REISER, Treasurer.
of
June 12
THE CHRONICLE
1920.]
m
^Financial
Removal—
Foreign Credit Corporation
Acceptors and International Bankers
Announces
from
30
Removal
the
37
Liberty
of
Offices
Its
Street to
^
1
■
New York
Pine Street
(ground floor)
■\
Telephone
John 1844
Capital $5,000,000
Surplus $1,000,000
Both
Fully Paid
(Under Supervision of Federal Reserve Board)
DAY
KAUFMANN DEPARTMENT
STORES, Inc.
Preferred Stock Dividend No. 30
Pittsburgh, Pa., June 9, 1920.
declared
Directors have this day
The
dend
of $1.75 per share on
payable July
June 21,
1920,
1,
&
ZIMMERMANN,
Inc.
THE ELECTRIC UGHT AND POWER CO.
Managers—Engineers
611-613 Chestnut Street
a
Divi¬
the Preferred Stock,
to all holders of record
1920.
Philadelphia, Pa.
June 8th, 1920.
The Board of Directors of the Penn Central
Light & Power Company have declared a dividend
of Eighty Cents (80c.) per share on the Preference
Shares, being Dividend No. 2, payable July 1st,
1920, to stockholders of record at the ,close of
business June 18th, 1920.
The transfer books
wiH close June 18th, 1920, and reopen June 28th
1920.
OF ABINGTON AND ROCKLAND
North
Abington,
Massachusetts.
DIVIDEND
NO.
semi-annual dividend of $4.00 per share
been declared on the capital stock of The
Electric Light & Power Company of Abington
and
Rockland, payable July 1,
holders of
recora at
JOHN E. ZIMMERMANN,
Treasurer
^
STONE & WEBSTER, INC.
»
Transfer Agent.
ISAAC KAUFMANN, Treasurer.
POWER
CAROLINA
LIGHT CO.
&
DIVIDEND NO. 45.
of this Company has
STOCK
V.
VIVAUDOU, Inc.
Times
of Directors
The Board
REISER, Treasurer.
WILLIAM
Chino Copper Company
25 Broad St., N. Y., June 3rd, 1920.
The Board of Directors of Chino Copper Com¬
pany has this day declared a
bution of 37)4 cents per share,
1920,
to
DIVIDEND
STOCK
PREFERRED
Company
DIVIDEND
NO.
paid
on
this Company
July 1st, 1920, to stockholders of
record at the close of business June 19th, 1920.
GEO.
E.
Directors of
HUGH C. MacBRIDE
this
Com¬
FAWCETT, Treasurer.
PREFERRED DIVIDEND NO. 4
COMMON
DIVIDEND NO. 5
A semi-annual dividend of $3 per share on the
Preferred capital stock and a quarterly dividend
of $2 per share on the Common capital stock of
Eastern Texas Electric Company have been de¬
clared, both payable July 1, 1920, to stockholders
of record at the close of business June 16, 1920.
STONE & WEBSTER,
CAR & FOUNDRY COMPANY.
New York, June 2, 1920.
PREFERRED CAPITAL STOCK
DIVIDEND NO. 85.
the Preferred Stock of this Company
day been declared payable Thursday,
1920, to stockholders of record at the
close of business Tuesday, June 15, 1920.
Checks will be mailed by the Guaranty Trust
Company of New York.
H. O. WICK,
S. S. DeLANO,
Secretary.
'
Treasurer.
has
July
on
this
1,
Inc.,
Transfer Agent.
Treasurer.
EL PASO ELECTRIC COMPANY
AMERICAN
(1)4 %)
34.
York, June 9th, 1920.
A dividend of One and Three-quarters Per Cent
(1 H%) on the Preferred Stock of
of
A dividend of one and tnree-quarters per cent
New
will be
Board
has declared a quarterly dividend
of fifty cents (50c.) per share on the
Common Stock, payable July 1, 1920,
to stockholders of record June 15, 1920.
business June 14,
Kolb Bakery
(Texas Corporation)
NO. 3
pany
quarterly distri¬
payable June 30,
stockholders of record at the close of
1920.
C. V. JENKINS, Treasurer.
Beaumont and Port Arthur, Texas.
May 28, 1920.
The
EASTERN TEXAS ELECTRIC COMPANY
Building, New York
declared the regular quarterly dividend of one and
three-quarters (1 *A%) per cent, on the Preferred
stock of the Company, payable July 1, 1920, to
Stockholders of record at the close of business
June 15, 1920.
1920, to Stock¬
the close of business June 15,
1920.
Cheques will be mailed.
PREFERRED
54.
A
has
EI Paso, Texas.
COMMON
A
DIVIDEND
NO.
36.
quarterly
dividend of $2 50 per share has
been declared on the Common capital stock of
El Paso Electric Company, payable June
15,
1920, to stockholders of record at the close of
business June 8, 1920.
STONE &.
WEBSTER, Inc.,
Transfer Agent.
HAVERHILL GAS LIGHT COMPANY
General
PREFERRED
dividend
A
Baking Company
STOCK
of
DIVIDEND
NO.
AMERICAN
34.
New York, June 9th, 1920.
Two and One-Half Per Cent
(2)4 %), being 1H % regular and % % on account
Preferred Stock
July 1st, 1920,
of accumulated dividends, on the
of this Company wiil be paid on
to stockholders of record at the close of
June
business
19th, 1920.
GEO.
E.
FAWCETT,
Treasurer.
THE ELECTRIC STORAGE BATTERY CO.
Allegheny
Avenue
&
19th
mailed.
G.
HENDERSON. Treasurer.
& FOUNDRY COMPANY.
New York, June 2, 1920. /
COMMON CAPITAL STOCK
DIVIDEND NO. 71.
A quarterly dividend of tnree per cent
(3%)
on tne Common Stock of this Company has this
day been declared, payable Thursday, July 1,
1920, to stockholders of record at the close of
business Tuesday, June 15, 1920.
Checks will be mailed by the Guaranty Trust
Company of New York.
II. C. WICK,
S. S. DeLANO,
Secretary.
Treasurer.
Haverhill,
KELLY-SPRINGFIELD TIRE CO.
A
quarterly dividend of one dollar and fifty
cents ($1.50) per share on the Six Per Cent
Preferred Stock of this Company has been de¬
clared, payable July 1, 1920, to stockholders
of record at the close of business June 15, 1920.
F. A. SEAMAN, Secretary.
New York, June 1,1920.
Massachusetts.
DIVIDEND
NO.
98.
A
quarterly dividend of $1.12)4 per share,
being at the rate of 9% per annum, has been
declared on the capital stock of Haverhill Gas
Light Company, payable July 1, 1920, to Stock¬
holders of
recora
at the close of business June 15,
1920.
STONE &
WEBSTER, INC.
Transfer Agent.
UNITED
Street.
Phila., June 2, 1920.
The Directors have declared a quarterly divi¬
dend of Two and One-half Dollars ($2.50) per
share from the net earnings of the company on
both
common
and preferred stocks, payable
July 1.1920, to stockholders of record at the close
of business on June 14, 1920.
Checks wHl be
WALTER
CAR
FRUIT COMPANY
DIVIDEND
A
NO. 84
quarterly dividend of Three Per Cent (Three
Dollars
per
share)
on
the capital stock of this
Company has been declared, payable
on
July 15,
1920, to stockholders of record at the close of
business
June
19,
1920.
JOHN W.
DAMON, Treasurer.
(VOL. 110.
THE CHRONICLE
XXII
fitmuM
EXEMPT IN STATE OF NEW YORK
TAX
LEGAL INVESTMENT
FOR SAVINGS BANKS AND TRUST
FUNDS
$275,000
CITY
YONKERS, N. Y
of
Registered 5% Bonds
(Issued in denominations
as
desired)
Principal and semi-annual interest April 1
and Oct. 1.
Payable in New York Exchange
AMOUNTS
AND MATURITIES
$25,000 April 1, 1922
Price to Yield
5.50%
100,000 April 1, 1923
Price to Yield
5.40%
50,000 April 1, 1924
Price to Yield
5.30%
100,000 April 1, 1925
Price to Yield
5.20%
New York
Legality approved by Hawkins, Delafield & Longfellow,
Descriptive circular furnished on request.
A. B. Leach & Co. Inc.
Investment Securities
Cedar St., New
62
York
Chicago
Philadelphia
Minneapolis
Baltimore
Buffalo
Cleveland
Boston
Pittsburgh
E.
W.
CO., Bankers,
CLARK &
Office of
RAILWAY
BANdOR
the
ELECTRIC CO.
&
Bangor, Maine.
6% Yield
PREFERRED
and
dividend
FROM
EXEMPT
ALL FEDERAL
INCOME TAXES
$110,000
Due Dec. 1, 1922
1, 1919
Principal and semi-annual interest payable in New
of
One
and
be mailed.
HOWARD
will
Coupon 6's
Dated'Dec.
Net
TRUCKING CORPORATION
York
393 Canal
St., New York
May 28, 1920.
DIVIDEND No. 2
658,000
Debt.
of Directors of this Corporation
a
regular quarterly dividend of
($2) per share upon the Preferred
Stock, payable July 1, 1920, to stockholders of
record at the close of business on June 19, 1920.
LOUIS J. HUNTER Treasurer.
The
Est., 12,000
Population, 1919
Two
$75,000
Board
declared
has
Price 100 and interest
CUMBERLAND
35.
UNITED STATES
$6,624,S07
1919
Valuation,
,
CORNING. Treasurer.
FINANCIAL STATEMENT
Assessed
NO.
regular quarterly
three-quarters per cent
(1 H%) upon the Preferred stock of the Company,
payable July 1st, 1920, to stockholders of record
at the close of business June 21st, 1920.
Checks
BERN, N. C.
NEW
CITY OF
DIVIDEND
STOCK
The Board of Directors of the Bangor Railway
& Electric Co. has declared the
Dollars
UNITED
COUNTY, N. C.
DYEWOOD CORPORATION.
New York, June 1st, 1920.
Preferred Capital Stock
Common Capital Stock
Dividend No. 15.
Dividend No. 15,
dividends on the stocks of this
Corporation have been declared: A dividend of
$1 75 per share (from a sum set aside for the pay¬
ment of $7 00 per share for the year 1920) on
the preferred stock, payable July 1st,
1920; a
dividend of $1 50 per share on the Common
Stock, payable July 1st, 1920, payable to stock¬
holders of record of Preferred
and Common
stocks at the close of business Tuesday, June
15th, 1920.
The transfer books will not be closed.
Checks will be mailed by the New York Trust
Company of New York.
DE WITT CLINTON JONES, Treasurer.
The following
Coupon 6's
Due Nov. 1 1922
Dated Nov. 1. 1919
Principal and semi-annual interest payable in New York
FINANCIAL
STATEMENT
Assessed Valuation, 1918
Net
$13,025,855
Debt
365,435
Population, 1919, Est., 35,000
Price 100 and interest
These
issues
are
secured
the taxable property
by
an
unlimited tax
on
all
within the respective communities.
Send for
Asheville Power & Light Company
Preferred
Stock
No. 33.
of this Company has
Dividend
of Directors
The Board
declared the regular quarterly dividend of one
and three-fourths (1M %) per cent on the Preferred
descriptive circular C-85
Stock of the Company, payable July 1,
stockholders of record at the close of
1920, to
business
June 15. 1920.
R. M. GRANT & CO.
31
Boston
II
Portland, Me.
REISER, Treasurer.
Consolidated
Copper
Co.
25 Broad St., N. Y., June 3rd, 1920.
Nassau St., New York
St. Louis
WILLIAM
Ray
The Board of Directors of the Ray
Chicago
Consolidated
Copper Company has this day declared a quarterly
distribution of $.25 per share, payable June 30th.
1920, to stockholders of record at the close of
business June
14th,
1920.
E.
P.
SHOVE, Treasurer,
Jtob 12
xxm
THE CHRONICLE
1920.]
'
This Is
Periods
curities
which
everything else, depends
se¬
the
known
ceive, but to take advantage
are
as
"Sellers' Markets."
of
"Buyers' Markets,"
demand
little
are
and
sold
prices
than
curiously enough,
a
the
active
as
seller,
during
Success in
about
de¬
very
again brings
Market,"
swing
a
"Sellers'
the advantage
will
pass
the issuer of securities.
to
in
We will be very
still
are
waiting until the inevitable
when
as
clients to
our
urge
upward
buyer.
investing,
than
returns
present.
of
Market," when the advantage
is all with the
or
cidedly in their favor, instead
"Buyers'
a
rarely
prices
profit by this situation while
little
so
nor
higher
conditions
ket," when the advantage is
with
have
low
such
at
We
active
"Sellers' Mar¬
are never more
during
securities
yielded
at
buyers
per¬
opportunity.
an
ment
correspondingly low.
And yet,
ability not merely to
It is conceded that invest¬
the
on
other hand, occur when there
is
upon
easily and
be sold
high prices
at
Buyers' Market
a
during
can
^financial
glad to assist you in select-
ing securities suited to your requirements.
John Burnham & Company
41 South La Salle Street
Phone
Randolph 3446
Chicago
GENERAL MOTORS CORPORATION.
Board of Directors of General Motors
International Mercantile
The
American Woolen Company
(Massachusetts Corporation)
QUARTERLY DIVIDENDS.
that the regular quar¬
terly dividends of One Dollar and Seventy-Five
Cents ($1.75) per share on the Preferred Stock
and One Dollar and Seventy-Five Cents ($1.75)
Notice is hereby given
share on the Common Stock of this Company
will be paid on July 15, 1920, to stockholders of
record June 17. 1920.
Transfer books will be closed at the close of
per
1920, and will be reopened at
the opening of business June 28, 1920.
business June
17,
Corporation has declared a dividend of $1.50 a
share on the preferred stock, a dividend of $1.50
a share on the 6% debenture stock, and a dividend
of $1.75 a share on the 7% debenture stock, pay¬
able August 2, 1920, to holders of record at the
close of business July 5, 1920; also a dividend of
25c. a share in cash and one-fortieth of a share in
common stock without par value on the common
stock without par value, payable August 2, 1920,
to holders of record at the close of business July
paying warrants will be issued
be exchanged at
any time for stock certificates when presented
in amounts equal to whole numbers of shares.
M. L. PRENSKY, Treasurer.
June 2, 1920.
THE PIERCE-ARROW MOTOR CAR CO.
The Board of Directors has
William Farrell & Son, Inc.
New York,
At
a
meeting
of the
No.
Board
E.
G.
of
GENERAL CHEMICAL
of
declared
on
the Preferred stock of the com,
payable July 1, 1920, to shareholders of
record at the close of business June 19, 1920.
pany,
JAMES T. WOODWARD
Treasurer.
COMPANY.
25 Broad Street,
New York
The
1920,
3 P.
quarterly
regular
to
k.,
Cent
dividend
(1X%)
of One and
will be paid July 1,
of record at
Preferred Stockholders
June 18. 1920.
Treasurer.
SUGAR
COMPANY
New York, June 8. 1920.
quarterly dividend of 2% on the Preferred
a semi-annual dividend of 4%
on the
Common Stock has been declared by the direc¬
tors of the Company, payable July 1st, 1920, to
stockholders of record June 15th, 1920.
E. E. WELLS, Secretary and Treasurer.
A
Stock and
UNDERWOOD TYPEWRITER CO.
Directors of the Underwood Type¬
writer Company, at its regular meeting held June
10th, declared the regular quarterly dividend of
$1.75 per share on the preferred and $2.00 per
THE
The Board of
share
on
the common stock of the company, pay¬
able October
1st,
W.
of the unpaid
Preferred Stock
1920, to stockholders
19201
mailed.
will be
PHILIPS, Treasurer.
H.
G.
To
the
Holders
of
Stock
BERGEN, Treasurer.
Trust
Certificates
for Preferred Stock of the
INTERNATIONAL MERCANTILE
MARINE COMPANY:
hereby given to holders of
ing
stock
the
certificates for
trust
International
outstand¬
Preferred Stock
Mercantile
Marine
Com¬
the Agency
of
the
Voting
Trustees,
51 Newark Street,
Hoboken, N. J., to be exchanged for definitive
pany
to present their certificates at
stock
of the
Pursuant
signed,
as
Company.
to
,
the foregoing
notice,
the under¬
Agents for the Voting Trustees,
be
prepared,
to
distribute
on
the
and
after
dividends
in exchange
will
August 2nd, 1920,
of 3% and 5%,
respectively, to holders of Preferred
Stock Issued
for Stock Trust Certificates.
THE
NEW YORK TRUST CO.,
1920, to stockholders of record
September 4th, 1920.
D.
the
'
LANCASTER MORGAN,
CENTRAL TERESA
1920, and a further
of record at the close of business July 15th,
of
May 21, 1920.
One-Half Per
on
payable also August 2nd,
Notice is
Directors
accrued
dividends
Checks
of
payable
2nd, 1920, to stockholders of record at
dividend of five per cent on account
back
dividend
semi-annual
regular
cent on tne Preferred Stock,
PEARSON, Secretary.
regular quarterly dividend of $1 75 per shar-
was
the
per
the close of business July 15th,
4
William Farrell & Son, Inc., held May 26, 1920e
a
three
declared the regular
quarterly dividend of two per cent. (2%) on the
preferred stock of the Company, payable July 1,
1920, to stockholders of record at the close of
business June 15, 1920.
May 26, 1920
DIVIDEND
Board of Directors of this Company has
The
declared
August
15, 1920.
Non-dividend
for fractional shares, which may
WILLIAM H. DWELLY, Treasurer.
Boston, Mass., June 7, 1920.
Marine Company
Preferred Stock Dividends
For Voting Trustees.
New York, June 10th,
1920.
[VOL. 110.
THE CHRONICLE
XXIV
jHnanttal
$15,000,000
Chicago and North Western Railway Co.
Ten-Year Seven Per Cent. Secured
Diie June
Interest payable
S. A.
semi-annually
1, 1930
on
Gold
Bonds
/.■;-;
June 1 and December 1.
Lynde, Esq., Vice-President of the Chicago and North Western Railway Company, in
June 9, 1920, writes in
"The bonds
a
letter dated
yart as follows:
to be the direct
obligation of the Chicago and North Western Railway Company and
by the deposit and pledge with the Central Union Trust Company, as Trustee of the Trust
Indenture under which the bonds will be issued, of the following securities:
are
are
to be secured
$15,000,000 face value, Chicago and North Western Itailway Company New
First and Refunding Mortgage 6% Gold Bonds, due May 1, 2037;
$2,500,000 face value, Chicago and North Western Railway Company
General Mortgage 5% Gold Bonds, due November 1, 1987.
Pending the deposit, under the Trust Indenture of the collateral above mentioned, cash equal to the
be deposited, to be withdrawn when the First and
Refunding Mortgage Bonds or the General Mortgage Bonds are deposited, at rates to be agreed upon be¬
face value of the Ten-Year Secured Gold Bonds may
tween
us
and to be stated in the Trust Indenture.
The
and
Chicago and North Western Railway Company has outstanding $22,395,000 Preferred Stock
$145,152,500 Common Stock, on which dividends have been paid uninterruptedly since 1878.
The Ten-Year Seven Per Cent. Secured Gold Bonds are to be issued in coupon form in denominations
$1,000 and $500 each, with privilege of registration as to principal, and are to be exchangeable for bonds
registered as to both principal and interest.
Fully registered bonds are to be exchangeable for coupon
of
bonds under terms to be
stipulated in the Trust Indenture.
The issuance and sale to you
of the Ten-Year Secured Bonds are subject to the approval thereof by
public authorities that may be necessary and to the opinion of your counsel.
Pending the engraving
the definitive bonds, temporary bonds or receipts are to be issued.
Application will be made in due course
any
of
to list the bonds
The
on
the New York Stock
Exchange."
undersigned will receive subscriptions for the above bonds, subject to allotment, at 100%
and accrued interest, payable in New York against delivery of temporary
certificates, deliverable if, when and as issued and received by us.
The
to award
right is reserved to close the subscription at any time without notice, to reject any application,
a smaller amount than applied for and to make allotments in our uncontrolled discretion.
KUHN, LOEB & CO.
New
•
York, June 10,
THE NATIONAL CITY CO.
1920.
All the above bonds
having been sold this advertisement
appears as a
matter of record
only.
Investment Securities
WE FINANCE
established meritorious industrial enterprises under longtime contracts
as sole fiscal
agents with permanent financial interest, representation
on board of directors and executive
committee, control of finances, and
right of audit and inspection without notice.
constant
supply of proven industrial
securities and profitable underwriting opportunities, together with
financial assistance on their own local underwritings and the
assistance of all our affiliated sales organizations in distribution of
security issues too large to handle locally.
a
Central National Industrial
Finance Corporation
Capital $1,000,000
National Association Building
28 WEST 44TH
STREET,
Distributed
Federal Securities
38 South Dearborn Street
CHICAGO
MUNICIPAL BONDS
in
Correspondence Solicited
.
&
Corporation
WE OFFER
bankers and investment dealers
Underwritten
NEW YORK
NEW YORK STATE
Yielding I 5.00% to 5.50%
B. J. Van
Ingen & Co.
46 Cedar St.
New York
TEL. 6364 JOHN
June 12
THE CHRONICLE
1920.]
ZXT
jfinantfal
$15,000,000
Southern Pacific
Seven Per Cent
Dated
June
Equipment Trust Certificates Series E,
1920.
1,
on
Bearer
Maturing in equal annual installments
June
1924 to 1935,
1,
inclusive
Certificates of $1,000 each, with privilege of registration
r-v.
at
as to principal.
Warrants for the semi-annual dividends
the^rate of 7% per annum, payable June 1 and December 1 in New York City.
Principal and dividends payable at the
of
Company
America, of
or
income
Federal
(other than
agency
of the Trustee in the City of New York in gold coin of the United States
equal to the present standard of weight and fineness, and without deduction for
required to
pay or
America,
The Certificates
or
are
which
the
retain therefrom under
of
to
Company of Philadelphia,
taxes)
any
an
Pacific Company
or
10 Mikado
the certificates
tax or taxes
be
may
"
:
v
as
Pacific Company, at
they severally mature,
of
new
a
rental
equipment
♦
16 Steel Electric Trailer Coaches
Type Locomotives
98 Electric "one-man"
Passenger Locomotives of Pacific type
6 10-Wheel Locomotives
24
any
Trustee
Equipment Trust Agreement by the Commercial Trust
costing approximately $22,500,000 and including:
15
the
other taxing authority therein.
Trustee, covering the lease to the Southern
sufficient to pay principal and dividends of
or
present or future law of the United States of
any
State, County, Municipality,
be issued under
as
Southern
Passenger Coaches
2,000 Composite Steel and Wood Box Cars
Switching Locomotives
-
2 Electric Locomotives
500 Automobile
Cars, Steel Underframe
1,000 Composite Steel and Wood Stock Cars
20 Steel
Passenger Coaches
30 Steel
Baggage Cars
1,000 Composite Steel and Wood Flat Cars
i
250 Steel Ballast Cars
26 Steel Electric Motor Coaches
15 Heavy
65 Caboose Cars
„
Freight Locomotives of Two-ten-two Type
Pending the delivery of the equipment, cash equal to the face value of the certificates is to be deposited
under the
Equipment Trust Agreement to be withdrawn from time to time
as
equipment is delivered, to
the extent of two-thirds of the cost thereof.
v
The
undersigned will receive subscriptions for the above certificates, subject to allotment,
as
follows:
Certificates maturing June 1, 1924 at 100
<<
it
tt
tt
1, 1925
««
it
u
tt
1, 1926
tt
tt
a
tt
1, 1927
tt
it
a
Certificates maturing June 1, 1930 at 100%%
%
tt
tt
100
as
issued and received
authorities and
by
us,
tt
%
100
%
ft
ft
tt
tt
1, 1933 " 1003^%
1, 1934 " 100%%
100%%
tt
ft
1001/4%
our
1, 1935 " 101
any necessary
public
counsel.
KUHN, LOEB & CO.
New York, June 8,
1920.
All the above certificates
%
delivery of temporary certificates if, when
and subject to approval of the issue by
approval of the proceedings by
" 1001/2%
1.1932 " 100%%
ft
tt
all and accrued dividend payable in New York against
and
tt
tt
1.1931
tt
1, 1929
ft
it
%
tt
1, 1928
it
100
having been sold, this advertisement
appears as a
matter of record only.
[VOL. 110
THE CHRONICLE
XXVI
jFinanrfal
THE MERCHANTS BANK OF
CANADA
and Assets at 30th April, 1920
Statement of Liabilities
liabilities
1919
1920
To the Shareholders
1.
$8,400,000.00
$7,000,000.00
7,000,000.00
194,194.00
574,043.32
$17,398,934.20
$14,768,237.32
14,791,027.00
Circulation
i
45,368,876.69
Deposits not bearing interest—
114,132,175.79
Deposits bearing interest (including interest accrued to date of Statement) __
2,747,402.86
Balances due to other Banks in Canada
Balances due to Banks and Banking Correspondents in the United Kingdom
831,997.39
and foreign countries
-
13,316,033.00
43,552,214.61
91,904,993.37
2,614,696.64
Capital Stock paid in__
Rest
or
-
.
Reserve Fund
8,400,000.00
338,159.22
260,774.98
—_—
Dividends declared and unpaid
Balance of Profits as per
Profit and Loss Account
submitted herewith
To the Public
2.
Notes of the Bank in
Bills
payable
Acceptances under Letters of Credit
Liabilities not included in the foregoing..
105,076.96
"2417,441.21
464,153"05
$197,387,855.14
$166,725,404.95
$4,193,117.50
7,500,000.00
8,407,003.25
1,170,482.00
11,093,195.77
9,400.50
445,034.79
$4,946,946.33
7,000,000.00
8,405,602.50
985,044.00
6,082,616.99
3,215.80
123,496.50
1,561,157.87
7,893,229.90
4,507,688.10
1,903,040.10
6,005,573.65
4,119,705.32
13,239,204.59
6,471,494.31
6,206,537.78
15,238,399.32
5.134.690.71
2.801.857.72
$72,697,546.36
$62,750,188.94
116,786,405.59
1,117,268.51
2,117,441.21
604,325.33
352,737.25
*2,576,630.21
95,874,426.04
332,918.12
--
--
-
-
assets
Current Coin.
Deposit in the Central Gold Reserves
Dominion Notes
*
Notes
—
Cheques on other Banks
Balances due by other Banks
Balances due
—
......
of other Banks
—
in Canada
—-—
by Banks and Banking Correspondents in the United Kingdom.
by Banks and Banking Correspondents elsewhere than in Canada
Balances due
and the United Kingdom..
Dominion and Provincial Government
Securities, not exceeding market value-
Railway and other Bonds, Debentures and Stocks, not exceeding market
Canadian Municipal Securities and British, Foreign and Colonial
Securities other than Canadian
Call Loans in Canada on Bonds, Debentures and Stocks
Call Loans elsewhere than in Canada
Current
Loans
and
Discounts
in
Canada
(less
Public
Rebate of
Interest).
Loans to Cities, Towns,
value-
Municipalities and School Districts._
$113,198,913.90
3,587,491.69
elsewhere than in Canada (less Rebate of Interest)
Liabilities of Customers under Letters of Credit as per contra
Real Estate other than bank premises
Overdue Debts, estimated loss provided for
Bank premises at not more than cost (less amounts written off)
Deposit with the Minister for the purposes of the Circulation Fund
....
Other Assets not included in the foregoing
Curreht Loans and Discounts
464,153.05
782,326.64
386,973.56
After crediting amount received in respect
The Merchants Realty Corporation,
H. MONTAGU
5,253,269.48
366,000.00
515,149.12
$197,387,855.14
*
377,000.00
758,500.68
$166,725,404.95
of Premises transferred to
Limited.
D.1
ALLAN,
C. MACAROW,
General Manager.
President.
Report of the Auditors to the
Shareholders of The Merchants Bank of
Canada
the Bank Act, we report to the shareholders as follows:—
"We have examined the above Balance Sheet with the Books of Account and other records at the Chief Office of the Bank and with
the signed returns from the Branches and Agencies and have checked the cash and verified the securities of the Bank at the Chief Office
against the entries in regard thereto in the books of tne Bank at 30th April, 1920, and at a different time during the year and found them
to agree with such entries.
We also attended at some of the Branches during tne year and checked the casn and verified tne securities
held at the dates of our attendances and found them to agree with the entries in regard thereto in the books of the Bank,
We have obtained all the information and explanations we have required.
In our opinion, the transactions of the Bank whicn have
come under our notice have been within the powers of the Bank, and the apove Balance Sheet is properly drawn up so as to exhibit a true
and correct view of the state of the Bank's affairs, according to the best of our information and the explanations given to us, and as shown
In accordance with the
provisions of sub-Sections 19 and 20 of Section 56 of
by the books of the Bank.
VIVIAN
HARCOURT.l Auditors.
GORDON TANSLEY, j
Montreal, 25th May,
(of tne firm of Deloitte, Plender,
1920
Griffiths & Co.)
i&eetfags
GREENE CANANEA COPPER CO.
Act*
at
Executor,
Trustee,
Administrator;
Guardian,
Girard Trust Company
PHILADEIPHIA
Chartered
1836
Receiver,
Registrar and
Agent
Transfer
CAPITAL and SURPLUS, $10,000,000
Member
ot
Federal
Reaer*e
System
Interest allowed
on
deposits
NOTICE
E.
B.
Morris,
President
OP ANNUAL MEETING.
is hereby given that the Annual
of the
Stockholders of the Greene
Cananea Copper Company will be held at the
office of the Company, 42 Broadway, New York,
N. Y., on Monday, the twenty-first day of June,
1920, at twelve o'clock noon, for the transaction
of any and all business that may come before the
meeting, including the election of three directors
to hold office for three years.
The transfer books or the Company will not
close, but only stockholders of record as at 12
o'clock noon, Saturday, May 29, 1920, will be
entitled to vote at this meeting.
By order of the Board of Directors.
J. W. ALLEN. Secretary.
Notic^
Meeting
June 12
1920.]
THE CHRONICLE
xxrn
Jffttanefal
Today,
tropical island off the southeastern
are growing rub¬
ber of scientifically developed quality*
corner
on
a
of Asia, Goodyear workers
On the other side of the
world, in a reclaimed Amer¬
desert, another group is cultivating cotton of
extreme staple length and strength.
'
ican
Across
mountain range, a teeming California city
contains a trained Goodyear organization equipped
to
a
manufacture and market in the
Goodyear
way.
Far south of the equator and just outside of Rio, a
new rubber
factory is rising from its foundations to
receive Goodyear's Brazilian company.
In
Canada,
a
rubber manufactory; in New England,
fabric mills; in Akron, immense structures housing
more
than 30,000 men and women, Goodyear
workers all.
=
Many are the tasks, the tools, the talents of our
people; for they are artisans, engineers, agricultur¬
ists, lecturers, linguists, merchandisers, teachers.
Notwithstanding this, every detail of their effort of
each day in Hong Kong or London, Cape Town or
New York, is governed by one purpose superseding
all else.
It is the main
object of their endeavors that Good¬
Tires and our other products shall be built and
distributed always with such methods as protect our
good name.
i
year
The
Goodyear Tire & Rubber Company
Offices Throughout the World
gill
llllilli !l!!Mil
[Vol. 110.
THE CHRONICLE
XXTIII
iftaanrial
EQUIPMENT BONDS
Secured
on
TANK CARS
Issued
Under the
Philadelphia Plan
To Yield 8%
Due
For the past
Serially
fifteen
years
we
time handled issues of Tank Car
can
rightly claim to be
and
among
have from time to
Equipment Bonds and
the pioneers in originating
marketing this form of Equipments.
At the present
time tank
cars
of standard design
and construction sell for about $3,000 per car
gallons' capacity.
rate
whole issue in three
of the
or
cars
less than pre-war
are
are
years' time and reduce the price
at the end of the first year
The bonds
for
issued at the
and serial payments retire the
Equipment bonds
of $1,800 per car
of 8,000
to $1,200
per car,
level of prices.
additionally secured by guarantee
principal and interest by the
by the purchasers of the
car
builders
as
well
cars.
Particulars
on
application
BIOREN & CO.
Bankers
410
Members
Chestnut
New
York
Street,
and
Philadelphia
Philadelphia
Established 1865;
/
Stock
Exchanges
as
June 12 1920.]
THE CHRONICLE
tllf
Jffnaticfal
A National Investment Service
THROUGH offer aid investment serviceof our correspondents we are
the
and co-operation national in scope. ,'
enabled
to
We have the
an
privilege of being connected by private wires with the
following well known firms having offices in various cities:
Goodwin-Beach & Co.
Adams, Merrill & Co.
Inc.
Boston. Mass.
New Britain, Conn.
Alden, Bernie & Co.,
New York, N. Y.
O'Brien & Williams
E. M. Hamlin & Co.
Springfield, Maes.
Lorenzo E. Anderson
Hincks Bros. & Co.
Otis & Co.
Bridgeport, Conn.
Louis, Mo,
Chandler
Anderson & Powell
Cleveland, Ohio
Cincinnati, Ohio
Akron, Ohio
Hovey & Co
Boston, Mass.
Cincinnati, Ohio
Columbus, Ohio
Allen Arnold & Co.
Hulburd, Warren
Youngstown, Ohio
Springs, Colo.
& Chandler
Boston, Mass.
Colorado
Chicago, 111.
London, Conn.
Denver, Colo.
Battle Creek, Mich.
Ball & Co.
New
Montreal, Canada
Ottawa, Canada
Boston, Mass.
& Co.
St.
Naphen & Co.
Hartford, Conn,
Hartford, Conn.
Boston, Mass.
Grand
Beazell & Chatfield
Detroit, Mich.
Rapids, Mich,
Kalamazoo, Mich.
Cincinnati, Ohio
S. B. Pearmain
Lansing, Mich.
Dayton, Ohio
Cassatt & Co.
Boston, Mass.
W. W. Lanahan & Co.
Chas. A. Pkelan & Co.
Baltimore, Md.
Philadelphia, Pa.
Pittsburgh, Pa.
Boston, Mass.
Learoyd, Foster & Co.
Baltimore, Md.
Proctor, Cook & Co.
Boston, Mass.
Boston, Mass.
New York, N. Y.
F. A. Schirmer & Co.
Long & Nash
Clark, Griffith
Boston, Mass.
Boston, Mass.
& McWain
Boston, Mass.
Secor, Bell & Beckwith
N. A. MacDonald
Hugh J. Dimond & Co.
Toledo, Ohio
& Co., Inc.
Buffalo, N.Y.
Boston, Mass.
J. W.
A. E. Masten & Co.
Boston, Mass.
John L. Edwards & Co.
Washington, D. C.
T. F. Gagen & Co.
New York, N. Y.
Pittsburgh, Pa.
Wheeling, W. Va.
Stevenson & Co.
New Haven, Conn.
Moorbead & Elmore
|
H. C.
Wainwright & Co.
Washington, D. C.
Glendinning & Co.
Boston, Mass.
Morris, Brown & Co.
Boston, Ma 88.
R.
:
Sparks & Co.
Philadelphia, Pa.
Downer & Co.
Whitney & Elwell
Boston, Mass.
Pittsburgh, Pa.
Philadelphia, Pa.
Through this association, clients receive prompt and accurate investment
service in the securities of governments,
utilities and industrial
municipalities, railroads, public
corporations.
HORNBLOWER
BOSTON
PROVIDENCE
WEEKS
NEW YORK
Investment Securities
PORTLAND
Members
&
of
CHICAGO
DETROIT
Founded in 1888
the
New
York,
Boston
and
Chicagb
Stock
Exchanges
[Vol. 110.
THE CHRONICLE
XXX
jFitumcial
New Issue
$6,564,000
American Sumatra Tobacco Company
Five Year 7Vz% Sinking
Fund Convertible Gold Notes
Due June 1, 1925.
Dated June 1, 1920.
Outstanding $6,564,000
Authorized $6,564,000
payable in New York City June 1st and December 1st.
Coupon notes registerable as to principal only, in denomi¬
$500 and $100.
Fully registered notes in denominaitons of $1,000 and multiples thereof.
Coupon and regis¬
Interest to be payable without deduction for the normal Federal Income Tax up to two per cent
annum which the company may be obliged to withhold.
Pennsylvania State Tax of four mills refunded.
Interest
nations of $1,000,
tered notes interchangeable.
per
Redeemable by the Company in
whole
or
in part, or for the Sinking Fund, on sixty days' notice at 105 and accrued interest during
the decreasing rate of one per cent per annum.
the first year, and thereafter to maturity at
The Chase National Bank of the
The
City of New York, Trustee
following information is summarized from a letter dated May 8th, 1920, of Mr. Julius Litchenstein,
President of the American Sumatra Tobacco Company:
The Company is the foremost producer in the world of shade grown
cigar wrappers.
It owns extensive plantations in Georgia, Florida, Connecticut and Massa¬
chusetts, aggregating 38,863 acres, nearly 10% of which is shade tented.
It also owns 2,600 buildings,
together with all the supplies and varied equipment necessary to operate the plantations independently .
The Company also raises substantial amounts of sun grown tobacco and maintains a large organization
for the merchandising of tobaccos.
The gross business has increased over 2200% during the past ten
years.
The demand for the Company's products is largely in excess of any amount it is able to produce
Property and Business:
tobacco for
under present
conditions.
i
.
Assets and Equity:
After completion of this financing the net tangible assets will amount to
approximately 370%, and the net current assets to approximately 200% of the present Note issue.
Present market quotations for the Preferred and Common Stocks of the Company indicate an equity of
about $15,000,000 junior to this issue.
These Notes constitute the only funded debt of the Company.
Earnings:
Net earnings before taxes applicable to interest charges for the four years ending
July 31 1920 (3% months estimated) average more than 4.75 times the annual interest requirement on
the notes, while such earnings for the year ending July 31, 1920 (3K months estimated), are equivalent
to about 8.75
times such interest requirements.
These Notes
Conversion:
are
convertible into
common
stock from October 1, 1920, to December
31, 1921, at the rate of nine and one-half shares of stock for each $1,000 of Notes, and thereafter at the
rate of nine shares of stock for each $1,000 of Notes, subject to adjustment of interest and dividends.
The common stock is now receiving dividends of 10% per annum.
If called for redemption Notes may nevertheless be converted if presented at least ten days before
the redemption date.
Sinking Fund:
The Company will create and maintain a Sinking Fund and will pay into it
annually, beginning June 1, 1921, a sum equal to five per cent of the greatest aggregate face amount of
time outstanding.
Face amount of Notes converted into stock will be credited toward
Sinking Fund payments.
Notes at any
All legal matters
conneoted with this issue will be subject to the approval of Messrs. Rushmore,
The accounts are audited
by Marwick, Mitchell & Co.
Bisbee & Stern, and of Messrs. Feiner & Maass, both of New York, N. Y.
We offer the above Notes
when,
as
and if issued and received by
us
and subject to the approval
of counsel.
Price 98 and Interest
Circular
on
Tucker, Anthony & Co.
New York
Yielding About
8%
Request
Central Trust Company
of Illinois
Boston
Chicago
;■
Hambleton &
...
...
,
;
:
Company
New York
New York
Frazier & Co.
.•
:
•
' '
'
"
•
'
'
*
•
.
/!
.
•
:
;
Philadelphia
Hayden, Miller & Co.
Cleveland
Philadelphia
The information presented herein is not guaranteed by us, but has been
-
.
Graham, Parsons & Co.
Baltimore
New York
: ' /
..
.
•.
'
"
•
•
'
obtained from sources we believe to be accurate.
•
'
"
.
' '
'
"
•
•
'
•
/
•
June 12
THE CHRONICLE
1920.]
XX XI
: I 7~ r
Jffnandal
NEW
ISSUE
,
465,978
Shares
Superior Oil Corporation
Capital Stock
Capitalization
(Upon completion of present financing)
To be Outstanding
To be Authorized
Capital Stock (no
THERE
ARE
par
NO BONDS
value)
OR PREFERRED
1,231,811 shares
2,500,000 shares
STOCK
AUTHORIZED
OR
OUTSTANDING
29, 1920, and from a report by Mr. Jo. P. Cappeau, Petroleum Engineer,
Catts, President of the Corporation, summarizes as follows:
From his letter dated May
Mr. Robt. M.
Pittsburgh,
Purpose of Issue:
The Corporation is greatly extending its producing properties through the
purchase of leasehold and royalty interests, a majority of which are in the Kentucky field.
These properties will be acquired and additional working capital provided through the sale
or
exchange of 1,018,478 shares of new stock.
The Atlantic Refining Co. has purchased a substantial block of these
investment.
This stock, together with an additional amount (making
of 527,500 shares), will be deposited with the Atlantic Refining Co. for two years
Deposit Agreement:
shares for its
a
total
own
under restrictions I
as
to sale.
Management:
The Atlantic Refining Co. from its present management will nominate for
a period of three
years a majority of the Board of Directors of this Corporation, which
will include:
Howard S. Graham,
Graham, Parsons &
K. J. Henry,
Asst. Secy. Atlantic Refining
Albert Hill,
Treas. Atlantic Refining
W. M. Irish, * Vice-Pres. Atlantic Refining
John H. Stone,
Counsel, Atlantic Refining
Francis ]VJ. Weld,
White, Weld &
E. H. Blum, Gen. Man. Atlantic Oil Prod.
Co.
Crosby Brown, Brown Brothers & Co.
Robert M. Catts, Pres. Superior Oil Corporation
W. P. Cutler, Vice-Pres. Atlantic Refining Co.
G. A. Evalenko, Pres. Bi-Continent Trading Co.
James
The management
will therefore be directed by the Atlantic Refining Co
Co.
Co.
Co.
Co.
Co.
Co.
.
The
Atlantic
Refining
Co. contracts to purchase for ten years at
prices current when delivered, the entire output of the Corporation, subject to pipe
line capacity, which is now materially in excess of present production.
Oil Contract:
Properties: The consolidated properties will include over 37,000 acres of leasehold and royalty
interests, with a present daily production of over 6,900 barrels more than 80% of which
is settled.
In addition there are 21,000 acres of undeveloped leaseholds in Kentucky.
Nineteen hundred (1,900) proven drilling locations are included in the Kentucky
properties alone, and development of these, should determine as many more.
Drilling
operations are bringing in about 35 wells a month.
The demonstrated long life of Ken¬
tucky oil wells and the large drilling reserve insure maintenance of the Corporation's
production over a period of years.
The Kentucky oil produced is "Somerset" grade, which
commands a posted price today of $4.00 a barrel.
1
Net earnings, after deducting all operating and drilling expenses and Federal
Taxes, are expected to exceed $10,000,000 or over $8.00 per share, in the
12 months following consolidation.
This is based on actual production records and
reasonable estimates for future drilling.
Over 90% of these earnings are from the
Earnings:
and
State
Kentucky properties.
Dividends:
to
share per annum are being paid at present, and it is expected
the enlarged capitalization at this rate.
Dividends of $2 per
begin dividends
on
APPLICATION WILL BE
NEW YORK STOCK EXCHANGE
MADE TO LIST THIS STOCK ON THE
legal details in connection with the issue of this stock will be passed upon for the Bankers by Messrs: McAdoo,
by Messrs. Beekman, Menken & Griscom, New York, and for the Corporation by Messrs.
Davis, Wagner, Heater & Holton, New York.
Delivery will be made in the form of Trust Company certificates
exchangeable later for temporary stock certificates.
We offer the above stock when, as and if authorized, issued and accepted by us and subject to approval of our counsel
All
Cotton & Franklin and
Price $19 per
share
White, Weld & Co.
Brown Brothers & Co.
Frazier & Co.
Graham, Parsons & Co.
This
Jane, 1920.
information and these statistics are not guaranteed,
have been obtained from sources
we
believe
to
be
hut
accurate.
[Vol. 110.
THE CHRONICLE
XX2U
^financial
A
;:/Tl
Resou rces—Facil i ties—Service
Our! Foreign
furnishes
Department
travelers with dollar letters of credit.
Finances cargoes
of merchandise des¬
tined to all parts
of the world.
Transfers funds
by cable
or
telegraph.
Buys and sells bills of exehangeland
offers
well-rounded
a
service
to
ex¬
porters and importers.
37
Wail
Street, New York
Madison Ave. at 45th St.
London:
3
Paris:
t™
222
Broadway
King William St., E. C. 4
23 Hue de
la_Paix
Equitable
trust company
OF NEW YORK
BANKINQ, TRUSTS &
&
INVESTMENTS
'
SAFE DEPOSIT
S=
n;
r
LA1-
i
1
^
■*
vr x i 1!) J
1
1
U !
'i
i
i«. J
ill 111 "| 1 ii
4
1
v.
1
!
i
*
as
1
.STLUAV
The
nmmetria
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
Bank &
Railway Section
City Section
NO. 2868
SATURDAY, JUNE 12, 1920
VOL. 110.
Week ending June 5.
%\xe (fifatmidz
Clearings at—
Inc. or
Terms of
Subscription—Payable in Advance
$10 00
6 On
For One Year
For Six Months.
13 60
(including postage)
European Subscription
7 75
European Subscription six months (including postage)
Canadian Subscription (including postage)
$11 50
fluctuations In the rates of exchange,
for European subscriptions and advertisements must be made
NOTICE.—On account of the
remittances
la New York funds.
536,929,333.
59,115,224
108,963,957
96,231,351
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
30,135,432
Indianapolis
16,553,000
12,493,800
12,822,603
Columbus
Toledo
-
5,476,106
Peoria
Subscription includes following Supplements—
railway and Industrial (semi-annually)
Electric Railway (semi-annually)
Bankers' Convention (yearly)
City (semi-annually)
Rapids.--
Grand
bank and quotation (monthly)
railway earnings (monthly)
Dayton
state and
Youngstown
Terms of
--
Lexington—
South Bend
Springfield, Ohlo.
COMPANY, Publishers,
Front, Pine and Depeyster Sts.,
Canton
Akron
Rocklord
Salle Street, Telephone State 5594.
Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
B. DANA
Kvansville
Fort Wayne
each insertion.... $8 30
175 00
100 00
Chicago Office—19 South La
WILLIAM
—
Springfield, 111—
Advertising—Per Inch Space
Transient matter per inch space (14 agate lines) for
Business Cards, twelve months (52 times) per inch
"
"
six months (26 times) per inch
London
Quincy
Bloomington
New York.
—
Decatur
Mansfield
Published
Saturday
every
Jacob Selbert Jr., President
morning by WILLIAM B. DANA COMPANY.
and Treasurer; Arnold G. Dana, Vioe-President and
the total bank
United States for the week ending to-day
$8,271,067,073, against $7,811,906,420 last week and $8,216,719,865
table, made up by telegraph, &o., indicates that
clearings of all the clearing houses of the
have
been
716,257
900,000
.
1,584,423
1919.
$4,012,819,884
480,660,694
371,051,098
506,440,396
*410,604,224
286,468,589
189,814,181
127,823,157
121,400,000
132,049,685
*86,914,924
76,585,146
Chicago.
Philadelphia
—5.5
$5,904,673,774
970,222,271
+22.4
$6,842,120,258
1,428,946,815
$6,874,896,045
1,341,823,820
+6.5
$8,271,067,073
$8,216,719,865
+0.7
...
Detroit
Baltimore
New Orleans..
Eleven cities, 5 days
Other cities, 5 days
Total all cities, 5 days
_..+.
cities, 1 day
Total all cities for week
+9.4
—6.7
+ 11.1
+ 17.6
+ 19.0
+ 14.3
+0.06
—4.4
1920.
1919.
%
$
4,369,873,368 5,017,234,626
York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany....
Rochester
—
bcranton
Syracuse
Read.ng
—
Trenton
Wheeling
Wllkes-Barre....
Wi.mingum
York
Erie
Chester
Greensburg
Binghamton
Altoona
Lancaster....—
Montclair
Huntington
——
—12.9
+ 7.0
430,178.127
460,226,298
+3.2
130,762,013
134,884,731
—3.1
88,930,256
86,212,094
+28.7
29,434,219
36,887,755
+ 1.8
18,272,330
18,593,166
5,925,624 —25.7
4,500,000
—5.1
13,061,418 -—13,764,234
+ 9.8
4,011,004
4,406,766
+3.8
4,333,404
4,500,000
2,610,645 + 126.0
5,900,671
3,106,834 + 13.0
3,511,360
+6.3
4,551,989
4,840,411
2,100,000 +24.1
2,606,416
3,440,574 —13.8
2,965,630
+8.5
1,323,118
1,435,917
2,211,196 + 14.7
2,535,111
+ 8.4
1,395,015
1,512,773
1,000,000 + 10.0
1,100,000
+ 16.2
947,000
1,050,000
+ 12.1
1,009,528
1,141,689
—4.5
2,944,490
2,813,409
+ 9.0
793,167
864,188
In total
1,747,409 Not included
Total Middle- 5.165,423,171 5,770,279.393
—10.5
364,863,445
12,332,400
9,981,264
5,386,485
4,702,280
4,435,984
2,600,000
2,993,886
1,846,176
—6.3
Boston
—
Providence
Hartford
New Haven
Springfield
-
Worcester....—
Portland
Fall River
New Bedford
Lowell
Holyoke
—
Bangor
Total New Eng.
341,946,054
12,090,600
9,522,148
6,252,041
5,507,734
4,101,905
2,700,000
2,407,572
1,828,943
1,115,778
1,000,000
825,000
389,297,775
r
3,525,839,329 3,464,336,922
332,818,145
393,624,518
108,054,492
69,129,993
21,733,679
14,912,023
4,508,552
11,359,359
4,000,000
4,100,000
2,985,443
2,690,636
4,243,700
2,397,681
3,369,724
1,265,611
2,072,280
1,657,390
1,150,000
891,700
810,385
3,082,901
575,405
75,032,708
43,312,829
20,250,946
12,461,813
5,232,470
8,625,283
3,883,359
3,925,250
2,757,641
2,416,104
3,643,528
2,206,396
2.920.399
1,220,\15
1,694,763
1,488,845
950,000
1.125.400
810,044
2,416,405
675,505
989,346
+ 12.7
752,502
783,675
+33.0
+5.2
1,200,000
724,144
817,680
230,040,466
9,098,000
8,332,290
4,901,857
4,125,303
3,133,750
2,936,106
1,960,088
1,663,725
1,103,934
805,096
677,841
411,667,443
—5.4
334,082,506
268,780,456
—2.0
291,441,064
10,885,500
—4.6
'
+ 16.1
+ 17.1
—7.5
+ 3.8
—19.6
—0.97
8,807,984
5,705,238
4,308,186
3,768,199
2,819,347
2,040,956
1,564,028
+4.3j
+23.6
+32.4
+ 15.4
+ 19.3
+30.8
+ 16.0
—7.3
—10.6
—21.7
+6.1
—10.0
617,471
970,830
+29.9
1,058,520
—34.5
684,108
+ 14.1
430,334
2,784,791
3,418,083
2,184,096
1,546,832
3,585,973
5,825,000
560,992
1,028,575
1,151,687
1,170,140
1,050,583
1,314,023
887,696
1,003,873
693,981
419,815
778,136
1,514,822
522,174
938,329,986
955,701,905
138,500,000
64,367,000
36,249,579
34,539,672
14,761.683
13,133,509
4,500,690
10,015,506
2,585,349
5,722,201
1,814,696
4,978,300
3,870,278
1,803,855
1,578,013
875,082
2,759,175
+5.4
131,399,048
+48.6
43,299,000
—4.4
37,931,801
+14.9
30,058,836
—3.2
15,256,422
+35.4
9,699,017
5,000,835 —10.0
+15.7
8,655,735
+ 19.6
2,162,279
+56.5
3,657,037
+38.6
1,309,953
1,708,860 + 191.3
+ 54.1
2,511,387
+24.0
1,454,047
+ 39.5
1,131,959
1,058,231 —17.3
+68.4
1,639,332
100,659,182
29,090,000
35,396,230
22,220,880
11,815,059
8,099,061
4,340,183
6,144,795
2,041,993
3,943,768
988,165
1,842,007
1,854,135
1,058,628
76,808,074
25,727,000
20.383,291
14,000,000
10,479,728
5,300,000
3,154,247
4,461,908
1,897,709
—
Los Angeles
Seattle
Portland
Salt Lake City.—
Spokane
Tacoma
Oakland
San Diego
Sacramento
Pasadena
Stockton
Fresno
San Jose
Yakima
-
Reno
Long Beach
Santa Barbara...
Omaha
St.
797,533 Not included
—
Paul
Joseph
Des Moines..—.
Sioux City
Duluth
Wichita
...
Springs
+ 14.8
231,949,485
171,519,639
—6.4
—15.8
164,512,916
20,509,247
46,925,364
14,063,282
23,005,594
—6.7
15,769,006
126,521,070
28,447,159
33,145,079
14,429,294
16,309,570
14,635,221
8,226,065
6,555,409
60,557,280
35,589,000
19,950,598
14,571,605
12,399,736
10,000,000
6,398,443
11,338,524
5,450,027
2,673,710
3,128,725
964,723
897,794
845,330
2,147,659
Waterloo
1,500,047
1,668,270
Helena
Aberdeen
1,134,954
1,236,850
Hastings
Billings
Total oth. West
Orleans..
.
Houston
49,962,529
48,969,062
5,500,000
_.
Atlanta
Galveston
Fort
.......
Worth
Nashville
Savannah.—
Norfolk
Biimlngham
Oklahoma
—
Jacksonville
.
Rock.
Little
Knoxville
—
Augusta
Mobile
Charleston
Macon
„...
AusJn
Vicksburg
Jackson
TuJsa
..........
Muskogee
—
Dallas
Shrcveport
Total Southern
Total all
444,660,062
140,437,430
52,393,239
26,622,485
22,759,112
St. Louis
Memphis
729,638
In totfl
202,728,675
40,067,995
58,525,720
19,357,615
23,690,717
15,622,837
11,394,564
11,802,934
6,264,647
10,530,288
5,171,598
2,255,912
2,869,331
1,113,720
2,794,399
939,760
801,979
1,756,081
1,902,190
1,419,608 i
818,464'
Pueblo
Richmond
750,000
647,540
424,000
297,933,839
2,000,000
Louisville
1,020,577
1,620,527
1,441,065
342,054,588
Fargo
New
766,370
703,685
984,944
2.674J35
189,725,321
70,441,400
Kansas City
Chattanooga
4,184,454,861 3,994,105,570
644,855
+41.0
Francisco.
Fremont
New
+ 10.5
—14.9
Tot. Mid. West
Cedar Rapids
1917.
+ 43.7
5,729,941
4,075,985
3,910,742
3,495,544
2,278,295
1,539,559
2,977,150
5,316,000
1,086,139
1,492,832
1,276,203
1,016,574
1,289,965
1,150,735
1,073,075
1,046,695
+7.4
+ 13.4
547,634
110,966
Topeka
1918.
Dec.
—2.0
+26.21
15,077,000
10,615,800
9,873,156
5,038,487
727,926,975
Colorado
Inc. or
—3.0
+ 11.4,
65,999
Lincoln..—
Week ending June 5.
—3.6
+ 14.6
755,390,576
Denver
Clearings at—
+ 10.5
475,851,105
36,496,785
63,167,097
48,478,400
25,579,174
13,612,824
9,110,500
9,689,778
5,200,000
4,929,736
3,711,704
—1.8
St.
week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending June 5 show:
+ 13.8
S
458,391,139
53,062,865
74,318,642
59,411,263
26,344,672
103,056 + 134.8
Minneapolis.;
Partly estimated.
+ 2.1
1917.
241.840
Total PacUo—
The full details for the
—8.5
1918.
Adrian
—0.5
San Francisco-
*
+ 10.7
$5,542,843,335
11,878,276,923
St. Louis
All
+ 5.4
64,818,831
City..
Pittsburgh
—9.0
303,304,901
173,462,288
136,937,058
109,286,174
112,318,700
73,049,598
67,003,680
64,779,699
Boston
Kansas
Cent.
1920.
$3,651,324,202
New York
'
540,598
580,489
San
Per
586,744,177
57,920,242
96,292,739
87,063,162
31,273,855
"14,448,000
12,878,400
11,510,736
5,950,227
5,494,408
4,231,900
4,133,091
3,855,953
2,000,000
1,700,178
3,738,134
8,706,000
1,300,000
2,129,985
1,300,000
1,450,792
1,634,178
2,015,303
1,913,582
1,092,625
952,942
675,019
1,000,000
1,219,178
825,304
508,739
i
Ann Arbor
the corresponding week last year.
Clearings—Returns by Telegraph.
Week enaing June 12.
1,682,754
1,515,098
1.802.252
1,498,233
1,569,624
1,052,547
Jacksonville, 111--
Lansing
Owensboro
CLEARING HOUSE RETURNS.
The following
Danville
6,936,856
4,544,889
4,685,952
3,282,748
2,819,122
1.773.251
4,619,387
11,531,000
1,500,000
2,531,860
1,700,000
Lima.——
Addresses of both, Office of the Company.
Secretary.
1919.
Dec.
%
1920.
PUBLISHED WEEKLY.
18,252,767
13,176,461
17,556,809
8,014,619
9,323,811
16,500,000
10,464,346
8,491,615
9,672,092
7,110,838
3,240,313
2,906,729
2,175,247
3,586,137
6,000,000
1,000,000
387,354
687,490
11,995,676
3,925,888
27,028,189
4,000,000
532,140,838
1,445,172
423,274,211|
+ 75.8
—13.6
+83.9
+8.8
—15.3
+2.1
+7.7
+5.4
+ 18.5
+9.0
—13.4
—28.4
17,507,876
13,000,000
44,277,130
47,595,809
6,412,415
19,876,883
13,481,823
13,038,058
9,857,459
11,481,397
10,480,728'
10,765,475
9,453,772
4,730,871
4,879,712
2,844,878
4,074,471
1,908,447
4,737,355
1,650,000
3,000,000
485,5»4
486,608
8,420,496
2,564,632
22,500,000
2,869,653'
507,232,3571
4,686,902 i
3,248,387-
2,022,858'
740,984'
1,859,083:
—4.5
702,114
+ 5.4
652,090
+22.3
—19.0
+ 17.5
+38.6
—14.5
+5.1
158,476,887! —11.4
5 P#,373,878,
11,026,976
7,217,321
4,905,367.
7,741,546
—7.1
+52.1
+75.1
+12.8
+2.9
—14.2
—8.2
—2.3
+34.7
—18.9
—18.6
+57.4
—2.8
—10.2
+104.5
+45.7)
+13.9.
—28.71
+14.0
—24.3
+263.6
—66.7
—20.2
+41.3
+42.5
+53.1
+20.1
+39.4
+4.9,
1,820,228.
1,801,963;
1,218,873
7,450,737
6,104,468
3,771,633
2,606,799
2,262,040
808,445
1,684,082
611,412
640,933
2,390,000
453,330
1,083,734
1,955,394
921,542
515,755
1,042,375
341,972,615
281,156,482
140,986,103
120,380,163
29,464,320
16,323,721
10,900,000
24,304,953
21,862,482
5,600,000
9,494,678
12,062,170
8,836,829
'
6,681,918
7,119,638
3,393,209
6,438,778
41,237,172
24,032,036
9,912,6111
39,928,851
38,347,440
3,844,330
8,649,117|
9,835,295'
11,934,073
5,557,922
8,243,152
4,253,542
8,202,529
4,573,999
3,000,000,
4,068,089
2,793,1311
2,186,626
1,407,528;
2,487,147!
1,500,000
2,860,576
314,087
612,521
11,719,290
2,228,790
15,000,000
3,899,486
2,990,836
3,479,957
2,107,820
2,785,692
1,652,134
3,045,925
1,392,927
2,460,332
277,685
443,266
5,482,544
2,076,079
1,317,164
11,383,933
1,507,073
411,792,103
326,999,213
7,811,906,420,8,366,089,148
—6.6 6,259,641,695 5,770,488,335
3,348,854,522
+ 2.8 2,733,802,366 2,306,151,413
Outside N. Y__ 3,442,033,052
THE CHRONICLE
2418
The
FINANCIAL
THE
The
Republican National Convention at Chicago
for the nomination of
candidate for President has
a
tended somewhat to obscure the
developments in the
financial world.
of the events of the
week
have
And yet some
been
decidedly
most
important—extremely
Unquestionably the fore¬
significant of the times.
development of the week has been the offering
by the Secretary of the Treasury of two
of
issues
new
Treasury Certificates of Indebtedness for
an aggre¬
gate of about $400,000,000 and at another advance
in interest rate.
the
On the certificates due next
Secretary is
the issue to mature
6%.
and
The
January
offering 5%% interest and
now
a
on
hence he is offering full
year
highest previous
had
rate
5J^%
been
prior to that only 5)4%, while the top figure
issues put out previous to the current year had
on
been
is
4%%.
In raising interest rates the Secretary
only meeting
market and investment
money
ditions and yet it serves to throw a new
conditions
find
to
Government
is
that
even
obliged to
now
light
on
United
the
6%
pay
con¬
these
States
its
on
borrowings.
with
The unfortunate feature is that
each advance
in the rate
paid
ness
readjustment of prices for other issues of
some
Treasury Certificates of Indebted¬
on
U. S. bonds must be made and
also in
security values generally.
the decline in the
On this occasion
prices of Liberty bonds and Victory
notes has been less than
and the
might have been expected,
is true of the market
same
reduction
in
North Western
dividend
Company,
expectedly, served
At the
same
authorities
meeting
to
with
rates
as a
the
success
that
could
be
wished.
Notwithstanding the further advance in discount
rates
put into effect
twelve Federal Res
last
on
June 1 the rediscounts of the
erve
banks in the statement issued
Saturday recorded
a further noteworthy increase,
rising from $2,938,031,000 May 28 to $2,974,946,000 June 4.
J
the total
A still
more
dition of
serve
regrettable feature
further ad¬
was a
$20,270,000 to the volume of Federal Re¬
notes
in
circulation, following
$21,819,000 the preceding week.
increase of
an
Except for these
constant
than
a
a yield 68 million bushels better.
Yet, in the aggregate, the wheat crop (winter and
spring
varieties
combined)
through these new notes issues they
credit
think
we
an
Referring to wheat
Board
remarks,
as
"all
.
less than the great crop
attaching to the
happening
as
a
result of the
now
same,
is
in the Far
bursting of the speculative
bubble created by inflation in
Japan. One evidence
of what is
happening there is found in the utter col¬
lapse in the price of silver within the last few
and
another
which
came
evidence is
seen
weeks
in the announcement
yesterday afternoon that Judge Hand in
the United States Distict Court had
ceivers for the Japanese
silk house in
appointed
this
Mogi & Co. with liabilities of $12,000,816.
of last
year,
city
is only about
a
years,
1914-18, which included three of the largest
crops
in
history."
our
was
The Hessian fly, it
is indicated,
in evidence from North Carolina to
without
serious
Southern
cause
are
Belt
injury.
cited
Kansas, but
damage resulting, and rust in the
Central
of
the
as
given little weight
was
as
The late spring and low temper¬
reason
plant, and there
for the slow
appears a
development
possibility of the
repetition of the grasshopper damage of last
Oats have been
but
a
a
little less
moderately in
crop
Larger yields
upon.
year
decreased,
a
As
regards
to
be
freely planted this
of 1919 is
excess
of barley
promised; but with the
in
area
of
and
rye
re¬
of
hay
nothing of
an
year,
counted
are
also
quite noticeably
reduction in that production
corn,
now
seems
likely.
official nature is due
promulgated before next month.
Private
re¬
however, indicate that despite delay in the
planting of the cereal in many sections, the territory
sown will mark a new
high record.
ports,
The condition of winter wheat on June 1 at
78.2, as
officially announced, contrasts with 94.9 last year,
83.8 in 1918 and,a ten-year
whole country
give
mean
acres
an average
which, applied to the
per acre,
of 504,000,000 bushels,
than the
20 million
or
May 1 forecast, and comparing
a
ago—the
year
high record in production.
Of the de¬
of 228 million bushels from last year, 41
millions
30
For the
82.
remaining under cultivation would
more
expected in
are
of
the Department estimates
crop
a
bushels
crease
new
involved in continued in¬
well illustrated in what is
is
of the five
immediate stop should be put to these
flation ,and the penalties
outlook
present
twentieth less than the average crop
established
menace
whole the Crop Reporting
with 732 million bushels harvested
,
The
a
told, the
considerably better than could reasonably have been
hoped for earlier. The yield, wrhile almost a fifth
have declared many times in the
past, we
note issues.
East
new
expansion and the promotion of
inflation.
As
accordingly
furnishing
are
to
160 million
and 244 millions below
high record—the 1025 million bushels of 1915.
34,165,000
facilities for
to fall
bushels under that of last year
the
yield of 14.8 bushels
and
promises, according
present official approximations,
tending
accommodation
year.
is expected, with normal conditions
year ago,
additions to the volume of Reserve
notes,
the Reserve banks would be unable to
keep on ex¬
discount
time 227
same
production of last
the Dakotas.
not
are
20 million bushels
some
crop
May 1, but at the
on
hereafter, to furnish
of the
situation
a
Spring wheat, on the other hand, notwithstanding a
quite large decrease m area and a less favorable start
atures
credit
be for
million bushels less than the
time the efforts of the Federal Reserve
the
and, consequently, the
wheat, it is true, the current prospect is
to
larger than
the Chicago &
further unsettling influence.
control
essential change from
no
month earlier
a
country—wheat—is much below that of 1919.
assumed
happened, too,
un¬
Tuesday, shows
Of winter
As
quite
on
promise of yield of the most important cereal product
of the
by
came
on
the situation
the
which
outlook! in the United States
crop
indicated by the official report of the Crop
Reporting Board of the Department of Agriculture,
issued
prices for other
classes of investment securities.
a
readjustment
some
grain
June 1, as
SITUATION.
[Vol. 110
in
Kansas,
28
millions
in
millions
Missouri,
Illinois, 24 millions in Indiana, 25
millions in Ohio and 5 millions in Nebraska.
The report on
spring wheat indicates that the late
spring and adverse weather interfered with the sowing
of much land intended for the cereal and
quence
as
a
conse¬
is reported as having suffered a re¬
of 16.5%.
On the basis of the condition
acreage
duction
percentage of 89.1 on June 1, which compares with
91.2
a
year ago
and
a
ten-year
average
of 93.3,
an
yield of 14.2 bushels per acre in arrived at,
this applied to the 19,487,000 acres planted
average
and
points to
an
aggregate
production of 277,000,000
June 12
1920.]
THE CHRONICLE
bushels against 209 1-3 millions last year.
In the
increase of 68 million bushels
all the
leading producers share
we
have
total
a
cated
year ago
spring varieties combined
under cultivation of 53,652,000
area
against 73,243,000
acres
a
to a more or less appreciable
For the winter and
extent.
over
last
acres
year
and
indi¬
an
production of 781 million bushels against 941
million bushels.
Oats
making the planting 41,032,000
June
1
below
was
the
lion
acres,
a
3.2%,
and condition
standing at 87.8
average,
against 93.2 in 1919 and
The total
ten-year average of 89.9.
yield, however, is estimated at 1,315 mil¬
bushels
millions
67
or
production
The Canadian
of
larger than the actual
greater than in May
volved
May 1920
shows that while the number of insolvencies
little in excess of the number for the month
it
with that
was
exception the best
period, the defaults having been
those of 1918 and
a
year ago,
The
1912.
liabilities,
moreover,
not only
April, but is the smallest for
May since 1910.
seems
This
important in view of
price cutting in various retail lines, that has been
quite
country-wide feature for the last few weeks.
a
Large failures
showing;
and
were
in
covered
a
May of last
were
lesser volume
the
of indebtedness
basis
for
our
531 and
in 1917 and
May
compilations, which
conclusions, denote that
industrial defaults in
$11,956,651 in the preceding
$13,134,672 two
The
1916.
was
years
ago,
year,
880 and
1,296 and $11,771,891
less than 1,482 and $19,466,436 in
no
record
high aggregate of liabilities for
set in 1900 at $23,771,151.
insolvencies
than
547, involving $10,826,277 against
was
were
the smallest for
with
liabilities
$2,480,489
run
to
and
449
Manufacturing
May of which there
last
comparison
is
total of
indebtedness at $4,479,950 is nearly 1% millions
the similar
in
by brokers, agents
is but moderately
be other than very
satisfactory under the conditions
of
and
business
prevailed.
widened
For
a
2,678—it is
necessary
to
go
period this
1
2
to
compared with
liabilities
back to,
at
a
record of
as
only
any
year
This year's result
with 2,978 for $59,228,165 last
5,025 for $77,116,821 two
$76,666,203 three
year—
and the aggregate of
but not including, 1907.
years
in 1916 and 10,986
is
now,
was
$53,752,911 is less than for
contrasts, in fact,
year,
of in¬
back close to four decades,
when the number of firms in business
ago,
years ago,
6,302 for
8,208 for $99,341,819
for $170,267,417 in 1915.
steady improvement.
of 1920
This
Manufacturing
months in the
to
1916, and, furthermore, just
in that year.
In earlier
twelve months
the
favorable
liabilities
at
but
averaging nearly 8% for
7%
a
single quarter,
7% distribution in the first period.
a
on
top of
a
This decidedly
favorable result, too, has been reached with the
]vage
scale 123^2% higher than a year ago, and has had the
effect of
still
bringing from the operatives demands for
greater compensation, which has
thus
financial
surplus of the mills
This
a
latest
was
as
manufactur¬
cotton
River,
note
we
that
give the aggregate
$26,462,362 53 in March
gain of $9,599,772 16
carries
advance
double
over
words,
cut of
of
over
the total
January 1919.
level much
other
further indication of the
Haffards & Co.
M.
this year, or a
a
Fall
at
in the industry for
peace
As
situation
establishments
shown in
an
on
promptly accepted by the operatives,
the immediate future.
G.
been in
15% offered by the manufacturers
presumably assuring
excellent
now
We refer to the fact that
on
what
the
it
scale to
wage
in
was
1916.
a
In
January 1916 the basis for weaving
47yards of 64x64 28-inch printing cloth
22.71c. and since that time the scale has moved
steadily upward until the figure under the latest
raise is 58.19c.,
four years of
the cost of the
this being
156%.
raw
an
advance in
little
a
In the meantime, of
material has risen very
over
course,
decidedly,
middling uplands cotton within the last few months,
or
since the first of the year ,
under
having at
But to compensate
an
time, ruled
for the increased price of the staple
excellent
margin of profit after meeting
quotations for all classes of
high.
Printing cloths (64x64-
28-inch) for instance, which opened the
per
no
373^c. and ranged much of the time above 40c.
of
return for
have declarations
we
now
prior
considered
was
goods have been
482.
years
years an average
of about
outcome,
full
little greater than
a
$17,249,978 with $18,481,508 and the indebtedness
brokers, agents etc., at $18,972,653 with $11,402,-
be disbursed
to
or
history of Fall River, but it is well in
the added labor cost the
trading
only does the aggregate
of the total distributed in many
with
year;
beyond that of
amount the heaviest of any three
cover an
and leave
last
goes even
Not
debts for the five months at $17,530,280, compare
$29,344,085
and
period immediately preceding in indica1>-
period (and already paid out
shortly)
margins of profit
smaller number
solvencies than recorded for the
lines
$1,877,396
represented by the dividends declared for the
sum
net
ago.
showing for the five months of 1920 could not
active
against
trading
operations in the leading cotton-manufacturing centre
Messrs.
that have
in
between
of the United States.
the volume of debts at $1,292,644
year
results
ing the current phenomenally profitable nature of
ing
a
the
1918
The Fall River cotton mill dividend statement for
the second quarter
etc., is much more favorable than that for April and
The
in
note¬
$2,253,259.
was
than in May of last year and the
greater than
a
$4,334,764
and
year,
May 11
Defaults among traders, on the other hand, were more
The exhibit made
five
Manufacturing de¬
for
account
year
$5,914,470
the
in
1,128 and $20,774,126.
this
of
$5,053,683 contrasting with $7,997,719.
of 1919.
$403,979
The
$8,235,999 respectively and in 1915
advance
excess
only
1919.
little ahead of last year
Furthermore,
$6,567,127.
were
of
numerous
re¬
worthy drop in the volume of debts—from $8,286,933
good part conceded.
year ago;
a
of
in
number, 345 comparing with 331 but there is
is authentic record and the liabilities much under those
a
one-quarter that then
conspiciously favorable in
was
lines,
months' failures also
excess
the number of mercantile and
May 1920
fewer in number
year.
Messrs. R. G. Dunn & Co.'s
furnish
feature of the May
no sense a
the contrary, they
on
over
much the lightest for the period since
showing
contrasting
40% under
falls much below that of
the
very
slightly
was
but the amount in¬
record for the
some
considerably less than half those of
The aggregate of
1917.
on
a
was
satisfactory exhibit.
very
a year ago,
but little
was
ported and
faults
The commercial failures statement for
a
For the month the number of defaults
reached
1919.
compilation of failures for May and
the five months is likewise
manufacturing
has been decreased this year by
area
3419
very
yard, against only 3%c. at the
year
same
at 14J/£c.
time in 1916,1
[Vol
THE CHRONICLE
2420
by February, moved up to
and had advanced to 16c.
110
Belgium, France, England and Germany have gone
Philip : and Tecumseh—in addition to a
Politically
still
much disturbed, with one faction contending with
another for supremacy.
Generally speaking, the
radical element, most generally styled Socialist, is
giving the greatest trouble.
This seems to be the
passed to shareholders an equal amount
situation, roughly speaking.
17Mc. in April and now rule at 16^c.
In the dividend declaration of this second quarter
all of the
corporations (38 in number) have
participa¬
ted, and it is to be noted that seventeen of them made
the rate of distribution 10%, while two—the King
5% rate
in Liberty
bonds, this latter not being included in the grand
aggregate.
Every mill, moreover, enlarged its rate
over that of a year ago.
In all, the amount of cash
already distributed or to be paid out in the second
quarter of 1920 is $2,604,560, or an average of 7.77%
on the capital invested, this
contrasting with only
$767,609 or 2.33% in the corresponding period last
year, $1,156,934 or 3.51% two years ago, $1,059,125
or
3.47% in 1917 and $409,675 or 1.35% in 1916.
The nearest approach to the current total was the
$2,325,338 or 7% of the first quarter of this year
and the $2,039,409 or,6.19% of the third quarter of
1918.
For the elapsed half year the shareholders
in the 38 corporations have received or will get $4,929,898 or an average of 14.71%, against $1,898,793
6.43% in 1918
and $1,821,100 or 5.97% in 1917.
The 1916 dis¬
tribution was only a little more than one-seventh
that of this year, viz.: $752,092, or 2.48%.
5.76% last
or
$2,111,993
year,
or
signing of the armistice.
forward since the
he
that all the European countries are
says
The Berlin advices for
days prior to the Reich¬
some
conflicting, indicated
stag elections, while more or less
apprehension in Gov¬
the existence of considerable
ernment circles as to what
in the way
might happen on that day
As
of political agitation and disturbance.
cablegrams from
the German capital stated that "the commanding
officers, with their staffs, of all the army groups
throughout the country were summoned to Berlin,
a
part of the precautionary plan the
where
council of
sort of
a
of
Presidency
held under the
was
war
Minister
the
Doctor
Defense,
of
Gessler."
Contrary to expectation, as often happens
under
Monday's advices from Berlin
elections were held without any dis¬
such circumstances,
said that the
turbance
whatever,
where it
in the outlying districts,
even
claimed
was
last week some trouble had
actually occurred and that more was brewing for
election
The earliest figures regarding the vote
six or seven parties indicated
day.
cast in behalf of the
unusual
The
daily
newspapers
x
As
Europe, with two
or
week, the happenings in
last
three exceptions, so far as they
cabled to this country,
were
portance
be
has left little room for European
true
was
mentioned, and which
tion,
were
not of first im¬
The exceptions that might
interest.
or
National Con¬
to the Republican
vention in Chicago
news.
given by all the New York
space
are
worthy of considera¬
the Reichstag elections in Germany last
are
Sunday,
further
the
conferences
informal
rather
between British Government authorities and
Gregory
Krassin, the Russian Bolshevist Commissioner, and
resignation about mid-week of the Italian Cabinet.
the
making due allowance for exaggerations,
Even after
it appears
that political conditions in both Germany
and
are
Italy
Ministry is
still greatly unsettled.
none
The French
too well established, as is evidenced
by the rather frequent requests of the Prime Minister
for
a
confidence.
of
vote
In
England,
Independent Socialists were in the lead,
that the
the
Majority Socialists
People's Party
man
a
At that time the
strong third.
a
figures seemed to show that Matthias Erzberger,
former Vice Chancellor and Minister of Finance, had
been elected from
which
of
most
The later returns,
Wurtemberg.
unofficial, indicated that the
were
present Coalition Government had a
330
the
represented
majority,
small
that
that the
The advices stated,
however, that
A gratifying feature of the returns was
Independent and Majority Socialist parties
together did not get
votes as in the election
as many
January, 1919.
A Berlin
while the
correspondent of the New York "Times",
opposition to the Lloyd George Government is not
several months
ago, still the attitude of the Premier and his Cabinet
on the Russian situation, the Irish Home Rule Bill
"even if the full results of the
give the German Coalition Government
and other
to enable the three
aggressive and bitter
constantly
Birmingham
was
is
quoted
was
a
on
the defensive.
necessary
In
an
for
address
few nights since Andrew BonnarLaw
asserting that in his judgment there
as
unity
more
it
leading questions, makes it
them to be
in
as
of
purpose
in the
present
British
Government "than in any other Government during
the war."
ing to
a
His comment
on our
Government, accord¬
special cablegram to the New York "Times"
yesterday morning,
was
far from favorable. He
was
reported to have said that "in America the moment
the
war
was
over
part in the great work of reconstruction.
In France there have
ments, in Italy four.
A
a
way,
That has not been beneficial."
it is
upon
the election returns, said that
general election
were
to
majority,
a
quite clear that the majority will not be sufficient
parties concerned, the Majority
Socialists, the Democrats and the Centrists, to exert
a
governing authority for
any
"In other
period."
words," he added, "this election has settled nothing
unsettled
has
and
stability."
on
whatever
little
the situation,
declared that "Germany,
1919, is again faced by chaos."
year
there
was
of
The 1 Berliner Tageblatt" in its comment
from the German
capital
one
"though the final outcome
In
a
as
in the
cablegram
correspondent said that
may
not perhaps com-
re¬
a
looks
as
if the maintenance of stable Government is
being jeopardized."
asserted
that
In advices from Paris, it
by the German election is that Germany
live
up
was
"the general impression created here
to the Peace Treaty."
added that "the
parties making
vdted not to
The correspondent
up
the present Gov¬
nota¬
ernment, accused at home of trying to live up to the
considerable extent,
treaty, lost ground and the Extreme Right National-
that agriculturally, in
and industrially to
a
rather comprehensive study of con¬
ditions in Europe, says
ble
That is
been five Govern¬
prominent New York banker, who recently
turned from
commenting
they reverted to old party dis- 'pletely justify such a depth of despair, xit certainly
sentions and the result is that America is playing no
calamity.
Its
Government.
requested his Ministers to "remain in office pro¬
visionally."
of
Coalition
result of last Sunday's voting, was so
the Cabinet tendered its resignation to
as a
President Ebert.
he
small majority.
Reichstag contained 423 members, of whom
The last
in
as
with
close second and the Ger¬
a
June 12
ists and Extreme Left Independents
winners
ent of the
the
gained.
Both
A Paris correspond¬
"Evening Post" of this city declared that
against the treaty."
are
added
results
election
German
2421
THE CHRONICLE
1920.]
the
to
Peace
France
May 1, and
on
by Millerand,
French revolution."
from churches
stolen
in the extreme.
individuals."
Berlin
Germany
"President
political situation in
It
doubt.
in
and
Ebert
leaders of the
with the
still
were
the
and
elections
the
of
most
said that
was
the
old,
People's Party if the latter can satisfy them
concerning their newly discovered Republican faith."
Revised
figures
were
given in another dispatch
re¬
This
Those
These figures indicated that no fewer
in the elections last
factions received votes
or
The total number cast,
Sunday.
The Independent Socialists
725,000.
second and the German Nationalists third.
basis of these
figures the indications
would have
Socialists
Majority
were
were
On the
that the
110 seats in the
of the second meeting of the
British
No official statement of what
place at the second gathering
of Commons,
He
was
made public,
Lloyd George, the same afternoon, in the House
defended the negotiations in
a
speech.
reported to have "based his arguments on the
was
absolute need of Russia in the world's reconstruction
impossibility of fighting and crushing Bol¬
shevism
of about
eve
conference last week.
The
in the lead to the extent
given in Paris
Lloyd George's official residence in London.
and the
were
jewels
private
present, according to the cable advices, were
according to the count at that time, was 25,100,576.
Majority Socialists
was
from
practically identical with those who attended the first
but
political parties
and
meeting actually took place last Monday at
Premier
the
Reichstag.
Russia
Government authorities with Krassin."
took
than nine
in
Special attention
"on the
ance
garding the popular vote for the various parties and
probable number of seats each will have in the
claimed, furthermore,
was
and London to the articles because of their appear¬
seasoned
Majority Socialists favor co-operation
It
that the whole movement "was financed with
Treaty problems, which already were troublesome
According to Thursday morning's dispatches from
successfully crushed
was so
to have been the start of the
was
unless
prepared
sacrifice hundreds of
the
to
thousands of lives and add thousand of millions to
While admitting that "there were
national debt."
conflicting reports
modities in
on
the amount of exportable com¬
Russia," the Premier said "that was not
for
refusing
London
The
trade."
to
Reichstag, the Centrists 67 and the Democrats 45.
a
The Berl
"Times" declared that "the British Government is
cabled
correspondent of the New York "Tribune"
n
Thursday morning that the belief is enter¬
tained in the German
be found necessary
view of the
in
a
comparatively short time, in
correspondent of the
make, if it has not already made, a postal
about to
Soviet Russia through Gregory
correspondent of the New York
arrangement with
A London
Krassin."
par¬
"Tribune" cabled Tuesday
morning that "the Gov¬
same paper
ernment is now committed
definitely to the opening
precarious position of the Coalition
The London
ties."
capital that "new elections will
reason
stated that "British Government officials believe that
don
Advices received from Lon¬
of trade with Russia."
the
situation,
represented by the toppling of the
as
Mueller Government,
entertained
its
for
is extremely serious and fear is
effect
He added that "the
Brussel
Congress
5
future
negotiations."
week in July at the earliest.
held before the third
The
on
Spa Conference is not likely to be
be
may
postponed
until
The announcement
Paris about
a
made in
was
a
dispatch from
week ago that American Ambassador
going to London for four
was
stated at the American
was
purpose
and again
day,
Thursday
on
morning, intimated rather strongly that little pro¬
gress was
in
fact,
a
being made in the negotiations, and that,
rather serious "hitch" had been encountered.
morning the
Yesterday
and
Sun
"The
unless
and it
same
London
correspondent of
that
cabled
Herald"
York
New
"negotiations with Gregory Krassin will be broken off
August."
Wallace
the
later
of his trip
held in French
five days
is
able
is like
so
said to have been
to
report immediately that the
This matter
many
others
which there have been
over
prolonged negotiations in London and Paris since the
Epbassy that the ending of the
to confer with American Am¬
was
The opinion was
bassador Davis.
or
he
Bolsheviki will withdraw from Persia."
war,
in that it is next to impossible to
get any definite information
while the work is in
progress.
political circles that really the chief
topic that would be discussed by the two Ambassa¬
Benjamin Turner, member of the British Labor
advisability of United States being
Delegation to Russians reported to have stated upon
dors would be the
represented, semi-officially at least, "at the London
between
conferences
the
Allied
authorities
Gregory Krassin, the Soviet Envoy."
Of
and
course
the
his return to London that "there is no terror in Russia
except hunger and that is a very real terror
cities."
Ambassadors themselves could take no definite auction
from
about this
"50% of the people of Soviet Russia
important matter and could only make
representations to the Washington Government and
await orders.
Premier Lloyd George was reported
in
stated in the House of Commons
had
been
on
Thursday that
approached regarding
the
United
the
negotiations with Krassin, but that no reply
had
been
ished
a
States
received.
The Paris
series of articles,
New York
which
"Matin"
Amsterdam
who
was
were
which
they
has
pub-
to
were
of food."
is gettig
a
hungry,
allowance
are
certain
•
cabled to the
Premier Nitti
Cabinet in Italy
and his
signed again, after having served only
since
formation.
their most recent
a
a
turbulent
re¬
Rome advices
stated that the Premier announced the
"at
have
short time
resignation
sitting of the Chamber of Deputies."
It appears
that "the resignation of the Ministry fol¬
and Trotsky
an
announcement
bread
restrictions
were
made "sensational
According to the author of the articles,
said
although everybody
reported to have said also that
headquarters from which was to
a revolution in France and other
of
have been directed
countries."
was
lowed
"Times", in which
disclosures of the establishment by Lenine
at
London, he
advices to have
London
morning's
yesterday
in the
According to yesterday morning's advices
have made the investigations on
based, "the strike which began in
version
"the
was
would
by the Premier that the
be annulled."
Another
that the downfall of the Cabinet was
outcome
of
a
resolution
introduced
Socialist Parliamentary group to refuse to
Government
statement
on
the
reopening
by
the
hear the
of
the
[Vol.110
THE CHRONICLE
2422
Chamber,
the ground that the decree raising the
on
aspirations should be confined to Africa and that
violation of the Parliament's Algeria, Morocco and Tunis, properly exploited,
prerogatives." The cablegram stated also that should amply suffice to keep France supplied with
"every party in the House had protested against the what she needs."
price of bread
the
sanctioned for
Government
the
which
decree
a
was
of avoiding a Government loss of 8,000,000,lire through the bread subsidy."
It was pre¬
000
faction.
lire.
property destroyed
tion it
of
rumored that the aged Giolitti, spoken
was
"the indispensable man,"
as
to form
Ministry.
a
summon
Socialists
the
of
under the influence of the
whom the
to
claimed that "he can
was
his standard two-thirds of the Liberals
to
several
and
It
will finally consent
and
still
Catholics
provincial prefects, from
According
Deputies take their orders."
cablegram from Rome Thursday evening, "King
a
hand the situation caused
Victor Emanuel took in
Public
buildings
and
trans-shipped
a
large number of marines into
destroyers which took them to Queenstown where
From that point they
were
in the sections of Ireland in which
they
they landed.
Another
needed.
the Irish situation
was
Union, that the executive committee of that body
calling of
the
ment.' "
advised "the Dublin strikers to
and talked with them
regarding the Cabinet crisis."
the
said
was
still
to
prevail
as
new
ment for
received Thursday afternoon of the
were
resignation of the entire Hungarian Cabinet and also
three
of
members
Hungarian Ministry
the
was
Cabinet.
Polish
formed only
on
The
March 14th
regarding the British trade state¬
during the month exceeded by £13,000,000 those of
other month since the beginning of the -war.
any
Although imports
are
500,000 less than
with the situation created by terror¬
cope
yesterday morning's advices from
the
In
opinion
would
The
expressed
was
that
"likely take steps to form
three
members
stepped out
of
the
Count
a
Polish
new
Vienna
Apponyi
Cabinet."
Ministry
who
said to be "members of the Populist
were
£323,000,000
the
same
The
progress
by the Agragrian Reform Bill."
dispatches from day to day have shown pretty
increased
of imports decreased during
excess
Looking somewhat
into the details of the May returns it is of interest
that while the
There
Diet
the
was
an
all kinds of
imports of cotton increased £5,000,000
of cotton goods increased £20,000,000.
expansion in manufactured articles of
£18,000,000.
We subjoin
the results for the month of
clearly that the Polish military forces have been
months
making substantial
a summary
It is
reported
on
planned to send
Government
Last
army.
Renner
as
are
a
a
few
four
1
BRITISH
FOREIGN TRADE.
report
was
as
they
appear
If all the
£863,i)45,000
£594,413,542
64,344,542
521,114,000
270,192,911
20,260,000
11,495,442
115,767,000
43,471,091
£139,579,000
exports.
Excess onmports-.
——
£75,839,984 £636,881,000 £313,664,002
£26,799,000
£59,817,067 £226,664,000 £280,749,540
The British
Treasury statement of national financ¬
ing for the week ending June 5, indicated
Charles
Gide, Professor of Political Economy in
the University of Paris, and said to be one of the most
al
eminent economists in
pared
France, is reported to have
suggested that "France wipe out her debt to the
United States
by turning
gram
to that country certain
According to
a
Paris cable¬
the proposal has aroused considerable "serious
discussion" in
is quoted as
not
over
important circles there.
The professor
saying that he regards "such
a
course
only desirable, because it would relieve France
from the
necessity of straining her resources to de-1
velop burdensome possessions, but because the day
might come when France would not be in a position
to defend
some
of her d stant colonies."
He is
re¬
ported to hav (declared rlso that "France's colonial
31—
1919.
to be, no fewer than
European Ministries have resigned this week.
colonial possessions."
May
1920.
119,319,000
Re-exports
Total
—Five Mos. to
1919.
£166,378.000 £135,657,051
British exports
received from Vienna
May
of
1920.
Imports
days."
with the corresponding
compared
note to the Russian Soviet
Premier, had resigned also.
true,
1920
■——Month
a peace
stating that the Austrian Cabinet, with Dr. Karl
reports
of
the other hand that "Poland has
within
evening
against the Soviet
of
May and the first five
periods of 1919:
progress
£9,-
or
period.
same
the corresponding period of last
time by £54,000,000.
ment's
policy, particularly with the slow
of exports, the
excess
month of the
any
over
while the
year,
the exports
in
still in
May stood at only £26,799,000,
For the first five months of 1920 exports
Party which disagrees generally with the Govern¬
made
of British products exported
The value
exports.
in Viennia from
Budapest, "was caused by its in¬
The figures show
improvement, particularly in the matter of
amount for
ists."
work pending
resume
May has been favorable.
last, and its downfall, according to advises received
ability to
reported to have
was
Congress."
distinct
of
Secretary Thomas
All the comment
Prime
Minister.
Reports
bridge
former
that
the
congress
gulf between the Irish people and the Govern¬
of the Chamber of Deputies,
belief
special
a
of the Irish and British trade unions To try to
who resigned the day before
The
most
the announcement by J. H.
Orlando,
Premier Giolitti would be selected
were
Thomas, Secretary of the National Railway Men's
the Presidency
from
distributed
development in connection with
ex-Premier
was
Several days
two British battleships arrived in Cork harbor
ago
had "decided to ask the
It
still being attacked and
are
quite generally.
stated
that "the King called to the Palace former Foreign
Minister Tittoni, the President of the Senate, and
by the resignation of Premier Nitti."
disturbed,
largely because of the activities of the Sinn Fein
dicted that the loss next year
would be 14,000,000,000
Soon after the announcement of the resigna¬
continues
Ireland
in
situation
The
purpose
loss in
an
addition¬
Exchequer balances of £1,043,000, "which
brought the amount down to £2,889,000,
with
£3,932,000
the
penditures for the week
previous
as
com¬
week.
Ex¬
£54,654,000, against
were
£26,592,000 for the week ended May 29, while the
total outflow including Treasury and
and other items
in
Exchequer bills,
repaid, amounted to £138,175,000,
comparison with £75,679,000, the previous week.
Total
receipts from all
sources
against £75,214,000 last week.
contributed
week
ago,
£33,135,000,
savings
£137,132,000,
wer^
Of this
against
certificates
sum revenues
£16,275,000
£800,000,
a
against
£500,000 and Advances £45,250,000, against £12,250,000.
Sales of Treasury bills reached
£57,047,000, which
compares
a
total of
with £45,089,000 last
June 12
week.
As
repaid,
this
considerably
£1,062,022,000
against
issues
of
also
were
expanded, being
with
debt is
£221,617,000,
1919 it1 stood
£237,000,000 in
the
of
last
£900 000,
item
of
sum
of
in
1920
1918.
No
change has been
official
tered
the
4^2%
rate
in
is
Holland.
In
outstanding
the amount
Call money
in London is lower, at
last week.
been able to
week
a
sponding dates in 1919 and 1918
BANK OF
ago.
Oold Holdings—
No reports, so
far
as we
In France...
corre¬
follows:
are as
Status as of
June
Francs.
Inc.
Abroad
have
this week's
week and
FRANCE'S COMPARATIVE STATEMENT.
for Week.
4^%, against
pre¬
but 6,683,184,785 francs.
was
with the statement of last
return
year
July 30 1914, just prior to the outbreak
Comparisons of the various items in
private bank
against 6^8@6^%
as
stands at 37,672,-
now
Changes
ninety day bills,
were
against 34,448,513,270 francs in
as
only 28,232,072,750 francs the
On
of war,
Bombay, and
the
London
and
vious.
quoted at 6 11-16@6^% for sixty and
now
9,467,000
hand, bills discounted
258,000,000 franc contraction recorded last
The total
1919
discount
leading European centres from 5% in Berlin,
7% in London, Sweden and
other
Note circulation regis¬
expansion of 16,077,000 francs, contrasting
an
with the
Norway; 6% in Paris, Copenhagen and Petro-
grad;
augmented ;by
were
gained
week,
55,629,000 francs and
rose
fell off 241,836,000 francs.
Spain, Vienna and Switzerland; 5^2% in Belgium
and
2,062,108,484
during the
313,623,000 francs, while general deposits
week.
in
and
reduced
ex¬
£17,494,000, proceeds
noted
1919
On
755,806 francs,
rates at
and
Silver,
deposits
Treasury
stores.
war
year
francs.
disbursements, while included in
item is the
sale
in
43,000 francs, advances
shown above, includes £46,597,000 in
as
revenue
The
abroad
francs
nearly
or
total 5,587,-
now
and with 5,410,661,857 francs the
year
held
com¬
In the corresponding
£1,542,111,000,
of present figures.
excess
loan dividend
the
at
gold holdings
before; these amounts include 1,978,278,416 francs
£1,305,854,000, in comparison with £1,283,the week previous.
The Bank's
402,125 francs, comparing with 5.550,307,339 francs
while the total floating
639,000
war
francs.
earlier.
£234,867,000,
small gains
gold item, the increase this week being 74,000
in its
Temporary advances
now
week of
pense
totaled
2123
The Bank of France continues to report
amount
outstanding
week
a
bonds
Treasury
against £1,100,000 last week.
pared
the
expansion of £8,965,000, to £1,070,-
an
987,000,
exceeds
Treasury bills
the volume of
registered
New
THE CHRONICLE
1920.]
1920. June
12
—
1919.
June
Francs.
Francs.
13
1918
Francs.
3,609,123,709
3,572,028,923
3,348,553,372
1,978,278,416
74,000
No change
Total.......... Inc.
10
1,978.278,416
2,062,108,484
5,410,661.857
74,000
5,587,402,125
5,550,307,339
240,438,495
305,792,322
253,551,958
Bills discounted...Dec. 313,623,000
ascertain, have been received by cable
43,000
1,399,271,298
855,918,241
1,477,567,590
Advances
of open
1,819,766,561
1,291,305,579
969,522,310
Silver
market discounts at other centres.
1
....Inc.
Inc.
55,629,000
'
Note
Another
considerable increase in gold
very
circulation..Inc.
16,077,000 37,672,755,806 34,448,513,270 28,232,072,750
Treasury deposlts.Inc.
was
9,467,000
184,476,872
65,655,753
53,226,662
General deposits..Dec. 241,836,000
3,307,414,031
3,442,560,143
3,876,272,505
shown by this week's Bank of England statement,
viz., £2,247,905, bringing the total gold stocks
hand up to
with
£116,706,689, which
£87,029,228 for the
£63,878,525
wise
1919 and
reserve was
expanded, namely, £1,687,000, while the
portion of
as
Total
earlier.
a year
week of
same
reserve
There
a
week
deposits showed
ago
and 18J4% last
year.
a
contraction of £1,801,000,
deposits gained £9,552,000, and Govern¬
ment securities
were
augmented £7,881,000.
(other securities) declined £1,797,000.
stands at
reserve now
053 last year
totals
pro
increase in note circulation of £561,000.
was an
but other
like¬
to liabilities advanced to 13.30%,
against 12.85%
Public
on
be compared
may
Loans
The Bank's
£20,788,000, against £27,471,-
and in 1918 £30,303,410.
Circulation
ago
it stood at £78,-
008,175 and £52,025,115 in 1918.
Loans aggregate
£114,368,000.
A
year
£78,789,000, in contrast with £79,809,069 and £100,919,204
one
and two
years ago,
respectively.
Recent
cable advices from London indicate that the expecta¬
tion there is the Bank of England
will acquire about
£2,000,000 additional gold this week
Scotch
ing in
London banks for the week
week the total
was
were
a
Last
£749,802,000.
£803,737,000 and in 1919 £421,-
014,000.
The Bank's minimum discount rate
tinues at
7%.
We append
a
con¬
tabular statement of
comparisons of the different items of the Bank of
England statement:
BANK
:
ENGLAND'S COMPARATIVE
OF
•
.
1919.
1918.
June 11.
June 12.
£
£
£
June 13.
£
£
Public deposits
to liabilities
-
35,355,355
52,264,229
87,541,321
42,187,454
70,702,587
44,672,345
61,577,700
114,368,000
78,008,175
52,025,115 38,778,505
19,440,000
20,314,830
43,019,897
49,784,232
Other deposits
136,874,000 130,791,974 126,563,205 125,854,837
Govt, securities.._. 74,499,000
61,492,376
56,148,732 45,208,106
Other securities
78,789,000
79,809,069 100,919,204 113,124,499
Reserve notes & coin 20,788,000
27,471,053
30,303,410 35,028,803
Coin and bullion...116,706,689
87,029,228
63,878,525 55,357,308
Circulation
Proportion of reserve
principal items, notably
an
increase of
Deposits
expanded 631,305,000 marks, while Treasury
were
certificates
There
marks.
time
shbwed
was
gain
a
nominal
a
Note
circulation
namely 32,000
again expanded, this
was
declined 81,000
marks.
Advances showed
off
marks,
investments
of
109,000
marks and securities 224,023,000
wrere
reduced
ings
ark
614,000 marks.
reported
marks.
marks
and
in
1918
marks,
a
which
year
ago
was
2,345,586,000
circulation has reached the
marks
Liabilities
1,091,678,000 marks.
as
falling
a
19,245,000
o
The Bank's gold hold¬
week of 1919 the total held
same
000
marks.
of 300,624,000
gain in gold,
889,255,000 marks, but total coin and bullion
In the
1,516,120,000
marks.
Note
huge total of 50,016,900,-
with
contrasts
28,244,920,000
and only 12,002,268,000 marks
in 1918.
Probably the outstanding feature of last week's
bank statement of New York
bers, issued
in demand
on
Saturday,
was
Clearing House
mem¬
the heavy contraction
deposits, $78,959,000, which undoubtedly
reflected the outflow of funds incidental to June
interest and dividend
disbursements.
this, however, changes
Loans
Government
1916.
June 14.
1917.
June 9.
Bank rate
May 31, showed important changes in
1,463,480,000 marks in bills discounted.
portant.«
STATEMENT.
1920.
&
of
of the
some
stiffen¬
Clearings through
rates at that centre.
Imperial Bank of Germany in its statement,
as
transfer from
on
banks, thus lessening the prospects of
money
The
issued
were
deposits
to $22,857,000,
to
the
Federal
not
were
im¬
while
particularly
$15,833,000,
brought down $11,152,000
the lowest point touched since the
week of March 13th.
of
were
reduced
1
Aside from
Cash in
Reserve
own
vaults of members
Bank increased $3,828,000
$97,372,000, (not counted as reserve) but reserves
of member banks in the Federal Reserve Bank de¬
\
13.30%
7%
17.17%
5%
17.88%
5%
19.94%
5%
,
31.95%
5%
clined
own
$5,905,000,
to
$565,769,000.
Reserves
vaults of State banks and trust companies
in
regis-
tered
a
reserve
gain of $217,000, to $8,815,000, although the
(State banks and trust
in other depositories
Aggre¬
$583,914,000.
However, surplus, owing to the heavy contraction in
deposits and consequent reduction in reserve re¬
quirements, showed a gain of $4,228,600, bringing
companies) declined $506,000, to $9,330,000.
gate reserves declined $6,194,000, to
of
total
the
The
$28,567,400.
to
reserves
excess
13%
legal reserves for member banks of the Federal Heserve system but not including cash in vault to the
figures given above for surplus are based on
amount of
$97,373,000 held by these banks on Satur¬
In the Federal Reserve statement
disappointing, as instead of improve¬
day of last week.
returns
were
ment in response
to the higher rediscount rates,
reserve
banks'
borrowings
the
paper
under
now
15 payments.
Just because for about
call
week recently
a
money
practically 6%, the
specu¬
lative element in the financial district assumed that
the
general monetary position in this country was
decidedly easier and that probably we would have no
trouble with money for
who entertained
several months.
Those
this illusion knew very little about
actual monetary
conditions.
more
were
reported in any matur¬
Nominally, 8% is still quoted for all periods
from
sixty days to six months
and
basis of
bills
regular mixed col¬
on
all-industrial
8Yi% for
Commercial paper
in the local market ruled at
increase in the supply
no
Consequently dealings were light
important trades
no
to
for the extensive June
way
For fixed maturities the market re¬
of loanable funds.
and
stiffening
the
attribute
Bankers
mains dull and nominal with
ities.
offerings decreased
the week when
part of
lateral
circulation.
Reserve notes in
Federal
of
latter
Call
all-industrial loans.
in lighter supply, especially during the
money was
preparations
mercantile
on
rates,
money
both mixed collateral and
Government paper were up
on
detailed
to
appreciably.
increased no
less than $39,449,000.
Other Federal Reserve banks
decreased their borrowings of all kinds at the New
York institution $6,181,000.
There was a loss in
gold reserves of $25,640,000.
Most unfortunate of
all, there was a further increase of $6,980,000 in the
$2,128,000 and
call loans
Last
week the range was 6@10%.
On Monday a single
rate of 6% was quoted—that is, this was the
high,
low and ruling figure for the day.
Tuesday there
was an advance to
10% with the low 7%, which was
the ruling rate also.
On Wednesday renewals were
negotiated at 8%, while the high was 9% and low 7%.
An advance to 12% was recorded on Thursday,
although the renewal basis was 7% and this was still
the minimum.
Friday's range was 8@10% and
8% for renewals. The figures here given are for
Referring
ranged during the week between 6 and 12%.
Member
40.1%.
fell from 41.8% to
ratio of
total
[Vol. 110
THE CHRONICLE
24M
money.
continues to be dealt in on the
7%% for sixty and ninety days' endorsed
receivable
character, while
and
months'
six
names
not
of
names
choice
well known still re¬
so
quire 8%. A moderate volume of business is reported,
banks.
but the bulk of the demand is from country
have ruled quiet
The volume of busi¬
Banks' and bankers' acceptances
but firm and still
unchanged.
is small, with out-of-town institutions the princi¬
pal buyers, though most of the prominent local and
country banks appear to be out of the market for the
time being.
Demand loans for bankers' acceptances
have not been changed from 5J^%.
Detailed rates
ness
in
bankers
nent
the
One of the most promi¬
street
that,
says
far, the
so
monetary position in the United States has not under¬
comprehensive change.
gone
tions
a
are
conservatism is
being practised and he suggests
that in due time this alone will
On the other
ket.
money
a
help the
money mar¬
hand, he declares that
is still tied
subscribed for
up
in loans
long time
ago,
much
so
Liberty bonds
on
and in loans
on com¬
modities, that the available supply of funds is
comfortably small.
He believes that
out of this situation without any
serious
results.
The
renewal
un¬
work
we can
distressing
or even
call
money
rate
for
high practically all the week and in the after¬
was
noon
Next
there
week
was
usually
a
flurry to 10%
or
higher.
large disbursements will be made and
preparations for them has been in
This,
progress.
however, only adds to the broader and
potent
more
conditiqns to which reference has been made, and is
by
no means
the sole
about the money
Ninety
Days.
seem unnecessary
to
a
few
days
ago
Ineligible bills
tificates of indebtedness
the
their
year
offerings.
7% bonds
has
the present week.
were
in
to
a
The Federal Reserve Bank of Dallas has
ness.
tablished
es¬
rate of
5J^% in the case of paper backed
by 5J^% Treasury Certificates of Indebtedness.
The following is the schedule of rates now in effect
for the various classes of paper at the different
a
Reserve banks:
DISCOUNT RATES OF THE FEDERAL RESERVE
IN
EFFECT JUNE
Discounted,
bills
10
BANKS
1920.
maturing
within 90 days (incl. mem¬
ber banks' 15-day collateral
AyricuX-
Bankers'
notes) secured by-
accep¬
Trade
tural and
Other¬
tances
accep¬
livestock
bonds
wise
disc'nted
and
secured
for
indebt¬
Victory
and
member
within
91 to 180
edness.
notes.
unsecured
banks.
90 days.
days.
Federal Reserve
Bank of—
cer¬
,
Treasury
.
Liberty
certifi¬
cates
The
quickly disposed of, in spite of
Boston
of
5)4
6
7
_
tances
paper
maturino maturino
7
7
6
7
6
7
7
Philadelphia
*5)4
5)4
6
5)4
6
6
Cleveland
*5)4
5 Vt.
6
5)4
5H
6
6
6
6
6
6
5)4
6
5)4
6
6
6
7
New
5)4
York
5)4
*5)4
Atlanta
In the old days the railroads
were
bearing 7% interest, but
compelled to do this then because they
pioneer period.
Now they
are
compelled
compete with the rates in the open money market.
6
7
7
5)4
6
5)4
6
6
Minneapolis
company's dividends announced
accustomed to issue bonds
they
from hz/i% to 6%.
It
5J^ to 5*/£% the rate on
secured by Treasury Certificates of Indebted¬
advanced from
Richmond
were
this class of paper
on
also
paper
the
The Chicago & North Western 10-
the reduction in the
were
Bank of San Francisco has likewise advanced
serve
its rate
say
investment houses report a very good demand for
7
bid
7
bid
734 bid
Following the action of the other Federal Reserve
which, as we indicated last week, page 2330,
had increased the rate on paper secured by Liberty
Bonds and Victory Notes to 6%, the Federal Re¬
bearing 5% and 6% interest,
highest rate paid by it since the Civil War.
6H@6
6y8@6)4
7)4@6)4
Delivery
within
30 Days.
banks
-
Secretary of the Treasury offered $400,000,000
6%@6)i
6^@6 34
7 3* @634
6%@6)4
734
Eligible bills of non-member banks
market in this country than
to call attention to the fact that
Spot Delivery-.
Sixty
Thirty
Days.
Days.
Eligible bills of member banks
of the high rates for call
cause
In reality it would
money.
more
follow:
He admits that his reports show that
long time.
more
Fundamental condi¬
pretty much the same as they have been for
5)4
6
7
6
6)4
7
Kansas City
5
5)4
6
5)4
6
6
5)4
6
5)4
6
6
6
6
6
6
6
5)4
Chicago
St. Louis
*5)4
*5)4
Dallas
Ban
Francisco
5)4
*514% on paper secured by 5H% certificates, and 5% on paper secured by
43£% and 5% certificates.
Note 1.—Rates shown for Atlanta, St. Louis, Kansas City and Dallas are normal
rates, applying to discounts not in excess of a basic line fixed by the Federal Reserve
Bank.
Discounts in excess of the basic line are subject to a )4% progressive in¬
crease
for
each
25% excess or fraction thereof.
June 12
The
sterling exchange market continues to rule
firm, although trading this week was less active and
has
than
limits
been
the
case
recently.
During the greater part of the week demand bills
alternately above and below 3 91%, which
hovered
compares
week.
of
with
awhile the market exhibited somewhat
For
reactionary
a
brief
high point of 3 96% established last
a
excepting for occasional
appearance,
of activity and strength when cable
spurts
@3 90%, and sixty days 3 85© 3 85%.
On Mon¬
day the market
a
was
quiet and featureless;
ruled within slight lowering in rates
quotations, though well maintained,
narrower
24:25
THE CHRONICLE
1920.]
3 89%@3 90%
3 88%@3 89% for demand,
range
for cable transfers and 3
further
noted, with the day's
was
84%@3 85 for sixty days.
Higher cable quotations from London and
an
im¬
provement in the inquiry brought about an advance
on
Tuesday of 2c. in the pound,
so
that demand bills
moved up to 3
90%@3 91%, cable transfers to 3 91
@3 92%
sixty days
and
3 85%@3 87.
Wednes¬
quotations from London came higher and good local
day's trading
buying developed, but toward the latter part of the
strong and quotations were slightly higher, at 3 91%
week, following the statement by cable of the British
Chancellor of the Exchequer to
Britain
had
the
cover
Anglo-French loan maturity and that
of paying
means
accumulated credit to
already
one-half of the
the effect that Great
the remainder
were
in sight,
a
noted and the rate moved
up to 3 95%, with the closing figure 3 94%.
Talk
is still heard of large1 gold shipments from London
distinctly stronger tone
to this
was
centre, but nothing definite has as yet trans¬
the
may
thought that the inflow
favor
buying exchange in preference to
regarding the probable trend of sterling for the
It
weeks.
is contended that
as
London
course
exchange in this market, it is impossible to attempt
some
up
to 3 92%@3 93%,
87%
still higher, at 3
94%@3 95% for demand, 3 95@3 96
89%@3 90% for sixty days;
announcement late in the week
by Sir Austin Cham¬
of the
of Britain's share
Anglo-
provided for
been
already
was
largely responsible for the strong tone in the late
Closing quotations
dealings.
3 90% for sixty
were
days, 3 94% for demand and 3 95% for cable trans¬
bills, sight, finished at 3 94%,
Commercial
fers.
(sixty days) 3 88% and seven-day grain
for payment
bills at 3
3
at
93%.
Cotton and grain for payment closed
No gold has been reported either for
94%.
A dispatch from Bue¬
additional pesos in
export or import this week.
Aires states that 2,000,000
nos
accurate forecast of future events.
gold have been released from the deposits of the
quarters the belief is expressed that sterling
Argentine Embassy in Washington with the Federal
Reserve bank.
This brings the total released to
anything like
In
Increased
days.
sixty days at 3 88%, ninety days 3 86%, documents
be somewhat mixed in their
will in all likelihood continue to dominate the
of
sixty
for cable transfers and 3
had
now
for
Thursday with the result that
On Friday the market ruled strong and
@3 88%.
loan
Bankers here appear to
few
on
quotations for demand went
French
United States.
next
87%
cable transfers to 3 93@3 94 and sixty days 3
logical to expect further exportations of
can
shipping gold in settlement of her indebtedness to the
views
the
half
as
be smaller than at first estimated, since England
to
3 87@3
that
precious metal, it is
seems
and
strength developed
berlain
far
so
was
@3 92 for demand, 3 92%@3 92% for cable trans¬
fers
be learned.
pired in this direction,
While it is
inactive, but the undertone
was
an
will hold steady up to
the time of the payment of the
Anglo-French loan in October, but that after that
date up to
event it may
used to
This
view, however, is by no means general, since it is
pointed out that regardless of whatever international
financing is attempted by the British Government
following the termination of the present loan ar¬
rangements, the rapid improvement in Great Brit¬
be expected to fall off sharply.
ain's financial and economic
position, coupled with the
marked increase in her exports,
is almost certain to
13,395,000 pesos.
pay
The
money
is being
off Argentine debts here.
Movements
in Continental exchange,
during the
of the week, closely paralleled those in
earlier part
sterling market; that is, less activity was shown
the
fluctuations
and
were
comparatively
narrow
and
Toward the close,
however, in sharp contrast with the improvement in
devoid
of
special significance.
depreciated sharply at
French francs,
pound sterling, so that many are confidently looking
which had displayed some irregularity, turned weak
forward to material improvement in pr|ice levels,
albeit sharp fluctuations may still occasionally have and registered declines of more than 18 points, while
to be faced.
According to some, the seriousness of lire were under considerable pressure and as a result
persistent lack of
the Irish situation is likely to have a depressing effect of freer offerings of bills and a
demand, also reports of fresh political troubles in
upon sterling.
Still another factor in the foreign
exchange situation which is receiving considerable Italy broke to 18.40, a loss from the high point of
attention in financial circles is the slow but steady last week of 178 points. Antwerp francs followed the
rectification of our one-sided trade balance which is course of exchange on Paris. As to German exchange,
make for
a
continued advance in the value of the
sterling,
currency
values
nearly all leading Continental cen res.
shown in latest
foreign trade figures.
Returns for
April, recently issued, indicate that imports coming
into the port
of New York during that month totaled
prices
were
firmly held at well above the low record
preceding, having ruled at or near
of 2.08 of the week
2.60,
practically throughout.
A brisk, demand is
in¬
also, it
is alleged, on the theory that improvement in internal
showing a contraction of approximately $5,000,000.
While Great Britain of course leads in the volume affairs should follow thp German elections.
An¬
reported, ostensibly in connection with the ever
of
the same month in 1919
$125,082,000, with exports for the same period
of
goods exported, it should be noted that all Euro¬
nouncement
$270,147,000,
pean
or a
gain
over
countries without exception report increases in
exported and in many cases
volume of commodities
corresponding reductions in the amount of goods
on
Thursday that
Dealing with quotations in greater detail, sterling
on
Saturday
declined to 3 89% @3
was a
shade easier, and demand
89%, cable transfers to 3 90%
a
substantial credit
purchase of foodstuffs had been granted the
German Government by American packers also was
for the
a
factor
in
stimulating
the
demand for marks.
maintained very close to
the
Austrian kronen have been
imported.
exchange
creasing volume of exports to that country,
high point of 00.76 touched a week ago.
collapse in silver which caused so
The sensational
great a
demoralization in the Far Eastern exchanges
effect
without
was
advices from the
to
[Vol. 110
THE CHRONICLE
2126
other
on
exchanges.
Latest
Orient, though still inadequate,tend
dissipate the belief at first entertained that
cial crisis in China is impending.
It is
This compares with
16.53 for cable transfers.
16.35 and 16.40
As
finan¬
a
felt that
now
and
American
South
to
week ago.
a
quotations,
Argentine checks
distinctly
a
easier undertone has been noted and the
closing rate
42.14 and cable transfers
speculation by Indian interests has been largely at
on
bottom of the recent break.
42.34, in comparison wTith 42.72 and 42.92 last week.
It is learned
of
reliable
on
authority that the subject
quoting francs and lire in terms of cents rather
than units per
While
violent
no
garding
dollar is still being hotly contested.
the
opposition
change,
proposed
exist
to
appears
minority
strong
a
re¬
For
was
Brazil also the
quotation has undergone
a re¬
vision downward and the check rate finished at 25.75
and cable transfers 25.875,
the week
against 26.00 and 26.125
Chilian exchange,
preceding.
the other
on
hand, ruled firm early in the week but sagged off and
persist in their preference to the old and time-honored
finished at 20,
custom of
against 5.00 last week.
census
of
quoting these currencies, and
opinion
definite decision has
meantime,
real
bankers
some
quoting these exchanges by the
the
progress
toward
In the
yet been reached.
as
however,
con¬
-actually
are
method, with
new
large majority steadfastly adhering to the old,and
the result is that much confusion is
laymen generally
lire
reported
among
to the real levels of franc arid
as
in
the
silver
Peru closed at 5.02,
market
the violent break
slumped sharply, but rallied
slightly late in the week, and Hong Kong closed at
76
l-6@77%, against 81%@82 last week; Shanghai
taels fell to
at
96%@96%, then recovered and finished
101@102,
rates
were
112@113.
against
apparently
Manila,
Oriental
and
exchange
51%@51%, against 50%
49%@50,
at
Other
affected
not
Yokohama finished at
on
@51%;
prices.
against 20%.
Far Eastern rates in response to
to be that the change when
seems
introduced should be general, no
a
the
as
49%@50;
against
Singapore, at 46%@47,against 45%@46%; Bombay
The official London
at
52.05, which
New York
check rate
compares
sight bills
on
Paris finished
on
with 51.00 last week.
In
41
at
@42,
42%@43%,
against
42%@42%, against 42%@43%
Calcutta
and
week
a
at
ago.
the French centre closed at
13.16, against 13.03; cable transfers at 13.14, against
The
New
York
Clearing House banks, in their
13.01; commercial sight at 13.20, against 13.07, and
operations with interior banking institutions, have
commercial
gained $5,122,000 net in cash
preceding
francs
sixty days at 13.27, against
week.
Closing
12.57
were
quotations
checks
for
and
12.55
rency
movements
cable
Their
receipts from the interior have
for
earlier.
in
transfers, against 00.76 and 00.78
For
bankers'
lire
final
the
range
was
sight bills and 18.38 for cable
while
Adding the Sub-Treasury and Federal
a
week
18.40
for
transfers,
Reserve
shipments
the
Czecho
on
Slovakia
finished
2.40;
at
Bucharest at 2.32,
on
Poland at 57, against 55, and
on
on
5.00, against 5.10 the week before.
Finland
8.68
for
cable
week
follows:
'
Into
of
way
is
as
very
little in the
developments is transpiring.
new
light
exchanges
as
and rate variations
ever
The
in
but
Scandinavian
recessions
corded.
er.
or near
in
exchange
Stockholm
are
usually
the
were
quotation is still
established
a
Bankers'
very
week ago.
sight
a
any
re¬
shade firm¬
improvement
close to the low point
June
Gold.
England
a._
Germany
sight at 36 3-16, against 36 7-16, and com¬
sixty days at 35 13-16, against 36 1-16 on
Friday of last week.
Swiss francs closed at 5 51
sight bills and 5 49 for cable transfers.
98,103,000
cable
5 47 and 5 45.
21.60, while checks
and cable transfers
Checks
transfers
on
Copenhagen
on
Sweden closed
21.90,
against 21.55
Norway finished at 17.80
17.90, against 17.70 and 17.70.
Spanish pesetas closed the week
176 ,550
Total.
10 ,926,000
24,912 ,000123,015 ,000
3,005 ,000 35,195 ,000
90 ,650,000
1,054 ,000, 54,038 ,000
1,088 000 11,747 ,000
3,659 ,000 24,896 ,000
55 ,160,000
! 87 ,029,228
12,200,000 155 ,081,156
1,017,300. 66 ,13? ,450
12,375,000142 ,025,000
2,372,000! 13 ,298,000
8, 187,000
26,216,000416 ,866,000
2,944,000 35 ,694,000
662,000
,822,000
600,000
,980,000
2,803,000
,143,000
,186,000
136,000
,510,000
,187,000
Total week 706,631,524: 58,402,550 765,034,074 682,633,534
Prev. week 704,378,072! 58,264,200762,642,272i692,800,993
61,325,300743.958,834
60,915,5.50753,716,543
Italy
32,190,000!
52,984,000!
Nat. Bel. h
Switz'land
10,659,000'
21,237,000!
Sweden...
14,500,000!
Denmark
12,588,000
_
a
Gold
"
164 000
...
32 ,750,000
15 ,380,000
18, 340,000
14,500 ,000
...
8,121,000!
Norway
.
16, 186,000
12,752 000
8,121 ,000
10, 374,000
holdings of the Bank of France this year are exclusive of £79,131,137
No figures reported since October 29 1917.
h Figures for
1918 are those of August 6 1914.
THE REPUBLICAN PARTY'S PLATFORM,
Beginning its work
at 16.48 for checks
on
Tuesday morning, the Re¬
publican convention at Chicago has conducted its
proceedings with perhaps
tion.
The temporary
plank caused
and
1919.
£
87 ,029,228
9,600 ,000 153,964 ,935 142 ,881,156
65 ,120,150
platform
21.80
12
Silver.
129 ,650,000
against 17.25 and 17.65.
at
Gold.
54,760 ,450
checks finished at 17.00 and cable remittances
17.10,
and
June
Total.
...1116,706 689
116,706,689
144,364,935
54,583.,900,
NetherPds.
commercial
mercial
was
1920.
Silver.
129,650,000' 12,375 ,000 112,025 ,000
10,944,000! 2,369 ,000; 13,313 ,000
A us-Hun.
*
on
Last week the close
10
Banks of-
held abroad.
/'
Amsterdam finished at 36%,
against 36%; cable transfers at 36%, against 36%;
for bankers'
73,234,000
§100,032,000 Loss §68,112,000
following table indicates the amount of bullion
principal European banks:
Spain
previous week,
Copenhagen rates
Christiania remittances
Spanish Pesetas failed to show
and the
were
heavy with sharp
was
and
§5,122,000
95,277,000 Loss
£
Swiss francs
the levels of the
84,755,000 Gain
Reserve
831,920,000
Russia
maintained at
Net Change in
Bank Holdings.
89,877,000
Federal
Total.
Business
Guilders ruled easier,
though only fractionally down.
and
operations
France
devoid of especial significance.
Out of
Banks.
Banks.
■•••
22,043,000
Sub-Treasury
transfers.
As regards the neutral
of
into and out of the New York banks for the
appears to have been a loss of $68,112,000, as
money
ex¬
change has" not been changed from 8.70 for checks
and
loss
a
at
against
Greek
reached
the combined result of the flow
Banks' interior movement
2.36, against 2.45;
have
operations, which together occasioned
of $73,234,000,
Week ending June 11.
Exchange
11.
aggregated
$4,755,000.
comparison with 17.02 and 17.00 the preceding
week.
cur¬
June
$9,877,000,
Austrian kronen closed at 00.72 for checks and 00.73
for cable
ending
cable
2.40 and 2.42.
was
the week
for
Reich-
marks finished at 2.50 for checks and 2.51 for
Last week the close
result of the
as a
Belgian
transfers, against 12.57 and 12.55 last week.
remittances.
the
13.14
for
the
committee
more
than usual expedi¬
deadlock of Wednesday in the
over
the
League
of
Nations
probably unavoidable delay, but
nominating speeches were begun before noon on
some
Friday and the balloting
early enough to
ensure,
the week should end.
was
scheduled to begin
if possible,
a
decision before
June 12
THE CHRONICLE
1920.]
The difficulties in the way
platform in Presidential year
of constructing
party's
a
always and naturally
are
The Administration
greatest with the Opposition.
shelved.
3437
Here
of them
some
of them
were
four different shades of
claiming considerable support in the party
party will have its factional divisions, its differences
membership.
of
sions, it is reported I that the extremists for
opinion, its rival leaders representing antagonistic
popular
majority of
in
But
movements.
least
at
the
great
the facts that the party has during
cases,
four years or eight years
been in control of
govern¬
that its definite acts of legislation must be
ment,
defended and the
logical political
to that
sequence
legislation promised, make the construction of the
platform largely
matter of course.
a
There have been
exceptions to this rule, but they
history
the
instances
notable
The
political
our
the Democratic platform of 1896 and
were
In 1896 the
Republican platform of 1872.
vention
in
kind
the
of
refused
the
of
mention
all
ministration's work of the three
Cleveland
preceding
years
con¬
ad¬
and
On the platform committee's discus¬
League threatened to
of the
Convention, if
The
a
against
plank which they disapproved
result,
as
is not unusual in such
compromise plank whose language
non-commital.
was
or
the fight to the floor
carry
be submitted.
to
were
on
cases, was a
the whole is
Mr. Wilson's attitude in the contro¬
denounced; the covenant
versy was
always resulted from unusual circumstances.
two
the
opinion,
quite incompatible with others, and all
he proposed lit
as
criticised; the attitude of the Senate majority in
refusing to ratify it
matter of
tude
that "we
atti¬
says
pledge the coming Republican Administra¬
with the other nations of the
shall meet the full
as
the
own
tion to such agreement
world
in
But
question, the League plank merely
the
on
approved.
was
defining the Republican Party's
duty of America to civili¬
zation
and
humanity in accordance with American
that "we commend the honesty, economy, courage
ideals
and
without
and
voted
down
by 564 to 357
fidelity
of
the
administration."
In
even
Democratic
national
American
convention
present
declared
surrendering the right of the
power
the
1868
plank declaring
a
that "we regret the accession to the Presidency of
people to exercise its judgment and its
in favor of justice and peace."
'This is manifestly non-committal, and that is why
Andrew Johnson, who has acted treacherously to the
all the convention leaders
people who elected him and the
distinct
to
support."
were
far
he
as
concerned,
the silver
on
his
and
year
question; they
were,
supporters in Congress were
absolutely
Republican leaders
and the
one
breaking absolutely with the policies
on
opposition party.
an
dent Johnson had broken
the
he Was pledged
But the Democrats of the
resolved
of Mr. Cleveland
so
cause
the reconstruction question,
on
quarrel had been
Presi¬
completely with
even more
so
bitter that his
own
party's
representatives had already attempted to drive him
out of office
A party
through
in actual opposition is in the
position in framing
a
more
Up to
platform.
selves satisfied with the declaration.
said to have been drawn up
before
difficult
a
certain
as
to a
his
Its language is
by Ex-Secretary Root
As to how the
departure for Europe.
plank will be publicly interpreted in the campaign
and what its
remain
a
political effect will be, that must as yet
matter of pure
conjecture—especially
in
so
advance of the Democratic convention's action on the
subject.
The
I
,
difficulty of saying what
would have done in respect to a
impeachment trial.
an
mutually hostile
pledge of definite action have professed them¬
measure,
opposition party
an
given Administration
if it had been itself in power, explains also
why the "currency plank"
was a
somewhat awkward
In its important
point, the denouncing of the Administration party
problem at Chicago this week.
and its actions will be
matter of
aspects the Federal Reserve Law was the measure
opposition
proposed and urged during many years before 1913
what it would have done itself, and
by Senator Aldrich and his Republican associates.
agreed
But the trouble
course.
party has to
say
comes
what it will promise to do
tions if it is put
in
upon
on
the other party
as
regarding these
No
power.
same ques¬
administration
can
administration
important matters exactly
some
would have acted if it had had the
But that is not all; for the
responsibility.
that the
a
when the
make mistakes all the time and every
is certain to act
as
very
fact
opposition party did not have the responsi¬
bility of acting will often have created
a
situation
What Mr. Wilson did
form
measure
that the Aldrich
proposal
branches and not for
central
was
a
was
and business
men
the
in both
Aldrich
financial merits
for
a
It is true
central bank with
dozen Reserve banks with
supervisory board.
preferred
to force the currency re¬
through his first Congress.
a
There are many bankers
parties who would have
plan.
whatever
But
their
might be, those aspects of the plan
in which the real attitude of different statesmen and
had been
politically unpopular.
factions of that party
been safe
politically for the Republican convention
Two
or
three
public
is mutually incompatible.
men
in the opposition may hold
absolutely irreconcilable views
party's attitude should be
on
to have hinted at reversion
to what their own
existing Federal Reserve machinery had absolutely
a
question regarding
broken
So long as the
whicl| the Administration has acted.
down, and that had not happened.
Senator
Lodge in his speech
fortunate in
tration's measures,
intimated
they
own
proposals
This
is
as
as
they
act in harmony.
own
policy, such
bitterly hostile to
were
But
party is forced through cir¬
cumstances to declare its
find themselves
can
to that idea unless the
as
only practical consideration is to defeat the Adminis¬
the moment their
It would not have
one
whereas
another's
prescribed
to those of the other party.
was
not
that
Congress could
provide for giving
cause
such
no
or
policy of
a
bank
can
be practicably
outlined by legislation , and second be¬
he rested his argument
for
a
reduction of the
outstanding Reserve notes by Congress on the state¬
ment
League of Nations.
Chairman
preference in credits to the most essential products,
men may
exactly what had happened regarding the
as
handling the question—first because he
that
Congress had already by law raised the
abso¬
limit of issue from two billion to four billion dollars.
lutely against Mr. Wilson's entire proposal.
Sena¬
But the Senator
tor
reser¬
ever
Senator
Lodge
Johnson
was
and
Senator
Borah
were
willing to accept it with drastic
vations; Senator Colt, with mild reservations.
tor Knox wanted
and
the
whole
war
declared at
League
of
an
Sena¬
end by Congress
Nations
j
controversy
was
misinformed;
no
such action
was
judicious.
It
taken.
The Platform Committee
based its attack
on
was more
two assertions—that the Federal
Reserve circulation had been inflated
by the Gov-
THE CHRONICLE
2428
ernment's
from the
large
their present
tion.
short-term borrowing
to
recourse
banks, and that prices had been raised to
level by the resultant
These considerations
give
which would not involve the party
of the
in
Federal Reserve system in
doubt
no
possible that
infla¬
currency
basis for attack
a
denunciation
a
It is
principle.
Republican Congress and
a
veto
the
based
was
bill
[Vol. 110.
on a
section in the accounting part of
which
attempted to give to Congress the
to remove from office the Comptroller-General.
power
The President insisted that under the Constitution
he alone had this
This is
right.
a
mooted question
constitutional lawyers but the weight of au¬
among
thority
paying the
question has
market rate of interest
the Demo¬
with
be
to
appears
Administration would have shrunk from
President.
the
The
Court.
crats did.
But the
on
the
policy
war
as
in the great
seen
de¬
preciation of Liberty bonds since the war.
Therefore the opposition party is justified in using
the
political argument. But the plat¬
wisely does not pledge itself to immediate or
episode
form
On
financially unsound,
was
and its bad results have been
loans
as a
been decided by the Supreme
never
Saturday the House speedily repassed the bill
with the matter
objectionable to the President elimi¬
on to the Senate which it reached
nated, and sent it
a
few hours before the time set for final
Here it
called up
was
nothing
was
passed the Senate without
clines to deceive the
been discussed in Congress
people with vain promises or
It improves decidedly on Mr.
Lodge's suggestion by merely saying that "we urge
all banks to give credit preference to essential
seemed
industries."
jected and began
It is
equally well-advised in what it
protective tariff.
Senator Lodge
about the
says
had said in his
speech that tariff legislation had been prevented by
the presence
that "to
intend
we
as
But this
There
a
of Mr. Wilson in the White House, and
are
to
have,
given
cautious encouragement to
policy in such
industry
an
But the
dyestuffs.
as
general
the
circumstances
of
the
general action
on
protective tariffs, with the present
day do not favor
position of the United States what it is
nation
hasty
any
creditor
as a
principle of protection, but coupling this with
that
statement
condition
"the
uncertain
international
of
unsettled
and
the abnormal
balances,
its merits,
and Congress adjourned
vote,
a
disappointment to the
coun¬
whole year's delay before the
one
be installed to control the estimates
can
It is
source.
a
matter of
necessity that the Senate act
the most urgent
this bill immediately
on
meeting next December.
upon
In
particular the bill should be amended.
one
The
salaries for the experts in the Budget Bureau are too
The Director is the
low.
who, of
Secretary of the Treasury
draws the salary of
course,
there are allowed
employees at $5,000 each, and
high.
as
This is
dollars
others at
a
This Bureau will pass
totaling billions of
the validity of estimates
upon
no
v
serious limitation.
a
cabinet officer;
a
the Assistant Director draws $10,000;
rate
the
on
Thus the bill died in the Senate
distinct
a
means
at their
recognizes that fact; reiterating the party's belief
in the
reaching
It
four
unexampled scale.
discussion of the bill
a
novo.
This fiasco is
The platform wisely
on an
But
only
until next December.
machinery
too little.
strong immediate argument; Mr. Wilson himself
has
without
President."
protective duties for which there is
some
opposing it de
Republican
or
until it
press
To this Senator Reed ob¬
by unanimous consent.
try.
a
and in the
short that action could be taken
was so
must have,
saying either too much
was
It had
dissenting vote.
a
hardly possible to add another word.
the time
measures we
accomplish such
There
in the bill; it had already twice
new
early removal of all the stated evils; it in fact "de¬
quack remedies."
adjournment.
for immediate action.
annually.
will be
responsibilities
Its
tre¬
economic and trade situation of the world and the
mendous.
impossibility of forecasting accurately
protecting the taxpayers from the unwise, ill-con¬
future, preclude the formulation of
to meet conditions
gram
a year
the
near
definite
pro¬
even
a
chiefs
in
FAILURE
OF
NATIONAL
THE
BUDGET
BILL.
After many months of
research
by the House and Senate Budget Committees
Congress finally
lish
a
bill to estab¬
on a
budget system for the administration of national
finance.
It
and the
of
May 29 agreed
on
the
was
a
compromise between the Good
McCormick
Good
President
for
bill
all
bills.
It
retained
the
centralizing responsibility
demands
for
money
theory
the
a
took
over
the administrative
On the other hand it
machinery provided in
the McCormick bill and made the
Secretary of the
Treasury the head of the Budget Bureau with
to revise the estimates for
the
departments.
On the whole the
was a
better bill
the McCormick bill.
parties in both Houses werfc satisfied with it.
adopted unanimously.
'
The bill reached the President
Congress adjourned
on
departments in
allowed four at $6,000 and
sev¬
$5,000 in addition to the Comptrooller at
$10,000 and
an
Assistant Comptroller at $7,500.
The bill
it
passed the Senate allowed the Budget
as
Bureau two persons at
in
out
conference.
$7,500 but these
were
They should by all
stricken
means
be
restored to the bill.
UNITED STATES AND EUROPE.
THE
The
not
world
culmination of the matter of
a
but
and
war
a
its
aftermath.
It
was
How
indealistic intent thereto?
there
were
was
race,
called
a
democratized
comparison of the gains and losses of
nearly is the world
democratized; what should
now
our
question of the Armenian mandate suggests
only
vague
not
dreams
as an
of
we
do to maintain
Long
a
ago,
United
while yet
States
of
outcome of the war, attention
only to the age-old antagonisms of
but to the influence of physical basis in the
formation of free and independent States.
Armenia,
stripped by arbitrary outside partitioning of its most
Monday of last
Saturday.
dent returned the bill with his veto
Both
I
on
demands of the hundreds of
Government
Accounting Office, created by the
are
Europe, indulged
,
compromise bill
or
power
expenditures submitted by
/
than either the Good
week.
ap¬
Comptroller-General for life to head
general accounting office.
at
upon
Congress by the executive Government and the
pointment of
eral
herculean task, that of
the
on
made
the
that of the General
bill, where there
laborious investigation and
an
And yet the salary scale is lower than
Washington.
THE
given
sidered and extravagant
bureau
hence."
is
It
on
The Presi¬
Friday.
The
valuable agricultural and mineral lands
(so declared
by the American Committee for Armenian Independ¬
ence) offers
a
ripe example of the impossibility of
June 12
1920.]
quickly fitting
fair ideal to
a
ing condition.
THE CHRONICLE
We hear
formidable and frown¬
a
of
no more
a
possible United
religions and
creation of
States of Europe, though there be an overcoming of
autocracy and
The
many
tentative States set
new
difficulty of totally democratizing the world has
now
directly home
come
action is
thought
a
to
and
us,
that
the issue.
on
this request
of
case
small
...
the
of
world.
One
United
indicate
prove
test
a
States.
Committee
the
At
points
time
same
that
out
expensive
a very
easily be borne by the
can
the
American
accepting
arbitration
part of the new boundary lines confirms the
a
others set
by the Council.
The question thoughtful
American citizens must consider is—are any
States set up
new
tuted
terr
torially
and therefore of
matter
by the Peace Treaty
as
consti¬
so
to be capable of self-existence
political independence?
not the basis of their
was
of these
And if this
boundaries, if they
not
are
physically able to maintain themselves, then
the
world, thus far
can
ly
democratized ?
even,
be said to be permanent¬
If it is not,
then
League of Nations instituted to
must
not
a
and per¬
procure
It does not follow however that the
of the "ideal" and the
been
States
by participation therein aid in
Europe, the remapping of Europe in such
that not
manner
of
only would
self-government and
there
the
might
exist
a
States be capable
self-preservation
continental
but
condition
that
wherein
possibility of United States might inure?
These
America.
political governments in Europe and
the
When
crystallize the ideal
sent
of
of
sort
some
democratization
which
to
we
harmonious relation of States,
though not united in
Federal Government, such
one
exists in the American
the
actually
comes
armies forth to procure he must have had in
our
mind
citizen
Republic.
Here, there is
democracy of home rule by States that
pendent and living in permanent
vision could he
jhave had
as to
Though
rule?
political
two
are
inde¬
the fundamentals of
years
passed this nation is confronted
have
not
yet
with the task of
fitting its war-emboldened ideal to
a
order to "make the world safe for
democracy" and
finds the task onerous,
If
this
is
single State in
inexpedient, if not impossible.
whether there is
or
is not
a
League of Nations?
"supreme cause."
we
or
made smoother for
been
not in vain
was
of
Europe territorially
and Central American
ideal of
our
to become
by
active factor in this
an
view, it
one
vaunted
the
States
of
new
can
free
New
the
unless
the
can
States
nuclei
of
natural drifting together
ever
as
well
as
be formed having
So that if this nation should accept
mandatory in a single State (the action of the
interference
States.
out
of the question as regards
(though helpful the motive) in all the
And being a representative Republic where
by consent implies specific political direction
an
electorate how
individual
could voters
undertake
citizens the reconciling of all
as
European
measure
our forms
in
compares
be said the United States has
may
do, in proclaiming the
can
a
these unlike European peoples may move
of
labors
that far time
Until
literature and law
there
never can
which
exists
between
language,
for Europe as it is
one
be that harmonious relation
the
States
separate
harmony
This
Republic.
when
comes
become
can
for us,
of this
cannot
moreover
come
dictation, forcible or otherwise, it must be
by
growth,
self-determination of the spiritual
Not
even
Common trade may
a
be
as
super-State
well
should
to
be
not
potent agent.
one
basis.
dictator
a
affairs
and
relations
should
peace
a
no
still
Armenia
be.
of the
as
compel it.
can
It must be admitted that the world is not
quickly
a
moving upward to the light, it must be
a
material.
If the
in
these
other
United
States
European
new
political
stands
getting
"Power"
before
us
as
an
illustration of the whole problem of reconstruction
after the
disruption of actual
war.
Somehow there
cessation of these embryonic wars.
doubt that complete disarmanent and
one
boon that could befall mankind.
to talk of reconciliations and
use
No
immediate
readjust¬
ments, of democracies by plebiscites, while there is
overshadowing political force at work and serried
bayonets
in
still marching and
are
troubled
here
areas?
is not
and
Nations
•
But
that
countermarching
disarmament
is not
really envisioned by a Legaue of
insisting
stricted to this
on
sense
interventions.
armed
Re¬
the war-to-end-war has been
a
failure.
It is often
it would be committed to the policy of
Armenia)
by
a
dispensation,"
model, toward which the aspirations, events, and
can
pernancy?
Senate renders that
rule
And
populations according to needs
political rights
life
Era.
be the result of
new
Living its example it will therefore furnish
must be
order to be sure, but there is not yet
we
territorial domain.
our
enough, all that it
ideal.
unless
less forcible imposition of
a more or
Of what
a
We cannot,
areas.
size with the extent of
In
tradition and history
"democracy", expect therefore
territory that in small
a
done
race
imitators in the South American
our
would be the greatest
There is
not those of the territory
reasonably be ex¬
political Constitutional form will
our
it has done to
remake
be at
It cannot
appeal to peoples steeped in
as
diffuse
a
can
The physical conditions
are
of the United States.
pected that
clinging to
conviction that it
practically realized.
war,
trade.
European peoples the war
What is vain is the tenacious
ideal in the stubborn
once
in, guardedly,
go
the part of the United States.
on
material
or
We may
stay out—if the road of the future has
may
determination cannot exist in the face of, in spite of,
considerations, be these territory
League covenant sink
a
the
Self-
wThat has been gained by the
true
certain
insignificance in view of the "great sacrifice" and
What other
peace.
a
But it follows that contro¬
the provisions of
versy over
them.
questions bring forcibly to mind the differ¬
between
ences
as
new
a
conditions then there is
into
reconsti¬
a
For the example of our
half growth still stands four-square to
If the way "over there" has been made
under any
easier
over
tuted
have
a
repayment for the effort.
has been done
And must not the United
war
Government cannot do this.
save
ing forth the League?
promulgation
undertaking of the
wholly in vain, because citizens and therefore
century and
petuate peace at once proceed to undo much that
by the Treaty embodying and bring¬
racial antagonisms and the territorial
self-perpetuating States?
the world.
leading editorial
that the undertaking will be
but adds that this
one
for
„
to
seems
of the Council will
our
room
professions of political aid to struggling
our
States
says
though
foregone conclusion there is wide
Newspaper comment in England
on
up.
2429
truly said concerning our own domestic
problems that
The
same
new, are
our
economics is in the grip of politics.
is true of the world.
Nations, old and
constructing peace, not living it.
soldiers in Armenia would stand as an
all
time
of
an
enforced
peace,
American
example for
would mark
an
im-
'
possible idealization of so-called "democracy", anc
would set the date of the beginning of new wars
citizens
As
do
we
Nor
can
higher
or
wealth
for
larger ideals than a desire for as much
as
little service as can clamorously be
commission out of our own citizenry, to
really valuable and just decisions, save over
But time has no chance!/,
patient is sick of a fever, it is considered
of the evils.
When
a
ill-advised, if it
be avoided, to perform a surgical
can
no
obtained."
And the
speaker is further quoted as stating:
"The demand of labor
long time, which itself, if given a chance, will cure
many
of
millions
by
those
rather,
are,
Nor, in our belief
a
a
render
They
democrats, apparently motivated
commission prepare
State disputes.
these European
"The true enemies of industrial democracy are not
capitalists.
industrial
know enough to arbitrate
not
does the President.
itself,
[Vol. 110.
THE CHRONICLE
2430
not for wages
to-day, said Dr. Bell, was
but for the return of the ownership of
tools from those who possess
them.
them to those'who use
they shall no longer
The workers demand that
remain as wage servants but shall take part in the
Hanging forever on political adjustments,
ideals that will not ownership and management of the tools with which
crystallize, on artifical creations such as a League of they labor. The whole struggle of labor," he added,
"was really a struggle for industrial democracy."
Nations, is undoing the whole world, and destroying
We have quoted at length from these remarks, not
the actual liberalizing results of the great war.
Democracies that come forth from the mould of dead because they can be construed as representing the
autocracies are of slow growth, and they must grow, attitude and consequent duty of the mighty Church
operation.
territorial emancipations, on
on
The world is becom¬
ing smaller in many ways, but wide and deep as is the
stormy Atlantic the spiritual ocean that lies between
all things grow,
as
United
the
from within.
wider and deeper.
We
forth in fair trade
more
real) but
our
some
we
cannot send political
life of
themselves.
But they cannot escape their
example and good-will.
duties
and
will
Nations
of
mandate by foreign
responsibilities.
them,
save
power, no war
new
for safety
no
No
or supremacy,
League
not even a
for
nor
or
exceptional view they contain
an
fallacious, rather to illustrate the oft
asserted
difficulty of making
hensive
statement
of
its
in
a
clear and yet compre¬
problem." The
"labor
the
of
clearly
very
"labor"
the sinister encroachments
sees
"for personal enjoyment"
greed
through "unprincipled and immoral wages."
does not
this
to
alleged fact the same degree of motive for
The famous reply of the
"personal enjoyment."
first
Armour
to
a
disgruntled workman who com¬
plained he only got "clothes and board" out of his
"Well, that's all I get," said
work is illustration:
the
And there is
packer.
vast difference between
a
in industry and
political form—they must seek their salvation in
satisfaction in the exercise of power
humble
ad¬
the
enjoyment of the mere flesh-pots of life.
Even
ing
an
constant
courage,
and political evolution and sacrifice.
vance,
might thrill the whole world
the United States
now
anew
educational
work,
by abandonment of its fetish-worship of an
ideal, and
actual return to self-maintenance and
an
self-determination, living its example in "minding
its
business"-— its
own
people dwelling together in
frugal living, work, and
and
arouse
industries
wealth—great
through
employ
function,
imitation and
DEMOCRACY."
of St.
life, solidify toil and
energy
John the Divine,
on
a
these do to advance the
because this is
now
Labor," the Rev. Dr. Bernard Iddings Bell, of St.
And yet
Stephen's College at Annandale-on-Hudson, delivered
placed
on
•
the "Movement for Industrial Democ-
in extravagance, petty
a
foolish
sense
equality, in waste and idle living, what do
is it warrant for
sermon
into enterprises that
speculation, fashion and show, and for
Association for the Advancement of the Interests of
a
born,
of
though material make possible the spiritual, even
of social
\
Sunday, under the auspices of the "Church
recent
are
workingmen,
emulation, supply the needs of
numbers
vast
But "immoral" wages spent
Cathedral
Grant¬
element of "greed" in this seeking for power of
the Church itself.
peace.
ONE OF THE CONTENTIONS OF "INDUSTRIAL
At the
But he
point out that though "profits" in the past
have "exploited" labor there cannot be charged
may
and old, must live the
They may be succored by
States,
whole,
a
either sound
spiritual armies speaker
this thought seems
they either become fighters or fanatics.
These European
own
send
can
democracies is
to redeem the world, for at our
armies, unarmed,
new
European
(though to
fantastic than
confines
and
States
as
in
taking
way
a
going
of humanity?
cause
on
And
to an unparalleled degree
the "tools of trade?"
over
these two kinds of "greed"
are
will contradict
testimony of experience to the effect that in the
the
on an
equality.
No
sane man
1
racy" in which he is reported as saying that this
accumulation of wealth through
industrial
of
democracy is inevitable, having "already captured
duct
the
imagination
We
quote the following from a published excerpt
initiative and
con¬
manager, soon
taken from his
and
mind
of
the human race."
"Democracy struggling toward power has been an
altruistic movement.
Industrial democracy in power
looks
almost, if not quite,
as
materialistic
as
the
apparently,
as
with
of
brilliant
and
noble
inues
trollers of life has
but
rather to
long been not to
exploit it, seeking
serve
even
humanity
to gain for
personal enjoyment unjustified and immoral profits,
so now
the
general idea of labor inevitably approach¬
ing social control
to
be not to
seeking
ever
serve
with brilliant exceptions,
humanity but to exploit it also,
seems,
to gain, for personal enjoyment, un¬
principled and immoral wages."
owner
or
a
power
burden and
over
a
into the time when under the commune
syndicate labor seizes and operates industry what
can
prevent its utter rapid
dissipation?
In the countless utterances on
exceptions, the general idea of our investing con¬
man,
not excusable) and become
responsibility. If the motive
"personal enjoyment" of inordinate wages con-
perforce
or
plutocracy it is displacing."
"Just
add
the
reaches a point where future returns
nothing to personal enjoyment (though they may
gratify love of
sermon:
enterprise
in many
of the remedies offered, it is sought to strike
middle ground.
same
this "problem" and
Somehow
or
There is to be
somehow else,
'act that there has been
a
compromise.
tacitly accepting
by the rich
a
as
a
positive direct
exploitation of the poor (not a process or an attendant
of
a
process)
effort
poor,
a
willing,
eager,
persistent, organized
personally directed to make and keep
men
there is a halfway assent to this doctrine that
June 12
THE CHRONICLE
1920.]
the "tools of trade."
belong of right not to those who
but to those who
own
But the eternal and
them.
use
indisputable fact is that
man
one
rich and
grew
another grew poor, or remained poor, under the same
law and Government, and
of the
"spenders" of high
new
of poverty
under the
And at this
general advance.
same
freedom
very
time the
sowing the seeds
wages are
in life is
some
times, and most times, due to the individual.
be through
fault
a
inescapable conditions.
individuals,
And not
And this
collectively,
their wealth.
elements of constant
failure,
or a
regulation of
it
or
would he true if
"the U. S.
maintain
Dec.
on
only is there here
of ties
roadbed,
The
31
turned
was
to the Govern¬
over
There has been
1917.
and in miscellaneous maintenance work.
good condition
The
your
company,
number
of
locomotives increased
in the past year,
number
1,143
too, is not in
and is
81.30%
or
reported in
are
freedom which forward looks and achieves and
85
6.05%
a
of man,
awaiting shop," against 126
How then is this vast
property change from those who
to be effected ?
use
law?
the
By
?
wages
to those who
own
By confiscation through political
"greed"
"immoral,"
of
By reduction to impotency by
ing down
process
of strikes?
until in
mission
When
come?
out
goes
fateful and
"the
among
Caesar that which is
unto
that
which
is
God's?"
own
distribu¬
of the
or
more
labor"
such
are as
many ways
there
as
ex¬
modern
thing
But is there
the rights of vested conditions?
as
no
Is
a
theory of the ownership of all wealth, of "in¬
new
dustry," to throw down all the
the
of
ucts
upward-moving years?
United States fare any
And
the
can
better under communism than
Russia—(at the moment
poor
and prod¬
processes
we
write word
a
comes
Cannot "labor" by saving buy its
ownership, through thrift and
avoid
so
decay and slavery?
to
way
and doing
economy,
What is the need for
of trade"
because
the
generation
believe the doctrine is true and
It is
touch
the
despair of
an
protection
inheritance tax is to
Government
which event he finds such
State
never
and
its
recent article,
state
find
owners
pay a
has afforded
a
But
return for
property
tax should go
municipalities.
to be lost to
certain
men
a
all-
pointed out that the only right for taking toll of
property by
the
than
more
complicated
Governor Cox, in
one
a
themselves
certain
of
users
equal law
wealth
in
Operating
Operating
expenses
mile
per
mile
per
operating
revenue
mile
per
were
$8,171 in
were
$5,355
was
in
expenses
Net
in
1917,
The ratios of
$4,737 in 1918, and $3,681 in 1919.
operating
to operating revenue were 60.41%
1917, 69.62% in 1918, and 75.91% in 1919; the
ratios of taxes to
operating
7.93% in
1917,
operating
total
in
revenues
in 1918 and
a
decrease of $21,-
$71,516,302
were
expenses
$76,179,614 in 1919,
The
1919.
$102,908,259 in
were
$100,739,353 in 1919,
the operating
7.83% in
revenue were
and 8.93% in
1918,
increase of $4,-
an
Of the financial results of public operation
663,412.
to the United States the
report
says:
"The Federal income account shows that the net
income
to
the
U.
S.
Administration
Railroad
was
$17,279,912, which is $12,809,779 less than the just
Administration from its
through the
the
Administration
paid
prices
wages
was
were
during the
very
year
year
one
and
set of
another
a
freight rates
much greater
fact.
mounted
many
1919,
no
The report
this &s
just issued supplies grim
well
months
Railway Co.
increases
were
made
that year was so
very
largely to that
decrease of $2,168,905
of
in the
gross
in
as
time
more
other
conditions confront
returned by the Government is not as
when it
the
was
taken
property can
difficult
over;
this is serious, but
be restored
.
.a
problem is to restore the earning power
and unassailable evidence of the destructive effects
of the company to
1917."
To
new
companies because of the 26
control; that "the physical condition of
the property
good
remarks that
as
of the Governmental
control, following the exhaustive
the
and
railway operating revenues."
moral
PORTRA YED IN NORTHERN PACIFIC REPORT.
Though
steadily,
fares, and the fact that
or passenger
was a
property
marked increases in
than in 1918 is due
There
your
1918 the loss to
$1,228,429.
materials
for
though there
operation of
During the
year.
the loss to the Administration in
a
RAILWAY TRANSPORTATION CONDITIONS AS
revenues
fact ought
thereof, that therefore the former have
for the calendar year 1919
completed.
year ago are
in
right To take from the latter.
The report of the Northern Pacific
or
equipment
but 971 out of 1,000
year,
a
only to the
sight, and it is that because in
under
freight
compensation, and this represents the loss to the
righteous?
writer to do
any
single points in this
upon
absorbing matter.
has
using them,
now
by vicious sophistries, are coming too much to
In
1917, $10,857 in 1918, and $11,601 in 1919.
tolerating this immoral doctrine of owning the "tools
led
de¬
passenger
figures show that capacity for physical
still, at least.
1918 and
toiler).
a year
one,
$13,526 in 1917, $15,594 in 1918, and $15,282 in
168,905;
wonderfully liberated Russian
lost
efficiency has not been doing better than to stand
that the draft for work and the status of soldier is
so
ordered
cars
These few
to be
applied to this
1.07%
or
additional
no
or
ago;
decrease of 214 in number and of 3,850
capacity tons in the
1919.
to harmonize "capital and
human minds.
are
was
40-ton box
up-to-date direct, "thou shalt not steal?"
There
there
this
all
and
year,
year
"unserviceable,
as
company
elsewhere.
contract
of
Caesar's and unto God
the
cars
a
equipment is building at the company's shops
under
"render
say
9.01%
or
reported
are
passenger
new
in its
Will it thunder at
ploitation whether indirect
and
rightly
new
irrepressible conflict, will it
Of
ago,
reported "at shop
are
awaiting disposition," against 15
stroyed during the
wear¬
harmonize
to
2.13%
or
slow
a
Church"
men
30
ago.
By "agitation" of the
sudden "revolution" the
some
shall
and
10.52%
or
exorbitant
false right that those who use therefore
tion
148
year ago;
"good"
year
a
reported "fair," against 76 and 5.43%
are
cumulates, but there is the preservation of the liberty
man.
only
Of this
1,406.
now
condition, against 1,182 and 84.49%
or
as
at the beginning of Federal con¬
as
perpetuation of opportunity, not only is there the
and of the
de¬
some
re-laid, in the number and character
equipment o^
trol."
ac¬
unable to
was
property in the excellent physical
replaced, in the amount of ballast put into the
seven
redistribution, not only is there
neces¬
told that
are
ficiency during the period of Federal control in the
of the
one
We
Railroad Administration
your
condition in which it
ment
hy seizure
to increase
were
It
be by
may
and also shows the
so many years,
sity for liberal increases in rates.
amount of rail
for their children.
The difference between two stations
may
2431
the basis existing during the
illustrate
the
problem
of
year
restoration
[VOL. 110.
THE CHRONICLE
2432
figures contrasting 1917 with 1919 are next given.
the
The railway
give good service to the public while at the same time
operating
in 1919 was $100,-
revenue
highest spirit of efficiency and economy; and to
of having net earnings adequate to
in 1919 the dividend of 7% which the
all charges and
739,353, against $88,225,726 in 1917, an increase
pay
$12,513,627; the railway operating expenses
company
$76,179,714, against $53,297,861 in 1917, an
were
increase of $22,881,853; the net operating revenue
continuously for 16
attract
to
new
has paid
with a sufficient margin
for equipment, betterments,
years,
money
in additions, dnd expenses—these are some of the prob¬
:
1917, a decrease of $10,368,225.
Deducting railway lems confronting your management.
tax accruals and uncollectible railway revenue, and
"During these 16 years the country and the peo¬
adding in non-operating revenue, the net income of ple of the country have prospered greatly and values
on all forms of
1919 was $17,279,912, against $31,379,565 in 1917,
property have increased very largely;
in
1919
of
decrease
a
$24,559,639,
was
$34,927,865
against
Then follows the sig¬
$14,099,652.
nificant remark that the volume of business handled
and all forms of successful human endeavor have re¬
ceived far greater returns
and much greater incre¬
ments in value than have
the railroads, showing very
As
clearly that the pay received by the railroads for
evidence of this, the number of passengers carried|
and of passengers carried one mile decreased; so did service performed has in no way checked the growth
In justice to the owners of the prop¬
the mileage of passenger trains and of passenger of the country.
by the
company was
less in 1919 than in 1917.
trains
per
and
of
$1.30
This
with the general
concurs
a
number of years,
the Government
The
ceased to clamor
payrolls in the month of last January with
since the
remarks this report, "shows
material
it
fuel."
and
The
the first
increase of $2,223,769
an
Material and fuel cost in January of
$1,735,861, and in last January $2,335,899,
increase of $600,038 or
an
payroll in
$2,346,820; in the first month of
was
$4,570,590,
was
94.76%.
1917,
increases granted
began and the comparative expenditure
war
month of 1917
or
A contrast
more.
the cumulative effect of the wage
1920
gross
who have not to this day
periodically for
the like month in 1917,
for
expen¬
has mostly been absorbed by
money
increased wages to men
of the
and not beginning with
devouring increased
even
Incidentally,
we
erty which has served its country well and faithfully
its
earning
the
on
should be restored to it.
power
return
such
a
low that the business cannot continue in
so
way as
to serve the country in a satisfactory
manner."
The situation of this
them all.
We have
important road is typical of
already pointed out how radi¬
cally the seizure of the roads
the plea of emergency
on
differed from the familiar condemnation and
of
property
major
erties
was
term of
pledge of
and
use
a
compensation during the
a
distinct
pledge to return the
and
in
was."
substantially
The
complete equipment
as
bound the national
surrendered by any country which expects and de¬
But to any persons
who
may
not feel concern about
ment program
tion
"calls for the completion of the tenta¬
be obtained
pany
progress a
of 1920, and at the
preliminary figure should
by that time."
employees
upon
The number of
this work
company's portion of the work
1919
had
cost
is 98, and the
now
up
com¬
to the close of
A comment which the
$1,119,846.
it
honor, the last possession to be
national honor the law and instinct of
present rate of
as
people made that pledge, and in it is
sires to continue national life.
34.57%.
latter part
perp-
erty of each carrier "in substantially as good repair
note the remark that the work of
the
nor
voice in making the terms; but there
a
distinct
a
neither asked for consent
were
owners
permitted
prop¬
forcibly seized under the guise of "hiring"
were
and the
These going
of eminent domain.
power
purchase
then market value, under the
its
at
physical valuation is proceeding, that the Govern¬
tive valuation
In 1917,
of its bonds and stock the return was
par
only 6.95%, which fell in 1919 to 3.84%—obviously
a
results in transpor¬
control; increased operating
offsetting and
earnings.
expense per
train mile shrank from $1.40 to $1.01.
per
tation for
revenue
train mile was
in 1919 than in 1917, so that the net
more
earnings
The
cars.
$4.61 in 1919, an increase of 91
was
1917, but the
over
revenue
freight
revenue
train mile
cents
ses
freight and of
the mileage of revenue freight
the mileage of tons of
cars,
such freight per mile,
is
speaks
a
self-preserva-
sharp imperative "must."
This report
nominally addressed to the stockholders who
technically the
real
owners,
which includes
ownership,
living in the country, and
To
even
direct from
distinguish
are
but really to the far-wider
every
person
now
the next generation.
indirect ownership
railroads and make of the former
a
"class" is
as
the attempt of organized labor to
of
im¬
report omits to add is that this expenditure is so
possible
much additional waste.
separate itself and maintain an opposition and a con¬
As
bearing
railroads
are
upon
neither need
we
the still-persistent notion that
the property
nor
are
of
a
few rich
entitled to any
persons
consideration,
note the remark that at the end of the
year
company's
crease
of
holding
stockholders
3,765 in the
was
numbered
year,
113^ shares during the
A little of the
30,765,
and that the
about 80% shares,
an
who
an
the
in¬
average
increase of about
concluding remarks of Mr. Howard
the
volume of business
handled; to
obtain in connection with the Inter-State Commerce
interests,
as
whole
the
with
mon
or
impossible
joined together
man
as
so
to treat some
having nothing in com¬
body.
What God originally
of the human body
organ
as
cannot put asunder, and if they
try to do so they kick against the pricks.
What shall we do with these "our" indispensable
instruments?
them.
year.
Elliott, the chairman, deserve careful reading:
"To increase
flict of
as
could
But
be
so
We must save, restore, and improve
how?
transportation.
is
as
one
a
dead
of two
or
ways
so-called
an
tax
inadequate
(since
no
third
must take up the work of restoring
enlarging these instruments without which we
possible)
and
In
conceivable
No
crippling
we
Commission and the State Commissions increases in
cannot
rates to meet the increases in costs and
fully collected and wastefully disbursed, or by in¬
creased rates which will go directly and effectively
fair wages and provide
restore
the road to
good working conditions; to
its former
tion; to perfect the organization
supervision of
every
taxes; to pay
detail; to
good physical condi¬
so
that there is close
encourage
and develop
live;
we
must do this through taxes, waste-
towards the desideratum of restored
railway credit,
larger railway service, and the greater abundance
which alone means lower prices of necessaries.
The
June 12
THE CHRONICLE
1920.]
rise in nominal railway wages
should be halted, and
should brace ourselves to meet and
we
immediate consequences of
ther rise in
those
railway income
it
comes;
this stand, whatever those
This is the plain truth, because
be.
may
absorption of
In
creases.
resistance to it
or
means more
either
stop
must
turns
by
an
ference,"
says
solved to
serve
the olc
on
unshakable
representatives of labor in America, met in
was a
reservation—"on
along" for putting all
basis.
industries
necessary
itself, by its conduct, what it
without
LABOR.
The open
which
Gompers and Gov. Allen of Kansas,
pronounced by ex-judge Parker, the
was
pre¬
sideration than
occasion "commanding wider con¬
did the famous Lincoln-Douglas de¬
bate"
ago,
siding officer,
of
an
long
gave
Mr.
Gompers the most
a
on
the
itself.
It
now
openly
body of
men
country, physically in America but not
a
otherwise;
debate in Carnegia Hall on May 28th,
Mr.
between
our own
"just hop
It virtually hessianized
proclaims itself through Mr. Gompers:
MR. GOMPERS AND THE ST
re¬
the country, in peace or war. ' Noth¬
Organized labor proceeded to
declared
by general disaster.
con¬
Mr. Gompers, and unanimously
ing of the sort: there
terms."
"closed"
this
upon
day in the last
'' The working people of the United States,
new
absorption of the rate increases
word, it
a
which
ten years.
the
asked, and then the necessity for further rate in¬
spiral
work, and the interpretation the union puts
has been illustrated in almost every
fur¬
any
aid, from whatever source tha
or
means
means
wages
the
overcome
2433
holding the franchise, yet not Ameri¬
men
without recognition of any concern in the
cause.
Labor "fought," but in such manner
cans; men
common
that it put
everything in peril here and drove the
of England into
women
the munition shops, to
the world.
It would be
the country
of the shameful past which is
public stage and the best conceivable opportunity for
against labor
stating, and, if possible, justifying to the world the
save
prudent not to remind
more
record
on
discoverer and improver of oppor¬
tunity..
stand which
organized labor, considered
the dis¬
hold
as
tinct class it still affirms itself to be, proposes to
subject is
perpetual
so
ate fulmination of
a
plague, and his elabor¬
alleged principles
so
it is unnecessary to follow him point by
offered
He
nothing
recent, that
point.
He
for there remains nothing new.
new,
brought out the familiar rhetoric, repeated the
old
and again made
of principles
phraseology in generalizations
some
citations and
which
entirely sound but will not bear the appli¬
he wishes to make of them.
It is quite
are
cation
true that "we
the
now
at the
On
people.
our
great
are
parting of the
controversies which
great
minds of
the
declarations
some
the
are
one
ways
occupying
hand,
we
in
< the
have
constructive movement for progress, for
civilization, and with all the tasks these impose; and
the other
on
course
of
hand,
we
have those who are leading the
reaction, of injustice
tirely true, and
very
well stated; but the alignment of
contending forces is not
Mr.
its
En¬
of tyranny."
best, is
organization of
an
to their
a
our
time
says
Mr. Gompers,
jobs and make strikes unlawful; that is
our
republican institutions and
Unnecessary to spend
democracy have ceased."
this,
on
involves
generalization; but the social state
as a
some
qualifications of the right of personal
To force
control of one's self.
a
natiiral liberty; but
destroy his
man
to work is to
suppose
him required
and "work" in a trench at the war
may be sent thither, with or without
to carry a weapon
Labor
front?
indefeasible, but there
consent; the right to strike is
is
place and one call as to which that right must
one
yield.
Gov. Allen used his share of
the
Kansas
the evening in relating
of grappling with and settling an
way
The gist of it was in three sentences:
the right to quit
emergency.
"We have not forbidden to any man
We have not taken away
work.
from
any man
from Mr. Gompers his divine right to order
at
to
few to monopolize
covers
quit work."
as
This is the whole of it, and it
revolting labor
well the present line-up of
production and control distribution of material pro¬
against the commerce of this port and the
ducts, ' is not true, and even if it were literally and
people to live.
unqualifiedly true it would neither conceal nor ex¬
to work
cuse
unionism,
ew
(admitted by him) that labor
the'other fact
that is used, is "an organization of a
as
[that is, controlled by a few] to monopolize pro¬
duction and control distribution of
Here
ucts."
comes
an
material
unconscious
prod¬
confession:
control
of their members
to allow
or
right of all
It is the right of one man to refuse
another
people,
what the American
ways,
his
We have merely taken
right to quit work.
divine
a man
Gompers's assertion that "the trust, even
ground, loftily
one
confession that
the
away
he declares it.
as
only
which "any justification may be assumed to tie
upon
men
against all other mankind.
The
There is
as
man
now
to work.
This is
at the parting of the
have to settle; including, of course, the carrying
right of collective bargaining to
of the never-denied
the extreme of
and
suspend production.
While Kansas
"though the unions of workers endeavor to
conspiracy to halt transportation
a
was
providing by statute that mine
suitable bathhouses, said
a man has
right not to wash if he prefers to stay
disposition of the labor power
sight of, that the power of
labor is not a matter of commodity."
This is the
operators should provide
Clayton-law futile declaration over again, and then:
"there can be no trust in anything which is not yet
dirty.
the
this fact must not be lost
however, be conspiracies to
control labor power, to estop production of things
not yet produced, and to halt distribution of things
which have been produced; yet it is needless to spend
time upon such sophistries, since they are all outside
produced."
the real
Mr.
liberty
There
can,
question.
"the right to
conserves
defined
yourself, man's owner¬
do with his powers what
own
ship of himself, that he may
best
his interests and his welfare."
Neces¬
sarily, this includes the God-given right to work or not
an
some
inalienable
used
miners objected that
But the baths were provided, and the men
them, said Gov. Allen: but "they struck, one
day, because the bathhouse was too hot, and
struck
another time because the bathhouse was too
cold."
To this
rights
Near the
man to take
might be added that many inalienable
have to accept
infringement or even denial.
mid-century, apropos of the right
of
a
where he chose, it was suggested that if
take a polecat into a ballroom there might
his property
Gompers oratorically and quite well
as
Gov. Allen,
he chose to
be
objection.
same
terms
A common carrier must serve on the
all who tender the price, and even the
definition of the term declares this; but if a person
disorderly,
or
has
a
bomb
on
his
person,
is
oris grossly
[Vol
THE CHRONICLE
unclean,
or
has
infectious disease, his right must
an
When Gov. Allen
a
pressed Mr. Gompers to explain
recent threat that "if you
to strike we will find
what
compulsory it
is
take
labor's right
away
other way/' and to say
some
veiled under the hint that if labor is made
was
right then
shall all be compelled to labor for
society," he evaded reply, protesting that the ques¬
tions
academic merely and unfair.
were
Since then,
realizing the impolicy of evasion, he has attempted
a
In substance, the questions
reply.
the
public has
production
or
rights in
any
a
distribution of necessaries and threatens
public welfare and health, and, if there5
"this divine right to quit work."
are
such
Mr. Gompers
re¬
plies that the right of strike must be maintained, not
only
of self-defense, "but as
as a weapon
"the
public has
toiler's
no
right to live and
and marks the lines still
more
comment
own
"boos" from the labor
following.
college with
a
commanding site
light
as
thousand students
a
the Syrian coast, diffusing
on
widely and having influence
Through the five bitter
their
ground
of the
years
held together
and
as
the
winning the admiration of
and hostile of the Turks.
was
summoned
League for
Peace.
cause
He then hastened to America to present
of his
college, burning with
would not be restrained.
and
now
All too
have the few pages
we
people to
see
timely service of forcing
that further dodging and deferring of
the inevitable issue of the power
of
a
small fraction
dominate the whole is impossible.
to
the end came,
in which he
opens
his heart and makes his
plea for the method by which
he
of the world is to be
believed
because he
the
peace
won,
it work its miracle of mutual respect
saw
and love in the students of many races,
Syrian, Turk,
Persian,
Indian,- Egyptian, and of many
religions—Moslem, Druze, Jewish, Behai, and all
Tartar,
Christian sects,
succession
He
who through the
had in
years
gathered about him.
had
sent
out
teachers,
graduates 2,800,
as
doctors, merchants, pharmacists, dentists, engineers,
of
the
women
of integrity, of trained skill,
"disciplined in
definite way to become centres of
in all that
region;"
among
them not
by Jesus Christ, and all having
worshipped in
few dedicated
a
interpreted
as
knowledge of
a new
many
a
light and leading
body, mind and soul to the will of God
the One God
I
the
that
an eagerness
soon
and
prominent spokesman of organized labor,
with the
was
Paris to labor in the interest of the
to
spirit of helpfulness,
has added to the great and
he
as
full
is the most
of
the most warlike
even
Worn
nurses, men
who
they stood
war
commanding the respect and eventually
many races,
of the
man
great as ever
their students
practical exemplifier of the reserved right and ability
people to protect themselves, and the
as
did the famous Pharos of Alexandria.
Still, this public
prominent
most
now
man
conducting
a
the
clearly.
May 28th closed with cheers and
on
meeting of the
hi^ right to defend himself
This supplies its
against oppression."
The debate
a measure
furthermore, that
rights which are superior to the
progress;"
public
to
apologia and his appeal, describes the
colleagues were found by the
He and his
whether long strain, after the Armistice he
were
strike which interrupts
.rights, how would he protect them; also, who controls
necessary
his
as
war
on
"well, if compulsory labor
may say
we
once
method.
yield to the rights of others.
110.
faiths, and
a new
respect for the feelings and the lives and the purposes
THE
WAR—LARGER
POST-BELLUM
BROTHER¬
of each other.
HOOD.
War by no means ends
the passions and purposes
as
remain established in
We
with the fighting.
So long
that caused the
heart and brain,
actual
France,
Greece,
the
or
sense war
or
or
is not
Bulgaria and
We would
or
Rumania and Hungary,
Southern
Slavs,
Turkey and
or
Hungary and
the Poles and the Russians,
or
have not
we
or
successful.
or
him
they
were,
and
cut into many
pose
our
sacrifices, which
hearts,
costly and
were
all inspired by the
were
deep both in the nature and in the
heart of the nation.
earnestness, what
It is
as
great
As
a
can we
a
people
do to
we
secure
wear
existence.
one
The soil must be made
over
ferent growth.
Individuals
have
nothing is accomplished.
and planted with a dif¬
do, to do something effective
been
and
doing
this
successfully.
Bliss, the President of the American College in
Beirut, calls attention to the fact, and an article by
him in the May Atlantic, which may be taken at
brings
with
up
in memories and
feelings and desires and thoughts which make him
the
on
man
of the children of the God who
and
alike, and who has,
its
every race
own
no
two leaves
moreover,
of which shall
of
bestowed
peculiar gifts and possibilities
to become its contribution to the common
humanity
eventually be constituted the Kingdom
of God.
Suppose
we
should thoroughly change
toward these strangers of
speech.
Suppose
we
our
attitude
various hue and unfamiliar
should welcome them for what
with something of just appreciation of what
they are bringing to us in themselves, and as being
Italians, Greeks, Bulgars, Serbs, Rumanians, Portu¬
they
are,
guese, or even
The recent death in the Adirondacks of Dr. Howard
S.
as
and experience and practical wisdom,
song
personal traits, all wrapped
the forest
torn up,
forward
nationalization
name or race,
peace?
or
new
We would
go
speech and history and tradi¬
two creatures
It surely is possible for America,
even
standing afar as we
in the interest of peace.
inheritance of
tion, of
They must be displaced
or
an
one
hatreds
possible from
awakening to the fact that
immigrant, of whatever
is,
They cannot be beaten down
by wholesome tillage,
are
no
or
as
an
trying
have found not altogether simple
We
he
mistake to believe that bellicose
great weeds.
their
has created
themselves out, as it is idle to ignore their
treats
as
must ask in all
antipathies, fears, envies, lusts, ambitions
as
pur¬
to make peace an enduring and permanent fact.
That desire lies
will
as
speedily
are
in America.
the world's
Our ideals, such
as
We
of denationalization
rapidly and completely
accepted the League does not relieve us from sharing
peace.
by freeing them
have that process
the
longing for
us.
hasten them into the attainment of
The process we
signed the Treaty
to
must do it.
all that binds them to their native land.
the Turks and the Armenians.
The fact that
come
we
intelligent and desirable citizenship.
between Germany and
Serbia,
to Americanize all who
war
to do it
over
eager
war
awaits only opportunity.
In this
are
We have awakened to discover that
As
in it
in
Turks and Germans.
they realized this, and especially if there
something of the spirit in which it
Beirut
ould not
was
was
practiced
by the Americans in the college there,
our
aliens in the days of their strangeness-
June 12 1920.]
in
THE CHRONICLE
strange land be surprised and moved by it?
a
Would not their hearts open to new
influences
thoughts and
new
The effect could not fail to be contageous.
evitably
In¬
they began to realize that what perhaps
as
valued, the life, the
habits, the thoughts, the beauties of their native
land were so appreciated, they would turn to look
they had little thought of
something besides uncouth strange¬
another.
It is qdite conceivable that the
They would
in
ness
or
their fellow immigrants with similar thoughts.
upon
Bulgar
one
see
American soil would look differently
on
his old enemy
the Slav,
German and the German
The
the French
even
of old
every
helped them to the appreciation
and attainment of their best
they would find that in
leaving home they had left behind
prejudice and had gained
would
of
bitterness
Emigration
and
American
professions would not be decried.
joy and the reward of foreign travel is that
find
much that
so
need to connect in
country to
surprises and charms.
the
prepare
credit
with
Fuller
a race.
matter
no
We only
for appreciation.
way
Only superficial acquaintance with
a
few
can
dis¬
knowledge with personal touch
what
cannot
race
cannot be
fail to
uncover
Canada
and
to
his blood
something of
heritance.
He transmits it to his children and his
children's children.
life and
He
transplants it thus in the
institutions, into the
America of which he
already constitutes
Who will estimate
part.
England,
our
We
large
It
spread this truth
it into effect in
to Scandinavia,
to
surely ought not to be
people and to
among our
personal relations.
our
Americans with the faith in God and
man
and have the
If
we can
take
up
conquer
prejudices and catch something of his spirit in
our
attitude toward
war
and the peace
vain will
A
men
of other
that follows
for which
we
self-contained
no
color and alien
citizens."
our
At the
time, the manufac¬
same
of
permanent tariff commission.
a
dian factories had
stepped
the output of Cana¬
from 221 millions to
up
3,000 millions in value, representing about 1,400%,
Between 1900 and 1917 the number of
manufacturing
establishments increased from 14,650 to 34,392,
the
and
capital invested therein from 446 millions to
2,700 millions; the value of products had advanced
from 481
millions to
3,000 millions of dollars.
over
The export
trade of the Dominion for the year ending
March 31
last amounted to
with
trasted
1,286 millions
con¬
as
1,268 millions for the year previous.
Congratulating the Dominion Government on its reestablishment of returned soldiers,
Mr. Howard
stated that
been
$40,000,000 already had been expended
the task and that 106,000 returned men had
placed in positions by Government agencies.
Referring to the national
view
this optimistic
debt,
presented: "The net debt of Canada, after
was
inactive
deducting
$2,273,305,000,
if balanced
and
non-productive assets, is
great sum, it is true, but not serious
a
against the industry of
national wealth,
which
was
our
people and
our
estimated in 1919 by the
Dominion statistician at 16 billions of dollars."
about $52
averages
war,
one
increase of 30%.
an
farm
occupied farm lands of Canada
per acte as
by the last
products,
and
against $40 before the
The annual value of the
census
half billions of dollars.
a
statistics,
There
are
was
730,000
farms under cultivation in Canada.
"Our
round
high
Canada.
is
in immigration was 1913 when, in
year
numbers, about half
There
once more
immigration
but this
a
million people
abundant signs
are
turning toward Canada.
to
Last
year
the
about one-quarter that of 1913,
was
spring
came
that the tide
boat entering
every
a
Canadian port
WOMEN AS CLERKS IN BANKS AND BANKING
HOUSES.
We
makje room for the following communication,
although it
was
evidently written under
ception and hence
licity to it.
no
a
miscon¬
occasion exists for giving pub¬
The letter is nevertheless of interest be¬
from Miss Eugenia
it
long waited in
ment
director of the Central Branch Y. W. C. A.
so
comes
HAVE WOMEN FAILED
the
DEVELOPMENT.
York,
June
4
1920.
Editor:
Chronicle" published
that the experiment of
taking women into banks had failed, and second, that "attractive young
women" should not be withdrawn "from the conditions in which they are
A short time ago
an
NATIONAL
IN BANKING ?
New
To
AND
Wallace, employ¬
Lexington Avenue, this city.
friends of all would
guaranty and no justifying.
POLICY
possible by- developing
encouraging activities which will give occupation
at 610
CANADA'S FISCAL
as
cause
have
were
our own ma¬
will not long endure
come.
League of Nations that
require
war
materials which
produced at home; to export
Pointing to the industrial growth of Canada, Mr.
his mantle
our
speech, the
raw
are
of Howard
patience and self control to
be produced here;
can
importation of
Bliss, and the love and enthusiasm with which he
inspired his colleagues.
the Canadian people
is loaded with settlers."
proud and grateful to God that there
are
countries, which
as
vocacy
a
Much remains to be received and wel¬
comed from other lands.
carry
so
debt to Scotland, to
to Italy,
to France,
Germany?
hard to
thought, of the new
very
upon
possible, the buying of goods
as
"The value of the
distinctive and great in¬
a
no
turers, through their President, re-affirm their ad¬
gifts of price and rich individuality.
Every immigrant from the older nations carries in
Howard makes
terials in the shape of finished products, and to make
we
thoughts the foreigner with
our
from other
far
as
to facilitate the
upon
ought not to be difficult to work this change.
The
his
its
of
old
an
a new openness
gift of friendliness.
robbed
be
ideals and
It
new
many
than the things
even more
they sought in America, namely
a
not be¬
was
Thus in becoming fellow citizens of
America which
and
human
responds to the disclosure of unlooked for
lieved to exist.
diminish,
P.
school of Farmer-Labor tariff
new
Howard showed that in 50 years,
refractory metal
goodness in others, especially where it
"to
the
the French.
u^on
There is that in
antipathies.
heart which
mind
upon
"melting pot" would begin to have the only
fire under it that would reduce the
an
upon
the Serb, the Pole upon the Russian,
the Italian upon
The address of President T.
overtures to the
reducers, but frankly calls
gratefully?
even
2435
the "Commercial and Financial
article, the purpose of which was to show, first,
likely to be sought as wives."
Ottawa, Canada, June 10,1920.
The manufacturers of
under
the
flag
of
Canada, united 4,000 strong
the
Canadian
Manufacturers'
Association, have been discussing the national fiscal
policies at their annual convention it Vancouver.
Since
the
attractive
young
women
of to-day are too thoroughly self-
the author's
feel for another's sincere opinion,
respecting to wait in idleness "to be sought," we can pass over
warning with that respect that we all
however romantic it may seem,
and face the question that can be answered
by facts.
Banks
are
strongholds of conservatism.
Banking has always been
a
"gentleman's occupation," and the banking public (supposedly) opposed
to having women handle its money.
Obviously this distruct of women
although, as a matter of fact,
a very small percentage of the bank employees of to-day actually handle
money—of those who do, a number are guards or "handy men."
by skepticism of their ability to handle money,
(other than stenographers or telephone
and the double (and often
of
operators) in the banks and
Then came the problem of a diminishing supply of men
companies.
trust
the beginning of the war found few
of this conservatism,
On account
triple)
demands
amount of work caused by the
There was
finance and the necessity of floating foreign securities.
war
door—to
promoted to places
of responsibility and women, often two for every one, put in their places.
In this country the close of the war found, in the great New York banks,
as many women as the entire banking force had numbered in 1914.
The
Guaranty Trust Company had enrolled 600 or more, while the Federal
nothing to do but admit women—they were knocking at
Young men (still
the smaller places.
unseasoned)
every
were
National City Bank, almost doubled that number.
Reserve Bank and the
In her'' Women Wanted" Mabel Potter
Daggett tells the story—700 in the Bank of France, 1,200 in the Credit
Lyonnaise; 900 in the London & Southwestern Bank, while 2,600 of the
3,000 employees of the London, City & Midland Bank were women.
Europe the story was the same.
In
Undoubtedly it
Possibly it was caused
could not have been based on criminal statistics.
women
were
As a department head and later employment manager
the Guaranty Trust Company, I belonged to an organization
trained.
for women at
were very
and problems
illustration.
workers who found that our experiences
of bank personnel
much the same, therefore one will serve as an
Comparatively few of these pioneers were trained in banking—that is
there were trained stenographers, filing clerks, librarians,
be said that some "little girls" and women of poor
may
mentality and inadequate education have failed in banks, just as such men
would have failed had the banks ever been driven by war pressure to take
them in.
That able
of successful
dreamed of
assistant
have not failed is amply proved by the number
women
some
time been officers of
assistant
and
pointed Miss Clara Porter its first woman officer, an honor that she has won
through sheer ability and a record
of hard work and constant success.
Miss Mary O'Toole is a director of a bank in the nation's capital—but the
list is too
long to quote in
a
thought of finding
remind him that the day of
Is there
to himself in any such employee," but must
a successor
unexpected things is upon
of America will answer that question,
answer
will be?
Because the keynote
who
The sales records were kept by a group of
embryo salesmen, but the results
distressing that the management reluctantly consented to let the
were so
We employed an insurance clerk and a young
handle the work.
women
librarian to straighten them out,
entire bond department was
followed
one
numbers
over
American Institute of Banking, which has opened its
enrolled
200
over
True,
as
in mathematics
or
for the majority of women workers,
the debasing
which necessitates,
out of town office to another to install the system,
not
only mathematical accuracy, but such unfeminine knowledge as the
"yield and interest," fractional credit points,
differences between securities
Sec.
this the second year of peace finds only women in this for¬
In spite of
merly masculine department.
The libraries of the city were
combed for trained librarians.
A depart¬
department of 24, made up of librarians, college girls
ment of one grew to a
Spanish, Portuguese, Italian and French, were necessary for
and clerks.
As early as 1914 we began to hammer
the cataloguing and the researches.
department in behalf of women, even offering
at the door of the statistical
college graduates
unpaid apprentices, if only opportunities were given.
as
Not until the pressure
of war made it absolutely necessary was a woman
admitted—on three months' trial.
After one month she was proclaimed
an
out and out statistician and
men."
(sotto
voce) "even better than
Not only has the second year of
the
war
Still entirely feminine, but, what is perhaps more
some
of the
found the library force
significant, the statistical
department has never since been entirely masculine, several women having
invaded its precincts.
a
gift for writing that she was promoted to the Publicity
Department—the first owman
was
first issue
to
to edit the bank's well-known brochures
foreign loans and other banking matters. This promotion led to another,
for she
made the first woman editor of the Guaranty News,
was
I can speak only from my own experience—contact
with thousands of bread-winning women
during
of happy toil—to say
years
that, leaving very young girls out of the question, no true woman loses
her
"refining force" through self-respecting work or contact with the majority
good, almost invariably
are
an
admitted, and there
make better and
On the contrary, women are an influence
men.
for
uplifting influence, in every office to whicn they
can
be
no
doubt whatever that if world
contacts
intelligent citizens of men they will have the same
more
effect upon women.
EUGENIA WALLACE.
In
that
reply to the above it is only necessary to state
having said that the experiment of
far from
so
taking
women
into banks had failed we said the exact
In paragraph after paragraph we showed
oppofition.
experiment had proved a prodigious success,
and because it had been so successful it seemed to us
that the
important that its remoter bearing should not be
overlooked.
The article was devoted to discussing
the social aspects
that in the
of the change.
of that other function
should not lose sight
women
which will
ever
It seemed to us
opportunities that opened to them
new
prerogative of
be the highest
woman¬
this discussion
hood.
But nowhere in the course of
speak of "attractive" young women.
considered
so
and her
we
best way
article,
the
As the
of indicating the purport and tenor of our
reproduce the opening parts of it and also
we
closing paragraph.
good that 60,000 copies were issued and mailed
leading financial institutions throughout the country.
The classes in investments
clamored
for
admission.
of enthusiastic
group
were
The
not open to
women,
director
educational
though the women
offered to furnish
"When the day of final examinations
arrived he
was
astonished to have six
When the honor roll was issued, five girls
advantage of discussions, &c.
one
man
down—at
94
were
to
publicity and next
But
at the very top
be
The
exact.
year
of the list, and the sixth only half way
generous
director gave the matter full
all classes were opened to women.
To quote Mrs. Daggett
Guaranty women did not shine alone.
again: "Over in France at Bordeaux and at Nancy, in both cities the first
women,
had
a woman
In the same year
leading in the examinations.
(1916)
girl had carried off the first honors in the historic Gilbart Banking Lectures
'
In London."
Such illustrations could be given indefinitely.
Where selections
were
A few will suffice, but this
was
finally decided that women must be selected.
This experience was being repeated everywhere.
In the old South summed it up
best results from an army
It should be kept in
equally successful
hurriedly and carelessly made the women were not
always satisfactory, and it
of
in
a
A Federal Reserve officer
few words—"We found that to get the-
women we
must have a woman commander."
mind that where women have failed in banks the man¬
agement has also failed—in its understanding of human nature, of group
management, of fair play.
There is another reason for the reported failure of women as
their demobilization after the war, and that
they
were
to be
bankers, and
is the fact that in
many cases
of poorer mental quality than the men and were never intended
During the war a survey was made of
Banking" in the City of Minneapolis.
The figures were given
permanent assets of the bank.
'"Women in
by the banks themselves.
Of the 570 women employed, 319 were under 24
The following
analyzed.
while men had
received an average wage of $16.73—working the same hours."
"One man paid $25 a week was replaced by two girls paid $11 a week,
and another receiving $24 was replaced by two girls each paid $13.75 a
years
of age, and only 43 were paid $25 a week or over.
statements, quoted from the report, should be carefully
"These girls received an average weekly wage of $12.51,
week."
that at the
of $79.41 as compared
women
hours
replaced five men at $20,
a
(living
total weekly wage for
with $100 for the five men who averaged 46
week, where the six girls averaged 48 hours a week"—more
for the girls but the same work
a
a
month.
To
expenses as
accomplished, at
a
saving to the bank of
time
over
as
salaries) further comment is
nnuecessary.
Two million women in France
The
took the
who went into the army, so successfully
men
signing of the Armistice France had more workers
and the product of their labor was so
had been able to furnish
tions and military
In
England the
opening of the
extensive that she
a very
large proportion of the muni¬
supplies used by the Allies.
army
of women who promptly volunteered
quickly proved
and
better goods in a given time than the men had done.
Their
power of work and their enthusiasm in it were a surprise.
The story of the amount and variety of work done by the
to take the
women
to
place of the men in munition work
their inexperience they could produce more
of America in connection with the war
be written will be by no means
stories of the
when it
comes
the least of the great
war.
Only recently, and with
considerable misgiving, our lead¬
experiment to any extent
ing banks and bankers began to
with
girls
as
rarely
more
grammar
The young women stenographer had
smaller offices for some time. She was
clerks.
been known in the
often not beyond
Generally these girls were quick to
than a high-school girl, and
school grade.
acquirepheIUttleJtechnicalikhowledgeirequirediof|them,
chiefly £
as£stenographers.
their wants were few,
They turned out work rapidly,
they could be depended upon to be on
hand, and they soon ceased to
be
office
novelty. Here and there
and was advanced to some
a
proved to have special ability,
position.
The difficulty of
into the war from
those who knew the labor situation and war prices
well
capable
ordinarily performed by men.
engaged in her industries than she had at the
war,
one
"Six girls at $13.29 have
$82
places of the
that despite
confession must be made—all departments did not prove
longer be questioned that women are
no
settled that.
war
graduating from the High School of Commerce, after the admission of
class
can
and efficient in work
a
girls the printed reports of each lecture.
college
girls enter and ask to take the examinations, although they had not had the
and
It
interesting thing happened in connection with the educational work.
An
a
and argues that women's "refining
development "a leisure which bread-winning
did
statistician.)
Wellesley alumna entered the bank in a clerical capacity but soon dis-
displayed such
on
force" requires for its highest
(The National Bank of Commerce of New York
went so far as to make a woman its head
A
But the author of the "Chronicle" article warns of
The head of the department is being sent from
statistics.
one
doors to women and
The Minneapolis report says:
honest work.
banking is clean,
"The conditions of employment are,
In the years that
The department now
specialized
strong appeal to
students.
and after three months were told that the
20, many of them young college women who have
a
through the study of economics, statistics, Sec., in the colleges, and in the
grateful for the change.
only) passed those girls.
mistake (one
will make
beginning to train seriously for the profession,
are even now
of American business
department employed three women as file clerks.
The
and who can doubt what the
of banking is service and its methods
should be—economy and system, it
toil does not permit."
In 1914 the bond filing
This is only part
"Is there a future for women in business?"
women
women,
us.
future for women in the banking business?
a
of the larger question,
standing were employed In large numbers, and a few
"home women" of good minds and convincing personality.
work grew.
We must, however, agree with
employing women has
short article.
the author of the "Chronicle" article "that no banker
a
influences at work in society to-day,
A few of many illustrations will show how the
had become
of the Plainfield Trust Co.
treasurer
Sec., to be had, and they, the latter especially, fitted admirably into the
various subdivisions of bank work.
Young teachers and college graduates
came.
war was even
the Guaranty Trust Co. of New York has ap¬
excellent."
At first they were put into filing positions (there are no better business
schools) and kept there for one or two years or more.
Then the pressure
Before the
banks.
clever New Jersey woman, Miss Adele H. Kirby,
a
secretary
In the second year of peace
obvious—but
of good academic
In the West
in New York City.
in every big bank
women
have for
women
are—or
positions these women were put into and how
One naturally asks what
they
[Vol. 110.
THE CHRONICLE
3436
tion of the
filling the places of the men who went
the larger establishments turned the atten¬
heads to the possibility of getting girls of a higher
JUNE 12 1920.]
THE CHRONICLE
class, college graduates for example, to take
up
office work.
3437
Lloyd George: "I would like to have the German possessions
Africa, just to settle the negro question there."
"All
Hesitantly a few were tried. They weire without technical
training, but they had been taught to think and had acquired
right," said the President.
the power of attention.
all
mastered the details of
In
surprisingly short time they
the work given them to do.
They
a
proved quietly prompt, regular and trustworthy.
moved
were
upward they showed the
traits, gaining
same
fidence which added to their efficiency.
thing of
doors
surprise; but adequate
a
were
Motor-driving
and
exciting service for the
way
into these, and here
and
volunteer
who found their
opportu lity which prom¬
College girls all wanted to be "doing something."
of this older and better educated class
banking houses, and
It is
are
no
fitting therefore to ask
change that is
marked.
so
is not in doubt.
some
an
*
questions about
What is the value of their
social
a
opportuni¬
new
movement
to
mean
large?
*
*
Attracting
*
*
young women who are
*
*
occupations which,
in the comfort of their surroundings, the
insufficiency of their
compensation, and the absorbing character of their duties
interests, withdraw them from the conditions in which
they
to enter
the
to
likely either to be sought
are
from the
such
wives,
as
to be content
or
domesticity and matrimony, cannot fail to be
a
loss
community.
It is not necessary to prove that this
always follow from such occupation, it is enough
point to its tendency, and to show the importance of re¬
Australia, I know him
a
Antipodes,
great man
luxury for
a
very
a man
the other side of the world, to meet
That scheme of yours for a League
way
as you.
Nations is simply magnificent.
But Australia wants
Guinea, belonging to Germany.
It's close to us."
And
of
Wilson said: "Take it."
(Laughter). And then came for¬
Clemenceau, and he said: "We need coal; we need iron;
ward
need the Saar
we
Valley, and
we
need the Ruhr Valley."
The President said: "Take them."
And then
came
(Laughter.)
Sonnino, and he said: "We want Flume."
Precisely what there
was
in the mentality of the Executive
of the United States that made him
but he said: "You
nobody there had
Sandwich Islands
or
It
so
heard of Fiume.
ever
whether it
was,
fixed
a
object I do not know,
have Fiume."
can never
Nobody knew where Fiume
star
happened
(Laughter.)
was one
(laughter), and
of the
so
they
adjourned three days to find out, and when they got together
again
grand old President, with the consistency which is
our
characteristic of him during his whole administration
"I will not surrender Fiume."
peculiarly ritted to be
the mothers and trainers of children into
and
And that little Irishman from
that
experiment.
Their value to their employers
ties to themselves; and what does the
the country at
new
employed in banks
are
longer
The
young women
That territory was larger than
Europe.
well, Hughes, said: "Mr. President, it is
permanent and might be equally interesting.
more
openings quickly filled, and to-day hundreds of
and
were
proving valuable
young women
v as a new
con¬
some¬
The times
service
overseas were
were
offered and the
pay was
canteen
auxiliary work in hospitals
ised to be
They
opened to others of their class.
favorable.
As they
in
It is
when
misfortune to
a
a
man,
it is
misfortune to
a
said:
nation,
a
they stop thinking and let somebody else do the think¬
ing for
them.
repeal of the
(Applause.)
the President.
They prevented
possibility of paying
ordered
to do
so
The
Democrats prevented
a
budget system giving a
national debt; all because they
our
a
which gave autocratic powers to
war measures
by the President, and did
were
thinking them¬
no
selves.
result will
to
stricting such employment to exceptional
tain the ancient custom of
keeping for
and to main¬
cases,
men,
work which
(fmxxmt
%vmts mUt piscwssimis
can
be done by them with less risk to the
community.
CONTINUED
PRESIDENT
WILSON'S
SELF
lican
National
have had
we
The usual
singular experience in these
last several years, something I had not known in
my sixtyfive years' talking for Republicanism.
This isn't the first
time the United States had to
go
We went abroad immediately after the
Washington knew better than any one in the
what
country
was
Britain.1 But he
required
to
did not go
make
himself.
with
peace
He
himself.
and he sent
He sent
a
eight states (applause).
himself.
ever
has
been in
the
was
And
country.
We had
the
in the country
what
did
And then
with
the
we
had
a
anybody else.
or
they do?
later controversy, in the matter of the
But he didn't
He sent two Justices of
TREASURY
on
rate
BILLS
CONTINUED
ninety-day Treasury bills
a
advanced
was
figure to which
March
26; it had previously
The bills in this week's offering
time been 6%.
are
disposed of
were
discount basis of 6 >2%—the
dated June 11.
DEPOSIT
OF
GOLD
IN
ARGENTINA
TO
RELEASE
FUNDS IN FEDERAL RESERVE BANK.
According to Buenos Aires cablegrams to the daily
papers
June 3 (received here June 5) additional gold to the amount
of
$3,850,000
was
released
on
deposits in the United States.
cablegrams from the
having
same
value of 2,000,000
a
the 3rd from the Argentine
On June 8 it
city that
pesos
on
announced
was
that date gold
had been deposited in
about it than
government values at Buenos Aires releasing an equivalent
to Europe to settle it.
go over
amount from the deposits of the Argentine
Embassy in
Washington with the Federal Reserve Bank. This money
more
Supreme Court; he sent two
our
dated June 7.
^ qv2%.
some
in
Spain, and McKinley knew
FRENCH
The French
a
They brought back Oregon (applause).
war
are
dis¬
some
And
He selected the greatest brains,
greatest constitutional lawyer there
ON
this week
controversy about the Oregon boundary, but the President
did not go
The bills in this week's offering
I
But he
great jurist from New York
They brought back Louisiana, out of
which has been carved
RATE
chief
great statesman from New England.
a
what did they do?
time past.
on a
6%, the rate which has been in effect for
for
about it than any statesman in the country.
didn't go
count basis of
Great
the
sent
justice of the United States (applause). We had a contro¬
versy with France that required settlement.
Jefferson knew
more
disposed of this week by J. P. Morgan & Co.
was
abroad in order to meet
foreign nations.
Revolution.
offering of ninety-day British Treasury bills
Convention.]
a
TREASURY
BILLS.
CONFIDENCE.
[From the Speech of Chauncey M. Depew before the Repub¬
My friends,
OFFERING OF BRITISH
United States Senators of opposite parties; he sent a
great
it
journalist.
the United States, and raises the total amount thus released
And what did they do ?
They brought back the
Philippine Islands and Porto Rico, along with the independ¬
of Cuba. (Applause).
ence
When
our
we came
President
but myself.
to the settlement of the recent World War
said:
"Nobody
Nobody
can
abroad
and
this
question
properly represent the people of
the United States but myself.
went
understands
I will
brought back
go
the
abroad."
And he
League of Nations.
(Laughter and applause.)
And
what
happened?
was
to
added becomes available to pay
13,395,000
pesos.
those
great
gamblers
in
our
issue of May 28,
page
in
referring to the gold movement from Argentine
a
Buenos
Aires
dispatch in which it
$4,500,000 of gold had been released
June 1 it
page
had
was
2340) that the further
been
sum
we
2241,
quoted
stated that the
was
up
announced (as indicated in
to May 26.
our
On
issue of June 5,
of 3,000,0Q0 pesos in gold
deposited in the Government vaults at Buenos
Aires, releasing
Why,
In
Argentine debts in
an
equivalent artiount from the Argentine
Embassy at Washington with the Federal Reserve Bank-
international politics said to the President: "What do you
want, Mr. President?
world.
of
Nations,
angel."
are
a
heaven
on
the greatest
in the
man
He said: "I want
a
League
earth, of which I will be the recording
(Laughter and applause, long continued.)
"These astute
old players
President; that is
offered
You
What do you want?"
since
Calvary,
two
thousand
years
ago."
Said
SHIPMENT
TO
SWEDEN.
officially taken cognizance of the shipment of the Russian
valued at about $5,000,000 brought here recently by the Swedish
steamer Gauthier which had
harvesters to
ever
GOLD
Stockholm cablegram to the daily papers June 4, said:
France has
gold,
said to him: "All right, Mr.
the most magnificent proposition
RUSSIAN
A
previously carried
a crago
of automobiles and
Reval for the Russian co-operative societies.
The French
Minister here has given notice of his government's reservations'with regard
to such
shipments on behalf of the holders of prior claims
on
Russia.
[Vol. 110.
THE CHRONICLE
2438
importer of ch emicals states that he can buy cheaper now in
First break in high prices was shown in the leather
nent American
MORGAN'S OFFER
NO ACTION BY CONGRESS ON J. P.
OF LONDON RESIDENCE.
America than here.
40 to 50%; cloth¬
Food prices
only slightly.
market, which has gone off 60%, also shoe market is off
ing,
It
from Washington dispatches that Congress
appears
adjourned
the 5th inst. without taking action on the
make a gift to the Nation of his
on
offer of J. P. Morgan to
London residence for the use of the
American Ambassador
by
Department were transmitted to Congress
referred the communications to
its Committee on Foreign Relations, and there they remained
until the end of the session.
The New York "Evening
President Wilson; the Senate
Post" in its
GARY.
expressed opinion of several members of the Senate
Foreign Relations that Mr. Morgan's offer could not be
on
The
accepted by the United States.
by
The receipt
1366.
further information on the
giving the following from the
any
our
Reports" (published by the
"Commerce
Department of Commerce. Washington), which has come to
attention since the publication of
the item in
our
issue
April 3:
the American mission at Budapest sets
The following cablegram from
fiscal measurer by the Hungarian Govern¬
The
Hungarian Government in
decree issued March 18 orders the
Mogi & Co. of 118 East 25th
treaty and is effective with regard to all currency circulating in Huugary
equity proceedings brought by Alexander Howell
creditor for $16,741.
The liabilities it is stated are esti¬
$12,299,977.
explained that these figures are given as of May 29 and
they represent fully one-third off from the values of
mated
weeks
the
and
$12,800,816
at
at
assets
months previous. vWinthrop & Stimson are
or
Mogi & Co. and they consented to
the counsel for the firm of
appointment of receivers in an equity action.
Is composed of
The firm
The failure
Sobei Mogi and Taijijo Mogi.
the depression of the silk trade in
Japan and follows the closing of the Mogi banks in Japan
except the following: Notes of 1 and 2 crowns issued by Austro-Hungarian
Bank; notes of 5, 10 and 20
As stated in
issue of May 29, (page 2242) Sobei Mogi
our
principal shareholder in the Seventy-fourth Bank
the
of Yokohoma, and
M. Mogi
was
President of the Yokohama
crowns
Bank; falsifications of 25 and 200
issued by Hungarian Postal Savings
crowns
notes of Austro-Hungarian Bank
printed by Bolshevist Government, and certain old notes which have been
recalled by the Austro-Hungarian Bank, some of which are
tion.
present for stamping,
between March 18 and 27 inclusive, all Austro-
Hungarian bank notes in his or its possession or custody regardless of whose
Notes to be stamped ceased to be legal
property such currency may be.
tender
on
March 18, and on or after March
offer such notes in payment of debts or
or
28 it will be unlawful to demand
contracted obligations or to deal
in them.
Fifty per cent of total of notes presented for stamping will be paid out in
For the remaining 50% the owner is given
stamped Hungarian notes.
non-transferrable
may
but
later
certificates,
to
be converted into
be used instead of cash in the payment of certain debts to the State,
not be used, as far as can
can
be
seen
from the law, for the payment of
The decree states that, in the event of a future capital
ordinary taxes.
tax the bonds will be
now
are
received in payment thereof at face value, conform¬
from the person to whom they
issued.
;
The decree further
provides for
a
similar loan from owners of all forms of
commercial bank accounts equal to 50% of the amount
EFFORTS
UNSUCCESSFUL
TRADE
TO
IN
GERMAN
which their accounts
practically unaffected by the law.
are
THE NEW YORK CURB MARKET.
BONDS ON
non-negotiable
The decree provides that bonds
obligations bearing 4% interest.
able to their non-negotiable character, only
Savings Bank, both of these banks suspended on May 24.
still in circula¬
Every person, firm, corporation or society in Hungary is obliged to
State
recently.
a
This order is issued in conformity with a clause of draft of peace
tory.
the direct result of
was
inquiry asking for
ment:
Street in
is
temporarily in March
page
stamping of Austro-Hungarian bank notes circulating in Hungarian terri¬
receivers for the silk firm of
the
April 3,
yesterday
11) appointed R. D. Murray and N. S. Corwin
'(June
some
an
forth important currency and
Judge A. N. Hand in the U. S. District Court
that
of
us
issue of
our
March 26 issue of
CO. OF THIS
DISTURBANCES.
CITY DUE TO JAPANESE
It is
noted in
was
our
RECEIVERS FOR SILK FIRM OF MOGI &
a
Hungary, incidental to which the banks and Buda¬
pest Stock Exchanges were closed
of
.
stamping of Austro-Hungarian bank notes in circula¬
tion in
subject available, prompts
dispatch added:
the privately
Committee
DECREE ORDERING STAMPING OF MONEY IN HUN¬
His letters in the matter
"Chronicle" of June 5, page 2342.
to the State
was
be expected to fall, but for the present perhaps
Details of Mr. Morgan's offer were given in the
in London.
It
machinery, cutlery, pottery, Ac., may slowly follow.
may
Prices, instead of falling on the theory of an increased value of the crown,
have not decreased; many merchants are even increasing prices, pleading
In
referring to the opposition encountered by efforts to
conduct
trading in German bonds on the New York Curb
Market,
the New York "Evening Post" of June 10 said:
An
effort
the necessity of
in town and country.
municipalities to trading on the Broad Street
Curb market, but so many objections were
BY BULGARIA.
one-half hour after their appearance.
transactions
as
in this country for some time, but the business was
on
entirely confined to "over the counter" transactions.
first made their appearance
When the bonds
in this country prices ranged around $15 for
each 1,000 German marks bond.
At those prices it was
reported that there was considerable speculation in
view of the profit which would be
German exchange.
derived should there be
a recovery
and the German bond prices were marked up to around $35
Since then however, there has been a reaction In German
bond.
Bonds actually changed hands on the curb
several transactions before objections
The transactions made today were in Berlin 4Ms at $28.50, which was
followed
by
a
reaction of
$2
bond.
per
Hamburg 4Mb also sold at $28.50.
appearing
of
Government
German
5s and
These were the only transactions made
of
$10,000,000 by the United
as
follows in the New York "Evening Post,"
May 28.
Like most
serious
one.
other European countries, Bulgaria's financial problem is a
Facing
an
indemnity to the Allies of $450,000,000 and a
national debt of several billions, she has a gold reserve of only $7,394,000
and
a
silver reserve
of $3,545,600.
Her war debt amounts to $2,000,-
Her estimated national wealth is only $1,750,000,000 and her
000,000.
last year was $35,000,000.
Added to these burdens is the adverse rate of exchange.
market today, there being
to their trading became numerous.
loan
a
latter, according to advices from Sofia, dated May 7 and
revenue
exchange, and the bonds are now quoted around $28 each.
of
Bulgaria is hoped for by the Prime Minister of the
States to
in
This recovery in German exchange did occur just a few
1,000 marks bond, which would have netted the early buyer a profit
of $20 per
extension
The
Trading in German bonds in this market is not new,
have been carried
S. OF $10,000,000 HOPED FOR
LOAN FROM U.
raised among the curb brokers
themselves that the bonds had to be withdrawn from the market less than
per
the practical paralyzation of commerce
made today to introduce the securities of the German
was
Government and German
weeks ago,
The lack of adequate prepa¬
recouping consequent losses.
ration has caused confusion and
The Bulgarian
leva, worth normally 20 cents; has now a value of only a cent and a quarter.
Alexander
Stambolisky, the Prime Minister, has expressed the hope that
the United States Government
over
her
might extend
crisis.
present financial
a
loan to Bulgaria to tide her
An advance of $10,000,000 he said,
previous to their withdrawal from the curb market as a result of the above
would improve the value of
mentioned
by the Government of goods in the United States.
objections. It
is
stated
that
those firms
interested
in
the
In addition to her surplus
market for these securities will take the matter up with the Curb Market
Association to decide
as
to whether or not
they
can
enjoy the privileges of the
mmmmmmmmm
SITUATION.
A
way
Afcablegram from the American Legation
large number of
valued at $100,000,000.
Then she has 30,000
number
the latter being valued at $100 a pound.
of
American
commercial firms
have
established offices in
Sofia, and limited quantities of American-made goods are finding their
Commerce reports of June 1 says:
says
a
pounds of opium for medicinal purposes and a considerable quantity of
attar of roses,
EXCHANGE
PORTUGUESE
of wheat and maize and
cattle, Bulgaria's most valuable staple asset is her tobacco, of which she has
about 100,000,000 pounds,
outside market.
Bulgarian money and facilitate the purchase
at Lisbon, dated May 26,
that a ministerial decree has suspended the power of the bankers'
consortium to fix rates of foreign exchange which will now be
"unpegged."
on
Italy and England also are carrying on an active
the market.
All foreign mercantile houses in Bulgaria, however,
trade with Bulgaria.
are
likely to be hard hit if a pending bill, which would authorize the govern¬
ment
to
purchase
foodstuffs, clothing and other material in the foreign
market and distribute them to the consumer at a
a
minimum of profit, becomes
law, as it seems likely it will.
CHANGES IN GERMAN PRICES INCIDENT TO THAT
IN
VALUE OF
MARK.
RELIEF CREDIT SIN BEHALF OF AUSTRIA, HUNGARY
The Department of Commerce on June 1 announced the
ETC.,
ARRANGED BY GREAT BRITAIN AND
receipt of the following cablegram from Berlin under date of
May 26:
OTHER COUNTRIES.
New credits for the relief and reconstruction of Central
,
Although the German Government's position as regards the purchase
of foreign exchange with
strengthened,
on
which to
pay
for imported provisions is
now
greatly
the other hand the position of exporters and manufacturers
islbecoming difficult.
Foreign buyers are quite inactive and complain
that German prices since the rise of the mark are now exorbitant.
Many
European countries, including Austria and Hungary, were
announced
by
the
Credits at Paris,
of
Great
as
International
Britain,
foreign orders for pottery, sewing machines, typewriters, &c., are being
ments
cancelled and
Sweden and Switzerland.
a
few
sewing machines for
German market.
factories have closed down.
example
now
undersell
Papers
say
American
domestic machines
Certain American buyers are returning home,
ately bought practically nothing
on
account of high prices.
.
on
the
having
One promi¬
Committee
for
Relief
having been arranged by the Govern¬
Denmark,
Holland,
Norway,
The amounts of the credits and
other details are furnished us as follows in the press accounts
from Paris June 2:
-
June 12
The credits
THE CHRONICLE
1920.]
are
mainly in the form of raw materials and food.
Although
the United States is not officially represented on the committee it is co¬
operating in
large
a
way,
it is stated, by providing extensive commodity
credits for Central Europe.
committee's statement points out, is ready
has introduced a bill
The Argentine Government, the
authorizing an advance of credits
amounting to 35,000,000 French francs, while the Italian Government is
contemplating
have been approached, but have not yet sent
pany
or any
Austria and Hungary.
In the
Each country
case
Approved,
tries in question to get back on a
view, it has
come
The definite
Denmark,
important step in assisting the coun¬
normal basis and, in the committee's
the credits
granted so far as is known, are:
17,000,000 kroner; Sweden, 10,-
12,000,000 kroner; Norway,
St.
of
While arrangements were being
for which
was
also receiving
made for the new credits, the statement
Austria is now about
distributed large relief supplies.
to receive from the United States
200,000 tons of wheat flour, the Shipping
supplied and paid for out of the British credits.
out
posed,
Switzerland's credits, it is pro¬
provide immediately for Austria 20,000 cases of condensed
will
milk and supplies of cheese
If the French and
to
Austria is
credits consignments of 3,000 tons of
of the British
frozen mutton and 4,000 tons of bacon.
and live stock.
Argentine credits are finally granted they will be used
Negotiations are under way to
supply Austria with maize, cheese, herrings and sugar on credit from Hol¬
land; cattle, hogs, margarine, fish and oil from Denmark, and also various
I
foodstuffs from Italy.
United States to Poland and 25,000 tons to
getting
15,000
from
tons
America
Czecho-Slovakia.
Hungary is
and Armenia 43,000 tons.
In
addition, the committee is arranging to provide industrial materials, which
may
raw
in turn be utilized for exchange in the world's markets for
materials
or
further!
supplies, thus assisting in a re-establishment of the cycle of
trade, &
CLAYTON LAW
TO ENABLE
PRIVATE BANKERS TO BECOME DIRECTORS
Louis, in
amending the Clayton Anti-Trust Act so as to permit
private bankers, with the approval o* the Federal Reserve
Board, to become directors in two banks or two corporations
organized under the laws ot the United States, became a law
with its
approval by President Wilson on May 26.
The bill,
which had been introduced in the House by Representative
and by the
Senate, without change, on May 17.
Its purpose is to permit
private bankers to serve as directors of foreign banking
corporations formed under the Edge Act.
Representative
Piatt, in a statement made to the House on April 21 regard¬
ing the object of the bill, said:
was
passed by that body on April 21
This bill shows very plainly on
its face, as it is written, exactly what it is,
explains its purpose.
It is a bill to amend what is
the Kern amendment to the Clayton Anti-Trust Act, and it
and the report fully
known
as
The Kern Amendment permitted a director of a
merely adds four words.
national bank to be
a
director of two other national banks or a director
director of two national banks, with the per¬
mission of the Federal Reserve Board.
As originally written, the Clayton
of
a
trust company to
be
Act prevented any person
That proved
not
a
from being a director in more than one bank.
to be a serious handicap
in
some
places where there were
enough men of experience to furnish directors for the
quently left those most interested and best qualified without
Hence the Kern amendment was passed,
private bankers.
banks and fre¬
representation.
but for some reason it omitted
The reason for this amendment is to help finance foreign
months ago we passed what is
Gentlemen will remember that a few
trade.
known
as
the
Edge Act, giving Federal incorporation to institutions organ¬
ized for financing foreign trade.
There were at that time, and there are
laws financing foreign
similar to what we expect the
still, some 9 or 10 institutions organized under State
trade.
They are in almost every respect
Edge corporations are to be when there are any
organized.
Those corpor¬
Act—if they
private bankers as directors, and
private bankers are the men who have hitherto been more interested in
foreign trade than any other American bankers, and they have had more
experience in that line than others.
Naturally, these corporations that are
already building up a large business do not want to reorganize under the
national law and lose their best directors, the men who have had the most
ations could all reorganize
under the national law—the Edge
would, but in nearly all of them are some
order
directors in not to exceed two
Federal Reserve Board,
we have brought in this little bill.
It does not seem to me that it needs
much argument.
It was reported practically unanimously, and I know
of only one Member who wishes any time in opposition to it.
experience, and in
of these
The
to allow them to be
corporations, with the permission of the
following is the text of the Piatt bill as
President Wilson
on
approved by
May 26:
IH. R.
An Act to
amend Section
13138J
8 of an Act entitled "An Act to
existing laws against unlawful restraints
supplement
United Slates
Section 8 of an Act entitled "An
Act to supplement existing laws against unlawful restraints and monopolies,
andjfor other purposes," approved Oct. 15 1914, as amended by the Act of
May 15 1916, be further amended by inserting in the proviso at the end of
the second clause of said Section after the word "prohibit" the words "any
amended shall read:
prohibit any private
of any member bank or class A
who shall first procure the consent
private banker or," so that the proviso as
nothing in this Act shall
banker or any officer, director, or employee
of
a
Federal
Reserve bank,
the2Federal Reserve Board, which board is hereby authorized, atj its
AND
PRICE'S."
HIGH
paper
"The Federal Tax System-—
on
organization
employes—emphasizes the point made
earlier in the
year
that taxes
are
eating
own
our
views
on
the subject, we reprint the following para¬
graph from "The Financial Situation" in our issue of April 17,
page
1562.
li'When
wo
take,
as
happens to be the case, $31,190 from a man with an
$730,000 out of every $1,000,000 income that
income of $100,000 or take
may come
for
would otherwise
to Mr. Rockefeller we are taking just so much money to pay
(and therefore to be used up without benefit) which
Inasmuch as $6,000,000,000 are now
collected in income and excess profits and surtaxes it can readily be seen
what is the main source of the lack of investment capital, from which spring
be used in new
the
capital investments.
high rates of interest that have to be paid by borrowers in
order to secure
dollars
Expenses will have to be reduced and several billion
capital.
of these taxes
relpased before any improvement in that respect can be
upon.
A very grave menace iwili confront the country unless
this"is speedily done.
counted
Pillsbury in dealing with the effect of taxation on the
Mr.
investment market says:
Taking up the question of scarcity
the enormous issues
of Federal
scarcer every
month.
of investment funds we should expect
Reserve notes ought to have made
On the contrary it seems to be getting
plentiful, but it has not.
money
The explanation is that the Government is
round figures half of the
taking in
earnings of the more prosperous corporations
and
remaining as is available to pay out in dividends;
of Mr. Rockefeller as much as 73
%.
Most all of this
thus confiscated would have been
money
of some sort, but when taken over
invested in plant enlargement
by the Government it is paid out prin¬
cipally in salaries and wages so that a very Insignificant
back into the investment market in any form.
portion ever gets
scheme of taxation, that has been
designed to throw
The net result, of the
shoulders of the prosperous and
deplete the investment market of funds.
This
is curtailing the productive resources of the Nation.
Prices have
of the Government upon the
the support
the well to do, has been to
in turn
been raised in an attempt on
the part of the producing classes to secure
profits sufficient to perpetuate
their service to their customers and the
public, but these advances have become general and as they have traveled
around the circle they are making still more funds necessary to handle a
given
volume
is
process
a
of business,
spiral, the raise being an attempt on
the
means
inactive
This
upwardly progressive
the part of the producer to provide
thus calling
for still other advances.
continuous one, the increases forming an
to
satisfy the public demand, the only
make little
and
alternative being to become
meet one's customers' requirements.
effort to
of progressive concerns. The effect
raise, if paid to workmen is to still further increaii the
This, of course, will be the last resort
of each successive
demand for
goods for«immediate consumption, and if paid for malarial
demands on capital for funds to buy the higher priced
to make further
the?additional taxes imposed by the Government upon
in trade. There is nothing in these
anything else at a low
contrary, advances may be expected to continue, since while
articles, and pay
the
Increasing value of the stocks
that will ever provide cheap money or
processes
price.
On the
this scheme of taxation is in
operation producers in general, will have to
This will require the
volume in many cases)
Failure to do this will
involve dependence upon'an'investment market that has been depleted of a
large part of its funds by the Government and is daily becoming more
restricted, more dangerous and less available to the conservative producer.
When prices have beenlraised until a balance is struck between demand
and supply, we^may^expect atdiscontinuance of these increases in price.
Until this point is reached, which in most lines still appears quite a long
way off, prices may be|expected to continue to mount although lack of
confidence in the stability of the price structure may, at any time, upset the
top-heavy valuations, thus brought about, and bring lower prices in a
try to finance their enterprises
from their earnings.
repeated marking up of the price (at the expense of
until a balance is struck between income and outgo.
general depression or cataclysm.
present schemeJof taxation, in 1918 our company paid 65%
upon'apportion'of its income and upon the remaining 35% it
This 69% assessment we had to in¬
clude in our 1919 income and*payi46% upon a portion of the total to the
Government, which had then gotten all of the so-called excess profit income
in the 1918, 65% bracket.
Nevertheless, In 51920 «we shall be taxed 46%
of 46% of the 1918 tax, provided, of course, that our income, inclusive of the
tax assessments of last year, is in excess of 20% of our invested capital.
The increasing value of our stock will nearly amount to this much, not
counting any profit out of the businesses things have been going.
The
Government Is thus confiscating, we believe, a larger proportion of the
earnings of corporations than is generally realized.
In the case of the most
Under
excess
our
profit
paid 12%, making altogether 69%.
successful
and'prosperous, much .more than half.
SECRETARY HOUSTON'S
ON
of America in Congress assembled. That
director of
Federal
•
and monopolies, and for other
purposes," approved Oct. 15 1914, as amended May 15 1916.
Be it enacted by the Senate and House of Representatives of the
"And provided further, That
a
company's
it takes in the case
Piatt,
a
of such portion of the
OF EDGE ACT CORPORATIONS.
A bill
class A director of
the investment capital of the country; as an indication of
that
AMENDMENT OF
MONEY
several times by us
such
Two hundred thousand tons of flour are in the course of delivery from the
also
as a
1920.
26
Pillsbury, President of the Century Electric Company
the
taxes
supply cereals and other food stuffs.
May
talk by him before the Century Club—an
a
of
up
Switzerland, 15,000,000 Swiss francs.
says, the committee
or trust com¬
member bank.
Tight Money and High Prices," containing the substance
000,000 kroner; Great Britain, £10,001,000; Holland, 12,500,000 florins,
and
or
director of any member bank."
or as a
TIGHT
E. S.
just in time to avert disaster in some places.
amounts of
officer
S.PILLSBURY ON "THE FEDERAL TAX SYSTEM-
E.
of
reparation payments.
over
State, if such other bank, banking association,
applying therefor has been elected
Reserve bank
form of bond as
of Austria and Hungary these bonds will be accorded
The arrangement is regarded as an
an
than two other banks, banking associa¬
"The consent of the Federal Reserve Board may be procured before the
person
benefit by its credits, but agrees to accept a common
security.
revoke such consent, from being
is not in substantial competition with such banker
extending credits, it is explained, is free to select the country it desires to
priority
or
more
replies.
The credits will be available for Czecho-Slovakia, Jugo-Slavia, Rumania,
the Baltic States, Armenia, Georgia,
employee of not
or
Belgium, Canada and Spain
credit of 100,000,000 lire.
a
director,
the necessary resources in order that
France may participate in the relief plans.
statement adds,
discretion, to grant, withhold,
tions, or trust companies, whether organized under the laws of the United
States
The French Government, the
to ask the Chamber of Deputies for
2439
TALK BEFORE BOND CLUB
CONDITIONS.
BANKING
As indicated in these
polumns two weeks ago (Page 2247,
Houston was a visitor to this city
with local bankers
at the Federal Reserve Bank besides having addressed mem¬
bers of the Bond Club at the Bankers' Club.
His con?
ference at the Reserve Bank was especially mentioned in our
Secretary of the Treasury
that week,
and conferred on that occasion
[Vol.110.
THE CHRONICLE
2440
give the report
made be¬
contained in the "Journal of Com¬
reference of two weeks ago,
and to-day
we
the banking situation in general
of his remarks
on
fore the Bond
Club,
as
trusting of credit to those whose business operations do not justify such
action
of banks, cause profound economic disturbance,
the part
on
distort the price level and burden banks
properly and readily meet."
merce'1 of May 27.
Responsibility of Banker.
Secretary of the Treasury Houston, in a talk to
members of the Bond Club
the view¬
yesterday at the Bankers' Club, indicated that
at their luncheon
point of his department is not limited to the financial
affairs of the nation,
situation.
He held it to be out of the question that further credit expansion could
occur without grave danger and called for prudent deflation and a return
toward stable conditions, a course not without pains and demanding co¬
operation with the Federal Reserve Board and the Treasury, not only of the
Federal Reserve banks and member Institutions but of the business men of
the country.
Essential activities should go forward, he said, this requiring
the practice of discrimination with respect to the activities intended to aid
but includes in its scope the various
Europe as well as to domestic
elements of the international
possible,
nearly every nation in the world had its eyes
and the Treasury
He remarked that
focussed on the banking system
of the United States and that their peoples were
through hard work and individual and
but they could be met
difficult, the Secretary
if the people showed the requisite
and recognition of the need for
conceded,
meet the needs of our own
people but to be able to assist in fair measure
the
upbuilding.
The American people to-day, Mr. Houston said, were not practicing
either the thrift or the saving that the circumstances required.
In support
restoration of Europe, and therefore, our own
of this contention he cited the results of a canvass
of tax returns
last year. He
if a fifth or a
commodities,
the finances of the
people to save this entire amount, but
saved and Invested for the production of essential
would not expect the
tenth were
in Government bonds at
or
indicating
expenditure of S22,000,000,000 on luxuries within the
an
prevailing rates the effect on
nation would be important.
that for Government securities to be influenced by
as a
bonds at
a
pointed out
market conditions was
While declining to discuss at length the criticism of
ernment because of the low rate of interest paid on the
acterized
the Gov¬
bonds, he char¬
hopeless undertaking in advance of the proposal to
refund the
higher interest rate and to keep them steadily at par.
plained his opposition as based on the same grounds as his opposition
soldier bonus—the idea that a bonus should be paid for patriotism.
Mr. Houston said that the course of action to be
thoroughly economic
strict
economy, hedeclared.
He foresaw present pains that could be gone through
in orderly fashion with a display of proper restraint and intelligence.
He
characterized present signs as encouraging and urged the paying off of the
floating debt and provision for paying off as much as possible of the Victory
State,
every
loan
as
every
the least expensive thing
in the long
to tell the taxpayer more definitely
his liability.
It would be sound policy,
he said, with these things done, for the nation to maintain
a
its tax receipts
high level for the immediate future.
the operations of the latter are
cause
and regulated by the reserve
"In the United
In no
policy of the country.
States reserve
banking is a recent development.
Federal Reserve system has been of the utmost
emergency, but to the business
ent disturbed condition of
United
any
States is
in
business men, although
small
This is not solely the result of our
due to the efficiency and power of our
measure
CREDIT.
OF
Need of Credit
"V^illis shows
Mr.
it
Board, in
address
an
the Federal Re¬
"The Scientific Distribution
on
Credit," delivered before the convention last month of
the
AJanufacturers' Association, undertook to show the
necessity of the collection of accurate data relative to con¬
ditions
in
said:
as
a
The "Journal of Commerce"
May 19 in noting this and giving
Willis had to say,
The speaker
It
was
in
districts
rather
than
of
single central institution
a
an
account of what Mr.
production,
the
the Federal Reserve Board, working through
policy necessitates careful study of resources, stocks of goods,
employment, and, in general, the changing business relationships of
day.
To facilitate this work
and
credit, or is the
Government securities, there are many other
He laid especial emphasis upon
the shortening
shown by the board's index figures citing the following
data in support of his conslusions:
concluded, "above all others, prop¬
erly entitled to the use of credit; indeed it was for the promotion of industry,
established.
agriculture and commerce that the Federal Reserve system was
His desire and interest in this whole matter is evidenced by the fact
that he
To him
therefore we must look for sympathic and friendly study and co-operation
in the task of developing a sound system of business analysis for the purpose
is duly represented upon the
boards of Federal Reserve banks.
which I have attempted to describe to
you."
Receipts of all classes of animals, including horses and
mules (in thousands of head)
100
Receipts of grain at 17 interior centres (in thousands of
bushels)
100
Shipments of lumber reported by 5 associations (in mil-------
feet)
Anthracite and bituminous coal
of short tons)
REPORTS
VOLUME OF CREDIT.
REDUCTION IN
LITTLE
BANK
RESERVE
FEDERAL
YORK
NEW
conditions for
May, made public
June 7, the Federal
"in the last thirty
on
Reserve Bank of New York states that
days there has been little
of credit
reduction in the volume
Continuing, the report
other movements under way,
however,
are,
or no
reflected either in the loans of the banks
as
it is
which cannot be gauged until
1919.
the importance of
fall and winter purchasers of goods
bought regardless of price they now watch values closely, and whereas
certain stores
few months ago advertised articles for sale without even
a
mentioning the price they are now advertising substantial price reductions.
A
of factors
number
district.
The general
conspire to bring about price reductions in this
credit situation makes it increasingly expensive to
goods and has obliged some speculators to put their goods on the
carry
Railway congestion, especially in its early stages, caused the sale
locally of goods manufactured on order for distant points, but impossible of
deliver; and in its later stages when the railroads began to catch up on their
shipments,
volume.
some
third
A
Thus
on
the
one
goods
came
factor
in
through to New York in more than usual
inducing
a
decline in prices, notably to the
82.58
96.79
100
100
100
100
100
100
100
79.34
106.12
80.55
90.59
66.96
95.90
90.00
100
90.34
production (in thousands
only temporary.
Crude petroleum movement (in thousands of barrels)
— .
Pig iron production (in thousands of long tons)
Steel ingot production (in thousands of long tons)
Copper (in thousands of lbs.)
;
Cotton consumption (in thousands of bales)
Wool consumption (in thousands of lbs.)
Net ton mileage of American Government railways
millions of tons)
!
(in
public is reflected in an
attitude of greater conservatism on the part of the merchants
retail
price cutting
wave
no
which is passing
the highest yet reached.
copper,
and
pig
commodities at wholesale,
hemlock
markets at all times they are
movement of a
that the
But for the week ended May 24 the price
Wheat, cotton, hogs, lead and rubber declined;
iron,
increased.
sugar
Wholesale
The Bureau of Labor price
by this bank of 12 basic commodities showed its first
decline since February.
hides,
and in the
the country.
over
general tendency to react to the conditions pre¬
vailing in retail trade until the last fortnight.
corn
off
supply, though both may prove
The recent change in the buying temper of the
was
demand.
hand there has been at least the beginning of a falling
index maintained
100
the
how long and to what extent they
seen
index for April, made up of a large number of
102 .00
or
says:
apparent that a great change has come over the public
It is
commodities showed
1918.
lions of
business men of all branches
departments with the banking organization.
"The productive business man is," he
to be
the situation.
as
This system can
system of business and credit reporting.
a
be successful only through the co-operation of
bank inflation is the result of excessive issues of currency or
production
about the
the Federal Reserve banks of the several districts, has brought
textile trades, is that production has in some instances overtaken
.
explained the position of the Federal Reserve system at the
result of undue loans upon
of
was
"In each such district," he went on, "application of a sound discount
upon.
of demand and on the other of an increased
in
basis
determined
equitably applied that the organization of the system upon a
more
of
its
country.
and
be better gathered
such knowledge could
the belief that
present time, pointing out that although it is generally supposed that the
factors
Federal Reserve system
guidance general knowledge of contidions throughout this great
market.
wholesaling and retailing
manufacturing,
guide to credit apportionment.
of
Study.
that from the very outset of the
recognized that sound central reserve banking must have for
was
mind with respect to prices; whereas last
serve
central
banking system."
continue.
H. Parker Willis, formerly Secretary of
of
the
financial position to-day than
natural
productive power or the skill and ingenuity of our
these should have their full measure of recognition.
resources, our national
no
Say what we will of the pres¬
community.
stronger and better
a
Our
value since its establishment
the nation in its time of war
prices and of credit, it yet remains true that
other nation in the world.
There
•
of judgment are
commercial banker be¬
small measure dependent upon
far-reaching and profound than those of the
Federal Reserve banks".
PARKER WILLIS ON SCIENTIFIC DISTRIBUTION
H.
The problem presented to the reserve
complex and difficult but the results of error or mistakes
more
Discussing the credit situation in its report of business
run.
modification of existing taxes and abolish¬
singling out the dxcess profits tax as particularly obnoxious.
He noted the need for administrative reforms enabling the Government
on
the public.
cf
who grant credit to
banker is not only more
of testing the credit of those
municipality, every individual should practice
The Secretary favored great
ment of some,
Here the duty
central reserve institution—a bankers' bank.
a
Following Congress in this matter,
genuine budget system.
a
He ex¬
to the
followed was reasonably
clear, demanding that the Government be run on a
basis and
ations of
those in charge is that|
institution of
Turning to the position of Government bonds, the Secretary
nothing new.
the reserve situation, "have double force when
steadiness, com¬
industry and thrift on the part of
asserted, not only to
Resources must be conserved, he
the individual.
ence to
It is also in
community effort.
Conditions confronting the country were
mon sense
looking
larger measure
Washington for the salvation which ought to come in
to
had
far as
planning to aid Europe
that Europe set Its house in order, presenting as
business foundation for their enterprises.
a
of the banker," said Mr. Willis, with refer"
applied to the opera"
"The public responsibilities
and has rendered invaluable service not only to
activities.
Mr. Houston declared that those who were
the right to expect
tend to
with obligations which they cannot
and
Inasmuch
petroleum remained stationary;
these commodities have ready
as
especially susceptible to speculation, and the
single week is, therefore, by no means a reliable indication
Other elements in the cost of
peak of high prices has passed.
On the contrary many wage increases
recently been granted, and others, notably of railway workers, are
production have not gone down.
have
pending.
Higher wages, rents, and local taxes continue as increasingly
goods
Such elements in the prices of commodities as speculation
heavy charges against production and must be reflected in the cost of
to the consumer.
Speculative Loans.
has
One of the main difficulties in the case, the speaker contended, was found
caused
may
re-established in one trade after another.
bonds.
that the basic cost of production will fall to a greed:,
loans
on
This represents a much larger element of bank inflation than do
Government
securities.
Continuing with the question how to
apportion credit at the present time in such
a way as
to cause least incon¬
"Although economists and financiers
the theory of credit, two points are well
of credit is subject to very distinct
are not fully
agreed on all points in
recognized—the first .that the supply
limitations; the second, that the proper
analysis and distribution of credit is
care
a
matter which calls for the utmost
and skill and which should enlist the fullest information concerning
both economic
and
financial
conditions.
Unsound
grants of credit,
the
conversion of long-term obligations into short-term liabilities, and the en¬
prove
to be established on lower levels
But it
can
degree until
and the labor
is
scarcely be expected
co
f
raw
materials
tie reduced either
through increased labor efficiency or lower wages
No factor could work for lower
venience, Mr. Willis said:
Runaway profits
be reduced through credit pressure.
arising from lack of competition will be eliminated when competition
in the fact that banks generally have loaned so heavily upon stocks and
living costs
and with such beneficial effect as a
consume.
and
effectively
^so
promptly
higher prices at a time when there is insufficient man power to produce
all we desire hinders
we
so
reduction in the amount of goods we
To attempt to satisfy our demand ffo i goods by paying higher
desire.
rather than helps to effec
\
the increased production
But by refraining from consumi n gthin gs w
without, labor and materials are releasedfo
and capital is
rother
provided to sustain them Ir th
mor
f«rv
co r
just
as
well do
pecessaryfservices
"Work and save" is the slogan
Its people.
the workers
sum
which every government is urging upon
Saving is more universal in its application than working, for
never include all, but aU are spenders.
And there seldom has
been such an
opportunity for remunerative saving as now, when a
given
little and if saved and invested will yield such large
Liberty Bonds, for example, are now selling at market prices
the taxable issues, yield from about 5% to 6K %.
They are the
if spent will buy so
returns.
which for
come
Should prices later
of the savings invested in them will then buy the thing
most readily
and
safest
down, a part
which would cost all of
salable of aU investments.
since April 16 in the volume of
reached on Feb. 13.
to Federal Reserve Bank loans was
The situation with respect
similar.
total loans and investments of the Federal Reserve Bank of
York stood at 1,038 millions, of which 80 miUions represented redis-
banks. Thus the net figure on that
day was 958 millions, a decline of 41 millions from April 16.
The loans of
the other Federal Reserve Banks disregarding their rediscounts
with the
Federal Reserve Bank of New York, were 2,264 millions on May 21, an
counting for other Federal Reserve
inconsiderable changes is that the
of the country as a whole has not gone
forward.
The
system—that is, the relatively better position of the
with one or two other
eastern banks—are attributable in part to the transportation congestion
which obtained through the period.
Credit burdens which would normally
have been transferred from the west to the east with the movement of goods
were held bank and partly in consequence the Federal Reserve Bank of
New York increased the volume of its rediscounting for other Federal
Reserve Banks from 36 millions on April 16, to 80 millions on May 21.
changes within the
Bank of New York in common
Federal Reserve
The Reserve balance carried by member banks In St.
rowings of member banks in these
PROGRESSIVE DISCOUNT RATES OF RESERVE
As
Reserve
Reserve
All paper
will be discounted at time of offering at the normal rates.
Progressive rates of discount will be charged to member
average
in
weekly tables of Federal
our
the St. Louis, Atlanta and Dallas
In the case of the Reserve Bank
system of discount rates.
City the
method went into effect on April
new
19Jand the circular (No. 251) of the bank
announcing its
adoption was given in our issue of April 24, page 1705.
A modification of the system put into effect by the Kansas
City Reserve Bank was made effective April 27, and an¬
nouncement of this was made as follows in the circular issued
periods and charged to the account of the borrowing bank.
Progressive
rates on borrowings in excess of the basic line will begin on all classes of
paper at
the normal rate of discount for
City.
advances to a member bank shall be
line;
One per
cent per annum on
of the basic line and less than
amounts to 1.25
so on
modified
as
the terms of our General Letter No.
251 are
Exception.—The direct obligations (the member bank's collateral note
less) of member banks, secured by Liberty loan bonds
1
of indebtedness) when determining the
progressive discount rate on subsequent offerings, nor
appli¬
shall the
progressive rate apply thereto.
Rediscounts secured by Treasury certificates of indebtedness,
or
Liberty
and member bank notes secured by Treasury
Victory notes;
certificates of indebtedness
borrowed, or by Liberty bonds or Victory notes
borrowed, will be discounted at the prefer¬
ential rates stated in General Letter No. 242, but such paper will be con¬
sidered as a part of the credit structure upon which progressive rates will
apply on subsequent offerings of other eligible paper.
The foregoing rate modifications shall not apply to paper now under dis¬
count.
New offerings and renewals (other than war-loan issues referred
to above) shall be subject to the application of the progressive discount
rate, based upon the liability of the offering bank at the close of the preced¬
ing business day, less the amount of paper actually maturing on the day of
acquired since April 1 1920, or
the offering.
The discount on paper
rate
anticipated before maturity will be rebated at
the
charged thereon.
Respectfully,
J.
Z.
MILLER,
JR.
Governor.
♦Certificate of ownership
1920 and the direct
less) of member banks, secured by Treasury certificates of
indebtedness actually owned by the borrowing bank, shall not be considered
part of the sum, or
as
The Federal Reserve
known its action
In order to
by an authorized officer of the borrowing bank,
and —or Victory notes offered as col¬
lateral were the property of the applying bank and actually owned by it
on April 1 1920, and —or the Treasury certificates of indebtedness offered
as collateral security are actually owned by the applying bank on date of
panied by a certificate signed
Bank of St. Louis adopted the pro¬
and its circular making
said:
of
St.
PROGRESSIVE
Effective
hypothecation.
is the form of
The following
bank's collateral note
The recent
progressive rate shall not be retroactive, but will apply on paper
May 26 and to new offerings or renewals of notes now
of May 26 wiU
which the progressive rates wiU
be applied and which are effective May 26.
In accordance with the policy of this bank, a rebate of interest at the
normal rate of discount will be made on paper paid before maturity.
The paper held under rediscount as
of the credit structure on
"
the
May
26
Louis, Mo.,
May 25 1920.
Act, approved April 13
Reserve Banks, subject to the approval of the
establish progressive rates of discount on ac¬
extended to member banks.
&
Board, to
of this amendment,
foUowing formula: 65% of the reserve
ber bank with this bank, plus the
this bank has established
required to be carried by the mem¬
bank in the
investment of the member
capital stock of this bank; such sum to be
amount
effective
on
O.
BIGGS, Governor.
Bank of Atlanta made the
May 31.
progressive
We print its announcement
herewith:
To
Banks of District No. 6:
the Member
The recent
Federal Reserve
modation
Act, approved April 13
subject to the approval of the
of discount on accom¬
amendment to the Federal Reserve
1920, authorizes
Federal Reserve banks,
Board, to establish progressive rates
extended to member banks.
Under the
provisions of this amendment,
this bank has established pro¬
gressive rates of discount effective May 31 1920.
The normal or basic line of a member bank shall
following formula:
be determined by the
>
of the average reserve balance maintained
with the Federal Reserve Bank
65%
member bank
preceding reserve computation period.
the investment of the member bank in
by the
during,
Plus
stock of the
The
Multiplied by
two and
the
one-half.
the capital
J
Federal Reserve Bank.
constitute the basic line. Accommodation
member banks up to and including this basic amount will take
discount rate in effect at the time paper is submitted.
The
resulting amount shall
extended to
the normal
progressive rates will be applied on the average accommodation in excess
of the basic amount granted to member bank& during the current reserve
computation period.
The reserve balance carried by member
banks located in Atlanta, Bir¬
JacksonviUe, Nashville, New Orleans and Savan¬
weekly basis, and the average borrowings of member
banks in these seven cities will also be figured on a weekly basis.
The reserve balance carried by member banks located outside of these
seven cities is figured on a semi-monthly basis, and the average borrowings
of member banks outside of these seven cities will also be figured on a semi¬
tation
time of offering at the normal rate.
will be charged to member banks on the
borrowings In excess of the basic line at the end of reserve compu¬
multiplied by two and one-half.
shaU constitute the basic line.
will be discounted at
Accommodation
periods; that is, the excess rate
will be assessed in the same manner
in the reserve balance are at present assessed
The amount of the additional discount charged under the
progressive rates will be calculated by this bank at the end of the stated
period and charged to the account of the borrowing bank.
Whenever advances to a member bank shall be approved in an amount
that
amendment to the Federal Reserve
provisions
rates
average
1920.
progressive rates of discount, effective May 26 1920.
fcg
The normal or basic line of a member bank shall be determined by the
resulting
D.
The Federal Reserve
Progressive rates of discount
1920, authorizes Federal
commodation
claimed.
omit.—Ed.)
All paper
DISCOUNT RATES
Banks of District No. 8:
Federal Reserve
member
[This form
certificate that must accompany the
where the above exception is
monthly basis.
Louis.
St.
The
that the Liberty bonds
to the effect
nah, is figured on a
REDERAL RESERVE BANK
To the Member
normal or basic
credit structure, constituting the
progressive rates shall not apply to such direct obligations.
obtain this exception, such collateral notes must be accom¬
line, and the
mingham, Chattanooga,
required.
gressive rates of discount on May 26,
Under
actually owned by the borrowing member bank on April
obligations (the member bank's collateral note for
Victory notes
or
fifteen days or
basic amount of credit accommodations
(i. e., the aggregate amount
bonds
each additional
accommodation in excess of the basic line.
Respectfully,
which each member
bank may receive from the Federal Reserve Bank will be determined in the
same manner as provided for in General Letter No. 251, except that member
bank notes secured by Liberty bonds or Victory notes actually owned by
the borrowing bank on April 11920*, or by Treasury certificates of indebted¬
ness actually owned, shall not be considered as a part of the credit structure
cation of the
1.50 of the basic line;
increasing rate of K of 1 % per annum for
at an
follows:
The normal
accommodation above
accommodation
that part of the average
the stated period, where the average
the basic line for
constitute part
Banks in District No. 10:
Effective immediately,
approved in an amount
the basic line, such advances shall be subject to a progressive
rate of discount applicable to paper of all maturities.
Such progressive
rates will be applied on the following scale:
One-half of 1 % per annum on that part of the average accommodation
above the basic line for the stated period, where the average accommoda¬
tion amounts to more than the basic line and less than 1.25 of the basic
greater than
under rediscount.
April 27 1920.
To All Member
commercial paper for ninety day
maturity.
under rediscount on
DISCOUNT RATES.
PROGRESSIVE
the end of the stated
progressive rates will be calculated by this bank at
The
FEDERAL RESERVE BANK
Kansas
stated
will be assessed in the same manner that
penalties for deficiencies in the Reserve balance are at present assessed by
this bank.
The amount of the additional discount charged under the
we
at that time.
of
banks on the
borrowings in excess of the basic line during the periods as
for fifteen days or
Federal
Banks have followed the action of the Federal
Bank of Kansas City in adopting the progressive
of Kansas
semi-monthly basis, and the average borrowings
monthly basis.
BANKS
ST. LOUIS AND ATLANTA.
indicated
have
we
a
outside of these four cities will also be figured on a semi¬
of member banks
And
Reserve rates,
the average bor¬
cities will also be figured on a weekly
carried by member banks located outside of these
figured on
four cities, is
unit of .25 of average
OF KANSAS CITY,
Louis, Little Rock,
Louisville and Memphis, is figured on a weekly basis, and
Whenever
that can be said of these
credit expansion
bank.
April 16.
increase of 103 millions over
The best
that is used in
above; that is, the excess rate
On May 21, the
New
member banks
The Reserve balance
bank loans either in this dis¬
trict or in the country as a whole have not been great.
In the five weeks
ended May 21, the loans of banks throughout the country which report
each week to the Federal Reserve Board declined 185 millions.
Somewhat
more than half of the decline, 100 millions, took place in New York City,
but the total nevertheless stood considerably above the low point for the
year,
is submitted.
The
accommodation granted to
in excess of the basic amount, covering the same period
computing the average Reserve balance carried by such
progressive rates will be applied on the average
Loans.
Bank
of
basic amount will take
extended to member banks up to and including this
the normal discount rate in effect at the time paper
basis.
the savings if bought now.
Volume
The changes
2441
THE CHRONICLE
June 12 1920.]
penalties for deficiencies
by this bank.
the basic line, such advances shall be subject to a progressive
applicable to paper of all maturities.
Such progressive
rates will be applied on the following scale:
For the first 25% or any part thereof above the normal or basic line, on
half of 1 % per annum above the normal rate:
For the second 25% or any part thereof above the normal or basic line,
greater than
rate
of discount
1 % per annum
above the normal rate:
THE CHRONICLE
2U2
And
at an
on
so
Increasing rate of one-half of 1% per annum for each
additional 25% or any part
N.
thereof above the normal or basic line.
banks, secured by Liberty loan bonds or
Victory notes actually owned by the borrowing member bank on April
1
1920, and the direct obligations (the member bank's collateral note for
certificates of
Indebtedness actually owned by the borrowing bank, shall not be considered
fifteen days or less) of member banks, secured by Treasury
as
basic line, and the progressive
part of the sum constituting the normal or
rates shall not
In order to
panied by
a
apply to such direct obligations.
obtain this exception, such collateral notes must be accom¬
certificate signed by an officer of the borrowing bank, to the
and—or Victory notes offered as collateral
borrowing bank and actually owned by it on April
11920, and—or the Treasury certificates of indebtedness offered as collateral
are actually owned by the applying bank on the date of hypothecation.
The following is the form of certificate that must accompany the member
bank's collateral note where the above exception is claimed.
[We omit
the property of the
form
certificate.—Ed.l
of
shall not be retroactive but will apply on paper dis¬
or r©discounted on May 31 and to new offerings or renewals of notes
counted
The paper held upder rediscount as of May 31
under rediscount.
now
will be considered as part of
the basic line when applying the progressive
rates, which are effective May
BANK
EFFECT
AND
JAPANESE
ON
EXPORTS.
ON
According to the monthly report of the Federal Reserve
public this week, "booking of
new
Japanese business by American exporters has been seriously
curtailed, temporarily at least,
a
as
result of the financial
crisis in that country, but in other parts of
demand continues very
the
the world export
On the effect here of
persistent."
Japanese situation the report adds:
The
falling
in Japanese buying is important here, as Japan has been
away
very active market,
a
inquiries
particularly for cotton, iron and steel .Though some
still being received from the larger Japanese houses, numerous
are
cancellations of steel orders have been reported and offers for re-sale at
material concessions have been noted.
Some concern has been expressed
lest transportation delays hold up shipments beyond
the life of the credits,'
there is uncertainty as to the granting of renewals by
as
The progressive rates
RESERVE
Bank of New York, made
effect that the Liberty bonds
were
FEDERAL
DISTURBANCES
Exceptions.—The direct obligations (the member bank's collateral note
tor fifteen days or less) of member
Y.
[Vol. 110
Certain exporters of
in
Japan, and
machinery and tools report
a
Japanese bankers.
continuing good demand
excellent market in India and
an
South America, while
European buying has not fallen off.
31.
bank, a rebate of interest at the
Following the established policy of this
normal rate of discount will be made on paper
RICHMOND RESERVE BANK INQUIRES AS TO MEM¬
paid before maturity.
BER BANKS' HOLDINGS OF LIBERTY BONDS.
Yours respectfully,
Governor.
WELLBORN.
B.
M.
A request for
information regarding member banks' hold¬
ings of Liberty bonds, Victory notes and Treasury certifi¬
cates of indebtedness is made in the
RESERVE
FEDERAL
ATLANTA
ON
BANK
r
PENALTIES FOR DEFICIENT RESERVES.
banks, is called by the Federal Reserve Bank of Atlanta,
in the following
following communica¬
May 29 by the Federal Reserve
Bank of Richmond
deficientjreserves of member
Attention to the penalties for
tion issued under date of
To the Member Bank Addressed:
We will
amount
circular issued May 29:
appreciate it if
now
you
will advise
us
with reference to the total
Liberty bonds, Victory notes and Certificates of
as an original subscription or by
(par value)fof
Indebtedness
owned by you, either
purchase prior to April 1 1920.
Circular No. G.-141.
This request is
FEDERAL RESERVE BANK OF ATLANTA.
Ga.t
Atlanta,
May
1920.
29,
being addressed to all member banks in this district and
it is important that we
receive complete information at the earliest possible
thank you, therefore, to send us your reply at your
We will
Subject: Penalties for Deficient Reserves.
moment.
To the Member Bank Addressed
earliest convenience, using the form below.
We again call attention to
Respectfully,
paragraph of Section 19 of the Federal Reserve
FEDERAL
Act, reading as follows:
"The
required balance carried by a member bank with a Federal Reserve
Bank may, under the
regulations and subject to such penalties
be
as may
This is to certify
RESERVETBANK
that the undersigned bank
OFjRICHMOND.
now owns
and'did own on
April 1 192U the following described United States'securities:
Par Value.
prescribed by the Federal Reserve Board, be checked against and withdrawn
by such member bank for the purpose of meeting
Provided, however, that
no
bank shall at
any
existing
liabilities:
time make new loans
or
shall
dividends unless and until the total balance required by law is
pay any
In our Circular
G-133, under caption "Reserves," we advised that until
further notice, penalties for
rate of two per cent
case
of
deficiencies in reserve would be assessed at
now
a
above our prevailing 90 day discount rate, but in no
to be less than six per cent per annum on
the amount of the deficiency.
wish to advise that, effective at once, the following progressive scale
be applied for successive deficiencies in required
penalty rates will
reserves:
Second
Third
'-Y:
.
Bonds
Loan
Liberty
Loan
Liberty
Liberty
Victory
$
—
Loan Bonds
Liberty
Fourth
fully restored."
We
First
Bonds
—
.Notes
U.
S.
Bonds—
Loan
Certificates of Indebtedness (all issues)
Total
-
rowed
or
Name
-
certified that the above list doesjnot include securities bor¬
It is hereby
securities held as collateral to customers' notes.
of Bank
.
--
...
—
'.V-
First Deficiency.—2% above our prevailing 90 day commercial discount
(Officer signing should give title.)
rate.
Second Successive Deficiency.—3 % above our prevailing 90 day commercial
discount rate.
Third Successive
discount rate.
Subsequent Deficiencies in Succession.—2% above penalty rate charge for
preceding deficiency (i.
e.) 7% above prevailing 90 day
rate on 4th successive
deficiency; 9% above prevailing 90 day commercial
discount rate
on
INSTITUTIONS
STATE
5th deficiency, etc.)
commercial discount
TO
ADMITTED
FEDERAL
RESERVE SYSTEM.
Deficiency.—5% above our prevailing 90 day commercial
The Federal Reserve Board at
the
Washington makes public
following list of institutions which were admitted to the
Federal Reserve system in the week ending June 4
1920:
Total
..
Respectfully,
M.
WELLBORN,"
B.
Capital.
District No. 5—
^
Governor.
The Planters
Bank, Wilson, N.[C
Surplus.
$100,000
Resources.
$916,223
--
district No. 7—
State Bank,
Iowa
FEDERAL
RESERVE
BANK'S
DISCOUNTING
In
an
REQUIREMENTS
WAR
endeavor to comply with
IN
thejadmonitions of the
District No.
Guaranty
securities.
The
Bank
made effective
were
requirements
on
the
of
by Government
Richmond
June 1 and
are
Reserve
contained in
FEDERAL
RESERVE
BANK
RICHMOND.
To the Member Banks
On
and
after
collateral
notes
secured
offering the
same as
(c) Whether the securities offered
Certificates of Indebtedness
collateral.
used by the bank with the full
as
collateral
or have
held by the offering
collateral for customers' notes under discount, and are detached and
as, or more
are
knowledge and written
consent of the makers
and whether the offering bank is lending in each
than, the amount it seeks to borrow
(d) Whether the Bonds, Notes,
the member bank
20,000
437,051
75,000
1,500
505,800
StatelBank, Shiro, Texas——« 25,000
20,000
164,601
Citizens Guaranty State Bank,
are
or
on
the
case, as much
security,
or
Certificates pledged as securities by
borrowed for the purpose of borrowing from the
Federal Reserve Bank.
I
The member bank should be very careful to give this information in
every
case, with any note or renewal offered on or after June 1.
Unless this
Information accompanies the note, the discount will have to be held
pending
the receipt of the Information.
Respectfully,
FEDERAL RESERVE BANK OF RICHMOND.
Texas
-
EDNESS
by
or
(b) If so owned, were they acquired by original subscriptions,
they been purchased in the open market.
of the notes,
25,000
Two
at
ness
(a) Whether Liberty Bonds, Victory Notes,
as
191,848
Farmers State Bank, Madisonville, Tex.
2,934,861
-
-
25,000
—-—
218,317
AND
AT
6%.
us
payment of such notes:
bank
15.000
OFFERING OF TREASURY CERTIFICATES OF INDEBT¬
1, all member banks*
owned by the bank
100,000
25,000
1920.
for discount, should be accompanied
by the following information with respect to the collateral pledged for the
are
„-,000,000
The Kuna State Bank, Kuna, Idaho—
22,
of District No. 5:
June
Bank & Trust Co.,
'
May
Government obligations, sent to
227,430
District No. 12—
Subject: Member Banks' Collateral Loans Secured
by Government Obligations.
414,770
10,000
Forney StateJBank, Forney,|Texas
Farmers
OF
10,000
25,000
11—
Dallas,ITexas—
Lufkin,
the following circular dated May 22.
284,990
50,000
Belt, Mont.
Huntley State Bank, Huntley, Mont-
industries, the Federal Reserve Bank of Rich¬
to the discount of collateral notes secured
"10,000
Bank, Iberia, Mo-g[ 25,000
Farmers & Miners State Bank,
makes certain information necessary as an incident
mond
332,142
9—
No.
District
13,000
25,000
■
Farmers & Traders
PAPER.
Federal Reserve Board relative to the restriction of loans
to essential
Dexter, Iowa
District No. 8—
carried
new
offerings of Treasury Certificates of Indebted¬
5M and 6% respectively, the highest rates thus* for
by
any
issue,
were
announced by Secretary of the
Treasury Houston on June 9.
The previous high rate
was
at which the Treasury Certificates offered a month
were put out.
Both issues offered this week are dated
e 15,1920; the certificates issued at 5%% (Series A 1921)
made payable Jan. 3 1921, while those at 6% (Series
5lA%,
ago
Jun
are
T-J 1921)
will mature
on
June 15 1921.
The certificates of
Series A 1921 will be issued without coupons.
cates
of Series TJ
1921 will have two interest
The certifi¬
coupons
ar-
payable Dec. 15 1920 and June 15 1921.
The
Certificates of^Series*A|1921 will not be accepted in payment
taehed,
of taxes,
while those of Series T-J 1921 will be accepted in
payment of income and profits taxes payable at the^maturity
'
June 12 1920.]
of
the
THE CHRONICLE
certificates.
Treasury Certificates of indebtedness
T-J 1920, maturing June 15 1920, of Series E 1920, maturing
July 1 1920, and of Series F 1920, maturing July 15 1920,
will
be
accepted at
interest, in payment for
T-J 1921.
or
with
par
any
the
certificates of the Series A 1921
letter sent to the Presidents
a
banking institutions of the country that the total
the United States has
debt of
gross
adjustment of accrued
Secretary Houston in announcing this week's
offering of certificates states in
of
an
been reduced since
Aug. 31 1919 from about $26,000,000,000 to less than $25,-
000,000,000.
In
the
debt (loan an^ tax
same
period he
states
the floating
certificates) has been reduced from
$4,000,000,000 to less than $2,850,000,000.
and
2443
Federal
payment
upon
pending delivery
Reserve
Banks
Issue interim
may
of the definite certificates.
Any
qualified
receipts
depository
wiU be permitted to make payment by credit for certificates allotted to it
for itself and its customers up to any amount for which it shaU be
in
of
excess
qualified
existing deposits, when
so notified by the Federal Reserve
Treasury certificates of indebtedness of series T J-1920
Bank of its district.
maturing June 15 1920, of Series E 1920, maturing July 1 1920, and of Series
F 1920, maturing July 15 1920, will be accepted at par with an
adjustment
of accrued interest, in payment for
T J-1921 now
any certificates of the Series A 1921 or
offered which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are author¬
ized and
requested to receive subscriptions and to make allotment in fuU
in the order of the
receipt of applications
up to amounts indicated
by the
Secretary of the Treasury to the Federal Reserve Banks of the respective
districts.
.
t
some
The following
CONGRESS CRITICISED BY PRESIDENT WILSON FOR
FAILURE TO REVISE TAX LAWS AND ENACT
is his letter:
Washington, D. C. June 10, 1920.
OTHER CONSTRUCTIVE MEASURES.
Dear Sir:—Treasury certificates to the amount of nearly $1,000,000,000
mature
before July 15.
on or
by the income and profits tax installment payable in June.
the balance and provide
To refund
for current requitements up to July 15, according
to the best estimates now
The
The greater part of these are provided for
available, it seems desirable at this time to issue
is
"dominating motive which has actuated this Congress
political expediency rather than lofty
public welfare."
This
was
purpose
to serve the
the view expressed by President
Treasury certificates to the amount of $400,000,000 or thereabouts; and
Wilson in
accordingly the Treasury is offering certificates in two series, both dated
hoods]in reply to their protests against the adjournment of
Congress and "the continuation of a do-nothing policy."
In his message to the brotherhoods the President declared
June 15, Series A 1921, bearing interest at 5M % and maturing January 3
1921, and Series T J-1921, bearing interest at 6% and maturing June 15
1921 particulars concerning
which will be furnished by the Federal Reserve
Banks.
On the basis of Treasury daily statements and excluding transactions in
the principal of the public debt;
30
though the first quarter, ended September
1919, of the present fiscal year ending June 30 1920, was marked by a
deficit of about $770,000,000, in the second quarter, ended December 31
1919, there
March 31
surplus of over $150,000,000; in the third quarter, ended
was a
1920, there
was a
surplus of nearly $400,000,000.and the fourth
quarter ending June 30 next, should also show a surplus.
The completed
that
Congress "failed to deal directly with the cost of living"
and that it also "failed
to the
having about balanced its budget, current receipts against disbursements,
basis
and
31
of Treasury daily statements,
1919, to nearly $26,600,000,000 had been reduced May
Aug. 31
on
1920, to
amounted to nearly $25,050,000,000
less than $25,000,000,000.
The floating debt outstanding
(loan and tax certificates! which on June 30 1919 amounted to
and
$3,-
1919 to nearly $4,000,000,000, had been
250,000,000 and on Aug. 31
duced May 31
over
1920, to less than $2,850,000,000.
re¬
The reduced ordinary
public debt disbursements have made possible a very important
reduc¬
tion in the amount of the net balance in the general fund, which has been
applied to the reduction of debt.
cost of
greatly reduced by the operations outlined in the first paragraph
of
letter.
this
During the coming fiscal year beginning July 11920 the Treasury expects,
though it is impossible to speak positively, that there will be a further
reduction of both gross
The
very
a
legislation,
important reduction in the last two quarters.
period of upwards of twelve months since the flotation of the Victory
witnessed great expansion of commercial credits,
Liberty loan has
of United
liquidation
steady
Government
States
war
securities.
The
been reduced by
more
than $400,000-
000,000 though they have increased their other loans and investments by
about $1,200,000,000.
All reporting member banks (about 800 member
to the
any
commercial bank deposits of the
country) have reduced their holdings of
United States Government war securities by about $2,000,-
on
sideration to the urgent appeal, oft repeated
of the Treasury, to
confidently asks the banking institutions of the country
for their continued support
certificates
now
and, in particular to subscribe liberally for the
offered and use their best efforts to obtain the widest
distribution of them among investors.
Cordially
yours,
D.
indirectly responsible in part for the high cost of living.The protracted delay in
matters,
F.
HOUSTON.
York
Treasury,
under
the authority of the act approved
amended, offers for subscription, at par and accrued
the Federal Reserve Banks, Treasury certificates of
indebtedness, in two series, both dated and bearing interest from June
Sept. 24
1917,
interest,
through
as
certificates of Series A 1921 being payable on Jan. 3, 1921 with
of
% per annum and the certificates of Series T J-
15 1920, the
interest at the rate
1921 being
6%
per
payable on June 15 1921 and bearing interest at
annum
the rate of
payable semi-annaully.
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of $500,
$1,000,
The certificates of Series A 1921 will be
issued without coupons.
The certificates of Series T J-1921 will have
two interest coupons attached payable Dec. 15 1920 and June 15 1921.
The certificates of both said series shall be exempt, both as to principle
and interest, from all taxation now or hereafter imposed by the United
States, any State, or any of the possessions of the United States, or by any
local taxing authority, except (a) estate or inheritance taxes, and (6) grad¬
uated additional income taxes, commonly known as surtaxes, and excess
$5,000, $10,000,
it, if at all, only because I despaired of anything better.
the United
associations
or corporations.
The interest on an amount of bonds and certificates
authorized by said act approved Sept. 24 1917, and amended thereto, the
principal of which does not exceed in the aggregate $5,000, owned by any
individual, partnership, association or corporation, shaU be exempt from
now or hereafter imposed* by
the income or profits of individuals, partnerships,
provided for in clause (b) above.
certificates of these series do not bear the circulation
the taxes
privilege.
The certificates of Series A 1921 will not be accepted in payment of taxes.
The certificates of T J-1921 will be accepted at par, with an adjustment of
accrued interest, during such time and under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury, in payment of
The
certificates.
and to allot less than
the amount of certificates of either or both series applied for and to close
the subscriptions as to either or both series at any time without notice.
Payment at par and accrued interest for certificates allotted must be
made on or before June 15 1920, or on later allotment.
After allotment
income and
The right
has not only prevented the
The present Congress
conclusion of peace in
dealing with the
Europe, but has failed to present any constructive plan for
deplorable conditions there,, the
upon
In
us.
:
of the record of the present Congress,
the light
whatever to hope that
tion.
It must be evident
the public
that the dominating motive which has
than lofty purpose
welfare.
telegram from the brotherhood chiefs, to
The
above
to all
Congress is political expediency rather
actuated this
serve
I have no reason
its continuance in session would result in constructive
conditions to which you call atten¬
for the relief of the economic
measures
to
continuance of which can only reflect
was a
As the
which the
reply, follows:
responsible heads of railroad labor organizations
representing more
protest most earnestly and most
emphatically
Saturday in accordance
with the plan reported in the public press.
We call attention to the fact
that despite the revelations as to the profiteering scandal Congress has done
nothing to check the evil or to punish the evil-doers; that the cost of living
continues to advance without a single remedial measure having been passed,
and that there has not been even serious consideration of constructive legis¬
against the proposed adjournment of Congress next
serious problem of industrial unrest.
In the circumstances it appears to us
to
the
continuation of
economic problems
and
a
incredible that the responsible leaders
assent to this seeming agreement
do-nothing policy which means that the grave
of the people are to be made the plaything of
politics
and
politicians for the next five months.
It invites political chaos
disaster.
Congress should remain in session.
business
Similar
Senator
telegrams
were
sent to Speaker Gillette
and to
Lodge, and were signed by the following:
Herbllng,\W. G.
Franklin, J. J. Hynes, J. P. Noonan, Martin F. Ryan, E. J. Manion, E. F. Grayle, E. H. Fitzgerald, Timothy
Healy, D. W. Helt and B. M. Jewell.
Warren S. Stone,
W. S. Carter, L. E. Sheppard, S. E.
Lee, W. H. Johnston, J. W. Kline, J. A.
and $100,000.
profits and war-profits taxes,
States, upon
public
I could accept
of the Government at Washington can
giving details of the offering:
The Secretary of the
marine and other similar
resulted in unnecessary burdens upon the
has
treasury, and ultimately in legislation so unsatisfactory that
following is the circular of the Federal Reserve Bank
New
of
dealing with the problem of the railroads, the
of the Government-owned merchant
problem
lation dealing with the
The
by me and by the Secretaries
revise the tax laws, which in their present form are
than 2,000,000 workers, we
The Treasury
possible
Not only has the present Congress failed to
other line.
directly with the cost of living, but it has failed even to give serious con¬
000,000 but have increased their other loans and investments by about
$4,000,000,000.
address,
deal
problem of the cost of living on the lines indicated in that
or
cities which are believed to control about 40% of the
banks in leading
and loans upon
In nine months this
Congress has, however, taken no important remedial action with respect
but
Federal Reserve Banks' combined loans and discounts secured by United
States Government war securities have
You call my attention to matters
Congress in a special message delivered at
joint session of the two houses on Aug. 8 1919.
a
debt and floating debt in the first two quarters
and, unless additional burdens should be imposed by future
that there will be
that I presented to the present
urgent
V
high
The President's telegram, which was dated
living."
June 5, read:
Both gross debt and floating debt will be
further
which in their
taries of the Treasury, to revise the tax laws,
I received your telegram of June 3.
The total gross debt of the United States, which, on June 30 1919, on the
give serious consideration
present form are indirectly responsible in part for the
after fighting stopped.
year
to
even
urgent appeal, oft repeated by me and by the Secre¬
fiscal year's operations should show little, if any, deficit—the Government
for the first full fiscal
telegram to the chiefs of the railroad brother-
a
profits taxes payable at the maturity of the
is reserved to reject any subscription
RESIGNATION
OF FRANK L. POLK AS
UNDER¬
SECRETARY OF STATE.
Frank L. Polk, of
New York, has resigned from the post
has been
Under-Secretary of State and his resignation
of
Mr. Polk will retire to
His resignation is due to ill health.
accepting the Under-Secretary's resignation the President
accepted by President Wilson.
private life
In
wrote
as
on
June 15.
follows:
THE WHITE
.
HOUSE.
Washington, June 3 1920.
of the necessity on account of your health
in the matter of your retirement is one which I am estopped from answering
or combating.
I feel that I have in conscience and warm friendshiplno
choice but to accept your resignation, though I do so with the utmost
reluctance and wish again to express the admiration I have feltjfor the
devoted and intelligent way in which you have performed your,duties
My Dear Polk —The argument
in the
Department.
We shall all
on
.
miss you very sadly, and the
public service will be poorer
account of your loss.
With the warmest good
wishes, cordially and faithfully yours,
WOODROW WILSON.
THE CHRONICLE
uu
Polk's letter of
Mr.
devoted himself to
resignation read:
DEPARTMENT
OF
Washington, June 1 1920.
resignation
my
conditions
of^the hour," he proclaimed that "Mr. Wilson
and asiigns, or anybody that is
and his dynasty, his heirs
June 15.
,~?4s
thejpolicies of the Wilson
responsible in> considerable measure, "for the perilous
as
Under-Secretary of State, to take effect, if possible, on
as
rehearsal of
a
Administration and in pronouncing the Democratic Party
STATE.
My Dear Mr. President —It is with very real regret that I tender to you
r
[Vol. 110.
you
know, it has been my intention to retire for over
I feel I have no choice
in the Department of State
had the privilege of
and, although
under^the circumstances, it is only with the greatest
I take this step.
reluctance that
owing
a year,
necessarj£for me to/take a complete rest,
to the fact that it is
I have thoroughly enjoyed my work
and I shall always be profoundly grateful that I
his, anybody whojwithjbent knee has served his purposes
all control, from all influence upon the
must be driven from
Government of the United States."
driven
"be
office
from
and
They must, he said,
not because
power
serving in your Administration during the last five
Wilson stands for
they
are
stirring years and had the opportunity here and abroad to try to help in a
Democrats, but because Mr.
small way to carry out the great
Administration and Government which is not American."
Permit
principles for which
you
stand.
take this opportunity of expressing my very sincere
me to
apprecia¬
tion of the kindness and consideration you have so consistently shown me
With best wishes and warm regards, believe me, yours faithfully,
made known that Norman H. Davis,
was
Assistant
"Secretary of the Treasury, in charge of foreign loans would,
be appointed as his successor.
the
President Wilson accepted
resignation of Mr. Davis from the Treasury Department
June 10
on
of
that he
so
points of the Senator's speech
were
might be free to take up the duties
Under-Secretary of State.
CIENCY
CANNOT
NAVAL
MAINTAINED
BE
APPROPRIATION
MADE
of his remarks:
Defeat of the present
Administration transcends in importance all other
President Wilson and his "dynasty'' must be driven from power.
Protective tariff legislation and other economic measures vital to our
questions.
arte impossible "with
industries
a
Democratic Free Trader of Socialistic
proclivities in the White House."
A Republican Congress, though "hampered by an inimical Administra¬
tion"
accomplished
has
BY
EFFI¬
more
in eighteen months than the Democratic
Offenders, great and
WITH
small, should be pursued and punished, "not in headlines of the newspapers
after the manner of the present Attorney
a
statement asserting
that the Naval Appropriation Bill failed to make
adequate
provision for the proper development of the naval service. The
bill, said Mr. Daniels, only postpones expenditures until
elections, "and makes
naval
cost
of
were
four serious
efficiency."
reductions except at the
no
declared there
The Secretary
disappointments in the Naval Appropria¬
tion Bill which "the country will not approve."
these
1.
He said
Reserve notes in circulation and also controlling credits so as to
and the proper protection of that coast and
3.
"give preference to the most essential products."
The most potent
should be used,
expansion
Failure to authorize the construction of
the
on
a
The Democratic Party has failed to meet the
Daniels, "is
were
essential and ought
matter for national regret, and
a
in the debit
he said:
Before the
Congress directed
war
■study of the Pacific needs.
until after the
war.
Last
McKean, made
a
enlargement
Pacific
of
over¬
disgrace to
summer
study, and in
bases.
Action
was
postponed
another able board, headed by Admiral
my
A
estimates request
special
commission
was
of
made for the
Senators
I feel sure this commission will see the need of large
and
provisions,
hut the delay is to be regretted, in view of the acute situation regarding the
question of bases and repair facilities
the transfer to that coast of half of
the West coast due primarily to
on
our
effective fleet.
IS.,
The appropriation for naval aviation contained in the bill is only $20,-
How
can we
lead in this greatest of modern agencies upon such
small appropriation?
We will do all
we can,
and make all the progress
possible, but in the main
we will be but marking time as to any daring and
development until Congress has the vision to appropriate sufficient
money to enable the United States to take her proper
place in the develop¬
ment of air navies.
Not only has Congress failed to appropriate sums sufficient for the needs
of naval aviation, but it has attempted,
through a clause inserted in the
Army Appropriation Bill, to limit the coastal and
naval aviation.
action which is
overseas
activities of
It is my purpose to appeal to Congress to reverse this
an
unnecessary and unwise limitation upon naval
efficiency
in aviation.
on
battle
cruisers and dreadnoughts during the war, I. did not cress the authoriza¬
tion for capital ships, but did urge Congress to make
appropriations for
destroyer loaders, aviation carriers and smaller
to round out the fleet.
The Department also
scout
cruisers necessary
urged most earnestly
appropriation of $11,000,000 for the completion and fitting out of
an
seven
aviation and destroyer tenders at the Hog Island plant of the
United States Shipping Board.
would have obtained
seven
needed ships for $11,000,000, which, if built
amounts
to
$433,279,574.
In
a
speech
in
naval efficiency.
.'
■
no
reductions except at the cost of
■
noi
of Nations is
In
He
NATIONAL CONVENTION.
on
we
what
'
(cannot be isolated.
reciting the remedies
Senator
necessary
Have no fear*
to check rising price,
The rise in
prices, the high cost of living, which reach daily into every
home, is the most pressing as it is the most difficult and most essential
Some of the sources of this trouble can be
effected
problem which confronts us.
reached by legislation, although not all, but everything that can be
Profiteering, the charging of extortionate
by law should be done at once.
and
unjustified prices, which is stupid
ample punitive laws'.
as
well
as
unlawful,
are
subject now to
Those laws should be enforced, others, if necessary,
added, and the offenders both great and small should be pursued and
punished,
in the headlines of newspapers after the manner of the
not
present Attorney General, but quietly, thoroughly and efficiently, in the
courts
of the
United
States.
Something
more
in this direction can be
accomplished by the proper regulation of cold storage, and a bill for that
purpose
has passed both houses and is now in conference.
rise of prices, more effective in its
"Another deep-seated cause of the
results although less obvious than profiteering, is
per
capita of the circulating medium.
the abnormal increase
This has doubled since the war
began and if in the space of a few years the amount of the circulating
medium is doubled it has
a
most profound effect
in stimulating and ad¬
During the war credits have been enormously inflated and
been large additions to the currency through the Federal Reserve
vancing prices.
there have
Here It is
possible to check the advance of prices by law.
We can
provide for the control of credits in such manner as to give preference to the
most essential products.
We are also able to reduce the amount of the
circulating medium in the form of Federal Reserve bank notes, the authority
of these notes from
It should be one of the first acts of
Congress to deal with this essential point and it would have a marked
effect in reducing prices by steadying them and bringing them down to a
having been giving during the war to increase the issue
$2,000,000,000 to $4,000,000,000.
lower and more normal level.
of
production, which cannot be reached directly by
and fall off the cost of everything
advanced by the simple force of scarcity, which inevitably drives
The most
potent remedy of all against advances in the high cost
living, however, lies in
will be
If production begins to fail
prices upward.
The most essential remedy for high costs is to
and increase production, and particularly should every effort be
advance the
productivity of the farms.
uncertain, but it
do in this direction is
it must not be forgotten
of the national
Hmfl
of peace.
keep up
made to
Just how much the Government
can
aid and support, and if any¬
At the same time
that there is a vast difference between the powers
omitted or overlooked.
Government in time of war and those which it possesses in
The normal limitations of times of peace restrict very much
helping to increase the produc¬
done through Government action, the
Republican party promises to use every power in this direction, whether
within the State or Federal
isolated.
Lodge said:
latter at
June 8, Senator Henry Cabot Lodge
"We make the
The world needs us far too much.'.
tivity of the farms, which must be
on
of peace."
they think of Mr. Wilson's League and its sacrifice of America."
In his keynote speech delivered as temporary chairman of
the Republican National Convention with the opening of the
Chicago
of war."
The people will now tell
ask approbation for what we have done.
"We hear the timid cry that America will be
In
us out
American people for his party and
the ground that he has kept us out
question of the League now goes to the people.
The
issue;
can
'
league for peace, but an alliance with
demands the approval of the
now
his Administration
thing can be done it must not be
SPEECH OF SENATOR LODGE AT REPUBLICAN
desire
fulfilled.
a
The American people will never accept it.
1916 Mr. Wilson won on the cry that "he had kept
/Statutes.
Congress, Leader Mondell stated that Congress had reduced the estimates
$139,851,680 80.
As a matter of fact, the bill only postpones expenditures
until after the elections and makes
with Germany three months after the
foreign nations.
If this legislation had passed the navy
under other conditions at current prices, would cost $23,000,000.
appropriation
but accept no mandate
way,
was
and concessions to France, not yet
banks.
The General Board presented with able
argument a program of new con¬
In view of the fact that work could not be pressed
possible
principle of the freedom of the seas to Great Birtain and making promises
board of naval officers to make
a
Representatives has been appointed to visit the Pacific and report by
total
a
deal firmly with
must
"to be the maker of a league of which he should be the head."
Wilson forced his demands upon the Allies by surrendering the
apparently
The Helm Board made one of the most compre¬
hensive and wise reports ever submitted to Congress.
The
We
that country.
The United States
as
waiting has failed.
Watchful
We should aid Armenia in every
over
us
importance of naval development in the Pacific cannot be
estimated.
vessels
and
The Mexican situation is a shame to the United States
The League
and credit side will overbalance much good legislation and
wise appropriations contained in the bill."
Continuing,
struction.
"perilous conditions of the
grapple with the situation effec¬
tively, "the Russian descent into barbarism will begin to draw near."
civilization.
Mr.
Failure to provide for these four naval needs, said Mr.
for ward
If the Republican Party fails to
hour."
not be deferred.
a
;.;v-■'■■■ v';'
who run the
Ct,
It should never be attempted in
armistice, but this was prevented by President Wilson, whose one
aviation.
single new ship, appropriat¬
ships which the Office of Operations told Congress
000,000.
;-:v-/■::
We should have been at peace
Failure to appropriate sufficient money to repair and keep in condition
December.
:
.
industry.
any
outlying American islands.
The failure to make even half-way provision for naval
The
v
Government ownership in practice would mean that those
railroads would own the Government.
ing only for the completion of the ships authorized in the 1916 program.
4.
remedy for high prices is increased production on the
To this end, every power of the State and Federal Governments
farms.
Mexico under the Monroe Doctrine.
were:
The failure to make provision for adequate naval
Pacific, made imperative by the presence of the great fleet on the Pacific
2.
-?
prices there should be laws regulating the amount of
To remedy high
the adjournment of Congress,
Secretary of the Navy Daniels issued
General, but quietly, thoroughly
and efficiently in the courts of the United States."
CONGRESS.
Federal
On June 6, the day after
after the
we
Congress accomplished in five years.
CONTENDS
DANIELS
summarized
"Evening Post" of the 8th inst., and
Existing laws against profiteering are "ample."
SECRETARY
theory of
reproduce herewith its condensation of the principal features
,vfrank l. polk.
Coincident with the announcement of Mr. Polk's resigna¬
tion-it
The salient
in the New York
since I first entered the Department in Sept. 1915.
a
the powers
of the general Government and in
jurisdiction.
„
.
June 12 1920.]
THE CHRONICLE
I
have touched upon this matter of prices and the
high cost of living
because it is altogether the most important domestic
question now before
the country and one to which the
Republican party should address itself
without
delay in every-direction where help is possible.
There are,
of
as I have said, many other important economic questions to be
dealt with, as speedily as may be, but the time allotted to me makes it
course,
impossible to touch
upon
them all.
referring to the transportation act and declaring against
Government ownership of the railroads, the Senator had
following to
say:
There is, however, one measure which cannot be
passed over, a single
great law which has been enacted and which in any period would be suf¬
ficient to distinguish a Congress as one of high
accomplishment.
the Railroad Act.
For six months able committees in both
This is
Houses, commit¬
tees where
party line was drawn, toiled day after day upon this most
no
intricate of problems.
There
was
much serious debate in both Senate and
House and then the bill, signed by the President, became law.
time and experience will show that improvements in the Act
but in the main it is a remarkable piece of legislation and in
No doubt
can
be made,
general principles
is
I am returning "without my signature H. R.
9783, "An Act to provide
national budget system, an
independent audit of government accounts
and for other purposes."
I do this with the greatest regret.
I am in entire
a
sympathy with the objects of this bill and would gladly approve it but for
the fact that I regard one of the provisions contained in Section
303 as
unconstitutional.
This is the provision to the effect that the
Comptroller-
General and the
In
the
2445
entirely sound, and nothing could be
unfair than to criticise the
more
present owners, contending with the legacy of mismanagement, waste and
confusion bequeathed by the Government when it returned the roads
only
three months ago.
The Railroad Law possesses also an
Assistant Comptroller-General, who are to be
appointed
by the President with the advice and consent of the Senate,
may be re¬
moved at any time by a concurrent resolution of
Congress after notice and
hearing, when, in their judgment, the Comptroller-General or Assistant
Comptroller-General is incapacitated or inefficient, or has been guilty of
neglect of duty, or of malfeasance of office, or of any felony or conduct
involving moral turpitude, and for
except by impeachment.
no
other
cause
and in
other manner,
no
The effect of this is to prevent the removal of
these officers for any cause except either by
impeachment
or a
concurrent
resolution of Congress.
It has, I think, always been the accepted con¬
struction of the Constitution that the
powers to appoint officers of this
kind carries with it, as an incident, the
power to remove.
I am convinced that the Congress is without constitutional
powers to
limit the appointing power and its incident
power of
removal, derived from
the Constitution.
The section referred to not only forbids the Executive to remove these
officers, but undetakes to empower the Congress, by a concurrent reso¬
lution, to remove an officer appointed by the President with the advice and
importance wholly distinct from its
provisions, which have been framed with extreme care.
This act declares
consent of the Senate.
national policy and, so far as any law can do it establishes that
policy
as a rule of action.
The policy embodied in the bill concedes at the outset
by the Congress.
a
that it
is, of course, impossible to return to the old system
or
lack of system
in the management of railroads.
I
I
find in the Constitution
can
no
There is certainly
warrant for the exercise of this power
no
expressed authority conferred, and
unable to see that authority for the exercise of this power is
implied
am
expressed grant of power.
any
They must henceforth be under thorough
Government supervision and also the Government must have over them a
clearly negatived by Section 2 of Article II.
large
not otherwise
of
measure
control.
The
transportation
system
of
the
country
longer be suffered to continue without such supervision and control.
can no
But the policy also represents the
principle that the Government must not
the
assume
ownership of the railroads.
Their operation and management
to be
private ownership.
The phrase "government ownership"
only that the Government shall own the railroads but also, it is
not
feared, that those who
the railroads shall
run
the Government.
own
General government ownership under our
political system would inevitably
bring about the mastery of the Government by those who operate the
machinery of transportation
of any other industries which
or
into
come
Government possession.
advice
were
vest the
Some of
us
from office
cannot escape
all firmly united in our determination that the League as
were
submitted by Mr.
Wilson must never pass.
We were also agreed that
League, with what he called "interpretative reservations,"
Mr. Wilson's
with anything those obedient to him
approved, was just as bad, just as
or
menacing as the original.
Twice we offered the President and his most
faithful supporters an opportunity to ratify the
treaty with reservations.
Twice his followers, obedient to his orders, rejected the
treaty with the
reservations I have outlined.
There the story ends.
question
We have stopped Mr. Wilson's treaty and the
In 1916 Mr. Wilson
"he had kept us out of war."
He
now
won
the cry
on
that
demands the approval of the Amer¬
ican people for his party and his administration
kept us out of
on
the ground that he has
peace.
The people know our policy; they know Mr. Wilson's and
they will choose
between them.
They will tear aside the veil of words woven to blind and
deceive and
plan
on one
other.
come
down
the
to
essential
To determine
as
own
and
vital
point—Mr. Wilson's
side, the independence and safety of the United States
a
way
the
on
right this question, involving the fate and fortunes
of the United States, all Republicans, all
in their
and with their
own
Americans, must join together and
arguments defeat Mr. Wilson's League
I
VETO BY PRESIDENT WILSON OF BILL FOR NA TIONAL
BUDGET SYSTEM—FEATURES OF BILL.
ment of
a
on
by Congress providing for the establish¬
National
June 4
budget system
account of its
on
vetoed by President
was
provision denying to the
Chief Executive power to remove the
and
Assistant
the
Comptroller-General
Comptroller-General,
under the bill, would have been appointed
with
advice
the
and
consent
the
of
both
of
whom,
by the President,
Senate.
Instead
of
authorizing their removal by the President the bill provided
for their removal
by
a
concurrent resolution of Congress.
While approving the purposes the bill sought to accomplish,
the President expressed himself as "convinced that the
Congress is without constitutional
pointing
power
the
from
and its incident
Constitution."
was
powers
the bill
on
over
to limit the
ap¬
of removal derived
power
The House
unsuccessful effort to pass
the vote
is unconstitutional and therefore I
the Congress may
bill
June 4 made
an
the President's veto;
178 to 103, or 9 less than the
a
measure as
it went through the House at that time were
which
bill
Representative Good
which
of
man
required two-thirds
Assistant
was
re¬
amendment giving the Supreme
remove
the Comptroller-
Comptroller-General.
the
With
protest evoked by this proposal, the Republicans agreed to a
provision which would place control
the bill
over
the two officers
President, who would appoint and
as
remove
advice and consent of the Senate."
thus amended
was
consideration.
veto message:
The
following
'
is
was
President
them
Action
blocked in the Senate
filibuster, and the Senate adjourned before it
for
Chairman.
was
The
Senate
drafted by its special Budget Committee, the Chair¬
was
Senator Medill McCormick of Illinois.
was
would have been placed under the supervision of
to create,
the Secretary of
the Bureau
the Treasury, whereas the House bill placed
directly under the President.
the Senate bill
by
taken
a
up
Wilson's
on
The committee has recommended that the Budget Bureau be placed In
the Treasury Department
instead'of in the Preeident's 'office for
which to the committee seem conclusive.
reasons
The committee believes that the
President, who is the most heavily burdened'executive in the world, would
not be able to
the
give personal attention necessary to the proper oversight of
Budget Bureau without slighting the conduct of the general business of
If, under these circumstances,
a
large
of responsibility were assumed by the director of the Budget Bureau
there would arise certain very obvious difficulties.
The director of the
Budget would not be a member of the Cabinet, in conference with which
the President would formulate his budget policy.
he would be called upon from
of
a
member of the Cabinet.
As
a
subordinate officer
time to time to set his judgment against that
He could maintain that, judgment against the
judgment of the heads of the several departments only by constant appeals
the President.
If the President were to maintain the opinion of the
to
director of the budget against that of the head of the
department
upon any
serious issue, the resignation of the member of the Cabinet would be likely
to follow.
be
an
In short, a budget bureau in the office of the President would
anomaly in the Government.
Senator McCormick's bill was passed by the Senate on
May 1 without a roll call.
The Bureau of Estimates, which
the latter created would have been in
charge of
an
examiner
at
an
annual salary of $8,000 and two assistant
examiners,
at
an
annual salary of $6,000 each.
on
The report
agreed to by the conferees of the Senate and House
the bill
was pre-
sented to the respective branches of
Congress on MayJ26,
agreeing to the conference report on May 27 and
the House agreeing to the same on May 29.
In stating
the Senate
that the bill
as
worked out in conference
bill, Representative
May 29 said:
Let
was a
combination
October, and the Senate
bill,'"but
principle it maintained the provisions of the House
us
see
what the
The House bill
the Congress
Good
in
addressing
the
House
chief underlying principles of the two bills
provided that the budget should be the
on
are.
one submitted to
by the President of the United States, and that he should
have the machinery, if you please, to assist him in preparing that budget.
That
was
the only budget referred to in the House bill.
be the President's budget.
on
In his report
early in April Senator McCormick said:
an
authority to appoint and
the
a
than
more
given in our issue of Nov. 1 1919, page 1662.
The House
bill had been drafted by the special Budget Committee of
ported in the Senate with
"with
the
months ago, namely on Oct. 21 1919, and details of
seven
that in
the
unable to approve
provision for the establishment of
On the 5th inst. the bill
with
am
budget system had passed the House
overriding of the veto.
and
I
find time before adjournment to remedy this defect.
makes
of the House bill of last
General
I do the power of
as
the conclusion that the vesting of this power of removal in
majority; 35 Democrats voted with the Republicans for the
Court
Regarding
essential incident to the appointing power,
returning the bill at the earliest possible moment with the hope that
am
measure
Wilson
department.
a
an
the country abroad and at home.
he desires it, whether amended by him or in its
pristine simplicity.
The bill passed
as
Under the latter the Budget Bureau which it was proposed
to the people.
goes
In
the power of appointment in the
bill.
the
We
to have vested
in the head of
even
or
removal
protect the United States against the perils of the Covenant if
League.
by law
may
President alone, in the President with the advice and consent of the Senate,,
national
joined the
Senate, provides that Congress
It would have been within the constitutional power of the Congress,
creating these offices,
deeply convinced that there ought to be no League at
all and that absolute safety could be obtained in no other
way; others of
us, more numerous, believed that the reservations I have described would
we
of the
appointment of such inferior officers
The
were
provided for, shall be appointed by the President, with the
consent
as they think proper in the
President alone, in the courts of law, or in the heads of departments.
his allusions thereto:
among
and
the Congress
Criticism of the League of Nations took up the
greater
part of the speech made by the Senator and the following
That Section, after providing,
that certain enumerated officers, and all officers whose appointments are
must be left in
means
in
On the contrary, I think it exercise iss
Bureau of the
Now,
The House bill
That budget would
gave him what
was
called
a
Budget of his own selection.
the Senate bill was quite
different"from
that.
The Senate bin
provided for the Bureau of the Budget, but It also provided that that
bureau should be in the Treasury
Department'and that
the Budget Bureau
should be conducted by the Secretary of the Treasury; that the Secretary
of the Treasury should go through the estimates of the
various' departments
establishments of the Government and revise them and
them, as he pleased, and on or before the 20th
day of November of each year he could send his budget to the President.
The President could then take it, revise it as he pleased, and on or before
the 10th day of December should submit it to Congress with his revision.
The conferees' report starts with the proposition that at the beginning
and independent
correlate tbem or increase
the
Congress a budget, and then it provided that the budget should be prepared,
not by the Secretary of the Treasury but under the direction of the President
session of Congress the President should submit to
of each regular
It created the Bureau of the Budget, just as
of the United States.
both
It provides that in the Bureau of the Budget,
House and Senate bills bid.
there
This report provides that the
director and an assistant director.
a
Secretary of the Treasury shall be
extent the House conferees
It
was
the director of the bureau, and to that
yielded to the demand of the Senate.
strenuously urged that because of the intimate knowledge
of the
regard to disbursements and receipts, the
Secretary of the Treasury with
be on the budget staff.
The House
regard, but in
Secretary of the Treasury should
committee felt that the House provisions were better in this
order to secure an agreement we saw no
the bureau staff, so long as that bureau would perform only such
work as the President directed and in the manner directed by the President.
Even under the House bill the President could have appointed the Secretary
of shares without face value
the selling price is in excess
fraction thereof of the selling price.
or
tion thereof of the selling price; and
"On and after Dec. 1 1923 on each $100 or fraction thereof of face value,
the tax shall be 2 cents on each $100 or
provided for
general accounting officer under a
a
which
case
the tax shall be 2 cents on each $100 or fraction thereof of the
selling price.
by the books, or by any indorsement, or by
any assignment in blank, or by any delivery, or by any paper or agreement
or memorandum or other evidence of transfer or sale; and (b) whether or
'
accounting
and
legality of expenditures.
As proposed in the bill as finally
agreed to the President's recommendations td Congress
prescribe
would
uniform
would have included an alternative budget,
ing to services
budget it
for
well
as
In the alternative
by departments.
as
grouped accord¬
proposed that appropriations be assembled
was
right.
or
apply to transfers pursuant to a sale, where the mem¬
The tax shall not
orandum of sale has been duly stamped.
The tax shall not apply to an agreement
cates
or
tificates
bonds
such purpose of
(b) by
or
a
certificates
broker to
"In
a
case
public works, national defense and other major activities,
sold,
not actually
are
or
bonds
nor to
deliveries
the delivery or transfer for
deposited.
so
transfers (a) to a broker for sale,
or
customer for w hom and upon whose order he has pur¬
a
chased the certificates
panied by
evidencing a deposit of certifi¬
which cer¬
collateral security for money loaned thereon,
as
bonds
or
or
bonds, if such deliveries or transfers are accom¬
certificate setting forth the facts.
books
of sale where the evidence of transfer is shown only by the
the stamp shall be placed upon such
books; and where the change of owner¬
ship is by transfer of the certificate or bond the stamp shall be placed upon
the certificate
and
to the benefit of such bond, stock,
not it entitles the holder in any manner
profits, interest,
fer
systems and report on the necessity of appropriations
^
transfer is made upon or shown
priation estimates and submit annual reports to the President
Congress,
-J*
.
apply (a) whether the sale, agreement, memorandum or
"The tax Shall
Comptroller of the United States, who would review appro¬
and
the selling price is in excess of $100 per share, in
In case of shares, unless
with the President's will.
The bill
price is in excess of the face value, in which case
fraction thereof of the selling price.
2 cents, unless the selling
"The tax shall not apply to
should
be prepared as directed by the President, and that the bureau should act as
directed by the President.
It has no authority to act but in accordance
the provision that the budget
We have been very careful to make
In
which case the tax shall be 2 cents on each $10 or frac¬
of $100 per share, in
position in the Bureau of the Budget.
of the Treasury to a
$10
case
the tax shall be 20 cents on each share, unless
objection to placing the Secretary
upon
of the face value, in which case the tax shall be 2 cents on each
excess
which is not located in the office of the Secretary of the Treasury,
shall be
[VOL. 110
THE CHRONICLE
2446
is
by
shall
seller
bond; and in
or
delivery
of
and
make
case
the
of
an
agreement to sell or where the trans¬
certificate
deliver
bond assigned
or
the
to
buyer
a
biU
or
memorandum
bill or
of sale, and shall affix the proper stamps thereto; and every such
memorandum of sale
or
the
blank
in
agreement to sell shall show the date thereof, the
and address of the seller and buyer, the amount of the sale, and the
name
transaction to which it refers.
"Whoever, with intent to evade payment of the tax, violates any of the
provisions of this subdivision, or receives any certificate or bond, or any bill
memorandum required by
or
this subdivision, without having the proper
stamps affixed thereto, shall be deemed guilty of a misdemeanor, and upon
conviction thereof shall be fined not
not more than 6
Congress having the option of accepting either of the two
or
be imprisoned
Produce
Exchange
Tax.
On and after Dec. 1 1920, subdivision 5 of Schedule A of Title
Sec. 703.
plans.
than $1,000,
more
months, or both."
XI of the Revenue Act of 1918 is amended to read as follows:
PROVISIONS
BONUS
SOLDIER
OF
BILL
AS
5. Produce, sales of, on exchange: on each sale or agreement of sale of,
PASSED
agreement to sell, (not including so-called transferred or scratch sales)
or
HOUSE.
BY
The soldier bonus bill
to become
on
a
was
The bill passed the House
reported in these columns last week,
as we
2349, but it
on
page
exchange,
as
provision for
a
in the world
day for the
period of their service, and for those in the home service
payment is fixed at $1 per day, the maximum amount in
this
case
to be
$500, while for
a
veretan performing overseas
service the total payment may not exceed $625.
imposes increases in surtaxes
"In the
"'Jof every such sale or agreement the seller shall at the time
case
make and deliver to the buyer a bill, memorandum, agreement, or other
The bill
Such
or
agreement, and shall affix thereto the proper stamps.
memorandum, agreement,
bill,
of the sale, and the transaction to which it refers.
"The tax shall not apply in case
for immediate
or
actions and calls for
stock and grain exchange trans¬
tax of
a
real estate transfers.
on
It likewise proposes to increase the tobacco taxes besides
levying
a
special excise tax of 10%
on
all stock dividends
declared and paid on or after March 15 1920.
bill veterans
any .one
are
to have
the
Under the
Title VII of the bill
covers
corporation to adjust and balance the accounts
of its members.
"Whoever, with intent to avoid payment of the tax, violates
provisions of this subdivision, or receives
any
ment or other evidence of sale or agreement,
without having the proper stamps
any
bill, memorandum,
of the
agree¬
required by this subdivision,
affixed thereto, shall be guilty of
a
mis¬
demeanor, and upon conviction thereof shall be fined not more than $1,000
be imprisoned for not more than 6 months, or both."
or
Real
Sec. 704.
"16.
Estate
Tax.
Schedule A of Title XI of the Revenue Act of 1918 is amended
by adding at the end thereof
III.
the taxes which would be im¬
corporation
beneficial interest in such corporation and is made for the
right to avail themselves of
bill.
merchandise
agreement in respect to which the tax has been paid, if such transfer
an
does not vest any
of the following plans provided thereunder:
(1) To receive "adjusted pay service" as provided in title II of the
(2) To receive an "adjusted service certificate" as provided In title
(3) To receive vocational training aid "as provided in title IV.
(4) To receive "farm or home aid" as provided in title V, or
(fil To receive "land settlement aid" as provided in title VI.
or
actually intended
"The tax shall not apply to the transfer to a clearing house
sole purpose of enabling such
on
are
to be delivered.
and $26,000, and 3% on incomes over $26,000; it also levies
%
of cash sales of products
prompt delivery which in good faith
of
as
other evidence of such sale or
or
agreement shall show the date thereof, the name and address of the seller
and buyer, the amount
follows: 1% on incomes
between $5,000 and $10,000; 2% on those between $10,000
taxes of one-fifth of 1
each
covered by such sale or agreement, 2 cents; and
price, 2cents.
overseas
bonus of $1.25
a
of, any
'Between Dec. 1 1920 and Nov. 30 1923, both dates inclusive, for
evidence of such sale
it makes
war
usages
follows:
$10 or fraction thereof of the selling price of the products or merchandise
Some of the features of the bill have already been outlined
in these columns: for those who served
merchandise at, or under the rules and
or
board of trade, or other similar place, for future delivery,
or
the tax shall be
i"On and after Dec. 1 1923, for each $100 or fraction thereof of the selling
not taken up by the Senate.
was
products
any
of the bills which failed
law at the session of Congress which adjourned
Saturday last, June 5.
May 29,
one
a new
Receipts for payments
on
subdivision to read
sales of real estate.
as
follows:
On each receipt,
issued between Dec. 1 1920 and Nov. 30 1923 both dates inclusive, evidenc¬
ing any payment made during such period on account of any sale, or con¬
tract of sale
ever
of,
or
contract to sell, lands, tenements,
made, 5 cents for each $10
or
or
other realty, when¬
fraction thereof of the amount of the pay¬
ment.
posed, and this
we
give in full
as
follows:
"Any person who receives, between Dec. 1
Sec. 701. In addition to the surtax Imposed by subdivision (a) of section
211 of the Revenue Act of 1918, these shall be levied, assessed, collected
and
paid for the taxable
every
individual,
a
years
1920,1921, and 1922, upon the net income of
like surtax equal to the
sum of
the following:
1 per centum of the amount by which the net income exceeds
$5,000 and
does not exceed $10,000:
2 per centum of the amount by which the net income exceeds
$10,000
on
upon the same
cluding penalties,
as
and subject to the
provisions of law, in¬
the surtax imposed by subdivision (a) of section 211
same
of the Revenue Act of 1918.
Bond
transaction
or
of profits or of interest in property or
accumulations in any corporation or trust, or rights to subscribe for or to
receive such shares or certificates, or (b) bonds,
debentures, certificates of
Indebtedness,
or other Instruments evidencing Indebtedness,
however,
of the foregoing issued In serial form whether or not In seriar
maturities (hereinafter In this subdivision called
"bonds"), the tax shall be
as follows:
any
"Between Dec. 1 1920 and Nov. 30 1923, both dates
inclusive, on each
value, 2 cents, unless the selling pric isin
f 10 or fraction thereof of
face
contract of sale of, or contract to sell, any lands,
account of which the payment is made.
correctly the amount received, or to affix the proper stamps,
whoever receives any receipt required
the proper stamps
by this subdivision without having
affixed thereto, shall be guilty of
a
misdemeanor and on
conviction thereof shall be fined not more than $1,000, or be imprisoned
more
than six months, or both."
Tax on
follows:
"4. Stocks and bonds, sales or transfers: On all sales, or agreements to
or memoranda of sales or deliveries of, or transfers of legal title to:
termed,
or
Sec. 705.
as
sell,
certificates of stock
on
state therein
On and after Dec. 1 1920 subdivision 4 of Schedule A of Title
or
or
payment, the name and address of the person making the payment, and the
Tax.
XI of the Revenue Act of 1918 is amended to read
(a) shares
sale,
tenements, or other realty, shall at the time give to the person making such
not
Stock and
Sec. 702.
a
"Whoever fails to give any receipt required by this subdivision, or to
3 per centum of the amount by which the net income exceeds
$26,000.
Such tax shall be returned, assessed, collected and paid
same manner,
account of
payment a written receipt evidencing such payment and shall affix thereto
the name and address of the person giving it, the date and amount of the
and does not exceed $26,000; and
basis, in the
1920, and Nov. 30 1923,
both dates inclusive, any payment, whether in cash or in anything of value,
or
Cigars, Tobacco, and Manufactures Thereof.
(a) On cigars, cigarettes, tobacco and snuff, manufactured in
imported into the United States, and sold between Dec. 1 1920 and Nov.
30 1923, both dates
inclusive, by the manufacturer
or
importer, or removed
during such period for consumption or sale, there shall be levied, collected
and
paid under the provisions of existing law, in addition to the taxes
now
imposed thereon by law, the following taxes to be paid by the manufacturer
or
importer thereof:
On
cigars of all descriptions made of tobacco, or
any
substitute therefor,
and
weighing not more than three pounds per thousand, 25 cents per
thousand;
On cigars
mor
made of tobacco, or any substitute therefor, and weighing more
or importe £to retail at not
pounds per thousand, if manufactured
cthan £cen tteach, 50 centspe thousan
than 3
June 12
THE CHRONICLE
1920.]
I
1f manufactured or imported to
than 8 cents each, $1 per
more
If manufactured
or
If manufactured
retail at more than 5 cents each, and not
imported to retail at more than 8 cents each, and not
If manufactured or
each, $2 per thousand; and
imported to retail at more than 20 cents each, $2 per
made of tobacco, or any substitute therefor, and weighing
not more than three
pounds per thousand, $1 per thousand; and weighing
on
the same basis, in the same manner, and subject to the same
provisions of law, including penalties, as the taxes imposed by sections
Sec. 706. Title X of the Revenue Act of 1918 is amended by adding at
section:
paid by it in its own stock or shares
equivalent to $10 for each $100 of the par or face
respect to all dividends declared and
after March 15 1920
or
If the dividends so declared are issued without
fraction thereof.
face value, the tax shall be computed at the rate of $10 per share,
par or
unless the actual market value is in excess of $100 per share, in which
the tax shall be
value
or
(a)
On
or
I
15 1920, to and including June
on
demands.
our
As
of sugar is an absolute essential
use
in
households, and the
our
present situation discriminates terribly against the poor.
price is imposing
since
annum,
additional tax
an
on our
The increase in
people of about $50
per
family
per
the 8,000,000,000 pounds of sugar,we consume annually
on
last year.
merchants
The
foreign sources, our
bidding against European Governments for its purchase.
are
profiteering is international.
The situation is
much disliked by the
as
vast majority of our manufacturers and distributors
they do not like even to be accused of profiteering.
by the public, for
as
This situation cannot
be remedied by the Attorney-General's conception that forces of this char¬
acter can be handled by
putting
few people in jail.
a
Something could be done to remedy matters if
our
Government
even now
entered into negotiations with the large European Governments to stop
before sixty days after this section takes effect every corpora¬
this section for the period from March
tion liable for any tax imposed by
after
case
computed at the rate of $10 on each $100 of such actual
fraction thereof.
"
of
excess
the result of the failure to act in this matter, we are participating in the
world shortage of sugar due to decreased European production, and we are
As at least one-half of our sugar must come from
|
That every corporation shall pay a special excise tax with
"Sec. 1010.
on or
September the administration could have bought the Cuban sugar
six and one-half cents a pound for raw sugar.
This would have
given twelve-cent sugar to our consumers and together with our domestic
the present price will cost our customers over a billion dollars more than
700 and 701 of the Revenue Act of 1918.
the end thereof the following new
the
on
Last
The
2 cents per pound.
(b) The taxes imposed by this section shall be levied, assessed, collected
value
telegram of May 6 asking for information
and remedy.
subject to unparalleled speculation and profiteering.
thousand, 80 cents per thousand; and
than three pounds per
On tobacco and snuff,
paid
your
cause
production would have furnished supplies in
On cigarettes
and
receipt of
situation, its
crop at
thousand;
more
sugar
The present sugar position is due simply to bad business administration.
imported to retail at more than 15 cents each, and
or
not more than 20 cents
Hon. Arthur Capper:
I am in
thousand;
each, SI.50 per thousand:
than 15 cents
more
2447
mj*m
i
30 1920, and (b) on July 1 1921, and there¬
July 1 in each year, every corporation liable for any tax imposed
bidding against each other and
Aside from inflation of price
supplies.
Europe, because their purchases
fair share of the available
secure our
so
are
an
undue share will otherwise
still being carried
on
go to
by the direction
of their Governments, and our merchants have not the resources to compete
by this section for the preceding year ending June 30 shall make a return
with
under oath in
duplicate and pay the taxes imposed bu such section to the
collector for the district in which is located the principal place of business.
seriously jeopardized.
Such returns shall contain such information and be made at such times and
speculation would be to reduce consumption through immediate rationing
in such
manner
the commissioner, with the
as
approval of the Secretary,
by regulations prescribe.
may
I
"The tax shall, without assessment by
the collector, be due and
the commissioner
or
payable to the collector at the time
fixed for
If the tax is not paid when due, there shall be added as
filing the return.
part of the tax a penalty of 5 per centum, together with interest at the rate
of 1 per centum for each full
organization for foreign supplies,
The second
It
and thus
fair share
our
of the non-essential consumers.
Over one-third of
our
sugar
is used by the
month from the time when the tax became due"
soft drinks and other manufacturers of non-essentials.
the
these trades
war
During
patriotically co-operated in public interest in such reduc¬
tion and themselves found substitutes of other sweetening materials for
the maintenance of their trade.
It is
no use
They would
no
doubt cooperate again.
spilt milk, but simply to show that these
to cry over
reasonable, I need only to recount that they
are
were
measures
carried out for two years
by the food administration and the equalization board, of which I
chairman until.Iast July.
URGED
BANKS
RESERVE
FEDERAL
PREVENT
TO
TIME OF
WARE¬
"Hunger and the
of
peace
ed the alternative and less efficient method outlined above.
of the world are paramount to the
Holston
declared
profiteers/'
Bartilson,
made
Pomerene
Senator
to
to reduce the
price of
that
steps
be
taken
Mr. Bartilson in his letter,
May 22, expressed the belief
Federal Reserve banks would limit sugar warehouse
public at Washington
that if the
urging
sugar.
on
certificates to fifteen days "sugar will flow freely to the cus¬
tomers at
a
fair price and that you will repeal an unjust tax on
If it were put
it would frighten speculators out of this market and
now
quickly moderate the price.
HERBERT
of
Columbus, member of the Ohio Fair-Price Commission in a
letter
When this proposal failed the board recommend¬
recommended.
in action even
interest
The continuation of control and insurance of
supplies through the purchase of the Cuban crop, as in the two previous
years was
HOUSE CERTIFICA TES.
was
The impending situation was anticipated by the
board and myself last July.
our
LIMITING
PROFITEERING BY
is
be too late to accomplish this.
may
thing that could be done to break this gigantic bubble of
candy,
'
notice from
so
such
HOOVER.
Hoover's
Mr.
suggestion to Senator Capper, that the
United States seek an agreement with the Allied nations that
be
there
official
international
no
protest from
Minister
United
the
to
Minister said in
bidding for
Such
States.
statement at
a
would amount to "a
sugar,
brought
an
Carlos Manuel de Cespedes, Cuban
agreement,
an
Washington
on
the
May 10,
League of Nations to work principally
every purse
against Cuba."
Cuba, the Minister said, would willingly
wife."
abide
greement, however, if it were also agreed
and reach the heart of every American house¬
Coincident with the publication of Mr. Bartilson's
letter
dispatches from Washington announced that
"another step to aid in driving down prices of necessities
press
been
has
taken
by
the
Reserve
Federal
Board."
The
understood to have intimated to Federal Reserve
Governor Harding is
bank officials that they should
scrutinize carefully the paper they hold as
security for loans made to the sugar trade, to the end that more sugar may
be made available for domestic consumption.
It
estimated that probably
was
on
sugar
$250,000,000 was tied up in "frozen
stocks and it was regarded as probable that the banks
would be able to locate any sugar stocks
held for speculative purposes and
force their distribution.
Reserve
Board officials
would not, discuss
he bankers
was
Governor Harding's action
discussed.
character, he declared, would be to deter the efforts of
business
hoarding
ALL
THAT
RELIEVE
SUGAR
administration"
by the
NATIONS
SHORTAGE.
shortage would be the production
profiteering
director
was
of
on a
constantly increasing
maintaining the competitive international market
that is the
principal foundation of the freedom of commerce."
Asserting that Mr. Hoover's proposal that sugar be
tioned to manufacturers
had
no
was a
ra¬
domestic affair with which he
Minister de Cespedes added:
concern,
the great things the world war was fought for, against his proposal to reach
not
European
relief.
Asserting
that
international and consequently that the
situation could not be remedied "by the
to bid
against each other for
Attorney-General's
that specific commodity.
It
would appear that Mr. Hoover proposes in times of peace a war measure
friendly nation—in fact,
a
against Cuba because
Government at
prices and the present condition of the market is
Federal Food Adminis¬
and
Min¬
scale "by
against
the view of Herbert Hoover, former
trator
to cane.
by negotiation an agreement with a number of powerful European govern¬
Washington has been the underlying cause of the rapid rise
in sugar
acre
and yet, in the name of the universal liberty of commerce which was one of
URGES
TO
CO-OPERATE
"Bad
available
every
pledged at the conference here last
_____________________________
HOOVER
plant
ister de Cespedes said the best method of relieving the sugar
ments
HERBERT
competitive bidding on the articles
The effect of an arrangement of
I certainly feel that I must protest In a most friendly and informal manner,
Tuesday, at which ways and means of preventing speculative
were
this
no
Cuba must buy.
which
entirely in line with the policy to
further than to say that such a move was
which the support of J
an
Cuban planters to
advices added:
loans"
by such
that there would be
is Justly
as
league of nations to work principally
a
the result of the laws of supply and demand she
and legitimately getting
now
something around 183^ cents per
pound for the remnants of her late sugar crop, to
hands of the producers.
It should not be
planters are
6.50 cents
a
record
on
entire present
a
great extent still in the
forgotten that the Cuban Government and the Cuban
pound,
as
having twice spontaneously offered to sell the
to the United
crop
a
price that
States Sugar Equalization Board at
laterldevelopments
have positively shown
would have been ruinous to her in the face of daily sky-rocketing of J the
prices
on
all the articles she is obliged to buy, principally of the United
States, to feed and clothe her people.
conception that forces of this character can be handled by
putting
a
few people in jail," Mr. Hoover sent a
telegram
on
May 8 to Senator Capper of Kansas in which he expressed
the belief that "something could be done to remedy matters
if
our
Government
.
.
•
suggested that another measure "to break this
consumption
through immediate rationing of the non-essential consumers."
Senator Capper who has been particularly active in the Con¬
gressional campaign to terminate profiteering in the essentials
gigantic bubble of speculation would be to reduce
views
follows:
of
life, wrote the former Food Administrator for his
on
the sugar
situation.
Mr. Hoover's reply was as
ASSOCIATION
SAYS
SPECU¬
LATORS HAVE BEEN RESPONSIBLE FOR SUGAR
7
entered into negotiations with the
large European Governments to stop bidding against each
other and so secure our fair share of the available supplies."
Mr. Hoover
GROCERS'
NATIONAL
National
The
sent
a
SCARCITY.
Wholesale
Grocers'
Association
recently
letter to its members giving the results of an investi¬
gation conducted by it of conditions in the sugar market.
It declared that
surpluses of
letter says,
reason,
them
speculators
sugar.
were
The Cuban
in control of the refined
owners
of
raw sugar,
the
have "inflated ideas of values entirely out of
and have sold most of their crops at prices which give
money to allow them to hold their unsold por¬
enough
tions till buyers
will
pay
the prices demanded."
June
FURTHERJADVANCES IN THE PRICE OF SUGAR.
The American Sugar
increased its
28
CENTS
NEW
IN
POUND
A
price of
each pound to 1%
of
authority of law and in violation of his own construc¬
which precluded him from placing
criminal statutes
prosecution
The legalistic method adopted by the Attorney-General was
wholly ineffective as a means of price control; it gave appar¬
ent governmental sanction to extremely high sugar prices,
which excited the cupidity of Cuban producers and caused
interpretation
any
under which
ORLEANS-
RE-SALES.
advanced to 28"eents a pound
Dealers put the new prices
into effect, it was said, on the authority of the Federal Fair
Price Committee, which on the preceding day gave whole¬
salers and retailers permission to increase their profits on
The retail
possible violators might escape
A statement
11.
United States
upon
advance in the Cuban market."
an
sugar was
in New Orleans on May
State
tion of his official duty,
of the
sugar." The retail
generally 25 cents.
CHICAGO DEALERS TO PREVENT
the
in
without
increasing cost to the company of raw
price of sugar in this city is now
said,
fixing maximum selling prices of sugar
Louisiana and, in so doing, acted wholly
"for the purpose of
price for sugar to 223^ cents a pound, making, it was said,
the third advance within a week.
"The necessity for this
advance," read the announcement, "arises by reason
Attorney-General used his power as chief
"The
2.
prosecuting officer of the United States," the report
Refining Company, the largest whole-
in the country, on May 24
gale sugar company
SUGAR
[VOL. 110
THE CHRONICLE
2448
declaring that the
immediately resign his office"
tion
the
of
Tinkham
and 3cents, respectively.
for
House
Attorney-General "should
issued, following publica¬
was
by Representative
committee's report,
(Mass.) who
was
author of the resolution calling
investigation of Mr. Palmer's action.
an
Mr. Tinkham in his statement said:
Since the committee found that his action " gave apparent
STATES
UNITED
THE
TO
SHIPMENTS
SUGAR
considerable degree for the high
Cuban market" he is responsible in some
pounds of sugar valued at $590,933
1 by the American Consulate at
Invoices for 2,711,377
certified
were
June
on
United States. In a
cablegram to the U. S. Department of Commerde, Consul
Dyer says warehouses in that district are reported full of
Nogales, Sonora, for shipment to the
sugar.
:
.
.
price of
immunity to profiteers, increased the price of sugar
particulars the law which he has sworn
occupancy
SUGAR\FROM ARGENTINA UNDER
DECREE.
exportation of 100,000 tons of sugar has been author¬
"Financial America," quoting
cablegram from Buenos Aires.
The stipulation is said to
be made that "30% of
each proposed exportation be deposited
The
ninety days.
sugar on
deposit will be sold in the
pesos
during the ninety-day period."
BROTHERS EXPECT NO
BUTLER
UNTIL
PRICES
MODITY
DECLINE IN COM¬
ANOTHER
sibility for the present
Spring of 1921, are made by F. S. Cunningham, of
the
Brothers
of
chandise, in correcting
looks for
cern
wholesalers of general
Chicago,
a
near
future and a
In stating that "the
report is incorrect and wholly misrepresents our view,"
Mr. Cunningham, in his announcement made public on
speedy return to the pre-war level.
For more
now.
tons
were
open
all other
the
1919
replaced today, if at all, only at still higher prices.
In certain lines, notably silks, prices had become inflated beyond
1920
was
lines
reason.
not symptomatic of the market as a
are
seasonable and
In order to think clearly one must discriminate between
The cut-price sales now running over the country are
staple merchandise.
confined mainly to spring read-to-wear and kindred goods.
when the coming of warm weather is late, retailers began
As in every year
cutting prices in
May to avoid carrying the goods over.
staple merchandise there is only one legitimate reason why any retail
merchant should sharply reduce his prices and that is the
at
such
compelling reason, can
now
need of liquidation,
The store which, without
loss, in order to meet bank obligations.
even
afford to make deep cuts in its prices on
an
illegitimate profit for its
sooner
they
come
down the better for
of
the cost of production.
Until that
comes
But nothing is gained
prices) depend
down, talk about
a
March
2,487,245
The factors which make for higher prices are losing in mo¬
But the latter
the price-lowering
are
still in the ascendant, and
no one can say
when
factors will become dominant.
With higher prices for foodstuffs in sight for this fall, wages can not come
down.
The
Therei
s an
absolute shortage of the
more
important
raw
materials.
tie-up in rail and water shipping is depriving many mills of the materials
they need to keep at work.
still lags behind
We
are
PRICES
SAYS
It is
a
certainty that in most lines production
our
general level of commodity prices will rise somewhat
beforei t starts on the inevitable decline.
ATTORNEY-GENERAL'S
PRICES WAS
ACTION
IN
FIXING
SUGAR
UNJUSTIFIED, SAYS HOUSE COM¬
MITTEE—MR.
PALMER
The House sub-committee
on
OF
2.968,102
2,865,124
SENATE
3,299,049
2,638,305
2,883,164
UNWAR¬
SUB¬
COMMITTEE—CHARGES OF UNFAIR
COMPETITION.
"Prices
charged for newsprint
paper
both excessive
are
unwarranted," according to the report of the Senate
Sub-Committee
on
Manufactures
which
investigated
the
industry
Holding the scarcity of newsprint paper, which has handi¬
capped American newspapers, to be "more the result of
shortage and the newsprint
paper
artificial obstructions than of natural laws," the
recommended that the Department of Justice
committee
institute
pro¬
ceedings under the Sherman and Clayton Acts against print
paper
with
manufacturers who were charged by the committee
"unjust, illegal and discriminatory"
Some of
practices.
The
the chief recommendations made in the report
summarized in Washington press
were
URGED
the
TO
dispatches
Establishment of a Federal newsprint board "to supervise
a
as
follows:
the manufac¬
paper" should Government efforts to maintain
reasonable price fail.
Amendment of the Lever Food Control Act to
news
penalize profiteering in
print paper.
Imposition of an excise tax of 10 cents on Sunday newspapers weighing
than 1.68 pounds a copy, so as to limit such editions to 80 pages
more
until
an
adequate paper supply can be obtained.
Appropriation of $100,000 for the purpose of experimenting
stitutes for wood pulp.
Establishment of a rate of 1 cent a
demand.
in intimate and first-hand touch with all markets and it is
best j udgment that the
AND
"EXCESSIVE
REPORT
Gross tons.
10,687
12,867
16,640
13,017
15,688
568,952
615,932
NEWSPRINT
Total.|
-
Gross tons.
795,164
2,056,336
2.251.544
April
May
ture and distribution of print
prices is vain.
mentum.
All Other.
Bessemer
Gross tons.
714,657
700,151
lower level
The factors which will make for lower prices are undoubtedly gaining in
momentum.
"/
Open Hearth
2,242,758
2,152,106
They must come down.
everyone.
by ignoring the plain fact that wholesale prices (and retail
on
follows:
report was submitted to the Senate on June 5.
wares.
Commodity prices in general are artificially high.
The
414,392 tons Bessemer and
The production by months in
January, 1920
February
staple goods, by that very fact makes public confession that it has been
charging
as
Gross tons.
paper
a
tons open hearth,
Months—
and
whole.
During the corresponding period in
companies made 1,929,024 tons, including
same
8,617 tons all other grades.
In many cases these goods could
be
On
hearth, 615,932 tons Bessemer and 15,688
grades.
few goods will be higher this fall than they are
than six months every wholesaler has been contracting
Reduced quotations in such
of the total output in
amounted to 2,883,164 tons, of which 2,251,544
a
supplies at advanced costs.
Congress.
on
that year,
Speaking broadly, commodity prices will not be lower before the spring
for his fall
situation
1918 made about 84.03%
which in
RANTED"
Not
sugar
production of steel ingots in May 1920, by 30 companies
June 4 says in part:
of 1921, even if then.
minority report in which they
STEEL PRODUCTION IN MAY.
mer¬
report to the effect that the con¬
general decline in the
a
a
According to the American Iron and Steel Institute, the
1,506,015
YEAR.
lower before
Predictions that commodity prices will not be
Butler
public
tons
Argentine at 4.10 pesos per kilo if the market price goes above
4.99
investigation, refused to sign the report and
made
3
sought to defend the Attorney-General and place respon¬
ington advices of May 27 to
for
June
by Presidential decree, according to Wash¬
ized in Argentina
a
Democratic members of the subcommittee, which
Texas,
conducted the
PRESIDENTIAL
The
of the office of Attorney General impossible.
Representatives Whaley, South Carolina, and Sumners,
on
EXPORTATION OF
have given
and violated in two
to obey and makes his further
For the Attorney General to
in America today.
sugar
governmental
prices" thus causing an "advance in the
sanction to extremely high sugar
MEXICO.
FROM
with sub¬
pound on sheet print paper to any
when sent by pracels post without increasing the present
provided under the postal regulations.
The committee also recommend consideration be given by the Govern¬
ment to the establishment of a newsprint paper mill to supply the Govern¬
ment's needs with any surplus paper to be sold to small consumers.
part of the country
limit of 70 pounds
With regard to
the findings of the committee and the
charges made as a result thereof the Washington press
RESIGN.
dis¬
patches had the following to say:
Judiciary, which inves¬
The report
declared that publishers of small newspapers were in the hands
profiteers and exploiters," while "even large news¬
tigated the aetionjof Attorney-General Palmer in permitting
of the "unscrupulous
Louisiana sugar growers
paper
pound for their
crop,
last fall to charge 17 and 18 cents
submitted its report to the House
a
on
publishers are at the mercy of the manufacturers."
Other recommendations include provision for the small publishers to
obtain paper from
the mills at a minimum cost by the
readjustment'of postal
JUNE 12
rates for
THE CHRONICLE
1920.]
newsprint, placing print paper under the restrictions of the Lever
Food Control Act and the establishment of an experimental fund, for the
discovery of
The committee held sessions for several weeks,
newsprint used at the Government printing plant, and that the overproduc¬
tion of such mill be sold to the small
I
substitute for wood in the manufacture of pulp.
a
having manufacturers,
signed by Senators McNary, Republican, of Oregon; Gronna,
Senator
Reed, Democrat, of Missouri, said he concurred In part in the
above report,
but reserved the right to express his opinion in
criticise or protest to a manufacturer," while the "big pub¬
UNDERWOOD
RESOLUTION
lishers, not having mills of their own, are in a 'holdup market,' while the
ruptcy."
Among the
"AH the evidence of the various witnesses
and the substantial and abso¬
lutely authentic information we have obtained from official reports," the
report declared, "seem to indicate that many of
the news print paper makers
acting in collusion with the apparent intent to
here and in Canada were
bring about restraint of the normal flow of trade and engage in unfair com¬
petition by methods in some cases of creating an artificial supply and in
others of resorting indirectly
through their bureaus of statistics to an actual
fixing of price.
finding that there has
deliberate curtailment of newsprint paper upon the part of some
newsprint paper manufacturers to 'get even' with the Government for
prosecution, and also to hold up prices.
through
a
bill)
killed
were
"pocket veto" (i.
a
Its
account
has been subjected to during war-time, and the
commission
a
the latter part of
unstabilizing forces common to
that the scarcity of the product was more the
stipulations were arrived at through the
production, the efficient work of the manufacturers' bureau of
statistics, and the use of a
virtual gentlemen's agreement.
We believe that the profits
were
and are guilty of
action
on
the
Government of
on
the
The resolution,
de¬
shortage, passed the Senate
paper
February; it
adopted by the House
was
FOR EXPORT\
The Canadian
control
manufacturers
breaking the spirit, if not the letter, of their own
Government, and that they took advantage of
a condition, attributable for the most part to their own manipulation, in
order to make gains far out of proportion to those of fair, legitimate business
Export Paper Co., Ltd., which is said to
approximately $25,000,000
producers, announced
print
paper
on
of the export
newsprint
June 1 large increases in the price
for export during the third and fourth quarters
of the current year.
For the third quarter of 1920, which
July 1 next, the
commences
per annum
of the leading Canadian
output of five
paper
of
taken by several of these concerns were totally
keeping with the best business practices, that some
out of
any
June 3.
obstructions than of natural laws, and that the market
prices and the uniform contract
shortage of
failure to take
PRICE ADVANCES IN CANADIAN NEWSPRINT PAPER
scarcity of wood pulp, and numerous other
result of artificial
e.,
passed
were
June 5 by President Wilson
confer with
to
signed to relieve the print
rising material and labor costs, and has also
increased consumption of print paper, the apparent
all business of to-day, we feel
which
measures
on
Canada in regard to the cancellation of restrictions
on
f
PAPER
OF
the Underwood resolution providing for appoint¬
was
of
ment
important
more
by Congress and
subsequent period of quickly
into
RELIEF
considered the various disturbing elements
"Although the committee has
that the newsprint industry
FOR
exportation of Canadian pulp wood.
.
"Indeed, there is sufficient evidence to warrant the
taken
separate
SHORTAGE FAILS.
being driven from the business by threatened bank¬
small publishers are
a
a
;
declared that it "was not, and still is not, safe for a publisher
in any way to
been
1
newsprint paper—under its provisions."
report to be filed later.
Republican, of North Dakota, and Walsh, Democrat of Massachusetts.
The report
of newsprint paper.
consumers
"Finally, that Congress amend the Lever Act to include the commodity—
publishers and brokers before it giving details as to the present shortage.
The report was
2449
prices will be 5
new
cents
previous agreement with the
a
unjust, illegal, and discriminatory is estab¬
lished beyond any doubt, and also that the prices charged for newsprint
paper are both excessive and unwarranted.
The report charged jobbers and brokers with profiteering which it was
said in view of the evidence presented should more appropriately be referred
next, the new price will be 6^ cents a pound, mill, which is
profits, that the practices were
"usury."
to as
one-third
the price now asked in the spot market is warranted and in fact there are
some well regulated firms who, as the evidence has shown, consider 4 or 5
cents per pound a thoroughly fair and reasonable price for their products.
"There is no doubt that it is the manufacturers who have spot paper to
sell that have and are reaping the large profits and place such severe penal¬
ties upon the country press.
There has been evidence presented which
would show that jobbers and brokers and commission men are receiving very
large financial returns as a result of existing high prices, though many of
them frankly admit their disgust with the existing unhealthy and immoral
conditions of trade and candidly admit that they are ashamed to sell news¬
print paper for the prices current to-day."
The committee criticised the agreement made by the Department of
Justice with certain print paper manufacturers early in the war, by which
print paper prices would be regulated but publishers and manufacturers be
permitted to make separate contracts if desired.
Such an "ineffective
decree," according to the admissions by the Department and the Federal
Trade Commission, the report said, not only cannot be enforced, but "is a
"This committee," said
the report, "is not convinced that over
prosectuion."
The report further said that testimony given the Committee showed that
the manufacturers affected by the agreement which was made after Federal
indictments had been returned against them in New York, had violated the
hindrance, if not a bar to
they had increased their prices considerably
Government.
The report concluded with a protest against the adjournment of Congress
without enactment of legislation to relieve the print paper situation.
spirit of the agreement and that
beyond the amount named by the
urged:
The report
"Immediate action
>
.
by the Attorney-General for
the prosectuion and
offenses either against
the provisions of the
court decree of 1917 in regard to the newsprint inquiry, and that in this
procedure the Attorney-General be furnished with all the information which
the Federal Trade Commission may at present have in its possession or
punishment of the newsprint manufacturers guilty of
the Sherman Anti-Trust Law. the Clayton Act, or
which it may
hereafter procure.
"In order to discourage
that
a
tax of
wasteful use of newsprint paper we recommend
Sunday papers weighing over 1.25
10 cents be levied on all
print paper shall be adequate for
committee believes that this law
would result in limiting the pages of Sunday papers to eighty, thus resulting
in large saving in the consumption of newsprint paper in Sunday editions
that have reached as high as 140 pages in some instances.
"That the Congress shaU amend the Sundry Civil Bill by the appropria¬
tion of a sum of $100,000 for research, study and experimentation into differ¬
ent methods of making paper with a view of finding a substitute for woqd
pulp, that this work be conducted by the Department of Agriculture, whose
experts shall first report their plans to a special committee of Congress
appointed to supervise the work, and to receive from time to time reports
pounds until such time as the supply of
the fullest needs of all publishers.
The
as
to its progress.
"We
a
recommend also legislation to
pound, without regard for zones,
paper
establish a parcel post rate of one
cent
for ten or less packages of sheet print
newspaper without increasing
shipped weekly from any mill direct to a
limit of weight of seventy pounds.
This would enable the small
publishers to combine in the establishment of a mill to supply their needs.
At present there is discrimination in postal rates In favor of the finished
newspaper, and it is apparent that in order to sustain thousands of smaller
papers a similar favorable discrimination is necessary for newsprint paper.
"And in the event that the Government's efforts to fix and maintain a
reasonable price appear to be futile because of a virtual monopoly in the
print paper industry, or because of continued protests from the manufac¬
the present
turers that the
dangerously low, we recommend that the
newspaper print board to supervise the
distribution of newsprint paper, and to enter into a co¬
supply is running
Government by law
manufacture and
establish
a
operative organization with the country newspapers
the jobber or
at
the lowest
which would eliminate
to buy print paper
middleman and enable the country press
mill rate.
"That the Government
consider seriously the possible
lishment of a newsprint paper
mill for the purpose of
purchase or estab¬
manufacturing the
pound, mill, which is equivalent to $110
For the fourth quarter
equivalent to $130
It is said to be
a
per
ton.
of 1920, which commences Oct. 1
The present price is $90
ton.
a
ton.
generally expected that the other Canadian
producers of newsprint
paper
in Canada will advance their
prices in line with those adopted by the Export Paper Co.,
is
as
usually the
case,
and that for the last six months of this
the highest prices yet paid for export newsprint from
year
Canada will be netted by the
companies.
ONTARIO GOVERNMENT SAYS PULP WOOD REGULA¬
TIONS ARE NOT DISCRIMINATORY—SENATOR
UNDERWOOD'S VIEWS.
A statement
denying that
any
injustice has been done to
American lessees of Crown timber lands in Ontario by regu-
governing the manufacture of pulp wood recently
ations
issued by the Canadian Bureau of
was
Information, 1463
"Broadway, New York. " Replying to contentions that the
regulations have proved detrimental to the American paper
interests, the statement said: "They were not specifically
directed against the United States pulp
and
paper
industry."
statement in full read as follows:
The
Ottawa.—The Ontario Government takes the position that no
done to American lessees of Crown timber
whatever has been
of the regulations
reason
which require pulp wood to be manufactured in
It is pointed out that these
Canada.
twenty years.
regulations have been in force for
They were not specifically directed against the
United
In fact, when the bill embodying the
pulp and paper industry.
States
injustice
lands by
regulations was before the Ontario Legislature a number of members urged
that shipment of pulp wood to other Canadian Provinces should also be
prohibited in order that Ontario might enjoy the fuH benefit of its own
resources.
It Is also to be noted that the regulations apply as
forest
strictly to Dominions within the British
The charge is made
no
Empire as they do to the United
They are in no sense discriminatory.
States.
that the leases when originally granted contained
restrictive clauses and that, therefore, restrictive clauses
inserted were in violation
of contractual rights.
made that the licenses are renewable year by year
that they are
fit to make.
subsequently
To this the answer is
and they contain a proviso
subject to such changes and alterations as the Dapertment may see
From time to time this proviso has been invoked to increase
ground rents and the percentage that should be paid the Government on
These terms and conditions have been in force
merchantable lumber cut.
for nearly half a century
and are well known to all lessees.
None of the
regulations of course affect timber or pulp wood cut on patented or freehold
lands.
As far as the Province of Ontario is concerned there appears to be
no
intention to
so
apply them.
,
Inquiries made at the Department of Lands and
Forests brought out
the further important facts:
1.
That there are not in the Province of
respect of which requests have been
Ontario any Crown lands in
made for permission to export pulp
wood; and
2.
That there do not appear to
which were acquired
be any limits now held by Americans
under terms that permitted the lessees to export
The
regulations in force in the Province
of pulp
there
Jan.
of Ontario governing the export
wood cut on Crown lands have been
was a
1
partial suspension of these
pulp
"
wood cut from these lands.
in existence since 1900.
True,
regulations from November 1913 to
modification only applied to that limited section of
known as the Mississaga forest reserve, and was permitted
1918, but this
the Province
by the Department in
order that the timber which had been
felled by a
decay set in.
Under the regulations of 1900, and which were imposed by Act of the
Legislature and not by Order-in-Council, it was provided that aU spruce
and other soft woods suitable for making pulp, paper or other articles
of merchandise must be turned into manufactured products within the
Dominion of Canada.
In enacting the regulations the Government of
hurricane might
be speedily disposed of before
the day were
Ontarios
solely and simply influenced by a desire to conserve
utilize their product for the development of the
paper and pulp industry of the Province.
As a further incentive in this
direction the Government had before it the results which had been obtained
pulp wood resources and
few years previously of the export of logs cut from
lands, showing a remarkable development in the lumber industry,
prohibition
from the
Crown
a
1898 in
respect to merchantable timber cut on the Crown lands of the Province of
Ontario, have proved so beneficial in their results that there is not the
slightest likelihood of their being changed in substance.
It has been
restrictions
charged by Senator Underwood that Canadian
exportation of pulp wood contributed
the
on
shortage in this country.
The Senator some time ago offered a resolution providing
for a commission to confer with the Government of Canada
toward bringing about
rescinded.
passed both Houses of Congress, but failed
The resolution
a
paper
of having the export restrictions
for the purpose
becoming
the
law through
a
pocket veto of the President,
On Feb. 4 Senator Underwood issued a stateme.it
ing the
regard¬
shortage and the conditions which prompted
In his statement the Senator
paper
him to offer his resolution.
expressed little hope for relief as long as the American con¬
their supplies pass
absolute control of foreign authorities, subject to
"sit idly by and see the source of
sumers
into the
all the restrictive measures which a
undertake to
foreign government may
Mr. Underwood said:
impose."
concrete question now
The
Is whether or not American consumers of
and small;
inter¬
into the abso¬
print paper and this includes, of course, every newspaper, large
magazine and periodical, every bookmaker and scores of other
every
of their supplies pass
ests, shall sit Idly by and see the source
lute control of foreign
which
a
liberal, seeking no
hoping for world peace and do*
great sacrifices if necessary to secure it."
"You may
said the
can
have read in some newspaper or
proposes
If I could I should say
human welfare
As
The situation which we face in this matter may be briefly
now
to all
necessary
We
and is
outlined.
that print paper is a commodity of universal use
Imperative, therefore, that an abundant supply of
in past years
there has been vast supplies in this country.
More recently,
however, the supply in the eastern part of the United States has become
almost exhausted and the price
has advanced to unprecedented levels.
In
fact, the scarcity of pulp wood has become a matter of such grave concern
interests immediately involved that the
all
to
Federal Government, the
lumber, paper and pulp associations of the country are now formulating a
broad
and
reforestation
comprehensive national forest conservation and
plans.
Foreseeing possible pulp famine conditions in this
country, American
producers earlier than 1910 purchased and acquired leases of Crown
wood and shipping it to their
in the United States.
All this was done with the express knowledge
paper
lands of Canada for the purpose of cutting
mills
and consent of the respective Governments.
As
result the American interests made large investments upon their
a
concessions in building piers and dams in the rivers and in erecting
This was particularly true of the Province
preparing and shipping plants.
of Quebec during the 20-year
wood-
period between 1890 and 1910.
In 1910, how¬
the Government of Quebec issued an order prohibiting the exportation
ever,
pulp wood from Crown lands unless manufactured into lumber, pulp or
paper on
In other words, an order went forth invalidating the
the spot.
This did serious injury to the
rights of property by statute conveyed.
American interests
by making practically valueless
in river improvements and
the large investments
This action involved leases of approximately 10,000 square
miles of tim¬
ber lands in Quebec, or about 5% of the wooded area of the
province,
which the American interests regularly paid all prescribed fees and
About 32,000,000 cords of wood pulp was thereby tied up
for
use
rentals.
and
pre¬
of
the
wood in the eastes part
United States, lower the cost of raw material of the American newsprint
exportation restrictions laid by the Province of Quebec are adhered
to and if similar restrictions should be
Canadian Government as
all the American paper
a
applied by other provinces or by the
whole, it would become necessary for practically
mills to
move
eventually to Canada.
would be to give the Canadian Government
neither the American Government
be in
a
position to exercise
any
nor
absolute control of them and
over
only
a
learned what
embargoed by the Canadian authorities.
As yet
part of that supply is subject to such embargo action, since only a
part of the American mills are located beyond our frontier, but if the vastly
larger part of the paper-manufacturing industry should be removed to
Canada, Americans would know what it
paper
controlled by
a
means to
have their source of print
commission appointed which.
possible, will amicably adjust these matters with the Canadian Govern¬
ment
and
with
the governments
of the individual provinces concerned.
and to
drag
for evidence
granted and to urge
brought about by
body would be instructed to report to Congress what
action should be taken by the legislative department
securing the cancellation
or
of the Government
their modification, I hope for favorable
action at
an
upon my
associates in the Senate and House the importance of dealing with
early date upon my joint resolution, for I feel that I
can
impress
problem without longer delay.
SIR AUCKLAND
PECT"
OF
GEDDEfi SAYS THERE IS "NO PROS¬
OIL
BRITISH
MONOPOLY—GOVERN-
MENT NOT SEEKING TO POOL
the world's oil
supply
Geddes, the
new
or
was
'
WAR DEBTS.
Denial of assertions frequently made to
Great Britain has secured
land
into the pool.
in
the effect that
is seeking to secure control of
made
on
May 25 by Sir Auck¬
British Ambassador.
Making his first
You
war
may
debts of Europe
seek far and wide
which that statement could be based.
You
The British Ambassador spoke in part
Scot of undiluted Scottish blood, educated in
am a
an
Scotland, brought up
atmosphere as un-English as the American atmosphere is
un-English.
Scotland, Ireland, South Africa
these biographical details upon you with a purpose.
far has been passed mainly in
so
I inflict
I wish you to realize
that I can see England objectively as only those who
not share her blood or her
do
Seeing her in that
long traditions can see her.
England is today
I know that she is the leader
judging her by what I see, I believe that
external way,
spiritually greater than she has ever been.
the British nations.
among
vain search for
the old shell of
grasping, greedy England
laying violent hands on anything she can reach, militarist in spirit, creating
a great navy to dominate the oceans.
That is not the England of fact;
that is not the England that I, who am not English, love and admire.
That is not the spirit which inspires the British Government.
The people
of England today are strongly anti-militarist, liberal, democratic, seeking
no quarrel, jealous of none, hoping for world peace and determined to make
Day by day I scan your press and magazines so far In a
any
adequate realization of the pulsating new life within
The columns which I read picture a
England.
great sacrifices if necessary to secure
Let
were
look at
us
had
we
more
a
it.
When the armistice came
First, the navy.
few facts.
than 1,000 ships
of various sizes building or finishing.
These
But among them were four battle
mostly small craft, of course.
cruisers, of which one, the Hood, was fitting out.
The moment it was clear
the orders for over six hundred of these ships were
themselves were broken up and dispersed.
Now
note, of these six hundred and more three were great battle cruisers, sisters of
that the fighting was over
cancelled and the ships
The Hood was not.
She was too
would have been more sweeping had
of the vessels were completing for sea.
These were
the Hood, and they were
broken up.
The cancellations
it not been that 319
mostly of the trawler or drifting type.
Finally
These were finished as fishing
V,
boats, etc.
our
naval estimates, though still inflated by
present
or
single capital ship building or completing
a
small, has been laid down since the
era
inevitable after war
As a result we have not at
charges, have been reduced by almost 75%.
and not one ship, large
armistice.
been dealt with even more drastically.
The
England is at an end and the army reduced to its
Does that look like militarism?
Even the most perfervid
of conscription in
pre-war
size.
Anglophobe will find it difficult to produce evidence that
England is fever¬
ishly building ships to, dominate the seven seas.
It is
no
business of mine to compare
actions of any other
these facts with the' corresponding
nation, but I ask you, who know yourselves to
to contrast them
be
with your own national acts if you are
tempted to think England militarist.
You may have read in some newspaper or
quired
look at
an
and it is certainly
per
Seventy per cent
facts.
soil and all of that whatever
own
magazine that Britain has ac¬
hold the world to ransom. Let us
of the world's oil output is from your
the ownership of the capital may be—
oil monopoly and proposes to
some
of emer¬
control of your Government. Sixteen
from Mexico, and American capital
Mexican yield.
In addition, your nationals
overwhelmingly not British—is capable in time
of being brought under the
cent of the world's output comes
controls three-fourths of the
have either secured production or
even
your
have been prospecting in at least ten other
amounts to in these countries
I do not know what the output
ignoring it, you have 82% of the present
control.
world supply of oil under
-
Now for the alleged oil
In the event the cancellation of these orders cannot be
this
on
trying to pool the
follows:
I
to the Crown timber lands for which leases have been
to aid in
you
will not find it."
countries.
this commission that
"It is written," he added, "that the
British Government is
but
orders of 1910 were Issued.
into the hands
commercial.
The same
pointed out that Continental Europe "is in desperate
financial difficulties."
This commission would be authorized to present the claims of the Americans
that the Canadians keep the contract they entered into before the restrictive
or
Turning to the subject of international finance, Sir Auck¬
land
gency
foreign government.
The purpose of my resolution is to have a
monopoly of exportable
a
administer that monopoly.
applies to oil."
non-militarist,
their own properties.
Within recent weeks American newsprint consumers have
It is to have their supply
The result
American business interests would
real authority
national
interest,
one
any
Our air force and army have
industry and stabilize the price of all down the line.
If the
of
which, if available
of American consumers, would relieve the present scarcity
the threatened exhaustion of pulp
vent
on
nation to have a
this—regardless of nationality, it is too
say
nearly finished.
wood-preparing and shipping plants.
view of peace and
any
great a power to put in any man's hands or
and Canada.
this product be available.
Newsprint is mechanical and chemical products of wood pulp, of which
.
But after experiencing the re¬
best to be fair.
our
sponsibility I
My life
It is
the educational processes of modern civilization.
has had
matter of fact I had to
a
.
"In Europe," he continued, "during
and since, Britain
war
We did
as
authorities, subject to all the restrictive measures
-would be for
it
as
monopoly of coal."
the
.
without hesitation that I believe that
undesirable from the point of
as
coal.
to hold the world to ransom.
British
monopolistic control of the world's oil.
interests acquiring a
to be
magazinet,#
prospect of any consolidated group of
no
see
none,
Ambassador, "that Britain has acquired an oil
new
monopoly and
I
anti-militaristic,
strongly
are
termined to make
foreign government may undertake to Impose.
all realize
If
to-day
quarrel, jealous of
stated above.
as
of
in New York at a dinner given him by the
appearance
Pilgrims' Society,Sir Auckland said: "The people of England
regulations of 1900 governing pulp wood, like those of
The
of
public
particularly in the northern part of the Province.
and
[Vol. 110.
THE CHRONICLE
2450
monopolist.
The British Empire's total produc¬
the supply of Persian oil
British companies
total is relatively small. In
time of emergency British interests control about 5% of the world output.
Do these figures suggest a monopoly for Britain?
But it is said that
Britain has secured such rights over undeveloped oil that she will have a
monopoly in the future.
When?
Where? I see Baku and Batum men¬
tioned.
Britain does not own Baku or Batum.
There is a handful of
British troops in Batum, with some French and Italians, the whole repre¬
senting the Allies.
We have tried several times to get some one else to
send troops there to relieve our units.
Next I see Mesopotamia and Pales¬
tine mentioned.
Britain does not own either Mesopotamia or Palestine.
Under the peace treaty submitted to Turkey Mesopotamia is recognized
as independent, and it is proposed that Great Britain shall have a mandate
from the League of Nations to assist Mesopotamia. The misunderstanding
arises, I think In connection with the word "mandate."
There is more
than one sort of mandate and the sort which Britain is likely to get from the
League with regard to Mesopotamia will put her into a relation to that
tion
is about 2H%
which
is
controlled
have also some
of the world supply, while
by
British capital is about 2%.
production in Burma, but the
June 12
THE CHRONICLE
1920.]
Great
country somewhat analogous to that which you assumed with regard to
We
And Palestine?
are
not going to own Palestine.
The draft of the
Britain for Palestine embodies the text of the
sheltered from outside attack by
And the Jews will own their own home,
these
countries,
two
British
the
Government
trustee
as
has forbidden all surveys and the
acquisition of oil rights until the new Governments have been constituted
and can deal with these problems for themselves.
This interdict applies
the League of Nations
equally to British subjects and to nationals of all other countries.
line from
Bagdad
Mosul to Haifa on the Mediterranean.
or
I read that the recent Anglo-Persian agreement,
I wish to
by which Britain became
officially best friend to Persia, was based on oil.
and
kind
This statement is
victory—will not
you now
world for men to live in.
new
matter of fact that does not
practically
Isles, but only in this
sense:
that oil in
is the property of the British people.
make much difference to
you or
to them
At present it is a geological curiosity, not a
oil there.
no
spent than we or you.
If you
decide that
Another of the wild ducks is that the British Government is negotiating
to
of the Shell group
control
secure
supply of oil for the royal
that
far
so
as
But fair competition
competition is fair and clean it is worthy
beneficial to everybody who
of recognition as
uses
oil regardless of nation¬
I can see no prospect of any consolidated group of British interests
ality.
acquiring
monopolistic control of tne world's oil.
a
If I could I should
without hesitation that I believe that to be as undesirable from the
say
In
monopoly of coal.
As a matter of fact, I had to administer that monopoly.
exportable coal.
our
best to be fair.
But after
experiencing the responsibility I
this—regardless of nationality, it is too great
man's hands
The
or
no
a power
to put into any
into the hands of any one interest, national or commercial.
we
new
Let
me say one
thing more
I hope
word spoken which will make it hard.
important commodities during the month of April,
the United
by
Bureau's
March,
is based
The statement
on
the termination
very
a
representative markets
Labor Statistics*
The
weighted index number, which registered 253 in
to 265 in April.
rose
This represents
an
advance of
The statement covering April, which has
just been made public by the Bureau, likewise gives the
following information:
The most notable
and
-
examples of price increases were found in the
lighting materials, the increase in
to the recent
Food followed next with
sharp advance in sugar
and building materials prices
showed
an
a
an
whole being
increase of 9%%, due largely
ajnd potatoes.
In the group of lumber
continued steeply upward with
increase of over 3%, while
an
increase
smaller increases
were
recorded for
metal products and for house-furnishing goods.
metals and
An increase of
nearly 334 % in April prices over those of March was found
miscellaneous commodities, including such important articles
bran, millfeed middlings, lubricating oil, newsprint and wrapping paper,
and wood
a
as
The groups of farm products and chemicals each
5M% over March.
as
group
.
of
Bituminous coal and coke were responsible in large measure for the
11%.
result shown.
of
this
group
In only one group, that of cloths and clothing, was there
pulp.
net decrease in
prices from March to April.
silk
and
This decrease, which amoun¬
for the group, was due entirely to the decline in raw
ted to less than 1%
leather.
are
the index numbers of wholesale prices in the United
shown
States, by groups of commodities, as computed by the Bureau of Labor
The figures for the last-named month
Statistics for the months named.
merchant
are
preliminary and subject to revision, while those for the previous month
ships of all Allied and associated States to draw on royal naval stocks of
are
final.
oil.
for the calendar year 1913.
special
During
privilege.
That privilege was
May 1
the war
continued
the
up to
Admiralty
permitted
of
i
States Bureau of
nearly 4M%.
Below
preventing American ships getting fuel oil at British
are
bunker stations.
THE
STATES.
according to i iformation collected i
applies to oil.
same
It is said
a
Large increases again took place in the wholesale prices
in the group of
Europe, during the war and since, Britain has had a monoplly of
We did
say
bow trying to get the
cannot help please try to understand what we are
you
action will be taken and
no
of many
point of view of peace and human welfare as it would be for any nation
to have a
are
WHOLESALE PRICES OF COMMODITIES IN
fuel
"well, anyhow, British
I hope they are.
active."
Rather
crime.
a
We and they
attempting to do and how great our burden is.
conpamy
navy.
When one has said all this the usual remark is
oil companies are very
is not
the Exchequer
But a little thing like that does not stop the
Anglo-Persian Company and it has fostered that
to have a sure
as
This story has
The confusion arises from the fact that the British Government
has shares in the
so
of oil companies.
unqualified denial from the Chancellor of
In the House of Commons.
report.
You
Our European allies and late enemies are
—all the British nations wish to be friends with all your nation.
proposition.
received flat,
allies] secured the
Some one has to build
en¬
else for the best of good reasons, for so far as is known there
commercial
that is breathed by
our
foundations laid.
So far as the central British Government is con¬
Britain has been nationalized and
is
a message
excluding all foreigners from the exploitation
Then I hear that Britain is
any one
frontier.
help to gather the real fruits of victory ?
UNITED
cerned that is true of the British
or
no
and we together with
you
and we together have seen the world crumble.
They have not been modified since
1901.
from
date
of oil in her territories.
a
recognizing
Will not you, who at the end helped so mightily in the
against militarism that
that date.
As
Every
Britain.
British oil rights in Persia are of the ordinary com¬
tirely unfounded.
mercial
The
is that Britian has commenced to build a pipe
categorically no such work has been undertaken.
state quite
in
work
at
are
peoples of lands both near and far, to deliver
more
last yarn on this subject
forces,
I come to you as a Pilgrim from a far land, as the representative of the
war
regards
spiritual
and will pass as the wind passes,
essence
countless hearts.
the shield of Britain.
As
great
crudely and materialistically they may be expressed they are spiritual in
famous Balfour declarations making Palestine a national home for the Jews.
representing
forces,
nation in the world will have to reckon with the same forces, for however
Liberia—a best friend and big brother.
mandate from the League to
2451
the end of this April.
Index Numbers of
Why should they?
The British mercantile marine does not expect to be allowed to
have been heavily attacked for not
It really is absurd.
pose at
all.
Still,
as an
They are not there for commercial pur¬
act of international courtesy, we have allowed your
At one port alone your
ships to draw on them to an embarrassing extent.
boats
were
drawing 40,000 tons a month, and our naval tankers were trans¬
porting oil there for you and swelling our naval estimates, though of course
what you paid for
the oil
coming in
was
on
the other side as an appropria¬
say
without fear of informed criticism that British foreign policy is
directed against no man, but is inspired by the desire to seek peace, to
Farm products
lot
That
of the oppressed
and increase the material prosperity of the world.
is
Those are the principles by which I, as British representa¬
our program.
tive in this land, am guided from day to
day.
270
and
Cloths
I regret them
and ancient grudges die hard.
Metals and metal
I realize that traditional hatreds
I know well how unsettle 1 and abnormal
Chemicals and drugs
212
It is for each in his own good judgment to distinguish between
is In desperate financial difficulties.
It is written that the British Government is trying to pool the war debts of
Continental Europe, we all know,
Europe and to drag you into the pool.
on
You may seek far and wide for
which that statement could be based.
You will not find it.
will find my Government trying to pour oil on the
of Europe, and you will also find onlookers who seize the
If you look closely you
troubled waters
it Is poured and throw it on the
fires of anti-English feeling here.
In connection with that unhappy problem I have
Take again Ireland.
nothing to add to or to subtract from what I said on the day of my arrival
Those words were carefully weighed and have not, so far
In this country.
I
can
gather, been misunderstood anywhere.
feel conscientiously constrained to
I hope that all who may
Judge or to express judgment will study
Measured
Believe me, England today
great light.
their feet are on
-
different England from what she was
by changes in the index numbers for the
build up a new
April 1919 to April 1920, farm products increased 424 % in price, food 28%,
and cloths and clothing 6224%.
increased 2734%,
and discouraging both abroad, they are determined to
prosperity In Europe and to construct, If they can, some
some sort of
in
this
period.
All commodities, considered in the aggregate, Increased
3034% in price.
INCREASE IN RETAIL PRICES OF FOOD
At home they are determined to
mould and are rapidly moulding their
social organization to secure certain quite clearly
defined ends, the first and
give
equal opportunities of health and education and advancement to rich and
greatest of which is such adjustment between capital and labor as will
high and low.
they are.
They are enemies to no people now, not even to
It is necessary to live among the people to realize how great
The whole country Is seething with new mental life.
UNITED
THE
IN
STATES,
According to reports received by the Bureau of Labor
Statistics
of
dealers in 51
the U.
S.
Department of
cities, the
articles of food increased
March 15 to April 15.
Labor from retail
family expenditure for 22
than 5% in the month from
average
more
This, it is pointed out, is the largest
percentage increase in any one month except April 1917,
immediately following the entrance of the United States into
the great war,
prices.
The
when the increase was 9%
statement
made public
over March 1917
last month by the
Bureau of Labor Statistics also says:
1920 reached the highest point yet attained,
being 5% higher than the heretofore record high point of January 1920.
The
1920 show an increase of 16%
figures for April
as
compared with
April 1919, and an increase of 115% as compared with April 1913.
round steak, rib roast, chuck
lard, hens, flour,
These
roast, plate beef, pork chops, bacon, ham,
meal, eggs, butter milk, bread, potatoes, sugar,
corn
cheese, rice, coffee and tea.
Since January 1919
43 food articles.
monthly retail prices of food have been secured for
During the month from March 15 to April 15 1920, 26
of the 43 articles increased in price as
10%; leg lamb and sugar, 8% each;
appeal for justice between themselves.
poor,
Chemicals and drugs increased 19%,
furnishing goods 5234%, and miscellaneous commodities over 10%
house
affairs, they
to the better ordering of human
League of Nations—I do not think they
bothering much about the particular pattern—to which the nations can
Germany.
During the same time fuel and lighting
metals and metal products over 28%, and lumber and
comparisons are based on the average retail prices of the following articles,
forward to secure peace and disarmament in Europe.
8upernational body,
265
12 months from
weighted according to the consumption of the average family; Sirloin steak,
initial disappointments, but firmly suppressing reaction and
militarism at home,
253
—
And now in spite of all difficulties, believing that
the path
Intend to go steadily
are
a very
Their inmost hopes and aspirations found form In words
used by your President.
In spite of
is
During it she, in common with the other British peoples,
before the war.
238
-—
All commodities
The cost of food in April
them in their uttermost implication.
saw a
331
House furnishing goods
and all to realize that if they have oil to pour
fire and water.
as
products
341
by selecting troubled waters to receive their libation and avoiding smould¬
ering fires.
195
192
Lumber and building materials
they will better serve their day and generation and the cause of all humanity
as
213
Fuel and lighting—
I can, I think, make full allowance for these things.
the minds of men.
But I do plead with each
oil
353
clothing
building materials 11034% in price.
Neither criticisms nor misrepresentations of British action surprise me.
I do not resent them.
evidence
246
-
Food, &c
bring
order out of chaos, to extend the boundaries of freedom, to improve the
are
I
Wholesale Prices, bv Groups of Commodities (1913 equals 100)
March.
April.
Miscellaneous
tion in aid.
I
Group—
do it, yet
allowing American ships to do it.
The stocks are held for our own men-of-war and are
to keep them mobile.
necessary
The base used In computing these index numbers is the average
merchant ship of any nation has been allowed to draw oil from
no
royal naval stocks.
we
But from
chuck
roast and cabbage, 6%
follows: Potatoes, 24%; pork chops,
onions, 7%; sirloin steak, round steak,
each; rib roast, ham, and hens, 5% each;
plate beef and oranges, 4% each; bacon,
flour, rolled oats, cream of wheat,
garine, macaroni and tea each
The six articles which
orated milk
unes,
and
1% each.
eggs,
3%; rajsins, 2%; salmon, butter,
rice and bananas, 1% each.
decreased in price during the month
5%
Oleomar¬
increased less than five-tenths of 1%.
were:
Evap¬
each; fresh milk, 2%; lard, navy beans and
THE CHRONICLE
2452
Prices remained unchanged for nut margarine, cheese, crisco,
The
bread, corn
opinion which decided the cases
brief.
was
First—The constutional amendment
meal, corn flakes, baked beans, canned corn, canned pease, canned tomatoes
was
In effect it held
as
follows:
legally adopted and in every
respect is effective.
and coffee.
Changes in One
Second—The
Year.
During the period, April 1919 to April 1920, 30 of the 43 articles for which
prices were secured on both dates increased as follows: Potatoes,
194%;
91%; raisins, 65%; onions, 46%; rice, 39%; prunes, 30%; coffee,
sugar,
[VOL. 110.
lard, 15%; chuck roast
tomatoes, 5%
and bacon, 10%
each; evaporated milk and canned
tribution
the price of canned
or
sale of liquors now held in bond is
Third—That the phrase "concurrent
reserve to
as
to the con¬
prohibited.
power" in the amendment did not
the States any express right, equal
to.that of the National Govern¬
ment, in the enforcement of the constitutional amendment.
Fourth—The
decision
that
the
States
have
equal
no
right with the
the right to produce and consume light wines and beers or
more
an
1% each.
than
a
liquors of not
certain alcoholic content.
Fifth—Congress has the authority to declare what is and what is not
4% each; rib roast,
corn,
3%; navy beans, 2%; sirloin steak and round steak,
There was no change in
16%;
and canned
each; baked beans
well to the distribution and sales of
Government in the matter invalidates the various State statutes granting
margarine, 3%; cheese, 2%; ham, corn flakes and cabbage, 1% each.
Articles which decreased in price during the year were: Plate beef,
as
sumption and production of liquors at present—in other words, the dis¬
28%; rolled oats, 24%; cream of wheat, 20%; canned salmon, 17%; oranges,
16%; bread, 14%; flour, 13%; crisco, 12%; bananas and hens, 11%; each;
oleomargarine, 10%; fresh milk, 9%; leg of lamb and corn meal, 8%; each;
butter and eggs, 7% each; macaroni and tea, 5% each; pork chops, 4%; nut
prohibition applies
liquors produced prior to the adoption of the amendment
intoxicating liquor.
Justice McKenna in his opinion was as
peas.
emphatic in his support of the
doctrine of States' rights on the subject as was the court in its decision for the
Changes Since 1913.
secured in April 1913 increased 100%
which prices were
Bread and pork chops,
113%; hens,
constitutionality of the Volstead law and the regularity of the constitutional
period, April 1913 to April 1920, 11 of the 23 articles for
For the 7-year
follows:
or over, as
100% each; ham, 102%; eggs, 110%; leg of lamb,
274%; and potatoes, 507%.
Justice
average
the
Year
the relative prices in April 1920
1913.
prices in the year 1913: Sirloin steak, 170; round steak, 179; rib
157; pork chops, 206; bacon, 191;
153; butter, 199; cheese, 194; milk,
ham, 199; lard, 191; hens, 224; eggs,
The
Clarke
know the
The
number for the 22 articles of food, combined, was
reasons
a
was
known
the 51 cities from which monthly prices are
that it
In Charleston, S. C., New
In Fall River the increase was 1%.
In
Rochester, Salt Lake City and San Francisco the increase was 3%.
In Butte, Denver,
Houston, Memphis, New Orleans, New York, Norfolk, St. Paul, Savannah,
and Seattle the increase was 4%.
Springfield (111.) and Washington, the increase was 5%.
In Baltimore,
Birmingham, Boston, Buffalo, Chicago, Columbus, Milwaukee, Newark,
and Philadelphia, the increase was 6%.
In Cincinnati, Kansas City, Little
Rock, Minneapolis, Mobile, Omaha, Peoria and Pittsburgh the increase
In Cleveland, Detroit, Indianapolis, Louisville and St. Louis
or
The next largest
In Indianapolis
21%, was in St. Louis and Springfield (111.).
the year 20%; in
expenditure for these 22 food articles increased during
Kansas City and Minneapolis 19%; in Boston, Butte,
Buffalo, Milwaukee, Pittsburgh and St. Paul,
Omaha and Peoria, 18%; in
17%; in Cincinnati, Columbus, Houston, Los Angeles, New York, San
Francisco and
Scranton,
16%; in Fall River, Little Rock, Newark and
Rochester, 15%; in Atlanta, Bridgeport, Mobile, New Haven, Philadelphia,
Portland (Ore.), Providence and Seattle, 14%; in Dallas, Manchester
and
Memphis, 13%; in Birmingham, Louisville, New Orleans, Richmond and
Salt
Lake
Charleston,
12%; in
City,
S.
C.,
Denver, Jacksonville and
Washington, 11%; and in Baltimore, Portland (Me.) and Norfolk, 10%.
As
compared with the average expenditures in the year 1913, the following
an increase of 100% and over: Fall River, Newark and New
cities showed
Haven, 102% each; Dallas and Manchester, 103% each; Denver and Little
Rock, 105% each; Atlanta, Boston, Louisville and New Orleans, 106%
each; Providence, 107%; Philadelphia, 108%; New York, 109%; Scranton,
110%; Charleston, S. C., and Pittsburgh, 112%; Baltimore, Indianapolis
and
Washington, 113% each; Birmingham, Cincinnati, Memphis and Rich¬
mond,
each;
114%
116%; Kansas City and Milwaukee, 118%
Buffalo,
each;
Chicago,
119%;
Cleveland,
120%;
Minneapolis,
Omaha,
121%;
122%; Detroit, 127%; and St. Louis, 129%.
The
U.
SUPREME
S.
June
It
COURT.
prohibition amendment to the Federal Constitution
Volstead Enforcement Law were upheld by the
United States Supreme Court in a
one
CONSTITUTIONAL
HELD
the
and
The
7.
decision
is
decision handed down
considered
which has been rendered
was
on
the
most
on
important
the prohibition question.
Justice Van Devanter
the unanimous
as
While recognizing that Congress has
opinion of the court.
laws regarding
beverages, the Court holds that those limits
were not
tran¬
scended in the enactment of the Enforcement Act restricting
alcoholic content of intoxicants to one-half of
one
per cent.
Concurrent power
granted by the amendment to Federal
and State Governments to enforce Prohibition, the Court
holds,
"does not enable
States to defeat
by
or
Congress
or
the
several
thwart Prohibition, but only to enforce it
appropriate means." The opinion of the Supreme
was quoted at length.in Washingtbn advices of June 7
Court
to the N.
Y. "Times" which said:
Justice
White
and
Justices
opinion
unanimous.
While
McReynolds, McKenna and
Clarke
On the main issues involved the court's
Chief
was
dissented in certain particulars, in no place did they
question the
con¬
stitutionality of the Acts.
However, referring to the "concurrent power of enforcement" phrase in
the constitutional
amendment.
Justice McReynolds
In
an
an
his views on the
v
particulars, but had
was
concise.
made
a
Its brevity
was
no
prepared
It
complained of by
subject of attack by Justice McKenna,
parties interested should have an opportunity to
crowded when the Justices took their seats.
was
were
Its conclusions
on
were
manner.
Several
read before Justice Van Devanter announced that he
"the
prohibition cases."
The court had previously announced
meeting in its last session to hand down decisions until after the
,
petitions filed by the State of Rhode Island seeking to
also
dismissed injunction
prohibition in that State.
proceedings brought by the State of New
Jersey to prevent the enforcement of prohibition within that State.
The
decision involved appeals also from Massachusetts, Kentucky, Wisconsin
and Missouri.
M of the Court's Decision.
Mr. Justice Van Devanter read the decision
as
follows:
"Power to amend the Constitution was reserved by Article V., which
reads:
whenever two-thirds of both houses shall deem it necessary,
shall
propose amendments to this Constitution, or, on the application of the
Legislatures of two-thirds of the several States, shall call a convention
proposing amendments, which, in either case, shall be valid to aU intents
an<f purposes, as part of this Constitution, when ratified by the Legislatures
of three-fourths of the several States, or by conventions in three-fourths
thereof, as the one or the other mode of ratification may be proposed by
the Congress; provided that no amendment which may be made prior to
the year 1808 shall in any manner affect the first and fourt clauses in the
nintn section of the first article; and that no State, without its consent,
shall be deprived of its equal suffrage in the Senate.
The text of the Eighteenth Amendment proposed by Congress in 1917 and
proclaimed as ratified in 1919 (40 stat. 1050,1041), is as follows:
Section I. After one year from the ratification of this article the manu¬
facture, sale or transportation of intoxicating liquors within, the importation
thereof into, or the exportation thereof from the United
States and all
territories subject to the jurisdiction thereof for beverage purposes is hereby
prohibited.
Sec. 2. The Congress and the several States shall have concurrent power
to enforce this article by appropriate legislation.
"We here are concerned with seven cases involving tne validity of that
amendment and of certain general features of the national prohibition
enforcement law, known as tne Volstead Act, eh. 83, Acts 66tn Congress,
first session, whica was adopted to enforce tne amendment.
The relief
sought in each case is an injunction against the execution of that Act.
"Two of the cases—Numbers 29 and 30, original—wrre brought in this
court and the others in District Courts.
Numbers 696, 752, 788 and 837
are here on appeal from decrees refusing injunctions, and No. 794 from a
decree granting an injunction.
"The cases ^ave been elaborately argued at tne bar and in printed brief,
and the arguments have been tentatively considered, with the result that
reached and announce the following conclusions in the question involved:
"1—The adoption by
}>oth houses of Congress, each by
a
two-thirds vote,
of a joint resolution proposing an amendment to the Constitution
sufficiently
snows that the
proposal was deemed necessary by all who voted for it.
An express declaration tnat they regarded it as necessary is not essential.
None of the resolutions whereby prior amendments were proposed contained
such
a
declaration.
"2—The two-thirds vote in each house which is required ih
proposing an
amendment is a vote of two-thirds of the members
present—assuming the
presence of a
quorum—and not
a vote
of two-thiids of the entire membership
jpresent^and absent. (Missouri Pacific Railway Company vs. Kansas, 248,
"3—The
referendum provisions of State Constitutions and statutes
applied, consistently witn the Constitution of the United States,
of amendments to it. (Hawke vs. Smitn,
U. S., decided June 1, 1920.)
"4—The prohibition of the manufacture, sale, transportation, importa¬
tion and exportation of intoxicating liquors for beverage
purposes, as
embodied in the Eighteenth Amendment is within tne power to amend
reserved by Article V. of the Constitution.
"5—That amendment by lawful proposal and latification has become
a part of the Constitution, and must be
respected and given effect the same
cannot be
read by
limitations in respect to the enforcement of
further
certain
tersely pointed
The court dismissed
we
LAWS
PROHIBITION
BY
as
was
The Congress,
22%, was shown in Chicago, Cleveland and Detroit.
the average family
in
was
have Federal officials enjoined from enforcing
8%.
During the year period from April 1919 to April 1920 the greatest increase,
increase,
express
Summer recess, which concludes in October.
In Atlanta,
Haven, Portland (Me.), and Providence, the increase was 2%.
Bridgeport, Dallas, Jacksonville, Manchester, Portland (Ore.), Richmond,
the increase was
of the
instructed by the court to read the decision in the nine cases commonly
family expenditure for 22 articles of food increased from
Mar<h 15 to April 15 in all of
enforcement
for the court's action.
The courtroom
minor decisions
or
the
opinion for the Court did not disclose in detail the legal views held
summarized in
Changes in Retail Prices of Foods, by Cities.
7%.
dissented
opinion of the court
the Chief Justice and
200 for March and 211 for April.
was
make
either question and was silent as to Jaw and argument.
The relative price index
Los Angeles, Scran ton
to
^ ■; ■;;
who contended that the
183; bread, 200; flour, 245; corn meal, 217; rice, 214; potatoes, 535; sugar,
367; coffee. 165; tea, 135.
The average
that the States should have uniform juris¬
Government
opinion.
compared with the
as
roast, 169; chuck roast, 166; plate beef,
secured.
Federal
question later.
Relative Prices Compared with
The following are
He contended
with
Justice McReynolds announced his desire to
124%; flour, 145%; sugar,
116%; corn meal,
115%; rice,
amendment.
diction
law effective.
Justice McKenna,
Chief Justice White,
and Justice Clarke dissented from the majority views.
exhaustive opinion
Justice McKenna insisted that the phrase
was
expressed and implied grant to the States of a right in the enforcement of
the amendment, a right denied to them through the Volstead Act.
The effect of the decision is to put into Congress and
politics for some years to come
Volstead Act.
a
undoubtedly into
in the ratification or rejection
as
provisions of that instrument.
one
embodying tne prohi¬
operative throughout the entire territorial limits of the United
States, binds all legislative bodies, courts, puDlic officers and individuals
within tnose limits, and of its own force invalidates any legislative act—
whether by Congress, by a State Legislature, or by a Territorial Assembly—
which authorizes or sanctions what the section prohibits.
"7—The Second Section of the Amendment—the one declaring 'the
Congress and the several States shall have concurrent power to enforce
this article by appropriate legislation'—does not enable Congress or the
several States to defeat or thwart the prohibition, but only to enforce it
by appropriate means.
"8—The words 'concurrent power* in that section do not mean joint
power, or require that legislation thereunder by Congress, to be effective,
shall be approved or sanctioned by the several States or any of them;
nor do they melan that the power to enforce is divided between Congress
and the several States along the lines which separate or distinguish foreign
and interstate commerce from intrastate affairs.
"9—The power confided to Congress by that section, while not exclusive,
is territorially co-extensive with the prohibition of the first section, embraces
manufacture
and
other
intrastate
transactions
as
well
as
importation,
exportation, and interstate traffic, and is in nowise dependent on or affected
by action or inaction on the part of several States or any of them.
fct M
"10—That power may be exerted against the disposal for beverage
purposes of liquor manufactured before the amendment became effective,
just as it may be against subsequent manufacture for those purposes.
In either case it is a constitutional mandate or prohibition that is
being
enforced.
fight for the repeal or liberalization of the
,
other
"6—The first section of tne amendment—the
bition—is
"11—While recognizing that there are limits
cannot go in
r
beyond which Congress
treating beverages as within its power of enforcement, we
Jttne 12 1920.]
THE CHRONICLE
those limits
are not transcended by the provision of the Volstead
Actjwherein
liquors containing as much as one-half of one per cent, of alcohol by volume
and fit for use for beverage purposes are treated as within that
power.
(Jacob Ruppert vs. Caffey, 251 U. S. 264.)
"Giving effect to these conclusions, we dispose of the cases as follows;
"In Nos. 29 and 30 original, the bills are dismissed.
"In No. 794, the decree is reversed.
"In Nos. 696, 752, 788 and 837 the decrees are affirmed."
The
FUND—RAILROAD
ORGANIZE
SECURITIES OWNERS
Commission will deal separately with companies seeking loans to
maturities, with due regard to the principles announced in the follow¬
The
meet
ing quotation from a report of the committee of the Association of Railway
Executives:
mission.
June
7
It will be the policy of the Commission not to recommend loans in cases
were
by the Interstate Commerce Com¬
Tljie Commission in
set forth
an order isused at Washington
distribution of the revolving fund as
its plan for
where applicants have not clearly exhausted every effort to take care of
maturities by extension, by refunding and by every other means; and all
applications for loans to meet maturities should
care
of maturing
care
50,000,000
73,000,000
of the short lines
obligations.-
50,000,000
The Commission will also make loans to
the
for
purchase
of
20,000
With regard to the methods to be
the
of
refrigerator
car
cars;
i
.
appor¬
revolving fund the order issued by the
strong considerations in favor of such
amendment
Section
to
210
a
a
corporation."
project
and by
(Transportation
a
for
or
corporation."
a
the
public hearing of the
in which he
suggested that
Commission
May 29th,
national corporation for the
a
purchase of equipment and the
on
extended
more
of
use
that
portion of the fund could best be secured through such a
national corporation, to be operated without
profit.
He
suggested an amendment to the Transportation Act to
enable the Commission to make loans from this fund direct
to this
corporation.
Congress, before adjournment, passed
the amendment and it is
now
part of Section 210 of the
a
Trasportation Act.
It
became
National
preparing to
formation
known
June
of
7
in
Washington
Owners
on
of
Railroad
that
the
Securities
charter, under the general law, for the
this national corporation to be used in the
acquisition of equipment by those railroads that desire
purchase
its other
meet
within the time fixed therefor and to
obligations in connection with such loan.
Commission
is
of
the
equipment
through
this
likely be asked later to extend the
able interest charges.
These funds will be invested, not alone for the pur¬
will
gaining the indirect
pose of securing direct returns, but for the purpose of
benefits which will
if carriers are enabled better to meet the trans¬
accrue
portation needs of the country.
It should be possible to obtain these con¬
tributions in part from the shippers of the country who are
private funds at rates not in excess of the rate which the
secure
Government itself accepts.
Following
suffering from
A proper spirit of co-operation should make it
inadequate transportation.
formal
.
conferences
between
the
Washington
at
members of the Interstate Commerce Commission and
railroad
executives
relative
application
June
3ffor
_
revolving fund
City, Mexico (STOrient Railroad.
to the Kansas
As security
the company offered a first lien on its property,
value
which
of
desires
to
placed
was
$1,500,000 to
use
the
Transportation
made to the Commerce Commission on
was
loan of $3,500,000 out of the
a
of
disbursement
the
to
$300,000,000 revolving fund provided in the
$28,000,000.
at
the book
The road
receivers' certificates to
pay
1, $1,000,000 for working capital and betterments, and
Dec.
$1,000,000
complete extension of
to
Angelo, Texas, to Sonora, Texas,
Proposals
of
the
railroads
a
the road from
of
apportionment
for
San
distance of 61 miles.
the
$300,000,000 fund for loans to enable the carriers to meet
transportation needs
taken
were
up
May 29 by the
on
According to the press
dispatches from Washington:
Cuyler, Chairman of the Association of Railway Executives,
T. Dewitt
presented the
program
of the carriers.
by
filed early in May giving in detail the requirements
Formation of
a
corporation, backed
national equipment
loan of $125,000,000 from the revolving fund and by advances by the
a
carriers,
opposed by Mr. Cuyler, who recommended creation of separate
was
corporations to finance the purchase of needed rolling stock for each of the
lines.
use
of this corporation in
rendering assistance to the Commission.
number of railroads have
Congress
source.
to
of private
that the contributions
opinion
capital to meet the loans of the Government should be obtained at reason¬
is
secure a
of
applicant's ability to repay the loan
Interstate Commerce Commission.
Association
evidence that
prospective earning power of the applicant and the character and value
Act
This is the plan proposed by S. Davies
Warfield, President
of the National Association of Owners of Railroad Securities
at
No loans will be recommended for any purpose except upon
the
Act)
The Commission states it "will give
preferred consideration to applications for loans to
the purpose of such
for the distribution of this
allotment for short line railroad tentatively fixed at $12,000,000.
possible to
Congress has authorized loans from the revolving fund to
such
roads and with respect to non-member lines,
The
equipment]
employed in the
Commerce Commission said: "The National Association of
Owners of Railroad Securities has urged the
organization for
this purpose of a national
equipment corporation.
There
are
The Short Line Railroad Association should submit In accordance with the
of the security offered are such as to furnish reasonable assurance of the
refrigerator
also to carriers that desire to finance their
tionment
appropriation for loans to short line railroads will be fixed for the
foregoing principles, its recommendations, both with respect to member
12,000.000
The balance to be used in taking care of claims in litigation
against the
Railroad Administration.
companies
emphasize the necessity for self help in all
and will expect applicants to assume their share of the burden.
cases
---$75,000,000
For additions and betterments
To take
definitely as
as
present at $12,000,000.
acquisition of freight cars
To aid in the acquisition of locomotives
recent
The Commission will
them.
follows:
To take
set forth
possible by whom and in what amounts the maturing obligations are held
and what steps have been taken to extend, refund or otherwise provide for
The
To aid in the
effort should be made by
every
refunding whenever possible, to take care of all 1920 maturities,
and to avoid calling upon the revolving fund except in extreme cases to
or
protect the solvency of companies.
TO
Tentative plans for the apportionment of the $300,000,000
on
<
the judgment of your committee,
extension
EQUIPMENT CORPORATION.
revolving fund provided in the Transportation Act
announced
appropriation for this purpose will for the present be fixed at $50,-
000,000.
In
PLAN OF DISTRIBUTION FOR RAILROAD REVOLVING
2453
It is stated that
a
already requested to be considered
Commis¬
and not
received by
granting of loans, he declared,
its need would be for financial
W. A. Colston, Director of Finance of the Interstate Commerce
sion, urged that the revolving fund be administered as an entity
piecemeal.
carriers
Amount of traffic carried and amount of revenue
should
have
no
bearing
on
the
by this corporation in connection with the equipment they
because the weaker the road the greater
desire.
assistance.
In
road
I
.
explaining its decision
revolving fund
as
to the distribution of the rail¬
June 7,
on
the Interstate Commerce
Commission, in its order said:
is essential
It
at once to aid in
that
a
substantial
acquiring
new
portion of the fund be put to work,
equipment.
000,000, to be distributed substantially
acquisition of freight
To aid in
Since
cars,
as
cars are
U.
SUPREMFCOURT
S.
ON
$75,000,000.
An
interchanged and enter into general use, subserving
the
important decision
bring about the acquisition of the largest number of
manner
cars.
The
National Association of Owners of Railroad Securities has urged the organ¬
ization for this purpose of a national
equipment corporation.
There
are
strong considerations in favor of such a project and by a recent amendment
to Section 210
such
a
as
much
as
50% of the cost of freight
switching loco¬
or
motives, and for good cause shown will advance the necessary amounts
The appropriation for loans to
aid in additions and betterments which will
promote the movement of cars will be fixed for the present at $73,000,000.
Loans for this purpose will not be recommended except upon satisfactory
the
additions
and
betterments
will
relieve
otherwise enable existing equipment to do more work.
Railway
Executives
proposes
to
examine
has
stated
these
to
the
Commission
applications
of the
congestion
or
The Association of
that
various
its
committee
companies
and
recommend for favorable consideration the most pressing of such additions
and
betterments.
The
Commission
will
expect
such
country, and will be guided in its action by an endeavor to so use the fund
that the best net results may be secured in the movement of freight.
No
loans
for
The Court, in
last November in Ohio
State
this
purpose
will
be recommended without satisfactory
that the Government funds will be met by such contributions
from the carriers as it is within their power to
furnish.
'
June 1, by
constitutional amendment by a
a
popular
holding invalid the referendum
resulting in favor of withdrawl of the
Legislature's ratification of the Prohibition Amend¬
might, in the
progress
that it
of time and the development of new
conditions, require changes, and they intended to provide
orderly
manner
in which these could be accomplished.
they adopted the Fifth Article."
The decision
Court was unanimous.
After declaring that the
To that end
of
the
ratification
of
any
Legislature is final,
constitutional amendment by
a
State
the Court granted an injunction re¬
straining the Ohio State officials from submitting the woman
suffrage amendment to a referendum next fall.
recommendations
reflecting the best judgment of the executives in the interest of the entire
assurance
referendum.
an
before recommending loans for the acquisition of passenger locomotives.
that
on
ment, said: "The framers of the Constitution realized
corporation.
The Commission will give consideration to the applications of any carriers
evidence
handed down
Legislature is final and cannot be reversed by
Congress has authorized loans from the revolving fund to
unable to finance
REFERENDUM
Supreme Court of the United States when it declared
State
apportion the $75,000,000 in such
by the
security for loans to the
AMENDMENT INVALID.
was
Commission will
will
Federal equipment corpor¬
private corporation with an
HOLDS OHIO
CONSTITUTIONAL
that the ratification of any
as
a
.
the general transportation needs of the public regardless of ownership, the
endeavor to
a
advance of $125,000,000 by the Government and a certain amount
carriers.
follows:
acquisition of locomotives, $50,000,000.
freight
disapproved the formation of
suggesting instead organizations of
railroads the stock in the corporation to be held as
The appropriation for this purpose will be fixed for the present at $125,-
To aid in
Mr. Colston
ation
The
Supreme Court's action reversed that of the State
The opinion of the Supreme
Court.
of
the
case
marized
'Times"
in
as
Court and the origin
in which the opinion was rendered were sum¬
Washington advices of June
follows:
I
to
the N. Y.
Prohibition
The action of the several State Legislatures in ratifying the
and
Amendments
Suffrage
to
the
Constitution is final.
Federal
The
referendum
Supreme Court today decreed that the vote of the people by
the effectiveness of the action of the General
cannot in any way change
authorized differentials.
with Article V. of the
Federal Constitution is in conflict
the
to
Constitution.
declares.
exercise of
That power
Congress and is limited to the two methods by action of the
is conferred upon
Legislatures of three-fourths of the States or conventions in a like number
of
The framers of the Constitution might have adopted a different
States.
Ratification might have been left to the vote of the people, or to
method.
The language
authority of Government other than that selected.
of the article is
It is not
plain and admits of no doubt in Its interpretation.
national
the function of courts or legislative bodies,
or
;"
method which the Constitution has fixed.
State, to alter the
"All of the amendments to the Constitution have been
adopted.
"There can be no
S:
V;.
'■
submitted with
the Federal
the proposition
Constitution through the medium of a referendum rests upon
the legislative action of
medium provided at the time of the proposed ap¬
This argument is fallacious in this—ratification
legislation
of the word.
It is but the expression of the assent
proval of an amendment.
by the State of a constitutional amendment is not an act of
proposed amendment.
"It is true that the power to
legislate in the enactment of the law of a
State Is derived from the people of the
amendment
the
to
State, but the power to ratify a
Constitution has its
Federal
source
in the Federal
The act of ratification by the State derives its authority
Constitution.
from the Federal Constitution to which the State
assented.
and its people have alike
amendments.
Federal
was
confusion in the manner of ratifica¬
The choice of means of ratification
and the States understood that this election by the people
giving the Legislature of any State the power to authorize the
Executive to make temporary appointments until the people shall
vacancies by election.
accomplished by
to
fill the
It was never suggested, so far as we are aware, that
making the office of Senator elective by the people could be
the purpose of
a
The necessity of the amendment
referendum vote.
accomplish the purpose of popular election is shown in the adoption of the
There can
officials.
no
the action
of the
question that the framers of the Constitution clearly
in which that instrument referred to
When they intended that
Legislatures of the States.
direct action by the
people should be had they were no less active in the use of
apt phraseology to carry out such purpose.
of Representatives were
The members of the House
required to be chosen by the people of the several
States.
In overruling the Supreme
was
Court of Ohio, which held that
a
referendum
the Court said:
necessary,
authority to
require the submission of the ratification to a referendum under the State
further
and
Its
judgment is reversed and the cause remanded for
proceedings not inconsistent with the opinion."
RATE ADVANCE FAVORED BY NEW YORK
FREIGHT
CHAMBER OF
A report
favoring
an
COMMERCE.
a
New York
that
a
net income equivalent to 6%
The report calls attention to the fact
June 3.
on
flat percentage
the differential
increase in Eastern territory increases
against New York in favor of certain other
ports in proportion to the increase in rates, and states that
in
recommending the percentage advance requested by the
carriers the committee of the Chamber is
relying
upon
the
pledges made to it that immediately following the percentage
advance the carriers
in such
on
will
proceed to readjust their tariffs
to preserve present
authorized differen¬
The report submitted by the Chamber's Committee
tials.
W.
a manner as
International Trade and Improvements, of which Delos
Cooke
is
Chairman,
-was
adopted
as
follows by
the
Chamber:
It is
essential
vitally
that the railroad transportation system of the
country shall become efficient.
To elaborate
upon
this point, in view of the
record of this Chamber on the railroad question, is quite unnecessary.
The
railroads
are
now
before
the
Interstate
Commerce
Commission
asking it to exercise its power under the Transportation Act and grant
a
general increase in freight rates.
By statistics submitted,
eastern
and
the carriers show
an
increase of 30.43%
in
territory, 30.95% in southern territory, 24.1% in western territory,
32.82% in the southwestern territory, as necessary to provide
of 6% upon
a return
the aggregate value of their properties, in addition to reasonable
expenditures for maintenance of way, structures, and equipment.
Your Committee recommends to the Chamber the endorsement of the
railroad's application, but in doing so calls attention to the fact that a flat
percentage increase in eastern territory increases the differential against
New York in favor of certain other ports
rates.
Thus,
becomes
on
in proportion to the increase in
the New York-Chicago scale of class rates the spread
compared with Baltimore 10c first class and 4c sixth class,
as
against 8c first class and 3c sixth class at present.
Your Committee recognizes that the necessities of the carriers are such
that the advanced rates asked must be made effective with the least possible
delay, and that, to take the time
authorized differentials would
necessary
mean
delay.
FAILS TO SECURE FROM CON¬
Although the U. S. Senate rejected the President's pro¬
failed to take
the Senate,
to the
any
action
the subject prior
The Senate on
resolution reported
on
adjournment of Congress on June 5.
June 1 by a vote
of 52 to 23 adopted a
by the Foreign Relations Committee, declining to comply
with the President's request for authority to accept the man¬
Unsuccessful efforts had been made both to amend
date.
and
recommit the resolution.
to
sented
an
Senator Hitchcock
amendment (providing for
Americans and
Armenians to float
a
a
pre¬
joint commission of
loan of $50,000,000
republic economically.
It
was
rejected.
In the lower branch of
vote was
no
Congress the House Foreign Affairs
reported the Senate resolution favorably, but
Committee
taken
on
the
measure
A minority
in the House.
report filed on June 4 by the Democratic members of the
House Committee said that the Senate resolution was a
deliberate and gratuitous insult to President Wilson, and
urged against hasty action on the
minority report in part follows:
The
of this concurrent resolution is to preclude the President
The text of the resolution goes
Its language is a direct, deliberate, gratuitous insult to
head of the nation.
It not only withholds authority to the President
from accepting
the mandate for Armenia.
beyond that.
far
the
to
mandate request.
made to him by the Supreme Council for a people in
and Americans always have had a peculiar and special in¬
accept a request
whom America
terest, but it
injects the spirit of political partisanship into a question
of
importance to peace and civilization and flings an affront to the President.
The minority members of the Committee on Foreign Affairs supported a
Congress
a
substitute for the Senate.resolution, which provided that
should not pass upon the request of the
President to be given
mandate for Armenia until treaties of peace have been
ratified by the Central Powers.
They proposed that more time be per¬
mitted for mature study of the subject before Congress shall take such action
as would render reconsideration of the matter impossible.
There are many
authority to accept a
people who faithfully reflect lofty American
have not been taken into consideration.
ideals whose views apparently
mandate would be to make the United States an
adminis¬
adviser of the Armenian people with a view to preserving
to civilization a country in which millions of American people are senti¬
mentally, pecuniarily, religiously or otherwise interested.
Armenia, by its
natural growth, would evolve its own reclamation into normal conditions.
The mandate as proposed contemplates a definite expression, by definite
acts and not by mere words, of the .special interest of the United States in
a people for whom in the past the American?people have contributed many
millions of dollars, for whom relief organizations have been created in the
past to put into effect the warm, sympathetic interest Amercia feels for
Armenia, and in whose country the United States has millions of dollars
of property interests.
Such a mandate would be a powerful deterrent to
any aggressive ambitions of neighboring states toward the Armenia that is
so close to the hearts of many Americans.
A mandate would redeem the
reputation of the Government and people of the United States for con¬
sistency in their declarations with respect to Armenia.
Much of the opposition to the mandate for Armenia has been based upon
misconceptions growing out of General Harbord's report.
General Harbord
approached the subject in the spirit of a military commander with a broad
perspective, with Ideal and perfect conditions as a standard, and with a
view to building that devastated and depopulated country—preyed upon
by its great enemy, the Turk, the Allies of the countries with which the
United States was at war—to a complete enlightened condition comparable
to conditions among the greater powers of the world.
He had in mind a
mandate over Trans-caucasia and all of the Ottoman Empire (except Syria,
Palestine, Mesopotamia, Hedjaz and Thrace).
This would have approxi¬
mated an area of 343,000 square miles, while the Armenia contemplated in
the present proposal of a mandate embraces only 56,000 square miles.
The Armenia involved in the proposal for a mandate now under discussion
is made up of the following regions:
1
The area in Transcaucasia under the effective control of the present
Armenian Government, about 20,000 square miles.
2. The area of the four former Turkish vilayets (Van, Erzerum, Bitlis
and Trobigood) mentioned in Sec. 6, Article LXXXIX of the French text
of the Turkish Peace Treaty (exclusing non-Armenian sections),* about
trative and fiscal
adopted by the Chamber of Commerce of the State of
was
■-
posal that the United States accept a mandate over Armenia,
the lower House, which it was expected would concur with
The effect of a
increase in freight rates adequate to
provide the railroads with
WILSON
PRESIDENT
resolution as
"It follows that the Court erred in holding that the State had
Constitution
-
■
The purpose
be
industrial future: and be it further
Resolved, That copies of this report and resolution be sent to the President,
interested
amendment.
understood and carefully used the terms
be enabled to perform their public duty of
the members of the Interstate Commerce Commission and other
was
entirely distinct from legislative action is shown by the provision of the
amendment
investment accounts of the railway balance sheets,
facilities and service, and of preserving the country's
financial stability and
wisely withheld from conflicting action in the several States.
That Congress
proper
here to rehabilitate the new
"V
v.;.
Any other view might lead to endless
adequate to provide the railroads with a
equivalent to 6% upon the aggregate value of the properties as
in order that the carriers may
referred to
of the State to require the approval
that the Federal Constitution requires ratification by
within the proper sense
increase in freight rates
supplying
question that the framers of the Constitution clearly
the States through the
an
set forth in the property
GRESS AUTHORITY FOR ARMENIAN MANDATE.
by the people of the State of the ratification of amendments to
of the State to a
favors
net income
a
Legislatures of the States.
"The argument to support the power
Committee offers the following
Resolved, That the Chamber of Commerce of the State of New York
■:
understood and carefully used the terms in which that instrument
the action of the
In accordance with the above report your
resolutions:
-
requirement for legislative ratification; by this method all of them have been
of
of the eastern carriers to the Interstate
immediately following the percentage advance
preserve present
national power specifically granted by the
tion
President Willard of the Baltimore and Ohio
Railroad in presenting the case
the
amend¬
"The fifth article is a grant of authority by the people to the
1
and upon the statement of
question for our consideration is whether the provision of the Ohio
Constitution of the United States" the opinion read by Justice Day
some
the pledges made to it by the traffic executives of the eastern carriers,
proceed to readjust their tariffs in such a manner as to
Constitution, adopted at the general election, Nov., 1918, extending
a
upon
the carriers will
referendum to the ratification by the General Assembly of proposed
ments
advance requested by the carriers your Committee is relying
the percentage
Commerce Commission, that
Assembly of Ohio in ratifying both constitutional amendments.
"The
[Vol. 110
THE CHRONICLE
2454
to prepare tariffs preserving
In recommending therefore
36,000 square miles.
that there would be a total of approximately 3,000,000
Armenian State.
The proposal of a mandate submitted to Congress does not mean an em¬
barkation on the great expenditures which the Harbord'report tended to
indicate.
The military help to be extended to Armenia would not be so
formidable as has been claimed.
On the contrary, the presence of any
number of American soldiers in Armenia and the showing of the American
flag there doubtless would have a restraining effect on the neighbors of the
The estimates are
people in the future
Armenians and
would tend to avert any fighting.
^
w
^
^
^
June 12 1920.]
THE CHRONICLE
It should be borne In mind in this connection that:
(A) There is
ficered,
an
The present
Armenian Army, which, when properly equipped and of¬
defend the Armenian boundaries and secure order within the
can
Armenian Republic is composed of the former Province of
Erivan, part of the Province of Kars, the southern part of the Province of
and
Tiflis
of the Province of Elizabethpol—all formerly
part
The total territory Is approximately 26,000 square miles, and the
country.
(B) According to the Turkish Treaty the Turkish territory adjacent to
Russian.
population
slightly in excess of 2,000,000.
Armenia would be demilitarized, and
(C)
2455
The present de facto Government has been in existence about two
years.
Obligatory military service in Turkey is to be suppressed and the
Turkish Army reduced to a maximum force
It has
Ministry and
a
a
Chamber of Deputies.
Its capital is at Erivan.
When President Wilson authorized in November the Grain
of 50,000, including the Con¬
Corporation
to sell 35,000 tons of wheat and wheat flour to the Armenian Government,
stabulary.
If the United States, giving definite
and real expression to its sympathetic
taking its bonds in exchange, he expressed the desire to aid the Armenians
Interest in the Armenian people, should accept a mandate for Armenia,
"in
it would at the
maintenance of which has direct influence in protecting our own economic
same
time control the finances of Armenia.
ian revenues would thus pass through the
and the United States Government
hands of
All the Armen¬
American Controller
an
naturally would be in
a
position to make
certain that the Armenian revenues would reimburse any sums spent by
the United States under such
An
date
2
mandate.
a
interesting view of the question of
presented in
was
Armenian
an
statement at Washington
a
by General Torcon, who
man¬
on
June
chief of the Armenian forces
as
Jan. 31, 1918, proclaimed at Erzerum the independence
on
of Armenia
and
the
to
came
United
States, it
hoping that he might be able to lead back
to fight for the defense of his country.
Gen. Torcon declared he
not
was
an
said,
was
Armenian legion
In his statement
surprised that the American
Senate had refused authority for an
American mandate
Armenia, and that "the system of mandates
was
His statement
dispatches of the N. Y. "Times"
General
Torcon declared the plan
follows:
as
that the
confronting Armenians lies with the National Armenian
Delegation at Paris, and especially with Bogos Nubar, who had for five
now
years, he
said, neglected every opportunity offered the Armenians for the
formation of
national military force for self-defense.
a
over
of the Armenian
question.
"As
of the
one
at Erzerum
Jan. 31 1918, and simply as a
on
one
the
of
Republic of Armenia."
"has
It
was
The system of mandates
bad tactics.
The fiasco
Since the conclusion of the
proof of this.
full it read
Armenian army to inspire respect for the independence
a
military
of Senator Hitchcock
was
catastrophe for Armenia.
the
Armenian
without
an
spoke in October last when I appeared before
Whereas, the
cannot
importance.
Its rejection is
a
organize an
Armenian
Berlin of 1878 and of the terms of the allied armistice with Turkey, but also
are
in violation of this country's solemn declarations affecting the free and
unhampered development of oppressed and dependent nationalities; and,
Whereas, the continuance of this abnormal state of affairs prevents the
Armenians, who have incurred such heavy sacrifices during the
I wish to add, at the same time, that Armenia
issue.
Resolved, That it is the sense of the House of Representatives, in the in¬
solemn'dec-
larations heretofore mentioned, that the Government of the United States,
in association with the Governments of the Allied Powers, should take the
requisite measures to secure effective protection of those parts of Armenia
known
the
as
Sivas
six
a
Van, Bitlis, Diarbekir,
vilayets of Erzerum,
and the Province of Cilicia,
Harput,
being those portions of Armenia
part of the Turkish Empire.
appeal to the President and to
every
The letter
American
to the aid of Armenia and the
come
Bainbridge Colby, Secretary of State, presented
the appeal to the President
in behalf of Archbishop Khoren.
President Wilson's request
the Armenian mandate
was
of Great
that the United States accept
made in
Britain, France, Italy, Japan, and Greece without prejudice to
the future boundaries of said Republic.
Resolved further, That it is the sense of the House of Representatives that
Republic of Armenia should be safeguarded by the Allied Governments
in such
tofore
a
way as to
prevent the recurrence of the atrocities which have here¬
disgraced civilization and against which we express our deepest
horror and indignation.
a
ITEMS
shares and
May 24, published in full in the "Chronicle" of May 29,
2257.
The President had been urged to take the man¬
TRUST
BANKS,
were
of
The text of the resolution
reported to the Senate by the
refusing the President's
re¬
quest was given in the "Chronicle" May 29, page 2260.
Ten shares of trust
all made at auction.
of 37
points
over
the price paid at the last previous public
sale, which was made in April.
BANKS—New York.
Shares.
Low.
20
Garfield National Bank
High.
430%
10 City Bank, National
430J4 43QM April 1920— 393^
Last previous sale.
Close.
239
239
239
Aug. 1913— 230
395
395
395
Sept. 1917— 443%
TRUST COMPANY.
10
Farmers Loan & Trust
4
date
Foreign Relations Committee
&C.
stock were also sold at auction.
A sale of 10 shares
National City Bank stock was made at 430
an advance
page
by the Allied Supreme Council at its meeting in San
Remo, Italy.
COMPANIES,
this week aggregate"30
company
to the Senate
message
ABOUT
The public sales of bank stocks
was pre¬
by Archbishop Khoren
Erivan, the capital of the Armenian Republic.
for the United States to
the Government of the United States recognize the independence of the
cause."
by George, the Catho-
the Armenians,
sented at the White House May 28
on
rights of humanity and the principles of eternal
justice, the dignity and sanctity of international law, and the
Republicans or Democrats,
A letter written to President Wilson
lieos and Supreme Patriarch of all
Armenians.
by
therefore be it
war,
the
who have all, certainly, the greatest sympathy for the Armenian
an
war
the side of the Allied Powers, from securing the benefits of the
on
principle of self-determination enunciated by this country in entering the
And
army.
most terrible dilemma, a vicious circle
a
his magnificent gesture but to the Senators,
contained
Cilicia bordering
as
and acts of oppression committed in the unre¬
massacres
Republic of Armenia, having its seat at Erivan, in Russian Armenia, and
should nevertheless be profoundly grateful not only to President Wilson for
of
massa¬
and acts of oppression perpetrated on the Christian Armenian people
which Republic has already been officially recognized by the Governments
Armenia cannot subsist.
see no
In
,
Foreign Relations and presented to
Without the financial aid of the United States
"We, therefore, find ourselves in
from which I
\
In this order of ideas the amendment
on
of the greatest
Government
army
.
Resolved further, That it is the sense of the House of Representatives that
for Armenia.
program
France, Italy, Japan and Greece."
follows:
as
the Mediterranean; and,
..
in this sense that 1
the Sub-Committee of the Senate
it
was
inhabiting the six Armenian vilayets of Erzerum, Van, Bitlis, Diarbekir,
heretofore
an
The resolution which
Whereas, the public press of to-day reports the recrudescence of
the formation of
was
in¬
was
already been officially recognized by the Governments
Great Britain,
of
and
"It
resolution
a
sponsored by Representative Eagan set forth that Armenia
armistice I have not ceased to advocate, in England as in the United States,
of the country.
Washington representative
terest of civilization and the
soldier, I find that the words
another.
put forward by Armenian politicians.
to which it has led is conclusive
Government, the
troduced in the lower House of Congress urging "that the
Government of the United States recognize the independence
Personally, I have
signatories of the proclamation of Armenian independence
'independence' and 'mandate' annull
was
The refusal of the American
Armenia did not in any way surprise me.
been partisan to any foreign mandate over Armenia.
never
Armenia's
fighting
"Lwas present yesterday," said General Torcon, "in the Senate during
the discussion
mandate
stabilized
deemed parts of Armenia are not only a distinct violation of the treaty of
for foreign mandates over Armenia
had been brought forward by Armenian politicians and asserted
dilemma
a
Harput, and Sivas and that part of Armenia known
quoted and referred to in Washington
was
continuance of
It is rather a curious coincidence that the day before
Secretary Colby sent the formal notice of recognition to
cres
by Armenian politicians."
and
position."
over
put forward
establishment
the
A circular which is taken
crease
in the capital of the
as
a
forecast of
proposed in¬
a
National City Bank of New York,
has been issued
notifying the stockholders of the National
City Co. of
amendment to the agreement under which
an
the stock of the company is
DE FACTO GOVERNMENT OF ARMENIA RECOGNIZED
BY
Renublic
on
recognized the Armenian
April 23.
The formal notification
was
contained in
note sent
a
G. Pasdermadjian,
the Armenian Republic at Washington.
The note read
as
announce
follows:
by
rep¬
I
1
the
company
of the United States, I am pleased to inform you, and through you your
Government, that, by direction of the President, the Government of the
de facto Government of the
Armenian Republic.
This action is taken,
nition in
stood,
no way
however, with the understanding that this recog¬
predetermines the territorial frontiers, which, it is under¬
are matters
for later delimitation.
Accept, Sir, the assurance of
my
1
BAINBRIDGE
COLBY,
In connection with the above Washington
24 to the N. Y. "Times" had the
Secretary
of State.
advices pf April
following to
say;
com¬
The following is the
THE NATIONAL CITY COMPANY
55
Wall
Street
New
York,
June
1
1920.
Dear Sir: Your certificate of stock of the National City Bank of New York
bears
an
indorsement which evidences your proportionate beneficial interest
in the capital stock of the
National City Company, all of which is held by
the undersigned trustees under the agreement
which the
National
of June 1 1911, pursuant to
City Company was organized.
'
provides that it may be amended at any time with the
of the trustees and of two-thirds in interest of those for
The agreement
written consent
whom the stock of the National City Company is
The agreement
highest consideration.
incorporation
\
,
subject of the proposed recognition of your Government by the Government
trustees
permit the trustees
if issued, and to indorse additional shares of the
circular
Referring to communications heretofore received from you on the
United States recognizes, as of this date, the
to
render desirable, to acquire additional stock of the
capital stock of the bank, if issued."
Department of State,
the
agreement,
as
the expansion of the business of the
Washington, April 23 1920.
Sir:
bank.
has been amended "so
of the company as
pany may
Secretary of State Colby to Dr.
resentative of
The
of
to make such amendments of the certificate of
UNITED STATES.
The United States Government
trusteed for the benefit of the
stockholders
to
held by the trustees.
has recently been amended in the manner provided,
so as
permit the trustees to make such amendments of the certificate of in¬
corporation of the company as the expansion of the business of the company
may
render desirable, to acquire additional stock of the company, if Issued,
and to indorse additional shares of the capital stock of
th,e bank, if issued,
including in consequence, the amendment of the form
bank, to read as follows:
and in other respects,
of indorsement on the certificates of stock of the
"Under the terms of a certain agreement,
the National City Bank of New York, party
man
and others, as trustees, parties of the
dated June 1 1911, between
of the first part, James
StillC.
parties of the third
shares of stock of
said bank represented by the within certificate of stock is entitled to a bene¬
ficial interest in the capital stock of the National City Company from time
to time held by the trustees under said agreement, ratably with all other
Taylor and others, as shareholders of the said bank,
capital
stock of the said Company, evidenced by certificates of stock of the said
bank from time to time outstanding bearing an indorsement by the said
trustees, or their successors, similar in all respects to this indorsement.
The said beneficial interest is transferable only by the transfer on the books
of the said bank of the shares of stock represented by the within certificate
interest in the
shareholders of the said bank who have a beneficial
This form of indorsement is designed always to
interest of any holder of shares
of stock of the bank so indorsed, ratably
stock of the company
time held by the trustees, whatever change may occur
capitalization of the two institutions, and without the
restamping the certificates.
>'■;
,
duly indorsed,
certificate, bearing the
certificate will be issued in the same name as
Should
required.
stamps will be
case no
be desired, the
necessity of again
;"-;:V
Unless otherwise
amended form of indorsement, will be issued.
-
On the occasion of the enlargement
directed,
Mortgage Co. and the American Trust Co. met at an in¬
on June 3 at the Union League Club as guests
formal dinner
of H. A.
Kahler, President.
pended thereto is
a
keep
$100,000 has been made in the capital
An increase of
c^f the Bronx, thereby raising it to
$200,000.
stock
The
7th,
new
1920; the plans
ratified by the stockholders on
Midwood
The
now
HENRY A. C. TAYLOR,
'V-
1
•
'
Trustees.
Company of
Trust
Bank has
a
Ellery A. Baker was this week appointed Assistant
City Bank of New York.
For
Mr. Baker has been in ^harge of the
bank's industrial service activities.
This department has
the past
been
an
mutual
three
years
co-operation,
good will and better understanding between the
important factor in building up closer
bank and its industrial clientele.
a
per
of considering and acting upon an amendment to
the Articles of Association so as to authorize a total cap¬
ital of $7,500,000 and
upon
proposition to increase the
a
capital by the amount of $2,500,000, or from
$5,000,000.
—4—
,
.
The Foreign Credit Corporation, acceptors and interna¬
tional bankers, formerly at 37 Liberty Street, opened for
business on June 10 in larger quarters on the ground floor
I
New York City.
of 30 Pine Street,
4
The American
has increased its
Broadway and Cedar Street,
Trust Co.,
quarters have been greatly enlarged
and additional room
departments which
the
expanding business
the
of
company
has very much
The Banca Commerciale Italiana of Milan,
of which is
pleted
negotiations
now
the New York
located at 165 Broadway, has com¬
for
purchase
the
of
the
eight-story
building at 62 William Street, southeast corner of Cedar
Street.
The institution is one of the largest in Italy. \ It
has
branches in
80
Constantinople.
occupies
of
the
a
2 in London and 3 in
that country,
The newly acquired property of the bank
plot 32.2x123.9 feet, and
National
Liberty
Fire
is to be remodeled; the Bank
was
Insurance
Company.
It
on
the invested capital, surplus and
year,
Trust
Company of New York
Shortis
was
appointed
a
on
June 3, F. R. Acheson
Vice-President of the Company.
Mr. Shortis, who was for many years
business of Kleinwort, Sons &
plans looking to the consolidation
The
in charge of the foreign
Company, merchant bankers
London, and latterly Manager of the firm, resigned last
year
land
to become Financial Adviser to the Inter-Allied Rhine-
High Commission.
that post
He has obtained a release from
and will arrive in New York next month.
4
with
Bank
National
a
capital of $1,350,000 and surplus
As stated in our issue of April 3,
$1,350,000.
the steamer "Stockholm."
He will visit the London and
Copenhagen representatives of the bank and will also confer
with a number of its foreign correspondents.
Joseph M.
National is President of
the United Bank; William J. Gardner is Vice-President;
Arthur L. Phillips Cashier and William H. Warner and
Riker, President of the Merchants
Theodore R. Plume
Peoples National Bank of Elizabeth, N. J., is the
an institution for which a charter has been issued
The
name
Assistant Cashiers.
are
of
It has a capital of
Reference to the applica¬
charter was made in our issue of March 6.
The
shares of 100 and was sold at $125 per share.
The
by the Comptroller of the Currency.
$200,000 and surplus of $50,000.
a
institution
officers
I.
plans to begin business about August 1.
The
Dennis F. Collins, President; Abe. J. David,
are:
Alpern, and F. R. Wallace,
Degenring,
Gen. D. F.
Isaac
Vice-Presidents, and Theo.
Cashier. The following are the directors:
Collins, Frederick Rieke, John J. Lammerding,
Alpern,
Leo Schwed,
Dr. Emil Stein, Salvatore F.
LaCorte, Charles W. Oakley, Hugo
Hilgendorf, Christopher
Tipper, Frank R. Wallace, Albert Leon,
Abe J. David, and August Kacmarek.
Thomas Flynn,
Robert
The
Associates,
Morris
credit
bank
of
men,
within
a
national organization
the National Association of
meeting at Atlantic City,
Credit
Men, held their annual
June 3,
164 bank credit men in attend¬
The officers of the Associates elected at that time
ance.
are
1920.
There
were
follows:
as
Morris, Pres.
Farmers Loan
New York
& Trust Co.
City.
John H. Hart, Vice-Pres.
First & Old
Detroit National
Detroit, Michigan.
Alexander Wall, Sec.-Treas.
Lansdowne,
Pennsylvania.
Freas B. Snyder, Research Dir.
William Penn P. O.
Montgomery County, Pa.
Directors—Terms expiring 1921.
David H. G. Penny, Vice-President of the National Bank
of Commerce in New York, sailed on Saturday last, June 5,
on
of the Merchants
and the Manufacturers
National Bank of Newark, (capital $350,000) were consum¬
mated on June 1.
Under the merger plans the resultant
institution is known as the Merchants & Manufacturers
Jos. L.
of
profits
to distribute 15% of
National Bank (capital $1,000,000)
building.
meeting of the Executive Committee of the Guaranty
a
employes.
after deducting from the net profits
4
At
L. I., has
plans to utilize the first three
four floors and to sublet the rest of the
or
formerly the home
6%
beginning of the
stock is in
agency
County Trust Co. of Mineola,
the balance
among the employes on the basis of salaries received.
It
had previously been the custom of the company to present
to their employes a percentage bonus on their salaries.
at the
tion for
crowded.
selling at $150
,
profit sharing plan for the benefit of its
for the year
equipment both in the New York and Brook¬
secured for the clerical and bookkeeping
a
The institution plans,,
By doubling the floor space occupied, the officers
lyn offices.
,
Nassau
The
adopted
Park Bank of New York will be held on
purpose
has been formed with a capital of $500,000
100 share.
special meeting of the shareholders of The National
July 12 for the
A
Brooklyn, which is
organization, plans to erect a $150,000
paid in surplus of $150,000, the stock
and
Vice-
President of the National
in process of
trust company
capital of $25,000,000 while
National City Company has a capital of $10,000,000.
The National City
April 12, 1920.
building at the northwest corner of Flatbush Avenue and
Dorchester Road.
As stated in our issue of April 17, the
JAMES A. STILLMAN,
PERCY A. ROCKEFELLER,
-
capital became effective
additional stock were
to issue
which it is expected will be
Yours very truly,
.
(par $100) was disposed of at
The increased
share.
and obtain the new certificate at once.
>-:■
of the
Cosmopolitan Bank
June
of your
paid
present certificate
r
♦
transfer into another
a
handy form whereon the individual may
record of his yearly investments.
a
per
should surrender your
about the first of July, you
safekeeping of securities entitled
just been issued by the Col¬
of this city for general distribution.
Ap¬
A booklet regarding the
"A Financial Caretaker" has
$125
interruption in the regular payment to you
In order to avoid
the
of its Brooklyn and
officers of the New York Title and
New York offices,the
the present certificate,
requisite stamps must be affixed.
share of the next dividend of the company,
on or
;
v
City Bank of New York, a new
at the National
in which
Mercantile
Guillermo F. Koch was appointed
in the relative
present certificate of stock to us,
On surrender of your
name
Assistant Secretary.
evidence the proportionate
with all other holders of such indorsed shares, in all
new
meeting of the Board of Directors of the
a
umbia Trust Co.
of stock."
the
At
Bank of the Americas,
second part, and Henry A.
part, as amended, the registered holder of the share or
at any
(Vol. 110.
THE CHRONICLE
3456
James McCleave
First National
St. Louis,
Bank,
Missouri.
E. M. Seibert,
Bank of
Pittsburgh, N. A.
Pittsburgh, Penna.
F. V. Moise,
Whitney Central National Bank,
New Orleans, La.
Harvey E. Whitney,
Bankers Trust Co.
New York City.
June 12
Directors—Terms
James Hogan has been elected
expiring 1922.
turers' Bank of
J. N. Eaton,
Commercial National Merchants National Bank,
J. F. Craddock,
Continental &
A. W. Pickford,
P. Berg.
—♦—
William Tonks,
'
Frank G.
First National Bank,
Girard National Bank,
New York has
had at
of Freehold,
Laird, Jr.,
elected Vice-Presi¬
was
'
——•
Announcement is made of the election of Frank L.
son
as
Vice-President of the
a
Simp¬
Metropolitan Trust Co. of
Mr. Simpson is Professor of Law at Boston
Boston, Mass.
University; President of the United Soda Fountain Com¬
President and Director of the American Bath Stone Com¬
pany; a
Director and Chairman of the Executive Committee
of the Greater Boston
the
of
this
E.
England,
Hotal
and
Inc.,
Company,
Director of the Stevens Lumber Com¬
and
He is also
director
a
Hare's Motors of New
Company,
Harrisonia
Inc.,
Vice-President
pany.
Mortgage Company; and
Abbott
A.
member of the law firm of Simpson &
a
Teele.
capital stock of $200,000 and surplus of
a
value of the stock is $125, and
The following
price.
Truman Johnson,
Bankers'
convention
annual
Association
London, Conn.,
will
be
held
the
at
June 18 and 19.
on
the 18th there will be
a
New
the
of
England
Griswold,
in the
bank:
♦
A charter for the
has been issued by
erence
to the
Ref¬
the Comptroller of the Currency.
The stock
14.
was
made in these
$125 per share,
was
sold at
The total
value being $100 and $25 being for surplus.
par
is
Albany Park National Bank of Chicago*
application for the charter
Feb.
columns
capital $200,000 and surplus $50,000; 50% has been paid
officers
The
in.
C.
Murray MacLeod, President; Thos.
are:
about Dec.
Cashier,
Vice-President; Robert F. Crowley,
Johnson,
erecting
Cashier.
building which will be completed
a
1.
New
«
Henry F. Jaeger,'Vice-president of the Guarantee Trust
On the afternoon of
meeting of the State associations for
May 29.
Assistant Cashier.
The bank is
seventh
the officers
are
on
disposed of at
President; Gust E. Blomquist, Vice-Presi¬
and E. H. Rothe, Assistant
The
was
dent; E. A. Anderson, Cashier, and Arthur E. Anderson,
President of the U. S. F. Realty Company; Vice-
pany;
May 30,
on
Deposit Bank.
The institution commenced business
The par
•*
Pa,
Pittsburgh,
Vice-President
Security National Bank of Rockford, 111., has been
organized with
$50,000.
dent and Cashier.
as
time been associated with the City
one
The
On June 3, J. W. S. Campbell was elected
N.J.
President and Joseph T.
began his duties
♦
meeting of the directors of the First National Bank
a
director, has been elected Vice-President
a
End Savings & Trust Co of
Mr. Love, who
sixty members in the organization.
over
Love;
the East
of
Cleveland, Ohio.
Philadelphia, Pa.
President of the Manufac¬
Pittsburgh, Pa., to succeed the late Daniel
Boston, Mass.
Bank, Chicago
At
2457
THE CHRONICLE
1920.]
and
Savings Bank, Chicago, has been elected President to
William
H.
C.
Otto J. Meier,
the election of officers and the transaction of the business of
succeed
their separate
Cashier, has been promoted to the rank of Vice-president
In the evening the of 18th
associations.
a
banquet will be tendered to the members and their guests.
William B. Bassett,
as
Cashier.
President of the Connecticut Bankers'
Association, will act
and
Stege, deceased.
The speakers
toastmaster.
on
James
the members of all the New
Charles H. Morss,
of
Dahl,
falo,
McDougal, President of the Bank of Buf¬
at Buffalo, New York,
view of the Yale
annual boat
19.
the Chase National Bank of
and Harvard
crews
The Liberty Trust
its annual
dividend
& Savings Bank, Chicago, has increased
rate
from 6% to
8% by declaring a
quarterly dividend of 2% payable July 1.
Mid-City Trust and Savings Bank,
The directors of the
practice for the
Chicago, have declared
the launching of the freight steamer
see
new
paid.
Thames River for
at
Arrangements have also been made for those attending
the convention to
the
on
and George W.1 Cartwright,
A trip up the
is scheduled for Saturday afternoon, June
race
this week voted a
capitalization of the
bank, payable July 1 to stockholders of record June 30.
On
June 15 the capital will be increased to $2,500,000.
At
present it is $1,500,000, on which a dividend of 5% has been
quarterly dividend of 4%
Addresses will be made by Gerhard
ex-Senator of California.
a
England Bankers' Associations.
Vice-Presdient of
New York; S. C.
joint session of
a
Governor of the Federal Reserve Bank
Boston, will preside.
M.
On
Catelle, Statistician of the City of Philadelphia.
Saturday morning, the 19th, there will be
Directors of the State Bank of Chicago
this
occasion will be James M. Beck of New York and Edward
the stock
a
quarterly dividend of 3%, placing
12% annual basis, against 10% previously.
a
thousand
Fifty
dollars
undivided
from
transferred
was
profits to surplus account, making a capital and surplus
of
"Provincetown" at the Groton Iron Works.
on
$750,000.
—-♦
At
a
recent
meeting of the directors of the Commonwealth
Title Insurance &
Trust
Co.
of
Judge Beeber declined reelection
Chairman of the Board;
President
and
Francis
.Andrew T. Kay
were
Philadelphia, Pa., former
as
President and
Malcolm Lloyd, Jr.,
E.
was
Brewster, Charle3 K.
made
elected
was
Zug and
elected Vice-Presidents.
The Reliance State
At
As
and
a
the
increase
Philadelphia, Pa.,
capital
from
on
June 2, the proposal to
$5,000,000
$5,200,000
to
was
"
result of the merger of
the
latter
special meeting of the stockholders of the Fidelity
a
with the declaration of a 2%
quarterly disbursement.
the Citizens National Bank
on
our
May 15 placed in voluntary liquidation.
As
issue of March 6 the resultant institution, the
Citizens National Bank, has a capital
and
'
Emporia National Bank of Emporia, Kans., the
was
stated in
Trust Co. of
Bank, Chicago, increased its annual
dividend rate from 6 to 8%
resources
of
over
$4,000,000.
and surplus of $500,000
F. C. Newman, Presi¬
of the
dent of the Citizens National Bank, is President
en¬
of
larged institution, and L. Jay Buck, President of the Emporia
April 3 is made to provide for the purchase of the Logan
National Bank is Vice-President of the consolidated bank.
Trust Co. which has
The par value of
ratified.
This increase in capital as stated in our issue
has been
for five
disposed of
shares of
a
capital of $1,000,000, and the stock
on
the basis of
one
share of Fidelity
Logan Trust Company stock.
The
en¬
the stock is $100
per
share and it
was
dis¬
Besides President Newman and VicePresident Buck the other officers are: C. H. Newman, E.
posed of at $212.
larged capital of the Fidelity became effective on June 8;
H.
the Logan Trust
Vice-President and
Company will be taken
over on
June 14.
and E. K.
♦
Clarence L. Fuller has been duly elected
Industrial
and
Bank
Walter
of
Baltimore,
Eiselt,
E.
President of the
Vice-President,
During the organization
Dushance, Cashier.
period former Mayor James H. Preston and Richard Gwinn,
City Register, had consented to
serve
dent and Vice-President of the bank.
porary
Rees and H. E. Peach,
temporarily
as
Presi¬
The latter has tem¬
Vice-Presidents; H. W. Fisher,
Qashier; I. F. Acheson, R. S. Everett,
Lord, Assistant Cashiers; W. J. Williams, Trust
Officer.
♦
Plans to convert the Commercial State Bank of
therewith
National
Emporia,
In accordance
an application for a charter for the Commercial
Bank, capital $100,000, has been made to the
Kans., to the national system
are
under
way.
Comptroller of the Currency.
offices in the Munsey Building.
—
The First Trust & Savings
♦-—
Bank of Chattanooga, Tenn.,
June 1 with a capital of $500,000 and sur¬
f Alvin J. Benz, previously Assistant Cashier, was recently
began business
elected Cashier of the Fourteenth Street Bank of Pittsburgh,
Charles A. Lylerly, President of the First
National Bank of Chattanooga, is President of the new or¬
Pa.
Mr.
Benz has
been associated
with
the Bank since
1901, having entered its employ at that time as messenger
advancing by successive steps to his
♦
■
■■
new
office.
on
plus of $50,000.
ganization, which will conduct a general banking and trust
as registrar and transfer agent.
Those
business and will act
associated with Mr. Lylerly
in the management
are:
Z. C.
Patten, Cliairman Board of Directors; Z. C. Patten, Jr.,
of Directors: E.
Vice-Chairman Board
J. T.
Walter,
D.
Lupton, C. C. Nottingham and J. P. Hoskins, Vice-Presi¬
Robert H. Williams
dents, and J. H. McDowell, Cashier.
is general
counsel.
»
Increased activity in all departments of foreign trade during the past
fiscal year and greater facilities on the part of the bank to finance commerce
is no doubt
Nacional
has resigned
as
India,
January, 1918, having at that time been elected First
Vice-President.
He had been President since March, 1919.
in
organization, and
one
of the Board of Directors, since
of Norfolk's prominent business men,
has been elected to the
Trust
position of President, succeeding Mr.
As stated in
Morgan.
issue of April 3 the Bankers'
our
Company's "deposit" business has been merged with
Bank of Norfolk with headquarters at that bank.
home of the Bankers' Trust in the Paul-Gale-
the Savings
The
new
has been completed and the Trust Co.
Greenwood Building
has moved
The
there, together with the Savings Bank of Norfolk.
changed its
Bank
National
Bessemer
to the First National Bank in
name
Ala.,
Bessemer,
of
has
Bessemer.
preferred stock of the
the
on
stock of the
common
1920 to stockholders
Co., Inc.,
at the rate of 7%
The board has also declared
that date.
5%
company
payable July 1 1920 to the stockholders of record
per annum,
on
Co., Inc.,
Orleans, has declared the usual quarterly dividend
the
on
was
dividend of
a
payable June 15
company,
The Hibernia Securities
that date.
on
organized by the stockholders of the Hibernia
Bank & Trust Co. Dec. 15*1919.
/
the
caused any
of
dollars,
was
capital
are
growth of deposits, representing in the
ratio of nearly 40.81
The bank's liabilities to the
was
public
Against these the
In spite of this strong liquid posi¬
%.
able
as
198,913 for the carrying
result of the
a
funds entrusted to its care,
to provide
large increase in
no
The
Banque Nationale de Credit, of Paris, in its annual
April 29, 1920, by the board of directors shows material
and noteworthy progress
institution
Dec.
with
the total combined investment in
assets
represented by
to
capital and rest fund.
to
time they
were
able to write off
fund, the balance of profits .carried forward being
The year's remarkable
progress
and development
highly satisfactory not only to the shareholders
Sir
H.
Montagu Allan,
the President, and D. C.
Macarow, the General Manager,
as
well
as
to the board
de
Credit,
increase
an
as
condition.
ment of
an
a
been
granted free to the staff of that in¬
result of the latter's
This
increasingly
information, coupled with the
8% third dividend for 1919, making
for the year/ was
contained in
a
a
prosperous
announce¬
20% total
cable dispatch received from
London this week by Joseph McCurrach, New York agent
for the Banco Nacional Ultramarino.
states,
"brings the
56 years of
average
"This
dividend," he
annual dividend for the entire
the bank's history to the high level of 6%.'"'
The message reads as follows:
Board of Directors, Banco Nacional Ultramarino, at a general meeting
approved 8% third dividend for 1919, making 20% total for the year, after
allowance for all possible bad, doubtful debts, losses, in every place wnere
represented.
last year.
Amount placed reserve fund more than three times amount
Also amount carried forward larger than ever.
Special working
shares granted free to staff.
The Banco Nacional Ultramarino
was
The New York agency is in process of
Liberty Street.
Mr.
was
E.
made by
a
Nationale
participation taken in
The Credit National
pour
le Commerce Exterieur.
R'aval, Chairman of the Board of Directors of the Banque
Nationale de Credit, represents the latter
board of these two enterprises.
continuous
the
in
institution
the
on
The report points out that
growth of the bank's operations rendered
two successive increases of capital, the first one
necessary
April, the second
in December; the capital was first
one
founded in
1864.
organization at 93
Acceding to the request
lions, which is its present figure.
of
shareholders, it
numerous
was
decided at the last extraor¬
dinary general meeting to modify the Articles of Association
in order that shares could
immediately be paid
up
in full.
A
paid
in full, and shareholders can in the future avail themselves
during the year of their right to pay up the instalments still
due on their holdings.
After payment*of the proposed
dividend, the old and new shares will be on an equal basis;
large number of shares it is stated, were accordingly
The official
time
same
listing of the
new
shares will be applied for at the
paid
the listing of the fully paid and partly
as
quotations. The
general reserve fund has been increased by the premium on the
two issues of capital and will show a balance of about 62
shares,
under
million
francs.
two
distinctly
separate
The net profits for 1919
capital of 200 millions
of
the
previous
leaving
a
francs
was
previous
of
was
11,041,544
available
francs
account of the 2% war
applied
were
for
as a
distribution;
of
this
first dividend of 4%
on
capital, and 1,650,000 francs to the founder shares;
74L807~francs
on
on
the Government and to the
added the amount carried forward from
to
namely 1,623,473 francs, making a total
year,
2,000,000 francs
made
fund,
reserve
A further deduction
balance of 13,639,309 francs.
the
(10%
for the legal
717,858 francs
taxation payable
the share
a
(25% paid up)
14,357,168 francs; from this there
year were
deducted
was
obtained with
showing
4,343,092,54 francs, of profits compared with
nominal
was
distributed to the Board ofPirectors
7,418,070,03 francs; the further sum
was
distributed
as a
total dividend of 14%
a
of"5J)00,000
second dividend of 10% on share
or
17,50 francs per
share, against 12% for the previous year; after these various
distributions
The
there
dividend
is
forward
carried
1,649,737
francs.
ordinary and founder shares payable
on
on
were
16.625 francs for the ordinary shares;
10.45 francs for the
registered founder shares, and 9.99199
May 1st next,
francs for the founder shares to bearer.
The
which
drew attention to
directors
economic
conditions
the
the disturbance in the
country caused
by the
the manufacturers and traders
compelled
for credit and
of
war,
to
seek
pointed out that the bankTcontinued its former
policy of assisting liberally their clients.
It has likewise
given its full support to the Government, and the figure of
National Defence Bills and Bonds sold through or subscribed
by them in the
course
860 million francs.
number 276 and
a
of another group
Carlo.
of the last
year
amounted to 2 billion
The branches, agencies and offices
now
plan is under consideration for the opening
of branches in Nice, Cannes and Monte
Eugene Raval is President of the bank and Jules
McCurrach, who has been recently
appointed to take charge of this office, commenting on the
Siegfried
dispatch, said:
Level is General Manager.
deposits have risen in the
The
war) and the Banque Nationale
capital making
Special working shares of the stock of the Banco National
stitution
Quick
in hand, accounts with other
(for facilitating reconstruction of property damaged by the
francs
of directors.
Ultramarino have
on
end of 1919,
Under the heading of Securities held by the Banque
remaining there
but
From an
francs
period from 817,994,134 francs to 2,159,535,254 francs.
of
$100,000 from premises account and to appropriate $700,000
should be
1919.
2,645,316,927 francs.
money
1,835 million francs.
same
profit
$260,774.
year
1,064,611,618
banks and bills receivable have increased from 670 millions
of 4,221,239
to the rest
of
when the total assets reached
shareholders by adding a bonus of 1 % to the regular dividend
same
during the
assets
these figures stand more than doubled at the
This enabled the directors to increase the distribution to the
12%, while at the
total
1918, it has developed to such an extent that
31,
means
The net
at the rate of about 20.48% on stock, or 10.64%
were
The
report presented to the ordinary general meeting held on
increase
less than $113,-
of Canadian business by
on
of current loans and discounts in the Dominion.
on
the
liquid assets of 72^ million dollars, representing
tion the bank
profits
of
excess
of $24,900,000 is
sum
just under 180 million dollars.
bank holds
a
197 million
are now over
savings of the clients of the bank, and totaling
163 million dollars.
now
stock scarcely
million dollars in
Of this growth the
accounted for by the
over
The assets
nearly 31
year.
main the
the capital
exactly 20% while the increase
was
18.40%.
being
previous
of such extent that even
was
in
$1,400,000
change in the ratio of capital to total assets.
The increase in
in assets
ended April 30
year
increase
England.
Congo.
raised from 150 millions to 200 millions, thence to 300 mil¬
The growth in the assets of the Merchants Bank of Canada
during the
Balgian
directly available to American merchants and manufacturers.
the formation of two large enterprises:
—«
The board of directors of the Hibernia Securities
of New
and the
Madeira
Timor,
being established to make these extensive facilities
New York agency is
been associated with the institution since its organization
E. J. Robertson, a member
China,
Mr. Morgan had
attention to his private business.
more
Its facilities embrace 26 branches in Portugal, 15 in West
virgin territory.
Africa, 8 in East Africa, 9 in Brazil, 2 in the Azores and others in
President of the Bankers'
Co. of Norfolk, Va., in order to enable him to give
J. B. Morgan
partially responsible for the substantial growth of the Banco
The branches of this bank extend to all the im¬
Ultramarino.
portant markets of the world, and they likewise cover the more promising
France,
Trust
[Voi,. 110.
THE CHRONICLE
M58
and
Rene
Boudon
are
Vice-Presidents.
Emile
June 12 1920.]
2459
THE CHRONICLE
INDIAN CURRENCY
AND SILVER MARKETS.
THE ENGLISH GOLD
We
{In lacs of rupees.)
reprint the following from the weekly circular of
Samuel Montagu & Co. of
London, written under date of
May 20, 1920:
GOLD.
slignt increase of £1.915
quantity of gold
Africa
and
as
taken for South
New York
into the market this week and was
came
A moderate
excepting a small amount for the trade.
India,
was
responsible for
since narrowed to
less plentiful.
the U.
a
during the week and movements
tnat day being %d.
149
100
2377
2491
Securities (British Government)
6127
6127
5977
The coinage during
the week ending the 15th inst. amounted to 42 lacs
The stock in Shanghai
U.
The
From advice to hand from New
S.
dollars,
compared with about 40,330,000
as
—Bar Silver per
sworn
the relative parcel was mined, or at any
refineries, outside
or
time treated by any reduction works
the difficulty there would be in
understand
that
the
We are given to
not satisfactory to U.
from
position to comply with the terms in
as
foregoing that the effect of the Pittman Act
being put into operation is unlikely to be felt, for some time at least, in the
market here,
especially if supplies from the Continent continue to come
forward to the
same
extent
We have received the
the Dutch East
Indies.
as
reported by cable, have been
The figures are much in excess of
and much smaller figures in some of the previous years:
those given in
1917 and 1918,
"The production
of silver in tne Dutch East Indies—from aigentiferous gold ores—is
and
normal
in
(1,478,900 oz.)
capital
did
times
not
exceed
about
West
of silver.
still
kilogrammes
46,000
The lead ores carry from
About 95% of the production
Sumatra, the remainder from North
of silver comes from
ernment gold mine on the West Coast of
1923, when a Gov¬
Sumatra will start milling argen¬
ore."
gold
INDIAN
CURRENCY
RETURNS.
May 7.
•
April 22.
April 30.
17303
17074
3909
3937
4614
4538
95
Silver coin and bullion out of India
•
Gold coin and bullion in India
Gold coin and bullion out of India
-
-
1
16930
...
-
1959
2377
2377
6727
6127
6127
The coinage during the week
ending the 7th inst. amounted to 27 lacs of
The stock in Shanghai
on
the 15th inst. consisted of about 40,-
of silver bars and
in sycee, 31,400,000 dollars, and 60 lacs
ounces
as
compared with about 41,400,000 ounces in sycee, 30,000,000
dollars, and 46 lacs of silver bars and U. S. dollars on the
The Shanghai exchange is quoted at 5s.
"
"
"
"
77
51%
47
"85
84%
Holiday 85%
Holiday 77%
77%
Gold per line oz
105s.9d. 105s.9d. 105s.9d. 105s.3d. 105s.3d. 104s.2d.
British, 5 per cents.
77%
77%
French Rentes (In Paris)._fr.
60
59.82
59.50
59.40
59.35
69.45
French War Loan (lnParis),fr.
88
88
88
88
88.5
88.5
price of silver in New York on the same day has been:
The
Silver in N. Y., per oz—cts.
96%
84
94%
92
86
81
TREASURY CURRENCY HOLDINGS.—The following
compilation made up from the daily Government state¬
ments, shows the currency holdings of the Treasury at the
beginning of business on the first of March, April, May and
1920:
June
Mar. 1
Holdings in
Net gold coin and bullion .
Net silver coin and bullion.
Net United States notes.
.
Net national bank notes.
.
Net Fed. Reserve notes
.
.
Net Fed. Res. bank notes.
Net subsidiary silver
.
_
.
Minor coin, &c_
-
-
-
-
-
Total cash In Sub-Treaa.
-
Oz. Fine.
Cash balance In SuTvTreas.
Dep. in Fed. Land banks
.
Dep
in Fed. Res. banks.
.
58%d.
57%d.
108s. Id.
18
...58%d.
57%d.
108s. 3d.
Dep. in national banks:,
To credit Treas. U. S.
58%d.
58%d.
108s. 8d.
To credit disb. officers
20
58%d.
58d.
108s. 2.4d.
.
quotations to-day for cash and forward delivery are respec¬
tively %d. and %d. below those fixed a week ago.
Total
....
—
Cash in Philippine Islands.
$
■
v
June 1 1920.
5
$
.
390,410,080
391,225,276
26,672,306
23.814,655
9,490,672
22,284,476
369,324,662
27,086,405
18,107,739
65,313,090
39,633,047
39,080,686
6,700,805
23,544,875
382,657,692
31,899,461
15,352,453
38,521,267
37,215,503
9,157,115
7,087,625
588,791.309
152,979,026
544,272,359
152,979,026
531,967,837
152,979,026
490,392,462
152,979,028
435,812,283
391,293,333
378,988,811
337,413,436
50,980,Of 0
4.500,000
157.325,423
31,884.000
5,500,000
115,618,429
172,056,000
5,900,000
60,017,898
96,220,000
5,950,000
76,820,530
30,474,003
9,591,507
14,188.372
,9670,261
15,982,531
12,555,737
11,797,080
40,065,510
2,389,761
16,641,329
23,858,633
3,353.426
14,578,321
29,040,940
4,706,115
707,714,306
311,931,709
591,086.142
339,463,604
662,158,111
352,600,491
552,298,829
350,429,839
395.782,597
251,622,538
309,557,620
201,868,990
11.823,117
42,666,436
24,946,767
3,110,240
7,155.789
25,183,102
22,381,243
22,274,609
1,998,693
8,052,481
11,251,GOO
13,058,409
24,352,817
3,278,876
8,263,170
11,448.347
Net cash in banks, SubTreasuries.
also
.
Deposits in Foreign Depts.
.
_
.
...
Deduct current liabilities
We have
.
108s.
57.833d.
58.250d.
Average
.
Dep. in special depositories:
Account certs, of indebt.
108s.
19
17_.
1920. April 1 1920. May 1 1920.
$
Sub-Treasuries,
57 %d.
_58d.
15
teme r cial andJHis csllaucoiis foetus
Less gold reserve fund
57%d.
58 %d.
14
The silver
85%
Gold per
Oz. Std.—
2 Mos.
Cash.
Quotations—
8th inst.
lid. the tael.
—Bar Silver per
"
48%
46%
45%
46%
ll
Ft i.
84%
-
Securities (Britisn Government)
May
48%
46%
Thurs.
3920
Securities (Indian Government)
U. S. dollars,
Consols, 2% per cents
149
Silver coin and bullion in India
rupees.
54%
Holiday 46%
—d. 56%
Silver, per oz
4357
94
(In lacs of rupees.)
Notes in circulation
330,000
Wed
An additional pro¬
Celebes.
duction of say 25,000 kilos (803,750 oz.) is expected in
tiferous
June 9. June 10. June 1
June 8.
Tues.
forward to work the argentiferous lead ore and zinc ore de¬
comes
oz.
June 7.
Mon. ""
Sa
follows the past week:
A material increase is unlikely, unless private
per annum.
posits in the residency of Sumatra's West Coast.
25 to 80
June 5.
London,
^nding June 11—
as
British, 4% per cents
tney have been recently.
following information from a mining engineer in
official reports, which indicated 400,000 ounces a year in
small
Londonl
daily closing quotations tor securities, &c., at
The
WeeX
the
respect¬
ENGLISH FINANCIAL MARKETS—PER CABLE.
S.
will, of course, take time.
seem
107s. 3d.
are
ively 1 %d. and 1 %d. above those fixed a week ago.
question it will be necessary to reorganize their plan of working, wnich
It would
106s. 6d.
59.275d.
to-day for cash and forward delivery
The silver quotations
smelters, who consider them to be both stringent and cumbersome, de¬
a
59%d.
-59.300d.
silver already smelted, owing
tracing its source.
regulations outlined are
claring that before they will be in
107s. 2d.
It is thought that the stringency
the United States.
of these requirements will render unavailable
to
107s. 2d.
59%d.
_59%d.
—
....
59 %d.
-59%d.
Average
59%d.
.59 %d.
A Mint certificate
the situation of the mine and reduction works and stating that no part of
108s. 2d.
58%d.
-59%d.
S. Mint will have to
by tne vendor, mine owner and reducer, indicating
to
per
Oz. Fine.
2 Most
.58%d.
York we understand that
to the American origin of all silver tendered.
as
Gold
Oz. Std.—> |
Cash.
Quotations—
instructions to purchase silver
The amount the U.
in syceei
ounces
Shanghai exchange is quoted at 5s. lid. the tael.
purchase under their regulations will be limited, as they will require strict
proof
the 22d inst. consisted of about
on
31,400,000 dollars and 60 lacs of silver bars and U. S. dollars on the 15th inst.
This has
The latter part of the week found supplies rather
%d.
the fine ounce.
will have to be
4436
95
rise of %d. in the cash price, the difference be¬
S. Mint has received tne necessary
offered at $1
4357
outlof India
2377
of rupees.
Some speculative buying on the 17th
and forward quotations on
casn
3987
4538
16991
Securities (Indian Government)
and
has been a fair amount of business
lh the price have been less erratic.
tween the
3920
40,330,000 ounces in sycee, 30,000,000 dollars and 35 lacs of silver bar#
SILVER.
inst.
3937
Silver coin and bullion in India
Silver coin and bullion
Gold coin and bullion out of India
against its note issue is £111,994,160,
compared with that of last week.
reports the arrival of $50,000 in gold from Colombia.
There
16930
Gold coin and bullion in India
The Bank of England gold reserve
a
May 15.
May 7,
17074
circulation
in
Notes
RETURNS.
April 30.
-
.
the letter written under date of
received
Available cash balance
.
May 27 1920.
GOLD.
The gold holding of the Bank
illUU'lbo
of England against its note issue is prac
£111,994,160 last week.
into the market and was taken for South Africa
•>Uilq
*|
jUOU
BllVOi
IJUulvl
&c., not included In statement 4 Stock of Money.
tically unchanged, namely £111,994,375, as against
A fair amount of
gold came
and India.
On the 22d inst. the price rose
%d. for cash and a penny for two months
both deliveries.
China.
likely buyer for prompt delivery, was quite out of
the market, cash silver has not been in much request and went to a discount
of %d. on the 25th inst.
To-day, owing to less inquiry from China, a move¬
ment of the U.S. exchange in favor of this country and plentiful supplies Of
delivery.
The advance continued until 59% was reached for
The improvement arose from an
inquiry for forward delivery from
As India, now the only
silver from the Continent and
The great stocks of Eastern
elsewhere, the price fell to 59%.
goods in the U.S.A. and elsewhere, and the
downward movement in the cost of such commodities
value of money, are likely to militate
following the high
against the Chinese export trade; in
other words, against silver remittances to
that quarter.
So that, as the
and may sensibly increase
demonetization of silver coins continues apace,
if the German
Government's holding of silver
marks be placed upon the
market, the undertone may still be considered poor,
has been brought about this week
although some firmness
from causes connected with the China
exchange.
of 8,269,686 ounces.
San Francisco to the Far East last
week.
quantity of silver sold to London by the U. S. A. is small, it
ments to the States from Mexico
probably have fallen off during
As the
would be
decided not to issue 5-shilling notes.
has
Wheat.
Corn.
"lb",000
Toledo
Detroit
So. Louis
387,000
1,197,000
1,102,000
179,000
541,000
Milwaukee—
...
Peoria
53,000
52,000
Kansas City.
Omaha
Indianapolis..
'20
wk.
Same
wk.
'19
Same
wk.
'18
Oats.
Barley.
Rye.
276,000
368,000
221,000
74,000
23,000
12,000
498,000
30,000
941,000
317,000
25,000
4,026,000
2,346,000
1,152,000
242,000
35,000
8,000
676,000
486,000
287,000
679,000
425,000
4,119,000
6,131,000
3,592,000
80,000
989,000
148,000
164,000
129,000
65,000
12,000
392,000
73,000
39,000
486,000
341,000
68,000
228,000
384,000
25,000
150,000
354,000
59,000
2,000
19,000
10,000
3,176,000
5,623,000
2,971,000
473,000
2,716,000
778,000
6,000
574,000
858,000
100,000
Since Aug. 1—
1919-20
the recent
V
161,000
Duluth
1918-19
Owing to the fall in the price of silver the Australian Government
Chicago
Minneapolis..
1917-18
crisis in that country.
Flour.
bbls.WGlbs bush. 60 lbs. bush. 56 lbs. bush. 66 lbs. bushA8lbs. bush.5Glbs.
Ship¬
interesting to know what becomes of the remainder of its supplies.
now
Receipts at-
Total
March
No shipments
Exports of bar silver from San Francisco during the month of
amounted to the considerable figure
have been made from
figures brought from page 2503.—The
are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Breadstuffs
statements below
SILVER.
17,543,000 402,328,000181,466,000 189,441,000 29,432,000 32,894,000
14,939,0001395,413,0001183,819,000 257,463,000181,595,000 36,161,000
14,190,0001160,339,0001215,247,000 291,447,00 0150,610,00022,745,000
Total receipts of flour and grain at
ween ended June 5 1920 follow:-
the
the seaboard ports for
THE CHRONICLE
2460
Flour.
Wheat.
Corn.
Oats.
Barley*
Rye.
Barrets.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Receipts at—
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
New York
370,000
564,000
742,000
106,000
50,000
25,000
105,000
111,000
.„j
Philadelphia..
Baltimore
Norfolk
New-Orleans.
95,000
472,000
2,071,000
55*666
Boston
55,000
*20
3,000
976,000
8,132,000
7,466,000
Stocks.
60
44,000
132,000
145,000 1,198,000
5,412,000 22,101.000
Arlington Mills
246,000
5,511,000
94,478,000
6,286,000
2,232,000 1,052,000 1,332,000
29,281,000 12,187,100020,094,000
The exports from the several seaboard ports for the week
ending June 5
shown in the annexed statement:
are
Wheat,
Exports from—
Corn,
Bushels. Barrels.
Bushels.
New York.
Flour,
193,658
BOStOn..
'.mmmm
180,000
180,000
362,000
75,000
642,000
700,000
700,000
Philadelphia.
Baltimore
New Orleans
Galveston
Montreal
St. John, N. B....
Bushels.
51,738
48,000
55,000
105,000
24,000
543,647
268,403
......
167,000|
......
27
Stocks.
283,403 2,236,647 206,000
364,738
......
The destination of these exports for
Corn.
Wheal.
Flour.
June
July 1 to—
Since
Since
Week
Since
July 1
July 1
June 5
July 1
June 5
1919.
1919.
1919.
1919.
1919.
Barrels.
United
5
Week
1919.
■
Barrels.
Bushels.
Bushels.
Bushels.
Bushels.
•
Kingdom.'
Continent
So. & Cent. Amer.
West Indies
160,988 6,623,139
165,348 10,342,487
4,000 1,047,795
20,000 1,651,122
Brlt.No.Am.Cols.
Total
...
Total 1918-19
1,745,995
586,663
r
56,667,079
88,247,052
157,330
13,730
58
14*402
------
262,868
*413*025
364,738 19,927,469
760,717 18,107,255
2,332,658 145,508,216
6,679,874 152,206,513
Other Countries-
180
11 Pepperell Mfg
6 American Mfg.,
45
*.
pref.,
lie.
100 N .Atlan. Oyster Farms, com.$25 lot
1 Webster & Atlas Nat. Bank...220%
87
4 Essex Street Trust..
& Allen1 Arms,
100 Onondaga Coppre, $25 each...
216
pref..
100 Merrlmac Chemical, $50 each.. 83
32 Draper Corporation, ex div_..130%
Per cent.
Bonds.
$50 lot
$8 lot
$5,000 No. Atlan. Oyster Farms,
Inc., 1st coll. trust 5s, 1924, Jan.
1918 coupon
20
on..
$400 Kansas City Rys. 1st 5s, 1944.
July 1919 coupon on...
$400 Kansas City Rys. 2d 6s, 1944,
Ser. A,
$62%
267*,387
Stocks.
$ per sh.
July 1919
28
14
coupon on
Woodbury.
2,481,243
246,500
84,847
984,568
3,970
11,303
31 Stortz Gear Shift........
3,812,431
5,438,015
$3,000 West Chester St. Ry. 1st 5s,
73
1932
$5,000
Buffalo
& Lake Erie Trac.
undeposlted.. 14
1st & ref. 5s, 1936,
$10,000 Brush Elec. 1st 5s, 1952... 50
$16,000 Waterloo Cedar Falls & No.
Ry. 1st 5s. 194025
$10,000 Consol. Cities Light, Pow.
6 Trac. 1st Hen 5s, 1962
52
11 First Nat. Bank of Phila..—250
200
60%
$1,000 North Springfield Water
$600 Berwyn Water Co
375
95
33,000 rubles Imperial Russian Gov.
Internal war loan 5%s, 1926
29
Insurances, &C..525
83 West End Trust
Per cent.
Bonds.
50 Media Title & Trust..
60%
2 Victory Insurance, $50 each... 119
20 Corn Exch. Nat. Bank.
385 385%
National Bank
1
196 Bullfrog Goldfield RR......-$60 lot
7 Swartbmore National Bank...190
4 Flde'lty Trust
466
5 Penn. Co. for
25
each
$50
100 Lake Shore Elec. Ry., com
1
14 Glrard National Bank........400%
5 Penn
65
5 Elizabeth & Trenton RR.,com.,
300
35 Third National Bank
$ per sh.
Stocks.
Shares.
10 Excelsior Trust, $50 each
Camden...235%
10 First Nat. Bank of Woodbury. 151
25 Farmers & Mech. Nat. Bank of
39 Woodbury Trust
..251
29 Bllllngsport & Paulsboro Impt. 12
10 Michigan Copper Mining
2
below:
Week
$ per sh.1
Stocks.
$15.67 paid stamped ctfs_—$0 lot
100 U. 8. Macb. Gun, C .III. tr. ctf 60c.
the week and since
Exports for Week
Since
Shares.
100 Hopkins
Newbury port. 110
Bank, Newburyp't. 65
1 Nat. State Bank of
5,580
r
and
$ per sh.
1 First Nat. Bank,
3 Ocean Nat.
preferred...
$50 American Glue scrip
'6,679,874 267,387 760,717 1,087,704! 1,056,607 027,975
as
53
1948
By Messrs. Barnes & Lofland, Philadelphia:
week..... 2,332,658
July 1 1919 is
$150 Eastern Mass. St. Ry. ref. 5s,
120%
By Messrs. R. L. Day & Co., Boston:
Shares.
Shares.
Total
Week 1919
Per cent.
Bonds.
47
105 Herschell Spillman, pf„ $50 ea.
com
52,000
450,000 206,000
Corporation
47
100 Spokane & Inland Empire RR.,
15*666
81*666
156
130% 131
26 Puget Sound Trac., L. & P., pf. 53%
23 Hopkins & Allen Aim., com.$2.05 lot
50 Spokane & Inland Empire RR.,
1,024,000
153
Mills
10 Great Falls Manufacturing
25 Draper
20 Lyman Mills
Peas,
Rye,
Barley,
Bushels. ! Bush els. Bushels.
Oats,
30 Nashawena
15
16 A. L. Sayles & Sons, 8% pref.,
$50 each
62
pref.95«fcdlv
2 United El. Lt., Sprlngf., rights. 50c.
6 Hood Rubber, preferred
98
2 Republic Ry. & Light, com.... 10 %
110
80
.....118
10 Eastern Mass. St. Ry., pref. B.
45 A. L. Sayles & Sons, com., $25
each
$ per sh.
4 Beacon Falls Rub. Shoe,
50 Manomet MLla sub. rect. 25%
paid
Stocks.
$50 American Glue scrip..
94 94%
3 American Glue, pref
Week 1919... 1,044,000
Since Jan.1'1917,179,000
Shares.
$ per sh
150
50 Citizens National Bank
48 U. S. Worsted, first pref
6 Manomet Mills
31,000
310,000
484,000
4,943,0
8,761,000 52,631,0
Since Jan.1'20
8,000
*51",666
32,000
Total wk.
5,000
628,000
133,000
38.000
""86*666
724,p
Galveston
Montreal
120,000
46,000
434,000
35,000
685,000
[VOL. 110
158
Canadian Bank Clearings.—The clearings for the week
ending June 3 at Canadian cities in comparison with the same
week in 1919, show an increase in the aggregate of 10.4%.
,
The
world's
shipment of wheat and corn for the week
ending June 5 1920 and since July 1 1919 and 1918 are
shown in the following:
Week ending June 3.
Clearings alInc. or
Wheat.
Exports.
1920.
1919-20.
1918-19.
1919-20.
1918-19.
Since
Since
Week
Since
Since
June 5.
July t.
July 1.
June
5.
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
4,466,000 294,457,000 322,079,000
2,730,000
8,431.000
Russia
136,000
87,889,000
288,000
288,000
1,75*0*666
4,4*0*8",000
13,312,000 608,395,000 476,407,000
India
2,500,000 131,408,000
50,469,000
Oth. countr's
1,911,000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 5 1920 was as follows:
Wheat.
United
States—
Boston..
Philadelphia...........
Baltimore.
New Orleans
Galveston.
.......
Buffalo
Toledo
Chicago.
....
Duluth
Minneapolis
St. Louis
Kansas City....
Peoria
Indianapolis
Omaha
On
Lakes
5 1920
Total May 29
Rye.
Barley.
bush.
bush.
bush.
13,000
4,000
355,000
60,000
232,000
90,000
201,000
127,000
191,000
40,000
2,000
16,000
4,000
361*0"0"0~
164*666
12,000
46,000
24,000
5,302,000
063,000
23,000
,448,000
66,000
187,000
1,000
467,000
1,175,000
127,000
145,000
2,318,000
11,0000
12,000
221,000
50,000
268,000
3,047,000
12,000
44,000
375,000
14,000
3,524,000
211,000
1,559,000
493,000
250,000
169,000
17,000
287,000
393,000
On Canal and River.
Total June
Oats,
bush.
587,000
32,000
2,546,000
1,958,000
1,886,000
4,122,000
4,864,000
5,534,000
278,000
6,521,000
2,000
72,000
989,000
122,000
Detroit
Milwaukee
Corn,
bush.
New York
18,000
199,u00
8i",666
1,000
155,000
82,000
137,000
123,000
+ 9.1
+ 1.0
Kitchener.—...
1
Windsor
2,600,000
469,289
1,002,795
1,031,270
1,340,742
326,540
+9.4
+43.9
300,000
329,750,263
298,644,398
+ 10.4
259,206,729
...
1920—.37,101,000
Total June
5 1920
Total May 29 1920
6,000
3,235,000
3,186,000
1,404,000
1,931,000
2,790,000
......
16,000
1,404,000
1,538,000
768,000
544,000
315,000
Canadian
650,000
Brant ford
....
New Westminster
Medicine
Hat—
Peterborough
Prince Albert
Total
Canada.
103,051
—29.6
—7.8
+ 25.9
+ 22.1
+ 55.7
+ 8.9
+ 26.5
+ 0.5
—4.1
—7.1
+ 31.0
+ 16.9
+ 26.7
—5.0
+ 7.0
4,671,571
6,642,496
1,886,723
2,627,277
3,098,738
511,716
1,613,299
1,104,345
816,913
835,679
747,897
354,631
523,463
611,120
764,479
764,620
-----
-
254,897,759
Banks.—The
following information regarding
Comptroller of the
Currency, Treasury Department:
national banks is from the office of the
CHARTERS-ISSUED.
Capital.
President, J. H. Strobridge; Cashier, John A. Park.
Original organizations:
Dallas National Bank, Dallas, Texas
President, J. E. Cockreli: Cashier, J. C. Tenison.
The National Bank of Goldendale, Wash
President, C. T. Camplan; Cashier, C. E. Crooks.
The Aberdeen National JBank, Aberdeen, Wash
President, Chas. Albertson; Cashier, Norman J. Bruen.
The Commercial National Bank of Anniston, Ala
President, C. R. BeU; Cashier, John F. Williams.
The First National Bank of Okawville, Washington County, 111.
President, John F. Frank; Cashier, Wm. E. Friend.
Total
500,000
50,000
100,000
300,000
50,000
$1,100,000
-
APPLICATIONS FOR CHARTER.
9,299,000
9,944,000
6,000
3,000
1,627,000
1,538,000
I"
Summary—
American
Lethbridge
+40.5
—14.8
Conversion of the Farmers & Merchants Bank of Hayward.
240,000
13,000
336,000
1,057,000
538,000
1,873,489
1,377,413
—10.5
The Farmers & Merchants National Bank of Hayward, Cal.— $100,000
"5*666
Canadian—
4,494,000
Ft William&Pt. Arthur. 2,157,000
Other Canadian
2,648,000
Moose Jaw......
+ 31.2
Conversions of State banks and trust companies;
Note.—Bonded grain not included above: Oats, 201.000 New
Yoik, 2,237,000
afloat" total» 2,334,000, against 8,000 btuhels In 1919, barley. New York,
2,000; total, 2,000 bushels, against 202,000 bushels in 1919.
M°ntreaL_
Saskatoon
3,907,887
744,152
4,000
6,108,000
9,259,000
6,405,000 11,608,000
2,679,000
2,740,000
+ 15.8
2,136,216
2,338,580
Sherorroke......
5,075,931
Regina
National
568,000
132,000
176,000
950,000
96,000
694,000
279,000
63,000
35,259,000
554,000
246,000
274,000
2,099,473
780,471
3,651,040
3,625,453
London....
Fort William
GRAIN STOCKS.
+ 50.4
526,354
St. John
visible
14,296,054
8,937,370
4,027,439
4,500,000
6,830,174
6,392,347
2,398,082
...
Bi andon
The
+26.1
500,000
Calgary
Edmonton
Total..
93,038,602
58,788,191
49,117,705
7,674,455
6,852,480
4,625,171
2,751,392
851,805
1,012,848
Quebec.........
Victoria
63.252,000
5,623,000
3,742,000
•
$
86,498,796
65,655,472
40,873,605
9,850,589
8,404,453
4,681,756
8,628,469
4,781,881
6,000,748
1,961,968
1,334,926
891,131
679,257
Ottawa..
Hamilton
8*,422*66O 223*,850*,000 81,711*666 2*.600*666 126,928;666 37*.6*3*0*,000
Argentina...
Australia....
1917.
$
%
+ 3.9
2,848,500
3,185,511
3,134,573
588,534
1,774,766
1,348,900
779,711
953,836
691,364
494,500
405,209
669,925
847,439
731,189
1,015,562
Winnipeg
Halifax
Danube
1918.
Dec.
118,334,704
68,924,529
43,225,746
10,177,212
10,489,242
5,723,774
4,883,136
5,423,192
5,237,404
1,901,052
2,427,506
3,130,830
3,259,275
3,590,989
588,927
1,863,749
1,436,877
700,000
1,018,434
762,999
536,649
122,904,160
90,444,806
38,672,153
Toronto
Vancouver
North Amer.
$
Canada—
Montreal
Week
1919.
$
Corn.
Capital.
Original organizations:
The Commercial National Bank of Alameda,
Cal
—
--$100,000.
»<•
40,000
Correspondent: K. N. Delanoy, P. O. Box 415, Alameda, Cal.
35,259,000
9,299,000
2,679,000
6,000
6,108,000
1,931,000
9,259,000
1,404,000
3,235,000
1,627,000
National Bank in Homer, III
Correspondent: C. H. Wallace.
Greenville, Mich.
50,000
Correspondent: O. A. Rasmussen.
The Farmers National Bank of Edon, Ohio
25,000
Correspondent: Dr. O. H. Nihart.
Succeeds the Farmers Banking Co., Uninc., Columbia R. D.,Edon, Ohio.
/
The First National Bank of Littlefork, Minn
25,000
Correspondent: M. C. Longballa, Littlefork, Minn.
jj
Succeeds the First State Bank of Littlefork, Minn.
Conversion of State bank and trust companies:
*
The Progress National Bank of New York, N. Y
200,000
Conversion of the Progress Bank of New York, N. Y.
Correspondent: The Progress Bank of New York.
First
—
The Greenville National Bank,
Total June 5 1920
Total May 29 1920
44,558,000
47,045,000
2,685,000
2,743,000
8,039,000 10,663,000
9,195,000 31,146,000
4,862,000
4,724,000
V Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock
Exchange, were recently sold
at auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Stocks.
Per cent„
10 Hotel Irwin for Women...
10
5 Rumson Country Club.
4
.
10 Farmers Loan & Trust......395
20 Garfield National Bank
239
10 Nat. City Bank of N. Y
43034
100 No. Amer. Films Corp., com.$4 lot
2,000 Quaker Hill Gold M., pref.,
510 each
$22 lot
Shares.
Stocks.
Per cent.
1,000 Oklahoma Oil, $1 each
160
33
Middleburg Mills, pref
Middleburg Mills, com
Bonds.
'
$46 lot
50
50
....
..$18 lot
.$440,000
Total
CHANGE OF TITLE.
Per cent.
$5,000 Kings Co. Lighting 1st & ret.
5s, 1954...
36
$39,000 Brooklyn Ferry 1st cons. 5s,
1948, certlfs. of deposit
—__
The National Bank of Harper,
Kan., to "First National Bank in
Harper.**
EXPIRATION OF CORPORATE EXISTENCE.
The Commercial National Bank of Upper Sandusky, O.
000.
Capital, $75.Charter expired by limitation at close of business June 7 1920.
June 12
1920.]
THE CHRONICLE
3461
CAPITAL STOCK INCREASED.
Amount
Per
of
Cap'l when
Increase.
The First National Bank of Avon
$50,000
The Yakima National Bank, Yakima, Wash
The Johnsonburg National Bank, Johnsonburg,
150,000
250,000
Pa_ 100,000
150,000
100,000
70,000
250,000
The Dakota National Bank of Yankton, So. Dak
50,000
20,000
The First National Bank of Boxboro, N. C
The City National Bank of Lansing, Mich
150,000
Miscellaneous
$495,000
Can,
Preferred
American
DIVIDENDS.
following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Per
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
Prd6rr6(3
'
$1.75
«••»*> mmm »
Atlantic Coast Line Co. (quar.)
Beech Creek
Canada
.....
Aug.
2
10
3)4
July
$1.50 June 10
Holders of
rec.
May 20
Holders of rec. July
16
Holders of rec. June 30a
Holders of rec. June
May 30
to
18a
(quar.)
June
9
June
15a
(quar.)..
com.
........--—
Southern
July
2)4
1%
June 30
Holders of rec. May 29
June 30
June 20
to
June
2
June 30
June 20
to
June 30
*\K
:
Aug.
1
(quar.)
rec.
June 30
30
June
June
22
rec.
June
22
July
Holders of rec. June
3 )4
Chic. St. Paul Minn. A Omaha, common.
rec.
rec.
2H
Chicago A Noith Western, common
Preferred.....
Holders of
Holders of
July
*2)4
*3)4
Preferred
Cin. N. O. & Texas Pacific, com. (quar.)
Common (extra)
3
*1K
18a
15a
29a
Amer. Fork A Hoe, com. (quar).l
American Hide & Leather, pref. (quar.).
IK
IK
June 15
Holders of rec. June
12a
Amer. Internat.
IK
June 30
Holders of
June
14a
IK
June 30
Holders of reo. June
11a
IK
IK
June
30
Holders of rec. June
11a
Corp. com.& pref.(qu.)
American Locomotive, common (quar.).
(quar.)
Preferred
(quar.)
Sec., pref. A (quar.)...
(quar.)
American Smelting & Refin.,com.(quar.)
American Snuff, common (quar.)
Preferred
(quar.)
American Sceel Foundries, com. (quar.).
Preferred B
Preferred
& pref
Common and preferred
Common (extra).
(qu)
American Sumatra Tobacco, preferred.
American Telephone & Telegraph (quar.)
la
la
Amer. Wholesale
rec.
May 29
Amer.
rec.
July
la
Amer. Tobacco, com. (in Class B com.)
Preferred
(quar.)
Corp., pref. {quar.)
Wind. Glass Mach., com. (quar.)
July
Holders
rec. June
19a
2)4
July
rec.
June
14a
Armour &
rec.
July
8a
87)4c. June 10
Fonda Johnstown A Glover so., pref.
(qu.).
Kanawha A Michigan {quar.)—
June
10a
11a
June 30 ♦Holders of
June
15a
July
1
Holders of
rec.
June
7a
3
Holders of
rec.
Junetl2a
3
Holders of rec.
Junejl2a
June 22
July
1
$1.25 July
Nat. RR. A Coal
$1
Mahoning Coal RR., common
July
15
rec.
to
15
16a
♦So
rec.
July
July
1 ♦Holders of
rec.
June 21a
1 ♦Holders ot
29 ♦Holders of
rec.
June 21a
*2
Morrib & Essex
Juiy
2
Mobile & Birmingham, preferred
July
New York A Harlem, com.
1)4
A pref.
rec
2
to
July
ia
June 30
9a
1
Holders of rec. June
2
Holders of
rec.
July
1
1
Holders of
rec.
June
15a
1
Holders of rec. June
14a
July
Reading Company, 2d pref. (quar.)....
1
15
.
(quar.)
Atlantic Coast Co. (quar.)
Atlantic Gulf & W. I. SS. Lines, com..
Atlantic Refining, common (quar)
Baldwin Locomotive Wks., com. & pref.
Baltimore Tube, pref. (quar.)
Barnet
to
July
July
1
June 20
to
July
July
2
Holders of rec. June
la
IK
IK
2
Holders of rec. June
la
2
2
Holders of reo. Sept.
Holders of rec. Sept.
la
Oct.
Sept.
1
2
July
*75
1
Holders of rec. July
July
1
Holders of
rec.
June
12a
July
1 ♦Holders of
rec.
June
15
Leather, preferred (quar.)
Barrett Co., common (quar.).
3 K
IK
IK
2
June 21a
Street and Electric Railways.
15
June
July
1
Holders of
IK
♦1K
July
1
Holders of rec. June 21
July
July
1 ♦Holders of
1 ♦Holders of
1)4
{quar.)—.
Preferred
IK
IK
♦3)4
Asheville Power & Light, pref. {quar.)...
1
June
1
Holders oi rec. June
15
1
Holders of
rec.
June
12a
rec.
IK
Cleveland Ry. {quar.)
Continental Passenger Railway, Phila..
1)4
July
29
June
15
15
rec.
1
Holders of
reo.
June
1
Holders of
rec.
June
15a
1
Holders of rec. June
12a
_
pref.
(qu.)
Lines, com.
June
17
Canadian
17
Canadian Fairbanks-Morse, preferred
Canadian General Electric, com. (quar.)
com.
& pf. (qu.)
(quar.)
Holders of
1
Holders of rec. June
15
Carbon Steel, 2d preferred.
1
Holders of
June
16a
Case
3
{quar.).
July
1
Holders of rec. June
16a
June
8a
Case (J. I.) Thresh, Machine, pref. (qu.)
Holders of rec. June
la
Cement Securities Corp.
{quar.)....
June 21
Second & 3d Sts. Pass. Ry., Phila. (qu.)
1
Holders of
rec.
*2)4
June 28
Holders of
rec. June
18
♦1
Montreal Tramways {account accum. divs.)
July
July
rec.
June
15
rec.
June
1)4
$3
July
1 ♦Holders of
Holders of
1
la
June
1
Holders of
rec.
June
15a
Holders of rec. June
15a
July
July
June
July
1
1
15
15
15a
Holders of
reo.
June
1 ♦Holders of
rec.
June 20
la
June 30 Holders of coup. No. 81m
July
1
July
Holders of rec. June
19]
June 20
June
June 30
Holders of
rec.
June 21
SI.50 June 15
Holders of
rec.
May 29a
July
June
1 ♦Holders of
21
Holders of
rec. June
rec.
June
June 30 ♦Holders of rec. June
15
Holders of rec. May
1
21
4a
5
29a
IK
June
15
Holders of rec. May 29a
Holders of rec. June
1
July
July
2
10
Holders of
IK
June 30
*3
Aug. 16
2
July
Juty
2
July
IK
Locomotive, common (quar.).
July
rec.
rec.
IK
IK
IK
(quar.)
June 30
Holders of
Juno 15
15 ♦Holders of
June
50c. June 15
(quar.)
Preferred
rec.
75c. June
Canadian Car & Fdy., pref. (quar.)
Canadian Converters, Ltd........
Canadian
June
1 ♦Holders of
rec.
Cambria Steel (quar.)
Extra
Crocket-Wheeler,
June 29a
rec.
July
rec.
California Petroleum Corp., pref. (quar.).
*1K
Calumet & Arizona Mining (quar.)
SI
Calumet & Hecla Mining (quar.)...
*$5
Preferred
rec.
1 ♦Holders of
1 ♦Holders of
2
(quar.)...
Holders of
July
June 15 ♦Holders of
*1K
*$2
July
June 15
2)4
1
$4.50 July
18a
July
1
Preferred.
19a
Holders of rec. June
July
—
June
rec.
5a
Holders of rec. June
1
2
Booth Fisheries, pref.1 (quar.)....
Borden Company, preferred (quar.)
2
$3
Holders of rec. June
1
July
common (quar.)
(quar.).
Seven per cent preferred (quar.)
Eight per cent preferred (quar.)
B
rec.
June 30
1
July
IK
IK
IK
Steel,
Common
rec.
to
July
July
July
Bethlehem
May 29a
(quar.)...
July
July
Holders of rec. May
May 21a
Holders of rec. dJune 15a
Canada Steamship
Arkansas Val. Ry. L. & Pow., pref. (qu.)
rec.
15
1
rec.
Holders of
d1
California Packing Corp.i com. (quar.)..
Holders of
3
Holders of rec. June 30a
July
Buffalo General Electric
1
2
(quar.)
IK
♦SI
Cos., common (quar.)
First preferred (quar.)
*1K
Belding Paul Cortlcelll, Ltd., preferred.
*3)4
Preferred
Beaver Board
June
July
1
15
June
June 22a
2)4
26
June
rec.
Aug.
Juno 15
rec.
Valley RR. (N. Y.)
rec.
Holders of
July
July
5
rec.
1
2 ♦Holders of
5
Holders of
la
June 27
reo. June
June 30a
Holders of
4a
to
Holders of reo. June 25
rec.
1
June
June 18
rec. June
Buckeye Pipe Line (quar.)
rec.
Holders of rec. June 11
Holders of
Holders of
Brunswick-Balke-Collender,
Holders of rec. June
Holders of rec. June 11
Holders of
15a
Holders of
Aug.
1
15a
1
10a
Holders of rec. June
Aug.
26
10a
1
la
IK
june
July
15
Holders of rec. Aug. 16a
Holders of rec. June 19a
*1K
June
June 30
1
1
Oct.
rec.
1)4
15a
IK
K
3)4
rec.
2)4
la
June 20
Holders of
2)4
July
Holders of rec. June
Holders of
Union Pacific, common (quar.)
11a
rec.
1
Holders of rec. June
15a
11a
Holders of rec. June
Holders of
*$2.50 June 30
Co., preferred (quar.)
Associated Oil
Holders of rec. June
July
1
8
50c. July
1
June 30
1
May 29a
Southern Railway, preferred
Traction
July
75c. July
6
rec.
Southern Pacific Co. (quar.)
Ottawa
July
IK
July
Holders of
15
3
July
IK
19
July
July
Manila E'lec. RR. & Ltg. Corp.
May 30
15a
4
....
Carolina Power & Light, pref.
to
Holders of rec. June
June
July
IK
(quar.)
common
May 22
1
1K
IK
Pittsh. McKeesport A Youghiogheny
fly.
June
IK
IK
Brier Hill Steel, com. (in com. stock).. */20
Brit-Amer Tobacco (ordinary Interim)
5
Brown Shoe, com. (pay. in com. stock) . f33 1-3
2
Pitts. Ft. Wayne & Chic., com. (quar.).
Boston Elevated
1
$1.50 July
(quar.)
Worcester, pref. {quar.)
Rensselaer A Saratoga
June
July
$2.50 July
N. Y. Lackawanna & Western (quar.)..
Norfolk & Western, com.
1
Aug.
$1.75
Ntw Y rk Central RR. {quar.)
Preferred
2 ♦Holders of
♦$1.25 July
Michigan Central
Aug.
♦$15
{extra)
Preferred
Norwich A
May 29a
rec.
Holders of rec. June
♦1)4
tLehigh Valley, common (quar.)
Preferred (quar.)
Common
rec.
Holders of
Judo
June 30
87)4 c July
Lackawanna RR. of N. J. (quar.)
Little Schuylkill
Holders of
15
1)4
2
Hocklng Valley Railway....
24
June 24
15
2
Erie & Pittsburgh (quar.)....
june
to
July
Arkansas Natural Gas, common (quar.)..
Arkansas Natural Gas, pref. (No. 1)...
Holders of
1
15 ♦Holders of
to
16
*2)4
*1K
*1 K
IK
rec.
July
16
June
1
Holders Of
♦3
30
June
1
July
June 21
Detroit & Mackinac, pref
Holders of rec. June
1
July
3)4
2)4
Detroit Ilittr Tunnel
15
July
Apsley Rubber, preferred.
Holders of rec. June 30a
oi
15
June 30
July
1
Aug.
6
to
IK
15
3
Mayj28a
June
30
July
July
Cuba RR.,
tDelaware & Hudson Co. (quar.)
Detroit Hillsdale A Southwestern
rec.
5a
Holders of rec. June
July
June 20
1
Holders of
June
15
IK
IK
(quar.)
June 30
preferred
rec.
June 22
3
Preferred
2
June 30
rec.
30
Amer .Woolen, common & pref. (quar.)..
Colorado & Southern. 1st preferred
to
1
Holders of
IK
IK
$1
(quar )
Aug.
June
IK
...
Sugar Refg., com
Common (extra)
May 29
July
1
19
K July
(quar.)
Aug.
$1
July
75c. July
(quar.)
Amer. Smelters
rec.
Holders of
15a
Holders of rec. May
rec.
15
15a
Holders of rec. June
1
rec.
20 ♦Holders of
16a
Holders of rec. June
1
July
Aug. 20 ♦Holders of
June
Holders of rec. June
1
IK
18a
July
1
July
July
American Express (quar.)
June
Holders of
July
July
19
rec.
15
June
Holders of rec. June
15 Holders of
Aug. 20 ♦Holders of
June
3)4
Cleve. Cin. Chic. A St. Louis, pref. (quar.)
15
4a
15a
rec.
Holders of rec. June
Amer
Holders of
15a
Holders of
Holders of rec. June
la
June 29
Holders of rec. June
June 30
1
1
June 29
June 30
1
June
June 30
la
1K
1
July
1%
Preferred
12a
June|I5a
July
July
American Stores, common (quar.)
First and second preferred (quar.)
2
Chesapeake & Ohio
Chic. Indianap. A Louisv., com
Holders of rec.
Holders of rec. July
3
IK
IK
rec.
Holders of
Holders of rec. June
2
rec.
2 ♦Holders of
2)4
2
Canadian Pacific, common
Holders of
1
IK
Chicle, prei. (quar.)
Cigar, preferred (quar.)
Preferred
50c.
{quar.)
Buffalo & Susquehanna,
Preferred
Aug. 20
2)4
Atlantic Coast Line RR., common
Boston & Albany
June 28
$ 1.75
1
15
IK
.....
Amer. Rolling Mill, com.
pre?
Atch. Topeka & Santa Fe,
July
3
(quar.)
Fdy., com, (quar.)
American Public Service, pref. (quar.)..
American Radiator, common (quar.)
Railroads
(Steam.)
Alabama Great Southern, ordinary
preferred
(quar.)
July
Amer. Exchange Securities Corp., class A.
American
The
IK
e20
Amei. Brake Shoe & Fdy., com. (quar.)
Preferred
(quar.)
American Car &
Days Inclusive.
$2.50 July
dividend
American
Total
Books Closed.
Payable.
{Continued)
American Beet Sugar, pref. (quar.)
Bosch Magneto (quar.)
Amer.
Stock
When
Cent.
Name of Company.
Increased.
$25,000
Park<Fla
July
Holders of rec. Juno
15 ♦Holders of
Holders of
1
Holders of
1
Holders of
1
*8 54 c. June 30
6
July 30
rec.
15
June 26
Holders of rec. July
31
rec. June
30
12
rec.
June
rec.
June 20
rec.
June 20
Holders of rec. June 19
Holders of
rec.
July
1 ♦Holders of
rec,
June
15
Holders of
1
1 ♦Holders of
Holders of
1
rec,
June
14
rec.
June
15
16
26a
(J. I.) Plow Works —
*1K
IK
*3
July
July
(quar.)
Central Agulrre Sugar Companies (qu.)
$5
July
Central Coal A Coke, com
Common (ectra)...
*1)4
*1
July
July
July
Preferred
(quar.)..
.
*1)4
(quar.)..
July
rec.
June
rec,
June 30
rec.
June 30
15 ♦Holders of
Holders of
1
rec,
June
30
rec.
June
10a
rec.
15 ♦Holders of
15 ♦Holders of
Springfield {Mo.) Ry. & Lt., pref. {quar.)
IK
July
1
Holders of rec. June 15a
July
1)4
July
1
Holders of rec, June
19
Central Leather, preferred (quar.)
Central States Elec. Corp., pref. (quar.)
154
Trl-City Ry. & Lt., pref. (quar.)
IK
July
1
Holders of
June
10
Twin City R. T., Minneap., pref. (qu.)
IK
July
1
Holders of rec. June
15a
Central Teresa Sugar, com, (No, 1).
4
July
1
Holders of rec. June
15
2
July
1
Holders of
rec.
June
15
Corp., com. (quar.). ♦SI
July
1 ♦Holders of
rec.
June
19
*$1
July
1 ♦Holders of
1 ♦Holders of
Holders of
1
rec.
June
19
reo.
June
19
reo,
June 15a
Union Traction {Philadelphia)
*$1.50 July
1 ♦Holders
of rec. June
9
Preferred
(quar.)
....
United Light & Railways, 1st pref. (qu.)
1)4
July
Washington Water Power, Spokane {quar.)
1)4
July
15
Holders of rec. June 25
1)4
June
15
Holders of rec. June
June
30 ♦Holders of rec. June 25
Chandler Motor Car (quar.)
IK
June
15
Chesbrough Mfg., common
IK
July
West Penn Rys.,
preferred (quar.)
Wisconsin Edison Co
*$l
Wisconsin-Minn. L. & P., pref. (quar.)
Yadkin River Power, preferred {quar.K.¬
I
1
Holders of rec. June
15a
1
Holders of rec. May 20
Holders of
rec.
june
15
Certain-teed Products
Common
(extra)
First and second Preferred (quar.)
Preferred
*154
$2.50
Banks.
June 30 ♦Holders of rec
June
*154
June 30 ♦Holders of rec
June 12
*2
(quar.)
Chicago Telephone (quar.)
Chino Copper Co. (quar.)..
July
*3 K
(quar.)
July
June 30 ♦Holders of rec
June 29
37J4c June 30
Holders of
rec
June
12
14a
Chase National {quar.)
4
July
1
Holders of
rec.
June 23a
Cincinnati Gas & Electric (quar.)
IK
July
1
June
15
to
June 21
Chatham & Phenix National {quar.)
4
July
1
June 20
to
June 30
2
July
1
June
16
to
June 30
July
July
1 ♦Holders of
1 ♦Holders of
Cin. A Sub. Bell Telep. (quar.)
Cities Service—
*K
*flK
*K
July
July
1 ♦Holders of
1 ♦Holders of
1 ♦Holders of
City,
National
....
Extra
*5
*5
■<
Coal & Iron National (quar.)_...
rec.
June 30
rec.
June
30
Holders of rec. June
9
juiy "i
Holders of rec. June
18a
10
Commerce, Nat. Bank of (quar.)
Commercial Exchange
3
Preferred B (monthly)
Union Exchange
1
Holders of
June 21
Bankers shares (monthly)..
July
1
1
Holders of rec, June 21
Cleveland Worsted Mills (quar.)
July
Holders of rec. June 26
5
Aug.
2
Holders of
Cluett, Peabody A Co., Inc., pref. (quar.)
Colorado Power, preferred (quar.)
154
154
6
July
July
1
Holders of
1
Holders of rec. June 30a
Columbia Graphophone Mfg., com
Common (payable in common stock)
25c.
30
3
Fifth Avenue {quar.)
Special
Homestead (Brooklyn)
July
5
4
Extra
Coney Island, Bank of
Corn Exchange (quar.)
July
1
June 26
*5
National
rec.
June 30a
rec.
June
to
July
30a
1
19
Holders of rec. June 21
June 30
Guaranty Trust (quar.)
5
June 30
Holders of
Hudson......
2)4
June 30
June
{quar.)
rec.
June 30 ♦Holders of rec. June
5
Yorkcille
Companies.
-
18
20
to
June 30
Extra
...
...
(quar.)
States
July
1
June
16
to
July
1
July
1
June
16
to
July
2
July
1
Holders of rec. June 15a
25
Lawyers' Title & Trust {quar.)
Mercantile
June
July
1
Holders of
1)4
rec.
1
1
June 18a
Miscellaneous.
Aeolian, Weber Piano & Pianola, pf. {qu.)
Advance Candy Mfg. Corp., pref. {quar.).
Advance-Rumely Co., preferred (quar.).
Ahmeek Mining (quar.)
*50c. June 30 ♦Holders of rec,
Ajax Rubber
$1.50 June 15
(quar.)
Alii8~Chalmers Co., common (No. 1)
Preferred
(quar.)
Amalgamated Oil (quar.)
American Bank Note, pief. (quar.).
June
19
IK
June 30
Holders of
2
July
1
Holders of
reo.
June 25
1)4
July
1
Holders of
rec.
June
rec,
June
14a
10
15
15
Holders of rec. June
19
June 15
Holders of rec, June
Holders of rec.
15
May 29
July
1
Holders of rec. June
18a
July
1
Holders of rec, June
18a
154
July
1
Holders of rec. June
Compuilng-Tabulatlng-Record Co. (qu.)
1
Juiy
10
Conley Tin Foil Corp. (No. 1)
50c.
July
1
154
June
2
July
(quar.)
(quar.)
Consol. Interstate-Callahan Mining
15
1
50c. June 30
Continental Can, Inc., com. (quar.)
154
Preferred (quar.)
Continental Motors, preferred (quar.)..
Copper Range Co. (quar.)
Crescent Pipe Line (quar.)
Crex Carpet........—
Crucible Steel, preferred (quar.)
Cuba Cane Sugar Corp., pref. (quar.)..
Cuba Company, preferred...
Cuban-American Sugar, com. (quar.)
Common (quar.)
Preferred (quar.)...
—
—
July
1
154
*154
July
July
June
15
75C. June
1
Holders of
rec.
15
May 12a
Holders of reo. June
15a
June
15a
Holders of rec. June
19a
Holders of
rec.
Holders of rec. June 19a
15
Holders of reo. May 20
June 15
May 23
to
June
154
June 30
Holders of rec. May 28a
Holders of reo. June 15a
154
*3 K
154
154
154
154
July
1
Holders of rec. June
Aug.
2 ♦Holders of
15
1
Sept. 30
July
1
July
31a
IK
July
15
d5
Holders of rec.
June 30a
Cudahy Packing, com. (quar.)
*154
July
$1.50 July
Holders of
rec.
June 30
Si
June 15
75c. July
1
Holders of
rec.
June
Davies (William) Co., Inc., class A (qu.)
Detroit & Cleveland Navigation
*4
Aug. 15
(quar.)—
Holders of rec. June
3
June
Preferred
18a
Holders of rec. June 25a
15
50o.
Holders of rec.
15a
15
15
June
Holders of rec, June
Aug. 15
rec.
June
June
reo,
1
July
1
Holders of
rec.
rec,
46.25c. July
1
2
June 30
Consol. Gas, El. Lt. & P., Bait, (quar.).
rec.
July
(1)
Preferred
Consolidated Gas of N. Y.
i
Trust
United
Common and preferred (monthly)
Common (payable In common stock).
July
1
Sept. 30
5
rec. June
Holders of reo. June
15a
30
10a
Holders of rec. Sept. 10a
Holders of reo. June 10a
Holders of
rec.
Sept. 10a
"Holders of rec. June 25
Holders of
rec.
June
July
la
31
Per
Per
Days Inclusive.
Name of Company.
Common (extra)..
Holders of rec
June 30a
Holders of rec
May 31a
1
Holders of rec
June 26a
July
July
July
1
Holders of rec
June 26a
1
1
June 21
July
July
1
Holders of rec,
June
1
Holders of rec
June 14
July
July
July
.1
IK
1
IK
(quar.)
Dominion Iron & Steel, pref.
(quar.)—
IK
10c.
Dominion Oil (monthly)
July
1
Holders of rec. June 21o
Sept.
1
Holders of rec. Aug
July
1
Holders of rec. June 15a
Oct.
1
Holders of rec. Sept. 15a
May Department Stores,
July
ih
Manhattan Shirt, preferred (quar.)
15
1
...
15
June
IK
Preferred (quar.)...
Dominion Glass, common (quar.)..
Days Inclusive.
2
July
2
(quar.)
Dodge Manufacturing, com. (quar.).
Books Closed.
Payable.
(Continued)
Miscellaneous
2
(quar.)
When
Cent.
Books Closed.
Payable.
{Continued)
Miscellaneous
Diamond Match
Preferred
When
Cent.
Name of Company.
Detroit Edison
[Vol. 110.
THE CHRONICLE
2462
IK
1
to
Holders of
rec
June 30
June 14
14
Holders of rec, June 10
5
Holders of rec
June
Holders of rec
June 15
Holders of
June 30
Common (quar.)
Common (payable in
Preferred
(quar.)
Preferred
common
\k
(quar.)...
...
McGraw Tire & Rubber, pref. (quar.)
Merchants Despatch Transport'n (quar.)..
ik
ik
*2k
2k
Mergenthaler Linotype (quar.)
Mexican Petroleum, common (quar.)
Common (;payable in common stock)...
*2k
July
1 Holders of rec. June 20
June 30 ♦Holders of rec. June 23
June 30
July
♦/10
July
♦2
July
Dominion Textile, Ltd., com. (quar.)__
Preferred
(quar.)
—
-
2K
IK
July
15
Draper Corporation (quar.)
3
July
1
Holders of rec.
June
5
Middle States Oil Corporation (quar.)..
du Pont (E. I.) de Nem & Co., com (qu.)
2
June 15
Holders of rec
May 29
e50
July
15
Holders of rec
May 29
Middle States Oil Corp. (in stock)
Mill Factors Corp., class A & B (quar.).
2
*1k
*1k
July
July
2
rec
Preferred
(quar.)
Eastern
(quar.)..,Mfg. (quar.)
July
10
Montgomery Ward & Co., pref. (quar.)
Aug.
2 ♦Holders of
rec
July
*1K
(quar.).
Preferred
June
*IK
Debenture stock
12K
IK
Aug.
2 ♦Holders of
rec
July
20
20
Montana
1 ♦Holders of
rec
June 20
1 ♦Holders of
rec
June 20
July
*50c. July
♦SI
Extra
Eastern Steel, common
July
26
Holders of rec
July
15
July
1
June
(quar.).
15
Holders of rec
June
1
1
Holders of rec
May 31a
Holders of rec
Class A
(quar.)
(quar.)...
(quar.)
....
Montreal Cottons, Ltd., com. (quar.)..
Preferred
(quar.)
Muskogee Gas <fc Elec., pref. (quar.)
National Aniline & Cbem., pref. (quar.).
IK
2K
July
Common (extra)
2K
July
1
Holders of rec
May 31a
National Biscuit, common
Preferred
IK
July
Holders of rec
May 31a
National Breweries,
1
1
Aug. 15
IK
July
Holders of rec
Eastman Kodak, common (quar.).,
(quar.)
Eisenlohr (Otto) & Bros., com.
(quar.)...
1
Holders of rec. Aug.
1
June 19a
Preferred, (quar )__
Elec. Light & Fqw. of Abinglon & Rock¬
land, Mass.
.........
4
July
Electric Storage Battery, com. & pf.
2K
July
1
1
Holders of rec. June 15
Holders of rec. June 14a
3
July
1
Holders of rec. June 19
$1.25 July
IK
July
1
Holders of rec. June 12a
1
Holders of rec. June 12a
....
(qu)
Empire Steel & Iron, preferred
Endicott-Johnson Corp., com. (quar.)..
Preferred (quar.)
;
Fairbanks, Morse & Co., com., (qu.)._
June
IK
IK
July
Fairbanks Co., pref. (quar.)............
$2
(qu.)
Farrell (Wm.) & Son, Inc., pref. (qu.)__
Federal Mining & Smelting, pref (quar.)
Firestone Tire <& Rubber, com. (quar.)...
Six per cent preferred (guar.)
Fisk Rubber, com. (quar.)
First pref.
—
Pref. (acct. accumulated dividends)
General Chemical, preferred (quar.)
General Cigar Debenture pref (quar.)..
July
July
Holders of rec. June 15
rec. June
20
rec. June
1 ♦Holders of
Holders of
1
15a
(quar.)
Extra (payable in stock)
Holders of rec. July
1
Globe Soap, common (quar.)
Common (extra)
First and second preferred (quar.)
Niles-Bement-Pond, common (quar.)...
1 ♦Holders of
rec.
July
21a
Noble Oil & Gas, com. & pref.
June
15 ♦Holders of rec. June
Holders of
ik
July
IK
June 30
June 15
Holders of
rec.
Holders of
rec.
June
15
Holders of rec. June
reo.
June
rec.
May 29
25c. June 30
2a
16
Holders of
6
4
July
15
Holders of rec. June 21
June
15
Holders of
rec.
June
ik
July
15
Holders of
rec.
June 30a
2
June 21
Holders of rec. June
July
1
Holders of rec. June 15
July
1
Holders of rec. June
15
1
1
(In stock) f20
Com. (extra.payable in com. stock)..
North American Co. (quar.)..
/G
ik
12
Ohio Body & Blower (quar.)
62kc July
Holders of
rec.
June
19a
Ohio Oil
*§1.25 June 30 ♦Holders of
rec.
May 29
*§2.75 June 30 ♦Holders of
rec.
May 29
15
Holders of
rec.
May 29
1 Holders of
1 ♦June 16
1 ♦June 16
rec.
June
IK
July
1
Holders of rec. June 25a
July
15
15
Holders of rec. June 10a
July
25c. Aug.
Holders of rec. June 10a
..............
(quar.)
Extra
5
July
July
2
Holders of rec. July
15a
Oklahoma Gas & Elec., pref. (quar.)...
IK
June
1-40 Aug.
2
Holders of rec. July
15a
Oklahoma Prod. & Ref. (quar.)
2
July
Aug.
2
Holders of rec. July
5a
Aug.
2
Holders of rec. July
5a
Aug.
2
Holders of rec. July
5a
IK
July
1
Holders of rec. June
July
Holders of rec. June 19
Owens Bottle Co., com. (quar.)—
IK
IK
June
15
Holders of rec. May 31
Owens Bottle Co.,
June
15
May 30
to
June 15
1
19
Holders of rec. May 31
Holders of rec. May 31
15
Holders of
IK
Aug.
16
Holders of rec. Aug.
(quar.)
Goodyear Tire & Rubber (in stock)
Goulds Manufacturing, common (quar.)
Preferred (quar.)
Graeselli Chemical, common (quar.)
Common (extra)...................
Preferred (quar.)
Great Lakes Towing, com. (quar.)
IK
July
1
Holders of rec. June 21a
el50 July
IK
July
1
Holders of rec. June 14a
1
Holders of rec. June 19
IK
July
1
IK
June 30
Holders of rec. June 15a
K
June 30
Holders of rec. June 15a
IK
June 30
Holders of rec. June 15a
i A
June 30
June
16
to
June 30
(quar.)..
Great Western Sugar, com. (quar.)
Common (extra).......
Preferred (quar.)...
Guantanamo Sugar (quar.)
IK
July
1
June
16
to
July
*1K
July
1 ♦Holders of rec. June 15
July
July
1 ♦Holders of
rec. June
15
1 ♦Holders of
rec. June
15
*10
*1K
$1.25 July
1
$5
1
July
rec.
June 30
Holders of rec. June
6a
19
1
Holders of rec. June 15a
Holders of rec. June 15a
20c. June 20
Holders of rec. June 10
10c. June 20
Holders of
Extra
*37 Kc July
rec.
June) 10
1 ♦Holders of rec. June 10
Harbison-Walker Refractories
stock). 150
Holders of rec. May 20
reo. June 15a
Holders of
rec.
June 21
Holders of rec. June 21
June
8
to
June 16
Holders of
rec.
June
la
15
Holders of
rec.
June
la
June 15
Holders of
rec.
May 29a
July
10 ♦Holders of
rec.
June
19a
♦Holders of
rec.
June
19a
July
10 ♦Holders of
rec.
June
19a
Holders of rec. June
la
June
June
July
1
30
1
Holders of
June 19
rec.
to
June 20
June 27
June 30
Holders of
June 30
Holders of rec. June
15
July
1
Holders of
rec.
June
1'8«
July
1
Holders of
rec.
June 21a
rec.
June 21
*3
Quaker Oats, common (quar.)
Preferred
(quar.)
July
2 ♦Holders of
15
rec.
June
15
Holders of
rec.
July
3
June 26
to
July
1
Holders of
July
Holders of rec. May 31a
Oct.
l
1
Holders of
rec.
Aug. 31a
July
1
Holders of
rec.
June
19a
July
1 ♦Holders of
rec.
June
15
July
1 ♦Holders of
rec.
June
15
June
rec.
May 21a
June 30
June
15a
June
15
Holders of
rec.
June
15
Holders of
rec.
May 25a
May 29
July
15 ♦Holders of
rec.
July
1
Aug. 31 ♦Holders of
rec.
Aug.
2
June 30
Holders of
rec.
June 17a
June 21
Holders of
rec.
June
7a
25c. June 30
_,
(quar.)....
Holders of
rec.
June
14a
*1k
2
ik
3
July
15
Holders of rec. July
6
1
Holders of
June
15
Holders of rec. June
15
IK. July
1
Holders of rec. June 12a
16a
X
2
June 25
June 16
to
June 24
2
June 25
June 16
to
June 24
IK
Holders of
2
July
1
June 30
Holders of
rec. June
15
15
reo.
July
rec.
June 20
rec. June
15a
Holders of rec. June 21a
15 ♦Holders of reo. June
9
*3
VA
July
July
1 ♦Holders of
Holders of
15
*15c.
July
1
Holders of rec. June
15
International Mercantile Marine..
*3
Aug.
Aug.
2
Holders of
reo.
July
15
2
Holders of
rec.
July
15
Internat. Motor Truck, 1st & 2d pref..
International Salt (quar.)
$2.33 July
IK
July
1
Holders of
rec.
June 16a
1
Holders of rec. June 15a
Jordan Motor, com.
$2
h5
18
rec.
June
rec.
June 30a
June 30
Holders of
rec. June
14a
IK
IK
June 30
Holders of
rec. June
14a
July
1
Holders of rec. June 21
IK
July
1
Holders of rec. June 15a
25c. June 30
Holders of
June
la
25c. June 30
Holders of rec. June
la
30c. July
1
Holders of rec. June 15a
IK
reo.
July
1
Holders of
rec.
June 19a
o3
July
1
Holders of
rec.
June 15a
IK
♦1K
July
1
Holders of
rec.
June
♦2
(auar.)
Holders of
10c. July
June
(quar.)
1
1
15
30C. July
*1K
Lorlllard (P.) Co., com. (quar.)
Preferred (quar.)
15a
Reece Buttonhole Machine (quar.)
(quar.)
(quar.)
lngersoil-Rand, preferred.
Internat. Agrlc. Chemical, pref. (quar.).
Internal. Buttonhole SevAny Mach. (qu.).
Locomobile Co. of America, pref. (qu.)_
Lone Star Gas (quar.)
June
Reece Folding Machine (quar.)..........
9
_
rec.
12a
15 ♦Holders of rec. June
Lehigh Valley Coal Sales (quar.)
Llbby, McNeill & Llbby.
Llbby, McNeill & Libby (In stock)
Liggett & Meyers Tobacco, pref. (quar.)
Lindsay Light, preferred (quar.)
Holders of
15a
June
(quar.)
1
Holders of rec. June
15c.
Lackawanna Steel, com. (quar.)
Laclede Gas Light, preferred
10
Holders of rec. June
*3
Kolb Bakery, pref. (quar.)
Kresge (S. S.) Co., common
Preferred (quar.)
June
1
1 ♦Holders of
1 ♦Holders of
(quar.)
1
rec.
1
1
com.
1
30 ♦Holders of
July
2K
July
Capital distribution
15a
July
$1
Aug.
Kennecott Copper Corp. (quar.)
July
ik
Preferred
(quar.)
Ray Consolidated Copper (quar.)
Realty Associates
1
80c.
Pennsylvania Water & Power (quar.)..
Pettibone, Mulliken Co., 1st & 2d pf .(qu.
*2k
Phelps, Dodge Corp. (quar.)
4375c.
Philadelphia Electric (quar.)
Pick (Albert) & Co., preferred (quar.)..
ik
2
Pierce-Arrow Motor Car, pref. (quar.)...
12 K
Pierce Oil Corp., com. (qu.) in com. stk.
Common (quar.) (pay. in com. stock).
12K
2
Preferred
(quar.)
*2
Pittsburgh Plate Glass, common (quar.)
*2
Price Brothers (quar.)
Procter & Gamble, 6% pref. (quar.)...
ik
ik
Puget Sound Gas, pref. (quar.)
19
10
ik
July
ik
ik
Railway Steel-Spring, com.
Juno
June
to
to
12
IK
Pennsylvania Rubber, com. (quar.)
Preferred
(quar.)
10
July
Kavfmann Dept. Stores, pref. (quar.)...
Kelly-Springfleld Tire, pref. (quar.)
Penney (J. C.) Co., preferred (quar.)
Penn Central Light & Power, pf. (qu.)...
Holders of rec. July
July
July
§1.25 July
Peerless Truck & Motor (quar.)
Holders of rec. July
*1K
...
*IK
(quar.)
15
5a
June
1
50c. June 15
(extra)
June 30 ♦Holders of rec. June
1
$1K
ik
Packard Motor Car, preferred
Preferred
July
July
15
SI
ik
(quar.)..
Pan-American Petroleum & Transport—
*10
Common and Class B, com. (quar.).
Com. & Class B, com. (in CI. B stock).. *p!0
Common
July
75c. July
com.(pay.in com.stk.)
Pabst Brewing, preferred (quar.)
Pacific Mail Steamship, common
20
*250.
(quar.)
*50c.
Orpheum Circuit, com. (quar.)
*2
Preferred (quar.)
♦50c.
Osceola Consolidated Mining (quar.)—
IK
Otis Steel, pref. (auar.)—
July
Hupp Motor Car, preferred (quar.)
(quar.)
*
July
IK
*1K
Huntington Devel. & Gas., pref. (quar.)
Hupp Motor Car Corp., com. (quar.)....
Extra (acct. accumulated dividends)
la
11
10
Preferred
8
June
10
(quar.)..
July
rec.
July
Indian Refining
rec.
15 ♦Holders of
June
Indiahoma Refining (quar.)
12
July
June
June
Hercules Powder, common (quar.)
Common (extra)
June 14a
Holders of rec. June
*3
18a
IK
Hart. Schaffner & Marx, Inc., pref. (qu.)
rec.
June 25
Holders of rec. June
1
Harvey Crude Oil (monthly)..]
Haverhill Gas Light (quar.)
Haskell & Barker Car (quar.)...
Helme (Geo. W.) Co., common (quar.)
Preferred (quar.)
Holders of
June 22 ♦Holders of rec. June
1
2
...
18a
Holders of
15 ♦Holders of
15 ♦Holders of rec. May 29
July
July
June 15
Common (payable in common
la
la
10
IK
to
Hablshaw Electric Cable (quar.)
July
June
15a
May 30
...—
rec.
June
15
-
Holders of
June 23
June
June
Gum Cove Oil & Refining (quar.)..
Holders of rec. May 21a
15
rec.
June 15
...
Holders of rec. July
7a
Holders of rec. June 11a
July
2
1
15
rec.
June 15
—.
June
Holders of rec. June
June 15
Preferred
rec.
June 30
July
14a
Holders of rec. June 30a
Holders of
to
15a
Rels (Robert) &
Co., 1st & 2d pf. (qu.)
Remington Typewriter, first pref. (qu.).
Second preferred
(quar.)
First preferred, Series S (quar.)
Reo Motor Car (quar.)
Republic Iron & Steel, com. (quar.)
Preferred
(quar.)..
Reynolds (R. J.) Tobacco, com. (quar.)
Common, Class B (quar.)
Preferred
(quar.)....
.....
Riordon Pulp & Paper, preferred (quar.)..
Royal Baking Powder, com. (quar.)...
Preferred (quar.)
Safety Car Heating & Lighting, (quar.).
St. Joseph Lead Co. (quar.)
Extra
—
Co.,com. (qu.)
Preferred
(guar.)..
San Joaquin L. & P. Corp., pref. (qu.)_
Savage Arms Corporation, com. (quar).
First preferred (quar.)
Second
preferred
Savoy Oil (quar.)
(quar.)
(quar.)
Sears, Roebuck & Co..
Common (payable in common stock).
Seaman* Oil
Preferred
(quar.)
Sherwin-Williams of Canada, pref.(qu.)
June 30 ♦Holders of rec. June
Sinclair Cons. Oil
18
June 30
Holders of rec. June 10a
Sloes-Sheffield Steel & Iron, pref.
June 15
Holders of rec. June 1
Smith
*e50
1
Holders of rec. June 17
1
June
6
to
July
11
Aug. 14 ♦Holders of
rec.
June
Holders of
rec.
June 15a
5
IK
*1K
July
June 30 ♦Holders of
rec.
May 31
IK
July
reo.
June 15
50c.
1
1
Holders of
June 30 ♦Holders of reo. June 19
(qu.)
(Howard) Paper Mills, com. (qu.)
(quar.)
Preferred
1
Holders of rec. June 15a
Manhattan Elee. Supply, com. (quar.).
First and second preferred (quar.)
1
1
Holders of rec. June 19a
1
Holders of rec. June 19a
IK
Holders of
rec.
1
Holders of
rec.
ik
July
1
Holders of
rec.
Junell5
ik
June 30
Holders of
rec.
June 22
15
JuneJlS
*2
June 30 ♦Holders of rec. June
15
*1k
*ik
June 30 ♦Holders of
15
July
rec.
June
1 ♦Holders of rec. June 15
25c. June 21
June 10
to
25c. June 21
June 10
to
June 21
June 21
1
June 30
Holders of
reo.
June
19a
ik
June 30
Holders of
rec.
June
19a
ik
June
15
Holders of
rec.
May 31
ik
June
15
Holders of
rec.
June
1
IK
ik
June
15
Holders of
rec.
June
1
June
15
Holders of
rec.
June
Holders of
rec.
June
15
Holders of
rec. June
15
5
f40
IK
IK
June 30
July
July
15
1
June 30
July
15
1
Holders of rec. June
15s
Holders of
rec.
June
15a
Holders of
rec.
June 15
Holders of
rec.
June 30a
Holders of
rec.
June
19a
July
10
IK
July
1
2
July
July
20
Holders of rec,
20
Holders of
July 10
May 31
2
June 20 ♦Holders of
rec,
rec
June 20 ♦Holders of rec
30 ♦Holders of
May 31
11
15a
(quar.)
2
July
Holders of
rec.
June 15
<fc Oil (quar.)
3
June 15
Holders of
rec.
June
20C.
June 25
(monthly)
June
8
Holders of
rec,
June 15
2
June
15
Holders of
rec.
2K
(Kan.)
(quar)
June
15
Holders of rec,
May 31
May 15
1
June
15
Holders of
May 15
*3
June
15 ♦Holders of
rec
♦3
—
(Indiana) (quar.)
Extra
Standard Oil
June
15a
Extra
Standard Oil
July
June
Standard Gas & Electric,
Extra
rec.
1
July
rec,
6a
July
July
July
Holders of
July
3
Holders of
Holders of rec. June
IK
1
3
1
1
pref. (quar.)..
Standard Oil (California) (quar.)
June 15
16a
June 15a
July
Southwest Pa. Pipe Lines
Southwestern Land
10
June 15
July
2
(quar.)
Spencer Petroleum Corp.
rec.
June
rec.
rec.
June
5a
Holders of
rec.
Aug.
June
Holders of rec. June
Holders of rec. June 21
Holders of
1
1 ♦Holders of
2 Holders of
ik
ik
rec,
Holders of rec. June 15a
1
July
ik
*25c. July
rec
1
1
1
June 10
Holders of
(quar.).
July
July
July
1
June 10
rec.
1
South Porto Rico Sugar, com.
IK
IK
July
reo.
Holders of
July
Holders of rec. June 15a
20c. July
June
Holders of
1
5
1
IK
rec.
1
July
♦5
July
1'
Holders of
July
*5
Extra
South Penn Oil (quar.)
3
Maibohm Motors (quar.)
July
ik
*5
Solar Refining
Preferred
1K
2
e2r
(payable in stock)
IK
2K
$2
July
50c. July
rec.
1
l
15c. June 25
St. Louis Rocky Ml. & Pac.
June 30 ♦Holders of rec. June 18
Mallinson (H. R.) & Co., Inc., pref. (qu.)
Manati Sugar, preferred (quar.)
2
15
July
15 ♦Holders of
to
Preferred
May 29
June
to
com.
rec.
Holders of rec. June
*3
May 30
Mackay Companies,
Holders of
1
15
Northern Pipe Line
May 30
Preferred
15
July
Northwestern Yeast (quar.)
Extra
1
May 30
Keystone Tire & Rubber,
June
ik
Holders of rec. June 19a
15
Preferred
May 31
IK
Holders of rec. June 19a
15
Ide (Geo. P.) tfe Co., Inc., pref.
rec.
1
June
(quar.)
HolderB of
1
June
Preferred
June 14a
15
July
June 15
(extra)...
June 14a
rec.
July
K
Preferred (quar.)
Goodrich (B. F.) Co..common (quar.)..
June 20
rec.
IK
hK
♦2
IK
IK
K
Special preferred (quar.)..
Special preferred (extra)
Clobe-Wcrniche Co., com. (quar.)
Preferred
...... ........
15a
Holders of rec, May 31
rec.
June
IK
—
Globe Rubber Tire Mfg., com. (quar.)..
...
(quar.)....
June
15
June 20
June 20
ik
IK
General Railway Signal, com. (quar.)..
Extra
Preferred
............
rec.
Aug.
14a
rec.
rec.
IK
Dock, preferred.
1 ♦Holders of
June
Holders of
1
1 ♦Holders of
1 ♦Holders of
1 Holders of
Holders of
1
2k
Niagara Falls Power, com. (quar.)
15
15a
June 10a
2k
Holders of rec. June 10a
July
June
rec.
Holders of rec. May 31
*1K
July
IK
*75c.
rec.
Holders of rec. June
15
IK
IK
(quar.)
Debenture 6% preferred (quar.)
Debenture 7% preferred (quar.)
Common
(quar.)..
June 20
$2
e2
General Motors, common (quar.)
Common (payable in common stock).
(quar.)...
Nevada Consolidated Copper
New River Co., pref. (quar.)...
New "York Air Brake (quar.)
New York Transit
June
1 ♦Holders of
Holders of
1
10
♦50c. June
Extra
Holders of rec. May 26a
IK
19a
♦50c. June
National Transit
15
1
June
June
ik
(quar.)..
National Licorice, preferred (quar.)
IK
20c.
National Oil Co. of N. J., pref. (quar.)..
National Refining, com. (in com. stock) /75
3k
National Sugar Refining (quar.)
3
National Surety (quar.)
New York
July
June 19a
rec.
ik
SI
National Cloak & Suit, com. (quar.)...
Natlonal Lead, common (quar.)
5a
rec.
July
July
k
ik- July
(quar.)
(quar.)
Holders of rec. June 19
IK
2
Electric
Preferred
15
IK
Foundation Company (quar.)
Oeneral Baking, pref. (quarf)...........
Preferred
8
Holders of rec. June
*1K
(quar.)
Fisk Rubber, 2d pref. (quar.)
General
Holders of rec. June
1
June 30
*2
Famous Players-Lasky Corp., com.
15
July
Holders of rec. June
10 ♦Holders of
10 ♦Holders of
1k
Preferred
3
Erie Lighting, preferred (quar.).
40c. July
Power, com.
Preferred
103
Holders of rec. June 25
stock). /33 1-3
June
15 ♦Holders of
rec
May 17
3
June
15
Holders of
rec
May 31a
3
June 15
Holders of
rec
May 31a
rec,
May 17
June 12 1920.]
THE CHRONICLE
Per
Miscellaneous
Standard Oil
Books Closed.
Payable.
Days Inclusive.
♦3
(quar.)
July
1
■June 16
to
July
1
5
June
15
Holders of
rec.
May 20a
IX
(quar.)
June
15
Holders of
reo.
15
Standard Oil of New York (quar.)
♦4
June
♦3
July
1
♦1
July
1
2
July
/25
(quar.)
Extra-..
Standard Textile Products, com. (quar.)..
to
to
to
1
July
1
Holders of
rec. June
1
Holders of
rec.
Holders of
rec.
July
15
Holders of
rec.
June
July
1
Holders of
rec.
June
July
1
Holders of
July
15
rec.
June 10
Holders of
rec.
June
15
Holders of
reo.
June
75c. June 30
Holders of
rec.
June
18a
Tobacco Products Corp., pref. (quar.)
Extra
Holders of
rec.
June
1
Fed. Res. Bank
Holders of
rec.
June
1
Bk of NY, NBA
June
30
Holders of
rec.
June 18a
Manhattan
June 30
Holders of
rec.
June 18a
Mech & Metals.
June 18
15,500
June
7
National City_.
25,000
rec.
June
7
Chemical Nat..
J4.500 j 14,400
1 ♦Holders of
rec.
June 10
Atlantic Nat'l.
Preferred
July
rec.
June
12
Holders of
rec.
May 31
Nat Butch & Dr
300
162
5
Amer Exch Nat
5,000
25,000
6,483
31,040
1,697
7,2/2
July
15 ♦Holders of
rec.
July
July
15
Holders of
rec.
June 30
NatBkofComm
July
15
Holders of
rec.
June 30
Pacific Bank...
1,000
July
1
Holders of
rec.
June
5a
Chath & Phenlx
7,000
July
1
Holders of
rec.
June
5a
Hanover
Nat'l.
3,000
IX
July
1
Holders of
rec.
June
5a
Metropolitan
2
Oct.
1
Holders of
rec.
4
Corn Exchange.
15
Holders of
rec.
May 28a
Second National
2
July
1
Holders of
rec>
June 15a
First National-_
July
1
Holders of
rec.
June 15a
Irving National.
rec.
June 15a
N Y CountyNat
1
reo.
Sept.
Holders of
reo.
June
1 ♦Holders of
June
IX
United Drug, common (quar.).
United Dyewood Corp., common (quar.)
Preferred (quar.)
Holders ot
15
Oct.
June
♦$1.50 July
(quar.)..
United Cigar Stores, pref. (quar.)..
Sept.
rec.
June
4
5a
10
._
Imp & Trad Nat
National Park..
East River Nat
IX
June 30
Chase National
July
15 "■Holders of
Fifth
19
(quar)
U. S. Steel Corporation, com. (quar.)..
~5~, 852
4,854
4,450
22,689
287,373
894
5,454
23,788
25,436
1,913
35,505
10,340
1
384
1,000
50
51
4,876
48
18,842
180,756
193,746
2,294
826
125
992
5,239
1,023
605
June 30
Holders of
rec.
June 10
Lincoln
1,000
2,089
117,960
1,295
1 ♦Holders of
rec.
July
6
Garfield Nat'l..
1,000
1,478
403
1,000
1,000
5,000
1,000
1,500
1,000
1,500
20,000
2,000
25,000
1,000
5,000
hi,500
3,000
620
15,146
15,228
50,291
85,356
26,789
25,543
21,381
41,234
2a5,475
61,645
528,609
Fifth
June
30
Holders of
rec.
June
9a
Seaboard Nat'l.
June 30
Holders of
rec.
June
9a
Liberty Nat Bk
National
June 30 ♦Holders of reo. June 15
N Y Prod Exch.
June 30 ♦Holders of rec. June
Coal & Iron Nat
15
15
Holders of
rec.
June
la
July
1
Holders of
rec.
June
15a
July
1
Holders of
rec.
June 15a
June
June
29
June
V
June 2
15
Holders of
rec.
July
1
Holders of
rec.
IX
IX
July
July
1
15
July
9
to
IX
June
19
June 16
to
June 24
Union Exch Nat
Brooklyn Trust.
Bankers
Trust
U S Mtge & Tr
Fidelity Trust..
July
I
Columbia Trust
July
15
Peoples Trust..
June 19
to
4,395
7,161
1,456
1,580
1,571
2,504
18,547
4,803
31,757
1,367
7,453
hi,900
11,256
■
May 31
19
New York Trust
June
Guaranty Trust
20,562
rec.
June 14a
Lincoln Trust..
1,000
925
rec.
June 17
Holders of
rec.
June 15
Metropolitan Tr
Nassau N,BkIyn
2,000
1,000
3,355
1,345
July
1 ♦Holders of
rec.
June
15
Farm Loan & Tr
July
rec.
June
15
Columbia Bank
rec.
*15
2
July
1 ♦Holders of
Holders of
2
June
July
1 ♦Holders of
rec. June
22
July
1 ♦Holders of
rec.
1 ♦Holders of
rec.
June 21
1 ♦Holders of
rec.
June 21
rec.
June
2,890
703
833
648
2,416
5,000
1,223
1,095
470
505
24,163
38,706
17,982
120,573
24,062
10,633
k2,000
404
kl,560
603
984
195
84
6,434
308,894
20,610
7,731
13,933
l~07l
78
210
131
389
9,365
18,215
14,773
13,139
521
46,852
503
67
8,0780
2,778
1,936
78
30,544
582
15,180
464
20,519
29,114
5,218
242,220 13,446
51,622
8,241
t518,989 26,414
398
11,851
6,199
77,455
2,055
33,589
64,028
2,312
948
25,175
28,448
1,332
13,636
1,046
tl27,375 12,187
231
22,228
244
"404
389
50
"
June 22
♦25c. July
14,231
729
822
657
628
7,586
2,254
15
*$1
(quar.).
*1X
(quar.)
527
4,231
2,257
91,091
Holders of
1
483
34,717
Holders of
50c. July
1,041
79,211
June 26
IX
283
13,196
$1.50 June 30
(quar.).
3,204
1,199
1,281
2,626
2,085
1,761
6,529
10,726
4,617
1,971
2,747
4,137
32,129
7,189
54,296
1,705
10,55a
3,416
8,779
3,771
3,898
1,496
,
501
100
8,631
13,334'
I
38,715
7,694
9,072
9a
100
861
795
June
4,635
3,329
967
rec.
21
136,226
11,217
500
Holders of
6,652
13,005
26,973
163,530
200
30
290
1,515
738
400
June
1,397
392
Commercial Ex.
.
1~,389
1,320
Commonwealth
Nat'l.
740
i"666
9,192
6,948
8,268
404,256
731
Avenue..
146,936
54,068
35,761
150,574
May
1
98,339
2,776
852
198,051
14,638
34,589
5,632
20,579
3,542
21,425
June 15
IX
Vivaudou, common (quar.)
*1X
.......
Waldorf System, common (quar.).
♦20C. July
♦35c. June
Walworth Mfg., com. (quar.).
15
$1.50 July
(quar.)
Holders of
5
Totals, actual
Totals, actual
Totals, actual
co ndition June
5
4,964,403
ndltion May 29 4,976,986
ndltion May 224,959,810
co
co
5
June
15
Holders of
June
(quar.).
Western Union Telegraph (quar.)...
rec.
June 30
Not Me mbers
/ Federal Reserve Bank
1,653
19,167
2,565
722
327
5,480
1,508
3,028
2,134
69,315
19,860
5,452
30,881
3,050
4,226
o
June 15
Greenwich Bank
g800
1,878
rec.
June 23
Bowery Bank..
250
839
15 ♦Holders of
rec.
June 15
State
1
Holders of
rec.
June
1
Holders of
rec.
June 14a
Juno 30
Holders of
rec.
June
July
1
Holders of rec. June 19
Totals, actual
Aug.
Totals, actual co ndition May
Totals, actual co ndltion May 22
*IX
2X
July
July
IX
(quar.).
July
$1
IX
Willys Corporation, 2d pref. (quar.).
Wilson & Co., com. (quar.)
Preferred (quar.).___
97,372 565,769 c4,091,248 213,470 35,109
93,544 571,644 4,165,237 213,769 35,009
95,713 543,467 4,078,834 213,98434,907
2,000
State Banks.
to
*$2.50 June 30 ♦Holders of
Western Electric, common
95,515 562,544 c4,113,712 211,735 34,937
228,020421,6804,969,357
Average.
June 30 ♦Holders of rec. June 19
*1H
(quar.).
2
Preferred
13,688
36,982
3,597
14,810
21,980
June 15
3
Utah Copper Co. (quar.)............
Prefered
1,325
2,505
1,284
5,172
5,338
1,895
4,017
99,354
277,466
24,527
108,659
rec.
$2
First preferred (quar.)
Second preferred (quar.)
West Coast Oil
604
rec.
IX
mx
(acct. accumulated dies.)..
(quar.)
134
111
rec.
2
U. S. Title Guaranty.
Preferred
570
Holders of
*1X
Wahl Co., common
17,613
Holders of
*1
U. S. Trucking Corp., pref. (quar.)..
U. S. Worsted, common (No. 1)
Preferred
2,397
6
5
(quar )
Utilities Securities Corp., pref.
1624,797
118,863
496
6
July
IX
.......
(quar.)
Gypsum, common
2,009
2,184
11,836
8,651
1,000
$
13,792
9,391
796
8,776
15,000
Continental Bk.
$
4,355
10,622
4,285
1,795
38,189
1,779
2,772
22,227
2,348
IX
U. S. Industrial Alcohol, com. (quar.).
U. S. Printing & Ligho., 1st pf. (quar.)..
V.
June
rec.
♦50c. Aug.
Preferred
First pref.
rec.
Holders of
IX
(extra).
Preferred
Holders of
15
Average Avge.
$
4,813
13,049
19,550
8,309
73,439
15,772
$1.50 July
U. S. Bobbin & Shuttle, com. (quar.)
S
Holders of
15
July
*1X
...
United Theatre Equip. Corp., pref. (qu.)
United Verde Extension Mining (quar.)..
U
1
July
Average.
-
$
730
27X
United Paperboard. pref. (quar.)
United Shoe Machinery, com. (quar.)
Common
July
3
$1
...
$
21,582
9.000
IX
2
Union Carbide & Carbon
posits. lation.
lories.
130,437
31,763
148,516
34,337
213,360
19,529
2,910
2,000
4,620
1,500
5,000
1,000
1,000
10,000
IX
...
...
1,069
f»5
(quar )...».__
Underwood Typewriter, com. (quar.)
Preferred (quar.)
United Fruit (quar.)
1,000
IX
(qua
Com. (payable in U. S. Victory bds )
(quar.)
16,051
58,875
Bank of America
rec.
Holders of
2
.....
Deposit Deposits.
166,328
20,660
5,211
126,328
339,962
25,232
128,137
13,679
Holders of
1
Underwood Typewriter, com.
Vault.
572,910
f16,146
9,000
Co
Holders of
*4
Truscon Steel, common (quar.)
(quar.)...
1
f 5,000
19
IX
Tucketts Tobacco, common (quar.)
Circu¬
$
19
"be.
preferred (quar.)..
Bank I
De¬
53,054
136,273
175,733
58,313
7,040
SI.25 June
Tonopah Extension Mining (quar.)
Time
Demand
Average. Average A cerate
$
*
2,000
IX
July
$1.75 June
...
Net
Legal
&c.
Members of
15
16
2
Todd Shipyards Corp. (quar.)
Naf
with
in
ments,
May 4
(,000 omitted.) Nat'l,
Week
Feb. 28
ending State,
June 5 1920.
Tr.Cos.,Feb. 28
June
X
—
Reserve
Cash
Invest¬
HOUSE
MEMBERS
2
Extra
Preferred
Net
Loans,
Capital. Profits. Discount,
CLEARING
June
2
(quar.)
given^
5
...
Tidewater Oil
May 27
15
1
5c.
—
In the
also
18a
June 29 ♦Holders of rec. June 18
2
_
_
are
WEEKLY CLEARING HOUSE RETURNS.
YORK
NEW
15c. June 20
Texas Company (quar.)
Texas United Oil (monthly)
actual figures at end of the week
(Stated in thousands of dollars—that is, three ciphers 1,000] omitted.)
2
—--
The figures for the
June 15
2X
(monthly)
City Clearing House
ending June 5.
July
July
of totals,
July
July
June 16
50C. June 30
Texon Oil & Land
Preferred
16
June 16
1
*eS0
Special (payable in stock)
Symington (T. H.) Co., common (quar.)_.
Preferred (quar.)
Swift & Co. (quar,).....
Tooke Bros.,
June
1
July
$1.25 July
Submarine Signal
Extra
1
July
*1X
Steel & Tube Co., preferred {quar.)
Stromberg Carburetor (quar.)
Stuiz Motor Car (quar.)
Texas Chief Oil
case
IX
—
shows the condition of the New York
members for the week
separate banks are the averages of the daily results.
SI
Common (payable in common stock)
Preferred Class A arid B (quar.)...
City Clearing House Banks
Companies.—The following detailed statement
May 20a
Standard Oil (Ohio)
■
Statement of New York
and Trust
(Concluded).
(Kentucky)
Standard Oil of New Jersey, com.(quar.)
Preferred
When
Cent.
Name of Company.
24G3
6
Bank
36,441
14a
Average....
93,962
6,915
4,114
50,193
36,441
93,699
6,707
4,210
95,247
6,630
4,123
94,401
6,839
55,752
57,404
56,781
36,519
36,329
36,180
15a
2
Holders of
IX
July
1
Holders of
rec.
June 22
IX
IX
July
1
Holders of
rec.
June 10a
July
15
Holders of
rec.
July
Preferred A
IX
Holders of
rec. June
IX
July
July
1
Preferred
1
Holders of
rec.
June 21a
5
July
Holders of
1
June 30 ♦Holders of
rec.
June 18
rec.
June
co ndltion June
IX
...
(quar.)
(quar.)
Yale & Towne Mfg. (quar.).
Yukon-Alaska Trust (quar.).
*
B
♦SI
rec.
July
21
3a
21a
4
f Conditional on receipt from the U. S. Government
the rental now due.
t The New York Stock Exchange
ex-dividend on this date and not until further
notice,
a Transfer books not closed tor this dividend.
6 Less British income tax.
d Correction.
e Payable in stock.
/ Payable In common stock.
g Payable In scrip.
h On account of accumulated dividends,
i Payable In Liberty Loan bonds.
From unofficial sources,
of an adequate payment of
has ruled that stock will not be quoted
N iot Mem bers of Fe deral Re
Trust Compan ies.
Title Guar & Tr
5,000 12,906
45,317
1,044
4,145
s
■erve
Ba nk
5,994
26,734
1,028
3,629
1,680
30,910
17,390
1,044
4,000
Average.
9,000
18,901
72,051
2,072
5,309
48,300
1,451
Totals, actual
co ndition June
71,246
72,948
72,928
2,108
1,968
5,120
2,038
5,487
46,966
50,284
49,314
1,332
Lawyers T.& Tr
5
Totals, actual co ndltion May 29
Totals, actual co ndition May 22
5,713
407
1,425
1,357
Gr'd aggr, avge 240,070 444,810 5,135,370 104,i502 5 71,967 d4,218,205 249,627 314,937
49,
v. week
+ 10,110—1,699 + 3,698
■77
+29,603 —1,571
Comparison, pre
J New York Stock Exchange has ruled that common stock of Brown Shoe Co.
shall not be quoted
the 33 1-3% stock dividend until July 1.
k Payable in Class
Gr'd
f At the rate of 5 sharee of common stock on every
100 shares of
common
stock
June
act'J cond'n
5
pre v. week
Traasfers received In order In London on or before June 16 will be In
be passed for payment
time to
of dividend to transferees.
n
Erroneously reported
p
Payable in Class B common stock.
aggr,
aggr,
cond'n
Gr'd
aggr,
cond'n
May 29 5,145,181 102,142 581,510
May 22 5,127,139 104,590 553,099
May 15 5,156,615 104,760 578,193
cond'n
May
85 ,136,391 109,473540 ,840
4,272,925
4,184,929
4,211,678
4,125,376
251,455 35,009
251,497 34,907
251,476 35,904
253,28035 ,882
Payable in United States Victory bonds.
o
Gr'd
act'l
act'l
act'l
Gr'd aggr, act'"
1
cond'n
5,129,348 106, 1875 75,099 e4,193,966 251,414 35,109
•15,833 +4,045 —6,411
-78,959
—41 + 100
Gr'd
outstanding.
m
aggr,
Comparison,
B common stock.
r
Issues as 2 X%.
Declared 8% payable in stock In quarterly
to holders of rec. June
to holders of rec. Dec.
s
in7 previous
t Includes deposits In foreign branches not Included In total footing
Installments as follows- 20% July 15
30; 2% Oct. 15 to holders of rec. Sept. 30; 2% Jan. 15 1921
311920, and 2% April 15 1921 to holders of
rec.
March 311921.
N. Y. Stock Exchange has ruled that Sears, Roebuck & Co. com. stock be quoted
ex-the 40%
stock dividend on July 15.
as follows
National City Bank, $141,268,000; Guaranty Trust Co., $101,502,000; Farmers
Loan & Trust Co., $21,471,000.
Balances carried in banks in foreign countries as
for such deposits were: National City Bank, $47,579,000; Guaranty Trust
Co., $8,127,000; Farmers' Loan & Trust Co., $3,089,000.
c Deposits 1h foreign
branches not included,
d U. 8. deposits deducted, $28,562,000.
eU.S, deposits
deducted, $22,857,000.
Bills payable, rediscounts, acceptances and other liabilities,
reserve
$1,068,301,000.
k As of March 4 1920.
1920.
f April 12 1920.
i May 1 1920.
Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
g As of March 10 1920.
h As of April 5
j May 29 1920.
Boston Clearing House
mary
STATEMENTS OF RESERVE POSITION OF CLEARING
BOSTON CLEARING HOUSE MEMBERS.
AND
June 5
Changes from
1920.
previous week.
1920.
1920.
$
$
$
$
3,013,000 Dec.
May
29
May 22.
Exchanges for Clearing House
Due from other banks
23,969,000
Cash In bank & In F. R. Bank
79,916,000 Inc.
124,000
3,191,000
3,137,000
3,677,000 613,583,000 618,443,000
7,740,000 453,799,000 456,921,000
6,448,000 104,413,000 111,121,000
141,000
16,419,000
16,370,000
1,355,000
3,164,000
4,911,000
4,040,000 19,929,000 19,410,000
3,206,000
50,638,000 55,106,000
4,682,000 75,234,000 78,098,000
29,959,000 Inc.
3,992,000
Circulation
Loans, disc'ts & Investments- 617,260,000 Inc.
Individual deposits, incl.
U.S. 461,539,000
16,278,000 Dec.
1,809,000 Dec.
United States deposits
Reserve
excess
Federal
Inc.
110,861,000 Inc.
Due to banks
Time deposits
In
Reserve
bank
Bank
Inc.
63,744,000 Inc.
and
25,967,000
HOUSE BANKS
TRUST COMPANIES.
28,254,000
Averages.
Cash
Reserve
a
Reserve
in
Total
Reserve
Surplus
in Vault.
Depositaries
Reserve.
Required.
Reserve.
Members Federal
562,544,000 562,544,000 .541,134,610
10,114,740
4,114,000 11,029,000
7,381,000
7,245,000
5,309,000
21,409,390
8,987,000 571,967,000 580,954,000 558,494,350
8.868,000 568,269,000 577,137,000 554,770,760
8,809,000 576,241,000 585,050,000 554,292,460
8,844,00p 560,660,090 569,504,000 548,828,370
22.459,650
22,366,240
30,757,540
20,675,680
Reserve banks..
State banks"1
Trust
companies^.
Total June
5--
Total May 29..
Total May 22..
Total May If..
6,915,000
2,072,000
914,260
136,000
IVoi
THE CHRONICLE
2464
Actual
STATE
Figures
AND
TRUST
IN
COMPANIES
Surplus
in
Total
Reserve
Reserve.
Required.
$
9
%
Trust
Vault.
9
Members Federal
Reserve banks.
companies*.
575,099,000 583,914,000 555,346,600
581,510,000 590,108,000 565,769,200
553,099,000 561,975,000 554,285,650
578,193,000 586,620,000 557,867,670
28,567,400
881,640
183,100
Total May 29—
Total
May 22
Total
May 15——
24,338,800
7,690,350
28,752,330
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:
June 5. $6,352,050; May 29, $6,406,830; May 22, $6,401,640; May 15, $6,432,750.
b This la 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;
June 5, $6,404,100; May 29, $0,113,070; May 22, $6,419,550; May 15, $5,432,750.
*
1929.
$
Capital
$
28,600,000
52,703,000
734,753,600
of Feb. 28
as
Surplus as of Feb. 28
Loans & investments.
5
Total June
previous week.
27,502,660
8,815,000
8,598,000
8,877,000
8,427,000
—
June
| previous week.
$
565,769,000 565,769,000 538,266,340
10,035,360
10,917,000
4,210,000
7,044,900
7,228,000
5,120,000
6,707*000
banks*.
Differences from
5
Differences from
5
June
June 5 1920.
2,108,000
...
State
Trust
Companies.
Week Ended
Reserve
1920.
in
YORK CITY.
NEW
!
Stale Batiks.
Depositaries
Reserve
BANKS
b
Reserve
Cash
Not members of
no
Specie
32,164,200 Inc.
Currency & bk. notes
179,589,000
18,042,700
219,400j
7<),258~600
Inc.
3,931,500 1.965,962,900
57,10011,343,600
Dec.
5,006,300 Dec.
__
$
«
116,700,000
!
Inc.
152,009
Dec.
571,800
Deposits with the F.
Deposits
529,400 '
209,723,500 Inc.
75,423,800 lac—
Inc.
872,486,500 Dec. 2,955,300 2,062,913,700
Reserve on deposits..
128,661,600
R. Bank of N. Y__
1,046,300)
0.1% 1
Dec.
19.4% Dec.
P. C. reserve to dep..
2,227,700
47,707,500
Inc.
5,600,400
17% Dec.
0.5%
Companies.—Follow¬
Trust
and
Banks
Non-Member
289,967,100
clearing
ing is the report made to the Clearing House by
non-member institutions which are not included
the
in
"Clearing House Return" on the following page:
State
Companies Not in Clearing
Banking Department reports weekly
Banks and Trust
House.—The
State
RETURN OF NON-MEMBER
HOUSE.
and trust
House, as
figures showing the condition of State banks
companies in New York City not in the Clearing
(Figures Furnished by State
Banking Devartment.)
Differences from
5.
June
previous week.
6,539,600
Inc.
46,600
Inc.
175,200
Inc. 1,603,400
Inc. 22,057,400
Investments...$782,093,600
——
8,639,900
18,560,400
Deposits with Federal Reserve Bank of New York-76,443,100
Total deposits..
-------868,384,200
Deposits, eliminating amounts due from reserve de¬
-
Currency and bank notes
.
positaries, and from other banks
Net
Net
with
Demand
Time
Bank
Legal
De¬
De¬
Circu¬
Statebks.Feb.28 ments,
Vault.
Deposi¬
posits.
posits.
lation.
counts,
Res.
Bank.
9
$
1,500
1,615
14,463
159
1,845
11,725
78
Mutual Bank
200
691
308
1,776
600
675
227
1,129
12,527
7,297
329
New Netherland—
1,017
21
671
3,540
735
396
1,216
7,349
6,359
571
778
7,408
1,682
7,415
49,846
3,652
16,119
Battery Park Nat-
149,627,000
20.4%.
500
200
670
First Nat Bk,
400
1,353
11,878
10,321
5,077
13,422
9,237
3,400
6,024
64,398
Jer C
Total
RESERVE.
Trust Companies-—
State Banks
15.93%
$76,944,300
13.59%
""§86
6.04%
35,860,100
6.34%
Fed'I Reserve Bank.
$36,822,600
21.97%
$112,804,400
19.93%
Bank of Wash Hts.
—
.
—-
Banks and Trust
Companies in New York City.—The
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 Crty outside of
the Clearing House, are as follows:
averages
COMBINED
RESULTS
OF
BANKS
AND TRUST
GREATER NEW
COMPANIES
IN
100
444
3,650
423
220
Colonial Bank
600
1,332
14,732
1,918
967
International Bank
—
500
337
6,536
774
3S3
6,440
""336
1,200
2,113
24,918
3,115
1,570
26,211
336
Hamilton Tr, Bkln
500
1,023
386
200
437
9,342
9,302
600
Mechanics Tr, Bay
296
583
7,738
5,830
4,691
1,461
Total
Loans
Week ended—
7
Feb.
Feb.
14
Feb.
21
Feb.
28
6
Mar.
Mar. 13
Mar. 20
Mar. 27
3
April
April 10
Aprtl 17
April 24
May
1
May
8
—
May 15
May 22
May 29
•
—
5..
June
This Item Includes
•
Total Cash
in Vault.
Deposits.
18,644
896
969
13,568
5,562
9,599 107,960
5,693
9,954
a89,625
13,614
578
week
—57
—193
—413
—53
—125
—5
5,300
9,599 108,017
9,532 109,254
9,532 109,254
5,886
10,367
89,678
10,954
10,954
90,351
13,739
13,670
583
5,694
90,351
13,670
592
700
Reserve in
Gr'd aggr May
4,930,832,900
4,959,253,200
4,922,639,900
4,883,820,600
4,837,357,300
4,881,252,700
4,883,9- 0,600
4,990.480,100
4,915,902,800
4,979,072,300
4,997,453,900
5,015.732,100
5,007,452,600
4,965,687,100
4,938,152,700
4,950,458,200,
4,989,835,9001
4,985,879,800
5,032,577,100
130,482,500
134,336,100
138,051,200
135,817,600
136,837,300
137,477,500
137,498,800
134,062,200
132,585,200
129,262,500
134,487,200
129,740,800
131,772,400
126,207,200
136,312,000
131,500,400
131,116,200
129,100,500
133,387,300
gold, silver, legal tenders, national
us
Comparison prevlo
675,721,600
682,179,300
667,361,800
642,654,000
673,921,100
647,225,300
679,329,400
649,253,400
679,267,600
688.403,300
729,909.700
694,405,700
694,100,200
689,051,100
658,932,400
694,904,700
674,250,800
700,111,800
697,525,700
bank notes and Federal
Gr'd aggr May
a
U.
8.
29
22
15
5,300
5,300
deposits deducted,
5,694
Excess reserve,
liabilities, $8,506,000.
Philadelphia Banks.—The Philadelphia Clearing House
for the week ending June 5 with comparative
statement
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 legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cafeh in vaults."
Week ending June
City State Banks and Trust Companies.—
In addition to the returns of "State banks and trust com¬
panies in New York City not in the Clearing House" furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
"Chronicle," V. 98, p. 1661.
provisions of the law governing the reserve require¬
made up, see
ments
of
State banking institutions
as
amended May 22
were published in the "Chronicle" May 19 1917 (V. 104,
1975). The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com¬
putation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
1917
p.
Member Banks of the Federal Reserve
5 1920.
May 29
reductions
in
CITIES
AS
AT
Surplus and profits
Loans, disc'ts &
741,711,0
Exchanges
31,167,0
122,154,0
Investm'ts.
for Clear. House-
Due from banks
decline of about 1 million in loans secured by stocks and
this head com¬
the week of 44.2 millions for aU
reporting banks, and of 59.9 millions for the banks in New York
City
As a consequence, loans and investments of all reporting banks show an
increase of 13.4 millions, while in New York City the increase was 48.9
paper
bonds.
and
a
All other loans and investments, including under
mercial loans proper, show an increase for
millions.
$37,376,0
100,729,0
$37,376,0
100,242,0
777,906,0
781,760,0
31,677,0
28,889,0
117,430,0
16,0
258,0
21,505,0
Total deposits
666,401,0
21,973,0
deposits
U. S. deposits (not
Reserve
150,0
Bank
with legal deposit's.
52,915.0
2,526,0
Cash In vault*
12,446,0
865,0
Total reserve and
cash held.
65,361,0
In vault.
50,763,0
14,598,0
3,391,0
3,201,0
Reserve
required
Excess res. & cash
•
Cash in vault is not
OF
122,170,0
134,722,0
190,0
131,075,0
53,964,0
548,232,0
7,835,0
687,142,0
4,069,0
52,678,0
2,567,0
13,237,0
68,482,0
54,617,0
14,788,0
13,865,0
545,726,0
7,926,0
688,374,0
2,995,0
Included)
Res've with Fed. Res.
1920.
Total.
12,007,0
36,195,0
510,0
Time deposits
Individual
May 22
1920.
1
$4,301,0
134,464,0
524,161,0
7,776,0
Bank deposits
CLOSE
larger increases in other loans and investments, and commensurate additions
to demand deposits are indicated in the Federal Reserve Board's statement
showing condition on May 28 of 814 member banks in leading cities.
United States bond holdings show a decline of 2.2 millions, victory notes,
an increase of 0.4 million, and Treasury certificates a reduction for the week
of 26.1 millions.
Loans secured by U. S. War obligations (war paper)
aggregated 5.2 millions more than the week befoije, while loans secured
by stocks and bonds were about 8 millions below the total shown at the end
of the previous week.
Member banks in New York City report net liqui¬
dation of 12.7 miUions of U. S. war securities, an increase of 2.5 millions in
war
$33,075,0
88,722,0
Capital
52,915,0
2,526.0
13,311,0
68,752,0
$37,376,0
100,379,0
785,515,0
29,843,0
123,013,0
133,808,0
550,064,0
8,146,0
692,018,0
5,528,0
52,052,0
3,093,0
13,521,0
68,666,0
54,418,0
14,248,0
counted aa reserve for Federal Reserve Bank members.
System.—Following is the weekly statement
the holdings of Treasury certificates hs against
Trust
F.R.System Companies
RESOURCES AND LIABILITY ITEMS OF MEMBER
SELECTED
Further
Members of
omitted.
Two ciphers (00)
Board giving the principal items of the resources and, liabilities of the Member
in the statement were given in the statement of Deo. 14 1917, published in the
STATEMENT SHOWING PRINCIPAL
592
$245,000.
acceptances and other
$572,900 decrease.
Bills payable, rediscounts,
New York
The
871
5,300
Depositaries.
Reserve notes.
are
.
Fed'I Reserve Bank.
Gr'd aggr May
6,027,329,800
6,009,316,400
5,932,509.000
5,887.539,200
5,871,844,300
5,871,656,000
5,890,723,400
5,891,763.200
5,884,557,500
5,934,438,800
5,946,884,600
5,959,998,300
5,970,588,000
5,929,153,600
5,935,200,400
5,923,805,600
5,928,544,500
5,901,424,000
5,918,063,000
—
Not Members of the
Total
%
31--
—
YORK.
Demand
and
Investments.
...—
Trust Companies
Grand aggregate-
Jan.
578
7,716
Not Members of the
10,123,500
Deposits in banks and trust cos
Total-
192
215
State Banks
-..——$26,699,100
Cash In vaults.
Average Average Average Average Average Average
9
$
$
%
9
S
Members of
Fed'!
tories.
&c.
Tr. cos. Feb.28
W R Grace & Co..
Inc. 14,094,300
Inc. 4,060,700
814,372,100
Nat'l
Reserve
in
Dis¬
Profits
Yorkvllle Bank
and trust comU.S. deposits
panlesinN.Y. City, exchanges and
Reserve on deposits
Percentage of reserve,
-
Cash
Capital
Week ending
June 5 1920.
Inc.
Loans and
Specie
ciphers 1000 omitted.)
Nat.bks. May 4 Invest¬
CLEARING
NON-MEMBERS
SUMMARY OF STATE
NEW
Loans
Net
follows:
BANKS AND TRUST COMPANIES IN GREATER
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
YORK CLEARING
INSTITUTIONS OF NEW
{Staled in thousands of dollars—that is, three
Banks.
issued by the Federal Reserve
Definitions of the different items
"Chronicle" Dec. 29 1917, page 2523.
BANKS LOCATED IN CENTRAL
BUSINESS MAY
2$ 192#.
RESERVE AND OTHER
of Government deposits totaled 39.5 millions, the New
York City banks alone reporting a decrease under this head of 24.5 millions.
Other demand deposits (net
increased by 55.6 millions at all reporting
banks, and by about 83 millions at the New York City banks.
Time de¬
posits show a gain of 2.4 millions.
„
„
Total accommodation at the Federal Reserve Banks declined slightly
from 2,054.8 to about 2,035 millions, or from about 12.1 to 11.9 % of the
total loans and investments of the reporting banks.
For the New York
banks this ratio continued at about 10.6%.
Of the total paper held under
discount by the Federal Reserve Banks for the reporting banks about 57%
was war paper.
At the New York Reserve Bank this percentage was con¬
siderably higher, viz. 71%.
Federal Reserve balances of all reporting banks show an increase of 4.6
millions.
Reserve balances at the New York Reserve Bank, apparently
in connection with the larger loan expansion of the local members, show an
increase of 30.4 millions.
Cash in vault declined 5.6 millions (2.1 millions
in New York City).
Net withdrawals
June 12
THE CHRONICLE
1920.]
1.
Thru ciphers (000) omitted.
and
sec.
sec.
St. Louis. Minneap. Kan. City
Dallas.
San Fran.
Total.
57
92
82
47
107
35
35
83
46
67
814
$47,398
249,186
89,633
$11,340
28,929
9,330
$41,872
59,646
19,650
$16,925
12,487
2,715
10,069
$7,271
9,754
1,505
9,283
4,368
35,522
$21,449
62,404
40,058
82,129
$19,573
53,683
$14,015
28,418
4,171
19,270
$15,286
23,957
274,404
$27,729
33,609
7,996
18,636
11,004
3,448
20,105
$34,485
61,223
12,947
38,759
$270,304
601,984
202,890
609,186
70,455
660,621
103,282
156,690
87,970
65,874
206,040
42,196
27,813
54,615
61,394
147,414
1,684,364
55,674
525,703
191,405 1,330,079
790,859 3,960,610
80,532
336,209
905,336
35,701
108,023
383,330
111,616
26,725
461,776
61,876
411,196 1,757,232
38,647
131,335
401,749
18,211
33,497
296,143
24,409
79,581
517,575
11,317
565,436
35,236
250,837
33,228 1,061,506
147,591 3,115,454
951,962 11,192,265
615,024
565,671 2,536,664
189,345
33,400
65,003
13,798
280,902 1,417,058
151,421
620,162
8,880
1,532
613,927
38,747
375,664
21,971
9,048
221,522
63,312
358,784 1,280,195 17,053,589
25,805
78,227 1,415,397
10,860
27,859
362,749
230,948
605,500 11,559,093
48,258
492,847 2,645,705
897
4,717
75,599
121,962
31,229
-
18,268
1
including
Investments,
other
Loans
Loans
Three ciphers (000) omitted.
Chicago.
117
Total U. 8. securities
redlscounted
Atlanta.
Richm'd.
$12,961
14,103
7,069
36,322
U. 8. Victory notes
U. 8. certificates of indebtedness—
and
PhUadel. Cleveland.
46
Other U. 8., Incl. Liberty bends
bills
New York
Boston.
Number of reporting banks.......
U. 8. bonds to secure circulation...
Loans
Data for all reporting banks In each district.
3465
with
F.
R.
banks:
by U. 8. war obligation
by stocks and bonds..
All other loans and investments..
99,743
198,846
'
Total loans and investments incl.
rediscounts with F. R. banks..
1,108,393 6,477,013
|83,362
Reserve balances with F. R. Bank..
702,281
24,415
121,003
816,881 5,360,664
408,318
138,163
5,011
35,348
Cash in vault
Net demand deposits.....
Time deposits
Government deposits
967,307 1,478,767
64,547
96,859
15,775
31,438
673,682
873,743
32,798
363,999
4,875
7,668
,
34,178
18,436
342,064
104,923
1,646
123,717
2,621
251
676,180
46,675
14,767
424,738
97,787
2,153
12,796
28,394
31,105
38,778
350
10,347
311,391
60
200
535
865,061
1,438
5,177
1,066
64,668
18,970
2,486
65,237
292,741
875,781
Bills payable with F. R. Bank*
Secured by U. 8. war
All other
334,894
87,678
48,124
70
7,503
28,500
48,609
39,877
223
41,615
obligations.
6,324
47,828
Bills redlscounted with F. R. Bank*
31,049
Secured by U. 8. war obligations.
T 48,910
All other
2.
139,386
197,429
56,097
16,082
41,950
23,126
10,831
231,946
12,948
53,643
3,792
53,574
^
Data for Banks In Federal Reserve Bank and Branch Cities and All Other Reporting Banks''
All Other
New York.
All F.R.Batik Cities. F. R. Branch Cities.
Chicago.
Total.
Reporting Batiks.
Thru cipheri (000) omitted.
May 28.
May 28.
May 21.
May 28.
May 21.
May 28.
May 21.
May 28.
74
—
...
U. S. certificates of indebtedness.
Total U. 8. securities..
50
50
279
270
198
198
$37,751
213,511
77,511
273,081
81,438
26,360
12,414
33,822
$1,438
28,610
12,549
$100,045
337,770
109,121
$100,127
337,926
34,110
425,713
116,508
$70,883
145,537
53,367
117,583
$99,376
119,918
107,762
450,209
$70,883
144,296
53,017
601,854
74,034
76,707
972,649
996,024
384,704
387,370
May 21.
337
589,164
Other U. 8. bonds, incl. Lib. bds.
74
$37,701
216,232
79,188
256,043
Number of reporting banks
U. S. bonds to secure circulation.
U. 8. Victory notes
May 21.
May 28.
May 21.
May 29 '19
337
814
814
772
$99,283
$270,304
601,984
202,890
609,186
$270,293
604,204
202,537
635,270
$268,378
852,944
66,965
120,741
41,408
67,478
1,739~582
327,011
328,910
1,684,364
1,712,304
2,860,904
40,752
Loans and Investments, including
bills redlscounted with F. R.
banks:
141,422
78,088
494,941
810,532
137,301
77,089
811,817
108,267
492,392
108,463 1,061,606 1,056,296 al,194,722
334,230 2,197,810 2,197,558
492,703
1,174,846 1,175,786
340,553
500,359
424,941
425,597 3,115,454 3,123,514
3,429,374 1,048,603 1,047,322 7,111,657 7,079,438 2,180,853 2,170,681 1,899,755 1,897,950 11,192,265 11,148,069 810561604
Loans sec. by U. S. war obllg..
Loans sec. by stocks and bonds.
All other loans and Investments 3,489,300
Total loans & investments, incl.
5,748,251 5,099,406 1,540,279 1,536,347 11093933 11083552 3,199,682 3,195,711 2,759,974 2,760,920 17,053,589 17,040,183 14,853,002
204,304
626,834
136,113 1,045,205 1,039,934
207,842
1,285,891
657,189
132,423
165,828
162,985 1,415,397 1,410,761
205.444
73,013
73,441
109,423
36,897
85,151
368,332
209,740
107,294
36,143
84,292
362,749
344,662
973,969
966,213 8,114,779 8,044,643 1,749,350 1,762,360 1,694,958 1,696,530 11,559,093 11,603,533 10,442,847
4,836,774 4,753,783
809,140
276,888 1,192,978 1,191,791
583,587
583,506 2,645,705 2,643,342
1,729,689
868,045
300,016
277,558
301,136
11,880
55,430
89,275
14,934
75,599
34,212
58,684
5,583
8,289
10,904
115,113
541,247
4,742
rediscounts with F. R. banks:
Reserve balances with F. R. bank
Cash In vault
Net demand deposits
Time
deposits
Government deposits
Bills payable with F. R. Bank'
Secured by U.S.war obligations
295,840
54,179
54,094
569,291
577,565
181,643
185,122
114,127
108,306
605
296,553
490
773
565
865,061
1,438
870,993
1,055
28,709
145,148
16,993
124,084
16,928
116,722
292,741
875,781
295,882 I
886,833
14.2
12.2
12.3
14.5
All other.
Jl.250,202
Bills redlscounted with F. R. B'k
135,715
177,332
Secured by u.s. war obligations
All other
Ratio of u. 8.
war
Exclusive of
4,480
165,912
250,245
174,957
242,964
598,819
624,963
32,784
152,278
10.0
15.2
15.4
14.2
5,788
9.7
235,772
securities and
war paper
to total loans and
investments, per cent
a
141,946
168,758
rediscounts
18.2
with
The Federal Reserve
Federal
18.5
Reserve
14.7
banks.
Banks.—Following is the weekly statement Issued by the Federal Reserve Board
Further gains of 7.7 millions in gold reserves,fas against total additions
of about 37 millions to the holdings of discounted and purchased paper,
and measurable increases in deposits and note liabilities are indicated in the
Federal Reserve Board's weekly bank statement issued as at close of busi¬
ness on June 4 1920.
The banks' reserve ratio shows a decline from 42.7
Western banks,
on
May 28.
against 144.7 millions the week before.
Acceptance
holdings of the Cleveland and San Francisco banks comprise 5.4 millions
of bills acquired from the New York and St. Louis banks, compared with
5.9 millions
All
classes
a
as
week earlier.
of deposits show increases
over
the previous week's totals:
to
Government deposits—by 0.3 million, members' reserve deposits by 5.8
4.7 millions.
Of the total
millions, and other deposits, including foreign Government credits and
non-member banks' clearing accounts by 0.7 million.
The "float" carried
by the Reserve banks and treated as a deduction from gross deposits shows
a decrease of 5.9 millions, with the consequence that calculated net deposits
are 12.7 millions larger than the week before.
Federal Reserve note circulation shows an expansion during the week of
20.3 millions, while the Reserve banks' combined liabilities on Federal
Reserve bank notes show an addition of 2.1 millions.
An increase of $108,000 In paid-in capital reflects largely increases in capitalization reported by
member banks in the Richmond, Cleveland, St. Louis and Dallas districts.
42.5%.
m
Holdings of paper secured by U. S. war obligations were 14.5 millions less
then the week before, while other discounts on hand show an increase of
59.4 millions.
Acceptances purchased in open market declined 7.9 millions,
and Treasury certificates, because of liquidation by the New York bank,
war paper holdings of 1,433.4 millions,
626.7 millions, or
43.7%, were secured by Liberty bonds, 285.3 millions, or 20%, by Victory
notes, and 521.4 millions, or 36.3%, by Treasury certificates, compared with
46.6, 19 and 34.4% of about 1,448 millions of war paper shown the week
before.
Total discounts held by the Boston, New York and Cleveland
banks are inclusive of 132.8 millions of bills discounted for 7 Southern and
Combined Resources
and
Liabilities
June 4
ov the
Federal Reserve Banes at the Close of
1920. May 28 1920. May 21
RESOURCES.
1920. May 14 1920. May 7 1920.
Business June 4 1920.
Apr. 30 1920, Apr. 23 1920. Apr. 16 1920. June 6 1919.
$
Gold coin and certificates.
...
Gold settlement fund, F. R. Board—.
Gold with foreign agencies...
164,519,000
431,227,000
111,531,000
167,135,000
424,452,000
111,530,000
169,735,000
399,889,000
112,781,000
171,208,000
389,149,000
112,781.000
172,683,000
392,751,000
112,781,000
174,661,000
376,003,000
112,781,000
185.654,000
374,380,000
112.781,000
189,229,000
360,088,000
112,781.000
354,969,000
581,055,000
673,138,000
678,215,000
682,405,000
936,024,000
663,345.000
672,815,000
707,277,000
703,117,000
662,098,000
1,110,864,000 1,112,040,000 1,098,823,000 1,115.902,000 1,121,311,000 1,137,928,000 1,150,658,000 1,170,313.000 1,139,508,000
150,101,000
142,054,000
158,489,000
126,220,000
126,272,000
135,447,000
137,946,000
142,712,000
122,883,000
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
1,960,853,000 1,953,103,000 1,939,717,000 1,939.141,000 1,941,580,000 1,936,720,000 1,949,693,000 1,955,294,000 2,201,804,000
139,252,000
134,507,000
139,821,000
68,539,000
139,393,000
134.045,000
138,087,000
132,437,000
133.875.Q00I
Total gold reserves
Legal tender notes, silver, &c
2,098,940,000 2,092,496,000 2,079,538,000 2,078,593,000 2,076,087,000 2,070,765,000 2.083,568,000 2,087,731,000 2,270,343,000
Total reserves...
Bills discounted*
Secured by Govt, war
All other
1,433,415,000 1,447,962,000 1,446,723,000 1,508,104,000 1,444 175,000 1,465,320,000 1,448,804,000 1,430,888,000 1,620,994,000
190,130,000
980,303,000
1,130,843,000 1,071,469,000 1,053,663,000 1,043,186,000 1,060,447,000 1,069.751,000 1,029,378,000
413,292,000
417,368,000
409,834,000
198,307,000
418,600,000
407.247,000
404,672,000
416,784,000
410,688,000
obligations
Bills bought in open market...
Total bills
on
hand
-
U. S. Government bonds—
U. S. Victory Notes
...
U. S. certificates of indebtedness...
All other earning assets
premises
-
—
Total earning assets
Bank
2,974,946,000 2,938,031,000 2,917,754,000 2,964,582,000 2,914,456,000 2,942,318,000 2.882.854,000 2,827,975.000 2,009,431,000
26,796,000
27,129,000
26,976,000
26,797,000
26,794,000
26,796,000
26.797.000
26,799,000
26,795,000
68 000
69,000
333,000
69,000
68,000
69,000
68,000
69,000
68,000
279,463,000
227,553,000
276,761,000
273,037,000
279,531,000
267,066.000
303,728,000
266,649,000
274,816,000
.....
3,276,626,000 3,244,425,000 3,221,380,000 3,270,910,000 3,214,357,000 3,235,832,000 3,176,785,000 3,158,570,000 2,264,446,000
10,986,000
12,530,000
12,293,000
12,123.000
12,658,000
12,328,000
12,668,000
12,369,000
12,942,000
Uncollected Items and other deductions
from gross deposits
6% redemp. fund agst. F. R. bank notes
All other
resources
789,616,000
11,745,000
5,640,000
747,190,000
11,862,000
5,699,000
755,476,000
12,081,000
5,028,000
807,445,000
11,787,000
5,006,000
705,603,000
12,128,000
5,761,000
713,353,000
12,091,000
6,057,000
817,028,000
13,438,000
6,178,000
956,669,000
14,015,000
5,305,000
650,757,000
8,868,000
10,042,000
6,195,509,000 6,114,340,000 6,086,161,000 6,186,071,000 6,026,229,000 6,050,467,000 6,108,325,000 6,234,413,000 5,215,442,000
Efl
KM
82,652,000
93,107.000
91,272,000
92,536,000
91,364,000
191,639.000
94,000,000
93,786,000
94,108,000
49,466,000
120,120,000
120,120,000
120,120.000
120,120,000
120,120,000
120,120,000
120,120,000
Surplus
120,120,000
26,058,000
44,153,000
42,810,000
30,695,000
22,437,000
37,592,000
Government deposits
36,433,000
24,308,000
37,113,000
Duo to members, reserve account
1,858,774,000 1,852,916,000 1,833,665,000 1,874,145,000 1,818,615,000 1,859,844,000 1,856,092,000 1,898,810,000 1,705,104,000
497,349,000
677,282,000
630,427,000
539.480,000
589,283,000
524,156,000
Deferred availability Items
553,703,000
578,883,000
601,639,000
134,364,000
102,657,000
98,075,000
102,430,000
99,368,000
104,493,000
102,939,000
Other deposits, incl. for'n gov't credits..
98,578,000
99,265,000
Total resources
LIABILITIES.
Capital paid in
2,596,791,000 2,541,630,000 2,539,855,000 2,646,800,000 2,479,900,000 2,526,085,000 2,690,615,000 2,709,344,000 2,362,875,000
3,127,291,000 3,107,021,000 3,085,202,000 3,083,234,000 3,092,344,000 3*074,555,000 3,068,307,000 3,073,693,000 2,513,037,000
176,805,000
186,501,000
169,246,000
177,972,000
177,881,000
180,631,000
179,185,000
177,371,000
181,252,000
66,005,000
53,483,000
38,166,000
63,357,000
60,187,000
67,288,000
72,384,000
All other liabilities....................
69,827,000
75,947,000
Total gross deposits
F. R. notes in actual 'circulation
F. R. bank notes In circulation—netllab.
Total liabilities
...
6,195,509,000
6,114,340,000 6,086,161,000 6,186,071,000 6,026,229,000 6,060,467,000 6,108,325,000 6,234,413,000 5,215,442,000
(Vol. lio.
THE CHRONICLE
2466
Phila
Boston
Ttco ciphers (00) omitted
Cleveland
Chicago
Atlanta
Richmond
Dallas
St. Louis. Minneap
San Fran.
RESOURCES.
Gold coin and certificates
Gold Settlement Fund, F.
Gold with Foreign
R. B'd
Agencies
.
Total gold held by hanks
Gold with Federal Reserve agents
Gold redemption fund
.
51,455,0
195,0
Total
reserves
__
75,977,0
13.409,0
Legal tender notes, sliver, &o
74,560,0
1,417,0
51,650,0
Total gold reserves..
31,646,0
75,091,0
1,396,0
Bills discounted: Secured by Gov¬
ernment war
All
obligations (a).
62,940,0
4,266,0
other
Bills bought In open market (b).
Total bills
on
hand
U. S. Government bonds.
U. 8. Government Victory bonds
U.S. certificates of Indebtedness
Total earning assets...
Bank
premises
Uncollected Items and other de¬
ductions from gross deposits..
6%
redemption
fund
against
Federal Reserve bank notes...
All other resources...
Total resources
LIABILITIES.
Capital paid In
Surplus
Government deposits
Due to members, reserve account
Deferred availability Items
All other deposits
Total gross deposits
F. R. notes In actual circulation.
F.
R.
bank
—net
notes
In circulation
liability...
All other liabilities
Total liabilities
492,598,0
Memoranda—Contingent liability
as
endor
Discounted paper rediscounted
with other F. R. banks
Bankers'
acceptances
sold
to
other F. R. banks
Contlng. llabil. on bills purch. for
foreign correspondents
(а) Includes bills discounted for
other F. R. banks, viz
17,402,0
(б) Includes bankers' acceptances bought fr
78,544,0
om other
F. R. banks.
With their endorsement
Without their endorsement
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS
Two ciphers (00) omitted.
Boston
S
Federal Reserve notes:
Phila
$
t
t
AT CLOSE OF
Atlanta
|
Chicago
$
Cleveland. Richmond
t
BUSINESS JUNE 4 1920.
I
S
Returned to Comptroller
576,500,0 2,174,240,0 583,200,0 591,000,0 326,600,0 345,540,0 10337600 328,320,0 166,580,0
246,463,0 1,080,171,0 295,287,0 237,773,0 169,774,0 133,092,0 397,281,0 165,384,0 74,376,0
Chargeable to F.R. Agent
In hands of F. R. Agent
330,037,0 1,094,069,0 287,913,0 353,227,0 156,826,0
42,700,0
127,000,0 25,280,0 30,780,0 30,874,0
Received from Comptroller...
212^448,0
Dallas.
St. Louis. Minneap
San Fran
Total.
%
222,520,0 164,780,0 449,400,0 6,962,440,0
114,616,0 68,021,0 180,929,0 3,163,167,0
t
t
I
636,479,0 162,936,0
56,860,0 16,940,0
92,204,0 107,904,0
11,475,0
4,490,0
96,759,0 268,471,0 3,799,273,0
9,935,0
3,350,0 422,084,0
967,069,0 262,633,0 322,447,0 125,952,0 150,048,0 579,619,0 145,996,0
80,729,0 103,414,0
86,824,0 265,121,0 3,377,189,0
62,400,0
ssued to F. R. bank, less amt.
I
returned to F. R. Agent for
287,337,0
redemption:
Collat'l security for outst'g notes
Gold coin and ctfs. on hand...
Gold redemption fund
Gold Set'm't Fund, F. R. B'd
900,0
17,950,0
97,000,0
Eligible paper, mln'm required 171,487,0
287,337,0
Total
Amount
of
eligible
paper
195,734,0
32,025,0
16,448,0 15,816,0 17,034,0
73,000,0 71,889,0 95,000,0
681,887,0 174,928,0 178,388,0
2,992,0
32,500,0
90,460,0
2,500,0
2,389,0
8,799,0
46,000,0 158,145,0
4,010,0
2,191,0
39,730,0
99,159,0 412,675,0 100,065,0
967,069,0 262,633,0 322,447,0 125,952,0 150,048,0 579,619,0
258.552,0
15,712,0 108,698,0
65,656,0 743,614,0
48,031,0 66,207,0 59,285,0 183,753,0 2,266,325,0
13,052,0
10,331,0
1,046,0
2,347,0
18,600,0 34,860,0
5,974,0
11,234,0
80,729,0 103,414,0
86,824,0 265,121,0 3,377,189,0
114,349,0 67,597,0 108,070,0
145,996,0 80,729,0 103,414,0
16,695,0
1,564,0
4,325,0
79,235,0 198,659,0 2,908,673,0
86,824,0 265,121,0 3,377,189,0
3,147,0 31,810,0 249,898,0
99,089,0
83,677,0 233,311,0 3,127,291,0
145,996,0
dellv-
F. R. notes held by bank
200,619,0 1,016,753,0 188,756,0 214,030,0 108,456,0 119,286,0 492,863,0
287,337,0
967,069,0 262,633,0 322,447,0 125,952,0 150,048,0 579,619,0
8,984,0
105,262,0 13,408,0 16,390,0
4,705,0
3,884,0 39,724,0
F. R. notes In actual circulation.
278,353,0
ered to F. R. Agent
F. R. notes outstanding
861,807,0 249,225,0 306.057,0 121,247,0 146,164,0
539,895,0 129,301,0
79,165,0
June 12 1920.]
THE CHRONICLE
itwtuers7
2467
DAILY TRANSACTIONS AT THE
dfejette.
BOSTON, PHILADELPHIA AND
EXCHANGES.
BALTIMORE
Boston
Wall Street, Friday
Night, Jwne 11, 1920.
11 1920
Shares
Railroad and Miscellaneous Stocks.—Business in Wall
to
in
restricted this week owing chiefly
daily maximum call loan rate of 9 to 12%, to
a
a
reduction
Chicago & Northwestern's dividend rate and to uncertainty
to the outcome of the National Republican Convention
as
at
Chicago.
shares
day.
per
the
Northwest.
the general
Bait.
&
4^
Pacific declined
Northern
There were,
points
however, exceptions
Reading advanced 4 points and
tendency.
$29,100
Monday
15,256
Tuesday
12,610
35,400
69,150
2,003
6,799
3,830
3,730
3,720
8,041
Wednesday
On the other hand industrial shares have
generally been
While the rails declined American and Baldwin
Locomotives, Chandler Motor, Crucible Steel and Mexican
Petro. advanced from 5 to 5% points and several other
issues in this group moved up from 3 to 5.
Reports received from the wheat belt indicate a further
improvement in winter wheat.
In Kansas for instance the
crop now promises to be the largest crop harvested in that
State since the war began.
Reports from the spring wheat
territory are, however, disappointing.
Unfilled orders on the books of the U. S. Steel Corporation
increased over 580,000 tons in April and are now the
largest
1917.
!\
•
Sales
STOCKS.
Week ending June 11.
Range for Week.
Range since Jan. 1.
for
Week
Lowest.
Highest.
Lowest.
Highest
Par. Shares
$ per share.
$ per share.
$ per share. $ per share.
12 102
June 9 102
June 9 103% May 109% May
All American Cables. 100
.
Am Teleg & Cable
Amer Woolen rights
Arbor
100
1,530
85
5
June
89% JunelO
84% May 105
Apr
100
100 215
June 5215
June 5 170%
Mar
Jan 227
100 46% Junell 46% Junell
100
Jan
46% June 52
June
42,808
1% Junell
% June
1% June
Ann
100
Atlantic Refining
Preferred
100
100
12
2 1225
12
June
June 7
Junell 1275
7
June 7
Jan
17
Feb
1140
Austin ,NIchols&Co no par
500
24
June 8
24
May 1570
June 8 103
May 114
June 8
23% May 24
Baldwin Locomo pref
Barnsdall class B
i00
200
97
June
97
June
25
500
37
June 9
37% June 8
35
June
Brown Shoe Inc
100
700
95
June 9
96
Junell
93
8
65
June
Buff &
Susque
100 105
100
C..100
v t
100
no par
1,400
Certain-Teed Prod
65
8 105
June
900
49
June
Crex Carpet...
100
56
97
9
40
May
62
44
Feb
56
Jan
55
Feb
64
Apr
June 5
34% June 9
93% Junell
34% June 9
93% Junell
Detroit Edison
100
268
96% June 8
96% June 8
Detroit United
100
100
92
92
..50
100
100
49% June 9
Gen Am Tank Car
400
no par
49
1,700 150
Preferred
250 92%
..100
Gen Motors rights
1
77,197
Homestake Mining.. 100
54 53%
Int Motor Truck.no par 3,900 54%
Rects 25% paid
500
19
Chemical
100
43% May
May
65
100
General
Jan
8
100
100 103
Feb
May
102%
Feb 118%
June 69%
DeBeers Con M ines no par
Deere & Co, pref
100
Fisher Body pref
June
55% Junell
50% June 7
June
100
7
Mar
56
June
52% June 8
'
Computing-Tab-Rec.100
Durham Hosiery
JunelO
JunelO
June 9
90%
49% June 9
June
50
Feb
Mar
June 101
Jan
67%
Feb 108%
97%
49
June 7
June
51
May
Mar
May 100
Jan
June 8
93
1 % June 7
53% Junell
1
June
51
Feb
59
Junell
19
June
8
86%
Jan
Mar
June 192
JunelO
June
36% May
49% June
9
160% Junell 150
Junell
Jan
92
May 101
96% June 108
JunelO
9 103
June
34% June
Mar
1% June
71
50
May 170
Apr
8
19
June
19
June
600
78
June 5
79% JunelO
72
Feb
84
Jan
100
68% June 8
68% June 8
60
Feb
71
Apr
Int Nickel pref
100
International Salt.-.100
400
80
JunelO
80% Junell
80
June
88
100
61
JunelO
61
61
June
71
Kresge (S S) Co pref. 100
10 100%
100 905
June 9
95
June
95
Liggett & Myers cl B. 100
Mathleson Alkali Wks 50
225 140
June 7 140
June
140
32
June
Maxwell
100
200
Certify of deposit.....
200
IT st preferred
100
100
Motor
100
100
Certfs of deposit...
32
June 8
8
June
JunelO
June 7 100% June
June 7
102%
17% June 5
18
15
40
35%
63%
Jan
40
June 9
June
June
3/
9
300
2,000
1
JunelO
Peoria & Eastern.... 100
100
9
June
200
JunelO
73
June
7
May
37
JunelO
May
30% May
62%
Jan
Jan
63
Feb
80
Mar
64
May
72
Jan
28% June
1% JunelO
1
Juno
29% June
1% June
9
7
9
June
16
39% June 5
37
June
39% June
73
69
May
73
7
38% JunelO
June
June 8
% June 5
% Junell
58,321
Texas Co 60% paid
Twin C Rap Tr pref. 100
Un Dyewood pref
100
183 185
JunelO 185
200| 80
June
8
80
June
100!
93
June
8
93
Wilson & Co, pref...100
700
91
Junell
% May
91% Junell
DAILY, WEEKLY AND
Mar
June
2% May
JunelO
168
May 204
Apr
8
80
Juncj 80
June
June 8
93
June!
96
Jan
91
June!
98%
Jan
TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE
YEARLY-
.
Stt)cks.
State, Mun.
dec..
Li.ares.
Monday.
305,018
406,120
Tuesday
Saturday
369,830
Wednesday
326,962
...
Thursday
371,633
Friday
646,247
r
United
Railroad,
<fc Foreign
States
Bonds.
Bonds.
Bonds.
Week ending
1920.
Total..
Par Value.
$444,000
$963,000
$26,524,300
34,639,000
32,887,050
28,137,700
32,219,300
56,652,700
2,425,810 $211,060,050
1,662,000
$7,757,000
936,000,
2,022,000
14,205,000
2,804,000
1,329,000 14,442,000
647,000, 13,896,000
1,624,000
1,527,000;1 11,448,000
1,441,500
$10,516,500'
728,500;
9,416,900
$5,611,500 S71,164,900
1
Sales at
Week ending June
11.
Jan.
1 to
June
11.
New York Stock
1920.
Exchange.
Stocks—No.
shares
Par value
Bank shares,
par
1919.
1920.
1919.
122,630,304
119,992,548
2,425,810
8,519,718
$211,060,050 $736,307,425 $10,635,527,975 $11,761,104,830
$47,200
$1,400
Bonds.
Government
bonds
State, mun. ,&c., bonds.
5,611,500
10,516,500
$48,434,000
4,562,000
12,802,000
$1,427,383,300
185,589,300
RR. and misc. bonds._
$87,292,900
$65,798,000
$1,885,828,600!
Total bonds
34,000
3,176
1,119
11,000
18,000
84,950
2,201
9,200
11,421
9,000
5,442
51,000
2,042
5,000
68,232
$205,550
25,524
$588,750
12,653
$80,200
Total
State and Railroad Bonds.- -Sales of State bonds at the
are
limited to $29,000 Virginia 6s deferred trust
receipts at 50 to 51.
The general bond market has been
exceptionally dull and
in-the absence of demand prices have drifted to a lower
Of the list of 24 most active issues 18
level.
about
$71,164,900
and average
are
point lower than last week and some are un¬
changed.
Penn. 7s have been by far the most active and
generally steady.
"Frisco." 6s, and U. S. Steel and Readings
have changed ownership freely, the latter on a demand which
carried them up 2 points to near the best prices of last month.
Bait.
a
& Ohio 6s have also been strong,
price recently recorded.
Yi
closing at the best
--
United States Bonds.—Sales of Government bonds at
the Board include $1,000 4s coup, at 104 and the various
Liberty Loan issues.
To-day's prices are given below.
range see fourth page following.
First Liberty Loan
3%8, 15-30 year, 1932-47
For
weekly
yearly
and
91.40
91.50
91.60
92.20
91.84
91.94
91.10
91.14
91.32
91.60
91.54
9.160
91.40
f High
{Low.
1 Close
91.50
91.60
91.90
91.70
91.90
Total sales In $1,000 units
Second Liberty Loan
4s, 10-25 year conv, 1942
440
1,277
772
458
317
85.40
85.40
85.50
85.50
84.98
85.50
85.10
85.CO
85.10
84.50
84.70
85.10
85.40
85.50
Total sales In $1,000 units
4s, convertible, 1932-47
272,856.000
488
85.80
( High
{Low.
1 Close
8
f High
{Low.
{Close
85.10
84.90
84.70
'
"
m «.
—
-
108
35
77
52
86.40
86.20
86.04
85.50
86.20
86.14
85.50
85.50
86.30
'
Total Bales In $1,000 units
117
86.50
86.24
^
86.24
86.14
85.50
85.50
17
17
32
89.94
89.90
89.70
89.80
89.00
88.80
{Low.
4%sofl928
49
{ High
Third Liberty Loan
89.40
89.46
89.30
89.22
88.64
88.60
89.58
89.50
89.22
88.64
88.74
m'Jrn
-
6
{Close
89.90
558
1,314
1,026
1,435
1,726
1,218
f High
4 % s of 1st L L conv ,'32-'47{ Low.
87.10
87.10
86.80
86.60
86.30
85.80
86.60
86.50
86.40
86.30
85.10
85.50
{Close
87.10
86.74
86.40
86.30
85.10
85.50
18
168
40
72
187
156
f High
'27-'42{ Low.
1 Close
86.00
85.90
85.60
85.70
85.24
85.20
85.30
85.00
85.10
85.20
84.70
84.80
85.60
85.50
85.00
Total sales In $1,000 units
Third Liberty Loan
Total sales In $1,000 units
Third Liberty Loan
4%s of 2d L L conv,
4%s of 1933-38
Total sales In $1,000 units
85.22
84.86
2,484
3,244
3,946
2,951
1,882
86.26
86.20
85.90
86.00
85.58
85.60
85.76
85.44
85.40
85.50
85.02
85.28
85.90
85.70
85.52
85.24
85.40
3,408
f High
{Low.
{Close
85.40
1,384
Total sales In $1,000 units
Fourth Liberty Loan
5,056
3,654
3,461
Fourth Liberty Loan
f High
4%s,lst LL 2d conv,'32-'47{Low.
+
85.70
4,379
\
mmrn
■mm-mm
4,257
m
mm
•
,
m
{Close
m
94.00
mm mm
_---
92.50
m
m'm
'
-
.
-
-
mm
mm
mm
m
94.00
"
Total sales In $1,000 units
-
Victory Liberty Loan
f High
4 %s conv gold notes,'22-*23{ Low.
_
mm
35
-mmm
mm
m
95.50
95.88
95.84
95.90
95.64
95.98
95.22
95.34
95.40
95.40
95.30
95.46
95.92
95.46
95.60
95.50
95.96
{Close
95.50
960
1,853
1,527
810
1,492
1,248
Victory Liberty Loan
f High
3%s,conv gold notes, '22-'23{Low.
95.44
96.00
95.76
95.84
95.60
95.82
95.16
95.34
95.40
95.40
95.30
95.46
1 Close
95.50
95.92
95.40
95.50
95.46
95.80
1,646
2,805
377
2,532
1,604
938
Total sales In $1,000 units
Total sales In $1,000 units
Foreign Exchange.—Sterling ruled firm, but Continental
exchange moved irregularly and closed week.
Trading was
quiet for the most part.
The range for foreign exchange for
Sterling Actual—
the week follows:
Checks.
Sixty Days.
3 90%
3 95%
3 84%
3 88%
$1,060,268,600
167,566,000
256,616,000
$1,484,450,600
Cables,
3 96
3 89%
Paris Bankers' Francs-
Apr
OhioBody&Blowernopar
Pacific Devel rights
8,000
Apr
38
37
11
3,062
Friday
32% May
69% June 8 69% June 8
64% Junell 65% June 8
28% JunelO 29% JunelO
par
June'155%
Feb
100
June
$3,000
119,650
125,950
101,500
12,005
Apr
Feb
100
no
June; 98
18%
200
Pitts C C & St L ctf dep.
Jan
Feb
29
M St P&SS Marie..100
Standard Oil rights
Feb
Feb 102%
23% June
22% June 9
Norfolk & West pref. 100
Phillips Petrol
1,053
Jan
First preferred
100
Second preferred..100
Kres3 (SB) &Co
Bond Sales
$105,700
Thursday
Second Liberty Loan
Preferred
Shares
Daily Record of Liberty Loan Prices. June 5. June 7. June 8. June 9. June 10. June11.
To-day's stock market has been the strongest as well as
the most active of the week, sentiment in the Street having
improved on satisfactory progress reported from the Con¬
vention hall at Chicago.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Am Brake Shoe & F_
Baltimore
Sales
21,150
41,750
of
Ohio remained practically unchanged.
strong.
since
Bond
Board
notably weak especially those operating
and Great Northern
to
Shares
Stock transactions averaged only about 380,000
"Rails" have been
in
Bond Sales
8,899
Saturday
Street has been greatly
Philadelphia
Week ending
June
13.03
13.29
Germany Bankers' Marks—
High for the week
12.92
>
12.90
13.18
13.16
*
12.60
Low for the week
12.62
12.43
"
12.45
Amsterdam Bankers' Guilders36 1-16
36%
36%
35 13-16
Domestic Exchange.—Chicago, par.
St.
discount.
Boston, par.
San Francisco, par.
premium.
Cincinnati, par.
36%
36%
Louis,
15@25c. per Si,000
Montreal, S120 per 81,000
O utsnie^Market.—'' Curb"
trading this week with the
to-day's market, was dull
and without
feature.
To-day's business was brisk at times, though
activity was confined to a few issues.
A generally firm
tone prevailed;
price changes were with few exceptions
small.
Texas Pacific Coal & Oil was heavily traded in
and advanced from 43 % to 51 % closing to-day at 48
exception
of
Invincible
Oil
on
few
transactions
sold
up
and at
from 35 to 39
3834 finally.
Carib. Syndicate was under pressure
at first dropping from 17 to 1534 then
advancing to 18 with
the close to-day at 17%.
Simms Petroleum opened the
week at 16, down 134 points from last Friday's close, sold to
15 M then up to 1834, closing to-day at 1834Industrials
for the most part moved with narrow limits.
Aetna Ex¬
plosives sold at its highest in some
time advancing from
914 to 1014, the close to-day was at 10.
General Asphalt
Com. after a loss of about two points to 6714 jumped to
7714 and closed to-day at 7714.
Submarine Boat weakened
from 13 to 1214 but recovered to 12% finally.
United
Retail Candy Stores was moderately active and sold down
from
1514 to 1414 and at 15 finally,
In bonds the
Chic. & North West. 7s sold for the first time, "w. i." down
rom 99 34 to 99^4.
A complete record of "Curb" market transactions for the
week will be found on page 2477.
,
Exchange—Stock Record, Daily, Weekly and Yearly
New York Stock
3468
PAGES
OCCUPYING THREE
preceding page
of stocks usually Inactive, see
For record of tales during the week
PER
PEE SHARE
mtsa AND WW BALM PRICES—PER
HEW
for
STOCK
YORK
Monday
Tuesday
Wednesday
Thursday
Friday
tu
June 5
June 7
June 8
June 9
June 10
June 11
Week
79%
797a
74%
75
79%
*74%
79%
78%
*7
8
*7
*87
88
*87
31%
42%
31%
13
*12
8
89
8
12%
7378
74
7%
*7
8
97*
*9
33%
51%
81%
1,300 Atlantic Coast Line RR..100
84
31%
3878 Feb 24
12%
9%
12%
33%
51%
32%
797s
51%
81%
117
,*105
103
64
«• m
36%
37%
74%
74
74
64
*73%
'mm
32%
50%
70%
33
81
37%'
37
~'iu
*>
12%
9%
63%
63%
5278
5176
«<»«• •»
51
51%
8%
*
112% 113%
61%
51%
51
8%
22%
32
22%
32%
*21
48%
50
69%
71%
*8
50%
22%
33%
51%
*21
70
72
9978 101%
100
37
37%
36
73%
63%
73%
74
74
63%
63
63
52%
52
52%
63%
*63%
63%
*73%
63%
75
73%
63%
64
52
51
51
63%
63%
24
*23
24
*23
24
*47
48%
*47
48%
*47
49%
50
*40
50
*40
50
*40
50
*93
95
*93
95
93
89%
92%
179% 180
4%
*4%
m-»
10%'
12%
19%
12
19%
72
72%
35%
35%
14
32
*84
m-
-
14%
*29%
84%
3% '>• 3%
13
13
16%
10%
1378
70%
35%
15%
72%
»
84%
3%
4%
9%
,
7178
'm
-
15%
*13
14%
31
84
82
82%
3%
*12
16%
16%
*3%
12%
3%
13
*42
45
*43
44
9%
100
43%
13%
6%
13%
578
43%
*9
99%
44%
12%
97%
97%
44%
45
45
13%
6%
*12%
14%
*5%
6%
997s
3%
13%
*12
17%
*17
45
97
6%
*42
44
43
43
*96
13%
•»
6
100
Delaware A Hudson
14
6%
Jan
100
3% May20
9i2 Feb 13
13% May 5
40
May 19
14,900
69
68
68%
67%
69%
67
68%
67%
68%
23,600 New York Central
*27
29
*27
29
*26
28
*26
29
*27
29
*27
29
*53%
56
*53
66
*53%
55
*53%
55
*53%
55
*53%
55
*42
47
*42
47
*42
47
*42
47
*42
47
*42
47
19
18
18
*17
19
*17
19
88
88%
89
88
89
85
86
73
73%
73
73%
73%
69%
71%
39
39%
39
39%
70%
3878
24%
2378
24%
38%
23%
39
24
39%
24%
;
23%
•'
W
287s
28%
*73
84%
83%
*
'
~
28%
76
*71
"39"
82%
28%
"28%
76
*71
38%
39
24%
24
24
-
m
m
mJm-m
85%
75"
*28%
29
*28%
*71
76
*72
85
86
*43%
43%
44
86%
42
42
42
42
*42
43
*42
43
43
25%
24%
43%
25%
33
23%
24
7%
7%
7%
7%
7%
9278
93%
93%
23%
92%
22%
92%
23%
92%
22%
65%
40%
22%
66%
41%
92%
22%
55%
40%
Do
m
m
24%
mmr
12%
23%
"13% "13%
12%
23%
23%
....
*
-
*42
44
*43
4378
25
24%
24%
24%
13%
13
13%
12%
12%
11%
13
25
23%
24%
22
23%
7%
22
22%
100,
-
-
-
23
55%
55%
41%
41%
*30
31%
*30
113% 114
11
11%
23%
22%
....
24
-
-
31%
11378 114%
63%
63%
11%
11%
24
23%
8%
8%
24
24%
63%
63%
23%
--
24%
22%
55
4034
41%
30%
30%
55%
42%
41%
30
30
*30
111% 113
112
23%
2378
*9
20
64
*63
10%
64
10%
22%
2278
.
„
10
*15
64
31%
113%
10%
*21%
24
9%
9%
*16
20
*16
20
*27
29
*27
28%
*52
65
60
60
10%
10%
10%
10%
9%
9%
*16
20
27%
*29
30
*52
65
*52
65
10
10
*26
28
27
.
9%
*26
28
*16
27%
*52
9%
20
27%
65
64
900,
10%
23
28
978
28"
"26"
Do
!
9%
*32i2
3234
30
35i2
33%
30%
34%
65
65
64%
6434
67
67
67
67
~
•
~
2934
3312
*30
66
*32%
6458
67
67
Feb 28
Feb 24
37% Dec
Mar29
34
*30
32%
35
35
35%
66
65
65
I
*64
69
I
66% Dec
83% June
Marll
23% Sept
33% July
62
Marll
60% Dec
70
Mar 12
40
53% July
4078 July
24% July
36% MarlO
21% MarlO
100% MarlO
84% Marl8
43% MarlO
32
Feb 19
pref
66
Mar
Jan
6
39
Apr
80% Marll
Feb 11
Feb 27
61
44
Apr
21% Feb 11
Feb 11
33% Apr 26
24
Dec
70
80
75
Dec
64% Feb 11
737s Dec
327a Mar 9
94% Apr 2 7
45
Apr 27
33% Mar 9
15% Feb 13
45
33% Dec
2578June 1
10%
23%Jan 14
Mar26
Apr 27
200,
90
200:
40
300(American Bank Note..:
*38"
40
*38
*41
42
*41
42
*41
*41
...
90
91
91
90
90%
90
90%
*82
91
*82
91
116
116
*117
118
39%
39%
*90
91%
140
141%
34%
*90%
39%
92
138% 140%
*82
*80'2
115%
38%
91%
139i2
11678 117'2
39%
91
9178
41%;
9 17B I
141%
14312*
--}
pref
pref
June
133
May
20% Dec
527g Dec
27%
11
Apr 30
35
Feb 13
Jan
13% Marl8
29%Jan 27
10% Feb 24
31
Feb 24
20% Feb 19
12% Feb 24
Feb 11
8538
Can
pref
Dec
17
Feb
26
Feb
61% Jan
17
Jan
25
Dec
29%
Feb
l'
64
Jan
54
July
76
June
64% May 19
1% May20
1% Feb
4
30% May24
88% Jan
5
66
Jan
113
Ju(7
74% May21
92
Jan
3
76
95
Jan
28
87
Sept
96%Jan 16
48% Apr
1
45% JaD 28
X92
Dec
103
Mar
33
Jan
55
July
42
Jan
49
2% Mar24
3
May20
Feb 13
40% May 19
100
Syndicate.10
Jan
1
June 4
10
6
80% May24
10% June 8
13
91
Apr 26
82
Feb 13
100
pref
Amer Malt A Grain
96% June l!
30% Feb 13!
11% Apr 15
No par
American 8afety Razor
25
2
3
84% May
1437b Nov
427g
68% Sept
107% June
61%Jan
Jan
3
147% Apr
118% Feb
54% Jan
101
9
86
4
3
Mar26
122
Jan
3
71%
3
52%
Feb
Apr
7
99% Jan 27
107
44
t
89
Oct
Nov
Mar
98%
Apr
58
Jan
117%
Oct
Jan
109% July
63
Aug
Jan
2
39% Dec
16% Junell
b
Mar 30
Jan
3
100%Jan
13
50
Mar22
May20
118%Jan 20
Ex-dividend,
132%
85
102
x
44% Mar
100
142% Apr 14
100
Oct
76% June
76% June
8
7
pref
142%
Mar 9
109% Apr
June
Ex-div. and rights,
Apr
14% Mar
43% Julj
14% Jan 22
95
122
a
Jan
120% Jan
86
Do
93
10% Nov
13% Jan
No par
§ Less than 100 shares,
Jan
3
American Sugar Refining..100
J Ex-rights.
July
67% July
88
Jan
72
May20
May20
119
Jan
54%
56% May20
May21
148% Nov
Jan
39%
37% Aug
30% Jan
35
Oct
May
Feb
2
83
89
113
Feb
Dec
Jan
16% Feb 13
100
84%
68
74% May24;
Am 8teel Found tem ctt*.33%
x98
53% Marl9
Amer Smelting A Refining. 100
Bid and asked prices; no sales on this
day.
Oct
95
Am Ship A Comm Corp.no par
*
Sept
101%
Am Smelt Scour pref ser A. 100
•
97
113% May
Jan
15% Jan 14
100
100
pref
American Locomotive
Jan
4% Jar
3% Jul)
51% Oct
Jan
30% Jan
Feb
Jan
84%
11% Junell
74
817g
Jan
62
Aprl6
15% May20
Feb 13
100
1%
128%Jan
Mayl2
Feb
Linseed
1% Dec
30
5
93
52
Ice
3
May
Jan
103%
20
39'% Mar
79
Mar31
5378Jan
84-% June 2
39
pref
pref
24(
Jan
100
pref
Pref temp ctfs
July
18% Sept
28% Sept
417i May
7% Mar
Apr
38
Do
30% July
56%
85% May24
Do
May
1478 July
21
100
Do
>
25% July
Apr
12
100
Am La France F E
98%
3
Dec
Jan
100
*97
9%
72
34%June 7
89% May 14
124% Feb 25
106
May20
American
14
46% Mar29,
100
*91
Jan
20% Deo
16
42% Apr
100
Amer International Corp..100
*10%
81%
Jan
Dec
33
9,600 American
Do
7%
June
25% May20
61
May21
200
Do
pref...
100
16,100 American Car A Foundry. 100
Do
7%
15
60
38% May
174% Mar
157S July
34% July
13% July
22% Feb 20
101
American
60
Dec
Dec
25
American Hide A Leather. 100
46
63
52%
Mar29
14% Feb 20
par
*92
Dec
119% Aug
72% May
70% July
25% July
66
l,300,Amer Bosch Magneto..No
Druggists
11
29%
Jan
23% July
20% Feb 19
32% Apr 7
90
Amer
26
125% MarlO
69% Jan
3
61% May24
8% May25
17
May21
7
May20
20% Feb 11
14% Feb 11
8% Feb 13
14% Feb 13
20% Feb 13
64% Feb
5
9% Feb 13
15
May20
25
Mayl9
50
American Cotton Oil
»1178
*1778
1
Mar22
17% Mar26
28% Feb 11
74% Feb 13
pref
Dec
58% Marl8
26% Mar
100
Do
July
15
12
47
110
12
6% Dec
9l7g Nov
Feb 13
100
Do
May
9% Feb 19
pref..
*107
37
18% Mar 1
105% Jan
3
Feb 14
60
2,000 American Beet Sugar
Do
Dec
Feb 13
100
Preferred
I
Dec
18
Amer Agricultural Cbem__100
Do
Jan
June
June
June
Feb
May
July
100
3,500, Allie-Cbalmera Mfg
Do
Dec
44%
84%
93%
38%
39%
27%
100
80
87
*85%
39%
33
Dec
63% Deo
72
Sept
100
*84%
*
70
68
26
500 AJax Rubber Ino
60
900 Alaska Gold Mines
10
400 Alaska Juneau Gold Mln'g.10
*84%
*85i4
40
48% May
33% Deo
50
100
86%
85%
85
*38
19978 May
100
Express....
86%
87
*80
12% May
Dec
397« Dec
12% Jan
377» June
100
*73
*82
Dec
77
23% June
100
900, Advance Rumely
500,
Do
pref
400
95
23
...100
*76
lh
2's
38's
16% Nov
Apr
Feb 21
...100
78
lh
2%
38
Dec
30
100
77
«
38"
26%
Nov
20% May24
6% Feb 11
12% Feb 13
88% Feb 13
100
1%
"37%
Apr
100
38%
"lh 'lh
Mar
Sept
28%
100
1%
1%
2%
14
60
Feb 20
MarlO
100
37%
37i4
25% July
3878 July
68% June
107t Dec
100
1%
*1%
4% Dec
24% July
16% July
20
...100
800 Adams
34
*64
Feb
Feb 24
100
100, Wisconsin Central
*32%
66
33%
Jan
4%
May
60% June
Feb 20
100
2i8
38%
T>8
2%
38
«
2934
*64
Dec
9%
57
22% May
188
Jan
18
2d pref...
Do
37%
8% Jan
22% Nov
[Industrial Ac Miscellaneous
*30
40% Dec
1047s Aug
40% July
May
104
34
1,200, wheeling A Lake Erie Ry.100
26"
50
3% Mar
62% July
127S July
100
pref.
Do
June
Dec
50
8
39
Sept
Feb 11
500 western Pacific..
100
Do
pref
65
600
*26"
Dec
7
30
11
1,500, United Railways Invest
100
Do
pref
100
2,700 Wabash
100
4,800
Do
pref A
100
100
Do
pref B
100
1,100 Western Maryland (netc)__100
I
20
27%
16
*26
9%-
27%
40
Jan
100
ctfs..100
2,600
"*9%
*16
trust
100 Third Avenue
100
100 Twin City Rapid Tr an ait.. 100
"23%;
*52
A
13,400.union Pacific..
"23%
15
9%
10
16
28
*26
23%
15
9%
9%
23%
Preferred
7,100 Texas A Pacific
"7% "8"
'
23%
23
112% 113%
*63
pref
23,200 Southern Pacific Co
9,700 Southern Railway....
1.000,
Do
pref
55%
40%
41
65%
41
*30
92%
55%
56
11278 114%
64
64%
11
10%
23%
21%
8
7%
13
92%
1st
7,700 st Louis Southwestern
7,000.
Do
pref
600.Seaboard Air Line...
100,
Do
pref
'
....
92%
23%
55%
Do
500;
Do
2d pref
5
8,500 st Louis-San Fran tr ctfs.. 100
24%
13
93%
23%
9278
500:
»•>*«.
43%
24%
May20
3778 May24
22% May20
60
Mayl9
100
100
50
50
pref..
81,500, Reading
33
13%
25%
25%
Do
76
85%
414 Feb 13
64U Feb 13
23% Feb 13
50
Aprl3
50
100
100
100
1,100 Pittsburgh A West Va
29%
84%
9% June
31%June
25% May
Feb 19
68% Feb 11
pref v t c
100 Pitts Cin Chic A St Louis.. 100
28%
Dec
Nov
Feb 21
100
July
July
13
11
100
7,000 Norfolk A Western
""206
83%
43%
Apr21
Feb 13
33
24
10
3'2 May22
41% May 4
23% Feb 11
16
Feb
6
85
June 9
100
18,600 Northern Pacific
22,495 Pennsylvania
4,800 Pere Marquette v 10
Do
prior pref v t c
T
76
28%
*71
76
867g
43%
70%
3878
Louis—100
100
100
100 N Y Ontario A Western...100
86
70
"75"
-
28%
85%
70
100
10,100 N Y N H A Hartford
—
108
-
83%
—
First preferred
Second preferred
19
*17
86%
38%
2378
23%
38"
N Y Chicago A St
30%
85%
69%
«.
II—
pref trust ctfs
..100
Nat Rys of Mex 2d pref...100
100 New Orl Tex A Mex v t C..100
19
*17
Do
13%
Feb
857§ Dec
31%
49%
7%
47%
77%
36%
42
88
23% July
100% May
6%
15% July
31%
Feb 11
25
40
*18
Dec
75% Dec
Jan
4178 Marl9
15
May 5
34
Aprl4
Feb 11
24%
43%
29%
33
36
25
40%
29%
20% May
18% Dec
21
24%
29%
12% Dec
Feb 24
9,900 Missouri Pacific trust etfs.100
25%
29%
May
18
43
28%
217
May24
25
30%
May
172% Mar
3% Apr
7
pref
58% July
51% May
MarlO
3
100
Do
31% May
116
48% Mar 1
47% MarlO
112% Jan
5
52% Mar20
18% Mar 9
3934 May24
97
JunelO
9
July
19% Feb 24
8078 Feb 13
39
74
93% MarlO
4% Mar 13
16% Marl 5
24
Central
July
547§ June
17% Feb 24
84% Marl 3
24
42
29%
73
-
16% Feb 24
15% Feb 24
v
Jan
Jan
June
91% Dec
25
68i2 Feb 11
33
Feb 13
7
Feb
9
9
12'a Feb
Dec
Dec
45
195
912 Feb 13
17% May20
100
19
16
May
99% Marl 3
414 May20
9
Feb 11
28
25%
43%
33
84
55% Aug
48
Jan
July
32% Jlny
Dec
Feb 19
43
89% Feb 13
105
Feb 10
100
24%
29%
68
51% Mar25
27
Mar 8
100
42%
29%
20
100
Iron Ore properties.. Vo par
25%
30%
66% Mar 1
133
Jan
42
42%
29%
Feb 21
105
Dec
47U Feb 16
...
25
68%
78
Nov
22%
100
1st pref
2d pref
42%
67%
Mar 8
4S78 Dec
85
118
100
Do
200
33
41
12
Feb
43%
68%
91% MarlO
Jau
6
120
99% June 9
23'2 Feb 13
64% Feb 13
54
Feb 11
Sept
9%
257s
25%
43%
61% Marll
69'2 JunelO
63
700 Manhattan Ry guar
100
400 Mlnneap A St L (new)
100
3,400 Missouri Kansas A Texas. 100
44
*13
578
6
52% July
76
July
32
.....
97%
44
45
45
*12%
42% Marl 1
34% Dec
Marl5
3,900 Kansas City Southern....100
Do
pref
100
"V,200 Lehigh Valley
50
1,400 Louisville A Nashville.... 100
10
13%
307t May
Feb 24
3,200 Ullnoie
13%
17%
42%
98%
42%
Dec
500 Interboro Cons Corp ..No Par
400
Do
pref
100
81%
*3%
*42
21
68
400 Gulf Mob A Nor tr ctfs
100
Preferred
13
378
16%
45
27% Feb 28
55
2,000
31
81%
*12
197S May24
30'4 Feb
6
4534 Feb 13
126% Dec
6
100
Do
2d pref
14,500 Great Northern pref
14
70
35%
*29%
81%
378
43
42%
18%
13
81%
17
16%
17%
*42
6%
35%
*29%
44
42%
69%
35%
*13
45
-
"69%
14%
*43
6
12
31
*42
42
10
11%
18%
*13%
69%
35%
31
44
•
4%
*9%
14%
3%
4%
4%
14%
51% Dec
7% Jan
68% May
1078 Feb 20
May 19
Feb 11
1,300 Delaware Lack A Western..50
100
4,500 Denver A Rio Grande
Do
3,500
pref
100
100
3,000 Erie
Do
1st pref..
1,200
100
184%
12
32
84%
3%
180
10%
70%
59% MarlO
Feb 13
Feb
Do
12
35%
May20
Feb 13
7
62
pref
May
July
July
July
47
200
48
10
4%
Dec
110
Jan
42
Do
"3",300
179% 179%
Dec
5
55% May
69%
33%
28%
1707g
Dec
10
500 Colorado A Southern
m
48
91
*13
45
100
90%
38%
Mar 15
100
100
100
----
*29%
81%
*43
10278
50
14%
*42
*97
m
48%
18%
69%
35%
35%
24
preferred ..........100
7%
6% preferred
100
1,300 Clev Cin Chic A 9t Louis..100
10
*13
1378
72
48%
*40
100
1,200
12
9%
11%
18%
12%
19%
*22%
m
32
12
12
180
4%
12
19
14
*29%
180
12
11%
14
*13
90%
179% 179%
4%
4%
10
10%
m
4%
4h
10%
.,
»
22%
'
tm
48%
24
600
73%
63%
51
'
*47
33,800 Chic Rock Isl A Pac
36%
36%
3678
36%
*40
*22%
100
65
*49
33%
50%
70%
*32%
49%
70%
17
May
13% Marl 5
134
Jan
3
7
.....100
5,534 Canadian Pacific
100
1,700 Chesapeake A Ohio
300 Chicago Great Western
100
Do
100
pre?
100
4,700 Chicago Mllw A St Paul..100
Do
pref
100
7,500
28,000 Chicago A Northwestern.. 100
Do
1,900
pref
100
52
*8
8%
*21
103
978
9%
112% 113%
*51
8%
*8
36%
63%
*60
*
111% 112%
113
107
28% Dec
12%
407$ May24
10% Feb
4978 Feb 24
12
100
7,581 Baltimore A Ohio
Do
pre!
100
1,600
1,300 Brooklyn Rapid Transit..100
Cert if lea tea of deposit
800
275* Feb l_
42%
21
51
87% Deo
86%
31%
8678
8678
Jan
15% July
Mar
86%
22%
33
6
42%
21
81%
Feb 1
89
7678 Dec
87g Feb 24
93
Jan
7
31%
*8
33%
5178
AprS
42%
8%
*21
113
113
•
5
31
112
*8
23
*21
—
May2
100 Atlanta Blrm A Atlantic..100
86% MarlO
82
Jan
3
Feb 1
72
7%
*7
42%
86%
-
51
6,100 Atch Topeka <fc Santa Fe._100
Do
pre!
100
1,400
76
74%
♦73%
Highest
9 per share $ per share
104
May
80% Deo
32
112% 114%
51%
61%
8%
8%
10
*9
$ per share
42%
12%
'
112% 112%
52
52%
$ per share
79
79%
74
Highest
$ per short
42%
32%
42%
1278
12%
79%
Losoest
Lowest
Par
Railroads
Share*
31%
87
31%
*42
42?8
12%
78%
73%
7%
86%
78%
87
31%
31%
4278
4278
*73%
*7%
S per share
79
7878
S per share
% per share
79
80
S per share
9 per share
Year 1919
lots
EXCHANGE
Saturday
■
On Oasis oj 100-share
SHARE
Mange for Preeiomt
Range since Jan. 1.
STOCKS
Sals*
SHARE, NOT PER CENT.
93% Jan
v Full paid.
19
25
Deo
79%
Dec
61%
Dec
94
Dec
33% May
91
Dec
111%
113%
Jan
Jan
47%
Out
94% June
89% July
109% July
47
July
66% Aug
148% Oct
119
May
2169
New York Stock Record—Continued—Page 2
For record of aalea during the week of atocka
usually inactive, see second page preceding.
PER
HIQH AND LOW SALE PRICE5—PER SHARE
STOCKS
Sales
NOT PER CENT.
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 5
June 7
June 8
June 9
June 10
June 11
Week
% per share
% per share
$ per share
$ per share
Shares
88%
89%
89
87%
*87
91
*86
94%
♦220
240
*87
89%
91
*85
"94%
94%
90
m m
90
4,800 Amer Sumatra Tobacco
85%
94%
Do
100
preferred
100
5,600 Amer Telephone A Teleg—100
American Tobacco
100
250
*220
250
*220
240
*222
240
87
87
*85
90
*87
90
*86
90
96%
97%
97%
43%
14%
49%
*94
97
*94
97
45
mmrnmmm
600
Do
pref (new)
27,100 Amer Woolen of Mass
101% 10434
100% 102
96% 102%
95%
95%
44
*42
43%
*14
14%
*14
14%
14
14
*14
14%
*14
14%
200 Amer Zinc Lead A Smelt
*45
49%
*45
4934
45
45
45
45
*35
45
200
Do
55%
56%
56%
43%
45
*40
57
-
-
95%
*41%
-
5634
3434
200
96
Do
57%
34
32%
*31
33
32%
56%
32%
*31
35
65
*52
65
*52
64
58
58
*52
61
*56
60
100
Do
60
60
*60
75
*60
75
*60
75
*60
65
*60
75
100
Do
*90
94
164
165
165% 167
166
166%
*62
66
66
*62
66
57%
55%
56%
56%
32%
164% 164*4
*62
66
59%
59
57%
115% 116%
*40
42%
57%
114% 116%
125%
*100
105
*100
*1
105%
1%
21
21%
42
126
89
87%
127%
*100
105%
*1
1%
"l%
20%
20% 20%
87%
91%
89
90
125% 125%
m
*1
20%
mm
90%
88%
91%
"m
mmmm
m
89%
m'm
m
*9
10
"*¥
10"
94
*87
9"
94
"5
"89%
mm
-
91
110
*108
8%
8%
112
8%
14
14
8%
13%
23%
23%
23
23%
17
17%
70%
30%
*16%
66%
29%
69%
69
*
59
66%
101
16%
70
29l2
69
59
*22
17%
70
"65%
*25
*68
130
130%
85%
85%
16
31%
23
"22%
16%
*16
55%
31%
"65"
99%
65%
99%
44
44
129
132
129
131
---
67
67
*16
17%
1634
*68%
71
70
30
2934
70
64%
65%
65%
*98
*99% 101
86
86
*85%
16%
15%
15%
32
31%
31%
31%
31%
86
*81
80
33%
33
33
32%
*31%
55%
30%
32%
*31
55%
'
31%
34"
*71
55%
"55%
56%
56
32%
31%
3234
32%
*80%
*65
67
*80%
68
*64
65%
*78
81
*78%
79%
80
80
*13%
*33%
82%
14%
79%
80%
8l"
81
14
14
14%
33%
34%
34
34
83
83
83%
83%
m
14%
33%
*82%
14%
33%
86
*80%
....
83
mm
Do
"
11
10%
10%
1034
94%
93%
94%
92% 93%
*104
104% *104% 104% *104% 105
*33
35
35%
35%
35%
35%
136
138%
135% 139%
134% 137%
'rnrnm
m
m
—
93%
14%
33%
*82
14%
34
35
Do
preferred
100
875 Consolidated Gas (N Y)..100
1,800 Cons Inter-State Call Mg__10
5,200 Consolidated Textile...No par
83
86
80
80
83
500 Continental Can, Inc..... 100
100
......
>96
96
*93
96
48%
79%
*54%
9%
49%
48%
79%
79%
56
56
*19
20
20
20
9%
9%
96
*92
49%
10%
10%
10%
11
93%
94%
93%
94%
96
*92
80
79%
79%
56%
56
79%
56%
9%
50%
80%
56%
57%
9%
9%
*32%
40
*32
*15
*75
853s
*15
20
*15"
853s
*75
85%
89
88%
13
88%
99
83%
83%
*84
85
*83
88
86%
98%
79%
*83%
10%
*10
12%
*10
98%
77%
98%
79%
z86
87
97%
79
9734
7934
*93%
80
79
79%
83%
83%
*84
85
13%
*35%
37
*35
37
125
*115
125
*115
32
33
32
32%
32%
21
21%
22%
12%
64%
24%
12%
24
32%
24%
.......
12%
12%
35%
35%
125
*10
*115
36
*35
125
*34%
♦115
32%
24%
13%
12
35%
400
32%
2484
25%
13%
100 Fisher Body Corp..
65
66
"64%
66%
65%
65
65
*63
66
83
82%
82%
*79
83
83
83
*79
85
*79
86
*143
145
14334 144%
144
144
144% 145% zl4l
141
141
141
*75
80
*75
*75
80
79
*75
26%
$24% 25%
73%
*7234
*85
87%
27
*74
27%
74%
74
*72%
73%
*85
88%
88
88
*85
88
63%
89%
63%
64
63%
89%
*37
39
26%
73
'mmmm
*37
27%
26
26%
79
*75
26%
26%
2534
72%
72%
87%
64%
86%
86%
64
64
*85
64
j
91
91
40
*37
40
29%
*25
30
28%
mmmm
*75
mm
73
§91%
91%
*37
22
22%
'mmmm'
■
mmmm
*28
30
29
*58%
63
*59
63
*80
83
*80
83
68
.Lmm
22%
22%
28
60
28
*55%
60
*58%
60
*58%
60%
*80
83
*81
83
*81
83
69%
67
68%
66
68
67
69
69
33
33
33
32
32
*31
34
*32
30
63
*81
22%
28%
17%
17%
*7%
8
52%
52%
*20%
17
7%
17%
8
*16%
7%
17%
7%
17%
17%
17
7%
7%
52%
*7%
1734
7%
52
52%
*51%
53
52
*20%
23
82%
82%
125% 127
52%
23
*20%
23
*82%
85
82%
*20%
81%
52%
126
131
132
82%
133%
34
23
82%
130% 134%
*20%
84%
131
23
84%
133%
mm
m
mmmm
18%
mm'm'm
5234
52%
*20%
23
*82
86
132% 135%
m
46%
45%
9%
46
9%
46
9%
46
9%
45
"9% "9%
93s
46
Do
Deb stock (6%)...100
...
preferred
...100
Granby Cons M 8 A P
100
300
Gray A Davis, Inc..
...25
400 Greene Cananea Copper. .100
mm
"45"
100
Corporation..
17,700 Haskel A Barker Car
mmmm
24
25
24
*20
23
108
108% *104
108% 108% *104
99
99
99
*94«4
*9434
*94%
*103
107
*20
*20
*20
Do
15,500 Inter
99
*62
65
65
65
27
27%
27
27%
26%
26»4
26%
30%
z69%
70
70%
73%
62
62
27
27%
27
27%
27
70
108%
*9434
27%
26
26%
25%
26
26%
27%
26%
71
71%
71
71%
70
70
69%
71%
37
---
-
37
29%
*l30~
160
"
*140
2834
*140
160
*140
160
*140
160
*140
102
29%
29%
16%
16
*63
66
*60
62
*124
134
*
*63
66
*60
62
*63
66
*63
66
*63
66
*60
60
130
*60
62
60
60
60
60
124% i24% *123
130
♦120
130
*120
130
*120
Bid and asked prices; no sales on this day.
§ Less than 100 shares,
27%
Jan
69
Oct
11
Jan
29
July
40
Jan
65
July
66% Apr
67% Jan
74% Jan 17
75% Jan
4
6% May20
May21
20
May20
15% May20
68% May20
26
May21
65
Feb 10
56% Mayl9
62% May24
99% June 8
40% May24
JunelO
Feb 26
14% May20
2934 May 19
80
Mayl9
30%, May20
28
May20
50
May 19
27% May 13
85
Apr23
55% Feb 10
*76% Feb 13
75
Feb 11
13
May20
25
Feb 27
78
Feb 13
100
Apr22
10% May24
76% Feb 13
101
Jan 26
30
May24
115% May24
95
Mayl3
Harvester
75
19% Jan
5
15
Jan
129
100
100
100
100
No par
.100
100
100
620
Kelly-Sprlngfleld Tire.
25
Temporary 8% preferred 100
""300 Kelsey Wheel, Inc
100
3,000 Kennecott Copper
No par
14,700 Keystone Tire A Rubber... 10
9,900 Lackawanna Steel
May
Jan
2% May
Sept
45
65%
Jan
Jan
112
90
55%
108
July,
Jan
116
Sept
Aug
7
115
Dec
166
Apr
Oct
Apr
9
6
Jan
12
28% Jan
6
85% Jan 28
29% Jan
Feb
17
Jan
39% JulF
16%
Feb
37% July
5%
64% May
Dec
19% Dec
48% Jan
87%
Jan
3
20%
Jan
56%
75%Jan
6
64%
46
69
86% Sept
56% Mar
86% July
5
56%; Feb
104% Jan
104% Jan
108% Jan
5
61%Jan
3
31
Jan
164% Mar29
111% Apr
8
90
Nov
41% Jan
Jan
68
Apr
16%
32%
60%
21% Jan
106
Dec
Feb
Feb
40% Jan
37% Nov
44% Jan
34%
Jan
39%
67
6512 Jan
92%Jan 14
70% Mar22
83%
Apr 1
93% Mar22
20% Jan
5
46% Apr 26
Apr
9
98
102% Jan 22
14%
1051
107
Oct
JaD
Mar26
Aprl6
91%
Feb
Feb
Oct
Dec
54
Aug
*78
50%
116% July
114
July
67% July
141%
Nov
113% Nov
29% July
50% July
108
Dec
43% Nov
66
69.
75%
95%
75
July
Oct
Oct
Oot
June
Aug
86% July
78%
Dec
106% July
5%
Apr
3o*i Dec
65% Feb
100% Oct
10% Sept
23
Oct
37% Nov
103% June
110
June
15%
Oct
99
Oot
Aprl4
46
Jan
9
102
Jan
109% July
Jan
43% Apr 29
278% Apr
100
Jan
7
52%
Feb
261
Oct
7 j
91
Jan
105
July
20%
Jan
55
Dec
87%
Deo
69% Mar
nl50
Jan nllO
10%
Jan
28
Jan
2
23%
Dec
33
Feb 17
45
20
Feb
6
29
Jan
78% Mayl4
91
Jan
Mar25
39
Dec
49
Dec
43
Juno
Dec
101
June
June
147
Jan
80
104
Jan
101**
Aug
107%
95
Jan
83
Dec
123
80
May20
10
Jan
91%
16%
44%
134%
Apr 15
Mar30
9
Dec
May 14
25
Dec
Mar20
38% Jan
39% Nov
48
20
July
24%
88
2
2
27% May20
Oct
16% May
43
July
93% May 18
65% Feb 11
36is Jan
11
July
16
3
May20
May20
Oct
Dec
Jan
100% Feb 13
Oct
107% Julj
May
11%Jan
Jan
31%
15
19% Jan
Dec
Dec
150
Deo
Deo
July
23% July
48% July
173
Oct
65
Oot
64% July
38% July
95% July
68% Feb 27
75% Jan
47
JaD
79% May25
94% Jan
90
Dec
101
144%
Feb
176
Oct
Jan
95
June
May20
May25
24% May24
68% May21
80
May 3
58% May20
89% May24
31
172
Jan
82
89*4 Jan
42
~82% "Feb
"94%
Apr
94
Apr 20
85% Jan
55% Jan
22
May20
28
JunelO
49% Jan
38% Jan
Jau
93%
Oct
Aug
109%
Apr
80
JaD
47% Dec
46% Dec
32% Dec
53% Nov
47% July
89% Oct
64%
Feb
Jan
40
Feb
71% July
42%
68% July
49%
84% Jan
108
66%
102
102% Jan
Feb 25
55% Apr29
81% May20
Aug
Mar 26
85% Jan
Jan
100%
Deo
6% May25
48% May24
46%
13% Feb 13
27
Aprl4
10%
Feb
Jan
69
88%
Apr 15
48
Jan
110%
Jan
37% July
91% July
149% July
111
Feb
11
61% Apr
8
112% Feb 17
142% Apr 13
105
115
June
4
70
Feb
36% Mar
8
16
1
91
Jan
21%Jan
May28
20% May22
98% May20
45%Jan
rights,
Nov
80
July
34
Dec
65
Nov
15
Dec
48
Mar
38%
Dec
91
Mar
44
July
Nov
24%
Jan
164
Dec
110%
Oct
Jan
114%
Oct
July
Jan
Dec
Apr
33% Apr
9
34
7
27% Nov
48% Jan
6
38%
91%Jan
5
62%
160
207
n
82
Jan
88
43
100
100
100
...100
100
100
33% June
Jau
101%
37
400 Loose-Wiles Biscuit tr ctfs.100
Dec
30%
62
5
95
Apr28
100
Mayl3
25% Feb 11
14
Mayl4
44
May 21
105% May 19
131% May 19
67% July
128% May
5
21
53% May20
24% May20
21% May20
Feb 26
9
10
Feb
Jan
30
105
May22
26% May20
June
120
Jan
92%
20%
162% Jan
Feb 13
96
63
No par
Mar 19
May21
32
6
7
Dec
21%
24
79% Jan
3
61%Jan 27
100
400
Do
preferred
100
4,800 Loew's Incorporated—no par
5,700 Loft Incorporated
no par
a Ex-dlv. and
119
1%
26
92
26
100
Liggett A Myers Tobacco.. 100
$ Ex-rights,
Feb
110
Oct
26
26% Jan
pref
July
102
15% May20
62% May20
200 Manatl Sugar
145
Dec
4,500 International Nickel (The) .25
29,400 International Paper
1,000
Do
stamped pref
Do
Jan
103
Dec
Feb 13
preferred
Do
preferred
Mack ay Companies
Dec
156%
Dec
51% Jan
—
Dec
35%
Jan
11
111%Jan
400
20%
Oct
64%
13
26% Jan
Oot
29
9% Mayl9
18
May24
June
Nov
76% May
76% Dec
41
13
(new)
Do
2d preferred
1,000 Loriilard (P)
142
192%
Jan
85%
Apr 1
76% Feb 13
Do
Jan
Feb
Mar20
39% Feb 26
86
Dec
82
Aug
80% May
101%
Jan
62
Feb
14% Nov
32% Apr 9
96% May 6
102% Jan
3
102% Feb 24
96%
68%
65% Dec
30%Jan 15
148% Apr 9
50% Mar25
135
Aprl9
111% Jan
6
114
65%
Jan
Mar
92
74% Jan
1% Jan
77% July
17%
61
64
Jan
Jan
54% Nov
68
Jan
27% Feb 11
61
60
61% Jan
21% Jan
59% Jan
100
160
100
*99% 102
100
*100% 103
100% 100%
100% 100%
29
29%
29%
29%
30%
29%
29%
28% 29%
29%
17%
15%
15%
153s
15%
15% , 15%
15%
15%
15%
45
46
46
46%
46
♦43% 46
*43%
♦43%
1*43% 46
*43%
*10534 125
*105% 121
*10534 123
*10534 127
*10534 121
*105% 123
143
139
142
♦137
140
141% 142
139%
*135
13934 140% *137
*95
102
*95
103
*95
103
*95
103
*95
103
*95
101%
•101
169% Dec
110*4 June
Aprl9
23% Apr
9
9% Apr
6
preferred
1,000 Lee Rubber A Tire
31
106
Jan
Feb
May20
200 Laclede Gas
(St Louis)
29%
160
Dec
45%
94%
30
Do
Preferred, new
100
9,600 Int Mercantile Marine..*. 100
13,900
24
105
99
28
*62
*20
*9434
•
*27%
26%
24
§105% 105%
99
Feb
93%
100
preferred
Jones Bros Tea, Inc
*94%
191%
7
2
105%Jan 29
77% Apr 14
Do
*20
5
Feb 13
500 Jewel
Tea, Inc
9%
Feb
120% June
100
May
108% Mar
314% Oct
Jan
50
10
Refining
5
3,500 Inspiration Cons Copper...20
Internet Agrlcul Corp
100
1,900 Iron Products Corp
46
14
May 21
Aug
97% Jan
185% Jan
No par
4,300 Hupp Motor Car Corp
800 Indlahoma
800
107
*105
107
*105
107
*105
107
*105
*104% 107
*10434 107
32%
32%
32
32
32
32
3134
32%
33%
31%
30%
31%
86
89
88% 8934
88
8834
88
85%
87%
87%
85%
87%
17%
18
17%
18
1734
18%
17%
17%
17%
17%
17%
17%
79
77
78
7784
77
79%
79%
78%
77% 78%
75%
77%
74
74
74
74
74%
75%
46%
1,100
350 Hendee
Manufacturing
m
17%
.
temporary otfs_.no par
Hartman
'
{33
Do
600 Gulf States Steel tr ctfs_.100
71%
Jan
73
83
6934
70%
par
200
Do
deben stock (7%).-100
4,000 Goodrich Co(BF)
100
210
Do
.
22
*28
■
'■
38
No
89,300
mmmm
38
9
Feb
134
...
65%
63
*37
-mm
38
*37
72%
66%
June 4
7% Mayl7
General Motors Corp pref. 100
79
80
65%
3
May 19
49% Feb
5
22,100 Flak Rubber
....25
8,700 Free port Texas Co
No par
400 Gaston W A W, Inc
No par
2,500 General Cigar, Inc...
100
200
Debenture pref
100
1,900 General Electric
100
25
*79
50
100
preferred
500
Do
preferred (8%)....100
300 Federal Mining A Smelting 100
100
Do
preferred
100
85
115% 115%
34%
3234
125
Do
10,600 Famous Players Lasky No par
35%
*35
10
1,400 Endlcott-Johnson
86%
9734
86%
98%
*10
Sugar
Coal Corp.......60
Do
preferred
50
Emerson-Brantlngham
100
Do
preferred
100
20
*75
*95%
74%
•••
40
20""
283
59% Apr 14
79% May28
85%Jan 21
100
Jan
9 i»605
Aprl7
10 *400
No par
700 Dome Mines, Ltd
500 Elk Horn
20
85%
*88
•
19%
*75
75
32%
20%
9%
*15"
99
31%
10,600 Cuban-American
9%
85%
88
♦115
56
*9%
20
73%
100
preferred...
9%
40
*86"
Do
56%
81
*15
*
....
88
10%
200
13,600 Cuba Cane Sugar
6,000
Do
preferred
20
*96%
78%
60,800 Crucible Steel of America. 100
51%
80%
513s
*33
20
85%
100
.no par
5034
8034
55%
50%
80%
55%
20
40
20
*75
preferred
600 Cosden A Co
96
*92
96
Refining..100
*33
49%
*15
36
Do
Products
*19
4934
9%
300
139% 147%
13734 140
*92
49%
9%
36
16,100 Corn
104
*35
104% 104%
*34
136% 138%
104
preferred
1.400 Continental Candy Corp No par
10%
93%
36
No par
14%
10%
*35
100
pref
80
79%
14%
i34%
92%
104% 104%
Iron....100
100 Consolidated Cigar
Do
'
No par
*78
"79%
34
8434
mrn
25
5
100
...
2,800 Columbia Gas A Elec.....100
26,100 Columbia Graphophone No par
5634
33%
8434
*64
—100
No par
300 Cluett, Peabody A Co
31%
*80%
...100
4.900 Coca Cola..
300 Colorado Fuel A
55%
mmmm
14
.100
5,600 Chile Copper
1,700 Chino Copper......
33
Mar
17% Feb 11
77% Feb 27
81% Feb 26
No par zlOl
78
1,200 Chicago Pneumatic Tool.. 100
35
31%
83
80
No par
100
pref..
200
Do
pref
2,400 Cerro de Pasco Cop
14,700 Chandler Motor Car
80
3334
56
85
*78%
Do
Petroleum
6,500 Central Leather
44%
32%
mm
mm m
31%
34
85
*80%
15%
81%
33%
"15%
"33%
86
34%
31%
400
101% 104
86% 89%
16%
15%
3034 31%
87%
15%
1
Apr 23
12
500 California Packing
68%
43%
102
93
Brooklyn Edison, Inc
Brooklyn Union Gas
1,600 California
100
*98
114
100
70
66
65%
100
43%
43%
4334
43%
131
103
134% zlOl
40
97
No par
June 4
May20
103% Feb 13
105
100 Calumet <fc Arizona Mining. 10
31%
m
*68
5
51% May20
8
1,000 Caddo Central Oil A Ref__100
30%
*68
June
88
70
*29
16%
33%
32%
55%
30%
24%
1634
29%
60
1,000 Butte Copper A Zlno v t c._5
500 Butterlck
100
800 Butte <fc Superior Mining.. 10
1334
24%
22%
Feb 13
May25
May24
100
8%
conv
100 Burns Bros
9
*8%
8%
54
55
100
100
113"
69%
86%
*80
cum
900 Boeth Fisheries
9%
17%
69%
29%
16
5534
8%
June 9
28
preflOO
preferred..:
Do
""2OO
*108'
May20
1234 May20
20
100
...
Do
92
"
113
preferred
400
1Y0"
*8%
834
51
37
45
50
Corporation
200
116"
*13%
86%
31%
«.
8%
70
43
35%
93%
6034
100
31%
mmmm
34%
*108
*22%
100
16%
91
91%
15
29%
*
65%
113
Do
90%
Dec
176% Jan
Batopilas Mining^
20
No par
5,800 Bethlehem Motors
1,600 Bethlehem Steel Corp
100
Do
Class B common.. 100
32,900
1%
22%
90
Dec
95
125
mmmmmm
*1
90%
Apr 12
100% Marl8
Feb 25
Autosales
23
21
*85
8%
*13%
43
*99
*108
8%
5l"
8%
13%
69
69
60%
9
51
24
8%
13%
13%
*69%
*29%
*67%
109
109
m
73
105
May 19
102
m
1%
106% Mar22
Feb 16
Feb 26
25,500 A T Securities Corp_...»o par
5834
21
Feb 13
92% May22
209
May21
85% May20
94i8 May24
95i8 May28
63
*97
m m
77
84
92
'
20%
8934
$ per share
137
132
"*1
Highest
f per share
100
Oil
pref
12734 132%
*40
Lowest
g per ihare
100
Do
6% pref temp certlfs
50
119% 151,200 Baldwin Locomotive Wks.100
400 Barnsdall Corp CI A
43
25
135
14,300 Barrett Co (The).........100
92
51
*107
9
*85
100
100
Highest
S per share
11,400 Atl Gulf & W I S3 Line—100
■m^mmmrnm
10
*19"
91%
90%
97
99%
110% 110%
♦100% 112
"
*87
1st preferred
2d preferred
118
m
'
90%
91%
*
10
23
*19
115% 118
42
57%
58%
57%
25
117% 118%
*40
43%
23
*19
42
42
125
1%
21%
23
113% 115%
42
42
126
21%
58%
57%
*
*19
23
*125
*1
58%
*62
10
*19"
23
66
*62
65
*
10
*19"
35
Associated
162% 165%
163% 167
*62
pref
pref—..
........25
5,900 Anaconda Copper Mining..50
400 Associated Dry Goods
100
*31
*
100
..100
100
700 Amer Writing Paper pref. .100
97
*95
*52
56%
Par
100
85%
94%
m
9434
*220
*95%
57
m
89
$97
14%
mm
94
98%
87
98%
43
m
SHARE
Lowest
Indus. 4 Miscall. (Con)
88
'
94%
94%
250
*220
98
*40
91
*85
94%
94%
94%
$ per share
87
87%
share
87%
87%
PER
Range for Previoni
Year 1919
EXCHANGE
Saturday
$ pe
SHARE
Range since Jan. 1.
On basis of 100-share loti
NEW YORK STOCK
Maris
33
Dec
Jan
Dec
43
126% July
107*4 Nov
83
Jan
40
Oct
6
10
21
Jan
Jan
195
Dec
250% Aug
109%Jan
31
107
Jan
115
38% Jan
36
Jan
70
Jan
July
Apr 12
28
3
25%
Dec
27% Deo
81
July
115% Jan
94
Feb
120
June
183% Jan
147%
Apr
245
July
Jan
115
July
40%
107
Feb
103
May27
64
Feb16
69*4 Jan
63
Dec
60
Apr22
64% Mar22
*63
June
66
July
108
Febll
151% Apr 14
130
Dec
137
Deo
Par value $100.
110% Jan
* Old stock,
79% May
x Ex-dividend.
New York Stock Record—Concluded-
2470
For record of sales during the week of stocks
usually inactive,
Page 3
third page preceding
see
PER
Bales
BIEH AND LOW BALM PRICES—PER SHARE, NOT PER CENT.
STOCKS
HEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 5
June 7
June 8
June 9
June 10
June 11
$ per share
$ per share
$ per share
$ per share
9 per share
Shares
*25
♦2412
27
♦25
♦20
24
♦20
24
20
114
115
*113
11412 11412
2712
(*100i2
♦100l2
179%!
177
*100% 102
-
97
20%
29%
43%
62%
§20%
27%
20%
28%
♦62
65
61
*95
98
*95
26%
43
42%
42%
60
61
*60
61
*60
*95
98
*95
99
*95
32%
*38
64%
34%
86%
*38
*34
86%
*96
*20%
28%
42%
65'
*94
*64
70
67
67
*92
99
*92
*76
78%
*102
105
13
13
"34"
34
*48
*52
55
51%
99
34%
34%
69
68%
92%
90%
92%
4%
*7
99
*92
99
37%
*48
4;
24%
*92% 100
9
9%
67
66%
99
*90%
"2",650
60%
58
62%
60%
55
*52
56
56%
*54
57
*51
17
*16
17
*16
38
37%
*47%
4%
*6%
38%
51
4%
7%
125
*120
24%
24
38
51
*47
400
70
*90
7%
130
46%
*28%
100%
fo'iY
95
96
96
57
53%
46%
33
94%
53%
""700
300
17
16
16
300
38%
51
38%
51%
9,800
51
4%
4,900
300
7
7
500
124
124
53%
96
101
103%
97%
33
*30
33
32
32
25%
25%
*25%
26%
36
37
37
37
25%
36%
37%
36%
50%
48%
37%
49%
37%
49%
37%
50%
25%
36%
36%
49%
95
94%
94%
15%
15%
16
16
82%
82%
83
68
*54-
*93
94%
"ie"
16
84
82%
58
55
86
86
*16
17
98%
99%
"
99%!
98%
98%
100
*96
*85%
*16%
98%
1
*
ill"
100%
98%
99%
83
55
*96
86%
86
i65%
111
"
17
T.600
1,100
10,700
22,400
99
97
97
17
17
17
17
17%
17
17
16%
17
64%
65
64
64%
63%
63%
64
85
86
63%
86%
63%
86
63%
84%
63%
85
63%
84%
86
81
87
91%
89
*94
91
90%
91%
91%
89%
93%
*94
92%
97%
94%
94
*41
44
42%
113% 114
*15%
16%
43
43%
*43
114% 115%
*15% 16%
114
116%
116
16
16
*15%
16
*48
*46
*47
52
*48
52
10%
*10%
10%
52
10%
10%
*204
9%
53
10%
10%
215
*204
215
*204
100
94
"48"
44
48"
900
116%
116
117%
18,500
100
~60"
9%
214% *206
"60% 50%
10%
9%
10%
214
214% ♦206
50
75%
31%
75%
32%
31
76%
31%
75%
31%
76
74%
31%
32%
74%
32%
66%
75
75
32
32%
65
65
*62
68
*63
65
*63
65
65
66%
67
87
87
88
88
*88
89
*87
89
*87
89
88
88
*275
298
*235
300
*275
300
*275
300
*275
300
*275
380
*
108
*
108
*
108
*
108
*
680
§65i"
655
§655"
660
*....108
680
§655
668
§665
§661 " 680
101% 101%* 100% 101%
100% 101%
*41
42
41% *41
*40
41%
74
74%!
73
73%
70%
72%
69
70%
67%
69%
66% 68%
I
92
93
101
101%
101
41
41
*40
*71
75
73
69%
68%
68
101%
42
73%
69%
101
50
50
*49%
*41
*49"
42%
50
42
50
42%
42
49%
48
10%
48%
70%
71
89
89
14%
*l85~
86
28%
*42%
129
*48
*195
10%
47%
70%
*88
15
13%
74
69%
49%
*49%
49%
~50"
43
*41
43
*41
*9%
~50"
43
47
14%
14%
87
28%
29
27%
44
*42%
*42%
129
129
202
*6%
63%
82%
95
*94
60
*59
94%
106%
92%
106
70
9
76%
69%
8%
74%
75%
72%
107
*104
107
19%
19%
56
51
83%
84
108
108
*106
*83%
1,100
300
*6%
*79
64
63
100% 100%
112
68%
90
*
69%
*
134
49
14%
6%
6%
62%
84%
47%
6%
62%
85%
84
§95
95
*94
100
*50
53
*50
53
100
93%
94
108
108
59
59
92
60
93%
93% 95
*107% 108%
59
59
47
*127
*48%
105% 106
92% 93%
105% 105%
48%
71%
51
*50
84
110
54
83%
*106
63
20%
83%
110
49%
51%
18%
79%
49%
51%
18%
79%
63% 63%
106% 106%
20%
*50
82%
*106
49%
*51
20%
51
93
14%
70%
14%
14%
56
88
28%
28
44
130%
44
90
203
81%
6712
Bid and asked
90
*80
00
89%
*68%
,69%
prices;
no
Sides
on
this day.
45%
Feb
108% May
24% July
88% June
Jan
7
Jan
604
Feb26
Class
Do
Do
49% May 21
16
Junell
3% May20
5
Febl9
107
5
30% May20
.....
37
Jan13
..50
71%
Feb 13
..50
67%
Febl3
rele8....100
B
pref
100
Do
.25
100
pref
100
.100
Pittsburgh Coal of Pa
Do
pref
10
95%
108
98
95
97
108
58% 57%
109
58%
Company..
100
pref...
Republic Motor Truck .No
par
Royal Dutch Co (N Y shares)
St Joseph Lead.......
10
~
A
Co....100
Shattuck Arls Copper
10
Shell Transp A Trading.___£2
Sinclair cons Oil Corp
No par
Sloes-Sheffield Steel A Iron 100
20%
51
19%
*50%
84%
*106
50
84%
....100
300
9,800
1,100
200
1,900
69,600
class B
no par
Tenn Copp A C tr ctfs.No par
Texas Company (The).... 25
Products
*61
64
63"
89
*69%
89
Mar
Nov
78
Jan
2
70%
Dec
80
61%
Jan
6
58%
Dec
75% July
38%
Jan
9
29%
Feb
42% July
43
42
42%
82%
Maris
22
Aprl4
67
Aprl4
92%
Jan
6
Jaa
Jan
42
Dec
Dec
41
Oct
Dec
140% Oct
10478 Dec
47% Nov
68
July
Apr 8
Feb 9
27%
Apr
32
Dee
57
May
JanlO
30
Jan
43
Apr
Jan
99
Oot
Jan
111
Oct
Jan
3
108%
Jan
8
38%
101%
23%
Jan
8
16
Jan
28% May
98
Jan
7
03
Dec
105% Oct
74% July
X59
Feb
109
Oct
104% Feb 2
190
Mar
106
July
June
3
63
May 19
108% May24
16
Feb25
Maris
58% May20
34% Feb26
84%
94
37
5
Jan28
60
Dec
110
Nov
132% July
Aprl9
Aprl2
51
Apr
Feb
Dec
107% Nov
Feb20
104
Feb
112
Jan
8
19
Mar
Jan
3
38
Aug
92% May 4
Jan 3
46
Dec
71%
Jan
106%
106%
22%
94
Janl3
55%
Jan 2
5
Oot
Marl9
106%
June
May
68
May24
4
31%
120
124%
Mar
93
124
Feb27
93% Febll
14% Jan 2
41
May 13
8% May28
203
May25
8 % May24
72% May20
28% May24
61
May20
Feb
Feb
123% May 10
88%
Jan
100
44% Sept
84
Aug
17%
Aprl2
12%
Dec
83%
21%
Apr C
53%
Jan
243
Jan 13
Aprii
6% Mar
168%
Feb
91%
Jafi
98%
June
27% July
106%
Oct
53% Dec
145
Nov
106% July
74% Nov
July
121
17
94%
July
29
oot
Aug
230%
Dec
12%
Jan
5
10
Feb
19% July
90%
Jan28
74
Dec
Deo
64% Nov
48%
82%
Jan
5
43%
Dec
81%
Jan 2 5
40%
85
Mar
310
Aprl9
Aprl4
132
Jan
257
Oct
116
Jan
107
Jan
117
Sept
94%
6
Feb
89
Nov
97% July
May21 §850
Mar 25
100%June 7 113% Mar25
37% May20
50
Feb13
59
May24
92
June 7
51% Mar20
118%
126%
101%
Oct
Oct
Apr 8
38%
'an
Apr 8
45%
J an
151
Jan31
92
Jan
104% Nov
100
Apr 8
32
Jan
54%Juns
2,200
500
100
1,200
49,400
600
1,600
100
38%
66%
3
72%
Jan
7
97%
Jan
5
Jan
3
200
AprlS
127
Aprl4
38
53
9%
nl84
Jan
Jan
6
Jan
5
Dec
109%
Oct
Jan
115
June
Dee
120
Jun«
34% Dec
37% Jan
Jan
197%
75
Jan
100
34% Dec
37% Jan
50
July
Febll
224
Apr 14
157
Feb
United Retail Stores ..No par
U S Caat 1 Pipe A Fdy
100
64
Feb13
96%
Jan
3
80% Aug
15%
Febl3
26%
Jan
3
14
Jan
42% June 5
55%
Apr
7
42%
Jan
...100
6
Apr20
37%
Apr 6
53%
72%
Feb 13
78%
116%
Jan 6
Febl3
167
Jan
6
96%
Jan
111
May
Apr 8
17%
Jan
5
73
Jan
Janl3
109
Jan
50%
139%
119%
78%
June
Nov
Jul*
103%
69%
89
May 20
105% May21
66% May20
43
May20
89% May24
104% May20
143%
116%
Jan
76
Jan
100
50
pref
50
United States Steel Corp.. 100
Do
Utah
100
pref
Copper
10
Utah Securities v t 0
Vanadium
100
Corp.
no par
Virginia-Carolina Chem... 100
Do
59%
Feb 13
Feb 13
...100
..100
104
76
May 3
Febl3
17
Mayl9
48
Mayl9
V Vlvaudou
Wells, Fargo Express
.100
Western Union Telegraph.100
Westloghouae Air Brake
Willys-Overland (The)
(new)
WilsonACo.lno,
60
60
Motor
pref
May20
7% Mayl9
42
no par
pref
Virginia Iron C A C
Do
65
25
100
82
Febl3
103
May24
100
100
100
106% June 4
Worthlngton P A M v 10..100
Do
pref A
100
Do
t Ex-rights,
a
prefB
Ex-div. and rights,
..100
60
88
June
3
Nov
Jan
50
Mar
5
88%
Feb
115%
Jan28
111%
Dec
115%
117%
87%
21%
July
July
July
Jun«
62
Dec
80%
12%
Jan
3
Jan
2
97
Apr 16
80% Aprl4
112% Jan 7
113
May 7
21
76
June
65%
Feb
8% Dec
54%
Dec
51
Feb
110
Jan
64
Mar
92% July
1157s
Oct
X88
Dee
79
May
7
Mar31
89% Marl8
119
45
51% Nov
Sept
82
92% May
Jan
8
94%
Jan
Jan
3
40%
Jan
69% June
45
Jan
86
126
July
Oct
32
Jan
3
23%
Jan
40% June
93
Jan
5
87%
Jan
98% May
Jan
104% July
136% May
117% July
117
Oct
82%
Jan
5
66%
145
Aprl4
120
Feb
116%
Jan
112%
Dec
Feb
6
May20
96\
Jan27
50
Feb25
93%
Janl3
88
Jan
03%
Oct
76
Jan 6
66
Jan
81
Oct
67% May24
x Ex-div.
Jan
Jan
55%
t c..No par
43^4
May
109
69% Mar29
v
pref
47% Mar27
47
Woolworth (F W)
Do
3
44% May20
May20
16% May20
77% May 21
62% June 3
32% May
91% Oct
Apr
Feb13
pref
Oct
38% Aug
74% July
Dec
May 14
1st
Oct
119%
68
40
Do
Feb
176% July
58% May
215
X97%
96
O S Smelting Ref A M
18%
Jan
8
100
pref..
90%
Dec
July
45% Oct
58% July
Jan
U 8 Realty A Improvement 100
United States Rubber ...100
Do
62% Nov
74% Oct
115
176
Do
17% May
Jan n345
100
200
3,700
106
Jan 2
Janl4
200
21,700
96%
Janl3
10,900
48,500
2,100
13% Mar31
c57%
53
700
1,300
Febl3
148
25
2,000
18,300
9%
Mar 26
May26
69%
§ Less than 100 shares,
46
48
1st
preferred
United Fruit
300
"63"
2
50
Do
White
20%
Jan
Apr 12
Corp...100
Weetlnghouse Eleo A Mfg..50
19
65
39% Nov
74
Oct
113%
cU'/t, Febll
60% May20
85
Do
May 12
pref
100
Transcontinental Oil.. No par
13% May24
Transue A Williams St.No par
48% May25
164% Junell
Underwood Typewriter...100
73% May22
Union Bag A Paper Corp. 100
27
Union OH
no par
May24
40% Febll
United Alloy Steel
No par
121% May24
United Drug
100
Tobacco
1.500
19
Nov
149
Apr 7
pref
4,400
80
Tl%
Feb13
May 18
52
49%
51%
Dec
45
108
100
50
34%
100 §625
Standard Oil of N J
108
49%
51%
Nov
5
Mar26
94% 114,200
20%
5% Mar
128
Jan
12%
Febll
pref
July
85% Mar
200
...100
July
55
Jan
87
preferred
"61%
July
Jau24
7
100
preferred
75
Apr 8
June
88% May20
92% May 3
100
.100
Apr 6
Aprl4
41%
30%
Railway Steel Spring
.100
Do
pref...
100
Ray Consolidated Copper.. 10
Remington Ty pewriter v t c 100
Republic Iron A Steel
9%
157
Feb26
74
Repiogle Steel ..........no par
Apr 8
Feb
5% Mar 8
May21
Punta Alogre Sugar........ 50
Do
"93%
Oot
July
21?s Jul*
145% Oct
70% July
66
96
Pullman
65%
38
47
93% 93%
104% 105%
69% 69%
May
91%
27%
100
Public Serv Corp of N J.. 100
pref..
U 8 Industrial Alcohol
56%
94%
112
15% May24
86
84
Car.
22% Apr 17
60% Jan 3
116%
111%
47%
May20
33% May20
45
May24
90
May21
15
May20
81
Mayl3
51% Feb 13
.100
Steel
16,000
56
Jan
Sept
13% Nov
47
....
*94
64
5
60
600
55
93
102
Jan
Feb13
300
100
3
38
200
202%
80%
83%
Jan
41
4,300
3,600
200
Aprl2
17%
100
...25
Pierce Oil Corporation
Do
93%
110
ll%May24
May20
21% May20
47% May21
53% JunelO
41% May20
.no par
Pacific Development...
Do
102%
40% May20
29
103% IO3341
103
104%
103% 103%
102% 103
106% 106% *106% 112
*102
112
*105%
*103% 113
68%!
*66
66%
67
67
67%
68
66%
68
*68%
Dec
2
1
Jan
27,150
82%
63%
Dec
8%
Jan
6
Superior Steel Corp'n_....100
44
*
49%
80
"63%
103
Apr 7
Feb
TemtorCorn A F pref A no par
33,300
23,800
93
*89%
87%
113
18%
Jan 13
13
89%
8
Feb
7
51%
18%
102%
92% May25
43
90%
52
July
a35%
25
66
49%
92
July
no par
*6%
49%
Jan
Juns
88%
*50
70
67
63%
20
3
100
100
20
Jan
500
48%
71%
48
107
21
80
97
,
""700
104% 104%
69
69%
69%
70%
*8
8
8
8
8
8%
8%
8%
75
73%
74%
75%
74% 79%
79% 82%
73
73
*72%
73
74%
73
74%
*72%
107% 107% *105
108
*105
108
*105
107%
•
Junell
Jan
7
94%
58
Jan
88
57%
Mar
40
64%
108
Dee 3121
47
85%
62%
112
6
63
*94
9
Jan
pref
100
U S Express
100
U S Food Products Corp._100
*6%
Jan
Jan28
Pacific Gas A Electric.
Do
170
""200
*42
93%
106%
69%
8%
76%
72%
108
85%
28%
*42%
200% 200% *196
80
80%
81%
63
51%
18%j
79%:
18%
28%
43%
83
51%
18%
*68%
82
86
62
52
*
*89%
116
South Porto Rico Sugar... 100
To"
....
6%
52
68
201
79
50%
79%
84%
27%
43%
85%
50
*63
28
65
50%
*106
14%
*42%
50
18%
14%
*48
*43
*79
14%
200
52
52
53%
95% 95%
93% 95%
107% 107% *106% 108
*46
70%
44
129% *128
49
49%
129
49%
201
203%
81%
83%
*16
17%
*52
18%
71%
89
*48%
129
*48
49%
6%
64%
85
107
47%
70
89
87%
29
44
*6%
6334
84%
69%
*8%
74%
74%
48
70%
"16"
54%
42%
106
47%
~*9% To"
91
*88
88
"42%
"93%
48
69%
91
""9% To"
164% 164%
82%
*59
10%
185"
81%
§95
10%
48%
72%
June 2
Feb13
do
10%
Oct
108
May20
1,000
*41
139
77%
9,350
do
pref
non-voting... 100
100 8tewart Warn Sp Corp_.no par
77% ! 4,000 Stromberg-Carburet ..No par
71% 76,700 Studebaker Corp (The) -.100
101%
41%
*39
....
*41
Aug
37
108
§680"
1,800
32,600
Oct
107
58
Sears, Roebuck
""300
76
Nov
3
May20
500 Savage Arms Corp..
.100
3,800 Saxon Motor Cat Corp No par
....
75%
32%
01%
Jan
44
Do
43% July
75
48
Oklahoma Prod A Ref of Am 5
200
"44"
116
Nov
19% Feb
44% Mar
Pressed
"16%
99%
105
Jan
Sept
87
91%
4,600
8,600
3,100
29%
45
3
Pond Creek Coal
"l'.SOO
Marl9
125
Ohio Fuel Supply...
Do
40
106% May20
Ohio Cities Gas (The).....26
100
109% 1T0"
101% 102%
98% 99%
101% 102%
43%
117%
72% Jaa 3
92% JunelO
3
1,000
200
17
*84%
89%
Feb13
""53" "Oct
5
Pan-Am Pet A Trans
60
90
Feb13
5
Jan
Pacific Teleph &
400
17
16%
99% 100%
Nov
Jan
Jan
73,800
56"
*85%
Feb
"To"
61
62% July
Mar 25
83
Pierce-Arrow M Car...No par
"55%
106%
44
27,300
17
Nov
40
52%
86%
July
100
30% May 3
32% May24
32% May24
50%
55%
S3
6
100% Jan
Feb
Jan
Nunnally Co (The)
800
Nov
61
Pacific Mall SS
2,800
64
48%
700
16
40%
7
117%
1,900
16
32
6
Jan
FebLi
Nova Scotia Steel & Coal..100
200
6
Jan
FeblO
53%
*97
91%
97%
42%
May 4
Jan
69%
Febl3
46%
95
71%
52%
45
Owens Bottle
100
97%
95
51%
*96
*96
71% Nov
Philadelphia Co (Pittsb)...50
98
*96%
Oct
2,200
98
*95%
Nov
37
98% 100
*95% 105
21
36%
99
97%
6
36%
08
99%
Jan
19%
98%
*97
26
30
17
111
18% May24
22% Feb 6
40% May24
59
May 19
118% Sept
32% July
30
55%
*85%
100% 102%
Oct
Dec
Parish A Bingham.....no par
v to No par
16%
111"
284
99
People's G L A C (Chic)..100
58
*
May
Jan
6
Penn-Seaboard St'l
86%
101
110
162%
Jan
1,300
16%
110% 110%
Jan
Jan 3
105
1,900
*54
60
111
104
222
Marl 3
38
*85%
101
102%
98%
98%
Janl2
Febll
88
37
17
100
*
60
1T3"
100
Ye"
107
161
30
700
*94
38% July
317, Nov
131% Got
92
Ontario Silver Mining....100
Otis Elevator
...no par
400
Jan
100
Brake
Otis Steel
83
*30
Dec
American Co......100
North
8,800
Aug
23
100
Air
preferred
800
102% 104%
98
97%
31
31%
27
25%
28
60
100
York
Do
300
32
% per there
33% Jan
5
30% Jan 8
137% Apr 19
8
72%
.6
Hioheet
$ per share
May20
100% May 14
100 ■tl00% May21
57%
46%
*28%
June
111
63% May20
92% May27
24%
24%
57%
53%
20
Lowest
$ per ehare
IIper share
24% May29
100
Lead
pref..
Nevada Consol Copper
New York Dock
2,000
Year 1919
Highest
100
pref
National
New
56
4%
.100
...
Stamp'g... 100
300
38%
.
preferred
Nat Conduit A Cable.No par
Nat Enam'g A
300
55
36
16%
75%
31%
100
preferred
100
National Cloak A Suit.... 100
200
45
*53
37%
48%
94%
15%
83i2
83%
215
Biscuit
Do
*51
26
86%
9
National
Do
""300
52%
36
*25%
16%'
*205
50
""206
100% 103%
96% 97%
*30
33
"15% Ye"
10%
National Acme
Nat Aniline Be Chem vtc.no par
Do
preferred v t c
160
100
45
4%
4%
6%
6%
124% 124%
24%
24%
*50
57%
4%
32%
56
46%
*28%
*54
100
Mont WarddfcCoIIlaCorp no par
Mulllna Body.
no par
Do
""300
*66
56
52%
l66* 10Y%
61
48%
31%
59
Preferred
*92% 100
51
*45
24%
57%
54%
46%
32%
*54
57%
58
*28%
50%
*110"
64
51
7
25
57%
25%
38%
38
98
62%
*45
4%
125
42% 42%
102% 104%
97%
98%
■
4,000
5
Do
70
*16
47%
*86
300
14,200
200
98
*65
7%
*24"
32%
*55
*90
70
50
17
*16
132%
24%
58
61%
83%
100
*52
50
37%
100
39
*37
108
70
57%
38%
50%
11,900
70
90%
34%
Miami Copper
100
34%
66
53
38
38
34%
*34
56
50
25%
34%
89
52%
4%
*30
35
66
51
51
*32
95
35
*45
38%
24%
57%
61%
95
65
51
*48
38
*122
99
*34
*92
17
4%
35,000 Middle States Oil Corp
10
3,900 Mid vale Steel Be Ordnance. .50
100
1,300 Montana Power
65
*65
17
*48
60
79
*76
*76
*76
79
77
77
79
80%
*74%
*101
105
*101% 105
*101% 105
*101% 105
*101% 105
13
13%
12%
13%
*12%
13%
13% *12%
13% *12%
100
96
96
*95
98
98
97%
97%
*31
32% 32%
35% *31
35% *31% 35%
35% *3l"
51
*51
29%
43%
60
39
*92
70
28%
43%
*37
*64
100
64
38
*....
pref
29%
43%
42%
38
108
preferred
.100
Mexican Petroleum....... 100
"i",3I6
*107% 110
101
♦67
33",300
20%
35%
*....
*63
Do
"20%
35
107% 107% *_...
107% 107%
Parry Corp
no par
May Department Stores.. 100
29%
29%
43
88
110
25
Martin
20%
35
87%
Par
20%
20%
35%
39%
64
Kradustrlal&Misc.(Con.)
Do
*34
87
Lowest
97
*38
39%
35
65
87
39%
34%
34%
36%
176% 179
175% 177%
300
115
*100% 104
177% 181%
*100% 102
176%
98
20%
28%
43%
200
24
*110
*96
20%
29%
43%
20*8
*19
24
115
174
175% 179
97
*96
*20
*110
FBIi SHARE
Range for Pretiont
EXCHANGE
Manhattan Shirt
27%
20%
115
SHARE
Range since Jan. 1.
On basis of IQO-thare lots
STOCK
Week
$ per share
YORK
c
Reduced to basis of $25
par.
»
Par $100,
$ew York Stock
the Exchange
Jan. 1909
Exchange—Bond Record
t uotino
Friday
11
Ask Lorn
Bid
U.' S. Gozernment.
fs
4®
Range or
Last Sale
June
11
Week ending June
bonds was ctuineea and price*
Week's
Price
BONDS
N. Y. STOCK EXCHANGE
First
of
m tthod
High
No.
N. Y. STOCK EXCHANGE
D
91.90
Sale 91.10
Low
Week
85.50
Sale 85.50
86.50
84.70
Sale 84.50
85.80
D
85.50
Sale 85.10
87.10
M
N
85.00
Sale 84.70
86.00
S
88.74
Sale 88.60
J
D
1933-*38 A
O
1st L L conv—1932-'47 J
2nd L L conv„1927-'42
3rd L L
—1928 M
Am Dock A Imp gu 5a_—1921 J
Leh A Hud Rlv gen gu 5a.l920 J
121 83.00 93.48
397 81.40 92.90
641, 84.00 94.00
15891!
81.10 92.86
N Y A Long Br gen g 4s—1941 M
Oint Vermont 1st gu g 4s—«1920 Q
Gbeaa A O fund A lmpt 58—1929 J
1st consol gold 08—-1939 m
89.94i8177; 85.80 95.00
Registered
4th LL
35' 8(5.00 101.10
85.40
Sale.85.02
86.26.24205 ,82.00 93.00
20-year convertible 4)*S—1930
80-year conv secured 68—1940
Sale 95.22
95.96 7890 94.70 99.40
Big Sandy 1st 4a
95.80
Sale 95.16
96.00,9902, 94.64
100
100
1925
1925
Pan Canal 10-30-yr 2s
11930
Pan Canal 10-30-yr 2s reg—1938 Q N
Panama Canal 3a g
1961 Q M
Registered
-—1861 Q M
104
F
78
4s registered
4s coupon
104
100
10112'lOUa
101i2;101
105i2!I05
105i2104
IOH2! 9814
85
Philippine Island 43.—1914-34 Q
85
Foreign
Government.
O
RS
B
Argentine Internal 6s of 1909—
Bordeaux (City of) 16-yr 0s .1934 M
Chinese <Hukuang Ry) 58 of 1911 J
J
Copenhagen 25-yr s f fi3*s—1944
Cuba—-Internal debt 5s of 1904. flff
9912
72
89%
87%
80%
80
76
8718
85
do
do
—1920
96i.i
88^8
do
do
—-1931
89i2
J
"
9
72
87
10
79
87
97
9658
97i2
20
95%
88'8
90
56
88
90
90
52
86
92%
9? s4
29
90i2
9H2
52
93%
89%
98%
9H2 jSale93
Sale!
93
93
19
93
95%
A
75
Sale
74i2
68
69
1926 J
Btsunp".
1931 j"
74r<s
sale
74)8
59
67%
"5
06I2
85i2
Sale
56
57
Lyons (City of) 15-y? 6s
1934 M
Marseilles (C!ty of) 15-yr 081934 M
Sale
85)8
85's
32i2
8512
29
85i2
33l2!
76
N
Jan '20
H
8578
Sale
Mexico—Exter loan £ 5s ol 1899 Q
Gold debt 48 Ol 1904
1954 J
J
C
33
Sale
26
1921 A
O
28I2! 26
Sale! 9134
M
S
92U
5212
5678!
4
77
5514
71
85%
85%
92%
25
12j
29'4
|
12
371:
1
92i2
5278
965S! 390
9458
84i2
89i2
96r>8
Salei
8434
8912
sale
9414
Sale1 94i4
Sale
I
85
8978'
94i2
335
317.
69
1927
1927
43*s Corporate stock
43*3 Corporate stock July
4 3*3 Corporate stock
43*s Corporate stock
8
Canal Improvement is—1902
Canal Improvement 40.--I960
Canal Improvement 43*9.1964
Canal Improvement 43*8.1965
Fighway Improv't 43*8.-1963
highway Improv t 43*S—1965
Virginia funded debt 2-38—1991
8514
8514
May'20
86
14
85i2
93
93
*
M
M
W
M
M
W
S*
J-
91
941.1
92)4
8H4
84
81
8H4
8H4
84
82
June'20
8H4
88
8H4
««
8
N
H
N
N
N
N
N
26
37
93
General 4>*s Series G—el989 J
61
Gen A ref Ser A 4>*0
Convertible
90%
Permanent 4s
89
9534
90%
94%
1932
4}*e
———1925
25-year debenture 4a
Chic A L Sup Dlv g 5s
4
J
4
J
M
W
4
J
J
4
J
J
ft
S
4
Q
J
8H2
9212
9212
*93"
93
30
♦90
Fargo A Sou asaum g 6s.-1924
92
8034
100%
90%
Coua extended 45*a.„
100
99
May'20
100)8
100
Registered
-
>.
51
29
50
11
49
58
72i2
64
65
65
Sale
D
6158
Sale
D
*91—1928
8
Sale
73
78
Sale
72%
73
68% May 20
64l2
65
73% June 18
63l4
65 I2
615s
61%
84
84
2
82
64i2 June'20
64%
09
June'20
68
76%
71i8
71
June'20
08%
81
s
80
83'2
95
June'19
8
Sale
7284
96%
73%
97%
71
71
H
8814
90
67
77
6e—1928
J
J
J
78-1936 J
.—01962 M N
A
O
gold 5*.'— -1934
...-1934 A
O
6318
93 ig
1926 J
Q
A
Q
--
4
J
O
—
J
J
A
J
O
D
1937 A
O
To! A Gin dlv 1st ref 4e A .1969 J
i
affalo SAP gen g 5s .——1937 M &
Jonsof i Xs
l
..1957 * N
ill A West 1st 4 42 ih
1998 A
O
Clear A Mah ist gu g CS—1943 J
J
Sooh A Pitts let gold 0S_. 1921 F
A
92%
92%
78
78
Jan
'20
105
Sale
60%
50
Apr '20
68
70
Mar'20
80%
Apr 20
.
32
52
Sale
Sale
59%
00
Feb '20
78
84%'
81
"35
61
81
57%
70
Sale
60
Sale
80
00
60
58%
Sale
60
no
68
66 %
62
59i2
114
57%
(59
81%
92
87
•
112
Jap
12
J6\
5
69
68
68
53 i2
Sale
53%
69
Sale
69
64
70%
85
Mar'20
91
Mar'20
85
75
08
71
60%
88
83
80
61%
Sale
01%
"75
88)4
"53% "55%
scour 6s Juns
72%
61
73
73%
11
70
79%
57
Sale
57
59
12
53
65%
j
J
i
J
J
P
V
A
a
95%
96%
Apr '20
93% Feb '20
94% June'20
58
Sale
58
99%
9878
98% May*20
102
99
Sept'19
777S 78
Jan '20
77% 77% Jan *20
....
96
99%
81%
79%
83
83
Oct
67%
62
"70" "Sale
70
69 4
85
7514
67
85%
99
99% 109% Apr '16
96
92
"92" "97 ~
May'20
94% Feb '20
"86%
"85% IIII
94
96
May'20
96
94%
97%
98
96%
Mar'19
*85
~90%
85
1
85
%
Nov'18
97
101% OPt '16
105% Nov'19
88* Jan
'17
63%
"9984 May"20
98%
99% Apr '20
95%
9984
9934
Sept'19
93% 100%! 100
92% 99%' 99% Mar'201
70
61% 73
May'20:
'99%
100%
98%
99
98%
70%
63%
62%
Sale
Sale
80
83
703s May'19
63%
64i4
63
62%
87% Apr '20
97)4 Feb *19
70
May'20
72%
79
8784
65
A
Ohlc St P M A O
cons
97
03—. .1930 j
89
"65% ~0S%
62%
70%
9878 100
Oct
279
54
60%
~67'4
68%
64
90%
85%
*19
65
JuneJ20
01
62%
19
68
98%
99
31
98
Sale
Cons es reduced to 3X*... 1930 J
Debenture 5s
1930 w
North Wisconsin 1st 08—.1930 j
69
83%
"80 " "85"
05
73
66%
104
Nov'19
*81% "87%
84% May'20
118
Nov'16
95
May'18
50
60
67% June'19
Calc A West Ind gen g 6g...fl932 Q
Oonsol 60-year 4s
1952 J
Oln HAD 2d gold 4X8- -1937 J
95%
53%
98
Sale
98
90
C Find A Ft W lat gu is g 1923 M
j
Day A Mich 1st coat'
98
I03H"
Mar'11
01
81
Jan
62%
66
62
June'20
60
70
72
73
72
73
7
72
77
1993 J
79
80
80
80
5
80
84
69
71%
65
62%
1
68
58)4
61-%
--1939 J
Cairo Dlv 1st gold 4a
Cln W
1940 M
1940 J
W W Val Dlv i3t g 48
-
-*1930 Q
*1930 Q
58%
61%
62
61%
74%
69
72
68
...
'20
53%
....1931 J
4Xs 1931
Ole.v Olu Ch A St L gen 4s-1993 j
30-year deb 4Xs
14
53%
May'17
88
*69
2!
98
53-%
81
69
t
74% Jan
84
58%
63
81
75
2'
56%
ni
6Q34
62
63%
77%
77%
'19
Nov'16
77% Mar'20
82% Bept'19
9234
70%
73'4
83%
O led A W let pref oa.. .41938 Q
70
73%
Peoria A East 1st cons 4a_1940 a
50
50 %
50
85
85
15%
20
23% May'20
18
27
75
77
74% May'20
73
88^2
74
66%
91%
85%
75
98
73
46%
June'20
73% Jan
'20
Apr '20
5?
9J% 100%
98% 100
37:
75%
88
86%
13
84
94
a
70%
98
103
88)4
85
11
78
78
75
75
Nov 19
89
May'20
87
.
78
77-%
87
1990 Apr
O
1st gu 4X8—1961 A
Colorado A Sou lat g 4s
1929
Income 4a
Cleve Short L
Refund A Ext 4X«
1936
Ft W A Den C 1st g 63...1921
89" ~95%
93% May'19
cons
101% 102%
71
~77~U II—
82
Due Jan.
75
70%
91%
69%
70
Apr '20
70
63
June'201
63
98% May'20
92% May"20
707t
98% 100%
92% 97%
90
90
1952
6a...
1923
98%
91%
65
99
94
4s..
1923
90
92
1921
d Due April,
e
Construction
Term A Improv
Due May.
66
76
N Y Lack A W lat 08
79
47
70%
90
—
50 %
Sale
63%
9134 Jan '19
79
Apr '20
Nov'19
75
70%
1 92
Ooan A Pas Rlva lat g 48—1943
Cuba RR lat 50 year 58 g
Del Lack A Western—
97% June 17
**74*U IIII
'19
68%
75
Morrle A Esa lat gu 3 Xi—2000
May'18
76*4
Oct
92
74% May 1«
8Vs
84%
93
73
78
J
70%
"~5
1st g 5s..1928 j
O C C A 1 gen cons g 6a.-1934 J
Ind B A W 1st pref 4s
1940 A
7034
N
87%
68%
4Xs'41
Registered,.—
45
86
.1946 J
"59% ~68%
"38 *67 ~ "80"
Apr '20
Sale
Keok A Dea Molnea 1st 6s 1923 A
r
St Paul A K C 8h L lat
OIn 8 A Ol
14
May'20
IOD2 100
98 % May'20
9718 99
J
Mobile Dlv 1st g 5s
7734
90:%
"83"" "92"
3
70% Apr '20
86
94%
1952 M
Ch Okhi A G cons g 6a
Aug '19
46
78
♦No price Friday; latest this week,
71
68%
Railway general gold 48—1988
J
Registered———1988
A
Refunding gold 4a
1934
R I Ark A Louis 1st 4 XB--1934 rw
A
Burl C R A N 1st g 68
1934
O I St L A C 1st g 48
Sale
Cent RR A B of Oa coll g 4s. 1937 *1
7f%
94
Chicago Rock Isl A Pao—
Spr A Col Dlv 1st g 4a
7712
Mid Oa & Atl Dlv 5l—1947 4
*78* "78"
70% Apr '19
80
85
86
Mac A Nor Dlv 1st g 6s.. 1946 J
98%
' 19
88%
91%
90%
77
D
i
65
97%
63
79%
91
N
Chatt Dlv pur money g 4s 1951 4
93%
98%
58
99% Oct '19
1948 J
85
—
—
K
9734
94%
May'20
J
St L Peo A N W 1st gu 6B
61%
96
May'20
92
62
95
78
70
93'i
58
95
A
1933
1933 ft*
6
96
j
AM Dlv 1st g 43—1991 J
3t L Div lat coi! tr g 48...1990 M
O
1929
"53% "60%
40
77%
©
D
A
Central of Oa 1st gold 5e.. -pl945 F
Consol gold &e
1945 M
""I
67
01
"98"s
69
60
73
5134
1962 A
J
82
72
80
15
62
88% May'20
"45ij ~46U
62)4
Mar'20
92% Feb '16
64%
68.2
90%
68
'62% ~62%
Sale
5
99% Mar'18
715s
Mar'20
72
57%
97
80%
08
63
May'19
62% May'20
70
51
07
80%
'20
80% Mar'20
Sale
M
General 5s Series B—
Vo
26
52%
Jan
64%
51
90% Mar'20
88
Mar-17
51%
97
Ohio T II A So East 1st 58—1980 J
32
50
70
73
09.-1024 i
1st gold
50
64%
97% Feb '13
Superior Short L 1st 6s g.r-1930 M
July'15
79%
81
"73 "1 III!
"*72%
1922 J
A 5s
DincL A Ohio let 30-yr 5e *38
10-yr temp
78
2
1297n Aug'15
flttg Clt? k Tol 1st S 08—1922 A
Conaol 1st g 6s
97%
60
72
*70% **80"
68
8612
"*66)4
55
96%
60
O
W oon 1st g S3—1933
,
60
85
Sale
63%
63%
Aug '19
10U2 105
79i2
J
D
4
J
4
f June A M Dlv 1st 2 3>*s 1926 M ti
? L E A W Va Sye ref 48—1941 M H
lOUthw D\7 1st gold 3 3*8.1925 J
4
Cent Ohio R 1st e g 4X8-1930 M
S
eons gu
1921
—
C K I F A N W 1st gu fig. .192]
78
84tg.;.80
88
92% Mar'20
110
.aarlea A Sav 1st gold
LAN coil gold 4"..
^»*V F& W l2t
3hIo River RR 1st g 6s—1938
89%
69
71
.—
09%
69
Sale
.. — —
60
69
70
Registered.
*1926
«t co-year 'fold 4s
*194x
Registered
.11948
cO-yr cons- 43*s
—.1833
Refund A ge.i 5s Berfei A.1995
femporary 10-yr ts
1929
*:tte Jane 1st gold y&
1922
11
84
72i4
96'J8
Car
1921
Mil Spar A N W 1st gu 4a. 194
54U
D
Canada Sou
70
J
71%
823S
N
General gold 5a
29
90%
68
68
J
02
66I4
1964 J
M
Of liOr A
90%
68
52%
Ashland Dlv 1st g 03—1925 W
Mich Dlv
28%
19%
90% Feb '20
75
60
Mllw A S L 1st gu 3 X9—1941 j
Ml! L S A West 1st g 69-. 1921 fW
~62"" "71%
20%
93%
Ext A imp 8 f gold 68—1929 F
78
1930J
Bait A Ohio prior 13*5
"19!
"67 ~ "81%
21
79
S
....*1952
Bruns k W 1st gu gold 4s.1938
"~2\
40
20%
66)4
8284
8
10-year secured 7s
,
Apr '20
20%
64%
68%
80U
78
Gen unified
•St gold 6s
71%
23
19
69
J
Cal-Ariz let A ref 4Xs"A"19G2
8 Fe ires & Pb 1st g 'is.—1942
Atl Coast L Jet gold
183|
J
R;>cky Mtn DJv l#t 48 -1965
Trans Con Short L 1st 48.1968
,
71
25
21
Dea Plalnes Val 1st gu 4X9 '47 m
Frern E'.k A Mo V lot 6a.,1933 A
J
Man G B A N V/ 1st 3
60%
49 7g
20%
20%
-.—1879-1929 A
Registered
50
A O
A ©
Nov
Nov
M N
Conv 4s issue of 1910.. —-I860
'did 1st gc sold
—
.
Sinking fund deb Ss—
107%
4978
"71% "7178
1879-1926 A
1379-1929 A
Registered
7MV8 Dec '18
Sale
92
65
1987
1987 M
1879-1929
68—1—
Debenture
99
Sale
8334
M
Stamped 4s
97
4978
8434
84-%
907g Oct '19
Xs-1941
*1995
Atchison r^peka Sr. Santa Fe—
Gen g 4s
1095
Registered
1995
ACSustmeat gold 4r
*1995
Registered
*1991
stamped.—— ..*1995
Conv gold -4s
..196f
Ala
—1886-*26
Genera) 5s stamped
81
June 18
100
85%
F
Regis tered
—pI9S7 Q
General 4s—1987 M
99
84
84%
58
89
107% 108
Mar'20
102
—1934
.1880-1920
Sinking fund 5s
'20
Jan
10712
75
70%
General gold 3X8—.—-.1987 M
94
64
75
5478
1920
-
Registered..
Sinking fund 6s
Registered
Apr '20
6534
75
55 78
Wis Valley Dlv 1st 0a
Nov'19
94
6534
547S
90
75
76
67%
71%
70i8
85%
19
98
66%
71%
57%
64%
1921 J
Ohlc A N'west Ex 4s
Ati? M9
38
70%
91
91% 100%
91% 100%
Feb *20
69%
81%
22
49
29%
57
Wia A Minn Dlv g 69.
981| Aug 'lW
95l«
1920
Mllw A Nor 1st ext 4>*e—1934
1
5
47
A
80
June'20
100
95
95
75
98i2
8178
2
8U4
8534 Mar'20
9212
9284
92 34
92i2
Dubuque Dlv 1st a f 6a.;
95%
Railroad.
East Okla Dlv let g
1921
95%
50
5s de/erreA Browr troe ettt—
Ann Arbor ist* 48-.
J
1934
J
1921
85%
93
42
Feb '15
98
Chic & Mo Rlv Dlv 63—-1920 J
90% I00t*
73
65
96
'20
J
el989
-O2014
Ser B 68—-Q2014
97%
91% 100%
June'20
93
113
cl989 t)
50
86
May'20
9H4 May'20
93
62%
j
88%
83%
61%
64%
88% Sept'16
61
Ind A Louisv 1st gu 46—1950
Ohio Ind A Don SO-yr 4s.-—1956 J
3
OhlC L S A East 1st 4 )*H
1989
J
Oft M A StP gen g 4s ser A_el989
86
86
92
48—1961 4
canal Improvement
8712
87l2
9214
^
1901
-
86
p
1987
—
State—4s
86
»
1966 A
4% Corporate stock
1957
4%Corporate stock reg. .1956
New 43*s
1957
43* % Corporate stock—.1967
33*% Corporate stock—1954
N Y
|
Jan
81%
___Jr
June'20
60
M
G M A Puget 3d 1st gu 48.1949 J
1905
1963
—1959
1958
4% Corporate stock
4% Corporate stock
M
Registered
Gen'l gold 3 5*8 Sor B—
92%
"77"
70
June'19
63
65
58
J
State and City Securities.
M
69
65
63
Refunding goid 5s
1947
J
Refunding 4s Series C——1947
Ohio A P W 1st K 5S
N Y City—43*s oorp gtock-1960
4 J*3 corporate stook
1904
64%
56%
U S Mtg A Tr Co ctfs of dep.
conv
66%
See Great North.
Guar Tr Co otfa of dep
Fureh money 1st coal 63-41942 F
Chic A Iud O Ry 1st 6a—1930 J
Chisago Great West 1st 4e_.1959 M
Chic Ind A Louiav—Ref 08-1947 J
Gen ref
5-year 53* % notes
1921 M H
A
20-year gold bond 5X»--1937 F
O
10-year conv 5
a
1929 F
A
5-year conv 5Xs
...pi922 F
t These are -prices on the basis of $5lo£
J
Ml
»? Gt writ A Ireland—
U K
82%
77
82% May'19
78% Deo '19
1949 J
Registered
43
93%
6934
43
General 4s
1958
Ohio A E 111 ref A imp 4s g—1955 J
U 8 Mtg A Tr Co otfa of dep..
A
1st oonsol gold 0s
1934
General consol 1st 53
1937 M
82
76
*172
28
52 "s
97%
81%
70
98
82
J
7514
7458
97).!
—...
2
34
98%
Sale
gSale! 8812
9712' 97i2
A
2-yr5%sgold notes Aug 1921
10-year 5%9
—1929
Italy (Kingdom of),Ser A6Xs '25 F
Japanese uovt—£ loan 43*8-1925 F
Pari3 'City of) 5-year 6s
Tokyo City 5s loan of 1912
92%
87
73i4
1949
DomlnlcanRep ConsAdm s f 5s'58
^minion oi Canada g fls
1921
rtterllng loan 4a
S0«4
95
37
42%
-1949
85%
84
60
33
50
74%
82
7
Mar'17
42%
Nebraska Extension 4s
90
80^8 May '20
7314
73'4
External 'oan 4Xs
71
43
92%
12
8212
74
82%
Sale
Joint bonds.
30
80
Sale
70
50
May'20
86%
823g
82%
70%
7178
85%
33
75
9014
91
71
Apr '20
82
42
70
75l2
4li2!
Sale
89%
1950 J
Illinois Div 3 J*s
Illinois Dlv 4s
41
9012
85%
78%
"66
Chic A Alton RR ref g 3s.—1949 A
99%
85%
7478
70
82
70%
1989
93%
25
J
100% Jan '18
77
74%
1946 J
R A A Dlv 1st oon g 4S-—1989 J
J
2d consol
Railway 1st lien 3J*a
99%
98»4
Apr '18
Chicago Burlington A Qulnoy—
F
Denver Dlv 4a
1922
79%
30
B
75%
High
100%
Oct '19
106U
8578
85i8
41i4
7478
90i2
100
91
87%
96%
75
Potts Creek Br 1st 4s
42
85(8 £Sale'
41
99
4
91%
74
101
86%
7
"
N
97
No. Low
87% May'20
97% Apr '20
69%
Greenbrier Ry 1st gu g 49.1940 M
Warm Springs V l8t g 58—1941 M
72
Sale' 7H2
91
93
65%
104
9912 4333
D
Exter fit 5s of 1914 ser A.-1949
Second series 4Xs
do
do
'-Gorman
99
Sale
High
Sale
Sale
,
Anglo-fiench 6-yr flsExter loan- A
Ask Low
91
87%
Sale
101%
Mar'19
Since
74%
57%
100)4
gold 4s—
Range
Jan. 1.
"70"
105
101
Wesl'e
Rang tor
Last Sale
11
F
Coal Rlvor Ry 1st gu 48—1945 J
Craig Valley 1st g 5s
1940 J
99,40
2471
A
1944 J
101
Apr '20
Mar'20'
June'20
104
99
July'18
79»2 Apr '20
8712 Mar'20
100
Feb '15
85
-
BR
1992 M
1992 M
Registered
95.96
Victory Liberty Loan
4?*3
conv g not«8—1922-'23
33*a
conv g notes.—1922-'23
2s oonsol registered.—
41930
2s oonsol coupon
41930
-
——1939
General gold 4Ha
94.00!
! 92.50
Price
Friday
June
Bid
*1987 Q
Registered
Fourth Liberty Loan
1st LL2ndoonv 1932-'47
15
ending June 11
High
92.20 3742 89.30 100.40
Third Liberty Loan
43is
43*s
11
BONDS
Since
Cent of N J gen gold 5a——1987 J
Loan
1st 15-30 year—1932-'47 J
Second Llbei ty Loan
D
43
1st L L conv_—1932-'47 J
43
2nd L L
1927-*42 M N
4Xs
4Jis
4Xs
Friday, Weekly and Yearly
now—"and inter eel"—except for inter ett and defaulted bonds.
Range
Jan. 1.
Liberty
3 34s
are
May'20
94
81%
a
Due June.
ADueJuly.
* Due Aug.
«
Due Oct.
p Due Nov.
0
Due Dec.
s
Option sale.
.
11
Week ending June
2
11
Sine*
N. Y. STOCK EXCHANGE
Jan.1.
2000
7
.1922
J
Wook't
High
Atl Low
102% Feb '08
Bid
Delaware Lack A Weet—Concl.
Warren 1st ref gu g
BONDS
Rant* or
Last Sal4
Pries
b
A
No.
Week ending
1st lien eaulp g 4 Ma
96
1943 M
Beiias A Saratoga 1st 7s..1921 M
70%
70
81
75%
74%
85%
72%
Registered
71*4
74%
N
O
1933 j
1945 M
70%
67%
72%
Long Isld 1st
eons g
...1945 M
gold 5f—*1931 Q
1st consol gold 4s—
41931 Q
84*4
75%
1936
1936
1928
1956
4s
Consol gold 4HB
Improvement gold 5s
1st A refunding 6s
J
62%
1
Sale
A
64
65
67%
D
F
07%
67i2
69
Sale
46
48
5s...1939 J
Bio Gr Sou 1st gold 4s
1940 J
D
1940 J
J
Bio Gr West 1st gold 4s.. 1939 J
J
Mtge A oqII trust 4s A..1949 A
1996 J
Del A Mack—1st lien g 4s.
.
«<.«•
O
Dul Mlssabe A Nor gen 6s.. 1941 J
mmmm
1923 IN
1926 A
1928 J
5th ext gold 4s....
N Y L E A W 1st g Id 7S..1920 M
Erie 1st cons g 4s prior—1998 J
.1996 J
Registered
1st consol gen Hen g 4a. 1996 J
Keats tered
1996 J
....
Unified gold 4a
Debenture gold 5s
mmmm
mmmm
July'17
67
May'20
48
52
82
Deo '16
70*4
80
92%
90%
78
June'19
May'20
84
86
May'20
95
98
....
....
80
Jan
*20
80
80
....
....
92
Jan
'20
92
92
95%
95%
O
mmmm
95% Apr '20
m m — m
85
D
93% 100
48%
S
48
'mmmm
84
98%
48
J
J
mmmm
40
J
Sale
49
4112
3978
73
J
J
77
83
O
88
F
91
Jan
44
39%
N
O
A
D
48
Bv A Ind 1st cons gu g 6s..1926 J
Evansv A T H 1st cons 68—1921 J
J
■mmmm
92
2
41
44
83
*90*"
O
....
....
95
77
91
91
40* "40"
92
1933 A
G&lv Hous A Hen 1st 6s
41921 Q
1st A ref 4Mb Series A....1961
J
I
56
49
76
Sale
94%
93*4
75
Sale
J
1
J
75
96
J
"78% IIII
J
1933 J
Registered
J
J
84%
Reduced to gold 4MS.1933 J
1933 J
D
1940 J
J
Pacific ext guar 4s £
76%
80
309
3
12
....
80
86
*93 " "96*"
78
J
1
"85% "88*"
Feb
84%
53%
Feb
ctfs "A"
ctfs "B"
7
D
Gulf A S11st ref A t g 5S-61962 J
HockingVal 1st cons g 4 Ms 1999 J
1999 J
59
J
J
Registered
Ool A H V 1st ext g 4s
1948 A
1965 F
A
Houston Belt A Term 1st 68.1937 J
J
J
J
.—..1951 J
J
Extended 1st gold 3H«—1951 A
O
A
O
mmmm
Registered
1961
1951 IN
mm
m
m
62*4
72
Collateral trust gold 4«.
Registered
__
S
mmmm
tmmmm
O
1952
64
80"
Sale
68%
H
55%
01%
62%
61*4
1953 M
N
mmmm
mmmm
Registered
78
79%
83%
64%
"72"
1934 J
Cairo Bridge gold 4a
1950 J
Litchfield Dlv 1st gold 3s. 1951 J
84%
J
O
....
08
70
74%
65" "76%
Jan
72%
J
50%
52%
A
95%
■t Louis Dlv A Term g 38.1951 J
J
50%
50%
J
66%
63
62%
o»!«l )
tx»
70
J
...1951
1
A
Bellev A Car 1st 6s
1111
66
A
1923 J
Registered
D
Oarb A Shaw 1st gold 4s—1932 m
Cbte St L A N O gold Cs—1961 J
Registered
1961 J
June'16
62
Apr '20
63
Jan
1
1
1
1
D
mm
mm
60
Sale
mmmm
65%
1951 J
D
1951 J
D
Joint 1st ref 5s Series A. 1963 J
D
71%
74%
Mempb Dlv 1st g 4s.-.1961 J
D
69%
68
1951 J
D
3Ms
Registered
Registered
Bt Louis Sou 1st gu g 4a—1931 M
fnd III A Iowa 1st g 4s
1960 J
1st A Great Nor 1st g 6s... .1919 M
James Prank A Clear 1st 4a.1959 1
Kansas City Sou 1st gold 38.1950 A
...1950 A
6
J
N
D
J
O
mmmm
mm
04%
90%
95
93
93
78
52%
mmmm
13
70%
83%
69%
69%
78
59
Oct '09
68%
63%
"75%
67
03%
76%
74
81%
66%
66
J
65%
Sale
65%
J
74
80
74
67
J
O
81
85
A ng '19
82
80
May'20
80
78
Sepr'19
__
North Ohio 1st guar g es__1945 A
Leh Val N Y 1st gu g 4MS-1940 3
Registered
ioao 3
*
eons
81
J
g4s.. 20o3 IN
N
2008 ft
N
4 Us
61% Sale
72%
No price Friday; latest bid and asked this week,
June'20
61%
75
a
61%
Mav'20
Due Jan.
44
72*4
92%
Sale
72*4
cons
1938
5s
9
fSale
91
68
f 4s
—
10
37%
73
Nov'19
May'20
-
95
Dec
1
87%
*61" ~72~"
74%
24
54
27%
28
27%
28
25
g
"53" ~60%
lj
27% May'20
22% Deo '19
"33"
S»Ie
23%
33
"32% ~39%
,
34
32
27%
33
J
J
25
Apr '20
37
*24"
25
23%
28
20
May'20
24
28
18%
Feb *20;
23
23
35
38
24
_.
a
o
.
27
O
45
51
69% Apr *17
62% Dec 14!
a
"35% "37%
35
June'20
N
47
49
50
Apr *20!
50
50
s
30
50
20
May'20
20
20
d
28
51
Dec "16
3478
38*4 Dec
78
83%
91%
89*s
59
s
19
83%
78
79%
A
78*4
83%
84%
84
85
a
80
82
80
80
53
Sale
52%
98
97%
S
n
*97%
1938 M
H
1948 j
65
71
75
J
77
67%
64%
66%
S
80%
o
94%
O
J
J
J
m
new
1923 j
Nat Rys of Mex pr lien 4M»-1957 j
Guaranteed general 4s
1977 >
66
80
"SO*
67
56
May'20
80
99
\
68
74%
89%
97*4
J
69
77%
O
90
Sale
70
90
99
3
110%
21
3
20
O
Apr '20
June'20
90
Mar'17
20
15
Mar'20
Jan
59%
60
92
59%
90*4
90%
47
Sale
46
47
N
8734
65%
Sale
67
87%
66
73
72%
88
65%
73
A
f
A
23%
15" "Is"
60%
6
58
65
2
90*4
41%
96
59%
86%
64%
69%
93%
37
j
93'
5
6
72
79
I
J
J
63%
Sale
70*4
J
Sale
63%
61
J
m
N
M
N
f
58
57
D
"Sale
58
J
55%
,
3
1
40%
71%
..
53
02
70
May'20
61
71%
69
64%
82%
66%
70%
65
58
52% May'20
58
75
Feb *20
:i
25
65
62
52%
60
61%
54
Mar*17
.1 49
J
J
45%
*53%
A
3
70*4
66% June'20
A
78%!
I
82% Jan '20
95*4 NOV 16
154
70
June 20
82%
82%
73
73
75%
75%
May'16
73
*49~" *49
J
Ms.61951 A
1981 J
Gouv A 09we 1st gu g 59.-1942 j
Mob A Mai 1st gu g 4s—1991
Beech Cr Ext 1st g 3
O
d »
"50%
....
73%
D
•
1st 4s...1986
N
75% Jan '20
A
3 Ma...2000
n
20
'20
O
J
"17% ~3<r
May'20
96% Feb *13
20%
D
F
h Due July,
80
102%
95%
59
77%
78
1998
Due June,
91
75%
2013
New York Cent A Hud Rlv—
Mortgage 3 Ma
1997
Registered
1997
Debenture gold 4s
1934
Registered
1934
Lake Shore cell g 3 Ms
1998
Harlem g
"72"
52%
70%
A
N Y A
76
63%
77% Mar'20
O
Registered
66%
i
78
A
1936
.1936
1936
87
94%
—i
78
1998 F
2d guar gold 6s
"79*4
76
s
J
1998
80
99% May'20
91
Apr '20
52% May'20
"96"
92%
o
...1935 m
71%
76%
A
j
1936 A
1
d
...1951 A
lien 4 Ma. 1926
1st consol 48—
80% Oct '17
J
1927 j
Jasper Branch 1st g 6s
71%
J
IN
98 ,i
June'19
n
a
79%
"60" "67*4
79%
81%
O
56
51%
96%
June'20
71%
76% June'20
Sale1 81%
81%
89
il02
July 14
67
69
69%
a
1st ext gold 6a
Bt Louis Dlv 58
4
68
1*58%
a
1938 J
gold 6s.... 1927 J
41927 Q
General gold 4s
1938 M
Mob A Ohio
97%
'18
Oct
60
D
Pao R of Mo lBt ext g 4a.. 1938 F
1931
Gen con stamp gu g 5s.. 1931
Unified A ref gold 4s ..1929
Registered
1929
Rlv AG Dlv 1st g 48—.1933
Verdi V I A W 1st g 58—1926
53%
58
b
m
1945
?!
92
89% Feb '16
64
May'20
64
83
b Due Feb.
"*85" "92"%
10-
53
27%
n
N J June R guar
13
91
24
1936
Cart A Ad 1st gu g 4s
80
82
91
.
85
87%
Sale
42
70%
May'20'.
27%
1944 M
2004 M
-
88
85%
01990 F
Registered
80% Feb *17
Kansas City Term 1st 4s.
1960 J
Lake Erie A West 1st g 68—1937 J
2d gold 5s
1941 J
37%
Battle Cr A Stur 1st gu 3s -1989 J
Bsech Creek 1st gu g 4s.. 1936 1
78
49%
78
66
37%
Registered
'20
J
39%
Mich Cent coll gold «Mfl—1998 f
53%
Apr 1950 J
71
37%
Registered
Nov'19
72
Sale
69
Ref A Imp 4Ma "A"
Aug'19
Jan
60%
mmmm
84
75% Dec '19
53
May 20'.
Consol 4s Series A...
69% Feb "20
65
Nov'17
77%
69
Conv deb 6s
65% July 18
82
76
80
95
New York Central RR—
95% Feb '19
"73*
71
Non-cum Income 6s A
84
*70%
65
40
1953 3
N O Tex A Mexico 1st 8s. —1925 J
Mar'19
84
42
May'20[.
New Orleans Term 1st 4b
Nov'10
73
43*4
May'20.
40
Nat of Mex prior
mm
mmmm
"65%
63
61%
117% May'10
mmmm
84
* *62 "
53
61%
June'16
92
mmmm
86% 100
s
D
70
'
mmmm
52
'20
61% Feb '20
80
J
A
1951 F
Western Lines 1st e 4s
*09* ~69~*
'20
102
1
1951 J
1951 F
Bprlngf Dlv 1st g 3 Ms
63
34%
42
45
,
8t L A Cairo guar g4a
1931 J
Nashv Chatt A St L 1st 5a..1928 a
80
80% Nov'16
79% May'19
1051
3M«-n
J
85
45
38
Montgomery Div 1st g 5s_1047 f
Dec *19
69
63*4
83" ~93%
May'20
60
Loulsv Dlv A Term g 3 Ms 1963 J
Middle Dlv reg 5s
1921 F
Omaha Dlv 1st gold 3s.—1951 F
"85"
.
.
42%
33%
40-year gold loan 4s...
3d 7s extended at 4%
,
63*4
59*4
'20
95
2d extended gold 5s
fltLIr M A 8 gen con g 58
62
Nov'10.
Mar'20
Jan
75
Cent Br U P 1st « 4s
69
85
07%
General 4s
1975 m
Missouri Pac let cons g 6s—1920 M
63*4 Mar'20
61%
62
66
Aug '19
84%
85%
15-year secured 5%a
65%
*9*3"%
67% May'20
37%
40
1923 F
1st A refunding 5s Ser C..1928 F
95% Sept'12
mmmm
68%
J
81%
63
93%
73
1st A refunding 6s Ser Bo
78
*63""
N
79
Apr '20
75
73
July'09
1955 M
Apr '20
65
99%
A
Nov'15
'62%
79
67
90%
1st A refunding 5s Ser A—1965 f
mmmm
62%
83
Missouri Pacific (reorg Co)—
73% Nov'19
mmmm
8
O
9778 May'16
98% Dec '19
93% Jan '20
D •
61
Apr '20
Purchased lines 3Ms
1952 J
LNOA Texas gold 4s...1953 M
1st refunding 4a
10%
mmmm
A
98%
96%
M
05
8ept'17
67
64
82
"77" Mar'lO1
58%
May'20
92
mmmm
1962 A
Registered
55%
7
Mar'20
80
1951 IN
lit gold 3s sterling
78
*60
02*4
91%
65
73% Oct '18
76*4 Apr '19
84
1951 J
91%
"89" "89"
Sher 8h A 80 1st gu g 5s.. 1942 J
Texas A Okla 1st gu g 5s.. 1943 M
73% June'18
80%
—.1951 J
Registered
02%
mmmm
95
3
Illinois Central 1st gold 4s..1951 J
_
57%
59%
O
Col A Tol 1st ext 4s
mmtm
9
61%
61*4
J
90*4
....
1
Mar'20
M K A Okla 1st guar 58—1942 m
M K A T of T 1st gu g 6s 1942 M
*92*4 "*94*"
92*4 Apr "20
91% Apr '20
55% Mar'20
7
May'20
65
Apr '20
64l2 June'20
65
Feb '05
89
61
Kan City A Pac 1st g 4s—1990 F
Mo K A E 1st gu g 5s
1942 a
96% 106%
130% May OR
J
87%
82%
58
76%
5% secured notes "ext" *10
Dall A Waco 1st gu g 5a.. 1940 M
99
1937 J
Will A 8 F 1st gold 6a—1938 J
72
85
Trust Co certfs of dep
78
97
81%
May'20
61%
67%
Bt Louis Dlv 1st ref g 4s. .2001
100
June 20
95%
Trust Co certfs of deposit.
*82~" "*83 "
Mar'20
1st guar gold 0s
83
95
Gen sinking fund 4Mb..
*70% "83%
Feb *20
m
94
1st ext gold 6a
*83% ~92~
78
63%
75
95% Feb '20.
1st A refunding 4s
97
-
101% 101%
96%
Trust Co certfs of deposit...
96% 105%
100
m
76
63
78
+
61%
*70
96*i 100
70
-
72
"62%
"85" "95"
1949 J
94%
5178
63
95
61%
Mo Kan A Tex—1st gold 4s 1990 j
J
46%
-
101% Apr '20
63%
63 %
72%
Mississippi Central 1st 5s
J
"96% 100"
95% Nov'19
83
76
85%
1937 J
T
1937 J
Registered
88
63% "66"
95%
1922 J
19
May'20
64% May'20
96%
70
Minn Union 1st g 6s
O
85%
90
100
100
97*4
69*4
f g 6s_1926 J
1927 j
2d gold 4s
Mar'20
20
Feb
1100% 103
49
93%
Mont O 1st gu g 0s
B Minn Nor Dlv 1st g 4s..1948 A
100
80
20
79% Jan
1941 M
M S S M A A 1st g 4s Int gu.'26 J
Sept'19
83
----
101% Apr
99% 100
'20
97
1st Chlo Term
83*" *88%
76i8 June'20
*89% "91"
174
100
Jan
89%
1st
-
10212 May'16
78%
90
Iowa Central 1st gold 5s..1938 j
Refunding gold 4s
1951 M
*56 " *56*%
84*4 June'20
85%
91
J
D
Registered
99%
85%
97*4
MStPA8SMcong4slntgu.l938 J
96**
99% 100
96*i
Apr '17
100% 118
Mont ext 1st gold 4s... 1937 J
Registered
1937 J
1977
32
77
1921 a
1st consol gold 5a
1934 M
1st A refunding gold 4s
1949 in
Ref A ext 50-yr 6s Ser A—1962 Q
Des M A Ft D 1st gu 4s..1936 j
" "92*"
74%
June'20
1933 J
lit consol g Ga
Sale
"99
g 5s
s
87% 100
72
84%
90% Mar'20
87%
Pacific Ext 1st gold 0s
June'16
83
J
1961
9438
93*4
93*4
74U
99%
83%
1930 m
Stamped guaranteed
* *55 "
Deo *19
s93*4
92
Feb '20
70
60
J
1933 J
Registered
St Paul M A Man 4a
"61% IIII
J
O
J
Great Nor C B A Q coll 4a._ 1921 J
Registered
t
J
76
"81% "88"
41952 Q
cons gu
Sale
l!
81% Sept'19
1940 J
..1931 M
1930 F
Gen cons gu 50-year 68.1903 A
L A Jeff Bdge Co gu g 4s.__1945 m
Manila RR—-Soil Hues 4s—1936 M
*39% "39%
Aug TO
■
.*8—1941 J
Ft Worth A Rio Gr 1st g 48.1928 J
79
74
76%
—1940 J
87%
Mex lnternat 1st cons g 4s.. 1977 M
May'20
Fort StUDCo 1st r
Mar'20
BAN Ala
June'12
D
75
94
67
'11
May'20
87%
"87% "9l"
N Fla A S 1st gu g 6s
1937 w
N A C Bdge gen gu g 4MS.1945 J
Pensac A Atl 1st gu g 6s..1921 F
Nov'll
Bull Co Branch 1st g 6s.. 1930 A
72%
91%
Jan
94
j
Lex A East 1st 50-yr 5b gu 1965 A
L A N A M A M 1st g 4 M 0 1945 M
L A N-South M Joint 48—1952 J
30
34
66%
Deo '19
108
Florida E Coast 1st 4J4-—1959 J
92
69%
73
Registered
June'20
68
—-
61%
72%
May'20
....
90
62%
65%
M
1937 Pfi
5s
Minn Bt Louis 1st 7s
....
62%
Aug'19
Midland Term—1st
....
J
68
Sale
Dec '19
Nov* 19
O
02
'2u
Jan
86
Deo '18
O
62
95
Kentucky Central gold 48.1987 J
*18
1st general gold 5s
1942 A
Mt Vernon 1st gold 6s...1923 A
67
62
62%
Atl Knox A Nor 1st g 5a„ 1946 J
Hender Bdge 1st s f g 6s..1931 M
2312 Jan '17
mmmm
63
67
62
90% June'19
49
51
99% Oct *06
63%
63%
73
92
97
....
'19
92
72
....
Oct
90
41%
30%
88*4
34
May'20
100i4 Dec '06
39% May'20
72
Wllk A East 1st gu g 6S.. 1942 J
105|
13!
40
25
1940 A
47
*73% ~79~*4
Feb '20
85
50
44 %
A
39
*18
J an
83
N
J
56
Dec *19
95
91
75
J
47
108i2 Sept'19
92% 103
N
General Bold 5s
...1940 F
Terminal 1st gold 5s...1943 IN
Mid of N J 1st ext 6a
84
"63% "69%
77%
..1937
90
June'16
72%
General
73%
92
68
Paducah A Mem Dlv 4s..1946 f
St Louis Dlv 1st gold 6s..1921 M
2d gold 3s
1980 M
Atl Knox A ClU Div 4s...1950 *1
Aug'19
J
eons
72
73
84%
June'20
92
Q
10-year secured 7s
Dec'16
J
Lehigh Val (Pa)
79
66
73
60
L Cin A Lex gold 4MB--.1931 M
N O A M 1st gold 6s
1930 j
2d gold 8s
1930 j
94*4 NOV' 15
Erie A Jersey 1st s f 6b...1955 J
Qsnesee River 1st e f 6s..-1957 J
Ref A Impt 5a
77
79
66
58.1935 A
Registered
8
Clev A Mahon Vail g 5s..1938 J
Registered
*20
84%
May'20
M
con g
con g gu
Collateral trust gold 6s
N
71%
Gold
Jan
84%
1949 m
Unified gold 4s
83
86
34*4
35%
Registered
73
89
85
1934 j
1937 m
1927
08.01932
Louisiana A Ark 1st g 6s
1927
Louisville A Nashv gen 0s.. 1930
Gold
95
O
Dock A Impt 1st ext 5s...1943 J
N Y A Green L gu g 6s. ..1946 M
N Y Susq A W Is tref 6S..1937 J
86
93%
77%
9
O
1935 A
6s.. 1922 IN
92%
86
J
N
N
Gold
98%
87%
N Y A R B 1st gold 58
June'20
..1953 A
Registered..
98%
'13
Nor Sb B 1st
105i2 Mar'08
Gen oonv 4s Series D.. .1953 A
Ohio A Erie 1st gold 5s... 1982 IN
1st gold 3Ms
95
103
60
"60%
...1949 m
Registered
N Y B A M B 1st
.25% July'16
70*4
70*4
92% May'20
35
Debenture
94
Oct
95%
85
Guar refunding gold 4s.—1949 M
58
86
4s
20-year p m deb 5s
62%
O
Green Bay A W deb
13
95
98% Jan '20
*67
64
m
1932 j
Gold
75
60-year conv
2d gold 4HB
1922
43%
74% Apr 20
Sale
34%
35l2
Sale 34 I8
35%
36%
Sale 35l2
73
7212
72%
83
1O078 Jan '17
88*4 Mar'20
80
gold 4s.. 1951 F
4s 8er A.. 1963 A
cur gu
92
High
90%
105
—.1938 j
75
A
Coal A RR 1st
Ferry gold 4Ms
39
P«Dn coll trust
Series B
General gold 4s
49
49
87
79
O
Erie 1st consol gold 7s
-1920. M
N Y A Erie 1st ext g 4S-..1947 IN
7034
93%
O
3rd ext gold 4Kb....
4th ext gold 6s.....
70%
38
'20
01%
mmmm
70
J
A
Registered
..1937 A
DutfSou Shore A Atl g 5s...1937 J
Elgin Joliet A East 1st g 6s.. 1941 IN
1937
63
Jan
34
78
N
Dul A Iron Range 1st 6s....
62%
21
June'20
65%
49%
61%
48%
D
1961 IN
Long Dock concol g 6s
"84'
cons
108
61*4 Apr *11
37%
D
Det Rlv Tun Ter Tun 4
15
58*4
75
smmsmm
70%....
J
1996 J
4s
do
Leh A N Y 1st guar g 4a
54
43
Trust Co certfs of deposit
Guaranteed
62l2
48
J
J
61
Sale
65
J
J
Bio Gr Juno 1st gu g
Gold
67
Low
Registered
Denver A Rio Grande—
1st
94
1933
1st Int reduced to 4s
70*1
75%
67
May'20
62% 08
99% 100% 102*4 Apr '19
O
Alb A Susq conv
96%
No.
High
Mar'17
113
94%
Leh Val RR 10-yr coll 60—»1928
Leh Val Coal Co 1st gu g 5S-1933
Sines
Jan. 1.
90% June'20
100
96
98
96
Sale
70%
73%
N
...1936 A
3HS
1946 A
1st 4c re! 4s
20-year conv 5s
100
86
*....
1941
Mango
Mango or
Last Sals
Atl Low
Bit
Leb V Term By 1st gu 9 5e..1941
Registered
J
Friday
June 11
June 11
High
Lots
Delaware A Hudson—
WorVt
Pries
Rang*
Friday
June ll
BONDS
N. T. STOCK EXCHANGE
[Vol. no.
Record—Continued—Page 2
York Bond
New
2472
Due Sept.
0 Due
Oct.
s Option sale.
"&4~ ~&4~
June 12
New York Bond Record—Continued—Page
1920J
BONDS
June 11
Wssk'i
Pries
29. T. STOCK EXCHANGE
Week ending Jane 11
N Y Cent 4HRRB {Con)—
NY* Northern 1st g 61-1023
FridaM
_
A
N Y * Pa 1st oons gu g 41.1903 A
Pine Creek reg guar 6s.
1932 J
O
O
D
88I4
A
J
J
J
J
A
J
J
O
J
J
J
J
O
J
9 5ig
D
65
EW40c®n 1stext6e—61022
Batland 1st eon g 4Hs—1041
OgALChamlstgw4sg-1948
Hut-Canada 1st gu g 41-1040
It Lawr * Adlr lit g 68—1990
Id gold 6s
1006
Utica 4 BIk BIT gU g 41-1022
Lake Shore gold 3^1
1097
Ka A 4 G R lit gu c 5s
1934 J
71
Debenture gold 48—
16-year gold 41.
Registered
Pitts 4 L Erie 2d g 5a
al928 A
Pltt8McK4 Y lit gU 61-1932 J
Id guaranteed 0s
1934 J
J
J
Michigan Central 6s.
1931 M S
Registered
.......1931 Q M
1940 J
48
J
J
M S
IB N
A O
A
O
A O
M N
J
J
J
J
M N
Equip trust 4His..1920-1925 J
J
N T Connect 1st go 4Hs A—1953 F
A
1940
1951
1952
30-year debenture 48—1929
NY Chi 4 St List g 48-1937
Registered
1937
Debenture 4s
..—1931
Nest Shore lit 4i guar—2301
Registered....
2301
NYC Lines eq tr 58—1920-22
eo%
May'20
52
52
Feb '20
63
60
Nov'16
Nov'16
Philippine Ry lBt 30-yr s f 4s 1937
—
7912
76%
78
8U2
"63% "6012
Sale
O
J
80%
J
78
79%
39
76
76%
23
74%
87%
84%
J
75%
70%
84% Nov'19
93% May'20
May'17
130% Jan '09
93%
87
14
"6
65%
05%
65%
66%
67%
66%
67
6
65
Sale
65
65
10
79
""I
6
71
48
Non-conv deben 3HB
1947 M
Non-conv deben 3Hs—1954 A
40
45% Feb '20
Non-con? deben is....—1955 J
40
45
48
43
48
4734
1950 M
43
52
45
i960 J
Conv debenture 3 Hi
40
40%
6712
68
40%
08%
.1948 J
Con? debenture 0s
1930
Cons Ry non-conv 4s
gon-conv deben 4s
deben 4i—..1954
1955
on-coDV
Non-«onv deben 4s
1955 A
1950 J
04%
"75"
64%
74%
64
71%
94%
68%
97%
79
65
487g
Cent New Eng 1st gu 46-1901 J
Hartford St Ry 1st 4a.
1930 M
Hoosatonlo R cons g 5s..1937 M
Naugatuok RR 1st 4s
1954 M
48%
55
50
76%
Oct '17
O
N
697g
3934
68
Sale
Aug *13
3934
Conaol
70
J
.1945 J
4s
Prov 4 Springfield 1st 5s. 1922 J
Providence Term let 4s.. .1950 M
S
W 4 Con East 1st 4 Hi—-1943
J
J
N Y O 4 W ref 1st g 4s
01992 M
Registered 96.000 only..01992 M
.1956 J
General 48—
Norfolk Sou 1st 4 ref A 51-1961 F
1941 M
Norf 4 Sou lit gold 51
Norf 4 West gen gold 6s
s
s
D
A
N
1931 M
A
Improvement 4 ext g 08..1934 F
New River 1st gold 6s
1932 A
34%
64
Registered——
48—1996 A
1996 A
Dtv'l 1st lien 4 gen g 48.1944
10-25-year oonv 4a._...1932
10-20-year oonv 4fl
1932
10-25-year conv 4 Hi—1938
10-year conv 6f—.....1929
..
Poeah C 4 O Joint is...1941 J
C C 4 T let guar gold
01.1922 J
•do V 4 N E lit gu g 41-1989 M
Northern Pacific prior Hen rail¬
way 4 land grant g 4s
1997 Q
Registered
1997 Q
General lien gold 8s—02047 Q
Registered
...a2047 Q
Ref 4 Imp 4Hl sot A.....2047 J
Bt Paul-Dulutb Dlv g 41
1996 J
m
—
"71% "70%
"95%
73%
94%
J
Sale
75
56%
77% 77%
102% 104%
103" 103*
33
75%
95
53
97
697g
67% May'20
Sale
52
53%
65
73%
70% 80
96% 100
95% 99
93
94%
68
1948 Q
60%
67
70
14
102%
96
96
100%
96
Feb '19
103%
65%
73% 69%
75
100%
93% 93%
86
81%
Sale
103% 108
May'20
66%
62
69%
81%
84%
85
Sale
75
10
77
75%
83
Sale
102
83
65
73
105
82
496 101
82
Feb '20
83
83
76%
78
May'20
78
82%
72% June'20
102
Jan
'93
97%
96%
58%
58%
68%
9734
70
73% Jan '20
77
80
Feb '20
77
84%
67
79
Series C guar
1942 A
1942 M
Series D 4s guar.. ....1946 M
Series E Size guar fold.1949 F
*
71%
O
O
75
80
N
A
....
73%
73%
No price Friday: latest bid and asked,
8712
80
a
81
80
85
Dec '19
83%
Apr '20
78
May"16
May'17
Apr '20
60%
61
97
Jan
61
62
60
Apr '20
63%
53
61
61
68
76
"80%
80
90
Apr "20
80
80
90ls Oct '19
72% May20
6 Due Feb.
72%
84
60
66%
54
49
59
—
8
"61"
54%
60%
61
41%
56
64%
64
49%
30
49
38
41%
May'20
101
Dec '16
81
Mar'20
93
104
90
65
64%
64%
"75%
8
J
A
F
A
J
Sale
Sale
9584
69% KSale
D
F
D
"7684 "77
Sale
62%
77%
08%
J
76
95
96%
69%
87is Sept'10
7684
77
62%
63
68%
100
87
95
N
J
94
95
94
"l2
14
85
81
*81% "85%
"84% *93%
mm
mm
60%
Sale
81
Bale
62
50
*98% 99"
2
65
4
65%
85
July'19
69%
70%
80%
81%
85% Sept'19
55%
56%
52
52%
75
61%
76
80
Atl A Cbarl A L 1st A 4H81944 J
1st 30-year 6e Ser B
1944 J
Atl A Danv 1st g 4s
1948 J
70%
81
83%
82
53
56
40
*52%
80
81%
s
E Tenn reorg lien g 5s
Ga Midland 1st 3a—..1946 A
Ga Pao Ry 1st g 6s
—1922 J
mmmm
84
94
J
44% 51
93% 100
92%
J
73
O
J
6s...1925 J
Mob A Bir prior Hen g 68.1945 J
Mortgage gold 4s..
1946 J
Rich A Dan deb 6s stmpd.1927 A
Rich A Meek 1st g 6s
1948 M
Virginia Mid Ser D 4-68—1021 M
J
O
mmmm
80
Jan
68%
90
67%
75
82
88%
55
60%
91
92i4
91
'19
91
May'20
80% Apr '20
92
July'19
52
87%
"76% "80%
82
Oot
77
02
May'20
81% Mar*10
68
"88"
73%
60
4
55
m
90
63%
"33 "53"" "61%
May'20
92% July'19
78% Apr '20
82
93%
03%
143 *68 " "79%
62
75
91%
85%
96
8684
90
Apr *20
92% June'19
86%
75
m
94
93
*86" "87"
9884 Apr '20
91% Apr '20
58%
'mm
1966 m
1938 m
70
100% Oot '17
98% 100
87% 93
86% 87
88% 96
St Louis dlv 1st g 4s.....1961 J
Ala Gt Sou 1st eons A 5s—1943 J
Atl A Yad 1st g guar 4s_.1949 A
K T Va A Ga Dlv g 6s._.1930 J
"82%
7684
60%
'87" "si"
Mar'20
mmmm
"55%
1948 J
78
66%
Mar'19
80%
Set A...1956 A
Mob A Ohio ooll tr g 4s...1938 M
Mem Dlv let g 4Hs-5a
1990 J
106
June'20
94
"69%
gen 4s
94
47
84% May'20
J
1994 J
116
Oct '10
88
65
1965 J
1994 J
"93%
Nov'18
"94%
J
73
73%
81% Mar'20
100
J
1921
61%
Mar'20
N
Morgan's La A T 1st 6s..1920
1938 A
49
!6o
Oct '18
...
84%
O
"88%
80%
Feb '14
7484
—
95
J
Ore A Cal 1st guar g 5s
1927
So Pac of Cal—Gu g 5a_..1937 M
So Pac Coast 1st gu 4s g—1937 J
8an Fran Terml 1st 4a...1950 A
66
90
D
M
81%
80
July'19
86% Mar'20
90% May'19
85%
No of Cal guar g 5s
80%
'19
99% 100
97%
99% Jan '29
97% Apr '20
80% May'20
60
66
65
87%
96
96
80%
80%
60
60
92% Nov'19
60
Aug *19
Feb *20
N
mmmm
S
95%
mmmm
S
90
100
—1926 M
S
90%
1936 M
N
81%
79%
82
80
May'20
80
80
O
60
61
60
June'20
60
70
A
80%
6s..1956
J
mmmm
75
93% Mar* 17
76% Apr '19
Term Assn of St L 1st g 4 Hs.1939
1st oons gold 6s.
1894-1944
O
76%
80
77
80
83
82%
86%
J
63
65
66
73%
81%
86
80% May'20
83
Apr '20
66
Apr '20
82% Apr '20
80
A
Gen refund s f g 4s
...1953
Bt L M Bridge Ter gu g 68-1930
82%
77
82
77
75%
52%
86
86
65
Series E 5s
1926 M
Series F 5s
General 5s
Va A So'w'n 1st gu 68—2003 J
J
1st eons 60-year 5s—1058
W O A W 1st oy gu 4s
1924
Spokane Internet 1st
g
O
General gold 6s..
60-year gold 4s..
60
"25"
76
46%
....960
mmmm
7
D
D
c
" "95"
56
86
89%
77
Apr'20
May'18
"90
mmmm
70
81%
83% May'20
77% Apr '20
83%
77%
84%
80%
69
82
Feb '20
70
82
70
68
May'20
87% Dee '19
68
73
31
36
74
75%
42%
47%
68
86%
Feb *19
35
75% May'20
46% June'20
18% Mar'10
12%
18
mmmm
47
Aug *18
68
65
May*20
64%
82
82
June'20
82
06
68
70%
Sale
80
80%
80
81
68%
96%
71%
70%
97%
71%
S
09
6!
J
96%
Sale
D
71%
A
J
ACDiie Aug.
79%
J
1926
Vera Crus A P 1st gu 4%a„1934
95
Mar'20
J
J
» Due July.
mmmm
90
Bept'17
70%
7784
86% Oct '18
D
1933
4s Ser A....1966 F
...1967 M
'20
mmmm
J
1st A refunding 4«—y2008 M
10-year perm secured 6S.1928
eons g
Jan
O
Registered-............. 1947
20-year conv is
1927 J
Vandalia
95
89
77%
mmmm
1990
Utah A Nor gold 6s
let extended is..
60%
102% June'll
104% Deo '16
98
"70% "83%
.......1935
Kan A M 1st gu g 4s
25
mmmm
100% Nov'04
W MIn W A N W 1st gu 6S1930
Tol A Oblo Cent 1st gu 5f—1935
Western Dlv 1st g 5a
1935
Consols 4e Series B
y Due June.
15
64
1st consol g 6e.........1946
May'20
87%
64%
89%
48%
61%
Guar refund 4s—.....1929
90
60
:.i
64
D
Ore RR A Nav eon g 4s..1946 J
Ore 8bort Line 1st g 68—1922 F
80
70
86
64% Mar'20
80
....
76%
66%
59
85
1941 J
4s
100
97
16
'20
99% Nov'19
1st refunding g 4s........ 1962 A
Union Pacific 1st g 4s
1947 J
Majr*10
June'20
Due Jan.
438
91
74%
Tor Ham A Buff 1st g 4s..11946 J
Ulster A Del 1st eons g 8s .1928 J
93% Apr *17
87% Nov'19
88% Sept'17
80
46%
48
96% Apr '20
87%
56% 66
39% 60%
90% 102
91
92%
41
Ooll trust 4s g Ber A—
.1917
Trust co otfs of deposit
Deo '15
96% Feb '12
90% Oct *12
88% Fib '17
75
Apr '20
79% May*19
76% Apr '20
80
108
72%
Tol St L A W pr Hen g 3HS.1926
77%
80
80
62%
56
IIII
Gen gold 4s Int guar....1921 A
Waco A N W dlv 1st g 08 '30 M
83%
Feb '20
93
88
82%
"80" "83
N
80
86*4 Nov'19
97%
77%
J
J
•
79
71%
61
81
41%
64
J
2d 20-year 6s.........1927
To! P A W 1st gold 4s..
1917
77% Apr '20
104
67
N
97%
96%
69%
71%
73%
96% May'18
80%
80%
J
S
96%
96%
69%
69%
73%
80
67
64
J
13
Nov'19
78%
75%
76
O
97% 97%
95% Apr '20
69% Mar'20
69% Feb '20
68
"
60
59%
62%
12!
41
S
D
Texas A Pac 1st gold 6s
2000
2nd gold Income 6s..——#2000 Mar
J
J
La Dlv B L 1st g 6s
...1931
92* Deo" 17
81%
O
SeriesC3Hi-.1948 M N
Series D 3H>
I960 F
A
Crse 4 Pitts gu 18Hs B..1940 J
J
Series B guar
103
72%
83
75%
Int reduced to 3 Hi--1942 A
P O C A Bt L gu 4HS A..1940 A
83%
86%
92%
84%
93%
77
82
1921 J
J
Registered.
1921 J
J
Guar 3 He cotl trust reg A .1937 M
%
Guar 8 Hi coll trust ser B. 1941 F
A
Guar 3Hs trust otfi C... 1942 J
O
Guar 3Ha trust otfs D—.1944 J
D
Guar 16-26-year gold is.. 1931 A
O
46-year guar 4s ctfa Ser E.1952 M N
Cln Let) 4 Nor gu 4e g...1942 M N
CI 4 Mar 1st gug 4Hs-.1936 M K
01 4 P gen gu 4Hb ser A.1942 J
J
Series C 4s
93%
Feb '17
May'20
Apr '20
85
82%
Sale 101%
72%
69%
93%
May'20
77
52
15
O
Knoxv A Oblo 1st g
70% Oct '19
37is Dec '10
75%
82%
1st gold 4 Hi
1933 J
......1942 M
81%
98
97
292
07
83 84
May'20
61% June'20
3284
34
81
2d
89
65" "60 "
6484
50
84%
Registered
78%
72
May'20
53
60
N
So Pac RR 1st ref 4s
77
51%
N
Southern—1st oons g 5s
93%
71" "82%
Sale
N
Cons 1st gold 6s
Pennsylvania Co—
Series B 4Hf
67%
49%
80%
67%
56%
69
"36
77
69
98% Apr '20
78
101%
73%
94% 104%
72% 80
98% 98%
70
119
73%
May'19
84
77
1968 J
Tol W V 4 O gu 4He A..1931 J
76
Nov'19
73%
108
103
1948 M
1900 F
1965 J
1940J
54
Gila V G A N 1st gu g 58-1924 M
Houa E A W T 1st g 58—1933 M
gold 6e—1943
93%
34
O
Develop A
73%
73%
98% Jan '20
71
Pennsylvania RR lit g 4a..1923 M
^onsoi cold 4*..
1943 M
Series O
77%
76
70
60
Or R 41 ex 1st gu f 4H8.1C41 J
Ohio Connect 1st gu 4s...1943 M
pitta Y 4 Ash 1st eons 6S.1927 M
80
"70% "78%
Mar'20
70%
1968 J
1942 A
67%
87%
71%
42
50%
N
A AN Wist gug 5a
Louisiana West 1st 6b
75%
59%
40
,
98% Jan '14
A
Tex A N O oon
72%
75% Apr '20
70
70%
Series B
" "eo"
49
71%
71%
Padflo Coast Co 1st g 5s... 1940 J
Paduoah 4 Ills 1st s f 4 Hi—1965 J
<3oar
01%
Oct '19
Sale
73
10-year secured 7s.......1930 A
•Beg Val gen guar g 4s... 1942 M
OBRB4 B'ge 1st go 4s g 1930 F
fblfa Bait 4 W 1st g 41-1943 M
•odus Bay 4 Boo 1st g As.1924 J
Snnbury 4 Lewis 1st g 4s. 1936 J
U N J RR 4 Can gen 41-1944 M
60
72%
71
65%
General 6a
52
Feb '20
70%
68%
*52%
Oregon-Wash 1st 4 ref 4s...1961 J
General 4 Hi
40
96% Dec '19
Bt Paul 4 Duluth 1st 6s..1931 F
CODSOl gold 41
Consol 4 Hi
103
71
70
72%
F
Registered certificates..1923 Q
Waeb Cent 1st gold 4a
74
70
D
Nor Pac Term Co 1st g 0S..1933 J
32
Nov'16
79
"7l" "Sale
St P 4 N P gen gold 68—.1923
1st eonsol gold 4s
122
98
o
J
J
J D
M %
M %
Mar'20
99% Deo *13
88% Feb '14
67%
74
74% Deo *19
68%
58% Sale 58%
92% June*12
:::: "59% 60 Apr '20
65
55%
55% 55%
77% Apr '20
71% 77
100
102% May'20
O
O
Sept'17
40
75
A
■ 4 W Ry 1st oons g
38
29
N
J
oonv 4a
16
63%
66%
83%
53
"59% "61%
1st guar 5s red—..——1933 M
H A T C 1st g 5s Int gu...1937 J
40
J
Providence Secur deb 4S..1957 M
55
44
53%
40%
52%
51%
1943
...11949
(71929
20-year oonv 6s....—
1934
Cent Pao 1st ref gu g 4S..1949
Registered
.......1949
Mort guar gold 3HS—*1929
Through St L 1st gu 48.1964
20-year
©9
A
Registered
44
88%
97
O
Gold 4s (Cent Pao ooll)— *1949
o
New England cons 5s....1945 J
Sale
"61" "62
QHASAMAP 1st 581931 M
2d exten 6s guar
...1931 J
J
14Ha'46 J
Boston Terminal 1st 4s—1939 A
86
Southern Pacific Co—
50
83
85%
86
Qa A Ala Ry 1st con 5s_.ol946
Ga Car A No 1st gu g 58—1929
Seaboard A Roan 1st 68—1926
Nov'19
79% Dec '17
48
60%
1st land grant ext g 5s—1930
5s
82%
76
90
O
Gold 4s stamped
CodboI gold
...
"93% ~947g
Fla Cent * Pen 1st ext 68.1923
65
55
106% May'15
87
July*14
N
N Y Prov 4 Boston 4s...1942 A
507g
66
J
O
N
1950
Adjustment 5s....
ol949
Refunding 4s....
1959 A
Atl Birm 30-yr 1st g 4s—*1933 M
Caro Cent 1st oon g 48—1949 J
39%
40%
68%
51
68
6178
B 4 N Y Air Line l8t 4S-1955 F
83%
83%
Sale
Sale
94%
87%
O
KCAMRABlstgu 68.1929 A
8t L S W 1st g 4s bond etfs—1989 M N
J
2d g 4s Income bond otfs.pl989 J
D
Consol gold 4s..........1932
J
1st terminal A unifying 5S.1952
D
Gray's Pt Ter 1st gu g 5s_1947
J
S A A A Pass 1st gu g 4s
1943
O
Seaboard Air Line g 4i——1950
45%
*49 " Oot" 19
Harlem R-Pt Cbes 1st 40.1954 M
ser
81%
91% Jan '12
60
July'18
J
66%
83%
61%
47*4
93%
J
Southw Dlv 1st g 5s
1947 A
K O Ft 8 A M cons g 0S.1928 M
K C Ft S * M Ry ref g 48.1936 A
45
47%
J
81
46%
44%
44%
Apr '20
50
80%
70%
63%
74%
67%
Sale
66
J
Bt Louis A San Fran gen 6S.1931 J
General gold 5a
1931 J
St L * 8 F RR cons g 48—1996 J
48
May'20
F
Non-conv deben 4a
NYW*chea4B 1st
June'20
87
66%
70
71
J
O
41955 A
Oct
Income Series A 6s......61960
June'20
99% Feb *19
97%
97%
53%
J
1950 J
"55% IIII
Cum adjust Ser A 6s
66% Mar 20
63%
63%
Nov'17
1950
Hiob
82%
Lmmm
Prior lien Ser C 6s...... 1928
May'20
70
J
Prior lien Ser A 4s
Nov'19
77
43
—
93%
79
LSale
78%
59% May'20
42
Apr '20
93% Apr '20
97% Dec *17
75%
79%
77% May'20
J
St Jos * Grand lal 1st g 4s ..1947 J
St Louis A San Fran (reorg Co)
Sale
86
O
Prior lien Ser B 5a
65
71
95
87
1940 A
85
"94% "99%
45
1st consol gold 6s....
1943 J
Beading Co gen gold 4s
1997 J
Registered............1997 J
Jersey Central coll g 4s
1861 A
75
72
70
40
Pitts Sb A L E 1st g 6S
82
70
64
77
6684
69
123% Mar'12
99% Aug '17
98% Nov'18
9514
87
Sale
70
No. Low
Mar'16
80
J
Atlantic City guar 4s g... 1951 J
High
June'17
77
93%
79
Sinss
Jan. 1.
82% Apr '20
90% Aug'19
76%
76%
97
May'20
60
J
Memos
or
100
65
93%
Jan '20
103
"97% IIII
100%
69
93% Jan '20
65
65%
69
79
90
97
Pere Marquette 1st Ser A 68.1956
1st Soles B 4s
1956
71%
75%
73%
73%
76%
O
C St L * P 1st oons g 6s
1932 A
F
Peoria * Pekin Un 1st 6s g—1921 Q
2d gold 4Hs.
..61921 M N
60
1947 M
Non-conv deben 4s
A
52
ITNH4 Hartford—
Non-conv deben 4s—
1963 F
103
Registered——..
1st gold 3HS—
N
101
78
J
J L 4 S 1st gold 3 Hi
97%
D
1957 M
76
J
O
95
1963 J
Series I oons gu 4 Hi
Oct '19
Series F guar 4s gold;
Memos
Last Sals
Ask LOW
Bid
p. o. c. & St. L (dim.)—
Series G 4s guar...
92%
Week's
PHdaV
June 11
N. Y. STOCK EXCHANGE
Week ending June 11
60
50
—1097 J
Registered.
Hiob
92%
May'20
77
Low
May*16
95
80
NO.
92% Jan '20
78% Apr *19
113
D
1928 M S
1931 M N
1931 M N
1938 J
J
Mahon C'l BR lit 6a
63i8
Sines
Jan. 1.
'Pries
BONDS
Memos
or
Hiob
Ask Low
Bid
.
Mcmgs
Last Bats
2473
3
J
96%
82%
97%
83%
70
78%
89
86
86%
79%
A
84%
N
J
Due Oct.
p Due
Nov.
97% May'20
82% June'20
77
79%
88% May'20
89
Feb '18
61
74%
9
78%
"85%
88%
45
66
81
18
96
103
3
66% 81
97% 101
82
93
74%
88%
86
92%
mtbmm
mmmm
80% Deo'19
80% JunsTl8
36
May*19
q Due
Dec.
* Option
sale
New York Bond Record
2474
Pries
Week ending June
11
BONDS
Range or
Since
N Y STOCK EXCHANGE
Last Sale
Jan. 1.
Week's
Low
Debenture series B
11
72%
79
91
74
16
73
83
1941
74%
Wash Terml 1st gu 3Hs....1945
1st 40-yr guar 4s
1946
Aug'18
1952
1937
54
pl943
38
Wheel Dlv 1st gold 5s
Exten A Impt gold 5s
1930
53
81
92
54
63i2
Oct'17
""22
80
9012 Apr "20
100
1928
7678
90%
Feb'17
46
40
.1949
51%
52*8 Apr
Winston-Salem s B 1st 4S..1960
09%
Wis Cent 50-yr 1st gen 4s...1949
Bup A Dul dlv A term 1st 4s *36
64
45ig
52*8
6214
62% Apr 20
6134 June'20
67
67
20
53
Booth Fisheries deb s
Braden Cop M coll tr s f 6s..1931 F
Bush Terminal 1st 4s
1952 A
Consol 5s
1955 J
guar tax ex..1960 A
Chic C A Conn Rys sf 6s... 1927 A
Chic Un Stat'n 1st gu 4
Hs A 1963 J
1st Ser C 6%i (ctfs)
1963 J
Chile Copper 10-yr conv 7s. 1923 M
56
Coll tr A
6s
conv
62l4
s
71
Granby Cons MSAP
con 6s A
63%
70
Certificates of deposit stmp'd
Bh City 1st cons 6s.. 1916-1941 J
Bit Q Co A S con gu g 5s..1941 M
Bklyn Q Co A 8 1st 6s
1941 J
Bklyn Un El let g 4-58...1950 F
Stamped
guar 4-5S.....1956 F
21
Sale
21
21
21
33%
21%
J
23%
23l2
40%
2312
40%
21%
28
Mtge Bonds (NY
44
38
50
38
44
40% June'20—-
35
40
34
31%
45
62%
66
60
60
N
75
80
J
80
40% Deo '19
611*
6212
6U4
59
62
61% May 20
A
A
A
63
64
63
60
j
5
20
01
--
23
9t Smith Lt A Tr 1st g 5s...1936 M
3ud A Manbat 5s ser A
1957 F
Adjust Income 6s....
N Y A Jersey 1st 5a
1957
...1932 F
Stamped tax-exempt
1990 A
f 5s..1953 M
a
Metropolitan Street Ry—
Bway A 7th Av 1st eg 5a. 1943 J
Col A 9th Av 1st gu g 5s..1993 M
Lex Av A P F 1st gu
g 5s.
1993 M
.
Met WSEKChlc
lstg4s._l.938
Milw Elec Ry A Lt oons
exten
Montreal Tram 1st A
F
5s 1926 F
g
Refunding A
A
J
J
J
8
4^0.-1931 J
ref 5s. 1941 J
*00"
60%
50
60
i
51
55
23
28
60
57%
70
60
Feb '20
60
60
67
77
60%
58
58
~50~"4
Sale
Sale
73
90
78
O
15%
14i2
Sale
J
61*4
Sale
15%
O
Sale
54U
55
Adj Income 5s
D
8
S
A
A
75
11
204
53
7.
53
6
Am Agrie Chem 1st c 5s
73
78
13%
13%
19%
19%
48
58
Am Writ
44%
07%
21
June'20
21
40
Mar'20
40
42
Dec'19
73
70
21%
Sale
21ig
2Ug
0
24
21
21
8
6
32
lat 25-year
75
57
71% May'20
61
July 19
57
July'19
6
N
Sale
67s
Sale
5
"9*2*" *94%
52
72%
A
94
90i2
95
II" "82*
80
Jan
Sale
41
2312
24
7%
7%
75
55
04%
24i2 June'20
8212
5
64%
Feb'17
July'17
42
31
Deo *19
J
21
50
647g Jan '20
55
.
"2*0* " "ii'
4%
52
66
I
1937 J
Tr!-Clty Ry A Lt 1st s f 5S..1923 A
Undergrof London 4Hs._..1933 J
O
J
00
50
90
60
60
66
N
J
O
O
67l2
80
39
53
80
40
51%
84
66
66
68
J
71
Sale
71
75
71
82
O
71
73
71
71
71
82%
Sale
100%
Saleiooi2
N
98
Sale
98
99
O
745s
Sale
74U
7434
80i8
81
81
May'20
.
81
88
92
May 20
.
90
95%
9178
95
Apr
20'.
94
87
89
85i2
85i2
47%
47%
24
Sale
22>g
22 %
23
24
22%
20%
30
67%
69%
68
08
63
70
N
O
J
i
O
"72"
N
72
80
58.1945 M
jA
June'17
103
84%
O
1927'J
25
*30 "
30
Sept'15
68
June'20
72
86
*68 " "82"%
72
70
Apr '20
J
84%
Sale
84 ig
84i2
J
J
84
Sale
84
84
Columbus Gas 1st gold 5a..1932 J
Consul Gas 5-yr conv 7s...1925 Q
J
F
85
87
Sale
99
99i2
Cons Gas ELAP of Bait
5-yr 6s'21 M
Detroit City Gas gold 5s
1923 J
Detroit Edison 1st coll tr 5s_1933 J
1st A ref 5s Ber A
51940 M
N
95
8
D
79
2
79
Eq G LN Y 1st
79
A
J
O
58...1932 M
Gas A Eleo Berg Co o g 5s.. 1949 J
Havana Eleo consol g 5s
1962 F
Hudson Co Gas 1st g 5s
1949 W
Kan City (Mo Gas 1st
A
Kings Co El L A P g 6s
1937 A
Purchase money 6s..._._1997 A
Convertible deb 6s........1925 M
g 58.1922
Ed El 111 Bkn 1st con
*48.1939 J
99%
J
J
mmmm'
8
A
N
O
O
*34
73%
94
84
mmmm
91
"9l"
*83~
84
77
73
1948 J
D
A
NYAQ El LAP 1st
J
A
Corp unifying A ref 5s... 1937 M
Pacific G A E gen A ref 5s.. 1942 J
Pao Pow A Lt 1st A ref
20-yr
6s International Series...1930 F
•»
«■» -»
72%
mm
95
83
Int Agrlc Corp 1st
20-yr 58—1932
Int Paper conv s f g 5s
f conv ser A
.
Jan
.
60%
14
'20
60
90
"88"
16
.
87i2
88
11
85
85l2
34
90l2
4
11, 89l2
9f3 92
7712
,
Sale,
117
-7-7"
77
"75"
101
Sa
79i2
7s
1944
"J*
79
_9l""
92
94
93I2
84
Sale
90
Y Air Bra.e 1st conv 6s.1938
■a!
May"20
Sept'ioi
76i2
87
7612
85
81
85
72
75
58%
66
96
"86* ~ "98%
84
98%
94
91
73iz Dec '18
May'20,
95
78'si
27
1
82
82
96*4
98
37;
96
90
80
s
Sale
9912
Sale
79
-
Sale
9514
9134
93
94
97
94
F
3
Sate
9414
95%
91
60
70%
81%
97
9584
99%
84%
81
26
80
16
IOH4
7912
100i2
17
May'20
May 20;
Apr '20;
84
94
94
Oct
77
100
991*
86%
111
89%
110
79
97%
93%
9034
93%
84
j
91
88
99«4
93%
96
105%
89%
90
87
87
14
81
80
101
95
85
95
83
99%
102%
10n2
88
....1930
75
76%
77
99l2 Jan '20
84
May'20
93i8
100%
100%
N0VI8
77
05
92
95% 100
95%
7,
79
81%
97%
91
20
CO
96
119
97
90
98
2
92
Feb
9934
89%
86%
70
97l2
91
74
100
94
24
I
92
7Q
79
117
May 20
May 20
9!)i2
88
92
"70" "83"%
SO
88
June'20,
10434 105
104"i
104-%j
89
897«
8f)78 May'20
87
May'20
Union Oil Co of Cal 1st 5s..1931
U 8 Realty A I conv deb
g 6e 1924
U 8 Rubber 5-year sec 7s...1922
1st A ref 5s series A.
1947
U S Smelt Ref A M conv Cs.1926
Va-Caro Chem 1st 15-yr 58.1923
Conv deb 6s._—
«1924
e
im
101
A
195l|F
117
60
8)l2
Nat Enam A Stampg 1st
Nat Starcb 20-year deb 5s.. 1930! J
National Tube 1st 5s
1942 M
78V
9518 June'20
100
195l]F
OS
1
j
9612
Sale
1947!--
92
May'20
77
98
Sale
*76*34 "7*7* "
M
82
70
Sale
7834
"89 ~
i
0I1 '
94l2
70
90 >8
10U2
,
73
90
:-:!
61V
May'20
93
907g July 19,.
Sale
85
Llggett A Myers Tobac 7B..1944 A
90
N
J
90
95
90
Indiana Steel
*8*4*"
85%
96
!
9912
95
79%
95U
92
3
100i2'
78*4
92
93
112
10
9
93
9414
94%
74
84%
99% 103%
78%
93
1
90
94% 105
92
93
95%
101
97%
75%
75
89%
*77*"
70
82%
82%
8278 May 20
104% Apr 17
87%
76ig
74%
85%
60%
00
89
65%
89
89
81
72
81%
73%
....
89
76%
6014
Apr '20
78% May'20
68.1943 A
1947 M
O
83%
81
82
Sale
73
73l2
77
J
J
M
5s_.1947 M
5s..1922 M
J
J
Philadelphia Co conv g
Stand Gas A El eonv s f 6S..1926 J
N
N
N
D
Syracuse Lighting 1st g 5s.. 1951 J
9yraeuse Light A Power 6s..1954 J
D
J
Trenton G A El 1st g 5s
1949 M
Union Eleo Lt A P 1st
g 5s_.1932 M
5s. 1933 M
J
"83%
"59%
mmmm
82
11
6
90
89%
97%
80%
82
77
89
79%
80
77%
80%
8
D
A
78
95%
72
74
73%
76
~757s IIII
93% July'19
91% Nov'19
101
~78 ~
Sale
Doe'14
78
72
72i2
72
D
7312
74i4
D
85
1940 A
O
75's
N
85i2
D
78
74
86
98
76
Sale
75%
June'20
74
Feb '19
,,
8334
92%
7
85%
92%
O
1
75%
"16
"72% "84"'
83%
93%
"92" "94%
S
89 78
Sale
87
89%
14
S
78
Sate
78
80
32
J
70
1957
J
76
83
82%
s f.1940
St L Roc. Mt A P 5s stmpd. 1955
Tenn Coal I A RR gen 58—1951
82
85
80% May 20
80% June'20
80
O
80%
96
J
6834
71
67
72
J
8334
71
86
90
Sale
e
s 1 5s.
1 68.1928 J
Repub I A 8 10-30-yr 5s
U 8 Steel
s
41963 M
41963 M
6s\reg
s f
5s
N
1931 M
Corp—(coup
f 10-60-year
N
N
IIII "5"
71
83% May'20
89%
90%
85
99%
76%
85%
80
93
89%
92
99%
99%
81%
92% May'20
8684 Nov'19
5934
18
71 >8 Apr '20
100
60 34
s f 5s
1953 J
Va Iron Coal A Co.e 1st g 5s 1949 M
Talegraph & Telephone
Am Telep A Tel ooll tr 4s...1929 J
~8*8%
62
J
8
8012
83%
7334
Sale
73
74%
8
59
67
64%
76 /g
78
D
73 i2
V9i2
Sale
1925 F
A
93
Sale
Cent Dlst Tel 1st 30-yr 5s..1943 J
Commercial Cable let g 48—2397 O
D
81U
64H
2397 Q
J
88%
58
67
71%
80
Registered
J
J
Oumb T A T 1st A gen 5s. —1937 J
"78*
....
Apr'17
Keystone Telephone 1st 5s..1935 J
J
Mich 8tate Teleph 1st 5s...1924 F
A
N Y A N J Telephone 5s g._1920
N Y Telep 1st A gen s
7413
88
88
80
May'20
26
85
89
80
91
97% May'17
70
Apr '20
8
8
"86"
N
89%
82
J
851*
80
May'20
30-yr deben s f 6s
88
No price Friday; latest bid and asked, a Due Jan. 6 Due
April, c Due May.
84%
94%
Fund A real est g 4 Ha
Mat Un Tel gu ext 5s
83
98
Apr
84
99% Jan
J
79*4
J
78
79i2
J
757a
79
76
76l2
1938 J
1950 M
N
1941 M
N
h Due July. * Due Aug.
0
69
85
80
72%
50
92
83%
99%
90%
90
60
60
"70" *80%
823s June'20
J
873j
..
Northwest Tel gu 4V<sg..l934 J
g Due June,
..
83
1937 J
South Bel! Tel A T 1st s f 5s. 1941
West Union coll tr cur 5s
"8*4%
..
80%
78
May'20
Sale
Bale
Sale
Feb 1949
Pacific Tel A Tel 1st 5s
_7*0"" "70*
July'19
98^8 Oct'17
8412 Mar'20
M N
14 Ha. 1939 M N
73
62%
May'20
73%
70%
94
92%
90% Apr '20
60
Apr '20
68% Jan '18
70
98ig
87
130
65
8
Mar* 17
88
83
1938 M
4s
May'19
Sale
Mar 19
Convertible
75
81%
83
20-yr convertible 4 Hs——1933 M
30-yr temp ooll tr 5s
1948 J
J
89
*86*%
70
84
83
7-year convertible 0s
88*8 Mar'20
85
Victor Fuel 1st
90%
July'17
Sale
70
79%
72%
Apr'19
105
mmmm
S
90
80
89
78%
9U2
Hale
79
A
1st 5s
1952 M
Jeff A Clear C A I 2d 5s
1926 J
Lackawanna Steel 1st g 5s._ 1923 A
1st oons 60 series A
1950 M
Mldvale Steel A O conv s f 5s 1930 M
Utah Fuel 1st
65
90
81
1925 J
Pocah Con Collier 1st
"85"
J
N
J
D
Col Indus 1st A coll 5s
gu.
1934 F
Cons Coal of Md lstAref 58.1950 J
Pleasant Va! Coal 1st
90
J
1932 J
Elk Horn Coal conv 6s
Illinois 8teol deb 4Hs
77%
13
1926
.1942 M
20-yr p m A Imp s f 5s... 1936 J
95%
76%
8
Ch G-L A Coke 1st
gu g 5s 1937
Con GCoof Ch 1st gu g 6s 1930
Ind Nat Gas A Oil 30-yr 5sl936
Beth Steel 1st ext s f 5s
1st A ref 5s guar A
79
60%
A
May'20
72
,
91
"5" "sa"
.
82
a
.1935,'
s
101%
74
mmm.m
1949 M
f 8s. .1936
87%
79
1940;
1935' J
Ingersoll-Rand 1st 5s
99
Pacific G A E »Oo—Cal G A E—
s
May'20
73i2
73
78
83%
.
78%
Sale
95%
Feb '20
78%
87%
Purchase money
*
.
Oot'19
74
95
90
86
"59" *67%
{
Apr '20
85
971s
Feb
Buff A Susq iron s f 5s
19
81%
J
NYGELHAPg 5s
TTnltwfl Foal Oftg Iwt
"HO"
59
91
72
76%
.
10U2
M
Debenture 5s
al926 M
Cababa C M Co 1st gu 6a.. 1922 J
Colo F A I Co gen s f os
1943 F
Apr'19
D
Refunding A extension
73%
89
95%
.
59
90
82
mmmm
.
Apr'14
95
85
75
13
i
June 16
86
89
35
Apr '20
97
67
89
8ept'19
92*2 Dec
98
1948 J
Mu Fuel Gas 1st gug
"76
108-%
73
.
94
Sale
85l2
86
Feb '13
86
Newark Con Gas g 5s
cons g
m
77
87%
Feb '18
100
*84" "84%
8
O
Refunding gold 5s
'
92
81
84% Dec ' 19
N
Peop Gas AO 1st
mm
m
10034
97
863s,
83
63
79
79
86%
87% 100
1927 Ml
58.1930 F
79
95%
O
Milwaukee Gas L 1st 4s
g 4s
1949 F
Ed Elec 111 1st cons
* 5s.. 1996 J
87%
1
Apr 20
95% Apr '20
90
May'20
81
mmmm
mmmm
Lao Gas L of 8t L Ref A ext
5s '34 A
Pat A Passaic G A EI 5s
"5*9"*
mm
100
68
Mar 20
84%
*79%
~'m
77
25
1
78
mmmm
92
A
81
June 19
con g
85i4
775s
~70% *83
77
ioiu
Coal, Iron & Stssl
90%
68
oons g
92
N
N
82
1st A ref
7978
.
"76i2
96
Stamped
*66*" *75%
24
J
1927
Mar'18
J
Standard Milling 1st 5s
1930
The Texas Co conv deb 6r._ 1931
Union Bag A Paper 1st 58—1930
50
D
1947 J
Ellson Inc gen 5a A.1919 J
StampeJ
58
76l2
*84*" "93"
J
8918
Da* and Electric
Light
01 ucln Gas A Eleo 1st Aref 6s 1956
6078
O
9514
92
2534 May'20
Bkly
Columbia G A E 1st 5s
.
86
Sale
89
84
19
67
47% Apr '20
17
"75" "84%
66
J
F
75
32
Atlanta G L Co 1st g 5s
cons g
90 J Feb '18
84
33
"84"
West Electric 1st 5g Deo....1922
Bklyn Un Gas 1st
761x1"
"75'l8
A
General Baking 1st
25-yr 6s. 1930
Gen Electric deb g 3
Ha
1942
Debenture 5s
...1952
87%
23%
—
90i2
O
9712
N
62
—
Sale
O
1934
31
23-34
EquItTr (N Y Inter otfs
V» RyAPow 1st A ref
5s... 1934 J
t 5s
21%
OSTg
Dec
g
5a
May 20
87% May'20
73
May 19
35
—
75i2
.
102
Cuba Cane Sugar conv 7s —1930 J
Distill Sec Cor conv 1st
g 5s. 1927: A
E I du Pont Powder
4Hs_—1930!J
Lorlllard Co (P
'20
44
877g
J
D
J95l]F
7-6a..II19391J
20-year deb. 6s
458 June'20
N
N
J
N
98
Foundry 1st s f 6s
1931 F
Cent Leather 20-year
g 5s.. 1925; A
Consol Tobacco g 4s
„195l F
Corn Prod Refg s f g 60
1931 *4
40
39
77
4%
IDs
13i8 May 20
Baldw Loco Wor.s 1st 65—1940 M
44% Mar'20
20
13
55
Ills
14is
Cent
77
62
f
60
'20
O
a
60%
Apr '20
J
Paper
51%
Jan
....
55
15
A
51
Oct'19
58
11
56
11
IDs
'47|A
40
68
1928
Am Tobacco 40-year g 6s...1944
Gold 4s
21
J
Third Ave Ry lBtg5fl
.
20
95
55
6614
S
Conv deben 5s
1924 F
Am Cot Oil debenture
5s...l93i;M
Ata 3m A R 1st 30-yr 5s ser A
77
O
dep..
----
68
23
92
70
Oct'19
Industrial!
60
81%
J
J
United RRsSan Frsf
4s_..1927|A
Union Tr (N Y ctfs
15
&
13
IIII*94 "
J
J
Income 6s
.1948
United Rys Inv 5s Pitts lss_.1926 M
United Rys Ht L 1st g 4s
1934|J
8t Louis Transit gu 5b
1924 A
16i8
5314
Manufacturing
54
64
....
88
8
J
08
35
78
30
36
J
1960 A
a
Apr '20
53
8
'20
5712
20
53
O
—
M
J
Jan
1514
14i2
5112
53
"&0~" *69*"
607g
6614
19%
_
Portland Gen Eleo 1 Bt 6a. 1936
St Jos Ry L H A F 1st
g 5s..1937
8t Paul City Cab cons
g 5s_. 1937
Third Ave 1st ref 4s
1900
53
•85i4
95
July'19
61%
A
.
W Y State Rys 1st cons 4
Hs. 1962 M
Portland Ry 1st A ref 6s
1930 M
Portld Ry Lt A P 1st ref 6s. 1942 F
May'20 i
May 20,—58 ig
58 ig
19%
A
NewOrlRy A Lt gen 4HS..1935 J
N Y Munlclp Ry let s f 5s A 1966 J
T Y Rys 1st R E A ref
4s...1942 J
Certificates of deposit
30 year adj Ine 5s
al942 A
Certificates of deposit..
53
70
~68's
__
interboro-Metrop coll 4H8-1966 A
Certificates of Deposit
Interboro Rap Tran 1st 6S..1960 J
Manbat Ry (N Y cons g 4s. 1990 A
Manila Elec Ry A Lt
J
63
High
73
Nov 19
88
S
Niag Loc. A O Pow 1st 5b..1954!M N
Nor States Power 25-yr 5s A 1941'A
O
Ontario Power N F 1st 5s.. 1943 F
A
Ontario Transmission 5s
1945 M N
Pub Serv Corp N J gen
5s..1969 A
O
Tennessee Cop 1st conv 6a.. 1925 M N
Wash Water Power 1st
6s..1939 J
J
Wllaon A Co 1st
25-yr s f 6a.l91l!A
O
10-yr conv s f 6s
1928 J
D
*60 " "0*4*
61%
1932 J
N YDoo. 60-yr 1st
g 4s
1961;F
Niagara Falls Power 1st 5s..1932; J
Ref A gen 6s
a!932|A
May* 18
53
23
34
Apr
1939 J
4J4s
4sser 2..1906 A
10-20-year Ssserles 3
47
34
J
A
J
J
1
M
f 6s... 1940
40
O
Kings County E 1st g 4s..1949 F
F
s
s f 6s... 1941 A
Montana Power 1st 5a A... 1943 J
Morris A Co 1st s f
Stamped guar 4s..;
1949 F
Nassau Elec guar gold 4s. 1951 J
Ufclcago Rys let 6s
1927
Conn Ry A L 1st A ref g 4 Hs 1951
Stamped guar 4 Ho
1951
Det United 1st cons g 4Hs..1932
'28 M
1928 M
Great Falls Pow 1st
Int Mercan Marine
Brooklyn Rapid Tran g 58..1946 A
1st refund conv gold 4s...2002 J
5-yr 7% secured notes—*1921 J
Certificates of deposit
f 6s..1941 J
Stamped
Street Railway
Low
J
A...1932 A
ser
Computlng-Tab-Rec
6078
May'20
Mar'20
87
4
74
Miscellaneous
Adams Ex coll tr g 4s
1948 M
Alaska Gold M deb 6s A
1925 M
Conv deb 6s series B.....1926 M
Am SS of W Va 1st 5s
..1920 M
Armour A Co 1st real est 4
Buildings 5s
921g
No.
High
74
95
D
88
905s Mar'17
Sale
Refunding 4Hs series A.. 1966
RR 1st conBol 4s_.—
48
9
May'20 .—!
77%
1926
25
83
83
1943
1950 J
>4s '39 J
t 6s... 1926 A
50
49
West N Y A Pa 1st g 6s
Gen gold 4s
Since
Jan. 1
8Si2
J
8878
*6*9" " *7*2
Apr '20
82
A 6s ..1946
8884
*51 " "5*532
Oct'19
69
West Maryland lBt g 4s
Wheeling A L E 1st g 6s
:ic:
52
52
Rang*
£8
Sale
J
1957 J
Westchester Ltd gold 6s
887g Mar'20
80
Aug'12
1941
Sa
or
Latt Sale
Aft Low
74
A
Utlca Gas A Elec ref 6s
97% July'19
Dee Moines Dlv 1st g 4s.. 1939
Range
June 11
Gas & Electric Lt— (Concl.)
Utah Power A Lt 1st 6s
1944 P
Utlca Elec L A P 1st g 5s...1950 J
Aug'18
70*4 NoVl9
fVeeJt'e
Friday
a a.
-1
Bid
85%
22
73l2
Price
I*
June 11
High
74*4
84
90
1st lien equip s Id g 6s
1921
1st Hen 60-yr g term 4s.>.1964
Det A Cb Ext 1st g 6s
1941
ser
Low
7414
1939
Om Dlv 1st g 3 He
Tol A Ch Dlv g 4s
No.
High
Week ending
83
Virginian 1st 5s series A....1962
Wabash 1st geld 6a..
1939
2d gold 6s
1939
Income 6s
Western Pao 1st
3?
Range
Friday
June 11
BONDS
N Y STOCK EXCHANGE
(Vol. 110.
—Concluded—Page 4
97
16
"82%
'20
90
74%
87%
75
29
99%
72%
99%
81%
88%
19
84
79%
80
5
76%
79
79
1
79
96%
88%
85%
86%
81%
75% June'20
70%
76
74
76%
101% Sept 17
94
Nov 16
Due Oct. p Due Nov. g Due Dec.
..
s
Option sale.
June
BOSTON STOCK EXCHANGE-Stock Record
121920.]
SHAKE PRICES—NOT PER CENTUM PRICES.
STOCKS
Saletfar
BOSTON
the
Monday
June 5
Tuesday
Wednesday
Thursday
Friday
June 7
Saturday
June 8
June 9
June 10
June 11
2475
Rang* for Prtsient
Range Since Jan. 1.
STOCK
-Tear 1919,
EXCHANGE
Week.
Shares
Lowest
'If Lowest.
Highest
Highest
Railroads
124
125
124
125
124
125
*124
124
125
6H2
6H2
61l2
87
84
84
*85
87
63i2
*84i2
63lo
*83
*35
36
35
35
35
35
33i2
33i2
*42l2
46
*42i2
61i2
*135
137
*412
*8
*135
6
*334
9
*8
♦
131
*42
...
*135
137
64
137
6
8
76i2
Boston
567
Boston
*33
13
34
150
8
*
133
76i2 *....
*-.._
76i2
*
65
*63
3014
2958
*
65
60
65
29i2
2934
*60
65
3014
*2914
2934
60
133
7
20
7612
30
100
87i2 Jan
30
Feb 11
38
39
Jan
6
100
Providence
67i2 Jan
Feb 18
100
pre!
Mdy 25
80
100
Maine
Feb 17
60
100
A
119
100
134
Jan 28
Chlo Juno R
Do
116
Dec
2
2
02
Dec
8OI4
Apr
85
Dec
97
Jan
28
Jan
38ia July
46
May 21
May 28
40
Oct
50
143
Mar 15
130
Sept
168
lOfl
7
Mar
no par
8
Jan 28
11
Mar
5
I
100
Boat A Wore Eleo pre
130
Jan 30
132
Jan
8
Jan
pre!
Do
"
186
100
pre!
4i2June
8
100
Maine Central
68
60
..100
75
75
*75l2
22
*20
75i2
....
76
75i2
Jan
5
May 28
86
Mar'20
Norwich A Worcester prel.100
Old Colony
.100
85
Mar 29
85
22
*
22
Last Sale 23
*
39U
*51i«
*
22
81
♦
80
Last Sale 80
77
41
Rutland
May'20
May'20
pref
3914
39
3914
39
40
"39"
4014
39
39
39
39
376
52
52
5134
5134
*50
5h2
51
51
52
52
64
5978
Do
091* Aug
Oct
Dec
Mar 31
94
Oct
116
x71
Dec
105
15
Dec
23
Jan 31
82
Oct
100
45s4
wu
50
40*4 July
86
87
Jan 20
May 10
50
pref
15
80
Dec
25U Dec
78if July
83
Jan
6
Jan
38i2 Sept
50
Apr
47
Sept
58
June
5
Dec
86
100
West End Street
Jan
Mar
25i2Mar 11
June
100
Vermont A Massachusetts
52
75
June
Mar
365s Mar 10
81
*76
Jan
June
70
3
23i2 Feb 11
Northern New Hampshire. 100
77
Jan
Feb
90
70
June'20
76i2
76
11
30
135
110
84
Mar 30
86
Jan 12
Last Sale 85
81
Oct
Jan
Jan
Nov
Feb
2
72
June
Last Sale 81
♦"II
3i2 Nov
2ig Nov
70o
993g Mar
74
100
N Y N H A Hartlord—
Dec
132
A U S Y
Apr
146
Marl6
132
Georgia Ry A Eleo stampd.100
63
30"
293g
Boston
Boston A
65
*2878
Albany
Elevated
pre
Boston Suburban Eleo._no par
Do
pref
no par
Last Sale 10334 Oct'19
Last Sale 72
Mar'20
30
A
Do
Do
Last Sale 10c
Dec'19
Last Sale 4i2
Jvme'20
*8
9
*8
9
133
76i2
96
62
*83
May'20
Last Sale 135 May'20
6
*334
9
130
*
125
62
8412
Last Sale 46
137
*8
*334
9
125
63®4
34
*33
46
*135
125
6212
84i2
88
*42
....
130
6
133
74
74l2
6H2
38
tuoj
May 4 *
17
49i2May 25
Apr
55*2 Jan
1
3
6
Jan
May
Jan
Miscellaneous
512
5l2
5U
514
5*2
514
5U
538
H2
H2
IH
2
17«
178
1^4
134
*H2
134
5%
*1%
512
134
7
7
7iS
7
7
7
7
*7
8
*7
8
458
9412
9414
943s
9434
9412
95
2,077
85
312
*6i4
9418
*5
9434
83
83
85
85
84
*75
80
75
76
9
*8
9
*8
9412
84
83
75
75
*75
*8
"9"
95
*83
84
*75
*8
5
9
*8
95
9458
83
*83
*75
...
9
30
834
1078
Ills
*2912
8i2
*2l2
*1334
*434
3434
20
2
2
*2l2
*1334
3
212
1378
234
*212
3
1378
137g
5
5
3414
*20
14
*5
5
35
3414
20i2
19
6
*5
34l2
20l2
3414
1934
30
14
5i2
3434
20i2
*68
75
*65
75
*65
75
*65
75
150
151
151
153
152
153
150
151
31i4
3U2
31l4
3H4
*31
17
*15l2
3912
31U
512
200
3434
2,557
20
31%
"31% ~3~i%
*16
16
16
3912
40
39i2
39l2
257
2412
2534
27
25
25
299
*1812
*61
62
1714
6H2
6i2
1914
6H2
1,658
CU2
16%
*60l2
19ig
*61
6i2
1,315
1,012
18i2
1912
6H2
*1834
*6034
19i2
6H2
6
6
6i8
6i8
19
6i8
6I4
1234
19
6U2
63g
26i2 Jan
10
Atlas Tack Corporatlon.no par
Beacon Chocolate
10
Blgbeart Prod A Refg
10
Boston Mex Pet Trusteeeno par
Eastern
Do
40
24
25
June
10
Manufacturing.....6
18
50
345
83
Jan
7
38
6
Elder Corporation
Feb 11
par
28
May 15
Feb 13
16
June 10
no
Gorton-Pew Fisheries
60
157
361^ Jan
26
13
1314
10
10
10
135
Loew's
95i2
96 U
96%
96%
95
95
172
MoElwain (W H) 1st pref. 100
9*2 Apr
95 May
*76
7612
76
7612
76
7612
75
76
75
76
997
Massachusetts Gas Cos
100
6834 Feb
*58
5914
*58
57
58
57
58
*56
58
57
58
376
100
57
June
*12614 128
*126
130
127
127
Linotype.-.100
125
Mar
3412
36
35
87
87l4
2912
2912
29l2
2912
*2834
29i2
29l2
*28i2
160
131
38
88
,
29i2
*28i2
2912
*28 i2
160
15
87
35%
36
86I4
*28%
29
2834
160
15
160
87
*28l2
28i2
357s
5
35
160
400
86
8678
2912
28i4
28
36
86
169
*28l2
*15
1512
3634
37
37
*2134
25
*2134
1914
4034
20i2
2114
41
*40
24l2
19
20
162"
161
34
19
19
19
19
110
Walworth
67%
67l2
64
69
216
62
62
62
62
62
62
101
60
60
60
2514
25
25
2434
25i8
820
*10
*.80
j
*9l2
.10
10
i
27h
*12
I
1
28i2
I
40
I
45s
1234
914!
1234
*238
212
*412
5
*212
268
*.75
*234
*934
.09
13
3912
*438
9U
*30
*10
.10
325
*62
*.25
314'
68
26U
4334
*2534
43
2612
4314
2434
1534
*2434
2478
15l2
157g
21
20i2
2Hs
34
*33i2
65
59
60
60
j "2434
10i2
*323
59
40*2 40i2
109U IIOI4
*65
.
318
27l2
12i2
397S
25U
25U
*.80
.95
*62
65
*.25
.35
*30
32
*234
10l2
*9i2
314
10i2
10
.06
.09
323
320
s
2514
.85
65
.35
32
314
10i2
10
.06
320
*.80
*62
.95
*30
9i2
*.06
318
*30
3
10l2
934
10
.10
320
*12
12i2
*39
39
3912
438
914
914
914
*1214
13
23s
*412
212
13
2
23g
21?
♦.75
214
*4l2
5
*2i2
5
1
13
25g
*.75
1
1
27l2
4l2
2i2
412
2h
1
4934
50
50i2
50
5012
80
81
81
81
81
*29
30
*29
30
*29
30
*29
*H2
15s
35s
*112
112
11?
*H2
*33s
378
*33s
334
*33s
378
*33g
334
*2i2
3
*212
3
*212
3
3
*2i4
*33s
2h
*134
*33s
212
312
*2i4
*338
23s
*212
*134
*338
*6i4
6i2
64
618
412
6212
612
412
6212:
*61
17
1612
17
*1612
61i2
1634
7
*6
7
83
*82
*412
*61
•
*16l2
*6
*
5
7
*6
1
534
43s
3i2
6
43g
84
93s
934
17i2
175s
*.50
1
*li2
17S
*27
28
*40
44
*414
*61
16i2
*6
*23
29
*82
6
"83"
918
17
*.50
*H2
912
175s
1
178
*27
28
9i8
*17
*.50
*U2
*27
83"
95g
17i2'
.70
2
83
914
*33s
*H2
3%
23g
61
6H2!
17
17
j
16i2
Last Sale 7
914
17
1 .70
178
17i2'
Last Sale .75
Last Sale
28
*26
41
41
40i2
41
40
50
50
50
50
50
50
50
50
44
*40
44
40
40
*38i2
42
50l2
42
14
14
*1334
14
1334
1334
*38l2
13i2
*1%
1J2
*178
238
*5
13%
13i2
5i2
4
1%'
*li4
*178
1»4
*17g
l^i
13s
23g
2%!
*17g
23g!
23g
*.15
.20
*.15
.20
.14
.141
*.14
5i2'
4
I
*434
*334
4
4i2
*334
412
4
*434
334
134'
*li2
5i2;
*5
334
5
lh
*ih
l34i
Vz
15s
*112
.70
.70
.65
.65
*.65
.70,
.60
.65
.60
*1®8
134
1'4
1®4
*15g
*15g
7*2
134
612
178
6%
15g
*634
178|
65gi
15g
1%
*212
*.25
18
3
.55
18
7
*158
*212
.50
17
.75 *_...
*
13i2
.15
*334
1*2
F *1*2
*158
•
23s
*5
658
134
3
.50
17i2
1*8
*212
.40
17
.75 *....
Bid and aaked prices,
15s
3
■50!
17
.75 •
*2i2
.40
17
1,820
*65g
*H2
3
*212
*.25
.50
17
.75
b Ex-stock dividend,
!
16
>
Jan
65
May
Feb 11
25's
Oct
31
Jan
19
Feb 16
Mar 19
7\
Jan
20Nov
May
2U2 July
Jan
2314 Apr
2
7
16
Aug
43
Oct
17
Mar
25
2
73
Jan 26
3
Jan 12
28
Mar
15
Feb
83
July
July
31i2May21
18i2May 21
4412
Feb
26
Jan
72i2May
38
Jan
80
60
Apr
75c Mar
22]
25
60
25c June
25
30
61
is4 Feb 27
9,
———
10
Copper..
10
25
26
—
9
May 10
315 May 7
17i2 Feb 13
ll>4June 11
z38
26
2
Consolidated
26
May 20
6i2 Mar 18
5c
25
20
10
10
—.
May
3
May 20
Jan 3
8'gMay 21
1134 F'eb 11
June
9
4i2 Feb 13
July
2i2 July
July
Jan
3
6
62i2 Mar
10c
Apr
91
i2 Jan
Jan
7
32i2
Dec
62
July
7
15;>4 Jan 5
107g Apr 27
May 25
2»4May 13
9
30i2Mar 22
26
10*4
Feb
18
July
77
42
li4 July
4i2 Apr
6
200
40ig
Jan
2
JAn
40c
409
3
350
Jan 10
6
12
16i2 Jan
Nov
Jan
Mar
12i4 May
lOijMay
90c May
480
20
62
Jan
5
39
Mar
47gMar
14U Jan
3
2
Mar
5
484
Feb
1412
16
3
8
Feb
21
485s
Jan
4i2 Apr 7
filg Mar 31
18« May
4
May
5
20o
Feb
84 Jan 14
50c
Mar
Jan
4
July
36r.g Deo
July
Mar
July
384 May
Oct
Aug
6*4 July
9i2 July
7s4 May
25
2
May 19
25
I
60c
Mar 26
39
Feb 13
52i2 Apr
42
Apr
5584 July
Apr 21
81
June
78
Apr
May 20
3%June 11
38
Jan
24
Island Creek Coal
Do
1
25
pref
Kerr Lake
77
29
6
5
Mar 24
3i2
88i2 July
41
July
0i8 May
Mar
2*8 July
7*8 July
112 Apr 30
2U Jan
99c
25
3
3
Jan
La Salle Copper
25
238May 12
478 Apr
3i2 Jan
2
Apr
3
Mason Valley Mine
May 20
6
l"»8May 24
6
4i2
6H2
Mayflower-Old Colony
25
Miohlgan
26
Mohawk
25
16i2
New Cornelia Copper
5
3i2May 14
5
May 21
4i4May 14
59
May 17
16
May 20
6
5U Feb 13
11»4 Jan
2
2
Jan
13U June
7i2 Jan
2
2i2
Mar 27
49i 2
Feb
Feb
24
Jan
5
14*4 Mar
8
Mar 12
29
May 12
79
Feb 16
89
May 12
87* Feb
67*4 Mar
6
9
May 21
15
9
Feb
20*8 July
Apr
Mar
H4 July
4*4 July
621* July
73
July
65
Jan
62
Mar
68
Jan
40
Mar
19
Jan
13
Jan
2
Jan
25
Qulncy
25
26
38
13i2
134
South Lake
South Utah M A 8...
25
...
Nov
13i» May
75c
St Mary's Mineral Land..
23g
Oct
87
250
Osceola
.
28
Jan
25g Jan 20
42
Seneca Copper Corp.—no par
Shannon
10
8U
80c Jan 27
42
50
25
3
July
2U2 Apr 20
8
25 May 20
39Miy
21
50
May 21
Co
12i2 Jan
July
2
f2 Feb
25
Mining
7t2 Jan
10
83
2914 July
12i2 July
Feb 13
16
26
Lake
Dominion
10
21
North
Old
Feb
100
North Butte
OJibway
4
72
45a
Oct
July
Apr
3
—.100
pref
Nlplsslng Mines
6*1 July
2*8
Jan
6*2 May
Idrla Quicksilver
Do
914
1714
Jan 21
July
Jan
25
Copper
Co
2
Oct
Lake Copper
Keweenaw
25
DaMay
May 20
12i2May 24
li«May 13
10c
Mar 10
37i2 Jan
68
5
30i2 Mar
45
Jan
Mar
U2 Mar
2i2 Apr 15
Jan 10
40c
Jan
80
Jan
83
76
July
July
261* July
4U July
3ij June
50c
Aug
6
25
lOcMay 11
4i2 Feb 11
25c
6
Jan
7
4
Mar
11U June
Superior A Boston Copper 10
3i2May 20
0'8
Jan 29
1
Mar
6% Nov
Dec
6U June
2% Sept
I
;
Superior
;
]
Trinity
Tuolumne Copper...,
Utah-Apex Mining
65g
Utah
134
Utah Metal A Tunnel
212
Victoria
.60
—
1
25
-
26
Wolverine
May'20
26
...
28
Wyandotte—.....
e
Assessment paid,
25
6
6
1
Consolidated
Winona
17
d Ex-divldend and rights,
44
26
37
15g
Last Sale «4
May
74i2 Nov
Jan
.60
212
160
Jan
Jan 21
15g
65g
134
*.50
Jan
5212
70
.60
| *16
Ja«
116
66
15g
7
134
3
.50
32ig
2
6
.60
16
17
Mass Consol
*1%,
8
Jan
5
Isle Royale Copper
June'20
*178
1% 1%
4934 Apr
60ij Oot
35U Deo
27U Nov
6914 Oot
Feb
New River Company
*3912
50
*39
Dec
Feb 25
Hancock
85
.14
*.15
1*2
13i2
44
Deo
1512
Helvetia
May'20
26
2612
40
50
*40ls
July
30
Indiana Mining
li2
28
35
7
6
May
June'20
914
1714
3
25i2 Apr
23
New
*83
I
9lSi
17i2
Jan
3H2 Jan
Feb 13
May
60
June'20
Last Sale 27
85
55
East Butte Copper Mln...
3i2
534
*414
*61
9
16
Franklin
3
June'20
*33g
*83
Jan
59
Davis-Daly Copper
*212
6
4%!
*ll2
*40
2%
3i2;
17
*27
*33g
534
412
*.50
28
15s
33g
6
83
99lj Deo
14
100
Calumet A Heel a
33g
1®8
334
3i2
2734
Jan
2
100
Butte-Balaklava
June'20
Last Sale 2%
7
93
Jan
pref
Bingham Mines
5H2
312
434
Jan 12
16
51
20
6
2*2
6U2
1612
10
100
Arizona Commercial..
65
33g
*112
Nov
Feb
99
4
36i2June 4
22
May 14
49
25
I
3%
199
145
May 11
43i2JunoH
24i4May 5
1214 Feb 11
5
Allouea
June'20
Last Sale 30
30l2
37g
15s
*35g
96
2d
Daly-West
50
Sept
25
Copper Range Co
81
83
3638 Jan
lBt pref
412
10
12l2
234
5
2%
5034!
50i4
*80
Mai
3
3
34isMar 30
1761s Jan 19
S9*2 Jan
10
Do
11%
*412
2%
July
Do
39
65
72
Wlckwire Spencer Steel.....5
Mining
Adventure Consolidated— 25
11%
25s
47f2 Nov
100
*414
*9i2
1212
5
2%
Jan 26
Jan
Apr 13
Manufacturing.
39
Last Sale
80
35g
*412
June
28
Ino
Watoh...
39
*2
149
25i2May 12
Waldorf System
Centennial
2
Feb
5
Carson Hill Gold
1212
2
130
Mar 10
25
2738
2
13
2
Jan
Ian 21
73
pref
2634
934
Mar
71
133
United Shoe Mach Corp...
12*2
*9%
12i2
86
Dec
Feb 26
Ventura Consol OH Fields.
28
912
48i2
3i2
2634
*12
99
863
60
May 24
Arcadian Consolidated
320
Jan
288s Nov
Jan 20
June 10
3
10l2
914
.10
Feb
67i4 Nov
Dec
90
65
25
32"
*.06
320
9i8
81
Si2
*9
.06
328
Ocl
Sept
988 Feb
35
Oct
11
Jan
6*4
53
Ahmeek
62i4
.
I38i2
Algomah Mining
4%
48
35g
158
June'20
*62
10
*414
*.75
33
914
.06
38
48
4
33
*234
412
*12l2
21
*30"
438
*80
*334
*9
*315
12
438
21
1,781
1,376
10
28i4
*39
3,055
16
3
12
9
4278
25
Waltharo
6
Jan
38
Union Twist, Drill
16
31
314
2734
40
40
85
8
8
100 zl07
26l2
Do
90
7
May 25
no par
Mfg Corp
Torrlngton.
216
58i2
July
2
63
14ijMay
13
8wilt A Co
79
.40
32
Stewart
68i2
24i2
61%
*.25
1212
27l2
150
1,022
68i2
*2534
4212
Last Sale .80
*61%
.25
*234
*10
42
10734 108
13
62i4
.25
28l4
45S
*414
"2434
*4012
Mar
May
93
6
Warren Bros
*
.35
30
*234
I
25
Magneto
66
,
.95
65
30
I
10
Root A V Dervoort CI A no par
Slmms
19
38
160
..
100
Bhawmut SS
20
*33
19
*.25
410
~l",873
1914
66
2412
15l2
2078
21
*.80
36i2
June'20
19
*19
43
*62
*36
20
19
4314
2434
1534
59
36l2
Last Sale 24
1
—
pref
Reece Button-Hole
65
43
26
*36
"""35
16
34
*2534
60
*15i4
19
26U
*2434
16
Circuit Inc
Plant (Thos G>
6412
26i4
65
*15i4
19
Pacific Mills..
1834
68
19
19
Blower...no par
Orpheum
63
40*4
11012
*65
*62i2
*2134
20
June
10
Dec
Jan
38*4 NOV
10U2 Jan 10
78
May 29
May 20
28
1834
110
67
*33
*36
2412
24
63
110l2
*66
21
36i2
1514
3612
24i2
1934
New England Telephone.. 100
Ohio Body A
148
163""
May'20
43i Mar
12i2June
3U2May 24
82&8May 8
42
*4012
*40*2 42
109i2 IIOI4 *107
108l2
66
66
*66
68%
*2534
2612
*2534
2612
425g
43l2
4234
43
2434
2434
2438
2434
155g
1558
1534
16
21
2078
2078
21
33
33
33
3212
110
2434
*1514
36i2
*2134
37
1514
Mexican Investment Inc..
173
Last Sale 93
*15
95
29
Mergenthaler
172
75
Jan
11
5
*126
*125i2 131
*36
*36
38l4
8734
87
*8712
pre!
7v
Oct
28
8*8 Apr
3178 Apr
6
8
Do
Apr
Oct
Apr
80*2 Feb
11
4
8
30
21
9512
7634
10
Dec
39
2312
45
6 U2June
Theatres
24
2
16!2June 10
Do
pref....
100
Island OH A Trans Corp.. 10
Libby, McNeill A Llbby...lO
Jan
138
3
10
10
67fi June
Nov
34
6
525
95
13
Dec
4i2 Jan
3D8 F»eo
Feb 20
1
May
10
127g
478 Nov
lgij Mar
June
95l2
7634
59i2
12i2
13ig May
7
June 10
10
1314
Dec
2i2 Dec
60
95
1278
Dec
0
27
10
1314
26*a Dec
5
3
16
9512
10
Jan
3
Apr 14
Greenfield Tap A Die
25
Cement Corp.no par
Internet Products
no par
xSOi^une
Internat
*95
1234
2Da Nov
17i2
14i2May 28
6i2Mar 23
36i2 Jan 3
283gMay 7
88
Apr 8
2734 Feb 13
19
Feb 11
63
84 lj
Dec
Jan
7
12i2 Apr 23
334 Feb 14
140
Nov
Jan
16
33s Jan
li2 Apr 13
Mar 20
2
100
152
78i2
5
35i4 Apr 17
10
Apr 23
1278 Apr 14
Feb 11
100
pref
79
Apr 20
28l2May 24
8i2May 13
Aug
2
1081| May
Feb
95
9U Aug
Dec
2t2
Jan 13
19
6I4
1278
1Q
13
638
255
25
7
8i2June 11
714 Nov
Jan
Apr
56c
1
Apr
10058Marl8
167
Apr 20
May 28
75
Edison Eleotrlo Ilium
17
39l2
83
""177
May'20
2412
39l2
*23l2
no par
Amoskeag Mfg
Eastern SS Lines Ino
40
17
26
Apr 30
Do
pref
no par
Anglo-Am Comml Corp.no par
650
17
18
40
25l2
80
10
20
151
*31
8
Connor (John T)
East Boston Land
3458
Last Sale 74
150
2
100
Amer Telep A Teleg
Feb 24
Feb 10
10
20i2
7i4Mar 15
June 7
1
5
175
"i37g "l3_78
*5
4UMay24
60
——.
Century Steel of Amer Ino.
5%
3434
3414
*20
pref...
125
3912
2412
1912
*15i2
578
3134
*5
74
31i4
17l2
*3912
*61
3,381
2,330
2
178
2i4
20
""310
834
1H8
214
11
284
35U
30
834
1078
214
9
11
3
14
30
9
III4
2i8
2i2
137g
*8l2
1034
178
14
2912
*812
9
11
2
200
8%
May'20
29i2
30
*8*2
105s
11
218
2
*29
30
30
8l2
1034
834
Do
Art Metal Construo Ino
31
....
8%
Last Sale 34
30
1,195 Am Oil Engineering
10
1,390 Amer Pneumatlo Service— 25
h Ex-rights,
x
U2 Apr
1
SOcMay 19
D2May 20
6i2May 3
D2May 21
2i2 Mar 22
49c June 8
15
May 19
Xi
r» tf
Ex-dividend,
A
to
2»4 Jan 19
18g Jan 10
3
Jan 23
1U
7ic
Dec
1*4 May
9«4 Feb 20
7i«
Jan
3«s Jan
5
li*
Jan
3i2 Jan
8
2
7
23
Jan
Jan 10
ll2 Mar 22
Half-paid.
1»4 Mar
38g June
12*4 July
5
July
4*4 July
July
Jan
3
15
Mar
31
40c
Mar
l%May
50o
July
1
[Vol. 110.
THE CHRONICLE
2476
Sales
Friday
Record.—Transactions in bonds at Boston
Stock Exchange June 5 to June 11, both inclusiver
Boston Bond
Sales
Friday
Last
Week's Range
Sale.
of Prices.
Low.
High.
Price.
Bonds-
Pitt Bess & G E RR,
Plttsb Brewing, com
High.
50
Plttsb & Mt Shasta
1st Lib Loan
86.04 86.04
93.04
2d Lib Loan 4s..
84.04 84.84
600
82.04May
92.34
Jan
86.24 87.00
8,850
29,750
24,250
32,800
62,0.50
1,000
3,000
9,500
1,500
82.14 May
93.80
Jan
81.60May
92.98
Jan
86.00 May
94.96
Jan
81.74May
92.98
U S Lib Loan
33*8.1932-47
48.1932-47
1927-42
let Lib L'n 4?*s 1932-47
2d Lib L'n 4?*s_. 1927-42
3d Lib Loan 43*8—1928
4th Lib L'n 43*8.1933-38
Victory 4?*s
1922-23
Am Tel & Tel coll 4s.. 1929
Collateral trust 5s..1946
Atl G & W I SS L 58..1959
Carson Hill Gold 7s—1923
Chic June&UBY 5s. 1940
Miss River Power 5s.. 1951
N E Telephone 5s
1932
New River 5s...
1934
Pond Creek Coal 6a—1923
Swift & Co let 58
1944
Western Tel & Tel 5s. 1932
85.00 86.00
88.30 89.90
85.00 86.20
95.04 96.14
73?*
75?*
73?*
74?*
74 J*
106
71
1106
78
79
71?*
72
78
78?*
78
78
92 J*
92
83
83
78
79
70
70
"78"
71?*
89.04May
100.00
600
83.24 May
Jan
Jan
94.84May
99.30
72?*
Apr
81
Mar
73?* May
82
Jan
70
May
81
Jan
100
Feb
7,000
4,000
78
June
84J*
Jan
69?*
Mar
76
Jan
6,000
2,000
78
May
85
Mar
75
Feb
80
May
3,000
92
Jan
82
May
93?*
93?*
Apr
3,000
2,000
J*
175
17
86
10
78
Apr
84
Sales
Friday
Last
Par.
Stocks—-
Week's Range
Sale.
of Prices.
Low.
High.
8c
Mar
4,200
1,205
37c
Apr
Price.
53c
13?*
50
156
155
I
High.
Low.
Jan
50%
Feb
.40
285
40
.78
80
75
May
85
Mar
.95
80
95
June
120
Jan
80?*
110?*
Jan
Jan
173*
Mar
95?*
Feb
58
May
13?*
May
Jan
75
525
50
345
143* May
?*
Jan
243*
Apr
13*
Mar
10?*
Feb
525
1
9?*
1,170
6
Jan
1
27
1
Feb
7
905
3
May
103
135
120?* May
130
109
175
104
118?*
243*
15
72
May
79
Jan
$1,000
6,500
50
90
Feb
65
Jan
June
Bonds—
1955
50
50
1931
90
90
V
Ex-rights.
Exchange.—Record of transactions at
June 11, both in¬
clusive, compiled from official sales lists:
Stock Exchange, June 5 to
Baltimore
Sales
Friday
83
25
18?*
16?*
12?*
13?*
Feb
123* June
32
9,135
9,465
125
190
"3
3
75
50
69?*
30
21?*
Apr
44
36?*
90
Jan
118
150
22?*
45?*
June
29
230
100
33?* June
June
69?*
-.100
Jan
29
36?*
...10
May
73*
110
11?*
3
Apr
2?*
May
25
5,736
11?*
28?*
Pub Serv of No 111 com. 100
Mar
1?* June
5
50
30?*
110
113*
35
283* June
41
Feb
79?*
31?* May
69?*
Apr
Feb
310
Mar
10
230
May
70
89
May
98?*
22?*
425
21
May
28
52J*
43
.46
300
38
May
215
214
215
159
205
May
243
112
112
112
60
112
June
118?*
Shaw (WW) common..(♦)
Standard Gas & Elec pref50
72?*
(♦)
Stewartr-Warner Sp comlOO
40?*
41?*
100
Swift International
109
15
Swift & Co
36
Thompson J R com
.25
Union Carb & Carbon.. 10
72?*
40?*
May
423*
May
50
37
Feb
40?* 41?*
107?* 109
37
35?*
128
55
31
101
29?*
May
May
65
67?*
5,500
54?*
Apr
28?*
1,500
.
50?*
107?* June
31
.165?*
90
Feb
36
37
2,055
4,180
36
403*
61
25
100
685
74?*
36
Stewart Mfg Co..
35?*
523*
74?*
Feb
3?* May
Jan
24?* May
42
Apr
29
Mar
385
53?*
Apr
32?*
6,225
18?*
35?*
18?*
36?* Mar
31?* May
91
91?*
1,300
75
75
Mar
40
323*
Feb
44?*
Apr
673*
May
93?*
100
50
73*
33*
May
Feb
10?*
7?*
Jan
Mar
Apr
1,250
3?*
Apr
4
95
7?*
6?*
3?*
4
75
87
June
220
74
Feb
84?*
13
210
11
Feb
15
Jan
13
13
200
13
May
20?*
Jan
80
$2,000
1,000
80
June
56?*
May
70
Jan
763*
May
83
Feb
74
May
81
Jan
50
"I§"
Bait
Spar P & C 43*s..l953
Chicago Ry 1st 5s....1927
80
59
59
Consol Gas gen
43*s._1954
G, E L & P 4?*s. 1935
77
77
74
76
Consol'n Coal conv 68.1923
96
96
Cosden & Co convsf......
87
87?*
4,000
2,000
2,000
12,000
68.1925
893*
89}*
1940
77?*
Elkhorn Coal Corp
Penn Wat & Pow 5s
United Ry & Elec
__
4s__1949
Income 4s
1949
Funding 5s
62
613*
45?*
45?*
58
Jan
98?*
Apr
83
May
93?*
Apr
89
May
95?*
Jan
773*
May
86?*
55
May
69
Jan
42
Mar
48?*
Jan
2,000
2,000
69?*
96
15,000
58
69?*
56
Mar
62?*
Jan
693*
June
76?*
Jan
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchangge June 5 to June 11, both
inclusive, compiled from official sales lists:
[
Friday
Par.
Stocks—
Price.
Low.
High.
Sales
since
Range
Shares
100
Gas
Commonw Edison 5s.
.
Jan
pref—100
10
General Asphalt
41
20
May
23
Jan
39
119
31
Apr
56?*
Feb
44
38?*
45
458
37?*
Feb
46?*
21
603*
60?*
116?* 118?*
15
60?* June
100
458
99
Feb
141
116
116
20
92
May
193
31
109
27?*
Mar
373*
29?*
208
27?*
Apr
30?*
Jan
Apr
453*
116
Rects full paid
J G Brill Co
45?*
583*
Apr
10
10
Preferrel.. ...--...--50
30?*
30?*
100
50
50
13?*
14
50
Keystone Telephone
Lake Superior Corp
May
23?*
June
98?*
Jan
Lehigh Navigation
Lehigh Valley
81?*
Apr
Midvale Steel & Ord
Metrop W S Elev 1st 4s '38
10
5
40
May
May
,13
30
Mar
135
Feb
525
12
May
22
Mar
9?*
583*
59?*
163
Mar
262
47?*
Mar
43?*
380
58?* June
40?* May
May
65
44
41
114
68
June
76
5,945
38
May
43?*
Mar
29?* May
20?* May
363*
Jan
25?*
Jan
16
May
28
63
Jan
943*
Apr
45
Apr
s
38?*
39?*
33
31
33
22
21?*
22?*
19?*
183*
19?*
503*
51
167
50
June
84
863*
475
65
Feb
42
42
42?*
1?*
1?*
70
Mar
Mar
Phi la Rapid
78?*
3,000
66
Mar
45?*
5,000
5,000
1,000
16,000
783*
4
73
82?*
.
39
35
73
1939
f g 5s. 1944
70
Feb
83
343* May
78?* May
45?* June
49
Feb
44
June
45
Feb
73
June
79
Apr
92J*
Jan
82?* June
50
50
50
50
50
Reading
First preferred
Second
preferred
Tono-Belmont
Devel
Union
"ik
50
Traction
50
Steel Corporation..100
United Gas Impt
U S
since
Range
Last
Week's Range
for
Sale.
of Prices.
Low.
High.
Jan.
29?*
165
"41?*
94?*
50
3,841
2,433
33?*
Mar
43?*
120
33?*
Feb
1?*
1,675
1?*
300
13* May
1?* May
29?* June
51?*
Jan
Jan
Jan
44?*
Apr
3 1-16 Jan
2?*
Feb
31
1,277
37
Jan
165
4
165
May
185
Jan
3,733
1,440
41
June
57
Jan
90
May
108?*
Jan
25
8
Feb
8?*
Jan
25
30
May
42?*
93?*
94?*
8?*
30
157
75
41
83*
10
York Railways pref
Sales
30
United Cos of N J.....100
Warwick Iron & Steel
Friday
42
1
Tonopah Mining
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange June 5 to June 11, both in¬
clusive, compiled from official sales lists:
"85?*
1
Transit
Philadelphia Traction
Jan
42?*
68
May
Jan
50
500
68
May
Jan
43
"59"
50
57
45
gold 4s. .1938
& Co 43*8
Swift & Co 1st
Feb
Mar
603* June
30
118
Insurance Co of N A
34
45?*
"78?*
1943
1.
29
Battery—100
173*
72?*
Jan.
High.
Low.
383*
21
10
Alliance Insurance
American
31
34
Jan
at
6,000
60
34
Mar
2,000
23,000
46?*
1936
83
Mar
6,000
773*
623*
Wash Bait & Annap 5s 1941
10,000
10,000
34?*
59
Jan
87
783*
13?*
Bonda—
Cons
Mar
87
91
60?* May
Jan
180
345
78
Pennsylvania
50
PhilCo (Pitts) pf (cum6%)50
Phila Electric of Pa
25
34?*
60
Chicago Railways 5s. .1927
4s, Series "B"_.
1927
13,000
Jan
May
4?*
72
Pennsylvania Salt Mfg..50
62
May
89
78
733* May
Bonds—
61
29
103?*
87
no -par
48
Chicago City Ry 5s
1927
Chic C&C Rys 5s...1927
Jan
37?*
7?*
no par
47
s
Feb
Jan
v't r.'lOO
Elec Storage
(*)
Extension
M pf
3?*
Feb
77
Jan
9?*
11
46
37
6
^
V-Wood"
236
95?*
Jan
71
37?*
5
5
PfPfpTTPd
Congoleum, Inc
Apr
Morr
55
American Stores
70?*
25
200
79
Jan
Feb
Wrigley Jr common
June
70
99
78
Jan
Mar
June
135
23
23
98
ctfs.100
Refining
Kentucky Cos Oil
May
May
23
3?*
*
40
98?*
5
6
8?* June
33
23
Apr
65
740
25
Jan
3.40
Apr
Mar
20
"oik
115
for
32
100
8,341
41
Jan
90
1.10June
Week.
250
Wilson & Co pref
June
of Prices.
65
34?*
80
Week's Range
23
Ward, M,& Co, pf,w 1.20
Western Knitting Mills. (*)
Co, pref
Hous Oil pref trust
Indiahoma
10
8?*
41
Apr
Jan
4?*
2?*
40
7?*
73*
8?*
1?*
Mar
1.35
1.10
Feb
Jan
2?*
36
100
Davison Chemical_.no par
Mt
1.10
10
70
Last
30?*
Co
Cosden &
80
1?*
Sale.
23
Wahl
80
150
3?*
1?*
36?*
3?*
Jan
65
..50
36
Apr
Feb
United Paper Bd com.. 100
Preferred
100
v t c
Jan
Jan
850
United Iron W
Jan
40
100
Coal
Mar
46
100
Preferred..
Jan
76
Apr
Mar
.90?*
230
Jan
33* May
Feb
3
Jan
15?*
May
(*)
100
Truck..
Sears, Roebuck com
Apr
89
13*
29
23?*
Jan
105
June
63*
35
Mar
125?*
13
13*
110
11?*
Feb
101
75
63*
.100
10
Orpheum Circuit, Inc
1
Page Woven Wire F com 20
People's Gas Lt & Coke 100
May
Feb
13?*
8?* May
88
25
75
13?*
53*
750
18?*
75
Nat Carbon pref (new)
Consolidation
Apr
Feb
105?* June
81?* May
90
Feb
35
833*
.25
Preferred
Consol Gas, E L & P..
65
55
Feb
70
20
25
Apr
75
National Leather
Credit
Commercial
65
295
80
70
36
1
105
500
34
70
36
83
10
Preferred
1.
Jan.
High.
Low.
70
10
Cent Teresa Sugar
Shares.
70
10
Celestlne Oil
since
Week.
36
100
65
8?*
3?* May
of Prices.
Low.
High
Price.
Range
for
Week's Range
100
Alabama Co
Wash Bait & Annap
10?*
33?*
Par.
Stocks—
Jan
83
1?*
Feb
1
97?*1 Jan
Baltimore Stock
Feb
91
Jan
72
Indep Brewing 6s
108
108
9?*
Jan
55
50?*
Pittsb Coal deb 5s
May
90
Jan
45?* May
72
pref... 100
West Penn Rys,
260
May
49?*
West'house El Mfg, cm.50
102
25
Apr
24?* June
June
243*
123?*
107
326
5
103?*
22
123
109
Pennsylv Water & Pow. 100
United Ry & Electric...50
108
"ml
Llbby, McNeill & Libby 10
Rights
Lindsay Light
10
Mlkl West Utll, pref...100
Mitchell Motor Co
(♦)
Republic
Jan
16?*
65
10
*
May
8
54
5
103"?*
100
Motor
48
6?*
100
Continental Motors
10
Cudahy Pack Co com.. 100
Diamond Match
.100
Hartman Corporation
100
Preferred
Mar
60
140
9?*
1
—100
Quaker Oats Co
Mar
94
8?*
Consumers Co common
Reo
100
16
"9
(*)
Brick
94?* May
15?*
Feb
1
Chic Rys part ctf series 2..
Commonwealth Edison 100
Illinois
50
Mar
73
50
"163*
Chicago Elev Ry com. .100
Hupp Motor
94?*
582
1,899
16
9?*
9?*
Briscoe, common
(*)
Case (J I)
(*)
Chic C&C Ry pt sh com(»)
Preferred
96?*
50
—100
Beaver Board.
—._(*)
Booth Fisheries, new.-.C)
Preferred..
Preferred
90
77
95?*
15?*
94?*
Jan
172
123
50
Baltimore Tube, pref.. 100
95
74
June
100
Baltimore Brick
78
15?*
155
Mar
•
100
Baltimore Elec, pref
40
96?*
18
Plttsb Rolls Corp, com.
Atlantic Petroleum
1.
Jan.
since
Range
Albert Pick & Co
__
May
West'house Air Brake...50
preferred
100
Arundel Corporation....50
American Radiator,
(*)
newlOO
American Shipbuilding. 100
Preferred
100
Armour & Co pref—..100
Armour Leather
15
10
11
Union Natural Gas
2d
Shares.
Jan
25c
37c
12?*
13?*
100
Plttsb Plate Gla8s.___.100
Jan
92
June
7,200
Last
transactions at
11, both inclusive,
for
Week.
86
9c
Jan
Stock Exchange.—Record of
Chicago
Jan
Mar
37c
Cop-.l
Jan
Chicago Stock Exchange June 5 to June
compiled from official sales lists:
21?* June
Apr
8?*
18?* Apr
213* June
4?*
143*
Mar
62?*
May
8c
9c
Sale.
_
10
32
Jan
150
15
86
1
Plttsb Oil & Gas.
Jan
Jan
$350
91.54 91.64
1,020
100
Plttsb Coal, pref
Plttsb-Jerome Copper
Loio.
5
285
73*
21?*
cm.50
50
High.
Low.
33?*
21?*
32?*
33?*
Oklahoma Natural Gas. .25
Range since Jan. 1.
Shares
Low.
Price.
Par.
Preferred
1.
Jan.
since
Range
for
Week.
of Prices.
High.
Sale.
Stocks {Concluded)
for
Week.
Week's Range
Last
Outside Stock Exchanges
30?*
32
Jan
1.
Week.
Bonds—
Par.
Price.
100
B
Carnegie Lead & Zinc
5
Consolidated Ice, pref...60
Crucible Steel, pref
100
Fidelity Title & Tr
118
180
109
May
135
Jan
95.38 95.96
94.70May
99.34
88
88
20
88
May
95
Jan
163*
yl4J* June
45
Jan
Jan
1922-23
Victory 4?*s
147
June
47
Apr
Bait & Ohio 5s_
36
40
300
36
June
45
Apr
»
5
Jan
Elec & Peo tr ctfs 4S..1945
-
»
«.
6?*
3?*
6?*
3?*
1,065
63*
50
20
"94?*
20
18
94?*
95
80
300
25
300
26?*
26?*
15
17
23*
""ik
3?*
1?*
2
148
136"
159?*
3?* June
6?* June
15
Feb
4?*
"li"
..1
51
Jan
Feb
95?*
953*
Apr
10-year 7s
6
13,386
6?*
25
14
14?*
200
13?*
Feb
26
180
23
49?*
52
513
44
68?* June
1,000
68?* June
57?* June
85
2?*
4?*
1,000
66
Jan
214
Jan
603* June
65
5?*
55
99?*
June
June
2?* June
June
May
60?*
June
400
136
94
5,000
67
Natl Properties
159?* June,
11,000
603*
68?*
56
Long Island 4s
Feb
94
200
Jan
May
Jan
94
5,000
Apr
Apr
120
82
67
18
102?*
May
56
39
43
71
573*
Apr
805
100
67
26?* May
1,142
71
56
1,290
1,292
1?*
Jan
57?*
Jan
4,675
82?*
-..1945
Small
June
15
May
Keystone Tel 1st 5s
1935
Lehigh Valley cons 6s. 1923
Gen consol 4s
2003
100
135?* 136
27
25?*
53
Jan
300
24?*
63
Jan
29
June
94?* June
300
6?*
25?*
50
11?*
94
1940
1995
70
60?*
Cent Paclfio ref 4s
Baldwin Locom 1st 5s.
6,000
68?*
Feb
40
«*
Penna RR gen
1949
4-6S..1946
43*s—1965
Consol 43*8
"
4"
61?*
June
May
63
5,000
63
June
63
June
5
3,000
4,000
4
June
30
Jan
Apr
Apr
83
Jan
4
75 J*
101?* 102
84
82?*
84
87,000
10,000
82?*
83
33,000
84
1960
84
60?*
May
81?* June
93
Jan
1,000
93?*
Feb
60?*
22,000
60?* June
66
Jan
72
82?*
Apr
June
61?*
Jan
4
May
6?*
Jan
Reading gen 4s
76
78?*
29,000
6?* June
Apr
United Rys Invest 5s.
65?*
65?*
4,000
90?*
90?*
1,000
Feb
9?*
19?*
34?*
Mar
98?*
98?*
Feb
55?*
Apr
75
75
2,000
1,000
..1997
1926
U S Steel Corp 2d 5s. .1963
Welsbach Co 5s
1930
York Railways 1st 5s. 1937
102?* June
92
53
"60?*
74?*
100?*
June
25?* June
1966
Pub Serv Corp N J 5s_1959
Mar
61
Jan
Small
Mar
72?*
1,000
41.000
75?*
1930
Phila Electric 1st 5s... 1966
Jan
100?*
95?*
61
63
61
45?*
Apr
Jan
72
71
2007
Small
May
147
64,150
71?*
Amer Gas & Elec 5s. .2007
40
Mfrs Light & Heat
Marland Petroleum
25
Jan
92.88
131
25
Ohio Fuel Supply
94.60
10
Lone Star Gas
Ohio Fuel Oil
86.40 May
82.30May
200
16?*
5
Jan
35,150
85.30 86.16 163,050
85.26 85.50 $52,500
1927-42
..1928
4?*s.'33-38
42?*
"26?*
Nat Fireproofing, com..50
Preferred
50
Mar
42
100
La Belle Iron Wks, comlOO
Preferred
100
55
147
Habishaw El Cable (no par)
50
1
Feb
42?*
Guffey-GillesplejOil (no par)
Indep Brewing, com
Kay County Gas
50
4,665
91.90
88.72 89.86
4th Lib Loan
U S 2d Lib L 4?*s
10
15
......
...25
Carbo Hydrogen, pref ...50
High.
54
116
Arkansas Nat Gas, com. 10
Bank of Pittsburgh
50
Barnsdall Corp, class A.25
Class
Low.
54
.
Preferred
Shares.
83.20 May
3d Lib Loan 4?*s
Stocks—
Amer Rolling Mill, com.25
Am Wind Glass Mach. 100
84
82
Apr
65?* June
90?* June
76
98
June
98?*
75
June
99
83
Jan
Jan
Jan
Mar
Jan
June 12
£477
THE CHRONICLE
1920.]
Sales
Friday
New York "Curb" Market.—Below
give
we
a
record of
the transactions in the outside security market from
to June
11, both inclusive.
It
covers
5
the week ending Friday
afternoon.
such reliability attaches
to those on the regularly
no
to transactions on the "Curb" as
members of the Exchange can engage
for instance, only
in business, and they
permitted to deal only in securities regularly listed—that
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, arb authentic.
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions.
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
are
Price.
Carib Syndicate r new
"~7X
5
Cushlng Petr Corp com r.5
Dominion Oil.r
IX
10 A
10
5
1
Engineers Petrol Co.r
1
Oil.r
Ertel
5
Last
Week ending June 11.
Week's Range
Sale.
Par
Stocks—
Price.
ofPrices.
Low.
High
since
Low.
Jan.
1.
Industrial & Miscell.
3
10
9
Allied Packers.r._(no par)
18
17
Aluminum Mfrs.r.(no par)
22
Coal.r
2X
3A
10X
Glenrock Oil.r
10
2X
10
26?*
Gum Cove Oil
2A
10
new.r
A
Harvey Crude Oil
Hercules
100
"75"
1
Island Oil A Transport. 10
King Petroleum Coro.r..l
Livingston Petroleum_r...
3X
25
"26"
Lone Star Gas.r
Brit-Amer
10
Chem.r
Car Ltg A Power,
a*
~
Noble Oil A Gas
1
5
1
May
53
June
June
68
Mar
15 A
16 A
200
6X
7X
35 A
36X
2,200
5,100
35X
Farrell (W m) ASon com. r (t)
Goldwyn Picture
30
67 A
77 A
18
18
21
-
2A
2%
50
24
9A
Hercules Paper.r._ (no par)
4A
Hydraulic Steel com.r.(t)
Imp Tob of G B & Ire.r.£l
Indian Packing Corp.r.(t)
Intercontinental Rubb.100
11A
Kay County Gas.r
1
Libby McNeill A Llbby.r 10
IX
------
OA
1,100
4,900
4,900
22 A
4A
23A
31
OA
8X
11X
10
IX
12 A
43 X
400
ox
HA
IX
13A
2
10
18
2X
Nor Am Pulp A Paper, (t)
5A
Packard Mot Car pf r_100
85
2A
10
45 A
11
18
2
5X
84A
2A
(t)
IX
1A
5
2A
2X
r__
4A
17
Locomobile Co.r._(no par)
Mercer Motors.r.. (no par)
National Vanadium.r.... 1
Preferred.
IX
7
2
LIg-Mar Coal Mining.r..l
Lincoln Mot Co cl A_r__50
Radio Corp of Am.r
700
100
30
23
Heyden Chem.r..(no par)
Perfection T A R.r
24
700
31,700
6,800
16,200
17,600
2,000
IX
100
_r
1 15-16 2 A
2 A 2 11-16
22 A
Havana Tobacco com.r 100
Preferred
3,900
20 A
.....
Grape Ola Prod Corp com 1
Preferred
1
Guantanamo Sugar.
500
27 X
41
77 A
m.
(no par)
r
6A
26
40
""26 A
100
Gen Asphalt, com.r
.
6
Columb Emerald Synd new
Conley Tin Foil
(t)
Davies (Wm) Co Inc.r.(t)
120
35
50
Preferred
Standard Motor Const, r 10
Submarine Boat
v
t
35
8A
_
c..(t)
"l2>*
10
IX
Sweets Co of Amer.r
Swift
13A
TlmesSquare Auto Sup r(t)
1A
"34"
UntdPictureProdCorp r (t)
United Profit Sharlng._25c
IX
IX
U S Light A Heat, com.r, 10
USSteamshlD
-
100
preferred _r
-
-
2X
2A
14 A
Mar
4
Jnne
30
Feb
Apr
Victoria
7X
Mar
40
Jan
300
OX May
17
Jan
2,400
7X May
20
1,300
12,500
500
2,370
Jan
Feb
17
IX June
12A June
32
Apr
10
IX
1,100
800
43
10
Oil.r
5
Vulcan Oil.r
White Oil
Corp.r..(no par)
Woodburn Oil Corp.r..(t)
2A
73 A
Jan
10 A
4,200
9
Feb
13 A
Jan
20 X
20
21
6,000
17
May
22 A
Mar
3A
15?*
May
Feb
Feb
20
Mar
June
115
Mar
May
Jan
Arizona Globe Copper... 1
Jan
Arizona
Silver.r
Jan
Atlanta
Mines.r
5X
10
1
America Mines.r
2
53
A
IX
A
"~i~X
3A
1
1A
IX
1
1 3-16
1
13-16
"VA~c
10c
5?*c
Big Ledge Copper Co
5
9-16
Jan
Booth.r
1
4c
3
Jan
Boston & Montana Dev. .5
May
4A
Jan
Caledonia Mining
Feb
54 A
4,260
30
200
5
13 A
May
6
Canada Copper Co
Jan
Candalarla Sllver.r
1
Jan
Carson Hill Gold.r
May
Apr
Mar
Cash Boy Consol
1
Con Arizona Smelt
Consol Copper Mines
May
13
May
26A
Jan
Consol Virginia Sllver.r..5
200
33 A
May
41X
Jan
Cortez
8A
200
8A
June
iox
Jan
D1 vide Extension
19
12
May
IX
11,200
1
May
400
35
Apr
59
Apr
Feb
222
3,300
1,500
27
10
151
2
3,200
5,500
IX May
IX
Apr
6A
41X
10
OAc
10c
6?*c
IX
500
11A May
lAc
Devel.r
1
Jan
Gold Zone Dlvlde.r
Jan
Great Bend.r
Jan
Hecla Mining
25c
Honduras Amer Synd.r(t)
Howe Sound Co
1
26 A
100
Jan
Jan
2c
Blossom.r
20
1
Apr
2
June
16 %
June
May
34 A May
Knox Divide,
50,500
8
June
16
La Rose Mines Ltd
1
Kewanus.r
r..
31
Jan
June
163
May
May
388
Jan
19
May
20
160
5
301
6,500
160
306
10
280
May
355
385
50
370
May
480
Mar
Magna Chief, r.
Magma Copper
Marsh
Mlnlng.r
Mason Valley
10c
5
Amalgamated Royalty.r.l
Anna Bell
1
Arcadia Oil.r
1
Arkansas Nat Gas
Assoc
mm**--
—
X
IX
Boone
Oil
10
5
OH.r__l
1
2X
2,200
143,500
1,200
39c
16,500
1
30,700
4,400
IX
Jan
3A
June
15-16
Jan
Feb
3A
Mar
25c
May
IX
Jan
50c
May
May
1
1A
31c
23c
3
1
100
16
Apr
Apr
IX June
T?*c
6A
X
5
1
14c
Jan
A
X
Apr
1A
Mar
13-16
A
Standard
Success
Silver-Lead
Mining
May
9-16
Feb
Jan
1
June
Apr
A
8c
32
.18c
14c
Jan
12c
A
5X
60c
1 15-16 Jan
3A
16
1 15-16 Apr
288
3
Jan
Jan
l?*cMay
4c
Jan
Jan
15c
Apr
40c
lc
Apr
4Ac
Mar
3 15-16 Jan
4A
Mar
.
Feb
20
4
A
Feb
7-16
Feb
14c
June
27c
Jan
5c
May
12c
Mar
3X June
4
A
lc
June
4c
5c
June
150
14c
June
6c
Jan
Jan
2X
Feb
May
200
Mar
Mar
1.15-16 Jan
15c
29
5,000
Jan
May
5 J* c June
4,600
15,400
2
Jan
Jan
10
15c
May
52c
Mar
May
1-16
May
IX
June
Jan
Jan
Jan
X
97c
A
3-16 Jan
48c
Jan
39
32c
3X
65c
Jan
Jan
Jan
Apr
Jan
Jan
Jan
6?*cMay
90c
1,000
16,400
850
May
92c
76c
2,000
74c
Jan
78c
Jan
14c
24,500
12c
June
14c
June
5?*C
285
205
8X
OA
3,300
A
X
A
4?*cMar
198
"57c"
8c
X
28,800
14 A
14?*
100
52c
7Ac
1-16
May
8X June
1,725
3,400
2,900
10,000
Silver King Dlvlde.r
3A
A
12,400
7,000
7-16
Silver King of Ariz new
Apr
X
24c
9-16
Apr
Cons'd.r
7 A May
40
Jan
X
Apr
Pick
May
X
.10
Rico Div.r
Silver
2
Jan
May
7-16
13
7X
May
X
X
90
1A
2X
8%
Apr
Feb
3 16
20c
19,500
13,200
1,000
19,500
7-16
May
3
X
800
1
8c
Jan
7
5-16
1,600
15,200
13,900
2
Cons
1-16
7,000
26,000
2
Zinc.r_.__100
6
1
OA
2A
lc
5A
201
202
1
80
2X
Jan
1 1-16
12c
Rex Consolidated Mln
100
June
5c
3-16 May
Jan
1A
88
Roper Group Mining
1,200
X May
20
Feb
42c
76c
5?*c
89
Seneca Copper Corp (no par)
13,100
23,100
44,300
1,900
14,600
8,500
2,900
1,950
2
Jan
X
May
48c
Jan
ux
June
1
3X May
X
Feb
29
1
Mines
Ophir Silver Mines .(*•_
Prince
Apr
58c
25c
500
15 A May
X
2
80 A
4
Nlpissing
91c
Mar
6,000
856
3X
45
A
iox
3X
New Jersey
Jan
Jan
1,500
3X
5-16
Jan
7c
16 A
16
Jan
Mar
May
17,150
2,500
16,200
19,800
37,000
41,600
15,200
6A
4o
6,390
7c
24c
1
Ltd
18
17c
May
1
A
3A
Apr
June
2c
3X
14 X June
80?*
11X
Boston-Mexican Petrol.r.l
Boston-Wyoming
X
1
Atlantic Gulf Oil Corp. 100
Blgheart Prod A Ref
30c
16
10
Oil of Texas .r
2A
2A
X
4X
5c
Nabob Coasolldated..,
2?*
Jan
49c
lc,
14c
McKlnley-Darragh-Sav ..1
M urray Mog M,
24c
Jan
8?*
May
4X
15c
5
Motherlode.r
7 Ac
2Ac
11-16
Mountain States Silv.r..l
Other Oil Stocks
10
3X
X
.5
1
30
8c
6c
Kerr Lake
2,700
May
4 3-16
10c
Butler.r..
X
X
15 A
16
4X
12X
70
4,100
26
74c
5A
Gold field Merger.r
Feb
IX
X
Jan
Mad
62c
Golden Gate Explor'n.r..5
3A
June
•» »
Jan
June
62c
1
1
70c
Jan
IX May
May
M
Jan
9?*
5c
3,100
...5
A
15-16
1
Forty-nine Mlnlng.r
3,250
2,600
19,500
18X
28c
•2?*
•50
3-16
Mar
15-16
Eureka Holly.r
Goldfleld
87A
«* »
Jan
Jan
1?*
X June
4o
2
X
Gadsden_r
Feb
160
M.
Jan
23?*
38c
May
Jan
40 X
306
1
Jan
1
June
22c
1
Mar
Jan
200
x
Mar
1?*
May
36,700
20,000
10,900
33,800
13,940
2,600
18?*
3A
300
5
June
1?*
4
lc
27c
2A
380
Oil.r
48?* June
4c
24c
8A
300
Allen
Jan
15-18 June
26C
8
100
Alto Gasoline A Oil
Jan
1 3-16 Mar
Mar
2X
Standard Oil of N Y.r.100
Allied Oil.r
Apr
Jan
52C
X
May
Feb
X
33 950
2H
Mar
South Penn Oil.r
7
X June
A June
1
60c
Silver
27
600
25
3?* June
58c
MacNamara Mlnlng.r..
£1
100
May
May
60c
8A
Subsidiaries
Illinois Pipe Llne.r
A
3?* June
19
1
Gold field Consol'd r
IX May
2M
27X
5c
6?*c
A
?
3A
3A
2A
3A
Emma
Jan
10
X
El Salvador Silver Min.r.l
19
52
28c
1 1-16
Eureka Croesus Mln.r.._l
Feb
1,800
72
25c
Jan
Former Standard Oil
Ohio Oil.r
Feb
Jan
13-16 May
3-16 June
500
31,000
17,250
5
7 Ac
28,300
5-16
X 116,600
4c
6c
11,400
Jan
Mar
13
1,350
"dlic
Louisiana Consol
Anglo-Amer Oil.r
June
1
Sllver.r.J.
5,600
iox
24
Apr
15
6c
27
5
118
?*
2?*c
lc
4c
5-16
6
250
90
24
A
X
8,800
1
1
300
14
June
A May
1?* June
900
%
X
A
70
"26c
Ltd..5
23 X
150
1
Apr
June -54?*
6
May
Mar
...
13 A
35
11
May
3
13,500
1
2?*
11?*
700
Belcher Extension
June
2
3X
21
4X
Jan
IX
13?*
1A
3?*
3?*
Feb
IX
33?*
1
X
4
5c
8,000
1
1
19?*
1
8,200
32
IX
2,300
21
10c
5,020
1A
51%
3-16
Belcher-Dlvlde.r__
IX
2X
33 A
2A
2A
"
Feb
7?*
Mining Stocks—
Alaska-Brit Col Metals. .1
Apr
10X
Texas Pacific Coal A Oil.r.
A
May
X
Jan
Feb
Apr
May
87A
13X
May
14
Jan
A
Jan
•»«»
13X
1,200
13,100
1
Vacuum Oil A Gas
2X
2X
iox
.
6
X
18X
10 A
6X
5-16
~18X
Apr
Jim
Dutch, r
100
15?*
0%
"
5A
Jumbo Extension
Royal
4X May
A
Rights.
New Jersey ZInc.r
200
A
Iron
I Pacific Developments..
5?*
6?*
5A
1
May
67 A
«.
56
United Tex Petrol.r
2
10 x
W
30?* May
33
May
88 A
.»,»
100
700
32
3
Jan
Mar
4
Apr
13 A
33
1?*
3
1
Trinity Oil Corp.r
Jan
Mar
3,400
9,300
8,600
7,800
4,100
6,600
1
May
10?*
May
48
Texon OI1 A Land
Jan
15
X
A
6X
05
57
Feb
X May
20 A
Feb
June
2A
7A
9?*
2?*
X
10 A
4X
2X
iox
..10
Willys Corp,com.r.(no par)
*
X
3X
X
84 a
69
10
U S Transport.r
Warren Bros.r
First
.
A
A
3X
20 A
300
HlghSpeedSteelAToolt
U 8
X
"~3X
1
25
9,600
32
June
7?*
Tropical Oil Corp.r
5A
31
11
13?*
7?*
June
2 ll-16June
June
32
4,900
5,100
3,800
1,200
13,000
11?*
24
Jan
3A
14 A
Apr
June
1
22 A
2X June
39
15
5
2,300
Jan
35
Un Retail St's Candy.r.(t)
2,350
15-16
1
May
IX
15X
IX
Jan
Jan
6?*
6
48
Jan
May
34 X
26
90
200
34
175
32 X
175
Todd Shipyards Corp.r. (t)
June
June
10,200
4,700
84,100
June
June
13
Jan
9
59
IX
18
36 A
12X
36
..15
Internat.r
7X
3?* May
200
48 A
2
123
13 A
4,200
800
A
IX
X
X
800
100
3X
7?*
Part paid
Jan
11
12?*
Texas-Ranger Prod A R.l
Tex-Ken Oil Corp.r
5
Apr
5?*
60
Texas Pac Coal AOll.r.10
Jan
1 5-16
9
38
Apr
May
Mar
43 X
48
54
3A
42?*
48 A
36..
Standard Gas A El com.50
Apr
June
Jan
130
Jan
31
50
May
Jan
?*
700
500
29A June
Jan
4 V*
Mar
14,100
30,500
62 A
21
35
4X
Jan
Apr
5?* June
Feb
iox
OX
Jan
Jan
Mar
5
Mar
13-16 June
4A
2A
Singer Mfg.r
Feb
5?* June
22?*
June
2?*
18X
Apr
12
6
Jan
1?*
18 A
Jan
3A
24 A
2,900
19?*
A
6c
Superior Oil Corp. (no par)
Feb
OA
28X
3,100
37X
May
Jan
400
5X
19
May
2
Jan
2A
19
Jan
Jan
2X
5A
41
29
Republic Rubber.r (no par)
Root A Vandervoort com 100
2
May
4?* June
14
44 A
600
Roy de FranceTollet Prod 5
Santa Cecilia Sug new.(t)
Feb
25
4A
30 X
36
May
May
15X May
38 A
Motor_r..(no
11
38
May
Feb
Feb
3?*
May
May
5
Feb
May
8
Apr
Apr
Feb
2
8?*
35
2A
Jan
Mar
4?*
47
May
10
Petroleum.r
Jan
Feb
27
77
3
Pittsburgh Oil A Gas.r. 100
Producers A Ref.r
Jan
Apr
c33?*
24
6?*
Oil.r
Apr
1?*
800
10
Pennok
8
151
32X
3?*
60
100
May
3-16 May
20 A May
39
Feb
7A
14
par)
Ranier
3?* June
57
Sapulpa Reflnlng.r
5
Savoy Oil
5
Sequoyah OH A Ref
1
Slmms Petroleum r(no par)
Skelly Oil Co.r
10
Spencer Petrol Corp
10
Stanton Oil, new.r
5
Stelner Oil Corp.r.(no par)
3A
85
Mar
59
Salt Creek Producers.r_.25
300
Jan
May
1?<
Apr
1,800
32
9?*
comr(t)
Preferred.r
Jan
3A
16
3?*
2
11,100
3X
27
10
Panhandle PrARef
1
A
3X
24 A
32?*
25
1
(t)
Cities Serv Bankers shs r(t)
3X
26
6
Cent Teresa Sug com...10
Case (J I) Plow Wks.r
3?*
Jan
Jan
Jan
1?*
3,500
6c
Jan
10
7-16 May
13,300
3X
5
Jan
39?*
25
3,770
3,500
7A
16?*
Jan
Jan
3
Jan
33,700
Ryan
600
6
4?*
15?*
May
May
1,560
1,400
3,500
4,900
2,000
A
Red Rock Oil A Gas.r
12,700
700
9
15X
1A
"~l6c"
1
RIcard Texas Co.r
3X
3?*
26?*
5A
10?*
6
25,200
5,700
14X
IX
10
Oil.r
Feb
7A
2A
25
2X
10
Corp..
Feb
14 A
6?*
15X
Mexican Panuco OH
Mexico Oil
Apr
2X
11,700
2?*
5X
18
14X
—
3X
-
5A
1?* May
Jan
53
26
600
200
5-16
4A
HA
'
25
r
75
X
5X
Corp.r
68
7X
Brit Amer Tob ord.bear.£l
3A
75
Metropolitan Petroleum.25
Metex Petrol
Feb
53
11,100
7J*
May
200
X
~"l6?*
May
2,300
3?*
2
10
5
5
56
2
3,900
2,200
1,900
2,600
7-16
8A
Reflnlng.r
Merritt Oil Corp.r
Jan
53
2?*
10?*
26?*
Oil.r.(no par)
5
Manhattan
Marland
June
54
2X
ox
26X
13,300
40
Brisco Mot Corp com.r.(t)
Apr
39
47
51
Mar
4X
10A
60 A
35
Feb
52
X
May
38?*
6?*
May
Automatic Fuel S.r
Jan
May
50
Invincible Oil.r
20
39 A
15
2X
3-16
5,000
1,800
40
300
A
44,360
35
700
900
4,000
X
2X
33X
3,000
3,200
Feb
35
24
7
7A
3,800
£1
Petrol.r
Internat
47
16 A
Mar
May
May
5-16
June
43
11?*
1
3A
Petrol.r
Houston Oil com.r
Hudson Oil
16
6A
3?* May
7?* May
8,500
1
X
X
Guffey-Glllespie Oil.r..(t)
200
15 A
3,300
8
2%
Grenada Oil Corp cl A.r.l.
18
40 A
39?*
Feb
20 A
Co.com (no par) -~6A
(no par) ..42
May
May
Mar
Amer Chicle, r
May
10
5
IX
Armour Leather com.r..15
1
1,800
31
7
Jan
50,600
500
18,700
36
1?*
10?*
4X
8X
IX
X
3?* May
6?* May
300
46
Am Brake Shoe A Fdy com
Am Candy
Apr
4X
10X June
IX
10
15?* June
400
8
20,000
Jan
4,500
7,000
35
Omar Oil A Gas
1
Aetna Explosives.r (no par)
7?*
8
Oklahoma Nat Gas.r
Acme
4
34
Ohio Fuel Oil.r
High.
18
6A
(no pari
North American Oil.r
Range
for
Week.
Shares.
High
Gilliland Oil com.r. (no par)
Fensland Oil
11
_____
Low.
Shares.
15 A
X
Morton Petrol of Maine.r.l
Sales
Range since Jan. 1
for
Week.
High.
X
'
.'
Low.
2A
5
Midwest-Texas
Friday
Range
of Prices
4X
8X
IX
Esmeralda Oil A Gas.r.. 1
Federal Oil
Week's
3A
17X
Refining .r. 10
Cosden A Co., com.r
Elk Basin Petrol.r
Stock Exchange,
York
New
Par.
Duquesne Oil.r
organized stock exchanges.
the
Sale.
Stocks (Concluded)
Continental
It should be understood that
On
Last
Other Oil
June
X
May
X May
300
12 X
Apr
Jan
IA
Feb
1 3-16Jan
A June
June
X
6c
May
12c
h
1-16 Mar
12
Apr
May
19
Jan
Jan
Jan
70c
37,320
1
3c
2c
3c
19,800
2c
May
14c
Jan
1
7?*c
5c
9c
19,900
2c
Jan
30c
Mar
3-16
Jan
1
1
X
'I Ac
4c
X
5c
50G
15,100
52c
M 3c
June
Jan
2A
H
7c
Apr
Jan
Jan
[VOL. 110.
THE CHRONICLE
2478
Sales
Fridav
Last
Weeks Range
Sale.
of Prices.
Low.
Price.
Mining (Concluded) Par
lc
Sutherland Divide, r
VA
VA
VA 1
1%
20c
6c
9c
7A
VA
1
VA
2c
4c
12c
5 Ac
New York City Realty and
All
June
41c
Apr
June
7c
Jan
Alliance R'lty
75
85
Jan
Jan
Jan
Amer Surety.
73
77
Bond A M G.
242
250
City Investing
Preferred—
60
70
1%
3%
4%
May
1%
May
VA May 2 15-16
1 3-16 May
3%
3 1-16 May
4%
6c
May
11c
7c
Mar
29c
7A
VA
May
lc
1%
Jan
Jan
May
3c
Apr
12c
6s_r—1922
6% notes-r..
1924
Anglo-Amer Oil 7Hs-r.'25
Belgian Govt Ext 7^8.r..
94 H
93%
92'A
'loo"
1925
1921
"98"
Amer Tel A Tel
External 6s.r
May
89%
Jan
June
92%. June
99% June
97%
99%
Jan
100%
Mar
93%
73,000
99% 100
97
97% 550,000
85
88 %
26,000
97%
June
85
97% June
97
99%
84
84
82
99
99% 450,000
99
June
95
95
95%
93>*
72
73
30
31
1'26
SwedishGovt 6s Junel5 '89
97 A
29%
97%
29%
98
86
Chic&NW7sw l.r—1930
C C C A 8t L Ry 6s r
Del A Hud Co 7s r w
1929
11930
Goodrich (BF) Co 7s.
SlnclalrConOll 7Hs
r w
Western Elec conv 7s.
r
wWhen
$ Dollars
issued,
v
Jan
89
100% May
Apr
Apr
Feb
99
76
Jan
Jan
39
Feb
Jan
38
Feb
98
Apr
May
97
Jan
June
99%
99%
62
7,000
6,000
4,000
23 %
23
82
98
Mar
98
I Listed
prospect.
Ex-dividend,
x
Jan
June
97% May
53,000
Ex-rights,
z
Mar
Apr
Stock
stock,
dividend
the
on
o New
additional transactions will be found,
Ex-stock
All bond prices are "and
Bid.
105
*he
Oil Co. and other former subsidiaries
Compare statement regarding Continental Oil
stock and rights in the Continenoal
Standard
the
Co.
Clucas,
Co.
Oil
formerly
Rogers & Stackpole, have formed a co-
with Munds,
partncrshlp to deal in unlisted stocks and bonds with offices at 54 Wall
&ew York.
Street,
at 42
Broadway, have opened an up-town branch office at 212 West 72d
Broadway, under the management of Henry S.
St., throe doors west of
'
'
Kelty.
V
—The Empire Trust
common
Co. has been appointed transfer agent of the pref.
stock of the National Steel Rolling Co., and transfer agent
registrar of the pref. and common stock of the Anchor Post Iron Works.
and
60 Broadway, N.'Y. City, are issuing a weekly
—W. C. Coles & Co.,
oil stocks, with quota¬
regarding Standard Oil and independent
bulletin
tions, dividend records and general information of interest to investors.
104
Chesapeake A Ohio
130
60
*30
32
Cumberland Pipe Line...100
Crescent Plp« Line Co...
Exchange, announce that John T. Snyder of the firm has been elected a
of the stock of the Chicago
—The
Nipple Mfg. Co. and registrar of the stock of
Corporation.
of the
Livingston Radiator Corp.
of N,
Y. has been appointed registrar
of the capital stock of Swan & Finch Co.
Equipment 6a
Chicago A Eastern 111 5Xl.
8.50
100
8.50
7.50
52
Chic Ind A Loulsv l%t
7.90
7.00
Preferred old
100
90
95
Chic St Louis A N O 51
7.75
7.00
Preferred new..
100
100
50
90
95
Chicago AN W 4)48-....
7.37
6.50
155
*86
160
Cbloago RIA Pao 4H«
8.12
7.25
36
Colorado A Southern 5a...
8.25
7 25
27
Erie 5s
8.50
7 50
New York Transit Co.—100
*34
*25
155
Northern Pips Llns Co.
Illinois Pipe Lin«
Indiana Pipe Llns Co
International Petroleum.
£1
National Transit Co...12.60
89
160
8.12
Equipment 6e
—
Equipment 4%n
Hocking Valley 4%s
8.50! 7.50
87j 7.00
98
305
*43
555
46
Illinois Central 5s
7.40
Penn-Mex Fusl Co
6.40
570
Equipment 4%'a
7.40
6.40
Kanawha A Michigan 4)43—
7.87
7.00
360
Louisville A Nashville 5f—
7.40
6.40
115
Michigan Central 53...
7.75
6 75
25
100
Prairie Oil A Gas
208
340
110
280
Standard Oil (Kentucky) 100
Standard Oil (Nebraska) .100
100
...100
100
Co
...
100
Vacuum OH
325
—
7.87
7.00
7.75
6.75
7.50
Equipment 6a
Minn StP A8SM4H8,
7.00
7.50
Equipment 5a and 7s
7.00
7.62
680
Missouri Kansas A Texas 5i.
8.35
560
Missouri Pacific 6s
8.37
7.40
385
Mobile A Ohio 5a
8.00
7.25
475
Equipment 4%n
New York Cent 4%s, 5s, 7s
8.00
7.26
192
101
90
80
111
107
97% 99
380 390
Preferred
Preferred
70
290
.......
Equipment 5s
665
655
101% 101% |N Y Ontario A West 4 % a—
387
Norfolk A Western 4%n
382
450
Northern Pacific 7s
425
100
Standard OH of New Y'k.100
Standard OU (Ohio)
212
z65
320
670
540
370
425
100
Pacific Fruit Express
7.40
6.50
7 87
7.00
7.37
6.50
7.25 6.90
7.25 6.90
7s
Pennsylvania RR 4)4s—
7.12
...
6.26
7.12
6.25
7.40
Equipment 4a
Reading Co 4%a
6.40
8.50
St Louis Iron Mt A Sou 5s
30
7.50
St Louis A San Franoleco 5s
8.50
7.50
Seaboard Air Line 53
*25
10
Washington oil.—.
8.00
7.25
...
8.00
Equipment 4%b
7.25
Southern Pacific Co 4%a, 7s
7.50
6.75
Southern Railway 4%s;
7.75
6.90
7.75
6.90
87
166
83
112
400
80
215
92
100
100
97
70
102
75
American Cigar common.100
Preferred
100
128
80
85
Amor Machine A Fdry..l00
135
150
25
*50
52
Brltlsh-Amer Tobac ord_.£1
*14
Brit-Am Tobac.
A Co common
100
Debenture stock
100
295
80
100
75
Atlas Powder oommon... 100
100
162
81
108
50
375
50
*70
Canada Fdys A Forglnaa. 100
190
100
Aetna
Explosives pref
100
Preferred
Babcock A Wilcox
Carbon Steel common
1st
preferred
2d preferred
Oolt'B Patent Fire
Arms
Mfg.
duPont (E I) de Nemours
Equipment 5s
....
7.87
7.00
Union Paciiic 7a
7.25
6.90
Virginian Ry 6s
7.50
7.00
Toledo A Ohio Central 43
aobaoco
—
„
Stocks—Per
Sh
Par
15
Johnson Tin Foil A Met.lOO
105
120
Hercules Powder com... 100
217
97
100
100
95
99
175
200
Short Term Securities—le
410
Aoi Cot Oll 6s
100
Phelps-Dodge Corp
Soovlll Manufacturing
100
35
50*
..100
400
90
55
100
45
450
95
60
49
80
90
Winchester Co com.
100
100
2nd preferred
Woodward Iron...
15
27
29
100
Ask.
132
*25
75
Preferred
Bid.
*14
100
100
Eastern Steel
are.
no par
bearer..£1
30o
83
80
35
79
222
101
104
Conley Foil (new)
MaoAndrews A Forbes—100
165
173
100
80
86
Reynolds (R J) Tobaceo.lOG
600
630
100
475
495
100
99
101
100
120
140
—100
87
95
Preferred
B common stock
Preferred
Young (J 8) Co
Preferred..
1924—MAS 2
Amer Tel A Tol 6b 1924.FAA
6% notes 1922
AAO
Amer Tobacco 7s 1920.MAN
7% notes 1921
MAN
7% notes 1922
MAN
Cent
90
92
9212
93
93%
94%
9978 100%
9914
99%
99%
99%
7% notes 1923—MAN
Anaconda CopMln "?9.JAJ
87
88
Anglo-Amer Oil 7%s '25 AAO
99
100
Beth St 7s July 15'22_JAJ 15
98
*37
38
7% notes July 15 '23JAJ 15
139
Canadian Pao 6s 1924.MAS 2
93
79
81
Del A Hudson 5b 1920—FAA
9812
9712
97
135
Companies.
share.
per
7
z93
*107
dollars
7.25
25 *300
100
Ohio Oil Co
Preferred
New York City Banks and Trust
7.50
140
98
Public Utilities
prices
7.60
48
1st preferred...
mitted Edward S. Lloyd as a member of the firm.
All
8.50
130
Thomas Iron
—Lloyd & Co., members of the New York Stock Exchange, have ad¬
—The Central Union Trust Co.
Chicago A Alton 4%t..
.100
Eureka Pipe Line Co
Preferred
Empire Trust Co. has been appointed transfer agent of the pref.
and common stock
7.25
7.25
Galena-Signal Oil com...100
Preferred
Equitable Trust Co. of N. Y. has been appointed transfer agent
7.00
7 90
7.90
Equipment 5s
Nlleo-Bement-Pond com.100
members N. Y. Stock
member of the New York Stock Exchange.
the Mountain Producers
6.85
Empire Steel A Iron 00m.100
—Struthers & Hiscoe of 20 Broad St., this city,
—The
6.75
..100 zl20
Continental Oil
Preferred
and
7.50
7.50
7.75
Bliss (E W) Co common.
—
6.75
8.35 7.35
Ordnance Stocks—Per Share.
-—Wade, Templeton & Co., members of the New York Stock Exchange
6.75
7.50
7.50
Union Tank Car
Hudson, formerly with McDonnell & Co., and Lowell M.
7.50
Central of Georgia l%».
Swan A Finch
preceding page.
on a
—Ernest R.
8.50
Equipment 4s
Equipment 6s
Caro Cllnchfleid A Ohio 5s..
Standard OH of New Jer.100
N. Y. City, specialize in the
Basis.
Buff Roch A Pittsburgh 4 %t
Canadian Pacific 4Ws A 6s—
of tank car equipment bonds and claim to be among
(see advertising pages).
Equipments—PerCt.
Baltimore A Ohio 4%t
86
Preferred
of
170
230
Standard OH (Indiana)..100
—O. H. Pforzheimer & Co., 25 Broad St.,
82
150
475
50
Buckeye Pipe Line Co...
Standard Oil (Kansas)—.100
offering this class of securities to yield 8%
160
75
*84
Co
Borne-Scrymser
Southwest Pa Pipe Lines.100
In originating and marketing this form of equipments, are
pioneers
150
US Title Guar
West A Bronx
Cbesebrough Mlg new.. .100 x220
Preferred new
100x101
..—100
Bolar Refining
100
Southern Pipe Llns Co.. 100
NOTICES
107
450
100
Philadelphia, who for the past 15 years have from time
to time handled issues
U 8 Casualty.
RR.
Ask.
1300
1200
Atlantic Refining
Preferred
Standard Oil (California).100
—Bioren & Co.,
198
134
Interest" except where marked "f.*
e
25
24
£1
Anglo-American Oil new.
South Penu OH
CURRENT
Shear
Pe r
Prairie Pips Llns
k Correction.
1,000 lire, fiat,
per
98%
Apr
99% June
35,000
9,000
98% 156,000
64,000
98%
< Listed as a
t No par value.
Odd lots,
Unlisted.
98
98M
'25
Exchange this week, where
r
85%
98
1923
Texas Co 7% notes.r
*
85%
Feb
99%
Apr
99
1925
Interboro R T 7s.r—1921
Russian Govt 6^s.r..1919
5HB.r
1921
97%
99%
Jan
June
96
19,000
98
99% 225,000
85
13,000
External 6s.r
192
Mar
June
68
$83,000
29,000
94%
16,000
92%
112
Quotations for Sundry Securities
Jan
20c
4c
70
106
Assoc
Jan
Par
68
(Brooklyn).
Realty
Apr
Bonds—
68%
Aek
87
A
Mortgage..
Standard Oil Stocke
Allied Pack conv debOs r'39
Bid
122
80
Apr
6HcJune
14,300
Title
Y
N
Ask
117
127
Lawyers Mtge
Mtge Bond..
Nat Surety..
Title A M G
2 7-16 Jan
May
BU
85
75
Surety Companies.
prices dollars per share.
Ask
BU
lc
1,240
20,420
4,500
2,780
10,100
17,500
14,900
4,200
7,070
7,500
21,000
7%c
8c
2c
High.
14c
9,400
7,350
2%c
VA
VA
11-16
VA
3% 3 3-16
9%c
Since Jan. 1.
Low.
Shares.
High.
14c
18c
Mines_r._l
lHc
1
Tonopah Belmont Dev—1
Tonopah Dlvlde.r
.1 "~VA
VA
Tonopah Extension
1
l'A
Tonopah Mlnlng.r
1
3 'A
United Eastern Mining..1
6%c
U 8 Continental Mines, r.l
8c
Victory Dlvlde.r....—10c
1
Washington Gold Quartz. 1
VA
West End Consol'd
6
2c
White Caps Extension. 10c
White Caps Mining
10c 11%C
4c
Wllbert Mining
1
Sunburst Cons
Range
for
Week.
93%
99l2 100
55
BU
Aft
207
213
Industrial*
Amer Exch...
265
275
Irving Nat of
Atlantic
215
flank*—N Y
Amarloa •
..
Battery Park.
190
Bowery*
425
Broadway Cen
145
Boro*.
aroDX Nat...
Bronx
200
Trust Co'a
BU
Ask
New York
Bankers Trust
350
"
390
385
385
Central Union
365
375
280
290
Columbia
332
340
155
Manhattan *.
215
225
Commercial—
145
105
125
Mech A Met.
325
335
160
Mutual*
490
Empire
Equitable Tr_
300
150
155
38
42
150
New
Neth*..
185
New York Co
220
Nat American
145
460
295
385
395
Fidelity
222
232
Fulton
270
290
Guaranty Tr.
350
356
Hudson
160
407
4"l5"
New
Chat A Phen
280
290
Pacifio •
Chelsea Exoh*
137
143
Park
700
720
Law Tit A Tr
138
143
Chemical
555
565
Public
350
360
Lincoln
150
170
City
420
427
Coal A Iron..
250
Seaboard
690
Colonial •
350
Second
450
Ghaae
.....
York...
475
135
Republic*
Mercantile Tr
180
200
State*
190
Commerce
228
233
iTradesmen's*
430
23d Ward*...
Ex*.
Union Exch..
210
268
200"
chester)
N
160
Y
A
Life
105
125
Ins
Trust...
500
575
220
Continental*.
120
Corn Exch*..
420
430
112
180
190
East River..
160
185
N Y Trust-
610
173
183
Title Gu A Tr
385
395
350
405
415
Yorkvllle •
375
U S Mtg A Tr
United States
825
840
Brooklyn
Coney Island*
140
Brooklyn
Brooklyn Tr.
490
...
—
620
Oosmop'tan*
155
940
First
205
215
Hamilton
262
Filth
162
172
Greenpolnt
150
165
700
888
910
Hillside*
110
120
KInga County
Manufacturers
650
First
190
205
Filth Avenue*
Garfield
920
234
Gotham
240
195
...
210
Homestead*..
Mechanics'*..
80
People's
272
If270
92"
88
99%
18
28
K C Term By 4% 9
Cities Service Co 00m...100
328
332
Preferred
1921.JAJ
92
94
997g 100%
64%
96
100
8
100
84
65%
Laclede Gas 78 Jan 1929FAA
9%
100
;
92
90%
88%
96%
96%
6s Nov 15 1923—MAN 16
90
97%
88
LiggettAMyersTob6s'21JAD
Penn Co 4%a 1921—JAD 15
16
19
Pub Ser Corp NJ 7s '22.MAS
82
...100
37
40
Reyn (RJ) Tob 6s '22. FAA
95%
96
Elec Bond A Share pref. .100
80
86
81oss-8hef S A I tie '29.FAA
87
90
9
Southern Ry 6s 1922.._ MAS
)
91%'
Com'w'tta Pow Ry A Lt__ 100
Preferred
Federal Light A Traction. 100
6%
97
84
92
100
40
45
SwlftACo 6s 1921... FAA 16
97%
98
Great West Pow 5s 1946.JAJ
75
80
Texas Co 7s 1923
MAS
98
98%
Mississippi Rlv Pow eom.100
10
12
Utah Sec Corp 6a '22 MAS 15
84
100
45
50
West Elec conv 7s 1925. AAO
7034
71%
Preferred
Preferred
11
*8
40
American Braes
North'n States Pow com. 100
34
39
American Cblclt
100
76
80
North Texas Elee Co torn 100
52
57
63
67
Paclflo Gas A El eclat pref 100
80%
82
Puget Sd Pow A Light ..100
Preferred
100
14
16
53
56
Preferred
aud Miscellaneous
100
200
com. no par
41
aoo
65
70
American Hardware
100
135
140
Amer Typefounders
com.100
40
45
Preferred...
100
12
14
Celluloid
40
44
84
88
100
102
Havana Tobacco Co
83
85
Preferred.
100
95
50
*10
50
*35
Btandard Gas A B! (Del).
Preferred
Company
100
100
89%
155
92%
! 160
2%
1%
100
6
10
lBt g 5s June 1 1622—J-D
/50
57
15
Inter oontinen Rubb com.100
37
2%
100
98
%
Preferred.
44
100
Preferred
..100
205
..100
Preferred
Borden Company com
South Calif Edison eose..100
Preferred
86
98%
industrial
Northern Ohio Eleo Corp.(t)
Preferred
100
Preferred..
505
95%
99
93
12
22
Republic Ry A Light
125
Cuba (Bk of).
175
United States*
Wash H'ts*..
Common¬
wealth*
260
Mutual (West¬
200
420
"
95
JAJ
100
First Mtge 5s 1951...JAJ
315
Metropolitan.
...
Columbia*..
Oomm'l
Trust
General Elec 6s 1920
10
Carolina PowALIght com 100
Preferred
Farm L A Tr.
200
Federal Bug Rfg 6s 1924MAN
70
3
Goodrich (BF)Co7s '25 AAO
Great North 6a 1920...MAS
Colorado Power com
300
60
65
Amer Public Utilities com 100
Preferred..
American
250
240
Lincoln
145
.
Ask
Liberty
....
Park*
Gent Merc
BU
210
N Y
Butch A Drov
Bryant
Banks
International Salt
1
3%
11%
100
70
*90
11%
58
-A-O
International Silver pref.100
1st gold 5s 1951
72%
P270
100
SOS
95
Harrlman
365
380
North Side*..
195
205
Imp A Trad..
530
540
People's
145
160
•
Banks marked with
change
this
week,
a
(»)
are
t New stock,
State banks,
t
Preferred.
t Sale at auction
Ex-dlvldend.
y
Ex-rights
or
at Stock Ex¬
*
Per
share.
/Flat price,
o
6 Basis,
Nominal.
21
Lehigh Valley Coal Sales.
60
*85
88
Royal Baking Pow com.. 100
120
130
16
100
80
82
58
215
815
59
14
110
Naeeau.__.__
19
60
Singer Manufacturing...100
120
123
Singer Mfg Ltd
Montauk
55
£1
(12
3
Texas Pao Coal A Oil
Green wick *.
Hanover
10
*49
50
Preferred
d Purchaser also pays accrued dividend,
*
Ex-dlvldend
Ex-rights.
a
New stock.
June 12 1920.]
THE CHRONICLE
1
ami
2479
glailrjcraxl Intelligence
RAILROAD
GROSS
EARNINGS
earnings of various STEAM roads from which regular weekly or
monthly returns
can be obtained.
The first two columns of figures
give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the
period from Jan. 1 to and including the latest week or month. The returns
of the electric railways
a re
brought together separately on a subsequent page.
The
following table shows the
gross
Latest Gross Earnings.
ROADS.
Week
Jan.
1 to Latest Date.
Current
Previous
Current
Year.
or
Year.
Year.
Month.
$
233.939
118,348
Alabama & Vicks
Arbor
Atcb Topeka & S Fe
Gulf Colo & S Fe_
March
215.778
4th wkMay
115,561
April
14911806 12818623
April
1,861,985 1,515,299
Panhandle & S Fe April
632,594
413.998
Atlanta Birm & Atl_ April
441,767
390,530
Atlanta & West Pt- March
257,602
239,349
Atlantic City
April
299,368
297.128
Atlantic Coast Line- April
6,339,464 6,312,476
Baltimore & Ohio.. April
15226698 13301950
B & O Chic Term. March
238.526
120,485
Bangor & Aroostook April
680,621
460,631
Belt Ry of
Chicago. April
118.854
256.398
Bessemer & L Erie.. April
876,624
916,421
Bingham & Garfield April
142,239
86,929
Birmingham South- April
55,132
58,224
Boston & Maine
April
6,517,187 5,484,927
Bklyn E D Terminal March
124.785
Aim
778,300
663.958
782.319
679,002
1,054,415 1,072,417
25.677,658 22,960.934
63.938,696 50,199,190
646.864
351,247
2,133,327 1,810.366
1,286,730
961,095
2.755.681
2.866,924
582,539
442,076
176,783
227,319
23,981,911 20,320,398
295.073
197,654
7,905,765 5,870,570
907,321
666,808
39,406,480 36,562,177
74,113,000 61,827,000
1,198,792
1,310,816
1,578,221
1,350,013
6,465,314 4,943,494
_
_
.
_
Dul Sou Shore & Atl 4 th
wkMay
Duluth Winn & Pac March
East St Louis Conn
Elgin Joliet & East
February
179,491
139,676
1,928,266
200,184
152,633
203.597
93,522
584,968
268,019
April
El Paso & So WestApril
Erie Railroad
April
Chicago & Erie.. April
1,692,235
539,673
192,118
7,269,485
4,180,821
26,531,361
3,241.785
228,673
3,800,106
261,377
468,504
264,199
1,565,305
253,552
1.477,557 1,631,494 7,035,770
1,031,502 1,051,950
4,659,792
5.556,497 6,801,844 29,258,042
583.418
805.622 3,238,365
New Jer & N Y__ March
105,654
80,757
307,906
Florida East Coast. April
1,110,435
834,315
5.103.255
Fonda Johns tk GJov March
107,583
87,494
312,858
Ft Smith & Western
April
136,678
120,802
591,336
Galveston Wharf
April
124,205
69,274
393,570
Georgia Railroad.
March
564,189
556,564
1,568,486
Georgia & Florida.
March
125,590
98,083
335.114
Grand Trunk Syst__ 4th
wkMay 2,644,111 2,433,260
Ch D & CGT Jet. March
117,292
150,075
463,500
463,586
Det Gr H & Milw March
300.855
274,080
982,150
778,163
Grd Trunk West.
April
847,123 1,097,015 4,726,952
4,061,519
Great North System
April
8,953,850 7,370,704 34,071,721 29,866,890
Green Bay & WestFebruary
93,457
90,488
209,112
211.737
Gulf Mobile & Nor.
April
305,766
194,790
1,192,181
768.432
Gulf & Ship IslandApril
222,099
182,472
914,100
721,684
Hocking Valley
April
780,836
765,558 4,093,556 2,216,568
Illinois Central
April
9,475,760 8,015,773 43,887,694 32,772,805
Illinois Terminal
March
70,390
82,761
211,794
256,173
Internat & Grt Nor. April
1,229,998 1,092,233 5,536,790 4,260,564
Kan City Mex & Or
April
108,896
123,633
499,090
350,051
K C Mex & O of Tex
April
97,107
81,986
545,193
319,709
Kansas City South. March
1.351,856 1,112,776 4,389,234 3,510.732
Texark & Ft 8m.
April
203,993
121,408
619,426
436,887
Kansas City Term.
April
1,266,234 1,147,678
5.655,469 4,658,410
Lake Terminal
April
96,377
96,016
384,990
381,883
Lehigh & Hud River April
163,364
181,098
658,012
759,317
Lehigh & New Eng. April
281,049
286,881
1,276,987
938.433
Lehigh Valley
April
4,250,113 5,105,030 19,855,400 18,548.829
Los Ang & Salt Lake April
1,028,956 1,507,112
5,682,782
5.544,089
Louisiana & Arkan_ April
335,409
172,223
1,407,617
688,084
Louisiana Ry & Nav M arch
329,225
297,842
980.143
855,866
Louisville & Nashv
April
8,920.403 8,600,940 38,577,082 33.606,502
Louisv Hend & St L March
249.263
227,727
747,330
686,183
Maine Central
April
1,647.266 1,385.944 5.616,445 5,412,744
Mineral Range
4th wkMay
16,671
18,698
279,662
382,206
Minneap & St Louis April
1,202.325 1,007,539 5,058,284
3,810,739
Minn StP&SSM.
April
3,039.766 3,131,747 12,446,531 12,131,329
Mississippi Central- April
80,823
75,353
306,665
7.309.674
Missouri Kan & Tex April
2,669,604 2,565,829 11,826,472 10,103.488
_
_
_
_
AGGREGATE OP GROSS
Current
*
Weekly Summaries.
Previous
Year.
Year.
S
2d
3d
week
Mar
week
Mar
4th
week
Mar
1st
week
2d
week
Apr
Apr
Apr
Apr
May
May
May
May
3d
week
4th week
1st
week
2d
3d
week
week
4th week
♦
We
no
(14
(12
(10
(10
( 9
(13
roads)
roads)
roads)
roads)
roads)
roads)
(14 roads)
(15 roads)
(18 roads)
(16 roads)
(16 roads)
7.701,049
7,854,679
12.784.092
8,219,825
7,165.878
7.506.473
15,033,356
8.717.923
12.366,554
12,180,226
17,271,709
$
6,764,941
0,948.321
10,419,611
Decrease.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
Mo K & T Ry of Tex March
Mo & North Arkan_ April
Mo Okla & Gulf
March
Missouri Pacific
April
2,107,048 1,830,847
6,927,011
5,312,939
144,218
117,918
614,607
481,187
193.908
104,929
570,786
297,544
7,587,079 6,868,820 35,534,088 27.471,548
Monongahela
March
224,656
258.312
836,189
804,477
Monongahela
April
262.909
218,920
1,099,099
1,023,397
Montour
April
90,116
111,366
292,549
321,652
Nashv Chatt & St L April
1,930,753 1,599,324 7,717,748
6.016.176
N evada-Cal-Oregon 4th
6,675
wkMay
5,981
101,319
99,979
Nevada Northern.
April
131,746
110,529
604,986
535,235
Newburgh & Sou Sh April
115,437
151,303
515,292
553,448
New Orl Great Nor_ April
202,392
190,609
822,333
717,766
New Orl & Nor East April
487,686
517,100 2,424,593
1,995,532
N O Texas & Mex__ April
207,645
151.570
764,129
558,753
Beaum S L & W.¬ April
174,414
129,005
650,458
436.071
St L Browns & M April
720,495
411,371
2.376:483
1.583.177
New York Central.
April
25331086 22701274 102083559 91,467,178
Ind Harbor Belt- April
322,147
453,335
2,369,480
1.973,116
Lake Erie & West April
677,676
706,782 3,134,881
2,939.753
Michigan Central April
4,687,541 5,757,069 25.177,489 22,521,264
Cincinnati North. April
236,279
266,079
1,008,548
919,266
ClevCC&St L__ April
5,727,435 5,279,820 26,890,037 20,725,110
Pitts & Lake Erie April
1,635,391 1,963,786 10,191,203
9,545,588
Tol & Ohio Cent- April
628,104
591,208 3,196,838 2,306,615
Kanawha & Mich April
295,097
351,594
1,370.164
1,096,713
N Y Chic & St Louis
April
1,591,792 1,960,897 8,209,628
8,075.660
N Y N H & Hartf-_ March
9,092,874 7,652,328 26,321,911 21,943.870
N Y Ont & Western April
747,703
725,652 2,904,725 2,712,267
N Y Susq & West.. April
224,387
314.571
1,226,421
1,189,621
Norfolk & Western- April
5,999,464 6,189,619 23.876.952 23,966,345
Norfolk Southern
April
675,742
511,269
2,641,011
2,018,237
Northern Alabama- April
127,385
80,692
513,026
405,880
Northern Pacific
April
8,602,248 7,747,573 34,423,651 29,949,699
Minn & Internat.
April
124.204
96,009
450,442
361,175
NorthwesternPacific April
503,322
454,439
2,042,052
1,583,349
Pacific Coast
March
565,936
415,839
1,649,833
1,277,899
Pennsyl RR & Co— March
41114740 35064034 115867675 106583596
Bait Ches & Atl__ April
128,409
124,813
386,115
399,070
Cumberland Vail. February
504,751
374,408
987,900
855.455
Long Island
April
1,477.449 1,985,635 6,198,525 6,560,632
Mary Del & Va__ April
98,998
103,993
290,154
348,333
N Y Phila & Norf March
641.456
622,175
1.816,254
1.814,652
Tol Peor & West
April
105,407
140,271
604,389
525,871
W Jersey & Seash March
885,341
774,300
2,323,747
2,187,980
Pennsylvania Co
February
7,699,567 6,775,758 17,206,559 14,248,645
Grand Rap & Ind February
701,698
531,476
1,536,811
1,046,255
Pitts C C & St L. April
8,082,920 6,920,967 26,073,527120,940,762
Peoria & Pekin Un_ April
82,613
94.189
529,925
387.189
Pere Marquette
April
2,215,523 2,690,531 10,869,327 9,982,716
Perkiomen
April
86,248
92,977
377,604
326,769
Phila Beth & N E_
April
110,341
52,929
348,686
300,692
Phila & Reading.
April
6,369,018 5,471,389 26,894,558 20,656,423
Pittsb & Shawmut.. April
114,474
84,474
508,341
343,090
Pitts Shaw & North April
93,774
86,770
463,703
329,639
Pittsb & West Va._ April
73,052
100,236
531,285
421,172
Port Reading
April
69,470
233,938
636,851
823,313
Quincy Om & K C__ February
94,738
77,867
217,843
163.360
Rich Fred & Potom. April
831,710
873,982 3,800,267 4,086,830
Wash Southern.. February
309,844
332,144
685.472
778.950
Rutland
April
493,618
402.152
1,650,218
1,387,492
St Jos & Grand Isl'd April
206.205
205,945
1,017,155
861,290
St Louis-San Fran_
April
6,556,381 5,855.857 28,029,004 23,370,321
Ft W & Rio Gran. March
153,234
126,162
493,829
322,575
St L-S F of Texas. March
135,799
105,808
299.399
410,144
St Louis Southwest. February
1,562.159
971.498
3,131,898 1,970.774
St L S W of Texas March
745,905
455,877 2,198,193
1,427,574
St Louis Transfer
February
116,547
94,708
262,616
194,330
San Ant & AranPass April
378,979
295,758
1,453,783
1,280,674
Seaboard Air LineApril
3,636,521 3,359,084 16,803,275 13,766,770
South Buffalo
April
116,914
62,444
409,956
444.133
Southern Pacific..
March
16142271 13333143 46,640,797 39,148,773
Arizona Eastern. March
345,083
304,444
1,021,022
1,012,212
Galv Harris & S A March
1,951,316 1,581,654 5,875,481
4,967,323
Hous & Tex Cent- March
818,733
656,096 2,791,549
1,950,566
Hous E & W Tex. March
256,985
183.663
714,793
549,701
Louisiana Western March
429,3971
301,710
1,295,954
910,416
Morg La & Texas March
866,405i
554,819 2,520,595
1,782,144
Texas & New Orl. March
800,496!
637.249 2,367,387
1.747,924
Southern Railway
4th wkMay 3,759,5643,023,269
_
_
,
__
_
_
Ala Great
South- April
Mobile & Ohio
April
Georgia Sou & Fla
South Ry in Miss.
Spokane Internat'l.
Spok Portl & Seattle
April
April
April
April
Staten Isl Rap Tran April
Tenn Ala & Georgia 4th
wkMay
Tennessee Central.
April
.
Term
RRAssnofStL
St L Mer
Bridge T
Texas & Pacific
Toledo St L & West.
Ulster & Delaware
Union Pacific
Oregon Short Line
Ore-Wash RR & N
Union RR (Penn)__
Utah
Vicks Shreve & Pac.
Virginian RR
Wabash Railroad
Western
__
Maryland.
Western Pacific
Western Ry of Ala.
Wheel & Lake Erie„
743,705!
828,982
1,329,288 1,214,250
427.669
350,551
126,247
131,636
123,104
74,963
632,807
557,583
130,416
4,741
188,371
2,115
3,350,354
5,975,336
1,871,973
657,587
491.623
2,637,187
616,410
3,188,631
4,735,674
1,496,427
551,464
280,765
2,227,347
660.534
68,008
50,721
874,058
584,582
462,251
13,437,434
2,256,714
288,826
32,783,685
11,077,218
8,307,165
2,382,459
355,200
1,028,271
2,922.214
10,568.087
5,637,361
3,191,941
649.455
3,046,637
424,485
9,452,835 7,336,040
236,206
228,577
950.624
February
378,781
283,871
743,288
February
332,566
206,376
666,414
4 th wkMay
980.670
980,142 16,046,739
April
745,648
618,991
3,179,844
April
97,777
98,452
334,320
April
7,279,067 8,171,586 36,995,016
April
2,705,544 2,823,799 13,898,885
April
2,173,492 2,049,454 10,589,245
April
712,394
612,679 2,564,693
April
105,306
64,379
602,563
April
388,321
237,839 1,443,332
April
1,327,509
680,346 4,848,588
March
4,373,592 3,505,276 13.531,432
4th wkMay
527,750
389,927
6.935,920
April
792,809
830,827
4,128,261
March
234,463
224,208
718,808
April
1,018,183
962,184 4,326,389
March
222,845
141,882
685.176
Wichita Falls h N W
Yazoo & Miss Valley April
2,003,526 1,798,694
Current
%
$
*Monlhly Summaries.
Mileage.
+ 1,278,440 11.53
+ 1,294,717 11.89
+2,174,417 14.40
totals.
Current
Year.
EARNINGS—Weekly and Monthly.
11,088.114
10,885,509
15,097,292
our
Week or
Month.
or
6.679,491
12,957,316
7,517.103
longer include Mexican roads in any of
Increase
+936,108
+900,358
+2.304,481
+ 1,602,063
+911,381
+826,982
+2.076.040
+1,200,820
6,617,702
6.254.497
ROADS.
1,840,789 1,598,714
67,955,621 50,910,056
8,485,564 5,778,536
2,588,743
1,555,635
1,859,871
1,559,145
63.439
548,522
340,852
Buffalo & Susq
April
226,278
150,309
Canadian Nat Rys. 1st wk June
1,618,195 1,509,340
Canadian Pacific
4 th wkMay 5,432,000 4,505,000
Can Pac Lines in Me
April
283,439
347,612
Caro Clinch & Ohio.
April
521,406
441,947
Central of Georgia
March
2,073,346 1,738,687
Central RR of N J_- March
3,878,510 3,077,687 10,716.764 9,692,373
Cent New England- March
444,328
433,888
1,285.484
1,412,758
Central Vermont
April
431,809
448,729
1.878.254
1,645,303
Charleston & W Car April
293,971
279,548
1,136,560 1,042,996
Ches & Ohio Lines.
April
6,199,907 5,438,225 25,056,831 21,538,163
Chicago & Alton
April
1,682,120 1,980,676 8,469,266 7,736,254
Chic Burl & Quincy_
13216614 10479346 29,786,962 22,126.426
February
Chicago & East 111
April
1,852,938 1 828,764 9,154,083
7,455,375
Chicago Great West April
1.615.240 1,585,432 7,433,359 6,429,860
Chic Ind & Louisv__ March
1,123,669
851.988 3.465,092
2,576,401
Chicago Junction.
April
94,679
240,050
1,025,734
1,063,735
Chic Milw & St Paul
April
11879407 11967299 51,122,215 44,149,524
Chic & North WestApril
10525 992 9,840,278 46,233,257
38,734,266
Chic Peoria & St L_
February
208,128
113.706
410,082
239.012
Chic R I & Pacific.
April
8,960,968 8,272,617 40,918,204 31,882,242
Chic R I & Gulf..
April
476,599
377,268 2,149,873
1,463,458
Chic St P M & Om.
April
2.328.241 2,031,348 9,900,356 8,295,824
Chic Terre Il&SE.
April
239.527
287,355
1,551,058
1,257,461
Cine Ind & Western
April
281,345
225,971
1,355,903
886,064
Cin NO & Tex Pac_
April
1,494,493 1,435,788 6,242,971
5,572,445
Colo & Southern
4th wkMay
663,277
644,066 11,256,541
9,761,980
Ft W& Den
City; April
90.3,274
824,231
3,924,656
3,262,740
Trin & Brazos Val
April
115,384
95,342
603,380
405,108
Colo &
Wyoming
April
81,710
88,885
269,260
379,510
Copper Range
March
70.668
84.916
221,647
247,736
Cuba Railroad.____ March
1,445,334 1,283,088 3,663.613 3.614,833
Camaguey&Neuv March
217,087
199,739
Delaware & Hudson
February
2,428,366 2,273,580 5.200.331
4,937,534
Del Lack & West
April
4.402,572 5.480,194 20,913,874 21,810,350
Denv & Rio Grande
April
2,490,172 2,236,386 11,555,787
9,140,272
Denver & Salt Lake April
49,526
191,430
695,399
662,554
Detroit & Mackinac April
137,491
109,266
562,722
452,983
Detroit Tol & Iront.
April
285,913
284,417
1,434,019
1,199,332
Det & Tol Shore L._
February
116,751
160.707
303.112
365,830
Dul & Iron Range.
April
217,753
516.227
615,362
893,400
Dul Missabe & Nor.
April
341,123 1,130,206
862,771
1,728,324
Buff Roch & Pittsb- 4 th
wkMay
Latest Gross Earnings.
Previous
Year.
13.84
13.04
22.69
24.21
14.57
12.38
13.81
15.97
Curr.Yr.
May
-233,931
June
-232,169
July
-226,654
August
-233,423
September. .232,772
October.
-233,192
November -233,032
December.. -233,899
January
-232,511
February
.231.304
...
.
March
-213,434
Prev.Yr.
Previous
Year.
Year.
$
234,339 413.190,468
424,035.872
454,588.513
469,868,678
495.123,397
508.023.854
436,436,551
233,814 451,991,330
232,210 494.706.125
231,017 421.180.876
212.770 408.582.467
232,682
226.934
233,203
232.349
233.136
232,911
Increase or
Decrease.
%
S
378,058,163
393.265,898
469,246,733
502,505,334
185,870,475
489.081.358
439,029,989
440,481,121
392,927.365
348,749,787
347,090,277
4-35,132,305 9.29
+30.769,974
7.83
—14,658,220 3.13
—32,636,656 6.40
+9,252.922 1.97
+ 18,942,496 3.87
—2,593,438 0.59
+ 11,510,200
2.61
+ 101778760 25.90
+72,431.089 20.77
+61,492,190 17.72
[VOL. 110.
THE CHRONICLE
2480
Latest Gross
the table which
follows we sum up separately the earnings for the fourth week
of May.
The table covers 16 roads and shows 14.40% in¬
crease in the aggregate over the same week last year.
Earnings by Weeks.—In
Latest Gross
Increase.
1919.
1920.
Fourth week May.
118,348
548,522
2.389,889
5,432,000
663,277
179,491
Pacific
Colorado & Southern
Duluth South Shore & Atl
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hav & Milw
Canada Atlantic
18,698
5,981
""694
3,023,269
2,115
980,142
389,927
736,295
2,626
alifornia-Oregon
Railway
Alabama & Georgia. _
Pacific
Tennessee
Western Maryland
(14.40%).
Net Earnings
Monthly to Latest
Supplement for full details
2,207
528
137,823
110,884
Dates.—In our "Rail¬
April results for
regarding the
Net Earnings
Current
Previous
Gross Earnings
Current
Previous
Year.
Year.
Roads
Year.
Aprl5,226,698 13,301,950
63,938,696 50,199,190
9,840,278
Chic & North West-b_-.AprlO.525,992
Jan 1 to Apr 30
46,233,257
38,734,266
Apr 8,960.968
8.272,617
.
Year.
329,718
186,631
l,414,710def4054,704
315,416
909,782
3,113,126 3,186,995
11,757
981,551
4,946,203 2,228,874
123,744
69,384
599,332
158,098
def 118,164 def40,991
19,976 def104,252
def63 981 def25,930
def76,594 def 130,016
def3,138
58,232
defl76,188
39,338
40,918,204 31,882,242
Chic R I & Gulf.b
Apr
476,599
377,268
Jan 1 to Apr 30
2,149,873
1,463,458
Chic Terre II & S E.b
Apr
239,527
287,355
Jan 1 to Apr 30
1,551,058 1,257,461
Cin Ind & West.b-..—Apr
281,345
225,971
Jan 1 to Apr 30.
1,355,903
886,064
Det Gr Hav & Milw.b-Apr
322,371
347,864
Jan 1 to Apr 30
1,304,522
1,126,027
Duluth So Sii & Atl.b
Apr
410,887
341,502
87,865
17,098
Jan 1 to Apr 30
1,441,972
1,298,456 def51,577 defl9,451
Giand Trunk West.b...Apr
847,123
1,097,015 defl06.264
166,524
Jan 1 to Apr 30
4,726,952 4,061,519
831,993
795,499
Hocking Valloy.b
..Apr
780,836
765,558 def74,163
104,829
Jan 1 to Api 30
4,093,556 2,216,568
430.695 def365,185
Apr 9,475,760
.43,887,694
64,593
Jan 1 to Apr 30
276,388
Mineral Range.b
Apr
71,097
Jan 1 to Apr 30
217,982
Minn St P & S S M-b.-Apr 3,039,766
Jan 1 to Apr 30
12,446,531
Mo Kan & Tex.b
Apr 2,669,604
Jan 1 to Apr 30
11,826,472
New York Central.b
Apr25,331,086
Jan 1 to Apr 30
102,083,559
Jan
to Apr 30
1
Apr
Illinois Terminal.b
8,015,773 def247,106 def82,356
32,772,805 5,764,859 1,583,210
I 72,091
25,106
48,295
328,265
130,547
203,936
72,274
16,394
748
323,570 def35,020
17,072
3,131,747
265,353
420,780
12,131,329
670,577 1,549,219
2,565,829
214,165
279,700
10,103,488 1,731,650
704,854
22,701,274 2,988,004 2,643,140
91,467,178 9,564,671 11,282,766
Penn Lines East and West—
Monongahela.b
...Apr
262,909
Jan 1 to Apr 30
1,099,099
218,920
1,023,397
& St L b Apr 8,082,920
Apr 30
26,073,527
6,920,967
20,940,762
Apr 2,215,523
2,690,531
10,869,327
9,982,716
5,855,857
Pitts Cin Ch
Jan
Pere
1
to
Marquette.b
Jan
1
Apr 30
to
St Louis-San Fran.b
Apr 6,556,381
def86,164
def6,575
def340,228
83,534
defl76,836
229,983
1,033,421
5,113,739
131,781
396.816
def2
29,216
246,423
219,986
591,720
401,391
1,527,636
1,340,254
3,869,045
28,029,004 23,370,321
Vicks Shreve & Pac.b
Apr
388,321
237,839
41,498
Jan 1 to Apr 30
1,443,332
1,028,271
158,736
Western Maryland-b_._Apr 1,245,918
1,124,868
17,767
Jan 1 to Apr 30
5,426,568 4,378,019 defl43,906 def321,249
Yazoo & Miss Vail.b
Apr 2,003,526
1,798,694 def65,598
164,716
Jan 1 to Apr 30
9,452,835
7,336,040 1,437,486 1,252,573
Jan
1
to
Apr 30
b Not earnings here given are
Gross
Net After
Earnings.
Taxes.
$
$
Fonda Johnstown & Gloversvllle
Other
Income.
$
S
Balance,
Surplus.
$
RR Co—
36,129
3,876
40,005
34,507
5,498
19
102,314
4 mos *20
422,740
363,691
35,377
123,606
95,236
3,553
13,161
11,857
38,930
136,767
107,093
32,058
134,150
126,712
6,872
2,617
defl9,619
20
*19
ELECTRIC
RAILWAY AND PUBLIC
Latest Gross Earnings.
of Road
Company.
Name
or
Adirondack El Pow Co April
Atlantic Shore Ry
Bangor Ry & Electric
Baton Rouge Elec Co
Blackstone V G & El.
^Brazilian Trac.L & P
Bklyn Rap Tran SysaBklyn City RR
aBklyn Hts RR
Coney Isld & Bklyn
Coney Isld & Grave
Jan.
1
to Latest Date.
April
April
April
April
April
April
Previous
Current
Year.
Year.
February
711,161
4,570 J666.440
129,052
157,233
2,934
4,039
430,052 375,550
57,185
71,185
1621,032 1150,893
101,766
121,289
1,552,196
13,232
343,568
8,296
946,059
}l,379,372
143,438
3,225,785
267,569
5,856
774,464
116,418
2,403,667
273,145
207,446
269,324
29,360
22,536
232.536
14,910
342,575
April
_
Key West Electric Co April
Lake Shore Elec Ry.. February
Long Island Electric. February
April
April
February
February
Ry & Lt Co April
Louisville Railway
Lowell Electric Corp.
104,273
14,546
18,427
1485.918
203,795
315.116
461,479
207,063
448.921
22,605
2,869
54,583
317,785
16,986
4,818
Manhattan & Queens
Manhat Bdge 3c Line
cMilw El
Miss River Power Co. April
Nashville Ry & Light April
April
NewpN&HRy.G&E April
New York Dock Co.. April
New England Power.
N Y & Long Island.
N Y & North Shore.
February
_
February
-
February
February
February
N Y & Queens County
6N Y Railways
^Eighth Avenue
February
April
North Texas Electric. April
Ocean Electric (LI).. February
Pacific Power & Light April
Phila & Western
April
Phila Rap Transit Co April
Portland Gas & Coke. April
Port(Ore)Ry,L&PCo April
Puget Sd Tr, Lt & P. March
Republic Ry & Lt Co April
Richmond Lt & RR__ February
St L Rocky Mt & Pac March
Second Avenue
February
Southern Cal Edison. April
Tampa Electric Co.. April
Tennessee Power
April
hTenn Ry, Lt & P Co April
Texas Power & Lt Co April
Third Avenue System. April
Twin City Rap Tran. April
Virginia Ry & Power. April
109,022
44.956
1,879,847
2,805,110
1,011,607
13,853
650,032
213,369
11,126,351
705,790
2,832,869
Youngstown & Ohio.
917,583
493,364
36,236
282,074
55,262
789,823
98.579
179,066
459,251
259,377
659,568
42,777
416.537
13,109
1005,744
123,535
196.922
544,139
331,387
998,363
2,046,137
73,608
968,467
79,994
115.057
3,590,207 3,036,957
2,702.923
85,533
1,193,878
904,862
882,221
412,869
818,993
1,927,680
1,131,252
3,348,866
3,500,724
8,179,638
6,929,992
181,524
38,798
845,455
134,329
49,037
506,519
777,465
2,102,017
1,378,293
3,499,667
4,135,038
742,180
1017814
March
March
Wash Bait & Annap
Year.
962,371
723,398 3,695,629
310,205 259,595
1,248,478
7,841
6,577
17,804
209,446
168,319
803,810
63,421
57,529
223,020
3174,884 2909,234 12,096,561
215,777
160,923
829,851
738,752 706,244 2,958,907
844.117
| 2,569,748
bNinth Avenue
Northern Ohio Elec__
371,682
133.882
568,895
107,220
a The Brooklyn City RR. Is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919 the Brooklyn City RR. has been operated by its owners.
bThe Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 111919, respectively, since which dates
separately,
c Includes Milwaukee Light,
these roads have been operated
Heat & Traction Co. d In¬
Includes constituent or subsidiary companies.
/Earnings given in milreis.
g Subsidiary companies only,
h Includes
Tennessee Railway, Light & Power Co., the Nashville Railway & Light Co.,
the Tennessee Power Co. and the Chattanooga Railway & Light Ce.
i Includes both subway and elevated lines,
j Of Abington & Rockland
cludes
all
e
sources,
(Mass.).
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:
Gross
Net Earnings
Earnings
Current
Previous
Year.
Year.
Current
Year.
S
Light Co
(Subsidiary cosonly)a.Apr 1,660,116
May 1 to Apr 30
17,778,040
Previous
Year.
$
American Pow &
1,252,607
626,465
459,964
14,576,616 6,796,821 5,470,654
cl0245000 c9,208.000 c5,595,000 c5,096,000
c39,181,000c35,032,000c20,999,000cl8,256,000
Apr
907,475
759,688
399,287
350,295
10,415,936 8,984,456 4,280,818 3,896,164
Braz Tr,L&PCo,Ltd_a-_Apr
Jan 1 to Apr 30
Nor States Power
Co
May 1 to Apr 30
Southwestern Pow & Lt Co
(Subsid cos only).a.__Apr
698,927
May 1 to Apr 30
7,278,107
a
Net earnings here given are
481,330
5,925,508
288,837
2,891,165
164,337
2,116,535
after deducting taxes.
Given in milreis.
Year.
$
$
$
$
554,028
713,957
166,504 133,575
945,774
1,287,180
330,392 220,581
45,487
54,738
10,832
17,396
330,543
375,646
82,390
98,474
114,492
151,897
27,371
37,725
1.066.535
916,655
265,928 191,619
/I ,0245000 /9208000 /39181,000 /35032.000
26,981
520,595
1684,606
4599,227
JInterboro Rap Tran_ April
Kansas Gas &Elec Co April
Keokuk Electric Co.
Previous
Year.
$
$
186,058
184,534
159,819
131,752
432,639
315,245
8.386.728 7.345,948
160,862
140,961
5.327.617 4,380,074
526,044
404,018
10,135,406 8,266,581
479,310
411,438
4.286,077 3,410,291
940,752
821,156
1,254,390
997,605
5,543.163 4,155,920
647,682
611,736
1,338,745 1,068,602
497,655
430.074
454,999
364,934
109,312
90,231
609,996
500,794
272,680
221,749
1,182,973
995,404
642,355
422.211
1,100,061
965,508
427,251
351.573
1,870,307 1,675,375
420,271
392,730
2,675,342 2,086,769
149,258
121,269
269,527
237,782
35,534
177,498
155,676
24,629
113,414
104,017
445,855 1,078,981
959,187
1340,440 6,751,171
5,559,704
4015,037 18,388,848 15,322,035
212,122 1,152,680
938,492
24,213
113,388
99,391
18,245
84,469
76,566
174,416
463,768
365.870
14,406
37,357
29,596
339,350 1,319,111
1,303.102
79,260
418,382
338,537
18,104
34,349
38,206
11,375
38,719
24,110
1158,790 5,994.906 4,769,882
184,922
812,040
718.111
264,051
1,220,303 1,056,645
289,848 1,801,348 1,226,015
203,401
820,063
820,662
436,683 1,805,653 1,656.827
34,795
60,947
75,080
10,659
15,286
21,441
71,953
145,042
150,641
)
1,178,103 )
39,537
Houghton Co El Co.. April
Houghton Co Trac Co April
Hudson & Manhattan February
d Illinois Traction
April
Previous
Year.
February
February
February
February
Nassau Electric
February
South Brooklyn
New York Consol.. February
Bklyn Qu Co & Sub February
UTILITY COS.
Current
Month.
Alabama Power Co..
Honolulu R T & Land
C
i
April
April
Haverhill Gas Lt Co.
Companies.
Fixed
Charges,
Gross
Income.
$
April
Great Wast Pow Sys
Harrisburg Railways. March
Havana El Ry, L & P March
before deducting taxse.
109,882
Apr
March
Duluth-Superior Trac April
East St Louis & Sub. April
Eastern Texas Elec.. April
Edison El of Brockton April
Elec Light & Pow Co. April
eEl Paso Electric Co. April
Fall River Gas Works April
Federal Light & Trac March
Ft Worth Pow & Lt_. April
Galv-Hous Elec Co.. April
Georgia Lt. P & Rys. March
e
companies.
,
In the following we give all statements that have come
in the present week.
We also add the returns of the in¬
dustrial companies received this week.
Illinois Central.b
April
Cumb Co
all the separate
Chic R I & Pacific.b
Jan 1 to Apr 30
April
April
(Me) P & L April
Dayton Pow & Light. April
19,211
Earnings77 Section or Supplement, which accompanies
to-day78 issue of the "Chronicle,77 we give the April figures
of earnings of all steam railroads which make it a practice
to issue monthly returns or are required to do so by the InterState Commerce Commission.
The reader is referred to that
30
March
April
April
Consum Pow (Mich).
way
Baltimore & Ohio_b
Jan 1 to Apr
April
Chattanooga Ry & Lt April
Cities Service Co
April
Cent Miss V El Prop.
Columbus (Ga) El Co
Com'w'th P. Ry Sc Lt
Current
$
$
47.111
46.456
40,110
32,228
111,093
77,135
2175,658 1807,255
55,263
49,159
1236,830 998,638
128,911
100,249
2514,982 2007.033
117,399
93,750
1129,575 898,569
239,901
203,517
300,976 233,823
1866,245 1375,361
161,790 159,522
300,067 247,524
124,262
109,133
109.704
92,459
27,169
20,525
150,852
124,652
66,245
51,871
384,952 332,464
160,766
94,981
299,825 247,481
140,080
118,257
460.104 412,599
150,143
132,248
927,785 657,255
36,557
27.534
73,523
60,770
April
Cape Breton Elec Co.
1 to Latest Date.
Jan.
Previous
Year.
Year.
Month.
Connecticut Power Co
39,815
17,271,709 15,097,292 2,285,301.
2,174,417
Total (16 roads)
Net increase
Company.
^Detroit Edison.
Southern
Texas &
108357
9~2~7~666
Earnings.
Current
Cleve Painesv & East
210,851
...
Mineral Range
N evada-C
2,433,260
4,741
980,670
527,750
Canadian
or
Road
^Columbia Gas & Elec
2,788
207,670
16,671
6,675
3,759,564
Buffalo Rochester & PittsburghCanadian National Rys
115,560
340,852
2,498,746
4,505,000
644,066
139,676
2,644,111
Ann Arbor
Decrease.
%
$
Name of
Gross
Bangor Ry
Co
& Elec
12
Apr
mos
'20
'19
'20
'19
Chattanooga Ry
&
Apr
'20
'19
Light Co
mos
'20
Apr
12
'20
'19
Cities Service
Co
'19
12 mos
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
$
Surplus.
35,168
27,373
451,640
329,134
21,771
20,730
257,759
242,213
13,397
6,643
193,881
86,921
1,152,249
984,751
42,151
32,620
386,635
381,988
20,762
21,317
251,339
246,362
21,389
11,303
135,296
135,626
2,175,658
1,807,255
2,117,701
1,744,180
98,474
82,390
1,139,779
957,407
111,093
77,135
.
'20 20,988,330 20,299,401
'19 21,913,981 21,285,187
Commonwealth
Apr
Pow, Ry & Lt Co
'20
'19
2,514,982
2,007,033
12 mos '20 27,833,724
'19 23,386,932
823,958
747,600
9,294,471
7,956,370
156,102
1,961,599
1,571,435
172,745
1,964,865 18,334,536
872,653 20,412,534
585,220
537,564
6,623,504
6,253,856
238,738
210.036
2,670.967
1,702,514
JUNE 12
1920.]
THE CHRONICLE
Gross
Earnings.
8
12
403,847
4,392,510
3,769,699
177,357
150,171
1,771,996
1,685,889
239,901
203,517
2,888,196
3,114,017
79,803
52,659
973,290
954,897
56,010
23,793
56,164
668,935
798,441
def3,505
304,355
156,456
300,067
247,524
3,483,294
3,322,600
797,847
794,762
54,490
57,118
660,900
656,399
4,169
dofl6,770
136,947
138,363
160,766
94,981
1,618,465
1,284,519
86,823
44,136
825,586
575,399
13,346
12,846
159,908
151,724
174,074
132,192
X672.458
*427,751
460,104
412,598
5,588,540
4,965,796
246,144
251,230
3,086,410
2,933,946
155,986
128.855
1,776,982
1,549,789
90,158
122,375
1,309,428
136,871
79,668
1,218,179
1.008.039
65.122
36,173
533,764
464,862
16,140
16,123
199,968
191,530
48,982
20,050
333,796
273,332
173,114
132,142
85,248
59,256
963,443
732,003
38,377
36,750
466,749
*53,453
*26,174
*571,214
*327,779
mos
Apr '20
'19
Power & Light Co
12 mos
'20
'19
East St Louis &
Apr '20
Suburban Co System
12 mos
'19
'20
'19
Fort Worth Power
Apr '20
'19
'20
Light Co
V;y
12
mos
'19
Great Western
Apr '20
Power System
'19
12
*20
mos
*19
Apr '20
Huntington Devel
& Gas Co
12
*19
*20
mos
'19
Idaho Power Co
Apr '20
12
'19
'20
'19
1,945,908
1,575,148
Apr '20
269,324
mos
Kansas Gas & Elec
Co
'
:
'19
'20
.
12
mos
*19
May '20
Keystone Tel Co
'20
'19
69,960
67,991
794,757
927,421
39,873
39,655
475,746
231,326
74,914
'19
'20
197,114
2,577,683
2,065,101
75,279
901,118
732,017
32,691
25,529
193,835
201.776
891,762
700,998
102,226
120,753
449,553
399,622
'19
12
mos
Nebraska Power
Co
12
mos
'19
Nevada-California
Apr '20
'19
Corp
4
&
'20
'19
mos
'20
Apr
'19
Light Co
12 mos '20
'19
Portland Gas &
Apr *20
Coke Co
'19
12
'20
mos
'19
Portland Ry, Lt &
Power Co
Apr '20
12
Tennessee Power
Co.
'19
'20
'19
mos
Apr '20
12
'19
'20
mos
'19
Tennessee Ry, Lt
& Power Co
Apr '20
209,446
168,319
738,752
706,244
8.717.040
8,095,204
219,631
282,314
2,913,874
2,668,407
190,371
192,280
2,274,276
2,254,400
29,260
90,034
639,598
196,922
179,066
2,125,360
2,402,953
82,110
64,051
842,365
955,493
52,848
29,262
10,251
197,334
318,130
544,139
197,448
167,870
2.062,757
2,300,52/
128,641
127,751
1,549,816
106,299
77,342
1,274,164
1,080,888
58,029
54,481
657,036
676.334
234,090
267,937
2,027,059
219,829
459,251
5,688,499
331,387
'19
Apr '20
998,363
*19
Third Avenue Ry
259,377
3,735,958
3,353,830
904,862
9,555,111
8,359,780
System
10
'20
mos
'19
53,800
645,031
637,363
1,524,458
*89,670
*574,311
*366,723
65,811
35,984
*621,915
500,727
414,007
*50,959
York
Street
-Gross
Current
Roads.
Year.
FINANCIAL REPORTS
Louisville (Ky.) Railway.
{Report for Fiscal Year Ending Dec. 31 1919.)
Calendar Years—
1919.
Gross income
Div.
on
Year.
$3,080,296
180,000
175,215/
$3,796,103
$2,383,971
$3,460,200
$3,260,296
$1,876,631
$1,737,163
1355,3691
1627,000/
950,206
621,750
175,000
495,650
85,055
$3,796,103
~8~67 f.
_
175,000
496,591
95*,555
notes sold.
175,000
249,708
5,056
$3,453,960
6,024
$3,254,031
6,265
Depreciation
Total
$3,800,036
def$157,505
Balance, surplus
None
CONDENSED BALANCE SHEET.
1919.
1918.
*1 sscts
^
Cost elec. line, Ac. 13,674,037
Real est. & bldgs. 2,517,437
L.
&
RR.
I.
1919.
^
and
Other inves.m'ts
Material & supp
4,178,184
248,771
203,100
116,280
.
Cash
Bills & accts. rec
.
Profit & loss
4,181,454
257,566
383,204
110 477
51,486
Total
1918.
S
$
Liabilities—
13,672,705 Capital stock
2,516,848 Bonded debt
4,228,723
4,225,406 Collateral notes
Mach'y & equip't-
25,218,012 25.347.660
11,823,600 11,823,600
12,035,000 12,035,000
684,000
650,000
Current liabilities187,835
287,735
Int. coupons accr.
267,483
267,312
Dividends accrued
2,791
46,843
Taxes,
insurance,
&c., reserve
217,302
204,438
Profit & loss.
:
32,732
Total—
25.21S.012 25,347,660
—V. 110, p. 1188.
,
Missouri Pacific Railroad.
{Third Annual Report—Year ended Dec. 31 1919.)
The text of the report as
signed by President Harry Bronwith the comparative balance sheet as of
Dee. 31 1919, will be found on a subsequent page of this issue.
together
ner,
STATISTICS
FOR
CALENDAR
YEARS.
1919.
Revenue freight (tons)
Tons carried one mile
....
Freight revenue per ton.
...
Freight revenue per ton per mile
Passengers carried
;
Passengers carried one mile
1919
Net Earnings
Current
Previous
Year.
84,657
stock._
on common
Discount
1916.
$3,140,446
144,5391
155,416
$3,642,540
1
1917.
$3,556,031
Oper. exps.—City lines. $2,794,439
Federal, State, county &
city tax for 12 mos... 1
996,920
Int. on debt, pd. & accr.j
Div. on pref. stk. (5%)_
COMBINED
Railways.
Previous
Year.
1918.
Transp. rev. (city lines). $3,371,576
Mail, adv., trackage,&c_
165,667
L. & Int. Ry., net—
105,297
Revenue per passenger
Revenue per passenger per
Earnings-
,,
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
May 29.
The next will appear in that of June 26.
*24,343
After allowing for other income received.
New
,
*624.581
*408,251
Year.
Feb
Financial
68,807
40,119
612,941
776,069
Year.
Now in the hands of receivers.
*52,007
xdef41,276
222,436
xdef6,025
2,209,380 *df698,812
2,210,404 *df682,083
2,092,565
RR
*163,708
-30,336
29,139
353,628
352,889
'20
mos
44,379
46,057
*42,231
*64,310
*213,172
96,147
65.123
975,462
853,616
'19
12
234,255
234,386
*49,996
*585,229
*472,807
215.777
160,923
2,309,428
1,970,268
5,762,085
Apr '20
Light Co
59,049
56,038
*43,525
533,109
529,980
*19
Texas Power &
376,668
302,749
28,336
319,011
449,543
2.329,700
1,931,298
'20
mos
477,878
78,785
70,746
30,087
95,739
84,796
1,098,066
889,235
'19
12
*
16,169
13,793
*
*335,132
35,338
29,062
177,776
145,772
Net Earnings
Previous
Current
Year.
42,777
36,236
defl ,639
defl5,591
Jan 1 to Feb 29
85,533
def 26,181
<3,608
1,270
Note.—All the above net earnings are after
deducting taxes.
Comparisons with February ,1919, are chiefly affected by conditions arising
out of the severe snow storms during the current month.
t The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of tne Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore
since Oct. 18 1919 tne Brooklyn City RR. has been
operated by its owners.
{ The Eighth Ave. and Ninth Ave. RR. Cos. were formerly leased to the
New York Railways Co., but these leases were terminated on
July 11 1919
and Sept. 26 1919, respectively, s*nce which dates these roads have been
operated separately.
•
*15,332
*14,239
437,668
51,507
42,855
Year.
$
Lt &
Richmond
*301 ,517
256,561
216,518
*19
Apr '20
1,384,157
46,730
44,717
315,116
264,051
3,388,042
3,081,964
'20
mos
Ry &
Light Co
257,687
253,676
2,620,514
2,082,810
508,622
Apr '20
5
Nashville
Pacific Power
445,070
61,102
58.660
806,350
754,496
144,353
134,297
717,821
654,197
'19
Electric
212,122
2,881,604
2,335,026
58.659
40,348
-Gross EarningsPrevious
Current
Roads.
$
435.044
1,129,575
898,569
'20 12,384,176
'19 10,169,255
3481
Balance,
Surplus.
'19
Cumberl'd County
&
%
Fixed
Apr '20
Co
I
Charges.
$
Consumers Power
Net after
Taxes.
CORPORATE
AND
30,878,666
7,548,925,232
$2,056
1.036 cts.
0.841 cts.
15,185,970
763,591,498
14,503,352
765,248,121
$1.3624
2.71 cts.
$1.347
2.55 cts.
mile
AND
1918.
27,199,222
__6,427,444,754
$2.44712
FEDERAL
1918—CORPORATE
1919.
INCOME
ACCOUNT
1918.
1917
ACCOUNT
AND
1917.
FOR
1916.
1916.
Avge. mileage operated.
7,204
7,221
7,325
7,437
Operating Revenues—
Freight.. —.—'—
.$66,559,805 $63,486,625 $57,504,651 $52,622,444
Passenger
20,689,218
19,535,391
14,912,673
12,031,982
Mail
1,382,555
1,587,908
1,605,883
1,696,655
Express.
2,269,018
2,148,760
1,972,156
1,674,819
Miscellaneous, 1,326,419
1,458,667
1,309,498
1,212,435
Incidental
]_
1,262,243
1,343,846
991,548
715,813
Joint facility...
87,823
51,200
23,906
18,663
—
Brooklyn Rapid Transit System—
t Brooklyn City RR__Feb
711,161
Jan 1 to Feb 29
1,552,196
tBklyn Hts RR (Reel.Feb
4,570
Jan
1
to
Feb
29
1
to
Feb
1
to
Feb
def4,843
64,849
114,404
def 8,095
29
—
Coney Isld & Graves'd.Feb
121,289
101,766
defl0,536
def4,673
273,145
29
♦Coney Isld & Bklyn.Feb
Jan
def62,425]
13,54o)
666,440
1,379.372
13,232
♦Bklyn Qu Co & Sub..Feb
Jan
......
207,466
def 5,344
def 12,201
1.57,233
343,568
129,052
267,569
def7,200
11,140
6,362
def11,140
4,039
8,296
2,934
5,856
def3,005
def4,973
defl ,133
def2,779
Feb
430,052
def24,250
def52,872
5,291
916,059
375,550
774.464
*N Y Consolidated—Feb
1.621,032
3,225,785
1,150,893
2,403,667
71,185
143,438
57,185
116,418
Jan
1
to
Feb
29
__
♦Nassau Elec Co
Jan
Jan
South
Jan
1
1
to
to
Feb
Brooklyn
1
to
29
Feb
29
—
Feb
—
Feb
29——
{New York Railways—Feb
Jan
1
to
Feb
29
Jan
1
to
Feb
29
1
to
Feb
29
Hudson & Manhattan—Feb
Jan
1
to
Feb
16,986
109,022
Feb
{Ninth Avenue RR
Jan
317,785
20,094
293,999
290,926
535.863
540.082
10,273
21,063
6,025
4,098
defl
39,038)
def 80,714
168,809
136,395
4,818
44,956
Jan
1
Elevated
Jan
1
to
Feb
445,855
959,187
343,199
177,846
394,008
Feb 2.799 403
5,610,113
2,129 566
4.420,546
1,258,291
2,413,367
876,580
1,760,341
Feb
29
Division
to
Feb
1,669,521
3,302,949
1,369,604
2,892,270
350,722
568,457
260,757
529,988
18,427
11,375
def644
defl 00
29
Manhat Bdge 3c Line—Feb
Jan 1 to Fab 29
Operating income
$6,253,017 $13,113,026 $20,828,963 $15,526,653
equipment
Standard return
Inc. from funded
•
securs.
Inc. from unfund.
sees..
Miscell. rent income
property
Miscellaneous income
Dividend income
def 5,820
def22,199
Queens County. .Feb
Jan 1 to Feo 29
54,583
145,042
71,953
150,641
def25,925
def55,512
def2.3,501
4,801
Hire
Long Island Electric.__.Feb
14,910
37,359
14,406
def 3,918
29,596
def 7,280
def4,581
def 13,866
Rent for equipment—
Joint facility rents
defl 7,329
def27,135
defl ,653
Jan
1
to
Feb
29—
N Y & Long Island
Jan 1 to Feb 29
Feb
22,605
60,947
34,795
75,080
Ocean Electric
Jan 1 to Feb
Feb
7,841
17,804
6,577
13,853
Feb
2,869
15,286
10,659
21,441
def12,ol0
14,546
34,349
18,104
38,206
def5.155
def 7,697
3.
29
N Y & North Shore
Jan 1 to Feb 29
Manhattan & Queens—Feb
Jan 1 to Feb 29
,
'
def20,765
def24,222
def 8.959
2,472,593
80,853
$372,785
4.53,109
$325,980
455,734
"154", 776
218,351
125,864
131,885
130,320
104,135
55,261
73,098
41,064
20,764
168,375
109,849
83,284
56
def724
N Y &
$329,174
409,193
14,206,814
178,531
113,129
140,948
Misc. non-oper. physical
def 61,825
def74,677
tin
$275,937
448,601
14,206,814
305,796
90,210
171,008
122,010
1,165,293
93,040
Joint fac Lty rent income
24,110
Feb
1,734,745
21,725,162
213,774
1,578,952
Cr.191,812
—
55,262
115,0.57
Avenue Ry
1 to Feb 29-.
14,010,096
1,691,349
$73,231,738 $53,248,038 $51,342,397
$10,219,457 $16,380,659 $25,072,275 $18,630,415
3,935,523
3,249,649
4,220,700
3,068,780
Uncollectible revenues..
30,918
17,984
22,612
34,983
revenue..
38,719
Jan
12,448,601
26,326,277
275,442
1,708,652
Cr. 147,817
Total oper. expenses..$83,357,624
Net
13,109
79,994
♦Second
18,577,824
1,071,352
36,522,014
370,832
2,136.230
Cr.78.600
Non-One rating Income—
Interboro Rap Tran System—
Subway Division
1,015,199
Transportation—rail line 39,689,848
Miscellaneous operations
473,830
General.
2,536,626
Transp. for investment.
Cr.79,647
Rent for
620,595
1,078,981
29
Traffic—
85,363
def94,452
def24,652
def26,413
917,583
1,879,847
revenues..$93,577,081 $89,612,397 $78,320,313 $69,972,812
Operating Expenses—
$14,632,086 $10,945,534 $12,271,479
Railway tax accruals
def 211,200
1,178,103
Feb
{Eighth Ave RR
'
Total oper.
Maint. of way & struc—$18,940,384
Maint. of equipment... 20,781,384
6,804
152
335
def2,433
def4,974
def830
defl ,227
Total non-oper.
Gross income
$16,878,709 $18,059,803
$1,470,914
$1,443,872
$23,131,725 $31,172,829 $22,299,877 $16,970,525
inc
Deduct—
of
freight
cars—
debit balance
Standard
—
_
return
Miscellaneous
rents
Miscell. tax accruals
Int.
on
funded debt....
Int.
on
unfunded debt..
Miscellaneous
Total deductions
Net income
$1,113,356
248,289
1,448,438
14,206,814
182,762
19,976
10,041,226
420,248
1,432,402
$616,015
219,107
1,357,067
14,206,814
129,047
22.664
10,080,326
50,403
2,553,918
$119,063
200,930
1,342,031
202,024
19,267
11,055,028
344,960
51,469
$657,912
181,455
1,346,993
222,812
72,031
13,349,749
83,093
97,472
.$29,113,509 $29,284,845 $13,334,774 $16,011,517
def.$5,981,784
$1,887,984
$8,965,104
$959,008
Total
Year 1919.
Year 1919.
„
Operating income.._def.$235,000
Rent from equipment...
'j
Joint facility rent income
Standard return
14,206,814
Miscell. rent income
171,008
Misc. non-oper. physical
property
....
117,135
Dividend income
!.
93,040
Income from fund. sees.
305,796
do
unfunded securs.
92,284
769,788
$6,253,017 $13,113,026
$275,937
$329,174
$6,488 ,017
$275, 937
395, 505
Total non-oper.
Year 1918.
$93,577,081 $93,577,081 $89,612,397
$83,357,624 $83,357,624 $73,231,738
10,219,457
10,219,457 16,380,659
3,249,649
$235,000
3,700,523
3,935,523
17,984
30,918
30.918
Railway oper. revenues.
Railway oper. expenses.
Net rev. from ry. oper—
Railway tax accruals...
Uncollectible railway rev
^Miscellaneous income.
.
inc...$15,755,864'
$15,520,864
Gross income
448,601
14.206.814
171,008
409,193
14,206,814
157,555
122,010
448, 601
109.849
80,853
197,250
113,129
2,455,986
4,875
93,040
305,796
90.210
1,165,293
deb.2 074
$1,122,844 $16,878,709
$18,059,803
$7,610,861 $23,131,725
$31,172,829
$1,113,356
248.289
1,448.438
14,206.814
182,762
19,976
219,107
1,357.067
14,206.814
178,531
22.664
1,667
10,080.326
50,403
79,720
2,472,531
$1,113,356
Rent for equipment
248,289
1,448,438
14,206,814
Joint facility rents
return
rents
182.762
19,976
Miscellaneous
Miscell. tax accruals
151
151
Separately oper. prop..
on funded debt
on unfunded debt..
Maint. of invest't org'n
aMIsc. income charges..
46,800
Int.
10,041,226
420,248
225,737
769", 788
10,041.226
373,448
225,737
436,726
Int.
1,206,514
$11,280,025 $17,833,484 $29,113,509
$29,284,845
$4,240,839*$10,222,624 *$5,981,784
$1,887,984
income...
items of revenue, operating expenses and taxes
applicable to period prior to Jan. 1 1918, paid by U. S. RR. Administration.
—V. 110, p. 2387.
a
Includes
,
Central
Vermont
Railway
Co.
(20th Annual Report—Year ending Dec. 31 1919.)
President E. C. Smith, St. Albans, Vt., April 13, wrote
in
substance:
Bonds—Refunding.—The 4% 1st M. which matures on May 1 1920
is for $12,000,000 and was placed on the property 20 years ago, being
guaranteed as to interest only through a traffic contract with the Grand
Trunk Ry. Co. whereby 30% of the gross traffic interchange between the
two corporations was pledged to make up any deficit in the income.
The
present uncertainty of the money market and the inability to obtain any
consideration from bankers or other financial institutions of an arrangement
which involved the sale of new bonds to pay off maturing obligations
New
necessitated other arrangements.
After much negotiation it was
finally arranged that a new refunding
$15,000,000 should be placed upon the property, this mortgage
both as to principal and interest by the Grand Trunk
Ry. Co. of Canada, to carry the rate of 5% interest payable semi-annually
and to mature May 1 1930.
These bonds when printed and executed are
to be offered to the holders of the maturing mortgage in exchange dollar for
dollar.
Contracts have been entered into for printing the bonds and it is
expected they will be ready for delivery during May 1920.
It is believed
that substantially all the holders of the 4% maturing mortgage bonds will
take advantage of the arrangement and exchange their bonds.
Already a
large majority of the holders have consented to make the exchange.
[The time for deposits, subject to approval of committee, has been extended
mortgage of
to
be guaranteed
until June 30. —V. 110, p.
1972, 1848, 1289.]
of Accounts with Director-General.—According to the statement
[pamphlet] report, the balance due the company from the
Government is $/75,512.
As against this balance the Government holds
Balance
attached to this
this
$640,009, advanced during the years 1918 and 1919
company's notes for
contract with the Director-General was consummated.
This
statement will undoubtedly form the basis for the final settlement with the
Government when the roads are returned to private ownership.
Additions and betterments to the company's property were made by
the Director-General in 1919 aggregating $145,972.
Valuation.—The company will claim, and undoubtedly successfully, that
the value of the inventory taken over by the Government will have to be
before the
equated into the values of the present day and this transaction should add
between two and three hundred thousand dollars to credit of company.
-Rails
(Miles) Locomo- Pass. Freight
80-lb.
75-lb. 72-lb. 60-lb.
56-lb.
tives. Cars.
Cars.
Years Ended—
258.3
75.1
12.4
39.7
120.6
104
108
2,927
Dec. 31 1919—
No figures available
109
2,990
Dec. 31 1918
104
221.1
109.2
48.0
32.0
132.3
109
3,058
Dec. 31 1917
107
212.0
113.1
48.8
32.0
136.7
109
3,147
June 30 1916
100
207.5
116.2
48.8
32.0
138.1
109
3,194
June 30 1915
97
FEDERAL
STATISTICS AND FISCAL RESULTS FOR
1918.—CORPORATE 1917 AND 1916.
1919.
1918.
1917.
1916.
OPERATING
CALENDAR YEARS 1919 AND
V
Passengers carried
1,368,709
Passengers carried 1 m.. 39,541,851
Earns, per pass, per
Tons carried
Tons carried one
3.02 cts
mile
1,514.528
41,165,036
2.6 cts.
1,144,120
32,795,608
2.88 cts
1,555,153
42,856,215
2.48 cts.
4,037,076
4,521,236
4,333,773
4,405,440
mile...298,416,307 285,222,422 267.482,693 326,791,438
1.52cts.
$4.99
$1.55
1.4cts.
$4.12
$1.41
1.2cts.
$3.49
$1.27
1.01 cts.
$3.06
$1.18
$4,524,675
1,197,307
566,405
$4,042,244
—
946,055
584,514
$3,214,417
1,069,748
532,413
$3,290,655
1,063,404
457,271
Total oper. revenue..
$6,288,387
$5,572,813
$4,816,578
$4,811,330
$1,001,413
1,358,726
96,682
$530,427
753,640
104,398
2,470,232
134,649
28,702
$587,288
627,403
110,963
2,146,073
117,191
29,014
$4,022,047
$794,531
$3,617,932
$1,193,398
207,009
192,750
Earns, per ton per mile_.
Earns, per fgt. train mile
Earns, per pass,
train m.
Operating Revenue—
Freight
Passenger
Mail, express, &c
Operating Expenses—
and struc. $1,270,494
Maint. of equipment.__
1,535,408
Maint. of way
Traffic
expenses
Transportation expenses
General expenses
Miscell.
operations
105,177
3,739,450
232,499
24,934
3,379,330
170,451
11,679
...$6,907,961
$6,018,281
-_def$619,574 def$445,467
Total
Net
earnings
3,000,000
Capital 3tock
_a3,000,000
1st M. 4% bonds. 12,000,000 12,000,000
35,000
Collat. trust bonds
35,000
17,036,878
284,694
325.382
4 ,973,915
,803.934
Advances
4,973,916 Non neg.dt.to aff11. cosNotes
8,282,615
2,698,426
68,632
75,100
75,100
investments
Other
34 3,000
245,000
Equip, tr. notes..
Inv. in affli. cos/
Stocks....
$
$
Li bllitie5—
Open accounts..
68,632
767,553
8,349",264
64,112
2,046,491
49,691
5,395
Loans & bills pay.
11.159
23,463
Traffic,&c.,bal.pay.
7,214
accounts.
107,933
172,855
Accts. & wages pay
,986,257
Int. & divs. recelv.
8,723
10,223
12,207
matured.
13,694
| Int. & rents accr'd
Other cur'nt llabils
127,871
63,589
Cash..
Special deposits
Miscell,
6,864
Other cur'nt assets
Deferred assets...
,975,358
59,329
6,388
U.S.Govt.unadj.deb
42,000
Secur. issued, unpl.
do
pledged 1, 226,000
229,715
225,573
\ Deferred llabils
i U.S.Govt.def.liabil. 2,199,846
3,964
3,175
paid in advance.
300,000
2,932,613 i RR. Admin, loan.
Rents & ins. prem.
Other unadj. debits
93,491
30,356
573
31,414 |
23.082
U.S.Govt.def.ass'ts
Interest
2,139,728
727,560
807,841
2,331
42,000 U.S.Govt.unadj.cred.
30,132
1,226,000 Profit and loss..—
25,999
82,892' Accrued deprec'n.
I Other unad j. cred.
4,663
......
a
Total
.29,826,133 29,612,0401
Total
127*,243
,
29,826,133 29,612,040
—
Issued, $2,984,600; scrip, $15,400.
Contingent liabilities in respect
^
of principal of and interest on
$200,000
value 1st Mtge. 4% bonds of the Montreal & Province Line Ry. Co.,
$37,000 par value Central Vermont Transportation Co. 5% steamship
gold bonds, both issues being guaranteed by the Central Vermont Ry. Co.
—V. 110. p. 1972.
; V
v :
par
and
Philadelphia Rapid Transit Company.
(Official Statement Issued in May
1920.)
chapters
Talk-Itmeetings and the annual report for 1919 (V. 110, p.
Mitten, supplementing in effect the
contained in the 3-cent Exchange Case booklet, the
—President
Total deductions
♦Deficit,
5
Inv. in road<feequlpl7 ,114,201
Improv. on leased
railway prop'ty.
1918.
1919.
1918.
5
Assets—
$616,015
Deduct—
Hire of freight cars
Net
1919.
Total
Federal
Corporation
Year 1919.
BALANCE SHEET DECEMBER 31
YEARS.
RESULTS FOR CALENDAR
Standard
(Vol. 110.
THE CHRONICLE
3483
194,981
189,614
041,027
030,073
Taxes
Net from rentals, &c—
Over
1409), says in substance:
with program for 1920, is
Pike loop, 0.10 m.; (6)
$773,527
$605,008
$587,522
$1,000,648
$2,275,000.
-
Gorgas Lane
1.30 m.;
Spruce St.—63d St. and loop,
town connection, 8.50 m.; (e)
developed
of surface
accordance
Included therein are: (a) Bethlehem
connection and loop, 0.30 m.; (c)
(d) Boulevard Line, including Nice-
(f) Champlost St., Ogontz to
Roxborough double track and loop, 2.43 m.;
York Road, 1.08 m.; (g) Fifth St. to Chelten,
St.
1.85 m.; (h) Sansom St., 8th to 22d St. and rebuild, 0.89 m.; (i) Filbert
connections and rebuild, 0.42 m.; (J) Race St., 2d to 22d Sts. and rebuild,
0.70
'.'•••
in.
for Financing.—The proceeds of the $6,000,000 Equipment Trust
follows: (a) About $3,000,000 to retire already issued
(6) $1,000,000 to pay a temporary loan, made last fall
for capital expenditures of last year; (c) $2,000,000 to modernize equipment
on 300 additional cars to make them fit for service, providing terminal loops,
&c., and in relaying 20 miles of track with heavier rails.
The manner of financing extensions, as orovided in the 1907 agreement, is
by issuing mortgage bonds guaranteed by P. R. T., and which, it is expressly
stipulated, shall in no case be sold for less than par.
It is obvious that such
bonds under present market conditions would be salable only to such an
extent as they might be purchased by those who expect to reap an immediate
benefit from the building and operation of the desired extensions.
Car Service.—It is now apparent (May 27 1920) that it will not be possible
to have the Frankford Elevated in operation in time to handle the traffic
of next winter.
Therefore, it must now be determined what can be done to
meet the traffic conditions that it ts known will exist during the Christmas
peak of 1920.
As clearly set forth in our report for 1919 (compare V. 110,
p. 1409), Philadelphia's street-car system will be much overtaxed during the
winter of 1920-1921, and nothing should interfere with intelligent co¬
operation by city and company for the maximum, by: (1) rearrangement of
streets and traffic with enforcement of traffic regulations to avoid delays to
street cars, and (2) uncorking the bottle-neck of Market St. traffic at Penn
Plans
Loan will be used as
car
trust certificates;
Square.
...
.
proposed changes [mentioned in detail in the printed summary] will
the delivery district except on 12th and 13th
streets north of Filbert, and this overloading will be cured when the Frankford
Elevated is placed in operation, at which time the service on the
surface lines will be much diminished because of diverted traffic.
Skip-stop savings produced for the winter of 1919 the equivalent of 74
cars.
The remaining economies yet to be made effective on this account
will be the equivalent of adding 8 additional cars during next winter, which,
added to the 46-car capacities saved by rerouting and the 300 reconstructed
cars, makes a total of 354 additional car capacities possible of accomplish¬
ment by P. R. T. for use during the winter of 1920.
Car Capacities.—872,000,000 passengers were carried during 1019 by a
combined elevated and surface car capacity equivalent to 2,707 effective
surface cars (322,000 passengers per car).
1,000,000,000 passengers will be
carried during the next 12 months, under present conditions, with an addi¬
tion of 300 cars reconstructed in company shops, and the 54 from proposed
rerouting, &c., making a total of 3,061 effective surface car capacities for
The
relieve all of this overloading in
the winter of 1920.
.
.
Revenue—Effect of Universal Three-Cent Transfers .—It must not tee
a greater revenue will also be required to meet increasing
costs, to provide the additional facilities now required, and later to support
city's investment in Frankford "L" and such other high-speed lines as may
More
overlooked that
'
be later undertaken.
Upon the estimated basis of 1,000,000,000 passengers
to be
.
,
.
carried during
would, it is estimated, be carried
on free transfers, if present conditions remain unchanged.
Approximately
85,000,000, or 50%, of these free transfer passengers ride only because it is
free, and for such short distances (less than % mile), any charge for trans¬
fers would cause them to walk, so that if a charge were made for all trans¬
fers, the semi-wasted car capacity now used by these 85,000,000 passengers
per year could be made available for the use of passengers who must depend
upon our cars for their necessary rides.
If a charge were made for transfers,
his estimated falling off m snort
transfer riding would result in transfers between surface lines decreasing
45% and transfers between surface and elevated lines decreasing 70%or
which 30% would be diverted to the direct surface routes, still bringing
passengers to the delivery district for a 5-cent fare.
It is estimated tnat
the remaining 40 % would walk to and from the elevated in preference to
paying for the transfer.
.
,
If all transfers be charged for, the number of passengers to be carried
this year would be but little in excess of the number carried in 1919. while
the advantages brought about by improved routing, increased termmas
facilities, &c., would he all to the good.
The comparative results follow:
1919
1920 Est.
1920 uithm
Actual.
as Now.
3c Transfers.
the next 12 months, 170,000,000 passengers
.
Passengers carried
Effective car capacities
Pass, per car capac. per
Operating income
•
described, are all moves in a general
Track Extensions.—The moves, now
direction, which do not interfere with the bigger plan to be
following the 1920 program.
The estimated cost (May 1920)
extensions and terminal loops to an aggregate of 17.57 miles, in
872,000,000 1,000.000,000
2,707
3.0^1
322,000
327,000
o
annum.—
915.000,000
onn'nnn
299,000
Question of Increased Fares.—The company carried 445,599,000 passengers
1910.
The estimate then made of a normal increase of 4% per annum
was
expected to produce 634,226,331 passengers for 1919;
in
CORPORATE
INCOME ACCOUNT FOR
1919.
Compensation
CALENDAR
1918
accr'd.$828,625 $828,625
Int.
on
on
Miscell. rent income..
3,877
3,802
Int.
Inc. from fund, secur.
3,000
3,000
Miscell.
funded debt..$459,132
unfund. debt.
83,404
income
the number
YEARS.
1919.
1918
$463,873
57,847
212,741
Gross income
9,875
6,437
1,541
& accounts..
Miscell. rents
622
69
Corporate expenses...
25,591
13,038
$990,892
4,645
$846,919 $846,509
Net income, deficit...
Balance to
Deductions—
Rent for leased
114,575
Total deductions—.$927,223
secur.
Miscell. income
cbgs.
Railway tax accruals.
Income from unfunded
roads_$216,553 $216,553
27,287
page).
Base—1,000,000,000 Passengers per
$80,305 $144,3S3
profit and
loss, deficit
$80,305 $144,383
26,771
''From this account it will be noted that there is an apparent deficit of
$80,305 in the income account.
This, as in the preceding year, was occa¬
sioned by paying up lapover items of expense that were properly chargeable
to the corporation and paid by the Government."
_
actually carried in 1919, however, was 872 million passengers, of which
238,529,066, represents the actual increase over the estimated under nor¬
mal or usual conditions.
The car rides per annum per person were in¬
creased from 288 rides per annum in 1910 to 425 rides per annum in 1919.
P. R. T., under present conditions, must be prepared to carry a billion
passengers during the coming year.
Upon this basis, at present rates,
passengers and earnings would be as follows (see news item in a following
5-cent
Fares
3-cent Exchanges
Free
Transfers
Year—$39,800,000 Revenue.
Passengers.
Revenue.
76% 760,000,000 $38,000,000
6% §£$99*992
1.800,000
17% 1170,000,000
—
.
Employees' Tickets, &c
1% 10,000,000 1
Of the 170 million passengers carried free, 85 million, it is thought, could
be well expected to pay 3 cents for the privilege of the transfer ride, as is
June 12 1920.]
THE CHRONICLE
done!byI60 million of their fellow-passengers for similar service.
adjustment would at
once
require that all transfer
This
passengers make the same
Sayment for the total passengers carried, requiring the outset produce added
ut 8.5% of the same service, and while would at additional payment from
revenue
approximating $2,500,000
annum.
per
The elimination of exchanges in the congested delivery district for the
protection of capacity, would cause the payment by passengers of 5-cent
fares as between lines terminating in the district, but without charge for
the privilege of riding directly through the district in cars so routed.. The
additional revenue from the extra 2 cents then collected (being the differ¬
ence
between the 8-cent exchange and the two 5-cent fares then necessarily
paid by
transferring within the limits of the delivery district) is
passengers
estimated to be $500,000 per annum, while the added relief from congestion
foUowing this move will be of almost incalculable benefit.
$3,000,000, representing the sum thus obtainable by the making of a
universal 3-cent charge for transfers, and the elimination of exchanges in
theWelivery district will, it is estimated, provide sufficient revenue to meet
such improvement costs as are chargeable to earnings under Public Service
Commission rulings, and in addition safely meet P. R. T. present charges
and increased operating expenses, including the increased wage rate which is
based on a maximum of 65 cents per hour for trainmen, leaving the way
openjto such further fare increases as may later be found necessary.
a horizontal increase in fare would destroy much of the
short riding which has been so industriously encouraged by the present
management.
This additional business, so carefully worked up since 1910,
must not be jeopardized by a reversal of policy at this time.—V. 110, p.
2193. 1749.
^Establishment of
196
Marland
Refining Co., Ponca City, Okla.
the
meeting of the board at Ponca City, Okla., on
May 15, President E. W. Marland presented the proposed
plan | for the organization of a holding company to acquire
stock of the Marland Refining Co. and Kay County Gas Co.,
and suggested that in view of the possible danger of burden¬
ing the stockholders with a large income tax in making such
exchange of stock, that there be appointed committees from
the stockholders and directors to formulate, if possible, some
feasible plan, free from the danger of such tax burden, for the
consolidation of the control and ownership of the Marland
Refining Co. and Kay County Gas Co.
y
19
For
the
Mr. Marland
on
May 15, addressing the directors, said
sufficient production
in the Louisiana fields, or in the Mexican
its
continued
successful operation.
The company has
corps of geologists into Mexico to make locations for future
Balance Sheet.—The balance sheet of Marland
assure
sent
a
Refining Co.
Organization.—The Marland Refining Co. had its inception in April
1917 just three years ago, when it absorbed the Marland Oil Co. and the
101 Ranch Oil Co.
Its capitalization at that date $2,500,000 was in Feb¬
ruary, 1918, increased to $10,000,000, and in May, 1919, to $25,000,000.
Since its organization your company has paid quarterly dividends of
2H% while the remainder of its earnings were used to build up its proper¬
amount
of money put
into this company from time to time
bytits stockholders, together with the dividends paid to them is
$11,412,613.
It is the opinion of
Stock
present price of Marland stock against a price of $8.00 in October when oil
from the properties were not equal to the present runs and the market
price of the oil was only $2.25 per barrel.
;
runs
MARLAND
REFINING
CO.
EARNINGS
STATEMENT
FOR
THREE
MONTHS ENDED MARCH 31 1920.
|
[Net earnings before provision for depreciation, depletion and Fed. taxes
Gross Income.
January
February
—
Total for
three months
.
Net Income
—:_$1,198,607
1,188,864
1,751,323
-
March
$373,548
$4,138,795
2,198,723'
$1,182,572
870,894
-
October, November and December
400,427
408,597
MARLAND REFINING CO., PONCA CITY, OKLA.—BALANCE
Dec. 31'19.
A. sscts****
§
Fixed assets
Tank
—'
cars.
1920
—
-
Total
733,428
650,623
989,590
,
768,806
on
aws
be strengthened by even closer alliance if the stockholders of the
sev¬
consider such course wise.
Production.—From the date of its organization,
the Marland Refining
Co. has been the owner of many valuable oil and gas leases all located within
a radius of 100 miles of Ponca City.
Some of these are owned outright
while others are owned jointly with other oil producing companies.
The
production of oil from these leases beginning January 1918 follows:
Leases—in
Thousands
of Barrels.
Jan. Feb. Mch. Apr. May. June. July. Aug. Sept. Oct. Nov. Dec.
-
95
65
135
62
141
69
141
74
198
78
209
185
187
200
...
—
...
...
—
78
80
81
80
180
174
170
187
In January, 1918, the production came from 64 wells.
In March, 1920,
it was from 213 wells.
In January, 1918, you had only 19 properties from
which you were producing oil.
In March, 1920, your production was com¬
ing from 38 properties.
You are to-day drilling on 28 leases and before
the end of this year will undoubtedly add largely to the number of your
producing wells and properties. A new pool discovered by us in the Western
Osage within the past two weeks, our initial well, is producing over 700
barrels per day.
In the block of acreage on which is this discovery well you
own 480 acres.
We are also constantly acquiring from time to time large
acreages in compact blocks within reach of our presnet facilities from which
we hope to obtain ultimately a supply of oil.
Gasoline Plants.—Since its organization in 1917 your company has built
three casinghead gasoline plants—one in the Ponca Field, one at Newkirk
and one at Garber.
The first two Marland Refining Co. owns and operates
itself.
The third was built and is owned and operated in partnership with a
company that is equal partner with it in leases at Garber.
These plants
are making a good average return on the capital Invested.
Refineries.—Covington, Okla., refinery was purchased in 1919 for the
purpose of refining the oil produced by your company from its Garber
properties.
It has a daily capacity of 1,000 barrels and is being run to
about 75% of its capacity.
In April,^1918, we began operating our Ponca Refinery, running approxi¬
mately 500 barrels per day.
This capacity has been increased from month
to month until during April, 1920, a new peak of 5,000 barrels for one day
was reached.
In another month this plant should average daily 5,000
barrels.
Your refinery earnings alone for the quarter were: January,
$47,097; February, $48,257; March, $92,884'.
The number of barrels of crude oil refined in January was 61,439; in
,
t
,
February, 68,365; in March, 105,663.
This is based on finishing light ends
throwing the residuum into storage for later treatment.
With
the completion of the lubricating plant and wax plant, our earnings on each
barrel refined will be much increased.
At our July meeting, I hope to show
you a complete refinery operating at rate of 5.000 barrels of crude per day.
Marketing.—We are also building and purchasing distributing stations in
those areas in which your company has advantageous freight rates over its
competitors.
We now have in operation 34 such stations recently acquired
and propose increasing this number until we have sufficient to market the
greater portion of our light products direct to the cosumer.
As an adjunct we have invested in tank cars $2,500,000.
alone and
2,537
933,856
475,oie
218,975
eral companies
Aforesaid
398,722
1,397,579
95", 347
and regulations
Jiarticipating in each permit, it is my hope that these when the various
new organization. Eventually, several companies
57
138
935,504
1,701,146
taxes, &c,
reserve
153,304
606,800
39~, 992
540,000
546,925
260,116
items,
868,629
-40,358
428,459
248,160
72,058
Def. liab. sus., Ac.
""950 Deprec.,
44,797
1,690,573
—
Total
—-
—
-
Dlv8. ontreas.stk.
Surplus
Total
31,558,839 20,837,184
KAY COUNTY GAS CO.,
PONCA
JAN.
CITY,
31
OKLA.
1920.
Liabilities:
-.1--
Accts. & notes rec., Lib.
bds. & int. accrued
18
119
86,873
Lib. bds. pledge..
136,251
Int. accrued
Cash
Oil from
790,202
624,707
Tank car notes
658,000
1,629,029
Sec. of other cos..
million dollars you have given the company in
properties, 13 H million was received within the past year.
Most
of this 13
million was used in the enlargement of refinery, which is only
now nearing completion; in the purchase of leases now in the proems of
being developed, and in the purchase of tank cars.
Out of this 18 million dollars your management has built assets to the
value of $35,000,000 or more and these while doubling the value have paid
the stockholders approximately $3,000,000 in cash dividends.
With this money your management has built up an organization engaged
in the producing and refining and marketing of petroleum and
lent its
friendly assistance to other companies to engage in the production, purchase
and transportation of crude petroleum.
The cos. thus fostered are the
Kay County Gas Co. and more recently the Marland Oil Co. of Mexico.
[V. 110, p. 1753.]
I have endeavored to hold these companies together In so far as possible
inviting and granting the stockholders of each company the privilege of
14
1,495,263
Miscellaneous
C. (cost)
Cert, of deposits.-
♦This includes stock issued for properties.
of
payable,..
15,752,620
930,996
Accruals
1,361,543
Lib. bds. & W. F.
Inventories
$
24,988,660
Bills payable
Dividends pay
67,257
stock sales
Of the approximately 18
...........
Accts.
1,529,342
Due from affil. cos.
Due
$
Capital stock
3,166,574
410,631
receivable-
SHEET
May 31*19
Prem. on cap. stk.
271,000
Cash
Accts.
Miscellaneous
cash and
Productum
Liabilities—
$
20,936,735 12,416,932
1,260,988
1,261,403
Empl. stk. contr..
$2,990,349
-
Dec.31*19.
Treasury stock—
-$17,932,689
-
May 31T9.
follows:
Dividends
$125,000
423,885
1,818,305
623,159
-
-
1920
were
Outlook.—With March oil runs in excess of 200,000 barrels per month
and the market price of oil $3.50 per barrel, there is no justification for the
Deferred charges-
Sales.
$1,020
2,574,448
1,921,767
13,416,918
18,536
-
1918
1918
officers that if the present full,
entered on your books as an
your
reasonable marker value of these items
Cash
as
*Receipts from
.
,
1917
may
as
field, to
already
drilling.
of March
31st shows fixed assets, $24,806,752.
This is made of such items as "active
and undeveloped leases at cost," $7,498,829;
"appreciation in value,"
$5,895,310; "farm investments," "refineries," "tank cars" and sundry
smaller items of real estate, buildings, tools,
machinery, Ac., at cost,
Bills receivable-..
in brief:
The
,
Marland
Refining Co. the committee appointed consists of
J.*D. Callery, Pittsburgh, Pa; W. G. Lackey, St. Louis, Mo.; Louis J.
Nicolaus, St. Louis, Mo.; J. E. Stevenson, Wheeling, W. Va., and C. D.
Darrigrand, Wichita, Kans.
The committee for the Kay County Gas Co.
includes A. J. McAllister, New York; Wm. F. Stifel, Wheeling, W. Va.;
Vernon F. Taylor, Indiana, Pa.; J. S. Weller, Pittsburgh; E. B. Shapker,
Chicago.
ties.
Future
Plans.—Approximately 5,509 barrels of daily production from
in which you are interested is available for
your refineries.
Some
1,500 barrels belong to companies associated with us in the production of
oil in the Osage Nation and at Garber.
Your Ponca City refinery will re¬
quire 5,000 barrels of oil per day to operate it to capacity.
'
,
• . ,
Having in mind that it should be our policy to purchase oil whenever
possible and conserve our own production, we reorganized the Kay County
Gac Co. in 1919 and sold its stock to the stockholders of Marland
Refining
Co. and subsequently built oil lines into fields adjacent to our
refinery at
Ponca City.
There are many serious legal and business reasons why Mar¬
land Refining Co. should not engage in the pipeline business itself.
Respecting the Marland Oil Co. of Louisiana, of whose stock Marland
Refining Co. and Kay County Gas Co. own the controlling number of shares,
the balance of shares being owned by affiliated
companies, I will say that
the Investments of this company to date have beemconfined to the
purchase
of properties and oil leases in Louisiana; that we have no intention of build¬
ing a refinery at New Orleans until such time as we shall have secured
leases
appreciation of fixed assets, that such entry would add at least $80,000,000
to the item of fixed assets and would give your
outstanding capital stock a
book value of $7.00 per share.
{Financial Statement of May 15 1920.)
At
2483
$2,720,077
-
assets
Deferred charges
Total (each side)
—V.
.•■
•••
-Vi". '•
a
Capital stock
Accts.& vouchers payable
Deferred
7,853,947
70,625
4,186,369
payments
Accrued int., taxes, &c__
Res. for deprec. & taxes.
1,603,340
Stocks and bonds
Fixed
31,558,839 20.837.184
BALANCE SHEET.
Purch. prop, obliga'ns
Contingent liabilities
.$16,434,358 Surplus earned
Surplus paid in
$8,526,619
1,022,457
416,294
47,636
298,782
832,587
T,440,000
323,272
3,526,710
110, p. 2081.
Standard Oil Co. of New Jersey.
{Results for Cal. Years 1919 and 1918—Other Official Data.)
The New York Stock Exchange on June 9 authorized the
listing, when and as issued and paid for, of the $98,338,300
additional 7% Cum. Pref. stock, offered at par to stockhold¬
ers of record May 14 (V. 110, p.
1649, 1638, 1978).
This
issue will presently increase the outstanding and listed Pref.
stock to $196,676,600.
The statement made to the Exchange as of June 1 affords
statements of earnings and balance sheet for the calendar
year 1919.
There are given below in comparison with 1918
data.
The statement made to the New York Stock Exchange as
of March 1
regarding the initial listing of $98,338,300 7%
Non-Voting Preferred stock and $98,338,300
Common stock, reports in brief:
$
Cumulative
History.—Organized under laws of New Jersey, Aug. 5 1882, as "Standard
of New Jersey" (name changed to "Standard Oil Co." March 19
At organization the entire $3,000,000 Capital stock was Issued to
the trustees of the Standard Oil Trust, for $804,794 in cash and for oH
refineries and other property of The Standard Oil Co. (Ohio) located at
Bayonne, Jersey City, and Weehawken, N. J., appraised at $2,195,206.
The Ohio company was the original Standard Oil Co., incorporated in Ohio
in 1870 with $1,000,000 stock, subsequently increased to $3,500,000.
In
March 1892 the New Jersey company increased its Capital stock to $10,000,000, $1,000,000 of the new stock being issued for cash and the remain¬
ing $6,000,000 to the trustees of the Standard Oil Trust for the properties
of companies, of which the trustees had previously held the stock, and for
the stock of eight other companies [Chesebrough, Continental, Galena,
Swan & Finch, Underbay, Vacuum, Waters-Pierce and West India Oil
Refining Cos.] which had previously been held by the trustees.
The pro¬
perties so acquired included refineries at Jersey City, Baltimore and Parkersburg, and the chemical plant at Bayonne, New Jersey.
In 1892 the Standard Oil Trust was dissolved, and in that year and sub¬
sequently the 100,000 shares of the Standard Oil Co. (New Jersey) as well
as the other stocks then held by the trustees of the Standard Oil Trust
were distributed among the holders of the Standard Oil Trust certificates.
The outstanding 983,383 shares of the Common stock of the company were
issued in exchange for the Preferred stock of the company then outstanding
(which was thereupon canceled), and stocks of 21 subsidiaries, viz., AngloAmerican. Forest. Ohio, South Penn., Vacuum and German-American OH
Cos.; Standard Oil Cos. of Ind., Ky., N. Y., and Ohio; Atlantic and Solar
Refining Cos.,; Buckeye, Indiana, Northern and Southern Pipe Line Cos.;
National and N. Y. Transit Cos., Union Tank Line and N. W. Ohio Nat.
Gas Co.
All interest in last named was sold in 1910 and the Forest OH
properties were
Oil Co.
1892).
transferred^ to South Penn. Oil. (V. 68, p. 1183, 1227;
In Jan. 1912 in order to
comply with the decree of the court in the suit
brought by the United States under the Sherman Anti-Trust Act the com¬
pany distributed pro rata among its stockholders its entire holdings in the
stock of 33 corporations (as fully stated in V. 93, p. 1390).
The Certificate of Incorporation as
amended Aug. 18 1919, provides as
Of
The total authorized Capital stock is $200,000,000.
follows: "Fourth.
Capital stock, 1,000,000 shares, amounting to $100,000,000 shall be Preferred stock
and 1,000,000 shares, amounting to
$100,060,000, shall be Common stock.
From time to time either class
of stock may be increased or decreased or one or more additional classes of
stock may be created with such preferential, special or qualified rights as
may be determined by the board of directors and the stockholders having
voting rights, to the extent and in the manner permitted by the General
Corporation Act of the State of New Jersey; provided, however, that any
additional class of stock so created shall be subordinate to the Preferred
such authorized total
now authorized in respect of payments of dividends and of payments
liquidation or dissolution.
[Accordingly an additional $100,000,000
cum. non-voting Pref. was authorized May 5 1920, making $200,000,600
such Pref. stock auth. to be issued.
Common stockholders of record
stock
on
7%
of
{Vol. 110."
THE CHRONICLE
2484
equipped to manufacture all products from petroleum.
At Tampico,
Mexico, is a topping plant for reducing Mexican crude oil for fuel oil.
At
Charleston, South Carolina, a new refinery is in process of construction,
to be completed about Sept. 1 1920.
At the Bayonne Works there is a
complete plant for the manufacture of cases and tin cans, with packing
facilities.
There are also at Bayonne (1) a factroy for the manufacture of
new
barrels, both wood and iron; and, the re-cooperage of second-hand
barrels; (2) a plant (Bergenport Chemical Works) for the manufacture of
sulphuric acid, and at the Bayway and Parkersburg refineries there are
plants for restoring sulphuric acid, and at Parkersburg there is a factory
for the manufacture of wood barrels.
[See also V. 110, p. 1532,
1638;
V. 109. p. 378.1
Daily Output Capacity of Company's Refineries (bbls.)—Acreage Owned, Ac.
May 14 1920 may on or before June 15 subscribe for $98,338,300 (100%)
of the additional Preferred at par.
Compare V. 110, p. 1649, 1638; V. 109.
p. 378. 686. 1373. 1531.]
The
Companies Directly Owned or Controlled by the Company and its
of Total Assets as at Dec. 31 1918.
Capital Stock.
lncorp.
Fl.
Amer. Petroleum Co., Holland.. 1891
12,000,000
Fr.
Bedford Petroleum Co.; France.. 1902
2,250,000
Carter Oil Co., W. Va
$25,000,000
1893
$1,000,000
Clarksburg Lt. & Ht. Co., W. Va. 1904
Pesos 400,000
Transcont. de Petroleo,8.A.,Mex. 1912
$1,300,000
Connecting Gas Co., Ohio
1902
_
Kr. 6,800,000
aM.21,000,000
9,000,000
(. cM .30,000,000
$10,000,000
19101
$28,039,000
$2,000,000
1870
$20,000,000
1898
Det Danske Petroleums, Denmark 1888
Amerikanische
Deutsch
Petrol.,
Germany
East Ohio Gas Co., Ohio
Pr* stock
—
Mfg" Co.", Mass"
Gilbert & Barker
Hope Natural Gas Co., W. Va...
Reserve Gas Co. (owned by Hope
Natural Gas Co.), W. Va
Humble Oil & Ret. Co., Texas...
Imperial Oil Co., Ltd., Canada..
Interstate Cooperage Co., N. Y.
Marion Oil Co,, W. Va
Oklahoma Pipe Line Co., Okla__
Penn. Lubricating Co., Pa......
Peoples Natural Gas Co., Pa
River Gas Company, W. Va
Romano-Americana, Roumania..
Italo-Americ. pel Petrollo, Italy.
.
189o|
$4,000,000
$8,200,000
49,423,951
24,999,500
510,000
400,000
411,900
5,385,000
767,448
6,289,589
412,872
6,106,069
20,974,000)
48,118,679
9,970,619)
28,014,719/
2,000,000
4,131,224
20,000,000
36,221,126
2,000,100
4,100,000V.110.V 1746
58,230,616
4,198,160
53,286
6,518,563
581,547
35,000
3,999,500
$11,000,000
$360,000
Lei37,500,000
390,000
11,000,000
14,973,,518
"
1894
1905
Standard Oil Co. of La., La.
1909
Lire20,000,000
$500,000
$10,000,000
344,000
12,437,871
499,300
8,366,766
17,672,414
9,994,300
55,488,936
6,487,625
24,700
Charleston (building)
$3,000,000
2,999,300
149,400
$368,370,163
$10,861,842 Transcontinental Oil Co., S. A., $6,087,726 Imperial Oil Co., $7,971,919
Itala-Amerlcana Oil Co., $10,130,035 West India Oil Co., $4,994,355.
company's proportion of total net value of said
as
cos.,
CALENDAR
shown in table, include
1917) and Romano-American (June 30,
YEARS.
1918.
1919.
$435,606,851 $411,769,480
1,498,831
598,606
....
Miscellaneous Income.
....437,105,682 412,386,085
....
General taxes
........
401,456,799 362,669,012
1,877,914
1,244,384
3,821,786
3,329,121
29,949,183
45,125,569
Depreciation
J.
Income from other
$306,370,569
par of all 1,000 marks.
The Standard Oil Co. (N. J.) owns 29,974 share warrants
and 29,993^ debenture bonds and claims that it owns the 9,090 shares.
The figures of assets and liabilities in the table are all as of Dec. 31 1918,
(Dec. 31
INCOME ACCOUNT FOR
CONSOLIDATED
Costs
$61,999,593
"b" 9,000 shares and "c" 30,000 debenture bonds,
Co,
;
[The companies owned and controlled also own extensive
properties.
Separate statements for Humble Oil & Refining
Co. and Imperial Oil, Ltd., of Canada, were given in V. 110,
p. 1746.]
Net Income
j.
be"—The German company's issued securities,
except American Petroleum
>
Md., Va., W. Va.,
N. C., S. C. and in the DLst. of Columbia.
These station.facilities comprise
offices, warehouses, stables, garages, storage tanks and other equipment.
A large number of the main stations are of fireproof construction.
Total
number of stations is 441; acreage owned, 303; acreage leased, 12; large
stable and automobile equipment; 45 seagoing tank vessels of an aggregate
gross tonnage of 308,000, and 8 seagoing general cargo vessels of an aggre¬
gate gross tonnage of 15,850; also tugs, lighters, tank barges, &c.
The company has in its direct employ about 19,000 persons.
Each year depreciation is written off on the value of the properties as
a fair amount of depreciation in view of the cost, nature and probable life
at the following rates:
Manufacturing plants, 10% depreciated value,
marketing plants, 10% depreciated value; vessels (steamships), 5% of cost;
Gross earnings
Carter Oil Co.,
stock warrants
steel and reinforced concrete.
or
distribution and sale of petroleum products in N. J.,
1,271,681
1918 (see note)
None
Bayonne, Bayway and Baltimore refineries, also have equipment for
reducing crude oils for fuel oil, pitches, asphaltum, stock for pressure stUl
operations, &c., with a daily capacity of 129,000 barrels of crude (42 gallons
each) as follows:
At Bayonne, 58,000 barrels; at Bayway, 45,000 barrels;
at Baltimore, 26,000 barrels.
Substantially all the refineries are of fireproof character, either brick and
21,275,186
$300,000
8,634
Total propor. of Stand. Oil Co. (N.J.) in the gross assets of said cos.
Deduct—This company's proportion of liabilities of said cos., chiefly
"a
143.08
The
Sales
"a" 21,000
12,000
10,000
Tampico
174,770
$10,000
$5,000,000
$25,000
Dec. 31
Leased.
1.17
None
1.39
3.0
16.0
None
419,617
37,500,000
14,666,667
3,000
4,994,600
1889
1910
1890
1902
1882
Balance this
Acreage
472.796
1,836.91
72.5
69.0
69.0
770.0
Marketing Stations.—The company operates marketing stations for the
29,993,500 J
200,000
$4,000,000
$500,000
1895
1885
Owned
in Fee.
Bayonne.
Bayway
Jersey City
Parkersburg
steel
9,000,000)
$70,000
Tuscarora Oil Co., Ltd., Pa
J
Co.. Ky
2,237,500
$200,000
Taylorstown Natural Gas Co., Pa.
West India Oil Co., N.
$4,701,422
4,038,590
Acreage
Daily.
30,000
30,000
17,000
2,200
6,000
Baltimore
S.O's. Prop.
of Tot. Assets.
23,239,800
1880
1904
1891
1909
Standard Oil Co. Brazil, W. Va..
West India Oil Ref.
Proportion
6,150,000
bM.
1902
1917
1891
1896
Underhay Oil Co., Mass
Owned by
S. O. Co.
Barrels.
Capacity
•
.....—
Steamships, $17,653,364; in¬
sources:
terest, $4,289,347; sundries, 5299,574; total, $22,242,285;
....
15,607,029
5.661,345
Federal tuxes for previous year paid during current year..
45,556,212
27,840,623
50,786,914
14,428,108
Standard Oil Co, (N. J.) own net earnings
17,715,589
36,358,806
3,538,257
Less general expenses,
$0,635,256
...
Gross Income.,...
2,918,73,
Dividends received from other than affiliated companies..
The dollars shares are all of $100 par value, the Dutch shares 50,000 florins,
1916).
the French shares,
600 francs, the Roumanian, 590 lei and the Italian,
the Mexican. 10 pesos
10,000 lire,
the Danish, 5,000 kroner.
company's proportion of earnings of affiliated companies (1919 figures before
,
>
;
Add
1918
PROPORTION OF OWNERSHIP IN AFFILIATED COMPANIES AS OF DEC. 31
Proportion of earns, of
Amer.
Stand. Oil Co.
———■ -
Proportion
Owned.
-Company's Proportion of-——-—Real Estate,
Total of
Tola, of
Assets.
Liabilities.
Total of
Net Value.
725,375
Bedford Petr. Co.
4,475-4,500
355,208
23,229,087
Carter Oil Co...249,994-250,000
3,295,806
707,114
38,562,109
4,701,422
1,405,516
4,038,590
3,331,476
49,423,951. 10,861,842
Clarksburg Lt. &
51%
Ht. Co
680,327
726,306
41,112
767,448
Com. Transconti¬
Entire
201,863
412,872
6,087,726
8,708
6,106,069
48,118,679
371,313
2,417,339
East Ohio GasCo.
g
^
Danske
44,639
403,981
<fc
3,591,161
,900,690
S
581,765
42,855,096
404,164
640,629
O. Co. of Brazil
2 ,469,722
S. O. Co. of La...12 ,746,583
Taylorstown
4,736
Tus. Oil Co., Ltd.
963,186
Hope Nat. Gas Co. 2,147,913
073,065
Underhay Oil Co..
,554,844
Imperial Oil, Ltd. 6,824,158
Interstate Coop.Co
64,994
West India Oil Co.
437,447
West Ind. OilR.Co
Total
1,322,928
1,302,176
10,768,330
Nat'
Gas Co
Barket
41,356
484,248
..
Italo-Am. pel
Petrolio
61,859
1,167,023
...
East Ohio Gas Co.
Gilbert
Soe.
7pf) 044
Pet-.
Ak ies Iskab
Peoples Nat. G.Co 2 ,593,993
30,215
River Gas Co.....
Romani-Amerie
,
__
Connecting Gas Co
Det
8,531
1,081,210
50,720
1,975,300
45,701,330
1,077-1,360
99.86812191%
..
127,325
105,894
5,734,757
6,289,589
4,119-13,000
4,229,070
353,653
Det Danske Pet.
Aktieselskab
$2 ,733,722
Clarksb.L.&II.Co
2,458
,063,681
252,883
Penn. Lubric. Co.
45,046
Mfg. Co.......
nental de Petro-
leo, S. A
Connecting G.Co
_
Marion Oil Co....
Okla. PipeL. Co..
1918.
Carter Oil Co.
1918.
1919.
cos..
.
Com. Trans, de P.,
Amer. Petrol. Co.
123-240
fl
Petrol. Co.$1,461,000.
Bedford Petrol .Co.
_
Plant&Equip.
(as of Dec. '17)
a
1919.
1918 (NOT 1919).
N. J. Interest in
„
after, deducting Federal taxes of preceding year.)
above
25
,339,079
20,879
,469,992
574,320
1,098,104
23,307
6,612,843
123,062
-
affil. co's..--.$44, 908,379$38,700 797
Gilbert & Barket
Entire
1,103,825
Entire
27,451,884
4,131,224
36,221,126
353,942
2,998,977
3,/77,282
33,222,149
Ltd. (The)
232,398-300,000
Interstate
Coop¬
25,426,866
58,230,616
7,971,919
50,258,695
Mfg. Co
Hope Nat. GasCo
Imperial Oil Co.,
erage Co.
50%
577,193
44,991
4,198,160
Marion Oil Co...
OklahomaP.L.C'o
39,995-40,000
5,588,759
6,518,563
Penn. I ubrlc. Co
60%
253,132
581,546
Peoples Nat. Ga
Co. (The)....
Entire
River Gas Co...
3,440-3,600
11,690,528
367,974
14,973,517
419,617
53,286
2,168,756
5,988
593,268
28,745
1,055,402
13,918,115
385,628
(as
x
15,990,720
.....
47,298
552,801
Net of above affiliated cos., S. O. Co. of N. J.'s proportion.
27,520,017
37,674,286
33,988
page$48,154,342 $77,571,34(1
Total net, after deducting Federal taxes of preceding
x
are
In
the case of the
1918 earnings of the affiliated companies the Federal taxes
deducted before showing the S. O. Co. of N. J.'S proportion of each.
[The company yesterday issued a statement calling attention to the fact that this
June
3,228,692
12,437,871
10,585,859
1,852,012
Co. of La..
taxes of
comparison.
11-15
1,281,477
4,993-5,000
99,940-100,000
23,583,460
.
S. O.Co. of Brazil
1919 is misleading in that it deducts from the 1919 earnings the Federal
preceding year and the same is true of the 1918 earnings here inserted for
A correct summary for 1919 is as follows:
Earnings of the company for 1919 before deducting Federal taxes, in¬
cluding data shown above, viz.: (1) Gross income, $45,556,212; (2)
dividends from affiliated cos., $2,918,737; (3) company's proportion
of net earnings of affiliated cos., $43,510,735; total
$91,985,685
Federal taxes paid and accrued for 1919—
14,000,000
summary for
Entire
1916)
ericana pel Pet
paid during current year
5,925,295
Societa Italo-Am.
S. O
<fc/l,397,642de/l ,026,511
,
Federal taxes of affiliated companies for previous year paid
2,029,404
Romano-Amerlcana
struction & Refining Co., $133,879, Humble Oil & Refin¬
ing Co., $713,520; total
Entire
(The)
Proportion of losses, Carter Oil Co, $550,243; Hope Con¬
708,874
7,542,378
17,672,413. 10,130.035
8,366,766
2,066,430
55,488,936
2,235,2S1
6,300,336
53,253,655
Taylorstown Nat.
Gas Co
30%
4,936
8,634
306
8,327
49,946-50,000
5,178,250
6,668
2,475,930
6,487,625
291,858
174,770
121,618
21,275,186
4,994,355
6,195,767
53,151
-16,280,831
73,288
1,271,681
571,547
700,134
Tuscarora Oil Co.
Ltd
Underhay Oil Co.
247-250
West India Oil Co
28,993-30,000
West
India
Balance after deducting estimated Federal taxes for
Divs. paid [Com.,
1919
20%, $19,667,660; Pref. (new), 7%, $1,550,899]
$17,985,68n
$21,218,559
Oil
Refining Co...
49.8%
CONSOLIDATED
SURPLUS ACCOUNT FOR CALENDAR YEARS.
1919.
Total
Previous
Debts.—The
company
has
no
mortgage indebtedness
and
no
other in¬
debtedness except accounts payable in the ordinary course of
The same thing is true of its subsidiary companies, with the
business.
following
table) has auth¬
TheD. A. P. G. (the German subsidiary; see
orized and issued Ms. 30,000,000 so-called debentures and Ms. 21,000,000
share warrants.
The debentures are unsecured certificates of indebtedness,
payable at the option of the debtor, and the share warrants are non-voting
shares.
The debentures carry a rate of interest and the share warrants
exception:
entitled to dividend rights equal to the dividends from to time declared
the voting shares.
■
Physical Properties of Standard Oil C6mpany (New Jersey).—The company
has refineries at Bayonne, Bayway and Jersey
City, New Jersey; at Balti¬
more, Md.; and at Parkersburg, W. Va.
These are complete refineries,
are
upon
surplus
Add
earnings Standard
net
statement
Dividends
From
than a'filiated
Difference between
amount at
(N. J.) own as per-
-
received:
From other
$
...464,204,726 379,000,226
-
Oil Co.
1918.
$
182,062,306 368,370,163 61,999,534 306,370,569
affil. cos.,
companies
net value of affiliated
*
17,715.589
.__.$15,018.757
2,918,737
36,358,806
16,243,773
3,538,257
companies and
which same are carried on books of Standard
balance sheet, Dec. 31 1919
186,384,3 27 165,939,302.
Difference between net value of affil. cos. and amount at
which same were carried on books of Standard Oil Co.
Oil Co. (N. J.) as per
(N. J.) Jan. 1
Dividends
paid
...
-
Surplus Dec. 31 as per balance sheet..
—
Cr.165,939,302*117,297,978
21,218,559
19,667,660
499,084,275 464.204.72&
June 12
THE CHRONICLE
1920.]
CONSOLIDATED
BALANCE SHEET DECEMBER 31
CONSOL.
-
.
2485
PROFIT
& LOSS ACCOUNT FOR
1919-20.
1918.
1919.
Real
estate
$
7,607,727
plant and equipment:
Refinery: teal estate
Plant and equipment
51,290,397
Incomplete construction
16,992,177
105,295
Furniture and fixtures
Marketing:
earnings.
Real estate
—
1,141,670
____
1,079,604
3,813,356
2,156,878
—
Incomplete construction
2,971,269
1,489,430
Furniture and fixtures
19,17-18.
1916-17.
$8,768,054 $11,030,112 $12,967,875
$1,266,856
1,004,060
$1,304,323
1,013,263
Deduct—
Sink, funds, depr., &c__
Interest
96,755
76,108
1
83,204,256
for plant depreciation
Total real estate and plant...
61,498.219
26,718,637
Total.
reserve
23,569,341
56,485,619
37,928,877
Floating equipment, after reserve for deprec. ($5,354,059). 37,591,163
Stable and motor equipment
1,760,741
Loan delivery equipment
805,178
Iron barrels, cans, &c.........
549,512
27,550,321
1,243,626
515,949
440,943
85,909
182,062,306
9,914,033
81,601,334
13,095,417
...
...
......
Furniture and fixgures, general office
100,980
Real estate, plant and equipment of affiliated companies..214,979,936
Stock investments in other than affiliated companies
9,924,002
U. S. and fcreign Govt, bonds & other marketable invest'ts 62,110,282
Stocks owned by affiliated companies
15,959,281
U.S. and foreign Govt, bonds and other marketable invest¬
bonds, &c
(writ. off).
Pref.
divs.
.....
......
11,851,036
71,619,039
88,886,242
90,400,500
60,919,5S6
1,646,274
11,555,578
853,360,598 691,316,969
assets
in
98,338,300
98,338,300
Common
Accounts payable: Standard Oil Co.
40,513,319
116,491,064
594,341
311,908,234
(N.J.)..
Affiliated companies
Marino insurance reserves.
Surplus: Standard Oil Co. (N. J.).
Dividends—Pref.
shares
Pref. divs. constit.
420,000
560,000
cos..
carried
on
books of Standard Oil Co.
(N. J.) x($164,057,766)
Reserve for annuities..
Total
x
■—.i
—
......
180,3S4,327 165,939,302
791,713
492,316
853,360,598 691,316,069
liabilities..........
As compared with
$140,431,267 in 1918.—V. 110,
Govt,
General
taxes
p.
1978, 17553
8,500,000
reserve
_
_
Balance, surplus.
"Net
x
$5,280,545 $14,562,960
$251,984 df$5,794,906
Pres. R. M. Wolvin, Montreal, June 1, wrote
31
Mar.
earnings" includes interest on investments and surplus funds,
deducting Government taxes for year ending
y For year ending March 31 1919.
CONSOLIDATED BALANCE SHEET MARCH 31.
1920.
Cost
oi
incident
operations, current repairs, taxes, administrative and selling expenses,
the Preference shares of the corpora¬
tion and the Dominion Coal Co. and Dominion Iron & Steel Co. amounting
all
to
$980,000.
The balance of the years' earnings $2,281,614, was
transferred to profit and loss account.
Four quarterly dividends, aggre¬
gating 6%, were paid upon the Common shares outstanding April 1 1919
and a proportional amount upon the new snares issued in November, making
a total disbursement of $2,029,629.
The balance at credit of profit and
loss account on March 31 was $8,211,237, an increase of $251,985 over 1919.
Balance
Sheet.—The net addition to cost of properties during the year
$4,329,043.
The principal items of expenditure on new property were
those relating to the erection of the Steel Company's plate mill, the electric
was
power stations at Sydney and Wabana and improvements to
and power system of the Dominion Coal Co.
The balance remaining at credit of reserve for depreciation
is
$15.474,743j which is
moro
1920.
1919.
S
$
Assets—
Liabilities—
properties
constit't cos.a79,861,902 75,509,711
of
ished prod.,
I. & S. pref..
2,222,037
Accts.receivable-. 6,737,807
1,540,101
5,039,479
174,933
3,603,542
196,155
1,674,668
Prepaid insur., &c
583,985
Cash with trustees
145,752
3.S81.634
&c
2,702,237
4,844,860
Rank loans
Deferred payments
Constr.
142,432
208,000
Dividends declared
liab.,&c._
234,000
2,125,693
568,966
235,925
2,656,742
18,211,237 19,459,252
643,966
intj
230,378
....._._c2,074,449
Accrued bond
Reserves
Profit and loss
1,732,530
.102,645,205 95,910,612
Total
.
585,812
Corp. com.
._
3,000,000
Accts. pay., accr'd
wages,
Vict. bd. subscr.
Cash ,sec .loans ,&c
—
Funded debt
Employees' bal. on
.
7,000,000
Coal Co. prei—
9,314,602
Inv. In war loans,
stock
7,000,000
32,097,700
3,000,000
5,000,000
5,000,000
b20,450,683 20,830,097
Preferred stock.
Common stock .e37,100,000
&C.d9,490,369
&c
1919.
$-
Dominion Steel Co.:
Total
102,645,205 95,910,612
*
a After deducting reserves for depreciation and exhaustion of minerals,
$15,474,743.
b Funded debt includes in 1920 Dominion Coal Co. 1st M.
5s, $5,864,500, and Dominion Iron & Steel Co., Ltd., 1st M. 5s, $6,237,000,
and Consol. M. 5s, $7,197,313; Cumberland Ry. & Coal Co. 1st M. 5s,
$1,142,000; Dominion Stool Corp., Ltd., 5-year deb. 5s, $2,000; miscell.,
$7,869.
c Reserve sinclude in
1920 chiefly $1,375,235 furnace relining,
&c., reserve, $594,214, contingencies and Govt, taxes and $105,000 Pref.
divs. accrued,
d Finished products, materials and supplies at approximate
cost,
less reserve,
e After
deducting $5,900,000 held by constituent
companies.—V. 110, p. 2390.
Vernon-Woodberry Cotton Mills, Baltimore.
1919.)
Nelson, Cook & Co., Baltimore, in their circular for
in substance:
Results.—The earnings for the year, after deducting all expenses
$5,067,686
$7,900,189
1918.
(Statement for Year ending Dec. 31
amounted to $5,532,529.
After setting aside $1,266,856 for sinking funds
and depreciation of plant and properties and $1,004,060 for bond interest,
there remained a balance of $3,261,614 as net profits for the year.
The regular dividends were paid on
$4,872,848
$6,157,264
and in 1918-19 is shown after
Corporation, Ltd.
(Report for Fiscal Year ending March 31 1920.)
in
(1)320,977
r
y1,000,000
Total deductions.
Mount
Dominion Steel
to
1765374(43^) 1444397
420,000
560,000
Com. div. (D. S. Corp.)(6)2,029,629(5^)
Reserve for contingencies
sale
98,338,300
54,817,121
61,999,594
11,957,228
297,773,108
Add value of affiliated companies, after deducting value
same are
420,000
560,000
350,000
420,000
660,000
326,909
I. & S. Co. from
Capital stock: Preferred..
which
$1,859,596
1,230,204
arrears
Bal. roc. by Dom.
LIABILITIES.
at
$1,384,242
1,064,210
on sec.
Inventories of fin¬
12,628,418
Inventories of rodse. (at cost o less), Standard Oil Co.(N.J.) 69,165,424
Afjillated companies...
116,584,949
Accounts receivable: Standard Oil Co. (N. J.)
..146,714,946
Affiliated companies
■
90,181,111
Cash: Standard Oil Co. (N. J.)
1,219,593
Affiliated companies........
16,599,462
ments owned by affiliated companies
Total
on
Disc,
and
Less
MARCH 31.
YEARS END.
(D. I. & S. Co., Ltd.)
■
.
Plant and equipment
-
$
5,951,281
46,508,209
3,346,645
75,672
Net
1918-19.
$5,532,529
ASSETS.
the collieries
and renewals
than 16% of the amount standing against
June
1920, report in substance:
Results.—An analysis of the table shows that in 1919 gross income de¬
$1,235,758, deduction from income $961,259, and net income
$274,499, while the total surplus increased $434,908, or neraly 10% on the
creased
stock.
Common
u
,
falling off in gross and net income, as compared with 1918, was be¬
of the large Government orders for war supplies.
Considering that the operations and output of the mills last year were from
regular business only, the result must bo most gratifying and emphasizes
the fact that the Common stock promises to become a dividend payer.
The
cause
of the cessation
Stock.—As announced,
stock
Offer to Pay Accumulated Pref. Dividends in Pref.
the board of directors has decided to offer to
the holders of the Prof,
such holders the $19 per share unpaid accumulated dividends
in the 7% Prof, stock held in the treasury of the company.
This $19 per
share is due to Pref. stockholders in cash, but in order that the cash may be
retained in the treasury of the company to be used as working capital, the
Pref. stockholders are to be requested to accept Pref. at par in lieu of cash.
The Pref. stock is selling in the open market at 88 and carries with it the
to distribute to
right to receive the $19 per share back dividends.
So that if the holder or
100 shams of Pref. stock, costing say 88, accepts the stock dividend be will
costing, say $8,800, or about $74 per share.
At 74 ex the
have 119 shares
19% dividend, the Preferred will return
in-
about 9.45% income on the
cost of
properties.
working assets show an increase, due for the most part to
the inclusion of certain items of a special nature.
Current liabilities show
more than a corresponding increase, also due to unusual conditions.
The
excess of current assets over current liabilities is about $12,500,000.
6The
Current and
Mills Preferred has
practically resulted in borrowing working capital from the Preferred stock¬
Sale of Stock to British Capitalists.—During the year an
have authority to
offer was made
by a syndicate of British capitalists to purchase on favorable terms 50,000
ordinary shares of the capital stock of the corporation which had been
aUotted to the Dominion Iron & Steel Co., Ltd., which the directors of
that company considered advisable to accept.
Tne proceeds will furnish
a part of the funds required to cover expenditures on its property under¬
taken
and
in
prospect.
The installments
payable under the agreement
providing for this
balance is included in
working assets.
The
general reserve, reducing the
new capital nave been received; the
accounts receivable under the heading of current and
discount
on
these shares has been written off
balance in this account to $10,000,000.
Funded Debts.—These have been reduced $378,928 through sinking
funds.
London Committee.—In order to strengtnen the connection of the corpora¬
a like character in Great Britain a London Advisory
tion with interests of
number of gentlemen prominent
in various branches of the iron and steel trade and shipping have consented
to act.
The present committee is composed of:
Col. W. Grant Morden,
Committee has been formed
on
which
holders without interest.
Mr. Mark Workman.
Proposed Amalgamation.—Proposals have recently been made for the
exchange of all tne Common shares of the capital stock of this corporation
for preference and Common stock of the British Empire Stdol Corp., Ltd.,
which has been organized under tne laws pf tne Province of Nova Scotia
and wnich purposes to acquire an interest in this corporation, the Nova
Scotia Steel & Coal Co., Ltd.
Canada Steamship Lines, Ltd., and several
shipbuilding and ship repairing companies and other companies whose
operations are in one way or another allied with the coal and steel and
shipping trades.
Your directors are carefully considering the proposals mad ' and if they
are approved will submit them for your consideration, at a special meeting
be called for that purpose.
Output.—On account of trade conditions operation of the Steel Company's
was
greatly restricted during August, September, October and
.
^
a
of the voting trust the directors
make settlement of back dividends in cash or Preferred
stock, but they will not exercise such authority unless sanctioned by a
majority of the shareholders, so it is up to the stockholders to decide
which they prefer.
We are informed that under the terms
w
Properties—Capitalization.—The Mt. Vernon-Woodberry Mills, Inc.,
and operates 155,000 spindies, which at reproduction price, $125 per
spindle, represent $19,375,000.
Taking as a measure of the value of the
property one-half of its reproduction value, $62 50 per spindle, we have
a valuation of $9,687,500, to which add excess of current assets, $5,607,221,
less 6% notes outstanding, $1,500,000, say $4,107,221, a total cash valua¬
tion of $13,794,721.
After the issue of the $19 per share in the shape of a
stock dividend, there will be outstanding $7,269,910 Preferred and $4,511,owns
900 Common stock.
COMPARATIVE STATEMENT FOR
FISCAL YEARS 1917, 1918,
$1,948,692
118,049
Gross
-----
income
Insurance, taxes, &c
Interest on 6 % notes
— --
Discount and expenses on notes
Reserved for depreciation
Reserve for losses on accounts receiv.
Reserve for Federal taxes and conting.
Other
reserves
$3,206,854
95,645
$2,563,327
123,737
$2,066,741
Profit from sales.
Other income
1919.
1917.
1918.
1919.
a
M.P., Chairman; Major-Gen. Hon. Sir Newton Moore, The Viscount
Furness, Mr. Benjamin Talbot, Sir Wm. Beardmoro, Mr. Henry Steel,
to
withholding of the accumulated dividends on
$176,593
90,000
29,307
$3,302,497
$268,371
122,500
52,250
$2,687 .064
$133 ,484
300,660
460,675
39,963
100,500
34,954
89,921
1,100,000
71,732
Expenses of tenement property, net
205,500
650 ,000
227,372
Reserved for Tallassee flood loss
150 ,000
300 ",66o
69 ,613
Net income
Total surplus Dec. 31
Excess current assets over curr. liab__
—V. 110, p.
*
^862,552
Total deductions
$2,165,449
$1,137,050
$3,519,159
$3,084,252
$1,204,189
$5,667,221
$5,778,898
$1,303,097
§1.383,967
$2,245,048
$o,152,925
1855.
works
November arid in consequence the year's output of steel was correspondingly
reduced.
During the last quarter of the fiscal year operations were grad¬
ually increased and are now upon a more satisfactory basis.
Steel plates have been added to our list and are now being
quantity.
OUTPUT
IN
TONS
FOR
YEARS
ENDING
MARCH 31.
1919-20.1918-19.
1919-20.1918-19.
Pig iron
Steel ingots
184,229 307,863
219,943 341,603
sale
Standard rails
Light rails
*
44,436
1,245
15,542
12,386
3,252
Wire rods for sale
Bars
*Wire
Blooms & billets for
26,165
68,976
3,319
47,890
164,972
made in
Nails
Plates
26,746
1,459
6,043
5,508
This includes wire used in the manufacture of nails,
FIVE
1919-20.
1918-19.
1917-18.
1916-17.
1915-16.
3,502,069
3,622,644
3.781,615
4,279,772
5.261.198
31 1919.)
Owing to unavoidable delays the annual report will not
be ready until probably early in July.
The present estimated
results, which may differ to some extent, but not greatly,
it is believed, from the final figures, are submitted in a pre¬
liminary statement which further says:
Our earnings so far this year have been below those for the corresponding
period of 1919, due to recession in freight rates, labor difficulties in various
seriously interfering with, the regular movement of traffic and
despatch of our steamers and particularly to the excessive cost of iuel
times in securing same.
It is expected, however, that the earnings for the remainder of the year
will show an improvement, as some of our passenger steamers engaged in
war service have recently been reconditioned and restored to their trades
and are beginning to operate more satisfactorily, although the expense Of
operating them has very materially increased.
The number of passenge
moving is very satisfactory.
directions
shown on next line.
Co.
(Preliminary Report for Fiscal Year ending Dec.
the
ANNUAL PRODUCTION FROM ALL COLLIERIES FOR TIIE PAST
YEARS IN GROSS TONS.
International Mercantile Marine
and the serious difficulty at
The mortgage securing our 1st Mtge. and Collateral Trust
bonds, provides
for the payment annually to the sinking fund of $400,000 on or before
Oct. 1 each year.
In accordance with this provision $400,000 was paid
July 29 1919 for the year 1919 and 6% bonds of the face value of $405-,
were purchased and cancelled.
For the year 1920 a payment of $400,000 was made on March 23 1920
which sum was used to purchase and retire $444,000 6% bonds, leaving
$37,806,000 bonds now outstanding and in the hands of the public, a total
of $1,694,000 having been retired by the sinking fund to date.
Since Jan. 1 1919 dividends have been paid on the Preferred stock as
on
000
follows:
(a) Semi-annual dividends Feb. 1 1919, 3%; Aug. 1
Feb. 2 1920, 3%; (W account of unpaid back
May 15
Nov. 1 1919, 5%; Feb. 2 1920. 5%.
dividends
1919, 3%
1919, 10%
a balance of
47% unpaid back divs. on the Pref. stock.
[The special dividend of 5% declared June 10, payable Aug. 2, wiH reduce
This leaves
this accumulation to 42%.
See "Investment News Department."—Ed.]
RESULTS OF OPERATING I, M.
CO.
M.
[Including Frederick Leyland A Co., Ltd.
&
ITS SUBSIDIARY
COS.
American Line, Red Star Line,
White Star Line,
•'-•i';
■
Atlantic Transport Line, Dominion Line & Leyland
v.''Line).
1919.
1918.
1917.
>
Estimated.
Actual.
Actual.
after deducting oper. &
to
an amount necessary to provide for the conversion of the First Mtge.
15-Year 6% gold bonds, all of which have been converted into Com. stock
or
redeemed, there remained unissued $200,000 Pref. stock and $2,089,300
Com. stock, all of which was disposed of to the stockholders in accordance
with circular dated July 23 1919.
On Dec. 23 1919 the Pref. stock and the Com. stock of the company
were listed on the New York Stock Exchange.
Outlook.—The main difficulty confronting the coming crop is the question
ot labor.
Naturally, the larger the Cuban sugar crop the greater is the
demand for cane cutters.
Your company has been Importing laborers from
the
earns.,
Sen. exp., inc. & excess profits taxes,
192864
on
5,225,664
steamers
a
$18,838,888
2,362,840
3,705,322
4,304,50b
*
For proper comparison with results of previous years the earnings
British companies have been converted at 4.85 per £ sterling.
of the
The foregoing statement represents earnings of steamers directly operated
by International Mercantile Marine Co., together with earnings of the
subsidiary companies (largely British) of which the entire issues of capital
stock are owned by the International Mercantile Marine Co., except
Frederick Leyland & Co., Ltd., of which company about 42% of the
Preferred shares and 98% of the Common shares are owned by the Inter¬
national Mercantile Marine Co.
The earnings of the British Companies
of the totals shown
above)
can
.
(which constitute a large majority
be secured only through the declaration
of dividends.
the company, plus
The net earnings from steamers directly operated by
dividends received from sub. cos. were as follows:
1919.
Estimated.
Total net earnings of I. M.
plus
divs.
sub.
from
ACCOUNT
(bags)
Sales—Centrifugal
deducting taxes & general expenses$15,207,764 $10,268,378 $15,923,521
2,309,232
2,336,308
2.362,841
on steamers directly owned..
660,405
660,405
660,405
I. M. M. Co. bond interest..
Miscellaneous
Profit
on
Interest
on
Interest
on
Loss
1919.)
page.
It will increase the outstanding stock to $10,000,000.
An official circular dated at Denver June 3 shows in subst.:
operations
1st mortgage bonds
Fed. Taxes
Deducting
for Current
1913
Year.
Fed. Taxes.
-..—.-
.
1915---
1917
——..
-
1919
—
—
U. S. Liberty bonds, tax on cap.
Allowance to Colonos
.$13,867,691
...
Offsets—Capital stock (increased April 1920 to $9,000,000 fsee
x$3,000,000
2,240,198
y8,627,493
i
Accounts and bills payable
.....
Surplus
x The capital stock was increased by $6,000,000 to $9,000,000
by stock
dividend April 12 1920 and surplus correspondingly decreased.
As to
proposed increase to $10,000,000 by sale of further $1,000,000, see "Invest¬
ment News" Department.
Surplus includes estimated Federal taxes for the
—-V. 110, p. 2389.
y
year
1919 $400,000,
Sugar Company,
Cr.16,708
A detailed account of the company's property and business,
together with various statistical tables and the income and
balance sheet as of Oct. 31 1919, was published in the
"Chronicle" of Jan. 3 (pages 84, 85 and 86) in connection
with the listing of the company's stock with the New York
Stock Exchange.
v
Pres. R. Truffin, New York, Dec. 29 1919, "^rote in subst.:
Resu Us .—Grinding operations started Dec. 2 1918 and finished on June
21 1919.
Notwithstanding railroad strikes and the widespread disturbed
conditions of labor i|n Cuba, the company succeeded in making the
in
its history,
and
but for the drought that prevailed
largest
during the
$212,675
Admin,
$
S
3,300,000
5,077,100
2,922,900
198,500
2,000,000
231,203
209,185
47,345
305,823
Preferred stock... 3 ,500.000
Common stock...10 ,000,000
1st M. 6% bonds.
267",885
Mtgs. Cuban lands
Adv.agst.'18-19 cr.
Drafts outstanding
Accounts payable.
2,014,324
,912,767
187,841
1918.
1919.
Liabilities—
$
80,650
8,811
cane
Sugars,
31.
1918.
Property & plant. 13 ,914,626 13,291,355
Adv. against confrr
73,108
126,467
Material, equip. &
678,758
596,884
supplies
Accts. receivable..
a
SHEET OCTOBER
BALANCE
1919.
171,317
93,024
50,697
Acer. sat. & wages
molasses,
&c., on hand...
214,500
35,000
Accrued interest._
Cash....—...
453,611
115,900
Bal.of Fed .tax ('18)
Special deposits...
13,374
4,235
124,561
& tax withheld.
U. S. Liberty bds.
Loans
625,260
407,779
Sinking fund
on
1,530
IQ^t
73,770
600,000
Lib. bds.
Res'vcs: Fed..State
h Cuban taxes..
418,644
1,,225,000
1 ,524,652
715,000
1,786,670
Total .........17,469,961
185,573
17442
562,087
Deprec. reserve.
Total .........17,469,961
17,612,565
17,612,565
Note.—Contingent liability on contracts and orders for material and
supplies not yet delivered, $180,673.—V. 110, p. 2296.
Pillsbury-Washburn
Flour
Co.,
Mills
Ltd.
(Report for Fiscal Year Ending Aug. 31 1919.)
The report of Secretary H. K. Davis
shareholders at the 30th annual general
London, May 19 1920,
says
presented to the
meeting held in
in substance:
shown ib the revenue account, after deducting the
applied to depreciation reserve, is £166,493, which, after providing
for current expenses, income tax, the service of the 6% First Debentures
and the 5% 2a Mtge. bonds, leaves a balance of £47,039 5s. 8d.
The receipts from the water power companies during the year under
review have been approximately the same as those for last year.
Assuming that the properties of the company approximate the values
stated in the balance sheet, which under present conditions the directors
see no reason to doubt, the amount allocated to depreciation reserve, viz.,
£297,519, and also the amount by which the 2d Mtge. bonds have been re¬
deemed, viz., £152,918, aggregating £450,436, would be available on a re¬
construction towards reduction of the deficiency of £550,044 shown in the
profit and loss accounts
amount
INCOME
ACCOUNT
Includes
1 %% have been paid on the
and on the Com. stock 2 H% has been paid
quarterly beginning Dec. 1 1916.
During the past fiscal year, in addition
to the above mentioned dividends on the Pref. and Com. stocks, there was
declared an extra dividend of 7M% upon the
outstanding Com. stock
payable 2H % in cash and 5% in Com. stock at par on Sept. 81919 to holders
of Com. stock of record at the close of business on Aug. 28 1919.
Capitalization.—After the payment of the extra dividend payable in
Pref. stock since its issue,
Com. stock to the holders of Com. stock and after the issue of Com. stock
£47,039
from
water
BALANCE
£230,693
£76,679
12,371
2,494
zl7,724
1916-17.
£179,582
£77,385
12,371
11,437
£121,425
1915-16.
£78,389
£116,558
£78,885
12,371
12,069
£13,233
£
Assets—
power
SHEET AUGUST 31.
1919.
1918.
1919.
,
£
£
Liabilities—
1918.
£
Cost of properties &
Preference stock
472,520
472,520
expend, on prop's. 1,897,661 1,895,953
376
Furniture & fixtures.
376
152,900
a Pillsb. Fl. M. Co..
86,979
79,394
Investments
152,764
Ordinary stock.....
473,600
875,000
463,783
12,372
152,918
297,519
473,600
875,000
Water
power
com¬
panies, for divs
Profit and loss
ingexpenses.
_Dividends.—Regular quarterly dividends of
dividends
AUGUST 31.
ENDING
1917-18.
companies, amounts reeieved
from operating company under provision of lease (less depreciation), and
miscellaneous income,
z Includes £15,637 for 1917-18 ana £2,087 Ameri¬
can income tax for 1915-16 and 1916-17.
x
Miscellaneous
gratifying, especially
labor, materials, bags, fuel and other ex¬
penses that enter into the production and delivery of sugar.
There has been expended during the past fiscal year in renewals and re¬
pairs the sum of $809,334 which, as customary, has been charged to operat-
YEARS
£75,957
12,371
2,708
28,418
Sinking fund
Miscellaneous
in
view of the increased cost of
FOR
1918-19.
£166,493
Gross earnings
Interest charges
x
of 1917, to which reference was made in the last annual
report,
the output would have been still greater.
The earnings for the year ended Oct. 31 1919 are
summer
Cr.16,932
$466,328
2^% cash div. aggregating
$188,350 was paid on the Com. stock Sept. 8 1919 and a 5% stock dividend
aggregating $376,700 was also paid on the same date.
Balance, surplus.—
(Report for Fiscal Year ended Oct. 31 1919.)
crop
234,500
x548.978
375,000
390.000
13,333
231,000
449,045
..
Income tax
Manati
il98,730
Cr. 37,187
The gross revenue, as
1919.
_
note.
$1,815,663
50,000
550,000
510,000
In addition to the dividends here shown
360,000
360,000
360,000
360,000
360,000
360,000
...
...
$2,537,662
$108,745
48,809
37,010
stk., &c_.
Balance to surplus
Paid.
$270,000
210,000
180,000
Plant, gross book value, $3,891,891; less depreciation, $802,404;
net plant
$3,089,487
Cash, $479,742; accounts and bills receivable, $2,239,961
2,719,703
Merchandise
4,327,992
Securities and other investments
3,730,510
Total assets
$6,497,256
$4,168,719
512,873
Preferred dividends
(7%)
Common dividends (10%)—
...
Div. accrued on Com. stk. issued in exchange for
Dividends.
$512,511
880,228
986,215
978,232
1,537,375
2,096,989
1,970,423
1,335.163
1,563,602
$2,151,071 $11,860,737
$2,820,000
Note.—In this statement income, excess profits and war profits taxes are
deducted from the earnings of the year on which the same are computed.
31
$9,545,266
$6,364,992
642,613
Reserve for Federal, State and Cuban taxes
Reserve for Depreciation of plant
Bond discount amortized
Earns, after
$14,011,808
BALANCE SHEET DEC.
$6,232,359
126,772
138,124
Surplus...
Deducting
Fed. Taxes.
1917-18.
1Q17394,297
...
on
Deferred charges..
$5,053
8,790
11,974
9,726
15,388
42,655
867,707
789,778
est.400,000
...
current accounts.....
YEARS 1911-1919.
Earns.be.fore
31.
OCT.
507,366
$9,214,727
—
Adv. to Colonos..
The offering of $1,000,000 new capital stock at par to
stockholders of record June 17 is mentioned on a following
$517,564
889,017
998,189
987,958
1,552,763
2,139,644
2,838,130
2,124,941
1,963,602
ENDED
...
...
Co., Denver, Colo.
(Official Statement for 9-Year Period ended Dec. 31
—
YEARS
Total income
Operating expenses
freights
Assets—
Dividends received from British subsidiary companies have been con¬
verted at the market rate of exchange on date received.—V. 110, p. 1295.
1911
THE
128,625
201,914
Marine
$7,271,665 $12,900,275
STATEMENT OF EARNINGS & DIVIDENDS FOR
$1,514,388
income
*
Year—
$2,244,596
and miscellaneous income.
& freight basis
sugar, cost
Deprec.
Oil
4.017 cts.
2.373 cts.
Molasses
x
1
....*$12,238,127
41,134
4.618 cts.
2.847 cts.
bonds converted
M. Co.,
after
Continental
56,587
56,145
4.758 cts.
3.315 cts.
$1,815,663
1918-19.
1917.
Actual.
1918.
Actual.
cos.,
Net result...
FOR
1915-16.
/
Includes proceeds from molasses
INCOME
1916-17.
1917-18.
1918-19.
Output
of
raw
sugar
(tons, 2,240 lbs.)
70,422
Receipts per pound
a5.645 cts.
Cost of produc'n(per lb.)
4.035 cts.
Operating profits
$2,537,662
*$17,060,985 $11,493,075 $12,171,542
Net result
(SEE ALSO V. 110, p. 85.)
STATISTICS FOR YEARS ENDING OCT. 31
Production
s interest on deb. bonds of sub. cos$24,595,881
$17,534,704
Interest on I. M. M. Co. bonds......
2,309,232
2,336,308
Depreciation
The existing scarcity of
neighboring islands of Haiti and Jamaica.
is favorable for higher prices.
sugar
■
Net
[VOL. 110.
THE CHRONICLE
2486
Cash—
First Tr. & Sav. Bank
Total
a
6,186
33,791
52,649
4,503
550,044
17,526
21,489
1st Mtge. debentures
2nd Mtge. bonds—
Sinking fund
Redemption account
Depreciation reserve
...
295,811
Accrued interest less
income tax
"8,713
478,206
12,384
138,495
Miscellaneous
13,711
23.530
13,757
18,890
602,312
2,784,953 2 ,778, 662
Total
2,784,953 2,778,662
Balance of account, including rent accrued to date and surplus profits.
Thirteen years dividends accrued to date on the 8% cumulative preference
shares form a first charge on future profits available for distribution.
There is a contingent liability to the operating company at the termina¬
tion of the lease in respect of one-half of the valuation at that date of the
improvements effected by the lessee company and in respect of the British
income tax on an equal amount.
No provision has been made in thd
balance sheet for American income tax of 1918 and 1919.
The American transactions are converted, as in previous years, at the
exchange of $4.85 to the £.—V. 110, p. 2297.
June 12
West Penn Traction & Water Power Co.
other week; see news item on a
following
an¬
page.
AND SUBSIDIARIES COMPARATIVE CON¬
BALANCE SHEET DEC. 31.
y
CO.
Purpose.—To reimburse the company for moneys expended in the per¬
improvement of and additions and betterments to the property,
capitalized.
•
Capital.—The company has outstanding $22,395,000 Pref. stock and
$145,152,500 Common stock, on which dividends have been paid un¬
interruptedly since 1878 (see below).
Listing.—Application will be made in due course to list the bonds on the
New York Stock Exchange.
which have not been
SOLIDATED
1919.
1919.
$
$
Liab. (Concl.)—
&inv.58,586,729.54,615,425 Bonds & coll. notes 37,141,000 35,891,000
521,096
494,951
1,626,299
1,460,381 Pur. notes&mtges.
130,300
90,150
3,331,014
6,959,856 Car trust notes
544,043
1,110,181
Accts. & notes rec. 1,110,191
1,203,955 Notes payable
Accounts payable. 1,061,741
1,135,637
Material &suppl. 1,406,863
958,963
Plant,
prop.
Deferred charges—
Cash
307,232
scription due
1
-
66,368,328.64,198,580
Total
375,157
42,146
2,000,000
642,591
485,296
Acer, interest, <fcc.
386,081
120,821
415,493
dep
Consumers'
sub¬
stock
U. S. Govt, ad v.. b2,000,000
Accrued taxes
Pref.
Com. dlv. payable
Subscrip.to pf. stk.
Reserves
Liabilities—
Stock held by public:
2,716,974
8,054,700
8,054,700
Surplus
Preferred
7,365,300
7,365,300
2,888,175
Total
Stock of sub. cos. 2,817,825
Both Preferred and Common Stock.—
5% (21/2% s.-a.), and the Pref. div. from 8% (2% quar.)
to 7% (3H% s.-a.).
The 2}4% div. on the Common stock
and the 3M% div. on the Pref. stock are both payable
July 15 to holders of record June 21.
Since 1902 company
paid 7% annually on the Common stock and 8% annually
the Preferred stock.
quoted as follows: "The rate of dividends on
reduced because, in the judgment
uncertainties of the present railroad situation made such a
course advisable."
Referring to the revenue sections of the new Trans¬
portation Act, he said, such guarantees as were afforded the railroads by
those provisions of law were at least not yet of the sort out of which cash
dividends could be paid.
The directors of the Chicago St. Paul Minn. & Omaha Ry. have declared
the usual semi-annual dividends of 3}4% on the Pref. and of 2MS% on the
Common stocks, payable Aug. 20 to stock of record Aug. 1.—v. 110, p.
2075, 1844.
An officer of the company is
1,663,343
2,522,058
66,368,328 64,198,580
has been made with the U. S. Government
since Dec. 31 1919.—V. 109, p. 2173.
b Settlement on this account
.
on
Company this week reduced the divs. on both classes of
stock.
The Com. div. was reduced from 7% (1 % % quar.) to
on
126,462
2,404,388
Common
Reduces Dividends
1918.
$
1918.
$
Assets—
,
manent
{Report for the Fiscal Year ending Dec. 31 1919.)
The remarks of President A. M. Lynn, will be cited
WEST PENN RYS.
2487
THE CHRONICLE
1920.]
GENERAL INVESTMENT NEWS
the Pref. and Common stocks had been
of the board, the
Chicago St. Paul Minn. & Omaha Ry.—Dividends.—
See under Chica&o &
American Railways.—To
.$1,104,890
$348,472
381,696
$925,524
$402,424
340,470
$838,456
$406,735
348,674
def$33,224
Gross earnings
Net, after taxes..
$1,799
$61,954
$58,061
Interest and other charges
110,
surplus
2191.
1917.
Street Ry.—Fare Increase.—
Commission of Austin, Tex., has passed an ordinance authoriz¬
effective June 1, to install a 7-cent fare, with 4 tickets
Children under 12 years of age are given a 3-cent fare.—
1531.
company,
for 25 cents.
V. 93, p.
Barcelona
Traction,
Light
Power
&
Ltd.—
Co.,
Interest Coupon.—
scheme approved in Dec. 1918,
accordance with the reorganization
In
the holders of 5J^% First Mtge. 50-year bonds received on June 1 1920
payment of 1% at the Canadian Bank of Commerce, 23 King St. West,
Toronto, in full discharge of the half-year' interest due June 1 1920 against
surrender of coupon
No. 17.
Coupons of the face value of 10s. will
accordingly entitle holders to receive
value of £2 10s. will entitle holders
97c. in Toronto, and coupons of the face
to receive $4 86
2-3—VT
110, p. 76.
(Mass.) Street Railway.—Interest Paid.—
Berkshire
The interest due June 1 on the $800,000
First Mtge. 5s of 1922
was
paid
when due.—V. 110, p. 2191.
Hill
Blue
which 1M % was
pare
Detroit United
110,
of the entire property in Michigan at $100,690,962, and the reproduction
price, less depreciation, at $89,135,850.
Taking the average prices for the
period 1915 to 1919, the appraisal fixes the value at $81,538,136, and the
reproduction cost, less depreciation, at $72,651,107.
To these figures will
be added the value of the intangible and non-physical elements.
The Detroit city lines, on the basis of the average prices 1915 to 1919,
are estimated
to cost $46,202,235 for reproduction ard $41,288,165 for
reproduction less depreciation.
The highest figures arrived at for the city
lines are $49,000,762, which represent reproduction costs at 1919 prices,
and the lowest is $29,348,000, representing values of property at 1915
costs plus the net amount spent by the company since that date.
The company announces that since July 1 1919, to which the appraisal
dates, it has added $834,000 worth of property to tho city system and
$689,000 to its interurban lines.—V. 110, p. 2387.
El Paso & Southwestern
Evansville & Ohio Valley Ry.—Fare
Ry.—Wage Increase, &c.—
16 2-3% has been awarded the employees by
board of arbitrartion which heard the demands of the Carmen's
demanded an increase of 50%, but accepted the
The new rate is retroactive to May 1, and the company is required
the men their "back pay" before Aug. 15.
After 12 Mos.
rapid transit lines
The
increase in wages
new
The new rate is as follows;
Motormen. Conduct'rs.
Service—
On surface lines.
On
The
Guards.
70 cts.
70 cts.
72 cts.
65 cts.
62 cts.
will add about $2,000,000 to the annual ex¬
S. Commissioner Lewis Nixon on June
New
York
Consolidated
RR.
Garrison, receiver, for authority to increase
10 formally denied the appli¬
made through Lindloy M.
the fare on subway and elevate
lines from 5 to 8 cents, on the ground that he lacked authority. An appeal
to the courts, it is said, will presumably be made at an early date.—
V. 110, p.
1526.
Georgia Ry.—Guarantees Extended Bonds.—
Central of
I
New
Jersev
P.
U.
Commissioner has
approved
the company's
application to issue $5,775,000 6% notes to pay for equipment to be pur¬
chased from the U. S. Railroad Administration.
The notes will be turned
over to the Government at par.
The amount of the issue approved covers
a minimum price fixed by the Government as a basis for negotiation.
The
railroad asked approval for an issue of $6,285,000. which would cover the
maximum.
The amount approved will be divided into two issues, one of
$3,555,000 to pay for equipment, already
$2,220,000, to pay for equipment In course
prices.—V. 110,
p.
delivered, and the other of
of delivery at the minimum
2075.
Central Vermont
Ry.-—Deposits—Annual Report.—
deposits of First Mtge. 4s, due May 1 1920, subject to ap¬
proval of the Committee, has been extended until June 30.
See annual report under "Reports" above.—V. 110, p. 1972, 1848.
The time for
Chicago Indianapolis & Louisville Ry.—Dividends.—
A (semi-annual) dividend of 1%% has been declared on the $10,500,000
Common stock, par value $100, payable June 29 to holders of record June 22.
Dividends at the rate of 1 ^ %
per ann.,
A
years.
Dec.
i916
semi-annually, being at the rate of 3H %
resumed last January after an intermission of about two
dividend of 3^% was paid in June 1916 and 1%% each in
and June and Dec. 1917.—V. 110, p. 2287, 2075.
were
Chicago & North Western Ry.—Offers $15,000,000
10-Year 7% Bonds.—Kuhn, Loeb & Co. and National City
at par and
int. $15,000,000 10-year 7%
gold bonds, dated June 1 1920, due June 1 1930.
(See advertising pages.)
Co.
have sold
secured
Int.
payable J. & D., without deduction for any tax or taxes which the
the trustee may be required to pay or to retain therefrom under
United States, or of any State, county or
company or
any
present or future law of the
municipality therein, excepting Federal income tax.
Denom. $1,000, $500
(c*&r*).
Central Union Trust Co., trustee.
Data from Letter of Vice-Pres. S. A. Lynde, Dated N. Y., June 8 1920.
Security.—Secured by deposit of (a) $15,000,000 Chicago &
Ry. New 1st & Ref. Mtge. 6% gold bonds, due May 1
(&) $2,500,000 Chicago & North Western Ry. Gen. Mtge. 5% gold
due Nov. 1 1987.
Western
North
2037,
bonds
of 60 days.
At
be invastigated
financial basis will be workejd out,—
1
Light & Trac. Co.—Bond Application.—
Commission for
Havana Electric Ry. & Light Co.—New Officer.—
elected First Vice-Pres. & Gen. Counsel, to suc¬
Davis.—V. 110, p. 2186.
City Ozark & Southern Ry.—Sale.—
Kansas
St. Louis, it is reported, has purchased
from Ava to Mansfield, Mo.—V. 108, p. 2528.
The Western Tie & Timber Co.,
this road, about 12 miles long,
Lehigh Power Securities Corp.—Suh.
See
Pennsylvania Power & Light Co. below.—V.
Long Island RR —Fare Petition
Cos. in Merg er.
110, p. 1973.
Denied.—
The I.-S. C. Commission has denied the company permission to charge
increased funds on round trips between Greater New York on the one hand
and points outside of the Greater New York territory on the other.
Com¬
pany had requested permission to relax the rule which
of greater or less fares to a distant point than the sum
fares.—V.
prevents the charge
of the intermediate
110, p. 2387.
Marshall & East Texas Ry.
See Ocean Steamship Co. under "Industrials" below. V. 110, p. 1289.
Central RR. of New Jersey.—Notes Approved.—
The
Increase.—
Commission has authorized the company to charge
R. R. Loening has boen
ceed the late D. T.
Brooklyn Rapid Transit Co.—Fare Increase Denied.—
the
S.
Vice-Pres. & Gen.
The company has applied to the Arkansas Corporation
authority to issue $200,000 bonds.—V. 110, p. 464.
i
of
P.
Fort Smith
Brakemen.
Coolidge has signed the Hyde Park Street Railway bill, for
leasing and operation of Eastern Massachusetts Street Railway lines in
Hyde Park by the Boston Elevated at a single-unit fare of 10 cents, and for
assumption of all deficits in operating expenses by City of Boston.—V. 110,
p. 2291.
P.
Indiana
by the Commission and a permanent
V. 108, p. 1610.
penses.
Governor
cation
RR.—New Officer.—
A. E. Sweet, formerly Fed. Mgr., was recently elected
Mgr.—V. 107, p. 82.
The men had
award.
to pay
1
6-cent fare, and also to sell 20 tickets for $1, for a period
the end of 60 days the company's financial condition will
increase in wages of
An
additional revenue
University of Michigan, has filed with the
Michigan P. U. Commission an appraisal of the physical properties of the
company as of July 1 1919.
At 1919 prices he fixes the cost of reproduction
the special
Union.
This fare is estimated to provide for an
the company.
a
1288.
p.
Ry.—Fare Increase—Valuation.—
for 50 cents, has been fixed as a temporary
be charged by the company's lines after midnight, June 8.
The fare increase is that which the city offered, but which was refused by
A 6-cent cash fare, or 9 tickets
Street Railway.—Sold.—
Boston Elevated
Com¬
rate of fare to
'The road has been sold for $100,000 to a committee acting for the bond¬
holders.—V
paid quarterly from April 1910 to April 1920 incl.
V. 110, p. 2387, 2075.
of $1,896,000 a year.
Prof. M. E. Cooley, of the
The City
ing the
of record June 12.
1916.
p.
Austin (Tex.
quarterly dividend of 1
% bas been declared payable July 1 to holders
A dividend of 1^% was paid in April last, prior to
A
1918.
$1,023,832
$368,286
366,488
1919.
North Western Ry. above.—V. 110, p. 1844, 1748
(Electric) Ry.—Dividend Decreased.—
Cleveland
Default July 1 Interest.—
& Electric Co.—Annual Report.—
Augusta-Aiken Ry.
Calendar Years—
Balance,
ROADS
Properties Co. below, and compare V. 110, p. 2386, 2290.
See National
-V.
ELECTRIC
INCLUDING
RAILROADS,
See Winnsboro & Gilmer
RR. below
-V. 110, p.
1973.
Menominee & Marinette Lt. & Trac. Co.—Fare Increase.
The Menominee, Mich., and Marinette, Wis., City Councils, in a joint
session recently decided to allow the company to charge 7-cent cash fares;
10 tickets will be sold for 50 cents and 10 children's tickets for 30 cents.—
V.
99, p.
120.
Meriden
(Miss.) Light & Railway.—7-Cent Fare Enjoined
Judge Edwin Holmes has issued an injunction restraining the
from increasing the fares on its lines from 5 cents to 7 cents, and
sustained the contention of the city that the company had no right under
its franchise to raise its fare.
The company has announced that it will
Federal
company
appeal the case.—V. 107, p. 603.
Michigan East & West RR.—Road Sold.—
The
Hyman Michaels Co., Chicago,
has bought at auction sale in the
of this road, extending from
The road was owned by the William
T. Joyce Co., of Chicago, lumberman, and has not been in operation since
Jan.
1919.
Residents along the road have expressed a desire to buy
sections for the purpose of continuing operation and 30 days has been
allowed them to exercise an option.
In case they do not, the road will be
dismantled and sold by the new owners.
The price, it is said, was somewhat
in excess of $350,000.
Included in the purchase are 10,000 tons of standard
steel rails, mostly 60-lb., with some 56-Ib., 3 locomotives and 15 cars.—
V. 107, p. 696.
U.
S.
Court at Grand Rapids the property
Manistee to Marion, Mich., 75
Michigan Elevated
miles.
Ry.—Incorporated in Delaware.—
Incorp. in Delaware June 1 1920 with $13,000,000 capital, to own and
dispose of elevated railways, &c.
Incorporators: John C. Frost, Bethune
D. Blain and Oliver E. Barthal, Detroit, Mich.—
Monongahela Valley Traction Co.—Fare Increase.—
The
West
Virginia P.
S. Commission recently granted an increase of
local lines and on the inter¬
2 cents in fares.
The new fare is 7 cents on all
urban lines will be 7 cents in each zone between
town.
Through fare from Parkersburg, W.
remain at 25 cents as
Parkersburg and WilliamsVa., to Marietta, Ohio, will
heretofore.—V. 110, p. 2193.\
National Properties
Co.-
■To
Default July 1 Int.—Pro-
tective Committee.—
i
[Vol. 110.
THE CHRONICLE
2483
named below in
The committee
a
notice to the holders of the 4-6%
Co.-American Railways, due
dividend upon the [American
Rys.j stock-pledged to secure these bonds and which would have been pay¬
able June 15 next, has been passed (V. 110, p. 2386), company will be with¬
out funds to pay the interest due on July 1 upon the above bonds, and
default in payment of interest will occur.
To protect the holders of these
bonds, Ac., the undersigned have consented to act as a committee and have
requested the holders to deposit their bonds with Pennsylvania Co. for
Ins. oln Lives & Granting Annuities, Phila., not later than July 10.
Committee.—Evan Randolph. Chairman: John Grlbbel, Arthur V. Mor¬
ton, John J. Henderson, E. Clarence Miller, with L. J. Clark, Sec., 517
Chestnut St., Phila., and Prichard, Saul, Bayard & Evans, Counsel.
St.
Secured gold bonds of National Properties
1 1946, states:.Owing to the fact that
Louis
&
Ohio River
RR.—Acquisition.—
Co. of Illinois below.
See Southern Traction
Jan.
—V.
110,
2292.
p.
Newport News & Hampton Ry., G. & E. Co.—Ann. Rep.
$1,357,307
759,302
84,754
57,721
35,519
$732,598
13,903
$611,034
8,399
$540,284
2,918
$419,650
3,273
$746,501
$281,940
19,584
4,120
$619,433
$240,523
6,005
8,778
$543,202
$240,355
5,143
10,419
$422,923
$228,689
4,957
847
$440,856
$364,127
$287,283
$188,432
Deduct taxes...
Net earnings
rev
Gross Income
^.
Deduct—Int. on bonds._
on
floating debt
Miscellaneous
Net
income.........
—V. 110, p.
$1,013,712
558,543
$2,168,486
1,472,698
104,762
Operating expenses
Int.
„
§2,718,837
1,881,477
Gross earnings...
Add—Non-oper.
1917.
1918.
1919.
2292.
Vv^i:
.
.
1
N. Y. New Haven & Hartford RR.—Bond
Application.-j-
has made application to the Mass. P. U. Commission for
authority to Issue $16,758,000 4% bonds, to mature May 1 1957, to retire
a similar issue of Providence Securities Co. 4% debentures assumed by the
New Haven RR., and which mature May 1 1957.—V. 110, p. 2292.
St.
Ry.—Correction.—President
earnings for
the year 1919 shown in the May 29 issue of "Railway &
Industrial Section" as gross, $78,552,125, and net, $18,124,022, are the earnings reported by the Federal Manager of
the St. Louis-San Francisco RR., which did not embrace
any of the 'Frisco System Texas lines, 4,761.28 miles.
The
correct results Mr. Kurn reports as follows:
Correct
Statement of Earnings on the Enitre 5,166 Miles of System for
for Calendar Year 1919.
operating revenue
$81,922,423
Net after operating expenses and ordinary (not war) taxes
18,139,452
This statement includes with the parent company the several subsidiary
Texas properties, viz.: St. Louis San Francisco & Texas, Fort Worth & Rio
Grande, Brown wood North & South, Paris & Great Northern.—V. 110,
p. 2388.
:■
W
'-V
Gross
•
,
State Railways.—Fare
The New York P. 8. Commission on May 25
charge 7-cent fares
on
A 7-cent fare is to go
its lines in Rome, N. Y.
into effect on its lines
Increase
V. 110, p. 1078.
Ry., near East St. Louis, 111.,
the new Transportation Act (V. 110, p.
720).
This is the first application of the kind filed with the Commission.
The companies have entered into a lease under which the Valley property
will be used by the St. Louis Southwestern for two years from March 1 1920,
and thereafter until the lease shall be terminated by mutual agreement.—
V. 110, p. 2193.
Northern Ohio Trac. &
May 24 the Board of Aldermen of Schenectady authorized the com¬
to increase its fares from 6 cents to 7 cents, the new rate to continue
to May 31 1921.—V. 110, p. 563.
Light Co.—Service-at-Cost Plan.
Scranton
were
employed two years
valuation of
a
$4,300,000
ago
by the city to examine the property, placed
the lines.—V. 110, p. 2193.
on
Northern Texas Electric
Co.—Wage Increase.+-
The Northern Texas Traction Co. has increased the wages of all trainmen
8 cents
an
hour, from 46 cents to 54 cents.—V. 110, p. 2292.
Northwestern Pacific RR.—Bond
The company recently filed an
Application.—
application with the California RR. Comm.
for authority to issue $1,008,000 bonds, proceeds to be issued to reimburse
the treasury in the sum
ments.—V. 110, p. 1089.
Ottawa Electric
of $958,062, expended for additions and better¬
Ry.—Wage Increase.—
A general increase of 10 cents an hour to motormen and conductors, and
increase of 20% to all other employees, with time and a half for overtime
an
and time and
quarter for Sundays and legal holidays, is included in the
investigated the wage agreement
dispute between the company and its employees.
Motormen and conduc¬
tors will now receive 49, 51, 53 and 55 cents an hour.
The wage award is
retroactive to May 1.—V. 110, p. 2193.
a
award of the Board of Conciliation, which
Philadelphia Company.—Decision—Rates.—
Judge Woolfey in the U. S. Circuit Court of Appeals at Philadelphia on
May 25 filed a decision reversing the Federal Court at Pittsburgh in which
the company obtained an order for the payment of $495,145 from the
receivers of the Pittsburgh Street Railway for money loaned to its subsidi¬
aries.
Judge Woolley ruled that the Philadelphia Company had no right
to seek the return of money loaned to a company in which it held all the stock.
The company has received permission to advance its rates for gas for
domestic consumption 10 cents per 1,000 cu. ft., effective July 1.
Present
rate
is
37 cents.
Rates for
industrial and
commercial
use
were
also in¬
creased to 47 cents per 1,000 cu. ft.,
payment and some
less discount of 2 cents for prompt
reductions for summer use.—V. 110, p. 2382.
*
Philadelphia Rapid Transit Co.—Company's Traction
Program for 1920—Proposed Charge of 3 Cents for All Transfers.
Tne official statement
The
new
,
do to fare readjustment, is cited under "Reports".
tariffs filed by President Mitten with the Public Service Com¬
mission, providing for abolition or free transfers, become effective July 1
opposed by the city or other interests.
The question of increased
is being given careful consideration by the exoeutive committee to
whom it has been again referred by the board of directors.
Mayor Moore has issued a long statement saying that the city's rights
under the 1907 contract are reserved and would "be protected by legal
action," but with no desire to prevent the P. R. T. Co. from financing its
operations.
The Mayor further stated his belief that if any increase of fares was
sanctioned that increase should go toward extensions of lines for the ac¬
commodation of the people and not exclusively to increase the revenues of
the company.
He said he wras not in sympathy with the 1907 contract
which gave the city minority representation in the partnership and that
the position of the mayor was anomalous, as ho might in that
capacity
have to act on matters previously acted on by him as a director of the
company.—V. 110, p. 2193, 1749.
unless
revenue
Pennsylvania P. S. Commission has refused to grant the Common¬
Transportation Co. a certificate of convenience for the operation
of motor buses in Scranton in competition with the company's lines, on the
ground that the establishment of two competing systems of transportation
would be contrary to the best interest of the public.—V. 110, p. 2293.
Southern
Gross income.
Net, after taxes
Other income.
1919.
1918.
1917.
1916.
1915.
$606,007 $508,029 $474,270 $378,306 $362,407
-„_„$204,948 $183,397 $143,476 $141,128 $125,397
2,334
2,349
2,007
2,935
3,256
1
Gross income
Interest
Additions,
&c
Balance, deficit
—V. 108, p. 2630.
$207,282 $185,746 $145,483 $144,063 $128,653
341,960
341,960
341,960
344,076
343,305
2,118
37,726
13,996
2,890
468
$137,095 $193,940 $210,473
Pacific
Co .—Equipment
Trusts Sold.—Kuhn,
Loeb & Co., New York, have sold at prices ranging from par
to
101, according to maturity, $15,000,000 7% Equipment
Certificates, Series E.
Issued by Commercial Trust
Co., Phila., trustee (see adv. pages).
The bankers state:
Trust
Dated June 1
from 1924 to 1935,
and dividends will
City, in gold coin of the
of weight and fineness,
and without deduction for any tax or taxes (other than Federal income
taxes) which the company or the trustee may be required to pay or to retain
therefrom under any present or future law of the United States, or of any
State, county, municipality or other taxing authority therein.
Denom.
$1,000 (c*).
Southern Pacific Co. will unconditionally guarantee payment
of the principal and dividends.
Security.—Secured on new equipment, costing approximately $22,500,000,
as follows15 heavy freight locomotives of 2-10-2 type, 10 Mikado type
locomotives: 15 passenger locomotives bf Pacific type, 6 10-wheel locomo¬
tives, 24 switching locomotives, 2 electric locomotives, 20 steel passenger
coaches, 30 steel baggage cars, 26 steel electric motor coaches, 16 steel
electric trailer coaches, 98 electric "one-man" passenger coaches, 2,000
composite steel and wood box cars, 500 automobile cars, steel undergrame,
1,000 composite steel and wood stock cars, 1,000 composite steel and wood
flat cars, 250 steel ballast cars, 65 caboose cars.—V. 110, p. 2293, 2076.
both incl.
1920; maturing $1,250,000 each June 1
Dividends payable J. & D.
Both principal
be payable at the agency of the trustee, New York
United States, of or equal to the present standard
Southern Traction Co. of Illinois.—Purchased.—
The
Illinois
P.
U.
Commission
authorized
has
the
St.
Louis
&
Ohio
River RR. to purchase the property of the company for $400,000 and has
certificate of convenience and necessity to operate the line as a
steam railroad between East St. Louis, 111., and Belleville.
Company was
granted
a
also authorized to Issue $10,000 of capital stock.—V. 110, p. 466.
Springfield (O.) Terminal Ry. & Power Co.—Sale.—
W. P. Studevant, New York, attorney for Hyney, Emerson & Co.,
Chicago, representing the bondholders' committee, on June 5 purchased
the property at receiver's sale at the upset price of $300,000.
It is stated that new bonds in the sum of $250,000 and $125,000 Pref.
stock will be issued under a reorganization plan.
Residents alone the line,
it is said, have agreed to take the stock.—V. 110, p. 2076, 563.
Texas State Railroad.—Not Sold.—
A
R. M. Johnston, Chairman of the
Legislature will be asked
the road in order so that
it may be able to resume operations under State management.
Road was
offered by the State for either sale or lease, without result.—V. 110, p. 765.
report from Austin,
Texas, says:
Texas State Prison Commissioners, states that the
to make an appropriation of about $80,000 to put
Toledo Rys.
& Light Co.—New Ownership Plan.—
The Toledo City Council on June 7 ratified two new ordinances submitted
by the Municipal Ownership Division of the Street .Car Commission to re¬
place the original $7,000,000 bond issue ordinance which was submitted
to the Council last week.
The first provides for a $3,000,000 city bond
issue for "acquiring" some unspecified kind of transportation system for
municipal ownership and operation.
The second provides a $4,000,000
bond Issue for "constructing" some kind of transportation system—either
a street railroad or anything else upon which Council at some future time
may decide.
The ordinances will be submitted to the people at the primary
election on Aug. 10.
See V. 110, p. 2388.
Toronto
Railway.—Wage Increase.—
A board of arbitration has
granted the
men an
increase in wages
as
follows:
38 cents for the first 6 months, 40 cents for the second 6 months, 45 cents
second year,
aind 52 cents third
cents; second year,
The old scale was: First year, 34
38 cents, and third year, 41 cents.—V. 110, p. 1079.
year.
Tri-City Ry. & Light Co .—Sub. Cos. Consolidate.—
The Illinois P. U. Commission has authorized the Tri-City Railway to
purchase the Moline Rock Island & Eastern Traction Co. for $195,000 of
Philippine Railway Co.—Annual Report.—
Calendar Years—
(Pa.) Ry.—Bus Application Denied.—
The
wealth
The company
has submitted to the P. U. Committee of the City of Akron
plan which provides for a sliding scale
of fares, dependent on a stabilizing fund of $250,000, a 10% return > n the
agreed value of the property as fixed by an arbitration board and the city
to have the option to purchase or lease the property at the end of any fiveyear period.
Statistics given by H. C. Anderson, of the University of Michigan, place
the value of the company's holdings inside the city limits, not including
power stations, substations or terminal building, based on 1919 costs, at
$7,604,478.
Valuation of the city fare zone, based on five-ear labor and
material cost basis from 1915 to 1919 was placed at $6,192,657.
The valation docs not include franchise or going value.
Ilagenah & Erickson, who
Y.) Railway.—Fare Increase.—
Schenectady (N.
On
pany
tentative service-at-cost franchise
a
Approval of Lease.—
Commission for approval of a
under provisions of Section 439 of
—
authorized the company to
The fare is now 5 cents.
in Rochester on July 1.—
■'
St. Louis Southwestern Ry.—Asks
The company has
applied to the I.-S. C.
lease of the property oi the Valley Terminal
The company
New York
Francisco
Louis-San
J. M. Kurn calls attention to the fact that the
$202,902 $215,121
Public Service Ry. of New Jersey.—Suits against Buses.
The company has filed 36 bills of complaint against 36 operators of
jitney
buses in various parts of the State in the Court of Chancery in Trenton.
The
bills ask that injunctions be issued against the
jitney men on the
ground that the operation of their buses is illegal and a nuisance.—V. 110
p. 971,1849.
Reading Co.—Supreme Court Declines to Modify Decree.—
capital stock of the Tri-City Ry.
The Tri-City Ry. was also authorized
to issue capital stock for the purpose of purchasing the property.
Both
companies operated separately until the 7-cent fare was granted by the
Illinois P. U. Commission.
One of the contingencies stipulated in the grant
was that universal transfers should be issued.
Two fares had been charged
previously.—V. 110, p. 972.
Union Ry.,
Gas & Electric Co.—Wage Increase.—
Employees of the Springfield (111.) Consolidated Ry., effective May 15.
a wage increase of .5 cents each on the hour, making their wages
vary from 46 to 50 cents an hour, instead of from 41 to 45 cents.—V. 108,
p. 1391.
received
_
United Railways of
St. Louis.—Receivership Suits, &\c.—
The U.S. Court of Appeals in a decision rendered at St. Paul, Minn., has
upheld the receivership for the company in the suit of John W. Seaman for
dismissal of the receiver.
The appeal of Samuel W. Adler for dismissal of
the receivership on the ground that no cause of action was stated has been
denied.
The Court ruled, however, against consolidating the two receiver¬
The U. S. Supreme Court on June 7 dismissed motions of the
company
and its subsidiaries asking the Court to modify dissolution decrees rendered
ship suits of Mr. Seaman and Mr. Adler and decided that they must be
tried separately.
According to the decision, the receivership will stand in
the Seaman case until Special Master Lamm reports to the District Cotirt.
April 26 last (V. 110, p. 1850).—V. 110,
The
p.
2388.
Appellate Court also confirmed the adverse decision of the District
Mr. Priest, counsel for the railway, to have the
and the case argued again.
A dispatch from St. Louis on May 25 states that a suit asking the can¬
cellation of $42,000,000 of stock and $40,000,000 of bonds was filed in the
Circuit Court by George E. Vail, owner of 115 shares of Preferred stock.
The suit charges that corporation directors and certain stockholders obCourt in the suit brought by
Reading Transit & Light Co .—Equipment Notes.—
The U. S. Mtge. & Trust Co. has been appointed crustee and fiscal
agent
for the payment of
ment
coupon
Car Co.—V.
principal and interest for an issue of $50,000 7% Equip¬
gold bonds.
The issue has been taken by Osgood-Bradley
110, p. 2293, 1089.
evidence in the Seaman suit thrown out
June 12
1920.]
THE CHRONICLE
tained large amounts of the company's securities without
paying for them,
and that the company's books have been
kept in such a manner as to show
assets of either
$100,000,000
or
$10,000,000,
as
desired.—V. 110, p. 1974.
Washington (D. C.) Ry. & Electric Co.—Fare Increase.
Effective June 1, the I.-S. C. Commission authorized the
company to in¬
its fares to 8 cents on its lines running into Maryland.
See also
crease
V.
110, p. 1749.
Data
from
2489
Letter of
Pres. Julius Lichtenstein, N. Y.,
May 8 1920.
Company.—Properties consist of extensive tobacco plantations in Georgia,
Florida. Coimecticut ar>d .Massachusetts,
aggregating 38,863 acres, nearly
all of which are improved.
Approximately 3,500 acres are shade tented
for the cultivation of domestic
wrapper leaf; also produces a considerable
amount oi sun-grown tobacco.
Owns 2,635 buildings,
comprising tobacco
sheds, warehouses, tenant houses and miscellaneous
structures, incl. office
West Penn Traction & Water Power
Calendar Years—
-W. P.Rys. (incl.sub.cos.-
1919.
Gross earnings
$10,634,610
Net income after taxes__ $3,735,659
All charges
(incl. pref.
div. of Rys. to outside
Co.—Earnings.—
—West Penn Power Co.—
1918.
$9,352,905
$3,462,768
1919.
1918.
$5,773,309
$2,199,371
|
stockholders)
$5,357,488
$2,137,837
Capitalization
upon completion of present financing.
Convertible gold notes
Cumulative Preferred stock
7%
Common stock (receiving dividends of
10% per
y i
2,091,493 2,114,946
building in N. Y. City.
In addition leases tobacco farms and maintains
a large organization.
Gross business has increased over 2,200% during
the ten years ended July 31 1919.
975,841
992,042
Earnings for the Fiscal
Years Ending July 31 (3j^ Mos. Est. for 1920).
1916-17.
1917-18.
1918-19.
1919-20.
profit on sales, includ¬
ing other income
$1,788,681 $3,281,362 $1,711,238 $5,000,000
Oper. exp. & other deduc...
486,816
612,684
507,565
700,000
'
.
Balance, surplus
Total p. & 1. surplus
$1,644,166
$2,716,974
$1,347,822
$2,522,058
$1,223,529
$855,850
$1,145,795
$791,967
In the year 1919 the West Penn Traction & Water Power Co.
received
in dividends from West Penn Rys. Co. $630,768 and showed net income of
$508,421, out of which it had dividends on its Pref. stock of $483,282,
leaving balance surplus $25,139 as compared with $29,575 in 1918.—V. 109,
p. 2173.
Winnsboro
&
Gilmer
RR.—Organized.—
A report from Winnsboro, Tex., says that this road has been
organized
and, it is understood, will operate that part of the former Marshall & East
Texas Ry. (V. 110, p. 1973) between Winnsboro and Gilmer, about
32 miles,
recently purchased at receiver's sale.
Directors are: S. Kirkgard (Pres.),
Ogburn, Tex.; Will E. Stevenson, V.-Pres., and Gordon Avis, Sec.-Treas.,
Winnsboro; T. J. Pogue, Peach, Tex.; J. W. Davis, Rhonesboro, Tex.;
P. K. Williams, Rosewood, Tex.; Hardy Petty, S.J. Wagholder,
Gilmer, Tex.
.
.
.
Gross
Net before taxes applicable
to interest charges
$1,301,865
$2,668,678 $1,203,673 $4,300,000
on $6,564,000 7M % notes
(this iss.)
492,300
Average net earnings for the 4 years 1917 to 1920, incl., appli¬
cable to interest charges, or over 4.75 times the annual interest
requirements on this issue
2,368,554
Annual interest requirement
Condensed
Balance
Sheet
Assets—
Real
April
Aetna
Explosives
AND
Co.,
Inc.—Receivers
Discharged.—
1847,
p.
been reorganized per plan in V. 108, p. 2243.—V. 110,
1291.
American
Chain
Co.—Acquisitions,
p. 485).
He paid
$1,518,000 and received two factories and group of model tenements ap¬
praised at $3,544,407 by Government.
Net quick assets were $332,552
and profit and loss surplus $1,319,245.
The "World" claims that for
$1,518,000 Pres. Lashar received cash and property worth $5,196,206.
Recent press reports stated that the company has
purchased control of the
Page Steel & Wire Co. with mills at Monessen, Pa., and Adrian, Mich.
The American company acquired 90% of the
outstanding stock of the
Page
S.
1,446,537
102,125
Liberty bonds
Accounts & divs. payable.
Res. for deprec. & insur..
3,982,659
Customers' orders
864,239
Amts. due from other cos_ 1,632,119
Inventories
6,331,863
Live stock and supplies._
262,676
Deferred charges
780,459
as
603,206
306,925
Surplus, before providing
for deprec.
& Federal
taxes from Aug. 1 1919. 2,725,536
Total
(each side)
guarantors, $258,292.
$27,395,265
Compare V. 110,
2194, 2389.
p.
&c.—
this issue).
to
$1,963,500
$7,753,762 Common stock
14,447,200
753,721 7M % Convertible notes.. 6,564,000
Investments in other cos_ 3,485,105 Notes payable to banks__
784,900
Note.—Contingent liabilities,
New York "World" is credited with saying that Walter B.
Lashar,
Pres. of American Chain Co., bought at auction March 26 1919 the
er.emyalien-owned International Textile Co., Inc. (V. 108,
(after giving effect
Liabilities—
Preferred stock
Accounts & notes receiv__
Judge Julius M. Mayer in the U. S. District Court on June 8 discharged
ex-Governor Benjamin B. Odell and ex-Judge George C. Holt as receivers,
the company having
1920
&c.
Good-will
U.
MISCELLANEOUS.
15
v
bldgs.,
(less depreciation)
estate,
Cash
INDUSTRIAL
Authorized. Outstand.
$6,564,000 $6,564,000
2,000,000
1,963,500
an.) 25,000,000 11,447,200
American Tobacco Co.—Restored to List
—
The N. Y. Stock Exchange has recommended to restore to the list
$25,160,300 Common stock (par $100) on official notice of Issuance, in
exchange for shares of the stock of A. T. Securities Corp., making the total
amount of Common stock applied for $40,212,400.
The A. T. Securities Corp. has acquired all of the said shares for which
application to restore was made.
The directors of American Tobacco Co.
on April 14 1920 declared a stock dividend
upon the Common stock and
Common stock B of the company (approved by the stockholders May 6) to
an amount equal to
75% of the Common stock and Common stock B out¬
standing July 15 1920 to be distributed on Aug. 1 1920 pro rata among
the largest purchase having been made from the estate of
Wallace Page.
Some of the minority stockholders objected
price being offered them for their holdings, which was fixed at
the rate of $60 a share for the First Pref.; $40 a share for the 2d Pref. and
$3 a share for the Com. stock. The outstanding stock consists of $800,000
First Pref., $1,000,000 2d Pref., and $1,000,000 Com. stock.
holders of record of Common stock and Common stock B July 15 1920.
To enable the stockholders of A. T. Securities Corp. to receive such divi¬
dend directly from the American Tobacco Co., the A. T. Securities Corp.
It is the intention of the American Chain Co. to continue the business
of the Page Co. as heretofore, taking
only its surplus
so
the
company,
late
J.
to the cash
product.
The latter
plants consist of open-hearth furnaces, rolling mill and wire mills, as well
as
fence factories.
The officers elected under the reorganization of the
company are:
Walter B. Lashar, Pres.; William T. Morris, Y.-Pres.
Wilmot P. Wheeler, Treas.; John E. Carr, Asst. Treas.; William M. Wheeler
Sec.; E. C. Sattley, Gen. Mgr.—V. 110, p. 765, 563.
American Ice Co.—Denies
President W.
Profiteering.—
(V. 110,
p.
1645, 1975, 2077, 2389) and distribute its
assets, consisting of the above Common stock of the American Tobacco Co.
that the stockholders may thus, prior to July 15 1920, become stockhold¬
ers of American Tobacco Co. and so be able to receive the stock dividend
of American Tobacco Co.—V. 110, p. 2389, 2293.
,"
American Wholesale Corp., Baltimore.—May
Decrease.1 1920—5 Mos.—1919.
$146,212($16,708,295
$2,244,061
—V, 110,
statement
company is profiteering, because
in the last four years 283%, says
American Rolling Mill Co.—Extra & Decreased Dividend.
An exira dividend of 25 cents per share has been declared on the outstand¬
ing $12,400,975 Common stock, together with the regular quarterly dividend
of 50 cents, both payable July 15 to holders of record June 30.
In January
last a stock distribution of 5% was made.
Extras of 25 cents have been
paid quarterly from Jan. 1918 to Oct. 1919, inclusive.
Regular dividends
of 75 cents were paid in January and April last, prior to which 50 cents
was paid.—Y. 110, p. 1090, 169.
American
Ship & Commerce Corp.—Harriman & Co.
Block of Stock—Agreement to Re-Open HamburgAmerican Line Routes—Directors Take 100,000 Shares at $25.
Acquire
An authoritative statement issued June 5 says in substance
"For one
the American Ship & Commerce Corp., through one of its subsidiaries
(Kerr Steamship Co.), has maintained a freight service form New York to
Hamburg and return, acting in this country as principals and utilizing
Hamburg-American Co. in Hamburg as their agents.
Upon learning that
agreement had been reached between W, A. Harriman & Co., Inc.,
and the Hamburg-American Steamship Co., Chandler & Co., Inc., who
originally conceived the American Ship & Commerce Corporation, and
W. A. Harriman & Co., Inc., deemed the best solution of the problem to be
not to disturb the initial service already established between New York an
Hamburg.
Consequently, W. A. Harriman & Co., Inc., has secured
through Chandler & Co., Inc., by public and private purchase, a substan¬
tial block of American Ship
&
Commerce stock.
W. A. Harriman & Co., Inc., have agreed to turn over to American Ship
&
Commerce
without
consideration
their
agreement with
HamburgAmerican in whole or in part as may be deemed advisable.
This agreement
is of great value to-day, and has tremendous possibilities in the future.
The director of American Ship & Commerce Corporation duly accepted an
offer made jointly by Chandler & Co., Inc., and W. A. Harriman & Co.,
Inc., for 100,000 shares of American Ship & Commerce, now held unissued
in its treasury at $25 per share,
and gave them an option good for ninety
days on an additional 100,000 at the same price.
Inasmuch as directly
or indirectly. American Ship & Commerce has on hand some $12,000,000
which is available for new construction, and with the fresh money added
by the sale of treasury stock Amefican Ship & Commerce will not need
additional financing for some time.
American Ship & Commerce's holdings of William Cramp Ship & Engine
Building Co. stock has in no way been disturbed.
[W. A. Harriman has been elected President, succeeding General George
W. Goethals, resigned.
W. A. Harriman, S. F. Pryor and Lester H.
Monks, representing W. A. Harriman & Co., Inc., have been elected
directors.]—V. 110, p. 1850. 1190.
an
Sumatra
Tobacco
Co.—Notes
Offered.—
Tucker, Anthony & Co., New York; Central Trust Co., of
Illinois, Chicago; Hambleton & Co., Baltimore; Frazier &
Co. and Graham, Parsons & Co., Phila.; and Hayden,
Miller & Co., Cleveland, are offering at 98 and int., to yield
8% (see advertising pages), $6,564,000 Five-Year 7^%
Sinking Fund Conv. Gold notes, dated June 1 1920, due
June 1 1925; and fully described in V. 110, p. 2194.
[The Pref. and Common stockholders of record May 24 were given the
right to subscribe on or before June 8 to the above notes at 98.
See
V. 110, p. 2194.J
Increase.
1975, 1850.
p.
$11,639,157
$5,069,138
American Window Glass Machine Co.—Patent Decrees.
Judge W. H. S. Thomson in United States District Court at Pittsburgh
June 2 issued final decrees in the glass patent litigation cases brought
against the Consolidated Window Glass Co., Pennsylvania Window Glass
Co. and Kane Glass Co. by this company and its ally, American Window
on
Glass Co.
'
The decree in the Consolidated Co.'s
case directs that the bill of complaint
Pittsburgh Plate Glass Co. and Walter A. Jones be dismissed.
The
patents, with few exceptions are held valid and the consolidated company
is held as infringing on them.
A writ of injunction is ordered against the
latter concern and a perpetual injunction is also granted against the Penn¬
sylvania Window Glaas Co.; both are directed to pay costs.
The final
decree sets forth:
"It appearing that profits and damages in this case
having been settled out of court, no order or decree is made with respect
thereto."
(See V. 107, p. 1921, 2010).—V. 110, p. 1190, 467.
as
to the
American
Wood and
Woolen
Co .—Indictment
Against
President
Company Quashed.—
Judge J. W. Mack in the U. S. District pourt on June 11 granted the
motion argued recently by Charles E. Hughes to quash the indictment
charging the American Woolen Co. of Mass., the American Woolen Co.
of New York and President Wood with violation of the Lever Act in selling
goods for exorbitant prices.
The argument of Judge Hughes was largely
based upon the contention that the Lever Act deals with wearing apparel,
whereas the American Woolen Co. produces fabrics only, and by no inter¬
pretation can be alleged to produce wearing apparel.
The mills of the company at Lawrence, Mass., it was announced June 9
will operate three days a week until further notice.
The mills had been
for several days running four days
ajweek.—V. 110, p. 2293, 2077.
year
American
Sales.—
1920—May—1919.
$2,097,849
>
M. Oler in a letter to "Commerce and Finance" denying
recently made in the Senate by Senator Capper that the
he said its earnings had been increased
to part:
"Had Senator Capper desired to make a fair and unprejudiced statement,
he would not have picked out a year of low earnings to
compare with a year
of high earnings, but would have taken a series of years; for instance, had
he taken 1913 instead of 1916, he would have found that our earnings were
$1,666,953, or only $109,003 less than what he claims to be a 'profiteering
year' in 1919.
Had he taken our earnings from 1913 to 1919 incl., he would
have found that the average for those 7 years was $1,145,889, or less than
4% on our Common stock, which represents 100% investment, or had he
taken our earnings for the last four years, he would have found practically
the same result, an average of $1,179,804, still less than 4% on our Com¬
mon stock."—V. 110,
p. 260, 263.
the
has voted to dissolve
Arizona
Copper Co.—Production {in Pounds).—
1920—May—1919.
3,000,000
2,400,000
—V. 110, p. 2077, 1528.
Art
Metal
Increase. | 1920—5 Mos.—1919.
600,000115,000,000
14,200,000
Construction
Increase.
800,000
Co.—Listing—Balance
Sheet
The Boston Stock Exchange has authorized the listing on and after June
16 of
145,712
additional shares
(par $10).
Common stock making the
73,042 shares of this additional stock is issued
total 291,424.
to the voting
Inasmuch as
trustees and their certificates of deposit issued against it.
to the list at the same time 73,042 additingal v. t.
certificates for such Common stock, making the total number of such v. t,
certificates on the list 146,084.
This additional stock is issued as a 100% stock dividend, payable June
16 to hold ens of record June 5.
The stockholder^ on April 27 1920 voted
to increase the capital stock from $1,457,120 to $6,000,000, to take care
of this 100% stock dividend.
there will
be added
Comparative Balance Sheet Dec. 31.
Assets—
1919.
1918.
-
Plant & prop, less
$1,255,683
Patents, less depre
545,882
Cash
754,948
Accts.& bills
rec._
1,148,735
charges.-
1,367,690
24,774
39,119
Inventories
Investments
Prepaid
Liberty bds. (net).
Liabilities—
Capital stock
depreciation
_
Compare V. 110,
$985,104
560,588
756,375
1,352,229
1,416,424
34,295
43,801
14,341
17,258
p. 1975, 2077.
Accounts payable.
1919.
1918.
$1,457,120 $1,457,120
165,302
213,930
Res. for erection &
delayed charges.
Estimated
Total (each
Ascher's Roosevelt Theatre,
190,537
453,203
300,000
550,000
3,038,215
taxes..
Surplus
2,491,822
slde)35,151,174 $5,166,075
Chicago.—Bonds Offered.
The bankers named below in Apr. 1920 offered at 100 and int. yielding 6%
Dated May 1 1920.
$1,000,000 1st Mtge. 6% Real Estate Gold bonds.
due semi-annually May 1 1922 to 1930.
Red. on any int. date after one
year at 102Yi and int.
Denom. of $100, $500 and $1,000 (c*).
Int.
payable M. & N.
Normal Federal income tax of 4% paid by the mortga¬
gors.
Fort Dearborn Trust & Savings Bank, Chicago, trustee.
Property.—The ground on which the theatre will be located is 91 ^x
1042i feet owned in fee simple and not a leasehold, and is in the heart of
the retail shopping section of Chicago and the centre of the theatre district.
The building will be modern and will seat 2,000 persons.
Total value
estimated at $2,000,000.
Bankers Making Offering.—Central Trust Co. of Illinois, National City
Bank of Chicago (Bond Dept.), Fort Dearborn Trust & Savings Bank,
and H. O. Stone & Co.. Chicago.
1918.
SI,002,023
812,891
Gross revenue
700,410
expenses
67,971
Interest and
64,270
164,088
173,598
$157,797
appropriations
Net income
—V. 106, p.
A.
Common
1919.
SI,202.748
$57,746
Taxes
2012.
Securities Corporation.—Dissolution.—
T.
See American Tobacco Co. above.—V. 110, p.
2389, 2077.
Atlantic Fruit Co.—Bonds Called—Interest.—
6% sinking fund gold debentures of 1915 due
and int. at the Equi¬
All outstanding 30-year
Jan. 1 1945 have been called ror payment July 1 at par
table Trust Co.
Interest due June 1 was paid at maturity on the $10,000,000 7% 15-year
Sinking Fund Conv. Debentures, due Dec. 1 1934, upon presentation of
temporary bonds by the Guaranty Trust Co. of N. Y., Old Colony Trust Co.,
Boston; Central Trust Co., Chicago; Girard Trust Co., Phila.; Common¬
wealth Trust Co., Pittsb., and Mississippi Valley Trust Co., St. Louis.
—V. 110, p. 1091, 467.
Atlantic
in
Interest
Large
Co.—Acquires
Refining
Superior Oil Corp.—10- Year Oil Contract, &c.—
See
Superior Oil Corp. below.—V. 110, p. 2389.
authorized an increase In the capital stock
$700,000 Series A1 Pref. stock and $600,000
6% 2d Pref. stock to $3,000,000 Common, $2,400,000 7% Cum. 1st Pref.
and $600,000 6% 2d Pref. stock.
Of the increased stock, $1,000,000 Com¬
mon and $1,000,000 Pref. were offered and subscribed for at par
($100)
by shareholders of record May 15.
Sufficient 7% Cum. Pref. stock is
reserved for exchange of the Series A1 stock, par for par.
$1,000,000 Common.
Company.—The business was founded in 1825 and was incorp. in 1877.
Company Is engaged in the manufacture and distribution of plows, harrows,
planters, cultivators, binders and mowers.
Is well known throughout the
United States and in foreign countries for the high quality of its product.
Factory located in Louisville, Ky.
Purpose.—To provide in part for the erection of buildings necessary by
reason of the recent purchase of the Champion lines of harvesting and
haying machinery and also to provide additional working capital.
Sheet
1919
of Nov. 30
as
Assets—
(after showing effect of this financing)
|
Liabilities—
Land, buildings, &c., less
iFirst Preferred stock
-.-$1,700,000
depreciation reserve
$1,207,371 Second Preferred stock
600,000
Inventories, &c
3,907,774 Common stock.
2,000,000
Acc'ts & notes receiv., &c. 2,232,726 Special contract liability.1,500
U. 8. Govt, bonds, cash,
(Current liabilities
2,264,922
&c
2,129,734 Reserves
350,000
Total (both sides)......$9,477,605 Surplus
2,561,184
Los Angeles, Calif.—Pref. Stock.—
Lewis, Bond & Goodwin and B1 ankenhorn-HunterDulin Co., Los Angeles, are offering at 100 and div. $1,000,000 8% Cumul. Pref. (a. & d.) stock.
Barker Bros., Inc.,
Frank &
Divs. Q.-J.
Red. all or part at 105 and div.
Annual sinking fund
provides 15% of net earnings are to be applied annually to the retirement
of this stock.
Data from
of Pres. W.
Letter
A.
Barker, Los Angeles, May 22.
^.Company.—Organized in 1890 with an invested capital of $9,000.
Is
to-day one of the foremost and largest distributors of furniture and home
furnishings in the United States, with gross sales during 1919 in excess of
$6,500,000.
Supplies practically everything for the equipment and main¬
tenance of the home, hotel, public building and office.
Capitalization (No Bonds)—
Preferred 8% stock (this issue)
Authorized. Outstanding.
.
$1,000,000
Common stock
business.
Companies.—Pref. Stock Offering.—
Imbrie & Co. are offering $1,000,000 additional 7% Cumul. First Pref.
(V. 109, p. 1369), with Common stock, at prices to yield more
than 8%.
This brings the total Pref. stock outstanding up to $4,484,300
,
stock
of
a
are
total authorized issue of $15,000,000.
listed
on
the Com. stock.
list them on
Divs. at annual rate of $4 per
The First Pref. and Com. stocks
the Chicago Stock Exchange and application will be made to
the New York Stock Exchange.—V. 110, p. 2195, 2078.
"
Beer-Sondheimer & Co., Inc.—Sale.—
Francis
P.
Garvan,
Alien Property Custodian, will offer at public
capital stock, consisting of 12,020 (v.t.c.) shares.
as
auction on June 15 entire
to be sold will be the company's 100%
The property
interest in Cuban
Copper Leasing Co., 49.17% interest in the National Zinc Co., and 100%
Co., Inc., together with its metal selling
business and assets.
The company's alleged rights to certain shares in
interest in the Norfolk Smelting
Minerals Separation
Bethlehem
North American Corp. will not be included in the sale.
Shipbuilding Corp., Ltd.—Capital Increase
The company has filed notice of increase in capital from $15,500,000 to
$25,000,000.
The Bethlehem Steel Corp. owns the entire capital.—
V. 107, p. 908.
Billings & Spencer Co., Hartford, Conn.—Obituary.—
Charles Ethan Billings, Chairman of the
Juno 5.—V. 109, p. 2442.
Board, died in Hartford, Conn,
on
Boston
Montana
&
See Boston & Montana
The stockholders
on
Corporation.—Acquisition.—
Development Co. below.
Boston & Montana
May 29 ratified the sale of all the company's prop¬
Corp.
Exchange into
the stock of the new corporation will bo made on delivery of the old certifi¬
cates to the Now England Trust Co., Boston.
See V. 110, p. 1851.
Butterick Co.—Balance Sheet Dec. 31.1919.
$
contr.,
55,250
owned..
Liberty bondsi....!
31,522/
Liberty bonds
ids../
and In
5,860
173,256
1,461,783
2,465,395
645,698
m'I'turedV
.
$866,674
219,353
28,804
Net earnings
Dep. exh. of dep., Sec.
bonds.
Balance,
1918.
$853,466
198,279
$817,612
$655,187
182,921
22,958
24*.552
2,594
64,079
7,814
"9l", 820
$627,237
1
Reserve for Federal taxes & conting..
-V.
1919.
$1,137,664
320,052
surplus...
1412.
$545,060
$622,821
110, P.
Calumet & Arizona Mining
Decrease.
228,000
8,000 17,818,000
Factories,
Carriage
Co.—Copper Output (Lbs.).
1920—5 Mos.—1919.
18,046,000
Decrease.1
1920—May—1919.
3,840,000
3,848,000
—V. 110, p. 1976, 1645.
Ltd.,
Montreal.—Reorganization
shareholders to all other holders of the
proposal for the immediate calling of a special
meeting to consider the company's re-organization.
It is pointed out that
a stock dividend on the Pref. payable as soon as possible for the funding of
all arrears is desirable.
The arrears amount to about 35% ,the last div.
having been paid on Oct. 1915.
It is suggested that the capacity of the
plants be enlarged and operations speeded up, and a request is made for
adequate representation on the board of directors for the purpose of giving
effect to the expressed wish of the shareholders.
The outstanding capital consists of $1,200,000 Common stock, $1,200,800
Pref. stock and $465,500 1st Mtge. 6s, due April 1 1940.—V. 110, p. 973.
A circular issued by the Preferred
Preferred stock
Central
makes
a
Sugar Co.—Dividend Increased.—
Aguirre
been declared on the new Capital stock,
$20, payable July 1 to holders of record June 16.
In April last a divi¬
dend of $2 per share was paid.
The stockholders voted Dec. 30 to reduce the par value from $100 to
$20 a share, each stockholder receiving five shares of new stock for each
one share of old stock held.
In Jan. last an extra of $7 50 and a regular
A dividend of $5 per share has
par
quarterly dividend of $2 50 were paid on the old par $100 stock.
In Oct.
1919 $10 extra was paid.
Up to May 23 the mills of the company had produced 36,800 tons of
sugar comparing with 37,400 tons in 1918-19 and had 48,000 bags of sugar
on hand in 1920, as against 122,000 bags a year ago.—V. 110, p. 358 ,362.
Central Teresa
Sugar Co.—Initial Common Dividends.
has been declared on the Common stock, along
quarterly dividend of 2% on the Pref. stock, bota payable
July 1 to holders of record June 15.—V. 109 p. 1794.
An initial dividend of 4%
with the regular
Cerro de Pasco Mining
Co.—Copper Output (Lbs.).—
Decrease.
1,230,000
1920—5 Mos.—1919.
144,000|22,844,000
24,074,000
Decrease. I
1920—May—1919.
3,890.000
4,034,000
—V. 110, p. 2078, 1847.
Certain-Teed Products Corp.—Extra Dividend.—
An
extra
dividend of $1
share has been declared,
per
along with the
regular quarterly dividend of $1 per share on the outstanding 70,000 shares
of Common stock, both payable July 1 to holders of record June 19.
An
initial disbursement of $4 per share was paid on the Common stock in Jan.
1918; none since.—V. 110, p. 1091.
Chalmers Motor Co.—Noteholders' Committee.—
undersigned have been requested by the holders of a substantial
6% Five-Year gold notes to act as a committee
to represent the same, it being deemed that by united effort a situation can
be created whereby the more favorable and equitable terms to which the
notes are entitled can be secured under the plan of readjustment of Maxwell
Motor Co., Inc., and Chalmers Motor Corp., dated Aug. 30 1919 (V. 109,
p. 985).
Noteholders are requested to deposit their notes on or before
June 25, with Oct. 1 1920 and all subsequent coupons attached, with The
New York Trust Co., 26 Broad St., New York, depositary(see adv.pages).
Committee.—M. N. Buckner, Chairman; Harvey D. Gibson, Henry San¬
derson, Alfred Cook, counsel; B. G. Curts, Sec., 26 Broad St., N. Y.—
The
amount of the First Mtge.
V.
110,
p.
1976.
Chandler Motor Car
Co.—Listing—Earnings.—
The New York Stock Exchange has
authorized the listing, on and afte»
of 70,000 additional shares of Common stock, of no par value
(authorized, 300,000 shares) upon official notice of issuance as a 33 1-3%
stock dividend (Y. 110, p. 1976), making the total amount applied for
280,000 shares.
The statement of earnings from Jan. 1 1920 to April 30 1920, as reported
to the New York Stock Exchange, shows: Gross profits from sate of auto¬
mobiles and parts, after deducting cost of material, labor and manufacturing
expense, $3,772,823; interest earned and other income,
$195,282; total
income, $3,968,103.
General and other expenses, $645,337; depreciation
on buildings and plant, $40,973; not profit, $3,281,802.
No provision has
been made for Federal taxes for this period.—Y. 110, p. 2196, 1976.
June
10,
$
& Trust Co., Detroit, in May 1920 offered at price to
$550,000 1st Mtge. 6% Serial gold bonds.
Dated May 1 19201 1921 to 1930.
Denom. $1,000, $500, $100.
Normal
income tax up to 4% paid.
Secured by a first mortgage upon the company's
property in Detroit, including lands, buildings, machinery and equipment,
having a present appraisal value of $1,399,793.
For 20 years company has
maintained an average annual dividend of over 16%.
American Loan
net
7%
due annually May
Colorado Power Co.—Annual Report.—
1919.
1918.
$1,095,105 $1,273,212
Calendar Years—
Gross earnings
Net, after taxes
808,200
Other
,
income
$517,279
$716,958
32,418
31,990
$549,697
$232,916
-
$748,947
$224,946
1917.
$1,183,750
$676,301
32,284
178,000
7~o"o".6c6
Butt'rick Co. notes
500,000
272,000
343,900
Bills payable
'816,387
709",782
379,060
Total
income
Interest charges,
...
&c
110.280
Depreciation reserve
Preferred dividend
Common dividend
—
75,279
*221,264
126,437
57,316
221,264
$708,585
$226,670
117,243
44,718
221,264
Butterick Pub. Co.
div.
6,107
payable
Reserves & deprec.
...
Balance,
336,864
1.547,354
1 ,964,182
2,340,833
surplus
Total surplus
*
...
Including dividend of H%.
def.$90.042
$118,984
$98,689
$581,914
$671,956
$619,959
payable Jan. 15 1920.—V. 108, p. 881.
952,799
204,982
.
preferred stock.
Mortgages
Surplus
process../
Cash
Deferred charges
1918.
Butterick Pub. Co.
Bills pay., Lib. bds
125" 666
11,308,168
Paper in stock
$
14 .642,100 14,647,200
Accounts payable.
by}
Accts. receivable..
Merch.
12,873,400
5,937
Notes receivable..
5.
Accts. rec. sec
Liabilities—
Capital stock
Fed. Pub. Co. bds.
copyr'ts,
trademarks, &c_ 13,893,271
Stock
1919.
1918.
$
lmpts-l 2,113,640 (1,633,295
Machinery & plant/
\ 1,929,863
Pats., good-will,
Real est. &
1920.
$1,336,137
469,463
earnings
Operating expenses
Clayton & Lambert Mfg. Co., Detroit.—Bds. Offered.—
Development Co.—Ratifies Sale.—
erties and its subsidiaries to the Boston & Montana
Assets—
Production.
Corp.—Quarterly Earnings.—
California Petroleum
March 31 Quarters—
Gross
926,400
Earnings.—Annual net earnings before Federal taxes from Jan 1 1916
to April 30 1920 have averaged $473,184.
Purpose.-—To provide additional working capital required by growth of
share are being paid on
Superior Mining Co.
1920—5 Mos.—1929.
1920—May—1919.
Zinc (lbs.)
5.900,000 10,000,000 Zinc (lbs.) ...47,350,000 39,125,000
851,000
751,000
Silver (ozs.)..
103.000
210,000 Silver (ozs.)..
—V. 110, p. 2293, 2078.
,
$1,000,000
2,000,000
;
Beaver Board
&
Minority interest
The stockholders recently
Balance
Butte
Interest on
(B. F.) Avery & Sons, Inc., Louisville, Ky.—Capital
Increase—Stocks Subscribed for—Balance Sheet.—
from
applied for $8,400,000.
The stock dividend is payable July 1 to
stockholders of record June 19.
Earnings.—Six months ended April 30 1920: Net sales, $18,793,838.
Net
earnings, before payment of income and excess profits taxes, $1,416,763.
Net after the payment (estimated) income and excess profits taxes, $916,763;
dividends paid,
$408,800; balance, surplus, $507,963.
Unappropriated
surplus Oct. 31 1919, $3,338,766; net additions, $28,000.
Special reserve
account of redemption of Pref. stock, $600,000; surplus April 30 1920, $4.474,729.
Based on the output from Nov. 1 1919 to April 30 1920, It is estimated
that the output for the fiscal year ending Oct. 31 1920 will be $40,000,000.
Orders on hand for immediate and later shipment amount to over $16,000,000.—V. 110, p. 2195, 1976.
amount
Associated Gas & Electric Co.—Annual Report.—
Calendar Years—
Operating
[VOL. 110
THE CHRONICLE
2490
Commonwealth Motors Co., Chicago.—Capital Increase.
company has filed notice increasing its capital from $400,000 to
220,169
92,682
The
Total
19,167,235 21,024,735
See V. 110, p. 1851.
Brown Shoe Co.,
Total
$6,000,000.
Inc.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing on and after
July 1, of $2,100,000 additional Common stock (authorized, $10,000,000),
official notice of issuance as a 33 1-3% stock dividend, making the total
on
•
•
•
.19,167,235 21,024,735
Conley Tin Foil
Corporation.—Initial Dividend.—
The corporation early in 1920 acquired 97% of the Capital stock of the
Conley Tin Foil Co., which was purchased by the old American Tobacco Co.
and became an independent concern in 1911, when the old American
Tobacco Co. dissolved.
Interests inentified with the Corporation, it is
stated, have put
$830,000 in new capital.
June 12 1920.]
2491
THE CHRONICLE
An initial dividend of 50 cents per share has been declared on the 162,160
shares of capital stock (no par value), payable July 1 to holders of record
June 15.—V. 110, p. 80.
Connecticut Power
The
company
Fisher
Co.—Capital Increase.—
The company on June 11 filed a certificate with
of Connecticut increasing the capital stock from
the Secretary of the State
$2,250,000. consisting of
$1,000,000 Common and $1,250,000 Pref., to $3,750,000. by $1,500,000
additional Common stock, so that capitalization consists of $1,250,000
Pref. and $2,500,000 Common, par $100.—V. 110, p. 766.
brass founders and manufacture bronze and brass
are
castings, vats, rods, bolts and braces, and babbitt metals.
Jonn Noll is
Vice-President; J. L. Wick Jr., Sec'y, and E. E. Miller, Treasurer.
Body Corporation.—Annual Report.—
1919-20.
April 30 Years—
Net income after Federal taxes, &c
Preferred dividends (7% per annum)
1918-19.
$1,603,289
304,539
$4,367,480
296,336
2,500,000
Common dividends ($5)-.
1917-18.
$2,854,481
326,305
.——
.
surplus
—$1,571,144
$1,298,750
$2,528,176
The balance sheet as of April 30 1920 shows increases in total assets from
$20,351,001 to $72,328,803, offset chiefly by increases in Common stock
from 200,000 to 500,000 shares of no par value, carried at $2,111,325 and
$29,711,325. respectively; notes payable from $4,065,000 to $13,560,000;
accounts payable from $1,429,579 to $5,130,370; debentures (new), $9,000,000; surplus from $5,271,410 to $6,395,139.—V. 110, p. 2385.
Balance,
Consol. Interstate-Callahan Mining
Month of—
Co.—Shipments.—
May 1920.
April 1920.
5,060,000
5,900,000
2,162,000
2,100,000
23,782
23,100
51% zinc concentrates (lbs.)
59% lead concentrates (lbs.)
Silver (ozs.)
—V. 110, p. 1976, 1645.
Mar. 1920.
7,400,000
2,900,000
29,290
i
Continental Oil Co.—New Stock
Ford Motor
Rights—Earnings.—
Under "Financial Reports" will oe found the official statement of earnings
and balance sheet that was issued June 3 in connection with the following
offer of
subscription rights.
$1,000,000 new stock at par, at the office
Treasurer, 212 McPhee Bldg., Denver, Colo., on or before July 15
1920, will be extended to the whole shareholders of record at close of business
June 17 1920, In the ratio of one share for every nine shares held.
Subscriptions will be payable in cash as follows: Either (1) (a) $30 per
share on or before July 15 1920; (6) $30 per share on or before Aug. 16 1920;
(c) $40 per share on or before Sept. 15 1920.
Or (2) the subscriber may
elect to make full payment on or before July 15 1920.
All stock certificates will be issued as of Sept. 15 1920, and interest will
be paid at the rate of 8% per annum on Installments or full payments made
on or before Aug. 16; interest to be reckoned to Sept. 15 from July 15 on
payments received on or before that date and from Aug. 16 on payments
received from July 16 to Aug. 16. inclusive.
Checks for interest will be
The privilege to subscribe for
of the
mailed with stock certificates.
territory in Baraga, Houghton and Iron counties.
It includes large tracts
of hardwood timber land, some mineral ground, including two partially
explored iron ore tracts, and a large strip of lake front on Lakel Superior
The consideration runs into millions.
The Michigan Land & Iron Co. is
owned in England; 85% of the stock belongs to Lord Brassey.
Originally
the land was secured through some grants that were made in the early days
in the upper peninsula of Michigan.—("Engineering &
Mining Journal" of May 29).—V. 110, p. 2390, 2295.
of railroad building
(H. H.) Franklin Mfg. Co.—250% Stock Dividend.—
A stock dividend of 250% has been declared on the outstanding $2,000,000
(approximate) Common stock, as quoted by the Boston "News Bureau'
of June 7 1920.
The authorized Common stock was increased May 26
from $2,000,000 to $15,000,000.—V. 110, p. 2390. 2295.
Further Data from Official Circular Dated at Denver, June 3 1290,
The
authorized Capital
stock is $12,000,000, par value $100
a
share
There is at present outstanding $9,000,000.
The reasons for sale of this
$1,000,000 stock are as follows: (1) To increase our cash working capital
so as to minimize bank loans; (2) the increase in volume and value of sales
has
been too
rapid to permit the necessary expansion and growth out of
(3) the payment of large Federal taxes in recent years
current earnings;
has taken out of the business funds which ordinarily would be used to take
care of the Increasing growth and demands of the business; (4) the directors
have for
some time felt it would be of great benefit if the employees were
the company.
8ome of our larger stockholders have ex¬
pressed their willingness to waive their rights or part of tneir rights to sub¬
scribe, so that stock can be sold to the employees.—V. 110, p. 2389,2196.
stockholders in
General Baking Co.—Back Dividends.—
A dividend of % of 1% has been declared on account of accumulations,
along with the regular quarterly dividend of 1%% on the Pref. stock.
This reduces the back dividends on the Pref. to 20M %.—V. 110, p. 870,469.
General Electric
Land Co. below.—V. 108,
amount
p.
The stock dividend is payable July 15
applied for $138,058,200.
110, p. 2295, 1926.
to holders of record June 10.—V.
7% Pref. stock has been declared for the period
1," payable July 1 to holders of record;
"from date of issuance to July
2025.
June 15.—V. 110, p.
Mtge. 6% Bonds.—
This
$2,500,000 Pref. stock In exchange for a like
bonds, which are all the 1st Mtge. bonds out¬
standing.
All of the company's stock and 86% of the bonds are owned by
Messrs. Morris & Edgar Adler.
The remainder of the bonds, with the
exception of $10,000 are owned by members of the Adler family.
The
Pref. stock is being issued to retire the 1st Mtge. bonds on account of
the excessive income tax.
Morris Adler is President.
company is issuing
amount of 6% First Mtge.
875.
Greene-Cananea
Output for—
May 1920
ay
May 1919
Copper (lbs.). Silver (ozs.).
4,300,000
160,530
3,000,000
135,610
18,400,000
723,390
15,200,000
601,963
-
-
J5 months 1920
*5
Copper Co.—Production.—
A distribution of 10% was made on April 1 1920 and 20% in Jan.
1920
In 1919 the company paid two dividends of 5% each, one of 2% and one of
20%, compared with 40% in 1918.—V. 107, p. 2379,
Co.—New President,
Coal
&c.—
W. R. Wilson, formerly Gen. Mgr., has been elected President to succeed
late Ellas Rogers.
The company's office has been removed from
the
Toronto to Fernie, B. C.—V. 110, p. 2079.
Davol
dividend of 10% has been declared on the $500,000 stock,
payable July 1 to holders of record June 24.
A like amount was paid in
April last.
Dividend record:
Year—
Jan.
April.
July.
Oct.
Total.
1920
5%
10%
10%
1919..
5%
3%
1)4%
5%
14)4%
1918
1
3%
1 H%
5%
511%
—V. 109, P. 375.
Dennison Manufacturing
Assets—
Co.—Balance Sheet Dec. 31.—
1918.
1919.
Liabilities—
Cash, securities &
debts recelvable.$l,391,289 $3,121,972
Accts. & notes rec.
2,263,324
Treasury stock...
124,281
Merchandise..... 2,332,946
Machinery, furni¬
ture, &c
955,778
Real estate
724,501
Patents & goodwill
1,000,000
1919.
1918.
Capitalstock....a$6,133,200 $5,828,270
925,847
939,236
Notes pay., Lib.bds. 440,000
523,000
343,459
2,236,415 Bills payable
Notes payable
100,000
918,774 Special reserves
499,166
656,965 Res've for purch. of
first pref. stock.
37,044
121,939
1,013,918
535,599
Surplus
313,402
Accounts payable-
-
Greenfield
Tap & Die Corp.—Listing—Balance Sheet.—
a
Total
....$8,792,118 $7,948,044
$8,792,118 $7,948,044
Represents 1st preferred stock, $4,500,000: 2d preferred, $316,280;
108, p. 1824.
and Ind. Partnership, $1.316,920—V.
Dominion Engineering
Works, Ltd.—Pref. Stock.—
McDougall & Cowans, Montreal, are offering at 98 and div. with 25%
bonus in Common stock $1,400,000 8% Cum. (after Jan. I 1921) Pref.
(a. & d.) stock.
Red. at 110.
Compare V. 110, p. 1853. 2079.
East Butte
Copper Mining Co.—Production (Lbs.).—
1920—May—1919.
1,412,760
1,414,460
—V. 110, p. 2079, 1645.
Eastern
Mfg.
Decrease. | 1920—5 Mos.—1919.
1,70017,813,500
7,387,780
Increase.
425,720
Co. of Massachusetts.—Sales, &c.—
Gross sales for the 4-week period
from April 24 to May 22, it is said,
aggregate about $950,000, comparing with the company's previous record
or $800,000.
The profits for the 4 weeks ending May 22 are reported at
between $225,000 and $250,000, comparing with $217,000 for the 4 weeks
ending April 24.—V. 110,
p.
2390, 1293.
Erie County Electric Co., Erie,
Pa.—Bonds.—
In a certificate filed with the Pennsylvania authorities on Jan. 27 1920
the company describes its $2,000,000 6% Funding Mtge. gold bonds,
dated Nov. 1 1919, due Jan. 1 1980. int. J. & J.
Secured by firstlien on the
entire property.
Title Guaranty & Trust Co. of N. Y., trustee.
Total
authorized, $2,000,000, of which $1,500,000 were to be sold and $500,000
were to remain in the treasury as a free asset.
Purpose of Issue.—(a) To retire outstanding obligations set forth in the
certificate of notification, and (6) to construct, complete, extend and
improve facilities.—Y. 105, p. 75.
Fairbanks Co. of New
York.—May Sales.—
Decrease. I
1920—5 Mos.—1919.
$770,930 $9,135,294
$4,631,290
Increase.
$4,504,004
Falcon Bronze Co., Youngstown, O.—Capital
Increased-
1920—May—1919.
$1,794,336
$978,406
1294.
—V. 110, p. 2196,
Pres. G. A. Doeright, Youngstown, Ohio, in a letter dated June 7 1920,
substance: "We have increased our capital stock from $25,000 to
$300,000 under the laws of Ohio.
Regarding the stock dividend, for the
present, this is held up and no action has been taken, but we did talk of
paying a 600% stock dividend, and selling $125,000 of this stock to absorb
the $300,000.
We are selling the stock as we contemplated, but are doing
nothing with the stock dividend for the present.
The money derived from
the sale of the new stock is being used for building extensions and improve¬
ments which are now under way."
says in
authorized the listing on and after July
40,000 additional shares (par $25) Common stock, making the total
authorized for the list 120,000'.
These shares are issued as a 50% stock
dividend, payable July 1 to holders of record June 3.
1
Balance
Sheet March 31
1920.
Liabilities—
Good-will
Common stock.
$2,000,000
1,500,000
600,000 Preferred stock
Vouchers payable—
231,176
1,250,000
636,212 Notes payable.
11,712
934,609 Liberty bds., empl. subsc.
9,518
57,000 Accrued items
Reserves
1,114,207
-6'512
2,348,817
59,473 Surplus
295,037
137,903 Profit & loss
$8,760,466
94,069 Total (each side)
$3,090,032
Prop., plant & equip
Total merchandise assets. 3,144,658
Cash in banks
U. S. & Canadian bonds
—
Cash fund accounts..
The company has
from its inception in
numerous
....
-
Treasury stock
Com. stock for employees.
Miscellaneous assets
-
issued a historical booklet describing the enterprise
1871-72 to the present time.
This pamphlet contains
2391,
illustrations of the plants, products,—V. 110, p.
Guantanamo Sugar
Co.—To Create No Par Value Shares
The stockholders will vote June 23 on increasing
the stock from 60,000
shares, par $50, to 300.000 shares without nominal or par value, the new
stock to be exchanged for the present outstanding stock on the basis of five
shares of new stock for each share of the present stock.
Vice-Pres. James H. Post in letter to stockholders says: "Directors have
discussed the changes in the New Jersey laws and the benefit which com¬
pany
might obtain from same, and have decided that it is
take advantage of these laws, and to amend its
company to
advisable for
certificate of
stock."
incorporation by changing the present authorized issue of Its capital
—V. 110, p. 2295.
;,\V. I'" " '
Handley-Knight Co., Kalamazoo, Mich.—Stock Offered.
——
Total
3,895
3,530
-----
-
months 1919————
Notes & accts. receivable.
(Cotton) Mills Corp., Fall River.—Dividends.—
A quarterly
Gold (ozs.).
830
680
—V. 110, p. 2391, 2080.3
The Boston Stock Exchange has
Cornell (Cotton) Mills Corporation.—Special Dividend.
A
special dividend of 20% was paid June 1 to holders of record May 18.
Crow's Nest Pass
..
Gilmers, Inc.—Initial Preferred Dividend.—
Corona Coal Co*., Birmingham, Ala.—Issuance of Pref.
Stock to Retire All 1st
Co.—Listing.—
The New York Stock Exchange has authorized the listing on and after
July 15 1920 of $2,705,200 additional capital stock (authorized, $175,000,000) on official notice of issuance as a 2% stock dividend, making the total
An initial dividend on the
Copper Range Co.—Dividends.—
See St. Mary's Mineral
Co.—Acquisition.—
Terms have been arranged for the transfer of the Michigan Land & Iron
Co.'s interests to Henry Ford and associates of Detroit.
This deal, which
has not been completed legally, involves 32,000 acres of upper peninsula
The bankers named
April
below in
1920
20,000 shares capital stock, no par value.
40,000 shares.
No bonds or Pref. stock.
Data from Letter of Pres. J. I.
offered at $32.50 per share
Issued
Auth. 80,000 shares.
Handley, Kalamazoo, Feb. 11 1920.
Company.—Incorp. Jan. 6 1920 in Delaware to manufacture Handley*
Knight cars, under a license from the Knight-American Patents Co.#
permitting it to use the world-famous Knight Sleeve valve motor.
Sevenpassenger touring body, seven-passenger sedan and other body types, such
as
coupes and four-passenger sport models will be manufactured.
The
plant will be located at Kalamazoo, Mich., where company owns about
40 acres of land.
The first building is now being constructed and will
accommodate a production of 6,000 or 7,000 cars a year.
Weight of 7
passenger touring car is estimated at 3,200 lbs., and it is planned to retail
the car at under $3,000.
1
Estimated Earnings.—The first building should be completed by June 1.
Materials are being purchased on the basis of a production of 5,000 cars
for the first operating year; cars are expected to begin in July.
It is esti¬
mated that production for the second year will be increased to 7,000 or
8,000 cars.
Estimated profit to the company $200 per car.
Company has entered into a contract with the Willys-Overland Co. to
manufacture the Knight Sleeve Valve motors in its Knight Motor Works
in Elyria, O.
This contract eliminates the necessity for equipping a plant
for manufacturing the motors, resulting in a saving in initial investment of
at least $750,000.
Bankers Making Offering.—Allen G. Thurman & Co., Grand Rapids,
Mich.; Page & Co., Chicago & New York; Tucker, Robison & Co., Toledo;
den Bleyker & Olmstead, Kalamazoo; W. A. Hamlin & Co., W. E. Moss &
Co.. W. A. Neer & Co., Menke, Fries & Needs
C. M. Deakin & Co.,
Carlyle & Povah, Woods, Swam & Edwards Co., Webb, Lee & Co., Detroit,
Mich.—V. 110, p. 875.
^
Hartford Electric
,
,
„
_
„
.
_
..
Li^nt Co.—capital Increase.—
The stockholders voted May 24 to increase the capital stock from $8,260,000 to $10,000,000.
The new stock is offered to present stockholders
in the ratio of 7 shares of new for each of 33 shares of old stock.
Compare
V.
110, p. 2080.
JSI
f^Hershey
(PaO^Chocolate
Corp.—Bonds Offered.—
National City Co.,* Guaranty Trust Co., New York, Union
Trust Co., Pittsburgh, Cassatt & Co. and Graham, Parsons
& Co., Phila., are offering at 97M and int., to yield about
7.85%, $10,000,000 First Lien 7lA% 10-year sinking fund
gold bonds.
1920, due June 1 1930. Denom. $1,000. $500 and $100(c*)
J. & D. without deduction for any normal ^Federal income tax
Dated June 1
Int. payable
THE CHRONICLE
3493
at National City Bank of New York, trustee.
Corp.
4-mill State tax.
Red., all or part, on any
int. date upon 30 days' notice at apremium of 5% if redeemed on or before
June 1 1925, and decreasing by 1% for each year thereafter.
Corporation
not
to
exceed 2%
will refund the Pennsylvania
will pay to the trustee $125,000 quarterly beginning Sept. 1
addition within 90 days of the close of each fiscal year a sum
1920, and in
equal to the
of its annual net income shall exceed the
minimum payment of $500,000.
This additional payment for the year
ending Dec. 31 1920 will be ratably proportioned.
Data from Letter of Pres. Milton S. Herehey, Hershey, Pa., June 8amount, if any, by which 25%
Company.—Is about to be incorporated to acquire all the stock, except
directors" qualifying shares, of the Hershey Chocolate Co. (of Pennsyl¬
vania).
(See description of properties, &c., in V. 109, p. 481, 682.)
The Rosario Sugar Co.. which is about to be acquired, is located in Ha¬
vana and Matanzas Provinces. Cuba, immediately adjoining the company's
present Cuban properties, and consists of over 19,000 acres owned in fee,
and over 5,000 acres additional under lease, and a thoroughly modern mill
with a capacity of 250,000 bags of sugar.
Other property included in the
purchase consists of 54 kilometers of standard-gauge railroad and rolling stk.
Constituent
Companies.—The constituent companies of the Hershey
Chocolate Co. (of Pa.) are: Hershey Corp., Herhsey Transit Co., Hershey
Chocolate Co. of N. Y., Tnc., P. E. Chllds Co., Inc.. Lebanon Creamery Co.
Hershey Condensing Co., Hershey Water Co.. Hershey Electric Co.,
Hershey Department Store, Hershey Cuban Ry., Compania Agraria
Cubana, Compania Central San Juan Bautisca, Rosario Sugar Co.
Purpose.—To provide in part for the acquisition of the Rosario Sugar
properties and the retirement of the serial 6% debenture notes of Hershey
(V. 109, p. 481.)
Chocolate Co.
Security.—Secured by
a
,
t
first lien on the real estate, plant, &c., of Hershey
bonds
King Philip Cotton Mills Corp.—Dividend Increased.—
A
(S. S.) Kresge Co.—To Increase Capital.—
,
The
2,260.941
3.958,544
000.—V.
1920
Cash
391,739
976,193
507,251
4,476,258
8,687,647
....
_______________
Marketable securities...
Accounts receivable (net)
Inventories
.
.
_
..
633,533
Prepaid int., taxes & ins.
Total
(each side)...—$39,835,024
Preferred stock
$1,211,300
Common stock.
500,000
First Lien 7lA% bonds.. 10,000,000
Outstanding stock of sub.
cos.
(directors' shares)
5,000
Accounts payable _.....
5,878,949
2,185,160
19,604,598
Surplus i
description of Hershey Chocolate Co.
V. 109, p. 481, 682.
For
Hillman Coal
450.017
Accrued int., taxes, &c__
Prov. for Fed'l taxes
&c.,
(of Pa.), properties
see
& Coke Co.—Capital Increase &c.—
The stockholders will vote July 15 on increasing the capital stock from
$9,800,000, consisting of $3,800,000 5% Pref. stock and $6,000,000 Com.
stock, to $33,800,000 to consist of 200,000 shares of 7% Cumulative Pref.
stock, par $100, and 40,000 shares of Common stock, par $100.
The "Iron Age" of May 13 stated that the two plants of the Tower Hill
Connellsville Coke Co. have been
Co.
purchased by the Hillman Coal & Coke
The Hillman interests now have 23 mines, with an annual capacity
of 6,000,000 tons,
and the size of the holdings and extent of operations Is
second only to the II. C. Frick Coke Co., making the Hillmans the largest
of the independent companies operating in the Connellsville region.
There
are 1,500 acres of unmined coal in the Tower Hill field and 714 modern
ovens at the two plants.
Control in the Tower Hill company was
by J. R. Nutt and associates of Cleveland, Ohio.—V. 110, p. 2295.
coke
held
Holt Manufacturing Co.—Balance Sheet Dec. 31.1918.
1919.
Assets—
544,407
5,852,042
3,572,653
Inventories
Notes&accts,rec.
U. S. Lib. bonds
Land.bldgs., plant
and equipment. 3,529,110
Amortization
845,000
Patent rights
241,882
Investments
109,533
Deferral charges..
173,803
1918.
1919.
Liabilities—
$
$
Cash...
720,345
Notes payable....
6,797,949
5,454,980
195,350
Accounts
S
$
2,881.500
3,927,500
724,612
3,091,404
2,600,000
1,000,000
payable
& Federal
taxes
accrued...
First Pref. stock..
3,476,296
239*382
2,500,000
Original Pref. stock 1,000,000
Common stock...
500,000
5,572,31,9
500,000
5,159,064
13,178,431
Surplus.
13,178,431
108, p.
Lackawanna
Liggett's International, Ltd., Inc.—To Acquire British
of United Drug Co. of Boston—Status.
See United
The employees who were given an opportunity to purchase 75,000 shares
(no par value) at $40 pet share, have oversubscribed the
according
to
an
announcement
by
Pres.
James
II.
Foster.
Directors have declared the usual quarterly div. of 75 cents a share on the
Common stock, payable July 1 to Holders of record June 15.
Applications
aie to be made, It is said, to list the stock on the Cleveland and New York
exchanges.—V. 110, p. 2295.
■
Refining Co.—Dividend Dates Changed.—
A quarterly dividend of 3 % has been decJaredpayable June 30 to holders
of record June 12.
Previous distt lbutions of 1 % were made monthly.
In
April last an extra 2% was paid, together with the regular monthly of 1%
(being the 65th consecutive dividend)
In Oct. 1919 an extra of 2% was
paid.—V. 110, p. 1752, 1294.
V
Inspiration Consolidated Copper Co.—Output (Lbs.).—
1920—May—1919.
7,500,000
6,200,000
110, p. 2295, 2080.
Increase t 1920—5 Mos.—1919.
1,300,000 34,400,000
32,900,000
Increase.
1,500,000
—V.
Co.—Pref. Div.—Earnings.
payable
Aug. 2 to holders of record July 15.
By the present payment of 5% on
accumulations, the amount unpaid will be reduced to 42%.—V. 110, p.
1295, 664.
-
Island Oil & Transport
Corp.—Acquisition, &c
.See Metropolitan Petroleum Corp. of Va. below —V. 110,
p.
—
no
action
on
the declaration of
a
dividend for the
current
quarter.
Dividends of 50 cents per share were paid in March and
Sept. 1919.
Press reports state the company is, carrying close to 6,000,000
lbs. of copper and is in better shape to-day than it has been since
incorpo¬
ration."
The property is opened at depth in a character of lode
which
insures satisfactory profits when the copper metal market warrants in¬
creased production.
"Its grade of rock averages between 18 and 19 lbs.
per ton and costs are less than 16 cents per lb."
The mine is operating at
but 60% capacity, but has been reducing costs since the first of the
year.
—V. 110, p, 1295,
Johnson Iron
Works, Dry Dock & Ship Building Co.,
Inc.—Bond Offering.—
Bank
&
Trust
Co., Whitney-Central Trust & Savings Bank,
Securities Sales Co. of Louisisna, Inc., in May
offered at prices ranging
from 100 and int. to 96^ and int., to yield from
7% to 7.50%, according
to maturity, $400,000 1st Mtge. 7% Serial
gold bonds.
Tax exempt in
Louisiana.
Dated May 1 1920, due serially May 1 1921-30.
Denom.
$1,000 and $500.
Callable at 105 and int. on 60 days' notice.
Secured by
an absolute closed first
mortgage on all fixed assets of the company.
Company.—Consolidation of Johnson Iron Works,'Ltd., and New Orleans
Dry Dock & Ship Building Co., Inc.
The consolidating companies have
operated in New Orleans for years and are well established.
Earnings.—Average earnings of the consolidated companies for the past
htree years, after taxes, are sufficient to
pay interest charges on these
Co.—Capital Increase.—
capital stock
Macomber & Whyte Rope Co.—Successor Company, <&c.
See
Macwhyte Co. below.—V. 99,
p.
612.
Macwhyte Co., Kenosha, Wis.—Bonds Offered.—
Powell, Girard & Co., Chicago, are offering at prices ranging from 99.52
96.52 and int., according to maturity, to yield 7.50%, $500,000 First
Mtge. Serial 7% sinking fund gold bonds, dated June 1 1920, due serially
June 1 1921 to 1930.
Int. J. & D. in Chicago, without deduction for normal
Federal income tax of 2%; Penna. State tax of 4 mills refunded.
Denom.
$1,000, $500 and $100 (c*).
Red. on 60 days' notice at 102 and int.
Fort Dearborn Trust & Savings Bank, and James S. McClellan, trustees.
to
Data from Letter of Pr<?s.
George S. Whyte, Kenosha, Wis., May 8.
Company.—Successor to Macomber & Whyte Rope Co. (V. 99, p. 612).
established in 1896, consists of the manufacture of wire rope.
Under the trade names of "Monarch," "Kilindo" and "Macwhyte," prod¬
uct is sold throughout, the world.
Stock outstanding: Pref., $100,000:
Common, $136,200.
The stock is largely held by the officers of the co.
Purpose.—To retire remnant of a small first mortgage and notes payable.
Earnings.—Average annual net profits for the past 4 calendar years after
all charges, incl. deprec., but before Federal taxes, were $269,939.
Average
annual volume of business for the same years was $1,939,342.
Estimated
profits for 1920, $250,000.
Business
Magnolia Petroleum Co.—Obituary.—
George C. Greer, General Attorney and
Baltimore, Md.-V. 110, p. 1647, 1419.
Manati Sugar
a
Trustee, died
on
May 7 at
Co.—Capital Increase.—
See annual report on a preceding page.
The stockholders on June 9 approved increase in Common stock from
$10,000,000 to $15,000,000. and m Pref. from $3,500,000 to $5,000,000.
V.-Pres. Manuel Rionda said company had about $2,500,000 cash on hand,
and it was desired ultimately to bring production up to 900,000 or 1,000.000
bags.
The increase in
V. 110, p. 2296.
stock
was
to
provide funds for expansion.
Maple Leaf Milling Co., Ltd.,
March 31
Years—
Interest
dividend
Toronto.—Earnings.
1919-20.
1918-19.
1917-18.
$929,105
$1,021,267
$917,409
158,069
113,590
163,729
175,000
175,000
190,500
(12%)300,000 (24)600,000(22^)562500
Earnings
Preferred
See
(7%)
Common dividend
surplus
$263,630
def$3,964
$170,177
110, p. 172.
Boston.—Balance Sheet Dec. 31
1919.
1918.
$
Assets—
.$
1919.
$
Liabilities—
Current & work¬
Preferred stock-
1,010,978 Common stock
188,672 Current liabil's.
11,266 Res. for deprec.
Taxes
1,315,381
Surplus.
Total each side.2.673,615 2,526,298
—V. 110, p. 267, 1648.
ing assets.... 1,340,505
Liberty bonds.
Deferred charges
16,353
Fixed assets
1,316,757
.
_
Maxwell Motor Co.,
1918.
$
950,000
500,000
199,116
327,000
150,000
547,498
950,000
500,000
.
486,269
254,000
336",029
Inc.—Seek Change in Plan.—
See Chalmers Motor Car Co.
above.—V.
110, p. 1977.
May Department Stores Co.—Ratifies Stock Dividend.—
The stockholders
on
June 10 authorized
an
increase in the Common from
$15,000,000 to $20,000,000 and ratified the stock dividend of 33 1-3%.
recently declared by the directors, payable June 25.
See V. 110, p. 2197,
2081.
An advertisement states: The settlement of the litigation with the Island
Oil & Transport Corp. and others has been approved by the stockholders,
and witn the approval of the stockholders the Corporation has oeen dis¬
solved.
The directors have ordered
a
distribution of the assets remaining
after the payment of the debts.
The holders of stock and of certificates
of deposit for stock may receive the shares of stock of the Island Corporation
represented by voting trust certifs. to which they are entitled upon dissolu¬
tion (5-6ths of a share of Island stock for each share of Metropolitan stock)
by surrendering to Mercantile Trust Co., N. Y. City, tneir certificates, duly
endorsed in blank.—V. 110, p. 1753, 2296.
2197, 2295.
Copper Co —Dividend Omitted.—
The directors have taken
Forbes
$10,000,000 to $13,000,000, and authorized the directors to set
aside 5% of additional Common for sale to employees at not less than par.
See V. 110, p. 2197.
Metropolitan Petroleum Corp. of Va.—Dissolved.—
International Merc. Marine
A prel'minary statement for year 1919 is given under "Reports" above.
A dividend of 5% on the Pref. stock on account of accumulations has been
declared in addition to tne semi-annual dividend of 3%, both
Marine
&
The stockholders voted June 9 to increase the authorized
from
Maverick Mills,
Common stock
Isle Royale
Drug Co. below.
Mac Andrews
Balance,
Total
16,177,968
Sloss-Sheffield.—
Co.—Merger with
and Canadian Interests
16,177,968
39,829
1824.
Indiahoma
Steel
Increase.
$1,849,563
Reports from Cleveland state that important local iron men and bankers
now working on
plans for the consolidation of the Lackawanna Steel
Co., the Sloss-Sneffield Steel & Iron Co. and another independent concern
—V. 110, p. 1854.
■
"
98,839
Hydraulic Steel Co.—Stock Oversubscribed by Employees.
allotment,
$1,839,867
2080, 1093.
are
—V.
Total
-V.
Increase. J
1920—5 Mos.—1919.
$369,8161110,414,914 $8,565,351
1919.
May
$2,209,683
Liabilities
&c.(net)$24,162,403
110, p. 2080.
—V. 110, p.
Condensed Consol. Bal. Sheet Dec. 31 1919, after giving effect to this financing.
Real est,., plant,
Good-will_-._;
has notified the N. Y. Stock Exchange that the stock¬
(S. H.) Kress & Co.--May Sales.—
6.850.913
6.205,359
company
authorized amount of stock is to be increased from $10,000,000 to $20,000,-
before
1,778,498
of record June 21.
A dividend
dividend was paid in Liberty
holders will vote June 29 on increasing the Common stock.
The amount
of increase has not yet been officially stated, but it is understood that the
company.
The 1st Mtge. bonds pledged will also be secured by deposit
of all the stock (except directors' shares) of all constitiuent companies.
Fed'l tax.
quarterly dividend of 10% has been declared on the outstanding Capital
stock (par $100), payable July 1 to holders
of 5% was paid in April last, and a 50%
bonds in March last.—V. 110, p. 769.
through the deposit with trustee of the entire 1st Mtge.
bond issue and the entire capital stock (except directors' shares) of that
Net
over 8 times.
Physical assets have been conservatively appraised
$1,436,782, the present replacement value being much greater.
at
Chocolate Co.
Earnings Years Ended Dec. 31 (Hershey Chocolate Co. and Subsidiary Cos.)
1915.
1916.
1917.
1918.
1919.
Gross rev..$10,331,951 $19,876,415 $26,698,079 $35,061,664 $58,013,280
(Vol. 110
Mexican Petroleum
Co., Ltd.—10% Stock Dividend.—
A stock dividend of
10% has been declared payable on the Common stock
A regular quarterly 2H % cash dividend on
also declared, payable July 10 to holders of record June 19.
974.
to holders of record June 19.
Common
—V.
was
110, p.
Miami Copper
Co.—Copper Output (in Lbs.).—
1920—-May
1919.
5,054,760
4,989,748
—V. 110, p. 1977, 1531.
Montana Power
The New York
Increase. I
1920—5 Mos.—1919.
65,012123,531,482
23,766,281
Decrease.
234,799
Co.—Listing—Earnings.—
Stock Exchange has authorized the listing on or after
(authorized $75,000,000) Common stock
(par $100), making the total amount applied for $46,633,300.
This additional stock, no longer restricted as to dividends, leaves also
outstanding but restricted, as aforesaid, $3,000,000, which will become
entitled to full dividend rights June 2 1920.
Earnings.—Four months ended April 30: Gross earnings, $2,765,950;
net, after taxes, $1,891,610; other income, $3,271; gross income, $1,894,881.
Bonds and other interest (net), $582,137; pref. divs. (1%%), $169,257;
com. divs.
($£%)» $325,556; balance, surplus, $817,931; previous surplus
(net), $3,341,024; profit and loss, surplus, April 30 1920, $4,158,954.—
V. 110, p. 2296. 1183.
June 15 of additional $3,000,000
(Leonard) Morton & Co., Chicago.—Pref. Stock Offered.
M. Byllesby & Co., Chicago, New York, &c., are
—H.
June 12
V
1920.]
THE CHRONICLE
offering SI, 110,000 8% Cum. & Partic. Pref. (a. & d.) stock.
Par $100.
Offering Price.—10 shares Pref stock and 6 shares Common stock (with¬
value) at $1,000 per block.
Dividends Q.-J.
Will participate with the founders' stock and Common
stock until 10% has been paid, and thereafter in the ratio of 1% on the
Pref. stock for each $1 per share on the Founders' stock and each $4
per
share on the Common stock.
Data from Letter of Pres. E. H. Kastor, Chicago, May 27 1920.
Company.—Incorp. Jan. 2 1920 in Delaware and purchased the entire
business, stock, equipment, customers' list and good-will of the mail-order
business heretofore conducted as Leonard Morton & Co., a co-partnership,
Chicago.
Company transacts a retail mail-order business throughout the
United States, serving more than 700,000 customers.
Company sells staple
wearing apparel such as shoes, outer garments, underwear, hosiery, shirts,
shirtwaists, overalls, &c.
During the year 1919 new customers were added
at the rate of more than 20,000 per month.
It is estimated that during
the year 1920 the company will continue to increase at even a larger ratio.
All selling is transacted on a strictly cash basis.
Capitalization (No Bonds)—
8% Cum. & Participating Pref. stock
Founders' stock ($1 par value)
Authorized.
$2,110,000
10,000 sh.
82,500 sh.
Common stock (without par value)
Year Ended April 30
1920
Outstand'g.
$1,110,000
10,000 sh.
82,500 sh.
(From Audit of Haskins
Sells).
&
Net proceeds of shipments
$3,929,116
Cast of merchandise, oper. exp., reserves for depreciation, &c__ 3,230,755
Net income before Federal taxes
$698,361
88,800
Annual dividends of 8% on $1,110,000 Pref. stock
Balance
$609,561
Gross shipments for the first four months of 1920 showed an increase of
over the corresponding period of 1919, and net sales showed an in¬
166%
of
crease
155%.
It is estimated that net income before Federal taxes for 1920 will be over
10 times the annual 8% div. on the $1,110,000 Pref. stock, and after Pref.
divs. the balance will be over $8 per share on Founders stock and on
Common stock.
Purpose.—Company starts with ample cash working capital which will
be provided out of the proceeds of the present offering of Pref. stock and
6,660 shares of Common stock.
The Founders shares and the balance of
the Common stock have been sold in connection with the
property.
purchase of the
iff\J-Uf
y-y-
Mt. Vernon-Woodberry Mills,
Inc.—Earnings for 1919—
Offer to Pay Accumulated Dividends (19%) in Pref. Stock.—
See "Financial
Reports"
preceding page.—V. 110,
on a
Nashua Manufacturing
A quarterly
dividend of 2K%
was
paid
on
1855.
p.
Co.—Dividends.—
'
the outstanding $5,000,000
Common stock June 1 to holders of record May 25.
In April last a stock
distribution of 100% was made, increasing tne outstanding Common stock
from $2,500,000 to $5,000,000.
In March last a quarterly of 5% was paid
the then outstanding $2,500,000 Common stock; a quarterly of 4% was
on
paid in Sept. and Dec. 1919; and semi-annual payments of 5% witn extras
of 3% were paid in June 1919 and in June and Dec. 1918.—V. 110, p. 1648
1532,1419.
New Cornelia
1920
3,720.000
—V. 110,
2493
issuance as a
applied for $11,834,900.
5% stock dividend, making the total amount
The stock dividend is payable July 1 to stock¬
holders of record June 21.
out par
Earnings
official notice of
Copper Co.—Production {in Lbs.).—
May
1919.
1,866,000
p. 1978, 1753.
Increase. I
1920—5 Mos.—1919.
1,854.000] 17,668,000
Increase.
14,364,000
3.304,000
This company and its subsidiaries produced in the
year 1919 5,092,322
of bottles and the estimated production for the calendar year 1920 is
6,870,000 gross of bottles.
Earnings.—Three months ended March 31 1920: Net sales, $2,652,921;
cost of sales, $1,900,992; manufacturing profit,
$751,929; royalties received,
$430,773; other income, $238,390; total income.
$1,421,093.
Deduct:
General, selling, &c., expense, $302,443; estimated Federal income taxes,
$201,000; net profit, $917,649; dividends paid, $479,265; balance, surplus,
$438,384.
Profit and loss surplus March 31 1920, $9,423,518.—V. 110, p.
1753.
gross
Pacific
Development
Corp.,
N.
Y.—Stock
Offered—
Underwritten.—Statement by President Bruce.—
The
gives notice that the directors have decided to offer to
stockholders of record on June 18 1920 the right to subscribe at
par ($50)
on or before July 3 for one share of stock for each two shares of stock held.
Stockholders will be given the option either of paying in full on
July 3 or of
paying 25% on that date #nd the balance in three installments on Aug. 3,
Sept. 3 and Oct. 4.
Subscribers paying in full on July 3 will receive on
Aug. 15 as a dividend adjustment interest to that date at the rate of 8%
per annum.
Stockholders paying in installlments will be entitled to receive
the dividend payable Nov. 15.
All payments must be made to Bankers
Trust Co., 16 Wall St., New York, nt
Y., in New York funds.
Subscrip¬
company
tion warrants will be mailed
The entire
on or as soon as
practicable after June 18 1920.
offering has been underwritten by Hayden, Stone & Co.
President Edward B. Bruce, in a statement in connection
with this announcement, says in substance:
This offering was fore-shadowed in increasing the authorized
capital from
$10,000,000 to $25,900,000 and is in line with the general policy of the
company gradually to increase its capital stock to provide the necessary
capital to take care of increasing business.
The directors have decided
that it was advisable, in view of existing conditions in this country, to make
the offering larger than last year so as to strengthen the position of the
company's trading subsidiaries so far as working capital is concerned.
With this increase the total stock outstanding will be about $12,750,000,
and the net worth of the corporation increased to in excess of $16,500,000.
Fundamental changes are taking place in the Far East.
The war has
brought to the Orient not only greatly increased wealth but has awakened
a national feeling which is affecting the lives of the
people.
The isolation
of China is breaking down upon the initiative of the Chinese themselves.
The difficulty of securing foreign merchandise, which has been accentuated
by the boycott against Japan, has given impetus to the growth of industrial
development in China which is limited only by the ability to secure machin¬
ery.
Where in April of last year Anderson, Meyer & Co., our Chinese
subsidiary, had on its books orders for about $8,000,000 of American
machinery, that company has to-day orders in excess of $20,000,000 of
American machinery.
In the Philippine Islands modern sugar centrals
have to a large extent been substituted for inadequate and primitive mills.
The corporation in association with allied interests has organized in
China the Commercial & Industrial Bank of China,
One-half of the
capital has been subscribed by the American group and one-half by a group
of the leading Chinese
representing various interests throughout China.
The turnover of our trading subsidiaries, with their 20 years of experience,
is limited only by our capacity to serve them.
While we feel it necessary
under existing conditions to decline much of the attractive business which
is being offered, we believe we will be able, with the additional
capital to
be provided by the present issue, to continue the sound and logical develop¬
ment
of our business.
Although Pacific Development has made large
Erofits during the war period, policy would have been veryamount greater
these to use a substantial much of our
ad
not deemed it better
we
current
Nova Scotia Steel & Coal Co.,
Ltd.—Merger.—
The stockholders will vote June 25
tors for
a
merger
on the proposal favored by the direc¬
with the Dominion Steel Corp. and other concerns into
profits in building up our organization so as to handle our business
efficiently under the increased competition which was bound to result from
a suspension of hostilities and the return
of Europe to world markets.—
V. 110, p. 1978, 1754.
the British Empire Steel Corp.—V. 110, p. 1978.
Ocean
The
Steamship Co. of Savannah.—To Extend Bonds.
offers to the holders of the $1,000,000 First Mtge. 5%
30-year gold bonds, due July 1 1920, to extend the bond until July 1 1925,
with interest at 7% per annum.
Red. on July 1 1922 or on any subsequent
interest date at a premium of 34 of 1 % for each six months between the
redemption date and the date of maturity.
Payment of the principal and
interest on the extended bonds will be unconditionally guaranteed by the
Central of Georgia Ry.
Holders should present their bonds on and after
June 21 at the office of the Illinois Central RR., 32 Nassau St., New York,
for attachment of the extension contract.
Those not desiring to extend
their bonds will be paid in cash by the Illinois Central RR. on presentation.
Coupons maturing July 1 will be paid at either the Guaranty Trust Co.,
New York, or the Illinois Central RR. [see adv. pages].—V. 108, p. 1724.
company
Ohio Body & Blower
except two small mortgages on the plant at Orville, consisting of $51,000
1st Mtge. 6% bonds, due serially $5,300 a year, until Jan. 1 1928, and
$15,700 2d Mtge. 6% bonds, due serially $2,000 a year, until Jan. 1 1928.
Orville National Bank, trustee.
Int. payable at office of trustee.
Income
Account for
Slated Periods.
Year ended
Sept. 30'19
..$1,617,962
Balance,
$75,734
$18,972
(est.) 10,000
19,000
$77,699
$10,578
$25,969
taxes
Dividends
Mar. 31 '20
$514,184
$27,762
$67,121
$160,100
income
Interest, &c., charges
Federal
Dec. 31 '19
$587;794
70,490
150,907
Operating profit
Total
—Three Months ended—
$38,190
24,115
71,826
Net sales
paid
surplus
64,431
...—
The estimated production for
traps,
1920 is 13,000 bodies, 12,000 valve and
2,500 separators, 2,000 ship cowls and 1,500
sales for 1920, about $4,400,000.
Compare
1798; V. 110, p. 172, 1193.
10,000 ventilators,
exhaust
heads.
V. 109, p.
Estimated
Ohio Cities Gas Co.—Name
Changed.—
The stockholders of the Ohio Cities Gas Co. have approved a change
in i„s
corporate name to Pure Oil Co.
The stockholders re-elected all of the old
directors of the company
and the directors re-elected Pres. B. G. Dawes
and all other officers.—V. 110
p. 2296, 2288.
Oneita Knitting
Mills, Utica, N. Y.—Pref. Stock.—
A
syndicate including Utica Investment Co., Utica Trust & Deposit Co.
Valley Invest. Corp. is offering at 100 and div. $500,000 7%
Cum. Pref. (a. & d.) stock.
Par $100.
Divs. Q.-J.
Red., all, at 110
and divs. on 6 months' notice.
Capitalization, auth. and outstanding,
7% Cum. Pref. stock, $800,000; Common stock, $1,000,000; no bonds.
Business.—Is ah old established company, having been in the knitting
business about 50 years, during which time its annual sales have increased
from $37,245 to $5,379,000.
I
Earnings.—Average net earnings for the past 5 years have been 3 Htimes
the dividend requirements for this Pref. stock.
Purpose.—To provide for increased expansion of business.
and Mohawk
Owens
Bottle
Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of not exceeding
$528,000 additional Common stock, par $25 (authorized, $30,000,000), on
An officer of the company, writing to the "Chronicle," on June 3, says:
"No action has been taken by the directors in furtherance of this resolution,
have plans been materialized for a note issue.
The directors had in
mind that, if such an issue should appear advisable, it would be well to
secure the stockholders'
approval of the conversion basis at the meeting
nor
called to consider the stock dividend."
Pan-American
The New York Stock Exchange has authorized tne listing of 104,653
(authorized, 110,000 snares) Capital stock, no par value, with
authority to add 5,347 shares, making the total amount applied for 110,000
snares.
The company was organized in Ohio Nov. 19 1919, and acquired
the assets and property, &c., of Ohio Blower Co.
Principal business is tne
manufacture of automobile bodies, ventilating systems and steam special¬
ties, such as exhaust heads/separators, &c. The shares above (100,000) have
been issued for the following purposes: 30,000 to provide for the exchange
(at 5 new for one old) of the 6,000 shares of Common stock of old company
and the remaining 70,000 shares for $1,550,000 in cash, of which $420,000
was used to retire $400,000 of the old company
7% Pref. stock at 105.
There was reserved in the treasury 10,000 shares "Management stock" to
be sold to the officers and employees at not less than $30 per share, upon
such other terms, &c., as the directors may decide, of which 4,653 shares
have already been issued and sold.
The company has no funded debt,
Plans.—
May 24 authorized the directors (a) "in their dis¬
or times as they deem advisable, to declare a
dividend or dividends payable in Common stock"; (b) to issue and dispose
of such further amount of the unissued Common stock "as may be necessary
to comply with any conversion privilege that may be accorded in connection
with any debenture note issue which the directors may authorize."
on
cretion, and at such time
Co.—Listing.—
shares
Period—
Packard Motor Car Co .—Approves
The stockholders
Stock
Petroleum
Compare V. 110,
&
Transport
p.
2386.
Corp.—10%
Dividend.—
A 10% stock dividend has been declared on both classes of the Common
stock, payable in Class "B" stock to holders of record June 19. 'The usual
quarterly cash payments of $1 50 a share on both "A" and "B" Common
stock were also declared, payable July 10 to holders of record June 19.
—V. 110, p. 1648. 975.
Pennsylvania Power & Light Co.—Formed by Merger
of Certain Subsidiaries of Lehigh Power Securities Corp. with
Pennsylvania Lighting Co.—
Governor Sproul of Pennsylvania has issued, as of June 4, letters patent
This action follows the approval
by the Pennsylvania Public Service Commission of the joint agreement of
consolidation and merger of the following companies: The Lehigh Valley
Light & Power Co., the Northern Central Gas Co., the Columbia & Mon¬
tour Electric Co., the Northumberland County Gas & Electric Co., the
Harwood Electric Co., the Schuylkill Gas & Electric Co., the Pennsylvania
Power & Light Co. (old company) and the Pennsylvania Lighting Co.
(V. 91, p. 218, 876; V. 109, p. 277.)
All of the companies (except the Pennsylvania Lighting Co.) entering
into the merger were controlled by the Lehigh Power Securities Corp. (see
plan, V. 110, p. 1973).
The latter company will control the Pennsylvania
Power & Light Co. through ownership of all its Common stock, except
directors' shares, and all its non-cumulative Pref. stock.
The merger was effected in order to meet the growing demand for service
and to provide capital with which to
procure additional facilities for sup¬
plying this service.
The new (merger)
company will operate in an extensive territory in
Pennsylvania, including the Allentown-Bethlehem-Northampton-Slatington
industrial section, one of the most active, prosperous and densely popu¬
lated districts of the State.
It will supply electric power and light to 90
communities, including 13 served at wholesale, and gas service to 14 cities
and towns, including one served at wholesale, and has charter rights in
70 townships.
Among the communities it will supply with electric power and light service
are Allentown, Bethlehem,
Northampton, Slatington, Shenandoah, Hazelton, Shamokin, Mount Carmel, Mahanoy City and Sunbury.
Among
to the Pennsylvania Power & Light Co.
the
cities it will
supply with gas service are Williamsport, Snenandoah,
Sunbury, Shamokin and Mount Carmel.
Among the many large industries
Cement
it will supply with electric power are the Bethlehem Steel Co., Alpha
Co. and Lehigh Coal & Navigation Co.
i
More than 58,200 customers will be served with electric power and
and more than 20,000 with gas.
In the territory served wholly or in part it is estimated that more
light
than
60% of all the anthracite produced in the world is mined, together with
about 30% of all the cement and a large proportion of the slate output of
the United States.
In the territory are
many silk mills and a great diversity
of other manufacturing establishments, including the great steel works of
the Bethlehem Steel Co. and other important iron and steel industries.
All the electric properties, except those in and about Shamokin and Mount
Carmel, are interconnected by high voltage transmission lines, and it is
expected that these properties will soon be tied in with the larger system.
Present transmission lines aggregate 416 miles.
Extensive additions to the property to take care of the urgent demands
for power will be made as soon as financial conditions will permit.
At
present some construction work is under way to increase electric generating
capacity.
Phelps-Dodge Corp.—Production of Blister Copper (Lbs.)
May
1919.
Decrease. I
1920—5 Mos.—1919.
Decrease.
7,902.000
8.355,900
' 453.900139,178,500
46,015,809
6,837,309
2920
Co.—Earnings, &c.—
Net earnings for May
before deducting taxes and depreciation were
about $513 000; total net for the five months ending May 31 of about
$1 690 000.
Nineteen new wells were completed during May viz.: 16 in
Phillips Petroleum
combined
initial daily production of 4,160 bbls.
The largest completion. Bearcat
No. 6 in the Osage district in which Phillips' participation was 2,400 bbls.,
is a joint operation with two other companies.
Six wells were purchased
in Washington County, Okla.
Total holding of company May 31 was
654 oil and gas wells on 75 separate properties.—V. 110, p. 2392. 2297.
mainly in the Osage district,
and 3 in Kansas, a
Electric Power Co.—Bonds Authorized.—
The Washington (D. C.) P. U. Commission has authorized the company
to issue $1,150,000 Gen. Mtge. 6% 5-year gold bonds, dated July 1 1918,
and completing an authorized issue of $5.u00,000.
Proceeds are to be used
to pay for extensions and improvements already made and to be made.—
Potomac
V.
1091.
110. p.
Profits for year
Bond interest
Note interest
—
$2,055,782
419,976
14,000
1916-17.
$1,493,961
$1,374,782
$1,240,485
419,976
20,000
419,976
27,000
216,353
419,688
15,578
(8)400,000
(8)400,000
(6)300,000
$653,984
$2,874,224
$311,452
$2,220,239
$2,908,787
Fire loss
150,000
Empl. pension fund
sharehol's(2%) 140,000
(8%) 550,684
Surplus
Total surplus
—V. 110, P. 1296.
$781,122
—
—
$2,115,346
$505,218
■
fund payments commencing Dec. 1
retired by the bona sinking fund.
Purpose.—Proceeds will be used for refinery,
keting extensions, and development
transportation and mar¬
of leases.
Operating Results for 12 Months
Gross earnings
Operating expenses
ended April 30 1920.
1—
—$10,234,665
6,492,195
$3,742,469
Net operating earnings
654,438
140,000
6% bonds
7% notes
Annual interest on $10,907,300
Annual interest on $2,000,000
$2,948,032
Balance for Federal taxes, &c
—V.
110, p. 1856, 1754.
Sloss-Sheffield Steel & Iron Co.—Merger Rumors.—
See Lackawanna
Standard
Plan
Price Brothers & Co., Ltd.—Annual Report.
1917-18.
1918-19.
Year ending Feb. 28—
1919-20.
Cash bonus to
Dividends
Sinking Fund.—Semi-annual sinking
1920, at 8%, and increasing to 12% on the face value of this $2,000,000
will provide $1,000,000 cash for retirement of notes of this issue
before maturity.
To provide tnis cash, pledged bonds may be tendered to
issue,
or
1978. 1754.
—V. 110, p.
Oklahoma
Vol. 110.
THE CHRONICLE
2494
to
Steel Co.
Textile
1744.
Co., Youngstown, O.—
Issue of Common Stock from
Authorized
Increase
110, p.
above.—V.
Products
Stock Dividend.
$5,000,000 to $12,000,000—Facts as to 25%
vote June 29 on (a) increasing the
capital stock from $5,000,000 to $12,000,000 (or other
amount), said proposed increase to be divided into and consist of 70,000
shares or other determined number of the par value of $100 each; (b) setting
aside not exceeding $1,500,000 of the proposed increase for subscription
and sale to employees, or for cash, or for other disposition by the board for
corporate uses and purposes in such amounts, at such times at not less than
par, as the board may from time to time determine.
This proposed action, the directors state, will be submitted to the stock¬
It is announced the shareholders will
authorized Common
holders at the meeting.
Digest
of
Statement
by
President
H.
Garlick,
M.
May
20 1920
the board on May 11 a stock dividend of 25% was de¬
payable July 1 1920 on stock of record June 15 1920.
Any fractional
shares will be adjusted on the basis of $120 a share by sale to the holders
of the balance of a share at the Dollar Savings & Trust Co., Youngstown,
O., not later than June 25 1920, or by check to him for his fraction on July 1.
The board recommends an increase in the Common stock from $5,000,000
to $12,000,000 in order that Common stock may be quickly available for
stock dividends should the earnings warrant, and the directors deem it wise
to declare them; that there may be always available Common stock to offer
to employees, and for the purpose of selling for cash to provide more work¬
ing capital, or for the acquisition of additional cotton mill capacity.
The company (formerly the Standard Oil Cloth Co.) has its general office
at 320 Broadway, N. Y., and properties located as follows: (a) Cotton mills:
Mobile, Ala.; Columbus, Ga.; McComb, Miss., and Selma, No. Caro.;
(b) dyeing works: Columbus, Ga.; (c) manufacturing plants: Rock Island,
111.; Athenia, N. J.; Montrose, N. Y.; Youngstown, O., and Akron, O.
The products include:. Sanitas brand: Wall linings,
decorative fabrics,
modern wall coverings; Meritas brand:
sign makers cloth, coated cloth
At a meeting of
Producers & Refiners Corporation.—Earnings.—
for April 1920 are officially reported as $616,793; net earn¬
$403,705, as against $224,524 gross earnings and $52,050 net earnings
in April 1919, being thus an increase in net profits for April this year of
nearly 700% over April 1919, and of $33,040 over March 1920.—V. 110, p.
Gross profits
ings,
2392, 2198.
Pure
Oil Co.—New Name.—
See Ohio
Cities Gas Co. above.
Riordon
Corporation,
Royal Securities
Ltd.—Pref.
Corp., Montreal, are offering
Stock Offering.—
$4,000,000 8% Cum. Pref.
and div., with a bonus of 40% in Common stock.
Company
is to acquire the properties and assets of Riordon Pulp & Paper Co., Ltd.,
Kipawa Co., Ltcf., and all the issued capital stock of the Gatineau Co.,
Ltd., which has been incorp. to acquire the assets andproperties of Gilmore
& Hughson, Ltd., and W. C. Edwards & Co., Ltd.
The company will also
own over 60% of the outstanding capital stock of the Ticonderoga Pulp &
Paper Co.
The capitalization will consist of (approximately) authorized
stock at 98
$30,00t,000, of which $5,500,000 is to.be issued; 7% Conv.
Cum, 2d Pref., $10,000,000, all issued; and Common shares
$40,000,000,
of which $26,000,000 issued.
Compare V. 110, p. 2392, 2298.
First Pref.,
Riverside Mfg. Co., Anderson, S. C.—Stock Dividend.—
dividend of 100%, declared May 7, was paid June 1 to holders of
record May 20.
This action increased the outstanding Capital stock from
$500,000 to $1,000,000.
The company was incorporated in South Carolina
A stock
In 1900.
St.
Mary's Mineral Land Co.—Dividends.—
$2 per share has been declared on the stock, payable June 15
of record May 15; from money received from Champion Copper
A dividend of
to holders
capital distribution.
Dividend record:
1909-10.
1911-13.
1915.
1916. 1917.
t$l P- a.
$3 p. a.
*$8
$19
$14
Co. as a
1907.
$5
1918.
a$5
—
Charges, &c
Federal taxes, &c
Dividends
1918.
$5,638,366
761,233
16,231
$5,177,944
833,129
30,324
$2,503,414
305,505
374,920
$268,756
216,510
Other income
Total income-
$777,464
$863,454
429,672
$680,425
296,000
Profit and loss
504,807
def$172,754
surplus__
785,659
52,000
46,331
323,500
330,000
161~30i
def$97,174
$51,782
705,062
$223,415
309,483
ETfcfeilfii
225,000
-
Balance, surplus
—V.
1916.
1917.
1919.
$4,110,373
251,883
16,873
Profit on sales.-
718,549
110, p. 1649.
Co.—Production.—
Shattuck Arizona Copper
Lead (lbs.)
Silver (ozs.)
Gold (ozs.)
219,118
341,449
*None
1,435,532
1,000,844
3,012,237
736,274
18,964
♦None
126,687
44,129
1833.25
160.06
Copper (lbs.)
May 1920
Mav 1919
5 months 1920
5 months 1919
-
♦Operations were curtailed; property
July (Official).—V. 110, p. 2199, 2083.
ii
■
i
*None
228.36
*None
shut down during May, June and
i
wmmmmmrnmmmmmmmmm - -mmmmmmmmmmm
Oil & Refining Co.—Notes Offered.—Mont¬
& Co., H. M. Byllesby & Co., Inc., Illinois Trust &
Bank, Merchants' Loan & Trust Co. and Fort Dear¬
National Bank are offering at 97% and int., yielding
Shaffer
gomery
Sav.
born
8% (including warrant to purchse Common stock),
000 Secured 7% Conv. Sink. Fund Gold Notes.
$2,000,-
19207due June 1 1923. Denom. $100, $500 and $l,000(c*).
payable J. & D. in Oaicago or New York, without deduction for any
to 2%.
Penn 4-milLs tax refunded. Call¬
able, all or part, on 30 days' notice, at 101H and int. during the f;rst year,
at 101 and int. during the second year, and thereafter at 100H and int.
Convertible at par into 1st M. Conv. 6% Sinking Fund Gold Bonds, due
June 1 1929 (V. 108, p. 2246/ at 87H, which bonds are in turn convertible
into Partic. Pref. 7% Cum. stock at 105.
(V. 108, p. 2636). Each note
will be accompanied by a negotiable warrant entitling holder to purchase
Common stock (no par value), in even share lots, at any time prior to June 1
1923, on the basis of 15 shares for each $1,000 note, or $66 2-3 per share.
Illinois Trust & Sav. Bank, Cnicago, trustee.
Dated June 1
Int.
normal Federal mcome tax up
Data from Letter
of Vice-Pres. Arthur S. Huey,
Chicago. June 8 1920.
Capitalization—
Authorized. Outstanding.
M. Conv. 6% S. F. bonds, due 1929 (mtge.
closed) (V. 108, p. 2246)
$15,000,000x$10,907,300
Secured 7% Conv. S. F. Gold notes (this issue)__
2,000,000
2,000,000
Participating Pref. 7% stock (V. 108, p. 2636)-— 50,000,000
11,000,000
1st
£ommon stock (without par
value)
500.000shs. 200,000 shs.
of which $1,092,700 retired by sinking fund and
$3,000,000 issued and pledged to secure these notes.
Company.—Organixed in 1919 (V. 108, p. 2246).
Properties now com¬
prise 255,797 acres of fee and leasehold oil lands, 458 producing oil wells on
8,717 proven acres, present daily settled production over 4,000 bbis. and
over 2,000
bbls. additional production brought in June 1 1920; modern
refinery with a daily capacity of about 6,000 bbls.; 6 casingnead gasoline
x
Issued, $12,000,000,
giants;over steelmiles of pipe lines and gathering
633 177 tank cars; 25 steel storage tanks,
bis.;
ganization,
total capacity, 1,375,000
lines; and marketing or¬
including that of an allied concern, through
tributing stations.
Stewart Mfg.
Corp.—To Exchange Stock, &c.—
See Stewart-Warner
Speedometer Corp. below.—V. 110, p. 2199.
Stewart-Warner Speedometer
The stockholders on June 4
173 retad dis¬
Corp.—Capital Inc,t &c.
ratified the recommendation recently
made
by the directors that the capital stock be increased by the issuance of
200,000 additional shares of no par value to 600,000 shares.
Of the in¬
creased stock 60,000 shares are to be offered in even exchange for shares
of the Stewart Manufacturing Corp.
The remaining 140,000 shares are to
be held in the treasury until such time as the directors see fit to issue them
for various purposes that may develop from time to time.
Sales for the five months ending May 31 are reported to be
$6,750,000, as against $3,850,000 in
approximately
1919.—V. 110, p. 2199 , 2083.
Stromberg Carburetor Co. of America, Inc.—Earnings.
1919
Calendar Years
1919
1918
$308,439
68,960
35,000
$1581661
$858",972
$609^419
46,959
25,000
307,644
150,000
259,929
70,392
$204,479
$86,702
$401,329
$279,097
—3 Mos. to Mar. 31
1920
Gross earnings
.—
-
Admin., gen., &c., expenses
Reserve for Federal taxes—
Balance, surplus
Sapulpa Refining Co —Earnings.—
Calendar Years-r—
specialties, waterproofed cloth, rubberized cloth, composite cloth, leather
cloth, slate cloth, oil cloth.
Compare V. 110, p. 2199, 2083, 2075.
June '20.
$2
1919.
$4
t Not including Franklin stock distribution equivalent to $4.
♦ Not in¬
cluding North Lake and Hancock stock distributions in 1919, equivalent in
cash to $2.59 per share,
a Not including Mayflower Old Colony and
Winona stock distribution, equivalent to 68 cents per share.—V. 107,p.1485.
Net sales.-
clared
—V. 110, p. 2074.
Stutz Motor
Shares)
Car Co.—66 2-3% Stock Dividend
Be Distributed June 29 Instead
to
(80,000
of Quarterly.—
stock dividend recently declared will be payable June 29
This stock dividend of 80,000 shares (no par
declared, to be payable in four quarterly install¬
ments, beginning July 8.
It will increase the outstanding stock to 200,000
shares, the full amount authorixed.
A cash dividend of $1.25 per share has been declared on the 120,000
shares Capital stock (no par value), payable July 1 to holders of record
June 15.
Compare V. 110, p. 1420. 1649, 1979, 2393.
The 66 2-3 %
to holders of
record June 18.
value) was as originally
Superior Oil Corp.—Stock Offered.—Brown Brothers &
White, Weld & Co., Graham, Parsons & Co. and
Frazier & Co., are offering at $19 per share, by advertise¬
ment on another page, 465,978 shhres Capital stock (no par
value).
Bankers state:
Co.,
Cap'n after Present Financing (No Bonds)—
Authorized. Outstanding.
Capital stock (no par value)
2,500,000 shs 1,231,811 shs
[The stockholders voted June 4 to increase the authorized capital from
300,000 shares (no par value) to 2,500,000 shares, no par valued
There are no bonds or Preferred stock authorized or outstanding.
Purpose.—Corporation is greatly extending its producing properties
through the purchase of leasehold and royalty interests, a majority of which
are in the Kentucky field.
These properties will be acquired and additional
working capital provided through the sale or exchange of 1,018,478 shares
of new stock.
Deposit Agreement.—The Atlantic Refining Co. has purchased a substan¬
for its own investment.
This stock, together with
additional amount (making a total of 527,500 shares), will be deposited
with the Atlantic Refining Co. for two years under restrictions as to sale.
tial block of these shares
an
Management.—The Atlantic Refining Co., from its present management
for a period of three years a majority of the board of directors
which will include: E. H. Blum, Gen. Mgr. Atlantic
Oil Prod. Co.; James Crosby Brown, Brown Bros. & Co.; Robert M. Catts,
Pres. Superior Oil Corp.; W. P. Cutler, V.-Pres. Atlantic Refining Co.;
G. A. Evalenko, Pres. Bi-Continent Trading Co.; Howard S. Graham,
Graham, Parsons & Co.; E. J. Henry. Asst. Sec. Atlantic Refining Co.;
Albert Hill, Treas. Atlantic Refining Co.; W. M. Irish, V.-Pres. Atlantic
Refining Co.; John H. Stone, counsel, Atlantic Refining Co.; Francis M.
Weld, White, Weld & Co.
Oil Contract.—The Atlantic Refining Co. contracts to purchase for ten
years at prices current when delivered, the entire output, subject to pipe
line capacity, which is now materially in excess of present production.
Properties.—The consolidated properties will include over 37,000 acres of
leasehold and royalty interests, with a present daily production of over
6,900 bbls. more than 80% of which is settled.
In addition there are
21,000 acres of undeveloped leaseholds in Kentucky.
Included in the
Kentucky properties alone are 1,900 proven drilling locations, and develop¬
ment of these should determine as many more.
Drilling operations are
bringing in about 35 wells a month.
The Kentucky oil produced is "Somer¬
set" grade, which commands a posted price to-day of $4 a bbl.
Earnings.—Net earnings, after all expenses. Federal and State taxes, are
expected to exceed $10,000,000, or over $8 per share, in the 12 months
following consolidation.
Over 90% of these earnings are from the Ken-
will nominate
of this corporation,
Dividends
of $2
per
present, and it is expected to begin
at this rate.
Application will be made to list
change.—V. 110, p. 2393, 2298.
share per
annum
are
being paid
at
dividends on the enlarged capitalization
this stock on the New York Stock Ex¬
,
June 12 1920.]
Swan & Finch
THE CHRONICLE
Co., N. Y.—No Dividend Action.—
The semi-annual dividend usually due in May has not been
declared,
owing to a falling off in earnings.
Semi-annual dividends of 2H% were
paid from Nov. 1917 to Nov. 1919.
An extra of 2% was paid in Sept.
1918.—V. 110, p. 86.
•
;
Tecumseh
Cotton Mills
Liberty
bonds.—V.
110,
Tobacco
p.
772.
Products
Corporation.—New
Directors.—
Reuben Ellis, Pres. Tobacco Products Export Corp., and Leo Michaels,
Pres. Schinasi & Co., have been elected directors,
succeeding Elmer Slitner
and S. T. N. Wood.—V. 110, p. 1979.
Torrington
Company.—Dividend Increased-
A
quarterly dividend of 81.25 per share has been declared on the out¬
standing Common stock (oar $25), payable July 1 to holders of record
June 16.
Regular quarterly dividends of 75 cents per share and extras of
25 cents have been paid since Jan. 1 1917.—Y. 109, p. 2272.
United Electric
Source of Annual Profits of $2,800,000.
(а) .From net earnings applicable to Ordinary shares of Boot's
Pure Drug, after all charges (except income
tax) Boot's Pref¬
Light Co.,
Springfield, Mass.—
The stockholders have authorized the issuance of 8,000 shares of stock
at
$170, payable in three equal installments, July 15, Oct. 15
Jan. 15 1921.
See V. 110, p. 2200, 1421.
1920
dividends
erence
$1,250,000
From the net earnings of the British and Canadian companies
over from the United Drug Co. after
providing for divi¬
(б)
taken
dends
Corporation.—Dividend.—
A quarterly dividend of 10% has been declared on the
stock, payable
July 1 to holders of record June 21.
In April and January last a dividend
of 5% was paid.
On March 1 a distribution of 50% was made in
2495
(c)
on
Preferred stock owned by others
on First Pref. stock of United Drug Co. to
250,000
From dividends
be held in the Treasury
(assuming $15,000,000 has been ex¬
changed)
1,050,000
(d) 8% on cash capital raised in excess of amount paid for the
Boot companies' shares
250,000
The amount necessary to pay 8% on the
$22,500,000 of Pref. stock to
be issued is $1,800,000, which leaves $1,000,000 of the aforesaid
net profits
(of $2,800,000) applica'e to $5,000,000 Class A Common and $2,000,000
Class B Common, which share alike in
profits.
The company will begin
business, therefore, with earnings of $14 28
per share on its Common issues,
and they will be placed on an
8% dividend basis at "once.
Hote.—English currency is computed at $4 to the £, and Canadian cur¬
rency at 90.—V. 110, p. 2200.
U.
S. Bobbin &
Shuttle Co.—Extra Dividend.—
An extra dividend of 5% has been declared on the
$850,000 outstanding
Common stock (par $100)
along witn the regular quarterly dividend of
IH%, both payable June 30 to holders of record June 9.
A like amount
was paid extra m
Sept. 1919 and Sept. 1918.—V. 110, p. 1650.
U.
and
S. Light & Heat
Corporation.—New Officer.—
Henry H. Knapp, formerly acting Treasurer, has been elected Treasurer.
109, p. 686.
—V.
United
Drug Co., Boston.—To Form Liggett's Interna¬
tional, Ltd., Inc., to Acquire All Company's Assets in England
Acquire Stock of Canadian Subsidiaries—Rights to Sub¬
scribe to 8% Pref. Stock and Class A Common Stock
of New
Company—Underwritten—Status, &c.—A new corporation,
Ligget's International Ltd., Inc., is to be incorp. in Mass.
with an authorized capital of $35,000,000
8% Cum. Pref.
stock (par $50), divs. to be guar,
by United Drug Co.;
$10,000,000 Class A Com. stock trustee's certificates (see
and
below) non-voting (par $100) convertible into United Drug
Co. common, 1922 to 1927, callable at 150 (see
text); $5,000,000 Class B Com. stock (par $100) having exclusive
voting rights.
o
The new company will take over from United
Drug Co.,
Boston, the assets and business in Great Britain subject to
their liabilities, and all of the
outstanding stock of the United
Drug Co., Ltd., of Canada (except 223 shares of Pref.);
U. S.
quarterly dividend and two back dividends of 1 %%
declared on the First Pref. stock, all payable
July 1.
leaves five dividends (Nos. 22 to 26 incl.) still in arrears on the stock.
is doing well and accrued dividends will be paid
possible.—V. 110, p. 1858, 1195.
United States Steel
United States
Subscription Rights, &c.—Holders of the 7% First Pref. stock of the Uni¬
and holders of the 7% Pref. stock of the United Drug Co.,
Ltd., of Canada (owned outside) will be given the right to subscribe to one
share of the Pref. stock of Liggett's
International, Ltd., Inc., for cash at
par for each two shares of the First Pref. stock of the United
Drug Co.
ted Drug Co.
or one
share of the Pref. stock of the United
owned.
Drugh Co., Ltd., of Canada,
:,
The stockholders
so
subscribing will at the
same time be given the right
exchange two shares of the First Pref. stock of the United Drug Co. or
share of the United Drug Co., Ltd., of Canada for an
equal amount of
Pref. stock of Liggett's International, Ltd., Inc.
This right to exchange
to
one
will expire Oct. 14 1920.
Holders of Common and Second Pref. stock of the United Drug Co. will
be given the right to subscribe for one share of the Class A
Common stock
of Liggett's International, Ltd., Inc., for each six shares of
Common and (or)
Second Pref. stocks of United Drug Co. owned; also the
right to subscribe
for any of the Pref. stock of Liggett's
Internatoinal, Ltd., Inc., not taken
Drug Co., par for par, at option
per share, but if so called the
convertible privilege may be exercised within 30
days thereafter.
In case
a stock dividend is declared on the Common stock
of the United Drug Co.
or its par value
changed prior to July 1 1922, this right of conversion may
be exercised prior to the date of record
upon which either event occurs and
thirty days will be given for the purpose.
Subscriptions to the new stock must be made 25% on or before July 15
and the balance on or before Aug. 1, when the exclusive
rights given to
United Drug Co. stockholders will expire.
Underwritten.—A
syndicate
headed|by Kidder, Peabody & Co., F. S.
Moseley & Co. and Chase Securities Corp. has been formed to finance the
purchase.
Further Data from Letter of Pres. Louis K. Liggett,
Dated, June 5.
Foreign Subsidiaries.—In. 1909 we established the United Drug Co., Ltd.,
in Canada to manufacture and distribute controlled brands by our methods.
In 1917 we formed the Louis K. Liggett Co., Ltd., to conduct retail stores in
Canada.
In 1918 we reorganized the Liggett Co., consolidating it with the
& Cochrane Co. (operating retail stoers in
Ottawa).
We now own
31 stores located in 9 cities, have 613 agencies and are doing a combined
Allen
business
of about $4,000,000 in Canada.
All the stock of the Canadian
companies is owned by the United Drug Co., except 223 shares Pref. of
United Drug Co., Ltd., and 910 shares 1st Pref., ana 2,106 shares 2d Pref.
of L. K. Liggett C®., Ltd.
In 1912
a branch in Liverpool,
Eng.
It granted exclusive
we shipped all goods from Boston.
agencies have increased to 1,128.
Sales have in¬
creased 87%.
The opportunities in the British Isles were so tempting that
I went to England in March to arrange for manufactories and retail stores.
Boot's Pure Drug Co.—I secured an option on all the ordinary (voting)
shares of the Boot's Pure Drug Co., Ltd. (except possibly 15 shares out of a
total of 100,000 shares).
This company was established about 40 years
ago and is modern in construction and equipment.
Produces goods needed
by drug stores, including store fixtures, &c.
Owns and operates 627 retail
drug stores located in every important community in England and Scotland,
with leases running from 10 to 500 years.
we
established
agencies, but progressed slowly because
Since the armistice the
Balance
Sheet
of Liggett's
International,
Ltd.,
Inc.
[Assuming that 815,000,000 of United Drug Co. First Pref. stock has been
exchanged for Liggett's International Pref. as of March 31 1920 (incl. sub.).
Assets—
I
Liabilities—
Land, buildings, &c
$13,653,307jPreftared stock
$22,500,000
Trade marks,good will,&c
1.695,547jClass A—Common stock.
5,000,000
Cash & Govt, bonds
4,136,019Class B—Common stock.
2,000,000
Accounts receivable
356,950<Boot's Drug, Preferred
12,744,318
Notes receivable
l,748:Canadian, Pref
291,510
Merchandise
'_10,947,669|Accounts payable
Advances & deferred items
Investments 1st Pref. stk.
United Drug Co
Inv. stocks of other
cos..
55,195Notes paya bl e.
Surplus and reserves
15,000,000
Total (each side)
108,613
3,091,520
84,882
242,818
1920—May—-1919.
3.219.934
*
*
Profits, &c.—Combined annual sales are about $37,000,000.
ending March 31 1920 were about $32,500,000.
Sales year
as
preceding page of this issue.—
Co.—{Output {in Lbs.).
1920—5 Mos.—1919.
17.122,534
Increase.
5,284,508
11,838,026
Smwlter closed down Feb. 14, and resumed operations June 9.—V.
110,
2083,
p.
1979.
Utah-Idaho Sugar Co.—Sells Notes.—
The company, it is stated, has disposed of $7,500,000 notes to Eastern
The proceeds are to be used in paying for 6 new factories which
bankers.
will operate this season in excess of the number of
plants operated last year.
Notes, it is understood, will mature in five years.—V. 109, p. 2363.
Van Dorn & Dutton
Co., Cleveland.—Preferred Stock.—
The Tillotson & Wolcott Co., Cleveland, are
offering at par and div.
$250,000 8% Cum. Pref. (a. & d.) stock.
Par, $100.
JDivs. Q.-J.
Red.
at $107.
Circular shows:
;
Company organized in 1897 is one of the largest exclusive producers of
and "planed" gears.
Products may be divided into three classes:
Gears for pleasure cars, trucks and tractors; (2) gears and pinions for
electric railway, mill and mine motors; (3) industrial
gears, viz.: for ma¬
chinery of every description.
Sales years ended June 30 1917, $624,499; 1918,
$915,616; 1919, $1,461,081; 1920 (3 months est.), $2,100,000.
Annual net earnings for the three
years ending June 30 1919. before Federal taxes, average $171,647, and after
Federal taxes average $105,389.
For the year ending June 30 1920 net
earnings, after Federal taxes, are estimated at $155,000.
Pres., F. W.
"cut"
(1)
Sinram.
(V.) Vivaudou, Inc.—Earnings.—
Gross profits for May, it is said, were in excess of
$750,000 (as against
$525,000 in April), and indicate net profits before deducting taxes of over
$140,000, or at the rate of approximately $5 60 per share on the stock.
—V. 110, p. 2200, 2186.
Western Tie & Timber
See Kansas City Ozark &
White Motor
Co.—Acquisition.—
Southern Ry. above.
Co., Cleveland.—Capital Increase.—
The stockholders on June 9 authorixed an increase of the
capital stock
from $25,000,000 (par $50) to $35,000,000 (par $50).
An official statement says: "No action with reference to the issuance and
distribution of the authorized increased stock is contemplated at this time.
—V. 110, p. 2298.
(J. H.) Williams & Co., Brooklyn, N. Y. —Further Data.
offering of $1,500,000 Five-Year
7% Sinking Fund Gold Bonds Series A (V. 110, p. 2402),
—In connection with the
a
letter from Pres. J.
Harvey Williams further shows:
Company.—Incorp. in New York in 1895.
Business established in Brook
lyn in 1882.
Plants are in Brooklyn and Buffalo, N. Y.
Is now acquiring
the drop-forging and drop-forged tool business of Whitman & Barnes
Mfg.
Co., established in 1854, with plants at Chicago, 111., and St.
Catharines,
Ont.
The products of these plants supplement the
company's present lines
of drop forgings and drop-forged tools.
A new forge building and power
plant has just been completed and equipped at the Chicago plant at a cost
of $1,300,000.
Of this amount about $600,000 has been
expended since
Dec. 31
1919.
Business consists of drop forgings made to customers'
designs and trade-
marked catalogued products.
Sinking Fund.—The trust indenture will provide that on May 1 1921,
on each May 1 thereafter to and incl.
May 1 1924, and also on Nov. 1
company wiU pay to trustee 5% or the greatest par amount of
these bonds ever issued to such date, but in no event less than
$100,000,
as a Sinking Fund to retire bonds.
and
1924, the
Financial
Condition
as
of
Dec.
I
Real estate, buildings,
Investments
31
after
This
Financing.
Liabilities
&c.$4,320,770:Capital
Cash
Notes & acc'ts receivable-
stock
$1,000,000
86,906 5-year bonds.
1,500,000
677,056 Accounts payable
458,443
1,024,221 Reserve for Federal taxes,
128,484
Inventories
U. S. Gov't securities
2,625,464 Surplus
5,868,865
161,535
59,840
Total (each side)
$8,955,792
Officers.—J. Harvey Williams, Pres. & Man. Dir.; A. D. Armitage,
V.-Pres.; W. A. Watson, Sec. & Treas.; R. S. Baldwin, Comp.; F. W.
Trabold, Gen. Sales Mgr., and Capt. W. N. McMunn, Gen. Works Mgr.
—Compare V. 110, p. 2402.
Deferred charges, &c
Willys Corp.
Quarter 1920.—
(Incl.
Subisdiaries).—Earnings for First
Gross
profit, incl. income from invest, and other misc. income..$2,197,123
Admin., selling and general expense arid interest
674,888
Reserve for Federal taxes (estimated)
225,000
Dividends
Net profit
—V.
£900,000),
on a
United Verde Extension Mining
$45,955,051
The amount paid for Boot's trade-marks, good will, &c. (some
has been adjusted in real estate and equipment accounts.
The
Trucking Corp.—Dividend No. 2.—
_.
trust
vertible into the Common stock of United
of holder.
Callable at any time at $150
This
rapidly
A regular quarterly dividend of 2% has been declared on the Pref.
stock,
payable July 1 to holders of record June 19.
An initial dividend of $1.67
per share was paid on the stock April 1 last.—V. 110, p. 1195, 473.
by the holders of First Pref. stock of United Drug Co.
All of Class A Common to be issued under this offer will be
placed in
and the subscribers wiH receive trust certificates
representing the
number of shares subscribed and paid for.
Between July 1 1922 and July 1 1927, Class A Common will be con¬
as
each
Corporation.—Unfilled Orders.—
See "Trade and Traffic Movements"
V. 110, p. 2083, 1979.
which carries with it all of the
The United Drug Co. will take in pasnment
$2,000,000 at par of the
Class B Common stock of Ligget's International,
Ltd., Inc., being all of the
Class B Common to be issued at the present time. .It is
also proposed
that the United Drug Co., having acquired it, shall sell to
Liggett's Inter¬
national, Ltd., Inc., the ordinary stock of the Boot Company at actual cost,
payable in the Pref. stock of Liggett's International, Ltd., Inc., and in
Common stock. Class A, at par.
been
company
.
outstanding capital stock of
the Louis K. Liggett Co., Ltd., of Canada
(except 910 shares
1st Pref. stock and 2,106 shares 2d Pref.
stock).
Printing & Lithograph Co.—Back Dividends.—
The current
have
412,524
$884,710
110, p. 1637, 969.
(F. W.) Woolworth Co.—May Sales.—
1920
May
1919.
Increase. I
1920—5 Mos.—1919.
Increase.
$11,320,307 $9,923,988
$1,396,319]$49,577,298 $42,508,617 $7,068,681
110, p. 2298, 2200.
—V.
THE
2496
[VOL. 110
CHRONICLE
g^pxrrte and documents.
MISSOURI PACIFIC RAILROAD COMPANY
—_-L
■■
THIRD ANNUAL REPORT—FOR THE
AGREEMENT BETWEEN DIRECTOR-GENERAL OF RAILROADS
AND MISSOURI PACIFIC RAILROAD COMPANY
AND SUBSIDIARY CORPORATIONS.
that
authority granted by the respective Boards of
Company and its
five affiliated Companies, approved and authorized by the
Stockholders of the respective Companies, at meetings duly
called, an agreement with the Director-General of Railroads
was executed
and delivered on the 28th day of February
GENERAL
Under
•
an
the
minimum
By the terms of this agreement annual compensation
was provided for the use and operation by the Government
of the property of said Companies equivalent to
their
Average Annual Railway Operating Income for the three
1920.
ended June 30 1917, as certified by the Inter-State
Commerce Commission pursuant to Section 1 of the Federal
Control Act, subject to such changes and corrections as the
Commission may hereafter determine.
The agreement provides for a total annual payment by
the Government of $14,312,343 81, the affiliated Companies
receiving $105,529 67 and the Missouri Pacific Railroad
Company, $14,206,814 14.
The Director-General of Rail¬
roads declined to favorably act upon claims presented for
an amount in excess of the "Standard Return."
Funds to meet corporate necessities have been obtained
currently from the Director-General of Railroads by pay¬
ments on account of compensation directly, or on the issu¬
years
BALANCE
is
SHEET
to
XV'v:.'■-/
ASSETS.
;'■
+
Increase (+) or
'
v+'v
,
Dec. 311919.
in
Road
8
81 352,509.694 52
+326,815 29
3,582 90
5,385 93
—4,600 30
^
90
63
18
96,832 30
+9,681 88
58
2,499,392 78
—136,254 20
Affiliated
in
6,994,52.5 65
7,004,125 65
—9,600 00
Companies—Unpledged..
4,631,096 05
4,559,502 74
+71,593 31
Other Investments—Pledged
16,876,756 76
16,854,900 74
+21,856 02
4,295,395 83
4,139,357 38
+156,038 45
...388,108,305 39 387,672,774 94
+435,530 45
576,260 76
5,367,736 96
85,518 84
183,906 90
1,398,615 19
8,746 84
+392,353 86
+3,969,121 77
+76,772 00
Companies—Pledged
Investments
Other
Affiliated
in
Investments
Un¬
—
pledged..
Total
Current Assets—
Cash
Deposits.
Special
Loans and Bills ReceivableTraffic and Car Service Bal¬
82,369 37
383,776 26
—301,406 89
825,289 00
989,053 90
—163,764 90
110,217 41
Receivable
ances
97.042 41
Miscellaneous Accounts Re¬
ceivable
and
Dividends
ceivable
Re¬
...
Railway Operating Revenues of the Missouri
under Federal management for the year
Railroad
1919,
were
$93,577,081 41,
an
increase over 1918 of $3,964,-
684 09, or 4.42%.
The Total Operating Expenses were $83,357,624
increase over 1918 of $10,125,886 36, or 13.83%.
an
Revenue
from
The average reyenue per passenger
mile was $0.0271 as
compared with $0.0255 last year, an increase of 6.27%.
Passenger revenue shows an increase of $1,153,827 08, or
20,645 17
3,173,687 21
2,251,730 33
2,251,730 33
7,544,829 70
7,551,261 26
—6,431 56
779,750 63
1917.
Government Agents'
S.
581,967 50
+ 197,783 13
+169,214 43
and Conductors'Balances,
S.
Government Material
and
Supplies, December 31
U.
Railway
U.
1917.....-.S.
Government
Retired
-
Equip¬
ment
U. S. Government
Fixed Im¬
247,201 38
77,986 95
1917, Collected..
S. Government Revenue
5,517,750 43
4,934,438 12
prior to January 1 1918—
330,280 16
provements Retired
U.
Assets
Government
S.
„
Dec. 31
U.
Total
.
19,865,663 36
—
18,591,717 54
v:;*
18,316,628 29
70,685 69
...
+8,723 50
12,206,814 14 +6,109,814 15
83,189 62
—12,503 93
12,290,003 76 +6,106,033 72
18,396,037 48
Total........
433,417,398 57 421,615,637 74 + 11,801,760 83
Increase (+) or
DEBT.
obligations amounting to $746,000 00 were
retired and $60,000 00 of the General Consolidated Railway
and Land Grant Mortgage Bonds were retired from the
proceeds by sale of Land Grant Lands, making a total
reduction during the year in the outstanding Funded Debt
Equipment
of $806,000 00.
the
Company for Additions and Better¬
ments to its property, June 1 1917, to October 1918, au¬
thority was secured from the Public Service Comission of the
State of Missouri, the Public Utilities Commissions of the
States of Illinois and Kansas, and the Director-General of
Railroads, for the issuance, under the First and Refunding
Mortgage of Missouri Pacific Railroad Company, of Series
"D" bonds to the amount of $6,200,000, bearing interest at
the rate of six per cent per annum, maturing February 1
reimburse
the year $3,600,000 of these bonds had
issued by deposit with the Director-General
qf Railroads as collateral security for a demand note of
$3,000,000; the balance of $2,600,000 have not been certified
by Trustee.
At the close of
been nominally
ROAD
The details of
as
AND
EQUIPMENT.
charges to Road and Equipment
Structures_$l,865,254 72
$232,660 08
—
Expenses
__
1917,"
28,109 81
1,976 48
con¬
sisting principally of the adjustment to final appraised value
of certain securities which had been carried in the accounts
Total Charges to Road and Equipment
$326,815 29
These figures include charges to Road and Equipment
reported by the Federal Auditor.
OF
NEW
as
Common
—
Preferred..
.
Total
-
—.
82,839,500 00
71,800,100 00
82,839,500 00
71,800,100 00
.154,639,600 00 154,639,600 00
-
Long-Tetm Debt—•
Funded Debt Unmatured..225,502,620 00
226,308,620 00
-806,000 00
Liabilities..380,142,220 00 380,948,220 00
Total Capital
—806,000 00
Loan^fnd^ms Payable.
+5,185,800 00
9,355,800 00
4,170,000 00
42,238 83
45,441 52
—3,202 69
183,531 95
217,048 80
—33,516 85
92,075 61
33,614 12
+58,461 49
1,277,568 71
1,445,019 41
—167,450 70
2,847,565 87
35,541 67
500 00
13,834,822 64
2,579,195 60
71,370 15
12,100 00
8,573,789 60
+268,370
—35,828
—11,600
+5,261,033
5.007.502 32
_. _
3,025.156 40
+1,982,345 86
2.309,040 62
1.996.151 22
Traffic and Car Service Balances
Payable
...
^
,
_
^
Audited Accounts and Wages
Payable..
—
—
Miscellaneous Accounts Pay¬
able.........
Interest Matured
-----
Unpaid—
Unmatured Interest Accrued
Unmatured Rents Accrued.
Total.
Liabilities
-.
—
27
48
00
04
Deferred Liabilities—
%rio?™uTrV!^in|!!
Government, Revenues
U. S.
i
U*ate T?aSSom^——rI
+312.889 40
„,o
42o,718 78
prior to January 1 1918—
U. S. Government, Liabili-
nS
10,900,196 90
—425,718 78
10,770,016 39
+130,180 51
/
110,524 02
+237,865 14
22,347,974 81
+2,182,960 08
408,594 13
TaxnLfaSty^e—-
6,020,407 94
55,921 97
24,530,934 89
nrfarred Liabilities..
Total
locomotives.
is
unable
at
this
time
A<EwipmentePreClaOth?r ®nadjust^d
373,347 13
+35,247 00
9.706 46
550,340 40
257,307 40
1,225,948 39
553,952 95
41,904 17
—3,612 55
+215,403 23
978,910 71
+247,037 68
115,467 73
+43,113 63
6,258,273 08
—54,602 05
to
state
definitely the cost of the equipment, it has been agreed
— -
Credits. .
Total
Corporate Surplus—
PrS^ndT^ss
equipment by the Director-General
to this Company was: 250 box cars, 3,000 steel gondola
cars, 25 Mikado type locomotives, and 7 Mountain type
$
Capital Stock:
^n^Si^d^S^
EQUIPMENT.
The final allocation of
the Administration
Decrease (—).
$
Cr. 1,568,525 72
temporarily at nominal values
ALLOCATION
1918.
Dec. 31
-8
9,706 46
Cr.204,550 27
Retired
For "Assets and Liabilities not appraised June 1
As
v
pSd—--b---3-1----^-l
For Addit ons and Betterments to Equipment._
Less Equipment
General
are sum¬
follows:
For Additions and Betterments to Roadway and
For
Stock—
Other Current
1949.
^
,
~
Dec. 31 1919
„
+1,273,945 82
.
LIABILITIES.
FUNDED
marized
—~
8,723 50
Other Unadjusted Debits.._
'
+330,280 16
1 00
Unadjusted Debits—
Rents and Insurance Premiurns Paid in Advance
U. S. Railroad Administra¬
tion
+583,312 31
■
1 00
Other Deferred Assets
5.91%.
To
-212 65
20,432 52
3,173,687 21
December 31
December 31 1917
Operations was $10,219,457 09, a decrease under the previous year of $6,161,202 27, or 37.61 %.
;
The total number of tons of revenue freight handled de¬
creased 3,679,444 tons, or 11.92%, while the revenue ton
miles decreased 14.86%.
The average revenue per ton mile was $0.01036 against
$0.00841 the previous year.
The percentage of increase was
23.19%.
Revenue from Freight Traffic increased $3,073,180 58, or 4.84%.
The number of revenue passengers carried shows an in¬
crease of 4.71% while the number of passenger
miles de¬
creased 0.22%.
Net
The
+3,986,250 84
Deferred Assets—
Working Fund Advances...
U.
S.
Government
Cash,
U.
32,
+13,175 00
3,061,141 50
7,047,392 34
Total
The Total
+:•+
and
.'
Equipment...
352,836,509
Improvements
on
Leased
I
Railway Property
3,582
Sinking Funds
785
Deposits in Lieu of Mort¬
gaged Property Sold
106,514
Miscellaneous Physical Prop¬
erty
I.
2,363,138
Investments
Decreased—).
+..■■+ $
Dec. 31 1918.
s
Investments—
Investment
COMPARED
DECEMBER 31 1919,
1918.
OPERATIONS.
Pacific
and the
be $10,236,250 00,
DECEMBER 31
WITH
Interest
of demand notes.
cost
maximum bost $10,705,995 00.
Directors of the Missouri Pacific Railroad
ance
1919.
TWELVE MONTHS ENDED DECEMBER 31
TW,ai
___
158,581 36
13.524,89129
8,651,27489 +4,873.616 40
8,766,742 62 +4,916.730 03
433,417,398 57 421,615,637 74+11,801,760 83
13,683.472 65
The capital liabilities shown above include the securities issued
Reorganization Plan for bonds of various issues dealt with by
$7,660,500 00 principal amount,
1919, which arc accordingly not shown as
meluding
under the
the Plan
not acquired on December 31
liabilities.
JUNE 12
1920.]
THE CHRONICLE
Various mills at
2pue Commercial ^pmrs.
Co. will work
Textile mills
COmERCIALEPITOME
Friday Night, June 11 1920.
The big industries of the country are still slowing down.
Recent sharp reductions of prices of themselves tend to
make buyers cautious; more reductions may be coming.
Consumers are certainly disposed to hold alloof; they scan
prices sharply.
Railroad congestion still hurts trade.
The
congestion has been relieved to some extent but it is still
bad enough.
Strikes are still numerous.
Of course they
are
detrimental
matter
trade.
to
And
credits
are
not
so
easy
a
they were months ago.
Banks are watchful and
very strict.
In popular parlance they have to be shown.
And labor is still inefficient.
An Ohio grand jury bluntly
as
declares.that the chief drawback in the building industry is
that labor is not willing to do a day's work for a day's wage.
Things have come to a queer pass when a thing of this kind
is openly proclaimed by a judicial body in a great state.
Also imports are increasing, something of itself is not ordin¬
arily to be deplored but which in this case measures in some
sense a falling off in the demand for domestic goods.
The
sales of silks and woolens have fallen off so sharply that
thousands of workmen have either been discharged or are
working only three days a week.
Cancellations of orders in
woolen goods industry are a noteworthy factor.
The recent
panis in Japan has been followed by financial troubles in
Syria, at Beirut more particularly, mills and factories there
closing for lack of orders.
And whether the cause in this
instance is partly geographical or not, one city suffering from
another's perhaps somewhat superior advantages, momentary
or otherwise, the incident is certainly not among the cheer¬
ful features of the worlds'
business.
And there have been
unsettlement in East Indian business
following the big decline in silver in the last month or two,
a noteworthy decrease in India's
exports and a falling off in
vague rumors
her
buying
of
some
power.
Wholesale and
jobbing trade throughout the United States
decreasing and retail trade significantly enough is not
increasing in spite of the recent declines in prices.
Every¬
body seems to feel that abstinence, economy, is a weapon
that has proved very effective and may continue to be, and
that lower prices are ahead.
Some manufacturers of woolens
and lumber it is true contend that prices are at the bottom.
But mills in both trades are running on short time.
The
scarcity of cars still hits manufacturers and if not speedily
and effectually relieved will also hit the farmer loaded up
with old wheat and facing a new harvest.
Oats have been
run up sensationally to $1.08 for July delivery, a rise
in a
few days of 12 cents or more because of car scarcity and a
semi-panic among the shorts at Chicago.
They are at the
highest prices ever known.
Iron an steel are handicapped
by the scarcity of cars, fuel and raw materials; yet prices
is
branches show weakness coincident with
in
some
in
building.
High
a
decline
high materials, and duller times
have killed the goose that laid the golden egg.
Failures have increased somewhat.
Money is in good
demand all over the country and the supply lags behind the
demand.
Call money here has been up to 12%.
The de¬
crease in the Chicago & Northwestern- dividends this week
naturally attracted attention.
Merchants at New York
have had to fight the freight tie-up by securing the services
wages,
of former soldiers.
The
grain report dated June 1st was not
altogether favorable, but since it was issued the weather in
the corn belt has greatly improved; and it is also probable
that the outlook for wheat, oats, rye, barley, &c., is also
better.
The Japanese situation is said to be clearing up.
This is the judgment of Japanese and foreign bankers at
and
Tokio.
The
weather
in
our
cotton
belt
has
noticeably improved, and naturally the crop prospects
are better.
The general tendency of the cost of living is
downward.
Wool hides, leather
and some other raw
materials are declining, laying the foundation for better
manufacturing conditions later on.
And the very fact that
the Federal banks are doing "sentry go" on the outposts of
the country's business and keeping credits within bounds
makes for conservatism and security.
They can and will
check
unhealthy expansion and give
the
country
a
chance to catch its second breath.
The country is unmis¬
takably sound at the core.
But Senator Lodge, politics
aside, hit the nail on the head when he said the other day
that the great need of the country is production.
No one
pretends that it is up to the real requirements of the American
people.
A determined effort is being made here to break the intol¬
erable freight tieup which has been going on here for weeks.
Fifteen motor trucks manned
by^ ex-service men of the old
Regiment with Col. Hine in charge were at work on
expected to be in operation
to-day.
They are attacking the great heaps of merchandise
that have been piling up on the coastwise steamship piers
since the strike of longshoremen and the sympathetic boy¬
cott of teamsters began on March 6.
It was time.
Coal
shortage still handicaps New England's industries and Gov¬
ernor Milliken of Maine asks that exportation of it be tem¬
porarily curbed.
He has telegraphed to the Inter-State
Commerce Commission that New England industries are
seriously handicapped by the shortage of bituminous coal.
165th
the 10th inst. and forty more are
Lawrence, Mass., of the American Woolen,
only 3 days a week hereafter.
Rhode Island'
laying off workmen; that is the curtailment
are
of woolen industries continues.
Cancellations of orders for
woolen goods are said to have wiped out 50 to 60% of the
orders on books of New England mills.
There is said to be
little demand for the
of
.
new
wool
clip largely because difficulty
financing purchases.
Much lower prices prevail for wool.
The London "Economist's" index number of British com¬
modity prices for May declined 30 points to 8,199.
The
April decline was 120 points.
Textiles showed the greatest
decline, with cereals next.
As a rule, foodstuffs and min¬
erals advanced.
The Chicago City Council has passed a
daylight saving ordinance effective at 2 a. m. next Sunday
and in force until the last Sunday in October.
i
At St. Louis reductions in the wholesle prices of various
styles of shoes of from 25 cents to $2 a pair were announced
by officials of three of the largest shoe manufacturing estab¬
lishments there.
"Tight money" and the resultant diffi¬
culty met by retailers in borrowing was considered the chief
cause of the cut.
At Oklahoma City hide and wool dealers
declared the bottom had fallen out of the hide
markets
and
and wool
predicting $2 50 shoes within the near
future.
The decline in prices is due to the inability of tan¬
ners to ship their goods because of
railway congestion and
also because of the fear of a credit stringency.
Big stocksi
of high-priced leather purchased several months ago are still
on hand and they want to
get rid of it before buying more.
Three leading farmers' organizations in a memorial to the
President urge Government allocation of labor for harvesting
crops and a cessation of public work until the critical period
is past.
If city workers appreciated the seriousness of the
situation, the memorial declares, they would increase the
working hours from eight to ten.
Lack of labor has cut
down the production one-third in many sections.
The
Department of Justice at Washington will begin a system
of sugar rationing within the next two weeks to be under¬
taken with the co-operation of a trade committee, as the
sugar situation is reported to be more acute than at any
time during the war.
Loading of freight destined for New
York, which has been delayed in Galveston nearly three
months, due to a strike of longshoremen, was started yes¬
terday.
It has become warmer here, the thermometer
touching 87 degrees to-day
There is a hot wave at Chicago,
with the temperature at 92.
In both cities the temperature
is the highest thus far this summer.
were
OP MERCHANDISE IN NEW
YORK.
June 1 1920 May 1 1920 June 1 1919
STOCKS
Coffee* Brazil
Coffee, Java
Coffee, other
Sugar
bags
.mats
bags
tons
_____
Cotton
-bales
—
Flour__
—
barrels
693,131
6,848
464,449
55,790
17,611
69,700
896,366
7,362
508,311
25,378
9,548
7,100
441,169
9,337
311,800
69,779
64,890
13,600
LARD
quiet but steady; prime western 21.15@21.25c.;
the Continent, 23c.; South American 23.25c.;
Brazil in kegs 24.75.
Futures declined at one time but later
rallied on the rise of grain, reports of moderate buying by
the Belgian Relief and England and unconfirmed rumors that
fresh credits had been given to Germany.
To-day prices
were lower and they end a little off for the week.
refined
to
PRICES
CLOSING
DAILY
Sat.
July delivery— __.cts_20.80
September delivery
21.67
PORK
lower;
closed at $34.50
Government
Yokohama
2497
LARD
FUTURES
Mon.
Tues.
Wed.
20.65
21.50
20.50
21.40
IN
CHICAGO.
Thurs.
20.82
21.70
20.90
21.82
Fri.
20.82
21.80
family $48 @$50:.
July
advance for the week of 65cents.
Beef
mess
an
OP
$40@$41
$18 @to $20; packet $17 @$19; extra India
$40@$42, No. 1 and No. 2 canned roast beef
$3.25.
Cut meats steady; pickled hams 10 to 20 lbs. 30%c.;
picnic 17J^@193^c.; pickled bellies 6 to 12 lbs. 26@28c.
Butter, creamery extras 58@58^c.
Cheese, flats 20@30c.
Eggs, fresh gathered extras 48M@49c.
steady;
India
mess
mess
COFFEE
No.
4
@22c.
on
the spot quiet but steady; No. 7 Rio
23J^@24c.; fair to good Cucuta, 21^
Futures declined with lower Brazilian quotations,
Santos
fine weather in Brazil and little demand here.
ed to be inclined to sell.
and
buying later months.
Rio is believ¬
Wall Street has been selling July
To-day prices declined and they
end lower for the week.
Cts--19.30 @19.50 September
—19.30 @19.50 December
_19.25@19.40 January
June
July
August
SUGAR
-cts_18.25@19.28
17.50@17.60
15.80@15.85
the spot has been quiet but firm.
Centrifugal
Cuban, 20.07c.; Porto Rico, 20.00c.
There
are only 45 centrals at work against 106 a year ago and 70
two years ago.
At the Cuban ports receipts last week were
62,745 tons against 76,110 in the previous week, 91,293
tons a year ago and 77,628 tons for the corresponding time
in 1918; exports were 73,227 tons against 83,227 tons in the
previous week, 83,247 tons last year and 109,787 two years
ago; stocks were 651,280 tons, a decrease of 10,482 tons for
on
96 degrees test,
the week.
The recent combination of Java sellers to main¬
tain
prices has been dissolved.
The Java market fell.
The
Royal Commission on Sugar Supply has purchased upwards
of 90% of the New Mauritius crop at approximately 90
shillings, f.o.b.
Granulated, 213^@24c. To-day prices
were higher and they closed higher than a week ago.
June
cts. 14.24® 14.25
July
September
December
14,34@14.35 Marcb_______
14.22 @14.24
cts_ 14.22® 14.83
...
14.34@14.85
OILS.—Linseed quiet but steady; Coeoanut oil, Ceylon,
barrels, 18J^@19c.
Cochin, 18^@18Mc.
Olive, $3 20®
[Yol. HO.
THE CHRONICLE
2498
COTTON
Corn, car lots, 19H@20c.
Cottonseed oil, 14.50c.
Spirits of turpentine, 1.95c.
Common to good strained rosin,
$3 25.
;;
Friday Night, June 11 1920.
indicated by our
50
THE MOVEMENT OF THE CROP, as
PETROLEUM lower; refined in barrels
bulk 14.25@15.25e.; cases
24.25@25.25c.;
26.75@27.25c.; gasoline
remains
good demand and steady; steel barrels, 30c.; consumers,
The Oil City "Derrick" says that
shipments of crude oil, crude and distillates from Mexico in
April were 10,155,679 barrels, or an increase of 3,788,866
barrels over the same month last year.
Receipts of crude
in
32c.; gas machine, 49c.
>
this port were 174,000 barrels.
There was a new well
flowing at 200 barrels a day brought in by heads in the Bull
Bayou field.
This well came in at the 2,733-foot level,
and is in the Red River district, where several unsuccessful
telegrams from the South to-night, is given below.
For the
ending this evening the total receipts have reached
39,277 ' bales, against 37,888 bales last week and 46,422
bales the previous week, making the total receipts since
Aug. 1 1919 6,600.301 bales, against 5,230,645 bales for the
same
period of 1918-19, showing an increase since Aug. 1
1919 of 1,369,656 bales.
week
at
500-barrel well
brought in in the shallow pool in Eastland County, Texas.
There are several other wells drilling in this section.
Re¬
ceipts of crude oil from wells in Oklahoma and Kansas in
April were 11,130,851 barrels, a daily average of 371,028
barrels, against 362,622 barrels in March and 289,186 bar¬
rels in April 1919.
Deliveries of oil in April were 11,359,013
barrels.
Stocks on April 30 were 61,407,785 barrels, a de¬
crease
made.
been
had
tests
There
was
also
a
$6 10
4 25
80
City
126
Indiana......
Princeton—.....
$3 63 Thrall
3 77 Healdton
Illinois,
Plymouth—
North Lima..
3 73
Electra
South Lima..
3 73
Strawn
......
—-
.
$3
2
3
3
00
76
00
00
Total.
Fri.
7,557
1,202
1,573
16,356
1,452
1,865
961
438
264
"
1,573
2,971
•
'
Pt. Arthur, &c._
New Orleans
2,672
'
"*»'•
mm
"mm
2,941
50
68 ■'-M 717
515
102
Pensacola
Jacksonville
im'mrn
±
4",039
2", 253
1,480
Mobile
4m-mmmm
'
mm
mm
mm
mm
—
'
Savannah
'm
"40
"406
Charleston
—
251
mm
mm
mm
—
mm
mm
m.
mm
7
mm.mm
7^
mm
"155
"469
.....
150
„
„
mm
mm
mm
mm
175
'
....
1
182
Philadelphia
Totals this week_
5,710
.
\mm
'
7.432
5,288
5,795
28
1,576
1,287
-
1
Baltimore
1,088
■
....
'
7
-
26
mm
28
mm
mm.mm
—
208
+
-mmi
■
mm
-
-
1,538
901
mm'mm
274
50
-mm
mm
4,426
—
75
116
1,576
985
985
639
mm
-
mm
255
N'port News, &c.
'338
mm
'"mmmmmrnmrn
50
256
mm^mrnmm
'
'mm
17
9
Norfolk
—
mm
720
Brunswick
Wilmington
mm
*
—
'
mm
"614
"676
1,526
mm-~
'
w-
Boston
,3 77 Moraii
3 98 Henrietta
Somerset, 32 deg.
4 00 Kansas&Oklahoma 3 60 Caddo, La., light
and above.
2 10 Corslcana.
light.. 3 00 Caddo crude
Ragland
4 05 Conricana. heavy. 1 75 De Soto.---——
Wooster
4 17
Cabell
Texas
11,706
1,167
294
1,030
New York
of 972,987 barrels.
Pennsylvania
Corning
'
828
Thurst
Wed.
Tues.
Mon.
Satf
Galveston
mm.
-
-
mm
.
183
39,277
9,833
5,219
3 60
2 50
3 40
The
following shows the week's total receipts, the total
Aug. 1 1919 and the stocks to-night, compared with
3 50
since
3 00
last year:
There has been very little
demand for plantation grades, and offerings have been light.
Smoked ribbed sheets were quoted at 38^c. for July, 39^0.
for August, 403^c. for September, 42%c. for October-Decem¬
ber, 4434c. for January-June, 1921, and 46 cents for JulyDecember.
Para-up-river fine dull and easier at 38c.
Corinto unchanged at 28c.
RUBBER quiet but steady.
quiet.
Port condi¬
tions here have improved but little.
Things indeed are in
such shape that of 20 vessels which left port on a single day
thirteen sailed in ballast for lack of bunker fuel and cargo.
This is certainly very regrettable.
Coal exports however
OCEAN FREIGHTS have remained
.
are
June
This
11.
Week.
Texas
City
Aransas
_
Pass
Port Arthur, &c__
New Orleans-..
included
coal
from
Atlantic range to West Italy, $21
June7
Rio Janeiro, *14.50 June; coal from Atlantic range
to a French Atlantic port, $18 with options; two trips; coal from Baltimore
to Bordeaux, $18.50 June; from Virginia to Pernambucco, $15; to Smyrna,
$28 June: to Buenos Aires, $14 June; sugar from Cuba to Gothenburg or
Malmo, $28; lumber from a Gulf port to River Plate, basis $35 to Buenos
Aires..
32,000 quarters of grain from Canada or Portland, Me., to Greece
25 cents; Aug. 30-Sept. 30; sugar from Cuba to the United Kingdom, 85
shillings July 10; flour from Atlantic Range to Mediterranean, 120 shillings.
coal from Virginia to
TOBACCO is "between seasons"
any
so
that nobody expects
Pensacola
Jacksonville
Savannah
Brunswick 7
1,538
Charleston
26
But prices are in
big con¬
And not improbably it will increase
sumption going
I
on.
now .that the validity of the 18th Amendment has been affirm¬
the U. S. Supreme Court.
At least that is the notion
of not a few.
In any case a brisk business is looked for later
on.
The current demand is moderate with prices reported
ed by
quiet but steady; electrolytic 19c.
Business
has been slow with more inquiries from foreign interests
than for domestic account.
Japan it is said is selling to some
extent at 1834@18^4c.
And at one time it is said jobbers
here were selling small lots at 1834@18}4c.
Other dealers
were
quoting 1834c @18^c.
TIN declined in
sympathy with a bad break in London
Spot June and July were quoted
at 49c. with business active and large inquiries for domestic
account.
Lead dull and unchanged; spot New York 8.50c.
Zinc quiet and easier at 7.60@7.65c. for spot St. Louis.
and
a
decline in silver.
PIG IRON has been quiot and in many
The drawback is the high price of coke
sections unchanged.
and alloy.
In the
Middle West the demand is noticeably light... At the same
time it is believed that the crest of the high prices for coke
has been passed.
With easier prices for coke possibly prices
for pig iron would be modified and business for home account
stimulated.
Southern iron, it is stated, has been freely
offered at
$41 to $42 without much business.
With coke
159,637
443,314
142,553
quoted at anywhere from $15 upward in cases of urgency
hampered.
At Chicago pig iron prices
reported depressed with trade very quiet.
Alloys are
business is certainly
dull
and
weaker.
Cleveland's railroad facilities
have im¬
88,367
20,260
312
304,670
3,225
9,477
27,780
20,033
275
Philadelphia
1,672
STEEL trade is still
mm
mm
—
mm
—
mm
mm
mm
mm
mm
~
mm
mm
mrnm
m,
mm
11,200
230,007
15,000
65,368
61,956
109,692
-
m.
m.
m.
3,476
49,438
2,000
242,480
45,022
50,827
mm
m.
411,602
18,410
mm
'
«.
mm
mm
mm
mm
104,052
11,862
41,283
3,476
4,292
7,792
4,258
4,837
980,460 1,350,400
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
Texas
New
15,384
13",760
12",514
8,598
Mobile
Savannah
765
661
11.187
8,088
3.500
3,788
6,647
3,000
3,152
Brunswick
62,752
3,447
33,649
4,765
41,347
l",538
City,&c
9,710
21,147
12,973
7,557
2,775
16,356
1.452
4,426
Orleans-
1915.
1916.
1917.
1918.
1919.
1920.
Receipts at—
Galveston
"7",730
"""451
623
"
17,607
"
184
464
383
"""586
26
5,622
86
118
1,088
2,727
1,517
5,935
1,331
7,312
2,356
28
Norfolk
N'port N..&C.
Alf others
67
103
102
599
"3",852
4,031
3,206
3,835
4,880
2,207
39,277
165,339
49,044
58,656
51,668
29,037
Since Aug. 1__ 6,600,301 5,230,645 5,577,464 6,548,051 6,800.371
10176674
Tot. this week
The exports for
the week ending this evening reach a total
65,218 bales, of which 16,828 were to Great Britain,
6,814 to France and 41,576 to other destinations.
Ex¬
ports for the week and since Aug. 1 1919 are as follows:
of
From Aug. 1 1919 to June
Week ending June 11 1920.
Exported to—
.
..
11 1920.
Exported to—
Exports
Great
Great
from—
Britain. France.
Galveston..
2,221
6,664
Britain.
Other.
Total.
21,959
30,844 1,299,938
221,686
70,284
Texas CityHouston
France.
103,964
20,934
Total.
Other.
465,344 1,869,246
242,620
70,284
"""250
El Paso
New Orleans
""150 "V.eii
"V,461
Pensacola
._
Brunswick
24,614
13
643,558 1,238,997
119,022
5,197
19,013
"""i0O
21,614
"8.686 I?,081
208",346
21,714
"3",677 "3",677
94,263
19T49
29,363
16,847
634,973 1,149,386
176,796
29",727 143,139
153,792
107,582
1,258
1,433
110,705
8,710
2,350
18,533
42,833
162,799
155,888
190,042
900
1,000
13,606
403
620
620
4,889
500
5,455
3,435
19,464
8,824
4,005
"5",021
1,700
8,123
306,067
176,796
.
Charleston
120", 660
19,013
__
Jacksonville
Savannah
474,779
89,211
250
13
Nogalez
Pt.
.
Norfolk
hampered by the slowness of trans¬
mm
m,
39.277 6,600,301 165,339 5,230,645
Totals
mm'mm.
327,355
4,489
630
Baltimore
67
Wilmington.
proved noticeably.
:mm
183
Boston
1919.
280,318
18,883
—
850
Mobile
are
mm
2,727
Wilmington..
COPPER
'
mm
337.364
4,317
26,766
44,015
28
Charleston, &c
generally steady.
mm.
53,527
33,649 1,425,572
140,495
4,765
9,812
97
21,404
41,374
971,757
82,680
187,884
7,730
127,597
5,622
1,576
1,287
1,088
N'port News, &c_
New York
1920.
166,257
35.228
62,752 1,757,032
87.070
3,447
258,973
1,452
15,795
985
19,550
4,426 1,248,428
Mobile
large amount of business just now.
the main firm and there is every appearance of a
Week.
1919.
16,356 1,286,486
Norfolk
Charters
1
Since Aug
1 1918.
This
Since Aug
7,557 2,062,697
339,276
1,202
1,801
100,702
1,573
Galveston
Wilmington
brisk.
Stock,
1918-19.
1919-20.
Receipts to
25
New York..
150
100
Boston
portation.
Some improvement here and there is reported or
promised within the next ten days.
It is said, too, that the
strike is dying down.
But trade is badly handicapped by
the difficulties of making deliveries of finished material and
of getting supplies of fuel and raw material.
Prices of plates
and structural shapres are reported lower on domestic busi¬
ness.
Automobile makers are buying less freely.
They
find that the demand for big cars has fallen off sharply.
It is mainly for the smaller and cheaper cars.
The labor
supply at Chicago is, therefore, increasing, as automobile
makers discharge their hands.
Steel bars have been firm
with the demand outrunning supply.
Wire nails are in
better demand for export, at $5 75 to $6, and galvanized
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
barbed wire at $6 25 at the mill.
New York.
r
Baltimore
__
Philadelphia
2,716
San Fran
Los
375
lief, 968
2,716
~6~, 836
.
116,968
4
„,
4
2,232
Seattle
2,232
■1::::::
Portland
1,479
271,394
53,898
8,315
271,394
39,215
Angeles
TftPfimn.
13,828
375
Providence.
39,215
53,898
16,828
6,814
41,576
65,218 2,952,140
538,000 2,592,343 6,082,483
Total '18-'19
77,466
Total '17-'18
15,477
2,605
5,628
60,580 140,651 2,115,961
14,497 35,602 2,074,613
633,916 1,833,349 4,583,226
569,795 1,229,524 3,873,932
Total
In addition to above exports, our
telegrams to-night also
JUNE 12
THE CHRONICLE
1920.]
On
1
June 11 at—
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk.—
New
Cont't.
many.
4,937
18.281
3,583
2,000
!
2,500
43,546
4,000
Total
1920.
Total 1919—
.
1918
■■
1,000
5,500
23,530
70,345
32,529
wise.
Total.
Stock.
14,000
30,936
71,763
9,000
135,321
255,592
40,438
241,480
2,661
46,327
38,783
92,331
~
3~o65
14,000
1.000
150
i
-
1,500
500
1
4,083
62,970
Leaving
25,218
10,748
—
I.
52,046
38,501
6,000
1,828
4,500
500
I
_
Coast¬
1,000
*.
ports*.
Total
Other
Ger-
j
1,178
notices
Shipboard, Not Cleared for—
j
Britain.] irance.^
9,499
6,353
York*
Other
Great
4,500
2,500
6,000
22,650 127,527
852,933
3,945 186,5091,163,891
21,350 73,8791,168,147
♦Estimated.
Speculation in cotton for future delivery has been rather
quiet and later deliveries have declined, owing to better
weather, a steady fall in silver, rumors of financial troubl es
n East India and a panic at Beirut.
Also wool and silk
prices have been declining in this country.
In the south¬
west wool is said to be selling at only about half on some
grades what it brought a year ago.
Okla. City and St. Louis
have reported sharp cuts in shoes.
In other words the
tendency of clothing prices is supposed to be downward.
Big sales of suits for men and children were announced to
take place at the Madison Square 'Garden here.
Much
stress Is laid upon the rapid fall in the price of silver at home
and abroad.
And this has had a depressing effect both
on New York and Liverpool. It reduces the buyng power of
the Far East, and it is feared that cancellations of orders
in Lancashire may be considerable both for India and China.
Meanwhile cotton goods here have been for the most part
quiet.
Cancellations of woolens are said to have cut down
the orders on manufacturers books some 50%.
Outside
business generally has been reported quiet.
Moreover the
weather at the South has been clearing.
The cotton plant
is supposed to want a dry hot June after prolonged cold
wet conditions.
If it gets it during the rest of the month
lower prices are expected by not a few.
Meanwhile specu¬
lation has died down.
Wall St. and uptown interests, in¬
cluding those of the Waldorf Astoria contingent, have how¬
ever shown a disposition to sell.
Liverpool has also been
selling May and Oct. at times.
So has the South especially
New Orleans.
And it is conceded that the lower grades of
cotton at the South are very dull.
What is to be done with
them is a question.
It is pointed out by New Orleans
people that with tow-middling selling at a discount of 9
cents per lb. under middling producers of low grades face
the possibility of selling their product at prices which they
consider below the cost of production.
The lower grades
are steadily pressing on the market.
They widen out the
spot differences.
They create an interesting situation.
It is said that some of the Carolina mills have been adjusting
their machinery to the use of low grades.
But this appears
to be the exception.
Milh want the better grades when they
want anything and they ignore the lower qualities. Mean¬
while too the exports have been for the most part light.
European stocks are far from small to put it mildly and there
seems
to be a world-wide expectation of lower prices, for
the necessities of life.
In any case there is a world-wide
dulness of trade at the present time.
And while the crop
outlook thus far this season has been unpromising it is at
,
least conceivable that with better weather from
now on
the
outlook may take on a far more cheerful aspect.
On the other hand the prospects for the crop are on the
on the whole regarded as gloomy.
July has at times shown
noticeable strength.
It is true that the weather has
been, clearing, and it is also true that the nights have been
too cool.
They have retarded growth it is said very notice¬
ably.
The Government report this week said that the tem¬
peratures have been 2 to 3 degrees below normal in nearly
all sections of the belt!
Over large tracts the plant is small,
with the stands only fairly good.
Also there is an increasing
stress laid on the presence of the -boll weevil.
It is active
in southwestern Texas and is increasing in southern Miss.
It is
reported to be numerous in some parts of Louisiana,
southern Alabama, some sections of Florida and also in
Georgia.
There is more or less grass and weeds to contend
with in various parts of the belt after weeks of rainy weather.
very
And to make matters
worse
labor is still very scarce.
_
It is
said to be leaving Georgia for instance for Pennsylvania
Ohio where it receives double the wages
obtainable
and
in
Georgia's cotton fields.
It is contended that cotton will
governed by outside conditions of trade and finance,
but rather by the danger of a semi-failure of the yield for
not be
the
sixth
consecutive year.
Meanwhile Europe is making vigorous efforts to get on
its feet.
British exports of yarns and cloths in May were
Liverpool has at times bought here.
Some descrip¬
tions of cotton goods have been rather steadier in American
markets.
Fall River it seems has sold 100,000 pieces of
print cloths this week.
Chicago drygoods reports have
been quite cheerful.
The stock market from time to time
has shown no little strength.
Latterly the technical position
has been better after considerable recent long liquidation.
Rallies have been frequent at the expense of Wall St. and
uptown shorts.
Bulls take the ground that cotton is in a
strong position commercially and statistically.
To-day
prices declined early but rallied later.
The weather was
still favorable.
But there is a steady trade demand..
There
is a large short interest in July for trade and straddle account.
Whether longs will be driven out by the free issuance of
25th remains
June
on
be
to
Outsiders
seen.
are
long of July.
Prices end on futures at unchanged for July
and slightly lower on October for the week.
Spot cotton
closed at 40c. for middling the same as a week ago.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 5 to June 11—
Sat.
Middling uplands.
Mon.
-40.00
Tues.
40.00
Wed. Thurs.
40.00
40.00
Frl.
40.00
40.00
NEW YORK QUOTATIONS FOR 32 YEARS.
The
quotations for middling upland at New York on
June 11 for each of the past 32 years have been as follows:
1912-C. —-11.75
15.90
1910
—15.20
—11.20
1903
1902.
1901
—11.40
1900
1909
1908
1907
—
1896-c
7.44
12.25 1895— 7,25
9.44 1894
7.31
8.31 18937.94
9.00 1892--.
7.69
!_ 6.31 1891
8.62
6.56 1890
12.25
7.69 1889
11.19
12.85
_c
—
13.25 1899
11.25 1898
8.70 1897—
1906
1905
-12.25
1913
1904
1911
1920 -C____ -40.00
1919
32.65
1918-29.95
1917
...24.65
1916—
12.90
1915
9.75
1914
13.70
-
MARKET AND SALES AT NEW YORK.
The total sales of cotton
on
the spot each day
week at New York are indicated in the
For the convenience of the reader
show at
on
same
a
during the
following statement.
also add columns which
we
glance how the market for spot and futures closed
days.
Spot.
Market
Closed.
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Futures.
Market
Closed.
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
Quiet,
SALES.
lontr't.
Spot.
—
Barely steady.
Barely steady—
Steady
__
Barely steady.
Total.
Firm
—
unchanged__
unchanged
unchanged
unchanged
unchanged
unchanged._
_
__
_r_
Quiet
—
_
——-
——
Total
CONTRACT
NEW ORLEANS
MARKET.—The clos¬
ing quotations for leading contracts in the New Orleans
cotton markets for the past week have been as follows:
Saturday, Monday,
June
July
September
October
December
January
March
Tuesday, Wed'day, Thursday,
June 8.
June 7.
June 5.
38.61 — 38.59 —
38.54-.55 38.52-.55
36.02 — 35.98 —
35.52-.54 35.48-.50
34.47-.49 34.44-.46
33.90-.95 33.94-.95
33.72-.75 33.31-.32 33.31-.33
39.00-.25
38.60-.62
36.45 —
35.95-.97
34.96-.98
34.35-.40
June 9.
June
38.50 —
38.43-.44
35.90 —
35.40-.43
38.43
Friday,
10. June
11.
38.35 —
38.36-.39 38.28-.30
—
35.87 — 35.80 —
35.37-.40 35.30-.32
34.35-.37 34.33-.40 34.28-.30
33.78 — 33.75-.80 33.69 —
33.22-.25 33.16-.18 33.05 —
Tone—
Spot
Options.
-Steady. -Steady. -Steady. .Steady. .Steady.
Steady
Steady- -Steady. -Steady. .Steady.
Steady.Steady.
_
-
_
_
_
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, 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.
June 11— %
1920.
1919.
1918.
1917.
up
bales-1,136,000
507,000
271,000
445,000
11,000
175,000
13,000
76,000
23,000
38,000
25,000
44,000
1,322,000
596,000
332,000
514,000
90,000
118,000
164,000
5,000
66,000
76,000
122,000
1,000
6,000
3,000
*2,000
177,000
7,000
90,000
31,000
*1,000
587,000
339,000
132,000
308,000
Total European stocks
1,909,000
rndia cotton afloat for Europe—
120,000
imer. cotton afloat for Europe-252,203
935,000
16,000
464,000
12,000
138,000
822,000
Stock at Liverpool—
Stock at London
—
Stock at Manchester
Total Great Britain
Stock at Ghent
-
—
75,000
304,000
Stock at Bremen
Stock at Havre.
—
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
—
Stock at Trieste
28,000
.
Total Continental stocks
315,157
Sgypt. Brazil, &c.. afloat for Eur.
47,000
32,000
78,000
itock in Alexandria, Egypt —
100,000
320,000
281,000
Itock in Bombay, India
1,280,000 1,050,000 *660,000
Itock in U. 8. ports—...
980,460 1,350,400 1,242,026
Itock in U. S. interior towns
1,025,745 1,193,760
903,087
J. S. exports to-day
5,993
24,413
21,965
Total visible supply—
Of the above, totals of
A.Tn&ric(i7i~~
bales.
Continental stock
American afloat for Europe
U. S. port stocks
U. 8. interior stocks
38,000
157,000
30,000
110,000
878,000
815,520
666,998
9,718
5,720,401 5,236,730 3,800,078 3,527.226
American and other descriptions
Liverpool stock
Manchester stock
—
-
U. S. exports to-day
848,000
316,000
are as
120,000
154,000
54,000
9,000
600,000
306,000 *118,000
252,203
315,157
138,000
980,460 1,350,400 1,242,026
1,025,745 1,193,760
903,087
5,993
24,413
91,965
follows:
333,000
27,000
*248,000
157,000
815,520
666,988
9,718
Total American
—3,766,401 3,559,730 2,552,078 2,257,226
East Indian, Brazil, &c.—
Liverpool stock
288,000
191,000
151,000
112,000
-
London stock
Manchester stock
Continental stock.
India afloat for Europe
—
11,000
21,000
87,000
13,000
22,000
33,000
23,000
29,000
*14,000
25,000
17,000
*60,000
120,000
Egypt, Brazil, &c., afloat—
8tock in Alexandria,
Egypt
Stock in Bombay. India
—
large.
2499
Total East India, &C—
Total American
16,000
47,000
32,000
78,000
30,000
100,000
320,000
1,280,000 1,050,000
281,000
*660,000
110,000
878,000
12,000
38,000
1,954,000 1,677,000 1,248,000 1,270,000
3,766,401 3,559,730 2,552,078 2,257,226
Total visible supply
5,720,401 5.236,730 3,800,078 3,527,226
Middling uplands, Liverpool
27.36d.
20.38d.
20.88d.
17.06d.
Middling uplands. New York—40.00c.
32.85c.
30.00c.
24.90c.
Egypt, good sakel, Liverpool—!!*! 76.50d.
30.58d.
31.13d.
31.45d.
Peruvian, rough, good, Liverpool49.00d.
29.75d.
39.00d.
24.00d.
Broach, fine, Liverpool
21.60d.
17.55d.
21.12d.
16.50d.
Tinnevelly, good, Liverpool
22.85d.
17.80d.
21.37d.
16.68d.
*
Estimated,
Continental imports for past week have been
bales.
figures for 1920 show a decrease from last week
98,710 bales, a gain of 483,671 bales over 1919, an excess
1,920,323 bales over 1918 and a gain of 2,193,175 bales
The above
f
f
ver
1917.
THE CHRONICLE
2500
lowest and closing prices at
follows:
FUTURES.—The highest,
New York for the past week have been as
[Vol. 110.
June 11—
June 7.
June 5.
Week.
June 11.
June 10.
June 9.
June 8.
—
38.45
_
—
—
—
Closing
38.50
_
_
—
—
—
—
—
——
—
38.50
38.50
—
—
—
—»
38.40
—
—
—
—
—
—-
—-
—
705,863
404,381
23,899
107,769
26,213
al3,259
9,864
2,568
Via Cincinnati
Via Virginia points
—
—
—
38.40
—
Week.
906
Via Louisville
Range
Aug. 1.
7,733
2,894
-
Via Mounds, &c
Via Rock Island
1,.
June—
-1918-19Since
Week.
Via St. Louis
Friday,
Tuesday, Wed'day, Thursd'y,
Saturday, Monday,
■1919-20
Since
,t
Shipped—
100
3,986
-
Via other routes, &c
101
1,749
700
483
217,015
438,408
8,421
Aug. 1.
a545,901
481,456
24,838
104,592
62,054
99,275
792,103
13,924
July—
38.36-.71 38.31-.70 38.25-.57 38.20-.fi0 38.38-.60 38.25-.45 38.20-.71
38.45-.50 38.49-.50 38.50-.55 38.49-.50 38.38-.40 38.40-.43
Range.
—
Closing!
—
—
..26,608 1,923,548
40,080 2,110.219
Deduct Shipments—
_
3,046
179,408
3,109
622
..
5,116
68,012
246,415
6,596
..
8,724
493,835
August—
;—
.—
36.75-.90
_
36.75
—
37.35
—
36.82
—
36.80
—
36.80
—
36.75
•—
36.80
—
36.55
Range
—
36.10
—
36.10
—
36.00
—
35.95
—
36.20
—
—
Closing
—
36.82-.90
__
—
—
—_
—
—
September—
Total to be deducted
Range
Closing
——
.17,824 1,429,713
35.90-.50 35.i2-.05 35.32-.67 35.25-60 35.38-.95 35.25-.55 35.25-150
36.07-.14 35.67-.72 35.66-.67 35.57-.60 35.42-.45 35.49-.52
Range
__
Closing
1
November—
■
The foregoing
Range
35.25
Closing
—
34.85
—
34.85
—
34.80
34.75
—
34.80
—
shows the week's net overland movement
has been 17,824 bales,
—
against 30,189 bales for the week last
December—
34.85-.43 34.59-.91 34.25-.61 34.17-.50 34.30-.85 34.20-.46 34.17-/43
— 34.45-.46
— 34.60-.63 34.57-.61 34.47-.50 34.40
Range
—
—
35.05
Closing
January—
Range
year,
and that for the
to date the aggregate net
season
—
land exhibits
34.35-.76 34.02-.37 33.70-.05 33.63-.94 33.72-.24 33.52-.83 33.52-.Z76
34.48-.50 34.08-.10 33.98 — 33.84-.85 33.72 — 33.80 —
a
decrease from
a
-1919-20In
Since
Sight and Spinners'
Week.
Range
34.28
Closing
—
33.85
—
33.80
—
33.65
33.58
■—
—
33.60
•—
—
——
—
—
39,277
Net overland to June 11
Southern consumption to June 11a
75,000
6,600,301
1,429,713
3,193,000
March—
33.71-.20 33.52-.85 33.20-.54 33.10-.42 33.23-.73 33.15-.32 33.10-.Z20
33.93-.96 33.53 — 33.50-.54 33.36-.38 33.23-.25 33.28 —
Range
-—
—
Closing
April—
—
Range
33.70
Closing..
—
33.30
33.20
—
May—
—
33.00-. 10 32.90
—
—
32.97
.132,101
-*18,688
11,223,014
223,698
—
—
—-
—
—
203,438
-113,413
.
Range
33.60-.78 33.10-.32 32.98-.00 32.80
—
33.51
32.90
—
32.70
l 36c.
—
33.10
—
33.05
—
—
North, spinn's'takings to June 11
J 34c.
/35c.
11,446,712
-
32.80-.78
32.85-.20
Closing
tDecrease during week,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
'
43,787
2,687,226
These figures are
a
Week—
Bales.
Since Aug. 1122,653 1917-18—June 14.
113,334 1916-17—June
118,543 1915-16—June
-
1916—June 16
WEATHER
REPORTS
BY
11.468,451
12,246,592
11.819,667
TELEGRAPH.—Our
Friday.
Tuesday. Wed'day, Thursd'y,
Saturday. Monday.
Bales.
—
1918—June 14
1917—June 15
Closing Quotations for Middling Cotton on—
Week ending
June 11.
1,915,295
consumption; takings not
Movement into sight in previous years:
1
10,571,331
56,562
available.
MARKETS.—Below
5,230,645
1,758,542
3,085,000
251,528 10,074,187
t48,090
497,144
—
32.75
17,824
Since
Aug. 1.
165,339
30,189
56,000
——
Interior stock
32.97
—
32.95
Receipts at ports to June 11
-1918-19-
Week.
Aug. 1.
Takings.
over¬
of 328,829 bales.
year ago
—-
Closing
February—
351,677
30,189 1,758,542
tlncluding movement by rail to Canada.
_
—
156—
9,891
——
•—
October—
57,920
46,810
246.947
186
re¬
ports by telegraph from the South this evening indicate that
41.00
41.00
41.00
40.50
40.50
40.50
41.00
41.00
41.00
41.00
41.00
41.00
where rain has fallen during
41.00
41.00
40.50
40.50
40.80
40.50
4?.00
42.00
42.00
42.00
42.00
42.00
been
Savannah
light
Charleston
40.50
40.50
40.50
40.50
40.50
40.50
west
40.50
40.50
40.50
40.50
Baltimore
41.50
41.50
40.50
41.50
40.50
dry
Norfolk..:
41.50
41.50
41.50
40.25
40.25
40.25
Galveston.
New Orleans.
Mobile
__
40.25
40.25
40.25
43.00
43.25
43.00
43.00
43.00
41.00
41.00
41.00
41.00
41.00
40.75 |
40.75
40.65
40.65
40.00
40.00
39.75
39.75
40.50
40.50
weather
has
40.50
Augusta
Dallas
Houston
4(Y25
Little
41.00
Rock
1
40.50
that wet fields
are
fast
plant growth and wet fields
irregular, but
averages
Rain.
3 days
dry
dry
1 day
1 day
1 day
dry
dry
1 day
2 days
Abilene
Brenham
Movement
to
June
11
1920.
Movement
to
June
13
1919,
Brownsville
Cuero
Towns.
Week.
Season.
Ship¬
ments.
Receipts.
11.
Week. I
Season.
Stocks
ments.
June
Week.
Ship¬
Receipts.
Stocks
June
Week.
13.
Dallas
Henrietta
Huntsville
Kerrville
5,872
71,738
38,477
31,598
186,043
105,938
9,702
155,819
262,019
544,482
34,501
212,567
55,140
76,186
17,349
140,147
109,438
19
.
Selma
18
Helena..
'351
Little Rock
Pine Bluff
Ga., Albany.
Athens
345
Atlanta
821
4,835
_
'""366
Macon
Rome
100
La., Shreveport
Miss.,Columbus
17
9
Clarksdale
150
Greenwood
250
Meridian
64,431
693
6,399
1,166
688
300
60,995
1,039
400
39,522
583
2,219
3,855
25,792
1,877
500
30,500
700
13
"1,550
22,384
1,300
10,328
19,136
2,920
3,000
80,875
5,092
167,973
131,279
10,754
136,789
219,515
432,983
5,109
1,200
917
"""817
4,004
15,500
5*955
51,518
217,155
23
.
25
302
6*242
27,000
38,297
13,500
45,631
900
1,807
1,923
124
19,984
136,461
136,979
1,830
800
300
41.047
800
510
45,163
963
6,142
296
35,071
1,510
100
42,879
618
12,202
13,259
1,400
2,413
26,000
16,000
13,500
9,095
4,562
6,000
16,292
9,180
250
187
800
26,700
151
1,100
11,506: 153,707
49,599
74
150
4,340
4,000
126,406
1,000
358
152
3,189
20,807
14,150
3,500
36,696
43,500
3,766
38,319
28,000
400
10,200
26,465
1,137
43,858
20,450
1,925
2,834
150
36,464
Natchez-----
4,654
1,617
13
217
1,500
Mo., St. Louis.
8,632
25,858
18,053
32,921
707,477
N.C.,Gr'nsboro
200
59,768
226
5,681
16,923
11,000
649
15,045
600
294
168
1,000
65,100
700
23,600
1,000
548,498
51,686
10,192
131,875
9,897
"450
47.026
l",6l2
4*,606
1,000
5
27,581
78
390
Vlcksburg
Yazoo City—
Raleigh
O., Cincinnati.
Okla., Ardmore
7,733
"
Chickasha
ll",620
Hugo
24,787
500
59,835
698
Oklahoma..
_
417
.
B.C., Greenville
Greenwood...
Tenn.,Memphis
1,532
142,145
15,104
17,598 1,159,708
Nashville
2,436
6,376
21,149
2",066
35,782
96,556
13",465
13,893
879,896
6,121
17,590 311,203
1,483
713
Tex., Abilene.
Brenham
6
Clarksville
"271
Dallas
Honey Grove.
Houston
8,521
Paris
I
San Antonio.
900
100
2
_
Total, 41 towns
46,856
1,038
58,439 """752
3,146
11
6,802
1,734
600
38,125
2,784
79,438
17,605
31,076 """566
2,500
1,963,060 13,488 248,614
600
120,675
9,500
902
50
40,651
6,770,650|
65,5441025745
2,572
295
30,734281,444
811
1,268
7,235
100
19,154
49,961
284
4,700
27,500
9,126
533
300
3,800
2,170
3,381
1,277
88,505
745j 11,532
215
31.027
636|
21,565 1,808,521
1,505
127,581
39,779
81,423
1,017
25,515 237,797
4,1491
6,563
1,775
6,186,950'129,513
1193760
fair.
are
week
fast drying.
Insects
are
The above totals show that
the interior stocks have de¬
during the week 18,688 bales and
to-night 168,015
bales less than at the same time last year.
The receipts at
all towns have been 34,567 bales smaller than the same week
are
last year.
OVERLAND
MOVEMENT
FOR
THE
WEEK
Lampasas
Longview
Luling
Nacogdoches-
^
J
Palestine
Paris
San
Rainfall.
0.93 in.
0.04 in.
0.03 in.
0.02 in.
1.91 in.
0.55 in.
1 day
0.10 in.
2 days
2 days
dry
0.09 in.
0.08 in.
dry
Antonio
1 day
Taylor
City
Brinkley, Ark
3 days
dry
1 day
dry
dry
1 day
dry
Eldorado
trace
Little Rock..
dry
dry
1 day
1 day
1 day
Weather ford
Ardmore, Okla__
Altus
Muskogee
Oklahoma
Marianna
Alexandria, La
Amite
New Orleans
0.68 in.
0.30 in.
up
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two years are as follows:
the week and since
The stand is
Thermome
high 86
low 68
high 92
low 64
high 91
low 66
high 96
low 70
high 98
low 68
high 91
low 66
high 91
loq 61
high 90
low 64
high 86
low 61
high 90
low 61
high 94
low 62
high 92
low 65
high 95
low 59
high 90
low 64
high 96
low 63
high 91
low 64
low
low
low
low
low
low
low
low
low
low
low
0.15 in.
0.42 in.
low 65
mean
77
78
79
83
83
79
76
77
74
76
78
79
77
71
80
mean
79
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
59
60
62
56
56
53
55
55
55
64
59
mean
76
mean
78
79
mean
mean
mean
mean
mean
mean
mean
mean
mean
mean
high 90
Shreveport
,_1 day
0.42 in.
high 95
Columbus, Miss
1 day
0.27 in.
Greenwood
1 day
high 92
0.25 in.
high 95
Okalona
1 day
0.05 in.
high 92
jrg
1 day
Vicksburg
Mobile, Ala.—Weather generally favorable, except cool
Weevils steadily increasing.
overcoming grass.
3 days
1.74 in.
high 90
0.67 in.
high 90
Decatur
1 day
0.20 in.
high 90
Montgomery
__1 day
0.65 in.
high 92
Selma
2 days
3.49 in.
high 93
Gainesville, Fla
4 days
4.76 in.
high 88
Madison
3 days
1.26 in.
high 89
Savannah, Ga
—2 days
0.18 in.
high 94
Athens, Ga
1 day
1.48 in.
high 94
Augusta
2 days
0.25 in.
high 95
Columbus
1 day
1.82 in.
high 84
Charleston, S.C
1 day
0.98 in.
high 88
Greenwood
1 day
1.23 in.
high 91
Columbia
2 days
1.38 in.
high 89
Conway
2 days
1.95 in.
high 87
Charlotte, N. C_
3 days
1.56 in.
high 96
Newbern
-2 days
1.83 in.
high 85
Weld on
2 days
high 85
Dyersburg, Tenn
—
dry
high 89
Memphis
dry
_-
The
er
low 66
high 93
0.25~in". high 95
1
high 95
high 100
0.27 in.
high 88
high 95
high 91
high 86
high 90
0.52 in.
high 94
1.00 in.
high 91
mean
78
72
74
73
71
73
79
75
79
78
77
low 59
mean
low 60
mean
76
low 57
mean
low 66
mean
76
79
nights--Farmers
«r
low 65
low 58
mean" 78
meanW4
low 62
meanj77
low 50
mean
low 63
meanj78
low 60
mean
low 63
mean)74
low 55
meanj75
low 60
mean
.75
74
77
low 62
meanj79
low 63
mean j74
low 58
low 58
73
maenW5
low 55
meanj72
low 56
mean
low 54
meanj75
low 50
mean
68
low 57
mean
,71
low 62
mean
76
mean
71
following statement we liave also received by tele-
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
June 11 1920
AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
sun¬
beneficial for
active in southwest
-
creased
with ample
were
portion of the State.
Galveston, Texas
detail below:
Columbus.
ample
reports
Elsewhere conditions have
drying.
Texas.—General.—Moderate temperatures
corresponding period of the previous year—is set out in
Augusta
Texas
week, beneficial to the plant, and
shine during the latter part of the
INTERIOR TOWNS the movement—that is,
AT THE
Ark.,
prevailed.
been favorable in the main.
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
Ala., Eufaula
Montgomery
the week, the precipitation has
rule and in portions of the South¬
as a
40.55
40.00
moderate
sunshine the latter part of
43.00
I.¬ 41.00
Philadelphia
Memphis
or
Feet.
!June 13 1919
Feet;
19.9
15.7
26.4
25.2
Nashville
Above zero of gaugeAbove zero of gaugeAbove zero of gauge.
Shreveport
Vicksburg-
Above zero of gauge.
Above zero of gauge-
18.4
11.9
45.9
41.4
New Orleans
Memphis.
___
16.0
9.3
June 12 1920.]
THE CHRONICLE
NEW YORK COTTON EXCHANGE.—
—At the annual election of the New York Cotton
Monday the following officers
were
Election.
Exchange
elected:
President, Leopold S. Bache; Vice-President, George M. Shutt; TreasBoard of Managers: Louis Brooks, Thomas P.
5?^/™ a5les V- Maury.
Camll,
William
L. Clayton, Edward K. Cone, J.
Temple Gwathmey,
Hicks, Samuel T. Hubbard Jr., Edward F. Hutton, Leon B.
Lowenstein, William H. Judson, Spencer Waters, Tom B. Owens, Leigh
M. Pearsall, Paul
Pfleiger, Henry H. Royce.
To serve for three years for
Walter C.
Trustee Gratuity Fuitd, Robert P.
McDougall.
Inspectors
William A. Boger, T. Lurelle
Guild, J. Victor Di Zerega.
35 01
DOMESTIC EXPORTS OF COTTON MANUFAC¬
TURES.—We give below a statement
showing the exports
of domestic cotton, manufactures for March and of the nine
months ended March 31 1920, and for the
purposes
parison, like figures for the corresponding
previous year are also presented:
of Election,
Month ending March 31.
Manufactures
COTTON
ACREAGE
REPORT.—Oui+
cotton
1920.
Piece goods
yards
Piece goods
value
report will probably be ready about the 18th of
Parties desiring the circular in quantities, with their
business cards printed thereon, should send in their orders
Wear'g app'l, knit goods.value
Wear'g apparel, all other.value
Waste cotton
value
as
Yarn
value
acreage
June.
soon
possible, to insure early delivery.
as
All other
EGYPTIAN CROP.—The Alexandria General Produce
Association issued May 5 the following resume of information
received
.
.
1
1.
Cotton
$20,871,643' $244,315,476
$171,671,090
Takings.
Week and
now
1919-20.
Visible supply June 4
Visible supply Aug. 1
same
RECEIPTS FROM THE
PTSMTflONS~The
Season.
Week.'
5,819,111
Season.
5,219,531
4,792", 018
Bombay receipts to June 10
Other India shipm'ts to June 10
Alexandria receipts to June 9—
Other supply to June 9 t
Total supply
Deduct—
3",027",450
113,413 11,446,712
690,000 3,214,000
635,000
195,000
62,000
755,000
611,000
228,000
American in sight to June 11
203,438 10,571,331
50.000 2,180,000
9,000
110,000
1,000
640,000
4,000
191,000
6,070.524 20,630,730 5,486,969 16,719,781
Visible supply June 11
5,720,401
Total takings to June 11. a
Of which American
5,720,401 5,236,730
350,123 14,910,329
234,123 10,871,329
116,000 4,039,000
Of which other
Cotton.—The weather, though somewhat changeable, was on the whole
favorable.
General complaints of the scarcity of
water, especially during
the first half of April, have been
reported from Lower and Middle Egypt,
districts lying at the tail ends of canals have suffered most.
Generally
speaking, the crop is backward and is not uniform. Preparations were made
at the beginning of the season for
early sowing, but bad weather interfered
vrtfch this, and late sowing has in
many cases been further delayed by scarcity
of water, the sown seed having
frequently had to wait many days before the
water reached it.
Until the end of April sowing after beans and
barley was
taking place, even in Upper Egypt.
Slight attacks of aphis and sore-shin
have been observed in most
provinces.
Where the germination of the
plants has not been good this has frequently been attributed by the farmers
to the hot-air treatment of seed to
destroy the pink boll worm, but this allega¬
tion has been proved to be untrue.
Early sown fields suffered from rain and
sore-shin in Lower
Egypt.1?
»
1918-19.
Season.
Week.
A report
issued by the Ministry of Agriculture covering
period reads:
1918-19.
424,974,923
$99,468,354
19,014,868
9,677,889
7,250,882
10,597,056
25,662,041
1
•
1919-20.
87.715,736 40,906,655 617.692,012
$22,822,479 $10,758,518 $139,948,973
5,852,740
3,263,052
35.111,474
2,860,708
1,358,419
15,377,146
1,183,935
355,160
11,441,395
1,673,768
1,387,549
10,724,384
4,819,784
3.748,945
31,712,104
larger scale than last
the
9 Mos. ending Mar)h 31.
1919.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Lower Egypt.—Owing to the bad weather
experienced in February and
March the preparation of land for cotton was somewhat
delayed: sowing
practically completed.
Cotton has been sown on a
year, and on an average, the area planted with cotton
is estimated to be 15 to 20% more.
In some localities, Sakellaridis has been
sown almost
exclusively and in a few districts a new variety called Pilion
is said to have been sown to an
appreciable extent.
The other varieties
remain stationary.
The growth of the young plants has been checked by
the cool temperature which has
prevailed; nevertheless their appearance is
satisfactory.
Re-sowing has been necessary on a comparatively large
scale, chiefly in the early sown lands.
Water for irrigation has been supplied
parsimoniously; in the localities situated at the tails of canals it is insufficient.
Upper Egypt and Fayoum.—Sowing has been somewhat delayed by the
bad weather which occurred in
January and February.
Re-sowing has
been necessary rather more than usual.
There has also been an increase in
the acreage under cotton in Upper
Egypt.
The young plants appear to be
in good condition.
Generally speaking water has been sufficient, except in
the localities situated at the tails of
canals, where there is a complaint that
the water supply is insufficient.
value
*
Total manufactures of .value $39,213,374
during April:
nevertheless is
of com¬
of the
of
Cotton Exported.
OUR
period
5,236,730
250,239 11,483,051
164,239 8,958,051
86,000
2,525,000
t Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This
total includes the estimated consumption by
Southern mills,
3,193,000 bales in 1919-20 and 3,085,000 bales in 1918-19—takings not
being available—and the aggregate amounts taken by Northern and
foreign spinners, 11,317,329 bales in 1919-20 and[8,398,051 bales in 1918-19,
of which 7,678,329 and 5,873.051 bales American,
b Estimated.
BOMBAY
COTTON
MOVEMENT.—The
receipts
of
India cotton at Bombay for the week ending May 20 and for
the season from Aug. 1 for three years have been as follows:
1919-20.
1918-19.
1917-18.
May 20.
Since
Receipts at—
Week.
Bombay
Since
Week.
Aug. 1.
113,000 2,946,000
....
Since
Week.
Aug. 1.
49,000 1,542,000
48,000 2,037,00C
follow¬
Aug. 1.
'
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland receipts
nor Southern consumption; they are
simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
;
For the
Receipts at Ports
Stocks at Interior Towns.
Receipts from Plantations.
V
■
Since August 1.
Exports
Great
Conti¬
Japan&
Britain.
nent.
China.
from—
t
.
Total.
Great
Conti¬
Britain.
nent.
Japan
&
Total.
China.
Bombay—
1919-20—
1918-19..
Week
Week.
19,000
5, odd
1917-18-
16,000
3,000
18,000
31,000
41,000
26,000
50,000
395,000 1.562,000
203,000
619,000
760,000
98,000
121,000 1,179,000 1,446,000
146,000
25,000
73,000
43,000
Other India*
ending
1919.
1918
1920.
1919.
1918.
1919.
1918.
5,000
15,000
20,000
40,000
29,450
119,000
3,000
1,000
1,000
5,000
30,000
5,000
1919-20..
1920.
1919-201918-19..
1920.
5,000
31,000
45,000
81,000
1918-19..
8,000
4,000
19,000
31,000
31,000
73,000
50,000
146,000
168,500
20,000
39,000
74,000
1917-18
April
23- 103,524
30- 67,967
90,323
62,0681,169,597 1,447,4401,154,042
93,583
99,063
65,373
68,721
1,152,136jl,417,0041,098,016
50.506
68,627
56,7131,130,4411,397,201 1,065,189
38,846
24,662
27,0:i4
84,427
56,134
59,511
36,124
86,538
19,044
9,307
Total all—
May
60.541 104,230
54,213 90,194
7.
14—
21-
51,276 104,387
48,4901,100,8901,363,141 1,028,217
48,856 1.076.7081,318,265
984,341
28-
46,422 121,610
51,7501,066,4101,283,193
956,972
55,0561,044,433 1,241,850
49,0441,025,745 1,193,760
929,939
15,911132,788
902,087
20,589117,249
23,886
11,518
4,980
24,381
1917-18*
4_ j
,37,888174,131
39,277 165,339
The
28,023
22,192
above
statement shows: 1. That the total receipts
plantations since Aug. 1 1919 are 6,823,999 bales:
in 1918-19 were 5,727,789 bales, and in 1917-18 were 6,126,059 bales.
2. That although the receipts at the outports
the past week were 39,277 bales, the actual movement from
plantations was
20,589 bales, the balance taken from
stocks at interior towns.
Last year receipts from the planta¬
tions for the week were 117,249 bales and for 1918 they were
22,192 bales.
•'
•
y:
No data for
514,050 1,582,000 2,198,500
658,000
834,000
103,000
121,000 1,179,000 1,446,000
102,450
1917-18; figures for 1918-19 are since Jan.
ALEXANDRIA
June
11—
19,000
RECEIPTS
1.
SHIPMENTS
AND
QF
COTTON.—The following are the receipts and shipments for
the week ending May 19 and for the corresponding week
of the two
previous
years:
from the
P EXPORTS
OF
COTTON
BRITAIN.—Below
GOODS
FROM
GREAT
give the exports of cotton yarn,
goods, &c., from Great Britain for the month of April
and since Aug. 1 1919-20 and 1918-19 as compiled by us
we
from the British Board of Trade returns.
that
we
It will be noticed
have reduced the movement all to pounds.
Yarn & Thread.
Cloth.
Total of. All.
000's
omitted. 1919-20 1918-19
1919-20.
1918-19.
1919-20.
1918-19.
1919-20.
lbs.
yards.
yards.
lbs.
lbs.
lbs.
50,022
226,110
61,903
51,924
73,504
46,316
42,264
79,471
66,065
89,643
138,602
This
week
Since Aug.
— _
October
1st qu.
Nov
Dec
Jan
2d qu.
Feb
17,568
14,141
16,139
331,182
277,793
8,717
393,246
47,848
15,530
16,748
18,744
26,558 1,002,221
11,018
376,621
10,132
392,863
51,022
32.541 1,184,241
10.542
311,989
■
Since
Week. Aug.
To Liverpool..
To Manchester, &c
To Continent and India.
741,520
187,331
235,179
165,160
70,396
43,503
85,926
207,449
219,701
73,432
38,165
54,521
48,297
77,524
41,066
90,180
96,268
659,913
221,352
272,374
58,136
397,139
423,818
232,012
195,863
268,459
122,734
43,367
79,218
36,610
50,179
42,554 1,132,946
696,334
211,586
130,156
j414,757
13,662
11,980
13,068
3d qu.
38,710
Total
!
Since
Week. Aug.
1.
1.
Since
Week. Aug.
1.
Total exports.
MANCHESTER
246,778
142,493
1,882 129,342
1,765 281,347
4,502 203,416
98,145
129,877
52,835
13,215 174,693
10,082 249,204
65,037
56,763
3,647 799,960
To America
8,999 484.273
23,297 545,697
2",558
1,939
MARKET.—Our
received by
cable to-night from Manchester states that the market is
quiet.
We give prices for to-day below and leave those for
previous weeks of this and last year for comparison:
report
52,457
1919.
1920.
Cot'n
8X lbs. Shirt¬
Cot'n
32t Cop
8)4 lb. Shirt¬
ings, Common
Mid.
32s Cop
ings, Common
Mid.
Twist.
to Finest.
Up'8
Twist.
to Finest.
Up'i
d.
Apr.
d.
s
.d.
s.
d.
d.
d.
d.
s.
d.
a.
d.
a.
16
60
@
77
42
6
©46 0
27.66 26 14
@
18.20
60
@
77
42
6
@46 0
26.18 27 H
@
281-4 17 0
29?4 18 0
@23 3
23
@23 9
18.53
30
60
@
77
42
6
@46 0
25.83 27 H
@
28M 18 4
@24 4
17.29
55
@
79
42
6
26.63 2814
@
30 K 18
@24 3
17.10
May
14,298
17,714
74,232
14
55
@
76
42
6
@46 0
@46 0
26.40 2914
@
6
@24 0
86,212
155,275
53,909
50,908
21
53 14
@
76
42
0
@45 6
26.14 31V<
®
34 X
20
0
@24 6
19.38
92,286
67,893
28
53 X
@
76
42
0
@45
26.10 31X
@
34 X 20
0
@24 6
20.44
250,296
172,710
@
@
39 X 22
6
@26 9
18.96;
40 X 22
9
@27 0
20.38
41,240
818,668
534,385
71,798
7
6
3214 19
6
17.76
June
4
11
Sundry
1 16,655
5,799,597
1918-19.
232,763
11,391
41,029
4,739,668 ■'
60,819
April...
March..
9,665
8,176
1917-18
1918-19.
14,564
5,624,517
1
Exports (bales)
59,687
54,492
50,981
August.
Sept
lbs.
1.19-20.
Receipts (cantars)—
lbs.
267,620
247,790
Alexandria, Egypt,
May 19.
a rticles
53
@
76
41
6
@45 6
27.80 36 H
53
@
76
41
6
@45 6
27.36 3614
SHIPPING
esxports
of cotton manufactures
The
foregoing shows that there was exported from the
United Kingdom during nine months 818,668,000 pounds
of manufactured cotton, against
534,385,000|pounds last
year, an increase of 284,283,000 pounds.
f
NEWS.—Shipments in detail:
Bales.
NEW YORK—To Manchester—June 4—West Grove, 25
To Havre—June 8—Meissionier, 150
—
25
150
625
To Genoa—June 8—Pesaro, 625
To Barcelona—June 9—Marques de Campo, 147
To Trieste—Juno 4—Bosanka, 263
263
To Japan—June 5—Ceylon Maru, 223
223
147
Bales.
Manchester—June
GALVESTON—To
2,221
9—Ventura
de
Larrinaga,-
2,221
6,664
15,233
To Havre—June 7—West Durfee, 6,664
To Bremen—June
To Antwerp—June
8—Noccalulu, 15,233
7—West Durfee, 400
June 9—Greystone
1.700
2,261
400
2,365
Castle, 1,300
9—Greystoke Castle, 2,261
To Ghent—June
To Christiania—June 5—Mexican, 400
To Gothenburg—June 5—Mexican, 2,365
ORLEANS-—To
NEW
588
5—Okaloosa,
Liverpool—June
4,088
June 8—Director, 3,500
5,373
150
To Manchester—June 10—Western Chief. 5.373
To Guatamala,—June
10—Saramacca,
150
SAVANNAH—To Liverpool—June 8—Argalia, 5.021
To Bremen—June 8—Kermoor, 6,435
5,021
6,435
357
1,268
3,677
100
i900
320
300
-
To Hamburg—June 8—Kermoor, 357
To Rotterdam—June 4—Call is to, 1,268
-
--
CHARLESTON—To Barcelona—June 9—Pawtucket, 3,677
BOSTON—To Manchester—May 28—Nessian, 100
To
-
Copenhagen—June 2—Lake Ellsbury, 900
BALTIMORE—To Hamburg—June 1-—Edgemont, 320
To Antwerp—June 1—Challenger, 200; Santuda, 100
SAN
FRANCISCO—To
Japan—May 29—West Ira,
June 8—Korea Maru, 430--,
2,286
2,716
4
2,232
SEATTLE—To Japan—May 25—Ilaraisan Maru, 4
TACOMA—To Japan—June 5—Manila Maru, 2,232
Total
—
65,218
-
LIVERPOOL.—Sales, stocks, &c., for past week:
June 4.
19,000
May 26.
June 11.
24,000
—
'
stock...
Of which American.
Total Imports for the week
Of which American...
14,000
13,000
15,000
56,000
41,000
68,000
1,184,000 1,171,000 1,150,000
903,000
889,000
859,000
American
Actual export
Forwarded...
Total
10,000
8,000
7,000
May 21.
22.000
Sales of the stock
Of which speculators took
Of which exporters took
Sales,
[Vol. 110.
THE CHRONICLE
3502
74,000
1,136,000
848,000
66,000
44,000
41,000
147,000
100,000
35,000
20,000
21,000
10,000
180,000
123,000
Amount afloat......
Of which American
42,000
30,000
161,000
114,000
7,000
The tone of the
Liverpool market for spots and futures
the past week and the daily closing prices of
each day of
spot cotton have been as follows:
Georgian Bay sold at $2 90 c.i.f. for
40,000 bushels-_Other sales were 200,000 bushels, a rise
for No. 1 Northern.
16 cents a bushel in Argentina was followed by a sus¬
pension of trading.There are no wheat futures markets
now open anywhere in the world.
Broomhall cabled: "The Argentine Senate has approved
the Government decree for an export tax on wheat and flour
of
(Argentine dollars) per metric ton—1,000 kilos.
The
approved the right of the Government to
expropriate a proportion at market prices when necessary,
the latter requiring the approval of the deputies."
Great
Britain, France and Italy are protesting to the Argentine
Government against the proposed tax on wheat exports,
which is retroactive.
With the Argentina export embargo
proclaimed prices fell at Buenos Aires to 22 pesos per 100
kilos, aga nst 30 pesos late in May.
South Africa and Brazil
wish to buy in the United States.
The condition of the
French winter-wheat crop is 78, against 63 last year; spring
wheat 78, against 62.
The acreage increase is about 5%.
Here there have been rumors of wheat sales at $2 90 Georgian
of $40
Senate has also
Bay and $2 95 at the Gulf.
Broomhall's dispatch from
Argentna says wheat shpments ths week .are 3,700,000
bushels, against 8,422,000 last week and 2,055,000 last year.
The tax on flour will be $50 per ton, equal to about $1 89 per
barrel.
Later prices advanced 5c. at Minneapolis and were
rather steadier here at $3 f. o. b., with small sales at $3 02
for the first half of August.
To-day wheat advanced 5 to
10 cents at the Northwest.
No. 2 winter at the Gulf sold
however at $3 01 to $3 02 for July to August loading.^
The
latest rumor, which is given here for what it is worth, is that
the Argentina Government has at the last moment removed
the embargo on wheat exports, pending the enactment of
an export tax law.
DAILY
CLOSING
PRICES
OF
Sat.
1 s1
12:15
Quiet.
Dull.
Friday.
Dull.
business
Indian
27.88
27.84
27.56
27.60
27.36-
4,000
Mid.Upl'ds
3,000
5,000
4,000
3.000
HOLI¬
DAY.
Sales
Quiet
Quiet
Steady
Quiet
Quiet
9©15
pts. 4@13
pts. 8 pts.dec.to 3 pts.dec.to 12@15 pts.
decline.
3 pts. adv. 5 pts. adv.
decline.
decline.
Futures.
Market
/
Quiet unch. Steady 13
Quiet
Quiet
Steady
I4pt3.deo.to 8@24 pts. 25 pi8. dec. to 14 pts. pts. dec. to
1
advance.
decline.
pt. adv.
pts. adv.
to5pts.adv.
f
Market,
4
<
P. M.
1
The
4
prices of futures at Liverpool for each day are given
below:
Sat.
to
12H
11.
June
Mon.
12?*
12«f
4
p. m. p. m. p. in. p.m
a
a.
d.
I
d
TSi'J
4
p.m.p.%1
a.
June
25.88,25
25.81
July.
25.5325
25.51
August
25.1625
25.0C
..
24.6924
24.50
....
24.29 24
24.07
—
September
October
12 J*
p. m. p.
4
I 121*1
m.fp.
4
I 123*1
4
in. p. m. p. m. p. m.
d.
d.
I d. I a
I d.
d
72 25.5624.4725. 6625.5325. 36 25.54
.
.
40125.24 25.15 25. 3425.29,25 06125.24
93i24.7924.73 24. 8624.79 24 6324.79
43;24.33 24.33 24. 3624.3524 1324.29
00,23.9223.9323. 9423.95 23 .7893.39
HOLI¬
..
23.8123
23.55
43 23 3523.3823. 3923.4023
23.3723
23.06
22.76
9522.89i22.95 22. 94,22.96 22
.65(22.59 22.6722. 05(22,67;22
22.55
January
March
April
May
BREADSTUFFS
Friday Night, June 11 1920.
quiet and at times rather depressed.
Despite lower prices in some directions, due to lower quota¬
tions for wheat, buyers were loath to take hold.
They
have been, if anything, more cautious than ever, especially
as the wheat crop outlook is improving, and
big supplies
are due here from mills.
When the freight blockade loosens
a good deal of flour bought long ago will come here.
Mean¬
time, indeed, supplies are coming in more regularly.
The
trade manages very well under the circumstances.
That
means both jobbers and bakers.
Exporters still want first
clears, but they are scarce and the output is small.
Export
trade is, therefore, light as the foreign demand for the better
grades is scanty.
Later prices became steadier, with greater
firmness in wheat, but buyers still held aloof.
Wheat declined for a time with better crop prospects and
a decreasing demand.
Harvesting is near at band in Okla¬
homa and southern Kansas.
Last Monday prices fell 10c.
at Minneapolis and also declined at Kansas City and other
markets.
Bids were down to $3 for straight No. 2 at the
Gulf with little business even at that.
The visible supply
in the United States fell off last week 1,842,000 bushels,
bringing the total down to 35,259,000 bushels, against
15,820,000 last year.
The latest Government report puts
the condition of winter wheat at 78.2 against 79.1 a month
ago and 94.9 last year; that of spring wheat 89.1 against
91.2 a year ago.
The indications point to a spring wheat
crop of 277,000,000 bushels, or 68,000,000 bushels greater
than that of last year and 42,000,000 bushels greater than
the average of the last five years.
The prospects for winter
wheat improved during May to the extent of 19,000,000
bushels, making a total estimated production of 781,000,000
bushels, or 160,000,000 less than that of last year, i. e., win¬
ter wheat 504,000,000 bushels, spring wheat 277,000,000
bushels.
Later at Minneapolis wheat was $2 80 to $2 95 )
Flour
has
been
corn
declined for
of lower
a
time
on
NEW YORK.
Thurs.
Fri.
300
312-318
.
Wed.
298
rather larger receipts,
affirming the valid¬
prices.
At Minneapolis early in the week
prices
planted and the weather has
been better.
Later prices advanced with the sensational
rise in oats.
Besides, the supply of ears is not increasing
as fast as had been expected.
Receipts indeed have latterly
been disappointing.
Fine warm forcing weather in the belt
with a wet promising soil has been largely or wholly ignored
much of the time of late.
To-day prices advanced and then
reacted somewhat.
But they close higher for the week on
September.
Corn is said to be 80%
fell 5e.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
No.
Fri.
cts_213?* 210?* 212?* 212?* 211?* 208
FUTURES IN CHICAGO.,
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
cts.173
171?* 170?* 174?* 174X174?*
160
157?* 157?* 161
1623* 162?*
2 yellow.
DAILY CLOSING PRICES OF CORN
22.87
22.27
31i22.2522.3422. 32i22.3622
22.37 22 17 22.0521. 08-21.'91122.02122. 00-22.0521 91(21.93
22.1121. 9121.7921. 72:21.65 21.76 21. 75i21.83,21 6821.70
(21.8521. 65 21.5321. 4621.4021.5121. 50121.61,21 46 21.48
22.72 22 5322.4022
...
295
ity of the 18th Amendment and Prohibition legislation and
reports that big industries were buying in Argentina.
They
are said to have bought 2,500,000 bushels from that country.
Farmers in the U. S. are ready it is believed, to market
freely as soon as they can get the cars.^ The receipts at
Chicago have already increased.
Stocks in first hands are
liberal.
And the cash demand has fallen off in expectation
23.34
DAY.
23.07 22
November
December...
February
Fri.
Thurs.
Wed.
Tues.
5
June
Tues.
300
the decision of the U. S. Supreme Court
doing.
1
WHEAT IN
Mon.
cts.300
No. 2 red
Fair
<
M.
Thursday.
Quiets
Tuesday.
|
Marlcet,
P
Monday.
Saturday.
Spot.
July delivery
September delivery.
sustained and even sharply a dvanced on
The railroad situation was regarded by the
shorts as threatening tfo their interests.
Cash oats have
been strong.
Premiums if anything have increased.
July
was the cynosure.
The shorts in that month have had an
interesting experience.
The visible supply decreased last
week 297,000 bushels against an increase in the same week
last year of 1,095,000 bushels.
The total is now only 6,108,000 bushels against 16,922,000 bushels a year ago.
Receipts
have been small.
The crop movement is disappointing.
Later July oats ran up to 104^8 a rise in a single day of nearly
8c.
It wras a new high record for the season but followed
next day by an advance to 1.08, a rise in four days of over
13c on a squeeze of the shorts.
Some took a bullish view
of the Government report on wheat and oats.
Receipts
at primary points in the meantime continued small.
Yet
some stress the more favorable weather.
And they look for
Oats
July
prices
were
squeeze.
They also think that if
The
Government report points to a yield of 1,315,000,000 bush¬
els against 1,248,000,000 last year.
The condition otf Joro
1 was 87.8; acreage 96.8% of last year.
To-day prices
advanced and they end some 6 to 10 cents higher for^the
a
larger
crop
movement ere long.
continues to decline oats cannot ignore the fact.
corn
wggIC
PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
pFri..
cts.130-135 130-132 131-132 131-132 135-138 135-138
130-135 130-132 131-132 131-132 135-138 13o-138
DAILY CLOSING
No 1
white
No. 2 white
,
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
July delivery in elevator
September delivery in elevator
cts„94?*
78?*
96?*
78?*
96?* 104
102?* 104?*
78?* [81?* 82?* 84?*
shorts at rising prices.
Some export business has been done for September delivery
although export buying seems as a rule to have been checked
by the sharp advance in prices.
They have been irregular,'
Rye has been in good demand from
however.
by
off.
a
A rise
on
one
day of 3)^ to 5 He. was followed
drop of 7l/i to 8Mo. when the demand from shorts fell
To-day prices advanced with offerings rather light.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO. 1
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
July delivery-
September delivery
cts.201
203?* 203?* 207?* 206«ft207?*
183?* 185?* 186?* 191?* 186?* 190?*
JUNE 12
1920.]
THE CHRONICLE
The following are closing quotations:
were
....
Yellow
meal-
50@$14 50
25® 14 25
25@ 14 25
75® 12 50
4 72J4
5 00
Osrn flour
>5 25
$7 25
Noa. 2. 3 and 4, pearl.
Nos. 2-0 and 3-0
Nos. 4-0 and 5-0
6 50
7 25@7 40
7 50
OafcB goods — Carload,
spot delivery
10 35@11 10
No. 1 spring
No. 3 white.
No. 2 yellow
2 08
Barley—
Feeding.
Bye—
Ns.2
For
135@138
135@138
135@138
No. 2 white.
nom
Corn-
2 56%
other tables
usually given
cancellations
Some
arbitration.
the
of
most
houses in New York have not sent salesmen out for several
weeks.
There is
to the limited business being done
Jobbers are manifesting little inclina¬
no snap
in the cloth markets.
175
180
Malting....
here,
staple goods, and they declare they are not going
further blind commitments.
The reports of
prices in the United States are proving to be misleading
in some foreign countries; and many large exporters are watch¬
ing with much interest the coming sale of men's clothing
at Madison Square Garden, and are wondering how successful
"circus methods" of moving the wholesale stocks will be.
see
page
2459.
low
DOMESTIC
AGRICULTURAL
talk by
tion to buy
No. 1
$3 12@$3 18
.
a good
repudiation of
are
being adjusted by
prominent dress goods
more
to make any
Oats—
No. 2 red
Many
contracts.
y g
No. 1
GRAIN
Wheat—
But it is said there is
cheap.
deal about cancellations than there is actual
FLOUR
Spring patents
$13
Winter straights, soft 13
Kansas straights.... 13
Bye flour
11
Corn goods, 100 lbs.—
2503
DEPARTMENT'S
REPORT
ON
trade there is
COTTON GOODS.—In
a
steadiness not
seen
the
cotton
goods
in the other divisions*
CEREALS, &c.—The report of the Department of Agricul¬
ture, showing the condition of the cereal crops on June 1, was
Lack of pressure upon the market is due in most instances
to slow production more than to lack of offerings from second
issued
hands.
the 8th inst., and is as follows:
The condition of winter wheat on June 1 was 78.2, against 79.1
May 1
last, 94.9 on June 1 1919 and 82.0 June 1, 10-year average.
The indicated
yield Is 504,000,000 bushels, against 731,636,000 bushels in 1919 and
565,099,000 bushels in 1918.
The area of winter wheat in 1920 is placed at
34,165,000 acres, against 49,905,000 acres in 1919 and 37,130,000 acres
Jobbers are showing little active interest at this
time, but some of the cotton goods commission houses are
doing a nice trade in unfinished cloths with customers they
supply without the intervention of brokers.
So f ar the cotton
manufacturing industry has escaped in a very large measure
from the
cancellations", epidemic that has unsettled the
in
woolen
on
The Crop Reporting Board estimates from the reports of the
correspon¬
dents and agents of the Bureau as follows:
is
1918.
.
The condition of spring wheat on June 1 was 89.1, compared with 91.2
on June 11919 and 93.3 the 10-year June average.
The indicated yield
277,000,000 bushels, against 209,351,000 bushels in 1919 and 356,399,000
bushels in 1918.
The area of spring wheat in 1920 Is placed at 19,487,000
acres, contrasted with 23,338,000 acres in 1919 and 22,051,000 acres in 1918.
The indicated production of all wheat is 781,000,000,
compared with
940,987,000 bushels in 1919 and 921,438,000 bushels in 1918.
The area of
all wheat in 1920 is placed at 53,652,000 acres, against
73,243,000 acres
in 1919 and 59,181,000 acres in 1918.
The condition of oats on June 1 was 87.8, compared with 93.2 on June 1
1919 and 89.9, the 10-year June average.
The indicated production oi
oats is 1,315,000,000 bushels, against 1,248,310,000 bushels in 1919 and
1,538,124,000 bushels in 1918.
The area of oats in 1920 is 41,032,000
acres, against 42,400,000 acres in 1919 and 44,349,000 acres in 1918.
The condition of rye June 1 was 84.4, against 85.1 on
May 1 1920, 93.5
on June 1 1919 and 89.2 the 10-year June average.
The indicated production of rye this year Is 80,000,000 bushels, com¬
pared with 88,478,000 bushels in 1919 and 91,041,000 bushels in 1918.
WEATHER BULLETIN FOR WEEK ENDING JUNE
8.—The influences of weather on the crops, as summarized
in the weather bulletin issued by the Department of
culture for the week ending June 8, were as follows:
Agri¬
The weather continued generally favorable in the spring wheat belt, and
that crop made satisfactory advance in all sections.
Spring wheat shows
a
generally good stand in Minnesota, and good advance
was
made during
the week in the'Northern plains States; its condition is reported as
very
good in South Dakota, and as excellent, with a generally good stand and
color, in North Dakota,
Very satisfactory growth was made in Montana,
but the crop is backward in much of the more western portions of the belt.
The week was moderately cool throughout the winter wheat belt and
soil moisture is ample for this crop in all sections of the country,
except
in portions of the far Northwest.
Wheat continues to show steady im¬
provement generally, although its condition continues unsatisfactory in a
number of
localities, especially in portions of the Ohio Valley, where there
is also considerable
complaint of fly. Wheat made satisfactory progress inMissouri and in the upper Mississippi Valley, while another good growing
week
experienced in the Great Plains area.
cool in the most central and Northern dis¬
early planted corn, while the completion of plant¬
ing was further delayed in some interior localities by continued wet soil.
Planting is nearly finished in Missouri, but some planting remains to be done
in south central Iowa, where wet weather has persisted.
Corn Is reported as
generally good in Kansas and the crop Is under very good cultivation
there, as well as in other portions of the southern plains.
Warmer weather
is needed for corn throughout the corn belt, but temperature conditions were
much more favorable for this crop iu the Northwest sections of the country
was
■
The nights were generally too
tricts for the best growth of
near
the close of the week.
Except in
some
local
areas,
rainfall during the week
was
generally light
in the western portion of the cotton belt, but in much of the central and
eastern
portions moderate railfall was the rule.
The temperature averaged
two or three degrees below the normal in nearly all sections of the belt.
Cotton showed steady improvement generally, although the nights were
too cool for best development in most sections, particularly in the eastern
portion of the belt, and it was too wet in the northwestern portion.
advances.
ditions
New York, Friday Night,
in a waiting mood.
are
Prudent
merchants
know that
if
credit
con¬
kept within safe bounds, merchants should be
able to do a steady business for a long time on a less dangerous
margin of profit.
The process of eliminating speculators
goes on slowly.
Mills are running short time and shutting
down, notably in the read-to-wear trades.
The attitude of
labor is being keenly watched at the mills where production
has either been stopped or curtailed.
Unsatisfactory con¬
ditions continue in the woolen piece goqds market.
Sellers
complaining loudest about cancellations are those who made
the hardest drive to load up buyers with goods they did not
actually need, but engaged because they were told the goods
are
mills.
Southern
cotton
mills
are
in
shape.
Cotton is bullish.
Complaints
from the belt tell of cold nights that are retarding the growth.
And labor is the crying need on the farms.
Merchants are
inclined to believe that much of the quickened interest in
cotton goods is due to the last Government report on cotton;
Dullness is the feature of the local market in gray goods.
383^-inch 64x64s are quoted at 24^ cents.
Sheetings are
being sold in moderate lots, principally wide goods for
manufacturing purposes.
Bag goods may be had on a
basis of 22c for 4-yard 48 squares.
Bag manufacturers
are buying some cloths for later delivery, as are also some
auto
supply companies who are taking specially heavy
cloths.
which
interest
Some
continues
to
shown
be
in
5.50s,
quoted at 17 cents, while 6.15s find new buyers,
although the price 16^ cents, is firmly maintained.
It is
possible to buy unbranded lines of 4-yard 56x60 sheetings
at 24 cents for future delivery.
Denims are in fair demand.
The gingham markets rule very steady, and there are still
a great many of these goods to be delivered on old orders.
are
Colored yarn
attention.
WOOLEN
goods for the spring
season are
claiming
more
GOODS—It is
generally admitted that the
thought.
Recent can¬
cellations are said to have eliminated fifty to sixty per cent
of the orders from the books of woolen mills.
Many mills
had not actually started on the production of fall goods in a
large way, hence they were not so averse to the out and out
cancellations of orders.
Some manufacturers report that
their cancellations were on spring goods, which they were not
abe to deliver on time, and that they are doing a good fall
business
Very optimistic statements as to future prices
are heard in many places in the wool goods trade.There
are importers and others who declare that lower prices are
out of the question on fabrics.
The entire industry seems to
be groping for a new level of prices
Small profitsfand larger
business is the slogan of manufacturers of women's ready-towear garments, who are behind a movement for price reduc¬
tions on fall deliveries.
Dress goods houses are waiting
for openings of fall lines
usually; scheduled next month,
which will probably come later this year on account of the
uncertainty throughout the trade.
There is at present not
,
woolen situation is
one
for serious
men's wear or dress goods
Clothing manufacturers have in general suffered
heavy cancellations.
And custom tailors are beginning to
understand that men will no longer pay for clothes on a scale
that will insure workmen more wages than consumers think
the workmen should demand.
Exporters of woolen and
worsteds say they are receiving many requests from their
customers for lower prices, especially from South America.
The trade down there is keenly interested in the movement
throughout the States to lower prices.
In outlying markets
the public is just as eager for lower prices as we are in our
own country, and every big sale that we pull off is reflected
trades.
June 11, 1920.
The atittude Of
buyers in general has undergone considerable change in the
past month.
High prices and extravagant buying of luxuries
and necessities have exhausted many of the normal sources of
credit, and they are being contracted in various ways.
Business, it is pointed out, must be done on a smaller volume
of credit.
The public wants lower prices and refuses to go
on paying high prices except for the goods it must actually
have.
Primary market merchants look for only moderate
price concessions to come along some time during the next
three or four months, on staple standard merchandise.
Most of the new troubles merchants are encountering arise
from the financial tie-up following bad transportation con¬
ditions and forced revision of orders.
But goods are at last
beginning to move more freely.
Shipping departments show
increased activity and draymen are sticking closer to the
job.
Conservative financial men in the dry goods industry
have long since abandoned speculative ideas of advising
their customers to buy to protect themselves against further
markets
worsted
good
much demand either from the
THE DRY GOODS TRADE
The
and
especially
abroad.
Wool
market
decline in sympathy
FOREIGN DRY
irregular and
values
in
Boston
show
a
further
with the drop in prices at London.
GOODS.—Arrivals
of
linens continue
insufficient to take care of the insistent
demand.
No immediate relief is expected until after the new
flax crop is harvested.
The market has been a "slow"
affair for many weeks, excepting that last week there was
some
slight indication of renewed activity by reason of the
general price-cutting over all the country, which brought out a
host of buyers who included some linen purchases without
price concessions, as was the case in woolen and cotton goods.
Good qualities of spot towelings, crashes, dress linens and
damasks find ready bidders, while linen substitutes continue
to enjoy a
steady sale.
The burlap markets stiffened
considerably towards the close of the week following firmer
cables from
Calcutta and more buying locally.
Most
holders are asking 8 cents for 8-40s.
Heavy weights are
dull with importers holding for 11M cents spots and traders
willing to take l/i cent less.
Unsettled conditions in the
Far East are reported as rendering the mills in Calcutta more
amenable to a reduction of production until the new jut
crop is closer at hand.
are
ami
crowded condition of
our
detailed list of the municipal
the month of May, which the
columns prevented our
publishing
usual time.
given on page 2410
Since then several belated
The review of the month's sales was
of
the "Chronicle" of June 5.
May returns have been received, changing the total for the
month
to
$32,011,468.
The number of municipalities
issuing bonds in May was 211 and the number of separate
1
issues 267.
.
SALES.
MAY BOND
Page.
Name.
Rate.
Maturity.
2312-Aberdeen, N. C. (2 iss.)__6
2605--AdamsCo., Ind. (2iss.)—4H
1921-1930
2505..Aiken Co. S. D. 29, S. C.6
1940
2215.-Albion, Ida
.6
<71930-1940
2505—Allen Co., Ind. (2 issues).443
1921-1930
2215.-Amesbury, Mass
;
5lA
1921-1926
2215--Ardmore S. D., Okla
2410-.Asbury Park, N. J
5
1921-1950
2215—Aurora S. D., Colo
5
2215_-BacaCo. S.D.No.4, Colo-6
<71935-1950
2215.-Bangor S. D., Pa
5
1935
2215—Benton Co. S. D. No. 1,
Wash
543
Amount. Price. Basis.
$63,000
—16.320 100
4.50
40,000
102.18
5.82
12,000
—67,200
...
---18,000 100
5.50
350,000
--75,001) *100
5.00
40,000
—
13,500
-------10,000 101.05
4.90
5,100
4,000
100
5.50
100
4.50
—---
.—6
2505--Bernalillo Co. S. D. No. 15
<71930-1940
6,000
___.__6
<71930-1940
6,000
------
N. Mox
2215—Biddeford, Me
5
2312-_Binghamton, N. Y
5Y
2411—Blanco Ind. S. D., Tex„5
2215,-Bluffton, Ind. (2 iss.)
6
2103-Bogata, N. J--543
2103-_Boone Co., Ind.-..
443
2505—Boston, Mass. (2 issues)_5
2411—Bristow, Neb
5Y
2215-_Bucyrus City S.D., Ohio,_5
2505—Buffalo, N. Y
4
2215--BuncombeCo., No. Caro.6
2313--Canton, Ohio
6
2313—Canton, Ohio
6
2313--Canton, Ohio (2 iss.)——6
2216—Carrboro S.D., No.Caro.-6
2505--Cedar Rapids S. D., Iowa
2313--Centerville Sch. D., Calif.6
2216—Chadron, Neb
543
2506—Clarendon Co., So. Caro.6
2506—Clarke Co. S. I). 30,Wash5
2216—Clay Co. Spec. Rd. & Bdg.
Dist. No. 2, Fla
6
2103--Clay Co.
Super's Dist.
No. 4, Miss
6
2411-Clay School Twp., Ind.._6
2313—Cochran, Ga. (3 iss.)
543
2313—Conneaut, Ohio
5Yi
2216—Convorse Co S.D .No.15,
—
6
2506—Cordualrr. Dist., Calif—6
---
5.42
5.00
5.99
5.50
100.01
100
—
5.00
5.50
4.99
<71929-1939
220,000 *100
5,200
100
45,000 100.024
3,368 *-----10,500
96.50
1,500 100
7,700
100
5,800
100
25,000 1/100.40
86,000 ylOO
6,000
100.30
25,000
100
<71923-1935
300,000
25,000
100
100
1921-1940
50,000
95
10,000
65,000
57,500
45,000
100
100
100
5.50
35,000
100
6.00
192,000
2,188
150,000
63,000
105,000
38,000
19,750
28,000
7,500
1921
1926
1929
1921-1924
1930
1940
—
6
1996—Deer Lodge Co., Mont.—6
2313—Dinufoa 8. D., Calif.
6
1930
1922-1940
2411_-Donna School Dist., Tcx_5
2216
East Cleveland, 0
6
2216—Edgerton, O
6
2411 _-Edgewater, N. J
—5
2104—Edwards, Miss
6
2104._E1 Paso Co. S. D. No. 5,
Colo.-6
6
6
-.6
2219—Pittsburgh, Pa. (3 iss.)—5
2413--Pondera Co.S.D.12,Mont6
1998--Portland, Ore
543
1998..Portland, Ore.
—534
2317—Providence. R. I—
2414—Pulaski County, Ind
434
2219—Ranger S. D., Tex
2414.-Reading, Ohio
6
—
5.50
6.00
5.00
1921-1929
1921-1930
1921-1948
1921-1925
5.73
6.00
6.00
—
-
100
100.33
7,500
20,000
340,000
140,000
220,000
<71935-1950
—
.6
1996..Fall River, Mass.
543
2216.-Faribault & Martin Cos.
Con.S.D. No. 4, Minn_543
1921-1925
1921-1950
1921-1930
— -
5.00
6.00
5.00
5 94
50,000
—,
71,500
100.29
50,000 100
133,000 yl00
2,750
1,250,000
99
25,000
100
36,000
150,000
75,000
200,000
8,500
8,800
35,500
35,000
25,000
3,500
1932-1940
1921-1950
<71930-1940
1923-1942
1921-1930
1921-1930
1921-1937
1930
<71930-1940
1921-1930
6.00
6.00
—
5.62
6.00
4.92
4.50
95.14
100
100.50
100
100
4.50
100
5.00
100
5.50
6.00
5.41
7,000 x100
—
225,000
100.83
75,000
1921-1945
100.83
610,000
150,000
250,000
450,000
57,000
70,000
1,000,000
^
100.818
5,200
6.00
6.07
5.61
50,000
162,000
6.00
5.00
5.50
100
1931-1940
1921-1940
100
100
---------
--------
1920-1939
1931-1940
;
50,000
160.000
590,000
6.00
100
-
100
100
100
100.50
«1927
,
15,000
101
,
-
5.34
6.00
4.50
5.00
6.00
6 00
4.95
6.00
----
4.50
——
100
100
100
6.00
5.00
5.00
4.50
5.50
4.83
_
-
—
5,50
5.74
5.50
6.00
5.37
5.00
5.00
5.00
5.48
—
2315--Kingsbury Co. Ind. S.D.
No. 43, So. Dak
6
1940
10,000
1935-1950
10,000
50,000
150,000
90,000
100,000
5.50
,
_
—
6.00
Co.S.D.2,Wash5A
2109--Wiley, Colo
6
2415—Winder, Ga. (2 issues)
5
2319—Winnett, Mont.
6
2221—Winton S. D., Calif
—6
2415—Woodbury, N. Y
53^
2109--Wood County, Ohio
6
2221--Wright County, Minn
6
2109—Yuma Co. S.D.No.l, Colo.6
2221 —'Whitman
2415—Yuma Co.
S.D.No.7Colo.6
Total bond sales for May (211
6.00
covering 267 separate
2104--Kit Carson Co. Cons.S.D.
6
REVISED
2315—Kitsap Co. S. D. No. 10,
5Y
2412.-Kittitas County, Wash—5
2218-_La Crosse, Wise
5
2105—La Habra S. D., Calif.
6
1997.-Lauderdale Co., Tenn...6
-
al930
1940
TOTALS
100.166
100.756
' 5.00
5.00
5.98
...
^
5.60
----
5.99
6.00
5.87
6.00
----
o.OO
5.50
----
5.00
----
6.00
5.00
4.99
----
4.90
5.00
5.00
5.50
6-00
——
5.89
-—
----
6.30
4.50
6.00
5.00
6.00
6.00
6.00
£*§£
4.50
5.87
5.21
5.24
100
4.97
5.50
---
52,000
35,000
6,400
55,500
127,100
150,000
98,000
19,000
1921-1938
1921-1925
1930
<71935-1950
<71935-1950
102
100
100
100
100
100.10
6.00
6.00
5.50
6.00
5.99
municipalities
-fc$32,011,468
FOR
PREVIOUS MONTHS.
included in
months, should be eliminated from
page number of the issue
for these eliminations may
3,300
1921-1926
1935
1940
<71934-1939
issues)
The following items,
100
100
5.00
-
5.00
5.20
5.44
6.00
4.50
54,000
<71925-1930
100
,
.
-
—
---
—
5.00
6.00
5.50
—
—
-
-
__
——
100
—
——
6.00
o.33
——
89.09
<71930-1940
750,000
1920-1928
4,500
1921-1930
300,000
1930
500,000
1921-1950 2,901,000
1,200
<71927-1930
27,000
<71927-1930
50.000
1,500.000
1921-1930
lo,500
200,000
1929-1930
1,500
—
----
100
20.000
100
50,000 j/100
60,000
125,000
99
1940-1949
al935
5.43
-
—
.
-----
5.50
6.00
5.00
5.00
-
— -
—
-----
Wash
100
—
4.72
2414—Richland Irr. D., Wash—6
'
2414—Richland Parish Road Districts, La. (3 issues)
5
1940
975,000
100
2414—Rock Falls Twp. H. S. D.
No. 301, 111
5
1925-1940
120,000
94.32
2414--Rockvale, Colo.
--------22,000
2414-s-Rotterdam Com. S.
D.
No. 11, N. Y—
-6
192.5-1932
8,000
100.04
2219--Rotterdam Com. S.
D.
No. 14, N. Y
6
1928-1939
45.000
100
2107—Rustic S. D., Calif
-.6
al931
12,500
100.108
2414—Rye U.F. S.D. 1,N. Y._6
1922-1927
6,000
100
2219—St. Mathews, So. Caro—
30,000
2414-.Salma, Utah
-6
10,000
2318j-Sanpete Co., Utah-_6
1931-1940
140,000
2318—LScioto Twp. R. S. D., 0_6
1921-1945
25,000
----2107.-Scott Co., Ia
5
435,000
100
1999—Sebring S. D., O
543
1923-1929
5,000
10f)
2414—Sedalia S. D., Mo
75,000
95.65
2107—Sedgewick Co. Cons. S.
D. No. 35, Colo
6
193.5-1950
190,000
2414-tSkaneateles, N. Y—
--5
1920-1952
33,000
100
2318-_Spirit Lake Ind. S. D.
No. 50, Idaho—.1.
5
---14,000
—
2318.-Steele Co. Ind. S. D. No.
03, Minn
-543
1935
50,000
2107—Steubenville, O
-.6
1921-1925
10,000
100
2414—Strawn Ind. S. D., Tex__5
100,000
100
2107—Susquehanna, Pa
5
1925-1937
15,000 100.10
2318.-Talladega, Ala
35,000
----2220—Tarentum, Pa
_._5
<71946
35,000
101.428
2414--Texas (State of) (7 issues)5
14,600 100
2414__Timpson Ind. S. D., Tex-5
10,000
100
2220.-Tipton County, Tenn
543
—
155,000 100
2220--Todd County, Minn.
6
1930
80,000
100
2414
Ton a wa nda, N. Y
.6
1921-1940
105,000
-----2220.-Tustin S. D., Calif
-6
«1927
36,000
100 60
2414—Twin Falls, Ida.
—
604,213
100
2318—Union County, N. J—.—543
1926
500,000
2318--Utah (State of)
443
1939
1,500.000
2108--Utah Co., Utah (2 issues).5
a!933
400,000
88.57
2108.-Vanderburgh Co., Ind_—443
1921.-1930
6,000
100
2108--Venango, Neb—,
6
<71925-1940
26,000
100
2108—Walla Walla Co., Wash..5
<71925-1940
150,000
100
2108--Warren, Ohio
6
1921-1922
33,000
100
2108—Warren, Ohio
6
1921-1922
10,000
100
2108—Warren, Ohio
:
6
1921-1929
16,400
100
2108
Warren, Ohio
543
1935-1941
184,500
100
2108--Warrick County, Ind
443
1921-1930
43,720
100
2108—Warwick, R. I
5
1921-1935
110,000
94.50
2415—Watertown, Mass
543
1921-1932
12,000
101.569
2415—Watertown, Mass
543
1921-1940
30,000
101.569
2319-.Waukesha County, Wisc_5
200,000
2509—Weld Co. S. D. No. 8,Col.6
25,000
2108—Weld Co. S. D 92. Colo__6
<71940-1960
45,000
2108—Weld Co. S. D. 107, Colo.6
<71940-1960
2,000
2108--Weld Co. S. D. 108, Colo.6
<71940-1960
20,800
-—
2415—Weld Co. Cons. S. D. No.
8, Colo..
6
<71930-1940
57,000
2108- West Chester, Pa
5
1921-1950
125,000
100.31
-
—
6.00
6.00
-
2411--Fleischmanns, N. Y_—534
1921-1948
35,000
2216.-Florence Co., So. Caro.
(2 issues)
6
1922-1950
350,000
100
2506--Fountain Co.. Ind
443--1921-1930- — 21,840—100 --2104—Ft. Morgan, Colo
543 <71930-1935
35,000
2411—Frankston Ind.S.D.,Tex_5
30,000
100
2104.-Fountain ValleyS.D.,Calif.6
1922-1945
24,000
100
2104.-Frazee, Minn
6
34,000
100
2104.-Franklin Sch, Twp., Ia__5
1940
100,000
100.535
2216—Garfield S. D. Calif
6
8,000
100
2506--Garfield Co. S. D. 39,Col.6
1930-1940
10,000
-----2104—Geauga Co., Ohio
5
1921-1930
8,000
2412--Gibson County, Ind
—443
1921-1930
11,200
100
2506—Gila Co. S.D. No. 1, Ariz.543 <71930-1940
50,000
100
2314--Glendale, Calif.6
100,000
1996.-Gloucester, Mass...
5
1921-1930
35,000
100.593
2104—Grants Pass Trr.D.,Ore_6
?
184,000
90
2217-.Green Lake Co., Wis
5
25,000
2217--Gregory, So. Dak. (2 iss.)
50,000
-----2412.-Hamblen County, Tenn.-5
50,000
2314--Hardin Co., Ohio.
--6
1921-1924
17,860
—
2506—Harrison Twp., O.(6 iss.).543
1920-1929
25,834
100
2506--Hartford Cent. S. D., 0__6
1926-1950
90,000
103.033
2104—Henry Co., Ohio.
543
1920-1929
74,000
100
2314—Hoboken, N. J
6
1926
500,000
100
2314—ITolyoke, Mass
543
1921-1930
200,000
100.599
2104—Huron Co., Ohio
5
1921-1924
8,000
100
2217—Huron Co., Ohio
-..-5
1929
21,580
100
2412.-Imperial Irr. Dist., Calif.543
1925-1934
500,000
90
2412—IndianaBoro. S. D., Pa__5
1923-1950
100,000
100
2104--Indianapolis S. D., Ind..4^
1940
200,000
91.18
2315__Iron Co., Utah (2 iss.)
6
1926-1940
150,000
1997.-Jackson Co., Ohio
543
1921-1925
35,500
100
2315--Jackson Co., Mich
200,000
2412—Jackson Co.C.S.D.26,Tex5
10,000
100
1997..Jamestown, N. Y
543
1921-1960
400,000
100.519
1997..Jamestown, N. Y—_
543
1921-1945
250,000
100.519
2507..Jerusalem S. D., O
6
<71925-1935
5,000
100
2412—Johnson Co.,Ind. (2 iss.)_443
1921-1930
50,800
100 .7
2315..Johnston Co., Okla
5
250,000
1997—Kemmerer S. D. No. 1,
Wyo
6
1921-1937
75,000
101
2104—King Co. S. D. No. 14,
Wash
—6
8,000
100
1997--King Co. S. D. No. 162,
Wash
75,000
100
1, Colo
1925-1949
100.27
100
100
100
.
1996.-Fall River. Mass
—543
1996—Fall River, Mass—
5Y
No.
—
5.00
101.541
_
'
100
100
101.238
100
100
—
1925-1940
1921-1944
1921-1925
1921-1930
1922-1927
5.50
250,000
*
2414--Reeves Co.It.D.No.2,Tex5
2508—Reno County, Kan
5
7
1921-1935
—
—
Basis.
100
100
100
100,000
195,152
5,000
100,000
al938
1922-1931
1969
1921-1935
1969
1921-1960
1922-1930
1921-1930
1931-1933
Ark_—„;
1998—Penn Yan, N. Y
6.72
6.00
6.00
6.00
<
1922
1959
Price.
47,500
1921-1958
2219..Pierce Co., Wash.
2219--Pitt Co., No. Caro
----
n
— —
<71921-1930
2103.-Dallas, Ore-
—
100
1925-1940
—
2411--Enterprise, Ore
1921-1930
1920-1925
1921-1930
1965&1970
<71925-1940
cl926
95.29
100.29
12,500
60,903
75,000
4,150
1921-1927
- —
<71930-1940
-
Wyo
25,000
70,000
1940
—
—
543
2413--Northampton, Mass
543
2218--No.River Irr. Dist., Nebr.6
21Q6__Noxubee Co., Miss.
2106--Oakley Jt.S.D.No.2,Kans.. __
2413..Okeechobee, Fla. (3 iss.).6
2106..Oregon (State of)
—443
2508--Otero Co. S. D. No. 19,
Colo
6
2219-Overton Co.. Tenn.
5
2219--Pacific Co., Wash
543
2219—Parkin Road Impt. Dist.,
—
N.Mex
140,000
25,000
9,540
1,200,000
2413—N. Y. City, N. Y. (4 iss.).443
2413—New York City, N. Y
343
2413—New York City, N.Y
343
2413—N. Y. City, N. Y. (2 iss.)_343
2508—No. Canton, O. (2 issues(6
2413.-Newport, R. I.-
n
1924-1948 1,700,000
2312-_Behtany, 1112411--Bethlehem, Pa
443
2505.-Bernalillo Co. S. D. No. 6,
Amount.
1922-1928
—
2507—Lockport, N. Y
5
2218—Los Angeles, Calif—
6
1997--Lower Merion Twp. S.D.,
Pa
4%
2507.-Lucas Co., O. (5 issues)—53-i
2315—Lynden, Wash
6
2412.-McAllen Ind. S. D., Tex.5
2105—McKeesport S. D., Pa
5
2507--McLean Co. Com. H. S.
D. No. 355, 111
543
2315-Madera S. D., Calif
.6
2315-Manatee Co., Fla.
6
2316.-Marion Co., Ohio
6
2316
Maunee, Ohio
-543
2218—Medford Irr. Dist., Ore—6
2218—Mexico, Mo
2105—Mineral & Missoula Cos.
Jt. S. D. No. 2, Mont—6
2316--Minneapolis, Minn
5
2218—Missoula Co., Mont
6
2218
Monticelloa Twp., Ohio..5
2413.-Morgan County, Ind
443
2316—Morgan Co., Ind
443
2507.-Mt. Pleasant, Mich
5
2218--Mower Co., Minn
5A
2106—Navajo Co.S.D.No.l,Ariz.6
2507--New Athens, Ohio
.543
2218--Newcomerstown, Ohio—6
2413--Newport, R. I. (2 issues)_543
SALES IN MAY.
MUNICIPAL BOND
Maturity.
1921-1930
Rate.
6
543
Page.
Name.
2412.-Lewis County, Wash
2105—Lima S.D..Ohio
2105--Linn Co., Ore
(Eity grpartmrut
We present herewith our
bond issues put out during
at the
[Vol. 110.
THE CHRONICLE
2504
our
the
totals for previous
We give the
same.
of our paper in which the reasons
be found:
June 12 1920.]
Page.
THE CHRONICLE
Name.
Amount.
2215__Boxelder Co. S. D. Utah (April list)
2315__Kenmore
Ohio (February list)
$180 000
2412..Marine City,
Mich.
60 000
(April list)
380,000
30,000
-
2412--Poplar Bluff S. D. No. 37, Mo. (April list)—
2108--Weld County Sch. Dist. No. 31
Colo. (March list)
2108__Weld County Sch. Dist. No. 108
18 000
10 000
Colo. (March list)
NO BIDS RECEIVED.—No bids were received for the $24,000 4H%
G. McDuffee et al. Eel River Twp. road bonds offered on June 3.—
H.
V.
.
1
■
Rate.
Page.
Name.
2215--Bartley Neb_____
5H
2215-_Bayard Neb. (March)__6
2103—Bayard S. D.
Neb
6
2215—Benkelman, Neb
2505--Boyle. Miss. (Feb.)
6
2215--Bridgeport, Neb. (March)6
2215--Broken Bow, Neb.(Mar.) 6
2216--Cambridge, Neb. (Mar.)_6
2216--Castle Rock Irr. D., Neb_6
2216.-Chadron, Neb. (Mar.)—
2216—Cozad, Neb
6
2313--Creek Co., Okla. (Mar.)-5
2217--Helena-Ferguson
Road
Impt. D., Ark
2217—Holdrege, Neb. (March)
(2 issues).—.-w---*—*5H
2315--Jackson, Mich
5M
2315--Jackson, Mich
5M
2315--Jackson, Mich__
5M
2315.-Jackson, Mich
5M
2217--Johnstown, Neb
6
2217—-Kimball, Neb, (March)_.5H
2507>_Laurens Co., So. Caro
5
Rd.
9,500
26,000
125,000
32,000
25,000
15,000
1921-1924
1935-1949
<21930-1940
1925-1940
<21924-1939
<21921-1940
5.50
6.00
loo"—
5.50
100.05
100
1924
1930-1944
6".o6
5.50
——
5.50
37,000
1922-1947
17,000
27,500
36,500
5,000
5,000
150,000
1925-1940
AUGLAIZE'COUNTY (P. O. Wapakoneta), Ohio.—BOND SALE.—
5.50
100
6.00
(100.017 and interest, a basis of about 5.99%.
Date May 1 1920.
$1,000 each six months from March I 1921 to March 1 1938, Ihcl.
BELL
100
5.50
<21925-1934
5H
_5
6
6
1940
2220-_Vidette S. D., Ga
6
2108-Weld Co. S. D. 92, Colo
1926-1950
(March)
6
2319—Wilbaux County, Mont—6
<21930-1940
-
1930
DISTRICT, Los Angeles County, Calif.—BOND
OFFERING.-—Bids will be received until 11
a.
m.
June 14
by L. E. Lamp-
the office of the
County Treasurer.
Due $1,000 yearly on June 1 from 1925
Cert, or cashier's check for 3% payable to the Chairman
County Supervisors, required.
Purchaser to pay accrued int.
Bonded debt $12,000.
Assessed value of taxable property, 1919, $645,200.
Population (est.), 2,000.
to
6.00
100
5.50
100
5.00
5.50
100,000
60,000
15,000
15,000
1921-1930
-
Due
ton, County Clerk (P. O. Los Angeles) for $20,000 6% school bonds.
De¬
$1,000.
Date June 1 1920.
Prin. and semi-ann. int. payable at
100
25,000
<21930-1940
5
2508—Rupert, Idaho- i i ---7
2219--Superior, Neb. (March),.5}4
SCHOOL
nom.
2,000
100
250,000 ylOO
40,000 ylOO
<21924-1939
-
2219—Pontiac, Mich
2219__Pontiac, Mich
2219—Ranlo S. D., N. C
2508--Provo City, Utah
Boardwalk National Bank of Atlantic City at 100.103 and interest:
$454,000 State Highway paving bonds, maturing June 1 1922, a basisTof
about 5.95%.
650,000 county road paving bonds, maturing June 1 1926, a basis of
about 5.98%.
25,500 county bldg. bonds, maturing June 1 1926, a basis of about 5-98% .
Date June 1
1920.
Prtn. and semi-annual interest payable at the
County Collector's office.
On June 4 the $35,000 6% 9 1-3 year (aver,
bridge bonds—V. 110, p. 2215
—were
awarded to the Davies-Bertram Co. of Cincinnati for $35,006
40,000
1934-1945
1924-1943
<21922-1937
(March) -6
2219—Pierce Co. S. D. No. 71,
Neb
ATLANTIC COUNTY (P. O. Atlantic City), N. 3.—BOND SALE.—
On June 5 the following three issues of 6% coupon (with
privilege of regis¬
tration bonds offered on that date—V. 110, p. 2312—were awarded to the
6.00
95,000
1932-1941
<
$2,220 each six months from May 15 1921 to Nov. 15 1930 incl.
1925-1945 1,900,000
<21921-1938
1938-1948
2312.
p.
100
100
D.
No. 5. Ark.
-
Price. Basis.
100
100
25,000
24,750
15,000
52,000
38,847
300,000
<21925 1940
1931
<21929-1939
—
2218—Little River Co.
Amount.
Maturity.
dl925-1940
110,
BOND OFFERING.—E. G. Kampe, County Treasurer, will receive bids
until 10 a. m. June 17 for $44,400 4K% John Emrick et al. Perry Twp.
road bonds.
Denom. $555.
Date June 15 1920.
Int. M. & N.j&Due
We have also learned of the, following additional sales for
previous months:
2505
1944, incl.
Board
of
Mommouth
BELMAR,
County,
J.—NO BIDS—BONDS REbeach front pur¬
2411.
Bids are to be called for
June 22.
Denom. $500.- Date July 1 1920.
Int. semi-ann.
Due $500
yearly on Jan. 1 from 1922 to 1941, incl.
OFFERED—No bids
chase bonds offered
were
on
N.
received for the $10,000 5%
June 8—V
110, p
100
6.00
BELOIT
SCHOOL
DISTRICT
(P. O. Beloit), Rock
County,
Wise.—BOND SALE.—Reports say that $200,000 5% school bonds have
100
7"55
been sold.
100
5.50
100
6.00
BEMIDJI INDEPENDENT SCHOOL DISTRICT (P. O. Bemidji),
Beltrami County, Minn.—BONDS VOTED.-—By a vote of 2 to 1 the
of this district recently authorized the issuance of $235,000 high
school bonds.
voters
15,500
75,000
.
BERNALILLO COUNTY SCHOOL DISTRICT NO.
All
the above sales
(except as indicated) are for April
These additional April issues will make the total sales (not
including temporary loans) for that month $61,068,350.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MAY.
Page.
Name.
Rate.
2000--Alberta (Province of) -_—6
2415—Brantford, Ont
5H
2109—Etobicoke,
Ont
2221—Glencoe, Ont
2416—Halifax, N. S
Amount.
Maturity
1923
$2,000,000
1924-1939
100,000
6
Basis.
5.36
6,000
18,000
500,000
5H
1930
6
2416—MacDonaid R. M., Man_6
2416_-Manitoba (Province of)_
6
2001.-Manitoba (Province of)—6
2319--Manitoba (Province of)
5
2001--NewBrunswick(Prov. of).6
2222
Nova Scotia (Prov. of)
6
_
-
Price.
101.744
-
2001--St. Augustine Parish, Que5Vi
__6
2416--St. Pierre Hill, Que
2222—Sarnia, Ont
5 XA
2416- Saskatchewan S. D., Sask.
(18 issues)
i-.w
2510--Trafalgar Twp., Ont
_6
2222—Walkerville, Ont
—6
2416—Windsor, Que__
5H
2109.-York Township. Ont
6
2319—York County, Ont_
__5H
40,000
2,000,000
3,000,000
500,000
""1925
1925
1923
1930
2,800,000
1924
2,200,000
800,000
200,000
330,000
1925
1925
6 (P. O. Albu¬
querque), N. Mex.—BOND SALE.—Bosworth, Chanute & Co. of Denver
$6,000 6% 10-20-year (opt.) school bonds.
have purchased
BERNALILLO COUNTY SCHOOL DISTRICT NO. 15 (P. O. Albuquerque), N. Mex.—BOND SALE.—An issue of $6,OGO 6% 10-20-year
(opt.) school bonds has been sold to Bosworth, Chanute & Co. of Denver.
^
BOSTON, Mass.—BOND SALE.—-During the month of May the Sink¬
ing Fund Commission purchased at par the following 5% bonds, dated
May 5 1920: $170,000 Arlington Station bonds, maturing April 1970,land
$50,000 Boylston Street Subway bonds, maturing.April 1965.
BOYLE, Bolivar County, Miss.—BOND SALE.—An issue of
6% 5-20-year street impt. bonds was sold
& Trust Co. of Memphis at 100.05.
100
96.1579
101.19
1920.
5.50
Int. J.
&
$25,66b
Feb. 3 to the Bank of Com¬
Denom. $1,000.
Date Jan. 1
on
merce
*89.66
D.
BRAINTREE,
Norfolk
County,
Mass —LOAN
OFFERING.—'The
Town Treasurer will receive proposals until 3 p. m. June 14, it is reported ,
for a temporary loan of $25,000, issued in anticipation of taxes, dated
June 18 and maturing Nov. 22 1920.
*91.21
BRANCHVILLE SCHOOL DISTRICT (P. O. Branchville), Orangeburg County, So. Caro .—BONDS NOT SOLD.—The $20,000 6% bonds
on June 1—V. 110, p. 2215—were not sold.
35,000
offered
-
*
BRISTOL COUNTY (P. O.
175,850
.-
79,664
38,012
45,000
40,000
18,000
1929
Edgar L.
June 15 for $40,200 6% coupon tax-free hospital notes.
Date June 15 1920.
Prin. and int. payable at the First
98.073
Boston.
93.19
Due June
County Treasurer, will receive
bids until 9 a. m.
Denom. $1,000.
National Bank of
15 1921.
June 9 a temporary loan of $200,000, dated June 11 1920 and maturing
April 12 1921 was awarded to Solomon, Bros. & Hutzler of Boston on a
6.18% discount basis.
New York funds.
$14,925,526
——
Grossman,
BROCKTON, Plymouth County, Mass.—-TEMPORARY LOAN.—On
Total amount of debentures sold in Canada
during May 1920
Taunton), Mass.—LOAN OFFERING.—
97.09
96.63
Average date of maturity,
<2 Subject to call in and after the earlier
year and manure in the later year,
k Not including $17,792,000 of tem¬
porary loans reported, and which do not belong in the list.
* Taken by
sinking fund as an investment,
y And other considerations.
a
BUFFALO, N. Y.—BOND SALE — On May 12 the Sinking Fund Com¬
$3,368 4% monthly local work bonds.
Date May 15
Due May 15 1921,
mission purchased
1920.
BUNCHE'S BEND DRAINAGE DISTRICT (P. O. Lake Providence).
Carroll Parish, La .—BOND OFFERING .—Bids will be received
a. m. June 15 by J. E. Poaque, Secretary, for $100,000 5% bonds
authorized at an election held May 18 1920.
Denom. $500.
Date June
1 1920.
Int. semi-ann.
Due yearly on June 1 from 1921 to 1950, incl.
Cert, check for 1-10 of the total amount of said bonds required.
East
until 9
NEWSITEMS.
BUTLER.
Massachusetts.—Legislature Prorogued.—The 141st regu¬
lar session of the Massachusetts Legislature wras prorogued
at 1.30 a. m. on June 5 by Secretary of State Albert P
Langtry, after having been in session five months during
which 629 acts were passed and 85 resolves adopted.
The
Springfield "Republican" says:
The record of the Legislature for the past year is creditable in spite of the
fact that the big issues of the session were hardly what might have been ex¬
pected during the second year of reconstruction
These issues, such as
the boxing bill, the Sunday sports bill, the daylight saving bill and the bill
to make legal the manufacture and sale of light beers and wines, were
created by popular demand
The people throughout the State were clamor¬
ing for these measures, and the Legislature, heeding the call, enacted them
into law
The beer legislation, however, was disapproved by the Governor
and his veto
was
sustained
New
Jersey.—Legislature Recesses.—The New Jersey
Legislature on June 2 voted to recess until Sept. 8 when it
will again try to solve the State housing problem.
Wisconsin.—Legislature Adjourns.—The special session of
Wisconsin Legislature, which convened on May 25
adjourned at 4 p. m. June 4.
the
PROPOSALS
this week have
been
as
NEGOTIATIONS
AND
follows:
ADAMS COUNTY (P. O. Decatur), Ind.—BOND SALE.—On May 31
the Old Adams County Bank of Decatur, offering par and interest, was
awarded the $7,120 Ferdinand Stauffer, Monroe Twp". and $9,200 Siegrist
French Twp. 4macadam road bonds, offered on that date—V.
p.
2312.
Date May
15
1920.
Due one-twentieth of each
110,
issue semi¬
annually from May 15 1921 to Nov. 15 1930, incl.
AIKEN
COUNTY SCHOOL
DISTRICT
NO. 29,
County,
Pa.—BOND
OFFERING.—The
city
is
the $125,000 5% coupon street impt. bonds
offered unsuccessfully on May 11—V. 110, p. 2216.
Denom.
Date May 15 1920.
Int. M. & N.
1930 to 1949 incl.
C. G. Chase. City Clerk,
CALIFORNIA
Due serially from May 1
(State of).—BOND SALE.—The "San Francisco.New8
Bureau" of June 4 contained the following:
.'V:7
"The state deposit board, which consists of. the Governor, State Con¬
troller and State Treasurer, approved a plan for sale fo $3,000,000 o£4H%
highway bonds [being part of a $12,000,000 bond issue of which $3,000,000
bonds have already been sold is reported in V. 110, p. 999] to a bidder
whose
name was not disclosed.
/
As the State constitution provides bonds may not be sold below par, the
block would have to be purchased at this figure from the State Treasurer
by the board of control, then sold to the bidder, the difference being made
up from federal funds held for the account of the highway commission.
The bid was $195,000 below par for the $3,000,000 block.
Three million dollars would permit the State Highway Commission to
proceed with work already under contract, N. D. Darlington, President of
the Commission, said.
Darlington explained that the highway Commission
for some time had followed a policy of letting no new contracts unless money
was provided by the counties through purchase of bonds.
He declared,
however, a number of unfinished jobs existed where it would be a costly
policy to abandon work entirely.
'■>'«***
Name of the bidder and some other details were withheld pending final
closing of the deal."
> ' ■.■
' •
'
CANYON
COUNTY
Idaho.—BONDS
SCHOOL
VOTED.—At
the
DISTRICT
election
NO.
May
37
(P.~0.
29 $75,000
Nampa),
6% school
reported carried.
are
CAPE MAY COUNTY (P. O. Cape May), N. J.—BOND OFFERING.—
Irving Fitch, Clerk of Board of Chosen Freeholders, will receive bids until
12 m. June 15 for $209,000 5% paving bonds.
Due yearly on June 15
as follows: $11,000, 1922 to 1931; $12,000, 1932 to 1939, incl.
Cert, check
on an incorporated bank or trust company for 2 % of amount of bonds bid
for, payable to the County Collector, required.
wi
CARBON COUNTY SCHOOL DISTRICT NO. 22 (P. O. Roberts).
Mont.—BOND OFFERING.—Bids will be received until 2 p. m. June 19
for
$9,500
6%
building bonds.
Certified check of $500 required. *Bids
considered.
Denom. $500.
Miss Janet Northy is Clerk.
less than par not
Rapids),'Linn
County, Iowa.—BOND SALE.—On May 28 the Security Savings IBank
CEDAR RAPIDS7SCHOOL DISTRICT (P. O. Cedar
So. Caro .—BOND
SALE.—An issue of $40,000 6% school bonds was sold on May 15 to the
First National Bank of Aiken for $40,875 (102.18), a basis of about 5.82%.
Denom. $2,000.
Date July 1 1920.
Int. J. & J.
Due July 1 1940.
ALLEN COUNTY (P. O. Ft. Wayne), Ind.—BOND SALE.—The
$36,700 James D. Butt et al. and $30,500 J. H. Vaughlin et al. 4H % Lake
Twp. road bonds, offered on May 25—V. 110,jp. 2215—were awarded to
the Lincoln National Bank of Ft. Wayne.
Date Nov. 15 1919.
Due
one-twentieth semi-annually from May 15 1921 to Nov. 15 1930, incl.
were
$1,000.
bonds
BOND
Butler
offering to local investors
which
„
of Cedar
to pay
Rapid^
all
was
expenses
awarded $86,000 bonds at par and interest, theJBoard
-** 4
of printing the bonds.
CENTERVILLE,? HickmanfCounty,* Tenn.—BOND JOFFERINQ.—
Sealed bids will be received for $5,000 5% coupon electric light plant
bonds by the Board of Mayor and Aldermen until 12 m. June 17.
Denom.
$500.
Dated June 17 1920.
Int. annually.
Due $500 yearly beginning
June 17 1925.
Cert, check for $250 required.
Bonded debt, $23,000;
assessed valuation of property,, 1919, $429,980.
:
CHAMPAIGN COUNTY (P. O. Urbanii), Ohio.—
SALE.—On
7 the $19,250 6% 334-year (average) Gladys Creek Ditch bonds,
offered on that date (V. 110, p. 2313), were awarded to the Champaign
National Bank, of Champaign, at 101.10 and interest, a basis of about
5.60%.
Date April 1 1920, due $1,925 on April 1 and Oct. 1 in 1921,
1922, 3923, 3924 and 1925.
June
CHICAGO, 111.—TAX WARRANTS TO BE TAKEN UP BY LOCAL
BANKERS.—The city has arranged with local banks for the borrowing
of $15,000,000 on tax warrants at 6%.
The following special dispatch
to the New York "Times" explains the details of the arrangement:
"In order to stave off threatened municipal bankruptcy and to
ready cash to pay current expenses of the city government and School
a
group
supply
Board,
of Chicago bankers have agreed to purchase $15,000,000 of an¬
ticipation tax warrants.
"After
[Vol. 110.
THE CHRONICLE
2506
than
more
a
month's dickering over the terms of the
mittee of bankers representing the Clearing House
sale a com¬
Association agreed to
$12,000,000 of the warrants, provided the smaller outlying banks buy
up the additional $3,000,000 worth to complete the sum of $15,000,000.
This has been arranged, and the city is to be given $8,000,000 immediately
and $4,000,000 more within sixty days.
The smaller banks are to furnish
$2,000,000 forthwith and $1,000,000 later.
"The sale is being made at par.
The warrants bear 6% interest.
In
that these anticipation tax warrants are in the form of claims against the
first taxes collected, and will be taken up some within six months and the
remainder within a year, they are prize securities.
Another sale of a similar
size and kind will be negotiated later.
v
"The bankers, in accordance with their already announced policy of
opposition to public improvements of any sort at this time, made it plain
to the city's representative that they would advance no funds for purposes
take
of this sort."
printed, approved and registered and the opinion of John C.
purchaser.
Assessed value of said
1919, $888,520.
Population (est.), 2,000.
have been
Thomson of N. Y. will be furnished the
road
district,
FORT BENTON, Chouteau County, Mont.—BID.—A bid of par was
the Conrad
Banking Co. on June 1 for the $16,500 6%
10-20-year (opt.) funding bonds, dated June 1920—V. 110, p. 1996.
received from
COUNTY
FOUNTAIN
O.
(P.
Covington),
Ind.—BOND
SALE.—
The $21,840 434% Fred E. Layton et al Troy Twp. road bonds, offered
unsuccessfully on Oct. 25—V. 109, p. 1720—have been disposed of at par.
Due $1,092 each six months from May 15 1921 to Nov 15 1930, incl.
FRANKLIN
bids
were
COUNTY
O.
Ohio.—NO BIDS.—No
road impt. bonds aggregating
Columbus),
June 1—V. 110, p. 2314.
on
Franklin
FRANKLINTON,
BE
(P.
received for the 4 issues of 6%
$570,500 offered
County,
Caro —BONDS NOT TO
No
$120,000 gold water and sewer
offered unsuccessfully on May 28—V.
2411—will not be reoffered for sale until market conditions improve.
RE-OFFERED
PRESENT.—The
AT
bonds at not exceeding 6% interest
110, p.
CITY
HIGH
SCHOOL
DISTRICT, Fresno County,
SALE.—The $920,000 5% school bonds offered without
April 8—V. 110, p. 1663—have been sold to the Fresno Clear¬
ing House Association of Fresno at par, it is stated.
FRESNO
Calif—BOND
success
on
GARFIELD COUNTY SCHOOL DISTRICT NO. 1 (P. O. Glenwood
Springs), Colo.—BOND SALE.—The $190,000 534% school bonds offered
June 5—V. 110, p. 2216—have been sold to the State.
Due yearly as
follows:$12,000,1935 to 1941 incl.;$13,000,1942 to 1948 incl., and $15,000,
on
1949.
,
.
DISTRICT NO. 39, Colo.—BOND
10-20-year bonds has been purchased by
GARFIELD COUNTY SCHOOL
CLARENDON COUNTY (P. O. Manning), So. Caro.—BOND SALE.
—An issue of $300,000 6% serial bonds has been sold to the Carolina Bond
&
Mortgage Co.
of Columbia
at
Date May 15
Donom. $1,000.
par.
Int. J. & D.
1920.
SALE.—An issue of $10,000 6%
Sweet, Causey, Foster & Co. of Denver.
GEAUGA COUNTY (P. O. Chardon), Ohio.—NO BIDDERS.—There
no bidders for the $32,000 I. C.
H. No. 35 and $43,000 I. C. H.
were
CLARKE
COUNTY
DISTRICT
SCHOOL
NO.
30,
SALE.—On May 29 the State of Washington bidding
the
$25,000
nom.
3-15-year
5%
(opt.)
school bonds—V.
Wash .—BOND
par was
110,
awarded
De-
2216.
p.
$500.
CLAY COUNTY (P. O. Brazil), Ind.—BOND OFFERING.—Proposals
will be received until 10:30 a. m. June 21 by Thos. "W. Swinehart, County
Treasurer, for $14,600 434% Samuel Haddon et al, Jackson Twp., roadimprovement bonds.
Denom. $365.. Date April 5 1920.
Int. M. & N.
Due $1,460 each six months from May 15 1921 to Nov. 15 1925, inclusive.
Certified check for $500, payable to the County Treasurer, required.
BOND
SALE.—On
June
7
the $9,300
434%
Guthrie et al
Daniel V.
Harrison Twp. road bonds—V. 110, p. 2313—were awarded to the Brazil
Trust Co. at par.
Date Feb. 2 1920.
Due $465 each six months from
May 15 3921 to Nov 35 1930, inch
-
,
No. 475 5% road impt.
CIT+Y
COLUMBUS
SCHOOL DISTRICT (P. O. Columbus), Frank¬
lin County, Ohio.—NO BIDS.—No bids were submitted for
the $1,170,000
110,
5% school building and improvement bonds offered on June 5—V.
p. 2313.
COOK COUNTY FOREST PRESERVE DISTRICT (P.O.Chicago),
111.—BOND OFFERING.—Proposals will bo received until 2 p. m. June 14
by William J. Gormley, Sec'y of District (Room 547, Cook County Court
House, Chicago), for $1,000,000 4%
bonds.
Denom. $1,000.
Date
June 1 1920.
Prin. and semi-ann. int. (J. & D.), payable at the District
Due serially on June 1 from 1922 to 1937, incl.
Cert,
of amount of bonds bid for, payable to Peter Reinberg,
of Forest Preservo Commissioners required.
Bonds,
Treasurer's office.
check
for
5%
President
of
Board
to be delivered and
interest.
on
or
about June 22.
Purchaser to pay accrued
.
Calif.—BOND
offered
paid for on
,
CORCORAN
,
GRAMMAR
SALE.—The
June 7—V.
110, p,
.
SCHOOL
DISTRICT, Kings County,
$46,000 6% 1-23-year serial school bonds
2313—have been awarded, it is reported, to
the Bank of Italy of San Francisco.
CORDUA
SALE.—The $192,000 6% tax-free bonds offered
on
May 26 (V. 110, p.
Due yearly from
2216) have been sold to Freeman, Smith & Camp Co.
1925 to 1940, inclusive.
DISTRICT
SCHOOL
(P.
O.
Corsicana), Navarro
County, Tex.—BOND ELECTION.—On June 15 $600,000 school bonds
are toibe voted upon.
t
DADE COUNTY (P. O. Miami), Fla.—BONDS VOTED.—Reports state
that incomplete returns show that $350,000 good road bonds carried by a
safe majority.
DAVIESS COUNTY (P. O. Washington), Ind.—BOND OFFERING.—
Oliver M. Vance, County Treasurer, will receive proposals until 1.30 p. m.
June 15 (date changed from June 5—V. 110, p. 2313) for the following road
impt. bonds:
$19,983 D. V. Ellis et al. Steele Twp. bonds; $5,972 Thomas
Cochran et al. Washington Twp., and $4,963 60 U. G. Bixler et al. WashingtonVTwp. bonds.
DAWSON COUNTY SCHOOL DISTRICT NO. 68 (P. O. Glendive),
Mont.—BOND OFFERING.—On June 30 $2,500 6%
5-10-year (opt.)
school bonds will be offered for sale by C. G. Miller, Clerk.
Bids less than
par
will not be considered.
F DAYTON A BEACH, Volusia County, Fla.—BOND SALE.—Reports
state that $10,000 6% 20-year water-works bonds have been sold to II. E.
Pence of Daytona.
Denom. $500.
Date June 20 1920.
DISTRICT
ELVINS SCHOOL
NO.
7
(P. O.
Elvins), St.
Francois
County, Mo.—BOND BIDS REJECTED.—All bids received on June 1
for the $80,000 6% school bonds—V. 110, p. 2216—were rejected.
The above bonds will be sold when the market conditions become normal.
ELYRIA CITY SCHOOL DISTRICT (P. O. Elyria),
Lorain County,
OFFERING.—Proposals will be received until 11 a. m.
Rockwood, Clerk of Board of Education, for $400,000 6%
school bldg.
bonds.
Denom. $1,000.
Date June 15 1920.
Prin. and
semi-ann. int. (J. & D.) payable at the First National Bank of New York.
Cert, check on some solvent bank in Ohio for $10,000, payable to the above
clerk, required.
Purchaser to pay accrued interest.
Ohio-—BOND
June 14 by S. S.
'
EMMETT COUNTY (P. O. Petoskey), Mich.—BONDS NOT SOLD.—
The $50,000 5%
not sold.
20-year road bonds offered on June 1—V. 110,
p.
2314—
were
DISTRICT
(P. O. Eureka), Utah —BONDS
V TED.—On June 6 $55,000 high-school building bonds carried by a ma¬
jority of five and $25,000 bonds to meet increased expenses of the schools
by a large majority.
P" EUREKA
*
SCHOOL
EVERGREEN
HIGHWAY
DISTRICT,
Idaho.—NO
BIDS.—On
June 1 no bids were received for the $50,000 bonds at not exceeding 6%
interest—V. 110, p. 2104.
Nov. 15 1921 to Nov. 15 1925 incl.
1 (P. O. Globe), Ariz.—
$50,000 534% 10-20-year (opt.) school bonds offered
May 3—V. 110, p. 2104—have been sold to Weil, Roth
& Co. of Cincinnati at par and interest,.
Denom. $1,000.
Date March 1
GILA COUNTY SCHOOL DISTRICT NO.
BOND SALE.—The
success on
Int. M. & S.
1920.
Due
SCHOOL
DISTRICT,
Lewistown), Mont —NO BIDS RECEIV¬
ED.—NO bids were received on June 5 for the $300,000 534% highway
bonds.—V. 110, p. 2216.
,
FERGUS COUNTY
(P
O
FORT BEND COUNTY ROAD DISTRICT NO. 6 (P. O. Richmond),
OFFERING.—C. D. Myers, County Auditor, will receive
Tex.—BOND
bids until
12 m. June
Denom.
14 for $190,000
534% 19-year (aver.) road bonds.
$1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. payable
atjthe Seaboard Nat. Bank, N. Y.
Cert, check for $5,000 required Bonds
Mpch 1 1940; optional 1930.
(P. O. Pearisburg), Va —BOND SALE.—Powell,
Garard & Co. of Chicago were awarded at par and interest on May 25 the
$100,000 6% road bonds which were reported to be offered on June 8 in
V. 110, p. 2314.
GILES
COUNTY
COUNTY
GILLIAM
(P.
O.
Condon),
Ore.—BOND OFFERING.—
J. E. Schroeder, County
Sealed bids will be received until 3 p. m. July 7 by
Clerk, for $50,000 5H% gold road bonds.
Denom. $1,000.
Date June. 1
1920.
Prin. and semi-ann. int., payable at the Fiscal Agency of the State
of Oregon in New York City, N. Y.
Due June 1 1940.
Cert, check for
5% of the amount of bonds bid for required.
GLYNN COUNTY (P. O. Brunswick), Ga.—BID.—'The following bid
also received on June 1 for the $40,000 5% 4J4-year (aver.) coupon
was
school building bonds awarded as reported in V. 110, p. 2412.
W. L. Slayton & Co., Toledo, par less $4,000 for expenses
GOLDSBORO, Wayne County,
No sale
was
made
on
GORMAN,
No. Caro .—BONDS NOT SOLD.—
privilege o
June 1 of the $325,000 6% coupon (with
registration) street impt. bonds—V.
110, p. 2217.
Humphreys County, Tex —BONDS REGISTERED.—On
extension 6% serial bonds
June 5 $65,000 water works and $60,000 sewer
were
registered with the State Comptroller.
Gowanda, Cattaraugus County, N. Y.—BOND OFFERING.-,—Pro¬
posals will be received until 8p.m. June 15 by Julius A. Metz, Village Clerk,
for $84,000 5 34 % water main extension bonds.
Int. semi-ann.
Due yearly
from 1921 to 1938, incl.
Cert, check for 1% of amount of bid required.
RAPIDS SCHOOL DISTRICT (P. O. Grand Rapids)i
County, Mich.—NO BIDS.—No bids were received for the $915,000
school bonds offered on Juno 7—V. 110, p. 2412.
The Board
of Education will try to dispose of the bonds at private sale.
GRAND
5%
coupon
GRANITE COUNTY SCHOOL DISTRICT NO
1 (P
O Philipsburg), Mont —NO BIDS.—On June 3 no bids were received for the 850,exceeding 6% interest.—V. 110, p. 2217.
000 coupon school bonds at not
GULFPORT, Harrison County, Miss.—BONDS VOTED.—At a recent
building and additional fire equip¬
election $90,000 municipal pier, school
ment bonds were voted, it is stated.
HAMILTON, Ravalli County, Mont .—BOND SALE.—The $7,500
5-10-year (opt.) coupon cemetery bonds offered on June 1—V. 110, p. 1773
sold on that day to Mr. Wyant at par for 534s.
—were
HANOVER, Jefferson County, Ind.—BONDS NOT SOLD.—No sale
made of the $2,000 534% coupon fire dept. bonds offered on June 1
110, p. 2104.
was
—V.
Wells County,
school bonds of¬
awarded to the Studebaker Bank,
HARRISON SCHOOL TOWNSHIP (P. O. Bluffton),
Ind.—BOND SALE.—The following 2 issues of coupon
June 1—V. 110, p. 2217—were
of Bluffton, at 6%:
fered
on
$63,000 bonds.
Due $2,500 each six months from May 15 1921 to Nov. 15
1932, incl., and $1,500 May 15 and Nov. 15 1933.
20,500 bonds.
Due $1,500 May 15 1921 and $1,000 each six months from
Nov. 15 1921 to Nov. i5 1930, inclusive.
Denom. $500.
Date May 15 1920.
TOWNSHIP (P. O. Van Wert), Van Wert County,
following six issues of 534 % coupon road impt.
aggregating $25,834 34, for which no bids were received when ad¬
vertised on Aprir 28—V. 110, p. 1554—have been sold to the land owners
along the roads to be improved at par and interset:
$6,322 94 Michael Kreischer Road Impt. bonds.
Denoms. 1 for $322 94
and 12 for $500.
Due yearly on Sept. 1 as follows: $322 94,
1920; $500, 1921 to 1926, incl., and $1,000, 1927 to 1929, incl.
3,222 00 King Church Road Impt. bonds.
Denoms. 1 for $222 and
6 for $500.
Due yearly on Sept. 1 as follows: $222, 1923, and
$500, 1924 to 1929, incl.
3,255 90 John Etzler Road Impt. bonds.
Denoms. 1 for $255 90 and 6
for $500.
Due yearly on Sept. 1 as follows: $255 90, 1923,
and $500, 1924 to 1929, incl.
7,016 64 Burt Miller Road Impt. bonds.
Denoms. 1 for $516 64 and 13
for $500.
Due on Sept. 1 as follows: $516 64, 1920; $500, 1921,
and $1,000, 1924 to 1929, incl.
2,528 44 L. E. Snyder Road Impt. bonds.
Denom. 1 for $528 44 and 4
for $500.
Due $528 44 Sept. 1 1921, and $500 on Sept. 1 in
1922, 1924, 1925 and 1926.
3,458 42 Springer Road Impt. bonds.
Denom. 1 for $458 42 and 6 for
$500.
Due $458 42 Sept. 1 1920, and $500 yearly on Sept. 1
HARRISON
Ohio.—BOND SALE.—rThe
bonds
*
from
Date March
San Benito County, Calif —
BOND OFFERING— On June 15 $15,000 534% school bonds will be offered
for"; sale.
F-FAIRVIEW
to the
Due
Kent
IRRIGATION DISTRICT, Yuba County, Calif.—BOND
CORSICANA
June 3—V. 110, p. 2216.
GIBSON COUNTY (P. O. Princeton), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. June 18 by Stanford Witherspoon,
County Treasurer, for $3,270 434% J- M. Montgomery et al. Montgomery
Twp. road bonds.
Denom. 1 for $230, 19 for $60.
Date May 15 1920.,
Int. M. & N.
Due $390 May 15 1921 and $-320 each six months from
school
T CLINTON, Sampson County, No Caro —BONDS WILL BE SOLD.t-~
The $50,000 street, water and sewer bonds offered without success on May
25—V. 110, p 2411—will be sold if a fovarable bid is submitted.
on
$500 yearly on March 1 from 1921 to 1927 inclusive.
without
CLEVELAND SCHOOL DISTRICT (P. O. Cleveland), Cuyahoga
County, Ohio.—BOND SALE.—On June 8 the $4,000,000 6% coupon
bldg. bonds offered on June 7—V. 110, p. 2216—were sold to a
syndicate composed of Hayden
Miller & Co., Harris, Forbes & Co.,
National City Co., Estabrook & Co., R. L. Day & Co.. Curtis & Ranger
and Redmond <fc Co., at 100.50, a basis of about 5.93%.
Date May 1
1920.
Due $200,000 yearly on June 1 from 1921 to 1940, inclusive.
The purchasers are now offering these bonds at a price to yield 5.60%.
bonds offered
Darke County, Ohio.—BOND SALE.—On June 1
GETTYSBURG,
the $3,500 6% fire-engine bonds—V. 110, p. 2216—were awarded
Citizens Nat. Bank of Gettysburg at par and int.
Date June 1 1920.
1924
1
to
1929, incl.
1920.
HARTFORD CENTRALIZED SCHOOL DISTRICT (P. O. Croton)
County, Ohio.—BOND SALE.—The $90,000 coupon schoolbldg. bonds, offered on April 1 at 5M% int., have been sold to the Detroit
Co. at 6% for $92,730, equal to 103.033, a basis of about 5.74%.
Due $1,000 on Feb. 1 and Aug. 1 in each of the years 1926 to 1930, incl.;
82,000 on Feb. 1 and $1,000 on Aug. 1 from 1931 to 1935, incl.; $2,000 on
Feb. 1 and Aug. 1 from 1936 to 1945, incl.; $3,000 on Feb. 1 and $2,000 on
Licking
Trust
Aug. 1 from 1946 to 1950, incl.
HAZLEHURST
SCHOOL
DISTRICT,
Copiah
County,
Miss.—
BOND OFFERING.—An issue of $30,000 school bonds will be sold, it is re¬
ported, on June 15.
June 12
HELENA, Lewis & Clark County, Mont.—BOND OFFERING CONTINXJED.—The offering of the $200,000 water bonds, Series "K," at not
•xceeding 6% Interest (V. 110, p. 2412) has been continued to June 14.
HELENA INDEPENDENT SCHOOL DISTRICT (P. O. Helena),
Lewis and Clark County, Mont —BONDS VOTED.—On June 1 $225,000
school bonds are reported carried by a vote o
268 to 111.
(Town) UNION FREE SCHOOL DISTRICT NO
24 (P
O Valley Stream), Nassau County, N
Y —BOND SALE.—On
June 4 an issue of $25,000 registered school heating system bonds was
awarded to the Lynbrook National Bank of Lynbrook, at par for 5.86%
interest.
Denom. 82,500.
Prin. and semi-ann. int. payable at the Lyn¬
brook National Bank of Lynbrook,
Due $2,500 yearly on Jan. 1 from 1921
to 1930, incl.
HEMPSTEAD
HERKIMER, Herkimer County, N. Y.—BOND SALE.—On June 4
the $160,000 5% tax-free electric-light impt. bonds offered on that date—
V. 110, p. 2314—were awarded to the First Nat. Bank of Herkimer at par.
Date May 1 1920.
Due $8,000 yearly on May 1 from 1921 to 1940 incl.
HIAWATHA, Brown County, Kans —BONDS VOTED.—On May 26
an issue of $60,000 memorial auditorium bonds was voted, it is stated
HIGHLAND
PARK,
Wayne
County,
Mich.—BIDS REJECTED-
BONDS TO BE TAKEN BY SINKING FUND.—All bids received for the
$200,000 hospital bonds offered on June 1 at 5J^%, 5H% and 6% Interest
were rejected.
The City Clerk informs us that these bonds will be pur¬
chased by the Sinking Fund Commission.
Date June 1 1920.
Due
June 1
1940.
SCHOOL
DISTRICT
(P.
O. Hilltonla), Screven
Ga.—BONDS VOTED.—It is stated that an issue of $20,000
recently voted by 59 to 0.
HILLTONIA
County,
bonds
was
HOLLISTER
DISTRICT
SCHOOL
(P.
Hollister), San Benito
O.
County, Calif.—BONDS VOTED.—The voters recently adopted a bond
issue
or
$110,000 for
school building, it is stated.
a new
(P. O. Huntsville), Madison
County, Ala .—BOND ELECTION.—On June 14'the voters will decide
whether they are in favor of issuing $225,000 bonds, it is reported.
DISTRICT
SCHOOL
HUNTSVILLE
JACKSON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Hoyt,
ville), Wood County, Ohio.—BOND ELECTION.—On June 15 an election
Is to be held for the purpose of voting upon a proposition to issue $130,000
school bonds.
v
' :
.
,
DISTRICT (P. O. Jerusalem), Monroe
SALE.—The $5,000 6% coupon school bonds
offered on April 17—V. 110, p. 1555—were awarded to the Monroe Bank
of Woodsfield at par.
Date April 1 1920.
Due April 1 1935, subject to
call after April 1 1925.
JERUSALEM
County,
SCHOOL
Ohio.—BOND
KANSAS CITY,
for
an
issue of
Mo.—NO BIDS RECEIVED.—No bids were received
$10,915 32 certificates offered on June 1.
KENTON, Hardin County, Ohio.—NO BIDS.—There were no bids
(special assessment) and $4,500 (city's share)
6% coupon North Barroll St. paving bonds offered on May 31—V. 110,
p. 2104.
:•
submitted for the $17,500
,
UNION "A", Wash.—
BOND SALE.—-The $15,000 5 % % coupon bonds offered on June 3—V.
110, p. 2217—were sold, it is stated, to the State of Washington.
COUNTY
KING
SCHOOL
DISTRICT NO.
KING COUNTY SCHOOL DISTRICT NO. 189, Wash.—BOND SALE.
—According to reports the $65,000 5% coupon school bonds offered on
June 4—V. 110, p. 2217—have been awarded to the State of Washington.
LAKEWOOD,
No bids
Cuyahoga County, Ohio.—NO BIDS RECEIVED —
offered on May 31
received for the $35,000 5H% park bonds
were
—V. 110, p. 2315.
LA PO&TE COUNTY (P. O. La Porte), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. June 15 by John Line, County
Treasurer, for $22,200 43^ % Hosea Slater et al Springfield Twp. road bonds.
Denom. $1,110.
Date May 15 1920.
Int. M. & N.
Due $1,110 each six
months from May 15 1921 to Nov. 15 1930, inclusive.
LAURENS
COUNTY
(P. O. Laurens), So. Caro.—BOND SALE.—
On April 20 $150,000 5% road impt. bonds were sold to J. M. Gregory at
Sar. 1 Denom. $1,000. Date July 1 1917.
uly
from 1922 to 1947 incl.
A like amount of bonds was
LENOIR
COUNTY
(P
Int. J. & J. Due yearly on
reported sold in V. 110,
O
Kingston),
No
p.
1997.
Caro —BONDS
WITH¬
DRAWN FROM THE MARKET.—The $300,000 6% coupon (with privil¬
ege
of registration) road impt. bonds which were to have been offered on
June 7—V. 110, p.
2105—fwere withdrawn from the market before time for
opening bids arrived.
LITTLE FALLS, Herkimer County, N. Y.—BOND OFFERING.—Pro¬
posals will be received until 10 a. m. June 14 by Staring J. Walrath, City
Treasurer, for $160,000 5% school bldg. bonds.
Denom. $1,000.
Date
Dec. 1 1919.
Prin. and semi-ann. int. (J. & D.), payable at the City
Treasurer's office.
Due $5,000 yearly on June 1 from 1921 to 1952, incl.
Cert, check for $10,000, payable to the City Treasurer required.
Purchaser
to pay accrued interest.
LITTLE ROCK, Ark.—WARRANT SALE.—An issue of $570,000 taxfree warrants has been sold to P. W. Chapman & Co., of New York, Chicago
and London (Eng.).
Date July 9 1920, due July 9 1921.
Denom. $1,000.
Financial
Statement.
Real value of taxable property (estimated)
Assessed
value,
1919
Total indebtedness, including this issue
$90,000,000
43,588,735
1,052,800
Population 1910 Census, 45.941: Government 1916 estimate
57,343
present estimate, 80,000.
Total debt less than 2M% of assessed valuation
LOCKPORT, Niagara County, N. Y.—BOND SALE.—An issue of
$9,540 5% Police and Firemen's Salaries Increase funding bonds has been
sold to the Niagara County National Bank of Lockport at par.
Date May
13 1920.
Prin. and annual interest payable at the City Treasurer's office.
LOGAN
COUNTY SCHOOL DISTRICT (P
O Sterling), Colo —
SALE.—The Bier
Investment Co. of Sterling
ELECTION AND
has bought
ANGELES
$5,000, 1936: $6,000, 1937 & 1938; $7,000, 1939 & 1940.
Ohio.—BONDS SOLD IN PART.—
Of the eignt issues of 53^% bonds, offered on May 10—V. 110, p. 1899—
the following five issues, aggregating $165,152.45, were cold to A. T. Bell
& Co., of Toledo, who are now offering them to investors at par:
$54,023.11 water supply line N. 21, main sewer dist. No. 2, construc¬
tion bonds.
Denom. 1 for $1,023.11 and 53 for $1,000,
Due
181
$6,023.11 May 27 1922: $6,000 on May 27 1923. 1924 & 1925,
ana $5,000 yearly on May 27 from 1926 to 1631, incl.
35.819.71 local sanitary sewer No. 66, main sewer dist. No. 4, construc¬
tion bonds.
Denom. 1 for $819.71 and 35 for $i,000.
Due
yearly on May 27 as follows: $4,8i9.71, 1922; $4,000, 1923
to 1926 incl., and $3,000, 1927 to 1931, incl.
77,906.27 Joint Lucas Co. & Toledo local sanitary sewer No. 58, main
sewer dist. No. 2, construction bonds.
Denom. 1 for $906.27
and 77 for $1,000. "Due $8,906.27 May 27 1922: $8,000 yearly
on May 27 from 1923 to
1928. *ncL, and $7,000 on May 27
in
1929,
1930 & 1931.
2,159.59 local sanitary sewer No. 59 bonds.
1 for $159.59.
27
Denom. 2 for $1,000 and
Due $1,159.59 May 27 1922, and $1,000 May
1923.
25,243.77 water supply Une No. 17 bonds. Denom. 25 for $1,000 and 1
for $243.77.
Due yearly on May 27 as follows: $3,243.77, 1922;
p>9*m
$3,000, 1923 tojl926 incl., and $2,000 1927 to 1931, incl.
McLEAN COUNTY COMMUNITY HIGH
SCHOOL DISTRICT NO.
355J(P. O. McLean), III.—BOND SALE.—The Wm. R. Compton
Co.,
Huntsville), Ala.—BIDS REJECTED.—
MADISON COUNTY (P. O.
received on June 5 for the $22,500 5% refunding road
2105), were rejected because they were fund to be unsatis¬
An effort will be made later to sell the above bonds.
All bids that were
bonds (Y. 110, p.
factory.
MADISON COUNTY (P. O. Anderson), Ind.—BOND OFFERING.—
Treasurer, will receive bids until 10 a. m. June 15
W. W. Huffman concrete road bonds.
Denom. 80 for
S. L. Van Petten, County
for $98,000 4M%
$1,000, 20 for $900.
Date June 15 1920.
Int. M. & N.
Due
each six months from May 15 1921 to Nov. 15 1930, Inclusive.
$4,900
MALTA (Town) UNION FREE SCHOOL DISTRICT NO. 9 (P. ORound Lake), Saratoga County,
N. Y.—BOND OFFERING.—Pro¬
posals will be received until 3.30 p. m. June 16 by the Board of Education,
$28,000 6% school bonds.
Denom. $1,000.
Date July 1 1920.
Prin.
and semi-ann. int. payable at the First National Bank of Mechanicville.
Due $1,000 yearly on July-1 from 1921 to 1948. incl.
Cert, check on a
New York City or Saratoga County Bank for 2% of amount of bonds re¬
quired.
Purchaser to pay accrued intorest.
for
MANCHESTER, Hillsborough County, N. H.—LOAN OFFERING.—
Proposals will be received until 2 p. m. June 15 by Alliston L. Partidge,
City Treasurer, for the purchase at discount of a temporary loan of $250,000
issued in anticipation of taxes, dated June 15 1920 and maturing Dec. 30
1920 at either Boston or New York at purchaser's option.
Denom. $25,000.
Notes will bo engraved under the supervision of the Manchester Safety
Deposit & Trust Co. of Manchester, which company will certify as to
genuineness: legality approved by Ropes, Gray, Baydon & Perkins of Bos¬
ton, a copy of whose opinion will be furnished the purchaser.
MAPLE SCHOOL DISTRICT, KEARN COUNTY, CALIF.—BOND
OFFERING.—Until 11 a. m. June 21. bids will be received by F. E. Smith,
Clerk Board of County Supervisors (P. O. Bakersfield) for the $10,000
6% coupon school bonds mentioned in Y. 110, p. 1449.
Denom. $1,000.
(May 24) payable at the office of the County Treasurer.
$1,000 yearly on May 24 irom 1930 to 1939 incl.
Cert, check or
cash for ai, least 10% of amount bid.
Payable to Stanley Abel, Chairman
Board of County Supervisors, required.
Bonded Debt, none. Assessed
value of taxable property 1919, $214,315.
Prin. and ann. int.
Due
MARION COUNTY (P. O.
Indianapolis), Ind.—BONDS NOT SOLD.
$90,000 5% 1-6-year serial $300,000 5%
1-20-year serial, and
$75,000 5H% 4 K-year (average) voting-machine bonds, offered on June 3
(V. 110, p. 1899), were not sold, as no bids were received.
—The
MEDFORD, Middlesex County, Mass .—TEMPORARY LOAN.—It is
reported that on June 8 a temporary loan of $150,000, maturing $50,000
on Feb. 15, March 1.5 and April 15 1921, was awarded to Percy G. Crocker
& Co. of Boston at 6.59% discount.
COUNTY,
MIDDLESEX
MELROSE,
MASS.—NOTE
10, it is stated, Edmonds Bros., of Boston, bidding
awarded the following 5H% coupon tax-froo notes:
June
SALE.—On
100.579, were
$50,000 paving notes.
Denom. $5,000.
Date May 1 1920. Int. M. &
N.
Due $5,000 yearly on May 1 from 1921 to 1930, Incl.
10.000 sidowalk
notes.
Denom $1,000.
Date June 1, 1920.
Int.
J. & D.
Due $2,000 yearly on June 1 from 1921 to 1925, incl.
Prin. and semi-ann. int.
MEMPHIS CITY
pauablo at the National
Shawmut Bank of Boston.
SCHOOL DISTRICT (P. O.
5XA% coupon school bonds (V. 110, p.
MIDDLESEX (P. O.
Memphis), Tenn.—
received on June 1 for the $250,000
NO BIDS RECEIVED.—No bids were
2105).
Carlisle), Cumberland County, Pa.—NO BIDS
received for an issue of $49,000
—BONDS RE-OFFERED.—No bids were
paving bonds offered at 5%
on
May 26.
We are informed that these
re-advertised at 5H% and 6%.
bonds are to be
r.
COUNTY (P. O. Cambridge), Mass .—TEMPORARY
LOAN.—The Old Colony Trust Co., of Boston, has been awarded on a
MIDDLESEX
$200,000, dated June 8 and maturing
basis, a temporary loan of
6%%
1920.
9
Nov.
MIDWAY SCHOOL DISTRICT,
KERN COUNTY, CALIF.—BOND
OFFERING.—Bids will be received mull 11 a. m. June 21, by F.E. Smith,
Clerk Board of County Supervisors (P. O. Bakersfield) for the $100,000
6% coupon school bonds mentioned in V. 110, p.. 1555.
Denom. $1,000.
Prin. and ann. int. (June 1) payable at the office of the County Treasurer.
Due $10,000 yearly on June 1 from 1921 to 1930 incl.
Cert, check or
cash for at least 10% of amount bid payable to Stanley Abel, for at least
or cash for a- leas, 10% or amoun. of bid payable *0 Stanley Abel,
chair¬
man of the County Board of Supervisors, required.
Bonded Debt. $66,000.
Assessed value of taxable property 1919, $7,027,965.
(P. O. Midland), Tex.—BONDS VOTED.—By
bonds were recently voted.
MIDLAND COUNTY
285 to 20, $125,000 road
(P. O. Dayton), Ohio.—BOND SALE.—
1-5-year serial ditch bonds, dated June 1
offered on June 5—V. 110, p. 2218—were sold
and interest to J..W. Ortman of Phillipsburg.
MONTGOMERY COUNTY
The
two
issues of 6%
coupon
1920, aggregating $4,700,
at par
Jara), Conejos County,
to being voted on
will be offered for sale at 3 p. m.
MORGAN DRAINAGE DISTRICT (P. O. La
Colo .—BOND
June
ELECTION— OFFERING.—Subject
19, $195,000 6% drainage bonds
by R. E. McCunniff, Sec. Due yea.ly beginning 1931. Condition¬
Cert, check on a national bank, payable to
June 21
al bids will not be considered.
the District Treasurer,
required.
PLEASANT, Isabella County, Mich.—BONDS AWARDED IN
{he three issues of 5% coupon bonds, aggregating $86,000,
offered on May 17—the $35,500 trunk line highway paving (city's share)
bonds were awarded to the Isabella County State Bank of Mt. Pliant,
at par.
Date Juno 1 1920.
Due $2,000 yearly on June 1 frcm 1W1
1937, incl., and $1,500 June 1 1938.
MT.
PART.—Of
VERNON
MT.
NO. 80 (P. O. Mt. Vernon).
111.—BOND OFFERING.—Proposals will be received
school building bonds, by the Secretary
SCHOOL DISTRICT
until 8 p. m. June 14 for $40,000
of the Board of Education.
NEW
COUNTY
LUCAS COUNTY (P. O. Toledo),
m
ann.
subject to the election June 19 $20,000 school bonds.
WATER-WORKS DISTRICT NO. 4,
Calif.—BOND OFFERING.—Proposals will be received until 11 a. m. June
14 by L. E. Lampton, County Clerk (P. O. Los Angeles), for $60,250 6%
bonds.
Denom. $1,000 and $506 25.
Date June i 1920.
Principal and
semi-annual interest payable at the office of the County Treasurer.
Due
$1,506 25 yearly on June 1 from 1921 to 1960, inclusive.
Certified or
cashier's check for 3 % of the amount of said bonds or of the portion thereof
bid for, payable to the Chairman Board of County Supervisors, required.
Assessed value of taxable property 1919, $275,195LOS
purchased and is now offering to investors at par, an issue of $50,000
5H % school bonds.
Denom. $1,000.
Date May 1 1920. Prin. and semiint. payable at the First Nat. Bank of Chicago.
Due yearly on May 1
as follows: $1,000, 1925 to $929, incl.; $2,000,
1930 to 1934: $4,000, 1935;
has
Jefferson County,
Due Jan. 2 1922.
BOND
2507
THE CHRONICLE
1920.]
ATHENS,
Harrison
County,
Ohio.—BOND
SALE.—The
Bank of Cadiz has purchased at par the $3,500 5H%
street-improvement bonds offered on May 10 (V. 110, p. 1665).
Date May 15 1920.
Due $350 yearly on March 1 from 1921 to 1930, incl.
Fourth National
assessment
NEW AURELIA
TRICT
(P.
O.
CONSOLIDATED INDEPENDENT SCHOOL DIS¬
Aurelia),
CEIVED.—No bids
were
Cherokee
County,
Iowa.—NO BIDS RE¬
submitted for the two issues of 5% bonds, aggre¬
(V. 110, p. 2316).
gating $165,000, offered on June 1
O. Wilmington), No. Caro .—BOND
is at hand relative to the offering
gold coupon scnool bonds—V. 110, p. 2218.
NEW HANOVER COUNTY (P.
OFFERING.—Additional
Information
June 14 of the $225,000 5%
on
Proposals for these b.onds will be received until 10 a. m. on that daj by
Thos. K. Woody, Clerk Board of County Commissioners.
Denom. $1,000.
Date Jan. 1 1920.
Prin. and semi-ann. int. (J. & J.) payable at the Nat.
City Bank, N. Y.
Due yearly on Jan. 1 as follows: $9,000, 1922 to 1938
incl.; $10,000,1939 to 1943, incl., and $11,000,1944 and 1945.
Cert, check
on an incorporated bank or trust company for $5,000 required.
The bonds are m be prepared under the supervision of the United States
Mortgage & Trust Co., New York City, which will certify as to the genuine¬
ness of the signatures of the county officials and the seal impressed thereon.
The purchaser will be furnished without charge the opinion of Mr. John
C. Thomsbn, N. Y. City, approving the legality of said bonds.
The full faith and credit of the county are pledged for the prompt pay¬
principal and interest of these bonds.
be furnished by tne Clerk of the Board
or said trust company.
Bonds will be delivered in Wilmington, New York, Chicago, Cincinnati
or Toledo, at purchaser's option, on
or about June 20 1920.
ment of the
All bids must be on blank forms to
of
County Commissioners
NEWPORT,
Newport
June 10 Jie '^mporaty loan
County, R. I .—TEMPORARY LOAN.—On
of $90,000, dated June 14 and maturing Sept.
awarded to the Aquidneck National Bank,
30 1920—V. 110. p. 2413—was
on
a
6.10% basis.
NEW SWEDEN IRRIGATION
—It is repqrted
chase water.
DISTRICT, Idaho.—BONDS VOTED
.
that an issue of $250,000 bonds has been voted to pur¬
[VOL. 110.
THE CHRONICLE
2508
NIAGARA FALLS, Niagara County, N. Y.—BOND OFFERING.—
Proposals for the following coupon or registered bonds will be received
until 10 a. m. June 15 by Edwin J. Port, City Manager:
1348,970 5H% sewer bonds.
Denom. 1 for $970, 348 for $1,000.
Due
$28,970 on July 1 1942 and $40,000 yearly on July 1 from
1943 to 1950, inclusive. Certified check for $7,000 required.
114,650 514% repaving bonds.
Denom. 1 for $650, 114 for $1,000.
Due
$14,650 July 1 1934 and $20,000 yearly on July 1 from 1935
to 1939, inclusive.
Certified check for $2,000 required.
59,486 5h % water bonds.
Denom. 1 for $486, 59 for $1,000.
Due
$14,486 July 1 1946 and $15,000 on July 1 in 1947, 1948
and 1949.
Certified check for $1,000 required.
Date July 1 1920.
Principal and semi-annual interest payable at the
Hanover National Bank, of New York.
Certified checks must be on a sol¬
vent bank or trust company, and must be payable to the City Clerk.
Bonds to be delivered and paid for at City Treasurer's office by July 10,
unless another time and place shall be mutually agreed upon.
Bids must
be made upon blank forms which will be furnished upon application to the
City Manager.
Purchaser to pay accrued interest.
Niles), Trumbull County, Ohio .
serial school building bonds
NILES SCHOOL DISTRICT (P. O.
—BOND SALE.—The $150,000 6 % 2-31-year
1920, offered on June 7—V. 110, p. 2106—were
the Dollar Savings Bank of Niles at par and interest.
dated June 1
awarded to
Versailles),
O.
(P.
VALLEY
RIVERTON
DRAINAGE
Fremont County, Wyo.—BOND
$90,000 6% drainage bonds will be
Dykeman, Secretary.
Ind.—BOND
SALE.—The
7—V. 110,
DISTRICT
(P.
O.
Riverton),
OFFERING.—On June 14 at 2 p. m.
offered for sale.
Denom. $500.
P. B.
ROANOKE, Roanoke County, Va.—BONDS NOT
reports the $135,000 school building,
$300,000 street impt. 4M% coupon bonds
1998—were not sold, due to lack of bids.
SOLD.—According
$200,000 school buildingfand
to
offered on May 22—V. 110.Jp.
ROCHESTER, N. Y.—iNOTE OFFERING.—Proposals will be
received
16 by E. B. Williams, Deputy City Comptroller, for
$150,000 Over-Due Tax Notes, manuring four months from June 21 at the
Central Union Trust Co. of New York, where delivery to purchaser will
be made on June 21.
Bidders must state rate of interest , designate denom¬
inations desired and to whom (not bearer) notes shall be made payable.
until 2.30 p. m. June
Ida.—BOND SALE —On Aprilf20Tan
sold to KeelerJBros.
Feb 15 1920,:j£.Int.
<y".
RUPERT, Minidoka County,
Issue of $60,000 7% 1-10-year serial sewer bonds was
Denver at par and int
Denom $1,000.
Date
of
J
DISTRICT NO 14 (P. O. Norfolk), Madison
County, Neb.—NO BIDS RECEIVED.—There were no bids submitted,
it is stated, on May 31 for the $136,000 7% bonds.—V. 110, p. 2106.
NORFOLK PAVING
COUNTY
RIPLEY
$12,000 4M% Henry Wilson et al. road bonds offered on June
1776—have been sold au par and Interest to the local banks.
p.
& J
-
RUTHERFORD COUNTY
(P. O. Murfreesboro), Tenn.—BOND
SALE.—On June 1 the $200,000 6% 30-year coupon highway bonds, dated
July 1 1920—V. 110,
p.
1999—were sold to C. W. McNear &
basis of about 5.99%.
Co. of Chicago
at 100.015 and interest, a
CANTON, Stark County, Ohio.—BOND SALE.—The fol¬
lowing two issues of 6% coupon Portage Street impt. bonds, which were
offered on April 16—V. 110, p. 1450—have been sold to Spitzer, Ronck
NORTH
Co.
&
of Toledo au par:
„
„
$10,000 village's portion bonds.
Due $1,000 yearly on March 1 from
1922 to 1929, inch, and $2,000 March 1 1930.
47,000 special assessment bonds.
Due yearly on March 1 as follows:
$4,000, 1922 to 1926, inch; $6,000, 1927 ,and $7,000, 1928, 1929
and 1930.
Date March 1 1920.
the Village Treasurer's office.
Denom. $1,000.
at
will be
Treasurer, for the whole
exceeding 4% int. Date
from 1938 to 1942, incl.
O Port Chester), Westchester County, N. Y.—BOND SALE
judgment bonds, offered on that date—V. 110.
2317—were awarded to Geo B, Gibbons & Co of New York at par
for 5s
Date July 1 1920.
Due $1,465 July 1 1925 and $5,000 on July
1 in 1926, 1927, 1928 and 1929.
RYE (P
—On June 10 the $21,46.5
p
(State of).—BOND OFFERING.—Bids
CAROLINA
NORTH
Prin. and semi-ann. int. payable
RUTLAND, Rutland County, Vt.—BOND OFFERING.—Proposals
4pm June 24 by Will L Davis, City Treasurer, for
$50,000 5% coupon tax-free street-impt bonds
Denom $1,000
Date
July 1 1920.
Int J & J
Due $10,000 yearly on July 1 from 1921 to
1925, incl.
Cert, check for $500 required.
will be received until
bids
part of $500,000 permanent bonds at not
July 1 1920.
Due $100,000 yearly on July 1
Cert, check for 2% of amount bid required.
$318,000 offered
or any
SUPERVISORS' DISTRICT NO. 1 (P. O.
Macon), Miss.—BOND SALE.—The $87,000 6% road bonds offered on
Juno 7—V. 110, p. 2218—have been awarded to the Merchants & Farmers'
Bank, Macon; Bank of Macon, Macon, and the Bank of Brooksville,
Brooksville, jointly, at par and interest.
COUNTY
NOXUBEE
'
COUNTY (P.
ST. JOSEPH
received until 12 m, June 15 by B. R. Lacy, State
OAKVILLE CONSOLIDATED SCHOOL DISTRICT (P. O. Oakville),
Grays Harbor County, Wash.—BONDS VOTED.—By a vote of 138 to
12 the question of issuing $50,000 school bonds was authorized, it is stated.
OBERLIN
(P.
DISTRICT
SCHOOL
O.
O. South Bend), Ind.—NO BIDS.—No
road impt. bonds aggregating
received for the three issues of 5%
on
June 8—V. 110, p. 2317.
ST. LOUIS COUNTY (P. O. Duluth), Minn.—BONDS NOT SOLD.—
Reports state that the $540,000 5% bridge bonds offered on May 21—V.
110, p. 2107—were not disposed of.
SCOTIA, Schenectady County, N. Y.—BONDS RE-OFFERED.—The
$18,000 registered sewer bonds, offered unsuccessfully on June 1 at a rate
5M %, are being re-offered on June 15 at a rate not to exceed
6%.
Proposals are to be received by E. C. Hoyt, Village Clerk.
Denom.
$1,000.
Date Aug. 1 1920.
Prin. and semi-ann. int. (F. & A.), payable
at the Schenectady Trust Co. of Schenectady.
Due $1,000 yearly on Aug. 1
from 1925 to 1942, inclusive.
not to exceed
Oberlin), Lorain County,
bonds offered
Banking Co. of
1 from 1921 to
were
SEARSBORO
CONSOLIDATED INDEPENDENT SCHOOL DIS¬
Searsboro), Poweshiek County, Iowa.—BONDS NOT
of an issue of $80,000 school bonds.
Ohio.—BOND SALE.—The $50,000 6% coupon school site
TRICT
June 2—V. 110, p. 2316—were awarded to the Peoples
Oberlin.
Date June 1 1920.
Due $5,000 yearly on Aug.
SOLD.—On May 27 no sale was made
on
1930, inclusive.
ORANGE COUNTY (P. O. Orlando), Fla.—BOND ELECTION PRO¬
POSED.—It is reported that a bond election may be held shortly to vote
the issuance of $1,500,000 road
on
bonds.
O.
(P.
SHAWNEE TOWNSHIP SCHOOL DISTRICT (P. O. Lima), Allen
County, Ohio.—BONDS DEFEATED.—It is reported that at a recent
election a proposal to issue $350,000 school bonds lost by a vote of 137 to 115.
SHELBYVILLE SCHOOL CITY (P. O. Shelbyville),
Ind.—BONDS NOT SOLD.—The $90,000 6% scaool
(State of).—BOND SALE.—On June 1 the $78,000 Oregon
District interest bonds—V. 110, p. 2219—were sold to the State Treasurer
of the State of Oregon at par for 5Ms.
Date June 1 1920.
Duo $37,500
Oct. 1 1941 and $40,500 July 1 1948.
OREGON
OTERO COUNTY SCHOOL DISTRICT NO. 19 (P. O. Rocky
Ford)j
Colo.—AMOUNT OF BONDS SOLD.—'The amount of bonds sold to the
110, p. 2413—at par was $5,200.
International Trust Co. of Denver—V.
Interest rate 6%.
Donoms. $1,000 and $100.
Dato
J. & J.
Duo July 15 1940, optional July 15 1930.
July 15 1920.
Int.
28—V. 110, p. 2219—were not
Shelby County,
bonds offered on May
sold.
SHERBURNE COUNTY (P. O.
Elk River), Minn.—BOND SALE.—
10-year road bonds has been sold, it is stated, to
Wells-Dickey Co. of Minneapolis at 100.40, a basis of about 5.95%.
An issue of $125,000 6%
the
Minn.—BOND OFFERING.—
County Auditor, will receive sealed bids until 10 a. m.
ditch bonds.
Certified check for 2%
SIBLEY COUNTY (P. O. Henderson),
Fred Heppenstedt,
June
23, it is stated, for $150,000
required.
Delaware County, N. Y.—BOND OFFERING.—Proposals
m. June 15 by B. M. Betts, Village Clerk, for
River Street impt. bonds.
Denom. $1,750.
Date July 1
1920.
Prin. and semi-ann. int. (J. & J.), payable at the Sidney National
or the Peoples National
Bank of Sidney.
Due $1,750 yearly on July 1
from 1921 to 1940, incl.
Cert, check for 2% of amount of bonds bid for
SIDNEY,
County, Kans.—BOND SALE.—An issue of
$45,000 paving, water and light plant bonds recently authorized has been
will be received until 2 p.
sold
$35,000
Franklin
OTTAWA,
locally.
COUNTY
PAIGE
DRAINAGE
DISTRICT NO. 16, Iowa.—BOND
will receive bids, it is stated,
OFFERING.—Victor Freed, County Auditor,
5M% bonds not to exceed $6,881.88 until 3 p. m, June 17.
Denom.
$500, $375 and $381.88.
Date Nov. 1 1920.
Prin. and semi-ann. int.
(M. & N.) payable at the office of the County Treasurer.
Cert, check for
2% of bonds bid for required.
for
PARK COUNTY (P.
O. Livingston), Mont.-BOND ELECTION CON¬
SIDERED.—An Issue of $200,000 seed grain bonds is being
required.
10-year (opt.) school bonds by Miss
•
SPENCER COUNTY (P. O. Rockport),
were
no
$113,680
Ind.—NO BIDDERS.—There
bidders, for the three issues of bonds and certificates
offered on June 7—V. 110, p. 1666.
STILLWATER COUNTY SCHOOL DISTRICT NO. 6
considered.
PARK COUNTY SCHOOL DISTRICT NO. 14 (P. O. Livingston),
Mont.—BOND OFFERING.—Bids at not less than par will be received
until 2 p. m. June 28 for $2,700 6%
5%
aggregating
(P. O. Colum¬
bus), Mont.—BOND OFFERING.—At 8 p. m. June 30 bids will be opened
$30,000 6% 10-20-year (opt.) school bonds (V. 110, p. 893). Denom.
Certified check for $3,000 required.
No bids less than par will be
for tho
$1,000.
G. B. Iverson, Clerk.
considered.
Nellie Jarratt, Clerk.
PARKER COUNTY (P. O. Weathersford), Tex.—BOND OFFERING.
$400,000 5% 30-year serial road
bonds, being part of an authorized issue of $800,000.
Denom. $1,000.
Dato June 10 1919.
Prin. and semi-ann. int., payable at the National
Park Bank, N. Y., or at the office of the County Treasurer at option of
holder.
Tho bonds are printed and ready for immediate delivery.
Official
circular states that tho county has never defaulted in payment of any
bonds or obligations.
Assessed value 1918, $14,337,480; estimated value,
$45,000,000; population 1910, 26,400; 1919 (est.), 35,000.
—On June 16 the County will offer for salo
■
■
PINAL COUNTY SCHOOL DISTRICT NO. 22 (P. O. Casa Grande),
June 14 $15,000 building bonds will be
Ariz .—BOND ELECTION— On
voted upon.
II. W, Detweiler, Clerk.
Butler
County, Mo.—BOND SALE NOT CONSUMMATED.—'The sale of the
$30,000 5M% school bonds—V. 110, p. 1998—was not consummated.
PORTAGE COUNTY (P. O. Ravenna), Ohio.—BOND OFFERING.—
John Parham, County Auditor, will receive bids until 10 a. m. June 21 for
5M%
coimty
detention
home bonds.
Denom.
$1,000.
Dare
Juno 1 1920.
Ptrin. and semi-ann. int. (J. & D.) payable at the County
Treasurer's office,
Due $3,000 each six months from June 30 1927 to
Dec. 30 1929, incl., and $2,000 June 30 1930.
Cert, check for $200, pay¬
able
to
the
County Treasurer, required.
Purchaser to
pay
accrued int.
PROCTORVILLE VILLAGE SCHOOL DISTRICT (P. O. Proctorville), Lawrence County, Ohio—NO BIDS RECEIVED—No bids were
received for the $50,000 6% school erection bonds offered on June 8—V.
110, p 2317
PROVO
CITY,
Utah
County,
Utah.—BOND
SALE.—On
Apri-
21 the Palmer Bond & Mortgage Co. of Salt Lake City was awarded $100,
000 5% city hall bonds.
Denom. $1,000.
Date May 1 1920.
Prin. and
semi-ann. int. (M. & N.), payable in N. Y.
Due May 1 1940, optional
May 1 1930.
Total bonded debt, $400,000; assessed value, $7,539,497,
population 1910 (Census), 8,925; (est.) population, 15,000.
PULASKI COUNTY (P. O. Little Rock), Ark.— WARRANT SALE.—
P. W. Chapman & Co. of New York, Chicago and London (Eng.) have
been awarded $400,000 tax-free warrants.
Denom. $1,000.
Date July 1
1920.
Due July 1 1921.
'
Financial Statement.
Real value of taxable property, estimated
$125,000,000 00
y
Assessed valuation for taxation,
Total debt (including this Issue)
1919
59,815,955 00
1,156,601 26
130,000
Population, 1910 Census, 86,751; present estimate
Total debt less than 2% of assessed valuation.
RENO
COUNTY
(P. O. Hutchinson), Kans.—BOND SALE.—An
Issue of $160,000 5% road bonds has been sold at par to banks of Reno
County.
Denom. $500.
Date Jan. 15 1920.
Int. J. & J.
Due yearly
from 1920 to 1939, inclusive.
-RICHMOND
(VI10
]p
COUNTY
2219)
(P.
Bids will be received by
bonds until
12
m.
and semi-ann. int.
on
July
1
Date July 1
& J.), payable in New York.
1926 to 1950, incl.
from
$500,000 5M% road and bridge
Denom. $1,000.
June 22.
(J
OFFERING.—
B. M. Bultman, Secretary of the County Permanent
Road Commission, for all or any part of
bonds will be prepared under the
Prin.
1920.
Due $20,000 yearly
Cert, check for 2% required.
county officials and the seal
of the
impressed thereon and the validity of the bonds
will be approved by Chester
ments elsewhere in this
The
supervision of the U.S. Mtge. & Trust
Co., N. Y., which will certify as to the genuineness of the signatures
The official notice of this
POPLAR BLUFF SCHOOL DISTRICT NO. 37 (P. O. Poplar),
$20,000
SUMTER COUNTY <P. O. Sumter), So. Caro .—BOND
B. Masslich of N. Y.
bond offering will be found among the advertise¬
Department.
SURRY COUNTY (P O Dobson), No Caro —BOND SALE.—Pend¬
ing legality, the following two issues of 5% 30-year bonds—V. 110, p. 2219—
were sold on June 7 to Coimty Highway Commissioners at par:
$100,000 road bonds.
13,000 Long Hill Township road bonds.
TALBOT
a
COUNTY (P. O. Talbotton), Ga.—BONDS VOTED.—At
$50,000 5% road bonds were voted.
Due $2,000 yearly.
recent election
TEMPE, Maricopa County, Ariz.—BOND ELECTION.—On
$48,000 improvement bonds are to be voted upon.
L. E. Pafford.
TENAFLY,
Bergen
will be received until
7
June 21
Clerk.
County, N. J.—BOND OFFERING.—Proposals
m. June 16 by Herbert J. B. Willis, Borough
p.
Clerk, for an issue of 5% coupon (with privilege of registration) fire appara¬
tus bonds, not to exceed $11,500.
Denom. $1,000 & $500.
Date May 1
Prin. and semi-ann. int. (M. & N.), payable at the First National
Due $1,000 yearly on May 1 from 1921 to 1927, incl.:
1920.
Bank of Tenafly.
and
$1,500
bank
or
on
May 1 1928, 1929 and 1930.
Cert, check on an incorporated
of amount of bonds bid for, payable to the
Council of the Borough of Tenafly."
Purchaser to pay
trust company for 2%
"The Mayor and
accrued interest.
A like amount
THE
$50,000
$11,000
10,000
5,000
1,500
5,000
17,500
„
_
of bonds was offered on May 5—V. 110, p. 1666.
DALLES, Wasco County, Ore—BOND SALE.—On
bonds were disposed of, it is stated, as follows:
bonds to The Dalles National Bank at par and interest.
bonds to J. Reuter at par and interest.
bonds to Wasco County Bank at par and interest.
bond to H. A. Harper at 101.50.
bonds to E. O. McCoy at par and interest.
bonds to Ralph Schwelock Co. of Portland at par.
TRAVERSE COUNTY (P. O.
—No sale was made of
TROY,
June 3
Wheaton), Minn.—BONDS NOT SOLD
the $100,000 road bonds offered on May 25.
Rennselaer County, N. Y.—BOND OFFERING.—Proposals
June 17 by William A. Toohey, City Comp¬
will be received until 10 a. m.
O.
Rockingham),
No.
Caro.—BONDS
Sale WaS made on June 7 of the $100'000 court-house
troller, for $25,000 4H% tax-free registered water works refunding bonds.
Denom. 20 for $1,000, 10 for $500.
Int. semi-ann.
The bonds will be
dated the day on which they will be paid for, and will mature inlten equal
JUNE 12
bid for, payable to the "City
COUNTY
held Jan.
La
Grande),
Ore.-^BONDS AWARDED
that
day to the Union
Denom.
$1,000.
and
debt (excluding this
issue), $9,000; assessed value (non-operative property),
$391,375.
Portland for $60,008, equal to 100.008.
WATERVLIET,
Evansville), Ind.—BOND SALE.
VANDERBURGH COUNTY (P. O.
a vote of 61 to 0 at an election
Date June 1 1920.
Int. J. & D.
school bonds authorized by
1920.
existence of district or title of present officials or validity of these bonds
that no bonds of this district have ever been repudiated.
Bonded
offered
stated,
Bridge and Road Builders' Equipment Co. of
IN PART.—Of the $400,000 5H % 5-20-year serial-gold road bonds
on June 7—V.
110, p. 2318—$60,000 bonds were awarded, it is
on
24
Due $1,000 yearly from 1921 to 1930, incl.
Purchaser to pay accrued int.
Official circular states that no litigation pending affecting the corporate
of Troy" required.
O.
(P.
for $10,000 5%
of issue,
of bonds
annual installments of $2,500 each, beginning one year from date
and ending ten years from date.
Cert, check for 1% of amount
UNION
2509
THE CHRONICLE
1920.]
Albany
County,
N.
Y.—BONDS RE-OFFERED.—
Proposals will be received until 4p.m. June 22 by M. I. Dunn, Director
privilege of registration) paving
bonds which were offered unsuccessfully as 5s on April 22 (V. 110, p. 1902)
—The $20,800 4A % R. W King et al Union Twp road bonds, offered on
June 8—V 110, p. 2415—were awarded to Oliver Edmond, subject to the
of Finance, for the following coupon (with
approval of the State Board of Tax Commissioners, which will consider the
legality of the issue on June 21
Due $2,600 each six months from May 15
1921 to Nov
15 1924, incl.
$49,000 bonds, maturing $4,000 yearly on May 1
and $5,000 May 1 1932.
77,000 bonds maturing $8,000 yearly on Sept. 1
and $5,000 Sept. 1 1929.
Denom. $1,000.
Date May 1 1920.
Principal
payable at the office of the Director of Finance.
of amount of bonds bid for, payable to the "City of
VERMILLION
There
were
Newport), Ind.—NO BIDDERS —
Ed F McCown et al road
June 7—V. 110, p. 2220.
COUNTY
bonds, offered
on
TOWNSHIP
WARREN
(P.
O.
bidders for the $75,000 4A%
no
RURAL
SCHOOL
offered on June 1—V. 110, p. 2220—2 issues were awarded as follows:
$46,300 Isaac Gillett et al. Ohio Twp. road bonds to the Farmers Bank of
Newburgh, City National Bank, Peoples Trust Co. and Farmers
& Merchants Bank of Boonville, at par and interest.
bonds to the City National
Bank of Boonville at par.
May 15 1921 to Nov. 15 1930,
inclusive.
1
_
received for the $52,000 Geo. C.
were
,
,
,
_
Causey,
Colo.—BOND SALE.
Co., of Denver, have purchased $25,000 6%
Foster &
WELLSVILLE, Allegany County, N Y —BOND OFFERING .—Pro¬
posals will be received until 7.30 p. m. June 14 by Frank M. Wall, Village
Clerk, for the following 5A% bonds:
$35,000 Electric light bonds.
Date Oct. 1 1920.
Int. A. & O.
Due
$3,500 yearly on Oct. 1 from 1925 to 1934, inclusive.
15,000 Water bonds.
Date Oct. 1 1920.
Int. A. & 0.
Due $1,500
yearly on Oct. 1 from 1925 to 1934, inclusive.
24,000 Paving bonds.
Int. F. & A.
Due $4,000 yearly on Aug. 1 from
1925 to 1930, inclusive.
Denom. $500.
Prin. and semi-ann. int. payable at the First Trust Co.
of Wellsville.
Cert, check for 3% of amount of bonds bid for, payable to
Geo. B. Rooth, Jr., Village Treasurer, required.
WARRICK COUNTY (P. O. Boonville), Ind.—BONDS AWARDED
3 issues of 4H% road bonds aggregating $140,100,
No bids
Certified check for 2%
Water vliet," required.
WELD COUNTY —SCHOOL DISTRICT NO. 8,
Sweet,
bonds.
IN PART.—Of the
Due one-twentieth each six months from
from 1920 to 1928, incl.
and semi-annual interest
DISTRICT (P. O. Ray-
land), Jefferson County, Ohio—BOND SALE—The $15,000 6%
Rayland School Bldg bonds, offered on June 5—V. 110, p. 2108—were
awarded to the Peoples Bank of Tiltonville at par.
Denom. $1,000.
Date June 1 1920.
Int. M. & S.
Due in 15 years from date.
41,800 John F. Graulich et al. Ohio Twp. road
from 1921 to 1931, incl.
„
Wagner et al. CampbeU
Township road bonds.
WHEATLAND COUNTY (P. O. Harlowton), Mont.—NO BIDS SUB¬
bids were submitted on June 1 for the $175,000 special
TOWNSHIP
CONSOLIDATED SCHOOL DIS¬
Rippey), Greene County, Iowa.—CORRECTION.—
the purchasers of the $100,000 serial
school building bonds (not Geo. M. Bechtel & Co. of Davenport, as reported
in V. 110, p. 585).
Denom. $1,000.
Date March 1 1920.
Int. M. & S.
WASHINGTON
TRICT
MITTED.—No
O.
(P.
relief bonds—V. 110, p. 2221.
Date June 1 1920.
Due June 1 1925 and
redeemable in 2 years after date of execution or any interest paying date
Schanke & Co. of Mason City were
thereafter.
WHENHAM,
Bernardino County, Calif
—BOND OFFERING.—Bids will be received until 11 a. m. June 21 by
Harry L. Allison. Clerk Board of County Supervisors (P. O. San Bernardino)
WATERMAN SCHOOL DISTRICT, San
County,
Mass.—BOND
NEW LOANS
$270,000
Lower Merion
$500,000.00
Township
Montgomery County,
LOANS OF THE
City of Philadelphia
are
Sumter County, South Carolina
Penn.
invited for $270,000 five
(5) per cent
except
taxes
succession
or
in¬
taxes; $30,000 Series "A," maturing
December 1st, 1921; $40,000 each>of Series B to
heritance
1922 to
principal
of Ardmore,
inclusive, maturing December 1st,
Privilege of registration as to
G,
1927.
by Merion Title & Trust Company
Pa.
Townsend, Elliott
July 1st.
Settlement to be made
104 South Fifth Street
Sealed
Finance
bids
to
be
addressed
to Chairman
Committee, Office of Township Com¬
marked "Bid for
Highway Bonds," and accompanied by a certified
check for $5,000 to order of Township of Lower
missioners,
Pa.,
Ardmore,
Merion.
Bids
Philadelphia
New York Telephone Canal
at
bids
will
Mortgage & Trust
Legality approved by Messrs.
& Munson of Philadelphia.
Biddle & Henry
received by the Sumter
County Permanent Road Commission, in care of
the undersigned, until Twelve M., JUNE 22,
1920,
for all or any of the above bonds, dated
July 1, 1920; denomination $1,000; interest
%.
Principal and interest (J. & J. 1) payable in New
York,
registrable
as
to
principal.
Maturing
$20,000 annually July 1, 1926 to 1950.
Certification of signatures and seal by U. S.
Sealed
Serial coupon bonds of Lower Merion Township,
Interest June 1st and December 1st, free of all
Pennsylvania
will be
opened Tuesday, June 22,
BRIDGE BONDS
ROAD AND
OF 1920
HIGHWAY BONDS
Bids
OFFERING.—Proposals
m. to-day (June 12) by Horace E. Durgin,
for $38,000 registered Center School Bldg. bonds, to be
Town Treasurer,
LOANS
NEW
NEW LOANS
Essex
be received until 5 p.
to
are
be
Company, New York.
Pur¬
chasers will be furnished
approving legal opinion
by Chester B. Masslich, Esq.
Bids are required
on
blank forms to be furnished by the under¬
signed or said trust company, and certified check
for 2% of bonds must be enclosed.
Delivery in
Right
place of purchasers' choice about July 1.
to reject any and all bids reserved.
B. M. BULTMAN,
Secretary Sumter County Permanent
1920,
Road Commission.
8:00 P. M.
G.
C.
ANDERSON,
Secretary.
8347-8-9
New Jersey
MFG.
AMERICAN
CO
Securities
OUTWATER & WELLS
MUNICIPAL BONDS
Wholesaling entire Issues of City, County,
and Road District Bonds
Jerxey City. N. J.
School
District
of Texas.
Circular* on Reruost.
Harold G.Wise ^Combajht
(fr
/
\ >tM < 4 ♦
CORDAGE
Tel. 20 Montgomery
15 Exchange Place
MANILA, SISAL, JUTE
Adrian H. Mullcr & Son
OFFICB
Hou M X(XV ,Tkx_.VS
No. 15 WILLIAM
WMt Straata. Brooklyn.
Mobla A
AUCTIONEERS
S» *>31Si
N. Y. City
STREET
Corner Pine Street
Regular Weekly Sales
$200,000
City of Bayonne, N. J., Water 53-28
Price Par & Interest, returning
STOCKS and
"Municipal Railroad^?
BONDS
Corporation Bonds
5.50%
EVERY WEDNESDAY
M. M. FREEMAN & CO.
421
20
Broad Street
-.
New York;*
PHONE RECTOR 8140—CABLE ADDRESS
At the Exchange Sales
Chestnut! treet
Philadelphia
Telephone. Lombard 710
Rooms
Liat
14-11 Vesey Street
"ORIENTMENT*
c'slvea current offerings.
Illinois Trust & Savings Bank
Chicago
La Salle at Jackson
Capital and Surplus $3,600,000
PROMPT PERSONAL SERVICE TO
FOREIGN
A general
$15,000,GOO
Capital and Surplus
BUSINESS
banking business conducted.
firms, individuals and banks
most liberal terms.
Collections
Sign of
Accounts of
solicited
on
of all kinds made.
ments effected.
Mail and telegraphic pay¬
Especial attention paid to foreign trade,
foreign exchange, commercial credits, etc.
Write
or
telegraph
for terms.
GREAT LAKES TRUST
Member
110
So.
Federal
Reserve
Dearborn St.
CO.
System
Chicago
Pays Interest
on
Time
Has
Deposits, Current and Reserve
Accounts,
change.
k.
Deals in Foreign Ex-
Transacts a General Trust
on
hand at all times
cedent securities.
a variety of exBuys and sells
Government, Municipal and
Business.
Corporation Bonds,
THE CHRONICLE
2510
[Voi>. 118.
»
awarded at lowest interest rate bid.
Denom. $2,000.
Due 12,000 yearly on June 15 from 1921 to 1939, incl.
Gundy & Co., A. E. Ames Ac Co., Halsey, Stuart Ac Co. and the Dominion
WHITE COUNTY (P. O. Monti cello), Ind.—BOND OFFERING.—
Sealed bids will be received until 10 a. m. June 15 by E. B. Steely, County
Treasurer, for $190,000 4H % Michael Renck et al. union Twp. road bonds.
Denom. $950.
Date Feb. 3 1920.
Int. M. & N.
Due $4,750 each six
months from May 15 1921 to Nov. 15 1940 incl.
WHITLEY COUNTY (P. O. Columbia City), Ind .—BOND OFFER¬
ING.—Forrest S. Deeter, County Treasurer, will receive proposals until
10 a. m. June 15 for $30,500 Grover Schuman et al. Richland Twp. road
bonds.
Denoms. 20 for $1,000, 20 for $825.
Date June 15 1920.
Int.
M. Ac N.
Due $1,825 each six months from May 15 1921 to Nov. 15 1930
Inclusive.
WILLARD,
Huron
Ohio —BOND OFFERING.—Proposals
by E. K. McMorris, Village Clerk, for
County,
will be received until 12
m.
June 21
$20,000 6% water and light plant lmpt. bonds.
Denom. $500.
Date
May 1 1920Prln. and semi-ann. int., payable at the Village Clerks
office.
Cert, check for 2% of amount of bonds bid for, payable to the
Village Treasurer required.
WILLIAMSPORT
SCHOOL
DISTRICT
Williamsport),
O.
(P.
Lycoming County, Pa.—BOND OFFERING.—Proposals will be received
until 4 p. m. June 24 by Ottis M. Keefer, Chairman of Finance Committee
of the Board of School Directors, for the $200,000 5% tax-free school con¬
struction and equipment bonds, which were offered unsuccessfully on May
19 at 4*4%—v. 110, p. 2221.
Denom. $1,000.
Date June 1 1920.
Int. J. & JD.
Due on June 1 as follows: $25,000 in 1925, $31,000 in 1930,
$38,000 in 1935. $48,000 in 1940, $58,000 in 1945.
Cert, check for 2% of
amount of bid required.
Deliveryof bonds to be made on or about June 24.
Opinions of Reading Ac Allen of Williamsport and of Townsend, Elliott &
Munson of Philadelphia as to legality will be on file at the office of the
Board of School Directors.
Bonded debt (incl. this issue), $749,000;
assessed value,
BRITISH COLUMBIA (Province of).—DEBENTURE SALE.—Wood,
Date June 15 1920
Securities Co. have purchased and are now offering to investors at a price
to yield 7.75% $2,000,000 6% gold debentures.
Prin. and interest (J.
Ac D.) payable in Canada or united States.
Date June 1 1920.
Due
June 4 1925.
CHARLOTTENBURGH TOWNSHIP (P. O. WHIiamstown), Ont.—
DEBENTURE OFFERING.—George A. Watson, Township Clerk, will
receive bids until 12 m. June 14 for $60,000 6H% coupon 20-year install¬
ment debentures.
Denom. $1,000.
CAINSVILLE,
issue of $45,000 6%
GALT, Ont —DEBENTURE SALE.—Newspapers report that $105,091
5H% 1-20-year serial and $93,247 40-year 5%, 5H% and 6% debentures
Toronto at 89.225.
have been awarded to Brent, Noxon & Co. of
HAMILTON, Ont.—DEBENTURES OFFERED LOCALLY.—It is re¬
ported that applications from local citizens for $10,000 6% debentures,
to be issued In the denomination of $100, will be received by City Treasurer
Davis until June 20.
The price at which the debentures, are being offered
is par and interest.
RENFREW
COUNTY
(P.
O.
Pembroke),
Ont.—DEBENTURE
bids until 1 p. m.
OFFERING.—R. J. Roney, County Clerk, will receive
June 15 for the following road debentures:
$100,000 5H 20-year installment debentures, dated May 8 1920.
Payable
yearly on May 7.
150,000 5% 20-year installment debentures.
Payable yearly on Sept. 26
beginning 1920.
Payable at the Pembroke branch of the Merchants Bank of Canada.
SARNIA,
$21,101,190.
YOUNGSVILLE, Franklin County, No. Caro.—NO BIDS RECEIVED
—No bids were received on May 31 for the $120,000 6% coupon electric
light bonds—V. 110, p. 2109.
Ont.—DEBENTURE SALE.—An
debentures has been purchased, according to reports, by K. V. Bunnell Ac
Co. and I. W. Champion Ac Co. of Brantford.
Ont —DEBENTURE
debentures offered
on
SALE.—The $100,000 5H% 20-year
p. 2319—were awarded to Brent,
Due $5,000 yearly on
June 4—V.
110,
Noxon & Co. of Toronto at a price to yield &%%.
Dec. 1 from 1920 to 1939, inclusive, i
SHAWINIGAN FALLS, Que.—DEBENTURE OFFERING .—Proposals
16 by A. J. Meunier, Secretary-Treasurer, for
will be received until June
CANADA,
its
Provinces
and
Municipalities.
ALBERTA (Province of) —DEBENTURE SALE.—It la reported that
an
sold to A. E. Ames
Securities Corp. and the First National Bank of Detroit.
issue of $1,000,000 6 % 3-year debentures has been
& Co., Dominion
Ont.—DEBENTURE OFFERING.—Proposals will
Bank of Montreal, Bowmanville, until
purchase of $3,978 60 30-lnstallment water sewerage and
$9,037 63 20-lnstallment sidewalk 6% debentures.
$185,000 5K % debentures.
TRAFALGAR TOWNSHIP
(P. O. Trafalgar),
Ont.—DEBENTURE
SALE.—On May 31 the $79,663 67 6% 20-year installment highway deben¬
110, p. 2319—were awarded to A. E. Ames & Co. of Toronto
at 97.09.
tures—V.
BOWMANVILLE,
be
received
at
the office of the
June 18 for the
WESTMOUNT, Que.—DEBENTURE ELECTION.—June 17 has been
set as the date for holding an election to vote on the question of issuing
debentures for various purposes, aggregating $830,000.
€ngtnee»
Jftaatufal
^National Bank of Commerce
in
New York
STONE & WEBSTER
FINANCE
industrial and public
utility properties and conduct an
investment banking business.
DESIGN
steam
stations,
power
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, ware¬
houses and
Capital, Surplus And Undivided Profits
Over Fifty-five Million Dollars
buildings.
CONSTRUCT
designs
own
other
1
either from their
or
engineers
from designs of
architects.
or
MANAGE
dustrial
public utility and in¬
companies.
REPORT
on
going concerns,
proposed extensions and new
projects.
Selected Investment Securities
Located
in
Pittsburgh, the greatest industrial
we are intimately in touch
with developments in this district.
centre in
We
own
^fEW YORK
the world,
and offer for sale
a
BOSTON
CHICAGO
?TOUNGSTOWN
PITTSBURGH
DETROIT
■LAN
SEATTLE
PARIS
FRANCISCO
number of bonds,
which have been selected by us because of their
investment
possibilities.
Write for information and late
MELLON
THE
liets
NATIONAL
BANK
PITTSBURGH, PA.
J. G. WHITE ENGINEERING
CORPORATION
Censtrueter
Engineers
Lincoln
Menny Oppenheimer
BERLINER HANDELS-GESELSCBAFI
Buildings—Industrial Units
BANK
BANKERS
Berlin
Public Utilities
W. Baiurenatraaee S2-SS
(Fouaded in 1856)
.
FRANKFORT-cM., GERMANY
Cable Addrm "Opanbym"
INVESTMENT SECURITIES
FOREIGN
Fully-paid capital
&
raservea
IA 144,000,001
All kinds ef basking buslnoee transacted,
i Special attention
gives to foregn exchange and
documentary business.
Trade information faro-
Reports—Valuations—Estimates
4$ EXCHANGE PLACE
MEW YORK
ished.
EXCHANGE
Cabl Address: Eandelges
Berlin
Viel(s, Blackwell & Back
ENGINEERS
F. WM.
KRAFT, Lawyer
Specializing In Examination ft Preparation ol
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorising Same.
Booma B17-520, 111 W, Monroe St.,
Harria Truat Building
CHICAGO, ILLINOIS
Designs and
H. M. CHANCE & CO.
Dining Engtnoers and Geologists
Hydroelectrio
Transmission
COAL AND MINERAL PROPERTIES
Examln.d, Iniged, AppiiIuS
■NWlUi.
PHILADELTBU
Construction
and
steam
Power Plants
Systems
Industrial Plants
Reports—Appraisals
49 Wall
Street
New York
XXXIII
THE CHRONICLE
JUNE 12 1920.]
Qtaurt Companies;
Cotton
ENGLAND
The NEW
Rhode Island
Paul Schw&rz
a hue. O. Cora
TRUST COMPANY
Prank ▲. Kimball
iagurt Schierenberg
Hospital Trust
Company
BOSTON. MASS.
Corn,
& Co.
Schwarz
SURPLUS. S2.ooo.eoe
CAPITAL. Sl.900.00e
Sato
Deposit
Vaults
Authorised to act as Executor, and to
MERCHANTS
COMMISSION
reoeivt and bold
DIRECTORS
In trust or on deposit from Courts of
money or property
Edward D. Pearos
William L. Hodgmaa
Equity, Executors, Administrators, Assignees,
Guardians, Trustees, Corporations and Individuals.
Also acts as Trustee under Mortgages and as Transfer
Herbert J. Wells
Frank
Lyman B. God
Rowland Hasard
Howard O. Sturges
Royal C. Taft
Agent and Registrar of Stocks and Bonds.
Stephen O. Metoalf
J. Arthur Atwood
Law or
William
*5
New York
Street
MEMBER8 OP
Cotton
York
New
Interest
Allowed
Orleans
New
York Produce
New
York Coffee
Walter R. Calient!sr
JAMES
R.
HOOPER.
FREDERICK
FREDERICK
W.
CHARLES E.
ORRIN
O.
EDWARD
JOHN
Thomas H. West, J»
Fi*uk W. Matteson
Frederick A. Ballos
Robert H. I. Goddard
FISH. Vice-Prssidsni
P.
Horatio A. Hunt
Benjamin M. Jackson
President
Vice-President
ROGER PIERCE.
Exchange
Exchange
Albert W. Dtmlck
Henry D. Sbarpe
Henry F. Lippttt
Isaac B. Merrlman
ALLEN. Treasurer
NOTT, Secretary
Charles D. Owen, J».
Alfred K. Potter
HART. Trust Ottloer
B. LADD, Asst. Treasurer
PILL8BURY. Asst. Treasurer.
OFFICERS
Herbert J. Wells, Chairman of the Boats
W.
Thomas H.
FREDERICK O. MORRILL, Asst. Treas.
Geo. H. M Fadden & Bro.,
LEO
WM.
MERCHANTS
111 Chestnut St.
Preston H.
GEORGE H. BOYNTON.
88 Broad St.
PHILADELPHIA
NEW YORK
Vaults
Foreign Cottons
Harry W. Simmons
Asst.
Henry L. Stader
Assistant Secretary
John H. Wells,
George H. Capron
Robert A. Leeson
S. Parker Bremer
Augustus P. Loring.Ji
Ernest Loverlng
Q. Burton Hibbert
Gilbert A. Harrington
George H. Davenport
Vice President
rtsderls Berega A Oe., Llverpeel.
Frederick P. Flab
SoFadden A Oe.. Rotterdam,
Charles H. W. Foster
James M. Pendergast
Frank H. Gags
Henry H. Proctor
Edwin M. Richard»
isslete d'lmportatlen et de Commission. Ham.
Morris Gray
SfsPadden A Co.. 8. A. I.. MUan.
Sclnhart
A
Franklin W. Hobbs
OF
COMMISSION MERCHANTS
AND
BROKERS
ILLINOIS
Insurance Co.
CHICAGO
Under National,
State and
ef banks and
bankers received
York Coffee A Sugar Exchange
New York Produce Exchange
'
NEW YORK.
i
Non-Participating Policies only
Dollars Paid to Policy¬
Organized 1850.
Accounts
New York Cotton Exchange
THE CITY OF
IN
Clearing House Supervision
Members ef
New York Stock Exchange
New
The United States Life
CtNTRAihiusT Company
85 Congress Street
BOSTON, MASS.
NEW YORK
Assistant Seeretmn
Henry L. Shattuck
Henry Hentz & Co.
II William Street
\
Providence, Rhede Island
Arthur R. Sharp
James R. Hooper
Lima. Pern.
Ralph W. Bo wen
Trust OJfieect
Asst.
Secretary
Assistant Secretary
Herbert M. Sears
Sydney Harwood
Alexandria. Egypt.
Co..
Fob. H. McTadden A Bro.'s Agency.
Assistant
Ralph 8. Richards
Secretary
Roger Pleroe
Walworth Pleroe
Francis W. Fabyan
Trust Offices
Henry B. Hagan
Viee President
J. D. Cameron Bradley
FOREIGN CORRESPONDENTS:
Trust Officer
Ami. Trust Offteer
Trust Officer
DIRECTORS.
George Wlggleeworth. Chairman
David P. Kimball
Arthur Adams
Importers of Egyptian and all
A est
Robert T. Downs
Gardner
Viee President im
Manager Safe Deposit
BOARD OF
Ernest A. H&rrto
Vice President
OfTr
BEWALL E. SWALLOW. Asst. T».
Jr., President
West.
Horatio A. Hunt
HUEGLE, Asst. Secretary
ARTHUR F. THOMAS. Asst. Trust Officer
COTTON
William O. Dart
James E. Sullivan
OFFICERS.
Cotton Exchange
New
Deposits Subject to Check.
on
Exchange
H. Swan
Over Forty-Five Million
Correspondence Invited
holders.
Chicago Board of Trade
Efficiently
Associate Members of
Liverpool Cotton Association
handle all
equipped
to
business pertain¬
JOHN
P. MUNN, M. D„
ing to banking, and offer a
Hubbard Bros. & Co.
63P7EB
of banks, corporations,
&AHOVEK
open
for
PRESIDENT
high
class,
persona?
with the
Address Home Office. 277 Broadway I
under
producers,
firms
Company.
and Individuals.
EXCHANGE BUILDIfld
territory
Good
complete service to accounts
direct
contracts
New York City.
SQUARE
Capital & Sur¬
plus
NEW YORK
97.000.000
Deposits.
960,000,000
COTTON MERCHANTS
Libera!
Advances Made
on
Coetcs
CHARTERED 1853
Contigaaiesti.
United States Trust Company of New York
GWATHMEY & CO.
45-47
S9-24 EXCHANGE PLACE. NEW YORK
475
AVENUE.
PIPTH
YORK
NEW
Capital,
MEMBERS
Surplus and Undivided Profits,'
$14,512,007.58
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
,
5«W YORK COTTON EXCHANGE
HaW YORK STOCK EXCHANGE
EBW YORK COFFEE EXCHANGE
NSW YORK PRODUCE EXCHANGE
sraw ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
It allows interest at current
1IVRBPOOL COTTON ASSOCIATION
It
32-92 Beaver Street, New
EDWARD
I:
York City
] FRANK LYMAN
I
Hill. Building
18 Broad Street, N. T,
JOHN J. PHELPS
LEWIS GASS LEDYARD
|
^
WILLIAMSON PELL, Vice-President
FREDERIC W. ROBBERT, Assist. Secretary
ROBERT S. OSBORNE, Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
Secretary
TRUSTEES
JOHN A.
A CO.
SHELDON, President
WILLIAM G. GREEN, Assistant
LIVERPOOL.
MOORE
W.
Vice-Pres.
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, Asst. Secretary
WILLIAM C. LEE, Assistant Secretary
WILLIAM ROCKEFELLER
ROBERT
securities and other property, real and
and individuals.
WILLIAM M. KINGSLEY, 1st
PHILADELPHIA,
UTIOA, N. Y..
WELD AGO..
BOSTON.
PALL RIVER,
PROVIDENCE.
NEW BEDFORD
rates on deposits.
holds, manages and invests money,
personal, for estates, corporations
Stephen M. Weld & Co.
COTTON MERCHANTS
%2,000,000.00
-
-
-
-
-
-
-
WALL STREET
LYMAN J
I
PAYNE
GAGE
WHITNEY
STEWART, Chairman
of the Board
EDWARD W. SHELDON
CHAUNCEY KEEP
ARTHUR CURTISS JAMES
WILLIAM M. KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS
CORNELIUS N. BLISS, JR.
HENRY W. de FOREST
WILLIAM VINCENT ASTOR
WILLIAM SLOANE
COTTON MERCHANTS
Members
New
York Cotton Exchange.
STEINHAUSER A CO.
Successors to
WILLIAM RAY A GO.
COTTON
SS
Cotton
L. F. DOMMERICH & CO.
BROKERS.
Exchange
New York
delivery contracts executed on
Ootton Exchanges.
Orders for future
t&4 New Yeek aad Liverpool
FINANCE
ACCOUNTS
OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
and
COTTON-SEED OIL
COMMISSION
Fourth Avenue
NEW YORK
MERCHANT!
1MB 98. Cotton Bxchanu BwDdls*
NEW
General Offices, 254
YORK.
Established
over
80 Years
[VOL. 110
THE CHRONICLE
XKX1V
jHttanctel
jfinantta!
Jffnanrtal
.
NEW LOAN
<1,500,000
Port of
Tacoma, Washington
General Obligation
Central Bond & Mortgage Co.
208»South La Salle St.
5% Bonds
1189,884,048
recommends'jo^conservative investors
94,942,024
1919.h
the purchase of
Tetal bonded debt (this issue only).
1,500,000
Bonded Debt Lets than
One and Three-
Quarters Per Cent of Assessed Valuation.
BUTLER BROTHERS
Maturing 1931-1905
Has large undlstributedlsurplus
Price, Par and Interest
AMERICAN
Boiger, Mosser & Willaman
S3 South La Salle Street,
Chicago
Charcoal Iron Co. of America 7s
General American Tank Car Equip. 6a
Godchaux Sugars, Inc., 7% Pref Stook
Penick & Ford, Ltd
Inc., 7% Pf, Stk.
Rainey-Wood Coke Co. 1st 6s
111
BROADWAY, NEW YORK
CHICAGO
MILWAUKEE
Paid 22% dividend in 1919
Book value far In excess of
PACKARD
market price
GERMAN
7% PREFERRED
Earnings over 5 times dividend requirements.
$270,000
,
AMES, EMERICH & GO,
COMMON
WOOLEN
IN
Chicago Junction RR. Co. First; 4s
CHICAGO
Financial Statement
Actual value
Assessed valuation,
WE SPECIALIZE
Alfred Decker & Cohn 7% Pref. Stook
Brunswick-Balke-Collender Co. 6s
Statistical
Analysis Sent Free
Request.
on
.
Bonds and Marks
Our circular
on
application.
Stephens County, Texas
DIRECT OBLIGATION
5
y2%BONDS
Due serially 1921
C. F. Childs &
to 1950
Company
WoIIenberger & Co
Specialists
INVESTMENT BANKERS
Assessed value of taxable property 1919118,20 < 010
Total bonded Indebtedness
71 * 000
Bonded debt less than 4% of assessed valua on
Ue Se Government Bonds
105 So. La Salle St.
Population, estimated, 20,000.
CAPITAL: $800,000
CHICAGO
Price—100 and Accrued Interest
NEW YORK
CHICAGO
$08 So. La Salle St.
120 Broadway
Mortgage Trust Compan
202 North Broadway
Saint Louis
$300,000 Casey-Hudson Company
Caldwell & Company
1% Cumulative Serial Preferred Stock at
$100 per share and accrued dividends
Serial redemptions, 1925-1932
Business—General
business
in
Automatic
■crew Machine Products, besides manufacturing
and marketing several Important articles in large
SOUTHERN MUNICIPALS
Cumberland Tel. 0c Telep. Oe. 6s
Nashville Chattanooga A St. Louis By.
Nashville A Decatur By.
quantities.
Net Quick Assets—$147 per share of Pre¬
ferred Stock.
Net Tangible Assets—Over $200 per share of
F.
H.
ST.
NASHVILLE, TENN.,
114 Union Street
PRINCE
& CO
BANCERS
Nashville Railway 0c Light Oo. Securities
LOUIS, MO.
BOSTON, MASS,
117 Security Bldg.
Preferred Stock.
Earnings—Average Annual Net Earnings of
the Company $109,177.98, or over four and onehalf times dividend requirements.
Special Circular
NASHVILLE TRUST CO.
George H. Taylor, Jr. & Co.
High Grade Investments
111 W. Monroe St..
HIGH-GRADE
INVESTMENTS
STOCK ft BOND DEPT.
Request.
on
Nashville Railway 0c Light Oo. Securities.
Nashville A Decatur RRT
Nashville Chattanooga A St. Louis By.
Municipal,
Corporation
Chicago
ft
ftf smbest ef N«w Yerk ft Beaten steak Bxeksae^
Utility
Public
Bonds
SSI THIRD AVE. NORTH
NASHVILLE
McClellan &
ENGINEERING
.
.
TENNESSEE
.
Campion
&
MANAGEMENT
W. G. SOUDERS A CO.
INVESTMENT SECURITIES
111 BROADWAY
NEW YORK CITY
Day & Zimmermann, Inc.
ENGINEERS
808 South LatSalle Street,
CHICAGO
EMERY, PECK & R0CKW00D
New Yerk
Detrelt
Milwaukee
m
Grand Baplds
IN VESTM ENT SECU RITIES
Continental
ft
Commercial
Bank
Engineering, Construction, Reports
Building
A
CHICAGO
Railway Exchange Building
P. W.
MILWAUKEE
CHRISTIAN & PARSONS CO.
Appraisals, Audits, Management
in oonneotion with
Chapman & Company
Paper
HOME OFFICE
INVESTMENT SECURITIES
811 Chestnut St.
lis South Le Salle St.
Commercial
Pubiio Utilities & Industrial Properties
CHICAGO
NEW
Collateral Loane
Philadelphia
William Street
03
YORK
LONDON
NEW YORK OFFICE
t WaU Street
CHICAGO OFFIGi
Harris Trust Bids
Investment Securities
S. Li Salle St.
FIRST
NATIONAL
BANK
RICHMOND, VA.
Capital and Surplus,
$30,000
Chicago, 10.
«
DOUGLAS COUNTY, WISCONSIN
Dated April 1, 1920
Due
INVESTMENT SECURITIES
1939,
Members New Yerk Stock Exchange
Wisconsin.
Financial Statement.
Real Value (estimated)
...
Assessed Valuation
Offerings of registered legal railroad bonds
SEAS0NG00D, HAAS & MACDONALD
1,323,500
Population
Price
to
yield
$100,000,000
Municipal
71,432,238
Total Bonded Debt
Members New York Stock Exchange
Dealers In
Denomination $1,000
Principal and semi-annual interest (April 1 and
1) payable at the Treasurer's office,
Superior,
WANTED
5)4%
Elston &
75,000
for
any
I'Are
Exempt from
New Yerk
S.
maturity
Company
La Salle St.
CHICAGO
Bonds
Federal
Income Taxes,
Yielding from 4^% to 6%.
Send Jo* List
THE HANCHETT BOND CO.
Incorporated 1911
Investment securities
*
108
'
serially 1930 to
October
Correspondence Invited
Broadway
Established 1870
116 BROADWAY
6% COUNTY ROAD BONDS
$3,000,000.00
John ML Miller, Jr., President
W. M. Addison, Vice-President
C. R. Burnett, Vice-President
Alex. F. Rylana, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
80
DominicK & Dominic^
S3
South
La Sail*
CHICAGO
Street
@FedFRASER